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PLANNING A NEW FACTORY? 


Build in the benefits of an 


No. 27,699 


CONTINENTAL SELLING PRICK: AUSTRIA ScP Ifr SELGIUM Fr 25; DENMARK Kr 3.5; FRANCE Fr 3.0; GERMANf DM 2.0; ITALY L 580; NETHERLANDS FI 2.0, NORW»r Kr 3.5: PORTUGAL Esc 20; SPAIN Pta 40; SWEDEN Kr 3.25: SWITZERLAND Fr 2.0; EIRE ISp 






Friday October 27 1978 


** 1 .x 


15p 


& 

19*5 



* ? 


* 1 
I 


& 


>y U.S. 


Gold at 
new high ; 
Wall St. 
down 9 


• COLD rose to a record close 
of S2o.il in London, after touch- 
mi; $235; daring the^ afternoon. 


240rS jurr Inn.* 


22Dr- 


200h 


London J 
Gold Price Jc_ 



l£Oh 


HA1 . JUfc JUI AUG -SB* ACT 


in New York, Ihe; Comcx 
October settlement pritcrose to 
*235.00 against $233.70.- ' 

• EQUITY markets were un- 
settled bv investors worries over 


p U.S. was “deeply disturbed" 

Israel's decision to extend its 
.tlements on the West Bank, 
rr clary of State Cyrus Vance 
. d. President Carter has also 
; pressed his concern to Prime 
nisier Beyln. 

PrvMili'iu Carter SoUith! at 
mp Da\ id U> yvt u moratorium 
- • the .seUto'iient'? Laue and the 
esi 1-srjeii move appears n» 

'eaten the new round of treaty 
'• k«, in Washington. 

Israeli neyutiatiny team has 
„ rived in tne U.S. hut President 
dat of Egypt may recall his 
leys linn for consultations. 

Men nit Si fie. Syria and Iraq 
reeil to end :< decade of fins* 
il> Ijy «,icr.iny a * charter Tor 
:nt national actirn." Bach aud 
ge 4 

amity shot dead 

' husband, his wife and son were 
oi dead by a gunman at their 

uned house in West Bromwich. - . - TS The 

ilfb. The couple's daughter £*> a, ' d .. thl 1 “S 

.s reported seriously injured. FT ordinary index cNs«d I 5.3 

lower at 484.4 after a f“fl of 

- iedia ministry ».3 at 3 pm. 

Commons .select committee q GILTS traded in tWu condi- 
nts u Ministry of Broadcasting lionj . n,,. Government Securi- 
be established, with responsi- . doscd 0 jq 0 ff at 

ity for radio, television and rq .... 

ocommunicatinns. oa.*»i». • ' 

The BBC could he bankrupt by 4 STERLING rose 4.fe.cents-to 

■in ‘SS'lSSi 'l«n« .« f 2 '"™ 1 

- sect, according to Alasdair > ndcv ri «e ,0 . fa ^ jj 

. Inc. BBC inaaassins director, dollar’s depreciation -lmmMo 
Irish Republic TV licenses will n record 12,a per cenpULW). 

- - r a colour licence will be £38 steep decline with a tm of 9-0» 
id black and white £23. Page 5 to 821.12. Steady upwifra mnvp- 
_ ment in Interirst rates* weigbfcii 

Aonza axeci on the stock market ns>tfce F*d 

.luiua. ihe world-famous grand indicated that it tftxsvtxplQ 
rir< tirvuli where. Ronnie Federal funds had' risen to 91 
‘cterson. was killed ’ tost month, per cent Ml. fell.. 5100m -In 
as been struck off next year's $36Libtt amt M2- was- down 
icing calendar The - Dino 530^ to sSCO.Ibn. . 

■ -erruri circuit at lmolu will host . 

• -o* Italian grand, pritc for' the 9 six MONTIT Eurodollar rate 
;st three years. rose sharply with the offered 

rate moving up from 11 per cent 

»utter bonus lo u * per cem p age 23 

XXSSX •hong KONG HV B.I. 


Boost for pound 
as slide in 
dollar continues 

BY PETER RIDDELL, ECONOMICS CORRESPONDENT 


Average 
executive 
6 is 8% 
better off’ 


The slide in the dollar continued yesterday with no 
sign of any reversal in the foreign exchange 
market's almost complete lack of confidence in U.S. 
economic and monetary policy. 

Fur l lie second day running ailicial reserve figures Tor 
ibe dollar fell sharply against October, due to be published 
most other major currencies in next Thursday, probably will 
occasionally hectic trading, and sbuw some underlying inflow, 
new lows for the U.S. currency the extent of the rise may not 
were again widely reported. be as large as the market has 
Demand switched in particular been expecting. 

In sterling, which closed at $2.07 This/ 1 is in contras! in other 
for a rise ot $8J cents in the two European central hanks which 
days since President Carter's have been intervening on a very 
anti-inflation statement. large scale tp try to check the 

The pound had opened quietly appreciation in their currencies 
against the dollar yesterday after against the dollar, 
its sharp rise to S2.05 in late Support by the Bank of Japan 
trading in New York on Wednes- was apparently smaller than the 
day evening, but it made further record level on Wednesday as 
gains in the afternoon, rising to trading was quieter. Bur* the 
a peak uf $2-07121. Swiss " National Bank and the 

The pound also strengthened West German Bundesbank each 
against some of the stronger bought well over $100in during 
Continental currencies, in . con- the day. 

trast to ns weakness earlier this The central banks appear This continues the naitem nf 
month against, for example, the largely to have withdrawn from lh Jast w "ek durin- which the 
D-mark. Consequently, the the market after the European Sl 5is S franc risen hvniu 
trade- weighted index jumped O.S close and the dollar then fell ? G eenl 
points to 63 0. • sharply after a small decline in whilf the Jao mese 

Thl* Tf-i-iint churn rica in thn tpinlinn fin rim f v.atinant Willie _ 

extern 


2-1 

2-0 

1-9 

1-8 

1-7 

1-6 

1-5 


Suer £ 1 

1 STERLING 

». AGAINST 

1 THE DOLLAR 

l 





T 






1976 1977 1978 1 


The Swiss National Bank con- 
tinued to hold the dollar ahnve 
SwFr 1.50 and the closing rale 
of SwFr 1.5062- compares with 
SwFr 1.5125 on Wednesday. 


■ recent sharp rise in the earlier trading on the Continent, anoreciated bv^'S^oer ient 
nal value of the pound, if The UA currency fell to a 


it is sustained, will help directly hew low of DM 1.7575 at one 


the D-mark has jumped by 422 


I A Htu, mu DCI|J UII LLiir Iirw IU1V U| wm. mu' r%a+ ndnt 

to moderate the rate of price stage before closing at DM 1.7600. tIip Hnn-.rv 
inflation by reducing the sterling This compares with a previous h .. now ..‘l , fmn^ S 
rvici nr ih n T-.. — — r.r ircie — .i !>> now usual impact on the 


t»si or the many imported com- European close of DM 1.7815 and i nridon bniiinn . c IS- 

modities. such as oil, which are DM 1.7720 In New York late on JSSSp cSld Turned hv W ™ 
priced in dollars. Wednesday. lihH? , by an 

There have been fears in the The dollar touched YI78 at hi»h „? *«•»«;. d .rf” 

City that the renewed demand one stage in Tokyo before closing SSJSJRip «*n=5- 5235s jf er 

ror sterling would lead in sub- at Y 178-30 compared with loucmng *-■**<■ 
stantaal inflows, boosting tlie Y17S.50 on the previous day in Editorial comment Page 18 
money supply. But while the Europe. Money markets. Page 2G 

Peat Marwick may face 
DM34.5m claim oh advice 


c*m Ihe mlcid k> of I m on th. Aviation b H raise prime SJgfrf s '^ & ^ 


EC Commission. Page 5 

ierlin M-way 

d-il and West Germany are .on 
( e verse nf an agreement to 
lild the firNt uuLohahn since the 
jeond world war linking the two 
"mn tries. It will run from West 
.•rlin lo Hamburg through 125 
iies of East Germany. 

:ruis@ ship fine 




cent from Monday. Page 25 

• MR. HEALEY has outlined to 
the Cabinet the limited progress 
made so Tar on European Mone- 
tary System, and the Cabinet 
has deferred for one month 
detailed discussion on UK entry. 
Bark Page 

9 UK ENERGY consumption has 
risen only marginally this year 
and is still below the peak level 
reached in 1973. according to 
of Energy figures 


. i ->}?- 

> « r» > -• =■- — 


lypnosis aid 


•nes luialling £300 were imposed Department 
. i the master of the Russian Page -5 

$ uise ship Lirva at Gravesend, niMirc . ,„ tl 

'em. fur bmrhA. or beallh regu- • FIRE DAMAGE costs lost 

lions. There were five cases of »vnU? rose lo £80 An, , according 
phoid among the passengers British Insurance Association 
it these could not be linked to f Surcs. This figure has only 

ie shin ,een «®c*eded on foui 

1 ' in the past five years — in months 

which included the FILx borough 
disaster and tbe firemen's strike, 
ypnolism being used in the rage 6 

jni fur mi*sine Devon schuot- ^ . . 

rl Genet tc T3lc who vanished • BEECH AM GROUP has signed 

» da vs ago. Police said a woman a provisional agreement with 
id her daughter had given vital the U.S. Government or pricing 
.formation about a car and its and marketing rights of semi- 
river under hypnosis. synthetic penicillins, .including 

the group's biggest selling^ drug 
>eath Sind taxes amoxycillin. Back Page 

;ih stan's former Prime Minister • AUSTIN AND PICKERSGILL 
ulfikar Ali Ehutto, under has won a £10ni order for two 
mtenre of death, has been cargo ships for tbe Royal Nepal 
■rved with oolice that he must Shipping company and the sign- 
iswer income t 3 ? queries relat- iog or the contract for a similar 

ship will be announced soon. 
Pagp 5 


ig to the past five years. 

Jrieff iy . « - 


e MOTOROLA, the U.S. elec- 
tronics company, is ar an 
advanced stage of negotiations 
with several European car manu- 
facturers for the supply of com- 
puierired engine controls. Back 


a Iks between TUC genera! 

K-relary Len Murray and' 
uspital dispute unions will 
isume today. 

’hrec American si.Idiens on - . p lf} 
barges including murder and ■ jna raEL 18 
hefl of explosives, escaped from 

military stockade at Heidel- COMPANIES 

**■8- O HLVET HOLDINGS pretax 

'yphoon Rita was heading for profits rose 16 per cent to £8.42m 
TaniLla. the Philippines capital, ror the half year to June 30, 

is ussr jsfjs ’.rss 

xis ship at a court martial. 9 HITACHI reports first-hair 
Premier Dom MinlolT of Malta pre-tax profit to September 31 
cceptcd “substantial damages” up lS.b per cent to Y17.Sbn from 
n settlement nf his libel action Y15.Wbn on sales 6.5 per cent 
.gainst the Daily Mail. up at Y752.9bo. Page 25 


CHIEF PRICE CHANGES YESTERDAY 

X Prices in pence unless otherwise indicated) 

Hopkinsons Illdgs. ... 106 


RISE 

Prince of Wales Hotels 


S2 + 7 



FALLS 

i.xcheq. 12pc '99-02... JEfl5 — . 1 

Allied Retailers _ 96 — 6 

itabcock and Wilcox 157 — "6 

■Beecb.ini 660 — 

■Boot fH.) 120 - 18 

Border Breweries ... 82 — n 

Brown (J.) 428 - 10. 

Brown and Jackson... 268 — 12 
Cement-Roadstone ... 97 —'5 

De La Rue 420 - 13 

Haslemerc Estates ... 242 — 6 
HK and Shanghai Bk. 2T9 - 1" 


Hunting A sued. 

ICJ 

2N5 

xso 

Petbow 

92 

Pllkington Bros. 

2U7 

Racal Elect. 

317 

Slock Conversion 

... 2S0 

Time Products (new) 2&f 

Siebcns (UK) .... 

274 

Afrikander Lease 

... 210 

CRA 

..... 343 

Cons. Murt-h 

215 

De Beers Dfd. . 

356 

MIM Hides 

180 


Pancontinental S25 — 

Peko-Watlsend ... 446 - 
t Premium 


6 

25 

5 ■ 

6 

JI 

0 

8 

3 

26 
40 
21 . 
15 
8 
10 
ino 

14 


BY MICHAEL LAFFERTY . 

PEAT MARWICK MITCHELL, losses were '* substantially higher to proceed with a Further claim 
the international accounting than those previously reported” once this one was settled How- 
firm.. has lost its appeal against by Peats- After further losses, the ever, a final decision will not 
a DM 5m fn.4ni) damages award Store was dosed in March. 1976. be taken until the court's written 
^ p S£ al f ourt for The German Appeal Court's judgment is received, 
negligent advice. Thu firni may decision was annouaced on . A brief staiement said 

t° r a furtb f r Wednesday, but the full judg- that Peat Manvick “had promised 
DM 29.5m (LMm) or more, in m L . n t is not expected until next tD flavor reliable numbers and 

Alreadv, however there should, therefore, not have 
t . A ri - ^ „ . . - - « » dispute between' Peat enipbatically recommended . the 

the UK stores group, more than Marwick and UDS as to what the act t»isition of Bleberhaus with 


decision means. 


out pointing out the significant 


According to Peat Marwick, p7 e k se ° n f l ^ ,iabi,,ty ° f the nUmhe T s 

“ On the other hand, the 
Appeal Court has determined’ 
such a high degree of contribu- 
tory negligence by the plaintiff 
'll 

against the total damages 
cannot be awarded damages in 
excess of DM 5m.” 

Mr. Graham Corbett, managing 


3-1 years ago. 

A lolai 'claim of more than 

bree^suit^acifnsi^H ^PiirnnMn the l, ° urt has taken accou nt uf 
?f l -f 5? SE? alJ t he olieged losses suffered bv 

Pm! Mobel Hubner in making this 

thai ?i award— In effect apportioning 

opnifd lD6 whole rPSDfinvihililv for nnlv In onr — _ 

claim. The court's judgment “was uf lhc tuta | a iip.-4d loss P io thut lhe latter “ measured 
of major significance tn ail p P o„ 1 1 JUe '' e0 J0SS 10 against the total damage* — 

public accounting. firms’’ and it V V u t ■ i. 

will seek leave to appeal against ..® ul * w ,°^ Connick. a UDS 

the : decision to the Supreme ■ ,f 3I . d i ast , -l 1 ? m 

Court of Germany. advised that Feat Marwick has partner of the Continental Euro- 

The case concerns the ncquisi- Pl ace o a completely wrong con- pean PMM partnership, said: “1 
tiop, in February. 1975, of Auction on the courts judg- fl ni j the greatest possible dlffi- 
Bieherhaus. a Frankfurt depart- n, ®"‘- What the court may have culty in reconciling the court's 
ment store business, by the ? aid , obiter aicto is wholly argument with its decision.” 
Mobel Hiibner Group, in which irrelevant to any further claim n e said that Peat® had been 
JJDS has a'-5(J per cent stake. By .we may have." doing no more : than “ trying to 

August, 1975, UDS says there was According to filr. Con nick, the provide Mobel, Hubner with 
reason to believe that certain Hubner group restricted its normal, helpful advice. Yet, 
fundamental information pro- initial damages claim to DM 5m, when the thing went wrong, we 
vided by Peats to Mobel Hubner as was customary in Germany, get hounded with a DM 5m bill, 
was incorrect. A subsequent to test whether it .had a case. N.j one was prepared to give us 
audit showed that pre-acquisition It had always been the intention more ir it cam e right." 

Japan delays One-Eleven choice 


By Jason Crisp 

TfcLE AVERAGE U.K. exeuttive's 
salary rose by just over 8 per 
cent in real terms in the year 
up to ldist July, and he is more 
likely tn he receiving fringe 
benefits than he was a year ago. 

There is also evidence that the 
trend uf eroding differentials 
bus been arrested, according lo 
the 17th annual salary survey 
published yesierda} by lnbucon. 
lhe management consultancy. 
For lhe first time, higher levels 
of management received larger 
percentage increases in salary 
than middle management. 

[ For instance, the first three 
: ranks below managing director 
(all rt'i-eived salary increases of 
16 per cent, compared with a 
7.8 per rent -rise in the retail 
price index, says the survey, 
while the two ranks below that, 
with average salaries of about 
£6.300 and £5.600, obtained only 
a 13 per cent increase. 

" Prohabiy it reflects a reali- 
sation that those in higher jobs 
have suffered most in the pay 
policy," says the survey. 

The survey found that the 
average executive earned £7,690 
gross (£5.770 nei or taxi in July 
1977. A year later, this had risert 
tu £S.S70 gross I £6,745 net). .16 
per cent up gross und 17 per cent 
more after lax. aided by changes 
in tax rates. 

Ths* “ average executive," is 
defined ij\ the survey as aged 44, 
has been in his present company 
13 years and in tbe same position 
for five. He has a company car. 
four weeks' holiday a year and is 
covered by a contributory pen- 
sion scheme into which he pays 
between 5 and 7.5 per cent of 
basic salary. 

Although executives* living 
standard* have risen sharply 
over the past year, the executives 
arc still worse off than they were 
in 1974. says Mr. Nigel Bryant, 
manager of InbuconV .‘alary 
research unit. 

** Between 1974 and 1978. 
executives' average net salaries 
after tax rose 69 per cent, but 
this was insufficient to mulch the 
rise in retail prices of SI per 
cent. 

“Tn achieve that, executives 
would have needed a nei after- 
tax figure of £7.240. Instead they 
earned £6.745, a shortfall nf 
£495 ur a loss in. real terms of 
7 Per cent." he said. 

lnbucon said the 16 per cent 
rise in managers’ salaries did not 
mean thev had broken the Phase 
Three — 10 per cent — guidelines 
but that greater flexibility had 
been used v.ithin tin* "kitty" 
principle. 

Other factors included: self- 
funding incremental scales, pay- 

Con firmed un Back Page 


New Vauxhal 
offer may 
breach 5% 


BY PHILIP BASSETT. LABOUR STAFF 


VAUXHALL MOTORS yesterday 
put an improved pay offer, be- 
lieved tn be in excess of the 
Government's 5 per cent pay 
| guideline, to iLs 26,000 manual 
i workers. 

It is nor vet known — whether 
the offer will be enough to stave 
off a strike by S.UU0 worker*, at 
the company's Ellcseinerc Port 
plant, due lo start on Novem- 
jber I- 

I The traditionally militant 
, Ellesmere Port workers are 
! determined to go ahead with the 
; strike, which could severely 
! affect all the company's vehiclc- 
i making operations, unless they 
jpre satisfied by the new offer. 
Talks will resume today. 

Senior union negotiators yes- 
terday confirmed that The offer 
i had been "marginally" in- 
creased. Tlie new offer may be 
in breach of the Government pay 
guidelines, since the company’s 
first offer, according to Mr. 
Geoffrey Moure, personnel direc- 
tor, ranged between 42i and 4.95 
* per cent. 

j Mr. Moore reaffirmed yester- 
, day that pay guidelines bad not 
' influenced negotiations. In- 
! creases iu pay and productivity 
I were botii discussed in the nego- 
' tialions at a hotel in Rugclev. 
Staffs. 

