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No. 27,698 

Thursday October 26 1978 




IS 75 


(West Bromwich)UcLi 


Tetex 337473 




fall 6.8; 

stay firm 

Q LEADING equities -saw unex- 
pected selling after dealers 
marked down prices to -attract 
JC genera! secretary Len business, the FT Ordinary Index 
urra> has been asked to iiuer- falling (i.8 to 489.7. Guilds rose 
ne in the hospital dispute to. record levels on the weaker 
ter talks xL A CAS broke down dollar and Gold Alines . index 
it night. was up 9.1 at 149-2. 

Although ihe general s-jere- _ ... - , 

riea of ijie iiv«* unions mtcilwd ® GILTs: Institutional iBVMtors 
•.■re eallcd m to ihe talks for remained aloof and Ule shorts 
e firs; rime, no solution was moved narrowly. The .Govern- 
und and mere was bitterness mifiit Securities IndexTOge 0.05 
lerviacds with Clive Jenkins, to K9.5S. 

® PLATINUAI reached a new 
Tree market peak price of 
£175.15 an ounce, up £335. Page 


/ % 

3TMS leader, saying the 
anagement showed *‘a coin* 
etc lack of comprehension " 

■ The manage men i side insisted 
had made an “ excellent ’* offer 
. rich could dol be improved. 

»ck Page 

srael demands 

reel's Cabinet has given our- 
ie approval for the draft peace 
eaty with Egypt but it has put 
rward amendments which will 
ean tough bargaining when the 
’ashingion talks resume. Back 


100m fire bill 

■ amage resulting From the huge 
. "ush fires around Los Angeles 
estimated at SlOOra with at 
ast 1S6 homes destroyed and 
>.000 acres of brusbland 
uckened. Most of the. sir., fires 
ive been contained. 

Moslems march 

ixteen people have died in the 
intinuinc Iran demonstrations 
i the past two days. Thousands 

f Moslems marched at two . . 

.’chran universities and there • GOLD rose 53J lo dose at 
i ere arson attacks ; ir. the $230 3 in London. NeW.yoi* 
jorlhern low o of Gorgan. Cwnex (tetter price wa< 233.70 

» -a. « ramjp i227M). * . 

Port ugral PM-. - •- • ■■ T t 

the youngest in Europe. He will *^, es , ros f t0 62^ (b2.1>. The 
form the country's 19ih govern* dollar's depreciation widened 
nent since the Rightist dictator- to a. record 11-9 (11-3) 

:hip was overthrown in 1974. ' . _ 

'age 2 . . • WALL STREET was 2.34 

down at 830.21 at dose. 

Cathedral opens 9 labour costs per unit of 

iverpool Cathedral, whose foun- output have been growing at a 
nation stone was laid by King more rapid rate in recent 
— d*:ard VII 74 years ago, was months, says the Department of 
naily opened by bis great Employment -Gazette. Back Page 
rand-daughter. Queen Elizabeth ' l4 . 

. yesterday. It has cost at least- • CRIMINAL penalties on 
5^ insider dealings were welcome. 

’ /• but there were serious doubts 

on the relevance of restrictive 
_ r 1 EOUiette Killing'- practices legislation in the 

i Vi i Donald Shaw, formerly of, Bolton, securities mark, says the Stock 
ancs., was -jailed for nine years Exchange chairman. Back Page 
h Bulawayo for the culpable _ 

%, Z ■ homicide of his girlfriend. The O HOME BUYING mortgage 

£ 1 1 j S.auple had been playing Russian quota should be raised from 
S \ ' hJ ' fc/ *3ulctte. The gun twice failed to £640m a month to over £700m, 

Blumenthal takes a tough line as world currency markets react to US moves 

Dollar falls shar 

after anti-! 


The dollar fell sharply yesterday In response to President Carter's anti- 
inflation statement. Trading was very active in foreign exchange markets 
throughout the world, and the declines would have been even larger but for 
sizeable central bank intervention. 



Mr. Blumenthal : tough line 

Sellers ‘will 
be resisted 5 


In one of the worst days for bank, while the U.S. Federal Sterling has lasqcd slichily 
the U.S. currency, rales fell to Reserve was also reported active, behind with a rise of 14.2 per 
new lows against several major The main pressures were in cent by comparison with 12 
currencies, while the price of Frankfurt, where the dollar's months ago. ju.-a before the rate 
gold jumped to a record level, other problems were compounded was allowed to float freely. The 
The specific anti-inflation pro- by a larger-than-expeeted West pound yesterday increased bv urn ifirHiPi pst TT\TFi\rrFr at erraint would he acL-omnamed hv 
posals, announced late on Tues- German trade surplus. Con so- 2.20 cents to 82.0295 after a days {E'J s !C T«Srv “seeSSw aSrepriatemoneta^polk-y He 
day. had been largely discounted quently the U.S. currency fell lo high of $2.03. The trade-weighted Ssed tivdal that “selleJfof do£ deafed that the President had 

Sfsan™SS^^Mr de r™r W SS an alMime 'T, ° f DM , 1 f 30 at ‘“J? “ 01 1° T' ffre wiS^c^unt^ sGff rest!- Seen critiriring the Federal 

disappointed thJt Mr. Carter did one stage before closing at The strength of sterling bas nncp” nn 

not propose measures more dm 1.7S15, compared with not yet removed some of ih e on markets 

D ^’ S 5Pn Pre /M US i li ' 1 certainty about Minimum Lend- «e told a Press conference that Administration agreed with the nine months of 1977. Last month 

tno dollar und tightening The dollar fell sharply against mg Rale and short term interests - He tola a Fress conierence tnat ,v.„, «r 

domestic monetary controls. the Swiss franc, down to a luw rates in the UK. although money lt was 001 fa,r to assume thaf 


foreign exchange Reserve for raising interest rates 
excessively and said that the 

By Adrian Dicks 

BONN. Oct. 25. 

THE WEST German trade 
surplus, already running well 
ahead of last year’s, showed 
another large jump in September 
to DM 4.7bn (£1.5bn). This was 
DM lbn more than September 
19n. and DM l.fibn higher than 
the August surplus. 

The September figures si ve 
West Germany a surplus on the 
trade account alone of DM 2S.5bn 
(£7.Sbm for ihe first nine months 
nf this year, compared to DM 
2d->hn (£7.2bni for the same 
period of 19 < < . 

For the current account as a 
whole, today’s figures show a 
surplus for the firs>t nine months 
of DM 6.abn lEl.Sbni, against 
virtual equilibrium for the first 

The ntarket appears sceptical ot Sh fy 1.5030 before closing at market rates eased slightly yes- /as 'inwilling to take ■ nro-ramme 

of all the U.S. Administrations S wFr 1.5123 against SwFr 1.5300. leTday after their recent additional action to protect the "^ u pr03 TJg g d e 

intentions until evidence appears h. ^ increase value of the dollar now that Pre- woncea anu lnjiauon aoatea. 

The veak ”“ sc,f 1115 ■‘ < ” ,ar "'*■ ,n S“uthori[l« are teepin- a s^enl Carter bad anpptinced bis * rales nu S ht fall, but not 

use watcb on the Dnsirii>n P Th.v ‘““3»er anu-mdatton pot.- be '”£ Iion the prosramme has 

in nature, 
nver ihe 


^ I^media^^elfect on Tlie , . 

SSSl.5? ““InSSSTff’th! ^ndon^unio^market. where close watch oiufc. position, They 

market with the statement was The extent or the market’s con trols on the banks But, he went on, “Foreign ex- prices 

shown immediately when the lack of confidence ju the dollar g ut t he authorities are also change dealers lend to act on ^a strong^ 

a variety of sane 
funda- tions that the Government may 

Fed that high interest rates were alone, there was a surplus of 
a natural consequence oE inHa- DSI l.lhn on the current account, 

at a time when West German 
tourist spending abroad and 
foreign workers’ remittances 
often balance out the trade 

The September figures suggest 
that the terms or trade continue 
in West Germany's favour. The 
cent Tor volume of exports was up 5 per 
In addition there are the cent during the first nine months, 
budgetary constraints while that of imports rose 7 per 
by Mr. Blumenthal cent for the period. 

Tokyo market opened, and con- is shown by a decline in Hie rate dearly, looking ahead to possiblv moment's thought without look- alluded tu 

linued throughout the day. of 10f per cent against the j ess favourable influences in in ® at tfae fundamentals." today, plus 

There was some respite follow- D-mark since the. beginning of future, notable the higher hor- argued: "' rVi “ r »- ; *" nm>K th3 ‘ 1 

log the comment by Mr. Michael September, of 5J per cent against mwing requirement towards the Antals are movi„„. .„ ilfttslllK> «- orn 

Blumenthal, the U.S. Treasury the yen and 81 per cent com- end of the vear. judgment, strongly in our direc- guidelines, most notaoiy Govern 

Secretary, about counteracting pared with the Swiss franc. While the target ran<*e for the tlon and strongly in the direction m ®**5 P™ cur eme nt no 1 tcies. In keepios, w ith thisperform- 

dieorderly markets, but rhe dollar On a longer-term comparison increase in sterling M3 is the °f strengthening the dollar." JJ®, hndnM^nninh ? 1 hif U th7 ifa 
closed only slightly above its low the VS. currency has dropped main policy objective, the more He cited the improved pros- “P* 1 * 1 . f ®J criSrised the fnstUute of Munich reveal a 

point for the dav. by 21 j per cent gainst the rapid expansion of narrower pects for the U.S. current-account term .election nascriucisea uie institute or jwtinicn revests a 

There was widespread central D-mark in the last 12 months, monetary aggregates, such as Ml. deficit, noting that the Inter- “lS 05 uni Qn 00 “has nSacturin-- industrv ' Us't 

hank support in Europe, notably by 28 per cent against the yen which includes only cash and national Monetary Fund and kittle mnn h 1 indusu. last 

from the Swiss National Bank and 32A per cent against die current account, is also not being other private institutions were e merge a, i ar^ei y oec ause tne momn. 

- ~ ’ ' ignored. , projecting a reduction _next year most novel proposal, the so- m , 

and the Wist German Bundes- Swiss franc. 

Carter’s package Page 4 • Editorial comment Page 22 • Economic Viewpoint Page 23 0 Money 

markets Page 31 • Lex Back Page 

ft S 

Page S 

? 3 Hiaw claimed — it killed her. 

' * .-,r - - . . 0 SCOTTISH ECONOMY is 

^ i. island SOlu growing at a faster rate than at 

\ f Ltaffa, the Scottish island which ?*>'. since 1973 and [ may 

j, i^'icludes Fingal's Cave, was sold £. e C ^, C S ^ 1 c L h m, , 

jr £100.000 to an unnamed re- ? whole, says a Scottish institute 

survey, rage o 

Smart idea 

ircd accountant 

9 VOLVO's proposed sale of 40 
per cent of its capital to Norway 

, . , , , , - is to be discussed at the week- 

ompames should lend the. r en ^ ^ i ea d ers 0 f the Swedish 
xecutives and export staa and Norwegian Governments, 
ailored suits to help change the p age 29 
oaage of the British as the 

rorld's worst-dressed business- • EARNINGS rose. 12.8 per cent 
ieD, according to Fred Lintott, on average in the year to April 
'resident of the Federation of with coal miners leading (27.2 
lerchant Tailors. per cent), says the Department 

of Employment. Page 8 

9 THE TIMES Newspaper has 
offered to pay its 490 journalists 
rises of £500 a yaur each in 
return for their co-operation in 
•plans to introduce new tech- 
nology. Page S 


• SPILLEJEtS half-year taxable 
profit was little changed at 
£ 6.01m (£8.02m) in spite of a 
£3.5m loss on its discontinued 
bread-baking activities. Page 25 

iiouth West water authority has 
C^sked consumers to economise 
lecause of a dry spell. 

■Vo man was killed by a runaway 
orry in Newry, Co. Down, 
t. nth or Leslie Antrobus .is in 
tospital with suspected lassa 

Work began in Windsor on 

repairing cobbled streets worn 

1 way by tourists. 

five shots were fired at the UK 

embassy in Pretoriai 

2rew escaped when ao 

Australian Air Force F-lll 

ighter-bomber crashed in the 


Former Soviet President 
iliku.van was buried in Moscow. 
Man aged 30 burned himself to 
death in Birmingham, the fifth 
such suicide in the UK this 

Soccer — European champion- 
ship: N. Ireland 2, Denmark 1; 
Eire l, England 1. 

acquire Associated Restaurants, 
which operates the Pizza land 
chain. In a deal worth £4.4m. 
Page 27 

9 BEE CHAM GROUP has made 
a preliminary takeover bid for 
Parfums Givenchy, the French 
perfume company announced. 
Page 27 

modities broker, expects £21m 
t £20.4ui) pre-tax profits for the 
year and . announced 2.3p net 
interim dividend. Page 25 


(Prices in pence unless otherwise indicated) 

Dale Elect, ki.-.t.-vs a? 363 

+ 6 De La Rue 433 

+ 4 Dualvest Cap 209 

4- 4 Dunbee-Combex-Marx J04 

-h 7 
+ 7 


Brown i«nd Jackson..; 280 

Haggas (J.i 163 

Hoveriogham Group 02 

Mowat (Wm.) 53 

PMA 115 

Stanley (A, G.) 174 

Randalls Group r.....31lt 
Eswiopspste Plat. ... 109 

Get vo r Tip jn... l^O 

Rustenburg TSaL ... 109 

Tronoh 230 


'Bank of Irelani mess '437 
Brown (J.) 438 

Costain (R.) r.-a...... 242 

Gill and Duffus 148 

JJnpkin^ojjs 312 

4- G ICI 385 

+ 13J Ladbroke 1S3 

+ 4- MLHIdss 3S5 

+ 5 Metal Box 334 

+ 5 Fetbow — ...t 98 

+ 5 Eeed Intnl ;... 170 

Rdndman. tW.) 61 

- 18 Thorn Elect. 382 

- 10 De Beers Dfd. 39* 

- S RTZ 246 









may join 
to monitor price increases 


THE TUC and Ministers may the offer tomorrow. British Some unions are calling for 
agree lo monitor price rises Oxygen has offered 3,000 workers direct TUC rep resen tatioo on 
jointly, Mr. Len Murray. TUC 8 per cent. the Price Commission, but Mr. 

general secretary, said yesterday. The TUC general council was Murray discounted this idea 
Speaking the morning after the told by Mr. Murray that there yesterday and said there was no 
latest private talks between was no chance of an agreement wish to “ resurrect old corpses " 
Ministers and TUC leaders, Mr. being reached with the Govern- fay setting up a body like the 
Murray said he hoped a joiDt ment before the Queen's Speech former Prices and Incomes 
declaration or agreement would next Wednesday, although the Board. 

be reached by mid-November. Prime Minister had been hoping The joint monitoring would 

A third big employer broke for that. take the form of regular and 

the Pbase Four incomes policy He tried to reassure the “ structured " meetings between 
yesterday, adding to the pressure council that the union negotia- the TUC and Ministers, he said, 
on the Government to relax its tors — the six TUC members of Asked if the TUC was not 
5 per cent pay limit as the TUC the .National Economic Develop- looking for a back-door method 
is demanding. ment Council — would not dis- of restraining pay rises, Mr. 

Michelin UK offered its 8.000 honour Congress policy to resist Murray said that the TUC’s 
manual workers 9 per cent, any Government pay norm or demands were no" contradiction 
with possibly anotber per cent limit, nor come to agreement of Congress policy, 
lo come, justifying its offer as a without full consultation.' The TUC bad alwavs been 

move to secure continuity of pro- He said Ministers bad been prepared to talk about pay pro- 
duction and business efficiency, "quite positive" in their vided it was seen as just one 
It could set the pace for another response to Lbe TUC's demand element. It had not denied that 
45^000 rubber workers. that a prices target, not a pay pay was a factor in inflation, but 

FonTMctor fcfeojtartSlMr Wget, should be set as the W? y continued on Back Page 

proposal, the so- Two-thirds nf companies des 

greater than the Treasury's caJ 1 ' ed ., , wage insurance cr ii, ef j business conditions as 

own conservative 3040 per cent PO'icy; only communicated gao( j or satisfactory, but the 
cut: better trade Sows; the in- to union leaders late yesterday ven)a j U d er thnuaht ibey were 
auguraiion of a strong anti- ^iST 000 ”- , had. Most companies reported 

inflation policy, to which Presi- .The plan constitutes a clear in- a rec j uc tion ir* slocks to what 

dent Carter’s “ well known per- vitanon to the unions to swallow thev considered normal levels, 

sistence and tenacity" would be theu- previously str.ea mis- aJt b 0ll4 ,h more than one-third 

applied; the renewed presides said their order books were too 

tial commitment to lower the lean more heavily or. the wage , 

federal budget deficit and the sMe than on prices If P^sed by Thp olItlook for cxports wa3 
recent passage of the Energy Congress next year U *i« com- jud d b a majorjlv t0 be saLis . 

Bill pensale workers who sign con- t “/i _ 

He described the items as post- tracts not exceeding the 7 pet remained on the whole 

five factors that would be cent wage guideline by providing J’J?: 0“ vxe wnoie 

reflected in the foreign exchange them with a tax rebate if the * 
markets. He said repeatedly that rate of inflation exceeds 
the UB. would move to counter cent. ra n i e t«,.oH h,- 

disorderly market conditions, had Mr. Frank Fitzsimmons, head mn.JnJlHnSr/hiv 

measures under constant review of the Teamsters Union, whose . t “ res h secl ^; in ' lut; "';f d no . tab 'j 
and would act if necessary. wage settlement early next year L^„^ 0 pape ’f 1 .^ l ] ,ul P *5*“? 

Mr. Blumenthal emphasised will set trends, issued a state- bulldin^ uuteiiala producers, 
that it would be incorrect to ment that the union's demands home improvement was also 
assess the new anti-inflation pro- would be worked out later and reported by the steel sector, 

„ 1> ^„„ doubtless thanks to the Euro- 

Lontinucu on Buck Page 

D The most notable improve- 
F ment. according to IFO. was 

gramme, presented in a nation- 
ally televised address last night 
by the President, principally on 
the provisions for voluntary wage 
and price guidelines. 

Mr. Carter's pledge to cut next 
year's budget deficit to $30bn or 
below "means that Government 
spending will be more tightly 
controlled than ever." he said. 

Moreover, he argued, fiscal re- 

£ in New York 


Ort. 05 


1 month 

3 nmnlhs 
IS niirtitha 

f52.04FO.0o20 | 
0-294X25 dfc 1 
I.0L0.9S <lit ! 
4.&4.20 Ak 1 

52.0104-01 10 
G.5J.0.27 ilia 
i ,ii, 
4.W4.60 rili 

pea □ price regime. 

In the capital goods sector, 
often seen as the key to West 
German business conditions, 
there was a broad improvement 
in demand. The machinery and 
plant construction industry 
significantly reported running 
into manpower shortages which 
now affect one company in 10. 

cent to its o7,000 striking of bringing inflation below its 
workers and is expected to raise present S per cent level. 

Other labour neivs Page 8 

British Rail seeks 10% fares rise 


BRITISH RAIL has told the 
Price Commission that it wants 
to put up fares by an average 
of just tinder 10 per cent from 
next January. 

The Commission has. until the 
middle of next month lo 
respond: But it is thought 
unlikely that it will opt for a 
full-scale investigation - of the 
increase as it did last year. 

That investigation ended with 
support for rises averaging 
almost 15 per cent, although a 
number of minor ticket price 
proposals were modified before 
the-investlgation began. 

The Commission did, however. 

argue that British Rail was not 
justified, on the basis of existing 
statistics, in weighting fare 
increases against rail travellers 
in London and the South-east 
where the increase averaged over 
18 per cent. 

This year, British Rail, is not 
proposing to load fares in London 
and the South-east, where there 
has been a £3m revenue growth 
this year due to more successful 
marketing of off-peak travel. 

The fare proposals put to the 
Price Commission are in line 
with those reported in August 
following British Rail's half-year 

Briti9b Rail's freight service. 

a heavy loss-maker in recent 
years, is also on target to break 
even this year, in spite of a 
reduction in traffic caused by the 
steel recession. 

Revenue from passenger 
services last year totalled £595m 
and British Rail received grants 
of £364m from central and local 
government to meet losses. 

Normally, about 20 per cent 
of the extra revenue is lost after 
a fares increase because of 
passenger resistance. So the 
increases proposed from January 
should yield an effective S per 
cent (around £60m), which is 
close to the present level of 
general inflation. 


European news 2 

Overseas- news 3 

American news 4 

World trade news 5 

Home -news— general 6-8 

— labour 8 

Business books 10,11 

Technical page 


Inti, companies 


Marketing & Advertising 18, 19 



.... 32 

UK companies 

... 24-27 

Farming, raw materials 

... 39 

Mining : 


UK slock market 

.... 40 

Rhodesia: Why bloodshed 
will increase 22 

Economic Viewpoint: 
Bourbonlsm of President 
Carter 23 

Problems facing Portuguese 
Premier- 2 


Kenya: A technocrat to 

tighten belts 3 

Lean year for British 

textiles S 

Colour supplements boom 

on Sundays 19 

Business and the Courts: 
Simple . dictum for 
evaluating damages 20 

Volvo's link with Norway 29 
Medium-term loans: 

Japanese view of a 

difficult market 30 

Mexico's agricultural prob- 
lems 39 


Belgium 33-38 

Apparainunu — 


‘ LXW - - 


Unit Tnsu — 


Appointment* Advts. 


Xwnbanf * 




Business Onus. 




Men and Maucrs ... 



Share Information.., 





Bose lending Rates 


Economic Indicators 
Entertainment GeUn 





FT-Actaarlcs Indices 


Today's Events 


CUI and Didfws ... 


Letters — 


TV and Radio 


Hapkliuoas Htdgi. 


TdopJioiw Rental*... 
Yougal Carpet$ 

Associated Dairies 27 

Sirdar 30 

Stflrtrltc ' Ebb. 30 

Talbex 27 

Zctters 25 

For Zatcsf Share Index 'phone 01-246 8026 

L’Entente Concordiale 

If you're jaded by the problems and tedium of international 
travel, experience Air France Concorde. 

Our service started with one of the worlds most glamorous 
atie5: Rio. 

Then we added Caracas, Washington and NewYork to the 1 
Air France Concorde network. 

Now we fly to Mexico twice weekly. In just 7 hours 40 minutes. 
You arrive at Mexico City airport relaxed, with the whole evening 
ahead of you. 

You fly from Rolssy/Chorles de Gaulle -the worlds most up to 
dote airport There ore convenient connections from London. 

Air France Concorde is a superb experience from the moment 
you check in to the moment you arrive. 

Die bey of France lo all ihe world. 

| 158^DcndSo^toncfen^,Rese!VQt^ 9511. Ticket Office and Pa i w. chjioo ram 
1 UKKeodQfiksandAdr^ 4411. Manchester ^ 327Q0 i 4 " 

Financial Tii$es 



decided ic 
a I Hellion 
U'lisun fc 
number <. 
were con* 
paign iiyai 
Parly on 
1974 Gem 
The foi 

louring ih< 

affair. Mi 

was. had 
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himself. 1 
Lady Ft 
Marcia V 
Tin? Pr. 
Sir Haro 
diawn sei 
Subset] i 
Inld l hr; 
did no! 
riiund a 
The Pn 
m h«*ar 
Sir Harol* 
formal i-n 
On Uio 
ncuinsl t 
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lioyul t’.c 
Uuit i her 
Labour l)i 
The Pr- 
is one n: 
liihed tod 
in ano 
against t! 
Daily Ex 
picture c 
death in I 


Holland may face sharp 
cuts in public expenditure 

rn mmigiinn ™ new tortuouse premie* 

sets up Striving for consensus 




economic future, according in a 
number of the country’* leading 
economists. The prospect is for 
many years of nil or low income 
growth and lor even mure exten- 
sive public spending cuts than 
those already planned, speakers 
lold a symposium organised by 
Ihe Dutch Management Associa- 
tion (NIVEj. 

The decline of Holland's 
natural gas reserves means real 
incomes will mark time, or at 
most rise onlv slightly, for a 

number of decades, said Pro- 
fessor Hans Weitenberg. Assis- 
tant Director of the Central 
Planning Office, the country’s 
major economic forecasting 

Industrial production must 
expand by at leasi 5 per cent a 
year to allow sufficient exports 
to compensate for the loss of 
natural gas export revenues and 
to pay for energy imports. But 
output is expected 10 rise only 
3-3.5 per cent, in 1979. 

The large volume of invest- 
ment required to restructure 
industry and to develop other 
sources of energy means there 
will be little left aver to finance 
increased consumption. There 
will be little room for higher 
wages or for any expansion of 
public sector spending. 

Professor Weitenberg warned 
th3t Holland could no longer 
afford to compensate wage 
earners for higher energy prices. 
In the past the government has 
allowed extra wage rises to make 
up for increased gas tariffs. He 
suggested investment premiums 
could in future be given partly 
oo the basis of a company's 
export role. 

Dr. Wlm Duisenberg. Finance 
Minister in the last government, 
said that the public spending 
cuts now planned must be 
Followed by further cutbacks to 
compensate for the loss of gas 
revenues. Dr. Duisenberg. who is 
now a director of the Centrale 
Rabobank, said further public 
spending cuts will be necessarv 

.AMSTERDAM, Oct. 25. 

since the alternative, curbs on 
wages, u unrealistic. 

There is no way in which the 
poposed spending cuts of FI lObn 
<$5bn> could be reduced, he said.' 
The Government gained Parlia- 
ment’s approval for most of its 
austerity measures earlier this 
month. Some detailed proposals 
were rejected though and the 
impact of this on the total pack- 
age is not yet dear. 

If the proposed cuts are not 
carried out then savings must be 
made elsewhere. Dr. Duisenberg 
said. Increased taxation is not 
the answer to the high levels of 
public spending. 

Dr. H. Ruding. a director of 
the IMF, warned that it is 
already late in the day to start 
taking measures to compensate 
for the decline in Holland's gas 
reserves. Revenues from gas 
exports should not be used to 
finance consumption and transfer 
payments but shonld be invested 
in improving the structure and 
competitiveness of industry, he 

Fre ° ch P™es Gromyko visits Paris in 
fl b l°- 6% bid to improve relations 

PARIS. Oct. 25 


THE RISE in French consumer 

prices was kept back to 0.9 per} MR. ANDREI GROMYKO, the 
cent in September and the Gov- 1 Soviet Foreign Minister, arrived 
eminent is now hoping in end here lodav for talks later this 
the year around the 10 per cent we ek with President Giscard 
„ .1 d'Eslaing and M. Louis de 

The September rise was tne Guiringaud, the French Foreign 
same as in August, unit-h is. Minister, aimed at breathing new 
usually low because of the lack I ijf c into a relationship which has 
of information available dunne [ become distinctly cool over the 
holiday shop closures. j p a!i t year. 

The increase in the nme' 1 — * ...» 

months of the year was 7 6 perl. ,f. nces nnbtary intervention 
cent and the September figure in Zaire earlier this year. Us tn- 
was 9 jJ per cent up oo Septew- creasingly close relations with 
her last year. The annual t h . e J/- s - ^ nt |' not least, its 
rhythm of the inflation, based on friendly relations with China, 
the last three months’ figures. a “ aroused Moscow's 

was 10.4 per cent, according to J itjtation, if not open hostility, 
the INSEE statistics institute. What is certain is that the old 
The low September figure is ; special relationship between the 
something of a mystery since Soviet Union and France 
the breakdown or price cate- 1 initiated bv General de Gaulle 
gories gives increase of 0.7 perl and carefully nurtured by his 
cent for services and manu- immediate successor. M. Georges 
factured goods and O.S per cent | Pompidou, has been significantly 
for food. The Government j watered down. But while it 
explained that the figures n^d comes lower on the French 
been 1 rounded off." Government's list of priorities 

• The pace of consumer price; than in the past, it is clear that 
rises in the European Common President Giscard still attaches 
Market again increased in Sep- great importance to balancing 
teniber with the prices index the improved Paris-Washlngton 
rising 0.6 per cent over August climate by a $ good relations as 
and i.4 percent from September passible with Moscow 

EECs , st | t,stics The sreat efforts which China 
°^nL S ' report Reu j er - *» making to establish close 

The consumer prices index, diplomatic and trade relations 

ifdon .° n Ao'o’ r , ose i° t a p /°~ w,th leading Western countries 
J 1 * 1 ® 0 ** , 13 P September is plainly complicating France's 
from 133.1 the previous month, task. President Giscard has no 

■ PARIS, Oct. 25. | 

intention of sacrificing its new 
friendship with Peking on the 
altar of Franco^soviet relations, 
particularly since big commer- 
cial cotracts are at stake- 

Whatever Mr. Gromyko has to 
say about the imminent deal on 
missiles between Paris and 
Peking will have little or no 
effect on French determination 
to step up its trade with China. 
But Paris has nevertheless made 
one important concession to 
Moscow by emphasising that it 
will sell only defensive weapons 
to China. A Chinese request to 
buy the latest French Mirage 
strike aircraft has reportedly 
been turned down by the French 
Government so as not to offend 
the Soviet Union. 

Renter adds from Rome: Presi- 
dent Giscard arrived today for 
his first official visit to Italy and 
an audience with Pope John Paul 
II. The proposed European Mone- 
tary System and the enlargement 
of the European Community are 
the main topics which be will 
discuss with Sig. Giulio Andre- 
otti. the Italian Prime Minister. 

Italian politicians are express- 
ing increasing misgivings over 
the prospect of Italy joining the 
proposed European Monetary 
System, which West Germany 
and France want to put into 
operation at the beginning of 
next year. 

energy use 

By Guy de Jonquiercs, 

Common Market Correspondent 

BRUSSELS, Oct. 25 

THE EUROPEAN Commission 
announced today the establish- 
ment of a panel of 12 indepen- 
dent public figures from eight 
EEC countries to study ways 
in -which the European Com- 
munity could achieve a sus- 
tained level of economic 
growth over the long term, 
while keeping energy usage to 
a minimum. 

The panel, which has already 
been dubbed informally “ the 
high-level committee on low- 
level energy consumption,’' is 
chaired by M. Jean Salnt- 
Geours, head of a Paris con- 
sulting firm, a member or the 
Club of Rome, and an adviser 
on energy matters lo the 
French Government. 

The British members are 
Lady Rennet and Mr. Gerald 
Leach, of the international 
Institute for Environment and 
Development. Other members 
include an official of the French 
CFDT trade union, a senior 
executive of Shell Germany, an 
Irish woman Senator, and a 
member of the research and 
development team at Mont- 
edison of Italy. 

The panel has been in- 
structed to draw up by next 
May a preliminary report 
attempting to identify areas 
in which the Community could 
devise policies enabling it (o 
meet economic, environmental 
and social objectives, while 
conserving energy more effec- 
tively than at present. 

The EEC has already agreed, 
in a draft declaration drawn 
up before last summer's Boon 
economic summit on the 
desirability of trying to attain 
a ratio of 04S per cent energy 
growth for every 1 per cent 
of growth in gross domestic 
product, instead of the one-to- 
one relationship which has pre- 
vailed In the past. A few con- 
certed steps have been taken 
at an EEC level to meet this 

Meanwhile, a leading Belgian j 
oil industry representative 
called today for the establish- 
ment bf an “Atlantic energy 
community," In which the U.S. 
and Europe would work more 
closely together In an attempt 
to achieve a better balanee 
between production and 

• The European Commission 
is understood to have pro- 
posed today to grant Greece 
a five-year period of transition 
for most of; 'It* agricultural 
products when it enters the 
Community, AP-DJ reports 
from Brussels. 

Sr. Carlos Mota Pinto, as Portu- 
guese Premier shows that the 
country’s politics are nothing if 
not varied. 

In the four and a-half years 
since the Left-wing military coup 
toppled nearly half a* century of 
dictatorship, Portugal has swung 
between the opposite extremes 
of a threatened resurgence of 
Right-wing authoritarianism and 
the possibility of a workers’ revo- 
lutionary- state. It has now 
settled somewhat shakily into the 
mould of a Western parliamen- 
tary democracy. Today, one 
military coup, two attempted 
counter-coups, six provisional 
and . four constitutional govern- 
ments later, one might justifiably 
ask whether Sr. Carlos Mota 
Pinto, the country's seventh 
Prime Minister in four years, 
can survive. 

Already the 42 -year-old lawyer 
appears to have bad a healthier 
start to his new career than his 
I predecessor, Sr. Alfredo Kobre 
da Costa. Sr. Mota Pinto's 
appointment as Prime Minister 
has gone down well with both 
the Socialists and the Conserva- 
tives rCDSl, whose combined 
vote of rejection abruptly put an 
j end to Sr. da Costa's 17-day ad- 
ministration last month. Less 
clear is the attitude of the second 

EEC budget 
cuts restored 

major parliamentary party, the of government which the new 
Social Democrats (PSD), the '-Prime Minister forms within the 
only party to have Voted Tor Sr. next few days. The Coramtinist- 
da Costa in September: - Sr- Party, for instance, has alread y 
Mota Pinto is himself a PSD stated that its final. Attitude 
“‘dissident," having once -beea' depends on this, 
the party’s parliamentary leader. Sr da Costa’s Administration 
He left the party lit December fell "not because oC its lack of 
1975 after a disagreement witir competence but because of its 
the PSD's present leader, Sr, inherent ambiguity. Although 
Francisco sa Cameiro,- over it' was originally intended as a 
party organisation, caretaker government- until. the 

Although the new -Prime political parties had reached a 
Minister is now without- formal new agreement, Sr. da Costa and 
party links, he is politically to his ministers showed from the 
the Left of. the Centre-Right outset clear signs that .they were, 
image recently struck by -Sr sa prepared to play more than a 
Carneiro. He favours, -'; for stop-gap role. In. addition, having- 
example, a closer alliance the label of “ political inde- 
between his former party and depence," Sr de Costo placed 
the Social Democrat elements politically controversial indivi r . 
within the Socialist Party., This duels in key ministries such, as a further poinf in St'that of Labour and Sodal Affairs. 
Mota Pinto’s favour since it is Both factors drew the . combined 
an attitude known to be. pre- wrath of the Socialists: and the 
sently shared by an influential Conservatives, 
sector within the .PSD. - Finally, although it was chosen 

Initially therefore- 'Sr . Mota within a 'democratic framework. 
Pinto’s appointment appeals to the formation of - a government 
have restored an element bf coni with no official links with the 
sensus among Portugal's- -potiti- '.'main political parties and Tely- 
cians which has been distinctly ing simply on the support ■ 
absent since the collapse nf the of the presidency* appeared .to 
Socialist-Conservative alliance in threaten the Portuguese parlia- 

mentary system. Sr Mota Pintn 
To be assured of majority will therefore need to use all 
parliamentary support; however, his skills as a lawyer to clarify 
much will depend on the kind the nature of bis Government 

. Sr Carlos Ittofe 
. PrfmeMinister design^ - 

and to restore- the. tiamagsd rtk^ 
rionship between parliament anii 
the Presidency.’ Z "■ £. ' ' : : ' 
: Sr “Mota Pinto- clearly ' has 
difficult task ahead of him, hot’ 

made any easier by -Portugal's 

pressing social . and 'economic 
problems^ The . banking '- and •• 
business community ’• moreover, 
both within and outside Portugal" 
will be^ mourning .rbe passing bf 

Sr .de -Costa and his go.vehiinent 
of technocrats wbo during theit 
brie? existence appeared to im- 
plement policies rather than talk 
about them. 


By Giles Merritt 


{ LUXEMBOURG. Oct 25. < A NEW indication that Turkey 

[ THE EUROPEAN Parliament to- 1 E^rorfn™ ’ae'S.S'to 
j day voted to restore almost all; foreign companies came' today 
| of the expenditure cuts made to: from Prime' Minister . Buleot 
J the Brussels Commission's 1979 ! Scent's Minister. of Industry and 
budget by the Council of Minis- [ Technology, Mr. Or&an Alp. 
ters | “My Government believes in 

; foreign capital and- the cantribu- 

At the end of a three day.tion it can male* to. accelerated 
session here during which Euro-j industrial development,” 'be said 
pean Parliamentarians have) in an interview. “We believe 
heavily criticised the European that we are in need of foreign 
Council's austerity measures . , capital more than anything else, 
amendments that would re- (Every sort of possibility exists 
Estate budgetary commitments for foreign capital Ih Turkey. I 
totalling £53 5m were passed by take this opportunity to invite 
the House. them.” 

These would cancel out a The Government ; is planning 
major proportion of the £874m|to attract SL2bn of private 
cuts that the Council imposed : capital investments in the next 
on the Commission’s prelimin- 5 years. 5960m firom-EEC com- 
ary draft budget of £9.366m when panics. . . . . . . 

it reduced it last month, to a -"We are not making any con- 
draft budget of £S.692m. ditions either." said- Mr; Alp. He 

Although the European Par- added, however, that “Naturally, 
Iiament did not vote through all like every other country., we 
of the 300 amendments agreed I place special emphaMs on export 
10 days ago by its 35-member ! generation and the introduction 
Budget Committee, the level of of new technology by formgn 
spending now being demanded capital** - ± : ■ ... ? 

by the Parliament is snbstan- Bureaucratic - - impediment^, 
tially higher than the £450m which ha*e been among the' tri&Jb 
figure that it was originally pre- obstacles to' foreign investments, 
dieted the Parliament would would be removed and “ if rreceS- 
tack onto the draft budget sary” Law 6234 on the 

Encouragement of Foreign 
Capital would be amended.' 

Several Government agencies 
have recently prepared a Foreign 
Investment Code id supplement 
Law 6224. which is expected to 
be finalised by the Government 
and announced at the beginning 
of next year. 

Departing radically from the 
established pattern, Mr. Alp said 
that *’ every possible facility ’* 
would be extended to foreign 
capital for the production ' of 
metals and minerals, fields in 
which foreign investments were 
hitherto not welcome. 

“We shall always be at the 
service of those who will open 
new places of work, new plants 
and who will establish new cor- 
porations for the production of 
metals and minerals,” he 'said. 
“Every facility possible will be 
extended to them. Like - other 
branches of industry this is open 
to : foreign capital ’* 

He was particularly anxions to 
draw investments into the 
petroleum field but also listed 
minerals like phosphate, boron - 

wouramite and antimony. • 

MK "Alp said ‘'that his words 
represented the sentiment pre- 

• - ankarA,dcl 25: 

vailing in the ..16 -oiwiUhjW 
Ecevit Government . 

Turkey has attracted- 
foreign investment. in.relatioitri/ 

its size,' potential,.. associatioii- 

with the EEC and prosnnfitj ttT 
the: lucrative markets-. 

Middle East: This Was mainly ' 
.owing to negative attihutes by • 
governments and, bureaucrats-/ 
which did mot: match the spirit ef- 
the . Foreign - Investingm 
which Is among the tnostifiberai ' 
in the world., : - - 
Renter adds frem AnJara;: A •' 
planeload of UB. ^mflltaryiisui* 
plies to -Turkey, which wererheHr- - 
up by -an arms embargo .arrived 
- here today >as Mr. Gonduz Okeuh, 
Foreign Minister,-. -stressed his 
couatry’s-'interest^ in co- "■ 
operation -with the- US . . beyond 
the needs of- defence, ’ . - 
AP. adds from Istanbul: A mob 
of -Left-wing, - youths today 
attacked srv an tarrying alLS. 
diplomat, setting' ft oh fire at a 
busy junction in the- centre of 
Istanbul, JLS.;xbimiJate officials 
reported. ^Mr.vJobii. RUdmtte, 

U.S. Cutoirsl Attache in Istanbul/ 
escaped, unhurt .: . 

Visas cuu. ezemt 

Sundays'. • sabacaoom 

SSOd.Ofl S9SS.«-«lr mari» 

per anowK-agraM dass postage paid at 
New - 

•>. ,v' . • 

r : . : : 

•; ... •• ■ 
- . 
• . V ■' " * •" 

- ''v ; - - 

, , ' - r 

' ' .. * 4 . 4 ..-. ' i 

\ , v. . 

. - -> fF. 4 

C : " 

' rvs 

+ A- 

ww -A* 

l ' 

Til*- typical Sv. <=• • ren;hrr'ijf:. r. 
'Rhau-c-Hcii j". -i Gvimar. ?nci nr, \\c:\zr. 

()- ctC'r. r'^: r ; I:: j or r, 5v/.-t’Orl 

t “0 F-crcr. Sv'brr.H-j^diit- yo.j cer. in 
Gvmar, S-.vit/rf! V' (j G.?r.-^r vr 
Ai;.>?r-; c 'rr: prori-'j-.n >. a.-d i fl 'i c;r.o 

T ' ‘-'V Sv;.lu » yn !- r-?" c,t . '.tailor., 
nf.'j S'.vnn rron i I- Gonnnn or 

F; v: i - h or i i a> ri nr R :>':*=* : r • Roma: i ; •-. 

He likes to p lay boccia: bouieVo r to bowl. ' 
■He likes to. read Pans> Match. 'Stern, or 
Oggi. j--..'-.' b .• ’ r - • ’ 

He takes ;his holidays; oo' Lake Geneva 
. (the Riviera of -Switzerland), in Asco na (the 
Capri of Switzerland,!; or in tthe.-Jura .(the ' 
Black Forest -of Switzerland). 

Has .a Swiss nothing, ohhis o wn ? : fe-'ne'"a •' 

weathercock, a jacMof : alhcultiifes? 

-No, hut, the . history. .of S witz'e hand has 

taught the Swiss to iook out across Iron- 
tiers. and has taught various races to get 
along together..; . . : • • - 

L What;- Switzerland has .is -..not tradition 
bur traditions..:'; . .. . - 

The world does not end: with' the.' front 
doorstep. Perhaps that may do somethina 
to explajn_ why Swissair today .flies to 93 
destinations the. .world "over, .and why-' ft- 
feels as. much -at home rndhe Far East as 

in. Africa, in South America as in Eastern' 
Europe, in North America ss in the Middle 
East, . 

And perhaps it does something to ex- 
■ plain why passengers of -sk nations fee! .a 
bit at.home with Swissair. ■ • 

.Wiltkorrumen .an Bora. Soyez les bien- 
venus-a bord. Benvenuto a bordo Ssjat, 
bainvgnuds. in nos anhun. In a word,., wel- 
come aboard,' 

'Financial Times Thursday October 126 1978 



fortemarkets A tech,M>cra t_t„_ tigl.ten belts 


TOKYO, Oct. 25. 

i } H T n*.-.; 

■ jt * tjgi j 

— t-.ssSfc 

Si> ^t^gge* 

CHINA NEEDS all the help and those m advanced countries by vc loped countries and “from 
assistance it can gei from both the end of the century would be the experiences of poor people 
Japan and Europe 1 / ii is to s,uc- exceedingly difficult to aebievo. in th _ **.!„» war id " A rccocni- 
Cced in reaching the targets set “However we can have confi- dm nirbinvc nrpcmi hwtwnni 
out in its economic midernisa- dence if we adopt the attitude of tion of China s present backward- 
tir.n programme, Vice-Premier learning from others.” ness was essential for future 

Tcng Hsiao-ping told a press Science.’ technology and fin- economic progress, Mr. Teng 
conference here today. Mr. Teng ance could be taken into China added. " If you have an ugly face 
said that the target of raising frnm Japan ** in' many ways,” ynu should not pretend you arc 
agriculture, industry'- science and Mr. Tens said- China, should also pretty." 
defence to the same levels as try to learn from all other do- ' 

On Japan-Cbma trade Mr. 


Importers surprised 


TOKYO, Oct. 115. 

Teng said that the private level 
S20bn trade agreement signed in 
February was “not sufficient ” 
to meet the needs of China’s 
development programme. The 
agreement should be “doubled 
and doubled again." This did not 
mean, however, that China was 
committing itself entirely to 
Japan — ttherc would also be 

JAPANESE IMPORTERS of Aus- Importers say thaf&e prices of gjjj* g JS 

itralian coal and iron ore claim Australian iron ore shipments -to China. “1 tell my European 
to be upset and surprised by the Japan -have fallen inT.978 but not friend's: ‘Please compete with 
SSSSoSlSS excessively by comparison with * P .nV 

po,e guidelines fur future raw lh£? P nce of Brazilian iron ore. Mr. Teng’s stress on economic 
materials export contracts in Mr. Douglas Anthony, the Aus- co-operation with the West fol- 
order in i.nsu re ■' fair and reason- Indian Minister concerned, may lowed «i wairnlng that ‘‘peoples 
able prices." not have “fully understood'' the °f ®H countries should step up 

There is uncertainty in Tokyo Japanese position, soy importers, their vigilance against these 
about the precise implications of In theory. Jjpari could switch strategic plans of hegemon ists " 
the Australian policy, hut there its purchases of coal and iron which could -lead -to the outbreak 
arc fears that it could create ore to other suppliers after the a third world war. Japan 
«c:-;ons difficulties for the pext expiry of rhe existing one and beside China jo its opposi- 

round of < export negotiations two-year contracts.. In practice, 41 °P to hegemony, Mr. Teng 
due- to be held before the end of the amounts involved are so claimed, which was why tiie 
ihi-- year. No major negotiations groat that it would be hard to recently signed Japan-China 
on iron ore arc due until 1979. make any large-scafe switch. Treaty of Peace and Friendship 

contained a clause committing 
- ~ . both nations not to seek hege- 

New policy angers state Premiers 

„ said the “ aiUi-tieeemony " clause 

BY JAME5 FORTH SYDNEY, Oct. -5. jg ^h c Japan -Chinn treaty was the 

THE PREMIERS of Australia’s ihe-federal govermnenL S»lSnS?fn l 5 b t r^ Uded m 

major mineral-producing states Sir Charles said. Mr. Fraser ty ‘ 

have reacted ansrilv to the had a 5 rced to begin discussions Mr. Teng s visit to Japan, the 
r.VV ■"?" L “ |“® on the announced proposals and first by any top Chinese leader 

icdcral „o\ .rnmenta new polity C ] a j mPd that the announcement since the establishment nf the 
r.f conlrniiiDg export lerrns for 0 f the new policy breached an Peoples Republic in 1949 began 
coal, iron-ore, bauxite and alii- understanding with' Mr. Fraser last Sunday and continues until 
miiu. Executives of umjor that he would first be consulted the end of the week. The visit 

OF ALL the dispositions Presi- 
dent Daniel Arap Mot lias had 
to make since he inherited the 
Kenya presidency' from Joino 
Kenyatta. the most important 
was the appointment of his vice- 
president. His choice of Mr. 
Mwai Kibaki, Minister of Fin- 
ance and Economic Planning, 
and a leading member of the 
dominant Kikuyu community, 
has been welcomed throughout 
the country and praised abroad. 

It was perhaps inevitable that 
President Moi, from the small 
Kalenjin tribal grouping, would 
select a Kikuyu, thus maintain- 
ing tbc tribal balance in the top 
executive which was so success- 
fully Initiated by Kenyatta. 

But Mr. Kibaki Is also perhaps 
the ablest member of the Cabi- 
net. An economist, at 47 he is 
one of the youngest ministers. 
As finance and planning chief 
be has been mainly responsible 
for Kenya's economic stability 
and success in recent years. 

The industrial, commercial and 
professional communities arc 
pleased with tbc appointment. 
The two men make a strong team 

10 lead Kenya into the uncertain- 
ties of the post-Kenya era. 

The country lias got off to a 
good start with a trouble-free, 
well-managed transition to the 
Mol presidency. But nobody is 
under the illusion that the com- 
ing year will be easy for Kenva. 
A general election has to be held, 
and it is likely to be turbulent. 
With exports down and imports 
up, there are prospects of much 
belt-tightening ahead. 

Mr. Moi has repeatedly pledged 
himself to act against corruption 
and land grabbing in high places. 
He may have to make decisions 
which will be unpopular with 
some sections of the establish- 
ment. but will be extremely 
popular in the country as a 
whole. Already Kenya detects 
some iron behind that mild, 
charming, schoolmasterly ex- 
terior. The growing belief is that 
he means business. He will need 
all the friends he has. 

The Moi-Kibaki icam ("Moi 
and Mwai'' as is is being called) 
is a good combination. Kibaki, 
who is one of Moi's oldest cabinet 

friends made the running in the 
campaign lo confirm Moi as 
president, and m fact seemed to 
be stage-managing it. 

On the day of Kenyatta’s death 
he organised and read out to 
the Press the unanimous cabinet 
resolution pledging loyalty to 
Moi as acting President. 

Another key man, also a firm 
friend of Moi, is Mr. Charles 
Njonjo, the Attorney-General, a 
KikuyiL He is the third man in 
a strong triumvirate of power. 

Mr. Kibaki has retained the 
portfolio of finance, but the 
planning side has been hived off 
to another rising man, Dr. Robert 
Ouko, who is Minister of Com- 
munity Affairs, charged with 
sorting out the complex financial 
muddle left by the demise of the 
East African Community. 

Mr. Kibaki's retention of this 
key ministry suggests that the 
vice-prcsidency will not be all 
that time-consuming under the 
new administration. In recent 
years Mr. Moi had taken over 
from tbc ageing Kenyatta a vast 
amount of presidential duties. 

such as speaking all over the 
country and travelling abroad. 

A large, comfortable looking 
man who smiles a lot, wears 
impeccable suits and has a 
fondness for bright shirts, 
Kibaki comes from a poor farm- 
ing family at Othaya, in the 
Nyeri district. As a child he 
herded goats and cattle and 
went to a mission school. He 
moved on to high school and, a 
very rare event in colonial 
days, made it to Makerere 
University in Uganda, where be 
graduated in 1954 with a first 
class honours degree in 
economics, political science and 
history. Ho went *on to the 
London School uf Economics, 
where he took a degree in 
public finance and then back to 
Makerere as a lecturer. 

He returned to Kenya to help 
with the formation of the 
Kenya African National Union 
(KANU). the party of Kenyatta 
and now’ the only one in the 

He was appointed parlia- 
mentary secretary to the 

Air. Mwai Kabaki 

Treasury, and, moving up in Ihc 
department for which he was 
ideally suited, he became Assist- 
ant Minister fur Finance under 
the then Finance Minister, Mr. 
Janies Gichuru. 

In 1965 Kibaki was appointed 
chairman of the Planning Com- 
mission in the Finance Ministry 
which later became the Ministry 
of Planning under the late Tom 
Mbnya. His first ministry was 
Commerce and Industry which 
he held till the 1969 election*? 
when he was made Minister of 
Finance and Planning. He has 
held this portfolio ever since. 

Black union PLO spurns U.S. offer to take 
s! Africa part in West Bank elections 

mining ronipanies affected by before any such changes were has been largely ceremonial and 
the new controls responded eau- proposed. ... . _• symbolic in its character. The 

OPEC chief 

liousiy. ' Vice-Premier has made a point 

The most outspoken critic was /xriTin >-• e of calling on Japanese politicians 

Sir Charles Court the Western I jrLL C hi Cl , played a P art in ‘“Proving 

Australian Premier, who claimed • Japan's relations with China in 

the policy could be used lo dis- fifi nrippe r P 151 (including the now- 

c rim mate between projects and "Ja . _ disgraced ex -Prime Minister Mr. 

elates, could slow down the pro- ABU DHABI, -Oct. 25. Kakuei Tanaka) but has 

cesses of trade negotiations and OPEC SECRETARY- General Aii apparently held no substantive 
place potential markets at risk, Jaidah said here '.-OPEC must talks on trade or finance, 
gravely inhibit essential re- either raise oil prices or replace Apart from setting the seal 
sources investment, deprive Aus- the dollar for setting oil prices 0 n the new entente between 
tiaiiii of the full aad proper use with a basket of currency.*:. Tokyo and Peking Mr. Teng’s 
of commercial marketing skills In a radio interview --here visit has allowed to gain a 
and seriously damage Australia's quoted by the emirates news personal impression of Japan's 
reputation in Iradc and invest- agency he said that these were economic strength from visits 
inent. the only two alternatives^ for to factories. For Mr. Takeo 

Sir Charles spoke to Mr. OPEC in the face of. the coatita- Fukuda the visit has been timed 
Malcolm Fraser, the Prime uous decline in the value of tlie rather happily to come im- 
Minister, at 2 o'clock this morn- currency. . mediately before the start of 

mg after he heard of the export He said OPEC states’ revenue primary elections for the leader- 
controls. which transfer power losses were at least 30 percent ship of the ruling Liberal Demo- 
to decide the terms of a contract but did notsay over whati>eriod. qratic Party in which the PM 
£rom the producing companies to Reuter is the main candidate. 

By Quentin Peel 
PLANS FOR a National Federa- 
tion of Black Trade Unions in 
South Africa are well advanced, 
following agreement this week 
on a draft constitution and broad 
policy guidelines. 

The federation, which is likely 
lo be formally established by 
next February, will provide a 
central pool of industrial rela- 
tions expertise and services for 
unregistered black trade unions. 
But it also threatens to divide 
further the already fragmented 
black union movement in the 

So far, 12 trade unions have 
agreed to participate, and four 
interim committees have been set 
up in Natal, the Eastern and 
Western Cape, and in the Trans- 
vaal. But the Black Union Move- 
ment in the Transvaal has split 
over the issue, and another group 
is now planning to set up a rival 

The planned Federation of 
South African Trade Unions 
tFSATU) is strongest in the 
Eastern Cape motor industry, 
the metal and engineering indus- 
tries, textiles in Natal and 
among glass workers in the 


BEIRUT, Oct 25. 

Organisation (PLO) has rejected 
an American offer to participate 
in the creation of self-govern- 
ment in the West Bank and the 
Gaza Strip as proposed under 
the Camp David accords. 

The Lebanese daily As Safir 
said the offer was included in 
a message conveyed lo Mr. Yasir 
Arafat the PLO chairman, by 

Saudi Arabia. It said, according 
to the report, that the Jimmy 
Carter administration "does not 
object to PLO participation in 
elections to self-rule in the West 
Bank and the Gaza Strip.” 

Mr. Arafat reportedly rejected 
the offer and pointed out that it 
was evidence that the PLO could 
nor be ignored in attempts to 
seek a Middle East solution. 

The Saudi Government, in 

passing on the message, 
apparently explained that it was 
not in any way connected with it. 

By Our Own Correspondent 

• The Saudi rival was yesterday 
revalued upwards to 3227 riyals 
to the dollar, the Saudi Mone- 
tary Agency has told dealers. 
This is the 10th in a series or 
slight adjustments since July 10 
sibce when the dollar has fallen 
by 52? per cent against the riyal. 

Owen confirms Zambian arms 


DR. DAVID OWEN, the British 
Foreign Secretary, clearly in- 
dicated yesterday that Britain is 
to provide Zambia with new 
military equipment but he 
emphasised that this would be 
for defence purposes only. 

As Dr. Owen was speaking. 
President Kenneth Kaunda of 
Zambia announced that 31 mem- 
bers of liis security forces had 
been killed in contacts following 
last week’s Rhodesian raids on 
the Zambian camps of Mr.. 
Joshup Nkomo, the co-leader of 
the guerrilla Patriotic Front. 

Dr. Owen said there would be 
no question of sending British 
troops or aircraft to Zambia. 

Repdrls from Zambia suggest 
that the Lusaka Government, 
which feels the West has left it 
in the lurch, will not be happy 
with the conditions on the use 
of equipment 

Dr. Owen gave no details of 
what Britain might provide. But 
it is understood to include help 
with refurbishing Zambia’s 
Rapier missile system, which 
appears to be out of use. Other 
possible equipment includes mine 

detectors and command and con- 
trol communications equipment 
for ground forces. 

Dr. Owen said that defence 
assistance, together with British 
economic aid, had been discussed 1 
at the “very significant” meeting 
in northern Nigeria between 
President Kaunda and Mr. 
James Callaghan, the British 
Prime Minister. This meeting, 
he argued, had been important 
because the two countries had 
agreed to tackle the problems 
of southern Africa together, 
rather than split apart 

CALCUTTA. Oct. 25. 
WHILE WEST Bengal’s Hood-hit 
districts are limping back lo 
normal, a preliminary assess- 
ment of the economic damage 
shows that practically the entire 
rural infrastructure in the 
affected areas has gone. The 
Hoods affected some 4.452 kilo- 
metres of roads while 2,000 kins 
were completely destroyed. This 
cut off all road communications 
between Calcutta, the capital of 
the state, with district and sub- 
divisional headquarters for two 
weeks. The links have only just 
been restored by patchy repairs 
but it will take several weeks and 
at least Rs500m (£31m) to bring 
the roads back to their original 

The Hoods have left millions 
homeless but the number has nor 
been anally computed. In 
Burdwan district alone lm people 
are without any kind of shelter. 
Houses washed away are placed 
at nearly 200,000 and ihose total! 1 
destroyed come to 50.000 on a 
rough count. The homeless and 
workless are posing the main 
problem for the state government 
which fears a big trek to Calcutta 
city in the near future. 


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SENATOR EDWARD KENNEDY some of the grosser inequities in 
from Massachusetts has been the system and enacted in the 
turing the country recentlv argu- end a tax Bill in which social 
ing that special interest groups equity was given short shrift, 
are running rampant and Included in that package were 
threateing to make the task of traditional favours for special 
Government impossible. It is a interests (such as one producer 
theme that President Carter took of bulk Californian wine). 

Up yesterday morning as he In many other pieces of legis- 
addressrd his Cabinet on his new lalion. covering beef imports, 
anti-inflation package: these textiles and much more besides. 








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same narrow imeresfs, he said. Confess showed itself capable THE MAIN ANTI-INFLATION PROPOSALS 

were already arming themselves of catering to narrow interests • 

to dismember his proposals. 

at the expense of the more 

Again, in his televised speech general good. This is. of course, 
to the nation last night, be made no new development — but its 
a similar direct appeal to the prevalence appears to be at 
piiblic. Quoting Sir Winston historically high levels. 
Churchill's famous war-time ral- In Mr. Carter's favour is his 
lying cry. Mr. Carter said: new-found confidence and 
“ There are those today who say assertiveness after Camp David- 
that a fve economy cannot cope This has been enhanced by the 
with inflation and that we have arrival in the White House, of 
lost our ability to act as a nation Mr. Gerald Rafshoon, the public 
rather than as a collection of relations conscious campaign 
special interests. And I reply: advertising genius of 1976. It is 
* What bind of people do they a fair bet. therefore, that the 
think we are? ’ “ President will project his anti- 

Evokins the spirit of Dunkirk inflation programme more aggres- 
is. of course, one way of tackling sivcly than he did his energy 
a major problem. Mr. Carter package hist year, 
himself tried u variant of U IS But. as his speech last night 
months ago when he described demonstrated, there is a natural 
his energy policy as “the mural public diffidence about Mr. 
equivalent of war" — only to Carter. H e is no banner waving 
see that crusade immersed hy crusader capable of uplifting the 
special interests for what seemed moral spirit of the nation, 
an eternity. Rather, he puts what he thinks 

The President, in fact, gave a are reasonable arguments to what 
good speech on television last he perceives as a rational puhlic 
night — measured, lucid and and expects them to be under- 
better in the delivery than in stood H e does not bully coerce 
the reading. But be now has to 0r C ajole, because it is not his 
decide what he is to do for an S [ V le. 

encore. This is essential because He a ] So presents programmes 
it is transparently obvious now 0 f complexity. because that, too, 
that one of the main reasons j s his inclination. But he thereby 
why the Energy Bill was stuck n,n s lhe risk of see in a bits of his 
for so long, was the President s proposals, picked apart bv vested 
refusal nr inability to promote interests. That happened to both 
the policy properly. the energy and tax packages and 

**"■“ „ a P d may well be the fate of the in- 

Imle luck with inflation- Mr. f\ at j 0o po ij cyi The real wage in- 
L> ndon Johnson decl ared that surance p | an . f 0r example, which, 
the country could afford both if nothing ej se , has the virtue of 

THE NEW anti-inflation policy, the third in Mr. Carter’s presidency 
so far, calls £or restraint by unions on wages, by companies on prices, 
and by the Federal Government itself on spending. The aim is to 
bring down the current annual rate of inflation from over eight per 
cent to 6-6.5 per cent over the nest 12 months. The main proposals 
briefly are: 

PAY: Wages and fringe benefits should not rise by more than 
seven per cent a year. Union contracts covering more than, one 
year, as is common in the U.S., should have no more than an eight 
per cent pay increase in the first year. Low paid workers, earning 
less than $4 an hour, are exempted from these curbs — as are 
contracts providing for increased productivity. 

PRICES: Companies are asked to cut their price rises by. 0.5 
per cent below their average increases in 1976 and 1977. The hope 
is to bring overall price increases in non-farm goods down to 5.75 
per cent in the next year. Companies can pass on “ unavoidable 
costs ” and raise prices beyond this level, but only if their profit 
margins before tax do not widen as well. 

INCENTIVES: Groups of workers which comply with the seven 
per cent pay guideline would get a tax rebate if the rate of inflation 
exceeds seven per cent. Under this so-called wage insurance scheme, 
the amount of the rebate would be equal to the difference between 
the actual rate of inflation and seven per cent, multiplied by the 
individual worker's salary pay “ up to a reasonable limit.” Thus 

if inflation were to run at eight per cent, a member of a group of 

a seven per cent wage increase ana who is 

workers which accepts a . 

then earning $10,000 a year, would be entitled to a rebate of one 
per cent of his pay or. $100 at the end of the tax year. The scheme 
will be proposed to Congress m the. hew. session in January. 

PUBLIC SPENDING: Next year’s budget to be presented in 
January for fiscal year 1980, will pare spending to 21 per cent of 
gross national product, down from 23 per cent in 1975-1976, with 
a deficit of $30bn or less. The only immediate step announced so 
far, is a reduction in the hiring of new federal employees, by 
allowing agencies to fill only one of every two vacancies. This would 
abolish some 20.000 jobs 'this year, oirt.of a total federal work, 
force of 2.8m. 

SANCTIONS: The Administration may relax import restrictions, 
if price or wage rises in certain sectors: go above the guidelines. 
Regulatory agencies, such as the Interstate Commerce Commission, . 
which governs freight rates, will set their rates in the light of the 
guidelines. The Government as buyer- of -some $S0-90bn in goods ; 
and services each year, will channel its business to those companies 
which meet the pay and price standards. 

The monitoring of individual price decisions and labour 
contracts will be done by a beefed-up Council on Wage add Price 
Stability. Special attention will be! directed to the behaviour, of 
the 400 companies whose annual sales exceed $500m. 

... ‘-NEW YORK. 'Oct. 25, 

THE PRESIDENTS proposal;;?, 
were greeted with a calculated v 
■ silebee from the U.5. ’trade' anion 
movement this - morning- as 
individual anion leaders searched- ■' . 
for a form of words which would - 
fall short of outright rejection, r" 
but at .the same tube .cottanai* "'; 
cate their -extreme- .. pessimism ; 
that the 7 per cent limit on.- : 
wages can be held. . ■ 

Mr. George- Meany, the cnisty -I- 
84-yeainiid President - -of - the" V 
American federation belabour. " 
— Congress of . Industrial Organ!--; 
sations; has- given" ' himself .six 
days to deliver a reaction orrital. 
political importance., to. the IJ.S. 
labour movement as^: whole' and • 
to President Carter in -particular: • 

■ 4 m in 

- •* i 

• Formally, the. ATL-ClO*s official: 
view will tie issued after a meet-" 

-ing of its executive cfliuwit nest " 
Tuesday. But ; ii Is -probably: ." 
already drafted "in' outline to 1 
make the following points: - 
• The guidelines wll) bear; far!. ; 
more heavily ori worlan^ people v 
than on corporal iQnsjinS. shares z 
holders. ' - •-•-v 

Business backs public spending cuts 

• Millions of workers haine : -. r 
already fallen behtod Sit toe race- i 
to keep up with inflaiinn'and they;-, 
can hardly be expected to-aceepi--. 
more sacrifices. 

• The President's! wage" msar- 

ance proposal . depends. ;o»;4he J 
agreement of a Congress nVf yet - 
elected and possibly, difficult .tor 
control. • • " 1 ■' r •' • 


NEW YORK, Oct. 25. 


taking Lhe country 

guns and butter and found it 

K 0ul lt.r 01 - Mr " Trtcha , rd f Ni . xon rimst "go “through*' Congress’ —"'a as '* 'could to' the President's sively 

brought temporary relief v;nen time-consuming 

he imposed a wages and prices 
freeze t still, according to the p 
polls, the most popular single 

SCEPTICAL business com- spending -and federal deficits In this context most attention will present .a 
unawares, munity gave as polite a welcome wliich must be attacked aggres- ^ focusing on the negotiations difficult problem 

particularly Jated the President this morning 

__ _ because the " on his statement that he opposed 

. voluntary wage and beginning in the next two months employers are part of a highly controls. 


Ford issued ludicrous lapel but 
tons saying “Whip Inflation 
Now" and got hoth a recession 
and deserved ridiclue. 

therefore Government must act response to 
to reduce its deficits if 

Q _ . a ■popular demand, making wage guidelines stick, Oraanisationi. . : past two years, well below the 

inna- Problems of enforcement, par- but if the Teamster's settlement Business's main anxiety per cent guideline and also 

uncertain new anti-inflation programme price controls will' only succeel between the 2m strong Team- fragmented industry- which can- : in part many major businesses 
this morning. But, amid the if they can be. administered stcr's Union and the trucking not easily be put under pressure are willing to accept the price- 
An early litmus test of his promises to support the votun- Eesibly.'’ - - ' industry. by the Government Also the- guidelines 0 because they do not 

determination to make the new }? ry wage and P rice standards, t Behind these statements from Mr. _Irving Shapiro, chairman union has been a maverick on expect them seriously to inhibit 

an average 

. cent over the 

the maverick Teamsters since 
Mr. Robert Kennedy was . tn . . 

Attorney - General (President 1 on 18 t0 be cured 
Mr ran i»r 'unrfpniahiv Nix on, for political reasons, Mr. Reginald Jones, chairman 

oriratinc in more coStf W0Ded ^ em avid ly). There are of General Electric and one 

times^than any o?h^ im mediae a lot of capons that Mr. Carter business’s most influenl 

p^dec«sore ny The extrTm^solu^ cou Id throw into that battle over leaders, said: “It was re- 

tionsoffened bv hothtabourand “ d be y° nd de-regulation of the assuring to hear the President 

iSdStff are ^impSle t^reenn- trucking industr?, particularly place his main emphasis on 

rite m? rlrter who tateM the unsavoury reputation still measures aimed at the basic 

cvnical than, for example Presi- eQ i°y«l by the union's hierarchy, causes of inflation— excessive 

dent Nixon** seei^reluctant to IF he backs AW from that con- Government spending and regu- 
have a recession next year as frontation and stays in the wings lations that add needlessly to the 

happened i? 1971 so a.s^ £ e S while ^ Teamsters settle for cost of doing business." Mr, A ™ rn VAnM 

the economy moving in the rteht an mfiationary pay increase, then said that by insisting -on ^ ALFRED KAHN, 

direction in the vear of lhe nre- h5s anti-inflation policies will be raore responsible fiscal and President Canter is expected later powerful the President told his a 

sidenfial election. He is -also sorely dented. But the Presi- f? on u ta !7 po ] C} an ? roduou? today to name as the regulator viewers. 

philosophically opposed tn man- wlt0 is * afte . r a good ^p n ?^ d ^.^/ irt ^ c f? 8Iv tJ^ o r?f n , i of his new anti-inflation pro- Mr. Kahn, * Cornell economics •» 

dal orj’ controls, as are most of Democrat, may baulk at the gramme, has earned himself a ,s a sharp contrast to and Pnce Stability have round 

Mr. Robert Strauss, the canny themselves sniped at from hoth 


• Therefore, in the AFL-Cjtfa . 
opinion, unjon members’ itre (ib>. 
likely to accept settlements whieh^- 
conform with the guidelines; 

The AFL-GIO .hope "thaf: -a^ ’ - 
statement along these Ttnes r %iIJ : .-'" 
make it difficult for the Prudent 
to pin responsibility Me. lhe ’• 
failure oE. -his guVde\io«v ha ; 
leaders of organised: labour while ; 
at the same time enabling: union 7 
leaders to avoid any backlash " 
from their mem bers^for endors- ' - 
ing the’ policy. : 

I x i > \ 

i -. ■ • 

A r;? ? 

T. i* ’ 

influential for this scepticsam- 

The 'Teamster’s negotiations cantly, General Motors congrata* 


consumer goods such as 
evfsions and radios have risen 
3.2 per cent over the same 
period,- well below the 6.1 per 
cent rise registered by the con- 
sumer Price index over the two 
years. Du -Pont's prices rose last 
year by only 4 per cent. 

WASHINGTON, Ocl 25. . Thus, it i’s. argued voluntary 

who inflation, competition is the most anti-inflation programme will be r ? pr ^^ ent 

- ihinkte(K tiikeir Rntf« Xfp a major proolera for business 

thankless ttsR. Both Mr. because^ like the 


his senior advisers. 

At the same time puhlic de „ . . „ . .. T 

bale on the economy has become a!Iv democratic union. But Mr. Jones pubhcatly pro 

sterile. This year's vogue is for . Mr : Carter must also overcome _ el _ a . ,rned . scepticism /about the 

Strauss and Mr/ Harry Bosworth. “ , ™ e . pr °- 

the head of the^Council on Wage f50sed - wa ° e controfs^ the scheme 

f Uemocrat, may baulk at the reguiauon uie rresmeni gram d himself a Professor, is a sharp contrast to and Price Stability have round 

notion of being seen to interfere ca11 ' . ov '<: r tJ “ e ’ achieve his goal £!?“** Mr Robert Strauss, the canny themselves stfiped at from hoth »?» imn nr ti £? 

in the affairs of at least a nomin- ° f w *ndmg down inflation. label as the nigh priest of de- Texan politician who asked to be business and. labour. Mr. Kahn, 

1 regulation “during his 14 months relieved of the anti-inflation port- a vigorous and amiable 61-year- Sr „r enn^r ^ S 5 “ Ch M 

i as chairman of the Civil Aero- folio in order to devote more -o Jd who likes to pad around bis r,,*- 'ai r 1 

« lu me «arK iu me -> — r , 7 -k — «. a h— - — -- nautics Board.' -time, as chief XLS. .trade negntia- CAB office in socks, has a reputa- 

form of huge tax cuts on the which believes that inflation is ard ? as effective hnti-inftation In keeping with Mr. Kahn's tor, to the final crucial stages of tion for bold speaking— a trait rormeriy^caairman ot Preuaent 

dubious premise that economic beyond the power of a mere b*?* 5 wa $ again underlined m previous work, abolishing restrie- the GATT ta^ide negotiations in Diat wil inevitaby draw heat in a j 1 , 5 tj P unc “ °f Monomic 

activity will be so improved as national chief executive to con- “is morning's statement. “It tive practices and artificially Geneva. the oncoming months. Anvisers,. nas argued eloquently 

to remedy dramatically the re- tt°L . Neverthetess, as Camp was good to hear the President high prices in the airline ixidus: The CAB chairman may lack ■*“ " Inar nroooseff wnii.nfn™ 

political climate, set himself times — and non-inflatianary the symptoms and 
against the popular trend last eros. Thus, while it is fair to say Provwl effective in 

night when he said he would ’ ~ " 

oppose inflationary tax cuts. 

Congress is much less 
adamant: partly because of his 

prodding. Congress this month . 

resisted some of the more sweep- odds could change with the appli- major corporations. General to cut fares and open up new Transportation - Department 

ing tax cut proposals. But It cation of the right means of Motors said that the “prime routes. clip the CAB’s wines 

threw out proposals to remove public persuasion. cause of inflation is government “Of all our weapons against Headin & 

The wage* insurance ^proposal, . 
based on- grantibgtar rebates lo 
workers who settle- for? pet cent 
bur who find .that.fnflation. has ', 
run aheatfcof tiieltaegeiiiajftie • - 
which will nppeai.te-anfoiKM^fh u ' 
weak bargaining; :rpowm?'*ncl * 
compand vrii^.fraigite baiaace - 
sheets. Ms> : AjBdriy . Freedman, , 
labour speefefe'flw^boiiness.-' 
researcK^-SHgadta^^ . ■ 

Conferehe^Bflttrth described It as 
“ re vo lutibtaa^rT^ : *B fe v Jhbmins : 
and therdfdrei^ta^fily 40 clear -. 
the Congress; V r :, V' ' ' . 

The t riicki bnsr.a re. -' ' 

seen as the cnicianhtfrtlle f dTth&i 
pay policy. The.i'lAdminlstrafiehrV:' 
has already waraea.tH'at.true^fs:/. 
will not bfi;aMe::th jftssVtJSi-bl’f:- ; 
higher charges any ^seftUrnrtht • 
over 7 . per cent " But - tfte : - - 
Teamsters, for alF of the kcfcndat/ ^ 
which perpetually surrounds the 
union, are an extremely aggres 
sive bargaining organisa'tioot. ' 
which, divided the employers^, 
with a strike threat in lffTfe: and -, 
won _a :,three-year 34.4:.per4Ce»t < :; 
increase rn wages add' ben^uL ■ t 7, ' 

Major pay settfementsi tb: Bh; ; ’ 
negotiated next " year ioclude .. 
(with numbers of workers \ 
involved), January, pit ..(BtHHKH; 

have not vision last night Mr. Cart 6 r tie airwaves and talking to. the sharply defined theoretical and ®^l de i» nes are a 

j riSi 5. n « Ied Mr. Kahn's success in metha to publish benefits of practical - ' views on bow industry ““ “SShairiSn 'Jif “ S *® e M l f K h ’ K clrt S *’ ^ 

He added- cnvincr ihp mrlina .i^fiiinhx. ■■#» m.**. — .« «.* « • . - dp niocnaitism which will nia&d rn hhor rinni-^ ApriL construe- ' 

° w "h JT t „ an Lri -BrtJaaa 

the Administration’s sU S incmasnd *£ Se pVtlnt^ IE** “* ' 8ry im ' 

to Council 

rubber. (67.000), _ Tr __ 

tion f 387 .000); May, ladies' cloth- -:'-;- 
ing (145,000): June, food process--, 
ing (55.000) : - June, - electrical 
equipment . .(140,000V; :_Angustr..i 
meatpacking (74.000).*- Septcm-. 
her. car workers (68,000): Sep^^' 
tember. agrlcuituraT machineryT : 



Brazil lowers 
value by 2.02% 

By Diana Smith 

ties have devalued the cruzeiro 
for the 13th time this year. 
Today’s 2.02 per cent devalua- 
tion sets rates at Crl9.54 to buy 
and Crl9.64 to sell against the 

The latest devaluation brings 
this year's accumulated drop 
against the dollar to 22.508 per 
cent. Between October 1977 and 
October 1978. the cruzeiro has 
been devalued 28.76 per cent 
against the dollar. 

Brazil's Treasury Minister, Sr. 
Mario Sim on sen has stressed 
repeatedly that these small-scale 
devaluations arc a more appro- 
priate means of adjusting the 
cruzeiro to internal and external 
inflation than larger, less 
frequent devaluations. 

Trudeau urged to cut 
taxes on large scale 


OTTAWA, Oct 25. 

SALT talks 



between the U.S. and the Soviet 
Union oh four important areas 
in the negotiations on the 
Strategic Arms Limitation Talks 
. (SALT) following the latest dis- 
cussions in Moscow. American 
officials said today. 

Further meetings between Mr. 
Cyrus Vance, the Secretary or 
Slate, and Mr. Andrei Gromyko. 
Soviet Foreign Minister, will now 
be needed. Their Moscow meet- 
ing failed to match expectations 
that they would reach final agree- 
ment on* a SALT 2 accord. 

THE ECONOMIC Council of 
Canada, the Government's chief 
advisory body on the economy, 
has warned that Prime Minister 
Pierre Trudeau’s plan to restrain 
federal spending will depress the 
economy severely unless 
measures are Introduced to 
stimulate consumption and busi- 
ness spending. 

While recognising that the 
Government's restraint pro- 
gramme is aimed at encouraging 
private initiative and job crea- 
tion, the Council points out that 
there must be large-scale tax 
cuts to provide stimulation. 

This new blow to the Prime 
Minister comes hard on the heels 
of his Liberal Party's serious set- 
backs in last week's bv-elections. 
Liberals retained only iwo of 15 

The Economic Council's annual 
review published today recom- 
mends that Ottawa introduce 
measures aimed at achieving 4.5 
per cent real growth in 1979 and 
sustaining growth at this level or 
higher in the next few years. 

The Council suggested the 
Government adapt ang of the 
following proposals: * 

• A cut of almost 50 per cent in 
the federal sales tax, effective 
January 1, 1979, resulting in a 
stimulus of about CS2bn 

0 A large reduction in personal 
Income taxes, also of about 
CS2bn, preferably on a selective 

<i A renewal of the federal- 
provincial agreements that 
reduced provincial sales taxes. 

• A combination of parts of the 

three above approaches- 

Any such stimulus should . be 
in addition to tax reductions 
resulting from indexation of 
federal and most provincial per- 
sonal Income taxes, already in 

The Council estimates that the 
economic restraint policies an- 
nounced by the federal and 
several provincial governments 
will result in lower than 4 per 
cent growth in 1979 and 1980. It 
also reckons that unemployment 
will continue at close to S.5 per 
cent, and that inflation will be 
slightly more than 7 per cent. 

The annual review forecasts 
that a permanent cut next year 
in personal income taxes, equal 
in the first year to CS2bn, would 
stimulate the economy in that 
year and boost the real growth 
rat© to 4.5 per cent. Private 
investment would be encouraged 
and would maintain its strength 
over the subsequent years. The 
unemployment rate, however, 
would remain well above 8 per 

Discontent in the Amazon’s wild west 


Alternatively, a cut in the 
federal sales tax equivalent to 
CS2bn, If passed on directly to 
consumers, could also help to 
increase the real growth rate by 
half a percentage point to 4.4 
per cent Unemployment would 
remain well above 8 per cent but 
inflation would slow to 6.1 per 
cent in the first year. 

Meanwhile, Lhe Government 
has warned 23.0*J striking postal 
workers that if they do not re- 
turn by midnight tonight they 
will Jose their jobs. 

THE 500-MILE road across tins 
Andes from the coast reached 
PucaALpa less than 40 years ago. 
Since then, the growth of the 
riverport town, the upper limit 
of steam navigation on the 
western Amazon, has been 
steady, as far as anything fs the 
jungle can be caUed steady. Over 
120,000 people are reckoned to 
live here now. trading, working 
in the sawmills and plywood tac- 
the port and the markets 
winch form the focus . tor 
thousands of square mites of 
jungle, from the Brazilian 
frontier in the east to the 
Andean foothills in the west 
Since the road to the coast is 
the only one from the central 
and northern Amazon is a 
bu«y place. The streets, tinea by 
scrub, elephant grass and low 
clapboard houses, are unpaved, 
muddy and slippery as soap when 
rains, hot and dusty when dry. 
There are a few two- and three- 
storey buildings — the Hotel 
Mercedes, the Petroperu offices, 
the Rex cinema. 

But despite the large amounts 
of money running through the 
calculation is that 
530m is paid every year in Takes 
-^there is no central drinking 
water and drainage, and every- 
one relies on his own generator 
for electricity. Schools are 
scarce at secondary level and 
higher education non-ejostent 
Two years ago Peru's Presi- 
dent, General Francisco Morales 
Bermudez, passed through 
PueaJlpa and promised that 20 
km of streets would be l 
immediately. According to 

dents a few machines scraped 
around desultorily for a f CW 
days and that was the end of the 
latest of scores of similar offers 
that came to nothing. 

This September the local taxi 
and lorry drivers union decided 
to call a protest strike about the 
muddy, dusty, pot-holed streets 
but first sent word to the head 
of the Amazon army region. 
General Francisco Miranda. 
When no one bothered to reply 
the stoppage started, and quickly 
escalated into a genera] strike 
which brought the city to an 
almost complete halt 

The strike committee was led 
by a representative of the ultra- 
radical teachers’ union. Other 
members Included a doctor, a 
couple of taxi drivers, a 
journalist a market worker and 

Backed by virtually all the 
town's organisations, including 
the Boy Scouts and the Rotary 
Club, the . committee was the 
effective government of the 
region during the three-week 
strike, issuing passes to emer- 
gency vehicles, banning the sale 
of liquor, ordering the food shops 
and markets to he shut by 10 am 
at latest; and generating 
enthusiasm for the strike. 

Ten days after the strike had 
taken hold. General Miranda flew 
up from Iquitos, 400 miles away, 
accompanied by a dozen officials 
from the newly.formed Regional 
Development Board. ~ 

The Gene 

or under study, , to the tune of 
2,000m soles l£5m). No 
reference was officially made to 
the strike, and a complete news 
blackout was maintained, 
because Pucailpa, a huge tropical 
slum, clearly is a scandal. 

By the time the - General 
arrived the committee had 
drawn up a 15-point list of 

vince to department status. In 
a way, this last -was the key 
demand, for at the moment even 
the simplest of the arcane 
bureaucratic procedures which 
dominate many aspects of life in 
Peru must go- to Iquitos.- 
T to*. , da * . after-. General 
Miranda s arrival, a road scraper 
drove busily around town and 




The inhabitants are rest- 
less in Pucailpa, 
Peruvian jungle 
So restless, that 
staged a strike to attract 
the attention of the 
regional authority, which, 
embarrassed by its record 
of neglect and fearful of 
the effect of the protest 
on other urban areas, 
announced some badly; 
needed development 
projects and granted 
Pacallpa a degree of 
control over how it spends 
its own money. 

_ “ - • -s’ 

A general, assembly voted ’ 
the continuation of toe '.strike.! > 
and the next day riot police were 
flown in, though they, were 'ki$K 
to their quarters. They yer£r. 
followed- by three- ^ -minis iecsr wffifcr: 
announced that the towhvwokld. V 
get its own development' com-.., 
mission— undoubtedly ’ the-, fir-tf?-.; 
step towards becoming a dega^ . 
merit on its own. Th* town was'J 
also promised^ 'Independence from' ;.; 
and near’ equality with Iquitos., 
and some 'control over expend^ - ; 
■tore. .The .strike was -called off i i 
and. toe Government seems to; 
.have edged out of : a sticky sitiia- 
tion. . 




Pucallpa’s demands, which had 
expanded considerably from the 
tiixi drivers’ original demands. 

First on the list were road 
improvements, followed by 
' inking water for the hospital, 
d Indeed a proper hospital and 
dical attention, adequate port 
jilitics, repairs to the sports 
ium and the elevation of toe 
pa region from mere pro- 

toe next day's "Hercules ’ heavy 
transport aircraft hurriedly flew 
in with a warer pump and 
generator,' apparently for the.hos- 
Pi tal. But these gestures and the 
General's offers were . regarded 
with contempt by.-. the JPucall- 
pinos, who worked out .that’ th e 
money. offered enough 
lo pave .less. than. 2.5 km of 
street • ' j " ' 


•For ..Peru's- military --Go ■ 

ment, which ia-the pasCsix'years :‘ j _ 
.has-, spent over $ 2 , 000 m^ '• ob . tfio 
purchase of arms rind "has just ■.= 
succumbed to - the ' grip of at* " - 
International .Monetary ' Fmid - 
.a usteri ty-r-stability ' programmer - - 
asking for money. Is awkward tor % v 
th* point, of . 
-was no coincidence that on the- ' 
day the rfot police -were flowti •. 
in “secretly ” Urn strike com- 
mittee quickly, • ordered , tha 
national flag to beffown 00 every . . - 
house. ’ 

People . Bere and in Llmi 
frequently compare, unfavour- " 
ably, the progress of'PucaTlpa 1 -! 
and other Peru nap Jungle towns 
.with' that Brazil's Amazon : 
towns. . They >- say that-- Peru’s • 
huge 'Amazon , regibris ^would.. 
.have-, -been, made - ; safer- from 
B razil ? s perceived “imperialistic" . 
designs' - ■’by' i -investment *. ia 
■ development <^pxoJects rather * 1 
than armaments. 

Fmaridal Times Thursday Octofer 26 1973 

r. ^r\ :*—»••• 'wry-t 

I >1— i-aO 

I K \ U L .NLWi 

t ;,; .v ■* '•*£&«<£ 

^Molls-Royce and 

near decision on 


ILLS-ROYCE is still discussing powers tbc British Aerospace 
. :h Japan the possibility of One-Eleven jet airliners, and the 
Mknt production of a new aero- next biggest engine, the Franco- 
*\Jpine. the RB-IM, and no U.S. (Snecina-General Electric} 
Tisions have yet been reached, CFM-56 of 22.000 lbs .upwards. 

V company said yesterday. Aircraft which could use the 
'Commenting on reports from BJ3-432 include the proposed new 
inn that Rolte-Rovce had Fokke r F-29 twin-engmed 3ir^ 
ichcd agreement on joint 1,ner - antJ Ialer y er =££? 0f J5* 
veiopmont and production of One-Eleven for the lw50s. The 
? RB^:12 with Ishikawajima wouId be . a ™ r , e 

n:na and other companies, fuel-efficient engine for short- 
ih work due to start next ran ^ e l« l wrhncrs ™ 

. ir. Rolls-Royce said that the Pr^nt Spey. 
rrent discussions had made Any . fu *J ire 130-seat jet air- 
wres a. but it was still too li?er s developed by the Ewopean 
rly 4o suggest that a deal was ^bus Industrie wnsortium^ 
si^hL which is now to include British 

’ ,** , , Aerospace, could also use the 

There is no doubt, however, RB~t3 a 

a Rolls-Royce would welcome A s ~ al , amount 0 f design and 
panaso participation in the development work has been done 
nom RB-432 development pro- on new engine .by Rolls- 
,n,,ne - Royce's Derby division, hilt the 

A clear market is emerging for investment has been limited. In 
s civil engine, in the 18,000 lbs view of the company’s commlt- 
ust category, between the merits on other civil engines, 
isling ageing Spey, which such as the new 524 and 535 

Candu purchase urged 

unci I has recommended that 
: Government and the nation’s 
: nuclear electric power com- 
nies introduce Canadian heavy- 
iter “ Candu " reactors, acrord- 
? to officials of the Ministry of 
temational Trade and Indus- 
v iMITn. 

The officials said the council 
■essed the merits of the 
madian reactor over .America's 
:hr-water type reactors now 
mg used by six of the nine 

These six are using a total of 

TOKYO, .Oct 25. 

16 reactors of the U.S. light- 
water design which need en- 
riched uranium as a fuel: The 
Candu reactor can use natural 
uranium as its fuel. - 

Among the six, the state-run 
Electric Power Development 
announced earlier this year that 
it will build two Candu .reactors 
by the end of March, 1986. Each^ 
-of them will he capable of 
generating 600,000 kilowatts of 

The Council is a government 
agency functioning under MITL 
AP-DJ - ' 



versions of the RB-211, it is 
reluctant to commit heavy sums 
without international collabora- 
tion and guarantees of overseas 

• Four aircraft remain on the 
abort list as contenders to replace 
Australia's present Mirage 
lacticai fighter force — the 
MacDonnell-Douglas F-1SA, the 
Northrup F1S1, the General 
Dynamics F16, and the Mirage 
-000. Defence Minister James 
Killen told Parliament. Me added 
that the MacDonneil-Douglas F15 
and the European-built Panavia 
Tornado had been dropped from 
the short list. AP-DJ reports from 

Ur. Killen explained that 
budgetary, constraints had meant 
planned purchases of some 1 
aefenae equipment would have to: 
be deferred. Accordingly, the 
existing Mirage fighter force 
would be refurbished, at a cost 
uf A$15m, and would remain in 
operation until the mid-1980s. 
This, he said, would enable Aus- 
tralia to benefit from the develop- 
ments in fighter technology 
becoming available during the 

Operation, technical and indus- 
trial missions will go overseas 
in the first half of 1979 to 
examine performance and other 
detailed matters. Mr. Killen 
added that the A$500m contract 
for the purchase of 25 new 
fifihter aircraft for the Royal 
Australia Air Force would have 
to include a provision for some 
AustraJian-manufactured content. 

Move to lift I Lean year for British textiles 

UK trade 
with GDR 

By Anthony Robinson 

THE LONDON Chamber of Com- 
merce and the British Overseas 
Trade Board are organising the 
first ever British Technical Week 
in East Germany (GDR) starting 
on May 7 next year in an attempt 
to correct the growing imbalance 
in UK-GDR trade. 

This new initiative. In co-opera- 
tion with the GDR Chamber of 
Foreign trade, follows the dis- 
appointment felt recently at the 
[failure of British companies to 
gain major contracts for which 
they had tendered, 

GKN failed to win a $370 in 
contract for a car transmission 
plant which was subsequently 
awarded to Citroen while Taylor 
Woodrow failed to win a contract 
to build a potash granulation 
plant which. later went to Kloeck- 
ner Werke of West Germany. 

Price factors and difficulties , 
associated with buy-back arrange- 
ments have been cited as two 
of the reasons inhibiting UK ex- ! 
ports to the GDR although thei 
authorities there have made: 
clear that they would welcome 1 
a more balanced increase in two 
way trade with the UK 
Last year the GDR increased 
its exports to the UK market 
from £60.3in to £95.4m while UK 
exports rose at a much slower 
rate from £44.Sm to £54.4m. A 
similar pattern emerged over the 
first nine months of this year 
when UK exports amounted to 
£35.7m while imports from the 
GDR were £61. 5m. 


turned in u very disappointing 
trade performance in the first 
six months of this year, the 
period 'which followed the intro- 
duction of new tougher agree- 
ments with low cost suppliers 
under the GATT Multifibre 
Arrangement i.MFA). Imports 
have continued to rise — parti- 
cularly those from Britain's 
European partners who appear 
to have moved in to fill gaps in 
the relatively buoyant British 
market, as a result of tighter 
controls oil developing countries. 

The main disappointment has 
been in the performance of the 
textile side of the joint textile/ 
clothing account, where a sub- 
stantial balance of payments 
surplus in Britain's favour has 
suddenly been converted into 
deficit. Over recent years 
Britain has relied on its textile 
surplus to offset the much 
weaker trading performance in 
clothing, and last year, following 
a sharp reduction in the cloth- 
ing deficit, total textile and 
clothing trade was in near 
balance for the first time since 

1 This year the clothing deficit 
has again been large, but has 
dropped slightly to just under 
£125m in the first six months. 
More alarmingly, however, trade 
in textiles — the yarns and fabrics 
used to make clothing and other 
textile goods — has lurched into a 
deficit af £44 m, compared with a 
surplus for the same period last 
year of £97m. 

The second half of the year is 
likely to show some improve- 
ment as the UK textile industry 
is stronger In the heavier weight 
products exported at this time 

of year than in lighter weight 
summer goods. But overall the 
industry's 197S performance is 
now bound to be substantially 
worse than last year. 

The main problem has been 
that in textiles exports have 
been relatively stagnant so far 
this year, while imparts have 
shown a major rise from £B04m 
in the January-July period of 
1977 to £742m this year. In 
clothing there was a similar in- 
crease in imports from £379m to 

.exporters. Consumers* expendi- 
ture on clothing at 1970 prices 
increased from 116.2 in the first 
quarter of 1977. to 124.4 in the 
second quarter this year — a 
sharper rise than took place in 
consumers’ expenditure as a 

There has also heen strong 
demand for particular products 
which UK producers have not 
been able to meet. The switch, 
for example, from denim to cor- 
duroy as the most important 











Total trade 


1975 1976 1977 1977 1978 

1st 2nd 1st 2nd 

quarter quarter quarter quarter 

732.0 975.1 1,T96j4 309.12 295.03 36154 380.79 

828.6 1,1103 U58j 35X33 348,80 338.23 360.06 

4-96A -H3SJ 4-1 62A +43.27 4- 53,77 -2331 -20J3 

505.1 683.8 766.6 201.49 177.04 214.91 204.19 

265.4 412.3 598.0 119.21 126.92 144.41 150.07 

-239.7 —2715 -168.6 -8208 -50.12 -70,49 -54.12 

-143.1 —1363 —6.2 -39.07 4-3.65 - 93.80 -74.85 

£419m hut exports also went np 
from £246m to £294m. 

Tbc poor performance on the 
textile side is now being closely 
examined within the industry, 
and a number oF possible ex- 
planations have been put for- 
ward. The stronger pound has 
made it more difficult to sell in 
Europe this year and has also 
meant that imports have heen 
cheaper. The British market has 
heen more buoyant than other 
European markets and this has 
tended to make it a target for 

jeans fabric has led to shortages. 
Thus although UK production of 
corduroy has also been rising, 
and is set to rise further as a 
result of Courtaulds’ recent 
decision to opea a new plant at 
Belmont in Co. Durham which 
will concentrate on the fabric, 
imports of pile fabrics in the 
first six months at lS.5m square 
metres are not far short of the 
total for 1977. 

The carpet industry too has 
seen some falling away this year 
in its exports to Europe which 

reached exceptional levels last 
year, and imports into the UK 
market, which has previously 
been satisfied almost entirely by 
domestic producers, have begun 
to rise. 

An additional problem fur the 
UK textile industry this year has 
been the high level of imports 
of yams and fabrics from some 
of the EEC's Mediterranean 
associates, in some cases exceed- 
ing within the first six months 
agreed ceilings for the whole 
year. Also for a number of 
reasons, the full benefits of the 
MFA agreements with low cost 
suppliers in the Far East are not 
expected until late this year. 

But although there are these 
special factors, what remains of 
principal concern is the lindiis- 
try's performance in relation to 
its EEC competitors operating 
with similar, or in some cases 
higher, wage costs. With most 
of the UK textile industry work- 
ing below capacity and therefore 
in a position to supply home 
market needs, the implication 
would seetu to be that fabric 
users have been turning to Con- 
tinental sources because they 
have been supplying the fabrics 
needed to meet fashion demands. 

In the first six months, imports 
of fabrics from all sources in 
fact rose by 20 per cent in weight 
but those from Western Europe 
(EEC plus EFTA except Portu- 
gal) rose 36 per cent. Imports 
from outside Europe were up 
only 9 per cent In synthetic 
woven fabrics, imports from all 
sources were up 9 per cent and 
those from Europe were up 24 
per cent while those from out- 
side Europe were actually down 
2 per cent. 

U.S. Government is sued 
over Arab boycott law 


** AMERICAN company which Arab world this year, - despite 
lls electrical equipment in the forecasts that the .. Export 
■ah world is suing the U.S. Administration Act amendments 
ivemment over legislation bar- would cause widespread U.S. 
ig compliance with the Arab unemployment 
\ colt of Israel. In the first eight months, .sales 

Trane Company, of Wisconsin, to the 14 boycotting States 
tims that a law which requires reached S5-25bn, a 10 per emit 
mpanies to ignore boycott re- increase over the same period 
iesls and report them to the last year. Exports'. to Saudi 
ivemment violates its coDsti- Arabia rose more than .18 per 
uionai rights of free speech cent (to S2.7bn); and tpi Iraq, 
nd association. traditionally one of the. hanj- 

The company, which sold S15m line States, the exports rose by 
/orth of goods to Arab States in 40 per cent (from S146m to 
977, is being advised by one- of $210m). .... . • 

he leading Washington law Mr. Stanley Marcuss, head .of 
inns, Covington and Burling. the U.S. Commerce Department's 
The case centres on the Export anti-boycott division, has -said 
\dministration Act, which is due that boycotting countries have 
0 expire next year. Although shown "a - willingness and 
Congress is favourable to its re- ability” to. adjust to \LS. regu- 
lewul, a battle is shaping up lations. He told Chicago busi- 
ver possible attempts to modify nessmen that exclusionary and 
L negative certificates of origin 

A key issue will be whether were becoming " a thing of the 
- not U.S. trade in Arab States past," and that boycott condi- 
15 suffered from the new regu- tions were falling out of letters 
tions. The umbrella organma- of. credit relating to Middle 
jn of leading U.S. construction East transactions, 
impanies has asked its 'The U.S. bad also mollified 
embers to report any loss of much of the concern felt by third 
infracts because of the regu la- countries about extra-territorial 
ms. aspects of U.S. regulations. 

According to the U.S. Coin- Meanwhile, ' the Commerce 
prve Department, however. Department is appointing some 
iere has heen a "significant” 65 anti-boycott compliance 
crease in U.S. exports to the officers. 

Brazil oil licences 


ETR0BRA5, the Brazilian state 
I company, is planning a third 
mnd of international bidding 
>r petroleum exploration 
cences under risk contracts. 

It is expected that the earliest 
rences will be awarded is the 
ist half of next year. A total 
r 42 blocks are on offer. 21 on- 
and 21 offshore. Each off- 
iore block covers about 3.000 
quare kilometres (1,158 square 
•lies >. The licence areas are 
.mated along the continental 
^■nelf of Amapa (4), Maranhao- 
iaui-Ceara flO). Bahia Sul, 
Ispirilo Santo (6) and in the 
umpos Basin off Rio de Janeiro 

,, The onshore concessions, 
Vhicb are much larger — each is 
ll ^ bout 10,000 square kilometres 
*■ •‘3JS61 square miles) are situated 
long the sedimentary basins of 
be Amazon and Parana. 

Peirobr&s itself spent $286m on 
oil exploration and production in 
the first-half of the year, about 
41 per cent of -total oat industry 
expenditure in Brazil in this 

As the Brazilian drive to open 
up offshore exploration and pro- 
duction builds up, -Ocean Inch- 
cape. a UK company, has been 
awarded contracts worth $5m 
over Che neat mwo years to pro- 
vide supply base services for four 
oil companies. 

It has established a supply 
base at Soo Sebastdao to provide 
full back qp services for British 
Petroleum, Petmzoil and Fecten 
in their exploration in the Santos 
Basin area. On land owned by 
Petrohras at Belem, it will be 
operating a supply base for Esso 
to serve exploration out the mouth 
of the Amazon. The ventures are 
in partnership with a local loch- 
cape company, Watson Sons SA. 

Filipino car makers top 
import quota allocations 


MANILA, Oct. 25. 

■TAKERS OF JAPANESE models pines Incorporated, witii an allo- 
n the local automotive industry cation of $l8.35m for its British 
eceived the biggest foreign Cortina and Escort, as well as 
xchange allocations for import the Granada model from its 
equipments under new quotas American corporate parent. DMG 
ust announced .by the Board of Incorporated, assembler of the 
nveslments (BOl). Beetle, Brasilia and Passat of 

The total amount for five Germany's Volkswagen AG, 
isseinbler-companie.s, ail parti- received $8.44m. 

■i pants in the BOI-sponsored ^ last place ^ Gene ral 
progressive Car Manufamimng jj otors Philippines Incorporated, 
jogramnre (P CMP), reacted wWch received ^ for 
i6«.31m- As before, the all oca- aq q PTn h Hng a wide range that 
ion for each company was j nclu ^ es ^ Japanese Gemini, 
>ased on sales projection for the ^ Australia Holden, the 
Mining year which, in turn, was ©pel. 

The change In corporate name 

Delta Motor Corporation, ?: f _ Cb f yS rJ r 
which assembles the Corona. 

rorolla and other brands of rts Fihpitnsation. This started 
Japan's Toyota Motor and which |? v , er ^ years ago when the local 
aas the biggest share of the £ ul ° Gr °up companies bought 
PCMP market, was given by BOI f ai °?LT r8 ? ip . ( 
526.69m, representing 39.66 per 9* ( P wl P r Diternational of the 
lent of total allocations. ?- s - whose was reduced to 

It was followed by Car 5 P® r ““t' 

Company (formerly Chrysler Japan’s Mitsub ishi Motor and 
Philippines Corporation), which Nis&ho-lwai Company each bolds 
received a quota of $18.57m. It 15 per cent Car Company has, 
issembles various brands of since October 12, stopped paying 
Japan's Mitsubishi Motor such' the usual franchise, fee to 
as the Colt, Gallant and Lancer- Chrysler. This amounted to 
It is next only to Delta Motor In 2,000 pesos. (£136) for every car 
number of units sold. sold locally carrying the name 

Not far behind is Ford Philip- ** Chrysler.* 5 

An excellent restaurant 
when you’re in a hurry 

Next time you’re hurrying to a distant 
business meeting, you will see this excellent 
little restaurant 

It is famous for its breakfasts. Its lunches, 
dinners and teas are worthy of 
commendation and with the. new Gold Star 
and Main Line Menus the choice is better 
than ever Fine, traditional British dishes 
with freshly cooked ingredients. . 

There’s a small, well chosen cellan 
It has a range of most presentable table wines. 

Thedecoris superb.Natuxal colours, 
faultless perspectives, totally realistic 
landscapes and animal subjects. Constantly- 
changing, throughout your meaL 
Most remarkable of all its location. 

It's wherever you are precisely when 
you're hungry 



■ s*u 


• v- -; r. • j.V :? 


Rnaucial TSjms- *-!»»•; ^ 

;'■ . ' . _- f .. .• “ '■* .• '■’■ .y>/y ■.»■• j '•- V •• ' 

New benefit plans 
urged to belp 
lower naid meet bills 


THE SUPPLEMENTARY Bene* will double in rea3 terms by the 
fits Commission has recom- year -000. 
mended two new comprehensive The present system is unfair 
schemes to help the lower paid to those who are poorly paid or 
meet rent and fuel bills. just above the supplementary 

The schemes, which would ^ 
replace the complicated system slon- Instead 11 Proposes a com- 

BBC may 
offer five 



of allowances, are suggested in 

prehensive fuel rebate or bonus 
scheme similar to the rent 

Sr rebate scheme, which would be 

for .the year ended December 31. easier t0 administrate. 

published yesterday. The 
report says the supplementary 
benefits scheme “should no 
longer be -the principal instru- 

On housing, the report says 
that confusion and financial loss 
is caused by the existence of 
three schemes for those on low 

tnent for helping the poorest incomes, supplementary benefits. 

people pay their rent and meet 
their fuel bills.” 

It says .that there should be a 
single housing benefit scheme 
for ail low income householders 
and a new scheme to help people 
pay fuel bills. 

The commission warns, how- 
ever, that bath proposals involve 
radical changes and could have 
costly implications which need 
further study. 

The report reveals that 
between 1973 and la*t year the 
number of people receiving extra 
supplementary benefits to help 
with fuel 'biUs 'has trebled, and 
that heating additions now go to 
1.5m claimants. It also draws 
attention -to Department of 
Energy forecasts that fuel prices 

rent rebates and allowances and 
rent rebates. Instead, it proposes 
a single means-tested housing 
benefits scheme covering all low- 
income householders whether on 
supplementary benefit or not. 
extended to owner-occupiers and 
preferably run by the local 

The commission points out the 
problems caused by large scale 
unemployment The national 
insurance scheme, at present 
levels of unemployment. “ has 
clearly failed in its original pur- 
pose of being the main source 
of help for people unable to find 
work,” it says. 

Supplementary Benefits Com- 
mission .Annual Report for 1977. 

Some tube fares to rise 

COMMUTERS on London Tran- 
sport underground trains in 

Essex and Buckinghamshire will 

have to pay higher fares from 
early next year, because ihe two 
county councils bave refused to 
give financial support to LT. 

Services in Essex lost more 
than £2m last year and those in 
Bucks £750,000. 

single fares will rise by up to 
10p. with a new maximum single 
fare of £1.50. 

For season ticket holders, the 
increase will depend on the 
length of the total journey, and 
the proportion In Essex or 

London Transport said yester- 
day: “We believe the county 
councils should include a grant 

If the increases are sane- for loss-making underground ser 
tioned by Greater London Conn- vices in submissions for govern- 

ed and the Price Commission, ment grants.'' 

THE BBC hopes to offer its 
listeners a choice of five basic 
radio services when it has carried 
out all its plans for the growth 
of local radio stations, Mr. 
Aubrey Singer, BBC radio's 
managing director, said yester- 

. The BBC and the Independent 
Broadcasting Authority are work- 
ing on rival frequency maps of 
the country to include 100 local 
stations within 15 or 20 years. 
The BBC now has 20 and the 
IBA 19. 

Other BBC developments are 
a fifth service for Scotland and 
Northern Ireland, and both an 
Englisb language and a Welsh 
language fifth service for Wales. 

After Tuesday's Home Office 
approval of IS new local stations, 
divided equally between the BBC 
and IBA, the Corporation will 
open stations at Barrow, Lincoln, 
Norwich and Taunton. The speed 
with which it opens the others — 
at Cambridge, Nortliampton, 
Shrewsbury, Taunton and York— 
will depend on the level of the 
new television licence fee. All 
should be on the air by 19S2. 

It has applied for a £30 annual 
colour TV licence for the next 
three years, and Mr. Singer said 
he was optimistic about the 
Government's response. 

The overall cost of setting up 
the BBC's four new local stations 
will be £lim, with yearly operat- 
ing costs of £220,000 for each. 
This represents a 30p Increase on 
the licence rate. 

The principles underlying the 
authorisation of the IS new 
stations are that there should be 
no geographical duplication and 
that they should answer the 
needs of local communities. 

The opening of nine new com- 
mercial stations will raise to 28 
the number served by Independ- 
ent Radio News. 

Scots economy speedtf^ 


THE Scottish economy is grow 
ing at a faster rate than at any 
time since 1973 and may again 
be outstripping the UK as a 
whole, the Fraser of AUander 
Institute, said yesterday. 

In its quarterly economic 
commentary, the Institute, based 
at Strathclyde University, pre- 
dicted that the Scottish gross 
domestic product would grow by 
2.6 per cent this year. 

A recent forecast for the UK. 
made by the London Business 
School, was that. GDP would 
grow by 2.4 per cent. But the 
Fraser Institute takes a slightly 

fall in inflation and the increase from oil production . would -be 
in real disposable incomes. from the Government tax 

The balance of payments, revenues, the institute said, 
which had constrained previous Quarterly Economic Corarnen- 
expansions, had benefited from tarn, October 1978. .Fraser of 
North Sea oil production. But AUender Institute. 700, Montrose 
in future the main . gain Street, Glasgow. Price £1.00. 

THREE MAJOR oil develop- claimed the development would 
merits were taken a stage nearer be harmfni to the area. - .. . 
completion by the Highland The committee heard that the 

more optimistic view about the Regional Council's planning com- Scottish Secretary had decided 

increase in manufacturing out- 

As a result of this upturn 
north of the border, unemploy- 
ment should continue to decline. 
The Institute believes it will fall 
to about 160,000 by March of 
next year, from the present 
seasonally adjusted 168.000. 

A sudden increase in tbe infla- 
tion rate would cause unemploy- 

ment to rise again, particularly P»** PjPeRne control systems 

: r . _ tti. . ■ . r r. turn Iiilnmotnn Inn? f nr thf» 

mittee yesterday. not to Intervene In the applied 

. In spite of objections from the MESA .oil company 

three residents they approved *ay an underground pipeline 
an application by Kestrel Marine “Easter Boss. _ .. 

(Wick) for two years permission . pipeline is to - take oil 
io construct marine oil produc- £ f°m the Beatrice oilfield off- 
tioa - control systems on the f, . re t° storage and marine fact, 
beach at Keiss in Caithness. ■ “ties in Nigg Bay. The Highland 
'nv- „ Region had granted permission. 

= d 0 e ™ ! fl P “r e o%de P com: 

if the UK entered a European servancy Council to 

Monetary System. that prevented 
it from freely devaluing sterling. 

Tbe revival in economic 
activity was largely a response to 
increased consumer spending, 
which in turn was due to the 

Objections by the Nature Con- 

Murchison oilfield ta the North rnlffstar^o™ rapw “bH? b" 
sea - ing built at Alness Point "« 

Since the application is for Easter Ross have been resolved, 
temporary permission, commit- members were told. The council 
tee members agreed to grant it laid down conditions which were 
in spite of the objections which approved by the committee. 

- -A 


until STANDARDS of the duced by legislation and Iber* 
engineering profession. . .were was still room ior,i® 
raised bright young school leav- ' Biit a balance between techno ^ 
ers would not be attracted to logical advance and concern % 
the engineering industry, Mr. the .environment -ifras - vital abe 
Diarmuid Downs, president of engineers were : still working xm 
the Institution of - Mechanical methods of. striking \ medium;,; * 
Engineers said last night. ■ ^speiiiiiing too much, money ia 
There were already too few .gauging air- pollution 
first-class engineers m British necessarily low levels * . -waga " 
industry to tackle the_amoo« mean ^ not. enough . mS 
of work being done and raisiiig would. .be ^avaiiable-;.for •otfiw 
standards through unwwsity jqok socially' desira!^ 

and polytechnic qualifications . 

was vital if future demands were « The" di£5cultyi& that ad&w®* 
to be met, emotive . words 'like ^aneer.-^ 

freely bandied about, no: boerhat 
established with; any-: certain 

Pollution -what- are the healtbrhazarifc^y 

In ao address to Institution 3,.,^,^ and.whatare^th, 
members in London, Mr. Downs dangerous thxesbohfc of eencen 
reviewed tbe last 10, years of 

pollution control, noise reduc- Downs chairing w 

tion fuel economy in cars and Mr - . 

commercial vehicles and pros- managing director -of tfecousalt 
Deers' for the future. mg. automotive engmeertn^emn 

P Engineers and industrial scien- ^ ^ ' ^ caI T 5^27 

lists did not deserve the reputa : En £. 1 j 1 ‘l er ? 
tion as destroyers of tbe environ- could design today a taad vrbfelc 
ment in the interests of “dubi- virtually witiumt . pollution: o: 
mis ’’ progress. - noise but at such r«wt tbat.tujlj 

Air and noise pollution from a small' fraction- the-ptwite 
vehicles had been greatly re- tion could afford it? 1 .. / 

Ulster’s white elephant nears 

STRATHEARN -AUDIO, which was made available and a large essentially on a direct drive These terms having been met, dancies, the- cancellation. ofJcjfc 
makes hi fi equipment, can bid factory was built close to the record player turntable ' which the good news is that •Mr Smyth tracts and • tbe ; vdereiodmen' 
fair to be one of the Govern- Catholic ghettoes of west Belfast, would sell at the top end of the after a vear, looks to have costs, he had spent 
meat's biggest white elephants - - - . ... •«•- - - - - 

in Ulster. 

It seemed to be just what was 

needed when it was started at 
the end of 1974: a high tech- 
nology, labour intensive project 
which would be sited in Ander- 
so ns town in west Belfast, where 
male unemployment touches 35 
per cent. 

The Northern Ireland Develop- 
ment Authority, in a novel con- 
cept, set up the 
taxpayers money. 

-NEWS ANALYSIS: Stewart Dalby examines : 
the way the near disaster of Stratheam Andii- , 
a project set up to stem unemployment in the 
Roman Catholic ghettos of West Belfast, has 
been turned into a near success. 

turned Stratheam round. It will 'nothing to show. - --Bur he ' fSfifJ 
not make a profit this year be his nerve and whhr he 
savs, but it is running on a with were, two basic products;^, 
better than break-even basis. - Out of a mounts fzrirf ieft'-tfpjf 
It is difficult to say exactly ; components, -.:he -: maa<*;VT|| 
what went wrong with extremely simple •'•.-tunfiidjh 
Stratheam. There were quality which is still being sbMvjjf 
control problems certainly, not while' stocks lasr ^^foh 
always Stratheam ’s fault. More importantly, .'he had-" hK=j8«^mi 
seriously, the marketing was lined simplified 5M2000" J twfn 

badly bungled so that the stereos tabid which iV J now. (he 
were advertised before they were paw’s basic unit- -. 

The company. does notmafieJt' 

The idea was that 1,500 people market to stereo enthusiasts, 
project with would be employed by the law Now. three managing directors produced, or they were produced 
About £3.5m 1970s. The product was based a further — - * — 1 “ — - — *" 

ment investment 
the departure 
and larger 

staff later, Stratheam has still 
to make a penny. 

In the course of the past four 
years, two companies of con- 

( Advertisement) 

•ofiL . .. .. 

ject, as first conceived, was too -The- humBer' :: eBHtfijyed 
ambitious for the area. The crept back up . Jt o • ^4 and;M , .. - - 
original designs, based on the Smyth has great ^schemes .ft ' 

sultants. Touche Ross and direct drive turntable, were expansion. He^says that he ha 

Coopers-Ly brand, have made 
extensive surveys, and recom- 

sophisticated and advanced. - now got the marketing right aa- 
Look, many qf the. people is convinced that, there -is 
have not even done labouring demand, for. J)!S T SM2000S -whic 

mended a drastic , scaling doira na J e not even aooe labouring aemana lor.^js^xuros .wmc 
of the operation 3° fas - let alone complicated tech- retail at ahout £t20;. ./ ^ 

Nothing seemed to work, how- nic ?, 1 « nes - “?8 ht “i’ v « 

- - - — - - well have asked them to put CaUfortda wTieij^we. r p)clad^ 

Soaring of yen exchange 
rate starts adversely to 
affect Japan’s economy 

41 per 

According to the latest 
national income statistics 
(preliminary) based on the new 
System of National Accounts 
(SNA), the growth of real 
gross national expenditure in 
the April-June quarter of 1978 
over the previous quarter stood 
at I.I per cent (seasonally 
adjusted for all figures), down 
perceptibly from the com- 
parable growth or 2.5 per cent 
in tbe January -March quarter. 

In the itemized breakdown of 
the April-June growth, the rate 
of contribution of domestic de- 
mand. based on private 
ultimate consumption spending 
and public capital formation, 
stood high at 2.1 per cent. In 
contrast, the corresponding 
rate of contribution of the 
surplus of the nation on the 
current account (demand in 
the external sector) showed a 
1.0 per cent minus. This was a 
striking contrast with the 
previous Januarv-March 
quarter when the contribution 
rates were positive for both the 
former tup 1.6 per cent) and 
the latter mp 0.9 per cent). 

This trend is considered 
ascribable mainly to two 
major Taclors — a reactionary 
slowdown of exports after 
hasty export transactions in 
the January -March quarter by 
traders fearing the future up- 
swing of the yen exchange 
rate against the dollar, and 
the impact of the soaring yen 
rate on export contracts in the 
April-June quarter. 

The surplus of the nation on 
the current account continued 
to support the growth of real 
gross national expenditure 
almost without a break since 
the October-December quarter 
or 1976. However, it turned to 
offer a brake to the April-June 

In view of the bearish turn of 
domestic business, the Govern- 
ment on September 2 approved 
the start of a 6-point package 
-of new measures for 
stimulating business. High- 
lighting this new package were 
a positive program for shoring 
up domestic demand with a 
liberal addition to public in- 
vestment outlays, sizable 
emergency imports of key „ 
materials worth $4 billion, and 
the return of windfall exchange 
earnings (due to the yen ex- 
change rate upsurge against 
the dollar) to users by key in- 
dustries, particularly electric 
power and city gas. 

Meanwhile, the Government 

also announced its revised eco- 
nomic outlook for fiscal 1978 
(April, 1978 -March, 1979). In 
this new outlook, the Govern- 
ment reiterated its determi- 
nation to achieve Japan's real 
economic growth target of 7 
per cent, as frequently 
pledged, but revised upward 
the prospective surplus of the 
nation's current balance of 
payments in the current fiscal 
year to 813,500 million (¥2,700 
billion at the exchange rate of 
¥200 to the U.S. dollar) from 
the low $6,000 million in its 
earlier estimate. 

Production trend 

Industrial production turned 
bearish in July. According to 
the Ministry or International 
Trade & Industry, the mining- 
manufacturing production 
index in July (seasonally 
adjusted for all related 
figures) registered a decrease 
or 0.8 per cent from the 
previous month. The shipment 
index in the same sector also 
dipped by 1.2 per cent from a 
month before. 

Production has continued to 
mark time timidly after a 
sound advance (up 2.1 percent 
over a month ago) in March. 
The MITI production forecast 
envisaged a modest 0.8 per 
cent gain in August, and a 1.4 
per cent dip in September. All 
in all, the production keynote 
lacks energy. 

On the other hand, inventory 
adjustment has been 
progressing relatively 
smoothly. For instance, the 
inventory index of manu- 
factured products held by 
producers continued to sag by 
1,1 per cent in June and 0.6 per 
cent in July. 

package also is expected to 
help in the second half 
(starting from September) of 
the current fiscaLjnear. 

The trend of 'personal con- 
sumption expenditure has not 
been particularly encouraging. 
Real income and consumer 
spending (both nominal) of 
wage-earners’ households have 
failed to show any increase 
since the April-June quarter of 
this year. 

In view of the bearish stand- 
still of personal income mainly 
because of the limited size of 
wage raises and the gloomy 
outlook of employment due to 
the corporate move to retrench 
the management scale, per- 
sonal consumer spending is not 
expected to start a substantial 
rally, at least for the time 

As to housing investments, 
one of major branches 
receiving top priority under 
the latest business bolstering 
package, housing starts in the 
April-June quarter of 1978 
registered a sound 8 per cent 
increase over the cor- 
responding period a year 
before partly on tbe strength of 
additional loans for 140,000 
houses accepted by the 
Housing Loan Corporation in 

As a reactionary decline ap- 
pears likely in the wake of the 
April-June gain, no positive 
role will be played by housing 
investments in tbe rally of 
domestic business. 

Referring to plant and equips 
ment investments, machinery 

cent o^er the com- 
81 =¥266 point in 
1977 (the " monthly 
average of the central inter- 
bank rate). 

The rapid and steep ap- 
preciation of the yen exchange 
rate is considered to serve ‘to 
make it increasingly difficult 
for manufacturers and traders 
to raise export prices for 
proper adjustment in the 

Among major export 
products, export shipments of 
steel mill products in the first 
half of calendar 1978 declined by 
around 10 per cent from a year 
before. Passenger car exports 
in the interim also began to 
show signs of hitting the ceiling. 

Meanwhile, export trade, . 
customs cleared, on a U.S. 
dollar-denominated basis has 
been showing a trend different 
from that on a yen-denomi- 
nated basis in recent months. 

For instance, exports, dollar- 
based, in the April-June 
quarter of 1978 registered a 
sound 20.8 per cent increase 
over the year-ago level. The 
comparable gain continued to 
stay high at 14.8 per cent in 

In contrast, exports, yen- 
de nominated, registered a 22 . 
per cent decrease in the April- 
June quarter from a , year 
before, and dipped further by 
11.9 per cent in July. 

Exports in volume also 
declined by 2.9 per cent from a 
year ago in the AprilJune 
quarter and by 7.6 per c^erit in 
July. This bearish keynote of 
export trade is destined to 
continue for some time. 

Business & employment 

While domestic business this 
has been timidly marking 
time, corporate profit per- 
formance apparently has been 
gradually improving, although 
at a slow tempo. 

In the short-range economic 
survey (covering major enter- 

orders, a leading indicator of . —.ws ac nf ^ 

such investments, in July ? August, , the 

registered an increase of 10.4 p pecl ore-tax orofit 

Domestic demand 

In the phase of fiscal ex- 
penditure, governmental pay- 
ments for public works 
projects in August, 1978 
registered a sizable increase of 
24.2 per cent over a year 
before. The total amount of 
public works contracts 
awarded to tbe private sector 
in the April-August period also 
showed a sharp gain of 36.7 per 
cent over the year-ago level. 

Smooth' progress of public 
works projects as a major part 
of the business stimulation 
program of the Government i$ 
indicated in both cases. An 
additional outlay approved for 
public works projects tinder 
the new business bolstering 

per cent in the non-manufac- 
turing sector and a decrease 
of 3.3 per cent in the manufac- 
turing sector as compared with 
the previous month on a 
seasonally adjusted basis. 
Other related indicators 
generally have been faring 

Under such circumstances, 
no tangible rally of plant- 
equipment investments is con- 
sidered possible in the manu- 
facturing sector in the near- 
future especially in view of the 
still wide supply-demand gap 
in this area. 

prospective pre-tax profit 
target of key corporations in 

the manufacturing sector in 
' the first half (April-Septem- 
. ber) of the 1978 business term 
was revised upward from the 
estimate made In the previous 
survey as of May. In this 
revised estimate, the pre-tax 
profit in the first half was 
envisaged to gain by 10.3 per 
cent over the previous semi- 
annual-period ended March, 
1978. It also was expected to 
make only a slight decline of 
2.5 per cent in the second half 
(October, 1978-March, 1979) 
from the first half. 

The pre-tax profit target was 
similarly revised upward for 
the non-manufacturing sector 
in the central- bank's latest 

According to the same sur- 
vey, the ratio of pre-tax profit 
to sales in the manufacturing 
sector in the first half of tbe 
1978 business term was 
estimated at 3.5 per cent 
Although this ratio is still rela- 
tively low, it serves to indicate 
the steady recovery of cor- 
porate earnings from tbe 
bottom (under the current 
recession) of 0.76 per cent for 
the first half of the 1975 busi- 
ness term. 

The recent rally of corporate 
earnings is partly ascribable to 
the contribution of the yen ex- 
change rate appreciation to the 
profits of corporations in basic - 
materials industries. AJso 
considered responsible is tbe 
.effect of the corporate man- 
agement streamlining efforts 
based on the slash of fixed 
costs for rationally reducing 
the operation scale (which still 
are in swing) for coping with 
the slowdown of sales. 

Nevertheless, the employ* 
ment situation has shown 
virtually no signs of im- 
proving. For example, the 
monthly regular employment 
index has continued to stay 
below the year-ago level. The 
jobless rate in July still stood 
high at 2.1 per cent, 

. Tbe completely unemployed 
in the same month numbered 
1.15 million, up 100,000 over a 
year before. 

Minister on tbe moon as pick up £5nx of businessT& ino timfcMi . — 
in Nortbefn Sf prodactiou plans quickly," says^ , ^4-0^5 •' ' 

ever, and by last November Mri 
Dan Concannon. 

iSrfTf mt smytt, 

throwfngin the towel and clofeife <, Bu * . bad ^^Sement also speakers forfhe-upitAmi. lata 
Stratheam flayed its part - ■ amplifiers. .The.i&eki&e .... 

. At this point Mr. Gordon • of the confusiori over- then retail for^tuairthiag <w 
Smyth; a blunt spoken and hunt »**. , maiketing £700..This, howq^^mEm 

driving local man, persuaded the a * the long, low hut of off. . . 

Minister to givi it one last try. L fa t S?^ wa ? bad Md *. i » ®P ite ■■ /n fhe.meantgqi^jnjrtt ) “ 
He based bit appeal on an ^ assive . unemployment tying up a deaLvJtfi^he Japan??; 

argument often used by Mr. Rov StaS turxH>v ^ T was <iuite high. concern, ATVyA^-Riripai^^Wh J 

Mason, the Secretary of State for l ' Pncmo f in ' facWre ^ 

Northern Ireland: in areas like VyUalUClIL, 
west Belfast/ normal criteria for 

Northern. Iceland.-. .AJWA fcli 


apply. Yo« must expect ‘ — 

more than, In other areas ui xne tine 1.500 first envisaged has 

hUS ^ 0 ?if acts - Fina, L y ' spending While it is not jusfVMrrCbi 

In r Mr. Smyth’s teltin* of :ho a complicated around, it Jias .been : .a v .-W 

change, Mr Concan non a rodio^ tuner and other features expensive lesson. - One-cte,#.: 

’s .. apparent V-.c.cra' 



job. Mr. Smyth, whoTs'a record of^e^th de?0ted a i°t to .whom the Goverinntot>:i 

to take on the 

and stereo 'equipment ret??er lS 0 ™ a «^ am of desl 2ners f handing . over moro^tBan^ff? 

said okay; -provided he was ^iven hlf? aspects of u. 

completely free hand and No machines were made for plant in a n<Srby area, -has, tai 

three months. With the redun-. notice of ’it. ’ \\ 


another £lm. 


Storno is now introducing a new 
mobile radio which can hefp your 
business run more efficiently 
and profitably by: 

• ’l&ane.s 

Lowering of 
investment costs 

Lowering of 
operating costs 

Lowering of 
personnel costs' 

Reduced vehicle fleet 
for same or higher 

Flexible use of 

MbrO' efficient use of 
field personnel of aU , . 

Quieter avaflaMity of 
special machnes and 


Avoidance of empty ■ 
runs, detours, repeat 

■Saving Of time 

The international bank 
with your interests 
at heart. 

Export outlook 

Id a continuous upswing for 
months, the exchange rate of 
the yeo against the UB. doilar 
as of August, 1978 stood at the 
$1=¥188 level, up sharply by 

: S»ine s 

W» have your interests atfieart 


F««! «d». 122-tW Lwfcnhai Strwr, London 
EC3V 4PA, EneUnO T«.W1W8MS2B 
H«d Qfliw 6-2, Monmouehi rename, Chlyotfa-lni. Tnfcvo JOO. jun Rn»w 

Snww. Kuito ^ 




Storno LtcL, Newby House 
Clwse Road, London N 14 fiJS. 
Telephone 01-882 0181 
Telex 267561 , or contact one of 
<xx many sates offices 
throughout the country. 


l^mgr»lntyw»Oon*bc^^N«iir a eraBp ii en#5000 




TM - 


i . 

-"if".- ri - 


FinaneisfF Times' Thursday October 26 197S 

i v* « 1 

:i i I 



ill its 

inmos to announce two 
microprocessor centres 




Monetary policy Money 
line ‘must wait’ su PPly 




INMOS. the microprocessor processors and mini-computer five former Mustek employees — By John Hunt, Parliamentary BRITAIN should not reach any executive committee on Monday . S 

__ j manufacturing subsidiary' of the memories will be manufactured Dr. Paul Scbrocdcr. Air. Dave Correspondent hasty decisions about member- when the EMS proposals came 

'National Enterprise Board, is in lhe early lBSOs. The plant is Woottnn. Mr. Ward Parkinson. I" 1 !* European Monetary under strong criticism frcun Left ✓ i to 

shortlv to announce the estab- expected to employ about 4.000 Mr. Dennis Wilson and Mr. (MR. ENOCH POWELL, the System and it might be difficult wingers. notably Mr. Anthony OH 

lisbinem of two. .technical people. Douglas Pittman — would in j Ulster Unionist MP and a former !° r fu. ri hna 1 choice until I close Wedgwood Benn, Energy 

BY ANDREW TAYLOR l centres, one in the. UK. one in However. during a legal the course of their work for lb? To Cabinet Minisicr last nicht r? . c* dC • m Secrelar >- - 

i the U.S.. for research and wrangle between the company new company betray Mostak 7 17 . . M .* ^ pavid the Foreign Secre- Xl» e pro-Marke leers in the. 

