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i i } 

I incorporating fl 

Leopold Farmer & Sons* 

Agents, Valuers, Surveyors and 
Auctioneers of Property and Plant 

London -" Leeds - Birmingham 

No. 27,697 

Wednesday October 25 1978 






The International Meehanrte Metal Co,Ltd. 

Aden MNdUtogm.Sii'TEg Tet Rogue 447H& 

cbfiTiwmTAt. semwg pricb; Austria sa I5t~ Belgium Ft as? penhawc Kr i.S; trance Fr 3.B; gerhant pw i.P: italt l aw.- Netherlands fi a.g t Norway Hr 3 .s : Portugal e*c ut spam p& 4o ; Sweden kt jjs- Switzerland ft 2A: eire is p 




h I r 



up 0.9; 
for tint 

France agrees to 
UK rejoining 
Airbus project 

BY MICHAEL DONNE, Aerospace Correspondent 

U.S. and 
in arms 



TEHRAN. Oct- 24. 

multi-billion arms build-up began 

con! ,V Juei * * ivi] WORKERS AT Vauxhall's Luton 
2 "**?■ ■ betw ,! e 0 n car plain overwhelmingly 

The four main charges In the vote were reduced .awl the FT 
Old Bailey secrets trial have ordinary index closed 0.9 up 

been dropped after what the at 496.5 Golds fe IT further and British Aerospace. the certainty as to the precise competing directlv with Airbus 31-1115 desman. ' j Tw\ou - h ‘ on'nxy * “ “ ' “ ' 

SSn?^? sssr ■ssTsa T3BS5 ssff- surr “ “» asr ~ h sr%» w Eou ,ovS, re « id s ir ^^™v f ^r^^ 

)b ^ ~ o£ 1 ~ z a A ^i,ati r awsustsa s sg^ u siss“u gjgsi 

ssssr !“« r A » iatz ?x?M S^wSKS a ™ ° 5 A y ^° z 

dustrie from January 1. with a equal voting rigbu with the iSdep^deJl sub - conSSore 5eSs P 8 company , a expected to make an 

20 per cent stake m the con- French and West Germans from seelung equipment and com- The contents of Ur Duncan’s S ffe £. °L p V-- sslb y m °re _ tban 
sortiuni. January 1. even though its slake i- tt L-i 1 % double the Government’s 5 per 

The four counts, under Section 

which they deny, carrying a 
maximum two-year sentence. 

Mr. Justice MarsJones made 
his direction tr* Jhe jury on the 
16th day of the trial and after 
fh« so-called Colonel B had been 
giving evidence for seven days. 

Deadlock in 
health talks 

Ten hours -of talks at A CAS 
headquarters on the hospital 
workers dispute broke up laic 
last night without raakira; pro- 
gress on the major -points at 
issue. Talks have now been going 
nu for a total of 24 hours add 
will resume today. 

Tanker to sink 

London because dE- renewed k n design, development and pro- and We5t Germany. 

auction of the wings for the 200- But the Paris s 

them are already doing. 

generals including General Ha* . Pay "«>“»««». too. between 

‘he unions and Vauxhall Motors 

for the 200- But the Paris statement by But it does appear to prevent san Toufanian. the head of arms “"‘JJJJJ /?JL V ®“*E a, i 
. alongside M. le Theule suggested that BritfeB Aerospace itself from procurement, have not been dis- ^morrow^a/ter the^ou^a*^ 

Employment Secre- 

th rough other British Aerospace tiated, and caused some concern, does not become involved in any immediate financial problems. The vote, along with a similar 
factories. especially to British Aerospace, programme that might compete Iran bought arms worth Sl9bn °? e 1 . m i d 1 e * a ?f, week by workers 

The French approval, still to L'ord Beswick. chairman of with any other new jets Airbus f£9.5bn) from the U.S. over the 3 *;Jl bd . ■ will encourage many 

bp formally ratified by all the British Aerospace, said: “ L hope Industrie might develop in past six years, S2.6bn (£1.3bn) com P a ! 11 1 es believe that they 

governments involved, came after it is going to be all right, but such as the smaller worth io the past year. ian ^ H e close to t_h.e guidelines Mr. Tim Bungard, whose 

a meeting in Paris between ufli- the details have yet to be 130-160 sea ter called the JET Defence spending in the form P rov, aea productivity payments speech was shouted down 

cials of France and the UK at confirmed-'* European Transport). of equipment orders, infrastruc- are aIS0 off ered. 

which the French had the man- Late last night it was suggested ^ financial arrangements ture and pay for Iran’s 413,000- The meeting followed a similar .... „ „ . „ 

dale m negotiate on behalf of from Paris that the equal voting Lhe agreement remain strong armed forces normally no-strike vote at Vauxhall’s Dun- shadow Employment Secre- 

Wcst Germany. rights by 1981 referred only to ob * 5, fr*- Js believed that they accounts Cor at least a third of sfable truck P ,ant - Workers at ‘ar?- ^aid the attitude of tie no 

The liming or the decision, the A-300 programme and not to W,1 V involve a UK commitment total state snendin° Ministers E| l e «nere Port, Merseyside, have leaders was exactly what 

announced by M. Joel ie Theuie. the new A-310 on which full over ..the next few years of about have publicly- acknowledged that !, oted 10 support the strike from "* "SJ-JS;,"* 10 ** .. rea,, “ ,lc 
tiie French Transport Minister, voting rights would be available . , savings will have to be made IV 9 v , ember but . tbat decision a ° d responsible collective bai^ 

appeared to lake both Wnitehal) lo Britain from January 1. Ttt® will include a £25m ihj s y ear l0 compensate for the m, ^bi be reviewed in the light of . . , 

*nd the UK aerospace industry A key feature of the deal is ,,eDtry fte t0 ^ consortium. S ar J nav in^reaseV b*ir£ this week’s negotiations. At l’ord. the company made 

The owners of the Greek tanker squeeze on supplies,!* close at {haf BritPsh A^sJLe'lnf^ SkVm** financial ° f °’ he " basf/ pay^bufthat ^ tb " trade "u'nJin Tide thTit 

vessel worth rcpsitiD^ so it will - - - - ■ i it i i * I SnH DC n ,n cm fn wen ‘ back to work. That cundi- 

the Irish Sea, do nor consider the £227 5 p aEe 39 
vessel worth repairing so it will h • 

he towed inlo deep water and q STERLING cl esed iniehaiiged 
sunk. Most of its oil has been at $2.0075 after ioucWng a 
pumped out. U2.0120 high before jiudday. Its 

Israel talks . “F,* 1 ? 

’ v ** changed at 62.L The dollar’s 

Israels Cabinet, after 11 hours depredation narrowed ^o 1L3 
of d&bate over tw-n days, wdl pe r «nt (U.4), ^ J ‘- 

pfed a third session today to •• ■ :*. — 

reach a decision, on the .draft • GOLD fpll Si lo &226i in 
peace a^nenTdr^w up wjjb / A «w . Vor£ C&t 

Egypr al the Wartungton talks. OcJobwzrsWthmeBt 

p8 ^ p 3 <5225JMp.. . - v DA YIP FREUD . 

Aitf for Zambia a, wall street -wa* ■ 7. 1 1 adult unemployment ten 

Medical aid for Zambian- victinifL *^^ «- 832*5 in modentfe 

of the Teccnt JLhodesira raids trading. / ■ ; ’ ™ “Si"” 

left London following approval ■ - ^ / /;/. . - 1"* .SSn.*", £ h ‘ w ° 

from Judith Hart, Overseas f 3 ffA r j m k ™ TSooo 

Development Minister. . . l,S<9IKT JlOllIS ^ep^r^TT^nd 

Fishing: ban pay rises to 7% since May in the saon 

New unemployment fall 
offsets summer rise 

r. JRhodesian raids tradtag. / -. ■ : ’ . ^ J 

left London following approval ■ - ^ 5f h „i W n °„, 

from Judith Hart, Overseas f^nffpr Imk ^ «oon 

Development Mtaiswr. V8ne r JlHUtS . 5h% l r^gpSS^ 1 ffo , SS 

Fishing: ban pay rises to 7% ^tawwUince May 10 tbe 

John. Silkin, Fishenes Minister, m riGircinwv'r riRTvn „ n Department of Employment 
said tbat from November 5 h f anti-infiaiion tX- fi ^ res shoW ‘he number of 

vessels more than 60 feel long ^Se wa-e ^ to he^imfted «?“• ^ thoirt j° bs in ** T?K 
will he banned from coastal -fp-KS iW S5?- increS to fe41 h ? ,S ’ 700 to 1 *»™ in lbc 
waters around Devon. Cornwall 5, q finer centhelow manih mid-October. Uking 

and the Isles of Sally in order wiff? 1 i n ?rea^- Sanrtinns £S a50Dal factors into a mum! 




. I \ 

Wholly ' 

Stmatfn ibdal 

Editorial comment and Jet Among the orders likely to suf- *» increased by self- imtil its 57 0U0 ma nual worfera 

race of the century. Page IS fer are the second consignments finance* productivity bonuses b a .. k [n W0l . k n j, t ndj . 

;■ of the Grumman F-14 Tomcat and a small attendance allow- ^ 1,,al cunai 

— and General Dynamics’ F-16 aaee. The' L mwiiv .o ^' ex-oecied ro 

A 11 fighter aircraft, and the request The Luton mass meeting, held n re f ac . e i"* offer with' a demand 

rvnf #inh I I for 31 F-JG Wild Weasel specia- ai 8 am in a Geld near the plant. for a returG io work ^nd for .n 

1 $1 II list aircraft. These cancellations was peaceful and good natured a°revmemov?r uroduction dif- 

h/MMV ICIU would save S2.9hn. until Mr. Tim Bungard. a 24- SsfJlSS. ir h 

Iran is thought more likely, year-old trim shop worker with Sd 8 Per een ii a clea? 
, Initially at leasL to delay final eight months' experience at J re ',f? „ f Phase Fr.ur 

\C%2i 35^5“ !o V3^,,C t a,1 • a, r pled w 10 read a A breaklhrouch in .hr tied- 

t s n °" speech supporting the corn. nu a- lock over the Ford slrike Cjm « 

, rm « »r of -negotiations and the use in , alks on Monday belwct-o 

jfe-. : cuDDUer ^"foUowel bv Brtiahi of 5ecrel h 3 ”? 15 - . senior union negotiators and Mr. 

H,s speech, was drowned by Paul Roots, ihe company's 
•: -J?' . • t. . nrrfpr? frnm IT q ieeTS from mmi&ius. including employee relations director. 

provuTnig* a'' -reliable guide to he dsJsT twoyeara^re^S Sn "i e J ,ewar ^£ ^ngard Exploratory talks were held 

activity. SeasenaUy adjusted. .'Sated aPSs 4bn C£4 2bn) 1 sa,d aflen^anfe that he had-been after a direct initiative from Mr. 
the number of notified vacancies 2 Violent dSrbances have -re- ^ arned . ‘ hat & m, 3 hT •*»“*'» Ke ? Birch sec rei ary of the trade 
remaining unfilled in mid-Octn- turned tn m«fv oam nf Iran l1a^n:, ,f he on t0 ** union s,de - 10 Sir Terence 

ber rose 9.700 lo 228.400. The 1-oly d™ of QoifwB worst r 8 stru ?' , He wa * left da2ed by Beckett, chairman of the com- 

That was the highest level siace bit* today. UncoiSrmed "Reports P™?- ^ . . 

November 1974 and the number say three people were killed, in.- The company said that the The trad® 
of vacancies is now 72.400 higher eluding a police officer raood of workers at Luton and National Joint Negotiating Lom- 

than a year ago. Many parts of Mazanderan pro- Dunstable appeared to reflect mittee wiU meet today and is 

The number of Si'hool-leavera vince, in the north, indudine traditional moderation and a be- expected to ratify the resump- 

than a year ago. Mat 

The number of school-leavers vince. 

the registers in October the major city of Gorgan, have liaf tha ‘ the company could not tion of talks. 

»« in - Labour No ws . Page 12 

£IOm car frauds gMW S AW* 

DL«honest car deajers who l«m ,eaeral spenaing. nnemolovment. The decrease of 

0 —r Vacancies 

Swnmrhr nfrasail 

back mileaae recorders are- coni- 

H unemployment. The decrease of 

ROAD HAULAGE charges WOO in the last two .nonihs 

A £ 

*• -j% -i - - ! 

dropped markedly, after the also been badly affected. offer ™ uch more than St 

rerord monthly 83,000 fall in Sep- School students, probably unIess _ productivity was in- 
tember. In October the total fell backed and encouraged by young creased. 

by 67.000 in 82,000. a third ot people linked with the religiously Mr. Glyn Morgan, the Amalga- 
the peak figure for this year, orientated guerrillas, the Muja- mated Union of Engineering 
recorded in July. hoddin, have been in the fore- Workers’ convenor, said- tbat the 

Thus only 11.9 per cent of the front of recent demonstrations vote had been a snub lo shop 
687.000 estimated W have left and clashes. stewards and union negotiators 

school this Easter and summer In Tehran, an estimated 20.000 00 lhe j° int national council, 
-are still on the registers, com- students of all ages today cov- After the Vauxhall vote Sir 
pared with nearly 15 per cent ofl vfr n^ nn the main campus of Genffrey Howsc. the “shadow" 
a snianer total at the same time) Tehran University. Chancellor, and Mr. James Prior. 

offer much more than it had TUC-Healey talks. Back Page 

£ in IS|««W 



| Ort. 2A 


j Prevkui* 


i s2.<)ioaono 

’« M.OCftO OffiO 

I niiinth 

1 >11! 

i f-.2P-CL3 ilia 

S ni.wthB 

| 1.11-1.05 .lia 

12 rnornli* 

1 rtir 

i 4.W-6.W ill! 

-. • 


£1.000. Page 10 

vv Bribes deal No 

= (A A Washington judge 

• MITSUBISHI, the Japanese rather than a change in trend ‘ers through Government job jjgjppd by H Government job 

motor group, is to buy an initial after the consecutive falls in the creation measures has been creat j on schemes. Those are 

30 per cent stake in Chrysler previous nine months. railing. „„ n.-t p~„_ 

Australia for about AS39.4m. - Optimism is reinforced by a About a third oE vacancies are t-onuonen on isacs rafce 

Back Page further increase in the number notified to employment offices, - Regional map. Page- 9 

A Washington judge b» J2*SL mr dDUUl AWB, -‘ #ni ’ 
yj -uj!rejecfed a deal between lawyers D «e R rage 

V J- Westinghoiise and « THE SW»WER growth of 

* j J T s : Government by wjuch W3 on whi ^ Govera . 

A** Wesfanghouse - vrould have ment J olicy roDC entrates. is un- 
L ; kt a d m 1 1 ted L i nca hoi it bnhes and representative of the more rapid 

W ^ nJrnr >& anil n, 0n**MT expansion. StOCk- 

exchange lor the name and brokers W. GreenweU has 
nationality of a bribed official warn ed Page 9 
remaining secret. "Page 4 ■ » 

Continued on Back Page 
Regional map. Page 9 

Australia tightens mineral rules 



. -- • EUROPEAN Monetary System, THE AUSTRALIAN government Australia is the largest ex- which companies would be 

Bridge meeting as proposed at present, ts- worth- today introduced new controls porter of iron ore and alumina in allowed to negotiate and that 

William Rodgers Transport Spc- l? ss . and of D0 a ^antage to on exports of raw and semi- the world and the third largest these could- inchtde price, 

reiar* has 'called a meetinc in Br,ta,n - says Lord Armstrong, processed minerals m the hope exporter of coal and bauxite, tonnage, duration or any other 

a bid’ lo settle the Humber cha *rman. of Midland Bank. of ; - achieving higher export Total export earnings from these aspect of a commodity contract. 

RriiW rhsnntE. The bridge Bacfcl . rtevenues. commodities amounted to A$3ba The government’s action runs 

authnritv will exolain whv it has a . . , .Exporters of coal, iron ore f£1.75hn) in 1977-78— the equiva- counter to the non-interven- 

refused ' In nav^British Bridee- 2 hn , Ut Tn!r < ^ bauttite/alumina. in particular, lent of two thirds of mineral tionisr philosophy of the ruling 

builder* £lm in progress oav- iL!? r H , n 1 ' ®^ n lte ^ ebl " W 'H be required to obtain export earnings and 25 per cent Liberal - Country Parly coalition. 
Ss on grounds of £ior **** 10 government approval of total exports. Mr. Anthony said be had been 

produrtivitv. Back and Page 9 i ARfiilR before entering into new The new measures reflect concerned at price settlements 

LMDuun contracts. concern over the deteriorating agreed to earlier in the year for 

Radio &T0"£lllG£td • FLEET STREET'S 33,900 ^ be measures are intended to balance of payments and the slow iron ora sales lo Japan. There 

■ - * ,iv Printers and related workers Japanese companies, pace of private capital inflow, was now “every reason \o 

Government approval lias bppn * tabied Day claims estimated feting in concert, from beating The goveimment has been believe that unsatisfactory 
given for IS local radio stations. eniolovers to total 45 per i 1 *”* 1,11 P ricc b Y concluding borrowing heavily overseas to results could How from forth- 
nine each for the BBC and the - jLji individual deals with vulnerable increase foreign exchange comine coal - negotiations." 

TEA. They should be on the • ■ Australian, producers in the reserves. Australia supplies about 50 per 

air by 1980. Page 10 • SLADE, the Pnnt P™ cc ® present depressed state of Mr. Douglas Anthony, the cent of Japan’s coking coal. 

»-■ xi union, has been allowed by the demBTld Deputy Prime Minister, said Mr A nt h on v «irt thP now 

RnatIv _ _ Hich P.nupt to hnlrt a ballot on - jpu- j— . ..._..u a * simony saio roe new 




Briefly >. ■ High Court to hold a balloton ' The risk that the government is yesterday that exporters would Droc edures for neaotiatinc 

i- .. - . . n merger plans with the NatiQtial taking. is ih»t Japanese or Euro- need specific approval before mineral exhort deals* would 

Gas pipeline exploded near Hou^ Graphical Association. Page 12 pean buyers who are accused of making or responding to offers or ISSJ^o ne^itlon!^i«**d!^n 
ton sorting a fire -in which at adopting a- similar approach in enterife Into new commitments. negotiaUons already in 


least five people died. COMPAKIES I negotiations' will inc 

Nearly 363,900 have visited the ^ XEROX, the copying and fioPPties elsewhere 

motor show in the first five days, cr0 up. had ^ 16-5 

Chuen Chnen. Peking zno’s pa ntfa. per cent rise in oet income at 

has had twins by artificial in- S122.7m (S105.3m) for the third 

semination. One died- quarter. Page 34 

President Giscard of France • UNILEVER Is arranging to .European news 

. begins a visit to Rome today and raise FFrs 100m f£II.9m) American news 

he -will meet Pope John Paul 1L through a Eurobond issue. Overseas news 

Page a Page 36 world trade news .... 

Chief Minister of India’s Haryana • GUINNESS MAHON directors Home. news— general .. 

, state has disowned Iris son, have elected Mr. Graham a poor . 

A; arretted for smuggling watches Starfnrth Hill as chairman to 
*> and pens. succeed Mr. D. Robson. 

t y • ■■■ wiii»huu*iii» oroeress. 

increasingly He announced that he would K s ‘ . 

determine the parameters within 


Details, Page 4 

European news 2, 3 

American news 3,4 

Overseas news 4,5 

Worid trade news 6 

Home . news— general ... 7, 9, 10 
— labour 12 


(Prices in pence unless otherwise FALLS 

" Indicated 1 , t^ vj Crpn . 

iX RISfES Dawson Intnl. 

^ 7 ;Exdieq. 12pc '93-02...£95$ + \ Grimshawe 

f i iCartiers 109 4- n *-r uiJn „ ,, 

* * Cement-Roadsione ... 106 + 6 H a ».*nir V 

j ; . } Ductile. Steels .. 331 + 3 Runejrpaiv f W .) .... 

f 1 {Highland Dist 137 + 10 Eandfontem 

f 9i Lee Cooper ,....-182 + 7 Venterspost - 

1 iMcIoemey ..1 US + .4 Kloof .— 

1 iMdoemey ..1 38 +. 4 

? I Paterson 29'ch. A n /v 125 + 15 

/ SmurfiMJ.) ...210 + 6 

f Stanley fA O.) ...... 168 +*4 

* Tozer iCeinslev 57 + -4 

Dawson In to I. ... 


ML Hldgs. ...... 

Rundruan^ (W.) 
Fandfontein ... 
Venterspost ...... 



Union Crpn. 

Re Beers Dfd. - 
Bishonsgate Plat 

All set for jet race of the 

century 18 

South African minerals 
and the sanctions 

question 27 

-Russian defence figures 
baffle Western experts... 3 

Technical page 14 

Management page 16 

Arts page 17 

Leader page 18 

UK companies ...28-30,32,33 

Mining 33 


Syria and Iraq try to 
smash Sadat's band- 
wagon 5 

China steel policy worries 

Japan 6 

The 106-year saga of Liver- 
pool Cathedral 19 

International companies... 34-36 

Euromarkets 34,35 

Money and exchanges 37 

World markets 38 

Farming, raw materials ... 39 
UK stock market 40 

Employee benefits 15 

Gardens: Panegyric on 

muck and melons 16 

Hard battle In Talbex bid 31 


Venezuela: ; 19-26 

There are many companies who find it more cost effective to lease, 
rather than buy, their fork trucks. 

In which case, we are in the happy position of being able to offer 
you one of our spanking new models for as little as £840. Or even less in a 
development grant area. 

That’s what the first year's leasing would cost you on a five year 
contract. So why not find out more by sending off rhe coupon. 

fiend to: Coventry Climax Ltd.JWiddrington Road, Coventry CVi 4DxT| 

j Tel : Coventry ( 0203 ) 277 \ 1 . Telex : 3 1 1 1 9 2 . j 


Ban Rates 

.Ownmrri — 

HntmalnmoH CuUto 
Enrapewi OpUMs 
- FT-Athurtes IMta* 


**tt*rs - 

Lex - 

umtamf u 

Hu aid Matfcen ... U 

Racing U 


Shine lefitraatlea ... *W* « 

Twfay'c Events 27 J*™™***** „ 

TV and Rndla ...... ■ U Cray etactrenlu ... » 

llnft tracts 41 Mevftnex 2 

Wcottar ... 04 Preierti pert. Cent. tt 

■For latest Share .Index "phone 01-246 6026 

Imperial GeM Strae. 32 

Rlcar«« and Ca. 
En ate aar c (ism . 

An Belmont 

trashy Mause 

Cliam Sacc/Mrtbgh. 
T» Gilt Fuad 

F12b; lU/i 

*l/aaing costs per aimmn at thneef going Based oq^JDXaibjert to full CoipoodcttiT^dlowaaceAiidaasptiiicc. 

• ■», 


;T. rrcr* c ri rrr^>rft n *>; 





THE pr 
decided it 
Wilson f« 
number c 
were coni 
paign agai 
Party on ■ 
1974 Gem 
The foi 
lowing thi 

affair. Mi 
was. had 
an orches 
himself, t 
Lady Fi 
Murcia W 
The Pn 
Sir Haro 
drawn soi 
told the 
did not 
round a 
The Pn 
10 hear 
Sir Huroh 
formal cn 
On the 
.1 gainst 1 
council s: 
I!uyal Cc 
lhat ther 
Labour hi 
The Pr 
is one re- 
lished tod 
In nno 
against tl 
Daily Ex 
picture c 
death in i 



, ... chancellor Giscardwill try 

extensive jobcute ST Italian anxiety s 

THE WEST GERMAN economy, Europe — the pressures of far too are strongly encouraged) to come unless the Federal .Government 
and the mood of a growing great a current world merchant to their domestic industry’s aid. and the four states where the 
number of businessmen and fleet coupled with overcapacity The German yards have had shipyards are situated step in 
officials, is in better shape this among shipyards and the chai- some success in building up their with money. The YDS has called 
.autumn than at any time in the lenge of lower-cost shipbuilding share of the specialised ship f0r direct building subsidies of 
past couple of years. One of the nations. market, yet the industry has up to 20 per cent of purchase 

factors still muffling any slinned to 16th ulace among Price for a two-year period up 

i.BPJdE^QcL 1 2t. 

over NATO BT paul ktts j.' 

•_ n ' r- . PRESIDENT Giscard •d'Estaiug IVeasury Minister At this^hrfar i^T&e italiaa -'dsthMtlSes^are 

ay our own correspondent 0 f France ^ expected to try *6 stage the unions appear, pressfcjg for r -a SKStefe .ttf . -au|o. 

. appease the growing' anxiety- of- be adopting an intransigent matac- support, inti^eation. to 

BONN, Oct. 24. Italian monetary officials and approach to government ■ calls help. weaker currracies'vmskie 

mark aealnst other currencies. tOld the Government in Its re- special measures to neip German .wwuauuu ui urn aimiucimfi I njuiuuga LUB juaium .-ViOveTD- lists WDO Detweeu u*cui icpracm. ■r-r-vr—L-rr- 

Not only has a dearerllmS port last month, the industry will shipowners place orders with dispute between Herr Hans Apel. [ merit gave its approval- in -US per cent of the electorate^ 

forced the yards to choose he one-third occupied in 1979. German yards, with the invoca- the Bonn Defence Minister, and j principle to the setting tip' of the have openly stated that unless 

be “een qubig un^titKS In 1980, however, the federa- tion . of to, European. Com- to headquarters of the North EMS. -tank in ft 

prices or building ships ata loss, tlon’s figures show it ^ have fwug* order Atlantic Treaty Organisation in beep a marked tari^tag, of rent monetag 

■lr^fSr^ 0 “^ attoeWr5t between “quotiHi“unc^npiuu^ In 1980, however, the federa- ««». of to, European. Com- the headquarters of to North EMS.-back in July, there-; ha, Italy's requirements ; in 

may stHl be to come. prices or building ships at a loss, tion’s figures show it will have mumty's “crisis clause” in i order Atlantic Treaty Organisation in been a marked hardening iff rent monetary MffgSf&SS' 

If any reminder were needed f t has a i so bad]v eroded the no work at all. The industry t0 a 11 ™ shipowners to benefit Brussels. Italian attitudes to monetary, broadly satisfied andthesystem {“g?? j> : -5S3 

of the seriousness of the pnjfitabiUty of (vest German has warned that it can expect from the currently very low The Chancellor today had a nnion during recent weeks. ■>. is sufficiently different from 

industry s current situation, it shipowners who might wish (and nothing less than “annihilation” interest rates available in West private discussion with Mr. France is now understood to be snake, the EMS inight . tt*,—. , lt . c-Hmaiit i»» fr Sfe -- 

came on Monday. Most of the s p Germany. Joseph Luns, the NATO Secre- increaslnglv afraid of finding represent too many -risks for the Helmut Scqmad^.iiuSieaa: 

&M 0 manual woric . e r s _ , , _ « , , Bonn seems to be in no hurry taiy-GeneraL who had asked for itself isolated in the- euvisaped country - - ■-* . ^ ^ 

ertiinhiiilri no Wflnr inirioH in a i W W - R* _ J ■ tn ncnnnl A -Tw... 4 cimMgeu _ SIR, •:.. AnffreOtG-? - RtSS . ;aJSn 

building sector perhaps . the , dVaerD-mS Port last month, the industry will shipowners place 

™ J Joreed the yards to choose be one- third occupied iu 1979. German yards, wi 

between quoting uncompetitive 

came on Monday. Most of the 

50,000 manual workers in the 

SKsSri Steel orders up slightly 

protest march and mass meeting «» qmy HAWTIN 
in Hamburg. 

The occasion for this impres- ORDERS FOR the West 
sive display of unanimi ty and German steel . industry rose 
union discipline was to protest slightly last month, primarily 
against the publication by the as a result of a steep upturn 
shipbuilding industry's federa- in domestic bookings. This is 


Bonn seems to be in no 


FRANKFURT, Oet. 24. 

— — -V u > U v ««« -v: liseir lsoiaiea in ine envisaged - - c.-~ Anrifenm^ ^ 

to respond. A few months ago. the meeting. According to j monetary system as a result of. Sig Paolo Baffl, Governor of ' 

Herr Hans Matthoefer. the officially-inspired reports. Mr. the growing misgivings in Britain iso Rent n f ltafv allndine to 
Finance Minister, tartly told a Luns wanted to complam to Herr 

tion, the VDS. of a thorough the second consecutive month 
analysis of the yards' medium that the heavily depressed 
term prospects in which the dis- industry has reported improved 
appearance of about 8,000 jobs figures. 

assumed between now end FedmI KepnWte-s Steel 

a 5 m?uS.K'* sT^^^at^'w-Ab™ planning; grtmp. 

L07SrSMes-^ e wr jjntuu tin v com P eti - . The German Defence Minister This would not ooiy »ve Italy= §3? i^^nflatiou'SrtHmiei^st - ri ’' 

tries were also np steeply, by subsidies, cheap credits and the by the military TTie exact text Si m i tv r^n n Si pT 6 ' ItaU a n foreign exchange -dealers; be -d^oseon the issue, t Boara^-i/.v 
10^ per cent from 155,000 like, not counting indirect aids, of Herr Anel?' remarks at ? the SS SJ Ischia recently. Sig. Baffi pressingfor adequace^ppor^;;'- 

tounes to 171,000 although the Since Herr Matthoefer's re- hi'gWy rShricted m«Un? ha^ Suslv bade at the i ^ ferred t0 , S e measorts to reduce diyerge^,; :; 

level of orders was still very marks, state subsidies to lame not been disdosriL bit tS SS? of the^ ^EMODin^ monSSJE' €0l ^ ,?nns of ♦ neW w^ker^omm^, r . 

Jow.^ . . duck- industries have become a clash with sS- Lum is believed Sfon • Eur o pe “ ^^feschange rates, an .a*Huate economies- and -to^agreW... 

Orders from third countries, popular butt in West Germany, to have been as much on a A , .. reserve fund to protect- cur- • .France an$ , Demhart^ . fie. 

the largest of which is the as elsewhere, and Herr Otto Vom ne «;nn a i af™ . JISSIi i*Li At ^ same -time- to Italian rencies from . eventual ; specula- broadly in agreemeiit>o^'th$:> 

sidies are relatively iow.'" Above planning group. - 

all, he. said; a^ subsidy competi- The German Defence Minister 

and s year. 

' The unions are understandably 
worried by this aim, which the 
VDS describes as essential if the 

The Federa] Republic’s Steel 
Industry Association said today 
that total orders for rolled 
steel finished products were 
up by 3.5 per cent compared 

German shipbuilding ^ ^ pre rions month's per- 
industiy ls to have My futare at fonnanc *. Although the growth 
L *S ,r P™«npnon for rate sIower ^^0 August's 

duck - indiwtriM have become a 35h SS l^Lu^is belief SS* ^ B “° Pe “ 

popular butt in West Germany, to have been as much on a „ - - . ■ . reserve fund to protect cur- • .France an$ .■Bemnartp . fle. 

3 S elsewhere, and Herr Otto Vom nersonS as oS a ooHtiSi At ^ same time the Italian rencies from . eventn^ specula- broadly in agreement ^^the 

SM.M'ISf ih^nJThP ^ cent inc^eTt S 

ally different from that of the the i„dustrv has not had to 

SS S* 1 dn,P " b ° 0lt - 

remedy, and both believe it must ID5S ' 

the largest of which Is the as elsewhere, and Herr Otto Vom nersonai as on a noHticai Te™»f 1 smne ume tne rtaUan rencies from . eventual specula- broadly in agreement Wthe : 
UB n declined by <L8 per eent Steeg, the Hamburg boss of the P 3? LoS far told i §° ven, ^wL 18 c ? rr ? n - tly tive pressures, and transfer of principles for the formatidn:ii£ 

from 744.000 tonnes in August engineering union IG-MetalL ceremonial 5, meeting ,fns ^ w,th ^ trade union move- ^resources to weaker_ec©nomies) EMS. which they tfaoaght^fifebSdv . 

E~3 f #S3 srsaaiss i m ^ . 

g?JSS* ^ ™ nndCT S^S5»? S: WS 7 SS 2 %^. ^g$t± 

take the' form of massive in jee- Today's figures — which do 
tiens of cash. not inclnde those for semi- 

. Tn part the West German finished produets, hot rolled 
shipbuilding industry's difficul- broad strip and special steels — 
ties are those of their competi- show that the Inflow of orders 
tors elsewhere in Western in September amounted to 

to 712,000 tonnes. However admitted that the industry would this evening that the will of 
fi F ure - was “”5^ Probably receive around DM500m European nations' for discharg- 
ally high, having risen by 62.8 worth in aid in 1979 tinder ing ae duty of defending tiiem- 
per cent. present policies. selves was stronger than at nnv 

The Industry delivery figures None of this ' answers the ftm P in fhe past°15 years 7 
showed a very sharp 26^ per central question for Bonn, bow- . Herr Klaus Boellinp ' Wpct 
cent rise in September from ever, which is simply whether it German Government snokesmJ? 
the previous month’s 1.68m wants the industry to survive, £ ™S»r K 
to 2.13m tonnes. This resulted and if so. what it Is willing m “sSemSSans” ^d 8 mw 
in a 4.4 per cent decline In the pay for the pleasure. The bSTdeSd m ?nd ttiat 
industry's order hook— from Cabinet is experted to discuss of Mr £®ns“ P tim»? Sfth 
3^9m tonnes to 3.72m tonnes, the situation in mid-November. c&anSllo? n mt dSSssSg 

calls for caution 

5 : • • .A* • 


Basque deaths Spanish seamen extend arms supply ban 

condemned ov . .. 

the state of «tiLumamenttiUcs. e DR -- H ^ EjmgNGER,. 

prescient 0 { the Bundesbank, tb-. 
— day sugegsted- -hringing new: 

trigger, but a systen^ fif 

By Our Own .Correspondent 


MADRID. Oct. 24. 

MADRID, Oct 2A WEEKEND DECISION by policy when the SLMM executive adopted hy the' port branches of 

THE KILLING of two civU s P anish merchant seamen to meets early, next month. the SLMM the boycott will be 

guards on Sunday by the Basque blaelt aU anns shipments' leaving hwcott decision follows a aimed at all ships registered in 

nationalist guerrilla organisation the ports nf Valencia and Bilbao Spain, all ships carrylnE a 

Sweden may 
buy from R-R 

By Wiflhun Dullforce 


president otthe Bundesbank, tb-. - West Germany' will -supply holds thatwould obH^tneiniber ' 
day sugegsted- hnngmg^ .pew;- Saudi Arabia with technology countries to consult; ; C - 
members *5® •- for nuclear energy projects - Meanwhile, he remintfed.-JIiiff' . 

^ J °w tar Ta l . L t>e exploitation of raw Finance Bfinistfiri .Heir" 

JSS°«Sn materials the Ministry of Mattoefer.'.of hik T < . 

system Research and Technology has taking that no Ihterventioa, sys--„. : 

system unstable from the start- announced, Reuter ^reports ^ would -be adopted-^.-- 
He told a business audience m; from Bonn. - caused the Btmdesbanlr 70 . : ^ 

Baden-Baden that it' might be control of the dbihestteVimv^^ ^ • 

preferable to avoid -staniutaneua- - • •" -r !- 11 11 . . ■ ■ supply “ -;-lhrouah ""-’iAi^^S’ - ’ 

entry by all until each country. .. . intervention. . . r-Y s v. ■ . 

Garaicoetxea. President of the 

rou norm y pass. tinian ship Rio Calchaqui, with ments, which have left Spain dur- ^ he manufacturer, con- Dr. Emminger jiraised th5 should follow policies that mad* fashion," the'-entey- rff^' 

The weekend move had been a 1,176 ton careo of grenades, ing the past two weeks for firmed today that in recent talks “will for stability^ of BritS exchange rates between them France and Itadv*' coiS^p ^ 

n/inrenrt Ri? *hn T ..4 L. ^1 ■ j« a v With tho nrivarnmanf it non m . . !T- nv». .« < .. • • • -.wimi uc 

mainctTAam D ocrin „ j j ^ au m 7« , 1 44 Kreuauwj, lajc iwp tut — f a 7* . Will lor Siaoilliy OI OTliail cAiuauge *aies OC tween IQem France ana •• -raw/: rmrtii ho- ■ V 

SfPNVl X „2°f n s ! ® nd , ors ® d the Smdicato Libre mines and bazookas aboard was Argentina and Chile, the union "j^ the government it has pro- France and Italy alike, but sai credible. '* Reckless » creation expected to -entaff^-biggS • : 

10 om de la Manna Mercante (SLMM). due to sail from Bilbao. How- helieves that two ships, one p( ? s . e £ a cheaper alternative, that it was an open questfo; of credit facilities would damage sums than t&cpreseht^snal^^ 

SSSe^tS^hSSLS; Sp^ish and the Other Peruvian, t**™?*** whether ‘any of . %«*■ cquh this aim. • . .1 V s „ 

■Rncnna™ oc — — * « S »:*v* rJ ’ , wi uirui mia uic uuier Peruvian, „ ">vu wneiner any or tnem ■ couii 

SfSSi^rrn . beginning 85 per cent of Spain’s merchant that the vessel left on Sunday which left Valencia for Argentina Rolls-Royce Spey engines instead successfully maintain ' presen 
to smell of Ulster, whtie invest- seamen, and will almost eertainly en route for Buenos Aires. last week were - also carrying of the American engines sche- poliriTa Nothin howeve! ratified as official union According to th e decision ^L. ' • dufed for the original project £53* the caSif pn££m 

f » : - , ,jiv :: : :■?:.* * • :<■; • t : 

V -.r<y ; .< <• . s . 

of UK offshore oil work' 


Dr.. Emminger came- down -cctabin^ 

.finnly against M intervention SRJObn <ana;.^^!to.^^l)rice 
mechanism m the EMS that for official 

a y oF other that' V spec^B^^Sea«ate 
currencies urtt 'would endanger amounting We- 

• j r ^L I ^ netary stability; third . of. 

«e aaiqr. West vGermany. Bought eeivable 

not an automatic intervention EMS to a \ 

’ - .... , v . 

: " \'Y-' r - 

i 7' v.-s. ;./>' • ,«L. • ;, A' 

: - • ' - , f?? - **'.* s . 

' \ ' . m -V 


. ,i. .. ■ •' - ■ 

:• fe- ■ ' ■: 

. ; i!?» * ^ 

( ^ o'r 

*C - < * r - 

* * ' <¥. ■ * 

* Y-.h • ••'« * '■■■?' 48 

^ 4 f . ' l 4 A:'-* 

y U ! -V « 

^ ^ ^ - > 


*L v i : 

W *• 

■?*< c* V *£ 
Ms. f _ 

J? 0* 

■Wh i> 

is seeking a greater share of 
orders for its . offshore supplies 
industry in the development of 
certain UK oil fields. It is also 
anxious to achieve greater co- 
operation between UK and Nor- 
wegian companies in bidding for 
work in other offshore markets 

Speaking in . London, Mr. 
Trygve Tamburstuen, the Nor- 
wegian Under-Secretary for Oil 
and Energy, ' drew particular 
attention to the development 
programme for the Murchison 
Field, which straddles the UK 
and Norwegian sectors. 

About 17 per cent of the field, 
which is being developed by 
Conoco, was in the Norwegian 
sector, he said; but Norwegian 
companies had only secured, 
about 0.2 per cent of the orders 
for equipment and services.. UK 
suppliers had been awarded j 
about 15 per cent of the work for ; 

: the A platform in tbe Statfjord 
Field, which lies chiefly in Nor- 
wegian waters. 7- 

Norwegian exports of offshore 
supplies, equipmedt and services 
have fallen sharply from about 
NKr 3.5bn in'19Y5 to less than 
NKr lbn this year. 

The question of greater co- 
operation between the UK and 
Norwegian supply industries was 
raised briefly yesterday at a 
meeting, between Mr. Tamburs- 
tuen and Dr. Dickson Mahon, the 
UK Minister of State for Energy. 

Referring to the costly 
Statfjord development, Mr. 
Tamburstuen said the field would 
still prove to be profitable with 
a rate of return of about 20 per 

The first allocation of blocks 
under the fourth round of licens- 
ing will be made in December. 
Statoil, the Norwegian state oil 
company, will be given a maim- 


XT . i/i 30/9/78 

Non-con soli dated V I' 

- .'. ,;-v ;• 4 

FRANC^ 465,524,000 446^77 ; 000 

EXPORT - 618,6S^000. ;. 587^25.000 : ^ ^ 

company, will be given a major 
share in each licence, varying 
from 50 to 75 per cent. 

f ' *4 *: 


^ 43 

* • t* * , **> 

^ \4 





. ‘.-X ' 


-s? f. 

F- . y*-: * 

If you want to attract attention in Europe, 
we can put your name in lights. 

We know the market. 

■ After all it was one of our countrymen. 

Van de Bursen of Bruges, who originated and gave . 
his name to the “Bourse' 1 - French lor Stock Exchange. 

So it seems only right that a Belgian bank 
- Ours - has originated a new way to use the Belgian 
Stock Exchange. We've opened it to international 
companies so that the\” can get known in Europe and 
have access to the European Capital Market. 

Join the other stars. 

Ever since 1952 we have used this unique 
method to put foreign businesses on the BoaxxL 
Businesses like IB^L, INCO, General Motors, 

We oH^yoninterrmticmal connections too. 

We don’t just have 1060 retailhranches in 
Bel^ufiL We also'havean international netivork of 

suhsidiariesrrepresentatives, affiliates, associates, 

corespondents, and bankmsrcommunitieiilike'SFE 
and Associated Banks' of Europe i ABECOR). 

\\ ith this-nelwork we ca n help get vour name 
Knoivn round the world. Plus offer you the same 
range of financial sei^icrs you expect from anv 

major imernationai bank, * 

But what makc/s us different from these other 
banks is cn ir individual attention to each clients 
individual needs our reluctance to stick toihesame 
old answers; and our willingness to irv out new 

_ Eike the day we first put adient’s name in 

lights. * 

0 Banque Bruxdks Lambert 

banking, a matter of people 

Soviet output rises 4.8% 


tion rose 4J3 per cent during the 
first nine months of 1978, an 
Improvement over the modest 
Plan target, which was 4.5 per 
cent, but well below last year’s 
pace when industrial oat put in- 
creased 5.7 per cent. 

The nine months’ figures also 
show a marked tailing off in the 
growth oF production during the 
course of the year. Industrial 
output grew 5.5 per cent for the 
first quarter and 5J2 per cent for 
the first six months. 

The figures, released by the 
Soviet Central Statistical Board, 
showed a 3.5 per cent increase in 
the productivity of labour dur- 
ing the first nine months of 
1978, ■ accounting for three- 
quarters of the increase in pro- 

The statistical Board reported 
that plan targets for most types 
of goods were exceeded but over- 
all production figures suggest the 
Soviet economy, which last year 

MOSCOW, OcL 24. 

showed the lowest annual in- 
crease in national income since 
at least 1951, is not recovering 
sufficiently to meet its targets for 
the 1976-SO Five-Year Plan. 

There was encouragement Tor 
soviet planers in oil and cas pro- 
duction, which both increased at 
last year's pace during the first 
nine months after lagging earlier 
in the year. 

Oil production, including gas 
condensate, totalled 424m tonnes 
or 5 per cent more than for the 
equivalent period last year 
whereas gas production came to 
273bn cubic metres or 8 per cent 
more than for the first -tfarefr- 
quarters of 1977. These rates of 
increase were the same as those 
registered in 1977 over 1976, 

Coal production, however, 
amounted to-540m tonnes for the 
first nine months of 1978. which 
was a 0.1 per cent decline in 
absolute terms from the volume 
of coal- produced during the first 
three-quarters of 1977. 



Before integration 
of 1 American 
subsidiary j 

(Beginning of 
activities July 1977) 

After integration 
of American 
subsidiary 1 

465,524,000 446,877;000 -J : 5f* i 337g£r 

• 618,6^4,000. ; . Ssb^/jpO : 'j i 

l*OS4,2O8jp0O 1,034,202,000 V \ 

i -\ 

■ m ■ - - X* T' ’.'v '• 

1^71,018JXK> 1,126,985^)00 . ^ +12.789^- 

1^22,658,000 1,137,172,000 '-*-16JM«fe- 

Management that’s 
going places.;,. C 

-..has a Super King Air turbo -prdp -■ 

Turkey opposition chief re-elected 

m are tkeABECOR bank in Belgium. Mamudaan 24, W0 Broad. TeL 02/513.8L8L Telex 26392BBTJN 


been re-elected chairman of the 
main opposition Justice 'Party 
eighth time. 

54 ’Y ear_0,d politician has 
V? pro ' prt I ate enterprise JP 
for 12 years. The JP Congress 

hollrS JMS ^ ere d P small 
hours of this morning, elected 

bgi for a new two-year term with 
In^ ?enator Xu*™ 

te’rotes ° w>on€nt » received 

-Mr. Demirel entered politics in 

-^ er Sbccessful ■ 
jjrecrein the civil service and 

ANKARA, Oct. 24. 

a year later led Ws Party to the 
first of two successive victories 
at the polls. 

In 1971,' army forced -him 
to resign - from office' as Prime 
■Minister, Mr. Dentirel survived 
two-major spKts of bls.pfrri^, two 
successive electoral defeats and 
persistent allegations of nepo- 
tism/ He was Prime Minister al 
the head of a coalition on and, off 
for nearly, three ypars uhtil the 
■begin ping of rirfep year • 

FtKycm -nytt .pnbitetod daily except 
S&DdaxB and holidays, u.s. EnhsolpaoB 

; More and more go-ahead 
companies are seeing the 

fight ;ahour executive travel 

and certainly once a ■ 

' - management tea m has feh 
j tfia benefits of.a corporate 
flircrafffscilily it does not look 
: -' baclL Just think about the 
difference between arriving at destination 
’ ' -after- all - the hassle and 
frustration of normal travel 
, and. the ability to step out of 
; -;;.thB“COTipany r s own fasC . _ 

■ i comfortable, fully pressurised 
'ofthuilveairmft (in which 
ybirwere abletovvorkirr 
- xomfort) with just a short car 
journey to go from any of tbs - 

- . poa-lbousard^ru^girfig}^ 

:7 ,.Hh>oughmrt Europe:. ' 

.toast niiodd mitfidi. T 
.'.renowned BeechcraftTange-of 

^ Su^:TGhg Airs fs ihe r 200C-^ : 

^ ihe.C stands for convdritoe^V 
j&td it has thefecilftytoha ^ .' 7 ; 
-.used eitfttf asfa cornfortabld" 

tf^Mr.range'it is 

and easy to maintain— lf s a ■ 
great favourite vwth ah’ •crew’ 7 
and with financial controllers; ■ 

. and of course with the 

executives who return from . : 
negotiation and decision . . ; 
yaking appointments just as - ; 
fresh as when they left the ; 

office, ■ 

To find out more about the ' i 
economics and practically of . 
applying one of today's most ‘j 
valuable business tools to • . 
your enierprise.and the d 
wealth of ancillary. and back- - J 
up services available,, you •*- • ;a 
have cdrttaa Ne^f ^ 

Harrison at Eagl&r 'r . '- 7-H 

* . . ' . ** ' % 7' ***•■ ^’?vV- 

■ • .. /.•••■ '.• ♦••j. ' ;*p , 

►_ * . n ■ Z 

~1nJ z. 

JgWMOae AHport< ,- ■; V . -7* 

Financial Tunes Wednesday Ortober 25 1978 



Hidden figures baffle Western 


Long Beach vote 
experts the Alaskan oil i 

AS THE U.5. and USSR draw ezpenditnre- 

exppndiure. These are: the power and maintenance costs, leave a substantial slice nnes- 


aoes iiussia spena on aeience t estattusnment ana « a weapon procurement; and the so- maintained ,, tne numner or troops system, conven .nc cost into could shortly he broken, provided pipeline wnulti head inland Apart from pollution created 

Every year the Soviet budget *H*?* to the slie of Western called hardware approach which to be paid). By multiplying the ijjfJ *5 breakdown the a handful of. residents in the through the town of Long by the terminal iLseir. thev 

Includes an allocation to the ™»htary budgets. Dr. William estimates weapon production known prices by the relevant unexplained residual accordingly. Californian port of Long Beach Beach Sohio expects three assumed that there would alwavs 

Ministry of Defence but no Lee, a former CIA economist, (and excludes personnel costs), quantities, the costs of most This js a difficult process and vo,e the right way In a referen- tn four tankers a week, bring- he two tankers at herth « though 

breakdown or detail Is ever . - -- - llahle to error, especially as **11111 coinciding with the Con- j n g an average of 500,000 barrels Sohio says there v/ill he a maxi- 

given. Soviet economic text- i" ■ ■'v 7 ' • 1 . ■ ■ ■ - , — T 1 analysts cannot even agree on Srcssfonal elections 00 November n p 0 ;i a day. The company mum of four a week and that 

books indicate that the figure K ■ p.^V^TX • : : : 0. . . ■« VflllCf? PfiOS the approsimalp percentage of They arc being asked whether sars jhr. tankers will burn half the time the berths will he 

Includes military pay and sub- L •. • . - - ' - ' i; * military research which is con- v.- w . ailt Standard Oil of Ohio jq. A *.sulphur fuel within a ISO- empty), and they included a pro- 

sistence. operations and main- g# V ■. ;v- "j *i tabled in the science category "' 1 h,c . °i v “ “ alf n f 

•* MOSCOW talks of the budget. The Rand roiponi- Jhore linSna u^wSh . 

**%££?**>•*'’ .. hac calciiiajnH hi.M cftiui terminal more linking up witn • • t 

2 ** 

breakdown or detail Is ever 
given. Soviet economic text- 
books indicate that the figure 
Includes military pay and sub- 
sistence, operations and main- 
tenance, and military construc- 
tion. Excluded are military 
research and development — 
usually subsumed - . in the 
“ science ” allocation — and the 
pay for KGB border guards and 
security police. 

But there are several 
mysterious grey areas which 
can dramatically affect Western 
estimates. Is foreign military 
aid. for instance, accounted for 
in the defence category ? Military 
health facilities, pensions and 
education could well be hidden 
in the “ social-cultural n alloca- 
tion of the budget. And accord- 
ing to some Western economists, 
the procurement of major 
weapons is not credited at all 
in the official defence budget 
allocation. Actual Soviet defence 
spending, in fact, is estimated to 
be several times higher than the 
official figure. 

In 1976, the Central Intelli- 
gence Agency announced that its 
estimate of the burden of defence 
spending on the Soviet economy 
was about 100 per cent wrong. 
According to earlier CIA esti- 
mates, the Soviet Politburo look- 
ing at its defence expenditure 
data in 1970 would have seen 
a total figure equivalent to 6-8 
per cent of the country’s GNP 
In current established rouble 
prices. The CIA now believes 
that the figure should have been 
12-13 per cent. Between 1970 
and 1975, according to the re- 
vised view, spending increased 

analysis cannot even agree on g™”™ 1 eiecuuns 00 nuranoer „ r 0 , r a dB 

Vance ends «“ h xrxX 1 

Moscow talks EE « 

trion has calculated that 50-60 per a n nelin^ icros^the us m 8 " 

Mr. Cyro* Vanre the U.5 S em . coit^f . mijury mean* js j„ Te ™' ,,n ' th p^niLn, ■ 
tary of State says goodbye to *” e 066 „_£l v , 6 recently became a 51 per cent 

Mr. Andrei Gromyko the Soviet been a.stwrtmg that the figure Is shareholder in Sohin under a =“ 3 —--=“='®* 

Foreign Minister before leaving SEES ST* ““ ^ ^ ° f S££! 

SSc *™"' LtalMta ^ arl,itTar ' If Lon? Beam sajs “ ye,." ,t ^Z- : - 

(SALT) negations which The 111051 ™lnerable of all would bring in sight an end In 
MMu^tad unaS estimates is the_weapon procure- the oil companies' ten-year 

i. \ 




fflllAri tVt i-parh final agreement esamaiM ineweapoa procure- 011 companies ten-year X M d and 

♦nffltv agreement ment gstinyate. This uses Intelli- struggle to exploit the North V 

' , ' eeuce — mainly gleaned from Slope Bonanza. IF they say “ no," ^SS=I^3Sk ,, Y 

But In a statement at the satellites— on the standing Sohio and the other oil com- -1 e ?. 1 c o .. 

airport Mr. Vance said both strength of the armed services to P anies W3l! be stuck — as they are g'fl) J5at ■ 

countries were committed to derive annual additions to the now — with transporting the oil 

“the prompt and successful stoc fc qf Soviet missiles, ships l? the energy-short East via the 

completion *• of a new SALT-2 aqjj so nn . These, together with Panama , Canal at an additional mile radius of the harbour, and portion of the emissions from 

accord- information on Soviet weapons cost of ^ per harre1, it claims the terminal's average the utilities supplying power 

Standing alongside Mr. specifications, are used to derive ^* 11S extraordinary situation emission will be no more than In the upshot the agencies told 

Gromyko on the airport tarmac; estimates of what it would cost from the turmoi I *be U.S. that of a “busy" roadside petrol Sohio it could have iis terminal 

the Secretary of Slate said dn current dollars, to obtain the ?£* mark t* was thrown into by station. only I If it agreed to clean up the 

that the two days of discus- same items from U S defence » Arab p mbarso of 1973. Sohio s proposal, made in Southern California Edison 

slous he had had In Moscow contractors. These dollar figures before that date, it was assumed 1976. quickly ran foul of the Power plant in Long Beach, the 

useful and construe- are. then converted into 1955 thal the West Coast would be Californian environmental lobby areas largest single polluter, at 

roubles (using specialised Rand able 10 a bsr ' rb the entire Alaskan which was emerging as a a cost of S78m. After much 

tu — »« ;, l ij H .i.. studies on conversion rales for oul P ut - Bu t a successful conser- powerful political factor. Sohio wrangling, Sohio agreed even 

frU S deleSlm Of civilian machinery comparable to vation effort has h ack the also found itself confronting no though, by jts calculations, it 

from ibe U-S. delegation of hardware) ^d are sr° wth of demand to the point fewer than three official was being asked to remove 

S «LmL finely turned - into current wher ® California and the other environmenlal agencies (one nearly 91h of pollutants fr«im 

believed there eould be another 0 current Pacific states need only about l°caL one State and one federal), the atmosphere for every pound 

foreign ministers meeting next • two-thirds of this oil. The an alliance which was to prove it emitted itself, 

month, perhaps in Geneva. Dr. Lee. in a renew of CIA surplus, though welcome in the both formidable and tricky to Many of the technicalities of 

In his airport statement Mr. fl 0611 ®® Points out that overall U.S.' energy context, deal with since its members are this deal have yet to be ironed 

Vance said he wanted to thank ™ ub,e base— though became a local embarrassment, frequently at odds with each out. including precisely what 

Mr. Gromyko and President methodologically well-tried — is since oil companies are for- other. technology is to be used at the 

Leonid Brezhnev— whom he «> wiiger ^realistic. The rouble- bidden bv law to export oil, In ^7^ to reinforce the Edison plant But the hroad out- 

met for 90 minutes “for the fl . oU ® f "J® ha5 been affected an d since' there was no readily for Lo “g Beach. Sohio line of the trade-off is what Long 

seriousness and directness of f 10 . 1855 by differential available pipeline to ship it emphasised that there were no Beach voters are being asked to 

our conversation. Jn nation rates in the two across to the East Coast that alternatives along the whole consider next month. 

countries, and by the introduc- oil which is not "om™ via U.S. Pacific coast. This argument Sohio has hired a public rela- 
A ? encies tion of new products. Yet the Panama is accumulating nn ihe backfired. Instead of highlight- tions firm and is spending 

vised view, spending increased : Sovi « exchange West Coast and creating a in 3 , th | need for a quick hundreds of thousands or dollars 

bv 4-5 per cent and not 3 per claims that the agency estimates using published industrial stat- operations c s * 1 be calculated. rat ®. 15 also unsuitable for con- massive glut. go-ahead if Alaskan oil was to to woo the voters. But it is deal- 

cent as previously estimated, are a functional guide for U.S. istics for the machine-building But some manpower expenditure vere,ons - After orolon°cd studv Snhio sbl PP®u economically, it only ing with a wiry, if financially 

r ------ ~_.-i 1. 1 0 _ ■ ■ . r . ■ . t- *v- c .. — . . ruwl . v uiuii-,1 Vi siuuj. o»iiiu chnwxri hnw Knrilu Qnhin uiontar? Ipcc-wpII j»nrlnwpri nnnncitmn 


militarv huild-im while the ft is au the more remarkable ment of the size of Soviet armed the calculations insaiuie 01 strategic btdules) disused natural cas pipeline run- a „H nAii..fiAn T=„, c * 

other was calculating that Jb en that the Agency should forces The CLA “building block” Less reliable are the Western ^ m m nr ** 11 * exchan ®5 n ing from California to the New industrial projects have to one-third against With so large 

defence had a declining share ba , v . e .,. J™ a _ d ?L. ?J an t™s ^ secure a broader estimates of Soviet military SfationSp^beTwSn ih^ ^-- ic ^ Te ^-- bo ^: -P 1 * . pi . pe ' Perform what 3 is called an a chunk uncommitted, the fate 

defence had a declining share have , ™ ade . _ e ,? ro ^ , io p ! an 17165 to secure a broader estimates of Soviet military JJ”* S i?«^ Ure 9 i ^ Me^b-Te ^ 5 * 5 border. The pipe- perform what is called an a chunk uncommitted, the fate 

of the Soviet GNP- calculating the ebstof the Soviet view encompassing the whole of -research, design and testing, p ri „S et ^ n the ii ne was originally built to bring environmental trade-off before of this project could well be 

Soviet defence spending is of defence ; effort The revisions the Soviet national security most of whidb is tucked away in ° f Texas ” as t0 the West Coast- ft thev can get a licence. The decided hv a handful of voters, 

interest for a number of reasons, were promped not so much by expenditure (seen as the the “science” allocation. These ^^^ c ^ e06, “ slIlce man >’ has fallen into disuse with the sponsors must clean up an Even if ‘the voters say “Yes." 

In the first plare, by gauging the the- discovery _of an- overt equivalent or the U.S. Depart- estimates involve the budgetary "* A not traded - decline of Texan gas production, existing plant (in addition to Ihe South Coast Air Quality 

rouble value of defence spend- blunder— tneonussion, say, 01 ment of Defence budget plus method: they investigate the so- Tbe CIA appears to have been The attraction of the scheme installing their own pollution Management District will still 

ing as a proportion of real ? dozen previously unobserved NASA expenditure as well as called “ residuals ' 1 of each budget confounded by the dilemma of is that only about 200 extra miles control equipment) so that ts have 10 give approval and even 

growth, it is possible to calculate mter-contineutal uusslles— as a nuclear weapon development and allocation. Residuals are the pro- roubie-dollar conversion and of pipeline need be built to arrival leaves the air cleaner it could be over-ruled by the Air 

the burden which defence places realisation that its data base was procurement) and attempts to portion of the budgetary alloca- this underHnes the massive create a 1,000-mile link between than before. Resources Board in Sacramento, 

on the Soviet economy: This; flawed and unrealistic. avoid a dependence on Soviet tion which is left unaccounted revision of its estimates. “About West and East The modifies- Sohio offered to clean up 13 the state capital. 

in turn, gives analysts some idea Western intelligence agencies statistics. . for. Thus the “science” alloca- 90 pgr cent of the Increase" it tions necessary to the existing local laundries which were — 

of the economic sacrifices which and academic analysts nave fradk The CIA hybrid has three tion will detail various •uses of admitted in 1976, “results from pipeline are small. emitting chemicals from dry Mnro AmPlican news 

Soviet planners are having to tionally ; iised to strains. The most reliable aspect the available money-^niedical. changes in r .our understanding of Sobioi plans call for the con- cleaning operations. This , was n . 

make to sustain- high defence estimate the £,??««* ; r^ is the estimation of detailed man-- research, fore example— but will roubtfe pnees and costs.” struction of three new oil trans- estimated to cost about $4m on Oil rage 4 

ice Is the estimation of detailed man-- research, fore example— but will roubfc prices and costs.' 

struction of three new oil trans- estimated to cost about $im on 

on Page 4 

, * 
? 1 - - ^ * 


: tl 

^ *■?* >-•■ 

; • '- 
.1,‘r V- 


Few people outside the 
shipping industry have heard of 
Intersmooth SPC. Yet it stands 
to make the biggest 
contribution to energy saving 
so fan SPC is a paint- but no 
oidinary paint ft was 

The result is a 1 2% or more 
saving in fuel every 2 years 
Millions of barrels of oiL Not to 
mention extended trading 
tfrnes between service 
dockings, and substantially 
reduced hull maintenance 

bottoms. Not only to prevent 

performance- but also to 
ship’s huttmoves through water 

International Paint won the 
institute of Marketing Award for 
breaking technological barriers 
with the innovation of SPC and 
for their expertise in marketing 
it across all national boundaries. 
By using advanced promotion 
and sales techniques, 
International Pairrthave 
persuaded the shipping industry, 
by nature conservative, to adopt 
an entirely new technology. 

Now 4 years since product 
launch, major shipping 
companies throughout the 
world have ships saving fuel, 
keeping better schedules, 
extending operational periods 
- all coated with SPC. 

i \ XX x 





Henrietta House 
9 Henrietta Place 
London W 1 A 1 AD 
Telephone 01 -636 421 3 


► xr’.tYl 

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■VJhJfc *-• 

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decided t< 
number c 
were coni 
paign agai 

Party on 

1974 Gem 
The fo» 
lowing thi 
affair. Mi 
was. had 
an orchcs 

himself. 1 

Lady F; 
Murcia W 
The Pr. 
Sir Haro 
drawn sol 
mid the 
did not 
round a 

The Pr« 
fn hear 
Sir Harol. 
formal eo 
On the 
a'jjinst I 
council st 
Royal Cc 
that thor 
Labour hi 
The Pr- 
is- one o. 1 
Iished tod 
In ano 
against tl 
Daily Esr 
picture f. 
death m I 



Chase lifts 
prime rate 

to m% 

Airlines queue up for unused routes 


NEW YORK. Oct. 24. 
also there for that 

WHEN" President Carter signs tickets during the summer. “Bui Atlanta tn Washington, and queue are 

the air transport deregulation the airlines have been, seeking Boston to New York. purpose. 

act late today there Will be no a different prize: passage of the tinder the new law the CAB Passage of the legislation is 

more enthusiastic reaction than on stcXd m ( u ? £ *5°* operating authority probab!y ^ most significant 

that from more than 20 airline *SSE*SS? Z TlK no? history for more 

executives who have been man- C00)e first ser¥ed basis turrently not served b> any ffian ^ year _ because it g j ves 

ning a 24-hour queue since last mL P . mutec -» Either not carrier .within 60 dajs for legislative force to a process of 
Thursday outside the -Civil ^J? U E, wh i* 1° ha? been 

^ e S, U n“rnn° ard ' ' ° ffiCCS "°™ent "W are routes Sore TarrieL ?re M^LrcLn ' § athe v rin * Ef» for «* * «* » 

m Washington. For which an air | ine? has JS? 00 toCFC ^ months. The Act gradually 

The signing ceremony means authority which It is not exercis- eDt eliminates CAB jurisdiction over 

SzJjIJr mJmifHr’ in*™ Voi-t " I that the CAB can open its doors mg. None of the airlines in the Bui an airline with dormant airlines’ rates, routes and 

MvhZr fnnHc i tomorrow morning to the weary queue will reveal publicly which authority can protect its interests mergers by 1985. But airlines 

cniffS conmSetai SSfi wasi waiters Whose experience has routes they are after hut the by giving notification that it will will be completely Free to launch 

underlined yesterday when lhe «n compared to the vigil pick of..the crap are thought to start up a service within a new services by 19hl and im- 

CHicorn at its re"ular weekly sale j mounted by tTans . atlamic be those such as Dallas to Los certain time, and a number of mediately will have some free- 

ol 9l-day commercial paper set an ( travellers seeking cut price air Angeles, Denver to Los Angeles, airlines represented in the CAB dam to raise or lower fares. - 
average rate of 9.631 per cent on j .. - ■ 


financial Times WeSn^fay ’Octofer : ; 

in mi ii -n~~nmili - j 



The latest increase in U.S. com- 
mercial hank prime rates began 
to spread yesterday when Chase 
Manhattan Bank, the country's 
third largest bank raised its prime 
from 10. per cent to 104 per cent 
effective today, bringing Chase 

bids accepted; against 9-397 per 
cent bast week. 

Los Angeles fires 

Southern California's worst 
brush fires in 17 years were burn- 
ing out of control yesterday after 
gutting at least 100 homes in 
and around west Los Angeles. 
Reuter reports. One person was 
seriously injured, a number of 
others were slightly hurt and two i 
people died in car accidents in- 
directly related to the fires. Fire 
officials describe property damage 
as “well into the millions." 

Canadian shipping strike ends 


OTTAWA Oct. 24. 

Jury dismissed 
ia trial of 
ITT executive 

Reporter freed 

THE CANADIAN Parliament major cities across Canada and which have appeared in Mon*; 

rushed emergency back-lc-work nearly all CUPW members con- treal. Halifax. Toronto. Ottawa., , 

legislation through- all its stages tined to defy the bahk-to-work Winnipeg, Calgary and Van-; “Y 0ur ° wn torresponaent 
late yesterday to send the law- The Federal Government rouver. j • NEW YORK. Oct. 24. 

striking marine engineers of the appears to be facing a long legal Federal Court of Canada to A FEDERAL District Court 
Canadian inland fleet back to and procedural struggle to stop declare the back-to-work law i judge in Washington today dis- 
work on their ships, so ending the picketing. • invalid on the grounds that it : missed the jury which was due 

the standstill of the Great Lakes ' Applications yesterday for violates an amendment to the i to hear the perjury trial of an 
and St. Lawrence seaway vessels, temporary injunctions were Public Service Staff Relations i International Telephone and 
Mr. Otto Lang. Transport merely first steps aimed eventu- Act. which Rives postal workers i Telegraph Corporation executive. 

Minister, who is also responsible ally at removing the picket lines the right to strike. 
| for the Canadian Wheat Board. 

An Argentine-born doctor wasj mov ed quick to when negotiations 
acquitted oF murder yesterday 
and a New York Times reporter. 

who made the case a test of Press 
freedom by refusing to surrender 
hi? notes, was released from jail. 
Reuter reports from New Jersey. 
Dr, Mario Jascalevlch. accused of 

murdering three patients after an 

Mexican tourism hit 


MEXICO CITY, Oct. 23. 

accused of lying about the com- 
pany's role in the 1970 election 
of the late President Salvador 
Atlende of Chile. 

Although no clarification could 
be obtained, dismissal of the 
[ jury selected yesterday raised 
j speculation that the Government 

ignore poll 

By. Quentin Peel. 


reached an impasse on Mondav 

He announced that the Govern- 
ment was. introducing legislation 

and last night it passed ail stages , . , 

in the Commons and the Senate, THE .MEXICAN economy and in a Ministry they found they would t may be considering dropping the 

ordering the seamen and ship particular the tourist industry, is no longer be allowed to strike J case because of the possible dis- 

investigation by reporter Mr. [owners to keep' the 122 lake being severely affected by a and so they decided to protest i closure of information judged 
Myron Farber. was found not; vessels operating .until winter strike by air traffic controllers Both sides -appear to be quite • sensitive for national security, 
guilty by a New Jersey jury. The | closes the St. Lawrence seaway, which is now in its third week, adamant that they will not back Mr. Robert Berreiiez the n i 

trial became a test case on- -the [on- about December 15. Domestic flights around the copn- down despite .the heav v losses to. , . e3Ce< 2v ive - ir ls . a j CUS . of . 

rierhts of .American newspapers to ; The seamen and ship owners try are running at about 50 per tourism, an important part of i! 0 ?, bimself in denying that ITT 

shield sources who give them said they would obey the law. cent the normal rale. the Mexican economy. Net in- ■ h * d c . sou ??. 1 t " e election 

information in confidence. Mr. unlike the Canadian internal The dispute which has already come from tourism last vear was ■ A«« n de. He issued the 

Farber refused to obey a court pos tal workers, who are defying cost the tourist industry several $53 6m. ‘ * j denial before a Senate sub- 

e er , A* * HZS ! back-tn-work legislation passed hundred million dollars, centres Hotel bookings in kev resorts! 

^ i week b - v Parliament on the Government's decision to like Acapulco are down by over i *! ,h **1? 5^ rt K a ,,£Sl rrer 

days in jail on contempt charges.. Canadian Government lawyers, close down a private company. 50 per cent .for this time of vear. 1 5 s c ^' l f s ; on he V'. 6_ P 

started taking the Canadian Radio Aeronautica Mexican a The situation could be further i and CI . ot fl c . ials W mock tne 
Union of .Postal Workers (RAMS A}; because of Its heavy aggravated by a possible strike 1 congressional investigation. 

fCUPWl to court today but the losses and replace it with a new by hotel workers • later this' • 

23.000 strikers are still far from department under the Ministry month. Hotels are 'beginning to! 

a return to work. of Transport and Comtmmica- shed labour as a result of 'the I 

Pickets were still circling post tions. As a result of RAMSA reduced demand for a ccommoda-i 

office buildings in most of the workers being incorpora f;d into tion. 

Husky Oil spending 

Hu«0rv Oil. controlled by Albert 
Gas Trunk Line, has disclosed 
plans for heavy oil production in 
Alberta and Saskatchewan, which 
involves spending C$450m 
(£lS9m) for development over five 
years, mcluding enhanced re- 
covery. Husky production in the 
Uoydtmnsjer area of Saskatche-, 
wan would be doubled from 20.000 ! 
barrels of oil daily to 40,000 j 
barrels, writes Robert Gibbens in 

Westinghouse court plea turned down 

IMF staff 
may strike 

NEW YORK, Oct. 24. 

By jurek Martin' 

THE STAFF of the International 
Monetary Fund may stage a two 
day strike next week as a result 
of the failure of the IMF. board 


Paclfte aL consortium ' WESTINGHOUSE, the large which the company was'lo plead meat “The only difference;^ Stisfy'salaS demands 
which mans a C$800m heavy oil power engineering concern which guilty to 30 counts of- making between this case and any other! ° A ^22 rneetmaSthe staff i« 
upgrading plant near Hardistj*. ' has been charged with making false statements and nav a crimiMi rase that bpfnrol," U1LBUU< “ 

Alberta and has turned down an ! false 

upgrading plant near Hardisty. ' t* 5 been charged with making false statements anfi pay a criminal case that^ ^ comes' before I dl £ 

' ' statements allegedly in S300.000 fine (510.000 for each the court is that here we have • ' 1 

Justice Department a large corporation." He told 

— , . - . ($10,000 for each the court is that here we bavei„ta, v fc-ua Yesterdjv • the 

mritation to join a Petro-Canada- ' order to conceal foreign bribery, one). The *"-**-" - > ~-.u; — - u.. issue. lesterouy, ine 

led consortium. 

(today failed to win a federal accepted this deal because, as Westinghouse “1 will leave you ! nrotrecte?oro«dura?^ wanLunl? 
: district court judge s acceptance it told the court, it would not to o&er alternatives." 

|of a plea bargain which would be-in the Government’s interest 

U.S. COMPANY NEWS [have conreaied the name nf the to' reveal who benefited 

Strong third quarter at Xerox; 
Lockheed profits decline; 
Allegheny Lndltnn drops pro- 

The charges against Westing- 
house involve an unidentified 

person ho received the pay-offs. However, Judge Barrington deal which the company will only 
Yesterday, the Justice Depart- Parker^ who .questioned^ whether describe as. “a nqn-BUclear pro- 
enL which is making the gccu- this . “blotting out of informa- ject in a foreign, country.*’ -It 


tional 2^5 per cent increase to 
supplement the 35 per cent 
awarded in the String. 

The. staff had been expecting to 
receive, at least an additional 33 




__ , x „ . . . , a plea sgree^ tion was necessary." today .said the payments involved, [ 

posed sale to Bayer— Page 34. iment- with Westinghouse. under, refused to accept the plea agree- total $522,000. - «- { 

WITH ONE day to go before 
registration closes for political 
parties to take part in the 1 
South African-sponsored elec- 
tions in Namibia (South-west 
Africa), five parties have 
registered, but neither of 'the 
main . African nationalist 
groups have done so. . ^ 

Only two of the five inten^-' 
ing to contest the Deceznbec 
poll, are credited with any real 

political significance: the 

ethnically-based - Democratic 
Tandiillc Alliance . (DTA*), 
representing most of the trad 
tional tribal leader^ and thfi 
Action Front for the \ Preser- 
vation of TurnhaUe Principles 
(Aktnr) whose main element is 
the farmer ruling National 
Party- - 

Of the others; the fteretigte 
Nasionale Party represents the 
extreme right wing af the 
white population In the terri- 
tory. while the Christian 
Democratic Party: and '.the 
Rehoboth Liberation Frorit- are. 
tiny splinter groups. 

There is no chance tinit the 
South-West Africa ; People’s 
Organisation (SWAPO) will 
contest elections without. UK 
supervision and control, and 
observers in Windhoek, are 
confident, that neither tbe 
mlildle-of-the-road .. Namibia 
National Front* nor' the dissi- 
dent SWAPO Democrats; will 
do so, in.6Plte -of persistent 
wooing by the South. African, 
authorities. • • 

Onr UN Correspondent writes: 
SWAPO today Informed the 
UN Secretary-General, Dn Kurt 
Waldheim, that U rejects the- 
co m promise on ?fahdbta 
worked out- Ih^ Pretoria last 
week between the v five 
Western members of..the‘ 
Security Council-, and South 

S WAPO's UN representative. 
Mr. Then Ben - Gnrlrah, told 
comspondenti ...after a 45- 
miutrte meeting with Dr. Wald- 
heim that the issue now should 
go back to the Security Council 
with a. demand for comprehend: 
sire, mandatory sanction? 
againvt South Africa. " V- 
• AP adds from : Salisbury! 
The Rhodesian Military Confe 
mand reported yesterday la 
new deaths inside the county; 
since ' Government force- 
attacked black. - natio nails 
guerrilla camps in ncighbimr 
ing Mozambique and- Zambia 
last week. Among the latek 
victims were two black seeurln 
force men. two insurgents ana 
a “terrorist collaborator," f 
communique said:- | 


iTHE tough measures an&aunced ■ 
by the Australian governma mTo t 
{-control the export of minetals 
have been taken in the &0pe_«. 
preventing Anstrauao producers 1 
from accepting what the govern- 
ment considers are prices botow 
the prevailing world -level. : . ’ 

In particular the couErpte-WsV 
posed on coal, iroo ore ^and 
bauxlte/aluniina are ann.ea 
strengthening the h^nds of 
Australian producers ■ in nego- 
tiations in which Japanese (and 
to a lesser extent European) 
buyers have eo-bitifnated their 
position and are playing off one 
produced company _>against 
.another. •.I.:' .: ., - j:..-: 

Two - thirds" - of Australia’s 
[mineral exports-rond 25 per cent 
of total export earnings— derive 
from coal, iron ore and almp ma- 
in 1977-7S these three com- - 
modi ties earned A$L465bn 
(£S38m), A$92Im (£538m);and 
A$668m (£390m) respectively. 

•Though the controls are aimed 
at boosting export revenue they 
may backfire as buyers look for 
applies elsewhere in the presenf 
epressed market conditions. 
Australia accounted- for 11 per; 
cent of iron ore - production tn 
the world between 1974-76 ‘with 
an annual output, br 98.6*0 
tonnes. It faces strong competi- 
tion as an exporter, from Brazil 
(g_2 per cent of world output) 
and India (4.4 per cent). 

. - Though the .third largest coal 
exporter in the world .after the 
U.S. and Poland it accounted for 
only 31m tonnes or Ifr :jrer cent 
pf world trade in. 1976. This pro- 
l -portion is increasing. • - : • 
Australia is the- largest 
exporter of bauxfte/aluminsi in 
the world, accounting for 27 per 
cent of world production or 
208m tonnes a year between 
1974-76. ' ■= 

Under the new policy, which 
applies immediately. ' producers 
wanting to negotiate under new 
or existing contracts will have, 
to first obtain specific govern- 
ment approval before making 
any offers or commitments. The. 
minister for trade and resources 
Mr. Douglas Anthony said be. 
would decide tbe parameters of 
the negotiations, such as pricing 
provisions. Tonnages and contract 
duration, yet he maintained the. 
government still bad ;ar' firm 
policy of leaving negotiations to 
the commercial parties IcvolvetL- 
The Australian move Is certain 
to-be strongly opposed by over- 
seas buyers, particularly Japan. 
Local producers, are worried 
that the Japanese - may switch . 
much to their requirements to 1 
alternate supply sources, such as 
irofiOre The stakes- 

are A high; • • Austral supplies 
a bqu ^SO per cent nf Japan’s imn 
;ore ‘imports, and almost 40 per 
cent Of. its r coaL 
• Tfe present conflict has been- 
looming for some time. The 
Japanese have been signal ling' 
since early last year that, the 
depr esse d stata_6f the world steel 
industry madO- it inevitable 
there would be Puts both In the 
tonnages of coal’ and iron ore- 
taken by tbe mills, and in the 


^ffectivp.^riee : paid- :. ■ : Jr 5 

Earlier thisyea-'“‘* x ^“^ s - 

contracts- which -meant ^15^. 

ductibn-' oif . existing 1 ' prices.- -j q 
J une two : : Au6trelian :ifna.iojpft ... 
producers, Robe." Biver. afld .lfit- 
WCwnjani agreed to Towet'ptieea^ 
£or a two year period;- • vr- - 

- ■- In ? August Mri; Anthony told " 
Parliament he w'ss : lMihappy ahouj - - 
the- prices -whiqh rhe; salcf^Wer^. 

not^fairuntf -rtasonablei’^-Thb--' 

Japanese government, hhd been 
‘infonned of *t6is: belief abd' Can- , 
berra :'had eqnskiered^'-refuang 
export -approval re^e- . 

tantly agreed to tire deali Kfeausfe .-. 
negotiations . . ntight; - 
'have have -dragged on Jtufefis,- 
itely and there was' snawfeCdiiern' • 
the Japanese mills could aaritch 
to-toppiles ironr rBratit • 

-In- Sept«nlrer"mgftera : 'fi6Bj^ 
to come tba Head wheb -Teprase^'- ' 
tatiyes of . the pro&ccra -were- '■ 
summoned to Ganberea-by 
Anthony and told to comn-hp--'' 
with a proper co-ordinate^ - ■' 

ket- arrangement - wtthlO'jstfaa 

month or Face theprcfcspedt Of-ihe - - 
government " estabilsbiag^a - eehr 
trallsed marketthg system: j ? 

- Only-last week it was jeakBdltt - * 

Japan that tbe Austfcfiiro . 
mem was considering jewsing 
an export licence .fo/ ihe 'seetma' 
-year of a. four year contTaci.'ta 
supply -coal from ;lhe 'Thiess- 
Dampaer-Mitsai mtoa.'.afe -aiitira- V 
in Queensland. Becaose oF the ’- 
doubt- - • representatives, idfcAus- 
tralla’s laraesr -' 

Utah development' cafied '-off 
negotiations for the iale.dl about ' - 
three million tonnes.’ from' Its . ■ 
Blackwater mine in QueensJani 

The government Vtimemeetlon . 
appears largely motivated by 
concern -over- the - dgtcriwitl ag 
balanee of payments Eatuatibuffr^ •••*. 
fleeting a setback la the tends of - - 
trade and 8 -disturbing laefe :of V 
inflow. The govenzn^othak bwi - 
forced -to borrow, beavtiv over- ' '• ' 
seas to hold up - its /offical*'* ‘ 
reserves and prevent-, a ferad 
devaluation -of. the Australian *’ 
exchange, rate. ' T 2 ' . . 

• Reater.repertsffQm^B- 
pur; Tbe Assoctauon t>p u 5mth- 
east Asian : Nations .(ASEAN) 
member countries will trice feint 
counter mtasufc* against Austra- - 
lie If ilS-potB^jeopardfaed-tbe 
trade- of the r^Jonaf 

An. ... agreettteift 1 . 6a >tfi£s -was 
reached At tlte^SEUUtettoolmc 
mini store meet&ags lb Singapore 
last year, DeptttyvTrtde^dv^ 
dustry Sip ^on 

told Parliamenti-ttE 






trial 1 ... 

• . BeuterH jre^ctR ^frpin; Ctv»- 
berra; West ■ ^rinan 'pJ^kTeot * 
Walter Sche^L resptmffipg lo an 
Auslraliair’attack lon-'-ffie Buro- 
pean Commeaf/flfarfeei fEES^or L 

excluding many Ogriritimral pro- 
ducers. Said >es w'/ay Tiir cdho' * 
try waated^he^^SffliraBlty^o... 
adopt inore.tiberaL-^ade pollf*« . 
|n certain areas: V -- : v. 


Tokyo council urges cuts 




Reduced Rate ! 

If you re a business- traYeUer, or anyone who flies regularly you re probably paying the full economy 
fere. And naturally you wane a lot for it. 

Well, starting October 29 ,PanAm has something special for ypiL Its called Clipper 
Class. And, Yerv simply, it offers upgraded service for the same full economy class ticket that 
you’re buying now. 

Initially a\=ailablc on all /4 : transatlantic flights and selected transpacific flights, 

Clipper Class will supply all those extras in comfort and service that can make a 
real difference to the long-distance traveller. v" 

Extras like a special section Ibr foil fare passengers where you’re lifely 
to have a lot more room. Special check-in attention and use of the first : 
class lounge at San Francisco, Newark and Seattle. Plus complimentary.' 
wine and beverages, free head-sets and a special choice of entrees.. 

All for the present foil economy fore. 

- Get yourThrvel Agent to book you on Pan Ams new CI ipper Class: 

It’s a great new way to experience the worlds most experienced airline. ■ * 

AN ADVISORY body to Mhe 
Ministry of lniernaiienal Trade 
and Industry (M1TH recom- 
mended that tbe aluminium In- 
dustry in Japan v/ill have to cut 
u s production capacity to 1.1 ra 
tong by 1883 from current 
annual capacity of 1.64m tons in 
order to survive. . 

The industrial structure 
council also suggested that the 
government extend the present 
provisional aluminium ingot 
tariff quota system to help 
reduce growing competition from 
abroad. The system was intro- 
duced this fiscal year from March 
allowing for 200,000 tons of 
aluminium ingot to be imported 
tor use by the domestic pro- 
ducers at 5.5 per cent tariff in the 
first half, and up to 220.000 tons 
m the second half at tbe regular 
0 per cent rate. For all last year. 
472.000 tons was imported. 

The report suggests that the 
seven aluminium producing com- 
pan u?s create a joint sales com- 
pany to eliminate intra-industry 
sales competition, and preferably 
building a new kind of industry 
clearly defining basic producers, 
ingot. processors and aluminium 
product, maicers. Other recom- 
mendations included selling off 
aanjius facilities to other Indus- 
tries for the . latter to scrap or 
otherwise dispose of; and finding 
new jobs for the 1.000 or so 
workers (out of a present total 
of 8,000i which .^will have to be 
di«tnis£ed- ..... 

The: aluimnluai industry faas 


been designated since iaaf Bay 
as one ' of Ibe 
depressed industry ^ ^-qualified 
for official hel p in 
Tbe industry ha s . already been 
approved for a ‘teajft&ranr-rP^ 1 ^ 
-tfuction cartel .. through' .Tieri 
March. It fell ^into nard times 
following a T sharp -nSerease 
energy costs, caused-by; the J073 
oil crisis. '■ 

According to the ladvisery 

body’s recommendation the 

industry^ position is new “s® 
deteriorated that it couiii hardly 
pull out of its current crisis S.F 
itself." The report -adds thaf 5 
it successfully restructures 
itself, it would' be able to recover • 
competitiveness in about five 
years, in order- to cover ifce 
cost of scrapping the .excess 
capacity in the industry*-- 
estimated at ITObn over- five . 
years — the Government has ifiP" 
cated 8.25 per "cent : or 'the 
revenues from ' tbe special 5-5 
per cent temporary tariff to ?b 
industry group for disbursement. 
E2E this it will raise gbbut 
^bn- The industry is as (dm? 
tnat^the percentage be, raisedPh , 
to meet the costs- 
The change in' tariff -system 
a£d quotas for hnports wiiI ; iibi J 
effect- the imports of'alulolirojn ! 
from less developed countries ■ 
like Bahrain, Cameroon, .Egfpt 
and Ghana which have 
separate quota of 61.000 tons fftr 
^ e o?5 ar at the low. teriR. rate - 
of 2., 3 per cent. This amoiliff 
has already irbeerr.-- imposed 
durrng AprilLSepjmnber- ' 

Pakistan banking call 


... .LAHORE, Oct 2^; 

TfflS jeEV ttr a • solution of raid yesterday he would aanou&e 
Paktetan’s .deep-rooted economic meararea uSodorin? SSc 
pro^tems.-Ites in ihe introduction system oi'lavirin1Smi?iff S 
of an Islamic system oMaws and time. aDOat10 

particularly, of imeresi-free GeneralZiasisoreite 
banking;;.;; leadteg^religioim etectioha Iwfii Seffii 
schmar. and dose -confidant of but U appeaf. 
me.’ Cous^’s jnllitary - leader, tions wmSv^thfffi^v 
Offlerai -2»ul ^9 saartodgy.- -saitf 4fae'‘fltftire^ * 

, J&ulans Abul* Ala pbUg&j^.to 

whose ■ JamaaM-Jalami party- Is . Z2? Li:,- - system 

ackjtewiedgea to he^a powerful ■ he;wotild 

influroee in thei GovemnieoL ^S,^^!?^ 

I toldlSe -Financial 31mes . £&*:« bteodfess cmjpw?P 

in which interest was ;prp-i •. 


{ for theAttnnSucaen pf. .^ij V olhec. religUmB .crnuns -Lf- 

an-^ntere^^r^Mqnarny.': and v .they, merged,- V - ■■ 


• . -f . ■ . - ■ 

-«*r • . 

Financial Times Wednesday October 25 - -1978 


Alma oilfield future 
e ^ under discussion 
in Middle East talks 

Success in Syrian — Iraqi attempts to forge an alliance against the Camp David agreement could mean a 

major, new force in the Middle East. Patrick Cockbnrn reports. 

Syria, Iraq try to smash Sadat’s bandwagon 


THE FUTURE of the Alma oil- 
fields near A-Tur. off the eastern 
shore of the Gulf of Suez, and 
the Egyptian demand for com- 
pensation for oil which Israel 
pumped from the Abu Rudeis 
field, are at the centre of the 
tripartite Egyptian-Israeli-U-S. 
economic talks, currently taking 
place in 'Washington. The field 
at A-Tur was drilled and brought 
into production by the Neptune 
Oij Company under a iictnee 
granted to it by the Israeli 

Israel is claiming the right to 
a supply of oil from this field 
at a reduced price, while the 
Superior Oil Company of 
Houston. Texas, is asking for 
compensation for cash invested 
in the field, according to the 
Washington correspondent . of 
Maariv. which describes Superior 
Oil as the major shareholder in 

The field is currently produc- 
ing 14.000 barrels a day, with 
two more wells in the process of 
bring sunk. The potential of 
the field is put at at least 40.000 
barrels a- day (which would 
cover 25 per cent of Israel’s 
present annual oil require- 
ments). Profits to date re- 
portedly amount to S21m against 
an investment of SSSrn. 

The question of compensation 
will arise if the- Egyptian 
authorities do not permit the 
company to continue developing 
the field. Amoco reportedlv 
maintains that it is the legal 
licensee for the area. 

The position Is entirely dif- 
ferent for the Abu Rudeis field 
wh*ch was returned to Egypt as 
pari of thr Israeli withdrawal 
under the Separation of Forces 

TEL AVIV, Oct. 24. 

agreement. This field was de- 
veloped while the area was. under 
Egyptian control . and was 
pumped by an Israeli company 
which repaired the war-damaged 
installations. Hence Egypt's claim 
to compensation for' oil from 
these fields which covered 40 per 
cent of Israel's requirements at 
the time they were handed hack. 
Egypt is. reportedly claiming $2m 
in compensation for this .oil. 

AjP writes from . Cowdifnl: 
Continental Oil Company and 
Egypt’s state-owned dH company 
have agreed on additional oil 
and gas exploration rights for 
Conoco in the Israeli-occupied 
Sinai. Conoco said that the new 
production-sharing contract with 
Egyptian General ' Petroleum 
Corporation is . for exploration 
rights in an area of about 214,000 
acres in western Sinai- The area, 
largely unexplored, Res in El 
Qaa plain, which adjoins the 
eastern shore of the Gulf of 

• Sniper fire and rockets 
killed four people and wounded 
1 2 in Beirut today, : AP reports. 
Syrians and Christians accused 
each other of breaking the 
1 May-old cease-fire, "r 

The hostilities erupted yester- 
day in Dikwaneh on the northern 
flank, of Beirut's: . Christian 
sector, and Syrian- .hilltop posi- 
tions at suburban Sinn - el Fil 
and Tel al Zaatar r a former 
Palestinian guerrilla stronghold. 

The Syrian-dominated Arab 
League army policing Lebanon's 
civil war armistice blamed the 
outbreaks on Christian snipers, 
claiming they were massing gun- 
men at areas evacuated by the 
Syrians. , 

Eritrea offensive leaves 
battle-lines unchanged 

1 1 i’- 
ll ; 



This dispatch teas written on 
October 11 and delayed, by com- 
munications difficulties. 

THE GUNS in the eastern part 
of Eritrea are silent now after 
three months of the heaviest 
fighting in this 17-year war and 
the battle lines are essentially 

Repeated attempts by Ethiopian 
forces to break out of the 
Eritrean capital of Asmara and 
the Red Sea port of Massawa 
were blocked by the Eritrean 
People’s Liberation Front 
(EPLF). and today, the two sides 
face each other in. trenches and 
-fortifications within - . gunshot 
range on the outskirts - of the 
two cities. •' 

The brunt of the Ethiopian 
counter-offensive which began in 
June was borne by . the other 
main Eritrean guerrilla group, 
the Eritrean Liberation Front 
(ELF). It lost all the toiyns it 
held in the western part of 

The EPLF ' made what it called 
tactical withdrawals from the 
parts of Massawa that it occupied 
and from towns to the south- 
east of Asmara before Ethiopian 
forces arrived. Then, In fierce 
and bloody battles, the EPLF 
successfully resisted Ethiopian 
attempts to advance from Asmara 
to the town of Keren,, to the 

The eastern front covers the 
strategic mountain slope region 
between Eritrea's central high- 
land plateau and the Red Sea 
coast, and includes as its core 
the 70-mi lc asphalt highway con- 
necting Asmara with Massawa. 
This road is the economic life- 
line to Eritrea's interior. 

GHINDA. Eritrea. 

The EPLF cut: the Asmara- 
Massawa road 4n October last 
year and went on to capture all 
the towns and bakes along its 
length by January, digging in at 
the edge of Asmara where an 
estimated 80,000.'- government 
troops are. now quartered. * 

The last of si series of Ethio- 
pian attempts to break -through 
the EPLF lines came bn August 
28. according to one of the fight- 
ers. ■}'. 

“They came, at fen past 'five 
in the morning," he said; “They 
tried at first with their heavy 
artillery and aircraft, and jfrhen 
the military.' careJjnipfifc.We 
pushed them. back,’ and. they tried 
again. We pushed them back 
again. 'After 'that -no enemy 
came.*? •" ' _ *’ • 

. The moi/ the frontline 
fighters appeared to be high, 
and they expressed confidence 
that they could hold this line 
indefinitely. The situation around 
the port of' Massawa is similar, 
with the EPLF dug into the 
parched desert hills outside the 
city, and supplied nightly from 
the towns in their rear. 

The only military action here 
seems to be In the air as Ethio- 
pia’s Russian-supplied MiG jet 
fighters bomb tbe frontlines and 
the EPLF-held towns on a daily 
basis, but to no noticeable effect 
on either the mililtary situation 
or on civilian morale. 

According to deserting 
soldiers arriving here, Ethiopia’s 
military leaders are stepping up 
executions of officers and men 
and transferring large numbers 
of men from one unit to another 
in the face of failing morale 
among the 50,000 soldiers in 

al- Assad's visit to Iraq, which 
began yesterday. Is the first break 
in the bitter hostility which has 
divided the. rival Baath Party 
Governments in Damascus and 
Baghdad, and may presage a 
major realignment of Arab 

The two regimes were exchang- 
ing ferocious propaganda broad- 
sides as recently as last month 
and there must be doubts about 
whether they will be able 
to overcome their mutual 

President Assad's visit to tbe 
Iraqi leaders immediately before 
the pan-Arab summit in Baghdad 
on November 2 is a direct conse- 
quence of the Camp David agree- 
ment between Israel and Egypt 
The Iraqi response was to suggest 
the summit, a 59bn fund to be 
contributed by Arab oil pro- 
ducers to combat tbe Egyptian- 
Israeli accords, and the stationing 
of Iraqi troops on the Golan 

The offer was greeted with 
great suspicion in Damascus. 
The Iraqis previously had 
refused to join the "steadfast- 
ness front" of hard-line states 
led by Syria which was set up 
after the visit of President 
Anwar Sadat of Egypt to Jeru- 
salem. In a move regarded by 
the Syrians as completely hypo- 
critical the Iraqis walked out of 
a meeting of hard-liners in 
Tripoli. Libya last year on the 
grounds that it was insufficiently 
hard-line. At the same time. 
Baghdad drew up an unrealistic 
plan for organising a northern 

front against Israel under joint 
Syrian-lraqi control. . 

Despite past differences, the 
development of a strategic 
entente between the two govern- 
ments would mean a major 
realignment on Israel's northern 
front The fundamental weakness 
of the hard-liners opposing Camp 
David has been that Syria is the 
only radical confrontation state 
sharing a border with Israel. 
Libya, Algeria and South Yemen 
are too far from tbe conflict to 
make more than a token gesture. 

cated weaponry, however, espe- 
cially tanks and aircraft, is 
markedly in Israel’s favour. 

Keeping Iraq out of the line-up 
of confrontation states with 
Israel has always been an im- 
portant part of U.S. policy in 
the Middle East In the years 
immediately after the Baath 
party came to power in a coup 
in 196S, it was too absorbed in 
maintaining its position in 
Baghdad to consider foreign 

The Israeli Cabinet will bold a third special meeting today on the 
draft peace treaty with Egypt, David Lennon reports from Tel 
Aviv. The debate is being prolonged because all 17 Ministers want 
to speak. Iu Cairo meanwhile, according to Reuter. President 
Sadat repeated his commitment to self-determination for 
Palestinians on the West Bank and in the Gaza Strip. 

and moderate Jordan sits on tbe 

An agreement between Iraq 
and Syria would mean a solid 
bloc of territory from the 
Mediterranean to tbe Gulf acting 
in unison against the Camp 
David accords. Syria is too weak 
militarily to contemplate con- 
flict with Israel, but with the 
addition -of the 212.000-slrong 
Iraqi armed forces Israel's mili- 
tary superiority would be much 
less striking. Israel’s 375,000 
troops (on mobilisation), 3,000 
tanks and 543 combat aircraft 
would' be ranged against a joint 
Syrian-Iraq force of 380,000 
troops, 4,300 tanks and 731 air- 
craft The balance in sopbisti- 

Iraqi divisions joined tbe 
Syrians on the Golan Heights in 
the 1973 war and clashed with 
the Israeli army. But tbe long 
and, costly war against the 
secessionist Kurds in the moun- 
tains of north-east Iraq ensured 
— until recently — that Baghdad 
was nervous of a major commit- 
ment against Israel. Only when 
the Kurds were effectively 
crushed in 1975, after the Shah 
agreed to close the Iranian 
border and cut guerrilla supply 
lines, were the Iraqis in a posi- 
tion to pursue a more active 
foreign policy. 

Essentially this policy took the 
form of more militant attacks on 
Syria. The hostility between tbe 

two Governments had something 
of the savagery of a family 
quarrel. Both claim to be the 
true keepers of the faith of tbe 
Arab Baath Socialist Party, the 
ideology of which combines pan- 
Arab nationalism with socialism. 

The Iraqi Baath was essentially 
a civil an movement. Us most 
powerful figure and the regime's 
present strongman, Saddam 
Hussein, successfully did away 
with the Baathist leaders whose 
power came from tbe army. The 
Syrian offshoot of the Baath 
Party was fundamentally a 
military movement President 
Assad's power base from which 
he mounted bis bloodless coup 
in 1970. was built up when he 
was commander of the air force 
and Defence Minister. 

Both sides also have their 
own religious and regional 
loyalties. Most of the Syrian 
Baath leaders are members of 
tbe minority Alawite Moslem 
sect, while the Iraqi leaders are 
predominantly Sunni Moslems 
from the towns north of 
Baghdad, , such as Tiknt. 
Denunciations of the “Alawite 
clique” and the. “Tikriti 
tribalists" were a common 
feature of the propaganda war 
between tbe two Governments. 

Hostilities reached a peak 
during the Syrian intervention in 
Lebanon. When the Palestinians 
and their Moslem allies came 
under attack from Damascus, 
Iraq gave them both military 
and political backing. President 
Assad subsequently accused 
Baghdad of being behind a wave 
of assassinations and bombings 
in Syria. 

Tbe Iraqi leadership appears 
to have believed that President 
Assad would be destroyed by bis 
entanglement in Lebanon. His 
survival, and the tight Syrian 
control over the Palestinians 
which bis position in Lebanon 
gave him. was an added spur to 
the vicious war between Iraq and 
the Palestine Liberation Front 
earlier this year. 

This traditional loathing 
between the two Governments is 
hardly a good omen for prac- 
tical cooperation in the future- 
Tfae Syrians are likely to have 
misgivings about tbe presence of 
five Iraqi divisions, even if 
stationed on tbe Golan Heights 
front. They will be particularly 
anxious that an entente with tbe 
Iraqis does not entail a modifi- 
cation of their policy in Lebanon 
under pressure from Baghdad. 

Such disadvantages may be 
outweighed from Syria's point of 
view by a partial redressing of 
the balance against Israel in the 
wake of a bilateral deal between 
Jerusalem and Cairo. It will 
also make King Hussein of Jor- 
dan less likely to fall in with 
American plans for tbe West 

The economic benefits foT 
Syria include financial aid from 
Iraq and perhaps other Arab nil 
producers, the reopening of the 
trans-Syrian oil pipeline carry- 
ing Iraqi crude to the Mediter- 
ranean — which could be worth 
up to S300m a year in transit 
fees — and increased transit trade 
in European goods for the 
Iraqi market through Syrian 
ports such as Latakia and Tar- 

Mr. Saddam Hussein (left) 
and President Hafez Assad 

tous. Syria could also receive 
cheap Iraqi crude. 

For the Iraqis, agreement with 
Syria would allow them to exer- 
cise their powers to its full 
potential in the cockpit of Arab 
politics. With al) Arab states 
except Egypt expected in 
Baghdad at the beginning of 
□ext month, the two will be 
anxious not to offend more 
moderate states such as Saudi 
Arabia, Kuwait and Jordan. 

Miles mo 

Benguela rail 
link to reopen 

By Our Foreign Staff , 

The Benguela Railway will re- 
open on November 4 for the 
first time since traffic was dis- 
rupted in 1975 during the 
Angolan civil war, according to 
a spokesman for Tanganyika 
Concessions Ltd. Tanganyika 

Concess J ons owns 90 per cent of 
the 2.000-mile-long railway. 

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brochure showing 
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Staroi Edinburgh- 

Fighters ban 
for Taiwan 

. By David Buchan 

down Taiwan’s request for a 
-newer version of the F-5 fighter 
aircraft made by Northrop. 

Government officials said the 
President's decision was based on 
the Administra lion's policy of not 
selling more .sophisticated 
weapons in areas of potential 
conflict, but that a desire not to 
jeopardise Washington's in- 
creasingly warm relations with 
Peking was also a factor. 

Mr. James Schlesinger, the U.S. 
Energy Secretary, arrived today 
In Peking to discuss with his 
Chinese counterpart possibilities 
of U.S. help in the exploration 
and production oF Chinese off- 
shore oil. The visit follows trips 
to Peking by Mr. Cyrus Vance, 
the Secretary of State, Mr. 
Zbigniew' Brzezinski. the 
National Security Adviser, and 
Mr. Frank Press, the White 
House scientific adviser — all 
within the past 14 months. 



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decided tc 
Wilson f« 
number c 
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paign agai 
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1974 Gem 
The foi 
lowing th« 
affair. Mi 
was, had 
an arches 
himself. 1 

Lady Ft 
Marcia W 
The Pr* 
Sir Haro 
drawn soi 
told the 
did nol 
round a 
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The Pri 
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Sir Harali 
formal co 
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against 1 
council s; 
Ituyal Cc 
that thrr 
Labour hi 
The Pr. 
is one of 
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against tl 
Daily Ex 
picture c 
death in I 

World trade 

i — — 

U.S. will match lower 
interest on export credits 

Russia’s shipping Spanish 

rates ‘are unfair’ 

level out 

Italy bidsformpie 
deals from Peking 

BY GUY HAWT1N JfRAWKFURT, UCL 24. By Gardner • . r ; "1 BY OUR uw" T" 

„ MADRID, Oct 24. rtr iwTTi the office efluipment group, teoegottaiing for off-shore 

r GERMAN owners are West .European-Far Eastern . ....... computer manu/ac- all drilling, riitita-ami- tor-con- 

ing the Soviet Trans-Siberia transport business had also been THE upswing jg wSits first Orifer trSCts'to Strife petrbchemfcals 
dner Line of offering unfair growing quickly. observed through outmost^. this w X r two years- of plants.- - T" ; . 

etition on the routes Last year alone the Soviet seenw to have leveUed^ut from P*“J*,_Tl or u - ' The Italian sales drive '^to 

*en Western Europe and the Union's ^share of the total £ J ^ has' 9*** J*s' already -seen Sig. 




PARIS, Oct. 24. 

WEST' GERMAN . owners are West' . European-Far Eastern 
accusing the Soviet Trans-Siberia transport business had also been 
THE UNITED STATES today The U.S. also proposed that, .repayment terms in the deal with Container Line of offering unfair growing quickly, 

announced h would match the whenever a Government provided Panam for RoIls*Royce*engiaed competition on the routes Last year alone the Soviet 

lower export credit interest rates an exchange risk insurance, as TriStars. between Western Europe and the Union's share of the total 

and longer repayment terms of well as normal guarantees against On this and other counts, both F;r East. “liner" traffic between the two 

ww.uu a «iue vi vuv . ivmv — — - — — . “ : — - • - _nas aireauv seen ais. 

“liner" traffic between the two the worst figures since January. He contract, whose Guido Carli, tbe-chairmatr of- the 

areas increased to 10 per cent as The September trade figures not yet been announced, ^ for j ndustry federation conffndus* 

its OECD partners until agree* commercial and political risks, deals had been sharply criticised They claim that European com- areas increased to 10 per cent as the beptemper craoe . ^wes not ye t been an J° u °;~7 JL * indu^ry federation. Conffndus* 

meot was reached on a revision the interest rate should be that by the U.S. for. running counter panies are becoming increasingly a result of the Trans-Siberian showepom wonb Pu 66.9bn the supply of a tn tria^ Ieada delegation of top . • 

of the current international fixed by the new arrangement to the international export credit dependent on Soviet transport service. 111(3 terminals. Ouvem nop^w industrialists to Peking earlier; 

export credit arrangement. and not that of domestic markets, arrangement enterprises on these routes— a According to the association, iwwon, tne worst sBorpair follow jt up with runner this month 

The American position was . , a ,,, irin «v ft xte . Mr. Hufbauer also went out of situation, they say, that Is German harbours, the Bundes- ™52~_ Possibly for sale • Italy has confirmed itself £ 

made dear by Mr. Garry Huf- his yay tonight t0 castigate the fraught with political and bahn (the Federal German rail- in ? ^JSKt 12?- even of complele pl ** * nation of whisky drinkere" 

bauer. Deputy Assistant Secre- to?”E2l2 sinal led “mixed credit" system, economic dangers. way system) and numerous Ger- jjj J® 1 ®*f : * * * * Other major Italian companies. despite. ... attempts . by the/- 

4 r j : should incorporate tne present im^r tuhiAVi •> woe Adah. *««. . a—* tnnenort m tnontns of this year has improved . , nn i off deals * 

UdUCl, UVUlliy nbMbldiU jeue- J tha v t aA . AM 4 -v u VM.-Un ciynwiiuw uougcia. niAwtUe Af «k<» WA«» koe UlQer UldJVA v-— : uwjrfiw. flbkwwio . VJ UIC * - 

tary of the U.S. Treasury, during ^vrrf.inivSSfno^S UQder which 3 litlk The Verband Deutsche Reeder, man transport concerns, are S 22? are also hoping to puli off deals authorities .to convince .Italians ' . 

the annual review nr the arranse’ ? l f, CD dl “? d ^ shoild ^ Ushed l> « w «! aid sed wm^ercial tt West Gemw ihipiwDers' being hard bit by - unfair" com- ^ trttb aina in the near .future. , 0 . buy: local produda, wjitea; • 

mont u-hifh ie tnlrina nluna horn “Ut thdt ilS terms StlOUld be evnort orwlltS Thp U.S. COO* J_.. .u„. nPLItfon from thp RtlfifiianS. The “gUTCS P^e 11106 2)01401] — • — . —rttftr erOUD IS cur* PanLRaHs .-y. 

ment which is taking place here out and iiS«sn? export credits. The U.S. con* association, said today that the petition from the Russians. The *“* “J® : .“SSHtae Fiat motor group is .cur- p^i Betts, . . 

WMk - l^SiherU Container Line _enterpri s ^ « . aa^ do " JKd'SS. Jorth exbibiUng_Ua 

As wL wide.v forecast before i™ e " t5 « ^ 8ame wdSTjtaSd « beeSiSn^d to iTSCLi hed'inereased the " 

the meeting, the U.S. tabled a 1Q °' .' relatively prosperous wuntnes. ments it bandies to Japan by a profit a* Western companies Sf 0 fS^S4? 8 w ' ^ '® agricultural 

proposal that interest rates on Under the present standstill" . A specific target of U.S. cnti- 300 per rent since 1972 Dur ing and are competing at “non- ae “« n “ LfJfjST " bope of ol 

export credits, which vary understanding, cast i parents of cism i was tiie planned Japanese thal period Its share of the commercial” rates. cernSiih attoSesa et^T the sale of 

according to the prosperity of at least 10 per cent of the price low-interest development Joan to market h ad risen from 21.5 per A document produced by the SS” “ T for eonstru 

the buyer country, should be of an aircraft must be made by China, part of a big financial cent t0 30.5 per cent. Verband Deutsche Reeder, the ^” no “ y -1 -A yH extension a 

raised by 0^5 to 0.73 per eenL the pnrehaser and repayment package aimed at doubting trade while the Russians were ron- -association of inland waterway hLmtS SS hi 'ENI, the 

with the bulk of the rates rising terms should not, in most cases, between the two countries. The ce ntrating on building up their, shipping companies and the 

bv 05 per cent. Rates under exceed ten years. This did not, interest rate fixed for this loan business with Japan and West German Transport Association, aS252*tvw 

by 05 per cenL Rates under exceea ren jears. ±ms am noi, mieresi rate nxea xor »us .uau business with Japan and West German rranspon Association, ^ - • . ' ■ j • * 

the arrangement at present however, prevent France from was reported to he well below Germany, the two leading export- traces the growth of the Soviet «ep«cea unoer increasing pres- ff-fCj H A in TiPTIPli 

range from 7J5 to S per cent, extending ihe repayment period the 7.5 per cent laid down in ing nations, the share of the Union’s operations in the area. , *..r. ' • p J tM V • JLU : AA V-B * ^ 

depending on the category of to 12 years For its recent Airbus the OECD arrangement for tied 
country involved and the length deal with Eastern Airlines, nor export credits to developing 
of the credits. the UK from offering 15-year countries. 

Volvo, Toyota top in test 

Air leasing 

as j ng - [ / BY CHARLES BATCHELOR AMSTERDAM, pct Ztj.; 

4. ... ; -'.'HOLLAND’S FOREIGN trade' The stagnation of world trade, 
ict . ,:.r ; STTontinued to worsen in ' 

TOKYO, Oct 24- August when a deficit on specialises, Such , as. petroch^m: 

UK - Soviet trade deficit narrows 



.MOSCOW, OcL 24. 

THE VALUE of British exports imports for the first nine months veries of British power generat- 

BY IOHN WALKER STOCKHOLM, OcL 24. - lUJviU, ucL 24- August wnen a uem.11. w specialises, riich as, petrochemi* 

SINGAPORE Airlines ' will bf'Fl S76m ($43 8m), the largest ^. 3 i< i njt~ ri»flniflg. : ahd gtefi!,.Tian ^ J 

THE 1978 models of the Swedish head-lamp wipers in 1974 comes shortly sign a 5260m contract far 14 months, was recorded:, been’ badly hit. T V. 

Volvo 242 DL and the Japanese in for a considerable amount of with a Japanese syndicate to T - rt - totalled FI 9-lbh nS, a -An«»f • 

Toyota Corolla, had the lowest criticism. It is claimed that lease four McDonnell Douglas gRgtal while exports were 

number of faults at the compul- repairs and servicing to this DC-10-30 passenger jets for 10 SJv^fgosbtL accoreSng to the : 

sory annual inspection. delicate piece of equipment has years, a Japanese spokesman siid fij" Kristi csOffice Sll-lnKiite- 

The next eight out of 10 care cost the motorist about SKr 20m today. Cen ® al SlatlSt “ “ 

sharply up. oh the August, 1877, ' ' , ( ^ 

to the Soviet Union rose 15 per of last year, which was £584.1m. ing equipment These rose in of same makes passed the in 
cent during the first nine months The balance, which has tradi- value from only £1.25m in the tes ^ without any faults, according were 
of this year, compared with the tionally been in the Soviet first eight months of last year, to Svensk Bllprovmng the govern- ning 

same period of 1977, as deliveries Union's favour, was £176.2ra. a to over £30m for the first eight meDt ’owned vehicle testing tests 

of .power station equipment sharp reduction from-the deficit months of 1978. organisation, ui its latest repo rti The 

under a major Anglo-Soviet con- for the first nine months of last This increase reflected deli- entitled The Weak ^Points of Inspe 

tract boosted the export totals, year which was £324.2m. veries under the Cobberow gas “ urlr 

Figures released by the British Overall trade turnover for the compressor station contract lfie compulsory fitting of June 

Embassy show that UK exports first three quarters was £800m, signed in December, 1976. 1— 

had a total value of £31i.9m for 7 per cent less than the turnover The figures are expected to 

the January' to September period for the same period last year remain favourable as deliveries ® 

of 1973 compared with an export which was £S64.1m. on several other major Anglo- ■ 

value of £270m for the same The decline in British imports Soviet contracts including the Ml- J M 8 I a Jkd. 

period last year. was largely accounted for by a Davy Powergas methanol plant 

British imports of Soviet goods decline in purchases of Soviet contract, the CJB polyethylene 

during the same period fell textile fibres, non-metallic plant contract and the Simon 

sharply during the first three minerals, iron and steel. Carves tyre plant contract begin 

quarters of this year. They had The major item in the improve- to show up in the figures toward thf, JAPANF«tf state 

a value of £4S8.1ra or IS per ment in the British export figures the end of this year and early, which depended on the US respo 

cent less than the value of was the major increase in deli- next year. market For over 50 ner rent nf Jar 

These rose in of the same makes passed toe The statistics for the survey ^ The spokesman for the Orient The deficit in. the first eight deMt. of- JjJEStaL , TjHUat** 

= 1* 


IS7B. arranged as pan of emergency same penoa or um. m 

cars, import measures -adopted. by thepicular factors account for "toe the red.--. Imports in fte first. 

’ll, UI 113 lo LSD l ICpULI. I"* ■».! uupvi V . -• ■ ■ ■ . - ■ - — 

The Weak 'Points of Inspected amounted .to 25m Japanese Government last' April {large August dene t. - an eight a^ths were : : 755nr 

Cars." during the period July, 1977, tolto trim its huge trade surplus Economics Ministry, spokesman compared J. with .. -exporter - 

The compulsory fitting of June, 1978. ' with the rest of the world. - ; said. FI 7<h7btL V_. 1,"^: 

China’s steel policy worries Japan 


$ 15 "ft" 1\/1^ ol<ra iroirm A vn ^ Chinese market for 'selling its avoid'^imT^aved ^oE^against tween agreeing to mwT China's- ^ with "the* object Df obtaining price '.Estimates of I <Jhina,V^ovent&-' 

W i SI 1X1 i ivjliUd. V ^i<Ul ti X Ulli IS ■*“»• . one another by the single requirements at roek-bottqia quotations whirh can then he ftde deficit with Japan pirt^ . 

«7 k -* A >* A * l-u Exports to China, which' Chinese purchasing authority) P nc es or using . the rapid m-r used for “beating down" tradi- Chinese deficit. atL€35bn hy-the 

w _ kM _ amounted to less than 2m tons The Industry agreed to ship 2.5m crease in Chinese demand as a tional suppliers. ..... early 1980s wheniplancijeiiyeries.' 

BY Y/ONG SULONG KUALA LUMPUR, Oct 24. Pf, r ' ** ear^ 197te . will tons of S fe e l during toe first lever to obtain a further boosts The basic attitude of Japanese will ,J *■ ■*:* Pe^but ^ap.. 

THE MALAYSIAN Treasury’s L77m tonnes for 1977. and imports at 3,S40m ringgits, and are expected to jump to at natLl^ price which was Ser T ^ e outcome, again largely at ^Sark et Pr ^pears to ^ out to pushSg'Ste el sai es?^ 

annual economic report has fore- However, because of strong while Britain is third with least 7m tons next year making “ t Kfeher on averaee than matter of ^u :swork * eoru,d b ®^ ^ Valuable lif&tina ~at a"'®* crucial importance of 

SfaS? to Malay_sia at 1.000m Chma, for^the ffm time toe ^piS iS^l’ obBSTtatoS ^’tim? ItoH™ CMn«, 

THE JAPANESE steel industry, State Trading Corporation shipments of np to 10m tons As regard’s Japan's share .in tracts it is signmirfori JapiftBM 
which depended on the U.S. responsible for steel imports. for the w hole year (doable toe the Chinese Import market, most industrial plant, induifihg'.steel ' 
market for over 50 per cent nf Japan's six major Integrated actual level of J>/8 shipments) ;estiroates put it at -around . SO manufacturing blaht : which’ iifa» 1 • 
its exports until the late 1960s. steel producers traditionally with particular stress on seam- ■' per cent bu‘ China is said to he . 

is now shifting, towards a negotiate their sales to China on less pipe for use in offshore oiil.'.sounding out /elop'-.g indus- - 

position of heavy, though rather a twice vearly basis and through developmenL trial countries such as BraziL as big six, , integraiea.-st^lr 

9 uncomfortable rehahee on the a single channel (in order to Japan will have the option be?! potential steel c rters, if only mannfacturers. 
Chinese market for selling its avoid being played off against tween agreeing to meet China’s with toe object of obtaining price -Estimates 61 



cast that the country's exports competition from other edible exports to Malaysia at 1.000m Chuia, for the first time, toe Dri i £ **1 obtained i o the 

for next year are expected to oils, palm oU prices are likely to ringgits and imports of 1500m largest overseas market for one ScoDd half of laS vear shn£ 
mcrense by 123 per cent to fall by 6 per cent to 1,110 ringgits. of Japan's top export industries . 

increase oy is a per cent to faU by 6 per cent to 1,110 ringgits. of Japan's top export industries. f - # - 

lS,088m ringgits (SS.400m) with ringgits per tonne. ^ Exports should rise still ^^121 1 9 !? 

oil exports accounting for toe For tin, the export volume is ; further in 1980, but may Level $ ““.total na t 5fi H !^S ivr> 

bulk of the increase. forecast to increase only margin- \t A • off after ^at depending on toe ?*?# Sjj® 

It said exports of crude and ally to 69,000 tonnes. Export J\PW ACOHllI12S success with which China level for the first half of the 1WJ 
partly refined petroleum are receipts of 1,940m ringgits repre- develops its own steel industry. . .. . 

expected to increase by 37 per senting an increase. of 45 per lnnn cinnnrl 7116 rise of the' China market i0 !r 81 P n ?® ^ creases 1975 

cent to 13.13m tonnes, valued cent, are expected, ‘based on a "0311 SlgllCCi • at the expense of Japap'k more *? y ln flustry are. J97*. . 

at about 3,450m ringgits. price increase of 3 per cent to- ,, _ , traditional Western' markets for claimed tohave been just enough - 

This would place petroleum 28010 ringgits per tonne. ' e ,5 f P r8 * n Grenf . cI1 ^ as »®?ed a steel reflects the! -failure of to offset the dedlne m the value 197S;(Est). 
exports just a few million £13.7m loan to Aco Minas Gerais Peklne to sren un its own steel o* loe dollar against the ■■* ■ 

X? tJZm'I taAiirtSf « C0Dd ha3f of last year. Ship- JAPANESE STEEL EXPORTS ' 

^ExpSSs shffi rt ments f °r second half of 1978 TO CHINA 

further in 1980 hut mnv level wiI1 ■I 1 *® total 2.5m tons and Export volume Market shv 

ST^r 1 y on te 5S will per cent M M 

success with which China level for toe first ha!f of the -1J73 2.7 10A 

develops its own steel industry. . .. . , illZ tft fl 

The rise of the' China market /JJ® creases 1975 2-B 95 

at the esqaense of Japan’s more - by the industry are. J776_ . ... 35. .. 95 

traditional Western' markets for claimed tirbave been .lust enough t977 --. . 45 135 

rS ' 4 seem to be closing against Japan 

} (and when the utilisation of pro- ™* n Corporation 

shsra.duction capacity is -at critically Yoshih^^^^lj^aiM ^played 
75 ilow levels)' but that In the long 

10 A f term extremely heavy depen- negotiating tiier.J^bn wo-way 
8.7 j dence on Chinese demand could agreeme^ £l ^gned : ; eariy 

95 I be. d?ngerbtiS/ Y ■ . 5^* r ®ohe» ^^telfepair has 

75 .* yh e • indhstry^- catenates that lona^ffy^yriia^&ef 

35 China’ prcrbablydoes CiDttiave the Chinese 
65 foreign-, exchange resources. e y ports ptoat 

exports just a“7ew^rimion XZrr" ic EW.TmJoan to Aco MinasGerais pSSng to step ?f the '• dollar "aiainst' We - - ' ‘ ^ SSded ^continue- to&Zin* 

ringgits below rubber as imnnrt^^nS S.A.—Acommas— which will pro- production in line with demand Japanese yen over the same an agreement to supply son* 7m Imports 'at-, the current rate for T It also exphms^tg' the, steel - , 

Malaysia's top foreign exchange. "JJSPvSL T.™ nSi Vlde ^ fi J nanc J! f °r a contract S i nce toe end off ‘the Great Prole- penod. However prices for steel to Sm tons of steel at prices 20 more than a year or-two. withmit Industry has Ihe^repatatu^ in ... 

earner. would a^o rise oyi^.j per awarded to Davy Ashmore Inter- t art an Cultural Revolution. sold to Chma remain far below to 30 per cent above tW levels shifting . from- a cash basis to a sp m e .qnarter^-of: haong, been. 

Rubber exports are expected ®® m . V n ggits, with national. The contract is for the The gap- has widened those obtainable , in other of late 1978. / deferred payments , basis vfor- architect" rOtJtb* :^ft6iity- .of ; ' _■ . 

to inorpneo hv ainm tnnnoc tn toe bulk ot tne.gooQs in tne form sunDiv of structural steel and dramatically _^ince the start of markets (particularly in the If an agreement itf reached steel sales. - - - - • Peace and ' -Frieddship.' .which- - 

the ten-year, modernisation pro- markets of U.S. and Western along these l.ncj the China steel The industry is very reluctant gabled the two counfries to join 

gramme undertaken by China’s Europe following the introduc- market could be worth some to offer deferred payment terms hands p°liticany Mst:August ^ : .. . — 

r**v — — r- «— • --- — - -- 7 .new “ mpderate " leadership, tioo f tin -of trigger price systems S2.3bn or S2.4bn ta^ Japan next for steel shipments which are As a resiflt-trf.ffiesetwoegree* . =. 

nibber for next year, resulting manufactured products (-3)0m and steel works complex being I However, Japanese steel over the past year). year compared wiui this year's not directly linked to resource ments the prospect^ for 1 China- & 

in export receipts of 3.524m rmggits). undertaken by Acorn inas at Ouro* — — '— ■ ■* T • •• - - J ^ 

ringgits. _, J , a P a ? 18 e^P^cted to_ be Branco in the state of Minas China’s,- ability to pay for the of China's 1979 steel require- ports to Ch; 1a of aroun-i S1.3bn. as seamless pipes^for offshore oil -to-be excelleot.-They -would be 

Export receipts for palm nil Malaysias top treto"? partner, Gerais. Brazil. steel it seems Hkely to need over ments after a mission composed China’s share oF total Japanese development). even- better- if the Japanese tmsi- j, ta 

are expected to increase by 6 per with exports to Malaysia at Red path Dorman Long, a sub- the next two to three , years, of vice-presidents of the major steel exports (in volume terms) One reason for this reluctance -ness world was ionrinced that ;»Pv 

cent to 1.965m ringgits. Palm 3,242m ringgits, and imports sidiary of British Steel, is the Worries also exist about what companies visitsPeking early in could exceed 20 per cent, com- would seem to be the belief that China had the ability t^pay for- • i? 

ml export volume is expected from Malaysia at 4.000m ringgits, nominated sub-contractor for toe some Japanese exporters November. pared with its 1978 share of 16 China is likely to be m'ortgaeed everythine it seems to be plan- 

to recover from the drought to The United States is second supply of the structural steel describe as the global “bargain A preliminary guess is that per cent and only 8 per cent as up to the hilt by 1980 as result ning to buv in janan-’ over the- 

register a 13 per cent rise to with exports at 2,200m ringgits, work. hunting ” policies of the Chinese China may start by asking for recently as 1973. of the deferred payments con- next few years. ■*. 

steel it seems Hkely to need over ments after a mission composed China’s share of total Japanese development). 

even- better ! f the Japanese biisi- 



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vi is i i 

jVi «*#<>• 

' -i X. 

Financial Times Wednesday October .25. ,197S 


Low-key Heath 
argues for 
incomes policy 


, - 

, '• : - 

; : 

• • • V 

■ : >r.< 

Efficiency seen as key to holding 
down road haulage charges 


•- t- If-, ,« 

* »'C*. 

Conservative leader, again main- 
tained last night that govern- 
ments could not opt out of their 
role in incomes policy. But his 
argument was muted when he 
spoke at a Berwick and East 
Lothian hy-election meeting. 

Mr. Heath was clearly anxious 
not to rock the Tory boat and 
face accusations of damaging 
the party’s prospect? in a contest 
they hope to win tomorrow. 