Mr. Moore agreed that the pro- 
ductivity payments, which the 
union side bad refused to discuss 
before yesterday's talks, could 
potentially be as large as the basic 
offer. Senior union officials have, 
said that the productivity pay- 
ments could yield up to £14 a 
week. 

Tbe trade union side was 


pressing for u substantial 
increase in the offer, though the 
rejection earlier this week by 

13.000 workers at the company's 
plants at Luton und Dunstable 
of i heir cull tn strike over Ihe 
company's first offer consider- 
ably weakened their bargaining 
position and spurred them to 
discuss productivity. 

The company is keeD to rca.'h 
agreement on a productivity 
scheme to improve its own 
Da ding position. 

In the negotiations the com- 
pany had to balance improving 
its offer on pay to satisly the 
majority uf its workers, and 
particularly those at Ellesmere 
Port, and improving its offer or 
a new craft rate to appease its 
skilled workers, who will be 
considering industrial action 
over their pay al a meeting next 
week. 

A delegation from Ellesmere 
Port lobbied the negotiation* 
and management and union 
representatives were jostled and 
shouted at. 

• Ford Motor, which has already 
put an S per cent offer lo its 

57.000 striking manual workers 
in a clear breach of Phase 4. is 
expected to increase ils offer 
today to possibly more than 
double the Government's 
guideline. 

• Manual workers at BL Cars' 
Austin-Morris plant at Cowley 
yesterday set a seven-day dead- 
line for the company to make a 
formal response to their 30 per 
cent pay claim. A mass meeting 
of Ihe workforce was told that no 
positive offer had been made 
during three sets of laiks. 


Healey dims hopes 
of pay agreement 

BY CHRISTIAN TYLER. LABOUR EDITOR 


£ in New York 


<i.4 | T-JJ « UeO-Y-A) 

I iri>.nll* ] *.li» '.M- 1 l- .J|. 

I iii.inl l(- ri.47 u.JI Hi, l.t'J '.V IX ill. 

3.I»'-.2.7(| ij- 1.V.I.2U >Ik 


BY CHARLES SMITH 


TOKYO, Oct. 26. 
to coyer a 1.000-miie 


BRITAIN’S CHANCES of selling The reason given for the post- way and 
some £140m. worth of short-haul pone ment is that none of the range. 

Si/S for^the 1 ’ oSt candidates t0 replace ^ Aerospace, which spent 

two years followin' 1 a decision Ja P anese YS-11 aircraft, now io flam developing a special ver- 

hy Toa Domestic “Airlines to 11 se on Toa s short-distance routes. 5 ion of the One-Eleven to suit 
postpone any purchase satisfies the airline's noise Toa's needs, claims that its air 

The decision, announced by requirements. ^uft is no noisier than the YS-11 

Mr. ffiamu Tanaka. Toa president Toa has specified that the new a * if standard cutback 

means that there is no chance aircraft should be nn more noisy proved uies are used by pilots, 
of the airline placing an order “under normal operating condi- f.we une-aievens iiiain coni- 
for short-haul aircraft for at least tions” than the turbo-prop YS-11. PCt'tor for Uie Toa short-haul 
two.years and probably for three. This has proved a difficult 5?Gt. iin v e ^o e , I l“ e, I .)o r a2nn 

Up to now r'-itish Aerospace and requirement to satisfy, given that ? r ‘ ,ie „ ,lle »"-«> »6uu. 

the Dutch-German Fokker-VFW the replacement candidates are hut a prototype has yet to be 
company, the two main conten- jet aircraft, and in view of Toa's bum- 
ders. for the short-haul order, had other stringent performance A third contender, a proposed 
been- expecting a decision this requirements — such as ability to new version of the Douglas DC-9, 
autumn. operate from a 1,200-yard run- is only on the drawing board. 


□ ACQUISITIONS ' 


CONTENTS OF TODAY’S ISSUE 


European news 2 

American news 3 

Overseas news 4 

World trade news 4 

Borne news — general 5-6 

— labour 8 


Technical page 


UK Companies 


... 10 

lull. Companies 

23-25 

... 15 

Euromarkets 

23-24 

... 17 

Money and Exchanges ... 

.... 26 

... 18 

World markets 

.... 30 

20-22 

Farming, raw materials 

... 31 

... 22 

UK stock market 

.... 32 


Cars accelerating towards a 

computerised ruture 18 

Politics Today: Why Britain 
batks at the supersnake 19 
Chinese connection com- 
plicates Japan’s Soviet 
courtship 2 


FEATURES 

Republicans face challenge 

in the South 3 

Olid-east industry: Saudis 
.press ahead with Yanbu 

complex 4 

Report on Doubce-Combex- 
Rlarx 15 


Around Britain: English 

wines 16 

Canadian Banks: Stirrings 

in the City 24 

Energy Review : French 

recipe Tor nuclear waste 27 
New concern- for exports 
in the U.S. 28 


Appointments 

U 

FT- Actuaries ladrces 

32 

Saleroom .t 

5 

ApMlMinnts Advta. 

» 

Letters 

u 

Share Information ... 

34-35 

Bank Retuni 

72 

Leu 

3* 

Today's Events ...... 

» 


U 


u 

TV and Radio 

1ft 

Entertain meal Guide 

U 

Mm and Mailers ... 

u 



Enre-optfons 

30 

Property ...: 12-14-36 



Feed prices 

»■ 

. Radas 

1ft 

Base Lendlns Rates 

SB 


IHTEHIM STATEMENTS 
Henry Baot & Sons 21 
FINAL STATEMENTS 
Bums- And w»n .. . 21 

Glaxo Holdings ... . H 

Horserace TouUbcr 22 

A. & J. Mudflow Co. 27 

Trans, Land Eiolo. 32 


For. latest Share fnclcr .'plume 01-246 8026 



MR. DENIS HEALEY. Chan- 
idlor of the Exchequer, yester- 
day. dampened : evt vela tions of 
an agreement with the TCC nn 
prices und pay when he told the 
Cabinet that bis talks had not 
yet produced any practical alter- 
native to lhe Phase Four 5 per 
cent limit. 

He said no single idea had 
emerged on which any great 
hopes of a solution could be 
pinned. 

it emerged al the same lime 
that if the TUC docs produce 
sumo satisfactory response the 
Government may well be pre- 
pared ro abolish the profii 
margin safeguards in the price 
controls. 

This would require a short 
Bill, and is being advanced in 
Whitehall ax the best way of 
proving Government determina- 
tion to act on prices. 

The safeguards protect a com- 
pany’s profits from erosion both 


during and after a Price Com- 
mission investigation. So iona ns 
they exist, Ihe Commission's 
powers to freeze prices are 
limited. 

Ideally the Government would 
like to obtain lhe CEI's cr>-opera- 
lion. But the Confederation, 
which only succeeded in getting 
safeguards written into the price 
control legislation at the last 
minute, would bitterly resist any 
move to abolish them now. as it 
made clear yesterday, particu- 
larly when the purpose for doing 
so was to allow price freezes. 

After the Cabinet meeting, Mr. 
Healey met leaders of the CBl. 
who gave the strongest pussihie 
warning that further price con- 
trols would damaue investment, 
alienate emplojers upon whom 
the success of pay restraint de- 
pended. and would be regarded 
"■ very seriously " by I ms i ness. 

Led by Mr. John G re en boro ugh 
Continued on Buck Page 


Commercia 
Rea! Estate 


□ AUCTIONS 


□ BUILDING SURVEYS □ LETTINGS 


□ MANAGEMENT 

□ TOWN PLANNING 


□ DEVELOPMENT CO-ORDINATION 

D INVESTMENT FINANCE & 
PORTFOLIO MANAGEMENT 



□ SALES 


□ VALUATIONS 


Healey & Maker 

if.-tlj blight'd 1320 in Lcx'JcHt 

29 St. George Street, Hanover Square, 
London W1A3BG 01-629 9292 

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• financial Times Friday Ottober 27 i&S,. •' 


EUROPEAN NEWS 



Greek farmers must wait 
for EEC price parity 


BY GUY DE JONQUIERES, COMMON MARKET CORRESPONDENT 


BRUSSELS; OcL 26. 


THE EUROPEAN Commission insistence of the Athens Govern- five years of membership do not 

has proposed that most Greek nienL result in massive over-produc- 

agriculturai products should not . proposed five-year transi- Hon. 

be aligned fully with EEC orice l, on period. S 1 ®* 1 w ? UJd apply It Is envisaged that Greek agri- 
, , ° 0 i MUI to about two-thirds of all Greek cultural prices will remain 

levels until five years after agricultural, production. Is the roughly at their present levels 
fcirraai enlry into the Com- game as "ranted to Britain. Den- when It enters the Community 
muni l y and has recommended a mark and Ireland when' they and will be progressively aligned 
seven-year transition period for entered the EEC. A seven-year with EEC prices according to 
several more sensitive products, transition is recommended for formulae yet. to be. agreed. In a 
'This decision disclosed today olive oM - fats - raeat and dairy few cases, such as barley, grapes 
by Sir. Lorenzo Natali, the Cora- products. and pears,- where Greek prices 

mission er in charge uf enlarge- In the case of olive oil. for are very close to EEC prices, an 

ment questions, is bound to dis- which the Greek price Is cur- immediate adjustment may be 

appoint the Greek Government, rent ly about 14 per cent below permitted. 

Under pressure from its domes- 'be EEC level, -a lengthy adjust- In addition, the Commission 
tic farm Ir.hhv ii had sought the row 1 I* nod ,s considered ncces- has proposed a provision for 
application of full EEC prices to sary in order to prevent a sub- shortening the transition periods 
m(J ct agricultural sector from stantial rise in production in by a unanimous vote of the 
the moment of 2c«5on Groce and resultant surpluses. Council of Ministers ©nee Greece 

But for other items in the becomes a member. 


Nonetheless, it represents a seven _ vear eatesory. the inten- Sig. Natali admitted today that 


concession by the Commission tion a Ppears be clearly to the Commission's negotiations 
* Rich had originally envisaged a jjyyj jt the impact of enlargement with the Athens Government, 
seven-year transition period for riQ p r ,-, ducers of products alreadv begun in July, 1976. were now 
the enlire agricultural sector— in . suip | us j n t h* existing nine entering a delicate phase. Tough 
a scheme particularly favoured mPmher community. bargaining was likely over the 

by the two French commissioners Somewhat iii r prising I v, the farm price proposals and over 
a* well as by the French Govern- commission has not "recom- free movement of labour and 
mem mended mure that a five-year capital, institutional questions 

The softening of the proposal, transition period for fruit ’and and the EEC budget, 
which must still he approved by vegetables, for which prices are He claimed to be confident that 
the EEC Council of Ministers j n manv cases only half of EEC the calendar sketched out by the 
before it is officially put to the levels. Instead, it has merely Commission would be observed, 
Greeks, is understood to be due suggested that the Creek Govern- with the negotiations concluding 
largely to the intervention of m vnt take appropriate measures by nest summer and Greece 
?.Ir. Finn-Ufav Gundelach. the to ensure that access to higher entering the EEC at the start of 
Agriculture Commissioner, at the prices at the end oF the first 1981. 


Germany’s CDU looks for 



BY ADRIAN DICKS 


BONN, Oct. 26- • 


HALFWAY BETWEEN the 1976 Herr Helmut Kohl the CDU majority in the Bundestag two A more 


m me Bundestag two -. a mujo ,. H -- h g, D 

and 1980 Bundestag elections, leader, have given the impres- years a?to. have beealeft to JWnk platform nugbl?n aa« - p 
EJ iEl £££%. f rhrirtian * * e P** up a new approach. • the CDU to protect [ JgJ 

ttie west Germany .Chrtsn n years that a change of partners The party’s first instinct was. m the event that H • 

Democratic Opposition Is taking by the FDP offered the Christian as in October 1976. to dump Josef Strauss, head oi tne 

something of a pause for Democrats their most realistic Herr Kohl: Yet even before.tbe Bavarian Chnsuan social . 

thought Earlier this month- it chance of gaining power. Much Lndwigshafen conference should ever oat ^ 

efeated in its ambition to of his trategy has. accordingly, opened, ft was clear that he in* threat to transform ms -p y 

re the key state of Hesse been devoted to wooing the would have to stay for want of “to a oat l°£»L 1 would 


was 


capture tne key state of Hesse oeeo aeyoiea to wooing uic wouig nave w stay ror warn oi *“»v a .luiSaf would 

from the Social Democratic - smaller coalition partner and its anyone else acceptable to- ,all ' now 


Free Democratic (SPD-FPF) supporters and toward persuad- factions. With the leadership Pe principally ™ 
coalition— a victory 'that would ing them that the CDl] would question, carefully kept ,pff the' well to the *£lr nnri shortly 


.Victory tool WOUiu mg lucm ujdi lilt iiumrvu. tiiiciuiij rdmi ihi* . Ann. 

not only have changed the serve thetr ends better than the agenda, .the conference listened- stream of tne v-uu 

government in Wiesbaden but Social Democrats. to speeches from Herr Kohl call- -before “ ie .^ vThirP the CSU 

would also have given the Yet the FDP did not want to ing loudly for loyalty. He has polls in Havana. ^nerei ^ 

Christian Democrats a two-thirds play along, especially after its been rewarded so far. won its cas — 1 \. * — 1.1- 


majority of the Bundesrat. or losses in the Hamburg and Lower A , a first Aeo the conference nU^- c had'* become so persistent 

ini-ni>nJ * wan* Viarfa nnn i*.vl n.'iartina an Tfi 


Federal upper house. 


Saxony ©lections Last 


of the vote, rumours of a fourth 

rax step, me uiiucieuce nartv had become so persistent 

. . . ... .. .. v Tr approved a new basic pro- that' Herr Kohl, swinging oa to 

This development could have whicn were widely a.tributed to oramme that was equally On- .the. offensive challenged his ally 
made life for Chancellor Helmut Js running with the 5PD m .he objectionable. The likelihood is S-go-abead.’ 

Schmidt’s SPD-FDP coaliiion in former and with uhe GDI m 1 he ^ al il$ more conservative * >,« to T the time 

Bonn extremely -difficult, and latter state .government nuances will, however, be played " Herr Strau 

might sooner or later have forced As a result the Christian u? increasingly in ’ the three Wing demurrea. 

the FDP to change partners, thus Democrats, who failed !o capture state elections in 1979 jn Nbrth political observers remain con- 

opening the way to a new coali- Hesse almost as narrowly as they Rhme-Wcstphalia, Rhineland- vinced that h»s plans couiq oe 


tion led by the £DU. 


failed to ~ win an absolute Paialicate and West Berlin. ; ..- " revived at short notice. 


Drivers end 

Corsica 

blockade 


Suarez gains breathing space 
through constitution decision 


BY DAVID GARDNER 


MADRID, Oct. 26. 


THE SPANISH Prime Minister, a breathing space in which to co- tions pending since last year, as 
Sr. Adolfo Suarez, will be given ordinate Spain's electraal time- well as general elections — will 
a period of 30 days once the new table with the negotiation of a play an important part in the j 


By Our Own Correspondent 
PARIS, Oct. 26. 

PARTIAL RELIEF came today 
for Corsica, isolated by the 
French seamen’s strike, when 
a port bloekade by local lorry 
drivers was called off. 

The blockade had been 


Portuguese metal workers strike 


Labour 




. **.* 


to halt 


By David White/rerentiy in 
Marseilles ' ; r 


BY OUR OWN CORRESPONDENT 


LISBON. Oct 26. 


OVER 200.000 members c»f lurgical products account for administration. 

Portugal’s Com munist -dominated some 15 per .cent of total The talks are expected to give 



lunchtime today. The strike, first bring industrial relations here pared to continue in office under 
threatened over a week ago, to their lowest ebb for over, a him. 

follows continuing deadlock in year. - ... g ot j, ■ President Antonio 

three-months of negotiation Leaders of the construction R ama lho Eanes and an influential 
between employers and unions unions announced this- morning sector of the banking and busi- 
jon the terms of a new collective that workers in the sector would ness community here -are 
wage contract go on a two-day national strike, . believed to favour the retention 

The metal workers are as from November 8, unless the of some technocrats, including 
demanding a- 20 per cent wage Government agreed to publish Sty Nobrc da Costa himself, 
increase, which is the maximum the terms of a new collective Nevertheless, the majority of 
present wage contract -.Ministerial posts are expected to 

ceiling. Meanwhile. Sr. Carlos Mofa go eventually to members, of 
maintain minimum services 10 [while employers are offering Pinto. Portugal’s newly-appointed political parlies. All- four major 

,il They claim that Prime Minister, today met . his ' parties, including the -■ Corn- 


mounted in protest against the 
strike. The strike, meanwhile, 
showed no sign of easing off, , 
although the Communist-led (allowed within the 
CGT union has pledged to j government-imposed 
maintain minimum services 10 while employer? a 
the island, where stocks of I only 11 per ceni 


food in the shops have been [labour and production costs -are predecessor. Sr. Alfred Nobre inunists. have indicated’ their 

running low. [already too high. da Costa, and members Of the willingness to allow their mem- 

i _._. The strike- was called last | The metul workers' strike outgoing Government in what hers to participate in ah indi- 

constituiion has been formally new “ social contract " to replace negotiations on what is to replace J weekend in protest against one 1 affecting a key sector of the :s believed to be the first step vidual capacity in Sr. 

so-called " Moncloa pacts.” the Monel oa pacts. Though the company’s decision lo hire [Portuguese economy (metal- towards the form; 


nromulgatcd in which either to the 


decide un the dissolution of which are due to expire at the Communist and Socialist parties. 

Parliament and new General end of the year. on which the negotiations hinge, 

elections, or to seek a vote of It wa* originally accepted have presented conflicting pro- 
confidence from Congress. that the Suare/. Administration, posals. it is widely accepted that 
This was decided last night by though democratically elected in private investment will- not pick 
the political parties represented June, 1977, was in power in a up in the face of electoral un- 
in the joint commission of the transitory capacity. The opposl- certainty. 

Senaie and Congress which is lion Socialist Party, in particular, • Spain’s Consumer Price Index 
putting the finishing touches to had insisted that the process of registered 153.2 in August, up 
the draft constitution. The final democratic reform would not be 1.7 per cent from July and up 
text will he voted on by Parlia- complete until Spain was 17.47 per cent from’ a 'year' 
ment next Tuesday, before go- equipped with a new constitu- earlier. . according to the 
ins to referendum next month, tinnal framework. National Institute of Statistics, 

The formula was negotiated by Last night’s agreement effec- AP-DJ reports from Madrid. The 
all the major parties in Parlia- lively makes Sr. Suarez Spain’s Index is based on 1976 equals 
ment. with the exception of the first constitutional Premier, by 100 

right-wing Popular Alliance, allowing him ihe choice either of Officials attributed the increase 
which was not represented on an early appeal to the ballot box. from July to a rise in beverage, 

the commission. Its main siqni- or of seeking a vote of confidence food and tobacco prices, 

flea nee is thar it avoids what after 30 days, which would in Meanwhile, it was announced 
some political commentators had theory allow him to prolong the that Spain’s Wholesale Price 
insisted would be a power life or the present Pariament Index registered 521.7 in July, up 
vacuum a Tier the promulgation unti June, 19SI. 0.21 per cent from June and 

of Ihe new constitution. The choice of an electoral 13.39 per cent from a year 

Secondly, it leaves Sr. Suarez timetable — for municipal elec- earlier. 