HE BERGER paints group has development on its products. and Mustek, one of the bigger trade sccrels. launcneo an anjck on Mr. tary. said yesterday. parly intend to make their views BY DAVID FREUD 

»ld almost all of its retail shops' Bristol is emerging, as a U.S. semi-conductor companies. Mr Parkinson Mr Pittmin Edward neat ” fnr hlii endorse- No firm decisions could he f e ] t |n ^ House a f ter p 3r ij a - 

* A. <\. Stanley, the home favourite site for the UK opera- three of- the five Mostek workers an d Mr Wilson 'have formed a ment of lhB Government’* ?I. Jd p r uf ‘ h?« mraent reassembles next Wed- ,- Er COUNTRIES will have to 

eeorating concern, in a £-m lion he ineomes pohey based on finn “#£ bel , ew f]n . ^ r ela a 

Berger Jenson and Nicholson employed in the u31 «ntre and pany. wllb Moslek *Ls sole wage guideline*. London on November 22 with la ™ section of UbL?MPiI-ho ,,n £ domesUc u, °° e - v SU PP > 

subsidiary of Hoechiit AG, the between -500 and 1,000 In the Lasr month a temporary in- cl,ent - . The debate within the Con- BIr. Aidreotli. the Italian Prime have not |n!ldu ^ under c ’^f han «® ”‘5 

'est German chemicals and UK’s. junction aimed at preventing ihe It is understood tha l all three, servative Party also continued, pSSnt" SS5 a,ll,th aboi,t lhe P r «PCs5ls and Eunlpiii, monetary svStem 

rugs group, has disposed of 97 At the same time, the company five men from working for who were in key positions, have with Mr. Geoffrey Finshers. MP 5?! r resident Giscara who arc WjJltj fop furtbcr ex _ ri,,: ,Wkhmkws 

1 us stores, tearing it wiih 12 will commission a study on the Inmos was dismissed by a U.S. returned to their previous wort for Hampstead and a vice- Dr o^n vneukin* at a pianations from the Prime Phmnc and Drew 
jops operating in the North- future siting, of its UK produc- court. on development of the MK h - ^ Dar1v malt in*i 1 £ ’r L» , tl , Minister and’ Mr. Denis Healey. ' pS 1 W , u 

1 st. tion plant. where micro- Mustek's suit had claimed that random access memory. chairman of tn pany. making a luncheon in London, said that The ]ol . _ that ; he For the system to work, the 

Sian lev already owns 120 — : rejoinder to Mr Heath without the British contribution to the t ^.uld J™. fim says that the domestic mune- 

ome decorating ifaops. opetai- ' mentioning him by name. monetary system debate had JJL'J e tary policy of the members will 

to Urz^lv in the South hut ■ • *1 a_ __ • a * Address in g export managers been in the interests of the Com- iu. lt need to be broil eh t into h&rnionv. 

fferSS Philips; rules out price sanctions sm %rst,-s x fgxrsunS SSSSs&S jagnaawa 

M?° U M Tol'^S^l fir ^ .h rae ° BY DAV,D CHURCH ' a ’ CONSUMER AFFAIRS CORRESPONDENT tTie^Lu? o^mo^ey^ 3 ^ • A* Irou^ofT^EEC S£ur Si h G^wnmeSrfrtIi 0l pSSSa SSSit C * or”** decrease. the 

an 'and a chief l execuUve tof h f«,e RETAILERS WHO sell Philips Prices Act which makes it unlaw- official view that they were mis- If a typhoid epidemic proved MPs has written to _ the Prime m l a J 1 ^ 0Ila , t ^ un *.v*!‘ , .! , ( . a W vrS 


— planned bilateral discussions in Thev be . „ . lh 5 -"»“vn 

London on Novemher 22 with “ JJJJ; a tmg domestic money supply 

within the Con- Mr. Andreotli. the Italian Prime Sjgf ' “J J l 1 ^ n .? H ,^ P .u b " yuidelines to exchange rate 

y also continued Minister, and in Paris on Novem- .?h ni ,V Mahility under the proposed 

-rev pw . up her 24 with President Giscard ?!S d * ah ““L,i?, e II? European monetary system. 

EEC COUNTRIES will have to 
switch national policies from scl- 


Stanley already owns 120 
ome decorating shops, operat- 
ic largely in the South, hut 
Lso m Lancashire, Yorkshire 
ad Cheshire. The Berger deal 
ill take the group’s shops in.o 
ie South-west for the first lime. 

Mustek's suit had claimed that random access memory. 

Philips rules out price sanctions 


it a genuine monetary system, wun torope should not prevent practices and its own trend >n- 
c , . . , -- value of monev m A ^roup of nro-EEC Labour !be Government from pursuing crease, or decrease, in the 

an and chief executive of f^e j RETAILERS WHO sell Philips Prices Act which makes it unlaw- official view that they were mis- *f a typhoid epidemic proved MPs has written to the Prime m fn a t irni° ' * Yo '* ” 3 chi eve ^Erffish nfake^lilile^^nJe^’ror ^EEC 

■oup. said yesterdav that ho! Industries domestic appliances, fu] for manufacturers to dictate leading. The company says it has to have been caused by water. Minister welcoming his positive mem t,ership countries in hav.. a standard 

rpected that all 217 shops j like dishwashers or refrigerators, to retailers the minimum retail had to re-introduce them because Mr- Heath would say “Nonsense: approach to the proposed Euro- « We should not form a definition of the monev simnlv 
ould be trading under one a* heavily discounted prices will price of a product. Manufac- competitors continued to provide we myst fight 1 he epidemic on pean Monetary System and urg- Bi , ih h irJ lh eL . linumiL . and common -rowth tar*-eis P * 
inner within the next jy i not have their supplies reduced, lurers may still publish recom- price suggestions. alf fronls-pure air. rich food, m? the importance of Britain and political advantiaftT that a ' f . 4 M 

onths The Sianlev shop^ I Philips told the Office of Fair mended retail prices and a -sug- The suggested going prices I services m the churches, magical joining lhe scheme at lts successful European Monetary s,,ch uniformity would 
arlo “FaiJs’’ hut ’the group i^i Tradin R- pested going price, hut cannot represent the prices at which ceremonies, the lot. Confound mceppon. System would bring.” almost certainly rule out a 

^insiderins modifying or chan"- Thc company's assurance fol- enforce such prices through the company thinks a reasonably Hiese waterists and their "We believe its represents a ‘Tbe letter is signed bv Mr. Pennine harmonisation of domes- 
1 'A Ibis name ’ " lows reports earlier this year sanctions. efficient High Street shop could dogmatism.” major step forward in closer eco- j 0 h u Roper cFarnivorthi’ Mr. monetary policies of a kind 

5 \ Stanley is paving £800 000 i n 1 that Philips was trying to estab- phjiins has admitlpd in tHp be expected In sell the goods. At a Conservative meeting in nomic ctnopera Lon in Europe and Roderick M a cFarnuhar tBc'lpen. »'h>ch would enhance the Mabi- 

to‘A>.h and issuin'* STS’^S new 1 Hsh a minimum selling price for npT I h ,. J” ^ ^ Philips claimed in discussions Enfield, north Londun, Mr. that it would be gravely damag- Mr. Ian Wrigelesworlh Hly nf exchange rate relalion- 

Sjj'Jiiares to meet the cost” of lhe i its domestic apphances and * _ A ine recommeoaed \yith the OFT that reports earlier Finsberg said thal politicians iog to Britain’!, interests if we cTnorahyi. Mr. Mike Thomas ships.” 

ViS'-ai ‘ Thrc will eive Reraer anl would apply sanctions in the re,a > " pnees are largely cos- this year that it was recommend- who called for an incomes policy were to exclude ourselves from (Newcastk-upon-Tyne East). Mr. The only course open to par- 

.1 £• .: 

from (Newcastle-upon-Tyne East). Mr. The only course open to par- 

sip inline P'lriie-J < nk e, T- In-Ct l f ininr.f inn nmi nlni in i\w-r.n( i nn 

■ace to selling Berger paints! 1 

'Or lhe next five years j JNeW WareDDUSe 

Berger said yesterday that the’ . ' 

;al had been put together in I BONDED warehouse facilities arc 
iout six weeks. With only a i now available from Dales (Lon- 
aail number or retail shops, j don), the SPD Group company. 
;d given the difficulty of expand- ' t,. . u ,. f 

g this base, due to a shortage ; The .^ a ^? ouse m 
retail sites, it had decided to : West Yorkshire, covers 30.000 
■cept the Stanley offer. ; square feet on a four-acre site. 
Last year Sianley earned pro- j Dales will run the open facility 
x profits of It.lm compared for wines and spirits and-huy dis- 
ilh £925.000 in 1976. Turnover iribution services through SPD 
«e from £12.3m to £16.1m. 1 Group Services. 

finding the right pe 

Production of paper 
and board improves 

the job is a job in 


^PER AND board production the cumulative total production ; 
.(proved during August bring- for the first eight months of 
g the total for the first eight the year have reached 2.7m 
onths to slightly below last tonnes, only Ofi per cent below 
.•ar’s level. last year's level. 

- In the earlier part of the year It is now expected that pro- 

-nduction lagged behind last dilution for the full year wul 

?ar’ s levels, reflecting the low be substantially' ahead of last 

;vel of UK demand and in- year’s total.- ■j r ' L 

reasing competition from ’ The best performance has 

m ports in certain sectors. been in printings and writings, 

- Figures issued yesterday by paper and boards, which are 
he British Paper and Board showing a 4.6 per cent- increase 
industry Federation show that on last year’s production level. 

Staff a sold for £100,000 


HE ISLAND of Slaffa. silc of 
ingal’s Cave, has been sold to a 
•tired Scottish accountant for 
•out £100.000. 

. Staffa. bought six years ago by 
r. Alistair De Watteville, was 
fered for sale by tender through- 
e Edinburgh office of surveyors 
aight Frank and Rulley. 

The firm is believed to have 
-ceived nearly 100 offers" for 
e freehold. 70-acre uninhabited 
land off the West Coast of 

Among the bidders hopeful 
welopers were fairly matched 
’ investors trying to prevent 
iy disturbance of the island’s 
ildlife. The unnamed Scottish 

buyer made bis offer in an effort 
to prevent commercialisation of 
the island. 

He has no plans for its develop- { 
ment. But he is happy to see 
regular visitors to the island as 
long as they do not disturb its 
“charm and wildlife.” 

Mr. Ronald Milhencb. the con- 
troversial businessman who 
served a prison sentence for 
forging Sir Harold Wilson’s 
signature over the “ Wigan Alps ” 
land reclamation deal four years 
ago. claimed to have made an 
offer for -the island and to have 
a £10m development plan for it 
But his name was not among the 
formal bidders. 

^Dealer pays £8,200 
if or Japanese prints 

% ^ 

s’ 1 *''* IE TOP price paid at Sotheby’s 
r sterday was among the Japan- 
n 2 c prints, with Sawers. the 
r ■ * mdon dealer, giving £8.200 for 

" w set of 12 prints by Kiyonobu. 
ie sale totalled £11S,924. 

•. ' T’ An Old Masters auction brought 

v , .x ; i’58,640. with best prices of 

, ,200 for a Venetian view, 
.* « fif- ‘ talogued Canaletto, and £7,100 

* r 1 . . ' 



3m Coinaghi for “ A Bac- 
anal," catalogued Poussin. In 
.-routine Impressionist auction, 
-iuf dera Strand," by Max 
ayershofer, fetched £1^00. 
Sotheby Parke Bernet in New 
ark has bowed to the prevailing 
md and introduced a 10 per 
nt buyers’ premium, while re- 
icing its vendor's charge to 10 
r cent. 

Other leading houses split their 
arges in that way and since 

Christie's arrived in New. York 
in 1977 Sotheby Parke Bernet has 
been out on a limb. By reducing 
the charge to sellers the sale- ! 
room is in a better position to 
obtain collections that might pass 
it by. The new rates operate 
from January 1. 

At Christie’s, jewels brought in 
£168,750 and books £54.485. S. J- 
Phillips paid £13;000 for a 
rectangular sapphire single stone 

In the books. “ Carte Topo- 
graphique du Comte de Namur” 
by Jaillot sold for £1,900 and 
“Liber Veritatis.'* by Claude 
Lorrain. made £1,300. 

At Glendining; naval and mili- 
tary decorations and medals sold 
for £57,892, with a top price of 
£7,000 from Graham for a Galli- 
poli Victoria Cross group, one of 
the famous “ Six Before Break- 
fast." wliich was awarded to 
Sergeant Richards or tbe Lanca- 
shire Fusiliers. 

No one job is exactly the same as 

Which is why, at your local Jobcentre, 
we have different ways of matching 
employers’ needs with the skills, talents and 
qualifications that jobseekers have to offer. 

Our high street location means that a 
large number of people are attracted by 

and are aware of the jobs we have available. 

As for your vacancy, we’d usually 
recommend that it should go on our self - 
selection display. Which means that it nm 
appear within minutes of your railing us. 

This way, jobseekers can find the job 
that suits them, then make an appointment, 
through us, with you. 

On the other hand, we might suggest 
that you talk to one of our employment 
advisers who will select, to your specification, 
a short-list of applicants for the job. 

Then, if you feel it useful, we can often 
arrange for you to use our offices to conduct 
interviews yourself 

And through your Jobcentre manager, 
incidentally, you have the chance to find out 
about a whole range of opportunities relating 
to employment including direct tr aining 
services to industry. 

If you’ve never used us before, you 
might be surprised that we have so many 
different ways of helping you. Or that each of 
the Jobcentre services is free of charge. 

Next time you’ve got a vacancy (or 
vacancies), why not come and talk with us? 

Because if anyone can help you with 
the job, we can. 



At Cbri&Lie’s South Kensington, 
pictures made £61,329 and furni- 
ture £72,500. 


ll Rare wines for sale 


Christies have **. unearthed ” auctioned in' recent years. There 
d are selling on November 30. will also be half-bottles of tbe 
December 12 rarities from 1869 and 1892, three bottles of 
ir^'? private cellars of two very 1900, and substantial quantities 

'.’^l/stinguished Bordeaux chateaux, front 395S onwards. 

^‘iey are' both family properties The range of vintages from La 
" ^^^^^^VSiiduiraut, a leading SaiDteraes, Mission-Haut-Biion, and its 
La Missiou-Haut-Br ran , the associated properties La Tour- 
vT-iehrated red Graves. Haut-Brion and the white LaWHe- 

^ , , , . . Haut-Brion is even more com- 

, avr 1 r 3 pent ^ prehenslve, with 62 vintages of 

111 entenaitung ann me raimues Haut-Brion. from 1904 to 1975. 
-e disposing of the excess quan- aBd 4 s vintages of LavtUe-Haut- 
^ ties. It is these, with a few from 1S2S. when it was 

ith-century rarities and larger £ rst started, to 1976 
. .» vwmnts of more recent vintages, Four la^^entury years from 

( *at Christies will offer in two L a .^fission cellar will, be 
•*» / f thing sales. offered and small quantities of 

/,• Twenty-three vintages of later vintages until the inter-war 

j*- 3 rduiraut wiJi be represented, years wdien bottles and magnums 
om 1829 tn 1972, and the half- of most years will, be on offer, 
ittle of I82ff will be the oldest including three dozen 1920, and 
memes that Christies have 10 dozen 1929. • ... 

Hie right people 

for the job. 


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c?cided ti 
a l son f« 
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ere con* 
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>74 Gem 
The foi 
iwins th< 
?air. Mi 
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arci3 W 
The Pr. 
r Haro 
awn soi 
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’ ■Financial V* 







A 10 PER CENT increase in the 
Government's limit on building 
society mortgage lending was 
urged yesterday by the Leeds 
Permanent Building Society. 

Mr. Stanley Walker, the 
society’s chief general manager, 
called on the Department of 
Environment to raise its quota 
for bouse purchase lending, from 
£fft0ra a month to more than 
£7Q0m. The new limit should 
take effect from the New Year. 

Announcing the Leeds' results 
for the year ended September 30, 

Car leader rejects 



SIR BARRIE HEATH, chairman petitiveness depends on just Britain's entry into the Common 
of the Society of Motor Mann- that;" Market, 

facturers and Traders, came • improved profitability “needed Since then, some of its repre- 
down firmly yesterday against to generate and attract new risk sentatives have weakened as 
export subsidies or import pm- capital for investment in future .foreign car imports mainly from 

tection in a statement calculated success;" ■ Japan; have helped to take hall 

to reassure Japanese motor in- the home market. They have 

dustry leaders who meet tnelr J^nierpnse welcomed the Government’s 

opposite numbers in Britain 0 a heightened spirit of enter pressure oh the Japanese odus- 
early next month. .prise and enthusiasm, “the. ini- try to restrict imports. 

Both subsidies and protection gradients vital to an improved Sir Barrie, chairman of GKN 
have been demanded by politi- working atmosphere, and for which is the biggest supplier to 
cians and sections of the nuitor identifying new opportunities;" the vehicle industry has now 
industry, and the Japanese have and made it plain that the Jodety 

instituted voluntary restrictions 0 efficient and full production does not believe such measures 
on shipments. at once to reverse the tread of are In the long term interests 

However, in a speech to Bir- increasing foreign penetration of the UK motor industry- 
m Ingham Chamber of Com- in the UK and its overseas His commitment to free com 
merre. Sir Barrie suggested four markets. But, this should not be petition will help to clear the 
priorities to recapture the UK’s achieved by export subsidies or air before the UK and Japanese 
international position in world by protective measures. industry leaders get down to dis- 

vehicle markets: As a believer in free com- cussing how to redress the 

0 Improved efficiency and pro- petition, the motor industry was balance of vehicle trade 

ductivity — “our worldwide com- among the first to welcome November 6 and 7 






MINERS AND-'. managers - did 
best out of ' pay rises in the 
year to April, according to the 
earnings survey 

MICHELIN YESTERDAY, be- ■ It is still unclear if the present farther. .percent oir earnings 
came the third major company 'Michelin offer, which is due to and there, . w«uld ; be a : possible, 
to make a pay offer in open be put to its workforce shortly, further ’2 f*er.«nt\nm May if 
breach of the Phase Four 5 per will be accepted. * the ' company? performance 

cent-JimiL ' ... . * * - — nnr manual workers 

National officials, of. trie Traps- ' io per cent?hase ment would ** niade as a supple- 

irt and fipn&mnXfnrbnrB. TfrtiM. ■ ® Sieppeu — . " ' TTIfinT 

port aDd GeheranVorkers Union This gave average 

of Employment Isaid the offer,, to the company’s r ber cent for the first ;, Tiie company has stressed to 

rvey, . published, j S.000 manual workers, was worth {^months *11 per cent for the .iHf SSSiM SfJk 

I an equivalent of 9 per. cent, with fJXrfTp n °riod of the vear and deal the union should stick much; 

! « nnuiMa' or middle periuu ui 5_ .f niorp" r nsefv to eXisTUlv. dTonirt*. 


Peugot probes components 


Mt. Stanley Walker 

Mr. "Walker said that most would- 
be borrowers were now having 
to wait at least three months for 
their mortgages. 

The Government started 
restricting house purchase lend- 
ing in the spring in an effort 
to avoid an explosion in house 

A further government measure 
needed to boost housebuilders' 
confidence was easier availability 
of building land. 

A TEAM from Peugeot Citroen, visit 130 UK companies. fixed shopping purse has been 

in Britain to investigate the The company had told him mentioned, 
components market, met Mr. that while price was important, Mr. Williams said yesterday 
j Alan Williams, Industry Mlnisr ** reliability and certainty of de>- that as far as the company was 
ter. and components manufac- livery is even more so.’’ concerned, there was no question 

turers yesterday to discuss the Tbe yjsit, exp^ed to last five of France dictating to Chrysler 
possibility of UK companies in- ^ays, was arranged at the UK where to biiy its components 

French S cl? P ^ b ou S p ° f otoy a°tiJy FT*? ?£ tb Z department of Peugeot Citroen was looking 

proportion 1 S£Z from BriUin i n e f s ust, g t^n bvTe^enart’ f0T „ su P, piiers * wh ? 

at n resent nels ; u ts see * Dy /- “®P a rf would enable developments of 

VheTam, led by M. Robert mV! ± , com 

Afterwards, Mr. Williams said tunity •• of competing for the • A* 00 Martin, the specialist 
that the French company supply of components. c ar manufacturer, yesterday 

Genuinely wants to buy British H signed a £500.000 contract with 

components, not just for It is understood that the team Japan which means that its 


Chrysler but for Peugeot Citroen is interested in buying a wide entire output next year has been 
as well.’’ The team intended to range of components, although no sold. 

Trade ‘well aware 5 of fraud 



FURTHER DETAILS of the used by companies for their reduced from 40,000 to 20,000 
In the latest year, the L^eiis j fiOm-a-vear car mileage frauds employees, might be sold for that would mean an extra £3.000 
raised its total mortgage lenrlinc ( a jj e _ ed ’ Mr Gordon Borne £300 more if its mileage was on the selling price, 
by £135m to a record £512m.L. r . T turned back from 40,000 miles to Mr. Montclire in part blamed 

in^were d^sclosed f yesterday at “°- 000 »««■ public for' the widespread 

the Motor Show ^ For more expensive cars, the frauds. “Far to many people 

‘ , .. profits were much greater. With want low-mileage cars. In fact, 

Mr. Reggie Mootclare, a direc- a two-year-old Rover 2200, re- the low-mileage car might have 
tor of Glass s Guide to Car Prices, winding the clock might make had a far harder life than the 
said that the trade was well £25 for every 1.000 miles re- higher, well looked-after 
aware of bow far the speedo- WO und, he said. With a Jaguar business car." 
meters were turned back on cars xjS it was £50 a thousand miles. Mr. Borrie has promised action 
offered for sale. With a Rolls-Royce, about £150 by the Office of Fair Trading 

A two-year-old 1TO0 model of could be made for each 1,000 against any “rogue" dealers 
the Ford Cortina, Britain’s most miles rewound. For a two-year- found selling cars with a false 
popular car and tbe most widely old Silver Shadow,- with mileage mileage. 

Mr. G. C. (Gerry) 

Mr. Thackrah, International 
Harvester’s Marketing vice- 

president for Europe and the 
Middle East, has died after a 
heart attack. He was 48. 

During his 28 years with Inter- 
national Harvester, Mr. Thackrah 
held many marketing positions, 
including export sales manager 
and subsequently marketing 
director of International Har- 

vester Great Britain. 

He was appointed vice- 

president marketing for Europe 
and the Middle East with the 
Payline Group, which produces 
and markets the construction 
and industrial equipment of 
International Harvester, early 

last year. In this position he was 
the chief architect of their new 
organisation based at Hounslow. 

Mr. Tom Cowman 

Pact on airlines likely soon 


Mr. Cowman, chairman of the 
Royal London Mutual Insurance 
Society, has died in hospital 
after an operation. 

He joined the society's field 
staff in 1934 as an agent at 
Wallsend. and became assistant 
superintendent. In 1938, he was 
appointed superintendent at 

In 1956. he became an area 
superintendent in Scotland, later 
transferring to Lancashire. He 
became a director in 1961. anti in 
1967 was appointed general 
manager with special responsi- 
bility for field administration. 
Mr. Cowman became the 
society’s chief general manager 
in 1973 and deputy chairman the 
fallowing year. He relinquished 
bis executive post as chief 
general manager in 1975 but con- 
tinued to serve as a non- 
executive director and deputy 
chairman until 1976 when he 
became chairman. 

A FORMAL agreement between necessary because the existing rights with France and West 
Ihe UK, French and West arrangements for Airbus Indus- Germany from August 1, 1931, 
German Governments, covering trie cover only two partners, is understood to refer to certain 
the UK’s membership of the France and West Germany. aspects of the existing A-300 
European Airbus Industrie The French and West German prqgramme, in which Britain has 
consortium to help develop the Governments yesterday officially been a non-risk bearing sub- 
new A-310 200-seat airliner, is welcomed the new agreement contractor on wing manufacture, 
expected to be drawn up and but there was no comment from earning substantial profits, 
signed within a few weeks. the UK. Cabinet Ministers, who That existing cantractnral 
The companies involved in the were members of the special sub- arrangement which did not 
manufacture of the A-310- committee set up earlier in the SJS^Rh ii vmlne rtehte. new 
Brl ^h . Aerospace Aero- summer to study the question of h asTo change In aoroSance with 

J ran wJf d E22I £utUTe ^ ■ a « rQB P a ?* P r °- Britain’s nfw s£tas Airtus 
Airbus of West Germany grammes, were given details. Industrie 
(including Messerscbraitt-Bolkow- There is not likely to be any ‘ . , 

Biohm and VFW-Fokker) will formal UK Government states . r “®, UK s 20 per cent stake Is 
also revise and strengthen their ment until it has approved all broa< “y understood to Include 
present tentative industrial the details. It is thought possible design, development and manu- 
agreement initialled a few rn a t clarification of some points fa £ fure of tfte basic W ‘P8 fw 
weeks ago, .to allow for full UK may still be sought. A-310, with VFW-Fokker of 

participation in the venture. One of these is the question of Br ®men (which has been design- 
These moves will follow voting rights, over which there L n 5 1( ? w |°§ its own for the 
Tuesday’s announcement from was ‘some confusion following Penning an agreement on 

Paris that the French Govern- the Paris statement on Tuesday s roiei undertaking some 

ment, acting also on behalf of by m. Joel Le Theule. French paris 01 lt also - 
the West Germans, had Transport Minister. British Aerospace has to settle 

approved an agreement reached It is understood that the UK where the wing will be assembled 
in talks between officials cover- will get full voting rights in — probably at Chester, where 
Ing British membership of Air- Airbus Industrie, in addition to existing A-300 wings are pul 
bus Industrie. its 20 per cent share of the work together — and where the parts 

The new government treaty on the A-310, from January 1 wiU he made, and what new 
and industrial pact will cover next when it formally takes up machine tools and labourwill be 
all the necessary legal, financial membership. needed. It is expected that fac- 

and industrial obligations of The statement by M. Le Theule tories at Hatfield and Fitton, near 
the three partners. They are that Britain would get equal Bristol, will share in the work. 

Figures in the department's, j a .possible; further , 2f per cent C g n t for the last months 

monthly .gazette show that the' later. ; • ■ ; ' -. ;7^ h«i. 

miners, with rises of 275 per i . . The company made ho refetx of *? e a £ a . unofficial industrial actioa amt 

cenL enjoved- the biggest in- enre- in negotiations to the 5’ per The peparhnent of Mploy- absenteeism. • • . 

cW of mV large groS but J cent. It. stressed, however,, fit menu however, required fee Although does 

that earnings In general {the offer was related to improY- company to P a Y Iast a ^ appareBtij'. form, a prpductivitj- 
g 8 ing Michelin’s' business perfonB- ^nt of the dut u a specuU deal .within the. limits of prese* 

anee over the- next year, -though, supplement The Department ef _ Employment 

not through any straight pi*® P3y that supp ement terminated definitions the company ui saying 
tivky deal, and that this would ^hen the deal came to an end that a deal such as It has offered 

be reflected in the company's “ September. will make for better business 

ability to pay. - Mr John Miller, the Transport .performance : and - consequently 

Any settlement at Miriielm is Workers national secretary for boost its ability to pay . 

likely to have widespread impll- chemicals and the lead in? union A substantial pay. claim for 

cations in pay negotiations for. negotiator at Michelin.. said the Shell s 4,000 
the rubber industry’s .total- company had offered to re- who .are due settle m January,’ 
manual labour force of 45.000. instate” and consolidate the was drawn np yesterday bv. the 
in companies like Dunlop, Good- 3 per cent. _ , ^ Transport and General Workers 

year and Firestone. ' ■ '.' It bad also offered to pay a union. •; 

management rose by 18.2 per 
cent, faster than the average 
fur the 'economy. 

Top managers of trading 
organisations had rises of 19 

With average weekly earn- 
ings of £104.10, coal miners had 
tbe highest pay .among manual 
workers. Slightly less than 
half their rise was in produc- 
tivity payments. Their increase 
compares with 21.6 per cent 
for Cnrniture workers, the 

Average earnings rose 12.6 
per cent over the year. In 
April they were £78.10 a week 
for all men and women. Tbe 
average far men was £87.10, 
broken down into £9350 for 
non-manual workers and £79.10 
for manual employees. 

Tbe average male ' office 
worker new earns more than 
£100 a week. 

Women’s average earnings 
were £56.40 a week: £59.10 for 
non-manual workers and £49.41) 
for manual, 
cent of women earned 
than £100 a week. 

Vauxhall strike stiD 
on as talks reopen 


VAUXHALL will re-open . pay tention to strike uni ess the corn- 
talks' today., with union repre- pany improved the offer, 
sent stives: of rita 26,000 mannal A strike at Ellesmere Port 

.workers. -Shop stewards at the would eventually close the Luton 
Only four per ; com pa ny*s_ Ellesmere Port plant and Dunstable factories. The 

more * yesterday r . confirmed.' the three plants are interde pendent 

j assembly workers’ decision, to and Ellesmere Port supplies, the 

The survey Indicates that the > strike from November 1 unless other two with gear-boxes, axles 

increase in earnings in the ] the company improved-- its offer, and other components, 

private sector is raoidly ant- : The trade union' side' will Senior union officials at Lutoir 
stripping that in the public j again be looking for an increase ' were still considering their posi- 

in pay before they discuss the tion yesterday after the rejection 
productivity deal offered by the of the strike call. Mr. Jim Lam- 
company. But .their position bert, deputy TGWU convenor, 
will be weakened after the Luton said: “Last year we won an IS 
and Dunstable workers rejected per cent pay award. This year 
a strike ' call against- the com- we turned down 4.6 per cent. 

hit Ugh 

By Philip Bassett, Labour Staff 


Men's earnings in (he private 
sector rose 15 per cent and 
women's 14.4 per rent, while 
the rises in the public sector 
were 10.3 and T.6 per cent 
Some of the divergence was 

‘pany’s pay offer, which averages We refuse to accept -that there 

caused by late agreements, [is pec cent. has been that much damage to 

among workers in tbe Post I Union negotiators: will con- the company's situation in the 
Office, electricity Industry and Sider whether the. Luton and past 12 months." 

National Health Service, whose. Dunstable votes commit them to The trade union side of the 
rises were not included in the- Ford joint negotiating comm it ree 

survey. n» ■ f turned' pay-talks at yesterdm acreed to meet the com- 

A main reason for the diver- !£ uge, ® y i Staffs.- will; be jobbiCd pa ny tomorrow for .Tesumed pay 
gence. however, is the pick-up i{£L? delegation from EResmere talks. Tbe move wiU-break Jhe 
in economic aclivitv ibis year, :- orL ' : deadlock in. a strike by : 57.000 

Offering overtime and produc- 
tivity payments to the private 


manual workers, note' -in its fifth 
week. : - 

Transport and jGwteraV-!Wor- Mr. Sid Harraway, chairman of 
Between 1970 and 1978 earn- ' kers Union shop Steward, cep- the- Ford body- • plant: shop 
logs by men in th e public - i resenting about 3L0O0 EJtestnferq stewards’ committee. - said arter 

Port woriters, met"' yesterday yesterday's meebrig -.'that, the 
after the 13.000 Luton workers company would be. putting an 
overwhelmingly, reject ed '-Jhft improved offer at. tomorrow’s 
strike call-, on Tuesday. The meeting. There: have been sug- 
Eliesmere' stewards said the gestions. that Jt. ! coufd be more 
Luton decision was “regret- than doable : the: Government's 
table," but re-affirmed fbeir in-- 5per cent -guideline. 


sector rose at an average 
annual rate of 15 per. cent., 
compared with 14.5 per cent, lu 
the private sector. 

The picture Is reversed for 
women, where the grealer im- 
rpact of eqnal pay legislation in 
the private field has meant an 
average annual rise of 17.1 per 
cent In the eight years, com- 
pared with 15.9 per cent in the 
public sector. 




By Michael Dixon, 
Education Correspondent 

TEACHERS' and students' 
unions yesterday made harried 
efforts to forestall the Cabinet's 
expected decision this morning 
to shelve a plan ro spend 
£100m on providing grants to 
16- to 18-year-old children who 
continue their education. 

The -National Union of 
Tearhers said (hat it v.-nuid 
Cabinet Minister, urging con- 
an “acid lest ” of (he Govern- 
ment's sense of purpose over 

The National Union of 
Students sent letters to every 
Cabinet Ministers, urging con- 
tinuation of the plan, and the 
National Union of Sehool 
Students sent an open letter to 
Mrs. Shirley Williams, Secre- 
tary for Education and Science. 


Timfis journalists 
offered pay rises 



TIMES NEWSPAPERS, which duction, and observe disputes 
has threatened to suspend pubii- procedure. 
cation from the end of next The two chapels \ (office 
month If it fails to get agreement branches) of the Nation^ Union 
on industrial relations reforms of Journalists. — covering the 
and the introduction of new Times and its supplements, and 
technology, yesterday offered its the Sunday Times — heard the 
490 journalists pay rises in offer yesterday and axe preparing 
return for their cooperation. then reply. 

Following agreement of all the The company is asking for 
unions involved, the journalists agreement to manpower cuts, 
would each get £500 a year. The and ts describing Us pay offer 
minimum rate, at present as a self-financing productivity 
between £4.900 and £5 100 a year bargain. Tbe extra money would 

THE FIRST effects of the Foni 
strike appeared yesterday. - in 
figures Of industrial, stoppages. 
The number of workers. involred 
in strikes last month was L the 
highest this - year, and - I^in 
working days, were' lost in the 
motor industry In the first nine 
months. . „ 

The Department of Employ- 
ment refuted an assertion made 
by a group of industrialists that 
the- strike figures the Depart- 
ment -issues flatter- Britjuh’4 
motor, industry- by ignoring, .the 
unofficial ' disputes which- affect 

The Department said that thfe 
fipures Included', . all stritoM, 
official or not. except very small 
ones involving fewer than ten 
workers or losing less .than one 
day, and even those were in- 
cluded if they cost in total of 100 
or more working: days.. ■ ■ • - 
Many small, strikes in- the 
motor industry .were :not covered 
by. its figures, ibe Department 
admitted. It hai-been. in touch 
with motor mairnfactiurers to see 
how the Such dis- 

putes could be improved. 

The Depai^enOfcfe.cohfldent 
that its count bfctarkfn* days 
lost, generally accepted as the 
best indicator of Strike activity 
did present 'a fair picture; of .tit; 
country’s strike -record.;-: " . . . 

Tbe . Ford strike, : now in -Jtt 
fifth week, was.; reflected in.ijie 
provisional figure for September 
issued by: the Department .'Hie 
number .of stoppages begixnuns 
in the period was lip by 8.4 per 
cent, from! 154 to 187. ' 
Working days lost rose- by 
86.9 per cent, from 460.000 to 
860.000. and workers involved in 
strikes rose by 22B per cent 
from 79,000. in August to 97,000 
last month, the higbestfigure for 
the year. 

Production at FonTs plants was 
hatted “ after workers walked <mt 
over the company's . decision, to 
conform with . : the Gov'ennnenfs 
pay guidelines of 5' percent.*.'; 

..Though the .FoTd strike has 
strengthened the. upwaiti torn In 
the strike figures for the! year. 

would be raised to £6.500. come out of the savings in labour figures for the first nine mobths 

There would be a salary in- C0StjJ ’ particularly among the JS5u d ™ qija J?- e { l ^SP red 

crease of 5 per cent next summer Primers, whose numbers wouTd '*£** “£ 

io remove anomalies and be K “ ost affected by new , Jlte mui^er-of. 

differentials, a “limited D av technoit^y. test in the period fell from just 

review’’ for journalists earning Mr. John Grant, managing Sbe^of 0 tSra’ UwIitoS 
just ahnve the new minimum, big editor of the Times, said yester- falling from BuSff to TiS 

pensions improvements and an day the company was offering a 4h e 1 Mm in’to 

wUk s “ e y^ y - 10 make 5 “ 0 “‘ to 

wecKs a year. of staff reductions. Tbe pro- figures of workihe davs lost in 

.Apart from consenting to new posals put to the journalists trie Sne toontS® comS 

technolosy. which will be intro- depended on a successful out- erTgineerin? 68 Sm tSS 

duced in about 18 months, come of negotiations with e a^h pf tnst. ** 

journalists. like the other em- the unions, 
ployees, would have to give a 
guarantee of uninterrupted pro- 

Mrs Castle’s new state pension scheme goes so 
far, but is that far enough? 

For most directors and higher paid employees, 
the answer is no. 

Because the state scheme does not currently 
provide tax-free cash in hand at retirement, 
nor full security for your family if you should 
die before retirement- important points when 
you look at the escalating cost of living. 

The solution to youT problems could be 
MGM's ‘Design for Retirement! 

MG M's plan enables you to build on the 
foundations of the state scheme-or your own 
private scheme-and create a tax-efficient package 
of fringe benefits for you arid your employees. 
IDesignfor Retirement* is simple to run- 

For further information con tact your financial 
adviser or ring Malcolm Powell on 01-623 8211. 
Alternatively, return the coupon at our expense 


Established 1852 

Marine ^d^^^^t^l^eAssurance Society 

To: MGM Assurance. Freepost, Worthing, West Sussex, BNll 3BR. 
(No stamp is needed) 

Fleascseml me further details of your Design for Retirement’ Pension Plan. 

because MGM does all the paperwork-and is so 
flexible it can be tailored to suit your own specific 
circum stances.' 

Why notfind out more -you’ll be glad you did. 


Company Name. 

Company Address, 

— . FT 12 ' 

/ ■; 

Print fund Pensions 

cash call f, ! ansfcr 

MORE THAN 3,300 British 
printing companies ace being 
asked today to contribute to a 
£hn fund io protect them against 
industrial action by printers 
who have been blacking new 

In a letter to all its members, 
the British Printing Industries 
Federation says that half the 
sum- is to be collected Imme- 
diately to give financial support 
to victims of action by "the 
National Graphical Association. 

It will be used initially to help 
companies meet -interest and 
depreciation charges on mach- 
inery lying idle and the BPIF 
council will decide later tribal 
other forms of help should be 
given, . - 

The Federation claimed vested 
day that action by the NGA bad 
left investment by printing; com- 
panies in new machinery and 
equipment at a .standstill . - 
'Iit tbe. past, couple of. weeks, 
the number of companies report- 
ing blacking problems to - the 
BPIE is . said to have . riseir- by 
30'oer.cent to about So:. •.» ' 
NGA members have. : been 
instructed by -the union not' to 
operate newly " ins tailed 
maduliery unless they . receive 
more money for the extra skills 

required. .' ; 

The Federation has offered, to 
negotiate on tbe union's claims 
but vonjy on the .understanding 
that approval is. given- by ./the 
Depaitjaent-r of; Employment on 
the Vdaie for. |mplera«itlng any 
setriwueifr*-f«v condittoh ’rsvBlia' 
has- refused^tp’ 


INDUSTRY MIGHT be helped if 
pension- rights . could be more, 
easily transferred between cdiff’ 
panies. the Association of Psor 
fessional,- Executive; Clerical 
and Computer Staff ' (APEX/, 
said today. 

Given such an, improvement 
It sdid. experienced, skilled.' and 
professional, staff , .would not be; 
deterred from changing Jobs. 

APEX, in a written submission 
to the .Occupational Pension 
Board, which iff Inquiring tow 
the protection . of pension rights, 
and to the TUG,, said that loss-of 
accrued .pension -rights on 
changing jobs is an obstacle .to 
effective use ■ . of ' skilled 
manpower;- ,. r 

• It said: ‘‘The outmoded idea 

that- the most valuable employe® 
ts t one who remains a lifetime 
with Me employer most be. 
rejected/* - • 

Bonus dispute 

MAINTENANCE engineers and 
electricians- at ‘Robinson and' 
Sons, Cfiesterfierd, Derby, hare 
gone-^bn fftrike - in 1 support of ® 
pay .. claim. - , Tiie company said 
yesterday .thbt the. -dispute arose 
over-.- failure- ~to - agree on - an 
Increased;, .productivity bonus. 
The i 50 jy tom bc^rs of. the AUEW 
sodCT^Jnstijnited -ah overtime 
jSwTan^ (pur weeks 

o? -• ‘ • 




Ignorance isn’t bliss. 

Until fairly recently it has been quite reasonable to think that the 
major car-rental companies, were all much ofamuchness. Efficient 
extensive, flexible- and comparable in cost 

However the recent publicity surrounding SwanNational has 
effectively terminated this cosy assumption. 

SwanNational are a damn sightmore cost effective. If renting cars 
is your responsibility consider howthis can improve your company’s 

Taken from current national tariffs. SwanNational 12 July 1978. A\is April 197S. Godfrey Davis 2 May 1978. Hertz 1978. 








£58.00 £66.00 £64.75 



£72.50 £83.00 




£95.00,16) £125.00 :ouo) £105.00 1 6) 


"° L £95.00 £112.00 £105.00 



£140.95 N/A 


Hertz refrain 
from publishing 
■unlimited mileage 

As an indication of 
cost differential 
however. Hertz 
daily rate for a 
Cortina, 2.0 GL is 
£12.00 -fl2p per 

rate is £9.00+ 

9p per mile. 

Rates subiect to VAX and do not include Collision Damage Waiver fee. Personal Accident Cover ur petroL 
All cars shown above fitted with radio except Godfrey Davis and Swan National Chcveite. 

Meanwhile our service is everything you have a right to expect 

We have a vast fleet of cars (possibly the country’s largest) 
and vans. 

We have 75 strategically sited locations, all operating ‘one-way 5 
rentals at no extra charge. Our interRent link-up operates in 33 
countries. We offer volume discounts and credit arrangements with 
central billing facilities. In short we put our resources where they 
matter -in the cars and service we provide. 

Now, with all these facts common knowledge, you should 
expect to be asked why you’re not utilizing Swan National. 

But don’t worry. You can always say you can’t read. 

Tony Grimshaw on 01-995 9242 has all the details. 







L'cideU tc 

Wilson ft 

umber c 
ere con< 
risn aKui 
arty on 
574 Gem 
The foi 
iwlng i h» 
fair. Mi 
as. had 
i orches 
imseif. t 
ady Fs 
arcia W 
The Pr- 
r Haro 
awn sol 
Id the 
d not 
wild a 
The Pri 
r Haroh 
rmal co 
On the 
;;nn«i t 
unci I s; 
jyal tic 
at Hier 
ihmrr bi 
The Pr 
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In ano 
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ath in I 



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Measurement of Urban Land Use. R. C. Fordham 
Land Reform in Ireland. C. F. Kolbert and T. O'Brien 
Provision of Tied Cottages. Ruth Ga**on 
Marine Oil Pollution. D. W. Abecassis 
Peasant Movements in West Bengal. Swasti MItter 

Forthcoming titles 

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Land Planning and the Market. B. j. Pearce, N. R. Curry 


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Studies in Land Economy 

Hardcovers, published by Geographical Publications 
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The King’s Vista. D. R. Denman 

Iranian land reform. 1950-72. Detailed account. 

Urban Harvest. <ed.) S. Millward 

Essays: urban renewal in Britain since 1965, 

An Approach to Land Values. D. M. Turner 

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History of Scots and English Land Law. C. F, Kolbert and 

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Tel: 01-499 2084 

Financial Times Thursday October 2? 1978 


Facing -up t© 





should lie, the principle panies which are leaders in sures now being taken by M. should intervene as 
complementarity between’ tbeir markets, 'Ufa* Thomson- Raymond Barra, the- French nnssihip. the author \ 

like Thomson* Raymond Barre, the- French possible, the author says, and, 
equipment. Prime Minister. It starts from'; .when it does, the aim should 

nf developing and ' -developed, CSF in electronic ... — - — — — .. — , 

nations. Several studies have, but lacks the great army of. the recognition^ that the only to make^wra^forces work 

La Grande Menace Industrieile, 
by Christian Stoffates. 

Editions ' Calmann-Levy, 3 
Rue Auber, Paris 9e, Price 
FFr 59. 

The emergence, .of the 

developing countries as ex* 
porters of a wide range of 

manufactured goods poses prob- 
lems of adjustment for the 
industrial powers, particularly 
France and the UK. In only a 
few industries can these two 
countries match the interna- 
tional strength 

They 1 are afHisadl'LSL^ot ^wTtharthe^umbr/of jobs medium-slzed enferprises which people capable ot hringingabout better, 
onlv with trade amor? the created by exports to the which account for such a large the modernisation and adapta- Stoffaes 
developed countries but SlJ%t developing coupes matches or proportion of German exports, tion of industry and entee, eminent cannot 
sunnlvine the develonine world exceeds the jobs lost through especially in engineering. prenears and managers. . The completely from the scene, a t 

with capital eouipment and imports from ’ them. But to To some extent these weak- Government's main role is to least at the present stage of 

other industrial Troducts ' Profit from this international nesses stem from past Govern- create the conditions in which French development. . . ... 

division of labour the indus- ment attempts at “industrial companies can make profits: . The private sector jn France 
nL , , trial country must be able, first, strategy." .In France there was managers are enqouragedtotake is much weaker . 'land less 

UDieCtlVGS to offer Che products which the a tendency, especially under risks and seize market oppor- dynamic than its. counterparts 

developing country wants and. General de Gaulle, to put tunities. The dismantling , of .in the U-S. and Germany. Some 

The objectives of “ industrial secQmij t0 resist protectionist national prestige and independ- price controls is one necessary assistance is needed from the 

strategy ” — a term which is used demands from: sectors in ence ahead of industrial step which M. Barre has 'Government, he thinks, both in 

with rather more precision by decline. efficiency. The UK has made already taken. M. Stoffaes also the conversion of declining in : 

the present French Government Lo 0 k e( j at in this light, the ^ __ dustries and in promoting . the 
than in the UK— should include: shortcomings of French and ... f^st-gro wing sectors. In co miner- lines a coherent 

a greater specialisation in pro- British industry ^ evident. As BY GEOFFREY OWEN ." ! cial-vehicles, for instance, he meet .it. 

ducts for which world demand M ‘ Christian Stoffaes points • . ‘ : Wp 1 Uw»s the Government , is For such a strategy 

is expected to grow rapidly and out in a book which con tains . . , . justified in supporting, the. ced, there must-hera imasefisro^ 

which, because of advanced viable insights for students the mistake of nationalising cer- insists that companies must be Saviem-Berliet merger under in favour of ..change;^ Tjje, 
technology or reliance on highly a7ld practitioners of industrial tain declining industries and free to reduce their labour jjj e R en ault umbrella and in political lobbies, which .stabdLta - : 
skilled manpower or for other policy France’s brilliant sue- companies r— a step which force to improve efficiency. ConK heIpin 'g them win back markets its way, whether 
reasons, are suitable for manu- passenger cars masks almost always inhibits redeploy- petitiveness is the responsibility j ost to tbe Germans and fanners and -.small shopkeepers^’ 

Raymond .. „ > 

Minister, whose - r 

mirrors tb*. measure* floured by;.: 1 

’ the author - 

facture in the industrial ser i 0us weaknesses in other ment and modernisation. Both of the enterprise, he argues; Italians. (It is not clear what in. France' or-irade : :_t!jfipiB Jn"; 

countries: a willingness to run branches of engineering, such countries went through a period dealing with the consequehc^ happensif the attempt fails; will the UK, mu^ be pvpra'n^ .The „ 
down employment in those as machine tools and commer- of over-valuing size of company of transitional unemployment is t j, e French Government accept resistance 'Barrrs : ~ 

sectore which do not meet these cia] vehicles; Mr. Stoffaes sug- as the key to success in world a collective responsibility. verdict of the market and policies are. now. .encofihteritigC- 

criteria; and the creation of that the economic policies markets. Both countries have M. Stoffaes’s criticisms of past allow the bulk of the market .to in Franc®' suggests -.that . . the 2- 
more companies, whether large. W hich helped the car makers, been too ready to prop up interventionist policies .by the bd. supplied by imports?) " consensus is "not -fany. ^lab-:- 

medium-sized or small, which notably exchange rate policy, sectors or companies in trouble. French Government deserve to ^The great value of this bqok ji shed there. Ip : tb$ UKv-despiJte^ 

can achieve and maintain a may h ave slowed down the ad- The new industrial policy be closely studied in -the UK, is that it sets out very clearly all the talk about ^ihdfus trial. ; 

position of world leadership in aptation of other parts of which M. Stoffaes prescribes to where the virtues of the French the nature of tbe competitive strategy" the: objective* •o 1*.' 

their fields. French industry. cope with today’s problems is model have often been exag- Challenge facing the oideT industrial policy ;testeja con-’ : 

Implicit in such a strategy is, France has a few large com- very much in line with tbe mea- gerated. The .Government industrial countries and out- fused and incoberehL _ 

Overthrowing the gods 
of management 

Gods of Management by Charles 
Handy. Souvenir Press, Lon- 
don. £5.50 

WE MAY not be aware of it but 
we are living at a time when 
the gods of management are 
engaged in a great battle, the 
outcome of which could well 
decide the future economic, 

“ spiritual “ and organisational 

success of our nation. . . .. 

Which god do we knowingly by artists, and professionals ducks, shoddy workmanship, munity,” the “ econonti'es 
or unknowingly serve? Perhaps like barristers, professors and refusal to employ new tecte quality," and the technological 
it is Zeus, the dynamic consultants — men who owe nology, eta). Our organisations, revolution, particularly, ia com- 

trace Ka rATIf AmVi- ; 1 TV* #-* - T' f 

* ' • ' " ^ • - -j, -4-r • j 

The Revolution in Technology duct, and others itav the' besr j 
and the widespread dispersal of financial reward .‘ae .-SBriilftr' j 
the mini-computer will make it units will-. compete: with.. ebb--* 
both unnecessary and expensive other, and efficiency wlii 'result; • 
to have people in one building from a more satisfied workforce," 
in order to co-ordinate them, an immensely sophisticated:. 

federal ^ 



The great office block and the technology. , and good: 
huge factory will become tech- co-ordination,” - T;1 - 

nologicatly as well as. spiritu- . . 

ally redundant. Travel will Professor Handy^a ‘ self^otK^ 
become increasingly, unneces- fessed missipnary^haS^writte^ 
sary and people will either 'work one ■ of/^ 
at home or in the village unit books on managemeiiL As '-klV 

man with ; a lifetime's- { exper r . . 

entrepreneur so beloved of little if any allegiance to a boss, he says, are not only failing to muni cations’. '. _ * Professor Handy s vision does many oT- the- organlsa-^ 

journalists, who with a style so Such are the symbols of the satisfy the new “democratic t he Search for Community I * ot exc * u ^ e tbe " ee “ for tions Ire ^alks abonti. and . as;/- 

essential to the start up of a four management and organi- and spiritual” needs of our will result in a dusnertfiri.orrem- S rowt k efficiency and-competi- visiting . Professor, of. Manage- “ 

new business, rules his empire sational cults that Professor society, but they are not even Nation ooeratine .with ,®° n - But these words, he ment Deveio-;ment at the Lori-'-- 

on snap decisions based largely Charles Handy, in his latest managing to maintain the old nn ccih iv no mow* ' tiran 500 ' al, ® u ^ s, acquire new defim- don Graduate School of Busi- 

on personal contact and book, Gods of Management, objectives of economic neool^ TTie nreankaiinnai vfi 11003 - The economiCs gt quality ness, us idcas eanmit be simply-. 

r y ^ will allow Deonle to choose from dismissed as the, snshful think- - 


conjures up as models for efficiency. 

Or do we owe our aUegianee “? The "short term answer to ^ i , of U*. tE&SStvSSZZt- 

to Apollo, the god of order and f“tiire direction of the institu- making our current institutions replace the mam math Greek- • *>, i..„ ■ ■. 

more effective and efficient Is temples of ApoUo. those wte«= 

bureaucracy, who governs large 11011:11 workplace wkwu « w «oouu. wi tnosewna^ u . .. 

unwieldy organisations where It is not surprising, he says, t0 change the cultural mix: argue that modem nations d# * beautiful pro- tional element ^ map., 

function, power and work-flows that, m a developed nation like m0 re Athena, less Apollo, with pend on all the economies # 

Task groups 

are held together hierarchically Britain, Apollo is, under attack a little extra scope for Dionysus scale found in large , organis- 
by a strictly defined set of on all sides from the newly ^ zeiXs. -Eliminate where ations. Professor Handy, aiituisf 
rules? emerging, forces, of Dionysus possible excessive reliance on that the answer is to link these 

and Athena. The. god of. order the micro-division of labour devolved units on a federal] 
seems incapable' of gracefuUy (batch production), replacing it basis, with the centi4 retaining 
yielding his pisce to the with a more Athenian team- coordinating powers, ultimately 
demands released by the ending oriented approach— as Volvo dependent howewr on tbe con- 
of the economics of scarcity has tried to do at its Kalmar sent 0 f lts branches 
pioneering captains? She rules and encouraged by an educa- assembly plant At the same 
a world of task groups which tional system which has in- time introduce a large dose of 
recognises only expertise as tbe creasingly emphasised indi- industrial democracy on to the 

basis of power and influence, a vidualisra and a group problem- shop floor as Bullock suggested Tl{ Economics nf Oualitn 
realm where youth and solving approach in preference in his report last year. In such rafh _ rhfln „ liarni W 
creativity are at a premium and to the old hierarchical and ways it is temporarily possible, th f 00 

Or perhaps we follow Athena, 
the goddess of craftsmen and 


where age, nepotism and length auflioritarian relationships. says Professor Handy^ to revive goh-ed * problem ^ and ^thar 'the 

of service hold no sway. 


disciplining forces of our flagging institutions. aim ig ^ back ... 

Possibly we serve none of economic efficiency measured in Professor Handy argues that Schumacher calls “the saered- 
these gods all of whom expect the market place, he believes, in the long term a radically ness into life.” This involves for 
the individual to remain, to a are now proving to be distort- new approach is needed to example, making things which 

greater or lesser extent sub- int, and increasingly ineffective, blend efficiency with individual- last and’taking into account the 

ArffinatO tra tVin nrrr*i nicnfriAn Thfl hPOnlrWraii/n nF » Kia A nm _ ■_ ..’.sti .nr ■— ^ ^ 

question of non-renewable re- 

Dionysus — indi vi duals 

to the organisation. The breakdown of the Apol- fsra. This will effectively in- 

we axe followers of Ionian approach manifests itself volve a massive redesign of the sources. Economic indicators 

mduals with a in what ..he calls the twin structure of our organisations. will no longer be measured in 

powerful desire to be masters of diseases of '‘organisational hi- This reorganisation will be purely monetary terms- rhp 
our own destiny. In this culture jack” ( strikes . absenteeism, pushed on its way and made Japwese/ for ?xaS have 
tte organisation exists to help s}t-ms, etc.) and “organisational possible by three forces, which already worked out a new index 
the mdipdual achieve hw pur- slack (over-employment, spare already exist in our present of Net National Welfare 
pose and is the one preferred capacity, subsidies for lame: society: the “search for com- replace GNP. 


A haven sent opportunity 


Using Tax Havens Successfully version by Mr. Thomas Crawley, 
by Edouard Cbambost a partner with a firm of London 
Institute for International solicitors. 

Research, hardback £13.50, The book outlines the reasons 

to prevent him doing so. How- diction over the beneficiary An 
ever, an element of double-think English trading company 
is evident in the high-tax coun- should use Liechtenstein ipri 
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£2,500 Literary Award 

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Patrick Leigh fermor 

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softback £9.95. why tax havens have developed havens will be with us for many than Jersey, for instance while 

BOOKS ON taxation generally ?nd then breaks them down years to come. a Swiss trading company would 

require considerable dedication P t0 various categories. There While a high-tax country does do well to avoid the blandish- 
and fortitude of mind from their ls n ° su «™ ^mg as an ideal not waat t0 lose its ow £ resi . ments of Liechtenstein and 
readers. Therefore it comes as Javen many aspects have dents . taxeSt mpst of them are p i ulup for j ersey> 
something of a shock to pick up be taken into account m qu i te ^ een to ^ havens to - * .u 

a volume dealing with the c h mc&— apart from poach other countries - residents ■ dubious tax havl n * i° D u 

weighty matter of tax havens to P ure ly fiscal ones. _ . . . , Sr. 010 ! 15 tas haven and M. 

it hnt h -aciitr 11115 means “any havens Chambost is at bis most oithv 

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foraation P Urirre ^ havens M P eOra0nS great advantage m attracting quick rundown on those “which 

Successfully is also wickedly The three msi ^ n categories-^- business as it implies political the tax ti-aveller may do well 
amusing wicxecuy for individuals, . trading and economic stability. Thus to avoid.” 

Written by a Parisian and -holding com- bas a tax haven for all 

lawyer. Tax Havens was origi- Pawes—mclude all the well- ^ d “ r,d ^ Frenchmen DpCnPratf 1 

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M. Chambost recommends It Man and Cayman Islands. Pierre et Miquelon; "Eat with 

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advantage of the facilities of a burden through the use of San Serriffe, although if they 
haven, however, be must first havens is to avoid like the do track it down it might turn 
thread a path through the legis- plague dependencies of a high- out to be a fools’ paradise in 
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Vickers: Against the Odds doubt call it, has of course than by “its tone ami attitude 
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Virkers -rnun has undereone ,hal •* bad tn endure two doses roused to action. There was a 
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duhhed Tc “ : Smith and the private enterprise. Riardronm, needed more ;snns 

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economic conditions.; ^ Vickers Vickers in poor shape, both In the end, a new 47-year-old 
has also seen three of its managerially and in trading chief executive in the person of 
■■ pillars ” shipbuilding, air. terms, to mount the first major Peter MaBhews (later knighted) Pi*,, mi „ Uub: modlr „ ■ ot 

craft construction and steel- example of determined institu- was found. Lord Robens sue- * 

making — disappear into Slate tional involvement in a major ceeded Sir Leslie Rowan, who ... . 

cmlral " rompan.Vs affairs. As Sir Hareld retired two years early and J*™* h „ ""J b ff n out. of many of fts 

Government “ interference." Evans recalls in his detailed died ten months later. The City r 1 J* 1 up a old sta P| e businesses, and it 

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Ion 5 mem nrandum critkal of wim wouid iiko to ha^ ke^ c-jironic unavailability in talk difficult to find. Sir Harold was, 
the wav Vickers was run. argu- Government intervention in J?* ? ,S j an,,Us sthemex. an insider fur If) years, so his 
mg particularly that the fimi- inrtnslry in check hy doing v'^kers had the same problem, honk tends towards a respectful 
Uon of chairman and chief more of the job themselves. as no-one at the lop seems to record: hut it is instructive 
executive he snli! have had U 16 courtesy of a face- about h«»w r the old soldiers who 

17. P Thc other intervention from lo-face meeting with this parti- seemed tn dominate the Board- 

The man who held both posts oulstde was in thc ••cheeky” cular standard hearer of room when his storx' starts have 
was the unfortunate Sir Leslie class, aod this book makes it capitalism who was briefly the given wav to voungcr men who 
Rowan. Sir Harold says that clear that respectahle old company’s biggest shareholder, sport accounting and enginecr- 
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Business and Businessmen, Lord Salisbury became chair- struggle over the supply of coal problems of adapting British 
Studies in Business. Eco- man at a time when the Great t" London between Watkin's steel technologies to French 
nomir. and Accounting His- Eastern had run into serious Manchester, Sheffield and Lin- conditions, the development of 
tory. Edited by Sheila Mar- financial trouble, and indeed on colnshire Railway and its rivals, thc marine insurance industry 
riner. Liverpool University Official Receiver had been the Great Northern and the of Merseyside in thc 19th cen- 
Press. £11.50, appointed. The cause was an Midland. However. Watkin did tuty. in particular the invest- 

"A HIGHLY-PAID chairman is “ver-expansiun nf the branch not fade out of Salisbury's life ment policies of the Union 
a luxury which should be re- network and thc planned re- completely. In 1887. he wrote Marine Insurance Company, and 
served Tor Hie return of a good ni ‘ ,val of lhc city terminus from to Salisbury, then Prime Minis- a study of the use of accounting 
shareholder’s dividend” wrote Shoreditch tn Liverpool Street, ter. *’ Rumour— -not always right records for business history 
the future Lord Salisbury, the Consequently the search began —says that, in the Jubilee Year, based on Distillers, 
late lfith-ccntury Prime Minis- f,,p a chairman who would res- industry is to have one nr more Th , f }hn nilsllI1 _ 
ler. when diseasing the offer of Mare c-mfidoncc .-md Mr (later representatives in the Hnnse nf 2 

the chairmanship of the Great fir) Edward Watkin. a shrewd. Lords. If so. I trost that my JSa makes St readm- m 

Eastern Railway in 1867. These th ° u sb somewhat slippery bust- claims as ao employer in the 

are noble seotiments by current “ an / ™ 1 "' a ’ i ’ In ‘ execution of -real work for a if ‘ 

standards and not the least of '««•*»• approached Salisbury to period of 45 years ... may at VjSf’ The „Sav S,ows S' 

the contrasts between the in- takeover. ^ all events be graciously con- J hi] ' Dj ti]] operatic 

volveroent of out of office poli- The new chairman proved to sidered ” The request went * « ® i„ S-Jhilf 

ricians in financially troubled he far from a figurehead and unheeded: how very different JL~ nt i anon , nrarKol at 

companies then and now. involved himself closely in the from more recent honours’ lists. ?. {J it ^ t ' thl 

Lord Salisbury’s chairman- detailed operations, such as the Professor Barker’s new light B ave TnSla f ex- 

ship of the Great Eastern in introduction of new excursion on the previously unappreciated LT an tion t nf moV p mpritq in 
1868-72 is the theme of oue of tickets to the seaside and the business background of Salt fe d , lata moveme,lts 

the most diverting essays in this use rolling stock, as well as bury is only one of a number 

new collection of studies in niore basic questions like the of discussions of the careers of These problems are not neces- 
business. economic and account- need for regulation of the com- businessmen in the collection, sarily insuperable but they do 
ing history. Professor T. C. petition by Parliament. In any also including shipping entre- indicate some of the difficulties 
Barker shows in his article that event, the financial position of prenenrs such as Lord Kylsant faced hy business historians. 
The boardroom battles of the the company improved and the and Alfred Jones. But there is Thc collection as a whole does, 
1960s and 1970s are a mere Official Receiver was discharged, no particular theme tD the col- however, underline the widen- 
shadow of those oF a century Salisbury then wanted tn lection which ranges over thc ins of insights into social and 
earlier when the railways were withdraw and favoured Watkin experience of Britain. France economic history generally pro- 
reaching their maturity and as his successor. But th'is was and .Japan between ihe early vided by the flowering of bu si- 
competition between the com- opposed by most of thc rest of J8th century and now. There ness history over the last 
| panies was fierce. the board because .of the. are, for example, essays on thc decade. 

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mittees Corporate Report m 0 j arms hardback and £4.50 soft cover, but it has been substantially 

19 ' 5 - His attempt tri set up a rival Contemporary Cash Man- revised and re-written to reflect 

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be treated as a market com- B b],. stable in British industry a * >reast oE dev elopments in a definition and application of 
modity to be hired or fired. By for at lezst th e past 20 years. c °mpany. . various forecasting techniques: 

talking in terms of value added Mr Wood suggests this could Corporate Models is a second definition of the similarities and 
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© Markets 1977-82 

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0 409 01353 6 
A Smith African 

Goodman: International 
Double Taxation of 
Estates and Inheritances 
Wolfe D Goodman 
Limp £13.50 net 
(US$27.00) 0 406 31306 6 

Gough: Company Charges 
W J Gough 
Cased £25.00 net 
(USS50.00) 0 406 21204 X 

“ The quality ... is high 

Solicitors' Journal 

Hayton & Tllcy: Capital 
Transfer Tax, second 

D J Hayton and 
John Tilcy 

Cased £14.90 net 

I US$30.00 » 0 406 66512 5 
“ — will be found 
particularly useful by 
practising suite iinrs.” 
Solicitors' Journal 

Magnus &. Ksiriu nn 
Companies: Law and 
Practice, fifth edition 
S W Magnus and 
M Esirin 
Cased £47.50 iH 
( US$95 00 1 0 406 28525 X 

Main price: Value Added 

II ti gli H Main price 
Limp £7.110 net 

l US$14.00) 0 406 2S710 4 

Row land's Guide to the 
Taxes Act A: I TT 
Nigel Easiaway 
Limp £S.50 nel 
) US$17.00) 0 406 35910 5 
Publtslicd annually 

Selwyn's Law or 
Norman M Selwyn 
Limn £5.95 net 
(US$12.00 ) 0 406 65341 0 

Overseas orders are 
subject to a despatch 

Butlerworths Pn rough Green. Scvcnnaks. Kent TN15 SPTT. 
Bookshop; Bell Yard. Temple Bar, WC2 

Economics for Managers 

P. C. F. Crowsou and B. A. Richards 

Second edition 

Written specifirally for managers and non -specialists 
in economics, this book shows how economists utilise 
their theories, how such theories apply to business 
enterprises and the general environment in which 
businesses have to operate. It is the changes in this 
environment since 1975 which have necessitated a 
new edition. 

Paper £ 4.75 

Behavioural Sciences for Managers 

R. L. Boot, A. G. Cowling and .11. J. K. Stamrorih 
For students nf management and rnr prr:( fixing managers, 
including thc small firm ovner-nianacer. inti-rericd in 
the application of the behavioural n-o-nces to the h'»lri 
nf work. It presents a practical guide fnr m.inagnm-ni 
based on an analysis uf both empirical and theoretical 

1' In til £10 Taper £4JO 


Edward Arnold 

41 Bedford Square. London W£1B 5DQ 

:• '3 • 

^adal -Times 





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Young A-CA. 

Caven ham's exceptional growth record in the last few years: 
has made It one of Britain’s most progresslveTood manu- 
facturing and retailing groups; both in theUJCand overseas: 
it has just recently made a further retail acquisition iri-the 

Great emphasis is placed on financial control, .which at 
group level is earned out by a verysmall headquarters team, 
based at Hayes. The team's responsibilities include group 
accounting, cash management budgeting, forecasting 

&£ 6 , 750 *car 

and corporate restructuring. 

Recent interna! promotions have created an outstanding 
opportunity to join this team and weareseeking, therefore, 
a young A.CA. of ability and potential, probably having 
previous experience with a major international professional 
practice; An understanding of French would be useful. 
Success will be well rewarded with careerpragresaon and 
generous benefits. Relocation expenses mil be met, if 

Please contact James N. Denholm, R&A, In strict confidence, at Management Appoi ntment s 
Limited, Albemarle House, 1 Albemarle Streep London W.LTeJ: 01-499 4879. 

rManagement Appointments Limited 


International M^rcfc^tBank 

Career opportunity in 

We require a young man or woman aged 20 to 25 years to join our 
internatiorial bond d^ffngd^>artrn@itIde^l)C3^g^itsshoufd have 
several years! experience in fixed interestseiirfees, niA necessarily as a 
■dealer. The position requiresthe ability to research and express ideas lucidly, 
together with a capacity to work under pressure ■ : v ■ 

in addition to a competitive salary, we offer75p ji&<fcy ioncheon vouchers, 
norveontributory pension scheme, morigagesiiba^^tene and interest 
free season ticket loans. j,. 

Please write gjvingfult details of age and experience ffe. a 

Kleinwort Benson Limited, 20 FenchurchStred, Loridon EC3P3DB. 

Merchant Barifeers 

The Technological Centre of the GKN Group is 
involved in advanced commercial and passenger 
vehicle component engineering development. 

To support this top level development work we 
need to strengthen our product management 


]f vour background equips you for one of Ihe 
following positions, uc would like to hear from 

Head of Commercial Planning 

to control the planning and analysis of all 
marketing and financial aspects of automotive 
development projects. With a team of specialist 
analysts, you would conduct research studies and 
financial evaluations and develop market 
strategies etc. 

You should hold a degree or relevant qualification 
and have in-depth product experience of the 
automotive industry plus some marketing 

Product Manager 

to work on specific projects and plan, coordinate, 
administrate and expedite on behair of the 
Business Development Executive. This requires a 
high degree of project engineering or contract 
management experience and involves liaison with 
manufacturers and suppliers. 

You should be a graduate preferably with an 
automotive planning background and experience 
of estimating and product scheduling. 

Product Evaluation Engineer 

to evaluate financial aspects of new and 
competitive products and to provide estimates for 
new product costings from line company 
information. This will include costings of 
development programmes, prototype and capital/ 
tooling expenditure. 

You should be aged around 30, w ith degree or 
HNC tMech. or Prod. Eng.) and some years’ 
experience of costing/estimating for mechanical 
engineering, ideally in a development environment 
working closely with senior management. 

Product Analyst 

to specialise in world-wide legislation affecting • 
automotive performance and other statutory 
regulations. This position will attract a graduate 
aged around 25 with an analytical background 
and a keen interest in the automotive industry. 

We offer attractive starting salaries to career- 
minded men or women according to depth of 
experience plus the range of benefits, including 
relocation, you would expect from a major 
international organisation. 

If you are seeking advancement in a high -growth 
activity - write giving concise history details to:- 

The Personnel Executive, 

GKN Group Technological Centre, 

Birmingham New Road, 

Wolverhampton WV4 6BW r . 

' . t*. 

GKN- Britain's largest Internationa! engineering group 


A leading -Gulf firm in association with Arthur Young L Co. and 
serving international dienes, requires a manager for their Dubai office 
in the United Arab Emirates. Must be an ACA or CPA. have 
practised with a major firm and preferably be fluent in" Arabic.'* 
Depending on qualifications and experience indusive salary will be 
in the range £20,000 co.C3.CKXX per annum: -- • r jS > 

Candidates who seek a challenging professional enyktiflinase with 
good growth prospects should either telephone QlJB3t for an 
application fornvor write to John MaroTvArthpr Ycrang-. McClelland 
Moores & Co.* Rolls House-7 Roils Buildings, Fetter ;Lawt; U>Ddon. 
EC4A INL. ' S .*)* 



An Analyst is required to join our Research Department. The 
successful applicant will require to produce evidence of a 
thorough analytical training supported by an abOhy -TO produce 
and market high-quality work for institutional consumption. A 
record featuring a sector specialisation, particularly;. brewing,, 
would be ideal, although applicants with a .sound basic paining, 
will also be considered. A professional or academic. qualification 
is preferred but is not 'essential. Terms will be competitive in 
line with age and experience and all applications wilf be treated 
ir.strictest confidence. : *-:j. 

Initially, please write or telephone to the following, giving '• 

a brief outline of bust career: 

James C. Hardie, - 


Stock Exchange Houser * 

69 St. Georges Place, . j 

Glasgow G2 IjN. j 

Tel: 041-248 6271 ; 

Young Accountants 
and Business 

Up to £^500 

Tate & Lyle are looking for young 
accountants and business 
graduates with the motivation 
and potential for financial line 
management roles within 2 
years; initial appointments will 
be based at the Group's Head 
Office in the City. 

Financial Accountant - 

You will be involved in 
developing accounting policies 
to deal with Tate Sc Lyle s wide 
range of activities, and assisting 
with the production of Group 
accounts. This appointment 
is suitable for a -highly competent 
professional who now wishes to 
move into commerce. 

Financial Analyst - 

You will be working 
on the development of 

management information 
systems for the planning and 
control of operations and on 
the analysis of capital 

Special Duties 
Accountant - 

Responsible to the Deputy 
Group Finance Director for a 
wide variety of special assign- 
ments. This role will involve travel 
in the UK. and occasionally 
overseas, often at short notice. 
Interested applicants should 
send a career resume or 
telephone for an application 
form and further information 
to Mrs. J. M. Matthias, 

Tate & Lyle Limited, Sugar Quay, 
Lower Thames Street, 
London EC3R 6DQ, 

Tel: 01-626 6525. 

Financial Management 
Consultant * 

Tate & Lyle 


At Institute of Financial Management (IFM) to consult irr areas of Company 
Finance, project preparation and investment appraisal, and develop teaching 
materials for use in IFM courses. Applicants should have CPA. ACCA or 
equivalent MBA or PhD (Financial Management) with experience in 
consultancy) business and industrial organisations and teaching. Age 35-50- 

Appointment 2 years. Salary (UK taxable) in range £9,500-£I 0,500 plus tax 
free allowance in range £l,400-£3,570 p.a. (Ref 328D). 

The post is whofiy financed by the British Government under Britain's 
programme of aid to the developing countries. In addition to basic salary 
and overseas allowances other benefits normally include paid leave, free 
family passages, children’s education allowances and holiday visits. -free 
accommodation and medical attention. Applicants should be citizens of the 
United -Kingdom. 

For full details and application form please apply, quoting reference, 
stating post concerned and giving details of age. qualifications and 
experience to; 

Appointments Officer,. 

Room 30L Eland House.. 

Stag Place. London SW1E5DH. 



Simon & Coate S 

Institutional Equity Department 

Simon & Coates is looking for an experienced Equity Salesman. This 
position may particularly appeal to applicants who feel that promotion 
prospects are blocked or that the research backing and flow of ideas are 
insufficient in their present firm. 

An attractive financial package will be offered. 

Please reply in full confidence to : 

John Young, Simon & Coates 
1, London Wall Buildings, London E.C.2. 

Director of Finance 


£ 20 , 000 + 

British pharmaceutical company with accommodation, transport medical msumnna 

S-g^bBn.w.fiSfcn . 

ma^imSnaraSfrgsa^Sarrdfbr PA Services Ret AA3/6S21IFT 


mnSS 25 ??^ expenence of ffrtradjong quoting*® reference nurobSrin^yttT' 
s ? ys ®! ns fetter and envelope, and advise us^emhave 

* 20 ' 000s rarart ty made any ciherappS^gtgjhsta 

negotiai^arKifreefijiVfuniishecL PAPersomel Services. 

PA Personnel Services 

Hyde Park House, 60a Knightsbridge, London SW1X7LF. Tel; 01-235 6060 Telexr 27874 
* AmemtwofPA/nieffSfibna/ 

with aieading firm 
Chartered Accauhfa 

I I l ' > j 

Our client is a major firm of Chartered^ Q 
Accountants .with offices. tbroughout the-UK^fed-." 
overseas. The firm wishes to appoint a yoUrig r - :+^ ; ; 
Chartered Accountant in its London offic.e wflh a : 
view to an offer of partnership within eighteen - r - - f 
months. Initially, the position wilV&e that bf a tax 
manager. # . - •• ■ J - *.'* 7 *• 

Candidates, who will be aged 25f30, should- : . 
have a sound educational background and hoid a. 
good degree from a major university. They wiH 
have had thorough professional tnainrng and 

This is an exceptional opportunity for bri : ; 

outstanding candidate who has both: the cteafive- 
flair and ability to communicate which are... . 
essential to successful tax consultancy; The salary 
and benefits will reflect the leadihg 1 po$ition of the 
firm and the importance of the appointment • 
Applications, in candidates' oWn hand, should^. , 
include a photograph. arid' give full details of 
personal background, education, professional - 
training, career and outside interests and be -)r; 
addressed to: 

Theodore Goddard & Co., 

60, St. Martins^e-Grand, ■ . /■;> 

London. EC.1. - Ref.pp.43 

Strict confidertce will be obserited. Gandidates ; - 
should state ihe names of firms to whom they'do 
not wish their applications to be passed; s V. : •’ - 

The Group, manages two Investment True 
other Funds totalling in excess of £35 million^ 
broad interests In both overseas markets 

u-k- : :\ . : > 

An executive la-required .to join the two ex’retlf^ 
Fund Managers^ and take re'sponsibility fdr ’a 
number of Accounts witfr U.K. and: overe^ 
content He/she wiH also be involved in prepaifatlori 
of Board Meeting Piters. : . . - • 

The team is small, ffiteiy and works closely on ali 
investment strategy. . f'T 

The successful applicant Wili 

have inveslmerit nranagerrient experience 
' in U: K. eq u i ties and prof e'rably also, i ri over-; 
seas markets. ■' "/ ' ’ . - 

— be abieto work on his/her own initiatiye.- 

— be interested in a continuing career irv 
investment management with a Group, folly 

. involved in changing investment ‘patterns,, 
and based in Newcastle upon -Tyne,, a 
leading Provincial centre with easy access 
to attractiveand uncrowded countryside:. 

Salary is negotiable and consideration willbe given ; 
-to-removaf expenses if required. : ;. "k 

Applications, to Include C.Y. arid current' Salary; 
details, will be treated in the strictest confidence 
and should be made to: 

Norman Miller, i . 

Carliol/Tyneside Group, • V* g 1 

‘A’ Floor, Milbum House, - 
Newcastle upon Tyne NE1 1LU 

General Manager 

OVERSEAS £25,000 , 

For well-established and- progressive overseas 
company specialising in the sale - arid servicing 
of survey and photogrammetric equipment, lithe- 
offset printing machihes, phototypesetting equip* 
ment; . plan .and . photocopying machines and; 
supplies, selected laboratory equipment and 
supplies. . . 

Age group 35 to 45. .. ; . ..-7_ 

Ideally the candidate .should .he a chartered' 
accountant with . some - years’ ^ experience as 
managing director or general manager of a similar'' 
business in an underdeveloped country,- if. not a 
qualified C.A., he must have a sound knowledge 
aiiid good practical experience- ai senior manage^ 
njent level . of accountancy, finance control - arid 
secretarial work. He wiH_ hkve under.his coritrol-' 
chief accountant personnel •' manager, six ' 
divisional managers and. five branch managers. - 
■Hie job-demands pronounced qualities pf le&er- - 
ship; organisational flair, drive and stmnina. . 

^xary and bonus equl^ralent to"£25,Q00 p^. subject.; 
to -annual review, on which -present taxation ; - 
^proximately 2A%~ Home remittance .upjto 50% 
o£ income, after tai One month.’s leave for- 
eieiy five_inonths’ seTyice. ^$^^ish^hep(ise;- v 
famfiy ; ; : travel ; allowance; :, 'chfidreh’s - : education 
allowance^; medical care for- self vand ianiily, ; car 
.and driver and other friiige' Mndfi&v’r" _ 

Sply Messrs.' Reads, - thiky,- Vlhedbeid Cbi 
(P/K) , Leath House, 4Z €resham 5&eeL London' " 

EC£V. yet:;-;.. •' * 

- *■*. t 1 -* 1 . *> -*v*> 

$ ; i V *- *■. u ?}■ 

’ « * ■*■ '<*< «af » i I 1 1 

i ? i C< : l^-'- V 

Financial* Times Thursday October 26 1975" 



*• •* 




Business Managers • 

40-45,000 Naira, negotiable 

Our client a prominent West African bank, wishes to recruit a Chief Executive. 
Responsible for the overall profitable running of the bank, the successful candidate 
will be charged specifically, during the three year contract concerned, with the 
building and training of an effective local staff and vutth the Identification and training 
of a successor to the present Genera! Manager; who is due to retire. 

Fringe benefits associated with the appointment are appropriate to its importance, 
and will include free housing and suitable domestic staff, chauffeur driven cat any 
necessary boarding school fees, and at least ope month’s U.K. leave per annum. 

The post will carry a seat on the bank Board. ' 

IdeaGy, candidates will have gained high seniority in a British overseas bank and 
liave extensive knowledge and experience of banking In developing countries. 

The position could be of benefit equally to a senior banker currently engaged in, or 
newly retired from, such an opera tion. 



LcHMton/^est Country c£i0,000 

Applications with relevant supporting data should be 
forwarded with minimum delay to Me C. A. Cotton, 
MLH Consultants Limited. Park House. 

22-26 Great Smith Street London SW1P 3BU- 

Consulting Group of Companies 




Yorkshire Bank Leasing Ltd. a 
wholly owned subsidiary of Yorkshire 
Bank Ltd. was established in 1975 and 
is one of the top twenty leasing 
companies in the U.Iv 

Wfe seek a qualified accountant, to be . 
based at our Leeds Head Office, age . ■ 

35*45. to implement and supervise the 1 - 
lease accounting function. He or she will 
have experience of finance lease 
accounting and administration, be 
conversant with computerised 
accounting systems and be capable of 
training and supervising staff. ~ 

The successful applicant in this new - 
appointment will also be ultimately 
responsible for the accounting function 
d Yorkshire Bank Finance Ltd. 

This is-a Yorkshire Bank appointment 
and the attractive personnel package 
includes House Purchase Scheme, 
non-contributory pension and profit ■ • • 
sharing bonus. Salary negotiable T 
according to experience. . ' 

Applications including detailed 
career and salary history should be 
sent to;— 

Mr. N. A. Slembaeh,’ 

Manager. Personnel Selection, 

'forkshire Bank Leasing 

6 Queen Street. Leeds. LSI 3HG 



London S.W.I. Up to £10,000 

Major public engineering Group with an annual 
turnover exceeding £700 Million seeks, a taxation 
accountant to report to the Group Taxation 

The work involved, which excludes personal tax, 
consists principally of responsibility for the prepar- 
ation, submission and negotiation of tax comput- 
ations for two fair-sized groups of engineering 
companies and one smaller one, all in the UK but 
with overseas in co me. There is also the requirement 
to prepare tax provisions for the annual accounts 
and to advise the companies concerned on the tax 
implications of proposed transactions. Some travel 
will be involved but this is unlikely to be excessive. 
Candidates must be over 25 and qualified accoun- 
tants, preferably chartered. They should have two 
to three years’ post -qualifying recent experience of 
company taxation gained either in industry or from 
a tax department in the profession. Commencing 
salary will be up to £10.000 per annum according 
to a^ and experience and there are excellent 
prospects of advancement. 

For a fuller job description write to A.R.D. Mac- 
DoneU at John . Court is & Partners Ltd.. Selection 
Consultants. 78 Wigmorc Street, London W1 H9DQ, 
demonstrating briefly but explicitly your relevance 
and quoting reference 556/FT. This is an equal 

opportunity appointment. 



Credit Analyst £7500 neg: 

Expandin» City bused Consortium Bank wiLh 
excel Icnl grow ill record is currently seeking 
an experienced analyst, ideally aged 24-30. 
Reference 1536 


Administrator £6000 

International Merchant Bank, specializing in 
Syndicated lending, requires, due to rapid 
expansion, an experienced administrator 
sec ki ng a progressive career. 

•Reference 1517 

Fur these and other positions contact Yvonne 
Emmerson-Hsii m 

Lloyd Chapman 


If you am head with a career change 
or In clw middle of a fryjtmdnj} job 
foarch, find out about the FORTY. 

cott effective baeauM it helot you to 

cost effective because it helps you to 
get the right |ob faster. 

ftl-H High Hotbom. London. 
WC1V ELS. Teh 11.242 4*75/4 

Highly respected City institution with considerable 
financial resources seeks to si reiigthcn its expanding 
commercial mortgage business by the appointment 
of two New Business Managers, responsible for 
territories in (he home eounries and west of 
England respectively. Remuneration package, 
negotiable around £10.000 a year. Includes com- 
pany car and cheap mortgage. 

Candidates, probably aged 27-45, will have gained 
experience in a bank or other financial institution 
or hire purchase company. Sales ability, judgement 
and an understanding of interest rates are more 
important than professional qualifications, 
although AlB would be useful. Prospects are 
excellent in a group of the highest calibre. 

For a fuller job description, write to John Courtis 
& Partners Ltd.. Selection Consultants. 78 Wigmore 
Street, London W1H 9DQ. demons! raring your 
relevance briefly but explicitly, indicating preferred 
territory, and quoting reference 2052. This is an 
equal opportunity appointment. Replies will be 
treated in strict confidence. 





Thomas Tilling requires a Group Internal Auditor based at the 
Group headquarters in the West End of London. This import- 
ant appointment, reporting to the Group Financial Director, 
involves responsibility for co-ordinating and developing the 
Internal Audit function in this large and widely diversified 
international group of companies. 

Candidates, aged 35 to 50, must have several years experience 
of high level responsibility for audit management. An appro- 
priate five figure salary will be negotiated plus company car, 
pension and other benefits. 

Please apply in confidence to F. R. Black, Financial Director, 
Thomas Tilling Limited, Crewe House, Curzon Street, 
London W1Y SAX. (Telephone: 01-499 4151). 

Tax Assessors 

Hong Kong 

Up id £11,300 pLa. 

1 25% gratuity on salary 
i Low tax area 
i Free medical treatment 
i Free passages 

I Generous terminal leave 
l Subsidised accommodation 
l Education allowance 
' Holiday visits for children 

Applications are invited for appointment as 
Assessors in the Inljnd Revenue Department 
of the Hong Kong Government. buecex-Itil 
candidates will be responsible for the 
assessment of taxes imposed by the Inland 
Revenue Ordinance, the Stamp Ordinance 
and the Estate Duty Ordinance of Hong 

Applicants should preferably be under 35 
vean ot age and must:- n ; be Asset: into 
Sderabcrs of the Institute of Chartered 
Accountants or .Association of Cern'liml 
Accountants or other similar - institutions, 
plus .it least one year's post-qualification 
experience in Lr%ation law and practice; OR 
{2 1 have an Economics nr other Honours 
degree, with Accountancy as one of Lhe 
subjects studied, from a British University 
or equivalent, plus 3 years' appropriate post- 
graduate experience in an appointment in 
which lhe major part of the duties requires 

a thorough know ledge of taxation; OR f il 
have succcsrl uUy passed tine final .Up.irt- 
mental examination of Her .VLic.-ty’s 
Inspectors ul'T.ixc*: OR ( 4 ) have ap|ye-.ia ole 
experience as an Assessor or in u rank 
in the ta:-: «on of other u-rrio-ri. s. 
The appointment w ill be f<«- no inili il period 
of jl Ji’.irs. The vil.iry j-cule tor 1 I 1 . j,.. r i, 
Ircan HKS;, 3 J 3 !<• HKS-S.U 45 per inoiiih 
t.ipproximately lrom ^, 0 - 7 .;o 10 1 1 

P-.i." '. Marling salary wilL depeiri on 

For further information and an npi.'iihHtfon 
jnrni, write to the Hung Kong Government 
Olliee, o Oral u-n Street, London. W iX .?LB, 
quoting rcfertn-'e IRD/ASS at tile t*.p uf 
Xuur letter, ‘.'losing date fur return uf 
applications: 15. November 1478. 

*/»< ix'J Oil CXikilHSO uilc hi KStl.jO. — Jji.oo. 
TIil, 1 old is rutju-i lujindLujliun. 

Hong Kong Government 



This is a 1st class opportunity for a young banker who essentially has Bound 
experience of international bank operations, preferably is an A.LB. and, 

ideally, has some command of a European language. Excellent career 
prospects within this major U.S. bank extend well beyond the audit function. 


Extremely active Consortium bank seeks someone with extensive international 
bank accounts' experience to assist with a variety of operational accounting 
regulatory reporting and management information/analysis functions. 


We ore being pressed by a number of International banks — large and small — 
for bright youngsters with some decent experience of Ins! ructions. Settle- 
ments. Nostro Acc'ts.. etc. The prospects are clearly there for the right people. 
To discuss these possibilities— or- yon own particular career objectives in 
general terms— please telephone either John Chiverton, A.I.B., or ''revor 


; Associates Ltd. 

31, SquthamptonRow. 
London. W.C.l. 



Woellwartli & Co. Ltd. 

rS*f -^1 \ SlLfi 



V/bod, Mackenzie & Co. are in the process of establishing 
a team to provide their institutional clients with a compre- 
hensive gilt-edged service to complement their established 
equity and computer services. 

The team already has economic, computer, marketing and 
dealing capability, but requires an experienced salesman 
to complete the first phase of development. This position 
represents an opportunity to be involved at the start of a 
major development within the firm. 

We invite applications from candidates (male or female) 
with a record of' achievement within an established gilt- 
edged department 

A fully competitive salary will be offered plus profit-related 
bonus and additional benefits. 

Please apply in confidence to: T. Grimes, B.Sc.. F.LA., 
Wood, Mackenzie & Co.. 62/63 Threadneedle Street, 
London EC2R 8HP.Tel: 01-600 3600. 





International Advertising 

Marketing Conuniuiieations 

London based 

A leading Multi-National Corporation seeks an outstanding 
manager to co-ordinate across Europe, international adver- 
tising and communication programmes, primary marketing 
publicity and interna] publicity programmes of the highest 
quality. Up to 20% of time will be spent abroad, primarily in. 
Europe and the U.S A. 

The successful candidate will probably have a degree and at 
least five years in a similar role with a leading multi-national 
corporation. Fluency in French or German would be an 

This demanding appointment is- unlikely to be matched by- 
candidates earning less than £12,000. Company car, BUPA, 
pension fund, and other benefits form part of the package. 

Candidates should apply to Eric Bell, telephone 

01-629 97SL ■ 

<OB Management Services 

Management Consultants 




Age 23-27 

c. £12,000 

Our client, a European Group manufacturing and marketing an extensive 
range oi optical products and sophisticated instruments, is part oi a major U.S. 

The function based near Paris, conducts operational 'and financial reviews 
throughout Europe, is responsible for advising on the development of 
accounting and reporting systems and, conducts various investigations. 

The company wishes to develop this new department by appointing an 
additional accountant with around one year's p.q.e. Candidates should have 
experience of advanced accounting procedures and oi large group operations. 
They should also have lhe flexibility to travel extensively throughout Europe. 

Success in this appointment will lead to line opportunities in Europe or 
the U.S. For further information and a personal history form, contact 
lan To miss on or Peter Dawson, quoting reference 2283. 

Ccxroiercnli'mistria] Dmcion 

Douglas Uaxnhias Associates Ltd. 

A. i 1 "ml.iru ' , ft Manjgpqxe/tf Ri>mnrinni! C-vremli-miA 
■1 in ?•-. ip j L-f^u WC2R UK:. Ti-I ril RV.-WO] 
V«-n-»i..4.<Jb.30 > g;shw T-l Ml ’-‘f UOl 
A Coui'i, law, L]in>wcgb EH-i 7AA.TtJ. fui -i 77-H 




We invite applications from senior Marketing Bankers for two key 
appointments within the London-based European Headquarters of a 
leading Arab bank. The task of the successful candidates will be to 
plan, implement and develop the bank's marketing strategy in Europe. 

The people we seek are likely to be currently working at Area Executive 
or Assistant VicB- President level, having gained several years 
experience in the business development of wholesale banking 
services to corporate, financial and government institutions in the 
Gulf area. This knowledge may have been gained from a London 
banks Middle- Eastern desk, though experience of travelling and 
working in the area would, obviously, be ideal. Full credit training is 
essential, 1 as is a good university background; preferred age range is 
30-40. The successful candidates will be those who. in the bank's 
view, possess the maturity and stature to interface at the highest 
level, coupled with self-motivation and an imaginative, pioneering 

in addition to a basic salary in the range quoted, the bank offers a 
generous range of benefits including preferential mortgage scheme, 
non -contributory pension, season ticket loan, medical insurance and 
accident insurance worldwide. Other competitive benefits will also 
be available. 

To discuss these appointments in the first instance, 
in strict confidence please telephone: 


l2.\ New Bund Street LpnJuftWlYDHH 0 H 39 TO 


Financial Times Tlmisday Oetoba 1 26 197S- 

A key staff appointment for a young 



West London £7,500 + car 

Seed, Oil & Cake Trading 

Full control of internal accounts and secretarial 
functions with this progressive medium sized 
firm.of CA.’s. The position offers general . 
management experience and partnership prospects. 


We are acting for a subsidiary of one of the best known Public 
Company Insurance Groups. This subsidiary manages both the 
international interests of Insurance Companies owned by the 
parent organisation and an increasing number of London Market 
and Overseas Underwriting activities of other Insurers. 

C. London £7,500 

A commercially aware, self “motivated qualified 
accountant (26-32) will achieve a high 
level of career satisfaction with diverse 
multi-national, concentrating on Management 
accounting, corporate planning and international 
exchange control. 

export markets. . 

WearenowToo^ng fbraSslas 

fausmessandtose&komngwbusiness oPP 0 ^ ^ f Yo u shouW havi , 

■ii adnrfiuo I inifnvnr frinoe benefits 

cflpciicubcwvutnrnuvmjr u<iu)fiy fli*“ t 

Ttm salary will be competitive and you «■ «** frinse *”“* 

including car; BUPA; sickness and benefit scheme, and pension. 

The main thrust of this appointment will be co-ordinating and 
monitoring underwriting activities and providing a wide range 
of mainly'financial advice on existing and proposed operations. 


Hounslow to £7,500 

mauumg rar; uum; sicxness ano you— - 

„ .. . .« , who would' like mors detail?, without 

Prospective applicants, -male or female, wno j“' ' ■ ■ c_ prf 0il «. r a fc«-. ; " 

commitment, should speak to Alan Coates, or Sandy Henderson. Seed, on * cara 

Division General Manager, on Basingstoke 2921 1. I. 

Otherwise please send brief but comprehensive career and personal details 
including salary -to;-. ' 

Whilst previous experience of Insurance will be preferred, we 
shall also be interested in hearing from any qualified Accountant 
who is looking for a non-routine and influential position in one 
of the fastest developing areas of the financial sector. 

Acquisition orientated high technology group _ 
seeks young accountant from the profession wishing 
to expand interest in advanced computer 
based systems and accounting to stria deadlines. 

Salary will be negotiable, upwards of £8,000 p.a. 

For further information please contact Mr. D. R. Whately who 
himself has an Insurance background. His private telephone 
number is 01-623 9227. Ref. 443. 

C. London £7,000 

WHATELY PETRE LIMITED. Executive Selection, 
6 Martin Lane, London EC4R 0DL. 

Major brewers seek 3 young qualified 
accountants to cover multitude of exciting new 
projects, systems controls and accounting 
standards, enjoying high level 
reporting . . . and yes. free beerl 



Alan Coates, , 

Staff Personnel Manager, 
SOCM Silcock Ltd., 

Basing View, . 



Please telephone or write immediately tos 
Accountancy Personnel Senior Appointments; 
41-42 London Wall, EC2M STB. Tel: 01-S88 5105. 

Key appointment as part of a team marketing disc drives, tape 
drives, add-on memories, etc. throughout Europe & Middle East 

Product-Operations Support Manager 

-Computer Peripherals 


Base salary £10,000 - £1 2,000 +car 

We invite applications from candidates, aged 25-33, who have at least 3 
years' direct sales/sales support/marketing experience, either with a main- 
frame or computer peripheral manufacturer. 

This experience will have given candidates a thorough knowledge and 
understanding of the markets for products such as disc drives, tape drives, 
add-on memories eta, as well as a sufficient technical grounding in * 
computer technology. 

Working as part of a business team for a range of product lines, the prime 
responsibility of the selected candidate will be to act as the European Head 
Office co-ordinating links between the Company’s marketing and distribution 

! efforts in Europe and supply operations from the parent company in the States. 
This co-ordination and marketing support function will include all aspects of 
market analysis and pricing, with particular reference to competitive products; 
product availability; product profitability; new product introduction; including 
presentations to clients; forecasting; sales strategy and training. 

•- Salaries are negotiable, but likely to be in the range £1 0,000-£1 2,000; a 
company car is provided as part of a generous benefits package. 

Please semi full career details in confidence to A. Cummings, Director of 
.71 Industrial Relations, Memorex Europe Ltd, Hounslow House, 730 London 
Road, Hounslow, Middlesex TW31 PH. 

r> ■■ AT - - v 




c £15,000 + Gar 

Our client, an extremely profitable U.K. based multi-national diversi- 
fied manufacturing group marketing a wide range of brand leaders in 
consumer products, has a vacancy for a Financial Director. 

Ideally, the requirement is for a Chartered Accountant, commercially 
orientated with progressive senior experience within an international 
group, almost certainly in fast moving consumer goods. The successful 
candidate, male or female, will be hilly familiar with integrated cost 
and financial accounting systems, and may well have participated in a 
Price Commission sectoriaLor product investigation. TTie appointment 
calls for the highest standards of objective, financial control, and could 
well lead to promotion to general management. 

A salary' of up to £15,000 is envisaged, plus ah executive car, non- 
contributory pension, and relocation expenses if appropriate. 

Write briefly and in confidence in the first instance to: 






P?rsonr>?i Sekrim Limited, 

4G Drury lar.® SuhuiLVM Midland* BSL 3BL l&fixne CO-705 739-3 ct 021-734 235L 

The BBC is looking for a journalist of high calibre, with 
authoritative knowledge of economic, financial and business 

The holder of this new post will be the Corporation's senior 
adviser on coverage and treatment in this field on Radio and 
Television, from regular news programmes to specialist daily 
and weekly programming such as “The Financial World 
Tonight” and 'The Money Programme”. 

The successful candidate will- be working with the BBC’s 
Economics Correspondents, and- with programme production 
teams. Based at Broadcasting House. 

The job includes: 

— making personal contributions to programmes when 

— organising and maintaining a service of information, 
advice and assessment on which output editors can base 
coverage decisions • • 

—supervising the work of a growing Financial Unit and its 
output (including a CEEFAX service) 

Substantial experience of writing on economic and financial- 
subjects is essential: so is an appreciation of how this might 
be translated into effective radio and television. Some broad- 
casting experience and the potential for a "good presence” 
on the air are highly desirable. 

The starting salary will be not less than £8625. 

Please telephone or wri te immediately, enclosing addressed 
envelope, for application form quoting ref: 78.G.1697/FT 
to Appointments Department, BBC, London W1A1AA. 
Tel. 01-580 4468 Ext 4619. 

Head of Accounting 

London: Based 

c £9.000 

Financial Controller 

"West London 

to £15,000 + car 

A well established and highly respected firm of engineering contractors Jo the oil 
and gas industries wishes to recruit a Financial Controller. 

The person appointed will report to the Managing Director arid take full 
responsibility for accounting and financial control. More particularly the job will 
provide an Opportunity to play a significant role in managing the company 
through the provision of pertinent management information and involvement 
with the commercial implications of contract negotiations. Consequently 
there will be a dose working relationship with other members of the 
management team. 

In addition to a recognised qualification we shall be looking essentially for a 
broad accounting background and good costing experience. 

Please reply in confidence giving concise personal and career details quoting 
Ref. T891/FT to R. G. Bilien: 

A challenging career opportunity now exists 
within a leading multi-national insurance 
underwriting organisation with total assets 
exceeding twelve billion dollars. Established in 
the London market since 1918, the company 
offers a full range of Insurance facilities and 
currently employs In excess of 200 staff in their 
London operation. 

Arthur Young Management-Services 

Roto Mouse, 7, Roto Biddings 
Lana. London EC4A 1NL 


As part of a major development programme, this 
new senior appointment, which reports to the 
Chief Financial Executive fUK), will strengthen the 
present executive accounting operations. You wlH 
take immediate responsibility for the overall 
running of all aspects of an insurance 
organisation’s accounting department, entailing 
the control of assets in excess of £80m and the 
supervision and management of around 20 staff. 
You are likely to be between 30-45 and will be 
professionally qualified with sound experience 
gained in a similar environment. A knowledge of 
us accounting and reporting procedures would 
fie an advantage and a flexible and 
entrepreneurial approach to work is important 
The terms and conditions of employment reflect 
the importance of the role and those of a multi- 
national organisation. 

& Executive 

Contact: Milton Ives, 

London (01) 235 7030. 

Ext 323. (Answering service 
out-of-hours (01) 235 6938). 

are welcome from both 

mid women. 

Central London 

A company marketing.microprocessors in the United Kingdom has enpyed a. 
rapid increase in turnover and. profits in keeping with the industry’s recent - 

outstanding growth. - . 

It now seeks a young qualified accountant to whom it can offer a wide range of 
experience including : all aspects of accounting, financial control and office 
administration. In addition, as alwaysin a small closely-knit operation-, toe 
Controller will be responsible for liaising with customers and developing 
relationships so as to maximise profitability. 

Ideally mid/) ate 20s, the person appointed should possess previous s 
ej^Derience of reporting to tight deadlines in a commercial/industrial 
‘ • environment. 

Please reply in confidence giving concise personal and career details quoting 
Ref. T892/FT to R. G. Billenr : r ; 

Arthur Young Management Service* 
Rods How* 7. Roto BuHcfinga 
Fatter Lane, London EG4A1NL 

t-erprai London around £9000 

Our clients, a substantial diverse international group fT/O £1 20m) engtiijed5? 
cn service industries and manufacturing, wfefc to strengthen their Head Office i 
team by the appointment of a Group Accountant The successful candidate; ' 
suppgrtedby a small staff, will be involved in the total financial arid treasury • 
functions. The duties include monitoring subsidiary companies' results, cash 
flow fprecasting, budgetary control, management accounting and ’ad hocV ; -• 
investigations. Applicants must be Chartered Accbuntants, male/female, in 
their late 20 s who have already gained a minimum of two years industrial 
experience. REF: 479/FT. Apply to R. P. Carpenter FCA, FCMA, ACIS, 

? 85New Cavendish Street London, W1M7RA. - 

is: 01 -o3o07ol. 

1 -Hi 

Construction Equipment 


s lading manufacturers of construction equipment, with 

Director to^oin^P f50mi,1, ° n » is looking foe. an outstanding Financial 
^ - ?^- the team t0 enli ance the companyV success. 

2? cordate SSSSf ^ ** - d K e 7 eply in . v °M with the development .of 
for ^ . possiW e acquisitions, and will be responsible 

311(1 £ m< * ance °f each of the accounting and secretarial 
lAHS ? Ieven P rofit centres at home and abroad. 

The job win be located at Rochester, Kent. - 

toe e a-e C of^5 Ul e^PHpnnij S - R* 1 ?} 0 be , ear . ning ‘ m excess of £12,000,. under 
and in audltin^mi1? cec * m batcfl Production and standard costing systems 
SSnber team complies and of a personality working best as a 
member of a team. Business French and/or German would be: ah advantage. 

Applications in writing to: 

E. Goodwin. 

River House, Short's Way, Rochester, Kent ME1 3AP 

BANKING c. £8^00-£U,000 + fringe 

Our client is an established Middle East Bank. 

“eX r ta^e y s,‘S«v EUr0pe . an in “ e ^which will 

kpow.sjge of docuionSw iSdits «d bluT 

placing surplus funds on the money markets. ” 

worklngxrloselyjrith. Mi^raportfng to,.the Manager. - 

Soand accounting experience in. a busy hank; initiative: and- 

tO Operate CffQCiivpIw in . a ctartarn mviPAnmant ■ 

Please apply in confidenec io JaeR Pine E A^ ref: JP /431 ■' ; - 

David Clark Associates 

y 4 New Bridge Street, London E.C. 4 O'] 3531367 

1 NAI 




A Ml 

Financial Times Thursday October 26 1978 


& CO. 

An intelligent and enthusiastic young person required for a 
new opening in the firm’s Gilt Edged Department. The 
applicant should be aged between 21 and 26 years, with 
either Stock Exchange or institutional experience, not 
necessarily in Gilts. Excellent, prospects for advancement 
and good starting salary commensurate with previous 

Applications to K. W. W. Brown’ Panmure Gordon and Co., 
9 Moornelds Highwalk. London EC2Y 9DS. 

Financial Weekly is bvin" launched early in 1 070, wzHz an initial print order Wc believe 
that it will quickly otablidi itself as an important advertising medium to the financial community 
both in London and in the provinces. 

Part oi'tlic Trafalgar House Group. wc have already a ttracted sonic of the top names in financial 
jounulUni. Our advertisement sales team is almost complete, but wc still have openings for 
experienced, enthusiastic sal esmeu/aks women in several categories as follows. 


Some onev.lio enjoys selling to a wide range c 
media planners in advertising agencies. 


Some onev.lio enjoys selling to a wide range of clients and feels at case discussing schedules with, 
media planners in advertising agencies. 

We believe our readership profile \v ill appeal to advertisers who wish to attra rt senior personnel and 
we would like to talk to people who kno w_tbc major recruitment agencies and management 
consul tandcs. 


Someone who enjoys talking to a wide range ofdierits and feels at ease dis c ussing schedules with 
advertising agencies. . 

Salary commission and benefits, which include a companycar.aic excellent and will be fully 
discussed at interview. 

If you feel you have something to offer us, contact: 

Brian Colexnah^Snrith. Advertisement Director, HcetBoanrial Publishing Limited, 

Westgaw House, 9 Holboru, London, ECxN 2NE. 01-4057254. : 


Fleet n 


• -i ■ 

uMiiftMiif] lira nTi m- 

ASSESSMENT c. £9000 

Our Client, an international Finance House, is looking for- on experienced 
Credit Controller in their Merchant Banking Division. The areas of 
operation will cover the Eurocurrency market, shipping loans, export 
finance and leasing. Experience in these operations within the Finance 
Sector is preferred. Reporting is to a Director, but the’level of contribution 
depends on the strength -of the successful applicant. 

An active investigatory involvement is necessary, arid a sceptical attitude 
based on sound commercial knowledge will achieve excellent prospects 
in the proup, either in the U.K. or overseas. 

Please apply in strictest confidence to David Clark A.CA. 

David Clark Associates 

; 4’New Bridge Street, London E.C. 4 G 1 . 353 1367 


Construction Industry 

The Wood Hall Trust Group is seeking to engage a Divisional 
Chief Executive for its U.K. construction activities. 

This division, which enjoys a great degree of autonomy, 
has a turnover of approximately £4QM, principally In the 
fields of building and private estate.developfflent.Ths • 
division operates through a number of subsidiaries, each with 
its own management team, of which the most significant are 
H. Fairweather & Co. Ltd., building contractors, and Davis 
Estates Limited, private estate developers. 

The requirement is for an Executive with considerable 
experience of the construction industry, capable of promoting 
profitably the future growth of the existing businesses, and 
with the ability to broaden the sphere of the divisions 
activities:. ■ 

It is unlikely that anyone under the age of 35 will have the. 
experience necessary forthisappointment 

Salary and conditions of employment ara for negotiation, 
but will be commensurate with the responsibility envisaged. 

Reply, giving personal details and experience to date, to:— 

R. A. Strcfcmgs, Director, . 

Wood Hall Trust Limited, 

9th' Floor, St. Martins House, 

140 Tottenham Court Road, London W1P9LN, 


will) experience in either a Merchant 
or Clearing Bank (ought by leading 

»■ become their Internal Auditor. 
Someone 18-40 able to take on chit 
newljr created appointment will 
roceivo a mortgage lutnldy and aalary 
c.Cfl.OOD P-3. 

' CONSULTANTS 83* 6541 



This is a tremendous opportunity for a young financial writer/ 1 
editor with 1-4 years' experience to increase his/her professional 
scope; while earning substantially more than available elsewhere. 

. You will first ioin the editorial team working on a number of 
financial newsletters and conferences. Yoir. should -be editing your 
own- nev^etteriaX'.wwKfn 6.months for. sooner), IThe. Institute is. 
growing very fast, and within this stimulating .environment you have 
great scope- to .develop .your. own. ideas. * r. • " * 

; Writje* with O'* to .Irvine Laidbw,'. - •: 
7Q Warren' SifeeLi Lofldon W1P-SPAL 


Application* are invited tor two newly 
etubliehed posts which arise from tha 
introduction at an Accountancy Pro- 
gramme. For (be senior pose prefer- 
ence will be given to luitably qualified 
candidates with research interests In 
.the ana of income measurement and/ 
. or. ' financial reporting. For the 
Lecturer post, preference will be 
given to candidates with an interest 
in quantitative accounting and finance 
or areas which may involve the use of 
computers in accounting or finance. 
However, applicants wh± interests in 
mv area or accountancy and finance 
will be considered. One appointment 
will commence on I April 1979 or 
as soon as possible thereafter. The 
oehar -appointment will commence on 
4 September. 1979. The initial salary 
lor the posts will be ik an appro. 

Lecturer scale, currently £7.506 to 
£9,263 and on the Lecturer scale 
£3.883 to £7.754 (under review) 
Nus. US5 benefit. 

The new course will include particular 
emphasis on the quantitative and 
analytical as well at the professional 
aspects _ of financial and management 
accounting. One distinguishing feature- 
will be the emphasis on the use of 
computers in' accountancy ■ 

Applications (one copy only) 
full particulars of qualifications a fid 
experience, in), exact data of birth, 
together wife the names and add-esses 
of three persons to whom' reference 
■ may. be made, should he lodged with 
the Establishment Officer, University 
. of East Anglia. Norwich NR4 7TI 
(telephone. 0603 . £6161 «xt 2)2 *1 
from whom further particular*' msy be 
ebeauMd, not later than ]0‘ November 
(478 No _foreis- -of- application are 
. issued.. In naming time' refermt yon 
sOf* pgraenlarly requested- -fa givo only 
?tiw times 'of those- whs can .imnwdi- 
.inlyltw ippnMehad. 




c. £6,000 

Factoring and its related activities is one 
of the fastest growing services in the 
United Kingdom. 

Griffin Factors Limited — a subsidiary of 
Midland Bank Limited— - is a leader in this 
field. Continued growth has'ereated the 
need for senior account executives. 

Experience in factoring is not necessary 
but successful candidates should be graduates 
or have a banking, financial or legal 
qualification. A minimum of 5 years relevant 
experience will be a distinct advantage. 

Our Head Office in Worthing, Sussex, will 
be the base for the executive and after 
comprehensive training he/she will be 
working largely on his/her own initiative. 
This will require the ability to review the 
operations of businesses in differing fields 
and negotiate successfully at 'director level 
with client companies. 

The career offered is a challenging one 
with excellent prospects for promotion. 

As a member of Midland Bank Group 
the Company offers first dais conditions 
of service. Assistance with relocation 
will be given. 

Applicants aged between 26-33 are 
invited to write, giving brief details of 
career and reasons for applying to: — 

Mrs. J. Marshall. 

Personnel Manager, 


Griffin House, 

21 Farncombe Road, Worthing, 

Sussex BN11 2BW. 

Griffin Factors 

a Subsidiary of midland bank limited 



City based io£9,000+car 

Our client is the UK subsidiary of a well 
known, major US corporation- A market 
leader in their held, they provide a variety 
of financial services to industrial and 
commercial organisations. 

The Chief Accountant, reporting to the 
Financial Controller, will be responsible 
lor a large and busy accounts department, 
shortly-relocating to the City. Special 
priorities iztoiude the development o£ ' 

_ management information systems/ 
involvement in computerisation, and 
selection and training aimed at upgrading 
the accounting staff. 

- As a result of recent and continued 
growth, this is a crucial appointment with 
considerable prospects. Candidates 
should be qualified accountants (M/F) 
probably aged 2B-3S, with at least 3 years' 
experience in a marketing orientated, 
commercial environment. Above all, a 
creative and innovative approach is called 
for, combined with an ability to work with 
all levels of staE 

Foot further information and a personal 
history form, contact Neville Mills A.CJf.S, or 
Kevin Byrne BA- quoting reference 2280. 

Douglas Lkanbfaxs Associates Ud. 

An mml mcy R MaDbqmwrt n^wnh.Mi 

410. Gbaud, louden WC2H OHS TW: 01-8360301 
J21. Si. Vtocan! Stnwt. Glasgow GO 5HW. T«£ 0*1-226 3101 

3, Coaim Plana, Edfebtngt EH3 7AA. Eat 031-229 7744 

To develop and expand our existing business 


Members of the 5tock Exchange 
are looking for an 


for their- Harrogate office 

Write to me please in your-own handwriting with:— 

1 Details of your career to date:. 

2 Your assessment of your own potential within a very small firm, 

3 Tha remuneration you think you are capable of justifying. 
(Suggested parameters: £10,000-00,000 pa.). 





This appointment is open to men and women 

Young Investment Analyst 
London Stockbrokers 

We are seeking to appoint a young man or woman with “ A " 
levels to join our team of investment research analysts. 
Previous experience an advantage but not essential. School' 
leavers will be considered. A Tull training will be given and 
the successful candidate will be encouraged to develop his or 
her ideas, and to take an active part in securing business. 
Salary to be negotiated. 

Please write with C.V. lot 
1 M. J. Hooper, 


• • ; 18 Finsbury Circus, London J3C2M 7BL. 


A highly successful, medium-sized firm, based in the City, wishes to appoint a qualified 
accountant, aged around 30-40. to the main Board. The company has reached an important 
stage of development and the Financial Director will be expected to advise the Board 
on alt financial matters relating to the growth of the group, as well as day to day 

Candidates must have worked in the insurance industry, probably with a Lloyd's broker and 
should possess the highest professional skill. The demands made upon rhe Financial 
Director require someone with considerable personal qualities to enable him to participate 
in a young, dynamic management team. 

£20,000 PJV. PLUS CAR 

Please apply: 

Sir Timothy Hoare 
Chichester House 
Chichester Rents 
London WC2A 1EG 
01-242 5775 

Personnel Consultants 

Corporate Planners 

Liverpool c.£8,000+car 

Our client, an independent group with an annual turnover in excess 
of £50 million, is engaged in retailing, papermaking, packaging and 
information systems, as well as its traditional activity of newspaper 
publishing both in the U.K. and in North America. 

Due to interna! promotions there are now one or two vacancies for 
graduates with a minimum of four years business experience to join a 
small, enthusiastic corporate planning department based in Liverpool. 

The corporate planning function is well-established and assists the 
Individual operating companies in determining medium and long-term 
policies and in evaluating the resultant commercial and financial strategies, 
in addition, the department is responsible for project appraisal, acquisition 
studies and economic analysis, as part of the groups continuing programme 
of expansion and diversification. 

Candidates aged between 25 and 35. need not have been directly 
involved in any of the industries with which this group is concerned, but 
will probably have practical experience of marketing, production, finance, 
or management sciences. A degree or equivalent from a recognised 
university or business school is essential, but strong personal qualities and 
good oral and written communicative skills are no less important. Prospects 
of further career development whether into line management or into group 
management services are excellent 

Please apply in writing with full career and persona! details to: 
Michael Waggett quoting job no. 973. 


Odgrn and Co Lid, Out' Old Bmui if, 
London H7.Y 3TD 01-199 SHU 

Electrical Contractors Association 
c. £15,000 

The Assodafion, founded in 1901, represents 
the interests of over 2000 member firms. Its 
London headquarters comprises some 50 
staff and a smafl regional structure has bean 
established. The Council new seeks to appoint 
a successor to the present Director who retires 
next year The role is to act as spokesman for 
the industry in national and international 
forums and to give firm leadership to the 
permanent staff in providing services to 
members on wide ranging, technical, IR and 
business matters. The Director; ex officio, is a 
member of Council and standing committees. 
Candidates, ideally aged 40 to 50, must have a 
broad Industrial experience at Board level, or 

its equivalent A presence appropriate to 
representation at Government level is 
essential. Salary will be negotiable around 
£1 5,000 with a car and suitable allowances. 
Location: Central London. 

PA Personnel Services Ref: GM51I6624IFT. 

Initial interviews are conducted by PA 
Consultants. No details are divulged to clients 
without prior permission. Please send brief 
career details or write for an application form, 
quoting the reference number on both your 
letter and envelope, and advise us if you have 
recently made any other applications to 
PA Personnel Sen/ices. 

PA Personnel Services 

Hyde Park Howe, 60a Knighbbridge, London SW1X 7LE. Tel: 01-235 bObO Telex: 27674 

A membra ct PA inK-foWorvar 



A leading U.S. 
investment banker 
established in the 
Eurobond market is 
seeking experienced 
institutional sales- 
person for its London 

Salary negotiable. 

Please write with c.v. 
to Box A. 6522, 
Financial Times, 

10, Cannon Street, 
EC4P 4BY. 


If you are in the job market 
now — we are here to help. 
Courts Careers provide:— 

4s Excellent job search 

* A thorough knowledge 
of the job market. 

* Contact with top 


* Confidential and expert 

* Superb Secretarial 

Telephone now for a asst 
free assessment meeting. 

Percy COUTTS &(£ 
01-8392271 | 

140 Grand Buildings I 



Based in Dorking 

"We are a well established Unit Trust Company 
within the Schlesinger Investment Division 
managing over £I00m. Due to our continuing 
expansion an opportunity has arisen for a Trust 
Accountant/Administrator based in our pleasant 
modem administrative offices in Dorking. 

The successful applicant will ideally be aged 
between 25 and 40 and will have gained experience 
of portfolio accounting with a Unit Trust or 
Investment Trust Company or similar organisaliori. 
Greater emphasis will be placed on practical 
experience rather than formal qualifications. 

The person appointed will have full responsibility 
for the accounting and administration of a number 
of our Unit Trust Funds including portfolio 
valuations, distribution accounts and foreign 
currency loans. 

A generous salary will be offered to the right 
candidate and benefits include profit sharing," 
B.U.P.A. and luncheon vouchers at 50p per day. 

Please telephone or write in confidence to 
Mr. J. Clark, Schlesinger Trust Managers Limited, 
Schlesinger House, 140 South Street, Dorking. 

Surrey. Tel: Dorking (0306) 86441 


In mid-thirties with recent board experience in financial institution 
dealing - with investment. F/X, money market, cash planning, regu- 
latory authorities, etc., seeks interesting, challenging and rewarding 
assignments, non-executive directorships or permanent position in 
similar field in U.K. or abroad. 

Write Box A .6524, financial Times, 10. Cannon Street, EC4P 4BT. 

Financial Times Thursday October. 26 1978. 


. 35 (Slew Broad Streetj London 5C3 rs/1 lt\IH 
Tel: D1-58B 3BSB : or 01-5S8 357S 
Telex NO.BS7374 

Opportunity to develop major new operational systems for the 1980s in a rural location dose to the sea. 


‘ 3 , , SW M H 1 ' li , , H I 

SOUTHERN ENGLAND To circa £9,000 

Wj invite applications from candidates, who are likely to be graduates or equivalent, with sound technical experience in 
the design and implementation of large scale on-line computer systems. The successful candidate will have had experience 
of liaising wirh users at ail levels and will take prime responsibility far a segment of a 50 man year project which ut? 
the mainstay of the Group's future development programmes. The systems will run on the Group's powerful IBM configuration 
using the latest database and relecomm unications software. This is an opportunity for a business orientated computer 
professional with initiative and the ability to achieve results. Rewards are geared to experience, skills and performance. 
Initial remuneration is negotiable ro circa £9,000. ocher fringe benefits and assistance with removal expenses if necessary. 
Applications in strict confidence under reference PLI06B9/FT will be forwarded unopened to our Client, unless you list 
companies to which they should not be sent in a covering letter marked for the attention of the Security Manager: 


Commercial Accountant 

Young CA 

Brussels, Salary range $30,000 

An opportunity’ exists for a. recently qualified chartered on current projects. Other responsibilities include sub- 
accountant to join a small, yountj and energetic team contractors cost supervision, foreign currency transactions, 
providing the total finance function at the European HQ of Investigation and day to day problem solv ing. App. teams 
an American, privately owned corrjpany constructing should be aged under 2S, ideally but not necessarily 

chemical plants in developing countries. Reporting to, and graduates, with up to two years post qualification 

occasionally deputising for the financial controller, primarv experience, either In the profession or tn a demand!! 

' responsibilities are the financial heavy industrial environment. Prospects and 

and management accounting benefits are excellent. 

experience, either In the profession or in a demanding 1 , 
heavy industrial environment. Prospects and 
benefits are excellent. 

tf.P.S. Lilley, Ref: 22098/FT 

Candidates should telephone in confidence for a Personal History' Form to: 
LONDON: 01-734 6%52 Sutherland House, 5/6 Argyll Street, WIE6EZ. 

Executive Selection Consultants 




Turnover c.£100 million 

This is on* of :lie top posts within the UK pharma- 
ccuriccfl industry, entailing complete profit and loss 
resoonsibihtr for a company with a turnover of around 
£100 million perannuni. 

Our client has an outstandingly successful record - and 
possi'ss^s the products, people. Expertise. Finance and 
determination to achieve further rapid and substantial 

To take maximum advantage of these resources — and 
to plan, create and capitalise upon new opportunities - 
we seek an MD with 3 key qualities: an original 
marketing m>nd of the highest calibre, decisiveness and 
strong "teamsmanship" skills. 


headers in Health Care Recruitment 

Applicants should have a solid background in marketing 
but will probably now be in general management — 
either in the UK or overseas. They should be amongst, 
the top lew men or women within their current sector 
ot industry. 

This should involve fast-moving and/or technically- 
sophisticated, high-volume products in a strongly 
competitive market situation. Existing experience of the 
pharmaceutical industry would be of definite advantage, 
but is by no means essential. Ideal age :40 -45. 

An exceptionally attractive remuneration and benefits 
package will be negotiated individually. 

Please write in complete confidence, enclosing a 
comprehensive and up-io-d3te curriculum vitae: 

Tony Forbes-Leith, Talentmark Limited, 
King House, 5-11 Westbourne Grove, 
London W2 4UA. Phone: 01-229 2266 

Olympic Holidays Limited, Britain's leading tour 
operator to Greece, require a Chief Accountant to 
be based at their London office. 

The successful applicant will probably be a 
qualified accountant and will have considerable 
commercial experience in a managerial role. 
He/she will be responsible for the total accounting 
function of the company, preparation of manage- 
ment accounts 3ncl information, statutory accounts 
and liaison with our Athens office. 

This will be a demanding but rewarding job in an 
expanding company. The company's accounting 
and operations systems will be fully computerised 
by the end of this year. 

Salary will* be negotiable at c. £7.500 and fringe 
benefits, including generous travel concessions, are 
attached to this position. 

Please send full details to Jan Webber. Olympic 
Holidays Limited. 24-28 Queensway, London. W2. 


Members of the Stock Exchange 

primarily for Traded Options. Applicants 
should be over 25 with several years 
experience in investment. 

Apply with curriculum vitae to: 

D. S. Cornelius, Esq. 

Earnshaw, Haes & Sons, 

17 Tokenhouse Yard, 

London, EC2R TLB. 


Potential Board Appointment 

A large and long established confirming house with 
very substantial financial resources, which still 
manages to retain the personal approach of a small 
business in relationship with its customers and 
also in the manner in which it is managed, requires 
an experienced senior executive who has travelled, 
understands credit assessment and client relation- 
ship to join and become one of a small top 
management team. 

A salary of not less than £12,000 per annum is 
envisaged but this could vary considerably 
dependent upon experience and the applicant's 
abiiitv as a business getter and market controller. 
Probable age group 35/45. Pension scheme, car 
and bonus. Location London. 

Applications with curriculum vitae in strictest 
confidence to the Managing Director. Box A. 6525. 
Financial Times, 10, Cannon Street, EC4P 4BY. 


Tho Calgary Canada office of a firm specialising in services ta 
small and medium sized members of the community requires recently 
qualified and experienced chartered accountants. 

Calvary is a major financial and administrative centre for the 
Canadian Oil and Gas Industry and the firm has strons national and 
international affiliations. 

The positions offer a wide variety of challenges to the profes- 
sional who is skilled in supervising others and enjoys working wth 
clients in ail aspects of public accounting services, including auditing. 

accounting and cacaeion. ... ... 

Please write in confidence with curriculum vitae, as soon as possible, 
to I E Collins, c/o Josolync Layton-Bennett and Co., Metropolis 
House. 39/45 Tottenham Court Road. London W.l. and quoting 
reference RT A/9700. 

Neutra Treuhand AG 

the leading Swiss accounting firm, with offices in 
Belgium, France and Italy and associates through- 
out the world, requires a 


who will be responsible for technical standards 
and training on a European-wide basis. The 
position, based in Switzerland, will involve the 
development of technical material, the organisation 
of training courses and quality control procedures 
and will also require some client responsibility. 
An interesting remuneration package is available 
for the person selected, who will have had a wide 
range of experience in public accounting at an 
international level and will require a good 
knowledge of German. 

Send detailed curriculum vitae to: 

Neutra Treuhand AG 

Central Administration 

P.0. Box 2893 

CH-8023 Zurich/Switzerland 

Dennis Chatfield <£) Associates 




c. £8,500 

Our client, a very successful West End 
Chartered Accountant with a substantial 
practice, is seeking a young A.C.A., circa 
30 years old, to join him with a view to 
partnership within 12-18 months. 

The firm, which currently has five staff, 
operates from excellent offices close to 
Bond Street and is very much theatre/ 
arts orientated with a number of well 
known personalities among its clients. 
Candidates should be capable in both 
corporate and personal taxation and 
should have flair, considerable self- 
motivation and sense of humour. 

Wheatsheaf House. Carmelite Street. 
London EC4Y OBN. Tel: 01-353 1307/S. 



f International Department 

Our client, a leading firm of stockbrokers, 
seeks an experienced dealer to join their 
established international department. 

It is envisaged that, this position, will appeal 
tn an amhiljnus individual. a?ed 20-y0. with 
proven dealing ability, a knowledge of 
French and possibly, an appreciation of: 

Please contact F. -J. Stephens who will treat t 
all enquiries i n. the strictest of confidence. / 

Stephens Selection 

Duivr -ct . London W I X SKA. 01-1‘U ih:i7 

— ■thmhw Recruitment Consultants mm 

Experienced Investment 
Research Analyst 

Location New York. Internationally known U.S. 
Investment Eanking and Institutional 
Brokerage Firm. Desires minimum three 
years’ experience, in-depth institutional research 
work. Knowledge of Far Eastern (Japan. Hong 
Kong. Singapore) Securities essential. Excellent 
growth potential. Expect London interviews 
week of November 27th, Send resumes in com- 
plete confidence to Box F.1056, Financial Times. 
10. Cannon Street, EC4P 4BY. 





Our client has the responsibility for the investment management oE substantial funds which, as a result of 
constant growth, has given rise to opportunities lor three accountants to work in Abu Dhabi on a two year 
contract basis, renewable therealter. 

Chief Finwnf-inl Controller Two Investment Account cmts 

£15,000 to £20,000 tax free 

+ car + furnished accommodation. 

Reporting to the Financial Director, tha 
successful candidate will control the head office 
finance function- He will supervise the day-to-day 
work ol the accounts section and the consolidation 
of financial and management information from the 
various divisions. He will liaise closely with the 
senior portfolio managers and control eleven 

Candidates for this appointment will be 
qualified accountants, ideally with three to five 
years' investment accounting experience. They 
should be aged 30-45, self disciplined and have 
the ability to communicate with management at all 

free £10.000 to. £12,800 tax free ■* 

ation. + furnished accommodation. 

tie Preparing management and financial 

d office information. for the specialist investment divisions, 

iv- to-day thasuccessful candidates will become an integral 

soli data on part o£ the existing head office accounting 

i from Ihfi junction. 

it h the Candidates will be qualified accountants with, 

ven some exposure to investment and may be currently 

in the profession or commerce. They should be 
aged 25-30 and able to demonstrate a flexible and 
be committed approach necessary to succeed in a 

to five demanding environment. 

. They For more detailed information on these 

id have appointments and a personal history form 

neat at all please contact Neville Mills A.CJ.S. or 

Pe>ter Dawson B. A, quoting reference 2233. 


Douglas Lkxxabias Associates Ltd. 

AraratUnury * Management Baerailiwsit Consnllartts, 
410. Stood. Iondoo WC2RC«S.T*I. 0l-8*=-9Wl 
Z2I. SL Vunut Strati. GbsqoirG2 SHW. Td- 041-203 3101 
J, CMtoe float EdinbuKjh EH3 7AA. Tel: 031 -22S 7744 


MONEY BROKERS Local authority an <3 
commercial. Prev. Braking or FX exp. 
Age 2Q + . Sal. £A.Q00-£l 0.000 
according to age and background. 
1ST CASHIER for Foreign Till work, 
landing orders, clearing and corrt*- 
pondence. Varied duties for Oty 
hanking concern. Application* welcome 
from female or male itafF. Age 20 + . 
Sal. £4,000 -l- benefits. 
Age 20 4- . Good prev. Gty 

banking concern. Sal. £4,000 4- 
excellent benefits. 

Full ACCA. or similar. Exp. with 
International or Export bank essential. 
Age 25 -t- . Sal. not less than £7,000- 
EB.000 exceptional benefits. 

SNR. ACCT5. PERSON min. of S yrs’. 
exp. in Merchant hanking. Age 25'iih. 
Knowledge af~ computerised banking 
lystxms. general accounting, multi 
currencies. B of E returns, federal 
reserves, management reporting. Sal. 
c. £5.500. 

248 6071 


Jonathan Wren • Banking Appointments 

The personnel consuUancv dealing CNciu.-iveh with the banking profession 

r m mi mi 

STERLING BROKERS - £5 .figures 

We are currently seeking an experienced 
'Sterling broker with established contacts.' 
It is anticipated that the successful 
candidate will not be older than 32, will 
have a thorough knowledge of the 
Sterling market and, ideally, some ex- 
perience in the Dollar market. 