But it was clear his views re- 
mained at variance with those of 
Mrs. Margaret Thatcher and were 
..much closer to those of Mr. James 
: Callaghan on the central issue 
of government intervention in 
pay policy. 

u Government cannot opt out. 
Government cannot say ‘it is nor 
our fault.' They are expected to 
use all the weapons at their 
command in this crucial battle 
so that this country of ours can 
become more efficient, more 
competitive and a better place 
in which to live,” he declared. 

Thai wa.s his objective and it 
would be the objective of the 
next Conservative government. 

He was convinced it was also 
what the p eople wanted. 

Mr Heath, having infuriated 
many Conservatives by hacking 
Mr. Callaghan's defence of the 
5 per cent pay line, and opposing 
Mrs- Thatcher's call for govern- 
ments to withdraw from a role 
in incomes policy, emphasised 
his loyalty to his party. 

"As 1 have made dear on every 
by-election platform from which 
1 had spoken in the last four 
years I am determined to play my 
full part both before and during 
the General Election . campaign 
in achieving a substantial Con- 
servative victory. 

He knew from his postbag how 
terrified people were of a return 
to runaway inflation. “And they 
look to the government of the day 
to play its part in seeing this 
does not happen. 

“ The British people have had 
to make great sacrifices in the 
last two years. If we now give 
up the fight against inflation that 
will have been a sacrifice In vain. 
No responsible government can 
stand by and allow that to 

British Shipbuilders 
blamed for job loss 


MEN IN a small lower Clyde 
shipyard have bitterly attacked 
British Shipbuilders and blamed 
the nationalised company for 
m3 lung 90 of their colleagues re- 
dundant. Tbe jobs are being lost 
at James Lamont. in Port Glas- 
gow — only a few yards from the 
Scott Litbgow dry dock where 200 
redundancies were announced 
la«t week. Shop stewards claimed 
that the small independent yard 
is failing because it cannot com- 
pete with British Shipbuilders 
which takes in the Scott Lithgow 

** We are a small family busi- 
ness." said Mr- John Mitchell, 
yard convenor, “and we cannot 
compete in the way tbe enormous 
concerns can." 

The Lamont yard is due to com- 
plete its last order, a £2m sludge 
vessel for the Department of the 
Environment in Northern 
Ireland, br the end of the year, 
and has been unable to win more 

The company will continue 
.ship repairing at its Greenock 
yard with the remaining 200 em- 
ployees. Mr. Robert Wallace, 
managing director, said Lamont 
would resume ship building if a 
viable' order came along. 

Oil companies and nationalised 
energy corporations are being 
asked by the Scottish Office to 
bring forward any possible order 

Saab £200,000 backs 
young tennis players 


SAAB, the Swedish motor com- 
pany, is to invest £300.000 In the 
future of British tennis. 

Working through Paul 
Hutchins. Lawn Tennis Associa- 
tion training manager, Saab will 
support tournaments, scholar- 
ships and international matches 
in winter for players between 12 
and 16. The company has guaran- 
teed £40,000 a year for five years. 

A panel of judges, including 
Hutchins, will decide bow the 
coaching grants and scholarships 
are awarded. Players may be sent 
to tennis schools or training 
camps abroad if facilities in this 
country are not available. 

They will go with suitable 
coaches to compete in European 
and American junior tourna- 

Victorian paintings fetch 
record £595,000 total 

Sotheby’s Belgravia in the grow- 
ing market for Victorian paint- 
ings was amply justified yester- 
day when two sales produced a 
record total of £594,840. A select 
auction of 32 works brought in 
£245,800. with 14 artists estab- 
lishing new record prices. 

The top price was the £45.000, 
plus the 10 per cent buyer's 
premium, paid by the Fine -Art 
Sncietv for a “View of Mount 
Tomohrtr in Albania by Edward 
Lear. It was a record for the 
artist, as werp all the highest 
prices, and more than twice the 
pre-saie forecast Fisher Fine 
An gave £22.000 fur “A Birthday 
Picnic.’’ bv Arthur Hughes, a 
classic of’ pre-Raphaelite port- 
raiture. ai _ 

The same sunt secured “The 
Doctor.” a genre scene by 
Frederick Hardv. and a Jaoanese 
dealer paid £13.000 for “Now is 
the Pilgrim Year Fair Autumn's 



Charge.’’ by John Byara Liston 
Shaw. The same picture sold at 
Sotheby's three years ago for 
£3,000. Colnaghi paid £11,000 for 
“Les Adieux,” a drawing by 
Jacques Joseph TissoL An oil 
painting of the same subject is 
in the City Art Gallery. Bristol. 

After the special sale, other 
Victorian pictures brought in 
£349,040. Alexander paid £13,000 
for a still life of fruit by Edward 
Ladell; a typical pair of farm- 
yard scenes by Edgar' Hunt 
realised £9,000. and another, 
very similar, pair the seme sum. 
Both went to a Belgian collector. 

At Christie’s yesterday, 
Philippe Guy -E. Woog, a Swiss 
collector, paid an exceptional 
£50.000, plus the 10 per cent for 
r Maori wood house post from 
New Zealand, carved as a stand- 
ing male figure, 50 i ins high. 

The post was carved about 1830 
and sent for sale by Mr. J. L. 
Wi/liams. a great grandson of 
Bishop William Williams, one of 
the country's first missionaries. 
It was brought to England by 
Bishop Williams' grandson about 

Tbe sale of tribal art brought 
in £138fi94. A New Guinea wood 
crest carved as a crouching male 
figure realised £9,000. and JEnt- 

The Maori earring (hat sold 
for £50,000 at Christie's.. 

wistlc gave £5,000 for a Benin 
wood cow head' kola nut box 
made about I860. 

Sotheby's sale of English 
pottery and porcelain. brought in 
£110,438, with many prices far 
exceeding forecast. J. Horne. 
tbe Loudon dealer, bonghr 
actively, paying £14,000 for a late 
17th century- slipware charger 
by William Talor; £10.200 for a 
similar dish by Ralph Tuft; and 
£4,000 for- another slipwarc dish, 
probably by Talor. J-~ Raison 
bought an early Worcester coffee 
pot and cover far £5,200. 

THE PRICE Commission yester- 
day strongly criticised tbe road 
haulage Industry for allowing 
unit costs to be higher than 
necessary and called for 
measures to be taken to improve 
companies' efficiency. 

The criticisms were made in 
tbe Commission's sector examina- 
tion of the industry, made at the 
request of Mr. Roy Ha tiers ley. 
Prices Secretary. 

In the report the Commission 
recommends a number of ways 
in which the general efficiency 
of the industry could be im- 
proved and costs contained. It 
argues that if such measures! were 
adopted, wages and other direct 
costs, as well as overhead costs, 
could be held at their present 
level or reduced. 

The Commission's report is 
tbe most critical of the ten 
examinations so far undertaken 
since it was set up in August 
1977. It is in line with the Com- 
mission's declared policy of seek- 
ing improvements In efficiency. 

The report recommends that 
the industry should be kept 
under continuous review to 
ensure that increases in costs 
are not automatically reflected 
in future prices. In the present 
economic climate, and except for 
particular cases where higher 
provision for vehicle replace- 
ment may be called for, the 
Commission says it would expect 
to see only a very modest in- 
crease in charges over the next 
12 months. It argues that these 
should certainly be no more than 
the increase in the inflation rate. 

If charges do rise beyond such 

levels, the Commission believes 
that specific or genera] restric- 
tions on charges or profit margins 
should be applied. The Commis- 
sion makes clear that it will bear 
this in mind when any mad 
haulage company notifies it of a 
pending price rise. 

The report acknowledges, that 
the road haulage industry “ is a 
complex and diverse industry " 
It says it would he “ more 
accurate to describe the industry' 
as made up of a number of dis- 

increases in road haulage charges 
to have been held down below 
the level of increase in costs.” 

The report states that there is 
"no solid evidence to support 
hauliers' claims that the industry 
was suffering from endemic over- 
capacity or from excessive rate- 
cutting as a result of the entry 
into the market of owner- 
operators and owner-drivers in 
recent years.” 

A problem or special concern 
to the industry was inadequate 

David Churchill reports on a Price Commission 
call for the road haulage industry to be kept 
under continuous review. 

tinct but inter-related businesses, 
each of which has its own special 
characteristics, operation con- 
straints and conventions and per- 
formance criteria." 

But even within these different 
business sectors, “ individual 
firms vary widely in size and 
sophistication, types of vehicle, 
types of load, sources of custom 
and also in the level of profit- 
ability,’’ it adds. 

The industry, the Commission 
found, had been going through a 
difficult period, though the effect 
on individual firms had varied. 
Margins were squeezed over the 
period from 1975 to 1977 in most 
sectors and among all sizes of 

“In general, the position has 
been that in many sectors com- 
petition is sufficiently keen, and 
customers sufficiently strong, for 

cash flow to maintain vehicle 
fleets at an efficient level when 
prices of new vehicles were 
rising rapidly. 

The Commission recognised 
that some firms needed to pro- 
vide for the replacement of 
vehicles by increasing charges to 
allow for adequate depreciation. 
But beyond this, the Commission 
believed that improvements in 
efficiency would make it possible 
to absorb the effects of increases 
in costs common to the industry, 
such as fuel and wages. 

The report calls for revision 
of the basis of calculating 
drivers’ pay. - We think that tbe 
method by which pay is widely 
computed contributes to ineffi- 
ciency. In particular, w e have in 
mind the common practice of 
paying overtime, at least partly, 
on the basis of notional hours 

rather than on hours actually 

Labour costs typically 
accounted for 33 to 3S per cent 
of total direct costs and were by 
far the largest single item faced 
by hauliers. It was evident that 
road haulage rates were strongly 
Influenced by pay levels and pay 

The report adds: “ If alteration 
to wage structures is not to be 
infla liunary, it is essential that 
there be corresponding and fully 
adequate improvements in pro- 
ductivity. including the revisions 
of journey scheduling standards, 
and reduction of notional over- 
time to match. 

“ We think that tbe imminent 
introduction of the eight-hour 
driving day under EEC legisla- 
tion provides a good opportunity 
for firms in the industry to re- 
negotiate their remuneration 
package °n this basis." 

The report states that adoption 
of average scheduling speeds, 
which were lower than they 
needed to be. bad led in some 
cases lo journeys consistently 
faking longer to complete than 

might realistically be expected 
in the light of vehicle perform- 
ance and road conditions. 

The Commission believes out- 
dated scheduling standards could 
be brought more into line with 
actual performance now being 
achieved in the industry without 
implying risks in road safety. A 
progressive move should be made 
by firms away from the present 
practice of a single scheduling 
standard towards a framework i 
of standards more closely related 
to expected operating conditions 

Abolition of pension 
earnings rule 
to be postponed 


THE GOVERNMENT has decided 
to postpone* the abolition of the 
much-criticised earnings rule 
under which many old age pen- 
sioners have their pensions cut 
if they continued to work- 

Announcing tfite yesterday. Mr. 
David Ennats. Social Services 
Secretary, said that if the rule 
was abolished now. the cos 1 to 
I Government funds between 
November 1378 and November 
1979 could be as high as £I24m. 

Almost all this additional casta 
would go to provide pensions for 
those of pension age who were 
still in ruli-lime employment. 

Mr. Ennals' decision is based 
on the findings of a report com- 
missioned by his department in 
1977 and published yesterday. 

This states That tbe Govern- 
ment remains committed in the 
long run to ending the earnings 

It adds, however: "This group 
is not one for whom additional 
expenditure can be given priority 
in the present eccnnmic situa- 

Tbe announcement caused 
some surprise coming only two 
days before voting in by -election*; 
tomorrow in the highly marginal 
Labour seat of Berwick and East 
Lothian and the safer one of 
Pontefract and Cnstleford. 

The decision could lose votes 
among pensioners in both areas. 

It is also likely to provoke a 
strong reaction from Labour 
back-benchers when Parliament 
reassembles next week. 

Under the rule, earnings above 
a certain limit reduced the pen- 
sion in the first five years after 
pension age. The present earn- 
ings limit is E40 a week but goes 
up to £45 next month and is 
raised annually in tine with 
earn’ngs levels. 

The report states that the £45 
level limit will give considerable 
srope for retired penpie to take 
up part-time employment with- 
out their pensions being affected. 


It found that there was a 
surprising lark of knowledge 
about how the system worked 
and as a result the Government 
will mount a campaign to make 
pensioners more famib’ar with it. 

"Nevertheless, it appears that 
few of those affected by it are 
discouraged from earning more 
because of it nr would try to 
earn more in its absence,” savs 
ihe report. 

The Department's records show 
that in .Tilly. 1977. only 5.000 
retirement pensioners were 
bavins their pensions reduced 
because of earninss. But four 
times that number thought 
nrstakenlv that the earnings rule 
was reducing their pensions 

for a jack-up drilling rig so that 
900 redundancies could be 
averted at the Clydebank yard of 
Marathon Shipbuilding. 

Mr. Bruce Mtilan, the Scottish 
Secretary of State, told shop 
stewards representing Marathon's 
1,100 workers that he would con- 
sider backing an early order with 
the yard, even if it was partly 

But he has virtually ruled out 
the possibility of placing a 
Government financed speculative 
order without a -prospective 
owner to meet at least part of the 

Last year, the Scottish Office 

B laced, through .the British 
fationa] OH Corporation, a £13m 
speculative order with Marathon 
which was later sold, together 
with a second unit, to' Penrod 
Drilling of the U.S. . 

As well as requesting oil com- 
panies to consider placfng a jack- 
up order with the Clydebank 
yard, the Scottish Office will be 
contacting the British Gas ; Cor- 
poration and the .National Coal 
Board to ask if they .would have 
an early need for' such a unit 
Unless Marathon wins another 
order soon, they' will have to start 
paying off workers from mid- 
December. The last rig On the 
yard's order ' book is due for 
delivery next April. 


The ancient Chinese developed a technique 
for puncturing the body with needles to . 
relieve pain. 

Puncturing the earth under the sea 
with drill bits and lengths of steel pipe can 
bring us relief, even exhilaration at times — 
but more often the result is pain. For each 
North Sea exploration well which has found 
oil or gas in commercial quantities, the oii 

industry has sunk 14 which were ‘dry’. At 
£3-4 million each, this can be pretty painful. 
All these dry holes, as welf as aii other costs, 
have to be paid for — out of the income 
from any successful wells we may find. 

What oil people refer to as a dry hole 
occurs when we drill thousands of feet into 
the subterranean rock formations and find 
no oil or gas worth producing. 

59 0 38'N 




59 0 34'n| 



1*26 E 


BLOCK 9/13 


.0 3QO WOO ' 5000 


This map shows one of our more 
successful hunting grounds: block 9/13 In 
the North Sea, 95 miles southeast of the 
Shetland islands. In 1971, Mobil and three 
partners paid £6.4 million for a government 
licence ‘to search and bore for, and get, 
petroleum’ under these 80 square miles of 
water, all of it nearly 400 feet deep. 

We searched, drilled and found oil in 
1972 with our first well. It was a rare 
success — but only the beginning of our 
gamble with dry holes. 

After drilling the discovery well and a 
second successful well about a mile away, 
we and our partners ordered construction 
of the Beryl A platform, an initial 
investment of £150 million. 

This did not mean, however, that all 
our problems at Beryl were neatly solved. 
Even by slanting production wells we knew 
the platform would not be able to recover 
oil beyond the ‘capture radius’ represented 
by the large circle on the map. 

We found that our subterranean 
reservoir actually extended beyond the 
capture radius. But how far beyond? Trying 
to appraise the whole block has so far 
required more exploration and appraisal 
wells than in any other North Sea block. 
Nine have been dry, like many others Mobil 
has been involved with in offshore waters 
round Britain. 

Altogether in the Beryl block we may 
eventually bring up 600 million or more 
barrels of oil from the existing platform and 
additional facilities now being considered. 
Assuming, that is, that our technical 
evaluations are correct. We're dealing with 
nature, and nature doesn’t make 
guarantees, no matter how much money 
you have invested. After six years, Beryl’s 
behaviour has lost none of its ability to 
surprise us. 

Elsewhere in the North Sea we are 
continuing to seek relief through 
aquapuncture, either on our own, or In 
partnerships formed to share the risks and 
costs of failure as well as the rewards of 
success. So long as we believe that the 
economic advantage of success will exceed 
the costs of failures we shall keep 
punching away. That’s our promise — and 
the business reality. 

Second in a series on ihe challenges of North Sea OIL 



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The difference is informatioa 
Accurate, infonned, up-to-date. Assupplied 
by the Business Information Service of 
the Vandal limes Limited. 

Information thafs on-tap, on 
demand "Wfe provide our subscribers with 
immediate and constant access to one of 
the most comprehensive international 
services ofitskindin the world today. 

AH it takes is a ’phone calL For us to 
come up with a concise biography of the 
Chairman of the US Federal Reserve 
Board Qranin-depthmarketanalysisof 
EEC car buyers. 

At surprisingly moderate cost And 
well worthit Because havingtheright 
facts and figures at your fingertips could 
endup savingyoumillions. 

amved-at business decisions. 

Instead of having little more than 
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will pay you to getin touch. 

You’ll soon see whyyour research 
facilities aremcomplete withoutours. 

* To: Sales Manager; Business I nformstion Servioe; financial Times Limited, 

1 10 Cannon Street London EC4P48Y Telephone: 00.-243 8000 (extension 7086/7). 

S Please send me more details on how the Information Service cari help 

my organisation. 



| Or^nisatior 


' - •- _-L.T ei.-No . \ > - • • -• 


Aserviceprovided theBu$inH^ Ir^ormatkTt ^ FinoscialTu'rK Limitsct, ' 


Financial Times Wednesday October 25 1978 

to market 

Rapid monetary 

growth warning 


By Michael Donne. 

Aerospace Correspondent 

RITlSH AIRWAYS has set up 
1 organisation to market its 
t-pni*c in running airline opera- 
ons. it hopes ‘to cam several 
illirms of pounds a year in 
■reign currency from the 

The aim it to sell (o fureign 
Nines, govern men Is, aviation 
;encies and other organisations 
urld-wide. but especially in the 
iridic East. Africa and other 
arts of the Third World, its 
inwlcdse and management 
qjenise in sin-h activities as 
inrpuier technology, commimi- 
■ linns, catering and all aspects 
fixed-wing and helicopter air- 
aft operating anti servicing. 

The airline is alto ready tn 
■t up “ instant airlines " for 
rrse countries which need them, ! 
id to support other UK organi-! 
tions which are already seeking ■ 
'ialion dei : clopment contracts! 
orhl-wide. for example, in the 1 
•velopment nf airports and:' 
la ted systems. | 

The new management consult-! 
icy unit is being run by Mr. j 
ihn Bull, general manager of: 
isine‘.s development for British : 
irways. '< 

A WARNING that the Govern- 
ment is wrong to be relaxed 
about monetary growth in this 
financial year has come from 
leading City stockbrokers W. 

The brokers argue that the 
narrower monetary aggregates, 
such as notes and coin and .bank 
current accounts, have continued 
} tn growth much ton quickly. 

• Moreover, the underlying growth 
! of sterling M3, the broadly 
‘defined money supply including 
deposit accounts, is likely to 
{start iDcrc-asing again . before 
:many months. * " 

W. Greenwell suggests that the 
! Government is likely to react 
I to such excessive growth. 

1 probably by raising short-term 
| interest rales, because the main 
pressure will be borne in the 
! banking sector. • 

[ In their latest monthly 
monetary bulletin the brokers 
say the recent slower growth of ' 
sterling M3, upon which. Govern- 
ment policy concentrates, has 
been unrepresentative of the 
more rapid expansion of other 
monetary aggregates. 

Money supply on the Ml 
measure, including notes, cbm 
and current accounts, rose at an 
annual rale of 19 per cent in the 
first five months of the 'financial 
year, while aicrling M3 rose by 
only 6 per coni. 

The bulletin discusses whether 
the likely acceleration of sterling 
M3 will have a similar impact on 

■ inflation — pushing It back up 
I into the 15 to 20 per cent range. 
5 It suggests -That the answer will 
1 depend oa whether the Govern- 

■ meal, like the Heath Administra- 
tion. were to follow a fully- 

' accommodating policy of permit- 

■ ms excessive monetary growth. 

“IF the Government takes what- 
ever action is needed to constrain 
the growth of sterling M3, after 
allowing for distortions caused 
by ihe corset, below the upper 
limit of its target range, inflation 
would rise by much less — it 
would probably just reach double 

'■ There -is sufficient' evidence 
to be confident that the authori- 
ties will react after they con-: 
Mder monetary growth to be 
excessive. The crucial question 
is whether this action will be 
sufficient with regard tn both 
speed and degree. Precedents 
suggest that it is unwise to rely 
on monetary policy alone. 
Monetary pnlicy needs the sup- 
port of fiscal policy.” 

The brnkers suggest that the 
momentum nf the build up in 
real economy activity is con- 
tinuing. and so credit demands 
will probably rise, boosting the 
growth of Sterling M3. If this 
happens, the authorities are 
likely in rely initially on Ihe 
corset which can be tightened 
without an announcement. Over- 
all. the main pressure will be 
borne in the banking sector and 
by short-term interest rates, but 
it is likely to filter through to 
lunger term interest rates. 





Financial Times Reporter 

AUDIT reports on small com- 
panies should be qualified where 
Lherc is no evidence of 'internal 
control other than that provided 
by the proprietors, suggests the 
accountancy profession. 

The proposal, drawn lip by the 
Auditing Practices G&nimitice. is 
contained in a supplement to -the 
Discussion Drafts of Auditing 
Sryndards and Guidelines, pub- 
lished in May. It Is open for dis- 1 
ou.=sion until January 31. 

The committee points out flint. | 
in many small businesses, the 
most effective form of Internal 
control is the close involvement 
of the managers, who may also 
be the proprietors. 

Where the auditor considers 
(hat, because of this, he has jn- 
i sufficient independent evidence 
an which to base a qualified 
opinion, the committee proposes 
he should describe the situation. 

He should slate Lb ait his opinion 
is “subject to'' the fact that he 
has “had to rely on representa- 
tions from the directors where 
alternative confirmation or trans- 
actions was not available.” 

£310.425 will 

MR. PHILIP YORKE. who gave 
his 17th century family home at 
Erddig, Wrexham, to the National 
Trust. left £310,425 gross 
(£300.554 net) in his will pub- 
lished yesterday. He died in 
July aged 73. 


Troubled waters over bridge 

TWELVE YEARS after Mrs. 
Barbara Castle promised Hull a 
bridge over the River Humber 
the problem created by that 
bridge is' back in itac lap of a 
Labour Transport Secretary 
Mr. William Rodgers ‘ has 
entered the fray by suggesting 
that the parties involved in the 
latest row should sir round a 
table with him and put the facts 
as they see them. It is not clear 
what powers Mr. Rodgers 
possesses to resolve the 

This is what the minister can 
expect to hear from the Four 
groups he has invited to the 

• British Bridge Builders, the 
consortium involving British 

- Steel. Clarke-Chapman and 
Cleveland Bridge and Engin- 
eering (part uf Trafalgar 
House) will say: "We took the 
bridge superstructure contract 
on a cost-relmbursible basis 
The Humber Bridge Authority 
has been refusing tn meet our 
full costs in recent months, sn 
that it now owes us almost 
£lm. This is a breach of 

• The Humber Bridge Authority 
will say that BBB's work on 
the site is about six months 
behind schedule because of 
poor productivity, up to 60 per 
cent below specified levels. 

9 Freeman Fox and Partners, 
the authority’s consultant 
engineer, will support this view 
of productivity and explain 
that it cannot authorise pay- 
ments for work not completed 
in accordance with specified 


• The Amalgamated Union of 
Engineering Workers (con- 
struction section) will say it is 
disturbed by the terms recently 
imposed upon the bridge's 300 
cable-spinners, which mean a 
one-tbird cut in weekly pay 
iii any period when the Free- 
man Fox targets are not met 
It is even more disturbed by 
suggestions made to local shop 
stewards that if the fight over 
the film is not speedily re- 
solved BBB will refuse to pay- 
wages and brine work to a halt. 
These essential facis in the 
case arc clouded slightly by the 
motivations of the parties. 

British Bridge Builders wants 
its money and wants tn rumple) e 
the contract with as little future 
criticism as possible. To some 
extent its reputation in bidding 
for big foreign contracts is at 

The position is complicated by 
differences within the con- 

sortium. The two members with 
shareholder responsibilities are 
worried about the £lm. which is 
certain to grow as productivity 
falls during winter conditions 
British Bridge Builders is carnia- 
lised at only £300. so its current 
losses on the contract are having 
to be met frnm the consortium 
members' individual it-sources. 
Trafalgar House and Clarke 
Chapman do not like this. 

The Humber Bridge Authority 
has its ov.-n iniernal problems. 
The contiolling Labour group 
has been scriouriv embarrassed 
by lhc sniping or Conservative 
members who see bad industrial 
productivity in a scheme 
hatched. nuny feel over- 
ambit iruisly. by a Labour Minis- 
ter as grist to the political mill. 

The authority is anxious to 
sec the bridge opened as soon 
as possible. Most members 
believe it v.lll be good for 
regional development- Delays 

mean higher costs, ultimately 
higher tolls, and magnify the 
task of repaying Government 
the £67ni the bridge is already 
estimated to be costing. In 
total, the project is more than 
two years behind schedule. 

Mr. Rodgers has more than 
one problem. Apart from help- 
ing to resolve the latest dispute, 
he has to answer the Public 
Accounts Committee which in 
August published a scathing 
attack on the project, pointing 
out that it had been hased on 
“ substantially inaccurate" traf- 
fic projections. 

Will British Bridge Builders 
pull nul of ihe ton I r net. a-; they 
have warned the authority they 
will if payments continue to be 

There i- no drill hi rhat this and 
other wanrngs. sm.h as that 
given lo shop stewards, were 
designed lo force the authority 
to chance its position. Now this 
nieihod has failed, and with the 
prnspect of losses mounting 
during the winter, the cancella- 
tion option will look more 
rather than less attractive. Yet 
cancellation would be an almost 
unprecedented step in a prestige 
contract of this kind. 

There was a time when con- 
struction of the world's longest 
single-span bridge would have 
been the source of patriotic 
pride. For the actors in the 
present drama the main con- 
sideration is to expedile with as 
little publicity as possible a pro- 
ject for which ihere is ever- 
decreasing affection. 

Jobless figures fall 

HE NUMBER of adults out of 
ark fell in all regions, except 
:e East Midlands and Scotland, 
the month to mid-Uctober. 
The biggest monthly fair In 
e seasonally adjusted figures 
is in the South-East and York- 
ire and Humberside, where the 
salute number out of work 
II 25 per cent The fall In 
jrthern Ireland was 2.4 per 
or. The monthly increase in 
otiand was 05 per cent, and 
the East Midlands the 
mber of jobless was up 100. 
in the past year the seasonally- 
justed unemployed total fell in 
regions except the North, 

where there was a.: 2.5 per cenl 
rise in the absolute number oui 
of work. Lrv' Northern Ireland 
Ihere was a 5.S per cent increase: 
and in Wales a 0.5 per cent 

• The biggest fall over the pasi 
year was in the South-East, 
where the absolute number out 
of work fell 11.6 per cent. There 
was a 10.9 per cent drop in the 
South-West, 10.8 per cent in 
East Anglia, 5.6 per cent in the, 
West Midlands. 3.7 per ceat in] 
Scotland. 3.3 per cent in the 
East Midlands, 2.9 per cent in 
the North-West and 1.4 per cent 
in Yorkshire and Humberside. 

World trade 6 on threshold 
3f sustained recovery’ 


QRLD TRADE is on the 
reshnJd of sustained recovery, 
rording to City stockbrokers 
illips and Drew, 
however, the recovery could be 
reatened if there is nn success- 
I outcome to the multilateral 
ide negotiations due to be 
mpleted by mid-December. 

'If tbe major participants in 
?se negotiations (U.S , Japan 
d EEC fail lo reach agreement 
tariff reductions and other 
.‘zsures intended to liberalise 
ide, then renewed protectionist 
zasures may well halt the 
atative pick-up in world trade 
at has just begun." 

The company points out that 
•rid trade grew at an annual 

rate of more than 10 per cent 
between the first and second 
quarters of this year, after 
months of Stagnation- 

While one quarter's figures do 
not confirm a world trade up- 
turn, there were grounds for 
optimism in the acceleration in 
output among the bigger trading 
nations, particularly in Europe. 

The firm argues that trade- 
weighted industrial - production 
explains movements., in world 
trade better - than output- 
weighted production, and based 
un this relationship, • predicts 
that world trade will grow by 
between 6 and 7 per cent next 
year, and by a similar amount in 
the first half of 1980- 

Fibres training board 
predicts more job cuts 


FURTHER drop of between 
and S per cent in employment 
man-made fibres by 1981 is 
recast by the industry's train- 
g Board in its latest annual 

The total labour force within 
e industry, which has been 
verely affected by the recession 
V textiles, fell from 40,365 last 
ar to 36,608 at the beginning 
this year, a drop -of more than 
per cent. But according to the 
• iard this new level is unlikely 
be sustained even though some 
owth in output will take place. 
The view among companies, it 
. -tes. is that at least until 1981 
oductivity improvements will 
. < accompanied by further man- 
. wer reductions, and it warns 
at Further plant closures can- 
't be ruled out 

In tbe past year two plants 
.ve been closed bringing the 
tal number of units within the 
ctor down to 40. 

The industry’s current djfficul- 
es are blamed on worldwide 
er-production. with new plant 
ming on stream in a number 
countries within Europe and 
: sewhere, and on weak home 
arket conditions. 

The size of the fall in produc- 
tion in the last quarter of 1977 
was greater than had been fore- 
seen. leaving the industry operat- 
ing at only 60-70 per cent capa- 
city over the year as a whole. 

Some improvement took, place 
in the first half of this year, how- 
ever, and following the reduc- 
tions in employment over recent 
years the Industry was now pro- 
ducing the same quantity of 
fibre as in 1972 with 22 per cent 
fewer employees. 

The report also notes that the 
industry's prospects could im- 
prove if an agreement reached 
earlier this year on the regula- 
tion and redistribution of fibre 
capacity is implemented. 

This agreement ran into diffi- 
culties this summer with the 
European Commission, aod fur- 
ther studies of problems within 
the sector have now been largely 
completed. The Commission is 
due to discuss the proposed 
arrangement for regulating capa- 
city in two weeks time. 

Man-Made Fibres 1TB. Bepart 
for the gear ended . March 31, 
1978. Caameood House, 63, High 
Street, Ricbrwn&corth, WD3 

meant little to 
continental Europe. 

In 1978 ICLs business in continental Eurq 

will be vrorth over £130 million. 

There was a time when Europe looked 
as though it wouldhave to depend 
totally for its computers on technology 
controlled and directed from outside 
Europe. Now, happily, Europe has its own 
strong computer supplier in ICL, alone 
offering a full range of computers from 
inexpensive point-of-sale terminals to 
processors as powerful as any in the 
world ICL’s business in continental 
Europe, managed from headquarters in 
Pans, has grown since 1968 at the rate of 
30% a year. We are confident that ICL’s 
continental business during the next five 
years will outstrip our business in the UK. 

In the world as a whole we operate in 
86 countries. Over 5096 of our production 
goesforexport Within5years we expect 
the propdrtionto have grown to two thirds 
of our output, making an even greater 

contribution to Britain's balance of trade. 

Ten years ago,ICL was scarcely 
known outside the UnitedKingdom. 
Today it is recognised as a significant 
force in world is an 
achievement we can all be proud of. 



international Computers 

Profitable growth is our business. 






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Emanciai Tiines 



soon repay 
$lbn to IMF 


t may! Approval for 18 more BuiIdi ?g 

local radio stations 

again ^ 


THE GOVERNMENT has At present, the BBC runs 20 . The IBA still aims at the 60 
approved the opening of IS new local stations, and there are 19 independent local stations pro-; 
radio stations, divided equally independents- in IS cities posed in the early 1960s by Mr.« 
between the BBC and the inde- (London has two). The IBA Christopher Chataway, then Tory ' 

By /John ' Brennan, 
Property Correspondent 

THE GOVERNMENT seems Mr. Denis Healey 
ready to repay a further SI bn in his April Buds 
of its International Monetary sion has not 
Fund debt. merited — partly fOT 


Slbn earlier 
that durin 

have repaid — ncn - , . . , 

maturity dates— about half the The further $1 bn is. likely to.: The two new local .commercial ^ ... .. , _ « rs D i an fora Radio Scotland, to 

from b rhp l °Fi?nfi 0nSlQalli drawn .IT*”* th? end of l^fi^od i ioVe°?n’ Cardiff could then begin new" stations' going he opened next month on a new I nationally' .'have increased by- 7] 

“T ATS certain whether SS AjM? Hi! KS - *-»■ JXM3K 

the repayment will be made in was not from the Funds nwn ' Otter Independent stations would Community *“,? lhcHlch^L\bertSn 

time for the October reserves resources but. indirectly, from I be introduced in stages. — u “ r y?. the Highlands. ^Aberdeen., figures .support Monday s . report 

figures, or will come in next the major industrial countries. _ 

month. But an earlier move notably the U.S.. West Germany I director of BBC radio, will give be held, a public meeting will be land" is expected to pose" attic* “wTiulv 1 

looks more likely in view of and Japan. Consequently, the! further details today. However, called to decide who gets the threat to th« two hi" commercial 1 reeaverv in- huiidinv -irtSire- ' 
other influences on the reserves debt will effectively be repaid! the BBC said that the news contract. The BBC may also stations in' Scotland. Radios! , „ ^ ^ V- • 

this month, in particular the directly to them. j emphasised the need to increase hold public meetings to discuss Forth and Civdc which have-. ^ r - Re & Williams, the. -pipr- 

receipt of the remaining S350m The rest of the UK's debts to \ the broadcasting licence fee to its new services.-. been taking listeners From the 'chants’ federation director:, says:- 

on the Electricity council's the Fund mature Between now: £30 for the next three years. The report says that available existing BBC services: Radios tj“Tbe- earlier variances in the 
syndicated bank loan. This and early 15*83. Yesterday's announcement in frequencies should be used o and 4- '-..regional mo'nthly figures seem 

would offset the impact of the Apart from the S2bn prepay - \ a written Commons reply from efficiently to being local radio \ n approximate national com- Hess pronounced this months., 
repayment on the published ment to the Fund, the UK has I Mr. Merlin Rees. Horae Secre- to most of the country, and that parison of the coverage of BBCj Even so a-12-montb comoari- 

also repaid this year before tbeltaiy, said that the BBC would account should be taken of com- and IBA local radios was given.-cnn of <nie« shows a 44 n «- mwi 

rl.tcc nlmncl -mnlhoi- «l -Ihn mnlrnl cMlinnc in R«rnw.i«. m.rniiv intnr^ in .1 ,Via rr nff.. * „ 5aH3 SUUWi d peT.OTL 

oeen worRing- on piaqs lor eo e ,, P - . .... . . 

| The’ IBA said' 'that If’the Home than the BBC stations throughout the country OF tauMjAB ■“ggg 

The Home Secretary gave his end the corporation says it wants; EK tot 

| sales survey, published yesterday 
by the Builders Merchants 1 
! Federation. 

Suiidmg material sales 
atiorrally bave increased by- 7 
er cent in the 12 months since 
ugust 1977. But the federation's 

>p introduced in staaes T .' . . . , serve tnc Hiaoianas. Aoeroeen, figures support Monday's report 

>e mtroduced in stages. In ^,.3^3 m which an in- in(i the Orkneys and' Shcilands. I from' the National Federatiotrof 

riependcnt^di 0 franchise is to However, the BBC’s Radio Sent-* Building .Trades Employers,- 

BNOC chief expi 
few changes 


pnnsprvative Government is • The exhibition. pfgan 
A uToWto make great changes for a total attendance 
"“ft?, role of“e ■■BrifilWMO. Nearly J . 100; 


said papers are being pre 
a four-day ' conference 
junction, with the exbJ 

National OH .of a fdupday ; conference 

Barrow-in- munity interest in planning the j n the Home Office report It!i, 



In addition, there is likely to due dates almost another S1.5bn.j control stations 
have been a strong underlying and debt totalling nearly Slbn| Furness, 
inflow Into the reserves as the has matured. But the 
Bank of England has periodic- debt repayment lias been 
ally taken in foreign exchange ally offset hy new borrowin 

as a result of intervening to about Sl.Sbn". 

support the dollar. The extent This new debt generally has j Coventry, Gloucester and Peter- The expansion of local broad- per cent of the whole UK oopuia-i year, giving . a ' year’s average 
of the support is not yet clear, maturity dates in the late 19S0sJ borough, with possible joint sla- casting follows a four-year stand- tion. j increase in sales of 1LS per cenL 

The official reserves stood at Overseas debt repayment hurapl lions for Aberdeen and Inver- still during which the BBC and According to the White Faper The other main growth area 

S16.5bn at the end of September, between 1979-64 has been ness: Chelmsford and Southend: IBA outlined their plans to the on broadcasting. Ioc3l radio has : W8S ^ south-west and South 

The intention to repay ihe reduced so far this year by about I Dundee and Perth; and Exeter Annan Committee and the Gov- so far reached a boo* 70 per cent Wales with a vear-on-v»»«r sales 

i and Torbay. eminent issued its White Paper, of the UK population. increase of 111 per cent Gam- 

' . ' parative growth rates are shown 

... as IB per cent for Scotland and 

3 2 per cent for the North-easL 

further Slbn was announced by a fifth to S16bn. 

New range of Mazda 
cars to be sold in UK 



TOYO KOGYO. Japan’s third quarters in Hiroshima. Japan, 
largest carmaker, is to market a They are expected to go on sale 
new range of cars under The * n ® r ’ ,;| to m the end of March- 
Mazda badge. The company hopes r the JlSri 

they will challenge the Ford JJJjE, S °000 Son and a -’000 ! DISHONEST dealers who turn 
Cortina and VonxMl C.v,M«r S'u'SU ovjAtSSlI* ^ “ r m,l “ 2e 

S5IIS£.2S LK !te "JET «"> •* co m pa„,-s|?K»io,» , « sr . Mr . 

i Gordon Borrie. director-general 

Dishonest car dealers net 
£10m from clock frauds 

British Rail to 
borrow £36.9m 

Vauxhall CavaMor iomntiulni frauds STSi 

medium-sized car market. UK sales 

The new three-mode! Montrose The cars have four-cylinder! ^Fair "Traffinc"' 
range was announced simultane- engines with chain driven over-i nLhr Tradins - C,SUBI “ 
ously by the company from the head camshafts and will eomnlp. I” \ . ... 

International Motor Show, near ment the company's existing 1 rtQn^ and iLOoi?iiS d fh* U nriJ?!!?I 
Birmmghant, and from its head- Hatchback ran"e n ^j£100 and £L000 on the price of a 

“ used car. he claimed. 

In the past three years prose- 
cutions for clock or odometer 
frauds trehled to 470. but an 
Office of Fair Trading survey 
this year shows that this isunly 
the tip of the iceberg. 

Speaking at the annual dinner 
of the Motor Agents’ Assoication. 
he said: 

“There is wholesale clocking 
—turning back the milqage read-, 
tog. s 

operating at more than 5 per through the" forced reduction" "of I “Manufacturers and dealers 
below planned service levels sere ice levels. ' will know that list year more 

London bus services 5% 
less than planned 


LONDON TRANSPORT'S buses financial gains have come 

are i * - — - - - - 

cent ^ 

because of' problems with staff Meanwhile London Transnnrt ? * a,f of 3,1 n ew 'cars were 
recruitment, vehicle mainten- j, as responded to the GLC"s 1 so,d for company and fleet hire 

SffllASM s w,lD Ush rMd - 

these. 9m relate to driver duCt r P f nd ' 

shortages and mechanical ! ng endangered the future 
problems. b - v /educin* 

By the end of the year. Lon- an “ 


By Our Transport Correspondent 
BRITISH RAIL will : borrow 
£36 from the European In- 
vestment Bank to finance . the 
construction of 33 high-speed 
u c _ f „ . X* r diesel trains for the East Coast 
the Society of Motor Manufac- ma j a [j ne 
turers and' Traders, said the: ..... : ■ , 

industry was still a growth . area. , . bank- which is the long.-; 

and added that signs of improved ' 5j* I J5® rf i n 2l?fS^ n i ^L, the 
managament/iabour relations IniS®'* to«de similar loans ra 
British Leyiand were to be wel-i lI,e pa51 ' 
corned. In reply Mr. J. W. D.i it said its aim was to promote 
Campbell, president of the Motor, regional development through. 
Agents’. Association, said he was'. better communications add to 
encouraged by signs of recogni- encourage railways on energy 
tion within Government and the ' conservation and transport 
industry of the “vital need for -policy- grounds. 
this country to re-establish the! The loan has been granted a! 
strength of j»s motor industry." • 9.9 per cent for a period of 15 


Mr. Gordon ..Borrie — “whole- 
sale turning back of mileage 

An association official said 


On October 5 we. published tfaei 
National Enterprise Board's port- 
folio which showed -Hird-Brown 
as beti^bwaed^ HKF per cent by 
the. NEK.' lit fact owns 
100 .per cent of the cumulative 
redeemable preference shares, 
and W. Canning holds all the 
equity capital. 


Scots fair open 

Lord Kearion 

; E H° C ’low‘ e the y >°reign -Press " Otte of the papers 
Aisorbnori that despite threats to the. conference sale 
to the contrary by -various 
Conservative Party spokesmen 
on energy: " My own fedltog is 
that there would not be muen 
change. The oil compames-them- 
selves and certainly the Xivil 
Service would be quite sorry to. 
see BNOC disappear." 

.. . The Corporation expected' to. 
have a number of oilfields-'iR 
operation in the next few years;: 
for which it would be both 
operator and developer. - : 

, - Referring to Government. plans 
tar in crease the rate of - Petro teum 
Revenue Tax. Lord Kearton .said 
the arrangements j were still, 
under discussion and could well 
be subiect to some modification. 

Mr John Greenborough. presi- 
dent ’ of the Confederation of 
British Industry and non-execu- 
tive depuiv chairman of Shell 
UK. made ’a plea last night for 
a stable North Sea tax regime. 

- Addressing the dinner -of- the 
European Offshore Petioleum 
Conference and Exhibition, he 
said: "It is obvious that for 
future offshore development to 
be as productive as possible; w-c 
must strive io reduce uncertainty security system bad bee 
to a minimum." fbr offshore installati 

The development of the UK' could guarantee. p 
sector of the North Sea- alone, against guerrilla \ att 
bad cost about £9bn to date, hostile actions by iiidivi 
Growing uncertainty affectihg But- according to i 
future investments might ultis- Smart of Royal Dutch-S 
matelv mean less oil production. Mr. Philip Hodgson o! 

The' Europec exhibition, which Petroleum, the degree < 
opened in London yesterday, is tion available Tor offst 
the largest show of offshore oil forms is greater than 
exploration and production equip- key Government, indinp 
ment in Europe this year. -commercial targets ash* 

Sanctions report will b 
part of Rhodesia debal 


Threats discount 

TO THE SURPRISE of MPs, the BP and Shell, and acc 
Commons is to debate the con- of coitus ton- ..against 

troversial findings of the politicians and senior c 
Bingham Report on sanctions- vants. a two-dayr /debt 
breaking as part of a two-day promised specifically, 
debate on Rhodesia during con- Bingham findings... 
sideration of the Queen's Speech. There will how be acc 

The move, which represents Mvepfu^^thi^rt 

?” f\jvp rn mSf e wiM 1 1,01110 Governmeht- ; 

Opposition leaaiws^hroi 

r fl ?h^ S5SS!??2? .ft asreed changein. tattle • 

_ causp of the danger that thp ** will t^rlaiiriv bg nine 

THE EIGHTH annual Highlanjl | impact of th* am findings difficult ‘^ r 
Trade ^Fair opened in Aviemore wjn - be diluted by general ms- \he ^Cdsemaieht 

yesterday.* It has ISO exhibitors cuselon of current events and 0 7t^S i 

and the Highlands and Islands prospects in Rhodesia. which will beir^N6s!em 

Development Board. vpfiilch Following , grave disquiet than it. wouldb^after the 
organises the . fair, expect&rkbout among MPs at the Bingham alle- of the Queen’s Sjptach hi 
2E00 buyers. ^ gations of sanctions-breaking by successfully ciear^. '-/ 


A survev launched io February that- beyond the normal vetting 
J by Trading Standards officers, in procedure for members it was 
S maintenance of i co-operation with the original difficult to expose a dishonest 
training of skilled [ buyers of new cars, has been dealer -unless court action had 
i checking the mileage of vehicles already been taken. • 

Once he is a member and-dis- 

Scheme ‘raised .pit; ^ productive® 


CLAIMS THAT the coal in- National Coal Board’s incentive 

Objectors said that, increased tioiis at the Indtt 
dust would spoil restriction on hdttrs-df- w 

don Transport still expects to be „ . 

short of 500 drivers, in spite nr Dr. Gordon Taylor, chairman I when thev are sold to the used- Once he is a member and.«~- j...,-..-,. n it torenrivp hart ^ ' r— •** 

a partially successful recruits of the council's transport com- 'ear trade.' ' covered to be unscrupulous “ we dustryj pi tjneenttye scheme had scheme appears to have overcome noise and 

ment drive earlier this year. mirtee. denied that the £ISm! Checks «vith eventual ,alfn * rri '’* »> 

The report forecasts an overall savings would involve cutting! chasers have shown that 

deficit of £2.6m for 1978. which maintenance or training. The i vehicles 874 had been "clocked," h* , liampnrarv TJndpr-«ii»rn»rer« rrn- -pu» • . . _ 

will be covered hy a transfer cash could be saved by the in-] Mr. Borrie said. would suggest that any prospec- * otar ^ Under-secretary ..for Th e main reason for the Mr. Eadie ...has therefore coking coal, and.the.reu 

from London TranspurL's general troduction of more modern r A motorist this year sold a ,ive b . uyer wenr t0 a Motor ,^l sy v l df . • • p in productivity is that decided to impose certain suitable for blending- for 

reserve. This is £6.4m better systems, automatic fare colleo 197^ Escor 1100 to rL motor Agents’ Association member.^ Par- there are 5.600 feirer miners and planning conditions on opera- station use. --. r 6 

than the transport executive had tion. ticket standardisation and fade foTfSOO with VoSomiln Mr. Borrie told association , ViS* n 52 tr iJU“ u ®“ ** hr “* j P»tsth ls year than . ; v - ' 

*-■ ■>« » r **« ■»« ~ SSSTo X ^dvantsze ^aS?,»2? C w^Tth^ li I x -X- - ' V 

the “ciock * l!h " S0M milBS 0n valu * bte point 8 -by Snot v '. 4s Il fl ' S ^ fina «jcial year are slightly down JVlA S K6Dt WSltlflff • C 

Uhe clock advertising wldelv enough their higher, and overall productivity on the same period last year. T T 

cause enforcement nffirer^ 1 had association membership and Seir per cent higher, to the first ^The National Coal Board says gy JOHN HUNT — - 

cause enforcement officers had s ^ pport f 0r .j, e i a dustrv’s -Code ^ weeks of the current financial 50. <m tonnes have been produced ■ ' ' • • 

”" C€T l™ d °*nc lu d i n e° W Sur re v* of Practice. ' ) . thaD 5n same P® riod last to the period this year while last THE HOUSE OF LORDS came in the Lord Chancellor to re 

1 ?n the last three months face year ^ fi S ure Was 5l1 ™ tonnes, for criticism yesterday for keep- Queen’s commission pror 

• nrniliinHirih] mat IAS nar font i.n A U, V.JI. ..iJ -u_ l , _ : Itlg MPS- Waiting to the Chamber Ule SeSSlOH." 

£Im boost to micro schemes 


I Croydon, Greater Manchester and 
FINANCIAL ASSISTANCE Bob Cryer. Under-Secretary fori Bristol, the' national average 
worth about £lm has been Industry, said the total value of would be somewhat lower .than 
approved for ten schemes under the project was in the region j the 50 per cent shown in the 
the new Government programme of £3ni. survey. 

to encourage British companies Consideration was now being J He said he was confident 

to enter the micro-processing given to 80 formal applications-: members would ensure that dis- tau« iuj wrious compiaixr or me mu improvement oecause follows' strong 
fiel . d - .. . under the three-month-old ( honest dealers were not per- inconvenience than. those dealing last year tit* trend was down- environmental 

Announcing this in a written scheme known as micro-proees- i mitted to join, or retain mem- with non-members. I ward, and 

Commons answer last night Mr. sor applications project. ■ befship of. their association. • • Sir Barrie Heath, president of revereed 

protests on 
grounds from 

p„ , n , Hul Mr. George Thoms 

r o S . sa . f lhe spf?akpr - rejected the. tde 

^ n ?y People in the area, which Jed to, benches waiting for Black Rod to told him 
• ” r - Eadf e »» d - “The a public inquiry In May. summon them to the Lords” fo? week r 

The Queen’s opening of Liverpool Cathedral 


formally opens Liverpool 
Cathedral today she will 
be setting the seal on a project 
which spans five reigns and 
almost 100 years. 

Queen Victoria herself still 
had some 16 years left on the 
Ihrone when the firM Act of 
Parliament authorising the 
Cathedral's construction was 
passed in 18S5. But it fell 
to her son. Edward VII. to lay 
the foundation stone in HUH 
after a young architect — Giles 
Gilbert Scott, then aged 22— 
had won the cum petition lor 
the design. The first major 
section— the Lady Chapel — was 
completed in 1910 and in 1924. 
in the presence nf George V. 
tlip partial ly-contpieled cathe- 
dral was consecrated. 

A visit by George VI in 1940. 
after air raids severely 
damaged parts nf the building 
in the darkest days nf the war. 
provided the encouragement 
needed to carry on with the 
still mammoth task. Nuw'. 38 
years later, the last portions 
the building to be erected— the 
third bay of the nave and Ihc 
great west front— are passing 
from the builders In the dean 
add chapter. 

Their inheritance is one of 
the largest churches in 
Christendom, the only cathedral 
to be built in the Anglican 
church's northern province 
since fhs Reformation, and 
certainly the last in the gothic 
stvle ever likely to he built. 
Since construction was started 

An epic in the gothic style 

it is estimated to have cost at 
least £5.5ru. most nf the cost 
being Incurred since World War 
II. Upkeep of the building, 
which ranks Sir John Betjeman 
aud Lord Clark among its 
admirers, is furthermore likely 
in be a permanent headache for 
the Church uf England 

The large scalp of the build- 
ing an.-es out of the prosperous 
period in Liverpool's fortunes 
during which n was conceived. 

Liverpool'? growth ns a city 
had led in 1SB0 to its separa- 
tion front the ancient diocese 
nf Chester and the need in 
create a suitable new rathedral. 
Determined l hat only l he best 
would do. the new diocese el lose 
a splendid site — St. James’ 
Mount, a rocky outcrop nn high 
ground a mile south of the city 

Since building began, the 
work of translating Scntt’s 
ideas, and the city’s ambitions, 
has fallen on a lay committee 
comprising prominent local 
individuals which during its 
history has had to contend 
with almost every conceivable 
problem from strikes and theft 
tn war, inflation and drastic 
changes in the architectural 
plans. The architect, who was 
also responsible for the post- 
war rebuilding of :.he House of 
Commons, had won the original 

.competition with a design in- 
corporating a single transept 
with twin towers. In 1910 the 
then building committee was 
asked to agree instead to the 
pre&ent design, which has a 
great central tower wnh tran- 
septs lu east and west and a 
nave in the west . to balance the 
choir in the east. 

Tho building commit fee — set 
up originally because it was felt 
clergymen lacked the expertise 
to handle a project nf this sire 
— ha* from the slart also been 
responsible for raising funds 
and for coping with the problem 
of 1UU years nf inflation. The 
fir\f estimate for the entire 
building was £35Q.UU0. but 
immediately after tfie ]93SMn 
war ihe first bay in the nave 
cost as much. Thu second bay 
consumed £700,000 and the 
final bay, including the front, ts 
expected to cost well aver flm. 

Yet the project has never run 
into debt, though building has 
sometimes been slowed down to 
allow time for funds to come in. 
The committee has also very 
largely eschewed the use of pro- 
fessional fund-raisers, prefer- 
ring to rely on a system of 
special appeals every 10 years' 
or so to back up the continuous 
appeal to visitors and others for 

The project has been so large, 
however, that the contribution 

which the man m - the ; street 
could make from his pocket has 
been small. A big part of the 
funds has come from major 
donations from wealthy indivi- 
duals. The central lower — the 
Vestey tower — was paid for 
between the wars by a donation 
of £3oO.(J(Jt> front the. Vestey 
family. The committee was 
obliged lo co hack tn the same 
source fnr further help more 

In 1967. ihu cnnimtUec 
decided in modify the west 
front plan* nf Scntt. who by this 
time had been succeeded by one 
of his mi leagues, Mr. - Fred 
Thomas. Instead nf the elabor- 
ate poric cur here which was 
added by Scntt to his original 
design in 1942. and which was 
likely to c«st m the 1970's a 
further £lm. ihe committee 
chose a simpler design incor- 
porating, like ihe east front. 3 
high arch enclosing a great 


It is this which has now been 
all but_ completed, though again 
nut without delays. The poor 
weather and in particular" the 
high winds of the past two years 
have curtailed outside work 
high up on the front more than 
130 feet a hove ground. The 
cathedral, which has in recent 
years offered the only facilities 
i nthe North for training stone 

masons, has also .seen some 
drifting away of its labour force 
as the date of completion ap- 
proaches. Total employment on 
the site has .been around 60 of 
which half are skilled masons 
and other craftsmen. There have 
, also been geological problems at 
the cathedral’s own stone 
quarry at Wouiton, its main 
source of supply. 

These problems are now 
largely behind the committee 
f though a small part of the 
cathedral, the arch supporting 
the west front doors, will 
remain to be finished after 

When the site was first 
chosen it stood in the middle 
of elegant Georgian and early 
Victorian terraces. But very' 
lilile of the area retains 
its Former splendour. The view- 
downhill from the cathedral is 
now one of classic Inner city 
dereliction — a mixture of 
cleared land, tumbledown old 
property and uninspired new. 

Not surprisingly, the Dean of 
Liverpool, the Very Rev 
Edward Patej-. believes the 
cathedrals size and its location 
can be turned to advantage. 

Its tremendous size gives it 
great flexibility and makes it 
much easier than would be the 
case with a modern building to 
use the church, as in the Middle 

— . - v - ■ . Atoi* Dari 

his worship in more'-lntunate pean 

surroundings. . ;; * “ggg lL i nsWe 

For this reason the cathedral • eoral 

Ages, as a centre where 
numerous different activities 
can taka place simul- 
taueously-’ 1 

The cathedral's work in the 
neighbourhood is not expected 
to duplicate that of the parish 
churches. Us size, according -to 
the dean, has a role to play in 
cutting man down to size and 
producing a " suitably awe- 
inspiring effect. But just 
because of this it is felt that 
the -average Anglican wor- 
shipper will prefer to continue 

au&orities have not developed . „ * 

the .anciffsjy activities normally 1 m ^ A* aot me ant, 

associated with a parish such ^clergy; 

as Sunday schools ■ or /Mothers*^ .io,.? 1! , tiie , nei Shl 

Union. Tfie main, use of the SS ™?I e ?l rt i has I al ? ea ^ y 

cathedral is ; fnr important I* * ? 

diocesan occasions, and. par- 

ticuiarly during the week.-for; ^^" 8 ^ 

the many civic and-, county ^ v« wn, vd 

“ area “ problems.^* acc ? mo 

The cathedral's largely^ ; _ _ Rhys. JDNS 

‘•--T' v 


iM M 

Financial Times Wednesday October 25 I97S 



f f ' 


'■* \ ^ 

Ctfril , 
v-i%* • 

: 0il 

- ; . r V *" T* > 

■•■;:'• i CMM-sV 

l ■ • • '■ 

4 1.1 

25&3J October 25th 1978, 
Her Majesty Queen Elizabeth II 
is in Liverpool to attend a 
Service of Thanksgiving and 
Dedication at the last and 
greatest’ of the Gothic Anglican 


• .’.*ivi{u :■ . 


• The awe inspiring 
magnificence of the Cathedral, 
which has taken over 70 years to 
complete, is a tribute to the vision 
and determination of the people 
of Merseyside. 

At the turn of the century when the foundations of the Cathedral werebeing 
ZA laid, Liverpool was the UK’s largest export port and by far our largest 
X A Atlantic trading port. 

Tbday— over 70 years on— it still is! . 

Liverpool, and the whole of Merseyside, still play a major anduniquerole 
in ourcountry’s economic wellbeing. 

Over 40 American Companies now have aUKmanufacturingbaseon 

It is the centre of the world’s glass technology. 

. Liverpool is the UK’s largest and most important insurance centre 

Merseyside is changing dramatically, entering a new and exciting era in 
its proud history. 

Find out the fuB facts on Merseysidejbr yourself Contact JackStopforth, 

MERCEDO (Merseyside Gnmty Economic Development Office), Metropolitan House, Old HaU Street, Liverpool L69 3EL. 

Telephone 051-2275234. London office: 01-405 0488 


County Council 


decided ti 
Wilson ft 
number c 
were con* 
puign agai 
Party on 
1974 Gem 
The foj 
towing tin 
affair. Mi 
was. had 
an orches 
himself. I 

Lady F: 
Marcia W 
The Pn 
Sir Haro 
drawn soi 
told the 
did not 
round a 

The Pn 
to hear 
Sir Ha roll 
format co 
On the 
against 1 
council s.- 
Iioyal Oc 
ilia l ther 
Labour hi 
The Pn 
is one n; 
lished lod 
In ano 
against ll 
Daily Ex 
picture c 
death in I 




M toe Omni Meeting held an 23. October 1978. ordinary resolution No. 1. 
In which it mi proponed itwt Primrose should become the owner of the entire 
hum Shura uDim of CArqnatfon Industrials Limited in consideration of the 
allotment end issue to the Tongaat Croup Limited of 10 308 524. ordinary 
shores of 10 cents each in Primrose, was passed br 99.8 oer cent ol those 
members present in person or by proxy and entitled to vote. The four supporting 
resolutions, set out in the notice a* General Meeting sent ts shareholders, were 
also duly passed by the requisite majority of members. j 

At the Annual General Meeting held on the same day. fUr. E. c. 
Rutherford was elected to the Board in place of Mr. D. Brvggemann who 
has retired. At the Board meeting fallowing the Annual Genera] Meeting. 
Messrs. W. M. Grlndred. W. F. Hamilton and B. M. Medway were appointed 
lo the Beard. Mr. A. ft. Kemp retired as chairman and Mr. j. E Robertson 
was elected to that position. Mr. Robertson is chairman of Coronation I no us trials 
Limited (*' Co regroup "J. 

Mr. David Gemsser retired as deoutr chairman and managing director 
but remains a director of Primrose, and two ol its maler operating subsidiaries. 
Mr A. R. Kemp was apoointed as deputy chairman and managing director 
in Ins stead. 

The Board of Directory of the enlarged Primrose w thus now constituted 
it fellows. 

J. B. Robertson— Chairman 
A. ft. Kemp— Deputy Chairman and 
Managing Director 
> D. Britts a 
D. J. Gevlsser 
W. M. Or I no rod 


J* October 1978. 

w. f. Hamilton 

A. D. Hanhinssn 

B. M. Medway 

D. H. Mitchell 

E. C. Rutherford 
G. J.J. F. Stovn 

Rv Order of the Board 
h. m. NIELSON, Secretary 


in the Matter ol The Cam names Act. isas . No 003279 ol 197 a 1 

Ht^MES h ^NORW| r CHl SHOPFITTERS LTD. (J" TV\vm nn^mn run ? V :* USTlCE j 

Registered Oftre “f? 1 fj D C<wr! ' a 

17 Park Place. Stevenage. Herts. I in* Manor or EXPORTJT (OVERSEAS 
NOTICE IS HEREBY GIVEN pursuant to , TRADING * LIMITED and Id the Hauer 
£«'*» ^STefEmTOR I Si <* CoraoaoiM Act. IMS “ ! 

ffi? aboIi-Vam^P Cam?any C w1l?‘^ heSd -W”CE IS HEREBY GIVEN (bar a 
at 3S Clifford's Inn. Fetter Lane- London Petition for fbo W main* up of file abore- 
EC4A 1AH. en 22nd November 197B. at named Company bp the HikJi Court of 

Sechin* z9« 1 « ^’STSS £ 2 *** '‘■' as ®" lh t of October 

DATED this Saturday of'ocMber 1978. Cdun bp I.VCA 

■» Order of the Boarr FREIGHT C'lMPAM LIMITED whose 

R. B . PORTER Oireeter n-fcisurotf offlw is miniate n Clupel 

n«. owns* of iff?* Recunr Road, wowaaham. . 

In ch* 1 - HIGH COURT OK JUSTICE * Binsshirc. Rt.ll 1DH. and that the said , 

Cbancery Dinsinn CAwpamra Court. In i aTtrution is directed tn be beard before; 

the Matter or WESTBRIDGE INVEST- } *"'• Court simiis a: the Roj-al Courts ur 
ME NTS LIMITED and in rbc Mailer uf • S'.raod Umdon. WC2A 2LL no 
Th' Cf-mnan'us Act. WS. . ihe l.iih day of \orember 197a. and any 

NOTICE IS HEREBY GIVEN, fhai a ; -pdlrur or contributory 0/ tbr said! 
PctlrJoo for iti< Windma up of th- abov*>- 1 company desirous to -nippon or oppobl- ! 
named Company hr the ITsb Cour. or i l?. 1 !. . m of an fird-r on ihe said. 

Jus. Ice was on ihr Sib day nf October • *"ciiI|od may appvar ai til.- time nl J 

I97Y presented to tlto raid Conn by TRE 'htarna. in p.. r-ou or by his counsel. I 
MAYOR AND BURGESSES "F THE 1 *“ r '“a' nurpimN and j copy of the 

LONDON BOROUGH **K HARINGEY .if • f'ell ion will U>. furnished by (he under- 

Cmc Cen/re. Wood Green. 1LE. and ; *>Wn».<J 10 any creditor or rontrebuiury of 
that the said Peti'.on is directed 10 be onraaag reqatnus sutai cony 1 

heard before thr- Conn suuiu at iftc Royal : J*/ 1 wmioni ol Hie resnlcted charge for : 
•"inns of Justice. Strand. London WC2A 1 in ° saH V™ • „ 

2LL. on fbo lTh day nf Vor-mUf-r 1979. 1 « «A> SMITH £ COMPANY. !i 

and any iretfior or cotiir.buiory oi ilie * King s Bench Walk. j 

said Company desirous 10 support or oppo=.' Temple. London; 5C4Y «DD. , 

ihe making of an Order on Ihe said Tel: 01-36:. dijl. j 

Pinion may appear af the time 01 h-.-ar- V **2!?. /£!;«. 4.®®****-*^ WILUNS I 

ins. in person or by his counsel, for Hul * cn.lP.\3Y. i-rfnch Ruir. I 

purpose: and a copy of ih- Pesdion will Albans H^ns. , 

h*> furnished by Um undersianed to any s ® llniuw for the PeiRioner 

eredltor nr cotimbuiory of itu* said NOTE.— Any person nho unends 10 : 

romnanr requiring sueh ropy on p.iym »or ' a ' 1 :f) e he^riun of me said Per 11 ion 1 

of the r-iBuiated rhars- for th- same. “! Usl surre on or -ceod by post to the ' 

T F. NEVILLE. above-named nouev lo ivnilng of his I 

Gieie centre. Huh Road intention so id do. The notice mns' stale 

Wood Green. l " e n3m - and addri^Ss nf. ih>. person, or. 

London. N.22. '' a RrTr| . lunu- and addrtss of the 1 

Rrf. PJH.R.iT LE*j fir7T1 . ■‘"d nr.usr is- <ign-d by Hie person i 

Tel: 01 -ie* IJSJ. f >r hrnl - »r hi- Of Uhiir sul 1 cl 1 or ill any. * 

Solicitor for Hie Petitioners 3Rfl musr be s-.Tv..d or. 1! posted. mu*i ! 

XriTE.— Any -person «ho mvnds ;o . »>.-ni by wmi in tufflcieoi time ro ; 

appear on the hearing of the said P- '.mon | ^ a "-n above-named noi later than 
musi serve on or send hy pav to the 1 ;{j ur o'clock in :he afternoon of the I 

above-named, nnilw in wrHIng of his | l0Ul oay uf November I97H. 

tntennon so to do. 7b? nonce mn«: state 1 1 

the name and address of the person, or. ■■ — - — 

tf a arm. Hu) name and address of the. a rvr asi • r rtir-f 

Arm. and must be sicnrd by ibe person HK I W MLLLKItj 

or firm, or bis or their solicitor 1 If any-. ' • 

and must be served or. if posted, most ' BROWSE & oaKay, 19. cork sl w 1 
be «nr by past in sufficient time to) 5“™ aN 7 E Y TON. Recent Pa inungs ano I 

reach tin* above-named not later than ■ B rawmgs. 1 

four o ciac-fc in inv afternoon of me 1 “ 

10th day of November 197S. 



Kxtruurdlaary General lliwilng of ib\ 
SOCIETY ml] be held at me Pntk'ipai 
Office of the Society, 15 St James's 
Square, Loudon SIVIY 4LQ tin Wedues- 
Aay. 32nd Nownihvr, ltt*. at 2.S0 P nt- 
for 1 bo purpose 01 caiisidurtiUt and. d 
thougbi m, paitiiOK lb:- fotlowmg 
ruttoiuuon 10 be pnigurfed ar a special. 

" That ibe Law* and Jteaulaiions or 
(he society be and arc hereby 
uzunavd bi aubstiimms lor Article s- 
Ibdroal the raUowltu. anw Article 
*93. 'Every Director. Officer, ueill 
and sen-din and esery Trualw 
or Dominie for rbc tune being ol III*- 
Society is entitled id be lndcmuibod 
nut or the funds of ihi Society 
against all ct»u. charges. Iihm.-*. 
damage* and expenaes wblcn he 
luiin or is pui to on account nt 
auy contra cl, act, deed, mailer or 
Uting made, duhe, *«wrw» miu ur 
executed by him on buhalf ol the 
Soviet}' or in rciaUu.'l tu the busuiuns 
of (hi- Socieiy, and >u b? reimbursed 
hy the Society all ruasoudbL: 
txpcDjvb incurred b) huu in ur 
ahem any legal proceedings or 
arbttraiiou of the S«:eiy ur uihcr- 

urise Ul the exeuiUUU ol hia office, 
ci-cepi such Cusis. cluintes. luoaes. 

damaaes and expenses as bappen 
ibroogb his own pegligeuce. default, 
breach nf duty or breach of trust: 
Provided lhal such exception shall 
not apply where, in (be opinion ol 
Lbe Directors, (a) such nersun hue. 
acted honestly and reasonaoiy and 
■ bi. bar 1 u« regard to all tb* arciuii- 
sunoes of ibe case. Lndudmx those 
eooneuiotl with Us appuinuneDL be 
ought fairly to be excused such 
uvgligcokc. del anil, broach ol duly 
or breach ol tnuL’ " 

Any member entitled to attend and 
rote at the Meeting may appoint a 
proxy to aiiend and vote losiead ol 
bun. A proxy need ooi be a member 
ol the Society. 

Any insirumcni j poo in Line a pruxy 
must be deposited at the Pcincigat 
ijffice of ine Society noi less ihaa 4» 
hours before ibe time ffited tor <tn 

By Order of the Board. 

H N. Biel (cat u uv. Secretary. 

[j St. James's Square. 

London SW1Y 4LL). 

!.Vh I'ctobcr. 197s. 

. Incorporated In Ch 
Republic ol South Airlta) 


Holders o> snare warrants to Bearn’ 
will receue payment 0" dr after Ute 
3rd NavcmBcr. 1978 at tne rate 01 
b0 0&i3>a tne amount dec reran per 
snare less 9.01 221 p being South 
Air, tan ■•ion-heSii.eili Snarenoioer* 
1a< ol 1S-U • against Surrender of 
coupon No. 107. 

coupons must ue daoositea tor 
THwEe ClEAR DAYS tar msoeeUan 
De<orc pa vm eiii wm >-e maae 
In Lonaon. it National Westminster 
Bank Limned. Stock Otticc Services. 
5 LA Floor. Drapers Gardens.. 12 
Tnrogmafion Avenue. Ldiuon EC2. 
In Paris, a: Lreoii au Norn et Union 
Parisienne. 6 & B Bsuinaro Hauss- 

In Basie, at Swiss Bank Corporation. 
In Lunch- at Credit Suisse. 

Coupons belonging to holders resc. 
deni in Great Britain ano Naruiern 
Iraiano win nr oam as follows: 

Amount ot Dtvidcno atu>r . 

deduction 01 Soutn African a 
NoiwftestaenL bnarehotaerV 
Tax 01 1 5“a 31.06916 

Less: United Kingdom in- 
come Ta> 01 ia~ 0 on the 
gross amount ol the Divi- 
dend Of 60.0B137P - 10.81464 

Chancery Division Compann-s Court. In 
thr Matters nf- 

No. 003232 of 1017 

No. 001711 ar 1973 

and in (be Matti-r of the Cninoanles 
Act 1 94S. 

Prmlnus. for ihr inndinc-'ip of th.- abov.-- 
nanied Companies by the Hixh Cnurr nf 
Jnsticv were, on ihe imh day nf •i<-ioh l .r 
1979. prevented '«» :hv said i>uri t«v 
XND EXCISE uf Kina'- Ft.-ani Him*--. 
19-41. Mart'. Lunriii.i WHIR 711 K 
and thai Ihi.- -aid P.-nfinn* .ir*- dinwied 
tn bn heard h.-linv th-- I'onri Miilnc a: 
th? Roy*l Court- uf .iiimii-. Si rand 
I.nndnn WC'2 \ 31.1. -.n -h- i:'.th nf 



Full Service is uur Business 

• Law and Taxation. 

• Mailbox, telephone and 
lelex services. t 

• Translations and secre- 
trial services. 

• Formation, domiciliation, 
and administration or 
Swiss and foreign com- 

Full confidence and discretion 
.“ me PWro-Ka/ln. I'JiMM « t./m-va 
Tel. :ie Ml 4<1. T-I.:x j:r:a; 



r N nhmar^ r d ! *Lnv'" , ‘< 1 ?," V , T ^"" T '’ r •■" n " ^ Al^MenS*' - Th?« ‘snel-Iaculi? ‘ 

'nhuior* rt. an> «il ihr sjiI.I i . Floor Shows 10.45. 1 Z.4S ana 1 45 and : 

ili'slnills .-uprinn «r :hv rilJkin^ ‘ music o» Jonnny Hawkesworth A Frm nos. ! 

•if mi *>rd-:r tut any ut ihv -aid TvHUw* I garcoyu en Dnan &triw WMali 577 i 

may appear ji ill.- nni- .it hi-arluu in 
p.'rcon ur h> ins I’nunsil fur ihar piirpu-v 
and a t.opy nl Tin- P.’iinon will hi- furni*hcd 

GARGOYLE.. 69. Dean Street. London. W,1. 

" AS YOU LIKE 11 - ’ 1 

IT-3. 30 am. Show at Midnight and I am. i 


Barkston Gardens 
London SW5 HEN 

100 rooms, private bath/ 
shower. rndlu. television.- 
Engiish breakfast restaurant, 
bar — FuH> itcenaed. ‘1 lifts. 
Special terms to c> nipanies. 
Detail* nt.’W itlu-ilrniwl 
brochure, on rft/uusC. 

Tel. UNiTJ 3151 ur 7a« 


hy Hi.- imdcrtiK.iHd n. any ,r.-d«f.r or “"" ’F'-i. Closed Saturdaw. Ot-437 6455! 
■'flntnbumry of jny nf rhe -aid Companu-- > 

rcquinne *u?b •.opy on of the ________________ 

raaula [ .Yd .b-r«.. for ,he EDUCATIONAL 

Kina'- I:-urn Ilnuv..-. " ^ **^ 

.0-11. Mart Ijn.-. ■■ ! 


Solicitor in ib, l*-:uon--ra. MARK'S COURSFC 

NOTH -Any p.-r*tin whu inmnds to : PiAHIxJ C.UUKbfcb 

appear „ii ih-.- Iwarmu >,l any of ib.- [ Slough College is concinuine its 

•aid P-mfon* mu«i atvp on. u r - nd iy . . ^ , • 1 , 

pu-i to th.- .’ihoi'.--na ni.'d n.iiii'.- m urittm: | highly successful programme of 

nr his uit-itiioii «m i.-. dn Th.- n>iinv | residential courses on Patents 

niusi Stoi.- Ih.. oam. and address uf ib^| and - Trade Marks this year, 
person «r. ii a urnt Hi.- nanv and: __ . . ’ 

jddrf** nf th- iimi. ami nnwt ti.. siun-.i , I hCSfi Courses are unique and 

hy i he or omi ..r hi. or ili-|r have established an international 

sohi-nor .It any. an, I tnuvr m- «tv..i| i reputation. Early reservarinns 
or. if wwi-'d. tniitt hr s.-nt t»v p . . » : y . reservations 


.tfidrew uf ih- limi. anil miwt ti.. •lum-.j 
hy i he or limi »r hi. or ili.-jr 
Sdliviior "I any., an, I jiiu-r hi-' «.-rvi.|| 
or. if piwi.'d. tniiii hr s.-nt hy pusd m 
■nifRcioni llihi? 'a ro.'n.'h the ahovv-naiiuif 
uni laior Ihan fnur o'clock m ihc afior- 
nnon of the mih day of Xotrmhi r Ift’s 

S«. iHW3*5 of t9 
in the nir.H CURT OF JUSTIOE 
rhaniL-ry Division Gompanios iTonn. in 
tho Slaitor ol DAVID L. UVEKTON 
LIMITED and in fhi- Maiirr uf fhc 
Companuw Act. 1D4.*-. 

Pclifwn for the Wimimc up of iho ahuvo. 
nanud Gntnpanv hv th.- Htch i>un of 
.TihIicc teas nn ih' L2 rh day of UctobiT 
197s. prewnt.-'d io ih< -'aid Coun hy 
LIMITED ii'hnu' rvi-ii-rcd adrin-K p> 
miniate at Ailnonn-.* Avomu- Simih.iU. 
Middh-scs. UBl ?I)P alid :hit lh<: said 
Fi’lltion I* lilrecfvd tn hr hoard tv'fure 

are therefore advised. 

Obtain full details from: — 

Faculty of Business, 
Patents and Trade Marks 


Slough College of Higher 
Wellington Street, 

Slough SU IYG. 
Telephone 34585 Ext. 70. 





.. „ . J ... . — , FROM INDIA EXHIBITION. 650 Dooh 

the Mib day of N*iv.-nihr?r 19«S. and any Indian oubiisn^rs — literature, arts, history. 
•Tediior or contributory ul Hr- caul biography, science and mciustrv and 
Company desirous lo support or nppox-' * boaha. 25 to SO October, 

she maklne of an Order cm rnr- said 

Pcflrlon mav appear at fh- rime of 

hrarlnc. tn person or hy his counspl 

for Thai purposu; and a copy of the RESlDENTIAl 
Pennon u-»ll be furnished by ihe under- 

iittned to any creditor or contrtbfliarr PROPFDTY 
of the said Company requlniu such cop)' ! * * ■ 

nn payment of the regulated charge for ] 1 ' 

ihe same. ' " - 


Oxford Street. I SOUTH OF FRANCE 


Scdlcitors for thv Petitioners . 

NOTE.— Any person who fniends io ; in luxury block exceptional 
appear on ihe hearing of ihe said Poritinn I situation in the Heart of Antibes 
must serve od. or send bv post to. ibe i T- r __. *jtc _ .• " l,aes - 

abOTc-tlamed notice in wriUn* of his terrace ZI5 sq. m„ view over 
inU-nfidn so IP do. The notice miisi stare ; harbour and old town, 
ihe name and address of ihe person, or. . 2.800 000 F F 

if a Arm. the name and address of ihe : 

firm, and mu*! be slancd by the perwn ! c_ r r,,-. - !... „ 

nr firm, or hL' or their sniiciior nf any ' ^ or furt "er detail; wn.t to 

and must he scried, or. ir poai*>d. mutit . DQMU5 MEDlTERRANEE 

h? vent by post m sufficient nme m 06580 PEGQMAN 

reach the ahove-tiained no: later fhin ugaou 

rnur n'cicM+ '« th* afrcrnoOB of the Phone (93f 67.25.75. 

lOUl fiv of h'ovimbtr UTS. I 




in luxury block exceptional 

2.800,000 F.F. 

For further detail; write to 
06580 PEGOMAS. 
Phone (93) 67.25.75. 


.ViHB Ir 



| Commercial H- Industrial 



' Pro Derry 


• Residential Pro&em 

j AiwoInirneniK 


! Business 4- Investment 
OppominitlcK, Corporation 
Luan*. Pmiincrmn 

For Sale Wanted 


KcHiesi inn, Mnigp, 

Cimiraeu L Tendera, 
Personal. UardetiltK 


13 M 

rinielK & Travel 


IS lid 

Bonk Publishers 


Premium positions ivoitaUe 
(Minimum -she 49 column am 
£LS0 per stogie column cm extra} 
Per further dclslij tcrite In: 

Classified Advcrtlsemeut 

Financial Times, 

10. Cannon Street, CC4F 4JBY 

labour nlws 

Shipyard j Print merger ballot approved I No peace 

1 THE HIGH (jorni yesterday 

flics TI opened ihe' way to a merger 

MJFJL&m . ballot of two print unions, the 

* process • workers’ union. 

- ^ SLADE, and the National 

a wr/|j^u-|wk Graphical' Association. SLAVE 

P\t| Tfl 1 T| r^ll obtained a declaration that the 
1 Biv** . ballot,, which is to begin on 
| Friday, could lawfully be held. 
BRITISH Shipbuilders yesterday! The hearing was the result 
opened talks with trade union ! °f ® dispute belweeo SLADt 
representatives on its corporate! *«d Its art union (Ovislon, 
plan, which could involve a 30 j SAL.. Earlier this year, the 

per cent reduction in the raer* SAU obtained an injunction 
chant shipping workforce over that SLADE should not change 
the next two years the ar * Qnion ' s rules, hold art 

.„:i . .. union branch meetings or In* 

Details of the corporation s creBse me mhers' benefits 
plan, together with the results • w itbout majorilv support of the 
of a union-management working | ^ an j on 

party which has been trying to. . - ’ T vesterdav 

sort out complex shipyard pay! ‘ ne ®8re p d s^sterday 

structure and fix a settlement. {™J{ , f 

date, will be put lo a recalled! ha^ot went ahead it would not 

delegate conference of the Con- . * • ■ 

attempt to commit SLADE, for J of. the total 
contempt of court under itfie" membership, would stiii 
terms of the Jan uaiy order. . .the ballot “renegotmtefl m 
In exchange. SLADE agreed terms suitable f to SAL 
that the ballot sftoald ioclude with SAL participation. ♦ n s 

all members of the art snloa. case has be®* 1 weakened, now* 

-Hie declaration Is without ever, by & kt SK3fiSi-- 
prejudice to SAU’s right to granted by 

challenge Ihe ballot whUe ’8 NGA in proving awad^ma 

lasts. The SAL is gager to lion, including a . 

challenge it. hut is still coliect* : meet some SAL demands 
Ing- evidence and nfslng the new rules, 

money- It. estimates that SAL menibers 
£290.000 may be needed.- 7 the Prime wjpWer ler 

Concessions by SLADJB are -support and 
that the proposed rules of the • backing from the Lraerai^rne 
new amalgamated union Scottish N a i u ? naJ J?HL 

should Include the original Cymru and Ulster unioutsmin 

SAL constitution and. that, all their demand for an Inquiry 
members of SAL, Inrluding . Into SLADE affairs. \ ^ , • 
those In arrears, should' be . ‘ nr. James Pnor, snaaow 
balloted. employment secretary. . hh® 

SAU, which has about 9,500 ' already backed them. 

with * SAL participation. • . , * “• '.j 1 

* y ’ >auuns ^ • 

meet some SAU demands in MANAGEMENT, hod unions in 
the new rules. the hospitals dispute adjourned 

SAU cDPinbers have written ^iks. for iibe second night ran- 
the Prime »|p*y r riingT^eswday'-i^& wp.end in 

support and are hopl?ig wr sigbt to Ibe five-week actaoa by 
backing from the Lrberalvthe 3,500 hwpital worits officers. 
Scottish Nationalists, Both sides' agreed to meet 

Cymru and Ulster Uniontetejn toda y t under tire umbrella 
their demand for an lmtuiiy of the Advisory' Conciliation and 
into SLADE affairs. Arbitration Service. 

Mr. James Pr,0 T’ m s ®^“ l f^ Mr.. Allan Black, secretary of. 

employ men i secretary, 

already backed them. 

tbe staff side.; said that some pro- 
gress' was made minor issues 
bat node on. major ones.' as the 
unioriXdeman^Jor a guaranteed 

Trit nhn mn 15; ‘ per L cent ' - bonus 
agreement • • ' - 

About ' 9.000 beds . are said ' to 
have been -made', empty by the 
-dispute, and the patients' watt- 
ing list to have Te&gthened by 
30,000. . 

federation of Shipbuilding and Til j a ~ ' A ■ ■ . f q - 

uaion Fleet Street ; wage clamr^ 

i j . . . • - C3^<- : - * hapve been made . * 

todustry ensis m t|T| .j ‘•‘rTI • : H • -c dilute, and the p 

sss challenge to guidelines 

predicted there will be no work •••-,• — u !■••• ' 

in the shipyard by this time next BY PAULINE CLARK, LABOUR STAFF V- 

Ya" T 'wi\h Mr^Erii^Varlet ’"S FLEET STREET'S 33.000 printers Society of Lithographic Artists, meeting but the indhationswCTd .V/ClJUlEPl 
retarv of State for industry, tn and related workers have tabled Designers. Engravers and yesterday that leaders m : th? • m. . 

discuss the Government s inten- a pay which employers Process Workers and the elec* revolt were resisting the instruo- . m 

lions for the industry (estimate could total as much as tricians* and engineers’ unions, tion. If they refuse to turn up, — 

T . . . . '45 per cent. This comes as the Last 'year, the unions sub- the union may have to consider Hl/f j, jV'il 

diffeMn7 d oot 1 W^nSh r0P r.^n‘ c h a |len ae “> the Govern- mined a 15 per cent claim, b£ other disciplinary measures W1UVHU 

Jp^0(K) Pa workor c ^ wfjp nm rnen,s 5 P er c enipay guidelines even tu ally settied withm toe 10 The dispute at the factory. - 

hm by a P ower » ,ul '°dustrial group, per ceo t pay guidelines. Many Over, pay and redundancy pro- 
£ Jim diiiriL I Tbe demafltL l0 “ Ked at chapels (union branches) nego- posaLs is threatening ink supplies fllfpQf 

f.* 0 ?* c . hs, . rn ?i , P I for the first time yesterday by hated in^iouse ornductivitv deals in all national newspapers in 


1 for rSfi ISTS™. ' 6 till cat : _ 

fl l ”.S5ag , ”“«.!> l P l>l '. l - l SI tkt (Qdustrial relations eseemive 0 D top of tb, national agrrement. Fleet Street. Usher Welker sup- 
hi. f “ f < he Newspaper Pnbtishers- ^ fu „ cosl of claim at Plies ahnul a third of Fleet B q,,, Ulmlr EtiMr 

mSt tt.Wf.VT t 

1“'"? :™T L“ ,S." 8e *“ ! Government's 10 per cent pay brought «a From elsewhere. . corooration’s head 

n , j "“'“s liflvemments io per cent pay oiuugut- , Stai«i Corooration'a head Mini 

Redundancies “ente, especially in overtime guidelines partly because of the On Monday, pickets claimed to SSS-^c? ■ r 

. . rates, consolidation of pay nf Governmear sanetionir hawn utooped 19 tonnes of" mb purer umce.. -- -- .. .. .- • 

rf a n^v d r!Sw }~ e , ! edun ; supplements, and longer holi- deluding possible withdra^rS ben^ detiSered to the Sun. They The - Asuciation of .. Profes- 
dancy options, -saying; I do not days. Government soonsored advert is- said' thev would continue the atonal, Executive, Clerical, jnd 

l « Ml 1 irs ^'I'Theesaot cost of the package. VAT^on ”uon for the rest of the week. Computer^taB- (APEXI.a.eSnp 

be part of the corporate pl3n. We Iff met in full will not be known newsnaoe Jr w " ,wuu “ . “ 7." . i Pa rt«ir< are demanding P ai 8 ni “g f of recognition by the. 

are trying to look optimistically : until union leaders and manage- f .y, 0 is.SHfgRf Lr » oenodfearlv in the management of 40 members at 

on the whole pattern of the! mem representatives meet pSlS?!!? Sl-Lm? ^htn^thev refused 10 the Cllester cocaputer centrg. Mi. 

rs sms: EfefifSSrf SissafiM 
^JiarsaarSKalrr^sa^ on s . a » ,o al ,he cStT 

guidelines for local bargaining! »«»*■« in the Industry The lndustries dropped their opposition to fecafr-; 

and the common settlement date. « n, on , sl i e ^sists of the rwo-week^d strike JilSJ nition for "but th^.cor- 

Th» p nmn «*iA, I National Graphical Association. Q “rty two-nee^ k-o^ ia sinus. Federation will today ask “S aoration has refused at national 

annoSnce^Sm^nT^S? I lhe Society of Graphical and ^ About 100 member* of the 3.000 members to coniribute to a ^ )ocal level tograhtit^-; 

Luring forms can ot ooumoo on 
apoliution (o ir.e Ndtiaul Wesunmsier 
Bink umiMO. at tn* adarau ifiawn 
a Da vc. 


GENERAL Minimi, ano finance 

London Secretary. 

London Officer House. 

95 Grasnam switl. 


2jrd October 197B 


under tne - double U> urcemeni 
ocineen tne united Kingdom ano me 
Remi&fic oi Soutn Africa, ttie Souui 
Airitan Non-Resiaant SMrefto.loers Mx 
aooiicabie to tne Dividend « allowable 
as a ere a it agamst tne united Kingdom 
ta» oayabie »n rcsoect of tne:«yioeno.. 
The aeaifction ot U> at the reduced 
rat® oi IB o«r tens instead Of « «i» 
basic rate ol 33 oer cent, reoresnnts 
an allowance of credit at the rate o' 
IS per ceni. 

The gross amount of me atvidena 
rctoivea co oc entered bv me mcmaw. 
snarenoiaer on any return for income 
tax Purposes >s 6D 08 I J7o Tniiitionei 
l» the number of Shares held • 


Galleries. 63. Queen's Grove N W.8 I Snare Transfer Books o* me Cornoan- 
586 36QO. ' j will be closed from the Isl to 15tn 

I November. 1978. Dotn dates inclusive 
1 Transfers should oc «agea mfn tne 
Company s ReqiSirais tojm Brolren 3 
Comoanv at IQ Bank Street. Tonbridge 
Kcni Dv. 4.00 o.m. on 'the 3Hf October 
1978. _ _ 

Br Order of the Uoara 

J. M D. COOPER. Secretary 
25th October. 1978. 

step up 

Seamen reject 5% pay offer 


21 PfmT! ‘ SHIPOWNERS WERE 'put in a dustry’s ability th pay and :tha : earnings for roreign-going able 

. difficult position yesterday when Phase Four incomes policy. seamen throughout- the year is 

LONDON'S traffic wardens, who the National Union of Seamen ’ lt wjll Q0W be d,scussing wltb^ about MJ. During periods at sea 

wilt step up their pay protest rejected a wage offec at nr clnse jls member-companies what fu* 11 .\ s ' '' - 

action this week, have iecided l° tUe limit of Lhe 5 per ceot th er increase can be offered Under « he offer bis average 

to refer, theu-* pay- claim to the guideline. ^ within the limits of the 5 pefr®?™ 1 " 8 * would rise by £551 to 

Advisory, Concilia tloo and Arbi- Tbe General Council of Bntisb ^ut. - £102.71. For able neamen as a 

the month, v APEX . said*. Hr. ' 
Grantham said that 'general 
blacking by APEX members 
would have “ drastic effects- on - 
key British Aerospace .proj'eets.". 


Shipping said the offer was worth 

whole, the offer . would add £2:50 

t ration Service. "• ' 

- So far, drivers’ have enjoyed j aoout ot> per cent, raaaeupor .^- lou JS ? a?,c rales THE 32 toqihufl^^rom SU 

a parkers’ paradise as wardenn 5‘ per cent on basic rates. The 5?® ,e R 1 * a for s “ bsla , n ,? ' would be raised, by 7.5p an. hour. Fuel S vstemSi^e^triker-over 

banned overtime, refused to re - ' rest of the uffer reflected an in- rs ®s m basic .pay, “°re leave . There is nothing in tbe offer p ay di tf erenMtet & 4n i ti 12th 
set meters and, last week. de-> crease in the. food allowance ant * higner overtime rates.- is o D higher premium overtime week, have 'aaain fiiled tb get 
cided not to issue parking : during periods of leave. ®P pa ,™ n ? y seek,n ? . 3 .J ri “ cb or leave arrangements. support - froar Mr ’^Rey Fraser’s 

tickets. • i Shipowners say the Govern- greater improvement in the offer Tbe general council, which unofficial luotinakera^ draafaisa- 

Rut from tomorrow the war- 1 inent accepts that this fond ai in w- ih an could he achieved..- within said the seamen, had shown great mqtj’ which aavs'it'reb resents 

dens will stop all traffic control, i ance. currently £150 a day. falls lhe 5 per cent limit, / understanding of ibe industry’s 3006 workers- wmiiT " 

Mr. Les M«ua>, yciieiai avere .outside ihe boundaries nf pay The union, whicb is due fo financial difficulties, has always . 

lary of the Ctvil Service Union. ! policy. The total offer would add settle In January, saitf tbe offer maintained that if is vulnerable ll ?ey were., tp.igr.Br ? y me emiE 
which represents the wardens ,5.fl per cent to the industry's was unacceptable and its rejec- to Government sanctions. of the negotian^rotnmrttee in 

said; “Either ihe police musl! wages and allowances bill for t*on was very finjJ. Mr. Jim Areas in which the Govern ^nningham yeS^etc ay -tnat toe 

bring more- m n f . ihe beat or the 44.000 seamen. Slater, the general secretary, ment could impose sanctions MI ?W ha(J nOyefipramtsedTO 

moiorists will have to fend for A further meeting between the reaffirmed that the NUS was include the moratortum scheme b rm JS forward ^ay^parKybefom 
themselves." . . council and the union is being adopting responsible free collec- on loan repayments tor ship- ^^niber^^lBTSfc^AHhougb .dif- 

He sa !J tbe wardens, who be- arranged, but the cnuncil said tive bargaining. owners wtrb have ships built’ in ferentials -were key Factor iu 

gan their protest at the begin- after yesterday’s negotiations Presenl minhnum basic pay British, yards and tbe^consider- i^t negotiatiRg 'comnritted dia' 

ning of the month, had decided that it faced a very difficult prob- for seamen is £41.71, and for able support given to the council cusslons. Th<^-.wntinU8? : on 

to refer ihe issue to the Advis; lem. . , ■ fully qualified able seamen by the Government In -matters Friday-.:"' . ^ vr. 

ory. Conciliation and .Arbitration The council maintained that it £4772, including pay policy of international shipping prob- The '32 will again ^ 'sbek support 
Service. wan cnnai rained by hmh the I n- supplements. Current average }e mR . from the widerW.srtjr^np' 1 ^' 

motorists will have lo fend for 
themselves." . . 

Tins announcement iipjicurs as a'maiter ol record uiily 


,£,1.200.000 hilli issued 25.10. 7B at a 
r»Ur of 9 63-&4tlu u . to mature 24.1.79 
iaial JDOIlcaltons £.2. 2m. ’oral outstanalnq 
£2. 2m. 



U.S.$ 17,000.000 


Managed by 

The National Bank of Kuwait S.A.K. Financial Group of Kuwait K SiC. 
Kuwait Real Estate Bank K.S.C. : The Gulf Bank K.S.C. * ! 

. Provided by 

The National Bank of Kuwait S.A.K. 

The Bank of Kuwait and the Middle East K.S.C. 
The Gulf Bank K.S.C. 

Financial Group of Kuwait K.S.C. • 

Kuwait Real Estate Bank K.S.C. 

S-C. Burgan Bank S.A.K. 

The. Industrial Bank of Kuwait K.S. C. 
■ Bank of Bahrain and Kuwait B.S.C. 

Agent ■ 

The Nationai: Bank of Kuwait S.AK.- 

' I 

• : ’ '-'3, 




Financial Times Wednesday October 25 1975 

A CQpy of this Prospectus, having attached thereto the documents 
•pecified in paragraph E of the Appendix below, has been delivered to the 
Registrar d Companies in England and Wale? for registration. 

This document contains particulars of TSB Gilt Fund Limited ("the 
Fund"} tor the purpose of giving information to the public. The Partici- 
pating Shares of the Fund are ottered on the basis ol the information and 

representations contained fn fha document and any further Information 
given or representations made by arty person must be regarded as 

The consent oF the Finance and Economics Committee of the States 
o! Jersey under the Control of Borrowing (Jersey} Order 1958 (as amended) 
has been obtained to the issue of shares. The consent ot the Advisory & 

Finance Cornmtltee of fhe Stales of Guernsey (under the Control of Bor- 
rowing (Bailiwick of Guernsey) Ordinances 1959 and 1970) has been 
obtained to the raising in Guernsey of up 1o £i 0,000,000 by the issue of 
shares, ft must be distinctly understood that in giving these consents, 
neither of the Committees takes any responsibility for the financial 
soundness of any schemes or tor the correctness of any statements 

' - 13 - 

made or opinions expressed with regard to (hem. Consent of the U.K. 
Treasury under the Control of Borrowing Order 1958 (Great Britain) has 
Also been given to the borrowing ot up to E50 million by this issue. 

This document is baaed on the law and practice currently in force in 
Jersey and the United Kingdom and Issubjccttochanges therein. 

In ihis document att references to “sterling” and are to United Kingdom sterling. 


A company Incorporated with limited liability In Jersey on 6th October, 1978 under the provisions of the Companies (Jersey) Laws. 1 Sol to 1968. 

Registered Office: 23 New Street, SL Holier, Jersey, Channel Islands. 


Authorised - 

£500,000 divided into 1.000 Management shares of £1-M6h and 
49.900,000 unclassified snares of Ip each, 

£1.000(1,000 Management shares of £1 each fully paid). 

Initial Issue of up to 49.900,000 Participating Redeemable Preference, 
shares of one penny each (“Participating Shares'*} at £1 per 'share 
(inclusive of premium o(97£p per share and the Managers' Initial charge 
of Ijp per share). 


REGINALD ROBERT JEUNE. Langley House, St. Saviour, Jersey. 

(So.'ic/tor of the. Royal Court of Jersey) 

isiuc of Participating Shares 

The subscription list will be opened at 10.00 a m. on Wednesday, 
Sift November, 1973 and will be closed on the same day. 

Establishment the Fund 

The Fund has been promoted and established by the Managers, a 
Wholly-owned subsidiary ot TS6 Trust Company Limited, itself a wholly- 
owned subsidiary of the Trustee Savings Banks Central Boardrvrtrinh is the 
central supervisory and regulatory body lor the Tiuslee Savings Banks. 
Thus the Managers and its parent company and. as a result of the holding 
by the Managers of the 'Management Shares, the Fund are each ot them 
subsidiaries ot ihe Trustee Savings Banks Central Board for Lie purposes 
oi Section 154 of the Companies Act 194B (Great Britain}. It is expected, 
however, that (he Fund will cease to be such a subsidiary when the Parti- 
cipating Shares have been a Jolted and issued. The Investment Ad vise is 
are also a wholly-owned subsidiary of the Trustee Savings Banks 
Central Board. 

Eligible Investors 

The Fund hoe been formed specifically for Investment by persons 
who are non-resident in Jersey tor the purposes of Jersey taxation. (A 
separate fund, TSB Gilt Fund (Jersey? Limned, has bean formed lor in- 
vestment exclusively by persons resioent in Jersey. A prospectus for TSB 
Gut Fund (Jersey) Limited will be sent by the Managers upon request) 

Procedure tor Subscription 

. Applications must be made for a minimum of 500 Participating Shares 
and should be made on the Application Form included with this Pros- 
pectus. The Application Form oufy completed should be sent to TSB Gilt 
Fund ‘Managers (Channel Islands) Limited. Bagatelle Road. Five Oaks, 
St. Saviour, Jersey accompanied by a sterling cheque or banker's draft 
for £1 per share made payable to TSB Gilt Fund Managers (Channel 
islands) Limited. ' 

The Fund reserves the right to reject an application in whole or tn part 
In which event the application monies or any balance thereof will be 
teturned to the applicant by post at the applicant's risk. Applications will 
not be acknowledged, but certificates for Participating Shares allotted 
will be posted at the applicant s risk not later than the 15th December, 


The purpose of Ihe Fund Ts to provide art opportunity for those In- 
vestors who require aingh level of income lo take advantage of the benefits 
ot a well-managed portfolio. The positive and experienced management of 
the Fund should not only provide a high level of Income which will be 
payable quarterly but also security and a measure ot capital protection 
arising out of the underlying investments. The Fund is open-ended arid 
operates in a similar way lo a unit trust in That it may issue and redeem 
Participating Shares at prices based on their underlying net asset value. 

The investments of the Fund will be managed by TSB GHIFund Man- 
agers (Channel Islands) Limited (“the Managers”) who will recataa 
investment advice from Central Trustee Savings Bank Limited.. The main 
area of investment will be those British Government Securities in respect 
of which persons or companies ordinarily resident outside the UK (nay 
ctaiitr exemption from UK. tax as described irrrnore det'aft bafovvMo 
" achieve the above objectives, the Managers will need J6$dopt a ll&tibta' 
Investment policy' by' Investing in varying proportion! in long, medium 
and short-dated stocks, depending on prevailing economic conditions: 
Where these suggest that such a course would be beneficial Ihe assets', 
ol the Fund may include short-term sterling securities, such as Treasury . 
Bills or Certificates of Deposit or, in appropriate cSrcumstances, cash 
on deposit. Also, from time to time non-exempt British Government 
Securities may be purchased. 

Dividend Policy 

The Directors intend to distribute .substantially the whore of Ihe Tn- 
come of the Fund, alter deduction of alt expenses and Jersey Corporation 
Tax, by way of quarterly dividends paid on the 15th May, August, November 
and February in each year. On the basis of the current interest rata 
structure and yields obtainable on British Government Securities, it is 
expected that the initial dividend yield will be in the region ot 12percent 
per annum.The first dividend wifi be paid on the 15th May, 1979. 

Investment Management 

TheManagers are responsible for managing the investments ortho 
Fund under an agreement dated 11th October, 1978 made between the 
Fund and the Managers. The Investment Advisers will provide the Fund 
and the Managers with regular and continuing advice on the investment 
and general deployment ol the Fund's assets. For providing this service 
they are paid a fee by the Managers. 

The.lnvestment Advisers have considerable experience of gilt-edged 
portfolios, are in close touch with ail money markets and are well placed 
to act quickly when interest rates change. 


Barclaytrust international Limited have been appointed by the Man- 
agers under an agreement dated 11th October, 1978 to act as Admini- • 
sirator and will therefore be responsible tor toe day-to-day administra- 
tion ol the Fund. 

Charges and Fees , . 

Initial Charge: Tho Managers are to receive Tjp per Participating 
Share issued pursuant to this offer. The Articles of Association provide that 
the Managers may receive an initial charge not exceeding per cent of. . 
the price at which Participating Shares are subsequently issued. The pre- 
sent intention as provided lor in the Management Agreement is that the 
Managers receive per cent. The Managers are also entitled to receive 
the rounding up and rounding down adjustments tothe nearest Ip. 

Annual Charge: The Management Agreement provides tor the Man-, 
sgers to receive from the Fund a weekly fee equal lo one fifty second of 
fu e-eighths of ore per cent of ihe weekly value of Ihe Fund (calculated on 
an offer basis). Out of these charges the Managers will pay commissions 
to brokers and other approved agents of one per cent in respect of 
aflofmenfs arising from applications bearing their stamp. The Managers 
will also pay the fees of the Administrators and of the Investment 
Advisers. .... 

The Fund wilt bear {inter alia) the fees and expenses of the Auditors 
(and of ihe Custodian, if any) and commissions and duties In connec- 
tion with securities acquired and disposed ol by Ihe Fund, elc. (as stated 
in the Management Agreement). 

. Accounts and Reports ' 

ft is intended lo' send audited accounts and reports relating to tna 

: Fund halt yearly to Shareholders. 

The weekly bid and oiler prices for the Participating Shares 'will be 
published each day in the OHshore and Ovetseas Funds Section of Ihe 
London "Financial Times.” 

T * xal j°* comptroller of Income Tax in Jersey has confirmed that Income of 
the Fund arising outside Jersey and bank interest arising in Jersey will 
be exempt horn Jeisey Income Tat. The Fund's liability to Jersey laxa- 
'• lion is therelore limited to Corporation Tax. which is currently £300 per 
annum, and its dividends payable lo non-Jersey residents will be paid 
Without any deduction of tax in Jersey. ... . 

Jersey floes not levy taxes upon capital, inheritances! capital gains, 
gilts, soles or turnover, nor are there estate duties. No Stamp Duty is 
levied in Jeisey on the tianler inter vivos or redemption of shares in 

the Fund. . , . . 

The Fund rs not resident in the United Kingdom. The Inspector or 
Foreign Dividends in the United Kingdom has confirmed that the Fund 
, will in principle be eli gible to submit claims to relief Irom United Kingdom 
Income Tax in respect of interest derived from United Kingdom Govern- 
ment Securities which fail wiUnn Section 99 o[ the income & Corporation 

. Taxes Act, 1070. - .... . 

Holders of Participating Shares who are resident tor tax purposes in 
the United Kingdom are, depending on their circumstances, liable to pay 
United Kingdom Income Tax (and where relevant Investment Income 
eureharge) in respect of toe dividends paid by the Fund. Corporate share- 
holders ere liable to United Kingdom Corporation Tax. In addition, share- 
holders resident In the United Kingdom may be liable to Capital Gain* 
■Tax In respect of gain* realised on disposal (or redemption) of Partfoi- 
v pp Hnn e he res. Applicant* who are ordinarily resident In the Untied King- 
Vdotf should also be aware that Section 478 ot the Income and Corporation 

'Taxee Act 1970 may be applicable to them. • ■ - .... 

While the above references to taxation ere believed to be correct at the 
peasant time, Investor* are advised to seek professional advice on their 
taxation position, and. If resident outside Dm Scheduled Territories, on, 
IbeirExchanfle Control potttloo. 

PHILIP FRANCIS KEENS. C.B.S., F.C.A, T5 Links Court, Grouwlle, Jersey. 
(Cha tiered Accountant / 

Brackendalo, Fermain. SL Peter Port, Guernsey, C.L 
■ {Managing Director of Department Store) 


Le Saptn, Calais Lane. SL Martin's, Guernsey, C.?. 

(Chartered Accountant) 


3 Wells Rise. London. NWS 7LH. 

(Chartered Accountant) 


Wlddringion, 14 Barlows Lane, Andover, Hants. 

(General Manager, TSB Trust Company Limited ) ■ 

Redemption of Participating Shares 

Participating Shares may, except where there is a suspension of the 
valuation ol assets (see "Subscription Days” below), be redeemed on 
any Subscription Day. The redemption price is defined in the Articles of 
Association: a summary of the calculation is given below. Although the 
Fund is under an obligation, subject to the provisions of the Articles of 
Association and ot Jersey law, to redeem at the redemption price it has 
been agreed with Ihe Managers that they may deal with requests for 
redemption as principals, and they will generally do so by purchasing 
Participating Shares at the bid price, which will not be leas than the 
redemption price at the relevant time, rounded down to lha nearest one 
penny. The Managers will be free, subject to the Articles of Association 
and to Jersey law, to require the company to redeem any Participating 
Shares purchased by the Managers. 

To realise all or part of a holding, a shareholder should complete the 
form on the back of each Share Certificate and send the Certificate to the 
Managers. The completed forms should be received not later than 3.30 
p.m. ort ihe business day immediately preceding the relevant Subscrio- 
tion Day in order to qualify for redemption or purchase by the Managers 
on the Subscription Day. Requests for redemption received late may be 
held over until the next Subscription Day. 

Any amount payable to a shareholder in connection with requests far 
redemption w ill be paid by starting cheque and will be pasted to the 
shareholder (at his risk) normally not later than seven days foliowing 
the later ot the dale on which toe redemption (or purchase) takes elfect 
and the date of receipt by the Managers ot a duly endorsed Certificate 
(or Ihe shares to be redeemed or purchased. 

The Directors ot the Fund may refuse to redeem any Participating 
Shares if as a result ot such redemption an investor would stilt hold Parti- 
cipating Shares in the Fund of a value (on a bid basis) of less than £500 
(or such other sum es the Directors may from time to time determiner. 
The Fund to also not bound to redeem on any one Subscription Day more 
than one-fifth of the total number of Participating Shares then tn issue. 

Requests for redemption once made may only be withdrawn in 
Ihe event of a suspension of valuation. 

Compulsory Redemption 

if any time after 30th September, 1979 the value of the Fund’s net 
assets shall, on each Subscription Day within a period of five consecutive 
weoks, be less than £5 million the Fund may redeem all tha Participating 
Shares then in issue at the relevantredemption price. 

All Participating Shares not previously redeemed wifi be redeemed 
by the Fund on 30th September, 2076. or if that date is not a business day 
on the next following business day, at the redemption price ruling on the 
day in question. 

The Directors are empowered under the Articles of Association to 
require the transfer or redemption of any Participating Share which is 
owned directly or beneiicially by any person in breach ot any law or 
requirement of any country or government authority or by virtue of which 
such person is not qualified to hold such Share. 

Subscription Days 

Subscription Days will normally be every Wednesday, or If this day is 
not a business day the next following business day. or such other day 
as m»y from time to time be determined by the Director*. The first Sub- 
scription Day after the initial issue will be 15th November and the assets. 

' pi the Fund will normally be valued by reference to closing prices on the 
business day immediately preceding each Subscription Day. However, 
ihe Directors may suspend valuation if, in ttieir opinion, it is not reason- 
ably practicable for the Fund to dispose of investments or fairly to 
determine the value ofnet assets, or if a breakdown occurs in any of . 
the means normally employed to ascertain such value. The Directors 
have power to have a special valuation at any time if they consider that 
circumstances meniiL 

Further Information 

Further statutory and general Information Is contained in the 


A. Share Capital and Right* 

The auihonsod share capital of ihe Fund 7s £500,000, divided Into 1.000 
Management Shares of £ l each and 49.900.000 unclassified shares of ip each. The 
unclassified shares may be issued as Participating Shares or Nominal Shares 
(see below). At the dale hereof no Participating or Nominal Shares have been 
Issued. 1.000 Management Shares hate been issued for cash at par to the 
Managers. * * 

Management Shares 

The Management Shares have been created so l ha (Participating Shares may 
be issued (In order lo be participating redeemable preference shares, the 
Participating Shares arc required under Jorsey Law to have a preference over 
some other class of share capital). The Management Shares on a poll cany one 
vote but do not carry any rtghl to dividends and on winding up rank only for a 
return of paid-up capital (after return of nominal capital on Participating and 
Nominal Shares], adjusted tor any balance on the Management Reserve Account 

Participating Shares 

The Participating Shares carry the right to dividends declared by the Fund in 
general meetings or by the Directors. Each holder ol Participating Shares wilt be 
entitled, on a poll, to one vole for each Share held. In a winding uo each Share 
haB a preferential right to return of capital paid up and a right to share in surplus 
■Line ts after return ol capital paid up on Nominal and Ma nag a men l Shares. 

Norntnal Shore* 

The Nominal Shares are non-participating redeemable second preference 
Shanes. They can only be issued a: par and only lor the purpose ol providing 
funds tor the repayment ot the nominal amount of the Participating Shares 
redeemed. They wilt only be issued to the Managers. They carry no right to 
dividend. In a winding up they have the right to repayment of paid-up capital after 
return ot nominal capital on Participating Shares m prionty to repayment of 
paid-up capital on the Management Shares. Each holder of Nomina) Shares is 
entitled on a poll to one vote irrespective of the number ol shares held. The 
Managers are obliged to subscribe tor Nominal Shares tor cash si car when 
Participating Shares are redeemed, unless the Directors decide lhar the nominal 
amount of such Shares is to be redeemed out ol profits. Nominal Shares may bp 
converted into Participating Shares by the Managers for safe to investors. 

Rodampti on Price 

The redemption price per Participating Share Is determined in accordance 
wrtfi the Articles of Association by assessing the value of the net assets ol the Fund 
on the day before the relevant Subscription Day. deducting the paid-up capital on 
Nominal Shares in issue, the value of the Management Fund, and a provision for 
duties and charges payable on the assumption that the whole ot the Fund's 
portfolio was realised and dividing the amount so calculated by the total number 
of Participating Shares In issuer or deemed to be In issue. This sum is then 
rounded downwards lo the nearest whole penny (the Manageia being entitled 
' to receive the rounding down adjustment on Shares redeemed). Where Participat- 
ing Shares are purchased by toe Managers, the price paid is not less than the 
bid pnee which is calculated in the same way. 

Further Issues of Partfefp sting Shares 

The Articles ot Association provide that, after the InflJat issue of Participating 
Shares, amj evrept when mere is a suspension cl the valuation ot Ihe Fund a 
assets, further Participating Shares may be issued on Subscription Days at a 
subscription price per Participating Share not lees than that determined by 
assessing the value of the Fund's net assets on the day before the relevant 
Subscription Day, deducting ihe value of the Management Fund and the paid-up 
capital on the Nominal Snares in issue, adding a provision lor duties and charges 
which would be payable on acquisition ot (he whole ol the Fund’s portfolio and 
dividing the amount so calculated by the total number of Participating Shares in 
Issue, and deemed to bain issue. The Initial Charge inot exceeding 2) per cent} 
is added and the total is then rounded upwards to the neatest whofe penny (the 
Managers being entitled to the initial chBrge and rounding up adjustment). 

The Fund may also from time to time make offers of Participating Shares at 
fixed prices, within limitssetoutfn the Articles of Association. 


The (olio wmg is a copy nf a report addressed to the Directors of fha Fund by 
Turquands Barton Mayhew & Co,, the auditors ol the Fund:— 

Tome Directors, 

TSB Gilt Fund Limited - 

11th October, 1978, 

Dear Sirs, 

TSB Gilt Fund Limited ("the Firnd'T was incorporated on 6th October, 1978, 
As at the dare hereof, no accounialortha Fund have been mads up and no divi- 
dends have been declared or paid. 


Turquands Barton Mayhew &Co, 


1. The Constitution oldie Fund la defined (nits Memorandum end Articles of 
Association; they are subject to alteration in accordance with Jersey law. 

2.. ThepralimiMiy expenses incurred fn reaped erf the formation of the Fund 
•re estimated to amount to £12,000 and the expenses Incurred In connection with 
tho Initial issue ol Participating Shares are estimated to amount to £60,000. The 
combined amount will be paid by the Managers. . 

3. (a) Save as mentioned no commissions, discounts, brokerage or other 
■peels! terms have been granted by the Fund In relation to eh ares or debentures 
Jeoued orto be Issued by the Fund. However, on any Issue or sale of Shame the 
Manager* may, out ol their own fund*, pay commission on applications received ' 
Ihrp^biOlcaraAndoatof p w fewl oqalajanti. 

Manager*, Secretary and Registrar 
Bagatelle Road, Five Oaks, St. Saviour, Jersey, Channel Islands. 
Telephone: Jersey (0534) 73494. 

Admin fatrator 

p.O. Bax 62, 39/41 Broad Street, St. Helier, Jersey, Channel Islands. 



lb) Under ih e M anagement Ag ree me-nl the Managers are entitled to buy and 
eef I the Participating Shares as principals for their own account provided that they 
ao not sell ot otter to sell any Participating Shares on any day ai a price per share 
in excess ot the prevailing cller price as oefireo in the Articles applicable on mat 
day. end do no! buy or otter to buy any Participating Shares on any flay ai a prica 
per share below the bid price as defined in tno Articles applicable on mat day. 
■nd in exercise of (heir rights the Managers are entitled to sell Participating 
Shares to persons applying to the Fund lor the issue of Participating Shares and 
to buy Participating snares from persons submitting Participating Shares to the 
Fund tor redemption. 

4. The Fund is not engaged in any litigation dt arbitration and nolitigation or 
claim is known to the Directors to be pending or threatened against the Fund. 

5. There are no existing or proposed service contracts between any of tho 
Dhectors and the Fund but the Directors may receive remuneration as provided in 
the Articles oi Association i&ee 0 below). 

6. Save as disclosed herein; — 

(a) neither tr.a Managers nor any Director of the Managers or of lha Fund 
holds any shares in lhe.Fund; 

(b) no amount or benefit has been paid or given to a ny promoter by the Fund 
since its incorporation and none is intended to be paid or given; 

(c) the Fund has not purchased or acquired or agreed to purchase or 
acquire any property; 

(rij sincothedaieotincorporationoftheFund: — 

(1) save for the issue cf 1,000 Management Shares of£! each af parfo 
the Managers, no shares or debentures ot the Fund nave been 
issued or agreed to be issued, lutly or partly paid up tor cash or 
otherwise (nan lor cash, nor is any such capital under option or 
agreed to be under option: 

(fi) no Director has had any interest in the promotion cf the Fund or in 
any property acquired, disposed of or leased lo or by or proposed u> 
be acquired, disposed ol or leased to or by, the Fund. 

7. The following contracts which are or may be material have been entered 
Into otherwise man m me ordi nary course of business; — 

(a) Management Agreement between the.Fund and the Managers dated 

* iim October, iHTd whereby the latter have agreed to manage the 
business ot the Fund. 

(bj Agreement between the Managers (1) Barclayhust. International 
Limited [2j and the Fund and TSB Gilt Fund (Jersey) Limited (3) dated 
11th October, 197B whereby Bar day trust International Limited has 
agreed to perform secretarial, administrative and registrar duties and 
other services in relation to the Fund. 

(c) Investment Advisers Agreement between the Managers (1} Central 
Trustee Savings Bank Limited 12) and the Fund 13) dated 1 1th October, 
1973 whereby Investment advice wilt be provided by Central Trustee 
Sa vi ngs Ban k Limited. 

(d) Share Purchase Agreement between the Fund fi) and TSB Gilt Fund 
(Jersey) Limited (2) doled f tar October, 1978 relating to the purchase 
of Participating Shares by the latter, and the payment by the Fund ol Lha 
latter's administrative and other tees and expenses. 

8 . The Fund has not commenced business and has not established and 
does not intend to establish a place at business in Great Britain. The Fund does not 
have any subsidiaries. 

9. The Articles of Association provide that securities quoted on a stock 
exchange are to be valued on the basis oi market dealing bid prices and market 
dealing ottered prices at closing of business as provided by a stockbroker on me 
relevant, stock exchange. 

. ' 10. In view ot the arrangements lor the payment of preliminary expenses, 

which are described in paragraph C2 previously, there is no minimum amount 
which in the opinion ol the Directors must be raised by the present issue of Shares 
In order to provide for the matters referred to in paragraph 4 of the Fourth Schedule 
to the Companies Act 1948 (Great Britain) namely:— 

- (a) The purchase price of any property purchased or to be purchased, 

. _ which is to be defrayed in whole or in part out ofthe proceeds ot Issue. 

■ "• (b) Preliminary expenses payable by the Fund and any commission sa 

(e) The repayment of any monies borrowed by the Fund fn respect of any of 
the foregoing matters; and 

(d) Worthing capital. 

11. Turquands Barton Mayhew & Co. have given and have not withdrawn 
■ their written consent to the issue ol this Prospectus with the Inclusion therein ot 
their Reportin the farm and context in which it is included. 

12. This Prospectus shall have the effect, where an application Is made la 
pursuance thereof, ol rendering ail persons concerned bound by the provisions 
(other than penal provisions) ol Section SO ot the Companies Act 1948 (Great 
Britain) so far as applicable. 

13. Persons Interested in acquiring Shares in the Fund should Inform them- 
selves as to: (l)the legal requirements within the countries of their nationality, re- 
sidence, ordinary residence or domicile tor such acquisition; fli) any foreign ex- 
change restriction or exchange control requirements which they might encounter 
on acquisition or sale of Shares; and (lit) Ihe income tax and other tax conse- 
quences which might be relevant to ihe acquisition, holding or disposal of Shares 
in ihe Fund. 

14. Save as disclosed herein, the Fund does not have any debentures, loan 
capital, borrowings ^.indebtedness in the nature ol borrowing, mortgages, char- 
ges, hire purchase commitments, guarantees or olher material contingent liabili- 
ties. The Articles ol Association permit borrowings, and the Directors Intend to 
negotiate standby borrowing lacilllies at such umes as this Is thought desirable 
or necessary. 

15. The Directors of Ihe Managers are:— Reginald Robert Jeune, Phlflp 
Francis Keens, Douglas John Edwin Clothier, Dennis Glover Creasey, Anthony 
Perctval Warwick Simon and Brian Michael John Brown. 



Le Gallals Chambers, St. Helier, Jersey, Channel Islands, 
Advocates and Solicitors to the Fund in Jersey 

IS Hill Street, SL Heller. Jersey, Channel islands^-' 

Solicitors lo the Fund fn England 

City Wall Housq, 79/83 Chiswell Street, London, EC1Y4T& 
Investment Advisers 

P.O. Box 99, 3 Gracechurch Street, London, EC3P3B& 

Mr. R. R. Jeune Is a Director of. the Fund and is a partner In the firm of 
Mourant du Feu & Jeune which will receive a fee lor ns services in connecuon 
vtiUv tee incorporation ol the Fund and ihu issue. Messrs. Jeune, Keens, Simon 
and Brown me Directors ol tee Fund and are Directors at TSB Trust Company 
Limited, Messrs. Jeune and Keens are also members of tee Trustee Savings Banks 
’Central Board. Mr. Keens is Chairman ol Central Trustee Savings Bank Limned. 

lb. it will be the policy oi me Directors of ihe Fund to obtain waivers of 
remuneration from any ol their number who may also be serving as an employes 
or director ol TSB Gill Fund Managers (Channel islands) Limited. 

17. The Articles ot Association provide [inter alia ): — 

(a) The Directors moy appoint a Custodian to held the assets of the Fund 
and perform such other duties as ine Directors may iwite the agreement 
ol tee Custodian and the Managers) determine. 

(b) The Directors must establish a Management Fund v.-hich may be used 
tor tea purchase ot token holdings ol the underlying investments to be 
purchased by lha Fund. Any surplus or deposit on the realisation ol any 
token hokttngs is credited oi debited \as Ihe case may be) to a Manage- 
ment Reserve AccounL 

(c) Upon tee issue ol new Participating Shares the subscriber may be 
.required lo pay an Equalisation Payment, ascertained by dividing Ihe 
ret undistributed income ol the Fund by the number ol Participating 
Shares in issue or deemed to be in issue. Equalisation Payments are 
credited to an Equalisation Account, and normally distributed to share- 
holders in accordance with the Articles on the payment ol dividends. 

(d) The Directors may require a subscriber to pay to the Managers upon lha 
jssue ol Participating Shares an initial charge not exceeding 21 per 
cent of tee tola) of tee Issue price and any Equalisation Payment and an 
amount to adjust fhe resulting total upwards to the nearest penny. 

(c) Subject to tee provisions ol tee law the Fund may by Special Resolution 
Ircm time to tune reduce its share capital in anyway. 

(I) The Directors may, if they are satisfied mat iris not rifely fo result in any 
material prejudice to existing holders of Participating Shares, Issue 
Participating Shares in exchange tor securities. 

(g) Subject to the provisions ol the law, all or any of tee special rights and 
privileges lor tec time being attached to any class ot shares lor the uma 
being issued may (ram time to tune be altered or abrogated with the 
consent in writing of (he holders of not less than three-fourths Of tea ' 
Issued shares ol teat class or with the sanction oi a resolution passed 
ai a separate class meeting ot the holders of such shares. AI such a 
meeting every holder ot tee shares ol the class shall be entitled on a 
poll to one vole for every such share held by him. 

(h) The rights attached to tee Participating Shares shall be deemed to ba 
varied by any variation of the rights attached to shares ot any other * 
class or by tee creation or issue ot any shares other than Management * 
Shares. Nominal Shares or Participating Shares. Subject to this, the 
rights contorted upon tee holders of tee shares of any class issued with . 
preferred or other rights shall not, unless otherwise expressly pro- 
vided, be deemed to bo varied by Ihe creation or issue ol further shares 
ranki ng pan p assu with them. 

(|) Power lor Ihe Fund to require any Participating Shareholder holding 
shares in breach of any law or requirement of any country or govern- 
mental authority or who Is disqualiiied front holding shares to transfer 
such shares or to request their redemption. 


The Articles ol Association contain provisions relating to Direclots (Mara/fa) 
as follows . — 

(1) Any Director may hold any olher office or place of profit under Ihe Fund 
(other than the office o( Auditor) in conjunction with his office of Director * 
on such tennstas to tenure oi office and otherwise as the Directors may 
determine. Any Director may also act in a professional capacity (other 
than as Auditor) and he or his firm shall be entitled to remuneration lor 
sue h services as if h? were not a Director. 

(3) A Director may not normally vote in respect of any contract in which he 1* 
materially interested but shall not be disqualified by his office Irom con- 
tracli ng with trie Fund. 

(3) The Directors shall be entitled to such remuneration as may be voted to 
teem by tee Fund in Genera) Meeting. Such remuneration shall be 
deemed to accrue horn day to day. The Directors may also be paid all 
travelling, hotel and other expenses property incurred by them in attend- 
ing and returning from meetings of Ihe Directors or any committee of Ihe 
Directors or General Meetings ai the Fund, or in connection with live 
business of Ihe Fund. 

(4) The Directors may exercise the powers of Ihe Fund to borrow, but borrow- 
ings of the Fund ana its subsidiaries shall not (except with the consent of 
the Fund in Genera) Meeting) exceed one-half of the -aggregate of tea 
nominal amount ol issued and paid-up share capital and consolidated 
reserves as defined m the Articles ol Association. 

(5) There isnoshare qualification (or Directors. . ; 

(b) There is no age li mttior Directors. 

E. documents available for inspection 

Copies oi the above mentioned report and consent and of the above men- 
Honed contracts have been attached lo Ihe copy of this prospectus delivered to the ! 
Registrar o( Companies in England and Wales lor registration. Further copies 
together with a copy ot Ihe C ompames (Jersey) Laws 1861 to 1968 may Pel nspecled 
during normal business hours on weekdays (Saturdays and Public Holidays 
evceptedl ai the offices of Mouranl. du Feu & Jeune, 16 HillBtreer. SL Heller. Jersey 
and Bischoff &Ca, Ci(y Wall ho use^ 79-63 Ctu swell Street, London, EC 1Y4TJ, 

Dated T8fh October, 1978. 1 



(Incorporated with limited liability in Jersey under the Companies (Jersey) Laws 1861 lo 1968) 

Issue of up !o 49,900,000 Participating Redeemable Preference Shares 
ol one penny each (“PartlcipaUng Shares") at £1 per Participating Share (inclusive ot the Managers* Initial Charge 

of 1±p per Share) payable in full on application. 