Bright spots rare in Belgian economy 


BRUSSELS. Oct. 26. 
for 


expansion of 


ECONOMIC ACTIVITY in chemicals sectors, where activity tion than 
Belgium remains weak and the appeared generally satisfactory production, 
few visible signs of improvement earlier in the vear. the situation The Ministry sees signs or a 
are not having enough impact to seems to be deteriorating. possible improvement of the 

initiate a major upturn, the A relatively strong upswing in economy' in the latest business 
Economics Ministry said in its spending : for capital goods survey oF the National Bank, 
latest survey. during the first half of 1978 which showed that ^corporate 

Specific sectors such as the should not be overestimated, as leaders view their order position 
leather, paper and garment such spending was concentrated as slightly improved and are 
industries have shown a trend primarily on the energy, trans- more optimistic about demand 
for the better. But in the port and ■ communications for the rest of the year, 
important base metals industry, sectors, the Ministry said. However, as major structural 

the decline noted for some time Also, the 6 per cent rise in problems remain unsolved the 
has persisted. Activity in the capital spending by manufaclur- anticipated ’ uptrend would 
textile indusrty also remained mg industry in the first half was remain very limited, the 
l0 *- probably more for replacement Ministry said. 

Eveo in the food and of equipment and for rationalisa- AP-DJ 


Asian sailors. 

The CGT, which represents 
most of France's merchant 
seamen, said the strike has 
been followed on 47 out of 72 
ships in French ports. 

Tug operators and pilots 
also joined the strike and in 
Marseille, and the Adjacent 
port of Fos. 50 French and 
foreign vessels are held up. 
Renter reports from Rome: 
The French Presidenl, AL 
Valery GLscard d’Estaing said 
today that be thonght a 
detailed agreement in principle 
on the projected Enropean 
Monetary System <EM£) could 
be reached by the end of (he 
year. The French leader was 
speaking at a news conference 
before he left for home at ihe 
end of a two-day visit fo Rome 
during which he had talks with 
tbe Prime Minister Sig. Ciuiio 
Anrtreotfi and also met .Pope 
John Paul II. 

Asked if he thought there i 


formation of- a new Pinto's Administration. 


Mota 



BY ROBERT MAUTHNER 


PARIS, OcL 26. 


UNESCO director - general national Press Institute .has asked, in particular, -for the 
.Amadou Mahtar M'Bow todav pointed out in a. note to deletion of the strongly-contested 
appealed to the member govern- UNESCO that even the new final article which states that 
merits 'of the international draft “ leans so heavily .towards 44 it is the duty of States to 
organisation to approve a con- the concept of a controlled Press facilitate the application of the 
troversial declaration on the that it imposes the standards of present declaration and to 
mass media's role in fighting war propaganda on. v.'hat should be ensure that the mass media 
propaganda and racialism. an editorial function.” - ' coming directly under their 

The draft declaration which One of the main -problems is jurisdiction act in conformity 
is due to be debated by clearly to decide what standards therewith." 

UNESCO’s general conference should be used to define war AI. M’Bow strongly denied 
here in mid-November, hsu, been propaganda and racialism. that there was any intention in 
hotlv contested bv the Western The 1PI has proposed a the draft to muzzle or mam- 
member governments. who look number of amendments which pul ate the ; media ..and jempha- 
upon it as 3 threat to Press would remove from the declare- sised that the defence of Press 
freedom and objectivity. But tion any quasi-diplomatic rolp freedom was one of UNESCO's 

. p i-.i* tWn TKa 7 f >t4(V 


M. M’Bow told the conference for the media. The Institute has basic tenets, 
today that it was inconceivable 


that the Press, radio and tele- 


could be an agreeineni on the 
EHS. by next January L be 
replied: “ I think there could 
be a detailed /agreement in 
principle.” Th^ details of the 
arrangement could be worked 
out by the central banks, he 
added. /' 

• Soviet ’ Foreign Minister 
Andrei Gromyko today pre- 
pared to begin a second round 
of talks with French Foreign 
Minister Louis de Guiringaud 
aimed at restoring tradition- 
ally good relations between 
France and the Soviet Union 
reports Reuter. 

After the ministers' first’ two- 
hour meeting last night, both 
sides played down differences 
between the two countries-over 
France’s growing ties with 
China. 


vision should remain aloof from 
the struggle • to foster a ne;v 
spirit in human relations in the 
interests of peace and racial 

harmony. 

The draft which has been sub- 
mitted to the -conference is a 


Y ugoslav tourist increase 


BY ALEKSANDAR 


•’WE'VE BEEN fighting for .30* 
years. Everything we've got we~ 
bad to fight for.? —Id a smalt', 
union office acrossv.the read 
from the poit of Marseilles 
which these 1 tiaj's is as Unless * 
as a sttif -photograph,' Jean ’ 

Mane. . - UnaJj -tuininig^ff - 
through a i /.staclc v" Of - - legal ' 

-records ioottiog.rv5or : i eases 

taken against the owners of the': • 

big ship repair yards: He is 
pint-sized, rouiuLfaad^ with i - 
metal, tooth blue eloth- 

cap be nevCT'reznoves; 2l-yeats ■ 

. on the ^hipyanl^ myeare a - 
union organiser; 

The Coraminiist 'ship • repair 
union, a brariefr.ftf-.-the eiant 
CGT, able .to cla^ .70 jper cent' 
membership/ ,:is ^heTxsrd core 
of the labour struggles? now 
paralysing; Marsei lies,'-'- »he : - 
biggest Mediterranean part and 
the second in' : Europe after 
Rotterdam. - Backers’ ~ pas 
protests and the. two-week-old 
national seamen’s - 'movement - i 
against _ Asian .. labour hare, - 
stranded dozens of ships, apart* * 

from thg sis: that^re* awaiting , - ftiC 1 
repairs, : - Vi L ^ i 

Marseilles' principaj. ship repair 
business, the Terrin group, is : 
one of. the first sacrificial oxen--. - - 
in France! .of the • European ’ 

. shipyard - crisis. The other; 

- just, along the coast,- is the 
shipbuilder Chan tiers Nasals 
de ia CiotaL oh re ha if^owned 7 . 

■ by fhe same .Terrin famity ot- 
M_arseilles, but for hver'-m 1 
years under Arab cohiroh’ 

.. Three thousand people ia the 1 : 

two companies have received 
..then- notice in the. past .few 
weeks, and in both imm ihe: 

.. situation - is potential I v e S p|&; 

-. slve. '" ; •• ? •; . .. 

The Terriii family’s -paternalistic 

empire folded six months ago.; 

The company told workers .'it ' 
could not find the cash to pay 
their April salaries in full. The-' 
workers went on- strike, - and.' 

Terrin filed - for :hankrupt^;'i 

.. .Under .the nornraV French pro* 

. cedure. receivelrs: took, over and'- ■ ■ i - 

. negotiated with potential- 
buyers— British. Saudi. Russian -- 
, . and French. Ifa . Septeaber. 
workers turned. dowh the “last 
chance”, plan, of .-a ; Nonnandy . 
businessmaru ' fearing - that 
redundancies WeaM not - slo p 
at th&- promises £mr; .The-f. 
receivers: ) I 

' the- group.- r:- 
The following week*; September . 

14, Mareeilles'j Socialist mayor/ ' 

M. Gaston Defferre/oir his 58th 
bi rthda>’.^>Iayedm;fr«8^-Tte L 
city would- TerrinV . 

.assets for 'theT&irr^hring 4*nd 
keep it golnr,antitoirt rrifon- 
dancres. ^ 

neats 

Workers of* sdUdarlqr strike 
at the workshops; WlJtcb were, 
being kqn going; inrioding two 
now. betegr. tf «naged by an oil 
. platfitiap^, company- went hack . 

' f or, -ipswfitii s?, trace- <m tbe . 

?Srd:.-^ 




. . YUGOSLAYL\‘s official foreign bulk of tourists came fronr West 
revised versioo of the origioal turrency receipts from tuunsm Germany. .. - v »— - • - 

Communist-backed text which are expected to top Slbo this Tourist officials are now fori^! 52 tbei whole 

was shelved after a stormy year for tbe first/' time with a offidaireceintsdf i ‘ -repW ha&dffl'wasr-Qnt-again. 

debate at the last general con- further dSOOm-S^Om accruing to from ^tourism 5s? altWah * .•ibis^TO^^kwser'.-tod 
ference in Nairobi two years pnvate Yugoslav citizens for ^ w m mSvflSS • Sugh&TS&e^Fonr yards are. 

ag^ H contains some important aCC0mm0dati0Q ^ other ser- JJent in Sew hotel! mStfla f gnart^-hy/pjekete and there 

modihcations, notably the vice5 . Last year official receipts Endows cISo sites and tinked ■' have bee«aicf(ten»of riolence: - 
removal of a reference to the frQin tourism were SS60m but a p tes and ^ ked ! ' arimsed the - 

responsibility of the state for 15 per cent rise in foreign | 

the activities of the mass media, tourists to 6.5m and a 20 per ^’ ew tourist legislation con-j 

•^But it is still considered by cen t rise in nights spent in taining 37- articles came into) 

Western governments to con- Yugoslavia to 34.5m boosted re- force on October I which 

stitute unacceptable interfer- ceipts this year. includes tough new rules to 

ence with the freedom of the There was a 42 per cent rise prevent over-booking and com- 

in tourists from the UK over the pensation in the event of iuade~ 


Press. 


; The London-based Inter- first eight months although the quateiy fulfilled obligations. 


SIBERIAN DEVELOPMENT 


1. 

Chinese connection complicates japan’s Soviet courtship 


JAPAN, WITH its vast energy between them, in return 
needs and technical prowess is which they would each 


for financing 
get approval. 


and export licence goods 


exchange 


It faltered when the Soviets huge Udocan Siberian copper prospecting shows that the 



continental shelf is rich 


Japanese economic relations, reserves considered necessary for 
making them just one- factor in the Project will be demonstrated 
a difficult three-nation relation- shortly. 

ship. Because of the dispute over 

The political strain following the Kuriles, however, the project 
the signing of the recent Sino- is iD doubt. The Japanese will 
Japanese Peace Treaty, which not enter into large-scale co- 
included an “anti-hegemony" operation with the Soviets on a 
clause the Soviets believe is bilateral basis. The South 
directed against them, was Yakutia project, therefore, most 
inevitable. But the potential aIso b(? approved by the U.S. Con- 
econoinic benefits of further 2ress - whrro Present attitude 
Suviet-Japanese co-operation m towards such projects is regar- 
Siberia has inhibited the Soviet ^ a * unfavourable. Without 
response. this American participation. 

In many ways, the Soviets ^P 315 . will n °t join in South 
have only themselves to blame Yakutia sa s development r»o mat- 
for the “anti-hegemonist ” form ter how financially attractive, 
of the Sino-Japanese treaty. It l n addition, the Soviets have 
was finalised only after con- a Inng-standine interest in a suh- 
sistent Soviet refusal to accede *tantia! Japanese Government 
to the Japanese request for tbe credit line, one of the reasons an 
return of four islands lo the influential Japanese Keidanren 
Kuriles chain annexed by the ^employers’ organisation! dolr- 
Russians at the 'end of World " atlon was received bv Mr. 
War IL Leonid Brezhnev, the Soviet Pro 

The dispute over the islands rident. at his Yalta summer 


JAPAN’S TRADE WITH USSR 


moment, there Is no 
a problem because the pros- 
' s ear in Sakhalin ended 
second strike near the 
which oil was discovered' 
the island’s north- 
ning in *1979 to^ ‘repay a* Japanese 6251 A i the J ti “ e ’ a P fa y sicaJ 
credit of $450m which financed SNZSEFE&S 1 *. WJSS 08 °! 


m 



Despite the sensitive 
issues of Sino-Soviet. 
rivalry, the logical 
partner for the Soviet 
Union’s ambitious plans 
to develop Siberia is 
Japan, writes David 
Satter from Moscow. 
The most important 
potential joint project 
is a gas liquefaction 
plant 


machinery and technology used “ c i 


In development of the 'depoTi^ ° Ver 811 “ 01 

The Soviets have just announced 300 ^ nL 
completion of the BAM rail link The Sakhalin project was based 
which is to carry South Yakutia on 311 agreement .by which the 
coal to the Pacific coast, and Japanese supplied funds, capital 
shipments are expected to begin an d drilling materials for oil- 
on schedule. exploration, which was financed 

But it is in the critical areas with a ? l0&in credit. If .rich 
of oil and gas. where Japan’s d eposit5 we r e discovered, 50 per 
need are the most pronounced cent Of the ml would go to japan 
that the political constraints are ^ extraction costs split evenly 
tire most serious. The two exist- * »®. 1*0 countries. 


. a . n . d ?. as Projects are the The Japanese gained the 'par- 


ooum yaKutia gas exploration ticapation of Gulf Oil in the 
project, m which the Japanese scheme but the Soviets envisage 
invested S25m and an investment of up to $2tm to. 
wmen has no value without an extract oil and build pipelines 
accompanying decision to join in beginning in the mid-1980s if 
roe large-scale exploitation of the sizeable oil deposits are dis- 
deposits, and the joint Soviet- covered. - - 

SakS l?llnd r shelf. tinS ° n the c At - the last meeting of the 
n, « . . . * , Soviet-Japanese. Joint Commls- 

The Soviets believe there are siom-the Soviets made no new 


Employed - have'^cimsed the 
'^mioTre :- ’acting •- like 
^brigands”: ^4d ^eoccpnaiidos. ». _ 

The : bead of- ^Marseilles - J 
Namber \2 ‘repairer .charged : 

"The -Teriin 'people .want 
every body.\t0 ‘go down -with 
-them.- 

The thceat of -totaf unemploy-, 

. raent*-ltaflgs"-e<tuaUy. over. U 
Ciotajt a .towii of 32JW0 with a 
Gommusist '^dominated local 
-govertinient,, dependeat on its. 

- shipyards for’ well over a cen-\ 

; taiy.". 

Registered- fetters cariylng 1,312 % 
redundancy - notices, lust- over 1 
a fifth of the total work force, u- 
arrlved, al . their destinations 
in : . the ‘first few days of this 
month. • About- 80 -per.- cent -of 
tbe-'people Effected are locals, 
and in La Cfotet there, is not 
much, other work to do. More 
dramatically than in Mar: 
seHtes, where- at least there 
are Jbe neighbouring steel and 
chemical" Works at Fos. there 
has been no reconversion.. • 

.There is talk of an imminent 
shipbuilding rescue plan. M- 
Robert -Boutin, Labour Minis- 
ter, skid In Normandy the other 
day that' a .** safeguard ” plait 
on The:. lines of -'j the Govern- 
-'mentis measures for the steer 
{- •industry' was. in preparation. 

This would mean' reorganising , 

the five, .or so. makers of big 
r'shfps-^all to. trouble— into per- 
hapk two- iretips, : and - it is 
P_resunied that La.Ciptat would 
conie udder Empam-Scbn elder’s 
big Fxance-Dunkerque yard^!: 
taking. In the- other bia Medi- > 

. terranean. company, CNfM of**-. 

La Seyne. ' 



REP 

SEYC: 



The owners, Iatra Investment 
Company, formerly Interbank, 


?ni}\ 



fruitless negotiations over 1072-81. 


S L heria ^ or J^nese without a Soviet-Jaoaneve^peace agreements on large-scale joint between 1970 and 1975, agreed to take on 


r s s°ni^o 0 6 r cins and sssf like ,h “ e ^ S ^^“‘sss 17 * K i r d ikS!K? PJSfSiRKr 

The roost important joint islands, there is no political basis So far, however, the history of S3.1bn— more than twice the jecis will be an indication of the I® 0** °f the background 

Siberian development project for such close cooperation and. Soviet Japanese efforts to agree value of all existing Siberian The current state of the future . of Soviet- Japanese t0 ^ Soviet-Japanese attempt tg 
which could materialise soon is as a result, contracts must now on joint projects has been projects— and would have sup- Japanese market for raw co '°P e ration as a whole. work 1 ' together in developing 

cooperation in South Yakutia gas be evaluated for Japanese characterised by success in plied Japan with. 10 per cent materials, however, is not so The atmosphere around the ^be^.fBaPPropriateagendi 

field exploration, the transport Export-Import Bank financing on moderate-sized undertakings but of tts annual oil requirements, favourable For tbe purposes of South Yakutia project imnmvort lteav mifeht hav t heeQ * solution 

of the gas by pipeline to a Pacific a case by^ase biwis. failure to , agree on the traly The plan would have required Siberian co-operation. There markedly with the confirmation ,*??-' ter 5 lt0 J Ial an: 

port its liquefaction, and car- In the last 10 years, there major projects, which m tying Japan to advance credits to have been difficulties absorbing of almost LOOOhu cubic metrS tiiclusloh which would have been 

nage by ship to Japan and the have been seven SnviPt-JaD2ne.se the two economies together, raise finance technological assistance timber and coal supplies from of natural °as reserves and tS ont 01 * U i lo « lcaK Th6 - 
U.S Siberian development projects a variety of political considers and purchase of 48-inch-dUuneter the Soviet Union. Any future advantages ot ihe project imv °^ a SovwfcJapaneser 

The total cost to Japanese with a total value of si. 4bn. The tions. e . u . PW for the construction of a large-scale cooperation • S bring thiMdaf^SSnS V**'*"** ' ** 

les which would Soviets would like more. The two initial Siberian pro- 7.000-km pipeline from the Siberian .urtw™ -betiwii 


ormeny mternaoK,.. „ 

which holds 7 91 per cent of the. 1 7 k { 

stock, have already declared. " 

’ their wnKngiress . to sell. 

Backed by funds, from Kuwait,. « r }in 
•• Qatar ahd Lebanon. Tntra has 
cnntrihnted • fn-. two cariital ' 


••ii! 


and U.S. companies 


_ . tu-i/iiemnon in uneraiuru -agreement ■ moni.,. 