We also seek a broker with good. ex- 
perience of the Sterling CD. .market; 
experience, rather than age mil be the 
criterion In the selection of the candK 
date. Salary negotiable. 

* LA. DEALER5/BROKERS ' £ Meg. . 
We seek established Local Authority 
dealers' or brokers for broking 
clients. A good knowledge of this 
'■ market is essential. • 

BROKER to £10,000 

Ouir client, a leading broking firm 
-seeks . an experienced dealer or 
Iwoker wth knowledge of the 
Dollar market. 

Please contact; ARTHUR S3DDALL 

170 Bishopsgate London EC2M 4LX 01-623 1266/7 8/9 



AGE 26-30s £6250 - £7750 PA 

Our dioim ire dm top professional* in tlwir sphere of buiiness which 
offer* i financially orientated service to commence and industry. 

The work demands good experience reran a broad financial /accountancy 
spectrum including the reading of balance sheets*. 

You will need to be self motivated and able to represent the Company 
in meetings with cop client management. * 

Three new executives are required so please telephone ai soon as possible 
to arrange a preliminary interview. ■ 

TIM WEEKS or ANDREW MOORE: 01 -4B1 1506 

ADT CAI I CD I ETC browse a darby, is, cork st. w.i. 

AKI wALLtKItb Drawhue v EYTON- Res * nl Palntln m"nd 

Bromnton Road. S.W3. Outstanding ftflntlnw at tM Mall Th* 

British works ol art. Barbara Hec worth. MalL LW.1 Man.-Fri 10-s ££*' in h , e 
L S. UJwrv. Henry Moore. Ben N*hol- Until Oa jl Aflm lrM ***■ 1Q ' 1 - 
son. Graham Sutherland. William Scott, 

Matthew Smith, etc. ALSO works by 
European and American artists. Mon.-FrJ. 

10-tr Sat. 10-4 01-584 7566. CRANE 
ARTS. 321. King's Road. 5.W.3 01-352 
58S7. Native Art from 18th-20th cent. 

Also young artists ol unusual vision and 

presents, an exhibition of new paintings 
bv PETER NEWCOMBE from Oct. 24 to 
Nov. 10 at the Alpirte Gallery. 74. 

S. Audler street, London. W.l. 1 0-30 to 

5 daily f except Sate 4 Suns.) Late j MARINE ARTISTS. Royal Society's Annual 
S5S. l J. lnB 10 8 pm pach T“B- Tel. OZ9 ExJib. at Guildhall. E.C-2. Mon.-Sat. 10-5 
2280. I Until 1 pm Nov. 3. Aden. tree. 

Comcnerdaf* Industrial ‘ ' 

Property '450 14.9 

Residential Property 2.00 S.O 

Appointments . 450 14 H 

Br ° yAt ”° BnY; « B ffi^^^ Sr8Uon 

— — ■ Capacity, Businesses 

U&STON PIERRE GAUY Cl 680-19591. For Sale/Wanted ic n 

Unuf Oct. 31. Adm. tree. *' Contra ds * Tenders, 

Personal, Gardening • 423' 13.00 

Hotels £. Travel 3.75 . tPJlOr 

Book Publishers - — 7.00 

Premium pesitlMttttvalUble ■ 

( Minim um size 48 ultima cots 
BL5D per single column an «xtraj 
For tmnher details write to: 

Classified Advertisement 

Financial Times, . 

10, Cannon Street,' JEC4P 4B7 



i EVE, 189. Hfhflnt SlreoL 73d 0537. A U 
j Carte or All-In Menu Three Spectacular 
! Floor Shows 10.45. 1Z.45 ana 1.45 and 
1 music ol Johniw Haw fccsworth a F r iends. 

t GARGOYLE. 69. Dean Strecl. London. W.l. 


11-3.30 am. Shaw a! Midnight and 1 am, 
I Mon.-Fn. Closed Saturdays. 01-437 6455. 

Orlober ’Sth. 1978. at 

-,_ Gr f‘ :cc Hu Excellency 

fl^r J 'a a ?filn Ana i lJ i. 0S G «> lr 9« LeieMk 

i 4 | * , n r l anl tvravelv born illness. 

n? C thr. 1 *a vc 1 2 rs Chairman and founder 
' Leventn Croup of Com- 

UNESCO ^ £. rn ^ iJdQr 'or Cvonis to 
•» r? "0*^5. Donations if 

Aliens. * C * nc «r Research Institute. 

Corporation under Dutch taw with capital 
ol FL 30 ooa DOO 

Registered Owca: LA KAYE i Netherlands) 

6% Bends 1970-1985 FI ODD 

NomcrloT List 

1j of the senes including, with the previous 
purchases and converted bonds, the 
1 266 bonds drawn bv lot on October 
11. 1976 ithird drawing). maVIng up 
with the 4 134 bonds converted Into 
SEME NTS MICHELIN shares "B. the 
entire *5 400 000 nominal amount to 
be redeemed with resoeci to the lourth 

37 377 to 39 955 

Such Bonos will be rcoivable at si OOO 
an and alter January 5 1 979. the 

holder o* ttio Same locoing the conver- 
sion option into shares durtnn a period 
of thirty davs from rhe repayment data: 
2) of the series orcviousl* drawn bv lot 
and not vet presented tor the repayment 

Drawing o( October Id. 1976 

Repayment an Janaary 5. 1977 

45 88D to 46 576 
Drawing ol October 14. 1977 
—-Ropavment on January 5. 1978 
. 7 223 to 13 791 

Pnnrioal Interest will be payable at the 
CY ol NEW YORK and at the following 

— Bannuc National® dc Paris. Pans 
—Credit Lyonnais. Paris 
— Banauc Induitrielle et Mobfllcre Prlvee. 

— Banauc Nuuer. Clermont-Ferrand 
— Banca Naalonale del Lavoro. Rome 
— Banauc Generate du Luxembourg 
1 LuiemPourg 

— Commcrrbanfi A.G. ObSSCidorf 
— Credit Suisse. Zurich 
— Oresdner Bank A.G. Francfo’t 
— Aoclete de Banoue Suisse Basle 
— Society Generate de Banoue S.A.. 

— Sotletq Gencralc. Paris 
— Banoue oe Paris et des Pays-Bas. Pans 
—Banoue dc Neufllac Echlumberger 
Mallet Paris 

- — Banca Cemmerciale Italiana. Milan 
—•Banoue BruvellM Lambert. Bruxelles 
— Barclays Bank ltd.. Londna 
— Crealto ttatiano. Milan 
“•-Deutsche Bank A.G.. Frantlort 
— Kredlctbank N.V.. Bru>e(les 
— Sociote Generaie Aisacicnnc dc Banoue. 

—Union de Bangucs 5uf»jes. Zurich , 
Oustanding amount; 132 400 000 


. £ 2 m Elite issued 25 th October. 1378, 

due 24th January. 1979^ ftt 9Ji«% per No. MC3XI ot 1978 - 

Ji ' Th **? “• In ti» HIGH COURT OP JUSTICE 

the ontr Mis outstanding. Chancery Division Corapaniej Cram. In 

the Matter, of KAPE ■ DRIFFIELD) 
BMBiMlINRMMHMm LIMITED amt In the Matter of The 

Companies An, 1940. 


. Petition lor the Win dine up of the about- 
A nUFRTrecMFWT - tuteKl Company by the Hlsb conn of 
rtUVE.n i IDEJI 1 M 1 1 Justice was. on the llth day of October 

• 1978.’ presented to the said Court by 

RATES THE commissioners of customs 

AND EXCISE ol Kina's Beam Housn, 
' . Steote 38-41 Mailt Lane. London EC3R 7HE, 
Zfr . podam and that the said Petition Is directed 
cm. io be heard before the Conn sililtuc at 
; ■ £ die . Royal Courts of Jnslio.*, Strand, 

commerciar* IndtwtrUl _ London . WC2A 2LL. an tbo IKIh day of 

Re^tSmifi Pranart* J™ November 197H. and any cwditor nr 

Residential P todotIv arm snn contrOlmory of the saW Comp.lny desirous 

to sue port or oppose rhe mating of an 
Order on the said Petition may appear 
at the onus of heartas In person or by 
hla Counsel for char purpose: and a top? 
c-w ^ PoUdoR.wiH be furnished br rhe 

■ MS M-W- underulaned .to any creditor or. cpninbu- 
,WT said 'Company rconirlnE such 

p-rwmTi ™ P« 7 iT»nr of the reenlated Cbarse 

Personal, Gardening ■ A23" 13.00 tar ■ Uw ' same. 

Hotels £- Travel 3.73- injur . ,G. P: CLOAK. 

Book Publishers . • 7.00 . . Xins*s Beam House, 

Prcmfmti puntionx itvalUble ■ 3641. Mark Lane, 

( Minim um size 00 Celtimn cots ' London EC3R THE. 

p y Sin gle coiiami an «xtraj • Solicitor to the Petitioners. 

For farther detail* write to: NOTE.— Any. person who- Intends to 

Classified Advertisement - appear on the bearing ot Hue said Petition 
Man a «v«r mast serve on. or send by post to* rhe 

PinanHut Tl’nuw ’’ aboTO-oamed notice in willing of. bis 

■ „ rinanciai . • Intention so to do. The- none? most state 

10, Cannon Street, EC4P 4BT the name arid address of the person, or. 

H a firm, 'the name and address- of the 
Ann. and .most be signed by ihe person 
or firm, or Us or their solicitor (if attyi 
and mum be served, or. If posted, must 
be sent by post tn -sUHclenr tutu.- io 
reads the ■ abeve-oamed nor later -than 
four o’clock In the afternoon of the 
18th day of November- 1978 

stock hi 
the com 



in the 

20“i w 

In the > 

Pr e 
rhe Clu 

will be 

bank in 

to 17th ... . 

Summaries of the copper production and sal os. profit and loss' account 
and appropriations tor the year ended 50th September. 1978, are- as follows;.; — 

er-.unlt of 
r books ot 

rairaots In 


ill be paid 
no on 1 st 
ie rate of 

I Ktopdem, 
Unless .' the 
h members 
iked' fundi, 
from 11th 


Opening stocks 
Production . . . . 

Sales — priced during the vear 

Closing stocks 

‘ IT .387 

21.390 - 
1 5.408 






- 3.721 
• 229 

Profit after taxation available lor aporoprlattan • 

Dividend Nos. 38 and 39 

Transfer to Reserves 

Net radial expenditure 

Cents per share 

The Report and Accounts for the year ended 30th September. 1978, will 
be posted la Members on or about Bth December. 1978. and the- Annual 
General Meeting will take olace in ■ Salisbury on. 23rd January. 1979. 


Secretaries. A . T. TICKNER.. 

London. , . ... * 

25 tn October, 1978- 
Transfer Offices: 

First Floor, Trustee House. 55. Jameson Avenue. Salisbury- 

28. Harrison Street. Johannesburg. 2091, . .... 

6. Grocncoat Place. London SW1P 1PL. - _ • 

■ ■ Nor M3ST5 Of 1B7B 

In ‘the fflCff COURT 0 E JUSTICE 
Chancery Division 1 Companies Court. la 
the Matter of SLA vw AIN BUELPIMOS 
LIMITED and in the Matter of The 
CompanJed Act, 194S. 

Petition tar the Winding op of ihe above- 
named company by the High - court of 
Justice was on the 26rh day of fMobcr 
1975. presented to the sold Court by 
LIMITED who** realacred office is 
situate at River House. Museum Street. 
York, and that the said Penn era Is 
directed to be heart before the Court 
sjttinx ar the 1 Royal Courts of justice. 
Strand. London WCXA 2LL. on itiP Ilhh 
day of N ovember IfiTS, and any creditor 
or contributory of the said Com puny 
oesirons to support or oppose the maluns 
Of an Order on the raid Pethion may 
appear at the time .of hearinie. in person 
ar try his counsel, for thar purpose: sod 
a copy or the Petition will be ninushed 
by the undersigned to any creditor or 
cootraatoiT w tne said CoKopany requir- 
tns such copy on payment of tho regulated 
charge tar the same. 

WU. F. PRIOR & CO., 

Temple Bar. Haase. - 
'. 23/2S Fleet Sl rev I, 

Load on EC4Y 1AA. 
fRef: POT7B21 
- Aarnts-tar: 

Protection House . 

35 Sc 17 East Parade. 

- Leeds LSI 2BR. 

Solicitors fur the Petitioner.. 

, NOTE. — Any .person who Intends to 
appear on the hearing of Lbe said Petition 
moot serve an. or send by j»sr to. fho 
above-named nonce in wrliuu of his 
Intention sp- to do. The notice mnsi state 
the name and address of the person, or. 
•tf A firm the name amt a dress of the 
firm and must he suwed by the person 
or linn, or his or. their solicitor <tl •onyi 
and most be served, or. if posted, rauat 
be sent by post fu suffiek-ut tune tb 
rcav* the above-named not later than 
four O'dack la. the afternoon at Um 
U th day M November 197&, - 

•6 * 


1 lAA / <1 ' ,'<• v -. 

U* " V, • 



ar %\ 

Financial Times Thursday October 26 1978 


H W>> 

■^e n 



Keeps the telex 
messages moving 



Putting pop in plastics 

Swallows big sheets 

Dpd^. " 

*** hkf 

KNOWN mainly for its banking 
communications systems, Arbat 
UK has moved into Inc message 
switching business with the intro- 
duction of Intelex. 

Based on Digital Equipment 
PDP1I minicomputers and 
operating systems developed in 
the banking work, Inlelet is 
Arbat's first general purpose 
system and is available in any 
high volume Telex aser regard- 
less of the typo of business. 

The idea of such a .system 
which is generally located at a 
central point (for example the 
headquarters building) of a large 
organisation is to deal with all 
the Telex traffic of entering and 
leaving the organisation on a 
“si ore and forward” basis. 

Message switching systems 
have been gradually replacing 
the old style of Telex room in 
which an incoming message from 
a branch intended for say, four 
destinations would entail the 
making of four paper tape? which 
are fed to Tour machines on out- 
going lines. 

In electronic message switch- 
ing the incoming mesages arc 
stored on magnetic discs and re- 
transmitted according to agreed 
priorities as outgoing lines 
become free. Paper tapes and 
even hard copy need not be 

In telex automatically answers 
the incoming Telex calls and 
dials the outgoing ones when it 
is ready. 

In addition, it can support a 
considerable data base concern- 
ins the people and organisations 
likely to be addressed by the 
system. It can hold up to 999 
group messages With up to 99 
individual names in each group, 
together w-j th nine message 
priority levels. Some 48 Telex 
lines can be connected: 

Where there is a need for 
similar, but not identical, 
messages to be directed to a 
variety of correspondents. !n- 
telex can generate amended 
versions from just one original. 

I f a particular subscriber 
being called has more-: than one 
Telex number, the system will 
discover, by a learning process 
based on previous transmissions, 
which one is mosf likelv to pro- 
vide a connection quickly, and 
will dial that number. first. 

When a connection "is estab- 
lished the equipment will scan 
its queues for any others with 
the same address and transmit 
them all before signing off. 

Intelex also has the ability to 
batch up messages that could 
not for example, be sent to the 
U.S. because of the time dif- 
ference and then send them at 
the first opportunity, at the same 
time carrying on its normal send 
and receive traffic.’’-' 

Security of transmitted in- 
formation is assured with full 
protection against lost or cor- 
rupted djta by means of dupli- 
cated message and Journal files. 

More from Arbatat 160 Queen 
Victoria Street. London. EC4V 
4DA (0I-24S 6499 k 

THE FACT that 4wo companies 
in -the UK ore investing between 
them more than £7m in the com- 
mercial production of plastics 
bottles specially for carbonated 
drinks is interesting news for the 
British plastics industry but a 
daunting prospect for glass bottle 

Intending to be the first, off 
the ground is Lin Pac Plastics 
Mouldings (part of Lin Pac 
Plastics International} whose 
fl-Sm factory at Sherbum. near 
Leeds, will be initially equipped 
with five N-rssei ESB 650 stretch/ 
blow-moulding machines for pro- 
duction of the bottles. 

Two Nissei FS 250L injection 
moulding machines will be used 
for manufacturing low-density 
polyethylene bases required for 
the bottles. Purchase of these 
machines, as well as ancillary 
equipment needed fur automated 
production operations, repre- 
sents investment of a further 
£l.&in. Bottle decoration and 
p-a lie Lisa-lion systems are cur- 
rently under evaluation. 

The company's initial produc- 
tion will be geared to providing 
some 35m lt-Utre bottles a year 
but should ihe market grow, the 
Yorkshire factory can provide 
capacity for production an excess 
of 100m bottles a year. The fac- 
tory. says the company, is also 
capable of further expansion to 
satisfy even greater demands. 

The stretdt/blow moulding 
machines will be fed auto- 
matically via specially developed 
dryer units from a bank of 50 

tonne bulk storage silos, and 
polymer supplies transported by 
one of the company's 20-tonne 
tankers which will be operated 
exclusively for this purpose. The 
necessary raw materials are 
available from a number of 
sources and the company is cur- 
rently evaluating ICL, Goodyear 
and Rhone Potrienc polymers. 

Each of the Nissei ESB 650 
machines will be equipped -with 
multi-cavity moulds. Bottles will 
be cooled as they are discharged 
from the moulds and will then 
be transferred to fuLly-automatic 
quality control systems. Tihe final 
stage in the manufacturing pro- 
cess will be application of the 
in jecti on-moulded bases. Unlike 
those used in the United States, 
which are welded on. Lin Pac’s 
bottle design has bases which 
can be cither clipped or stuck 
on to the bottles to enable them 
to be stacked. 

Lin Plastics Internationa! is 
also In the advanced stages of 
planning polyester bottle produc- 
tion at one of its existing 
factories in Watford and the 
bottles are planned to come on 
stream here during the early 
part of 1980. 

The Beccles-based plastics 
blow-moulding company of the 
Mardtm Packaging Group, Fibre- 
nyle, is investing £3.5ra in build- 
ings and machinery at its 
Ellougb factory, and will pro- 
duce here stretcb-blown PET 
(polyethylene terepbthalate) 
bottles. A new warehouse of 
about 2,900 sq metres will be 
built, so releasing existing floor 

space for The stretcb-blown equip- 
ment. and bottles should be 
available for sale from mid-1979 

This company believes that the 
carbonated drinks market can 
best be serviced using a two- 
stage system and has opted for 
a Husky /Corpoplast combination. 
This involves Husky H 38$ PH 
two-stage injection moulding 
machines, feeding multi-cavity 
1.5 litre preform hot runner 
moulds, and Gildemeister Corpo- 
plast BAB IV machines for blow- 
ing the preforms to final bottle 
size. . 

Husky maebines are also being 
used for the injection-moulding 
of base cups in polypropyie'ne. 
using multi-cavity stack moulds. 
The company says that sufficient 
equipment has been ordered to 
feed two blowing machines, with 
an anticipated output potential 
of around 30m bottles a year. Its 
plans -envisage expansion to at 
least double tbis output within 
a relatively short period of time. 

Larger plastic bottles are used 
at the moment for the two most 
popular carbonated drinks con- 
sumed in the UK — lemonade and 
cola. However, the commercial 
florescence of the plastic bottles 
industry in this country is in- 
evitable and the bottles — light 
in weight and guaranteed not to 
burst should they be dropped or 
exposed to strong sunlight — will 
be used for the vast range of 
mixers and other fizzy drinks on 
the market. 


MOST small office-type shredders ning; Jf an 
available today can only destroy slows the m 
a few sheets of letter paper at 
a time, but the latest develop- Pj* JiTEP 1 !!!* 
ment of the “Allround 200" 

Shredder from EBA is a mobile 
machine compact enough to 
stand alongside a standard desk Jfe a?Pv. t0 s Jf 
and yet powerful enough to take .« a P 

large engineering drawings. It “> c0 

will also process up to six lots 
of computer print-out paper 
simultaneously and can destroy ot 

up to 27 sheets of 70 gsm DIN £ °£ ka n E *4' 

A4 copy paper in a single pass. 
at 5. 7 ram shred width as sample. ^£, con . Penj ? r 
The unit is quiet and clean in 
operation and the shredding 
section is not affected by paper 
clip, and staples. Spired' 0 ”’ 

The machine can be used by collected in i 
unskilled operators and the mounted insi 
mechanism includes a special of the machi 
device to protect the working be moved c 
parts against accidental over- emptying, 
loads. This device operates by EBA Systc 
actually monitoring the speed at The Broad w; 
which the drive motor is run- shire. Tel. 


Simplifies analysis 

ning; ]f an attempted overload 
slows the motor below a pre-set 
minimum level, the power sup- 
ply providing forward drive is 
instantly disconnected. By this 
means, jamming js avoided and. 
the working parts are not sub- 
jected to strain. J 

High capacity offers great 
savings in comparison with other 
deskside machines and the self- 
protection devices save all the 
irritation of manually clearing 
blockages. Although it has a 
high performance, the unit can 
be conveniently operated in any 
office location from a standard 
240 volt wall socket and the 
built-in castors at low for it to be 
moved from office to office as 
required. Shredded waste is 
collected in a re-useable pvc bag 
mounted inside the cabinet base 
of the machine and the bag can 
be moved completely for easy 

EBA System (Marketing). 20 
The Broadwav, Thatcham, Berk- 
shire. Tel. 0635 63208. 




Facts for the broker 

^ /-T'- 

THE MORE a stockbroker’s firm 
grows, the larger the problem of 
recalling individual portfolios 
for valuations becomes. The way 
portfolio files are organised is a 
problem in itself Where these 
two are organised iby name of 
holder and a client wants to 
know who, for instance, owns 
ICI shares. 

When a -client wants this type 
of' information he, wants it 
quickly and a stockbroker can- 
not afford to come up with a port- 
folio and judgment three days 
later because everything will 
have changed. Speed, is essen- 
tial in this situation. . 

MCS Mini Computer Systems, 
a Maidenhead company, has 
launched a records management 

and information retrieval system 
called Factfinder. 

With tbis, a stockbroker may 
access portfolios by cross-refer- 
ence number, tax details, age. 
foreign holdings, field details, 
dates of dividend • payment, 
review dates, or by mty number 
and combination of parameters 
defined by him. 

Valuatiqps may be speedily 
produced with -Factfinder: on 
individual portfolios .ar no ~$xtra 
cost to the client, together with 
opinions on market sectors, par- 
ticular offers, rights issues and 
any other information acctnnu- 
lated during a ■ normal tfey’s 
dealing. i.' 

MCS Mini-computer Systems, 
Park House. Park Street. Maiden- 
head. Berks. 0628 71411. . " . ' 


Easy to 

THE READING or understand- 
ing of engineering drawings by 
an erection team is said not to 
be necessary with the pictorial 
illustrations offered with a range 
of cooling towers from Secck 
Visco. Stafford Road, Croydon 
CR9 4DT (01-686 3861). 

Called the 1800 series, they 
can be transported plate-small 
(which keeps down transport 
costs) and can be easily and 
speedily erected on site by un- 
skilled lahour. Packing is of the 
Coni Bo plastic film type which is 
self-cleaning and non-clogging 
and this, too. can be transported 
plate-small and assembled on 
site with the aid of a small hand 
tool which is supplied. 

Because of their modular 
design, the towers can. be pro- 
duced in almost any of the 
standard steel finishes— plastic 
coated sheet, galvanised sheet, 
plastic dip-coated after manufac- 
ture, etc. They can be fabricated 
entirely in stainless steel if 
necessary, and -for applications 

demanding minimum weight, it a PJPftPgTGCINft 
is possible, says the company, to • 
produce most of the tower from * 

aluminium sheet. I VI 



Mobile lift 

HYDRAULIC lift tables that 
may be hand propelled into 
position are now being offered 
by Trepel (UK), New Road, 
Sheerness, Kent ME 12 . 1NB 
(Sheerness 4581). 

Available in standard 4, 1 and 
2 tonne capacities, mobility has 
been cabieved by giving the basic 
lift a heavier baseframe with 
fixed-axle wheels at the front 
and swivelling castors at the back 
for manoeuvrability. 

Typical applications should be 
for the removal of bus and com- 
mercial motor engines for ser- 
vicing, and their subsequent re- 
placement, or in the construction 
and movement from one work 
station to another of heavy 
assemblies, such as Post Office 
exchange and similar equip- 

looking for British technology, 
know-how and products 
associated with the food industry 
are due to arrive in London on 
November 18. 

Of its II members seven repre- 
sent food manufacturers; the 
other companies produce equip- 
ment used in food processing, or 
are involved in -the cold storage 
business. It is hoped that their 
visit will lead to licensing and 
know-how agreements covering 
processing, canning and packag- 
ing of: apples, vegetables, dairy 
products, confectionery, pickles, 
fish and poultry. Marketing 
possibilities in the UK for their 
own- food products will also be 
studied. ' 

Contact with the Canadians 
may be made through the 
Uinis&ry of Industry and 
Tourism. Business Development 
branch. Ontario House. Charles 
H Street. London, SW1Y 4QS (.01- 
930 6404). 

PUT ON the market by Cam- A typical routine for an image 
bridge Instruments is the Quanti- obtained say from a microscope 
met 720 System 23 image and television camera system and 
analyser, costing about two-thirds shown on a CRT, might include 
of the price of the earlier com- a programmed threshold to select 
puterised 720 systems. features at different grey levels. 

Advantage of the system is A frequency histogram of length 
that it enables the operator to could be performed on one level 
build up comprehensive routines while a complete listing of area 
specific to the application without and perimeter together with the 
knowledge of programming lan- X-Y co-ordinates of each feature 
guage or computer skills, using could be obtained on another, 
the purpose designed keyboard The entire routine might be per- 
and software. formed on many fields before 

Once optimised, these routines presenting the data, 
can be kept on the disc store More from the company at 
for immediate future use as Rusiat Road. Cambridge, CB1 
required. 3QU (0223 42021). 


Energy from the sea 

AS SAILING grows in popu- 
larity’ so do thefts of equipment 
and fittings from boats, and a 
Danish company is offering pro- 
tection to owners of craft with a 
system called Navyzig. 

This is a neat control box 
linked to sensors which, apart 
from providing a warning in case 
of theft, also alert users to fire, 
gas escape, bilge flooding, loss 
of oil pressure, over-heated cool- 
ing system or loss of battery 

The company also markets a 
cheaper system called Burglarzig 
which provides a routine burglar 
alarm and can be used in a car 
or house as well as on a boat. 

More from Danish Invention 
Construction Co. ApS. Kokke- 
dalsvej 5. DK-2660 Broendby 
Strand. Denmark. 


A RESEARCH programme is 
underway at the Argonne 
National Laboratory in the U.S. 
to try to cut the high potential 
cost of attempting to extract 
energy from warm sea water in 
the tropics. 

The scheme under considera- 
tion is to use very large beat 
exchangers to transfer energy 
from the 80 deg. F surface waters 
to ammonia, which boils at about 
70 deg F and would drive the 
plant's turbines to generate 
electricity. The area of ex- 
changer surface needed— that of 
“several football fields”— <md the 
need to use non-corrosive metal 
such as titanium, implies a high 

Objective of the research is to 
reduce, or in effect reduce the 
small temperature differential 
between the water and the boil- 
ing ammonia. If the heat trans- 

fer rate could be tripled, the 
exchangers could be one third 
the size now proposed, saving 
40 per cent of the cost of the 
whole plant. 

Some of the work involves in- 
vestigating coatings on the sur- 
faces such as aluminium to 
promote ammonia boiling and the 
construction of analytical 
models to discover what 
actually occurs inside the heat 

More from Argonne National 
Laboratory, Argonne, Illinois 
60439, U.S. 

• By agreement between the 
Financial Times and the BBC. 
information from The Technical 
Page is available for use by die 
Corporation’s External SenHces 
as source material for its over- 
seas broadcasts. 

on service 

SINTROM Electronic has just 
passed the £->m turnover figure 
at the moment of its tenth 
anniversary, marked in London 
by a private exhibition and the 
introduction of new versions of 
the data logger from Perex, the 
manufacturing subsidiary. 

Customer support and service 
will continue to be emphasised, 
says managing director Tom 
Dalzell, in all the group's 
activities, which now cover distri- 
bution on a stocking basis (in 
particular of Intel and Centronics 
products); an OEM low overhead 
product - provisioning service; 
distribution into the small busi- 
ness market (mainly micro- 
processors) with a high level of 
customer support; and manu- 
facture of appropriate peri- 

Dalzeil's view of the micro 
market is that for the small 
businessman (defined as having 
a turnover between £200.000 and 
£2m) with no knowledge (or 
desire to have knowledge) of 
software, single machines with 
standard application software 
packages are not the best 

Careless talk costs... 

The Idea that talk is cheap is very misleading. 
Because the wrong land of talk can be enormously 

Example : the often quite careless dialogue 
preceding the purchase of a new lift truck that 

turns out to be a white elephant. Because someone 
carelessly left out some vital facts. Or someone else 
didnt ask the right questions. 

That is why we at Lansing plan even our 
pre-purchase dialogue with you . ^ 

Tor the carciully planned Lansing Dialogue is 

unique in the materials handling business. 

To begin with, Lansing engineers are chosen 
and trained for their ability to extract vital facts 
from your company’s management, including 
some that at first sight might even seem irrelevant. 
Because just one crucial sentence can save you 
thousands of pounds. If its said in time. 

That’s why your Lansing engineer may go 
deep into subjects like materials flow r analysis and 
cost-effective planning, before the right lift truck 
for the job is even mentioned. 

We do this to avoid expensive- and 
embarrassing - misunderstandings. 

It’s why we rarely sell a lift truck without a 
previous, exhaustive Lansing/customer Dialogue. 
Because it pays, and pays, and pays. 

- To start your Dialogue, just ring your nearest 
Lansing depot now. We're Britain-wide. And 
Europe’s leaders. 

And we got that way by taking care that the 
lift truck you really need, is the one you get. 

Cweral linqiarirt: Basinpftnkc: im, 

D . £• ‘it: B'h-uJ: wrs “1 1 20 j . 1 Juifuin- ■ B.iwhuml; 

”0313. Ha-.i Kilbride: o; s 12 3 wm 
£:■** London: oi -uS? RW. liJenhr'ij se;0 7?2 SUi-fioi. 
Jhnfidii : oi-Sa* ;4-*4-,2Ik«b« i Dcl.> 32B7B1. 
tehnwfh: oi-fhS 40S1. Lawk; 01 « <.3,323 , 

Muichctu-r 1 banvAijnh 1 : ojo 4 760 c’ 

IVmneir. 03S44 “»« 4 1. RedJiich: = R— - 

* ales tfruiijcnd,; <*,56 56625. Woriiastwi: 0925 51177 , 

- • ' 



Financial Times Thursday October 26 1978 . 

ECONOMIC ACTIVITY — Indices of industrial production, manu- 
facturing output (1975=100); engineering orders (1970= 1Q0); 
retail sales volume, retail sales value (1971=100); registered 
unemployment (excluding- school leavers) and unfilled vacancies 
(OOOsj. All seasonally adjusted. 

David Livings^ 

■sosgs* 4 *** 

2nd qtr. 
3rd qtr. 
4th qtr. 

1st qtr. 
2nd qtr. 

























105 A 









m 2 



















257 J3 






265 .8 







Mr. David W. Livingstone has retaining his directorships of Blue services group; Mr. Derek HaD. Mr. D. K. Snedden, market 

been appointed to the Board of Cirdc Industries and English and international banking operations; development From, that «late Mr. 

IMI as non-executive director with New York Trust Barclays Bank and Mr. Roy Jacobs and Mr. Jolro & managing director 

effect from November 1. Mr. Trust has also appointed Mr. John Gorton Knight London operations of Belfast Telegr^- Newspapers, 

v i. j- i : vir a rfnncinn A M Wflrp nreviOnsJv will snrrpoH Mr SnonHan sa mm. 

Lintas wins fiai ^ 

Livingstone Is deputy chairman Wood, chief executive of Me- division. All were ^ previously will succeed Mr. Sued den as man! 

and managing director of Corquodale and Company to its assistant vice-presidents. 
Albright and WUson. Board. - * 

-4r * 

ssistant vice-presidents. aging director of the Scotsman 

Publications, and Sir. Robert G. 
* Crattfe managing director of 

nr_ r ^ a „ t>h_ phM Chester Chronicle and Associated 

.Mr.. Graham -Price, enter 

OUTPUT-— By market sector: consumer goods investment goods, 
intermediate goods (materials and fuels); engineering output, 
metal manufacture, textiles, leather and clothing (1975=100); 
housing starts (000s. monthly average). 






Textile House. 









2nd qtr. 








3rd qtr. 








4th qtr. 








1st qrr. 








2nd qtr. 



12 1.7 



















96 .fl 


























director of the newly formed 
Pickfords Removals and Travel 
Group on January 1, 1979. At 
present these Pickfords companies 
are- part of the- Special Traffics 
Group of the NATIONAL 
the same date Cotrali-Pickfords, 
the NFC’s wine shipping and 
freight forwarding company, will 
join the Special Traffics Group 
bringing all the NFC's freight 
forwarding businesses together. 
Group managing director Mr. J. D. 
Mather takes over as chairman 
of the Cotrali-Pickfords Board 
and Mr. E. C. Newton remains 
managing director. 

will remain a non-executive Crane at Chester on March .-1. . 
director of LUleshalL * - 

X BreutnaB Beard (Holdings) has m * r- ra to bring out the voters, “Tt will be ashort, -highly cod- ,** 

Mr. Clive Steiner, who recently formed a company to priyide man- the F.m-onean Parliament is plan- rentrated campaign with two : 

resigned as finance director of agemm services for Regroup. S/Tmajor advertising cam- main objectives.* says Untas. 

PuUmaffex International, is now J* ?«!* operate as BRENTNALL throughout the Nine in London chamnair Tmr.Denehy. , 

a principal partner in CUVE BE14RD (Management Semere) 5255,-2 f 0 f next year's EEC “ First we wiHbfe -required, to - 

STEINER AND ASSOCIATES. °L®£: SSSSSit elections, and has explain, the election,; what the,- 

Mr. "R. IH and ^ ^ - 

general manager, England, has hand-tone the election In each ■ achieve meflignest poll possible, H ; - 

been appointed managing director •* pouttitv The voting will be held Lrntas billings an london tins 

of HUGH BAIRD AND- SONS in _ between June 7 and June 10 next year are .expected.^ totirf-.£25m, - 

succession to Mr. N. A. Baird, who Datatrol Incorporated has J a 20 per cent gain on l977. 

reaches retirement age next year, appointed Me. Peter A. R. Wright yo«r. .*• 

Mr. Baird continues as chairman. as managing director of Its -new ■ .. J 

EXTERNAL TRADE — Indices of export and import volume 
(1975=100;: visible balance; current balance; oil balance; terms 
of trade (1975=100); exchange reserves. 







Resv. ! 

volume volume 


balance balance 

trade USSbn*i 


2nd qtr. 






14.9 1 

3rd qtr. 



+ 31 





-4th qtr. 



„ — 5 






1st qtr. 






104 J) 


2nd qtr. 




+ 198 
















+ 11 








— 57 







+ 57 

+ 132 












Miss Pat Downs has been 
appointed a part-time CIVIL 
three years. She joined British 
Home Stores in 1960 where she 
was a personnel controller and 
member of the management com- 
mittee. After a period with the 
National Health Service she be- 
came a personnel executive at 
F. W. Wooiworth and was made 
director of personnel there in 


European subsidiary, DATATROL 
* .APPLIED DEVICES. He continues 

„ „ - ...... as director of international oper- 

Mr. H. M. Milling has been ations for Datatrol Incorporated, 
appointed marketing director and The parent concern is -Applied 
Mr. R. S. Rawle, per sonne l Devices Corporation. 
director of FAJREY ENGINEER- ^ 

ING, a subsidiary of Fairey * - 

Holdings. - . - V j 

PR agreemiii 

1)111 o 

* THE PUBLIC Relations Consult- Parker^- _ totaL ; - promotional - 

F. W. Wooiworth and was made Mfr R. R. Sianleton Mr- Malcolm Douglass, market- r\rrraNATTn iva m ilSv ants Association, representing 68 budget ttus year ifi £1.75ni. An 

director of personnel there in air. it. K. btapleton - director, haT been with a total annual fee estimated 70 per cent bf quality 

1973. appointed managin g dir ector g* D ' ScomTof£6J25m has produced pens are. bougbtasgifts andthe - 

■* deputy Chairman. Mr. Stapleton of AUTOGUARD EXTENDED VS? “form of agreement for mem- -wrete imtore^Christmas are the. 

Mr- Roy dinning, previously ZEfETiSS. rtU & recommended market's peal, sales period. : , 

finance _ director and _ secretary. * ^ INGS,_ has been formed to P° n tm * rnuitR ^ 

contractual terms. 

has been appointed chairman of * consolidate the investment 

yiBROPLANT HOLDINGS, follow- Mr. Myron J. StyUanides has policies of the group. Mr. Ray 
irjg the death of Mr. Geoffrey been . appointed vice-president Lenik. former managing director 

FINANCIAL— Money supply Ml and sterling M3, bank advances 
in sterling to the private sector (three months’ growth at annual 
rate); domestic credit expansion f£m): building societies’ net 
inflow; HP. new credit; all seasonally adjusted. Minimum 
lending rate (end period). 

IUKUM.C ujicLtm auu acLiciaij, jiNua. nas Been tarmea ro * . ^ rminit- m *mt t. . 

has been appointed chairman of * consolidate the investment ‘ . '• The agreement covers duration • CHUBB- ALARM. ^ Iaunchmg 

VIBROPLANT HOLDINGS. foBow- Mr. Blyron J. Stytianides has policies of the group. Mr. Ray * - of contracts, fees and methods of aj rew campa^ noct , 

mg the death of Mr. Geoffrey been, appointed vice-president Lenik. former managing director u r T an rsnnm»h*in - , T diarging. disbursements and Everetts, .to.^ tackle me, come. . , - ^ j T ; 
PUkin^ton. Mrs. M. A PHkiagton personnel and administration, will devote his full time to the manager Rmi mim iwihT p^^ expenses, notice nnd termination burglar. . .AY the .same tiin* - 

has become a director. - DELOREAN MOTOR CARS, the Board of the new company. KffcSn’ STSTK procedures. approvals, copy- • 

* subsidiary m Northern Ireland of CONFEDERATION of BRITISH right and confidentiality of infor- 

Mr David Acland who Deiorean Motor Company. ★ ROAD PASSENGER TRANSPORT nation. i n ‘ M 

chW° d e xeruUv e ''of * Jnhn - “ »- . »c »1 R,« 

has become a director. 


W. P H. SMTTH C AND SON U ( HOLD- MORGAN GUARANTY TRUST become president of C CAT/SL.YTIC Ba f h i? HU Su ? Xm r‘ Says ^ 

INGSi in July, following a COMPANY OF NEW YORK has RmNAJmSSf. of Graham - have tant development In standarths-. 

1**) ' v ,*n 


INGSi in July, following a COMPANY OF NEW YORK has E^TERNATIONAL of LOTidon. anri f ant development in 

Boardroom disagreement, has now appointed the following as vice- relinquishes his position as vice- v, presidents, •- Mr. ing business practice , PR 

resigned from that Board. At presidents at its London office: nresident vpnturec for that ''Tvrt® has fdso been made presj- consultancies and should con- 

2nd qtr. 
3rd qtr. 
4 th q’tT. 

1st qtr. 
2nd qtr. 



advances DCE 






+ 769 






+ 698 



+ I.79I 






+ 1,128 






+ 114 




resignea irom tnat Board. At presidents at its London office: president ventures 

the same time he has become a Hr. Patrick Fcaron and Mr. comp anv 
non-executive director of the Gordon Wilson, general banking 
BARCLAYS nAX,t ' - ----- - ■ 

lending % 

TRUST, division: Mr. John Sellers, funding 

that consuitancjK> 

11131 dent of the European Conference tribute to the maturity of the 
of British Bus and Coach business. 






















= 100); 


Injection , 

1 UV -* W | vi UldliUldVlUlCU pruuucis 

(1975=100); retail prices and food prices (1974=100); FT 
commodity index (July 1952=100); trade weighted value of 
sterling (Dec. 1971=100). 

2nd qtr. 
3rd qtr. 
4th qtr. 

1st qtr. 
2nd qtr. 

Basic Whsale. - FT* 

matls.* mnfg. M RPI* Foods* comdty. 

149.3 138J 181.9 191-1 50.0 

146.4 142.9 184.7 192.1 239JI 

142JS 145.8- 187.4 193^ 234^ 

The full range of thermoplastic 
materials moulded on modem 

With the benefit of our ex- 
pertise your moulding problem, 
whether it's quantity, quality or 
delivery, could become a problem of 
the past. 

jl. ■ Operators in place of Mr. Ian ' 

Buttress. Mr. Alan WestweD is • THE BRITISH SHOE Corpora- 
Mr. L F. Rushbrook has been now vice-president of ECBO. tion has appointed The Simmons 
appointed to the board of OIL . • • * Consultancy for all advertising 

AND ASSOCLATED INVESTMENT * for Birthday Shoes, the -BSC 

TRUST. 5f r ‘ Tony Rodeers. 1 -textile children’s brand. Next year’s 

* colours re^ketinTSSSor Jfttl budget is appoximately ^00,000. 

ICI organics dhjsion, has become The consultancy now bandies 
Dr. Henry Kin loch has joined a rice-president of the Id sub- billings approaching £1.5m. . 
BRITISH SHIPBUILDERS as sidiary company, Canadian Indus- . 

managing director, corporate tries in MontreaL Sir. Dick Speke • FOSTER TURNER and 

j, 1 * A * 

S - ♦> -*w- 


140 J2 1492 
146.3 152.0 

146-8 151.9 

147.0 152.7 

345.8 133.8 

144.2 154.8 

145.0 155.5 

190.6 197-3 238.61 

195.8 203R 24227 

195.7 203^ 250.67 

197.2 206.7 242^7 

198.1 206.1 237.68 

199.4 206.2 248.54 

200.2 2063 253.74 

Contact us now for further details 

*Not seasonally adjusted. 

HCC Plastics 
110 Albert Street, Whitstable, 
Kent CT5 1HU 

Telephone Whitstable 26f294 

Mr. Paul Rlvett has been 
appointed to the newly-created 
post of group director, general 
distribution, of NATIONAL 

has joined the Board " of the Benson is to handle financial 
organics division 'and is succeeded advertising for P rudential t. 

as marketing manager for tex- Assurance, taking FTB's annual Sve rtUs-iS tuhiiing ddnpSgiu In 
tile colours by Mr. Jbn Keaton, billings past £2m. - . .. Jade-- and\sp«5^Sest 

* V : * «. THTi-rn >3 - 5 T 7 AR 4 VJ rrvrri tfw magazines -for GhtO^ secarity 

closed circuit TV amt'Chubb 

Mr. "W. F. Webb.- at present 18 handle In^ersoll s £300,000- ^n^ant itahwiniE 

motor managers of the CO-I p ^ us accoun ^- 

movement detectors. 'Accarding 
to the agencyr ^ The ' «un»aigii 

- J_v . ri- *_ 1 __ _ J _*V ‘ ■*' 

MURPHY CHEMICAL { s is dramatic. So is. hui^tey^, : i 

* SOCIETY. i ? to be assistant gen- ^ nooT 3 n,nai-n via ' ’ ’ - • 

THOMSON REGIONAL NEWS- October ‘ 3o!*5, Febm^* l-'lg! Pr^nr.^rnntoriD n .tarlHjt^^gt WMM l 
wSmSS“f , to. , ^5SS? of the Dilgety Group. • ~ 

assistant managing directors from H. Lid die. deputy general man- ^ vhn5tinas r .Slartmg: .^ar(f next 

the beginning of next year. They ager t administration): and Sir. H. BARKER PEN is spending month. -7 .. 

are Mr. A.- F. C Montgomery. Bradbury and Mr.- S. F. Wood. p^OO.OOO on pre-Chnstmas ' - :i 

technological development and investment managers - (Stock r advert ising and promotion.-,# VIA TBWA^ Ovaltine .is con- 

industrial relations; Mr. .34. Exchange). Mr. H. Seeley- retires} including a new TV commercial tinuing a £350J)0p TV eampaigr. 

J. Seales, day-by-day operations as chief general manager next f-^nd fun colour Press ads- via with the thlrt commetcial in the 
and functional co-ordination; and February. .* / • 'Collett. -.Dickenson. Pearce. OvalHney ‘serieii 

> 1 , 1 i g -y 

'i-'N-f :E ; R :: N-A7 ; .IvC 


& Sp^cetmbn^o^ 

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p <* > , r 

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a r\i o. 'mm fjTerv /xrvcH^ 


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ws say. let you may not know 

who we are. 


m m 

McGraw-Hill is thename. 
We publish a total of 
twenty-nine specialist 
magazines-They reach 
thirteen million readers 

On all continents our 
men and women are gathering 

J 52 


information to help you. You 
the decision-makers in 
business, industry, the 
professions and government. 
That’s who we are. 

know us better, call 

any one of our offices. 



Keith Mantle, 

34 Dover Street. 
London W1X 3RA. 
Tel; OX-4931451 ■ 



17 rue Georges Bizet, 
75116 Paris. 

Tel: 1331) 720 3342 


Roberto Lauren, 
20123 Milan. 

Tel: (392)869 0617 





Tel: (468)516870. 


Liebigs trass e27C 
6 F rankf urt/Main L 
Tel: (611) 720181 

Aviation Week and Space Tech- 
Geneva, Tel: (22) 323 563 
Norbert Schumacher 
Modem Plastics International, 
1003 Lausanne. 

Tel: (21) 223373 

Bruno Hermann. 

23 Galerie de la Porta 
de Namur, 

Brussels 1050. 

Tet (322) 513 4517 

\bu no doubt haveudthin easy reach 
your collection ofTVratecards. 

Though you might wantto call them 
something else. 

like one arm bandits. 

Because TV buying right nowis a game 
of chance. Rather hit and miss. 

You never know till the very last minute 
what you’re going to spend. 

Your audience remains a mystery until 

"Vbu are totally at themercy of the -£■ 

pre-emptive system. 

Which means your marketing objectives 
might suffer while those of others are achieved. 

However there is a way f o alleviate the 
agony of suspense and disappointment 
Get out your collection of newspaper 
ratacards. Here the ratesaregfra rahtee d, - 

You spend predselywhat you wanfandreach 
{Eecisdy whoyou Want ' ' 

You can deliver many moremessages 
and the cost per thousandfbr adults is around 
halfthccostofTV. '-.. .' J ' 

And with most companies adiieving 

that now is tiietime to hilly realise the greater 
opportunities we offer: . 

Youllbe usingjudgCT3CTt rather 
thanluck. ' .V. 

of Mirror Group Newspapcrs on 

Financial Times Thursday October 26 1978 



■ ■ ' v'-'Vv-'- . -• ; t. 'Vn : ;r3\5:.i; J: iwif vt v* • ^ 

More praise for ubiquitous Yorkie 



ONCE MORE inlo thn ronfec- 
tionery market, dear friends. 
Ir will tome as a surprise only 
to those u ho have been holiday- 
ing on other planets that 
Bowntree Markinio«h has won 
the Institute or Marketing's top 
national award for 197&— - 
partly for the run-anay surco^s 
of IK Yorkie chocolate block, 
a now product which since its 
launch two years ago has made 
extraordinary strides and 
plunged the chocolate manu- 
facturers, into one of l be most 
vicious, must free-spending, 
market wars going. 

Rountree is the winner in 
Category 1, for companies with 
a turnover of £jOm-plus. The 
category 2 winner CEIOm to 
ISOm turnover) it. International 
Paint Marine Cuatings. the 
main dUi.siim of Uie Inter- 

national Paint Company, itself 
a partly-owned subsidiary of 
Courtaulds. Category 3 (£2m 
to £10m turnover) gees to Air 
Auglia, a private -limited com- 
pany that lias created a mar ket 
for operating new services 
regularly out of-East Coast 
towns. Category 4 (turnover 
under £2m) has been won by 
Norlelt»a private company that 
makes garden equipment. 

Yorkie has already appro- 
priated consumer sales of 
£33m. In the £1 20m solid milk 
block market. Milk Yorkie — 
expected to be worth £30m at 
consumer prices this year — 
has taken approximately 25 
per cent compared with 25 
per cent or so currently be Id 
hy its main rival, Cadbury's 
Dairy Milk. 

On a MEAL basis alone. 

Yorkie and Dairy Milk are 
each being supported at 
present by £1.6m worth of 
main media advertising. With 
Mars also spending heavily on 
Its brands, the chocolate 
market is at present no place 
for the faint hearted. In 
fact it never is. 

The point about Yorkie is 
that it has succeeded in a 
large, static market where 
most of the front-dinners 
have been established for 40 
years or more, where the 
consumer has proved excep- 
tionally fickle In accepting 
new products and where 
margins are by no means so 
grand that those involved can 
afford mistakes. 

According to Peter 
Kraushar: " In practice, 

Rowntree has sought oppor- 

tunities In many different 
ways. Market research Is 
carried oat constantly to 
Improve the company’s fee! of 
the various market sectors: 
the research and development 
department seeks technical 
ideas; the marketing depart- 
ment analyses gaps and holds 
experimental idea sessions; 
brain waves are sought abroad 
and the company's advertising 
agencies are periodically 
asked for suggestions.” 

The awards submission of 
International Paint Marine 
Coatings was based on the 
marketing of a new antl-foul- 
ing paint (to prevent corro- 
sions and barnacles, etc.), that 
offers substantially Improved 
performance giving big savings 
in fuel consumption for all 
types of vessels. 

Air Anglia has Improved 
from an annual turnover of 
£65,000 in 1971. when H had 
one DC-3 serving lup routes, 
to £12Jm last year when it 
had 28 aircraft serving 20 air- 
ports. It has succeeded by 
reversing the typical strategy 
of the large carriers. Instead 
of expecting passengers to fit 
in with scheduled flights on 
established routes, Air Anglia 
has developed Its flights to lit 
In with wberc and when its 
passengers wish to travel. In 
marketing terms, the airline 
has deliberately sought the 
Image of a small, friendly, 
personal carrier that knows 
the names of ail its passengers, 
relying principally on word-of- 
mouth recommendation and 
eschewing large-scale adver- 

The colour 
boom on Sundays 

more than mere bribery 

. ... __ire or the training medium. In this case upon by Kosset to do so were The problem for Parozone 

■ itmupht of as at best a pronuiled products than perhaps rtirei-tcd at the sales staff oE car- eligible to enter a draw to deter- bleach, in 1976. was not that it 
nf wheeler dealing, of i(' a profitable for his ‘store to do. pel shops. mine which 100 were t 0 he in- was in new packaging but. on 

ragin-,- somebody io do or more perhaps Hum it's head The Kosset brand has the vited to. a night out with Kosset the contrary, that Parozone was 


encouragin',- somebody lo do nr mure perhaps 

-'.■niL-lhin-4 they don't really want nffice policy — perhaps more than largest share oC the UK carpet at the Talk of the Town in so well known that nobody 

to do. At worst, sales promotion is permitted bv specific company market, having pioneered the London, bringing a guest and seemed to notice it any mare! 

ip resarded u euphemism fnr instructions to the contrary. introduction of tufted as opposed with all expenses including travel The product is heavy and poten- 
ln i lurry: “trade loaders," fer in practice much’ iff the best to woven carpets in Britain. The and overnight hotel paid hy tially dangerous and the grocery 

evmiple. being designed some- sal^s promotional work being rest of the market is very Trag- Kosset. It was a prize of strong trade therefore typically allocate 

t imes i n ind uce a sto re m anager done today is a million light mented. and in any store stock- appeal to the typically rather the lowest, least visible shelves 

years away from “incentive ’* ing Kusset i he consumer is likely poorly paid staff who man carpet to bleaches. The Jeyes sales 

promotion in this crude sense, to he presented with a bewilder- stores. force understandably find it 

Much of this best work shares ing variety of colours, patterns. To present the promotion the easier to tell a sales story about 

■52 M 

is your 


T'i't off the prases, tn:* 
crmclcn- guide rn the C>vwi*rencc:ind 
best equipped horik 

jr sen nvhr down to rhe nurs and 
bnirt oi renr Tv.-ttb-.ind rhe pon cr miwTOphait pouts «ni 
diandeiici field ifc.ron. 

Ail u • to send vou a copv k-fbrc 
comini. to ibr \our-elr" a h.i: :lv 

1-Vrrrnun ha> lo offer, whctticrj on are 
p l.i: ii i: ivi j m.'k r • ucrd prt*r: tranoh 
ur .« c-n oi » K-. fwuii i e rnmnne • 
denundme pnv>.-i- :mj •*■•!■ Ron. 

\hr. to <r.ip.* orrf ni rv phoning 
the Onterwwi. jihJ Banqueting 
M .it t.i.vr. I r * . mM hi v n ir in*, i-t 
imp*.Tfautckvi>ior.ot (he day. 

The r.irmar Hive I Permin Square, 
I.. A'.'H -H 

instead a common purpose with 
media advertising fo . com muni- * _ — 

of what the promoted product or ALAN TO OP argues that the best , most 

service has to offer," what it ^ - - . , . 

stands for. what sort ed people il intelligent, SttleS DYOntOtlOn WOTK tOuOy 
is suituhle for— above all, in- . . , 

ducinc more favourable attitudes Snat'CS U COmmOft BUVpOSe With media 
towards the product or- service ... , 

promoted. advertising in communicating a clear under- 

Hove are n few examples. Gni- ° a 

19B% 'to * cater- 1 * fnr and Stan & n g °f W ^ at ^ product Or Service hOS 

SS^hVSK SL^BS 10 °# er and what lt stands for 

had dominated the stock cube 
market fnr many years hut whose 

the newer, advertised products 
manufactured by Jeyes, and the 
housewife tends to store house- 
hold bleach invisibly behind the 
lavatory basin pedestal or in a 
cupboard under a sink. 

The need was to retain j thin. 


ANYONE WHO buys the Sunday 
Times, Sunday Telegraph and 
Observer these days is not only 
relatively affluent but in danger, 
like Solomon Grundy, of being 
buried on Sunday, for the Sunday 
colour magazine page numbers 
arc rising in a seasonally inverse 

Recently, readers of the Sunday 
Telegraph and those readers of 
the Sunday Times not affected 
by the latest SOGAT blocking 
were able to enjoy record break- 
ing 128-page coluur magazines, 
while if they took the Observer 
too. they would have added a 
further 96 pages, making a 
weighty aggregate of 352 pages 
across all three titles. This is a 
huge — 66 per cent — increase on 
rhe total paging both in October, 
1975, and October. 1976. when 
the average three-magazine total 
was merely 212 pages. 

The boom could have been 
even greater. As many tardy 
media buyers have discovered to 
their cost, the magazines are full 
for the rest of this year, and have 
been turning away pre-Christmas 
advertisers for several months 

The three quality Sundays, 
frustrated by limited colour 

In terras of readership, as 
measured hy ibe National 
Readership Survey (J1CXARS>. 
the Telegrapu’s decision tn say 
goodbye Friday, hello Stmdai, 
has not, however, proved <in 
rewarding. The Sunday Tele- 
graph has put on jum over 
200.00(1 readers. but the Ilaih- 
Telegraph has at the same lime 
lost readers, despite the smalt 
rise in circulation. 

We must he careful nor in 
attribute these changes entirely 
to the Ire*, of the magazine. 
Equally important must be rh» 
frequent disruption in the print- 
ing and the circulation of the 
Daily Telegraph itself, whicn has 
been a features not onic nf 
October. 1P7S. huf also of many 
other months in 1076. 1077 and 
197S. Another unusual feature 
of the .HO NADS readership 
figures for thk publication group 
is that in the latest reported 
period (.Inly. 1977 t<i .Tune 
the Observer TTagjrinc i* creiliieri 
with a higher readership than 
the Telegraph Magazine even 
though the Sunday Telearaph’r 
average circulation is 150.000 
greater than that ef The 

The very huh level nf demand 
for space in nil three magazines 
indicates thai advertisers are 

printing capacity and fearful of . _ , finite hmnv m ‘idveriise un Sun- 

further blocking in the channels £ orn lhe Daily to the Sunday J " h “ ; ‘ . )f rhr ,% l70n , 

of distribution, must hope that Telegraph, with a consequent ..I", 1, :. , n „l..l 

some of this unsatisfied adver- ^ 0Ss circulation and ad 

lising demand will spill over inlo revenue potential. The Tele- 
the parent newspapers, or he Soph's loss seems to have been 
diverted into the earlv months entirely the Sunday Times' 
of 1979 

closed, and to invest nv«*i- 
f 500.000 each week In suntnirt 

ihN belief. Agencies, meamvhik. 
will continue to place as much 

_ — — - „ , . . ,- ain - business as possible in tin; three 

when issues are relatively f ut »y the latest period no magazines th* recognised shop 
Meanwhile, those adver- June. 19isi the Telegraph Matia- windows fur iheir crealivi 

;e lalccis 

use was largely for cpokuig and brand names, different methods white Kosset cat, which for many lb postal applicants, while shelf- 
gravv making for beef; and other of manufacture and qualities, years had symbolised the soft- strips announcing the offer rein- 
red ineaK Despite some initial All the more bewildering since ness and comfort of Kosset forced the pack flashes. Con- 
success. however. Golden Oxo carpets are purchased only at carpets in media advertising, sumer applications for the wall- 
foiled lo be accepted or even widely spaced intervals by any spawned a Kosset kitten, an paper were few. but newspapers 
indeed properly understood hy one household and the eon- attractive young woman dressed picked up the promotion glee- 
housewives on the scale Brooke sumer therefore has little oppor- for the role in fluffy kitten's ears fully and comments Parazone 
Bond Oxo had reasonably ex- {unity t, 0 gain knowledge and and tail. Of the approximately Lively Loo Wallpaper echoed 
peeted in view of grow- experience of the advantages and 10,000 retail carpet salesmen and re-echoed round the grocery 
ing consumption nf such white disadvantages of competing estimated by Kosset to be work- tr ®5 e - 

tneats, especially chicken. • brands. ing In shops stocking Kosset These and many other case 

The Giant Oxo Cube Competi- Most purchasers therefore relv carpets, 7,106 entered the promo- histories help demonstrate that 

Uon. therefore, invited house* hcavilv on the Guidance and tion. mo st sales promotions can only 

wives to compete for one of advice of the shoo assistant and a «, ... »hope- to repay their cost and 

15.0U0 weekend joints using to educate the assistants ^ fi no ? er V™™ ot ' oa : the Sunsilk sh ow a profi , when they won and 

proof, of purchase of Red Oxo. ' v?rtues of Koief caroets Co,1 ^ ,,OI b helped introduce a interest and catch the imasina- 
or 15000 chickens using proofs hat Haie a Great Ni-h? Out "P^kaged range of ‘hair prepara- ^ of the DU hltc. 
of purchase of Golden, Oxo. Uk JJgj kSi was launched ®M a _' G I b l s \l*} Bribing people is obviously 

retailers’ listing of Parozone. tojtisers who must advertise before 2 > ae , was fighting back strongly ., nf j fruitful snim-w for iheir 

reduce out of stock situations Christmas must turn to those an ^ had regained a couple of creative throe! mV pnri folios- 

SSSL D,ore f r° m 1 media where there is availability percentage points. Thert . h . |lv beB J n r|1Ilfe ., fpvk . 

I-®.?*? 10 !?? ; anc * where there are short copy There is another very impor- changes over the past fp\v yet rs. 

dates — and Lhat means news- tant function of colour supple- in particular the general retliu-- 
papers and radio, even if colour ments which should not be over- tinn in page format, ivhii.h 
has to go by the board. looked, and lhat is the promotion achieved considerable savings nf 

What does this heavy volume of circulation for the parent print and paper. What nnxiv .n 
of advertising mean in terms of newspaper. Viewed in these the short term 1 believe lhe next 

advertisement revenue? It is terms, the Telegraph switch roajnr development will come 

not difficult to forecast that in -must be regarded as an oulstaod- from the Observer, and we shall 

1978 the three supplements ing success. The Sunday Tele- l>e ‘ hearing about it very soon, 
should gross over £30m between graph has increased its circula- dni, bi this will in turn evoke 
them, and so will represent a tion in even- half-vear since the 3 response front both the Sun- 

medium the equivalent of radio switch, from 733.00 in the first dav Times and the Sunday 

and far larger than cinema. hair of 1976 to 845.000 in Telegraph 
The MEAL data emphasises January-June 1978. un increase n Ion ' torm P er * 1 nps we 

ne gleet than from 
down-stocking, and. ideally, to 
justify more display space in- 

Ralls of Lively Lno Wallpaper 
were offered on the Parozone 
battle at a self-liquidating price 

different prizes of course jtrawin" 

The repackaging took the form wrong; bribing ai , the pub , ic a j, 

attention to the. different .iiuc* or * f “ ov . mg [ rom J a s ® nes of bottles the time is-simply too ^pensive. 

Golden- as opposed to'Tled 0*0.. . . . J wre to , nd aerosols and other contained Man Toop is managing director 

A high level of interest and colour-coded by hair type to a af ^ sales Machine. 

entry was stimulated hy 'inviting showing the Kosset range to ne w, uniform ivory colour^— very - 

entries on fBM computer cards every member of the public elegant, highly distinctive and 
(making the competition a “com- expressing an interest in ear- certain to improve Sunsilk’s 
pulition ") — this being the first D ets - For example, Kosset car- appeal so long as women knew 
time a computer card had been P ets provide a wide choice of aD( j recognised the brand in its 
disTribnied as an entry' form at popular designs and colours ana npw changed packaging, 
the point of purchase in the a comprehensive choice of T identification 

British groce rv trade. qualities and prices. -,,*1 ,, , . aBDlJ “ ca “ on ' 

In turn. Have a Great Night Shop assistants willing to com- Sunsilk Collection offered a range 
Out with Kosset illustrates how mit the five selling points lo of desirable ivory coloured 
a sales promotion can act as a memory and repeat them if called objects in a prize draw. 

the strength of the Sunday of 112,000 or more than 15 per n f,"" ''' n L r ;L. ir L'j th . p 

Times Magazine, with 54 per cent cent. 

of the tntdl market leaving thp . . . .. _ . ob\iousl> Niippl^ !1 

other two titles sharing the ». A 5L d ., ,f i h f re w “* a f f? r vha ‘ « -* rich and still growing 

remainder enuallv between them Daily Telegraph would suffer market. But will a new entrant 
Over the fit three ^ vears ^ the ! n ter ? 1S ° f l ; ,reulal,on C roni lhe f o he given away like the 
Ohclrjfr hfc 1 , 0 ?^ 'lnni.ini loss of lts colour magazine on a others, or is there an entenms- 
at '^n^r lnf uiS^thi Frit,av * this has nf,t heen 3 usl »- in « publisher is prepared 
Snmfav 1 Tefonranh ficd " Lftrd Hartwell's daily, after In risk a few millions in the 

T !w P i! a minor drop in July-Decemher. belief that readers are at long 
nnl D f!jw e 31 1976 - hHS raade nmdest gains in last ready again to buy today's 
me expen.e or one anotner. circulation in each subsequent equivalent nf Picture FosL Paris 
We must remember, however, period, and now stands 30.000 Match, r.r Life'.' 
lhat in September, 1976. the higher than iu the first half of Don Beckett ir. u director of The 
Telegraph Magazine switched 1976. Media Rusine s-.. 




Wre proud of our readers. They’re intelligent^ open-minde4 
aware. And theyVe got money to spend on products that 
reflect and enhance their very particular We style More and 
more advertisers are looking for an advertising environment 
that mirrors the style and the quality of the product they're 
selling. And they’re finefing it inThe Sunday Times. Perhaps fchats 
why 44%“ of ail leisure equipment advertising in the quality 
press is in The Sunday Times and The Sunday Times Magazine, 

It isn’t always easy to get in ... but can a product fifce youcs 
afford to beenywhere else? 

Talk to Nicholas Hill and his sales team on 01-837 1234, or drop 
a line to him at The Sunday Times, PO Box 7, 200 Gray’s Inn Roa4 
London WC1X 8EZ. 











The colour ca 

that hits hom 

Incredible as it may sound, a relatively small-space 
campaign in the columns of Yellow Pages offers advertisers 
a weekly audience of 11 million* very serious, very willing 

This is because the people who turn to Yellow Pages 
have already made up their minds to buy. 

And they refer to their local Yellow Pages director/ 
simply to determine the availability of the product or 
service they happen to be interested in, its exact locality 
and the purchasing facilities offered 

So, as you can see, there’s much to be gained from 
making your own company’s or client’s presence felt in 
Yellow Pages as part of your media mix. 

Furthermore, a campaign in Yellow Pages, doesn’t 
just last for the duration of your mainstream campaign. 

Your name is there, right where and when the 
consumer needs it; in the home, 365 days a year. 

And with no fewer than 64 Yellow Pages directories 
covering the country, there’s no question of it not being 

To find out more about YellowPages ring Val " 
Addiscott on 01-567 7610 or look us up in your own 
YellowPages directory under Advert isement Contractor s. 

After all can you really afford 
not to have your own colour cam- 
paign hitting home 365 days a year? 






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Financial Times Thursday October 26 1978 

American brokers 
are waiting 
for ‘something big’ 


THE AMERICAN Administration There are other, more con vine- 
may have been disappointed at ing explanations. One is that the 
the initial reaction of foreign time and fighting spent over It 
exchange markets to the anti- had discredited whatever it 
inflation programme; it should might contain. After all,' by the 
not, however have been sur- time it emerged in the dark 
prised, for it had been warned, hours of a mid-October morning. 

Few people expected the which of its backers could con- 
Energy Bill to make much differ- viocingly claim that it was a 

ence when it finally emerged, great piece of teglslBtioa, 

weary and mauled, from Con- especially since it bore a l[ the 
gress. After all, it had come to! signs of a nish job to beat the 
symbolise some creeping para- session deadline. It contened 
lytic disease in Congress. But few of Mr. Carters original 
no one, surely, could have pre- requests, and completelyjjgnored 
dieted the events that greeted — the question of oil. 
or coincided with— its enactment. jj ut even jjiis is not the real 

Within five days, the follow- reason. 

ing happened. Insofar as Wall Street is coo- 

The New \ orle stock exchange cerned tbe explanation must lie 

plummeted 59 points, its big- iQ ^ ’ fact (h al it 

gest weekly drop in history mea- with the ques Uc« 

sured on the Dow Jones Index, 
and exceeded in percentage 
terms only by the crash of 1929 
and the reaction to the Arab oil 

• The dollar tail a new low 
against a basket of its 15 oiajor 
trading partners’ currencies. 
Paralleling this, gold soared, 
close to $230 an ounce. 

is obsessed 
of inteces 

rates, to the virtual exclusion of 
all else. 


The plunge in the markets the 
day after the Energy Bill was 
passed, was a direct reaction to 

0 The Fed's discount rate the rise in the Fed funds rate, 
(which it charges for funds And in the days that succeeded, 
issued through its discount win- the expectation of a further rise 
dow» rose to a record high of in interest rates was so strong 
St per cent and the key Fed that the markets skidded still 
funds rate on overnight inter- further, blubely ignoring the fact 
bank deposits inched up to 9 per that Mr. Carter was ceremoni- 
cent, its highest level since 1974. ously putting his signature to the 

very document that dealers had 

earlier urgently demanded as a 


Whether or not these calami- haunt the foreign exchange 
tons developments would have markets, where everyone agrees 
been worse still had Congress £ ha t th e dollar is undervalued, 
riseo without passing any but no one will say what will turn 
energy bill at all. is hard to say. it around or when that will 
But it does suggest that this docu- happen. The Wall Street Journal 
ment (which we must now learn daily canvasses dealers for their 
to call the National Energy Act) opinions, and they make extra- 
made precious little impression ordinary reading, 
on the stock and money markets for example: “ It’s just a 
in the U.S. and on foreign ex- matter of time It’s going to 
change dealers abroad. Yet this collapse further ” iNew York 
was the piece of legislation that dealer). *’I wish I could pinpoint 
was supposed to symbolise the t b _ cause. 1 want to put a reason 
U.S. recognition of a fundamen- to c Ut bul x can - t " (Lo ndon 
tai problem, and its determina- dealer). "We don't know where 
lion to do something about it tbe fl oor j S There isn't any logic 

The most widely accepted es- in this matter" (German banker), 
planation for its sorry welcome Dealers do seem to agree that 
was that the markets had long the National Energy Act is in- 
ago discounted any benefits it adequate to bolster the dollar, 
might bring. This argument is though even here, one wonders 
not very convincing since no one whet her this is not simply a 
knew for sure until minutes manufactured argument to 
before it happened whether there lain somelhins that has no 
would be an energy bill or what PV niflnation 
it would contain. Even now. e *' 

estimates of the energy savings Perhaps the most honest 
it will bring about vary from the appraisal of Wall Street s mood 
equivalent of lm barrels a day came from a broker who said: 

1 worth $5bn a year) to nearly “ We waot something big; but we 

three times that figure. don't know what.” 

A simple dictum 

and for a breach 
be awarded 

and arbitrators in any foreign . . 

currency specified in the him agreed, indicated that srpi- 

it asks him to. 'Sinners. are being . misled when 
identical or very : simliar- pro- . 
ducts are marketed under two 
different . merits. ; The 

»»» „ ft /between the parties, anti ot 4*® European Court' conducted 

currency speemeu m u.e — — . TRADE MARK prohibiting Centrafarm from' .^ |(| . which gave rise to -tge that the trade mark 

contract, or if the contract does trators and lower courts should t&e European Court has prob- infringing its trade mark ngbts::. (H _ ||lB but rather on _t&e owners should be allowed; to 
not contain such a clause, in the use their wits freely on a very *bly reached its limit with the in _this yf ^y- - However, assessment of Hie an infringement ot 

currency "which most truly wide front. Whether this new ^gement handedd^noo ^n^arm daii^ th^. intentions. More- trade mark, rigits— but not 

ex oressed the plaintiff's loss” thinking will ultimately also October 10 in the case No. 3/78 Benelux trade mark law is . European Court has 

S nSmt 80 last week the House embrace index-Jmking of rents, of Centrafarm. the champion of overruled m this point by EEC by its judgment the aJwayS * -; 7 

of LorS! employment contract! and obll- *e EEC Commission's Comp* law which admta ^Questionable doctrine of. ^ 

damages “he innovation intro- gations of all sorts (a problem ution- Department, against essential elements of industrial SfjEC Commission that those 1X006 TOSOiES 

durad three years ago in respect discussed in this column last American Home Products property rights 10 restraining ^V^rtition ” the Common - • 7 , - ' 

rr; a f:S^ by my learned friend Corporation (AHPC). As so trade and only then if they are example by using It ruled that su«& oppoatma 

currency fteiffuUwt George Justinian) remains to be seen, often the matter in dispute, not merely a disguised means of t^de marks to te > the 

; SSSf t h,°SS? r *» C0 SSwS -com ~t»pm***w**-**- 
should be s wmpetitore triction of trade between 

•JgS? v» flowed to take the. her states; urpUbited - by ^he.' 
should be hands by second sentence of Article 36 *£ - 

: aw into the EEC Treaty,- - w6«: it 

infringing th t est^jlished that to' adopting ^ 

On the question of dlfferent trade marks, the trade ' 

Frank [Textiles]) but also, two appeals; which gave 

most refreshingly, reminded House of Lords an oppor- 

lawyers that the basic aim of tmuty to deal with the currency 
the law is the restitution, as far question s0 profoundly, were 
as possible, to the wronged bntb brought by foreign ship- 
party of its original state, by owne rs: the owners of the 
payment of a compensation. Greek vessel. The Despina R, 

and by Stockholm's Rederaetie- 
holag Svea. In both cases the 


BY A. H. HERMANN, Legal Correspondent 

Index links 

House of Lords confirmed the which causes EEC lawyers end- partitioning 

UU 1“ — , n f UUtOlCUL Liau^ UHUKO) UIC U«UC 

EEC law allows the owner t mark owner’s ioTentiob was arti-. 

two trade marks to prevent a gQajjy tn partititm^^mark^.? : 

_ the 'C omm on’ c ompetitor from repacking one ...... v .;---. : 

If the contract failed to pre- decision of the Court of Appeal less excitement and sleepless Market and protecting different of the products, replacing the _ H 

scribe the currency in which and of the arbitrators. They left nights, is tranquilisers. After tiaL price levels in differenb trade .mark by the other, the mat su^ an_intepDpq,- rasttd. 

such compensation ought to be reversed the contrary decisions having won -at .least on points* member stales. At its request. Court said it was allowed. On But it may .oe. equal# difficult 

calculated and paid, said L-ord of the High Court judges to the case which arose from their -the Dirtcb court referred the this - point it agreed 

' 1. .oMAl-ini, Unnhe’r TTnluivn tinilar rlicnnto ftir g nmlimmim . ” 

w ^th to prove t hat ’-'.a-' ^inpe tito r 

Wilberforce, the court must ask whom the "two cases were sub- repacking Roche’s Valium under dispute for a preScunary - ^rpr.^i ipported by the British which ' 

what currency would compen- mitted by the arbitrators and the original trade mark in decision to the European Court; .Government, which argued that non -:y a 

sate the wronged party as nearly who felt bound bv precedents Germany. Centrafarm pushed leaving. aside AHPCs contehtiobr-the right to prevent repacking do so m ine 
as possible. "It would be im- which the House of Lords has further. . . that the products " repacked”. UB(ier ot h e r trade mark is. held, tnat jnemM ma*ng^ ; . 

possible to devise a simple rule now invalidated. The previous. It bought oxazepan in Britain, by Centrafarm were not even ^connected with its function of were^n ine ^irttcujar ^a^ out- 
— other than the already men- clearly defined but inflexible, where Jt - is marketed by AHPC products. indicating the origin of the I^^d^be«UKe l^, ha^the 

tioned general rule of restitu- rules of “the .currency of AHPC under the trade mark Like the House of Lords in product and therefore is an of 

lion— to cover cases on the sale the contract” “the plaintiff’s Serenid D, repacked it and sold the currency judgment above, essential part of trade mark paniuonrag in&manrep. - 

it in the Netherlands labelled as the European -.Court kiefeed the protection. The Court did not I said- at the . Degmnmg 

of goods, contracts of employ- currency," and “the breach-date 


meat, international carriage by sterling” are now replaced by Seresta; This is the trade mark ball back to the trial- judge,- accept the contention of Centra- the trade matt sagahas reached- 
sea or air,” continued Lord the less well defined but emi- registered and used by AHPC unfortunately without "providing -farm, that tie essence of trade its limit. ^ What tne ant was ' 
Wilberforce, and “in any of neatly practical dictum of Lord in the Netherlands for the same him with anything approaching mark -rights is the protection that nmtteracoiud-.hardly -be : 
those types of contract the terms Denning: “The plaintiff should product, though provided with the down-to-earth. qualityofthe;of consumers and that con- confused further. . . . _ 

Unbeaten Kris has experience 
to win Horris Hill Stakes 

HENRY CECIL, who has such a 
wealth of two-year-old talent 
in his still-expanding Warren 
Place stable, fields the unbeaten 
Kris in today’s Horris Hill 
Stakes. Can this Sharpen Up 
colt maintain his trainer's great 

Not considered in quite the 
same league as Borzoi, Lypbard’s 
Wish and R- B. Chesne by the 
champion trainer elect, Kris is, 
nevertheless, clearly above 
average. Two-length conqueror 
of Go Total in a maiden event at 
Leicester on his debut in June, 

no doubting the value of the his owner, . Lady Beaverbrook, 
form, since Touch Boy had won SL20.GQ0 os a yearling, has also 
three races, including a three- had just one race. Seven weeks 
quarter-length success over ago at York the Dick Here- 
Proper Madam in a £3,000 event trained colt finished best of the 
at Thirsk. lot when running on to be fourth 

Of Kris’s eight opponents in of 17 behind Jeroboam in the 
to-day's group three event at Convivial Stakes. 



Both he and Blue Patrol are 
sure to go well here, but I sus 
pect that they will have to v.ait 
until next year before getting 
the better of the fast and con- 
siderably more experienced Kris. 

Two other likely winners on 

luTrAta “ t£t S Newbury, Blue Patrol and John- SSSKS? 
standing two-year-old. Soft son are the two who interest me 

Angels, followed up with a three- most. gj EmS ' imier CboS 

length Folkestone success over Blue Patrol, a strong colt by J B&smSl 

Lucky Petina, and completed a Queens Hussar out of Shiny stablemate of Blue Patrol and 

hat-trick at York. T^'s huU-^r S^ Stocking. t^ThUy-raced 'swee?^^ 

He could hardly have been attracted a good deal of favour- having his first race of the sea- 

more impressive on the Knaves- able comment on his debut at S on. 

mire. Always travelling easily. Newmarket in July. There the 
the powerful chestnut drew right Hastings-Bass colt, a first foal, 
away from Touch Boy in the stayed on well after being a long 
closing stages of the Marston way behind at halfway, to take 
Moor Stakes to win as he pleased third place behind Troy in a 20- 
by eight lengths. runner maiden event 

Although he was receiving The American-bred Johnson, a 
7 lb from the second, there is bay Prince John colt who cost ■ 


2.00— Just a Kinsman* 
2.30 — Overseas Admirer 

3.00— Kris**- 

> 3J!) — Anthony of Padua 

4.00 — Sweet Kybo** 
.'•4J0— Music by Hand • 

t Indicates programmes in 
black and white 

BBC 1 

9.41 am For Schools, Colleges. 

12.45 pm News. 1.00 Pebble Mill. 

1.45 Bagpuss. 2.00 You and Me. 

2.14 For Schools, Colleges. 3.53 
Regional News for England 
(except London). 3.55 Play 
School. 4J20 Yogi Bear. 4.25 
Jackanory. 4.40 Emu's Broad- 
casting Company (BBC-1). 5.05 

John Craven’s Newsround. 5.10 
Blue Peter. 

5.40 News 

5.55 Nationwide (London 
South-East only) 

6.20 Nationwide 

6.55 Tomorrow's World 

7.20 Top of the Pops 
8A0 The Good Life 

8.20 Mastermind 
9.00 News 

and Wales— 2.14 pm I Ysgolion. 5.55 

Wales Today. 055 Heddiw. 1L50 
News and Weather for Wales. ' 

Scotland— 9.41 and 1150 am For 
Schools. 555 Reporting Scotland. 
11.10 Thursday Night.' 1150 News 
and Weather for Scotland. 

„ , Northern Ireland— 3.53 pm 

9-2a The Savage: Paul Gauguin Northern Ireland News. 5.55 
and the Construction of Scene Around Six. 11.10 The 
Paradise: the story of his Fall and Rise of Reginald Perrin, 
grs'stay m Tahiti 11.40 Jack High. 12.10 am News 

1050 World Gymnastics Cham- and Weather for Northern 
pionships Ireland. 

11.10 Tonight _ . . England— 555 pm Look East 

(Norwich); Look North (Leeds, 

850 TV Eye 
9.00 The Sweeney 
10.00 News 

1050 World Gymnastics 
1150 It All Goes to Show 
1250 What the Papers Say 

Rupert Wales. &30 Happy Days. 7.03 
Bionic woman. UJO Gaflerr. ■ ti nn 
World Gymnastic Championships. 

H7V Cyraro /Wales— As HTV General 
Service excew: U0-L2S pm Peuwdau 
Newyd^on Y Dydd. US Sereo Wft, 
The F1ocK*on 1'lycr. 545-5^0 

11.50 Weather/Regional News 

All Regions as BBC-1 except at Manchester. Newcastle); Midlands Tm " iS P«3- 

12.15 am Close: Katherin Cornell canoomtme. wswas y Dydd. 
reads a poem by Elizabeth A ™a. ujgg^o unacc -th. 

Al, , r 51 L ti» JMFSVBa 

AJI 1BA Regions as London fines, tu^jo Span west, 
except at the following times: — ' 


_ _ , wS pm News and Road Report. 2JX 

1JS pm An«Ua Km. 2.08 Women wonwn Only. Tairan. 5.15 Batflnk. 

4-0 Th.? Flimstone*. HS Jc r, > ss n»ils. W» Scotland Today. 
5.15 Eramerdale Farm. too About Caroock Way. 7.00 Botanic Man 
Anglia, ta Arena. 7J0 Pleasures of Sale of the Century, UJO Late Call. 


the following times: — 



I Main route takes longer to 
reach Scotland (8) 

5 Fan demanding immediate 
victory 16) 

10 Founded on counterfeit 
penny (5) 

11 Where to settle for sleep? (4, 
2, 3) 

12 New hearts could be what is 
needed (3, 6) 

4 Chivalrous request to one of 
the fair sex (5, 2) . 

€ Sane though possibly risen on 
dim night (2. 4. 5. 4) 

7 Date shows unity among 
Poles (5) 

8 Extra loch gives breadth (8) 

9 The girl in the network 16) 

16 We can see its age portrayed. 

( 9 ) 

17 Crimes of receivers (8) 

13 Industrial city found in less 19 A small boy can be a thief 

enviable circumstances (5) (8) 

14 Turkish ambassador finds the 20 Singer finds worker in expen- 
Spanish church with ease (6) sive French surroundings (7) 

15 By these elderly husbands 21 Wine suits a university 

may find their hands tied (7) college to a T (6) 

18 Opening for a pious wish (71 23 Strange doing for a warragal 

20 Convincing fellow joins the 
company (6) 

22 A bird can get you down (5) 

24 Workable break-up of Arctic 
Alp (9) 

25 Self-restrained in Europe (9) 

26 Ireland upset about the North 
farther in (5) 

27 Absorbing parasite (6) 

28 Not on the level— -the allow- 
ance is about to disappear (S) 


Solution to Puzzle No. 3,805 


1 How to get articles of clothing 
through customs (6) 

2 One who gbes round a short 
period as a preacher f9) 

3 Early Russian puts shepherds 
on their guard (3, 2, 3, 7) 








a al 



n ml\ 



a b| 



0 si 




m 0II 






Today (Birmingham): 

West (Bristol); South 
(Southampton); Spotlight South 
West (Plymouth). 


Points Darts - 

1238 am .The Living "wini. 

7 JO Botanic Man. 1SJO U>3S Canadian 
World Cynuiasilcs Cfiam- LuSlie U grains. 

Celiibrliy Concert- 

Today ffittf krc* 3 ' . winners and Losers. 

BBC 2 

1LQ0 am Play School (as BBC-1 
3.55 pm) 

2.15 pm Racing from Newbury 
450-4.55 Ceefax is Here. 

5.15 Open University 
650 News on 2 Headlines 
655 When the Boat Comes In 
7.45 News on 2 

755 One Man and His Dog 
t850 Midweek Cinema: * Casa- 
blanca ' starring Humphrey 


A TV „ V 21 pm Southern Neva. 230 Women 

. jtv iii , l _ Only. 4.20 LassJt-. IAS -Beachcomber*. 

r 3 " . pm Newjdesk. XS5 The A TV 5J5 The Undersea Adventures of Captain 
LOO ATV Today. Nemo. 5J0 Crossroads. 6.50 Da 7 By 
7J0 Botanic Day. 6 JO Umversay ChaUengo. 7M 
Dear Marie. EmmcntaJi? Farm. 738 Boianic Man. 

lfl-30 People Rule! 11-00 World Cym nasties 
ChamoionsliJpa. 12.08 Sourbein K»s 
Extra. 1210 am What the Papers Say. 

Thursday Picture Show. 

7.08 Emmerdtrie Farm. 

Man. 1030 Format V: 

11.08 World Gymnastics Championships. 


7220 pm Border News. 3.58 n» 
SuJJlvanc. 6M Lonkaround Thursday. 

EmmcrdaJc Fann. 7 Jo The Botanic 
Man. UJO Chopper Squad, am 
Bonier News Summary. 


4.25 am Tbe Good Word, followed by 
North East News Beadlincs. 220 pm 
North East News and Looitaround. 200 
Women Ooty. 430 Thursday Matinee — 
“ The Man Who Could Talk to Kids 
•HO Northern Lite. 7.00 Emraerdale 
Farm. 730 The Bolamc Man. n sn 

Robert Vas 
11.15 Late News on 2 
1150 Closedown (reading) 


U8 pm Channel Lnnchumi 1 News and 
What's on Wherc._ 430 Tbe Little House 

Bogart and Ingrid Bergman channel News. 6.10 730 The Emergency. 1230 am Epilogue. 

10.10 kly Homeland: Portrait Of Woman. 1 OJS Channel Laic Nows. 

Hungary from Exile by g ^jgafrj - r ULSTER 

in F rein dRd P*n Lunch mn,'. «.18 Ulster News 

Headlines. 430 Beachcombers. 4.45 

GRAMPIAN SJS t L i n ° 0 , n - s -» Crossroads. 

bv 6,05 Repons - *- s Police Six. 635 Happy 

Thing. 22) pm Gram- Days. 7.00 Emmerdale Farm, 730 

. plan Nows Headlines. 4J0 The Ltllle Boianic Mao. 1030 CouaicrpolnL 1200 
Hotse on the Prairie. 535 The Bob World OymoasUcs Championships. 13 . an 
Newtian Snow. bM Grjzupuin Today. Bed Lime. 

7-OQ Police Newsroom. 7.05 Th*» B tonic 

Woman. 1038 RportscalL 1200 Wtwld WFSTWARn 

.. .. Gymnastic Championships. 1205 Redec- , — 1 V 

wise. LOT News plus FT Index. ^ m Grampian Late Night News Headllaes. 

i an Th«*r, a . m.u.. i on r-. Headlines. ■-« The LtrUe House on the Pratrle. 

535 Siam od Ice. 6JU) Westward Diary. 
7.00 The Bionic Woman. 103s Westward 
Late News.. 1030 Preview West. U.0Q 
World Gymnastics Chataoloashlps. LLQO 
The Electric Theatre Show i Barbra 
Streisand i . 1235 am Faith for Life. 


950 ant Schools Programmes. 
12.00 Topper’s Tales. 12.10 pm 
Stepping Stones. 1250 Money- 

150 Thames News. 150 Crown 
Court. 2.00 After Noon. 2.Z5 The 
Bass Player and the Blonde. 350 
Looks Familiar. 350 Tbe Sul- 
livans. +450 Children’s Film 
Matinee: “ Vote for HuggetL” 

5A5 News 
650 Thames at 6 
655 Crossroads 
7.00 The Six Million 

850 George and Mildred 


130 pm This is Your Right. 838 
Spfdcnaan. 4A0 Wesiway 530 Wbai'B 
New. 535 Crossroads. 6.D0 Granada 
RMjons. 630 Emmet-dale Form. 1130 

1,1,11 °* HTV YORKSHIRE 

_ _ 1 1 •» » 130 pm Calendar News. 430 Jabber- 

" cpo n Wwal Headlines. 13S Jaw. 445 Uttle House on the Prairie. 

Dollar . v ![* Jc ® Hcadlll,L ‘«- 2-* women too Calendar i£mley Moor and Belmont 

4 ^,_ Thc LUlJc House on U17 ediuonsi. 7.00 Emmenlale Farm. 730 
Frasne. 535 J online NetvVdcSk. 530 Botanic Man. 1138 To Cun cert: lladduu.’ 
Crossroads. 630 Report West. 835 Belt 


247m News. 2.05 Maochesrer Midday Con- 8.45 A Talent to Amuse M. w. Lambert 
(5) Stare b niton I e hroadracf “ Masftare*: Com.c ciUertaiOa-. 5.05 Menuhin Condocrs Elgar: 

jEEr W«Ir •W !lilel “ n - A®* 1 Par( . - f 5’- U4H Weather. HUB me 

5.00 cm as Radio ■* 7 02 n»i< 3 . ■■ Words «iailc.'. 335 World TonyUiL 1030 Any AiBwvn: 11.00 

Travis. 9.W s,mon "satra 12 a ;. Aa « L ,Sj - *• Har « K '; A * Bedtime. 1215 The Financial 

Burnett. 2M m Tony El!.^™. ^ “Homeward Bound World TbbirU. 1130 Neu-s. 

swarT aisrSra A1 Homc 

l l im i B 4m As Radio 1. 


BBC Radio London 


5 S 0 am News 

206m ana 945 VHF 
5J)0 am As Radio 8.30 Bush How. 
8J30 London Live. 1233 pm Call I». 
7.03 70S Showcase. 4.0 Home Hun. 6.U 
LooK. Stop. Listen. 750 Blai* Londoner*. 
830 Soul T3. 10,® Late Night London, 
12.00-doso: As Radio 2 

«S.. 730 " King 
, . Staakespean- with Ptraald 

Wolfit. 1850 The Trio-Sonata: lUusirattd 

i =;nn™ I* ft br Cjarinopher Hogvwod is>. UjG 

l^iOOra and VHP News. 12504155 Tonight's Schubert 

Summary. 532 Tony Son * ,Sl ’ 

_ . _ „ — udiag 6.15 Pause for tq * . 

ThonghL 732 TczTT Wogan fSi. im-imliny JK AJL/IO 4 

857 Radng BuOelin and MS Pause ror _ 

Thought. 1032 Jimmy Young is>. 434m, 330m, 2SJra and ^HF 

s^sse ri'JS wS.nj;'^ay te j? London B ™ adca sting 

aSsJWiaBsS s ™ - — ■ST'STT 
a £.*SS e 3 i jb £- «■ 

Club IS.. 932 FolkwL-avc i'Si. - « 1030 News. 11145 
S P?T s r DeBfc ' T6c Impressionists. Dally Service. 

aaa“ ^ ““ “ Nevs h.^ue 

RADIO 3 Stereo £ VHF 

Weather. 730 New,. 735 330 NiJS?*33S - LteSSSi 

Album. 938 «mb Brian Bayes show. 1,00 pm LBu 
You Dare Loved. Reports. 330 George Gale's 3 O’clock 
ChecJrpoiot. 1030 Call. 430 LBC Reports (cominiK-s). 
U-45 Morning Srory. 130 .After Eight. 930 Ntahrlino. 130 am 
Nistal Eaura, 

»55 am 

Overt ore 

A lnrt? 

Capital Radio 

lWm and 358 VHF 
630 ant Graham Domra Breakfast 
Show iS-. 530 Michael AspcI iSl. 12.00 
Diive is.. 33d. pm Roger Scop 

ii>>. 730 Lord George- Brown's Caj>i>ai 

CC — These theatres aieerpt certain • credit 
cards by telephone or a tM Box Ottce. 



maVmaRKET. Ot -930 9832. Eras. 8.00. 
MarSI wed 2 30. , 5?te -*-30 and 830. 

COLISEUM. CreiL-t cards 01-240 5258. 
Reservation CS-8S6.3161. 
Tout. Sat. & Wed. next 7.50 The Tales 
ot Hoffmann. Totnp r. i "Toe. 730 Don 
■' Csold easily turn iOto a cult 

. .Sfce thmffine mans Brand cnw»."-.Ee. . 
Standard 104 baieonr mm avail: -<orH 
all -certs, teem tojjq. or* dainof pH f. 


PETER . u . ifish-w 


by Noel Coward 

COVENT GARDEN. .. CC. 1 24ft-_X>66. 
tGardencnarae Credit Cards 838- $9033 
Ton'L 730 The Steeptna T l aa iitV . .Totnor. 
8 Man. 7 JO Semade. ft -Month ta the 
Country, Facade. Sac 7.30 Maymfh«. 


WeL 7.30 Co si tan tnttn. 85 -Affiptir 
seats avail. lor all nerfs. ^fronr 10 am 
on day of serf. . 

urn MAJESTY'S. CC. 01-920 ' 6606. 
Rrc«. ^|l. 7.J0 (Mat. Sat. at 3.003! 

Opens Oct. 31 *t 7 30. . . 


1 STRAND. .01-836 .2660- Eventual -8.00, .• - 
Mat. Tburs. XOO. .Sets. .5 JO- .and 6.30. - 

HO SEX PLEASE . • • ... 


KING'S ROAD THEATRE. 01-352 7488. 
kfon. to Thurs. 9.00* Fr»., Sat. 7-30. 9.30 

Rd mhei i 


Are.. ECt . 837 1672. 

F:nal certs, Tont. & Set: 7JO Henze's 
vaudnille U CUB AN A.- Tom or.- 7.30 
Rcss.-i's O mufti i A. . . . p A-hNUiant 
ei miriz*l ErevnarLs.” Ton. , Cheap 
seats ava.I. day oi performance. 

LYRIC THEATRE. CC. 01-437 36 86. 

Cvs. 2,00. Tnurs. 3.00. SaL • 5.00. 8.30. 


by Eduardo d: FrUppo 
. . Directed Oy FRANCO -XEFFEREUJ- ‘ 
YEARS." Sunday :mes: 


ADELPHI THEATRE. CC. 01-836 7611. 
Reduced Pr-ce Previews Oct. 11 to Nov. 
8 at 7.30. Also Sat. Nov. 4 at 4.Q0 pm. 
An ERCbantins New Musical 
- Cretfi! card Bcokinos 01-836 7611. 

MAYFAIR. 629 3036. Evs. 8.00. $*L 

5.50 and 6.30. Wed. Mats. 3.00. 
[ **A delight.- Gdn. Join us Nov. 9 to r 
tbe 25th Anniversary Party. Show-Buffet 
Wlije £10.. . 

THEATRE. SS8 2252. 
open stagel Today- 2.AS -flaw 


ALBERT. 836 3373. CC bless. 636 1071-31 
fnm 8.30 as;. Party raws Mon.. Tues. 
V/ed. and Fr:. 7-45 pm. Thurs. and SaL | 
*.30 and E.OO. 


THROUGH 1979. 

price it at-), Tonight 7 JO, THE DOUBLE- 


by’ Congreve- Toniocy 7.5Q Kac- 

LVTTEL70« CRrascefnum stage). Tonight 

* Tom o rro w 7»*S 
bv Shaw. 

COTTESLOE timed - autfltorliimi. Tomor- 
DOWN by Keith . Dewhurst from 


IV.-. ‘ 

BW fiSS6.X,--4 

816 425 S. Opitar Oeic. .20 lutffl Jan. tx. 


• ■ -PCTSR PAN - 

Dally 2 4 -S-‘4S. Prices *S SA. BL £2. 
Reduced Prttes on. Dec. 20. Jan-, - - 

fi 9. IS. -1*. T2. Postal and ttUpmsw-- ' 
booking*' a cc etd ed now. " 

ST. MARTIN'S- . cc. _ ; oiw 


84)0. Matinew. Toes. 3.45. 

--3.0D.and 8.00. •— Y- 

. 26th YEAR •. ■ 

Alr-concUtloned. From 8.oa - pining . 
Dancing 9J0 SUPERB. -f 

. At -Tl>0o -PETER' _ 
From MOn : MATT 

Thur. 7 JO. Fri- and Sat. X15-v«dSJ5. 
Travers- Th. Pred. dfTtEE JlAS .iovS- 
by -John • Byrne. -* 7 . • 

VAUDEVILLE. • 836. 9988: Eves. SAOv 



..low IN iixMU.'- Sue. Express. 

VICTORIA PALACI.. . CC . 828 4735-6. 


- v. ^^ANNw^^ :» = - - 
Ewgs. 7 jo.^ Sat- 2*45. 

SMASH HITMcScSl'' D; Mill. 

ALDWYCH. C36 6404. Into. 836 5132. . 
«t repetaire. Ton -grit 7.30 Middleton and ! 

Chrisuptrer. Hill's- book (perhaps, not sort- 
able for xhHdrenj.^-.'.' \ ’’ I • £_•'< 

LIKE IT (new psrt. Fn.1. RSC al 
THE WAREHOUSE 'see under Wi. 


bv Frank Matcus. ' Directed 
Marcus. Moo. -SaL 1.15 pin 

Street WI. 1 

26 Oct--1 1 :Nov. EPISODES. -Tin 
O'Kane Ensemble at 11.00 cm. Sii 
by Martin Raphael -late Debrlsl. 


■■ A auoerb performance." FT 
“WILL RUN AND RUN." Guardian. 

APOLLO. CC- 01-437 2663. Ev*5. 



“WICKEDLY FUNNY." Times. “Vei 
very funny— great entertainment.” NoV 


Hrianous ... see it" Sum 
Monday to Thursday B.30. I 
Saturday at 7.00 and 9.15. 


fri. and Sat 6.00 and 8.45. 



Thur. 8.00. 

CC 836 6056. Mon. 
Fn.. Sal. s .45 and 8.: 


"Pulsating Muwcal.* 1 E. News. 
Seat prices E2.0O-L5.5O. 
Dmner and tap-price seat £9.50 I 


COMEDY. CC. 01-93C 2578 Ergs. 8.00 
3.00. Sj‘ 

Thurs. 3.00. Sats. 5.15 and ~8.30" 


CRITERION. 930 3216. CC 836 1071-3. 


. . and a MALF-DDZeN LAUGHS 

A MiHUTt. 


!5** 836 1071. From Npv. 7 Mon. 
Thur. 8. FH. and Sat. 5.45 & 8 ; 

IS? 1 Hampstead Theatre. 

TOR YEAbS^- Financial Times. 

by Michael Hastings. 

""“ST 01-836 8103. Mon. 


Porous astonishing 
scunner. 5 . Times. 3 rd GREAT YEAR 

DUCHESS. 8S6 SZ43. Mon. to Thurs. 
Evenings 8 00. Fr... Sat. 6.15 and g.oo 

The nudity Is stunning '' Dally Mail 
9th Sensational Year. 

D oJS E OF YORK ' 5 - CC 836 5122. 

.price ore vs. Men. to Fri. 8 p.m, 
sat. o.30 and BJO. ‘>hour before show 
b«i ava.I. wm £2^0 Opens Nov. 1 « 

IjTan^jlr^ 8 om - and Sat. 

rru75r? M Jw ' FELICITY 


A comedy by MICHAEL FRAYN 

Many exoeUent cheap . 
day ot pert. Car -'park. 
2033. Credit card bookings 

;*n-s ! . ... , 

nt 921 

WAREHOUSE. rOoneMr^ -Tbeatze. Covent- 
Garden. Bar Office 806- 6808. Seat*, 
available Toni 8.00 lev Stepbep PollUcotTs 
tog." F. Times. “ Compolshre." Ota. Adv. 
bhBS. AWwyeh..- 

FORTUNE. 836 2238. Eves. 8. Thurs. 3. 
Saturday* 5.00 and 8.00. 

Muriel Pavlow as MISS MARPLE in 

CASP'CK. CC. 01-836 4601 . Open Toni 

8.0D Wed. j .00. Sab, S.3D and I 7n 

A New Thriller DlreetM b* 

CLODE THEATRE. CC 01-aX7 1 532 
Evgs. 6.1 S. Wed. 3 00. Sat. 6 00 8 40 


This must be the happlesi launhter 
maker in Lendun. D. TH. “An •rreslsti&ly 
on lovable evoolng." Sunday Times. ' 

U OLD VIC. . 428 7616. 


Margaret Courtenavr Anthony Qhayie lir 

Shrndanl comedy.. wtth James Aubrey; 

1 Ida Blair. Xeimetti Gilbert. Carol Gillies. 

1 Matthew Guinness. .Mel Martin. TTevor 
Martin _ Christopher Neame-. . ^-.The 
funniest Mrs Maiaprop 1 hare sew.” 
t The GoardUn. . Mr. - Qoayle's.Slr 

Anthony 1 — a wonderfuF performance. ” The 
Tones. Today. ■ Fri. 7.30. Sat. 2^0. 

n Anthony QUaWe as XING LEAR nun* 

V sat. 730.':'. ' 

OPEN SPACE.' 387 6969. BECKETt 
. DIRECTS .BECKETT.- Kirbp’b Last. Tape 

0 and FNwnit^TliWfStw. 8 pitl. . 

PALACE. ‘ r - . CC. • • ..0-1-437 6834. 

Mon.-Thmaj XOO. Fri- end Sat. 6.00 and 
• • 8.40 . ► : ' 

by Tim Rise -and. .Andrew Uoyd-Webber. 

PALLADIUM, ' . CC- .01-487," 2373. 

Tuesday Nov, l4jor-S days aoly. . ».• 


PALLADIUM.' '.__. CC. 01-437 7373. 

ObwiIixj Dec. 20 . lor a Season,' 

os — Meryv: -WKfow Twankey-M 



Dttrs WATUNGi Brian MARSH ALL'- 

Ptavlew’. December T9 at 7.30. S-~- -1 

PHOENIX: OI-B3E 2234. Evs. at 8 . 1 S- 
Mats. .Wed.-SJX). Sato- 6.00 and . 8.40, : 
GARDEN make us lauoh."Djlly.M*U.- 

The Hit Comedy bv Rovce Ryton. 
have died:' '-S unday Times. ■” SHEER- f 
DELIGHT." ' Bv. -Standard. .GLORIOUS. .. 



PHOENIX THEATRE CC 01-896 2294.' 


a New pier by tom Stoppard . 

■ Directed by PETER WOOD 

PICCADILLY. From 8 JO am. 437 4506. C 
Credit Carts -836 WI Mon.-Thurs. 

B. M - Fri. end 5at. 5.00. 8.16. Air-con. • 
” Dominating with unfettered gusto -and 
humour, the BROADWAY STAR.” D. Exp. 

-Tormr^ ^m^^ D ,,, y KtoiL £ 

By Tennessee Williams . 

■; WoHrt.. Bke magto.'*. Financial Tima. 
There ^ *»«i a more satisfying 

SKEW M^nWn^londo^ “c^ 

40B awwFff 

PRINCE EDWARD. CC. 01-437 6877. 
EvemngB.BjpO. Mabnees Thundava and 
Satunlavs at 3.00 

_ . „ cvita . ... 

by Tim. Wee and Andrew Lloyd- Webber i p 
,Db*eted by Harold Prince. , c 

prince or Wales. 93 d ssai . 7 credit ■; 

»rd . bWL 930; 0646. 11 -weeks .only 
baton Ndw Tons, opens 7 Nov. . (pre- 
: • . Nov. 61 . _ 

ALAM.AYCKBmjRN:s^»m^.h»c comedy. 1 
BEDROOM FARCE • ■ . r . 

"11 you- don't' laugh, sue me.” D. Exp. 

A NManai Theatre producttoA- •-.- - 

OUEEirc! Credit Catos. 01-734 T16E. 
Evgs. 6.00. Wed. 3.00. SaL 5.00; 830^ n 

MAGICAL'.'. Times Lit. Sun. • 

Raymond RfvucBAR. ee. oi-734_ib» 3: - 
At 7 P.m-. a b jn_ 1-1 u.ra. Open Son. - O 
. PAUL RAYMOND preunts C 


— FdKy air conolUonetfT t .: 


ROYAL COURT. 730 1745- EVe». 8.00, « 
Sat 5-0? add 8.30. Mast end Nov.- 4. ~- 

” A-rirlaasa nerformanto,” D. T*f.- . * 


” Thto (6 w»e of the lew .greet; ptare ol ST 
■ the century.” jj. Mallr •• • , 

^^■&™tav c & S h®s' tsdTinK i 

SJO NKt ^J.tartgs^OO. and 8 . 00 . c 


'. Besv MuKlI AI.T877 

Tel. MekfiWF.veeepttd, Major credM 
cards) .Restaurant res. 01-405 2418.-.' 


Credit; -farte- 73* .»773E. To* COnti . in - : 

WHOSE UF£ |S 11 ANYWAY- . too 

by Brian OlriL “A MOMENTOU5..PLAY. 

1 URGE YOU. TO SEE. IT.” Guardian.. SU 
EresCrt d.oST Frf. A.Sat. 5^3 amT8A5. G 

WESTMINSTER. _CC. 01- 83* Q2W. 

< Ta*s_-Fvi. 7 .45. Wed. & S«U 3.80. . i; 



WQTMIN5TER THEATRE. - 834 0283. 

Tim r - ‘ 


S. : Andrew Ltoyd-WeUber** . 



. - Starring PAUL • JONES^* 
-Twice Doily. . Opens- Nov. 27 . 

Tickets. £2. £3, SA. BOOK NOW- 


WHITEHALL: OC-- 01-930 6692-77B- - 
Evas. 8.30. Fri. and 53t.-B.45 mt MD- 
Paul Raymond presents the SewaWPHJ 
SmcJtnue of the Century- - 


your last chance to see prior to. trandar 
••• : to Elyaao Montmartre. ftrH.-: .. 

Twice- tughtiy ' 8.00 and 103>q. 
-i*V 6. DO and -SJKJ. 

Sunday -- . 

. ... PAUL RAYMOND pratnB 

■ - MODERN. -ERA J. 

'■Take* to uftorecedeiried . (tout* -.wftar. O', 
perm, -sa tola pn our stage." E. News. ..r 

TYNDHAM^S. ■ 01-83« ' 50 2«.. CC, 

BJrga. 836 IOII from 3JO ajn. Mon-' . 

VERY; FUNNY,'- Evening; New. 

Mary <VMa»ey's smash- Mt'couwdy 


“Supreme comedy on sue and reHgton.™ 

LAUGHTER.” -Guardtui. - . 

roUNG VIC 926 "6363. Too*L Torn Or.". 
5U. 7.30 'HAMLET. Tue, Weff. TJOl' ■ 
JgJMD pan of Shakespeare trilogr 

G VIC STUDIO. .928 .6363. -Sat 
.8 pan. Young Vic Co. to Terence Grew* 


2^0 S.20 18-20 pert, add autx taie: 
Chow Frl.-andSaL 11.10. - ,» • 

2: DEATH ON THE NILE (Al. Wk. and 
Sun. 2.00. 5.00. 8.00. ; 


TubeJ. 485*^445°% 

Camden Town 





Prog*. 2.50. 7 JO 

CLASSIC 1 , 2, 3, 4 . Oxford Street fwm. 
.Tottenham Court Rd. tube).- 636 0310, 

O & A Progs. Children haH.prtre. _ 

2: THE GBtt^XrCOC**. 

120 . 3AO. 6.00. 8 : 20 . late Show -ir 

3:_THT DRIVER (A). Progs.' .2,05, 4.15.-. 

3732- _ 



(Engfieh. N»WW«i FHm -'3t 'zjW 
- Son. F 4 . 05 .-6. 20 -and 8.40. ' 



nrebesira— Conconr Pan 1 «S>. 12.05 pm 
iniervaj Reading. 12.10 Concert: Pan 5, 


LrCOinss 8.00. Mat. Sal 2.30 

„ . . by David Powna-r^ . 

A tiwalrtcal coup.” Timas- •• Surorka 
and del tom.” D. t„i. F^SnattogT . 
extraordinary evening." E.N. • * 

STER . sqUARE ’ THEATW! ’ fMO .■ . 
0 -klrfc ObuDlat In a Brian De fiwr - ■ 
THE FURY - (XV Sen. Peris. Wfc . 
. 4.30.. 8.10. Se«r. bUBie. fgr Evanma . 
Mon.-FrL i all Peris. Sat. & Sun-, . 

Haymarkrt. • 1930 . 2730,2771-) -- 
iHT . EXPRESS I XL . Sep. .proBV 



(Al..-. see. progs, doors op». 
rt, a^O.. r.SOT Sal. I .OS. -a-IX 

11V Borawezyk’s THE . 
i^X Sep, Perts.^LZAO. 3,10, SJSS.", 


t. Llc’d. 



LClsyburgh. Alan- B*m in rva 
cy** An Unmarried- Woman", to*;: - 
I.-OS, 3.36, 6.00. 8,35, Wc» J *** > 

» Niie. {A).‘ Sop. Perfs. Sy. it?' 
8 . 1 s. Late, show Thors.. Frf... Sat. 


SHAFTESBURY. CC. C1-B36 6596-7 
01-B».-i4«5 v _Evfff..8,T.S. 3aL-JX0 & 
8.30, ^ £ftE j (CE stamp jif-f- ' ' T 

C °iqi 

■ with DEREK- GODFRE Y-. > • 


ZELLA 9 GALLERY. 2. Part; Walk. Fulham- 
. Rd . S.W.16. EahfttOoo of GraoMa Of:.. 
.Heten . Morrts. GwYfl LlhNey Sge William* 

per >*eek , 1 o am-9 am- i ' 



J-*2» Jjj 16. - 

-■ -'3 .’.r-T" * ■" v ! •- •• 'i;' y- 

Financial Times Thursday October 26 1978 

.•tter from Germany— 1 

lOId Vic 

The Ice Break revisited 


King Lear 

by B. A. YOUNG 

The Ice Break in German 

v. ecomes U'enn das Eia b rickL 
'he. ire. Rrmfe at Kiel became 
l my view, an altogether 
trouser and more interesting 

- > pera than it had seemed dur- 

• fell those first performances at 

• Went Garden last year. Among 
erman opera companies or 

. tedium size. Kiel in one of the 
lost Forward-looking. Its reper- 

- Try for this season shows an 

nelligcnl balance between 
ovelty and popular fare (new 

.. reductions of Ecelhoven’s 

• ‘ eonorc. the Britton-Gay Bcy- 

ors Opera, and Dukas’ A rim# 

..t Barbe-Bleue alongside revivals 
£ flo.senfcornticr. Car and Pag, 
•on Giovanni, and Tristan, the 

- ist-listed already described on 
lis pace b.v Elizabeth Forbes i. 
-peretta is generously pruvided. 

- ‘he reliance on guest performers 
i bulk out the permanent roster 

apparently less heavy Than in 
ame ot the larger German 

Easiness book reviews 
ppear on Pages 10 & 11 

ouses. Altogether. Kiel seemed 
n apt place for the sccond-evcr 
reduction of Tippett's fourth 
pera; it had opened in June of 
lis year, and this month was 
reiving its first revival. 

A well-considered review of 
«^ip London premiere by .Inhn 
^VarrHcJc I in the August 19T7 
ttmher oF Opera) describes The 
’ vc Break as “a" swift- moving 
■nrk. and a laconic one." At 
invent Garden it seemed to me 
•'nth a spindly and self-indulgent 
• r ;;ne — a schema of contemporary 
;>‘--r.raDiatiC' cliche laid out in a 
^hretto of sustained hamfisted- 
~^ v css of diction (should it nut 
e hamlonguedness 7). unfor- 
v male even by Tippett's own 

■ 'randards. and in just about the 

■ast fertile music the composer 
. as produced for the dramatic 

■ -.age. U was a reaction or enn- 
' de cable and unhappy dis- 
i Tpnimment; even at the time 

' ‘ owever. 1 felt strongly that 
' art of my disappointment could 
.. 7 ^ blamed on the cluttering and 
hscuring effect of Sam 
^/anamaker’s production and of 
alph Koltafs glamorously 
• i tiering and complicated set. 
. it h its ceaseless sliding and tn- 
. . td-fro-ing, its wide dispersal of 
age focus, and its unwilling- 
“ ?ss to permit any central con- 
ast of intimacy or stillness. 

.. It will be interesting to see 
'hether this view survives the 
oval Opera revival next year. 

was certainly lent conviction 
>■ the Kiel staging, which in its 
iean dramatic outlines and pre- 

cision of aim unfolded the opera 
in a series of strikingly direct 
stage pictures, rather than near- 
Mjffocatmg it in a riot of elegant 
interior and exterior decoration. 
The single set of Hubert Popp 
was still a Jargp. roetal-girderod, 
composite urban landscape — 
airport, city, and in its 
various transformations, and 
capable of supporting many 
levels of activity, from the floor 
to the Hies. But the producer, 
Heinz, had 
contained and stripped down, 
had rigorously patterned, the 
kinds of activity so that dramatic 
progress was always- clear, anti 
so that the activity in the pit was encouraged In 
assume it.« dominant role. The 
domestic and interior" scenes 
(Nadia's and Hannah's. rooms, the 
hospital haili slid forward to 
occupy the major part of the 
stage; they successfully' func- 
tioned as cases within the barren 
city grid. 

As a result, one was encour- 
aged to listen as well as to 
watch: and what one heard both 
supported and amplified War- 
rack * words. The music- of The 
Ice Breoh stales, contrasts, piles 
up; its method is clipped — no 
lingering characterisation 

devices, no spun-our develop- 
ments — and iLs change of tone 
ofien abrupt to the point or 
rudeness: but, given room tn 
breathe by the production, and 
given the precise, committed 
musical real isaiion * under the 
Kiel Gen era Im us ikdtrekiar. Wal- 
ter Gillessen. those musical 
statements seemed suddenly to 
hold a store of fierce dramatic 
energy. Not just Lh e-music for 
.Nadia’ and the black jnurse Han- 
nah. the most obviously sympa- 
thetic: hut also the splinters and 
fractures, rimmed with: percus- 
sion and shafted with-.angry brass 
fanfare, of the ‘■publii: , \ scenes— 
notably the hustle and hustle of 
the opening and the quick out- 
bursts of the race riot" — which 
before I had found sadly arid 
and schematic. > • ■ : v 

For this much 1 w«V intensely 
grateful; and for a. somewhat 
negative reason also — Tippett in 
German translation disguises the 

cloth-eared American slang, the 
duff tones of , voice, the creaky 
diction of the libretto/ .-One or 
two features about the. produc- 
tion were questionable;- - It was 
a perceptive idea to mask all the 
players except the principals: 
vet not until the Act, 2 riot were 
black masks in evidence as well 
as white, and so the racial con- 
flict of the plot seemed of 
diminished importance.' and 
Hannah .and Olympian exotic 
immigrants, The curUia-.fallCof 
the second act contradicted, to 
no obviously gainful end, the 

stage direction that “Perhaps achievement was the rounding the German first performance of . . 

Lev . . . turns to Hannah"; the out of the mouldering, inarticu- Gydrgy Ligeti's Le Grand Lear s kjngdnm here is misty 
two crept off in different direc- lately suffering young Yuri. Macabre. This was another i a ?“ indefinite, both in lime ana 
lions. Klchard Salter, a young Eoalish world deuxieiue; ihe premiere 1 Place. The stage is overgrown 

In general, it was an admir- baritone who is currently a Kiel bad been at Stuckbolm earlier i autumn grass, pi Ira tn straw 

ably sure performance. Purlieu- company member, played him in this year, and Dominic Gill has : ‘ ,e , ul c 9” ,ers / b ,Jr er , e . ,s 
lurly admirable was the .con- angry black leather, sporting the written about it at Icugih in these ' nothing specific about the loca- 
sistontly Ihousbtfui charnciwis- full punk regalia of badges and columns. This Hamburg Staat-l U00 ’ ® ave w hen it is— ■’nominally 
ing til their rotes by the cast, as greased hair, and witYi an angry super production by Gilbert Deflo.T*'- DoveT - As lor Ihe costumes, 
thoughtful as those roUw would intensity of Kcaiure and expres- in designs by Ekkehard Grub ter, s P an the centuries from 

allow'. (Still not very much, siim beneath whose surface added weight, by its sheer per- 1 Prehistory 10 the Belle Epoque. 
dtipiie pretty playing by Gccskc pained sensitivity was clearly ‘versity. to ray firm belief that!** 11 M? cy have to do is express 
IIof-Hclmers. in the case of visible. Mr. Salter is 3 elcan. i n general it is the duty of the t | ie characters of those wearing 

Highly ynung Gayle.} Two young compact singer, and a resource- instigators of new works to per- “’S 01 -. . 

Americans. Viola Gilliam as ful actor. He should 30 far. form them as simply and clearlv Such a production is useful to 

Hannah and James Wagner as The second in this German as faithfully, as possible, so that 4? e - p 3 - erSl Vi ?- 0 1,1 “S* w ® r v. 
Olympion. made a touchingly weekend of contemporary opera uj C WO rk itself is seen to be oni tlje,r Personalities without nerp 
handsome black couple, she at was Aribert Reimann s Lear at s hOW. and we get to know it fn >m received notions of be- 
least as good as her Covent Diisseldorf — a new opera “nach without the interference of inter- 1 haviour. Anthony Quayle s Lear 
Garden predecessor, he far more Shakespeare" that mu-q have a mediaries. looks like the Emperor Francis 

dashing and fleet or voice than separate notice to ilscir. To Breughel land, the setting of the! Joseph, but there is nothing 
his. The most remarkable Hamburg, then, for the third — original Michel .de Ghelderode I about him of the Austrian court 


i ■ : 

■.■■■■ . 


play and of Ligeti's operatic [ He wears rough woollen doLhes 
adaptation, is a conscious evoca-i e '® n al height of his power, 

tioo of Flanders against which ^ his arrogance is like the ¥®fl| 

the comedy of death's disruption arrogance of an ancient Scottish 1 MB Ife-,- 

can make its bizarre, hilarious. “ u f. , f “ r »°5 ,an * obedience “ ... . Ul» 

and sometimes ctrangeh* moving without frills. Let me not be x , i ftaWK •' • *2*? "x-f i'Sl 

effect. At Hamburg. Breughel- mad '” Quietly deUvered. is an in- I iipfiM ‘En|| r T f H 

land became that easiest most siruction to the pagan gods ■ •• ; H 

pusillanimous of Jets-find-a- *hom he so often invokes. When BBHraV'",. ;» M 

met3phor-for-the-human-condition * s ma ^- he is a mad strong - V i 4 ® 

settings, the Circus. Contrasts man - 11111 vhen be 15 “ fourscore \n. J x r. . , || 

of lone between and within the aD<1 upward " be is an old strong U - V' k* ‘‘-PL' ’•* "* CT 

scenes, and manv of the original m3n - lt is not & his ualure to 'tfe: ^ 

grotesque comic sleights of hand. P**?. J » -yA. .. ' ^0. 

were thus denied. The work was The Dukes and Earls, • i .. L .> 

treated as a prcfty-prertv romp especially the French ones, wear •- £ * -V • ?■•. ..&£ 

—which it undoubtedly ’is— and r,ch clolh es with ruffs round ... • -1IM. •. \ ■■■ *Vs.- ' r ■; • 

its serious implications werel lheir necks, though everyone in . ' ‘ " 'i 

ignored. Producers' this production except the three **£'"i't2?+khm L 

Still, within iLs limiting frame- ladies sheds his “‘mem as lire ■ -g| 

work, the Hamburg performance becomes more quarrelsome. \ 

was expert— ror tfa e most part JaQj es Aubrey as Edgar wears j. . C. ' • VBKh ' . . \ 

expertly sung and acted (notable ‘' ,oalc as inky as Hamlet's until .«j|^ W . : 1 V 

contributions bv Dieter Weller be is betrayed by Edmund - • ' ' \ \ 

as Nekrotzar. Deborah Browne (Christopher Xeame). who shows " -’-v -"A-A-fc. 

as Mescalina. Hildegard Uhr-! 3 strong streak of punk through- r- •■**... 

marher as the coloratura Chief I out tbe evening. Then as Poor - "T^^T^raiiiiii 

nf Secret Police, and the English Tom he wears next to nothing ' P*»i_n ,, 

countertenor Kevin Smith as but dried blood, and when he l : 

Prince Go-Go 1 . and expertly con- has his last fight with his half- " ' • ^ ' w *»* • - - •-■""T 1 —**-— 

ducted by Elgar Howarth. Even brother he is still almost naked. M u ‘ M "* r ' 1 EBTl 

on its own terms, it was an but the two of them have painted Mel Mart, n an o Anthony Quayle 

account of the work sufficient to their bodies like boys from Lord 

make clear what a dazzling, scin- 0 / the Flics. The Fool (Matthew Cordelia's retention of her of them with different meanings, 
tillating, .and beautiful score it Guinness) has a white face and finery in battle emphasises a if j have given the impress ion 

■ %}'• 

: \l\S 

Lt:i>iifirrt Elfrl 

Mel Martin and Anthony Quayle 

Viola Gilliam and jamei Wagner in * The Ice Break * 

riotous yet finely organised ! elaborate hats atop, a'nd the hats as tough a lady as Carol Gillies offstage music, clouds of mist 

orchestral colours, the true | are really all they sacrifice even and Jsla Blair as her two sisters, and so on The tense soldiers 

lyrical impulse in forming the in the field. she only has better manners, fearing the arrival oMhe French 

love music, the impish wit. the To devote so much space to Regan and Goneril. when they a rmv produce an atmosphere as 
warming comic humanity of the the costumes is almost to give a begin to fight over Edmund, nervous as the beginning of 
whole. Now that the composer round-up of the playing. • Mr. shout at each other like fish- Hamlet. In fact the' emotional 
na» trimmed down the spoken Neame’s Edmund is punk to his wives; they deserve no more than scale is high and wide, the action 
dialogue and slightly shortened fingertips, though Mr. Aubrey’s to be dragged, dead, on stage on constantly gripping and progress 
the final scene, the command of Edgar, in both his personalities, lengths of red fabric, which is brisk without eve" sou nding 
conm; timing seems comp ete is not so simple as his clothes, how we last see them. Mr. hurried. No one with any respect 
Ll ^. seems to have revived He is in fact moving and sensi- Quayle docs not try to nurse for the theatre would ^ want to 
81 m!? 1 nnpra tivc ‘ Ra] P h Mlchael as their Cordelia throughout his moving miss Mr. Qunvle's Lear and it 

Smedv P Sd SeVamiE f “ther is sternly aristocratic, “My poor fool is hanged” is a compliment both to him and 

Sn reeentk h se^eT ^ even after the horrific loss of his speech, and he leaves us one to the rest of ihe production tr> 
extinct soecies The ENO mans act . sh,elded on, - v b y “Never’ short as a result of say thai he does nnt command 

r?roductSi ntS year° 1 wn ^ b0dy ° f U,e Perpe^alor). trying loo hard to inflect the five the evening hut inhabits it. 

hardly wait. 

American Television 

Back to the written word 

Elizabeth Hail 

Hugh Wood 



True to expectation; the real 
nntest in the American tele- 
ision networks' new season has 
een for second place, with ABC 
ir ahead of either NBC or CBS 
>r the lead. Coming into this 
?ason with such a solid hold on 
rst place, ABC required tittle 
lange to maintain its success; 
id what tinkering it did (like 
■tiling the series, Mork and 
indy, a spin-off of Happy Days. 
- ilh extra-terrestrial -'Mork 
tired with Mindy, the ret-ord- 
Mop salesgirl, merely capitalised 
i established winners. 

Under the circumstances, 
inovation has had to come from 
ie Dther Iwo networks, which 
-?ed a profusion of new ideas, 
•r every failure is quickly 
hisked from the. schedule, to 

• ? replaced by the -next victim. 
BC started the new season 
■rond to ABC with a schedule 
< rcast it-ally dubbed “wail to 
all movies." interspersed with 

" mrts features like the World 
% rics in baseball. NBC’s real 
irust is expected in mid-season, 
"hen Fred Silverman's S50m 

• ^vestment in new programmes 
arts to surface in February, 


^ For its part. CBS has turned 
. an extraordinary rehancc on 
"ie written word, reversing the 
■rent trend toward literary 
, >in-off 5 of video properties. 

\ . 



CBS’s attack on the American television ratings features David Janssen (left) in ‘The Word,’ Anthony 
Perkins in * Les Miserable? ’ and Richard Dysart in ’ First You Cry ' 

week in November. David 
Janssen as the hero comes across 
k as an appropriately hard-boiled 
& American advertising executive. 
^ His being drawn into the arcane 
V Wallace ploL however, does not 
w make too much sense, taking him 
" through some lovely, unnoticed 
European scenery to trace down 
'.<* the origins of a newly discovered 
.■» Christian gospel. Tbe truncated 
1 version shown to the Press did 
T not tie up all the loose ends, but 
i - .. even supposing they were tied 
up. they seemed hardly capable 
. 7 of absorbing tbe attention of the 
. fcv hero, especially when he has left 
;;*>■ an alcoholic teen-age daughter 
and a major financial deal wait- 
v^: ; ing for him in America. 

The opening scenes had a 
•f freshness of verisimilitude to 
' - them, even if they were at the 
upper end of the economic scale. 
B These took place in luxurious 
S but mundane settings and save 
^ The promise of showing some- 
1 thina _ of interest about how 
* American industry works and 
X what it does to people. Once 
■.* Janssen flies off to Eurnpe under 
the spell of the convincing 
gospel promoter, played with 
bus-cycd hocus pocus by James 
Whitmore, reason is left behind. 

Single programmes like this 
y represent a terrific financial 
burden to a network, since they 
do not anticipate the possibility 
of establishing characters and 

The Lindsay Quartet gave the 
first performance of Hugh 
Wood’s Third String Quartet .at 
the Bath Festival earlier this 
year and brought it to London 
for the first time on Tuesday, it 
is an unbroken, one-movement 
work made up of clearly defined 
sections. Some are very short, 
some quite lengthy, developing 
and repeating material during 
their progress in a manner that 
is both unexpected and con- 
vincing. All the sections arc 
illuminated with string writing 
beautifully “ heard " and 
detailed; the sum ie a work of 
quite unusual poetic intensity, 
that keeps one intent on its 
course from first note to last 
At various junctures in the 
score the composer has affixed 
lines of poetry (there was no 
glossary in Susan Bradshaw's 
programme note, but I recog- 
nised tbe Donne quotations). 
Their sequence seems to imply 
an awakening, or re-awakening, 
of (he soul from emotional dull- 
ness and despair — "Tis the 
yea res midnight, and it is the 
dayes " — to a newfound joy a:.. I 
vitality. The music, though in 
no obvious. programmatic 
fashion, seems to mirror such a 
movement. The work begins in 

slow, sustained notes, bleakly 
tinctured with harmonics, and 
ends in radiant Bcethosenian 
trilling and leaping quavers. (It 
shows no unusuai percipience to 
recognise the • influence of the 
late Beethoven quartets on the 
work: for Mr. Wood has often 
written aboui them, with wi«rlnm 
and love). Along the way, there 
are slranee nui bursts of bird- 
like melodic cheeping and peck- 
ing. anti undeTgrowths «f runtime; 
semiquavers thal support tenta- 
tive lyrical outcroppings. 

It is. as I say. an intensely 
poetic composition — each event 
seems to be added as a new 
image — and an intensely lyrical 
one, though the lyricism speaks 
out only gradually. It strikes 
me as quite one of the best 
things this composer has given 
us; he works slowly, and his opus 
is not large, but his music is 
always worth waiting for. I hope 
the Lindsay players repeat it 
nrten, so lhat familiariiv can add 
detail to instinctive appreciation. 
(Ii was received with unusual 
warmth by a decent-si zed 
audience). The quartet came 
between the two mosi famous 
quintels lor clarinet and string 
quarlct, the Brahms and the 
Mozart, in the former, the im- 

B recisely tuned playing of Janet 
iiton, the loose ensemble and 
baggy phrasing or the whole 
were a surprise, and a sore 

Arts Council 
■ moves to improve 
stage design 

Thp Arts Council is in 
investigate ways of inaintaininc 
and even improving the quality 
of stage design in drama, opera 
and ballet. The Council 
is particularly anxious to 
encourage producers and direc- 
tors in the companies to 
commission more established 
young artists, and not always 
rely on stage designers. 