Number of Participating 
Shares applied far 

Amount Enclosed 

(3) Joint Applicants (if any) 

Full name in Block Latter 

Address in Block Letters. 

Note: Applications must be for a minimum of 500 Participating Shares. 

To tho Directors. TSB Gilt Fund Limited rThe Company' J 
Dear Sits, 

I/We enclose herewith a eheque/bankers draft for C 

made payable to TSB Gilt Fund Managers (Channel Islands) Limited 
and hereby apply for allotment of the above stated number of Parti- 
pating Shares in the capital of the Company subject to Its Memor- 
andum and Articles of Association and upon the terms of the Com- 
pany's Prospectus dated 18th October, 1978. 

1/We agree to accept the same or any smaller number of Partl- 
patfng Shares in respect of which this application may be accepted, 
and l/wo authorise you to place my/our names on the Register ol 
members of the Company in respect ot the shares allotted lo me/us. 

1/We authorise you to send to me/us a certificate for the number 
of shares in respect of which this application is accepted, and a 
cheque tor any monies returnable by post at my/our risk to the 
address first written below. 

If We declare that tor taxation purposes I am/ we are not resident 
In Jersey. 

Exchange Control Declaration 

l/We hereby declare that I am/we are not resident outside Ihe 
Scheduled Territories (see Note (ill and i am/we are not acquiring 
the above mentioned shares as the rominee(s) or Uuslee(s) ol any 
person(s) resident outside thosa Territories. 

An applicant unable to make ihe above Exchange Control 
declaration may still apply for shares bur must delete the declaration 
and arrange fpr this application to be lodged by an Authorised 
Depositary or an Approved Agent in the Republic of Ireland (see Notes 
(li) and (iiij). 

(1) Putt name of Applicant 
In Block Lath ** 


Addreaatn Block Loltera — . 

Signature , /w « 

(Plana add your TSB brand) addroaa, Bony, and sort coda number) 

(3) Joint Applicants Ufany) 
Full name in Block Letter 

Address in Block LotHsra. 

Signature _ 

(4) Joint Aotificanti hf ami 
Full name in Slock Letters. 
Mri Mrs; Mias 

Ad dress in Slock Letlc rs 

Signature _ 


1. Applica- 
tion No. 

2. No. Of 
shares to be 

3. Amount 
received on 

4. Amount 
payable on 

5. Amount 

C. Cheque 

7. Certificate 

(i) The Scheduled Territories are listed in ihe Bank of England's Notice 
E.C. 1. as amended. At present they compose the United Kingdom, 
the Channel Islands, ihe isle of Man, the Republic of Ireland and 

(ii) Authorised Depositaries and Approved Agents in the Irish Republic 
are dehned respectively in the Bank ot England's Notices E.C. 1 and 
E.C. 8 and include ir.osl banks, stockbrokers and solicitors in tho 
Unned Kingdom, the Channel Islands, ine isle of Man and the 
Republic of Ireland. 

(IH) Payment ol application monies by non-residents, other than 
residents of Rhodesia, should oe made in foreign currency, other 
man Rhodesian currency, or in sterling Irom or eligible tor credit to 
an External account. 

(iv) All joint applicants must sign, A Corporation should affix Ha seal, or 
compete tec application under hand by a duly authorised Officer 
who should stale his representative capacity, 

(v) Payment must be made by cheque or banker's draft made payable 
lo TSB Gill Fund Managers (Channel Islands) Limited and must be 
tent wfth this application so as to arrive not later than iajw a_n, 
on Wednesday, 8th November, 1973 addressed to TSB Gilt Fund 
Limited, do TSB GUI Fund Managers (Channel Islands) Limited. 
Bagatelle Read, Five Oaks, SL Saviour, Jersey, Channel Wands. 





decided tc 
Wilson ft 
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were eon* 
puign agai 
Parly on 
1974 Gem 
The foi 
lowing til* 
affair. Mi 
was, had 
an arches 
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Lady Fr 
Marcia W 
The Pr* 
Sir Haro 
drawn soi 
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did not 
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The Pn 
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Sir Harali 
formal co 
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against i 
council s; 
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lhal ther 
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The Pr. 
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■Vi. s.-. ? ov:; :-'_-**■**. - 

jijancial Times Wednesa^ tOaober ^Z5 ig 1 ^. fj 



Streamlining the 
smaller business 






Portable hobbles 




; ^TWcphoae Hiddf^ 6BilT4 ", 

337125 • : • ! 

INEXORABLY— and quite pro- exclusive use of 

- perly— the- . tendency of the with access to 

- computer makers is to introduce information base, 
machines which will bring large Users nia ^ be working with 

refits to small/ £ 

_ medium companies without the deleting information, or simply 

• need to employ armies c* reviewing it and in all cases will 
computer experts and with wor ^ quite independently, caus- 

- some assurance that employees j D g no interference or conten- 

- and manage i^ alike will get all qqq with other users. 

IEL mf S Uo ", I" practice this means that 

and without nser departments are “le to 

; !“ * d expense. view ^ jn tte way most 

.. . Such ara the aims of IBM's meaningful to the task they have 

latest machine. System 38, to perform: buyers get informa- 
whicb in a typical small instal- tfon about stock levels, prices 

lation with four display and delivery dates of suppliers 

stations, three printers, 512k for example, while sales man- 

stations, three printers, 5.12k agers get order Intake and 

* _* raa * n memory and 129 mega- delivery data; general managers TESDATA has taken a farther to he looked at. 

Whytes of - disc storage can be would get both, and whatever step towards its ultimate aim of MS-108 is an extension to the load of parts -of the system, or per 

- leased on a three J; ea ^ agree- else they need to control opera- being able to offer “ total exlstina facilities detecting Impending overload. 

AVAILABLE off-the-shelf from QotL ' the terminal -.has- 
Texas Instruments, toe Model designed f° r ease '^ e “JJS? 

765 portable bubble-memory' ter- normal business environment, 
minal is a unique method of data with a standard typewmeiMiKe 
entry, editing and sforage 'for -keyboard an “ simple Mignsii- 
cGmmercial applications. ; tanguage commands;. . ■ , .,".1. 

. Because the tennnud*r^ihftg* e- -A* well as : the .cqk; 
netic bubble memory retains data hurting from' the eununanofl^L . . .. 

even when the power is- pitched, extraneous storage jneaia,' r Mo{iBl_.. . 

off, information from a- Variety. 785 . can save AT 'MATERIALS 

of sources can be storey for .as costs 'by batcJt4xansm$si(Mi''at/ : • v .>' 

long as required, and then trans- periods when telephone -rates, are,. 

■ mitted in a single batch over a lower, and • canvecopomise- on > 
normal telephone line using the computer costs - in time-sharing 
built-in acoustic coupler. applications. 

Unlike other methods of data . Using TTs 



This is the latest and largest off-highway truck trains, and Its power unit is a 1,200 hp Ctun- 
bullt by Komatsu. The 132 U.S. ton vehicle nuns turbo-charged dlcseL It has a turning 

. _ „ .. . . . . . „ ^ drcle of 10.33 metres (33.8 ft). Komatsu's UK 

has a diesel electric drive system, similar to distrillIltor j s Komatsu, D. V. J. Tyler, Fadgels 

the one used In Japan’s high-speed “bullet" Lane, Redditch, Worcs. K9S ORT. 

— T , — “Silent TOO” ther- 1 a 

storage such as cassette. Cart- mat-printer technique, the uau..l»S 
ridge, floppy-discs and papeMape bfferv 30 characters per’ see ond - metai >-WORK fNT3 

“ a ‘ “ e ma ^ 8rt prottS^toSSr a ?ri eI ; M a , 

mg .parts and requires no system. r - Sr" ■ 

external storage media. In addi- Texas on 0234 ei466.. 


Solar energy conversion 


Watches over performance 

messages concerned with over- 

positive lu bricab t. when there to 
extreme, pressure between tool ' v^ 
and worfcpiecej has. been? tiiiro-- 
duced by Guardian Battier. 
Lubricants, ..Guardian , House, 82, ;5 '. 
Foxbeiry \RoatL . ' Lrodopa^SBl 

_ (01-592 2582). , _ . * : - ' 

h^™S E * e edg “ ? ** 

efficiencies in the conversion of ^This 8 process yields a long, tovofvhS 

soUr energy to electricity in solar mirror-smooth ribbon free from 
ceii, ^ 

im is for betterthan 15 Unlike other processes costly .. 

' theoretical slicing. laPP^S p 8 "|J . P® 115 ^ 8 Sling amTbreaching 8 to draw- 1 

iK nop mint untK nrnmxKOC are nflt rGQUIT 6 u. . £ °. ■ -- ° re— . ■ ^ ■■ — - 


The claim 


maximum is 22 per cent— witb jwocesses are not requirod. . mg, .^trusibn-and coia“fbffiia^' '• 

silicon dendritic wb, a' singler.. . Early web was typically,. J. cm operations, tha ^h mpiiny ^vg- 

Sa°P *nr£^M I 5Mt m0 A h i*r!«E tl ° DS ' BarS “S ^ -P“ l °? dat f, resourc e management " of com- sequences of signals without To support the event processor silicon uenanuc wen, a single-. ^ Early wen was rmc»iiy,.x.ciu operations. Tbe wmpanyUi 

local S 0D a aeed t0 know puter in5tal [ at, . ons , w, *h Jhe attaching probes to. each device; and display, a new opera'rog crystal -form- of silicon showing Wide and was grown -at 1 em offering working ' samples to 1 

di S b ^ s ‘ w - a “fJ ou . Ilc e“ent of products which channel measurement firmware s >-stem and support softwail high potential for low.-cost per minute rates. Kecehtly. potent^Vuse^. 

S« 3 hiif ^mnnth Changes by one user are im- will in effect allow complete, replaces panel logic techniques, have been announced, mainly so production. 1 widths up to 4 cm were achieved. _ ..... . -i r. a j.-; . 

or rannflo-tl h!v per month mediately available to all the examination of mput-output i n use, the MS-108 is pro- that different sources of perform- Under a Department of Energy But Westinghouse analysis. w V‘ ' \~'- 

. _ oti l ers - ,, . ■ ^“Cf 1011 . of „_ a srammed to look for particular ance data can be handled, and contract administered by the Jet indicates that an area Output rate m PROCESSING ' 

The innovation in System 3S For tbe user, semiconductor transparent box in the events on a channel, to perform then flexibly reported. Propulsion Laboratory (JFL), of 25 sq cm per minute will - be w 

is the control program facility mam memory (which uses W Ik cable. various manipulations on the Tesdata claims that the data Westinghouse has been develop- required for silicon web to meet 

which uses techniques RAM ohips) is indistinguishable To do this the company has signals, and display the informs- processing manager now has tog the technology of growing the cost goal of 50 cents per 

which greatly simplify nroce- -from bulk memory (disc), the introduced tbe MS'lOS channel Uon abstracted. facilities to identify, for planning silicon ribbon for photovoltaic watt. This output' rate is!ex- 

dures for all who use the ‘two interchanging working and event processor which invest!- 'Apart from existing bar chart and operational purposes, things cells. peeled to be achieved in the 

.computer ?n their work, whether program data ail the time. gates the increased or last per- displays that the company offers such as user service levels, cost. The technique used by West- laboratory in 1979. ■ - - . ' 

f or running routine johs or fnr • More about system 38, of formance incurred by a system showing for example, how much and system capacity, correlated inghouse forms silicon into- a Solar photovoltaic cell costs. 

Speeds tie 

la JS t : ( . :• 

inquiries that need a quick which first deliveries are as a result of peripheral activity, of the _ processor. "is engaged in in graphic form with other fat ribbon by drawing -the material not" including other . required 

rtPT 1 7 carl until ovictinn IUVC C(C ’JnxIiniT ur«4k aU. .... ..J .... m _ _ n ' * A f. : _*!■ . _ ' - 


answer. For example, i! controls scheduled for tbe fourth quarter Used with the existing MS SS dealing with the various tors over any period — up to a out of a furnace in" a thin strip, svstem components, have re- COMING INTO ■ i ncrebsiq g' use^ ; *. ^ 

the now of jobs from many of Wi9, from IBM united computer monitormg system and peripherals, Tesdata 1 has now year if need be. The ribbon, or web. is formed: by cently averaged S 12 to . $20 '.per the yK, .where the srale .ofip^;- - 

user;, without operator in ter^ Kingdom, ini Wtgmore Street, additional memory, the new introduced a message ' display More from Hatfield Road, toe solidification of a liquid film watt in the United States, more du °tion often does not warrant-?. .. .. 

vpnuon. si) effectively that each London wlH OAB (01-935 6500). unit allows the mainframe and nnit which can be made to show. Slough, Berkshire (Slough supported between two silicon than 10 times the cost of- elec-' investment in fully - aatnioatt&s: ..C'- ’ -. 

user Will feel that he has GEOFFREY CHARUSH tbe total input-output subsystem - with an audible warning, explicit 71961). filaments called “dendrites" tricity gen era ted -by conveotianaJ wire wrapping^ r '-. 

filaments called 



means. • • ; urats now offered by OK Mac&p'e' 

The scientist in charge of the and Tool (UK) are capable V 
programme is Dr. Daniel JL.Muss. to 500. wraps per hour -on - 

manager of solid-state research automatic basis. - V,,ir vi. 
and development at the Westing- Model WWK 360 for rexaaipfe - 
house Research aiid Development consists of .. three integrand' -: '.. 
Centre. Pittsburgh, Penn a, U.& modules . controller. ; 



This massive truck, towering above its driver, 
is one of a fleet of eighteen working round the 
clock for Derek Crouch Limited. 

. The whole fleet, I i ke other 

plantand machinery 
. oh the site, is insured 
“*•" wjth Norwich Union. 

Derek Crouch 
value the advice 
they get from 
Norwich Union’s 
local engineer David Haines 
(on the right in the picture above) . They 
appreciate dealing with someone 
■who speaks their language; 

someone who knows what makes 
. the wheels go round. 

With Norwich Union 
smaller operators 
^ throughout the United 
Kingdom enjoy justthe 
same friendly contact, 
with experts. 

Whether you are concerned with plant 
and machinery or choosing a profitable life policy, 
this personal approach to insurance is charac- 
teristic of our special way of doing things; 
the Norwich Way. 

table and. wiring bins..; - v;., — 

The machine is contra Ued-jy' : ' 

! T) • ' a paper tape. Tvblcb Tigirts - W. '- s . ; 

1 I ai—HIMlILS ' plays and moves ff poinletJO*^::. - i 

1 m the table, at thesame 'tJmtfeff;^ ' 

ing the operator wtHch' Jeflg^i^T:" 
wire to select from the bins * 

■ taimng preHLTrt lengths: 

A SIMPLE recording” device, are then wrapped' using a-ifflfrfc'' - ■ 
consisting of a. zero to nine key- held wrapping tool, between 'fto’-.- 
. JJad and a liquid crystal display, pios indicated by ' the dismays- " - 
able to keep a close check on the pointer - 

the nature of down-time on A footswltcb is used to^ inch"'- 
production machine^- b^s been th e tape program oh fronr j)De . ; . r 

P ut on tbe market by TDb vrire to the nest, ! altliouglf in' 1 : 

Dextra log. of Blackburn.. thp mndpi tto t- 

1*FXE dJWatedlSTSX' - 

- to keep stop and start times and ead teo ? v^POtfgb - the-- - 

the reason for tbe stoppage (as p w»fp n * ' ’iu*. 
keyed in by the operator in the m Xj5L are “S- ; *?'’■£?' 
form of a stogie digit from one V*?- •' " 

. .- to nine) for up to a week- Time, bodl }j.3. .they; can, be. 

usually from the start of the f tomicompnferwW^_ . . 

shift, is shown on the display. 

I ‘Anyone 

' from "the" store “By’ keying in a ^>e 

Ask your broker 
about us. 








a tlta* company;^ 

- - „ Avehue,-v: Sbtt9amiAdh, 

code, when, for example, total Hants. (0703,38966).. . ; > - 
time Inst ..dOe to material hold : •= ' — * 

up can be displayed. Such V A, Tv •. v- 

access'tbiUly, claims tbe com- ( I pone ’’TiTI' >' >• • •- 

iwny, helps to create confidence 1' 

in the recorder's inipartialtiy. • 

Apart from, making the pro- V 
ductivity concept hipre real "to 

operators, the device can also m z£ . 

improve- technical pe.rforuiance • WHERE THE -^teed " Arises — 
of machines, give better use . of rieaa_the. leads of. ^eetoMue and- ' ■ 
people 'nnd cut information ' electrical coraponents t^ Riititi 
collection costs. model RT2 pui^ose-buitt unit ^ 

More from Hillside. Whitebirk available., from; ■'Eraser'-’ -biter- 
Estate, Blackburn, Lancsr (0254 national 2 Hamptoo; '; Court 
582244); . ’> Parade. East Molesey, 5prreyr(0I- • - 

979 si4i >. ; : 

Tbe machine “was .originally 
developed Tor - wife r stripping 
• applications in ; the motofLnjaiut - t ; 
* facturing industry Imt tos iw'* 

been found useful for ; re«ovuw : - 
storage oxide Jayers ," br ' paint .. . 

- from items' such as resirtors'arUT f 

capacitors- - provided _ tout -?-tbe • 
correct grade or clean Fhg^Vfheri - - 

. . _ , the is used. .. . . . I..-/. 

market by b.urjatest and made in Able to process 2,000 pieces ah* 

Germany by Elektro-Pliysik, is hour, toe machinewilKdeal ^ita:..: 
suitable for the- measurement oF most wire diameters ' up- fo 
almost all types of eiociro-plated 0-35 mm, cieanrag the leads hr 
uoaltogs. • within 2.5 mm of the body. Cleafl^ 

The mstrumeot .uses 3 small in?T ariinrv ic irlq IpintlAnqT Kndt 





, .. small- inq- action is. via frictionaT.'bbirt . 

cell to remoy^-lhe coating over a and abrasion generated by a pair '• 
small . area by electrolysis, based . of contra-rotating fibreglass conk' -• 
on the- knowir relationship pouoded wheels • - 

l^c tween the detached a mount of . , 

metal and the- quantity of elec- ■ ’ V 

rricity passed. Final point of the 0 SAFETY 

process. Is pin-pointed by a Jump- . . v ; . . 

! jp potential of tbe electrolysis. r T 1 « ■ _■ 1 

Cells are suppUed for coatings I ailK lPVPiS 
[between 0.5 and 75 microns, and r 

1 for 0,05 to 0.75 microns. Diameter 
of the removed, spot does not 

exceed 3.2 mm. Accuracy of the . ...... 

reading, which appears on a four LAUNCHED hv 
digit- display,- -is 5 per cenL . rontmisfe » ' 


MoW treASurtatest. 10 Plane- 

tratvIHriC-IIAlA Altrincham. S5Li.gjBg *gS- 

WA-K an; rom non !rf_ and >KT -dispFay : which will 

' Cheshire WATS 


SJL (OBI 980 



, Sivq.-an. instaiit. measureiment of . 
the levels and ; tefftpeiiature® -to 
• U P - to- 24 storage tanki.',. 

Tank information, from the. 
sensors is- SerJAliSea' intd tW.' 
rec^rying -displa jr- v terrrtiiral using 
a digital . transmission 'system? 
-emplojri ngv the ^appropriate Post 
OHice moden) remote sensors'eatt- 

-b e co nne rted over . pbpiie'ii^f 

ONE. OF this cono try's leading necessary. ■ ■ : .‘:.u 

suppliers of Computerised photo* - . Tank . data'. aCq Hite* 
typesetting: - equlpniem- to. the sequentially ta -raddmn^v- 
newspaper,-printin|t' and- publish- memory and. cbmpbi^ii wlffil 
iog industries^ M; Hl- Whittaker and ■ icrw aTarm\«;ef-'Miafcsw! 
and Son of- wethetby. West are kept In ready^fr tomm 
Yorkshire, has .just' gpnetotn > A complete ^aJann ^tinrJsii 
completely new area of opera- ™d«d. Showing- any 
lion. ,- — ajarm condition. ' The .’alarittc 

U has entered ■; the dry- 1'mits may he listed and modif 
transfer lettering film market as Bed by the keyboard and the nev£ •; a: 
UK.difiaibnthrftr the American valuer will be stored in theRAMif •: 
dryipiraorier. product, Trausf/r;- Alarms are - presented on this 1 
tecb:‘.’ r ?ach dicet. -offers' -tip' to top tme of the display and wilt ■ • 

50 percent more characters than Rash complete with audible 1 
a single sheet from a competitor, alarm until accepiefi by the kev. - 
says : Jhe. .company. -aiid is . not hp«»*d. TBe- tank data niav 'hV 
pronp to accidental rub-off... . divided' 

Said- offer •' more . typefaces 
than- ah# other dry tramifer .let- 
teitiKJ.Slystemsi it also offers^ 
many more: typefaces in white 
whTdiT-^P^ the company; is" data; 1 .'a farin' \ 
very'/ptUcbTiKire opaque than the- tankage and'pppiiiict-'TiiirrMrt 
whrfc Of: any of-its competitore. bc-prmt^cl Wt taT 30 
AfiSjgnifibant advantage is Utet perTspcond. :-h- iir-^so 
th^eamer Sheet d&es not bcml'-td' rornioctscvcVql vrijeo inon! 
nr.'tfiaiort; .'nor: dofs -it pick up, to.; give ~disptays'>at - otteS- 1 ) 
luosei dust :i>r. .foreign- matter. ".a 'tiiin*: .* 1 :.- j-f'". -. 

property ; which is extremely. im- ; Wore:' abmii . 


.h -t:: 


■ ... '. 1 . %v-.V' 

1 Sl. H N- 
- ^ 
w, * 


The consumer affairs gamekeeper 
operating in a new estate 


r.'.s >fiF 
ra tt« r;^ 



I Bill ah Conran nm Slock and Mba> Fud tatamstl 

UK DiAnary Sham-49 J 

37 - 

Oiemi kmtiiimiis •K'L—Sb-j 

• j 

Proprtli*? • ? !{>>' 

Ck*> tie -Jr ■ - \ ^ 

What to say and how to 
put the message over 

THE RECENT decision of John 
Timpson. managing director of 
the William Timpson shoe shop 
chain, to . appoint Colin Adam- 
son as consumer affairs 
manager marks an important 
innovation for the UK retail 
trade, it also emphasises the 
company’s continuing attempts 
to come to grips with the 
growing number of cusrnmer 
complaints, while warding off 
the attentions of the Price 



BSSHjOYERS are now paying 
out considerable sums to pro- 
vide their employees with 

adequate pensions and lump 

St*., , ■ nm benefits. Between 15 and 
j . per cent of payroll to cover 
* v j)[the cost of the benefits is not 
.uncommon these days. Yet the 
* * : 4 pp^emiiloyer is not likely to get 
•'fithanks for his efforts unless he 

^thanks for his efforts unless be 
tells his employees what is 
happening. The role of com- 
munications is a vital one in 
pension scheme arrangements. 

In any communications exer- 
cise. there are two factors to 
be considered— what to tell and 
low to tell it Pensions com- 
. munication is particularly 
difficult because the subject in 
general raises' little or no 
interest among employees until 
retirement Is imminent 

So employees need to be told 
those facts about the pension 
scheme that are likely to 
interest them; and the informa- 
tion needs to be told in a 
manner that is easily under- 
stood. It is therefore advisable 
to consult with employees at 
all stages of the communica- 
tions exercise to find out their 
wishes in this field. 

Information can be con- 
sidered under two headings— 
individual benefits and general 
details of the pension fund. 
Host employees want to know 
how they stand at present in 
the fund— what their pension 
is likely to be on current salary 
levels and, perhaps more 
important, what their spouses 
would receive if they died dur- 
ing the next 12 months. This 
kind of information is provided 
on an individual benefit state- 



ment, which can be similar to 
a salary statement 
Most, if not aU.-life companies 
will provide benefit statements 
for those companies which have 
pension schemes with them. 
But in order to keep down costs 
the format is usually a standard 
one. If an employer wishes to 
have his own particular type of 
statement, then he.wiXL have to 
pay for it Some self-adminis- 
tered funds have gone to great 
lengths to ascertain the 
members’ wishes and bow often 
they want benefit ^statements. 
Some companies have dis- 
covered that employees are not 
interested in annual benefit 
statements. All they want is 
the right to ask for one when 
they so desire. 

What do employees want to 
know about the pension fund 
itself, in particular on the in- 
vestment holdings and policy? 
Here views, can be widely 
divergent Pension fund invest- 
ment can be extremely complex, 
with varying proportions of the 
assets held in equities, property 
and fixed-interest securities. . It 
is all too easy to- swamp 
employees with information. 

It is probably advisable tocon- 
fine the information ’to ! "the 
barest of details ‘and '.find .out 

from employees whether they 
want more information. Presen- 
tation is all important Possibly 
the most useful form is a flow 
diagram showing the various 
sources of income and the ways 
in which it was paid out in 
claims and invested. Such an 
approach fulfils the trustees' 

Some employers with a well 
established pensions organisa- 
tion. have produced their own 
pensions booklet to explain the 
scheme; and they have 
done a good job. ..But 
communications is a job for the 
expert. Mr. Derek Bandey, of 
Metropolitan Pensions Associ- 
ation, and current president of 
the Society of Pensions Consult- 
ants, regards communications as 
one of the most important and 
vital functions of pensions 
administration; he feels that a 
professional approach is needed. 

Most leading pension consult- 
ants and consulting actuaries 
have acquired the necessary 
expertise, often from outside 
their own organisations, and 
have used professionals for the, 
production of the annual book-j 
lets. Some public relations firms 
are also now entering this field. 

MPA, in its latest booklet for 
clients on communications, 
warns against too many people 
being involved in the produc- 
tion; the end result could be a 
camel instead of a horse. With 
the growing involvement of 
employees on trustee boards, 
this. is a very real danger, since 
everyone wants to get in on 
the act A small subcommittee 
is probably the answer. 

Eric Short 

Mr. Adamson, a 34-year-old 
bachelor, was recruited in his 
new Manchester-based job after 
ten years in the consumer 
movement, including six with 
the Consumers’ Association and 
most recently in the Consumer 
Affairs division of the Office of 
Fair Trading. He prefers to 
think of himself as a “game- 
keeper in another estate” 
rather than “poacher turned 
gamekeeper” although his 
appointment “from the other 
side ” is something of a radical 
departure from usual company 
practice of appointing consumer 
affairs staff from within the 
company itself. 

Apart from his brief from 
John Timpson to be “outspoken 
in airing customers’ criticisms ” 
nf the company it is the timing 
of his appointment which is 
particularly significant 

Although William Timpson. a 

subsidiary of the UDS Group 
and the second largest UK shoe 
retailer with about 5 per cent 
of the- market, was the first in 
the industry to introduce a 
Code of Practice in 1075. the 
retail industry as a whole is 
one of the prime targets for 
criticism from the consumer 

In August the Office of Fair 
Trading issued a report claiming 
that one in five shoe distributors 
was failing to observe the pro- 
vision for independent examina- 
tion of “ faulty " f netware which 
is part of the industry's own 
two-year-old code of practice. 
The report also said that 
customer complaints rose from 
22,302 in 1975 to 29.961 last year. 

On the day following publi- 
cation Roy Hattersiey. Prices 
Secretary, acting on a Price 
Commission report published in 
June, offered the foolware 
retailers the choice of cutting 
profit margins by 2 per cent or 
agreeing to help reduce .shoe 
imports, protect jobs and, signi- 
ficantly. improve service to the 

John Timpson had been in- 
strumental in pressing Mr. 
Hattersiey for the alternative to 
profit, restrictions and his com- 
pany was one of the first to 
accept it- 

Although Mr. Adamson’s ap- 
pointment bad been considered 
within the company before the 
discussions with Mr. Hattersiey, 

John Timpson: getting to grips 
with consumer complaints. 

it can be seen as a clear state- 
ment of intent His job repre- 
sents far more than a public 
relations exercise. 

Mr. Adamson is acutely aware 
of the challenge facing him. He 
sees his role within the com- 
pany as one of observation and 
direct intervention where nces- 

The concept of a consumer 
affairs manager appointed from 
outside a company’s own ranks 
has been imported from the 
U.S. where a number c r com- 
panies have successfully fol- 
lowed this course. 

Mr. Adamson is confident 
that be can adapt himself to 

the demands of a private com- 
pany rather than the vaguer 
objectives of the consumer 
organisation bureaucracy. He 
sees himself muring into the 
" sharp end ” of the retailer/ 
customer relationship and will 
answer directly to John Timp- 

He said: “ I am there to lift 
up people's eyes within the com- 
pany and to keep the pressure 
on emphasising consumer 

In fact the company already 
had a clearly defined consumer 
policy, the most recent addition 
to which was the publication nf 
a “Children's Charter*’ laying 
down company policy on child- 
ren's shoes. What Mr. Adamson 
does not want to become is a 
substitute for the company's 
existing complaints system. At 
present the "front line" in the 
system — the shop managers — 
receive about 2,300 pairs of 
shoes back from customers each 
week, about three per cent of 
the total number of r 'io's sold. 
Of these about 80 complaints 
are forwarded for consideration 
at head office, and if necessary 
sent on for independent testing. 
Mr. Adamson intends to ap- 
proach his new job by first 
examining these complaints, 
meeting store managers and 
customers and ’ • keeping up 
contacts with the consumer 
movement. At least initially his 
success will be measured 
against the cash refunded to 

customers following complaints 
although in the longer term the 
company will wish to see quali- 
tative Improvements in custom- 
er relations and customer satis- 

He recognises that to do his 
job properly there will be times 
when be will come into conflict 
with the company's existing 
management structure and 
there may be occasions when 
the ethics of consumer interest 
and marketing are counter- 


However, the company 
believes that in the long-term 
its market share is likely to 
increase if the customer fs 
satisfied. Where Mr. Adamson's 
function takes him into sensi- 
tive areas, like staffing or poor 
products, he has the authority 
to intervene directly or through 
the existing company 

The final measure of Mr. 
Adamson’s success, and the 
success of the creation of his 
position, will be reflected in 
William Timpson 's turnover and 
market share. 

The shoe retail industry is 
keeping a close watch on Mr. 
Adamson's progress. If he 
succeeds where others have 
failed the consumer affairs 
manager, or even director, 
could become a permanent 
feature of other shoe retailers. 



Rent payment 
on account 

Foryeais people in the seed business- . insurance broking groups in the world, 
had no protection if the seed sold failed - And that approach g oes beyond 
to deliver the expected crop. -* insurance broking. For Hogg Robinson • 

If you sold barley seed and tomatoes is also deeply involved in pensions, 
came up, or the seed failed to germinate, underwriting, travel, freight, packing and 
you could have a lawsuit on your hands shipping. 

with no insurance to cover you. The buyer If you would like to knowmore about 

of your seeds may lose a whole season our services, please write or phone, 

and a very substantial payroll along . /7GTV Hogg Robinson, Lloyds 
with his profit vt/y y Chambers, 9-13 Crutched Friars , 

I have a lessee In an old 
works, of whieh a further part 
became vacant some time ago. 
1 allowed him by word of 
mouth to use this part cn the 
nod ersta riding that later we 
would came to terms. He paid 
a small rent, and I then much 
Improved the premises, bnt 1 
cannot get him to pay any 
more and have now served him 
notice to quit the extension. 
Shall I accept any rent offered 
as merely paid on account of 
any new rent agreed between 
ns, or shall I accept none? 
Can I only apply to the Court 
to fix an interim rent since 
September I. 1977, when I 
proposed a new rent to him, 
only after the expiry of the 
notice to qnit? 

rent to be determined, you can 
accept rent at the old rate. You 
need not refuse rent at all; but 
payments made in respect of any 
period after the date of an appli- 
cation for interim rent sbouid be 
accepted on acconnt only. You 
can and should make an appli- 
cation made in the County Court 
under Section 24A of tbe Land- 
lord and Tenant Act 1954. This 
can be made at any time after 
service of the Section 25 notice 
and should therefore be made 

Sales award 
ih shares 

As you cannot obtain rent at a 
hieher rate than that which the 
tenant paid in the past until an 
application is made for interim 

I am employed by a UK sub- 
sldtpry . of s a. U.S. corporation 
and" have -won a sales award of 
shares plus cash. I am advised 
to declare the total cash value 
in my > ax return for 1978-79. Is 
there a-ty way of avoiding a 
capital gains tax liability? 
Original!) the award was net hut 
as the firnn realise the) 1 would 
have to- p: y fax at higher rates. 

I am no v told this Is my 
liability. Is there anything I 
can do to reduce this? Would 
exchanging the cash award for 
shares help? 

For capital gains tax purposes, 
the shares are deemed to have 
been acquired at market value 
(by virtue of section 22(4Ub) 
of the Finance Act 1965); they 
will never be free of capital 
gains tax — unless you cease to 
be ordinarily resident in the 
U.K., and dispose of them when 
you are not resident here. The 
market value will reflect the 
dollar premium if the shares are 
premium-worthy— which seems 
unlikely, but presumably you 
have checked this point with 
your bank or your employers. 

There would be no intrinsic 
tax advantage in electing to take 
shares in lieu of cash (assuming 
that this is permissible under 
exchange control regulations, 
which presumably you have 

Strictly, the award is assessable 
for the period in which it was 
earned. However, if you have 
not hitherto been assessed on thf> 

earnings basis, the inspector may 
be content to let it remain 
assessable for the year in which 
it was made — if that suits you. 

No preference 
yield here 

Valid notices 
to quit 

Under “ No preference yield 
here " (Easiness Problems, 
July 19) the questioner referred 
to a cash balance in the consoli- 
dated balance sheet of a com- 
pany in which lie was a cumula- 
tive preference shareholder and 
queried whether any payment 
could be made from such a 
balance. While 1 understand 
that, legally, be -would only have 
a right to a share ’ of declared 
profits, could hof a dividend be 
paid from reserves? 

We agree that a dividend could 
be paid from reserves: but the 
questioner could not require the 
company to -do that. The' ques- 
tion was directed to what a 
preference shareholder might 
claim as his entitlement. 

I gave notice to quit a 
furnished bedsitter as per the 
copy 1 am sending yon. Will 
this do? Can I now file the 
necessary papers for eviction 
with the County Court? 

The “ notice to quit " which you 
have served appears to us to he 
invalid. You sbouid serve a fresh 
notice to quit giving at least one 
calendar month’s notice to expire 
on a rent day. that is, November 
1, 1978. “or other the day on 
which shall expire one calendar 
month of your tenancy after the 
service of this notice on you.” 
You can then commence proceed- 
ings in the County Court. You 
would be wise to consult a 

No legal responsibility can be 
accepted by the Financial Times 
for the answers given in these 
columns. All Inquiries will be 
answered by post as soon as 

That's where Hogg Hofainson came uruv' I London EC3N 2JS. 

in. Our Seedsmen^ Errors and CA) Tel: 01-7 0575. 

Omissions policy provided coverage in KSJ'fiSSNsLJnt V (Howard Parsons) 
afield where before none existed. The international insurance qroup. 

Tnatis one example of the way; Hogg 
Robinson operate -shaping insurance to 
the specific needs of our clients. 

And is only one example ofthat * 

investigative and creative * W 

approach which has helped 
make us one of the biggest 





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In Multinationals, Brunei Uni- 
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Middle East Business Strate- 
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November 13-17 at Ecdeston 
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VAT. Details from PMC 
Executive Training and Develop- 
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Pay Policy. TPM. November 
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members, £285.12 non-members. 
Details from TPM. Central 
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Applied Creativity. Brunei 
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Managing Staff In the Bank. 
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December 3-S. Fee £360 plus 
VAT. A residential course. 
Details from Noel Alexander 
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Principles and Practice of 
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Details from University of 
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Bradford, BD9 4JU. 

Word Processing: Introduc- 
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November 27; Fee. £60. Details 
from Management Studies 
Centre. 51a, George Street 
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There are other 
fish to fry 


Financial Times Wednesday October 25 1ST? 

A panegyric on muck and melons 

IT LOOKS as though an end to 
the Ions fisheries dispute 
between Britain and its EEC 
partners is in sight. The way 
to the solution is at least as 
interesting as the solution itself. 
■ Last week in Bonn Mr. John 
Sllkin. UK Minister for 
Agriculture and Fisheries, and 
Herr Josef Ertl, his West 
German counterpart, agreed not 
to let their differences over a 
common policy for EEC fisheries 
stand in the way of a settlement 
any longer. They predicted an 
agreement by the end of next 

Both insisted that they bad 
not moved an inch from their 
-previous bargaining positions. 
If this is the case, the inescap- 
able conclusion is that the whole 
thing could have been settled 
last January. Though British 
demands, have hardened since 
then, the other eight EEC 
members have not budged. So 
why has it taken them so long? 

Poll factor 

: The delay, plainly, has had a 
lot to do with the possibility of 
a British General Election. 
Postponement of the election 
until next year is the biggest 
single factor behind the new 
rapprocheraent. Mr. Silkin 
publicly admitted as much in 

He will doubtless claim that a 
settlement is possible now be- 
cause the others realise they 
have a strong Government to 
contend with.* They will no 
donbt claim that he no longer 
needs to think quite so hard 
about the nine marginal seats 
attached to fishing constituen- 
cies. But this sort of points- 
senring is irrelevant. 

Both Mr. Callaghan and Herr 
Helmut Schmidt, the West 
German Chancellor have publicly 
committed themselves to a 
settlement before the EEC sum- 
mit in December, the implica- 
tion being that this is all that 
was required. That says quite a 
bit about how the EEC works. 

Denmark. whose fishing 
interests far outweigh those of 
Britain and Germany, does not 
appear to have been consulted 
yet. Nor does the EEC Com- 
mission, whose belated decision 
to start up procedures which 
might, in tbe end. put Britain in 
court over unilateral fisheries 
measures was something of a 
damp south offstage 

The Commission has. In fact, 
been left standing on the side- 
lines. during much of the 
fisheries debate, as it was when 
Herr Schmidt and President 
Giscard d’Estaing decided to go 

ahead with the European 
monetary system. 

Presumably the important, and 
the noc-quite-so important, 
decisions stiU have to be taken 
bilaterally. And although tbe 
Commission is flexible enough to 
provide for plenty of bilateral 
negotiations under its aegis, 
some EEC members still prefer 
to go off and sort things out on 
their own. IF they have enough 
political weight behind them, it 
seems, the others will fall into 
line sooner or later. 

So. after a year of negotiation 
and a year of stalling, it looks as 
though we are going to get a 
common fiesheries policy, it will 
probably look quite a lot like 
that proposed by the Commission 
almost a year ago. 

There may be some small 
quota adjustments, marginally 
stricter conservation rules, and a 
face-saving formula to give 
Britain de facto control over fish- 
ing it is 50-mile coastal belt and 
rights to most of the fish in it, 
without bending the Community 
rules too blatantly, it will be 
quite a good deal for Britain, 
though probably no better than: 
was tacitly on offer a year ago. I 

There are still differences to 
be ironed out — problems of: 
wording, possibly ruffled feathers 
to be smoothed among the EEC 
states with fishing industries 
which were not consulted. Some 
British trawlermen still have to 
be convinced that this is the beet 
they can hope for. though others 
have known it for some time. 

would he proud to have grown 
and eaten one of bis own 
melons. If gardening seems to 
you to be a repetitive battle 
against weeds, think what a 
melon would do for your self- 
confidence. It . is an ambition 
with a long history. Looking 
back across two centuries to 
Gilbert White. that great 
Hampshire naturalist, and his 
diary' of his garden. I find that 
his Octobers are steeped in the 
picking and problems of his 
home-grown melons. There 
seems to have been little time 
to think of anything else. The 
round began in spring. March 
the 16th 1756, far instance: 
‘•carted 15 good Dung-carts of 
hot dung for tbe melon-bed. 
nine of our own dung and six 
of good Farmer Parsons's." Or 
March 14, 1757: “made a melon 
paper-house," to hold the heat, 
I assume, for the seedbags. 
"8 ft long and S ft wide, to be 
covered with the best writing- 
paper.” Every mid-March he is 
busy with sowings of the 
Cantaloupe Melon, potting up 
seeds which have often been 
hand-picked in friends’ own 
melon-pits. October, then, 
would see the late fruits, 
though autumn 1757 was so 
mild that he "culled the last 
Canteloupe.” amazingly, on 

Boxing Day. In October, 
"cantaloupes come in apace: 
very high-flavoured and weighty 
for their size while their coats 
are black and embossed,’* like 
a lord in waiting. How dull, 
then, that my October is given 
up to picking the piles of sour 
apples which fall so thickly 
over the lawn. 

If you xrow the tender sorts 
nf cucumber, you can grow a 
melon . without too much 
trouble. One simple approach 
is to rest content with the new 
crosses between melons and the 
obliging South African 

squashes. Thompson and 
Morgan of Ipswich will sell you 
seeds of their T and M Melon- 
Squash. a fine Dew fruit if yon 
can persuade It to germinate. It 
has to begin in heat of SO F. 
best contrived in an airing- 
cupboard or a smell seed- 
raising bos with electric heat- 
ing. After that, it wiij grow like 
bindweed and fruit heavily in 
warm rich soil in a frame or 
summer greenhouse.- I recom- 
mend tbe flavour, like a sweet 
small melon, .curving in shape 
but orange in the flesh. In its 
first public season, reports of 
it have all been good. You only 
need four or five plants. Be 
sure to pick the fruit while 
still green and store' it in a 
warm cupboard, up to 70 F, 
indoors. It will keep for 

months, chang in g to an edible 
orange colour after ten weeks 
or so. 

Among trne melons, Thompson 
and Morgan now offer you the 
delicious Israeli variety, sold 'as 
Ha-Ogen. At 29p a packet, 
London shoppers will consider 
tbe seed a fine bargain: you 
ought to end up with at least 
three fruits on each plant. The 
Charantais variety sounds 
tempting, but be warned that 

airing cupboard for most 
parsimonious gardeners. Melon- 
seed. -however, must- not .be 
allowed to dry out Try a welt 
soaked peaty compost and if 
your laundry permits, keep the 
air damp by spraying. Give the 
pot the daylight as soon as it 
pokes out its leaves. Keep it 
warm until you have four 
leaves, ho easy task in' a frosty 
April. Then, move it to . a 



the new hybrid Resistant Joy 
is now a better buy. It resists 
the mildew which is the curse 
of most other varieties and is 
said, too, to be unreceptive to 
allied forms of wilt. If you still 
want an older sort, you cannot 
improve on Hereof Loeklnge. 
Available from, . say. Gees of 
Biggleswade, it was selected a 
century ago in my great-grand- 
father's kitchen garden where 
it still filled a greenhouse a few 
years ago. 

How, though, to grow the- 
wretched tilings? You most 
start tbe seeds off in March 
indoors in a hot, even tempera- 
ture. Nowadays, that means the 

High hopes for stable mates 

Loose ends 

But this is not expected to take 
more thaa a few weeks. After 
which the Commission can set 
about tidying up the loose ends 
of arrangements with third coun- 
tries and putting an end to tbe 
enthusiastic over-fishing which 
was bound to result while there 
was no regime. Over-fishing by 
Britons, let it be added, as well 
as by Danes. French and Dutch- 

Tbe signing of an agreement 
should make for slightly more 
cordial relations between Britain 
and tbe others. Not that fisheries 
policy was ever a big enough 
issue to cause a fundamental 

Some British ministers have 
not yet conceded defeat in the 
debate on British entry to tbe 
EEC. and their "anti-European" 
intransigence on points such as 
fisheries or energy policy gives 
ammunition to EEC governments 
opposing them in other areas. 
But who knows, now there is to 
be no 1978 election perhaps Mr. 
Benn. too. will be feeling 
inagnammons. . . . 

GAVIN HUNTER, who had the 
misfortune to lose that fine 
stayer, Shangamuzo, at the end 
of last season, will be as busy 
as anyone this afternoon, about 
3.40. At that time. Silver Bazaar 
Ls due to line up for him in 
Sandown's Oxshott Nursery, 
while just three or four minutes 
later the two-year-old's year 
older stable-mate. Monsoon, 
ought to be going to post for the 



Ellerby Stakes, some 200 miles 
further north at Redcar. 

Both appear to have bright 
prospects of scoring for their 
East Ilslev handler. 

Silver Bazaar, a compact colt 
by Lord Gayle out of tbe Runny- 
mede mare. MisacrioIIa, a win- 
ner in France as a three-year- 
old. gained a well deserved first 
success at Brighton Iasi time 
out after several useful efforts. 
There. Silver Bazaar, reverting 
to the minimum trip after a 
slighly disappointing run over 
six f u r Ion gs. was no t bard 
pressed :o beat Chinese Rung Fu 
and six others, after travelling 
well throughout. Although it is 
difficult to accurately judge the 

value of that form, since Peter 
Supples nioner-np is not the 
most consistent of two-year-olds. 
Sliver Bazaar could do little 
more than oblige with a good 
late turn of foot He does nor 
appear overburdened with 8 
stone 7 lbs. 

If Silver Bazaar fails to follow 
up here. 1 expect Dynamic 
Mistress to be tbe cause. Derek 
Kent's ' course and distance 
scorer, whose best performance 
almost certainly came ;«t 
Windsor in July where she ran 
tbe odds on Pessu to a length in 
a minor event, has won both 
here and at Salisbury over the 
minimum trip. 

1.30— Mormon’s Way 
2.00— Gilt 
2.35 — Northleacb 

3.10 — Robust 
3.40— Silver Bazaar . 

4.10— Wale 


3.15— Hedge School 

Because un accurate list of 
runners is unobtainable, the 
above have not been confirmed 
as definite starters. 

The Tote, which has come up 
with, almost certainly, near com- 
plete anti-post lists far the big 
Cheltenham races, reports con- 

siderable interest in Gay Spartan 
for the Piper Champagne Gold 
Cup, and in Monksfield. for the 
Waterford Crystal Champion 
Hurdle. Monksfield remains a 
4-1 chance to retain his title in 
tiie champion hurdle, but Tony 
Dickinson’s Gay Spartan has 
been clipped by five points to 
20-1 for the Gold Cup. 

The Tote bets 4-1 Monksfield. 
9-2 Sea Pigeon, 14-1 Mr. Kildare, 
and 16-1 Beacon Light, Con- 
naught Ranger and Rodman for 
the Hurdle; while going 5-2 
Midnight Court and 12-1 
Batchelors Hall, and Jack of 
Trumps for the Chase. 

Police choose 
BMW bikes 

ALL BUT TWO of Britain's 
police forces have West German- 
made motorcycles, says Mr. Tony 
HMJe. managing director of BMW 
Concessionaires GB. 

He told a motor show function 
that BMW sold 1.400 motorcycles 
in the UK last year, and sales 
this year were already above the 
2.400 mark. This made Britain 
the largest market in the world 
per head for BMW superbikes. 

Sales of BMW cars were up 
IS per cent this year compared: 
with last vear- 

Here, old Gilbert White had 
the right idea. Melons revel in 
muck, especially hot, rotting 
muck. Edwardian frnit-houses 
grew melons as never before or 
since in private gardens: their 
method was quite simple. Rot- 
ting manure was piled up. 
caught while still fresh enough 
to heat as it decomposed. A 
mound some three feet deep 
would then : be topped by a 
layer of. meadow turves, cut 
with the topsoil heavy oa them 
and laid grass downwards on 
the muckup. A small mound of 
soil would then be piled up at 
three foot intervals along the 
surface of upturned tnrf. Into 



CC— These theatres accaor certain eraivt 
cants hr telephone or u the box Other. 


COLISEUM. Credit cards 01-240 52SB. 
Reservations 01-336 3161. 

Ton't 7.30 lotaMbc. Tomor. & Sax. 7.30 
The Tates of HotmaiRL Frt- & Tue. next 
7-00 Don Carlos. 104 balcony seats avail. 
for a» perf s. from 10.0 on Oar of pert. 

COVENT GARDEN. cc! 240 1066. 
(Gardenchii-oo Credit Cards B36 6903.) 

Ton't & TotflDr. 7.3D The Slceohn 
Beauty. Frt. 6 Mon. 7.30 TriaimiTi a 
M onth Tj the Country. Facade. Sal 7-20 
Mavertlns. 65 Airphl' seats trail. for 
attpertsirom 70 am on Oir of perf. 

Ave. EC1. 837 1672. ' 1 

Ffnat ntrli. Ton't & Frt. 7.30 Roulnl’s 
CINDERELLA. "A . M«am rf 

musical fireworks. Tins. Tomor. A Sat. 
Hanze's vaudeville LA CUBAN A. Cheap 
seats available dav ot performance. 

this, you stuck your melon 
plants and covered it with the 
usual glass light of an ordinary 
unh earted frame. By mid-May. 
the sun would suffice to keep 
the rotting manure at a 
heat of around 70F. The 
gardener would experiment 
with ventilation, adjusting the 
frames on top until the tempera- 
ture ■ was roughly correct. If 
frost threatened, mats or 
blankets were thrown over the 
frame in the evening. Through- 
out the summer, the bed would 
be watered heavily. Each plant 
would be limited to three or 
four shoots, all side-growth 
being cut out at once. These 
would be fanned out over the 
upturned turf. Flowers would 
soon follow and await hand- 
pollination. Except on the new 
FI Hybrids, you must cut a male 
flower, roll bade tiie flower to 
expose the stamens and'ram him 
into a female and her stigma; 
preferably at noon. Mad dogs 
and melons go oat in the mid- 
day sun, nowadays. Unless you 
bring the sexes together, the 
older varieties will bear no 

When the frui ts swell on some 
or all of tbe happy couples, 
choose four on each plant and 
pull off any others. Stop each 
fruiting -stem by pinching It 
out at the leaves above the fruit 
Keep up the water until their 

cirinc begin to crack and show 
that they can sweQ no more. 
Stop, then, at once. 

• if yon can contrive turf and 
hot manure, your , results will 
be excellent Otherwise, lay on 
as rich a soil as possible, well 
laced with boneraeal and 
manure. You do not need a 
greenhouse, but you must play 
safe and use a plain cold frame 
unless .you meet a year like 
1976. ■ 

All tbe experts insist on te 
Importance of water. Success, 
in my experience, does indeed 
depend, on it. I am amused, 
then, by Gilbert White's final 
word on the subject. u It is to 
be observed,” noted this sharp- 
eyed. naturalist, til at melon- 
plants in narrow and shallow 
beds excelled those in deep and 
wide. settings. The soil, indeed, 
was. strong, but melons in a 
deep home were liable, he 
thought, to catch a mould 
because they drew up too much 
moisture. In cramped boxes, 
they were healthier. The paint 
defies all the usual principles 
and for once, I disbelieve him. 
His melons, I suspect, were 
simply catching mildew.- quite 
apart ■ from their dampness or 
dryness. On this delicious 
subject; even the keenest of 
observers has let his eye run 
away with his reason. 


A DELPHI THEATRE. CC. 01-836 7611. 
R*tfpecd Pnce Preview* Oct. 31 to Nov. 
B at 7 JO. Also Sat. No. 4 at 4.00 on. 

Art Enchanting Ntw Min ml 
Credit C ard Bookings 01-836 761 1 . 

A H*E R V. aS6 M7B. CC MBS. 836 1071-3 
trenj s.30 am. Party rates Mm.. Tow.. 
Wed. ano Fn. 7.45 pm. Thm. and Sat. 
4.30 and 9.00. 


•*<» ecnr-MUop am GILLIAN burns. 
THROUGH 1979. 

ALDWTCH. 836 6404. Info. 836 S332. 
In repertoire. Tonight. Thin*. 7J0. 
Tamar. 2.00 A 7T30. Middleton « 
Rowley's THE CHANGELING, sets Tlw 
??!?? aWw**. Times. Win: AS YOU 
LIRE IT (next perl. Frl.) RSC also -at 
THE WAREHOUSE (sec- tinder Wl. . 


MAYFAIR. 829 3036. Eva. SUM. Sat 
5 Jo and BJO. Wed. Mats. 3.00 - 
"A deftaht." Gan. Join US Nov. 9 .tor 
the 25th Anniversary Party. Stavr-Boffet 
Wine CIO. 

(Open Stage): Tonight 7.30. Tomorrow 

LYTTELTON {prescenlom stage): Ton't 
7.45 PLUNDER bv Ben Tray*-*. Tomor. 
7. 45 The Philanderer. 

COTTTSLOE (small auditorium): Frt. at 8 
New work by Keith Dewuurst: a free 
adaptation of Christopher Hill's book, 
ipertiaps not suitable for children). 

Many excellent cheap seats all 3 theatres 
day of pert. Car park. Restaurant 978 
2033. Credit card bookings 928 3052 

OLD VIC. _7 928 7616. 

Margaret Courtenay. Anthony Quayle. In 

Sheridan’s comedy with James Aubrey 
tsU Blair. Kenneth Gilbert. Carol Gillies. 
Matthew Guinness. Mol Martin. Trevor 
Martin. . Christopher Naanta. " The 
funniest Mrs. Malajmoo I have seen." 
The Guardian. " Mr. Quayle's Sir 

Anthony— a wonderful P erfor m ance." The 
Times- Today. Thors.. Frt. 7.30. Sat. ZJSO- 
Anthony Quayle as KING LEAR returns 
Sat. 7.30. , 

DIRECTS BECKETT. Kraop's Last Tape 
ana Endgame. TueA-SMA 8 pm. 

PALACE. CC 01-437 6634. 

Mon .-Thorn. 6.00. Frt. and Sat. 630 and 

by Tim Rice and Andrew Llovd-Wcbber. 

PALLADIUM. CC. 01-437 7373. 
Tuesday Nov. 14 for 5 days onhr. 


PALLADIUM. CC 01-437 7373. 
Opening Dec. 20 for a Season. 

as "Merry" Widow Twankev In 

Preview December 19 at /JO. 


ST. MARTIN'S. CC 01*036 1443 
Eras. a. DO. Matinees Toes. 345. lata. 
• 5.00 an* 8.00 

36th YEAH 

TALK OF THE TOWN. CC. 01-734 5051. 
Alr-conditlooad. From B.oa. Dining 



THEATRE UPSTAIRS. 730 2SS4. Mod. to 
Thor.' 7-30. Frl. and S«. 5.15 and 8.15. 
Travers Th. Prod, of' THE SLAB BOYS 
by John Byrne. 


834 1 zvf. 

628 4735-6. 


.Eras. 7 JO. Mats. Wed. and sac. 2AS. 



WAREHOUSE. Don mar Theatre. Cover* 
Garden. Bo* Other 836 C&OB Seats 
available ton't. tomor. Tbur. 8.00 for 
Stephen PoflakoTs SHOUT ACROSS THE 
RIVER; -Outstanding.- F. TWma “Com- 
pa (tire.** OM- 

WE5TMTNSTEJL CC 01-834 0213. 


Tors.- Frt. 745. Wad. & 54t 3.00. 




Tint Rice 6 Andrew Lloyd-Webber* 
Starring PAUL JONES 
Twice Daily. Opera NW.-27. 
Tickets f3, S3, C4. BOOK NOW 

WHITEHALL, CC 01-930 6M 2-7765. 
Evgs. 8.30. Frt. and Sat. MS and 9.00 
Paul Raymond presents the EmsHonal 
Sex Reran of the CeotBry 

Vow last chance to see prior to *ienrfv 
to Elvtee Montmarte. Parte. 



-BUM ■- ■ 

t Indicates programmes In 
black and white 

BBC l 

9.15 am For Schools, Colleees 
10.45 You and Me. 11.00 Fur 
Schools, Colleges. 12.45 pm News,. 
1.00 Pebble Mill. 1.45 Over ihe 
Moon. 2.01 For Schools, Colleges. 
3.53 Regional News For England 
(except London). 3.55 Play School 
(as BBC-2 10.20 am). 4.20 Wally 
Gator. 4J25 Jackanory. 4.40 
Animal Magic. 5.05 John Craten's 
Newsround. 5.10 The Hills oF 

5.40 News 

5.55 Nationwide (London and 
South-East only) 

6.20 Nationwide 
6.50 It’s a Knockout 
S.03 Serret Army 
9.0 Party Political Broadcast by 
the Labour Party 
9.10 News 

9J35 The Fall and Rise of 
Reginald Perrin 

10.05 Sportsnight 
11.25 Tonight 

12.05 am Weal her /Regional News 
All Regions as BBC-l except at 

the following times: — 



1 Note a small source of illu- 
mination IS) 

5 Exhibitor in the rain (6) 

9 Chap I make better with 
manual treatment (S) 

10 Joined followers of many 
football clubs (6) 

11 Ingredient of salad dressing, 
or Pnpeye's girlfriend <5-3 1 

12 Unusual crop is itching to the 
doctor (6t 

14 A Chartered Accountant gets 
decimal wrong, but it’s only 
theoretical (10) 

18 Foreign currency put to 
eastern board should be 
capable of sale flO) 

22 Open these seeds for a 
revealing spell (6) 

23 Get away without notice in 
adventure <8> 

24 Covering up a thrashing (6) 

25 Backward although with ten 
years on scripture (Si 

26 Turn this reptile and finish 

upside-down id) 

27 Honest and upright and good 
for tbe poker player y?> 


1 Frisk doctor in prison (6) 

2 Illuminated French article in 
narrow opening (6) 

S Went slowly in church 
edition (8) 

"4 Thermic bar possibly for fish 

6 Good-looking worker gets a 
part (8) 

7 Confection made from a wet 
rice (5-31 

8 Deliver one copper to tbe 
French for derision (8) 

13 A gift to eharity and bouquet 
for one growing up MO) 

15 Strokes at Wimbledon and 
Lords should make a success- 
ful performance (5-3) 

16 Soldier is less refined going 
round South Africa <S) 

17 The end of the line for 
people and trains (8) 

19 Father going to North 
America with mother for a 
hat FBI 

20 Worthless person commanded 
Girl Guide leaders (3. 3) 

21 Forming a group of .ex-test 
players? (6) 

Solution to Puzzle No. 3,804 

□ m Q -h Q n ‘ ES Q 
BHasnn S3Q heedd 
n n a a an e a 
a a a a .b a ® 

S-.E a . : E-.’Q a 

g -G n;*: s b e n 
HaanEsanee msae 
EI H E ; n 0 3- E E 
g a a 3 a a a .53 
gnEsenns QacgQ& 

Wales—' 104» and 2.18 pm 1 
Ysgolion. 3.00 Rugby Union: West 
Wales v New Zealand. 5.10 Billi- 
dowcar. 5.55 Wales Today. &50 
Heddiw. 7.15 Pawb Yn Ei Fro, 
7.40 Tomorrow’s World. 12.05 am 
News and Weather for Wales. 

Scotland — 11.00 am and 2.18 pm 
For Schools. SJ5 Reporting 
Scotland. 12.05 am News and 
Weather for Scotland. 

Northern Ireland — 3.53 pm 
Northern Ireland News. 5.55 Scene 
Around Six. 9—5 Spotlight on 
people in Northern Ireland. 10.05 
Sportnieht, European Champion- 
ship: Northern Ireland v Den- 
mark. 12.05 am News and 
Wenihe*- f >r Northern Ireland. 

England— S.55 pm Look East 
(Norwich): Look North (Leeds. 
Manchester. Newcastle): Midlands 
Today (Birmingham): Points Wert 
(Bristol »: South Today (South- 
ampton): Spotlight South West 

BBC 2 

am Gharbar 
Play School 

The Service of Thanksgiv- 
ing and Dedication to mark 
the completion of Liverpool 

Ceefax is Here. 

News on 2 Headlines 
May I Hare the Pleasure? 
News on 2 

The Service or Thanksgiv- 
ing and Dedication at 
Liverpool Cathedral 1 edited 
version ) 

Gardeners’ World 
The Money Programme; 
Roy Jenkins on the Euro- 
pean Monetary System 
A Party Political Broad- 
cast (as BBC-1) 

Play nf the Week 
Sly Kind of .Movie: Frank 
Muir on ' Casablanca ' 
Arena: Cinema 
1 Late News on 2 
i am Closedown (Reading) 


920 am Schools Programmes. 

12.00 The Adventures of Rupert 
Bear. 12.10 pm Stepping Stones. 
1220 Sounds of Britain. 1.00 
News plus FT index. 120 Thames 
News. 120 Crown Court. 2.00 
After Noon. 225 Racing from 
Sandowq Park. 320 Tell Me An- 
other. 420 The Snotv Show. 4.45 
Shadows. 5.15 Batman. 

5.45 News 

6.00 Thames at 8 
625 Help! 

62S Crossroads 

7.00 This is Ynur Life 
7-30 Coronation Street 

8.00 What's on Next? 

8.30 Power Struggle 

10.00 Party Political Broadcast 
for the Labour Partv 

10.10 News 

10.40 Midweek Sports Special 
1223 am Close- Katherine Cornell 
reads a poem by Elizabeth 
Barrel’ r ‘~ ••••ning 
All IB A Regions ns l^mdnn 
except at the following times: — 


An * 111 News - *°® Hour apart*. 

S.1S Mr. ?ac Mrs. LOO About Anglia. 12.25 
am The Bis Question 


2.20 am ATV .\<sws lesfc. 5.15 venYs 
Only You ns Twice. 6.00 ATV Today. 


tL20 am Border Sw\ ’.oo linaseparty. 
SOS Bernik, loo Uolarounrl Wednesday, 
am Border Sean Summary. 


Ll* am Channel lunch fime W-vy and 

i 1 ’— 1 V" ^ Kninu-nlale burn' 

6.00 dianirt .• .-* 5 . 6.J5 Arthur 16.00 
n-iT-H. 10.38 rhi-mcl La;. - 5 iis 
am Sr*s ^nd W-a(h*.T in Fr^nv.!) toUovced 

bv EDlInjU'-. 


9.25 ara First Thins. 1J0 pm ilrampisn 
News Hva dl in -s. 5 Jj Emini-nMie Farm. 
*"• Crampon Toda‘. 12.25 am Reflec- 
tion*. 1Z.30 Grampian Ljk- Y /<n : Head- 


L20 pm "’his Is Your Right. 5J6 What's 
New. 5-15 crossroads. LOO Granada 
Reports Special. 

JL2D pm Report West Headlines. US 
Report Wal's Roadlioes. 2.00 Help Ycur- 
seil. SJD Crossroads. 6.60 Report Wesl. 
6-15 Report Wales. 6J0 Emmerdalo Farm. 

HTV Cymru /Wales — As HTV General 
Service except; L20-ZJ5 pm Penawdau 
Nc-.vyddlon f Dydd. «. 26-445 ■■Rjdvr" I am 
Fad . . MB4U5 V Dydd. 

HTV West — .As HTV General Serrtce 
except- 1. 20-130 pm Rcpnn West Head 
Uses. 635-630 Report West 


L25 pm News and Hoad Report. 2JJ0 
Women Only 535 Baffin it 5-20 Crossroads 
6.06 Scotland Today. 6J0 Elaine. The 
Singer Of The Song. 1235 am Late CaU. 


1.20 pm Suuihero 3-us. 2.60 Houseoarty 
330 Survival 535 The Undersea 
Adv*TOvir«.% Ut Cuotain fcrao. 5.20 Crosv 
roads. 6-00 Day By Day. 4.35 Scene Mid- 
Week iviurh Easi 4rea Only*. US am 
Southern News Extra. 


935 am The Good Word. foUmred hr 
North East Nev»s Headlines. UB wn 
Nnnh Ea«i News and Lonkaronnd. 2.N 
Wom-n Only. 5.15 Happy Days. 630 
Northern Life. 1235 am Epilogue. 


1.70 pm Lunchtime. 4.1* Ulster Nears 
Hyalines. 5.15 Cartoon. S3* Crossroads. 
6.00 R^nons 635 The Bob Ncn-han Show. 
1235 am Bedtime. 


1237 pm Oik Honerbuo's EUrthdaw 1.20 
Westward News Headlines 535 Ernmer- 
dale Farm. 5-00 Westward Diary, lflja 
Wesjwarf Laic News. 12.25 am Faith For 


1.2D pm Calendar News 5.15 Mr and 
Mrs 6.00 Calendar (Ernie? Mnur and 
Betman: admans >. 

RADIO I 247m 

<S) Stereophonic broadcast 
I Medium Wave 

5-66 am as Radio 2. T.02 Pavr Ler 

Traris 9X0 Simon Bates. 1131 Paul 
Ramerr. 2.00 pm Tony Flai tburn 431 
; Paul 730 Listen To Un- 
Band iR. iJow» Radio 2». 10.07 John Peel 
iS>. 12. DO-3 02 am As Radio 2. 

VMF Radios 1 and 2 — 5.00 am With 
Radio 2. Including 135 pm Good Listening 
J.02 David namllton -Si iconUnu-.-d front 
Radio 2. 2.1c i. 430 WsKponprs' Walk «on 
2'(0M(r tnd I.IMknr at 4.4J.. 4.«S Jrtm 
Dtinii <S. Including 5.45 Sunns D-»k. 6.45 
With Radio 2. 1600 With Rad in 1. 12.W- 
2JC am With Radio 2 

RADIO 2 LdOOm and VHF 

5.00 am Kcurs. 5.62 Tony Rrandon (S- 
Inciudiatt 635 Pair*--- for Thnu-£tir 732 
Terry U’oean tSi Including a. 27 Racing 
BullcUn and 8-45 Pause for Tbouahi 16.62 
Jimmy Yount: iS>. 1335 am WasaAnery' 
Wall- 1236 Prfe .Murray's Coen House >S> 
incJudins 1.45 Spons Desk. 2.30 pon.l 
Hantllion ■ (continued on VHF* Inclitd- 
Ine 245 Snort* Dera 3JI0 European Soccer 
SfK-ilal. 4.45 KaaoMRiY Walk 'a-- VII K 
I.TO*. 5.60 John Dunn i Si Join VHF. 6 45 
Sports Desk. 1JU SWia .Sunirlhlne Simnl- 1 
‘Si 730 Listen To The Baud ■&. 835 

Svnionnl Screnado iS>. 9.02 Tile in>gn- 
sano5. 935 sport? Desk. U.B2 Th- 
Huddlines <* ilh Roy Rudd. 1430 Ma'i 
Munre says Be .My Cikfl. U-K Perer 

CLiyiOQ uilroUUk.Vi Round V,|dDiFt>( in- 
dtrdlu® 1390 hew*. 100-230 Ne« Sum- 

Radio 2 Scotland Only — 8.00- IS .00 pm 

Sport sound sp°cial- European Ctavnpkn- 
shtpv. ScoU jr.rt v Norway. 

RADIO 3 464m. Stereo A VHF 

635 ant weather. 7.00 New*. 7.65 Your 

Mtdtrncfc Chmce. oar l i.s-. 3.00 ye*-*- 
B.DS 1 nnr Midi.-'.t- Clt'lKv. pan ; , yi. 930 

Nyrs 9.05 Cninposcr: Faure 

in - k"'.- 5 "' T m ! }r ^ n h > Lanrflais 
.s.. 1DJ5 unsvdak' Piano Fes'ivit 147? 

j®* 1 } ’’ j 5 ' Pachmamnoe 
• S’ 11.05 1 nt,rr.»i Re.sdmu. U.10 Ken^l 
part Schumann. 1130 BBC SeoMWi 
SjniPhony Orch-sira ‘Si. lj)o om \rus. 
L05 ‘.ouc«n Hj‘,1 iS.. 300 CnueeOtBS 
Musteu-s Of Vienna Concert pan i- saeh. 
Co‘wnn -S.. 230 inivrral Readme. 235 
Loneort. Pan 2: runt.-ju. Rath. 3-aS 
^2L£^1 l,Wr 'toST'S. 5.00 RutldlllU 
,s ‘ 545 Homeward 

Round «S ‘^630 5.35 a, Hum..-: Th,- 

Vince ni .If Ouhl.i OB record-. .S» 730 
tlusi'- in Oiitsnnn -S-. e.M I'.o'.'idestrcn 
s„> \ud Th.. ,:u.. si ■ par' i ; Schreeer. 

' 51 ‘ l - s> The A-ts Worlrtwlil'-. 
930 H'l -Id-Mv. nsi:-.- And Th- rrc so am 
-• SsFaUTwfj 1 S 1 ID. DO Tht- nrtrin 

'' al i' h bv R-'nr-rfv. io.« 

■ hamb-r mu«„. 11.45 .v,., rs n cp-ii ss 

Tmwdit s Sehutir-tl Sotit: ,S ■. 


■IMm. 330m. 283m and VlIK 
4.00 *"> '••••' Hruhna 6.10 1 - a ratine 

6.65 P.ijcr fur • , tf Day. 7.C0 aurl'S-M 
Today * V'u-. 7.30 -n-: 8 30 Head 

l:n'i. 7.4S Th.vjsh: lor jj a - *.05 

^brt.hcs Fruit: a ilim.-rs Album. 9M 

"* «J!w Wn.-!,| SJ35 p a r< t' 

ib’ui' L° 16-05 V..IJ Th" Jury 

1636 ThankiSivina Service for lh- Cd"'- 
p]f i:nn of Mr.rwyil ‘.-tli.-dral in IhC 
presence or Tn-_ Q:ii-.;ii 13.00 .\ vV ,- 2iOJ 
pm You Anri Yoncrt 12.27 Dr. Flnlar's 


LM Th? nr,-f s* ■'■!*» j.ja j.r 

- ; a? I H'-P wnn Mother 
336 *•» 331 Afternoon Theitra <S>. 

330 Choral Eeensong. «35 Story Time. 

5.00 KM: News ntasanne 535 Weather: 
pra-irartitre ne\rs 630 News. 430 My 
Word: -S.. 7.69 Nphw 7.0S "lie Archers. 
738 Checkpoint. 7.45 Tbe Relih Lecinrer: 
Tile Rev. Dr. Edward Komiun in conver- 
sation. 8.15 4 Victorian Romance: The 
unpuh'isniKl diaries of Ellen Palmer. 2 .<3 
VuL'Ht 938 Kaleiduscopc. 9^ Weather. 
ID. 00 The World Toniaht 1636 An Actor 
In UK Tim? Sir John Clelmd talks about 
his life in th-- theatre. 11.00 A Book Al 
Red: unc. 1135 The Financial World 
Tun:ghi. 1130 News. 

BBC Radio London 

20Gm and 94.9 MfF 

5.00 am As Radiu ;. *.» Rush Hour. 
?.0fl London Lire. 12.93 pm Call In. 2-03 
.yn; Shi>“ case. 4.0J Home Run 636 Look. 
>lOP Ll"l-n. 730 Rlaek Londoners 830 
In Cotacvri. « 03 Late Nidht London. 1230 
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London Broadcasting 

2film and 97-3 VHF 
530 am Miyrtiinc Music. 630 A.M: tnu- 
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10.00 Brian Huyes Show, 130 pm LBC 
rt ’puriv 3 00 George Gale's 3 o'clock Cali. 

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YEARS." Sunday Tima*. 

Conference? Seminar? 
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Him Preview? 
Advertising Presentation? 

There's no need to hunt around the V\fest 
End for a suitable venue or viewing theatre. 

The FT Cinema, here in the City, offersseating . 
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London EC4P4BY. Tel : 01-248 8090 (ext 7123). 1 

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v ; 

3&naBriaIr .Times Wednesday October 25 1978 



Triumph of the lost boys 

New music in Hungary— 2 




As with orchestral perform- Thus the plays , have hardly 
ances. grand meals, or games of been concerned at all. so far any- 
cncket, it is only very rarely way, with the reasons for 
that a television drama comes Barrie’s churlish treatment of 
along in which every constituent his wife and his fondness for the 
manages to provide a flawless Llewelyn boys. Nor have they 
contribution thus affording tbc fought overtly against conven- 
lisicner. consumer, or onlooker tional attitudes that such 
an experience far beyond any- relationships with little boys are 
thing which might reasonably be “ unhealthy." They have, rather, 
expected from a catalogue of the provided a deep understanding 
various parts. The Last Boys has of how tremendously productive 
been such a production. and rewarding this particular set 

The third and final part will of relationships was. 
lie broadcast on BBC 2 tonight Moving performances from 
and it could, of course, fail to Tim Piggott-Smitb and Ann Bell 
measure up to the first two parts as the bovs* parents have contri- 
— though that would be surpris- billed greatly to this understand- 
mg. Even if it is catastrophically j a g - as 0 f course have Ian "Holm’s 
baa, however, it cannot destroy interpretation of -Barrie and the 
the achievements of those first WO rk of a whole crowd or child 
two plays They have told the actors playing the hoys at various 
story of the playwright, j. m. sl a B es of their fives. 

^darf of^Sud^c t^VtS 

Such a small watching ITVs imported Amen- 

sounds ifkeffti Divide enS pan "*cdic series ^affetty last 

25 n 2?\5 ■JPUflJr’Sith 

play, never mind three vet m “ * ier on ^ * ost B* 6 *"*" w,ltl 
Sri?;r Andrew sSSin has proved « cry '"JTSZ 

that however narrow the vein Marmee. which had all the 
may be. it is a rich one provid- s P° ntan e'£ 1 ? n l 
mg ore from which the most of ,- a multi P llcation ^ b, *- Su ^ 
subtle and delicate objects can acl,n 3 W0 P 1 ? not , be 

be made. tdie 0Djecis “ n accepted, even in minor roles. 

The one major drawback to the island today.) 
trilogy is that it deals yet again But the most important of all 
with that brief period of English the factors contributing to the 
history spanned by the reign of success of the trilogy has pro- 
Edward VII which has served bably been Birkia’s use of 
as a setting for such a dispro- original documents. -Presumably 
purtionately large amount of the the extensive quotations from 
drama on television io the last Barrie’s own notes . and from 
few years. letters are genuine, and the lm- 

Yet it would he most unfair pressive thing Is that neither 
ro condemn it for that alone. Birkin nor the producer nor the 
Birkm. director Rodney Bennett, director has succumbed to the 
the actors, producer Louis Marks, temptation to “dramatise" the 
and indeed everyone connected documents by turning them into 
with the production has the right conversations, declarations, 
to have bis work considered on dream sequences, or .'Whatever. 

measure? aaS^BdSSfnl V1L *? sUiad , the y , have on 

Upstairs Dorms to trs Lillie simple but much under- 

The Duchess of Duftc StreeUor ” scd l °° l of television: narration, 
the host of single plays set^^^^fv?^^ 11 ”^ 
bet ween 1900 and 1910. ®!" e *** exploitation, has been. 

If you do make that compari- Th . e .. b,zarre nature of the 
son. you find that The Lost Boys relationships between the two 
succeeds in combining more families has certainly not been 
successfully than any of the explained away. - instead its 

Bamaby Holm as Georgs Llewelyn Davies, Ian Holm as j. H. Barrie and Nicholas Borton as Jack Llewelyn 

Davies in * The Lost Boys ’ (BBC-2) 

others the spirit of confidence, values have been conveyed to us pect in two or three years' time series — Hanging Around, by and Pe 
self-satisfaction, and well-being much as they must have been to be abie to pick it out in the Barrie Keefe; Traveller*, by Stan sidered 

Peter Ellis— must be con- 

o _ __ . . successes in at least one 

which was experienced (presunT- seen and experienced by the memory from all the other Barstow; and One Of These important sense: none succumbed 
ably) at least by the middle and participants. filmed serialisations of Buchan, Nights I'm Gonna Get An Early to the temptation to “make a 

upper classes in that period, with Most of the other drama so far Scott and others which have Day, by Ttevor Preston fwbo has mark ” by shooting his entire 
•: the -feeling of a dying fall prior this season has been "pretty un- gone on before and will no doubt written the best of the Sweeney work through a fisbeye lens, a 
to 1914 which hindsight projects remarkable, which is. not to say follow on after. scripts) — it Is the writing which green filter, or a heavy gai-ze. 

. upon it. The yellow light in that it hasn't been enjoyable — There are two other drama has stood out. The other notable drama was 

which Sara Barclay has washed simply that one can see now. that efforts, however, which do seem Hawping Around and One Of Keith Dewbursfs play Tor ATV, 

- the interiors has a lot to do with in years to come It will not stand worthy of comment even if they These Nights were both slice-of- Two Girts and a Millionaire, 
this, but it emanates too from out, as The Lost Boys will, from too will fade into the surround- lifestyle plays. In which narra- which was a refreshing surprise: 
the peculiar melancholy cbarac- the general run of proficient, ing programme-scape sooner tive was sacrificed to the popular a play which managed to deal 

t tensing Barrie as written by unexceptionable material which rather than later. Orwellian -type of social observa- with sexuality, gender, and 

Birkin and acted by Ian Holm, our three channels transmit The first is Graham Benson’s tion, the first about the very marriage and also the modern 
It is not just this unusually week by week. " second set of half-hour Premiere young urban poor, and the gloss put on to these matters by 

powerful and dual sense of If this sounds lukewarm, ft is films on BBC 2. each of them second about a third-rate jazz the “feminist” movement with- 
period which marks out the plays, not intended to be-so; on the con- marking somebody’s debut as a band. Travellers was the story cut becoming either intense. 

- as superior, however. What they trary, it is a commentonithe high film (specifically film— -not tape! of a death and, in -flashback, a heavy and self-satisfied (as so 

have done is explore a very com- standard that we have, learned director. A sort of Catch 22 life, which infuriated by using many women’s lib productions 

plicated and most unusual set of to expect affects these films: it would actors to play several different have) or settling on the other 

relationships and Instead of try- BBCl’s new Sun day serial, for hardly seem fair to team up parts concurrently, yet was hand solely for defensive 
ing to shine lights right through instance, is a six-part version or completely new directors with highly successful in the economy flippancy and dismissivene*s. 
the characters by using Freu- Buchan's HuriUngtower drama- equally untried writers, but if of its plot and was ultimately The flat-sharing girls played bv 
dianism as an X-ray machine (in tised by Edward Boyd. Vhicb instead you use some of the best a very moving little play. Arina Nyah. Amanda Waldy. 

the way that so much television looks as though" it wffl provide writers in the business — and For the final part of the Catch Judi Maynard and Angela 

drama does) they have used a ideal teatirae , family- fare "for Benson has managed to — it is 22. 1 have to say that since the Curran, were just like real people 
less penetrating sort of mumina- autumn evenings, with - small they who are likely to receive direction never impinged upon —and precious few plays con- 
tion providing instead a much boys outwitting shotgun-toting the plaudits. my consciousness in any of the cemed with the subject of 

more subtle spread of light and adults all ,ovqr the picturesque Certainly in the three films three films, the directors — Mai- Women have managed that in 
shade across- the visible surfaces. Highlands. Yet I would not ex- that I have seen in the new colro Mowbray, Keith Evans, the last five years. 

Old Vic 

by B. A. YOUNG 

their bodies like boys from Lord 
of -the Flies. The Fool (Matthew' 
Guinness) has a white face and 
red nose and a coxcomb. As for 
Goneril, Regan and Cordelia, 
they make their first appearance 

Elizabeth Hail 

Hugh Wood 


The Lindsay Quartet gave the ends in radiant Beethovenian 
first performance of Hugh trilling and leaping quavers. (It 
Wood’s Third String Quartet at shows no unusual perripience to 
the Bath Festival earlier this recognise the influence of the 
in elaborate long gowns with year and brought It to London late Beethoven quartets on the 

the Erst time last night. It work; for Mr. "Wood has often 
is an unbroken, one-movement written about them, with wisdom 
work made up of clearly defined and love. Along the way, there 
sections. Some are very short, are stranee outbursts of bird- 
some quite lengthy, developing like melodic cheeping and peck- 
and repeating material during ing. and undergrowths of rustling 
their progress in a manner that semiquavers that support tenta- 
is .both unexpected and con- tive lyrical outcroppings, 
viucing. All the sections are It is, as T say, an intensely 
illuminated with string writing poetic composition— each event 
beautifully “beard" and seems to be added as a new 
detailed: the sum is a work of image — and an intensely lyrical 
quite unusual poetic intensity, one, though the lyricism speaks 
that keeps one Intent on its out only graduajly. It strikes 
course from first note io lasL me as quite one of the best 

su ntrsaa 
E7£ir b ~ : sas s 

y (lt was received with unusual 
re ’J ,Wak ?°? n E' *’» p *nUi by a decent-sized 
of the soul from emotional dull- audience. The quartet came 
nesR and despair—* Tis the between the two most famous 
begin to” "fight over Edmund,! J® a " s f . “H?" 1 *?*: JJ, nd J 1 . 15 th j nuinlets for clarinet and string 

shSrt at eiS other like fisK newf ? un ? joy and Quartet, the Brahms and the 

wives: thev deserve no more than I JJ' tallt7 : h T b f A” MKarL . former, the im- 

no obvious. programmatic D recisely tuned playing of Janet 
fashion, seems to mirror such a Hilton, the loose ensemble and 
movement. The work begins in baggy phrasing of the whole 
slow, sustained notes, bleakly were 'a surprise, and a sore 
tinctured with harmonics, and disappointment 

elaborate bats atop, and the hats 
are really all they sacrifice even 
in the field. 

To devote so much space to 
the costumes is almost to give a 
round-up of the playing. Mr. 
Neame’s Edmund is punk to his 
fingertips, though Mr. Aubrey’s 
Edgar, in both bis personalities, 
is not so simple as his clothes. 
He lx in fact moving and sensi- 
tive. Ralph Michael as their 
father is sternly aristocratic, 
even after the horrific loss of his 
eyes (the act shielded only by 
the body of the perpetrator). 

Cordelia's retention of her 
finery in battle emphasises a 
point that Mel Martin makes in 
Act I. that to refuse the easy 
avowal of love is actually a 
matter of strength. Miss Martin is 
as tough a lady as Carol Gillies 
and Isla Blair as her two sisters, 
she only has better manners. 
Regan and Goneril, when they 

• ;■ •" ! v=:.. : r V-Cv* > /; ■ 

Mel Martin and Anthony Quajrle 

Leonard Burt 

Lear’s kingdom here is misty 
and indefinite, both in time and 
place. The stage is overgrown 
with autumn grass, piles of straw 
lie in the corners, but there is 
nothing .specific about the loca- 
tion, save when it Is — nominally 
— at Dover. As for the costumes, 
they span the centuries from 
prehistory to the Belle Epoque. 
All they have to do is express 
the characters of those wearing 

Such a production is useful to 
tiie players, who must work at 
their personalities without help 
from received coitions of be- 
haviour. Anthony Quayte’s Lear 
looks tike the Emperor. Francis 
Joseph, but there is nothing 
about "l&h of tiie Austrian court 
He vfesis rough woollen clothes 
even At the height of his power, 
and his 'arrogance is like the 
. arrogance of .an ancient Scottish, 
chief, out for instant obedience 
without fr ills. " Let me not ■ be 

mad,” quietly delivered, is an in- 
struction to the . pagan gods 
whom he so often invokes. When' 
be is mad, he is a mad strong 
man, and when he is “ fourscore 
and upward " he is an old strong 
man. It is hot in bis nature to 
ask for pity. 

The Dukes and -Earls, 
especially the French ones, wear 
rich clothes with ruffs roiih'd 
their necks, though everyone in 
this production except the three 
ladies sheds his raiment as life 
becomes more quarrelsome. 
James' Aubrey as Edgar wears a 
cloak as inky as Hamlet's until 
be Is . betrayed by Edmund, 
(Christopher Nearae), who shows 
a strong streak of punk through- 
out the evening. Then as Poor 
Tom he wears, nest to. nothing 
but dried blood, and when be 
has his last, fight .with his half- 
brother he is still almost -naked, 
but the two of them have paint ed 

wives; they deserve no more than 
to .be dragged, dead, on stage on 
lengths of red fabric, which is 
bow we last see them. Mr. 
Quayle does not try to nurse 
Cordelia throughout his moving 
“ M; poor foal is hanged " 
speech, and he leaves us one 
"Never** short as a result of 
trying too hard to inflect the five 
of them with different meanings. 

If I have given the impression 
of a simple production. I am only I 
half right. Tor Toby Robertson, 
the. director, uses a lot of 
cosmetic emotion — thunderclaps, 
offstage music, clouds of mist 
and so on. The tense soldiers 
fearing the arrival of the French 
army produce an atmosphere as 
"nervous as .the beginning of 
Hamlet. In fact the emotional 
scale is high and wide, the action 
constantly gripping and progress 


Science Fictions 


Shared Experience are the actors' names: thus Raad Rawi 

sunshine fare of improvisatory plays the ship’s captain, Iwar 

theatre. Many people admired Daan Pamela Ferris the demon- 
th eir recent four-play version oT stmtive allennlngist Sirrefa Le 

Bleak House more than I did. but Map: Ruth Sedow the radio 

there is no denying their tech- transmitter Weises H-Tur: 

SHnX fluidlty and comic «st. Anthony Naylor the camp tech: 

hurriecLNo one with any TeSecr WthArabicn Night* they proved nician with a deft palate Rolyan 

forth*! thezil thaL fasl narrative tht?alrc is best Ynobtna: and Sam Cox Xoc Mas. 

mL Mr o5?vle^ Lear tSd ?t' done tampered b - v Props or a hapless gofer in the style of 

St scenery and that, as a rule, the Michael Crawford's Frank 
5 ^ : most effective instrument of Spencer. 

£y tta be doe’ ooT oommaiid ! t^nology is the ,clor him- „ Sbored^ Ejwriebce^ w.eraos 
the evening but inhabits it. 

W. H. Smith Literary 

in thp pki «r tho nmriiinrfnA ‘ m °sl effective instrument of Spcorer. 
to the rest of the production to , slaao tecboology is tbe actor him . K S harei 

self. Miss Ferris and Mr. Rawi have 

I find the group slightly too £»" 1° » **«« 

winsome for my taste, but there instinctively gauging bow much 
is a strong sense in their latest personalities as 

show of five actors (with five S e fP ia LS™i inay ^ tnKi fu on 
chairs > taking large risks with P’SJ "^ 0 - rt f? yajs ; 

The £2,500 W. H. Smith an audience, reducing us finally 
Literary Award prize has gone to a state of molten acquiescence, tnnugn wu,e Aittreas has atrected 
to Patrick Leith Fermor, 63.. For ^ with his usual generosity of 

his travel-autobiography A Time: The piece is slight verging on spirit and invention, the main 
of Gifts, published last year, I tbe infantile, tracking the events weakness is that you feel the. 
which described— 44 years after ion hoard a space ship travelling show could have stopped and 
the event— a walk be took as an [around in search of a planet to started at any point in the Thin 
2S-year-old from Holland tojland on This .characters *re si pry line and no one would 
Constantinople. palindromic variations qf the really have noticed. 

I wrote la^r Monday about 
,some of the composers nf the 

, older and middle generations 
| represented at this year’s festival 
iof h'oruute -Contcra- 

' porary music — in Budapest. Two 
I respected composers of the pre- 
war generation whose work was 
also played but .which l did not 
■ manage to hear, were Andres 
[Szulidcy fb. 1921). whose flne 
Tronsfiuurazinni for symphony 
orchestra 1 had heard on tape 
during my first visit tn the days 
of Korunfe sene je Tour years ago; 
and Istvan Lang (h. 1933). an 
intelligent, confident manipu- 
lator of post-war west-Europeau 
idiom, who was this year given 
a concert to himself. There was 
no sign this season of *he com- 
poser and zither virtuoso AtiUa 
Bozay tb. 1939): nor in the 
[festival programme itself of the 
: unusual talent of Sdndor Balassa 
fb. 1935) — although I did hear 
a tape or Balassa's new oae-hour 
radio opera Azajftm K’ipiii (*’ Out- 
side the Door"), adapted from 
Wolfgang Borchert's Draussen 
vor der Tfir. which was due later 
this month for its first stage pro- 
duction at the Budapest Opera, 
and which Impressed me greatly. 

In its five years, Rorunk 
zentje has also shown an increas- 
ingly lively concern for the work 
of its youngest and newest com- 
posers. There were not notable 
discoveries at the concert given 
by the Young Composers’ Group 
of the Hungarian Musicians' 
Union: but tbe standard was 
one again high. Percussion music 
for 'wo pianos by Ivan Madar&sz 
<b.l949) was not always very 
fully worked out but there was 
an exuberance to its generous 
mish-mash of elements that was 
undeniably attractive — glissandi 
on keys and strings (" Cimbalom- 
music"). percussive Bartokian 
clusters (“ Drum-music"), muted 
ostinato figurations inside and 
outside the piano (" Clock- 
music ”). 

Four Songs to poems by Paul 
Klee by Liszlo Kir&lv (b.1954) 
for soprano, flute, viola, cim- 
balom and harmonium were 
short, ephemeral settings for an 
unusual combination, imagina- 
tively used A study for per- 
cussion solo. 2+2. by La 70S 
HuszSr fb.l94S) made a number 
of pretty, contrasting points in 
a very good, precise performance 
by Gdbor Kdsa (himself a young 
composer whose work I have 
noted with interest at previous 
festivals). The one notable 
lapse of the young composer's 
programme, indeed, was also the 
most surprising. At the same 
event last year, the Variations 
for chamber ensemble of Balazs 
Szunyogh f b.1954), an intriguing 
if undisciplined pot-pourri of 
styles from Stravinsky to Big 
Band Swing, had shown some 
signs of an interesting, indivi- 
dual talent. This year, Szunyogh 
went entirely off the rails with 
a new Trio Serenade in three 
movements for piano, clarinet 
and cello: an inept neo~ 
Brabmsian pastiche, ebostly 
echo not merely from some pre- 

Schnenhergian limbo, but from gamelan. Sar^s For viola or 
a never-never land before cello, here played by solo cello, 
Stravinsky. Burtdk, Prokofiev, a simple web of repetitive pat- 
Ptmlenc or Milhaud. The finale terns entirely In high harmonics, 
sounded like a trio reduction of- an interesting instrumental study 
a bad imitation of a Walton film- cast like many of Sary’s pieces, 
score. What mad muse can have in a meditative, ritual mould; 
been whispering in Szunyogh’s and his Canon a 6 given here on 
ear? three pianos, austere and uore- 

The visit of the Acezantez lenting exercise, without climax 
Ensemble from Zagreb was un- or dramatic tension, beginning or 
fortunately an evening's lapse end. 

in ilseir. The single virtue of Like the Jeney and Sary pieces, 
their concert was its relatively Les Lys de Rameau, too, or 
short duration: the Ensemble's Barnabas Dukay lb. 1950), a 
succession of short sketches, col- Satiesque essay for solo piano in 
leetive compositions, and events senza espressione played at a 
without genre (or any percep- constant iiom ruboto tempo with- 
tihle shadow of substance) passed out any dynamic variation, had 
quickly by. Their penultimate its own insistence, its peculiar 
item, n collective improvisation charm. But none was truly a 
entitled Kitsx* variations, would concert piece — each one a work- 
appear also to have been subtitled sheet rather (fascinating as a 
"lfs climbing trouser-leg." work-sheet may be) of current 
The Ensemble's own programme preoccupations, marginal notes, 
noie had the last word: "Only the of work in progress. As a mem- 
ending creates the impression — ber of an audience. 1 felt dis- 
the illusion — that one real, counted, disregarded. I missed 
human word had been finally something of the exuberant, 
uttered — the only one — and when lyrical inventiveness of (for ex- 
it comes, it is ton late." ample) LSszlo Vidovszky. an- 

The last event that I attended other of the Studio’s founder- 
of the Korunk zeneje this year members. whose Death of 
was a concert of works bv mem- Schroeder once so delighted us, 
bers of the New Music Studio — or whose Souvenir de t last 
the home of the more experimen- year provided such a magical 
tal wing of new Hungarian music, finale to the Studio concert, a 
lo past years l have described gentle, courteous piece, full of 
the work of the Studio at some love and quiet humour. One 
length, even when it has not piece alone, by GySrgy Kurt£g 
actually appeared in the festi- Jnr. (b. 1954) the son of the 
val's programme, since it has composer Gybrgy Kurt&g>. 
seemed to me that for all its only led us smartly away from tbe 
quasi-official status the Studio cul de sac of sysiems-musjc: an 
has continued to produce, of its effervescent and wonderfully 
kind, some of the most original, deft study for amplified solo 
provocative and engaging works trombone w‘ih ni a no called 
to be heard in Hungary today. I Chamber Music Basic Cases — 
wrote two years ago.’ indeed, that Please Don’t be Angry With Me. 
if there can be isolated any par- six brieF propositions, each one 
ticular "characteristic" qualities a perfect dramatic statement, 
of the new Hungarian music, delivered with electrifying vir- 
they might oe those exemplified tuosity by the young trombonist 
by the Studio: a quiet affec- who is also Ku'rtdg:"5 wife, Erika 
tionate humour: a real spiritual Bereczky. 
concern, without any sense of 

Stockhausen i S h spiritual Mud- Another award for ‘The 

geoning; a musical sensibility 

always informed, even at its Naked ClVtl Servant 
most abstract, by a lively sen- 

suousness, and bv a willingness . „ . „„ 

to accept and enjoy traditional won 

harmonic implications; a notable 

preference for f^e simple, strong. first . a *.. the Sejnana Inter- 
sometimes startlingly obvious 
idea instead of the cheap effect lr ) 

or easv gimmick vision. This dramatisation of 

Th*‘.fiti imMc em Quentin Crisp's autobiography. 

That judgment still holds firm. was wr jtten bv Philip Mackie. 

Jlrt? 5 s ?, m ?,! hin * Erected by Jack Gold and 
ment. all the same, to find the starred John Hurt as Crisp, 
latest work of the two founder 

members of the Studio repre- Music fj. Qm Chopin piano 
sented in this year's concert, « y ^ 

Zoltan Jeney and Laszlo Sary. At the Guildhall on November 
clinging so tenaciously to what -0 Albert Ferber will play musie 
seems in danger of becoming an by Chopin on the same piano the 
ever more narrow, abstracted composer used during his last 
and specialised path. Jeney’s appearance in London 130 years 
fmpfto 102/6. a tingling, tinkling ago. The Chopin Commemorative 
study for six crotales. a shim- Concert is being presented 
niering meditation in rhythms, jointly by the Byron Society, 
high harmonics and combination- the Chopin Society and tne 
tones; and his 25-minute Pont- AngitvPolisb Society, with the 
point for five percussion groups profits split equally between the 
and director, each group a mix three organisations. Because of 
of chimes, blocks, bells, bowls the state of the piano only two 
and drums, uncompromising and pieces will be performed on the 
austere like a slowed-down original instrument. 

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with the major credit cards. 

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Natural good look from 


of Regent Street 

ond all Branches 






decided tc 
Wilson f* 
number c 
were corn 
paign aeai 
Party on 
1974 Gent 
The foi 
lowing thi 
affair. Mi 
was. had 
an orehes 

himself. I 
Lady F: 
Marcia W 
The Pr< 
Sir Haro 
drawn sd 
told the 
did not 
round a 

The Prt 
lo hnar 
.Sir Ha role 
formal co 
On the 
against 1 
council si 
Royal Or 
that thcr 
Labour bi 
The Pr- 
j.< one ni 
lushed tod 
in ano 
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Daily Ex- 
picl Lire c 
death in I 


■ • '*>' v" : 


M^ancial Times 


Telegrams Flauttmo, London PSA Telex: 886341/2, 883897 
Telephone: 91448 8009 

Wednesday October 25 1978 

A gamble in 


FOR MOST of the past decade this page describes, is investing 
civil servants in the European very large sums in a new family 
Commission have been pro mot- of airliners, including the 200- 
in g the idea of a unified Euro- seater 767, which is a direct 
pean aircraft industry, capable competitor to the A-310. But the 
of taking on the Americans in American company is not ex- 
the civil airliner market. Now, pecting to capture the whole 
with the entry of the UK into of the market The order 
Airbus Industrie, their dream intake for the A-300 Airbus has 
has moved closer to reality. It been quickening and there is 
is true that the event has been now a fair chance that break- 
somewhat tarnished by indeci- even point will be reached 
siveness on the British side and during the ’eighties; so far, how- 
by the evident reluctance of the ever, only one U-S. airline, 
French to have the UK in Eastern, has ordered it 
except on their own terms. Initial orders for the A-310 

The refusal of British Airways £ ave placed b * several 

to buy either the existing A-300 European companies, but it is 
Airbus or the 200-seater A-310 cle ^ rI y important that this 
is bitterly resented by the “° c del * . ^ 1S t0 ■ 
French, since it undermines ** tbat 

what in their view should be A * 1 *" 8 Industt ie will at some 
one of the major assets of a ^6 in the future need to 
unified industry— the willing- strengthen its position in the 
ness of European airlines to us - by collaborating with an 
buy European. But in the end indigenous manufacturer, pos- 
the French preferred the UK 5lWy McDonnell Douglas; this 
to be with them rather than in mi S ht b e particularly relevant 
the enemy camp; so from the t0 plans, still only tentative 
start of next year British Aero- for a Joint European Transport 
space will be a full partner. “ !? at category, 



■ iiM 


A MAJOR transatlantic a number of common corn- 
battle for growing short- ponents, so whoever wins the 
to-medium range jet air- wb^tracto --will be likely to 
liner markets is now in prospect, themselves supplying both 
following yesterday’s news that aircraft for many years to. 
British Aerospace, the nation- C0Qie - The overall volume of 
alised aircraft manufacturer, is business will be huge, because 
to be allowed to rejoin the the total design, development 
European Airbus Industrie con- and initial production costs of 
sortium to help develop the the two new aircraft will be 
A-310, the smaller. 200-seat ver- more than $2bn (about $1.5bn 
sion of the A-300 Airbus. for the 767- and about S750m 
The A-310 competes directly for the 757). About one-third of 
with the Boeing family of new this will be for airframes, one- 
jet airliners formally launched third for engines and one-third 
this summer. Boeing is build- for components and systems, 
ing its future hopes round the The contracts; for the cora- 
200-seat, wide-bodied twin- ponent suppliers will initially 
engined 767, and the smaller, amount to- anything between 
narrow-bodied 757. These air- 300 and 500 “ship-sets” of 
craft are aimed at a market that equipment, far bigger than any- J 
is likely to be huge. Boeing thing currently available any- 
believes that sales in the 757 where else in the world includ- 
es tegory could amount to as ing contracts in' Western’ Europe 
many as 1,200 aircraft, while f 0r the A-300 and A-310 Air- 
those in the 767 category could buses, although these could 








7474SB 747.200 


i\A RDM 


— ■*. 737 
SAC-11 7-580 

I t 


L X 1 ^.'V, 

the big makers 

united states 

B °72T g 737, 747,757,767 

Lockheed: ^ 

L-1011 (TriStar) 

L of- this mtake is due t»-4he. > 

• McConnell Douglas : 
DC-10, DC-9 

Airbus Industrie I 
.. A-300, A-310 


2 jm 

2.000 ■ 4,080 

5.89D. fi.0W 

British Aerospace : 

Fokker-VFW : . 

' F-28 .. ........... 

Source r Boeing Cammarelat 

Airplane . Contain/ 

But the itew jet programme* 

‘ are. ; beginning; to have .. their, 
impact, .«n ‘the ' Seattle 
where toeing Commercial Air- 
plane • Company has hired 
10,000 additional' wnrkeri' sS" 
-far this year, iristag* its paytoH” 
to 40,000 Workers. While - much 

-impact; of tha -nevr programmes, 

_ much more labbtir : Is 
needs! $o -cope with the ecu*, 
tinned- heavy ; ;demand ■ -for ' 
Boeing’s: existing family * of jets - 
—the 707 tong-range jet; thd. 

737 short-rang’e ■* twin*jen." J 

. three-engined - , - - mediuijtTanga ; ; 
'727 and" die ^fburenginCd'747 : V'"'" 
Jmhbo, .WMch -are. collectively, 
being ' built at i -rate of = 26 f 
jets a month, . rising : to ; 28 a ' . 
month, by end-1979. = Boeing 
admits, to^a Shortage r ofsMUedV 
. engineers, for whom it is .coni;': 
petirig. .ntft ^bmy^' with ; other; 
aerospace compani esi 1 -' : • * bapr 

amount to as many as 1,500. also grow substantial] v in the including the latest version, the and systems. It has recognised: the Tri-Star is chosen. Rolls- thropghnnt the UyS. ■ enginefir- 

Airbus Industrie concurs about years ahead. ? long-range Dash 500 (the first of that, while British Aerospace. Royce would be hkely to get the ing industry. Sa far, it. has hot : 

the total potential size of the Boeing’s enthusiasm for its which made its maiden flight itself is anxious to become engine deal). Neither Boeing resorted -to ; offering ; foreign'.; 

market, and is determined to new family 0 f jets stems from last week for British Airways), involved on any risk-sharing nor Lockheed discounts the aerospace.-, engineers jobs. m. 

ensure tbat Boeing does not J - — ” - *•* ■- 

have it all its own way. 

Thus, the pace of development 

with a 20 per cent share in the . Whether the European i group- , wm -u« and ageing, jet - — — - . . . 

consortium. ing can exploit the opportunities engine manufacturers now fabotIt B «32bn oTfilSn) and the It also has plans for a comment of Mr. E: B. - (Texk tended to close ranks lir favour 

which undoubtedly erisi rapidly mrtend ther arrange- ^ of wor ld air traffic "stretched” version of its BouJiioun. president of Bnehjg’s of U.S.-mamifactured products, - 

depends in part on bow the ments with risk-bearing partners ( about 0r £24.5bn) with DC-10 tri-jet but has yet to Commercial Airplane Company, so that the A-310*s task in win- 

♦ Q mfcfi pa • r mnnoOaW TSlA I Ofin ctrfliahf qiirLPnfttraPforC v * VM '* "* _ _ _ U _ — J- TT r» aaiiIiI Knonmn 


enterprise is managed. The | and straight sub-contractors, Ssbn^abdnt^i-Sbn) dedde togo" ah^dTTt fs'^so earlier this year' that “ ma^y of -nj’ng U.S. orders couid become The- 747 ;Jumbb 4s' Jn?^: 

Whether British Aerospace \ T ...iv,,* latter »i«n iik»tv tn < #uuu ^ umuo m «n«u- “ « 

was right to reject collaboration J2SfJL c ® be' ciamoiSne for^a share of beiBg 81,6111 0,1 aU ‘ carg0 aircraft studying the possibility of a 

with Boeing i s impossible to French-Germaii-Dutcft computer I oe ciamounng tor a snare ot «... * -» — 

judge ‘ ‘ " *' 



sub-contractors (on our more difficult ■ ; 4 

i S impossible to * — hP ^ Sis^^TBoeing^a^ecuTto smaUerf medium-raiSe *jet ‘the QiheT programmes);, have Delta is also a big potential y 

the Government venture shows how easy It is for the rich prizes waiting to be relain fte ha]f of ^ tntal Advanced Technology Medium more money over the customer for the 757. but Boeing differed - 

-'-on. ■ Western world’s jet airliner Range transport (or ATMR). So 3 ,ears than we have ourselves.” sees most of the U.S. market 

- - - , markets which it currently far. British Aerospace is in Boeing totally dismisses the lying among the smaller nassenger -freighters'”^ MlteT' 

In any case the Government's especially when one or more of j »s rejoirun,. Airbus maiistne holds, but will continue to fight direct competition with Boeing rumours that have been drcu-.“ regional ” carriers, most “ComhiO tn 

first priorities were to ensure the partners is Government- |with^ a-Oper cent stake m for M much ^ it can geL onlj ^ its Qne-EIeven twin- lating in UK and -European which currently have ageing ^h as the Short-R^e"^V - 

engined aircraft (the latest aerospace industries in recent 727s needing replacement The „„ i n no.» n «. flv>&u^'' 

that Rolls-Royce and British owned. Political interference has A-310, work on that airliner 
Airways got what they wanted; bedevilled the French aircraft can be «5 cted .JJ nattier 
the future of British Aerospace industry in the past, while the ™ oinen iI? m l ra P lt l^' 4 'I[i*, b „ ntai j 
came a poor diird in Whitehall’s pressure on British Aerospace * n j ) . a ^ 1 ^V lar .oeslgcmg and 
pecking order. One suspects to preserve jobs is reflected in JSS’ “A*! 1 ?! 1 “S-JESi J*S 



Series 670 is on offer world- weeks that its new 757 and .767 smaller carriers collectively con- 

. . re not ten. it stitute a market for s^erai 

the points to the order for 30‘ of hundred aircraft .... ^ 

of the 

" are iSS r^ cu , “'r w f °r 1,uuareu : : bility of an Extended- Body 747 *r' 

Boeing ?3 j the 76/s from united Au Lutes,-- Preparations for productum gearing up to ffiNJ ftassenm^ 
worth over $lbn, and to the. of the new jets is also now well Sharif eould develop at 35ati<' 

and the 

twin-jet worm over 9*ion, ana to me. of the new jets is aiso now wen that it eould develop at ifaStr. 

whose 737 is consist- deals with British Airways and; advanced. Boeing is breaking of about SlOOm provldrf’'ktv 

Aei«p?« aid tte imposiUaQDf japS ahTad S2 

unpleasantly rigid commercial Divided lavalties ^ such tbat it exp p cts 

disciplines. As it is. the UK is „ _ * contracts with risk 

embarking on what must be re- K these P^s ures lead to partners and sub-contractors 

garded af a high-riS“ venfore divided loyalties among top before the end of this year. It versions of the Lockheed Tri- the wings, landing gear and rear pi S ®°^ n 01 *2*5* Much of the- dein^id/for the 

Neither the British nor the management and an is in discussions with some 35 Star and McDonnell Douglas fuselage and part Of the tail. Jj 6 n e iS ?57; « “ any - of * he existing jets ljw;in the 737,.; 

French have vet succeeded, unecomraiicaisplit of work so potential UK sub-contractors DC-10 tri-lets. All-carso air- But this was declined during the - s P® t ^ c ^ tlon s are com- programrae.where^oirremrr 

despite considerable support that factories on both sides of for the supply of such items as craft account for the remaining summer by British Aerospace If M , d production rate fe-brin^niised : 

from public funds, tn obtaining the Channel can be kept open, engine pods and pylons (which SSbn. About half of these nut- and ^eJJ.K Government, fa Tra ^ us ^f 1 [ t 10 ^es and i^aeOI a 

a profitable share of the world then Boeing will have nothing the engines with 
civil airliner market The much to worry about from wi ngs), auto-throttles, 
gamble is that the two countries Airbus Industrie. But the tech- P^ots, hydraulics, couplings 
acting together, with Germany nicai strengths of the European s ^ s - navigation systems 
as the third partner, can break industry are not inconsiderable. P™ PS “ in * a 5f 4101081 . . 

out of the long run of failures, if a unified management struc- thmg 0 ? er - than structural two other new airliners— me ueai wmi me vxv, luiuaumins ^-on>~wnicn is much more of a w*wpn le^iauncn, • says ine er lt5QQ 

In their favour is the world hire is KtebSshed Tnd If foe parts engi ' aes ' *** ,atter oew thre^ngined 777. which UK aerospace expertise and direct competitor for the 767 <»mpany. " We have three times 

[ f . the world jure « «rabMsoea arm if the wiI1 be coming f rom Rolls- in effect would be « eanabllitteB Rnr it «t not ton than the hieeer a.wm a<^... vhe>.nei t», a « ...» oesi-seNing jei. Uoemg oeiieves 

for new equipment, which seems from interfering, there is a 75 / but a fierce batt ] e is stiU 
.U«ly to persist for several ehaece ttat the gambie cotild p r “U4 "S>mee 0 Ml, 
years. Boeing, as the article on come off. 1 - - 

a longer- capabilities. But it is not ton than the bigger AJ00 Airbus -the wind-tunnel hour* than we SEr: , 

I TRT nu) wnrriert either ahnnt the loss hlen. ttrith r nnbknnJ .'hlrf »n tha W 7 ,< 4 . VU *'V ™ ■**’ WlJ_l;COBlUHie wen 

(RB-211-535s) for the r ^, g 7 version of the 787. "and worried either about the loss itself-and ato> with LockbeVd. -*ad on^ foe 727 at a comparable S2 

a further version of the famous of that capacity, or the pros- which has offered the Dash 400 time.” Several engineering although (be vTSt Tap ; 

An inquiry may 
be held 

707, powered by four of the Pect of it going to Western version of it§ TriStar airUher in. “mock-ups” are being built, ture wmp 'nar) efimi T 97 

Royce. Pratt and Whitney, and new French - U.S. (Snecraa- Europe. this contest Most interest cur- and 'the company . is looking for marked from ' ' 

General Electric of the U.S. to General Electric) CFW-56 Instead, it has sought risk- rently centres on Delta of the roll-out of the first 767 in June, Kokina hio^pi- ' 

provide the engines for the 767. engines. Boeing believes this sharing partners elsewhere— U.S., which is expected tn make 1981. with the first flight due 

The choice is still wide open. aircraft would be suitable for with Aeritalia of Italy and up its mind before the end of two months iater. -Rollout of 707 h, ^ • 

Roping RATO that the ITK Cflm- Inner- milPo muni) tha urnrlf? uiith tha T ena nnca nn ihn TAT thie vao e At rtwaenvit fha mim fVia 7177 Tn fAMMAnn ■ v Ana ^ , : . tD 

Boeing says that the UK com- long' routes round the world with the Japanese on the 767, this year. At present, the ruih the 757 Is foreseen for 1982. to meet any competition that 

panies to winch it is talking in- which do not^-have the heavy and with Rockwell, Grumman, ning for the. Delta orders seems Production rates are expected pmajJl wtw 

dude some of the biggest names densities of- traffic- needing Lmg -'Temtro - Vought, General to be between the 767 and Lock- to amount to up to ten. 767s a p;,n>r» 

imnnp apmcnsm ainnlipK— airtiar » W7 All •> hionor • Bnhr gnJ Mn.tkmA h»»#>>_ Dn»h Ann *!._ : ... «»». ill B M“P® OI a 


ONE OF the roles the Govern- it possible for industrial firms | Brothers. The new jets will have the 
ment envisaged for the recon- to use their own private fleets 
stituted Price Commission last for hire and reward. There are 
year was examining sectors of no tariff controls as in the U-S. 
industry where competition was and many continental countries, 
considered to be weak. It was The competitive climate has 
felt that there was a need to encouraged efficiency. ‘Most 

reinforce the work of the hauliers operate with the bare Putting A pGI”k 
Monopolies Commission in minimum of overheads and 1 

Boulton Paul. Dorwty and Short heed has several versions of UK. European and Japanese than the RoIlS-Royce RB-21-1-524 the precise rates depending on vet lanndied V1 ^hV > ^irSS 

Rmthprs. Th#» n#»w iet« will have th*» RoJls-powered TriStar. sub-enntractors for equipment engine in the 767 (although if the inflow of orders. ; 


tion between inadequate two previous marathons and continuing ** gross violations ” of 
salaries and people being does not even know what prizes human rights. 

sectors of imperfect competition even the larger companies tend in DCnSiOnS bought off with fringe benefits.” are on offer. He is not sure if Apart from the criticisms of 

with shorter and quicker to deploy their fleets among r Cockcroft is not shy to admjt he will be running against any BM by opponents of the junta 

inquiries into the influence of small depots, each of them T**® whole point about perks, this is his own view. He feels trade unionists, though he says abroad, the contract has also 
such factors as efficiency upon operated as a largely autono- accor< hng to one of my readers, perks are often used to set that last year, a number of the run into trouble in Buenos Aires 
pricing policies. Whereas ihe mous unit The growing con- ^ not whether they are right or different sectors against one aj- 2,000 competitors were In fact itself. A number of officials in 
Monopolies Commission was centratiou upon larger, and wron 3- h is whether they are other, and in *some cases ioqi- eligible to be the Institute's the Ministry of Economy in 
concerned with longer term fewer, vehicles has enabled the P e 9 s .i° na hle. At the time of viduals as well. In principle ja members. private express reservations 

issues of structure and be- industry to carry 30 per cent writing they are not. M Younger management favour rather than r . ag)^ the Institute's abo,, t spending funds on work 

haviour. the Price Commission more in 10 per cent fewer employees do • not seem to an agreed right, the perk+- medical office what was their which, they argue, their own 

would examine the scope for vehicles in the ten years to realise the implications, but I from the leasehold shirt to the usua j advJce on marathons in- embassies and representatives 

using Ministers’ powers to re- 1976. d0 * « a 3 e „ 56 - complains season ticker— tends to eh- volvimz 8.000 feet of climbin« abroad should be doing. Some 

strict prices as a means of The Price Commission be- . Porter. projects oo^rage the pernicious " blue- l0 men 0 f 45 _ tbe a „ e 0 f Argentine papers, despite the 

stimulating efficiency when com- lieves. however, that there is manager with an international eyea boy syndrome, says Cock- Hildreth. It commented- “in government controls, have even 

petition could not be promoted scope for further improvements airport service company. croft. general chaps can go in for been suggesting that funds spent 

in other ways. in operating efficiency and cites, He makes the point that He says he will not be “going cross-country running, but it is on- public relations are money 

Competition in road haulage, ’ n particular, better work fringe benefits are increasingly berserk " about elaborate imperative to train up-” When down tbe drain. 

the subject of the Price Com- scheduling, more shift working subject to the attentions of the schemes Involving apparent I put this to Hildreth he — 

mission's latest sectoral inquiry, antl tuore back loads so as to Inland Revenue, but carry no salary reductions. “The Inland admitted he was “idle and ill- *m**imm** 

stretch of the r . educe empty vehicle mileage, pension rights. Benefit in kind Revenue seems to have accepted trained" compared with many OOClallSX Value 


Nwtha nytonison the Ml, halfway between London ao<f L 
Btrmngham and « direedy sorvsd from functions IS and 16. 

wrtfvnlOO mites 

?™^T„ d *°™ a cfom^ 


OffiM Buildings Immediately available in toWn 


can by no 

imagination be said to be weak. None of these ideas are ney. [ in^his case^to a junich it,” he says. "But personally 20-year olds. But he told me he a Russian trade official -tells 

~ " - - ... ■ jit harnu " m-a/i akm cinnaTIv'rin Ciattirrlerv' >.« r. n . .. _ > 

Indeed, in some sectors over- Efforts have already been made subsidy of between £1 and £2 a I think lfs a bit barmy.’ 1 
capacity caused bv the general within the industry to tackle day; telephone rental of £34.56; 

: . i * i . ■ ruin ,»F tha nnnmticiina’i. n.n fa V atirt inciinnnd fnf h!c- nnm. 

raced occasionally on Saturdays me the following story about 
and had trained For an hour Anastas Mtkoyan. the legendary 
tast weekend, on Dartmnor. -He former Soviet president whi 

period 1975 to 1977 to the point and food -distributors have ex- reasonable point when he says institute of DiwSn« * Tan rpiiriilne fimT in thP° w J a how corai 
where many hauliers have found perimented with after-hours the problem is not being openly Hildreth. Not pontSS^Sth tSS relaiions firm m the world and Stalin's j 
their cash flow insufficient to deliveries to supermarkets. In discussed. He suggests the way odd too J. * ,? °! e a ‘When he 


his reputation .as the great 
survivor of Soviet poUUcs. 
esca ptng from a firing sq uad 
dunng the civil war, and some- 

finance vehicle replacement 

economic recession has forced two of the commission’s sug- tax and insurance for his com- . . , 

haulage rates down to parUcu- fiestions. An association of a C^ r ^a. £133;and L.I 111 Dering UP added, "Compared with some dtofiVt the wppkVnHTiaffrirrtl 

larly low levels: while in ownei>dnvers was formed depreciation on the car, £500— a - | 0flnn non „, a , .. ^ of the entrants I’m bv no moans 0 60 ^ ekC ^ d ' 1 . di 

general, the commission con- earlier this year with the aim. grand total of £809.58 “At 10 ^Ve^ ntFun Run Znd » oldiT” y Sttme inslght inlu hoW he g3,ned 

dudes? competition has been othgr matters, of per cent of annual salary this Pork Ire .LS" ‘L 1 S! 

sufficiently fou^ to fodlltato ““SS mSSSSt ? SS tdls^me^ 1 ° f ^e^reminf, C OSt CO H SCI O US 

to have been squeezed over the loads: while a group of hauliers Porter.- seems to have a ^Director ^ It. is the second larges, public ^ ^ unseathed ^ 

purges of ihe 1930s, 

the case of work scheduling, the round is joint contributory pen^ Hildreth ? ^ rh™ ^ ' ? ccoudT . lhis wuuld onl - v reduce 82. bCd ’ 

enmraission’s third recommend- sion schemes based on notional end for the ro 2 aed tolk^of by t a ,‘ <rl " y fr ^ tlon “ Miknyan could also make bur 

~ ^ ation. the main problem has salaries. . Ji. -?**.“ IelIs : 01 So I was told " 

grouping been trade union insis 

The commission recognises scheduling standards »«»»h •••••i.i. uuieuu accm «i- mere oantnr M< in j *-o »■.«• .-u^inmic the then- fpudip'c rna, 

the conventional view of road upon maximum permitted dis- tain to go on proliferating while £t d eed hetelkm^hr world that BM’s missar for Foreign Trade^mTt 
haulage as being highly frag- tances travelled per hour and pay policy is around. David ^ contract with ‘ Video's junta Sen^J Z ? fnvin 

mented and as consisting union objections to the use of Cockcroft, head of the research fnfc and d ra ? tlJri in be drawing to its end. 5^7*ifSSvan^fth ^ Jhf 

largely of small firms, many of tachographs. department with APEX, the ^ ° Tn fnct tha T n ' , Mlkoyan mth the 

them run by owner-drivers, as In short, it is hard to see Association of Professional, days 0 f annual Ji nn F ^ necember 11 ru !J I S i u . ntl ! S « e ?, For ! „ 

being somewhat misleading, how this latest Price Commis- Executive. Clerical and Com- HoS f ^ Cbael v ^ » ld Mlkoyan “but 

There is a high and growing sion inquiry can be said to have P uter Staffs, says season tickets sacJ - matpre ° r * the JuiaIJ ’ t>, ) 0 ' A S represenlfl ti'e in i couidn t possibly accept such 

degree of product differentia- justified tbe effort and eost. It and cars are proving the main ’ u . „ re f’ 5353 he is a va,aable SUt 

tion by area and by type of ser- was of course .commissioned growth points for his 155.000 There is nn track, inst a conGa : n . 11131 lt be "OJC. H . said Ford, 
vice. The larger fleets, with afte 

more than 20 vehicles, now con- by the refusal of West Mid- union has been split down the « n « 5 of considerable com- a 5 J un * *" ' Government House. “How much? 

stitute 40 per cent of the indus- lands hauliers to re-negotiate middle over the issue for some plenty. Can we count on his !, eat of the Presidency and Fifty- cents.*' 

try’s capacity and in some a 15 per cent wage settlement two years. safe return? Hildreth laughed, Secretariat of Public Informa- Mlkoyan reached for his 

sectors the subsidiaries of the a year’ ago. The least the On one side are those who filing me that the runners all tJon « he - doubts this. wallet and. lianddd Ford a dollar 

. __ MUAI^dll LUUtU flIW IlldfWC UUI 

Dy Burson- j n tbe capitalist world, i hear. 
! “ ,c r , epnrt Clr * On his visit to tbe U.S. in the 
rne Argentine jg^, tbe then People’s Com 

TU sell 


"Tembly sorry,’ apologised 

Ford, “ but you see I don’t carrv 

« — — - ^ 

state-owned National Freight industry can now expect is the (point to the tax advantages of ®? teams of two. He added 
Corporation, collectively by far Government's co-operation i; 
the largest grouping in road persuading the unions t 

haulage, are widely regarded as negotiate more efficient working tinci advantage in a time of- pay "‘ u j’ ucu " " c "“nseit runs in the offices in New York repenriJ s' 0811 change.’*' 
price leaders. Nevertheless, the practices and in trying to restrainL “Then there is the class - following Amnesty r ntp1 : " Never nried^said Mlkoyan. 

industry is relatively easy to Interest industry and the retail opposite view, also very strong. The lure is obviously not the national’s reports that 4 raw "ill take two." " " ’ 

enter. Capacity controls were trade in taking deliveries out- that they are not pensionable, prize money- Hildreth says- he opponents of the ram me hew? 

abolished a decade ago, making side peak traffic hours. and that there is a high corrtla- has never won an award in his “disappeared ” and there a 


^U, n> Hous.200000^,,ot o f^ abOTator) ^ bus = 

M 9 ^H^ 730G0« lftfonrtngp ^ rfGmCTTO(;a|lw 

Angw House 27 000 sq ft in prime posWoo 

.Other pipperflee from 500 sq ft to 10 000 sq ft 

SS XSS&TSS*: 1 ?**; 

ToWn centre sKe of 3.5 screa For up tn 300 (wy .y. 
besulHfividad ,oa minimum of lOOMolqfU ^ (0rCa '’ 

Town centra sHos Two for30 OOOsqft 

For^to WOOO^ftwWwopf^ 

• . CampOMitas 60 acres available at Moulton Psrft 


car perking: 

DmceSa toffets, gas fired worm air heating and ail ' 
. mams services . - 

Rshtoliiins Units nowovaitebis oaPhsaeS 

5000sqft . 12600*qft- ' • *: 


uratsof 10 fiOOsqftwch which capbeletinvarioZ ^ 
^"oorrasnafions l :- 

7 6 000«3ftand2unrts of 12 SOOsqft. 

i U units of 

iTrftwtrial Sites Choose from the tilde range 
available on four empfoyrnent areas 

for further information Write orphona 
L Ausdn-Crowe BSc FRICS/.C 
; Monh ah i p tpp 

2^3Afaricet Square, NonhamPton NN1 2m 



Financial Times Wednesday October 25- 197S 


Wednesday October 25 1978 







355,759 sq. miles 

Population 12.7m 

GNP Bs 133.5bn 

Per capita Bs 10,800' 

Trade (1977) 

Imports Bs 36.61bn 

Exports Bs 49.96bn 

Imports from UK £175m 

Exports to UK £67.Urn 

Currency: Bolivar £1 = Bs 8.60 



Hugh O’Shaughnessy 
Latin America 

After a period of bounding prosperity under their ebullient leader President 
Perez, the people of Venezuela will next year have a new regime - and perhaps 
a change of life style. The country’s political stability and vast resources 
should, however, enable it to carry out adjustments without undue strain. 

Bs 36.61bn 
Bs 49.96bn 

£6 7.(1 m 

LIKE A fat man trying to slim, been the embodiment of the 
nr a spendthrift trying to be bonanza years of the 1970s. 
frugal, or an extrovert attempt- h 8 bas done a great deal of 
ing to become more introverted, R00d f 0r Venezuela, and his 
Venezuela is facing the prospect international policies,, whether 
■of having to change its style of they were in support of a wise 
bfe. revision of the treaties regulai- 

Since the 1973 rise in the ing the control of the Panama, 
OPEC price of oil, the largest of a better deal for landlocked 
' oil exporter in the western Bolivia, or of human rights dur- 
hemisphere has been living ont ing the Nicaraguan crisis, or 
b dream of riches. Government greater progress ip- the North 
income has increased vastly and South dialogue, have on balance 
. imports have tripled from one been positive and . helpful. 