.riPehne from the Sibenan asbestos exploitation between the' Soviet Union the faUl ?j£. 5* *' • -£- JP 0 ® 1 - 

— 3 - v, COoperdhon . P™ ,ects ieets ' were lhe 19 ! s A 5 ur T >u m en oilfields l0 the port of could easilv fl 00 d the market U.S. and Japan ’ standizig^ispute, may make large 

. and require ihe agreement of both timber agreement under which Nakhodka, with deliveries to and the Jananese aro Z’ !!, . scale^Sovlet-Japaijese .coopera- 

large-diameter pipe has been governments and usually provide Japan supplied S130m in mach- Japan set at 25m tonnes of oil interested at nn*Jnt u • Th ® same problem, of arrang- tion : ui Siberian -development, 

estimated at $4bn, divided evenIyfWajjjMSld&#Bt-I m POrt Bank inery and' $30m'ln consumer a year. operating 'in evnioiffn^ He ' n ^ r three-way co-operation may despite. Its obvious. Advantages, 

aw “» in e ^PiOHation of the be faced again -if the Sakhalin' oil ^rohtematfcal Tor-many ^years. ' • 


equipment, compressors 


c W*M 




Increases, made- cash .advances 

■ and arranged' five - Kuwaiti ■ 
orders,- But given the fate of 
its other : main investrnents— 

■ Middle East Aidibes, the port;, 
of Beirut andJtS casino— In tf* ' 

. obviously , wants out while Jt-. 

■ ean. - 

This prospect only adds to 
the uncertainty’ at; La -Piotat- 
' The police ..are.. reported .to , - 
have prepared a- -2.00Qjnan .. 
manoeuvre 'In-.- the case of the . 
■shipyards being . occupied, an :*■ 
• ■-operation'., dubbed ■ Land-Sea 
1 : With CRS riot squads attacking 
the docks, front all approaches. . 
To^Udge-% the' spectacle of 






" ; *»7 



tw<Mbx.'.Ttsu£. ntsMlahefl 'Safls 
Sundays' am*. Hobdays. ILS. suteertortoa- J 4 A 1 
OJ3.® -Ian cmsiui K«Si0fl tair-nuou - 


despite, its obvious^ Advantages, w 

probtemanc^ xor-inany: years, Jscy- Yo*^. jiiV..- ^ ■*» 










I; 







Financial Times Friday October 27 197S 



3 




Bethlehem plea to Carter 
on steel industry problems 


BY STEWART FLEMING 


NEW YORK, Ocl 26. 


fX 


sfrj 

K * 3 


Kt 


n 


v *j 


,L 

ut 




III) 


PLEA that President Carter Such moves, he said, would only Administration ran inllui-nce the 
■ ~eeoynisi? the special problems compound our intiution-reluicd How of impuri.s into the vountrv 
it ihe U.S.M cel industry in en- problems not alleviate them. and the price at which rliev 
n rcing the new price controls Although flic steel industry enter, and thus the pricing 
iroposed in the nnti-inllmion ha-. liecn reporting a sharp levels of the domestic industrv. 
lropramme came today Troin Mr. recovery in profits through the Un" the other hand, the indus- 
Toy. president nf second and Third qnarler oF this try may well he hoping to make 
3cthlchein Meet. the nation s year, partly un the- back of price a casefor special treatment on 
;econd largest steel prodneer. increases over the past 12 the grounds of the hfc-h 
in a telegram tu the President, months nf IS-'JO per cent, share environmental costs it faces and 

Hr. roy, who is also the head analysts, such as Mr. Charles th* costs of recent wage settle- 

• >£ the industry's principal trade Bradford of Merrill Lynch, have uients. 
issociatiim. pointedly refrained suggested lhat the industry's ' Separately. Mr. William Miller. 

rom committing his company to profits cuuld come under pres- chairman of the Federal Reserve 
.‘ollow the stnetiy interpreted sure next year if jt is forced iu Roard lent his support to the 
: uide line-. follow itrictiy the ucw guide- Administration’s programme in 

Instead, he expressed the hope lines. a speech last night. HP described 

hat when the details of thfc pro- This is l»*cau>e its average the programme as *’ balanced, 
iramnip unfold “it will he price increases m 1976 and 1977. convened and sustained ” 
lexible enough to recognise Ihe Ihe base for thi- Administration's Mr. Miller said that IT Lib'iir 
.pecial problems of a company policy, were around eight per ami business will support il "it 
;uch as ours which has low profit- vent, thus its 1H79 price increases gives us running room to eradi- 
ibility, high capital require- should not rise above 7J per cate inflation.” 

nenN. heavy environmental ex- cent under the policy. Costs. On ihe Fed’s rule in the infla- 

icndi lures and damage from however, could rise ten, per cent lion fight. Mr. Miller said: “1 
mports that arc huing dumped and it is possible that sales want to assure yuu the Federal 
nln this country by foreign steel volumes might not be as strong Reserve . will use its full 
nabors.*' next year a& they have been in resources to use a prudent role 

Mr. Kov was also outspokenly 197S. in (Irving up inflation.” 

riTic.il of the Administration’s The industry has to he " We must take the necessary 
•Ians to try and enforce the new especially. concerned about medivin» to cure the disease now 
nllaiion plan through ‘'policies (Internment's ability to put to avoid worse maladies later.” 
hat would tighten govern men! ore.-sure on it since, under ihe He held out little hope that 
emulations, and relax the Treasury’s trigger price system interest rates would start going 
nforcemcni of our import laws.” designed to control imports, ihe down soon. 


Interest rates continue to rise 


BY JOHN WYLES 


\TTH INTEREST rates eon- Henry Kaufman 


NEW YORK, Oct. 26. 
oF- Salomon treuicly narrow spreads prevail- 



, per 

markets arc steeling themselves vell .^ut Sfi-Tahu lit securities on the three issues. If these 
or record yields at Treasury i«j redeem S4.6bn in outstanding materialise, then the yield on 
uarlerly refinancing auctions issue-, and to raise §2.l5bn in the long-term bond would exceed 
lafod for next week now cash. On Tuesday w ill the previous record for a 30-year 

.. . . . . lit; an auction of S2.5bn of oIili'.Miinn uf S63 per cent set 

Although the sue of the t j ir ee-and-a-hair v*?ar notes in 1074. 

reasury s borrowing requiie- ma t l!r j n5 nM May 5. :1BS2. On After next week’s auction the 
tonl ror the Oclober-Dect-muer Wednesday 32.51m will I*? out- Treasury will still need to raise 
miner. *11 bn. fs unlikely to put ,j onet j D j io-year notes maturing S5.4im uf new money whivh Mr. 
ndim additional pressure- un November 15. 1968. /BPd on Anthony Solomon. Treasury 

thought yester- 
great prob- 

.. iv.-vm»ci ,v. wimo. - «. this might be 

au monuix. The aU ctjnnsare expected to sought from the credit markets. 

Strong credit demand coupled conform to the current inverted for the Treasury will probably 
ith the Federal Reserve Board’s yield curve on '• Treasury continue lu sell non-inarketable 
" jpeated boosting of short-term securities, which means that the obligations to foreisn central 
tie rest rates has established shorter term obligations will banks which have been soaking 
ii$ momentum, which brought a yield more than the longer, up a lot of dollars in a bid to 
•recast yesterday from Mr. They will also reflect the ex- defend the ailing U.S. currenw 


Conservative Republicans face 
challenge in the South 


THE CAEOLINAS are a key 
target Tor the Democrats this 
year. Two conservative Repub- 
lican senators the majority parry 
would dearly like to see defeated 
next month are Senator Strom 
Thurmond or South Carolina and 
Senator Jesse Helms of North 
Carolina. President Jimmy 
Carter has taken pit-cions time 
ulf to make two campaign trips 
for Mr. Helm's opponent, and it 

was Mr. Walter Mondale, the community. and even the spending on anything but lest the I960 
Vice-President, who persuaded Senators opponents reckon be defence-, tobacco crop support primaries. For 


BY DAVID BUCHAN RECENTLY IN THE CAROUNAS 


in the Senate for lifting trade 
sanctions on Rhodesia— a move 
that would allow- Rhodesian 
tobacco, freely into the U.S. The 
way the Senator explains it. 

sanctions bate forced Rhodesia 
to sell its tobacco at reduced 
prices. thereby indirectly 

depressing American tobacco 
prices. Lifting sanctions would 
end this cut-price competition. 
.. i he says, but not all North 

presidential Carolinans believe him. 
the moment. 



a fifth six-year Senate term taken a gamble in running 
The Southern “old guard” in the Senator, who eveu 

the Senate is fast disappearing. Ihe Ravenul polls put some 14 
Senator James Eastland ot P° ints ahead in mid-October, this 
Mississippi retires this year, and T ear - 

Senator John McClellan of Mr- Ravenal could have had 
Arkansas and Senator James the Governorship of South Caro 
Allan nf Alabama have died lina-i— considered a virtual watk- 
wiihin the past year. The 75- over for the Democratic nominee 
year-old Strom Thurmond is of — almost for the asking, 
their generation and ilk. though In 1974 Mr. Ravenal, who had 
in a sense more remarkable than returned to the slate after soul, 
all of them. .-even years as a successful W'jl 

lie has run on almost every Street banker, won the Demo- 
ticket imaginable: In 194S as a cratic. primary for governor, only 
Dixiecrat” for President h> have the near certainty of vi«. 
supporting slates' rights and tor? in the general election 
opposing racial de-segregation, in snatched away when the slate 
1954 as a Democrat elected to the courts ruled that he had not 
Senate, and then erus&Lnc the spent long enough in the state 
Senate floor 10 years later io the to qualify. 

Republican Party. In the process. Mr. Thurmond's age is not a 
Mr. Thurmond has become some- direct issue in the campaign. His 
thing of a national and state mania fur physical fitness, to- 
insntuiion, a living legend to gether with the fact that he has 
supporters and enemies alike. a wife half his age and four 
A canny practitioner of old- children under 10, prevent l 
style Southern campaigning, from becoming blatantly so. Ann 
which fur the most part eschews indeed, many Southerners still 
anything as vulgar as ideological have some veneration for age 
issues and appeals to voters as and experience. But 40-year-old 
friends and neighbours, he has Mr. Ravenal stresses that South 


tion policy in knots on occasions Heims as the “ six million 

dollar man.” and criticises the 


in 
textile, 
apparel 





B ° th ' ««« of Vapid,y 

£o S e «;■« - don t need a third J'lJ! I appareml, 

senator.” Mr. Helms' staff deny r tVI l i?!,*? *512 s 5» 7en 

these campaign contributions Con r 


these campaign contributions " ,“1, K . , 1? . 

put the Senator in the pocket & r "? m „ en J e c d bySeoalor Ernest 
of any one lobby group. Mr. Pollings of _South Carolina, have 


group. 

Ingrain, by contrast, has run as 
a populist and a man who as 
stale insurance commissioner 
has tried, with little success, to 
keep premiums down. 

Because of his surprise victory- 
in a bitterly contested Demo- 


succeeded in getting Congress 
to pass an amendment prevent- 
ing the Administration from 
nesntiaiing any textile tariff cuts 
in ihe current GATT trade talks 
in Geneva. 

Mr. Robert Strauss the U.S. 


Republican Senator 
Thurmond 


Strom 


cralic primary election. Mr. trade negotiator, is adamantly 
Ingram has found it bard to opposed to this move, arguing 
tap traditional party sources of that it could lead the European 
money. With less than $250,000 Community to refuse any tariff 
to spend oti the whole campaign, concessions on U.S. farm pro- 
be has tried to make his rela- ducts including tobacco. Thus, 
tive penury a virtue, refusing the two tuhacco exporting states 
any out-of-state contributions would he cutting off their noses 
and criticising those flooding in to spite their faces. Carolinians, 
to Mr. Helms. Nevertheless, in however, regard this argument 
a slate in which three-quarters as Administration easuisirv and 
of registered voters are nominal the European threat as bluff. 
Democrats, the race will be Qm jun-h are ihe overall stakes 
««“■ „ . in smoothing the outcome of the 

Mr. Helms portrays himself as GATT negotiations that Mr. 
the embattled conservative at C arler is likely to kill the 
the top of ihe Vi hue House and amendment. It is attached to 


trade union “hit lists.’ 


Mr. 


an unimportant hill on silver 


Merest fates, it is equally un- -phursdav a 30- v ear bond sale Under-Secretary, ihot 
kely to provide much relief tD j a j|| ns ' si 75 hn maturing day would pose no , 
rom the rising trend ol the last jfnv«nber 15. 2008. - lem. Not all of this 

t-f't iiiAnf he _ _ _ 


carefully modified his stand ou Carolina, the economy of which 

one important issue: race. has rapidly industrialised from — the most recent instance bein_ 

Once a die-hard segregationist, a heavily agrarian base and a successful amendment to cut Carter, since His Camp David dQii ar coind-’e and * veto would 
who still holds the record for ihe gained some Slbn in direct U.S. contributions to the United diplomatic coup, is not quiie the c «*, HrMo 3 
longest filibuster speech t25 foreign investment since 1970, Nations next year. The Senator electoral liability to Democrats Workers in North and South 
hours and IS minutes against a now faces new- economic prob- regards the U.X. as a forum for that he seemed onlv a couple of Carolina are the least unionised 
civil rights bill), and who at one lems beyond the Senator’s grasp, left-wing regimes to bait the U.S- months ago. But some Adminis- j n t h e country’ (6S and 9 per 
time proclaimed “There are not Emphasising some of his Wall To trv to prove his 1972 vie- tratiun policies arc less than cent, respect! veil- or their non- 

enough troops in the army to Street experience. Mr. Ravenal torv wui no fluke. Mr. Helms has popular with Carolinans. farm workforce's!. Companies 

force Southern people in admit has detailed bis plans for a tax- raised an astonishing $6Jim to . In particular. Mr. Joseph attracted to the two states bv 
Negroes into our theatres, based incomes policy to deal with win re-election, though a large Califano. the Secretary of Health, low wages have fought bitter 
swimming pools and honies. he inflation, and carefully call- part nf this is absorbed in the Education and Welfare, has battles, notablv that between 
now has a few blacks on bis own hrated tax cuts to stimulate the cost of the direct mail soliciting angered many Carolinans by j. p. Stevens, the textile giant 
staff. In recent years he has made economy— unusual electoral fare operation he bas mourned. Never- proposing lo spend $25nt on a and the Textile Workers Union, 
a point or getting federal money for South Carolina voters theless. the gross figure is the Federal anti-smoking campaign. l0 k Pep it that way. So endorse- 

for hiack-run college* and towns Mr. Helms is conservative and largest in any single campaign Anything that weans Americans mem by organised labour is a 
in his suite, ami thh s»ummcr Southern, hut of a different and this year, and perhaps ever. He from the weed hurts North verv mixed blessing for hoth Mr- 
voted to give the overwhelmingly newer stamp. Elected in 1972 — claims That some 270.000 people Carolina, whose tobacco and Ravenal 3nd Mr. Ingram, 
black district of Columbia its own a year uf sweeping Republican throughout the country have cigarette industries are the The latter pointedly returned 
senators and representatives, success in North Carolina — he is chipped in (o help him with biggest in the country, while a contribution from the national 
„ Blacks make up a quarter of more the modern ideologue. A contributions averaging $23 a South Carolina ranks third be- AFL-CIO labour federation. Only 
South Carolina's registered thnrn in the administration's head. The breadth of this hind Kentucky in tobacco grow- Mr. Ravenal lias ventured to 
voters. In 1972 Mr- Thurmnnd side. Mr. Heims has earned the support from hard-core conserva- ins. offer mild sunport for the Labour 

won 8 per cent of the black vote, label of “Senator No” from his rives outside his own state would Even Mr. Helms has had to Reform Bill which was fili- 

He has spent six years trying to opponents, because of his con- seem to indicate potential sup- watcb his step here. He bas bustered to death in the Senate 
mend his fences with the black sistent votes against federal port, if Mr. Helms chose to con- been one of the driving forces this year. 


Canadian mail 


BY DAVID MACKJE 


OTTAWA Oct. 26. 


CANADIAN postal clerks 3nd Mr. Parrot and other union Th e union did noi consider the 
iorlers returned *, 0 their jobs leaders were charged on Wedncs- Government was bitifiing when il 
tadav ending a nlne-dav illegal da >' wi,h violating lerisialipn. warned worker* rhev would be 
strik ' .. . passed j week .ago, ordering |he fired, he added. 

Th« L-cUr-i str Ji? ers 10 returo 10 worK - • Mr - pjrro1 anri r «ur niher 

• The r ederal Government had ^ Government has also cun- members of the union’s national 

warned tne 23.000 striking mem- firmed it is investigating the executive were charged with 
aers or the Canadian Union of CUPW to determine ir- there is violating last week’s back-ro- 
5 0 >laJ Workers tCUPYV) i hey Communist involvement in the. work legislation bv continuing 
voidrj be fired ir they did not union. to encourage workers to remain 

eturn to work today. Mr. Parrot told reporters: “We on strike. 

The order lo, return and to recommended all members of the Justice Minister utlu Lan 
isiuamle the picket lines "'as union to return fo work. The announced on Wednesday the 
med lau? un Wednesday by Mr, Govern menu a Tier depriving Ihe charges were laid under a section 
ilaude ParroL t he CUPW presi- workers of the right to nego- of the Criminal Code prohibiting 
eni. shortly after police raided tiatc and to slnke. have now defiance of an Act of 
nion headquarters here and deprived them of their right to Parliament. The charges carry 
egionul offices across the defend themselves . . . we -have u maximum penalty nf two years 
ounlry, confiscating documents no other choice.” in jail. 


Yamani in Venezuela for oil price talks 


CARACAS, Oct. 26. 


HE Saudi Oil Minister, Sheik Energy Minister, Sr. Valentin 
United Zaki Yamani, has arrived Hernandez, and other senior 
n Venezuela lo meet President government officials, 
larlos Andres Perez, and to hofd Sheikh Yainani arrived yester- 
alks with the Venezuelan day for a two-day visit and is 


A FINANCIAL TIMES SURVEY 



REPUBLIC 

SEYCHELLES 


NOVEMBER 11 1978 

The Financial Times proposes to publish 
a Survey on Republic Seychelles on Satur- 
day, November 11 1978. 

The articles will discuss the island's 
general economic situation, and the 
future of the main industries. 


Tourism forms a major part of the economy 
and this subject will have special attention 
both from the view point of the tourist and 
the potential investor. 


For further information on tlie editorial 
content and the advertising rates please 
contact: 


Nicholas Whitehead 
Financial Times. Bracken House 
10 Cannon Street. London EC41* 4BY 
(Tel: 01-248 8000 Ext. 71 J2) 


FINANCIAL TIMES 

EUROPE’S BUSINESS NEWSPAPER 


The content and publication dates of Surveys in 
the. Financial Thues.are subject to change at the 
discretion of the Editor. • 


staying at the presidential guest- 
house. according to newspaper 
reports. The visit was not 
announced ahead of time. Sheikh 
Yamani. a key figure within the 
Organisation of Petroleum 
Exporting Countries lOPECj, is 
expected to discuss oil prices. 
The cartel is scheduled to meet 

10 December to consider a price 
increase. ' 

The newspaper El Universal 
quoted a high ranking govern 
ment official as saving that 
Venezuela was pushing for a 
price increase of 10 per cent. 
According to news reports of 
past weeks, Saudi Arabia wants 
to hold the increase to 5 per 
cent. 

The newspaper report gave no 
other details. The 10 per cent 
figure has already been men- 
tioned by Venezuelan sources. 

Mr. Ali Jaidab, the OPEC 
secretary-general, is currently on 
a tour of Gulf stales to discuss 

011 prices. 