An informal group of 
representatives of the Council's 
art, drama and music panels will 
meet to discuss ways in which 
the Council could entourage 
companies In commission artists 
and the possibilities of establish- 
ing suitable bursaries lo help 
meet Ihe costs. The train ins 
committee's designers working 
a roup would also be involved in 
these discussions. 

esides trvina to capitalise on which prides itseir on lextual to consider doing the Rollin meeting meddlesome neighbours getting continued series out nf 

.miliar fictional titles to attract maieriaJ no more substantial story on television. But now the and stuffing the dog into the theI11 . CBS is obviously fighting 

ewers' attention, tbe network l h a ” glorified photo captions, emphasis should be on caution hack of the station wagon. ABC in earnest, Inina to knack 

alLin-wnllV if (’taking tbe idea btJlher 10 build a 5 evenil ^' s Miss Rollin's recuperation does 

' a weekiv photographic maga- entertainment around «t- make the valuable point though 

ne indoors to capture the Television's more conventional that the subject s braverj - hides iqa 
titillate moments of The world’s use of written material was the » large i ncasure of wffenns ! «* 

ewsmakers It is almost an object of a recent preview week- seif-consciousness, which make 

jtrighi advertising vehicle for end in which CBS invited critics her less a heroine than a victim. £1 *- T^Z e^-i-Z 

s subjecls, w'ho consent to the from around the country to see Christmas time audiences will ■ lCLlOTlS 

itruslon on their private lives Jow _ it l ”" s 1ated t e n be regaled with Hie sad plight of Uvlvllw X IVllVyilJ 

) maintain their visibility and £ord - to hp> most Jean Valjean in a three-bour 

itablish an identity outside the T r he , T;’ „ b „^ P fh nma adaptation of Victor Hugos U v MIPHAFT CO V'E N F Y 

>les they are known for. 0 n L t ^ n J ‘?n fvenin-J but atai ^ Miserable* scheduled for D y MltnAtL L/ w “ E IN £ I 

Like the magazine, the tele- following the latest in program- December 27. U is a vivid. 

ision programme is a product min£ innovation. running energeUc depiction of _ nineteenth Shared Experience are the >nohtna; and l Sam Cox Xoc Alas, 

f the Time-Life conglomerate 4Pr iiiiv nwpr the course of a century irench deslilution and sunshine face of improvisatory a hapless gofer in tbe style of 

i. t ji ... * jk C.niMlfrv nlparlv fnpimfH DM Thn tha-jira Monir nrlniirorl UiphUi'l F.rawfnrfl'g Fp-inlr 

which must have enjoyed a week * cruelty, clearly focused on the theatre. Many people admired .Michael t-rawioras Frank 

linute’s satisfaction in being * mn4!f „_ inllo <lf Thp nr - confrontation between the their recent four-play version of Spencer. 

3 urted by the medium blamed Wic "a nvo- ? n “ ,na, « l» ,a .V ed ,*?>’ Richard R/enfi; House more than I did. but Share d Experience veterans 

u undermining the popularity ?„'J. , " l 2 , - P f r i > at 1 nn Retn- Rollin’s Jordan ' hls polu-e-inspeetnr there is no denying their tech- p crr fs and Mr Rawi have 

^ T S£SR1*"« 2% rc of r h sssi^iSs- XJSSTS. ^ xsss nr ' WS?. , &? r A. 'Wt 


To t lie Holders o£ 



(National HydrocarRons Authority) 

6% c /c Sinking Fund Debentures- due June 1, 1988 

NOTICE IS HEREBY GIVEN lhat, pursuant to the pruvi^iom 1 »f ihe .Sinking Fund for the Deben- 
tures of the above-dtscribeil if~ne, Morgan Guiiranty Trn-t Company of New York. a> I'iwal Ajicnt, 
has selected by lot fqt redemption on December 1, 1978 at the principal amount thereof ?256,000 
principal amount of said Debentures, as follow!-: 

Outstanding Debenture* of U^. Sl,OOOEBeliof Prefix W M'’ Bearing Serial Numbers 
End i n g in the Following Two Digits: 


Also Outstanding Debentures of Prefix “ 8 F Bearing the Following Serial Numbm: 

SI- 349 3049 4549 5 «9 6749 B349 9749 10849 38849 3S6J!> 28749 19S49 C1140 26449 27749 20149 

449 3649 4749 5749 G849 8749 9B49 11D49 12949 15749 13B49 20249 21343 26549 C7B49 29249 

649 3949 4849 5849 7049 8849 9949 11149 13449 15849 29049 20443 21449 2G649 28149 29440 

S49 4149 5149 5949 7249 8949 10149 11349 13549 16040 19249 20549 21549 26744 28549 29849 

949 4249 5349 6049 7449 9149 10249 11849 14249 16449 19349 20649 21649 26 '4U 28C40 29749 

1040 4349 5449 6149 8049 954D 10349 12049 14449 18449 19449 20949 22244 27449 26949 29949 

1349 4449 **”- * 

4549 5643 6749 8349 9749 10849 

4749 5749 G849 8749 9849 11049 

4849 5849 7049 8849 9949 11149 

5149 5949 7249 B940 10149 11349 

5349 6049 7449 9143 10249 1184^1 

5449 6149 8049 9549 10349 12049 

5549 b349 8249 9649 10749 12349 

19549 21049 26149 27543 29049 

amen La ad a'late-ni^it visit to °S; a V e b s e T ‘t Greener Over Septic. ehairs) taking Jarge risks with ^ ^ i,„ e and no one would 

tudio 54, the disco known for its ™2ZJ!£ 2ii Sion alW Z mk - mto - a t f lev ^ ,on /^medy an audience, reducing ns finally J™ noticed 

udeoess- to unrecognised custo- ,’ s t T S rr i ns ^ ^F 01 r and t 0 a s^tc of molten acquiescence. realu ' 8 * 

ier. 4 . conveyed that the wen to-do Charles Grodin. Grodin does not The piece is slight verging on 

r'ltrimieiv * thi> ^w'hWWn u " P in« bother to try to imitate animated the infantile, tracking the event* VJ H. Smith Llterarv 

Curiously, tte show has teen because they should be less reaL .u ons< a d | st inct disadvan- 0 n board a space ship travelling U ^ ucrdr J 

iSKlrifv Ce i d «nfiiSti vulnerable - lage when Miss Burnett has such around in search of a planet tn Award 

opansp r tifp ^UiSinn^oF intimacy In addition, the show has an exaggerated manner and land on. The characters are 3rCl 

! when nhti-iidve f television something of a crusading air. mobile face. There is the funny palindromic variations of the The £2,500 W. H. Smith 

nisi wnen UUHU5I *s ic 4 jjj- e 3 dramatized warning to premise of a woman trying to actors’ names: thus Band Rawi Literary Award prize has gone 

it rr a i e ohvinii<! nfuo for women about breast canter. The cordon off a bit of th« kitchen to plays ihe shin's eupiain, Twar to Patrick Leith Fermor; 63. for 

subject is not new; its use as an office, while the dinner Daar: Pamela Ferris the demon- his travel-autobiography A Tune 
ome other event in some other suojeci is a rn ci-rr.-im. Eiritieo alionnlnnicl- Rirrr»fa Tj’ nf Gifts. DUblishprl lust VMf. I 

On December 1, 1978, there will become and lie due ami payable upon esu-li Dvliemnn- ihe principal 
amoutiL thereof- in s-ut-h coin or cum-nvy nf ihe L niir-ii Siaii-. of Ann-rli a .l^ mi «.iid i|.iu> |,-« n i it-nrir-r 
for the payment therein of publii- ami privatu iii bts. at llu*. opiimi uf ihe imhli-r. ciilur 'a* at ibc 
corporate trust office of Morgan Guaranty Trust Company of New York, 13th Flour. 30 West 
Broadway, New York, N.Y. 10015,. or lb) subject lo any law* and rcfnilj lions applicable ihercio 
■with respect to the payment, currency of payment or oihrrnbc in the country of any of ihe followin'* 
offices, at the principal office of Bam-a Nazionalc del Lavom in Rome or ihe principal oflii-e of Banra 
Commercials Iraliana in- Milan or the main offices of Morgan Guurunty Trust Company of New York 
in London, Brussels, Paris or Frankfurt or the main oflice of Algemene Bank Nederland N.Y. in 
Amsterdam or tbe main office of Kredietbonk S.A. Lux em bourgeoisie in Liixeniboiirg-Viile. 

Debentures sorrendered for redemption should have attached all unmutured coii|ions appurtenant 
thereto. Coupons due December 3, 1978 should be detached and collected in the usuul manner. 

From and after De cemb er 1, 1978 interest shall cease to accrue on the Debentures herein designated 
for redemption. 


OF NEW YORK, Fiscal .4aene 

October 26, 1978 


The following Debenture previously -called for redemption has not yet been presented lor payment: 

debenture of us. SI, 000 

Pr this b! partj , °ufar d nIaga*ne R , probablynecesMly for CBS even cliches about crowing crabgrass. oician with a cleft palalc Rolyan Constantinople. 



V?:> •■’Financial Times 1 

Prospects of the Anglo-American initiative succeeding are rapidly getting worse : 

Telegrams: Finantlmo, London PS 4 , Telex: 886341/2, 883897 
Telephone: 01-248 SOM 

Thursday October 26 1978 

We have been 

will increase 

here before 


P ROSPECTS FOR an inter- Owen, the British Foreign Sec- 
nationahy negotiated settle- retaiy, and Mr. Cyrus Vance, 

A VJ! thp IT S Sm’rAtrmi nf CtatP aR 

afford to sneer at President authority gives any sign of A ment in Rhodesia grow t * 16 U-S. Secretary of State, as 
Carter and his advisers in their understanding the causes of de- more and more remote as eat* biased towards the Patriotic 
present discomfiture; our own ficit and depreciation which are week gives a new twist to the Fr wrt. With their motives sus- 
mistakes have been so large and at the heart of the problem, spiral of violence in Rhodesia. P*** all round, how can Britain 
so persistent that we can only The basic truth is that a More a vear aft™. Britain 31111 016 u - s - h °Pe to retiu 11 the 
be understanding, albeit some- nation can only live consistently and tj s Ww-hed their 1111(1416 ground? As it is, Britain 
times impatient, when this much above its means through bor- own settlement proposals, the th . e UA seem n ° 

firooi* an.1 elrnnnai< annnninin miuma- -inrl if nmrlit ■ awiusmsut jnvj/viau, u,t imniuniii* a J . n «(av. 






larger and stronger economic rowing; and if credit creation nemrtaHne nortt™ h*vp vtr convening a round table confer- rpnoitc fhom .inegOUaUDg OptiOQS USVe V 1 T- M ' ,1 


Lusaka# ^ 



power repeats some of them. remains excessive, deficit and t nSlv run nut and the Amrfn. ence on Rhodesia than they 

At the moment President depreciation will persist As in American nlan iT tonbtnffin" were 111 September last year 

Carter's whole approach— its the UK, the explosive growth rzJSSl ES-E-t 1“' when they launched the Anglo- 

mnral conviction, obstinate of domestic credit has been filhtinff * American proposals. Since then, 

courage, and economic analysis masked as money has leaked *“1?' ’ •* with Mr. Smith's apparent raove- 

— recall the rise and fall of Mr. out through the deficit. The fact * a momenmm 01 lts ment towards majority rule, the 

Edward Heath so irresistibly that the U.S. has not had to go Thi„ struggle has in part become a 


Edward Heath so irresistibly that the U.S. has not had to go ^ u*s m yui um.-wu'c - 

that it is worth analysing with cap in hand to its creditors may . ontn J * 6 KJwdesians struggle for power among 

some care not only how far have helped to conceal the fact - e new Psychological bar- 



some care not only how far have helped to conceal the fact -J. Psychological bar- blacks, 
they are similar but how far they that heavy intervention by 5* ir ‘ into ? an £ ,a In April this year the 

differ. The U.S. economy is at foreign central banks— which H5!? w £® c “? s ^ o£ , Ji r - Patriotic 1 Front led* by Mr. 
the peak oF a hnom fed by h as greatly exceeded the ^triotif FroS ^ n the Nkomo and Mr. Robert Mugabe, 

excessive credit: the President merchandise deficit— is borrow- Publicly agreed to attend a 

is seeking to prolong that boom ing. 2SL Urtl1 then, Zambians had r0U nd table meeting on the 

by’ suppressing the natural Heavy intervention has not fo® 6 bow assumed they were basis of tte Anglo-American 

response of prices through a arrested the decline of the }““““ f * 3 ? 3 proposals. But until last week 

mixture of administrative dollari but it has had two . lar f® Iy ° y , rirtue of Mr. Smith and his colleagues in 

restraints, by promises to pro- dangerous effects. First, by ? !wr ent ^ Kaund “ j standing ^ e separate “internal" settle- 
tect real incomes, and by finan- transforming excess dollars into m , w<M * d " ment agreement — Bishop 

rial incentives for export and exC essive monetary growth in Muzorewa, the Rev. Sithole and 

investment. stronger currency countries, it 3a R b° d esia .Vis- Chief Chiran — had refused to 

Hf nKt nrnrtunfivn has internationalised the result s guemila f attend, trying instead to canvass 

Most productne of us p 0 2 jcy errors. Secondly. 311(1 subsequent massacre of support for their own agree- 

In certain respects, though, by providing a market for U.S. p ai ^J V0 . rs 01 the crash. White ment. 
the U.S. economy is incompar- official debt it has greatly ^od^ians were horrified and During their visit to Washing- 

ably better placed than was the delayed the rise in U.S. interest :■?? p £~ t r’ . W J° on J y . * wo ton. the Salisbury partners 


(S.ft AFRICA! 


Joh ? nnesl ^ 


= Cape Town l 

.... 1 — ••• tuiw.vai l k.f nra j , .... iuu. uie otuiboury partners 

L»K economy in 19/3. and the rates which might otherwise weeks before had been holding changed their tune, largely, it 
President’s policies have not have checked credit erowth. secret talks with Nkomo, de- for tni'Knal msenne and 

President’s policies have not have checked credit growth. ! «crec taiics witn Nkomo, de- se ems. for tactical reasons and 
quite ignored the lessons of our To suggest that America’s &un . an “ arrested his j D ^ attempt to convince wes- 

hislory. The U.S. economy true friends can best help the pany members inside the tern public opinion that they 

remains one of the most pro- President by withholding all country. W ere reasonable men. While 

ductive on earth. Such an but ninimal support for the vr 61 eacl1 “^or incident, Rhodesian planes bombed 

Rhodesia has been hitting at the guerrillas with heavy raids across its borders. Zambia has 
been placed in an especially difficult position, since it has become dependent on the railway 
south through Rhodesia for crucial imports and exports. 

how -events unfold ia Zambia, 
the base far Mr. Nkonm’s opera- 
tions and, arguably, the pivotal •••' 
front line state^ ;■ Zambia . was' 
shocked by^ fast . - : "week , i. ■ 
Rhodesian,, raids. - yhich have ' 
severely embarrassed,! President'. 
Kaunda In the nm-up to elec- ; - 
. tions and' • have, demonstrated 
.. how limited - is -his . tooinr for 
manoeuvre. ’ : 32je;: raids came 
hard on the^fieels of his deci- 
sion to 'us4^;,t&n- raii 
through -Rh«tta4tia import dbs- ' 
perately .needed /fertiliser and- ‘ 
to export Zambi^’s'maih foreign 
currency ranter, cbfqifer. For ’ - 
the moment; a signtSeant pro- 
portion of Zambian • foreign 
trade is ' at the merer* 'of 
Rhodesia. ..•,*: .. . : : 

The Rhodesians having 
broken the psychological bar- 
rier against attacks on Zambia; : 
more rahfe must, surely follow 
as the southern African rainy , 
season begins and as guerrilla 
infiltration . . .iiato : Rhoderia : 
mounts. - .vv ' 

It is stRl ipo early to ^iy With 
any. certainty what -the effects; - : 
of these attacks will be, but at . 
the. moment Zambians are feef. 
ing* bitter towahis the West and", 
are taUdng in .terms uf a Jong, 
and procracted strugglo- a gah^ -- 
the- Rhodesians. •. 

The ijbfflsihnrty^^^ 

Kaunda might ' invite in the 
Cubans and Soviets to defend 
•his country remains a very real 
lear in the- West '• -Set against 

— — — ■'-n • n -f- . tt e ai ■ . huui» uuujucu ictu m uie- VreSL -oet apnmcf; 

economy could be expected to dollar may look like a heartless °nnsn and U.&. officials ritu- Patriotic Front camos in ^ « • • • " this ' h/wiwer th« 

T. ore S?S 20 *L Zambia^and Morambique fmak- favour e mtenm Governments SS? iSi Steowu&'bfrelSSit^ 

positively to appropriate kind can perhaps only be re- set V® ”, “ Iettill 3 tempers ing j t difficult for an outraged in^n a«pmnf t« find cm* statesmanship,, and statesman- their great antipathy, although s6 ■'JjjJjr® SS 
management than our own has solved by the kind of moment 6001 . before they launch a Mr. Nkomo to attend talks) Mr. *° t ? e s biP » a iQuahg which has been a Nkomo-Muzorewa alUance also the GiW? vriS^A 

done. In addition the President of truth we suffered two years fresh initiative to bring the two Smith and his ^Ilea^es aid STSL^SSSL t?? “K *emi unlikely because, they. 

does not believe in deficit aso. The impact effect would srdes together. The dust never they would eo to the conference u ° Bntai “ 40(1 tb e L - s - ln tbe Rhodesian dispute. .* • too, loathe each other. - . w.JS!mL - iSS? li ’ v- e 

i ^ |" 1 ■" P ^ ch^m ■f'lTl in thp olr^rlv unHai* follow^? sttflrk 'TllBirC “ n C o{'rr n “e e OT "tfm a K^ “ i. .P.culrtpn -.rt.l SSSSiSSHS^^ilil 

the real wage guarantee could shar P faI1 ,n the already under- follows attack. preconditions. three alternative Rhodesian settlement is not to surrounds the possibility of Mr -Cuban^Sv-nivPTrttnt : J 

put such plans at risk) to halve valued do liar .and further rises Two new. complicatins factors But the Patriotic Front side come through an alhpariy con- .Nkomo quitting his fn^te '^Wf ^taLnadofS'ttSES’' 

the Federal deficit next year, m interest rates. add to the immensity-many says that any conference must 5a e i v S2 ference - two alternatives ~re- alliance with Mr. Mugabe and in terms bf a ioneei«fef^*S^ 

He is also prepared to use _ Howe ) v "; r " 1 ^ n a realistic re- would now say impossibility- take the Anglo-American pro- !*“ ain main: a bitter fifrrtp tbe end, joining Mr. Smith, attiiougb It S .mSbS 

impnrt competition — where S a f 5 i n ? on ’ r S. Q ’ ^ 811(1 D0sals as its starting point, and , or a secret deal between mem- does not seem possible in tie which it is aSed ' conH he In 

competitive imports are still iVc°u C0Ul ^ 3150 . be Th ® [be UA The five African front President Nyerere of Tanzania ™ os£ P^bcised of the bers of the internal' settlement fioreseeable future. It would danger of 

“™i a ^r t0 CheCk US - P " re end. soT ly'niJoMe ” th! SlS retd" o“ e ,^ S ‘ ' Sf fhc l"Mco“’ ‘SldSfrtK &JT*” * ™ Sst ditdd“' 

luctantto dii 
are . donhtx 

cline of the dollar, and" the sharp . : opportunities are now divided among them- American plan. luea s eem mgiy aesignea to a s i n ^ nrm «„ August) and alsn the Or rani. T 1 '" 

increasingly probable response now facing U.S. industry should selves, friction being especially These opposing viewpoints at ^? cl * ^ r - Nko®°. the West’s powers intervened. As last pation of African Unity ■ fvofcLr^s’ii*^ 

,0 . the *pr.L .. of oi, and SL£ SSL. ^ “* !?««* “ rcVa. K»S 2 !fi. » SSTm^uJi S 5 St ?5 ^^"222 

idea seemingly designed to 

materials Is well „ manu S 3 ^yity.. In a crisis the Presi- Tanzani^ S on both sT^ ttat an S l6a4 ership of Zimbabwe, but a Mozinblque demonsSted Si £ 

tiircs in dollar terms, threaten S - S c__ e front ^ P arf y conference is not an end witii limited electoral sup- Rhodesiau military remind r 

gramme is 

....v, dollar terms, threaten m Z ‘ “« u Zf ■ ironi un ! P art y conference is not an end ^ wim iumtea electoral sup- Rhodesian military remain a 7 

to t undermine the whole of the ^ f^ 31 ^ ^ 11 gr ? w n J m ? r ® a ? d “ itself and there is no point port - TJ 18 W0Uld surely be most effective force Many’- 

present strategy. The U.S. pro- Sdmonetarvtar ^ ts §, ( wS w^er/aoMoartfro VhL g ° ! . ng *1 ^ negotiatijI S table ° P 5?* ed t . by m( »t other parties, whites may not be -prepared w ' 
is vulnerable to an “®?S ^? AeSi& - ^less there is some prospect of -^ u options propose fight for a black Government 

■te- worseniug In the rtwBC , b of hem ItSt SfsmlS'. d ni“°" JS SSSL.” •»*«.««« but .. 

Western aid and; will coixtuiue so^until . the . world market 
Srrnnff PT price of r cppper feprbve^ whieh 

uiiyugw it is untikdy: to do ibefore} the . 

* : SUppOrt Presid^tlKaniida may see' his 

Nor Would it necessarily end' jSffT* 


....•u.ikubh; <vuiaciuii S in uic absence of heavy infprvpntinni Frant Mr c m i*K _ r> » . z , — - . ^ . '-* JWUUV - Ul ' c agamsi me rairiOBC r ront. b ut i,ur wouia necessarily end 

terms of t .trade, although the aod a clear wan J nfi fffl vis? w^h fSS f™*!*? 5 ret F“ , t0 th . e ei ?. ht ' veek ? between the the Salisbury adntinistration is P 16 war. Mr. Mugabe, who has 

-CIUI3 ui Uduc, amiougn me and i plpar warninn tW hinho. pic* T J iu me eigm weeK S wiwccu uie 

much smaller foreign trade sec- competitiveness entauf^ Sm lion Spv S . 1 . nco J. preh , ei1 - of abortive haggling and Patriotic Front and the Salis- 
tor has marfp thp rlan^pr far 9 ess e , n i ails a tem " slon - ^ They feel the West has haransuimr which charantp.riiml bury partners which ag fl i n 

or has made the danger far porary faU ^ reaJ incomes . 
J. s obvious than It was in the Ewhanti# marL-ot^ ->nW i. 

. L ney “ eI ,“ e We . s f has haranguing which characterised hury partners which again 
3 towa rds Mr Smith in. the 1976 Geneva conference. It seems certain to be opposed on 

Lost is met from Federal funds, not too late to prevent the which the frontiinp* + ^ e .j B ^h em ls far too wide all-party ^ conference? As Dr. a conventional army fighting a ing, at the head of an adizd 

it could also push the money dollar problem from becoming awp.nt^ i nn .» A ^ bridge, at least in a public Owen said yesterday, once the conventional war against what nation in Salishurv nnuFt 

^upplyout of control^ “?B M ^ S r 

potential tt a g edy of the U.S. res, of the^orld. “* X'SX^fron, iine s tt .es de«™S 

, . and the Patriotic Front now see their inten 

■SSEJ’SK ^ef'cTiM 

“?.«* « d “ n*- \ 

are not near Moreover, the sight^pf Mr. .There can be ho ahswers to 

,vp tn the mteority these questions, burif 2 &mbians 

11 ^ N debele-Kalanga tribal fflroup- are: not prepared to-accepC- a ; 

ny fighting a ing, at the head of an adminii- “ long haul/* prfessure^wUl 

as g 5 *j £2 SSSSJi ?? uld - ^ n : surelybe exerted onMr^Nkomo 

The lesson of 
Phase Three 

Britain and the US. tilting Mr. S^apparentiyTtTli ™T- SmS in T quiet spSPS ,Sf 1 -Rations, in public- or secret,: 

Rho4esians . ins to woo Mr. Nkomo to join in, might recoil f rom the ^sfoto ^IrtSnv fhP 0 ^ 1 ?™ ,7 Whe - ther - I S 0 ? esi ? . “ t0 , 8 ® appear slirriTand all.thatcan .bO 

h?va S inn? colleagues hoping that the tide of opinion which they all are headhS Yet bination ^foat^eei^ im^SSL" 2hIn» ,n -«J te,,t t0 the finish o ^ - said with any confidence aboat ' 

— lQng rggarded ^ ° aVld ^tbe West will eventually torn such a ^econciliath., ^ 00 ^ ^^^^^^ gg SSS 3j 


THE TUC leaders have been having risen at an annual rate * ™ 1 " 1WBM* fl B KqBHV 

P wS P^s° U l ^ 2 P :^ ha %iy 0i,men ’ S diet yot , ^i y be OV 5 1 » £* ^ Cinemil - ““ -Ukely 

s a " at sea get “ g-M firMnS Si, ^^“r n r 0f 

and inflation. They are trvina psHmatp? h^vo Oil comoanies nride thpTn«piv*>o . ... currently trying to on,j!_ =< c* t. , 

and inflation They are trying estimates have to be treated 0iI 60 m P an ies pride themselves Meanwhile BP has started neeotiat^a^iv a w° Stu4i o 54 with’ Steve Rubell 18 

10 persuade the Government to with uraatar on the splendid food which thav nas started negotiate away a clause in his. ... , el1 18 

hi persuade the Government to with even greater caution at on the splendid food which they new negotiation* wirhth?!!! negotiate away a clause in his 
relax its application of the 5 this stage. Some of the appien provlde for workers who brave ™ S re Jlar a ?- een,3nt ^ T° rd 

acceleration, moreover, can be ^ e J^ ed conditions of the checks cSmpulso^ ^ for /n^L ™ “ ^workmg 

at least to the extent of treating attributed to North Sea oil: in North Sea. Steaks, scampi. 

u»»o* a uauac ui Ilia. . , - — 

severance agreement with Ford ®J pIained to e ra6 

preventing him from working {SSjfSSL ^!? 1 ^ suc ? ess of the 
for another car company.. rk C M SC0 meaQ t they had 

Iacocca’s sudden departure \™- 


classic 1970s style, a 

the figure of 5 per cent as a Sector pro- “ salmon and JuWnw 7t toSELSFZ ■ don ^suffidlm attemion I 

guideline or norm rather than ductivity is reckoned to have cream cakes are the ord er of a h j ^ , . . from the presidency in July was M , the anti inhh« ^ Jl' I 

a ceiling. And they want the risen b _ v only 2 . 2 , ceQ * the day. On the rigs crews may And SO to bed accompanied by his snarls that £J t in wj ^ ^me rojk^nmn,. 


for the present sanctions policy which ° is Indeed, in Aberdeen the oilmen rrmfhiln 'J ,eIcom6 10 11(656 Henry H’s plan to ensure that virtnH™ 60161 * ill-repute to 

including the blacklisting of Jg* * e ZtlZT ff ™ sald "0 inrtantlyrerog S 2 JS d gJ f° JLjl ^ t hi f «“• m. eventually Vl ' tona -. , . ^ 

employers. economic recovery hl% hJf, disable by their pot-bellies and Ch^f^hm i a n »L. , q C T tai L es over ^ Mastic wheel. ™°vr, in classic 1970s style, a 

For tiieir part, the T UC bought many time^ o^er b muscular legs. 5“ hS5S1i 5L th °V eht ^. of J’ 651 !l * Chrysler dismisses the New P ubl16 relations firm has been 

leaders appear prepared f0 °°ueht many times over. r n Norway a PS ,t*rin« dl ™ ctor . of York magazine stoiy as “ mere “Wed to counter such 

ni 3 ke some form of recommen- at q has Bothers, a Hertfordshire speculation ” It reminds ques- fears - T * 16 company is Daniei 

dation to union negotiators ™ Substitute overiolna thh?« f ™Wh^n C ?? pa JI^' „ tioners of chairman John J J - Edelman. which has useful 

around the country to take into it has been bought at the ex- EtWp ?<= warte ha M ^ are down ' Riccardo’s statement in July experience in that it helped per- 

account companies’ ability to pense of the normal cyclical re- t o a degree tha? canSJtlS 5™^ iS ntlSh .yT orkers - the top management team f uade the U.S. that Concorde 

absorb cost increases. In other cpveiy in profit margins, as the ** T e ? S2S?. J ed ’ , wU ***** “ sufficiently strong to need no Iandin Ks were not that ear- 

words. without weakening their Confederation of British Indus- k nd °,5 Md produce their best new addition. Ford is even ie« splitting, 

uoposition to formal pay limits, try has pointed out In tb*e “,22S t^JSS °Z™L ^. British techniques and forthcoming ^ aSwen^ 

They are prepared to advise circumstances, it would be Snsultantrn a * uaIlt * are still the envy queries: “ Mr. Iacocca cannot be — 

uninn members that responsible wholly misguided to place pine “ l^ous^df^nhf h^ t ° f t h * W ° rId ’ and P rtud reached for comment." . , 

collective bargaining should be greater emphasis upon price Sfodevei^wUh Sffood ' 0 p ha ^ n 01 }pe again proved itcan However, Ford go on to stress Amalgam 

STuSS", ^ 0nta ‘ nment ° f Zr%S ^ IX S-*«2.*S? actilevetnen,/' chimerf 2« ^ Uibu^ht I, had 

h - 

r I 


HE TRUST 15 a charity whidh exists lo improve 7 
Uic conditions in which people live. It does this by •' 
initiating soa'al action, by research and by. . 
experiment. Through. these activities sodal poifey 
and practice are -inffueneed. 

^JHE DIRECTOR is. the Trustees' chief executive 
ofnoer. His post, sx York; will become vacant when 
Mr. Lewis Waddiloyc, C.B.E., ixti res In the coming 
d iqxisa He income is now about . . 
il^OO^OOperanbunL- ' 

(►THE TRUSTEES believe the vacancy wilt 
challenge me a and women from a wide variety of . 
callings in the professions, in busings, in tbe public 
serves and elsewhere. •' *■■■■•*■ 

tr>-'s problems would be solved, sanctions are appropriate only P ? „ " .SSnJi ^°u, th Field * Managing director _ . cwi . 

mean less 

1 o,„ 4 i 1 ....!.... . . — — * uia wuBiHuu ui unmniernp 

n Jiv busin?ss ' sacking from the presidency by which recently held its congress 

Lnno* w ^ ks \ Henty Ford n to I960. in Disney World, Florida. 5f hi! i 
anasme director «... ^ n “S 

T^iS",“o“/;L S Zv“: aTacheckon themonopoly “t T ™ SSSS^SSSSSE «» -»Ie ^^inaer Sl0[y abo^ 

^■IT DEMANDS somebhe with the capacity to 
sustain for up to two decades a creative contribution 
consistent with the origins of the Trust; sbnieobe. . 
moreover, who can make (hat conuibntiori largely 
by stimulating, directing, co-ordinating and - - 

managing the work of othws fc , 

inetaiesiesuiuatesonnemove- ^ munupoiyi Wn lf — -• ■ “r u >-uuimy oeaums, . * — ~~r — r it 

ment of unit labour costs for power of emptoyers. and not as IH? Si *!! d 'J rh , 1 . ch arran ^ ed for the bed’s 2 ,***[ “ y Iac ®£ ca ’ s 

the economy as a whole which a counter-weigl to the mono- !^ e .? ream at 311 hours of ^ delivery to Jeddah, tells me the They ^ Canadians believed they 

happened to be published in poly power of tions. ‘*Oh vet. vou h* ve . v-^rv mu I ? u r pos d er 9 ft hy » « hed ^^i aC0CCa .^ tU T ald - ha7e ^ beQ efit 3 

the Department of Employment However attractive politically diet,” fitted British Petii squired a^nond ^THp Mother yea^" ^ f ° r Shm'T cuI ‘ 

Gazette yesterday, show, how- it may be to the Government ltmm nheerfmiy «B lir rinn . t , a “ h P° Qd - 7110 and “e British system of 

ever, an increase of around 12 to b e able to present a new pump fo^ddo^n anyone "BP S£2St S? l SSUres me * “ is ! Cove™enLBut things turned 

per cent in the 12 months to understanding with the TUC thought the good food^ was only orMtio^n-S^f a Blackballed r^lnh 2? d Sil entlr ' They ended U P. 

the second quarter of this year, when Parliament resumes next readable to^tftKSS ^ ° f 016 home ” ClUb Ameri 

a period which more or less week, there can be no substitute ling 12 hours on, 12 hours off — Studl ° oi the New York disco- culture, the French 

:• ’ DATES with Adequafeeiqxrienct are 

3 °' An alary 

Thpse interteted may vnite eithrdiredly (o tHe" 
Trustees, or bt confidence loiheConsultriuadnsing 
the Trust. (The Consultant to Ulr***nt » 

Studio 5i the New York disco- cujjire. the French ; 

theque notorious for turning J£. Governni0n t, and j 

down any potential customS BnUSh e&tacacy - 

spanned Phase 3 ofthe Govern- for realism. Mr. Callaghan has shifts, aHd the insistence on no ^ notorious for turning J2L ® 

ment s pay policy. These figures committed himself to a coo- alcohol 00 the production rigs '-'tanging lanCS d ° wn Potential customer enusn effiaenc; 

arc subject to a number of tin lued drive for wage restraint. “Dryness” unfortunately en- What is Lee Iacocca soin* to 5?* fc !! s ^ f each its ^acting 

qualifications. But the fact re- and there are some signs of couraged fizzy drinks and do now that be is no ' loneer^ ’5 aT, i?r ds - 0f f ?. me and fashlnQ . ■ x .. 

mams that unit labour costs realism here and there on the chocolate biscuits. “ W e have a president of Ford J ac l d .tenomiay. of TUl© tide 

' W' anc without leave, ltS be sought after preliminary 7 

- - interviewing). In either case letters should, plcase^be 
; 7 cottcaeimef amtain adequate factual IttfotniatLm • 

4. wxw'terrtterant/hls or heesecordJbeucrs should .... 

: . oc addressed cither ta;— : • 

* v . ~ . u r r « • . . uu ,ne cnacoiaie oiscutts. we nave a president of Ford Motor leuouimy. ot * u«c uuc 

rose half as fast again during shop floor. If unit labour costs number of people who are con- Company? Indeed what is thl S b ! b1 ^ ha, t IB lts plans for Seen nn p „ ■ 

Phase 3 as in Phase 2— and are not contained— if pay rises siming more calories than they former heirlinn»»r'Jf» ^"d?" Studio 54 turned ? lty notice board: 

. The Ckafrhuw, Joseph RowtOree Memoria/Trust 
Severity House, Shfptou Amdi - : ' 

• Twit Y 036 RB, ; -- ■ - ‘ - 


rnase * as m rn ase ana are not contained— it pay rises sinning more calories than they former heir apparent 7n Henrv 54 turned -tL- " J), Y lur aouc l ooard: 

about twice as fast as those of are. not limited to what can he are expending, and wo do see Ford n doing now? 2JS by ^ GLc Planners next 1^* n ° staff . Ch rtst- 

our principal international afforded from productivity- it as a long term problem. tion is- prompted bv T SS ^ - u 3? JS'rSSt 3 ”’ ° WiDg t0 

trade competitors. then by one route or another “There are people who have news item in the latent Virion a ! hou B*Wfl«l cosmetic *** . Christmas party last 

noe nafCixn omfiliirrifi tha affornohuo non nnl.. k- t . « - . * - • .. _ WIW iaL ^ BU1UUH GnPronDn it YtiU. 

< . , , ■ — — — — 11 ao a iuus iclui miuuicui. Liuu js- proniniPrt hv n ■short - . t h D . ’ o iv 

trade competitors. then by one route or another “There are people who have news item in the latent Virion a ! hou B*Wfl«l cosmetic . Christmas party last 

Output per person emp oyed, the alternative can only be in- been working out there for a of Mr. Rupert MurtSh's New ST?"’ ■} h « temporarily year ’ 
in the meantime, is recorded as creased unemployment couple of years who are York Magazine. This? reports tiinfoT a pb jJ nirig a PP Uca ‘ Observer 

. M.J. Grohom-Jones; ’ T ‘- 
. - -.V ; TheFacuUlesfivthef^pj ■. 

: . . J77 Vauxiiolt Bittfgc RooiL 
. London SmytjtftJ: ’ i'- 



■x r--^ 


Financial Times Thursday October 26 1978 


HEN THE foreign exchange not pulling on the monetary and » ■ ■ ■ ■ ... -- - 

arkets have already given the fiscal brakes very much earlier 150i — . ■ .... ■ <"■ ■ ■ ■ 1 '■ 1 ■ — ■ ^ 1fl? °‘ 10 °igQ 

umbs do wu signal to the Car- was the populist disUke of ^ .**’%>"•****■*.<,.. 

r package, criticism from com- allowing interest rates to rise— THE DOLL AD- IW THE ; SF\fEhVTIF& . 1 - 1 — 5 

enrators is a trifle superfluous, thereby making certain -that a 125 ■ ■ itlktfl. VkRTl IW 1 STERLING I < -125 

it's main immediate fear is much larger rise in rates would ■ ■ PnDa«ai 

at central banks, such as thos e rake place a little while later. 

Germany and Japan, will buy Bui even more important, was 100 aaMwcaag 1 —r r- sl ^pr: — — — ^ • (DOLLAR 100 

o many dollars in a vain 3 deep theoretical belief, .held v I trade vmsEwi am 

tempt to cover up what is hap- an-ong Whitehall ecouomiBts in \ . w . _ • — snuUnabMUt 

ning. thus jeopardising the 1972 and among Carter advisers J 1 

ibility of their own curren- since the Inauguration, that _, e _* *, • ‘‘ " 

is — a stability which is an government financial policy ' •* ” ’* -% s *..._" . ~ .7 V 75 

set to the world. could not possibly, fhel In- _ . '._••*■ \ v' ' i''' : . . 

Of course one feared the flation because unemployment - . ■ " - ' . 4 ■='^’ I V»ci ircruc 1 .. » . l \ ■ I YEN! 

•trst as soon as the Carter was still above some pfe-deter- smithsonianI " generalised). ■ • ..l^ cul ^~ nc iVlAKivj * * I * ?a Bea» 

oadcast was billed as one or mined target level. Therefore, agheememt - Ifioatimg . PBnaB * 

e most important he would by a process of elimination fniimiHi ' -*^^— — r . 

er make. This was all to orem- Union and husiness leaders were 50 I wxdnsuspbwsI devaljuatio*i ' -T ^ramHKRrSSts ‘ \ - 5D 

iscent of the description of his in both countries made the cohvehtmiity | of the dollar! .. -. ' ou 

iergy policy as the moral scapegoat for an inflation which ^ - » 

of war. anything they had no power to cause. K||,' 1 1 iHEBHPWHBHHEBI* <M 11 1 

■bases democratic statesman- But there is less .excuse for 1 1 n i 1 1 1I1 \ i ill' i T r n:nn \ [ Til * 1 1 Vi t j ■> | m t ..n 1 ! i.i ; > 1 1 f Vi 1 m i .1 a j m • t 1 - 1 1 1 { 1 [ 1 i A , < r 1 > ■ 1 > . 1 ■ • 1 ■ ; *T~ 

' ip if is the attribution of this error in the U.S. because 1971 ’ 1972 ' 1973 ' 1974 ' 1975 1976 1977 1978 

urimis profundity to the union sector accounts for a .7 “ . 

tempts by government to cor- minority' even of the male adult ,n<? canQOt afford purpose an attempted strait- dollar has fallen so much. Pro- overseas portfolio holders— both 

ct the consqeuences of their working force* and by no stretch ? uara|1 teed real wages, even on jacket will be put on the U.S. fessor Herbert Stein, a former private holders and central 

•n short-sighted interventions, of the imagination has the U.S. ^rage— the consequences for corporate sector relating chairman of the Council oF banks— to diversify out of 
it* energy policy was simply inflation been due to wage push. [ hc /^ononiy as a whole individual price increases to the Economic Advisers, reviews all dollars. The dollar has to fail 

partial and cumbersome Indeed labour market analysts >L disastrous. often irrelevant experience of the plausible candidates and enough to persuade some people 

icmpt to put right the ennse- have been surprised by the One is reminded of the Phase “ ie P as * tV 0 years * A 11 these finds them wanting*. The whole who were originally thinking of 

cnees nf earlier political stability of wage increases, at Three thresholds offered by Mr. ncw rigidities are added to the U.S. trade deficit from the be- selling dollars lo buy them 

'riling with oil prices. The around 7 per cent, at a time of Heath in 1973 just before the economy in the name of full ginning of 1974 until now instead, in sufficient quantity to 

fl'jtiuti package is a much tightening labour matfcels. oil price explosion, which employment. It is better for amounts to about $60bn — super- offset, not merely the trade 

jre primitive venture based The U.S. Administration is aggravated the wage explosion our. sanity to laugh than to cry ficiaily large, but only 10 to 15 deficit, but the sales of those 

the sincerely held view* that new tryin» to bribe trade lh e following year. But at a " d remember that those per cent of total overseas dol- - small” central banks which 
• have inflation because prices unionists to slick with the 7 least the Heath thresholds were who ignore the lessons of Jar holdings. are diversifying into other 

,1... per ce]1 t by offering those who not 3,1 e -^ra charge on the history are doomed to repeat it. The U.S. money supply has currencies and of the private 

For all his premise to bring do a Government subsidy for budget deficit, which casts a itself risen in recent years less investors doing the same. 

new blood. President Carter any increase in the cost of doubt on the promises to cut it TVvll,,.. 1han that of countries whose But why is there this new 

is surrounded himself with living above that figure. There down. currencies have appreciated desire to diversify out of 

rned, economic Bourbons who is a lot to be said for . the right Another disturbingly reimni- , ■ against the dollar. But to leave dollars? Probably because in 

vc learnt nothing and for- kind of wage indexation, freely scent element is the hypocrisy. HiySlBIT6S it here is a little too simple. The the aftermath of the oil price 

iten nothing from their own negotiated. But this-^attfcmpt. The Carter economic advisers ,. . normal rate of monetary growth increases, and the ensuing 

vbaning of the 1960s. the lo guarantee real .wages by t° whum I spoke were quite IMPORTANT _ disagreements consistent with exchange rate increase in dollar denominated 
3co of the Nixon wage and Government fiat is .certain to sincere about controlling wages; have emerged within the m on- stability vanes from country to oil payments, raanv countries 

... . . . . ... r_ i_.t Kut thu.i nnt Kallauo etaTlfit damn which «h<iUlri he nmmtrv Rut urhat if 1 . .. 

canniiy reminiscent of full employment. Moreover if contributed to inflation, doctrine purely for generals or tinn in U.S. monetary growth term. To have persuaded them 
ndon at the height of the anything goes wrong with the They themselves stressed that martinet poltiral leaders. relative to its own past. to stay in dollars at last year’s 

ath boom of 1972. As in all too fallible calculations upon price guidelines were cosmetic To begin with, no one is The most plausible explana- exchange rate, they would' have 

itam, nne political reason for which it is based — for instance and political only. But for this actually sure exactly why the tion is the growing desire of had to be convinced that U.S. 

monetary grnwlh would actually 
decline in the face of political 
pressures the other waj-. 

And knowing the identity of 
the Carter advisers, can we 
blame dollar holders ir they 
doubted tills? 

Another monetarist argument 
of great relevance to the U.S. 
economic debate is whether in- 
flation is aTTecic-d by the amount 
of slack or “overheating" in 
lhe economy. 

This i* denied in the 
September Federal Reserve 
Bank or St. Louis Review. The 
claim there, is that changes in 
monetary growth have a direct 
effect on the price level. They 
also have a separate, but purely 
temporary effect on output 
and employment (virtually 
exhausted within four years). 
No improvement in statistical 
fit is said to be provided by 
introducing unemployment or 
unused capacity in the explana- 
tory equations. The practical 
moral is that the Fed should 
gradually reduce monetary 
growth without worrying about 
whether the U.S. economy is 
suffering from ** overheating ” 

The disadvantage of the St. 
Louis approach is that it is too 
“ black bos." it yields no 
obvious insight into the forces 
at work. But its advantage is 
that it does not rely on 
estimaies of the margins of 
unused capacity or the chang- 
ing means of the unemploy- 
ment figures which arc highly 
controversial. The “ constant 
inflation rale nf unemployment *’ 
(CIRUj, as Friedman's “natural 
rate " has been renamed, is 
itself subject to frequent shifts 
as a result of structural factors 
— such as demographic move- 
ments, or changes in minimum 
wages and unemployment 
compensation. For instance the 

Carter expansion nf 1977-78 was 
based on the belief that C1RU 
was about 51 per cent (a level 
still slightly beiuw lhe actual 
unemployment rate). If it were 
instead to be actually 6 \ per 
cent the U.S. would have had a 
quite unnecessary period of ac- 
celerating inflation with the 

high probability of losing all. 
the employment gains anyway. 

In his own contribution to. 
the Contemporary Economic 

Problems* volume, the editor. 

Professor William Kellner — 

spiritually the youngest of the 
U.S. economic elders— does the 
statistical work to establish that 
the U.S. is much nearer to its 
capacity ceiling than the 
Carter Administration supposes. 
And even mure important, he 
contests the equations purport- 
ing to show ihat. for instance, 
the U.S. would require say four 
years of abnormally high un- 
employment ( say 1 per cent 
above the CIRb't to get inflation 
down by 2 per cent. These equa- 
tions are based un a period 
when the U.S. authorities were 
expected lo resort to fiscal and 
monetary expansion at the first 
sign of unemployment. So 
people were — rightly — slow to 
adjust inflationary* expectations 
in the face of tight money 
policies which they did not 
expect to see sustained. With a 
credible long term commitment 
to gradually declining monetary 
targets, policy would work more 
quickly and with smaller transi- 
tional unemployment costs. And 
credibility is a matter of confi- 
dence and politics. 

* Both published by American 
Enterprise Institute tor Public 
Policy Research. J 1.5 0 Seven- 
teenth Street. NW Washiuaion 
DC 2(1030'. 

Samuel Brittan 

Letters to the Editor 

• ri,A tJje Public sector, so tb 

1 IIB DUilGing ment can manipulate 

problem quite easily 
nrillQtrV tunately il chooses to 

ttuujti ; peaks instead of trough 

.,m the Director General. the situation worse. 

- National Council 0/ Building £ a ' ,| d Bro*™- . 

tcrial Producers 302 F ordG reen Road. 

Jir, — 1 cannot allow to pass Norton. Stofeeoit Trent. 

challenged Malcolm Ruther- 

•d's suggestion (October 20) p ; c 
U there is a mammoth boom VjrOIIlS lUA 
the building industry. I ' .. 

.predate that it is likely that nilhilPIlV 
tivity by small bailders and puwuvitj 
Ofinlrghters has Increased sig- From Mr. T. Murray 

the public sector, so the govern- Any disputes could be settled standards." (Cmnd 3SS3). More peasants from the land to the 

ment can manipulate the cyclic bv the Government Actuary. In recently the Government Actuary factories began in England 200 

problem quite easily- Unfor- time the actuarial profession will made a similar observation in his years ago. On the Continent and 
tunately il chooses to order at no douht draw up a set of tables Report on Mrs. Castle's Social in Asia the factory worker is 
peaks instead of troughSrinaking to enable pension fund adminis- Security Bill. 1975. (Cmnd 592S). more commonly the son or grand- 
the situation worse. r. trators to calculate transfers Why. one must -ask. does son of a peasant and his attitude 

David Brown. without resort to actuaries (these the Government continue to to life is affected accordingly. We 

302 Ford Green Road. tables will be based on age. years acquiesce io a policy for the see in this country that the farm 

Norton . Stoke-on-Trent. of pensionable service and salary nationalised industries, covering population is conspicuously hard 

- ' earned during this service). The less than 10 per cent of the working 3nd uncomplaining. 

rules of the two pension schemes nation's work force, which puls Closer to earth is closer to 
r^mner fnr involved Will obviously have their employees and their pen- reality perhaps. 

VJUlUg IUI ■ their differences but the em- sion schemes in a position of \ suggest that these questions 

■ 1* •j ployee must judge these just like quite exceptional privilege even -- e re i»ted to our contimiin° 

publicity a jl orter conditions of service in by public service .standards, and. industrial decline, and that the 

FrL a/r r iiJL .. . his J°^ <**»“*' answers, are likely to be such that 


Cabinet meets to discuss Euro- 
pean Monetary System. 

Mr. Denis Healey, Chancellor 
of the Exchequer, meets repre- 
sentatives of Confederation of 
British Industry at Downing 
Street for talks on pay and 

Berwick— Eart Lothian and 
Pontefract — Castleford Parlia- 
mentary by-elections. 

Annual report of Church Com- 

Queen attends King’s College 
130th anniversary reception. 
Strand, London. 

Mr. James Sehlesinger. U.S. 
Energy Secretary, on visit to 

Mr. Andrei Gromyko. Soviet 
Foreign Minister, continues talks 
in France. 

Today's Events 

Second day of visit by French 
President Gisiard d’Estaing to 

Sr. Jose Lopez Portillo, Presi- 
dent of Mexico, visiting China and 

air. Nikolai Firyubin. Soviet 
Deputy Foreign Minister, con- 
tinues visit lo Phillipines. 


Car and commercial vehicle pro- 
duction (September— final). 
Energy Trends publication by 
Department of Energy. 

Financial dividends: Burgess 
Products (Holdings). McKochnie 
Brothers. S. Simpson. United 

Real Property Trust. Walker and 
Homer. Interim dividends: 
Berkeley Hambro Property. Boosey 
and Hawkes. Henry Bool and 
Sons. Coral Leisure Group. Gears 
Cross. London Brick. Minot 
Holdings. William Press and Son. 
Sheepbridge Engineering. Trust 
Union. Whittington Engineering. 
Wire and Plastic Products. 
Interim figures: John Crowther 
Group. Electronic Machine Com- 

Burns Anderson. Midland 
Hotel, Manchester. 12. Hume. 
Winchester House. EC. 11. 
R. and J. Pullman. 13 Marylebone 
NW. 12. Rwtbrook Trust. 4. Water 
.Sireet, Liverpool. 3. Telefusion. 
Connaught Rooms. WC2. 12.30. 
Tor Investment Trust, 6, Caer 
Street, Swansea. 10.13. 

j jusitbcation tor talking of a sad Ihat he chooses tn chide us n o delusion that if the Govern- day. lOo. High Street, 

>om and shortages of maiemls. mildly on the lack of ^publicity W ent acts in the way that I sug- This is one of the mysteries Uungerford. Berks. 

■me sections or the building which we- at APE-Crossley have se st the result must be either that tbc Select Committee on 

aierials ihdnstry have ex- given to the Hereford combined reduced total benefits for every- Nationalised Industries will no 

nenceu la .welcome increase in heat and power project; one or an increase in contribu- doubt probe during the coming 

mand this year but there is Within six weeks of being tions by either the employer session when it turns its alien- D K Sl3lt 

II considerable spare capacity selected by Midlands Electricity and/or employee tion • to the structure and 

the industry Board to supply the two 7.5 MW d. I. Shaw. administration of its charges’ 

lh r " ene r ra l ors ? hich 3I \ 3 j M and C Insurance Group. pension funds. lllll OHS 

• by the National Federation the heart of the scheme, we had yj.pp jvew London Road. Raymond Nottage. „ 

Building Trades Employers written, printed and distributed Chelmsford Reform Club. from the Secretary. Association 

jnd Ihat only a few builders some 400 copies of a technical Pall Mall SW1 Scientific, Technical and 

d experienced delays in obtain- write up on it to Members of m, J f» .... Afnnaperial Staffs, Midland Bank 

i materials or components. Parliament, the Departments of I QA COStS Oi i'mif i'eciiun. 

esc problems are mostly ran-- Energy and Industry, industrial rkf Sir— As reported (October 

P sr%xn index-linking ConUuence of 

/Vo'bTa^Sd lf ri s ^ Gening C Boart. *«; »■ the WaterS nidation, on bank staff repre- 

mand building, cost would be tricitv Board and earh gas Sir,— llr.^ T. A >. ■ E. Layo om p rPTn the Marketing Services . ♦ j 

shpd ud bv widespread Board. tDcethpr with consulting states (October 23) that the latest manaaer. Nashua Comtcat . * ieetn - ine that, despite 

Raymond Nottage. 
Reform Club. 

Pall Mall , S.W.J. 

Confluence of 
the waters 

? i } \ • 

mand building, cost would be tricitv Board and earh gas Jv - T * ^*. E ; .t 1 b .°™ From the Marketing Services . .. . . 

shed up by widespread Board, together with consulting states (October -3) that the latest manager. Nashua Copycat In t t ^ 3at ' tJe5 P'£ e 

iriages of materials.. engineers, industrial energy accounts of the National Coal — your excellent feature El? e , . l jui a LOns ,l^ era ?; 0n 10 e J»ht 

■ was surprised at Mr. Ruther- managers, industry generally KSjSjtilJS" 1 the^normouJcost on oRice equipment (October 23) JJJJJjJ!? 

C ° UrSe ' ,eCh " ,Ca ' otSSnklns fn ZS of bth d«crib fS Nashua as a Japanese ^ faiUd. ?or sSme no0 

recoZend^opf TiSe A, S ,be aan,e „ m e „ UrtlmM ii/t'S S?ri™Knlo»t SSSSS.t!S^ JUlZflt 

: n, L s^rS rl ,LF“a C ^S un’the* subject* and° the’ ESSS W ™ .tSSaSStS 

^ eaUing companies ”n “e was such that we held two with accounts has missed the salient c orp or a t on ii an America ^ er f er K . of l , he Nationa l Union of 

1 ,’neii.ctrv a total ittpndanpp annrmphinpt points, namely: the inability of '-orporauon is an American p an (- Employees and the bank 

UfltJte nationalfsed m,1US,r5 300 PMPIe.'^eTaiS^eJ w“ the eutplo^er-baaed funded company .ak.ns ^ na^e from laff assoc, at.ena i SIS the 
Sermon. ‘ given by MEB with papers, scheme to m a imam the re?] EmS!?- The^ ^word Nashua A.sso^iatioii of Scientific. Tech - 

Store Street, WCI. amone others, from Sweden and of pensions in payment m if sounds like a n, “ l and Managerial Siaffs. 

Finland giving recent experience tunes of high inflation, and the , n ^ se ord is in fac . N 0rt ij The reason why 1 say that 
i . , . Al and up-to-date practice in those alarming -cost of seeking to fund TndTan and means con- ASTHS ,s ‘he raost viable alter- 

Jnpndated With countries. Ibe mcreases due undL-r a system the waters ”“ l 'W is. because the proposed 

j i.UUIIUdlCU YTIU1 In the preparaHon of the that maintains the real value of “fije waters. organisational structure of the 

‘UniKonaiAvnor literature and its dissemination, pensions in payment. ■ ■ H new unionisalreadyinexistence 

v lJ5irG3.lJCr2CV we have had wholehearted co- The NCB has cerla inly adupted ThJ Rina ' within A STMS. This structure 

„ . operation and support from the the most expensive way of meet- Rrnritni ,n' n~ r hihirm 

'.am Mr. D. Broicn. Midlands Electricity Board, ing its pensions liabilities. In so aTacKnLtl ' ociwwwrr. 

Sir. — Malcolm Rutherford which is very active in its own doing it Inflicts heavy burdens 

-- continue growth by moonlight. rl " ht in giving it publicity and on itself and, indirectly, on the 
- tuber 20; highlights the generous in its willingness to complacent Exchequer. As the X rOIllaDlC 
nous state or affairs in the share the fruits of its years of scheme's actuary explains, the 
ildin-' industry. research which culminated in rhe fund has not been able since 1975 AflfprTiriCP 

According lo The Department {tension to embark on the to afford more than a pensions GailCl |JI I3C 
Employment in September, “ er .^ ford Pr °i ecl - increase of 5 per cent. That diffl- 

<vas claimed that 1SS.OOO build- ^-Murray ■ culty has then been accentuated 

: workers were unemployed, j by the Board's decision not to 

000 of these being craftsmen. ,r~- i * a , n ?U/ Lanc ’ meet the extra annual enst on a 

t the Master Builders’ presi- u P e>lsnaw - Manchester. pay-as-you-go basis, but to fund 

ot recently stated that: “Our it- 

lusln' faces a grave manpower nn T* 16 capital liability so arising 

uatioo.” So where are these L r8llSI6milS is t0 be extinguished by 10 

employed, are they all deliver- _ ° annuai instalments. The cumu- 

wilhin ASTMS. This structure 
works very well as the ASTMS 
membership knows within the 
Midland Bank and, also, the very 
large membership which ASTMS 
already has within the finance 
sector. Perhaps the Midland 
Bank staff association was more 
far seeing than it imagined 

increase of 5 per cent. That diffi- From Mr. W. Whofley. when it merged with ASTMS 

cutty has then been accentuated ^ Albu (October nearly five years ago and even 

by the Board's decision not to 21). comments on my letter of more than Dr. Johnston has been 
meet the extra annual enst on a October IS. The latter was a to ^ a - v 

pay-as-you-go basis, but to fund p \ e ., not f(>r protection but for , ° ve . r ,he , P asl S'e ar s mergers 
il- academics to examine the causes “aye icen Liking place between 

. The capital liability so arising ^ implications of our Indus- unions - >«.the recommendation 
is to be extinguished by 10 d e5j ne High labour costs P r °P“ ses 3 new unton which 
annual instalments. The cumu- are not ,K e same as high wages wouI ^ °" ,y bave * potential 
iative effect of this policy over Srodu?tiliw entere int^ tiie raenitoeretaep of about 230.000 

the last four years in respect of picture Technical sophistication <ha f K l ]?? , eX! SK lg ASTMS 
the scheme's 48.000 pensioners membership). _ This meraber- 

» milk 0 nnncinnc iauve eneci oi mis policy uver nrn diipHviTv enters into the r, . 

It wouid be expected that Iegi- PCOSIOHS the last four yearsin respect of J ic ^re Technical sophistication ‘Jlmbers^fpj **'?£!? 

nale builders would be en- From Mr. D. Shaw ^ he 5 P e P 5, ° n ®f s does not necessarily bring In * hi WD uId P b"»» further 

uraged but what are the facts? sir.-The unfair treatment of g » ' c ° s * = ° c ^_ e . either profits or foreign fhipwouldbcfu^erresrricted 

afe inundated withbureau- peopie changing jobs when it ^'„ a Z\,l^ exchange, We pioneered jet air- 3 n repmom P Was pntorpr! in in 

>{» from an sides! The' D"oE to' 'SSSlon if S V.Uon c'r'kTC^d where' did"it"i,t"is? ' STVsTOS S3*uS. new 

th ns forms and ridiculous ris hts has received heavv Press beCore I ^ ducin S , t ‘u-fS™ No survey 1 believe exists as eenerallv Ln«ir?no 

ildini resuiauons: these now coverase recently. All the prob- fe^rd 3 * however ^the TUC’s showin §- trade fa y trade, the A ST3IS is the union recognised 

angc at regular . intervals. The j ems ant j disadvantaces have 1 Rcneration and consumption of w j thin insurance E 

land Reveniio with the Finance strongly voiced and it is to ?*5i^ foreign exchange.* including the rerumniend 

>o. 2) Act 1975 applying to all be hoped that the Government mJ-d S! personal consumption of em- Johnston are conn 

recommendations of Dr. 

.0.2) Act iwro applying to a be hoped , ha£ , hc Government „ h e wr n personal consumption of era- j ohnsfon arc contradictory On 

n tractors, not just •Mump" will Jay d0Wn ?imp]e ?0 Payees. Obviously the latter is Se onehand.'he ispreporine a 

the latter is f b e one hand, he is proposing a 
labour inteo- “spheres of influence” agree- 
uld it not be ment in relation to the situation 
ow whether i n the Midland Bank yet. on the 
For instance, olher. he is proposing a third 
>r consumer, tier within the new union for 
;e including NUBE's fringe areas nf repre- 
e work force., sentation which includes some 

' that inUntinn iiniric nn isrrnn inr am oi course moDey ifansmuieu insurance lllfiuuers. me recom- 

tplovees. this Will mean regi^ Company B after eight years orooeriv constitufed D^?vou^ overseas as expenses, overheads, mendations might solve the 

red employees being directed pensionable service and A's property constituted pay-as->ou- _ tp nrnhlemq within th#> maSf 

registered emp lo y ere— with actuary assesses the transfer pfronTrS P Such a survey should indicate London clearing ban kMltboueb 

li-back pay from a fund pro- value at, say, £5,000. Bs actuary in nis moa wnite faperon ftp- wh«»re hi«»h return*: nf I doubt it but thev win h* 

d0 hi th '1i the £B, ®3P* t th^ Socia? Security said^Since^e foreign exchanged rise for small perpetuated within other areas 

me Ji-ug « F° u i ™ an ^ *"! sr e S^sjd ri ae°^o w ri" Bsa,r£«issr “J ^ s 

irfwTSSTVoniint Surely pmSkbte L ComSaS *ay. produce will au.omaticaUy S'c 

i, will encourage moon- R Alternatively. Smith could S“d h?1i §S3" ’a ’SSTSS’SK hSJJy “ wfth Dr”*" JoUnaion 1 ? 

; a h ;; n n iee wtch tars ^ ss£ s ««.»«■ -s— ? w.* **. ^ 

all this bv makiM it coniDukorv future generations of contribu- European countries. >,,.^..11,, u -i, on r v- 

Your correspondent suggests for C?nIpa3?B fo credit Smith tors, lo give pensioners and other e nught also ' usefully most triable Altera® - 

at the cnnstruction industry with the eight years’ service in benc^ianes not only protection tive — ASTMS— will become clear 

j |*o /lurn honse in Comoanv A and leaving it lo the a S®iOSt price increases, but also grounds of industrial workers in . 

■Sp^bn^how carTlt’ Over 60 actuaries of the two companies a «^ are >n the general improve- different countries in relation to Tony Westbead. 

the nation’s living productivity. The ffigbt of 45, Blockfriars Rood. SE1. 

recommend at ions buL 


Its a reasonable assumption that 
any businessman planning a trip to South 
America would rather spend his time do- 
ing business than sitting about in airports. 

But if your itinerary involves travel 
to a few major South American cities that 
is exactly what you could end up doing. 

Fly Aerolineas Argentinas, after all 
we know the interior of South America 
better than anyone else. 

We fly 747s and 707s direct to Rio 
and Buenos Aires with connecting flights 
to 46 other South American cities. 

We have up-to-the-minute infor- 
mation on flights, times and connections. 

And you can book everything here 
in England. 

So, next time you’re flying to South 
fly Aerolineas 1 

Argentinas. MMOENTiNMS 

- . ----i- ; •« - t -• ■ 



r ma 

led tt 
it ion 
m U 

)QT I. 

i agai 
■ on 
e foi 

iS th> 
-. Mi 

elf. t 
ia W 
e Pr 
n sai 
i a 
e Pri 
al co 
L«t 1 
rii s 
1 Ci 
nr b 
e Pr 
le o 
i tor 
ist t 

i in 


Rationalisation costs ; pel 

Telephone Rentals ahead to £5m midter 


the group 'and ' its Associated Dairies 
remain free from British Sidac 

THE half-year to June 30, 
lHi.s pre-tax profit of Telephone 
Rentals increased from H.49m to 
■Com and directors anticipate a 
salisfactory outcome to the year 

industrial disputes. 

directors say that for the first Bu . rre, ‘ 

nine months of the year new Downiebrae 
rental and sales business has i|-.r a 
shown a considerable increase 
over 1977. The increase is Gallaher 
particularly marked in the sale 
of PABX in the Ul\. 

Completions in respect of Gomme Holdings 
PABX have however been 
adversely affected by supply 
difficulties and on industrial Green Properties 


Col. Company 


6 Lilleshall 





Lindsay & Williams 


After tax of £l8.1m (£16.Gm) 
net profit was £17.6m (£16.fim). 
For all last year the group, a 
Col. subsidiary of American Brands 
, Inc„ reported total pre-tax profits 
— - of £43.4m. 

London Atlantic (nv. 



More O'Ferrall 


_ 25 

Peerage of B’ham 


Gill & Duffus 



PMA Holdings 



2 Smart (j.) 


24 4 Spillers 


dispute at the Post Office. The negate Optical' 


time lost will not be recovered 


5 tart rite 





this year, they say. 

Hiii (P.) Inr. 

Telephone Rentals 


IhJJ* HopkhT.n-sjHoldi^ 


l o.jjSp net per 23p share - 
1.715p. A supplementarv Hoveringham Group 
uniiSMp I.S also lo be paid for Lawrence {Walter) 

Wfi when j 4.3001 3 p final was ' 

paid on record profits of £R.55m. 

First half 
197.5 IS77 
TJ .779 




Uniflex Holdings 

i INCLUDING A foreign exchange 
421 *772 compared with 

I TAOI WJ ■ ■ . . . . a. 

WormaJds, Walker 


5 Youghai Carpets 

25 1 Zetters Group 



Sal- s jii»j other 
Pro Itt before lax 

Vi i profit 



After d. pr.-r l.iiion* 
'.'ompn ».’» UK: 

D<f. rrcti 

Gomme fall 

is £0.7m- 
better signs 

®_- ^483^227 previously, taxable profit 

25 2 Gr w | ^anl> Industrial Holdings 

«>r the first half of 197S was 

1_ *8*6.228 against £l.lSm last time. 

24 j Trading profit was up from 
■££588,981 to £801.773 in the period 

turers to respond to the upturn and turnover was £4 ,5am <£3.S9in). 
in consumer spending and has Directors say ■ the trading profit 
probably lost a little in market indicates another satisfactory year 
share as a result. Volume sales are without the benefit of last year's 
about 7 per cenr down for the year substantial exchange gainsl For 
— compared with a 5 per cent 1977 profit was a record 
downturn in the industry figures including exchange gains 

for furniture deliveries — and °I £462.000. 

profits hove tumbled by 36 per After tax of £438,000 (£616.000) 

with the forecast of cent - However, the picture so far net profit came out at £3SS.22S 
with the rorecasl of this year is much more against £565.265. 

encouraging. The order intake in . The interim dividend is lifted 


S 4bti 
I. II-.] 

OJt 94 



{"mJ IN LINE nun uie lurecasi ui .l- 
second half profiLs similar to the “ 
ws first 

-ror first hair oT. I&fs Last' year’s payment , was -2,(Hfc 
FOR -THE _first ijet but there was no final.™ 

Youfthal Carpets {HoWings}, _ .. 

curred a pre-tax loss, hut -the J. . 

S3S show an improved picture ; 

comoa red' with the second haif'&f ■ 

S? P «Vr when heavy losses foI- Tjmrnvrr _■ ■ ■■—. 

I i* half profit. Trading «*»'• — 

lowed a first nan pron*- --. DepreeUnon „ 

Malar reorganisation- plans, impiwr . .- 

hiveMw taken place and-carpet-Re^m, costs ‘ 

^ "evils «* - 

Having regard to Net - 1a “ 

the directors say indications. .at# currency gain.;..... 
that their forecast of a . profitable Exrraord. 'ifebit 

First: Second .Ttri 
HWT .- Half " few 
■1978- -iwr : ng 

. IB»' ..fiWft. .;** 
. S3.494 3.7.41$ 

mo - .rm. ia 

3W ' A 


.ttcond half *’D1 

■ 930 

."•5 U 



. Ltwr 
- 43 

■2M : 
1 4»; 

wiU continue ' . <Loss - ' tFrofit- ♦Credit.- 


:r* ■ 

■5W..- :-7^£ 

pte Improvement 

in 19i9. ■ , costs . of' COTIUHCnt 

■a r«i.. 

profit of £q.42m lb *- extraordinary .debit « a pnvsids 

ponding period and a aebeit. ot^ Gr second half costs, ^-hidi 
.’*2m in the second half or- ;l«pcompuy-. iui3ts/>^.sot''M:;' e ^' 

year. „ , ,, , r oeedef . The, wr^et, . Hade, ha - 

Beiow-the-Une. first half results :expenenced .s^^ 

• include an extraordinary dehit of ; Youghai . is 'tradiojf Wofitably -a - 
£2 7im. This relates to the closure present -but tfte overall fifeores f» 

" nf the weaving plants operated the year— are..stilt- gome i 0 irKU - 

a Ml f-i pmat rnmnanv . mnm 'fTL- r .l - . -.T. 



urn's statement, and the which thfrrottributa ble first-haT 
° r - C 'by' ‘“ kvt* 


operated by « reduction^ 

• comment 

lir«f <iv mnnlhc' ck i , i.nn r i, p s»'.uui d Sl ii K . i uc wiurr iniHhe in _ uiviuenu u> imru 

real terms r ° r the first quarter is from * a adjusted 0.5S9p to 0.65p 

nif fell from loam TlS up about 40 P er cenl a " d the in ' nel , L ® St a 06071 4 p H final was 
».! I J dustry has high hopes that volume P aid - Two directors have waived 

.became stock ' 

Mr. H. N. Sporborg. chairman of Gomme Holdings necessary. i 10 !? 1 a£4he«rd o . 

. . .. . The directors pomt out that last year; ££4h* • shortterm; jfc 

■■■■ — 9 — — jw— ■■•theae losses, all of which are pro- company is , in delicate- shape- th. 

vided for in the first half, largely share "price -ot. 38p ' capitaiise 
arise subsequently and are non- Youghai at £83m; ’-exduding th 


P rc-iax profits 
Renlals are 11 


in the .July 28, 107S year. Turnover saTe's 'for "th^ycar^vill ‘ return "to P>Y«"«it on 2J3m shares. 

ihe record level of 1973. But while 

Telephone -was £24.SSm against £23. 55m. 

per cent up, a Mr. H. N. Sporborg, the chair- ‘ ? . f . „ „„„ 

result which displays some re- man. s;u s trade has improved nanv i?hLviS» ^ 
covery a Her last year's disappoint- considerably since June and that fvHer ^ ?h« ,eP h 

mg second six raonUvs. Rental in the first quarter or the current A ?n Znl'J* 

turnover is one-lenth better with year the order intake has been J&ks have been JirtS 

w a 

.lirect sales IT per cent ahead mure than 30 per cent higher than exhausted and there is now 
thanks larcviy to the timing oi in t(ie same period of the year SSnih iimp hn r»r 
contract completions. The picture j ust ended. f. re ? oiomn time la„ for 


one Of overall improvement. rr -m.nomie and nntiti.-nl Hhv»- " e . e5S - ** , ?* I "S . 

pany is at a loss to explain the i uTSu-T'M 
present increase in demand but 

Africa. Australia and North . , , 

America arc doing well. At home * een - the slight upturn had come 
new products help maintain the £ D ?. *" significantly allect the 

momentum so the recently com- , V ear trading performance, 
missioned PDX solid state system interest charges in the year 
will add to the group's range. "'*re iliW.Mii t £141,000) and after 
With a long unbroken run of las ° 7 £ • tfc.,000 (£1.1 mi net protit 
profit increases, there is no vanie^ out at £631,000 (£!iau.000i. 
reason for a change now 
tits of flftm for the 

BurreiJ & Co hit. 

Continental Union 
Downiebrae Hldgs. 

Ellis & McHardy 

Gill & Duffus inL 

Gomme Hldgs. 

Greenbank In dust. 

Philip Hill int 

Hopkinsons Hldgs. ...inL 

Hoveringham int. 

Walker Lawrence 

Lilleshall iriL 

. imn roved Lindsay & Williams ...inL 

next year, will ease the strain, from £20*61m"to‘ n» 4«m in the London Atlantic InL 

The shares, at 70p. anticipate some first half S 197* ” — ^ " 

liveries. Existing units are cur- 




rn IS no ni AIM 4,UIAI 1 A.IJU.VUU 

W and pro- Thfc linal dividend of 2.49p takes 
year look the total from 3.«25p to 3.377p net 

advance at 




















Date Corre- 
of sponding 
payment div. 

Dec. 1 
Dec. 19 
Dec. S 
Dec. 15 
Jan. 5 
Dec. 1 
Dec. 11 
Dec. 5 
Dec. 13 

Xov. 22 
Nov. 24 
Dec. 29 
Dec. 29 
Jan. 5 

Dec. 8 

Feb. 1 
Dec. fi 
Dec. C 

0.43 : 

























smaU prefereace eiement 



Ellis aini 


- 2.03 



The profit is after depreciation Spillers 
of £654,000 i£710;000). interest. Telephone Rentals ...inL 
£261.000 (£203,000) and associates' L’tdL ‘Friendly Ins. ...inL 

profits of £745,000 against £667.000 Vo ughal Carpets inL _ . 

reflect t“ U difficulties 6 wSSh *35 Dlvl * gSSSSIf p ^ ;o s . h f_ r | "g ««»Pt where otherwise stated, 
cellulose film industry still faces, increasSThv ri-hr« *ind nf ■ p t0n capital 

with rising costs and a staD'c 7 o«n ^ i S ' ■ on 'ii 11 ® 8 ' 7 Maximum permitted 

n.»rke. lh, dincto™ w . 7^S!SlJ2ft^ r a3S^Jiafn!55LW^*L«a^ «*■**** 


Total The reorganisation costs, men-, 
last tioned previously, comprise re- 
year dundancy and other related casts 
OJE; .incurred in Ihe wearing plant at 

3.5 Youghai as a result of the intro- 

2.29 duction of new manning and pro- 

,2,72 duction programmes consequent 

4^t®*" upon a ratinnalisatiorr programme. 

3.03 - - The directors explain that all 

12* the closures and reorganisation 

7_g - programmes were necessary to 

5.06 implement the strategy which the FROM; ,. HIGHER ..t(jrrover--.:V|S 

2.08 '.company was obliged to take -to £l],.62in'.* against! r; iR91m.:'-nioa 
ta ’ rectify the unsatisfactory trading before tax of HBs -arid. BfrBu ris 
1.75- referred to in the 1977 repon Aberdeen-based soRd fnel distf 
3' . ' and accounts. . ■ hutor. improved &oril“£2ai07S^ 

« : Last year' published statements £2S2j538 in the . year ended ' 

3 02* of Hr. L. J O'Brien, the chairman, .31; 1978.' -l._ . : 

1*M referred to the need to effect After tax .. arid extraortBaif 

» - * reductions in trading, the ^ims items. iiet* .'profits : 4re >£l5fl J2 
,on* of which were a major redaction against £135,878,.'- 
» in stock and borrowing, levels, -The dividend-Ls stepped 
, the eliminatinn of unnrofitable from 2.7235p to i3'(Ul 2N} > . ahsott 

ia weaving capacity and reduction in ing £36,495 (£32^3 1 ancf £l«JS3 

3 y unit costs of production. _ - ; . against £123 A»4 - is lrahsfetred t ■ 

There is no interim dividend, reserve.. -. •'--.-•••• .-'-•V.'. 

. - . . . ^ 


V.“ r 

.. . v RiiOMT ■ th -- 1 • A substantialproportion of sales 0fflMn a<, »*T M ' O-O^Sp. payable January 5. incl tides supplemema^ 

within range. At 140p the shares P 0 *" 2a P share. 'nr^V°ftI« n rin l -l, <I » Uar ^ 4 P re u aX R0 *° overseas markets, where 0 0323p - To rec]uce disparity. - 

arn nn a fully taxed p e of 112. . Mr. Sporborg says the company £. r ,T„ , 7 . 1 ?' fi PL' cei( have been adversely L. 

reflecting their solid 
a yield of 6.9 per cent 

Good start 
for Zetters 

rating, and is commencing operations in a ? l '!p lr j|! pe , tl 111 e decline in the first affected hy the strengthening of 
new 25,000 sq ft factory at " 10 1( J en ^_ t u . p fr ?^ the pound against the dollar 

Wrexham with plans for an addi- 90^10-0^"* rt b anticipated that no Cor- 

tionaMo.OtMi sq ft to be completed Slri 1 ° mf*pS? ber «31*. 1 ®*?U t . poraUon Tax will be payable in 
by the middle of 1979. Space is rJS J£g£* r '^ ere aspect of the first six months 

available to build a further 18D.000 cumulative 1, " total of™ n tshS due 10 ,he e 5 ects of 2rou P reI| ef 
sq ft and arrangements have SC The tradtoJ nr ffiV PWenta and to atock apprecia- 
been made to ensure that ,Ve nine m nmh.s i s i„ehan S ed a5 all^ees. 3 aral " al ' li ca P iul 

Hoveringham jumps 50% 
to £2.4m in first half 

Burrell back in profit: 
omits interim 

• 'v •: 'il 



r **".4 



FOLLOWING ITS 1977 second half .conditions may be- topf-wiw tftkr 
loss of £104,000. Burrell and . Co. have decided to deffe- 1 Hp fiwiy f y - 
returned to profits- with • .an on an approprialh'tKti^tf le^ 
£86.000 pre-tax surplus in th* first until the foil '• S'tii-aH-fevffts- -aft • 
half of 1978, which compares with known. Last year aet pe 

, CAn~z n/in ,.-c< i.m rr...„ t •• 

- -■ « 

sfon 'prog ra mrnc U ttw U F be l a v/i table! SJT'thl s^^ImTfroS^L a f* regard to^the_ fort hcom- SSwriSha^^reup” '"onTcrx Til®Ji'i c?un dividend- is 1 however 

Mr. Paul Zetter, chairman of the Iasi year capital £22m t '" ie 

Zetters. told the annual meeting ***5?"« totalled £800.000 Or the third quarter profit rise ma'de 
that the new football season was ,i -S_a.Q0Uj and at year end. bank domestic tobacco operations were 

going well, and the bingo busi- ? ve c r , were up frora -CL42ra the major contributor being earlier 

ness was doing extremely well. 10 ahead from £6.9m to £9.3m. and ment 

He was confident th3t the • comment ?“ e nine-month figure of £25.5m the t 

annua ' aw- <?•»-.. "Hie lnn=or 

rc,iori was tuny justified. than other furniture manufac- ing. optical and distribul 

a £405,000 profit last time. Turn- 5p share total . waa'^ki. Jr / ; : 
over was £4.9m against £4.7fim. The profit is a/fer /de^reeiafu^ 

■ S~' m The interim dividend, is- hnwi>Vf>r of £143.000' if 101 .Oflfa: - mie rp ^ t r n 
On a CCA basis pretax profits omined 

k- ’-5 


£56,000 (same) and a^S^atf^i; 

rohacco engineer- meiiTs^ whinh" i< ^ni” iT J ,6 lL , iu-nctttru in me .^s known, the directors hawo' latter half of 1977, 1 but profit 

diMriWu^: ucb .f Beij^uin!* conuonei by SZ/'S. “ re - itt5 at *"• IeveL 

not . They say a tfaajor reorganisation ■ 

r Subject to unforeseen d7vetop. J .*•** ahead with plans for a hai coi^^Twrth a^viw to 
“•"I* « » anticipated that the f t cr JP ® f Prfterence shares, achieving a significant increase In . 
results for the second half will be ** !s . intended tor recommend the market . «ha re »nd : a cnhofiwini 


: -^=5 

• --*r- 

- - X 

■ Vg| 



rf^..«^„^ l 0^,IDen(, L*! e iwket-'share.pnd^ substantial 
d.v Blends payable improvement in the effective use 

.... second half will be 

similar to those for the first six biaxnnum 

months. “ e SUt under any reflations 'thSTta oTThe assST 

First-half earnings per 25p 1,)rt:c in respec/ of I97S-79. The resul^ot this w 

share are shown at 5.97p (3.75p» During the year. ' - results ol.UUs w 

The mlo-im n - - 

ill taRe 

at midway 


.. - .. — --- a corres- -130.000 was negotiated with factorv w 

pnndms increase in the final Lloyds Bank together with an transferred 
dividend at the appropriate time, overdraft facility of £4(lO.PflO d 

Lasi year's io tnl was 2.0Sp from ’ 

pre-tax profits of £3fi5m 



TraJina surplus 

imerest paid 


Land depletion 

PrpR before lax 


Net profii 

Extraordinary credit.. 

Prcf. dividend 

Inicrlm dividend 

. 2n.KT. cjj3 were consequently 
’ 2, !j£ IfS lh e chairman says. 

..._ . on would ^eperid share are .shown "at. r 4i78p agaim - 

28S ail!! HbiOnibottnw. °° . rf -.°„r pr °' emeIlt tradMg. ^p. ; : For . liTT-re. ;ife ’trail- 

9 s,t 4 o" Maidstone, KenL November 17 at .... : onaker of', TJniflex. - f flrniture ,-p 

2,<U9A4I 11.45 am. 

* v^Stg 





• 4-'*SX. 







Directors mow say that .aJtimu «, ; SpS • 

Retained 996.S09 - 581.266 

Some people expect a lot from their 
carpets. Hard - wearing. Comfort. 
Style. But as a rule you don't get 
much call tor carpets that will add a 
nice touch to the bottom of the sea. j 

But that’s what is happening: 
right now around the coastline 
ot Zeeland in The Netherlands. 
There, in the shallow waters 
where many of the estuaries are 
being closed off to protect the 
coastline, one of the. world’s largest 
nylon carpets has been put down to 
stop the sea bed from shifting while 





I f A 

$ %? c 

¥ If . 



some of the world’s most advanced water 
engineering takes place on top of it. 
The know-how for this carpet magic 
comes from DSM-one of Europe's 
great chemicals and plastics groups. 
D S M produces the raw materi al 
that makes Nylon 6 one of the 
most versatile of products in the 
yarn and fibre industries. Apart 
from helping to cover the floor of 
the sea it- covers a lot of miles as 
an important part of the world's 
car tyres. 

DS3VI certainly gets around! 

• comment 

A 55 per cent first half profit 
jump puts Hovcrlnsham within 
striking distance of a £5m pre-tax 
figure for -the full year. The 
strong growth is solidly based on 
• rising returns from past invest- 
ment in ready-mix concrete plants 
plus a steady sales volume from 
the stone and aggregate activities. 
Ready-mix concrete performance 
appears to be belter than the 
industry average while the stone 
and aggregates figures are prettv 
much in line. An unknown factor 
m the calculations of likely- 
second hair figures is the profit 
contributions from the four small 
UK acquisitions made in the last 
two months and the acquisition 
in May of U.S. based Superior 
Sand and Gravel. Superior is 
likely to subtract from, rather 
than add to, the figures as profits 
?<re unlikely to meet interest com 
on runds raised Tor the purcha.-e. 
The ordinary shares closed up 4p 
at 92p yesterday giving a p/e of 
».l and a yield (assuming the 
company Ls successful in its 
attempt to lifi the annual 
dividend by 25 per cent) is 4.3 
per cent. 

I nterim Statement 

Estimate of profit for the year ending 37st December 1978. 

Group profit 








•: rotor 



-.1976 .: 
s£0Q0 . 

13.437 > 


--■ntt. j. 
:t "j 3 

■ ; 



Startrite sees 

Provision for deferred - 
taxation no longer required 

Profit after taxation 











lniL a , n .‘S,^,' h .!i?.' praoortion of fhe «. charge for the year yM again teaefarrad. ln v,Wof tte 

DSM is? chemicals and plastics 

To find out how much more we do, write to the Information Department, DSM PO Box 65, Heerlen, The Netherlands. 

The first half of ihe current 
year at Startrite Engineering 
rnup will cprtainly show ;n 
improvement over the correspond- 
ing period of 1977-73, Mr. W. K. 
Bruce, the chairman says in his 
annual report. 

Looking further ahead, the 
directors are confident that 
providing there 15- no serious 
recession, the croup wtJJ con- 
tinue to improve u s share of (he 


Expenditure on new develop- 
ments continues at, reasonably 
high level, the chairman says. 

a marketing company is -being 
acquired in Helland and apart 
T 0 ™. . rts profit potential, this 
should assist m making bigger 
inroads into the Benelux coSn- 
tries. The board intends to 
strengthen the export marketing 
organisation and this should give 
rise to further growih potential, 
m:'*"* d * st ex * factor is boing 
fnnSriS d r* pr ^ enf while a new. 

of C'fcutor sawing 
machines (or cutting metal w 
S: introduced, Further pro- 
ducts* are being considered. - 

SiS. profits before tax improved 
from £412286 tb £635,718 from 

forecast level of stocks « 4T«, n L L or !? B Year a 9 un deferred. In view of:the 

ferred in 1977 t l h ® Bo f rd ^ opinion- that U.IG taxation -de^ 

- ■ SP0Cl 0f 5lDck ^“"ecrauan »l.»f urilo — u. ^ Yf?ble in the fore s eeabte futllfe . 

intention to release £4,7 00,000 . -'yl : 

. . ; ufjiinuii mat y.iVi raxauon-oe- 

Accordingly. subject l * ,l ? , . wi11 ntIt be PeV^b'e '" the foreseeable fuUire. 
to ih. J,;;' .7,.:‘ “ n, "' tMe n circumstances, tt is the Board s: 


to ihe profit and loss accent 

recommend . total diyidend for th^e^ySS^ (^7^^ 

The Chairman, Mr. F. M. Gill, reports-: 

lower market activitv P ^!^ ihapmg weli arid ,. in spite^f-- • : 

iuwer market act v tv sinro ~ • r 7- ' .wmi.ana t .in.sp.ree-ory -- 

ahead of [ait yea r. V that.time, we are pleased to ^ forecaa Groupf ; profits for 1973 ;-^ 

.fhewLTni 0 s r s S o^hedolL a hasSdlneffIrf'^^ 

has recently MmmltSSS n s1 | rl, - nfl « Writhe .U.S.A..our.nfew. factory. . '! 
is on schedule and within bud0e£d ^os£ Brazfl our. meior; dapi^kivestmBnt^rbgramrhe 

investment 3%)° ?n °th e u/Jn ^ ur ^’3 actMty has; resulted. '^from bur recent -rnTnotr^ ' > : : '--^2 

1 he weli'known.chocolata.ctouvertqfe manufactur^.-L’esme Ltd,'- ' J:? ? V;^ ^ 

St. Danstan's House, 201 Borajigh Hig^iSti^Iq^bii^jE!^ 



H[j(j l Financial Times Thursday October 26 .1978' 

^ v )tfl( ,5pillers holds £6m and 
»ees better result 

Gill & 
£21m ! 

:it A £ loss on the dis- 
iiicd bread baking activities, 
Ic* profit of Spillcrs far the 
29. 31)75. half year \tas little 
:od at £U. 0 l m compared with 
. Q previously. 

* • April withdrawal from the 
imlUMry is reflected in 
ver which was only mar- 
y higher at £l67m compared 

the post -depreciation tradinc 
protit was up from £?.S7m 
— -)m. Investment income 

vnell down from £0.72m to 
' ... 0 which was nut fully off- 
the rise in associate protits 
£0.4(lin to £0.71m. 

Michael Vernon, the chair- 
says that in the UK the 
ry products, meat, grain and 
irants groups achieved sic- 
uly higher profits, while the 
a and ingredient groups did 

results from the agriculture 
were not satisfactory, how- 
owinc to some decline in 
volume and uneconomically 
jj>C prices which affected 
•y interests. 

rseaN the grain trading sub- 
v in France, Lvcureur, 
tl substantia] growth in 

v, v. 

► con*- Tti-.- roUnwixv: comp.mi. s havi- uoiiin-ti from 1.25p io l.3a nei and 

n- Tax ‘•“■■•s <*) "►•“‘‘iif* 1,1 directors expect to recommend 

r*l (Ijm f-X«JlanKir. SUCH arc usually .. . r, ‘ , 

L.I.U4IU h .. ;( | |ltr lni . Purpu .. 1 ,-uil- ns-rinc *• ** na * 2p (I . top). 

|Jjf ***% yi- 1 f 

current year will be well in excess' PKIFITS bernre lax of the CHI First ha’f "ross revenue 

of the 18.49m of last year. The and Duffos .Group, international pnADh amounted "to £351.552 <£2S2.&10» 

prospects and opportunities for commodity broker, etc., are esti- BWMlxM ivoc-C. u ClfitxS The imopim < 2 ;^ i^lcnci ts lifted 
the group are greatly improved mated to be £21m for 1978 coni- The lobnwias comp.mi, * t, a v.- uoiin.,1 from l^jp io 1 3p net and ’he 
as a result of the withdrawal from pared with last year’s £2u.4m. Tax w.«iei-rs w is-t inn* directors exoec:' to recommend 

broadbakinq. although die will lake £10.5m attains! Id.Mni ".T 1 '-', Jr '- a final of ’“fi 75p> 

benefits will not be realised In less n tax provision no longer W£i TSShrandns ,w' fr 55 Shareholders' funds at the half 

the course of a few months. required of £4.Tm lui.'imi. aisuiatih: as io wSc-illt n.iiriuii a r..- year, after deductin'' prior 

After tax of £1.71m (£2. 72m) An interim dividend of 2.3p net ••iutmis or unais mi rh. suh-dmsioos i-har>'es at nar totalled* ‘‘ULSim 

net profit was £4.3m ( 14.31 m). is now declared against an SJlov ! n bcloru- an? mainly on fin 

JjJ*® interim dividend is un- equivalent 1.9Bp :md if the year's vc:tfa ,,mc today ~Net' a>sct value »er share is 

v? a .I5 * St "■“5P 061 P® r 25P profit estimate Is realistic the imt-rim*— Berkeley !l ej.fjrn pror*_rtr. shown at 95.1 p i79f!pt. inefudinc 
S c a i^.- LASt ycar a second Interim directors are forecasting a final Eou-.i- ana Ha»tcs. tu-nrv How. cor .,1 f u jj investment currencv premium 
&£**■ « paid for a reduced jjual .. ? ^7,p B .™a maki„ a a gg. dfgj. ^ 

naif war v „ gross total of i-26p (6.54 6-p gross) ShiTphrlilRC erourwerlns. Trust Union. 

HBif-scar Yi_ar —the maximum permitted. Whitt. ncion Ei«raMxlrj.. Win mui plaint 

two £ooo moo Sales for the first half were Pnrfwn. D ^ T C 1 ,, , LL 

SaJcs 3OTS60 3M^0W ras.cifl £393m against £403m. All major -I. 

yir. Michael Vernon, 
chairman of Spilleifs. 

Trading surplus 
Invvsimeot income 
tnw-snncnr Kranis... parable .. 
Bnk. Ins.. D^drafin. 
uti"l. & Ghn.-ieno 
loans ... 

Dfbc.. long-term 


Associates .... . 
Prom before Uxt 


Seiners croup . ... 


Kd pmfll 
Minority IniorosiB . 
Exiroord. dubs, net 
Withdrawal Cram 
brond-baklnc . ... 

iSf “ Bn.ihrrs Priest Man.-tn. S Simpnon Sur- 

pills 8^7 t!s? 0 SUbsIdary are _ trading salisfor- m;i |, Valley Tea. F ■*'. Tmtrpe. Transvaal 

*" R 7 ■Sin loriiy although in the case of the r.msoiirtaied Land and K*ui.jrai inn. rmM 

roma 175 eoi me U-S. the weakness of the dollar *ui Praoerr: Trosr. W»-i-er and Homrr. 

able .. 3.167 3jm - has had an effect in sterling future dates 

'drofm. . . terms, the directors say. _ 

1,e ™ t.w» 2.617 4.751 In tiae U A, the new factory has et-™ r'^wnjKmVnia r:o- 

ig-term recently commenced production f^h-x *«*• e. 

Lira 636 1.284 and in Brazil, the major capital Lun/inn Trust Nov i 

■ .2 oS . tayesiment programme is on ... 4 ". i"?.' ‘‘I 

1.1 88 636 1.284 and 

707 402 1.054 j m . P , 

MW U» 8.489 “V®; 

-1.7U 1.713 — 6cnei 

1.384 1,3-Ti 2.-100 COSt. 

147 106 2S7 A 

4.283 4.Hir n.SW ', ur i- 

445 . 453 446 

and profit, but the results while modest result are expected oukt 
tain joint ventures were di.s- this year reflecting initial costs Traiwtc-r rrom ris.' 
•lting with losses incurred in and the com mission mg of a major A I n , r, V: <wt , ° 
a ant! Australia. new factory, the outlook is “very » Adiusird "tm ”ss 

~ Exiraord. dubs, net 6 ill 23.M* Gij recent minority investment — -a-™- achieved in 1976-77 

Withdrawal from 33 per ten 1— in the chocolate K'frnin^ ner share are shown 

■e expected K B 1 m “ couvcrture manufacturer. in , - al6.43p agamM aa adiu#led's.45p 

nitial costs Transfer rrom ris. — — 22.071 i - e ^ n . c - ........ 1 mi £1 RTMT O The final dividend is 1.477812p 

of a major ,0 swiivt* ^ is anlicipalcd llial a proper- JL^tLI FT tftt making a inial of 2.027812)1 com- 

ak is ■‘very L t Adlusmd "far "s&APif 47 • uic^mies^'uD? of l ^ e ^ c ^ a *^ e i( l r * he >' p:ir pared with an equivalent 

rman says, relieved ACT amwndiffi Invp^of' of-v V ‘ Ln 'i o IuH'Ia IJf 1595 lap previously. The direc- 

> s hie July fcADwt of dividends. °* the forecast level oF Mocks al A P 6 1 8 I r~ rijr« were expecting tn pay u final 

s for Uio Sec Lex liecember. 31. 1978 the Board U «• dividend uf 1 .447547 p. 

of the opinion Uiat UK tax n • « Certain shareholders have 

deferrod m 1977 in respect of OlCFlBtf^V 1 ^ waived their rights io the interim 

stock appreciation relief will noi and final dividends aggregating 

• . gm. he payable in the foreseeable . Ilua.Tlfi. 

r7y|TVll*n OTTAI* future. Accordingly the directors tor Ite hrst hair or llliS pre- Turnover for thc year amounted 

|r III III II dJ I I til intend to release £4.7m to profit t : * : - i' rofir r at Dowmcbnic Hold- Vo £iu;njm compared with ID 7m 

Fll>«uu an{ l joss account in the current ir, g9 rose Trom CtlKWuJ to £233.mt0 Tax charge ia £A37.52fi i £870.351) 

year. on turnover up Tror.i £2. 53m lo in their interim report the 

- A • "■ See Lex Il.bni. ^ directors said the forecast results 

VQ^Tinn HaCC Alter tax of £121,000 (£li:j.u00> for the year were a reflection of 

I fl.Lpl.1 1 |Z^ |II^J% net profit was 1112.000 compared highly competitive conditions pre- 

. . C8 Pj\/V A UAlrlimne £I*k)'000 previously. The vailing in thc industry and severe 

. Ml ItI/V OviUjilwS directors say profits for ihe year weather conditions during lie 

rward con- Turnover fell from £2J27m to • 0 are expected to be i:i line imh past winter 

ts of the £1.44m resulting from the closure PYItfUIClflTI* lhose indicated by iho first-hdlf 

-• of the group's carpet yam ^A]/«U£jiuu» resuits. LMt year profit totalled 

Sr There w “ no « pays interim *$21**. «« u M R. Green 

* :SS =o«»^ r “S asss ,„Ss m T^t£rSSS^- S Las ' lejr a p mn o r ti P(: 

.j2 appreciation, the director, say Xw'nc a jump ; E"“P's inclmlc rrOpenieS 

i iftSHS lasSIS or s,MI profiles and pint — 

SB m current year, 19,4-78. pre-tax sin£]e dividend hsi year when • ■ K. Green Propertiesr The stare- 

ivS^S ot £M1.000 temporary ^employmem J™"* 1 £1 f Z 3 ' 00 ?' . A r,n ?' EamSUgS F5S0 ^ nt «y* «h?i the firm -would 
subsidy H J dividend higher than last year is ^ 0 _ like to point out that the clerical 

fUSS. since i^^e^e&SS srarfcS»»TEA" i BS for London 

tota,,ed 2 - 1 “ 5p per share - SUE ^ ™ last pa,d ln Atlantic Trust iSRU'STh. SSTS .h£ . 

t tangible Directors say trading conditions _ Gnal review of the accounts priori 

o £6.052m Hv/ISrIx 7 rto»* wii-a remain satisfactory and the sales _ ®*A_ mo " ths ,0 to production of the first printers'] 

i. profiLi before tax of current year." 
r LauTunct* were clown from 
i io Il.Mni in the year 
June 30. 1978. Turnover Tnmnwi- 
30.84m against £3 0.05m. opcr«uw »ro»‘ ‘7— .'.TV." 

lings per share are shown g^g cg* losses 

tp against i:iJ5p. Thc final Ef 1 be,,r « — 

ad is $.04fip making a total Minoriikra 

'6p compared with 6.5p pre- Eciranitiinary credit* 

A onc-for-four scrip AuribaiaWe 

s also proposed. SKflHf 

? l ;■ !i h 

-* i » \ w r 

* K ' : : ; J 

: • r ! IV» 

» : -ill 

'ion in pre-tax profit was ^ on °f Latham and 0w6H. and 
entirely due to a fall in retained earnings, net tangible 
contributions from the assets have increased to £6.053m fvJlnVPJlI* l*ICA 
i contracting interests, equivalent to 15ip per nhace. iuiujtai H3v 
er. there was a significant Contracts have been, .ex- T . , 

eraent in the results from changed for the sale for cash of Qf I .lnflCSIV 

products and, for the first the company’s freehold . invest- uiuuoaj 

i major contribution from mem properties at 31 Sun Street, ■ Vi7 a n a 

icruring and engineering. London. EC and at 51/53 Gray's Qf)Q 

loss of £142,000 was In- Inn Road^ WC for £l.lm and “ UU ’ lUlflllia 

in the Middle East and £550.000 respectively, equivalent , An improvement in t 

•ard has decided to cease to their net book value. profits from £51,896 to £77, 

•mpany's presence in that These sales are ln, accordance reported by Lindsay and Wi) 

a anti Australia. new factory, the outlook is “very f A«uii S , rd "for"sSAPiT 1 V ^ . _ 

:he U.S.. profits of .Modern encouraging" the chairman says, rtiu-vi-d ACT amoundnE to^cSlwtt w ^L 38 ?" 1 J n v,t ‘ w o S /\ 

Food Producls. acquired in Mr. Vernon reiterates his July 01 dividends. ^!h« o 0Ck! ; 4 , | IlltlC 

ary. wore included and statement that results for the Sec Lex December 31 197H thL Board i.-, 

of tno opinion tiiat UK (ax a • « 

r»., deferrod in 1977 in respect of OlQllPT* 

h Hi stock appreciation relief will no) 

-'ll'.®' r *■" 1 4 be payable in the fore»eeaFilc v 

\ i V . Lawrence downturn after ^ ^ ■ws 

•u\- T V VV U>«UU UALV1 and loss account in the current mgs rose Trom Ei 

v s, year. on turnover up 

Middle East contracting loss — 

C Holdings directors say pre 

k TAKING into account stances, it can ’’look forward con- Turnover fell from £2J27m to , ° are expected to 

as losses of £142,000 against fidemly to the results of the £1.44m resulting from the closure PYIlflTIdAW those indicated 

■: of the group’s carpet yam 

, n Year £ „ division. There was no tax 

*W tl.h n >, n h 

PMA Holdings 
pays interim 

R. Green 

Accountants Sloy 

i-half profits had slipped of"ci49J»il' on me dUwsaJ 1 " 8 WM. ’ncluding Sjjj® totalled^ d £173 S OOO year A 'final l^fllTlSBTlCF^ 

TSbsnu? rc “ ,al "** - gSffi ^ employn,mt SBLd'Slil/liSSta. f ar “ m fS rise 

i . .■rukvTvouId not to SS , Following a transfer ftom No dividends have been paid tOF LOOdOa 

. . ■ S :•! ..... deferred tax to general reserves, since 1973-74. when net payments in J he t *J T « e ,**■» to March 1977 

*’ P* v Nnn nf" I -itH-im P nr) OnAif ttnrt ^ share. iJra-re. interim was last in A>l a „*j c Tm,* 

italled 2.1125p per share an 5vS? interim was last paid in Ail nt .fin TV*wr-4- them (Sloy Haywardl as 

1972-7S. rTLllSIlllC J. rOSt auditors, in the course of Their 

Directors say trading conditions _ ,, Gnal review of the accounts prior 

lV/fa^lvrrkci** ttScsv remain satisfactory and the sales Z 111, . *“ months to l0 production of the first printers' 

Midyear rise and profits for the full year will September 29. 1978. net revenue proof.” 

be considerably ahead of last o* London Atlantic Investment gt 0 y f-jayward. acting as tax 
of f inijcniT time. T T US| ' 1 subsidiary of ICFC. advisers to TL Green, made the 

JLUlUadY Turnover of the fuminjre »?yanced 31 per cent r r ora clerical mistake that the firm. 

manufacturer for the first half t0 g?° 7,a “- representing acting as the property group's 

fHlfi Will IQ me was £1.4m higher at £4.6m and Lffip per 2ap share compared auditors, discovered. 

AUU vv llllalllb the profit is after interest charges with I.SDp last time. 'The effect oF Sloy Ha v ward's 

An imnrnvemi»nt in ta»hlp of ^S 2 - 000 (£33.000). Tax rakes However, the directors say this double counting or £)25 !ood of 
nfm KiMe J < n,l > and ,h e interim rate of increase K unlikely to be tax reliefs was to cut R. GreenN 

as decided to cease to their net book value. profits from £51 596 to £77 047 is £ ' ,wuu * .*, ! r/ n - 'nterim raie oi increase is uniiKeiy to oe tax reliefs was to cut K. Green*; 

"s presence in that These sales are ln, accordance reported by Lind aav and Williams. or ^ s Earnings per maintained 'Pth* second «;x earnings per share from the4.l8p 

with the directors’ policy, of the specialist tape y and adhesive no a n re are shown at 0,4p agamst JJa^'rasoSo 1977 ' ,S ' nel revenue reported in unaudited figures 

directors say that the realising low yielding assets. Com- material group, for the first xis 0Jp ' was i3a0 • KM, ■ earlier this month to 3.18p. 

liate outlook for the con- bined rental income for the year months of 1978. Turnover grew 
ir industry as a whole is not ended June. 80. 1978 attributable from £1.19m to £1.41m 

to propertte5 The directors say current year A fl ^ vr 

suns srsr&itSF First half tops £0.7m, as More 

t£ssE£*$s£ / fpddp2ed“urff fl this^ fit is u f errall MslEtsins impetus 

i tt Ifi* " X Product rteve-lnument is also A 

>_ , e-vui> VU1I-.C-I- inn nuau diiu ' lie piuiccua nuiu . - . , LLJ , I. 

g its efforts on other areas the sales will be used to reduce^ ’ J I? ^ m m o , a • . 

»afBSr5 s : /feAstS 1 O Terr all maintains impetus 

table profits can be llalffimo Irtco p !? da l 5 t development is also ■* 

Z 6 r ndllliuie ■ ^ ntu SS| W t ? r J5c^rtpo P 8 ES*® PROVING THE confidence Lady Elizabeth More OTerrall satisfactory year and the French 

4 j ^ f0 ''i he current year will e ioi^l expressed »n the last annual and Mr. E. R. More O'Fer rail have subsidiary has made considerable 

ul « substanually from the fOT W0rH13HlS expanded into the cable jointing staleineiU to be well founded, waived the interim dividend in developments in both France and 
etion and sales of the . PJ 01 ' 15 °f More O'Fer rail respect of their personal boldines. Belgium. 

rial developments referred finished the first half of 1978 some st* months y«ar q-ijp romoanv's interesls lie in 

ast year’s report tt dlUcl -• after reduced interest of £13.49S X300.000 higher at £710,000. iro i«77 iott nn \ ? I” Jm,™ 

addition, plant hire and Following a return to profit- The buoyant mood continues. Turnover jm •JJf £ 9 $ sen-ices 0 

ting should show a mar- ability In the second half of last leaving ^ net profits and forecasting substantially in- Tiwmw pmA “S 5 pc 

mprovement: the manufac- year. Worm a Ids. Walker and ahead from ± 24,910 to £36.983. creased profits for the full year suar.* or 4»«. ... 4r si its a comment 

and engineering division is Atkinson, woollen textile maker, Stated earnings increased from the directors say that prospects £ ren * before ux ... 71 a 407 mi 

of forecast and is expected incurred a pre-tax loss of £14,208 ?.4pto 3.0p per 25p share and the for 1979 again give cause for con- pn)fi , 2? r=5 ?£ Jud£ y n E hy More OTerrall’s 

«v an improvement; and the for the 26 weeks to August 25. interim dividend ig doubled to l p fidence. Pref.dirs. 1 'i * results, _ the boom in outdoor 

r year's figures will benefit 1D78. compared with £2,928 in the CO-Sp) net, to reduce disparity — Stated earnings for the first Ain-ibinabi? 320 iso 437 advertising shows little sign of 

he inclusion of a full year's same period of 1977. laj £ years final was 25p. half of the current year moved The directors report that new slowing down. Pre-tax profits are 

ludon from Latham and The result included receipts - During^the year, the company ahead from 4.4p to 7iip and the markeiing methods in the UK are 74 per cent up on turnover 43 per 
Group of companies. from a temporary employment purchased J. W. and R. Healey net Interim dividend is effectively now firmly established. They cent beltei— a performance which 

all the board feels that in subsidy, which subsequently and Company, maker of rope, raised from O.S9p to lp. There is have proved to be more accept- appears even more impressive 

sense of unforeseen dreum- ceased at the end of August braid and twine, which takes the also a supplementary 0.0823p in able to advertisers and are given last year's 154 per cent 

* ’ — group into new product areas. respect of the reductinu In ACT. enabling the company to improve profit* growth Leading the way 

- — Net asset value per 25p share is Last year’s total payment was its plant utilisation. are the group's highly successful 

. . . shown as 54.4p at the half year equivalent to 3.0219p from profits The main subsidiary in the UK. supersites, where the company i« 

I __ _ m _ I (50.8p at year-end). nf £941.000. Queen«hury Slims. Is havine a the UK market leader. High 

Telephone Rentals 

. r iuiti i> 



1 r£* vTs?_ . srJ 



ENDED 30 t!r JUNE, 1978 

the 25th October the Directors declared an Interim 
jend of BJWS6 (1977 — 6.1432%) on the Ordinary Share 
Lai in respect of the year to 31st December 1978, absorbing 
. .595 (1977— £596,047). ln addition a supplementary Final 
-t/iil! dend in respect of 1977 of 0.2606% on the Ordinary Share 
CtmVi' tal * absorbing £25.286, has been declared to take into 
i, -- ’* unt the change in the basic rate of Income Tax. These 

.lends are payable on the 6th December 1978, to the share- 
.--' ers on the Register at the close of business on the 
November. 1978. 

The Consolidated Profit Statement (unaudited) of the 
ip for the six months ended 30th June 1978, is as follows: 

Year to 30tb June 







Sales and Other 







Group Profit before 


Less: Estimated Taxation 





ip Profit after Taxation 
Less: Minority Interests ... 





nee of Profit attributable 
to Telephone Rentals Ltd. 




imounts charged in arriving 
at above Profit 




United Kingdom 


(Deferred Taxation 









The figures for the 6 months to 30th Jane 1977, have been 
nded for comparative purposes to allow for adjustments 
e in the Annual Accounts for 1S77 and include the effect 
ariarions in Foreign exchange rates during that year. United 
;dom taxation has been based on a Corporation Tax rate 
2% in both years- 

Group Profits before Taxation for the first half of 1978 
v a useful increase of 112% compared with the first half 
977. Both new rental and sale business taken by the Group 
tie the first nine months: of this year show a considerable 
ease over 1977’s figures ,n this stage. This increase is 
iculprly marked In the sale of P-AJ3.X. in the United 

However, completions in respect of P-A.B.X. have been 
?rsely affected by supply difficulties and an industrial 
ute at the Post Office and the time lost will not be 
ivered this year. .... 

espite this your Directors anticipate a satisfactory outcome 
the full year provided the Group and its suppliers. remain 
from industrial disputes. - ~ 

This statement has been issued by S. G. Warburg & Co. Ltd. and Robert Fleming & Co. Limited on behalf of 
William Baird' & Company Limited. The Directors of William Baird £r Company Limited have taken ail 
reasonable care to ensure that the facts stated and the opinions expressed herein ate fair and accurate ami 
jointly and severally accept responsibility accordingly. 



9 Dawson is a cyclical company 

9 You can move into the more broadly-based 
Baird group 

• You can exchange or realise your invest- 
ment at a high point in Dawson's cycle 

W The Offers will not be increased 

Acceptances should be received by 
Grahams, Rintoui & Co., 
at 105 St Vincent Street, Glasgow G2, 
or at 28 Ely Place, London E.C.1 


quality, large space displays are 
particularly strong at present and 
by selling them in networks (that 
is as a package of sites) to key 
diems, the company has 
minimised the number of unlei 
sites. Tne French and Beluian 
operations (profits are not 
disclosed) are apparently doing 
well but demand is slightly les-s 
buoyant in These areas. Mean- 
while. associate profits (predomi- 
nantly Adshel) show a slightly 
disappointing downturn but this 
operation looks firmly based and 
still has considerable polentia! 
for expansion. Growth in the 
current half is likely to be less 
dramatic after last year’s particu- 
larly strong second six months. 
Full year profits of £l.5m. 
however, took possible which put® 
the shares at 91 p on a fully taxed 
orospeciive p 'e of 5.3 and a yield 
of 5.6 per cent. 

Asda sales and 
profits well 

Merrill Lynch 3 

ana in Brazil, me major capicu j-on/inn iitoi ■■ •• «<*■ 1 PRmPTT ^ pppurf rax nf 

,854 investment nro^ramme k on Pmvnurk lni ... «u-i. n Punt' ITS BEFi ike. tax 01 

,«9 K , !? Sai '-i'id Prosper Lim- .d inv. T.u Nr.v 2 J. Smart and Co. (Contractors) al 

schedule and within budgeted fim*- , n*)m for the year ended .July 

*3® cost. luinliL'r iFurnliur- - Trauma. .... r*i:\ .1 ■>] lri-t , rr , i_ limp ,,-tih iho June 

. A further extension of manufac- Euu-nau.inrnt i M a C', 1 . ,h- £ rtaim 

.■.100 iiirino lifliuirv hav ri><iilli,it rr,.m ^llnll NllloiLll frilSi \ou. 7 fSIllJsl Of HOt It.'s Ih.lH 

446 ’“ftot uc-uvity has resulLcd imm i *j inj . eta Si! eta sur etai'hi hut are r.Lill belli w the £1.72m 

If you have substantial liquid assets and you would 
like ro have some of your money in a more active kind 
•of investment than stocks and bonds, dealing in 
commodity futures through Merrill Lynch could be 
for you. You would be actively trading, making quick 
decisions. The risks would be high and so could 
the rewards. 

To help you, Merrill Lynch provides constant 
market information, authoritative analyses, forecasts, 
advice on trading techniques and suggestions. Merrill 
Lynch has been in thc commodity business since 
1 S20 and so has plenty of experience to call on. 

Like to know more? Then phone 01-236 1030 
and ask ro speak to one of Merrill Lynch's 
professional Commodity Account Executives or send 
the coupon for free booklet “The Merrill Lynch 
Guide to Speculating in Commodity Futures' ". 

amass rgga REP"! 1K3M M3B3 15331 KjffiB 1AMU IffiH riBMH BMM M 

Merrill L>nd'., Puree Fenner & Smith • Bn-kcr , A TH-jkrv ■ Li J., 
Merrill Lynch Home. > Ninvgatc Street, L'nckai fc’Cl A 7 DA. 
PIcjx; «:nd me a copy of “Tin: Merrill Ltmch Guide t,» Speculating 
in Commudity Futures". 

1 du Q 1 r.v'i ^3 have ramnv >duy investments at present. 



Telephone: Office. 


Telephone: Office H-ime 

/ .ii . . . 

I Men Baa eTlS Egta sta gara Ott ega r™a ag*an cg?a moa i 

Group turnover [after 
payments to pools winners 

Year ended 31.3.7S 

and betting duly) 
Profits before taxauon 
Profits after taxation 

£8,661,000 up by 59 % 
£1.047,000 UDby78°o 
£481.000 up by 76 ? 0 
1 .298p per share 

maxunum ailovrcd by I^otslanon 

7.34p up by 76 i\J 

Earnings per share 7.34p up by 76 % 

Points from Chairman’s Statement: 

© Profits have for the first time exceeded 
£1 million. 

@ Both the Pools and Bingo divisions have con- 
tributed io the large increase in profits. 

© Notwithstanding our substantial investments 
over the last two years, our liquidity position 
remains strong. This, together with a current 
trading position which is well up to expectations, 
gives us great confidence for the future. 

© Mr. Zetter welcomes the recent report by the 
Royal Commission on Gambling and is pleased and 
satisfied that both Pools and Bingo were com- 

Sales of Associated llairies to 
date had increa.y?d by more than 
25 per cent and profits before 
tax by more than 22 per cem. 
Mr. Noel Stnckdale. the chairman 
said at the annual meeting 

Sales at present remained 
buoyant and the chairman had 
every reason to believe that thi* 
trend would continue throuuhoui 
the remainder of the year. 

By the end of the current year. 
Asda superstores division would 
be making a significant impacr 
on the southern retailing front. 
Mr. Stnckdale said. Major develop- 
ments. ddded to the existing 
southern super stores at Bristol. 
Gosport and Plymouth, formed 
the first phase in the plan to 
bring the advantages of Asda 
trading policies to suuthern as 
well as northern and Scottish 

The dairy division at present 
was contributing some 15 per cem 
Io profits. In the past two years 
directors had invested £7m in 
processing and bnitiinc plants at 
Newcastle and Accrineton: 
completed major redcvelopmeni 
at West • Martnn bad increased 
fheaese manufacture and packing 
For. the stares, and substantially 
increased the buiter packing 
capabilities at Settle. 

The . offer made to Wades 
Departmental Stores was now 
unconditional. Wades to date 
had increased its turnover and 
profits substantially as compared 
wiLh thc corresponding period 
last year. 



The unaudited results for the six months to 28th July are: 


Group trading profit 

Interest paid 

Investment and oiber income 

Group profit before taxation 

Group profit after taxation 
attributable tu holding 

In view of the very limited growth continuing in the industries 
we serve, the resuits achieved in the first half of the year are, 
I feel, satisfactory. We are continuing to obtain a reasonable 
share of the longer term orders available. Short term orders 
requiring quick delivery have during the past six months 
become progressively more difficult to obtain at reasonable 
profit margins and unless there is a reversal of this trend 
then its effect will be fell in the second half of the year. 


The Board has decided to declare an inleriu dividend on the 
ordinary- shares nf i.5p per share (las! year 1 35p per share) 
for the ypar t-j 2nd February 1979 which will be paid on 5th 
December 1978 lo shareholders registered on 10th November 

Year to 



27 Jan. 







241 9 


















Birkby Grange. Huddersfield. 
25th October, 1978. 

Ian G. Hopkinson 


r ma 

led t f 
)n f« 
)er c 
t asai 
! on 
e fo: 

a lion 
is th* 




elf. i 

ia W 
e Pr 
n sol 
d a 
e Pr< 
al L'O 
ist I 
ciJ s 
1 O 
or h 
e Pr 
is a 

J tor 



ist 1 
■ E> 

i in 







for Growing 

If you are a shareholder in an established and 
growing company and you, or your company, 
require between £50,000 and £1,000,000 for any 
purpose, ring David Wills, Charterhouse Development. 

. Investing in medium size companies as 
minority shareholders has been our exclusive 
business for over tort}' years. We are prepared to 
invest in both quoted and unquoted companies 
currently nuking over £50.00U per annum 

t ~~ 


Charterhouse Development, 1 Paternoster Rem: St Pauls, 
London LC-iM 7 DH. Telephone 01-248 b\ V). 


II you manufacture a product or market a ser*'ce. we can help you. Frpm 
• simple leaflet to a 64 pane full colour catalogue; Irem 1.000 is 2 million copies, 
wc we thought up lots ol alternative ideas lor publicising goods or services 
nut in the lang run nothing can beat a printed brochure . . . lar Impact, 
durability, persuasive selling power and. pi course, economy. 

too. 000 32 page A4 catalogues In lull colour lor less than T3p each’ 

500.000 24 page A4 catalogues with 180 transparencies in lull colour 

throughout lor only 7So each? 

2.000 lull colour posters I or under £800’' 

Yes we are continually achieving budgets such as these while maintaining 
a very high standard ol duality to the point where many ol our clients already 
pnioy a substantial increase in turnover, our results prove this. 

Remember, we produce the whole package — lull creative studio design and 
artwork, typesetting, photography and modern 4-colour presses to ensure 
efficiency and accuracy right through to delivery. 

Colour loiders, catalogues- travel brochures, product manuals, glossy 
corporate brochures, stationery ranges, posters — they’re all our business. 

Wc a<m not to cost you money but to make money for you. as we have 
done lor so many ol our clients already. 

II you would like us to do the same for vou phone or write 

Simon Nott or Michael Norris. BBS DESIGN PRINT, 
igu. Campdon Hill Read. London, w.s. 01-229 6632. 


will back 

1. Managing Directors who would like to buy 
control of their companies. 

2. Companies wishing to expand. 

Profits must be at least £100,000 pre-tax and in 
tiie London area. 

Write Box G.2S12, Financial Times, 

10, Cannon Street, EC4P4BY. 

You are a smaller business 

□ Capital and Financing 

□ Cash Flow 

□ Management Accounting 

□ Production Management 


Marketing and Sales 
Export and Shipping 
Human Resources 
Licensing Arrangements 

A talk with us costs nothing 

Write in strict confidence or telephone (0732) 52267/8 
iNDUCOM BUSINESS RESOURCES. 52 Lpndon Rd.. Sevenoaks. Kent 


A company engaged in this trade seeks subcontract work and/or 
association with an organisation requiring similar skills. We have 
an experienced work force and proven design capability together 
with full administrative and marketing facilities. 

Please reply to Box G281B. Financial Times 
10 Cannon Street. EC4P 4BY 


We purchase volume consumer credit accounts and bad/doubtful 
debts. Rates paid dependent on quantity and quality of file. 
Immediate substantial funds available. Please contact: 

Mr. Wm. Bell, Director 

15 Moor Park Avenue, Preston PR1 1NX - Tel: 0772 22971 

Offices; Glasgow - Edinburgh - Preston - London - Dublin 



Are you obu<n>ng the belt price lor 
your low-milcagc prestige mocor-carf 
We urgently require Rolls-Royce. 

Mercedes. Daimler. Jaguar. Vandrn 
PI as. BMW, Porsche. Ferrari. Maserati. 
Lamborghini. Jensen Convertible. 

Rover. Triumph and Volvo cars. 

Open 7 days a week 
Collection anywhert In U.K. Cash or 
Bankers’ draft available. Telephone us 
for a firm price or our buyer will all. 

Brookwood (04867) 4567 


Do you need money for your 
business or venture capital for 
your project or invention. We 
are down ro earth people and 
will look at any proposition 
which makes sense. Principals 
only. Write in strictest confi- 
dence to The Chairman. Box 
G.2759. Financial Times. 10, 
Cannon Street. EC4P 4BY. 



Visiting Melbourne, Sydney, 
Adelaide & Tasmania in January, 
would welcome assignments — 
anything considered. 

Write Bor G2145. financial Times 
Id Cannon Street, EC4P 4BT 



for sale 

Comprising 2-S tons/ hr cold blast 
Lupous, nearly new AJAX IS ;ons 
uicful capacity holding Furnace and 
completely automatic Moulding Plant 
with a Pair of High Pressure Through 
Feed Moulding Machines having Box 
Slac of 650 x 650 x 150/150 cur. 
rently producing 260 moulds per hour, 
complete with 120 rons per hour 
Sand Conditioning Plant. 

For further details ring 
0451 30794 or 
H. STURGESS at 0925 30411 


We have cut more chan £60 off the 
normal discount pnee of the Nikon 
FM camera. We can also offer most 
Nikon cameras, lenses and accessories 
from shock at special prices. Tax free 
purchases lor overseas visitors. 


foto Centre. 


High Road* Cowley, 
Uxbridge, Middx. 

Teh West Drayton 48224 
for confidential Nikon price list 



30 Cl nr Road. EC) 

01-628 5434/5. 7361. 9936 



Island site ripe for development 
presently returning £45.000 annually 

Write Bo* G28U). financial Times 
1C Cannon Street, EC<? 4BT 

, , . TO THE USA. 

U.S.A. Marketing expert, 20 years’ 
experience, can help CO expand or 
improve your sales Immediately, can 
handle the Procurement of sales 
agents. distributers. advertising, 
brochures, packing, importing, ware- 
housing . . . ioint venturat considered. 

Richard A. Wcrby 
4 Longfellow Plate, Burton 
Mossochuierti D?tl4 USA 


Factory reconditioned and guaranteed 
by IBM. Buy. save up n 40 per cent 
Lease 3 yean from £3.70 weekly 
Rent from £29 per month 
Phone: 01-641 2365 


Up to £100.000 available .per 
transaction. No Endowment 
Assurance needed. Commercial 
Funds also available, 

Write Bor G2S82, Financial Times 
10 Cannon Street, £C4P 4BY 

No capital required. Established o»er 
50 vears. Clients in 62 countries Send 
large S-A-E-— Wade- Dent. F. P.O. Boa 
9, Marlborough, Wilts. 

over 40^000 scho ols and educa- 

tion ESTABLISHMENTS can be reached 
bv mall. The Educational Addressing and 
Mailing Service Darby House. Redhlll, 
Surrey. RH1 JQM. Mantbam 2223. 

Consult the Company 
Brokets with 20 years 
experience in arranging 
the safe and mergers of 
companies. We have organisations 
seeking to acquire companies with 
nett profits of £50,000 plus p.a. 

No fees to sellers. 

Please write or phone S. Bunker F.Cl.S., 


The Company Brokers — Licensed Dealers in Securities 
4 Marylebone High St, London W1M 3PATel: 01 486 5161 




BSS 12/58 TYPE 

Packed in 50 kg, 6-plv Kraft paper bags — 
unslung — available for immediate uplift East 
Mediterranean port. Quotations available 
F.O.B. or C. & F. Enquiries Ref.' JNR.GIC, 
Telex S84671 W.T.C. London G. 






15- YEAR 



Please phone or write to: S. A. PARNES 


Druce Hou«© 

23 Manchester Square 
London. W1 A 2DD: 

Tel 01-486 1252 

■ A quoted public 


is interested to acquire the shares in a private property com- 
pany either for cash, or a share exchange. Please write in 
confidence to: The Managing Director, Box GJ2715. Financial 
Times, 10. Cannon Street, EC4P 4BY. 

One of the single most important factors in^ 
increasing company profitability and main- 
taining liquidity is ihe cash generated by 
effective arid speedy collection of outstanding 

accounts. • 

As a highly professional and renowned 
Commercial Collection Agency, Credit Aid 
can reduce debtor days and increase your 
cash flow, thereby improving your working 
capital. Thus increasing yow^profii. 

Credit Aid encompasses all as, 
modem credit collection, both in the I 

# Totally professional service — run by 
chartered < 

accountants. ^ Flexible — tailor- 
made collection programmes for individual ' 
clients. & Experienced, fully-trained collec- 
tors, skilled at maintaining amicable customer 


Contact in strictest confidence for 

Commercial Collection. & 

Business Information 

A. B. Baden och, A.CA. D. IV. Clark, A.CA. 

Credit Aid Limited 

4 Niw Bridge irtreef. Lmdrr. EC4V & a A?4i: 01-353 7722. 






Look nnu?a.-:theHigliljnd 
Conned inn We' rr your direct, 
on-the-spot link with Britain* 
Ireshesi and must d\ ruiim* 
development area— Highland 

Hidil.inds-hri-'tl industry 
— rmniiiiIe\|iliir.iiiMnin,iiinutc 
energy. tnmivlm 
pet ni-ehemieals— u* yi ou nix at 
enthusiasm Dfunrpeupip yi Inle 
go vernmeni aaeney l mam -ia! 
incentives remaina majur 
a lira ci ion. 

From Inverness. 

Highland Region Eievoinpmont 
will provide current statistics 

anrimfornioiinn— eiv»-\miilie 
facts ynn’ II need turn decisiouun 
expansion hen*. 

Our service is 

Oui .'Ciati p is five. 

Make ihe i mined inn May, 
hyrnntaftinn: Gw>n 
D.n ie\ Lfirednrol 

Glenurquhan Road. Inverness 
Tel: Inverness- iWK)j U412L 
Telex: 75:tia 









Oversets interest! require a com- 
pany which is involved in Import/ 
Export or - Distribution operating 
in London as a base for their 
future expansion in UK. 

initial investment up to £250.000 
and prepared to consider * 
minority sake. Keen to retain 
existing management. 

Write Box G28TT 
financial Times 
10 Cannon Street, EC4P 4B Y 

Nationally known Dress Manufacturing Company 
with young management. Estimated 1978/79 turn- 
over £1.000.000 — profit £100,000 net. 750 accounts 
including major stores with strong UJC; sales 
force. Net Assets approaching £200,000. Factory 
and prestige Showroom in prominent W.l position. 
Senior management will stay one year.- • • 

PRICE £325,000 . 

Principals only write Box G.2315. Financial Times/ 
10, Cannon Street, EC4P 4BY. .. 

engaged ia the supply of parts and accessories to retailers. 
T/O £1.02m, PTP £0.1 7 ra and NTA £0.3 5m for -period ended 
early I97S. Reason for sale due to rationalisation programme. 
Price required £0.30m. Principals cm ■>- apply to Box G.2S17. 
Financial Times. 10, Cannon Street, EC**? 4BY. 



Enquiries from principals only. 
Write Box G.2S14,* Financial Times, 
10. Cannon Street, EC4P4BY. 


Forfurtherinformatian contact: 

Breeds Place, Hastings, 

E. Sussex. 

Tel: 0424-430824 


Well EstafaRshfd Firm 


53, Queen Streep Sheffield. SI IUG. 

Turnover over £400.000 p.a. 

Well clipped single storey Freehold 
premises. Excellent workforce. Good 
seocks. Modern equipment & Vehicles 
over 50 ■'ouzoing" contracts 
Details from Sole Agents: 

Chartered Surveyors, 

53. Qixoi Street. 

Sheffield. SI IUG. 

Tel: (0742) 77635 

Superbly designed Aiihefliciencv in 
rvnd. Desk ?a i vrntf: luxury finish. 
ircorparfiting.Chpboard and Measure 
G uidc. Addins >7 elophone Watte; and 
Eiis.-p.ess Card Waller, neatly fined in 
■.v»t gs. Pen and Pencil Pockets. Ideal 
5'ft- Printed jvith. Company name end 
logo c.n caver. Assorted colours. 


Fen bright LVorks • North bridge Read 
3erkh a msied • Herts. Tel 04427 5.' 02, 



Esablished and Reputable- 

for further details please contact: 

01-624 5290 or 01-868 9138 


O.'d established rntnuucturma wide 
variety of wire products for retail, 
commercial and industrial use. 
Valuable Freehold. T/O £376.485 nett 
assets. £218.880 Profitable. 

Principals only write Boa G281 9 
Financial Times 
10 Cannon Street, EC4P 43/ 



Chalsea House, Brentham Halt Road, 
London W5 1DR. 

Tel: 01-998 8822 
Attention Mr. R. Pe B. Hovel! 

Good appearance and address 

Willing to travel, seep in and take 
a hand 

Younf enough in heart to learn in 

return for ample salary and share 

of r * 

of profits 
Investment of £15,080 reoui'red 

PI cose reply to Sox G2BQ7 
Financial Times 
10 Cannon Street, EC4P 4BY 

Tax savings enable interested 
party to buy bungalow hotel 
out of tax saved money. Hotel 
offered for one-third of assessed 

Agents and principals p tense write: 

GAY 8QQQ Munich 2 
Ledetgr Strasse 2. Germany 


Own and operate your own packaging 
business under our uclusivc licence. 

We have over 20 plants established 

around tnc world. 12 in England, 3 In 

j jjjjn ,j 

fwuireu is £25,000.00 

which Includes -working capital and all 

Vou should net minimum ol £ 10.000 
ff r a! , ' , l rd rear, aoaibllltr 

w 7.?;°?. 0 - 0C L h1 * 1 rear. 