%ear lo the next. Great de- n ow the Pdrez era is coming 
.velopment projects have been tG ils end> u ^ a safe bet that 
- planned — steelworks, coal lbe personality of the new pre- 
mine?, alummmra plants, hydro- sjdent— whoever he may be— 
riectric dams, underground w1I1 be niore sober and worka- 

railways. The Government has day , in 1am wllh m country’s 
jsed its new-found financial realisation that things, cannot 
strength to launch a new am- continue at the hyperactive, 
-aitioug foreign policy and the breakneck pace of the past five 
. State has spent vast amounts years. 

and COPEI, the Venezuelan 
Christian Democratic Party. 

Neither party has fielded a 
candidate to set the Caribbean 
on fire. For Acci6n Democr&tica 
there is Luis Pinenia Ordaz. an 
introverted and cautious pro- 
duct of the powerful party 
machine, who could hardly 
offer a more complete contrast 
in personality to Carlos Andres 
Perez. Turning his back on 
Perez’s Bolivarian idealism 
Pifterua for Pinita, “Little 
Pineapple," as he is familiarly 
known) has decided that he 
wants to go down in Vene- 
zuelan history as the President 
of the Public Services. 


rf cash to buy the wisdom and 
the technology of the universi- 
ties of the western world. 

At the beginning of Decem- 
ber Venezuelans go to lhe polls 

' c - ~ iOTi to choose a new president and 

Since March. 1974 Hus breath- a ncw lesisIatare . Almost alone 

less process has been presided “ J 7.” 

•>ver by ahead of state, Carlos £ lhe ^°P ,e ° 

^ey will be allowed to choose 

Andres P6rez, whose per- “ ,cy , OB ZET 

fonality — bluff, outgoing, gre- freely among a vtok 'Series of 
. various and freespending- candidates from the New Left 
natched in an almost ** “ tre r me Right. Although 
uiraculous way the mood and l , he sla,e .°f presidential. candi- 

:ircu instances of the country. dates wiU include . an orthod( ! s 

With bis great energy. ‘his communist, a former guerrilla 
leep laugh, his enthusiasm for fi 2hler returned to parliamen- 
» crowded and tumultuous life tananism and an admirer of 
ind bis inward conviction that the Jale military tyrant. General 
ie could do for Venezuela’s Marcos Perez Jimenez, the real 
arcstige in the 20th-century fight will be between the two 
something of what the national raain parlies, Accidir Demo- 
nero, Simon Bolivar the libera- cratica, the eentre-of-the-road 
tor. did in the early 19rh- social democratic grouping to 
century. President P£rez has which President Perez belongs. 

He will win and be in- 
augurated in March if the elec- 
torate decide that they want 
better telephone services and 
improved drainage and that the 
Aceidn Dei no cratica machine 
with Pifierua at its head is the 
combination to give it to them. 

Scoring level with PinerOa in 
the opinion polls, with nearly a 
third of the popular favour, is 
Luis Herrera Campios, the 
COPEI candidate, a man with a 
.slightly more expansive per- 
sonality Ilian the Accion Demo- 
cratica choice. For vitality, 
however, he cannot liuld a 
candle to President Perez, or 
indeed to the grand old man of 
COPEI, ex-President Rafael 
Caldera. who preceded Perez 
in office. 

Herrera Campins will win if 

the electorate feel they need a 
change fmm rule by Accifin 
DeraocrStica and want a party 
which will sweep away some of 
the political cobwebs and 
jobbery that has ineritably 
accompanied this present period 
of explosive prosperity. As the 
countdown lo polling day begins 
there is a tentative feeling in 
some political circles that 
Herrera Campins may win by a 
whisker, although a last big 
push by the powerful Accidn 
Democratica machine may 
seize the victory for Pinenia. 
Both men are closely advised 
by the host political pollsters 
and campaign managers that 
money can buy in New York. 

This is a reflection of the fact 
that “image making” and the 
power of the communications 
media are concepts which are 
nearly as important tn 
Venezuela as they are in the 
U.S. It has also given Sr. Jose 
Vicente Rangel, one of the lead- 
ing socialist candidates, the 
opportunity to stamp his own 
campaign literature ‘‘Made in 
Venezuela.” a malicious bit 
effective jibe at the foreign con- 
nections of the two main 

Whether in the end it Is 
Pinenia nr Herrera Campins 
the mood will change in 
Venezuela when the new presi- 
dential term starts in March. 
Most people are agreed that it 
has In move towards a greater 
sense of austerity. 

“Austerity is a need, almost 
an imperative” President P£rez 
remarked lo me earlier this 

month- He had just finished re- 
cording a television message to 
Lhe nation explaining how the 
demand for telephone services 
had outrun the telephone com- 
pany's ambitious plans for ex- 
pansion and improvement The 
simple explanation of the 
Venezuelan mood is that the 
country just has to draw breath 
and recover from the helter- 
skelter life of the past five 

In the first instance it must 
demand a new attitude to the 
oil industry, it is inconceivable 
that the OPEC oil price will in 
the immediate future rise as 
much as it did in 1973-74. There 
is therefore no question of the 
Venezuelan economy developing 
in the next few years at the 
speed at which it did over the 
past five years. As a wasting 
asset it must be better hus- 
banded. President Perez has 
said that the domestic oil price 
must be raised from the present 
level of around 20 pence per 
gallon, although this is unlikely 
to be done before the new year, 
with the elections comfortably 
out of the way. A rise in the 
domestic petrol price, more 
than aoy other measure, would 
bring home to Venezuelans the 
real worth of the resource to 
which they owe much of their 
prosperity. , 

At the same time Venezuela 
will be pressing for a rise in the 
OPEC price which would make 
lhe development of alternative 
sources of energy more feasible. 
Tills -move. too. would assist 

with the profitable working of 
the Orinoco Heavy Oil Belt, 
whose oil reserves, though diffi- 
cult to extract, are comparable 
in size to those of Saudi Arabia. 

A slowing down in the growth 
rate of the oil industry will 
mean a slowing down of the 
rate of growth of the whole 
economy. It will also bring the 
realisation that not all the plans 
that have been announced in 
the past few years will be 
accomplished. As the cost of 
many of these plans continues to 
rise it is clear that even 
Venezuela’s purse is not long 
enough tn fund all of them. It is 
also becoming clearer that 
Venezuela’s reserves of trained 
manpower are seriously over- 
strained, despite the best efforts 
of the Government to train 
people at home and abroad. 
Although Venezuela's level of 
sophistication and literacy is 
superior to that found in many 
oil product ng_ countries of the 
Middle East the country does 
not have for the moment the 
reserves of skilled craftsmen 
and middle managers tn cope 
with all the projects that have 
been tabled. 


The new attitude is likely, too. 
to embrace a less ambitious 
attitude to foreign affairs. Presi- 
dent Pinenia or President 
Herrera Campins are likely to 
be too bound up in adjusting the 
levers of domestic politics to be 

able to spend as much time as 
President Pdrez has done in the 
international arena. 

To add to the complications 
are the problems connected 
with the overseeing of the 
State-owned industrial giants 
which have been born as the 
result of the nationalisation by 
President Perez of the oil and 
iron ore industries. Petroleos 
de Venzeueia, the State ail 
holding company, and the 
various operating affiliates 
which took the place of Exxon. 
Shell and the rest, have worked 
with great efficiency since vest- 
ing day at the beginning of 
1976. They have worked so 
efficiently that many thinking 
Venezuelans are unconscious of 
the fact that the country has 
inherited the duty of setting its 
oil industry the strategic guide- 
lines which were previously set 
by the boards of foreign com- 
panies sitting in New York, 
London or The Hague. Sooner 
or later the Venezuelans will 
have to wake up to this new 

The problems of adjustment 
that Venezuela faces in the next 
two years are therefore formid- 
able. It is to the cmmlry’s 
credit that over the past two 
decades the political structures 
under a parliamentary system 
have gained strength and 

The tolerance and flexibility 
to be found in political life in 
Venezuela today are to be found 
in no other major country nf 
Latin America. No other country 
of the region witnesses the 

alternation in power between 
two opposing political parties 
such as Venezuela has seen in 
recent years. Nor has any other 
country of the region been able 
tn solve the problem of guerrilla 
activity and violence as Venei 
zuela has. Nowhere else in 
Latin America could there be 
elections including a man bid- 
ding for the presidency who 
who was in the 1960s a member 
of a rural guerrilla army. Yet in 
Caracas Americo Martin, still a 
Marxist but no longer a guer- 
rilla, is leading an energetic 
campaign against the two 
establishment parties. Nor is 
Martin averse to paying tribute 
to COPEI and his record of 
pacifying rather than liqui- 
dating the guerrillas. 

To say this is not to say that 
Venezuela is a political para- 
dise. Some political detainees 
has been treated unjustly and a 
current police scandal involving 
the death of a lawyer illustrates 
the fact that ugly things can 
happen. The continued exist- 
ence of widespread poverty 
amid fabulous riches is a rebuke 
to President Perez and recent 
violence in workers’ flats in the 
capital has emphasised Lhe fact 
that there is boiling resentment 
in many slum areas. 

Overall, however, the strength 
of the Venezuelan political 
system and the resources the 
country has at ils command 
should ensure that it deals satis- 
factorily with the painful 
adjustments that are just 
around the comer. 


Financial Times Wednesday (^tofcer t 25 1973 




decided ir 
j Negation 
Wilson f' 
number c 
were com 
puicn agai 

Party on 

1074' Gem 
The foi 
a negation 
lowing lh« 

affair. Mi 

was. had 
an arches 
himself. I 
Lady Fi 
.Marcia W 
The Pr- 
Sir Haro 
drawn sol 
told the 
did not 
round a 
male rial." 

The Pn 
to hear 
-Sir Haroli 
f a filial en 
On the 
:12a mat l 
council 5 s 
liuyal Gc 
Inal iher 
Labour bi 
The Pn 
is one o: 
ijshed tod 
In uno 
ayainst il 
Daily Ex 
piciure c 
death in I 


The Venezuelan 
Bank for Today 

IN FOREIGN policy, as in many been generous. President Perez ‘Still In the regional sphere, 
other fields of policy in had his country spend about Cuba has occupied the 
Venezuela, the P£rez years since $480m in international aid, half attentions of President Perez 
1974 have been whirlwind years, being spent on multilateral aid and his ministers, although they 
Since he took power. President and half on bilateral assistance, have achieved Utile , t0 
Carlos Andres P6rez has been Venezuela last year disbursed, encourage them in their desire 

continually travelling and SI 00m of the S}bn tha't it for the emergence of a multi- 

speaking on foreign affairs committed to a special trust party regime in that island, 
subjects, and he has not been fund with the Inter-American Despite the forlorn nature of 
slow to use the country’s wealth Development Bank, and $3 1.3m *his " hope. Venezuela has 
to further his ends. went to the OPEC Special men ded us commercial relations 

He had hardly been in office FutkL Venezuela has spent w j th Havana, and it could be 
when. in a characteristic SI 00m In a novel scheme of aid t h aL Venezuela will soon begin 
gesture, he was taking full page 10 Central America under suppl v oil to Cuba, which is 
advertisements in the New York which Central American bnyers ac , w being supplied from the 
Times and other U.S. news- cf Venezuelan oil are lent back Soviet Union, 
papers to put over his point of the purchase price for use on '. Elsewhere in Latin America 
view to the U.S. people. The development projects. Jamaica, president P£rez has tempered 
Venezuelan leader felt strongly Peru. Portugal and the his manifest dislike of 
that the decision of the U.S. Dominican Republic have also dictatorial military regimes with 
Congress to invoke trade sane- been direct beneficiaries of -political considerations. General 
tions against all members of the Venezuelan donations. • Videla, the leader^ of the 

Organisation of Petroleum Pro- ' • Argentine military junta was 

ducing Countries (OPEC) be- 1*1*01111116111 allowed to visit Caracas, though 

cause of U.S. disapproval of the ' • the reception he got from the 

policies of the Middle Eastern The fact that Acctfn Demo- local Press and opponents of 

members of that group was un- cratica. President Perez’s own fois Government might have 
fair and ill-informed. Party is a member of the given him reason to regret his 

He felt, too, that the inter- Socialist International, has visit Flagrant violations by the 
national news agencies were allowed Venezuela to take a Uruguayan regime of the 
unwilling or unable to make prominent part in the affairs ‘of Venezuelan embassy in 
Venezuela's view known more the world grouping of social Montevideo led to the with- 
widely. So he did the publicity' democratic parties. President drawal of the Venezueian 
himself. Perez himself attended the last ambassador, Uruguay being an 

The President takes bis SI conference in Geneva .and eminently expendable pawn on 
country's twin roles as an has cooperated in the Inter- the Latin American diplomatic 
OPEC member and a prominent national's initiatives in Latin chessboard, 
member of the Third World America. But the case in which Presi- 

alignment very seriously, and The Perez Government helped dent Perez's initiatives captured 
this was reflected in the visit notably, m the eventually most headlines has - been his 
he undertook two years ago to successful efforts of the. Inter- intervention in the Nicaraguan 
the Middle East. Venezuela’s national to ensure that' the crisis. 

role as a founder member of Balaguer Government and the At the beginning of his term 
OPEC must by the nature of the Dominican military respected of office in 1974 President P6rez 
production programmes of the the popular will as expressed privately expressed his concern 
different countries be subordi- in the presidential "elections at the survival in Nicaragua of 
nated to that of the principal earlier this year. The fact that a family dynasty which had 
oil exporter. Saudi Arabia. But President Antonio Gnzman is been first set up in power by 
that has not stopped Venezuela sitting in the presidential the U.S. in the early 1930s. The 
playing an important role in the palace after his Dominican Somozas, he kept repeating pri- 
organisation. Its present plan Revolutionary Party was vately. must go. 

to raise prices by a few per cent acknowledged victor over When broadly-based popular 

immediately, with further price Balaguer’s Reformist Party is insurrection broke out in 
rises being scheduled for three more than a little to dp with August against the rule, of 
monthly intervals, may well President Perez and bis present General Anastas io Somoza and 
turn out to be a welcome com- Foreign Minister, Dr. Simftn the Nicaraguan National Guard 
promise between those countries Alberto Coosa l vi. _ started a tough campaign of re- 

which want a big price increase Venezuela has also been, a .pression against the civilian 
and those who want little or no powerful mover behind the population. President Perez was 
increase when OPEC come to scenes in the Panama question, among the. first to express his 
meet in mid-December in Abu General Omar Torrijos had concern and his conviction that 
Dhabi to decide on pricing constant recourse to President- the best course would be for 

matters.. . . ._ ...... Edrez during his- negotiations: the General, to give up power. 

Like the Arab members of with the U.S. on a new treaty P$r*i'sv v irds- Returned very . 
OPEC. Venezuela has been to regulate the 'withdrawal' iff .fw etfboes, a»d he therefore 
conscious of its obligations ■ to the U:S. from the Panama had fp niove wirfc firmness when . 
the. non-oil producers in the Canal, and President P6rez gare-Uve National Guard started to 
ranks nf the Third World, and him .moral, financial / and make'forayt south of the Nicar- 
Yenezuelan foreign, aid has political heip. ■ ./ aguan border.^ nto .Costa Rica, 

the only democracy In Spanish 
speaking Central America and 
a country without an . army. A 
force erf Venezuelan warplanes 
was sent to Costa Rica "as-- a 
warning to the Somoza regime 
not. to continue its raids, into 
its southern neighbour. * • 

Most 'importantly, ais U.S. offi- 
ciaJs readily, adroit,- President 
Perez’s continuous ' lobbying of 
the 'Carter .-' Administration 
helped to bring about the pre-. 
sent decision in - Washington 
that all must now be done- -to ' 
end. the Somoza era in Nicata. 
gua. When the Somozas leave 
and there is great democracy in 
Nicaraguar— an occasion' which 
cannot be. very long delayed 
much of the credit wilt be. d ore 
to President P6rez and his For- 
eign Ministry. : 

. Two problems near at hainj 
still defy resolution .'Venezuela's 
border disputes with its neigh-' 
hours Guyana acid Colo mbia 
Despite years pf diplomatic 
work there is no solution yetlo 
the problem of how to delimit 
the waters of the Gulf -of Vene- 
zuela, an area which could 
contain big quantities of QiLJbe 
question is not helped by: the, 
fact that hundreds of thou- 
sands of Colombians live ' in 
Venezuela, . attracted by „thV 
work opportunities and /high 
salaries and often not bother- 
ing to get legal permission for 
their stay. -. V . 


The border problem; ..jutfth 
Guyana— Venezuela ' claims'* the 
western third o! tfcecoiuitEj* 
is a less acute problem and. to- 
been softened by the wlflIng- : 
ness of President. Pdrez and 
Prime . Minister •..Forbes’ Burn- 
ham to exchange' visits and dis- 
cuss the. problem. ■ ■ . 

With the discreet blessing of 
Britain and the Netherlands,. 
Venezuela has" been extending J 
its contacts among the smaller 
islands- of the.. Caribbean. This.' 
sort of contact Is exemplified by 
the decision this - monfh to ship 
a prefabricated :cqffural.centre 
t? St. Kitts and: the announce- 
ment that Petroleos' : do Vene- 
zuela . is in .^fetaajkft/fbr 
share of the- wlKantf . Exxon 

refining operation^ WL CUxtoo 
and Aruba, f •’ ' Y 7 -V 7 1 - r . • ~ 

Hugh O’Shaoghnessy 

Greetings from the BV Lion 

to Venezuela 

Bayerische Vereinsbank one of Germany’s major banks 
with consolidated assets of DM 70 billion (Sept. 30, 1978) 
operating in Venezuela since 1976. 

Branches and representative offices in important 
financial centres throughout the world such as 
New York, Tokyo, Los Angeles, Chicago, Paris, 

Rio de Janeiro and Tehran. 


Urb, Santa Fe 
Av. Jose Maria Vargas 
Apartado S0.7S1 
Caracas 10S 
Telephone: 925479 
Telex: 21 764 bvrepvc 

(Union Bank of Bavaria) 
London Branch 
40. Moorgate 
London EC2R 6EL 
Telephone: (Oil b2K 9066-70 
Telex: SSI 3172 3 bvl g 

Head Office Munich 
International Division 
Kardinal-Faulhaber-Strasse 1 
D-S0O0 Miinchen 2 
Telephone: (Us9) 2132-1 
Telex: 5 23 321 bvm d 


— >»' U \ ; 

*:> ;-i 


j • . ■ st 

I ; 

i Sr. 

Juan Manuel Sucre Trias, Venezuelan Ambassador 
lu Britain. 

Sr. - ■ ■- ■-.X- .’SL’S 

i * f •-•., . if • v > A'.'i. 

•*. - - -'m 

Mr. John Lang Taylor, British Ambassador. DO 

Trade links with UK : { 




IF DIPLOMATIC activity was 
the key to close relations 
between Britain and Venezuela 
the two countries would be the 
best of friends and closest of 
associates. * ' 

In Caracas Mr. John Taylor 
and Ills staff at the British 
Embassy are currently being 
filmed by a BBC television team. 
There, seems lo be agreement 
between . the Foreign and 
Commonwealth Office and the 
Corporation that the Caracas 
post is just tlie sort of hard- 
selling Third World post whose 
image must be fostered. British 
viewers will be seeing Mr. 
Taylor and his activities some 
time next year. 

In collaboration with the 
British Embassy the British 
Council is expanding it activi- 
ties m the cultural field. In 
Ciudad Guayana. the expandin’ 
new industrial complex in the 
eastern part of fho countrv. for 
instance, the British Council has 
just opened a new English lan- 
guage teaching renire whose 
walls are bulging under pres- 
sure of students. 

the popularity of the Council's 
operations in Caracas and the 
oil capital of Maracaibo. At the 
same time in London Sr Juan 
Manuel Sucre Trias and his 
staff at the Venezuelan 
Embassy have produced a hive 
of activity over the past year. 
New premises have been 
acquired for the embassy, an 
office has been opened to deal 
with Venezuelan needs Tor 
science and technology. Sr 
Sucre Trias has completed the 
purchase of the house once used 
by Francisco de Miranda, one nf 
the heroes of Venezuela's 

British , pn me minister to take Spaniards and Canadians have 
his I or her> courage in two an agreement on . the main rail- 
hands and actually go to'Vene- way scheme, while , the French 
. „ .. •; have obtained a JargP share! of 

Despite ail this activity there the. Caracas Metro contract, 
is a- fair. amount of Somewhat which is going ahead 'very 
vague dissatisfaction on the quickly. T 

side ' r °" - burins the governorship of 
he British side the dissatisfac- D ieg0 Arria. now presidential. 

Uon centres around the trade candidate, British Le viand (now 
situations Britain has not got BL) obtained a big wntiact ior 
a large share of the enormously buses for the capital^ • ’ 

rich Venezuelan market where 

the big exporters are the U.S. -i?°^ a3P hopes aw 

and West Germany. " pir * ned ° n % awarding, of the 

struggle for independence 



Five hundred locals have en- 
rolled and more than 100 are 
on the waiting list for the 
services of 12 staff in i he. com- 
plex of six classrounis. alrh»u"h 
the operation has hcen under 
way fgr only a f ew 
Similar stones could be told of 

against Spain in the early 19th 
century, and that is to he turned 
into an international centre. 

One oi its main jobs when it 
is completed will be to provide 
better facilities for helping the 
hundreds of Venezuelans who 
are studying in British centres 
of learning, including many 
sponsored by the ambitious 
Ayacucho scheme of' scholar- 
ships nm by. the Venezuelan 
Government The energy with 
which the British Embassy is 
run in Caracas is well, matched 
by the verve with which the 
Venezuelan Embassy is run in 
London. At' the same time a 
constant procession of British 
and Venezuelan officials seems 
to be constantly in the air over 
the Atlantic on their - way be- 
twpen London -and Caracas. 

President Carlos ' Andres 
Perez has visited this country 
and all that is now needed to 
complete the picture is for a 

Statistics for the . first seven c ,: ;' — ••*»«* u»i 

months of the year showed that- from the Mexicans for- 

«« i «... .. . Its U'nrk nn f Kn cm a dW! a . 

contract for Venezuela's second 
big steel plant to be sited at 
Maracaibo in Zulia. 

The guud marks that British 

Venezuela bought 1107m worth' ^ wor K on the SICARTSA 
of British goods, a distinct in- ste ^. or ^ £ ' Las Ttuchas havft 

of British goods, a distinct in-. . 
crease -bn the figure for the . a favourable impression 
same- per* 0 ^ 9^ l® st but “ e Venezuelans in charge 
nevertheless only a fraction of . til ® Zulia projects, and the 
what, that country’s main part- leadership in the 

nets were landing on its shorei -'T 5 ? niinas s^works now being 
Britain by contrast bought only £ u vV ncar ® eI ° Horizonte in 
£444in'of Venezuelan products, Brazil has strengthened British 
no&bly. Of course, oil. .But that pOPOS for another breakthrough 
trade . & bii the decline as .Bri- ^ ' Venezuela, but tiiere have 
tain 116000168 self-sufficient in * een ho otmimitmencs yet ’._. 
oil products: Shell, the principal' British hopes are also high fir 
British industrial interest In . contracts in the shipbuiltiiiig 
Venezuela; has been national- and steel fabricating indabtiies. 
ised along with all otiier private As PetrSleos de Venezuela.- the 
oil companies. Wat has eluded state oil concern, develops III 
the best of British commercial: offshore exploration activities, 
and' industrial endeavours .has rthe British hope- that North Sea 
been one of those gigantic con- expertise will he a derive liic- 
traetb:- which - the Venezuelans lor in- bringing contracts to 

tutu awarripri tn nnr pflmnpti. Driiicl. ....j: 

have . awarded to our competi- British .yards or an 








x&msmgmm. mm 

teeh oology 



V *x: 


Presidential campaign nears climax 

VENEZUELA'S presidential 
election campaign, a rare phe- 
1 nomenon in this region where 
pseudo-elections are the norm, 
. .’is now approachin ga climax. 

Voters ail over the nation go 
. , to the polls on December 3 to 
select a new Government that 
will run Venezuela for the next 
five years. The mandates of 
the present chief executive, Sr. 
Carlos Andres . Perez, the 
National Legislature. State con- 
municipa! officials expire in 
gressmen and governors and 
March 1979." 

The new Government will 
take over the job of managing 
one of Latin America's weal- 
thiest and most dynamic coun- 
tries midway through the 
..boldest development pro- 
- gramme ever carried out here. 

The 10 candidates entered in 
. the all-important presidential 
race from a political spectrum 
. that moves from the far left to 
right of centre. 

Only two of those standing, 
though, have a chance at 
winning the candidacy. These 
are Luis Pincrua Ordaz. 
representing the ruling Action 
Democratica (AD) Party, and 
Luis Herrera Campins, the 
standard hearer for the Social 
Christian Party (COPED. 

Both are long-time politicians 
in their early 50s, backed up by 
large political organisations. 

Since the last dictator was 
overthrown in 1958, 

. Venezuelans hare elected four 
presidents, three from AD and 
one from COPEI. 

President Perez won the 1973 
elections 49 per cent of the 
p .j rote in a field of 13 candidates. 
,J j;’ His closest rival was Copei 
candidate Lorenzo Fernandez, 
who gained 37 per cent out of 
~ - more than 4m valid votes. 

AD and COPEI are both 
reform-minded left of centre 
parties with national arganisa- 
tions and large followings. At 
. the last count, AD claimed 1.3m 

- registered members while the 
. Social Christians counted on 

- 700,000 to 800.000 partisans. 

In past years the Social 
Christians have become far 
more liberal in an attempt to 
outdo the liberalism of their 
chief enemies in Accion Demo- 

Facing the two major parties 
are an array of leftist parties, 
some of which include former 
guerrillas among their leader- 
ship. two candidates seeking to 
attract followers of dictator 
Marcos Perez Jimenez (toppled 
in 1958) and two independent 
• candidates standing for the first 

The campaign has been a 
noisy, flashy and expensive 
exercise. Most of the presiden- . 
tial hopefuls -travel . widely, 
scouring slunu - cities • and 
forgotten rural streets. all- over 
Venezuela for • votes. The- 
¥ parties make wide use of radio. 

I television and newspaper 
. advertising, ..arid . are fond of 
organising mass rallies, picnics 
and loud aulo caravans. ■ • 

; ' The two principal contenders, 
plus Diegd; ‘Arria, a former 
Minister under the Perez 
Government, .have devised a 

- variety of slick media messages, 
many of them prepared for the 
lavish campaign by American 

i advisors. All. three candidates 
- r Tend to play down the role of 
j foreign campaign and media 
i experts. 

.-The. latter main lain ex- 
tremeTy low profiles, avoiding 
interviews on their frequent 
visits to Caracas. 

Thus far, the main .issues 
cropping up have been the good 
sturdy stuff of political cam- 
paigns almost . everywhere: 
where has the Government 
spent its money?. Or issues 
sut-b as the state . of public 
services, cost of living, jobs, 
education, housing and corrup- 
tion in high, places. . 

The Perez regime, richest in 
the country's history, has spent 
vast sums of money,' and even 
gone into debt, as it 
implemented a massive in- 
dustrial and agricultural 
development programme and, 
simultaneously, tried to remedy 
practically everything it thought 
was wrong with the country* 

While the administration’s 
intentions were good, it has 
failed to achieve much of what 
it set out to do. The country’s 
leaders frequently proved them- 
selves incapable of setting long- 
term priorities and seeing 
individual projects . through. 

On the positive side, though. 
President Perez will always be 
remembered for bis highly, suc- 
cessful nationalisation of the 
country's giant petroleum 
industry, for a dynamic foreign 
policy aimed at strengthening 
the position of developing 
nations and his initiation of the 
mas«ive national development 

As a president who spent 
much of his time travelling to 
provincial capitals and towns, 
Sr. Perez has maintained a con- 
siderable degree of. personal 
popularity at home even though 
he has been unable to solve 
many glaring problems such -as 
shortages of housing and food, 
under-employment arid badly 
deficient public services, and 
even though his administration 
has been widely criticised for 
waste and corruption.' 

Opposition parties recently 
complained sharply to the 
country’s • electoral council 
TORAL — CSE) ; after the 
administration launched a 
major media blitz emphasising 
the Perez Govenunenf s achieve- 

The Government' agreed to 
limit its advertising, but Presi- 
dent Perez still appears regu- 
larly on television and in news- 

papers and magazines to review 
his past four years. (Although 
he does not surrender the 
presidency until next March, 
chief executives in Venezuela 
traditionally have watched their 
power seep away as soon as a 
new leaders is chosen.) 

The media campaign served 
a dual purpose : ( 1 ) to tell 
Venezuelans the Government's 
version of what it had achieved 
and 1 2 ) to suggest that the 
official party — AD — had not only 
provided all this, but would 
obviously be the best choice for 
continuing programmes. 

Even though President Perez 
is a leader of his parti’, he is 
officially forbidden by law from 
participating in the campaign, 
just as he is banned from run- 
ning again for ten years. 

Sr. Pincrua. a member of the 
Chamber of Deputies and 
former interior minister, has 
sought to stress that he will 
push forward with President 
Perez’s programmes. An unin- 
spiring campaigner, Sr. Pinerua 
places particular emphasis on 
resolving domestic problems 
such. as crime, water shortages 
and housing, and on mounting 
a crackdown on official corrup- 

Candidate Herrera, a senator 
and intellectual with a common 
touch, also offers voters a com- 
prehensive public works plan 
and promises fo end the abuses 
and deficiencies or the present 
Government. Hhe has fiercely 
attacked the Government — and 
its ad representatives— for 
spending more money than ever 
before in the nation’s history, 
while failing tn resolve major 
national problems. 

He has cited the almost 
monthly “crises” affecting the 
Perez Government, such as food 
and water shortages and power 
blackouts: he has blamed it for 
higher prices and insufficiencies 
in public services. 

Both majority candidates have 
adopted essentially similar pro- 
grammes. laden with a heavy 
dose of populism. Unfor- 
tunately, neither one talks 
seriously about spending less 
over the next five years, but 
advances programmes that will 
require fresh sums of money 
from a Treasury already 

C t r i b b i i r 

besieged, by growing national 
obligations and foreign debt. 

A sign of responsibility, how- 
ever, has been demonstrated by 
both candidates with respect to 
the nationalised oil industry. 
Venezuela's most important 
source of revenues. Neither has 
suggested that his Government 
would tamper with The giant oil 
company and each has given 
indications that present policies 
will be followed. 

Unlike most other Govern- 
ment concerns, the State oil 
monopoly has thus far remained 
miraculously free of political 

Although several months ago 
most political observers were 
predicting a slim but clear 
victory by the Government parly 
candidate, the campaign has 
now turned Into what one 
analyst called " a real horse 

Over a year ago. the COPEI 
contender was leading his 
adversary in the polls by a few 
percentage points, but lost the 
advantage as AD's massive cam- 
paign took shape. 

Now. however, only a few 
weeks from voting time. Sr. 
Herrera seems to be at a par 
with Sr. Pinerua and may even 
be pulling ahead. 

In recent weeks the Govern- 
ment party hopeful was hurt by 
his refusal to engage in a direct 
national debate with the COPEI 
candidate. The Social Christians 
made considerable political hay 
on this issue, saying that the AD 
candidate's call for a " press 
conference” style meeting with 
no direct interchange between 
the two parties was a “cowardly” 

Although neither candidate is 
an exceptional public speaker, 
Sen, Herrera has shown himself 
to be quicker and more flexible, 
in many public appearances than 
his AD rival. 

Other candidates vying for 
the presidency in 1978 are: 
Diego Arria, a young indepen- 
dent who held important posts I 
under both the Perez Govern- 1 
ment and the COPEI adminis-, 
tration that preceded it; Josej 
Vicente Rangel of the Movi- 
miento al Socialismo (MAS): 
Luis Beltran Prieto, a senator 
who broke with AD in 1967 

and who now leads the Mod- 
miento Electoral del Pueblo 
iME.PJ; Deputy Americo Martin 
a one-time guerrilla leader, of 
Movimicnto Izquierdi^ia Rcvulu- 
cionario CMlRj; and Hector 
Mujica of the VcnozeuUn Com- 
munist Party (PCVj. 

Other candidates are Pedro 
Pablo Salas Castillo of the 
Cruzada Civica Nationalists 
(CCN): Alejandro Gomez Silva 
of the Frenie Unido 
Nationalists (FUN) — both of 
the latter are running as heirs 
to Dictator Perez Jimenez — 
and Leonardo Mon tie l Ortega, 
a former senator now heading 
his own party. Morena- 

Tbe only " conservative ” 
forces that might be culled 
from this group are FUN and 
the CCN. while MAS, MEP, 
MIR and the communists make 
up the far left elements. 

Both Sr. Rangel and Sr. Martin 
represent young. Left-wing 
parties that have worked ex- 
tensively among unions and the 
poor. Like the Social Christians, 
the two candidates have not 
found it difficult to take, the 
Perez administration’s record to 

Both are appealing orators 
with a good chance tn draw 
votes. Except for the two 
major parties, contenders in the 
1973 campaign all drew small 
percentages. MAS's perfor- 
mance that year was good, 
though, since it garnered 42 
per cent of the vote on its first 
time out, running on a small 

Sr. Arria is seen as an astute 
young politician with an 
excellent sense for the media. 
He has run his campaign on an 
individual and small meeting 

basis, shunning attempts for 
large rallies popular among 
other Venezuelan parties. 

Principally, his message has 
been that the two major parties 
have consistency failed to 
carry out their programmes 
even after two decades in power. 
He suggests that the big party 
machinery is more interested in 
taking care of itself than effect- 
ing real change in the country. 

Sr. Arria’s place in the polls 
— although still around 10 per 
cent — has been rising steadily 
in recent months, and prospects 
are good for moving further 
ahead. His candidacy was 
launched earlier this year after 
Renny Ottolina. a prominent and 
highly popular television 
personality, also ran on an anti- 
party platform. 

Sr. Arria played an important 
role in the campaign of Presi- 

dent Perez, who gained wide- 
spread popularity during the 
1973 race, even growing long 
sideburns, wearing stylish suits 
and flashy, wide ties. 

The Electoral Council recently 
announced that just over six 
million Venezuelans are eligible 
to vote, out of a total popula- 
tion of more than 13 million. 
Two key groups have emerged 
in the electorate which could 
make a great difference for any 
of the leading candidates. These 
are the young, voting for the 
first tune, and the independents, 
who are estimated to number 
more than two million. 

Half of Venezuela’s population 
is now' under 30 years of age, 
and the politicians have directed 
much of their energy toward 
new voters. 

Joseph Mann 

Caracas Correspondent 

I Sn 





^ Ciudad Guayana 


T Dam 

Lloyds Bank Group 

Lloyds Bank International are in Caracas. 

Our Representative has access to the full range 
of services provided by the Lloyds Bank Group on a 
worldwide basis. These services include short and 
medium term lending in all major currencies, finance for 
trade and the provision and co-ordination of Project 
Finance on preferential terms in conjunction with official 
export credit agencies. 

Associated Bank: Banco La Guaira International 
. C A, which offers a full range of domestic banking 
services through its 22 branches throughout Venezuela. 

For further information on doing business with 
Venezuela, please contact Peter L Ellis at Penthouse *B) 
Edificio ‘El Universal; Avenida Urdaneta, Caracas 10L 
Telephone: 561-5634, 561-6557, our Latin America ^ 
Division in London or any branch of Lloyds Bank Limited. 

'EI Callao 






A member of the Lloyds Bank Group 

Head Otlice: 40/66 Queen Victoria Sr., London EC4P 4ELTeI: 01-24S 9S22 

Fellow subnJuries of rhe Ucvdi Eta* Gioupllmdf Bank C-l;:'omH,TbcN;.rinna] Bank of New Zealand LEI rfie Bank of Lon don 
&. Sou :)■ America and their Jub*io:ane? have aRkt^in: ArjciiHia, AumwIu. PiiiinH.stwnnin.Beljluin, Braril, Canada, 
Cavmar. Islands, Chde. Colombia. Cosu Rica. Ecuador, lair- KI * F«nce. Federal Republic ol'Germanv.Cuatemala. Guernsey 

Honduras. Rons Konp. Iran Japan. Jenw Main tu. >• I cia Monwo. N«l jerlanJ. .New -Zoibn iJ. Nionsua. Panama. Paraguay. Fern. 
Philippines, Portugal, Republic ot km*.* irj»riic.''piin. VotmiImw, Vnncd Arab Enanu*. L rated Unborn, 
t'.NVA k.l-W^y.VfneaicL 

<. I 

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Venezuelan engineering groups. Venezuelan market and even 
With few very big contracts then it may not get anything, 
in their pockets British But it certainly will not get 
exporters content themselves anything without . a big 
with the fact that Venezuela is commitment.", 
one of the world's largest mar- Trade officials -also warn 
kets for Scotch whisky, which against treating Venezuela like 
has become the country's a sheikhdom in. the Gulf just 
national drink. They also con- because it is an OPEC country, 
sole themselves wi-th the fact “ Some companies come here 
that ail has not gone quickly or and offer comprehensive pack- 
well for those who did win age deals, for instance, for 
some of the big con tracts. hospitals, without realising that 

The embassy meanwhile Plugs the Veneuelus on do a big 
atvay, doing its best to capitalise share of the J™ 1 * 
on the big industrial exhibition TJuv want just a small part of 
that Britain mounted in Caracas wor k done by foreign con- 
Ibst year. tractors. 

Officials point out that a much On the Venezuelan side the 
greater effort could be made by reservations about the relation, 
British business to start manu- shjp *nth are °* 5 

facturing with local partners in political rather than a camme - 
Venezuela. "At ’the present cial order. Despite the fact that 
time there is a unique oppor- there are good rations 
tunity for British companies to between individual mtmstere 
have their goods made in and officials m London and 
Venezuela, Many of the Caracas, the Venezuelan 
Venezuelan manufacturers have .Government is often perplexed 
their pockets bulging with that a social democratic govern- 
money, and they are looking meat in Loiidon has not given 
for. new products they can turn much of a priority to political 
out for an avid domestic understandings with a social 
marfept. It won't always be like democratic . government in 
that and the tariff barriers will Caracas. 

be oomihg down soon, shutting ‘ It seems strange to me that 
out newcomers.’' Such was the in a democratic country like 
' appreciation of one man inti- Britain, so much attention w 
rnately connected with British paid by officials and busipess- 
Itafa • ■ men Id relations with the 

Echoing the often repeated military juntas and other right- 
criticism that British exporters wing regimes in Latin America, 
do not devote sufficient time British political relations wnn 
and attention to the Venezuelan us appear to be almost frigid, 
market, he added, “ A big »ne senior Venezuelan politician 
company may have to invest remarked. ; . 

hundreds of thousands- of H O’S. 

pound* in developing : the . . . • iX,v ' . 





Berner Depositary Receipts 

Jmud ff.a, lYwtee sol Dqxxitsrg, 

Jfipnttnffrtg fate rat, bt a. . 

Floating Rate Certificate of Deposit Due 1983 

Banco Union, C. A. 

, i xaeimKxxumannr 

i — M nw y niMHiim i l 

1978: Ths First Public Offering in Europe ty 
■ a Plicate Latin American issuer . 

Listing: Luxembourg Stock Exchange 

Bolivars 20,000,000 



W *W> «r» g »g*rt Wg Mrf r / l Nnr« 

SoAtvfM, 08/ 




XAKA BMgrt gg fBllBM 
cmmbjt amnua 

anas obbom atansiLsuat 


1977: The First Bolivar Bond Issue Partially 
• Placed in Europe and the Middle East: 
Reputed as the First Euro-Bolivar 
Issue: Listing: Caracas StockExehange 

gif nwi m aAnriijOT P»a irfmattot 

Sirs. : 20,000,000 

\ Banco Europeo Be Intersiones 

! ■ — h l miwuWjuto y 
it l» l » 




Mixon nrrwn ri 



saasiAarmraBU jxnm, aj. 

C mnaixtmiJUxuKXiCj. aoanipmjsazuma&(u.\n 

1976: The First Private Placement in-Tens- 
suela by a Foreign Issuer 

>'_y ; -V 


Pnanciai Times WetoesiS^ OrtoSe? 25 197 g 



interest in 


monopoly, Petrfleos de Vene- 
zuela, recently initiated one of 
the most ambitious and costly 
development programmes ever 
undertaken by any petroleum 

plans to spend around ‘ S7.5bn. 
Two-thirds of this will be ear- 
marked for exploration and pro- 
duction and the remainder for 
refining. Between 1982 and 1986 
Petroven is projecting addi- 
tional investments of $12.5bn. 

General Rafael Alfonzo 
Ravard, president of Petrtleos 
de Venezuela (PetrDvem, 
announced at the end of August 
that his company would invest- 
approximately ?20bn in the 
Venezuelan oil industry over the 
next 10-12 years. Petroven was 
established more than three 
years ago to manage this South 
American country’s giant oil 
complex, which was nationalised 
on January l. 1976. From now 
until 1981 the State oil company 

After successfully navigating 
the difficult transition period 
from private to public owner- 
ship and logging excellent 
financial results during the first 
two years of its activities. 
Petroven is now moling to 
rejuvenate Venezuela's ageing 
petroleum industry following 
more than two decades of almost 
negligible investment In explora- 

Under the control of foreign 
nil companies like Exxon. Shell, 

Mobil and Gulf, Venezuela's 
most important industry passed 
through a long period of ex- 
ploration and growth that began 
over a half centry ago. Towards 
the end of the 1950s, however, 
as foreign concessionaires saw 
that increasing State control 
would eventually lead to 
nationalisation in the medium 
term, these companies took 
advantage of their investments 
and pumped as much crude 
from Venezuela's deposits as 
they could manage. No major 
exploration was carried out 

Although Venezuela nationa- 
lised a modern, well-managed 
and profitable oil industry, it 
also inherited a severe problem 
— a rapidly dwindling supply of 

commercially useful crude - oil 
reserves. At the end of last year 
the Ministry of Energy and 
Mines reported that proven re- 
serves stood at 17.9bn barrels, 
down 1.3 per cent from 1976. 
New discoveries have failed to 
keep up with depletion fnnw 
about SIBm b/yr). and the 
Government estimates that the 
country’s reserves will last 
around 20 years at current ex- 
haustion rates (2.1m b/d aver- 

Within the short term Petro- 
ven executives— all of them 
Venezuelans — were able to over- 
come a number of difficulties, 
including the co-ordination and 
consolidation of the 14 oil com- 
panies under their control, the 
guaranteeing of secure markets 
for national oil and a steady flow 
of sophisticated. '.technology 
from the multinationals which 
had just been taken over, and 
day-to-day management of one 
of the largest and most compli- 
cated industries on earth. 

Petroven’s management also 
saw that the company must make 
long-term plans to reverse the 
downward trend in production 
and reserves, give the refining 
plant more flexibility for supply- 
ing foreign and domestic needs, 
gain expertise in international 
marketing and transportation of 
petroleum, and develop the 
managers, technicians and re- 
searchers a giant r oil company 
requires. The answer to these 
challenges was Petroven's 
master plan, a $20bn investment 
programme designed to main- 
tain the company’s role as Vene- 
zuela s chief 'source of revenue, 
anl to shape it into a more 
flexible and competitive partici- 
pant in the world market. 

This month the drillship 
Wodeco IX, leased by Petro- 
ven's largest affiliate— Lagoven 
—began sinking deep wells 
(over 5.000 metres) along con- 
tinental shelf in the Delta 

Amaeuro at the mouth of the 
Orinoco River. Drilling on the 
Delta will be followed by more 
offshore exploration at ' two 
points in the Caribbean, the 
Golfo Triste and the Golfo de la 

These offshore activities con- 
stitute one part of a major 
three-pronged exploration effort 
designed by Petroven, an effort 
that will put more drilling rigs 
in action than ever before in 
Venezuela. In addition to off- 
shore work, the company is 
executing a massive expansion 
of land-site exploration on 
563.000 hectares adjacent to 
very large sectors already 
assigned to each of the four 
Petroven operating units. 

Petroven affiliates completed 
50 exploratory wells by the end 
of last year, started drilling 14 
more and shot 5,493 km of 
seismic lines. The 64-well total 
for 1977 was up 20 from the pre- 
vious year. The company 
reported that 20 of the wells 
were producers, showing a suc- 
cess rate of 40 per cent The 
exploration scheme for 1978 
calls for 13,000 km of seismic 
lines and . 71 exploratory wells, 
including six new wells outside 
the old concession areas and five 
wells in virgin offshore sites. 

sndre as anytl^g in the North done to assemble a compete larg|Est petrel eum resems. - 
Sea, but climatic conditions here geological profile of the area, -"Petroven is already, nmnigg 
will be far better. Water depth and more experimentation /mist two pilot. plants Tot’ developing., 
will , reach around 100 feet and be earned out with respect- to the l^t r and more jj^nt^-nsnig; . 
studies thus far have indicated production and refining tech- steam injection to force- Very! 
that constant wave action will niques. But as one analysis of heavy crudes to- the surface, will-* ' ' 
be present. - the area noted, the belt's huge tie put into service -in coimazr-* 

.. , u •nnrnniita/I 

„ . , «-*• Like ether countries raanc^ 

drilling, this area is sn sttii: bert Wpreanta a oil, Venezuela tas 

live- potential source of new 15 teoBd ' that- - competition 

oi! in the * medium., term, sa^di A^bi^ . e«remeiy fctiffto obtain jquaclSfj^ 

Estimates on offshore potential nn the wav to a dnUlhg equipment for both ianfiC- 

. range from 6bn to 40bri barrels Petroven i s on the way to -a aad exploration. J&X 

of light and medium oils, list' a ^ bl ^ US n^^n^prvp/'- though/mosti of tbe equlpment;:- : 
the types urgently *• &- -employed' ta* VJS* 

Petroven. -PH* ,s givin ° tittle pupiic ty o. wm leased, PeitroYeh " 

■ • its mans. u- 

The third asnect of PPtpnoiaV *-“ . . - plans_to purchase rigs ? of . it* ' .: 

inetmra aspect of Petroven a The petroleum industry In 0 ivn and train Venezuelan irevtt.^ 

exploration nroerammp 7«= ine P euui ™ 1 “ own ana train venemieian crew* - v . 

OriiwS hea?v oi £.» Venezue,a ha ®. '***** t be ?° a for laid and offshore work. 

SSEta'E JS™ °L5 IT1L ™ »• exp.or.tio/ 

belt is made up of a series of programme— -especially its 

heavy oil deposits atietohipg sh ^ cr J U ^Sp f /°w^ P ^'^ 0 ^ an exfresh^y^ 

across southern Venezuell ®? 0n .fationatisition scheme C0 * Uy venture, l^gavenYD^aii^ 
the north of the Orinoco River SL nat 10 “Sf™ Amaciiro plan calls forsmkhig-T,. 


Stress is being placed on dis- 
covery of light and medium 
grade crude oils in order to im- 
prove Venezuela’s reserve pro- 
file. Most of the country’s 
reserves are currently made up 
of heavier crudes (approx. 47 
per cent), while light oils 
account for around 22 per cent 
and medium crudes 31 per cent 
(In terms of production, the 
breakdown in 1977 was: 36 per 
cent light crudes, 34 per cent 
medium and 30 per cent heavy. ) 

Delta operations will be 
carried on as far away from 

nfter thermal systems are be™onVSedtaS invested Wtai 

required); problems ' associated: °T at :, p “Jl ” 1 tory activities in 1977, aadiWIB^ ‘ 
with refining these -crudes. into *«*•*»*■ StfW' 

useful commercial products due MmSfien Figures- tor coming yeaw7> . 

to high content -of . carbon, pr “' den ^ ,aJ ca pa, t sn ' ... ■ wfll expand geometricaily.- -- ^^ 

sulphur and metals, and a ^go The Government will need of .£0^;^: 

slow” policy established by the som . e f °reisn technology ior estimated thar the .canhSaS'^- 
admin istration of President com raercial exploitation Oj the . of eaC h barrel /day - ■ or oJfcho2^ r 
Carlos Andres P^rez.' - . Orinoco deposits and this faetor. oil wiIJ be bet wX n $5,boff,S :i 7 • 

The potential of the Orinoco il-Sf LI 566 nm/ntSf ® 7 ’ 000< - This means that ■ jfr feS 

belt is tremendous: ' minimum: average Price per, barrel • wapfcfc.J 

estimates of reserves are m ^ 32* out la * 6 *°0, ^ en ^e capa^f ^ 

the order of 700bh barrejs,. p^ f o r ^ P r <«iuce; 100,000 b/d fatiour^ 

while some industry mqjerts -LSp P '^ the beit 0 per cent o* current .output^:; - 
now believe the belt Chords- ' ' ' will require some S^m beteSl 

literally trillions of -barrels.:, Th e meorporation of even a a single barreL begins to ller 
The belt , alone could provide £ra u cllon Orinoco fields for- commerriai nsa. Morebve^:7 

Venezuela’s oil industry -with a r ° » enez: u e / a s proven, economi- commercial • production 1 frqto/iT'. 
source of production, well into exploitable reserves would new .offshore, field: can’not^-- 
the next century, even assuming *” ace the c . ountl 7 once more develop bver7iighf,,smce. InfraT^- 
low recovery rates. So' : far amon 8 nations holding the structure • snch •» ; 

relatively little ' has been 



We’ve got to be good. 
We’re the airline of Venezuela 




. With the fastest growing economy and the highest per : 
capita income of any nation in South America, Venezuela is 
taking its place as one of die world’s great countries. 

To match this expansion Vlasa is opening up South . 
America fast and every Wednesday a Viasa wide-bodied DC10 
flys NON-STOPfromLondonHeathrowto Caracas. 

There is also a Sunday direct flight. 

No matter where you fly in South America, make 
Viasa your airline. yVe’re not just the carrier of a major country 
Consider us the airline of a continent 

We ve got to be good. We're die airline of Venezuela. 


Venezuela , ... 

successfully implemented an in- parties in Spain, Brazil, 

ternational marketing strategy Argentina, - Uruguay r Italy and 'an ana uvr/utanoven— - handle maw m«pir a b^« - * w u«w«^sunau,Tiaui=-, - 

which guarantees the company other countries. Venezuela’s sales to foreieri e ?P ert pe: and the country v 

full control over a hefty share EarUer ^is year" Petroven clients: Except for CVpX?“ 5«nt-«n d ustry : vide- them- • 

of foreign sales. and h7B^an “mpanles ^ sub®rof <"*.**■ « ?**? , tor. the 

By the end of last >ear Petrobras— signed a contract ma j° r foreign oil companies • What were seeing here is P 0 .*Jti'Cal^leadersrhave naLpca t > -- 

Petroven. which became one of under which Brazil would befnre 1976 - the birth of a new multinational mit tod . frequent : fr6ra;'.% 

the world's largest oil com- nnrr-hac*, ^ Petroven has romp a’ tnna wav oil comDanv " an indMBt« '««.*_ opposition partj«-- ; esDeaaIly :: ^'- 

panies when it took ovi 
Venezuela’s S6bn nationalised 
oil industry in January 1976, 

v^ia n , a u n ^ January 1. 1976.' Petroven was or 20 vear«s frn-m nmv. They're " - ... 

t control of The creation Arf . a sbphtstfcav 
themselves t?d industi^ res«urch r axi^.: : 


Venezuelan International Airways 

1 9/22 Grosvenor Street, London WlX 9FD Telephone; 02-493 55 73 & 01-62 91223 

customers. This meant that a of medium weight crude under ? lono P ol y W * S L almost totally some of the flexibility of. the deveI °pment cenlre, now wjtf;-^ 
country which previously de- a ane-ve^r rpnpwship ? e P ende nt on the multinationals big foreign companies and gain- sta ges, w|ll: ; take: Yroe-, 4 

ing experience in. the inter. 2X1618 ®any^ yeats.'FurtherKKroer, ^ 

country which previously de- a «ne-year renewable contract J epe “?ent .on the multinationals _ . 

pended on the marketing net- which took effect in 7ulv t f lbutl ?, 1 ? ^ nd . sale * of ing experience in. the inter- "I® 1 * -r — .... . 

work of the international oil Petrobras also agreed to a bulk SiSJ V 1 abr °ad. Now, national market Petroleos is tb e country- may hever WtiK'to;' 
giants had can-ed out a secure shipment of ^barrels of SSTSfU 4116 ^™ pa P y seUs a,read y one of the biggest t0 ert^Iieh in filter^: 

market for about a quarter of its heaw 'Rasran-UT^ vi«LLfoif» ® ne,thlrd of «Pon» groups in. the world. If the5 ” ati ? nal . “acting netwbtit’lo 

market for about a quarter of its heavy Boscan-tj-pe Venezuelan threfiph ° ne '* hl|,(i of eports groups in. the world. If their T, _ ati o nal marketing netwbek^o 

ex ^ rts ' crudIand?udSTandSeS Channels 'and °h« i'™ ' WOrk ? ut - 

.ul?. e s agreement to buy taking oi nnmeron, *SS?* •*&»*•“« 




provides a comprehensive 
international banking service 
available throughout the World 

Principal Subsidiaries 

Morgan Grenfell (Asia) Limited 

Tower 2B01. DBS Building. 6 Shenton Way, Singapore 1. Tel: 2200560 

Morgan Grenfell Australia Limited 

■J#3 Macquarie Street, Sydney, N.S.W. 2000. Tel: 221 3600 

Morgan Grenfell (Guernsey) Limited 

Channel House, Smith Street, St Peter Port, Guernsey, C.l. Tel: 26353 

Morgan Grenfell (Jersey) Limited 

12 Dumaresq Slreet, St Helier, Jersey C.l. Tel: 27301 

Morgan Grenfell (Scotland) Limited 

35 St Andrew Square, Edinburgh EH2ZAD. Tel: 556 8982 

Morgan Grenfell (Switzerland) S.A. 

100 Rue du Rhflne, 1204 Geneva, Switzerland. Tel: 28281 1 

The company is now selling its earlier agreement to buy taking oil numerous Sw dtonm * Se ,? 0US world com -' C Fnr rh , 

about 37 per cent of its exports 8,000 b/d of crude destined for SwSe | 0 ™ U« thir 7he petll « r pver “?xt couple -of 5* WJJ*; 'WWlf., 

to 50 foreign clients. The re- Brazilian refineries. de cades.” 5? e ?” 3 content with managmsTr.v. 

to 50 foreign ctients. The re- Brazilian 
inainder of its foreign sales is 
being handled by multinationals A 
such as Exxon and Shell, who A-glGGillGni 

concern could easily increase its 
direct sales to foreign cus- 


Petroven ic 35-40 per cent o f its overseas^ 

rome^Thul relying" even ta > PosiUo^ SS'SwS! 

on the multinaiinnau a greater independence amono y° 8n H ^oel.T.marKetiiif^ 

wfnJEta'cradHSS 11 ^ VenEzueU w « kEd » 

agreement with Spain three 

Oils under terms of marketing “ 6ree " ient wim 

contacts originally signed in a°2e£ *«««• ^^s^ere ’SSToa^ 

ternational scene, the State oil 7^5 


. _ nonetheless 
demonstrated that it js 
sponsible, experienced 

- ««=» -rss n~; = ET'S 

aLd Andres Perez 19 1 6 visit to the keen VenerLli'J 

keep Venezuela’s maln^ source 

«m««u supplier to a range of while’ the" narties 7^'npTnvor ° f in ™ e stron * efficient and 
new customers. He added that The niL ^vfn L,,L c ? mp ! titxve - The company has 

Petroven has no intention of flight Mrts fo? both thP J e * un the !ar 3° st Ia ntl 

ignoring its traditional clients- 2L S ,h P V P nSi a « and nflfshore exploration effort 

especially In North America— * d u,e ' en «uelans. conducted since the 1950s in 

and that it planned to be a Throughout 2977 Petroven °fder to raise the level of light 
source of energy to the U.S. set Prices on a quarterly hasis an d medium crude oil reserves 

market “for a long time to for cru0e 011 and refined pro- now being depleted rapidly, 

come.’* ducts other than rp«iihut f,,oi 

cis uuicr man restauai fuel r 

Exports last year totalled oil ; X enozuelas 70051 im P“riant TlllOOrfani 
nnr,t P plro ^um export. Residual 4 U " UJ ldUi 

RcprasmtaDvo Offices In: 

New York - Paris ■ Madrid • Milan • Munich 
Cairo ■ Tehran ■ Manila 
Bogota ■ Caracas - Moscow 

Associated Companies In: 

London • New York- Montreal * Toronto 
Sydney -Wellington • Caracas 

For In formation on Venezuela and Latin America, please contact: 
D. G. P. Gallagher 

Morgan Grenfell & Co. Limited 

Edlffcfo Xerox, Penthouse “A”, 

Avenfda Libectador, Bello Campo, Caracas. 
Telephone: 31 2826/31 54S4/31 5225 . 

Telex: 25268 


Latin America Department 

Morgan Grenfell & Co. Limited 

23 Great Winchester Street, London EC2P2AX 
Telephone; 01-588 4545 
Telex: 8844335/836815 

1.98m b/d, down 7.8 per cent . ■ . 

from 1976. However, an increase pnces h . a , ve ^ een established on It is spending heavilv on 
in revenue in 1977 more than ? 0 *?° « , y bas,s SIOce 9 ctober changes in the most important 
compensated for the decline in , rin ‘° f pcn ?‘ t in nf the country’s eleven nil 

exports, giving Petroven the rtn j the ^ finerie5 ‘ an , d atiempting to re- 

highest per barrel income in the S Jh^rnmnanv ’ ■ ccord,n B condition costly petrochemical 

country’s history. Exports to company. facilities which have accumu- 

Europe fell off sharplv last year, Ifl dustry observers say that ,alp d hundreds of millions of 
while sales to the U.s! and Latin Vcnezue l«. like other OPEC dollars in losses. Alterations 
America increased. members, shave prices on items of refining patterns will provide 

As for Venezuela's total ex- l ike fu el oil when international T he nation with greater flexibi- 
ports in 1977, including CTUde , mark * t conditions become tight Rty as. to 'the kinds of refined 
oil, refined products and natural in . order to guarantee enntmued products it can offer foreign 
gas liquids, 37 per cent went at , sal,s f? cl ory levels. The customers. At the same time, 
to the U.S., 32 per cent to the oeziie an , Government, how- the refinery 'system . is being 
rairihha*^ ----- - ever - asserts that ic does not adjusted so that growing 

Caribbean (much of this is er , n ; "7' “ so . tnai growing 

crude oil which is refined and o^yaiscounts on oil and demand for petrol at home will 
shipped to the U.S.), 12 per cent- syste , ra strict l.v be met. (Ironically, Venezuela 
to Canada, 10 P er« n tto vi n r n a l Uld vl nes se , l . by 0PEC - wou]d need toimpon petrol for 
Central and South Amprina t ‘™“^ , y .-_' e . nezue,as leaders domestic consumption during 

“SSKoS'r* the early 19808 berause of «» 

cent to other regions. This dls- dacers group and ^ ery hifih rit * of growth in 

tnbution pattern is not to aS£ P a E!» ? sensitive domestic demand. Most of. the 

tribution ... _ 

radically different from 'that set even though LUUntrx9 recnei 7 capacity is 

m the .vears immediately before mon among inteSoni? ? urrent t 1 J tor produc- 

narionahsation. roleum oomoSInk? m7 ri oiB£‘ l ? g r«Wual fuel. oils needed on 

Most of Petroven's new clients countries seeking #J ll l 1 -5S5 c the American market.) 

* “final "i:.:- ines maintain Besides looking for new crude 


final usere" (as opposed their revenue flows. 

to intermediaries such as oil p P trnva„ . reserves and altering refinery 

traders) in the ' U.S., Latin of thp one output, Petroven is^ ^increasing- 

America and Europe. They in- petroleum fnriJfsS-. ° Ph if Ucated ^ size of its * anfe er fleet (14 
elude small refineries, regional E" h ^ ons b6 added 

w t7 P es « cni'to om and between now and 19S2; fohr’ df 


Joseph Mani* 

I07i-7R " ’ lines— after a delay of over a “ 111 . oll ‘ me ' ' “ *.“* * Venezuelan version rif rtettV bt'- - 

Dr 0ne \JMo Pet S'rre S fTd^th ’ bP/edtr « fVe °^ “ thTSSSl! “J*™ JddltiS!^ thS ™S‘ S pSSSSSS e-Uib he inte ™*°^V 

ccrn had begun a diversification tira }?,.«;!- customers than in simply trying 

o£ its export market i n order t>" Li™ 10 “» « ™“ch oil « th^'SS 

to achieve greater flexibility as Quanlit v of Russian^ ^"2 to anyone who comes along, 
an international oil company/ noS ‘ ^ Under the presidency of Gen 

Still a new company on the in- STenwelX^ in Soato ? afael .^ Ml °™ ^vard. Petroven 
temaiinnai o. — enezueian Clients in Spa n. has initialed a major investment 

South American 
Handbook 1979 

JJ 1 .® wcatiy enlarged 55th. anttuai 
edition of The South American Hand-; 

li 5 - prl - n tod in a new type,” which, 
should improve legibility.'. Apart from- 
i~® annual up-dating; .particular . 
i™ pr ^venients have Tjeen . introduced 

[SL MexiC0 *^ Pwrtd Kic o and ihe 
Dommican Republic, together with ' 

Samn n pS for Cuzco - EaslCT Island, and- 
? :aew description for 

°M? e wK 0y 5 I:Inca ^° ad 18 toeluded.-. 
ine Handbook continues to cater 

particularly for the needs of the . 
budget traveller, but we pride 1 our- 

minu Tf l up ? Iyiti 3 toe require- •" 

n^pi/ 1tl Sf e Ilt ab » lc book ffiring much- 
TimK^ pract ^ c ? information ."—The 

' ■ popes, hardbound. 172 -* m / : 

8 pages sectional coloured maps 

r A Traveller’s Guide to Latin Amerita 
. , and (he Caribbean "" - " " 7 - 

, PnM .fT.75 port paid ’ U.K. and surface- mail ,h ' 
Trade & Travel Publications. Mendip Press, Bath 1 

_/j - 

f ^ WRECTOKS ■ | 

* ¥3>YGS itoEi^ ’. 

• ; Fngi72eers—CotitrGci6rs--Tecfe?toi Admsersf ' ’ v 

¥-^r, pffices in pankroa 1 ' 
jo provide .full., technological services to contractor ' 

' . - ; ajad - owtiers anyv/here .ip. Latin ^America-/ ' ’ " 



cJyzjJj hi. 


t s., 

1 -/"’.a. 

Financial Times 'Wetawdav October 25 1978 


take shape 




? ' i i 

td a national railway and a 
to for its chronically 
jested capital — both project 

• ch have attracted their fair 
re of scepticism — are 

' inning to take shape amid a 
wing public awareness of 
ir beneficial effects in terms 
energy savings. The plan to 
Id some 4.0UU km of railways, 
coived by the National Rail- 
■t Institute (LAAPE) in 1975, 
; viewed by some as pure 
'■■■ tasy and a prime candidate 

* axing if public spending 
s came. Projects to build a 
:ro under Caracas had been 
posed with regularity since 
war and many believed the 
rent project would go the 
' of the others. 

‘.ut earth moving began in 
ober. 1976 in Pro-Patna, at 
western end of Caracas, and 
id progress has been made 
:e then in the civil engin- 
ing works. Traffic has 
tainly been disnipted by 
face work, but then 
aquenos are used to hold-ups 
l acceptance has grown of 
idea of savings in use of 
rocarbons (which the 
Mral Bank has estimated at 
Om between 1982-85). 
Vitb the number of vehicles 
■ulating in Caracas projected 
soar from 450,000 now to 
.000 by the year 2000. the 
ected volume of passengers 
lg the metro by that year 
(7m daily) will help signi- 
-nlly in limiting petrol 

tut the first contract for the 
km line from Ciudad 
tyana in the iron and steel 
to San Juan de los Morros, 
km southwest of Caracas, 
still not been signed with 
: Hanadian-Spanish-Venezuelan 
sortium early this October, 
s had been invited back in 
:ember 1976, attracting ten- 
's which ranged between 
'»0m and S2.6b'n. The 
nezuelans were looking for 
irice nearer S5U0m and called 
» bids void in April 1977, 
vi ting the two lowest bidders, 
e Canadians and the Spanish, 
renegotiate. So far they have 
ken almost 18 months to do so. 
The Ciudad Guayaoa-San 
lan .line is strictly intended 
r freight, the idea being that 
ce the Siderurgica del 
inneo steel expansion and 
tminium projects come on 
earn in the early 1980s bulk 
1 transport will be laid on 
the industrial heart of the 
mtry. cutting the mad trans- 
it costs and saving the 
eady congested parts from 

further traffic. However, con- 
struction start has already been 
delayed mure than a year and 
the railway could not be ready 
before early J9S4 even if work 
parted tomorrow. By that 
time, domestic demand for steel 
products is projected to have 
reached 3.5m tonnes a year, 
which together wrih consump- 
tion of aluminium products by 
manufacturing industry implies 
a heavy burden on the ports. 

Initial delay in the negotia- 
tions reflected cost considera- 
tions, with the Government 
having set aside only $280 m in 
the Fifth National Plan for the 
eniire railways plan between 
1976-80, which include*, .also 
lines from the phosphate mines 
at Riecilo in Falcon. Stale and 
the Moron petrochemicals com- 
plex and an extension -of the 
already existing 173 km. Puerto 
Cabello-Barquisirneto line in 
Yararny to Acarigua. Even 
though expenditure on the 
Ciudad Guayana line ' would 
clearly spill over Into the 1980s. 
and the original budget alloca- 
tion was not Intended to repre- 
sent total outlays, the Govern- 
ment was unpleasantly sur- 
prised by the new cost 


The main concession worked 
out by the Canadians and 
Spanish was to reduce the aver- 
age design speed of the. trains 
from 200 km per hour to 120 
km/hour. The Government 
planners also wrote into the con- 
tract requirements thatVene- 
zuelan suppliers should be given 
preference where possible, in 
respnnse to strong complaints 
from the local association of 
mining and metallurgical indus- 
tries that they were being 
squeezed out, . . - - 

Late last year the Spanish 
and Canadian groups, came up 
with a proposal that" would 
divide the contract into shares 
roughly of 40-40-20, wfffi the 
Venezuelans taking the minority 
participation. The Canadians 
would be responsible for over- 
all design, supply of locomotives 
and rails, the Spanish for train- 
ing, technical consultancy, 
manufacturing ■ the wagons, 
signals and telecommunications, 
and the Venezuelans for the 
civil engineering works. 

At this stage all seemed set 
for signing the agreement. But 
cost negotiations dragged on. 
and were helped by hitches 
such as indecision over which 
country's cost of living index to 
use as a basis for escalation. 

The a nnoun cement in January' 
by the then president of 
LAAFE, Roberto Agostini, that 
all was ready for setting up the 
railway company and signing a 
vomract rapidly proved prema- 
ture and added to speculation 
that the plan was being dropped. 
The Canadians became seriously 
wnrned that funds for the pro- 
ject would lapse, though were 
comforted to see that around 
fclflcjrn were set aside in the 
1979 budget. 

•lust when all concerned were 
confident that the contract 
would he signed in July. PresU 
deni Perez ordered the un- 
expected dismissal of LAAFE 
head Sr. Agostini for allegedly 
dragging his heels on the rail- 
ways plan. Agostini's downfall 
was caused by delays and heavy 
cost overruns on the Yaritagua- 
Acarigua line, which was to 
have been completed by June 
this year' but was only 40 per 
cent finished by that time. 
Negotiations on the Ciudad 
Guayana line were held up and 
further complicated by last- 
minute legal hitches. 

Nevertheless, the new man in 
charge, Sr. Cesar Quintini 
Rosales, said recently that the 
contract would be signed before 
the end of October and has also 
been talking confidently of new 
railway projects, notably exten- 
sions beyond San Juan de los 
Morros to San Carlos, just 
south-west of the Valencia/ 
Maracay industrial belt, and on 
in Barinas in the foothills of the 
Andes. The first con- 
tract will probably be a feasi- 
bility study evaluating different 
routes, as even at this late stage 
a final decision has not been 
taken on where to route the line 
after Anaco or El Tigre in the 
Llanos. A possibility is to run 
the line up north to Barcelona’s 
industrial zone. 

By dividing up the project in 
this way budget control is made 
easier — a five year budget 
always tends to get stretched — 
and the Government can always 
deride to limit the project at a 
later date if necessary. 

No such talk has emerged on 
Gmitin'g the metro project, with 
work progressing welt on the 
22 kra first east-west line 
between Propatria and Petare, 
as well as a start made on the 
north - south Ca ricuao - Centro 
branch and studios under way 
for the La Rinconada-Panteon 
line, all of which is now esti- 
mated to cost some $2bn. 

Around 50 per cent of tunnel- 
ling in the west has been, com- 
pleted (some 4 km) and con- 
struction of nine stations is 

under way; By the end of 197S. 
say Caracas Meim Company 
officials, a total of 12 stations 
and 10 km of underground 
excavation will be in progress. 
Present schedules envisage that 
by end-1982 the first Pro-Pat ria- 
Chacaita branch will be com- 
pleted. followed by the Chacaito- 
Palo Verde branch a year laier. 

The ‘only real clouds on the 
horizon have been some 
disgruntled opposition to the 
$250m contract for the supply 
of rolling stock, track and train 
control to France. The French 
group, ted by Societe Generate 
dcs Techniques et d’Etudes 
iSGTE) managed to beat off 
fierce competition from West 
German. Japanese and other 
bidders, but provoked some ill- 
feeling among interested parties 
who claimed the Freuch bid was 
impossibly low and heavily sub- 
sidised by the French Govern- 


The cost to the Venezuelans 
is guaranteed' against currency 
fluctuations through a compli- 
cated forward exchange con- 
tract whereby the central bank 
buys the francs required to pay 
for the equipment at its rate 
back in July, but with an 
accumulative 2 per cent discount 
per year that covers the 
Venezuelans against apprecia- 
tion against the dollar (to which 
the bolivar is presently tied at 

This sweetener won nut 
against a last-minute offer by 
the German group, led by 
Siemens AG. to match the sale 
of equipment with a purchase 
of mainly heavy nil by another 
German company. Sources in- 
volved with the project are now 
worried that France's “offer 
that cannot be refused.” un- 
doubtedly formulated with the 
motivation of providing work 
for depressed- industry at home, 
will lead to French supervision 
of installation and original 
specifications being changed. 

A contract was signed in 
October with FRAMECA. a con- 
sortium of .French companies 
led by SGTE and Cie. Electro- 
Mecanique and including 14 
other companies. This covers 
the manufacture of 242 car- 
riages. of which 140 will be used 
on the ProPatria-Chacaitn 
branch: the consortium has an 
option for the Chacaito-Palo 
Verde branch and also for the 
Caricuao-Centrn line, construc- 
tion of which was due to begin 
in November. 

Keith Grant 


Dil exploration 



| ; 

h n fs K 

:: V 

■minals and pollution control 
uipment must be installed. 
Another important aspect of 
troven’s policy is secondary 
rovery. Secondary recovery re- 
's to methods such as injec- 
n of steam, water or deter- 
its into petroleum deposits to 
- ce more oil from the 
illations. These techniques 
; used after free flow and 
raping have reduced the 
antity of crude easily ex- 
ctable from a particular oil- 

secondary techniques, now be- 
^ applied tn about 45 per cent 
Venezuelan crude- production. 
,, ow recovery of 40-50 per cent 
;j the oil in a deposit. Primary- 
?overy (free flow, pumping) 
'(juatly brings up about 22 per 
it of the crude from an oil- 

With II refineries and a 
roughput capacity of about 
>m b/d. Petrov counts on 
e of the largest petroleum 
fining plants in the world. 
Tie company is currently hold- 
g talks with Exxon and Shell 
t the possibility of buying 
nial nr total control of the 
'0 large refineries these 
mpanies operate on the 
ands of Aruba and -Curacao 
the Netherlands Antilles:) 
ifineries are now operating at 
ound 73 per cent capacity and 
;t vear processed an average 
967,000 b/d. 

The company has already 
gun a S3bn programme 
retching over the next ten 
ars which will transform the 
untry's refining capacity. C.ur- 
ntly, much of the nation's 
fining plant Is devoted to c*n- 
rting medium gravity crudes 
' to products which are about 
7 per cent residual fuel oil. 

' The goals of Petroven are to 
crease petrol and diesel fuel 
'oduction so- as to keep up , 
th galloping domestic demand, 
tile processing greater quan* 
:jes of heavy crude as the 
untry’s reserves of light oils 
ntinue to shrink. The point 
to produce more petrol at 
e expense of high sulphur 
sidual oil. ■ Petroven wants to 
. ! this without- raising the level 
.' crude runs, substitut- 
. g heavier oils for lights and 
• edium crudes in refinery runs. - 
ae current programme, costing 

about Bl.lbn is expected to raise 
petrol production by over 
100,009 b/d. 

Under way now is a remodel- 
ing of the Amuay refinery, the 
nation's largest, at a cost of 
$772m. This alteration In 
Amuay’s refining patterns 
should increase petrol output by 
57.000 b/d. The Fluor Corpora- 
tion is the principal contractor. 

At the samp time. Petroven is 
spending S210m for alterations 
at the El Palito refinery, where 
Fnsrer-Whceler is the main con- 
tractor. El Palifo is expected 
to rum out 53,000 b/d of petrol 
by mid-1980. Work will- also 
he done to Maraven’s refinery 
(Cardrtn) and at the installation 
in Puerto La Cruz. 


For the second straight year 
following nationalisation, Petro- 
ven showed excellent' financial 
results. The company’s console 
dated net profits last year were 
$].8bn. up from-$887m in. 1976. 
Export sales growth, accounted 
for the increase in profits. Sates 
in 1977 were S9.2bn, , against 
$S.8bn the previous year. Even 
.though export volume. Tell by 
nearly 8 per cent in I9n, this 
was offset hy an improvement 
in the average sales price, 
which rose from $11,15 per 
barrel in 1976 to $12.54 per 
barrel last year. Of Petroven’s 
14 operating subsidiaries (now 
being consolidated into four 
super-companies) 11 showed 
profits totalling 51.12bn and the 
remaining three registered 
losses totalling $4. 7m. 

. This loss statement, however, 
did not indicate that the 
industry's, domestic petrol busi- 
ness took a serious loss last 
year (estimated at more than 
S90m). Since nationalisation, 
the industry has been forced by 
government policy to sell petrol 
locally at below cost. Current 
price fora U-S. gallon of regular 
petrol Is about 15c. (U.S.) while 
premium sells for around 33c. 
Petroven executives and high 
government officials, including 
Energy, Minister Valenti Her- 
nandez, • have called - for' incre- 
ments in petrol prices so that 
the .hefty investments in new 
refining capacity can be justi- 
fied.; So far, though, ttfe Pdrez 
adminisiration-. has decided to 

absorb the loss (including a 
small subsidy paid for each 
litre sold) as part of its anti- 
infiationary measures. 

In addition to its own gener- 
ally favourable financial pic- 
ture, the company has con- 
tinued to provide the national 
treasury with, the hulk of its 
income, thus supplying rhe 
Government with the funds if 
needs to . carry out a spate of 
costly development projects. 
The Uidustry has increased its 
personnel (25.225 persons at 
year-end 1977, up 7 per cent) 
but these additions have been 
in line with company policy. So 
- far the concern has been highly 
successful in avoiding per- 
nicious political interference, 
and has received backing on 
this point from the P€rez 

In spite of the positive 
factors in its favour, however, 
Petroven’s future success is not 
fully guaranteed. New govern- 
ments (such as the one which 
will take office next March) may 
not' resist the temptation to tap 
the company's cash or profit 
resources when funds run low 
at the national treasury. The 
company thus far has paid its 
taxes and been allowed to run 
Its own affairs. 

In addition, industry obser- 
vers ask. how the company will 
be able to prepare the cadres 
of experienced managers it will 
need as rapid expansion occurs 
in the coming years. One oil 
company executive noted that 
it takes 10 to 12 years to train 
an experienced manager. Other 
observers ask if Petroven’s 
massive development plan is too 
ambitious. Will it bog down, 
like many programmes elabo- 
rated by the Perez government, 
due to lack of human resources, 
bottlenecks, etc? Are the firm's 
highly .qualified executives 
taking on too much in the flush 
of recent progress? 

, The Government's decision to 
place the debt-ridden petro- 
chemical industry in the bands 
of Petroven has also posed a 
new . dilemma. Venezuela's 
state petrochemical company has- 
lost hundreds of millions of 
dollars over the past few -years 
and has. never; come close ta 
producing at. a satisfactory 
level Petroven' now must not 

only carry out its own master 
plan, but also try to refurbish 
the biggest industrial white 
elephant in the Government’s 

What of the threat of Mexican 
oil? As Mexico’s crude produc- 
tion rises, it can expect to sell a 
significant share to its neigh- 
bour to the north, the U.S. 
U.S. customers have always been 
the rnosr important market for 
Venezuela. - and Petroven 
planners do not expect to lose 
much business to the Mexicans. 

One harsh critic of the 
nationalised industry, however, 
is not convinced by the argu- 
ments of Petroven executives or 
of Perez Administration officials. 
Dr. Juan Pablo P6rez Alfonzo, 
former Petroleum Minister, 
moving force behind the estab- 
lishment of OPEC and long-time 
advocate of nationalising Vene- 
zuela’s oil, recently held a press 
conference in which he lam- 
basted the leadership of 
Petroven and the Perez 
government on oil policy and a 
batch of other items. 

The former Government 
official, now retired, claimed 
that real income per barrel of 
Venezuela oil ias adjusted for 
inflation) had fallen since 
OPEC raised prices in J973. He 
also had sharp words for the 
“bureaucrats” who manage 
Petroven and accused them of 
acting in response to foreign 
interests. Dr, Pfrez Alfonzo. 
who rejected the Government’s 
muiti-bn dollar development 
scheme soon afrer it was made 
public, also attacked The Perez 
regime for waste, overspending 
getting the country into detot 
and allowing the oil industry to 
follow the wrong course of 

While some of the former 
Minister's figures are based on 
his own calculations and are 
most difficult to- verify, other 
points in his broadside were 
clearly valid. His estimates on 
oil industry "losses'' were dis- 
puted hotly by Government 
representatives. Unfortunately, 
though, the administration pre- 
ferred to shrug off the elder 
stateman's criticisms, even 
where the analysis rarired the 
unmistakable ring of truth. 

: - m. 

__ . _ •• - 

' >•» * . 

Expansion work being carried out at the TACOA Plant, scheduled for completion in 1981, when the generating 

capacity will be increased to 1,200 MW. 

C.A. La Electrieidad de Caracas is a 
Venezuelan publicly quoted electric utility 
founded in 1895. It serves a population of 
more than three million people in the 
capital city of Caracas and its suburbs. To 
meet the service demands for the next five 
years it plans to invest more than U.S. $500 
million. On a consolidated basis the com- 
pany has over U.S. $620 million in assets. 
The stock and debenture bond issues of 
Electrieidad de Caracas are registered and 
actively traded in the Caracas Stock 

ka Electrieidad 


Bring your investment 
to the best place: 

Banco Industrial de Venezuela 

International investors can now make 
transactions anywhere in the world 
through the Banco Industrial de 

Foreign investments are welcome in 
Venezuela. And the bank that is best 
organised to handie these operations 
is the Banco Industrial de Venezuela 
with its highly qualified experts. 

Get in touch with our representatives 
in ail the important Banks throughout 
the world for your contact with 
Venezuela: a country where your 
investments are more than safe. 

CARACAS Edif. Banco Industrial de 
Venezuela, Esq.Traposos, 

Av. Universidad, Telf.: 45.92.22 
Telex: 21354 BIDEVCA 

New York 400 Park Avenue, New York, 
N.Y. 10022. Telfs.: (212) 688.2200. 
Telex: 666595 BIVNY UW 
236977 BIVNY UR 

Curazao Edif. Consulado General 
de Venezuela, calle Heerenstraat, 
Curazao N.A. (Punda). 

Telfs.: 11.612-11.621-11.625. 

Telex: 1103 B1VCA NA 

Banco mousTRini 

First Venezuelan international Bank. 


3 l. ■ . 

\. - ijg j 

f ftr-td 






decided tr 


Wilson Ei 
number c 
were coni 
paicn agai 
Party on 
1974 Gem 
The Eoj 
lowing thi 
alTulr. Mi 
was, had 
an orches 
himself, t 
Lady F i 
Marcia W 

The Pr« 
Sir Haro 
drawn soi 
ircld the 
did not 
round a 

The Pr« 
to hear 
Sir Haroh 
formal co 
On the 
asainst l 
council s: 
Kfii al Cr 
that thcr 
Labour bi 
The Pr- 
is one oi 
lished tod 
in ano 
against tl 
Daily Ex 
picture c 

death in I 



Financial Times. Wednesday Ortolrer igS 4978 ; 



In some quarters, it W Grasping the slgnjffcance of ijted in Ju?3f August ths^ 
nevertheless, felt- tha^ anTundMC'toe wal WWJ* , ^ 

taking of this size should have .pressed its previously marginal.. aw^tied tw ^txapp, which t*- 
been thoroughly debated on a case for a steel plant in Ziilia -■ •• 

national level before passing and was rewarded with a .prea- :VenezudM ‘ 
through Congress. As the father dential decree in January, 1976. group ano was Teport^d to. B^e - : 
of OPEC. Juan Pablo Itorer authorising it. to complete 

Alfonzo, point? ouf GtafYene^ feasibility studies on- ra int^ 49 per equity participate^ = 
- 4 ■ — « special ministerial". 

WITH THE onset of this Decern- Zulianos point out that they pro- in Zulia came with the formula- of demand for steel products absenteeism and high lob turn- 

ber’s presidential elections, the vide only 10 per cent of gross tion by Corpozulia of an am- made jointly by SlDOK and Cor- over last year helped cause a 

State of Zulia is all of a sudden domestic product and that there bitious coal and steel project pozulia. These put demand at loss of SfiOm. 
being courted by politicians and is potential for far more than that will eat. up an estimated 5ro tons by 1981, rising to $m g r> cbumaeeiro insist? that 

legislators alike. cattle grazing and nodding $2.6bn by 1954 (assuming the by 1985 and. 10.3m by 1989. fl, ese problems win not be as 

The source of SO per cent of donkeys. project is underway shortly), as But according to Sr. Fernando 3Cut e m zulia. despite the 

national oil production and the The oil industry l s set for well as a further ?830m on Chumaceiro, a Maracaibo law- attraction to skilled personnel 

traditional heart of this indus- further expansion in the State road, rail, water, thermo-elec- yer who has been -president of fQn wage fates available- in — —t-* > r*--» ,»«- — ■*«•*. •-.■wuv i VM4 , v «• * 

trv of 50 years, ZuJai has none- with exploration underway in trie and other infrastructure Corpozulia since its foundation oi i i n d us try. although he zuela is Proposing to spend its grated coal and steel project wimoui : a 

thel ess tended to have been left new areas such as the Peri ja d is-, projects in the area, according 5 “ * u “ '* ° — " ;1 “ u * #m 

on the sidelines br local busi- trict. west of Maracaibo, and in to Corpozulia projections, 
ness and political leaders. the southern part of the lake. As an integrated project, coal 
Accommodating 12 per cent of but local businessmen also want will be used to fuel the steel 
the national population it is not a diversification into new indus- blast furnace and production— SIDOR, and by "the mid-1980s we 
surprising that Accion Demo- trial endeavours. l-25m tons a year of crude steel expect supply and demand to be 

cratica candidate Sr Luis The action of President Perez from 1983— intended to provide about in equilibrium." he said. 

Pinerua Ordaz, recently spent has demonstrated his agreement a springboard for local manu- With two state-owned steel 

an unusually long 12 days there, with this proposal, with two factoring capacity. companies supplying the local 

followed shortly afterwards by factors emerging to promise To some observers, viewing market (original ideas for ear- 
former COPE! president Rafael Zulia an industrial and com- the experience of the petro- marking some production to ex- 
Caldera, in efforts to woo the mercial boom on the scale of chemicals fiasco in Zulia (where ports now being discounted) 
voters. ’ Guyana. First, the energetic the El Tablaco complex has been steps will, be taken to ensure 

-tjuuu |5 me pjAMucis, viigmaj 1 > . - - . vr. • --- * 

He saw the problem as being optimistic ideas_ Of eating bis i open M J » 

more of SffiOR woAere want- ><** SIDOK and Zulia;. ^3: and urged . that . 

ing to leave Guyana for Zulia, our P ut for export have - now should bepn in iaie . Al^ecisioh " can now be jg£ : 

noting that SIDOR and Corpora- 001116 ae ^rfe-witb Theoretically rtcomd have aone shortly After -lfie Fefe : ■- 

lia have already concluded a cern that, with a sharp slacken- so. Corpozulia has kept ^witnm aitfiotigb oh^sraicjt ^^".. 

gentleman’s agreement that ing in manufacturing industry its timetable, “"Jawing mtoirter has been ^ . 

neither will poach: three «™wth lasr year .to 4. per .tent; the nine lote ™^ 0 PfJ liably reporf^. as sayi^^ffifr * , 

months must have passed since frora 118 ° er cent in . 1976; received in January this year, to p^ject ‘Will now gd-ririto Jiafefr . 

The issues the, interest these eamp»i S n by the regions! condnusily _ ,I,gned by stop- stnioih. miUSi ^robabiy SS 35 "£££•*». «#■». idea of m&g&EiSSSfcffiM’' 

may join the other. 
Aside from the practical con- 

siderations of building a major 

voters are not unnaturally what development authority. Corpo- pages and design failures), and through a new distribution com- 

the Central Government intends zulia to formulate integrated problems experienced in the pany with warehouses in the 

tn do for the State. Although development programmes and. Siderurgica del Orinoco centre of the country. 

a visit to the state capital. Mara- second. the determination (SIDOR) expansion, tfie Zulia Scepticism about the Zulia steel plant, the project has not Co/^rtTirl 

caibo. proves abundantly that within Accion Democratica to project has come to fruition far plant has also been expressed surprisingly proved to be some- OCvlHill 

strong expansion is underway eradicate COPEIs strong advan- too quickly. on the grounds that labour thing of a hot political potato, ^ nmiprt . Sw.oYi nn nroiect and put in an ac “““ uujucui«uu»uyit may «e ., 

(manufacturing industry in tage in Zulia by acting on these It is felt by some local experts problems are likely seriously to with some hefty scepticism ex- lndav th *T Vra ke delayed by a new Govemmrat, 

Zulia has been growing at a rate programmes. that too much attention was affect productivity, in the light pressed by the opposition par- f tone a «5r h\*$ Mavialiim' forei'm partlcipar^ conscious of th? ueed to ecopor.. 

of 20 per cent a year recently). The momentum for interest paid to optimistic projections of experience at SIDOR where ties about the way the Govern- fu rnaC e'“ aQ d productSn tion was put at 49 per cent (the mise on P uW,c spending 

" ' * t p s d th o Ji a proj ct j 932 of 640,000 tons a year of Government, through Corpo— • • 6 

^ C wherebtTgrou°p ofioreSb 

^“ a Sd an Lna“e Ci S ?<£ ?iU ^ 

.panics wot 6 . actual implementation inayfla... 


Supporting Venezuela’s 
impressive industrial development 

FIVCA — La Sociedad Financiera 
Industrial de Venezuela C.A. — plays a 
direct role in this nation’s economic and 
social development through its participa- 
tion in the capital market, financing of 
production and other services. 

FIVCA’s capital has been suscribed 
by the Venezuelan Development Corpora- 
tion, the Industrial Bank of Venezuela and 
Regional Development Banks. 

FIVCA is a finance company — Socie- 
dad Financiera — created with the aim of 
stimulating the installation of new indus- 
tries and expansion of existing industries, 
which takes an active part in moving 
industry from the capital to the interior of 
the country and promotes the creation of 
industrial zones to provide incentives for 
the establishment of new development 

FIVCA finances different sectors of . 
the Venezuelan economy with emphasis 
fundamentally on priorities in activities 
established by the National Executive: 
metals manufacturing, food, urban devel- 
opment and construction, chemicals,' 
petrochemicals, petroleum products and 

FIVCA promotes national savings 
through accepting fixed deposits, savings 
deposits combined with income plans and 
administration of finance bonds issued. 
These finance bonds are instruments of 


credit that in addition to the general 
guaranty of the finance company, are 
backed by specific guaranties and global 
guaranties of a certain share of the 
company’s assets. 

FIVCA issues: * 

Debenture bonds with between two 
and five-year terms and a yield that 
ranges between 9 and 9.5 percent 
annually, depending on the yield of 
the term for each placement. Interest 
payments are made monthly. 

Finance bonds with global mortgage 
guaranties, constituted by the unpaid 
balance of first degree mortgage 
credits issued by the company. These 
yield 8.5 percent annually with 
interests paid monthly. 

Finance bonds with a global guaranty, 
constituted by the unpaid balance of 
loans guaranteed by securities or 
mortgage deeds issued by the 
company. The yield is 8.5 percent and 
interests are paid monthly. 

FIVCA participates in the develop- 
ment of the national capital market 
through subscription, purchase and sales, 
acting as a guarantor of placement of 
shares, capital quotas and mercantile 
company obligations, contributing in this 
way to long-term financing of major 
national companies. 

8 . 

Edificio Banco Industrial. Piso 7, Esrjuina de Traposoe, 
Avenida Univcraidad. Caracas,- Venezuela. Telephone: 441.72.22. 
■Telex: BIVCA-VE 21354, 21648 or 22899 

to Zulia 

pushed through 
with obrious appeal 

Concern was also expressed 

bars and 
demand fulfils 

v-uutC! u n<s 413V CA Ui craaru J ..... —t noc , J . , . - ,L„ auu umi iuc.c u u«, uibduvb - . 

by the left-wing Movimiento al see %?iJ taSe 9 9 18 ?f °^ £ *J dd ingo1 pe ^ made 01 1116 tesneof- 

Sociatismu narir that the a f *J , J her t" 2 ™ ton ® a equity making up 30 per cent of j ow <j oraes tic prices.^ ^ which ■ ’ 

of fiat products, and a third the entire cost and long-term t0 siDOR's IbssS 

a year of wire rods and bars. cent. This implies a , addition the coal' 

Total crude steel capacity by foreign equity stake of $370m. ^ “ h ^ed»red 

j 5m tons a noon which most of the inter- /eas j b i e } n it s eirri righi'-todL 
•roups are none too cou ]a therefore proce&J wjtoVI 

Socialismo party that 

?o°4™eq D iity d lLrtdp“aori «• l » «» -to-teW'iMntiM the remaimeg 7o;per 

the steel project would lead to a year of **** nds and bars * " nt - This irUDlies a maxunum y 
loss of national sovereignty over ... . . . 

a basic industry. ***** > ear wouW am. mas. a -upon 

Yet to the surprise of some ***• “ c !*» **** Placed national 
observers, the Zulia Coal and for Si dor by 1980., keen. ■ without the steel piairt.tNev&* 

Steel Bill was pushed through The coni an d rteel project There are theoretically four theless, Chumaceiro recently . 
Congress in July, just before the t°°h shape rapidly after Cor- groups left m the running at announced that Corpozulia. had U 

summer recess, despite corape- pozulia-sponsored studies estab- this stage: A group led by be en authorised to steje’eriitt ’ J 

tition from other pressing lished three years ago that Banque de Paris et des Pays Bas, stalling $70m' to cover '. Hate • 

legislation snch as the 1979 north-west of Maracaibo in the another led by Davy Ashmore expropriation and initial.) ■gi& r 

budget and the municipal re- Guasare District was one of the International, a third led by vvorks connected with the steei ' 

form law. COPEI was hardly in most important bituminous coal Krupp and another by the plant, mentioning also tbafc'fce;" 

a position to object without deposits in Latin America. Sub- Italian State-owned Italslder. had received Instructions ft&ah 
currying disfavour with the sequent teste determined prob- Corpozulia completed Its the president -to: begin fite Rti; .'-; 

Zuiianos. and debate in con- able reserves , of lira tona and report on the bids back in June, ject as soon. as po^lble. =:,v ;^^' 

gressional committees was some- theoretical reservesof perhaps and since then there has been- 
what half-hearted. 3bn tons. . little activity. Rumours circu- 



... . . - i.-' 'v.- ■■ 

AT FIRST glance Venezuela about it Whereas Venezuela current Joke ls that without the to the agriiaiItoaksector ; . They :• 
seems to have made an astonish- imported 46 per cent of its influx of the industrious farmers find this Jo do ' and ■— 

ing recovery from the disastrous basic foodstuffs in 1971, in 1977, from the Canary Islands there often, fi corn- 

harvests of 1975 and 1976 a relatively good year for would be no food produced at- mented. res^ to lhe aubter- 

wbich caused the Government’s agricultural production, .the alL. -. v - • fuge "f winiiig.iuxd^ ^dtorngfanap 

plans for an industrial revoiu- figure increased to 63.8 per cent a goventnient body has sug- ; ers k* Caiacas.; f ‘V-.V 

tion based upon a fast-growing and promises to be not far short gested that the failure lies in an Without the toeeitiiv^ prw 

agricultural sector to come 0 f 70 per cent for the current education system that is largely Tfded ^ A realistic .price sy* 

badly unstuck. year. Venezuela now imports 47 .irrelevant to rural needs. The tem > f anne» see, no reason to 

The out-going Government of per cent of the maize it. Government has* failed to pror P r o^ UC6 more than a|L absolute 

Carlos Andres Pdrez can rigbtiy requires, .76 per cent of oils and vide an integral form of rural h , i nimun *; :. Young people,^ uh-.. 

point to an impressive list of fete, 36 per cent of chickens, education and to provide facjli- o a ppy . wifi ^the lovr ‘ ev °Fy^ r . 
achievements. In the current 27 per cent of eggs, 43 per cent ties to encourage peasants to 

election campaign, be and his of sugar and probably, allowing remain in. the countryside. As 

party are quick to point to the for smuggling across the the President himself has 

results of an ambitious road- Colombian border, 38 per cent stated, the drift to the cities and 

building programme, the pro- of its beef consumption. Even int0 unemployment or under- 

vision of new marketing and that most Venezuelan of employment continues 

sanitation facilities, the expan- legumes, the caraota negro is unabated* and Venezuela, where once providea many uasic fOKK 
sion of irrigation schemes and now being flown into the country the average age of the papula- stuffs disappear. /Vepezueia 

the construction of a large to supplement a shortfall of 70 is Just under 18, has a rural P™°ably one of. the few; ctHin- 

□umber of rural schools. Now, ™»r cent Paradoxically, the Population with an average age where rotation and rateT'. 

of 50. He argues that the prob- 
lem of developing a rural sector 
from scratch is difficult and 
cannot be accomplished in the 
space of a few short years. 

rural . income, leave for urban 
areas and the potential for in- 
creases in production and divert 
sificatioo are destroyed. Thera 
is a net loss acknowledge as 
the old intensive- practices that 



as an added bonus, they can 
point to a significant increase 
in food production. AH indica- 
tions are that maize and rice 
production this year will reach 
historic levels. Sorghum, hailed 
as the wonder crop that will 
replace costly wheat imports 
and be developed as a substitute 
for food concentrates for the 
still underdeveloped livestock 
industry, has experienced a 
spectacular increase in both 

in imports seems to 
perfectly with the 
increase in Government invest- 
ment in the rural sector. 


very different requirements. On 

The Government, professional 
organisations and the trade 
unions are puzzled by the 

failure of the massive injection one hand, the two' major politi- 
of investment into the rural ca * P ar ^es need to satisfy a 

yield and tonnage. According sector - have argued that j™ 1 V( l t i I !J®L is n ? e i T ?®. nding * 

^ * the key to the problem is that standard of living and 

cropping are not practised ex- 
tensively and vher? one finds, 
few kitchen gardens' and' farm;, 
yard animals. . - . A . . 

. According to- ';the noted 

, . . . . French- .agronomist- Ren®;’ 

t h ^°f h ^ vf 5 ^J 11 Dumont, too much money has.. 

V>n^elan noHHpaj 25*1, ''encouraged an enormous waste r 

mpnVmicS f* tab, Jfb- 0 f resources. The irrational * 

ment must try to satisfy two 

tn the National Federation of *■— *■ — “ “*" fc hiahpr food nriep« r»n u «r«ug tne rainy season ano 

Caul, Breeders, (he lieestodc backwardness of the exist- pnce„ On the other subseque[lt ij, lengthening the 

system of .credit encourages the 
continuance of the damaging ■ 
conuco fslash-and-burn.) system 
with its severe ecologfca I conse- ' 
quences of increased flooding 
during the rainy season and 

band, they must satisfy the 

industry as well seems at long Jw rural infrastructure makes c ro winc riumher nf nnpmninw 
last destined to emerge from * unposable tor the country- or ua^remDioved' 

'ta s ‘ de t0 absorb *b, =«>nnous 

IDO entiefff thie s 

Committing maximum mil- »ti.ty . this electorally 

dry season. The Government i* 
continuing to expand its irriga- 
tion, network but is still using. 

— — a •— wmwniir impor- less ? han 50 wr-cent of- the- 

able resources to the agri- 3Md ®f' aj JWe tant clientele both the Accion ex,stu, S reservoir capacity. Its 

cultural sector in order to throufih a bevy of credit and aid Democratica and the COPEI ? valer P°^ c ^ has also been 
generate rural-based industries orga ^Jf aU(>,,s * A lading banker have resorted to the massive bedevilled by other serious prob- 
which couid take up the slack ^® cent £ commented that, in his importation of subsidised food- I eCT1s : The CaJabozo reservoir in 
once the benefits from the oil . w - “ 1C countryside Is drown- stnffs and holding domestic ® u * r * c0 . w *s built in -order to 
bonanza disappears has been m 5 in money.- In many areas prices at an artificially low c r eale an agro-industrial com- 
the Ijmchpin of the Perez one Rnils that the local repre- level. Such a policy is viable so 
economic strategy. Estimates wntatives of the Instituto de long as Venezuela* can rely on 
indicate that his Government Credilo Agricola y Pecuario large surpluses, .but it hardly 

hag invested up to £2.5bn a fGie institute for Agricultural provides encouragement for in- 

year in the agricultural sector. Livestock Credit) literally creased food production. 

He had little choice. The ™ r ce -loans upon unwilling . 
national planning authority farmers to purchase machines l KpSin 
predicts that by the year 2000 that in many cases they cannot vu ' ,M r 
the population of Venezuela use. 

will have more than doubled According to some comments- 

plex based on rice production. ■ 
Despite 'enormous . investment’, > .. 
rise production has collapsed \ 
because the water is now being - 
diverted to quench the thirst of 
Caracas. A new reservoir is near. 
completion '.at Jtio Verde along .. 
the Rio Tiznados, but it appeals , 
_ To ..pacify the rural sector t0 he dittoed for the same fate, - - 
the Government has ret .up a ., hy under-capitalisation. 

_ r m rt H»V*4iH.lk4 H.IIU (Mill lUAi fUlld 

A J P J ” nt per ; vear ’ normally given only to small 

£2 rf ,S p f a J? K f, er orm * farmers; find tteir way into the 

SSttTto toe worid ha* 1 ever ** « ** ■ 11 

maintained such - » apparently common practice 

to reach 28m. If Venezuela is tors toe credit system itself Is cheap- credit policy. The ICAP tiie livestock industry, conceiv 
to reach European levels of hopelessly corrupt. Caracas a - ut0 “ a ^ ca I I y loans up to trated . io Llnnos, fare? little 
consumption, agricultural pro- newspapers have been assidu- Bs 75.000 to any small produc- better. Pastures can support no - 
duction must be increased 4.5 ously reporting accusations that er Who makes a request and 1 J no <'e than one affim'al per seven! 
times over. Such an increase up to 40 per cent of allocated L ‘ hai S es M interest rate .of oply h ^ctares and. produce between : 
assumes a growth rate nf over fimds never reach their 3 *** ‘ cent P^'War. Although flve »“d to kg per hectare^ lf 
6 per cent per year. Between beneficiaries. Here is evidence the raliooaie behind the policy, a **0™ Intensive system based 
1960 and 1972 Venezuelan that credit is often illegally ^at toe small farmers alone- Icy- farming, were intro* 
agnculture expanded at a rare withheld and that ICAP tond^ have fh : Possibility, of produc- ' du «d, the yield could not only 

^ ^ ing ban: foodstuffs both effi- “ raised to 120 kg per hectare; 
ciently knd cheaply, is correct, tut toe Llanos could well pro* 
without guidance aiui advice duce sorghum and other crops . 
The policy has gone awry. Money. - - f “ Profusion. Here- the problem 
is spent" irrationally nh produc- seems to be. one of lack of 

loan Hmkerv. 1 * in g the wrong crops' and/or for; eo-ordinatiba and . institutionaJ 

loan brokers. In many the purchase of expensive farm jealousy. .. . : 

areas of the country up to SO machinery, and lies' idle Tor up If the gamble is to succeed ed 

per cent of the loans are not to SO per <ent of : the year. Venezuela is to increase food 

Farmers are led -to.. believe; toat P/o duct ion and lay the basis for 
Food prices have been held machines are expendable, 'land - a vigorous agro-industrial set- 
at an artificially low level. In can 1» replaced andjtoefe Hr ho tor, "a series 'of: refonns is : 
real terms, prices paid at the ne ® d fpr maintonance and. re- urgently required. ■ First, food 
farm gate are little more than pair; Since repayment of loans Prices must-be raised to inter- 
deo«id«ir fihsTi half of what they were in 1970. is rarely demanded. there ;is. Pational levels. The best incen* 

hSITiSS"* ^thout incentives, farmers lUtie incentive to develop pjcOr tive to. guarantee increased pro- , 

^rtahon of baffle foodstuffs, have tended to - tetreet into ductive resourees ^nd- use them duction is a "higher price. 

ft. nurao-p_roduction. It is rare for to thelr fuil potential, v _ . Secpito. toe .credlt/system must 

toe free import of fanners to even produce basic _ In .the privatcsector the .sifcua-vbe ; ebanged.; Rates "Qf- -interest 

growth over an extended period 

‘ oi for some ICAP offiraals to sen’e 



of time. President Perez 
pulled out aU the stops. 

White recent statistics pro- repaid, 
vide some encouragement and 
indicate that the gamble may at 
long last be paring off, the 
underlying trend is still dis- 
turbing. Venezuela is more 



almost 30 


baatc foodstuffs to vegetable and food crops for tio$ is. equally bleak. The Gori must be Taised and. be applied . 

ftsiiraif il •_ * - “w ‘ i tin- iplopHcnJii Ia , — •*. 

allwnate^the shortages caused their . oW ^consuinpti(Sj A enimcht^reqiiires-lhaf all pri- Selectively to encourage "paS 

.rtiiriatpa that nv«r vatelbattks^ 'must fend op to 2® cul^_aaps. and; -farnti^; > 

yweSLoo6s. The temporary recent study estimates that"^ ■over 
“«*ure now haa an air of 60 per cent of thrir 'daily food .WW. 
p * na40 * Mr « * . aot nrgeney, intake ia .supplied- ^ imports. A 

Financial Times Wednesday October '25 1978 


Education: no easy solutions 

TWO DAYS after the scholastic This bold initiative,- 'known as 
> near began last month, students the Ayacucbo scholarship foun- 
- kt the Republic of Panama dation, was designed tn provide 
School in La Guaira, a port city a wide range of technical and 
outside the capital, were told professional training for 
to go home. The 30-year-old Venezuelans both- -here and 
school building, which serves abroad, particularly in disci- 
more than 1,400 students In plines not covered by the 
' Venezuela's State school system, national university system, 
had deteriorated to . the point Special emphasis was placed on 
where authorities and parents recruiting students - from low 
decided to close down the insti- income families. 

.. tution until repairs : could be Although problems like those 
made. affecting the Republic of 

Washrooms in the school Panama School are unfor- 
ivere insufficient for the student innately commonplace- in 
population and suffered from Venezuela”* urban and rural 
. perpetual accumulations of educational system,. it would be 
tew age. Students were packed unfair to ignore the advances 
Into stuffy, unventilated . claAs* that have been made since 1&7 4. 
moms lacking sufficient books It would be equally unjust 10 
ind desks. Many desks and overlook the problems inherent 
blackboards . were completely 1° the educational system that 
unusable. Garbage piled up in governments have been forced 
the schoolyard because or l o wrestle with over the past 
□frequent collection. Windows decades. 

A-ere broken and the roof How well have th* Govem- 

eaked. Water arrived through merit's efforts in education 
[he ancient plumbing only at fared ? Without any doubt some 
5dd intervals. Parents com- progress has been made in each 
stained because drunks and of the administration's - three 
,-agrants easily gained access to areas of emphasis;., .general 
school grounds. In short, the education, technical training and 
ichool was a mess. scholarships. 

Descriptions of public schools 1 

ike the Republic of Panama OlCCplV 
ire commonplace in the _ ... * . . 

Venezuelan Press. In spite of 

Public school enrolment has 

treat official emphasis on ™ en ***** in 
m proving public education and ^vernment reposed that 
uiprecedented spending on the J- 2 8m people fou f 
lector over Ihe Iasi four years, tl0D , of J3 ™> part in the 
Venezuela's schools at all levels vanety of _ ed H ca Mj 11 ^ p . r h °* 
■emain sadly deficient. grammes offered during the 

]S«6-i « academic year. During 
When he took office in March, that term, 2 5tn children were 
1974, President Carlos Andres enrolled in prlmaxv school, 
. ' ?erez assigned high priority to 710.000 in secondary* school, 
• jublic: elucation. Since then the 247,000 in stale universities aud 
. a erez administration has spent more than 312,000 in adult 
»ver S5.9bo on education, education classes. The education 
science and technology, mure Ministry's overall budget grew 
, noney than ever before in the by leaps and bounds after the nil 
mu n try's history. By. far the boom four years ago; during the 
;reatest proportion of this 1973-74 academic year (the last, 
■igure went in to the State under the previous : govern- 
:chool system. meat), - the ministry spent 

" The Government’s goals, in S651m. while last .year outlays 
ummary, are the establishment for education topped Sl.Sbn. 
*f a modem public education The Perez Government has 
1 vstem spanning all levels from established nursery schools and 
1 l1 / J Vursery school to university, day care centres in poor neigh- 

| i ■ ! jf ind the initiation of a massive bourboods and has developed 

i k ** V ViV Mhnical training programme new programmes for _ excep- 
under the auspices of INCE tional children and fltoerates. 

(Instituto National de Co- It has also founded and equip- 

operacion Edueativa). In addi- ped new technical centres and 

tinn, the Perez administration universities, including an open 

set tip one of the largest foreign university based on the British 

- scholarship plans in the worf d. model: Venezuela currently has 

1- ■ I \ ■ .-- — s. . -; .-lJf.f 4.'"7 

ten functioning state universl- Erecting new school build- 
ties and five private ones, four ings and refurbishing old ones 
pedagogical (normal) institutes, plainly constitutes a step 
ten technical schools and a forward. But staffing these new 
variety of other advanced learn- facilities with qualified teachers 
ing institutions. requires considerable time. 

This . administration has Furthermore, average salaries 
raised teachers salaries and has fur teachers at primary and 
attempted to end long stand- secondary levels are very low 
ing chaos in the Government’s when compared with many other 
educational bureaucracy. A jobs - requiring loss formal 
major step in this direction was education. This means that 
the naming of Dr: Carlos Rafael teachers who obtain advanced 
Silva, formerly vice-president training (that is, past secondary 
of the central bank of Vene- school) often move from educa- 
zuela, to the post of Education tion to better paying jobs in 
Ministerial. business. In many instances, 

Results so far in the Govern- teachers must hold iwn or mure 
meat's technical and general jobs to make ends meet, 
education programmes have 
been mixed. INCE has turned TVo| npQ 
out thousands of semi-skilled J 

and skilled workers for jobs Although many of Vene- 
in construction, agriculture, the zucla's educators at all levels 
automotive industry, health, etc. are well trained and dedicated 
But manpower shortages in professionals, the country still 
some areas are still acute, some- suffers from an abundance of 
times causing slowdowns in under-trained and sub-standard 
projects costing billions • of teachers, sometimes kept on 
dollars. Consequently the Gov- Government payrolls because of 
ernmeAi has found it necessary political connections. One 
to “ import " thousands - of example of recalcitrance on 
foreigners, especially for tasks ihe part of Venezuela's teachers 
requiring highly specialised unions occurred not long ago 
employees. when the Education Ministry 

Even an expanded edura- ordered certain categories of 
tional system under President public school teachers to attend 
Perez has found it difficult to .. improvement ** courses. These 
keep up simply in terms of oourses were to be given gratis 
numbers. Venezuela has one of a[ Governraenl institutes, mnch 
the highest rates of population ljk , cducalionjI enrh -lunent 
growth in Lattn Amen™ 13.3 pr0 . rammM cammon m other 
per cent average per annum for 
1960-77,. More than half the wunlrles - 
country's inhabitants are under The teachers balked, how- 
20 years old and are thus ever, complaining that these 
potential users of public would cat into their 
education. free time. They demanded 

One prominent Caracas news- that any such enrichment pro- 
paper. E| Universal, estimated gramme be given during normal 
in an article this month that teaching hours, thus cutting 
some 150.000 primary school down time, they would spend 
age children in the capital with students, 
region do not attend school. ... . . ... 

Most of them work (some University education in Vene- 

obligcd bv parents, some by zuela ‘ ha * , registered some 
hunger), while others live far improvement over the past 
from any public school. Primarv few years. Particularly encou- 
schools, where they exist in the are results of increased 

vast slum cities that surround Government funding for new 
this capital of 3m. are almost schools such as the Uniyersidad 
always short on space, staff and Simon Bolivar and .the Univer- 
equipmenL Although the sidad Simon Rodriguez. How- 
Government has frozen the ever, shortages of space for 
retail prices ' of- textbooks, students .and high levels of 
pencils and other items used political activism on public 
by students, thousands of university campuses continues 
Venezuelan families still can- to be sore points. At the 
not afford to acquire basic class- Universidad Central de Vene- 
rnom tools for their children. • zuela (Gentral University - ), the 

country's largest campus with 
over 50.000 students, political 
parties still use the school and 
student body as a training 
ground for future politicians, 
sometimes much to the detri- 
ment-of' educational activities. 
In addition, the Government 
has been reluctant to initiate 
real selection procedures for 
students at its largest cam- 
puses. ’ 

This often means that a 
student, once enrolled, may 
remain at the university until 
he completes a course of study 
nr opts to leave, creating a class 
of “professional students’' who 
spend far longer than is accept- 
able at schools. Even students 
who fail year after year are not 
expelled. This then limits the 
number of. new students w ? ho 
can be admitted each year. 

Many government agencies 
offer Venezuelan students 
scholarships for domestic and 
foreign, university work. But in 
June, 1974 the Perez administra- 
tion created a national scholar- 
ship programme which not only 
dwarfed all previous Govern- 
ment efforts of this type, but 
also became the largest foreign 
scholarship plan in Latin 

The Ayacucho Scholarship 
Foundation, over ihe past four 
years has made grants to nearly 
18,000 Venezuelans for under- 
graduate. graduate and technical 
study in universities and other 
schools here and overseas. Sra 
Ruth Lerner de Almea. presi- 
dent of the foundation, said 
recently that 14,754 persons 
now hold scholar-ship /study con- 
tracts with the foundation and 
are receiving varying amounts 
of financial assistance (some 
scholarships have been granted 
to students from other Latin 
American countries). She 
pointed nut that 5S.5 per cent 
of the scholarship holders are 
studying overseas in 30 different 

According to the terms of 
their study contracts, scholar- 
ship winners are obliged to 
work in Venezuela for a speci- 
fied period of time. 

The foundation was set ' up 
not only to supply Venezuela 
with badly needed professionals, 
but also to offer higher educa- 
tion on a broad scale to students 
from low income homes. The 
foundation asserts that 65.5 per 

cent of Sts scholarships have 
gone to underprivileged 
students. 25 per cent to middle 
class and over 15 per cent to 
“the class with the highest grade 
of socio-economic development” 

The Government also sought 
to aid students from the 
Venezuelan provinces, tradi- 
tionally neglected areas, and 
slates that 70 per cent of aid 
winners come from outside the 
capital region. .This mix of 
poor and wealthier students was 
achieved with considerable diffi- 
culty. since the former were 
often poorly prepared (or not 
prepared at all) for university 
education. However, students 
with poor academic backgrounds 
were given courses which helped 
them overcome educational 
deficiencies and were generally 
aided by high levels of personal 

Up to now the Founda- 
tion's statistics indicate excel- 
lent results. Of the persons re- 
ceiving scholarships thus far, 
only 8.36 per cenr are said to 
have dropped out According to 
Sra Lerner 4.97 per cent, quit 
(or were asked to resign) be- 
cause of poor academic perform- 
ance. while 3.39 per cent left 
the programme because of 
things suck as bad health or 
family problems. 

The foundation president also 

noted that out of 1,182 people 
who had completed studies 
under the Ayacucbo plan, 73 
per cent had already found jobs, 
while the rest were being 
placed. Naturally it will not 
be possible to judge the pro- 
gramme on a more comprehen- 
sive scale until more students 
return in two to three years. 

What is wrong with the 
Ayacucbo plan? A number of 
problems have developed since 
its inception in 1974, but this 
is only natural in a country' 
which had never before man- 
aged a similar educational 
enterprise. A host of administra- 
tive problems — including delays 
in payments to students, failure 
properly to prepare those 
travelling overseas, etc — have 
been cleared up by the Ayacucho 
staff. Centres have been estab- 
lished overseas to co-ordinate 
the programme’s activities and 
to handle problems with 
students and hosi countries as 
they occur. In addition these 
centres monitor students’ pro- 
gress and report back to 

Some critics say that the 
scholarship plan has become 
politicised to the point where 
anyone with an important friend 
in the Government or the offi- 
cial party can secure a grant. 
This even applies to children 

of wealthy families. Others point 
to students wbo are “ enjoying 
a holiday ” abroad at the 
Government's expense. 

While these charges are 
certainly valid for some 
scholarship holders, it is equally 
true that most Ayacuho benefi- 
ciaries are serious students who 
wil] be of considerable value to 
this developing nation when 
they return home. Some 
Venezuelans thrown into a 
foreign universtiy environment 
that they are not prepared for 
may quit and require one or 
two extra years to complete 
their normal course work. Since 
the Venezuelan Government is 

understandably willing to pay 
for this, who's to complain? 

Even though it is still early 
to make an objective evaluation 
of the programme, it seems at 
this point that its main objec- 
tives are, fur the most part, 
being met. Political inter- 
ference in a programme of this 
size would be natural in almost 
any country. Moreover, if only 
10-30 per cent of the students 
involved return to Venezuela 
and make a positive contribu- 
tion to the development pro- 
cess, it would seem that the 
Government will be receiving a 
fair return on its investment. 


Farm reforms 


also institute a differential land 
tax and a tax to guarantee the 
efficient use of water resources. 
.These measures could be used to 
combat slash-and-burn -farming 
and lead to a more intensive use 
of land resources. They -could 
also encourage the introduction 
of ley farming in the Llanos 
along the lines of the model 
developed in the state of Apure. 
Third, there must be more co- 
ordination between credit and 
technical advice. Farmers 
receive a bewildering amount 
of often contradictory advice, 
wilh the result that many have 

opted nut of splendid consul- 
tancy services provided by the 
Government Fourth, if the 
Government genuinely believes 
that the key to agricultural 
development is the small- and 
middle-sized farmer, it must 
allow them to play a more active 
part in the planning system. 
Fifth, the Government should 
create a series of marketing 
boards that would not only pro- 
vide market facilities and advice 
but serve as a kind of watchdog. 
Finally, these activities must be 
supplemented by a genuinely 
rural system of education inte- 

grated into rural development 
projects like those now being 
undertaken by the new National 
Experimental University, Simon 

These problems, unfor- 
tunately. are largely political 
ones and their solution requires 
considerable courage on the part 
of the Government. None of the 
political parties have yet faced 
up to the long-term implications 
nf current policies. Perhaps the 
new president will du so. 

Charles Posner 

Institute of Education 
University of London 


fondo de inversiones de Venezuela. 




Local currency 
Foreign currency 

Time deposits 


Issued or guaranteed by governments (fees value Be 680,887,891 end 
Bs 482,334.936, respectively) 

Issued, by companies (fees value Bs 67,710.98® and Be 84.272594. 


. Loans 

Share hoftflnga 




She mantiii 
June 39, . 


■ vnoiv 

Dtt ember 81, 

j 1 

! Bs. 1,770558 

BS. 2590.753 





7.199 565 566 


1L109 574,746, 

641552298 - 






4573554 flM 




4596 J33 500 

• 14flMJ425» 








B*. 30.022 J47JB9 8 



Sta months ended 
June 30, December 31, 

■ ■ 1978 1977 


From operations: 

• Net earnings ... , Bs. 1.154535.101 Bs. 1,118585.370 

Decrease In monetary foreign marvet Investments 3J77541513 3,495,98859c 

Increase (decrease) In other assets, accounts payable and other 
liabilities 236552 f 427.811) 


Increase In foreign loans receivable 
Increase In domestic loans receivable 
Investments in share holdings 
Conf/lbtWon to trust funds 
Bonds acquisition 

Increase In Interest and dividends- receivable 
(Decrease) Increase In cash 


Ba. 1.154565.101 

Bs. 1,118586570 




( 427JIU 

Bs. 4,932563566 

Bs. 4J14.147.14B 

Bs. 370326565 

Bs. 328.763.1.85 




1.M l.6«5 .000 




. 7P.304,670 



( 620,152; 


Ba. 4.952563.966 

Bs. 4.614.147.149 



Accrued ex pe ns es 

Withholdings peyabla 
Accrued employees m 
Other Dabnitlw 

Be. 1,713.008 R*. 799317 

172.922 50.43* 

1J85J10 1,101407 

740,103 } ' 1 36824* 

*£17,243 3218,539 

jo tbe.-Oecosal Nieeiaf?: 

•Ftfndo d« lc'.-acti&nsa de Venezuela 
Ua^pcaa ‘ ’ 


Sttly.lfl, IMS. 


Contributions from de Gmmnonb 
Id cash 
In property 

Retained earnings 

23, 032, 175 POO 









TOTAL UAMUT 1 ES AND OWNBTS EQUITY Ba. 30 fl 2 aj 47 . 5 e 9 


Bt.30flZaj47.569 B>. 26.868.464 .781 


Monet ar y f or ei gn market ftmcfenantK 

Gain bi flnatuHleWnf foreign cu r re ncy 

Fwelgn iuwntwe n t In bonds -Interest 
. Lama -interest 
Shares In nompenlee-dfrtdq nd e 
Trust funds -net Income 
Gain on sat* of Marines 

Wages. eriart«a_*ad —wane* benefits 
General oidedmWetrttlve 



At ths beginning of the Mwerf w 

Be. 284,197,17* 

343,781 JM 







. 288 J87J15I 
172234459 ( 






At the end of die umutar 

J UhflT 8.0623)7 

*.750/850 3.109 JO 

tfitajXff <, 172.182 

1 1 .fMJH.Sat 1 , 118 , 586,370 

3395 , 560,122 4271978.752 

Ba- 8J48Jaifla Bs. 53855ttia 

fran hurtaoo 


Ve have examined the balance sheet of Fondo de Inversions a de Venezuela- 
(autonomous .Entity «d scripted to the Prealdency o' the Sepoblie, operated 
rb a proprietorship) es of June 30, i.978 end December 31, 1977 and the 
related statements of e arni ngs and retained earnings .and changes in 
financial position for tbe six months then ended. Our examine cion was 
made In accordance with generally accepted auditing standard!, and ac- 
cordingly included such teats of the accounting record! and such other 
auditing procedure! aa we considered necessary in tba circumstance a, 
except that Inasmuch aa no reliable and updated financial information 
is available from all the companies In which the Fonda has an interest. 

It le not possible to determine the equity in their net assets, the 
Inrestmauta In which are reflected et cost of acquisition. 

Xa ear opinion, ex crept a* stated in tba preceding paragraph, the afore- 
mentioned financial atatementa peasant fairly the financial position 
of rondo de inversions! de Venezuela at JUna 30, 1978 and Decambar 31, 
1977 and the results of Its operations and the changes la Its flnan- . 
eial position for the six months than ended, in eanformlty with gener- 
ally acc-ftcd accounting principles applied on a consistent basis. 

Gcrsnrs Cs nnrtl 

Cones Oar San va/ 


« — — 

„ banco Rational de ilescuento c.a. 

sy esufioy el nuestro marchan Juntos 

By the year 2006, it is estimated 
that Venezuela’s population will reach 
25.8 million-an increase of 
240% over the figure for 1971. 

In the same period, it is estimated that 
the increase in population will be 640% 
in the Ciudad Guayana - Ciudad Bolivar 
region. . . . 

Venezuela is suffering from a -serious 
housing shortage. The Presidential Housing 
Commission has estimated that over 
one million additional housing units will 
be required to eliminate Venezuela's 
housing deficit by 19S4. The Government 
of Venezuela is soliciting foreign 
investment and has publicised the 
favourable economic conditions, political 

Pan American Development C.A. 

(Post Office Box} Apartado Del Este 601.93 
Caracas 105, Venezuela 
Tel: 91 37 77 
Cable: “Panadex" 

Telex: 23 20S Rosalex 



County or Province 

Postal Code 


Tel. No J 

stability and legal safeguards existing in 

Under the terms of Presidential Decree 
.1-540, the Venezuelan Government low 
cost housing meentrve-pFOgramme. Pan- 
American Development C.A., is able to 
obtain federal financing for 80?a of 
its land holdings, plus 1.00 % 
federal financing for construction 
and landscaping. . 

Pan American Development C.A. 
invites you to purchase equity in 
unsubdivided land within the Parque 
Guayana Project -a planned, federally 
funded socialised housing development 
within the Ciudad Bolivar - Ciudad 
Guayana axis. 

Profits are tax free in Venezuela, and under 
the terms of ‘"social interest housing," no 
withholding tax is applicable. 

For further information without any 
obligation whatsoever, write, telephone 
or cable : 


Investment in Venezuela is a 
guarantee of progress. 

lial campaign, candidates in 
opposition to Perez 1 ruling 
majority party — Democratic 
Action (Accion Democratica) 
— have rightly sensed wide- 
spread displeasure with the 
state of public services of all 
kinds, and have made this 
item a major campaign Issue- 
Labouring under pressures 
created by a growing popuia- 
tion and ever-increasing de- 
■ mands from industrial and com- 
mercial sectors, Venezuela's 
public service network is be- 
ing challenged as never before. 
_ The result has been bottlenecks, 
delays, breakdowns, inconve- 
nience and often worse. 

In Caracas, a city of more 
than 3m, water shortages are 
frequent m major sectors. A 
variety of problems in the City's 
water supply and distribution 
network over the past tlxree 
years left large parts of tbe 
capital bone dry for weeks at a 

Telephone service is at best 
erratic. A person in the capital 
calling a number in the metro- 
politan area may have to dial 
a dozen times before reaching 
the intended party. Calls to 
other Venezuelan cities can be 
made by direct dialling, but 
lines are so overcrowded that 
one may waste an entire after- 
noon trying tn reach the second 
largest city, Maracaibo. 