Agencies 


U.S. COMPANY NEWS 


Currency losses hit Texaco 
earnings: Progress at Stan- 
dard Banks; Agache WHIot 
buys stake in Korvettes — 
Page.23 



europcar 


To rent a. car in London: 
Bristol. Southampton. 
Manchester, Glasgow. 
Edinburgh, Birmingham, 
Gatwick. Heathrow. 
Brighton. ; 


01-848 3031 


Or your travel agent. 



Demand for your product is always good news 
until your distribution lets you down. Then you 
lose sales and probably that -hard-earned shelf 
space too. 


Whafs more, we’ve the close appreciation of 
local needs and the nation-wide resources (over 
150 branches) to ensure the right help with any 
transport problem. 


Sometimes, such things only happen in certain 
areas or at certain times of the yean But once is too 
often. 


It can be anything from a one-day, one-truck 
rental ... to a total distribution service. 


If your distribution givesyou problems, 
Superbriz (BRS for short) can help. 

We already operate national and regional 
distribution schemes for a wide range pf industries 
- all with varying service requirements. 


We see ourselves as transport problem solvers, 
finding solutions that fit individual situations. 


British Road Services Limited 

| - just say “Superbriz" 





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J 








Rnancid Times Fri^ ; 0§fel^27 i9T8- 


OVERSEAS NEWS J 


WORLD TRADE NEWS 


Israel plans immediate expansion Japanese 
of settlements in West Bank downed 


more on 


w 

it! p 


BY DAVID LENNON 


TEL AVlV, Oct. 26. 


TOKYO, Oct 26. 


BY LORNE BARLING 


ISRAEL PLANS to start work 
immediately on moving 
thousands of Jews into settle- 
ments on the occupied West 
-Bank and Golan. Heights, it was 
revealed today. 

The Government decided yes- 
terday to allocate I£300m (about 
f9m) for the expansion of exist- 
ing settlements as a demonstra- 
tion of Israel's intention to re- 
tain control of at (cast part of 
these occupied territories, despite 
its impact on the current peace 
negotiations. 

• Mr. Moshc Dayan, the Foreign 
Minister, said this moroin? be- 
fore his departure for the 
Washington peace talks with 
Egypt that it was Israeli risht 
to 1 expand the settlements even 
if -this made the peace negotia- 
tions more difficult. 

He also said that the amend- 
ments; sought hy the two coun- 
tries to the draft peace treaty 
would necessitate a complete re- 
examination of the linkage be- 


tween the EgypMsrae! pact and 
the negotiations on the future of 
the West Bank and Gaza Strip. 
Israel wants the link loosened, 
while Egypt wants it tightened. 

It emerged today that the 
decision to expand . the settle- 
ments. despite the negative 
effect this is likely to -have on 
the peace process, was a key 
element in convincing some 
ministers to approve tiie draft 
peace treaty with Egypt at 
yesterday’s Cabinet session. 

Mr. Shimon Peres, leader of 
the opposition Labour Party, 
today welcomed the Govern- 
ment’s decision. He said that 
while sceptical shout Govern- 
ment pronouncements. he 
believed that Israel should ex- 
pand the settlements. 

Israel a creed at the Camo 
David summit la«t month to 
freeze the construction of new 
settlements in the occupied 
territories while the peace nego- 
tiations are in progress. There 


is a dispute between Israel and 
tbe U.S. whether this refers only 
to the three-month- period of 
negotiations with Egypt, as 
Israel claims, or the five-year 
negotiation period with the 
Jordanians and Palestinians. 

In any event, Israel maintained 
that the freeze applied only to 
the creation of new settlements, 
but permitted the expansion of 
existing Jewish' villages in the 
occupied territories. 

The plan approved yesterday 
mils for Increasing the number 
of Jews living on the Golan 
Heights from the current 4,000 
to 10.000. 

Work will start immediately 
on the construction of permanent 
villages for a number of settle- 
ments currently located on tem- 
porary sites. In addition, a new 
water reservoir will be built to 
supply the settlements. 

On the West Bank, where 
Israel has proposed granting 
limited local autonomy to the 


700.000 Palestinians, tbe expan- 
sion plan is divided into two 
sections. 

In the occupied section of the 
Jordan Valley the plan is to 
add 15 homes and farms to each 
of the 17 settlements built there 
ance the 1967 War. The plan also 
calls for the creation of local 
industries in the region to pro- 
vide additional employment for 
the settlers. On the rest of the 
West Bank, the expansion drive 
will be concentrated on three 
Jewish urban settlements cur- 
rently under construction. 

In addition, work .will start in 
the coming days on the paving 
of East-West roads linking the 
new settlements with the Israeli 
coastal plain. Officials in the 
Settlement Department of tbe 
Jewish Agency and the Housing 
Ministry are confident that at tbe 
end of the three-month freeze, 
work will also start "on planned 
new settlements. 


Local police Lebanon restricts guerrillas 


FOREIGN ORDERS for 
Japanese ships fell to their 
lowest level for 15 years 
during the first half of the 
current financial year, tbe 
Transport Ministry announced. 

Daring the six months from' 
last April, foreign owners 
ordered only 761,000 gross tons 
compared with 2.45m gross 
tons in the same period last 
year— a drop of 69 per cent. 

The Ministry said major 
factors behind the slump in 
what used to be a cornerstone 
on Japan's economic success 
included increased competi- 
tion from countries snch as 
Yugoslavia and South Korea 
and the yen’s appreciation 
against the dollar. 

The total backlog of foreign 
and domestic orders at 
Japanese yards had fallen 
to 5 -87m gross tons' by the 
end of September, compared 
with 10.29m tons a year 
previously. * 


! PROMOTIONAL ACTIVITIES by 
1 British companies in Europe -are 
; f allin g badly behind when com- 
[pared with the increasing in- 
roads made by Continental 
[countries in the UK, a British 
i Overseas Trade Board confer- 
I enee in London was told yester- 
i day. 

[ Sir Frederick Catherwood, 
i chairman of the board, pointed 
| out that British companies spend 
; four times as much on advertis- 
ing in the UK as their French 
counterparts do in France, and 
suggested that a small switch in 
expenditure could make a coa- 
i siderabie impact. 

1 a It is essential that we accept 
| Europe as part of our home 
market We still have a colossal 
trade imbalance with these' 
countries and we must realise 
that promotion is important,” 
be said. 

He pointed out that more than, 
half Britain's - exports of mahu^ 


factored goods f “ 0V L*? ^ad 

Sen P no ^real* breakthrough in 
market U was essential 
for UK companies to promote 
-their' image abroad, in conjunc- 
thto^th the normal require- 
mehtsjof 1 reliable delivery tunes 

a ^r SerV Geor^e Clare, group 
director of Axel Springer VerlaK, 
the West German publishing 
CTouD' Mid that advertising ex- 
Stufe bv West German com. 
Dailies in UK media ? ad in ' 
creased by 1 H per cent between 
1975 and 1977. while British 
advertising expenditure m Ger- 
many had declined by about 

* ^And°if one cou b* naonitor 
below tbe line promotional ex- 
penditure as one can advertising 
then the picture would most 
likely be the same. w he said: 

Mr Clare said he believed 
Government sponsored . pro- 
motion and advertising was 


needed -tOr. get Across a . more 
positive 'picture - of British 
industry- which had "an . un- 
deservedly - - -bad ' > reputation 
abroad.', .m’. ':' • r . . . 

“Corporate ;ptompti<M_©n*he 
country’s behalf , wffl create tit-, 
vestment in i2je .UK, miffe jobs 
and conscience -.in the ; prwtoets- 
and serviced Britain wante. to* 
■ell." ' he darned.; 

Sir NTchnlas-^endeEsdiL. British 
Ambassador hr Faria; said.it was 
expected; that - UK-^exports to 
France ; would -reach; fSbnj next - 
yea r. compared wit&only ,£500m. 
in 1975 and suggested that nils ' 
performance _w«tid _‘/outslrip 
major competitors^ / V- 

But thew-. Weise stillVdoubts 
about the performance of British 
industry, satin twsuisrof quality, 
but on tbe/abC^-^deSver. 
Moreover, Preskvadwtrising-by 
West German companies “in 
France far - exceeded that of 
British concerns / ? - ' -y . 


chief shot 


BY IHSAN H1JAZI 


BEIRUT, Oct 26. 


Last July the Government j 
recommended that Japanese I 
shipbuilding capacity be cut 
by 35 per cent because or the 
worldwide slump in demand. 
Renter 


Mitsubishi to build in Europe ? 


BY CHARLES BATCHELOR 


AMSTERDAM, Oct 26. 


JTHE LEBANESE Government mandos to be stationed in the Roger Matthews adds from 
: has initiated moves to restrict Nabatiyah enclave. Guerrilla Cairo: The Arab League today 
iihe Palestinian guerrilla leaders were reported to have extended for another six mo nth# 
; presence here and balance off pointed out they could not the mandate of the peaee- 
I plans for disarming the private evacuate the territory without keeping forces in Lebanon, but 
Lebanese Christian and Moslem having to return to al-Arqoub in without the support of Egypt, 
militias. defiance of the UN presence The Egyptian Ambassador to the 

An a Jl-em bracing government there. League, Mr. Tafcsin Bashir, later 


Matthews 


in Iran 


• By Andrew Whitley 


TEHRAN. Oct. 26. 

/ IN AN ominous new I wist lo 
the continuing violence in 
Iran, the police chief in the 
southern (own of Jahrom lias 
been assassinated. The local 
martial law commander was 
also wounded, when a sniper — 
thought to be a soldier — 
opened fire on the two men 
as they were returning from 
public ceremonies lo mark tbe 
Shah's birthday. 

According to ihc official 
news agency. Pars, the un- 
identified assailant . escaped 
after killing Col. Tasaodi and 
wounding Gen. Ahmad Nadiar. 
A separate version of the in- 
cident, in ihv afternoon news- 
paper Ettelaat. is that the two 
men were fired on from a pass- 
ing car. 

On Tuesday several army 
officers were wounded in Qom 
when rioters opened fire on 
troops aiterapting lo contain 
l he trouble. A home-made 
bomb was also thrown at an 
army vehicle. 

With the country’s main 
religious leaders having vir- 
tually withdrawn from the 
leading role they used to play 
in the mass opposition to the 
regime, sections of the Oppo- 
sition forces have become 
increasingly militant. Attacks 
on foreign targets, especially 
in the city of Isfahan with its 
large U.S. military population, 
have become more frequent, 
though it certainly does not 
amount to a concerted 
campaign. 

First reports say there were 
demonstrations and violent 
clashes in at least five cities 
today. Tehran itself was quiet, 
with the university campuses 
—the scenes of mass demon- 
strations over the past week — 
deserted. Several small demon- 
strations against the Shah and 
in support of the exiled 
religious leader. Ayatullah 
Khomeini, took place, but 
there were no reports of 
casualties. 

The opopsition stronghold of 
Qom was once again today's 
worst affected city. As 
thousands took to the streets 
to demonstrate and do battle 
with the army, all shops closed 
down. Other trouble, spots are 
reported to have been Rasht, 
where rioters attacked the 
Governor General's bouse, and 1 
Rezaiyeh, near the Iraqi and 
Turkish borders. . 

Although the early reports 
may be incomplete, today's i 
trouble appears to have been 
less widespread thau yesterday, 
when altogether 13 cities were 
affected. It might have been 
expected to be more intense in 
the light of the Shah's birth- 
day today and tbe reaffirmation 
by Ayatullah Khomeini of his 
total opposition to any form 
of compromise wilh the 
regime. Tbe Ayatullah’s call 
for a war of attrition to bring 
down the Shah has ben 
greeted here with forbodlng. 


I militias. defiance of the UN presence The Egyptian Ambassador to the 

I An ail-embraciag government there. League, Mr. Tafcsin Bashir, later 

! blueprint issued yesterday to • Bahrain. Qatar and the United issued a statement warning that 
(solve the four-y ear-old Lebanese Arab Emirates slightly revalued although Egypt had abstained on 
; crisiF insisted thr guerrillas must their currencies against the this ocassion, it would in future 
! hand over their heavy weapons dollar yesterday following a oppose a renewal of the man- 


to the Arab peace-keeping force similar move by Saudi - Arabia..-<date. 


oppose a renewal of the man- 


Sycia 'provides arodhd 30.000 


land withdraw from civilian dis- The three Gulf states set the 1 Syria provides arodrid 30.000 
jtricts. The command of the dollar's official selling price 'at troops for the Arab deterrent 
j Syrian-dominated peace force 0.384 for the Bahrain dinar and force in Lebanon with token 
! was given two weeks in which 3.S4 for the Qatar riyal and the forces being contributed by 
'to submit its own plan of action UAE dirham. Saudi Arabia and the Sudan. 


forces being contributed by 
Saudi Arabia and the Sudan. 


ito enforce the new measures. 

The Government scheme pro- 
I viried for removal nf Lehanese IT 

i militiamen from public places 
| and raking away their weapons 
. if they carry them on the streets. g- 

[Christian loaders have made it 
-clear they will not co-operate THE 


India stops gold auctions 


■ MITSUBISHI IS expected to Kinosbita. managing director of The . JterhdarsvOf; Rotterdam 

W. German rail ; SSnbtiS ^HoEid Belgium would be to a large ewrtinenSriS^ 

, rr; p 8 “. the most logical choice for ao The costs of shipping completed 

frmcrlit rofac vehicles in Europe, according to a Jem bl v plant since Mitsubishi trucks from .the UK. to. the Con- 

irt-igJLIl ldlG3 [tile company’s Dutch importer. hB3 bu |f t lip a sales network in tinent nu&es Britain ao unlikely 

m 1 Holland and Belgium are -the those two countries. Mr. Karl choice for an assembly plant 

tfk incrpasp most Likely countries -for an said. Sales of 3.5 to 5 tonne Mitsubishi -would, probably 

aw mwivaov assembly* plant trucks began in August, 1977 start asserablhig- -tracks • in :the 

By Adrian Dicks Mitsubishi is convinced it after three years preparation, 7.5 to 13 ;m one range to Europe. 

cannot continue imparting trucks and deliveries have now topped But it is unlikely: it would hegin -: 

Oct 26. into Europe because of high loo in Holland with slightly -operations brfdre the second half -- 

THE DEUTSCHE Bundeshahn, import tariffs and transport costs, fewer in Belgium. It is' also of : 188ft at the earliest and this 

West Germany’s loss-making ] according to Mr. Arthur Karl, preparing to sell in Switzerland, would. depend oa whether jthe- 
Federal Railways network, has [managing director of the' im- Transport costs become a imported trucks rare completely 
announced that fares will go i porter. Han Nibbrig En Greeve. major factor when large vehicles or obly semi^notked-dowii. -V T 
up about 3 per cent and But Mitsubishi Nederidnd are shipped from Japan, while. Hart Nibbrig, expects sate of-. 1 
freight charges by an average \ would not confirm any knowledge import levies of 2.2 per cent on Mitsubishi cars - to reach ICyjOD 
of 2 per cent next year. |or the plans. “I am surprised ^trucks are also a disincentive. Mir. this- year compared, with 13,506 - 
At the same time, the ! to hear such a rumour," Mr. K_' Karl said. -.'in. 18(77, . 


■i.if U 


By Adrian Dicks 


Oct 26. 

THE DEUTSCHE Bundeshahn, 


BY K. K. SHARMA 


NEW DELHI, Oct. 26. 


INDl’AN Cabinet ..today and the -differential between the 


unless the Palestinians are dls- directed the Reserve Bank to international a 

j ""president Elias SarKi, -« "“S' "° f ? J? 
last night with. Mr. Abu lyad. the ^ roin the Governments non- hudgetarj’ deficit 


domestic 


up about 3 per cent and 
freight charges by an average 
of 2 per cent next year. 

At the same time, the 
management has forecast that 
net new borrowing in 1978-79 
will amount to some DAI l.lbn, 
compared to DAUObn in the 
three years 1975-77. 

There is likely to be little 


French car registrations improve 


PAMS, Oct 26. 


command 


the monetary slocks until it reviews 


auctions proved partly 


snerrilla movement, to discuss its policy on gold sales. Fourteen successful but towards the end 


the matter. auctions involving the sale nf of -September, when instability 

Guerrilla leaders have pro- about 13 tons of gold have been prevailed in the international 

mised to cooperate, but were held by the -Reserve Bank since bullion markets, prices in India 

reported to be reluctant to with- Mav 1978 fluctuated and gave rise to 


reduction If the accumulated BY ROBERT MAUTHNER PARIS. Oct 26. " 

debt of some DM 30bn. While I ' ^ 

the Transport Minister, Herr i FRENCH CAR production and period, were down by .5.4 per than six tonnes.' - -While prodac-^ ’ 

Kurt Gscheidle, warned in an [new registrations, which were cent from the same period last tioa continues at the same, de-^ ' 

interview last week that an ‘ running at well below last year’s year, but are slowly beginning to pressed level as. last year, toe.' 

operating subsidy of DM 14bn j record levels in the early sum-: pick up. In September, they .decline in exports- in September 

would be needed next year. smer, picked up in September, were only marginally below fell to 7 -per cent from 17 -per : 


would be needed next year. 


fluctuated 


The Bundeshahn manage- [according to the latest figures those of 12 months ago: - '- cent during ihe. ^eviotisl.two 

ent is honlnir far itzeahip 1 published by the French' motor- The commercial vehicle and months, whereas ^“registrations 


commandos Gold prices in India have been speculative tendencies. 


currently stationed north of the rising steadily and reached the • Pakistan’s jailed farmer 
! Litani river in Lhe Nabatiyah S400 an ounce level 10 days ago Prime Minister. Mr. Zulfilar 


area. despite the increased availability AH Bhutto, has been served 

The guerrillas established of the metal as a result of the with notices in his death cell 
themselves there after they were auctions. Because of this, and to answer queries relating to his 
driven out of iheir bases on the also as a result of the bullish income-tax payments over the 
i slopes of Mount Herman by the tendency In the international past five years, Chris Sherwell 
Israeli invasion of the re-zion last markets, there has been consider- reports from Islamabad. In 
March. The region, known as able speculation in Indian -addition, both he and his wife, 
al-Arqoub. is currently under the- bullion markets. the Begum Nusrat Bhutto, who 

control of UN troops The Government started auo- is under bouse arrest in Islama- 

Old agreements between the tions of non-monetary gold— con- bad, have been ordered to 
Lehanese government and the sisting mainly of confiscated gold appear before the Federal Land 
Palestine Liberation Organisa- from smugglers — with the Commission when it sits at the 
tion do not permit the com- objective of reducing smuggling end of the month: 


meat is hoping for sizeable 
increases in revenues next year 
as a result of the price 
increases. 


pnohsoed oy tne French motor- The commercial vehicle and months, whereas registrations 
car manufacturers’ association. . truck market remains depressed, rase hy lL3-per q»nt , ~ .-.II- 

In the first nine months of ***** there are. nevertheless, -- New .registration*- of -cate- ^ - 


S. Africa sanctions talks at UN 


For the longer term, how- 
ever, its hopes of achieving at 
least an operating profit must 
rest on the plans now under 
study by Herr Gscheidie’s 
officials Tor separating opera- 
tions from financial respon- 
sibility for maintenance of the 
network. 