F.1055. Financial Times. 
10 - Cannon Street , EC*P 4BY. 



Substantial travel concern interested in acquisition 
of part or whole of established Air Taxi/Charter 
Company, Funds available for new aircraft together 
with management and marketing support if required- 
However, present management must be willing to 

Write in confidence to the Finance Director, 
Box G.2S13. Financial Times, 

10, Cannon Street, EC4P4BY. 

T • . ^ ^ 

Financial Times Thursday Oriofrer 55,1978; , v 

Tronoh m 



. .rtTVT VENTURE tin jniniag the deveJopjaient of MMCg * 
A JULVJ - .imoit Kstuiaan 'fmnAli'e lfinmcf lUlfrafist' m'. 

A « hac been signed between Ironob'B largest, potential : jcu 
S*®* Mining Corporation venture, the deep level fin on 

f&Ker cent-ovmed by Charter pect at Koala Langat in-' Sou 
/^i«iiidated), Tronoh Mines and Selangor state. v 

State Economic Devet-. Shares rof-Tfo nob were » 
SLr„TcoSo ra tion. : , ^.^ssopc^rmr 

covers the mining «£■ 1:000 ^ : ; 

acres of land near Ayer Kiphig; - 
Perafe State. The new Malay- 
iian venture is espected to pro- .. 
d^e about 200.000 ■ picnls ' 

/ 12.090 tonnes) of tin ore over a 
IVyear period. The land is to be ; . 

J - - * Tronoh ■- for 

The • twd 


The -sjgnSficance of .-toe fi 

purchased fro m 

M$2m (£4ffi,160). 

jnediura-sized dredSfM will be ^ ,-u«- ^ 

purchased for about M$2bm and Minerals Canada ^uranhjm find 
will work the area from 1981 to Midwest Lake/ Saskatchewan, i 

1996. , .. been further enhanced by 1 

jfjlC will have a 40 per cent latest drilling issiits . : ' ' 

stake in the venture while Tronoh After ", die completion of 3 
and the state corporation will Tertiral.-iirSlfLoles, : it has be' 
each have 30 per cenL This Is foumL^QiaL ^LTiave -ahbouateV 

Perak Dredging and Peroas venturers, 1 >tntm Oil and Gas a 
Mining to operate m two othcr Bow yattey' Indnstries. . 
areas in the state. - . . The. mineralised' zone.' which 

Tronoh acquired the land in stiH open - at iboih'-mds. so 
m the mid-1960s and negotiated extends '74^0 ft whh what E - 
an agreement in March. 1973 to Minerals tailed erratic-, miner 
mine it through a joint venture _sation at the sbuib>est estensj 
split 70-30 per cent between Eariier _ announcements '. in S 
Tronoh and the state authorities, temter had- -given' the deposit 
The present agreement has -length- nr.S^XT ft r and a ^dai 

emerged from about five years- 600ffc ;i 

of reneaotiations between TrOnoh,.- The deposit is iridely Lhou. 
MjVIC. the state _ authorities^ and -rtp ^contain ^ to. ; 300m HT 
Malaysia's foreign investment' uranium and is considered io 
committee. . one of the richest discoveries 

Meanwhile, little- further pro-, -North America OVer recent ye 
gre'ss appears to have been made 'Essd- Mihez^als plans deveiOM 
towards an agreement permitting before 1984; . . 

Asarca and Cominco 

see better days 


AS/VKCX) and Cominco. two of the 
major North American base-metal 
groups, both predict imprinted 
market conditions .'and better 
results during the final quarter of 
the year. - 

The assessments . accompany 
third quarter figures, announced 
yesterday, showing that Asarco’s 
financial position is .improving 
after a heavy first quarter Joss 
and that Cominco is still running 
behind the rate "of earnings in 

During the September quarter, 
Asarco. which , is based in New 
York, had net earnings of 88.6m 
(£4.8m), compared- with a Joss in 
the same period of 1977 of 
Sll.lgiu. This brings net profits 
for the first three quarters- of. this 
year to S766.000. against $11. 7m in 
the first nine months of 1977.'- 
Tbo .group came . back into 
profit during the second quarter 
after a 1977 annual loss of 529. 5m 
and a first quarter loss for this 
year of SlU3m. . . • 

Improved markets and prices 
fdr copper, lead and silver have 
helped the turnaround and also 
gave rise to a non- recurring 
profit in the last quarter of 
S6m as excess stocks were sold 
oH. • 

“■Hie strengthening of the 
markets for Asarco’s four major 
metals — copper. lead, zinc and 
silver — in the third ruarter 
appears to be soundly based and 
we expect it to continue in the 
fourth quarter,** said Mr. Charles 
Barber, the chairman. 

For "its part, Cominco noted 
that prices For refined zinc and 
zinc concentrates were at levels 
below those of last year, although 
demand for refined - zinc" . had 
improved 3 Lead demand is strong, 
and -with gold and silver- prices 
signfieantly above last . year's 
levels, these factors should be -re- 
flected in ainnual earnings. - 
“With improved prices and a 
steady demand for the company's 
principal products, the outlook 
for the fourth quarter is. more 
encouraging,’’ said a . spokesman 
for the Vancouver-based -group. ’ 

After nine months of the cur- 
rent year, net earnings at 
Cominco had reached C833.ira 
(£13.9m). against C$4g.5m over 
the same period of 1977. During 
the September quarter net earn- 
ings were -C87.3m compared with 
C8 10.7m in the same three months 
last year. 

South Africa's Messina group,,-* aii £ 
final. dividend- ol ff centsTMtiv-*- \\ t f I ■ 
total ; for the ’year of ;n- w - ^ " 

against 14 cents last tuner' -i z 
Pre-tax earnings stunned * 

increase to RhKim •;>?«' n frl f 

’t U l 

the latest occasion ’ adraoewd. 

KhSi;im from only R&$22ft 

last time. A reductienm iliern ' 

- year’s ..safes leaves Mangute-w 
increased stocks- -of 5^2, hwfes - - - 



-Thanks- to higheri prices - 
molybdehuni,. Canada^— Lw 
operation in British £ohcmbia : 
increased ne t ea romgsr 
first nine months of ..this year 
C$7.B5jn; ;f rom CS?i 

in the same period- of *1977. 
dividend of 20 cents is -decla 
Copper^ "revehne r was'; nv 
tai ned,. rtSiiced. product ioa ha^ 
been_^ei bBtto^prfces. - 
Rio Tretdr35nc- graup-OKhs 51 
cent of Lornex .while some 
per cairiisrlftkt'Bir^YaRon < 
soUdatea. ' . . : . . • . 

round-up v ; ; 

* CbnM>lidated ’ : • , : Fft 

Australia is - . attifeyr. 
opportunities for jE^iansJon.- . 
yesterday^ Sydney nieefihs , 

S. L. Segat, tbe-ChaiOT.fflL adi 
that the cotnpany’^te well ’plg' 

■In this respect with- Tamable- c. 
resources : of '-faboiit; .2 A $2 - 
(flL7m). The group's ma 
Josses have been staunched ' f 
those that are stin bei.ffg incHr . 
should be, a va fiahle,' to minte 
tax in future years. In.tbe^y 
to June . SO CGFA. earned 
after .mafctpg a .- JosS -in’L 
pcev ions- 12 months of ASaWi 
;; • 

An - estimated : net profit " 
AJIJSjn (£687.500)- tor the f 
quarter is. reported, by Austral 
North. Brokett JUU Holdings. . 

: compares .with ' A$L3m:a jearj 
-fn- tbe;-Iatest quarter tbere>w . 
substantially higher sales of 
and- Silver together with a ... 
marked . rise, in . 'those of - — . 
concentrates. The price recei 
for the last-named, however, 
considerably lower. -i ! 



A reduced net profit for the 
year to September 30 of Rh$3m 
(about £1.44m) compared with 
Rh$ 3.5m ,a year ago, is anaounixd 
by.MTD (Mangnla), the Rhodesian 
copper producing subsidiary of. 

Australia's Olter Bxplorai 
and Samantha. Mines have reaci 
agreement for a joint vent 
over their diamond explore! 
claims in the Mount Percy-Mo 
North -;.'area . : of’ the.. . \V 
Kimberleys with Selection Tru •*. ^ 
AS Sluing -Ventures. The I -i £3 
named can- earn an interest 
60 per cent iri the prospect- 
spendhig .AglJm. on explored 
Airborne geophysical surveys h 

started. . . 

CASH BUYER Peerage of Birmingham 

Seeks minimum-75 « equity of business generating G0,000-£8Q,000 
pre-tax as confirmed by audited accounts and forecast. Essential 
that operational management available. Preference for service 
industry in 5.E. but manufacturing with good exports aim 

sees profit cut 

Principals only send full detoils by end October for 
„• November consideration to: 

Box G2707, Financial Times, 10 Cannon Street, EC4P 4BY 


Business and Investment 
Businesses ForSale/Vfanted 

Ever/ Tuesday and Thursday 

Rate: £16 persingle column centimetre. Minimum 
2 centimetres.For further information contact- 

Ka^" mes ' io ^ s ^ 

01-248 4782 & 01-248 5 

We are a a expanding public company wishlnq \ n acquire 
businesses achievmg pre-tax profits io the range of £50 win 
per annum to £250,000 per annum. , u 

Ideally we seek companies allied tn the Consmiction/Develrio- 
raervt sector and based in the Midlands, although if vou have 
a special story tn tell we will be pleased to listen 

All replies will be treated with the strictest confidence 
Write Bor G2796. Financial Times. 10 Cannon ?>t., EC-fP 4 BY 

Owing to problems arising; from 
the expansion of the group's 
Foundry, profits before tax of 

Peerage of Birmin gham - were- 
redueed from £243.000 to £126, loo 
in the first six months of 1978. 

And because of -other problems, 
profits for the year will be signifi- 
cantly. lower than the £552,000 
achieved in 1977* the directors 

However, general trading Is 
good and the group should' be 
back to normal profitability in 
1979 without taking into account 
the results of the investment in 
the' new Faundry.- 
Tbe directors explain that late 
delivery of machinery and subse- 
quent difficulties in commission^ 

| ing- resulted in a. fall ia the supply 
>'«• other 


seek* controlling interest or outright 
Pure hue ol sound busman In the 
Leisure Reid. Up eo £1.00C,000 
available. Mint have proven profit 
record and sound management, which 
will remain. Strict investigation. 

Mease — no Triffers or Rubbish, as 
Cbcm will- be consigned to W.P.B. 
Write Bojf G28/6, Financial Timet 
to Ceorton Street. EC4P *8? 


Wishes a; a matter of priority to 
acquire companies <n the Liquid W«stc 
Disposal Field. 

Principals only need aptly to 
10 Cannon Street, i iC4P <&T 



required in 


WoH established trjslwss vriahM tn 
add ro Its ujterestB. Currently aeddoa 
filUnS Vtwlm i a E1-EI6. pr^?S3| 
with park sag area and . oBta, 

Write With fnU- deuils u strictest 
^nMenct to Box G2SN. Filial 
TutWis HI. Cariooa btrt-et, EC4P 43 Y. 

•HSIV^SC N.W..8ASED I ropertv FinJncn 
eomoanv seeks to acquire 1 — 4 cmi™S 

n« lth « pr, J wfrt » “ortlqij^ C taoa lilc 

P _l!l rl 5S r dfi*dopjicnt! 2 — R aSnolS 

of. castings to the- group's* otner 
factories, which seriously reduced 
their output and although order- 
books were goad, dispatches were 

Ibe. supply of castings has now 
bem ; improved sufficiently to' 
maintain the group, factories Ob' 

full output, but the creation 
this- new division is complex a 
losses .are continuing and arc i 
expected .to be erased until a 

The directors. remain cobfid' 

in the .'future prospects for V- 
group and the interim dividend 
to be increased . from - 0,75p 
. 0.825p- per share which, d^P 
the . ^ower profits, is still « 
covered. • 

Folio wing . the reduction . in "t 
rate of. ACT an' additional fil 
dividend of 0.0l32p per share, v 
be paid for.. 1977 .making a to 
of .l.630p'per share for that ye 
This, dividend -will absorb £435 

Discussions are still tafci 
place which might lead to an ofl 
for the company. . However,, tht 
have- -been considerably delay, 
due to the need, to analyse me 
carefully the problems incuff: 
through, the foundry expansk- 
Talks - are continuing and - ■ 
announcement made, 
soon as possible, the directs 


tf *. 

j Royal Exchange Ave\ LohUon tiCSV 3LB; Tel,: 01-2S3 1101. 
Index Guide as at October'^ 1978 (Base 100 at 14.1.77) 
Clive Fixed Interest Capital .. .: . ...... . . . -129J21 

Clive Fixed Interest Income „-.. J ; rll 3 ;^ • 

,10 Cjl'inqii iowl, EC4P 48Y . 

S.W. HERTS required lor clrCUR— Buililm 
MercBJBts nhtlna business con- 

sidered- Details in canswmf to A. R I 

HujlO": Vessrs. Cordon Hunan & Co { 
U~. The Pjrjdr. Wittera, Homl TeteTl 
number Wattord 39711. T * 1 

45- Corn bfU, Lon ddn ^^13 V.^PB.. Tfe l : 0 

Index Gidde as at OiMober 29, 1978 
Capital- Fixed laterert FortfoUo lflQ.OO 

' " Income Fixed Interest Portfolio * r ..:^. . lflOJJO 1- : 



Financial Times Thursday October 26 1978 


paying over £4m 
for Pizzaland chain 


United BLeuits, which has been 
pidly expanding iLs restaurant 
id catering supply interests, is 
acquire Associated Restaurants 
which operates the Pizzaland 
ain— in a deal worth £4.4m. 
The bakery group which almost 

_w*'o years agu acquired the 
’•'Kimpi-.v and Golden Egg fran- 

cern in a raovo to strengthen this 
side of its business. - - 
To meet the cost of. this latest 
deal UB is issuing 43m new shares 
with the balance — around £lm — 
to he paid in cash. 

Last year Associated ■■Restaur- 
ant* earned pre-tax profits of 
£763,000. Net tangible assets in the 
the last accounts were stated at 
£2.2ni — including a property 
around* iso" results 'evaluation sundos of OM 

rvu^u i is D. S. Crawford sub- , The croup— which is to retain 
liary but these operate largely Dutton as “Staging 

Scotland and the North EasL n. 0 ™ 

Mr. Alaslair Clark, financial Ul ®. Jf ,n ^ re ^ a ®- 5 r ?' v * or< J 

ntrollerfor United Biscuits, said 'J'hich_ ^ °P e f ates °* 

sterday that Associated ba . kc " es *** “wy *■£-__ 
slauraot operates mainly in the J* 331 . year Ken grated 

uth and the Horae Counties— ?® lei of around £30m white earn - 
incipally through its Pizzaland J "K Prufi^ estunated .at aroirad Vtfmm 

sin— although it did own .some sal * s lasl r ^e^ 'If™ WhitecrofL 

a-and-thip shops in the North f w 0m while pre-tax profits rose 


fjfllj, fees has agreed to buy Asso- 
- 1 ed Restaurants from As&o- 
• \iled Newspapers, which con- 
vij jIs 51 .5 per cent of the shares. 
■■‘'jjc remaining shares are held 
around a dozen 'employees of 
: socialed Newspapers who have 

^0 agreed to sell their slake to 
■lited Biscuits. 

United Biscuits already owns a 
ain of 
rough us 


Parf ums 

By David White 

PARIS, Oct. 25. 

a prelmlnary takeover bid for 
Parf ums Givenchy the prestige 
French perfume concern. M 
Jcan-Claude de Givenchy, the 
chairman, said that Beecham had 
made a proposal to purchase a 
majority stake. He declined to 
give details blit indicated that dis- 
cussions were going on. 

Parfums Givenchy has 
nominal capital or FFr 3ra 
(£350,000) held entirely by IVL 
Jean-Claude de Givenchy and bis 

The bid relates only to the 
perfume company, which produces 
mens’ and women's toiletries, and 
not to the other three companies 
run by the de Givenchy family 
the Givenchy fashion house, an 
women's clothing 
Givenchy Nouvelle 
~ encouraging and trading should boutique, and a men's outfitters, 
be reasonably satisfactory for the Givenchy Gentleman, 
year as a whole.” Parfums sales last year were 

An explanation why the board FFr 96m (£U.4m1 and it showed 
agreed to Whitecroft’s offer is to a gross profit of FFr 13m (£l.54m). 
await the offer document. Mean- M. de Givenchy said sales were 


the catering supply trade— Randall's shareholders are be- 
prindpaily in frozen foods. ing offered one ordinary share of 
UB sales of frozen foods have 25p in Wbitecroft and H4p In 
advanced from virtually nothing cash for every two ordinary 
to around £2 0m a year over the shares of 25p, worth llOp a share 
last two years. In August the in all. Randall's shares rose I3jp 
group paid £700,000 cash to to lll.fip on the announcement, 
acquire the T. Pitxas bakery con- while Whitecroft’s shares ended 

the day unchanged at 107p. 

At the same time that the offer 
was announced Randall's reported 
its hall year results for the six 
months to June 30, 1978. These 
showed pre-tax profits improved 
by 44 per cent to II 79.400 on turn- 
over of £llJm compared with 

Mr. C. R. Randall, the chair- 
man, said the group’s recovery off-the-peg 
rate in the current year has been business, 

while the board and the group's 
financial advisers intended to re- 
commend the terms offered by 

i it 

i L i 


Ac said that the deal marked 
important stage in UB's plans 
diversify into (he restaurant 
si ness. Associated Rvslau rants 
orates from around 50 ailes. 
n addition UB also holds the 
inchiye lor around S00 Wimpcy 
d Golden Eat? snack-bars bur 
i recently broken tradition by 
tuiring *' a handful " of its own 
mney restaurants. 

Hr. Clark said that the UK A SHARE and cash offer is being 
irket Tor biscuits had remained made by WhitecrofL the textile 
atively static in recent years and building and engineering 
d the group had been searching supplies concern, for Randalls 
l *.*,• other interests with greater Group, a wholesale distributor to 
*.%jwth potentiaL the building trade which Also an- 

* u We believe that more and nounced a 44 per cent increase In 

offer for 

r ■ 

\ 5 ft. 

Directors and other sharehold- 
ers had already accepted in re- 
spect of 32.1 per cent of the total 

Whitecroft said yesterday that 
the acquisition of Randall's would 
provide it with a logical exten- 
sion to Its existing building and 
engineering supplies division. 
Randall's business is concentrated 
mainly in the southern part of 
England and in Wales, while 
White croft's business is centred 
mainly in the north of England. 

The main uncertainty la9t night 
was over [he Ferguson Industrial 
Holdings stake. Ferguson in- 
creased its stake earlier this 
month to 24.57 per cent in 

expected to pass the FFr 100m 
mark this year and the company 
was continuing to experience 
rapid growth after sales increases 
of 20-30 per cent a year. Exports 
accounted for around two-thirds 
or turnover last year. 

Two drop 




Two West Midland drop forgers 
and industrial fastening manufac- 
turers asked for their shares to 
be suspended on the Stock 
Exchange yesterday pending 

The two companies are Wane 
"right and Rowland, and 

>ro people are eating out and interim profits. The offer,' which Randalls and talks between the Rowland, a 

ve therefore been looking to has been accepted by Randall’s two groups had taken place tTlest Which operate 

xind our e\isting restaurant board puts a value of JE2.8m on 
sincas and also to diversify into the group. 

although no agreement had been 

Dawson share price supports 
reservations, claims Baird 

'he muted response of Dawson behalf of managed clients of 
* crnational's share price to the Samuel Montagu and - 23,500 
kage of defensive measures the shares on behalf of Wbodbournc 
■I.ipany has produced reflects nominees, nominees for the 
liam Baird's rcservat'rons about family of Mr. Alan Smith, 
assumptions underlying the Dawson's chairman. The pur- 
fits forecast und Dawson'S chases were made at 195p on 
nagemeriL according to Mr. Tuesday. 

nicy Field. Eaird's chairman. Bell Laurie MacGregor also 
a statement yesterday. announced that it had - bought 

the other hand. Samuel 15.000 Dawson shares for disere- 

similar areas of business and 
produced similar profits in their 
last full year. 

Warne Wright has the larger 
turnover, £20m compared with 
Priest's £ 13.7m, and both pro- 
duced increases in profit despite 
poor Industry conditions last 
year. Priest's profits to March 
rose by 30 per cent to £Um and 
Warne produced a record £1.4m 
in 1977. 

Since the year end Warne has 
produced interim figures which, 
although slightly ahead, suggest 
that there wifi be no overall 

improvement for the full year, 

Groop — South Pr}e ? t claims that the year 
■ - has started well “ m the majority 

in uii- uuivi i ianu, kJsuiuwi • __ in,,„ 

nta^u. the merchant bank tionary clients, at 3J5p on Tu&>- 
jeh it. advising Djwson on its ““y- 

icuco against Batrus £30m cwh ctcd i twr 1 /'Dcnrr" 
d t-litre bid. argued that the SlfcKLlINu CKhDil 
arc price is-iamjuisjiing under' y.S; PURCHASE . • . 

ive been selling out since Baird Sterling Credit Group, with, {.roup from J. F. Nash Securities, 
alcd earlier thw-week' n would interests., in instalment credit, Mr. J. F. Nash, now- a director of 
it r.iise the value of its offer, banking services and insurance Black and Edgington, has an 

65 per cent interest in 1,004.644 ordinary units 
cent). Black and Edging- 

ment Office sold 100,000 shares 
between October 16 and 18, leav- 
ing interest at 5,556,250. 

Allied Plant 

Yorkshire C C pension fund on . „ 

October 23 sold 50,000 shares. aI . a f rc 3?- .v 

Holding js now 531,660 shares. At the beginning of the year 
Trust Houses Forte— Kuwait . £,™ e , sl G - Cros ' 

Investment Office has acquired ‘ an “» an fastener manu- 

interest in further 25,000 shares „ lu I£ r - , A* . the 

making total interest 5,325,000 ^ e< l p hairnian of 

Priest, said that the company 
planned to diversify within the 

(329 per cent). 

A. and C Black fPublishere)— - nolnonnin „ - - 

Park Place Investments holding is ^'"eoring field, 
now 105,000 shares 1 10.9 percent). Priests shares w 
Black and Edgington— Follow- 
ing the acquisition of the Gailey 

ere suspended 
at 86p. down lp on the day, and 
Warne’s were unchanged at 53p. 

.. t, r ^- nr tv> r irt,i broking, is taking a 65 per cent interest 

-Sd dcSfSe shareholding in a U.S. insurance {5.9 per 

£1 j» awiSS h taS broker. Major Surplm of New tan ha* 
h i * Kninw?" tila Jersey.. Sterling Credit, which is interest 


Turner and Newall's wholly 
has also been notified of owned subsidiary. Storey Brothers 
** r and Company, has acquired full 

•Id claimed " another amount, hot exceeding bamV— John Dickinson has dls- 

bmuol Montagu conceded that Kh ff t li JfiSiS'lJS urt“ ar? sh?r es^lo'Sr 

. I— «—. the income or the company ^ k 3. 

ended ^fbmann, director, has sold 

,-ers in the 

shores should have been « e company 

ruled li.v ihe market but said the next two years. 

t institution- are umvilling 200.000 shares. 

uncertain raarkei , Dsed * fit _ ‘r 477 Aru) ,he Hombros Investment Trust — A 
minenV^elosure f ^of the Band attributable net asset’ value at the subsidiary of^ Hambros Ljtnited 

Chemicals and Storey. 

The consideration is not 
materia] in the context of the 
companies involved. 

Storey is the sole supplier of 
transfer print paper to Trans- 
prints which is a major supplier 
of the product to the textile 
iodustry on a worldwide basis. 

l.i the light of the technical 
iition arising from the 
certainty we have been buying 
»re>! because we ihink they are 
up," Montagu said. 

'ho Mcckbrcking firm Cnzcnnre 
1 Co. yesterday announced 
•y hod ho tight 23.000 Dawson 
ires nn behalf m* Samuel 
nta^uc, 23.r«(Wi shares cn 


date of acquisition was 54.000. bougfiit iSS.OO 0 shares As a 

Sterling .aid yesterday that the Hi-Jambros i Limited and sub- 
acquisition will assist the develop- { “ re 0 „ _ _ . 

men; of its insurance broking rin , v 2 ’ ,45 ' 2a0 shares j Trustees of G T Crouch 

activities in the U S tiiwa per cent). deceased, have placed 3n0,000 

Lowland Drapery Holdings— shares in the Crouch Group at 
Midland Bank Trust Company, 68p each. Their holding has been 
57231 account, unit trust depart- reduced, accordingly, to 25 per 
WeslLngbousc Brake and Signal menu no Old Broad Street, cent. 

—Prudential Assurance holds London, EC2. has bought a fur 
2.594.300 shares (B.00 per cent). their 23,000 shares making total 
Chubb and Son — Kuwait Invest- holding 6B per vent. 


£0.4m rise so far 

First half 
increase at 
Philip Hill 

WITH TURNOVER ahead from of £4.3 m is maintained, gives a less than in the same period of FOR THE half-year to September 
XlBJJlm to £20.36m taxable profit prospective p/e of 6 and a yield 1077. For all last year, £130,305 30. 197S, gros revenue of Philip 
of Hopkinsons Holdings jumped (assuming dividend is lifted by was reported. Hill Investment Trust was higher 

h?“ the July ?° J? e L^ nt> of 7:5 pep .? cnt V TU ? .Turnover for the period was at £4.53 ra against £3.S3m and net 
28. 1978 six months. is a below average rating for a virtually unchanged at £5.14m earnings climbed from £1 97m to 

capital goods components sup- (£5.16m>, while trading profits S cumDcd irom ii.aim to 

rose from £186,515 to £261,395. 

In view of the limited growth 
continuing in the industries plier. 
served by the group, directors 
consider the results satisfactory. 

It continues to obtain a reasonable 
share of the available longer term 

Short term orders requiring 
quick delivery have in the past six 
months become progressively 
more difficult to obtain, and they 
say that unless there is a reversal 
of this trend then its effect will 
be felt in the second half of the 

Profit Is aFter interest of 
£120,000 (£142,000) and invest- 
ment and oLher income doubled 
to £28,000. Net profit came out 
at £990,000 (£804,000) after tax or 
11.14m (£0B9zn). 

Interim dividend is up from 

Highgate will 
recover only 

£2.4 Ira. 

Owing to the incidence of 
certain dividends during the first 
six months of the current year, 
the directors do not expect 
earnings for the second period to 
show the same rate of increase 
as in the half now reported. 
Stated earnings per 25p share 

Six months 
advance by 



L35p to L5p net per 50p share. Manufrance. 

Last time, on profits of £4.28m, a Under the terms of the rescue 
3.71 p final was paid. Societe Hachette would lake over 

The group manufactures boiler tf, e viable trading activities of 
mountings, valves, etc. Manufrance and in return Manu- 

__ a france creditors would receive 

comment only 50 per cent of the money 

Hopkinsons' 25 per cent first half owed - The £141,000 is owed to 
profit -jump is impressive when Highgate's French, subsidiary 
compared with the rest of the Soc ** te Parisienne de Jumells 
sector and when examined in the Frismes. 

light of the limbed growth in its Highgate in its last accounts, 
markets. But ic is a little disap- for Hie year 1977, made an £18.060 
pointing after the chairman's Provision against the French debt, 
confidence in the annual report This provision, however, was 
last April. The problem appears Qualified by auditors Kinnaird 
to lie in the “off-the-shelf” busi- and Co. which said it could not 
ness the group has been develop- comment on the adequacy 
ing over the past few years and otherwise of the provision, 
which now accounts for about 30 
per cent of production. Margins 
are being squeezed because of 
fiat demand and growing com- 
petition to the extent that the 
company has sounded a warning 
about a weaker second half re- 
sult. The mainstay of the group 
is still the longer terra work for 

the power generation industry. Announcing pre-tax 
Here it has been able to gel a more than doubled from 
reasonable share of orders at to £126,257 for the 26 weeks to 
good margins. The shares July l. 1978. the directors of 
dropped 6p to H2p on the news Lilies halt Company say the 
which, if last year's pre-tax figure second half figure should not be 

Sirdar on course for 
further improvement 

WITH SALES volume continuing growth with Hayfield Textiles 
to increase Mrs. Jean Tyrrell, making a good contribution to the 
chairman of Sirdar, hand knitting excellent results, 
yarns group, says in her annual In Germany the loss of a mail 
statement that she sees no reason order customer caused a sub- 
at present to doubt that a further stantial reduction m turnover at 
record result will be achieved in Sirdar-Striga, Mrs. Tyrrell says, 
the current year. It has not yet proved possible 

The investment programme will to replace this business which 
continue and it is intended that consequently showed a loss of 
_ further £2m will be spent on £110.000 and in view of the con- 
plant and buildings- in the year tlnuing depressed state of trade a 
financed from cash flow and further provision of £100,000 has 
further grants within the textile been made against possible stock 
scheme, she adds. Improved cash losses. 

Sow has not only financed the Trading in Switzerland has 
investment programme but has shown no improvement but reduc- 
aiso enabled borrowing to be re- tion of overhead expenses 
duced substantially. through internal re-organisation 

Investment in fixed assets enabled Sirdar-Striga A. to 
during the ' year under review break even after the previous 
amounted -to „ almost £l-9m while year's heavy loss, 
the term foan of £lm and the In the UK. unlike the remainder 
Euro-currency loan, the most of the textile industry which still 
costly portions of borrowing, have recorded declining output in every 
been repaid and the debt ratio other sector, hand-knitting 
reduced from 69 per cent to 38 showed a 15 per cent growth and 
per cent leaving the balance sheet the Sirdar group not only reaped 
in a much stronger position. the full benefit of this increase 
As reported on October 12. but also improved its share of the 
group pre-tax profit rose from market, demand for Sirdar and 
£1,136,191 to a record £2.110.355 for Hayfield yarns has remained high 
the year to June 30, 1978. The throughout the year. 

At year end fixed assets were 
£5B5m (£4.47m) while net 

current assets were £3.08m com 
pared with £3. 52m. 

MeetinE, Wakefield, November 
16 at noon. 


sdrvad snrdlu nu nu nW 

On October 24 Vickers da Costa 
(brokers to .1. Haggasi bought 
5,000 J. Dawson International 
ordinary shares at 201 p on behalf 
or a discretionary investment 

After tax, the net figure was 
£60,603 against £27.046. 

Earnings per lOp share are 
shown up 1.5p to 2.6p and the 
interim dividend is raised to 
0.683p (0.5p) net — in 1977 pay- 
ments totalled 1.75p. 

While demand for steel remains ^ 

Shirohniripr* of Hlehimtp at a Iow levcl 3041 competition is 'ir e .J , - 01 P <4.11p) and the interim 

Shareholders of uigngate stin fi erce rh e arouo's mill and dividend is raised from 2.op to 

Optical and Industrial were stockholding dlvLions^rettadlng 2 - 75 P net - costing £1.32m (£1.2m> 

warned yesterday that only nmfitahiv tho pncKnoorintr con. —the 1977-7S final "was 

around half of £141,000 the group 

ic ifvoii a r« able at a leve l slightly above At the half-year, net assets aro 

Jf » ^ ° ff, break even point, the directors shown at 255. 5p (225.5p at March 
Mr Ian Rankin, joint chairman report> 31 ia7S) per * hare . 

of the group, told shareholders 
at yesterday's AGM that the 
French Government had ..put 

forward new proposals to save 

i'rs 5.4p from 

net dividend total was lifted from 
,79923p to a maximum 3.147R2p 
per 25p share and a onc-for-two 
scrip issue is recommended. 

The optimism expressed last 
year has proved fully justified 
ifh a 17 per cent increase in 
turnover and a considerable im- 
provement in pre-tax profit, Mrs. 
Tyrrell now says. 

Althaugh exports . were dis- 
appointing and trading in Europe 
was still depressed the home 
market, including the Irish 
Republic, continued to show good 

Pre-tax profits increased by 

35 % 

Dividend increased by 100% 

Net assets per share increased by 61% 





















*(Net Assets include those of A P Skelton which was acquired on 31st 
July 137S). 

During the year the group has both strengthened its 
capital base and extended its activities through the 
acquisition of James Warren and A P Skelton respectively. 

The profits of A P Skelton are not included in the results of 
the group for the year ended 31st July 1978. If the profits 
of Skeltons for the year ended 31st March 1978 were 
included the following would be the effect: — 






{36.1% increase 
on 1977) 





Your board took forward to further progress in 1979. 



TheTalbex Group Limited 

lo the Shaiehdders of 

Dawson Irfernafonal Limited 







= management, 
and profits 


J.& D. mcGEDRGE 

Do not 


o not give up your 
wnersnip of tneml 


T?»sativerti*&ix*ne!ldxvd bySjmuett/ionuguS Cwruawy beM of Dawson tnutrslxorul Umfted. TheDavcmsof 

Dmoo/\ lMert)Men*/Limitat/tvmti timtxcvppon of Mr. S.A. Aefttt/awatoio* rtastkstbfeejn to emvrsttalth* tacts sultdtnd 
Ok dfiMm mmotutkenia «v Cor ml*c£i#au and Oat no muml/Kts Asm Mm OffWfstfaod (toy/OMty awTswwaiy aeapt 


Associated Dairies Limited 

SfJtenl figures for the year ended 

Profit before tax 
Profit aftertax 
Retained earnings 
Ordinary Dividends 

S 9141 73 






53 weeks ended 
1 5 77 

•Capital increased by 1 for 3 scrip issue October 1977 

Extracts from the Statement circulated to shareholders 
by the Chairman, Mr. A. hi. Stockdale 


In presenting to shareholders the report and accounts for the 
52 weeks to 29 April 1978 i am pleased to report that group 
profits before Taxation and extraordinary items increased to 
£26.202.000 (£23.941.000). The profit earned for ordinary 
shareholders is £12,574,000 (£11,244.000) and we are 
-proposing to pay a final dividend of -41598p per share, which 
together with the interim dividend of -45p per share, makes a 
total of -86596p per share for the year. This compares with 
*7744p per share for the previous year on the increased capital. 
It is. for the relevant period, the maximum permitted under the 
current counter inflation legislation, and leaves £11.878,000 
(£1 0,631,000) to be added to retained profits. 

Your directors consider that the present state of reserves makes 
it desirable to recommend a capitalisation issue of one ordinary 
share for every three ordinary shares, for every three partly paid 
ordinary shares and for every three ‘A* ordinary shares held. 

Inflation accounting 

There is now a large measure of agreement amongst financial 
experts that it would be desirable to show the effects of 
inflation on companies' profits, it is, however, evident that 
opinions vary as to the methods that should be adopted in 
calculating such statements. 

Your board, therefore, considers that until such time as a 
uniform standard is acceptable to all concerned, no useful 
purpose would be served in presenting such a statement in the 
case of your company. 


The stores which were in course of development in 1 977/78, 
referred to in my last year's report are now trading. Planning 
permissions have been granted, to ensure a similar number of 
store openings, both in the present financial year, and that of 

In the year under revieyv the recession in consumer spending 
was totally predictable. We have, in previous years been trading 
in a climate of earnings increasing considerably' in excess of 
the rate of inflation. Successive incomes policies reversed this 
cycle and the Country experienced for the first time in many 
years a rate of inflation in excess of wage settlements. Naturally, 
therefore, pressures were brought to bear on the housewife's 
purse and competition grew fiercer io maintain market share. 
Statistics publrshed on consumer spending would appear to 
contradict these facts. However, it must be appreciated that 
these statistics weie distorted by ihe additional volume of 
trade generated during the Jubilee year of 1977 by overseas 
visitors; this for the most pan was confined to the Home. 
Counties, in which area your Company was not represented. 

It is, however, to the future That we must turn. My colleagues 
and 1 are cautiously optimistic. There is already a perceptible 
increase in spending. Wage settlements are now considerably 
in excess of the rale of inflation, and together with the small 
decreases in taxation, one can foresee an increase in momentum 
in consumer spending during the present financial year. 

Meat products division 

The abattoir at Lofthouse has now been rebuilt, and conforms 
with EEC standards. The slaughtering capacity has been more 
than doubled, from 1,200 to 3,000 pigs per week. 

The volume of meat products through the stores has increased 
by 19% for the period under review. Cooked meat and despatch 
buildings are in course of construction and scheduled for 
completion in May 1 979. 

Dairy division 

On 31 May 1978, your company had the honour of a visit by 
His Royal Highness Prince Charles to officially open the 
Benton Dairy in Newcastle, in a short address, he unashamedly 
confessed his taste for dairy products and later created a lasting 
impression on all the staff by the detailed interest he showed in 
all aspects of milk reception a nd processing. 

This Division had a splendid trading year. Overall sales of milk 
have increased during the year. Milk sales to the doorstep have 
been maintained, largely due to the excellent service that the 
customer receives from the milkman. In my opinion, this service - 
is the finch-pin to milk sales for the future. 

Sales of milk products show increases although we would have 
liked a more stable market in respect of butter and cheese. 
Negotiations with Government were finalised as to the future 
control of the industry, and it is now able to settle down and 
lake a longer term view. Government will still control the 
maximum retail and producer's prices, together with the 
continuance of costings and a target rate of profit. 

We were also pleased that the future of the Milk Marketing 
Board was resolved, and look forward to the continuing 
partnership In trade and farming matters. 

The Dairy Division of your company has now almost completed 
Ihe heavy capital expenditure in plant and buildings, to which 
I referred last year. This puts it in a position to take advantage 
of future developments in the market. 

Wades Departmental Stores 

In August 1978 an offer was made for Ihe share capita! of the 
above company, which specialises in up-market furniture and' 
carpets. Your directors consider this to be a sound investment, 
albeit in a vastly different field to that in which your company 
is at present i nvolved. 

Later this year, Wades will be opening two new branches in 
district centres at South Woodham Ferrers and Crewe, which 
have been developed by your company and shed adjacent to a.n 
Asda store. 

I am satisfied with progress attained during a year, when any 
growth was at a premium. Our management and staff were at 
all times subject to increasing pressures to meet an exacting 
budget. That this was not attained, were for reasons outside 
their control. Spirits never wavered; teamwork never faltered; 
1 pay the highest tribute to ihem all. 


At the Annual General Meeting held on 25th October, a resold* 
tion giving effect to a Bonus Issue of 1 Ordinary.$hare for every 
3 held was approved. 

Associated Dairies Ltd., Craven House, Kirkstal! Hi, Leeds LS3 1 JE 

i p 

l * 


Financial Times Thursday October 28 1978 




*• V 



Bethlehem Steel looks for Lockheed 

• , « income 

continued profits recovery shows hefty 


Currency loss puts brake 
on Phillips Petroleum 

second and third quarter results 
were “much improved over the 
immediately preceding quar- 
ters " and the company believes 
“this improvement will general- 
ly continue for the balance of 
the year.” 

The company announced net 
earnings for the third quarter 
oF S64.4tn or SI.4S a share, 
compared with a loss of $4# #,000 
or a loss of $10.02 a share in 
the same quarter last year. Sales 
increased from $1.29tin to 

This brings the nine months 
not earnings total to $150.Hm or 
$3.45 a share, against a loss of 
$467.4m or a loss of $10.72 last 
time. Sales for the nine months 
came out at $4.5tfbn against 
$4. 05 bn. 

The company continues to 
realise significant benefits from 
the actions taken last year io 
close marginal facilities, reduce 
overhead and improve efficiency. 

Bethlehem said, however, it 
expects 1978 earnings “to fall 
short of our goal of achieving 
a rate of return at least equal 
to the average rale of return of 
ait manufacturing companies.” 

Bethelehem estimated 197S 
year U.S. industry shipments of 
about 96m tons compand with 
91.1m tons in 1977. The company 
earlier this year had predicted 
1978 year shipments of about 
97m tons. 

Its new estimate was based 
on 1978 year steel imports 
exceeding the 19.3m tons shipped 
the year before. For the first 
eight months of the year, 
imports totalled 14.4m tons com- 
pared with 11.5m the year 

Bethlehem is “working closely” 
with Government officials “ to 
arrive at an acceptable solution ” 
to the ininort situation and hoped 
“an answer will have been 
found ” before the year end. 

Earlier estimates that 1978 

BETHELEM, Oct 25. 

year capital spending would be 
about S425m compared with 
S55L9m io 1977 were repeated. 
Capital spending would be “down 
in 1979 but up again in 1980.” No 
figures were given. 

The 1978 third quarter raw 
steel production was 4J3m tons 
compared with 3.Sm in 1977, 
while nine months production 
was 13.Sra up from 12.5m the 
year before. 

Bethlebem said a number of 
factors adversely affected 1978 
third quarter results, including 
costs and increased steel imports 
and the fact that shipments were 
7-1 per cent less than in the 
second quarter. 

Marine construction operations 
had 1978 third quarter and nine 
months losses due primarily to 
its Sparrows Point. MD, shipyard. 
Tbe company also said it was 
hurt by a strike at Iron Ore of 
Canada, in which it has a 20 per 
cent equity interest. 

American Brands up sharply 


tobacco group which owns 
Britain's Gallaher. kept up its 
strong earnings advance in the 
third quarter, thus coming closer 
to fulfilling its forecast of 
another record year. 

With revenues up by only 10 
per cent to $1.3bn. the group’s 
net income moved up by 34 per 

cent to $52.9ra, or S1.99 per 
share, from S39.4m, or 31.47. For 
the first nine months, it chalked 
up a 23.5 per cent earnings gain 
to $151.3m, or S5.67 a share, after 
seeing revenues go up by nearly 
12 per cent to S3.78bn. 

American Brands is currently 
engaged in buying the rest of 
Franklin Life Insurance, having 
purchased around 27.5 per cent 

from Continental Corporation 
late lasr year. 

After a strong performance 
over the first three months, Mr. 
Robert K. Heimann, the chair- 
man and chief executive officer, 
said at May’s annual meeting 
that he saw “no reason why 
American Brands as a whole 
should not reach record profits 
again in 1978.” 

By Our Own Correspondent 
NEW YORK. Oct. 25. 
THIRD QUARTER earnings of 
the Lockheed Corporation fell 
sharply, the company reported 
today, although It detailed a 
continued Improvement in its 
overall financial position. 

The company announced 
third quarter net income of 
S9.ini or 53 cents per share, 
excluding the gain of Sl&8m 
from Uie sale of its Hollywood- 
Burbank airport. In the third 
quarter of last year earnings 
were $2 1.9m or SL50 per share. 

For the first nine months of 
tbe year, excluding the airport 
gain, net income was S32.2m 
or SI -99 per share compared 
with $47.4m or S3- 22 per share 
In the same period last year. 

The company said that nine- 
month earnings for 1978 In- 
clude income from the licence 
fee for the production of the 
P-3 Orion antisubmarine war- 
rare aircraft In Japan, and 
compared with the 1977 period 
reflect 14 fewer C-130 Hercules 
deliveries and substantially 
lower S-3A Viking sales as a 
result or the phase out of the 
programme in August. 

Total sales for the third 
quarter and nine months of 
1978 were $852m and S2.45bn 
respectively. This compared 
with $8 12m and S2.48bn in the 
same period of 1978. 

The company reported a 
total funded order backlog at 
September 24 of $L28bn com- 
pared with a restated $3.32bn 
a year ago. 

IN MARKED contrast to other 
leading oil groups, Phillips 
Petroleum's earnings slipped In 
the third quarter from a corres- 
ponding S 1232m or 80 cents a 
share to $107.8m or 70 cents a 
share on revenues up from 
S1.55bn at SI.75bo. 

Profits were ahead at the nine 
months mark, however, net earn- 
ings totalling $4ll.lm, equal to 
$2.67 a share compared with 
S369.Sm or $2.41 a share in 1977. 
Sales were 35.22bn against 
S4.17bn previously. 

The company blamed the set- 
back on tbe weak position of the 
U.S. dollar and warned that 
future earnings may remain 

Losses from foreign currency 
translation were $17.4m or 11 
cents a share in the latest 
quarter and $12.1ra or 8 cents 
a share in the nine months. Last 

year there were gains of S15.7m 
or 10 cents in the quarter and 
$26.9m or 18 cents a share in 
the nine months. 

Earnings at MobO Corporation 
moved up by just over 8 per cent 
to $259m. or $2.44 a share, in the 
third quarter, with revenues 
advancing from SS.5bn to $9.1bn. 

Hie group's nine monthly net' 
Income rose by 13 per cent to 
5795m, or $7.50 a share. World- 
wide gross crude oil and natural 
gas production, including amounts 
received under long-term and 
special arrangements, averaged 
L9Sm barrels a day in tbe first 
nine months, down 14 per cent 
from the same period of last year. 

Its capital and exploration 
spending was around SLOobn in 
the first three-quarters against 
5919m. Expenditures in the U.S. 
accounted for 54 per cent of the 

At Son Company, progress was 


more leisurely in the third 
quarter; earnings inched up by 
just over 2 per cent to 597.2m. 
-equivalent to 8L82 a share or $L69 
on a diluted basis. Revenues 
totalled ¥U9bn compared with 

Sun said higher prices for gas 
and oil bad depressed production 
of crude and lowered demand, 
with a strike at its Athabasca oil 
sands operation, foreign exchange 
losses, and reduced profits from 
its conventional Canadian 

petroleum operations also eroding 

Adding to Sun's difficulties was 
a write-off, after tax, of some 
59m of surplus inventory at the 
Sun Shipbuilding ami Dry Dock 
subsidiary. It benefited, however, 
from higher demand for refined 
products and improved contribu- 
tions from marine and terminal 



Safeco scores strong earnings increase 

INSURANCE holding company 
Safeco Corporation scored a 
strong advance in net earnings 
per share for the first nine 
months of the current financial 
>ear, with a rise front $5.74 to 
$6.94. Western Airlines also 
performed strongly, with a rise 
from a depressed S9 cents to 
$4.40 for the same period. 

Building materials and metals 

group Marlin Marietta also 
performed strongly in the 
period, rising from S3.39 to 
84.10. Melville Shoe Corporation 
moved from $1.68 to $1.99. Clark 
Equipment, trucks and construc- 
tion materials, advanced from 
S3.2S to $4.39. and Chromalloy 
Amerlcan Corporation, metal 
tectonics and transport, lifted 
net earnings from 82.10 to $2.54. 

Other companies reporting 
advances in nine months net 
earnings per share included 
Ryder System, car rental, up 
from $2.08 to S2.77, Schering- 
Plough, pharmaceuticals, up from 
S2.49 to $2.92. Vulcan Materials, 
construction, metals and 
chemicals, up from S2.58 to 
$3.48, and Warnaco. clothing, up 
from 96 cents to S1.54. 

NEW YORK. Oct. 25. 

Also for the nine months, 
textiles concern Fieldcrest Mills 
advanced from $3.28 to S4.1S, 
General Cable Corporation 
moved ahead from $1.21 to S1.70, 
City Investing rose from S1.93 
to $3.30, and electrical equip- 
ment manufacturer Thomas and 
Betts increased from 66 cents 
to 79 cents. 


Revere Copper 
in the red 

REVERE Copper and Brass 
staged a third quarter upturn in 
sales to SI 78.7 ra from SI 55.5m and 
expects a continuation of this in- 
to the final quarter. 

However, the company reported 
a loss of S5.72 per share in the 
latest period compared with 
SZ.07 per share profit due to 
action taken by the Jamaican 
government regarding Revere’s 
subsidiary, Jamaica Alumina. 
Revere said it received only 
Sl.Lm in Insurance on its $64m 

Net loss for the quarter stood 
at S32.6ra compared with a 
S6.1m profit. 

For the nine-month period, the 
primary loss represented S4.07 
per share compared with a profit 
of S1.S9 per share. Net loss was 
$23. lm compared with $10.7Sm 

Sherwin omits payout 

Sherwin-Williams bas again 
omitted a dividend payment on 
common stock, reports Reuter 
from Cleveland. It’s last pay- 
ment of 55 cents, was in 
December 1977. But the 
president, Mr. William C- Pine, 
said the company is encouraged 
by this year’s results. 

Goodyear expects record 

GOODYEAR TIRE and Rubber, 
reporting higher third quarter 
earnings, expects fitH year 
results to top last year's record 
S2.85 per share on sales of 

Net earnings stood at $45. 5m 
compared with $33 5m in the 
same quarter in 1977. Sales were 
$L89bn compared with $1.61 bn. 
The nine month sales were up 
to $5.45bn from $4-92 bn, where 
net earnings were down for the 
nine month period to $1 54.5m 
from $163 .4m. 

Mr. Charles J. Pilliod, Jr., 
chairman, said competitive pric- 
ing by tyre makers continues to 
depress profits, with the effects 

AKRON, Oct. 25. 

most severely felt in the sale oF 
new tyres to vehicle ' manufac- 

In 1977 Goodyear had net in- 
come of $205 .8m or S2R5 per 
share on sales of $&63bn. 

Foreign income in the third 
quarter was $15.4m bringing 
nine months earnings abroad to 
S43.4m, an increase of 28 per 
cent from a year earlier. Third 
quarter profits from operations in 
Asia and Africa and favourable 
tax positions in other- overseas 
areas helped counter losses from 
continuing low productivity in 
England, Mr. Pilliod said. 

General Foods advance 





Third Quarter 



Third Quarter 



Third Quarter 







. 311.9m 





Net profits 



Net profits .... 



Net profits 



Net per share... 



Net per share. 



Net per share... 



Nine mentiu 

Nine months 

40 weeks 





. 9S3.3m 





Net profits 



Net profits .... 

. 23.0Sni 


Net profits 



Net per share... 



Net per share. 



Net per share... 







Third Quarter 



Third Quarter 



Third Quarter 







. 615.Sm 





Net profits 



Net profits .... 


53 5m 

Net profits 



Net per share... 



Net per share.. 



Net per share... 



Nine months 

12 month* 

Nine months 


157.9 m 



2.29 bn 




21S 9m 

Net profits 



Net profits 

. 249m 


Net profits 



Net per shore... 



Net per share.. 



Net per share... 






Third Quarter 



Third Quarter 















. 649.5ra 





Net profits 



Net profits 



Net profits 



Net per share... 



Net per share.. 



Net per share... 



Nine months 

Nine months 

Nine months 










Net profits 



Net profits .... 

. 92.1m 


Net profits 


50 2m 

Net per share... 



Net per share. 



Net per share... 



First Quarur 



Third Quarter 













Net profits 

5. Sin 


Net profits 



Net per share... 



Net per share... 



^Nme months 




Net profits 



Third Quarter 





Net per share... 




Revenue l.Mho 

Net profits 52.6m 

Net per share... 1.91 

Nine months 

Revenue 3.48bn 

Net profits 148.3m 

Net per share... 5.36 





Third Quarter 


Third Quarter 


Net profits 

Net per share... 

Nine months 


Net profits 

Net per share... 


8.7 m 




. 1978 

.Revenue 44.2m 

3.27bn , Net profits 2.72m 

Net per share... 0.66 

Nine months 

Revenue 127.8m 

Net profits 7.77m 

Net per share... 1.94 

155.9m | 




Associated Japanese Bank 
(International) Limited 

Extract from Audited Accounts 

28th Feb. 1978 

28th Feb. 1977 

Share Capita! 



Retained Profit 



Subordinated Loans 
(£ equivalent) 









Total Assets 



Profit before Taxation 



Profit after Taxation 



Associated Japanese Bank (International) Limited 

29-30 Comhiil, London EC3V 3QA 
Telephone: 01 -623' 5661. Telex: 883661 

Jointly owned by 

The Sanwa Bank Ltd The Mitsui Bank Ltd 
The Dai-Ichi Kangyo Bank Ltd The Nomura Securities Co Ltd 

(Shareholders' aggregate assets well exceeding U.S. SI 30,000 million) 

Third Quarter 1978 


Revenue 3S2.4m 

Net profits 12.59m 

Net per share... 1.49 

Nine months 

Revenue l.lObn 

Net profits 47.6m 

Net per share... 5.64 











Third Quarter 1918 1977 

S S 

Revenue 81.1m 76.5m 

Net profits 3.37m 3.84m 

Net per share... 0.46 0.45 


First Quarter 1978 1971 

S S 

Revenue 159.4ra 141 8m 

Net profits 8.49m 7.77m 

Net per share... 0.98 0.90 


Third Quarter 








Net profits 



Net per share... 



Nine months 



620 6ra 

Net profits 



Net per share... 




Third Quarter 







203. Sm 

Net profits 



Net per share... 



Nine months 




Net profits 



Net per share... 




Third Quarter 






Net profits 

Net per share... 
Nine mnnths 


Net profits 

Net per share... 














Third Quarter 






Net profits 



Net per share... 

Nine months 






Net profits 


*5.71 m 

Net per share... 




“ First Quarter 






1 Revenue 


35 2m 

Net profits 



a Net per share... 




- Fourth Quarter 








Net Droflts 



Net per share... 







Net profits 



Net per share... 




Third Quarter 






Net profits 





■Net per share... 



Nine months | ' 

Revenue - 



Net profits 



Net per share... 



| REVLON |“ 

Third Quarter 




S ^ 



284.0m c 

Net profits 


22.6m c 

Net per share... 


0.71 S 

•I nn months 1 ^ 



789.5m c 

Net profits 


692m E 

Net per share... 


2.19 p 


Third Quarter 


1977 L 


5 B 



5.6bn « 

Net profits 


236m 2 

Net per share... 


1.39 N 

Nine months 1 K 



16.5bn £ 

Net profits 

748 rn 

734m p 

Net per share... 


4JS1 O 





Third Quarter 



19T7 T 


3 OS. 2 m 

283.5m v 

Net profits 


21.SOm v 

Net per shore... 



Nine months 1 _ 



852.6m r 

Net profits 


87.12m , 

Net per share... 


5.75 ^ 


Third Quarter 





362.5m n 

Net profits 


32.1m D 

Net per share... 


0.71 S 

1 Nine months 1 “ 



973-Sai p 

Net profits 


77m c 

Net per share... 


1.71 H 


Third Quarter 








Net profits 



Net per share... 

Nino months 






Net profits 

8,71 m 


Net per share... 



nounced a 74 per cent increase 
in second quarter earnings from 
S2S.43m to $49.49m, equalling a 
rise from 57 cents to 99 cents 
a share. 

Net earnings -for the six 
months to September 30 totalled 
S105.29m or S2J3 a share com* 
pared with S79.18m or S1.59. Six 
months sales were up from 
$2.46bn to S2.64ba. 

Mr. James L. Ferguson, chair- 
man and chief executive of this 
grocery and packaged food 

WHITE PLAINS, Oct. 25. . 

group said earnings progress 
had been due to the continuing, 
worldwide recovery of the 
grocery coffee business and .the 
continued health of tbe con- 
venience food business. 

Mr. Ferguson added that he 
expects fiscal year 1979 to be a 
very good one. 

Foreign currency translations 
had an adverse impact of 2 cents 
a share for the latest quarter and 
of 4 cents a share for the six- 
month period. 



stage a 

By Fxands GhiKs 

FORTUNES were mixed in the 
international bond markets yes- 
terday. Prices were off again 
in the D-Mark sector. Among 
dollar issues prices were marked 
down by i to i per cent of a 
point in the morning but re- 
covered in the afternoon, with 
some triple A rated names 
finishing the day about three 
eighths Of a point higher. 

In the DM sector, tbe widen- 
ing yield gap between domestic 
and foreign bonds finally caught 
up with the market where pro- 
fessionals marked prices down 
by about { of a point Domestic 
bonds are now yielding, on 
equivalent maturities, about 1 
per cent more than foreign 
ones. And this gap is widening. 

This led Deutsche Bank to in- 
crease the coupon on its Euro- 
pean Steel and Community 
DMISOm ten-year bond from 
5} per cent to 6 per cent before 
pricing it at par. This bond 
will now yield 6 per cent Had 
the. indicated coupon and expec- 
ted pricing of 99 been main- 
tained, this bond would only 
have yielded 538 per cent 
Tbe DMlSOm bond for Bank 
America Corporation was due to 
be priced last night but indica- 
tions In pre-market trading 
suggested it was holding up 
much better ' than- other bonds 
which have come to the market 
in the past week. Thus the new 
bonds for ECSC, Austria and 
Argentina were all marked down 
by a further half point, yester- 
day and are now trading at 
between two and two and a half 
points below their issue price. 

In the. dollar sector It was a 
mixed day. Prices fell in the 
morning but mostly recovered in 
the afternoon while trading was 
described by dealers as hectic. 
Triple A names finished the day 
higher than at the start of 
trading. Buying interest appeared 
to come from U3. institutional 
investors — not European — which 
is not surprising considering that 
the U3. currency finished the 
day weaker , against aR major 
currencies. The $25m floater for 
Gotdbanken was priced at par 
with conditions otherwise tin- 
changed by the lead manager 
S. G. Warburg. 

Prices in. the French franc 
sector were stable in quiet 
trading. The second . franc- 
denominated bond since this 
sector of - the market was 
reopened last month for Unilever 
was veil received by the market. 


The list shows the 200 latest international bond issues for which an adequate secondary market 
exists. For further details of these or other bonds see the complete list of Eurobond prices published 
on the second Monday of each month. Closing prices on October 25 


Asa AM. Hi SS 

Australia S 32 — 

Australia 8.45 S3 

Australia 91 93 

Beatrice Foods 7i S3 .. 

CECA Si 97 

CECA 9 63 .. 

CECA. 91 98 

CNT 9 93 

Canada S S3 

Canada 8 JO ‘S3 

Canada 93 SS — 

Canadalr 8* 83 

Dominion Brdg. Co. 9 

E1B 83 85 

EIB 8* 86 

ETB 9i B3 

EIB Bi 98 

EIB Bi 98 

Elaam Jutland B 85 — 
Eksportfinans B 86 — 

Export Develpraut 8.6 

Finland 81 83 

Finland 9 88 

Issued Bid 









.... 350 



— M0 



..... 25 




.... 258 


86 25 

.... M0 



.... 125 
.... ISO 

.... 50 
83 125 
_.. U0 
... M0 
.... 25 


.... 25 

... 28 
... 28 
.... 50 

.... 20 
... 28 
.... 75 

.... 50 

















Change on 

Offer day week view 

968 -U -HU 9.15 
953 0 -04 9.57 

973 > -OB 937 

993 -04 -01 9-98 

948 +04 -HI 938 
9SS -M —I- 932 

971 -M -18 935 
988 —84 —U 9.05 
9« -01 -U M* 
97 +01 +04 930 

96 0 ~M. 9-29 

951 +08 +01 938 
908 “Of —21 MJ2 

ra • -«4 m-05 

97 0 -U 935 

973 - 01 -U 939 

98 +0) -08 9j90 

58 —84 -SI* 939 

994 . 0 —64 936 

96 -01 -1 9.91 

971 0 -U 937 

981, +0* -08 939 
98* -« -81 939 

98 +01 -81 937 

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961 8 — U 938 

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9M -03 -2 935 

ra . -2 936 

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964 0 -83 934 

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ra hu -a mm 
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971 O — « 937 

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951 ra 

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978 971 
98 483 

HOI 1021 
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a 4 93 

nwswlck ETC aj 

Kmt’Og 4 83 ..... 

Montes Romm 4* 90 

OKA 4 93 

ORB 4 93 

Oy Nokia 5 90 ..... 

Safe 41 93 

Seas 41 SS 

Voetf-Alploc 4i 83 
VoraltK-re Kralt 4 93 ...... 

Vienna 4 9-3 _ .... 

World Bank 4* 03 

Issued Bid 
. 40 1051 

. 48 UU 

. M0 ra 
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. 50 W 

. 65 1054 

. SO MU 
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108 1044 

80 104 

108 103 
80 1021 
25 18U 
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MO 1033 
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MB M8| 
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100 103) 

109 99 

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180 104 
a mi 
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20 182 
30 103 
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100 103) 
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1831 +04 
1021 8 
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1051 -01 

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991 +0) 
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+W 345 
+U 408 
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+81 339 

+83 4.72 

■HD 400 
+D 405 
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+1 44B 

+H 434 
+U 419 
+81 404 
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+1X 303 
.+81 ‘ 425 
+1 305 

HU 303 
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8.\ 4J6 
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+« 419 ' 
+U 301 
+H 3.78 
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Aslan Dev. 8k. 51 88 

Australia 46. 08 

BFCE 44 90 

Etxrofima 6.3 90 

Finland 47 88 

Norway 5.7 B3 - 

Oslo. City Of 46 90 — 

SNCF 48 80 ... 

Swedes 43 80 ... i._ 

Issued Kd 
. 15 972 

. » M8J 

. 30 ra 

. IS 96) 

. 75 .'971 
, 25 M3) 

. 15 98) 

. a 9U 
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day week 
+«■ +« 
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8 -81 
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+8* +81 
+0* +« 
a +84 
+8) -HU 











Rank O/S Hold. U) AS 

Amo Cote BaSd- 7 S3 EH A. 

Copenhaoxa 7 93 EDA 
Finland Ind. Bk. 7 93 EUA 
Romm. Inst. 76 93 EUA~ 

Panama 9* 93 EUA — 
SDR France 7 98 EUA ... 
Aloemene Bk.' 8* S3 FI ._ 
Brazil 74 83 FI . — — ; 
CPE Mexico 74 83 FI 
EIB 74-85 PI — 

Kedar. Ifiddsib. » 83 FI 

New Zealand n 84 FI 

Norway Si 83 PI 

OKB 0) 85 FI 

EIB 91 88 FFr 

BAT 8 88 LUX FT 

EIB 71.88 LnxFr ' ..... 

Finland L Fd. 8 88-LuxFr 250 964 77) 

Norway 71 S3 LuxFT 250 971 984 

Renault 73 88 LuXFr , — 500 962 972 

Swedish L Bk. S 8S LtKFr 508 188 101 

Citicorp O/S Fin. 18 93 £ » >7 *74 

EIB M SB 1 25 .991 9K 

Finance far Ind. -10 80 £... 12 852 862 

aestemer HkL BV n 88 £ U 27 87) 

Orsnjeboora IV 90 £ 15 8SS 064 

Whitbread 1U 99 25 SS4 86* 

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8 M 

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-m +84 43* 

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0 +91 1225 
—02 8 1290 


NOTES . . , Snraad RM 

American Express 31 0) M 

Arab IzrtL Bank Mfl-S S3... 8] 9U 

Banco Nac. Argent. MB 83 81 9 « 
Bank ' HsusDowy MR 89 _1) 961 
Bank of Tokyo M5| 93 _ I) 968 

Banqne Worms M3! 83 _ II 97) 

Bq. Ext tTAlg. ULS75 84 .89 TO 
Bane. Inda or Suez M3) ... « 97) 

Bq. Int. Air. Occ. M45 83 8) 963 

CCCE M525 96 81 96* 

CCP 115! 85 04 981 

Chan Man. O/S MS) 83... « 9U 
Costa Rica M81 SS li 991 

Credit National MB) 88 _ 8) 961 

Enpetrtl K7 SC :» 98 

SFTB MS 83 A 98) 

B&Ocawaltnui MS! SS 81 981 

LiubUamka M7.73 85 1 964 

Midland Inti. MS) VS ___ ■ 81 97) 

Nat West MS m U 971 

Nippon. Credit MH S3 n 984 

OKB M3! 88 U 98 

Offshore Mlntas 68 : 01 til 

Standard Chart M» SO... U 96) 
Sumitomo Heavy UR 8S E .« 
Snu<l3T»lM)»nk«v M6 8S 84 ' 96t 
UttL Overseas Bk. MR 83 Bi 98) 

Offer CdUe Ccpn CyM 
99) 28 /M 8 408 

963 31/1 91 9.73 

97 21/1 9) 9-W 

974 25/11 956 9 St 
974 M/4 Mk 1484 
91 15/32 9 9.21 

973. 9/2 91 957 

974 25/1 91 9.M 

90 12/1 91 956 

961 3/2 929 451 
992 3/11 8* 445 

97) 27/1 121 951 

100 M/4 1129 1122 

971 21/1 929 958 
IQ 21/3 ID M2T 
W 5 » 1859 1055 
991 27/M 81 128 

97 M/1 18) H51 

971 20/1 954 954 
977 21/32 921 456 
« 15/3 K 954 

98) U/4 1456 10.75 

98) 19/1 444 40 

97 M/2 494 924 

99) M/3 959 9.76 ’ 

ra 4/4 1406 3029 
982 4/11 821 443 



ASICS 5) 93 




Baker lat. Fta. 5) 83 ___ 1/79 

Boots STBS — 2/79 

Coca-Cola BottUog.S! 4/79 

Ito-Yokado 3) 93 6/78 

Non Industries 7 89 4/79 

Texas- Sat Air. 7) 93 4/19 

Thorn lnt Pin. 7 88 _... 22/73 

Tyco Int Fra. S) 88 9/71 

Tyco Int Fta. E M 5/78 

AsaU Optical 3) DM 12/78 

Casio Camp. 3) 85 DM ..21/78 

xmntra 3} sa DM iarn 

Joses 3) 88 DM — 1/79 

KontahiroM 34 83 DM ... 1/79 
Murefa Man. 8) 86 DM _ 21/78 
Nippon Afar. 35 88 DM ' -22/78 . 
Nippon Shin pan-31 DM _ 8/78 
Nissan Diesel 3) 88 — 2m 

Ricoh. 3) 88 DU _M/7S 

Sankyo Electric 81 DM— 8/71 
Sanyo Electric 3* DM ..-21/78 
Setam Stores 3! 88 DM ... 9/78 

Stanley Electric 3) DM 11/78 

Trto-Konwood 3) 98 DU- 33/78 






















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99 ) 








a a 

145 ! 

















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day Pram 
+04 -1.98 
— li 723 
— 8J 495 
+i -wn 

0 — IL77 
— XI 2627 
-Bt -2.94 
-B 1728 
+8) 16494 
—84 1436 
-« 652 

-84 476 

— 8k 1426 
HI). 1419 
..0 491 

+8) 472 
-fli 458 
-01 12.74 
-84 1478- 
— Ot 401 
HS 1153 
HD -121 
-•I 1451 

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mid-price; tin imwnnt tamed te ta mnsons o! .currency 
unfa except for. Yen bonds, wben It Is In bmiona. 

on week=.Ctuuuie over Price a week earlier. . 
noetins Rate Rotes: DenomUialed In doBara tmles* otber- 

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COtuenL Data suppUod by Infw^ond Services, 


Financial Times Thursday October 26 1978 




^share exchanges 

> boost revenue 

Interim Announcement 

Over £2 >n million has been invested in new business (including, 
eleven new unlisted customers) during the six months, nearfy 
the same amount as lest year's record for a full year. 2,256,037 
now shares of 25p each in EDITH were issued to the vendors of. 
shares in three unlisted companies enabling them to claim 
rollover relief for Capital Gai ns Tax under Section 40 of the ■ 
Finance Act 1 977. These share exchanges are expected to yield 
a gross dividend income to the Trust of over £15 0,000 In a full 

For the year to 31st March 1979, the Directors expect gross - 
dividend income so exceed £2,200,000 (£1 ,849.000). Nat 
Revenue before Taxation is expected to show a smaller 



The Board has declared an interim dividend of O.Sp per25p 
share on the issued share capital of £1 7,808.787.25. This 
compares with an interim dividend last year of 3p per £1 share, 
equivalent to 0.75p per 25p share, on a share capital of 
£1 5.61 7.056. The dividend will be paid on Friday,1 st December 
1 978 to shareholders on the Register at the close of business 
on Friday. 1 0ih November 1 978. 

Unaudited Interim Results 

Six months 

Six months 


to 30.9.78 

jo 30.9.77 

to 31.3.78 

Gross Revenue: 








interest, fees and 







Less Expenses 




Net Revenue before Taxation 1 A 87 



=~ : « 

... . y 

Copies of the interim statement from 


91-WaterIoo Road, London SE1 SXP. Telephone 01 ‘928 7822.- 

' / > 

V W 

A listed investment trust 
specialising in long-term 
investments in unlisted compmiaa 

We offer alternatives 
for international finance 

also in 


*■» ft j r> : 
wwil U 

•desbank, one of South- 
west Germany’s leading 
banks, operates both a 
representative office and a 
subsidiary in Zurich spe- 
cializing in non-recourse 
export financing - unique 
fora German bank. 
Ourfulfy staffed represent- 
ative office acts as an infor- 
mation and contact point 
for banks and dients in 
banking and trade finance 

pur wholly-owned .sub- 
sidiaiy, Forfaitierurig und 
Finanz AG (FFZ), provides 
diversified facilities for in- 
ternational financing oper- 
ations, concentrating on 
non-recourse export fi- 
nancing ^forfait) and other 
specialized trade financing 

To find out more about our 
services in Zurich, just 

• Frederick Seiferf, 



Bahnhofplaiz 5 • P.O. Box 2098 ■ 8023 Zurich 
Tel. 01211 4606 

Job junuamwi MWjn at m ouiur of neaM oolf 

autopistas urbanas, s. a. 


Medium Term Credit 

Guaranteed by 

Banco dela Ciudad de Buenos Aires 


Municipalidad de la Ciudad de Buenos Aires 

Managed and Provided by 

American Express International Banking Corporation 
Bank of Tokyo and Detroit (International) Limited 
First Pennsylvania Bank N.A. 

Girard Bank 
Libra Bank Limited 
The Koyal Bank of Canada 
Atrangod by 


As Agent 

Weekly net asset value . 
on October 23rd, 1 978 

Tokyo Pacific Holdings N.V. 

U.S. $73.59 

Tokyo Pacific Holdings (Seaboard) N.V. 

U.S. $53.62 

•Listed on the Amsterdam Stock Exchange 

Information; Pienon. H«Wrins A Fwi-ipn N.V. Merengruht 2H. Aomenliim 


>M Bonds 

IFL Bondi & Nates 
l.S. S Bert. Bonds 
.an. -Dollar Bonds 







DM Bonds ■ • .4.474 

HFl Bonds ft Notes 8.382 
U-S. S Strt. Bonds 9.277. 
Can. -Dollar Bonds 10.239 

. 6.439 


Turnround in sales 
during first half 

cuts Poclain losses 


PARIS, Oet. 25. 

POCLAIN, the troubled French 
manufacturer of ' construction 
equipment, reversed the declin- 
ing trend in its sales in the first 
half ot this year and reported 
a sharp reduction in. its losses. 

The company, which leads the 
International field in hydraulic 
excavators and which is 40 per 
cent owned by Case Tenneco of 
thp US., showed a 17 per cent 
Increase In consolidated sales in 
the half year, compared with the 
same 1977 period. 

On sales of FFrs 1.05bn 
(S250m) the group showed a con- 
solidated loss of FFr 29 .4 in after 
setting aside FFr in depre- 
ciation and FFr 25.1m in pro- 
visions. For the whole of last 
year the group loss was 
FFr 172.3m, up from FFr 1 38.5m 
in 1976. 

M. Pierre Bataille, chairman, 
wltose family holds the second 
largest interest after Case, said 
the first half results showed that 
the recovery programme was 

At the parent company level, 
sales ruse to FFr S25.5tn from 

FFr 713.3m in tiie first half of 
last year, reversing the 1977 
trend which showed an S per 
cent fail in turnover. 

The parent company® operat- 
ing loss was down to FFr 15.1m 
from FFr 55.5m, and its net 
result showed a sharply reduced 
deficit of FFr 38.5m compared 
with FFr 146.1 th in the first six 
months of 1977, the company 

Besides Case and the Bataille 
family, the main shareholders in 
Poclain. which, last showed a 
profit in 1973, are the Renault, 
Peugeot and Volvo car groups, 
each bolding 2 per cent. 

• Soriete Sanofl. the pharma- 
ceutical holding company of the 
EIT-Aquitaine oil group, is now 
planning to expand abroad, par- 
ticularly in The U-S-, Japan and 
Latin America, said the company 
President M. J. Sautier, in Paris 
lo-day. The group was turning 
to overseas markets ** because the 
cost of pharmaceutical research 
can only be justified on u world 
market basis." 

Volker and HVA talks 
not aimed at merger 


AMSTERDAM, Oct. 25. 

THE TALKS between Adriaan 
Volker and HVA aimed ‘ at 
achieving “permanent links" 
will not result in a full scale 
takeover offer for HVA, 

It came to light today that 
Volker, a major construction 
and dredging group, is mostly 
Interested in the agro-industrial 
activities of HVA. a company 
whose operations also include a 
consultancy side. 

Any decision on a link 
between the two companies will 
be delayed for several months 
while Volker finalises its merger 
negotiations with the construc- 
tion group, Stevin. Volker and 
Slevin published the offer docu- 
ment for their deal earlier this 
week. The two are setting up a 
holding company, to be known 
as Volker Stevin. It expects to 
be operational by the end of the 

Volker and HVA announced in 
June that they bad begun talks 

on the possible integration of 
some of their activities. HVA 
is a company with interests in 
plantations, consultancy, trading, 
chemicals and a go-industrial pro- 
jects. It announced a link with 
three Dutch food groups and a 
bank earlier this month to seek 
large-scale food Industry con- 
tracts in developing countries 
This operation, called Agribusi 
ness Group Holland, would be 
included in the link with Volker 
Volker and HVA have not yet 
definitely committed themselves 
to a more permanent link of 
their agro-industrial activities 
but will continue talks on the 
conditions if the venture does go 
ahead, if Volker and HVA do 
merge some of tbeir operations 
this would further strengthen 
the position of the Agribusiness 
Group. This already consists of 
two food processors. Wessancn 
and AVEBE. a grain and oilseed 
handling company HES Beheer, 
Centrale Rabobank and HVA. 


Swedes set out to break logjam 



J^uclear agency raising 
$7 5m on fine terms 


agency, Nuclebras, has negotiated 
the finest terms yet for a 
Brazilian borrower in the cur- 
rent cycle. It has mandated 
Dresdner Bank, which has close 
links with Brazil in the plan- 
ning and development of its $2bn 
civil nuclear programme, to 
raise $75m for ten years on a 
spread of 1 per cent throughout. 
The loan which carries a 
sovereign guarantee includes a 
front end fee of 1A per cent and 
participation fees of 4 per cent 
for amounts from Sim to S2m, 
{ per cent for amounts from 
$3m to Sim, and J per cent for 
amounts of $5ni plus. 

The management group for 
this loan includes Barclays Bank 
International, Banque Inter- 
nationale a Luxembourg, Landes- 
bank Rhemland-Pfalz und Saar 
International {Luxembourg) and 
Sumitomo Bank. 

The Spanish utility Autopistas 
Vasco-Aragonesa has also suc- 
ceeded in getting the tightest 
terms so far for this type of 
Spanish borrower. It has man- 
dated Banco de Vizcaya to raise 
a $45m eight year loan on & 
split spread of i per cent and 
15 per cent Seventy-five per 
cent of this loan will be state 
guaranteed and on the lower 

spread while the remaining 25 
per. cent without sovereign 
guarantee will carry the higher 

The Moroccan state-owned 
phosphate company OCP has 
mandated the Banque Marocaine 
du Commerce Exterieur to raise 
S150m for nine years with four 
years grace on a spread of 1 per 
cent throughout. This loan car- 
ries a state guarantee. Ten non- 
Moroccan banks are expected in 
the management group. This is 
the first time a Moroccan bank is 
leading a major syndicated credit 
for a borrower from the country. 

The terms are similar to those 
on the $3007n credit for Morocco 
arranged last summer except 
that the maturity this time is 
nine years instead of eight. 

Last spring OCP raised _ 
SI 00m eight year loan on a spread 
of 5 per cent through a group 
of banks led by Abu Dhabi 
Investment Company. 

Two small loans for the 
Algerian company Society 
National de Material de Construc- 
tion have Just been signed in 
Paris. One is for S25m arranged 
bv UBAF with a seven year 
maturity. The other for SlOm 
arranged by Bank of Tokyo has 
an eight year maturity. Both 
have a spread of If per cent 

The Taiyo Kobe Bank Ltd. 

Negotiable Floating Rate U.S. Dollar 
Certificates of Deposit 
Series B — Maturity date 
28 October 1980 

In accordance with the provisions of the Certificates 
of Deposit notice is hereby given that for the six 
month interest period from 26 October 1978 to - 
■26 April 1979 the Certificates will carry an Interest 
Rate of per annum. 

Agent Bank 

The Chase Manhattan Bank, N.A., 

et Commercial 

etc group 

The leading 
.in France 


74 London Wall £C2M 5NE 
Telegraphic address : 
Canonicus Ldn EC2 
. Phone 638.57 00 [20 lines! 
Telex 886 725 Canonicus Ldn 
Foreign exchange 
telex 888 959 Canonex Ldn 

SWEDEN'S new Prime Minister, 
Mr. Ola Ullsten. dies to Oslo to- 
morrow to sort out the problems 
blocking the deal under which 
Nurway is to buy a 40 per cent 
share in Volvo for SKr 750m 
(S17Gm}< He will lead a top- 
level team which includes his 
Budget and Economy Minister. 
Industry Minister and Energy 

The final - details of the agree- 
ment in’ principle announced in 
May should have been completed 
by October 15. The official reason 
for the delay is the collapse of 
the Swedish coalition govern- 
ment on October 5 but it was 
already evident by then that too 
many loose ends remained untied 
for the deadline to be met. Volvo 
now hopes that Hr. Ullsten and 
the Norwegian Premier, Mr. 
Odvar Nordli, can make the 
breakthrough which will enable 
the new Volvo (Svenskt-Norskt) 
company to come into being in 
January- . 

The most immediate obstacle 
concerns taxation but this state- 
to-state issue is interlocked with 
several others involving the issue 
of shares on the Oslo market, the 
Norwegian Government’s under- 
taking to grant Volvo part of an 
offshore oil concession and even 
the long discussed agreement 
between the two countries on the 
exchange of oil for industrial co- 
operation. The simple “ cars for 
oil" deal has proved to have 
many awkward ramifications. 

The agreement in principle 
between the Norwegian govern- 
ment and Volvo stipulated that 
-30 per cent of the automobile 
manufacturer’s profits should be 
taxed in Norway. 

Any solution will most prob- 
ably cal] for changes in at least 
Swedish tax law and perhaps 
legislation to make Volvo a 
special caw- This in turn could 
provoke reaction from the multi- 
national companies operating in 

and out of Sweden. In addition, unions made their acceptance ofthe preliminary agreement. It is 
under Sweden's liberal deprecia- the 15-month wage and price sceptical about Volvo's commit- 
tion rules Volvo has been paying freeze annouced in September ment to create 3,000-5,000 new 
next to no state tax in Sweden conditional on abandonment by jobs and invest NKr 500-700m in 
but considerably more in munici- the Government of its plans to Norway over the next five years, 
pal taxes. Can Swedish local make life easier for shareholders. Present plans, the federation, 
authorities be deprired of The Government has since tried points out, would give only some 
income in order to meet Nor- to put together a consortium of 800 new jobs while more than 
way's tax demands? banks and insurance companies NTvr 500-700 m would be required 

Then there is the question, of to guarantee a share issue but to create the remaining 2,000- 
which “profit” Is Norway to re- the banks want first to see the 4,000 jobs. 

celve 40 per cent? Swedish and filial shape of the agreement The federation comments that 
Norwegian law is not in harmony with Volvo. the clause in the preliminary 

and any answer would involve The idea that the Norwegian agreement under which tbe new 
agreement on stock evaluation Government will not be able to Swedish and Narwegiao bolding 

companies “must ensure that the 


The Federation of Norwegian Industries is sceptical 
about Volvo’s commitment to create 3,000-5,000 new 
jobs and invest NKr 500-700m in Norway over the 
next five years 

joint Volvo always has the equity 
it needs to maintain and develop 
the company ” would commit 
Norwav to sharing responsibility 
for “maintaining extensive in- 
dustrial activity and some 44,000 
jobs in Sweden." 

Finally there is whai in retro- 
spect seems to be the clumsy 

and depreciation principles. The interest private Norwegian link in the preliminary agree- 
Norwegians seem to be leaning capital in the Volvo shares in ment between the purchase by 
towards an agreement such as turn upsets some of Volvo’s Norway of a bolding in Volvo 
that applied to Scandinavian Air- Swedish shareholders. They are and the negotiations between the 
line Systems (SAS), which is unhappy about the possibility two governments about long-term 
jointly owned by Denmark, that the Norwegian State could oil deliveries from Norway to 
Norway and Sweden. The officials end up by controlling more than Sweden. The agreement also 
and lawyers negotiating the tax 20 per eent of the voting rights stipulates that the newly estab- 
issue are understood to be far in the new company. The Swedish lished Volvo Petroleum Company 
from agreement. A political Shareholders’ Association, which should receive a share in one 
sword is needed, to cut this par- held proxies for some 28 per (or more) of the North Sea eon- 
ticular knot cent of the voting rights at the cessions which will be allocated 

Next is the trouble the last Volvo annual meeting, has later this year. 

Norwegian Government is having already expressed its doubts. Tbe import of these “ oil " 
in arranging a market for the The suggestion that the clauses is difficult to quantify. Is 
shares of the Volvo (Norwegian) Norwegian Government would at tbe Volvo deal dependent on a 
Holding Company. The original first subscribe to more that its parallel agreement being reached 
intention was for half the share half of the Volvo (Norwegian) between the governments on oil 
capital to be held by the State shares and gradually sell the supplies? Officially no, but it may 
and half by private investors, surplus to private investors also be significant that the Nor- 
From the beginning Norwegian worries Swedish shareholders, wegians have delayed tbe alloca- 
stock brokers doubted whether On the Norwegian side little tion of new concessions and that 
the small Oslo Stock Exchange enthusiasm for the Volvo deal is the oil negotiations have not pro- 
could absorb so large an issue apparent among private in- duced an agreement. Moreover, 
but they were encouraged by vestors. The Federation of Nor- the potential value of any con- 
hints from the Laboar Govern- wegian Industries, while rallying cession tn Volvo Petroleum is 
ment that it was planning to re- to the principle that Norway important Tor the Swedish share- 
vive the stock market through needs to invest its oil revenues holders’ assessment of the deal, 
tax reliefs for share capital. in industrial development, has on which they will have to vote 

Alas, the Norwegian trade underlined some ambiguities in later ibis year. 

New Issue 
October 26. 1978 

This advertisement appears 
as a matter of record only. 


672 % Deutsche Mark Bearer Bonds of 1978/1988 

Offering Price; 


6 7a % p. 2 -, payable annua fly on November 1 

on November 1 of the years 1984 through 1988 in 5 equal annual instalments by drawings of series by lot at par 
Frankfurt am Mein 

Deutsche Bank 


Banque de Paris et des Pays-Bas 

Societe G6n£ra!a 

Manufacturers Hanover 


Merrill Lynch International & Co. 

Westdeutsche Landesbank 

Abu Dhabi In ve stment Company 

Alahli Bank of Kuwait (K.S.C.) 

A. E. Ames & Co. 


Atlantic Capital 

Bank of America International 

The Arab and Morgan Grenfell 
Finance Company Limited 
Banca Commercials Itafiana 

American Express Bank 
International Group 

Amhold and S. Bkuchroeder, Inc. 

Banca dal Gottardo 

Bank Julius Baer International 

Bank fur Gemeinwirtschaft 


Bank Leu International Ltd. 

Banque Arabe et Internationale 
d’lnvestissement (BA. 1.1.) 

Banque Generate du Luxembourg SA 
Banque Nationals de Paris 

The Bank of Tokyo (Holland) N.V. 
Banque Bruxelles Lambert S A. 

Bankers T rust International 


Banque Franchise du Commerce Extfirieur 

Banque de (Indochina et de Suez 

Banque de Neuflize. Schlumberger. 

Banque Rothschild 

Baring Brothers & Co, 

Banque Internationale 6 Luxembourg SA. 
Banque Populaire Suisse SA 

H. Albert da Bary & Co. N.V. 

Bayerische Hypotheken- und 

Bayerische Landesbank 

Bayerische Vereinsbank 

Job. Berenberg, Gosslsr A Co. 

Berliner Handels- und Frankfurter Bank 

Bergen Bank 

Bankhaus Gabrudoc Bethmann 

Berliner Bank 


Btyth Eastman Dillon & Co. 
In n a national Unwed 

Citicorp International Group 

Cr&dit Commercial de France 

Credit Suisse First Boston 



Credit Industrial d'AIssce et de Lorraine 

Compagnie Mon£gasque de Banque 

Credit Lyonnais 
Daiwa Europe N.V. 

Den Dansfca Bank 
af 1871 Aknasatetab 

Richard Da us & Co., Banfciers 

DelbrCcfc & Co. 

Deutsche Girozentrale 
— Deutsche Kommunalbanfc— 
Conrad H inrich. Donner 

DG Bank 

Deutscha Genossonschaftsbank 

Dominion Securities 




Dresdner Bank 


Euromobiliare S.pA. 

Drsxei Burnham Lambert 

European Banking Company 

First Chicago 

Robert Fleming & Co. 


Fuji International Finance 


Gefina International 


Genossenschaftfiche Zentralbank AG 

Groupement das Banquiers Prives 

Geneva ts 

Hill Samuel & Co. 


Internationale Genossenschaftsbank AG 

Klein wort. Benson 


Georg Hauck & Sohn— 

E. F. Hutton & Co. N.V. 

tstftuto BancarioSan Paolo di Torino 

Kradiettbanfc N.V. 

' Girozentrale und Bank 
der osterreichischen Sparkassen 


H assise he Landesbank 

Industriebankvon Japan (Deutschland) 

Kidder, Peabody International 

Kuhn Loeb Lehman Brothers 

Landesbank Rheinland-Pfalz 
- Girozentrale - 

Kuwait Foreign Trading Contracting & 
Investment Co. (S.A.K.) 

Lazard Frdras st Qhs 

Kradietbanfc S A. Luxembourgeoiss 
Kuwait International Investment Co. s^.fc. 

Lloyds Bank International 


McLeod, Young, Weir International 


Merck, Finck A Co. 

B. Metzlereeel. Sohn A Co. 

Morgan Grenfell & Co. 

Morgan Stanley International 

National Bank of Abu Dhabi 
Nomura Europe N.V. 

Multi Banking Corporation (Overseas) 



The Nifcko Securities Co., (Europe) Ltd. 

SaLOppenbeimjr, ft Cie. 

Norddeutsdha Landesbank 



Nordic Bank 

Rothschild Bank AG 

N.M. Rothschild & Sons 


Salomon Brothers International 

Schroder, Mtinchmsyer. Hangst ft Co. 
Seci6t£ G6nArale de Banque S.A. 

J. Hen ry Schroder Wagg A Co. 

Skandinavtaka Enskllda Banker* 

Strauss. Turnbull & Co. 

Verband Schweizerischer 
Kamo rial ban ken 

M. M. Wartrarg-Brindkmann, Wirtz ft Co. 

Socistd Privfie de Gestfon Financttre 
et Foncidre S.P.G.F. 

Svanska Handalsbanken 

Smith Barney, Harris Upham A Co. 


J-H. Stein 

Venains- und Westbank 

Trinkaus A Burkhardt 
J. Vontobel A Co. 

Dean Witter Reynolds International 

S. G, Warburg A Co, Ltd, 
Wood Gundy Limited 

Westfalen bank 

Yamaichi International (Europe) 




tTtl HVJttjK ifi] *, 

Australia scraps foreign 
income tax proposals 


SYDNEY, Oct. 25. 

has scrapped its proposals to tax 
foreign income earned by com- 
panies and individuals. In June 
the Treasurer, Mr. John Howard, 
announced that measures would 
be introduced to tax companies' 
overseas earnings at the 
Australian corporate tax rate. 
This would be done by removing 
the rebate on dividends received 
by Australian companies from 
overseas activities. A foreign 
tax credit was to be allowed for 
any withholding tax, or other 
tax, paid. 

For Australian individuals, 
wages and salaries earned and 
taxed abroad would be exempt 
up to a limit of AS10.000 
(U.S.SH.62S) per annum with a 
foreign tax credit available for 
earnings above this level. 

The Government was 
bombarded with protests from 
major companies which have 
expanded their operations over- 
seas in recent years, many with 
government encouragement. 

Mr. Howard acknowledged this 
when announcing the proposals 
would be dropped. He said the 
action was taken in the light of 
a large number of submissions 
from a significant cross-section 
of the Australian business com- 
munity. Mr. Howard said today 
that one of the purposes in fore- 

shadowing introduction of the 
scheme in June had been to 
“ elicit comment and submissions 
from those Australian companies 
and individuals who might be 
affected.” At the time, however, 
it proposed that the new taxes 
would take effect from July 1. 

Among the companies which 
made submissions to Canberra 
opposing the proposals were 
W. R- Carpenter, Worm aid Inter- 
national Bums Philp, James 
Hardie, P and 0, Boral, Thomas 
Nationwide Transport Humes. 

Concrete Industries (Monier) and 
Pioneer Concrete. 

The companies pointed out that 
in many countries rates of com- 
pany tax were lower, while 
several countries offered addi- 
tional concessions such as tax 
free holidays. 

Australian companies obviously 
took these factors into account 
when investing in such countries. 
But they had to compete against 
local companies and other foreign 
competitors in those markets. If 
they could not compete on an 
equal footing there was little 
incentive to continue these 

In many cases Australian pro- 
ducts were exported to the 
foreign operations of local com- 
panies. Closure of the overseas 
operations could thus have an 

adverse impact on employment 
in Australia. Companies could 
avoid the foreign tax by not 
remitting dividends back to 
Australia, which would adversely 
work against the balance of 
payments. If the tax was intro- 
duced. it could prompt countries 
with lower effective tax rates to 
simply increase the level of with- 
holding tax. 

Australian companies also 
argued - that it would be much 
more difficult to attract Austra- 
lians to overseas postings. It 
was estimated that an Australian 
with a wife and two children 
earning the equivalent of 
AS15.000 in Hong Kong would 
need to pay A31.423 more tax a 
year under the proposed changes 
— at A $25 ,000 the increase was 

Mr. Howard said today (here 
had been significant arguments 
in favour of -the proposals but 
they were outweighted by “ cer- 
tain adverse consequent es ” 
which might flow from their in- 
troduction. He also revealed that 
there was particular concern the 
systems could lead to redaction 
in Australian investment m 
ASEAN countries. The Govern- 
ment feared possible trade 
backlasbes by tbe ASEAN trad- 
ing bloc, which could harm the 
already shaky balance of pay- 

Yen boosts 
at Oji 

medium-term loans 




Shareholders reject IE L bid 


SYDNEY. Oct. 25. 

SHAREHOLDERS of Mcllwraith 
McEacharn voted solidly with 
their board at the company's 
annual meeting today, rather 
iban with representatives of 
Industrial Equity Ltd_ which is 
bidding for control of Melt- 
wraith. The chairman of IEL, 
Mr. Ronald Brierley failed in an 
attempt to gain election to the 
Mcllwraith board, despite a 
holding of close to 20 per cent 
of the capital. 

Shareholders also rejected a 
number of resolutions expressing 
concern about the conduct of Me- 
I! wraith's activities. Only the 
three IEL representatives at the 

meeting voted for tbe IEL 
resolution. The other 60 share- 
holders present sided with their 
directors. IEL was doomed from 
outset however, as the Mcll- 
wraith directors held proxies for 
6.79m shares, compared with 
only l.S9m in favour of IEL. The 
total proxies represented more 
than 90 per cent of McLl wraith's 

Mr. Brierley queried the Mcll- 
wraith chairman, Sir Ian Potter 
about purchases of the company’s 
shares by Thomas Nationwide 
Transport (Sir Ian is also a 
director of TNT} but he declined 
to comment. 

TNT yesterday announced that 
It bad purchased another small 
holding of Mcllwraith shares, 
taking Its equity to 17 per cent. 
IEL voted for a proposed one- 
f or- two scrip issue by Mcllwraith, 
even though the issue will almost 
certainly mean that IEL will be 
forced to drop its partial cash 
offer for Mcllwraith. 

The Companies Act provides 
that a casb offer can only be 
revised upwards and makes no 
provision to adjust for scrip 
issues. IEL could withdraw and 
submit a revised offer if it wishes 
to puT&ue the contest 

By Yoko Shibata 


OJI PAPER, Japan’s leading 
manufacturer of newsprint and 
kraJft paper, held setbacks in 
earnings for the first half of 
the current financial year to 
levels below estimates made 
earlier — helped by exchange 
gains on its raw material 
imports, with the sharp rise in 
the yen in the foreign 

Net .profits for the six 
months to September were 
down 3.1 per cent to Yl.Tlbn 
($9 .4m), from the level for the 
first half of the previous year, 
while current profits were 
reduced by 8-5 per cent to 
Y3.77tm and sales by 4-2 per 
cent to FI 00.94 bn ($555m). 

The profit figures compare 
with the earlier estimates that 
net profits would be as low as 
YSOOm (down 55 per cent), 
and enzrenl; profits Y2m (down 
5JL5 per cent). 

Hie company’s main line, 
newsprint, . operated at foil 
capacity— which meant that 
despite its low added value, it 
contributed to tbe earnings 
recovery, along with the lower 
raw materials costs and. 
rationalisation steps. 

The yen’s appreciation 
resulted in the raw material 
level in the cost for chips 
being cut by 5 per cent from 
the levels six months earlier, 
despite the raising of pro- 
ducers’ prices, while the price 
of heavy oil fell by 20 per cent 

Net profits for the full year 
arie estimated at Y3-5bn for a 
gain or 26 per cent, and a rise 
of 26 per cent is also foreseen 
in enrrent profits, to Y7Abn. 
Sales, however, are expected 
to fall slightly, by 1 per cent 
to Y203bn. 

Nippon Pulp Industry is the 
16th ranked Japanese manu- 
facturer. It Is capitalised 
nominally at Y4JJ2hn, com- 
pared with Offs Yl4L3bn, and 
employs 2J1I0 workers, against 
Oil’s 4,483. It registered net 
profits of Y265m, on sales of 
Y67.55bn In the year to March. 

Japanese banks than was ex- 
pected— even more lan the re- 
fusal of West German banks— 
apparently caused Credit Lyon- 
nais to drop its intention of try- 
ing to .arrange a S300m standby 
facility for Electricity de France 
on the unprecedentedly slim 
margin of j per cent for the first 
three years, rising to j per cent 
for the remaining five. 

This woull have been below 
the } point margin they took on 
a large all-Japanese loan to 
Britain this summer (which 
added to a flurry of foreign 
criticism) and bankers here are 
saying enough is enough, with 
pressure also coming from the 
Finance Ministry. 

This does not mean that Japan- 
ese banks, who coined phrases 
Hike "Banzai” and “Hara-kin 
■loans to describe their aggres- 
sive advance into international 
•lending this year, are pulling 
hank. There is a sense, however, 
that a slowdown in the pace of 
their international lending could 
help margins recover for lenders 
next -year. Bankers here are also 
watching carefull y fo r a "change 
in Finance Ministry rules on 
overseas lending, as the present 
guidelines expire on December 
31. The hope is for a loosening 
oF certain limits which have 
made funding new long-term 
loans which exceed present limits 
costly for the Japanese. 

If anything, Japanese overseas 
loan syndications now in the pipe 
appear to be reaching a peak. 
Banks arranged S7O0m for 12 
years tftiy week for a Brazilian- 
Japanese-ltalian steel project. It 
is also learnt that the Canadian 
province of Quebec will sign this 
week a pact on a SI 00m 15-vear 
loan - at n. fixed rate of. ?S per 
cent per a nnum : and with six 
years’ grace, with Mitsubishi 
Bank beading the syndicate. 
Three Japanese banks are par- 
ticipating in the management 
group of a S250m ten-year loan 


fl , ifi., ^ ■ n„nriT,n rintTfiinin-ii* mn -n-nTnmc of- lending. This busicesj 


over Sr^theJmlike early Japanese is set Up 

fimfivfye^ and Tw? cent steel and erectrem^ : m^^:^r^e;.t^: tiscof. shorts 

-for the remainder. The Bank of in tern a — a •• ta 

Tokyo Is also arranging tor the 'strategies— is seen as_uuhealthy. tending boom.-- v . . • : ..s 

Argentine hydroelectric com- : The Bank of Japan - ana; When ^be system was esfc 
pany, Agua, a 8120 m 13-year the Finance Minjstry. recently Iished ;in JuJy, 1977, each ha' 
syndicate with a sinular interest called in tbejforeig n depa rtment was: fixed amoentl 
rate structure. By the start bf managers of .the -mjqOT^apa.- media m-term-- loans It -Oft 1 

next month a series ~c£ dollar ^ese banks to cautioo-theih not winy - shaft-torn, . beyond 'wid 
and yen loans to Mexico totalling to continue the .rapid expansion new .lending has to be flnsm 

more than S550m will be eigned; of overseas leading— partly./.on with ' matchihg'' nrediutn 
In addition Australia is- raising country risk conaderationff-rand ; deposits, '.most- often certffife 
about SSOOm in Japan by the end to move more toward compere- of depOstr raised Dronr one." 
-of the year. . . ..tion in syndicatravrtthba^^tfcreejfe^ 

D«. an^ <vT thic* nnlflnrfir . • . .tha, nnlmHn MtharthM : -- " f - 

By the end of this* calendar from other countries rather.than European. or- - Asian A*! 

•■•mka&vc that Tononaea Ton>inaea 'imnnnlnM •' : 1 1 — - . I-W™ UtH 

year, it appears that Japarrese exclusive Japanese groupings. WfcetiVVTbe- : .lendS* it™ 
banks win have more than The “warning”-; was prompted were bafied'sc data VT 
doubled " their outsSanding - jn pa rt by-A . desire to maintain 31, -1377* Baafcem 

balance of medium-term offshore their own -reputation among estUtt5 

rtrtiisrr loans- from the estimated «th«r oantral banks and Govern- .c iuv.- v C ?“L on avera 

relaxation of lending rules- in Finance Ministry deposits -with rati® 'fperea: 

July Iasi year. Projections for Japanese banka were aHOvrtng loans.- 1 

next year are still hazy because Japanese banks to cut loan mar- la ins a rema . 

of tbe possible shifts in Finance though considered' C 

Ministry -rules, and. the potential acc urate, apparently . were con- zr?*? of this ye 

for lending to China to finance s idered serious enough to prompt . : 

the much-tnnnpeted - boom in action! . . •'-" ~ ‘ 

ecoponuc co-operation. It is factf it ls difficult to draw " deposits (wh 

believed, ^ouoiu tiiat mere wm a ^^1^60 between the de-' . appear- m fbrfL 

be a levelling off of ^Paee^ ^ from- the Finance, Mujfe= ^«erves) ..-.are - hot:, coda 
expansion though. ™ re JL? Uy and a Japanese bank’s ^ef^ately irt figuring a bai 
certain amount of raution ^e^- to , lend _ ^ which ‘ me 

mg m also as the mote fOMero The deposits, for 90-day short-term financing, 

nve Japan^ banl^ ntrte tiiat lerms Bt New^ York bankers’ Jaedium-teEra Joans .with 
Tpruiins levels are aireaoy . i.„- ■_ . mnnw it 

lending J eve J®. ban t acceptance rates, have remained ^ theoret icailly pdsst 

£f.y° nd P ^t?^!naDse b ti at about the- same Ievel -over.p^. ^poly ppssible, how 
failure level, the collapse or ; ,„,w for banks which are ctnr-v*i« 

ramire ieyei, tbe past few years.' ^Private ^ ^.Eo r >Mki which are stllt wit 

wtoch rentals' threabmed &e b k J say tira t . figured at ctiiv ^ a'ilmUs set more- than a. y 

Japanese banking mdustty and ' : - - 


Japanese oaiuuug ujuusuj ««« . PTC hanpe rates. Oipv agO-i - C - : - - 

° ff ° f oSsbore totalled ahout of'Se^ now ^S^ 

dollar lending. tember 30. Monetary, AuthM^ M,nistr £ to revfea- 

officials using a higher exchange £** 1 *”“? perhaps aflpjv 

UntlC IS ill rate in converting- dollar to ‘-cover -medium- 41 

There is also growing criticism sits vaJue ^ lend jpg-, by a set ratio of maE 

in banking circles and the s 7 - 8 bn. .. .tertn f adding. 1 - / . 

Government of the harsh com- 9 . hankers ' ar*r» This wouid enable them ift 

petition that Japanese, banks flexibility. At present, a JapaS 

have been following in a policy 6anl? ’ offeririfi £ point^ib 

ol rapid expansion of overall is below PreyaBing . .Eujttdqnfer Libor on a dollar CD. is Is 
offshore lending, without much rates, aHow margm^cnmng^ for presse ^ to "find 'much’ profit^ 
regard to the margin of profit loans like tqe _.gaTOn. . lou t to loan which pays leat tharr- 1? 
on individual loons. The aim is the Electricity Bm« in Tlte UK. ^ent over. Libor, .let atotuMb 
to publicise themselves, inter- The lower , deposit-rate ' : aoes point margins which JapaiJ 
nationally mad somehow make allow Japanae.. rJa^Srr. an bankers' want to: avoid-ito" ; 

a profit eventually on the sheer advantage in. attracung-^snqrt- future,, - . ji, 

Progress at Pretoria 
Portland Cement 



Hong Kong newspaper up 


HONG KONG. Oct 25. 

Ampol Exploration profit up 


SOUTH CHINA Morning Post, a 
commercial printer, and 
publisher of Hong Kong's major 
English language daily news- 
paper. is raising its dividend 
after a further rise In profit in 
the year to June 30. 

Consolidated net profit of the 
company, in which the Hong- 
kong and Shanghai Banking 
Corporation holds a 43.S per 
cent stake, rose by 16 per cent 

to HKS 30.8Sm fU.S.S 6.5m), 
maintaining the unbroken record 
of growth since the company was 
floated publicly in 1971. 

The total payout, which has 
also risen every year, has gone 
up to 85 cents a share from 
last year’s 70 cents with a 15 
cent higher final dividend of 
60 cents. The share register 
will close on November 30 to 
determine entitlement to the 


doubled earnings in the year to 
September 30 following a change 
in the Government's pricing 
policy for indigenous crude oil. 
Profit jumped from AS3.38m to 
AS6.9m (U.S£8.08m) enabling 
the dividend to be doubled from 
3.75 cents a share to 7.5 cents. 
The dividend requires AS3.89m 

Ampol Exploration, which is 
67.6 per cent owned by Ampol 
r Petroleum, has a one seventh 
interest in West Australian 
Petroleum, which operates the 
Barrow Islands oilfields off the 
north west coast of Australia. 

Sales of crude oil totalled 
10-Sm barrels' with the average 
daily output falling 7 per cent, 
resulting from the natural 
decline in the field's" output 

The company’s share of these 
sales was L55ra barrels. The 
net average price for Barrow 
oil rose from AS2B4 a barrel to 
A$B26 a barrel following a 
change in the crude oil pricing 
policy in August 1977r Net oil 
revenue rose from ASL7m to 
AS 6. 69m (U.SJ7Alm). 

The directors have allocated 
AS2.9m (U.S.S3J39m) from 
unappropriated profits to the 
reserve for oil depletion. 


Record profits” 

reports W. R. Bruce, Chairman 

It Is pleasing to be able to confirm the Directors’ predictions 
of record results for the year and a further improvement in the 
financial position. 

Exports have continued to strengthen, as has the contri- 
bution from the sale of imported equipment. These results 
have been achieved against a background of increased 
competition and at the time when new production techniques 
were being introduced. 

Group sales increased by 42% to £5,285,000 and profit before 
taxation rose by 54% to £635,718, Exports increased by 36%. 
The Board is recommending a final dividend of 2.492p 
(2.286p), to make a total for the year of 3J392p (3.486p), the 
maximum permitted. 

Scrip Issue: 

In the preliminary announcement of the results for the year, 
reference was made to proposals to be put to shareholders 
concerning a capitalisation of Ordinary and Preference 

With the introduction of the Counter Inflation (Dividends) 
Amendment Order 1978, the Directors no longer consider the 
proposals appropriate and the Extnaortiinaiy General Meeting 
to consider them will not now be held. The effect of the Order 
would be to reduce the maximum dividend payable on the 
Ordinary shares. 

1 It remains the Directors' intention to recommend the maxi- 
« mum dividend payable under any regulations then in force In • 
l- respect of the year ending 30th June 1979. 

!j '^he Group's Activities: 

j> Siarinte Engineering Group is a holding company with three 
operating subsidiaries. 

Stailriie Engineering Company Limited is engaged In the 
design, development and production of metal-cutting and 
wood-working machines forthe home-andexport markets. . 
Startrite Machine Tool Company Limited combines the 
Selling of both home produced and Imported wood and metal- 
working machines. 

Start, -its Designs Limited designs and. produces speciaf- 
purpose machines and equipment 
Future Developments and Prospects: 

The Group is acquiring a marketing company In Hoiland, 
which should assist in making bigger inroads into the 
Benelux countries. We intend to strengthen our export 
marketing organisation and this should give rise to further 

The first half of 1978tt9 will certainly show an improvement 
over the corresponding period of the year under review. The 
. Directors are confident that, always provided there is no 
serious recession, STARTRITE will continue to Improve its 
share of the market. 

THE PRELIMINARY figures of deferred tax and minority share- 
Pretoiia Portland Cement the holders, the Peoria ^Portland 

tergest South 5 eme “J RJ6lm fi (S18fim)! ^uph'as 

producer, and a subsidiary of prov ided R3^m : (R3m). ,,as 
Barlow Rand, for the year ended transfer to plant replacement 
September 30 compare favour- reserve, and distributable profits 
ably with- those for the previous are- up from R12.6m to R12JKn 
15-month financial period. (S14.7m). 

On turnover ahead from. Earnings per. share on consoli- 
R119m to R131m (8149.7m), pre- dated net profit, before the 
tax profit is up from R25.1m transfer to replacement reserve, 
to R26m~ (529.7m) adjusting :the are, however, downrrfrom K2trttr 
15-month period figure, this is an 108c, reflecting the use of-, a 
advance of roughly B5m,.-_0r weighted, average, of shares -to 
30 per cent. In profits. calculate the 1977 figure. 

However, the comparison is Against 32.5c in dividends for 
not so simple, because apart the 15-month/' period, Pretoria 
from, the change in year-end, the. Portland., ha^ np yt .declared, a 
latest figures also include a full total of 30c. With the shares 
year from the subsidiary at 520c, the- yield is 9.4 per cent. 
Northern Lime, 'while the “15- a point higher than the market, 
month period included only nine The latest dividend is 15 per 
months of the Northern Lime cent up on the annualised divi- 
results. The contribution is not dend for the 15-month period to 
disclosed at this stage, but is September last year and the 
likely to have -been significant, rating appears mainly to reflect 
as lime is a key agent in the caution . over tbe gronp’s R60m 
production of uranium, a rapidly- capital expenditure programme 
growing sector of the mining over the next five years in the 
industiTL wake of continuing sluggish 

After allowing for tax, activity in the building sector. 



1 ; 

l 1 * 1 


- In herafinualstatementtashareholdecs, - -. ; 

M. Tyrrell, Chairman of Sird^Litniled, reports 
group net profitsof £2.11 million- thejjestso far - - 
reegrdedby the Group and an incresssof 86%ov©r' 
thepreviousyearsfjgares.- — 

V. Ahhougbexports were dis^jofnfihg and 
tradingin EuropevvasstHtdepresa^thetoSne" v - - 
market including Eire, continued toshowgood \ 
growth. Hayfield Textilesmade a good Cpfitribtition.: 
tothisyear^&excelJeniresijIts; I . j 

. h/lrs. Tyrrell says : "Regrettably, the cpnt&toatkiB 

ItiiL* •IM1 i l-J i».< <1 1 1 til M 1 f 

Yacimientos Petrol if eras Fiscales SA food gTOUp improves 


i# m vl wri 1 

J lif-Ki J 1 i r*i 

Medium Term Credit 

Guan&mid by 

The Republic of Argentina 

Provided by 
Bank of Scotland 
International Energy Bank Limited 
Intsmatianal Westminster Bank Limited 
Libra Bank Limited 
The Mitsubishi Bank, Limited 

Arranged and Managed by 

IMPERIAL COLD Storage, one of 
the principal South African pro- 
cessors of frozen food, shows a 
continuation of the . group’s 
growth for the six months to end- 
AugusL Taxed profit rose from 
R25m to R3m ($3.42m) and the 
interim dividend, fas been raised 
from 25 cents 1 1 1; 'cents. 

Last year, . the -group paid 13 
cents, covered 35 times, and it is 
expected that at least 14 cents 
wjli be bald for the current 
financi-J..fcj| tr. With the shares 
at ^30 "wF the prospective yield 
is u minimum 6.1 per cent. 

However, capita) spending was 
. -■.it at R17m ($19.4111) for the 
> current year in ihe last annual 
I report, and this requirement will 
'.ultimately dictate the level of 

dividends. The latter results 
reflect higher prices for dairy 
products and inclusion of the 
results of the 50 per cent owned 
Land Harvest, acquired Iasi 
year from the Australian group 
H. Jones. 

The low yield on the shares is 
in line with the generally good 
rating given to the local food 
sector. The main shareholders in 
Imperial Cold Storage are the 
Old Mutual, the ccq^ry's biggest 
Investment fhstitui^j, and its 
associate common fund, while the 
Tiger Oats group also holds a 

pEliM-I* FT*! r;Ti ■ 1 HI i nj hTC” l W H 

ine.temi loan of £1 rmand the Earp.-currency loan; 
the mast costly portions of borrpvving,.havejbeen 1 
repaid and the debt ratio reduced from 6S%-tb38# 

ppstoon. The investment programme will continue 

pn plant and buildings in year: 

Salesyolumpis continuingto increase bnd 1 
see no reason at presentto doubt that we shall 
achieve a further record in thd current year."' 

Southern Pacific 

Gold Fields American Corporation 

Results for the year 
ended 30th June 

Turnover ; 

Profit before taxation 
Profit after taxation 
Cost of dividends 
Profit retained 

Earnings per share 

•Adjusted tor change in Accounting policy . 













Copies of the Report and Accounts are available from The Secretary, 
Startrite Engineering Group Ltd* Waterside Works, Waterside Lane, 
Gillingham, Kent . 

<l wkoUyriyamcd substdiQyy of 

has announced that the scheme 
of arrangement for its acquisi- 
tion by Barrick Investments has 
received Supreme Court sanc- 
tion, and thus become effective 
yesterday. Reuter reports from 
Hong Rong. 

Southern Pacific, in which 
Triad Holding Corporation of 
Luxembourg acquired an in- 
terest of about SO per cent for 
some HKS 57 m in 1976, has an 
issued capital of HKS 75.6 m « 

Simmiaryof Restjfts 1974^- 

Turnover 19 , 284,655 

Profit before tax - . ‘ 2 , 110,355 

Profit after tax - 1,667357 

Ordinary Dividend • 234,750 

Year ended 30 June 
178 . • > '1977 

w ‘ £ 
1,655 1 6,435,012 

1,355 . 1,136,191 
357 1 ; 039.326. 

,750 208,755 

Dividend Cover 
Return on Shareholders' 
■ Funds 

Earnings per share 
(before tax) 


26,32p . 14 1 1p \ j 

. Copiesrof the Annual Report, conlaininff l^ Chafirr^ ^- v 
Statement in full, available from The Secretary, Sirdar Lrmfted^ 
B ective M ilia Alverthorpe, Wakefie W W F29N D.- • / 

Consolidated Gold Fields Limited 

London, England 

The First Boston Corporation has been appointed exclusive dealer for the 
issuance of commercial paper in the United States .capital markets for. Gold 
Fields American. Corporation. In addition. The First Boston Corporation 
served as financial advisor to ConsoUdated Gold Fields Limited and Gold 
fields American Corporation in struct urin g the above transaction. 

The First Boston Corporation 
Credit Suisse First Boston Limited 

October 26, 1978 

Notice of Redem 

Sumitomo Chemical Company, Limi ted 

&%% Guaranteed Sinldnj Fund DdbenturesDiie j[979 

that Sumitomo Chemical Company/Limltcd has elected fo " 

Sf v r ^ ^ teafc br a .United States ddhr oheck d^wn oh s hank: in New 
to a Uhited Statea doBar awkmtn^taifie^ payee. with- a bank 

S ^ on tte redemptiisn-date, at tlwredemptipn. prke together wkfraconcd- interest 

to tne date fixed for redemption^ Onand after the redemption date, inttftst <m thp ^.1 Debentures 
10 ^ crt3e » an d, upon presentation and surrender- of: the : sa3d Debeotutea witi aR wrapons 
mattaing aftar ^bi redonpa>a .date, payment-wfil be made it the Tedemp«ion : 
jwice out of funds deposited with the waste?- - - ' .- ,<■ : .VI r _ - - . 

Coupons due December l, 1978 afanOdT^ifetadiedand presepted for'tev^^tin ^ 

- ' ■ r . V V :'.y V v. • - • r ‘" : ^ CI 1 ? ^AWCV;N-Ai - 


Financial Times Thursday October 26 1978 

Currency, Money and Gold Markets 


r touches 


£ '~Z 


* > 


»’ -'A 

i \ 

; rt 


- • 

'»( - • 

. . 

:- r i-appnm«ment at President September, the highest since 
er's a nu-in/la( ionary message October. 1917. A large surplus 

• tod the dollar 10 furl her had been expected, but this was 

• rd tow* in very active trading described as ** massive. ** and the 
he forvicn exchange market dollar fell to DM L.7800 on the 
onlay. Heavy mtorveniion by announcement. 

’ ral banks prevented an even BHL'SSELN— There was no sup- 

per fall, wiih support for 'he port For the dollar by the Bel- 
- »r seen from the Swigs ptan National Bunk at the fixing, 
" onal Bank, ilu* West Herman and the U.S. currency fel] to a 
desbnnk. and the U.S. Federal record low of BKr 2W.1175 against 
-rve. The statement by Mr. the Belgian franc, compered with 
tael Blumentbaf. ' U.S. BFr SS.fiii preciously, 
sury Secretary, lhat the U.S. PARIS — An unfavourable re- 

rcsisl disorderly exchange spouse to the U.S. anti-ihfl.ition 
kets forcefully, save only package led to strong demand for 
lorary respite during the the D-mark as operators moved 
-noon. while the la rue out of the dollar. The Bank of 
nan trade surplus, announced France sold about DA! 50m when 
-■the morning. was another the German currency was Axed 
ir behind llie dollar's decline, sharply hip her at FFr 2-3303 

• ip U.S. currency fell to a -auainst tho franc, compared with 
rd low of DM 1.7730 against FFr 2.3059 on Tuesday. 

D murk. before closing cl an AMSTERDAM— The dollar was 

. imf closing low of DM 1.7SI5. fixed at a record low of FI 1-M3S 
pared with DM 1.S090 previ- against the guilder, compared 
y. with FI 1.9800 previously., 

ic dollar fell to SviFr 1.301U MILAN— The dollar fell lo Us 

;rms of the Swiss franc, md lowest Gxina level against the lira 
— *d at KwFr 1.3125, compared since January 1076. The U.S. cur- 
" StvFr 1.5300 on Tuesday. rency felt to 1.803.05. compared 
her Kiiru peari currencies also with LSIU.U3 previously. Trading 
sharply attains! the U S. was active, with Ihe Bank of Italy 
with ihe French franc selling most of the SI 5.8tD traded 
na ;ii FFr 4.1337-, compared at the fixing. Several other major 
FFr 4.1 son, and the Tialian currencies were much, linner 
at 1-503.25, compared with asarnst the lira however, with the 
25. D-mark touching a record nigh 

ic dollar's irade-weichled of U.50.90. compared with W45-60 
eeialion. on Moraan Guaranty on Tuesday, while the Dutch 
es. widened to a record (fodder and Belgian franc were 
cent from ll.C per cent. also at their highest ever levels. 

• -rl ins's trade-weiehted index. TOKAO — Strong central bank 

■Men la ted by the Bank of intervention prevented the dollar 
and. rose to 622 from E.l. falling below Y1B0 against the 
stood at 62.2 at noon and in yon. The U>. cur rency came 

• trading. under heavy selling pressure from : 

terms of the dollar. Merlins both Japanese and foreign 
ed at $2.0360, but eased to banks following the announce- 
ftQ, but soon recovered to ment of President Carters anti- 
no once again. The pound inflation measures. Japanese 
hed $2.0315 in the afternoon, manufacturers and traders, 
closed at S2 .0290-2.0300, a rise sceptical about the measures, 
20 cents on the day. increased export covering, while 

nrnrd sterling remained firm, foreign banks sold dollars to buy 
the three-month discount the yen. __ The Bank of Japan 
ist the dollar unchanged at began buying dollars in the morn- 
tent. inc, lowering its intervention 

lANKFURT — The West point by “tagvs to YISUJW; It was 
nan Bundesbank bought estimated that the central bank 
i to support The dollar when bought about S700ra, with trading 
U.S currency was fixed at a described ns hectic. Spot volume 
-d low of DM 1.7820 against was $I.14bn, the second highest 
D-mark, compared with the on record after SI.25bn in August, 
our fixing level of DM 1.8172. 1®71. The dollar closed at YI8030. 
t from the Initial disappoint- a postwar low. 

at President Carter's BRASILIA— Brazil has devalued 

!. ;ures, the dollar also suffered the cruzeiro for the 13lh time 
n pressure following the news tbis year, to 19.543-19.640 to the 
West Germany showed a dollar, from a previous level of 
surplus of DM 4.75bn in 19.130-19.160. . ■ 


•Haul. ' i ”~ I nuH IMvV 1 CliM 
! % Sjrtvjxl ! 

I 81 t :2.int0i«15 JLIKfflWLUSOO 
<. nniiUan S ' IBM 2.M4M.WS ,2.4820-2.4030 
Uuiiilcr i 6ip S.8Z-&36 /S.1»SJi-A.S43, 

r j a ! M.75 57.S& | 67.00 67. 10 
IMiiIiJi K - B 1D.04lO.08l 10.OMO.03 
ii-.Ua it. j S \ 5.5*9-3.83 * 5-6U-S.B2J 

IVrt.K*.-. | 18 i 88.B0 88.60 I flS.6S-8tt.46 
>|i«ii. ! 8 ;I58.G0 159.20 ,159.05- 159. 16 

r.ira : to i a I.B24- I.BM I.B2S l.bSO 

Nmjjn. IC. 1 j 9.74-9.B1 rS.77-a.7d 

i'n-ia-ht'i. . SI, 1 e.M«.4t [ 8.38f-a.&9A 

hr Vr- B.4SA55 I^8J2i 

“ I Sir 380-5M i ' 564-566 

>'■ li 4l =1 2e.3B.ZbJW i 2b.4b.2b.bS 
6«l»Fr. . 1 ! 5,05 a -5.09 | 5.08^-5.073 

Bilfsiaii rate is for >.vmvcniblc francs. 
MliatK-lai franc ta.2v-a>M. 


line iii-anlli "S [i.*. j flint- nun nb r; ^ p.n. 

0.40-0.10 ■-.|>n>' 1.48 ' 1.05- 0.85 •-. | *ni 0.95 
0.2V 1D.0o.|uii' 0.75 .'1.55- 1.20c.|un' 2.12 

1 ■-.|im-;iulii.-D.n -Wb-'s l>'n ! 1.40 
10 ■•.jiiii-Si- jIin — 0.21 ISB-1& i-. pin I 1.58 -B.M {M.I6 ure «li» '-5.86 
21 b- I bfi l>( iitn' 7.0b iSJIfl./Je 1 4 •■■■>* b.ll 
4(1- 140 V. illr- -12.10 ISO-SbO .hr — 1 |.5b 
<6- 12b i-. rtib - b.47 180-260 .11- -6J04 

2 b lln- ill? ; -2.58 MO-tt iln- ill- -3.07 

2,'-4-.' ur*i ills ' — 4.bD <7j-S(> .-5.5B 
1..Z1 i-. |.u -4.85 -it-llo. |<u -, 2.8b 

|«r-2 oruiili. ■ — 0.70 -( nr | 1 n 0.70 
8.15-2 fbvi-in' B.fO &.10 

I6-& ito inn ; 4.bS JrtD-fiO am ».«•, 6-2C 

5-2 r. | >n i . 9.77 flio-77* 10.9 L 

1 I 

six-momh rorward dollar s.iU-i.yjc l>di. 
IJ-ntomh 4.30-4. 1 Sc pm. 


October 25 




igirud'n *" 

Rt-laian fr 
Punish Kr 
Pori. Ksi- 
Span. Pia 

NrwRn. Kr 
Hn-niJi it 
SwcduMh Kr 

AusirU Sch 

hiruis f-'r 

* U.S. rents per CanadiDn 9. 

1. 7760-1.7420 










4 81694 mm 

13.0775-13.0850 17.0375-13.0475 
1-5MS-L5150 JL5n5.1A45 


One monUi 

h.u. Three momin p^. 

0-Ob-O.Ortc dls -OJ«9 OJn-OJHc pm 041 
0^5-0 J5c dl> -1.49 OJMJOcdis -0.67 
7-lDcdlS -LOT 6-10c dts -0.75 

4J56.76oredls -9.93 10>lUon>dls -7.97 
0JP4J2pfpm ibl 3-07-3JCpr pm 6.51 
J5-180cd(S -28.03 130-500C dls -2946 

W-UOcdis —16.95 258.290c di i -1548 
U0- 3.751 tredfs -447 9J&-U lire <fl s --L87 
1.15-2. 55redis -547 6J54.65ercdls -4.76 
B.7M4DC pm 2J4 149-UOc pm 0.78 
0.95-14Seredla -1.45 U254.4Seredts -0.77 
UfrOJSrpm 2X6 3J0-345srpm 6.21 

U5-7.259ra pta 343 ISeo-TJOgra pm 2.5 1 
146-Ulcpm 8.72 L94-3JB9C pm 9.92 



October 25 




Euro peas 

October 25 

Bank of Moraan 
England Guaranty 
Index changes », 


.. BA50ZS 


StiTfina 6244 


U.S. dollar 

. U2S69 


U.S. oollar .. . 

.. 10.41 

— 11.4 

LOmaill&n dollar .. 


Canadian dollar . 

... 78J7 




Ansi nan scbillliu; 

.. J 47.75 


.Tinian Iranc . . 



UdBian franc ... . 

.. 11546 

+ 16.3 

rcuiM-tw MarS 

. 2.36238 


Deutsche Marti ... 

.. 151.36 



... 2J7M8 


swiw Iranc .. . 

.. 20848 

+94.7 ’ 

Frrru-li franc 

... 550095 



.. mis 



. 106453 


6‘rpnch Trane .. 


- 65 


. 238584 


I. Ira 

.. 5454 


. 6-91114 



.. 158.61 





Baxk'd on Iradr weicblcd changes from 

Swrtixh Vrona .... 

.. 557121 


VTashlnslon asuvemont Dcrcniber. 1971 

Swiss (ran.- ... 



(Bank of England 

index =tnm. 


lh-1. fb 

\rii-miiui ■ i.oio-i.Dia i Dn.ovon.isjtiiMii* .. 

Amrtirtlia LKumt....; 1.7186- 1.725b I 0JJ466- 0.849 0 -v -pi inn 

Finland M n>k k«.„. 7.0 1- 7.83 8. 8750-5. B7 50; . leuniarh 

lime I I'ni/MMi I 39.66-59.86 I 19.54 19.64 

llw-b Drarhma t 70.637 72.369 1 34. 805- 35.6591 

H-me kon- U.iIhi ' 9.6H* 9.631L- 4.74904.761 

ImuRUt 139-146 70.45-70.75 

Kiivmii 111 mm Kill. 1 0.536-0.546 ' 0.2680-0.26811 
|juu*DiLnHir» Fmm ■ 57.0057.10 28.086 28.135- 

Urt.NV-lii Delia i | 4.34 la-4. 35ia 1 2- 1480-2.16 It 

Xpn-ZwlBiiri Pn'lpi j 1.B7 12- 1.8782! 0.9220 0.9254^ mm 

nu<ii A'lhm Hiv' I 6.55-6.65 j 3.2650-3.2685; -wilrvrlaipi 

-ini-«|.,rr UiIIhi... ' 4.281s-4.29^i | 2.1230- 2. 1240 I'n'ita- "l*ur- 

.»-• 1<rii->nK>nx; 1.7434-1.7697 0.8590-0.87201 -n 

1.816-1.818 ! 894.80- 895.7W \urlrw .. 


.Note lliir- 



| 4.7490-4.75 10) i 


| \nhniani1i>.. . . 

j inuuj .... 

■ '•Hilza 

3.60 3.70 
3.9a 4. 00 
9.75 9.85 
141 145 
2.000 2.0150 

Kate invnn Inr AntMHina is free rate/ 


- -..ihn. 2b 

! I^•lln MHT**lai 

1 . ' thi mi 

J«|MIKSW 1’trt- | 

rruni i. rmi. | 

j. *<»l» Km ii 

Util*.’" Uni ><«-■ 

■ It Itu Ui*t | 

hi* It llnlt 

»’ 1 - . K 

r l- 


! 5.618 



• 3.1.70 


1- 30 1 



m S ■>■■■■•*• 

| 0.493 . ( 


| 1.782 . 

;. 17&3 





1. J 4 , 


••lie Milk 

1 U.076 | 


1 1* 

100J1 j 

3.419 j 

a 49 

l.< 90 


a. 64 

i lr 77 

- p't* Yen I.OIO 

j 0.740 ! 


; 9.911 

1UOU. 1 







Ji bmn..- lo 

: 1.198 : 


| 4.312 

+35.0 ! 




1 42. 




1 0.426 ; 

O.c 61 

J ' 1.178 ■ 






i. <85 



0.615 1 

1 u.918 ! 



i 0.779 





in Lir» |,ik» J 

0.614 | 

l.*45 ■ [ 

2. 120 j 


; .5.149 

. i.ta4 




£6 01 

dl-Ui |h— nl j 

U.4 16 

0>aB • 

1.506 j 

la 1.9 1 


.’ ' i.27B ■' 

■ 1.641 




i .. » 1C* 

1.753 : 


6.341 < 

►39.8 j 

* 1*.71 

5.381 -i 

-.911 ( 



’ u 


•hi. £5 1 

Sut me 

' L .s. ikjiiai 



Uuich liuii.lti 

?win Knmv 

-Weal Utrnwi 


IreiK’ii Krunv 

Ibt Un iam 

Allan > 

JnMnew Vtn 

l ‘ 

B» 10U 

8.3-9 'R 


10 IlI : 

la n*r 

33e aij 


13 BO 



tt yi, 

8>. 9U 

10 ll Is 

•a- 1 «r 

i>3a -ai e- 

6/g /lg 

141, -13 1, 

9.; S.’, 


to.'; lo.;. 

9 91, 

9.1. 9!.: 

101h- 106b 


7'a 7se 

13i" i4i 2 



on ini hr.. ! 

1 3..- 12t5 

ICti Ids 

10 Kin 

lul*-l> j. 


big 03a 

la lb 

10i« luie 

a aJe 

• mill' 

lu IdSfl 

ii-;,. ii,;. 