Overseas calls, for most sub- 
scribers, are a gruelling experi- 
ence: In order to reach an 
international operator (who still 
places most overseas calls here), 
one must dial 122. This number 
is frequently busy day and night 
because of a massive increase 
in international telephone 
traffic since 1974. 

Secretaries, businessmen and 
housewives may spend hours — . 
or even days— dialling the nuai- ( 
ber for overseas service before 
getting through. II the call 
cannot be placed once this vital ' 
contact with " international " is ' 
made, however, the dialling pro- ' 
cess must begin anew. And 
when heavy tropical rains hit * 
the capital, telephone lines are . 
inundated and service in targe 
parts of the city simply goes i 
off. . 

Garbage collection, which is ; 
faulty even in some of the most J 

expensive neighbourhood*, has • 
not yd reached the level of a 
science in Venezuela. Despite * 
the Government's acquisition of s 
hundreds of modern refuse * 
trucks from the United States, r 
collections are. irregular and s 
zarbage nften piles up Tor days f 
along main thorough Tares. 1 
Authorities have improved ^ 
service iu recent months, how- 
ever, obviously ihiokiti? of c 
December's elections. But as c 
usual, Ihe great es pauses of * 
slum cities cannot be effectively c 
serviced. In many poor sections 1 
of Caracas and other cities, re- f 
fuse is uever cleaned up. a 
Venezuela boasts at having P 
the best highway system in 
Latin America. But in Caracas. v 
streets were so filled with pot- r 
holes that car accidents occured t 
with alarming regularity as f 
drivers swerved and twisted to f 
avoid plunging their cars into v 
fissures, several feet deep. a 
One pot-hole iii the capital • a 
was so large that it swallowed t 
up a hapless car 'that ventured n 
too close. (Once again, the g 
Government has quietly sum- a 
rnoned teams of public cm- T 
ployeee to the task of filling in a 
pot-holes: perhaps city leaders S 
ire afraid that some voters may a 
disappear on their way to the ri 
polls.) . 

Other services, some. of them 
vital, are also in varying states 
of decay- despite abundant 
Government spending. Public 
hospitals and clinics, shunned 
by ail who can afford the price 
of medical care, are almost 
always overcrowded, under- 
staffed and short of equipment 
and medicine. State-run schools 
more than a few years old are 
often in advanced' levels of 
deterioration through neglect. .. 

Transportation, in Caracas’ 
perpetual traffic jams in. un- 
pleasant time-consuming and 
always accomplished . under 
great clouds of noxious exhaust 
fumes. In this important area, 
the Caracas Municipal Govern- 
ment has shown that vast suras- 
of money can be spent on public 
service while practically nothing 
is achieved. 

Starting in 1974 the Caracas 
Government purchased hun- 
dreds of fine, new .buses from 
England and Hungary. Many of 
these buses are now inoperative 
because of poor maintenance or 

Others still running are in public services better. Desgjte; 
shoddy condition. 'But even these explanations. -..'-tiiSiigii/: 
while the new buses were on the most citizens a p paxezrflyjrettial b ■ 
streets in force, their utility to unconvinced ..that tlr^y 
passengers was limited since better off thaif before/ . ' 
the Government took no sub- One irate man vented' hV 
stantial steps toward alleviating wrath by writing: a letter to the 
the city's nightmarish traffic editor of a Caracas daily a few; 
conditions. • days ago entitled ‘'tlie torture ' 

. . of travelling by bus^- - :.... 

.Shortages - The writer; ^'identified, as Sr.v 

, . , . Francisco, de.- Lamia, -conK. 

Caracas has not been spared plairied - • thai^%hiie" : :' the 
oF blackouts and brownouts. Venezuelan Gove^ent' was 

°k 1116 pasl few years - p °£ er amply concerixe&witb hhmaii 
shortages were ^mmon. They nghts in other .cbdntries, it had 
ha\c been eliminated, at least apparently fiorgotten.-abouf the 
temporarily, thanks , to the rights of Venealia^who spedd: 
Governments acquisition of “ten hours er-'irore.v'jcrammed ~ 
nuliions-of bolivars into the rear blinterctty buses. 
wortirof new generating- units. W ith alI and nnt 

a iitUe if ob* Sr. de Lezaeta in-/ ■ 
2 ft? SE 7 s ! . I,ydr0 ‘ vited the ministers u»f industiy" 

pr °“ aod transportation : and other'/ 
grammes come onsireani. high officials ^ accustomed . yti • 
ihe Perez administration cruising about Caracas in ah^ - , 
recently launched a, publicity conditioned. ' chauffeur-dTivpn, 
campaign m an attempt to Jushly upholstered carsP— to taka - 
ex plain v.’hy things have been a voyage of discovery, in a bps. ,-v 
going wrong, and how much 

money has been spent t» make JM 

Nation gripped 
by party mania 

. Tn the yellow page? of the 
, Caracas telephone directory 
there are no (ewer than 20 
pages given over to the agencies 
de Jesiejos. or party caterers, 
and no race In the world can 
be more assiduous party givers 
or party goers than the 
Venezuelans. The main hotels 
have their public rooms hooked 
solid until the end of the year. 
The money spent on formal 
party entertaining iu Caracas 
alone must. run into hundreds 
of millions of pounds a year. 

With the new wave of pros- 
perity which has hit the country 
since the 1973 oil price rise, 
the inhabitants — or at least 
those with middle-class preten- 
sions — have been able to satisfy 
their desires for sregarionsn^s 
to an extent that they had never 
before believed possible. 

They have had plenty oF en- 
couragement from their Presi- 
dent. The head of state is 3 
supremely gregarious man. an 
extrovert who is never happier 
than when entertaining, or pre- 
ferably addressing a crowd. And 
at the official level he gives 
parties with great aplomb. 

An official investiture such as 
was held in La Casona. the 
presidential residence, earlier 
this month is an event which 
few of the guests are likely to., 
forget. Those to be honoured, 
who included ■ actors, singers 
and show business people from 
all over Latin America, received 
their • decorations on a warm 
night under the stars in the 
garden between a reflecting pool 
and a row of imperial palms. 
The occasion finished late after 
a folk dancing show and drinks.. 
Some of the. ambassadors 
accredited tn Caracas, it can be 
recorded; betrayed their lack of. 
social stamina by creeping, away 

in their cars before the end. 
Few Venezuelans followed th*ir 

With Carlos Andros Perez in 
the presidency— a man who is 
never happier than when he is 
in a crowd — it is nu wonder 
that parly life is booming.- The 
boom is adding fuel t " 0 the 
mama In snme circles to excel 
at social life and become the 
capital’s best and most spark- 
ling party giver. Every day in 
ail the newspapers the public 
is regaled with pictures of ihe 
social- events of ihe night 
before, the women in -ever mZr* 
glamorous gowns, the men in 
ever smarter suits. 


Business has -not been 
inoculated against this mania, 
and ihe .pocking- -order at 
gatherings of businessmen is 
at least as savagely fonaht 
over as that of the society 
hostesses. Sad to say the 
appearance of only a couple nF 
hundred people at a party given 
recently:, fa a 'British bank 
which had invited many' more 
guests- has - been -commented 
upon- gleefully by its com- 
petitors, in-the Caracas financial 
world. ....... 

. Parties .are . weapons, not only 
in the hands of society hostesses 
and' businessmen- but /also . in 
the hands of politicians.. The 
politicians hope that. the plenti- 
ful provision of 'food and - drink ; 
wit! 1 make the "messages, of the’ 
various presidential,. candidates- 
more palatable, y . . 

LuiSv PifierOa. /the' Accitfrr 
DemocrAtica ’ _candida?e, - woes 
the reporter "With '..a' weekly, 
lunch ’-at/ a smart ; restaurant,- 
while, Luis - Herrera*- Camples ' 
"" '' ci pal rival and’Vtaudaig 

l- bearer of COPEI, does the same .. 
r at a weekly hreakfast in the 
warden of his house in a Caracas 
n suburb. Cheese, hard; rolls antf ' 
s black beans are handed round -' 
s by the white-gloved waiter? 
r from one of the agendas de 
e festejos. while Luis Herrera lays 

- mto Pifienia with all the heat'd? 

I the coffee steaming before the 
s? Journalists. 

The party mania has not quite \ • 
1 conquered the whole country 
' >’ct. The round of party going-. 

■ has tired some people, who have 1 .. . 
t just given up attending. . “The,. 

- ro| inrl nf socialising .in which-.-, - 
t Scnor X throws a party for- a-, 

thousand people to advertise the 
fac-t that ' she has jusr bought . 

«» new Dior dress is becoming 
ton pervasive.. You can't ect'' 

1 tivo friends- into ibr house will)-. 

. nut e y, er >-nnc regarding it. is a- -’ 

■ party, one official complained ■ 

; lo me.- 

A minister l talked to' tnnk . 
a firmer line. " A short white ' 
after I. took on my ministry.*' 
no said, "there was the eighth .’ . 
aiJii.versary rf the foil -diasjJf-. 
one of the s^cr-tn'' witriii’. the 
ministry am* everyone was 
expecting a pirty;’ ■' - 

"I don’t like parties so T- 
rtieemed we should lay a wreath • 
on Bolivar’s statue. and theo go 
to church for a To Deum— -the " 
bishop was delighted, by the' 
way. Then We came' back :tb\ . 
the office for a whisky— one/;. 
• wit isky — and we ■ got back' lb- • • ' 
;• Work.” .. 

But the minister in question. 7 
one must add, Js something .of. . 4 . 
an exception in his dislike of ' 
parties and,, as far as oite. can: 
4 oretelI. ihe profits bf all those; . 
pa.riy. caterers' wilt be assuied 
•or snme . cohsidenble thne to- ^ 
come. ' 





decided \t. 
a I legation 
Wilson f« 
number c 
were coni 
paicn agji 
Party on 
1974 Gem 
The roi 
3 1 legation 
lowing thi 
affair. Mi 
was. hud 

an orchcs 

himself, l 

Lady Fi. 
Marcia W 
Tlie Pr- 
Sir Haro 
drawn soi 
told the 
did nut 
round a 
ni.-n trial.” 

The Pr« 
10 h^ar 
Sir Harolc 
formal cn 
On tbe 
acjinsl l 
L-ouncil s: 
Iloyal Cc (her 
Labour bi 
The Pr- 
i.i one o! 
lithcd iod 
In ano 
against ti 
Daily Ex 
picture t 
death in 1 


Ilaaodal Times Wednesday 0ct6ber ‘2o' i973 



V ^ ii. 

^ rs fs SOUTH AFRICA'S role as a 
. V supplier of industrial minerals 

W . A o the developed countries of 
V he northern hemisphere as 

lowerful, as vital, as it would 
irst appear, and as the South 
African Government would wish 

X. t to appear? 

'v This question has been given 
Vesh topicality by the negotta- 
ioiLs for a Namibian settlement, 
'ail ure in these discussions 
ould result in the toughest 
emands yet for mandatory 




as To of world" reserves 


-‘-A. 1~- 

' Z.cJt 

1 ^ 

sjjv* , 

’“ economic sanctions against 

’ *-$Jouth. Africa. 

* ' • For its part, South Africa has 
^S 3s ¥® < ? a warning that it might 
. , -Nf ie forced _ to undercut world 
oineral prices to market its 
J. S^utput in the face of sanctions. 
■■ .^tTQC.Chns Heunis. the Minister 
Economic Affairs, said that 
. ^ 4 gg !tich a move would' threaten any 
. ^T^jffiorts being made by Third 
jfpJWorld producers .to stabilise 
.3e}ri«SL .. . 

The argument Is freely 
: .3^jdvanced from Sooth Africa — 
;^jnd accepted without much 
/ r^omment in the West-— that the 
'..industrialised countries, with 
,>5r heir appetite for raw materials 
t competitive prices and their 

S eliance on secure delivery, 
eed South Africa as much as 
outh Africa needs them. 

This is certainly so -in the 
r a -^Ajhort term;' An immediate cessa- 
f of mineral supplies from 

^ 3 ?|? uth Africa would, it is gener- 
agreed, have severe indus- 
^p^ial repercussions. What is not ■ 
’ ^sar is the extent to which 1 

\. ^Substitutes or alternative 1 
- vJources of supply could be found J 
T -|g) r South Africa's minerals and 
long this might take. 

*'i But there are at least grounds 1 
ig&rr arguing that South Africa’s 3 
moral resources need not, i 
: -JE&js& er the medium term, be quite 1 
S 3 Effc»g» vita] to tlie West as is gener- s 
^Jly-assumed. Sir Ronald Prain, 1 
jr 30 years chairman of Roan I 

Platinum group 





Chrome ore 






- 64 




Manganese ore 











' 46 


. ’5 ' 



• 10 









: Selection Trust, has suggested 
that there would be. V perhaps 
; a five-year period’ before new 
sources of substitutes might be 

This presuppuses that no 
stockpiles have been- built up. 
However, the U5. has for years 
maintained a strategic stockpile, 
based on a three-year inventory. 
Limited stockpile policies have 
been adopted in Japan ~ and 
France. West Gemi8n>-. con- 
sumers have recently told the 
Bonn Government ifieff: Stocks 
are adequate and There is thus 
no need for a nattonaVstbckpite. 

At first sight, Souih Africa 
for its part can advance, .some 
persuasive basic arithmetic to 
back iip its. contention that its 
resources are indispep^ble to 
the West. Figures 1 , pwpared 
for tiie Economist 'Intelligence 
Unit*, but apparently Pwing 
much to studies commissioned 
by the Foreign Affairs Associa- 
tion in Pretoria, show,.. that six 
minerals are cruciaL. . 

South Africa holds /between 
46 and 88 per cem of the world's 
known reserves of the platinum 
group metals, and of vanadium, 
manganese, ' chrome, gold, and 
fluorspar. This would hot in it- 
self be particularly significant 
were it not for the fact that 
the USSR also holds substantial 

Source: Economist inteiflgeiKe Unit 

I reserves of platinum', vanadium, 
and manganese. 

It is therefore easy- to put 
forward the proposition that if 
the West is cut off from sup- 
plies of these Three metals, it 
would be thrust into . the arms 
of the USSR for supplies of 
materials needed for high tech- 
nology products and armaments. 

The same proposition can .be 
advanced, but with less strength 
fur gold, fluorspar, iron ore, 
asbeMos. uranium, nickel zinc 
and lead. In . the case of anti- 
mony, China -is a. major pro- 
ducer. .... 

The South African case is 
buttressed by the published con- 
clusions of. USSR economic 
sirategists 20 years ago that 
Western supplies of ■ strategic 
materials from South Africa -a re 
vulnerable and that this weak- 
ness exploited -in the 
rivalry betwen the different in- 
ternational power blocs. The 
activities of the USSR and their 
Cuban surrogates in Africa have, 
of course, added-’ point to this 

However, as the table with 
this article shows, substitutes do 
exist for many of the South 
African metals in many of their 
applications. The question is 
how quickly technology could 
be adapted to make their use : 

■ possible. The normal workings 
of the market, responsive, to 
shortages and higher prices, 
would tend to speed the dereiop- 
c ment of the technology. Further, 
shortages tend to encourage 
higher production from other 
mineral suppliers. 

One exception to above argu- 
ment is manganese, which is im- 
portant .in the steel industry- No 
substitutes appear to exist for 
manganese in its major applica- 
. tions and South Africa is the 
world's second largest producer 
1 of tlie mineral after the Eastern 
Bloc. But any disruption to the 
supply of land-mined manganese 
will hasten Western prepara- 
; tions for the exploitation of 
' manganese nodules on the ocean 
floor. The technology exists, but 
is not commercially proven. 
What is lacking is an inter- 
national regime for controlling 
undersea mining. 

Opinions appear to be 
divided as to potential substi- 
tues for chromium — also impor- 
tant in the steel industy. South 
Africa produces 26 per cent of 
the world's supplies of this 

Despite this uncertainty, the 
importation of Rhodesian 
chrome into the U.S. in defiance 
of UN" sanctions graphically 
underlines - two practical weak- 
nesses in the argument that 
South Africa's minerals need not 
be vital to the We*t. The first 
is that industrialists wilL un- 
derstandably, not be prepared 
to pour money into research for 
substitutes while they can still 
obtain supplies of a metal at a 
reasonable price, no matter 1 
from where. The second is the 
equally understandable Western 
reluctance to be dependent on 
the Soviet Union for metals such ' 
as chrome, which arc deemed 
strategic. This was the underly- I 
ing reason for the Byrd Amend- ; 
ment which permitted Rhodesian . 

i chrome to Teach the UJ5. 
i It 'could be argued that it is 
by no means certain that the 
Soviet Union would be quick to 
seize, or even want to seize, the 
strategic advantage that the 
curtailment of Smith African 
supplies would put within their 
grasp., .. 

According to Phillip Crowsnn. 
senior economist at Rio Tinto 
Zinc,* in a special study for 
Chatham House: r “ paradoxic- 
ally the most likely development 
seems; to be a failure by the 
Easters -: Bloc to react "to a 
cessation r of South African 
supplies- Because of the often 
naive :. nature of their market- 
ing policies. Eastern Bloc 
countries seldom react logically 
to price changes by altering 
their market offers." 

■ Nevertheless, no • Western 
Government would ever want to 
place itself at the mercy, of the 
Eastern Bloc's mineral "market- 
ing policy. 

■ As -it;- is, ^there seems little 
chance - of blanket mandatory 
sanctions being imposed on 
South Africa in the near future. 
Tlie- trade in minerals, Western 
inv estm ent in the country and 
exports to it. all mean a high 
degree of ambiguity in the 
West's response to demands for 
sanctions. W’nai seems more 
possible is a creeping embargo 
on loans, new investment or 
specific commodities. 

But even if a complete 
embargo on trade were to be 
imposed, execution of this 
policy would be a different 
matter. South Africa would use 
every means to push goods 
on to the world markets— and 
nothing short of a major 
naval blockade would prevent i 
it doing so- 
il is, of course, imperative for i 
South Africa to sell its minerals : 
and this could be the country's ! 
Achilles heel. Last year minerals 


Platinum group 



End ibv In the Uj. 

Automotive 41. Chemical 14, 
Electrical 15, Other* 28. 

Construction 23, Transporta- 
tion 15, Machinery and 
Equipment 15, Refractories 
13, Others 34. 

Transportation 28, Machinery 
23, Construction 21, Chemicals 
21, Other* 7. 

. Transportation 23, Construc- 
tion 22, Machinery 17, Other* 

Jewellery and arts 56, Indus- 
trial, mainly electronic 27. 
Dental 14. (Exdudes 
monetary uses),. 


Gold, silver, tungsten In electronics; gold in dental 

Nickel, zirfc or cadmium for corrosion protection of 
iron and steel; aluminium and plastics for automotive 
decorative trim; nickel, cobalt, molybdenum or 
vanadium for alloying Iron and steel: titanium for 
chemical processing equipment; cadmium yellow pig- 
ment for protective coatings; magnesite refractories 
for some refractory products. 

For many alloying purposes interchangeable to some 
degree with other alloying elements. 

No substitutes in major app li c at ions. 

Limited mainly to other precious metals. 

Source: Royal liutltirti of InternaTlonal Attain 

accounted for R4.7bn f£2.76bn> 
worth of export earnings, out of 
a total of Rfi.lbn. 

Looking at the key. strategic 
minerals where the West has 
built up a traditional reliance 
on South Africa, Mr. L. W. P. 
van den Bosch, the president of 
the Chamber of Mines of South 
Africa, said in October 1977: 

“It might be thought that if 
these minerals are in such short 
supply in the West and are so 
strategically important, then 
th e So uth African mining in- 
dustry should have no difficulty 
selling them. 

“ The West does, ' however, 
have stockpiles of some key 
minerals and normal industrial 
requirements do not constitute 
a bottomless market; conditions 
of weak demand and strong com- 
petition exist and South Africa 
has had to mount a major 
marketing effort to realise its 
mineral riches.” 

And, as Pretoria, has just 

Letters to the Editor 

hv ^bfle Malcolm Rutherford was would be involved in uneconomic tion of a mistake, or an over- 

VJ 4 LI TT 'll claiming that the state of the transactions through slavishly valuation 

industry could hardly be.wprse,” mirroring the index constituents. Error recognition H the crucial 
moonlit* nr you published in the same issue The index fund concept is based difference between conventional 

rnmM , F ?. D r M^ rt undRr . , tl > e - > he ^ dl nK heHef that the prices re- management and indexation. 

rom Mr. E. Sadler "Building earnings up by fleeted in the market as a result Why should trustees accept the 

Sir.— In his. article, “Economic £440m" in which yon -under- of competition are fair prices to penalty of living with a dying 
-owth by moonlight" (October lined “ . . the huge contribution within a small margin reflecting industfv or company simplv 
*», Mr. Malcolm Rutherford, the construction sector is making dealing expenses. This means because it is part of the index* 9 
recedes that the building in- towards the UK's • foreign that the index fund manager The death throe-! raav he pro- 

ustiy is aware of the problems exchange . . . . , : selects his index having regard longed and painful 'The fact 

lat he describes— scarcity wage Tony Smith. ' ' ’■ * n . the liabilities, without pitting that Rolls-Rovee, Burnish, and 

S CS, ^°? IShtiag ' ta . X « vas !°"; Roproeii House. . - - . . £‘ s t judgment against the mar- go on had a full complement of 

fc. But he goes on to say " It Tuftoii Street: SWL K et b r trying bis sector weight shareholders at ihe end is testi- 

eerns unlikely, however, that a . ’ r ”»3 from time to tome or mony enough to the inefficiency 

olution is just around the T . . favouring or switching between of the market Perhaos we 

rorner," the implication being 1111161* Cl : Particular holdings. It follows should rename the efficient m^r- 

ihat it is for the industry to find :.v -- that the strategy would be one ket theory the inefficient fund 

Aat solution. This is being -nrohlpn?^ r.-s-L • of buying and holding. It would manager theory, 
rather .too naive. pivmtUM. be ...conducted ia a practical Indexation is the soft option 

The repeated stop/go building From ihe Leader, • r .manner as regards the size of f or trustees who have no faith 
cycles of post-war years, the ever- Greater London Council . " ’ % transactions, liquidity margins j n their own abilfty to select a 

ncreasing form-filling and other Sir,— Several points emerge and the number of holdings. • manager. Wfcar would happen 

dmjDistratiye burdens thrust on f rom j btm . • Griffiths' report Dr. Scott's’ Judgment is very jf boards of directors adopted the 
mall building enterprises the (October 20) on the inner cities Probably right wnen he says that same view in appointing chief 
ood of labour legislation—^ these and London in particular. trustees aim to select an invest- executives for complex industrial 

re only some of the reasons why if 1he Department of the En- ment manager who will deliver companies? Fn r one thing there 
.■> manj small businesses have vironraent is. our friend we are ® D ah Qy e average performance would probably be a lot less 
een forced out of existence, and j D worse trouble than i thought, b «t J question whether this debate on the best way to invest 
ny the main political parties since most of the Secretary of should, according to the spirit in equities! 
ave become so concerned about state's actions are a hindrance of the- law- and the extreme diffi- p r Walter Grant Scott. 
ie effects on the economy For ra ther than a help. Having fuMy of distinguishing between and «_* 

•t it not be thought that build- vetoed ihe Greater London and good judgment, be v”?* pm. u 
ig is the only industry affected Council and borouehs’ atieinDt H trustees go for an Cftartorte 5q “ ore ’ Edwihwph. 

i the way Mr. Rutherford j 0 obtain effective legal powers ““te* fund - ^ey are certain to T , - 

escribes. j r , to aid industry he has failed to 8 et an average performance. If IJnKIIOWn (rim 

Having been associated with come up with anything similar they back an investment manager ■'-'****«*'*»»* 

ie huilding industry for over a ip his own legislation. There taking judgments against the niimhprc 

uarter of a century. I can assure are also still controls which market, they are likely to make IIUIHUC1 r> 

that a . . r > n 3 from time to time or mony enough to the inefficiency 

* the t .. - favouring or switching between of the market Perhaps we 

being Inner City - ^ particular holdings. It follows should rename the efficient mar- 
c ofl° d L1 .-T. . : v ^ that the strategy would be one ket theory — the inefficient fund 

being nrAhinmc’ • of buying and holding. It would maDacar thannr 


Meeting oF Trades Union Con- 
gress Genera! Council, Congress 
House. London. 

Labour Party National Executive 
Committee meets. Transport 
House, London. 

Mr. David Ennals Social Ser- 
vices Secretary, addresses annua! 
congress of Environmental Health 
Officers Association. Bourne- 

Sir David McNee, Commis- 
sioner, Metropolitan Police, at 
Police Federation Metropolitan 
Branch meeting. Central Hall, 

Last day of European Parlia- 
ment session to consider Com- 
munity Budget for 1979. Luxem- 

Mr, Joshua Nkotno, guerrilla 
leader, in Moscow for talks fol- 

re minded the world, it could 
respond to sanctions by trying 
to undercut mineral prices, thus 
both disposing of Its supplies 
and destabilising prices obtained 
by some of those Third World 

Even if sanctions are not 
imposed, the West has to bear 
in mind the possibility of serious 
political unheaval in South 
Africa, which could seriously re- 
duce the flow of minerals from 
the republic. Such an upheaval 
may not look very likely, but 
South Africa may not escape 
this even if there is a time fuse 
of 20 years or even much more. 

Such troubles could be a 
catalyst for a revival in mineral 
exploration activities outside 
the traditional mining areas 
favoured by the Western mining 
groups. While it is true that 
fresh investment in South Africa 
is now considered only very 
cautiously, there has been little 
overt evidence to suggest a 

Today’s Events 

lowing Rhodesian attacks on his 
training camps. 

Mr. Nikolai Firyubin, Soviet 
Deputy Foreign Minister, on 
official visit to Philippines. 

Mr. Andrei Gromyko, Soviet 
Foreign Minister, starts three-day 
talks in France. 

President Giscard d’Estalng of 
France begins two-day visit to 
Italy, which indudes audience 
with Pope John Paul and talks 
with President Sandro Pertlni. 

First in series of Sotheby- 
Victoria and Albert Museum lec- 
tures on common heritage in the 
arts inaugurated by Mr. Kingman 
Brewster, U.S. Ambassador, 
V and A Museum, SW7, 7 pm. 

Berwick and East Lothian by- 
election speeches by Dr. David 
Owen, Foreign Minister, and Mr. 
Michael Heseltine, MP. 

Lord Barnetson, chairman of 
Reuters, speaks on the “Press and 
the ■ Public” at presidential 
luncheon of Westminster Junior 
Chamber of Commerce, Caff 
Royal. W.l. 

Sr. Jose Lopez Portillo. Presi- 
dent of Mexico, visiting China. 

Lord Mayor of London attends 
dinner to Fruiterers* Company 
Court. Mansion House, EC4. 


Final dividends: British Assets 
Trust. Interim dividends: Border 

serious effort to diversify away 
from the South African source 
of supplies. There has been no 
reason why there should be: the 
supplies have always come 
through, the investments have 
remained intact. 

It is South African policy to 
convince the West to take 
measures which will ensure that 
this situation continues — hence 
the emphasis on an alliance of 
interests. If that alliance is not 
accepted then there is only one 
choice. It is fnr the West to 
diversify further its sources of 

• Mineral Supplies from South 
Africa, E1U Special Report No. 
59, by 'William van Rensburg; 
Economist Intelligence Unit, 
1978: £25. 

t British Foreign Policy to 
19S5, Non-Fuel Minerals and 
Foreign Policy by Phillip 
Crowson: Royal Institute of 
International Aflairs, 1977; 

Breweries (Wrexham). Burrell 
and Co. Caledonian Associated 
Cinemas. Continental Union 
Trust. Downlebrae Holdings. Gin 
and Duffus. Greenbank Industrial 
Holdings. Philip Hill Investment. 
Hopldnsons Holdings. Hovering- 
ham Group. Lille shall Lindsay 
and Williams. More O’FerralL 
Spiders. Unifies Holdings. 
Youghal Carpets (Holdings). 

company uteftings 

Associated Dairies, Leeds, 2.30. 
ExcaJihur Jewellery. Birmingham, 
12. Highgate Optical and Indus- 
trial, Clarendon Court Hotel. W. 
11. Linfood, Winchester House, 
EC. 10.30. James Walker Gold- 
smith. Century House. SW. 12. 
Zetters. SB. QerkenweU Road, 
EC. 1150. 

arc still dampeners, and the 

Jiejr policies. While these Loiation'ofOmces ' Bureauis stiS who go for excellence are taking article Tltetob™ 0 ??) such^wdl- 

: working against us. f™k. Why ^do they suppose that inforni ed description of the 

i. e'lidtd and unfair lo imply that it instead of encouragement we they will end up above rather National Giro service 

Uie industry s job to find solu- have been landed with “pari- than below average? Can they As a consumer "rou-D we find 
mis on its own. althoucli I have nership - agreements'. these justify this risk taking in terms thii; one of main obstacles 
o doubt it would willingly, co- ensure complete government of a higher expected return? . l u ™ B n °[ h e seretoe is SS 
'.■prate in any moves to over- control over almo$1 nil progress. Index funds are not anti- n e opie without Giro accounts fre- 
.me it s problems. smce any achievements here are capitalist. Anybody, who believes do So! un”eJ3S?d it S 

: : s Sadler. superficial and cosmetic. . £ ,nd .F £u £L «!!*$ S? ^" number 98^ per lent of thl 

■■ •wui'-i. nuu i uamcuL. r ".w ■ A a: - — '7 f v~ LHoy nuiiioer y& per cent of the 

M.ifctf|HNir« Apenue. instead of money there has [Jrtj* tn the efficiency of the p0 p U i at i on it f 0 u 0WS that most 

' ighgate. .MR a eon-trick. Nearly all the market place and is. one pro- of peopIe work (n 

much-vaunted investment was sumes one better than a barn or< . aniS a tions we want to oav 
nri , , r pari ur existing programmes, and capitalist, being a free market ha ^ p first-hand eXDeriene^nF 

The State of tfw Government’s extra commit- capitalist This should, however, JJ e th sySem works^ ? 

x All. Kft ment is more or less restricted not be The concern of a trustee. no 7 ated ^UBeStv is that 

PnnHruph'nn 10 e ivi °3 lQ cal authorities per- whose duty is to give effect to th _ s «ame • oreanlsatinns mav 

eonsrruenon mission to Spend more of Lhelr the trusts for the beneficiaries t._.j /-<: accounts but do nnt 

"rom , he campaign Director «*n money. dfscloS^he fart on^tiiS fn- 

antpnign Against Building . We r nvfJnmLn? Ce , h%IvZr 1 u! ° S l ° ,nfluence hls n ' voices or order forms. A s their 

•irfiiSMM .VafiOHaluciton nnihm^hrn hJm cw, l- number (and not their 

Sir.— Mai- nim Rutherford s f L” P uie S Mich *s ^Lnnduil h sS T' name) has to be entered on the 

rtuje " Rconumic growth by Ijnht 'is the n nn n r the dVovi n- transfer payment form, one can- 

ioor, light" r? remarkable, nol J", Mafia — Mit \orlh-WeT: 4 not use the system without it 

mn. h for whai u says but Tor Norlh . east and Scottish group of - * oreaStion? ^d'^eir ^Giro 

hai ll minis MP'n— nnd su well arc ihev T— organisations and their Giro 

"" rri,i,, sr . ,1„ , h ,f Government InVCStment 

oign Against Building Industry fi j vcn UD t j, e c host as far request and on payment of 25p. 

rationalisation "(CAB!\I which “ London i 1 concerSd. ■ ■ 3C*tlVltV As 3 consequent barely one 

ms muunied. as ns name We are not ask ing .for favours; / • of C ^he^ 

M Plies, against the Labour but if only the Government From Dr. W. Scntt Sj, ?l os i, ?i eou ^l" 

•arty’s proposals tn nationalise would lake ihe controls off. both Sir. — Mr. D. C. Damant (Octo- iff n */f ; ™ Tnah ® ver Y 

no construction indusiry. These major and petty, al least London her 2i) draws the conclusion i v, 

roposals are not "imaginary" would stop choking lu deaLh. that dealing costs increase with *L.“* r Y xeiepnone 



transfer payment form, one can- 
not use the system without it 
National Giro publishes a list of 
organisations and their Giro 
nitmbers, but issues it only on 
request and on payment of 25p. 
As a consequence, barely one 
account-holder in 50 has a copv 

s Malcolm Rutherford asserts. Horace Culler, 
n his report to the 7fifh Labour . H n 
■arty Confrren re Mr. Eric Heffer Hu n, -m-i 

aid “We believe that we ought y * 
a argue for public ownership IllOCX. 

■i the (construction) industry, 

lep by step, because il is the flinnC 

nlv sure answer in solving the IUUU>1 

iffirulf problems fhal we have " From Mr. T. SHiicksmith 

the level of investment activity had 

in a portfolio. This is certainly 

true. It does not. however, alter P" GP0 had 

the fact that the investor who 5 e ’ rly about supplying 
settles for indexation guarantees a, Cv :, *c'' es - 

a level of return inferior to the ^ . tfa * 9® c ?, ( ,s sen R as 
jnd<? 7 t about wanting its Giro service 

The ‘ "conventional 1 * invest- Zt wil1 

ment manager who earns an ? ^ or f ^hro m 
index return has made « sienifl- fre . el - v available as those for post- 

»f even more impnrtanre. per- Sir.— Dr. W. - Scott (October index return has made a signifl- “ f S 

aps. than Mr. Heffer's elo- l7 , , R apparently very keen io cant contribution. He has re- p ™„”“ and telex? 

uence is the res! threai which scotch the index fund concept, couped in fudl the entry costs ™ “ fv 1 0 105- 

ho industry now fare*: from an one suspects the low penetration associated with structuring ahy 40 > Leybtsm Gardens, Croydon. 

ncrease in public. red nr ^he concept in lh« United portfolio. - 

■ttivity in »hc industry hv the Kingdom is largely attributable ' The implication that conven- | flPDITl T) il ro fil 

xpansion nf Joral aiithnritie«i* t0 ,h e vociferous self-interested lional . investment management A*a Vk711ipa.l aWIC 

irect labour departments and opposition of snme members of involves a _ significantly higher 

he setting up of a public pro- the investment community rather level of activity than indexation llDUaLl 

urement agency, both of which than an objective analysis and is -not necessarily correct Both 
rill inevitably limit competition appraisal. the funds have to invest new rT 2J n L f ra . foomov 

nd free enterprise and part of This lack of realistic appraisal inflows. . Thereafter the index review of my book 

riuch is already the declared i s illustrated by the false and fund does not deaL The conven- (WctoDer 21) Mr. Bourne says 

olicy of the present Govern- irrelevant criticisms Dr. Scott ttonal fund can and usually does that l told Churchill that, 

aent. makes of indexed .funds. It is no alter course. The evidence of although he saved the British 

The construction Industry has criticism of the index fund con- history is that the variations in people in 1940. they never liked 

io intention of Falling Into the cept that the actual realised re- the fortunes of Individual com- him: and that he replied: " 1 
rap which has engulfed other turn .because of buying and sell- panies and industrial sectors ae ’®jT understood them.’ 
ndustries which remained eora- ing expenses and jobbers' lemis. occur over quite extended Wbat 1 wrote was that 
■lacent wben threatened by more will be less than the nominal periods. although they knew he saved 

invemment intervention in their index return. These are inevit- An investment manager should m m 1940. the people in, the 
ffairs. CABIN will continue to able farts o[ every investor's life, aim to avoid those, areas that, on worth of Scotland never liked 
lEht the threat of creeping in meastrrine the performance of the basis of economic and busi- nun, to which be replied: *' 1 
lationalisation and, having in-. a n equity portfolio, it is quite ness analysis, are likely to pro- never understood them. But this 
reased public awareness of possible, ‘and usual to allow for duee below-arerage performance I will give you. No nation of 
-ahouris pians for the industry these ractors. at least as far as and therefore fall in the lower Us size since Ancient Greece has 
luring the first part of the cam- new money or essential sales are half of the index. If . this tech- made a comparable impact upon 
laitfu we shall now try to make concerned, so giving a true com- mque is followed, portfolio turn- the world, 
he public more aware of the pari son with a suitable index- • over can be verv low indeed. The There is a sharp difference. 

ndnsiTv's achievements. Tn this It is facile to suggest- that a only reasons for realisation of Bontbby. 

egard.'it is paradoxical that, fund following the index concept an investment are the recogni- Bouse of Lords, SW1. 

Tlie Ship is in the she wroo 

UDT-the Ship-can help you sell the 
goods in your showroom. 

For over My years UDT has helped 
businessmen to finance their own, and their 
custoiners’plant; machinery and vehicles* and 
to expand their operations and profits.- ! 

UDT offers competitive rates for ^ 

deposits. toother banls, business /A % 

concerns and the general public. Jlkrifa r~ 

UDT, through its export finance house, is 
a major provider of financial packages design* 
ed to help Britain^ exporters. 

UDT finance can help your business to 
grow and become more profitable. 

. So when you need finance, 
hail the Ship. ~W 


51 Easwicap. Loudon ECjP 3BU. TeL* 01-653 3020 

A My authorised bank Britain’s leading independent finqn re house; 

Financial Times Wednesday October 25 1978 

Paterson Zochonis ahead 
but margins squeezed 

First half 
profit fall 
for Booth 

TKM boosted by motor 
and holiday business 

FOLLOWING THE lll.bJm llrsi- 
half rise to £9.1$m. taxable prolil 
of Paterson. Zochonis and Co. 
improved further in the closing 
six months to Jenve the result Company 

ahead from £lS-“m to £10.4Rni 

in the May 31. IU7S. year. Turn- . prey _ . 
over of the West African Assam Tr 
merchant. manufacturer and 
distributor ua« well ahead from . _ ■ _ 
£1 45.34m io £213 33m. Atlantic 1 

competitive hut profits showed 
a further increase ov. ins to ihc 
expansion in turnover, parti- 


Page Col. Company 

fTM^nl \ HELPED BY buoyant motor. 

IxflLlil* I vehicle and holiday businesses, 

^ taxable profit of Tozer Kemsley 

IN the face of continuing com- and Mi 11 bourn (Holdings), the 
petition from cheap imports and International finance and invest- 
working on reduced margins, meat group, jumped from fl.Blxn 
profits before tax of Bootb (Inter- to £2.9m in the six. months to 
national Holdings) fell sharply June 30, 1978. 
from £936.000 to £201,000 in the Improved operating results are 
first she months of 1978. being looked for over the full year. 

However there are signs that although the tax charge is likely 
the tide is turning the directors to be higher say the directors. 

cut after 

“assa^is*- *77.™ setback 

(£412,000) leaving retamed profits 

ahead from £344,000 to £L17m. WITH turnover showing little 

• rnmmpnt change at £19.51 m, pre-ias profits 

commeni f xnndnan and Co. 

Big things are eam^ed sfmnped to £192.015 in the first 

the year. 

UK ma mi fact urine facilities 
almost completed there are the 
first signs of a move towards a 
more satisfactory return on these 


fp'-ranns profit 


Esctianisc loss on 

u-adltw . . 


. .ijt 


4 nj-4.?*i 

4 ixr.'.yri 

Profit facFore ux 






Net prnfi: . ...'i 


To tnioonlleS . 

i7n •»; 

IK <144 

Anribuiab!-: . . . 

s .=;:n.4i7 

Prel. dividends 

_*|7 -lift 

r. t .4 : 

Ordinary dividends 

1 ..■«.! ll» 

1 ld7.i'4 f i 

RonuJts exclude prafii »n •■tihausc of 
net L-urrc n. y as-wis. £W>U4 i£l Cm !om>: 

gun In r«*si-rves ronwqueni upon chanse* 

re rbe pa run I company's imprest in sub- D) TtL 
jridiarr companies £1 3m >14 ?m low-: anrt 1^ 

surplus of flrp Insw-snc* 1 prpe-rri* M-W m X 
over zraiip i. us: nt binMinis and plan 
dtsrruyrif. In-. lud'-s ih.- pr-ifir 

nf Prcsor^piK- Pry.. Australia for ihc six 
monihs io May .*1. utvu 

All areas of group operations 
show a furl her incrcas-e in turn- l*ACIl 

over, but owing to the continued j[ dSlU 

rise in operating costs and pres- 
sures on marcins. the return* so REPORTING 

of lire insurance claims over the 
cost of buildings and plant 
oiT.'MO desfroyed have been excluded 
rii.usn along with a 150.044 exchange 
. prolit t Cl. 02m loss) on net 

iwvct currenl assets. 

After t.i\ of IP.SSm i £9.34 ml 

i £9.63m. Earnings per 
rare are shown at oi.32p ag 

See Lex 

B. Nathan 
sees peak 

xra* this year and a. the halfwg ErStmL For tbe respond: 


of last year and forecasts have now exposed to the full effects 
been nudged up from around of the continuing depression and 
£7J25m to £7.75m. The strong - although both freight rates and 
demand for new care plus profit ship values have risen since the 
growth in the holiday business are end of last year no sustained 
providing the hulk of the increase, recovery is yet in sight. The 
while the management’s efforts to securities and insurance divisions, 
sort out its Canadian operations however, remain profitable, 
are starting to be rewarded. Pierce . . The net interim dividend per 
and Price, agents for tbe sale -of 25p share is cut from 2.5p to l-25p 
forest products, had a reasonable, and the directors forecast a final 
if unexciting, period and the out- payment of 2.5p. Last year's final 
look for the second half is a -was 5.B6P from profits of £2J59m. 
repeat of the same. On a longer- 
term view, the chairman’s com- a comment 

,3D ju # After tax of £103,000 against hand, while the group's interest Fnaou kumhum meat that discussions regarding - . 

-- - £331.000. net profits were £96.000 In commercial vehicles is being at , 'rr, the BMW concession were being Students of tbe tuning of ngbts 

^ compared with £305.000 Tbe further developed bv co-ODeration Ren ? e “ inorogoott, held raises a quer y about the issues would do well to ponder 

Nottingham-based group trades as with Volkswagen and MAN re- of Tozer Kemsley & future of the group's most profit- tbe case of Walter Roadman. In 

a hide and sfc »n merchant and cently announced, they say. Mlllboom . . - improved full able venture. The concession June, L977 it popped up with a 

rc3ll C tanner. The net interim dividend is year operating results looked must be renewed by December l-for-5 rights issue at 93p to 

■ ________ raised from 0it252p to 0.9558n per r nr next year and BMW have indicated sustain the group’s momentum of 

j . • . • commeni 20p share, which directors say that they are interested in TKM expansion. It increased its divi- 

Q T The squeeze on Booth Inter- includes an adjustment to make continuing to havean involvement dend to 8.16p per share and 

Olllllv Ui national's margins, which took eood the shortfall from the 4.69p increased £0.S9m to £1.65zn, after to to the 1980s. The share pnee forecast increased profits of £2. 6m 

n yv rt -4 the edne off its 1977 figures gross per share promised for 1977 a tax charge of £1.16m (£0.83m), rose 4p to 57p on the news giving f or uj e full year. Since then the 

M- y | VI Tf*! tightened sharply in the first six at the time of the June, 1977 debit of £118.000 this time. * prospective p/e of 4 (taking a shipping market has turned down 

oWviUL 111 months of the current year. The rights Issue, resulting from the A breakdown of taxation shows Itoe through the interim tax disastrously. Half-way through 

latest interim is 6S per cent retrospective reduction in ACT— UK figures up from £271,000 to charge) and a yields of 9.1 per the current vear after tax profits 

FOLLOWING the £31.80(1 increase down on the comparable period last year, gross payments totalled £958,000. while decreases were cent This is a lower than average have collapsed to under £100,000 

to £326.507 at halfway. C. H. in 1977 and 52 per cent lower 4.63866p, or 3.0954p neL seen overseas, from £388,000 to rating for the overseas traders add the dividend has been cut 

Pearce and Sons, builder and than last year’s second half. To Available profits for the period £75,000, and for associates, from sector. back to 3.75p. Tbe shares now 

contractor etc., has turned in some extent the problems are stand at 66p and the company is 

profits of £812,459 fpr the year beyond the company’s control. ^ -w -w . -a _ m — saying that although both freight 

a HSir:r. ” S-S w?HS Savoy Hotel- well down nudway=S£2=HS 

improvement in the depressed attempts to push up selling * ^ Apiiy S, a 7 th?re not Sne 

Mate Of the construction industry prices. But some relief, in the Profits of tho Savnv Hotel were At Cffntomhnr an th«» not »cot of nrtiiritv nf the simm" arivsnma unmlnA lha rima al 




ML Hldgs. 



Assam Trading 



Nathan (B & 1) 



Assoc. Leisure 



Nigerian Elec. 



Atlantic Assets 



Paterson Zochonis 



Booth Inti. Hldgs. 



Pearce (CH) 



Brown Bros. 






City Aberdeen 



Runciman (Walter) 



City & Inti. Trust 



Savoy Hotels 



Ductile Steels 



Scott & Robertson 



English National Inv. 



Tozer Kemsley 









the second half year against the First half trading profit in- 
first six months. creased from £L43th to £2 29m 

Earnings per 25p share are and after associates' contributions 
shown at 2.4p against 7.62p. The operating profit was up from £l.Sm 
interim dividend is lifted from to 12.93 m. Loan stock Interest was 
1.485p to 1.5075P— last year's total lower at £31.000 against £293,000 
was 4-3923 p from a pre-tax profit The directors report that the 
of £ l.05m. High Street retail battle has 

The first-half profit is after seriously affected margins in the 
adding profits of £10.963 (£34,313 food business and thev have been 
deficit) in respect of tbe Northern obliged to cut back output at one 
Ireland associates. Sales to custo- of the group’s canneries, 
mers as principals and agents Discussions regarding continu- 
a mounted to £15. 17m against Ing participation in the BMW 
£I722m. business into the 1980's are in 

After tax of £103.000 against hand, while the group's interest 
£331.000. net profits were £96.000 In commercial vehicles is being 
compared with £305.000 Tbe further developed by co-oneration 


c squeeze on 

The net interim dividend is 
raised from 0.8252 p to 0.9558p per 
20p share, which directors say 
Inter- includes an adjustment to make 

Available profits for the period £75,000, and for associates, from sector. 

Savoy Hotel well down midway 

back to 3.75p. Tbe shares now 
stand at 66p and the company is 
saying that although both freight 
rates and ship values have risen 
since the end of last year "no 
sustained recovery is In sight." 
A pity that there was not some 
advance warning at the time of 

® .t!l c ff" "iTriLl reher. in the Profits of tbe Savoy Hole! were At September 30. the net asset of activity of the group." advance warning at U 

! Jl. e £f® r ' rn «w? °L* s *™ n 8 er pound, rs in more than halved to £432.1)00 in value per preferred share was For 1077-78, pre-tax profits last year's rights issue, 

considered very satisfactory, the sight fnr the current pennd. the first half of 1978. but Sir Hugh 35.8p (33.1p at March 31) and reached £788.000, on turnover of ^ 

d, SS^«re _ adverse ^STZJST SS 8" ..a « 

REPOHTl.MCi HIGHER SR, ?&’£ ivaSffe -g- * coSpaw SlLtelSS 

last year. .Nathan, Turniiure maker, say present period. raw material imports should mil ^ cipated. the first four months of to ™* St tf c 

After the forecast of a final orders outstanding at both Earnings per share are shown and overall margins improve 1978 were rauch ,ess Profitable I\/bT I— IlfllTC 

dividend of not less than 4.7p. factories arc ai a high level and at 33.67p against JO.SSp and the Rut the extent of the upturn in than 1977 — Jubilee year. But the IvAJLj nSvi? 

a 5p final has been reenmmenriod the year's figures are expected to final dividend is '2.4 8925 p making pre-tax profits is difficult to resull s in May and June this year ^ - i me 

for a total of Sp against 7p la»i show w further increase. a total of 2,75U23n compared with rleternune. The ^nmnanv were almost equal to those of the _ _ _ 1 group s tonvara tmanciai plans. 

time. Diddends absorb £1.27m Turnover for the first half 3.3S9p in 1970-77 

compared with £l.Hm. improved from £3.0“m to £3.47m 

The profit includes a £ISi4.4I7 and profits were £23G.(KI0 against 
(£503.5241 exchange loss >m £l9fl0m) before las of £122.720 TurrMH ,. r 
trading and associate comribu- (£9‘'.8o0). Profit teTors Vax 

tions of £4.08m i£4.0fim). A The interim dividend is stepped UK tas 

II. 3m gain in reserves i£4Jlm up from lp to l.lp absorbing 3d profit 

loss i. mainly stemming from the £20.338 i£IS.48*.i). Last year's 11 

acquisition of Prcservene Ptv of total was 3.3o on record pre-tax r*rai rt-i-rttrW .. 

Australia, and a £339.825 surplus profits of I3K4.000. waived 


(Incorporated, in the Republic of South Africa i 



The audited consolidated results of the Group for the year ended 30 September 
1978 are shown below. These include for the first time the results of Tbe Northern 
Lime Company, Limited for a full year. The results of the previous financial oenod 
which covered 15 months included the results of Northern Lime for only nine months 
to 30 September 1977. 

12 months 15 months 

ended ended 

30 September 30 September 

in7T-#N io“k_ — * vut, ntru w. me * - — vi vom, 

r ' V' » I|H year figure is likely to he representing the reduction in the 
. ... 11.nfl4.3v well down on last year’s £lm tax rate will be added to the divi- 

niess prc-tiLx. The shares closed d ? n d to be recommended for 1978. 

5«P yesterday and. assuming a The remaining multi-currency 

ML Hldgs. 
seeks to 

•:.i frti 10 ner cent annual dividend loan was repaid in August and THOUGH OVERALL trading was 3^' in the n oeline and k profit was higher at £ 
i4V); increase the prospective yield is replaced by a sterling loan of satisfactory, the directors of- M. L. nrncrace - P® 1 * 1 *. w** 1 £125.000 i 

Scott & 

man. Although stage two of a f-w -m .. 
potentially large U.S. contract I# nnOlTCfUl 
would not be forthcoming, this XYURJCI 
project was never included in the 

group’s forward financial plans. *1 1 j 

and it was now free to enter the WAII 

European market with the designs 7T (UlVlIU 

resulting from this project. . r^o xxn? k-i* 1 j « 

" M.L.’s signalling schemes g )R J™ 3 r . "£***?&** 

business in Plymouth, wiih its nirnover of 

half-ownership of an Australian 

com nan y has many interesting *5 1 i u ^ 

tanriort: in thp ninalina 5c PTOfit- Was higher at £312.000 COBI- 

■3.wi i3^> per cenL 

replaced by a sterling loan of satisfactory, the directors of- M. L. ma kin^ satisfactory nroeress ” P*™* 1 w,th ^125.000 in the same 

£4m for five years. A currency Holdings expected that the cur- £Jmb?rs wcre told. progress - penod last year, 

loss or £284.1)00 at repayment will rent year would be more one of The directors say the improve- 

. be kepi in the account for the consolidation than of significant refrigeration and air con- ment is in One with the chair- 

Altnif'inrT orenr year by a transfer ’from capital growth. Mr. Ralph Price the “'Sonins business, now slimmed man s annual statement of a slow 

fiuumug CllUl reserves. chairman, told the annual meet- down - was expected to contribute start followed by a gradual 

There was not an identical pat- ing ye&lerdav. to group profits in the current improvement, reflecting the dif- 

9 1 K I vPPPil lern of trade in the com- Mr. Price’ said, the directors y ear ’ and M - ^ Components con- ference in economic conditions. 

vj i ecu pany's undertakings, the directors anticipaied that group turnover tinned to be prokiuMe. Present indications are that 

Tj , • say. But the total result including would not increase significantly in Crown Foundry’s new "vacuum" s improved level of trading is 

I TO DC FTf PS Forest Mere for the first time was the current year. “ While this year process was now operating satis- 

" substantially in excess of the past will prove to be largely ooe of factoriiy. and the old foundry was - 1 he n l a«!? rn ^ dividend is lifted 

An accounting mistake by ten years, excluding Jubilee year, consolidating on the record therefore h*' : ng closed — provision *° *, total 

rcoumanLs Stoy Hayward cuts .No provision has been made in achievements of the previous has been made in the present in?- w ? s r ~z; < Zr,P from P ce ~ 
.25.000 from R. Green Pmpretits the half-year for corporation tax year. I view with optimism the financial year for the cost of the pronts ot £322,000. 

'ter tax income for the year by reason of capital allowances. prospects in future years . for redundancies involved in this . ’ 
the end of June. 197$. Stov iots isr: growth in profitability and level change. t 5j.aI 

ayward. who act as both tax im tm ■ JLlttlC CM Off P ' 

Ivisers and auditors to the Tb|j , re ceipis .. F ^ ^ . 

operty croup, double counted Trartinu pmfiis s.oso !jim iaai ■ hi ■■iiia - I nf TJ 

x losses. Mr. J. Mepham Green s General maintenance 1^48 1.14.1 |\xllP N PlAl X I Rl K* vyOOClWlll 

int managing director explained gwtW” W IOOUl. IlCVVO 


Profit before taxation 

Less: Taxation {including provision for deferred taxation) 

Profit after taxation 

Less: Attributable to outside shareholders in subsidiary 

Consolidated net profit 

Less: Transfer to plant replacement reserve 

Distributable profit 



130 771 




25 981 

9 040 



16 941 




16 197 

3 318 

15 5S5 

12 879 

12 565 


4 629 


14 969 









accoumanLs Stoy Hayward cuts . No Provision has been made in achievements of the previous has been m 
£125.000 from R. Green Pmpreties jhe half-year for corporation tax year. I view with optimism the financial yeai 
after tax income for the year by reason of capital allowances. prospects in -future years . for redundancies 
tn the end of June. 197$. Stov i9rs isr: growth in profitability and level change. 

Hayward, who act as borli rax 41,00 f 000 

advisers and auditors to the TnI3 | receipts n r ' . - 

property group, double counted Trarfine proms 2.080 jjjh lAAIIT ii rilto r , AA<Inrln 

rax losses. Mr. J. Mepham Green's General maintenance i^ta u« |\\||L M C|A/y 3.1 JK* \jOOuWlH 

joint managing director explained '"’or™- i» w IOOUL- IlCVVO 

yesterday that accountants added rw * ,vabIe .3? From turnover ahead at £L34m 

the same tax loss a s a separate «a in . . -. . .. , . • . against fS.Tlm.prewously, taxable 

charge against both companv and Tax — 234.000 -prom of R- Goodwin and Son? 

group income. ■ -i. i A7/)y ' (Engineers) was Ettie-diaweed 

In a statement to the Stock _ _ Y PQSp Tf| 111 SAbZ&S in the April ^ 1978; year 

Exchange yesterday Green Frialicn X V/ftlJLiiiUO v(WV »-A/ AUK /%J compared .with £402^99 last tone, 

revealed the mistake and showed LUglwU . ... ... - ^ After, tax of £217,552 (£219,800) 

that it means restating the T , . - - The coupon rate on this weeks proposals, is made public. today, net profit was £186.963 (£182.499) 

groups tax charge, increasing it l\J 51 (10710 1 ITIV batch of local authority yearling Marlborough, a private pro- and earnings per share are shown 

from the £188.199 reported earli-r 1 fill V • bonds has dropped slightly from party’ company, is coming to the at 2.6p compared with 2J3p. The 

to £313.199. This cuts attributable 1 a 1 11 p ? r cent 10 101 per cenl - They !£? rkef 712 8 reve ™e takeover of dividend is lifted from 0^07694p 

profits From £510.075 to £385.075 TD9.KPS hP2fl\V9V are issued at par and are due on Chown to 0jl539p net per lOp share, 

and earnings Per share From 3.16p «**“« UWUff flj October 31. 1979. Exist inp Marl borough share- • 

to l.ISp. Gross revenue of Enelish The issues are: Woking Bowers win ummateiy own less 4 f r rrrrfc PDCTl /C P l L'g 

Mr. Mepham said vesterdav National Investment Co. improled ^ ou «J llr Couilc ^ Sefton ALL1LD BREWERIES 

nt /(Mnitn itc fmm rs7 97B tn 07 kj« in tha Metropolitan Borough Council equity to prevent the company *nwi 

National Inv. 
makes headway 

Yearlings ease to 10£% 

The coupon rate on this week's proposals, is made public today, 
atch of local authority yearling Marlborough, a private on 

has got so complicated that we balance at £53287 (£38220). 

cannot be expected to understand Stated earnings per 25p pre* rCimre u ^wson ana aon-s recent annum in the interest rate, 

ail the ins and outs of the ferred ordlnarv share are L02p iVo^T sSlifh^ nSftS one-for-two nghts issue of 197m A ccep tables have now been 
system." The partner in charge (087p) and per 25p deferred in ne ^ v ordinary shares has been received in respect of more than 

of R. Green's account a. Stoy iromary T.64p P fi.04p). The ™ Dlstff Coun^ So^ ^iufh £ 4^,*° 1Mm BhareS of daSS of 

Hayward was unavailable for interim dividend on the prefered Derbyshire District ’Council ceot ^ Lyons shares. 

comment yesterday. i s o.8»p C0.79p). costing £17.800 ( fll Uplmnnlilan Rr,r-p,nor|, nf 1 " — 

that despite its auditors role, from £87276 to £107,646 in the bScomins “dose" for tax W Allied .Breweries announces 

Stoy Hayward has advised the six months to September 30. 1978. P ' holders of the J. Lyons con- 

rompany on tax matters For some Interest charges and expenses .'r**?.?- ^ veitible unsecured loan stock 

years. He comments that, "we took £28,071 (£28261) and tax hSilpnAtlii m , « £i, C n„rfr««f" have agreed to cancel the con- 

are basically property people, tax £26.288 (£20.695). leaving the net H..V„ 7?^"", W f PAWSOIV version rights, in consideration for 

has pot «1 rnmniiriioH that h=i a r rwtve? / fsb 99m shire County Council l£Uhm), IT. I— rATrJt/ll increase of 3 per cent per 

Newport Borough Counol (Hm) W. L. Pawson mid Son’s recent annum io U» InMt ntaT 

Dividend declared (R000) 4491 4 629 

Number of fully-paid sbares in issue ranking for 

earnings and dividends 1000) 14969 14 969 

Earnings per share on: 

—Consolidated net profit 1082c 112.0c* 

— Consolidated net profit excluding benefit of investment 

allowances 1062c 99.3c* 

— Distributable profit 86.1c 90.3c* 

Dividends per share 30.0c 32.5c 

• Calculated proportionately in respect of shares issued. 

Earnings per share 

To conform with generally accepted accounting practice the plant replacement 
reserve is shown as an appropriation of and not as a charge against consolidated net 
profit. Tbe directors consider that the performance of the company should be measured 
on earnings per share calculated on profits after transfer to plant replacement reserve. 


Final dividend No. 142 of 21 cents per share has been declared. This dividend 
together with the interim dividend No. 141 of 9 cents per share makes a total distribution 
of 30 cents per share For the year ended 30 September 1978 This compares with 
32.5 cents r"?r share for the 15 months period ended 30 September 1977 which included 
a final dividend of 6.5 cents per share for the three months 1 July 1977 to 30 September 

The final dividend No. 142 is payable to shareholders registered at the close of 
business on 10 November 1978 and a formal notice to this effect appears below. 

Annual Financial Statements 

The annual financial statements for tbe year ended 30 September 1978 will be 
posted to shareholders on or about 2S November 1978. 

G. EL Bulterman, Chairman 
J. F. Cronje, Deputy Chairman 

24 October 1978 

Declaration of Dividend No. 142 

Final dividend No. 142 of 21 cents per share has been declared payable to 
shareholders registered in the share register of the company at tbe close of business 
on 10 November 197S. This dividend, together with the interim dividend No. 141 of 
9 cents per share which was declared on 10 May 1978 makes a total distribution in 
respect of the financial year ended 30 Septemher 1978 of 30 cents per share. 

The transfer books and registers of members of tbe company in South Africa and 
the United Kingdom will be closed from 11 to 19 November 1978. both days inclusive, 
for the purpose of determining shareholders to whom the dividend will be paid. 
Dividend warrants will be posted on or about 12 January 1979 to shareholders at tnrir 
registered addresses or in accordance with their written instructions received up to 
and including 10 November 1978. 

The dividend is declared in the currency of the Republic of South Africa and the 
rate of exchange at which the dividend will be converted into United Kingdom currency 
for payment of the dividend from the United Kingdom share transfer office will be 
the telegraphic rate of exchange between South Africa aod the United Kingdom ruling 
on the first business day after 29 December 1978. 

In terms of the South African Income Tax Act, 1962. as amended, a non-resident 
shareholders' tax at the rate of 14.52 per cent will be imposed on dividends payable to: 
(a) persons other than companies, not ordinarily resident nor earning on business 
in South Africa, and 

fb) companies which are not Sooth African Companies. 

and the company will accordingly deduct tbe tax from dividends payable to shareholders 
wbose addresses in tbe sbare register are outside the Republic of South Africa. 

By Order of the Board. 

F. D. W. Peachey, Secretary. 

24 October 197S 

Registered Office: Office of the United Kingdom Secretaries: 

Sixth Floor, Charter Consolidated Limited, 

Barwing House. 40 Hnlborn Viaduct, 

29 De Beer Street London. EC1P 1AJ. 

Braamfontein. Johannesburg 2001, 

(P.0. Box 31181, 

Braamfontein 2017) 

comment yesterday. l s O.SHp (0.79p). costing £17.800 (£0.25m). Metropolitan Borough of 

(£15.8001. and on the deferred Wigan f£05m), City oF Salford 

ASSOrifiTFS DFAI 1-11,1 „ (0, T lp> ’ co ? timi , £22 - 200 (£0.75m> and Isle of Wight 

1 “ LFtAL. (£14200). Last years totals were Counly Council (£0.5mJ. 

Bel! Lawne MacGregor and Co. l.S3p and 2.42p respectively. The Borough or Ellesmere Pnn and 

bought 30.000 Dawson at 20lp on directors expeci to at least main- M eston Ts raisine EoSnhJ 1 

behaif of discretionary clients. tain final dividends. Heston by-way 

due on October 20, 1982. They 
are issued at par. Borough of 
_ Broxbourne 15 raising £0 5m by 



Assoc. Leisure 
B. & I Nalban 
C H, Pearce 
Bootb (Intnl.) 

English National Inv. 

Pref. ord 

English National Inv. 

Defd. ord 

R. Godwin A- Sons 

Walter Runciman 
Scott & Robertson 
















Dec. 7 






Feb. 3 






Dec. 27 





Jan. 5 

22 3 





Dec. 20 





Dec. 11 





Dec. 6 






Dec. 1 

0 68* 




Dec. 1 






Dec. 1 





Dec. 6 










Dec. 4 






Jan. 5 






Jan. 3 






Jan. 4 




Dividends shown pence per share net except where otherwise stated. 

* Equivalent after allowing for scrip issue. tOn capital 
increased by rights and/or acquisition issues, t Includes adjustment 
to make good 1977 shortfall. 5 Subject to Malaysian income tax at 
40 per cent. II 3.75p forecast 



Dealings are expected to start 
in Marlborough Property Hold- 
ings on October 31, providing ; 
shareholders of Cho’ ,_ n Securities ' 
approve plans to merge with 
Marlborough at an EGM tbe pre- 
vious day. 

The prospectus, outlining the 



52 Com hi 1 1 EC3 3RD 
(3k Edged Portfolio Management 
S e rv ice Index 24.10.78 
Portfolio I Income Oiler 81.16 

Bid 81.12 

Portfolio II Capital Offer 130.04 

Bid 12<» fl 

Has your Pension Fund 
performance met your 
actuarial requirements? 

The investment return on your pension fund is a crucial 
factor in determining the real cost of providing pensions. 

if your pension ftind is invested in an Exempt Unit 
Trustor an Insurance Company Managed Pension Fund 
or if you are advising clients in this area, the best aid to . 
making decisions and monitoring performance is the 
Survey of Pooled Pension. Funds. 

The Survey contains comprehensive performaricfr 
details of over 130 tax-exempt equity, fixed interest, 
property and mixed funds and of all the main market 
indices. Details of each fund's investment policy, 
charges and portfolio breakdown are included in a 
separate 'profile' for each fund. 

The latest copy of the Survey, updated to 30lh 
September 1978, is now available at a cost of £d0 from 
Harris Graham & Partners, 

30 Queen Anne’s Gate, London, SW1H9AIV 01-839 6451 

.ff you are involved with as eg reflated pension hind, Harris Graham 
provides a taHor-made service which compares your own fund's 
performance with that of similar pension Funds on an up-to-date and 
consistent basis. ■ • •• - 





Orcr 1300 companies have already iouud what they ’were 
looking tor in .Scotland's New Towns. 

A plentiful supply of labour, both industrial and clerical 
.Excellent industrial relations. 

First doss communications, both internal and 


A vide variety of premises and sites. 


financial incentives that are unsurpassed anywhere in Britain. 

Find your way to the Scottish. New - Towns office at 
19 Cockspur Street (just round the comer fiom Trafalgar 
Square), and we think you’ll find what your company’s 
looking foi; too. . . . ’ 

Contact Jack Bcckett, our resident DIrectoi; for qnr 
new colour brochure. '■* 


19 Cockspur Street, London SW1Y 5BL. TeL 01-930 2631*. 

1 i ; s 

• " i’f 

K . ' 

■ - s 
? 1 

i S~ 


-§ * ‘ -'1 
% h •• i 

1 fVv 

: E 

•S* • 

• ii SlhaacfaJ' Times Wednesday Oeteoer- 23 ; ; 197S 


% Assets 
3 Trust 

. Atlantic Assets Trust currently 

- t, ias a portfolio oi Interesting in- . . . ' 

S estments and considerable liquid ALTHOUGH second -half 1 profits 
: es our cps from the sale of its of £3 -24m compared with £2-58ro 
oajor Canadian investments and recovered some of the £L27m first - 
'lirectors intend investing this half shortfall, pre-tax ^profit of 
iquidity internationally within the Ductile Steels ended the. July 1. 
radittanal policy of the company, 1978. year down from £3.73 m to 
fr. J- V. Sheffield, the chairman 

ays in his annual statement. The trading profit of £54»1m 
; As previously reported Atlantic against 18.13m includes an 11- 
chieved a £l-Jra profit on the sale month contribution from Newman 
f its holdings in Woodford- In- Tubes totalling £l-23m._ .Turnover 
.estments and Yukon Consol!- .was £82. 56m (£73-2Sm). 

?. ted ®°Mj Corporation after the ' Mr. R. Sldaway, -tire chairman 

- u fi e . 197 8 , year end, and in says the upturn hoped for follow- 
nucipation of the sale invested mg the encouragement given last 

on }he UJS. year to industrial countries to 
. >lsp j“ r ®UEh the - sale of Yukon reflate has not been realised, 
nd Woodford it ended with a .6 Also, one or Its most Important 
!!*, c ^ lt stake in the purchaser, customers, the motor-car Industry 
.. eck Corporation and purchased has allowed foreign competitors 
looaford s 0.8 per cent interest in to take an increased share of the 
* V- hared Medical Systems. UK market resulting in a reduced 

' ■*■- Mr - Sheffield says the Govern- demand for many of DuctUe's 
■ rent is to be congratulated on products, 
le removal of the dollar premium Based on ED19. tax for the year 
orrender and the reduction from was £2.14ra and last year's figure 
.. 7 P er cent 10 10 per cent in the has been adjusted to. £931,000. 
ate of capital gains tax charged reflecting the high level of Block 
. n investment trusts. relief claimed. Net profit came 

The proceeds from the sale of its out at £2.9Tm (£4. 79m) with earn- 
lanadian interests would have ings per 25p share given at 23.46p 
een much reduced but fpr the against 42.74p. The dividend -tola! 

- . hanges. and he says the increased is stepped up from 5.0491P- to 
-eedom will in future bring 3-4l23p net by a final of'3.4864p. 

despite second half surge 

dftlous but a s in the case of the 1 
steel re-rolling division, the! 
absence of large stock profits [ 
affected the comparison with the 
previous year. 

Newman Tubes, the most recent 
acquisition, made a valuable con-; 
trlbutloa of £1.23ra and its two 
stockholding companies are con - 1 
tinning to expand. At Moo more 
Tubes more tech a leal develop- 1 
ment took place on Spectra-Coat, ; 
the new coloured nylon-coated ; 
tube and the project is beginning | 
to show progress, he says. 

The Tipper companies continue ! 
to do well despite a serious fire 
which destroyed the main offices. 
Fensecurc, the fencing company. | 
is making progress and is now 
well established and 

making a 

valuable contribution to our I 

On the engineering side Ductile 
Engineering had a good year and 
exports to the Middle East re- 
mained strong. TTie engineering 
side of the business .remained 
low and the prospect for any im- 
provement does not appear good 
at present. Langley fTube 
Machines) had a good year with 
its products in strong demand. 

„ _ Us order book -is firm and new 

enefits to both the shareholders In the steel re-rolling - 'division, other tube manufacturers and it machine tool developments j 

f investment trusts and the results were worse than those of plans further Increases In the should .stand them in good stead 

. the . previous year at £2.65m second half of the current year, for the future, the chairman says. 

As already reported the pre-tax against 13.95m which Included On the w hole however the year Ar E - ^wkirn and Sons the forg- ; 
urplus for the year increased substantia) stock profits. The was disappointing At Mention in s a °d eyrie chamwheei trade i 
■om £295.888 to £349,265. At year Dudley Port rolling mills enjoyed Steels trade was depressed for tended lo be weak owing to, 
nd total assets were £4fl.7ftm » reasonable demand on 7-in most o[ the year but there was Klron S compel 1 non from eastern 
£34. 72m) representing 147.9p and 9-in mills but difficulty was some improvement over the last European countries and the Far 
100.7p> per 25p share. experienced in obtaining the three months. The technical EasU 

Mr. Ronald “Bill” Sid away, 
the chairman of Ductile Steels 
- - - an improved first half 
expected this year 


.. ait srane in its managers, ivory “ v,| y oas improved, tnr. omaway overcome, but it became apparent ... , 

. nd Sime. Other major invest- 63 > -fi - that much more development was great optimism for the coming | 

.rents of the trust include OH The Ductile cold mil! Increased needed before it attained the JlVr Em?.® 

• xploration f Holdings). Save and its market share which enabled it volume originally planned. After fi ™ £1” show an improie- 

ros ?. er Croup European Com- to work at about three-quarters discussions with ibe Electricity IS ' 

mmtv Trust, Pennaoit Company of its increased capacity. - The Council, from whom the group in output. and product!* f t> in the 

V v .*5 United Scientific Holdings. Ductile hot mill a ’ ield the licence, a mutually satis- £ r A V n »i2^rJ5p? r hISlSt ' 

• i 1 : 1 } Meeting. Edinburgh, November similar capacitv and became more factory agreement was made 7 * L of greatest be nefit 

k .1 S at muin l 9 V_ *1 * .■ _ _ _ nnrlnr uikiotk IUa.. U« 

4{> at noon. 


involved in flats for the stock- nndcr which they have purchased 10 ,he * ulurfi of ti 116 Sroup. 
holding and bright drawing trade. the Plant from us. During the year a f-f.T.lm sur- 

whilc the Dntetile planetary mill In the stockholding division P lus on 0,6 revaluation of pro- 
suffered from a serious reduction Ductile Steel Stockists had resirits Parties was credited to reserves , 
in volume which is continuing, similar to. last year The inter- 35 was £>-31m of deferred tax. 1 
The group has recently enjoyed national effect of over-capacity in Goodwill arising from the pur- 

\\ ' ! Mr ' E. Haines, chairman of an improvement in margins which the steel Industry has led to fierce chase of Newmans Tubes totalling 
vi Electronics .said at yester- directors hope will help in competition with the inevitable some- £2m- was deducted from re- 
*i;ays annual meeting that the for- restoring profitability. ...- ... . effect on margins, he savs serves. At year end shareholders' 

— margins, he says. ... 

In the tube division most com- fund s were £27.78m representing 

ard onler book 'amounted to Ductite Sections 'supplied in- ... ^ luue U1WWUI1 „ los , com . 

* m - TJ 115 was £lm higher than creased quantities of perforated pa /lies achieved satisfactory re* net of £2.15 per share. 

-? ported a year ear lier. strip to the tube division and suits under difficult trading con- > A current cost statement shows 

■ the year's profit reduced to 
|£3.4m by additional depreciation 

[sales°^adjustment. offset 6 by ^ 
£288,000 gearing adjustment. 

1977-TS I9TB-77 
I«M £800 

[TuninTpr - S?,55S 7X277 

Steel rerPlUns. MotthUc. s»,si7 aj^as 

Tube*;, flulnaa 

■■..Ay-: ■■■??■ 

' . • . w 

P : & " 

Ilf: ? - •• 


I Trading profit" 

Steel «... — 

















3 A9S 
X 9 .i 8 







Let a 3M overhead projector help 


Heres how: Presentations of com- 
plicated or justpJain awkward-to-handle 
financial information can be made more 

^ interesting and compelling by overhead 

. projection. You can add colours, move* 
r ; ; “ment, graphics to bring life to cold figures 
' r . . and to focus attention on particular points 
1 as you talk. Let the 3M Visual Products 
-Group call and give you an interesting 
demonstration of overhead projection 
in action and show you how other com- 
panies in your field are now using it to 
their advantage. 

. If you would like to know more about 
tiiis simple, inexpensive and portable 
way to make better financial presenta- 
tions, just send the coupon or . .. 

Call the communicators 

Belfast 10232) 42611 & 42926 
Brnwigham [021) 236 5077 : ‘ Leeds (0532) 533221 
Bristol (02721 290977 London (OH 659 2323 

Glasgow [Mil 332 9622 ’ ' Manchester (061) 236 8500 


To Rob Harper, 


Business Communications Divisto n, ' 

3M United Kingdom Lttl,.3M House, RO. Box 1 , 
Bracknell. Berkshire RG 12 UU. 

Vos -I would like to knowniore about overhead 
projection the 3M way. 







Better corntminkdtioris 
through 3M Visual Products 

t 3 M >& d trade mark). 



This advertisement is issued in compliance with the requirements of the 
Council of The Stock Exchange. It does not constitute ‘an invitation to any 
person to subscribe for or purchase any preference shares. 


(Incorporated under the Companies Acts 1948 to 1967) 

.ISSUE OF 2,088,000 10 PER CENT*. 
' ' - - QF £1 EACH 

Application has been made to the Council of The Stock Exchange for the 
above-mentioned issue of Preference Shares to be admitted to the Official 
List. • 

In accordance .with the requirements of the Council of The Stock Exchange 
208,800 Preference Shares are available in . the market on. the date of the 
publication of this advertisement end until. .12 noon' on 26th October, 
1978. Dealings are expected to commence on 30th October, 1978. . 

Particulars of the Company and the rights attaching to . such shares are 
available in the Betel statistical service and copies of such particulars may be 
obtained during usual business hours on any weekday (Saturdays and Bank 
Holidays excepted) up to and including 8th November, 1978 from: ; 

Singer & Friedlander Limited 
New issue Department 
20 Cannon Street 
London EC4M 6XE 

25th October 1378 

L Messel & Co- 
Winchester House 
1 00 Old Broad Street 
London EC2P.2HX 
and at 

. The Stock Exchange 

I Other Income * 

Inureal. payable — 

Prefit before tax ... ........... 


Net profit 

! Pref. dividends 


Ord. dlTkJemls 

Retained ... .: 1 

t Includes ' Newmans Tones 
depredation or £897.000 t £703,000). 3 Based 
! on ED19, t97*-77 adjnsted- 

# comment 

I After a terrible first hsdf, the re- 
sults from Ductile Steels are 
(better than feared. ..Although 
taxable, profits are 11 per cent 
lower (or 32 per cent without 
| Newman) last year's outcome was 
boosted by stock profits of roughly 
l.£L3m. The breakdown this time 
is more evenly divided between 
| tubes and the historically more 
Important steel division, where! 
profits fell by one third. Disputes 
and generally poor demand from ' 
the motor industry have been the 
chief problems but the second 
six months saw a slight pick up. 
Tubes and fittings profits were 40 1 
! ner cent up (thanks tn Newman) 
ibut margins have suffered from 
overseas competition. This side 
has a much wider customer base. 
Meanwhile engineering profits are 
one fifth down though The per- 
formance here is creditable given 
tough conditions and conservative] 
accounting. Like others in the 
sector Ductile can only wait for 
the clouds tn rlear hut in The 
meantime it is financially strong. 
Although total borrowings are 
unchanged (due lo acaulsmons).] 
the overdraft is down from 
£5.3rn to £2m. largelv thanks to 
lower . working canital require- 
ments. At 131 p the sharps are 
on a p/e of 5.4 and yield M per| 

Advance by 
City & 

For the year to August 31. 197S 
City and International Trust 
reports gross revenue ahead from 
£1.13m to £l-28m and -pre-tax 
revenue up from £OJJ6m to £1.07m. 

Tax for the 12 months took 
£339.316 against £374.327 leaving 
the net balance at £675J24fi com- 
pared with £582,917. 

Franked income amounted to 
£804.962 f £658.470) and unXranked 
to £417,995 (£466,760). Admini- 
stration expenses took £59.307 
(£55.9111 and interest charges 
£149.088 (£112.075). 

Staled eaminga per 23p share 
rose from 4.17p to 4.S2p and the 
dividend total is lifted 15.5 per 
cenl from 4.07p to 4.7p with a 
final payment of 3.2p net. 

The net asset value per share 
was 139.6P f 1 1 9.4 p l at August 31. 
JOTS. Allowing for full conversion, 
of loan stock the net asset value' 
would have been 139.3p compared 
with 118. Jp. 

Pranfrrd. fficwnp ... 

• in-time 

Grot* revenue .. . 

Vlmlh. psni-n -m .. . 
Inii-rest. arses 
Nrvmue before tax 


Hrv^niie afier ras 
Prv' illrl/lriid< 
Av.illahh 1 f ( ir Ord 
Ott rflvIdenrU 

7977-78 T97S-77 1 

i l 

WM.WC fi?« 4711 

SIT.’ns 4 W TOO 

1.212.95? U2S338 

M-ViT 32.911 

L 074 .542 

MW 31.7 

ffw ty 

1 12.07.7 
342 Pi 7 
y,! qij 
S47 on-; I 

Asprev ahead 
to peak £3.2m 

For the March 31. 1978. year., 
pre-tax profit oT Asprey and Co. 
advanced from I2.97m to £3^4 m 
on turnover ahead from £l4.64ni 
to £i559m. 

After lax of £I.‘J9m (£li!3m). 
net profit came oul al £ 1.95m 
ngainsi £1.72m and earnings per 
23o sharo of ihis “close" com- 
nonv are shown at 53P.35p | 
f4G0 4p» The ordinary dividend 
irbsorbB fBS.OOfl (same). 

The company operate* a* a 
goldsmith, silversmith, jeweller, 
loxthor worker and utiquo dealer. ■ 

Pipework installed by 
Capper- Neill has reached 
monumental proportions 

Over fifteen million feet of pipework, enough to clad Nelsonand 
his column twenty times over, has been installed by our pipework 
service companies in process plants for a wide range of industries. 

Pipework is one of the Group’s activities. With more than 40 
companies the Group specialises in on-site fabrication of process 
plant, in many cases, as complete turnkey projects for the world s 
areas of developing natural energy resources. 

Capper-Neill is showing that it has thetechnical abilities, 
specialist skills and financial security; to construct and deliver 
complete turnkey projects anywhere in the world. 

T he world wa nts what C apper-Nei 1 1 makes . 

F or further i nform a t i on eonta ct : Capper-Nei 1 1 Lim it ed , 
Waii-ington, Cheshire WAV4AU. Tel ; (0925) 812525. Telex: 628382. 


Storage, pipework, materials handling 

and process plant for world industry. 



the r*r 

(iivirli-d it 


mini her < 

r..- t'lirii 

!"ji‘jn jj.i; 

I '.i rj <i!i 

The fin 

!-iv. in; »hi 

affair.' Ml 

v. liiivl 
:sm u rein. -i 

himself. ! 

L. idy [■', 

II .tci a W 

Til.' I'". 

Sir ILirn 
«ll .**.*. n >ni 
i.i'il i I k* 

<1|f| Dili 

m nil 

M. H'Tinl " 
Th- IT. 

;•< -a i 
Sir ll.irnl. 

[ill I'll lh>- 
ii>.i:u - il 

I • • ■ I «;c 

i mil 

l.a’ifur l» 
Tile Fr. 
!' one 
ii?hcl mil 
In .mu 
•Ijjillil M 
Daily Ex 
r.iLiur? t 
rieaih in I 

A new gilt fund for expatriate 
Investors is being launched today 
by the Trustee Savings Banks. 

The fund, which is based in 
Jersey, will invest mainly in 
British Government Securities 
and income will be paid before 
deduction of tax. The Jersey base 
was chosen to avoid major tax 
problems facing any gilt unit tmst 
operating from mainland Britain. 

The trust's tax advantages will 
appeal particularly to investors 
resident outside Britain — but pen- 
sioners and other British residents 
on very low incomes will also 
benefit from the arrangement. 

The Trustee Savings Banks are 
launching the fund in readiness 
for next year, when 'their access 
to the Government's National 
Stock Register will end. At pre- 
sent their access to the Register 

Supply ahead to £0.65nt 

a Provident Bond acquired ■ 
t cent for £78,000. AppteicatiKtna&r 
7 been made lo remit- fb 
i from the sales to ' Londosaj-/^^^ 

? The new ownera . were. 

! to all dividends derfased on -cr .' 
' after November 30. ^1977, and T8&- 
c McGill says tha L , 

the parent companjrooaSd^a^^^i 
1 completed until the, arnt nant^at j.: 
! dividend lo which it- 
! could be deteimdned.<:&hridam&v 
J receivable from the : 6 ufi»tfiKE 3 ^x 
C amounted to £201 >485 v-atidv-an^ 
application to remit Ibis ftaL.lsr^ 
; been made. : y-:.."' 

To comply with Nigerian 
1 tions the company has to pteeb 5 ?’.-' 
! further 10.47 per -eeofr of shmfc'-;:, 
in local hands and nefeotjaGoS!?-> 

' are now in hand. It te honied -the ^ 
PSG will be able ' to twocari: 

; additional finance r ■ 

the placing 1 . .- v-v-;' 

In the year, sates of etebCctefly’/ 
units .Increased JL5 per^csaiLTe*' - 
fleeting the expansion of NEPA's - _ 
consumer network. Mar. MtKjffi-saffs V 
the construction ’.fWaOjlT-'- B^i . 
formed its work creditenJy.M.lh^'-:. 
year and made good. progaesritf'y 
the NEPA contract far ; 

fi ration of 18 towns in 4toerpfe*&d- 
State. Five towns wererott&y So*;, 
commissioning in Febraiiry'fiS*! ■ 
the remainder of the contact**’ 
ahead of schedule: • ■ 

Because of the group's 
involvement in power geai^^. 

In Nigeria, directarsT^W 
proposing to change. • 

pany^s name to Nesco .faiyeshn«!» - 

At year cad. JM- ge Mjjg fr 
were £3.8Lm aganst 
net current assets.fflxxHBM^f^^ 

£2.4fim (£2^lm). Cash ai^dAMer 
balances were £L36m. <£L4coi^-T : 

London Trust- Conqanjf.djraf . 
13L53 per cent of the shares. ^ £r.. ■: 

Meeting LI Sot^bonzpfya 4g?v. 
WC.' November lfl; at noon. jffc-.'*- • 


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

Richard M. Siefert 

Vice President end Manager 
15 Trinity Square, London. England 
Telephone (01 j 438-2434 

Teiex 835962 

Mellon Bank, n.a, 

boost at 

WITH GROSS dividend income up 
IS per cent from £885,000 to 
£1.045.000 pre-tax revenue of 
Estate Duties Investment Trust 
sdvanced from £1.105,000 to 
£1.187.000 for the sis months to 
September 30. 197S. 

The directors expect the rate 
of Increase in dividend income 
to be more than maintained for 
the full year, when they expect 
the figure to exceed £L2m. com- 
pared with £1.840.000 last year. 

Hov.ever. pre-tax revenue is 
expected to show a smaller in- 
crease — the 1977-78 figure 
reached £2.2Gm. 

First-half gross revenue im- 
proved from £J. 2 in. 0 rt 0 to 
£l.:t 44.000 and comprised dividend 
income, lower ir.icrcst received 
totailin? £ 205.000 (£.i 25 .noft» and 
!>e« and enm missions of £ 4.000 
l £ 0 . 000 ) Expenses Look £ 157.000 
(£ 1 14 . 0001 . 

In' crest received va* split as 
tn: £]R2,0tKl i£173.f»0nj nn British 

Government stocks; £ 00.000 

rP4.onni nn other investments: 
and £2.1.000 t£ on surplus 

Dn inr reaped captlal. the 
interim dividend is effectively 
raised from 0.6S!Sp to fl.fip net 
per 25p share. Last year's total 
was an equivalent l.S!S2p. after 
a share subdivision and a one- 
for-10 scrip issue. 

Follovinc the fir'i nf ii« share 

chances in November. 1077. the 
company made three further 
exchanges during the half year. 
These involved the issue of 
2.2?6.037 new «hare? and are ex- 
pected to yield a dividend 

income of over £150,000 in a full 

Over £2.5m ha.- been Invested 
in new business during the 
period, nearly the «ame as last 
year's record for a full year. 

Financial Times Wednesday October. 25 , 

Associated Leisure i$P 
68% to £2.9m midway 

PROFITS before tax of Associated rcTlIire 

Leisure amounted to £2£5m for Rf)Af?D MEET INw5 
the 26 weeks ended September 10, 

197S an increase of 68. per cent Tt*« fonwinv „ 

over the £1.60m achieved In the of ^V^h meenoss are nspattr 

same period last year. purpose of consMertw 

tww tor jndicatkHJ* are not 

' yield of around 7 per tent seem* 
to be. overlooking the grtjvrth 
image. - 

Such nieetiuSS 
the punK 2|d i£ <,f 

Although recent acqulations toi^s. are 

T kiuivi^u &VVVI11 HI»{4M«UV4U . tVSiTICTr uivimuw 

have a seasonal bias in favour of finals and *e aMM&pui 

the first six months, the directors a« based pmtoly on 11x4 

are confident that the satisfactory year’s ttovtabk- 
trading progress will continue for twrexhunb 

the rest of the year. . .. .. 

The interim dividend . lifted G^Snk D 

from L3p to Up per 5p share— Trust Hopfctasn^. 

the total last year was 3.U18SSp UOesbaii. ***”»“* 

and pretax profit £3.49^^ SgjK & 

£W0 S C Fh^s-BriHsh Assets Tms t BZHs ad 

» ' 1 % sa 


1-£T3 lnurims— 

Tiirnui er 

Tradinp surplus 


TrsKlUU troSt . 2,935 

minrcsr * divs. receivable 4s 

Isieren payable IS3 

Prom before tv 248B. 

Taj' 1.140 

illnoimcs* 1«' 

AimbnlaWc 1J591 

And prt acouisiiion adbuimeac. 

H{ SSwwi®*” oj » 
« sat'JSSS? aT== K: l 

— : n. : . * 

HicVUW .w** 4 * 1 
word «■; ■ 
Pairsnn G l - 
PrnchaH Services 

Nov. 28 

Nor. IT 

Nor. 7 

rfov. r 
wov. to 

9 comment g^.w. h.. - ------- --- {j®?-” 

Associated Leisure has started ^“co'T Nor! 14 

in much the same vein as YounE 

it finished last year with first balT ,S ' OT - 7 

profits nearly 70 per cent higher. Bwrr Trust •*«*■ ■? 

Once again the growth reflects a Lucas industries - £[£■ £ 

small increase in new sitings— • — ~~'''17^ov. 3 

about 5 per cent— in an extremely Bahru Rubber Estates ... Not. 3 

volume sensitive business sunnaii vaUcy Tea — 0cL 36 

although first time contributions t Amended, 

from acquisitions ivere about __ 

£250.000 net of finance costs. The 
market in amusement machines 

received a boost from the Gaming reduction in servicing costs as the 
Board decision in February to chan-re over to micro processors 
increase the permitted payout of gains’ pace— it will take a further 
machines in pubs to £t in tokens two years before the complete 
and SOp in cash. This resulted ran re of amusement machines will 
in a higher utilisation factor be 'fitted with micro processors, 
which in turn stimulated demand Following the move to diversify 
for machines. Margins benefited into hotels and holiday camps — 
further from the continuing the plans are for a steady build 

up to obtain a 50/50 trading split 

— there is now a 60-40 per cent 
trading bias in favour - of the 
first half. This implies profits in 
the region of £4JSm for the full 
year giving a p/e of 6.7 at 754p 
which, with the backing of a 

TV reaches 

£11. 3m 

ON turnover of. £8G£5m ngai&g 
£a0.64m, pre-tax profit -of Redtf. 
fusion Television amounted to 
£LL3lm for the year ended Jfffb 
29, 1978,’ only slJ&btly below £ 
previous year's record 

The final -dividend .is ‘4&Qs£sa 
making a total of 63XE29o 
(69.3404p). The company ig.'.S 
subsidiary of B£.T. - { 62 | per 
cent) and Riediffu&ion Iimitm- 
«(37i per cent). « 

Rise at City 
of Aberdeen 
Land Assoc. 

Including Interest of ^£14^0 
against £13,6S0, taxable profit" of 
City of Aberdeen Land Assodte" 
tton surged from £157,634 ' fo 
£235,689 in tbs Jims- 30, flm 
year. Turnover vaag fewn 
£L23m to 

After tax of £125,160 (£85^53) 
earnings per 50p share are strain 
at- 12.L3p against 9.0Qp last time. 
A final net dividend of 3-32p fci&^ 
the total for the year froji 
4.05346p to 452p. 

Directors say that land hSd-ftd 
development previously indeed - 
under fixed asets baa now :besa 
treated as appropriated to trading 
stock and the 197T- accounm lw»g 
been restated accordingly.-' Ttie; 
effect of this c hang e has. 'Sen 
to increase the 1978 tax Qrorisam 
by £3,074 (£2,637). 

TSB launches new gilt 
fund for expatriates 

means hot onlyjhst they can ideal . 
in gilts, on favourable 1 terns but- 
income on .-secaritjeS ' bought 1 
through the Re gistw is -paij 
before deductioh of tax. . 

The new fund has. been set’ap 
by the Trustee,-. Saving BaaSrf 
TSB Trust Company 'and' the to 
vestment advisers are the Central 
Trustee Savings Bank. • 

The TSB Trust Company is alar 
launching a second fund, TSB Gflt 
Fund . (Jersey)^,, - designed. - 
specifically for. Jersey residents; / •' 
The minimum investment in the 
main gilt fund will- be £506 and 
-agents will be- paid' 1 per cent 
commission. J 7 The nranagersrwfll 
charge a fee of IJ per cent of 
the offer pnt»<ihitlal& . mid there 
win be an ammjd durge of i per 
cent. ' "1 j' V-“. •. 

The starting yield of the main 
fund Is exp^ted-ih^ ^ be 22 per cent 

1 he London. Money Centre 


With' TURNOVER ahead from 
£1.4 7m to £1.72m taxable profit 
of Nigerian Electricity Supply 
Corporation increased from 
£575,728 to a peak £651.306 In the 
February 28, 1978, year. The 
profit includes interest receivable 
of £58^49 against £74349 last 

The tax charge was abend' from 
£272,801 to £410,811 reflecting the 
increase in the Nigerian tax rate 
coupfed with a restriction on 
double tax relief available against 
UK -corporation tax and lower 
transitional relief, Mr. R. H. 
McGfll, the chairman, says. After 
minority interests ahead from 
£66; 159 to JES6.9S6 following the 
increase in the Nigerian share- 
holding in the subsidiary attribut- 
able profit was £153,599 (£236,763) 
and earnings pw £1 share are 
given at 14.7Gp (22.75p). As 
previously announced, there were 
two interim dividends to tab in e 
13.2p (lL375pi. 

On the future, directors say the 
impending change from military 
to civilan nde in Nigeria and the 
growing proportion of Vie sub- 
sidiary's output supplied to the 
Nigerian Electric Power Authority 
cast some degree of uncertainty, 
but say the current year results' 
to dale are much In line with 
last year. The continuing reduc- 
tion in the parent company’s 
interest in the subsidiary (now’ 
70.74 per cent) wiH tend to reduce 
dependence on this source of 

Arrangements with the Plateau 
State Government for it to 
purchase a further 33 per cent 
in the subsidiary in April this 
year were unable to be completed 
owing to a lack of available 

finance. Eventual iy, 7.53 per cent 
of the capital was sold to PSG 
on October 4 for £293,670 and 
the subsidiary's Nigerian Staff 

The Pyramid is the symbol of one of the world s 
most- influential market makers, Bankers Trust. 
Equally, it’s yourguarantceofarapid. efficient and 
continuing service provided through the Bankers 
Trust London Money Centre. 

Direct access to a total money 
market service. 

Foreign exchange, Eurocurrency dealing, ster- 
ling instruments, CDs, the London Money Centre 
handles it all. 

As amajor buyer and seller in spot and forward 
foreign exchange markets on a global scale, we get 
fast, accurate information on opportunities and 
trends. Indeed, working with other Bankers Trust 
foreign exchange traders in North and South 

-America. Europe and Asia, we are in business 
around the clock, around the world. Which is whv 
we can provide corporate customers with the fast, 
accurate, decision-making information they need 
on trends and opportunities. 

All this is done directly through our Foreism 
Exchange Customer Advisory Group, working 
within the London Money Centre as an integral 
part of its function. 

The London Money Centre Eurodollar desk 
provides a substantial dealing operation for Euro- 
currencies. extending out to five vears. 

Equally, the sterling desk provides a hiahfv 
efficient and competitive sterling deposit function. 
Finally, as a primary dealer-bank for U.S. Govern- 

ment securities, we make the finest net prices in 
London and are well placed to obtain new issues 
Which complements our activities as one of th' 
most active dealers in the secondary market. 

At the London Money Centre 
or wherever you encounter the 
Bankers Trust Pyramid, youre 
dealing with a full service bank in 
the fullest sense of the word, with 
the capacity to raise, lend and man- 
age money anywhere in the world. 

Bankers Trust Company 

London Monev Centre, 9 Queen Victoria Street, EC4P 4DB. 
TeIephone:01-236 5050. Telex: SS8191/2. 

This advertisement is issued in compliance wWi 
requirements of the Council of The Stock Exchange 
it does not constitute an incite (ton to any person' 'iff ■£%-;* 
subscribe for or purchase any Convertible Urtsecuredy W' 
Loan Stock, ' 



H witq ngrisrs! New York. In lha Uaitca Kui>dom.branchtt in Lonoonzad Eirmrchzin and a represents thre .%?T. -g in M~.r; V -r •- n-;, t • r > „ 

An Iaurniaiicnti Bankas Ner*-;iX &* bsrcr.cs snd an^sw 


(Registered in England No. 671099) 7 ' 

Rights Issue of £469,846 
10 per cent Convertible Unsecured 
Loan Stock 1987/90 at par " ■ ' 

The Exchange has admitted the above 
Convertible Unsecured Loan Stock to the Official List Interest 
II t 7 e . rate P® r 0601 P® r annum will be payable on the 
Stock 0 ? equal half-yearly instalments on 30th June and 31st 
ea S year escept that the Jrst payment of 
interest on the Stock will be made on 30th June 1979 fo 
respect of the period commencing 1 6th November 1978 and 
endlog on 30th June 1978. - 

Particulars relating to the Stock are available tn the Statistical 
Service of Extel Statistical Services Limited and copies of 
such particulars may be obtained 'daring normal business 
hours on any weekday (Saturdays and public holidays 
excepted) up to and including 8th November 1978 from:— 

Laurence, Prust & Co^ 

Basildon House, 

7-11 Moorgate, 

London EC2R 6AH. 

ith-October 1978 • . 


0} Jhij 1 

Financial Times Wednesday October 25 197S 


Hard battle in Talbex l 
for Hoskins and Horto 

VN INTRIGUING and surpris- 

a 'ii n Sly bitter take-over battle is v|ar> gpriTAPniUlCTC pl* — • ■ ■■ 1 

41* developing, following unusual I tit I MuUSMId I 9 K 

■- 41 j 1 noves by Talbex to acquire rr<jvni-i«r •/» j • fr • -^jjjgA ASa 

^Birmingham hospital equipment TALiBEXl a • diversified company with soap, I • "vSMSall 

•• **nd building materials supplier .... , . . ft . . T- 

. r ioswns and Horton. aerosol and bair-dressiJig interests. Closely 

..j No bid terms have so far E3'^y v. * f 

. : ; *v>een announced— and yet suffi- linked to the AltOC Bank. Wi A" 

lent flak ha<? already been fired HR td gg r-. 

. ' ompanies' and their financial HOSKINS AND HORTON: hospital eqnip- 

•' dvisers more than busy. Much _ „ § aglifi^Q 

. • ■ d the jockeying has admittedly ment and buiMing materials supplier, 30 per BaraM a 

• ■ a ken place behind the scenes. gsaSfj^ ~ y ~~ 

= ; iut two of tho public moves so cent owned by. Talbex. . ^ w i aamw ar: 

ar have raised more than a • Peter Walker— » r 

e>v eyebrows among City ^ 
jJ«. bservers. ... 

‘ First of all, Talbex ha* time Talbex chairman, was «.»ne Lloyd, of the Lloyd banking strongly against a takeover. 

■ aken an extremely unusual first with grand -designs family, its hallmark is solid Moreover, i-t stresses its strong 

Jl ;lep in calling- an emergency for ?>e Sroup. But after a sue- Midlands connections. The regional loya-lty and pride, an 

, ‘General meeting tomorrow, cessful takeover of Talbex, Hoskins part of the business, e j emenr which apparently 

-pecifically to gain shareholders' soine subsequent mores oxr the was originally owned by the p^tpnru to the shareholders' 

Mild 1‘PPravaT for its previously ^^isnion front, ***J*™ e *^ * a “° Ua Chamberlain family. reCTSter . Hoskins claims that 

--.. -noored plan to make the bid. bioous talking, he stepped down which passed it on to Stephen 50 per cent of share- 

.. . ' ' -.Jext. Hoskins, which had Jom executive control - of Lloyd who f married Neville are known to oppose 

— ' y'.' Jready rejected “unsolicited "'Talbex. Chamberlains daughter. a Tallies hid — barring, of course, 

■ ■■■! Approaches from this suitor, Mr. Stebbing’s name was later Hoskins later merged with an offer ihcv can’t refuse, 

- - 0.0k the controversial step of mentioned in an auditor's in- the Horton companies in the a-lso oublicJv 

. Writing to the same Talbex vestigatian into ?f r, y 1980s. It was Mr. ^ TaJbex shareholders to 

hareholders ip an effort to sway Finance Company, a Talbex sub- Horton's stake which was "J'J? ahout their 

' he vote. sidiary shown at that stage to recently bought by Artoc bring- think twice about grantm , rneir 

- U According to the Talbex have possible losses of £450,000. Jng the bank's holding in ^^ tor * JJJ ®® 1 [{i } offer U 

• ..oard, the -meeting wiU “The money involves loans Hoskins and Horton to jufit over the te^ l^r oHer 

e binding so a vetn bv the made to private companies under 30 per cent acquired at Behind rms ues nosrans 
hareholders, although unlikely, with which Mr. Stebbing is asso- an average price of 136p. This apparent concern that Artoc. 
:ould- finish the matter. ciated.” the company’s • brokers was subsequently passed on to waiting in ihe wings, is poise □ 

In the last 12 months Talbex, said at -the time. • Talbex at a price of 15Pp P?r to make ■ hid for Talbex. 

. : o industrial holding company Former Tory Cabinet Minis- shore, in an effort to clear up Talbex has indicated that any 
ijth. soap, aerosol and hair- ter .Mr, Peter. Walker" was an- any possible doubts over a dual offer would be tunaea mostly 

Messing interests, has radically other well known- individual holding- in a bid struggle. in shares, underwritten by 

- ■ ■ langed Us character. The group associated with Talbex, Mr. Hoskins and Horton's track cosh. Artoc has also announced 

{ now closely linked, to Baha- -Walker’s stake formed, part of record has been ’eight years of lls intention to assist the 

i as- based Artoc Bank, which a 26 per cent block bought by steady if unspectacular underwriting. - Hc^Kins and 

• ,-Wns almost 30 per cent o f the the Rossminstcr Group and growth, broken last year when ’heir advisers suggest that tni* 

■ si bey equity. Three Artec Security Selection, the iatter profits were halved at £374. Uhl), rould take. Art™ 1 s stake in 

s 'f I? vl-. . . irectors. including joint man- headed by Mr. Timothy Yen. The hospital equipment side -Talbex above 3(1 [per cent ana 

Hfo-ging director Mr. Peter de Although not a controlling in- was badly hit by cuts in “ ,us tn 3R cr a ” ,d - 

- ‘if il aV ary, are on the Talbex board. - terest,. this .holding- attracted National Health Service spend- cnnvers(1 l>‘. claims 

rt is widely accepted that much publicity and helped the but, following an improve- t . h,s ‘ argument is a complete 
? or i'-' -not *■!■»* rtoc - whlch has acccss t0 con ' Talbex shares price recover ment in i 0 t e rim trading profits red herring: Artoc s stake, it 

‘ ‘IjUlS 3)rderable Middle East cash re- somewhat after the Dorchester ^is vear. the company claims P r0H1 ISI ' S ' will not r»«e above 

Surces. has adopted Talbex as fiasco. . .. > to be' back on the right tack. p S. p t £* ?n ? w J ,le a . ^P r,1 \ c ^ mar 

s investment vehicle in the Unfortunately the'- Walker pubiiclv Hoskins has argued r 4 ,r . Talbex s financial adviser^ 

K. Earlier this year, for ex- chapter coincided with another vehemently that there is no btunnL ‘ 5 f Mahnn “J , h,s banf; 

1- ifple. Talbex made an agreed financial disaster: eight months l0Ric t0 ^ merger was . “the most, likely other 

id for insurance broker James after Talbex paid a nominal £1 Talbex underwriter. 

-Varren. whose . activities are for London Plastic Packaging. rt iur rha , Talbex in . TaJbex also points out that 

- " tough t capable of expansion in the receiver was called in to Du uii c statements has rmi was never obliged to call an 

. "Cie Middle^ ^East. Talbex has also LPP and substantial losses .r* JS ^ ^ the Artoc slake 

■ icently bought A. P. Skelton ported. The sale of Walker's for' Hi^kin's builriin^ abst » ia!n *- however, it Rive- 

pm -Artoc in a deal which, stake helped Artoc. to buy its Ip h nIher sharchnldPrs an °PP nr I 

. -rough the- issue of shares, way iuto Talbex. . 1mAX7 » wlr ® * hrfr I 

“msiderably strengthened the Talbex’s results in the last »>f last year s I radin, profit. Tomorrow’s vote (unlike the. 
‘ ;rtoc-Talbex relationship. few years have certainly . been talbex on tt>c other band, is Allied Breweries meriing! wil‘1 
Artoc’s influence at Talbex patchy, but in the year, to July, convinced « in provide new be taken in advance of any bid 

•r iDows other colourful chap- J978. the pompany "turned, in expertise and new products, and terms. It also comes in, ihe i 

- fes in this company’s recent profits of £573,000. ... — introduce Hiwkms t» new oppur- W al ic of some unusual devolop- 

■ kst. - ■ Hoskins and Horton, it-is fair tunities, especially in the Middle ments of which, assuming a 

Merchant banker Mr. Fred- to say. has a less flamboyant East.' . positive outcome, from the 

rick- Stebbing. former Fresh- past. Hoskins and Horton further meeting, there are undoubtedly 

.Vke Foods director and one- -Headed by, Mr,. Stephen argues tint Us. employees are more to come. • i 



r . . - r' 


Peter Walker—* - 

A word with the key Swiss bank 
could open the way for you. 


was . “ the most, likely other 
underwriter." " 

Talbex also points out tha» 
it was never obliged to call an 
EGM: with the Artoc stake 

* Transfers. 

Say the word to 
the Swiss Bank 

You could find 
yourself consider! ng die subject from a 
better angle. 

Because the Swiss Bank Corporation is 
the key name in Swiss banking. All over 
die world. 

Our experience stretches back as far 
as 1S72. Our expertise with foreign exchange, 
documentary credits and collections, trans- 
fers and payments is an advantage derived 
from our world-wide operation. 

Arid our reliabi lity and stability are^ what you’d 
expect of one of die biggest Swiss banks. 

' . Talk to us about your transfers. Or your 
financing, underwriting, or foreign exchange. 

why the Swiss 
'Bank Corporation 
Mi" is a name to be 

A name that could open the way for 

Swiss Bank Corporation 

Schweizerischer Bankverein 
Societe de Banque Suisse 

Tol-al asspls (end 1P77) : Sfr. 55,710 frilfion. Cuetomcrs* deposits: 

Sir. 30^71 million. Capiial and reserves: Sir. 3,235 million. Advances 
to'Ns: Sir. 20.135 million. Net profit: Sr. 237 million. Number 
ol ilaH:ll,500. General Management in GH-1002 Basle, AeschenvoratadH 
an.j m CH-8022 Zurich, Para3eplat 6. Over 170 ollices throughout ■ 
GwiL'erland. Brandies in Alania, Bahrain, Chicago, London, New York 
Sun Francisco. Singapore and TcKvo. Subsidiaries, alfil'iated compartat 
and repiesanlalives m over 20 ottier countries throughout tho wortd. 

. " - • *. '*1 • h". * .*V 

r i j n fltctrL 

jt .iMC'Jii 


Metals and equipment dont always 
behave as they should when in a hostile 

So at Rockwell International, we apply 
our technology to making things work, 
wherever they are. ‘ ■■ 

V\fe have developed valves and flow 
control systems that are helpng industry 

■ .and business be more productive from 
the tropics to the Arctic. 

- And.we are applying technology to 
propulsion systems and energy production 
-nuclear, solar, geothermal -and to other 
advanced ways of making more effective 
.use of oil, coal and gas. 

' Our temperature scale is wide; and so 

is the range of our other activities-micro- 
electronics, automotive, telecommuni- 
cations, aerospace, printing, industrial 
sewing machines and power tools. 

And, of course, flow control systems 
and energy systems. 

Rockwell International. Putting 
technology to work-foryou. 

If you would like to know more about 
us, please write toThe Communications 
Director, Rockwell International Limited, 
Rockwell House, 23 Grafton Street 
London W1P 5LG, England. 

Jplfej Rockwell •rffisrnatJcrvaL 

Brauber UtL. London ftxAwetGolinslUK) Ui, a ^ lIsrK ^ Lxl . Rraton; 

Rockwell Ltonafiona SAi 

RbckweB hrternaSonal Ud., London Rockwel-MaudS^ Lki, Aicesler; Rodoffil-fiimbld ^real BrtainJ Ud.^ Lacester; Fbx*v«lHhomp5on Lid .VMvefhamplort 







decided tc 
Wilson fr 
number o 
were com 
paign agai 
Party on • 
1974 Gent 
The £01 
lowing thi 
affair. Ml 
was. had 
an arches 
himself, t 
Lady Fs 
Marcia W 
The Pr. 
Sir Haro 
drawn soi 
tnld the 
did not 
round a 
The Prc 
to hear 
Sir Haroh 
formal co 
On the 
agjinst I 
council s; 
Royal Cc 
lhat {her 
Labour hi 
The Pr- 
is one oi 
lishcd tod 
In ano 
against tl 
Daily Ex 
piclure t 
death in I 


Dawson forecasting better 
than expected £14.5m 


Dawson International will earn Tn pence per share terms the Drives showed profits before 
at least £14.3ni in the year to revaluation lifts the net tangible directors' remuneration and tax 
March 31. 1979 and its net assets per share from I07p to over of £40,000 and lor the sis months 
tangible assets are approximately 244p. The revaluation of land ended June 30, 1978 management 
£33ra. more than double the 1978 and buildings adds 34p: hevalua- accounts revealed profits of 
balance sheet figure of 123 7m. lion of plant and machinery adds £51.000. 

Mr \Jan Smith Dawson's chair- W® and the adoption of the The book value of net tangible 
man 'says in a idler to be sent deferred tax standard adds a assets at December 31. 1977 was 
to shareholders lodav further 20p. £114.000 before deducting deferred 

ThV nrJm lloi Yesterday. William Baird s tax amounting to £26.000. 

™.® P5?IL C ?“P?“ * * J„ a * share price closed steady at 182p 
years and is well above vnluin” Dawson on a shore -.nd 
the range of estimates by City caSh f>asis ar 20Ip. The Dawson 
analysts prepared following Mr. prjce e i osed 5p down al uup. 

.Smith's comment in the annual 
report that ** the unusually 
favourable conditions w hieh 
applied in 1977/78 are unlikely to 
be exactly repeated in the current 

The letter follows a circular 
sent to Dawson shareholders on 
Monday by William Baird indicat- 





Black and Edging! on. the 

camping, caravan and protective 
clothing manufacturer, has agreed 
. to acquire Countrywide Leisure 

Less than a week after announc- Holdings for not more than 

- ins that he was negotiating with fljno.ono. 

mg it would not raise its offer Memeiih Investment Trust to Countrywide is a major 

P n ce and urging acceptance of buy a |ti per cent stake in Com- retailer of caravans in the north 

its £3lm cash and share offer?, nion Brothers. Mr. n. A. Common, east of England where it has five 
lor the Dawson shares ii does not the joint managing direclnr of depots. It also acts as retailer 
already own. Common, has admitted that the and wholesaler . of cnmplnc 

Dawsons advisers. Samuel deal has fallen through. equipment and caravan 

Montague last night said that ihc on Thursday when the pro- accessories. 

*?keS n pro*fli e irelSa mrv pose - d d £ al *“ announced. Com- Thc price ttin be satisfied by 
ha\"e been a bit cautious The ^on s shares rose to n peak of an jnitial payment of £20l,0U0 in 
advisers ^sa id* that since that com^ before settling down to JTSp. cash and the issue of 324.000 
menrSere had been an i^Hux of Dn . Sp ,n ^ rc;iS ® 011 , lhc *•>'■ ordinary sroek units of 50p each. 

-Mhn SThf b !fi n rio"uh! s,n ve then the price has drifted The balance of the consideration 
of ,ou T. 1 down nnrl yesterday was un- h related to the net profits 

weir h They pointed oul ' hat "on c . ll * n ? ed at l54 P even after Mr. achieved by Country* Ide in the 

wear, I ne» pointed out mat on Common’s admission. year to October 31. 197S which 

Al lhat level the shares arc the directors consider will be 

Raird cash alternative 
for each Dawson share. 

«»f Ifflp 

the basis of the forecast and a 40 

r-fmfn-i ipr slil * 4 P above the price Mr! Com- about 1 £123.000. ^ Net “assets "being 

an exit n e or around V a" he mon was to havc P aid for the acquired Inclusive of deferred lax 

an exit p e or around o a. the Menteilh st ake _ am0 tinling to amount to some £H00.00 Tj. 

just over £SU0.0QU in total. The Mr. R. O. Duthie. chairman of 
deni would have given Mr. Com- Black and Edsington, said 

The profit forecast is ba«ed on mon around 27 per cent of yesterday that this acquisition 

the assumption that Dawson's pre- Common's shares but the pur- would considerably strengthen 

sen r management and accounting chase "would not be associated B and E's caravan and camping 
policies are not changed: that with any larger transaction" 
there will be no material adverse which would mean a full offer for 
effects from industrial disputes: the company, the board of Com- 
ma t pay increases are within the mon said at the time 

Brown Brothers 


A GOOD rate of growth in profits of £2,44m. additional depredation' compared with £Q.23m at Decent 
and sales is expected to be main- of £0.3Sm; partially offset by ber 31, 1976. Working capital 
tained at Brown Brothers Corpora- £L2m gearing. decreased by £4.4Sm (n.l2m). 0 

tion. according to Mr: E. G. Exports doubled from £2ra for Meeting. Great Eastern Hotel 
Spearing, the chairman, in his 1976 to £4m in the IS month EC. November 17. 1L30 am. 
annual statement. period. Prottls on exports m- 

M embers are told that the group creased at a higher rate than 
continues to plan and work for sales. Mr. Spearing points out, 
growth m all its key distribution He says that the period was 
and manufacturing activities, one of great activity.. An 
which means further development additional 33 traditional style 
or its automotive markets in I.C I. branches were opened, while six 
refinish paints, car and truck com- new branches, trading as Truck- 
pononts and accessories and line and serving the truck 
vehicle servicing equipment. market were added. Three trade 
Growth will come from Ihe Cash and Carry operations were 
group’s established branches, in- also opened, and five branches in 

- 2f- ^“JpAzs 

that at the end of June, pre .tax profits of Assam Trading 

off target 

and from 

planned to be opened this year, was 

Mr Spearing states. Brown Brothers dilution ram" 

The directors will continue to pany had 123 outlets against 6S slfSS? r™ P .™ V 

a year earlier. 

to £ 2JWm for ihe year to March 
3 l 1978. (n May the dlrectbra 

will continue 

examine acquisition possibilities in 

distrbiution where these relate the group's manufacturing com- estircSiSa that orafik 

closely to the supply and serveing pames performed well in some «li ttlated that pr0Bli wouid Ior. 

of car and truek aftermarkets for di/fieulr market conditions, the 

parts. chairman reports. Sales increases Earnings per £l “B** stock unit 

Plans foe manufacturing -ive vm dealest in fasteners aod are shown to have risen .i from 

top priority to ?he de“ r ekTpmen! ™ tor h products although more ««P to 106.6 Ip and as indicated 
of a modi higher eon rent of £ rtw,b £* th f laUer wou!d have ,n the directors’ mternn state- 

SWKSftWJ: S55Jf»WJas 

nnnnrtiiniHa excellent Despite this, both companies in Turnover 

new projetls are the division increased procfucrivity Tradlna lou , 

P v . -L f, ’I ^ current year. ant | capital expenditure has been - aoin ^ UMOOM!d - 
r 0n s * r P ,ani h tr 2.*- maintained at a high level. 
prnfitj> l ,hc lh months Although Irons and Dean, 
ended June 30. 19/ S reached acquired in March, made a 
£4.04m. compared with £ 1.98m in neslihile contribution to 1977-7S 
the prenous 12 months. Sales for group results, having been con- ^ t ' r ^ WTes 
the period amounted to £10fi.2fim sol id at ed for four months, rhi 
i£a8.88m). directors look for a useful rerun 

On a C.C.A. basis, profits were in the current vear. 
reduced to £3. 02m f£0;98m>. atier At June 30. 197S. the groun's 
adjustments on the cost of sales hank overdraft stood a* £3. 69m. -PmBi 

HIT-76 ' 


Tram ns lass . 


lacume. una gored (nvs. ... 

t’mti: lav. . . . 

Share of a?>ww 


Prom before tax 


t'K TM 


Indian rax 

Irnhag df»rpr. reserves 

Pr<iar aner 

Minority Interests 

Extraordinary Hems 


at ui tamable 


TllrWends '.. 






■■ "3 


1.4 W 

■■ a 

: 5 

• .•* 

' S 

.. «r> 

• 31 



in the north east of 

Government's guidelines: that ex- 
change rates do not vary signifi- 
cantly and that the composition 
of the Dawson group does not 

The forecast is also based on' 



Mowat tells holders to seek 
advice on Jenth bid 

The directors of William Mowat from directors and their families, associates are now interested tn 
Ponton is still keeping open its the property and wood treatment It has been obliged to make an 972.300 ordinary shares. -, 
options over thc bid for Midland company, tell shareholders that offer for the rest under the British Petroleum Vomnanv 
. . , Solicitors* Law Stationery Educational. In view of the the bid from Jenth at 22 Vp per Take-over Code although it Norwich Union Insurance Grouo 

ihe assumptions lhat the nrice of Society has acouired C e DaS multiple bidders. Penros has won share is " Tair and reasonable mfpnHs m nin«. - - roup 

cashmere will not fall in the next (Typesetters) for £140.000 which permission from the Takeover in the official offer document sent 

eight .months as rhh could _ represents- the asset vaiuc.of- that P 3110 * to keep its offer open until _ ou t Monday. 

intends to place any acceptances holds £610,000 S per cent first 
that are received. Jenth wants preference stock (SA per cent)” 

necesitafe stock provisions: “and 
that the revaluation of fixed 
assets is not incorporated in the 

accounts. Depreciation Ls thus cashlpayrarnTof ifiO.OOe! 

company. The consideration is- November _I although acceptances But on the other hand, they 
being satisfied by the issue of So isv amount to only a OS per say, shareholders may wish to 
18:1.334 ordinary, together with a "" ’-"’ * 

calculated .by. reference to the 
historical values of the assets. 

The revaluation includes a 
significant jump in the value of 
property, plant and equipment 
and includes the benefits of adopt- 

S,; 1 re,ain tts ' lubllc Bup,[ Pulpnw Paper: Mr/a G. 

The quotation might be quickly ? tULzi and Dr - A 9- Schoen- 
used for a rights issue Jenth directors, have disposed of 

believes aboui £1 00.000 ' will be ch^reslrom^a ShiThnWlL^* 000 
required to complete Mowafs bSi^S- Mr W * 
sire in r'hinlin u-a m w«„ " e ”. UIis ' 1 Blr . L. Edward 


onrused after this advice, the m 0 Ss ovSdSft a? feS and J lr ' T * G M - Buckley have 
lowai makes a firm reeammenda- _ overaraii, at least transferred iRn fum Khmt « 


Norm and Electricaf Holding 

cent of the ordinary and 13.30 hold on to their shares in view 
per cent. of the preference shares, of the action Jenth intends to 

take to -develop the company. 

H & C PURCHASE con[used 

j&'ru'sa, srsa xt ss“»"as; sasB-js?a-s-*5K ssss** 

standins ordinaij- sknes in Dur- professional advisers. j e ' th . s „„„ _ Second _ City PropertSs:^ 

183,000 shares as 


P ract,c f V J|»* acquired I Disco and Sapaflex ham''chemical' _ Grouir for a ran- " Jenth. "~a ""private company ^S?nSE l “ e ' l l* ComroT “securities haiTbouSt”* 

transferring deferred tax provi- Drives for £20o,oOQ cash. sideration of 5.972 ordinary shares registered in Jersey hav already fl F a P lla * ^ *W0w. it bad furthar in non .h,,.. 

sions to reserves. For 1977 Disco and Supaflev of Harrisons. bought fi! " — H .‘r eady 

ial Times 

and supplv ^ Mwm ushted l rt 

( incorporated in the Repoblic.-qf South .Africa ^ 4* * 

The unaudited results of tlw GriJbp fbr^he six/inoi^^&d'.^ii|.. ■ 
-August 1978 were as. follow#^- V.. * ■ . . - 



|- Group profit after tax 
Profit attributable to outside 
shareholders , 


'-to- : 

S 3CMM30CL- 


. . 3717009' 



" - ‘-”. 561 000" ' 

Profit attributable to 

Shareholders fif The Imperial 
Cold Storage and Supply 
Company Ltd. 


As the income of the holding company :cohsist3»L manly- 

and dividends derived -from subsidiary companies in the Group."'. 

separate figures are nor given for the holding- company. . 

The results reported aboV'e include exceptional safes m thV peribif i 
immediately preceding the fntroductioh- of General. Safe , Tax? the^ 

effect of improved margins . on 'dairy' ' products authorised by. th^ 

authorities from 1st June 1978 to which reference, vox made ip the"; 
company's lasr annual reporrt ^nd the benefit- oF the atqocsrrion 'oj' 
Che SO per cent outside interest in Land Haryest Company. Promtan 
for writing off goodwill has- been stepped upi As previously reported: , 
during the current financial year the new distribution depot : :»cy 
Berkley Road. Maitland; Cape Town was taken mto^use audit he neyAl 
meat packing plane at City Deepl. Johannesburg wp! come on rtreamj] 
later in the year. In the light thereof a re-assessment- has been- awL '- | 
of the remaining useful life of th'e old installations thus replaced, and - 7 { 
appropriate amortisation has beeri provided, as- welf as for-'nmibr- 
installations which have become obsolete. . i- -• '--_■■■■ ./ 

The Group’s business being seasonal, the results for the^ period under'-: 
review are not necessarily an indication .of the trend, for thd;yw‘ 

CAPITAL COMMITMENTS : ; f. 1 ;: . . 

The aggregate of capital commitments authorised-by...che:di.rKtoss.- 
amounts to R16 5Q9 000 ( 1977— R1 3 777 000) of which S-00Q-. 
< 1977— R4 396 000) had been contracted, for as. at 3Hr August 1978; ; 


An tnrerim dividend of 33 (1977 — 3.0) cents per share has'beeiC' 
declared on the company's ordinary shares, payable on 9th; December'; 
1978 to shareholders registered' on 10th November 1^78. - 

171 Jacob Mare Street 
Pretoria 0002 
23rd October 1978 

VV. H. Neate Chairman/! 
. j. M. Lie ben berg Executive Directoril 


Notice is hereby given that an interim dividend of 35.' cents p*fc’ 
share M977 — 3c) has been dec! a red on the -company's Ordh^rj^i-^ 
shares, payable to shareholders registered at the idose^ oTbismos'; 
on 10th November 1978. Dividend warrants mil be posted' ah dr 
about 8th December 1978. 

The dividend is declared, in the currency of the Republic of iSdtrth' 
Africa and dividends payable from the office of. tW cpmpanyV: 
London Transfer Secretaries will.b* paid in United Kingdom- currency 
at the rate of exchange ruling' on llch November. 1978. The effective 
rate of non-resident shareholders' tax where applicable . is T3^S 
percent. * ' ' . -j- X- 

The ordinary share registers of the company will -be ; dosed 
1 Ith November 1978 to 24th November 4978, both dates inclusive^ 



ppr cent of Mowat 

J"3?r> * iequwtii; l “^JSJlSMBwS3£-»r. J. 

_ p. 

Friebe. d!rector._ disposed of 

Dee. Mr. P ^ GuUte and Mr! OctSbe^" on 

of shares in Mowat. Its directors 
are Mr. R. P. Davison, Mr. M. J. 

P. B. Guille None of these 
directors have any beneficial 
interest in the company. 

•Mr. Dee “ Ins extensive experi 

Highland Electronics Group:—. 
Mr. M. Cohen, director, solid 
40.000 shares through the market 
during week ending October 20 

ence in fund mana-pmen i” « ur 'L'« 1VBBK encung uctouer . 2U 

was a founder of Damian Invest- A®. l T ee l? 


prior to its 
| Brothers in 1973. 


RfllH shsrGs. 

I who will become chafrnS^and Br, ^ h 
I manacing director of Mowat. “ has. u, r D bought 

• 2oSS sharM* and^Mr^ 

(dential and commercial property 

Thelfear toDate. 

I development. prindpaJly in 
Ireland." No details are siren 
about Mr P. J^ Guilie and Mr. 
!P. B. Guille. 

I«UM Splul ™ e 0 ,™eT h/ ShS 

Trustees of the Street Mersey) 8 «SSL.}l;i 

10,000 shares on October 20. all 

at 30p. 