If this were done, the 
German Government feels the 
railways would be put on a 
more equal footing with lorry 
and barge traffic, and might 
then be able more effectively 
to compete with them. 


oa'-ed win rhp came rwind in uvr - uiutriaunui i 

1977 SSowtai “ sSSSntiS peripd with las * y* ar °. ot of a tot a i of ^^r#^-- u 

! jump of S x 4ut‘m S$St& Si&iL a, &S? S* T S SSL- Kew - , 

j Although production in Septmu- ®!E re i^. er - 1 ftj l fSS^LJf^SSS^SSS':' 


first nine months of this vear ^ esport5 - as much as in Bi rm ingha m , 

to n7e!r“S emi mil S cent -op a year-on^ear aou C^er^al^&ty.y 

French assembtv li Came / basis. a nd new registrations, by Fenoglio saidlhis'Si^^ I*ms. :' 
rrench assembly lines J than 10 per cent to increase. ‘TOK 

Exports, which totalled nearly Similar trends are shown by market from , 4^5 per cent to -fi. • 
Llom over the nine month the figures' for trucks of more per cent by l^3. : : i ‘ - 


BY OUR OWN CORRESPONDENT 


UNITED NATIONS, Oct 26; 


UK motor 
parts mission 
to S. Korea 


Finnish ipaper exports up I dm ^m credit 


BY LANCE KEYWORTH 


A TEAM of 25 senior execu- 
tives from 14 major UK com- 
ponent suppliers leave on 
November 3 for S. Korea 
Which is to quadruple output 
of its vehicle industry to 
400,000 units in three years. 

, Tbe Society of Motor Manu- 
facturers and Traders mission 
represents a complete range 
Of components needed to bnild 


Burma oil 
exploration 


REPRESENTATIVES of the five In the Security Council; which' December elections, but both f ^ C feTnroo 

Western states on thie Security could begin debate to-morrow but- SWAPO and tiie African stotes IVOlCd 

Council- held urgent strategy appear® more likely to defer hare told the Secretary-General. ■*»«-„ 

talks todav utt POKible wavs to until ne3rt "***• ** '"Western Dr^Xurt Waldheim, they do not ^ Peter Cartwnght 

' ia-fViran HppnnJ members will, certainly do' their believe be should return just a TEAM of 25 senior execn- 

head off ,'^ri.can demands for best to convince the sceptics that niw. Stw 14 ^ 

further -sanctions against South the South- African -Governmeht'-rs The Pretoria accords com- ponent ^uuDU^ra leavr an 
Africa, in view of the very not being as negative and fntran- mi tied the Western powers- to November 3 for S Korea 
limited: results from last week’s sigent as . the official com- recommend Mr. Ahtisaari’s w hich is to qnadrniile nut out 
ministerial ! negotiations in nnmiques make it appear. return to try to work out. with of vehicle industry to 

Pretoria. • They will also try to persuade Judge Steyn modalities . for «>o,000 units in three years. 

After denouncin'' what thev other men *? rs 1°. agree to future UN-supervised elections. The Society of Motor Manu- 

Atier aenounc . waai mey ^ return t0 Nam-fbia of Mr, The special representative was fteturers and Traders mission 
termed the so^alled com- uartti Ahtisaari, the UN special in Namibia for 17 days during represents a complete ranee 
promise” worked out by Britain, representative, for further talks August He prepared a plan for pf components needed to bnild 
the U.St France. West Germany with Judge Marthinus Steyn. the the big UN operation that was enr s tracks It will also 
and Canada with the South South African a'dminislrator- approved by the Security Goun- * e ip t 0 establish in S. Korea 

In their letter to the Council ‘ . . ‘ _ l'." British technology Is already 

president, U. Jacques Leprette C, irnr ,:i nfl/ | nnllr strongly established in S. 

of France, the Africans spoke of JSWa/j|a|lfl 20CS lO DOliS ' Korea - fading XJK com- 

South Africa’s “ defiance " of the * ponents makers, helped to 

September 29 resolution authoris- BY QUENTIN PEEL . JOHANNESBURG, OcL 26. establish the original Pony 

ins the disnatch to Namibia • Plant set up by Mr. George 

f Smith Wpst Afrirai nf a hi* THE EHIST general election in safety valve for public debate, Turnbull, former BL managing 

taoutn west Atncaj at a big s waz ji ail a since the country’s which .in recent ybars' baa director. 

UN operation to supervise and constitution was suspended by steered a difficult course between ' 

control free elections in the King Sobhuza in 1973 is to be its; ■ ideologically incorapatibli ■ 

territory. Privately, African held tomorrow. neighbours — white-ruled Soutl MIDEAST IN DUST 

delegates said they proposed to Announcement of the poll Africa and socialist Mozambique 

invoke enforcement provisions follows a long-standing promise ^ spite of the essential con "1 • 

oE chapter vn of the UN charter, b * toe King aged _ 79 and the servatism of Swaziland’s 500, OOt SQHHIC 

which deals with threats to inter- world s longest reigning monarch, population, there have beei k3^8.UUJ|)3 flj 

wnicn aeais wiui tnreais to imer t0 reyi7e Parliament and intro- signs of growing social strain! ST 

national peace and security. d uce a constitution. There were small-scale riots b 

One African ambassador went According to the order pub- students and teachers in th: 
so far as lo speak of possible lished last week, the election will main towns of Mbabane. a&p THE RECENT awsmi nt * 

UN military action. Of course, follow traditional lines. Voters Manzini last October, duringh tract f or th e C nnstn«»tion 3 nf ^ 

there is not the slightest chance will attend a series of tinkhund- teachers’ strike, and .mole cross-countrv natural 
that this could happen, if only las, or disfrict councils, to elect recentiy several members of tHe pipeline has shown 8 that ' ^ 
because of toe Western veto, an SO-member electoral college, banned South -African Pii Saudi Government has SlVrv in 


FINNISH PAPER exports picked is expected to drop to around 10 
up markedly at the end of 1977 per cent 

“ d ,/£“! “ pa °” 01 " a »* r 


HELSINKI, Oct. 26. for ^uritey 


v Turkey v«d : Ykfest Germany 
have signed^ a <redit agreement 
under whiqh tte Germ an s a re to 


r . A T! coD r paon 01 paper ssssxjrarm'S: 

deliveries (export and domestic) Weslern grew at a watd constaictlon of a/ hQidrtf- 

will probably rise this year to rat -e of 3 to 4 per cent as demand electric power jfiafrtnuni daar in 
over 3m tonnes, which is near increased but newspaper strikes Western ,Taritey- AAP-DJ ;report3 
the total for the peak year of in North America eased competi- fr °“ 

1974. . tion fn _ ^ of theThn l30m credits that West 

This cheering news was J 0 ?' Germany has-jitedged .Turkey 

announced by Finnpap, the s “ mers started replenishing their tins; year iiritoSn the; framework 
Finnish Paper Mills’ Association, st °cks. As a result mills have of the Enropean ; Consortium to 
the marketing organisation for bee ° working at about 85 per aid Turkey. , The oedit - is to be 

nil 1 fi w I _ - • . a si J- " 4 W 1 nohkv in. Tiff - 


all 18 papermaking companies in cent of capacity, compared with rep aid-to and carries 
Finland, comprising 26 mills 77 per cent in 1977. The demand 311 Interest rfie df 2 per- cent. 


lonsortmm to -fj jj-sz-i 
cedit.is to be ‘ l 
■ and carries . 

2 per-CBD^ jfjj y,, 


Swaziland goes to polls 


and 100 paper machines, and a for and supply of coated maga- ■ J ' ■■ 

total production capacity of zine paper is in balance and pro- mr' iviZ- 1 ' ' 

4 -5m tonnes. Only three of the duction capacity is fully utilised Tl COJOBT piliuQlg /,■'/ 

“®“ be 5 companies market their For all other qualities there xs Tfie ‘ Titofia -has 

products tnemselves and then spare capacity. placed 'a lOyear contract with 

°wL patt • toeir output Looking ahead to 1979, Finn- Hurriyet, the Turkish newspaper 

iT ,^rA S o c sales volume pap notes that exports should group, for printing colour . instrte 


BY QUENTIN PEEL 


JOHANNESBURG, OcL 26. 


eatnn , lu ibis, riau- nurnj’ei, wc iuuvuu uBnuK-r-* 

Rrilieb twhnninn i, f ‘“opap s sales volume pap notes that exports should group,' for printing colour' instrte 

stronSv SS ta s y ? ent ? 1977 S™ in ■>“« Times' Mwi- 

Korea. Lead Luc UK com* t7 T -7 ^. ^ nd S., va ^. ue «? y ? n world consumption which, it paper to be printed next year in 

Sms iS belied To frouelSv S ™ 4e3bn is estimated, will be nearly the Frankfurt Frankfurter: Socie- 
establlsh the orietiiaf Ponv exehani^ 01 w 36 l urre . Qt 5arne as. or in some markets tats-DruckereLTSie colour inserts; 

car plant set up by^George creased * * hv* ! is ^ smaller than, this year. Thus, will be printed it .the Hum yet 

Turnbull, fonner BL managing Januarv-Seotem be r P M7R ‘hul th“ the rate , of ^ inQisb P a P er in.Frankfurt using colour 

director. IncrpawifS^fSL but the exports, may decelerate some- printing- equipment: purchased 

increase for the year as a whole what; from Creusot-Loire of. France. 


MIDEAST INDUSTRY 


Saudis push ahead with Yanbu complex 


THE RECENT aw BY ,AMK BUCHAN ,N JEDDAH .. - 

tract for the construction 3 oT 3 ^ - “d Uth- of July, and the 450,000 tonne a Last year. Araincb- planned; the 

crosscountry natural, gas liquids and «rtr^- d «f5^ ted wet ” year ethylene based -'p^tro- , ebmpleQdn- bf't&9;NQL Hne, tbs 
pipeline has shown that the ii fv o S ‘ chemicals plant, a 50-50. joint -fractionation, plant;, wad the 

Saudi Government has every in- ursu Dally w e Shed § um Plant venture between the Saudi basic export terminal to coincide wilh 

teotion of pushins ahead with PJ^P between 270,000 and Industries Corporation fSARIC) th& - cormnlssioning of the 


1,0(1 pho 


resumes 


, u-ST- electoral college, oannea soutn African P* Saudi Government has every in- ^i, njmy “e Shedgum plant venture between the Saudi basic export terminal to coincide with 

Eli*’ u S? S e!5Sh B Af?ran mSm a elect 40 raem- African Congress were detained teotion of pushing ahead with jS l n£! l ? p b ? tween 270.000 and Industries Corporation (SABIC)- then - commlssiorting of the 

-,?? r a J J atlDn . al AsMmbJy, -ani egpelled. , plans for hydrocarbon-based barrels a day of wet NGL and MoblL ‘.Uthmariiyal processing plant iii 

the ory S SSJ Kin^SS^JStp 1 * ™L*!?2***!*?* todustril Sffvy indusiry_ despite widSJ ? .SSSf *“1 *«d . Although it not known whether W&; 


ivO 


RANGOON, Oct 26. 
BITRMESE Industry Minister 
Colonel Maung Cho said 
Burma plans to resume off- 
shore oil operations in the 
next six months. 


measures at the verv leist a r r>,o Kim. uHii fllr . K „ ■*« auuuiu iuiium[«u — “’J, wiaeiy _ *r “V Aiinouga n doi roowa wiiemer T 

SSttr \rfAl Kb S e« for°eTh ' uXsT” ffffl fSttlSSSSi 35 t0 itS — & This^ot^pro^the gas X'&tS dS^wa^a KS 

heritable. ep *7* ppears ^ ^ economic The contract, for a buried steel ethane feedstock and ftiel crucial one. At. the time there doubted whether fractiona- 


nr n vM ow Th th p I K - P0Sed hAve ***** * "k 3ii SST' S for a^p^SSkS" were serious doitots to XUy^b 

SS dooming South “ JSSrA, *om. to . for^eSoSi and the ^ -beta W 


The Minister was replying 
to a parliamentary question 
but he did not elaborate. 


The new exploration pro- 
gramme would be Burma's 
third attempt to find oil off its 
coastline. 


Rrltich Vnraian IpmWaru W that It urm.W hn - Vi-' * “ “uuming BUUU 1 lr0 "» the SOOUime TOr eXPOrt: TJiar CTUae revenues, Dll rtUU U 1 S. 1 WK uawic jfiJU- 

Sfi. African tourist trade resnlting phawar oUheld in the east 1,200 refngerated butane and propane by the decline in the value of tbe URL-. 

i~?LES “&SSS?P iL r ¥ -s ssr: 


U.5. and Japanese experts 
sank 12 test wells off the 
southern coast between 1972 
and 1974, but operations were 
halted after four wells yielded 
traces of natural gas but no 
olL 


breakthrough, the view here, and the King-had accepted it side the casinos and emeu 
even in Western cycles, is that The reintroduction of Pariia- showing films banned 0 ear- 
th is is altogether too rosy an ment is seen as providing a border, 
assessment. While insisting that - ; - 

toeir planned unilateral elec- » “ ‘ — ■■ 

tions in Namibia in December 4 .* J • • •> -J 

take place, the South Africans JHDflQ lO 310 L11I13 ID Oil S^DfCH 

agreed only to use their best * vu 

efforts afterwards to persuade PEKING. OcL 21 

the internal leaders chosen at «... . ■ 

the polls “ seriously to consider Secreta ry, Mr. James St^es 

ways and means of achieving J a P ane se Petroleum Corp fJPCl -ger, opened his first round 
international recognition." have agreed to co-operate in oil talks In Peking today with . 


Ill SParrfl for Sn? ^. rt br ^ l{ir ° u ^ re f>f rces of the Hejoz. ■ strategie .priorities because the V-S- partoer as: a hedge against 

,u ■Jtau-u con je ana into lhe Saudi Infrastructure and construe- Yanbu crude export tei-mlnai— losses on the project 

PEKING, OcL 26. to SlOOm acemdSfo ?i° n co f ts f ?f i ? austr ies already wbiclr wiU have a capacity -of Bat; final' agreement on the 


Another effort was made in 
1975, with contracts awarded 
to foreign companies, includ- 
ing Exxon Corporation’s Esso 
subsidiary and Compagnie 
Franca ise des Petroles. But 
drilling again was suspended 
two years later arter negative 
results from 17 test wells* 
Beater 


In a formal statement, the ^ development, m Chinese • Vice-Premier, .' Yu the Sl4bn eas^ifwi 10 man . age year Yanbu management con* But the NGL facilities remato et ^ iene ^ )ase ^ can:i P lex at Jaba ' 1 

49-nation African group here to* PoH “ Chinas Chiu-Li. a fonner Petroleum 0 n which the s yst em tract was signed last May and is In -limbo, although It issigni- the gulf, is. atleastfour' 

expressed concern.- dismay and , c ^? st a ° d , t&e Southern Minister who now heads the trial future of £? du ?’ beheved to total SI. lbn alone. Scant 'that the^gas gathering months - away, according ' to "a 

atter disappointment over this f 6311 Stiver Estuary, according State Planning Commission. seen to rest Saudl Arabia is Tenders for the NGL line were -work, -.which" some - industry recent, statement, to Saudi 
limited outcome from three days T0 sources close to Jt’L. They He told a banquet last ’night For the NGL to Aramco over a year somtea: believe' wAH ultimately Bustiless _by the head of SABIC. 

of talks, for which the West said U.S. oil interests will hosted by Petroleum Minister the 26 to 30 in mop but it was not until June this coat SSObn,- was- two' weeks -ag - Na : dedlsioh 'on the plant can- 

brought in all their big guns, probab^ ^so participate » the Sung Cben-mlng. th at be was both energy a nTfeXo^Sr SSL^f *T* 130bn &^precedeStedS to be, mSdTS « Se-*%S 


f ' — - — ■« u » w luo vast industrial mm nlov _ _i. ■ \ Luajui tuc cjkvlc irooma itucu a lujai .teuwe^isj Lyuuuui uduus UUHU 

Cyrus Vance. SWAPO. the s ° ur p e f said «i, a o!?^ er c ^°P erat| on in five specific areas ried for Yanbu, 350 km* n^rth^f a PP fi ®r to have decree ordered the transfer of a . decision .on the- oil entitle* 

guerriHa group-, recognised by r ^ ind i of talks with .Chinese of energy research and develop- Jeddah. ^ u ““ 1101111 of . rec f 1 '' ed oS^al sanction. These Saudi Ry ids' ‘2.2b n. V s , - lOme'nt, hesaid,.' Shell 4s believed 

the UN _as “authentic represen- officials wnu Id be held in Tokyo ment, which American officials Under the gas collection “ el ude the $400m Abqalq-Yanbu : Over and' above^ahy; douBte to-be 'holding ant for 200,000 bd 

tativc of the Namibian people, Jn wly December, and it was said were renewable resources, tem, gas associated with°^nirt^ ni? 1 depends they ‘ mar harbour .about the and the ‘other interested foreign , 

and with which the West has hoped an agreement would be coal, oil and gas. hydro-electric deposits in the Ghawpr hne for power to market future of -Ymifan pro- ^on^janles. wM^ - 

also been negotiating, declared signed next spring ' ?® w ! r and hi Sh energy physics, present burned off will Hp niiJrf tfae-dmrtldn,' both Saudi teefi'n'imans. suMati pf- ^apab. Eannra and 

the Pretoria accord unacceptable.. MeanwhUe, the US. Energy Reuter to processing DlantT imdL P J!fT? S? flnabM . P laa « for which apd th«r American partnera axe Dh^.ebemicaKare ' reported to 

DT1 ‘ D1QS were at the end iro^c«rned-at the ^e;^ppage&^have.-the;-s^e id^/' : - 











11‘s«q4Ub 



Financial Times Friday October 27 197S 


HOME NEWS 


j Hazards facing 
the prophets 

BY PETER RIDDELL. ECONOMICS CORRESPONDENT 

THE GOVERNMENT'S surveys little change and the third survey 
of investment intentions have even projected on Increase. Bur 
had a fairly good record in pre- the view changed in early 3975 


Windscale 
new Frencl 

Br DAVID FI5HLOCK, SCIENCE EDITOR 


ay use 
process 


EEC cuts 
another 6p 
off price 
of butter 

By Richard Mooney 


' The record Is xhmvn bv a affected by policy changes J 

review or the Department of In- and other developments which " 
dusn-y's surveys published in ’-rens unknown LO contributors 
today's issue of Trade and when they made their returns. 
'..'Industry magazine. "'hen returns were made in 

Surveys are m:nie three limes ^'ivcmher 1973 .for The pre- . 
n year and information is sought limmary 1975 forecasts thei 
Hir iv.o years ahead, so that cuhiur TV boom was at hsi [ 

* ■ . intentions for any one year are height, hut the boom was checked J 


Nepal £ 10m order 
for ships goes 
to Sunderland yard 

BY IAN HARGREAVES. SHIPPING CORRESPONDENT 

£Uim order was announced for contracts cancelled by other 
sterday by Austin and Pickers- shipowners. “We are running 
II for two uf its highly-succcss- hard to stay in the same place.” 
I standard SD14 cargo ships — One of the Nepal ships is a 
e first contracts announced for transferred contract, but the 
•'■‘•■els of this type for almost two second is a completely new order 
ars. which has been financed with 

The ships arc for the Royal assistance from the Gove mm enfs 
tpal Shionins Comnanv and ^ S5m shipbuilding intervention 


10 the ouiecm* than Hit: pro- investment "was . appreciably 

educed. Developments of tbisj 
'.onorally kind usually have. a greater effect 
* % 1 CllSt 10 1 e n * 11 “n expenditure by the distribu- 

, ^ direction. , ivc an <] ^rvice industries, 

ijl f* lu *' n exception was the reees- v.-nu-h tund to react fairly 
* i I fesicn year of 1975 when Hie pre- ijuirfcly to changes in the 
■ti iliniinarv intiuirv had indicated ■nninnic i-liin-ilf- I 


Energy consumption steady 


ht* ph.-ised out by April 1. The l.-nd lucked A^ian country’s ileet. . This 15 1 he first time that 
Christmas bonus is expected tn They will use Indian ports. Austin and Pickcrsgill. which 
enme into effect frum mid r)» ri ,i. Kimhor minann” prides itself on being price cora- 

\ovember and shnuiH i-.^t r ‘ uer ' k M inner, managing peiilivc with any yard in the 

'Itri 10 weeks ' ’ direetur of Austin and Pickers- world, has made use of the fund. 