10 ll 3a 

»■» h 

1, Sfl 


101,-1. I 2 


10?B 11 

■ 3,: 3:;. 

ml ! 

laia 131® 

iu;. ii,i 

10 I03e 


68- 4 « 

3>'| 3Tj 

lOTfi .Hi 


107* 11 

f.t 3;.'_ 

te foflOM top nominal rates «rn? qooi.-d '/or London dollar'ccnidcain or deposit: tmo month 9-48-8.50 per' cent; Ihrec moniba 10.13-10^0 per cent: six oionths 10.60-IO.7D 
'■*!»': one >ear 1 «. 60 - 1 D.'iD p*.-r i.vni. „ 

jn^-if-nm Eurodollar deposits: Two year* 103|6-!0 ?m per evtn; Ihrw years 9i5h>. 101 k, per ceni: row years 92-01 per win: five years 9U|*]9i3j6 per L-wni nominal 
c ratea. Short-ienn rates are call lor ncrliiio. U.S. dollars and Canadian dollars, hwxlay call for anUdcrs and Swiss Iraucs. Asian rales lor vkjsing rales in 


ed adds more liquidity 

e Federal Reserve inter- 
d once again to add liquidity 
■e banking system by way of 
light repucha&e orders, with 
ral funds trading around 
er cent. The official target 
for Fed funds remains in 
l. and may be anywhere 
ecn the 9 per cent level and 
er cent. Treasury bill rates 
lower however, with J 3- week 
fulling to 7.5S per cent from 
per cent; 26-week bills to 
per cent from S.fiO per cent; 
one-year to 8.-I6 per cent 
S.47 per cent. The decline 
-ill rates reflects increased 
ind, partly fur Lax purposes, 
also in hope that interest 
may reach their peak by 
next year. 

FRANKFURT — Three-monih 
money, which fell quite sharply 
to 3.35-3.65 per cent on Tuesday, 
rose even more sharply yesterday 
to 3.95-1.00 per cent. Other period 
rales were generally slightly 
firmer, although call money was 
quoted at 3.45-3.50 per cent, 
compared with 3.45-3-53 per cent 
previously. One-month was 3.53- 
3.60 per cent compared with 
3.30-3.60 per cent; six-month 
4.00-4.03 per cent, against 3.95- 
4.05 per cent; and 12-month 
4.15-4.20 per cent, compared with 
4.10-4 JiO per cent on Tuesday. 

BRUSSELS — Deposit rates for 
the Belgian franc {commercial > 
were generally firmer. One-month 
rose to 95-10 per cent from 9;-l0 
per cent; three-month was un- 
changed at 95-9J- per cent; six- 
month rose to Si-9i per cent 

from SJ-9 per cent: and 12-month 
to 8£-0 per cent from 81-8J per 
cenL . 

. PARIS — Money market rates 
were unchanged, with day-to-day 
at 65 per cent: one-month ai 
Gft-7,1,, per cent; three-month at 
7iij-7y« per cent; six-month at 
72-7; per cent;- and 12-month at 
Sii.-S, 7 , per cent. 

HONG KONG — Money market 
conditions were normal, with call 
money dealt at 6; per rent and 
overnight at. 51' per cent. 

MANILA — 30-day maturities 
were unchanged at 10-12 per cent: 
and 60-day ai 10H2J per cent. 
90-day maturities were quoted at 
10i*12j per cent, compared with 
101-12J per cent previously; and 
120-day at lOM'ig per cent com 
pared with 10J-13 per cent. 



Moderate assistance 

nk of England Minimum 
a ding Rate IO per cent 
{since June, 1979) 
y-to-day credit 'was in short 
ly in the London money mar- 
•'esterday. and the auLhori- 
?avc a moderate amount of 
ancc by buying a moderate 
tnt or Treasury hills from 
iscount houses, a small mini- 
if local authority bills, and 
all amount of eligible bank 
Some bills were purchased 


for resale to the market at an 
agreed future date. 

Banks brought forward surplus 
halanres and The market ivas also 
helped by a small fall in the note 
circulation. These were out- 
weighed by a slight net take-up 
of Treasury bills, a small amount 
of maturing local authority hills 
held by the authorities, -settlement 
of small gilt-edged sales: and a ■ 
large excess of revenue payments 
to the Exchequer over Govern- 

ment disbursements. 

Discount houses paid up to 10 
per cent for secured call loans, 
wttn closing balances taken at 
9J-9J per cent. 

In the interbank market over- 
night loans opened at 92-10 per 
cent, rose to 101-10’ per cent, 
before casing to Oi-lOi oer rent 
m the afternoon, and dosing at 
9)-l0f per cent. , 

Rates in The 1 table below are 
nominal in some cases. 



Gold ro c e S3J to close at a 
record high of f~l0-230i, reflect: I 
ing the continued weakness of | 
the dollar. The melal opened at 
$2293-2301. and touched a high] 
point of $2303-231 J. 

In Paris the 124 kilo gold bar. i 
was fixed al FFr 30.835 per kilo] 
($231.13 per ounce) in ihe after- 
noon, compared with FFr 30,875 1 
($231.53) in the morning, and 
FFr 30,700 . ($227.70) Tuesday | 

In Frankfurt the J2J kilo bar! 
was fixed at DM 13.185 per kilo [ 
(S230.I7 per ounce), compared 
with DM 13,260 { $220.57) previ- 

IM. 36 1 i.lw. i'4 

Uiihl Biilhiu (■ Bin- 

C IlYM? 3=250-2501* 'SS26J 227 

Oyrnimj. . .M29;-aHi r 5225 ; -22 1! 

Mumiug fixtiic S250.10 .S22B-J0 

'•£1 13.602) ‘(£112-671) 

AUeroorm liMUtf >280.90 S22580 

(i: 113.744) ,•£ 112^73) 

UttKI f'.nim ; ’ 


Kniaemind 52385-240; 92354 3351 


Xew Surrirl^ ..'S66l?-871s S64:-66a 

:<£42;-33;> -iJkl52-8Si 

Old Soi prHgiU- iS62--64Ai -SBkj-64; 

■r£UH 4 .Sta A ,ixi3S, ■ 

I ■■■ i-niHi iium 1 1.-\- .... — — 

Knittf-rrauri ,5l27;-!(i; 6233^-2541 

•£1 Ilr,'it7;i(£l IS.'-lb.i 

Vcn Suleimans S611-bi^ -sEIi-63; 

r£S0:-3l;i 7£3Dp-fllA» 

«>H ^oicrrii.'Ji' SB2;-64i 

i£30j5l;i (£31-32) 

520 $307-311) -5306-509 . 

SlOKiij^mi 5159.’.- 164^ S 169- 164 

50 KbjiIc* j *51086-1164 S 106- 113 

1 - Zb 

m crime 
tn depnnr 

I nterlMk 




UmJ Autfa. 

ho ruin 




l Dtocouai 
Company j market 

Ltofir*t>i* , iiqoMl 



. 61 1^1140 




— ■ 

9is-10i = 

_ . 

’ _ 

— ‘ • 

10 's 






91c- 10 


w • 

- „ 









10 - 10 lg 




r.nllt ....i 

lQia -10 

10^2 lOig 

94,-10 lg 

10 - 101 , 





101 * 10,1 

107b ' 


a-.; tv.V 

!:k’i’ ,'a 

101 ,- 1 . 01 ? 


. «*»i ; 



ru7iir h*,.i 


ll'a 11 >, 

ZOSb- 103, 

103b 1U&B 



97 a -lUl 4 


11 <4 


iiw lo.-.. 




lllj . 


- — 


111 : 

brill ll*>..| 

lu : = 10 ;^ 

107g Ilia 



1 J >2 



. _ 

*r ; 

ic;. uk; 



10 7g lllg J 


— ' 


'no t 

. Ills 




• -' 


-al aniimniy and Mwtcc bvqsvs seven days’ nwice. others seven days' fixed.. * Untoer-ienn local authority mortsasc 
lommellv thtw yiars 12-12* per cviu; four years OMSi ocf lvOI: five rears l!i-12J pet cent. 4> Bank biu ram in taifiic 
rnit-s Tor prime paper. BoyJn? rai* (er four-tnwub bank btils iohk-iW pot cent;- rourmonUi trade bills lit 

proximaic selling rales for one-mom b Treasury hills 91 per cent;, and two-month per cent: tlu**-mo&!b Bi-flnE per 
Approx ima Le s ellin g raio fur ofle-monih bank- bOfs 4i3]'6-per cent: two-month HU per «ni: and Itoeo-mantb iHp, per 
■ne-moiuh trade hills 1 <U per n*hi: two-monih it per cent; and also itaw-momh 1 U per rent. 

wix'fi House Base Rates (publistwd by Uw. Finance Bras? AsswiaUuni 9( per cent from Qciober 1, 1978. ;Clew)Bfl Bank 
t Rates tfor small, sums at seven days’ nouce) 6-7 per cent. Ckarfap Bonk Baca Rates for leading- 10 per cent. TraeMtry 
Average louder rales of discount 9.8599- par cool _ . 



Prime Rate ........... 

Fed Ftmds 

Treasury Bills (13-wecfe) 
Treasury BUlu (28-vrecki 


□iscovnt Saw 

uveiRishr • 

Uik momb 

Three months 

Sip moo lbs 


Dtaeouni Rate ...... 

(hrmlshi ..._: 

One motnb 

Three mornhs 

six luraiba 


DlacBunt Rale . .. ... 
Call fUncoodlUimali 
Bills Discount- Hale . 


















Carpets (Holdings) Limited 

The Board of Ynuchal Carpets (Holdings) Limited reports Hint ihe amliled tradtns 
■resulia fur the half-year ended 30lh June 197s. vnli cmn pa r.i live figures for Ihe Uvo 
half-year periods in 1U77. were -as shown in the table below. Tim Boa. -cl rtsnels that 
it is not possible lr.« pay an interim dividend. The interim dividend in J9< • was S.l:>“,, 
and shareholders were entitled tn a lax credit calculated ai 22.25* 1 , - , of ihe dividend. 

The results show that during the period fnr ihe six months ended 30lh June 197S. the 
loss on trading hofnre re-orsanisation costs, lavatmn. currency translation anil extra- 
ordinary items, is £499.000 which compares with a Joss nr i'li.uOri.imn in lln* previous 
half-year lo Hist December 1977 and a profit oT £421.000 for lh»- half-year to 30lh June 
1977. Re-iirunnisalinn cusls of £521.000 were incurred in the first half ..f 197$ and 
provision has been made for extraordinary items amounting in £2.712.000 

The reorganisation costs of £521.000 comprise redundancy ami *i1her related »*osis 
incurred in the weavio” planl at Youphal as u result or ihe inlrodurimn of new manmne 
and production programmes consequent upon the rationalisation program no? leferred 
to in ihn Chairman's Statement accompany me the 1977 Annual Report and Accounts 
and further referred to in the published statement of the Chairmans address to share- 
holders at the Annual General .Meeting. 

In ihe address, the Chairman also referred in the closure nr the weaving plants operated 
by the Gloucester Carpet Company Limited and Morns & Co. t Kidderminster i Limited. 
The extraordinary items of £2.712.000 relate lo the costs of Ihese closures :.nd to the 
costs of closing the small plant operated by KVT at Devi.-nit.-r in Hnil.-md. which -uh- 
sequemly became necessary. Jt is relevant lo point mu ihat these losses, ail of which 
are provided for in ihe first half-year, largely arise suhseiiuemly and are non-recurring. 

All these closures and re-organisation programmes wen* necessary ir •mrii-mcnt the 
stralecy which the company was obliged lo lake in rectify tin- unsatisfacinry iradiny 
referred tn in the Annua! Ttepnrt for 1977. The Chairman's puldish.-d sialeuenis lefcm-d 
to ihe need tn elTect reductions in trading, ihe amis of v.-hu.*l> w»-re a mav*- reduction 
in slocks and hoi-rowing lends and the elimination of unprofitable weaving ca; •■icily and 
reductiun in unit costs of production. 


In Ihe Chairman's addre? e ar fhe Annual General Meeting, if was -laiei! Ihal Hu* Grmip 
would incur a trading loss for the first half of 197$. l*m wmiki «hmv a Miijslamioily 
im proved picture as compared with Ihe second half of 1977. The major re-nrcanuonon 
plans have now taken place and the carpel stock levels arc salisfaeiurv. Havins i , i-.**iri’l 
to these changes, the indications are that the Group will he profitable in the second half 
nr the year, as already forecast, and that in 1979 the improvement in pi-oliiabiluv will 


Group Turnover 

Group Trading Profit 


(Loss) /Profit before re-organisation co^ts, 
taxation, currency translations anil extra- 
ordinary items '. 

Re-organisation costs 

(Loss) /Profit herore taxation, currency transla- 
tions and extraordinary items 


(Loss) /Profit after taxation and before currency 

translations and extraordinary items 

Currency translations: l Loss j /Gain 

Extraordinary items 

<Loss)/Profit attributable to shareholders 











35.4 1 fi 










1 _:w2 

f !(.'!(») 


1 071 1 




(■>21 1 



( 1,112(1) 






( UMVT) 




0*1 1 



1 1 2d ) 





PH1AN Tj. . 

r. n-RRiRN. 


Why involve a 

bank if your bankin* 

doesn’t involve Canada? 

It will probably come as no surprise 
to you that the Royal is Canada's largest 
bank. But, with assets exceeding $35 
billion, we’re also the fifth largest bank 
on the North American continent, and 
one of the largest banks in the entire 
world. In fact— through our offices, rep- 
resentatives, subsidiaries, affiliates and 
correspondents— we re involved in bank- 
ing in more than a hundred different 

Now size, we grant you, isn’t all it 
takes to handle the worldwide needs of 
today’s multi-nationals and governments 

But with size comes the expertise, the 
experience and the fast decision-making 
that it does take. Not just for basic inter- 
national banking, but for project financ- 
ing, Euro-currencies, import/export deals 
and the entire spectrum of international 
financial transactions. 

So, if you have the feeling that your 
needs extend beyond your existing bank 
relationships, contact us. The Royal Bank. 
At (01) 606-6633 in London, 266-90-30 in 
Paris or (0600) 726 051 in Frankfurt. Even 
if your international business doesn’t 
involve Canada. And especially if it does. 


One of the world’s great banks. 

Fear of rising interest rates hits Wall St. 

NEW YORK-m^johss 

CM. I Orf 


Law i Higtf.j 

INVESTMENT DOLLAR not help the dollar and Wall Inland Steel raised the quarterly 15,000 shares moved at ?9J and was halted pending news that the encourasement; Average loraes 
pnpimrru analysts said the stock and added 3 to $371. another of 25,000 at S10. company plans to acquire ail were around dm i w«n trnuor 

market had already discounted Among oil companies reporting Among hte most active, Resorts Wiener Corporation shares- falls recorded uy the Baja nan 
S2.6Q to It — 75% (791%) most of it. higher third quarter earnings. International “A” added 50 cents Closing volume was 3570,038 Hypooank and YereiasD&flK of 

Effective S2.0295 3fi;% (3SJ%) The dollar lost ground and gold Mobil rose 50 cents to $67* and to S3S, Amdahl k to $43}, and shares against 3.730536 on 550 and DM 4 respectively, , _■ ‘ * „ - :• ™!f e r .! 

A DISCOURAGING OUTLOOK for touched a record high. Cities Service put on 2 to $54 J. Syntes $ to 830*. But Houston Oil Tuesday. In Eiectncals Siemens eased H'me iw*. 87 - 5, l 87 - 54 j Wi7, J WJ ®[ f m‘S ': •“ % - ?» 

interest rates pushed New York The Dow Jones Industrial But Standard Oil California lost lost 23 cents to SI <1, Allied Artists In Montreal, the Industrial ^ and in Motors Mercedes I vs 1811282.3* 224 7322a JS $0,671 *at7l' »I.« 4Bfc6r ! i?9J9 • 

stocks lower in moderately active Average fell 254 to 83051 on a g to $443, Penuzoil surrendered 25 2 to S5J and Norte* $li to 5IQJ. ^ 0.52 to- 204-59 and ^ down 1 DM 1. Degussa lost « '■«[ ., *!, 

ssswa-sra^T w avaasaws Canada ' • smstvs, S ~~ Th, gBSSJsu* MSti - \ -a--* 

the most dramatic increase in Klncks at 25U_fl1 u-prp ASA lnu-pr v. .ii.. 4 1 Tnmntn rnmnntiin Tnrfnx was un “■*** iligner at oulet_ with Dublin loans oarnmo ■ I I 1 1 -iiii 1 I 

mg broker said U.S. credit four to three. The Transport third quarter results and declined ... 

markets “ arc about to experience indes at 221.81 was down 0.53 and 73 cents to 851} higher in active trading. The 

the most dramatic increase in Stocks at 284.01 were 0.56 lower. Arien Realty was unchanged at Toronto Composite Index was up 
interest rates since the cyclical utilities shed 0.14 to 101.93. S3j Asache-Willot Group a £hrefi at 1231-8 with advances in 
rise began m late 19 <6. Glamours and Blue Chips. rr-i nr .h Mtoild. fnnl- un initl.l eight Tlf its 14 fnmnonflBt crOUDS. 

woSShiij 11 ihAnlimo nt* in , SK m S!? r ; ?D d r * B,ue Chl ,? s ’ French retailer took an initial eight of its 14 component groups. 

““ rno Sw n S equity investment of $30m. In Gains outnumbered losses 2 $2 to 

1rt . _ _ _ j ■ - ■ -m - — _ vs'-i* cuuiiv iiivchuuuik \n mm, jn Cains outnumbered looses 2S2 to oimig i» im iw uuvikv ■■■ - * 

crease to 10< per cent initiated norc mixed at the dose. Dll Pout Ari^n'c KimtpHpc i n i* ivnii 1^5 nntlw* tndino ovpp s widft front. Pone 

Mined° n a a> few y more m adheremi! SJ **!?' \om i? Genera^SI^tore Goodyear Tire reported im- Norccn Energy rose 0 to 816. and the Tokyo Stock Exchange The market moved lower by the 

including First Pennslyvania °ained*75 cents to $63‘ but active proved third quarter profits hut Chevron Standard and Norcen Judex rose l.a3 to 43iM. Despite fan 0 f the U.S. dollar and the 

Bank and Banker New York £SgLk* SSk°S' f to $» f"“« d S'"* 1 ™** a j ««■ A reported high gravity crude oU the steep yen apprmauon on the w«k tone in Wall Street fttgtfg 

Initially, the market lost ground Aircraft issues declined but' £?*“!! *?.. SSted 

on disappointment with President Conner and Gold stocks gained. Procter and Gambles fiscal first day at their West Pembina. Alta "lematea t. eerricau i ana aio.ot announcement. Continuing labour 
Carter's anti-inflation message but HoudaiHe was a bia winner Waiter ^ rose but it lost io well. eh c ^ and u P r€St in France ^so damaged 


groups.' Tokyo 

2 $2 to Share prices rose sharply in 
active trading over a wide front, 
to 816. and the Tokyo Stock Exchange 

-The domestic bond market was 
quiet with public loans gaining' 
up to 10 pfennigs and losing up 
to 25, with losses in the majority; 


~i 31,580, 28,888' 5B,0SS45^7DJ 61,350: S3, 14ft — ; — [ 

Tildes danced Irom Auj. 24 

I D>1. dir. ylnld 1 


■ Oil. ! Oct. ■' *V 

^ Onr's hfeh 842.56 kw-K _ 

i • - lfl7P • Since Comp 

Otl. — . . _i 

lit j Hub I' UiB j Hlftli 

Carter's anti-inflation message but Houdaille was a bia winner ^ uarter rQ _ se . hut it lost io well. r o c vl-£I unrest in France also damaged 

it later recovered on a technical bouncing ahead Sll{ to S32. The cent s to *83^. Johnson and John- Home Oil “A” fell 75 cents to , ill,' rW ,r.p r share va!ues - 

rally and was at about its best company agreed to be taken over son e « se . d c ® n . ts *o.*J5i a f ter §411- Consumers Gas. which has heavv Tuesday while Operators were nervous too 

level of the day when the for S40 .cash per ^ share by a «MNtaf that its third quarter purchased 37.6 per cent of shi^in^indudin^1a?L finl ^ead of the French ReSlPri^ 
comment were made about future corporation to be formed by an mnjp had falten Home's class “A" shares, said it ind Sa^ko StSunship g^ned on announcement which they 

WS anti-inflation "S.S^Stee. added 3 to PrfceTSfined^tive^S^ n0 fUrUier ^ 

message drew cautious praise $21-. It earned SI 4S a share in The Ames Index lost 0.14 to 130.31 n Sg^“!SSs cent in AuS ^ S ™ 

from business leaders and the the third-quarter, against a loss and the average price per share Corby Distilleries “A gamed 1* _ 3 . * _ . 


further share an improvement in the world .expected would reveal a higher 
tanker market. Electric Cables rate inflation than the 0.6- per 

Teamsters union gave It con- of $10.92 a share a year earlier, dropped. 

dition3l support. But foreign Arnica's third-quarter results also Active Compo 

exchange dealers said it would improved but it eased { to $19;. climbed $1 to $10. 

to $27 after announcing an extra shares were preferred, while some 
Industries dividend payment. Grafton Foods fell. 

A block of Group, which last traded at $33 J. Aus tra lia 

Peugeot was Fr 9 lower in 
.Motors at Fr 505 and Jacques 
Bore! fell Fr 7 to Fr 1B6 In Hotels. 
Creusot Loire in Metals- lost 
Fr 3.7 to Fr 67.5 and CFP in Oils. 


Aii’-rii l-rfi. 51 h 4 li< 

A>l !dl>A 

Aflll. I.lfr X I n ; 3714" ; 38 

Ait nr<.lnt. 26 m 26V 

-Vii-nii A-uiiiiiiiiiin. 521; 32'j 

Ai.-« 471; *7 

.Vi leu. iai iliiin.... 18 161; 

■VHuulien\ 1 'mhciI 17 17 

VUit 1 i. lu.-nii'-K . 33 U 53'>f 

Aillfl 24 Xg 24i; 

A lit- LliHiiiiwr .. 301; , 301; 

.HU.V 46:8 45ij Hr \... 27 ?j ! 27i; 

A ni?r_ A i runt; . 15<j 13lj 

A uier. Uniii.l- 461; 46 1 j 

AfiMrr.HtoMl-aM.. 47 1 j 37 

Amur. Lmi 36i» 36Sf 

AiiM-r. Ltmi.imi 26‘"v 26 

,lni"r. Ili«r. In. 2&1; 25*4 

Amur. Klnnl.H>i« 2a 22 >8 
,\ in vi . Kviieir... 31i.i 32 

Aiii<4.H-'iiint*i.Bi 26'4 26."j 

Ailivt. Mp.Ih.ti... 23ij 22*4 
Amnr. M-il.T ... 6 S ‘t 

Vnier. NkI. «.■«>, 40ig 401; 
A»*WI. ei<ui.laiii 44*-. 46U 

.VniiT, “i. .re- 331; 33i* 

Viner. Im. .V I,- b2>i 62>n 
Anielrk 30 1 1 311; 

AMI 17 : a 183« 

AMI* 43 32 >i 

Anifex 13-» 14 

Au.-li.u ft-, km... 2dU 28’t 
AiiI]pii-pi Hiit-Ii. 23>a 22^1 

Anno. 19-i 20 

A.’t.X 30 1< 27 >4 

A irucra i.H 14 1* 14 la 

A-aiv 14ig . 14lj 

A-Ikhii. 1 Hi 44ij . 451-j 

Ai.. U«.lilm-I.... bis*. 6046 
Am,, lui- Pn... ■ 284, 28 1 j 

AVI lui a 10 

A“- ( 244, 24i*< 

A v.iii I’i.-Iim.-i - .. . 6518 ' 5358 

Ha'I. Im K n.*! . • 26 U 25 
tMuu-f PiiiiIm... • 22>a ^2 

Klllk AiKHIIi.1l....; 26 Ag 2644 
Upukoi’. fi. N.V 36 Ir 37 

Hm -i Mi 23 Ir i 235a 

Bn\ier Traw nol.i 39 U _ 39ia 
t5,-Tii»-i r . : 2D>4 , 25 

Beet-.n Un-kiUTHi aS^j 36 la 

in?. \ Hi.iit 17la 18, a“l; ' 36>, 

Bcmciiei Vi-d- 'L' 4Sq • 4I4 

Uuih.elirm -li’’i. 21.g 2144 

Kw. kA UtHutri .." 171" : 171, 

Bnemu 591- 59. a 

Biii-e 29 U 291" 

B-'ixJcn 265s 27 

Buru WiiriR.i 294, ' 30 

Bnnili Im 15 1< . 13-S 

BrawMii -A' la 14l„ 

Bri-iui Sit era 513a ! 521" 

B A L>nt l{..,.; 177 5 • X77 B 
UrwkwKy UlA-H.. 30 1 5 305g 

Hrun-wi-k 14-i " 145, 

Uui.-yni- Krw< | 17 1 17 

Hul.'ta 1 7 6-1 Mini.' 4 UIk ' 405b 

Barn mull | 71U I 72 

Litnipiii-' 344, | 345<| 

LhimiImii JS.-ih.-,. 1 8 - - j I844 
kXIW KhII.I, 9 is 1 u 1, 

28ij I 29 

Limei A l.MiiPim! Ills [ 111? 
C«rier U«uie\ . ..1 1712 1 1713 Ur I rai-i •' 55i 8 I 36 An 

CBS ; 534« , 63 48 

UfumpHe l_i.r|Mi . ; 4lij | 41l« 
CffllUNI A ~.W....I 184« I 15»a 

Certain! Mil | 19 Ir | 191, 

Leslie Air rail.. 39 1 41lj 

I'Bm Maulimiau Jir 4 • o3-i 
L heniHM. Uk..\ Y. 411, . 415a 
Cbe-eiiuli I'-nii. K21i ' 23 1, 
UliemieBv,tem...| 27„. , 2s < e 
(. bi .«»•.> Un-l^e.. ' 554 b 065g 

CbiAfier. ' 101- iu>a 

Uilic. Mim ruu... 325a ! 52 

Cii»vi-)i 26 ' 26 ig 

uuife lei *n* 6*4 15 ; 64ia 

Cltl I il« lit nip.... 14Aj | 14)6 

Uiet-uiaiiil Uilf . 27 «■; 264, 

C<<CHU1I<1 42 1 a j 41 Sb 

UHKitie Briih I Id 18 >a 

OjiHIi* Aikuuui..| 10 ] 101,, Lirt.> £54, : ZStj 

Ci .. mil ina l'a-l.... 18>, | 19 lg 

t.,ini.lii-l.«i.iilAiii IBig li.«. 
Cm aim -im a 1 Kiij... 34 1, 345g 

Cniillril lliill fc»|... : 15 ! 13 ig 

Cni'n 111 hi 2dn ' 2d, 

lAmim. xifilnf.i 385a | 39U 
Ci>|ii|«uei’6(.-ieiii .; la I? j lalg 

l-jnii Liiii- In- 46 h) . 36ii 

L'vMiac 181., ' lu Ip 

Cull K-Ii i.hi A V ... ^3jg , i;3,g 

Cull-in KiphIh 23 23 >4 

Cull -U- N*l I.IB-... J6'M ; 57 1, 

UMirumci I5«ci 2Kii , 22-4 
I^miIiiipiiIhi i.i 1 1 . 29 - 29 

Cuiilineiiiai mii... a6lg '■ 1161, 

Li ml menial Ipi : J3I ; , lain 
UaiiKii lima... . 0213 ■ 53^ 

Loujiei lu. ui: J 46-s 451; 

Australian Banks continued to f eU ' b l, R.T.S.E. ALLCOHMOii 

-m h,,. cnmi. Industrial and Amount Aol , 1 — 1 

Rises and Fails 

Cm iiiiu: I., in,-.. . 

< 1*1 Ini "l II *1 lull* 

I " u| l"|. 

I ri.-ki.-r Nail... 
i.'ii.u i./r i*i ' ai I- 

■_ ■ 11,111 j ■ ii Ki 144.1 m 

t.tirti-’ WriMlii.. 

Lurt Imin-Hir- , , 41 U 

Ukih 321; 

Uw M- mi e 407a 

I .Hr < 1 * a in 

Limi*|iir I in pi... 17 ta 

IhAruii V55e 

lliamunit -liaiurl. 24>g 

I>iv1a|4ii4iv...... | 15'4 

iiiunsli-niiii 46 

I 38-3 

Ik. irr I. ..rjiu , .. 45 ib 

Lkni ('hriuiii , , 26 <8 

I 'rui. "3876 

Mih-mt 40 

i>ii|>iiii 128 

t'jiu'i' 1'iti 205g 

hrii-l \iiiiiip- IlM; 

U.iiiun h'nliik.. 59 

Kali in aBt, 

K- fi. A 25*4 

r.< Hih. .im. ii,. l6i, 

hi! ra 274, 

tniirrxi<iK|-|>.|iii.; 44 1 j 
liuieii AirKt'iulii 2 U:q 

Kiii L ari 44 >, 

h.M.l 4ly 

tii-cauinl 264, 

r.fiiimk 26ip 

Kiln- 2I: ft 

bvnKi 49>, 

fma-li 1 nl i.aun’in 303a 

"i. lii-: 1 'iiip» 43 >4 
Kiresiuun Tire.... 12-, 

■ ’ .'«■• I •■'lllll. 23 ' J 

r r\i 1 rill I8ig 

r iinki Up 281; 

1 11 h In Prittpi..., aQI, 
l-init 361, 

i-.M.C • 291 r 

rui.i U2; s 

Knrriin*! Mck... lfJe 
mx-Hii, 434, 

■ iriiik-in Mini .. ' 8i, 

. iiri'i’ial Minpis I 25ifl 

r rum imii 3,5, 

tuqua 10 V. 

I i.A.I- • 

■ in II 1181 1 1 

fien.Anier.liiv. ..' 

Juliitv Mainidf... 27 284s 

-luliii -jni JuJumm 1 75*, 75>? 

Jullll>u|l 1<. Illl’ll .1 26le 2648 
•luv Mniiiiuiiri ur'ai 4 1 ; 32 

li. Mm Cm, 251, ; 2548 

K«i>erAlmiiiiii'iii. 364, 365s 

Kaiser Iiulii’iru-*, 2 1 2 

Kaiser Mr-i ■ 214, 217s 

2 h; 9 ; 29 Kav j 13 U 1 134s 

41U 42 KeimeiTiiL 261 b • 25-a 

521; I 524, Kerr MrCiei- .1 41 1- 42 

407 fl 41 K'nliii-IVmier. 1 501a ■ 30>a 

Kiiulirriy C'lai-k... 45 46 1« 

K«*|.|cri>. I 20' 1 1 20 15 

Viiafl 4fal, J 45^4 

(impel In. j 55(4 • 53 >s 

• ••* . 1 lansnay Trail'.. I 3 1 3e 535a 

46 ; 461; J l«n Mtnns<i 1 44J« 344, 

38-3 1 39 | LllSiv «l«. t'nnl.., 25>n . 285a 

laasiHl finaiik . . 314a 51 Ip 

IjI:> ■ Ml 431; 44U 

Lllimi I ihlu -i : 43 25ig 

l-«4,liei.-l Ain r'H 1 17ia 19 

, .„ Jri-iie ••lar (mlu'i. 23, 8 231s 

lot; 1 10', l—'iiu Islaihl IjIiI. 1 / <b 1778 

59 ! 597e L<iiil»iaiui IjilUl 22 >b 22, a 

48(4 1 37 ag Ij'iIiI 1 /"l 45 ■; 43 14 

Irivfcr . ... 15s, 185a 

1 nfii. Ii"ki..\— inip'i "w 11 . IO'b 94, 

16 lit M-i-Mliau. 10 1048 

271,. 28* '»«*»• M 463-, 374. 

,41. j,!. Mil’s iiaiiuier ... 3 Ssr 46>, 

Mm|*.i 3H- 517 6 

.4 ? Uanii liun Oil ' ail, 61^4 

u I Uatiii.- Miiliaml. loin Ida 

VRil 1 9TI ! Marshall lleul... 18>; 181; 

281? j 26 Se \| u , He|4.8lunri.' ‘45s 

12-4 I 12 >9 
281, 1 28a, 
18^ | 18 

MCA 39-b 


Mi-Uuiiiii-ii iimju 274 b 

MHjihu Hill " „U 

Mpiihim-,- 51 

Meii-k 66l£ 

lli-nili I.i mil.... 17)8 

Mum Hi iiihkiiiii. 291, 

Mi.M 49-8 

M11111 Mmp.vMiu o77a 

Vlnliil ( -n. b7l, 


'!■ -i pan. I l* : 471, 

llulmnia 42 

ItevnuM- lleiol*., 45U ! 49^8 
ItenmMsU.J....' 69 's 5858 
Itb-ir-mi Mcriivil. 22 • 2^»s 

Uuvk«HI liner... 34U < 64 >c 
Kutiui i Haas.....; 345, , 55 

l(i)\al 635, 1 631, 

IfTK 1 12 1 1 1*4 

tins* Tu# 10-3 - 1058 

Killer 1.1MC111 . ..' 257b : 24 

dstussv Mine ... 411; ! 41-g 
Sl.Jis)llnd*l , « k61j ' 86. 
7*1. liupls HajaT . ' 3n, 31 'a 

Sa«iu Fe liniv 1 325, t 33 

■-huii I live*, 54, ! 54. 

'ia.Miii link 1 big I b*9 

-'■-liiiir Krviv<np..l nig | 11 U 

6rliiiinilier*!er... 84:3 j 86 

SCM I 19 19 1* 

•S141 hi|iM J 15*2 ; 15 >4 

■innll lira J 20-3 • 21k 

■S.-mliler Uixi.Ca^ 7 -a j ti 

Cmiiainrr. ... 81I| 1 Z1U 

>aipi>uii ■ 25U - 254a 

• 1 Ills • 12 

•icnra Ki^Ihk-U.... 2l7 £ ! 21», 

h K ill'll 34 >, • 35 «a 

•Slieil ci,l 55's : 335fl 

■Hlioll l'raiiH|«il1 .. 46 48 '4 

digital ' 481 r " 49 

ilyiii»Iv a 44, aoip 

Sini|iileiTi Hai. -i 10 - 1U>8 

Tiiiuter 16', 1 164g 

■■>11111 li Kline " 87 871a 

Siiiln'ii. 31; ■ a», 

■VriJiUiinu-ii 354, 36 

9nutlwm Cal. HI 2alri .. Z3<4 

">Kil liem Ci Ida . 16U 

Stliu. Aat. Ueii— 1 32 U 321, 
auutheni HwliU-.! 287a 2«1; 

3unlliernUail«a,v 60>, 1 OOt4 

Mnilliku.1 | 29 

29 | U9>, 

•S'hT Uanshare*. *,6 73 j K7-8 

bjnsrry HuitL | 17 -b i 17». 

SjatiTV Kami 4 2lg 42 U 

Stjuiliii ZB's , 98*, 

MamUml Himiul.j £34, l 23*s 
‘*lil.C>ilCiiil»mlB| 441 8 J 40 <4 
tftn. Uil Inmaua. 0O7g > 91>h 
< r.|. Oil Ohio. ....! 34 U | 341; 
Maud ChnniMUl.., 434fl . 43>8 
Slerlimi limp. .... ia4fl 1 181, 

■**1 Uriel «ker 58 | 58 1; 

'Hill 3hl; ; 39 1, 

Mlllrtmuil I 4344 4312 

dynies. — j 30 13 1 294* 

ro-tinkniur H4« 11 

letiinmlx. 43 . 42 1* 

leieiljne. I 901; | 921a 

ivii’x 55, : aia 

lenew I 315« | 3lbu 

r«H*iv Heimleum 8s® > 85« 

Icxo.v 1 234j I 23 !■; 

levaiinill 2Ha 203a 

Tesxa Ka.Meni.—| 3 56a • 36 U 

leJJia I ii» Cm bl | tS's 

rexHriiillA tin... 2d . 275s 
ICTuaLiiHtlM..... 19 19 

Mum Iik 441; 43 13 

liiinr- Mlmn [ 295a • 29 ■< 

Tlmkcu ; **5m h55« 

I rune • 43. g | 43-, 

rnuknK-ru 16 . lS-’s 

liaiiH’s 2U>; I !&0>, 

1 mu I niun [ 33 I 33i a 

I mn-«a.v IdIih 22 va . s25r 
( muWurl.l Air.m 18Jg \ 19, A 

hawei* 34 ! 34 

iTICnill iuenial...i I8I3 j lb' s 

IriiPUdll A Oai«.. 51; < bl a 

IHW i 3b . 36 

-uni Cent 1 1 rv IVai 314, oQ3, 

UJ.L I 031s 331, 

L'AKL’O 3u 30 

I I9S4 . las* 

l-nneiei *3,4 ' 43 Ib 

Cniiever.W 60 ; 595s 

liiiuu 9aiieur)i...! ficij do 
Cuiun Carlisle....; 371a I 3744 
l niun l'i mi meuT' t< 'a : 9lj 

(-nmnOiiUniJ 5H4 I 521; 

l aim 1 Hhciiis- I b4i s ! 0413 

Cnmtvai .,.j 7 1 d4* 

l nllol HmiirK ... Ill* : JOi'j 

lb 29 U 1 291; 

■ta Uvi«*um 267a , 2/4s 

Lb bhi «_...._ u4i« 1 

l‘d »iee BoIr , 25 ig 

L 4 Teel 1 m ilupier., 395a 1 40l« 
LV llHlii-»m~.... *94, . iy). 
Virgin in KM.... Ills \ 14 1 « 

u "llprrvn 26t, ; 2bl* 

| Wr mere"’ nun in..; 43<a • 43J* 

\ Varner- Umil <eri .- 2 < 'r 1 ,6 
1 tine M mi V ti ten C 241; < 26 

"'eil’-Harsii 30I4 * -s 'r 

"V-ieni IJnu.’iilj -67j a64, 

"e leniN. Vnwr- 297a sOI, 

■Null CflMril... LI ■ 1/ 

lVoilnjIiVe Kki'i 19 | 191; 

Wcvtu.h .• u45, ; 28 ig 

Wei orluuircr ..... 2d 1 . 27 <3 

Whirl pm'*, 20U 201; 

"lilmCuri. luit.. 19>4 ' 19ta 

"jilUniCii | 18 j 18>; 

" ivMU’in Kleet..' 274, 871, 

Wm.iin urili 20 ig 1 20 

"My.. a 4J, 

Xem*..._ ■ 52>s 1 51', 

7a|ala __.... 13.'s • 14 >4 

/enitli lt*ril<» .... 137$ 141, 

l'J).Treaa.4<il*u 794,. ' 794,.; 
I'd rrcaa<iti5.?5 tBOlj 1 7001, 
L.S. dCkU, irilk. 7.73* | 7.73 


Abitlhi Pa pet 17 Ig I 174g 

Auiiiiv.Kauie 65a ! 6tg 

AleHnAIUniiniiiin 36*:- : ' 48'i 

Aiprmtabieci 1M ! * . Z4-, 

AsiieOsv 45 . 45 

UaukiK Mrriiixral' 24 Ig 1 24 
Bauk .Vii, aSs-il 1a 217# . 217* 
Ua-'h- liniRiiiM.- 3 95 - 4.00 
Melt TeteiJi.'iie ...” 591: . 59)4 
bun Valley I ml--' 18* ■ 18J« 

HI*. On ana- 17 16?* 

bnuiin 16-3 . Ibig 

Urliifi... j7 SU 17.6U 

CalyHiH TAmrr .. b7i? 377 b 
C antHim Mine- .. 153* ■ l4l| 

. CauaiUi Cement.. 11>* 

CriiMita \W trim. 91* \ 87 a 

C mi. J 111*1 14k l unf 29 3g 29 
i.'anaila Imtn-I... '«*■* t2l 

Can. (Weiliir. 22 U 221* 

Lan. Hu.-lhe tin... 22i s 221 4 
Crh. bUfier Uli... 58), 59 

Carlin-* (I'Keeie. 4.10 4.00 

CusHlar Arlier I ib'.i 9 9 >4 

Uiieitnin 234g 23 

Caniineu. ........ All; ; 51 

Lous. Uatbiirrit...' 3ai; , 33*2 
CurisinitM- Oar.... 1 7U 171* 

lurekH ItoMimk 5.50 0.25 

Cuslaiu. 12 llfl« 

UereJ 13 U . UAg 

l.*eiii>r>D Mmev. ' 75 ! 74u 

UnnirMinn.. 98 : 96 

Hume Heirulcinii 79 > 79 'j 

Uuminlon 8rM*i^- '< 8 j 27 

Ikinnar «... 217 a - 21*, 

I'm !<■ ISC’ I 15 W 

Kah”0 oeXiekei., 33', 33d* 

Kurd Mrtur Can* bit, ■ e 2 

(ieufttt .....*. ~i 33is . 33 t 8 

Cuinrl el’nkitiic. 13 13 

liuu Oil C«wta.. 414* 4*1* 

lUw’ker.SiU.Can.; 7S, j 77? 

Huii taper I 39 U 1 40 

HumeiHl *.V 1 **1(4 42 

HiuiMMiBa., Mnp 52 21*4 

Hiiilanii Bay 2U3* 201; 

Hmlriiaillil *(iu< 417* 42 

I maun .. .:.'..r.-l 344* | 35 - 

Iiuju-rlal.Oil • 31 U j 21*4 

Iikm -A--. 19Sg j 20 

Imla :...' 14 | 135, 

InlWhl Aril. 14 Ig I 11 

lii('|i., l’i 1 ri- J/im | 17 | 16), 

kaiser Ife-uin-e-l 14 Jg 1 14-« 
Unri Fin. Cut |s.i tit j. I b 
1-diUn Cum. ”8"; i4.3j 1 4.2a 
Menu I'n Kiueii...' 421* -23 

MaMrv Fen* un hi; 12 1* ! 12 <i 

Mel hi., n% ; Jso • ! 2 d 

.Vlmiie CiH,rti.. .. 35 . 551, 

Minni am .-Male lii 2.90 ; 2.93 
Ami ml* Mine....; 34 . oi*, 

.'mWh Kuijo',,.! 15 I 134« 

Ntli. TcivtMni ' 4bl, J 46U 

Niiiumi-Oii \ li*>i 25 1 24Ir 

lUkniHHl r%.|r*'i*| 3.90 , 3.BO 
l%v1lle Cu,i( V r M j l.o5 j 1.8a 

1'rl-iIii* IVn-xenni, 40 ; 39 

Han. Can. Fefnn 051, ; o37g 

•Vl inn ^..i 20tg ( 72oU 

Houji'e- IreLH. >, 1 6H- I at2 

Htere Can. A OpJ 1.72 j I.60 
HlaL-eiUevempmil 251{ [ 201* 
lAinerCnrjxrat'n; 195j I 19*2 
Hive .1 4«7g I iAf 5 b 

firm but some Industrial and p r t-qo 
M inins leaders lost ground. The v, T om 
Bank of NSW added another 12 E ° Fl 1 ’ S0 °- 

cents te A $7^0 ahead of the o„ *< j 

annual results while the CB.4 rose oWIlZGnand 
eight cents to AS2.3S. The Swiss slot 

Fr T40.S. Rosslgsol lost Fr 6C 


Among Coal stocks. White In- 
dustries and Utah both gained 
five cents to AS4S0 and A$4.05 
respectively. while Oafebridge 
added two (o AS1.B6. 


5wFr 10 to SwFr 777. 

steady. Among 

1 iit-i ; ivi. . Uci. 1 Ort. 
SB 1 SB > W 1 30 

Hiph - ii.,,, ; 1.869 T.895 ; l r 

HlEh .. Uni IJivea..j ,.| 823, 6S0 

nose iHTsT ; — 5®*-: 

; I 1 

uS. i — ! 394 396 , . 

.11/9* I PsfS}. Ulplto ' ii • - 

.- A LTV UnTi._- .V ■- — '-L. I ■' 


• . . 197S . . 

it.*. ; Ort. I uhi: 1 Old; — • 

’ Inriu’trfnl 


2a. ]- » -} 23 ■} 20 j. . :_W«KH 1 Low 

204.53 254.08! 2M:14! 202^61 222.74(11,101 

201.95 2 19^« 2DS.49; 2 l(LS2 r 228.81,12/10/.; m.ft l&l 

TOBONXO ComiMrite 

1261.8 1228 a}- 122 EJ 1250.6, * 1663.7 flZ/Wi \ mJZiOtt 

! •• - - 1 . - -f -v 

24B.5 , 244.0 ; Njl- 1 »a.4! 777.0. 14, w lB.BffiC 

27J.fl‘j 272.1 1 S*. [ 26ajj . 276.9 i2&, ID) ! IS4Jil3 

. . ~ — vcmirnenin was weaner. wnue in 

: ^^htiy lower Industrials Merkur 

Congaimnllc. BH. South and North continued its recent rise on 

Broken RUI gained one or two speculative buying. Hoffman La Australia-? * &48^s bpain w 92.33' : ua««i « 

trents while Western .Mining Roche and Alasahnw wpw ikn i iWtt - t|i»- . l 

closed steady at AS1.68. However, weak shares. .. Bolginm i|» . 98.1« : Ig-K.: Sweden ■ >n.3bG&HziM [ L?Xuji 

CRA fell 10 cents to A83.30 and Domestic Bonds \vcre higher a - *, m oi 1 PW5^' fli4X u J:j- 

Mount is. lost three to AS2.37. while FSreWi n£& «e?e De ° mkI '‘ ■ * U *: •“ SSi£S •"“«**" ■**'. 2i0i '3i* j 

irregularly higher in moderate France >tt»; 90A gfii • ; *7.a 



Share prices eased in light 
trading with currency uncertainty 
dampening enthusiasm, and the 

1 ! ; 14/21 

Germany*" 1 «S7.70 mm 7M.* 
1 m . .. il9.-10, ; tliAi 

Johannesburg •: aoiiand «?;-■ »*.o . 8s.o -jw 

Gold shares were mostly -firmer Hong Kone 67CC45 666.75 J0t-70| «44.4 

ULiStoSSi.^SKWJEKS' 1 ™ iiatv «Z*«. 

Molt Dec. ID». *8 vmtenmtlt IMM- 
1*711 mi Hum sen*. Rmfi tlmi* Tj 
Cn/npnercaie idiiuim ibti " 

Nw inn* nsinin iW* - 
'■CUumt. TWarina-SK w/jg/rr > t 

hnim iMiwnii. i/]/a i*«rM k 
i 'frtmiwi " 7Tdain 1 ir«r)l* : ' -f J. " 

dampening enthusiasm, and the Gold shares were mostly firmer g «ng gong 670A5 666.75 W7.70 1 «44.4 rmim mumnm i/jni ■***. * 

latest IFO report on manu factor- on the Stock Exchange reflecting ' >ronm»™. un.^vr)!* : -.J. " 

ing industries providing little sharply higher bullion indications. Ital * <J “' 7231 71,16 ' i f?6i. ! -• 

Japan ... «6.64 ; «l.Tt ' . 28m-- WEDNESDA1T5 ACTIVE STOC 

NOTES: Overseas pn«> NiftM-n neluw bikj/oi «cnp issue, c Per oiarc i Krano. SmgapOreii) 39U33 3BS.«7 4(9^0 ‘ SIO 
cxclwle t premium. Belgian rtlvlil pruts a Cross rtlv. %. fr Assumen rijvirietKi aim : <3Si ffl/ll *„ J*? : 1 

are alter wntrholflinu lax. . scrip anrt'or rtsbu issue - * Afier Kira' — — = ran aid s- TW lB*. 1 

• DM 5ft riencwi. unless orbenmr wared, turn ra* free, u Francs- inclnriimi * UI ° Oai*-. riuiea au oase vatiuo yw mtnjwn Elec.. 34t*tQ 

relris based on ner dinnenns pins rax. l.'nUac rtlv. p Vnm. u Share srttt sDiv Ift •auxin NVSP All Cnmmon - y Straac Techitc^sy .Jl4,<«i\ : T iU. _. 

V P'a 500 denum. unless otherwise sramd. amt yield extiude spcctal mv-ttikic r Inm Mannarti> ana Knur* — W enn . rnOHim Eastman JCodak-. 29« iBa: 39' 

*DKi IDO /Imam unless otiwnnae sraiert ca«ea ill* a Unofficial rrsrims. •> Mirmnu [n »— l- 1 "** 1 «ie lam uamen naaefl on '973, Sears RoebiK# SKtSsfl ; sVT' . 

4>SwKr 300 rimom. and Bearer Viares hoM»rs oalv. v Merge, peiatlns. ’ Ankert ■ Kxcluriimi ortuftt. 1 “» indmnnais TeKa Con, S63.09& ---'5: 

unieaa ortwranse aisled. *■ V-n deimm. v Bid. STnwied . T Seller. ’AEnmnr 
Iinlm* oihrrtrtse slaieri. g Pnce ar nme *r Ex ngnrs. xrt Bx rilvfifemt xc Rv 
ul Hnspension u Klnrina. h Schillings senp issue, xa Rx all, * lnremn xio«» 

On (A H nilririeitfl after pending r,«tux tnerpaxert 1 -l '71 umtrxe IUR1 -t -onoun Slerllnx Dni'u tnW''..<ii ■■ • 

• ; (3i9i 1 ffl/ll 't 1 

. Pan Am : u . 719.10*. -• V - 

i,uiiiv> alio o<e tiaiea an oase vailrea WesTinsKowo ElK.:33|*tQ ‘ ]t 
in excepr NYSP All Cnmnuw - J** Stragi- TMJmoklsy;SMn\ .Ijiii. 

rnduarriaia T.-lux Coro. K3,o» - ;5: 

•«W' in/iusmala ill UtUmes. «n n nance Into -._... -v ..-.. n i«s 1 9|*. 1 «j *■■ 
riim 7n ITarwonrr 8 SvniHiv All ilminarv Boclna '994. ‘f. 

Heigtsii SK ll/12/n *• nopmnauen SP" Goodyear 333 r B09" 

■2S5^0* ; ‘].a..- 



I't'TA - t-iir,* Um, 


•e» Sterling, phig . 

thrice ' + or ; Dir. TM. 
Dm. - 1 % 

I 'fnwt • + .*■ DWJTI.I. 
! Yen - 1 * : * 

t-i* °r 

Atial. S I — 

Alfla 85.4—0-4 - 1 — . wh«G-r«' 342 -J, 

Viiteux Verocb...: 490 -20 31.8! 3.2 {.aiKm ; 426 1 

UAbF— - 1 136.1-1.9 ia76 6.9 Lh,»xi.._ ! 380 -It 

oeyer.... 1 141.1— 1.3 18.75 6?7 Uri Hnni! 570 '+4 

inner- Uy pi... • 311.0-5.5 88.12; 4.5 Ktu Fhm.i I 540. '+1 

darter Vernal*.' 320xr-4 ' 18 ; 2.8 U I (Ra hi 324 

Cilulm.3e-l.wrfl 159 *4 donria Unto**.— 1 469 —2 

Cum 1 1 terziunk. — | 231.1— 1.9 26^6 5.7 I...... I liUJ 

k'ljii 1 (iuiiniii 70 ■— OJ — ; — • I- • •- 

14 » 2.0 
12 t 1.4 
85 . 1.4 

*4 — j — I dimria Mni.>r> 

*-. liub.„ _!•. 245 

llu-Yitkarfri j 1.81vl 

Im. 1 ► — ..m..... Ja 730 


Viuei«i.- -iiirueoc 

liancvr Un 

Keel bU'iilinuve. 

k'ljii 1 liun iiiii 70 1 — 0-5 — ; — 

I tRinner-beiiz. ....' 343.5 —0.5 28.12' 4.1 

0«R:ii'M ............ J 260 —6 • 17 : 3J !»■■> _ A 730 —40 

Hera* 179.3-0.2 1113.1 1.4.1* : '2.8 10 • 

ih-niaiHwHiuik_... 311.4— 0.3 28.12' 4.5 nen>ju h>en.M : 1.120 —10 

I I re» 1 1 ir rMu Ik . — , 249.5—1^28.12:5.6 m NMImi_ _„. 1 372 +12 

D, ckertaill /emi .! 183.5 -5.U 9.58. 2.6 

(••llelRiirn.nip. — ■ 257 -1 12 1 2 6 ^i^«ni"‘ i3 380 ~i?, 

H-IUuLkjm. . 1U5.0; + Q.9 : 14.D4 6.8 3 '751 '+9 

tw i H8>*.*9'M SSSSffc Si 

SSSrrd .!? ci SSSSKr- ■ 

hau iiml&RLr ■ 160 .— 1 .'14.04 4.7 »|,uu»u.b. : a8Q — ij " 

nurelaitl 329 j— 5 23.44 3.6 .iimdei Ihnn'”'] fiOQ 

*»«H~i - ! 247.5;— 3.5 il8.72 5.8 Ail^tu 770 

jg *— ""“m - - ^sz-sssTr, S" pr 

u”!?.:::::: ::q au;i5i s sat'Ssr-i wl b? 0 

i?!S e -a ; +2 ° 

JIA -' I 225.0-6.5 | 12 I 2.7 Uului KnnnifciZj 286 —2"" 

1 18 | 1.9 
.. 35 l.s 
12 | 2-4 
; 30 0.9 

10 0.4 
18 24 
15 • 2.6 
55 ; 0.0 

12 5.0 

13 2.1 

15 0.5 
12 ' 0.8 

™W .'1.380 ! + 20 1 48 

3«a.>0 Kieulrh......; 247 (—2 ; la 

16la i ibig 

i.vxm oii'iiiinuve.. u'j iu j 

Klu M7..111 1 dbk* I 851 

Kuyal Hk. u( i.aul 35J( ! 35 1 
IIi'vri TniM ...... Ib'g S 1W 

4 re 11 ee « live b 6 

bv*-*raiii' 301+ 80 

bliull (.aiimlM ■ lb 14; 

Sliemii f. Mined 71* 7 1 

biH*rif. II. 1; i 671a 37 

>iiu|i9>Hi pi, bl 

.n kaiiniM..- 2'ilj- 275 
M+lilti k liun.! 3 top 3.6 
li'SRtrii Cmiaiia.i- 1 46 +51 

lull rill ■ -I* rill, lik.l e.1 *0> 

, m II -1. a 11 l'i, cl ail 1 1S3 l"/i 
I nut". MihiijI ilpli 9 8* 

I. limn 1 m' • JOt, I 1Q1 

l nl Mux- Mum 7Jg bi 

"Hike/ Hinnu.... 1 3548 ' 356 
"V-n Cirii-i l null.. 111= l lli 
U'wein Cpi I 19 I 18s 

1 Bid. x A-arerl. » rradtjd. 

II New «torfc 





'luiaiienei lliki. 


rminMic DM ia 
■luein We»i.ble> . 



ju.i 8uuVei 

luv» en A.,.i „.... 


‘ KbA.-. 

» riH 11 3 Weil hfc 


KJSb-U-bJSI 12 12.7 Ulribu Miiiiiw ' JJS 6 —2 • 

178 —1 ilB.114.8 unetA Chennai J 467 '+2 • 

250.5 + 1.5 I 10 ; 2.U ll/K 1.980 +10 l 

18 ! »■* 120 , + 2 

*’? I ~i~ M*yti Memieu... 498 +2 1 

182 1 ns pa fio 1XM 1 

SLo™»yS3 si 

266' 3 ”fa5 128 94 BO ,u h ‘*« j 129 j + 3*"| 

lS ~l‘ g 17Jfl Tig Mn,n> ' 861 T^_ 

188.5 +0.3 17. IB 1 4.5 • 4a«ree NrKhc^ 'AminiMt 

130.6-0.8 9^8; 3.6 

299 -1 18 . 3.0 


wan 247 1—2 , ia 2.4 

Prerab... 1 931 -10 30 1.6 

1*- '1.620 : + 20 I 20 0.7 

- 1.6B0 ; 40 1.4 

U"iine-... 236 —2 • H 2.3 

Chennai J 467 +2 ■ IS 1.6 

— I 1-980 + io ; 30 : 0.7 

v , 120 , + 2 : 10:4.2 

InriiiCL..., 498 +2 1 11 1.1 

•evttAm ‘i|1.0b0 1 H 3.B 

*u\.j ^ 325 .' 12 > 1.8 

- - ! 146 : , 10 3.4 

I 129 1 + 3 j 10 ' 3.9 

U gnt I 861 —4 20 1.2 

4/tnrOe N,KMc seinniiea rokyn 


Pnce +..r 1 Kn*. lYhl. 
Fr.. — 1 Aei “ 

Price | + nr , Dir TM. ^Tjrt " 
ri». 1 “ | t I , | .b.K.(.enirtii..^.'l.l9» 
Civkeru. ...A 420 

rum, ur Sut ! 2.960 

u.B. lunu-Bm |2.4 p0 

oevtutn ; 1.334 

F.340, 2 

*--350' 2 


K.370 5 


F.27.60' 1 

F.3C. 76 

F.32.90! 36 


J-.73.90i tS 
>'.78.90 10 

s45. 5 


&7Q 4 

525' 3 

560 - 

570 2 

V.37.50. 20 

F.40 3 

r.45 - 

6240'. 2 

5rib0' 1 
5L&2 28 

S3u0 50 
F. 142.90 SB 
I'. ISO 31 
F.152.40’ 51 

F.160 18 

F. 161.90 17 

F.170’ 45 

P.171.40-' 93 

P.181 44 

F. 190.50 39 

F. 108.90 2 

F 22.50 - 

P.25 2 

F.Z7.50; 237 

22.10 1 
• IS 1 

12 1 3.90 

' 9S, 

3T fl ; 

! 9.40 

i P.106.50 
1 P.25 

- F. 123.30 

$62 L, 

P. 1 16.50 

mm. you Mh in i-uvruM Ts 


A.B.N. Bank 10 % 

Allied Irish Banks Ltd. 10 % 
America q Express Bk. 10 % 

Amro Bank 10 % 

A P Bank Ltd 10 % 

Henry Ansbacher 10 % 

Banco de Bilbao 10 % 

Bank of Credit & Cmce. 10 % 

Bank of Cyprus 10 % 

Bank of N.S.W 10 % 

Banqtie Beige Ltd. ... 10 % 

Banque du Rhone 10J^ 

Barclays Bank 10 % 

Bameit Christie Ltd„.. 11 % 
Bn? mar Holdings Ltd. 11 % 
Brit. Bank of Mid. East 10 % 

■ Bmwn Shipley io % 

Canada Pcrm't Trust... 10 <?, 

Cayzer Ltd 10 % 

Cedar Holdings • lOj^ 

■ Charterhouse Japbct... 10 % 
Choulartons ............ lb % 

C. E. Coates 10 

Consolidated Credits... 10 % 

Cooperative Bank *10 

Corinthian Securities 10 % 

Credit Lyonnais 10 

Duncan Lawrie 10 % 

The Cyprus Popular Bk. 10 ^ 

Eagll Trust 10 % 

English Transcont. ... II % 
First Mat. Fin. Cnrp. ... 11 {% 
First Nat. Secs. Ltd. ... 11 ^ 

a Antony Gibbs 10 % 

Greyhound Guaranty... 10 % 
C.rindlays Bank tlf) % 

■ Guinness Mahon 10 % 

■ Hill Samuel 510 % 

C. Hoare &. Co flO % 

•Julian S. Hodge 11 % 

Hongkong 4 Shanghai 10 % 
industrial Bk. of Scot. 10 % 

Keyser Uilmann 10 % 

Knows ley & Co. Ltd.... 12 % 

Lloyds Bank 10 % 

London Mercantile ... 10 % 
Edward Manson & Co. lliuf, 
Midland Bank 10 % 

Samuel Montagu 10 Ti 

1 Morgan Grenfell 10 % 

National Westminster 10 % 
Norwich General Trust 10 % 

p. S. Refson & Co 10 % 

Rossminster 10 % 

Royal Bk. Canada Trust 10 % 
Schlesinser Limited ... 10 % 

E- S- Schwab III**?, 

Security Trust Co. Ltd. 11 

Shenley Trust 11 % 

Standard Chartered ... 10 % 

Trade Dev. Bank 10 <r n 

Trustee Savings Bank 10 % 
Twenties Century Bk. 11 % 
united Bank of Kuwait 10 % 
whileaway Laidlaw ... 10J^ 
Wil jams & Glyu’^ ... 10 % 
Yorkshire Bank 10 % 

I MimVn uf pjp AccvDiins Hoikw 


;-daj Ci-pouite 7*. Mflomh dipo»jik 

-^0 ' - 
+ 5 . .116 
■ 100 

l ■ — 

, 177 

+ 3U ,430 

' .170 

:— 10 >150 
-16 j 8a 
-5 | 90 

•vtfilivti-ftuii ...... 7. 100 

2.6 |o) | 738 . — lie ; go [6.8 

vieuig Mawmumil.950 I— 105' — j — 

rlSSi di iJ 1 t TK l Jy on w* 05 01 FW.wo 

C.nndlays Bank tlf) % undw w, uo , 0 ^.uoo rw. 

r- ■ ,, , „ _ _ unri ofvr tii imn r»': 

Gui on ess Mahon 10 % . . 

” - call riwpomtF over a .W0 7"r. 
Hambros Bank 10 ^ » Demand 4- WIL , Vf - 

* mi Uiuiuum,... 141.5— 1.7 I — . — 
•'trilKwi (*^Ui.... 43.3—2.7' — [ — 

. Ii.ii|» in. 1U,... 25.2 — U.4 17 1 6.8 

■mil (JiVrt^.j;,; 6g _ a .2 — ; _ 

»d«ii. | 16481—1.3 A2&I; 7.6 

inuiiu., I 134.5— o.a - I- 

Uriiriiluil-i. V>._ 122.9-0.1 10.3’ P.8 

Uuidni-.J’ j 122.9—2.8 Si.ft 8.8 

riveiioni, I 236 —4 I 40 8.5 

itiiiiCiipiPl.A. j 108.8 —1.2 I 87* o.a 
'auiKu.H.b.. ' 139 ’—3 ISQ.50 0.5 


I + ot! Div-FM- 

^itcin tt ■A.’j.-.l 
Vi'in Uv'.m.* 

4 i .1 ii.H- 1 i.l 

134.5— O.a — i - Vim — ll.Oll) —10 

122.9 -0.1 10.3 a.8 .lL 'A jl.ftoU 

122.9 —2.8 (SS./b 8.8 .u«Ue«\ Pi.ldil 970 +5 
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Un- I - I 

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Banco Ocmrai ... 

Banco Bucnm 

, Banco General ...... . 

Banco Granada fl.BOOl 
Ranro Rltparw _. 
Banco Ind Cat. f J n«li 
«• infl Mrriircrranvo 

Banco M.irirfd- ... 

Banco Posulac . ... 

Ranro Samandet- <8»i 

Banco nrtnjfio n.flOOi^.. 

B.inco Vi ware' 

Banco- Zartsotanb 

Banos mrialwla'..^...... 

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Gxl P*prt >r inx - -JT 
2r*"? Vetoa«e» -»280) . 

Financial Times Thursday October '26 1978 


)f the 

f Giles Merritt 

'-^ylERE can be few more in- 
‘ guiug political spectacles 
in a really well-ordered crisis, 
e present Belgian Govern- 
nt crisis is the 34th since 
■ outbreak of the last world 
*"-v r. and its underlying serious- 
\s tends tn be cloaked partly 
its air uf solemn ritual, 
rtiy by its occasional touches 
comic opera. 

During the eight day hiatus 
ween Prime Minister Leo 
idi-mans tendering his C.ov- 
■^iment’s resignation to King 
iulouin and a caretaker 
ni nisi ration being formed on 
luber 20 by M. Paul Van den 
ey nan's, the casual observer 
Brussels must have been 
nek most of all by the Bel- 
. ns’ saunguine reaction to the 
jation. As former Defence 
nister M. Yanden Boeynants 
4 “- s ,u?gled to reconstitute the 
idemans Government, and 
is avoid the need for a gen- 
ii eleelion, the country’s poli- 
'il leaders were ushered in 
i then out of King Baudouin's 
• -sence at a speed reminiscent 
a Feydeau farce. Yet life in 
Igium seemed unaffected and 
• ny newspapers fell quickly 
. o the habit of confining -de- 
ls of the crisis to specific sec- 
- ns so that it would not con- 
. t with everyday news values. 
^STie position at present is that 
Vanden Boeynants has 
•laced M. Tin demans at the 
id of exactly the same 
/eminent line-up, and once a 
nber of fairly urgent legisla- 
: tasks have been performed 
t interim Government will go 
the country. An election is 
reforc due at some as yet 
; pecificd point between two 
— ^fcs and two months from 
v. And as one irreverent 
Igian Cabinet Minister 
narked last week, the timing 
■ J1 to some degree depend on 
e first wave of th e sports 

Thursday October 26 1978 


The Belgians have accepted the resignation of Prime Minister 
Leo Tindemans with impressive calm. But it is a calm that 
will be put to the test in the forthcoming general elections 
as well as by. the impending crisis over the country’s language 


d'hiver holidays. 

The formation of M. Vanden 
Boeynants’s caretaker Govern- 
ment closes only the first 
chapter in the current crisis. 
With the inevitable political 
jockeying and the heat often 
generated by electioneering, the 
danger is that by early next 
year the present cairn atmo- 
sphere may have greatly 
deteriorated. In Brussels’s 
political circles there seems to 
be a growing body of opinion 
that the eternal straggle 
between francophone Walloons 
and Dutch-speaking Flemings is 
approaching a watershed. 


The possibility now is that 
the rcgionalisation plan de- 
signed to defuse the language 
problem by devolving greater 
powers to three autonomous 
regions — Flanders, Wallouia 
and Brussels— will be over- 
taken by pressures to divide the 
country between the two lan- 
guage communities. The - logic 
is that since neither language 
bl : can apparently tolerate the 
other enough to agree even 
minor compromises, the best bet 
would he totally parallel eom- 
m uni lies, each a separate state 
within a federal Belgium. 

Considering that the language 
division in what is now Belgium 
dates back to the fifth century, 
when the Romans withdrew 
south to roughly the line that 
still divides the country into 
two halves, little enough pro- 
gress has been made. Why then, 
in a Belgium where the stand- 
ard of living is quite noticeably 
among the highest in the world, 
is the quarrel becoming more 

The most convincing explana- 
tion is not the one most often 
advanced — that the Flemish 
community is determined to 
consolidate the political and 
economic gains achieved in the 
past 50 years and therefore can- 
not help pushing the Walloons 
at every chance. It is instead the 
explanation' offered by a senior 
cabinet minister that rings 
more true. He suggests that the 
modest and cautious steps taken 
in the comparatively recent past 
to effect compromises— particu- 
larly in the outlying parts 
of predominantly francophone 
Brussels that have invaded the 
Flanders heartland— have made 
matters worse. 

The jealousies and misunder- 
standings thrown up at muni- 
cipal level by the language 
quarrel seem petty enough to 
outsiders. One of the more 



' jj PPjP 

■ •• -V* 

M. Paitl Vanden Boeynants, at present head of Belgium's 
■ caretaker Government. 

celebrated recent rows was over 
notices in a railway station 
booking hall. They also seem 
irrelevant to many of Belgium* 
top Ministers grappling with 
the serious economic problems 

of the country. But the 
reminder that these grassroots 
rivalries could torpedo a promis- 
ing political career is usually 
enough to make the members 
of a Belgium Cabinet retreat 

back into party loyalties for 
reasons of self-protection. 

Because of all this, Belgiao 
politics are intricate and some- 
what impenetrable. They are 
also made more confusing by 
their three-dimensional quality. 
Oh top of the Flemish-Walloon 
dimension there is a national 
divide between Social Chris- 
tians, who are roughly-speaking 
Conservative, Socialists, Radi- 
cals and Liberals. What sort of 
government will emerge after 
the election is still anybody's 
guess, for Belgian voters are 
notoriously volatile, but the 
choice lies between three sorts 
of ruling coalition. That 
assumes, of course, that the 
language war will continue to 
allow political alliances bridg- 
ing the Community gap. 

It is feasible that M. Leo 
Tindemaos’s own CVP Flemish 
wing of the Social Christians 
will make enough electoral 
gains for the former Prime 
Minister to make a political 
comeback after only weeks in 
the -wilderness. That would, 
ironically, confound his own 
enemies inside the CVP whose 
opposition to the outgoing Gov- 
ernment’s regionalisation plan 
precipitated the present crisis. 
In that case. M. Tindemans 
might he able to reconstitute 
the -coalition he had, represent- 

ing 82.5 per cent of Belgian 
votes — his CVP plus the franco- 
phone equivalent command SO 
seats in the 212 seat Chambre 
des Representants lower house, 
and the remaining 92 seats on 
the Government benches are 
provided by the Socialists’ 
francophone PSB. their Flemish 
BSP opposite numbers, the 
radical Front des Democrates 
Francophones and its Volksunie 
(VU) Flemish equivalent. 

Alternatively, there might he 
a slimmed-duivn governing coali- 
tion or there might even be a 
grand alliance taking in just 
about every political hue except 
Belgium's vociferous if impotent 
Communist Party. It depends 
on the election returns as much 
as on the changes that may be 
made to the Egrnont Pact that 
was the base of M. Tindemans's 
region alisati on plan and conse- 
quent proposals fnr changing 
the Belgian constitution. 


Wbat must be clear is that 
on a day-by-day basis Belgium 
is necessarily a country that 
governs itself. The uncertainty 
produced by the shifting sands 
of Flemish-Walloon politics 
has in the last 50 years or so 
given birth to bureaucracy that 
is competent to the point of 

stifling. It is perhaps a con- 
sequence of the fact that 
Belgium must be the original 
man-made slate. The heavy 
hand of the Belgian civil ser- 
vice, and its inflexible inter- 
pretation at the regulations, 
often seem an over-camr>en*a- 
tion on the part of o country 
that is fated never to be a 

Yet Belgium's political elite 
is well aware that the chronic 
tension between the two cum- 
in unities eclipses muen more 
serious economic problems. The 
golden days of the Belgian 
economy, when during the 
1950s the GNP increased at an 
average 4.5 per cent yearly 
thaDks to growing world trade 
and booming foreign invest- 
ments. are now over. The coun- 
try now wrestles with high un- 
employment that risks gain*? 
higher than its present 6.7 per 
cent because of outmoded 
heavy industries, stagnant in- 
dustrial output and a currency 
relationship through the Euro- 
pean “snake” that means it can 
neither escape nor greatly 
benefit from membership uf a 
West German dominated econ- 
omic zone. GNP is this year 
likely to rise 2 per cent, an 
improvement on the 1977 in- 
crease of 1.2 per cent, and next 
year's figure is being forecast 
at 2.5 per cent. More positively 
Belgium has been successful in. 
bringing the inflation rate down 
quite drastically — during the 
course of this year it has 
dropped from an annual rate of 
well over 5 per cent to under 
4 per cenr. 

Belgium's economic and 
social difficulties require deter- 
mined long-term programmes if 
they are to be solved — strategic 
thinking rather than the tactical 
stabs that governments have so 
far been limited to by the 
political impasse. But the 
urgency of that need 
is sometimes disguised from 
the Belgians themselves by *he 
affluence and cosiness of their 
lives. There cannot, after all. 
be many countries where there 
is a minister responsible for the 
well-being of the middle classes. 
It may also be that, despairing 
of agreement among the poli- 
ticians because of the language 
rivalry, many Belgians must he 
forced to put their faith in the 
sort of curious political tech- 
nique that has been ascribed to 
B£. Tindemans. According to 
veterans of his lengthy cabinet 
meetings, he had to rely on 
44 the consensus of the 



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Financial Jimes Thursday Octoter . 26 l?ra 

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ONE OF the most striking 
aspects of this month's Belgian 
Government crisis has been the 
emphasis it has placed on the 

In many ways it has been 
paradoxical, for the crisis was 
as with previous Belgian poli- 
tical difficulties — born out of 
the tensions of two rival com- 
munities. rather than out of the 
problems of managing th'c coun- 
try’s economy. 

Yet, parallel to th:- drama of 
the Tindemans, Government's 
resignation and the ensuing 
inter-party horse trading, there 
has been a noticeable preoccu- 
pation in the Belgian Press with 
economic management 
In what appears to have been 
a reaction against the perennial 
pettiness of politicians en- 
grossed in the Flemish-Walloon 
struggle, opinion on both sides 
of the community divide has 
been insisting that the crisis 
was an irrelevant nonsense. 

Notoriously, politicians tend 
to have a better sense of the 
issues that concern the elector- 
ate than do newspaper leader 
writers. So it may well be that 
the Government crisis was less 
of a charade than has been 

Equally, the politicians’ 

critics have been justified in against speculation, despite the 
pointing out- that the crisis strain imposed by the L.S. 
diverted governmental time and dollar's protracted crisis, 
attention away from Belgium's All the signs are that 
pressing economic difficulties. the Belgian monetary authnr- 
For all its outward appear- ities will continue to resist 
ance of still being among the devaluation, 
world's richest countries. Bel- The National Bank reportedly 
gium faces an uncertain econo- has BFr225bn in net external 
mic future. In an EEC context, assets which it would, on past 
the country how qualifies to a showing, not hesitate to commit. 

. . . . . lfLrfol' nil! 

surprising extent fo share with West Germany’s 10-day old 

Italy and Ireland the tag of revaluation inside the European 
having an economy that is snake of 2 per cent against the 
“catastrophic' though not yet Benelux currencies has done 


• There are three main prob- 
lem areas: unemployment that 
at 6.7 per cent is the second 
highest in the European com- 
munity. State spending that is 
so stubbornly high that Belgium 

something to relieve that 
pressure, but the fact remains 
That the adjustment is seen in 
Brussels as too small to change 
the situation greatly. 

There is a widely held view 
that Belgium is still in an un- 

may be forced unwillingly back enviable position in its relation- 
into the hands of foreign lend- ship with the German economy, 
ers to help finance it. and the For «t cannot indefinitely mam- 
future of the. Belgian franc. tsin the deflationary disciplines 
Underlyin g these three areas that its export industries require 
is the thorny question of indus- to keep their German markets 
trial reorganisation and rcstruc- if Belgium’s employment neeas 
turing, for Belgium is a com- are to be satisfied. 

para lively young country whose 
economic roots nevertheless go 
almost as - deep into the 19th 
century industrial revolution as 
do those of Britain. 


At the same time, the Belgian 
franc may not be able to vrith- 


Area 11,782 sq miles 

On the credit side, Belgium stand indefinitely the strain of 

has won a determined battle keeping step with the Deutsche 
against inflation. At the cost mark and it was noted sombrely 
of its alarmingly high un- enough in Belgium, as else- 

employment rate and of where, that the dollar s con- period, while the presence of a has yet to make its mark.- Bel- 

industrial output so sluggish tinued decline was 

There is, in any case, ar_groW 
barely ruling coalition that represents gium is the spiritual home of ing debate as , to; whet h£ 



GNP (1977) 

BFr 2.883bn 

Per capita 

BFr 267,000 

Trade (1977) 


BFr L442bn 

the Netherlands. dominated economic zone, but But it is also true to say that Sociele Rationale, d’lnvestisse- at the expense of *cbnsumfe!i 

Towards the beginning of this they certainly cannot afford to the present unemployment merits is still being debated, expenditure.; . 
year, the annuaUsed rate had leave it phenomenon highlights the Bel- particular with regard toits In any event thfeBeT|ianSrtV 

alreadv dropped to an encourag- To a very large extent, as a gian economy's two funda- lame ducks policy. •• • eminent tecehtif ' reversec 

ing 5.4 per cent, while this small industrialised country mental weaknesses. Public financing' policy* am 

summer the consumer prices that relies so heavily on its The first is that unemploy- _ rjr “5™ “ negotiatedits-first foreign- Joa; 

Imports from UK* £l.S4hn index slowed even further to foreign trade, Belgium's ment of the present order will ° for ten years in the &ape o’ 

an annual rate of increase of 3.7 economy depends on decisions remain a major problem in «o*ernni.iu promises to cur a rev skw vw~- «*2L'. ' 

per cent. made by the major powers. 

The Belgian authorities, in But it also has urgent domes- 

Ex ports 

BFr 1.344bn 

Exports to UK* 


Currency: Franc 

£1 = BFr 57.10 

BFr 60.85 (financial) 


competitive as possible with have tended to dismiss the im- in the Flemish industrial region. 

Includes Luxembourg 

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Its activities extend from basic chemicals 
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In several fields, Solvay is numbered among 
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the West Germans and the portance of the unemployment around Antwerp, but the base Tlpht 
Dutch. Those two countries figures, arguing that even industries of steel and textiles, 
account for almost 40 per cent before the worldwide recession, on which much of Belgium's 

i wuunii a mujvi uivutciu in , . - , . ■ , • , 5L BFf SbP 

Belgium for the foreseeable: ijwg deficit' 65brf iMs for InterT,atiooil {.SettleineMs:'' 
me ceigian ^minorities, in om u anu ima u» www future. Chemicals, petro-chernt- PTOprtpfl tn hit RFV 10 nuL thic The 
short, have done everything tic problems that must be cals and automotive products how^r Ts 

possible to remain as tackled. Belgian economists have made a tentative recovery year y ?IS€ aboVe tbat " growth th^ i xan* ~ 

This /.vear ^;:dffiHa^ f<mecas . 

of the external trade that Is structural unemployment wa. prosperity built, areln Sv. th *SS, e ®f 'utedeS-S™ ■ 

itself equivalents around half around 4 per cent and that the same serious decline, as else- ihmSi fhaf '*• - 

of Belgium’s GNP. figures have latterlv been where 4 lb0 . ugn • become no It is.flffifej^dssnzkimpEove - 

Drastic deflation has been swelled by maned women Los- Expensive restructuring pro- hei^hV^ S Th *th° me J l 

needed to maintain the Belgian ing jobs in service industries. grants are ntfkeTKt Bet 

franc’s parity with the It is true that Belgium’s ex- turn's deflationary polities and SmT? t •! 

Deutsche Mark inside the joint treraely liberal social security high interest ‘rates have Jj? e method ^fiiStoiTtor &&&&& - 

flnat of the European “ snake.” system and its unusual politics militated against that. recourse^! h^drmSi p S the - 

and during the past 12 months both insulate the country Public investment is one market has^ olSES'-iSSJS , of " 

c f' ’ n ' ate ' ! « ,m " f more than against the political repercus- answer. alrhougli even rates steadrlv P unw^rriT " 0t 
BFrlOObn has been spent on sions of unem pi ovment ^-benefit BFr 205bn public works pS Stiped ZnXe StiMe'Jtar 

de ending the Belgian currency can be paid for an unlimited gramme, launched this year, of funds. ; \ . ^ GifeMcfflt' ■ 

" i ■ . > : 

Heavily committed 

V ?’ .~"-Q v 

to nuclear power 




Faster dispatch, 

both for dry cargo vessels 
and tankers. 


B-2000 Antwerpen Oude Leeuwenrui 25 


EVER SINCE the oil crisis a 
major energy review has 
brought bad luck crashing down 
on the Belgian Government. 
The first one vas completed, 
presented to the Cabinet and 
then the minister died. 

His successor decided a more 
detailed study was needed. 
Eventually he, in turn, pre- 
sented this to his Government 
colleagues. But the Government 
fell within the week. 

The latest— a 30&400 page 
white paper — was on the agenda 
for the Cabinet meeting of 
October 20. The Government 
resigned on October 11. 

The white paper thus remains 
in limbo — and strictly confi- 
dential. If the present minister 
for economic affairs, Mr. Will 
Claes, a socialist, keeps his job 
in the new Government, then 
it is still possible that the plan 
will be published as planned 
in November in time to be 
debated in the Belgian Parlia- 
ment before the end of the year. 

Despite the tight secrecy 
surrounding the white paper, its 
broad outlines are known. It 
will be in line with EEC and 
IEA guidelines, with emphasis 
on energy-saving, research into 
new sources of energy and. no 
doubt, continued commitment 
to nuclear energy — though with 
much emphasis on the need for 
safety, security and continued 
research into ways of disposing 
of the radio-active waste. 

both underground and surface 
workers has fallen from 154,000 
in 1956 to only 22,700 last year. 

The last of the mines in the 
traditional mining areas of 
WalJonia in the south are due 
to be closed by 19S2. 

But even Campine is now in 
doubt. Productivity last year in- 
creased, and total production 
rose slightly to 6.3m tonnes. 
But losses still jumped from 
BFr.- 714 to BFr. 963 per tonne, 
(in the southern mines already 
due to be closed, losses ran at 
BFr.3.090 per tonne). The 
Government subsidy to the coal 
raining industry as a whole 
jumped from 7.2bn to BFre. 
8-5 bn. 

That debate may have to be 
delayed because of the collapse 
of the Tindemans' coalition, but 
if and when it takes place it 
will be the first time Belgian 
MPs have ever debated nuclear 

Belgium's rapid development 
of nuclear power has, in fact, 
been almost entirely due to 
private entirprise. on the prin- 


The politically sensitive areas 
are coal and nuclear power. On 
present plans (drawn up in 
1975) coal mining in the C am p- 
tnc region of north-east Bel- 
gium is to be develooed to reach 
7m tonnes by 1985/ This would 
provide about half Belgium's 
coking coal requirements., and 
would help reduce dependence 
on imported supplies, and above 
all would save a few jobs. 

The number of people em- 
ployed in Belgian coalfields, 

Belgium already has the high- 
est dependence on nuclear 
power for electricity generation 
of any European country, if not 
the world. Already 25 per cent 
of its electricity comes from the 
atom, and on present plans this 
will reach 50 per cent hy 1985. 

However, opposition is grow- 
ing in Belgium, as elsewhere. A 
recent local referendum at 
Andenno near Namur in the 
south of the country voted over 
whelmingly against a proposed 
new nuclear plant. 

Despite the cold wet weather, 
75 per cent of those entitled to 
vote turned out, aad S3 per 
cent of them voted “non.” 

The naes were the equivalent 
of 64 per cent of the adult 
population of the area-— a sharp 
rebuff, to Intercom (Societe 
Intercommiinale Beige de Gttz 
ct d'Elcctricit SA), the company 
which wants to build the plant 
and which had spent consider- 
able amounts of time and money 
trying to persuade the Andenne 
people to boycott a “meaning- 
less " referendum. 

One result of the referendum 
is that Parliament has been 
promised a debate on nuclear 
energy in December, as part of 
irs discussions of tile white 

ciple that what is good for recent law: has virtually giv< 
business must be good for the Central Government repr 
Belgium. ■■ sentative the power of veto i 

But the private sector's the industry’s- supervisory.- cbi 
unique grip on the entire energy mfttee, and states that Stt’ 
sector Is slowly but surely owned credit institutions ml' 
being weakened. Less than^five . be given . preference to allt, 
per-cent of the country’s power them to buy up to 25 per ce; 
is produced by murricipafi and of . any new capital raised 
provincial authorities* but- -a the private utilities. 

■ continued’ on next page ' 




















19 Ruede la CtianceJIdrje 
Tel : 21 9 43 63 / 

/:'$ Apjptelh] iSlrtsfifift. >:? 
■ i jeimMsj : : ± 

K - 

Financial Times Thursday October 26 197S 



T •* 

t V , 



- - - «Trtr. * - 

\ Tta* entrance to the National Bank of Belgium headquarters in Brussels. 

Putting faith in 

the snake 


^ jjIUM IS a small, rather But. 10 days ago the Belgians While the National Bank said the steady growth of the 
> nut ricn country and with themselves coiled for the secret claimed it did not want to budget deficit means it bad to 
Vy uJ than. Klin inhabitants has meeting of snake finance damage such fragile chances of open credit lines to the Govern- 
than its fair snare ui ministers at Chateau Senningen economic recovery as e lusted, it nient for such long periods that 
^ .trial wealth. just outside Luxembourg, which was forced at the same time to this could severely restrict its 

Tindemans Social decided on a 4 per cent revalua- raise selected interest rates by ability to regulate liquidity on 
ma n /Socialist coalition lions of the Deutsche Mark 2.5 points to 8.5 per cent the domestic interbank money 
rnment has fallen because against the Danish and Nor- tighten domestic credit by market 

uernal divisions over the wegian krone and a 2 per cent placing a floor on the amount Some observers expect the 
mial problem of Belgian revaluation, against the three of Government securities held Government’s budget deficit to 
cs— how to move towards Benelux currencies. by commercial banks and to cut rice tn BFr lOObn next vear 

cs— how to move towards Benelux currencies. by commercial banks and to cut rise to BFr lOObn next year 

tore federal system of Unrelenting pressure from back op the use of short-term f^m BFr 80bn in 1978. while 

rnment and maintain the the foreign cxchauge markets domestic credits made by Belgium’s net borrowing re- 

.ate linguistic balance 0V er the previous two months companies. These had been quirement may increase tins 

-vn the Flemish com- an d t he loss of over BFr 6Gbn manipulated by firms making year by BFr 240bn after a rise 

ry in the north and the from reserves made the Belgian uses of leads and lags in export 0 f nearly BFr 160bn in J977. 
ions from the south. Government, even a caretaker and import trade during pro- Belgium’s total long - term 
is running sore is aggra- one. call a halt. Apart from the vious currency crises to specu- internal indebtedness to the 
by the tact that new nigh obvious and dramatic impact of late against the franc. domestic banking system now 

oLogy industries such as such large-scale capital outflows. On top of these recent Gov- tops a staggering' BFr 1,300 bn. 
and chemicals have been the hidden damage being caused ernment restrictions Belgian ^ officia i argument a r, ainst 
p in Flanders, while the to Belgian Industry by the un- banks have for a longtime had a furmal devaluation of the 
mines and steel mills mitigated defence of a strong to face further limits in their franc is that the sharper selling 
/al Ionia are gripped by currency and the growing efforts to ensure a smooth flow cd o e f ar its exports would only 
sion. strain this put on the domestic of ready money to all sectors b e%phemeral, and the advant- 

wever, at national Govern- banking system were other of industry through direct com- aoe ga j ne d wou id not work 
level the country is turned major factors in the decision to petition on the lending side through quickly enough to the 
new official mythology try to force the Germans to from the Belgian treasury. economy to cut back unemDlov- 
h maintains that it must ac t Things became so bad that ment ease ^ country 0 ut 

a strong currency and Politically the Belgian .Gov- even the National Bank felt 0 f recession 
nd the existing parity of ernment was unable to accejpt a moved to complain in its annual ^fae costpus h on prices of 

Belgian franc to the bitter devaluation of the franc, so. report. It said the size and j mpo rted raw materials would 

against Belgium’s main Bonn had to be persuaded to growth, of tbe chronic Belgian b(? feJt much qu ] C k] y j n 

ing partners in the Euro- carry the can. The Belgian public authority budget deficits a C0U ntiy which has to import 
i snake currency system. Finance Minister Gaston Geens put unfavourable pressure on virtually* all its basic needs for 
lis policy is even, under- justified the revaluation by economic growth and employ- ^ processing industries, 
ten by tbe main opposition saying that Belgium "had ment and were hindering the Behind this argument is the 
y, the Liberals, under remained in the middle position recovery. The bank said the fear that hard-won ground in 
<er Finance Minister Willy inside the snake. ' Treasury was using it as a per- ^ battle to reduce inflation 

lereq. About 45 per cent Pressures had built up on the manent means of refinancing W0U ) d he lost overnight. 
Belgium’s foreign trade is Government inside the country instead of as a temporary Belgium is jealously guarding 
ed out with the other five because Belgium’s main coin- lender, and this inelastic demand curreot record 0 f inflation, 
bers of the system, panies were being forced to for funds added to the pressures running at an annual rate of 
ind. Luxembourg, Den- bear the brunt of the higher preventing long-term interest under 4 per cent| which makes 
Norway and West interest rates needed to attract rates being lowered as they it ^ most successful indus- 
lany ( which alone accounts money back into Belgium and should. In a parting jibe the trialised country in Europe after 
:5 per cent;. away from the powerful D-mark, independently minded bank West Germany. Inflation has 

been halved in three years and 

r -| prospects are for the current 

1 1 1 r* I V CONTINUED FROM PREVIOUS PAGE account balance of payments 

» W-V/J.W'd-X position to be in balance this 


However, membership of the 

is understood that this right due to the crisis in the steel has been postponed until 19S2 snake, with its relative exchange 

:5 per cent/. 

be exercised in fuil where industry. 

to allow time to complete the rate stability, and the structure 
imports facilities needed both in Algeria of the national debt have 


1 ‘ V' 

wet gas ” from the Ekofisk scope for increasing imports. 

3 in the North Sea. A major liquefied natural gas 

i ports last year however terminal is to be built on the 

There are lots of 
Commodity Brokers 
but there’s only 
one Merrill Lynch 

CaS&Sfc V 

ear power is involved. But while gas imports facilities needed both in Algeria 0 f the national debt have 

hatever the opposition to increased 1U times between and Belgium. meant that currency instability 

ear energy, it is going to 1967 and 1974, they have a short coast ai)d ]ittle cause d by the falling doUar has 

hard to do without it. levelled off since then and short Belgium’s share of the not exerted such unbearable 

ium still imports gas from of a new major find nearby in j^ ortb 5^ od bonanza has been pressure on the exchange rate 
and. manufactures its own Holland, the North Sea. or in mainly Unrited to Petrofina’s 30 for membership of the snake to 
1 gas, and also has access Belgium itself, there is little in ^ Ekofisk become too expensive for a 

wet gas ” from the Ekofisk scope for increasing imports. FieJd j ^ Norwe ^ an se .. tor country with over BFr 200bn of 
i in the North Sea. A major liquefied natural gas * immediately available foreign 

jports last year however terminal is to be built on the fBe group also has a 16.-6 currency and go i d reserves at 
.* slightly down, at 34.2m coast at Zeebrugge to handle per- cent share of gas deliveries disposal.' i 

.es coal ’ equivalent, partly Algerian gas, but the project * > ro .™ Hewitt Field in the j n t fr e j a test realignment the i 

1 r r British sector, and is a partner Belgian Franc only lost ground 

in a number of prospecting ag ainst the D-mark (2 per cent), 
groups both in the North Sea However, leading Belgian 
r „ | , — 313(1 elsewhere. exporters, who are feeling the i 

i rfVf In 19/i the group's produc- pinch from Government policies 1 

Uvli/ C4X W AU 6.J v* tion of crude oil totalled 7.13ra aimed primarily at reducing 

m auT. jtl ,4-rr TDP-i rrt nlf-rimfT-r tonnes, with 3.4bn cubic metres inflation, have called vocifer- 

I ^QI Ml 1 1 lC lO.1 1 y 55iOKdrS of gas - , ^ 33S compares with total ously fur an outright and larger 

- - — consumption of Petroleum pro- Franc devaluation. Several 

1%1 4-n A««AV A#«|vT ducts of some 22.2m tonnes in university professors, who do 

UUL UlvlV 9 Uluj 1977. ‘ nut have to please the voters 

_ T w,— . Before the oil crisis, demand by performing the delicate and 

OYl£ iViermi UVUCU had increasing at 12.5 per difficult task of reducing costs 

■*■»*»’**■“* *V . cent a year for 25 years. But and unemployment at the same 

r _ despite, resumed growth in the i' rae > have added weight to the 

\ demand for transport fuel, last open debate in the past few 

• Jk year’s total consumption was months. A leading Government 

stilL some 13.6 per cent below official, the director-general of 
, . the 1973 peak of 25.7m tonnes, Bureau for Forcigo Trade, 

L ^ \ Had it not been for the oil demanded a limited devaluation 

/ cn^s? lorn's totS ^demand of the Franc to give Belgian 

T.! ^nr "jAlw* for primary energy would pro- 3X1(1 exports m ore 

bably have reached some 83m breathing space away from the 

tonnes nil ^valent (MTOE) 

#1 estimated 45 MTOE last year. . ventiona , wisdouj of ^ 

J mf ~ xk W Wy Stretching the graphs to 1990 superiors. 

fT***' jPv i - points to around 65 MTOE. On the more esoteric side of 

~-i%u though clearly a great deal will monetary policy the National 

~ _ depend on the options set out Bank continues to reject the 

The Benelux & Scandinavian- in the forthcoming white paper fashionable money aggregate 

Regional Commodity Office of and ° n the final choices made theories practised with limited 

s ’ by the Government success in West Germany and 

Merrill lynch N.V. D« P „e its ^ de . 

.... _ __ ' . „ r _■ pendence on the atom, Belgium P OI “T virtually nu euect 

30 Korte Hoogstraar^ 30U GL Rotterdam, imports just over half its energy 0 " **“ ^yP e oE domestic price 

Td. 010 -144344, tx. 26466 A1LRDNL requirements. By 1990. with {P 88110 " now ram P ant in 

coal production perhaps com- .. _ . 

pletely closed down, and oil _ ^ t atj0 “’ ^ 

and gas reserves in Petrofina’s fou ^ ht b Z s V lct ®? ntro! of 

blocks running down, it seems IJgf- el .^. er SS^Z 

> certain that dependence on im- l iated, __ 

— : ■ nnrtc win ho V » tn tonromhm measures such as limits on tbe 

; 1 Sharov increase ^ of raonetary aggregates 

. V y* - ■ or interest rate policy will not 

V* ..r^ Whatever tbe objection by put a brake on it And that 

locaI votersi » therefore, it seems means that Belgium must put 

® ’tty*' inevitable that Belgium will re- its faith in the snake again. 

6 M Kilim Kama main one the countries most Even if that condemns it to 

LIUV 10 S OUllil llCXv heavily committed to nuclear wriggle on into the future 

W T»l<»n1ume:ar-422a4Rfi power. inside that fast-changing reptile. 

The Benelux & Scandinavian- 
Regional Commodity Office of 

Merrill lynch N.V. 

30 Kotte Hoosstraar, 30U GL Rotterdam, 
Tel. 010-144344, tx. 26466 MLRDNL 

Bovis I 

build here 

Telephones 01-4223488 


The Northern Part of Belgium 


FLANDERS has the most concentrated road 
and railway network in the world. It is 
crossed by six international freeways and is 
linked to all European networks. . 

FLANDERS has a waterway network linked 
to the large seaports of Antwerp, Ghent, 
Zeebrugge and Ostend and to all European 
waterway networks (France, Germany, Swit- 
zerland, the Netherlands, etc.). 

FLANDERS has an international airport, i.e. 
Brussels National airport, operated by Sabena 
airlines, and has connections with 37 inter- 
national airlines, Unking Brussels with air- 
ports in all the other continents. 

FLANDERS has four large seaports: Antwerp, 
Ghent, Zeebrugge and Ostend. Antwerp is 
the third largest in the world, and specialises 
in the loading and discharging of cargoes and 
containers, with the shortest turn-round time. 
Only in Antwerp do about 18,000 seagoing 
vessels arrive with 67 milUon tons of cargo. 

FLANDERS has one of the most specialised 
and productive labour forces in the w r orld. The 
highly skilled labour potential is maintained 
by the existence of a widespread network of 
technical schools. 

FLANDERS has numerous scientific research 
centres and universities promoting co-opera- 
tion between industry and fundamental and 
applied research. 

FLANDERS has about 120 completely 
equipped industrial parks of between 10 and 
more than 1,000 ha. close to the seaports, air- 
ports, railroads, freeways and waterways. 
These industrial sites form an attractive pool 
of multinational, small and large enterprises 
and sub-contracting firms creating a highly 
rewarding complement between producing 


The Belgian expansion laws are equally 
applicable to foreign investments. They pro- 
vide for substantial aid in a variety of ways. 
In some cases government aid can reach 21% 
of the amount invested. 


Each Flemish province has its own Regional 
Development Authority, w’hich is entirely at 
the disposal of the potential investor for all 
kinds of information concerning industrial 
sites, possible location, connections by road, 
rail and waterway, the labour market, etc. 

They will provide you with all necessary assist- 
ance in your investment project. 

G.O.AL Antwerpen 
Desguinlei 102, P.B. 13 

B-2000 ANTWERPEN teL 031 37 79 94 
Chairman: A. Kinsbergeu 

G.O.M. Vlaams-Brabant 

Lenvensestraat 29 

B-1800 VJLVOORDE tel. 02 251 51 71 
Chairman: C. Van Mellaert 

G.O.M. Limburg 
Kunstlaan 18 
Chairman: B. Croux 

teL 011 22 29 64 

G.O.M. Oost-VIaanderen 
Internationaal Congrescentrum 
Floraliapaleis, P.B. 6 

B-9000 GENT tel. 091 21 55 11 

Chairman: H. Van Steenberge 

G.O.M. West-Vlaanderen 
Baron Rnzettelaan 33 
B-8320 BRUGGE 

Chairman: U. Defamv 

tel. 050 35 81 31 


Office of the Secretary of State 
Mr. R. van Outryve d’Ydewalle 
Head of the Office 
Anspachlaan 1. Box S 
B 1000 Brussels, Belgium. 

Tol. (32.2) 219 49 90. 

We are also interested in Country Houses 
and Estates all over the United BCIn^don 

For Sale : Antwerp, Rsver Front 1 

New prestigious office building. 10 doors — -2.835m- office 
space. Letting value: BF6.000.000 yearly. Price: 
BF 87.000.000. Key in door inclusive V.A.T. Three 
good reasons to Invest -in Antwerp: 1st port for North 

Sea lines; 2nd port on 
the Continent; 3rd port 
A m tbe world. 

We have successfully 

■ -it v • rfn 'jHffjH reconditioned an old 

foj|W : JLL , ,** l r^PlQSi. river-front warehouse in 
r ' ifl ' the old town of Antwerp. 

L -it:' We sel1 and let residen- 
£ tial apartments, office 

c a ri-ihruS; - ^SLS* co "‘ me 

The ''Multi-ownership " market is 
now booming all over the world, 

meeting the huge potential tourist needs by 
the end of this century. We were the first in 
Belgium to start beach apartments on the sea 
front in multi-ownership, time-shared pro- 
perty — this formula does not allow anyone to 
waste his holiday budget in ever-increasing 
rent and hotel charges; buying for ever the 
“ happy days ” that come round each year at 
the chosen period is becoming an increasingly 
popular formula: for better holidays and 
saving 50% on your budget. 



We offer fantastic potential for 
a resort development in the 
Belgian Ardennes. 

A green “ oasis ” only 2 to 3 hours by car 
from crowded and industrial areas 
inhabited by 80,000,000 Europeans ( from 
Netherlands, Ruhr, Rhineland, Saarland, 
North France and Paris). We own 250 
acres with planning permission for 750 
wooden chalets, 300 cottages and bunga- 
lows, about 800 condo-units and hotel 
rooms, commercial premises, a country 
club with swimming pool, tennis courts, 
riding stables, keep fit centre, games and 
sport. This project is open to joint 
ventures, take-over, participation, finance. 

We also successfully specialise 

in residential developments with country clubs and tbe 
construction of cottages and villas of very high quality at 
very reasonable prices. 

Lillois (near Waterloo), a 3-bedroom villa for BFSM00.0W 
key in the door, with 800m- ground area. Our country 
club, the Witter- , 

zee. has a swim- ' [’ '• 1 

ming pool, tennis .)■*. . frs_ 

?ourLs. restaurant. 

We offer six Inis of 5.000m- lwsuie ihe uulf links of the 
famous “Bercuit Golf Club” near Brussels where wo 
are starting to build six luxurious top 
quality villas at extraordinarily 
.-f reasonable prices. 

. s ^ ^ 


Brian Donaghy By a Correspondent 

Daniel de Duve Deveiepment 

17A AV. de la TOISON d'OR —1060 BRUSSELS 
TEL. :|51 3.84.50 — TELEX: 23329 DEVUR. B 

. 1 

> v«i J t^ a 

Financial Times .Thiirs^ayj Qcto&er 26 ; I 97 S 



meeting point of 

What you gain when you decide to 

invest in Brussels 

- interest subsidies, loans facilities, exemption 
from real estate tax for Syears . . . 

- export and staff training aids 

- tax relief for executives 

- free circulation of capital. 

Other assets of the Brussels area 

- highly qualified manpower 

- plenty of research workers at your service 

- an exceptionally well equipped railway and 
motorway network 

- industrial estates for scientific purposes 

- a regional executive board at your disposal. 

Detailed information can be obtained from 


Rue cle la Loi 56 
B-1040 Brussels 
Tel. 511.06.56 


Rue de rindustrfe 10 
B-1040 Brussels 
Tel. 513.96.40 

Avenue des Arts 39 
B-1040 Brussels 

Tel. 513.65.30 

THE EXPRESSION that one industries. It was one of the All these companies shared, difficulty and considerable OPECgroup. has_been - very 

Belgian in two is working for. first nations to plunge into the directly or indirectly, a com- doubt _ rapid but from a small base. . : 2? 

export is still largely true. In- industrial revolution in mon guardian angeL Societe Customs formalities - are Tn 1977 , P “ 

1974 exports actually totalled Britain’s wake. It was the ideal Generate de Belgique, stdl im l betwe en B elgium^W terras of . ' 

iust over 50 per cent of the country for nineteenth centuiy known simply as ‘‘La ““““J oei 7 Jen countries is estimated at 27 per to lO.per cent 

gross national product The capitalism. It had available the Generals. ” Although the com- Holland, and monthly trade Exports to - developing ^ 

Decision that flowed the oil materi^to Se a renge of panics were nominal* in com- figures for CTuntries <fob>:in 

crisis knocked this back sharply valuable chemicals. It was. and petition with each other a com- °° t ^ p h * v * some $i4bn * * 

to 44 per cent, but it has been is. a small flat country on the pies maze of interlocking crease in ten years. Worldwide A^^^_ s SSS* & a -. p f£ 

rising again since, and last year edge of the sea, with plenty shareholdings and shared between these two and Holland. expor ts by Belgium over, the 

was probably close to 50 per of water, large rivers for trans- dirertorsbips iensarai that each ^ : SSE' 

;o rt .KopoS; = was-torfo« almost a member to b. : revised sharply to to BF« 37.5bm. 
north, south east and west, and of a large clnb that could pro- : JJ 1 . later Germany j* still the 

table ; of / exports^at ' dam 

The importance of exports sonm east and west, auu w contacts, and inWatiom 

is risen steadilv in recent al30V e all a tradition of hard vide important contacts, and 

has risen steadilv in recent aoove an a tradition oi naru ,7 P ’ 

nas risen sieaouy in recent . . ^ W nrldwide even on occasion lines of credit, 

years, (dimbmg from just over a work trad mg worldwide. (BeIgium , s biggesrbank. Society fused 

third m 1967 to roughly half ten Hardly surprising then that Qengraie de Banque, was a 
years later. But a quick look at Belgium became a power in the wholly-owned subsidiary of * La 
the statistics shows that it is a commercial world. Iron and ** until hanirins* Taw 

formation. / „ 2*Tper cetfTf do 

The picture is further , eon- exports in 1976— and also send- tens 

sed by the international ing in 22.5 per cent of tfad im- 

VSfJb JEE te ^. es ’ glass, chemicals, paper, ing ^ financial chaos of 1S29 uilh simUar companies, in h? 

and work harder simply to keep machinery and guns were and W30 These linked share- prance, Holland or Belgium So Bekrian Goveramem has out jVblvo, there a - 

nprind* , havp , °hm*m'wrv^^infiiar .^®- J, ace - 1 . 1I,ea *** holdings also made arranged Physically these companies may alJLys been^detenSned to keep ^ the vast Fo 

Pf™ d h ' ^ Companies were me rgers much easier. only be a few miles apart, but it S^renS in ,tr^a^^itaiwttp:.w 

™ g of SS 25f* S£J!!5 :h,« These _ companies still have is enough to. make an e*p« ?£tt£Z£?iSt£L-~!L ,*■!* V..- 

51 PCr rentof the bfuncs— CocKeni 1 ana one dom j na nt feature in com- statistician's hair turn grey. It miTider" With imDorts eaual^to Present capadiy. - ; ~ ? . 

GN p in 1976. Arbed in steel: Fabnque mon> ney , ive t0 export The also means that production can S the of - ? 6 J>ish : : ./thdse - expo; 

Exports have been slowly J^tionaie a Herstal <now toUl p 0puIaUon 0 f Belgium be shifted fairly easily. from one national oroduct a rise in •|2!'-* hroB fi h »" t '.tbe wdridi Belgit 
losing the race, earning enough c s, ™ pIy as . FN ! J" and Luxembourg combined is country to another, and. the ^rt cost? woitid live^nflafKn has one of the most estehsi 

to cover only 90 or 95 per cent J^ apon ’ and fieperal only 10m people, or roughly the Government tends to watch SJ-h a twist that exports would ^ e£w<irte of &*&**&* govei- 

of imports since the oil crisis Solvay in chemicals; equivalent 0 f only one of the Belgian wage costs obsessively. m^th^loSLyS^e “ent agents. Ininid-I977tfe . 

pushed the Belgo-Luxembourg VieiHe Montague in zinc, St. world’s biggest cities. For a . , . . , more tnan lose any compepwe re ,, CT)m ™ erC j a i q ir pm 

commercial balance from a- R°ch (glass) and ACEC njajQj. s j e el or chemical com- ^bough Be gium is actively advantage within centres scattered thiouclir' 

BFr 14bn surplus in 1973 to a (Ateliers de Construction ^ Belgian h0 me market t0 d, '® rsify «* to the centxal 

ieficit of BFr 6lbn the follow- Electriques de Charleroi). fs tiny but wealthv. J. ,s succeeding only slowly calculations, . . . - ^ ;. * 

in e ^ A general upturn in T he riches of the Belgian Thus industrial and economic f^d^oineT’thf ^ nt HESSk 

Yorld trade however, could Congo provided almost unlimi- policy remains geared to ^ nerceitese of' total £ ^ operate in a commercial: w 

reverse this trend. ted raw materials for what ex-ports. Belgium .is not only ST^ofraW ««» would-be exporters^' 

Within the total of exports was by then almost the Belgian the heart of the Common n **P?r* ports of raw_ materials. Bat there ^ normally contact 

:o the rest of the world, specialisation— the processing of Market in that it is host to the J* fn P JSi*h.,r ° f ^ d00 ^ attaches directly hat caa^ ’ 

ndustrial exports are still by minerals. Union Miniere, EEC Commission, it is also part in ' P ° ^ S6t - them through,-’ the Bebh 

*ar the most imnortant com- ivr<sitaiii, rina, l- on Hvernpit of two ^ common markets” to_73 per cent- in 1976. Other up in Belgium, and the ‘more > . ■■ 

commercial balance from a- ^ch (glass) and ACEC juajQj. s j e el or chemical com- 
BFr 14bn surplus in 1973 to a (Ateliers de Construction p an y Belgian home market 
deficit of BFr61bn the follow- Electnques de Charleroi). is tiny but wealthy, 
ing year. A general upturn in The riches of the Belgian Thus industrial and economic 
world trade, however, could Congo provided almost unlimi- policy remains geared to 

reverse this trend. ted raw materials for what ex-ports. Belgium is not only 

Within the total of exports was by then almost the Belgian the heart of the Common 

to the rest of the world, specialisation — the processing of Market in that it is host to the 

industrial exports are still by minerals. Union Miniere. EEC Commission, it is also part 

far the most important com- Metallurgie Hoboken Overpelt of two ** common markets ” 

_ __ _ 4- .^.1 1:L«1^ 4 a 1 a * /o* « 4lkA PLY 1 Dn? prill m onn * 

Belgium is one ai xne coun- tneir survival to Congolese liusemoourg jwonuum: uunm .7o-» u»u»r than BFr" I26"00d" ner ' 

tries in the club of advanced ores. Later, still came the big that they share a central bank non - ,nd as- meats, petrochemicals and its popu j a tionl -This 

nations most badly squeezed by cement groups and the civil and can separate their foreign trial wed countnes, ..accounted machinery take a larger and the German rate .fonr 

the decline of - traditional engineers. trade statistics only with great only 12.3 per cent m I976r larger share of total exports. Briti^h^d moralSSS' 

The percentage growth in value Between 1965 ! and 1976 “^° fi s “’," ld 

_ terms of exports to the develop;- exports of common metals* re- • 7*“*? 

I /H 4- p »ng countries, particuiariy the inained the number one export. . ’• BnanDonag}; 

traditional engineers. 

Incentives and taxes 

Financial facilities as the investment is financed by admitted expenses, dividends 

THE GENERAL incentive law the cnmpany T s own funds and is paid to shareholders of stock 
of 1959 is applicable to the eligible under the above incen- corporations or income from 
country as a whole. Interest re- tive law. the interest subsidy invested capital paid to 
bates up to 4 per cent during may be totally or partially partners, fees, etc., paid to 
four years may be given on in- replaced by a non-refundable do not remunerate regular day- 
vestment loans granted by banks capital grant. to-day functions in the corpora- 

or credit institutions. These Slate quarantecs. The tion. 

interest rebates are conceded Belgian Government may Fiscal regulations for sub- 
on credit devoted to financial guarantee the total or partial sidiaries. Foreign companies 
investments in fixed assets, and reimbursement of the principal with industrial operations in 
in certain intangible assets as interest and other charges of Belgium are subject to non-resi- 
well 'as the reconstitution of investment loans for the financ- dent taxation of 54 per cent. A 
working capital cut by previous ing of the investment mentioned forfeitary taxable income, based 
investment. above. /nteresf-/ree advances up on “ ie company s turnover or 

Capital grants. In so far to 80 per cent of the expenses number of employees may be 

■ — Tincunred on the research and negotiated with the tax authori- 
■ m 1 M il in ■ in' {development of prototypes may ties - Headqimrters of companies 

He already has the biggest convention #g^y T 
in Brussels. Why is he building mone^ ^ ;v 


be granted. 

incentives In development 

can negotiate a lump taxation! 
sura if only co-ordinated activi- 
ties are carried out. ] 

50,000 TPD tow density polyethylene plant at El Tab/azo, Venezuela 

ingineers and contractors 

the chemical process industry 

CoppeerRust is a leading engineering organization In Belgium 
serving the chemical, petrochemical and various other industries. 
Providing a comprehensive contracting service from project 
evaluation and initial conception up to realization. 

Offering you the use of processes from recognized companies to 
undertake projects mainly in the fields of: 

• Fertilizers and intermediary products 
« Polyolefins 

• Melamine and caprolactam 

Or ready to build your plant according to your own process. 
Coppee-Rust ensures the plants are delivered on time within the 
budget. The company has the experience, the integrity and the 
caliber of job management that’s resulted In many of its clients 
being repeat clients. 

The Government may provide ** e !? orial lability 
incentive either in the form of .. F ™f rodents pay tax on 
interest subsidies on investment * * Ul ^. ir P£ lvatc “icome. How- 
loans or in the form of a capital ! ver ' lor Bve or ® ish * J : ears 
premium to the extent that the 

investors project is financed 50 » favourabJe ^rate. con- 

per cent by the investors’ own d prl^a«> ?n thJii- 
financial effort. The investor can ft™*? ^*5 ™° me . 

choose any acceptable bank or ?!, *n BF? 1 s™ F„ a J 

credit institution. Belgian or L, or wL- U £, r *»« warrh f 0 i 

foreign. Incentives'm the form ; 111 

of interest subsidies or their 0 ffices!1his eight year Ihnit ran 

hp^rnarfp^im^tn Sfl be extended indefinitely if the 

be made up to lo per cent. Sup- job ^ perform is of such ira . 

pementan. aid may also be their remaining 

granted up to 21 per cent of the in Bel gium is indispensable to 
value. Interest-free loans to th e successful operation of their 
help with industrial research company 
may also be granted up to a in ^ 
maximum of 80 per cent of total The ONEM (Office Nationale 
JP^- de 1’Emploi) helps employers 

lux relief no t on ] y through its training 

A five-year exemption frotn centres but in some cases by 
property tax levied on fixed assuming a part of jtiie training 
assets which are part of an costs or ponses 0 f courses 
investment programme may be abroad. Subsidies up to a maxi- 
granted, beginning January 1, mum of 45 per cent of wages 
following the date of the and 50C ial security contributions 
acquisition of the property. 0 f th e workers trained depend- 
Permission is also granted for ing on where ^ company is 
twice the normal annual straight j oca ted 
line depreciation for machinery. Overseas training 
eqitipment and industrial build- Up t0 50 per cent of 5 

^ a t h V e social security, travel and lodg- 

as a result of subsidised invest- in? expenses. For tutorial staff 

^ suc " s5Ive working nn the premises, up to 
1 , . 35 per cent for Belgian instruc- 

„„? ut ?‘ de deve [°P" ,ent ar ,® as tors and 50 per cent for foreign 
only the first of these applies instructors on n av cnHai ■ 

although local authorities seSri&tr^et and h„ a S 

s^ le r °™ SsSr^ 1 ^ 

^JL^ UOOS for Beigtau 

SffiSis = 4 "««-“sa 


Compensation for losses may be mSj n» e m ?^ riI,,SS !? 11 

carried forward for. five years Es 5 

and losses in the first-five years SS -5. ? n -““f s ? I ! d 

of activity may be carried for- t fae re P at r*ated with- 

ward immediately in the case liJ et ® U a n d Dn fh ^ a in ^ t offical 
of companies set up since 1962. mar " et ’ a °d the institute can 
The taxable hake is- inter- ? ran ? repatriation guarantees 


. 1:1 


He can't say no. Call him: 219340til ( 

I a hugegarage downfaelowsotetthe 

fl® ™ dl ® 2 n l ° 1200 people y£ cars don’t even have to be parked ouiside. , T: r , 

aneSnga^ P O^Th t if ,y J d S d0 C The most cobventionspaSin town is f\, 

’ ■ a n a baU “ ^ the still not enough for Mr. C He’s • ] : x 

afterih^bainE n^L 5 * t, standing in 600 sq. metres of farther / 

^ smati that vn ’ ? space we’re building forhim on the 

sues ts to oSer L° 30th floor. Ready in the Autumn. But 

guests to other hotels. He has hundreds donY wait until foen to give a call] - m; ” ^ O 

People make hotels. ' ■ : 

«ta U«u - lie uie 

biggest ballroom in Brussels. 

And after the ball is over, the chances 
are small that you’ll have to move the 
guests to other hotels. He has hundreds 

!N '>rKf 

Brussels-Sheraton Hotel 

Pt-AC£ROGI£R3 •BI00O^pRtiSSELS7TEL:219J400?TELEX'-26M7 , 

“ ' at * 



‘ • 'aii-kr a. t.; iZs'. X’ ’ /j 

The taxable base is- inter- 
preted as total income including 

for foreign capital invested in 

directors and auditors of stock man f ufa during or long-term 
corporations in so far as they ventura s- 
undistributed profits, non- JliJjet BourgOuin 


(in hectares) 

Wallonia (103 zones) 

Brabrant 300 

Hainault 2,000 

Liege ^ 1^00 

Luxembourg 170 

Namur ■ 900 

Flanders (124 zones) 

Antwerp 1,200 

Flemish Brabant Tifi 

Limburg 700 

East Flanders: 

Dry site 1,400 

Deep water site ... 7,000 
West Flanders L295 


For furttMMr Ip fom u Uow, writ* to: 

SLA. Copp**-Ru*t N.V., A wo* LoulM 251, BOX 1S-8-10S0 Brauri*. Botofara. 
Tri.: czyg^ i w - Calx* : Con*** - Teta: Conjbx 8 war"*™' 
feitMiwdOMl Oi a*iiU*llim 

Coppteflwt SA France - Rost EngtoWne Comp«ny UtL UnM Ktanfoot - 
Coopfre-fl wri Venez okn*. CJL VOnaanft - Copp**-fluc (Pia) LU. Singapore - 
The Ruol Engineering Company, USA. 


Gross taxable 
income, B Fr 




. Belgian taxpayer 

Taxable Tax due 
Income BFr BFr 
930,000 321,435 

1,430.000 578^(85 

Foreign taxpayer ■ 
with tax relief 
Taxable Tax due 
income BFr BFr 
630.000 134,535 

980.000 344,860 

v- f!:' ... 

Vf . • • ■ ■ ■ 


r /,. T- :i«r* : 



Pnrt . 1 lPI-» -,v .v.' '.~J. ..i. L 

Port Authorities: M BZ * ‘ - • 

L. Coiseaukaai 2 8000 luges' .- .Belgium 
Tel (050) 33 52 24 (4 I) Telex 8t 201 - 

Receiving a taste of 
labour unrest 

SLCIUM IS s countiy little Occidental’s Raffinates "Beiges 
oubled by industrial strife. Its j es Petroles (RBP) subsidiary 
ades unions concentrate more had been selected for closure 
.. i negotiating a better deal for as one of the less radical 
eir members than on dabbling options available to its. mulli- 
ihe politically troubled national parent when faced with 
tters of industrial democracy. a problem of European over- 
o managements are also un- capacity. ' " . . 

■ ? d The fear is that as. other and 

JSf *%Z!S£f h !L3? Ch .£? more labour-intensive industries 
me practical spirit that arc forced cut back as. part of 

JJJjSL : W if, e tile genera] restructuring and 

C .m mil streamlining that the industrial- 

urn 30 years ago. and helped ^ Mtto £ must ^enake. 

oneer their introduction in labour will rapidly be- 

^ 38 less co-operative. Equally 

Indeed, if 'foreign investors theconcessionsthat havj.been 
ve been finding Belgium lfcfa seUlement agreed wilh the RBP 
tractive in recent jears it is worbers ovor redundancy, early 

't"I S LS» r vSt retirement and the intriguing 

hI 2 creation of a -reserve lahour 
J 5 1 l ^ e ,£° U r V? h h3S b ^ pool”— cannoi be stretched to 

at* mu! d^lfecome chron ic^THic “^n &4S2S 

oblem js not labour relations sreel f ndl ^ try a i on J. gJoOO jobs, 
it unemployment— which is „ in 

Kan! creation of a “reserve lahour 
laie the co u "rt> has bee ° pool”— cannoi be stretched to 

oblem is not labour relations sreeJ f nd ^ try ^ gjjo jobs. 

P v w Ch » 1S or almosT one i Q dve . ar e d «e 

« ?F? e -n? 10 disa Ppear. and in textiles con- 

parity difficulties in Belgium’s d,tl0^i, are much the 88111 
.sic industries that threaten The unions’ answer to the 
make matters much worse, situation has been an insistence 

against the background of the 1 
industrial restructuring still to 
come, that Belgium was rapidly, 
catching up with the Ireland as 
the EEC's unemployment black- 
spot. But the Spltaels plan, with 
its early retirement measures 
and special employment 
schemes, has now reduced the 
unemployed total to about 

270.000 and promises almost 

40.000 additional jobs before 
the end of the year. Some union 
leaders, notably the representa- 
tives of the Flemish workers 
who tend to gravitate towards 
the CSC grouping, are eager to 
supplement the effects of Gov- 
ernment action by adopting in 
Belgium the excess profits tax 
that is being imposed on Dutch 
companies to finance early 

Whatever the internal divi- 
sions in the Belgian labour 
movement — and these tend to 
be more philosophical than 
nakedly political — there is 
general trades union support for 
an inter-industry worksharing 
deal in 1979. The argument is 
that it is the only feasible way 

It seems improbable that Bel- on the need for work-sharing — Sidnmr ctwlirnrh* mi the Ghent Cannl Aim nit nne> in five inhc in Rnlnium’* ot cuttjns unemployment to an 
an unions and managements schemes that would Help spread lRv sieeWWRS Oil the UhentLmm. Almost unc mfl VC ]OOs in Belgium s - acceptable” level of 100,000- 

zji uiiiuiia 4iiu iiidude.ciiiciiui -* .. . aiwt i *i/7u p/rti nrtf W mo in Hun-nrt ihr* -rr o-W ur-n re - A . ' 

old 7ose'~ the" wmingne'^'to employment by cutting working steel industry are due to disappear during the next fete yrars. 150,000 by 1980. The alteraa- 

•gotiate. but there have been hours. At the end of 1977 the tive, say the unions, would be a 

: veral straws in the wind to Confederation des Syndicate will become uncompetitive.- pioyment figures might suggest, currently falling. 6 per cent GNP growth rate 

ggest that the danger exists. Chretiens (CSC) ' and the There are some grounds for Belgian unemployment is cur- At the beginning of this year until then, which is about three 

le latest example was last Federation Generate du. Travail arguing, though, that the con- rentiy 6.7 per cent, and thanks the jobless total was more than times the rate forecast 

. onths' dispute over the dismis- de Belgique (FGTB), the two flier of interest has not yet to Emplo.vment M ; n* :jiiv 304.000. giving a rate of 7.5 per _ 

. 1 of 256 workers at the Ant- largest union groupings with a become as serious as the unem- Spitaels’ special measures is cent that suggested, when set G« M 

;rp oil refinery closed down total of over 2m members, both 
• Occidental Petroleum. To ““e out in support of a reduc- 

ost Belgians the ensuing «ym- tion in working hours as an . ^ • 

thy strike by petrol industry alternative claim to direct, wage Jk ^ n I jL. I . T 

»rker* throughout the country increases. This year has seen /l ftl 111 1 I PH 1 Tl /■ I 1 f* \ / 

is little more than an incon- something of a breakthrough. \ I I I 1 ) I V CL I V-/ lltr I II / | | ly V 

nience, even if the scares over with about 20 per cent of Bel- . 1 ^ MV11VJ 

trol hoarding did interrupt gium’s large industrial. private • “*• m 

e normal! v comfortable and sector now* working less than 

150,000 by 1980. The alterna- 
tive, say the unions, would be a 
6 per cent GNP growth rate 

cn tenor of Belgian life. 

: co’ive^itterness 

But to some industrialists the 

a 40-hour week, and the unions 
pressing for a general 38-hour 
week, and in some oases 36 
hours. , 

Views on how work-sharing 

Ambivalent policy 
towards Zaire 

’“""A ' rfne^he^ttike^^hr^wSk w w^tenee”' w^ends^-' ? ELGTAN INTEREST in the up an incumbent government at was necessarj’, they wanted to with both leaders promising to 

trated ^on° Africa And Africa Sypi^" " _ While ST b3S»' "SUS 

seLed ’^ ooe goaL But tte i*SS-5 S t0 - Be ^' arlS ’ ^ Us * li J fondling these aims .s dithered, the French Govern- each country, was followed in 

hanker evented imvement reSair^ thar Belei^ ” eans Zaire : T ? al 15 where half P robab, y impossible. The men! moved in, sending Foreign September by M. Simonefs 

W? the country S foreign aid goes Government in Kinshasa led by Legion troops to Kalwezi. visit to Luanda. This in turn 

Ild.T?te 'SikS wwejSt a 'haw^mB?>eS- - nd where its bi esest 0TOre eas President Mobutu is widely Belgian paratroopers arrived in led to a visit earlier this 

investments are concentrated, acknowledged as inefficient, Kolweri well after the French month by an Angolan minis- 

vhl" hut hot/ Around -5,000 Belgians still corrupt and unpopular and it is had retaken the town, and their terial delegation actively seek- 

&nM!T 'to?£a “ v f in “ be «* hishly likely that without part w»» restricted m organising ing Belgian investment 

?nZm insiallation ran by Sn^St “S S BeI ^ n S”®" . Ule WwMrn su P>’ ort ovcr the vears - ^ «•"■«««• of around 2.000 Belgium already has a small 

r.nxwerp mstauarron nra. oy cornea mat oeigian mousny c t,^ ^ between the two coun- it would have fallen to one or Europeans. .. . but significant investment ia- 

" V . - T*j tnes are considerable. They in- another of the challenges it has r ut . de5D ite the horrifvine te rests in Angola’s diamond 

>r w . v ' . Z • / : elude more than $ibn of invest- faced. Much of this Western slor ies t 0 ld by lh/ evacuee?^ industry and offshore oil ex- 

<* f :.': / ' ®ent (much of it confiscated by support has been mobilised by the massacre of more than 200 P'oration. and is keen to see 

j V- . • . TXTTlVCsin T> A flTr'Th DDATPPTC ' tne /.avre Govenunent but re- Belgium, the latest instance Europeans by The rebels which rlu> country adopt full member- 

rj INxJcAjK A 1 EjD. X KUJ JllO lb cently handed back to Belgian being the international aid con- manv P felt justified the French sb 'P o{ * be L 01 " 6 convention (it 

3 : -r ■ . . . ”2 , *, .c° mrae r- sortium formed m help pm ihe military* action. Belgian min- has observer siatus at the cur 

\ >, . : TRANSFER OF TECHNOLOGY SliaS? rinSfu-rff TUUnnS ' nis , raaoa S ed , ZaI1 ^ . ^onomy isters tried, at least initially, to ren t negotiations for Lonte 2) 

m l M^’flareest h!ld?n^com 5! Ck 00 ‘ tS fect ; abo dr3w a Action between the The Belgians seem wary of 

&§ f > THE OBJECTn^E OF ANY INDUSTRIAL wnv-^nd a corLiderabie iw the , C0St ° f * eepjn e ’‘humanitarian" aims of their sticking their necks too far into 

Sf n i- ‘ Moroccia . Uoo P. s . in z i ,re to own troops aod the more mter- Africa oo their own. They 




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of raw matf-riflls tn P.ptpian m L «. " ~ «uu. Ult uiuk iuici- fuuw on uieir own. iney 

Lr Ut vear « f EeS m’J supp , or L Mobutu Govern- ventionist ones of the French, want neither the privileges noi 

“ enL But it has managed, from Relations between Zaire and the responsibilities of a post- 

om^ 340 000 t?nnes «^ t0 t,rae ' 1 ° make J° ken Bel e ium became ver y sitiine6 colonial relationship and say 

SSaTzaire Md 4000 ofTts 8est “ res !° wards neutrality- as President Mobutu publicly that in future they would prefer 

5.300 tonnes imnorterf tin ? ud L as d erating the presence accused M. Henri Simonet, the to take part in aid programmes 
aisb cam P 7a S P Jn Brussels of several exiled Belgian Foreign Minister, of -economic or military-only if 

^oire. groups of opponents .to the delaying military aid and they involve several Western 

‘But Belgium's policy towards Mobutu regime, and seven! ordered Zaire diplomats to dis- powers. They also consider 

Zaire is^ ^ambivalenL It wants to members of the Government in regard him. that such aid efforts can 

protect its investment, to in- Brussels have made no secret of The fact that relations im- strengthen ties between Africa 

crease it; role in the develop- their doubts about President proved following M. Sim o net's and the West only if the donor 
ment' of the country’s rich min- Mobutu. visit to Zaire in August prob- countries make no overt attempt 

sral resources, and ensure con- Until the Shaba crisis last ably owes much to President to use them to recruit allies 
tinued access to strategic mm- May, the Belgians generally Mobutu’s knowledge that he for a future East-West clash, 
erals such as copper and cobait, managed to keep their heads needs Belgium’s friendship and M. Simonet has not gone as far 
It realises that Zaire, with its down and do most of their work support in the continuing as Mr. Andrew Young, the U.S. 
eight land borders with south- behind the scenes. The in- negotiations over the inter- Ambassador to the United 
em, western and eastern Afri- vasion of Shaba province by an national financial aid operation. Nations, in acknowledging the 
can states, is critical to the exiled opposition movement. But things are not as they were. Soviet-Cuban presence in Africa 
future of Africa, and therefore the Angola based Congo Many in Brussels are far from as a stabilising factor but in a 
has an interest in its economic National Liberation Front confident that the Mobutu recent speech he did urge a 
and lolitlcal stability. (FNLC], forced ' Belgium regime can or should survive, more positive attitude towards 

But it is also anxious to keep reluctantly to take a stand. The while Kinshasa seems to be it. “We should be very clear 
all options open, to appear poll- invasion began on May 12 when making a determined effort to in telling those African coun- 
ticaliy non-aligned and to shrug rebel forces, estimated at replace Belgian technicians and tries which have opted for an 
off all vestiges of the funner between 1,000 and 1,400. crossed .«Per ts. vital to Shaba’s mining Eastern presence that we have 
colonial relatk -*ship — or at intD Zaire and seized the copper iadiu,try. with other nationals, no objection to their choice — 

least to appear to be doing so. mining town of Kolwezi. Despite Meanwhile, both countries that .we want them to follow 

It would like to be on good fears for the 3,000 Europeans are consolidating ties with ,° wn course, not cut ties 
terms with all the African pow- living in the town, most of Angola. A much publicised established over many years,” 
er groups and to avoid any them Belgians, the Government rapprochement three months be sa ^ d - 
move .which might be seen as in Brussels was unwilling to ago between President Mobutu tj 

interventionist — like propping intervene. If the intervention and President Neto of Angola. IVIargaret VB11 Ha item 

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THE GREY streets of Brussels hardest for higher prices. And 
have recently been brightened it looks like staying there for 
by a new series of posters. some rime to come. M. Humblet 
Fresh-faced young men and ^ not to et! by the 

women beam down from the J* . . „ 

hoardings. They are all wearing a foment that freezi 0 
dazzling white T-shirts sporting reducing support prices curbs 
mottoes • ( in both French and production.. • Like many others, 
Flemish) such as “ I love Bel- be has seen it have just the 
gian butter” and "Drink milk reverse effect EEC officials 
every day.” This echo of estimate that a 10 per cent 
Britain's daily pinta campaign P r * ce cu * would be needed to 
of die 1960s is the brainchild of discourage milk production, and 
M. Antoine Humblet Belgium's “ Politically impossible. So 
Agriculture Minister. He plans w hat is to be done? 
a big follow-up campaign on For a start, says M. Humblet 
Belgian radio and television, in we must boost consumption, 
the hope of persuading people This will hot be easy since 
to increase their daily enn- Europeans already consume 
sumption of dairy products, now about as much milk, butter and 
the equivalent of about half a sugar as they want, and while 
litre of milk. prices continue to rise and 

This is his contribution to the doctors to advise that these 
continuing struggle to reform P r °ducts are fattening and bad 
the EEC’s Common Agricultural for ^ bealth ' they are unlikely 
Policy (CAP), which by support- t0 too enthusiastically 

ing farm prices at an artificially t0 P oster campaigns, 
high level has encouraged pro- . 

duction to shoot up away ahead \ 1|| 3| I1S 
of consumption. Milk and sugar 

are the most striking examples. Yes, says AT. Humblet, we 
Belgium produces twice as much must also reduce the incentive 
milk as it consumes. to produce. But not in a way 

The country is too small to which m ‘S* 11 hai ™. the “ rea! 
deserve much blame for the farmers.” The villains are the 
EEC's notorious food moun- “ ^ory farmers "—the Dutch 
tains. It produces only 4 J2 per "ho simply use cows to process 
cent of the Community's $90bn imported manioc root and soya 
or so annual farm output More- “ ,t0 boosting the yield 

over, agriculture is not a major P er cow } a the process, 
sector of the Belgian economy. " Farmers without land.” snorts 
It employs less than 3 1 per cent Humblet “ This is industry, 
of the workforce (the average no * a sn cu lture, and the CAP 
for the Nine is over 8 per cent) ^ as no ^„ designed to protect 
and contributes around 2.5 per industry/ 
cent to Gross National Product He would like to see a quota 
(the EEC average is 4 per cent), system introduced which would 
Yet whenever EEC Farm penalise these irritatingly pro- 
Ministers come to Brussels to ductive Dutchmen should they 
raise farm support prices and produce more than their fair 
talk about reducing food share, while leaving alone the 
surpluses, Belgium is usually peaceable Belgians, who have 
found alongside those pushing not increased their output in 

20 years. Similarly, M. Humblet English at 1,950. Labour, 
says he will oppose attempts, fertiliser, machinery and feed 
put forward by the EEC Com- costs similarly tend to be higher 
mission in its latest plan to in Belgium in relation to. the 
attack the milk surplus, to value of production than, in 
suspend or reduce public buy- most parts of the Community; 
ing of surplus dairy products. -On top of this is the problem 
“I'm open to all proposals to of green currency rates (used 
cut production — except those to translate EEC support prices 
which ■ may harm agriculture,” from units of . account into 
he adds. national currency). Belgium 

it is much the same story maintains a smaller marg in 
for Belgium's other main farm between its green rate and its 
products, which are concen- foreign exchange rate than most 
trated in those sectors most EEC members. So when sup- 
heavily supported by the EEC. port prices are cut it has far 
Of the country's total farm out- less leeway than, for example,' 
put, milk constitutes about 15 Britain and Ireland to -soften 
per cent, beef and veal about the blow by revaluing the green 
15 per cent, pigmeat abont 30 currency. The impact on the 
per cent, sugar just under 5 family income is . felt 

per cent — ail fully supported — immediately. . " 

and fruit and vegetables 14 per On a small f amily farm the 
cent (of which about one-third difference between a 3 per cent 
receive price support). price rise and a freeze' <*an be 

The problem of CAP reform, the difference b tween staying 
when it comes to Belgium, is ? n ^ e . or goin g- With 
largely that of scale. The size industrial unemployment high, 
of the average holding, at 17 ihe Government does not want 
hectares, is bigger than it was a reduction of the rural ..popu- 
five years ago, but the growth i? 1 ! 0 ? now> . -^d since 

has slowed and it Is still among f* e lS ! an. farmers believe ■ their 
the smallest in the Community. ^comes 0U Sht to be drawing 
This puts a premium on high < ^ Qser to partly- with - those 
productivity, which in turn .^ e remaining industrial 
means a high level of invest- w ’ 0 " ie rs. among the highest 
ment in relation to area. “ ? e immunity, M. 