Dreamland Electrical Appli- 
ances:— Mr. F. R. Williams. 

shares at 



rsoy) fjreen's Economiser. Group: — 

lemh has hean advised by i'U, has 

Earnings from continuing operations increase 42% 
overthesame period iastyear. 

Bnnque du Rhone et de la Tamise bo “ ?h, f ,0 ^ 00 shares - 
while .Mowafs advisers^ -- ..Brocks Gronp of Companies:— 

chartered accountants, L 
■Stephens Webber and Co. 

I « nn f rS Mr. A. G. Irwin, director, sold 
Leonard s.nnn shares al 74n. 


Notice hereby -given thar an interim dividend bf .2} per cent <two'-l 
and three quarter per cent) has been declared on the- company's' 
preference shares, payable to shareholders registered at the close oT 
business on 24th November 1978. Dividend warrants wiR- be posted 
on or about 29th December 1978. 

The dividend is declared in the currency of the Republic of South 
Africa and dividends payable . from the officer'of -die company's 
London Transfer Secre taries will be paid hr United KiTrgdom currency 
ar the rate of exchange ruling ori 2Sth November f978. The effective 
rate of non-resident shareholders' tax where applicable w^l3J7S 

The preference share registers of the com pahy.vyilF^. dosed, from 
25th November 1978 to 8th December -1978. both dates. ihduslve. 

By. Order; .of the Board 

i> -'•••• 

2Srd Oecob,r 1978 : 

R^isteretl Address ' Transfer Secretaries: T “' 

171 Uco^Mare Street. Consolidated Share Registrars' Ltd 

Pretoria 0002 Libertas . j 

62 Marshall Street 1 ,, -v 
J®fi a nnesburg200f v..' •! 

' Charter Consolidated -Services . Ltd. * ' 
Charter House. Pa rft Street 
Ashford. Kent TN24 8EO 

Nine months ending 




% Chanqe 

(Thousands of dollars. 

except per share amounts) 

REVENUES Financial services 

$ 666,837 

S 573,255 

Products and research 



Motion pictures and land development 






$ 91,271 

S 64,222 









S 94.984 

. S 73.327 


Continuing operations, primary 




Continuing operations, fully diluted 




Net earnings, primary 



~29 B i 

Net earnings, fully diluted 





Grange Trust: Courtaulds Pen 
sions Common Investment Fund 
is interested in. 1170.000- shares 
tfi.9 per cent i resistured in name 
of Courtaulds CfF nominees. 

I-evex: M»nin Properties and its 

Lloyd’s Life 


Avco Financial Services, Inc. ■ Cartan Travel Bureau, Inc. • The Paul Revere Companies 


Avco Aerostruchjres Division • Avco Electronics Division • Avco Everett 
Research Laboratory, Inc. • Avco international Services Division • Avco Lycoming 
Stratford Division « Avco Lycoming Williamsport Division • Avco Medical Products 
Division • Avco New idea Farm Equipment Division • Avco of Canada, Ltd. 

•Avco Specialty Materials Division • Avco Systems Division • Ben-Mont Corporation 


Avco Community Developers, Inc. • Avco Embassy Pictures Corp. 

Wrte today foraoqpy of our third quarter report. 

A 3S pur cent, rise in new regu- 
lar premium life business for ihe 
year io Sep lent ber 30, 1978 is re- 
ported by Lloyd's Lift? Assurance, 
with annualised premiums 
amounting lo i' aqamsi £i-2m 
for ihe previous year. The new 
executive pension scheme for 
directors and other senior execu- 
tive* launched during ihe year 
proved successful wiih premiums 
totalling £400.000. Premiums on 
ihe company's regular savings 
contracts advanced by 40 per cent 
io £700,00(1, 

Lloyd's Life also maintained 
Hie hiah level nf single premium 
business, achieved in thc previous 
year, with sales amuunlinj; to 
-12m enmpared with £ll.!lm. The 
company’s link with ihe unii 
trusts managed by Gartmorc 
proved successful, with sales 
from . this source amounting to 
£2.5m compared with £200,000 
previously. However, this qrowih 
was achieved ai the expense of 
other sources of business. Per- 
sonal bonds fell in i*3in from 
£o.7ix», the Option 5 bond sales 

lo J£1.9m from £2.5m and non- 
1 inked business lo £2.4m from 
I £3 .5m. 

Mr. John Woolhousc. manaqin^ 
director and actuary, stated Jha7 
the major increase in regular 
premium business was as planned, 
but he was* particularly pleased 
with the strength of single pre- 
mium business. 

Tho company only markets- 
through the professional inter- 
mediary and still has a marketing 
ream of less than 10 people, Its 
share capital is held by various 
underwriting memhers of Lloyd's 
with the Corporation of Lloyd's 
holding one "A” ordinary share 
with .special powers. 



Bank extends 
promotion drive 

1275 King Street, Greenwich, CT, USA 06830 

THF) Trustee Savings Bank 
w-hich is. staging a television 
advertising drive armed at 
?: tr ? c i^ yotincer customers to 
ns 1.650 branches, is extending 
its campaign to motor sport 

n an agreement 

?n®ifi DM, 5 r T ^ m Vauxhall 
fDTV) under which the two 
seni i-v-orks !1.3-litre Che vertex 
month's Lombard 
Jf 11 ! run wi,h snbstan- 

«„ h ^ k, " s and ,n 
waffsss wi ” am 


Th'SsmewmhMbeentssuedbyS. G.W*rburg& Co. Ltd. and Robert Fleming * CdUmkedhnbdMfot r 
fr Company Lt/mted The Directors of WUUem Baird & Company Limited have ratio 
reasonable care to ensure that the facts stated and the opinions expressed heraipare terandaccuntaandL^ 
jointly and severady accept responsibility accordingly. -• -- .. 




'< r,» 

Dawson is a cyclical company 

You can move into the more broadfy-based 
Baird group 

You can exchange or realise your invest- 
ment at a high point in Dawson's cycle 


The Offers will not be Increased 

Acceptances should be received by 
Grahams, Rintoul & Co., 
at 105 St Vincent Street, Glasgow G2, 
or at 28 JEiy Place, London E.C.1 
BEFORE 3 p.m. THIS FRIDAY, 27th OCTrmcp 


.► -K 

. _ ..i •: 



. .. X l u aiiwtu Wc,UuUaaliij. w/CUiLtJ. --ini.. X»t& 

; ) MINING HEWS / ^ 

Plans for Wheal Jane 

rescue operation 

RTZ may buy 
German plant 

LONDON’S Bio TintrvZim* 
Corporation is understood to be 
the international group seeking 
to purchase West Germany's 
Duisburger Kupferhuettc copper 
smelting concern. The latter is 
at present owned by UASF. Buyer 
and Ilorchst, each with 31.445 per 
cent together with Ccbrueder 
G lullin' (4.4 per cent) and Henkel 
1 1JH5 per cent 1 ). 

-The Duisburger plant made a 
. . ^ , .. toss of DM23m (£G.9nO last year 

-, ‘BERT L. SPRINKEL ni. who fluctuate, the occurrence of the takeover of tho mine at the an( j lls workforce has been 

eryed yesterday as the driving ore is irregular, and these arc fac* beginning of 197B. it is not reduced to 1,85(1 from 4.2 00 over 

V ee of a potential rescue for the .tors which contrast with the fairly expected to start milling until past eight years. It speeiallses 
v leal Jane tin mine in Cornwall, consistent qualities of ore hi the (he third quarter of the year, \ n treating pyrites cinders 

tow pulling together a manage* South African gold mince. thus giving nine months icr an( j secondary copper-bearing 

nt team, which, be hopes, will Thus Gold Fields found that Us initial orebndy development work, materials. 

ate pro tils where Consolidated original estimate of a tin grade Full production at the mill us not Confirming that discussions are 

Id Fields, the present owners, of 1.0-125 per cent was ill-founded expected until the second quarter ; n progress, an RTZ spokesman 

". tie losses. over the long term. . The grade of 1USU. u reported to have said that the 

\ 1 is early days yet — the finan- dropped to O.C per cent. The grades, however, will be elements of a deal have been 

E plans have to find a response ». Ihe CO m.ii Is ton that ,ow - Projections made by the agreed and that it could be 

the City and the technical min** marginal at best, did Sprinkel team envisage 0.77 per finalised by the end of November. 
•- irmsals have to be subject to not a ny more capital cent for the first year. 0.R4S per Financial details have not been 

. ependent .scrutiny--but. In exnendimre and that it could cent for the second. U.87 per cent settled, however. 

■pace, v/hat the team has to do not ^ viable at existing' tin for the Third and 0.9 per cent for DfUlMn.1 IP 

0 find the formula for survival without very - heavy the fourth. Kl/UJNU'l'i 

Crofty Government subsidy. Thc capital requirement of South Africa’s gold production 

e apparently captured. But Mr s prin ^ e i an ,i his team about £Sm, the greater portion of improved further in September. 

•’ ■ 'hese two mines have, after all. still believe Wheal Jane eon be which will go on mine develop- rising to 1J965.870 ounces from a 
ceeded where Gold Fields made to work profitably. For men! rather than on purchase restated .1,948,024 ounces in the 
"..ed. They have lived through them it i* a question of manage- should the scheme be carried previous month. The latest figure 
'■.* down cycles of the metal men!. While ihcv expect the forward that far, has'bcen worked being the nine-month total for 
" ces and seen profits increase labour force to be much the same out on the basis of a tin price of the current year to 17.081,053 
metal prices surged forward, as that employed by Gold Fields £6.500 a tonne. _ ounces compared with 16.S77.325 

. id Fields on the other hand — about 4Uti people — n should be This is £25 ~ more than the ounces in the same period of]9,i. 
. :lded they had had enough at differently deployed, they argue, closing price on the London Metal A nine-month net income of 
^ Jane at a time of buoyant ^ involves Jn ^change on the day Gold Fields CS7.3m (fUSm). orm7cepi,per 

. W ■ instance a lighter administrative stopped production last May. but S? rc ’ ““ffi or^laf/vSl- is 

■ooWng at the situation in staff and stable management at substantially less than yesterday’s 

mwall. Mr. Sprinkel yesterday the top. The way of Gold Fields closing cash price of £7345. "P 0 ™ ™ 

to be 

Arab Potash 
sales deal 

Mines which Is controlled by 
Com hi co. The company benefited 
from a strong demand for lead 
Together with improved prices for 
its zinc concentrates. Production 
costa were reduced in line with 
higher productivity and reduced 

n successful in these mines." short. 

ndeed, when debate about But it also inrloves a greaier 
teal Jane in Cornwall was at stress on the development of the 
height, the charge uas levelled, ore body partly to ensure that the 

i the group had run it as a supply of the ore for the recovery _ 

-ith African mine and as an plant is regular, thus overcoming vv r . ... 

>nd it i, true that Cor nis h or,. Mr coTK ?C.' 1«o ■« « "jSJfS'Vnf SoS? ct" 

'it* hove qualifies tvhjch set months, ore supply obey, grottod s^ereThr tie !"4b ’SSS3. oSt SdertaS “ wo™ ar study ond 

pony of Jordan, reports our eventual exploitation of copiJer, 
Amman correspondent. The five- lead and zinc deposits in the 
year contract comes inio effect region nf Tambo Grande, Peru, 
with the start-up of production. The op’eemert was signed 
[now scheduled for late 19S2. recently in Lima. If the study is 
Arab Potash aims to produce successful, a joint French- 
1.2m tonnes or potash per year Peruvian company will be formed 
by the mid-1980s when Woodward to exploit the deposits 
and Dickerson would be respon- ]■*■ nnirr 
sibie for marketing 370.000 tonnes DICItr 
of potash annually. rehonc tin dredcihc— P rofit for 

An Arab Potash spokesman has f 0ir 10 Jxm * m - *“??• * ,3,,77 = 'fso-MS). 

iSnSLS!: 1 W m i r ^ ns , &"•“ »*,**?; 

airangements will be worked out. itu.iwi. E«rra'irdniary prnfn 

with experienced international ruaiuwi on acquisition uf company's free- 
chemical fertiliser companies lln, d Drowrly at Uatiibjek. Malay;!*, hy 
covermssalK in Europe. Ml* and 

m apart from those of South is feasible, ami is seeking an 
■lea. where Gold Fields has annual feed to the mill of 201.000 
ned a large portion of its direct tonnes, 
ting experience. The grades But on his plans, assuming a 

Thieves haul 
at £198m 
rises 36% 



valuables to a total of 
E19Sm in Britain last year, 36 per 
cent mure than in 1976, accord- 
ing to figures collated by Security 

Police recovered £31 ro. The 
figures do not includes losses 
from fraud, forgery, embezzle- 
ment and similar offences. 

“Nor do they include the great 
bulk of shoplifting offences, only 
a small fraction of which arc 
reported to the police and which 
□ re generally thought to run into 
hundreds of millions of pounds 
annually." adds the magazine. 

The amount stolen In London 
was £65 ca. with £7. 8m recovered. 
England and Wales lost £106m. 
Scotland £18.3 ui and Northern 
Ireland £4m. 


Notice is hereby given of tbe appointment 
of Lloyds Bank Limited as Registrar. - . 

AH documents for registration and 
correspondence should in future be sent to 
the address below. 


Lloyds Bank Limited, 

Registrars Department, 

Goring-by-Sea, - . j 

Worthing, West Sussex, BN 1 2 6DA. 
Telephone: Worthing 502541 
(STD Code 0903) 

Royal Exchange Ave^ London EC3V-3LU. TeL: 01-283 1101. 
Index Guide as at October 24, 1978 (Bose 100 at 14.1.77) 

Clive Fixed Interest Capital 129.21 

Clive Fixed Interest Income 113.S6 

45 CornhllL London EC3V-3PB. Tel.: 01-623 6314. 

Index Guide as at October 19, 1978 

Capital Fixed Interest Portfolio 100.00 

Income Fixed Interest Portfolio 100.00 


The main aim of the marketing 
agreements, he said is to train. 40 u6r eenI 
Jordainians in international sales' 
techniques and assure markets for 
Jordanian potash during the first 
years of production. 

vultan & sipos 


The latest contender for the 
Australian diamond exploration 
stakes is Vultan Minerals. The 
company announces that in a joint 
venture with Sipos it has lodged 
applications for 26 mineral claims 
for diamonds in the West Kim 
berley region of Western 

The areas applied for • have 
been selected from photo 
geological and aerial surveys fol 
lowed by ground traverses, it is 
stated. The claims occur in eight 
separate locations in the Fitzroy 
River- Leonard River area where 
Coniine Rfotinto of Australia and 
the Ashton joint venture are cur- 
rently; active. Vultan emphasises, 
however, the high risk nature of 
such exploration. The shares are 
around ISp in London. 


After deducting an exchange 
loss of £17,6S2 compared with a 
gain Of £49.680, Reuoug Tin 
Dredging reports a pre-tax profit 
for the year to June 30 of £104.088 
egiisst £130,585 in 1976-77. But 
the final dividend is raised to 7p, 
making 8j5p, less Malaysian 
income-tax at 40 per cent, against 
5p.for the previous year. 

Tbe increased pay-out reflects 
the profit realised in the latest 
year, of £269,287 on the sale of 
the company’s freehold property 
at Gomback to the Malaysian 
authorities. Thise results in a 
net profit for 1977-78 of £326,254 
against £88.392. Renong shares 
rose 2p to 70p yesterday. 

1c*k relaiMl 
719— E.’h9.?37. Net 
prufl! CCBJ31 108.392 1, Final 7p making 
S5n i5p> Ires Malaysian Income tax at 

worth £500 

UP TO 150 national engineering 
scholarships, each worth £500 a 
year, are open to higb-calibre 
students who will be starting 
engineering degree courses in 
the 1979-SO academic year. 

To fund the scheme, 41 
State and private sector indus- 
trial concerns will contribute up 
to £97,000 to be matched by an 
equal amount from the Govern- 
ment. The scheme is organised 
by an action committee com- 
prising representatives of 
Governoient industry, the trade 
unions and education. 

The scholarships are tenable in 
universities, polytechnics and 
other higher education establish- 

Study tour 

COUNTRYSIDE Commissioners 
including Lord Winstanely, the 
chairman, are to visit south and 
west Yorkshire from Friday to 
Sunday on a first study tour oT 
a major coalfield area. Local 
authorities are keen to show 
commissioners improvements to 
the landscape- 



Standby with 


|9| PfithfiW Telephone Sandwich (03046) 2701 

rvU/VIf Petbow United Sandwich Kent CT139NE Telex 96329 



re-tax Profits up 47% Increasing demand for our services 

This onnouncement appears 03 o matter of record only 


U.S. $50,000,000 
8 year Floating Rate Loan 












eaoB bair of svrnzmjuiD 
















FUfl bank (semraz) AG 





Agut . Bank 



Re port No 4 

International growth: major new steps 




(USA and continental Europe) 






. .ySA-' - 

: . £77m • - 









. USA-, 



•inis from the Statement by the Chairman. 

\ D. Downs. B.Sc. r C Eng.. F.I.Mech.E. 

■ e very satisfactory figures reflect the continuing 
ong demand for our engineering services and 
inufactured goods both at home and abroad. Both 
cardos and Cussons are working at full capacity. 
Consulting. Our pre-eminent position in internal 
mbuslion engine engineering has encouraged us 
extend our operations increasingly beyond engine 
mufacturers. We have also secured new engine 
mufacluring clients in Japan, and for the first time. 
South Korea. 

Contract Work. The continuing pressu re of 
jislation on air pollution and noise has provided a 
ge number of contracts both for industry and for 

■ jvarnnient, our own and the American. 

r igotiations with the People's Republic of China 
ached a satisfactory conclusion when we signed a 
>n tract, worth £480.000 over two years. I am very 
ipeful that this will be fpi.rowed by other contracts. 

Ricardo Research. Research work is by its very 
nature long term. A major effort is being made to 
improve even further our understanding on 
. combustion in the direct injection diesel engine and 
to expand its field of utility into smaller size and 
higher speed applications. 

Capital. We are well advanced with our programme 
of new building construction and plant and 
equipment modernisation. We pfan to spend £7 .4m 
on capital projects in this financial year. Retained 
Namings supplemented by the rdeent successful 
rights issue, together with bank. overdraft and loan 
facilities enables us to plsrtfor the next few years 
with confidence. 

G. Cussons Ltd. During the past year Cussons ha» 
continued to secure large orders foreducational 
equipment. 90% of which was exported. The supply 
of engine test beds and associated test equipment 
has become an impohant part of their activities. 

. insolting and research 
r . * / ginatfs in the field of 
/ tamal combustion engines, 
, tenteas and licensors end 

, , ;; unriactnrars of scientific. 

;•’/ oca t ion BUqnipmsH t end 
/ aiytical systems. 


















Profit beiorff Tax 






- Profit after Tax - 




• 199 

‘ 193 

Ordinary Dividends 


2.61 p 

.2^46 . 

2.1 3p 








T & Ns largest investment ever -52% interest in Hunt 
Chemicals, important US manufacturers of specialty chemicals. 
$2l4m expansion of Hunt Chemicals in Belgium announced 
Purchase of a brake parts business in USA - Nutum 
Curty, Frances leading automotive gasket supplier, 
became a T &N associate 
Leading Italian automotive filter producer became a 
T & N subsidiary - Coopers FIAAM 

TBA iberica created, with 40% T&N interest to make 
gasket materials in Spain 

New German manufacturing subsidiary set up to extend 
industrial gasket sales in Germany, Austria and Eastern Europe 


Providing what the future needs 

In the USA we have a strong position in specialty 
chemicals and industrial gaskets and weve just broken 
into automotive component manufacture. 

(n Italy we are No 1 in disc brake pads. In France 
we supply 40?6 of the automotive gasket market. 

We ve interests in Austria, Belgium, Germany, 

Holland, Scandinavia and Spain. 

• And last year we expanded overseas at a 
greater rate than at any time in our history. 

We are growing rapidly in plastics, specialty 
chemicals, automotive components/ man-made mineral 
fibres and construction materials. We are growing in 
the USA marked as well as continental Europe. 

Last year we invested, expanded and diversified at 
a more rapid rate than ever before. We are very 
much more than the asbestos giant’. 

Why not take a fresh look at Turner & Newali? 
Write for a copy of our new corporate 
brochure today. 


To: Public Relations Dept/ Turner & Newali Ltd/ 

20 St Marys Parsonage, Manchester M3 2NL 

Please send me a copy of your corporate brochure and/or 
Report and Accounts. 


Address , 






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- .• ,• : 

' ' . ' • ■ 7’, — ■ t * 


international financial and company news 


Strong third quarter gives 
Xerox record earnings 


NEW YORK, Oct. 24. 

world's largest producer of copy- 
ing and duplicating equipment, 
today reported a strong third 
quarter earnings gain and main- 
tained profit margins. 

Before extraordinary items, 
the company's net income in- 
creased to 5122.7m (51.52 a 
share), a 16.5 per cent increase 
compared with the S105.3ra (or 
S1.31 a share) earned in the same 
period of last year. 

The third quarter gain brings 

the company's nine months' 
figures to a record 5356m t$4.42 
a share), a 15 per cent gam 
compared with $3 10.7m earned 
in the same period of 1977. 

Assuming earnings of around 
S1.40 in the final quarter, tradi- 
tionally a slightly weaker period 
for the company. Xerox can look 
forward to a gain of approxi- 
mately 15 per cent in earnings 
this year, a significant improve- 
ment on the 5 per cent earnings 
growth in 1976 and the 12 per 
cent gain last year. 

Over the past two years. Xerox leased machines was up 8.5 per 
has been coming under severe coot. 

competitive pressure, not only Sales revenues for the third 
from Japanese producers (par- quarter were the highest for any 
ticufarly at the Iow._cost end of quarterly period at $1.5bn. a 20 
the copier market) but also from per cent rise from the 8L26bn 
rivals such ase IBM and Eastman earned in the corresponding 1977 
Kodak. quarter. Profit margins were 

The company has responded maintained **18.6 per cent the 
in part by cutting prices for “Company pointed out., 
many of. its products, and only. In the third quarter the com- 
thls month it announced a new pany also received an extra- 
range of low cost, slow-speed ordinary one time payment of 
c ° pi hSi? compete with Japanese jng m before taxes as part aF a 
macnJies. settlement of litigation with 

In addition, however, m an International Business Machines, 
effort to get earnings growth The extraordinary item is equi- 
moving it has been placing valent to 15 cents a share and 
greater emphasis on ontrsutu j$ .not included in the above 
sales of copiers, rather than leas- figures. 

ing then, since sales bring in Recently. Xerox shares have 
profits more quickly. been selling around 10 times 

In its third quarter report, the last year's earnings of 5.08 a 
company points out that rental -share and well below the peak 
revenue from the sale of copiers, for the year of S64. Analysts 
duplicator supplies and other cite continued scepticism about 
products was 50 per cent higher the management's ability, to 
than in the tbird quarter of last meet Its professed goal of 15 per 
year, while rental revenue from cent a year earnings growth. 





proposed sale to Bayer 


NEW YORK, OcL"24f 

Truck operations give IU a lift 


WITH ITS land transportation 
operations setting the pace, IU 
International lifted third quarter 
earnings by 15 per cent to 
S15.9Sm. or 46 cents a share. 
Revenues advanced from S567.5m 
to 5634.3m. 

For the whole of the first nine 
moiiLbs, IU managed a similar 
rate of increase in net profits 
to S53.Sm. or $1.58 a share, with 
revenues up to Sl.SSbn from 

IU’s chairman and chier execu- 
tive officer, Mr. John M. Sea- 

brook, said that operating earn- 
ings during the first nine months 
went up by 20 per cent to 
SlSS.4m. Most units bad done 
well; on the land transport side, 
Ryder Truck Lines and Pacific 
Intermountain Express were still 
growing faster than the truckiag 
industry as a whole. 

The rest of IU’s operations 
presented a mixed picture. 
Results of the utility services 
operations were ahead during the 
tbird quarter, with revenues and 
operating earnings for the Cana- 
dian electric and gas utilities 

higher for both the three and 
nine month periods. Water ser- 
vices produced a slightly lower 
third quarter result, but - were 
higher for the nine months. 
Ocean Shipping operating earn- 
ings were also down on the 
quarter and up at the nine-month 
stage. Liquefied natural gas 
carriers, drilling rigs and passen- 
ger cruise ships all showed im- 
proved earnings, but the sale of 
two laid-up crude oil tankers, in 
which IU had a minority interest, 
brought a loss of S3.4m. or 10 
cents per IU share. 


Continental Corporation improvement 

NEW YORK, OcL 24. 

THE INSURANCE holding com- 

f iany Continental Corporation 
mproved operating income for 
the third quarter of the current 
financial year from $65.6m or 
$1.24 a share to $S5.9m or SI. 60 
a share. After capital trans- 
actions, net income was $89.5m 
or Sl.66 a. share against .$61 .5m 
or SI. 16 a share. 

For the nine months 1o date. 
Continental’s operating income 
moved ahead from $177.5m or 

$3.35 a share to S224.4m or $4.19 
a share. Net income after capital 
transactions was S233.1m or $425 
a share compared with 51762m 
or $3.33 a share. 

Retail stores, property manage- 
ment and food • group Amfac 
moved ahead for the nine months 
from 31.51 to $1.92. Carlisle Cor- 
poration, rubber, plastics, tyres 
and wire advanced from S3.01 to 
$4 17. CJuett Peabody retail cloth- 
ing. moved from Si. 30 to $1.34. 

and the utility Commonwealth 
Edison advanced from $2.24 to 
$2.62. . 

Also for the nine months, 
Maremont Corporation moved up 
from $2.45 to $2.90. bank- holding 
company Northwest Bancorp 
■advanced from 32.20 to $2 73. and 
wood and welding equipment. con- 
cern Pacific Lumber increased 
from S2.ll to $2.69. 


By Our Own Correspondent 
NEW YORK, Oct 24- 
THIRD QUARTER earnings of 
the Lockheed Corporation fell 
sharply, the company reported 
today, although it detailed a 
continued improvement in Ms 
overall financial position. 
Following the announcement 
Lockheed's shares fell to $20, 
down $2 from nonday's close. 

The company announced 
third quarter net income of 
Sfi.ltn or 53 cents per share, 

excluding the gain of $lS^m 
from the sale of its Hollywood- 
Burhank airport. In the third 
quarter of last year earnings 
■were 8213m or $1.50 per share. 

For tbe first nine months of 
the year, excluding the airport 
gain, net income was $32.2m 
or SI .9# per share compared ' 
with $47.4m or 53J22 per share 
in the same period last year. 

The company said that nine- 
month earnings for 1978 in- 
clude income from the licence 
Ice for the production of the 
P-3 Orion antisubmarine war- 
fare aircraft La Japan, and 
compared with the 1977 period 
reflect 14 fewer C-130 Hercules 
deliveries and substantially 
lower S-3A Viking sales as a 
result of the phase out of the 
programme in August. 

Total sales for the third 
quarter and nine months oF 
1978 were $852m and $2 .43 bn 
respectively. This compared 
with S8I2m and $2.48bn in the 
same period of 1978. 

The company reported a 
total funded .order- backlog at 
September 24 of $4J8bn com- 
pared with a restated $3.32 bn 
a year ago. 

It said that a loss of S29tn 
was recorded on the Lockheed 
L-1011 TriSlar -programme in 
the third quarter.' compared 
with a loss of S36m a year ago. 

TriStar haddock as at 
Sentember 24 totalled 39 firm 
Orders with two aircraft 
-scheduled for delivery be Tore 
year end. and 13 deliveries 
scheduled for 1979. 

Long term debt was down to 
$433 in compared with SfilSm a 
year earlier.. . Shareholders 
eauity was $286m up from 
$21 0m a year earlier and s*?l8m 
reported at year end 1977. 

in the red 

. ■ : /NEW Y^RK-QcL 

B Hner wna names that ^be anticipated REVERB '".Copper 
ion, a Barer’ length of administrative pnKefd- staged a-thinf , 

le of Gheme- iogs before the FTC mate ft sales to $178.7m froni $l55SQr jaff 
mtv to pursue the trans- pVnectsa continuation." of-thiRirt-'' 

ALLEGHENY LUDLUM Indus-, early in the. summer v vztb. panies 
tries' plan to sell its organic Rhinechem Corporation, 

pigments business to a subsidiary subsidiary, on the sale' o. ___ .. . ....... 

of West Germany's Bayer AG tron’s organic pigments division Inadvisable to pufsue the trans- expects a cqntinu 
was officially abandoned today in for a reported $50m; However, action further"';. , to tile final quartet, :; \ 

the face oF government opposi- the Federal Trade Commission The sale is not the only ate- >However*‘the compflriyrepijrtetf". 
tion over anti-trust grounds. - swiftly announced that it would „ n - a , a former Chemetron.* loss. of: $5.72 per-share -jAjhu-'; . 

The business was acquired at try to block the agreement be*' r . * tn * a ii foul -of the latest period compare t-./iiSItf >•' 

the beginning of this year with cause “it. may -.substantially business w * $l^^per^..sharef- 

the S5Q0m takeover of Chemetron lessen competition, or attei&pt.=t0 authorities, ine action taken , by. tbe/Jamaj^aB.' 

Corporation, which increased create a monopoly in the! manu- investigating the propnsea saie government ; regairding.ijRewess.Y 

Allegheny's long-term debt bur- facture and sale of organic pig- of Chemetron s nausin«L '.w***- subsidiary,' -#aaiaiK.-:Atttlrihwr' ! 
den so sharply that the drversi- ments.” -’j- division to Liquid Air. wnicn - w Revere said" it received <mlv 

fied special steels manufacturer Last Friday a Federal Court 79 per cent owned ny ■ ™V.$Llm in insurance ’on its 

has sold off a number of former judge in Chicago. issued a.pre- Liquide of rrance. inis., . — ■ . .... 

Chemetron assets over the past liminary 
few months. proposed 

Allegheny reached agreement announcement 

Setback for Phillips Petroleum 

. For ihe^tun&^uih pei&id,4bk . 
primary loss represented. . SI07; >X 
per .share compared. witfr a. profit - ’ ,v ‘ 
of per-ShaKT N^t iosy^was^, ;. f 
523.1 m compared ■ With- 'SI9.7&R j| J 1 
profit .in v ; cerrespOHding- 

" Salos for -:the company .In -ae"' 


or 18 cents a share in. $15 1.3m compared- with 8139.86m 

ror'X ™^poniink"peSS: 

Revenue also_ increased from ■ .y-rliV ; 

Another 0JS; ! 

deal for /MAN? 

By . .Our’ Financial Staff^T 

SlT2brL whereas PRINnNG : equipnaeoty puuraQfr-" : 

ings totallin*. S411.1m. equal to y p er '. S h are ■ earnings stood, at earnings per share for tii'e third turer 'Wood Ind^trl® ^ 

S369.Sm or S2.41 a°share^j T9 77. S4.1S for the ninejmmfh pei^od. quarter improved to SUJ7 from 

Sales - were S5-22bn 
$4.17bn previously. 

TN MARKED contrast to other 326.9m 
leading oil groups, Phillips the nine months. 

Petroleum’s earnings slipped in SheD OU achieves third quarter 

the tbird quarter from a corres- net earnings of $248.87m com-' 53.3Sbn to S3. 58b n for the period 
ponding $1232Jm or 80 cento a pared with SaO&TSm' for ■ the and earnings were reported np 
share to SlOT.Sm or 70 cents a corresponding period in 1977. -- from 84.65 per share tQ $5.01 per 
|b a /e on revenues up from xh is brings the total' nin^share. . - v 

31.55bn at 31.t5bn. month earnings to $621J3m in 'Net earnings .for the. - tbird •• 

Profits were ahead at the nine contrast with the 3567 37m- for quarter were S50.49m compared 
months mark, however, net earn- the same nine month period last with S49.63m. Revenue was up to 
411.1m. equal to ye£ r - . - SlJfbn from 

$2.67 a share 

- in 1977 54.1S for tne nine month period, quarter improvea 10 t*lju irimi . . .- „ 

against whereas the 1977 period™ ad $1.65. 

earnings of. 53.96 per -share. -The- Meanwhile, Con linen to! Oil afa_b nR - A ug s b u rg - Naernberg^-, 

third quarter earnings were announced a rise of 30 per cent (MAN) at: a. price _of SI0.6S 
The company blamed the set- reported at SI .66 per sharp com-' in third quarter net • earnings,- ® ac “ ontstandiog Wood^khare. ! £. 
back on th tweak position of the pared with St 45 per- share:;- which were reported at 3 105. Sin,. Last«eeki'MAN reacted agrwH v . 
U.S. dollar and warned that shell's diversified product' or 98 cents a share against 7% . ment. ' Whitt Motor -Hadfee;;' 
future earnings may remain ran g e an( j ntarketin'e techniques cento. Sales Increased from '■ which is will ! tak^a LiB.pef^nt-, 
lower. have boosted company: revenue $2.2bn to S2.4bn. r - stake in -White for 5 ^'; 

Losses from foreign currency for the third- quarter From S2.6bn For the nine months to date, ' T °© too Ago*, cqnipM^.^ • 
translation were 817.4m or 11 to a strong level of S2.Btan'.." net earnines have slipped from tivejy small in i^ .tenna^xs^;: 

cents a share 4n the latest Revenue for the nine month $298.7m or S*2.78 a share to -fleet MAN!s ambitions m the; HRJjrV- - 
quarter and $12.1ra or 8 cents period has . ■ 'increased .- from $296.1 m or $2.75. Sales,, however, .f D “- . company 

a share in the nine months. Last 37*»>n tnSSahn. - have risen over the period from "t^nnination- to iCapiifalise^TO.-ttj :. ' 

“ - - - — strong points. . Tor the-ygar: 7 . • 

ended June UCT,- MAN reporu& : . 
progress ; tii only two -divMbnt-,:. * 
sales: of. "trucks ahd . busesr ana - v 
of printing machinery. . The Ui i 
; -.are glea^y ^-Sesignedi^ .' 

A these .two strengths.--.' .' * 

'bn tn ■>58 3hn 

year there w ere gains of SI5.7m Marathon Oil’s nine month net S6.6bn to $7bn. 
or 10 cents in the quarter and earnings have been declared at Agencies 

Steady growth at Union Pacific ™ 


Tonka in deficit 

Toys and hydraulics concern 
Tonka Corporation reported a 
nine-month loss of Sl-18 a share 
against a profit last time of 
41 cents, and said it exneets 
a loss for all of 197*. Aecnries 
report from Now York. Last 
year the company earned 25. 
cents a share. 

Treasury ftrtares nfa&r 

U.SL'TreaStiry Secretary Miehirt. - 
■ Blumenthal.ask^l^ihe Cbmrabdfc- , ■ 
UNION PACIFIC pushed up with revenues advancing frtim Texas-based operation now" en- ties Futures Trading ^ Commisaon • 
earnings by around 16 per cent SISfibn to $2.16ba„ • - . - gaged in a major-oil and gas ex- to delay action" An: Air appTfa; 

in both the third quarter and The company said that Its rail- ploration programme costing tions- for futures 'contracts. bai«I \. 

first nine months, and said it road earnings increased by. 9 per around SlOOra this year, third . on U.S. Treasury securitifisHiRm.;, 
w-as confident about the outlook cent to $31^m, with revenues pp‘ quarter profits rose by ^10 per their impact, os 4he Cash market 1 - 
for the rest of the year. by 15 per cent. In spite or Sep^ cent to S2S.5m. -ran be determined/. Reuter re. 

On the back of a revenue gain lember's four-day rail strike. Union Pacific’s Rockv Moon- ports froraV Washington. 
to $730m ' from S541ra. net Traffic was- continuing record tain energy unit .showed a gain . Mr. Blutnenr&al said ixra >ett^ ' ' 

income moved up to S64.9m. or levels with maize, wheat, eqal of 13 per cent to $7m. It was to Mr. Williaiff^gley-. the CFTC ’ 

St 36 a share, from S55.9m. nr and cars showing consideEable through this subsidiary that the . -Chairman. nhat^theF^Treasury is " 
$1.18. Nine monthly earnings gains. group entered the field of prepared to proceedimtnediately. r. 

totalled $lS4.5m against $158 1m. -At CharapJin Petrolei|m;> # the'. uranium pfndnction last year. with the stumfet-'G 7 . ... 



Third Quarter 








Net profits 



Net per share... 



Nine months 




Net profits 



Net per share... 




Third Quarter 







51 7m 

Net profits 



Net per share... 



Nine months 




Net profits 


4.02 m 

Net per share... 




Third Quarter 


1 971 



357 0m 

Net profits 

25 38m 


Net per share... 



Nine Months 



1 12bn 

Net profits 



Net per share... 




Third Quarter 








Net profits 

50.1 in 

53. 5 in 

Net per share... 



12 month* 


2 29b n 


Net profits 


235 2m 

Net per share... 







Tbird Quarter 


Third Quarter 


Net profits 

Net per share... 

Nine moMlu 


Net profits ...... 

Net per share... 






315.6m 230.8m 



Net profits 





Net per share... 





HIM man lire 


S39 2m 




Net profits 




11 7m 

Net per share... 





®L055 ' 

Third Quarter 



•• s 



239 2m 

Net profits 



Net per share... 



40 wcefts 




Net profits 



Net per share... 




Third Quarter 








Net profits 



Net per share... 



Nine months 



218 9m 

Net profits 



Net per share... 




Third Quarter 






Net profits 

104 3m 


Net per share... 



Hina months 


2 30bn 


Net profits 

253 9m 


Net per share... 



First Quarter 




s . 




Net profits 



Net per share... 

0 68 




Third Quarter 






SI Jin 


Net profits 



Net per share... 




Fourth Quarter 

' 1978 

1977 ' 



87 5m 

Net profits 






■ Net profits 



Net per share... 




First Quarter 






159.4 m 

141 8m 

Net profits 



Net per share... 



TMrV Quarter 

Revenue ......... 

Net profits ..... 

Nei per share... 

Nine, months 

Net profits 
Net per share... 

«n - 









425 Ora 
46 08m 

331 4m 



Cray Electronics 

1978 Group Results at-a-glance 

for the year ended 30th April. 



Sales per employee 










Operating Profit 
after interest 



Profit Afler Tax 



Earnings per share 



Dividends (net.) 



Net Current Assets 



Third Quarter 






6fM 6m . 


Net profits 

20 Ora 

1 6m 

Net per share ... 
Nine Months 


0 08 




Net profits 



Net per share... 

2 99 

. 1.01 

Third Quarter 



Third Quarter 




314 2m 282.6m 


163 6m 


Net profits 

16. 37 m 14.62m 

N'el profits 



Net per share... 
Nine months 



Net per share... 

Nine months 




9S0 ] nt 8$7.5m 




Net profits 

50.72m 42.3fira 

Net profils 



Net per share . 



Net per share .. 



Sales per employee up 18% 
After tax profit up 16% 
Record order book 
Increased productivity 

The Group mainly comprises specialist mechanical electrical and 
electronics engineering companies serving the communications, 
marine, computer and petro-chemical industries. 

Copies of the Annual Report are available fron t The Secretary 

Cray Electronics Laniteci 

Mumby Road, Gosport, Hants. P012 1AF. 

Third Quarter 




. s 


221.4 m 

2t2 5m 

Net profits 


2.2$ m- 

Net per share... 



Nine months 



620 6m 

Net profits .- 

7.56 m 

_ 6.55m 

Net per share... 




Third Quarter 

- 1978 







Net profits 

2.3 1 m 


Net per share.:. 


Nine mouths 




Net profits 

,7.52 m 


Net per share... 





First Quarter 







35 2m, 

Net profits 

5.75 m 


Net per share... 




Third Quarter. 

1978 ’ 



173 5m 

151 -4m 

Net profits 

10 22m 


Net per share... 



Nine manure 

Revenue ; : 

506 8m 

429 3m 

Net profits ...... 



Net per share... . 


1 91 


Third Quarter 


Net profits .... 
Net per share. 

Nine m on His 


Net profils . . 



246 7ni 
*8 8m 
*0 23 


2S1 7m 

*Loss . 

913 3m 
*8 4m 
* 0.22 








Second Quarter 



Third Quarter 




746 4m 



.Vet profits 



Nei profits ..... 

23.45 m 

Net per share... 

Six month* 



Net per share... 

Mine months 




1 47bn 



Net profits 


IS. 76 m 

Net profiis 


Net per share... 



Not per share... 




283 .5m 





Second Quarter 






Net profits 



Net per share... 



Six months 




Net profiis 



Net per share. . 




Third Quarter 




152.4 m 


Net profits 

7.) 2m 

6.4, Sm 

Net per share 



Nine mouth* 


3S4 3m 


Net profits 



Net per share... 



Third Quarter 




Net per share... 0.78 

Mini* manUis 

R, cv eni«? 1.1 hn 

Not profito SOJm 

Nei per share... 1.79 


Third Quarter 









Khte mmthi 



< 1 ,2m 



59 5m 

209 2m 

177 5m 


The list 3h«ws the 200 latest international bond Issues’ for which an adequate: s^ndary niaritet:-- 
exists. For further details of these or other bonds see the complete list of Eurpbqhd' ^rfcps.pnhMdiBf-. 

on the second Monday oi each month. 


\»a Akl 9] SS 

Australia 8 S2 

;«Ua S45 8S 
\ii«ralia 9t <n 
Krairliv Foods 7J M .... 

-F.CA SI «7 


'XC A 91 9S 

c.xr 9 m 

Cauda 9 93 

Canada 9.20 S3 

Canada *t a.* 

Fanadalr St S3 .... 

Dominion Bndsc CD. 9 SS 

FIB 81 M 

/IP s» 

E'H 9i M 



; . SSI 




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Finland 9 S3 
Hospital O/S 9 S3 . — 

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t! Finance 91. as... 
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I C. PWuwy « 

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. AimraUa M 58 IM" Mil -W. 

■ bfc& R.4 1» • » -m - 

BuroRma 8.3 M 18_ 96i .971 .+«6 +BI. ML ' 

Finland 6.7 CT — - 25 971 - VM t 'T-ll' 7^- 

Nnrwar 3 7 S3 25 'IBtt -^-«' v +» ’ 

fxki.-cirr Pi.8.8 - 80 — IS 98* v«, -0 - Ml - 

SVCF i.6 BD : 20 9Bi ' 99 . . +U +84 

Sweden 90 <8 • 01 . 98f r.+ 8 i +M 

•• *"-* 'rvirtlia" ’• 
OTHER STRAIGHTS " isciwd Bid 6 ffer dw HMk YM 
Rank O/S Hold. Ill Af 12 ■.98i- '984-"-0 : ,'-HU r .'HJ» 
Auto Cote Basq T !KI BUA 16. -974 -914 L+A .+»■ ,'7J9 


Oiponhapen 7 93 E UA .. 
Finland TnQ RR 7 93 H?JA 
Knmm Insi. '7i » EUA... 
Panama Sf 93. EUA 
SDR France 7 S3 EUA ... 
AlOTnene Eft. 6* 83. Fl ... 75 

Rnrril 7} ffl FI 75 - 

Mexico 74 83 Fl 75 

Nednr, atfd.lenb K\ Ft- -7S~ 

Neyr Zealand «| 84 FI 7S 

Nunrav S3- Fl - ifljr 

okb ei si n n 

KIH HI «, FFr. ... 208 




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954 -84..- W - 

Mr +94 
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Arena 5i 

Arlbcrc Tunnel 4 W 

Asea 3 : 33 

c&asc .uanhartaji 4 93 

CVRD 4 ; 90 

iniineil of Europe « — 

. CtlMUK M. . 

teuwd Bid ORcr dar' Wecki Yield; 








Ranfiamorica 32 SS ......... M 

BNDE 5 SS - 75 

Denmark 44 M. 180 

Denmark- Marina ge Bank 88. 

K7B 4t 03 “100 

Enraiom 41 03 88 

K L. Smlrtlli 44 SB 25 

Finland 44 93 : — . aa. 

G7.B.44 93 - 180 

IIIItl-Lleclb.>»STMO 4* . B 

in rm. xv 4 t to ieo 

iroatrah Yoima 4 S3 80 

Mammhii 4 93 1BI 

New Bnmawlrt EPC.3S .. 100 

Vt>itja 4 R .. 73 

Nnrsm FottHn. 44 90' 100 





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mat- iHi 

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Sea 5 4i W ..... 

Vn»5l- Alpine ft W- . " UB 

Vnrfllhere Kralt 4 to 38 

Vienna 4 M • 

world Bank 4i « ........ 

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97J .. S '.+1. C22 ... 

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99.-01.+OI 345, 
101} ...fl . +8} 3.98 

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B^yer Lua. 8 <J| LuxFr .. 
Rm -7JSS LorFr " 
Finland I Fd 3 RA I.iuFt 
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Cltlmrp.O’S Fin. ID 93 E 

KIR 9, >S £ 

Finance (at ind' Wflg'j " 
Ccsteiner Hid BV 11 SS £ 
Oranl^boom 101 SO L 
WTilthread 10\ 88. J 


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Arab ln»j. Bank Mfl fl 93 . . 

■ Bancfl K*. Arne'ni M3 k; . 
Bank narnllnury MS «H ... 
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Be . • I+OT} =. P?rcggt It zj^ pmif- tffl. t^Tlt « ' - - 

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- #»• lmer.Booa. 'SefrBsa*^.-'- . ■: 

f 7 .1 


Financial Times Wednesday October 25 1978 


All these securities hiving been sold, this announce treat appears as a matter o l record only. 

55 Cash i 

input saves Sp anish Babcock Bank of Tok y° (Curacao) Holding n.v. 


' ^,BA£COCK and Wilcox Espanoia. 
j h o Spain's lea dins producer of 
*. [)] c capital Roods. which suspended 
” if dll payments to creditors in 

• February with ouisiandiDR 
■ i.ibiliiies of Pta2fibn <$277m) 

■•.'ill be refloated by a corjbina- 
• ; :ion of private capita] injections 
ind Government credit. 

This was announced yesterday 

• jyy the Minister for Industry, Sr. 
Rodriguez Saha gun. The full 
ictails r#f the deal will not be 

' nnde public until ne*t month, 
.rot Sr. Rodriguez reported to 
obby correspondents that the 
. najor elements in this delicate 
<nd crucial agreement had been 

Babcock's capital will be 
vritten down prior to a capital 
njeciion of Fia2J>bn ($36rn>. 

This will come from a mixture 
of private and. public companies, 
and will Include PtalJ5bn from 
makers of capital goods Tor the 
nuclear power industry, and 
PtaPOOm fron the Banco de 
Vizcaya — one of the major origi- 
nal shareholders— *nd Basque 
savings banks. 

This win mean htal although 
Babcock will be able 'to' absorb 
some or its losses by first writing 
down its present capital, the 
original shareholders wiU. lose 
the value of their equity. Bab- 
cock and Wilcox of the UK -has 
a 10 per cent- shareholding in 
tbe company, which it -wrote off 
some time ago. 

In addition., the . Spanish 
government will provide - an 
extraordinary credit. . worth 

between Pts lJibn and Pis 2bn. 
The other parties to the agree- 
ment. the workforce and ihc com- 
pany’s creditors both lose some- 
thing. The unions arc being 
asked to accept redundancies 
which along with early retire- 
ments will reduce the workforce 
from its present level of 4,800 to 
just under 4,000. 

At tbe same time they will be 
required to give guarantees that 
productivity will increase by 30 
per cent. Babcock's major 
creditors will be asked to write 
off 30 per cent of what is owing 
to them, and accept the rest over 
a period of 10 years. The com- 
pany's smaller and harder- 
pressed' suppliers will have to 
write off 40 per cent, hut will 
receive the remaining 60 per 

MADRID, tlei. 24. 

cent over a shorter period. 

The operation is considered 
the first step in what will be a 
major restructuring or the 
Spanish capital goods sector. It 
is regarded as particularly 
important as a possible mode? 
to follow in. future salvage 
operations involving major com- 
panies In difficulties. Sr. Rod- 
riguez mentioned in particular 
Isolux and the paper manufac- 
turing company. Sarrio. 

Babcock is based in Bilbao, 
and the authorities now expecr 
ah important focus of discontent 
among the Basque labour force 
to disappear. At. the same time, 
the solution has avoided take- 
over by the state, which was the 
original proposal of the majority 
of trade unions inside Babcock. 

U.S. $30,000,000 

Guaranteed Floating Rate Notes due 1993 

tincondidonalfy and Irrevocably guaranteed by 

The Bank of Tokyo, Ltd. 

( Kabushiki Kaisha Tokyo Ginko) 

E 5 - * t t iu»_ 
* i i - • r Tl 

i r * 

8 > * 

i ’ ’ • •-* 

* v : i j ^ 

'• - W W \ 

More profits 
at Lafarge 

Brostroem deficit increases 


STOCKHOLM, Oct. 24. 

HI JudidiUC THE Brostroem shipping group, future vability rest on the re- State would also give Brostroem 

which has not paid a dividend structuring of its fleet, which a cash grant of SKr SOm in 
By David White for ffmr veare made a ore-tax shouId b e completed next year, January. 

f “ v. „ and the recommended Slate fin- These measures are intended 

. PARIS, Oct. 24. ( loss of SKr 13Jm (53J Jjrnj during anc ; a | SU p por t. which is awaiting to give the group a breathing 

. P4Pr p , h _ p r __„ h firsI eight months oE this the Swedish Government's final space to complete the re-orgam- 

• ' ^moan? which ismaldn-ain^ ‘ >“«*• on a tura ovc r of SKr lB5bn approval. sation of its fleet. So far this 

"- •'■• bJIfive ^ri4ts^su^has ^Mow"d:tS31 8 ®>- The deficit ta enlarged Under this agreement, the year. Brostroem has sold five 

- _• ■. or nvc U«,Ulto Issue, nJS lUIIUWCU; ■ Cluto wmiM - » and nf 10TC mAri i (anL-or !> HiiIIcop -and 

.n TnM«U' in i« Brostroem’s tankers and bulk the group takes delivery of tne!L reaSe m 19,t> conb0lltiatei1 . The turnover growth from Che carriers, and guarantee further first of seven RO/RO vessels 
ironis. ; corresponding period last year loans of about SKr 205m on the ordered from Japan 

The company, the third largest i is marginal, while the pre-tax ships, thereby making it possible Brostroem’s gross investment? 
:cment producer in the world.* loss is SKr 41m larger/ The group for the group to freeze amortisa- during the eight months were 
.aid that its group net earnings! operating l° ss after. depreciation tion payments for five years. SKr 475m. the largest part being 
or this year might be FFr iSOm’ is SKr 41m against a loss of In addition, the State guarantees covered by loans on the interna- 
S3Sml after last years! SKr 26m. The deterioration in on loans taken by Brostroem in tional market An International 
>Fr 159m. The gross dividend ‘U»e operating result and pre-tax connection with the sale of the Joan was also taken to enable 
night be increased to FFr 20 alP 1 * 0 ^ is expected to continue to Eriksberg shipyard and to meet the Dutch subsidiary. Brostroem 
-.hare from the FFr 16.77! the end of the year, bat the I07S cash needs will be pro- Holland BV. to raise its share 
■eceived by shareholders thteifiroup net loss for -19TS should longed. freeing a further capital from . FI 5m to F135m. 
•ear. ibe smaller than last year's SKr 250m in loans from amorti- Liquid funds available at the 

,SKr 79m. It is stated, in the sation for a period or five years end of August amounted to 
The groups earnings would he interim report. • and making them thereafter SKr S4m. or SKr 105m less than 

nade up roughly in the propor- Bros tro era’s recovery . and repayable over 20 years. The at the beginning of the year- 
. too of 50 per cent from tbe 

r rench cement business, 35 per r 

ent from cement sales overseas,! 

. SS.'SWSSiWMEsric bonds Holzmann to 

undry other activities. __ „ „■ 

Dutch Government to pay $/5m 

—.ement and is the leading plaster! • 4 1 _ „ _ . _ 

ard board boxes and paper bags!) issue 15-year bonds for J. A. Jones 

. o"‘a5!Si JEFFREY BROWN Bjr Guy ttowtin 

5Sr l i5VreJ r ch P c?m‘iT??nni£"i™= DUTCH gotftMum to pitch*! fairly generously, snd if FRANKFURT. Oct 24. 

ion in i,e firs, nine montos o! i wool TSffi-pISS 

!l- . i bonds carving a coupon 'of Si have to be in by Tuesday) the Frankfurt - based construction 

The company attributed its jper CCTlL Tbe l0a0< which j s U* tender could puli in F1 500m or concern, has taken over tbe U.S. 

iptimism to the French Govern- | slxl jj ^Ibis year, is the: third by more at a price of par. Last building group J. A. Jones Goo- 

."ffVf iSSSlf 1 T 3 f n - poIlcy ,, of ithc state in as many months., month’s state offering, over 10 sanction Company. The aequi- 

isBS-iSf bS&’ar’gSi, ^ re v* a r; ^° n «• « ™ st •«*»«“ aboui 

in iis results for the second half J®* the bond market ^fracTFl iteS ' S75m ' 

of this year and 1979. It expected Meanwhile, the tendency to J. A. .Tones' shareholders have 

L S if/ S n , to D L ffl t SnSy sn^- The S^s^S weakness on the West German been offered some S40.612 per 

« Canada, ° Earlier prica in creases Lthe .gliiJder havelieajdownTInd up *' 1 Ss shar ? Ia a f eaI W 1 h i2i!. nkS 

vhad been insufficient to offset -^2 rt * erm ( wU m^ey) Idfer^t by URiiig the bank? Purchase price to 1977-7S’s profit 

•higher costs, especially for T ates have settled back to a raotie minimum reserve requirements performance. While the purchase 

—energy, of which Lafarge is a normal ID per cent. has had little direct bearing on contract has been signed, the 

major user in all sectors of its) BuLthe uncertainties remain. bond priceSt w hich continue to shareholders will not officially 
activity. ^.Predictions of. 'a • further 3 per move nervously every time vote on the deal until the erouD's 

Lafarge is increasin'* lta cem devaluation in tbe guilder interest rates in the U.S. take a VD le , ,. e 1 unl V. « P J 

rapltl," to FFr TTto 'from ?*^ ■» ^ad, fnrtb7r" “n “““8 “ •>“** 9 

FFr 475m by tbe creation 0 f ■ be ^ n ff m ff'to' c,rcu lale m Araster- Tbe latest bond issue from tbe year- 

>50.000 new shares, offered at ^ !! lot -i P n ^l n o Uth f w 11" Federal Railways reflects tbeun- The result of this, however. Is 

wice their nominal value of “l 5 ? re ci ? arJy ta “ n 8 fu . u settled conditions. In stnWng foreEOIle conclusion In that 

.- Fr inn M .advantage of any chance ti) contrast to a traditional, leaning a .T.u 

(.renew * their .borrowing pro- : towards long dated offerings, the some 70 per cent of the u.s. 

1 gramme, which, according to ibe'Bundesbahn emerged last ; ffr° u P 5 shares ! are 'in i the .bands 

recent budget, is set to rise Monday with a six year bond.. 0 ' J” e Jones family itself. The 
TTnriAVwnll Steeply during 1979. Price and coupon are 994 and rest are distributed among the 

XiUAltJ' ” til The terms of tbe new loan are 8 per cent. employees. Altogether. 1.87^.977 

... Jones shares are in circulation. 

Holzmann to 
pay $75m 
for J. A. Jones 


By Guy Hawtin 


Bull up in 
second year 

Tbe terms of tbe new loan are 8 per cent 


s, o„, own co^p-d,n^ Stand I) v f acflity f or EDF sss ^"ssass *£* 


French-controlled joint venture' . - - nnerati^milnlv in^h* Aemlotb 

:n computers, is confident of CREDIT LYONNAIS is putting improvement on those obtained ; {WTSJLIS"??- 1 ” 
jirengthening its profit position . together a management group by the French railways SNCF, • ■ a ° nl - “JJjJ 

n its second full year of exis-lfor a !S600m standby facility for which arranged a S250m seven- ; - of *“ 52105 ere ou ** lde 
cnee. * the French State electricity com- year loan with five years grace u,e 

The rnmpanv'<! ' fnrcoa<rf that f P an - V * ElecBicltf de France on a spread of 4 per cent through- ^ 

: f EDF ) . The terms of this out late last summer. Lead _ . _ . .. 


with a book value of some S23.06 
per share. 

Holzmann's new subsidiary is 
a large one, turning over some 
8600m annually. This compares 
with a Holzmann first half turn- 
over of S926.4m this year. 

Jones, which has some 9.000 
employees on the payroll. 

^oosoiidated n^t facility, which will be used as manager of this loan was aiso! 

V/r 1 s , V iirti ' » h «k-up ^ for a n equivalent credit Lyonnais. ! 

xtet the grouts Jel\ sei SBriS ' ' Eu ™ pe v f n barrow , er i 

SO survive the running-down wtih ei th? iea^ 7™ a * Fi " land ' has succeeded 

he state aid programme granted ! 2l a ce and ' a‘ soread of ha U uer “> gening finer terms on a rc- 
«tthe time of the merger in 1976,; t u r o a h 5St f P financing operation. It is pay- 

The progress of sales in the' I nitial soundings in the market iMin^in itia lly 

arst nine months, and a record j had suited I. the l««<l «0 Then 

irder hook, led the company to] manager that a smaller loan on borrower na id spread or 
?xpect a 15 per cent increase in I terms including a split spread of fl r or P seven vears 

mmover for the year and further 5 per cent and \ per cent could P er 116111 ror se yen >ears. 

Rush to Dublin 


is maintained 

By Stewart Dalby 


jrnwth next year. be arranged, but that not ennugn 

In 1977, turnover reached prime banks would have been 

be arranged, but that not enough The government-owned the RUSH of -lamely snemla- 1 

banks would ha^ been . J»W r Credit and Investm f i 

eiara elv. considerable. A powerful cent throughout. Chteorp V mer ; ! pas t h^ fading at more 

The company said that net | management group is therefore ° allon ;^ ! thSi CTsSi. McSi Seed thS 

profit this year would exceed ! a prerequisite to sound fund Asia i- Jind Smndwd m r the bulk of the new-money came 

:ast vear's proportion of IB peri raising policies. ^! e J ? int i? J K °J from London. The business in 

’em of turnover- The commitment fee on the* this .loan, which carnes aL ordinarv in'du^ Lt rial aha re* 

ConsoSdalcd revenue in the) new facility will be J per cent sovereign guarantee. * e s al^Se^riSd « brisk 

first nine months rose by 15.7m figure unchanged from whst a loan for an Iranian ...... 

dp r cent toFFr rt S7bn Compu-' prime French borrowers have borrower, the Development and The inflow of funds is being 
Fer sh owed” slower growth I P aid in the P asL , . Investment Bank of Iran, which ; fP ur I e ^ b J the possibility that 

hin rlmals and irvYres wMeh ' Th c that Crtdjt Lyonnais is privately-owned but in which 1 5? British Government may not 

“XDanXd bv ove^ l7 per ceDl ^ EDF felt it unwise to force fw 4 ign imprests hold a minority I i*”? 1 U,e h -F u TS pe ?“ i K M ?- mfta, 2 r 

and m-ide uo more than half ofi^c market into accepting, an state, was signed last Friday in!® yst f n ? - 1 ? lu f llie ln . 6 ^ i^ ve T, n " 
the loul 1 dement of S per cent does not Xo D( i 0D . ^ amflunt or lhis jmem is ; firmly eommiilcd to do 

1-1 ’ . i . f .w -c v I suggest this operation has been t n an; ipd y»v Phasp Manhattan iai 50 - Holders of Irish gilts could 

The inslaliuents of the French ( mi 5hamUed. Indeed, the -terms rJaturitv is eight years tiKn iook Jorward to a currency 

Government s FTr 12bn subsidyj gjr, F ^ EettinH are the finest ‘the snSad is J o"r cent- S ain the Irish punt (pound) 
programme are being run dowij^jjj.pjy ?ranted to a borrower Stroug!ioiil P The borrower^ *"] moves favoorably against sler- 
tii FFr t50m inthecmreni fiscal nn btaior medium term facility no guarantee ® I lata*. • More than this, however, 

year ending in March, and to, rtnee J9r4> proyioing no guaraniee. JS , hfi ^ ossibjJily of a profit 

FFr lOOra for next years final- j Q particular, they mark an See Lex through the dollar premium, 


S. G. Warburg & Co. Ltd. 



Manufacturers Hanover 


Societe Generale 

Algemene Bank Nederland N.V. 
Amste r d am-Rotter dam Bank N.V. 

The IXevelopment Bank of Singapore 


Pierson, Heldring & Pierson N.V. 
Societe Generale de Banque S.A. 

Allied Irish Investment Ban): A. E. Ames & Co. Am ex Ban): 

Lsnittd Lbniied Lroived 

Andelsbanken A, S Daaebank Andi'eservs Bank A.S 

Bazica Commerriale I tali ana Banca Narionale del Lavoro Banco di Roma 

Ban): Julius Baer International 


Bank Gmzv7iUer, Eurz, Bungener 

(Orarseaz) Idxaited 

Bank Mees & Hope NV Bank of Tokyo and Detroit (International) Bank of Tokyo (Deutschland) 

Ls a nr -d Akiienci«coUcclu!i 

The Bank of Tokyo (Holland) N.V. The Bank o£ Tokyo (Luxembourg) SJL Bank of Tokyo (Switzerland) Ltd. 
Bank Winter & Co. X.G. Bankers Trust International Banque Bruxelles Lambert S-A. 

Uimi lw A 

Banque Europfienne de Tokyo Banque Franqaise du Commerce Exterieur Banque Generale du Luxembourg S.A. 
Banque de ITndochme et de Sues Banque Internationale a Luxembourg S.A- Banque Louis-Dreyfus 

Banque Nationale de Paris Banque de Neullize r Schlnmberger, Mallet Banque de Paris et des Pays-Bas 
Banque Populaire Suisse SA Banque de la Societe Finandere Europeenne Banque de l'Union Euroneenne 

'-iJttlca? 2 JF.E- Croup r 

Banque Worms Baring Brothers & Co., Bayerische Hypotheken- und Wechael-Bank 

Lja imj 

Bayerische Landesbartk Bayerische Vereinsbank Bergen Ban): Berliner Handels- und Frankfurter Bank 


Blyth Eastman Dillon & Co. Caisse des D6p6ts et Consignations James Cape! & Co. Cenlrale Rabobank 

t=*mtarferal Lssu-ad 

Chase Manhattan Chemical Bank International Christiania Bank oq Kreditkasse CIBC 

Umhtrf bailed Isuwd 

Citicorp International Group Compagnie Monegasque de Banque Continental Illinois 


Bank or America International 

I.i-ii i-rf 

Bank Leu International Ltd. 

Bank of Tokyo (Deutschland) 


Chase Manhattan Chemical Bank International Christiania Bai 

Limbed Lbnzxed 

Citicorp International Group Compagnie Monegasque de Banque 

Christiania Bank og Kreditkasse 

Copenhagen Handelsbank County Bank Credit Commercial de France Credit Industriel et Commercial 


Credit Lyonnais Credit du Nord Creditanstalt-Bankverein Credito Italiano 

Dai-Ichi Kangyo Bank Nederland N.V. Dai-ichi Securities Co., Ltd. Daiwa Europe N.V. 

Richard Daus & Co. DBS-Daiwa Securities International Den Danske Bank Den norske Credits ank 

Dai-ichi Securities Co., Ltd. 

Den Danske Bank 

af .a:i jUafoMbiab 


P«v;ech« Genouea9c!unsbAn>. 

Richard Daus & Co. DBS-Daiwa Securities International Den Danske Bank Den norske Credits ank 

BdnUttu i.-n.iw- a i .dn AkztaoehkaL 

vorjjlr Hnc VC.Peteesm 

Deutsche Girozentzaie DG BANE Dillon, Read Overseas Corporation 

- — -Deutsche Kommunalbank— PyirBCha G<m a isrsmcAafi aban>. 

Dominion Securities DresdnerBaztk Drexel Burnham Lambert Effectenbarik-Warburg 

lir - i,ed AJciragiaeljcluI-. . Incorpora eci A*ne.i5C3eil!a^iaft 

Euromobiliare S-p.A. First Chicago Asia Merchant Bank ____ Robert Fleming & Co. 

" I* brJ ?ed ■ " Limited 

Fuji International Finance Gefina International Ltd. Genossenschaftliche Zentralbank AG 

tu»*«d Vienna 

Antony Gibbs Holdings Ltd. Girosentrale und Bank der ostexreichischen Sparkassen 

JU BM m g a a al hri iaft 

Goldman Sachs International Corp. Gofabanken Groupement des Banquiers Prives Genevois 

Dominion Securities 


Euromobiliare S-p.A, 

Fuji International Finance 

Li nritcd 

Antony Gibbs Holdings Ltd. 

Dillon, Read Overseas Corporation 



Robert Flezning & Co. 


Hambros Bank 


Hesriache Landesbank 


Istituto Bancario San Paolo di Torino 

Hill Samuel & Co. 


Jar dine Fleming & Company 


IBJ International 



Kidder, Peabody International Kleinwort Benson Kredietbank N.V. Kredietbanl: S.A. Luxembourqeoise 

Limited Lmuted 

Kuhn Loeb Lehman Brothers Asia Lazard Brothers & Co., Lacard Freres et Cie Lloyds Bank International 

Limned Limned 

Loeb Rhoades, Homblower International London & Continental Bankers McLeod, Young, Weir International 

Limned Limited Limited 

Merrill Lynch International Sc Co. Mitsubishi Bank (Europe) S.A. Mitsui Finance Europe 


Samuel Montagu & Co. 


Morgan Grenfell & Co. 


Morgan Guaranty and Partners 


Morgan Stanley International MTBC & Schroder Bank S.A. Nederlandsche Middenstandsbank N.V. 


Nesbitt, Thomson New Japan Securities Europe The Nikko (Luxembourg) S.A. 

Untiled Limited 

The NEkko Securities Co., (Asia) Ltd. Nippon Credit International (HK) Lid. Nippon European Bank S.A. 
The Nippon Kangyo Kakumaru Securities Co., Ltd. Nomura Europe N.V. Norddeutsche Landes bank 


Nordic Bank Okasan Securities Co., Ltd. Sal. Oppenheim jr. & Cie. Orion Bank 

UnriI ^ d _ Lcnllfd 

Osakaya Securities Co., Ltd. Osteneichische Landerbank ■ Oversea-Chi nese Banking Corporation 

PKbanken International (Luxembourg) S.A. 


N. M. Rothschild & Sons 


Sanyo Securities Co., Ltd. 

Salomon Brothers International 
Scandinavian Bank 


pe N.V. Norddeutsche Landes bank 


penheim jr. & Cie. Orion Bank 


Oversea-Chi nese Banking Corporation 


Privatbanken Rothschild Bank AG 


Schroders & Chartered Singapore International Merchant Banker* 

Limited Limited 

Singapore Nomura Merchant Banking ‘ Sic an di navi ska Enskilda Banken 

Societe Bancaire Barclays (Suisse) S.A. 

Socidte Centrale de Banque 

Sanwa Bank (Underwriters) 

J. Henry Schroder Wagg & Co. 


Singapore-Japan Merchant Bank 


Smith Bamey, Harris Upham & Co. 


Societe Sequanaise de Banque 

SparbarikernasBan): Strauss, Turnbull & Co. Sumitomo Finance International Sun Hung Kai International 

Svenska Handelsbanken 

Taiyo Kobe Finance Hongkong 


Takugin International (Asia) 

Union Bank of Finland Ltd. 
J. Vontobel & Co. 

Trade Development Bank, 

London Lurch 

Tokai Kyowa Mor gan Grenfell Tokyo Finance (Asia) Ltd. Trade Development Bank, 

L i mited . London Lurch 

Union Bank of Finland Ltd. United Overseas Bank Limited-, Vereins- und Weslbank 

- - • • Si«HWPOr* - Ahiic-Tigc'rtbchjft 

J. Vontobel & Co. Wako Securities Company J,f. M. Warburg-Brinckmarm, Wirtc & Co. 


Warburg .Paribas Becker Wesideutsche Landesbank Dean Witter Reynolds International 


Wood Gundy 


Yamaichi International (Nederland) N.V. 

Yamatane Securities Co., Ltd. 

n Tokyo Pacific Holdings N.V. 

L- - - i Tokyo Pacific Holdings (Seaboard) N.V. 

international telephone 
iinksfdryoardierrts - 
Middle EastUSAUX 
and Ireland j 


H>rtunt»asec asuftcoc. 

fteiMSijnra a*T-*iriaa?«MC 3 i 
«-3 at* ■ ' «w. 

Danish trader’s Far Eastern links 

DANISH shipping, trading and 
Industrial group- A.S. ; .Det 
Oestasiatiske Kompngni (East 
Asiatic) regards. Its historic mar- 
kets a£- the Far. East and. • in 
particular, China, as the most 
promising for future growth. 
Managing director aod board 
chairman MogensPagh said- iff an 
interview with Reuter that 
although business is proceeding 
normally in most of the region, 
business with China is growing at 
an explosive rate. 

- East Asiatic has Just obtained a 
contract to. advise China on port 
modernisation at Tientsin < Hsian- 
kung) and and. to look 


at the requirements for comaioerfrom consolidated turnover 
lerminals. infrastructure, hand- statistics- Thus East Asiatic will 
iiug and administration. The Far need to increase sales by at least 
East offers the best prospects 10 per cent to maintain turnover 
for expansion, - whereas the at DRr 23.1m. 

Danish market, which accounts. Earlier this year the company' 
for 10 to 12 per cent of group announced that it was to pail: 
sales, has only limited growth with a 35 per cent shareholding 
possibilities, Pagh said- - in its Malaysian subsidiary to 

Last year group pretax profits conform with the Malaysian gov- 
fell to DKr 337m from DKr4S4m emment’s policy of wider share 
and this year the company has ownership, 
to cope with the problems of Of 21m shares offered for sale. , 
currency upheavals as well as 15m were reserved for Malays- j 
.the depressed shipping market. The hope was that further share 
Tbe company has reduced Its 60 sales would eventually leave 
per cent stake in R, T. Briscoe Malaysian shareholders with s 
(Nigeria) to 40 per -cent, which controlling Interest, 
remove*- the Nigerian company Reuter 



(u-cu m2) 

SSI LlreLDWlch High Road 
Green nidi, SElfl SJJL. 


<om* 5 am) 

15J17 OiitwK-k rush Road. 
London W* 2NG. 

The Annual Report as of 30th September 1978 has been 
published and may be obtained from: 

' Deport Rare &45H. Sure Accounts 

6. Snb'po. Shares r.8fl?i. Terra 

Shares 2 rrs. It; above share raw. Suh'nn. Shares S.W 

3 *5*" J Bte inteiesi Denoslr Rare fi.43. Share Accounts 6.93. , 

naid anarrcrly on shares/rerm sharee. i 

Monthly incoine Shares 6^0*;. | 

Pierson, Heldring & Pierson N.V. 
Herengracht 214, Amsterdam 

National Westmin s ter Bank Limited 
Stock Office Services. 

51h Floor. Drapers Gardens 
12 Throgmorton Avenue, 

London EC2P 2ES 

N. M. Rothschild & Sons Limited 
New Court SL Swi thin's Lane. 
London E.C.4 

Btnque Rothschild 
z\ Rue Laffitte, Paris 9 

Merrffi Lynch International & Co. 
aA European offices 

Sal. Oppenheim Jr. & cie. . 

Unler Sachsen hausen 4, 5 K61n 

Trinkaus a Burkhardt 
Kdnigsallee 17, DGsaeldorf 1 

Banque de Paris et dec Pays-Bas 

3 rue d’Amin. Paris 2 
Boulevard Emile Jacqmafn M2, 

Banque de Paris et du Pays-Bae 
pour !e Grand-Duchfi de Luxembourg 
10a Boulevard Royal, Luxembourg 

hdcmational Pacific Corporation 

Royal Exchange Building 
■56 Pitt Street, Sydney N.S.W. 2000 






decided tr 
Wilson fi 
number o 
were com 
paign agai 
Party on 
1974 Gem 
The roi 
lowing thi 
affair. Mi 
was. had 
an orches 
himself, t 
Lady Ft 
Marcia W 
The Pr- 
Sir Haro 
drawn soi 
mid the 
did not 
round a 
male rial." 

The Prc 
to hear 
Sir Ha rol< 
formal cn 
On the 
against I 
counci t s; 
I.'oyal Cc 
that iher 
Labour bi 
The Pr- 
is one oi 
lishcd tod 
In ano 
against t! 
Daily Ex 
picture c 
death in I 



international financial vm> company news 

in 1977-78 

Victor’s video booth beats rising yen 

Bjr Richard Rolfc 

NEDBANK GROUP, which is 
the fourth largest 
African banking group 
terms, at over R3bn, 

largest of the South 

owned international banks, has 
reported sharply higher profits 
for the year to September 110. 
The net profit figure is up from 
R33.3m to R3S.3m (R844m). 
After adjusting for outside i 
shareholders in certain suo- 
sidiaries. profits attributable 
to shareholders have improved! 
from R3l.6m io R36.7m. I 

Earnings per share are up 
from 36.7 cents to 42.7 cents 
and the dividend total 


TOKYO, Oct 24. . 

SS 1 ? ft «»«! SSS-JSf “5 ,he orisi - 

s » ss r-i,r«s is 

half of the for raance. offsetting the impact brought an exchange loss of T l ° YP 8 p ^ nts ** T0 be - 

current financial year in spite of. of the steep rise in the yen on Y2.9bn. Victor offset tills loss financc d by the increase of paid- 

m€ , n ^. in ‘he yen m the foreign exports of audio equipment and by Y900m through hedgin' 3 opera- up capital, through the offering 

Victor?' current nmfiu m ’ co!o VJ ****■ 1 As . a tion f iD the exchange Of 6m new shares by subscription 

^Predation, market. in September. The company 

South ■ Y3 * 83bn) f521m) °r 11-6 per cent 3lS ed bv* 14° per cent re d* 14 S 3ees a stT0D8 deraand 2j U *®.0 in annual dividends 

Si™** in the fil StSSifS n ft resowtivelv! llLot fo L V I* fo ' ** .*« * the cur- *is finan.dal year, an increase of 

Victor has concluded export 
agreements in respect of home 

cem Profits 'per Tfiii* ^ vff™ ™ SPMS 

>■ 3 «" £ 0D S5S 

sales of 

TOKYO, Oct 24. 
NET 'SALES of Japanese bonds 
by non-residents in the first' half 
of the 2978 fiscal year totalled 
$Llbn, compared .. .with net 
investments of S282xn in the. same 
period in 1977, the Finance 
Ministry announced. 

Foreign purchases of bonds in 
the half-year, which started in 
April, rose to S326bn, from 
SL49 ud a year earlier, while 

Australian banks criticised 



- the dividend total is up ; AUSTRALIAN banks came over that period from 10.5 per loans up to a maximum o/ : 

3 cents to 21 cents with toe under a strong attack from the cent to 9 per cent, and Mr. AS100.000 From the iJSn? rate' 

ares a sLron 3 market recently .Prime Minister. Mr. Malcolm Fraser has publicly set a target of 10.5 p C J rant U P SSuUi IT*© 1 b Y 0ur 0w » Correspondent 

oted al 290 cents ahead uf Fraser today for not lowerins of a Fnrthpr n.=? npr ^ woua d i_ ! 

SYDNEY. Oct. 24. 

io a maximum of 

Telecom profit 
record with 

foreign sales _rose sharply*.? to 

from §L20bn, 

Net foreign sales of Japanese 
stoeks in the first-half - fell 
sharply, to S136m, from- 8368m 
In the -same period of 1977. 

12 . 5 % increase } foreign buying " ' ' ' 


„ ^ rising to $2.63bh. 

! From SI -20 bn, and foreign' selling 

quoted V“a5b s cente' VhVad^f ' Fraser tod^’7or not lowering LS.X fiL 10 {L peJ ' ™ ld . a / so j "" jrising to S2.77bn from 3L57bg 

todays figures, the yield is 7.2 their lending and borrowing December The reduction in the trading r ? es fo 5 SYDNEY. Oct. 24. ! The Ministry attributed , the 

per cent. ; rates Answering a question in bond rate has been accompanied down 3 k deposits to come . TELECOM Australia, the Govern-j [jJJjgJJJJ bo ° d **1“ <*iefly to 

The shares have come tp Parl, « 1Tient - Mr - Fraser said that by a fallin corporate interest Referring tn th„ rm-arnmiini'r ment-owned domestic telecom-; i f al f* H ^ te rJ ast 

IS slews ■ , »«4 •»* »«?'»«<« “ nccn, ^l, pr o fi,; ^ 

?r said: “ I think the notable; “■* P er cen t froo 11 AS164.4 to a measure to eheck infibws :'of 
the vield differenViai "w"Tth"'"7hc 1 T ' 1 " . ' . ... -- .•'**^7*“'*“ icuuuug onimission in nnv r»«,v»ii». rm-nani. I repnrH ASifU Dm inss'iifiTmi in ‘ short-twin < 

in me luuiiui^ , ■'") 0 »<aai nucu iuc i dtea, uui mere 

and are nearly double their 1077 trading banks ought to have general reduction The hankc t~1' 

low Of 155 cents. In the process ■ moved on interest Fares. were nressiSed ^ into^ LS* Fras ? r ?aia: ~i tbink the notable; ce “t to a measure to eheck Inflows fof 

J ■ ■ ' The Government has been in- the£ lendfn? ^rales on housinf Hn imiS r 5! ?k in .* ny public revogni- record A81S4.9m (liSS216.7m) in . short-term capital, includtqg -a 

■ ■ - ° nt n f n a mf?Ivo t on °5 the “Nation is a move- the vear to June 30 — its third on sales to non-residems of 

cent and have m*nt <inm Mn i - - - -Japanese bonds of less than'. five 

5 and one month. 
September, net non-resident 
of Japanese bonds fell -to 
from August’s 8277m. with 

nn standard Bank’ investment' «™ uh.,, on smau many other areas.” J, 1 * ! ?»“>j n S faning_to S329m, $5 19m 

Cnrpn. and 

Volkskas. " I 

A year ago. the hank made a 
provision. In ennimrin with 
other banks, against its loans 
to Glen Anil, the failed town- 

Record earnings for Fujitsu Fanuc 


proviaea men (K.4.Bm arier tax))' ~^ ITSU p A NUC raised its net Fujitsu Ltd, said that overseas The companv forecasts that l Ra’ 
had no identifiable counterpart: profit m lhe h alf-J'ear to Sep- sales of its numerically con- sales in the fiscal rear which !<»iu 
in the year just past, but sub-jtember 30 by 64.S per cent to a troI1 5 d (*•*-> equipment and ends on March 31 wfu he un °8lnri 
stantial Drovisinns in arjsTPfatA ‘ rppnrH vi son*, r«in .im . t-r.— machine tools were brisk, with n«*»* »nt tr, _ F r . 

cem ta&iibiiSi \<~;,!^^r d r» d 0 Z n S 

assets or more than A36.6bn. All ; earlier 

£' ®. been : Net foreign sales of Japanese 

back into the business. .stocks in September narrowed to 

Telecom said that . telephone 825m from $36m In August, with 
and Telegram charges would not buying rising to 8466m rfrbin 
increase for at least 12 months. ! 8457m in the. previous ' month. 

, Basic telephone and telex ' and selling down to $441m from 
i charges had remained at 1975 i 8493m. 

rinancial Times 


- •- ■ ■ - ■ V T-:V " 

bsned Capital— -R5 9730 in 11^50,000 shares df 5 

— ...... v ,^nfe;ew& 


Operating results 

Development— metres ......... 

Ore willciWoDs 
Fibre produced— tons 
Percentage fibre recovered 

Revenue per ton -*—3' 

Production costs per ton’... 

Selling costs per ton 

Financial results 

Operating profit 

Profit after tax from nour 
mining subsidiaries 

Quarter Quarter .Fbuiidai FlkocM 
ended ended year to - 

UM.JS. 34.&JB . . IZse ; 

^ .15.4' 



' t554 

®1000. =S66;0OO' 
5045Bv .65S27, 
:A£2 ^95 

S231.0 ; R232.7 
’Riio.0 . RSia 
i--.R00Q,.r -ROOffi 

: 8iIS6 m 0; 


104 292- 

Add: Interest received (paid) 
' —net 

2.984 -V^aO^.- Sr^^biS^; 
<&>-. ■ (69j v (220) ■ 

Profit before' taxation 2,886 

Provision for taxation .: S39 

1535 ‘ 8428 list 

953- . ; -2a8V "'-:^ayi 

Net profit after. taxation ... . 2.047 ' 21SS2 ; 6.047 ; 






.312. 388; 

Capital expenditure : — 

Prospecting expenditure 

Loan levy 


1. Consolidated results are given,' as informatiaa reQtinV tkV 
the company only could be misteading; . . . .. ; . 

Financial results are based on actual fibre. sWpfeehfe: 
which vary fronr month. to month. and do not Decessarihf, 
bear a pro-rata relationship to' production and sales for- 
th e year. ' . * : • 1. 

Operating results relate to the activities of. group.' mine* ‘ 
only, while financial results reflect- salesr of fibre-'froaf 
group mines as well as sales of other producers.-. - 


On behalf of the Board' 

Registered Office: 

6 HoJJard Street. . 
Johannesburg 2001. 
25 October 1978. 

li. H- WALTERS . 4: - : 

L-. K JOOSTE - 1 Dtrertpre^.r 

. 'London ‘ Office: 

95. Gresham Street - 
London EC2V 7Eif-' ! 

:■ • :>r#. 




which has gone into liquida-l, . 
tinn. Thus Ncdbank’s profit* 1116 
advance appears to he directly 
comparable with the previous 

Sc AniT'^ovu^J Nissan Fire and 
th ™c™oup ha, specialised fn I Marine Insurance 

prices ail year. Since 1975 the| The Ministry approved six I 

traffic by 19 per cenr 
per cent. 

network had grown by [external bond issues by Japanese 

Robot this year. 

General Sekiyu shares for Exxon 



companies, totalling $l40m> 
compared with nine '-bonds 
amounting to $205m, bringing 
cumulative total issues in' the 
first half to 48 bonds, totalling 
SlJ2bn. The first half total- to 
the last fiscal year was 33 bond 
issues totalling §890m. 


TOKYO, Oct. 24. 

international trade. particu-j Nissan Fire and Marine Insur - ! esso F 4«?TirRv rnenATinv ...... * jholding talks with Ricoh Com-I ■ *• 

i- and \ ance Company has announced C0 , Rp A T I°^ « provided the Government gives pany of Japan “concerning! n6&OtlSlt6S 

I future relaHnnshina " 1 O . 

of approval. 

wholly - owned subsidiary . . 

Exxon Corporation will carry _ issue . will increase 

General Sekiyu's capital to 

i commodities, and! ance Company has announced 
accounts for over 50 per centithai il.. . 

of total trade finance in sorne;!^ 1 J**' f ,Ich >y° shl Shiroishu 
itenw. With interest rates rising ; the “waging director, will be 
in the U.S.. some minor switch- 1 Promoted to president, in succcs- 
ing of finance tn Johannesburg j &iojj to Mr. Kaname Hondo, 
has been noted, but in general I reports AP-DJ from Tokyo 
companies are reluctant toi Mr. Shiroishi 5B whn 

j siiraL s’ arsysif ! 

nSI nf profltawftty ^j^cS 1110 wi “ 6e a " adv isor> : | alloca^U of a plao^j, is ™ e " S5SB a^Yl.m 
continued to improve through 
a period of declining domestic 
interest rates, despite the con- 
ventional wisdom to the con- 
trary. reflects in part its rela- 
tively small branch network, 
but also the fact that it has 
many of the characteristics of 
a “wholesale" bank in its 
management of assets and 

NEW HAVEN. Oct. 24. I T _ '■ . 

NASHUA Corporation, of the] IcrSlPll raHlIf 
[U.S., has announced that it Is I Udlill 

holding talks with Ricoh Com-; 

future relationships.’ 

Nashua buys office copier! Inan 

a chines to Japan from Ricoh. I lUktu 

By L. Daniel 


50,000 people in the United Kingdom suffer From proEressiverr^ 
paralysing MULTIPLE SCLEROSIS— the cause 'and- cure" of^t.- 
which are still unknown— HELP US BRING THEM RELfEP^T- 
AND HOPE. ; ‘'f; 

We need your donation to enable us to contin Devour' iroi^-T 
sufferers and to continue oirc commitment to find: the cause 
and cure of MULTIPLE:. SCLEROSIS, through 
RESEARCH. •" ' m - 

Please help— Se nd .a donation today t(|i; ;6' < 

Room F.1, 

The Mnlttiple Sclerosis Society of BJt Ww i . ' 

4 Tach brook Street, - 

London SWI 1SJ ' : ' • . . -*■ -v ; 

V -ii ■.jfTL. 

. hci wwre oi ioo par value. 

issue, the Japanese company with payments required around 
said here. next April or May. 

General Sekiyu plans tn T«S^ Sra L. Sc ! Uyu ^ a l quoted on 

Tokyo Stock Exchange on 

_ — ue Fridav 

of 30.89m shares to Esso Eastern, Reuter 

machines to Japan from Ricoh. 

The company said that it 
expects the upward movement of 
] the yen to increase Its costs for 
products purchased in Japan bv 
over S20m for all of 1978. 
Nashua said that it does not 
expect the discussions adversely 
to affect its business. 



Generous terms for Unilever’s French bond 


igapore s 
growth as 
finance centre 


denominated^ Eurobnnd^inc^che nationa^bon^market vesterdav K 1 !? m °— ^ hic i 1 f° llo ^, ed Iast bu,lel . wlth a coupon of 5{ per 
French franc sector of the Another broad Sffi? " ee . k * raisin * of ,he German cent and an indicated price of 

market reopened last month was took place as thp 6 ^? mnnS w n f S • r * serve . requirements. H9. Yes lerday the market indica- 

, announced last night. It is a offered «£ Sr De ? lers . al ®° c[ted th ^ recent tion was only M below the issue 

FFr 100m seven-year bond for by 1 per cent tn n? *I7t- r SS S UUe ^ optimistic re P° rl from the price suggesting to dealers that 

W}?***? 5!?- iSng term Jieldsof around l b ** D ±*™\ ^LjSfSL 

SINGAPORE, Oct. 24. 
SINGAPORE’S future growth as 

! Unilever, with a indicated coupon close Ion- term yields of arounri P erm f D ec j jn u omic L *nstitutes the final tenns, due today, 

of 10 per cent Lead manager 10 per crat were commnnnla!? d whlch conflrB,e f tbat the German could include a marginally 
is Banque de 1’Union Europ^ene. VT , . commonplace- economy was in a cyclical up- higher price. 

i ann c . m ? r j 15 senerally swing. A business upswing On Friday BHF Bank is due 

The terras come as no surprise, characterised as a “ professional- implies ereater demand fnr „ k 

— , „ jo auu generally awing. .n nusiaess up 

¥ n0 t u 7 r , ise ’ nl ,a J’L a «, tens ^ d as a “ P^fessional’" ‘ ra Pl»es greater demand for to announce a bonti for the 

fh^rate^o^eccmomic ^rowfh ^b/Sr^^o^rfer" 8 fnSinf K SSM 

its neiahhours f Somh W 1 P rices to-.lewl .Prices were off yesterday by chance that ttos issj^ will bt 

■i, «• _ls ‘ . r * lcl H,s wnica cuats io arop prices to a level Knees 

.Asia .Ur SSbri 'fi “imfin' “'cSSSi'S' ™ Ul h i per L rem 3Dd ' ,be Insfte frin , DM 12m Eo 

man of Manufacturers Hanover 1 95 n^ant Upon of l = h A nsn ; D .M bond market ^ was showing DM 150m. U wUl have a Io- 

nian of Manufacturers Hanover| 9j per cent. - in yields still' showed nn clone 'nf " aa s “ uy " u 8 iaum. a wui nave a 10- 

Tnist. said in a epeech in Singa-| * . . sufficin’ and ^eaienmniimiid f^ ,sfan ^ t0 now f issues planneti year maturity with an eight-rear 

pure. ! The new bond will he an *o remw *in2n^^ u .*! S,^ ore |W * w « k Phase in the average life, but coupon and In- 

Mr. Haase, who Is in Singapore! obligation of Unilever USF In- frora^restml Under fhesp ^■• M tSL, dei ‘r lope i Thus the dicated price have yet to be 
m meet Government officials and 1 vestments, unconditionally and depres itoc market conditfnnS . bonds for Copen ba gen, determined, 
banking and business leaders, : irrevocably guaranteed by number o? bonds Tn Thfch ,he E ^°Pea n Coa to the Swiss franc sector Union 

said that he continues to be in,. , Unilever. Application will be dealers are wiHin-’ tn IS ® nd i 5 le -' Cnmmumry were all Bank of Switzerland is lead 
pressed with the growth nf'5"* d e m London to the Stock prices'is declining^ noticUfiv * /. n , ,he ^arket at 1*-2 managing a SwFr SOm is.rae for 

Singapore as the leading financial • Exchange for a listing. n ^ P«? ta below their envisaged Malaysia maturing io 1990. The 

»» in ASEA " i -txttjsz-s ^-gaarffB « “ 

TEL AViy. Oct.24. 
THE 1NDUSTRLAL Developmehtl 
Baak of Israel, which' is- the} 
largest single instrument for] 
channelling long-term loans 
Industry, accounting for 50 
cent of the finance provided for 
approved investments, has 
recently obtatoed a US$20m loan 
, from an American bank to assist 
in expanding its loan portfolio.' ; 

J The bank has also placed 
! US$50m worth of debentures on 
i the American market over -the 
past four years and intends to 
mobilise further capital in the 
U.S. shortly. 

This development has occurred 
because approvals for investment 
loans more than trebled In the 
first half of this year to l£1.6bn 
(USSST^m) from I£505m 
fUSS27.6m) in January to June 

Actual loans extended grew 
less rapidly since investors have 
now to proceed with the imple- 
mentation of their projects. The 
bank is particularly pleased 
about the high proportion of pro- 
jects in development areas. 

The growth in the bank’s 
balance sheet, on a fixed annual 
basis, came to 40 per cent during 
the first six months of 1978. Gross 
Income of l£13.1bn showed a rise 
of 48 per cent in the period from 
11550m In the first half of 1977, 
and net Income increased by 35; 
per cent to LE53m. 

Over 80 per cent of the capital 
of the bank is held by four 
bodies, with the remainder 
traded on the stock exchange. I 

!*>’ • 




_ TRUST ^PPrecw^^i^lj 


4 '- 


to combine B ramftferuf 

sig n rficanfmirkjrit/A 

holdings in cdrnperfe? ' , ; 
selected fortheir 
potentiat yuttik a jraone y' 
orthodox portfofio of 
g rowth Gprhpa niesi. 

r -. : Sr-—. 

The annual report 
containing a review 
covering the major 
• ; investments of Atlantic 
is available on request 


HioW^rt* £ 

Ivory 8- Sims Limited, 
investment Managers, 
1 Charlotte Square, 
Edinburgh EH24DZ. 

MrbJvm 3HM 

• wra- --1S77 ■ 

tm 1 

Total Assets 

46,791 34.715 ' 

NetAsnts . 

39.095 2SJ52B 

Par share - 

146^.- lOTp’ 

Annual Dividend 

D.flOp . 0.40p 

This is Luzgi 

Lurgi Chemie und 
Huttentechnik GmbH 

Process Divisions: 

— Inorganic Chemistry 

— Ferrous Metallurgy 

— Non-ferrous Metallurgy. 

Lurgi Kohle und 
Mineraloltechnik GmbH 

Process Divisions: 

— Coal Technology - Gas Technology 

— Refinery Construction 

— Fiber Technology. 

Lurgi Umwelt und 
Chemotechnik GmbH 

Process Divisions: 

— Dust Collection and Emission, 

— Waste Gas. Water. Air 

— Thermal Processes 

— Cellulose and Biotechnology 

— Gotek - Workshops. 

Organization Abroad: ■ 

Subsidiaries in Amsterdam, Bruxelles, 

Johannesburg, London, Madrid, 
2 . Mexico D.F., Milano, 


New Delhi, New York. Paris. 

Rio de Janeiro, Stockholm, Toronto, 
Wien. Zurich. 1 

Branch offices in Tehran, Tokyo. 
Representations in Caracas, Kuwait, 
Manila, Moscow, Riyadh. 

Agents in more than 40 countries. 


Design, supply and construction of 
turnkey plants, Individual units or 

Erection and start-up of plants 
Including proof of fulfilment of 
guarantees; development and 
Eceasingof processes and equipment. 

Lurgi itself is not a manu facto rer of 
machinery and equipment and 
selects the most appropriate suppliers 
in Germany and abroad for each 
individual project. 

Prominent Percentages (101 

Nearly 9% of our personnel 

are engaged in R& D work. 

As an engineering group, it r s not enough 
just to keep pace with technical developments 
in the plant construction business. 

We have to anticipate and innovate. That’s why 
nearly 9% of our personnel are engaged in R & D work 

4 % ^ 0Ur 0Vm research centre and on site. The results and data 
they obtam are the foundation on which large-scale projects are huilt. 

At present, new investments are scarce and contracts have to be earned 
the hard way. Potential customers must be convinced that their partner 

as no only the experience and the know-how but also the foresight 
to oner plant designs that will meet tomorrow's need. The effort* 
of our research angmeen are an integral part of the service wep r S. 
Eachyear, half a million manhours are invested in research 
and development. The dividends are shared 

with the customer. 


-the plants are 

Imilt hy LUX^l D^oooftankfurtamMata 2 


O T 


* Federal Republic of Germany ‘.PJOA nsiBi 

Ri? fc , 

'V FlnaneM’^Tinies '^WeclnesSay October 25 1978 

■ "S^ ' 

Currency, Money and Gold Markets 

Dollar steady in 
nervous trading 


Odh month % p-n- pTitwi month*' % p*. 

- ini:: 

rr.idln™ remained very nervous 
the foreign nchan^e market 
.. tierdny. ahead of President 
.. rtcr's message on his anli- 
la tion programme,, and UJS. 
, .jnomic statistics to be issued 
' '.er this week. Trading was 
thin a fairly narrow range and 
.'•i dollar showed little change 
the day against most major 

- ' t gained ground against the 

ibs franc, however,- closing at 
Fr 1.35D0, compared with 
. Fr 1.5200 on Monday. During 
v,' » day the U.S. currency touched 
i. ow’ point of SviFr 1.5210 and a 
it level of SwFr 1.5460 following 
■ther Intervention by the Swiss 
tiona! Bank. 

Hie West German Bundesbank 
■*o supported the dollar, which 

- iched a high point of DM 1.8225 
*v. % terms of the D-mark, before 
. ' .sing at DM 1.S0HO, compared 
‘ ih DM 1.8065 previously. 

)ther currencies were little 
‘^nged, with the French franc 
islima at FFr 4.1800, compared 
ih FFr4.17H0 on Monday, and 
i Japanese yen closing at 
52.20 in rerms of the dollar, 
ilnst Y1S1.50 previously. ... The 
linn lira declined to LSOft.25 
tiust the dollar from LS07.75. 
rhe dollar's trade-weighted 

predation. as calculated by 
■rgan Guaramy of New York, 
rrowed to 11.3 per cent from 
4 per cent. 

Hie pound's trade -weigh ted 

lux, on Bank ol England figures, 
s unchanged at €2.1, after 
nding at 62.2 at noon and 62.1 
early trading 

Die pound opened at S2.0035- 
045. and touched a high point 
S2.0H5-2.0125 before mid-day as 
? result of n large buying order 
■ sterling. During the afternoon 
traded at S2.00GD to $2.0095, and 
'“"sjserf al $2.0070-2.0080. un- 

anged on the day. 

'forward sterling was very 
tn, with the three-month dis- 
jnt against the dollar narrowing 
^O.tiR cent from 1.12 cent. 

''I'iEW YORK — The dollar firmed 
“ .tially but then slipped ih early 
■ding, as the market awaited 
th anxiety an announcement 
' rr in the day from President 
rter about his anti-inflation pro- 
. imme. 

-.FRANKFURT— T7ie West Ger- 
. in Bundesbank bought $10.4m 
ien the dollar was fixed at 
•I 1.8172 against the D-mark, 
npared with a record low of 
.. 1 1.8027 previously. The fixing 
s slightly above Its early level 

of DM 1.8130, with trading de- 
scribed as quiet and thin ahead 
of news on U.S. consumer prices, 
U.S. trade figures for September, 
and President Carter's announce- 
ment on anti-inflation measures. 
The central bank intervention 
was the Grst since last- Thursday 
when it bought S3.Lm..Tbe Swiss 
franc was little changed at 
DM 1.18320, compared with 
DM 1.18880 on Monday, while ster- 
ling improved at the fixing to 
DM 3.6480 from DM3.6130 pre- 

' MILAN — The dollar " gained 
ground against the lira at yester- 
day's fixing, rising to L819.05 from 
the previous 33-month ' low of 
L807.SU. The D-mark fell tn terms 
of the lira to L445 from Monday's 
all time high or L447.81. 

BRUSSELS- — The dollar rose to 
BFr 28.66 at yesterday’s fixing 
against tbe Belgian franc, com- 
pared with BFr 28.5125 previ- 
ously. The French franc . rose 
slightly to BFr 6.S320 from 1 
BFr 6.S255 on Monday. , 

AN KARA — Th e Turkish ' lira' 
was devalued against . 13. curren- 
cies by between 2.4 per cent and 
4.3 per cent, but left unchanged 
at TL 25 against the dollar. The 
adjustments were the sevenrh 
since tbe lira was last devalued 
against the dollar by 23 per cent 
on March 1. Since then the 
Turkish currency has fallen by 
26 per cent , against the Swiss 
franc; 27 per cent against the 
Deutsche Mark; and 8-6 per cent 
against Sterling. Yesterday's 
devaluation in terms of tbe pound 
was by 3.84 per cent, to give a 
central bank buying rate cf 
TL 50.10, compared with 
TL 48.1750 previously..- _ Apart 
from 11 European currencies, the 
lira was also devalued against the 
Kuwait dinar and the Australian 

TOKYO— Buying of dollars for 
import contracts by domestic 
trading houses pushed the U-S. 
currency up to Y182.22} against 
the yen at the dose, compared 
with the previous day's ‘ record 
closing low or YJ 8 1.05. . The. dollar 
remained firm during the day, 
rising from an o pening-' level . of 
Y1S1.50. Buying for Import con- 
tracts was stronger than usual, 
and the improvement. , was 
generally considered temporary. 
President Carter's anti-inflation 
speech was not expected to 
prompt a strong recovery. Trad- 
ing in spot was f435m, with for- 
ward and swap volume totalling 

u.s. a 
Omul inn | 
Ucl|{liiin F j 
Dnntfih K 
XJ-.Mn rk 

±>F*w. Pm. 


Nrwyn. K. ' 
FrrndiFp. ! 
-Kwc'UbIi Kr 1 

iw ; 

Aiu-lrhi Schl 
Swim Kr. \ 

Bl s |2.00a&-2.0123 
10 Ij 2.5710-2.3805 
flit 5.04-6.98 
6 67 -28-57. 6B 

6 - 10.U7-I0.I84 
5 fi.S2i-5.BSi 

IB 89.00-83.85 

0 158.70 -159.40 
10i E I.Rfl-l.fiH- 

7 B.79f-86 

S>E 8.S8-8.424 
61* 8.52 8.67 

W E 5S2-S70 
41 B 28.S5-26.BQ 

1 fi.D8i-fi.IOl4 

8. 8070-2. SOSO 
5.94 »i- 5.36 Jj 

S. 65-J.04 

8.62, >-8.55 J 
28.85- 28.75 

0.55-0.23 e-rmi 1.87 

0.40-0.50 e.nro 1.77 

i T«r 

10p.[im-Bc.ilj*|— 0^2 

6i-Si uk *lin — 0.96 
8£-l£|4 I”" 7.M 

40-140 l-. ilia -12.06 
25-125 c. ill* — EL 48 
5 6 lire rill* —2.96 

2-4 lire >11* — 3-87 

5i.2j C. pm 5.8! 

J arrpnuUe-U —0.56 
5.M 2.70yjiiii 8.53 
1 7-7 or® pni 8.S9 

fife-ZAa c. Jim 11.23 

1. 03-0.95 r. pm 1.0b 

'Lfi0-I.4flc.iiml 2.44 
EIb-U» c. pm 2.02 
150-15 c. pin 1.84 
lUJ-16; i-rv.ll*. — B.0S 
BJe 73e in pni; B.87 
I16D-560 dU— 11.61 
.180-280 .j. ,4l»i — 6.05 
11-16 J— 5.M 
51- 7 i nre ill, [ — 2.56 
&i-5i c, pm I 2.88 
I3J-IJ ore pm 1.86 
p.pfi-B^BOy pin. 8.S2 
Ufl-fill pro pmj 6.24 
is 7 b - 8 7 S o. pnii 12.21 

Holman, rate Is for convcrUUs francs Ste-nmmh forward dollar I.33-U30 pro. 
Financial franc Bl.80-fll.10. ’ 12-monib 4,57.4.47c pm. 



October 24 

Canod'n »■ 
OvUtiun Ft 
D nplfh Kr 
Pan. Esc 
Span. Fia 

Nrvi-fin. Kr 
French Kr 
Su-ciluh Kr 

Y«.a ' 

Anfllria Sch 
Swiss Fr 

Tbrraj months pj 

ua. ax -so. 51 
MAS-41 .85 
4.2465-4 JMD 






44.6541 JS 






pp 2 J .X 1 2 go 

13 JO-13 _51 


cenrs per Canadian S. 

0.02c dt»4HM- 
0 J04 J0c db ■ 

2-Se dls 

4 Jn-U0arad>s - 
X.Dl-0.9fipf pm 
55- 70c dls 
X25-4.0(Uiredfs - 
1.6O-2J0oro dla - 
OXO-OJMc pm 
DJZ5-0.45or«dl» ■ 
UB-l.lfly pm 
5.75-2.759^1 pm 
LSW-25c ptn 

0.B6-0J)9c pm 02 
USfilISc pm 0.2 
Media -841 

lDi-Uore dls —92 
3J9-3J4P7 pm 6.1 
130-5Q0C dla -282 
169-UDc dls -92 
9i-lUI(re «H* -5.1 

5.15-5-Sora db -5.1 
UKMLEOc pm 0.1 
•354S5ore db -B2 
L2S-3.15y pm 6.1 
UMM-7-SOara pm 2.1 
4JMK3.95c pm I0J 



October 24 Drawing 


SloriilU - 0.654989 

U.S. dollar 1J1358 

Can.idiaa dollar 1.55383 

AuRirlan schilling ... 17.5166 

Belgian franc 37.6472 

Danish krone 644671 

DcUl setae Mark 238704 

Ouilder 2.40069 

French franc 5.50891 

Lira 10642X1 

Yen 239.334 

Norwegian Franc ... 6.4 38S1 

Pesela 90.9733 

Swedish krona 5.59165 

Swiss franc 22UB97 

Euro pan 
Unit af 

Bank of Morgan 
October 24 England Cuaranty 

Index changes % 

Sicrfins 62J0 -422 

li.s. dollar 0LX2 -U-J 

Canadian donor — 78. B — 18J 

Austrian sdilUltu; ... 106.45 U.2 

Belgian franc 114.73 +15-4 

Danish krone U8-84 + 72 

Dcu I setae Mark ...... 150-37 +42.3 

Swiss franc . - 20827 +94.7 

Guilder 123.77 +19.8 

French franc. ... 99.49 — 6.6 

Lira 54.91 —48.6 

Yen - 157.09 -54.5 

Based on trade woUdited chartgea Iran 
lVaidilnition agreement December. 197 
iBank of Encland Index— lOOi. 



Note Riih 


AiHrtmlu r>n!ifir.... 

Finland Han lea.... 


11 rr+k llnu-Vimn 

H.irui Krai-- Ihiiinr. 

Iran Rial- 

Kuwait UinnuKLn. 
laixemUHir? Frane 

klaUivrla IViliir 

.Sewihwland Drain r 
'■nurli Arahln Rival 
Singnteire Dollar.... 
' AfHnmNnnri 

38.06-39.06 18 
1. 8570-1. B640 
1 .7304- 1.7566 

0.8509- 0.8334] Hnlgtum ......... 



18.96-19.46 France., 

36.15-36.03 ] i ertnanv 

4.7456-4.7476 I laiv 

70.45-70.75 ]-ln|«n 


88.52-28.54 X.rrwav 

2. 1 600-2 .1620] I'em irwi 

Q.9260- 0.9285] i«nn — 

3.£880-3.2B2CX-wilrerbnii — 
2.1305-2.1316 L‘ n*i e-t Male*-. 
0.8620-0.87301 Y-n-r-'ni-in 

10 10.2 3 
9.75 9.85 
88 104 
141- 145 
2.000 2.0150 

Kale given tor Argentina, u free rate. 


Pound nterlmul l-j». llraiar I Dait^che.Martl Japanese Yen] French Fram-I iww fr.ui. I Uuicn Gmoiei | Italian- Lira (LJnvU Draia I u« 

nd Sterling 
. Dollar 

ftweha Mark- 
“*ntec Yen LOGO 

t \ ' t •; . 

; j U 

-Beta Fraut- 10 
19* Prahe 

•Mb Guilder 
J»n Lira L,'000 

■oailian Dollar 
• : «l*n Franc Iff* 

;• ' ‘ ? . . 
>. i ] i .’ i 

■ 1 ' ; , l 

1 . 







0.652 • 

.- - 1. . 




. 1.192 - 

. 2.393 







0 .B2O _ 



- 8.238 






6.344 ~ 


brat terml.T. 
J *la.r'a notic 

n«e mr-ntha. 


- -- 

O.S. Dollar 



10T 8 1133 
1Z5* Ut» 
151* 133* . 


9 914 




Dollar ' 

Dutch Guilder Swiss Fraoo 

Wert German 
Mara , 

French Franc 

Japanese Yen 






• 814-sig 



3ri-SH! . 


7U 7sjj 
76 b 7t 8 
a** 10 

Ills Use 

14 U-1514 
14 15 
16 16 


lOtw 10*4 
JOra 10f> 
10ri 10* 

. TYie follnwlns nominal rates were quoted far London dollar certificates of deposit: one month 8.40-8.50 ner.cent: three mouths 10Jfl-103fl per cent: six months 10.85-10.75 
cent: one year 10.70-10.80 per cent. . " ' 

Enrodo,Ia £ deposits: Two years IS5js-105i6 per cent: three yean W-JJ) per cent: four yean W-W per cem-f fire years M-fli per cent nominal rinsing rates, 
in- term rales are call for sterling, U.S. dollars and Canadian dollars, two-day call for guilders and Swiss francs. Asian rates for dosing rates in Singapore. 



Federal funds still tight 

Federal funds remained very 
m- in New York yesterday, 
fleeting a technical shortage . of 
y-to-day money in the banking 
stem. The -Federal • Reserve 
lenened to- inject funds by way 
bvemighr repurchase orders. 
Fed funds traded around 9it 
r . cenU. compared -with a 
stable target rate of 9 per cent 
91 per'cent. 

BRUSSELS — Interest rates con- 
med to rise, with short-term 
e-month and two-momK 
easury certificates raised to 
"5 per cent from 9J5 per cent' 
d three-month to 9.50 per cent 
>m 9^5 per cent. 

Four-month bills for the 
>vernment-ou7icd Fondes des" 
■ntes also went up to 9J25 per 
i\t from 9 per cent at y ester - 
y’s weekly tender. 

The moves were in line with 
ling short-term interest rates, 
d follow the increase in 
■easury certificates announced 
■ the Belgian National Bonk on 

Deposit rates for the Belgian 
franc (commercial) were easier 
for the shorter periods, although 
call money remained firm. One- 
month fell to 92-10 per cent from 
9S-10) per cent, and three-month 
to 9E-9J per cent from 9J-I0 per 
cent. Six-month money was un- 
changed at 8£-§ "per cent, and 
L2-month at 8VSJ. per. cent. 

AMSTERDAM — Call money eased 
to 10-101 per cent from 30J-31 
per cent, and one-month money 
.was quoted at 104-10} per cent, 
compared with lOjr-11} previously. 
Three-month feti to 10}-l0f per 
cent from 10t-U per cent, and 
siXrPionth funds declined to 9-9} 
per cent from 9J-9} per cent 
; PARIS— Day-to-day money fell 
to" 6* per cent from 7 per cent It 
has tended , to fluctuate between 
G$ per cent and per cent over, 
the past two weeks, first touching 
6} per - cent on October 9. This 
was the lowest level for S3 
months. One-month funds fell to 
6^-7 A per cent from 74 per cent 
yesterday, while three-month 
funds eased to lTft-T* per cant 

■from 7f-7f per cent ^Six-month 
money wa& unchanged at 7B-7J 
per cent, and- 12-month declined 
to RiV8,V per cent 
• FRANKFURT — Short term 
interbank interest rates were 
slightly firmer, with call money 
rising .to 3.45-3.5 per cent from 
3.20*3.30 per cent One-month 
funds rose -to- 3.50-3.60 per cent 
from 3.45-3.55 per cent but three- 
month fell quite sharply, ro 
3.55-3.65 per cent from 3.S5-3.95 
per cent Six-month was quoted 
at 3.05-405 per cent compared 
with 325-4J0 per cent previously, 
and 12-jhonth money was un- 
changed at 4.10-420 per cent 

HONG KONG — The money 
market was tight in the morning, 
but easy in the afternoon with I 
call and overnight dealt at per| 
cent and 6 per cent respectively. 

MANILA' — 30-day maturities 
were unchanged ar 10-12 per cent; 
60-day at 10.4-12} per cent; 99-day 
at 10H2} per cent; and 120-day 
at 10H3 per cent. Philippine 
Treasury bills (90-day discount) 
were unchanged at 11 per cent 



Gold fell 31 to £2264-227 in fairly 
active trading. The meial traded 
within a fairly narrow range how- 
ever, moving in line with fluctua- 
tions in the dollar, Gold opened at 
$225}-226i -and was fixed at 
£22530 (£112.671) in the morning, 
and $225.80 (£112.473) in the after- 
noon. The highest level touched 
was £2263-227|. 

■ - In Paris the 121 kilo gold bar 
was fixed at FFr 30.700 per kilo 
($227.70 per ounce) in the after- 
noon, compared with FFr 30,750 
(£228.10) in the morning, and 
FFr 30,945 ($230.42) Monday 


In Frankfurt the 12} kilo bar 
was fixed at DM 13260 per kilo 
($226.57 per ounce) compared 
with DM 13.260 ($228.65) pre- 


Very large assistance 

Bank of England Mini mum 
Lending Rate 10 per cent 
_ ^---vrajEfr, (since Jane, 1978) 

Day-to-day credit remained in 
iort supply in ttie'London “money 
arket yesterday, and the 1 , 
authorities gave a very, large 
>' .? f? jnount of assistance, by buying a 

, -A ^rge number of Tre asur y bills 1 . 

& ;'* om the Discount houses, and a 
& £ v- .* mall amount t > f local authority 

bais: Same of. the bills - were 
bought for resale to the market, 
at an -agreed future date. 

• Bank. balances were well down, 
and the. market also had 'to cope 
with' a sizeable excess of revenue 
payments to the Exchequer over 
Government disbursements, -and a 
slight . rise in the note circulation. 

Discount houses paid-. 'around 9 
per cent for day-to-day money at 
tbe- start, although rates touched 

10j»r'cent in places. Closing bal- 
ances, were taken at around 9-9} 

•• -In tiie'; interbank market over- 
night loans "opened at J0}-10} per 
cent . and -eased to 8}-10 per cenL 
Laterintheday rates increased to 
10}-ll^per cent, before closing at 
9 $-10 per cent. j 

Rates. In the table below arel 
nominal , fat some cases. 

Grari Bullrat (a final 

. ramce., .......... I I 

CIocp -.S 72ei-a27 182271-228 

Orwaing S22Si-22Bi :5228j.2I9l B 

1 Slamlnji 8226-Sfl JS229.0D 

(£112-871) i(£11i.M7) 
Afternoon fixing.. „ £226-6(1 S226.7B 

(£112-475) (£115.864) 

Gnlfi Cntn« 


Krnxemnri — 52K4-E66* K255J-2571 

.I(£11Bi-117i).(£1 171-118!) 
New Sovereigns ...,^SS4i-66i [5B4U-6BU 

h£B 2-5 Ji (£ 52-351 

tW> jJ ( I ^ 

To the Shareholders of 

Dawson InleiTXJtiond Limited 

A letter from your board 
is being posted to you today . 

' 402-35) (£32-35) 

OW Sowe Iffp SB2(-B4» <SB2*-64ii 

WSil-at, (£5114-32 14 

Gold Coin*-. 

InternHtkriVlIy ...1 — I — 

Kmjwnwhl ..:S252i-234i |S233l-25B4 

„ . ' * ji£11M-lBJj !(£I1Bi-ll7j) 

Naw Snverelgni SB1i-B3i ISBli-85i 

_ liUdMJliJ iifaDJ.Sli) 

OH SwaredgM. [SEZJ-tti !s62*-S4i 

' (£31.32) ;<£31i-52i) 

S20 iaglra- 630G-3M |sfi07-3ie 

810B»dee.~ ‘S15S-1B4 'S1S94-1644 

Sfi'-Bagiw -sm-iiB -siosum 




Prime Kate • 

F«J Funds 

Treasury Bills OS- week) 
Treasury Bills <2frweeU 


•nv I Discount. Rale 

I OremWit. 1 

One month 

Ttiree months 
9x months ... 


Local amlwiity and finance houses. se-miai days’ notice, others seven days' Used. “Longer-term local authority mortgage 
ies nominally Uu+fi years !2-l2jppcr eertr, four yeara lH-ii* per oem; Bve years 12»-12i per cenL 4 Bank bill rates in table 
b buying rates for prime- .pflpef/ . Buying faio for funr-monih bank UH8 iOUifi per cent; four-month trade bins 114 per rent. 

Approximate selling rates fpr one-moiith Treasury talDa 9Mt .per- -'cent; and two-xnnnt?) Bi-OUjg per cent: three-month 
Slits per corn. Approximate sefliiu; rate for one-tnomh bask bflta M per cent: two-month per cant: and tnree-momh 
ij& per cenL One-mouth trade- bills 10S niar- cent: two-month isi per cam: and also dtree-month 1M per coa. _ 

Flnaaca Hnst Base Rata* tpnWIidied to' -tfe -Plnance flora* Association) 9 1 per coni from October 1. 191H. Ctearw Bank 
iposit Rates (for small stuns at seven days' nottca* 8-7 per cenL Qearios Bank Base Rmas-for .wndfase M per cenL Treasury 
lie: Average tender rates of discount &BSBB per cenL 

Discount Rate 

One month 

Three tnontha — : 

Six monihs 

Discounl Rate 

Call (UncondltloRat) 
BlHs Dtscoanf Rato 

it contains: 

(1) A pre-tax profit forecast of 
not less than £14.5 million 
for the 53 weeks ending 
31st March 1979 


(2) A revaluation of certain 
assets showing net tangible 
assets increasing from approx 
£23m to approx. £53m., 
equivalent to over 244p. 

per Dawson share 

Your board urge you to 

(rWKa ^ 13 bM*da,e se» out below end the tore* from dm auditors and Unanoat advisers nponins on the profit tomcat, am conrMlo 
the letter reforms to above together with the bases of ttw asset valuation. i™. 

The forecast of profit batoro tax for dm fifty three worts end.rtg 31st March. 1979. is based on unaudited manasemenr accounts for the five months to 26 th Augusr. 1979 
and o n dm asaumptans:- til Amim2 prasant manager,^ and accounong poises iwff no, be changed; 131 sates are based on enters on hsndand trends 
aMpermncadmthaanti former years, there wtH be rmmatenai cancrtatmns or postponements ol orders placed: ,31 there *rH be no matenal adverse effects bom any mdustnal 
dupraes wnhm. or changes tn dm economic positron of Dawson, its suppliers or ns customers : (4j increases m rates of remuneration w,U be hmad/v m tarn with the 
■ l5i ^ '" r f Bjr / wv “ 6/c receivable and, he bases and ia,es of ta.atmn. both direct and mdeeer. will not change matenady from those 

OMWIC. lb) the price of cashmere w# not tad in the next eight monihs; ( , ) currency exchange rates w iff not nary sigrahcantly from present tore,; ISI the composition of the 

K :f. rema Z ,S; ^ «t **«* *»«* toon paged of the cecotar Z, no, be incorporated in the acc mSS 

depreciation has bean calculated by reference to the historical values of those jm-n occoromgiy 

This advertisement is placed by Samuel Aloniagu & Company Limited on behalf of Dawson International Limited. 
The Directors of Dawson International Limited (with the exception' of Mr. S. A. Field) have taken all Teoscmable 
care to ensure that the /acts stated and the opinions expressed herein are fair and accurate and that no material 
facts hare been omitted and they jointly and severally accept responsibility accordingly. 

TVade Center. 


Xt i» ■**■*** 

What better place to trade 
International Currency Futures? 

There's no need to look beyond the very core of international 

trade and monetary activity. New York City ... the World Trade 
Center. Where the New York Mercantile Exchange is opening 
trading in futures contracts covering five of the most vital free- 
world currencies. 

British Pounds Sterling. Deutschemarks. Japanese Yen. Swiss 
Francs. Canadian Dollars. 

leading begins at 9:15 a.m. today, 

in British Pounds, Deutschemarks and Yen, 

and on NOVEMBER 8th 

in Swiss Francs and Canadian Dollars. 

These contracts demand the attention of anyone concerned with 
managing the risks of international exchange . . . anyone in- 
terested in the potential for speculative profits in currency futures. 

Regular Trading Hours: 9 a.m. to 3 p.m. 
Contract Months: February, May 
August, November 

To I earn more about this important new 
tool for risk hedging, asset protection, 
or speculative investment , . . talk to 


L J 

your Commodities Broker or mail this' 
handy coupon. 


Commodities Exchange Center 

Four World Trade Center. New York, N.Y 10048 




Please send your New York Mercantile Exchange Booklet on 
International Currency Futures and other commodities. 

CommocSties Exchange Center 
4 World Trade Center 
New York. N.Y. 10043 

**.: m 

Financial Times Wednesday ' October 23 WS 


Carter’s latest moves depress Wall St. again 


NEW YORK-wwjoszb 

NEW YORK stocks lost ground in 
moderate trading as nervousness 
developed ahead or President 
Carter's anti-inU a lion address la 
the nation. 

The marker remained wary of 
surprise*, although it had (I is* 
counted most of the basics or the 
plan, which had been disclosed by 
Administration officials in recent 

Congressmen leaving a Presi- 
dential brieting on the anti- 
inflation plans said it was a com- 
bination of holding the line on 
Federal spending and a real effort 
to get business and labour t<> hold 
the Une on prices and wages. 

It was thought Ln include 
punitive measure® for companies 
that refused to ro-operaie in the 
figlu against rising prices and 
legislation was anticipated. 

The market also continues to 
fret over rising interest rates. 
Activity in the Government 
Securities market made it hard to 
estimate whether the Federal Re- 
serve was further tightening 

After the close Chase Man- 
hattan raised its prime rate tn 
101 per cent fmrn 10 per cent, 
joining Chemical Bank, which 
initiated the move on Monday. 

The NYSE index was off 0.33 
at 54.40 and the Dow Jones 
Industrial Average fell 7.11 to 
S32.55 Declines led advances S49 
to 650 on a turnover of 2S.SSm 
shares, against 36.0»m on Monday. 

The Transport Index fell 2.39 to 
22g.U4 and Stocks iom 2.36 1o 
2K4.37. Lli lines at 1 01.79 lost 
only u.3S. but were at their lowest 
point this year. 

The L’.S. Commerce Department 
said new orders for durable goods 
in September were valued at 
S7l.52bn seasonally adjusted, 
nearly unchanged from August's 

Pan American Airlines topped 
tiic active list and was unchanged 
at 971. On Monday the company 
had reported a sharp rise in third 
quarter profits. Eastern, also 
rciwriing a strong third quarter. 
ro<e ‘ to ?10J. But active UAL 
Inc. lost ; to $33!. 

Sears Roebuck declined 50 
cents to $21 J in active trading. 

Scoir Paper climbed i to SlaJ 
in active trading for no obvious 
reason. Lockheed tumbled S3i 
to $19 after reporting sharply 
lower third quarter profits. 

Automobiles lost Tractions. U.S. 
mid-October new car sales fell 2 
per cent from a year earlier. Gold 
shares lost ground. Dome Alines 
slumped $61 to SSI, ex-dividend, 
Campbell Red lake fell Si to $33; 
i also ex-dividend), and Rosario 
Resources shed 50 cents to S19J. 

Xerox fell $1! to $514, Union 
Pacific rose 25 cents to K54J and 
Shell Oil tacked on J to S334;. All 
had improved third quarter profits. 

Westioghouse eased 25 cents to 
S19:. A Federal judge refused to 
accept the plea bargain worked 
out between the Government and 

I : • ( ; r I9fr 

I Oct. • Oil. I Or*. 1 Oct. ; O «. , Uei. 1 

: Zfl • 2^ I Z0 ! 13 ; IE 17 J H«h ( L 



Weslinghouse that would have In Montreal Banks wore up Carrefonr rose Frs 140 and and foreign bonds wore firmer , . i : i 19^ Miwvi.. 

resulted in a $300,000 Une Tor con- more than 2J points while other PemiHl-Ricard advanced Frs 14 with a good turnover. | owt. , ivu l Og. | Oct. ; oa. ,Uw. J 1 . _ Hl „ — '~TT 

cealing pay-oils. major indices recorded fractional in Foods. Peugeot -Citroen in Care. . ; a ; fl.l a ; U ; 18 , n i Ul *‘' ■ 

American Stock Exchange priced gains. The Industrial Index rose Miebelin in Rubbers, Crcnsot- JQQ ail DCS Dill 1 ? i ! 

rose in active trading. Tlie Amex 0.94 to 204.08. „ „ Ljire in Metals and Esso and w ,_ re i B indnstriaW 852A5 «OT.66aaBJii; 94B.41. 869jrretM; >n7J4 ; iitsi.m 

index gained 0.03 to 150.45 but the Nnrandn “A " at S34; and Gulf CFP in Oils were also among the Gold share*, were . «uuer in “ ; i . i i 

average price per share was un- Oil Canada ot 3311 gained oO issues to gain. SSifsnn g nHw.* "^Losses® ringed H ' n » Bta,1, “| RrjH i B7 - 64 ! 87,71 28 ‘ 72 : e7 ' fl& ’■ fwh l I 

changed. Advances ted declines cents. Comlnco atSSUpicl.ed up Lnrarye was quoted at Frs 233 tnU5 centkm I o«o J r?* 7 *■»« ■« «» >i m aa afcV.Ja \ 2n.Bd I 11.15 

375 to 307 as slock turnover while Inco “A” at $20 was 2a ex-rights against Frs233.50 with J ™* **"****— \ 232M "• "j <7..2rf»i t ly/frai 

slowed to 4.10m shares. cents higher. rights on Monday, while the sub- d n ~rs lower De QcniUn j lOl-ral w2.t7i02.B0; lOUB. 10«.S2 104.0* iu : »i M ■ IBA | «£■ 

Volume leader Resorts Interna- _ . seription rights traded at Frs 3.70. °S2L at • ' l I i ' ! • wlJ ! pMl&f&W. 

tional - A ” Fell S2 to 337!. Houston TnkvO French BP was quoted at Frs 52 ^3®, ««i<.r^ndin' trnlH voi. - J 1(Ur 

OiL in second Place, eased SI i * OK J U , „ . , rlK - ex-nghts against Frs 5L30 with sh S aWlT 1 8BJW ; «.ooo;4j^ a3.t4ir ajiio “ 

to 3172 and AmdahL in the num- Share prices fell m rights on Monday while subscrip- mil rumri ^were mile ‘ ' 1 

ber thTK s„o t . IO.I «! to «SB u „« -l C»S r ‘“l JiS ti0 J-ji Bl ’t u . ,ra " ed I'-J™ SS^^bSt^SEJto. cS2£ 

Canada J® SS I-TS go- SSS-TS da ES=^i. » ere mi »d „ub , ^ 

Canadian share prices closed foreign exchange market uncer- 1 ? l i*^ 3a n OI I a i. 0,1 bi S^ er * firmer .bias in moderate trade. I 5-67 ■> 5-92 ■[ 6.40 ■ • 5 - 49 

slowed to 4.10m shares. 