' .... ?l u - Sa,d h c had staned another -This is a sad day from that 

rn.y t. inn mission originally SD14 urder within the last week point nr view.’* Mr. Klmber said, 
prnposed two nprinns for member Tin- ships for Nepal and the " But il is inevitable when sliip- 
on nines: a lI-d a lb subsidy on other orders in the pipeline, how- yards all over the world areset- 
I . .nnii tonnes of butter for each , ever, would do no more than ting Government help to cut 
country: or lOp a pound on 38,000 cotupei/oaie the Sunderland vard prices” 
tonnes. 

Satisfied rvt rn*l/ r\4- 


1 v, ( ~r . 

* Hi 


■il || lira mar y inquiry had indicated economic climate. 

MPs call for Ministry 
of Broadcasting 

BY IVOR OWEN. PARUAMENTARY STAFF 

A MINISTRY of Broadcasting, titiun. with local newspapers no 
with responsibility for radio.' tele- longer having a prescriptive riqhl 
vision and the whole field of tele- to share in the equity of local 
. communications, is recommended radio companies, 
by the Commons Select Com- irritation m ith the "Home Office 
mi i ice on Nationalised industries features prominently- in the 
in a report published yesterday, report, primarily pver the delay 

l.ike the Annan Committee, the the 

select committee regrets the mi c h ?^n ?u I v S 

demise of the Ministry of Posts fSimnStteSi 

and Telecommunications in April , flt l nrinier*. 

1974. when control of broadcast- 

f h ^ 5 Tfd ,,.rv ro ^nt'cipated by the Whilci 

, 1 he H,,me 0fhcc ‘ Paper and. s» far as local radio 

, - » The 15 MPs from all parties j S i-oncemed. others were over- 

: f jflC i^.v.-hn form the sefeei cniumiUee taken in this week's Home Office 
1 t jJH cniesf^m the suitability uf the announcement authorising IS 
’ Home uPire for these- respond- new stations, divided equally 
1 bilitins ami urge that they should between the IRA and the BBC. 
be brought within a single Dealing with the" award of 
special Department. future contracts in a Commercial 

White Draining rhe work or the radio system of near national 
Independent Breadcasting cove race, the select committee 

Authority, the select committee suggests that application and 
also recommended that as the renewal procedures should be 
commercial radii* system neared mure strictly applied, to aim at 
national coverage, franchises a good standard. u f service suited 
should be opened up to compc- to the tastes of British listeners. 

• ‘ in’" 

Bankruptcy warning 
from BBC chief 

BY MAURICE SAMUELSON 

THE BBC would be bankrupt by leaving for independent Vtclc- 
Februaiy or March. Mr. Akisdnir vision or private 1 jcomplnie* 
Milne. ■ BBC TV managing which paid higher salaries. 
director, said yesterday. By then. The video tape cutting depart- 
the present £]2m deficit could men t was 20 per cent under- 
reach £30m, its permitted borrow- staffed, and sonafr programmes 
ing limit. due for tranKinission early next 

The main problem was uneer- year might not be ready on time, 
tainty over the BBC's application The Home Office said last niphl 
to raise the joint radio and that it understood the BBC's dif- 
cnlour television licence from £21 Scullies and talks were con- 
■ • .to £30 a year for the next three tinuing about the new licence 
years. The rise would give a rate. The last licence rise — from 
. needed £100m boost to annual £JSfo£21 — had been introduced 
• - * income and wine out the nccunm- at.ihe end of July last year and 
■■ la led deficit. Mr. Milne said. was to he for at least a year. 

The Government would not let The BBC's problem bad been 
the BBC go bankrupt, but the partially offset by the “ dramatic 
Home Office's attitude towards increase " in colour television 
the request for more money had licence holders, now estimated, at 
been “ obscure ” lljm. Every additional 100.000 

Because of ihe financial diffi- colour television licences brought 
culties, vital employees were the BBC another £lm. 

Shirt industry predicts 
boom year for sales 

BY RHYS DAVID. TEXTILES CORRESPONDENT 


BT KEVIN DONE, ENERGY CORRESPONDENT I The second option wax avail- ‘"'*V kVr ****** "^^ 

| able oniv fur duiiir-*>ijcallv pro- gy our SHIPPING CORRESPONDENT 
’S energy consumption fell by 3.1 per cent, demand for petrol were 7.7 per cent up and i 'h'cert butter. But Britain's 

only marginally so far natural gas fell by 3.9 per cent, diesel fuel consumption was 5.9 . position ns the Com- VOSPER -THOItNVCROFT has lion in Me.xico, where the 

and" is still well below a T* d nuclear eleclnciij cutisutnp- per cent uj«. j munily\ only hie imnr»rtr-r | produced a oew patrol boat British Shipbuilders patrol boat 

IpvpI rcu-heii in 1973 dropped ny fi [ipr cent. In spile of the mirudiiction of ; prempied the Danes and the design whi- h il sees as the key group — comprising Yarrow iShip- 

. _ 1 f #h ' Total "ut pm of ml products tile cnjJ miners' product iviiy ; * n<i 7 — -unpliers _ 'n ihe _ UK j m attacking an export market builders). Brooke Marine and 


Key to £3bn market 


BRITAIN 
I has risen 


BY OUR 5HIPPING CORRESPONDENT 


ihis sear and" is still well belnw nucie.tr eleclrwiij cnnviiiip- per cent uj». jmiiniiy\ only hie imnnrif-r j prod u ceil a oow patrol bout British Shipbuilders patrol boat 

ihp nmi. ipuni r.-u-hpii »n 1973 dropped ny fi *v pnr cent. In spire r.f the introduction of ; frnmpied the Danes and the design whi* h il sees as the key group — comprising Yarrow l Ship- 

„ ' j ir ,„ + _ e- nm iha , Total output of "il products the coal miners' producliviiv — •'U orders u» the UK ! in aitackiug an export market builders). Brooke Marine and 

according to figures from the f rnm June to Aueusi was 211m scheme, dt-cp-mincd coal prnduc- ! "mr'-ri— to xov tnat the British \ esiiniaicd at £3bn in the oext Vospor— is making one of ils 

wepanment or tner^.v. tonnes, an increase ..r :: ru-r .vnt. linn in rhe first nine months „r . -I'b-idy sh-mid apply m supplies; 10 lo 15 years. biggest marketing pushes of the 

Of the primary fuels, only ov«*r lhe same nerin.l lyv xWil - the year fell inaryinallv bv 0.7: fn ’ m s 11 w,,,ree *- Vnxpcr also hopes that the rear, 

petrol has shown any increase in Demand Jnr all prim-ipal per cent compared with the first ! As a result a fip a lb subsidy ■ Njv> will consider buying the ‘ Admiral Sir Anthonv Griffin. 

! demand over the three months refined products rose m the nine months last year. ' will he gran led on 51.000 ii.nncs : Viyi la nce-e lass boat as pan of the British Shipbuilders chair- 


B RITA IN'S MEN have picked 
■" up the shirt-buying habit again 
and look like presenting lhe 
industry and retailers with one 
of their best years for sales for 
some time. 

Sales were up 16 per cent in 
volume in the first half of the 
year over the same period last 
year, and have continued to run 
strongly since the summer. 

With the second half tradi- 
tionally accounting for about 60 
per cent of the year’s total sales, 
the industry is forecasting lhat 
/ purchases this year could reach 
about S6m. 


This would still be down on 
the sales of 92m in 1974 and Bfiro 
in 1975; hut would represent' a 
substantial improvement on the 
very poor sales of only 71ra last 
year and 79tn in 1976. 

Partly because of tighter 
reslriciioiis on imports from low- 
eost sources, which account for 
more than two-thirds of the 
market, murh of lhe henefit of 
the increase in sales has 
evidently been going to domestic 
manufacturers. In the first six 
months of this year, imports of 
woven shirts actually fell by 5 
per cent. 


T , r ; Fenton photographs find 
nOu il mixed reception at sale 


THERE WERE mixed fortunes 
for Christies, South Kensington, 
sale of photographs yesterday. 

The main item, a portfolio of 
-2B photographs taken by Roger 
Fenton in the Crimea and still 
in their original edition, was 
bought in at £12.000. while in- 
dividual photographs by Fenton 
were fetching very high prices. 
The sale totalled £75.065. 

The Fenton portfolio, perhaps 
the most comprehensive collec- 
tion of Fenton's Crimea War 
photographs in existence, was 
estimated to go for between 
£15.000 and £25,000. Ironically 
eight individual photographs hy 
Fenlon sold for about £12,000, s»o 
lhe owner of the album must be 
tempted to split it up and sell off 
the best items separately. 

A view of (he churches of the 
Kremlin by Fenton sold fur 
£5.200 and the only known nude 
study bv the photographer made 
£3.600, "as against a £300-£500 
estimate. 

Two more views of Moscow 
each sold for £2.800. There wax a 
high price of £1.300 for u Julia 
Margaret Cameron study. The 
Dream, and a pnrtfoliu of 40- 
photographs of celebrated Vic- 
torian scientists wss bought by 
the National Portrait Gallery for 
£1.250. 

The other major item. Lire and 
Landscape on the NruToik Broads, 
also failed lo fi nd a bidder 
beyond £S,000. 


There was a striking price of 
E160.00U paid by Seymour of 
London for a pearl and diamond 
stomacher brooch of around 1910. 
It went for double its estimate, 
and was the highlight of a 
Sotheby’s jewels auction which 
totalled £381,730 with less than 
1 per cent bought in. 

Aa unmounted emerald of 7.65 


SALEROOM 

BY ANTONY THORN CROFT 


carats made £60,000. According 
to family tradition the emerald 
was given by Queen Elizabeth 1 
to William Strickland, and was 
sold yesterday' by a descendant: 

Silver totalled £34.0S5 at 
Sotheby's with a befit price of 
£1,600 for a George III vegetable 
dish and cover by Paul Storr. 
In the book sale at Chancery 
Lane a copy of the Holy Bible, 
designed by Bruce Rogers in 1,935 
and limiled to 200 copies, was 
sold Tor £2.900. 

At Sotheby's PB 84 saleroom 
in New - York a record auction 
price for a Berlin plaque of 
£7.940 was the highlight in a 
Victorian auction which totalled 
£339.158, the. highest total Tor 
this saleroom. 


BARCLAYS BANK HELPS EMI 

BEINGTHE 

LIFE-SAVING SCANNERTO SPAIN 


Barclays Bank International 
provided finance to help develop and 
sell the EM I -Scanner. In just five years 
over 900 systems have been installed 
throughout the world, in Spain and 
40 other countries. 

The EMl-Scanner was a brilliant 
technological breakthrough. It benefits 
doctors -and patients everywhere. ■ 
These computed X-ray systems 
produce diagnostic pictures of any 
section of the body with unique detail 


and accuracy. Doctors can examine 
patients quickly, and determine life- 
threatening conditions which might 
otherwise be difficult or impossible to 
diagnose. 

Barclays were able to help EMI 
.Medical market the Scanner because 
wt have our own people and our own 
offices worldwide where they are 
needed for international business. 

We can help you in Madrid, 

Hong Kong and Brussels. 


Jn Los Angeles and Melbourne. 

And in Toronto, Tokyo and 
Dubai... 

The Barclays International 
group is in more than 75 countries. 
In all five continents. We have more 
branches in more countries than anv 

ml 

other hank in the world. 

Wc help most of the worlds 
successful international companies. 
Somewhere there is a market where 
we can help you. 






BARCLAYS 

International 






r r 

.tf . 


Financial Times Friday October 27 1978 







September fire 
damage costs 


tax talks 


up to £30.8m 


BY ERIC SHORT 


BY DAVID FREUD 


UK TAX are like!} to 


fly to Nigeria in tne N Year Bniisb Insurance As.-oilaliun. 


FIRE DAAIA'.E costs last month £4!m. and three other fires where 
soared to the a [most record level damage in each case exceeded 
ol iuO^Sni. according to the Elm. 



Job cuts 
6 will not 


make port 
viable’ 


Record crowds boost 
NEC as motor show site 


19^6 1977 1978" 


B/ Ian Hargreaves, Shipping 
Correspondent 


FINANCIAL TIMES REPORTER 


THE MOTOR SHOW appears to 100,000 in the mid-1860s when' But a number of bodybuilders 
ba,e . lone and f"™ MC d„ Is hl»g a gd 

at the Nauooal Exhibition But It is accepted that the NEC people they really want to see 
Centre. • near Birmingham, wi jj be a bigger success than from getting to them. Some of 
following another day of record both shows, in numbers and them, would like to sec the corn- 
attendances. By 5 pen yesterday business inquiries. mercial vehicle section -again 


There were lti other fires in 


new dou'nie-iav.i 


/or talks on 
liun treaty 

Nigeria sd.il !j.-i lune llmi n 


"•a> revoking its ux ajrecmonl* chemical plain disaster and the 
voumnes including jbrec consecutive months cover- 
l lv srom n«t April 1. At ^ ^ fin!nien - s su ,ke. 


The figure has been exceeded which damage costs were more 
on only foot occasions over the than 1250 ,00u and 
last live years' the month which where the cost was 
included the Mix boron ah £35.000 

The Association noted with selves 


Mr. John Williamson, chair- 


95.028 visitors "had pushed the The 210,000 visitors in the first divorced from cart, 
will not - , , „ nast rt,e weekend, when 800 “park ‘n' A compromise that will be dis- 

fier «he:» tKfLSS' S& t* ride" buses were bringing in cussed is to have a trade day rfor 


the same lime ii inti-oduced 
heavy remilianL-e lax — to lake 
effect from the end of the tax 
agreements — on foreign airline 
and shipping companies. 

Toe lax. a lu per cenl levy 
on casn remiued out *»f the 


THE PORT o£ London 

.... redun^cy^prog’ramm^ar the 634 22? and** within 'S-ht Jf carFoads “of “people aimMl - over- commercial vehicles. This would 

further 50 man 0 f panel, oald the stark . upper docks, according to a ; nreWoiis Show remnls in Paris whelmed the administration. not be opposed by the component 
5 at Ica»l Joint union-management target P^ j? r u „ n( f fl ? r , recorns ,n Business rather than numbers and accessory makers who have 

fact, about fire spoke fur them plan agreed rece * t| * * and Frankfurt. i s the major concern of exbibi- to appear at all show's and argue 

There were aO.OOO Oft.* p!an whlcJa is now beina ; The show has been open seven t * Here the reaction Is less that separate shows would - in- 

i' in private homes which considered by the Government, days and has three left _to run. encouraging although there have vtrive them in unnecessary es- 

.. _ _ 00 deaths and 45.000 fires says that manpower reductions •' Hs organisers’ priority was to been several surprises. Aston • Car production in Britain in 

Last month s fire damage costs b;- the public such as shops. at p i aCl?s 0 f work causing a of 1.489 jobs are estimated to i recoup tbe £2m spent on promo- Mart in the specialist car maker, the five weeks to the end of 
were nearly double those for schools, social clubs and theatres further 100 deaths produce a saving in current costs 1 Hon. This was achieved on Wed- been reluctant to show, but September was 107,493-— S per 

August and more than X12m The high fire damage fusts rt ., MctS _ ‘ , nf of tt-fim in 1979 or £8.7m in a j nesday. reported it had sold the whole cent below the September figure 

higher than m beptember last were announced ai the same s time Such statistics full year. - ! Exact comparisons with the of next years production. Coro- last year, according to the De- 

year t.Osls- uier the first nine as the. Central Fire Liaison Panel _ l i®, ? ® Jhntiv Preliminary indications were i Earls Curt Motor Show are tm- mercial vehicle producers have partment of Industry. The Ford 

month* of this year amounting announced its plans for the ‘ n , lhat these savings would reduce , possible because this show been announcing bia contracts, stoppage towards tne end of the 

10 arc more than 30 per Natrona! Fire Safety Week. ****• l0i,s 10 Bmain s ectint » ,u - • the rale of loss, but “still leave : includes, for the first time, com- some running into well over £lm month was a major factor in the 

cauim.;.. lias uw y;catc-t imuaci ecru higher than tno«e over the which starts on Monday. The The campaign would call ifcc a significant gap to bridge in i mercial vehicles which attracted for buses. reduction, 

nn com panic- wnten sell «ei'v;ce; corresponding period last year. aim of the campaign i* to alert attention of executives, man- restoring viability.” The Port ' 

m Nigeria, ••ul w hose ex oenseft The costs lasr month were the nation to the increasing ager». foremen and employees in ( of London Authority lost £8m 

are incurred i» t . Tnis is 'he by four big fires: one at threat from fire and the slogan particular to the dangers of fire, last year. 

‘I? 3 ?.."! 1 . n ? , T l ^_: ,, r hnCS - s?u, ' h a warehouse in the North-West for the week will ’ be "Stop its most frequent causes and to ; The plan makes the first steps I 

suggesting how the authority 


British Gait-don is n is under- 
stood to have pressed the Inland 
Revenue to renegotiate the agree- 
ment as a Platter of urgency 
because of the 10 per cpm levy. 
Exemption from it i> high on the 
UK negotiator*' list of priorities. 


| should be financially rec-on- 
i strutted to put it on a perman- 
lemly healthy footing, 
i It says the Government must 
I meet the cost of the 1.489 
I voluntary redundancies — more 
than a quarter of the upper 


Credits 


docks workforce. 