Belgian farms tend to be small Humblet does not want to be 
family businesses, sometimes seen supporting policies leading 
with more heaw machinery * n ^ le , opposite- direction. The 
than is strictly economic for the ‘ ar ? 1 ,s highly organised 
area of land involved, but “ d P^caUy very strong. . 
reiativelv productive bv EEC rf , 

standards. HarVCStS 

However, costs are high. The This year the fanners mw be 
market value of land, fer expected to press hard for 
example, is higher in Belgium increased EEC support. The 
that in any other EEC member mild weather, with plenty of 
State; 1975 figures show Belgian rain and sufficient sun at the 
agricultural land at 6.600 units end of the summer to ripen 
of account per hectare com- crops, has meant near-record 
pared with German land at grain and fruit harvests in most 
6,100, Dutch at 5,700 and parts of the Community— and 

falling prices. A surplus of 
potatoes (not yet eligible. for 
EEC support) has. helped cat: 
fodder bills. But pig producers 
are in a bad way. Increasing- 

over-production has brought, .a 

steady slide in wholesale prices 

throughout the summer. Poultry , 
prices are also sliding: , Beef 
seems to be the only sector : 
where prices are rising as the 
supply cycle moves towards the 
expected shortage. Beef prices 
in Belgium are well above the:, 
intervention floor and likely to- 
continue rising. . _ ' 

- But th£. general picture: is. : 
discouraging one "for those 1 

■ thfi EEC COmniission who w& 

to. coaffaue.'the stringent- price ' 
policy. of : : the past -. two [7i&t 
T Some Mime "next^zboiitii tfi 
Gommi^ion .Is" averted to pr> 

> sent its; prappsaifr far 1979 fan 

prices.lo^the 'Council of: Mini ‘ 
; ters.-:-Aatf"- in the -ensuin 
mon^ of .bickering, it is fair] 
certain , that bride again, Belgim 
well bb in there ^fighting as bar 

- afi ever ta pohh. prices up. - 

^Mai^ga^}Van Batten 

• pica 

International Railway Transport 
Services Company 

For nearly a century, we have, ih cooperation 
with National Railway. ; Companies through out‘- 
Europe, succes sfull y- provided transportation 
services to Industry/ 

Together with our connected organisations on the 
Continent and in the XJtKL we are providing .-the* 
following specialised services: ■/ • > ■ • ■ ‘ ■ - - v/ 

— -long and short tenh rehtal of r^hvaywagoni'/ 
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— full transportation service for -agrijWihnral: Wtd?; _ 
derived products, for built-up vehidesj: 
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— development, design, and': --constrijetipn^voE. .... 

-general consulting services in - 

port matters. 7 ..- 7 -'7v,;V.i777irVi>£ 


Endless bickering 

As a subsidiary of Compagnie Brukelles^ljaiHb^; • 
and backed by the experience of its &torHatlqnal^ 
staff, CAIB caneontribute positively &ibefiOlq|jfo7 " 
of your transportation problems. . 

Do ask us to help. . 

Telephone Hi lilillll lilf Wlflt ffTmftlfiifirlf"*" 
Telex 2S095 V : 

N.V. CAIB S;Au . 

IS, Square de MeeGs 

over devolution 



BOVIS Jbuild here 

^ Telephone; 01-422 3488 

EALIER THIS month when the 
Belgian Prime Minister, Mr. Leo 
Tindemans. resigned for the 
second time this year, seasoned 
observers of the Belgian scene 
murmured, “What, again" and 
turned to the football scores. 

The motorist following the 
carefully signiposted motorway 
from Brussels to Louvain and 
Tirlemont, who suddenly finds 
to his utter bewilderment that 
he is heading for Leuven and 
TieneOr and five minutes later, 
without having changed course, 
finds, he is back on course for 
Louvain and Tirlemont. begins 
to understand the frustrations 
that led Mr. Tindemans to give 
up in disgust 




Dredging and Reclamation Specialists 

P.O. Box 40 - 9300 AALST BELG1 U M 
Telex ; Belgium 12340 - Tel. ; (53) 77 34 34 

i* > 


TraHing-sjuclion hopper dredga, 
built 1968, rebuilt 197S 
Lenath : 103,00 m; beam : 18,00 m; 
j* depth: 1000 m 
V HopDer capacity: 

5000 cubit metres 1 
Max dredging depth : 
V K \ ZS.OO m 

' | :■ Two suction pipes 

1 1 dia :900 mm 

l V. Max. speed (laden): 
IS 12 knots 

f f. Total installed 
J? HP:8S00 

.. ■/ ■ * 

■ vaa.a. y- .. i. ; 

s The seemingly senseless 

0 changes' in road signs that dis- 
jj orient so many foreign travellers 
a are typical of the many petty 
j manifestations of the quarrel 

between the Flemish and Wal- 
e loon communities which is 
J strangling political debate in 

1 Belgium. * 

t Letters to Flanders addressed 
I in French usually take several 
, days longer to arrive than those 
. wtih the same address written 
[ in Flemish or are returned to 
j sender: tourists in Brussels who 
, ask a policeman, in their best 
French, the way to the Grand 
— Place, are courteously told — in 
determined English. 

Meanwhile in the Belgian 
Parliament, debate on several 
industrial and other economic 
problems is cut short to allow 
time for the endless bickering 
over devolution, which to the 
non-Belgian, seems so trivial as 
to be almost incomprehensible. 

The humiliations and. sense 
of cultural inferiority imposed 
on the Flemish community by 
the French-speaking Walloons 
during the long years of French 
rule are so deeply ingrained 
that a complete switch in their 
relative economic positions has . 
done little to alleviate the 
bitterness. Until the Second 
World War, French speakers 
controlled the civil service and 1 
held sway in commerce and ; 
politics. Today, with the decline 
of the steel-based industries of 1 
Wallonia and the prosperity of i 
agriculture and trade in the I 
north, Flemings earn around 15 i 
per cent more than Walloons. I 
They contribute between 70 and ( 
80 per cent to the gross national i 
product, and their representa- i 
tion in politics, in administra- 1 
tion and in commerce reflects I 
this. But they still want their ] 
pound of flesh and are deter- i 
mined to stamp out any moves i 
which might make things more i 
comfortable for those who wish * 
to live in Flanders but to con- t 
duct their business in French. 1 

Flemish suspicions that the 1 
use of French as an official lan- * 
guage in Flanders might en- c 
courage French - speakers to v 
I demand more linguistic rights 
has repeatedly stalled progress J 
towards devolving power from l' 
the central Government to the 
two linguistic communities. But v 
the biggest sticking points have n 
always been points of detail: c 
the broad outlines of the plan ii 
have long been agreed and it is a 
generally accepted that devolu- h 
tion, as envisaged, is the only h 
way the two communities can fi 
live together, even though it w 
will make Belgians the most r 
over-represented people in the b 

»s Under legislation sent to Par- 
s’ iiament in July, Belgium will 
s be divided into three regions — 
y Flanders, Wallonia and Brussels 
:1 — each to be governed by an 
1- elected regional council. These 
s regions will be further broken 
n up into sub-regions — 11 in 
Fianders, 13 in Wallonia — 
i governed by elected sub- 
1 regional councils. Each sub- 
e region will comprise a number 
a °f communes, also governed by 

0 elected representatives. The 
a present system of provincial 
X assemblies will disappear, but 
j provincial governors will remain 
a — carrying out certain cere- 
monial and administrative func- 


l Although the legislation has 
, passed the committee stage, it 
f is still not entirely clear who 
, will do what in the new regime. 

; and demarcation disputes are 
' expected to cause headaches for 
years to come. 

, At first glance, the proposed 
t structure of government looks 
r ver y complicated. Broadly 
. speaking, it is as follows. 

i The central Government will 
I comprise a Senate (upper 
• housel and a Chamber' (lower 
! house). The Chamber will have 
! responsibility for "important 
I national policies" such as de- 
: fence, foreign . policy, national 
I economic, fiscal and budgetary 
policy, foreign trade and par- 
ticipation in the EEC. The 
Cabinet must contain equal 
numbers of Flemings and Wal- 
loons. Members of the Chamber 
will be elected, as now, every 
four years. The Senate will 
cease to be elected and will, , 
instead, include members of the ' 
newiy-created French and 
Flemish community councils,- : 
together with representatives of 
Belgium s small German-speak- 
ing community. It will have ; 
responsibility for “cultural ‘ 
affairs,"- health, education and 
“personal issues which concern : 
the citizen as an individual/' : 
The Senate will be able to 
amend legislation, but no longer 
to block it, and to revise the 1 
constitution. Senate decisions : 
will require a majority in each 1 
linguistic group, but the ' 
Chamber will always have the 
last word. - ] 

The three regional councils 1 
will have responsibility for all 1 
matters “not reserved by the 1 
central Government," such as 1 
industrial development and 1 
agriculture. It is not yet dear 1 
how much real power they will ! 
have since, at least during the c 
first "transitional" years, they * 
will have little direct access to 1 
revenue and will be financed < 
hy the central Government 
according to a formula based 

■ on population (favouring the 
i Flemish), tax returns Ifavour- 
’ ing Brussels) and land area 
i (favouring 7 Wallonia). 

The function of the sub- 
regional councils is even less 
clear. They will carry out talks 
delegated to them by the central 
Government, the regional coun- 
cils or the communes — probably 
rationalising gas and electricity 
supplies or promoting tourism. 
Sub-regional and communal 
councillors will be elected in 
simultaneous polls every six 
years. Sub-regional councils 
will be financed by rates, loans 
guaranteed by the state, com- 
munity, region or commune, and 
compulsory contributions from 
the communes and regions. 

The government bodies at 
each of these five levels (cham- 
ber, community councils 
regional councils, sub-regionai 
councils and communes) win 
have an executive body which 
will almost certainly mean a 
sharp rise in the number of 
civil servants and consequently 
in the cost of running the 
country But all this has been 
accepted as necessary. The real 
sticking point, which finallv 
brought down the Tindemans 
Government earlier this month 
centres on Brussels.- 

. In linguistic terms, Brussels 

p r /r!h IS if d w 0f P^dominaatly 
French speakers (80 per cen n 

rnside Flanders. Over mS 
£2 ?* ?■?"*** has been a 

of population from 
the city centre to the green 
and pleasant suburbs, spilline 
over into Flanders, and crean 
ing small but politically signifi- 
cant pockets of ? French 
speakers. The Flemish refer * 
the phenomenon as a dirtv “oil 

flying the °„f 

Flanders: "Keep Sterrebeek 
e ean, green and Flemish," P 7<£ 
claimed the posters j n a p U £ 
hcity campaign not so long ago. 

Hence the acrimony in thu 
prolonged debate over the 

of t j me during which 
French speakers in seven com- 
munes just outside Brussels will 
be able, for civic and le»al 
Purposes, to register as rS- 

S f S e f r C0Ph0!leC ™ m ““l 



Major Belgian retoiniir^gcUertf,; ~~~ * 

first cl ass property mviKStrn^nts ;■ .7 - - 



FROM £300,000 TO £3,000^000 

Details please to STEPHEN CdTTON/ B.Sc.; '_‘ 0 R 5 j 
A.R.I.C.S., at ST. QUIIMT1N S.A.,. BRUSSELS >: ' “ 1 * j 
o r DA VI D H O B BS of ST. QUINTl NrtONriON^. * 


end up in Be|gium,tii( 

•S V . ?R G 

This emotive but apparently 
minor point still threatens to 
SfJ 1 " years negotiation! 
and compromise, and continues ! 
to divert attention from the 
problems that must arise in a 
more dispersed administration. 
In view of the severe economic 
problems confron tin g the 
country today, Belgians do, to 
the outsider, appear bent on 
making things unnecessarily 
difficult for themselves. 

. Ifyou live or work no^ of V * • * 

south? v . = s*. 

Every single night of ;ihe’ v^ek^uWdrive 
aboard North Sea Ferries at Huikand,drive.ashore \^ ^ 
Zeebrugge the following morning. - 
; Holidayor business itsa pfeasuretitfavel thee^ 
way. Both your S^oursedirinerandfuliEngiishbreakfa-.j 
are included in the fare. With relaxing bars and loungj ' pFf|fj i 
.1^ dancing, a duty-free shop-arid a really comfortaB 1 
nighfs sleep to follow. • T . ; , _ 

\ , You can evensend your freight vy^foil:ro-ro ; r^- : :-'v 
faajities. And yourdriverismeals and^in'accbrfirr - 7; 
datiori are included.; . ' : ' • 7 . - ; 7 7v. i 

• fWealsomnasimilafsOTfcefol?otteiTiam " 
[Europoortjand aspecial freight<)niyseA(icefrorn 
•Ipswich to Rotterdam ■[EuropoorflJ -7: - 7 - *77 

So whateveryour.reasonfQrgoiRgtoBefeiurTv-'- V: ’-^ 
you’ve every reasonfo^gotoHuL. . ;7 7. -• 


M. van H. 


Financial Times Thursday October 26' 197S 



EEC maize syrup levy ‘unfair’ 


IE EirROPEAX Court of 
»Lice ruled today that the pro- 
ction levy imposed ay the 
:C Commission on isoclucose 
ish fructose maize syrups* 
s unfair, 

The levy violated the 
niiple of equality between 
glucose manufacturers and 
et sugar refiners, the court 

It said that although the levy 
5 units of account per 100 
os had been calculated 
:ording to a formula wnicta 
ik into account a beet sugar 
yductaon levy of 9.8 units of 
Must per 100 kg. the isoglu- 
■•e producers were more 
•erely hit. 

This was largely because the 
et sugar refiners were able 
pass about 60 per rent of the 
■y on to beet growers. 

The case was referred «o the 
urt of .Tuslice by national 
art* in the Netherlands and. 
» UK where several Isogiucose 
mufacturers have challenged 
s EEC Commission :nd the 
iuncil of Ministers on grounds 

Damages are being sought in 
ee cases. A further ruling js 
“ ded lo clarify whether these 

are to be paid. 

Today's ruling does not oppose 
toe isoglucose levy In principle; 
it merely finds it too high hut 
doe* nor indicate by bow much. 
This part of the ease has now 
been referred back lo the 
national courts in question. 

The three companies con- 
cerned are GR Amsylum or 
Belgium. Tunnel Refineries of 
the UK and Konioklijkc 
Scholten-Honig (K5H) Of tins 

They submitted that they were 
being discriminated against 
because their entire isogiueose 
output was subject u> levy, 
whereas the beet sugar letQr 
applies only to the so-called B 
quota. Taking total production 
into account, the penalty on 
sugar was only one-fifth that on 
isoglucose, they said. 

In establishing the principle of 
equality, the court has implicitly 
upheld the eligibility of : isoglu- 
cose producers to claim an ex- 
port subsidy, currently about 15 
units of account per ISO kg. but 
rejected iheir claim for resti- 
tution of certain starch subsidies 
on maize, from which' isoglucose 
is made. 

The imposition of fhe levy last 

year caused several manufac- 
turers lu reduce or abandon iso- 
glucose production. 

Last night the court's decision 
was hailed by Mr. Bernard 
Smartt. managing director of 
T linnet Refineries, as “ a triumph 
for fair play over protectionist 
agricultural pressure groups. 

He said: “ l hope the starch 
industry will now he able to 
forge ahead without further 
needless restraint. Isogiucose is 
an alternative sweetener to sugar 
which has been welcomed in the 
UK by consumer organisations 
and food manufacturers alike, 
both of which have helped us in 
the struggle” 

In Washington meanwhile. Mr. 
Bob Bergland. U.S. Agriculture 
Secretary said the U.S. sugar 
price would bo supported at 15 
cents a lb. reports Renter. Work 
bad begun on a proclamation 
which will permit continued 
reliance on tbe fee-and-duty 
method to keep domestic prices 
above that level, he added. 

Mr. Bergland is also consider- 
ing a recommendation that ihe 
maturity date on 1977 crop 
sugar now in storage be ex- 
tended. He said a notice solicit- 
ing public comments and reconi- 

UK plea on endangered species 


;ITAIN WILL seek extra pro- 
■tion for certain endangered 
- ?cies of dolphins and por- 
ises at an international con- 
ence to be held next spring. 
' was announced in London yes- 
day by Mr Ken Marks, Under- 
notary of State at the En- 
onment Department. 

A'hen the Washington Conven- 
n on International Trade in 
dangered Species of Wild 
una and Flora (CITES) meets 
Costa Rica in March, the TJK 
egation will propose that 11 
:cies of dolphins and porpoises 
■uld be added to the "endan- 
■ed " list. 

This effectively would prohibit 
oorts by member countries of 
oie animals, live or dead, and 

0 - readily recognisable *' parts 

1 derivatives. 

iritain will also be proposing 
t several types of whale 
‘ uld join the lists of 
reatened” species. This would 
..uire members of the conven- 
l to monitor trade in the pro- 
’• ts derived from these whales 
us to give early warning shuulo 
• begin to approach the ** en- 
tered” classification. 

.’he UK also wants the conven- 
'h to specify more dearly the 
mals and animal products 
Jcb should not be imported by 
members. Britain has worked 
th Switzerland and West Ger- 
jwy to produce a list of items 


mendations on a proposed ex- 
tension to Seplenibcr 30. 1979, 
would bp published soon in tbe 
Federal Reg isle r. 

President Carter has agreed 
lo support legislation in ihe next 
Congress, convening in January 
to provide a domestic sugar pro- 
gramme as well as authority for 
the U.5. io carry out its obliga- 
tions under the Intera xtional 
Sugar Agreement. 

The Administration will seek 
Senate ratification of the agree- 
ment early in the new Congress. 
Mr. Bergland said. 

Traders attending the British 
Sugar Corporation's autumn 
demonstration io Brome, Suffolk, 
said the UK sugar beet crop is 
expected to total 1.04m tonnes 
in 1978-79, against 950.000 tonnes 
in 1977-78 and a record 1.07m 
tonnes in 1971-72. 

This compares with an esti- 
mate of 950.000 to 1.05m 1/mnes 
made earlier this month i»y the 

• In Brussels the EEC Commis- 
sion authorised sales of 49,600 
innnes of white sugar but no 
raws at its weekly export tender. 
Commission sources said. 

Tbe maximum export rebate 
for whites was raised to 23.899 
units of account per 100 kilos 
from 23.339. 

Last week tbe Commission 
rejected all trade offers for 
whites and raws and authorised 
no exports. 

Copra price 
at four 
year high 

By Our Own Correspondent 
PHILIPPINE copra prices 
reached a four-year high of S605 
a tonne in the London market 
yesterday, following a warning in 
Manila that typhoon •• Rita *' 
could strike areas of northern 
and central Philippines later this 
week. Coconut oil prices also 
moved up to well ever $900 a 

The typhoon threat is the latest 
development in a market where 
prices have already risen strongly 
in recent months. Shipping de- 
lays and reduced supplies of 
adequate quality have been be- 
hind the market upsurge, accord- 
ing to London traders. 

Increased export duties, aimed 
at discouraging overseas sales in 
favour of domestic crushers, have 
also helped Tuel the rise in copra 
prices. Renter reports. 

Philippine copra exports are 
gradually being phased out as 
local processing capacity expands. 
Copra exports during the first 
nine months of the year fell to 
319.7X1 long tonnes. 

In contrast, coconut oil exports 
during the first nine months 
jumped to 722.352 long tonnes 
against 535.702 tonnes previously, 
although this includes bigger 
shipments to China, the Soviet 
Union and Indonesia. 

which should not be imported. 

These include trophy heads; 
fur stans of the cat family; bears; 
otters: some monkeys and zebras; 
elephant and kangaroo hides: all 
Ivory, worked or otherwise; 
rhinoceros horn, even If pow- 
dered; and reptile skins. 

The Government will lay an 
order before Parliament before 
Christmas which w'ill extend UK 
controls not only to -all items on 
the proposed list, but also for a 
number of other products of 
endangered species including 
plumage and rare leathers. 

The plans for extra controls 
on harvesting of dolphins and 
porpoises are based on a major 
review of ail cetacea (whales, 
dolphins and porpoises) . under- 
taken by the Department which 
Mr. Marks described as “a 
major contribution to inter- 
national understanding of toe 
trade in whales and porpoises." 

Department officials said 
Japan's increasing interest in 
tbe dolphin harvest as a result 
of declining opportunities Tor 
whaling was causing great con- 

Because of lack or information 
on Cetacea, the British proposal 
will call for all whales, porpoises 
and dolphins not prohibited for 
international trade under 
appendix 1 of the convention to 
be classified under appendix 2, 
which calls for import licensing 
for the purpose of monitoring 

The Department'^ review ?oit 

firms that the sperm whale is not 
an endangered species. Sperm 
whale oil is one of the few whale 
products still imported into 
Britain. The 1976-77 import total 
was 5,196 tonnes compared with 
14.341 tonnes m 1970-71 but Mr. 
Marks said: “ The UK is working 
towards decreasing dependence 
oo sperm oil far industrial use 
and the Government is encourag- 
ing. and in part funding, research 
into alternatives." 

The Washington Convention 
has- been signed by 80 countries 
and ratified by 48. Japan is the 
only major importer not to have 
ratified it. 

• The European Parliament in 
Luxembourg has voted in favour 
of spending nearly £25m on 
policing Common Market 

Just how much will actually 
be spent remains to be seen. 
The Council of Ministers will 
undoubtedly cut some of the 
programme but Parliament has 
the formal power to reject any 
budget propsed bv the Ministers. 

Parliament wants to spend a 
large slice of the money, about 
£l2.5m. on creating a new 
Common Market coastguard 
service. In its comments on the 
project, the Parliament says it 
could provide more effective and 
neutral control of EEC waters 
and help the EEC tn assert itself. 

The Parliament also wants the 
EEC to spend another £12m 
setting up an organised market 
for fish products. 

Free market platinum 
at peak price 


peak of £175.15 an ounce, up 
£3.35. on the London free market 
yesterday, following the fall in 
the value of the dollar and tbe 
record price of gold. 

Cash tin also closed at a new 
peak of I7.S75 a tonne, up £30. 
but the. three months quotation 
lost ground and dosed £15 lower 
at £7.665. In Penang overnight 
Straits tin climbed above MS2.000 
a picul for the first time, gain- 
ing MS34 to M$2.100. 

The firmest market, however, 
was lead where rumours of re- 
newed Russian buying helped 
lift tbe cash price by £8.75 to 
£422.25 a tonne and the three 
month* quotation by £10.325 to 

Tbe autumn edition of Metals 
Analysis and Outlook, out yester- 
day. covering the period to end 
1977, says there Is little prospect 
for a substantial improvement in 
metajs consumption over the next 
year or so since there appears to 
be no end to the slow economic 
growth in the OECD area. 

Nevertheless, all is not gloom 

for producers, according to the 
magazine. The converging trend 
in individual countries' economic 
growth rates gives grounds for 
hopes uf an improvement in the 
longer term. 

Most metal prices, with the 
possible exception of tin and 
gold, are expected to rise or 
remain firm. Aluminium is fore- 
cast to rise strongly to 59 cents 
a pound next year, while copper 
should be about 65-75 cents a 
pound (£730-£S30 a tonne). 

Nickel is considered to have 
“ turned the comer," and firm 
prices are also predicted for 
lead, platinum and silver. 

Reuter reported from Paris 
that the world copper market has 
entered a firm phase and supplies 
could continue to be rather tight, 
at least for good-quality copper, 
in the first months of 1979, the 
French Industry Ministry said. 

The system of pricing copper 
at a premium over London Metal 
Exchange prices will be extended 
and this would lead to wider 
premiums over London prices for 
good-quality copper such as 
cathodes, the Ministry added. 


Problems could bring 
a bitter conflict 


WHEN land-hungry peasants 
invaded thousands of acres in 
the state of Oaxaca in southern 
Mexico earlier this month, the 
country's sensitive agricultural 
problem was once again brought 
to the forefront after a lull in 
attempted laud Invasions. 

The peasants agreed to call 
off their occupation until next 
month, by which time the 
Government says it will have 
dealt with their demands for 
land they claim is theirs. 

If the demands are not met 
the prospect of a potentially 
bitter conflict is likely. 

The invaders, many of them 
pure Indian, have grouped 
together in an organisation call- 
ing itself the Indigenous Asso- 
ciation for the Defence . of 
Peasants. Behind their invasions 
is the desire to reclaim 150,000 
hectares of land which they say 
is communal land taken away 
from them by private farmers. 

Tbe dispute dates back more 
than 40 years ro the time of 
Mexico's much-vaunted agrarian 
reform. But really at the root 
of the problem Is the country’s 
whole agricultural situation. 

Mexico does not produce 
enough to feed itself, but what 
is more worrying for the Govern- 
ment is that agricultural pro- 
duction cannot now even keep 
up with tbe rise in population. 

This year, agricultural produc- 
tion is not expected to increase 
fay more than 2 per cent, in spite 
of government assurances to the 
contrary, while the country's 
population will increase from 
64.5m Vo 66.9m. according to 
official figures, an increase of 
3.6 per cent. 

About 40 per cent of the l$.Sm 
labour force work in the agri- 
cultural sector and many more 
people depend on it— there are 

no reliable statistics — although 
it accounts for only 9 per cent 
of gross domestic product. 

With unemployment and 
underemployment unofficially 
estimated at about 50 per cent, 
and with a very high percentage 
of the population (34 per cent in 
1977) under the age of 12, there 
is a potentially explosive situa- 
tion in tbe coumryside. 

The Government has managed 
so far to defuse it partly by 
sanctioning some takeover of 
land and trying to channel more 
credit into agriculture. 

Tbe present government is giv- 
ing high priority to agriculture 
compared with previous regimes. 
The Federal Budget for 1978 
allocated Peso 53.4 bn fS2.4bn> to 
agriculture — S.4 per cent of the 
total budget and the fourth 
highest investment; oil taking 
the mosi money. S»ate invest- 
ment in agriculture last year was 

A look at the government’s 
own statistics paints a gloomy 
enough picture. For example, 
total harvested land this year 
amounts to 15.7m hectares com- 
pared to 16.1m last year in spite 
of efforts to sow more crops. 

The sacrosanct principle of the 
Mexican Revolution of 1910 
which overthrew the dictatorship 
of Porfirio Diaz was “ Tierra y 
Liberiad " Hand and freedom) 
and “The land for those who 
work it." As a result the hacien- 
das — the privately-owned states 
— were generally swept away and 
replaced with the Efidn system — 
State-owned smallholdings. 

Although this has ended the 
injustices of the previous 
system, it has not solved the 
problem nf agricultural produc- 
tion. Private farmers have 
managed to get round the law 
which imposed a limit of 100 
hectares per person by buying 

Food plea by Solomons 


THE newly-independen Solomon 
Islands is anxious to break 
through traditional trade 
barriers and become a major 
supplier to New Zealand of 
sugar, tropical fruit and rice. 

In a visit to Wellington, the 
former Solomons Chief Minister. 
Mr. Solomon) Mamaloni. urged 
New Zealand to sign a bilateral 
trade agreement This would 
help his country much more than 
any aid grant he said. 

The Solomon Islands, with a 
population of 200.000. is the 


third largest land mass in the 
South West Pacific — after New 
Zealand and Papua New Guinea. 

The country has large areas of 
undeveloped land which Mr. 
Mamaloni believes could be 
developed jointly for large-scale 
production of tropical crops 
needed by New Zealand. 

A bilateral trade agreement 
would save New Zealand valu- 
able overseas funds because she 
would not have to spend a dollar 
of non-New Zealand currency, 
Mr. Mamaloni said. 

plots in the names of different 
members of their families. 

Sr Jose Lopez Portillo, 
Mexico's president, admits that 
the fundamental problem now is 
not dividing up land (there is 
not enough for everyone) but 
multiplying the yield. And so, 
faced with increasingly large 
imports of maize and wheat, 
efforts are being made to 
improve the antiquated methods 
of production on the Ejidos. 

This year’s wheat imports are 
officially forecast at 650.000 
tonnes compared id 495.391 
tonnes io 1977 and maize imports 
are put at just over lm tonnes 
compared to 1.7m last year. 

The maize import figure is 
generally considered to be far 
too low and that probably more 
maize than last .year will be im- 
ported. Domestic production of 
maize this year is estimated at 
10.3m tonnes compared with just 
over 10m tonnes in 1977. And 
Mexicn has 2.4m more mouths to 
feed this year than last. 

The situation has been 
aggravated this year by the un- 
usually large amount of rain this 
month which has destroyed an 
estimated $4.4m-worth of crops, 
including wheat and soyabeans 
in the northern state of Sonora. 

A quarter of the federal budget 
is being spent on infrastructure 
improvements including a target 
nf 35.000 hectares of irrigated 
land to be rehabilitated and a 
further 143.000 hectares to he 
opened up for new irrigated land- 

The amount of irrigated land 
has increased from about 2 4m 
hectares in 1970 to about 3m. But 
the mountainous topography, and 
scarcity of water severely limit 
the area which may be cultivated 
to about 17 per cent of Mexico's 
total land area. 

Faced with this depressing 
situation, efforts are being 
centred on increasing yield per 
hectare. Maize yields have 
increased from 1,272 kg per 
hectare in 1971 to 1.359 last year 
but they are still well below U.S. 

The government is trying to 
counrer the desperately poor lot 
of many rural workers by con- 
tinually increasing guaranteed 
prices. Wheat which was 2.050 
pesos per lonne last year is now 
2,600 pesos. 

The plight of Mexico’s rural 
poor Is such that a thousand 
people a day are officially 
estimated to be arriving in 
Mexico City from the countryside 
and some of those who took over 
land in Oaxaca are’ probably 
already on their way to the 


ASE METALS £ S. ™- na °* r *- m m | Jfc M COCOA RUBBER 

TTw tnmfcei remained firm. trading to STEADIER ocentas oa the London SMITH FIELD .pence pur noondi— Beef: 
+ 103, M . l9TB at rors before physical BUitet Good Interest throne*- Scottish tailed sides 54.0 lo 58.0. Eire 

+ 117, 7670 00 -12 6 ‘ , , rT ' f ' r : ta * j na ami llie market out the day. ctasint oiUetiy steady. Lends hindquarters 59.0 to 62.0. forequa tiers 

z (ml I in? ahorc »h" previous night's and Peal reported a Malaysian nodowti =3.0 to 38.0. 

+ — | — . i C vHs. Cdi and DulTus reported. «••«*» »r -sc /*— ..... — — — ... 


on the Kerb was £768. 

.®" lhat^ L ^ls^!n?^8h Y '^^arn t mided Jilt'll (irub 1 * • C ! 1 | i_ a 

4U..6S: Three months £767. 66.S. IWi . — 4 7900-10 +1851 7870-80 *-30 Dr 



Price m runner unless mn.rwiv. surer! 

-*anse after a day of active .trading. at £74d .. ... 

iwicr. .the strong Cumex market fit Cathodes: Cjsh £734.58.5: three months a munihiJ 7700-10 
-■-“il and the fail of the dollar eafly fTM. r - Kerb: ■ Wirehars: Three - months deU *em*U 79 10 
. forward meul started at £785 £7655. Afternoon: Wire bar 5' Three months Standard! 

Traded Tor the most part tacrwHn I7B7. H73, 66 3, 67.86.5. Cathodes: Three Cash 1 7900-10 

and £UB with physical business not months £735. 55.5. Kerb: Wlrtbors: .a month:. r 7690-5 
eWcMlve at on recent days. The dose Three months £767.5, 68. B8.5. 80. 69 5. Betwem'iJ /910 
69. 88, 87.5. 68. „ atmlu E..| 7*2010 

i-F w 

' | a.n>. 
-+OfpPKHi Official 

p-m. • ,'f+ur 
Unofficial * — 

TIM— Fell any 

after forward metal ***** Yort ' ~ 

+ 185. 7870-80 '+30 
+ 115; 7660-70 1-15 

+ JBO: — I 

+ S4j - i ...... 

|Vc-Jen{i’j>| + or' 
; I — 

■ Itane 

price of 236 
. November). 

(3534) cents rbusrer. 


it hr 

1 m nt 

had started at £7.735. The East advancid n wn sn m n ™ c-rh- 

SMh Three' mintte r7.67u. 73. IB. 

seeing pushed the {awdon once down lead— H igher again. Forward metal f**- — 20 47.,-AB.e +3 

+3.&r7*t>.6-6 +1.75 and after It passed through £7.700 It ran opened at H02 on the pre-marker and l’«- — »1SJL1B.0 |+5 

,+ Z.5 into bull liquidation and chan 1st seBins. mnvpfl 3hci.l1 < 

live. ..IWOS.'MHJS J —7.0 ‘2D50Jt- 1986. 

MnrvJi 2M6.U-JB.0 1 + 5.5 2 58.0 20.0 

Alnv '2058.0-61. u 1 + 6.0 2078.0-42.0 

July -...2058 0 58 . j ,+ 0.26. 

V*. 1 j 

hn wa I 



IO.S. | 




Veal: English fats 60.0 ro GS.O. Dukh 
hinds and ends &!.« to 56.0. 

Lamb: English small 52.0 to 7, •>.(*, 
medium 32.0 to 56. t. heavy 48.0 lo 5-JJ 
Scottish medium 32.D to 58 U. heavy +8.0 lo 

52.0. Imported frozen: N.Z. PL 57 0 lo 

58.0. N.Z. YLs 5L0 to 53.0 

Pork: English, under 100 lbs 27.0 io 


•»«. a 


t nr 





Ire* nisrkei ie/M)S .HiMD 1 
topper W Urn 1 17745. 75 -r 1.75 £741 
i qpjoMiH ilii. ill' It: <66.75 -2.5 : L'7o9.5 
ts«h Laibnle. 18745 1+ 1.76 c7Z9.a 


733-.S '+3.51 
7S4-.5 1+8-5. 
733.5 1+3.5! 
685 I 1 



t&iSKs a iasaasKaitsas « xsz.&'SKs&i&ssgi 

tfsafrw SJa SSfciS S*bau ' onns bekt ,e;,ch, lS0 ° to 1^.875^0.52^^ 



— l; JJT ——————— 

*■’. Index Limited 01*351 3466. 

uno boll liquidation and chan 1st hBk moved ahead strongly to touch Dir in Mnr h .2006.0-101) >.+ H.O'20».-V.6 TiHT 2 2^5 ”1 WH- 2 ? X.,o.e> 1 . 

— , ■ This led to a dose on the Kerb of £7.6.0 Ihc morning rings foUowlflS rresh spvenia- ~ ,, «*« m'dS ji'Lti'm PartHdgcs: Young leach i 2noj to 340-8. FreeMarkcuuili.ll> 61.75 

■ and there was a ^farther decline alter- Hv e bnying prompted by rumours of Saks- 9.231 (£SHi tots of 10 tonnes. j! % ISjo MBI MEAT COMMISSION- Average fjlsfock | I.9u 

734.5- 5.5 +T.76 hours. Turnover. 3.0A8 lonuea. renewed Russian haying of lead Profit- l"tenuufiwal Cocoa OrgaakmtlMi i <u.i Van £. hces 11 present ail v« markeis po , , 

76B-.5 +2 Mamins: Standard: Cash £7Jlo: three raking dipped Uie price to «05 nn the «nto iw pound >- Daily price October 24: « October 25: CB-Caitlc. M.59p per kg lw p U h ou ™ tmp „ l L - lso i 

— : -- months £7 700, 10. 05.7.700. 7.635. 9(1. 85. morning Kerf but values went ahead MJ4 1179 55 >. fodtalw priccE October 25: Jv-'W- 74.«-7B.4& 78.45./B GO 78 76-78.M <-Uti; UK-^eeo. 132. 6p oer kg esr '^7 w...l 140 ....... i 130 

— 98. Afternoon: Standard: Cash £7.888: again In the afternoon with Forward metal IS-* 13 ? average 170.77 1 170.23 >: 22-day dew i+S.5); CB^-Plcs 66^p per kg Iw ,-J rf 76 * IS ; +S * . -?25*?. 

- S»ny MS * STunVKW. «vcnuw IVTJOH UTO.Wi. Sales: 20 <61 tots of 5 lOtmeS. 757 (JW) * 5nd , SS*-™? ?t?^“w ^ U ’llisV' +2 8 'IdSI* 1 

8450 tonnes. lots Of 15 tonnes. numbers down 6.8 per cent, average price '*=■ IJXjj-j* ° 286. 58| 

Physical dosing prices rtmyorsi were: Mi: " Sheep down 4J l per com. Am-nrlis + 

Spot 6Sp I8L75); Nov. 63, So <^251: Dec. aFer *E c price 133 -Gp r+3Ji»: Pics down lin iaab. Vf? 9 + 

6ESo <Ck5i 6.9 per cent, average price 6SJ!p i + l.l). Simeilta ;Sf.665 -15.DL*6.BM.! 

3 month Altunin tom 601-75-606.75 
.. lament Road, London SW10 OHS. 

1. Tax-free trading on commodity futures. 

2. Tbe commodity futures market for the smaller investor. 



Over 400 sets in stock 

tuy Wtfdy from the manufacturers 
with fad after-saln service 

01-986 8231 
Telex: 8977*4 

^ KITED euaCUASE — Second hand 
_ achlrws with 7* apron draft Jij-pluh 
.* .Inning frames for ;trte yarn manu* 
p czurlng. Please contact Mr. Abdultan. 

Stratford Road. Lonoon. E.12. 
r+T1 4568. 


We are looking for a 
of 250-300 Tons 

Avenue de Marwnom 19. 
B-7160 Hw»5c-rwrrc. 

Tds 064/22^1.14 
Telrn 5761t 

GENERATORS iron. GMtrw UmllM. Sizes 
from 2 KVA to 4.000 KVA. New aru 
used, an ouarataeo. at Keenest oriccs. 
Tel. Wmwt I0T3-S22S TOSS. Telmc 
848537 • 



| iw' 


on could realise substantial investment return through our multi- 
nitlion dollars commodities geo up with a proven record of success. 
Minimum investment: $20,000 

r , - • . Call or write: Dunn & Hargict Research S A. 

14 A. Bte 6 18 rue Jacques Jordaens 1050 Brussels. Belgium 
i *. i| ytf • Telephone: Brussels 640 J2.80 

^ ‘ , J i Available only to residents of countries where not restricted 

, 1 1 (Restricted in Belgium and U.K.) 

ff? — 


s lX)V' 



i most profitable investment 

caders are feeling 
leased with Life— they 
ave followed a sub- 
zription service called 
lommodity Trading Re- 
omznendations issued by 
esearch specialists, 
.bart Analysis Limited. 

Briefly, an investment 
f £5,000 in January 1978, 
'hen the service started, 
overed all deposit and 
largin requirements for 
pening one contract of 
ach commodity reeom- 
lended and has produced" 
t net realised profit of 
^£9,117. Open positions, 

such as longs in 
Platinum, are still run- 
ning, promising further 

A free trial subscrip- 
tion is available from 
the well known brokers, 
Commodity Analysis 

Please contact: 

Mark King 

Commodity Analysis Ltd. 
37-39 St Andrew's Hill 
London EC4V 5DD 

Tel: 01-236 5211 . 



j* or 

' p.lD. +«1 

Uni dr let* — 




Lbstt— ... 


k 17-5 


i mouth*.. 







b. . 

■ — 


J *36-36 1 

R 06 U STAS prtevs rominufd to improve 

short coverldc lendoff to encourage jobber 
bnviug. Some hwul profit-iakinu ai the 

£406. 97 W.S, 88. 05.5. Oil. «5. M. IBJ. 
Kfrb: Three months 1405, 04.5. OS. 06. 
Afternoon: Three months 1406. 07. 09.5. 
07, 07.5. 97. 06.5. 86.70. Kerb: Cash 142$: 
'hire mauh5 men. ots. tn 07.s. on. 07,s. 
07, OS. 

pared tic price to £271 S. In the afternoon 

sull Amshec 
reported- • 

nn hlaher on the day oa 
3rexel Burabain Lambert 


V'v+entaLv’s 1 

tire ! +<v [ Birwnw* 

l: per l<4iaej ) 






><.+?« a Imr - 

1536-39 I+J2.U 1340-06 
1441-45 , +55.5! 1450-18 
1344 45 .+55.0; 1330 23 
1291 95 | +29.311 304 1275 
1855 53 ! +28.01 1269 45 
1220 30 .+22.5 1225 20 






Februuv - 

April- — 





12 1.88-21.6 
1*2.9 *-.8.2 
122.0 +38 5“ 

+ 2 M 
+ O.BB 
+ 1.E6 
+ 1.10 

119 JO- 18.00 


Scotfamf— Cartlc dowm 31.1 per «ni. n>nui8Miu-i 

averaeo brie* 88.42p f--0.19»: Sheep up Wotfnm KLM oil. 

4.6 ner cent, average price 131.4b i-2.0<: /.ine«Mh 

Pigs up 44.4 per cent, average price 70. 3p a iinuirh^ 

t+3.9«. Piwiwnv 

COVE NT CARDEN t Prices In sterling 

X>er package esem where slated*— u M , n ut 

Imported Prodncc: Lcmoss— itaUao: tj WII>UlulN 
120 150's new crop 5.50-6.50; S. .African: Onnleivi 

4.00-7.30: Cypnot: Crams 7.00-7^: 

Turtasb: 5.00: Creek: 7.50. Oranpos— A m 

S. African: Valencia Late +.30-5.60: 

BrazOlao: Valencia Late Mft Arscnurc; g ^ 


»l+l.o5; >l4i.ut 

51« .j/| .141.* 

£358.75 —0.25, 354 
Co 7u.7& , + U.o L344 
Sb7p ,£625 

1*6707 '-55.0 S760 





forward metal finally £373.5 on +be Uie 
herb. Turnover, 4^75 ronnes. 

XovemiH-r...! 1 19 >10 



’’menL ... 



► i*t) 

— | L 




559-80 1+4.25, 
371-.& ; + 5 
360 i+4.5 

— \ 


LONDON DAILY PRICE (raw sugar) 31 ,b 2.00-2.10. Pears— Italian: Per 

Urn ihoki a tonne «f for Oct.. Kov. w»nd wattoms o.l6-0.ts. Graees-lullan: 

- — Sales: L521 (3,5ss* lots ol 5 locoes. shipmeor. White Mgar dally price was ?^L ck J Rt ‘^ , 3S 2l 1!?- Ataseriai *--0; Spanish: 
T+ur lco for Oct. i A lU.S. Used ai ntl.UO (014.501. S - 8 y , -” : „ r Ffu " < ^- 

~ ceoLs oer pound >: Colorabtao Mild Prices were contained wfthfa a narrow llll * ] P ? * olg ^ r _ La *' 3ll f F . 

Aru blear. 170.50 (samei: unwashed range ihroughoot the day. although for Oxanas— Jamaican. _ Per pound u.14. 

1 ‘ Arahicaa 154 _ - 

~’^ 5 Arabtcus 15000 

570.5-1 !+.6 jbw 150.00 1 151.50 1; RobUSIaS |CA 1 

151.00 H5LS0). Daily average 150.00 

'55.&4.6 l _.... (150.34). 

hf orntng: Cash £300. 59 5: three months 
073. 72, tlx Kerb: Three months 071. rn< rikTC 
*ft fritoP°J-_Ca6h £358.5: three months uKAllra 

J 1 ’-? 0 ' 6 - Kert): Tbm months 071, tw 112 M-t2A6tU2.Qi.l5 ' 

73. 7X5. 73. 5B. 72.5. LONOON FUTURES fGAFTAWThe I Ibl—H l&Jsol 1 IX7M5 

^UNWIUM-Cainod srauad ta fairly 

800(7 two-way business fuedlcd by rtal support steadied tbe market Arioso JS*S'!2-S ,ff ' 7B ' T? 

4.60-5.40: UniRiuyan: 4.20-3.00. Saisomas , l+fint. ■ nt n i.s-’S 

— Spjnta: Trays 3.60-4.50. Crapcfnill— l 

Dominican: 3.61+5.00: Cypnot: 4 .SO: tot81«. ,-^4.0 >2e7 

Israeli: Jaffa 4.70-4 >5. Apples— French: | ■ 

Hvw crop UoJden Deilcioos 20 lb 7s 2.od- Grains . ; 

2.26, S4 I.BO-IJO; 40 lb 3.80-4.20. Stjrk Unri.-v I ‘ * 

Crimson 20 lb 64 1.70. 72 2.10. Granny ll.m.i- Future-.... ifBB.2 .+0.1 £82.6 

S truth L.90-2.40 Golden Delicious nimble • 

French W a Am 1!101.5« —2.0 tlOl 5 
ll'lwif j , , 

1 h. I -Spnii = , L‘fl5.2S.-: + 0.751*92 
.N.^.2 Hanin imeri£tt'/.75, +0.75+B5.25 
bn-ii'h .11, C9U.7o 

...^ ... — , . .„ twin ^lirfuiiHin ... iEK.l»96 , + 6.0 £2.005 

06 r samei; other mild mosl or the time trading ms very UUn. ^ _ K.iimv lUi £2,05.7 +5.5 £1.956 

0 ,150.171. Robust as IGA C. Ccaridkow reported. M. ^eeFuNi.e. 


Jersey. 1.40-1^0: Spanish: I.4H-2.P0. “f nB “ffl* 

OM'WnilCni Pannrv 1 10/ifl a 4 2 50-^ 'D . Utfr IMRI ..|LlUo -tlU# 

Dates — Aiwriau : per gJove box 0.31-O.fa.’ JfiSl 1 . ?.75r_«_ 

f^’f^ ana ^T Spa ' 11 ? : P u r W/60 '5 "NowinaL r New crap. r Unaonieii 

3.09- 3.50. Watants — French: Per pound m I one- A he a lulv-Sepi a Seat. »lOet. 

Grenobles 0.40: iraUan: Wet 0.40: Nov. Nov.-Dee. « Nov, hi Dec. 7 Per ’on 

Californian: 0.65: Chinese: 8.30. Braails - - 
— LWM per pound 0.50. Tocantins 0.:S-O.40. 

Chestants— Italian: Per pound IL25-0.00; 

Spanish: 0.35-0.40. 

EnsUsh Prodncc: Pautees— Per 25 Kr 

1.10- 1J0. Lctwce— Per 12 round 0 60. Cos 

__ LOO. Webbs 120. Cncambers — Per tray 

Tale ‘ and Lyle e*- refinery s nee for Ir /S4 '* «op 2.40-3.00. Hush roams— 
granulated basts white sunar was *v n fj j Apples — Per pound 

lumnt 5 tonne foe home trade »mt Brantley 0-054)00, Lord Derby 0.Q+0.D5. 
n'OJO r samel for export. Cox's Orange Pinmo lt54.1.t Worcester 

luernaUMial Sugar Asreemcnt fll.S. _ Russets '' W.lti 

cents per pound fob and stowed Caribbean SSH l n nc « “ 

i : port, prices lor Oct 54: Dally 8.83 18.83): S™/" . n l M J. s Per Dfuind 

B7.B5 ,+ 0.(0 79.40 J+0.10 is+lay averase 8.93 (8-94). Marjories Seed line U.20 Wvedale 0.13. 

... . Jm.-I 90.15 — ■ 0.0& 1 B2.20 i + O.IO WHITE SUGAR t buyer, seller, bwl- I 0 ™* 4 ® 6 *— Per is lb Enslish l-lHSt. 

Mornlnp: Three monihs r«(K?. 03.5. Kerb- »Ur ,.i 92.50 ] 64. aJ +0.10 ness, sales c Feb. I20 00-30.M. 203KKO.00, g*~°f „ '.T J t e 9U C ? lcr v-t 

Threo monUffl XfllCS. Allrnw-n: Three Un -1 94.90 t. J 86.80 l + O.ID 30: April 122.CO-3300. nil; July 1SAOO-27.25, Cauliflowers— Per |2 

... n(| . i29 5531.35, nil: Nov- 134.60- - Wl,cn|n 1-70-t .40. Boetro«_ptr » lb 



■Frevwa*. 1 




Close | 

- — 1 



_ _ IISSJ 

increase. Fonrard' metal “waned SflKISe gnod^toTirinTt^tatariS 

aw 0 -^ 5 bcfore ,^{« lM “ support on any dips to dose 19p higher Mwh.JI/7. 

e Kerb ax _684^>. Turnover. >J35 tonnes, on Uio day. Adi reported. Sales: 2,022 (LOSS) lots of 50 tonnes. 

£ pet tonne 

T5.B0- 15.76 
17 SO- 16.75 
— .25428225 
75^8.151 120.10^8.70 -28JM 

Indicator prices 


> month- 





r+or WHEAT 

lYeacntai'VI + nr 


Yewerniy - *! + ( .r 
nw r — 

£ ! 



M‘nt>-; r««e j — | 

602 .6 ' + 2.5' 604. 5-5.+ 3.6 

momiis £685.5. 03. os.5. 04. 
moDUu £605. 04. 

■ Cen tr uei mmntt t CM 
n« orrn«w ennfflefal dose. 


i h-i UbTT K-i. aS.jtT.,,,,. 4S „> \ vhi ,-T 

L 66 Oi ' :c2.S4 | ~ 4 .04 |_.^a 12_ 
iliase: inly l. >ss2 = ionr _ 


a=- ! 'K+.'ja 

■il'l V— wi a-. 

Kerb: Three 


Business done — Wheat; Nov. 67.93-67.55. +sJ0. nil- heb. iSjMLN. ^ fl'owoBn ®: SM, - ro - C»rrots-Per 23 lb 0 400.70. 
Jan. 90.31KB 95. March 92^5-0:2:5. May fy Vnrll 1 4T t 9 fiffid TMinSr Capslcmns— Per preind 0.23. CcurseUes- 
Tnt«i «.i»- it* d»i«- **• i * nl iv+jv-w.o*, ™ai sues: p_ nrulnd n.*>rui n n ; n nc_r-»r k,- 


per ’ 





+ fti 

LH.K. |+ or 
dine 1 — 

293.5i. 1+2. 2 

301.05r 1+2.2 

i rnoDths- 

3 00.7 p 


‘ monua. 
Li moolfi*. 

36B.9p +2.65 

325.9i- +2.55 

i i 

1 1 

LME— Turnover 179 ilTl'i lots of 19.000 

84.90-94.S5. Total Side*: 13?. Barley: 
Nov 7B.50-79 25. Jan. M2J8K1.B5, March 
S4+3K4.25. May 86.65-58.55. Total sales 
SC. . 

HGCA— Location cx-Iarm spot prices: 
Peed when-. Essex 125.00. Feed barley; 
Shropshire 175.81. Essex £78.60. 

The UR montrtary coefficient for the 
vi-eK btsianjoe Oct. 30 is expected to 
increase lo 1^97. 

IMPORTED— Wheal: CWRS No. 1 13i 
per cent Nov.-Dee. £03X6 quoted TUhnry. 
U.S. Dark Northern Swing No. X 14 per 
cent. Oct. £84.75. Not. £&2S. Dec. £87.25 
tran shipment East Coast, O-S. Hard Whi- 
ter I3i per cent Nmr £Rfl.2S. Dec. 187.25 
transblpinent East Coast sellers. 

Maize: U S. /French spot Nov. £191-69. 

Per pound oiB-Oii Onions— Per ban 
L70-I.60. Swedes— Per 2S lb 6.50+1 no 

■ arnfps— Per 28 lb 0.90. Parsnips — Pi-r 

28 lb 0.90-1.00. Sprouts— Per pound 0.U5. 

CPbnois— Per pound Kent 0.43-8.45. Corn 
DULL and featureless, reported Bache c °Bs— Each 

Halsey Smart- 


(Pence per kiln) 

01.3. Ol J. 0L4, 0L2. 81. Tud 9 Kerbs S. African Whip* Nov.-riec. tHJO sellers. 
Thrro month* 300.8 Ahcmnon: Three 5. African Yelknc No* -pec E01 SO SfOera- 
months 30IJ2. OLL fll. Kerbs: Three Borto: Enclfah Feed ft* Jaa.-M*rch 
moathfi 301.1. 01. 399.7. XS5.56 East Coast sellers. 

Giew VFnol 



t « 





















256-0-45 JJ 

A— .. 


lUrcti. ........ 





NEW DELHI. Oct. 25. 
India bas more than 1.63bn 
tonnes of bauxite deposits in ihe 
eastern coast of Andhra Pradesh 
and Orissa, according to an 
assessment by the Geological 
survey of India completed last 
year and just released. 

Earlier this decade, bauxite 
reserves in the country were 


1529.6 -1520.7_ _14«7.6_J_ 

iBxac: St-preinder it. 19.l|s liqi". 


i iivn tn | V«u 
ns*-- | <u;u 


Sharp lift 
by precious 

IW I Hi-1. 
Jt.ih'- j £5 



i|»+....ii«5 47^91.10376 271357.76 g3Mta.80|d74 B^327.S6 
lAverase im55sW) 





0 I. 




■»■!? l>mirrn 1 

H.7 1 






COTTON GRIMSBY FISH— Supply poor, demand ESA MA JgUgjfr 4? 5gj™ ted __ at EANKOK, Oct. 25. 

in THE EEC has sent experts to 
„ various parts of the country and oelp the Thai Government set 

hew Zealand CROSSBREDS 'buyer, the recent assessment, which “P a soyabean resea rcli centre 

.-Dewed xnemion cemred on numerous Kmal) 14.00-14.60: sWmwd dogfish ilaisrt Sellcrl— pet IW.M88.6; Mki* iffi.MW.O; began in 1975. was the first in- )** attempts 10 increase 

pcs of Arnet-tran cation. Users irere f7Jt0.fmBdlmnit8.00: lemon Bales flarce* Hay 187.8-108.8: July 187J-180J: Oct. }a n cjrr<> cnruov a nrivornnwrit n rod UP lion 

sums to supplemcnr etasrUw sudpUcs Ef.SO. inicdfumt fS.OO: rorfcftsh ISJO-Uai; DHL 194.6-I97.B; March Ulft- t^nSJVe. Survey, a government pruauemm. 

— — - — spokesman said. Reuter 

Sales: ml fni». 

SYDNEY CREASY »<n order, buyer. 
if viler, business, sales! — Mta-eo Own-act: 

Dec. 3«J. 347-5. 347.0-347J). 1: March .. A 

GRIMSBY piSK— Supply poor, demand 353.2. 334.0, 35L0-3S4JI, 9: May 3S8.6. estimated at between 200 
good. Pric«i at duos side nuiproccsoedi ^D-D. gt'- "in on. 250m tonnes. At that rime known 

Liverpool cotton— spot and ship- per slaw: shdi cod ss.iio-ui.48. codimu ^ 6 - 0 '. n 3 ?: 8 : reserves were scattered 

mom fBlrs amount efi to 471 loupes. ri.66-£4.S0: tore*? haddock HSI2-SS.M. March 377.0. 39M. 373.0-373-0. 2. " 

brfnBlnK ihe loial for ibr week su far medium il. D0-I4. 50, small flJD-ffi.90; lame sales: 12, 
io 1.573 tonnes, w. F. TaiiemOis reported, pliuce £4 TO-f+PO. medium W.OD-H.M. heat “ ”* 


of Middlc r Eaaern^nij Atrican'qiuhn<»l~ reds' XlVjfriLM; saJihe C.ufl-Cjlo. 188.9. Total sales: ml. 

NEW YORK. Oct. 25. 

PRECIOUS METALS dosed sharply 
niAhi-r. wiLh silver rvcordine ii-w bio of 
contract highs on a limit advance on 
JSCTi-ssfvc tipcculaiive buying and shorr 
co\->--nng on dts+ppolncment fullowing ihc 
Administration's uiflaiion programme-. 
Copi>?r and sugar also dosed sharply 
higher an trade anbirage buying and 
speculative short covering, while cocoa 
benefited from light trade arbitrage buy- 
ing. Bache reports. 

Cocoa— Dec. 179.00 flTs.fifli. March 
I7K.50 1 176 HO'. May 177.75. July 176.50. 
Scpr. 175.00. Dec. ITT 25. Saks: S42. 
Coffee— " C ** Contrail: Dee. laiiTa- 

151.01) (1+S.lWi. March 141.75-1 11.95 
>135 6li. Mny 137.25-1 77. , a. July 134.0U- 
I.H SB, Sepi. Ml. 75- 172. 27., Dee. 129 Sft- 
UD.73. March 120.00-130 On. Sales: Mg. 

Copper— Oct. fis.10 (67.101 Nov. 6S 20 
«(17.25i Dw. 69^0. .ljn. TO 50. M.lft.-h 
_6t.<y 72.60. July 7J.I5. St-pl. 74.60. 
Dee- 75.65. Jan. 76.03. .March 7S.J7. May 
77-65. July 7545. Sales: U.OOO lots. 

CnUon — No. 2: Dec. 69.4f-69.45 i*J74). 
March <71.121. May 73.37. July 
73.37. On. 66.90-65.35. Dec. 67.49-67.20. 
March tto.SO bid. Sales: 0 550 bales. 

•Cold— On. 232.70 1 227.90*. Nov. 2.34 10 
• 22s.-Wi. Dec. 235 50. F--b. 239.40. April 

243.40. June 247 40. Aug. 231.40. «.'CI. 
23a 40. Dec. 230. io. Feb. 203.70, April 
267 9n. June 272 20. Aug- 276.50. Sal-s: 

24 om Ijis. 

1 Lard— ch lea ca loose unavailable. NY 
prime steam ?6.25 traded i28 00 iradetli. 

ttMatre— Dec. 2S22-2112! tTW». March 
242-2421 '239: 1. May 245J-2491. July 2“.:; 
Sepi. 2.322 Dec 255V2&. 

SPIatimim— Jan. 2.73.00 (34J00i. April 
253.69 bid 1 242.60'. July 556.20 hid. Oct. 
:G9.|U bid. Jan. 3el.9fl bid. April =64.69 bid. 
Sales: 1.35+ 

''Silver— OcL 604.30 <564-30’. Nov. 806.00 
oS« 00 1. D«v. 61U.OO, Jan. 614 20. .Uarrb 

622.40. Olay S1U.70. July K 19.30, Sept. 

645.10. Dec. 662.00. Jan. 666.60, March 

676.10. May 865.70. July 605.40. Sales: 

20.01) 0 Jois. Handv and Harman spot ' 
bullion: 592.00 ' 391.50'. 

Seyaheans— Nov. 699-698 i«83!i. Jan. 

70S-708 *69341. March H7-716. May 7I9J- 
720. July 7214-722. AUfi. 711, SopL CBl. 
Nov. 6S10. 

Soyabean Dll— Doc. 26 60-26.50 i28 12i.- 
.tan. 26.20-2K.15 *25+2 March 23.99-25.45. 
May 25 45-25.50. July 25.10-25.1.1. Aue. 
24.55. Sept. 24.45. On. 24.00-24 05. 

I Soyabean Meal— Dec. V36.S4HSS so 
(1W.J0*. Jan. 190.00 iiso.DDi. Manh 
I M2 2(1-191 Si*. Slay in’ 00-191 SO. luly 
192 00. Aus. 191.08-192 00. Si-pl. JS9.30- 
190 no. om. 

Sugar— No. 11. Jan. B.=0 lOsn'. Slareh 

9 4A-9.5J I9 5»«. May 9 H6-B.9 n. July 9 77- 
B.SO. Sepi 9.56-9 *9. Ui-i. 9.97-9 99. Jan. 

10 Oft bid. Man.-h 10.64 nom. Sale*- sum. 

Tin — 735.00-745. 00 ncm. ( 725 00-7.7p.Dn 

nom i. 

**Wh«tt— Dec. 352-S33 *3t0'«. Manb 
34V -530 ' 3371.. May .143. July 324. Sept. 
3M Dec. Sill nom. 

WINNIPEG. OCL 24. tfRye-On. 102.311 
bid (99.00 nom.'. Nuv. 204.M bid <183.09 
nom.i, Dec. 105.00 bid. May U0.09. July 
10B 50. 

ttoats— Oct. M.W bid fSLaOi. Dec. 
34.00 bid (6180 bid). March 31.70 bid. 
May 8120 bid, July SLOT bid. 

IXBariey — Ora. 75-90 <74,601, Dec. 78.60 
■ 73 801. March 27 SO. May 78.10 aSkd. 
July 7820 asked. 

SEImoeed— Ocl. 2SO.OO bid (273 90 bid'. 
N*re- 268.50 bid <275.00 bid'. Dee. 277.00 
a ski'd. May 277.09 asked. July 276.00 hut. 

nrvnwai — SCWRS ni per ccm protein 
conreur df St. Lawrence IS). si <179.81,. 

Ait cents per pound cx-warehousc 
unless otherwise staled. • Ss per troy 
ouncL— -100 ounce kits, t Chicago loose 
Ss t»cr U» lbs— Dept, of as. prices pre- 
vious day. Prime steam (oh NY bulk 
tans cars. 1 Cento p L -r 50 th bushel ex. 
warehouse. 5.000 bushel lots ISs per 
iroy ounce for 5H oz units of ».b per 
cent purity delivered NY. ? Cents Per 
troy ouadi- ex warehouse. II New " B " 
contract in $e a short loo for bulk lot? 
of li» shon tons delivered too cars 
Uifcaro. Toledo. St. Louis and Alton. 

Cents per 69 1b bushel in store. 

« C rLST* '* "* b ^ cl - ** Cenifi per 
” "l W?. '*«■«" rehouse. 3* Oms per 
05 *"■' '"Wise. 1.088 bushel 
lois. u SC per tuuiie. 


Equity leaders react sensitively to small selling 

30-share index loses 6.8 to 489.7 but Gilts hold firm 


net, i uct. j up*. > Out. L Oct. | '.Oct/ i A war 
26 3* - } 23 .] 80, y - Jg ■; 1H . i 

6S.Ba] W.6sj 695&i .CT.Mj'*'69'3l[ '6B^5 ; 77.41 
?S.10; 7J;34f. 71,26j.;7;.26; 'TOiSK jTOASj -.79,09 , 
HBB.T 49<LSl 495.6, ;49B.6| . 494A «3.0.< 

149.2! 149:i! lS5.1»;ieq.^ 

lo&A; - lois! 1 OT. 9 J 1 i5Jj H4.&" n ixL id 

Account Dealing Dates the number of contracts amounted 
Option to fib’5. G£C and ICI were among 

•First Declare- Last Account the most actively dealt stocks 
Dealings tlons Dealings' Day > v 'th l 56 and 147 deals respect- 
Oct. 16 Oct. 28 Oct- 27 Nov. 7 i*ely. . 

Oct 30 Nov. 9 Nov. 10 Not'. 21 . For the third I day in succession, 

Nov. 13 Nov. 23 Nov. 24 Dec. 5 t 5®SS ?lg ^ C S 0r Y*!! 

* New time ” dealings may take place ?gam almost exclusively devoted 
From 9 JO 3 -m. two business days enrtier, to toe Irish issues which gave UP 
Disappointed by the lack of some of the recent good gains 
developments on the pay front caused by speculation on. whether 
both at Government level and in the country wfll participate in 
the various company disputes, the proposed European Monetary 
Account speculators in leading System: the shares concerned 
equities became restless yester- encountered a reasonable trade 

day. Slight easiness at the start and closed above tbe worst Allied 
of business was soon turned into Irish ended 4 cheaper at 229p. 
a rout as dealers, who had marked after 224p, and Bank of Ireland 
prices a little lower in an effort 33 easier at 437p, after 433p. The 
to promote trade, met sellers— an major clearing banks hovered 
unexpected reaction to their around overnight levels and closed 

maoeuvre. with little alteration. 

Although tbe selling from short- Breweries drifted gently lower, 
terra operators was exhausted well Allied. a firm m arkeI ]ate 
before noon it left the market reacted 3 to S4p. Distillery issues 
basically uncertain, and for the a is 0 .rave ground following the 
remainder of the session the recent advance, A. Bell easing 2 
absence of incentive ensured a t0 250p and Distillers 4 to 193p. 
slightfurthermg of the downturn. Building descriptions en- 
The FT Industrial Ordinary share countered an early spate of sell- 
index reflected this tendency, j n? an d usually closed at the day's 
closing at the days lowest with a lowest. A reappraisal of the 
fall of 6.8 at 489.1. Sccondaip' recentlv announced capital re- 
stocks were not affected to the orsariLsa tion proposals left 
same degree and usually settled RiciuirA costain s <} own at 242p. 
one nr t\«n pence easier. Taylor Woodrow shed a like 

leased ? 

£* timras'TTS 3 unde^ f^rim^Tporl^ 

&*£? Cm Ss eS ^JEgfe Siened 4 to 27D^ aSd. S3 
apparent In ItS GuSdJSTCSo? ^J^s rn.d-term statement, 
where, despite slightly stronger r t0 

fears of a rise soon In interest B iJlSF d i£225 ™ e 
rates, the undertone was sound; ®2®L “SKSj m , et p - r 9 fit : 

sterlings strengtii in foreign ex- * e ^ qms £ e c 

change markets yesterday was a \ previous day s nse of 6. 

supporting influence. James Latham were dull at llOp, 

Longer-dated issues were not f 101 ' 71 8. conlxast, Hoverlogham 
traded’ in any size but, after seem- J?s ues unproved in response to 
ing a little hesitant around mid- satisfactory interim profits 
day. reverted to overnight list an “, “ e . Boards confident re- 
levels. The shorts moved nar- njares. ? , 0 binary firming 4 to 
rmvly in a thin husiness hut often tiie restricted voting a 

ended a fraction harder on P enn >’ to S6p, after 90p. Brown 
balance. and Jackson added another 6 to 

Corporations were again idle 280p on further demand in a thin 
hut buying inquiries in a re- market. William Mount advanced 
"tricted" market raised Provincial 7 to 53p following the Board's 
Laundries 12 per cent convertible approval of the offer from Jenth. 
19S6-S8 a further Si points to J3R ICL in a limited business, gave 

f iremium. Eire where in Fixed up 7 at 3S5p on tbe appearance of 
nteresls. Crosby House 10 per stock. Elsewhere, the pre-tax loss 
cent convertible 19S7-90 made its and interim dividend omission 
dehut and fluctuated between £7 left Burrell 2 down at a low for 
and £4j premium before closing the year of 10}p. 
at the latter price, while Hong <■,. .. 

Kong Land S per cent loan 1984- MOreS QHlGt 
JM3 (with warrants 1 settled at Leading Stores drifted lower on 
£2J premium; both stocks were small selling and lack of support, 
issued to ordinary shareholders hut falls were usually confined to 
by wav of rights. a few pence. Mothercare, a dull 

Institutional and other sell- market since Monday’s interim 
ing of investment currency was results, gave up 4 more at 156p, 
initially well absorbed but its con- for a fall of 12 since the announce- 
tinuation found buyers reticent menL BHS lost a like amount at 
and the premium closed a net 4{ 202p and Allied Retailers 3 at 
points down at 75 per cent. Much 102p. while UDS eased 2 to 94p. 
of the selling was released by Profit-taking clipped 4 from 
activities in U-S. securities, while i*ecently firm Lee Cooper. l7Sp. 
■sterling s firmness was also a con- Of the one or two firm spots to 
tributory influence on sentiment, emerge, A. G. Stanley stood out 
Yesterday's SE conversion factor with a rise of 6 at 174p on news 
was 0.7266 (0.7211). of the expansion involving the 

Interest in the Traded Options acquisition of 97 retail outlets 
market was aEain fairly brisk and from Berger. Jenson and Nichol- 

son. Amber Day found support at Cullen's Stores, a recent specuia- 
53 p, up 2, as did Selineourt, lj tive favourite,- reacted 4 to 140p 
better at 283p, the latter on Press on light profit-taking, 
comment In Shoes Booth (Inter- Ladbroke featured in Hotels and 
national) firmed 2 to 58p despite Caterers with a. fall of 7 to 183p, 
Tuesday's announcement of while Grand Metropolitan eased 
sharply lower Interim profits. 24 to lOSip and Trust Houses 
Petbow featured a dull Elec- Forte 4 to 237p. Savoy A. at 74p, 
trical section, dropping 24 to 9Sp gave up a penny on further con- 
on the announcement that redim- sideration of the interim report 
dancies are planned due to a con- M f D tv _ 

traction of certain major export DOX OH OttG* 

markets. Dale Electric, which has Fears of increased competition 
recently received orders for over following recent news that Con- 
£2m worth of generating sets, tinental Can of the U.S. intends 
dropped 13 to J63p in sympathy. to start manufacturing in the UK 
Ratal Electronics came on offer unsettled Metal Box which fell 
at 326p, down 6, while losses of S away to close 10 lower at 334p. 
were seen in Thorn Electrical Elsewhere among the mis- 

cellaneous Industrial leaders, 

—— — Reed Inter nation a 1 were note- 
340 1 — worthy for a fall of S to 170p 

MfCDCEAC l awaiting next Tuesday's interim 

UVCKocAo H results. Beech am gave up < to 

TDEhEDQ ■( I 673p and Pilkington 6 to 30Sp 

___ InflllElf® nil while Bowater cheapened 5 to 

330 RT.-ActaariesbidBxn#\ h 1S5 P- By way of contrast. 

■ I I ill Randalls Group advanced 131 to 

I J mil Ullp in response to the bid from 

I / H VI Wbitecroft, unaltered at 107p. 

320 - ft/ ■ StiU reflecting the good interim 

A results. PMA Holdings rose 7 

III ft I more to 66p, -while satisfactory 

J lAw I half-yearly statements also 

I helped Lindsay . and Williams, 2 

310f- — 33 •! higher at 68p; and Unifies, a 

I Itf similar amount up at 70p. On 

II the other hand, ICL, a recent high- 

U in-70 flier > e ave u p 11 l o 452 p- 1,6 ** 

U ISffl Rne remained on offer and re- 

300 1 * t ■ 1 j 1 a cted 15 more to 433p: the half- 

JUB JUl ftUG S£p OCT J yearly 1 results are due to be 

announced on November 7. 

362p, and Farnell Electronics, Powell Duffryn lost 5 to lS8p and 
3S5p. Other notable casualties f 3113 of 4 were marked against 
included EML lSlp, GEC, 316p, BTR, 350p, Booker McConnell, 

and BSR, 86p, all 4 cheaper. 288 P, and Sangers, S0p. The fore- 

Occasional selling on an cast of significantly lower annual 
unwilling market left John Brown profits which accompanied the 
10 lower at 436p among the interim results prompted duDness 

Engineering leaders. Hawker in Peerage, down If at 60p. while 
Siddeley were also dull at 240 p * he announcement of a £2am 10- 
down 6, along with Tubes, which trading agreement with 

eased 4 to 374p, but GKN and China National Light Industries 
Vickers held steady to firm at Products of Shanghai failed to 
2G9p and 18Sp respectively. Stilt benefit Dunbee-Combex. 4 lower 
reflecting the chairman's cautious at 104p. 

statement on the outlook for the * n Paper/Prin tings, good mid- 
current year, ML Holdings fell 15 t erm returns and. the Board's con- 
more to 185p in a restricted fident statement helped More 

market, while the warning on O’Ferrall improve 2 to 91p. A 

second-half profits which firm market on Tuesday on hopes 
accompanied the interim results t* 18 * Ireland will join the Euro- 
prompted a reaction of 6 to 112p peao Monetary Systeim Jefferson 
in Hopbinsons Hidings. Mining Smurfitt eased 5 to 205p. 
Supplies, a recent speculative Leading Properties ended a 
favourite, came back 4 to U3p shade lower after a quiet trade, 
but favourable Press mention left Firm of late on the annual re- 
Babcock and Wilcox a few pence suits. Fairview Estates encoun- 
dearer at 163p. Jones Group were tered profit-taking and eased 2 
supported at 69p, up 5, while at 138 P and. ahead of todays 
scattered demand pushed James interim report. Berkeley Hambro 
Neil] 3 higher at 90p relinquished a like amount at 

134p. Warnford Investments 
found support and added 9 te a 
high for the year of 362p, as did 
Dares Estates, 1J‘ up at 21jp. 
Hong Kong Land were quoted ex 
rights to the 8 per cent loan 
stock at 176p. 

Oils drift lower 

The downward drift m the Oil 
sector continued, British 
Petroleum gave up 6 more to S$2p, 

but Shell dosed without altera- 
tion at 570p. after 5fi7p. Dollar 
premium influences left Royal 
Dutch J lower at £425. Among 
secondary issues, Siebens (UK), a 
particularly speculative and 
volatile market dipped 20 to 300n. 

Overseas Traders had an out- 
standing dull feature in Gill and 
Duff us which reflected disappoint- 
ment with the profits forecast 
with a fall of 15 to l4Sp. Tozer 

Kemslev, at oop. gave up half of 
Tuesday's rise of 4 which followed, 
the interim figures. Still reflecting 
the better-t ha n -expected pre- 
liminary figures, Paterson 
Zochonis A rose 5 for a two-day 
gain of 20 to 190p. 

Investment Trusts had a busier 
session than of late and closed 
with widespread losses. Dttahrest 
Capital were notably weak at 203p, 
down S. while Second Alliance, 
18Sjp, and City and Commercial 
Capital, lOSp, lost 4 and 5 respec- 
tively. Montague Boston Warrants 
eased 3 to 27p as did Law 
Debenffere, to 99p. 

Still reflecting the first-half 
profits setback and the forecast 
of a reduced dividend, Walter 
Rnndman fell 5 more to a 1973 
low of 81p. Elsewhere in Ship- 
pings, Common Bros, held at 154p 
following the announcement that 
the deal whereby Mr. G. A. 
Common had planned to acquire 
the Menteith shareholding had 
fallen through. 

Dawson International moved up 

to 20flp in response to the divi- 
dend forecast before reacting to 
close without alteration at I95p; 
bidders Wm. Baird gave up 3 to 
179p valuing the offer at just over 
199p per share. J. Haggas rose 4 
to 163p. Elsewhere in the Textile 
sector. Sirdar found support and 
put on 4 to a peak for the ‘year 
of 89P. 

Golds disappoint 

Gold shares again faffed, to 
respond to the strength of the 
bullion price which closed 
higher at a record 3230373 per 
ounce following disappointment 
with President Carter’s anti- 
inflation package- 

Share prices opened fractionally 
better and thereafter remained 
more or less unaltered until the 
late trade when small A merican 
selling left them barely changed 
on the day, as mirrored by the 
0.1 increase in the Gold Mines 
index to 1492. 

Also Influencing the easier tone 
in the after-hours trade was a 
further weakening in the invest- 
ment currency premium. 

Movements in the heavyweights 
were restricted to 1 cither way 
with gains usually predominating, 
but cheaper-priced issues showed 
Southvaal 10 lower at 4S0p, 
ERGO 4 cheaper at 32Qp and' 
•‘Sallies’’ 3 off at 59 p. 

South African Financials were 
hard hit by the late fall in the 
investment premium. De Beers 
continued their recent slide and 
dropped 13 more to 364p — a 
three-day decline of 34 — while 
Anglo American Corporation gave 
up another 5 to 325 p for a fall 
of 25 over the same period. 

London-registered Financials 
lost further ground reflecting: lack 
of interest and the weakness of 
UK equities. Rio Tinto-Zfne fell 
away for (he third consecutive 
day and gave up 6 more to 246p. 

On the other band. Platinums 

GtjTOtjmeat Sew 1 

-flxrf Int«Wt......r-— j 

rndiutrW — i 

Gold Mine*— —I 

■Gold Hines (Evflpm.V 

UM. Di«r- Yield [ 

vn ,. 6-Bi;- W.V6A6I",' •&«{;; - : a;46j ••Mjr. Mj 

ti Brn ; w pfl.Y1d^tfnU}Di »J4i 13.161 lS.19j‘, X5-041; 15.15, 1B.13;’ 15.83- 
P/K R rrHo (firt) 8.621 fl.73j ,8*8®,' 8-^4j 

OeaLlM* toarted ; 4,4001 4;471 4.3961 4.85^ ‘4;Z26^ 4;Z1& ; . 

Eourty mnwvw&a^ - |,-'49.37| -68.0 b]. • 7a.26j';66^3j. :7e^|. 68^7, 

frut fr harp to to mi. j/ 1 11.0661 i*A2Si I4.17gl 13,43lil4,a37| : 

10 am 48&3L il-am 492A Noon «».*. luinwx 

- s pm 480.4. .3 pm «»- " ’ 

Latest Inds* Sl-MSa02a. :.: . . -J 

■Based on 52 -per t»nt Lonwr3tioa lax. t NH=S.4& ■: 7- .. 

Basis 100 Govt. Secs. 15/M/2S. -Filed hU- -Gfl® 

Mingc 12/9/55. Ex-S pm. index started. June, 19*2. 'SB.Actmqr Jutr-D^c/ 1W2. U , 



Govt, dew— j 
need Jot-...] 


Led. Ori | 

Gold Mines.' 

Gold .Mines.! 
(Es-S pw.j-. : 

High > Law 

I 08.79 


70.7 6 
| .iftft. 

S iwi 
i i3as 
j 90.3 
! (TB/41 

[Since Cota filiation *: •. '-'Jr 

i — 1 7 — r~r i • J\ '!• • - i-. . * • 4, ,; 

High - 1 Low. i' i~ 

| 127.4 49-18 ■ 1 / ■ 

\*u* SS^Sff; 

1 549.2 1 49.4 ’ \ . f 

I'Miaffh j ■; j-' 

i .44SL3 1 i 4a^J i^r£^5t*L: 
.laasfls, p/io^ 

r 337.1 I . 64.3-: : ' BpecilrtwCih 

1 13 / 4 / 74 ) I - 

3A2A tBS.7 
157B, 131.7. 
r5L4, : 3&1-; 

IM .*f M».„ T 
147.7; 144.5 } 
4LSi 44l| :• 
'..99:01 -OT.f ' 

attracted good. London and over- 5 at 109p; Bi^hop^gste 4 at Jfidt 
seas support -following the re- and Xydenimtg“2 at Tfip.- / 
newed strength of the free market Australians' -eased in line wit! 
platinum price. Rustenburc added tiie premium. : 


I ' - - October ^ Jannarj: Vj , A; «u: ) . . !•; 

Bs'ntee} CkntsaJ ~ CliMliial . ~ J CTasiogi ■ Bqntty£.’ 
Option jalce J offer | 1101. offer ■ -Vol. j offer J Toi. J eloaft.^ 




Dene min a- of Closing Change 
Stock tion marks orice (p) on day 

25p 10 376 - 4 

rransport ... 25p 10 570 

£1 9 3S5 - 7 

Insurance 25p 9 345 — $ 

im 25p 8 673 — 7 

Nefll 3 higher at 90p. relinquished a Jik 

Foods had an easier bias. " 1 " 

Spaiers were finally \ lower at RISES AND FALLS 

34ip. after 3ajp, following interim 

figures near the top of the range YESTERDAY 
of market expectations. Cadbury 

Schweppes closed a penny off at British Fads 

57p, after 56 Ip, following a reason- corpus. Oom. and 

able turnover, while Robertson . f”* 1 ? 1 ; Bo " ,to 

Slipped 4 to 150p and J. Salisbury EgSf 

6 to 217p. United Biscuits finished oib 

2 easier at 78p following news of Plantations 

the purchase of the outstanding Mines 

shares in Associated Restaurants RBCem ,S5UCS 

from Associated Newspapers. Totals 

GEC 25p 

Shell Transport... 25p 

IQ £1 

Royal Insurance 25p 

Beech am 25 p 

Distillers 50p 

Grand ^Ietpoltn. 50p 

Plessey 50p 

Allied Breweries 25p 

BAT Inds. 25p 

Barclays Bank ... £1 

BP £1 

Dawson IntL 25 p 

Imperial Group ... 25p 
Marks & Spencer 25p 

S 195 

S 10S5 

Up Down Same 

— 3 54 

033 510 881 

26 Za 2M» 
2 13 21 

— 12 19 

30 59 51 

4 8 2t 

307 S3* 0382 


Stocks favoured for the call Television, Burton Warrants, 
were Howard Shuttering, Len- Premier Consolidated OH and 
nard Oil, Grand Metropolitan, Consolidated Gold Fields. Pats 
UDT, Wheway Watson, Mincorp, were dealt in Mincorp, Cartiers, 
English Property, Electronic Farnell Electronics and NatWest 
Machine, British Land, Town and Warrants, while doubles were 
City Properties, Amber Day, arranaed in Burton Warrants 
Charterhall Finance, Westward and Mersey Docks. 

BP | 


BP l 


Lb m Fnion 
Cons G"W 
C«u Gold 
V- nortaalda 

GEC * 

■ CrEC I 

* G EG | 
■«SC I 

GEC 1 

GEC * 
Grind 31 et | 

Gnuid Met-i 
Grand Met. > 

ICt ! 


ILI [ 


Land Sam. | 
Lan-I Sees. | 
Marks & -SpJ 
MsrKs Ac SpJ 

SlwU ( 
Touli ! 

HOC Inti. 



130 \ ■ 1 
50 -I 26 

1 I 7 
19 ) -4 
Ul — 
^ 1 

gi s i . 2 

91 2 1 10 j 

-in.-” i 

57 j 4 ; . 
27 ; i ! 

- w •! 1 

15 ! 1 I 

5 1 20' 

19 ! 4 - j 

* 1 1 i.T 

•*i *--sm 
is ■- r 

14 ;. -- 

36 L 

23 f :• ■•'■.j 1 

tS t ■ •; t.^i5 

•11 [ i 

o» i . ' - ! 

■39 • — ? : >-!• 

Fefcmarr ! 

.3 > , — ■(■ -41a! . -H> :- 
■1 i — .j iM.-BO-r 

•.’1 | 25 

17 I - 

' SIjbI ' 5 -1 

19 I ■ 3 

-■ to !■■ t'l;. 

10 ! 5 I 

- •; -24 f- : .so-{>; 

.10 , 8 
. IV : 10 - j 

• 9V&- 

• ••- 6icr :'"vr-nf 


••• 68' •• ' 

40:f .A 7 -- ?*•&' 

■ ' 

.S' vi Tn 

"v.i r ^ ■>.: 


To tlie Holders of 

Skanclinaviska Enskilda Banken 

10 J A% Capital Notes Due 1981 

NOTICE IS HEREBY GIVEN that all of die above Nates have been called for redemption on 
December 1, 1978 at tbe redemption price of lOO^’vi of the principal amount thereof. This redemption 
is being effected pursuant to the tenth paragraph of said Notes and Article Four of llie Indenture. 

On or after December 1, 1978, tiie Notes will become due and payable in such coin or currency of 
the United States or America as at the time of payment shall be legal lender for the payment of pitblic 
and private debts. Payment will be made upon presentation and surrender of said Notes at the main 
offices of any of the following: Morgan Guaranty Trust Company of New York, 30 West 
Broadway, New York, New York 10015; Morgan Guaranty Trust Company of New York in 
Brussels, J? rank! nrt/3Ia/n, London and Paris; Banca Vonwiiler & C. S-pA- in Milan and 
Rome; Kredielbank SA. Luxembourgeoise in Luxembourg and at the Head Office of 
S kand l na vfafai Enskilda Banken, Knngstradgardsgatan. 8, Stockholm, Sweden. 

Notes surrendered for redemption should have attached ailumoatured coupons appurtenant thereto. 
Coupons due December 1, 1978 should be detached a ad collected in the usual *nannp.r n 

From ami alter December 1, 1978 interest shall cease to accrue on the Notes. 

October 26 , 1978 


By: Mohcan Guaranty Tjkust Company 

OF NEW York, Trustee 


Published by the Banker Research Unit and now available, this new 
volume describes banking systems and credit sources in ten. countries 
of the Far East These are: 



Written by experts in each country, each chapter defines and analyses 
the banking system; the different types of banks, the services offered; 
the system of bank and credit control; banking legislation, interest 
rates; near banking activity and institutions; merchant banking; 
investment banking; official and semi-official institutions; export 
finance; the money markets, the capital markets, and a summary of 
all short, medium and long-term sources of funds. 

limp bound, 340 A4 size pages. ISBN 0 902998 17 X 
Price £26.00 in the UJK. $52.00 outside the UiC. 

Your order to: 


- Registered in England No. 227590 

The (allowing securities auote4 In the 
Slurp Information Service vesetrdav 
attained new Highs and lows lor 1978. 


_ . BANKS (It 

Brown Shipley 


Hoverlngham Groun Brown 4 Jackson 
Do. Res. Vtg. 

. . „ STORES (II 

Amber Day Stanley l A. G.i 

Pawson iW. L.i 



Babcock A Wilcox Wombwcll Foundry 

Mole CM. i 

_ FOODS (21 

Cartiers p, ke f w. J.J 

_ . HOTELS Hi 

Prince of Wain 

Assoc. Sprayers Prestige Group 

Bentlma Randalls 

Bod rente Inti. Uniritfc 

United Guarantee 



„ _ . PROPERTY (3) 

5 f r ®^ 2f a . tes Wcstmlnstar Country 

warnioiu invs. 

. . TEXTILES (51 

Canrdaw Reliance Knitwear 

Haggas a.) Sirdar 


, _ OILS (1) 

Century __ 


Boustcad . 

... MINES (41 

Mlncoro Goorno Cons. 

Gorvor Tin Hong Kong Tin 

NEW LOW’S (22) 


Chrysler Singer 

Colgate Palmolive Texaco 

General Electric U.S. Steel 

Hill Samuel Wt S BANKS (1> 


Alginate Inds. Burrell 


Svkes (H.j 


Baxter Travenol Hill (Charles) 

Continental Group TraEalgar House 

Eagle Star 


Black fir Edgington 
_ MOTORS (1) 



R unci man (W.l 

, _ „ _ TEXTILES (It 

Courtaulds 7nc Deb. 


M.G. 2nd Dual IS? 51 ®- 
_ OILS (2) 

Clyde Pet Sceptre Res, 

0 J & 





iflk-Ui 1 lLjL'UiU^i / i n i j 1 kT U' ) i > ^ 1 m 1 ill frfiTIT 



Wed., Oct. 25, 1978 

Figures in. parentfaeses .nhow number of Tibs' » 

(.Looks per section ^ 


Building Materials (27) ... 

Contracting. Construction (28) _ 

Electricals (14l 

Engineering Contractors <14i 

Mechanical Engineer! ngfTC) 

Metals and Metal Farmizigdfi).. 


LL Electronics, Radio, TV (tffi .. 

Household Goods (12> 

Motors and Distributors (25j 


21 ( NONDURABLE) 1 172) 

22 Breweries 1 14). 

23 Wines and Spirits (6) 

24 Entertainment, Catering (17)-.! 

25 Food Manufacturing ( 19 ) 

26 Food Retai ling fl5) __!! 

32 Newspapers. Publishing ( 12 ).._. 

33 Packaging and Paper (15). 

34 Stores (40 1 

35 Textiles i25) 

36 Tobaccos I3» ~ 

37 Toys and Games 1 6 ) .. 

41 OTHER GROUPS (99) “ 

42 Chemicai5(19i J!!” 

43 Pharmaceutical Products i7)!!!I 

44 Office Equipment iffi !™ 

45 Shipping ( 10) 

46 Miscellaneous! 57) 

5.22 8.49 | 24223 

5.43. 8.12 

423 7.85 

339 10.41 
5.76 733 

5.76 7.65 

8.44 a?6 

5.00 8.62 

3.95 935 

6.09 .3.60 

6.46 7.16 

5.90 8S3 

6.17 9:48 

5.19 %72 

6.60 10.60 
529 7.05 

436 10.42 
6.13 725 | 397 JR. 

7.59 722 

4.76 12.45 

8.03 7.K 

7.97 5.06 


5.92 8.44 

6.50 825 

3.95 1L30 
5.70 634 


636 I 7.79 


62 Bankstff) ' 

63 Discount Houses (lOi.Z:"! "' ~~ 

64 H ire Purchase (5) 

65 Insurance! Life) ( 10 ) 

66 Insurance (Composite) (7) 

6T insurance Brokers 1 10) 

68 Merchant Banks 1 14 i 

69 Property (31) 

Miscellaneons CT>.~._ 

I rrvestment Trusts (50i 

Mining Finance (4) ****** ~ 

Overseas Traders ii9) 


-- 18733 
~ 21036 

— 150.07 

— 129.97 

— 32964 

— 81.47 

— 1 225=43 

fjiSM 1 M W"f-r I 


Oct. 28 I Tuei. I 3lon- lyrtday ! Th«ni 

imtax i Hold 

Kenan aan on uaufiJl* last daj (or a&aiinu tree « ji^n o 

Based on prosnectas esamate. oAsswwed divnieod Md new ! 

cover based on wovunw year'i- eanuoaa. . T aimgn ° . 

or othar offidnl esnmariM for 19TB. ,r».. . based on ovosecto. 

or othar offidnl estimates for 19TB, o Grass, r Kimnx I Z i i n 
lor eODvenaoo of share? nor now raafflns dividend ^ ” L * 

divuends. a Pladog ortce to onbUc. p? Penrai ontos 
lender, HOiiered to holders of oSS 
by way of capItallsatfotL {A RehurodocerlTn Isstml in tea ? et i 

Una. mm ser or take-over^ UU lacroduoion. n lasned re “S? iAa ' 

■ Alio an em lenens (or falliiaid), • ' 22™?. "Mtereoce holders. 

_A!totmen» lenera lor fnUy-f>aid)> • Prtryiaona! or Mnly-gald 0, arS?SS* I f RK4emp6«» f yirid. Highs and lows record, base daces ftn* vata* nod CMafiunnt OuiTOUarii poUWai w 
+ Wib warranm wrur-oara aflotment l««ers U®wes. A list of Uw comtftueirts Is uvsiLiDto fmn tfce P«hihhers, d!e Fln<iBcMl Ttaw, Bi^ I H<>^ CMM( 

L^mloa. BC4P 4BV. prifia S3*, hr port »p V t--" i 

a*-* i 

i. - 

A^j,fes ftS'Jc.-'i i“X ■*. 

MjWncfaT Tfmes Thursday Gr^ober 26 197S 




Jnit T«. MnjjTS- Ltd. lai Framlingion Unit Mgf; Idd. fat Minuter Fund Managers Ltd. Provincial Life Ir 

' , j|i<iu-..r Bit. Av leshuij lOPR Wl J .7 InU^U-.! ti 1 B 5 WL M- 3 M CSTJ Mi rolcr 1 1 M- . Arthur M . IX 4 . 01 -fi 3 lOSd J2S. Ki.U * vmc, ID 2 

..[Utui . IMS “ 2 -?? *?? AsmtM .. . . ,afc o 4881 .. J L» Mititteroci ita t »9 4091 . . \ A fin Wniinri 

Provincial Life lnv. To. 1 -td.V Save St Prosper continued 
iiv kj-.Imh^.'.-hu'. ti> 2 hi 24 hcoifalts Securities LuLv 

Target Tst. Mgrs. rScoilandl laMbl 5 ,id. r T',.„. 7 al vtTTT 

IB Atftoli-M-iew t.Tin 3. <01-000821/3 l"' ‘IrSI'r'"T o ,-i JJ ‘’ 1 unJ '--' Oopdinu 

Tarsal AmnrEMiraaS ?fc TJ -C J| 193 ^^“'‘err.inA l ii s 68 , ) S j,| _ 

Turret Tru-al.- |U 9 45 1 ) - 0 J 544 r King i Shaxson Mgrs 

Eiifjlhcmrril ,ta 9 655 | ....I 953 Allen Hanev & Ross lnv. Mgt. lC. 1.1 . |-|..^,nr .-ti-s »l ilrti.-r.Jrr. 

Trades Union l : nlt Tst. Managers* , - t 'E a r , ? s! . ,v,, *' k hl J "' 1 1 i«iM-?.t 74 t VjJI. j k*m p.-i.-r p-ii. Grn 

, „ . . * ‘ T iHRGi ' Ui '(1009 10 101 1 11 97 1 rhuiw* 'tni - 1 1 1 . - ■ I -f - i ■ » M 

a fli-gcsttill * iu 101 • * •; .u Kami {flu ■ 

ififTnis.. 1512 545 a ..-.I 52 b Ai^nihBM Securities (C.I.r Limited 1 " M ' i 0 , 3 ." 101 

lt-.>M -ci , . ■■111 r nil i.j.t-ii- 9 23 92 

Tnnullsmli. mil Rm C- a» "HuiJW sr IK-lu-. be— ' U--J- —l.« ..... _ . 

Ki'flri Ml.Jl diw |jd 1 
kef- -jndt-r ' i-niral 5 v.i ir Mn 0 Ud. 
•ui'l under s'ainJinHL S.V 


.Ik Huk 


U 2 

I unit 6 b 0 

r 37 5 

: 1 ml IX-k 354 

jsui. nib 

■ unri . 110 3 

Vc. Kd . 124 « 

al bond* 

nal 12 b 5 
nd.-- W 9 b 
nenra. . 151 1 
mp >9 . 190-2 

t i Fd._. 38 6 
! "n ■■ Pel 49 2 
“i!" . 101 X 

. 1 ‘iUj 41 9 
lamina* tfl 0 
• Car* 91295 b 

ill It Tn.«: -I -■ M .• ij 03 9 
■'.lit Kiiil •• j.t-i i- *9 23 

1 85 . 14' -21741 
.IMdli 24786 

, 0624' 4856 

[ . [ 12 25 

• - ■ 17 25 
... . 12 25 

53 S - ? s{ 5 G.T Unit Managers 1 Jd. 
.jj ll ~® ; i 5 24 Id. Kn.ii ,urv i. :fcui E'-iM TDD 
:-r«- U ni„c. .Ota .* 

11 AW -9 5 | E t T 
JJ 3 lx? - 09 ) 6 BS 

192! -if /) 7 95 
73 3 r 4 -D 4 .' b 75 
43 « -02 690 

■ T l<|uii i, -l*n 

•.» iv-iu r. r«t 

T Ini tin,.] . 
T lour Vit-J j 

511 ] ■ 0 a; i ea 
59 / -Oi 1 2.10 
Ht,'- 4 l| 158 

2 J 9 G. & A. Trust lailgi 
Z ea R.e leish KsL, hrr%-ur«d 
2.10 1^.4 4 . 134 1 

25 ftbd - 4 * 

• Oi's 91395 b 259 bid —0 V 459 

n Unit Trust Managers Ltd. 

urrhbt. Ei.-JMC.v:. 633 tea l 

UT . ) 53 b 57 Bat ■ { 4 82 

<i an more Fond Managers 

_* 1 *-C-P 498 2 . M Mur ve KI.-.S 4 BKP. 

2 '& r* *> T l 35 2 27 . 

103 *i “ 7 y Tl 41 f • 59 : 63 ' 

r Sii J'o-itnvwui} .hare 11650 J 77 - 

a Kvtn. Ii.< T -4 2 S 4 27 i 

™ 459 Si iTn.a .. 146 9 44 0 . 

_ . Hl*t> In.'.imr 7 4 »J 67 | 

rs Ltd. Jh. mm- Fund . 773 C 3 { 
SSiea: lie Ar,nfic. - (W 01 14 9 ! 

[ 422 lull K.ianot FS .693 98 ?r 

1 ijs.!ntl wc - 1 . !33 6 35.1 

ier Unit Mg tut. to. Ltd. ,... t . . . . ... 

.Z 7 T 2 V 7 JA 01 - 6 K 19 TM Gibbs tAitionyl Unit Tst. Mgs. Lt 4 - CaSLlui Vd ‘^5 

Jj Fuad J 175 1951 . | 9 J 0 3 l>«de*mfc\ H OI-C 8 B 41 J 1 uhlwr.Sl Kiijl .. ®4 544)^0 71 1 “ 

4A Securities Ltd. lanct <>■• >.i< liruwum ISos * 93 * 1 s* NEL Trust Managers Ltd-f iaggi 

Ct Lomtoit RC4R1HV Cl L3T. Mil |;,,A u Furts««l* |2b0 29 ol j . 0.3 Mi Don t.'oon. Dorking. Sums. 3911 

• r ir,u Detail* ‘.»H TfWerf Nelstur . n .1 A mM _fl cl a as 

* 1 . 73-82 a w 1 ,Va,1,>n:lJ WesiminKteiit rai 
83 ? -81 6931 *•*'■ 1 ETSV HEP. liMkd »<*l 
14 95-416 3301 1 1 afnlidi.UeiutLi. U] 713 - 0 .^ 

9 fl?«)- 0 t 522 Ettralnr .S 7.7 77 73 -n ^ 

35 .il - 0 4 5 « ►inatictnl B 39 36.41 -0 : 

li.rr.iMh lnv M 7 J 93.6 -D« 

RothM-hlld dr Lowndes Mgmt. ia) jf? o 

fJ..Nui(|ni|. law Irlh Ei "4 'Jlfi 2 «j l.t' 4 ; •Fn 4 i.''!ijFdi>ctJJ | 176 b 

430 Seuri’t EMsam -J 10290 137 Oat | 157 ii« 18 . BK* 

705 1 9 - 11 . 0 . on i.u IB. .Veil decline Not. 15 ‘llwonsj Sept 10 | 21 bJ 

0534 2 T 561 
1 121 

•III 48.6 
Unlit' M 8 

roe FA 111 J 
*Und .. . 41.0 
Just*' 1282 
nvl Hit >55 6 
.•Fund . 23 2 
\dlki... 39 0 

•- Fd . .. llT 9 

5 12 Rowan I'nit Trust MngL Ltd.V ta> 
rSS ■‘ilvaMllMi.KiiibiiiTMl.D.'S. uldnrilinai 

2 39 .linmm ' i.-l J 9 66 0 b 90 el I 12 a 
.Mrxnntli-NiVl 2 T.. 182 0 193 IH ... 3 B 9 

I 173 M 3.3 . . I 737 

aaii lAceum L’nll-.i^. - BOB 89 W 737 

fi Merlin Ort 2 ft . _ 02 9 87 3^-09 4 20 

'l-tir in eiempr lui.rtn inly 

2 » Tyndall Managers Ltd-V 
4 23 IK. t aurnce Hoad. Bri*ud- 
349 lntomeiVt-jr. ’.103 6 10 

4 24 . .Ac.-um I. niS.i >1916 2 D 

ijr'ijl' in rf. 130 6 U 

I l.Chnrinift'nAS.St Holier. Jr>\. 
jiiTM-if Inuimt’ .146 7 49 

[■online day Wrdnovlst. 

tJl -09 5 io -Sebag Unit Tst, Managers Ltd-¥ la» i.uinltu, ‘ |l 34 4 

107 « - 1 1 } 420 F 4 » Hot T. 1 1 . Bi klbi-e. H»o.. E 'T 4 'll 23630 Q 0 * 4 . CxuleNt . Edluhanih 

S ‘r& l „ 

22 2 ! 1 _ 

68 7 } -C I j 4 84 
fBJS-ai! 4 84 
boll J 4 89 
Mil 2 B 9 


iiij-oa 2 90 

39 .S-or! 237 

96 Bj -0 71 2 37 
31 ? -Oil 3 62 
30 0 ; . i 1 E 5 
22 9 , . 125 

S 3 

29 2 ) — C ij 100 

** ,A U I'ur SLn** m 1 2 b 0 ? 6 C| ...J . 0.5 Mi lion Coon Dorklni; Surm 3911 '.VCfUfn walls^. -W 0 W *n 737 ||-: a Td 

IflM -Tnei. itwJl . Nflsinr ML a* -4 1 SI fm ****** * . - P « 4 20 iS<rf,a * Untl TSt * j?* 

:.. “« Covrt. Mohnm N'uNlar Hl'eil ifie . (so • 7* .-'““^Uuif IBm 1073-11! 4« J9.H«r.,, lwmerHje-E-: 

-Cl ”01 tt. 1 •xiiiuij h'dIL F.i ■ a Nontteh Union Insurance Group tin Royal Tst. Can. Fd. Mgrs. Ud. inromeFd j|fil 3 

- 07 ! .9 01 Shirthir. 11395 14701 I 191 p| 7 - **■»' 4 . \cjnneh. NR 1 OKil. OBKirmU 3 - 1 . Jernwn Street. S.W 1 u I tfiilshr Securi tv Selection Ltd. 

-0 7 ^01 Ho Irru'nt r.t |ib 7 7 176 s! !. "I 191 dWtipTM Fd. . ,| 366.1 38541-371 511 t’apualFd .. MJ 7351 j 355 IMS. | Jn ',.nj n (in. Fields. W< 

H “ «-** ■»»*•"* “w N« i Pearl Trust Managers Ltd. (aHgxzi 0 * 4 ,. «uS s?“ ft 

Griexeson Management Co. Ltd- .. - * ft™ r., lin vS M-n, 

4 C 9 ,, k , itl'VMmV.D-TP:i'S 014 

4 8 C Pjrn ntlnn r irt r'> (217 9 227 71 -Oi 

2 B 9 ii’.rrum I 'nii... 17392 250 0! -^2 

r 90 HuuMllifU^: It 1839 192 M.-. 

2 an lAf-miR Lfill’.- >7130 72B9j 

237 Ladeat IT' 36 - - 236 7 2477 id 

7 37 ' .\n-um Units'. 24*0 258 * ... 

3 62 'In. Mr O.-t. 20 93 9 97 * 

tsc . V.'rum I'tiii'.. . 976 101 s 

1 25 l-o <*<• B IMS Til 76 jj * 0 < 

150 ''Viiim I’ntLi -. 765 80 . 0 | rfl-S 

4 7 B Save St Prosper Group 

420 FliKotr.ll.BcHbiy. H»*.. E-T 4 ' 11-2365000 * 4 . CxulrSt . Edinburgh 
■h'ltf.c i dp, r jl Fd. - I 3 S 0 36 fid-ori 399 «"*.liir «W 23 11712 

S-li..u 1 mwne Fd JIJ 21 31 bid .. .1 BOS fc«-C*»iJ« SS ( 1«6 

>kv Security Selection Ltd. t A*«noi 5 wilt. JjTZB 

J« IMS. I jnmlnBlm Fields. WCg f,IB 31 S 8»0 *52 

l J'mHTlhT-^Acc— B 45 Zb.ll . 22 b r» Ai-rum . ...Si 

I'nvH.ihTu lnr . 1214 22 « .. | 2 26 Eirtrj Inr i.roulh-.B? 9 

U 5 .UT 3 T 4 I Lloyds Bank Inti. Geneva. 

. J !? 19 I' O tin, 438 1211 ' Ilrno'-o 11 ■Sirilzerland' 

0 H, l UiwibtitLCrowth WHI* J 1 ISS 1- !4 51 100 

.1 BZ 5 Liuyilslnl Inc |d 7«50 JUlj tisl 6.50 

0 R 232 S 41 ,fl?J . J H 19 «• y Bn, 438 1211 ■ Urne-o 11 •Smuerland- 

g?wa ^ oa \ 45 fc|-£is;5r h 1^552 W 1 LIS 

1372 ; -12 421 

liuklZai noa S**^^'* I'niconi lot. ll. O. Ilaoi Ltd. Management International Ltd. 
IWflSli JgJ lThuMkS'.Dnutla, IdM. u« 44 «ie Bank HiiIMimr. Brrmnda. 

S 3:}2 IS tt !553 «.n : Oi “1 • IS fanlcrbuiyiVl 20 |H* 1 * J J - 

U2 B 12 « DftCer Parilit .. 704 75 7 fO 5 - „ „ 

142 . 6 ( ” 1249 ^ *«■* lnL ™ nr -Ml 43 Za * 0.3 820 MiG Group 

W .w i i» a u !asa sl -oi » 

563 . 

3 b 1 

75 7 f 0 5 
432 a * 0.3 
49 4 

291 -0 > 

Pollrnn Full* (BS 2 4 « fSW * 1 Ku 

Perpetual Unit Trust kdijs^a-V 121 UhK. iVrimlu. .. | 7 D 2 

I - . fgq 7 9 sS . | 2^6 • -I i“i - u nt I'niM -. 1 763 80.01 fO-bj -3 03 48 Hart v . Ilmk> on Thames i-:pu:n 35 

,'J .St ini Fd 177 1 M 2 } -Cl 1 W ^ ... „ ... P’P«u-IGpt«li . 1430 470 | .. t 3 * 

*. Unit T-. ,j rfw , HP1 Guardian Royal Ex. Unit Mgrs. Ltd. Piccadilly Unit 'Asst 

V , " ,4 „ LJdV <aMC( bMval EL-cIomj.e El 3 P. 3 I>r,. llKSSSOll 4olotl » C!lhf . - ... 

^Oolhnrn W.'IVTNL OlCT.iesrt :ja> cjuahJlaUTiS. 1942 9751 - 02 t 41 b _ .. *. 3 -aj-gcra Ld. 

- und i 86 0 41 5 J .1 $65 ** ^ ^d.Tn.-k PUcu. Old Jnwty. U 1 R CIIU 

>«. 19 Sum f«b <t* » Hewtersoo AdminstrationV taXeKgl ^ w 

L'nicorn Ltd.V FaHcHai ftwoier l T Aduao 5 Hoilwtf Kmd. Hutton. Ssall Cm. yij Bob 4 *: -eo) is 

L'nicorn Ltd.V taHcMgi 

Itn-.-UUnarl. L-.-z ,. 

ns Tn_ 147 7 

B 77 Inc urn* TunOk 

-oJ 3 M H'Jib - ftto 

rnt! i. , aUv E^tr-apc koj 

-S?l caiw;i 9 ** 

-Q ti 4 02 Sr»tor Fnsdi: 

1 -QtJ 5 7 fl Financial & ITl*.. >265 

^ 4 7 j (Ml O Nat FIca 

Sett 5 ii h day iici .31 

. Tu L ' Ji-UuinBnrr;? .. .295 37 * 1 - 0-1 10.40 UK EquiU-. _ _. | 44 J 

"d. 406 4*1 -C 4 (20 CHcrsczl Tnnteai 

027 T- 2 rT 38 capLnlPliiid . . 44 7 4 J 6 -U 1 530 EuP'pC .. 197 7 

UU Krnx 6 Ar.yetfl 46.7 S 0 ? - 0.1 5 70 Jajun . 11068 

50 71 - 83 J S 91 1 PnviCe t-und 345 T. 1 -0 2 S 90 ;|£am;, utilh.Kd 144 9 

0 9 «J- 0 * 253 Aipumltr Fund .666 71 : -0 5 4 M US. 67.2 

2 . 2 b 4 -0 4 } - 2 JC Technology Fund.. U 3 68 L': 4 U 

36 # -0 4 T 413 Far !£jst Fd ... 399 32 ’ -01 110 

American Fund... B 7.4 7 90 ■SSST 1l,y 2 S 

7U ~2 il IS praclieal Envesi. Co. 1-td.v tyjj.-i ffini sdi fro" 

3 "l 0 ^ 44 . BliK.nt.bur> On WFlysHA 0 : JZ 1 I 9 H 3 IHRb^nbuiJDa Funds 

I —! uo JjmrUcaltW 25 1154 B 164 5 . 4 - 06 ) 4 2 : hcl*.r Int.-cmii . -B 53 J 

M 2 ! All 3 08 »' CCUB1 Unit* 1223 J 237 2 ) — 0 . 9 ! 4 21 Sckvl Int-anic _ | 54 S 

31 S| .. I -1 57 | 

0277 21738 Capl-nl Kunil . . 44 7 
1 !nt Km-, U Ar.yexs 46.7 
-851 SOllPFivs^FImd 345 
— 8 4 ] 2 S 3 |Ainunltr Fund . 666 
- 0 V- 2 J 3 Tcthontogy Fund.. 633 
-0 4 | " 613 Far tfjst Fd ... 399 

50 . W — 0 41 

70 W-O 1 I 

.« 4 H 

WF 12 MSI ltircj;; iBrur Fund 
.. t 3 46 FlfSh Vicld . . - 155.0 
Kick !i»bt Fundu 
: L-J. Mich Fctuni — . ..1692 

«.* 2 R GIllJ. ,#MBJ I 43 - 5 

I'.*. Fwufc. 

-04 10.40 UK Equiiv. .. — ./ 44 J 
-C 4 (20 CHcrsczl Tandaui 

“41 1 530 Eumpe .. I 9 T 7 

- 0 .J 5 70 Jafian . [1048 

-0 2 590 •lE.AM.-ilJulh.Kd Kb 9 

-0 5 4 50 US. 167.2 

^o! ?S Scrtcr Funds 

Jf? ig Conuimdily 179 S 

. ” E ^ r; i‘ - -- - 

lv)iC-i FIDtutcial&w .. . [ 70.4 

i Stewart Unit Tst. Managers Ltd. tai D° Ac '. u ?V^ rfi 

>Ev 3 P 2 F:C 45 1 iMrtotteSq, Edinburg,. u 3 1 -2308271 * ** ' Bo 4 

SU 3 :.v: ■ tsicirari American Fund HuhliM Pn only” £7 B 

iril^u.J-l Kiandnrdl'hitx. _.]62 6 66 bi .... I 145 lineman Anal.. . . . B 7.9 

ilies Ltd. If A ium Unit-. |67 4 71 B| ... J — Special Siu I 36 0 

1 lies Ltd. V w.ihdr.-iuai Units. POO 53 ? j - 

__ -stcs»«i Brltlik casual Fund TSB Unit Trusts t' 

nsr >s mi! -j *.g ■ucu w . r -. y r . 

75 4 ^ -oil 213 LValniR trues. A F-n -Wed ihlTSBUan^l Bi 5 |ibfl 

Sun Alliance Fund MngL Ltd. ibilMtoaml . K 1 

59 . 1*4 -0 51 7 24 sun Alliance H*e. Horsham. OAUMKl »Bi TSB Income Jb 29 

\ZVZ ^. , did !•:, Arc.ilci 3 S pi '1051 1 KH- 04 S - 

0 tC* 2 »lt uuml . ..1343 144 7 rf - 0 .S 13 46 

. ..I — lArvunt Units. 193 4 208 3 -0 h 13.46 

art Amenna man 

«rd Uii it*. _.J 62 6 bo 6 ) . ... | 145 
n. Unitx 71 .... i 

rnvsaJ Units. pOO 53 2 ] | _ 

m Brltlik L'jipUal Fund 

.irri 0419 15431 ...I 4 07 

u. 1 iriU. J 1651 179 61 ..j 4 07 

Dcalintt rTues A F'n -’red 

21 tt 01 475 Bridge Management Ltd. 

72.91 -0 2 786 po 508 urand Uayraan. fm-nua Iv 

29 81 -0 3 2 81 V hac-hiDrt 2 | Y 17876 |. | — 

3 tt§ *DJ 4.83 JPO Bur 500 . Heap K..n K 

TSB Unit Trusts fy 1 

SlXUnniry Wm. Msmx. (CSA 82188 
. rtHlhlWS to i *284 83432 3 

>b> D a Acrum .. 
1 U 1 TSB Income 
■ hi Do Accunv. . 

F.pEn Tit.llrl IL. 1(2371 24941 . I J 86 ifH 

74 i -0 11 S 14 trri:e K*anuly Fd |W 0 7 107? -11 3.59 -- 

< 6 7 I -Ci 2 | 4 20 Target TsL Mngts. Ltd.V taiigi -h*Do.Accum. _.. 

JBAj + 0 JI 4 .B 3 JFO Box D Hlh; Mine iriJ(now,l -L 

Nippon Fd Urt 25 I 51 S 2 LK 2332|-0 ^*1 0.71 1 17 Js>iV*«’ct. 1 1 

wvtv OMAttiiiSB BriGuinia Tst. Mngmt tCU Ud. Murrav. John 
83432 3 J 0 BathSt.SLHrtier.Jeno. 73114 

49 2 ] - 0 4 4 04 slrrlliuc BiMaunilri FA. ‘IIdd-St Fd. 

63 3 -o 3 404 Ofitulli Imeml .138 5 41 b) . 2 00 -||!£m Frtrt 

670 - 0 ; 7.00 Inml Fd _ . 92 1 996 .. LOO 

lerwy Kner© TU. 125 6 135 8 1 50 

“ 2 lf 2 H l0,v » l 5Ta «« .. (2 23 235 100 . - . 

97 . 4 j- 07 | 213 HlthloLStlgTst. .. £046 D 94 ] 12.12 Negit S.A. 

I S Dollar Dominated FA 
■ UhindSTH ISIS 5 46 SSI 

0 S 3235 Z 31 InLHlgh Ini Tut. . | 5 HSB « 1 Ql| 

41 tt —0 2 ) 519 Value UPI_ ao VnL decline 

Samuel Montagu Ldn. Arcs. 
1 14. 1 Ud Broad Si . K U 2 * 

Janlcsl Del 16 . hOPS 

HTUruupDci. 18 . . U >I«K 
T l 7 Jer*ri tlCI A £5 61 

HTJnO'sOn. II . L 1 L 10 



46 4 S ... 

| 4 03 

UJ? . 

. 053 


.. 199 

613 . 

. 864 

1168 ... 

1068 114 8 

469 ‘ 50 

2821 - 01 } 3 M 
315 .. .I -1 57 

_ 21 rirc'himSA.ECl. 

47 g -0 4 ] 4 98 Tjrt!rt . ommndtty ]38 9 
. ... Tjr:H F inancial. !599 

.. r? 4 ] .'3 310 Turvcl Eaudj. .. (S 92 
??? Tamet Ev (eL 15 . . ( 217 8 

55 S *2 L 1 efhi \c." L'alta H 95 8 

72 21 - 0.81 0 56 Tarcvi'.ill Fund. &16 6 

Tari't*! linwth 128 1 

■ 85 21 . | 319 Turret Pacific F*cL .[280 

71 * -OH 181 'hi Hein, 

75 bj -0 5 l "I Taryet ln» ...[ 33.1 
^ l TnPrwLa.. KblS 

267 . 3 <d — 1 11 2 08 t’-I j*rci - ' ’ [B 3 
57 5 uj -0 4 | 7 29 ^ T ,3 jipc lal SiLi ,. | 2 U 

Lvoi.r.cs n -406 :s»i Ulster Bank? (a> 

41 81 -0 11 3 58 Wartoe Street. FteUart 
42 ^ -OBI 589 

65 od - 0 . 
4221 -0 
224 J 
31141 . 

122 2 . 
31 D-D 
30 (I 

Murray. Johoslme ilov. Adviser) 

■ 63 . !lup<' Si . U)a*£cni-. 1 2 041 - 22 J 5521 

■llopcS* Fd : I SI S 42 5 J | . . ( — 

■Uurrai Fund . | SVS 1242 I J — 

SAV Ucioher 15 . 

-Hop-S* Fd ; I SI -S 42 5 J I . . I — 

-Uurrm Fund . SVS 12 J 2 J — 

LM SAV ucioltcr 15 . 

1 00 

12.12 Negit S.A. 

lUa B'MiInard Rwal. Luxemhourfi 
— NAVOct -20 . _j Jl’SUOS | J — 

■- Negit Ltd. 

1,14 Bank rrf Bcmulda Ride*. Hamilton. Brmda. 
-j— 7 — XAVDCL 6 IC 7.03 — ] I — 

9311-041 2 79 
! 62 fS- 0 .l) 12 fl: 
UM _J 3 .B 3 

Irolbent & C«. Ltd.V tails} KHr^S*. '. ! * 1 .. ^3 
hall M..KI." ;t 6 I-SR 8283 U V Aw . — {368 

1 . JIBS 5 193 -4 31 409 Sf ? ■ f ® 7 - 7 

«• aa.« 

43 Set *0 J 

397 J-L 6 
5 L 5 c 4 - 0.6 


Nerf-'V ,w SSiSt * m isa ...j -is 
SrSTl!™ 5 ^^ Tst - E 

irt 24 226 B 241 b) ..I 3 J 5 HnnshTrun 1540 164 tt . . 5 38 95 toncj- Fund 123 9 

let IT. |lB 3 B 145 3 ..I 2 J 4 *K‘ tr.l'l T.nM . .. 37 1 39.7 -0 2 2.89 VFmp. FU Sit 4 . .. 131 6 

L 17 (203 8 21691 ... I 234 ic-finllarTroat. . 73 4 756 >i -04 280 »Man Fd Bit 4 U 70 

sub. day. *r.VL 31 "Not 14 . ihn.-..pstolTri. 7 t - 29 4 315 . 4 R 3 VtqnH 3 Fd_Scr 4 . 342 

. . ill! Financial Tnitt. *98 96 la - 0 b 532 fCom Fd Scr 4 . 1139 

and Managers tallc) -i.ilnc.-mw Trust 27 9 299 - 0.3 7 48 Wimey Fd Scr. 4 1118 

137 Abbey Ufe Assurance Co. Ltd. Crown Life Assurance Co. LtdV Lloyds Ll/e Assurance 
»- 3 Sr Paiil' 5 Uhun hyanJ. EU 4 U 1 - 248 IIIII Croan LifeHve. Woking. UUSILVU IKBC ! MXl i; u uidiuo Sl. EU 2 A 4.11 X 

372 gquIo Fund 37 7 39 7 } — Manfi d Fund Arc 11042 111 71 —0 5 ] - Mill i.t Sep; 30 ( 14060 

2 M U 2 4 34 . .. — Mane d Fd 1 mm . . 104 0 1094 -OtJ — • ip 5 A'Pr OTL 12 jl 44 4 

Pmurrij Fd 1150 2 1582 — Mang dFd.ini!. -.104 5 110 09 —0 SI — np 5 -AFnHM B |l>W 5 

t ^. c ' - . • |J “ 5 16 9 » — Equftv FdAi-r. . . W 84 103 5^-0 4 OpT VHvOrl 13 . B 55 6 

VUM .1190 4 202 K . 

Irt 24 224 8 241 3 

*el 17 . 1 S 3 B 195 3 

1.17 |203 8 2169 ).. 

sub. day. ‘(ici 31 "Not 

. .. 52.8 5740 .. 6 60 

r .38 8 4 L 3 S -09 354 

— 43 3 461 } -L 0 354 

147 0 157 tt *10 5.46 

t . 174 186 rt... 4 13 

.. .. 194 20 R . 4 13 

'at*. TWwL IThurs. Pnc« Oct 
17 * l»l*| ft 

and Managers tat ic) -i.iincmw Trust 279 

KincW.jMiamst.E^oi i 

Sji-bJ |JS ^.VtaKgt . 

143 3 461 ) -LOI 334 15 ChrlMi.phcrStmK.F. C 2 . 

5.46 InteLIe-. Sand- (89 0 

1641 . . 
39.7 -0 2 
7 S 6 >l - 0.6 
315 .. .. 
961 a -06 
299 - 0.3 
563 -0 5 
33 E -02 

538 OMoni-j- Fund 123 9 
2 09 OITnp. FU Sit 4 . .. 1316 
2.80 Wan Fd Scr 4 U 70 

^ S«! 

7 48 VKunry Fd Scr. 4 111 8 
529 Prices al lice. 24 . V*Ja 

id 37 7 39 71 — 

32 4 34 2 . . _ 

‘d 1502 1583 — 

>cv . 160 5 1690 — 

■und ..914 984 ... - 

e Fund . 133 4 140.5 .. . — 

ind 123 9 138 5 ..... - 

Sit 4 . .. 1316 1386 - 

Scr 4 137 0 144 J . . _ 

LSct 4 362 38 2 .... - 

Scr 4 . 113 9 119.9 .. - 

l Scr. 4 1118 1177 | . - 

• let. 24 . ion normally Tucs 

— Fquut-Fd Inrm . 966 

— E quili Fd Ini* . 47 J 

— Properly Fd Arc 95 7 

— ' Property Fd I Dim 95 7 

— Property Fd 1 ml . 94 5 

— In i- T -4 F.I Arc 1031 

— Ini Ti -1 FJ Incm . 1005 

111 7 ) 








101 6 


in ?4 


100 7 

100 7 




Mill *»i Scpc 30 ._ 140607 | _ Royal Shield Fd 11459 154 31 I — IV t»ox tm.»I Heitor. JoTM 

- •ipVA-PrOrt.lS.. 1444 15 ld... _ * ' CcnL Assets Cap _.|£l 37 3 i 

- npJi-A Fj *|1 uct 12 .. 1 M 5 147 # . . — Save & Prosper Groupv Keysrtex Japan ,.|U 4 76 

6 26 Op .vvMai’SrtTz' 157 0 IS I VST* Ln ^i F 3F » Charterhouse Japhet 

- y'pJ-.UDepl Orx.l 2 .Jl 2 J .3 129 3 _ ^2 - ]. PnieratMer Row. EU-i 

^ ^!!lrW Gl SL , * cC * Ud - assiw-rii a? 11 - asst-r^ips 

6.04 JR-If' TheFerliul>.Rc»dlDC;OMl Con^j Pens Fdt. ... 210.6 221 1 * 0.8 — Fonda* [DU 322 II 

j —v — m 311 value tin. 20. Next dealing, in 30 . Negit Ltd. 

659 lnlt TtusA Acomi:>i * Mgnrt. Ltd. BrowD Shiplev Tst. Co. Ijereeyl Ltd. rrf Bcmulda Rides. Hamilton. 

176 « ° l4 f P«» Bo. 583 . S, Heller. Jersey 053474777 . *-*cl 6 1 ( 7.03 - | .... 

r" »eHin*Bo«IIM K 99 B 100 K .. fllTS lnD»™nH«nal 

] 072 luxActum .„ ...tos m 3 ' .{ 439 r-~ .,j Phoenix Inlematlonal 

-013 28 ™.., f ** Butterfield Management Co. Lid. ym bu, tt. sl Putur Peru Curmwi. 

« y) Wider Growth Fund PO Bo» 185 . HmdiIioh. twnuudj. 1 nier Dollar Fund. ( 12 39 2.581 

[-04 8 JB Klnc William &t Ei.‘ 4 R 9 VH 0 ld 23495 t 5 unress F** u,l> — li l S ?2 3 13 • -I 1 S 2 

-01 JKSrgg— £H »Sft| - I B “p^ ,, raV I N«? M ,b I dS nJ. I Qotst Fund MngmnL (Jersey] Lid. 

I * •' * 1 f. c . P 0 Bin Itti. Sl Helier. Jersey. 0534 27441 

' ■ - Ljpdirex »A QucslSlIlsFxdlnl 185 3 90 81 . 

POIntlit'Ji-nna ilnquin-.-* 01 - 80870711 * < 4 uc,* lull Sees .{SI 54 W> 8 * 75 ] . 