Volume leader Resorts Interna- 
tional "A " fell 82 to 337!. Houston 
Oil in second place, eased Sli 
to S17J and Amdahl, in the num- 
ber three spot, lost 92 i to $42i- 


Canadian sbare prices closed 

i routing roiJ ' * 

Ojjv j 2B3t«; 36.080:48 ,670, 3 1.860: S3 .1417 BM1&; 
* Baaia of liuleT changed fmm Aug. 24 

, {24,'iej 

" ! " I ~ I - 

4 Day's high B46-35 low 830.31 

IxxLdiv. yWfl % 

(Year a^e apprasf 

moderately higher in active trad- tainlic-'’ and caution after recent H hife Gulch and Golds were Market leaders were mostly lin- 
ing. reversing a seven session dc- „ a j (1s depressed market sentiment, jjeneraily lower. changed. STANDARD ADD POOB 

dine. The Toronto Comjwsite a lasers included Pharmacouti- - ' t ! i 

Index was up 2.1 at 122*.$ with ca | s> petroleums. non-Kerrous Ger man y Ancfralia S 

advances in 11 or its component Metal?. Electricals. Vehicles and J -rt-Uhiraurf I ®* i 23 ! 

groups. The Papers. Real Estaie food.- , Share prices tended weaker in Th e market firmed with Blue mffll ubji' 

and Communications groups re- Takrda Chemical Tell >22 to quiet trading with limited selling, chip Industrials leading the rise. i j 

corded the largest gains. Ad- V433 Kirin Brewery Y15 to Y454. In Engineerings KIID fell DM 4 The ANZ Bank rose 15 cents to I »-4» 8B-1B| 

vances outnumbered declines 239 Toyota Motor Y5 to YS55. Pioneer and MAN ordinal? shares DM 7. 45350 The Bank of NSW 12 to iComprwtt* 1 I I 

to 220. Electronic Y40 to YU360 and Toa Deutsche Bank and Hoechst each a$ 7.68 ahead of its annual results ———————— 

Among companies raising divi- ( \ e nryo YIS to Y621. losi DM 3. Daimler fell DM 5 d U e later this week, the CBA five ' 

dends. Dominion Bridge rose 50 and BBC fell DM 5.50. while AEG [ 0 a $ 2.55 and BHP eight to 

cents to S37J and Canadian 1 UtiU- p ar j s and Siemens each lost DM L ASS24. CSR rose 14 to AS320, martivvieW* 

lies put on 2a cents to Slot-. raiio Gn the bond market public rtoal and Allied five to A5-L65 ' * 

Refehbold was up ^ to Sin on The ma f k ® r moved higher authority issues showed lasses of WKtern Mining five to A$L70[ inn. fas itara 

higher earnings and Steinberg’s underpinned by the firmer tone U p to 2j pfennigs and gains of ant i Hamerslev and 3II3I two to — 

“A” gained 50 cents to S20J on of Wall Street and the dobar. up to 10 pfennigs while the regu- 452 J2 and 4S2J1S resoectivelv Lwig Oov. hooti ywM 

Improved year-end results. Baton shrugging off labour unrest m h, ting authorities bought a nominaJ * Declines included Pcko down 

Broadcasting added 50 cents to France. In Electricals, C1T- Alcatel djj of paper (iL5m). four C cents to AS5.70. Kathleen K.Y.S.E. ALL COBXOjc 

S13i. Shareholders approved an wasamongshares SmSSb right lower uSS r f r 

increase of S3.3 j per share oF paining Frs uo to Frs 1,00... alter lj 1 and Pancontinental off 20 at Oct. : Oot. , Oct. Oct. I- 

paid-up capital. Closing volume announcing a first-half profit of DtUhhclS AS1170 CRA fen two to AS328 24 i 3? > 23 19 

“gg. 3.730.230 shares against a^out iO per cent above the same share prjces wero but western Queen and North ~ J ~ 

J.900.bj4 on Monday. period last year. mostly lower in moderate trading. West Mining rose. w - 4B i 64-7 ^ JB j 66J j 

Co be pa rose, while Lambert. Eiec- 

•>'*- ’ . 1 U«- • t.try 1 «>•■»- 'l? 1 - trobel, Asturienne, Hoboken, FTnnp' KoilF 

54 a* 1 Swt ■ £* : 2o Stwit | £* J- Clabeeq, Gevaert and Mosame fell. noil S IVOn S 

28 in 23^4 |iieri.>n 49i« 507a w,-,i^ortii.. : zo i9wj ' teiUe Montagne which rajsed he The market firmed In active H0KTBEA1 1 

75i; 76*i j f.'evnow* .iieiab. dSig $6 Wyi.r...~ ' fU base zinc price fell BFrs 65 to trading but closed below the day’s I 

26i# ; 2 S ~9 KrynuMa K. J. .. 5 ais ■ 60 u Xcn-* I 6i 5E-g BFrs 2,055. In Foreign stocks, UK hi"hs. The Hang Sene index rose 

i!„ gs sa'" as I ss gaSsss: ' US SK ««d o««to ««W. D«ch Ja^oSS.^ ^ indu.triKi 11 

36oe | 36 j£, | [{.■inn .t Uui ; 66 j 35ia L>4.Tre»«.4ii».V *94 , w.i i nd Canadian s steady. U.S. and Hong Kong Land and Wheelock j o^muned. is 

2 2ia : , „ ' Mi i'STiM.4-:^/^ ,80'- tB0i> French mixed. Petrofina and rose 10 cents to HKS12^0 and — 7 . 7 Tr- 

21-8 22 I JJrgHDuu* s 631* . 63i« tjA «Mv uibJ 7.73 7.75^ Canadian Petrofina rose, but HKS3.575 respectively. Hutchison T0B0KT0 lumpOU* 1 

if.. I w'" io,i toi. American Petrofina felL Whampoa put on five to HK6.40. .tnw avwkkattro 



Share prices tended weaker in 


I Oct. I Ort. 
| 24 ] 23 


Al-UHl I Jil-r 

A lilretM'ijniHi.. 
AMm I. if .-I Cn 

Air |<n^liirT* 


A lens 

AHeg. (jiilinni.... 
Alieebcnv !>■ ITf! 
Aniel Cln?inUii -. 

Allie-< 5Mrn 

A nl- •i’lialinM’ .... 

AM4X Ue>,.... 

Ar.ier. Airimef...: 

A r.i^r. klVIHlr.... 

A m* r. Uira.InK . .. 

Anwr. L'm ! 

Amir. Cmnanii.'l 
Ampr. Llitl. J'oi., 1 
Amrr, Elect. P..«i 
A mer. K<|.n>«.. I 
Ai ner.H- une l*ti » I j 
Am?r. SI^Iicjii.. J 
Am^r. ; 

Anier. Ami. (itr..j 
A mer. etfuninnl .! 

A mer. slum ! 

A mer. It:.. Jc Te-.| 

A nieiet I 

V.MF..> I 

A U F i 

Ampn | 

Anwif Uit'kme ,| 
Anheu-er Butch.' 

Arm..r> ( 


A-Jimera Of. 

A«nx> • 

Athnuwt iH- 

All. NiclifteM 

A«iU> LhitA Pm. .. 

Aim i 

Avrttl Hmrluct. .... 
Bait. Urn* K ou-i.J, 
Bangor Pimia_... 
Bunk America.,. 

UanLerr.Tr. \.Y. 

Ban-et On 

Baxter Tiatetkjl.' 

Beatrice »•..•. I 

Beeifin DickiQ»re> 

Den 41 Hun 


Ueaeuet Cons -B'i 
Bethlehem sieei.' 
Black 4 Uecbei J 


Boiw Caacade.....! 


Bor* Warner ..1 

Branlff lnL.„. 

Bnau *.V* 

Bn-ioi .Myertu....: 

H Per \ Dnl K....i 
Uwkciy Gla-a.. 


UiK'jru- line 

Uiii.i»h Welch • 

Burl melon Mbn. 


Crtnrulian Facihf. 
thuai Uanrinl|iii.. 

Carnal ion 

Carter Unmet .... 
Cater). i liar I'raei ► 


Ceiane^ Cor)ni— 

Lkmcrnl A S.H'... 

Lcrtainiee-i.. • 

U««n« Air.-rau... 
Cba*e JUnhaUan! 
Cheiuuai Bfc.iSY.' 

Ube'e»«nsh l'«n>t.j 
Chi an",,1 

Chrysler | 

Cin'i. Mila mn,..: 

t m -orp j 

c i net service : 

Cut lueesnna....: 
Clei'elaud Cliff 

CouaL-Jia i 

C'oicate Palm j 

Counts AiLiuau... 

C'ulumLiLi Uat. | 

C>«unihia Fun....! 
cvuiiuumiou Ena. 
C'vnilm-tiun btj...; 
C'in'ntli bliM.nJ 
Cumin. Mcrlue. 
Cum puter efeienc.' 

Li.DD fjtein- • 

Cmnc • 

Cm ftlm-Ti At..' 

Cun ill Fi*.idr 

Uii-u Nut tin....' 

. C'...uaumrr Funer 
C-iutiueatal Ur) . 
Centineatai;.. 1 
C'-ailiiieDMI Iv-H I Abu 

Cooper I num. j 



37 . 


23»9 ■ 

22 -'i 









36 J* 




31 >4 

21 . a 




60 jg 

29 >; 

29 4) 









32 is 







1 S>) 


ct. . 


| cvrants « 55'; 
— 1 1 ?C Im Whom 50 

i Ifraiie Z7's 

: Lru.-kcr Aatl 27U 

i. nniiiA-. en <!.•!• 34 

i jC'itii'mtn- hnoitK* 33 U 
i ■ Cun ns Writ 111.... Ibij 
i . 

) l*sua 29 

i Dari Iniiurtne-.. 42 

• tttfrre 321* 

l Dei Maine 41 

1 ' lien-jna IOU 

lienr-plr liner.. 17ij 
l Itrtr.-it tt i *"n... lbU 
D'nifttvl -hanir/t 23 ' i 

■ I'l.^fb'iDP ...... ' 16 Jj 

DlairalE-iui) ...... 46 1; 

I DiNtcr'Wnirt... 39 

Hotel C-rpn 43’? 

I l.hut ClieniieaC . ‘ 26:« 

1 Drar.a 28jj 

1 Dre**cr 40 

. Uti)vfli 127^! 

> ; taclr PltL-her 20.‘i 

; Ke-i It-iine* 10>r 

i La-iiifan K.a-faL.. 59. ; 
[ Eaiua 37.>0 

•f. t.. AfJ 1 26 Jj 

hi Paso Nat. tia&. lbAg 
1 Bllra 26 

■ Emervoni.leetni- 1 34 la 
i EmaMt An Fr’iiilii 201 > 

• b-rn hart ....„• 351) 


En^elhanl., 27h 

hamark 26jj 

Hllic 22 'l- 

■ Kuod 49 U 

Fa ircbnd Cement 29 

" r -■♦. |lei-l »ia.te». 33': 
i Firenene Tire.... I2 : ; 

| rrt. >ai. ia«t.<ci. 28 -j 

r cxi l ail- 18 

V iiilkMe i 29 

r urvla Pot* 40' i 
F nor. 36J2 

r.M.C 25 

t el \fator 43sa 

roratnuBi lie*.... 20 

FoSiarfVL. 34 

i fiuila m Mini ... 8U 
j rree)a«i« Minen 25s* 

iFrupliaui — 30 ^ 

| Fuqua , low 


■ '.tanueti. 42i? 

Hen. Ctner.Inr. .. lOJs 

•U.A.TJC 27T B 

' taeu. Caihie 16'g 

1 Men. Dynamics.. 72*4 
Den. KlccLTtca — 48la 
i Den. Fooit...... — 32A« 

uenem Mill-. ... 265s 

iJenerai Motora.. 621a 

lien. Ful.. L'tll 177^ 

lien, 27 

i.-ii .Biecr...- 2BAfl 

i Gen. Tire 24 Je 

'•^'■a~- 43* 

tiraar^i* Facilic^.. 2?'s 

i.ecwrupe - 26tg 

t«em ui. 38i« 

•Ui:-eae._ M .._..i £6q 
■■•■Inch U. F... 101, ear lirv._.| 164 b 

U.aul.1 : 2912 

cinn.-eW.K 3I»*^sn Pxa-len 61; 

tin. Aurtn Iron..] 26 b; 
tuvvhuuu- is la 

tauli x W't'Um.. 13 lg 

.ui On 231* 

tCtfilHirton 681 s 

dtWM yiinina-., 33 A) 
Uami-cnieeer. Ibis 
. LLti n> VJ-Drpn ....... 3 1 >2 

I ileio.’ H. J. | 40 

| dnitarin ............ 381* 

• Hen ie Puunl...' B1 

' H..NKlav lniu..„. lBTg 
Homeauike,. 36k* 

; Hotiottreli 637g 

■ Hcahvi : 1 1 ig 

• H.'a»)a.c'ory. Anwr 28 

• Hijumod Sal.Ca-; 22>r 

1 riuntiFu .tjC-hni 1 12/j 
. Hutinn (K.F.i 17 

; l.C. lmlusme ? 2612 

■ IXA ■ 40 A* 

. Inaenaa..n ICand.... 67%3 

1 I iCaiiit Sieai J 54 ij 

| lufiiicp.. _...| 14 1 a 

t IBM ; 275 

[til., FdivaxiPiu... 221; 

] lull. Harvester... 3b . 4 
Inu. .Mm A Chen.' 37i« 

' Ism. M uiiKturii.. 19i« 

I tin. - "................. 167$ 

j Inti. Paper 411? 

| luu liertlHer...... ll>i| 

: Inu lei. A. Tei~.. 38Ja 

I loea Heel 40 

. ID I nemstioiiBi.. III 3 

I lint Walter..— 29A* 

I I J , 'lin» Manv 1 1 
I j Jobn«*n Juhn^'ii 
1 | Jm!uu.,u Cuntrut. 
I ■!•>%■ Alainitii'tiir'c 

1 F, Mar 

I Kaircr.Muiitiiil'ni 
] Kaibcr Inrimlriee 

• kalsier steel 

1 | Kor 

1 Keimei'alt 

Kerr il.aia>e 

1 | KkMc Walter. 

. Kinil>erl> Clark.. 

I Kupnerral 

I Krai 1 

( Kho^r L i.'. 

j l4*n*y Vnine... 

i I ■ sir nni-- 

] Filihy Utr. rV-ni. . 

! Ciggell GfAip. .. 
j IJIly itll; 

I Lillaall I Ital lP4a.. 

' U<ckh.'eai A ttvr’it • 
I L<uc Star lii.lurT 
! L.<ni; l~lan.) I,t.|. 
Dniiaiaiia Lait-I .. 

iJrlarl vl 

lec-tv Ft. w.... 


Alaev W. H • 

I Mlt». Uaui.ter... 

J 'Uj.v. 

I ManuJjiKj tiil ... . 

| Marine Mi.ILan.f- 
1 Mutuall Ficl'l... 1 

I Mar Ueur.St-riv 

! Mt V 

j Mia|ierniaait 

J .McDucdwi lk-ua 

I Ma.Grau Hill 

j Meniurex 

I Meu-iw. 

Merrill l.rndi.... 
M-^» Petmleuni. 


Minn MlngXMfn, 

AK-i.-il t.'.iri 

Maiionu J. P 


Aluipby OIL 


$»h"> t bemkml*. 
National Cau.^... 

'■'at. Di-tiller*.... 
Nat. Sen Ice In.l. 
National Steel.... 

Nat- m ut 


(Neptune Imp...^ 

| Netv En^taml K.. 

; NVtr Enplan.1I el 
, Niapara Muhawk 
‘ Niagara shnee.... 

1 X. L. lolurtner.. 

: X'tiaaikiWeetcm 
| NitUi Nat. Gao... 
Nilin. ntater. Pwr 
j Ntlnresi .tiritna**' 
Xtlmeet BaQvorp 
J N* Train SintMB....' 

1 ll'X-ltlenlal FcirtiL. 
Ogiic.v Mat tier...- 

■Mile Ed ixoa. 

Oiin , 

Ovcr*eo» Sbipn.. ' 

1.1 wen t. Coming... 1 

Ouam> lAlini^if, ..." 

tai-ifu- Gat 

I'acirtu Llpblinp.. 
Fan Fvt. a Ltg.. 
I'auAni WpplAir 
tarter Uannifin.l 

L’eabavjy inti ) 

Pen. Pit. A L. • 

Pt-iuiyJ. C I 

I’ennl-jill ! 

1 Pcjplc* Drug • 

1 i*a-'.i|ile*Gas ■ 

j Pefnlvu | 

' Perkin Elmer. ... 

• Pet 

l I’lU-r 

1 Fliclc' Lhdue 

I Pl>iiaiM|eiui hie. 

' I’liilt), Maarrle.. . 

. Phillips Fetru'in. 

| PtiUliurv 

; 1’illlcv-B.^ivas. — .. 

• I’ltatMU 

j PleM)' Ltal .VI* I; 

1 W' 

I I’a l-mec hlec 

I'Pti InaliuJrie*.. 

| l’r- after GaiiiMe.. 
I’iiK Ba.-r. Elect... 

| Piilmua 

Pn rex 

. Vuakcr Oif 

I Kapid \ mrnoui. 

! i:l ! a ' 

( Ka-)Jlt«'ll St e- l.... 
t He*orU Inti......... 


| J*n. ’ Apr. . July • 

>Cnpf I v>l_ • («it Vol. )«wl 1 Vul. tasl j !+|. <-k 




_ j 


• 12 










F.30. 20 

















, 3.60 









F. 78.90) 






























— ' 

n 26 in 


F. 32.60. 






























- ■ 








18i 0 










F. 151. 50 


F. 142.90 














F. 152.40, 






I'. 160 








F. 161.90 










. 9.40 



F. 171.40 








F.181 1 





— 1 


F. 190.50- 







1. 107.50 



-- ' 


9 , 




F. 118.90 


2.60 . 


- - 


F. 2 5.50 








— - 

PH 1 

r .26 





, a 














r. 124.50 


F. 120. 










- - 



0.80 ' 




F. 118.20 
















0.00 . 



; “• 








1 "" 

749i r 







































Af. V“l.l H F- l> ‘ 

«t\i i:\ct 



j Oct. | Oct. - 1 Oct. - ] — l 

j U J • 18 ‘ 17 { High ' Leer | 

(Since Cotnpilatn 
■ HIkU I 

OeU 18 ) OpU II 
4A» 4.69 

OJ54 - ( 9.81 

:aco LofipraxJ 

S13J. Shareholders approved an was among shares to m ove_hi s .her. 
increase of S3.33 per share oF gaining Frs 3 o to Frs 1,00?. after 
paid-up capital. Closing volume announcing a first-half profit of 
totalled 3.730.230 shares against about 10 per cent above the same 
3.000.054 on Monday. period last year. 

64.46. 64.79 64 J, 

Rues and Falls 

;.Oct.g4 Uct. 33; 0*31.23 

Issues Uaried. ' I.B95 ; X.922 I 1330- 

Kbsoa ! 650 ! 602 159 

Falla i 849 . 1.070 1 1,886 

Crjliangexi., j 596 > 350 J 235 

Sew Big lia ...,.,., -- , — — 

Sew I — I — | — 

28-1* ; lierl'ttl 491* 

76** > ffrvnoM* Alt lain. 36Ja 
2S~« | UeynuMs K. 4. .. 6809 

32o; | (ik-li* McitcII 24 1; 
257* 1 Um-kn-pll Inter... 341a 
36 b* i it* ili 11 1 A Haas ■ 35 

lt< *val Dutch 63U ; 631* 

CTK 1U* 1 12 

ItllAS Tugs IO33 _ IOj|> 

Uyrter >Vniem... • 24 23 j* 

Safeway SmM... 41 38 * 42 ■ e 

W.-. I north : 20 19wj 

Wyly. ' 4Ji 3»t 

Aon 1 * ..1 61 ; n 527 b 

/a min I 14l« 14ae 

Zciilrlj Uiulh* : 141* 14U 

L-S.Tre»».4il3P0 {94.V f S4,',- 

fBTreaj,4i«76/i*- IBO'j tB0i> 
L. Jt 80-iat bills-.! 7.73-i, 7.75^ 

, Ocu Oct. | Oct. ■ Oct. . — 

I 24 ] 85 * 20 • 19 ; High j Luw 

t 2MJI8 203.14. 2BSJ& TBt.W 222.M tll.-hlj 1 I62J9PS flfi/Rt 

! 210.54 208.45 219.62, 21U2i 226.81 (12)10) j T7B.82 l30/h 

1 1223J 1226.7, 125L6~i»2J; 1553.7 (Li.10) j 99BJ l50/l. 

44>a 1 At. J>« Mineral, 26 
20 1* rt. Heai* P»i)h!r.. I 31'g 
46ll I MMi> IV luri*,... ’ 33 
33 j, . Saul luted 51* 

»i. I Jisiiun Imlf Oi 2 

35 j ^I'iillir lircning.. 11 q 
be;. ! Sirliluiuteraer .. 86 

0 Mil 19 1 3 

31!fl • Scytt ta|+.-. 15 3^ 

44, E 'so-rilMrx 21>* 

24 | ac'tidilcrDug.Ca)* 8 


42 1* ! 

fill AWtIWTVtiwr • 17!g 

.a 1* .Cgniii* E«ale-~ 6»a 

* AlcaiiAtiiRiinitnn 38U 

f - , Aliiwsnik Btccl .... : 244* 

A«t*>to> 45 

Bauk nf Montreal 24 

,2, Bank Nura fHi.* la. 21-t 

. . . 4 liaMu lleiinrit*.. 4.00 

**->4 K.,11 T.l...h...n 1 KCM. 

but HKS3.575 re^ctiWly. dlfcoi T0B0HT0 fampcMte 1223J 1226.7 . 12&L6 tggt-O; 1352.7 ttolOi 

Whampoa put on five to HK6.40. JOHAMDESATTRO ' I ; 

Hong Koug Bank and Jardine (u»M 1 244.0 . X*. 1 255.4 2sL7 1 272J (14,-Pi 

272.1 1 X4C | 2S3.5 268.1 

-re* Luiiiainer, . ai<x 

„ ? ! Ingram 25ia 25ia 

ii , 3 [ 12 ' I I-i* 

• I Men. lf.HaKk... 2W» 1 221* 

15 35 1£ 1 36-'* 

J elicit till 33a; 33lj 

, n !? s'Lirll TaiHpurt.. 45 1* , 451* 

»«ml 49 : 501* 

36 Z Slgu-ule CV*rp 35 1 8 : 35 

?S J4 ?iin|iitcitjr tat ... 101a , 101* 

fcij, tinier J64fl . 161; 

Sn.ltli Kline. 87l S B7i« 

la * Snlitnm ai* | 3f* 

39 iiiitlidniru 36 1 361b 

i4t« S'urheru (.'ai. Eil. 2ol* ! 231* 

601* 1 5-nlLrru *.'<*. 15>* . 15lg 

S4*8 *Iih. Nat. Uca... 321* ; 32 ■* 

30tb ."kiiithern Pai-irie. 2blj ZQ ffl 

Ss S^nthemllailway o0>* nOl* 


6/i« southland *91* ; 2H 

17:* Ban>ilwrtt*. *.7*s s 8833 

311a Bperry Hutch 17Jt \ I8I3 

39** *P*try Baud ' 42 L* ; 48a, 

Bfll* S*uihb. ! cBSjJI 2913 

65t* Slandatiil Brand. i3»s 1 43'* 

66 U std.DilCallluml* 451* ! 45>* 

47s. | Sm. uu Indiana. Sli 8 • 6*3, 

421s ' Std. Oil Ohlu. 3412 > 353fl 

45 i giaiiff ChemintL. 43>s ; 42a, 

27i* ja'tcrltng Unis-— 161) j ibi* 

27,o .■“ludehaker.. i 68 1; B9 

17ki 6un Co. i 39 1* 39 

Sqn.trand 43!; i 441* 

on*, Stmw...- ' 29a* 1 29/, 

14^ Tei.-hnicolor 11 I 11J« 

30iJ rektronis ' 42U 1 421* 

42,7 Teiedyne 921) ; 9o 

64;, J* 1 ** f‘5 ! 6>a 

241J Teneco 31s B i 3 X&b 

Twom Petroleum Bia 8i* 

3f Texeoj 23k: 1 231; 

13a* Tex*u-gulr aOS) z0>« 

23>* , 231) 
B4i a I 24a* 

nm ' in 

Texas Eaateru.... 46 U 1 Atj t* 

r«xu.- lust'm : c 2 Ip B23* 

Texas Oil AGaa...- 27Se SO 
Tcxar L'liiitieo...., lw : 191) 

’I Inn- I no. • 431- 1 44 

Time- Mtmir 29 1* 29 

Timken. -*553 j w*5i« 

trauc 43a* 43a* 

TioiL-menca 157) 16*5 

lnm:C*l.._,. I iOJ* 'JO'S 

fmnl'Uion ; 3ata . 521) 

Imn-wa.t lalra...| 22s* ' i2l* 
Iran World Air...: 191, so 

Tra^rers • 34 341* 

InConcinental..., 181) ' 185* 

2t!7g IntnnOil & Gac 51j 

201) | MW 36 

205* d3tli C'cmuiy Fox -03* 

7q b>\.L. h3i* 

26!) t'AKCU 30 

23 LG l l»o3 

207) Lniieier *3ij 

343) Unilever XV 595) 

297j Gni>>n Bancorp... so 

111* L'nk-Q CariMile 373* 

34 Uitnn) fi'nimcive 91) 

267g L'nii.iU Mil Cal it .; b2i; 

Union Faciiic 541? 

1‘niroyai 6S, 

IniU-l Brandi... 107a 



431" < 


29 U , 


■*553 1 





15 *1 




a2i 3 

82S, ' 






161) ' 


51j | 


36 ' 


403, j 




30 ! 







59 Ls 




37 '-a 



62 1£ 


64i 3 






29 1; 


276s I 




25 la 






14U \ 


26U { 


43*e ! 




j U-SBlme ■ 25 > 251 

l-S Steel 25l a I Z5i 

I G6 Tecbnologbfs. 40a* ! 4Ii 
J l"V li**liiri ric*.... 193* i 19., 

• Viral nm Elect.... 141 j j 141 

tValgrven 267* f 26 

• IVnmer-C.iiiinui.. 43ie : 42." 

W*ruor-L«iiiI«.Ti. 2>6 2 d 

Wntr-MuTinrai 25 j 25 

Well!- Fa rg* ■ • au'c 301 

Wwcm Bauis.rt 263* . 26 1 

Weateru X. Amcr 301, i 311 
We-iom t np.n.. 17 1 17 

WtstiugU'ro Eite 19 la • 19* 

Weyaco 253, r 25 i 

Weycrtaeuacr ... 271) 2BI 

Whirl) 4*>l 201; 207, 

White ton. lad.. 19 la . 19 

BF. Canada 1 

Urainaui ' 

1 Brim*.- 

Calgary Power... 
kamBow Miue*... 1 
tilMlil ClTIlLTlU., 
Lunada NW Lan.' 

ICauaila Indu-t... fdl 

lean, taci lie. 22 U 

Cali. IV'tllu 1 nr.. 221* 
Can. Super Oil... 59 
tarilng ■•'Keefe. 4.00 
Cuwuar Aabectca. 9>* 

ChieiLato ' <J3 

Itenncv - 31 

Lulls. Bathurst... 3sl; 
LVmaii liter Gas.... 171) 

l.nscaa Kesouim -.25 

* «>»tnin. ldl£ 

Dauh Dctd 133- 

Deniron Minea... 74k 

Dmtiw Mmw ' 96 

Dilute Petroleum' 791; 
Dnniuiinn Bridge' *7 

Dimitar i\l\ 

UuponL ' 153* 

Falcoa'eeXicbeJ.' 333) 
Ford Motor Can-, e2 

Genatar- 337) 

fimml'et'irknlfe.' 13 
Gull Oil lksmda..| ill*! 
dA'A-'kerSW.Can.; 77* 

U.Mlinger 40 

Home Oil 'A’ 1 42 

Hud»oo Bay Mni;: BIG 

Hudson Bay 1 20 lg 

Hudson Oil 3 Gas, 42 

Imaaeo , 35 

lra|-eTial Oil ! 21>* 

ln> la 1 133* 

Inland Nac Ga*.; It 
Int'p.v Pipe lane! It 4 * 
Kaiser Kesuun.vsj 14 4 * 
laun Fin. Ctirjr..* 

U*oiaw Cum. B“ 4.25 
Mem* I'll Bi.**-i ... *3 
lliu-sei Frr*;ii-*ai' 12‘* 

Mcluiv n- | i:t 

M* n> i ■■ t. • *i iM* 

Moitnlaiu H 2.9 j 
N. imii'Li tin)-.... oo-i 
Norccit Euer^-. ...1 ta3) 

N111. ‘le'ivutn 36 U 

Numat; I di .«. timJ £41) 
L*-ikwi--l Fell' 'ul 3.*Q 
Pactiu: Copper ill 1 82 

tairtiii: Petoieum- 39 
tan. Can. Pet'mJ o3T) 

1'atiDo tic’i* 

l'etiple) De]4. >. J ^ lg 
Plaix* Can. A. Op., 1. 6b 
Placet Developnit an 1- 
Fi'*Wvi|pm»Tii ivi; 

53 li *J uel ” w «unt*on- 

Si* Banger Oil 

Heed .-lenhniite.. 

6"j Ki**Aloint 

101; Ikiyil Bk. ol L'ali 
29ig Iuijai Tn«t 

251* »V*r*reKe5*>iiTt*« 

251 * Ben*:raRi. 

4 1 j, Slicil ■xuails 

19..J Slusrrlrt «i.M:nei, 
14i* jMe-ntU.ij.. ' 

26 aimpH'ii 

42,-, 'Ini of L^iiaila.. 
2o "dc-p l7*.-*;k I1011. 

25 ■ T**aiw i.*oiuu ... 
301" " I* rouloDoui. Ilk. 

26 Jj j Iralist.HiiFipe Ln 
8X1) I Traos Mi tint Opt 

17 jr 1 **-. 

19 j t l 1. iti**n t*»» 

J 1 Id Slase lfine- 
251? , Walker Himm... 
“X- I ,Vc * 1 lranr 
20'3 W.-dorn IJd 


74 - *- 



2 l-i 




59 't 

59 j) 





lb, a 




37i = 








0 _ itlatbrson -were unchaneed at • lndu«nal ; 272.1 1 1 2S3.9 268.1 

Switzerland HKS20.6O and HKS17.50 res- — * — 

Share prices were higher with figeS' feU 10 10 ‘ ST ? JET ! ! 

bioing fuelled by yield consider- UKS10 '' 0 ' M ^ 1 ^ 

ations in view of the lower Austraiia.i'» ^-39 MLfla.M6.79 4 Li. 13 flDai _ 

interest rate trend on the capital 1VI1ISUB <22iiri n^i pa5n 

market. Among Banks, Bank Leu Stocks closed mixed with a Belgium. c :i 9^1® 98-M K>Lte »j.« Sweden 
Bearer. Union Bank of Switzer- lower bias. Political and economic 9L9L 1 PL9I 

land Bearer and Credit Suisse uncertainties continued to subdue Dfi,uxiar : ^ SwilrBr 

Bearer were firmer. the market. France itfr 81.0 : K13 ' SAG 47.6 — 

Among Financials Oerliknn- Montedfscm weakened further. 14:10) fS-£i Bank Do 

Buchrle rose. Insurances were on the second d3y of its four-for- GenaaayKT' 1 «3.eo, 852.40 raw yn m 

272JJ (14, -Pi | 
2/2.1 <21,10) i 

iSS.O (W>41 
1S4J tl3(3i 

Drt- ; Pro- ! T973 ! WT8 

24 '• vkhu i Hi*tn ' L«r 

An B fr»liau« : t 543^9 MISS . 666.79 411.13 
<2£9i (l^t 

steady, while in Industrials, three rights issue. Assieurazionl 

Merkur shotted the largest gain. Generali Bastogi. F insider and 

Cfba-Gelgy. Hero. Nestle and both Ollvettis also felL However. 

Ainsnisse were also higher, but Fiat, Snia Viscosa, and both 

Snlzer lost some ground. Domestic Pirellis firmed. 

Holland isa 

! ! rTKETT-SmSteTi^ar 

■ tlign . : 24 ; vi-jua ; High | D;w 

■%■!? Vi* 3 '^te,iw.ia> rtJti 

“ “! •‘."V- : (B.fJi . [17 .’3) 

, « 2-^ Sweden te> 3 o3j/1 . 1 4OK.00 ; 3^.74 

. I2'2! . '£',’■11 . I C */h) [ 73/1) 

.I 1 8witC«rld('V 2702 269.7 iEi.7 I 261.6 

; VS : !J5® r.'** 

■ 14/10 iS'fil nanJi Dec. tssa 34 tuMnnitr inniA^nal 
rA3A 759.4 19rn n Han, r*m Uo iu „i . n 

i 13(10) ' (17; 5; CumwTOilf ttalUnu 1013 i imr* 
93.1 76 j3 Nw SF U1AN n •Ot»r» rtroPt* imi; 

: (11/9) ia-fi) r-CI««Mi vtlMirw SE m * si<* h- 
707.70 nrtm m d uwHa l 1/1 ^9t • Swtim >t»nir 

(4/9) ( 1.1.4) Gmvtraila** (inamrilaMe 

NOTES: Uwraena prices snown nelow and/or scrip issue. cPet snare. I Krauts Singaporetf-i o83A7 1 387 J5 ' 414 j0 £&Si 

«xciudr f premUnn. Belgian /IlnMeiKla o Gross div. %. h Assumed divlttetid after ' • (8/9) (9/1) _ 

are afrer vrtthholrtins lax scrip and/or rlirhls Issue, k Af ler local Amm _ — :05AM 

♦ DM SB denom. unless otherwise stated, taxes m % tax freo. n Francs: inctndinx ounce* urn oase musa rell ow *aiuek Kama da liras =03.790 

vipWs based on net dividends pins raz. UnUar die c Mom o Share soUi. t DLv i» except NVSF AH flnmnw o - M Pena. Central 291600 

V p»a 500 nenom. unless oth-rwis* stored, and rieirt exdnde special payment, r (ndl srandartir and Poem - M and nxrasu Sears Roebuck 2S6.00S 

4. DKr IM denom. unless otherwise stared, rated dhi u Unrfficial trading, r Minority Hie last named hatted n Hffl). Firestone 248.1W 

■t SwKr 5N> deoom. and Bearer shares holders only, u Menter Denmng, * Asked • Bicfudin* nonfU. 1 <M> Indnsmaia. Occidental Petralm. 229300 

unless otherwise staled. * VS0 denom. > Bid. & Traded t Seiler. ? Assumed : MU' Indusrriata. 4H UUlIttes. 40 Ptnaace Scott Pager 224.BW 

unless otherwise staled. 5 Price at time xr Ex rtutita. rd Ex dividend. tcRx and » TranSDort. 1 Svdnrv AH Ordlnar*. L'AL Inc. TKUHn 

of snstwnslon a Florins b Schfflines scrip Issue va Ex all. •Interim «iiwe Meigian SF n/DW *" Cm>«»n»»fen <P Exxon ..™ 21S.1M 

■ Cents d Dividend after i>»n«Hne rich's Increased f r\m *• i*sru Rwr* iwi rr Cnmaimr* General Uotnra 215^0 

l$:) 86/3: B&6 ' S3.1 76j 3 New SF ut/ts n •OraRe fmw 10*15 

; (11/9) i4 C) r-Cloaed 1 Haano sk vns/r. * Sli* k- 
ane 666.75 662X1 7OT.70’-cfcj.4 imlm industrial 1/1 /Si • S wum Bine 

(CV-. (4/S) /13.4) CnrtmraiUHt limmiiMc 

<. ji 71.16 . ISM ■ 82. b2 1 fcr4i 

fa) 434.77 j 458J9 439/I2 ]«!« TUESDAYS ACTIVE STOCKS 

^0/1(7) (4,lCi (Jungs 

twfri o33.47 1 3S7£o 1 414 jO i&ZJ Stocks Clflvuig on 

■ (5/9) (9/1) _ traded price day 

Pam A mm 373AM 7* — 

am pane data mil one *ihmi Kama da teas 203.790 109 -I 

ept NVSF AO Cotmnoa - 34 Pena. Central 232.600 1) — f 

f and Poore - M and rorama Sears Roebuck „ 2S6.0H9 21] -j 

1 tlw last named baaed n «7S). Firestone 2 18.1 W 121 -) 

n» rmnda. I4M1 Indostnak. Ocadental Petralm. 22S.590 l«j — 

usrrlala. <* Utilities. 40 Plnaace Scott Pager 224.700 T5i 4-1 

Vansnorr. I Srtnrx AH Ordlnant. KAL tec. 72OJ00 32* — 1 

<SF tl/lt/03 ■*GBneaftniew 4P Exxon ....^ 213. IM 4M —1 

• Pari* Wretrw iwi tt Ciweiw w General Uotnra ...... 21S.0H (21 -) 



Ahum* Venddi... 

• MW..... 225.5—1.0 (38.09/ 6*3 ! B57 1-11 

BASF 1 138 —2.0)18.76, 6.8 Ltomreu. 398 <~2 

uayer. ! 142.4—1.7 '18.751 6.6 imi Nlpuon Pnni) 688 ■— 4 

iu»ver-Hi*po 3l6.5‘-3.5 88.12J 4.4 Fu.,i Pbnto . 539 -5. 

bayer- VereiiMhk, 384xr— 6 I 18 1 2.8 Hiiitu 224 —3 

Oihalni.Noi.wtt*! 155 | • - | — U-imla Mocore.-.) 471 ■ 

■Joimnerziauik. ; 233 P 1.4 ,26^9: 5.7 rimne 1,140 !—10 

i.«<aiiGiiinini j 70.51—0.8. - I— U. Itoh ' 240 ;— 10 

LMim-er-Benz | 344.0— 5.0 28.12; 4.1 lltvloXarfo 1 1.800 1— 30 

Dckikwi ' 266 —0.5 17 13.2 In.’ » 770 

I*em*«..„ i 179.5-3.5 11 ! 3.1 I.A.L «,910 >-20 

ii*tii«ene Unnk....i 311.7— 2.8 28. 12 ! 4.5 :%«t.-«i K e> t.Pa >1.130 i-78 

me* <nrrlinnk ....( 251.0— 1.9 2B.12i 5,6 360 | — 20 

i'i. -erh.<fi 108.5 '9.3$ 2.5 . pas • c 

"’‘’■••K--! 238 ,-2-5 12 2-5 iJo 

lint- 101.1'— 4.9 >14.04 6.9 .Ut-ii.biu lit » . 742 —2 

Price | + or Div.fYId. 
Dou | — Si* 

85JBr— 0J; — 1 — a wan G>m»„_ 
610 -4 31.Bi 3.1 Unon 

rOKYO 1 


I Tripea 1 -f- or Dir.'Yld. 
dci.» ; Yen j — \ % \% 

; :+«■ 
Oct. sa ) Awt. 8 — 

398 1-2 

25 JL4 1UAT1L0I ) tR10 klmdlflwnk j 113JK— Jl 

20 ! 2.5 Ampoi Kapteration J tl.g * — — K«(no9 L 300 [+10 | 20 

18 1.6 Ampul J Uraditkamen 1 111.5]+ 1.0 1 11 

16! 1.4 A^JIitw»ltkr*_^_J JU0 [-«■» -Voni HydroKrtt] 193^-1.0 ; 12 

12 12.4 I woe. Pnip B*oer.ll__J U-70 f ** 87.01+4^1 7 

18 j ID .Isaac. Goo. Iratastriei— tl.SO ; 

35 1 Aon. Foantattoa Invrot_.| tlD5 -0JB fiRAZR. 

■ Ptwl-tw : Dir_ YIS 
j Krooer [ — j % % 

98 >-l i 9 M 
e9D+(UBSj - - 

. ilio 1 1 11 as 

Hi-po. 316.5'— 3.6 88-12] 4.4 Fu.,i Phro*. 539 -5 

Vereroahk.) 324xr;-6 t 18 1 2.8 diu.Hi ; 224 '-3 

t.hei.wit'! 155 > — — dandB Macore— .] 471 

em-nfc ! 233 P- 1.4 ,26.5* 5.7 F«v> 1.140 :-10 

iiiaum | 70.51-0.8 j - - u. Itoh J 240 ;-10 

10 ! IA Aiaao. JHn«ale. r * 

12 I 2.4 Vwoc. Pnip PAoer S) J 

18 j ID .\«aoc. Goo. Industrie*.^.; 
35 1 ID AuM. Poandatioa In»w*_. 

*,37a j 


♦ a.'** 


ul; | 

Di 2 

1.6b 1 


«3l* ■ 


taU | 



1.70 ' 


lrij ) 


10», ; 

10 j) 


35 ifi 



183; 1 

16 1* 





147) , 




37 ■ 








INlss 101 

ll [ 161 

rt «.--i 138 

■ I*— 1 51 

If ■"•-•hi I 159 

,»*>! .■>•*>•; I.' 151 

i'ihimmiIi 332 

j 251 

h tier I'MIK. I 93. 

'•Hi' 194 

r*»-*|.| Ill 

l-i*i v J 282. 

U *en: mu l>.v — 1.592 

Duiimnsa J 97 

y-*N 231. 

*lMiUr-inaiin_... 179. 

■■IrU'ire 249 

‘Inuchenei l(«iel>. 640 

Ne kcrnnujii 169 

I'reu* a.- U.U l<X> 138. 
liueiu Wm. Bie> . 182. 

-chennu 274. 

■icui^n- 302. 

u . tucker 272. 

I nv* en A.Q 1 121. 

tons — ..1 188. 

* EbA 131. 

.»Hi«iU.....-..„..„> 295 —5 
i**> St '■Get am if ...'3.390 — 50 

I'. -4.9'W.M6.8 .Ul Iiabiu III'... 742 . 

Jf^ 1 — 2*2 H' 1 "*’''-!*' iWtlk.i 281 -i 
138.5 -3.0 <18.76 6.8 t|.|.,ttmlu li*s>ril 120 '■ 
“ tlif-iihialn LVu|..J 430 f, 

I RD ri O n Q 9 Q .1 . ... ‘ 

430 * 

169.0 -2.0 9.36 2.9 )|„ sl|11Cll j 296 'r-A 

151 —2.0 q.|.,m u l< J. 585 J— 5 

•« , |iprei Iten-' 1,600 k-20 

*5! .”*! - 18,72 8-1 ''kP'diMiiiiptii.. 770 -15 
93.1—1.9! — — .%■•. an Mi*tir- . . 660 l— S 

194.0 - 4.0 J1B.JB 4.8 i-.uhm., 1,360 1—40 

' ™'i)» Eieiirn.- 249 —3 

282.0— 1.0 25 4.4 setusn Ft«iai.. . 941 —5 

.593 +7 25 7.8 1,300 —3 

97 -1 9.36 4.8 1.380 -10 

231.5> , 22 1 2.6 u>-l» Ifa-toe.—. 833 —B 

179.0'— 2.7 I 1b. 18! 4.8 mke-w Uiriin.a. . 455 —22 

249 (—4 


169 ! 

138.51 — 0.5 

182.51— 1 

302.51— 0.6 

10 1 2.H 

18 | 1.4 

> 25 6.9 
28.12' 5.1 
25 | 4.2 

, — — — ' — — - awwiP-mnuu 

13 • 2J A-V-l ■■■■■” 

I 30 0.8 Au>ti muu r , 1 

- 13 j — Ainu. Oi» » Gtu J 

I — 1 — tamboo Creek GoW j 

I 2"5 B'ue lletar Inri . J 

18 . 2.5 dtHietunriUe Copper J 

' 15 1 2.5 tS K ,[Tl, "re loHuatriee— 

I 3b ! 0.5 l * ,uhBn R'* 1 PrapriePtiv— 4 

! 20 ■ 1-3 * >nirt h — — — . 

.] 10 1.8 Unite I Brewerv — j 

• 12;5.0 '-*K(8I) -J 

13 ' 1.5 •tcV uiDCwnem 

I 14 I 2.3 Hi. Jj 

' 20 1 1.7 k«n-.QtiMneirt- Auat 

J IS ! 0.6 •■vimme' (EL) 

12 0.8 tic 

16 | L2 -e«Uua Au^ralia... 

48, 1.8 Dhdui|. ku idifr (SI) 

12 2.4 bCK-Oh 

30 [ 1.6 EkUr jimirfi.- 

2Q 1 0.8 bnuearuiir Kesonrcm.— , 

40 I 1.4 fc~3. Ithln-re w - 

11 I 2.3 (ren. Pioperty That-.. 

I 15 1 1.6 Hamereieu... { 

tl.58 :-0J1 
70.65 -9.05 

♦1.60 F— 0-0® 


October 24 

+IUJ8I Aamiu — 

Price ■+> or.Crczj xkA 
Crux — |Di».| g, 

091 „:.J0.12lTsJ 

J1.57 -104 tanoodo Buzll- 1.86 pJJJ5jai6»84 
*• on 1 0.05 Banco Itaa PN 1 " “ 

♦8.22 -MUJ6 BetKpMbudmOF; 1.07 !— 0010.087.47 
♦L47 >+082 Lto*s Ahjct. OF_/ 3 .05 I +0^0.206.55 

11.70 i Fettobre* PP i 2.22 -0^110. 13: 6-85 

♦330 +0.M K^HQOP j L40 Ug.S3,0.181L42 

♦1^6 i apnanCrasOP-.} 2.28 +O.01 l OJ82934 

♦2-39 i J/nlpPK : 1 5.28 +0:16)0^6*4.76 

♦3.65 Vale Hta Done PP| L06 0 J7Q.1& 16^2 

♦239 j 


♦235 MUD 
♦835 B-SS 
‘130 1*806 
tl.4B 1+8 JB 

Tizuiuver Cr. 1 2 0.3 m . Votame J 8 .Ha. 
Sobtcb: . Rle 4e Juutzn SB. 


♦230 !+5!5 MINES 

♦OJ84 f-O-K October 24 Hand 

♦3.10 . — Anglo American Corm- M 673 

11.65 |+fl.flS Cbaner COosoQtfaied ^ 4.10 

1.970—30 | 30 ! 03 duuker 

lufav.' AI(irilltr M ... 

496 1- 

l.+yult a* P int '1 

1,050 |- 

tnkyn - an vi 

326 [- 

,w »y i 

146 !- 

■ hK« L*iri 

127 r 

• vi'i* M -im 

655 L 

•■mien- 302.51— 0.6 ; 25)43 hUa C<iri ? 127 h— 2 I 

u- ducker 1 272.6'+ 2.5 26.94' 4.9 V i<m M -int. ' B55 1—5 I 

1 nv* en A.O 1 121.0— 1.6)17.16' 7.1 ^ 

turn I 188.2—3.8 17.161 4.5 vwree Nikkn 'tecurmee. roKro 

‘ E8A 131.3 +0.1 i 9-3B! 3.6 

iMwniWMBh 300 1 18*3.0 

vcrikaireKen..— 240.0 ! 25 . 8.2 BRUSSBii/LUXEMBOURG 

10 I 4.2 Auftrului 

11 1.1 loicr-QMer 

8 | 3.8 Jennwge ipiinrtrw.....>+.. 

12 | 13 -nee UJavhij. 

10 , 3.4 keonapi CM. 

10 3.9 Hcpfere^to 

20 , 1.2 Kill UtMimpi 

r~ ~ Kye. Bmportnm..;-— 

lulCTO Aew» 

M.buaa IncennXMnal— 
*onb drofe en H’ 1 Imm (£f> ) 


1 rz-: — Jii eeandt 

♦810 ] Kafir Drie/onteln jr,, 13^0 

♦032 WL81 EUMrg U2 

♦833 I _ — Harmony GAO 

27 cents! Kternss , *a> &85 

1036 | rao^ ' 10.40 

tL10 ’? ust S ,1Iu re Pbuinam 2.16 

♦0.30 Mus 51*J-re 

t! 70 Jj n,0 S onM^TZZZ: eZ 

+260 ' Oe Beers Lefemd - 7.70 

In'm Li'S ! lyvo ondttfc&t — . 6.05 

♦0.88 --8-92 Baa Rand Pty. (L3« 

I, fa S” Si ale Geduld 3L25 

+0 12 " " Sf?" 1 17.M 

as es ww=t== 43J0 

,2-SI J S esttrn Bofflnra 739.25 i-ia 

♦133 1 — 032 aec, INDDSTTIUtS 

^9'Z5 rS^i ktiodBMr. industmi”'!. 10.79 
' J*70 i+0J)7 Badow Rand , ,, * 31. 


fl'ii™- eSSJ?i£S5SKL-““ 

bnt4.r.r^«j ti. 
jamin.. — t2.' 

18s* l 1BJ) 

\\ lilixm L'» I8I21 lB.Sj 

I M iM»usln Elect... 27 1* | 27i) 

t Bid. t Anted. I Traded. 
II New stock. 

t bo/d (Pi. All . ... 114.0 + 1.9 ) *28 ] 4.9 

SOi 303+0.4= — ! — 

^ ^vtndDkif i.lOC: 361.0+2.5 -.4255 7.9 
\MEV (Pi. ISi — , 87.0 tD. 4 I 60 ; 6.7 
Imroienk (Fi.'*0*: 75.5 + 1.6 A 236 6.0 

.iijenkon • 94.5 —0.5 > 26 ■ 6.5 

do lea. IT eat mi fc .1 Cfc 130.8, + 0. 2 | 82i' 6.4 
duhrro ierwrwfc. 71.6 — 0.5 • 26 j 7.2 
6>«<*ieriF>4sO)..., 298 -2 37Ji 1.8 
hnniaN.V. Beareil 138.2. + 0.2 ' 37.S 5.4 

-.urCviil I'ntiK .*^t; 71.6 ; 94.51 4.9 

UiattM Brocade* ♦ 37.8 20 | 6.3! 

de'neken 1F1. fH6 : 97.5 + 1.0 1 14 ) 3.6 1 

du£iui'H» (FiJa/ 38.1 • — i — ! 

dunrer D.kFi.lftV B2.6-0.1 12 1 5.3 

iv.LJI. 1F1. lull... 153.0 +2.3 • 8 ! 3.2 
ml. Mu tier lU&i. 46.5 +0.8 > 19 , 8J2 1 

* (buuilA Uo roxn.. 

Wee | + nr|DR=jm L^°.Ti6 j 4?5 , 

' ~ ' -* 1 ■ U.B.8. Geurant...' 1.198 f+4 jlOO 8.3 i 

114.0 + 1.9 J *28 ] 4.9 ! a 330 ! + | iiv^ 7 6 ^ ll 

3610 1 BB-4W 7 9 t='»1/i'iii":“~v6!700 ,^40^30 6i4 ***** 

87 0^0 4 160 • 57 »il 2.960 -15 1170 6.7 

ITS 0 I 1 li li c«us 

‘Iflisi ' : I ! rjsiizsa f? s js i u ^i. |g- 

298 -a |27j| 1. B | I,,, " , « U 1035 !+10 ,142 : 7.7 1 

138J3 -OJ2 I S7.B 5.4 ,7,190 J 290 1 4.0 Heat a *4 734JB 

71.6 ... . • 94,a 4.9 f 141 Hm) - 81 * Bei«e..'6.110 — 20;»323>6.3 AfrlqiieOoad't'e. 430 

37.8..! "—I 20l 6.3 tan Hmdlne- )2.B30 IS2.SS 1 2.6 Air Lhjnlrte — 369 

97.5+1.0 14 ' 5.6 ‘ - <*n>du» ,3.380 1 + 75 180 i 5.3 Aquitaine 639 

z 8 . sue. Gen. Usoqu+d. 160 L— „._|205 16.6 nlC* . 516 

pj'b (i "i jo ) c 2 .Gea.te'iElnue'2,010 1+6 [140 =7.0 Uniriom—...... 876 

1 290 1 4.0 Henia +4 1 734J 

J— 20 ,*323 ' 6.3 AfriqueOoad’t'e. 430 

tan Hwdiny.. |2.930 | IS8.35 1 2.6 Air Ltqulrle .... 

I'etrodu*.. .,3.380 i + 75 1180 i 5.5 3qnitalne«.__ M .. 

sue. Gen. Uooqu+3.150 | ... 205 6.5 nlC* — — J 

.f.^en.H(r'rtqu^2,010 ) + B jl40 =7.0 dou,fifiK» 

wiaji ^2£rs=r I2-123 

6.1 J Uam-frair 12,230 + 


A.BJV. Bank 10 % 

Allied Irish Banks Ltd. 10 % 
Arnericao Express Ek. 10 % 

Amro Bank 10 % 

A P Bank Ltd 10 % 

■Henry Ansbacher 10 % 

Banco de Bilbao 10 

Bank of Credit i Cmce. 10 °Ti 

Bank of Cyprus 10 *7, 

Bank of N.S.IV in o- n 

banque Beige Lid. ... tO % 

Banque du Rhojip 101'S', 

Barclays Bank + 10 'T, 

Barnett Christ Ltd.... II % 
Breniar Hoklic-.'s Lid. II "J 
Brit. Bank of Mid. East 10 ir t, 

■ Brown Shipley 10 ffi 

Canada Perm’t Trust... 10 % 

Cayzcr Ltd 10 % 

Cedar Holdings JO;"® 

■ Charierhouse Japhel... 10 "T, 

Chouiartons 10 

C. E. Coates 10 ^ 

Consolidated Credits... 10 % 

Co-ooerative Bank '-10 Tj 

Corinthian Securities 10 % 

Credit Lyonnais 10 % 

Duncan Lawrie 10 l T» 

The Cyprus Popular Bk. 10 % 

Eagil Trust 10 % 

En-jlish Trjnscont. ... 11 ^ 

First -Nat. Fin. Corp. ... lli 0 ^ 
First Nat. Secs. Ltd. ... li 

■3 An ion y C.ibbs 10 'Vi 

Greyhound Guaranty... Hi 
Grindlays Bank £10 % 

■ Guinness Mahon 10 ^ 

■ Hill Samuel §10 "Si 

C. Hoare & Co flO 

Julian S. Hodge 11 l, n 

Hoiufcnn; & Shanghai 10 % 
Industrial Bk. of Scot. 10 

Keyser Ullmann 30 

Knowsley & Cu. Ltd.... 12 °b 

Lloyds Bank 10 % 

Ltmdun Mercantile ... 10 l 5i 
Edward Munson & Co. 111% 

Midland Bank 2U T. 

Samuel Montagu 10 % 

■ Morgan Grenfell 10 ^ 

Xaiiunj] Wesiminster 10 % 
Norwich General Trust 10 <^i 

P. 5. Hof son i: Co 10 °T. 

Kossminsier 10 % 

Royal Bk. Canada Trust 10 % 
Schlcsincer Limited ... 10 % 

E. S. Schwab ll ll Vi 

Security Trust Cn. LliL H‘°o 

Shenley Trust 11 % 

Standard Chartered ... 30 °Tj 

Trade Dev. Bank 10 % 

Trustee Saving*. Bank 10 % 
Twentieth Century Bk. 11 “f. 
Lnued Bank of Kuwait 10 ‘V, 
M hi tea-way La id law ... lOi*^ 
Williams & Giya's ... 10'°^ 

or!-*- shire Bank 10 % 

■ Mcrr.iji-rs uf me Acwcodns Hwiscs 

■ «13) dupoai:. T't i-rnnmb qepuffiis 

■Jqeni j 

V XII I wnnm n-n.. , 

r^imueu (FJs7.^..i 
i-biU|n IP. 

■■ lu?cbVertt i.IOl 

33.3 —0.4 ) 23 r 6.9 
J43.B — 1.0 J — ! — 
46.0 + 3.0 ; — l — 
25.6 +0.3 ) 17 I 6.6 
71.2-1.3 I — i — 


Uul«u.i ihjJi — • 1I5.6HJ ASSt' 7.7 

iiviuoo iFI+xii... 1 135.3—0.7) — — 

uonuiio (Fljx'i.._' 123.0 — 0.2 i 19., 
■faywi Lhitclut'&k! 125.7 +0.6 S3.7 
• avunLux^ ' 237.0 -*- 0.3, 20 

123:0-0:2il9.3 3.6 A.uuuuran, ) 1.020 +-25 

S};S¥S KiwFSS! PS! +!a 

f 040 127- 5 3 lhx +W 

J2S iT V-'xnlS n i 1*0- . 580 +-1 

Coni. Free 
* Latre..™ 


Ft. Fetrolem..._... 

I Gen. OaatdeatqJe. 


—■ — I fl-70 • | ..... ■ CJt'A tevesno entx , 

Currie F inance . 

De Boers Imtestrlai ... 

f .■ « EwReady SA 

IS^tSflifja SSMfSSKS: 

639 +3 2B.2B, 43 LTA 

™ A "STjS ■»»= 

819 + 19 6.5 (IK Basaars 

,230 + 1401 '76 3.4 Premier KOUns "*!... 

407 —3 ; 31A 7.7 Rrewfia Cement 

,005 +35 [7B.BSj 7.6 Protea RoMlnse , - . 

445 +6 / 72 2.7 Rand Mines Proomtics — 
516 +22 jlUB 2.3 Rembrandt Crons ----- . 

133.1 +2.61 12 9.0 Ref co ....* , 

71.2 +2.1 1 — - Saae HnZdfnas --- . 

738 +40 35.75 4.6 SAPP) 

144 +4.8 I 10.5] 9.8 C. C. smith Susar 

267.2 +0.8] 10J 3.9 W Breweries 

iciinUrpfFi^ji: 104.0, B7i 5.3 iSS 

•W tac-Unt.. . 142 i + l j 50.50, 0.6 7^* f 

LOiiereriFiJDt.... 118.9+1.8 42J 7.2 — '?'^s 

‘ 'kite ( ii.e 1 40.4. + 0.4 'MJZa 1.2 5,'222?"^lT , *'Sn 

i\"i— 1 -_1. ir.H-.'phk! 398.9) +0^ j 33 ) 4.0 ‘VSVH 

% ! 3 ImeLtvU. 68 +0.5 = 5.7 

-fuquea BoroJ* — 173 +4 I r- 

1 UMr* -J 238 -0.6 18.77 

a j 3.9 L'Oiai 779 +14 1BJ7 

10 j 3.3 Leeand ; L929 +24 136.76 

22 , 2.3 Mairon* Fhentx_; 638 — 1 534 

82 1 3.0 llhKieim -B" 1 1,303 +45 2L&6 

22 ; 3.8 Uoes PlnueMev.; 583 +11 12^, 

16.3.7 Moulinex i 180 (+3 . 31 

40 1 2.8 taribss. _.f 203 +04 IMI 

b-s p &*r~:.zs.:z-zz 







YIS. 30 



37 JD 


♦a JO 










■ 0.95 


2 JO 




+ 8.03 




2 JO 



. V 5 










r icher itieureei .1 560 _| 6 1 4.5 PecJuuev 

IijOumr. I'tGert . 61.260 I+260-1100I 1.8 L*emori Klouvi I 

Lkt. (.-mail). -6.176 . + 25 1110 ; 1.8 tauKWt CftnimJ 



UoUske Umik 

ba.-l .l,Ulk; Co_. 

ricDuuienken ..■ 


fw, tapir ....... ... 

Hnti-1e:i Lwnk 

(i.N'Ui'n H.iKrstC. 

JnuliL'nt ... 


loKrtml U. ..... 1.61B )+2S 

lelmoil iKr.LLWi.. 1.370 ] 

* NestiuiFr. (bji... : 5.02& = + fi 

... Do. Hn 2.175 ,+5 

Prit-e j+or;DiT. i Yld. v.i w uk-joU(F.S3U. '2.650 ;+25 

(n.iufr —i^,S Pimil'.IH(K.luO<: 300 1+1 

«rHio«(Fr. B£Oi..,5.275 [ + 25 

, j , ! ,, 1 __ Dm. tart Ccru.. 376 | 

140. —'a IX 1 7.9 S.vjmillfer KX PRJU 236 1—5 

1253*:—^! 12 <9.5 au,zerlA (Fr.lOO-.l 290 [—2 

1503* —13* | 12 [ 7.9 SwisMur (Ft. dts^i 787 I 

J }3 1 g.B 3UT3S Box tFr.iOL 360 J+3 

3 S2. ! 12 ZA 9*.toriKe)iFrJ5lN[4.750 +76 

2.9| taetun.. 

21 !.1.5 UWkt reuhnique. 1 491 

Ufifi.fil 2.8 Rerioote < 695 

<>06.715.9 Hbnne l J Mileae...i 123 
I IS I 1.4 ’f. Goblin ’ 163 

238 -05 18.77 7.2 oecnrraes nan_ 

£2 Hg lilre la . (Vis'*™* of 37.8%) 

638 I 7 A. ■ 

503 + 45 2LH 25. SPAIN V 
583 +11 125 2.2 n. 

180 1+3 . 3 1 2.3 '^°^ r24 

80S +0j 4 U5 9.8 Aatsna 7.B 7.8 Banco Bilbao 

826 +14 1 10 1,5 Banco AUantico (1.8M) 

514 '+13. 117.26 3.4 Banco Central 

230 +10 ] — — Banco Exterior 

491 r+ 12 27 6.B ganco^ General 

Per coil 


+ 13. [17J6 
+ 10 — 
[+12 27'; 

+ 14 30 

+ 3 9 

+ 1J3 iMJfi 

15 i 6.0 >1 (Ib Ku«d 8 ThH„. , lja60 +10 

26 ! 2.0 M>ez > 299 +3 . 

26 i 3.2 ralom«cinhiue 842 | + 12 

6.0 Banco Granada 243 . — 1 

7.3 S 3 " 00 Htxoano ... 3*5 +5 

B.9 |3M0 tetL Cat (1.008) 1*2 — 

2.0 “■ ™. Bledtterraneb _ 1S& 

8.5 Banco Madrid 221 — 

3.0 Banco Popular ... - &* + 3 

12 4.7 1 nwnwm Branrtv.1 264.6, +6J |l6.18 6.7 Banco. Santander iS30) 

10 4.4 
10 2.8 

4.8 OkinoT —.i J 22 g. , — , — I 


S3l a : -1 I — ! - 

Hnti-le'-Louk 1261; —l* ! 12 | 8.7 

(i.N'Ui'n H.iKruC. 282 = 12 | 5.8 

..uplKat+Z — 181 '--li 12 ! 6.6 

113 ' — 13* — — 

r'nrgiL'nnk.. 1JD|' 1 — ' 9.1 

137 . — 11* 'ill 8.0 

roph. Uerooron— 390 j— 3 | 12 3.1 
16112 —1 12 1 7.4 1 

Onion Hint.. 

J2 1 ?'Z / +*rtoh Insj:...^. 11,175 1-26 

Price i + orl 

Lire — 

40 2.1 
20 3.2 

1 Price 1 or + 
Kronor — - 

urcynouno iiuaramy... m - ;^ ay , jn Cf|5n . 

0 rind lays Rank ilO % an 4 "fi't t,.*.-. un > 

u.” I T £j j w) ;• 

Guinness Mahon 10 % , M ij;t . r 

Hsmbros Bank 10 % 1 D-'lridnrt .( 3i>.u;. ; •. 

r,r ild.'/M 

i’lOD Tiff. 


..'re HIM*l*W>l...— 


s'lin nr.t 

■I pit Dtlin'er.... 
t pi: MauPf-n.. 

I*rii+s ' Div^VId. 



620 -12 

83 : 

221 . 

244 -*2 

Anil 62 _i — _ fflecE’iuxTB'fKro 

tkutori I 531 —18 I — | _ HrifflHwn'B*(Ki0 

W-ti J2.650 + 21 150, 6.7 

Utv.Fri* 1.950 +10 150 1 7.7 Fooervte 

/in»+W, ISO —11 , — : _■ Unoaci (FtwU 

Div-V l.l. It+i'.-euieuil 18.200 ) — 870i 600. 3.3 RsmlmtazUren. 

+ + ; iM*i.ier ^..1 352 —38 | — 1 _ u.wi hnu 

■; i derinjlMaei (42.100 )— 4S0.1,flOO| 2.9 iiu Ocii Domsto 

10 23 1 rtonialiwui j 193.60—1.75 — j .^ainivik *8' Kn 

9 , 3.3 ; .1 ivetU Frir. 1.230 j— 25 — ! — iKJT. 'B' Kre. 1 

38 | 7.7= rireiu A Co. ; 1.820 i + 17 130i 7.1 ikand Enekinta.J 

— - • Pirelli Sp»_._..| 971 ,+ 12 80)8.2 Taral^'H'llkr&l 

8* i.b, 'Ola YlBcnu 780 '-+31- 

10 4.1 •• • ! [■ VqlTOtKE. MD-i- l 

I Agfi A3 (Kr.40)— 183 -4 &£ 3.0 

S&InwUiKr^ 137 —1 6 3.6 £2X2"?, 

.VS HA (K&50L 80.60 +OfiC 6 6.^ 

AUaa OopooriiiSW 112 6 5.7 

Hillerud 49 -1 4 8.0 5“»*r‘£L 

Dir.rxi£ Uoftwa 111 -1 *4 33 

Lire S Canto ^ .170 -2 0.^5 Sj 4' EgSn*#! 

LJL Urilnton ^ 218 - JO 4.6 

— _ ifiecS’iiDriB'fKrSa 116 J +2 - £b 5.4 

— | _ Hrknaon'IFcKi&t] . 116 J 8 S3 

ISO; 5.7 Esaette “B" ' SSfao-l '8 S.O njertnm 

150(7.7 Paoente J ®0. 4 4.4 OtereT^ 

— , — Unoam (Free) 150.60 ) — 2.M — — PanclCraa 

600- 3.3 Haotllert aro li en .J 350 1+3 -16 4.6 PccroUher 

-1- Maca buu „.„ — Z! 123 {....-4. 8 16^ PetrotoJ 

.00012.9 Uu Och DoowroJ 58 f— 3 — f— Sarrlo Pa, 

1 1 Banco Vizcaya 

. . Banco Za ntyimaim 

Bit. Win. 

Er. t Banna Andalmda — , - 

* * Babcocfc WQcox * 

88 3.0 S®. • 

| Tnawbantf _____ 

I ti? — 

4 n n s*PWHna Ztoc - - i ■ 
_4 3« f«a- Ko -nato 

As 15 

iS S-f 

| “ SBa. TI JJTO " — » 

| !'0 nwrdnwo 

^ ^-4 Ohm ■ ■ ■ LL 

~ T", Papeteraa Beunldax _ 

“= !— — J : l ^ 

Ttij ■ - •“ 

lg ngsz'rzzA s 

1 || Hy- 8 6 ’ 8 f'*™***; im-so 

aS ti 5775, Fa 2 

61J0l+(Utt4£ 7.0 Sonefisa “ -,S . 

“I £> f ffi. “n 

65 j— 2.5 . 6 . 8.1 Torres Hosted cdb ♦* 

ea !+-•£.: y- ~ 0 Tatwce* ... m 

77 — 3J5| &■ 7.8 tiftim - EiAc. *| . 

i i j? 

i r. - ? I 

2 Si 1 


+ 3 





1 ; 



- j 


+ 3 


;■ y 





+ i 

.■ \ 



. - 

. 4 

18 - 




1 J 




1 - 






« - 

- i 


\:’ m 



V - 


; :{ 



i S ’.ns... r 

bi S-z-it 



vrr^-f • •• . 

! k ^ : ^R&an&f&Rmes "Wednesday October 25^1978 

** . / '^3 "] 




SIGNIFICANT broadening in 
■ e membership of -the London 
Hal Exchange took, place yos- 
■day when Sharps Pixley pnd 
became the first London 
.lliwi brokers to become direct 
ig-deahng members, 
lust as important was the re- 
•clion as ring-dealing members 
Maclaine Watson, a subsidiary 
the big U.S. based brokerage 
up Drexel, Burnham and 

Fix ley is part of the 
aziwort Benson banking 
>up and one of Cite five Lon- 
n bullion brokers which takes 
rt in the daily "fixing" of 
Uion silver prices. 

Its' successful application to 
,*ofne ring-dealing members oF 
Metal Exchange is an indica- 
n of the growing importance 
’ the LME silver futures mar- 
\ that was introduced in 1DS8 
the face of strong opposition 
•ni the bullion brokers. 
Another bullion broker. John- 
i Mat they, is a subscriber 
' ibber of the Exchange, as was 
_ s Pixley before becoming 
v . ring-dealing member, entilie-1 
trade on the “ring" rather 
in through other dealers. 
\nother bullion broker, 
•eat La and Guldsmid. already 
i a .subsidiary. Commercial 
■ tals. on the “ring." 
sharps Pixley intends to start 
ng" trading early next year 
1. is likely to concentrate, 
inly in silver, where it has' 

the existing facilities to trade — 
although it is also Ukcly to deal 
In other metals, notably copper, 
to a limited extent. 

A spokesman for the company 
said yesterday that it was very 
pleased to be elected. 

Drexel, Burnham must be 
equally pleased with tbe re- 
election of Maclaine Watson as 
a ring-dealing member since its 
takeover of the company was 
dependent on this. 

There was considerable con- 
troversy among ■ LME members 

as to whether they would be 
opening the door for all the big 
U.S. commodity commission 
houses to become ring-dealing 
members if Maclaine Watson 
was elected. 

However, Drexel. has managed 
to convince the joint LME noarri 
and committee meeting that met 
yesterday It is not purely a U.S. 
com mission house in view of tho 
major shareholdings in . the 
group bold by European inter- 
ests, including the Banque de 
Lambert, Renault and Firestone. 

Tin heads metals surge 

TIN VALUES soared again on 
the London Metal. -Exchange 
yesterday with the cash price 
gaining £227.5 to reacb a record 
closing, level ol £7,845 a tonne. 

The upsurge was attributed to 
a renewed squeeze on supplies 
immediately available to the. 

Once the uptrend was estab- 
lished it brought heavy stop-loss 
buying and the three months 
quotation was also driven up, 
by £187.5 to £7.680. 

Other base metal prices -also 
moved up strongly. Copper cash 
wirebars gained £31.5 to £744 a 
tonne following fresh buying 
demand in what was described 
as an “ oversold ** market 

Zinc was boosted by the news 
that a leading Belgian producer. 

Vielle Mnntagne, had raised its 
base European zinc price from 
$675 to $720 a tonne. The corn- 
puny said the increase was a re- 
sult of the fall in the value of 
(he dollar against other curren- 

Cash zinc on the LME market 
rose by £10.25 to £359 a tonne, 
but was outstripped by cash lead 
which jumped by £16 to £413.5 a 
tonne. Lead was influenced by 
the rise in copper and zinc, as 
well as reports of further buying 
by the Soviet Union. 

In contrast, precious metal 
values were lower. Silver was 
cut by 4.05p to 290.5p an ounce 
at the morning fixing on the bul- 
lion market. Free market 
platinum was also down by 
£2.25 to £171.8 an ounce. 

New mackerel fishing curbs 


MACKEREL fishing coo- 
ls aimed at stemming the 
lux of large trawlers into tbe 
ith-west coast fishing grounds 
re announced in the House of 
mmons yesterday by Mr. John 
kin, Minister of Agriculture, 
iheries and Food. 

7 rom November fi vessels over 
feet in length will he banned 
m mackerel fishing within the 
ee-mile coastal band off 
von. Cornwall and the Isles 
- Scilly. At the same time, 
id liners and vessels under 
“'feet will be exempted from 
ii-stinp controls, 
le tween these two extremes 
- dice are being weighted 
re heavily in favour of the 
aJJer vessels. 

Jnder the new arrangements, 
ieh are calculated on a weekly 
her than daily basis, the 
gest vessels will be limited to 
■atch equivalent to 15 tonnes 
mackerel per crew member 
,ile the smaller boats (above 
feet) will be allowed “up to 
tonnes per crewman. At 
;sent, the catch limit is 31 
_ines per crewman per day. 
rbe new rules folldw heavy 
essure from local fl&ermen 
r the exclusion of large vessels 

from Scotland and Humberside 
which they claimed were scoop- 
ing up all their fish. These 
*‘ outsiders " had switched to 
mackerel fishing because, of lost 
access to distant waters and 
herring fishing bans ' in the 
North Sea and off the west coast 
of Scotland. - 

However. Ministry of Agricul- 
ture officials denied -yesterday 
that the new regulations resulted 
from this pressure. They said 
the ammended rules were part 
of a continuing effort to conserve 
British fish resources. 

British mackerel stocks were 
hot being overfished at present, 
they said, but they were dis- 
turbed at the steady build-up in 
fishing effort, particularly by tbe 
larger trawlers. 

The UK fishing fleet caught 
about 180,000 tonnes of mackerel 
last .year compared .with.' only 
5,000 tonnes in 1970 and 20,000 
tonnes in 1973. But the officials 
said at the same time a- large 
portion of the "substantial" 
eastern bloc catch had been 
phased out 

Last year’s total catch' in UK 
waters was 330.000 tonnes,' well" 
below the 500.000 tonnes caught 
in' 1975 a'nd 1976. The figure is 

also below the 450,000 tonnes 
total allowable catch recom- 
mended by the International 
Council for the Exploration of the 
Sea (ICES). 

So far this year the UK fleet 
has caught 200,000 tonnes of 

The Ministry is also stepping 
up efforts to police .fishing 
restrictions off the south-west 
coast. An extra fisheries inspec- 
tor and two more fisheries, officers 
are being installed at Falmouth 
and, in addition, a fisheries "fly- 
ing squad" is being formed to 
deal with what The officials 
described as “hot spots/* 

This mobile team will be 
recruited from officers currently 
serving elsewhere with the 
fisheries inspectorate. 

averts EEC 
wine war 

By Margaret Van Hattem 

BRUSSELS. Oct. 24. 
weather - throughout Europe 
this year has had one redeem- 
ing feature — a grape harvest 
small enough to rule out any 
Immediate likelihood or a wine 

The EEC Commission yes- 
terday estimated this year’s 
vintage at 136m hectolitres — 
more than last year but still 
4m hectolitres below the 
normal annual volume of con- 

This should help rusm-e 
prices high enough to take 
much of the beat out of the 
continuing debate in the 
Council of Ministers on 
restructuring the wine in- 
dustry, where France is fight- 
ing a prolonged batllc to keep 
cheap Italian red wine out or 
tbe French domestic market. 

The Commission also noted 
with relief that the drop In 
the total area of land under 
viticulture, which began last 
year, is continuing, ns U the 
trend to higher quality wine. 

The area given over to vine- 
yards fell ' from 2.571m 
hectares in X976 to 2.555m last 
year and is estimated to have 
fallen by another 20,000 
hectares this year. 

* In fact, the area given over 
to table wine fell by 26,000 
hectares, but was offset by an 
increase in areas producing 
quality wines. This seems to 
be due, at least In part, to a 
Community ban on replanting 
of vineyards and special aids 
to wine growers to help 
upgrade the quality of their 


Recori beet crop in si 


disastrous lifting season during 
the next two months, the yield 
of sugar from this year's beet 
crop seems likely to be the 
highest ever harvested and pro- 
cessed in the UK. 

Previous highest was in 1973. 
the first year of Britain's 
membership of the EEC. Sugar 
production that year reached 
1.06m tonnes as a result of 
exceptionally high sugar content 
contained in a crop which, 
averaged 15.68 tons per acre 
(38.72 tomes per hectare). 

This - year, however. the 
potential yield is estimated by 
the British Sugar Corporation to 
be only about 14 tonnes per acre 
(34.5 tonnes per hectare), but 
from a bigger area, which at 
510,000 acres (206.500 hectares) 
Is tbe biggest acreage ever grown 
in Britain 

Sugar content in the roots, 
which was tbe lowest ever 
recorded when tests began last 
August because oF lack of sun 
during the summer, has risen 
dramatically since. Adequate 
soil moisture — a legacy from the 
wet summer— and a healthy crop 
— there was a remarkable 
absence of pests and diseases— 
combined with September sun- 
shine to build up sugar percent- 

Some factories in the South 
and East of the growing areas 
which were particularly favoured 
by the Indian summer are now 
receiving roots of up to 20 per 
cent sugar content. Farther 
north in Norfolk. Cambridge- 
shire and Lincolnshire percent- 
ages are a bit lower at 17 per 

cent to 18 per cent but are still 
above normal expectations. 

The average is certainly above 
17 per cent at present and my 
opinion is that yields wilt pro- 
bably be a tittle higher tban the 
official BSC estimate. 

Further, the recent forecast by 
the Corporation that it expects 
to produce between 950,000 and 
1.05m tonnes of sugar from this 
year's crop seems to me to be a 
cautious one. I would expect to. 
see their top figure exceeded by a 
modest margin and a new record 

Nevertheless. the average 
weight of beet lifted per acre 
will still be helow the 10-year 
average, which is a matter of 
concern to both farmers and 
British sugar. 

This year's high sugar content 
which will raise the value of 
the roots seems likely to com- 
pensate for the low ylc-ld and 
produce average grower returns 
per acre. 

But for the future many farm- 
ers are actively seeking systems 
and “blueprints" for better 
yields, of a similar nature to 
those a'ready adopted for pota- 
toes and cereals. 

Most of the Inquiries are 
directed at other EEC countries 
the source of much inspiration 
for maximising production of 
other crops and where average 
yields of sugar beer are about 4 
tonnes per acre (10 tonnes per 
hectare) higher than in the UK. 

Id short, the sugar beet crop 
is coming into farmers* favour 
again afteT a few years in the 
doldrums. Drought, it seems, is 
nnrnecessarily a permanent fea- 
ture of British weather and even 

last year, when crops were well 
below overage, the profitability 
of sugar beet, according to 
farm costing survey run by ICI. 
was very good indeed. 

Of the whole range oF arable 
crops cosied during 1077. sugar 
beet recorded the highest gross 
margin at £224 per acre (£555 
per hectare). 

At least a part of this growing 
popularity can be attributed to 
disillusionment with potatoes. 
Disastrous returns this year, in 
spite of big yields, has led some 
fanners ro regard potatoes as 
unreliable and too tightly tied 
to fickle market demand. 


Sugar beet, in comparison, 
seems safe and steady and as the 
two crops are virtually inier- 
changeable m the East Anglain 
rotation, some growers are speak- 
ing of maximising tbeir beet 
acreage at the expense, and per- 
haps the exclusion, of potatoes. 

Clearly this is an emotive re- 
action to a relatively short-term 
situation and not rll those who 
threaten to make the switch will 
actually do so. 

No doubt British Sugar wilt 
be pleased because any increase 
will bring them closer to their 
declared target of 1 25m tonnes 
of home-produced sugar, which 
represents half of the amount 
consumed in Britain. 

On the basis of this target The 
corporation is still pressing 
ahead with massive factory ex- 
pansion and refitting. 

But Europe already has a sur- 
plus of sugar which is proving 
expensive to dispose of. and new 

quotas are to be negotiated fbr 
all E1EC countries during 1679 to 
come in io effect in 1980. The 
current furore between the Food 
Manufacturers Federation, who 
wants quotas cut. and the Con- 
federation of European beet 
growers is only the opening shots 
in a battle not scheduled to start 
until next year. 

Attacks specficially aimed at 
cutting the British quota can be 
expected later from growers and 
sugar factory representatives 
from other EEC heet-growlng 
countries. Their arguments will 
revolve around the undoubted 
fact ihar this country has so far 
failed to produce the 1.25m 
tonnes (made up of 1.94m tonnes 
of A quota and OJllrn tonnes of 
B quota i for which we will be 

In reply, Britain will point out 
that in spite of our lower yields, 
the better structure of tbe 
industry here means that our 
costs of production per tonne of 
sugar easily match the rest of 
Europe. We are members of a 
European economic community, 
the argument will continue, not 
a European high yielding com- 
munity, and There is therefore 
no case for cutting our quota 
more severely than that of any 
other country. 

Whatever the outcome of next 
year's negotiations for individual 
countries." at toast a modest re- 
duction in The overall European' 
sugar beet acreage after 1980. as. 
a necessary political appease-' 
mem, is beginning to appear in- 
evitable. Those British growers 
whose interest in the crop lias 
just re-awakened will be hoping 
the UK cut is not ton Rpvere. 


Impala PJatinum has raised its 
producer price for palladium to 
S80 an ounce, from S70, effective 

Last Friday Rustenburg Plati- 
num Mines also raised its palla- 
dium price to 580. 


Burma rice 
exports hit 

RANGOON. Oct. 24. 
BURMA'S rice- exports for the 
current quarter are likely to he 
affected by uncertain weather 
and difficulties encountered by 
government agencies in buying 
rice from farmers, trade sources 

To ensure adequate supplies, 
the Government has announced 
that farmers who fail to meet 
obligatory quotas will face action 
that might include withdrawal * F 
their right to work the land, the 
sources said. 

The government expects rice 
output to rise by about 700.090 
tonnes This year to 10m from 
nearly 33m acres of paddy. 

Rice export's last year totalled 
659.200 tonnes, worth $324m 


Milk Board plea to farmers 


AS BRITAIN'S Milk Marketing 
Board entered the last stage of 
the fight for its continued 
existence yesterday its chairman, 
Mr. Steve Roberts, declared in 
London: " Tomorrow Is V-for- 
Voting day for the dairy farmers 
of England and Wales; I hope it 
will also be V-fnr-Victory day — a 
victory for common sense.” 

This morning, yellow envelopes 
containing the voting papers 
which will finally decide the Milk 
Board’s fate, will drop through 
The letter hnxes of Britain's 
48.000 dairy farmers. 

And within the next few days 
most of these can expect visits 
from National Farmers' Union 
representatives who will urge 
them to use their votes to ensure 
the continuation of the milk 
marketing system "which has 
served them so well over the last 
45 years." 

The Milk Board has been at 
the centre of a continuing EEC 
controversy ever since the UK 
joined the Common Market five 
years ago. 

At that time there was con- 
siderable suspicion of British 
institutions hut following a touch 
fight In the Council of Ministers 
the EEC has agreed in principle 
that the UK Milk Board system 
can continue, provided a big 
majority is in favour. The 
farmers' poll is the final stage 
in this fight. 

If the Board Is to survive 80 
per cent of the votes cast will 
have to be in its favour and these 
votes will have to represent at 
least half of the national dairy 
herd. This may seem a tall order 
hut in fact the Board will he 
disappointed if these require- 
ments are not comfortably sur- 

An unofficial poll organised by 

Livestock Farming magazine 
recently showed that 9R.5 per 
cent of large dairy farmers in 
England and Wales planned to 
vote for the Milk Board. 

If smaller dairymen are as 
unanimous in their support, the 
Board will get a vote of confi- 
dence even greater tban the 
96.42 per cent recorded in the 
referendum which preceded its 
foundation in 1933. 

Mr Roberts said yesterday that 
he was confident the board would 
have a resounding victory. But 
he warned that over-confidence 
and complacency could be the 
main enemies 

Votes must he posted back by 
the last -post on November 17 but 
a further week has been allowed 
to take account of the .vagaries 
of the postal service and declara- 
tion of the result of the poll is 
not expected before November 
27. - - 

Aluminium cut 
in Japan 

TOKYO. Oct. 24. ' 
THE Japanese Industrial Struc- 
ture Council, a government* 
advisory bndy, said it recom- 
mends tbat the Japanese 
aluminium smelting industry cut 
its refining capacity to 1.1m 
tonnes from 1.6m tonnes by : 
freezing or scrapping production- 

The recommendation, sub- 
mitted to the Minister of Inters 
national Trade and Industry, 
tightens the Council's previous- 
proposal last November to cut 
capacity to 1.25m tonnes. It 
comes in view of a sharp yen 
appreciation since then which' 
has reduced Imported aluminium 

The council estimates Japan’s 
fiscal 3980 and fiscal 1985 alu- 
minium demand at I.88ra tonnes 
and 2.39m tonnes respectively. 




as Comex marled lojnove^head renewed as ttaa price ti reached the £7,606 level 8.L Kerbs: Three months 288 2. '8.1. Lewis and Peat reported a Malaysian Fair demand was maintained with Price in mnses unless otherwise stated 
bnrtiLB from Europe look forward material heavy stop-loss baying saw forward Afternoon: 13xree months 2B8.3. 8.4. 8J. gndown price of 2SS* 1250* cents {buyer, numerous inanity from spinners. Support 

tlPPER-'sM ' Mini' >Mra riu> "V K> the day's high of £764.5 prior to maierUI climb sharply io touch £7.700 8.5. 8.4, 8.5. 8.7. 8 6. 8.7 Kerbs: Three November). 

idon Meiai FrrSa»» Forward ratal ,l c,0 * ln * *>“ the late kerb at fUB. Turn- berore ea*nns fractionally to dMe on the months 298J, 8.4, *5, 8.4. 8.7. 8.5. — 

sute -“-S* •«?«■ : *' * ■«»• rummor. 1.310 tonnes. 

iKbt to be oversold, poshed ahead to Trading reported 

TnV fresh term 


Comer depressed the market 
j to £750 In the early afternoon hot 



Cathodes, cash £72* J. 30. Hiirh Grade 

Cash 17710-30 


B-tn. j 
Official \ 

+ w 

pjn. . 







- £ 

i ..I 


i+B 1 

| 743.5-4.S 1+11.6 

Tltti* ] 

761.8-2 ! 

+ 4.6; 

764-.5 1+11 


7d2 j 

+ 5 

— 1 




+ 5^ 

733-.S il2J 


748.5-60 + 5 

753-.S i+-12 




— ti....: 

. "-nil J 6SS. i 

•oi-njm 1 

OL SLo, 62. 

_ three months £756. 49.5. Kerb: Three 
t-for months £781, 61-5. 61. Afternoon: Wire- S moniha 

bars, three months 

63.5. 64. 64-3. 64. Kerb: Wtrebars. three Standard 

months £763.5. 64. 63.5, 63. Uuh 

. , . , 4 mnollu. 



luetic day's trading. Forward 

rise In the Penans market. Io the 
rings, however, fresh buying and a ilshien- 

SS J3" JUJSSi three months £7.640, SO. 60. 78. Iwe. ^067.B*-15.>'+a.26 ZOM.*- 1. 8b 

the aficrnoon this buying continued and ^ ^ rB _ M _ M> n.095. 88. 88. 3frirh_ :lt 90.42005 I + 1U-3 — 

K<-k York 

»• ' 

+ 78 

7O80-95 1+4/ Jb\ 
7750 1+78 





+ »r| 

+ 70 
+ 65 
+ 70 
+ 6 






The market was easier for most of 
the day In dull trading before a rally In 
the laic artemoon caused the market to 
clfW at the -day’s high, about £10-115 Liec ...... 

768 >-780+1 A higher than the previous night's rlose. Jan-Mw 
— ...... GUI and Duffus reported. Apr-Jne] 

I .. -■ .. — r.— . Jv->eur 

|Yewi4*jvia’ve| + ur I Bimlnen* 

(Jinan l — \ 

No. 1 1 

Prevtout ! 


Bust new 

R. s ..-'. 

Ok»e | 



7840-50 j+227. 
7676-85 +167. 


gfllD.*- 1! 0 

-2 2016. D- 1986 

Afir- Jni 
Jv--om .! 


. 2030 U 5i.ll 1+4.25 2 54.0 fli.O 

tl 25 ri 6 

6 2> 6 4 

7 85 B00 
70 26 78 40 j 
1 2 2> >2 4J 

was again forthcoming In South American 
and Middle Eastern styles. 


SMITH FI ELD f pence per pound l— Beef: 
Scottish killed aides 31.0 to 58.0: UlMer 

62.25-62.60; 60.7631.411: t2. 10-61.40 hindquarters <1.0 to 44 0; Eire hind- Motals 

Quarters 59.0 to 63.0. forequarters 36.0 to A'linnnium — 

36.0. Frw- marker feral 

EO.MMR iui UK tin-M mi Voa,! Pwcfc hinds and ends B2.0 to Cupper cn*.b TV Bar 

CO.KKD.U>> W.U9-M.UU A 1 k. j. j. 

oft ttl 7n qc dc (Ml ” * moiilhft di#, dn. 

oa.g9-br.S6, 7 u.Zd-d4.0u tomb: English small 52.0 to S9.0. C'^h i-'iuh.Hle 

medium 52.0 in SA8. heavy 48 0 ro 52. D: i ninnih*. ik dn 

p].b0-i2 2aj > 2 60 
05.60-m.BO, 6 40 • 5 86 
e6.86-e6.0j 68.00-bb.0b 

7036 ru.40i I 60-7- .4" 

SSM-SS-natzb-B k:o » hw oZ\ ..Tmnv 

iL'Sg 1 £5lmSt W» 320. Imported Ikm; NZ PL 57.0 Lead «*h ...._ J 

<8 46 . 8 60 ; 7 h. 20 - 76 . 2 -l / 8 .bO-/b. 4 > iW 0 Y L* 510 tn 53 . 0 . i m-mth-, ~ 

Pork: English, under 100 lb 37.0 to £ii-ki» 

Morning: Standard, three months £7.550. Uny Z..2BK 0 6&!« U 14 206s!» »!u Sales: 6 fnllr lois of 5 tonnes, 739 C13l lb 38 0 10 44 120 ' im ^ Enwilarkcr.df) lb 

.:205fl 5 67.0 

6 67.0 UIB. 

48.0 +12 
.6*- IS.* +8.: 

1BJ2S 2057 . 2D.b 
13 .2O46JMB.0 

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Business Tet; 
Home Tel: 


Dec. 63J>p I'GJ), 

Kerb: . Standard, cash £7,870, SO. three 
months £7680 . 90. 95. £7,708. 17.895. 80. 
LEAD— Cabled ground. Tbe firmness 

Sales: 2L560 16.714) lots of 18 tonnes^ 

_______ __ international Cocoa Orpantsatton tUJS. 

of other mcriis oranpicd some fresh buy- ™ 0??”? 'T Da ,f!? p I iN ‘ S : 

log of lead which took forward meiaf JEjL 11 "**!- pn 1 ^ , - ?.?°*5r? 4: 

up from £385 to £389.5 on the pre-market- •lETS* l™!? ,16S S4 2a-dw 

Gains were extended in (be nags wtlh fl * craGe f ll8.33>. 

the price moving ahead to £293. The 
upward trend continued throughout the 
afternoon with forward material finally 
097 on the late kerb. Turnover. 10.575 




i roonth’V 
t 1 .-. bpotj 







+ or, 








3 96-. 3 


move and comimsstoo hunadarion was June j 121. 7 -si 9, 

heavy (or the wholo session, Dmcl Annual iU2.1 ■- 2-B1+0.4B 

Burnham Lambert reported. The market i*-v»dwr.. 1 1 B-M.s + 0.66| 

closed £10-115 lower on the day after December.... 1120.0 «*4.Dj — | 

recording new lows for the month in 

+ 16 
+1 1-6 

an active final session. 


Yu- ten lay's 

+ or 



£ F«i UKiiie 

November — 


— «6.L' 

1632 00 


1309 XU 
1262 65 
1222 50 

— 03.0 
— 08.6 
— 09.0 

1353 01 
1283 60 


-^pteui'ier .. 

Sales: 3,588 t'4,856} lots of 5 tonnes. 

Morning: Cash £403.5, 04 J. three months 
£381. 90Ji. B0. 91. 90. 91. 81.5. Kerb: 

Three months £391.5. 92. Afternoon: 

Cash £409. 12. three months £393, 94. 95. 

98. 9G.S. 98. 96.5. Kerb: Three months 
£396. 96.5. 97. 

ZINC— Very Arm following news that 
Vielle Mamagne had lifted Its producer 
price io 1720 from SOTS. Forward metal 
rose from JSC to £388 on the pre-market 
but In the rings disappointment that other 

producers bad not fa Mowed Vielle ICO Indicator prices for Oct. 23 fU.S. 

Montagne caused the price to dtp u cents per pound): Colombian Mild 
£364. However. In the afternoon die Arabics s 170.50 (171.00); unwashed 

buoyancy of other basc-metals prompted Arsblcas 154. DO (same*: other mild 
renewed buying of rice whic h m oved up Arahlcas 158.17 (151.33). Robustas ICA Dee 
to close an die late kerb at £370. Turn- 197B .151.60 (aamei; Robust as ICA 19BS Jdaii-iY’ 
over: «75 tonnes. 151 JO 1 152 .50). Dally average 150.34 »Uv- ' 

(151.421. A 

U.-t... _ 
March .: 

lots of 15 tonnes. , 37.0 10 43.0. 

Physical rinsing prices (buyers) were: Grouse: Young, best (each) 158.0 to 

Spot 81. Tip IM.O); Nov. ffi J5p (fflJ!5j; ~!L a - , ■■ _ . PUrfn.rm r™ 

Partridges: Young leach* 200.0 to 240.0. Pterinum trey rw„ 

MEAT COMMISSI DM —a rerace fatwock *■«« M+rfcet. 

prices at represent a live mirk els on quiclaiirer f76ib.l 

■October 34. GB cattle OO.Mp per kg o*. 

livewclchi I +0.151: UK sheep 133 Jp per 0 rttwitha — 

kg edew (+1.4): GB plus ffi-2p per kg Tin Cush — ., 

Uvewcicht (+8.81. England and Wales— i mi ......... 

CsrUe numbers down 3.2 per cent, average Timgstrm 
price S5.S5P I--8.83): sheep up 9-S per Wolfram 22.04 cif. 
cent, average price 133.5 b t+1.7); dIks Z,uw 

down 29.7 per cent, average price ffi.4p A momhn 

1+I.O1. Scotland.— Ca 1 tie up 0.4 per rent. Pnvinww. , . 

average price Tl.Olp 1+0.24): sheep down nil . 

14 4 per cent, average price 12I.8p 1— 5.4 <: , /D . 

pics up 9.R per cem. average price 64-lp — 

inn chanue). lirr.imrlnut ..... 

COVENT GARDEN fpnres <n striiiag I.inweri Crude (v».. 

per package except whoTe staled — Fn'm Auiaj’nn 

Imparled produce — Lemons — Italian: 

I2n ISO’s new crap 5.50-G.5D: S. African: 

4.08- 7 JO; Cyprior: Craies 7.00-8.00: Seeds 

LONDON DAILY PRICE fraw sugar i Turkish: 5.00: Greek: 7.50. Oranges— Co\im Phillip. 

£108.00 1UM.8O1 a rmme elf lor Oct.. Nov. s - African: Valencia Late 4.3+5.45: aov»r«su cU.S.J— 
shipment. White sugar dally price was Brn2fllan: Valencia Late 3.5n: Arcemine: 


IS 1070)90 

+ 11.5 £735.25 
+ 11.04.762. /6 
i 1 53^1+ I2.0i£742.5 
5- 6.0251— 1.0 -5217.575 
l’ 414.5 + 16.0'4^564.5 
L'oBG.ZSi-v 1 i.5'W7Q.26 

i J ■ ■ t 

[31.76 L.”“#1.79 
J.9U 1-0.151 1.88 


ROBUSTAS continued the downward Apni 2l.6;+l.:6' — 


C nae 

— ' 

• IJHllL-tL 

J Vmf 

December .... 
February , 


]2f J) j-21.0 


121.3J 20.00 

£130 £130 

1 17 1.181 -2.2b;£: 143. 05 

rflJU as; <3122/27 

290.Su -4.05i2B8.E5p 
29B ■ -3.7o Z96.05p 

t) 845 +227.5^8.870, 
07.680 U-167.5S6.757.B 

7141.55 '3141. IW 

314^.47 U 141.46 

£369 +1D.2bi £ 352. Tt. 

£370.26 +1DJ5 £342.76 
5673 S625 

Sales: SO lour of five tonnes. 








1 >£532 

+ 5.0 |3590 

8277*0 | — 2.0 | 

+ 10.0 5510 

fixed at £114 50 isame). 

4 £0-5.40; Uruguayan: Satsumas 

Ope tunc quoiationa were around 50-75 — sp 3nia: Trays ; 3.W-5.D0. Grapcfrah— §5?™? 
points above kerb levels but tho high pomUTlcaii: 3-50-4-rtj: Cypriot: < 4.90: - i 

points were soon lost. Idler, after Kcw JM.53. Apples— French-. 

York Quotations failed to match up, 

______ _______ _____ Hume Future*—' 

New crop Golden Delirious 20 lb 72 2.D6- Jfaiae 

----- French Na 3 Am £ 103.6 

further losses of about 100 points occurred ~®. 84 Wh«i 1 a a A 

but half the losses had been recovered Crimson .0 lb 84 1.70, ■_ -.10. Granny . . 

by the dose. C. Caamlkow rapuJST s?nil11 Golden Delicious jumble *0.* Kerfbprrc 










e tier uiiue 
■3 0+12.16 Hi. ID-15. 16115.56-11 .26 




+4.0 |£2.023 
+ 5J6£ 1,986.5 



57D-.5 j+IB£ market opened 5-10 prints higher on 

wheat unchanged on barley- Wheat grannlaied basis ttblte sugar' was SK4.S5 
values eased on country selling to trade tsame> a tonne for home trade and 
Morning: Cash £22. three" nwnUK OK, *5*. knrer wbere commercial support £179.50 i£i7t50> for export. 
fS, S4J. 64, 64.5, 65. 66 67. 66J, 86. *he market sllgmly to close 45-50p iBtemarional Sugar Agreemem — U.S. . .. - 

Kerb: Three months £S67. 87 j. 68. After- j0w “ 1,1 * ond fading conditions. Raney cems t>-'r pound lob and stowed Caribbean jvr 

uoou: Tiwee months £369. 69.5. 78. 69 J. 8a w a *^*7 *<»<> trade values easing on port, prices for Oct. M: Daily 8.92 <&8li; Bramley 0.05-0.09. Lord Derby 8.04-0. 05. 
E9 r 78, 7L Kerb: Three months £370, commercial selling to dose weak. 35-wp 15+iar average SJM tsamci. -- -- 


pack 31 lb 2.00-2.10. Pears— Italian: Per Ko.E Ebtn1Wln«-r £67u 
pound Williams 0.16-0.IS. Grapes— Italian: KubIi-Ii llillin"t(£91.5ii 

Black Regina 2.40; Spanish: Almcrta O.’* ibtpment £2,090 

3.20. Nesal 3.00-3JO: French: Per pound Kutunr Miir._..... £2,031.5 
Alphonse Lavallee 0.20. Bananas— Coffee Future.—. 

Jamaican: Per pound 0.14. Avocados— Jan £1.495.6! 

Kenyan: Fnerte 12/M’s 4.00; Israeli: 3.90- Uuwn -A 1 Indes... 77.5, | l74.65e 

4 -SO- Capslc mm— Dutch- Per S kilns 3.50. Knitwr kiln 61.75i> 1+ liasieln 

7.1. 0,1'. ti ie n ■ ie mc ,Vm Onions — Spanish: IiO-3.30; Dutch: >ugar iKaw)__,_ £108 £107 

£ a itsasas -a- -b— a". 

Mi E «£S°i 1.0O-1.40: Spanish: 1.40-2.00 encumbers 'Nominal. tNew crop. t Unou-ued 

i2D.5j 20.7^l2U)D-21.7b|2Ub-2DJID —Canary: lOriFs 2.80-3.00. Dates— m lune-Aug. iMr-Sspt oSept. . «lO cLr 

L2Jia-..Z.6iJ24J10-24JiB!2i.70-22.M Algerian- • Per glove box 0.3I4IJS. Nov ■ Nov.-Dee. a Nov. 10 Dec. x Per ton 

1.6.10- 6 70|i<7.96-| — Pomegranates— Soamsh: Per box 40/60's r Indicator prices 

Sal**- 1908 IS OKU ini« at , MIUC — 3.B0-3.8D. Wnl not*- French: Per pound 

1 Trt G renobles 0.40: Italian: Wet 0.40: CaiJ- 
Tate and Lyle ex-refinery price for- lomUu,; bjs: Chinese: BJD. . 

English Produce— Potatoes— .Per 25 kilos 
1.10-1.40. Lettuce— Per 12 round 0.60. Cos 
1.00. Webbs 1.20. Cucumbers — Per tray 

12/24'a new crop 2. 40-2. £0. Mushrooms— 
pound 6.50. Apples— Per pound 


lower on the day, Aril reported. 

Forward metal moved ahead ro louch 
£891.5 . in tbe afternoon Influenced by the 

back to dose at X60B 5 on the late kerb: 
Turnover. L000 tonnes. 



Dfflete 1 





5 pot.. 

5 months. 





601. 5 







+ or 





+ or 

Jan ... 


BO. 20 

-O fit) 
— O 46 
— 0.46 





— O.iB 
— 0.40 
— 0.40 

Cox's Orange Pippin 0.054.12, Worcester 
WHITE SUGAR (buyer. seOer. business. Pearmain 0.05-0.07. Russets 0.07-0.10. 
gales): Feb. 116J0-lS.Be. 21.B0.IS.00, 37: p ? ,r »— 1 ^ * oaai + C “ n ^ r ^. nc 1 <- ?,' 07 ^-. 14 - 
April 120.50-21.00. 20.50, 10: July 125 DO- l »™< 1 

25.50. 25.00. l: Sept. 128.00-28.50: Nov. f~rv?- ml* 

134.80-34.50. 33.00. 2; Feb. 139.75-40J0. 1 -°'citr*L_pS? b ^7 P l(l7jlB 

39.50. l: April 144.00^5.60. 44.90, 4L Total Celery-Per head 

sales: 45. 

Business done-Wheal: Nov. 8S 25-87.N); 

92J544.S5. Total sales: 212. ' Barley: 
Nov. 79.69-79 jo; Jan. 82.35-52.05: March 



(Pence per kilo) 

MOO. £699.5. ATI e moan: rttree months 
£600.5. £601, £601.5. Kerb: Three months 

£691. £600.5. Other mining wheat — NE Englaud DO 

* Cents per pound. t SM per p«<wi. Feed wheat— NE England £88 JO. F 

On orevliw mmffldal dose. barley— NE England £78.18. Berks 

citm/riiv Oxon £77.7n, 

SILVER The UK monetary coefficient tor 

week beginning Oct 30 is exoecied 
Sliver was fixed 4.2 b an ounce lower Increase 10 1-29?. 
for SPOI delivery In the London bullion IMPORTED— Wheat: CWRS No. 1 13i 





+ "T 



Uc toiler 




224.0- 58.8 

228.0- 50.0 

236.0- 38.0 

256.0- 40.0 

254.0- 45 A 




'■ - 


Decern tier 

254.0- 40.0 

236.0- 43-0 

259.0- 473- 

™™ 1 

Cauimawors— Per 12 Lincoln 1 JO-1 .40. 
BecLroat — Per 28 lb 0.60-0 in. Carrots— 
Per 2S lb 0.M-0.70. Cap* I rural — Per pound 
1)214.11. Courgettes — Per pound 0.20. 
Onions— Per bag 1.79-lJtO. Swedes— Per 
28 D> 0 50-0 60. Turnips— Per 28 lb 0.90. 
Parsnips— Per 28 lb 0 90-1.00. Sprunts^- 
Per pound 0.05-0.06. Cobnuts— Per pound 
Kent 0.42-0.45. Corn Cob*— Earb 0.06-0.10. 

World cereal 
output at 

SalesT 1» «nll) lots “of 'l.580"kt peak level 

Sydney GREASY (In order buyer, WORLD CEREAL production is 

market yesterdai. at 290.9^'. UJ. cent bw"m expected tD exceed 15 bn. tons 

£*?-„*$*'**& MNM J tetaaTESr* STiSVr&iT 'JEHwA for the first time In history, 

spol 682.K, oowa 8 jc. Ihrce-Oionu] 5M.7c, „,■« q«_ nav c q~ noc rsfl-SO nUl Mai 3W.Wi w.9i wii auu auu, 380.4, ^ W J m 

down iitcl nx-month !W7.Sc. down 8.3c: «Sini U Hart' Wim?r ‘ 131 ^er «« S85.M8S-0. 2: _0et .MAMA nil; Dec. according tO Edouard &OUma. 
and 12-month «4c. down s.Bc. The metal novTW D ec. ^75 friLhiranm East 9 ™- 5 . ni . 1 - 373 - 0 ' 373-5. 373-6- director-sen eral Of the UN Food 

ri^d* at’Ki-^p^aSi-sste)* 5SSc> and CoaM ■ and Agriculture Organisation, 


1 W* S jjSnnih nijd Tmr hq< 

Jo2.54 | J59.42 ( <[p3.51 

1 436.08 

(Base: July 1. 1952 = 

= 100) 


i.»Ot. 24 | ' W. 23 IMnnli, flipij 

Year ac-‘ 

1520.7 111I8.5 [ 1487.0 1 


(Base: Sec! ember is. 1351 = 100* 


J>inea . 





Hi mi Lb 






3fc 9-73 




(Average 1924-25-26= lWj 




U -u 

Una Lb 

■jpJe Comintv 






(December 31. 1831=100) 



tnrv or. 

. J*XW 




3 monUw. 
• tr»nin». 
U month* 



323.55 ■ 



291.3 c 
298.76 P 


Maize: U-S /French snot mieD. Nov. NEW ZEAU reports AP-Dow Jones from w 

I. „ £161. Dec. £102 transMoment East Coast seller. busU^.BilMV— Dec-l^.O^J. nil: 

F ** sellers. S. Africa a white Nov.-Dee. £64.50 March lFsO-SS.D, rUJ; May 187.0-80.0 nil; .Jr?* , . . , *__j 

sellers. £. African Yellow Nov.-Dee. £fi*J0 Join 167.048.0. nil; Oct. 190.^9X0. nil: Th e short-term global food GRIMSBY FISH— Supply fair, demand 

sellers. Dec. IM-WW.fl. 66.0, M; i£irch lflO.Mfl.0. situation J " - 

Barley: English Feed frit jaiL-Uarch 97.0, io. Sales: 2fl. 

, , jn j . i-ian— ouppty rai r, oe Piano 

looks good, Mr. 90sd. I Tices at ship's side (unprocessed) 


Saoiima told the opening session s ’? tU ' 004 u.oo.b. 40; codiuiRs 

of the governing body of the JBuSftJSS mPSsM'SS; 
world food programme. He said plaice ojiuaso. medium n.oo-faso. 


Liverpool cotton— S ee; and ship- the 1978 harvest had been satis- b*® 1 W-oo-mjo: large skinned dog- 

QUiET opening on the London physical mem sales amounted to 361 tonnes, j. n, in all mainr ^ £ *- ai . medium £1007 large lemon 

— - • - JaciDry or excellent, in au major fB OO; o.^. 

LME— Turntm-r 171 <3001 lots' of 10JW 'markeL Gamed momentum 'thraugbont bnndcc the total teflevMll so far io . 

B. Mormns; Three £, tho day. dor tog on a vexy Stritdy note. 1402 numes, W. v. TattemD reported, producing areas. 

£ 8 . 60 ; aanhe c. 4 fl-£ 3 Jfl. 

metals lift 
on speech 

NEW YORK. Oct 24. 

COPPER rallied sharply no trade 
arbitrage buying and aBwessfve abort- 
covering while precious metal; reversed 
meir recent downtrend on nervous specu- 
lauve sir irt- covering pnor u> Preadwu 

i . a r er ? s,,e,i,ci, tonight. Sugar closed 
iiiue changed in muted trade and specu- 
lative dealings, while cocoa eased op 
iTBsh origin hedge selling, Bache reporta, 
176.M ■ 178.10 ». March 176.00 

May 174l7S - July 1J 3.W. Seoti 

171 J5, Dec. 167J0. Sales: 5S2. 

— " c ** Contract: Dec. 148.00 

Mardl U5JD-I38.78 1138.58), May 
133. 56-1 34. 25. July 130J5-130JO. SepL 129JI5 
bid. Dec. 125.50- I2b.00. March n£L 

Sales: SIS. . 

Copper— O cl 67.10 ( 66.00). Nov.- 67 JS 
(06J5). Dec. 67.53. Jaa. 68.50. March ' 
M.w. May 70.73. Jnly n.70. Sept. 72.55, 
Dec. 73.63. Jan. 74.05. March 74 J5. May 
ia.B5, July 76.45. Sales: 7.100 lots. 

Cetun— No. 2: Dec. 6S.flS-68.S8 t67J71# 
March 71.J0-n.15 170.431, May 72.50-72.65. 
July 73.00, Oct. t»20-«.40, Dec. 66.56-67^0, 
March 67.90 bid. Sales: 7.550 bales. 
•Gold— Oct. 327 JO (225.80 1, Nov. 22SJ0 
228.20 1 . Dec. 229 JO. Feb. 2S3.80. Abril 

237.40, June 241.20. Aug. 245.08, OCL 
249. DO. Doc. 253.10. Feb. 237.2Q. April 

281.40, June 265.60. Auc. 269.M. Sales: 

16.000 lots. 

...tLard — Chicago loose unavailable. NY 
prime steam 26.00 traded i samei. 

tMaizo— Dec. 2291-230 1 225 > ■ March 239+ 
2391 1237J i. May 24«h240i. July 240J-249I, 
Sept. 2511.251. Dec. 

SPIadoum— Jap. (345J0*. Aprfl- 
343.30 1346.20), July 343.70, Oct. 347.00, 
Jan. 34SJ0, April 354.30. Sales: 1J55 

fi Silver — Oct. 5R4.36 l5S8.S0-.Nov. 5S6.B0 
S3) JO*. Dec. 596.06, Jan. 594.20. March 
602.40,. May 610.70. July. 61920. SeptJ- 

528.10, Dec. 642 00. Jan. Mfi.flO. March 

656.10. May £65.70. July 675.40. Sales: 
10. son tntv 

Soyabeans— Nnv. 6S3-6SB («72|». Jan. 693- . 
604 ( 661 i>. March 7884-701). May 705+ 706,. 
July 707. Aug. £SS4, SepL 6771. Nnv 4 .' 

Soyabean- OH— Dec. Jfi.ftMWS (26.70), 
Jan. 25.53-25.K0 (23.47». March 25.B0-25J5.r 
May 25.30-25 25. July 23.05-25.00. Ana 
24.75. Sept. 24.33. OcL 23. 95-24. 00. 

IlSoyabcan Meal — Dec. 154. SO- 134.90 
(lfl).H)>. Jan. 1S6.00 MS2.30I. March 

167.30-137 00. May lSfi.OO. July 1SS. fiO-ISS ID. 
Auu. 1S7.20-1S7.S0. ScpL 166.00. Oct. ■ 
IK!. 00-164.00. 

Sugar — No. llr Jan. S.S0 (6 so i. March - 
9.00-9.10 <B. 10 1, May 9 .25-9.26. July 9.45. 
ScpL 9.65. Ocl 9.ra. Jan. 9.65-0.75. March . 
10 4IW10 43. Sales: 2 J00. 

Tin— 725.00-730.00 nnm. 1 710.00-725.00 

**Wheat— Dec. 340+341 '33S». March* 

337-3371 (333*. May 333-3321. July 320, . 
Sept. 324. Dec. 3301. 

WINNIPEG. n«. 24. ttRye— Oct. 99.00 * 
nnm. lOO.Di) bld>. Nov. 103.00 nom. . 
>103.00 nnm. i. Dec. 103.00 asked. May 1 
lOfian BskedhlM.30. July IM.SO: 

ttOais— Oct. 84 JO 1 80.00 bid). Dec. 83.80 
bid 179.50). March 80.30 bid. May 79.90 
bid. July 79.30 asked. 

ttBarley — Oct. 74.30 >73J0' hid). Dee. 
73.M <74.50 asked i, March 77.20 asked. 
May 77.40 asked. July 77.40 hid. 

I! Flaxseed— <*cr. 275.B0 bid 127MD bidl. • 
Nov. 275.00 bid (273.00 bid). Dec. 372 Jo 
asked. May 212.30. July 372.00 asked. 

flWhoal — SCWRS 13.5 per cent protein 
con tem Of 5L Lawrence 179.81 (177.99). 

All cents per pound ex-warehouse . 
unless oihrnrise stated. Ms per troy 
ounce — 100 ounce kxs. t Chicago loose • 
Ss per 100 lb» — DepL of Ak_ prices pro- 
vIoub day. Prime steam foh NT bulk 
tank cars, t Cents per 56 lb bushel ex- 
ws rehouse. 5.000 bushel lots. 5 Ss per 
troy ounce for 50 m nhits of 98 9 per '■ 
cent polity delivered NY. n Cents per - - 
troy ounce ex-warehouse. II New ". b " 
contract in Ss a short ton for bulk lots 
of 150 short Ions delivered foh cars 
Chicago, Toledo. Si. Louis and Alton. 

"* Pur ffl tb bushel In more, 

tt PfP M n» husbel. j: Corns per ' 
« lb bushel ex-warehouse. It Cents per 
56 lb bushel ox-ware ho nse. 1,000 hushni 
lain. M$c per tonne. 


F inanc ial Thugs^ 

' SESSft* 





decided It 

ul legation 
Wilson ff 
number c. 
were coni 
paign agai 
Party on 

1974 Gem 
The foj 
inwing j hi 
affair. Mi 
was, had 
an orches 
himself, t 
Lady Fi 
Marcia W 
The Pr- 
Sir Haro 
drawn sol 
told the 
did nol 
round a 
The Pri 
in hear 
Sir Haroh 
formal to 
On Ihe 
against t 
council « 
Royal Gc then 
La hour hi 
The Pr- 
i.> one n; 
lished lod 
In ano 
against tl 
Daily Ejc 
picture t 
death in 1 

Early firmness on Vauxhall vote fades in small trade 

Investment buyers await developments in pay disputes 

Account Dealing Dates whether the country will Join the rise of llOp that followed news £2.96m half-yearly loss. Scattered substantially improved first-half The Gold Minos index' dropped 
Ontinn European Monetary System, of the death of majority share- demand left Sotheby 5 firmer at profits, 4.0 more to 149.1 — a two-day 

•First DMiinra. Last Arrmmt Allied Irish, interim results ex- holder Mr. Garfield Weston. 325p, while Walshams were a tike Investment Trusts spent another decline of 110 and its lowest level 
DMlSk flonT DraSnes Dav peeled on November 1, rose 4 to Electricals inclined easier in amount higher at SI5p. Buyers quiet seaton. Among Overseas since May 12. 

OtL 2 Ort 12 OctW OrrM 233 p for a two-day improvement quiet trading, but Laurence Scott showed interest in Bentima, 4rp, Issues, Rollnco eased I to £4<| . Heavyweights again registered 
act 1C SEt m mS SSL' 7 of 12. Bank of Ireland were also contrasted with an improvement Bodyeot* S2p and PMA, oSp, all and Robeco li to £37*. In , to aMSSSrS 

*-B£,jrasnraE -sp'eLjpajs *-s! s/:J^^h^sbss£ aflaft'JSff'JSUR? 

A., 70 n XT„_ in n._ ni *> *» ut » tu uw a muihwu - ---a 

««? ? 0V I. 2 . iEJ ?** 1,0 day rise of 17. Barclays typified market. Holdings, down a 

fr«n Hu,? conditions among the dealing Engineering majors rarely *Sp. encountered 

Heartened by the Vauxhall banks, closing without alteration strayed fax from overnight clos- following the previi 
Luton workers' vote against the at 340p foltowiug a light trade, ing levels. Hawker Siddeley 
strike called by the union over the ha ^° n and Manchester, 4 better edged up 2 W 24«p, but John S.2* 

com Dan vs warn offer eouitv mar- ai aie«un- crown were muiueu easier «K4un 5 — . — , - — --- _ .. . . . - - .. 

kets becan on a more confident caD * movement in lacklustre and gave up a few pence more downturn in second-half trading, late m Shippings, falling 4 to 66p South African Financials mlr- 

noS yesterdav liS!Eda!edC»lfr Frances. to 44Sp. Davy Corporation H- H. Cole eased 3- to 105p for a on disappointment will the in- rored the trend in Gofds.De 

edged 5 securities were also en- Still reflecting the increased encountered selling and shed 6 SSriJL^rt £ £"»n2r?oS ,1 it te 5!? state “ e . nL H _ Beera droppedafonher 9 to ST7p, 

3? mnLV^l 'JgSSt *35 — - ****** hardened 2 at jj^ncoiwtered freriTaeDtag Anglo Juberidm ‘’gJve^pVthe 

Gold mines ex-premium interim result- B. and L Nathan sharebrokers urging acceptance of Union Corporation, at^SWp! 

attracted SJ-LWSLSS 

Gold mines ex-premium 

From today, a selected list of South African gold mining 

The industrial leaders attracted shares quoted in VS. currency and excluding the investment and profits. On the other hand, uiaSred at 15gpS where Ln SStSzine settte dtOSatTSZv 

sra*asis *!&£ss ? 3SSS8& 

= 3 ? MMSs “ 2 ®? T [ Z1 T 7 £roat of 5 S 5 T « ^ 

result and the FT 30-share index, been calculated from June, 19*2, when, for exchange control VL!* 3* hfeher'at P 38D * Mp ’ ° Proved net asset valuation, rose 5 gave np 4 at 104p and Lydenborg 

. . 1. n , *_«i nnnWKPc Snnth African earnritiK warn amnnw thnea HpcrcmataH /UJOrj , o ulgner at OOP- _ fn 9<Kn in .n nilumln linla. 9 at Van 

after the 10 am. rise of 2.4, fell Purposes, booth African securities were among those designated iJr& Leilure sector ' Associated t0 in an otherwise little- 2 at 74p. 

away to a net rise of only 0.2 at as Overseas Sterling Area foreign currency stocks. The index added a dmim to ta chan E»^ Plantations. The only section to register 

3 pm.; the close was 496.5, a gain was first calculated on June 27, 1972, when it was 77.5. resw»n«e to the Interim nrofits « , , , . consistent gains was Australians, 

of 0.9 on balance w ■ upsurge and. awaiting tomorrow's Golds dOWIl again . . ^though the .. improvements 

Investment buyers may have . . . mid-term reDorL Coral imnroved » . . , . . . merely reflected a slightly better, 

been waiting to see if the latest earnings and scrip issue proposal, to 147p. while the cbairman’3 a nke amount to nS P «. After bma ^ t marked down at tone in overnight Sydney, and 

Government/union talks on pay H.gWand rose 10 to 157p for a statement on trading prospects a interest m tS ifotor sectors ? e °i rtset - refle 5 tin ® f? e fart ? er Melbourne markets. . , .. .... 

achieve a break-through, whfie jwoHley improvement of 17. Irish unsettied ML Holdings which was at an ertlmely low ebb ^ tUrD » bullion pnee. Uraniums edged higher «*tb 
potential investors m British hardened 4 more to 194p while dipped 15 to 200p in a narrow Among the few Stt ered imp^ another SI lower at Pancontinental 25 to : the good at 

Funds were probably influenced similar gains were seen in A. BelL market. Better-than-expected pre- mente British ftr aS «28-«2a per ounce. South African g25p. Diamonds also staged a 

bv a broker’s warning about 2o2p, and Invergordon. lalix llminary results prompted a gam firmed a oeimv to a hi-rh for the ^d* tended to lose further modest recovery. Northern Mining 

growih in money supply. Breweries edged higher with 0 f 3 to 131p in Ductile Steels. «r of 52 d • ^ ground prior to hardening a frac- improved 4 to 96p. after^p. 

Opening gains of i in the Funds Allied harder at S7p. but Edbro gave up 5 to 255p and t d Paper'/Prtntingg JefTerann t ^ (m at c* ,?se - North West AGnhig the same to 

were held by the longer stocks. Little of interest developed In losses of around 2 were marked smurfiti featured at un 6 Business throughout the day 2Sp and Haoma Z to 40p.- . 
despite the thinness of trade, and the Budding sector. London Brick, against Birmid Qnaicast, 55o, on hopes that Ireland wiJMo in the rema ' ned at minimal levels with Tins were a fraction harder 

the shorter maturities, too. despite a broker’s buy recom- and Chemrlng. lOOp. British European Monetary Svstem. Else- t * ie market attracting modest where changed; Renong put- on 2 

eventually regained fractional mendation. held at 73p; the in- Aluminium made headway at w p ere scattered firm snots hi- ^Ihng and lacking in any real to 7Dp following the increased 
losses to close marginally better terim report is due tomorrow. , “P Hfc while Martonair eluded Bonn Brothers. 2 herter at support. final dividend, 

on the day. A tightness of rates Elsewhere, news of recent con- ^med 2 to a peak for the year 59 p and Gordon and Goteh. 3 • 

in money markets affected busi- tracts totalling £8m helped of 232p. higher at 88p. 

ness in the short f . .. C ops n-uct Ions firml Awaiting today's interim state- Secondary Property issues adtiauc 


(to Down Same' 03s 

antfs 52.. — . • M- P la ntatio n. IT ; 

BrMab Funds - — 52 — . • M~ Wanta tfoq, 7-i. 

Cpn. Duai .and rartw • . . _ — 

Bonds 9 1 52 Recent bants 

lMtearials 238 2n MR 

Financial and Prw, ... SI 85 571 Totals .... 


final dividend. 

in money markets affected busi- tracts totalling £8m helped 
ness in the shorts. Southern Constructions firm 1 to 

X ' ” ,> „ — «7-<uuiib » minim siaie- ocvunumj rruperiy issues 

Reflecting a continuation of the lOyp. 3I.P. Rent. 42p, and UBM. ment, Spillers hardened li to 35p attracted selective buying Fair- 

previous evening s U.S. selling, 77^ both added a couple of pence in active trading. Elsewhere in view Estates put on 3 for a gain 

South AFrican Golds were marked while, reflecting the recent trend Foods. Cartiers, which recently of 8 to I40p since Monday’s annual 

lower at the start and eased m Irish issues. Cement Road- announced a large extension of results Property and Rerersion- 


further on sporadic offerings to stone advanced 6 to 106p. its 

end with fresh fails extending to ICI jn „ turnover ^3,^ interim report is scheduled Warnrbrd Investments,' 353p’ also J™* 5 - — 1 ***** Kusienonrg, Cadbury 

a point in the heavier-priced between extremes of 388 d and for November 1. Rowntrec imnroved 3. the last-nameri to a ?, cl * “1 a i 4 ?* 23 Feb * 6 Schweppes, Town_ and: City 

stocks. The F.T. Gold Mines index JJ} bSfore^ettting 3 hSier on MaeWntosh, at 387p. regained 5 high for the year. Infereuropean JJ 0V - ' U 0V * 2 J * ^ eb * Z ? fX° 9ert ^ s ' *; “ d J - Hyman, 

reacted 4 points for a two-day loss bal!m Ce at 39 ,, p Ahead of today’s of Monda S 5 faH of 8 « whvle Avana added a penny to 39p and Notion Nov. 21 Dec. 4 Feh.22 Mar. 6 Glaxo, Consolidated Gold Fields 

of 11 at 149.1. interim report/ Burrell hardened r es P° nded t0 renewed speculative 2 to 46p. while Mclnemey. In line For rate indications see end of and Geo. Sturla. while doubles 

Corporations usually marked 1 to joip Laporte added 3 for a ,nteresr Wlti1 a marginal improve- with other Irish issues, put on 4 Share Information Service were arranged in Premier Con- 

time but the recently-issued two-day rise of 7 to 118 p but ™ en it° ajSTO peak of 601 p. Louis to S8p. In the absence of develop- Money was given for the call solldated Oil, Burton Warrants, 

Southwark 121 per cent 19S7 interests were dull again ®®wmd*, however, finished ments concerning the bid in Western Mining, inter- L and J. Hyman and Duple 

f£10-paid) edged forward i to £8|. ^ 12 4 P down A slightly cheaper at 18jp following approach made known last week, enropean Properties. Mineorp, lnternationaL - 

In the same section, Provincial p * the recent sharp re-rating on the Corn Exchange eased afresh to ' - — i — — 

Laundries 12 per cent convertible Qfarpc mivpd companys announcement that it 235p, but recovered to Hose un- . 

.non 00 mi O lOreb UUXeU was , n rereinT of “ certain ■* o«n_ tCTTlfr CTAn/C . - 

its activities, rose 5 to 109p: the ary A, 32Sp, Bradford. 2«0p. and 
interim report is scheduled Warnford inTwtmpnts xtln al«o 

DEALING DATES William Baird, English Property, 

First Last Last For First National Finance, GEC, 
D'/a I- Deal- Declare- Settle- Tesco. Ratal Electronics, 
ings ings tion meat llnigate, Rustenbnrg, Cadbury 

1386-88 remained at £324 after olure ® Imicu was in receipt of “ certain " 

Monday's rise of 10 points. Leading Stores closed narrowly financial proposals. Swan Ryan 

A moderate two-way business mixed following a slightly im- lnternationaL 11 better at a 1978 
brought little fluctuation in rates proved trade. Burton issues found P e ^ k °L ^ Pt P rovIde ° .tne only 

changed on balance at 240p. 

Oils continue quietly 

Leading Oils were inclined 

for investment currency and the a little support, the ordinary and a»?Pall|!L_ IIloveme,,t “ HoteIs harder ^initially ^*but nn>« BP n 

premium at the close was slightly A both firming 2 to 190p and 177p and Caterers. eventually drifted a little easier ICI £l 

harder at 7«i per cent. Tester- res^ctively. Marks mid Spencer D b ^^ b « Z of Seil BriS Highland DisL ... S| 

day’s SE conversion factor was ended a penny off at 8op, as did UUHDee-L-OmDeX rally ^ttieri af sssn for a RTZ 25i 

0.7211 (0.7181). - Combined English, at I19p, but 



Denomina- of Closing Change 
Lion marks price (p) on day 

eventually drifted a little easier ICI £1 

harder at 79} per cent Tester- respectively. Mm ana spencer n h ^^i h « on lack of interest British Highland DisL ... 20p 

day’s SE conversion factor was ended a penny off at bop. as did UUHoee-L-OniBeX rally . pet^i^,,, settled at 888 p for a RTZ 25p 

0.7211 (0.7181). ... Combined English, at I19p, but Despite the continuing paucity loss of 4, while Shell finished un- BAT Inds. 23p 

There was a marked improve- UDS» firmed that much to B6p. 0 f business. miscellaneous changed at 570p, after S74p. Marks & Spencer 23 p 

ment m activity in Traded Secondary issues generally held industrial leaders edged a little Sceptre Resources were quoted 30 NalWesf £1 

Options, contracts amounting to scattered improvements. Lee higher. Beecham. 6S0p, and lower at 35ap. ‘ Rank Org 25p 

720 compared with 429 on Monday. Cooper added 7 for a two-day rise Bowater, 190p, firmed 4 and 3 Paterson Zoebouls moved into Shell Transport-. 25p 
Consolidated Gold Fields were of 17 to 182p following further respectively, while Glaxo prominence In Overseas Traders Barclays Bank ... II ■ 

briskly dealt in with 171 deals. small buying in a thin market, hardened a shade to 565p. Else- following the announcement of Distillers 50p 

Interest in the Banking sector while A. G. Stanley put on 4 to a where, Dunbee-Combex rallied 10 better-than-espected preliminary GEC 25p 

was again largely confined to high for the year of lBSp. Fortnum to lOSp following news that the figures, the ordinary rising 10 to GKN £1 

Irish issues which moved further and Mason, at 860p. on the other company is to meet major share- liiOp and the A 15 to ISS.n. Tozer Imperial Group .. 25 p 

ahead on speculation about hand, gave back 20 of Monday’s holders next Friday to explain the Kemsley hardened 4 to 57p on the Tube Invs £1 

- 1978- 
low . 
328 . 
. «7* 
250 - 
.226 •* 
484 ■ 
298 ‘ 
248 . 

71* /, 
.336 V 



Changes in Distillers group 

Mr. RL B. J. Kimmhm has been 
appointed to the Board of Wm. 
Sanderson and Son and will take 
over as managing director from 
Rlr. K- J. Ross on January L Mr. 
Kimmins will resign as export 
marketing director of James 
Buchanan and Co. 

Mr. K. J. Ross retires at the 
beginning of next year from the 
Board of the parent DISTILLERS 
COMPANY and as managing 
director of Wm. Sanderson and 
chairman of J. and W. Hardie. He 
is retiring early because his sight 
has become impaired. 


Mr. Antoine Crabit has been 
made UK representative to the 
London office of the CAI55E 
POPULAIRES in succession to Mr. 
Lionel Thornton. Mr. Karl Ruge 
has joined the bank as adviser. 


Mr. Gerald Orhell has been 
appointed operations planning 
BOARD headquarters, Maryiebone. 
Previously chief operating mana- 
ger for the Eastern Region at 
York, Mr. Orbeil succeeds Mr. 
G. R. Pap worth. 


Mr. J. R. Cade, senior solicitor 
to the West of England Trust 
Group and responsible for its 
commercial legal work, has been 
appointed to the board of 
JORDANS GROUP, a member 


Mr. Tony Painter, executive 
director of the Advertising 
Standards Authority, is to take 

up an appointment as regional 
director for Greater London and 
the South-East with the MOTOR 
January 1. 


Mr. John Briggs and Mr. Brian 
RIcGUlivray have joined the board 
Mr. Briggs is a director of Nor- 
cros and Mr. McGUlivray is chief 
executive of Rentokil Group. 


Mr. Jasper Archer, Mr. Peter 
Belchamber, Rlr. Tony Cutmore, 
Mr. Steve Gebbett and Rlr. 
Josceline Grove have been 
appointed directors of CHARLES 
BARKER LYONS- Rlr. Bob John- 
son, Mrs. Beverley Jones. Miss 
Jennifer Potter and Mr. David 
Watson have become associate 


Rlr. S. G. Errington, managing 
director of Mercantile Credit 
Company, has been appointed 
president of LEASE URO PE. the 
European Federation of Equip- 
ment Leasing Company Associa- 
tions. Mr. Errington, a former 
cbairmaD of the Equipment 
Leasing Association, the UK mem- 
ber of Leaseurope, is also 
deputy chairman of Barclays Mer- 
cantile industrial Finance. 


Rlr. T. A. Clark and Mr. RL C S. 
Morgan have been app ointed 
directors of -FRENCH KH2R CON- 
STRUCTION. a member of the 
French Kier Holdings Group in 
which both bavc held senior 
appointments for many years. 

Mr. J. G. W. Lee, managing direc- 

tor, Hawker Slddeley Dynamics 
Engineering, has been appointed a 
director of HAWKER S1DDELEY 
ELECTRIC Mr. J. R. Harkus has 
been made a director of CROMP- 
a member company. 


Mr. T. Lloyd Robinson, Master 
of the Society of Merchant 
Venturers, has been appointed a 
director of the BRISTOL WATER- 


Mr. Brian Shields has been 
appointed by BOV1S CONSTRUC- 
TION as divisional director, 
marketing, based at the company’s 
Harrow headquarters. He was 
previously with John Laing Con- 


Mr. Andrew J. Hall has been 
appointed associate director, client 
sendees, the ROYAL TRUST 
London. Mr. Edward S. Plummer 
has become managing director of 
Royal Trust Company (isle of 
Man) in succession to Mr. Hall, 
who remains on the Board of that 


Mr. Roy Cli nning . previously 
finance director and secretary, 
has been appointed chairman of 
ing the death of Mr. Geoffrey 
Piikinglon. Rlr. M. A. Pflhiogton 
has become a director. 


Rlr. D. C. Wilbraham has been 
appointed to the Board of 
PANY, a subsidiary of North 
British Maritime Group. 

The tallowing iccorlties aagteo n the 
Share Information Service vesterriev 
attained new Highs and Lows for 1978. 



N Z. 4 pc *76-78 

BEERS (1) 

Irish Distillers 

BUILD! Fi 05 12} 

Brownlee federated Land 

, „ L STORES 15] 

Bambers Siamev f A. G.) 

Home Charm Wearwell 

Lee Cooper 


British Aluminium Seville Gordon (J.) 
Martonair -ntl 


Aveiu Croup Morgan Edwards 


- - HOTELS (li 

Sw-i> Ryan Inti 

Bentima P.M.A. 

Bi»cfc (P.l Unities 

Bodycolr Inti. U*d r arrlprs 

Co do Allman Inti. Waterford Glass 

Nathan (». A 1.1 Wats hams 

Norton 6 Wright 


Brit. Car Auct on 


Causton (Sir Jj^ oporry ^ 

Fairview Ests. Wardlom inv*. 


Hampton Trust 


Bo> -»ead 

M-ves ni 


NEW LOWS (10) 


Slraiw laoata Corn. 

U S steel 

BANKS <11 
Hu Samuel Wts. 


Jarvis rj.i 

Leith Interests 


Bishop’S Strs. A —V 


Inti. Thompson i"* 1 Thompson Conv. 

_ OILS Cl) 


[11^1 1 

' 3 ! 1 TM 5 



Tues^ Oct. 24. 1978 



l-'i^urer in (vmuthoros -liow number of Iiulex 
M<.« I* per section ' °' 


Building Materials »27> 

Contracting. Construction «28i.. 

Electrical*! 14) 

Engi neerin g Contractors 1 14) .... 

Mechanical Engineeringi72i 

Metals and Metal Forming! 16i.. 


Lt. Electronics. Radio. TV 1 16).. 

Household Goods 1 12i 

Motors and Distributors ( MU.,-.,. 

(NON-DURASLEl 1 175i 

Breweries U4i 

Wines and Spirits 161 

Entertainment. Cateri ng 1 1 7» .... 

Food Manufacturing^!)) 

Food Retailing 1 15)..^ 

Newspapers. Publishing 1 12)....-. 

Packaging and Paper! 15) 

Stores 1 40»... 

Teenies <25i 

Tobaccos (3 1 

Toys and Games (ffi 


Chemicals ( I P> 

Pharmaceutical Products i7t 

Office Equipment (6) ;. 

Shipping i lili 

Miscellaneous (57i 

This advertisement is issued in compliance with the requirements of the Council of The Stock Exchange 
and is not an invitation to any person to subscribe for or to purchase any share or loan capital of the 

Company . 


to he renamed 



(Registered in England No. 728260) 


Authorised Issued and to be 

issued fully paid 

£900,000 Ordinary Shares of 5p each £799,745.20 

Application has been made to the Council of The Stock Exchange for the enlarged 
Ordinary Share capital to be admitted to the Official List, it is expected that dealings 
in respect of the Ordinary Shares mil commence on 31st October, 1978, subject to 
the resolutions proposed at an Extraordinary General Meeting to be held on 
30th October, 1978, being passed, k is also proposed to change the name of the 
Company at the same time. 

Particulars of the Company are available in the Extel Statistical Service and copies of 
such particulars may be obtained during business hours on any weekday (Saturdays 
and public holidays excepted) up to and including 14th November, 1978, from: 

Brown, Shipley & Co. Limited Samuel Montagu &■ Co. Limited 

Founders Court, Lothbury, 1 14 Old Broad Street, 

London, EC2R 7HE London, EC2P 2HY 

Moy VanderveJI & Co. 

20 Copth&D Avenue, 
London, EC2R 7JR 
and at The Stock Exchange. 

Hedderwick Stirling G rum bar & Co, 

No. 1 Moorgate, 

London, EC2R8AA 
and at The Stock Exchange. 

25th October, 1978 

09J< F.t». 

1 i ; — 

tUQj K.P. I 
k»9i-, ! K.P. 

I . nil 
£47i 2 X10 
. K.P, 
'■ : f.p. 
C97l 2 :£10 ; 

W);. Anjjtew.v VatWde 1985. 

l-iaj. AuxtuUouh.- Lour. pn_ 

iU HrlMn Waierunrtj- Prt. I9H) 

10b Halow 115 t urn. Pret 

361- Hi; a -.uuib J — Ui l)ei-.A>A)<o - 

iUISf^nant 4W>-Mbam 1 B% Ld». Ln. 86-91 

• KctimnsLuo m«i t l»! k» V -r. lf.( P 

19 |Pmv. LaumiriM 12* Cnv. 86/88 

X RkknunsTnnrtli * Uxhrlf^e Watfr 1% '8a., 

lus iKixIutviat< IU^Uhiv. L ns. 199a 

7 j^r.itli <r»H: Con< Ufl-» Kwl. 

103 V tutor I’jvOj- 11? Cum. Pirf, 

9i2;Wo« Kent Water PivJ. 19Si» 

., Wen; ..... 

■ 13i a ....- 

■ 10 

.. 109|< 

.4*6 ; 

.. 98 U 


. v : 

.217 ' 

.. 8i4 : »4 

. 105p 

! «’« 


HU R:mk»i6) 

tB Discount Houses- (10) 

*•4 Hire Purcl«a).L*(5i.‘. 

Insurance il jfe»« lDi 

66 Insurance rCompositci 17) 
Insurance Broken: 1 10) .... 

Merchant Banks ( 14) 

Property i3D.- 

Miscellaneous 1 7i 


= “ 1 ULest 
' kenuuc. 

= ■= i D»le 

Hipb - Luw 

■ i2 ra si+ ^ 

; Price , — 

! V- i 

52 I t l0‘ 7? i lAinimiuBrm........... . < 79 • 1 

30r<; Ml. 7,1124'U 34|nn^3imAvUnuvA SUdelM- '* 

<JSA J’.P- • axuai-AU. 3W iv, !u.ij{.. 37 ■ ai/f" 1 

190u F.P.: l cm '330 LUnow J:«n<l \ ! -■- 

E'E* .2*^ 10,1 wL T' « ;um«h MrintW..._ ~ 

P-P. 18:10 50,11 IE j lat-L'lMBetr^C..... " 7 

£2 ! 298 juumi .1”“ T“ 

* 11 ' IW f 100 iDn^VKk’wMtiClOJSCdFjiisWfi] 101 j 

^ I iRou'dtwi Grtmp u , 

?n ^‘1 25* 27/10- » 6 J f « 'Initial SnvlM. : 

10 J.R -J - 1 M lOltlrthumck HohJiium ! fi! 2 ' 1 , 

« b w' ‘W i B7 -Dm. & Midland lud!^ 

58 -P-P.]25aa 14/11. 67 j 43 'Pmram 1 W.L 4 “ 

28 £ t &.“' Xu \ 80 68 IkAiuer* (JenmlicniJ I V. \ +2 

I n*n* 5/1 J* 56 : 45 [Iteliane Knitwear., i Z? j ' 

“2 P-P- aS O'a-lJiiM j 803 ! UN„n1nlC nif . „ ' ! + l 

!5£ I Xll 8 /lli B/ 12 - <l t mi aSwn.TioiePmductv....” “? 

25 Nil K. 10 -.1,1 40l#| Wanu. I »Sp*n— 1 

12 ■ 2bl 27;10'l?/u| 2pml 1 pm] Ynrtr.^.,.. ‘ I ^ 

ss“°s , d™„ 0 ”'xs; a^r^sss, 

iv conversion Of ohm, 1 nm t Cover 
rtmdenrta. 8 Placing oner (0 mUBt 2 Pence ,, n u^ " rana nw "Oly for reammon 
H Offered 10 J l3Swr 

ittSvSr ,or Fb,,v - mW '- 



. . I'liGh,, 

Bntigh Government uct. 



Br Govt Av. Gross Red. 

is 20-yr. Red. Deb & Loans (15) se^ 

16 Investment Trust Prefs. (15) 81.37 

17 Coral, and Indi. Prefs. (20) 7aJ5l ie.96l 72.i2 ivtss 

66.66 66.69 

1 l«U.l I'll I L W 

(raws. A - t(st of the ranatttaen t a ts zvaStabU fram On FaMMet,'.. FbwtttW Tfarae, 

LMdn. EC4P 4BY. price 13p. by post Z2pJ ■' .nL.mnK HrtMU-O 




ran rra 

hey Unit Tst. Mngrs. Lid. (a) Frandlngton TJnil Mgt. Lid. (a) Minster Fund Managers Lid. 

C.GaW!swi«Jld..M«bvn-. 62D05M1 vT Ireland 1 

K*vCapKflL . 37.0] .. | A 22 a, ncm^m iflbO - 

"■ tflaforw .. WJ aa.tI *Q.3j 5 78 i.jw!aiT t ” ]W4 

■sfSL T Tf rfL ffi? s?- o: iSSSTlTrrzaffS 

■ tWirf" Tbt _ _ n7 1 SUL t - I A J4 ijj* .- niw:c t * ijgfl 

lta» Fret TH.&I 7231 -3^ 1 » KaES!?- " : * 5? 

-. led Hsicbre* Group? laH^I Friends' I 

Tiro H.’-e . Hulfcn. Eipniitrwi Emrc. - . 

8a BBS L or Ereuaoud iKJTJi S! MW ” F -id. 

. ^ . 6 rienA-. lYav 

owed Food* Do in'iim 

CZIWSM: VT IreJjniJ VaH.CdB.fEill m I'MITTl Minster IN* . Arthur Si. 1 

-.1 «“ .Mnm-rn: |460 - «»<_...( 1 J 4 Minder Pel .10 . IMS 

5!| *Z? <- Jirtlal T.t 1 138.4 1J7 7-3 _.. f S29 F.wmP* «Vl 3 I MO 5 

!i».4 inn 
;il?b 1221 
I»0 1254c 

123 6 1304s 

ni 151 ... [65 7 

. lads y 'unit- _ M> 5 

Seine .|J77 

■» . * Ind. Dw.|S5.a 

Friends' Provdt. Unit Tr. Mgr*.? ...... v 

- Pl.tar^.ivrtin; •»*» » , h»rii.ei.a M ^BWH 04i-=2» TOi •»*** Management Ca UA? ^ SSSm™,,.? 

Friend.- ITav. Hi .. J454 anS-CUl 596 MJ Eur.i-aa .1828 BB21 I 2 73 TbeSik.EwUmwf.KeSN HIP 01AV.II77 VL' 5r“"' L c 

Do4reum.. 4587 Ull - J >» Fri-T ' MM M MJ »UM -J S» F.crjjjt .-- _ J 8 

534 G.T. Unit Manasrrs Ltd.? Mntaal Unit Trust Managers? caKRJ ^^^ine.™ ixti —-I E.wgHirhvTd- mi 

S-g Id. Fir^hiirrCuL-O.-. EC2M7DD 01-«3Binj l-"* fVfthall Are . EC2JI 7BIL WWOttnj I'B' 1 MSI*. Lld.» ErtmfttTsL^-l” M Id 

3S flT .\>p Inc .190 3 SO Mnjdjd ft? 4 55 81 -0 II 627 RclUnrL-ll-«*.Tunhnd^irWelU K1 (01323271 «2 2 

??£ IMX<(. . 1107 8 314 fi -0 II 350 2H! u N l 3 /" T?!" -| J1 S 767ri 1 *> w *’• PMItunilJ,- K.1 714 76Jt+qn| 541 Inr mr\. Wdral. 320 

Ol l’-MRSTl Minster II— . Arthur vi_ W4 nUEBfffiQ 

1 11* Mtn-ftCrOcl.lil _ TUI 40? .. ..! 540 

9 29 Nrempt Her 3 linos 1N5«{ | 535 

SS MLA Unit Trent MftemnU Lid 
222 OhUniwMl.MlWS.MFl linlli Ill-mo 7223 
MLl I'liH'r |46 4 488,4 .(ill 3 68 

ITovituiial Life Ins. Cn- Ltd.? .Save A Prosper continued 
JEaiftio 2z.Mu-ii.iti-.-.. it- Ei'J f. . i:a'r.i Srnthits Securities Lid.* 

..! 540 I’Tvtlfirl'wli . [BfiB 41 0'rt -O Ji JJ4 !37B an l 

l 335 Hicn IN.-.4IM- .11266 135 6<-D^ 7 11 jS.J-ildrt '"“Sja ?SS 

l * • n' *••*!»»* !37 B 

16 135 W - 0 2| 7 11 j£ja 

ners. iJd Viotthncl £ > Ti& r Ki 1 '.\ . ’laws 

Mnrray Johnstone t'.T. MruLV <a) 

" in ml-rn PnidL Portfolio Mnffrs. I/td.v laMhurl 

iwitwto. Bnr.vrKti .n-nn.-c-i *-.* fj vm -. .. Sau 

48B.4 ♦u 11 3 68 i-nid.-iiii j! |1U 5 118 5| -u f-I 4 59 ‘Fn<-f- 3l SiT*. 17 ?.#- 

40 6* -n r 
57 Si -0 « 
M 5' 

?77 8' 

Targrt TaL Mgrs. (Scotland! (alibi Alearanrtrr Fund 

4lli-.|>::frrc-iL Lrfir. i ftll 2=18821/2 37. ruo Swi» Onmc, LuTwmN.-n.nt 
3 47 Tare« Imcr.Lji-.cPi a 96« -0JJ 192 AleaanderFund | Sl'SJ 3a j . — 

TAB ’’.iTL-.-t Tl-i-cu- ,4’ J as of ‘540 rift \uluf iVluhir 18 

! !S ‘-I-W-W-4M «3*0.ll M> , iUrn Han-rv i Ito, l„v. MeL ,r.M 

ftCT^ld SlnR lietsej lid... 
ur.d**T I'oniraJ AssCrf -InfiL Ltd. 
ami under Cspdirex SA 

King & Stiaxuon Mgr5- 
I Cha ring i.'rn** St. Hehcr. Jer^y.iOJWl 737*1 
V.jlle.- Hie. Si Poier F«rt. e,ri»*y. .MM 1 24708 

rdCopiral I7L1 

iSroFuiid IllOB 

ibro.W I'd. — .(1252 
nr FinKl 

> Yield Td 174 3 

■ IrK-rwne . |M 9 

Et| Inr- 

uilniil Find 
rnaiinul. _ .126 5 
l>e Fund ... .. [as 2 

7j.j! -ii 534 G.T. Unit Manasrrs Ltd? 
Mjpl -0 ~ Jg M.FirslmrrCiren.-.EC2M7 

76 iJ J-ai 4 47 JiJ i«w mo. 

11B5I-Q1 L 15 .... .11078 

imo3-oj iu Jr-f-}! , £y. rn - JiSP 

•iT.US <128 5 

. i;T..I:ipan t {92.1 

- - I 7 52 9« : '- PmiT3:r>d_..|144 a 

73 rq . .) 672 iTT lr.Ci «jml 18U1 

4J9| bU CTF-w.rVdiFd.TlWa 

2aj - - n 2 S 739 *»- * ;1. Trust (anei . 

“S-a 152 S. Ral Icich BmuunAd 


Exempt rjld. Irir .. 27 0 
Ertr-j [ne. TsL .. ™ 30 It 

Mntaal Unit Trust Managers? WKR) ^ ^ Ei^HinhYM. ai 

1.5 ruiMhall Aif . Fi=lt TBt;. ftl-muffo Reliance Unit Mgrs. Lid? '" 30 Id 

Miiroul See. Pins... K2 4 55 8) -0 II 627 RcIUncL-ll-r .Tilnbnd.;u Veil- Kl (4132=271 luninu-Did 422 

— H“! ur 4 !¥■ T-i- -jl’-A 76.10* -0 1 6.98 (iprairturilly FM .1714 763l+fl4| 541 l nr i^Vfdricl. 320 

g.40 Mliwal bluef.Tiin .In 7 482] . I 6 58 SfM.irdfT ■.\er.l_H65 4971*0] 5 49 Inlnl Uiwth- - . 4B7 

250 taHMulliigiiYli . |5B6 Moral — 0.4| 8.60 NnAlurduT. Im- |44 4 «75ril-M>^| 549 1m T-i Units —269 

J ?3 Nn:?r«al aij Coxsurrreicl Ridgefield Manaaement Lid. XHrKJur d<r ‘ "M2 

?l M-.'ndreurmsiare.BdlnhordiiDM.iBOni.-.l ;BM g^Uanch.wler nAl=i«=l ITi-l 6 .iillTTuJ . 23 2rt 

-• M 6S1 Trades Union Unit Tst. Managers? -.OiariuTCei-..- s: H.-licr.Jr- •' i oa34-7:nii vjlley Ffie. Si Poier P-'rt - . iirjjyj-. 'MW' 24 ttu 

0 , ‘ J -“ '*'■ 11 lud. U'.»xi Sirecs. E- ' 2 nUCT«>IT 'HBrtlUKdBFd (£10 09 1010| 11197 


23 Uni 3 39 Transatlanlic and Gen. Sees. Co.? p.o Bu- 2H4 H--i-rr. Jen.- l»^M72i77 ._!! „ “ ^1. 23 ’ ^ 1 

52S — 55 London Rd W aj,.J « % sEri.ST^ .. ^]ti8 21 3B 321-3 2S! - 

.■SSKs-SSSf.V* -nSS* iSiS 1 fig %w SmJ ,t ‘1 12 00 -»•««« Mih-tfi- 

ga~ *» KSiMBjiW-lSi ni . i iS art * ft ?i2 , S2iv4 l i B . 0 J2K- a * J 3Jl7 Kleinwrt Benson LSmited 

V,o '-'reeni Lomu. _ hoi 7 106 3 455 detlmc dae Ociober -6 20. Fencliurdi SL EC3 P1-823SCKT 

17 J r '> St Andrew SquKe.L'rttnharBiiKIl-Vttin.'l :ow Kimti«l-.SI_Ujneh.*lrr 
7.10 IncuWerM iq *1.4 16141 1 564 cm. nom 1C 

2&4J -r >2 

52 7j -0i! 

. spa -n ? 
95 <| -0J| 

Intudvrs-i in ..IlilJ 1614 564 fti.lHltelrflid ITT.pOLO 10301 .. j 2 63 ITnp--itT.SrML.tS..- 275 

c' 3 k^ m^rrpi 0?3 \fy VS?££-3fosL&i 

lAt-i-um. i 'mis. . .-{i5jfc U4 4) .. . 3 67 Rothschild Asset Management iqi u.t; cnii. di=x. -_-P03 

2 BA] ... 
32 7*=! ... 
45 9j . _ 
34 H . .. 
52.3-0 4 
23 9! -0 1 
31 4,' -a 2 

35 1*1 Lg -j 

S“ < Aeruni I'nii-.I . 11206 
2 Bjrb Eipt So m 27 ten 9 
* 13 ilurlcm i.ti IB . ffl.1 

L'oiui {101 7 

3JJ ■rnlm.-.ilrr 20 _ .1310 

; -h, ■A<ciiu*.i;n::*- >1616 

“49 i.'umtaldim IR. .. -5L9 
. -\rrum. I’-IW. .... (59J 

“ « :lm ..lei W .1551 

; i } i Mcsn L cjis Ill 3 

u^ritxniuri m . |S1 7 
22 lAerum L'mt-i _ . S94 
5 72 Vdd Ck-L 24 50 9 

.1 _ . 19*-* 

L-E24 50 9 

- Jua 

14... . i743 

doc OriobiT ne 

178-1 5 7 a rum - i 

55 7<d . . 7JI4 BnrW Oppnciunlnc*. c o In-S Ynunc 6 
62 41 7 09 fn i Lb wo lie. 127 Kenl Sl_ S.rin-n 

S8 7v) -0 - 450 LlSl^luinr I JUSl S3 ' | .. | — 

?&5j -Q 7 4 50 Nect ds-vi i-xlue Ociobcr 20 

gj> ^0.7 iB Bank of America International SA. 

Uii -0 1 344 *4 Boulr.-ard line,-.!, l.uwnhMrC GD 

20. FeneliunJj SL. EC3 
K'lnmvM. Lut. F | LIU 
(Ijcnifeyln.-.- . >65.7 699c 

TV- . A c ci i tli |S? 4 B7J 

K2. Far El-: Fd. .. . SVS13.M 
KB I nil Fund . - .{ SCSILIO 
KB Japan FUr.d. ... I 5US4297 
K B t'sl.Jnih. Fd. 51*513 04 

Signet Rerrrn i <ln SL'S5.0B I -..[ 1' 

•l/mfond.- 1 PM < . !29.90 am«-0 31lj & 

■KB oci as Londc-n paying agents only. 

01-823 som 




. .. 1.45 

. _.. 1 

*3-07* 0JB 

3 1 0 69 

tC.I.i I'lT MgTB. 

Helirr.Jcrwy 0K427PCT 
■a- .16-13 MM ... .[ 121 
aline dale Not ember 15. 

Ir Inti. Genera. 

2\1 >'-niTLe 11 iSwitcD-tanrt' 




- uthnot See nri ties Ltd ta.nel ' 

neoa &(. txmdon E*’4R 1 BY D1-23C 52St IRlA- *»■ F’ar F.asl' 

Ch Yield (48 6 

-rum. L'misi... M B 
i Income Fd — 1115 

Jne. Fuml 03 

. rum units i.... 58 B 

S23J 1064 Ue-dlmc 

319.9} -0 j 1037 c Ovett (John I? 

?fS -0 7 |« 77.L-mHmWoH.EC2 01-388DHM 

10 a« S^irU.-ie n395 1*7.81 — J in 

27 1 L ’ m Uu. Accuia UpH ..S67.7 176 s .JJ L» 

g j£ Neal decline day Nw. 3. 

me) -n'r-’ 483 Grieveson JHanagement Co. Ltd. 

99 0| -£| W 483 ?Oiir~sham St. E. VI' 3D». 01-W64433 

Tru3i a*=ag«rs Ltd? (bhs) ftSSSuSS&rpB 

M1H011 Court. (MrUiiK,. Surrey 5S1I SleriinCViL 1 8 (£4 

Nejsiar -.la2Jm 65 3al--01| 433 lAeeantVnttu 1030 

Nelnur High Inc... |51J 53.9J *0 l( 7 56 „ . _ . „ 

■ .Wumbnil.. ..1614 
Inr. Earn 0-7. IK .. (25G 0 
• Arcurn. L'nil>>.. -.1283 8 
Pm net is.. !IM4 

im foil- ■ 920 

9 1 drxvl L’.i . ..155 4 

J .Prup.Fd. 117.9 

! ■ Fund M0 6 

• - m Uniisi... . M7T 

-Ji Fund. . 136 4 

.ml ail-i -, r)7 

01-084111 Urawfsal Fd .(55.1 S0.y-O3| 2.45 Swunlley Oct 17. 1790 1890] 3 95 Incume Ijnjls 509 5««....| SOI Im. Earn 0-7. Ib'..]25C 0 

I - . J *W M- ~T. Trust 51a=aAerS Ltd? laHel HisbYIdOuLSO 573 m 3.... 7 37 «U. um Unlt> -1593 63lt ...| 5 08 lArcurn. L'nil>>.. -.12838 

Ub.V.& 3» ‘ , LO^ zaarr^. a*a.w tawgj uccam fnit»> BOB 84 91 . 737 tValms da« WfHnc-.tay Pm ■■«. IS 1064 

I _..J 05 M1H0J1 Court. (MrUiiK.. surrey rail Mirim (Vt 18 . — BJ4 87 9 .... 349 Sefcag Unit Tst. hlanasers Lid? lai 1 At cum IniL- _|l34 4 

NriS2rm - ehl£ “El - OSW^Ol 4|3 lAc-uinXinllii— .1030 loall 349 POBwSJI.BeklhiT 4 ni 2W5«W Si.Cuib-SL. Edinbtin-b. 

«.L - TI-"' , 53.91*011 756 Ro-al Tst. Can. Fd Mere. Ltd Feting Capital FA .. p5J 3t8o!*0J,| 397 SnU.lnc.nct.lH -B702 

ni atom Nk-iWieh Ucit-U IlLSSrance Group lb) « J.-nwHSmcLiF I niumcr* Sehag liKomord.-la21 3i6n*-0lJ IU S*rol t jp.01 13. .QM.D 

<M»33» SjSSK!^ nsi n, ' < f 9 ??5 Seenrttr Selectli an Ltd. 

-H nroupTsl.F-d. ...P693 389.11*0.71 5 03 SSaSn “ “ ISlI* mJ] | ?i| IMS. Lmeoh.'* tan HridgWI ni«,,6KW0 ?C3S! S^S" ,P 05 3 

l Pcsarl Trust Managers Ltd faKgMzi Pnre* at Oet il Next-deaim; tvt ai. iin»iiahTs»Arc. 04 5 ssii-osi 225 6o.wiim „ 

--a ' SrC'llieh KolUurn.WriVTEB 01-405 Mil Save & Prwicer Grotm WmllHbTalBC - -BL* 228|-oa 2 26 E«rnInc.ijroBUi..5oi 

Pcsarl Trust Managers UA. (alfgMzi 

“S? OeL IB (2184 2283 

!?!■»**! JM .Actum l.-n lsi .239 7 ZSo3^- 

“ 3 Zl - 1 2 3 ElllRH.3-d.Otl. IS- h83 9 19263 

5131 *021 2 39 i.ti-cum. Uni;*. (218 5 22891 -.- 

S36 E.cdcm rii-i.2* 234 7 2*7 7 *d-Ll 

“TOj+’Jf iwniaUm — .[2468 25*3 -13 

SI J] -0 1] 3 01 »Jmi-h V 'Vi an ..S3 9 97M 

30 01-OJ.I 12S 1 \e-u-n. ...1976 10'ijl . 

22 9j -B.l| L25 Ln.i Br-i- jvj | B pj 1 ' 7O ..._, 

ES .. J SB lAccum. I'n.iM (76 1 79a 

. ... . 513^ *0 

-Ji Fund. . \3t> e Sj » *0 i 236 

1 iRLtaiV. ...W3 7 i73!*7j.: 2 36 

U-1-I-6..K.I .1291 31 1) - 0 i Jfll Kd. 278 30 0 -03 1 25 

^s-filiul.L'U >..-pl2 229] -C.l L25 

.. iCn KiL 95* . “ 138 

LJ ! lS 14-1 jf I lit. F«1 127.2 29 1; -0 4| 1 00 

dway Unit Tst. Mgs. Ltd? (aBc) 
e *b I Iciljftm. Wfl V TVL V1HS3L I gft l 

way I'und.. -136 0 91 5- 1 . I 5 65 

i at Cut. 19. ^ell suh. day Oi-t. Oct =L 

1 aSMIiph Kolbum.WriVTEB 
***• Pearl Omath Ed-124 7 26. 

014M4433 AcmniUallk 913 3L 

— J 495 P' !;u, l J? c : . ■ -.M3 35 9i 

j-J 4.95 P.-uriLnilT-q 36 B 39. 

j I.Accum L'Blbi J76 5L 

316] -0.1 
35 9ni +0 1 

01406 uu .Save & Prenpex Group 
-0.J1 J J4 4. i.rrat W. lleksi', l^>ndtn. EC-'.I 1 .1 KP 
t 2, f-I? 69-71 Queen M_ sdinhiuvb EI12 *N\ 
™*| ncaliDR- ter WWC- or 031 =K T-'.l 

-oy 4 7B Save & Prosper Securities Ud? 

™ , “* m IlnvliahTa Arc . 04 5 rSll-OU 2 26 Do Am m (392 

, llnvlGthTstlnC-.IZL-. 22 81-0 3 2 26 EximIiy-.iJroiiUi.-j40 1 

ET-p ivp Slewart Unit Tst. Managers Ltd (a> P° A, ‘ , y ' n . - •- r? 4 

rS 1 .” EiTSST”" St 

031 =W T-'.l iSlmnn Alorftnn Fuad High Inr. Prlnritu -67 9 

iUec 1 jrf *1 Sa-i.tird Cn Us.. r- 162.6 66 bi . i 1 45 InwrhMnnul 1782 

lues uaf ArrunL Ufritj. 167 4 71 3] .1 — Special Kt». |JS9 

Withdrawal ITulti. ISO 0 S3 Zf . ...} _ 

39 7\ -0 ’.I 2 27 -Stcwaii EriiMi Carlial Fond TSB Unit Trnsts lyl 

«13 1 ?S ,ra:H III 

PealbirttTuw i T n r® 3 

59 64-0 71 nil Sun AJUiance Fund Mngt. Ltd 16. tv- Accur.-.I.T. |»6 

SurKYlUbuccHstf . Hop liaai IHA3IU141 *b. TCH Income . 1633 

74 W -Oil 111 L. . 16237 1 249.61 . I 3 86 fiinc.’ £Ti n ! mm 

46.y 916 rrK?ftartlyFiI..}l018 10R2i -04 356 

Target Tst. Mngre. Ltd.? laKgi — ,n 0 

•92 71 1 4 99 3i.urcsaamSL.EC2. DcAimt;..o29GStH] Ulster Bank? la) ’ 

TanjetiJpmlWldllj ]3M 417|-0j; 359 WaTinc Street BcK.-Kt- 

-io 0 -oai 1 

sa-™! } 

29? -04 1 

721* 8.B5 Pelican Units Admin. Ltd IgHxl inirmaiionai Fnnd< 

8! Fountain St, Mnnchcucr 061-238 r «B VW. ral - SIS 

97! 3J7 ' Pelican l.'i.ii. 129 D 95 fed -3 1| 4 87 }-LV 

1013 327 Perpetual Unit Trust Mngmt." (a) 

ti at Cut . 19. ^F3t suh. day bi-L 6c 

-.;Ia,v9 Unicorn Ltd? (agcMgl 
‘iTn Ho =>2 Ronnord kd. E7 0I-.VU 
■mi -Vnmca-Ug B 3331-0 3 132 

■ UM.Acc 752 8L2; -0 3 134 

ns. Inc— -51? 64 d -0.6 1 B9 

nplLb! . — 63 3 738-0.: 4JS 

. tempt Tsi.. .315.4 1202! -flt 5*® 

itrlliMiMR. 285 30 Bid +Q 1 Z 27 

-ituinriiil 635 68?— OJ 

« 794 B5 S .. . 

1 *’ « = 1 - w RSSLlKSr-" 7 S ‘TJ** 

Guardian Royal Ex. UnR Mgre. Ltd. Piccadilly Unit Trust (aHh) "irtnS35L “!!%*s 

_ Ku;.bi E-.chansc. SCiPODN. '01*388011 Anlooy Cibhc t'nrf Trml Muumera Lid Inctunu "T- , {43 7 

iagiUuanthillT«t_|99 9 98 31-021 452 3. F'rci lent It's Plai-e. illd Jewry. EC3R 81 ID t'.K. Fsnd« 

^ Henderson Adrai nsl ration?' (aKeVgl Etira income 130 8 3T.4J . | 31130 

Premier I 'T Admin- 6 RjnUuch Road. Hntioa. Mtunll PnaFd.. - — pt 2 

ISM4 ESMt Qrr7 -' 7 1 

2jgS L'jboi KfeOT-wy. .- 148 5 Sltf+djj 588 AccurSlV*?!!^! "“S7 S 
if* Cap iJtlHHI, Ifii „ 48.2 51 W -03 282 

IS f*V limth ACC _ 99 4 52.S -Oa ,282 ho 0 

5^ Income ft V,rir. . [34.9 31% U7 ]"£££ 1^=61 ° 

8 27 High Intona- Funds 


^ i'und U3 0 25 ol LW £“““****»■ 172-? wSleli 

741 Practical Invest. Co. Ltd? (yjtfl EuianriaYsich .’ _(7a9 76 J) — t'-*-! 

BJ0 44. BlcHMnnhlRySq. WTI.ASllA 0HE3.1883 KtKfc-MJalaami famb 
l*a5 PraclivhJOct 18 1155.4 USJid ... . J 4 IB Select Inu-mol. U54 4 2&84td-D, 7 l 
Actnun-LniU ]2241 23&1| .{ 418 Sclcdlnconw. . -.-^9 57 9*1.... I 

J i 

445 *01 
48.7 -0J 
SOI ..... 
59.9 ..j 
72L9 +0J 
686c .. 
322 -03 
25 0 .... 

* 06 Eurapc KC ! 

J upon - -1106 

SRAaio iJwth.Fd-.M6J 
UA 167.^ 

39 71-0: 
27 M +05 

7552 . . 

2625* » — ( “W Unicom Aum. Ext. 523 561 L60 

?5SS -H ,5S DP .AuSl.Mia- . .. J35 361 -0.5 1.70 

1UH Do. GrtT Pacific 694 752 — 

192.61 . 112 28 Do. Ina Incooy?- . . 3*» B 4Z9u 328 

031 SSS lies Do- J of Man Tst. 459 494 898 

17881 1 8.97 Do. Manx Mutual .. 27.4 295| L40 

im.6i " i 527 Bishopsgate Commodity Scr. Lid 

. 427233:41 PO.Bos 42. DoiuJlat. I o «L 0S»-23911 

91 21 -0 JI 877 ARlSAO-OctS (SI SIB 32 MIS ... 1 — 

9i*J -O 3 577 r.AKBHO— Oct 2... <’1092 1 15 B . — 

431'-D: COUNT —Oct. 2 . 112 465 2 hi* . . I 2.01 

520 -0.1 960 Originally ixoi-d ai *SH< and — £1.90. 

1761 -D ] 4.72 

2i. S -0 2* 4 72 Bridge Management Ltd. 

?n?; ~nl JM F©- B« SOB. Grand ."niuiaji. 'jnmm Is. 

Si ai ih Vbaitii Oc’ 2 . _ | Y 17 876 | .....I — 

38.4, -a.*| • 8“ ,- pri Bo* W0. Hone Sens 

Nippon Fd Oci IS ,fl. S XU 256If ( 0.70 

-td. Management International Ltd 
*K>& Basic nT Bermuda Building. Bermuda. 
180 C onl rrbury C>d. 20 . 15ISLS5 i ■■ ■■ I 

320 M & G Group 

| ®32 ThreeQiiani Tower Hill BC3R«Q.0l-«8«8» 

— 4 lw AManileOci 20 . .SUM 82 JJK-OJOi — , 

i-H AubcFt.0«M S'’P?53 7BW J — 

i lid Ex Ace. OcL 20 Si'SlI n a^lj ....J - 

0821-23911 inland 135.0 1*5 2rd -0 21 43 50 

... I — lAccuxnUrutai 1945 209^-0514150 

Saurael Montagu Ldn. Agts- 
1 14. Old Bnud St . EC- 01-588MB4 

Apollfi Fd OcLia.SF429B 4645]....] 401 

JarfeMOci IS. .. HKSI 4 3 .. .1 0g 

l!TGmupi>cl IR Il'SlIth U9U .....J 194. 

inJrtMtv'Vi 4_. £5 61 6lS . 1 0 68 

IlTJsyO’sCieLII.- £1110 3L6W...J — 

2S2 21. Cliaauy Woy. Anaoter. Hants. 026411=188 Britannia Tst. .llngmt. (Cl) Ltd. 

IVolicCS io 0264 KW22-3 

ilnTSB UrncraJ . _ M6J 
ibi D j. AcctuiL (596 

rui. _ wjj «yhJ ... i a uii 

59 6 63 8 J 4 00 

me . 63 3 673*0 3 696 

m. foo 7023+113 6.96 

X5 1 90 63-05 2.11 

b_..._ 92 0 9dl -Qjbl 231 

|30BnihSl.SJ HeJicr.Ji-.-rcy. 

4 00 sterling DOHmlaiird Fd*. 

*n ri 6 96 growth lnic« 38 5 

+0JI 696 Intn L Fd. 921 

-05] 2.11 JfTMT Fnr-.-gvTa. . 125 6 
-ni iu l HirtL iT«.S« .0-23 
High hn Slip Tsl. . £0 96 

wa - Mnrray, Johnstone (InT- Adviser) 
IKK 731 U 1 ra Hope Si . Glasgow, rt WJ-22I 53M 

. *HopeStFd „.| Si:S4253 I . .1 — 

.... 2.C0 •MnmrFund .. I 5U51242 ] 4 — 

I J?? NAV October ta. 

68W-0.ii 4.79 Hum Income- 

« . .1794 asai .. 556 raw Sutra Inc. .-160J 

wientl .. —1330 XV .. . 5 82 fftlnilPrrt ftljllt | 

rowl h Ace h 3 3 463-01 3 93 Sector Funth. 

iipnv- Til _ » l 96J= . . 5.75 Fiiuu.'.-jU ft ITT . 1266 

■>rl A ir. TU-JM7.7 1555) .. 4 73 #i!l ft ;.ri R* i (296 

ei or Sc-pf a i Nett sab day <V+. 31 JnimujiMai 
eeniT-rv IC66 50 B ... I 5 44 ,ho< im n 

IdwidoTW.-fel J S5.0-0M 325 Wld Wide iVtM.„rt65 
in. F dine-.— »• 1 . 66.8 -0J) 495 i...+ 

76«i-0j) 4.9S S5E3SJT. B ??.-.i«ia 




'Initial launcli until OcL 23 

j Hhinr rands 

ruoimuflly (793 B5 3-041 

ZT0 fchemy 72.3 -c* 

; Financial Scc:» . _ (73 9 76.51-05] 

3 12 Tamel FlnamrlaJ 
153 Tanret Equity- — Mi U 
1.4* T.uudEs. Oct 25- 217 3 
055 «Do AM Units - .1295 8 
Tarftrt G(It Fond 
Tanrc* Growth 
3 in Tarael Partflc Fd 
174 Tm Rrinr. Units 

2 07 .. 

7 24 Tji Special Sli* 


2.C0 •MnmrFund .. I 5U51242 ] J — 

180 NAV October 15. 

12.U Negit S.A. 

IDa Boulevard Roy at Luxembourg 
— NAV Oct 20 ( SV 513.05 1 J — 

Negit Ltd. 

33 » SaBJ!SL.», 43IM-04, 1A5 

os Brothers & Ol Ltd? (aXvl fiSOg" KJ 22 ... ' „ 

•denhall sl. e 1' 3. 01-5882830 N M2 2i3 156 Abbey Life Assurance Co. Ltd 

nnTK. .11896 .1975).... I 3.48 Cabot Am Sm (482 5ZJ>0 —flab] U3 1-3 Si. Pauls Churchyard, 

ccuni J237 8 24781 ..._4 3.9» EaouR Funds Equity Fund (37 7 

Neat suh. day October 2.1 Jupon Cremes (104 1 10841 I 372 Equity Ace. 32 4 

„ _ „ NAaEipL 6ct 2B 1221 127^ _.J 258 PrtnwlyFd. 1582 

GpsgBte Progressive Mgud Ca? , „ S1 _ „ : V , PropSftrAcr 1605 

bopssaic-Eci oi-raaHaaa Hill Samnel Unit Tst. Mgrs.t (8) Selective Fund 93.4 

:Pi— OctT4— 11904 20281 — 69j 355 4SBowhSt. EC2P2LX 014J288011 E^^ 1 ^,r ,,nd " 


ng Brothers & Co. Ltd.? (aKxi 

. 'odenhall Sl. E ■' 3. Pl-6i»za: 

mTvt .11896 .197®....) 3.4 

cculu . — £378 247-3 ..._4 3.5 

Crusader Insurance Co. Ltd 

-8i| L33 M‘S^.Pavl'*Cho«kv»rdL > iXA 01-2488111 Vincula House. Tower PI, EC3 Ol-GZOOOSl 18-20. Tim FoAm-j. Readme 583511 

London Indemnity dGnl.lnA Co. Ltd. Save & Prosper Group? 

I SMI Ulster Bank? (a) ' UJL Dollar DnumliuiH Fds. 104 Boulev ard Roy 

417I-0K 359 Wnnnc Sfrnct. Boll.'.n. 02S23IS31 tW* 273\Z.- - |!j^H IH! I T« N'AV OcL 20 

ihiUhtor Growth. 133 4 412]-a.l| 556 «“-Ui*hInLTH. . | S j 50 <4 I 111 | 8.90 

2295' 55 6 59 Unit Trust Account & Mgirt. Ltd VaJ “ ^ 20 N ” 1 dealinK 0cL » K «S» UA 
Sl- 3 - 1 §22 KincWiiiiamSi. ErtR rak 48Si ®P0wn Shiplev' Tst, Co. (Jersey) Ltd. 

313! +0 1 im Frlorxllve. Fond J167 0 175BI | 459 P 0. Box 6ffl. SL lldicr. Jcrsev U5M 74TTT. *' AV «i.o„ 

301} .. . 0 72 WielrrOitli. Fnd . 32 8 34 6 J . . .( 459 tterllnc Bond Fd. . (£9 98 IOOU-O07I 11.75 ... 

33B . 0 72 Do Acrum .. _ . 1385 MjS I «3» . „ ^ 4 J Phoenix Intern 

35^-oj 327 re,-,-- Fn . Butterfield Management Co. Ltd. w , - s , P «. 

’SSS*® 3 Fnnd _ P.D B.vs 186. Hhimlioa. Bermuda. Inier-DollarFund . 

382^.. 818 king W!HianiSL&.-!K SAB ni«3496l Bulirws Equity SCSJM 257| I 153 

250 Ibl-iiiw L nils. .... 32 8 34 6rf 1 459 Bui I real Income. ...Sl.'STU 2491 . 7.87 „ 

*49 Avrtiui Units . ...1385 40 6] .... J 4J9 Prlceh al MtL 0. Next nub. day Npv 6 QUCM Fund Ml 

1 UanAlw* Cl I'.O. BOX 104. SMId 

Capdirrc SA QuMiSrli!.F*<lLcL. 

-wf -y 'ii w POBo« 178. Geneva. (tnqniriev: 01-6007070) Qncn InlL Scrr ...^ 

Y BONDS easBi=:-Bas ia *4 ^ 

■ Capital International S^. Richmond Life 

17 rue Noire- Dome. LuvcniMwrS- sp A . ho i e.— ,, n« 

Ltd. Save & Prosoer Groan? Cm.Mali«rt-Foi.d...j scsom I ..._4 — . SSSSStST 

Bldifa.. Hamilton, Brmdr. 
I £7 03 - | ~...| — 

Wieler Growth Fund 
818 King William SL &.XHS9R 
1250 income Units. .... 1328 
*49 4<-nim Un:ls . ...|385 

Phoenix International 

I*(i Box 77. St. Peter Port, Gnernrey. 

Inter- Dollar Fund .152 39 25B) | — 

Quest Fund Mngnmt (Jersey) Ltd. 
I'.O.EoxHK.ST.ilrlitr. Jersey 03342T441 

Richmond Life Ass. Ltd 
4A Athol Street. Douglaa LG5T. 

Equity Fund 37 7 

372 Equity Ace. S2 4 

2J8 Properly Fd. 150 2 

Property Acc ims 

) Selective Fund 93.4 

i mil Convertible Fund- 133 A 

— Gtb.Pnv.0cL3 — 1735 

8331 ■ — I - 

MwwrMmawr- 135 8 37.71 -OJI — 

Mil Flexible 012 32? -0 1 — 

Fixed Interest (345 364| . ,| — 

4, GtStJlclca's, Lntbi., EC3P 3EP. 01-554 8899 1 Central AsscLs Management Ltd. 

— BaLInv. Fd 11311 

— ProiwrtyFd.* [160 4 

98.4 -0] 
34051 +0J 

ijplntlTrus. (373 

191 Dollar Trarf 1740 

ilii Capital Trust (30 2 

f bi Fi naoclal 7Vurt.N0 4 

Next sub. day. *OcL 3L ■ ■ \ov. Zl_ Hi 1 Capital TrusL— 

ge Fuad Managers? laXc) iblinmaeTtuu 111 

Regia Home. King Wtiluun St . EC4R 

01-0234951. 1 b‘ High Yield Td. 
icon AGea4-|245 25« ..... 3«3 

52 8 57Ao .._ 660 «•*«■* <*K8) 

iMnc-r »6 422a 3.46 15.Chnrteph4ir.Str 

“St ~~ ™ i«o iSS ^*»-- 

n iaat-.-- 174 »w Jg Key Fond Aten 

14 *Tnes- tWrrt tTbors. Prices OcL »-MilkSt-EC2V.A 

lan. Pd. Scr. 4 137.0 

Equity Fd. her. 4.. 36.2 
:<W1V. Fd Ser.4 1539 

14451+0 5 

OCnnv. Fd Ser.4™. 153 9 139.W+01 - 

f-S VMoney Fd. Per. 4„[ULP 1I77| ... - 

jg Prices at Ocl 24. valuation normally Tucs. 

7.74 Alban? Life Assurance Co. Ltd. 

31. Old Buriinplen SL. V.'.L 01-4375082 

•Equity Fa Arc 1199.7 2182J....I - 

77243 fFlkedlnL Acc _...|34L0 148.41 

3.46 15. Chnrtepher SlriMN. E.C 2. 

||S n* ...1 ‘"BSSssSfe- HB 

_ , - , . Fixed Interest—. .(345 36 4| .. .1 — Gill r d. tn* 

Eagle Star Xnsnr/Mitfland Assur. Deposit rat——.—. 1255 

1 lb rcadne idlest. EC 2 . 0K"«ai2i3 The London A Manchester Ass. Gp.? compPeoLFdT — 2 m.s 

Exilic. Mi ill'niU— 154.8 565} — I b00 WlneladePark. Exeter. 0382^2155 2328 

Cap. Growth Fond. I 2409 I .... — GiItPcas.Fa' _ !|950 

Equity & Law Life Ass. Soc. Ltd.? - DepOLPens. put... . 1013 

AiDendiBiuRCKia nigh Wyrombe AIM .73377 FdJ lb 0_2 I""!. _ ^wSdSv di 

138.0 -a: 

169.0 T 0. 

220 « -... -Ol 

v^^rnrat.., hmww 1—4 (x .7hc Silver TrijL J750J! 

Central Assets Management Ltd 5Ste££fSl JfSSl 
MJ Box PR St. Helier, Jersey. 1 Eoq 01-606707(71. Dc. Diamond Bd. _l92 0 
t'eaL.U!«U>CapL ..(113750 137541 -0M) — Do. Eta ST.KBd. —116751 

M. 0G2423S14 
112.6) -3 4) - 
124.31 19 JB 

tg *Tucs- tWrd tTburs. Prices OcL 25.MilkSL.Et3V.B7E. 

17(18/19 Key Eocrey In Fd-K-3 

mnla Trust Management (ahg) Fulftrsa 

s** ( aiwt ,, * B » ^Aiiiba BJBSfiaRfcm 

” . . _.J_ 179 1 * KbTSS? ltay Sm*D CoVFd-iuiT 

n* lnd 

r„ w 1244 
leome— 4L4 

V'»ss=; || 

? 1 & Geo oral 92-2 

- 1 vth. U I7J 

fc Cnwtn 738 

Growth- 65.2 

sLTrt .Shcrca— OT.9 
Tata. — . 37.6 

* Hikhlue — — M.a 

Uivuc — 384 

■j/.mertenn — 272 
■ssibJial.— -. 5651 

--rty Sharei ._ 15# '■ 

A. .... 47.7 

vrthnnjc- 34 8 

Energ-v ..-^...|3JJ 

550 — ... elnli ««LFd Acm 1155 

ig Key Fond Atenagere Ltd teKgf - 

Ocl »- Milk SL. EC3V87E . . 01-6087890. ^*5 238 8 

KcyEncrEy ln Fd.gZJ 87^ +03 5 10 Rk«flJ»caAcc.._. 179.8 

ICffl EguHy & Gon-.(74A_ ,793 +02 453 GMLMoa JW lAcc. . 1323 

[g» OKey Exempt F 5 tn$2 lafcjj ... 5C lntLMn.PnFdAce 122.9 

Key Inromo Fund- ,(865 921 +05 9.01 Pnjn.Pim-Aa-.,— .. 126 3 

H49» WFixedluLFd-toOB 6451 +05 1256 Wrlo toV-Pen-Arc- 2535 

itays«*actfxFd-iu27 mS- 5.46 

« 71 ^OJI 420 Kleinwort Benson Unit Managers? 

953 +03 £.60. 20. Fen church St, EC-3. 

441 -0.1 3JE7 X.3.UuUF<LInc 
W! -MJJ 7J3 4FLB. CniG-'dLAc. 

445 ..._ 926 K.B. Fd. lot. Tsta. 

-02 2.W KB.Vd.U.Tiuuc. 

S? lffiSmliCWaFiflac; 

-{* 2-W KOJiniGasALAce. 
JW7 -0.1 869 HifthYM-Kaloe— 

“S l Z-S HighYld.Fd.Acc 

70 lrt -0.5 225 _ _ 


'H2 lAia\' Mfiney FA— W86 

J-fZ 1AMEV Equity Fd.— [U7.4 

— J-H AME\'PueainL— .Ina 
-7- AME V Prop. Fd_. 1985 

...... . 604 AMEVM wOVm-Fd.' 005 .4 

‘ bm- AME^ M garan-*BT155 5 

bos FhwU*» -T»-9 

“ V'_ AMEV/FramltBiStoa 

EV Life Assurance Ltd? g- 

i H k, aIxiii K d, Bdgna BdgatetflOl c! 

IV Managed ..._|U55 1535) I - GJ 

IVMgd.'B’__..|H84 12# ri | _ 

123.7 — 

963 ~ 

.103.1 — 

111.1 — 

1112 — 

Equity & Law Life Ass. Soc. Ltd.? 

AmernhoiD Bona Iligh Wycombe (VIM .T377 c-KrpL^tar. Trt Fd. 1602 

Equity Fd. - 1117.4 1235} -0 4 — Flexible Fuad 1184 

Property Fd he? 6 1153*0.1 — Inv.TnustFund..... 144 7 . 

Fixed lntcroUK.-. [109 0 1142] *-0 2 — Property Fuint 85 0 

Gld. Deposit Fd. — 108.7 106 U +0.1 — Gid. DeposltJFd _. 1010 

Mixed Fd — -|ll3.0 1189| - 

M&G Group? 

General Portfolio Life Ins. C. Ltd? Tb wo«w». Town-Bill ECSRraQ. 

A«SteSntadv.i5i« S4 3 .. 

fSntolioCapiui'^|tt4 44.hi-v0:3 - 143.6 15U I 

EtYloMFd-Rd.*-. 87.9 924 ,, 

Gresham Life Ass. Soc. Ltd. ill = ' 

2 Prince of Wales Rd. ffnouth. 0SU! 787855 GiltBond*** 107.1 1125 „ 

GJU Cash Fund (932 105.4] 1 — Inu-tnaml Band-. 105.1 U05 .. 

S .L. Equity Fund — [1086 lwJ ... — Japan Fo-Bd.* — - 615 o4.7 .. 

.U Gut Fund 112.0 1179( .-. — Managed Bd.**’.— M4.9 152J . 

G.L Inti Filed. n:45 1205) .._..! ~ PeiuPeMlna***— 249.0 - . . 

?d.» 2328 245.R *0.1 

d. [95.0 100 ... . 

-Fdt... .|l013 106 7) 

•Prices on October 24. 
TWeekly dealings. 

FenL .Useta Cap ..1113750 U754I -0 05) — 
Kejseltyc Japan K14 76 — " J — 

Charterhouse Japhet 

L Pouroortcr Sow. EC4. 01-34838 

Arilropa mujSW 38501-0 60i 41 

Arilropa ... — IPV1S99 

-tdiverha-— PM54F5 

Fandak - DtGUl 

Fonifl* DM7170 

- Portfolio Fund I 1A3J I -1.61 — 

- PnritolioCapUal— .J42.4 44.61+0.3 — 

- Gresham Life Ass. Soc. Ltd. 

G.L. Inti Fund. ( 

GJ-Ppty. Fund J 

I nlctnami Bond*- . 105.1 
Japan Fd. BA*.— 615 
Managed BA***.— 144.9 
Pers. Pen* Inn ***. _ 249.0 
FropewBA**— 1652 
Re t w a y FA BA*- 7DJ 

Prices tm *OcL 1& **Oct. l». —Oct 20. 

Growth & Sec. Life Ass. Soc. Ltd? 

Weir Bank. Bray-oo-Ttmmra. Borks, <NB84»2M Merchant Investors Assurance? 

Flexible Finance— 
LacdbonkScc^. — 
Londhank Sex Aec. 
G AG. Super FA — 

«4«|| -1.0 


5785 -24 

16 lr 

513 -01 

37 4 

35J -02) 

375 L fc C Unit Trust Management Ltd? American; — 1786 IM I — 

a Bsii. n=i f£ 

Lawson Sees. Ltd? faMci Bardsys Life Assar. Co. Ltd 

4^ 37, Queen’s SL, London EC4R1BT. 01-2365381 282 Ranted R A. B.7. . M-5ME 

i MWi= 

Leon H*e. 233Rigb St. Croydoo. 

Property' L.2— 158 1 

Properly Pen*. — — 1663 

EqS!^p5srz!r; ms 

Si| I:g 

British Life Office Ltd? fa) So "I” 5 m M 

,W?Eise-7uobrid^eWelis.ELOaB2^57t TKJiUn«idWarninLt9.8 4 2.9 +0.1 1.76 i2g™UeH5I1I 9LB 

Irish Life: — J52.4 55.4rf-0Jj 5 ffl JAmorican FJL .632 25.0 .... 050 fa. 

lanced* 1503 S42rf+0 7T 549 tvACCUm U diUI (241 265 050 1IK1: 

ridend* ft«.l . 47SI-HJ.3 9.44 Deal. XJton. ^rnes. ttWedTiTburiL uSSS^A^Z UU 

«o«.2SN«d«u«N W «nL«a Legal & Genera) Tyndall Fnnd? 

ffl Shipley & Co. Ltd?. IRCanynEeRoaA Bristol. 02723224! DalnJUal If3.7 

..Founders CL, BC2 01 490083SO Ws.OeL 11 1632 668) I «U Moqqjrl^ix A l-C. - 10?.' 

|n BarcJaytiondE* imj 

,5? Property — „ 1105 

Intamrtlnnal 918 

®-fg Managed 1122 

050 Mow 1 UW.4 

Man Puma Af luin. _ 1862 

Do. Initial — 102.4 

GUI EdoPctmAcc. _ 969 

- Guardian Royal Exchange mKSBlpw- 

.'un “ Rfjal ErchaTiKC.ECJ 01-^837107 Deposit — 

JZco Property Bonds 1 1075 19SA( -....( - r^dtFeni._ 

m cm, Hamhrn Life Assurance Limited ? teS^sfiS^L'.TI 

01-XI45544 7 OM Porte temc. London. W1 Ol-fPOOnai 1 nil. Managed 

Lnd “ nxedlut-D+p. -’1+72 19.91 .... J - ' 

■ Schroder Life Group? Hixpano.-...- 

Enterprise Rouse. Portsmouth. (*8)527733 CUve Inves 

IS$4~r;-j22>i m Vi|::.: = 

Fixea!nL4 13*6 1435 - £} "SIDES' 

M»naEcd4 1355 142.7 ... — 1 li'eGIJi PAl. 

Money-1 1OT.I 115 8 ... - rornh=U In 

Property- 4 159.3 167.7... - PO Bn* 157. 

KicSGort.5ecs.4_ 121.4 127 f - tatnT.Mnn.FA 

US. P—a Cap E 123.6. 12*1.7 - n «l»« 

B5. Pen. Acc. B 135.7 1425 - U«» &«IU| 

HngA Pen. Cop. B„ 2089 220 C — P O. Bos 3012, 

MneA Pen. Acc-B- 250.9 2642 — Deltelnr OcL 

pHld Pen. Cop. B 955 100.7 .... - , 

r. lot Pm. /uk. b 97.1 I02J — Deatscher l 

Money Pen. CanB. 96.9 1BZJ — Pmefo^hi^VKi 

Mon? Pen. Act B_ 98 4 103 7 - r™?™ 

Prop.Pen.Cap.B- 1015 1080 - 

Prop. Fra. Acc. B— 1041 109.^ — Int-Renusafon 

Scottish Widows' Group 

POBarUOS. Edinburgh EH 16 5BU. 031^636000 NAVOc t 37 
t !r«P«*-.Seri«il . — 1083 10831.... J - " 

(.Series 2__ 1022 M7.6j — EmSOn & £ 

'rati net 29 -99.6 104.? ~ PO Box 73 St 

ExtltAraOcta- 1422 14M — - rnirT 

Ex.Utlnc Oct 20— 1387 1446} — 

Mag.Pen.Oct2D-.27SB 273B| — The Engtls 

Solar Life Assurance UmUcd *^° r ? stl ?“', 1 

1002 Ely PI jee London F.C.INRTT. 012422005 rm 

Rothschild Asset Management (C.l.) 
01-5483000 P [! tbuc 53. St. Julians'— Guernsey. 0481 26331 
•0 601 471 O.C-Eq.Fr. SepL29.|55 J SBOrf __J 2.» 

7p| 457 nCInr.Fd Oct 2. Il652 178S „..T| 679 

W:d = 

km.? ~ 

148J| - 

144H - 

273fl — 

Emperor Fund B359 3*« . ...I — 

Hixpano. JPHIM eri| .. ..J 878 

(G05 27733 CUve Investments (Jersey) Ltd. 

— P.O. BotS20. SL Heller. Jcrtey 0334 37361. 

•' Z ClireGIliFA if\l).(9.77 9 7g .... I U.00 

- _ iTneGili FAlJsy.j |466 «>6? | UB0 

- CornhiU Ins. (Guernsey) lid 
_ PO. Bex 157. St Prior Port Guriwrr 

.:.. - tatnT.MoR.FA. IU7.0 1915| J - 

“ Delta Group 
— P.O. Box 3012, Nassau, Bahamas. 

-■ - Deltelnr. Oct 18 ISVSL06 2Jg 4 — 

"" — Deatscher InvestmrnLTnist 

- — PmCinrfi 2885 Biebcrgasse 6-10 «*» FronkfnrL 

- “ Concenun ID. MUM 22M-02N — .. 

;;;; Iiu.ftaauafonds_..[D«D.«0 HMl-OJO] — 

Dreyfus Intercontinental Inv. Fd 
.. _____ PO. Box N3715. Knssitu. Bahamas. 
n-ffiSOTOO NAVOct 17_—_PCS16<1 T7«| i - 

.Zi — Emson & Dudley TsLMgLJreyXUL 

3251 —U 64H 471 O.G-Eq.Fr. SejiL2S. 55J 
aiB-OTK 457 0C2nr.Fd Oct 2. 1652 
Mil -058; 4 85 O C InU.Fd t ....... S129 

2241 -050 518 OCSmCrFdSep^S. 1525 

369 . ...I — ric. Cr.mnw>diiy*.._ 1489 
«n| . ..J 278 O.C Dlr.CoiDdl.v.t 

.... L28 

._. 3 11 

.... A07 

.... 0.65 

'.C. Dlr.ComdLv.t-j529.BJ 30561 J 04 

-Prices on Oct. T3. Next dealing Oet 31. 
TPnues oa Ocl 55. Next dealing Nov 7. 

U-M Rothschild Asset Mngt. (Bermuda I 
P.O. Box «64. Bi. of Bermuda Bid- Bermuda. 
Be verve A?*** cdJIlS999 Mill) . ... | _ 

Price on Oct 17. Next dealing Oet 24. 

Ruyal Trust (Cl) Fd Mgt Ltd 
P.O. Box 1W. Royal Tst Hoc, Jersey. 0534 57441* 
_ R.T.Jnn.FA _.-.KP59Al KHM 3W 

— R.T.Tnt Ltjsy.l FA .186 0 92ffl~30| 321 

Prices at Oct 21 Next dealing Oct 31. 

Save & Prosper international 

Dealing lo: 

37 Erned SL, F>- Heller, Jersey K3MSB01 

U& ttoUardeiMadnated Fnwfc; 

Dlr.F=AIm.**t 9.2S 4.84 752 

Internal. G» *4 808 a 74 -0.13 _ 

Far East ern't 55. Sl *654 +171 — 

Nonb American*!. 3 To 4 W-043 — 

North American*!, p 70 4 0 

P.O. Box 73. St Hrilor. Jersey. (BM2D5M Scpro**t__._ZZ;K5a6 17J, 

EJAC.T. ..—11269 ■ 134 91—1.91 3JW sierllng-depo mln ated Fends 

The En Irtish Association riinnnel Capiialf... 1245.4 2S8; 

OannrilfHAQdwS.-pJF lM. 
4 Fore Street, EC2. Ol^RBTDSl Co am oA-t 136.6 143J 


Its Oct 17—1223 2 
- Ic Tresis (al (si , 

rial (356 

al — [I94rf 

h Ac cum... — W9.0 
hlocwiie 1382el 

eos .... 

mance — , 



gn St. Pollr.rr Bar. Herts. P Ba 

'■en Din 09.7 41.8 

M.Arcuni .-.'490 5J.« 

c. DitL 8 35 8d . 

e. Aceanu-. (45.7 <10 il +0.l ; 

44l g (Acntm. UiHta) UOh 84.a| J 4.60 

4.68 N ®* 1 BU>1 - Sy- Norember 16 

Leonine Administration Ltd 
2, Onlco SL. London W1M 6JF. 01-4865981 

5.03 lmnTUsf .182 -6 86? -0 51 435 

5.03 IcoArcuro — ,.|9n 7 952] -06( 425 

334 Lloyds Bk. Unit Tst Mngrs. Ltd? (a) 
5?§ Registrar's Dept. Gonng-by-Sea. 

32? Worthing. West Sussex. 01^231288 

J-ii Balanced 152.9 565) .. .1 445 

nalArrnm^ 177 7 Tfl -+-H 1 i 4 4re 


1W.1 -Ai 
115 8 ..... 
95.8 -0 .t 
1182 -#J 

111-f +4.6 
107. E +4.3 
102.3 +1.1I 
9RT +1 1 

10&« +oi 

4.60 Dn-InltW 9G2 1D4J| +0J — 

-Current mdb relnn October 25. 

Beehive Life Assur. Co. Ltd? 

71. Lombard St, Ed 01-0231288 

™ Blk. Horse. Oct 2_| 133.78 1 J — 

4jS Canada Life Assurance Ct 
, - , 2-0 Bisb St, Potters Bor. Herbs P.Ber 51128 

< a > Eqt»CtbFapct.2 | 632 ( .... -j - 

RetmL FeA Sept. 7.) 1261 1 .1 — 

! - Equity : 189.0 199.rt __ 

— Property 169.8 ' 1781 — 

— StanocedCap 148.0 155 J — 

— Managed Acc UQS 1931 . — — 

— Overseas 127.1 133J — 

— GUt Edged 125 6 13U - 

— American Are. 100.1 385.4 — 

~ Penjr.I_Dcp.Cap„ 1295 1364 — 

— PaJ JJJepAcc.__ 152.7 1611 — 

— Pen. Prop. Cop 2387 219.7 — 

— Pen. Prop. Ace 27L6 2B5.S — 

— Pen. Man. Cop 214.4 2257 — .. ~ 

Pcn.Mati.Ace 2769 2936 - 

L? Pen.GlkS9g.Cap_ 120.7 127.1 ' — 

014C3128R PraGlliEoc. Ace.. 1285 13SJ . — - 
m-K3iWB PeaiB5 . c ^ ufcI Ur ; , _ 

4 - rea.Rb.Acc. 1452 1524 — 

Fen. DjLF.Cap, 203.6 — 

ifln> him Pen. 6AJ. Ac e ,,., , — 1060 ..... — 

NEL Pensions Ltd ' 

— Milton Court Dorking. Surer. 30 

~ NclcxEqCap. |M5 88.91 -4 71 — 

— Nelex Eq. Accum. - 1202 1265) -0« ~ 

Ndra Money Cap — 614 65ffl -L2 _ 

— Nelex Mon. Ace. 665 70il -0 9 — 

— Nelex Gth Inc Cap- 512 5341-2.4 — 

Kriex GUj Inc Acc_ 532 55JB -24 — 

— Nel Mxd. Fd.Capi_ 494 5L« +0.4 — 

Nri Mxd. Fd. Acc—ptS 53.4) +12 — 

Next sob. day October 25 

H NPI Pension* Kanagement Lid 

Solar MaaagedS 
_ Solar Property 5 

Solar Ft d. lnt.S 
Solar Cash S 
8911 Solar Menaced P 

Solar Property P. 

_ Solar Equity P.. 

_ Solar Fxd.taLP 

_ Solar Cm*? 

_ Sofia- tall. P. 

iu.d -0.* 
122.8*0 J 

-vw Eng. Asn. Creriinr* (£5034 50361 1 — 

- ws '.Vanlgaie Cm r ?Hoil4« 10571 . . J — 

— j 'Nett dealing Ort. 25. "Next dczXlng Oct ; 

— ! Eurobond Holdings N'.T. 

— - Bandelxkode SL WiUcmstaA Curs '■no 

Cban nel Islanded. -I1545 

CommoA - 1 G36.6 

Sl De peril .(1006 

SL Fixed— t .FU3.9 

'Prices on OcL 23. **1 

ig-p.9i 24 

-7i -0 A 4.4 

i« az 

l5l ..... 115 

006 1008 0.25 

13.9 1208- ...I 1153 

i. *>ocl ia —Ocl :c. 

Schleslcgw International Rlngt Ltd 

Sun Affiance Fund Mangmt. Ltd Fidelity Mgmt. & Bex. (Rda.) Ltd 
^^ , SS^?fmS? a 1kl5l 0W ? &n “ PO- B« 67D. HamQioa. Bennuda. 

Uwk Azenu; laid, IS Cbrietopfacr SI, ECS. 41. La MolxeM-bt. Heller. Jen*?- 0S3473a88. 

laT. 0i>247 724L Telex.- 88I44ML SA.LL .« 9.06 

NAV per ifaare On. 30 SUSSiUtt S-A-QL gW 0.W 4 79 

F. & G. Mgmt. Ltd Inr. Advisers inA fa JerirrH' ra* 104A ass 

1 -Z Laurence Pountoey KOI. EC4R DBA. 1 y ni f' dJ ^ mfi rS--- li?* 1 ^) _ow T-rm 

01-623 4680 -Far East Fund in?. 10Sf Z78 

CenL FA Oct 18 | SUS655 1 I — ‘Next sub. dw October 25. 

B alar- red . 



DeiAreuml — 




Morldrido Girth.- 




nplArnmi _ 


74 2 






H*-*! 1 -1 - Hearts of Oak Benefit Society KiiliK^taTTFtan.I 

isnratnee Ltd? lM7.TiKirtocknaee.WClHSS» PI-33T5030 Small Co'rl'A 

-- Wembley HAPOVB 81-0028878 Hew of Oak |37JS 39. J( .... I — TwbniCoByFc 

P Bar 5 II 2C Do i.brnei 1)9.0 

| 4J£ Ertra liu-ump .. |64 E 

( a.ja Du. i Acre m. i J73.0 

7j s Lloyd’s Life Unit Tst- Mngrs. Ltd £ rn 5f , F Acft 

TSOn.Gatehouve HA, Aylcsban- OSM5S41 

EcJ'ir Accnm. — H69 0 177.9) J 3.78 2nd Property. 

* 2 ? u r. e r- aadMamneA 

(James) Mngt. Ud? Bc-jur Accum. — -WflO 177.9) J 3.78 

d 3 rood 5 L. eon 13G 01-5836010 „ _ _ - ... . 

ij_ [a55 9LW . j *98 M it G Group? (rXcKz) 

w__'_..L .{82A ^ 8S l| . .3 7(45 Three QUWH. Tow Bill. EC3R (B3Q. 01 KM 4538 

as oa Ocl 18. Next iteoUns Nov. L s_« ol-m SUnek Rn-iuniw nraiinn. 

cw on Ocl 18. Next deollns Nov. L 

iol Unit Fd BJgrs. Ltd? (aKO 

2 _ 3 o EqnllyUiiit*..____ £17.83 — -OCI — 

; jo Propectr I; nita 08.43 — . .. — 

Itn EquliySradiExeC.. 01.85 1254-001 - 

607 Prop WuPExee.. 03.70 1456 ... - 

jM BaLBA-Exec/Unlt E13 47 14 25 .... — 

7 54 DcpotllBood „ U29 1195 .. - 

Equity Anam 186 — - 

d_ Property Acptsn. .... CUM — — 

Mned. Accum. U6S. — 

W** 1 ZadSaxitV 973 103 0 - 

3-IB 2nc!TVepcrty : 1075 113-1 - 

2nd Managed- 1B0.0 305 J - 

andDeposil 98.1 103. S — 

1538 . 2nd Silt 90.2 95 3 — 

2nA American—. 

16-17. Tarirtock Place. WC1 H SSM 01-387 SOSO Small Ctfa I'A ; 10a9 

Hearts of Oak |37JS 39.3( .... I — Tccbna’oByFd UZ4 

Extra Inc. rd 97A 

, ..... . American Fd — .... W J 

Hill Samuel Life Assur. Ltd? FarEosi Fd 120.1 

NlATwr.. AMI nwiK- Rd, Crr.-. 01438 «K» S U ‘ — S 5 ,- 1 

48, G roc <*h arch SL, EC3P2HH. 01423 4900 Sun Affiance Linked Life Ins, Ltd FS<Mi§>Wrl<!Fd.-J JUS15 

,to ¥S£ l SSfi:S i Ja\s:i- ^ 

New Zuland la. Col (UJC) Ltd.V BlS 2 BSSSf^' 

Mnitlmd Hou«e.SouibradSSI2JB 0702 628S5 JEfl ~ 5«Scr A fTntny 

XiwlK0ylni.FUu.p585 163.8 | - 

Small i-n's im HM9 _ Manaqetj r Jan 

n? T Schroder Ufe Group 

P.O. Bax 870. Ham Oi oa . Bermuda. rn.nwio ni, lt r 

.Fidelity Am. Aw— I SUS27.75 I J - «•«*!>«« House, Partamauth. 

| Fidelity Ini Fllnd_[ SHS23J3 | | — International Fimdg __ 

indeUlyPac.Fd | 5US59.61 1-1551 — tEqniiy 0139 IH J 

Fidelity Wrld Fd | 5US15.K (-Q 05J - JEqurtj- _.h«5 1537 

Fidelity Mgmt- Research f Jersey) Ltd 3 Faced {5iS^‘IIn075 1U4 



1 y = 

♦TVopvny Fnlus — P H I 1H.3I .. 

ProporljScrirrvA. IP51 U0.R ... 

Mnnnced Unit-.. 1664 1753 -1 

_ I'on. Depault FA__.f 

W = : = 

12641 -04 - 

1035] ‘-J — 

Scrlcr A (Intnl.)^— dC?.96 
Seri e* 3 fPoclftciu. £1610 
SeriexDtAnLAsiO. £13.10 

” San Life of Canada (IX) Ltd- 

First Viking Commodity Tresis 

2, 3. 4. Ccckxpcr SU S W1Y 5BH 
Maple LL Orth — .-.) 2084 

Maple IA M annA _ 136.B 

Maple LLEoiy 1W 3 

PvreoL Pn. FA 1 209J 

Oi-(C0 5400 8. SL George'J SL. Douglas, lob 

ui tvu ™' l|vwi jrar, 1 j, Aiw. 

rn House. Ncwastie-upon-Tyra 

6 — Wfl.4 7L9rf J 

xum. Volts-. |85.4 87.9) ..._J 

i- See also Slock ffxri 

. . American .1461 

IAccdbi Uiuls i 175 

21 IBS AuMrelarton- — 59.0 
395 1 Accum. Uni 1*1 55 2 

Mim. Units -185.4 B7.9) ...~! 355 Coremodhy-. 885 ■»«... 

___. ■ , __ iAcenm-tlBiOu W 940 -* 0 . 

ISbTlriA — W|H «5Jrt I 8.92 compound (Jnnrtb. 1161 1260-0. 

Jcum Units.. (55 4 57.« . . I 842 Conversion Growcb &7£ 72.2 -0 

Next dealing date Nro-embcr 1. CimvenTiou tat 710 75 6 -0. 

itics Official Invest. Fd$ iMridrad ------ B62 i»| -o. 

■ — - , . L-i-nMiiiD n, ua,H|e lActiinx JniLvi. — _ 2391 2594 — 0. 

lend >v all, f— N 1DB. OI-?WlBI5 Biwim., tit 565 —0 

» Augur. IS- I14U7 - I I 628 lA Sra L i WU ) gqj 57 8 -0 

n Aujmst 15— 1276 «* — ) ---I - Extra Yield 90 0 95.9a 

uith. Only (irailaWe to Rcr. rbartUcs. rAenim.tinitsi 123.9 1319 .... 

harta-bratt Japhet sra James Frafe* asSStaro,. - ” 878 ^zi u 

w ™^ MafU ** rs “ttgs; .’sssassT-- wi 853 is 

» SL EC2M 4TP. 01 -283 2833 General 17X7 193.4 -L 

lean |i"i21_2 22.91 -0JJ 176 tArcuin. IJnilai 278® SflLa -1 

inciwne r ,, i- 464rJ-0.lI 8 91 Utah lnrqnw 1115 1185 

mliooal lis — {ls-29 6 265j . 251 (Acvum. Uoiui . ._ 1873 X995 

K«n;e. T*L 273 29 4id -05 421 J-pon 180.3 192.6 -2. 

G rmtli TsL- (24.0 25«+0.l[ 7.29 lAccvm. Unilsi 1B2 4 1943 -2 

ederation Funds MgL Ltd.? (u) lAemm UoUbi — 2765 297.4 -o. 

incerv- Tjnr, WC5A THE 01.2430282 Midland - 186B 1989it -O 

. h - ... 1462 485( +0J| 3 95 J^ 8 ^ ^ 

aopalitan Fund Managers. BHBSfc 5^4 199 a 

n SlrceL Loudon SWISSF.T 0 1-235 RS25. f AceuB B. UnlLvi 276* 3023 -U 

woln.GLh.FA 089 2D 4) +0.1) 465 Smaller Co- 1771 1904 -0. 

rameFA I».B SiJtni, ( 10.90 (Accum. Union 0253 2423] -OL 

garaut Unit Td. Mgrs. Lid, 26«Jri-6 

osfcrLaae.ECCl 65IH. 0I^«WB282 , Accum. UniiFi - 3066 5233— li 

tarome K7i 5101 *0 1) 9J5 Chan bond Ori.SO- 1085 J. . 

■ Anxmc.-m -S7.5 M0 .... - CnarifA -3CLU4. 155.8 IM.zj +0 ' 

EWBtHi£hlnc.t466 5 C 2| . — I 9. GO i Accum Uniui 1965 19951+0.' 

cent Unit TsL Mgrs. Ltd (a Kg) 

rineCreF..Edlcbarsb3. sti-=2G48ai ManuLife Managemeul Ltd. 
Amor nt__...a3 8 255) -031 162 PLGoor-e-sWay.StevvnBEfe 04 

• DoaUneE. <m.juncnc« * 

AOM-Oi Z» 3ndBq.Prns/Aec..BM.O 
50 3 la? ZOb 2ndrtiiPWi«)Acc._hlJJ 
575] 3 k3 IM and MsAPena/Acc|i03.9 
sia^Sd U2 2«ul D^Peus/AccJimj 

8fc0l _ 459 2nd Glte P*n?AttS0.7 

94 flj +0J 459 ? n ,f^? 1 ; P ^ na ' ACC (S ? 

126 W —03 355 i**E|4-ET, ISk 

7Z2I —C -3 3114 L6E6U5 (28 0 

7S.6 -0.1 
1369 -03 
259 4 -0.8 
565 -0.7 
57 8 -0.7 
95.9a _.... 


65 3 +05 
T2JZ +1J 
699 -0.3 
855 —03 

193.4 -111 
30 Lb -Lfi 



1926 -2.0 
1943 -21 
235.7 -0 6 

297.4 -0G 
198.9a -a 7 

537.4 -0 2 
97.1 +0.4 

-1003 +05 
199 D -4L7 
3023 -L0 
190 4 ~02 

Maonacd Series A 
Uoisstti Series C 
Money Unit* — 
Money Series A_ 
Fixed Iol Scr. A 
Equity Series A. 
Pna. Haneeed Cap. 
Pus. Managed Arc. . 
Pna. Gleed. Ace. 
Pern. Equity Cap 
Penn Equity Acc 
Pns.FiA taLAcc—. 
Pena. Prop. Cap 
Pens. Prop. Ac c. 

103.41 -0 v — 

99« -0.9 - 
1291 — 

1841 _ 

97.5 - 

99.5 -05 - 

1S3.7 - 

1(35 - 

11Z4 ...._ _ 

119.9 — 

112.4 - - 

Norwich Union Insurance Group? 

PO Bos 4. Nervtch NRI 3NG. 060322200 Target Ufe AsstUtance Cfc Ltd. 

D824 4082. Ldn Arts. It C». Lid. Asia? Fd Or L 55 

53. Pall Mall, London 5 W17 5J H. DI-CW7e!7 DBrilagFiLOet 23 | —137 9 394)...) 2.40 JapaaFaPcLUl... 

Fift.Vk.Dbl OpTS ..(6L0 Wo) j 4.16 

OJanaffr-d — 

J. Henry Schroder TCagg * Co. Ltd. 

120. Che* pride. E.CJ1 01-5884000 

Cheap S Oct 23. — STS11. 7« Z«7 

Trafnltar Sent 30 .] SUS137 M I ...TJ - 

Managed Fi nd 

Equity Fund. 

ProBccty Fund 

Fixed taL Fund.— 


Nor. Unit OcL 15— 

+0j — 

+05 _ 

+ 0.1 — 

+0.4 — 

Tarcet House, GaLohmue HA. Ayle+Nwy. 
Bucks. A'i* 

Han. Fund Inr 1981 1 

Man. Fnnd Ace. 123 J 1 

Prop FA Inc. 112.9 J 

Prop. FA Acc. 144.0 

prop. Fd. tar 111.0 

Fixed InL FA lot 1005 3 

DepJAlne 967 I 

nep rcy i.tjL Fleming Japan Fund SUL 

» rue Nafre-DonK, Luwrninoan: 

Avle^uwiffiwi flemtaff0rt.24.__ | 5US67 55 1-1.93) _ 

1D3JJ } — Free World Fund Ltd 

127.7] . — ( — ' ii.rti—JiAU nlrfa u.— ii« ,4. 

Sentry Assurance International Ltd 
Po. Box 320. liwpiluui 5. Bermuda 
Managed Fund. [SBS2J35 HR) ..—I — 

2nd JDtepJ'enWAftcJlOLS 107.4) I — Pena Equity Acc 

2nd CUr PenMAccJSO.7 96m ......J — PnS-Pxttlui.CBp 

2uAAnLPma./AraM5 8 ««+7.6j - PrartiAtatAcc — 

LftESJJ- ..1395 42.61 1 — Pens.Prop.Cap 

L6KS.I.F.3 1280 30.o) — J - Pens. Prop. Ac 

- , - VpT^ it vahJB Ocl 23. , w Crawfor j SlrecLROH 2AS. 

Capital lb* Assurance? Imperial Life Ass. Co. of Cauda R. Silk Prop 8A— I . ias.9 

Ccmlstoit House. Chapel Ai* Wloo 0S01S85U imperial Hon Be.GuddlonL 71255 Dp.EmiiC.Brt- 771 

KwItfroeLFA I MSJ11 I J - J-TwZV™ wjubjotu. . FluDanoyBA 1 1503 

1TU« - Fboenix Assurance. Co. Lid Fixed ini fa inehooi 

112.4 : - 4-6.KlnsWiUlamSt-EC4P«HR_ 01-42888M " BH 

mu ::::.: “ :ri “ SSSSSTfSaSSt w* 

m “ f:hV FhEq ' £ ' —~P *- 7 *»■? — 1 — M«LPenJ'dCap_Jp7A 

loioj .... — Prop. Eipiity A Ufe Ass. Co.? gui rS^icap.’Z I1250 

IIS. Crawford 5 IrecLWlHZAS. 01-4890857 PropJ’enJ'AAPc. 1554 

S | -O il — 

Sir:! r 

[Free World Fund Ltd Singer & Friedlander Ldn. Agents 

B rtlrrfleld Btaff- Hamilton. Bermuda. 20. Cannon SL. EC4. 012480049 

NAVSepLSD 1 50619625 ( J — Debdosds |rH7709 JftH)-D2« 699 

G.T. Management Lid Tokyo t»locl 2_„| 5T54i50 , — I t«9 

IXadM ^ Stronghold Hasagement Limited 

London Affenta for 
Ancfenr-BUnRa—toiaM ]J 

A«5cc-GiltEd£c_K941ri 9.47: 

Anchor I DL Fd llPSSJJ Sl 

Anchor In Jsv. Tat. fRLS 13 

KcyWvoBLFA 1 1DS83 I J - 

P»Mnj**erfiivFA.| 107.41 ) J — 

Charterhouse Magna Gp.? 

GiLFd. Oer*2«i...__p6 9 
Pens. FA Oct 20 — (70. 1 
Unit Linked 

JH=J = 



1 ^ - 

PropJen.FTd. C ap — 1345 
GnarJraFvLArc— 962 
Guor.PenFAGap. 93.8 
DA.Peu JdAcc — 95.5 
DJLPraFACop 955 

— GT.AsuSterliiur-taUiJLZ 17. 

— (G.T, Australia F<£ _ 6V19.S0 — 

c “““- BWehIt,y - fSSJRJW™® I ilS! = 

no ms Secure Cap FA 97 5 1629 J — 

ChrthraBreity^m.S 369 — Irish Life Assuj-ance Co. Ltd 

BasSftSSid 5135 Id - i VJssSKfsrtf?* 

Property Growth Assur. Co. Ud? DJU*raW.cap__.|955 iooji I - G.r. gradn^d -- » , g 4 .|5 

Leon Uo-jro. Croydon. CRD 1UI Oi^BOOWO Trarnrinternatliwial Life 1 08. CO, Ud. GX Dlr.iStrlel Fd »6» ' 101 
P ro pe rty Fund - -—I 188.7 I .... I — euosaMT G.TJocjTieFcU. 5MS1756 

Property Fund i Ai_ 1C69 j | — G T.RnbppineFd.-Brsu* 11 

-02 162 
-05 100 

.... 871 

.... 4 93 

-0 3 1.96 

§S8SgS3T!:p.5, Mc ita::::: — Irish Ufe Assurance Co. 

SSgS Swirl S3 5 Id = iVues^fT"^ » 

City of Westminster Amur. Co. Ltd Mon«eS"rund_:— to35 3«5 
Blnesread Home, 8 Whiteberea Road. E*mnp» Han FA_.nil.O 116 

Croydon LB02J A. 01-8849684. PropSoAilrt.1 — fj807 1902 

Wert Prop. FnaA__|6J-8 65.H .. J - Prop.MoAGih. (23L9 ai 

MuuacedFond fl84J 1W« - 

ssfcte sit"i = iu - 

Money Fond -_.ri25S 732. ri — CornhilL P3. 

GUt Fond-, I&2L5 65-3 +0.1 _ . Boad FA Exempt— [10208 3074 

PULAPnmL Q7LD 1740 ..... — Next MmR dato No 

Pros. Muff d. Cap._ 1124 J ilMOj — 

fljri-891 640 ^hRc?p7;|w6* - Langhan Life Assurance 

aa3-ifi 440 Pen*. Hon.tyAee. . .M98 52.* . — LanjJuunHs, llalmhnwk Dr.NW. 

|. 11.03 Pens. Equity Cap. -B5R 58B) +02 — Lanehanj 'A' Pisa... 167 0 70 

58.2) -*-0 7 7.54 PeraEqaityAet-lsSA 61.3} +02) - vp™B«Jd .“.(145 2 152. 

.993 +0.9 754 Fpod currently closed ta new lurertmcnL Wisp iSFi Mon Fd(77.9 81 

569( 556 Perform U nti l ( 2184 (...•! - 

LId * Clty ofWcotmiMter Assur. Soc. Ltd hfgMl & Cenera j 4l :nlt Ai 

045*sr.ini , KinffBWood Hou^e. Kmgr-r'HK 

58 71 .... I 433 5 S3 ~ «arrwKT208Rl’ Buiy 

5nrj....| vji Property Urita.__)54a 56 71 .._..) - cnihlnlilsl 1961, UL 

Col Ud CfHtxmercIal Union Group no. Amm . - ms km 

Equir>- Fond. 100 _1 1054 .—.i| — A|£n cuKurai Fund. 

A pic. Fu mUAJ...— 

Irish Life Assurance Co. Ltd AbbS-Nai". Fdl^r. 

II. Finsbury Square. EC2. 01-8288233 InrosnacniFunA- 

Blue Slip. OcL 20 — W 9 8841 ... J 550 I nvesrewnt FA iA>. 

SUnMedFund to35 545.B .. , - Equity Fuon. ■ 

Exempt. Man FA _. HILO 116 H — Equity Fund (Al — 

l»rop.!5ciAilcLl_-(ie0 7 1402m .... — Jitter Fund ... 

Prop. Mod-Glh. R3L9 a2* — Mcmor Fbml ( A» — 

Actuarial ranA. — 
. . . Cllt-edced Fund.. - 

Sang A Shazson Ltd nbt-Edffoi rd (Ai_ 

— 12 , CornhilL FC3. 01-8235433 iPSSSAf — 

= ■ ““^atiSLJ^aTr - SSJss 

9A1J Weather Cop. . 

Langhan Idle Assurance Co. 12 d. ?iuv,FAUuj. — 

LartabaraHs.IIolmhrpofcDr.NW4. fll-atnMXl 
Lraffhap 'A' Plan... J67 0 70 5J —4 — Cm-, pn*. Cap. Ul 

vproji.tond 1145 2 152.3 — .1 - Man. Pens. FA - ... 

Wisp iSFi Man FiiPT.O 810) j — Mss. Fmv Cnp. bl 

Prop Pen' F r - 

P O. Box 315. SL Hclicr. Jersey. 053fl-7I4« 
L85 Commodily Trust -19675 10184) — J — 

I-gfe Surinvest (Jersey) Ltd (s) 

0 75 Queens llso. Don. Kd.FLHelier.Jry.CiMITJO 
0 22 American taATrt_.|£7.Il “ 

172 Cooper Trurt -K1141 13.71+0 Offl — . 

126 Jap. Index Ta. |lU22 U46j-0J4j — 

mTS'I— SS t “fj -JJ5 j J2? W'®* 11 ' 0n «- tSSB M71....1 « 33 Property UrifiCl_i54J 56 7} - 

ReLjivcfLr.7 «2 I 4 93 Mayflower Management Co. I JA C«uu»ereial Union Group 

Tokvo 24 8 266) —O 3J 196 ]ft:raGrc«hwnKL.EC2V TAU. iji^nfiSWO SL Heloa'A 1. Uodershafi. EC3. 01-283 3 

ia:?a a aiassgi-i as I.-.J: 

amiieid sl . EC 2>i 7Ai_ o*-^ 334 ^" intrmLl ocL3A («0 47 «( -05 ] 3.00 Confederation Life Intforance Co. 

c.Ort.33._._ 11883 ^ ^ l 4M MercnTV Fung Mana «ere JUd. 5aaumreryLra*.wc=lAiRE 01-2420 

JT,«hester Fnnd MngiUd oi^ro^i JSSS5& -ffl Si / = 

rtcry, ECC 0I+W2ifi7 iTerr !3enUcL2S... 1995 2 . 12. 2T -7 0 422 VFLPFnnd 4215 ... - 

Winchester- J19 0 »7J j 46g Acc Uts-Octm.-— 264 0 a SS|H “15 SS Paul Pen. Staff d 74 5 835 - 

oeb'er Ci'scaspOZ 225) ....) 3 to M«rr. Inlprt. X — 692 73.51 -32 2 64 suflffAMoraPli. ^ 795 8S.5 - 

on & Dudley Tst. Mngnmt. Ltd jS^SSiSSsZ ^ fWtig&Zz ZZ - 

ItogtooSUS-Wl 01-1897551 Accm.Uta.SepL 28. (296.7 31LU . — 4JJ EqunyP«jrton...„ 2H2 - 

n rnuncrT^L.ITU 7&4f . ...J 3JU R-Mir Cmm Property Prartoo-. 1411 - 

FbrRpiita* Securities Ud. Kw^5f mJ£g 5S Ltd.? (a) C anthill Insurance Co. Ud 

see Abbey UuD Trust Hugrs. ronrtwood Hmne. surer street. HroA Fra^^Lnaa a I m 4 f Bi 

ih, Tr. =J: :- = 

Lraffhap 'A Ptaa... J67 0 70 M —4 — Cire. Pn*. Cap. It 

vproji.tond 1145 2 152.3 .....l - Man. Pens. FA - ... 

Wisp iSFi Man FdP7.0 810] j — Mim. Pn» Cop. L-t 

TVt- Pen' Ff- 

Legal & General (Unit Assnr.j Ltd 

KiRffBW9itd Hou»e. Kingr-rnwi. Tadworih. Blaa.Sce Cap L'L_ 

Sarrev KTCO SF.L' Buiyh Heath 5Wf« 

Carti Initial. ... _ 196 1 . 10L2| . . . ) — Providence Cam 










■ 6 Antral 
15 145.' 

17 135J 











9ToJlp[DvesLFd._[lC9.4 157B .... — 
OTuIipMoneAPd. 1182 124 4 - . . — 

V.Mau. Brad Fd__._ 1222 12B.M - 

Man. Pen. FA Cap. . 1263 132-3 — 

Man. Pen FA ACC. . 134.9 34L9) ...... — 

VMnffd Inr Fd Ini! 1000 ltKOi .... — 

VjJnffd tair FA AcalDLfc 1069] .... — 

Trident Life Assurance Co. Ltd.? 
Rrartade House, Gloucester 04S2 ME41 

SJaftoeed 025.1 13251 .) - 

GIAH2A.. 148.2 156.4 

Property 15+4 1 103 ..... — 

Equity' Amen can... 822 87.1 -05 — 

UJL Equity Fund- Uja 126.B — — 

Hiah YiclA 142.1 1S8.5 ..... - 

Gift Edged 122.4 129.6 — 

Money 129.8 13lS .... - ; 

talernational 5S12 307 ! -11 — 

Fiscal 1285 136.1 .... - 

Growth Cap. 1ZO. Z 135.7 ... — 

GnwnhAcc. 1331 140.9 - 

Pens. Mnp. A Cap U85 125.6 — 

Pens. MncA (ler — 124 6 1325 . .. - 

Pens GULDcp Cap.. 103 9 110 0 .. .. — 

Penf.Gtd.DepAcc. 1091 115.6 . .. — 

Pens. Ppiy. Cop 115.4 122.2 — 

Pen* My Acc;. — 1212- 1284 ... _ 

Tidt Brad ....... 36 9 __ 384.., - i 

■TnC.G.I. Brad. . 97 B -05 — 

’Cosh value /or £100 premium. I 


2804 -8 4 
735 -32 
793 -3.4 
2567 .... 
3111 . — 

n.jjmara VEqulty FunA 1758 18251 

“I - ® 10 !®? VMonaffed Fund 19L3 2009 

"«S •f’lFFSrri-- 4215 

-|9 5“ Psool Pea. Maffd 74 5 835 

ZH Steflj|A»tartS,._ 795, 85.5 

Group lined. Pen... 1996 

*“ Ftaod InLPf-n. 2878 

4JJ Equity Prarten ...„ 259 J. 

Property Peurt oa— 1411 

la \ CornhiQ Insurance Co. Ltd 

Ho. .\mjBL -- 988 104 1 

01-283 7MO Equity Initial . . - 127.2 133 4 +D 1 

u ^ Ho Acram 130 9 1375 +" V 

■ ■ — Fixed Initial ... 1173 1Z3.5 *C? 

• • ■' — Ho Accum 120 7 127 1 +0 2 

re Co. intL burial- ... 992 JW5 -or 

01-2420282 Accum. . 1E8S 305 S -0 B 

I Managed Initial— 1212 127.6 

• -l “ Dn Accum - 12« 6 13L2 . . 

" j Property Initial. . 100 2 105 5 . 

I — Po Accum.. ’030 106S 

Providence Capitol Life Ass. Co. Lid 
30 L’xhrldffi- PoaA WT28PG 01-7489111. Equity Fund- U38 

Hiefa YiclA 1A2.1 

Gift Edged 122.4 

Money 124.5 

Inu-rnatiorial MXi. 

Fiscal 1285 

Growth Cap. 128.2 

Growth Acc. 133 1 

Penh. MncA Act _. 124 fc 
Pens GlAi»ep Cap.. 103 9 109 1 
Pen* IVy- Cap 115.4 

SxKfFd.Z * CK \3> TSB Unit Trust Managers (C.l.) Ltd 

G.T. Dlr.iSlrlffl Fd|£9L69 1006 — BaqarcITe RA, Si. Sari our. Jerjev. 053472494 

G.TJocificKd- --L 5HS17S6 -OCi 028 JerseyFond [50J 5171 +021 455 

G V. Philippine rd — bill 94 UR).. — ijcemsey Fund _....]» 1 527) *0 l| 455 

Gartmore Invest Ltd. Ldn. Agio. Pric “ on * Kt * ^ Nw - L 
=. SL Man- Axe. London. ca pi - 283 352 1 Tntcvo Pacific Holdings N.V. 

Gartmore Fnad TfngL (Far East) UA i— 

1S03 Hotchlaon Hen. 10 Harerart RA lTErag tatimij Hanaffcraojil Co M , CmacML 
UK tt Pec. U. Th.^IsHl* 16 4491 ... [ 1W NAV por share Oct 24 5US735B. 

Japan FA — L — .,|s;sao 0341*073) 0J0 

£ £BSSKS=SSSt W 6M T*yo Pacific HId». ISeaboaroiN.V. 

InUnuB Maaj*gemem Co. N V . Curacao. 
S5SSSU ffiESSfrSE 11 082423811 N’AV PCr share OcL =4 SUS53.62. 

GumnoreTcU. Inc. .[23.4 24.4) .. „J 19 3 . „ _ 

GertmoreIniLCrifa|74 8 79 6) .. .} 220 Tyndall Group 

Hambro Pacific Fund Mont Ltd. po >« 12SS Haadttan s. sermnda. wwe 

_ Legcl 6 General Unit Fcurteari 

1 22. Com htn. E.C J. 

tty A Law Un. Tr. RL? (aMbXcKz) coMwfity*Gra.|7Z.6 7821 -0.4f 4.99 

«hora7tA.Hiffb Wycombe. CUT*! 3^277 Co. Accum. ~-[S42 W6 4.W 

yftU» 1677 712) -03) 4.26 gg]S 5a a7 r :~g.9 W9 — 0.1 in 

« Finlay Unit Trust Mngt.. Ltd gfjgfii— “S? gi ^ I.f 

Went NI to StreeL Glass vw. 0U2WIM1 Inernne - 154 2 583 318 

>1“ - J : :A ~ 

MnGJhFdSeptai-liarS 19551 .. 4 — 

. .. _ Exempt Cash IniL 97 8 

__ Do. Accum. . ,.... . 100.2 

__ E'.raiptEqi;- lail.. 133 3 

Do. Accum —.1366 

Exempt Fixed TnIL 1147 
. Do. Accum. ........ 117.5 

01-6265410 Exempt MnffA InlL 1292 
.. j _ Da Accum. B! 4 

■ _ I _ F-»ur.ipt Prop JulL . 97.8 ■ 

(' J _ Do Atcum 1002 

Sol Mki. FA Cap .. |OT1 931 — 

Set Mk-FdS't .|105,1 1111... _ 
Pension F.qu-.t- -il318 1358 .. — 
Pension F-d_luL_. |U75 1213 . . — 

r«!474 MS _ 

IX-pOSlI FA 4rc . .147,4 540 .. .. _ 

Equity FA '-'ap. ...(46.0 485 — 

EqutrvFAAcc _ M6B 485 ._ .. — 
FxAluLCnp. .- ..1476 502 ... — 

Fjed Ini. ACC. -- .(476 502 — 

InUiLiJop. . 146 2 487 . .. — 

Iniiil Arc. ■ - —1462 487 — 

Menaced TA Cap -(466 «9.1 . . — 

KlnacedFd Are. ..MS 6 491 .. . — 

Property Fd Cap.. 147 5 591 — 

property FA Are., .1475 50.1 — 

Provincial Life Assurance Co. Ltd 

SZ2LBisbopr-CAN*EC2 03-2476733 

^:W Fd .S« LIS .1 z 

— Tyndall Assurance/ Pensions? 

Hambro Pacific Fund Mgmt Ltd 
2110. Con na ught Centro, Hods koir 

For Cart OcLSJ |SHmZ7 17JM |- - 

JnpmPund )stsias\ UB) 4 — 

Hambros Bank (Gaerosej l JJdt 
Hambms Fd Mgrs. (C.l.) Ltd. 

PO Box as, Guernsey frtfll 2S52 

C.l Fund [150.7 1605) 3 70 

talnl. Brad SUS 109.75 113 141 ... 8 5® 

Ini Equity 5US 12J8 1256-d ... 2.U 

taL SvfflL ‘A' 51^5107 llfl . — 

Ini Scffs. -B' SI'S 124 123( . . — 

Prices on Ociobei IR Next deal Ina rs:tnhcr 25 

Henderson Baring Fund Mgr?. Ltd. 

tD5. Gammon House, Elms Rons. 

n-soas Oet. 18 IIU51CT 

'« fAccura. Units- KI'OT. 

I' — 3-VTayUlLOrt. 10 . _|n a3» 

-.J — =\cwSL.SL Jlrilrr Jmey 

TOFSLOcLlfl £7-35 

«¥ i4crum.Sharc5i.__ (12.60 

American Ori. 18-. B9.5 
ri+fll 2G521 (Accum 'hercai _. B9S 

... . 3 70 Far East OcLia 915 

850 (Accum. shares! ._ 915 
213 Jersey Fd n«. 18 _ 2P3.2 
— INon-J. Aec. fi* • .. 2874 
. — GIH Fund Oet. 18 _ 104 8 

tctriicr 23. IAccudi. SlurcS' 1392 

I |Il'fl?7 IM 6B 

s> KT’SZBj 7J3 — 

tw._|n siw 2«1 .. .4 — 

1355 _.. . ~ 

96.0 .._. ax? 

960 ... . - 

90.0 — 

96 D .._. — 

215 4 .. 751 

3IM.E . ... _ 

I860 1124 

1418 ... . - 

' 18 Canynse Rood. Bristol. 

— 3 Way Oci I® 1! 

— KquiiyOct. U.. - 13 

— Bond Oct 19. _ U 

— Property OcL IP . . . 10 

— Deposit Oci 18-.- J; 

— 3- wm- Pc SrpL 21 IS 

— (fseaslnc Oct 10 8 

— SlnJ*nJ- l V Ocl 2 . 13 

— Do Equity. 1 Ocl 2... 21 

— Do. Bond Oct 2 ... le 

— Ho Prop. Ocl 2 __ B 

0272=2241 » 

Pacific FuiTd'.L".::^ 3 ?^ 95? i . I - mb- «m»l ran gmn 
8oadFd*OcL30„ f SLSie.845 I. I — 14. Mrilrnslcr St reel. Sf 

•Exclusive ei my prelim, choree* l l.B Fund .lUtall 

Hill -Samuel & Co. (Gaemspy) Ltd , 

8 Lt-FotaTe Sl. Petei Port Gutmicy. 1 *^ Br T ®- 

Guernncy TsL |1540 1645j -0 ]| 3 60 •? « ’ e Aldrinacr. Lux 

Hill Samuel Overseas Fund 5.A. 1 ^ 

37. Hue Notre- Dame, Lnxcmbourff 

Stme htij-oM — S. G. Warburg & C 
International Pacific Inv. Sin set Ltd M - u r« ham Street EC 2 . 

W«t Nile street Glasgow. 0U2M1321 Income. 54 2 583 

ilavIntenial'L Z38 25 Bl ...._ 2.79 Do. Accum. — ■■ 652 680 

rn.rillts___.-r 27 A M3 2.79 Intern all amd Ml 47.3 

iterlqcom*.^ 3A4 374 .... 822 Do Accent 471 '5u£ 

Joy Euro -Fin- 276 * 292 Z.19 Hiffh Yield— M.2« 691*1 

dl Units II) S4I 2.19 Do Accum. 701 ..754 

itayFAInJTrt- 504 32.9 4. 08. Equity Exempt*— . KW.Trt 110 Si; 

m ['mu ^J348 37.8) 4.08 IW» Accum.* — H04.7 110.x 

Credit & Commerce Insurance • • • • Prov-CashFii ._. irao uiu .. J — 

5-S 1 20. Beg entSL. London W1B5FE oi -at ) tori Lepal & General Prop. Fd. Mitrs. lAd tal3 Z 

2-S CJeCMogAFA (1216 132.D| ... I — 1 Lljocen Victoria SU'ECAVJTP UI-248M7B Equity fund M69 1126) -Dlj — 

313 Crown Life Assnrance Co. Ltd.? LftiGPrp.pA(tet 4W 7 W33) 4 — FxAtaLFuoA .._ |9fr.9 naif .....4 — 

IS? ‘ ' Prudential Pensions Limited? 

*“<«!F'!W>Are._eo66 112.2) -OJJ - - .. . -o. of Pennsylvania Holhorn Bare. ECLV2Nlf 01-405 B2 

Vanbrugh Life Assurance 

41-43 Maddox SL Ldn W1RPLA 0148948 

MonaecdFA _TSfli 15851 — 

Equity FA 2453 2583 -0.1 - 

iSnJ Fund.- ... 98 2 104.7 -05 - 

Fixed Inierst FA... 1673 176! +0 4 — 

Property FA 148Q- 1551 . — 

Cash Pend .. _.._|ia8S 127^ — 

Victory flnoM. OeufflxL laleel Mao. 0824 84IXL 
I1an.iffcriOcl.10 . _T1J4.6 1418) -U| _ 

ltd. XntnL MngmnL IC-I-) Ltd. 

14. Mnlrosicr Street. Si. HeJier. Jersey, 
l l.B I'und lU.SIMa 1SS8S) . ... | 7.79 

United States Tst. Inti. A*'. Co. 

It I > e AldrinRcr, Luxtanbourq. 

V.S. IVLlnr Fnd..| SUS1065 J+flJQ 694. 
Nel useu October 21 

Nei ssseu October 2; 
S. G. Warburg & Co. Ltd 

Fuad Acc.- 
Mtms'd FA litem... . 

565 |saiKS&£ 

•rice* Oct "ia Next dealiag Ocl 25. 

"Price* at Sqm. fift Nni dkraltas Oct. 3L 

CORAX INDEX: Close 494*499 


t Property Growth Ifofr 

f Vanbrugh Guaranteed — 1012% 

t Address shoan potter In«urantre and property Pood Table. 

IS Equity FA Incnu_-H7B 
Il &5H* 1 tyP s t— -ffi-f 

Iririiprity FA Aec._(9S J 
Property Fd lncm.ffi7 
Property FA imL_.»45 

InyTBt. Fd Act 1X83 6 

_ Im 1 . TSL FA loom . 1*80.9 
Inx-TsL FA InlL y . 

Fixed [EL. FA Acc 
Fid lut. FA ben. 
Inter J. Fd Inna. 
MapbyFA Acc 
MemvPd Twm 
Dirt. PA Incm. . 

Crows BrL inv*AV.|UA7 

*67 Life Assur. Co. of Pransylvanla Hoii>oniBBrB.K , iN , 2NH 01-40SR: 

- 3M2 Sew Bond SUWI70RQ 0I-4W8395 FllC« l a --®Ko lqiS ' i “ 

1* lACOPUniU 197.4 1.023) ,.| - ...-j = 

Vanbrugh Pensions Limited 
4 1-43 Maddox SL. Ldn WISBLA D 1^8*841 

Manoffcd... „ ..11810 106.41 —0.31 ~ |Jardli»Ertn 

isIm : (ssisfr 

__ Propero-.. . ... . |995 104 81 ■ 1 — (JardiOcFlei; 

Gnunimeed see 'Ins Bose Rates' tabic. 

01-409482 FO Box R237. 58, Pin SL Sydney. Aurt. 

— JareUn Equity TsL. )SA2» 24H J — 

Io5 Z J^-T. Managers (Jersey) Ltd. 

+0 4 — PlB/uRICbaniMlBmiH.jMrry- 0534 ”673 

.-*■ Jcreey ExtnA Tct..|19L0 20401.. J — 

As at SepL 28. Next sub day Ocl 5L 

t Jardine Fleming A Col Ltd. 

tll-400402: 4Ah Floor. CbDoauehl Centre. Honff Kong 
-0 -1 - Jardli»ErtiLTrL..| HKS3S170 | ... J 100 
-0J{ - Jardine JTO.FA* .( HKM18 33 I | 080 

Curt. BA OcL 23 . 

EnapInLOrt-m-. SUS17S5 -023 — 

Or Sl 5FA Auk. 31. 5ns7fe ..... _ 

Men: Ebd Oct 18 .... ISSMJS I«« OJR 


-0J/5J — 

- Lloyds Bk. Unit Tst. Mag». UA Befiance Mutual 

7L Lombard SL.EC3. 01-8231288 TunbrI dee WeUt.SniL 

Exempt— 199.0 10A2ri) 4 7.77 ftcl.FTOp.Bd> 1 

- M„.*, r;f_ HoihsehiW Asset ] 

:::: | r 

l* SKAgfeSj?.: :«i Hi S '. .:{ — *** “"SSlf 

629 Op'5'AUan-O.-i 12. 157,0 - 365S. | — Nra-HaHPUrte.t-hwrpi 

- Opi'A' DepL0cL12. [1213 1218( -- -j — ftpSWl Shield FA _|MS 

EqmL Pd Oct 18._I£2637 27 J» . ..I — Fiacdlcterert 98 4 103 M -0.1] — JardincSE.A .... JCS191S |. 

Fid Im. Ocl 18 — .10920 1949 ...1 — PrepbrtJ- Jwi 10«S . I — JardiucFlem-Iul HRS12.48 

Prop. FASm. 18-10734 • 2868) ... 4 GawBnieed tee 'In* Bose Rates' table. dU^ACWM*.!!"'..’.' HKSL'lI I 

Beliance Mutual . Welfare Insurance Co. Ltd.? NAV 

TunbrI dee Well i. Sent 080322271 lruudatte Park. Exeter OWMSlSf ’ ‘ 

ftcl. FTOp. Bdi 1 285.5 ).._| — Moneymaker FA... | IMS J . I. ■ 

, ..... ... For other funds, please refer to The Lonaoa 6 • 

RolbsetuM Asset Management Moneh»*er Group 

Sl Su1Tf»in« Lane. London. EC4 (ft -028(358 iyt-j w i ar- a -» ur ■ ■— — 

5.C Prop. .. . .■ ..|12#.4 12831 4 — - . ... n ,, c. n-.-Hui, Friccs db no* Include I premium vxwpi 1 

Neil sub. da* December 20, Rqyal Albert H«- Sheet SuHiudsor 8814* Indicated Yield* % 'tlw»,i in lain ciHui 

tatalne. Ptaas - . 743 77 include aU eipenser. b To-day's pricer 5 

Royal Insurance Group ntrareAwd Gthjai -ztm [— opening price b nistributiaaTieo r.n; k. 

Keri-Mal! Pls'c UvernaoL 9S1 2274422 0(bib; 45 M j. -i — promium i ln*urancc. x iJflrrw prire i; 

q^.1 ck.Im rvi I1M9 iuijo ^ Hri.AssAlVm. - .* Ortcred wire includes all expenses il 

wMl Wield Fa. — j 145.x 15*3) —9.5] — • Flo*, lav, Growth 1G5^ 1U.4| ..J — 9 Sri. at tax on tealtaed carnal earn-, un 

7 Warburg Invest Mngt Jrsy. Lid. 
l.rhannjrOrosiB. SLHriier.Jsv-.C1 053473741: 

CMPLtASepL28 B1513B UZ8 ... . _ 

ig CHT Lid. Sef*L28 -|£14J9 la. 76] __ 

100 KetetbTa Oct 19 .02.90 13M ... 

080 TMTOflL 13 — SI-SUM IU9 .._ - 

1 80 TMTUAOcL U...-IOAU U-«3 _ . 

— World Wide Growth Management^ 
lQa. Boulevard Royal. Uixenbourg 
Worldnuic Gib Fd) SLS16 25 1-006) 


Rwal SWeld FA — JX4S-? 


ms ill' 

I ' >• -“"nyiigp. u lyuyaFiser v < ma d^cd on cxier a EKimalra t TtLfUv'm 

J I opening pricn b DtetrtbutjaoJico nf r. Ltattp Periodic Premium insurance Pl*ns.-a K'tirli 

- - - premium Inriiixnrp. x Oflrreo mrludca *U 

J - l «*wfe Urtra includes *11 expento if hragbi ihro-idr^gffS^? dS^Trtra 

«) —.J - * Na <* tax on leoltaed capwl cams uru^, indicated by *. 4 Gumuey grosa. a SciwafoA 

, t IhJG odora Juuy tax. t Er-gubaiiiftiotL 9 » 






decided Ic 
Wilson f* 
number r 
were com 
paign ayai 
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1074 Genr 
The foi 
lowing thi 
affair. .Mi 
was. had 
an orches 
himself, t 
Lady F: 
Marcia W 
The Pr- 
Sir Haro 
drawn soi 
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did nol 
round a 

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to hear 
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formal cn 
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(hat lhpr 
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is one o: 
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picture t 
death in I 

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I BHB Bifurcated 

(HP Engineering 

"The Guide to the BE Group ' 

Bifurcated Engineering Ltd. 

P.O. Box 2. Mandeville Rd. Aylesbury. 

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Telex: Editorial 886341/2, 883887. Advertisements: 885033. Telegrams: Ftnanttroo, London PS4. 

Telephone: 01*248 8000. 

For Share Index and Business News Summary in London, Birmingham, 

Liverpool and Manchester, Tel: 246 8028 


Amsterdam: P.O. Box 1296, Amsterdam- C. 

Teles 12171 Tel: 240 555 
Birmingham: George House. George Road. 

Telex 338650 Tel: 021-454 0022 
Boon: Presshsus IL'104 Heuasallee 2-10. 

Telex 8809542 Tel: 210039 
Brussels: 39 Rue Ducale. 

Telex 23283 TeL 512-0037 
Cairo: P.O. Box 2040. 

Teh 038510 

Dublin: S Fitzwiillam Square. 

Telex 5414 Tel: 785321 
Edinburgh: 37 George Street. 

Telex: 72484 Tel: 031-228 4120 
Frankfurt: Im Sachsen lager 13. 

Telex: 418283 Tel: 555730 
Johannesburg: P.O. Box 2128 
Telex 8-6257 Tel: 838-7545 
Lisbon: Praca da Alegria 58- ID, Lisboa 2. 

Telex 12533 Teh 362 508 
Madrid: Espronceda 32. Madrid 3. 

Tel: 441 6772 

Manchester: Queen's 
Telex 68S813 TeL 061-834 

een Street 

Moscow: SadovoBamoteehnay* 12-24. Apt 13. . 

Telex 7908 TeL 200 2748 
New York: TO Rockefeller Plaza. N.Y. 1001ft 
Telex 66390 Tel: (Z12> S41 4625 
Paris; 36 Rue du Sender. 75002. 

Telex 230044 TeL 23&S7.43 
Rio de Janeiro: Avenida Pres. Vargas 418-10. 

Tel: 253 4848 

Rome: Via della Bfercede 55. 

Telex 01032 TeL 878 3314 
Stockholm: c/o Svenaka Dagbladet. Raalambsvaaen 7. 

Telex 17803 Tel: 50 €0 88 
Tehran: P.O. Bax 11-1879. 

Telex 213S30 TeL 682898 
Tokyo: 8tb Floor. Mhos Keizat Sbtmbun 
Building. 1-9-5 Otemacbi. Cbiyoda-ku. 

Telex J 27104 TeL 241 2020 
Washington: 2nd Floor, 1325 E. Street. 

N.W, Washington D.C. 20004 
Telex 440340 TeL (2021 347 887B 


Birmingham: George Bouse. George Road. 
Telex 338850 TeL 0T 

021-454 0022 
Edinburgh: 37 George Street. 

Telex 72484 Tel: 031-226 4130 
Frankfurt: bn Sachsenlagec 13. 

Telex 16263 Tel: 554607 
Leeds: Permanent House. The Headra*. 
TeL 0532 454069 

Manchester Queen'* House. 

513 TeL OS-834 

. Street. 

Telex 66881* 

Ke» York: TO Rockefeller Plaza. N.Y. 10019 
Telex 238400 Tel: (212) 489 8300 
Paris: 38 Rue du Sender. 75002. 

Telex 220044 Tel: 2368801 
Tokyo Kauhara Building. 1-9-tO Uchlkanda, 
Chivoda-ku. Telex J 27104 Tel. 135 4050 

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For further detail*, pleaw contact: 

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Copies obtainable from newag«»ta md bootatalla worldwide or on regular mbecrlptlon from 
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771 2 











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Crouch (D)20p_ 
Crouch Group-— 
Douglas RobtM 

Owning tR50p 


Feb.bUL lOp 

Aberdeen CocsL 
Abenluu Ceci- 
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BPB Irak SOp 

Cailev Ben 10p_ 


Beechwpod lOp.. 

BeohncJOp - 

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iGaJliford Br.5p_ 

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HewdenSt I0p_ 
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Higgs 4 Hill 

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Jam* 1 1.1 

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Jones EdwL lOp. 

Kedt*3LPj lOp— 

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tLatfaam l JJ Cl — 
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03 66 iS 7.7 4^ 17 11% 

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— 143 . 16^12 61 71 

iui r I- -I- 

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217 '167 rea.TM'5- l-Sw- 232 -2 681 3.6 4 4 94 

24:, 10 SECeorpelOp - 13 0.49 10 5.61262 

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W 51 S mi (h Bros. 61 4.99 « 122 « 

ID* Tm 6‘Jb. Pat HESOc 11% - - - 52 

£54 £27) 4 SuejFin.NFiW. £49 +1 Q25%*« — 5.9 — 

Blgh urn 

MINES— Continued