[V RONDS GSSS*-- --M i^l .:::.:} i“ *»',%<* 

k K. apil ^. *B*«tt«lo n »l S-A. Richmond Life Ass. Ud. 

■ VJZtttiZTi I ' 4 A Athol SLrccl. DouKlab. Ll* Ri (K 

Rmal Itunnni-r Capital Int Fund | SL.S 1946 ( J — lfc *n«eSlhcr Treat IU 89 113 61 +0 

™ 1J ~ Insurance Group reniial Assets Management Ltd Richmond iSd »rt.. Ilia 8 125 3*0 

Kn’Ul Pin Ikmvl (V.l ■* 7 ': ii-"' LrllU " S5t *’ i'UllH(|ClIICai X.I€J. • ru, l»l OH III! t 1 TI tI .J 

Oucd Slle F*d Ini 185 3 

• Inquiries 0 I^Jd 707 lii yue>* Ini) Sect .HI 589 

310 U»e.i InU Bd ....|tV*«U 89631 | 9.1 

_ Price at lire. JR Neil dealinc Gcl 25 . 

90 81 . I 12 00 
89 W . . 3 00 

atw l 9.00 

Ro>-aI Insurance Group 

New Hall Place. Llierpoot. 

Royal Shield Fd 

ICenL Assets Cap . 1(137 36 I 3740 j- 00 b| - 
iKeysclex Japan ..|U 4 76 — ^ .... J — 

■ Trust Management faggi 

Call Buildinca. LoiHfi<n Wall. 

4 13 Key Fund Managers Ltd. taXg} 

° rt 25 . MilkSt .EU 2 V&IE OI-flOeTOrTDJ 

[Ci teSEbstm. '««« 

Albany Life Assurance Cn. Ltd. 
Ul 3477243 31 . Old Burlmflon SL. W.l Uj- 43 ' 

M 0 , -L 0 , 615 -M I 

01-838 (KTHOATB 

Key Equity 6 iTcn. 73 8 
6 K*-» Exempt Fd . 1752 
jtey Income Fund- EfcS 
Key Fixed 1 m Fd MS 
Key Snull Co s Fd 1 UB 

923 -01 
b 46 - - 
11891 - 0-9 

TVftv ::. 

^ Kleinwort Benson Unit ManagersV 

393 30 .F"enchurrhS 4 ,E.C.U 0 I- 8238 DK 

VCldHonevFd Ac . 116 J 
91 nU. 34 aji.Fd Acm . 1151 

fFTop.Fd Acc 1105 

9 ir^elDv Acc ... 172 5 
Equity Pen F'd Acc. 238 0 

Fined 1 Pen Acr 1798 

G-ldMon Pen Act. 1323 
InUHiLPDFdAcc.. 1229 

Prop PwiAec 126 3 

Wple Inv.Peti.AeC. 2133 

— Frown Bn InfA" }1687 — 

715 Ktl.UnllFaim-.- 
93 D *K-B l n.rFd.Ac _ 
2 .M ' Ak-R'Fd. Iny.X-ria.-i 
A 55 - KJi.F-diik.Tw A m . 1 
3 0 ! Ki»KinlrCo-.iFdlnc. 
3.75 KB SmCovFd_Aec- 
753 HI»hY?dFd.I«KL- 
2 26 Hush Yld Fd Acc. 
3.77 . . i. _ 

AMEV Life Assurance LuLV 
Al Milne.. Alma Rd. Reicatc. Rule 
AI 2 EV Managed .. U 455 1533 ) . . 

AMBV MEd V— .--V 1186 lMll ... 

AMEV Money Fd _h 066 112 . 3 .. 

AMEV EquilyFd.. 117.4 123 .H .. 

Im TM FJ Incm 100 5 185.7 -0 51 - ; T 3 n £T? n J? fe/ - il 3 ' 

- Im TM Fd Inn . 1019 107 2 - 0 * - P BJ| • -}‘J 

. m=. Fivcd Ini Fd Air . 1001 1 P 53 - 0.2 1130 Fixed InUres J 345 36 a) . 

F,d Ini Fd Incm . 989 104.1 —0 2 * — — - _ i ..x,. a Uahai.a.ia- « 

... imcFl Fd Arc .118 9 1251 +0 4 4 06 The London <c Manchester A 

Ltd. Inter'! FH. Incm. .. 1109 1251 *0 4 — Ivjn-Jade Pmrit, Exttor. 

UJ-CI 75 PK; Money Fd Arc - . 97 4 3 02 5 . I *95 Tim .Tiwih Fund. ■ 2409 

I - **««* 5 .Fd Incm.. ISO MO .. - 6 Fi'-i Kinapi Fd 140 4 

I _ .. 3?25 1CB * -^1 ♦KxemiA Prop Fd 963 

LrownBrt lni-M 1687 — ... | — «Expi Im Tut Fd. 160 2 

„ , _ Flexible Fund ...„ 11 B 4 

Crusader Insurance Co. Ltd. Ini Inm Fund... 144 7 

Vincula House. Tower PI . Ei- 01 +TCwr.K ^JI'^FlHg 1 — 

Clh iTwp Ort. 2 .. .| 7 J 5 833 | .... | - Depmu W. .. 2010 

Eagle Star I nsuri Midland Assur. 2 ! * ® GroupV 
1 -rtm-adnccdlc Sl . EU=. 01 -.VB 1212 31^8 6588 * T °* W ’ HlJl EC3R 6ftg - 

rarloMid I’mu .|54 3 563 ,- 0 . 5 ) 605 Amrni-ieiFd Bd * .150 7 53 3 j - 

Equity k Law Life Ass. Sac. Ud.V E^iijPcMdh'l Z.W 38 151 ll 

Amcrybam Road, High Wycombe 04043337 ? |*.VirtcffdB 4 .*~ B 84 929 ] * 

Richmond Life Ass. Ltd. 
48 Athol Sired. (louKlax. LO IU 
ixTheSilierTruAI | 13 fl 9 11 : 

Richmond Ed B.I.. 118 8 125 

Do Platinum Bd. |l£ 2 b 171 

j 54 j) | _ pVBmtHttSl Heh or. Jersey, i Enq. 0100870701 . Do. buuonnd Rd 

- Do Em. 97 . 02 Bd... 168.6 

1136 ) * 0 , 
125 8 * 0 i 
1712 *4 
100 0 
177.5 + 1 .. 

0 C 4 23814 

to 3 1082 

jj cl c'a, 18 -S* Th<?Forliun.ReadiDc;CSMl 

;sl - jwssar-.ffl! . s{|-*. , | = 

- 0.2 1130 Fixed Inlirca.. .. |38 S 36 a) . | - 

+o 4 4 ~o 6 Th* London St Manchester Ass. Gp.V 
*0 4 — Winxlade Parti. Exctor. 0092-52155 

Ida . — *15 AMBV HRdcV-. iJ 
53 B ... 6 (W AMEV Money Fd _ 

533 6 04 AMEV Equity Fd.. 

50 3 a B» AMEV Fixed InL— 

50 . 7 ] . ... 840 AMEV Prop Fd 

. •_ AMEVMpLPea Fd. 

nran. -ja 9 

”:‘B 5 IS y™™" 

re.. . B 4 A S 7 . 5 J -0 2 ] 4 43 ■ T *- VUfcwn « SU Loodfm E 

y P 3 .I 356 , -C 2 , 2.49 * lUv u.u+nali .. [ 40 A 

... . ._ _ „ _ . . _ ji.lmin L mini. .. 46 2 

ish Life Office Ltd.V ia> ■.irnw.i Fund. . . 572 
■e.. Tunbndce Wells. Kt ngM 30271 S 2 

4 * -IK! KM -«1 SS of 

:att -o: 

574 j| - 4 ( 

j '34 L & C Unit Trust Management Lld 9 amev sfrdPen. B' 1053 
ISf T”*-' >,otk Ech^nee EC 2 N 11 IP. 01 -SH 8 080 U Fldplan |989 
3 ^ L*Clnc F'ri __ . ,M 55 1500 ) I 81 * AMEVJFmmUnxlou 

3 „ Ind * »>n Fd ^ 3.8 107 1 , ..... , L 95 AmoTcan.^.. (72 6 

1%} Lawson Srra. Ltd-V (aM cl . .taL^rowibZ.'I ”"|5 3 

4 43 3 T- Cfutrui'M SL. Loodfm Ei' 4 E I BY 0 I- 23 C 52 B 1 

LAC Inc Fd . .[1455 
J-®* L*> Inil&OiiFd .^ 3.8 

L 95 Amertcan.^-.. 


lot. Crowd] ..... 

W 9 ] ~ General Portfolio Life Ins. C. Ud.V iSS 5 ?Bd?-"“R 65 i mJ Z 

ill jj * I _ 00 Bartholomew Cl.. Waliham frtlft WX 3 I 8 T 1 Ru-oicry FM 8 d-“ 171 0 747 )* 0 .fll — 

1«3 .._J _ Portfolio Fund . ... I 1403 I .. ..J — Prtrra on -net. 25 . "Ocl 19 —Oct 31 

Poniolia Capital ^24 -Mol . ..4 — ,, , , , 

_ ~ . Merchant Investors Assurance* 

1015 J Z ”1 — Gresham Life Ass. Soc. Ltd. l.hti R vr . 2 :u ihch St, Cravdoa. oi-«B 69 ] 

94 lj | — 2 Prince erf Wales Rd. H mnuih .X 3 K! 787055 iTopcrty . „| 1581 • , ..| _ 

Comp Pena Fdt. ... 210.6 221 7 * 0.8 — 

EqurfyP«u.Fd... 1899 20 di -16 — 

Prop PcnB-Fd- .. . 2328 245 7 — 

Gill Pen* Fd 95 0 1 M 1 ... - 

Depot Pens Fd t... 101 3 106 7 | .. . — 

■Pnrrs on October 24 . 
t Weekly dcAlinRs. 

Schroder Life GrOupV 

Enterprise House. PorUraouth. 07052773 

Equity I ™ 239.6 . - 

F..|U ily 4 . 2273 2394 -0 7 - 

Fixed Ini 1 1386 146 0 *21 - 

Managed 4 1356 1425 * 0.2 - 

Honey 4 . 1092 1111 * 0 ’ - 

ilv(-rxeas 4 _ .. 905 95 J -2 2 — 

Property 4 - . . . .1594 1671 -01 — 

K iS Hart Secs 4 . 1216 12 BO +02 — 

BS. Pen Cap B.. .. 1237 129 . 5 + 0.2 — 

B.S. Pen Acc. B. . 1360 142.8 *0 3 - 

MDKd Pen. Cap B. 208 9 220.0 _ 

Mucd Pen. Acc B . 25 U 2 M .4 * 0 2 — 

F. TnL Pen. Cap. B 964 1016 * 0.9 — 

P Ini Pen Act B 981 103.3 * 1.0 - 

Money Pen Cap B 964 1 OZ 1+01 — 

Mane* Pen. Arc B 98-6 103 8 *01 — 

PropTen Cap B 10 Z 5 1080 — 

Prop Pen.Acc.B. .[1042 109 . 7 , — 

Scottish Widows' Group 

PO Box 902 . Edinburgh EH 165 BU 031455800 

B v.Ply Senes 1 ...& 08 J 1083 ] I _ 

I- Ply Scne* 2 _hD 2 2 1073 - 

Rothschild Asset Management (C.I.) 
01 2483 SS 3 PO box 58 . Si Julian* Cl. Guernsey 0481 2 (B 31 

IOZIJ +0 1 
303 i *01 

iniw Cash Ocl 20 . 996 
lc eV Ex UtAce.on. 9 D. . 142 - 
ni^am-T. Ex.UUnc Oct. 20 _. UL 7 
01 - 8 B 69171 Mu- p tT1 iici 2 D_ J 2738 

I. Pmeratwer Row. EX-i 01248 3899 PO box 58 . Si Julians Cl. Gu 

Adiropj D 9 MB 0 « 40 ] - 0.3 4 72 O C Eq Fr Srpl 29 [55 J 586 nl 2 71 

Adi verba DV 5 O 0 Q 52 ( 51-0 3 4 41 C*.C Im- Fd Oct S. *62 2 172 5 .... 6 7 * 

Foil dak — DM 3220 3 JW -0 3 4 90 OrfnllFdT.. $129 137 121 

Fundis -...PM 21 I 0 22 31 - 0.1 520 LK.'Sm*'oiFrtSopt 29 . 1525 162 2 m 3.1 

Emperor Fund .. .. 5359 3 69 ( — D.l Comnx'diij • . 148.9 158 4 4 IT 

Hr-ipunr* hlSdU 43 99 , -D 15 2.77 O.C Dir Corndlv.l ,52903 308 tt . 86 ! 

P 1 J.„ . T w .-r m -i IU *lYice» -in 16-1 11 NeXI dealinii Ocl 31 . 

Clive Investments 1 Jersey) Ltd rPnc« on uVl 23 . Next dcallnc Key. 7 . 

PO Ro, 320 .Sl llrtier. Jersey 0 KK 373 SI 

CliveUiliFdiCIi (9 78 9 79 j*O 0 ]| 11 no Rothschild Asset Mne 

r" t* owIii “ 

Cornbill Ins. (Guernsey) Ltd. Hexene Assets Fd III so 9 » 

Pi* Bo> 157 . SI. Holer Eon. Guernsey Price on (id. 17 Neil d 

Intnl Man. Fd .. . |177 0 192 S| | — 

Delta Group Ro > a l Trust ICI) Fd. J 

PH Bet 3012 . Nassau. Bahama., £ ' ’ Hoial • 

Del.elny tel 18 . 216 ) \ \™.\ , F d. |»0 “ 

Deutscher Investment-Trust Pncea at Ocl 34 . Next c 

PoMtnrh 2 B 85 Bieberyasre fr 10 6000 Frankfurt. 

Concenira .. _ IDVI 20 M 72711-0 101 - Save & Prosper InlCn 

Ini. RemenJondx |[.. 9 i 7 « 6960 , .. ] - Dmlmc 10 

Dreyfus Inlercontinentai lnv. F<L TiBnudSL.S! Heller. Jet * 

P.O Bus N 3712 . Nassau Bahamas, J-> ^ 

in 5 u<i U 4 H 1 - 

Emson & Dudley TslJMgt JnsyXld. &^gS| , L.-.-| s “ 

P.D Box 73 . St, Hohur. Jltsov. 05 Ti 4 ^ii 56 ] S«~pro“-i ’ [ 15 JK 

ED,CT - 134 9 ).... I 3 00 Slerllnx-drasmluatni Funds 

The English Association Channel Ca f -iiji*.. ,744 4 

4 Fere Street. ECZ 0 1 - 588708 1 f-JSISSd 136 6 

taSil ii So Rothschild Asset Mngt. (Bermuda) 

FU Bnx WVl. Bk irf Bermuda Bid. Bermuda. 
Id. Reaene Asaer, FdJll -5994 10011 | — 

rniM-y Price on (ici. |7 Ned dealing Ocl 24 . 

’* Royal Trust fCH Fd. Mgt. Ltd 

Pi* Box | 94 .Ho.alT-: H;«f . Jersey. 0534 2 V 44 t 
, _ RTImIFft. . 131 'SO 61 10211 .. ..J 3 00 

* HT lnt‘l .Jsj-.'Fd. I 860 92 0 , . ) 321 

;t Pncea at Ocl 34 . Next dealt nc Oct 3 L 

1 Frankfurt 

-0 in - Save & Prosper International 
■•I “ Tli-nli ne ia 

BV. Fd. JiBnjadSL.S: Helier. Jerii-y 0534-20581 

. U.S PaUar-dnmni ualed Funds 

. DU F\d ..Nil 9 791 - 0.07 735 

I — lnicrnai.Gr •$ a 08 8 . 74 ,.... — 

re. I .ri. Far FaMem" ..IS 5 81 60 J 4 I .. .. _ 

North American" .&70 400 ^ — 

o" 4 . .. ,1586 1733 , — 

2.49 *Kav M.i[*-ri 3 l j .. | 40.6 
JHAreum. L mini. .. 46 2 
■« irnwta Fund. . . 572 
. -i tecum UniL-.i .. 630 

For Arrow titt Asranracr w 
Providence Capitol Ufe Assurance 

* 1 * ,44 1 473-4 .. - 9 

.ft. 25 . Next dealinK Noiinntier 

ij {.Ai-i-umLnlu.., . £31 .... 

<7 Ueul Won -Tues. ttWvd *Thun. Bb*t lay bonds* 128 ? 

" Eq.urv_ 17 ? 1 

Legal ir General Tindall FundV Grtt-edeed 1 W .2 

73 . xanynct Road. Bristol. . 0272 3224 1 CTgffi kliy H 1 

■rtv olw t 1 ui 9 . . , ai . imejncijoaaj b^b 

— K 2 SS-a ■■ 1 SS mo 

91 Wed iThurx. 

176 Barclays Life Assur. Co. Ud. 
2 U 252 flomfard Bd, E. 7 . 01 

C. L Cash Fluid. ... 9 S 4 
<J l.l>iu Hy Fund. 109 7 
G J- Gill Fund ...1130 
G L Inrl Fund .. . 109 8 
G L. PPD- Fund. ™ 982 

203 8 *03 - 
115 5 *12 — 
1181 +J 3 — 
115.6 -4 9 — 
103 . 4 , *0 1 - 

Property Hen; . . 
Komty . . 

Equity' Pens 
Money Mark.?* 
Mimes Mki Pens 
IiepnsIL. ... _ 

Dcpi.yil Pen* ..... _ 

SO, * r u L i fe As * nranc ^ ^“ted Eurobond Holdings N.V. 

10. 12 Ely Place London E c in 6 TT oi 342 2005 Han^i^od,. Willemstad. Curacau Schlesinger Inlcroalional 

sSl« . n« 120 3 : D " - sfMfgS l ™~ S Kiu3S * ,t * M - Et ‘- sul"* S l ' SL ra ,er ‘ 

iS'SfflrnLii -iSt i£! : ,J z nav ^ sham on. 20 sussdk saol:;:t.:™.-;o 89 09 

« 9 D tf 1 r F. & C. Mend. Ltd. lnv. Advisers in.l Fd j™..T p i£, 

-Srt.r Managed P Il 93 1362 -0 6 - AftiMa** Pounlnc > HUJ - Et ' <K UBA - ‘S-l " 1 f^Ambr *. 11 16 317 

C.-J.r Prowpiv P llilD D WMS 3 W ■rirbaMr uno lUa. IU 

Solarfcq^nfv^ \ 170 9 1799 -14 — '-'eni Fd Urt Id . J SUSA 15 | , m ..J — p}iwl sub - Ociobm 

Solar FxdJnL P . 1162 1224 . - Fidelity Mgmt. & R «. lBda .1 Ltd. Schroder Life froun 

938 99 t! - 1 .jJ - P.O Box «TO. Hamilton. Bermuda. e . ^ . P lk 

Sun Allisiu* Fnnil lid Fidelity AHL ASS. | 5 U 52500 I— C 751 — Enle^ri** Hauiis. Ponumtalh. 

San Alliance Fund MangmL Ltd. Fidelity Ini Puml SUF 2333 - imemaiwiiaJ Fnnds 

Sun Alliance House. Horsham. 040304141 Fidelity Poe. Fd. | SUS 59.61 , . | — £Equ itv 011.9 119 

£,p.FdTnL riel 11 . 1(153 2 36131 ....] - Fidelity Wrld Fd.. ,| $ 1)51505 |-P(H — Sfilquilv . — [1428 151 1 

Ini BilUcl !M . L 1281 ,.. J - Fidelitv Mflnt. Research l.leroet-l I Id KK 3 !"E 2 - - BS! 1%, 

~ Eng As*. Stvrtme* 115041 50 «l* 00 bl - 
■ Wardcaic Cm Fd"tfl 0 . 4 » lOBTl I - 
: *Nex> deaLne iici 25 ■•Sen dtlliai '.M. ! 

UI- 588.081 Conuriod *■ 
-DIM — St Depyxil 

Channel Cap-ilaM-.. 344.4 
Channel inland^... 154 6 

Cammod—J 1366 

Sl Dcpoxil 100 6 

Sl Fixed**** - 1139 

■Prices on Ocl 

257.3 - 1.1 
162 8 *01 



1203 .... 

••Ort. 25 . —Oct. JA 

hipley & Co. Ltd.V T KM * 1 

nrfersCl- EC 2 0 I- 6 » 852 n .« 'V 

i l ».-.-ffi 88 Ti SB 

135 71 
128 . 6 , -0 

a - Growth St See. life Ass. Soc. LuLV t'cp..»iir , cn» 

01-534 5544 Weir Bank. Bray -on Tharaeu. Berks 0 O 3 L 34284 MMnaR*-d P-T 1 ' ’ “ 
— Flexible Finance. (1070 I . ) — inij pquii. "1 

- 0 ?^ - Landhaak Seer.. .. 54.81 . . .J - InU . . 

♦0 1 — Ludtunk Sc-. Acc 118 1 121 2 { ... .1 — 

•,--J “ o ts Super Fd . £7982 j , — JVEL Pensions 

■v. Met. 1.1 - 66 8 ).. . . | 4.60 11 m 

lAccum I’n:!*'.. !M« KB, .. \ 4.60 yv.iw 1003 

Me.i sail) day. November 15 . JanterfcAeciiia^ 301 9 

-orJ 453 Leonine Administration Lid. in*n — _ r '‘ 

2 "-— S 7 2 si* *Si SM ttlhikvSi .lamdm WIK 8 JP. C 1 - 48 G 3 SUI rvi InlSafT*.... J.B 7 987 — Hambro Lil 

• r^gSm SiS - * 2 5 « u 5 a!A^ -tBJ Wl=a S 3 M,- j - SSfftt 

. = :IU %: 8 i 1% i*v+*.v**t. ******** 

lfiO 194 - 0 T 3 19 Rocinrar “ liepl . C-orins-by-Sea, 3 «ch£v Life Ansnr fa tide 5 I :w * 5 e ^'; ap 

- C 60 J 64 . 5 a -0 7 4 36 worth IOC. W.v .1 01^=3 ISRS, L^U-V Manaced Acc 

- 224 23 8-0 4 6.05 Balanced. . . _ 1*4 5 f .» -05 'i-T ■ L Lombard S.U ECi 01 - 6 S 3 1288 rix-ertvas 

-. 10 .. .^.2 64 E . 4 57 Do. lAecum. TT 1 773^-0 6 <« Blk. Hcn&Oct 2 _.| 133 70 - GUiEdped^ ... 

Wyrl 1 v;'i->ei 7 .rth E 13 5 ? A , -0 4 212 - * - American Acc 

.ile Unit TsL Mngrs. LilLV ln*...*.ycnaa. '. US 55 J -05 231 , _ Fen F.I DepL\ 

Falters Bar. Kens P. Bar 5 ! 122 InSMBS . 84 3 Wirt -0 a C :i C= 33 iJa Ufe Assurance Co. v™ 

« _ . 1394 4151 - 03 ) 443 if 0 , 1 H B1 } £~* -■« »Wi SL- Potter* Bar. Herts. PBar 51122 pcS RSpA?? 

cum . ..I 486 512-414 4 43 EUrxfnrc^ SI I SS ^UOlhFdtel Z. .1 633 I .... I - pS.K?C*p 

™» ™«-*i I 758 Do'Acxuml I 7 i 5 77 M- 05 J J S 9 j Rcnu. Fed. Sc|rf. 7 ., 3261 , , — Pern Man Arc 

-OH 758 Lloyd's Life *>s» TsL Mngrs. Ltd. . FraCl^C; 

72 -tti. umniioiiM hd. Aylesbury. resswx! | Cannon Assurance LULV a s rip 

2035 - 4 . 
102.0 .. - 
9*7 ..... 

103.4 .. . 

1041 . . 

« _ . 394 

cum ... 486 
. _ . 34 0 
un .. .. (45 6 

imesi Mngt. LULV 

0 dSL.EC 2 N 1 BQ 0 I-SRH 6 QI 

BBS 9101 - 4 49 

... M 8 883 , ...., 7.41 

h OcL IR. Next dealing Nov \. 

nil Fd. Mgrs. LULV (aXe> 

Guardian Royal Exchange 

Royal Exchan rc. E.C S ni-lXlTlOT 

Properly Bonds .. . J 187.6 195 4 ) | — 

Hambro Life Assurance Limited V 
7 Old Park Lane, London. B I nnflmKT 31 

Fixed Inr Dep 1272 133 91 ... — 

Eghiiy.-- 109.0 mg... — 

Property . „ — . 169.8 ] 78 tt — 

ManscedUap 148.8 155 S . .. — 

Manxtf cd Acc ...„ 183 5 19321 . . — 

rix-erioas. 1271 133 8 , — 

k:J = 

ru-erivas . 127 1 

GUlEdped 125 6 

American Acc . .- .. £ 00.1 
Pen F.I Dep Uop .1295 
Pcn.F.lih-p Acc . .. 152.7 
Pen. Pro pi Cap. 2087 

Pen. Man i-*p._. 5 l *4 

J - NEL Pensions Ltd. ffig&'E r 

Milrmi ( nun. loehicc. Surrey. 591 1 Solar mil. P . 

in an 7107 %-rfe*En Vrriim US* lS? +o.z — ® an Alliance 

' — SelraMppejrCap 618 65 0 — Sun Alliance flou 

nifcdV ixolcinih'lni i.-jp ' 512 Dl - JSPgJJJJfaJT 1 1 1 

01 - 4*10031 NelexUih Inc Acc. 53 1 55.1 - ‘ . .V, 

_ NdMxd >d«'«p.. 494 sfi..— Sun Alliance 
_ Nel M»d Fd. Arc 50 8 53.4 .. — Sun Alliance Hou 

Xoxl Snb. day Ortober 25 SS iw " 

_ NPI Pensions Management Ltd. Fntedinierc-MFd 

; _ 4 B. h SL. FJT 3 P 3 HH 014123 4200 ^‘Suimal Fd' 

— Managed Fnn «1 !I 57 2 1 * 3.71 ...J — Deprali Fund .. 

— • — pnw* Oct. 2 . Next dealing Nor. 1 Man need Fund 

Solar Managed S 
Solar Pro pvrli S 
Solar Equity S . 
Solar Fxd Ini S 
Solar Gash S 
Solar Inti S 
-Solar Managed P 
Sot ar Properly P 

Solar Equ it vP 
Solar FxdJnL P 

Solar C'a.-h P 

5911 Solarlnil. P. . . 

San Alliance Fund MangmL Ltd. 
Sun Alliance House. Horxham. 040304 ! 

Fidelity Mgmt. Research (Jersey) Ud. sfSSi imSJSlIV.GoZ l 

Schlesinger International Mngt. Ltd. 

■il. La Mono Sl.SL Helier. Jer-M-y 0534 73588 . 

S A J L _.pS 80 , . . 9.86 

S AOL ... 0 89 094 4.79 

Gilt Fd 224 226 .. 12.17 

Inil Fd Jersey... 97 183 d -1 357!. — 11 16 3175 -010 - 

■FarEaxt Fund ft )2 108 , . .... 2-78 

•Next *ub. day ttclober 25 . 

Schroder Life Group 

Enlcrpriw- Houw. Ponummib. 070527733 

ImernaiioiuJ Fund* 

(Equily nil .9 119 01 —2 ll — 

SEquifv . — H 42.8 151 M -I f - 

(Fixirtlnieroo.... H 39 J 148 i*l« — 

Sun Alliance Linked Life Ins. Ltd. Waterloo Utt .Don Sl. SI Heliec. Jersey. 
Sun Alliance House. Horsbara 0403641*1 ^534 27501 

Emmv Fund.. . 
FiaeaOnlenfWFd . 

13971 -131 - 

111 B . .. _ 

119 fl - 
IM 3 -05 - 
103 H - 
117.3 - 0 .« — 

pnw» Oei. 2 . Next dealing Nov. 1 Managed Fund |lUJ 1 X 7 . 2 } - 0 . 4 , 
New Zealand Ins. Co. lU.K.) LMLV Sun Life of Canada (U.K.I Ltd. 

Ma(rlaqrtH.iU-<- x.>.lh.’ndSSI 2 JS 07 M 6 C 955 2 . 3 . 4 . UockspurSL.SWlF 5 BH 01-938 

Pen Man Arc . . 
J-«-n GIllEdc.Cap 

OI-SRHfiOlo Equity Accum 

1‘eu GULEdc.Cap ..120 7 
Pen Hill Edg Acc.. 128 5 
Pen B S. Tap. . — 126.1 

176 . 4 ) - 1 5 ) 3 82 L Olympic Wy.. WembterHAflONB 01-802 8878 Pen. B S Arc ,1453 

7.5 M * G Grczpf tykcHv 

Three (h»i Tc.w: RIU. EC 3 R SBQ. 0182 E 45 E 8 j Equity 

Equity Unllfl _..|£ 17 .a 0 — 

Property I’nila ,£18 43 — 

Equity Hoed' Exec . . K 31 .B 3 12 . 

See also £L*ek Exrhmce Dealin 


uw.N-e^tte.upoivTrt'c 21 TO Ji'SEKtSSTV-lft? 

sssrXi W --i 33 ml 

eld I 42 A 453 d I 842 lAccum. Uhiii .. .180 

UntL* 15 54 S 7 M - • , 8 42 Cutnpouud urawth 1158 

sr 1 . *iyoiwtMon Ucuwlh 675 

idi Gnmx-luwliic. 7 X 0 

IHvMcmI 1261 

01 - 58811)15 tArCurr. I'nibit 2391 

. 1 /ntL* ,55 4 5 7 9 , . . I 8 42 Cumpouud Urawth 1158 

. dealiny date November I. *yyovetMon Uiuwlh Hi 

Official lavesL Fd* R3BS2? '“"ll” Em 

■ /oil. EC 2 N 1 DR. 01-588 11115 lAceuir. UlHU]. .!* 2391 

17 { 137.18 — 1 - 4 « 681 European 53 d 

17 . .. , 272*7 — [- 41 ^ — lArcnm Ctlits.. 544 

3 nb available to Res. Hunllrx EitnYiiiii. l 901 

rhouse japbet see janes Finlay U 55 rELttE!^!r.“ S’ 
* Trnst Managers Ltd* taHg. VSSrtES'fc. M 

■C 2 M 4 TP. 01 283 2633 l.l.-cum UtUCjit 193 

. ... ..Kia 0 9 22 - 61 -0 3 | 178 General 3785 

» KDl 46 Art 8.93 *Aecnm. Gails. 2778 

alTrt_|.»M 5 264 , - 0 .J 270 lliqhlncrmu.- .. 1114 

■e Tst C 7 2 29 3 rf-Ll 4 i 5 .AceusJ L'nlui S§ 7.4 

h Ta .. «4 0 2 S.B • .. 7^5 Japsu..__ - - - 

50 4 —0 
574 - 0 . 
S 8 7 - 0 . 
83 8 - 0 . 
13.7 - 0 . 
125 6 -0 
719 - 0 . 
756 .... 
1368 - 0 . 

alines. Prop Bond/Exae ... 
2.06 BaLSdIExec/UnIL 

Ho 4 2 K Deposit Bond 

-0 1 1 64 Equity Accura. ._ ..' 

-- 0.1 IM Property Accusl-l 
- n j; 4 K btned. Aocnm. 

- 0 J 4 M 2 n J Equhy . 

-0 4 3 67 «nd Property — 

-93 3 06 

7^9 ann t>epo«if .. 

■ISl 7 65 2 nd PUL-.. 

7 «i 2 nd. American 

^0 l 3 40 2 nd Eq. Pena/ Acc . 
*0 1 34 l» SndPni-PcTUJAcc. . 

*<U 812 2 rd Kid. Pm*' Arc 

... 812 2nd DepJVna’Aec 

*0 2 2 34 aad **“* PensfAcc 

* 0.2 2 34 =ndA«Lrjna.iAcc. 

-0 1 4.74 LLES 1 J.. — 

-0 2 4 74 L 4 iES.LT. 2 

12.52 -002 
1«2 + 0.02 
14 28 *003 
1196 *01 

_ Pea PA.F Cap. -J 1036 

_ Pua. D-AF. Acc . | 106 0 , . . 

I Hearts of Oak Benefit Society 

Ma(rlandH.' 4 i-«- v-Mihm 
Kiwi Kc> lnv i'Ln 1585 
Small io's Fd. 100 1 
Tvchnnlpqj Fd 1124 
Extra In-: Fd 96 2 
Amen can Fd 961 
FarEnxiFd . . 1197 
*.th Edged F -1 . 105 1 

Uon. Deport Fo . .. 96 2 

163 41 .. 
1054 -09 
S »3 . .1 
1013 -1 ?| 
1012 -25 

1260 -0 4 
110.6 . .. 
185 3|*01 

Maple Ll Grth 
Maple U Mangd 
Maple LI Eqtc 
Persnl Pn. Fd.. 

Nonrich Union Insurance GroapV 

— 15 - 17 . Tiwixiock Place, WC 1 H ASM 01 JM 7 5 C 20 PO Box 4 . Norwich NR 1 3 NG, 

Persnl Pn.Fd.. | 2093 | .. . j — XT. rue Noire- Dome, Luxembourg 

Target Life Assurance Co. Ltd. Fiem-ng oct 34 . ) Sl r sb 755 | j 

Tareet House. Gatebouoe Rd. Ayleabuff. World Fund Ltd. 

Bucks A>!i>sbury<Q 2 P 6 iSMl Butterfield Bldg. Hamilton. Bermuda. 

Man. Fund Inc - . { 98.1 3033 , .. j - NAV Sc pi. 28 ) 1 US 1963 S | .{ 

Man Fund Acc ( 12 L 3 127 71 .. J — _ _ ._ .... 

Senev A.InUdi — K 3 96 1 1 — 

Sertc* BiPaetfici. ,U 0.10 • | _ 

SencbDiAm.Ass > [Eli 17 l- 143 [ — 

First Viking Commodity Trusts 

8 . Sl George's Sl , Dc-ugLu, 1 o M. 

Odit <ee. Ldr, Amt Dunbar 6 Co . Ltd. 
53 . Pal I Moll. London 5 W 175 JH. 01-830 78 

FB.Vik.CmTsL 137 9 39.91 I 2 4 

F* VlLltblOpTn fco biV, *L 0 j 4 1 

Fleming Japan Fund S.A. 

37 . rue Noire- Dome, Luxembourg 

Fleming Ocl 34 . , SUS 6735 | J — 

Free World Fund Ltd. 

(Managed U 71 13521 - 0 . 5 , — 

IManogcd , 124.1 U 2 .e| - 14 , — 

J. Henry' Schroder Wagg St Co. Ud 

120 . L'heapMde. EC 2 . 01-388 400 C 

Cheap SOet 31 . 1 L 511.64 [-Q 1 (H 2 49 

TraLOcar Sept. 3(1 SHSLJ 7 08 J _ 

Asian FdCcL !&.. U Sill 22 M .. ..] 241 

7657 Darling Fd Oct- 23 $.42 03 216 , J 470 

2 40 Japan FdOrt. 19 .. |$l-S 4 M 971 , .. ..J 0.41 

f. oi -B 307657 Darling Fd. Oct 23 M 2 03 
3991 I 2 48 Japan rd Oei. 19 .. |$liS 9 M 
t*'tt *L 0 j 4 65 

1325 - 

_ L 666 

S?J i? 

ffi 1 12 i 

90.8 ■ 91 

80.9 tt 
u»e im 

U 26 124 

3043 131 

irru< lot 

1021 -002 
113 1 ... 

105 S * 0.1 
103 9 *0 1 

961 *07 
85 i -L 4 

106 7 -P 2 
119.2 +0 2 
130 2 *0 3 
1075 *01 

4 A 7 *0 7 
886 - 1.3 
4?0 .... 

Hearts of Oak )372 393 ) I — 

Hill Samuel Life Assur. LuLV 

NLATwr.^ddiscombcRri.. Croy. 01-6864355 
6 Property Units _. 161 2 169 J| . — 

Property Si-nus A „ 105 1 110 71 .... — 

Managed Units.. . 1663 17511-01 — 

Managed Senes A . 983 303 J -01 — 

Managed Senes L' . 94.6 99 fl -0 J — 

1291 , *01 - 
104 2 , *0 1 — 

30 LX -0 a 
UXcJ * 0.1 

Current value On. 24 

h Ta .. (24 0 2 Sfl... I 7^5 Japan.. - - - 31 ?-* 

_ . . lAcecm wntLx.. . . 1^.4 

Ition Funds Mgt. Ltd.V fai Magnum 3 U 

Ume.Wl^ttlK U]^ JnO. . .- . ^1 

■ d | 4 b 3 - 485 ) ■ . | 3.95 lAcaum. Units. slL 4 

a ns _ . ms fxn.inu ap — 

bu Capital Life AssaranceV Pns.Fxdjni.Acc.... 

2 13 Coairtoa Houne, Chapel Asb Wion 880228511 pS? a?? ' 
2 S Key invest Fd.... i 105 03 I .... I _ Pens Prop .Axe — 

Pacemakerluvfd. ,| 18741 1 _..4 - Imperial Life ; 

4 Property Units _. 161 2 
Property Sene* A - 105.1 
Managed Units.. .1663 
Managed Senes A. 963 
Managed Senes L" . 94.6 

Money Units 1226 

Money' Series A. ...99 0 
Fixed Ini Ser A. .. 42 9 
EquirySorie, A . . . 943 
Pda Managed Cap 146 0 
Pna. Managed 4 ee. 1 SS b 
Pns Gteed. Tap . .. 106.0 

Pns deed Ace 113 9 

Pens. Equity Cop... 1072 
Pens. Equity Acr 108.3 
PnxF\d.lnlCap... 96 0 
PniFxdJntAec.... 97.4 

Pens. J'lttp t‘ap 964 

Pens Prop. Ate 97 8 

Managed Fund 228 9 

Equity Fund — 358 9 

Pinporry Fund U 3 0 

Fixed Hit Fund.... 1531 
DepaallFund. . 187.7 

Slur. I *oi! riel. 15 . i 

228 9 2304-0 91 — 

358 9 3771 - 3.3 — 

133 0 1400 .. _ 

153 2 .3611 -01 — 

107.7 113 J _ 

* 20.6 _ 

06 H 3 225 X 1 Prop. Fd. Inc . . 

Sentry Assurance International Ltd. 

Pit Bnx 32B. Hamilton 5 . Bermuda 
Managed Fund |!l' 52 JB Zi»( f _ 

Singer Sc FVicdlander Ldn. Agents 

Til. I.' an non Sl., EL ' 4 01-248 8046 

Dckafonds . (D!OTM KMI . I 5 94 
ToiooTstv«cl 2 . ..( SUS 41 50 | . ...J 1.49 

Phoenix Assurance Co. Ltd. 

4 - 5 . King V. illlamSl . EC 4 P 4 HR. 01-82691176 

__ Wt-ali )i Ax* ,1128 lli« —0 71 — 

Kbr ni.Au. 823 J | _ 

_ Eb-r.PttEqE. — , 79.7 83 9 , J — 

_ Prop. Equity & Life .Ass. Co.V 

1 19 . Crawford S: Rd . H' IM 2 AS. 
R. Silk Prop Hd . .1 MS 9 
IJn Ef.ui '1 Hd | 771 

Him Money Bd . . I 150 1 

Prop Fd Ace. 144 0 

Prop Fd lev 1110 

Fixed inf Fd. Inc. 1005 ] 

Dep Fd.Infc- _ 96.7 1 

Ref PJ.-ID Ac Pen . 72 B- 
R« PlairCap Pen.. b02 
Hi n Pen FdAcc.. 129.1 1 

Man Pen FdCap — 217.4 1 

Gilt Pen FdAcc. .. 131.8 1 

Gill Pen FdCap — 123 0 1 

Prop Pen-Fd.Arr 1554 1 

Prop.PraFdOap_. 1545 1 

Guar PettFUAcr— 95 9 1 

Guar Pen Fd Cap 96 3 2 

DA. Pen FdAcc. 958 2 


1018 . .. 
79 0 - 0.6 
65 4 -05 
13 S 9 

3231 . . 
3387 * 0.1 

NAV ScpLlM { 1 US 1962 S | ^ — Pcfcrtondi . (DOT 04 »MI . i 5 94 

G.T. Managemejtt Ltd. TokyoTotOet t .., 5 US 4150 I . ...J 1.49 

r" k 0 !^ snV TL^B& ^ don fe, “ stronghold Management Limited 
London Agents for- P 0 Bo, 315 . St Heller. Jersey. 0534-71460 

Anchor -B- Units... ISV 5109 1 J 7 I 2 85 Comujodily Tnn 4 ... | 96.75 10 X 84 ) J — 

AnchorGiJI Edge.. £943 9 40*001 1340 

Anchor Jot Fd. .. |Sl'S$J 3 5 65 | ... . 2 86 CnriniHt (Jrrxpvi I fit <*> 

Anchor In. Jw.Tft.lM.t 32 .« 0 99 snnnvest (jersey > uo. (at 

Berry Pac Fd F 59.910 . 0 75 fluex-nsHse Don Rd.Sl Helier. Joy 0534 2734 B 

01-408 D 8 S 7 DA.PenFdCap._f 

Anchor Gill Edge.. £943 9 41 

Anchor lot Fd. .. Il'SSJS 5 b 
Anchor In. Joy.Tft. 38.8 32 .' 

Berry' Pac Fd .... 59 . 91 U 

Berry Pac SUJg — 348 00 364.01 

GT.AsiaFd- .. . IFKU 99 U 5 ft 

CT AswSterlinc. £1612 17-21 

G T Australia Fd . $ 128.00 - 

GT Bond Fund SUS 1463 

G T Dollar Fd U'S 7 ltta 

"JT Dir 'SI rig i K .1 £9 69 
GT Pacific Fd .. „ SUS 1756 

L-Accum. Units. jli .4 

itan Pond Managers. SSSJ^iiw “ ! i 

H. London SWIXPfll ul = 35 BSCS Second iT-;p 1 E 3 J 

Jlh.Fd. 0 fl 9 20 41 ... .1 465 L'oi^l.. _.. £84 

■U 50 0 53 Did . ..1 10 90 Smaller ley |«.9 

.Acvuit Urn ti._ _.| 22 S 0 24 X 5 ) -0 5 ) 4 J 3 

nt Unit TsL Mgrs. Ltd., rawb 

Ane, STZV 6 HH. 01-6088282 Tru.dM P 55 fl 164 art - 0 . 3 ) 640 

e I 47 J 5 LM --..J 9 J 5 (Aeront Uniun LJ 62 322.4 -O.b fcao 

iean^rKj 50 3 . ..1 - UhtHSmodOctS*. L^MM ♦« 1 L 01 

i Chine plttb 5 o 3 900 Ciuri.dC» 2 « — IXjfJ 734 

.. i/.ceun UnlL--. n»S 1 . 0.5 754 

Unit TsL Mgrs. Ltd. iaMgi Pens.Ei.Oct m_ „{ii 67 lt'- l) 536 

Edinburgh 3 . 03 I-K 34 MI KatcUfc Sfcaacerisot Lti 

art - "Sal bit) loSj iS? SLGearse^'-ray.StevBaase. 043 BS 810 I 

3 IM.T-J 461 49 3 -0 1 £.73 Growrfli UnlU (258 £ 67 | | 433 

SiJ 7. 0 '.1 J:* Mcy^wr ' 11 ^= 5=36631 Ox Ltd. 

1 VIS f irosiias 5 t.. BCiv 7 AU ot-enuaoflo 

LSry L'ait Fund K= 3 C„SrS n-r-S 1=451 1 *39 

Z*? Il '7 4 m p “ emakerrw -W-’-i 18741 

HtfV. - 7.2 bib 2 . 

3 -fl.® 662 Charterhouse Magna Gp.V 

86 =si if cra,r ' 

SI 5 S as^te.~g; 5 ?! 

,js asKtei- s; ai 

.» asEBagc aii 

| * 0 .tt 1 L 01 . . 

41 l — 4 — Imperial Life Ass. Co. of Canada Aynruhunl Fun. 

Imperial House. Guildford 7135 Fowl 

Gp.V Grt.FdOet 420 ...(765 832 1 - AhbSy Nat Fd lA 

Cemre. BJelchley. ufe, Pcn/a^ ~ 

SJM= jglrJz 

S 3 j Z -S^^CipFd WS IKfl. ... - Money Fund 

5 S I _ Eqnrty Fund ,1001 105 . 4 ) — Moqcj- Futui.Ai _ 

,. AeliiansJ Fund .. 

t®- Giti-rdged Fund , 

01 - 6888=53 Gilt-Edged Fd i Ai. 

I i O 0 *ReU re Annuity .. 
_ dimmed Aim’ll . 

— Property Growth Assur. Co. Lid-V 
“ Lena Hnuae.Crnydun.CR 9 ILL? 01-68000 

_ Pn sain >' Fund . j 35 ?Z" — 

rropert* Fundi.\> | 3869 i J — 

Ll Aynruhurol Fund I 787 4 I 1 — 

> 34 1 City of Westminster Assur. Co. Ltd. Managed Fund' 

Irish Life Assurance Cu Ltd. 

1 1 . Finsbury Square. EU=. 01 - 

BlueShP Opt =0 .J 76 . 9 . - BOV ... 

Fd 123.6 253 -03 lil 

art 5 * 2 . 62 .«- 0 d l --»9 

31 SL....W 61 49 d —0 If 7.73 

ee U 9 9 42 .B - 0 . 4 , 4.416 

1 »* 266 ) , 1.46 

aary Unit Fund Ksscgsrs 

IS HJoridead Houac. e WbUebone Road. 
Crovdon CS 02 JA. 01-61 

Weil Prop. Fund. 

Managed Fund 

CO. Ltd. Managed Fund ... 2335 245 

Exempt Man. Fd.. . Ill 0 116 

n?^ 496 fr 4 . !S 2 

Equity Fond.. 

...| 4-33 Farmland Fond 
, . Money Fond 

,UL Cilt Fund ... 

enssoso Pt'LAj^ind 

::: Is Ss 8252505 . 

11 " r uau .i*=»i*,=.» I B carwOct=: piCi 

dST.ET 9 M 7 .U- ' UI- 63844 IS General <K-: = 4 .. _. ’M 
n nne Hun 1 114 In t oroil. riel 71 ... 1 

13 1163 $ 20 Q 9 ) . I 41 

- ichester Fuad MngL Ltd. 

37 = m-ecjii: 

lemer . p 9 0 20.71 .... | <i 

O-«eaf 4202 225 , ... 3 c 

l 4 64 Intertill. Ocl 34 — . c'S 0 47 . 4 ) . _ 

jL Ltd. Baf =7 r^a .1 2 ii=a-crs Ltd 

Ut- 0 CJ =:<<7 3 £l. Grtt-.hsJD St. i'tlPJ.-SB. 01 

.... | <*$ SSi-ro Gen Ort-Vs.. ■!'. J 3 212 . 2 ) .... 

eacr . |19 0 20.71 .... | < 6 $ Mi.-r lien tietla.. J 3 

0 -«eai 4 »J 225 , --I 3 93 ire. T- ., Oct J? _ I* 0 

Kor; J- .<■! 29 . ...»•> 

Dudley TsL Mngnntt. Ltd. Arc. Ujx xjrv Ji. r : j 

.1 SL. S W.L 0 1 -409 7 SS 1 A^^tS^iill' 4.7 

•y TsL . (71 1 764 ) I 3.81 Aww-Wj-tei— * 

. _..| axw pens Money Acc. 

/ Pens Equity Cap. 

7 “ PeDi Equity Arc. _ 1585 , U 5 | * 

01 -wo 4555 Fund currently closed to new invi 
422 Perform Units j 218.4 ( .. 

3321 .. . — 

65.5 -02 — 
1744 . . — 

130 8 - 

1368 — 

50 J .. — 

524 .. — 

5*7 -01 — 

635 * 01 ] — 

Prop. Mod. Gib ._. .(2019 
King St Shazson Ltd. 
SttCorobjU. Era. 

Band Fit Exempt [102 00 
Nexl dealing dal 

-02 — 

-02 — 

-12 — 

-12 — 

Transintern ational Life Ins. Co. LttL c - T Pbilippuw Fd. 

= Bredm Bldgs. EC 4 LNV 01-10511487 Gartmore I nv< 

yTullpIoxe*!.^. 149 4 157 J)... — r. SL Mary Axe. Lc 

ill l iMbl " Gartmore Fnnd N 

n | rf ,-L„ HI f ■ “ 1503 Huich Ison H 

Man. ren r <1 Lap . 1 Xh3 13 ZS 1 — uur, Tie,,, r ■ Trt! 

Man Pen Fd. Act 134 9 14 X V . . - jJXTnFd 

' " “ N ^rtcinTxt': 

VMngd Im Fd. Acc 10 X 6 106 91 . .. — | n tl. Bond Fund... 

Trident Life Assurance Co. LtiLV uarunen inveummi Mogt Ltd. 

Renbla^HMiae.Glourroicr 24 

c“SKd ":r:.iJ «• c ™rei n .i orfa 79 

Propertr- 1524 1 M 3 .....( - Hambro Pactfi 

l^K.'SsuMy Fund V 113 0 1197 -0 9 ) — 21 10 . ConnaujghM 

>XT Philippine Fd. (ttsiiu lL 79 f ... | - 

dw Gartmore Invest. Ltd. Ldn. Agts. 

— 7 . St Man Axe. London. KC 3 01-2833531 

- Gartmore Fond Man. 'Far Hull Lid. 

“ 1503 Mulch Ison Hse. 10 Hnrcoun Rd. H KunjI 

- HKttl'M-.U.Trt . I 5 HK 4 U 4 40 ) | I SO 

~ Japan Fd . . .. II'SHO 213 M .. 0 50 

~ V American Ta . 51 SM 9 ; ll«l-loi XW 

— I nil. Band Fund |S( SUM 1 LM 5 60 

0 82 American Ind.Ts „l£ 7.21 7 371 - 010 ] — 

172 Topper TroW ... K 1149 11 7^*0 06 , — 
lib Jap Index Tst. |ilX 15 lX 3 q- 0 ^ — 

1^55 T ® 8 l nil Trust Managers IC.I.l Ltd. 
_ Bugai irlb- Rd.. St Sai lour, Jenny. 053473404 

0.88 Jersey Fund 150 1 52 7 ] .. .1 4 55 

- Guernsey Fund 150 J 527 , , 4 55 

Pricey on 'xci 25 . Next cub. day Nov. 1 . 

Tokyo Pacific Holdings N.V. 

Inlimik Management Co N V.. Curacao. 

NAV per share OcL =4 51 S 73 SB. 

Tokyo Pacific Htdgs. (Seaboard) N.V. 
Jnlimis Managcm>.-nl Co NV. Curacao 
NAV per Mi ore UcL =4 SUSS 3 B 2 . 

Prop. Growth Prouana & -Vimo 
Allwtber Ar I'l»|l 38 3 145 

1 — All w"lber Ac I’ts 138 3 

aija ' _ 9 .VII Weather Cup • 12*7 

^ Tlnv Fd-Ula.. .. 1 

Pension Fd. Uis. . i 

n. imtnn Cmiv Pcm Fd . . 3 

0 I- 4 B 3 M 33 Cnr . p„.. Cap l l 3 
IM 40 ( J — Man Pen* Fd. 3 


High Yield.... 141.7 

GlftEdged 1222 

Money- -. 124 * 

Iniernaiiixial .... 100 9 

Flora I .1285 

Growth Cap 126 * 

Growth ACC. 1319 

Penn Mngd. Cap -- 11*6 
Pens, hfngd. Acc - 124 6 
Penn Cld-Tiep. Cap 103 9 
Pens GId Dcb-Acc 109 1 
Pens Pray. Cap... . 115.4 

Next dealing dal® Not. 1 Man Pen, f« l l 

m Life Assurance Co. Ltd. rlrpivnsCspi'b 

Pens Pray- Cap— pis .4 122 tt 

Pens Ply Acc — 121 2 1210 .. . . 

Trrfi Band 36 9 38 9 , . 

-Trdt G I Bond . . | 97 * 1 . .. 

-Cash value for £100 premium. 

1315 *0 1 
106 9 -03 

134 J -14 
1397 -12 
1256 .... 
132 0 . . 




1214 .. . . 
381 . 

Langbam Life Assurance Co. Ltd. Prop p«ir C ap n* 135 3 I 1 ^ -cash value for £ioo 

uJft-VPtoTW 1,r,! % “T - 11 fcwn'H S 2 I - : J - Tyndall Assurance/PensionsV 
i :t] = Providence Capital Life As^ Co. Ltd. 1%^*?°** 7^127 1 

Hambro Pacific Fund MgmL Ltd. 

2110 . Connaught Centre. HiJag Kong 
Far East net 25 . -.RROkA 17351-0 JB[ — 
Japan Fund ft SUM UU, .. J 

Hambrob Bank (Gaernseyl L idj 
Hambrus Fd. Mgrs. tC.I.l Ltd. 

PO Box 8 & Guernsey 0481 - 286 = 

Cl Fund .... |151 5 1613 , *0 tt 3 70 

Iplnl. Bond SI'S 109 41 1127 tt- 0 Jy 850 

Int Equilx SUS ll 62 11 9 &-S 58 2 10 
InL S»g;. -A' it . 1 S 106 lM -003 - 

Jm Srga h' SUS 11 * 122,-0 Dbl - 

Prlcex on IICI 25 Next dealing Nav 1 

Henderson Baring Fund Mgrs. Ltd. 
60 S. Grimmun Dung Kong. 

Japan Fd Orr IS . |St S 2535 2844 ) .... | — 

Pacific Fund" . SUS 9 956 J ... _ 

(€24 ZSS I I •«> per mi arc >jcu as »l.vud. 

24 9 ( .. I 103 

796 ,..., 220 Tyndall G ran p 

Kami Ltd. TO Bex I 2 S 8 Hondlian S. Bemuda. 2 - 27 C 0 

D’oeab Oct 10 ... |$l' 5 U 7 

1 Ace urn Umi«. . $U 9 Z 01 

— 3 -ltjy InlDcL IS .. |$1 S 2.785 

2 New St. St Helier. Jmrv 
T’JFSLOri |B. . £7 85 

• Acr-um. Statures.... £3260 
American C'cL 19 . . * 9.5 
*»_i .Accumshoresi .. . B 95 
3 70 For E 2 ut Oct 39 . . . 915 
850 -Acenm Nbaresi. 925 
2 10 Jersey Fd Get 18 . 2032 

— (NonJ Acc l-w ... 2874 

— Gill Fund C*ct IB IM 8 

1 -A< rum. Shares i 1392 

'M \z 

nm am ilBondFd.- Oct 2 fl. ! SUS 10545 
* 7 ®*' ■BxcluMSe of any prrlim 

T! : 

' " ' " ■ 30 I xtandgi- Hond. WI 28 PG 

Legal St General (Unit Assart Ltd. Sei Min. Fd cap. Iffl i 

ar* »■»«! uifssasfii rSluSS St. fl- . - iS? * 

Eqnilas Securities Ltd. 
Yhbey Unit Trust Mngrs. 

Midland 5 r. np 

Unit Trur; Mansg'^s L‘l? ia) 

t*ourt«ood Hour;. 51 Jrar Street. Head. 

79 S 264 City i*f Westminster Assnr. Soc. Lid. CaUt Initial — J. J 961 

256.71 ...M 413 Telcpbone 014 B 4 BGG 4 “ ■ • 5 |. B 

31 Ll|-..-| 4.13 FirsUnU, „ J 132 3 UJ| 9 | ] - D?aJ« 5 S“!:™ UDJ 

Property VwU |M 0 56 7 ] ...._] — Fixed ImllaJ 117 

Kiagytrood House. Kingowood, 1 ad 4 urt h KX 1 ..... „ r.^T, Ui 
Suriw-KTOOSEU. BursriHealhftWSd 

Law UB. Tr. MLV (aHhKcMs) Sheffi«W.SJ 3 F.r». 

. Loram*»diiy & U 3 ! , ,.I 72.5 

IfL, Hi£h Wycombe. O 404 X 377 Eto Arcum 

» tB 428 gr&bt— r"! 

nlay Unit Trust MngL Ltd. - — — - gi 

(lie Street. CaHafowr. 041 204 132 ! ] Dcanl e. . ._'.r.!r.r. S 3 9 

enwrt't ]222 242 ] - 1 . 6 , 2 CS Do Accnnv . 62 * 

» 262 Z &4 - 1.9 US International 436 

one — 34 4 37 1 . . . *37 DoUmn 16.5 

ratm 17 4 296 -02 2-29 KJpb Yield . M 0 w 

i».„ .317 344 -D? 229 Do. Accum ..HS 

.In. Tst. S 00 315-04 4 24 Equity Lxcnw 104 -Ti 

a . .... .{ 34.3 57 5 , - 0 .S, 4 24 - Do. Accdltx- 184 7 

On. 23 . Next dealing No-,. L -price* at Sept 23. St 

m. Head. Commercial Union Groap. 

Tel: 07427 SB 42 St HcJen'a. 1 . Underahaft KC 3 . 01-2897 
2 J 5 " 2 J Vr An AcOcLSI- — 5910 | .._. | - 

3 ** *96 ^ Anaahyll,s ~-I I*® ! I - 

415 -O* 2.96 . - . 

292 - 0.3 3 a Confederation Life Insurance Co. 

HJ > 3*5 u ni.nnyvI.iM 6 urn* iw m i i 9 n 

, Equity (niual 1263 

— Do Accow . ._ ..... 130.0 

1 — Fixed Inil taJ 117 J 

Do. Actum. 120 7 

InU Initial. - 98 7 

Do. Actum. .... . . 100 0 
0! -283 7500 Managed Initial .. . >20 7 
Do Artllm ._ ... 1242 

... Pro p erty Initial 1002 

Do Actum .. - 103 S 10 *! 

• Legal * General it'nli mrinu 

ee Co. Exempt Cash IniL .1978 101 ( 

ni -342 oa: Do Aectmt —.100 2 105.! 

w _ Exempt Eqty. Hut. 133 3 140.4 

Do A Crum ... .. 136 b 143 .S 

“ l-xemp. Fixed I 01 L 1 W 7 120 t 

• - Do Accum. U 75 123.3 

— Exx-nipt Mngrt Init 1292 1368 

- ■ ~ Do. Accum 1324 1394 

— J — Exempt Prop lult 97 8 103 C 

— ■ — Do. Accum 100 2 1052 

315 -0 
5*0 -0 
676 -0 
471 - 0 ; 
502 - 0 , 
UM -0. 
751 - 0 . 

I 7 d UfLSt 
>7 U 0 J 

Next dealing Oct 3 L 

SO-Ctaapcery Lane. WC 2 A IKK 

*46 VEquliyFUnd 173 * 3*2 

2 50 9 Man«fedFund — 191.3 290 

250 friPF^ud-. 42 X 5 

■ v* Psnal Prtu Mnad_ . 345 83. 

Sjn SiaHBd.Mngd.Pn. .-792 S3 

563 Group 65 heo. Pen. _ 1996 

IS Filed .. . 207.8 

31 Equitj-PrtMiota _. 2592 

lurcli Heat 
lflf a . . . 

133 0 - 0.9 
136.9 - 0.9 

123 5 

1271 . . 

103.5 -06 
105-3 -0 5 
1271-0 5 
130 8 - 0.4 

105.5 .. : 
10*5 . . J 

Penxion Fxd. Int . IIS* 
Deposit Fd. I ap ... 47 * 
I'epu‘ilM i .tft- 474 
Fqinl) Fd Up . 45 4 

Fquilv Fd Acr. 45 4 

F,d Int. Cap 47 7 

Fxd Ini Acc — *7 7 

InlnJ Cap- 46 2 

ImnL Acc 46 2 

Managed Ud. I JP. .. 46 4 
Managed Fd. Acc 16 9 
Property Fd Cap 47 5 
Property Fd. Ace .( 47.5 

— Provincial Life .Ass ura nee Co. Ltd. 
~ 225 Bishi.p'gotc. E.C 2 01-247033 

_ Proi ManaetdFd 1291 1361 * . . _ 

_ Prm CnJi Fd. . . . 1060 111 61 . . . — 

_ Gilt Fund 20 . 1166 122 tt -C 5 — 

_ 1 Vo perry Fund . 10 L 3 186 H . . — 

_ Equil) Fund . .. .1057 1 UJ -U — 

CORAL INDEX: Close 487492 


Hbrugh Guaranleed ...... — ; — 10 . 12 % 

t Address shown under inaurance and PropOrty Bond Table. 

01 - 740 01 1 1 . Equity Ocl IS. - . 17 J 0 - 

— Bond Oct 19 . J 66 0 ~ 

Property On IS 1*8 9 . .. — 

-01 _ Depot! i (in 19 . 129 9 — 

+X 4 — 3 -Wav Pn.dcpL 21 153 7 .... - 

— o' sea, lnv OcL 18 .. 82 * — 

... — Mn-PaJ-WOci 2 . 1782 .... — 

-0 6 — Do Equity On 2 280 4 .. . — 

-0 h — Do BnndiTci 1 .... 181.2 — 

*01 — Do. Prop Oct . 2 898 — 

♦oi — Vanhrngb Life Assurance 

— 41-43 Maddox St , Ldn \Vl H a. A 01 -199 49 
— Managed Fd. . . .150 8 1579 ] -Ob] - 

-02 — Equity Pd 2432 2561 -22 - 

— InlnJ. Fund. . .- 98 3 283 5 -06 - 

- — Fixed Intent Fd - 167.3 1762 — 

r_ rjll Property Fd.. 1480 155 8 - 

m * -m'-ra C *“ Fo «* 120 8 1271 , ... . _ 

' 4 * _ Vanbrugh Pensions Limited 
.’. . — 41-43 Maddox Sl. Lrtn W! R SLA 0 H 9 SMft 

-05 — Managed 1100 7 106 J | -0 3 | - 

1076 113^-13 - 

-U — nwdlirtereot... 965 1 O 3 7 U 0 1 - 

.... — Property (996 WLtl! — 

d* Guaranteed sec -Im. Bawr Rot it-' table. 

931 ) - 

1111 . _ 
1357 -01 _ 

122 5 +L 4 - 

500 — 

50.8 ... — 

47 .4 -0 6 — 

47 9 - 0.6 — 

503 *01 — 

50 3 *01 — 

487 . — 

4*7 _ 

484 -*2 - 
481-0 2 — 

501 .. - 

50 1 . . . _ 

-mciuuii' « any prelim charges 
Hlll-SamueJ & Co. (Guernsej-t Ltd. 

8 LeFebrrr at . Peter Port Guernsey. C I 
Guernsey Ta. . 11540 164 8 | . . . | 1.60 

Hill Samuel Overseas Fund SA 
37 . Rue Notre- Dame Lu-tombourg 

IttSUtt nU)-DW) — 

Victory Houac. Douglas. Isle of Man. 0824 241 1 L 

Managed Oct IS . . |134 6 141 . 8 | . . | — 

Ltd. Inml. MngmnL (C.I.) Ltd. 

14 . Mulea*!er talreet. 5 t Helier. Jmn. 

UIB Fund Iltswa IKE) | 779 

United Slates Tst. IntL Adv. Co. 

14 Rue AldnnKCT. Luxembcorg 

US Tii lnv Fn.t | SLS 10 62 1-0 03 ) 0 94 

Net aMels Octubcr 24 . 

S. G. Warburg & Co. Ltd. 

— International Pacific lnv. MngL Lid- -■». Gri-shum suvei. KCZ. 

Pt. H« H 237 . 56 . Pill Sl. Sydni-i. Ana 
JmelinEquify T*I..|SA 2 J 6 2 . 48 )...] — 

J.E.T. Managers (Jersey) Lid. 

PO Bo* B 8 Channel Home. Jersey 0534 73673 
Jersey Eilrnl. Tin . |191 0 204 8 ) . I _ 

As al Sept 28 Next nub day iVl. 31 . 
Jardine Fleming & Co. im 
■*®h Floor, tnnnaucht Centre. Kong Kong 

01-600 4555 
—□Dll _ 
-OJl, _ 

turn. Ud. Ocl 24 SL'S 9 58 
Knrt Ini net 24 SUS17 44 
Ur Sl SFrf Auc 31 $15758 

Merc Ebd Ocl. 25 _ JlfliS 11 
M eri-H ny Mktucl 1 6 . U 8 .D 6 10.4 

Warburg Invert. MngL Jrsy. Ltd. 
I.Channg'.'ruM. Si. Helier. Jsy. Cl 0534 73741 

32.Coniblll.EC3. Viuiudv; 

Cap Feb Sept 15.. 11388 - J I - 

Jii G i 07 j}l 855 195 5 , 7". j — 

(Credit St Commerce Insurance 

Next oub. da.' Nov. ! 

Life Agsur. Ca. of Pennsylvania 

3942 Sev Braici 5 l_ W 17 UKW 01-405 K 595 

LACW Units ^ 7.4 XQ 23 ) .. | — 

Lloyds Rk. Unit Tst. Mngre. Ltd, 

F^Inn'wT ^ 1 - 207 8 H H Exempt frrap. iidi. W 8 lSJtt - Fsd.lnLFund [969 IHll . ..., — Pnjpeny '"“'1996 104 9 , * 8 1 | - 

Equirs PerwBOD 2 S 9 J l"!" — Do.Accom peoz 285 J] . ....] — prudential Pensions Limited^ Cuarmuetd sec -Jiu. Baw Ratm' mbit 

Property Pena no... I 24 U ■- | -...] — Legal & General Prop. Fd. Mgrs. Ltd llulhorn Bar*.hriN 2 NH oi-tosses Welfare Insurance Cu. Ltd.V 

1 I.VUCM victoria Sl .EMN 4 TP 01 - 2488*78 Emil Fd tel : Jd ■ -| — Winsiade Park. Eveter cn 82 32 ! 

Cornhill Insurance Ca Ltd. Lttfiftp Fi iet .4 »7 M 33 | .. . | _ Jwp FdN™ ^ £77 74 utS 'l Z ' RaaqrawKw. - 1 10*3 I \ 

32 , Cornbill. EC 3. • Ol-flSdMJO Nc*l aub. da.’ Nov. I ■ ^ ■* For other £uq 4 *. please rnrr to The l-undoa 

Cop Feb Sepl T 5 .. JU 88 — ! | - , AS5Ur r 0 Pennsvlvania Reliance Mutual 3 ljnch«w«y unnip 

S^d'S’p.S.-fe ^ »««« Wl»*»r Ufe i».r. Co. LUI. 

- 14 . tACW . l . nltfci __| W ^ XQ 23 ) .. ] - ReLFmnFdt . -.| 205 J I--J - Rojal Albort H».. Shwi St . WiftcW fiat 

Credit & Commerce Insurance Llovds Rk. Unit Tst. Mngra. Ltd. K'SilStKl.i, P" 2200 W 1 ..... I Z 

120 . RegenLS, . London M‘ 1 & 3 FE 01 - 43 *™! Mil ° 7 i K^ b ’- 

LSS.-ltMta.VA Jiao UiOJ—J - ISM 4 7.77 • VL - Pro 5 ;aLLSuiL 'di 0 LcoSi 1 a " 1 Ftotl^G^th’ 1 C 5 8 ^ * 11 X 4 J Z 

Jardine Estn Ta . 
JardineJ-pn Fd.- . 
Jardine SEA. . 
JanfincFlemlnL . 
ImlPor Soes..lnr i 

Do >Accum i 

NAV Urt 16 

HKS 3 S 3 70 ; 

IIKS 418 33 .... | 

SUK 19 . 4 B 1 

H 6512.48 . 

HK 5 U 09 
. HKH 324 
‘Equivalent Jl'S 37 . 2 l. 
sub. Drl 13 

World Wide Growth Management# 
lua. Boulevard Her. ul. Luxeraboiire 
Worlduide Gib Fd) JLS 1619 f- 0 . 06 | — 


Lid. ’vSJKE? * 2 * s .P remlu, H. oxcepi wheir indtcaind *. and are In pence unlirix tfhmu 

"nt* 1 m ** IfSim Hriri jftaS ra iiSpriST^iSS^Jgf? 

I ... — r Offert-d price .qeludes all p,pcn«?s ■( (mmcM i hTT»u e .Ti E? J®®"* ■ commission. 

liLald z ; -N- - ^ 



0 « 

ilmrisday Ottob& 2$ i87& '|ju 

Management Course 


“...probably the 
finest short course 
in the world’* 




but we’re working on it 


Bxfa Low 

Price 1+eHDir. led. I 19S 
£ ] - ! Gross YMd I ffi*h Low 


L.I _ I^.-MSIcJSUL^! — LMS USfUl ** I » 1-1 & WK 

--18W- • 

B* UK Stock 

% -s-BSKto * t saw «i 

£40% £284 KraftSU!)-: — *3Da -% ®23»' £3 3ffl 
117% 70.: KwKwWPe £ ~ “^4 25U3* 

41 27 lenKmsGpwp. » -i r - Qti f3r69F 

176 lffi LinfoodHHgs.-.. -139 -1 9.43 lSlUjjtf 

]32 U » UOmnds 1KW — «2 . AS 52.. 

58- '20 ' Lmenffi.n«— 55 . •— • ?*2 V. 

126 : -92 • UwofiBiaOp.- • » — 52B 2.f9.4 

157 72 LronsjJ.VQ 154 ...... +C7.69 OS .7.8 

174 120 SSSeroiBt — 167 -1 t&Kvf 4 8$ 
91 75 ' lteaTrafeSoji. 37 .:_. d7J7 idlS 

r ' [+ «} Kr K* Injf. 1 
| ftw I - 7M ICretfift J 

.. 4.9# : 

.. 2.91 . 5# 13 

r SE#?!?* 

M Net Cvr Si Iff I to* . ' I 

Appl/nowforlhi Oflobw7B Courwlp- Wvm Pti«*MFT) 
MBS Booth St Wwr* Monrti«terf.*l56*B W-06t-273U73* 

55 42 Huv'MAk* 50 

77 65 IreUndfifapc'KHiB 68 

88 83fa Ireland Tfapcil-M 84 

91 78 Doftpc-91* 78- ..„..{ 

42a ■ 265 Japan 4pc '10 Asi_ 385 — 

,87 68% DoepcRWa 70 

160 140 Jtou AsiOpe..-™ 150nl 

50 — 4% 5.63 54 42 KanwnFih20p.V- 46 g 3.12 1110.1122 542 

68 - 1255 134 105 MhttbvS«sl_. 113 ”..379 - 50 — £13 

84 . — 74 1272 *390 330 Midland £1 350 *2 +14.97 43 64 55 421 

2' ~ 33-17 £92 £78 Da71jS8MB_ £79 -1 Q7fa“«i 211 W.9 — 49 

.185 . — — - £95*4 £8212 DolOVfaK-M. £87?* flUW* 211 cl32 — 82 

70 6 1125 64% 56 2 HmsterAsses ~ (F ! ” 3.60 ZS 88 70 127 , 

150rt * 3 2.00 260 172 NatJkAusLSAl. 216 Q14%c IA 4.6175 171 |l24 

m { 

A Ltfh l 


+ or) YMd 
- mt. I Red. 


* • _ ..♦h» njsa ,- <% :# • J = s a-« ■ 

5 BsSS?-' H? -r J3 f| “ • IfiSfen « ± Slfiti 

IS: 1 -am \i f” i ^ 

S SSStfSbr 55 --jHS li u.m in - 3 SSSSEii’S' :r: nao ll'S 

124 [ 14.43 

“Shorts” flLives up to Five Years * An 

lOSfallW^Trewir lifapcTSfc.,..! 100., u« 990 »» 1 

ir 94fa1rre*uiy3p : , ra; 95$*+.* 313 § 01 Kgh Lew ] Stock 

97^ 95'* □ectnc4 1 *pc74-'iF......| 9b 3 * -iv* .4 j9 _7.97 511 1 t*i_ >>_, 

,75P 75p S-GLPj)ClS«L_ 75p ih 8.67 81 66 Sat Com fir* __ 73 .... t267 4.6 5.5 65 £37»* £221-. NmskJlKrRO— £Z7J 2 CH2S 19 3. 

394^. Tmn3p? 1901 ™ 594^ 9 9 52 298 250 NatWestulL. 27D „.. tlL66 42 6.4 5.6 106 72 PljsulOs, 98 +1 cQ40 60.2 

DM91 DM81 Tnnn5ia:19M._ DM91W 6>; 9.M 460 350 SchrodersQ 440 . 1172 - 4.0-290 140 Hansnuff 0 Up 285 -.-.314 7.3 I 

97 94 i-meuay^Tpr 97 3' 2 3.60 255 190 SawmbeMCEt. 220 ...... 1354 - 9.2 — 75 48 RaRokil]0p 71* — +163 Z9 3, 

TJ.S. S 4 DM prices exclude nv. $ premium 92 70 SnritlrSLAub— 80 509 — 9.8 — 72 55 Raatex- 68 — h339 221 7. 

1 \L 1Tnivo 452 378 tofdMg. 410 -3 19.64 3.® 7.2 52 m 190 *oLA«.bd.£l. 3« .™ 12J8 |3 9 

U.S. S 4 DM prices exclude inv. $ premium 92 70 SnottSLAub— 80 "....509 — 9.0 — 7? 55 452 378 Stand 1 d Chart £l. 410 -? 19.64 M 7.2 52 225 190 

- AMERICANS ^ »i ...... 3.2 . uih ios 

a* i .**a*«,^* A w 356 290 Union Disc £i 320 hl605 - 75 ~ 21 5 fa 

** | + Dfa. J TJd 48 32 U.D.T 39 - — - 4J. 32 lf», 

[hljw] Seek } £ | - | Gross |C*r|GFs £25% £15?i WdMFSrcnE- £2H- -l 2 5140 — 3.8 — 290 162 

5 *a2 7h 16 B awmj-Tte” 23 “““ d!35 ZJ 8.8 .6.4 109 ’ .70 Narfuietaflpu : © -1 ; ha® 51J-3.4 

y St?- JV} 53 B wim 21 1 SBiaafe it ^ tdio Shf- 

it 1 I Sffi 1 :F sa ii « B J I X BT"** -V ::::: a 4 

S k s I. - h f a v & a sss» a: i k n n 

®S4SSK£?5Br is asg ^ 

95|, 9Z3, TrexwV&Z*,. «i 37? Z9? ife 

igjj jj jUKJ _ w 74 |60 Iftlntraaajp — | 73 ‘| {3.08 ]-| M — -104| 73i a |YartsCbans 

fis. ^ S2a = "i Hhe Purchase, etc. 

213* -J 4 51.60 — 3.7 391, 1 26> 4 

tewait Plastics. 165 -1 313 5J 
BnjarEaataiDp- 1^2 — +0-69 1 3,1 26 -rjz +129 j 2J 
abteaholni&— 28StS -» t7.«{ 3J 
E 90 — AT* " 

I S 76 23*4 15 BoutaraWtnWp. 233* .' 122 

93 75 41 28 MuiBWttjS •* — &y 7 life 

150 105 RraUinaiHiH ! Ilfl ! 4.33 1 4.1J 5.5 

• $ • *446 345- 
f 8 *43 -161 
« 83 54 

4fl tna 150 105 Rfaitli nation liri 4.33 « » « B 34 

2-f 10.4 ^ S™2ffi, u - -4L, pd2D 6.7 5.7 . 18 37b 25b 

W 55 32 51 M 89 7.8 4T W 3 

hUi a. 5 » ii 1 1 s 

(K«iwa:ajp. 386 -1 0320 5^5. 

ainsbnrnJ.j— 2g" -6 ^611 4. 

nnwwrtpr 79 '• ...... 3.77 5.11 ft 

pSerc, 34^ ^ 137 . 2.4f til 

pririffclSsj. 41 — +156 3a.£ 

T_«40 d4J4L filial 
„ 170. -2 +1334? mil 

rie&_ »0. -2 +1334 
Ruf.20p|' 75 T..7... »d5.9 
54 ~b f.66 

%1; 4?< FundincSisPf +**C 
11D 1 * lOl 3 * Exchequer 1 Jpc ISflc; 102) 
1W* 99*4 Treasun-IlbpclSBW. 9 

15*2 + 7 a 60c — 195.4 £74?, £35 

990p -6 40c — 2.0 8 8 

21b -b 64c — 13 111 85 

17fa -fa 90c - 2.6 52 30 

25 -fa EL28 - 46 14 8 

147g -fa 51.00 - 3.4 U8 85 

87Sp +20 50c — 19 27 15fa 
10xd -fa 70c — 3.5 20fa KB, 

36 -1 hdl.86 2.0] 77J 9.7 1 
£72 +1 QI2?* - 2-1 - 

<m\3 &:=z 


.anal 399 S5 "SB5 t 8 . b50.0 3.4 8.7 3.7 08 164 rateUrtetl.- WD -2 +1334 17ml 

1484 1 L6| 9JJJ10.4K| ^ ^ "i 6.09 3310.6 3.4 L15- 67, ra*en«rRul.20p ' 75 .7... |d5.9 IS ,i3 

-003 68 100 - W.75 22 7.2 9.6 57 38 TesrtiSp— 54 -fa f.66 53 4 8 

Wi,-!, +3.67 23 8i(M» 76. 47 UnisjteL-^ 72. -f 3.46 43?} 

W 30* 37" 2.21 2.0 8.9 83 95 70 United Kstdifs. - 78 -2 f3.01 3.2 53 

38 s BS!sf£ aw:::... th? 2-2 11 2i 67 51 **"&*'**. s -- +2.47 2^ 

a -l if ya.K.x. ■ 7 :.-;. 7 


S S EgfeE r f :# 2 : 

95 231 fenw>Jolm£L_ 433 -» 884 


5“ ® 41 a StebsSia — Jllkh 2 : 2 beers, WINES AND SPIRITS IS Id feSfr^2DpJ 

a ho.96^ 23j uptt 3 & SSK S rr Ska M £fi ii g JL 

^ K-Jfid tJtJ Jc 175 31fa Baotro Stores TO?- 171 -4 KL55 85 1.412.5 87. 

® I h 2 - 09 ! "I 7J i 45 131 84 131 236 6J 27 9.1 76 g 

42 25 BaitaHsIQp 41 tl2 2S A4{l4lffl 97 B 

%fa 89fa Treasury 8i, pc B2 

IKJfa 90fa ExrLSbpc li82 

9611 8Sfa Exrh.81,pc)383 

35fa 79fa Exch3pc 83 

11414 9<U T+easim- I3pc 1383S_ 
lOOfa 89* 2 |rreaFUiy9>,pc-8S — 

113 iki « «8Sffifi5= 

Sid * « 12H 2? m _Pp.Cm._Prt B51 . 

irb -fa SU6 - 
997p -a $1.00 — i 
16fa -fa $2 - 63 ■ 

m7-1-V 3 66 8.D4 ls> * 12fa JCofaale-P. SI 12fad -fa SI. 00 _ 4J ^ 

wfaldiiB I liSI & I ^ g“ z |jiS 


> 1 64fa 


^^'cr.7! 89>,|::::::|io34liz22 * 

Five to Fifteen Years g5 sofa cY^zdiss" 

943. -U 10 83 1215 4»fa 20fa Culler Hammer S3. 

83fa 674 lo:u 32fa 22 Eaton ftp. S030„. 

RR 7° s 84 11 17 261; id* Esnnrfc 

77fa»c :::::: msb « »&nL_ 



%fa 84% 
113 %fa 

110% 96fa 

72% bOfa 

17b -fa SL50 — 4j, i6 = 
23% -% SL90 - 43157 

38*2 -fa +51.40 — L nl171 

7-^.rt 839 1058 40 2S% ExrouE 33fa -% 53.40 — 4.7l £ i2 

813* .... 971 1131 }£« 670p Firestone 11 re IU. 853p -S S1.10 — 6.51 ?? 

30*2 -fa ♦W-'HI — 1.5 

25fa $2.25 — 45 M 

18fa -fa $184 - 5.1 

33% -fa $3.40 - 4.7 z i5 

Over Fifteen Years W 20 

104x<| 113 09 | 12.99 4Jfa 26% Morjan rjPiUSS£5 

mi, _i s 4 80 8.84 19fa 11% FlTstCblcaiW 15 -fa $110 — 3.7 

767 10 38 32fa 203* FluorCorp.£i 24% -fa $120 — Z.4 

105% . 1272 12 60 Jlfa 26% Ford Motor S2 29% -fa £0% — 61 

81% -i- 1054 1171 25 1 * 16i a GA1X 19 - 1 * $180 — 4.8 

971, ' 12 50 U70 44% 33fa Gen. ElectSSi 33fa -% $220 - 3.3 

64.C -- 894 HU 241j 15% GiUetteSl 17% -1 $160 — 45 

102% ... 12 83 1282 28 Honeywell $1.50 — 43% $120 — 2.6 

BS-il . .. 1191 1249 7 8 75Dp Hnfion EF. Ufa $0.68 — 3.0 519 

“ 4 - 2 - “-+32 171 LBJLCorp S5 188 -3 $1152- 3.1 

52% 34 In«n»U-fiS2 39% -% *3.00 - 3.S S 

>98p 705p LU.Internickmalll 759p -6 95c — 63 ,Z? 

28% 13 Kaiser ALfc— . 25 -fa $200 - 4.0 1|± 

32 20 yanf.Kan.USS< 50 24fa«l -fa $208 — 4.2 5^5 

Ufa 26% Morgan fJP) USEL5 32% -I, g.20 — 35 

17fa 12 Norton Sura intSL 12i> -% 76c — 3.1 

Ufa 13% 0wH»m$lI25_ 14fa -% $116 _ 4.3 185 

21% 14fa QodterOaisl^S_ 163 *m1 -i 2 $120 — 3.6 

lllfa 13.22 17fa 12 NorifaSinoj intSL 

99% 12.87 12.91 Ufa 13% OwensJlL $1 125 24 

77%it 11.57 1219 21% 14% QaakerOalsl^. Ufa 

971* 1274 12.84 28% 15fa ReHanceSOS 22 

44% xr 672 9.85 31^ 16% Ren.YY.Corp.S5_ 25 

8 b% 1227 12.63 17>* 11 RemordO 11 

98-Vm 12 82 1284 23% 14% Richtfca-MrrUJl ■* 15 

TT-i 11 77 1231 581p 255p Saul )B F *51 392 

113 fa .... 1337 13.18 28fa IS; aeUOUSI 22 

lOlfaal 12.93 12.91 19% 11% SinpeiiSlO- 11 

433* 6.89 9.n 38 22% Sperry Rand SO30. 28fa 

105% 13 00 12.% 33fa 18% TnWlnc.Slfa. 24 

86% 12.47 12 72 27% 15% Tenneco. 21 

75% . .. 1186 1236 161 131 Da.IO’.Laatk.SIK. 141 

1H4 -1 +4.91 3. 

110 B 2 1 2 20% dT09 ii U M .® « 

84 |-3 IM.39 2JJ 75(103 14 U Bolton Tat 5p_ 1Z ..— 0.63 f 8J * 48 26 

S 076 LI 351393 59 47 toomer.— — . 54 ..... 3.88 L0 10.7 135 35 

164 -1 +491 33 4^101 Z28 173 BrUlfcmeSa^. 202 -4 +d36 2X 4514.9 56 36 

250 1-2 5.0 9 3.W * 1 47 30 Brown 44 -1 251 

_ _ _ — 200 103 SaitonOp SOp-l IBS -2 152 — 

4.2jl33|184 99 Da\VNV50p_ 176 -1 1-52 — 

JIBS 1-2 1152 I - 

355 2.0 6.0 125 46 28 Canlars‘.A i aSi- 43 , , . — 

f?98 24 5.0 12.9 36 13 Casket tSilOp— 35 I |hl_08l 4^ 4 

LS2 25 55105 196 150 Cburefc — 178 |......| +3.42 1 75] 29( 7J 

10.7 136 US |5 

4514.9 |6 36 

a5 (71/ 84 61 

12 — 135 81 

L2 - 165 140 
7R e.S) 10f2 88 
41 A « 38 


8^— 354 .. ... J J |{ 55 311? (AddaW! 10p__ 52 ki& 55I 2.0' 

SJSfc- i 258 « 4 6 59 E30»a Ol'i ^ IQI245 

trfee 2A 79 {611 68 35 Brent Walks ap 59 127 l?3i' 

i&ap_ ran; , Jg-g | 4 ia S toSsSaopj. fc S |o - 

38 :::::: $ S i§ SBS2SS i t 


■ fmjSf ia-42 "■ 

L82 25 55105 196 150 Cbnrtfc 178 +3.42 7: 

6 70 2.ol 7.1 1&4) 136 73 Comb. Eng, USfap. 118 -1 t329 3. 

3 4S 4.« 3 0105 57 28 CepeSpcfl.'5p_ 54 t 3 h£)18 9.' 

7 79 lfel 6.6 13.8 15 8fa Comet! Dress 5e. Ufa — — 

i s 16 fcoatW Stet 

ifA')20p 165 ....•■ 551 4.1 

Ai r - 83 1 ;[-lfa +3.67 3.) 

WrieHto— 41 +fa +2-43| 

Ji 5.9 
10 3.9 
45 JR' 
33 33 
* 4? 
53 25 

22xc ...... dbL4 4.! 

"50 45 44 ■ 25 Na+oRC»&.. 36- v ±3} 55 

62 74 ZB 18 NottbtfLF^ --25' 

a9 37 75 25% Priwe.ofWag. 75 +3 M bj t? 

9 5 32 4P, 21% QuainsMoaia?, v43. . MB'mI 

72 70 in 138* BmrtwHotelsU 152 . -1 tj £\ 

63d -l" 2.79 1« 6.WD.8 U ffj 
142 -2 5.74 2« til 9.4 124 84 

'ometl Dress 5p. Ufa — —I 

'outs 'A' U9 355 4 21 

195 1-4 I 73 5.3 8.9 224 h£2 Oinys 18&t 

23 _ — — 131 23 14 Custonagic 16 +— I — J — — 

H ... 2 84 L9 82 81 HO 84 Debermams 87d +538 Uj 97 l7.9i 1® 

119 -3 t266 4.1 3.3112 77 40fa Dewiest I0p — 73 +1 :15 ' 5.ffl 31 7A *|£ 

3» .. . 7 37 2.8 3 6 145 176 124 DaoasPhUolOp 134 -2 2.42 1 5.g Z7 616 

Snsm«__ £84 

sGmwrton. 134 

305 7 37 2.8 

5 sS: 21 :::::: u-27 4.4 9$ 4.3 

28 1 11 KKifc 25 ::.... +A0.67 65] 52 

i%Jflp_L{ 3» I | b426| 

1 55 t? D I Zfl 6.91 7.9 31 17 Ellis * Gold 5p_ 28ai -fa tLS 

-i 3 72 *1 31 * 190 136 Empire 5tan»_ 184C -t »5J9 

156 -1 ' 332 * 31 6 190 136 Empire Stores— 184^ 

151 . 226 3 2-214.0 65 15i 2 Execute 2)p _ 52 


44|14.6l 34 18 

i ldp 2b 

146 -1 h5.53 3.1] 5.fl «J 

aL53 OH S.gi3llt 


s -%i346 mmm 3 gas F a ? 2 

ITS “i? 6 4b £.£ f.l a.# eu rwuuiiJta wy- .... uc-tw t.u ai “ 

+x -i t3 05 Z6 3.6 155 185 81 Foster Bros 164 -4 t289 55 2.7 10.0 136 11? 

129 . +4 08 24 4.713.2 405 244 Freemans 'Loci. 370 +6.03 51 2_5 119 61 

99>j —1>, 4.00 2.5 6 0 6.6 42 32 Gdferi.U ,20p_ 40 Z85 18105 7.7 2*6 326 

225 -2 ‘ +583 3.0 3.9133 80 62 Goldberg A 76 +427 14 8J 12.8 ^ 89 

160 -2 3 23 35 3.0145 13fa 10 Goodman Br.5p_ Ufa -... 0.8? * 30.J * ® 75 

150 102 Grattan Ware — 106tt 1554 23 8R $3 f 7 

tlTPrirmr TlUUt'1) Umyesal — 310 -2 837 q31 4.1 12J. ,^z ,55 

“ 79fa 36“ 
*_ 553 368 

98 75 Eng Card Cloth- 9S 

[07 87 &2 Industries— 104 

§S 3 $fS = li BUILDING INDUSTRY, TIMBER m B ftflPB ± l« -i & 5|| tJBg 2 m. [SSSSff: iS 
Bt3$B=H AND ROADS 43 2 26 Ran^tn S;!^| W'Q 2 ..] 1 1? _ H i ^^K?5r ^fa 

effln “ Tn,^ 1,12 +4,68] 3.91 821 4.7 Sfa g H&eL^’loi S% .3 068 64 40 59 2? 65 S&afcr W 

4 Soul — 37 Zl.«f ~ r, « 79fa 36 AlpineHIdatilp: 74 ..... 252 ‘ M '54 • 

e Steels __ 331 541 * 63 * 552 2fc8 . AmllSSlSlJ. 307 HUB .S34»' 

t 68 +«6 25103 « 67 48 tog-AmisphaK- 58 ^ 27 2*11- - 

lEQdjgsi — 255 ■■■. 635 32 3.1 7.9 & 34 AHSW'OAtKpw 80 .._a tdL97 jJ-32 

150 -2 541 £4 M U 51 «» AssocdCounaCA’. 119 -1 665: S.W 

£dOoth- 98 .... 303 5.1 4i 52 «, 27 AmSMasIIJ»_ : 60 +1 - 

dnaries- 104 .... 4|7 3. 7.0 J.7 ™ ¥ 0A1~ -#4 & 

SUI SI “ = i 5 

It cfoi ~ f 468 3-3 82! 4.7 25)5, ¥5 Hekne i/cTlOp- 25% .’1Z! 04 8 54] 4 59j 99 65 |(I£llRtTiL"5ip_ 9f . 4.21 

Zfa —I, $180 — 4.0 164 133 AberthawCem.- 143 fa.86 3.9 7 j 52 yn rv, i"ivr+ Ptf 220^ T ?°- 30 7 R% 92 82 GaumEnilOn M6_3 

“}■ il Allied Plant 10p_ 18 td0 72 2 5 |lj6.6i 91 42 fte&ieSni K2Dp 87 LIT 2.47 50 42 6.9 Zff 2 12 GeaEa^fedlOp 14 .0 34 

G? “,4 — i-3 -77 59 Mmtaee^mte!- 74 -1 4.j/ 11 8.8 14 9 29 17 Heurknies Alto 27 d!85 0 7 10 J 202 125 - 951; Qymred . ICS t-1 8.20 

:L‘ S2 20 ~ 5 2 ^ SSSrAr ~ 2 SO 54 {fep^id.?!%_ TL -1 23 4 91-L5 01fa675 Grange, K100. .. £7fa . . - 

J? HS “ 31 BaKmdgcBrt.. 34 2.?< 1.4 10.4 10.4 238 100 Home Charm 236 -2 +d3 67 4 0 Z3161 52 36 Greeubant Wp. . 45 -2 tibia 

74d +7 _ “ 173 m 12 Kl^i! 0p - K ”3” x°, 6 « h , 177 120 HoareofFTaser 152c -2 +4.84 2.9 4.8 107 84 64 Greats Econ.— 67ul 430 

,2 P I e^nn “ « Bambergers-— E -2 +3 28 1.9 6013.1 51 Roc«eo<LerDre 61 +1 iCJiJSl 21111 70 ^ 248 GJlN £1 26S 15.81 

Wfa jS MJ0 — 111 iw^SSuS? - % fj 1 q§ifn lw 136 Jow-aaeSMOP- 154 I&5 2.1S23M.M Hfa Babrt Preciann sp 31 .... d2.g 

- si no 47 qff 2 TU 2 m 2 183 14 92118 21 10 Knott Still 10p._ I 20 *1 - - - 34.6 £5 Hadra Carrier- U7 mJ -1 +7.9; 

iSr -;■■■ 2-: 2i 15 Befllux20p 24 — — — — la in HK»r-rtTTWfl« Ttnfc7 2t 7dUoL23 81 Hall Eue 3ln 106 -2 14.5 

S.d 99 65 CEHntnL2ftp_ 91 

_ I 92 82 Gaum Eng. lOp. 85«fl 

60%M . .. 11.11 1201 975p 505p TesomPt LTSSai5Z._ 574p +7 

117% 13 J5 13.18 22 16 Texaco MJ5 16 -fa $2.00 

93%t£ 12.76 12.84 40 22% Time Inc . 29fa -t° S1J0 

80fa 12.15 12.46 14fa 865p TransamericaSL- Idfawl $1.00 

83t 2 xc 1247 1269 41% 21% Ltd. Tech. SUS5— Z7fa -fa $200 

«% ._... 1285 1289 24fa 17% US Steel S' 17% -fa $1.60 

36% 9.82 1114 17 Ufa Wootwortfas STj— 13% +fa $140 

6bfa ._... 1207 1230 49% 28% XamCorpiS] 34% -lfa $200 

47 s * 1181 12.07 975p 385p Xooicslnt 10c 685 ntf 7i,c 

65% 1222 1230 Mfa 10 Zapata Ctep Sc — .iKb s3flc 

97*4 — 12-83 1283 S.E. Ust Premium 37%% (based on US$2031 
E Conversion factor 0.7286 (0.72111 

17% J-fa I $1.60 1 


uiS It K&s: ii 

22 301, 20fa Beechwood 10p._ 29’. 

4.7 31 15 Benlux20p 24 

n.6 57 45 BenJordll 10p_, 52 

4.7 69 60 B^ttBros 20p_ 61 

&. 9 f 20 fa 12 

202025- .95% 

RadlOpI 14 

ICS \+l 8.20 

3 03 5.1 4i 52 u 27 Asi 

4.87 3-6 7.0 4.7 S* w, tS 

+3.74 li 7.0102 ij£* jj 4 ire 

b759 Z3 7.9 M h C R& 

25 02 9.8 714 « 95 Sv 

dl.39 30 8J 4 5 70 B, ore 

342 4 0 6.5 42 / 3 54 m KT 

4.21 31 65 -61 Oh 145 Bail 

M637 28112 53 || £“ 

0 34 - 3.6 - *259 179 Bari 

[AuSmFiIeyllOp, . 13% — 061- A4 6' 

'Arac Rubber £%, 175 - 9.41 52f i: 

RBA Group 60 +242 33fob' 

RE.TiDefd.-_ 116 -2 581 2fg. 

®0CS*nL 68 -fa +118 3 »J 1 

350 -rf. U10 a3.« 

Baird (Wo. JXI __ 179 -3. tl£37 TS i* 

Barret-,,- 3Z‘ ...... 

ttiaju = hji ^ Esatz & 

ol 81 3Mi CSraSt' 59 

1dL73 r,3 a 4.2 ?5 182 76h LeeCooper. 1 17a 

Ufa -fa K0.67 7.4T5. 1 

59 +r +hi. 9 y 4 .a 5 a & 

+388 4 Q 
19.48 3.4 

LlOc._ 685 pS I — 1 7%C — 0.6 87 61 BluMidIPBnD_ 86 t295 4l 

ip 25c — 1 .lore] I s3flc | — I 1.5 108 75 BreednnLirae_ 98 +535 1 

a 37%%- (based on US$2.0300 per £ 41 21 BnL Dredging— 27 — — 

ion factor 0.7288 (0.7211; 280 24 Brown Jksn. 33p 280 +6 ml 02 27! 

SlU.Ohito 54 MFIrbnutnrelOp 143 Id221 7 

37J j 30% |Cansol5 4pc 

371* 29 fa War Loan 3>;pctf 

3**fa 33 Conv.SfapcBl Aft 

28fa 23 Treasuiy3pcWA(t 

32% 12.73 

30xC -l« 1153 

34% 1014 

23% 1279 , 

20% 12.36 

193* 1277 1 


74 48fa Brownlee - 


J*«« IConv.3fapcul An. >i% 1014 — *T«_ inu Bt Montreal EL_ 13 

28% 23 Treaty 3pc6BAft.__ 23% 12.79 - fig $,( BfcNo«iSwL — 12 

24 fa 19fa 20% 12.36 - 42? W. MUfawSss” 34 

24 j 19fa fTreaauj Lfapc. 19% 1277 - M T b2v“_ “ M 


88 | 81 ISpcSodL-JC 1 a I I U8IIL25 57^ W? 31 


98fa ^ BtrmbamSi«p?TMI_ «t 2 9.89 1207 16% 11% Hudson? BmTT— 11 

9*fa g% Bnaollfapc^ai—. S9Jjai 8.66 1198 33fa 24 HudBOilGlSfa- 24 

107 99fa UX-C-l^pc^ 100 1250 1248 15% Ufa Imperial OiM_ 1_ 12 

112 99% Do U'jpc 1983 100 1250 1247 15% 945p to U 

137, +: 
12 % ... 
34% - 

950p -! 
16% +i 
12% +, 

58 36 Brjjnt Hides — 45 -1 252 * 8 
221 153 Burnett 4 H 221 d289 310 2 

il — — — | — 25 13 Marie 10n 

B0 +6 ml 02 272 0.5 24.0 94 671, Marfas&&i 

74 . ... 230 21 4.^152 258 St> 2 Sfe 

45 -1 ^52 * Sfl * 200 131 MeanesJj 

21 d289 110 2 W 5.8 >0 8 Mirhselri 

70 >98 248 (LKN £1 268 15.80 16 

13.4 35 2Ifa Babrt Preciant 5p 31 .... d2.03 13 

34.6 j35 88 Rato Carrier- U7xd -1 +7.92 10 

i 5.9 123 81 HaDEugaOp __ 106 -2 t4.5 4 0 

»5 27 12% BdUurOal%x_| S — 

48 Z3 Benton,: ] 48 H-foJtf 3> 

S?164 1 54 

-J - aw 

Marks *5wtcer 84 -i"(th21S 2n 3 «142^, ( g 
Marin News 234 t6.7ol 45 43^ 6&|^| 49 

190 g261 72] 21 

86 30% Hill ft Smith 77 B 0 

ZL 73 Bapbssoas50p_ 112 -6 +5J 

35 23 Hb»ardMadS\_ 30 .... i2Z 

89i 2 49 ' Bowden Gronp. 86 147 

30 24 Hont Maseru 5r Zffjrt 0.78 



14 6.1 26 9.4 371, 

0 62 52 4.0 S. -L 2 

J4 3.5 6‘ 65 92 ^ 

f fldVS g 

34 tilt, 8 I- 

62 +2.49+47+6/ 

cITSnpo- TOwJ A304l'3tt'6f 
bdlTT.. -MO ; t9to1x3 « 
rfOdK_ 102 -2 +d677J l»5i 
ated&g., 57 ..--„.«05twc 
BlJJIOp— 42 - J^T. 329 t Mfi: 
.Arrow 5^1. 42 " „'J_ 261 
(RHtoT 192 : - tfZ + Sa. 
qtelntlTH 83 *1 +275+ 4$ &i 

ez hl.18 81 22] R7 27 £ 17 %: 

b**"1b hji i f^' 

164 +5.46 I« 5M 59 g ^ 

102*a -1 t294 35 43 (8.0) 73 

55 39 * Ull * am, 

45b 353 14110] 31 7% 

% + 1 «-S S-S 9$. 6C3 i? g 

8 <-" „VA- mm l f? P==C^ 2« - 8 " thlM 12ilT4j 85 ft g "It ," 1 

18 ...... $1.14 — 2.9 48 31 ICwnOTSirienp..- 43 fdl.21 1.9 (1 W0- .no 2 ga 2 -i loo. | ,q) =,( cql 

25? "J 5 -JSlI “ §? (CroaleyBlds — 104 . „ +419 0.? 6.0+.R06. 105 n PnRmacRi-J 5p 104 ->-1 6.C6 I Zffl Oita] 

22% —% ]sQS206| - 4.2 128 80 

e.'Percv hi 

57 [Ley's Foundries. 

OdMB’lM- 42 T 20. 
terMcCSfi^ 288 . % 47*2 


neriRt20p Il07, 

■W* ^‘“ifw^pc aooi- 90faal 10.22 1228 B30p 585p Ini NaLGasSl 

JM, W* HeiL* afare 7M0 — «% 5.68 10.73 10% 610p Massey Fere j) 

3°£fa 90 Li^erooompcWW... 91C 10.64 1185 ,28% 21% Pacific Petll 

29% DaSfapcIrred. 25% 13.95 — 134p 50p FtaeeGasIL 

S!* HfiS’fiC**- ■ S 2 ILM 15 Rio.ucan 

2£ 4 3^ 4 9^8 624 10.91 2415 14i«, RnreifikCan.$2._ 

«n 2 7tC fv*S pc Sii IS 2 k 2 * 1062 20 i,* ut « Seagnun CaCSl— 

871, 76* 2 rtoSfapc 1 820( 

71fa 65% | Do 5fapc ®07 

71fa 65% Do5fapc®07 
78 66 DoRpcDOSO 

88*2 1052 1184 251* 15 Rio.Uxan 

96% 624 10.91 24\5 141«, RoreiBkCan.$2- 

8 7* 2 628 30.62 20»| D% SeagramCaCSI— 

79*2 7.05 1073 14% 955p Tor.DoiaBtSI__ 

69fa ..... 8.15 1154 12% 8S0p[Tram Can. Pipe— 

i Jj 3.A 

■cl +1.47 25 

S 37 13 
.54 14 
-1 539 ZJ 

068 30 

0.88 3.0 

16.75 3.3 

-35 4 31 30 

191 95] 3 

15.4? Uri 3 

M»4JZg- 50 m&L^lZr.Z: ■ ] 

11 « -45 BritOneT. uSat 1 

\\ 65 385 BRProp$A2~ «< 

If-f? 89 55 BreokSt-Br.HJp. J 

55130 47 7RU Rn.ntCatSIn 13 

Z ? isS * 10T8 

— E5Z. 20 3L 


17% -7 92c — 15 21 Ufa [Francis Pkr. itfp : 21 16U «g ‘9 BSSoSIdd - "’"I T '“ 

+ !® — 3 7 51 40 Franct!iGAilOp_ 47 ..... d3.95 13 12 5 90 190*" 138 iSicith® n.' V5 wj 154* —2 " 223 

“ ^ J*L - ^ SsaSfesr- %, i-2 « 1 % « m 1 W 4 tm 

IE 1 *// .’tuwnuii ,1 

-rb ?t ' 1 ” _ ~ 30'« 21 Sebnctmnap. 

’5“;°?- 21 — - - — 1MJ 141 , 9 Sherman ttili 

iGRjlOp- 47 ..... da05 13 125 90 190 138' A; 

26% 22% Do3pc-30iAft- 

93% 91 Middx -Sfapc 1980 

991; 94% NevreaaleOfapc+OOO. 
106?* 100*, Warwick 12*2% 1980 


i.4 3 Ja 3+' 30 Jieraiiaxap ii — i, 

- _ 49 35 Midland Inifc 5p 43, -2 

2 110 122 54 Hi rung Sup 10p. 113 . -4 

.4 125 S9 52 MflcbeliSomldp 62 -fa 

n 1 -r m • n«. 

In ol ^*2 3S“i [Brown to; 1 

IS 21 13 101 iBntntatsiM 

5 a 2 J 2*t 81 59 BniTODeao*^ 

35 50 ja, 13% BoiKtewSpZr ‘Wfa 

aHSSft 3? : Syt 


. 95% 93% AuiS^v— OO 

88*« 81% D&5*ipc 81-82 

100% 96% N24prT&78„ 

%*, 92 Dn 6pc "7680 

873* Slfa Do7m)c8S06 

95*; 89*2 Slh Africa PipcTMl, 
70 50 ah RhodZljpc®-™. 

96 75 DoOpcTBOl 


Public Board and 

64% 58*2 Aptc. ML 5pc "5909 

90*2 803* Alcan 10*2pc-89S4 

33% 27% MeL Wtr.Jtpc'B" 

154 107 D5.HC. flpc 1582 125 \- 

95*2 ( 87 |Da without Warrants- 1 92 ].„ 

Financi a l 

1071* 100*2 FFI 13pc 1981 100% ... 

110 lOlfa Do. 14pe 19 102fa ... 

114*2 102% Da 14pc'83 108 ... 

85 79% ICFCSipc Deb "8002. 81 — J 

81fa 73% Do P^pcPb 8104 . _ 75ot ... 

99 89% Da 10*jpc LnsLn. 86 _ 93fa ... 








‘ I lu.iu.^’pf'SfSBSSi SjtiaBSIziairlig g isbjss- ui 3 Snl jJioil til « |« Has®- S l-’J’f! 

,SS. 4 I its 45S 33 18 Connthuin inn w 2 _l SlTl twI 413 nw 1W 88 Lawrence iW.i_. 108 +1 7J0 *ll0.d 4 i9 1 48% BosrttOTpe I(^_- 70 +iyt!6 

Laitifiijohni-A". 202 -3 M5i 

LathamU.'U 110 -8 d7.7 

ljwren«iW.i_. 108 +1 7 JO 

9 9** 90% DallpcUns.Ln. 88 _ 
101% 90*2 Do llfaprUib.iji.'SO- 
71fa 62% DaTfapcADeb WSJ.. 
71% 61 Da TfapcA Db. VI -M _ 

84*2 73% DaSpc A "91-94 

Slfa 68 DoOweLn. OOSTf 

war ms m 

149 -1 4.34 U44 kl fl S 

May 10p~ 63 -1 3.09 7.3 d> 

slOpu- 70 +iyt!64 

t: i*-8fe m » 8'Wfc g .dffii aagaf. 6.^-p eyaog fESM 

■■-■■■ +3.76 3.7 6.4 5.4 gy 591. CatfeTorniSi... 85 33 3.0 5.6 7.9 3. g*opi W J^p . 29 I95 amO'ld AO L3P n *£; ’iSt £ *T* 

— LL. r H2* ii ?S £-1 twi t?s ranmheii Uhiut lut +5 ? <u mi xa Aa 31% 25% ShawFrancuain 7 k 7 (Jt lxlienl +22% CrasoyHooseti. IZ/fatf -— 

w« « rtaork lOp SB 1dhL21 72 31 57 S Si, cjuprorsiup. 

70*2 60 SandsnoaKavier. 65m! 445 1710 2 70 ^ - 

32 17% SanileG.<I0p>+ 32 dL63 2 0 7 6 97 3 S CagtaePyea 

29 21 Senior Enn'e Iflr "K *-Li9 2.8 7 2 73 m n*? 2 ^ watt 4 e ®- i 


72% -fa 3.28 4.ri 6.D 48 

zi S? 4 0 6 7 4 8 150 125 ' CampwT&' 130 +2 294 li 

-i H a ILti'x E 3 BS &9 « ±m : 

«"|fi ll U ^ 17 SSBf*:^ — -w ! 

,<U 3.4 44 M 2.68 1^15.4^ 6 2 

17 64 U5^ “ Sheeplw’d'e .. 70 431 

3.6 2 7 18.1 ^ SunonEnee.. - 269 +7.8 

40 2.4134 ^ WJa 1D 3% -fa 414 

g v TT+a uj 5 13 9*5 Frarer.Ans lOn. Ufa:;:": _ — ] _ ] _ Pf* MaflMtft Sthnx. 143 +1 h6.0 2.ffl 63^ 7.0 ^ fj 

Ste la US’S ’I? ssael*"- >■ up - d-Ls S» aSsas* w !S. IS.’l.H a U 

‘J1UU 3.7 .167k 177L 
16 15.4 6? ig? W: 
17 9.2 93 lm 2 ^ 
4-6 4.4 73 Z Sg 

DeLaRire-™J «L ^Il0.*|i3 ;* 

a mis j sfcp. m ul v.M s mmfflflk 

73** -fa 12.49 13.20 
70 ....- 13.09 U.60) 

_ 1 11 rj 110 i38-md952 



High Low . 

Price 1+ orlDiv. *V] Red. 
£ | - I Cress Yield 

24 17 .Antofagasta Sly 

41 33 Do 5pcPreL. 

98 98 Chilean Mired 

Ht. “J - 

415 350 German Yng. 41^. 411 

54 46 GreekTpc As 

51 46 Do6p:28Siab Ass„ 

44' 40 DolpeMfred Ass.. 

- (3.09 I’Jf 

41, — : 55 

3% f7.25 ,74 

6 16.22 

4 £5.08 277 


BRACKEN HOUSE. 10. CANNON STREET. LONDON EC4P 4BT S Rt * wrt - cAdlan l 104 4.39 

Telex: Editorial 886341/2, 8838,77. AdTertuements: S830K. THegmns: FiiunUmo, London PS4. » “ KffiKIfe. So ISa 

Telephone: 01-248 8000. 

For Share Index and Business News Simnnaiy in London, Binnmgfumi, 
Liverpool and Manchester, Tel: 246 8026 

45 29% to 
48 30 Ru! 

roup — 43« -1 +132 V. 
d 43«1 -1 *229 I.' 

3j 7 1 243 137 R-ffiffie: 220 39 40 40 6.8 «S 

sjizoSS jff'SSSSf 1 — S? ■■,••■ 5? 1-7162 ™ 

* EeSs?-J zl l i 

aoliojl 218 |15b ']Jiuirhead' Zl 2tt 1-3 ] tSMI j[£| 37153 gj 1 SanSSi^Il ^2 ^i',' +K jj Vi H 

77110 41 ^7 [ 67% (Newman bids ] 93 -1 j J5.08 3.7| 33 3 6 IS 2? WameWnebdep . 53d " ll'fis 3 6 7 ? la 34% | 20% 

Sal 2 ® 158' ‘ Newronktos- 270 & | 37 &3 «° 27 ^ckf^^p — SSS IS ' SS«:L? 

90 66 Rudty P Cement 79 -1 $3 96 L6 

■8? |l35 |SGB Group 171 1533 3.B 4.71 85 

188 135 SGI 
40 31% Sah 
50 30% Sfai 
55 40 Sm 

liroup 171 + 

aTuntnr I0p_ 37xd -fa +1 
peftEl+ber 46 h 

aara .12 rasa a u teis? 

PlatinflniO’toJ £9B 1-1 

| ™ gmartiJ.i lOp — 42 di03 * 7.51 4 . |£Mi 1 |«2C,|iSHrsii5E £ 541 , "" S3 

5 a l» IS ^ i 79 iTltolYJ.^fTitt lSSLiinp! rn 2 -u Si 


Amstordam: P O. Brec 1285, Anuelmtom-C. 
ToIok 121+1 T«L 240 555 

Birmingham- George House, George Road. 
Tele* 338630 Tel: 021-454 0822 ■ 

Manchester Queen's House. Quean Street. 
Telex 866813 Tel: 061-834 9381 

sf*~ J? -i- JJM JJ mr 84 R3RK5L ^ If % 

Ssmi JS :J JSP Vs'li 8 S g ig :I \\ 

rit.ri Tre. jiiai tit +£2 9L J42. ? 

Bonn: Presshous 11*104 Heussailee 2-10, 
Tele* 8868543 Tel. 210039 
Brus-sels. 30 Rue Ducaie 
Tcle\ 23283 Tel. 512 9037 
Cairo: PC. Bo* 5040. 

Tel: 938510 

Moscow: SsdovtvSamotecbDaya 12-24. Apt. IS. 
Telex TWO Tel: 200 27M 

New. York: 75 Rockefeller Plaza. N.Y. 1001ft. 
Tele* 683») Tel: t212i S41 4«» 

PAna. 36 Rue du Sentier. 75002. 
Tele* 220044 Tel: 236.57.43 

38 20 Streeters lOp 24 172 3.410.7 4 2 

174 124 TarnacSOp Ml -1 (9.95 1810.5 80 

04 330 Taylor Woodrow. 403 -8 7 72 5.5 29 9.6 

JIB 233 ntouyClgtL. 2 % 2034 25 103 5.8 

IM 129 Tra res i. Arnold.. 182 -1 d3.87 62 3.2 7.7 

314 225 Tunnel B50p 300 1U4 20 5.5 8 2 

77J 2 M IfBMGnwp...j. 76% -% +4.37 16 8.7 9J 

38 24 Vertis Stone 10p. 38 .. . +150 3.0 5.4 &7 

200 155 Ylhnndant 197 -3 1069 10 BJ 9.4, 

42 32 Word Hides, 10 d. 38 dZ.68 10105 03 7)! 

ft fee*: * maaa 

oil a a- 6.1 9W 3n.dK: 

3-5 163 122 

n I! « -s 

€79 Pen^teeCrU-St £79 : ---a -S9WK.4 
10*;> DjaHonda.#lip . 17*C — tot] 51 
6 DinfleHedip— 16tf ^1^26148 
128 Wricnato— 192 -1, 3*fal$5 
67 DtfeonRartlflp. 106 --*■> W0|[?3 
63 CumHI rfo IQn. 84 .ii..' d4:W|19 
£24% DorerOav OSSU £Z9t? r% T7 
30 Dennis Snrgl Ira 48tt i.;..'. n&l 
26% Dufay Bitma lOp 31 -1 
98: DHnbeeCamWp 100 -4 566-f-|2 
28 Tl mwfcniinn ?ft n _ 1 03 H.R|'" 

12 . totefaLSp— f :U*i i 1W0 [4§ 

93 Durawpe ii 151 -Z 

»2 Dwek&SjplOp. 12*2 020 .'[•?»] 

23 DytesO) 376— a.* rt 

54 lkiKI.UU'S' 

49 Da-A 1 ^ 70- —T 303. 11 

.10% El C. Cases 1 to— 1»% — j - |^d 
80 EastanProdSlp- 86 ...... +4_42[' 83 

220 Hbarlnds.50pL 260 

12% ElbionOp 27ta fflBj 1| 

39% Eto lOp 48 ...— 

36 HectlndStt— 63 +304 2J\ 

15 EUwitPb'ro. 10p_ .18. 025^1- 

69 ESson ft Robbins 87 +3.18 

17 ElswickH-perto - 1». .t.... a«J \ 33\ 


m 134 . * 5.67 1 

“i f 9 -1 « 

■ Hi 1 % tatSss: 3 g 4 5:8 

\&\sszzi r a 

136 90 

■ 78 53 

) Pente— 330- - -1 +2B4 5. 

k?HWgs.20p 41: -- * 

r George JtJp 36 -4» hl£7 bZ 

4 122- -T 530 


107 -1 ’3.0 * 43 4 14 — — 233 * 33l*"f*aS Si 

85 -1 13.62 40 6.4 53 ,? 17 ^ Wdliams(W>*!_ 40 6g Iff IS ^ 

“ 1 ' 1 ’ 1 61 30 uj , U7 47J 2 W 1ms i Janes 135 49 3 ? 9 5 ^ 

h wiwS +S sassa* © - :::P il il § 37 

34 28 

72 127 
30 87 

uLawsoB- 65 +-X M 

Itublin. 8 FitTuiltiom Square. 
Telex 5414 Tel: 785321 

R !? 4e Janeiro: Avemda Pres. V areas 418-10. 
Tel: 253 4848 

Edinburgh; 37 Georse Sireet 
Telex; 72484 Tel: 001-226 4120 

Reme; Via della Merccdc B5. 
Teles 61032 Tel. 6TB 3314 

_IwL_ UT 6.09 
mnajp_. 30 
KAIL. 44 -1 J93 

Wofalv Hushes, 212 hS" ttBO 
J^efiP^.IOp . 33al +2 134 

8 8*IS pESES S;;b- 

60 IlMlhex^cfcW.JwL.: 

Franldurt: Im Kachsenlneer 13. 
Telex: 416263 Tel: 555730 

Johannesburg: P* 1 . Box 2128 

Telex 843257 Tel: 838-7543 

Lisbon: Praca'da Alefina 58- ID, Lisbon L 
Telex 12533 Tel: 38£ 508 
Madrid: Esprnnceda 32. .Madrid 3. 

TeL 441 6772 

Tehran: PO. Bo* 11-1879 
Telex 213930 TcJ: 6826S8 
Tokyo. 8th Floor. Mihon Kcizal Shimbun 
Building. 1-0-4 OteRMuhi. i hiyoda-ku. 
Tele* J 27104 TeL 241 2920 ' 

JUU 18.52 15 92 10 J -ii n buwi nfjop . 33 m +2 134 * 6K *■ IS l S9 ««aiou*w., «t ..... ww 

aWO — 524 +4 Q50°i 6 11 * . 3? 35 |»w)diSWjato. 45 |d4.35{ o!ai 4 ' 23 i 7 Fogsoty 163»5 -2 tb2i9 

Dtflfti.5p. 48 dl.24 4i 3i 62 M I 28 *T*'«Rixn 13yp 2V 2 L...|2J6 O«llfa 40 ^ ‘ ^ FMecoWnsep;- 354 

amsp- 37 -1 132 17 5.3 35.3 1 1 I yg g ^awCHarwy. UT +1“ %A 

i NA TO— » -1 132 17 5.5149 « ftankDoffiniJU 560 -25 Q3» g] 

Btr ; i !L0 iJ U H FOOD, GROCERIES, ETC. | | RSSSSff A * p | 
■SSSScV - 1 ‘ .WPHUrJ'a P8 HW*»SMia.i imiumhS m SSSStei 

Tele* J 27104 TeL 241 2920 
Washington- 2nd Moor. 1325 E. Street. 
N.W , Washington ft C. 20004 
Telex 440340 Tel. i202i 347 8S7B 

• 106 83 Ward&fiold 97 -1 455 2 

CHEMICALS, PLASTICS » & Kffi g :! ftfi ? 

fflMM |M» rv __| a#ta |.__| _J - I _J _ » V BtsUSdf Jfr 3 

S I! T--5F a BJS3 .*3 ^ © 

ill »SE- 4 ?:i 

jjhhonsfS] — 208: 
tewsGroup 92 

n n 4 & te-S; ■ & ^ r» is ziiSi 2? is , sssi^r § is . 
2 :::::: « 1 “A'S S.jSSfeF^ 


Birmingham George House, George Road. 
Telex 338650 Tel. 021-434 0922 

Edinburgh- 37 George Street. 

Telex 72484 Tel: 031-226 4139 
Frankfurt- lm Sachsen la eer 13. 
Telex 16263 TeL- 554667 

Lends- Permanent House, The He 3 drew. 
Tel: 0532 4M969 

Manehesleir Queen’s House. Queen Street 
Telex 668813 Tel- 061-834 9381 . 

Kent York: +5 Rockefeller Plaro. N.V. JOOIfl 
-Telex 238409 Tel. i212i 489 8300 
Pans: 38 Rue du Sentier. 73002. 

Telex 220044 Tel: 2368601 

v ; a 

.\Y M 

' ;»• y 

• • • -Hi 

• '-i* 


' ^5 ^ 
Z. 1 '-i 

*■■ - ■* fc-f 


. •• '-4 1 

1 - 


Tok>o: Knsahara Bulldinx. 1-6-10 febikanda. 
Chij-oda ku. Telex J 27104 Tel: 295 4050 

a 19 wJSSTmp*’ 06 60 30 70 lUA^nilNr, i W 

ff. 5§. SntTarPnl lOp 52% -fa till 2.6 60114 115 105 ACESflrhiiKftJ 115 ...... 3. 

M% 10%terrdl ? p T lip. -t *003 0.9 „ J 255 WO .VP.V.SOp.™ 230 +f 

jq 17 ^tescapellOp, 32 -1 m 33 4.4 80 138 104 Acrow 132xd ... .. £ 

ral c» Sfifitsr-- 43 -- - 90 W1U WOl 68 Do.’.V~-_ 98xd -2 £ 

r« cS SfefflOSyf 5® Q7% 6 rej - 310 225 A*wstGroup_.. 310 U 

« ^ £86 * 2-5- 165 148 156 .... . 5 

WfesSjC Bg 4i: w 

OTerecaa advertisement representatit es in 
Central and South America. Africa, ihe Middle East, Asia and the Far East 
For further details, please contact: 

Overseas Advertisement Department, 

Financial Times, Bracken House, 10, Cannon Sireet, London EC4P 4BY 

8 « g 

1 1 S 

^ DofifaWriv^ffi £86 

81 64 i.oaliteCbem 74 

79 59 CoalesBroi 77 

78 57 Do.’A’NV 75 

21 J9 CnryfHnracejap 19 

65 40% CrodalnMOp... 59U« 


Copies obtainable from new^aRent- 

Subscript* cm | 

(ion from 

JyzLl, j /-«■ 

65 ~ 42 Enahm HwtfTrt ' — a n InlnsSt™* *o*t ASraUun 10p.. ' 25*; U5 3.4 6.7 6.7 m « FJ1C 68 -1 40 

75 36 SSkSCl: —SR 7 ?S«¥38 S ™ S.a Sa S J« ^^,.1 « ...... ois 

394 325 Fismn -..H 327 - tJ 3 J 4 31 61 ?n 197 l « .. 106+1 5.95 Zl 84 8.6 57 niehhwU»pi 63 -2 4.11 

27 33% Halstead ijTiop: 25a T c?r * 48 * « 107 te'/T'" ITl** +5.9 3.0 5J 9.9 » » Cl^Owrap. 24 +1Z 

234 156 lMU& 219 ^UU H&t* ^ ® ie f%|± gf ^ ^ g. fe M l£®‘ 

ts- « ti h ft-s'ssesss i Map#, yv.- 

4J9 Ifl 47 333 M . -7% . HawthiSa-U-l « --- ^ 

439 18 4.8 320 :66 • 34 Say InkmTito fcf 4 ^ 605 ‘2J ~ 

6.74 3.4 9.4 46 164 ^ pfeWte riEl!! 142 -2 fi$2 T0 -f ■ tJ . 

tut « »> « »-• W BBS52S: 8^ S » If , ? 

•2 'H S ® f : I feme S'- -- ST-' & ' ?: - 

in. is Ass 3j? SB :iiSSin_ : S.. -i - air i-. 

UjS 2.9 7.£ 60. -38 -28 ffirfaSaraMSjsi_ 36' ..... +183 75 . 

fad273 33 4310.9 82- 61 !idemAK_iI '77'..^.. g362 19 •"< •’. - 

d30 l33|-6Jl 55 -74> 39 . BoOb&to^ ; i»: 456 ^ „ <? *: - 


[i) * fill u i 

1 1^5%. i ) i l.ilt 1 K « tl 

M2.2I 2.0 



London Branch: ' : 

MINES — Continued 


High law 

I* nrt nil VW 
I — I .Vrt Tit Ur's 

_ _ S3 
__ _ 143 
6.4 1SJ 45 
3.8 11.0 ~3 
113 _ ■♦0 

cl Jt ~ H3 

«* s 

fal 6.3 178 117 

_ _ K 10 

7 d a g 73 30 

1 ._ £15” 760 
L4MJ * ,}= 
7 3 68 ? 1° 

0 4 16 8.50? » 

_ _ io4 Eh 

Q _ 70 35 


R-Aicjir. i|le.»i”«J 


i.'rotnil Pi* itw - 
L'oociv R:<8iali«50c. 
EndM-ourLiir- . 

M falcwiieSl 
Haosu'nildN !. . 

Harman Areas ip.. 
Melds El Hue — 
M.l V.. rodef. =»:... 
Mount LidlSc — 
Newmrtal !0v — 
North P Hi 1150c... 

Nth. Kahurli 

\lh. ft’M Mininy 
■takhridseSU . . 
ftR-ificOipper — . 

Pjrt.mi 1 2ie . _ 
Panri’aMiE^jp - 
Prtn-Wdl'cnd Si>- 
southern iVifi'-. 
"V.*4n '.imnniiir . 

Ufa -1 rQBc 14 4.0 
118 -2 - — 

450 - -I - 

264 -10 ?Q10r 22 t 

IPS = - = 

38-2 - -I - 

124 13 55 2M 4.3 

29 - — _| - 

190 td -2 Q9c 171 19 

36 -3 
6 — u 

110 -1 y8c I 13) 4 6 

i« -h - - - 

26 J-2 
132 1 ... 

Q12c 19110.0 

925 ... - - 

251’ _ _ 

460 -3 Q16c <6 

160 - - 
133 -5 Q3c 0.7 

55 - - 


42 5.8 
11 £ _ 

191 - 
13 15.4 
- 6.6 
73 - 

23 Aral Nittn j . . 
240 AicrHilamSM:. .. 

45 BerahTtn - 

200 Benuniai 5111 

Ill ileeior , — . 

fl>* iWdi-Bi«el2!.’P_ 

220 Gapers Coni 

130 Hmcicne 

78 Idris 10p 

7 Janlar IJLp 

68 Karona ns 5101.50. 

450 niiiinehali 

ZEO Mil^Tircop^SM!. 
40 &ftnar.i;. 

50 ftenrUJen Wp . — 

165 Petal in? SMI 

49 Saint Piran 

1 a 2.9 
3.91 6.0 
7 3 5.0 
4 H 9.0 
1 9T22 8 
: 6 0 20.7 
7 7 10.3 
6 2 5.0 
. -1 3.3 

47 South Croft? lOp- 
140 Snath KinuSMnSO 
230 Mhn Malayan SMI. 
134 Siiasei Eft-7 SJI1 - 
55 Supreme Carp SMI 

£5 Tin/me 15p 

74 Tcngkdi Hrfer SMI 
148 Trenail Jit! 


70 [Messina R05.1- _.[ 72 |-I ftQ30c| 

Hi i63i 
9 6 <22.8i 
52 7.5 
63 4> 
65 J 
4 69 

35 Barymln.. 

9 Burma :dtnes !7ijp. 

215 Cons Murcn- 10c... 230 1-5 JQ30c 

245 NortbgatefSl 

164 iLTi_ 

39 Sabina ImfcCSl — 

345 1-101 - - - 

50 1-2 1 

750 fraraEmUi-SI .862 -13 - 

43 [temdi&wdf lUp. 85 fl_3 

2.5 30.1 
5.0 67 
8.7 (51) 
f3.6 - 
L7 7.9 
flo - 

120 [Yukon Cons. <3] ~| 155 | | Q7c 


lionciin ituotaiinnslor selectM South African ftoldmininE 
►.h.-uvs In U.S. currency excluding. I he investment dollar 
premium. These prices are available only to non-UK 

SlSiiJll Biiftelr Rl 

Sil-’i BEOclEasiDnelil 

535c 330c East Rand IT-p R I 

I . none ’j-jc tag nano rip n i 

+ «1 “*■ _ £5% SifaS* FS-fteditklMc - 

- I %«t Cvr KVi «>i B «il Pres BrandMc . .. 

5U‘a{+>i mi? Oc 

965c +10 tQ73e 
465c [+5 — 

“ > 111 pres mnom. .. 

. „ 513V S10»j SI Helena Rl 

4t5c 313c SullonieinSV . . . 
5-t $221’ 516V Vaal Reefs Mt-... 

- S27 S25 Wert Dele Rl 

4 4 S31U $19>4 Wes Hides. fOc ... 
1 6 5121 > 895c Western Uctip R2._ 

*22b +»4 Q31Sc * 16.1 
S12r,1i->4 Ol50c « 137 
lltP^ +U Q190r 4> 20.4 

ilOV. +U Q 
430c +5 H 

SJ8 +»» Q 

§£> y 

528*4 +-V O' 
%U +H, Qf 

385c I 1.7)14 1 
415c * 17.0 


3 a I'nlcHs Mhenrir* indicated, prices and net dhidrwfc are in 
i i pence and deaninlnaUaea are SSp KMuoued prirelearninsa 
c'n ratios and men are baned on latest annual reports and accounts 
3-v and. wfarre pobbiUf, are u