Home society chief forecasts 
fewer mortgages next year 

ITGAGE tould be even yesterday showed that in the last end of the market decide l< 

ifficttlt to get next year year, house prices have risen on put aod improve their properties severance ^levv cuirentlv'l borne 
is now. said Sir Oliver average by 17.9 per cent- In some by the addition of bedrooms. , bv f ondo ' n nort emnlover sunder 
ton. Cb a inn an of the areas, however, the rises have kitchen extensions and the like.! ft ‘ i?vJ mT-.iT* 


It should also write-off past 
1 debt of London port employers 
and there should be a “substan- 
■[ tiai reduction " in the 8 per cent 


One t»f the concessions the UK 
is likely to be prepared to offer a MORTGAGE 
matching credits. This means more di 
' the UK will allow for Nigerian [hyn it 

tax invert rives to encourage Chesterton, v-nainnan oi tne area*, now ever, me rises nave Kiicneii etieiisions ana me ukc. . r u« tllt _ _r .i,- ty a Hnnal TtncL- 

BruUh com panic, to invest when Woolwich Equitable Building been substantially higher. Thus perhaps, they elevate their a bn ur scheme 6 1 aa0Dai u 

assessing these companies' tax Societx yesterday. j n lhe South a new Iiounc is s,a,u,i of ,h ose houses from a; m 

liability in the UK. He said thxt a 30 per cent rise 3V 9 Del . ,. ent up yn Ihe vear ; und finit-time purchase bouse to Imnlempntffd 

The old asreemeni dated from >«ou s e prices next year would m Northern Ireland 35 7 per cent sccond-hme purchase house. niipicraenrea 

1947 and th.» Nigerian* said the\ mean that total mortgage lend- up j n tbe West, new houses are ”1 nut forward these arguments This theme will be developed 
were revoking it because it was mg _ would have to rise to up by 24.2 percent and existing because hislory proves that inter- further in a five-year corporate 

inherited Horn the colonial -lO.oOum just lu supply the same houses by 26.fi per cent. fering with ibe delicate plan on which the PLA is now 

period number of people with home Sir Oliver also joined the grow-- mechanism of any market quite working. Future instalments of 

The new agreement is Itkeiv . n , s '. , u ‘ , u - ‘ n S chorus of building society often produces an effect quite the plan will be discussed with 

ir, Lp h-jsi-d on the Organisation • " h f, ve c * 1 0ub ^ i tbal , . 1 ? 16 can opposition to the Government's the opposite of that intended.” trade unions 

for Economic Co-operation and '' 1C achlcvecl - F 'i implication, mortgage lending restrict ions. Sir Oliver did, however, have tmniemented. 

■I1(V e7o“Si ! modlT in™ and 'T- ■ Th ' •»» h ? d i!'«» or *m, a .od new, on tilt raonHW 


before they are 


Church investment 
income rises £3.7m 


BY JAMES MCDONALD 


Plaid MBs 
might 
abstain 
in Queen’s 
Speech vote 


By Robin Reeves. 
Welsh Correspondent 


CHURCH OF ENGLAND Com- features of the year was that! 
mission ers’ income, from all there had been worthwhile; 
sources — investments and rents — Increases in clergy pay, coming.! 
rose bv £3.7m to £46m in the into force on April 1. I 

financial year to the end of The minimum stipend for a ; 

March rector or vicar was increased by. 

The total income had risen 14 per cent to £2,900 a year, and j 
over the vear by 8.7 per cent, the increases of up to J) per centj 
annual meeting of the Church were gtven io ^sistant -cuntec . (the INTRODUCTION of a 
commissioners was toid yester- 1Q e Pennon tor a ■ pnenmomconiosis compensation 

d ^- ■ ^ r ed ° b r y “ £ 0«abled nor* Wales 

Of the £4Bm income. 61 per S t wo years and at £1.450 a‘ sUtfi ( Quarry workers may prove 
cent bad been spent on clergy ^ hatt ^the JS*:?? 1 ,. l0 . *** surv,val of “ r ‘ 
pay, IS per cent on clergy and lti D end q ; Callaghan s Government when 

widows' pensions and 10 per cent ‘ R 0na id Harris. First i th f' “ ncX w 

on clergy bouses, a total of CburL . b Est ates Commissioner. for Speech 



total 


said that the commissioners, with 


debate. 


Nigeria 


certain locks. 

, . ., — = r- r--.- - — roust be made 

. ''’here around la per corn per time buyers funds were coming m well. reduce charges 

Gl\ 5 eighth annum.” "if the market i? kepi shurl of “As far as the next few months emniee Viavo chnu-n 


Other points detailed in thej£41m. or* S9 per cent of 

_ hntil , hn «ii a „-j ’ lDCOn,e - £300tn worth of shares, would j Mr. Dafydd Elis Thomas. Plaid 

The introduction to the annual continue to invest in companies Cymru MP for Merioneth, said 
^report points out that the income with South African interests. j yesterday that- he and the other 
from the commissioners’ assets Although the commissioners' 1 Lw ° Plaid MPs might well feel 




like shares in large companies by the Government to introduce 
against with small interests there. I* compensation scheme. 

the sir Ronald said that he bad[ Mr. Thomas Is regarded as the 
hic-h spent two months in South - Welsh Nationalist 


It is not known how lung the 
. renegotiation will take. After 
-the first sd of talks tn Nigeria 
'in ihe next few months, there 
will prohabl* bo a second so! in 
London in spring or summer. 
;and further nicotines ma> bo 
ncco&sai v. 


Rail buffet prices to be cut 


O Alternative job opportunities ire , «„ mon “f s ,D vveIsn nationalist most sym- 

should be sought in the fields of i? di by Ma f?, h S1 * 19,s * faUen t0 Africa this year trying to form, pathetic to the Labour Govern- 
ware housing, 6 container repair 9 'U l * r . cen h vi . an mde P endeot VWJW ' of tije, ment. But Mr. Callaghan ia 

and rniH c.nrorrp P BllT inevitably. The main part usue Taikma about the invest- • clearly countina art the itunnni-t 


|and cold storage. 

• Capital investment 


BY OUR TRANSPORT CORRESPONDENT 

Overall. 


ERITISH RAIL t* lo out the price 
of us buffet car food und drink 
‘ from Monday. 

Sonic item* will be reduced by 


London Transport'* Under the plan. 


.... , , . , — — : clearly counting on the support 

will be I ® f :i b n e rf ! as L ° f C L G ^ ments - ^ ^'dr-Theie are Tarae of all three Plaid MPs to sustain 

: needed to expand facilities for ^’P en ^ s J n tewns hji? companies with small invest-. his minority .Government into a 

! handling unitised and specialised \ fa,le ?- and must faM ' Dn Church menLs 1° Soulij Afnca and we new session, 
cargo. [members. are not trying to influence them 


His warning came after a visit 


aim ii to increase the le'cl «.>f new routes. 


bu- service?, hut 


be!o\v !ast vear 

w 

Financial Times Reporter 


experimental price-cutting 
; cisc 

j Th..- evpcrimeni produced net 
' revenue increases of u;.» im 3u per 
cent, but there is unlikely to be- 
an;. reduction of the *- Hm loss 
• BRIGK OUTPUT in lhe three incurred by Travellers Fare last 
-monrh"?. Juti tn September, was year. 

LI per . ent higher lhan in ihe Sir Peter Parker, ihe railways 
;.prc» ir»i!s th r “n ninnihs. hut 5 per chairman, has said that he 
cent lower tnan m the erne regards train catering as worth 
" period of last year, ac-ording to spending money on— even though 
- Department >.<f En\ ironment sla- ii loses money 
. tisties. 


experimental price-cutting e\er- • JjrLlal1 -' auett?.-. ut. tmunss. 


.. ... , ' lynv -' in d diversions. 

.. manpu.'.er , jhi# . a . m be 

more easily 



Big changes predicted 


in 


r tra 


re 


BY PAUL TAYLOR 


Cement deli w. *1. — atiu^a^n- Pnces and improve the quality ‘ nau ^ r - 
Tally adjusted and allowins Tor and variety of food. Next year. 1)1 ^ ‘"f'J} 1 
.working day variation — were 2 >hc service will also benefit rrom * u , 

.per cent higher in me period fhc arrival of 28 now £100.000 r nr J R U rkm:K 


BIG STRUCTURAL and market- closure of 5.000 pubs bv 1985. 

His polin' has been lo control 5n 3 L \ han *' ?s j n lhe UK bruw 1 ,n B Mr H»chell said that inde-; 

industry are furccast in a review pendent brewers must adapt: 
industry published today, rapidly to the changed market ; 
review prepared by if they are to avoid" closure or 
Mr. Colin Miicbell takeovers, and that the six big 1 
Juiv to en ri -S'* p timber than m buffet cars. for Buckmuster and Moore the companies will be forced to shut: 

the* p)£vhni< three” inonth» "and London Transport has Smt'vl caS. e C in reWeneS ° V8r: 

‘.were mIm* 5 per cent higher than nounccd details or its Plan to jhiVmf/ Hi®,. 1 ° i ca P dCll - v ' 

in the same period of laal year. =ct rid of “ghost journeys" in "il a n 
Oiirnui ..f ,-i int'pr «■« x nr-r capital— where buses fail to “ . now outstripped production by 

apoear according lo rimelable. Among the main predictions about 50 per cent and. while 

Under the second stage of its by Mr. Mitchell are: Up prediction of a 22 per cent 

: Vnnd Vast vear’ bus plan, which takes effect from to 30 independent brewers will increase in beer consumption. by 

p pcnoa last .^.ar. tftmorrov> lhere wlu be changes disappear in the next seven to jcjss was “ realistic." there would 

• Brick output last month 0 n over 150 routes. 10 years unless their marketing bt ill have lo be som* brewery 

totalled 4:}hm and deliveries The aim is to match services outlook changes; over capacity closures 

■amounted to 467m. Slncki Tell more cioselv io available in the industry, and particularly 

-rrom 661m to 624m during the resources of vehicle* and man- within the lager sector, will 

Ununth. representing about six power. 

“weeks of present production. services In some ca e os. 


, increase from 
Jiii tonnes. ! 

For Uie plan to proceed. Mr. 
William Rodgers, the Transport 
Si -c rotary, has to agree to release 
the first portion of the £35in 
I promised in July to cover sever- 1 
ance costs. This sum would be! 
' .v.aiiabb;. lie said, upon receipt! 
of a costed union-management 
plan designed to lead the port 
towards viability. 


BP makes new gas 
find in North Sea 


that this may involve radical Capacity in the beer industry 


ceni lower lhan in the previous 


Prize for 

aircraft 

design 



By Michael Donne, 

Aerospace Correspondent 
A £2.000 prize is being offered by 
the Royal Aeronautical Society 
for the best design of a light 
aircraft suitable for train Lug and 
lelub use wbicb could be tnanu- 

-emc,*, a „u man- — .-«v. »««-.. ri - Mr il M ' t " he11 ^PfCTed taxation | factured cotnmerciaily in the 

by cutting .idvertiscd force brewery closures; popuia- f' n a : 1 of alcoholic drink [ lk. 

— - to rise but suggested higher The society’s tight aeroplane 

taxation could be introduced group hopes to encourage 
without seriously affecting con- : renewed interest in light aircraft 
sumption. 0 ■ technology, design and manufac- 

Thp - ar ,h,i- in.- , . j I lure in this country and the corn- 

laws" caused ^lrifni'r rnmr ottHnn t pc£ition is , nt® nde d lo bring for- 
Uftvveen nShiir h,m ?* UD ° ! «'ard design talent so that in the 
|...„d anrf P frui 1C tMH« , ’ e:! .i 0 I 1 ""SiJohs term, manufacture of light 
l . rade „°“ tJets aQd ! aircraft could be restarted here. 

Donations for the prizes have 


BY KEVIN DONE, ENERGY CORRESPONDENT 


1 which has become a hot political 
issue in north Wales over the last 
four years. 

Mr. Walker had been widely 
expected to announce the go- 
i ahead for a scheme, which would 
jcost between £4m and £5m a 
year. But the minister went no 
further than to say the problem 
was still being identified and the 
cost assessed. 

! Both the Labour Party and the 
two Plaid MPs who represent the 


tion changes will result in the 


your company name 
your clients pocket 







fc> 







i ou.-tomp.rn.' lijrac 
picshgrc 



As you can see, cur Micro mini calculator is smail 
enough io fit into any pocket. 

But the mere fact that it's Mich a handy mzc means 
thatit won't slay rucked away furlong. 

Being an eminc m I v practical business tool w ith 
3 digit capacit'- and memory, lhe Micro mini calculator 
will moM ccruniilj be taken uui and u»cd. fiver and 
ovcr.igain. 

Which i-- w hai makes it such a pertcci gift for } our 
clk-nis. 

(. Jon^ider h- ro much more ellecrivc such a gilt 
would he jl\ our company* name and loeo were 
emblazoned on the front of this little wonder of 
technology. Because that's what were offering, free *if 

charge. . . 

Buy 50 or more calculators the minimum order • 
and you'U get your company name and logo on the 
treat in black 

And every Micro mini calculator comes with ns 
own little wallet, and thattoo will have your logo OniL 

1 he cost for this prestigious little grill? 

Only 4 15 plus VAT . 

And th.u'5 scveralrwrtds cheaper than you 
v ouid expect to pay for it m the shops without 
the added bcuclltofbavins your name onit,. 


Wc think you'll agree that £L5 is a small price to 
pay lor such a tiny calculator. 

With such a great name on it. 

And if you yet your orders in by November 15 th 
we'll make sure you have them in time to give away 
at Christmas. 

For further details post the coupon to; 

Jusru ise Limited.. 1— 11 Hay Hill. Mayfair. 

London VY I or telephone Tricia Colmannowon 
01-403 7875. Telex 298931. 


lam interested m your Micro mini calculator offec. 
Please let me have more information. 




n'lsrno--: - 


v-OMPAVi 


off-licences on the other. 

Mr. Mitchell said that he was 
optimistic" about the 


more 


been made by British Aerospace. 
British Airways. Briti sb Cale- 


future of the industry than he'donian. British Island Airways, 
had been at any time during tbej Dowty Group, the Guild of Air 
Iasi five years. n Pilots and Air Navigators. Mr. 

' C. F. HugbesdoD. the Royal 
Aeronautical Society. Shell fUK). 
Smiths Industries and Thomson 


BRITISH Petroleum has made- a them a share of the liceaeeislate quarrying areas, have been 
gas find in block 3/30 to the covering blocks 3/30. 4/21 auuT- ^ campaigning for a scheme akin 
north-west of the Frigg Field, 4/26. ; to the Coal Board's pneumnnlcon- 

one of the biggest gas fields As a result of this work BPi'osk compensation for disabled 
discovered i° the North Sea. has a 37.5 per cent interest, and coalminers and their families. 

But the company said yester- Sf n . j I ■ The campaign was given fresh 

day that mechanical problems "“??/! shares are held by the -impetus earlier this year by the 
bad prevented a full evaluation LSMO' group. 25.5 per cenL^--— - « — 
of the well, and further drilling ^ an 8Cf . ce 2V 

%as not planned for the present Canadian. Pacific OU and Gas 4.6 
The well. 3/30a-2A, is thought P e !l/ :ei n»r«/i . . a .. ' 

to be one of the deepest yet The BNOG interest in the 
drilled in the North Sea. It was well was earned by BP as part 
sunk to 17.765 feet by the rig 0 o f V( S?l^lTTL B > 

Sedco 707. Some gas was di£ BN ? C “ u t s a t b f e “ d * 
covered towards the base of the £? SAffUl & 9S 

eu ’ - the initial exploration and de- 

It was drilled as part of a linea tion are known. Blocks 4/21 
farm-in arrangement made by and 4/26 are part, blocks aJong- 
BP and the Britisb National Oil side the median - line with the 
Corporation in January to give Norwegian sector. - 


Failure of_ the Pearson Commis- 
sion on civil liability and com- 
pensation for personal liability 
to come up with a solution. 


GLC homes transfer 
scheme approved 


THE -ASSOCIATION of District have managed.- to hammer out 
Councils will today tell the arrangements which will provide 
Greater London Council that it a fair basis on which the 
has approved a‘ scheme to transfers can take place.” 
transfer 25,000 GLC council Under the agreement, the GLC 
j homes to district council control, will have' a- restricted right to 


It triggered the- biggest demon- 
stration seen in north Wales for 
many years and a 25,000 signa- 
ture petition calling for .-justice 
for disabled .quarrymen. 

The Government’s reluctance 
to meet the demand undoubtedly 
stems partly from the worry 
that -aid for dkuibled quarrymen 
could open the way for "similar 
claims on public money from 
STOups, such as pottery, 
‘OJtofir? and asbestos workers, 
who are also prone to respiratory 
lung -diseases associated with 
their industries. 


Ministers have' said that the 
Coal Board scheme is essentially 
an arrangement worked out wlth- 
in the industry- and that other 
industrial groups should do like- 
wise. 


New talks begin fi PU Thefirs? S prize- at least £2.000. 

■ >. I de«2n e thar shows both technical i Details of the transfer were place some of its own- tenants 

on vanrifl Km : imDrorements over existing types revealed yesterday by Councillor in the ho uses Tor up to 10 years. 

UI1 VdHUdilbm --^ISS S?r^rSft 23u K ^IKlton McCaUum. viceehairman of 


EFFORTS BY the Government Plici«y_ essential for cheap manu-) ^ JVssijciat ton^pollg com : any significant Toss on the estate 


indiKirv — j -.t f... tuw iroittee. who said the GLC would accounts for five years. 

1? coraif, ' A secondary prize will he ] be told of the daciaion. The agreement la still snbject 

rpvipvtt-.r ... .. u . ?! ; awarded for the best entry from • It will be a 


major success for to formal GLC approval and to 



But in North Waies, the posi- 
tion of disabled quarryworkers 
has been complicated by the fact 
that the industry has contracted 
sharply, and many of the slate 
companies which' used to employ 
them no longer exist. - 


, Mr. Peter Cadbury, chairman , . _ . -. t . 

A receni report by toe Govern- 0 f \i r Westward, launching an i centred on the three mam Parliament. TransFer date had, 
ments Central Policy Review Exeter- Brussels service yester- , problems of financing, staffing originally been set For. April 1, 
Staff, representations by local day. said that the airline was: and the share-out of house but following difficulties over 

councils, planners, architects and operating at 75 per cent capacity ! vacancies. reaching a similar- agreement 

others and the results of a and new. bigger aircraft and a | Last night Councillor with the London boroughs the 

similar conference in April. 1977. new base were UDder considers- 1 McCallum said that “not GLC- recently set back the date 

will be studied. tion. ‘entirely without difficulty we to October, 1979. 


MP 
opens attack 
on devolution 


Another boom year but problems loom 


COMPANY ADDRESS . 


TELEPHONE XO.- 


Ju«,niLsc Limited- i-11 Hill. M«ij i.nr. London Vi l. 

1 'r. p >.' L i t551fiii 


BY DAVID FREUD 

THE economic boom should 
proceed for at least another 
year, according to Mr. Walter 
Ellis, an economics don at Ox- 
ford University, in a circular 
issued by City slock brokers 
Ro»e and Pitman, Hursl- 
Brou n. 

How ci or. there were too 
many areas or eon corn for real 
confidence that the UK will 
■'mine to toe easier territory 
(there output and productivity- 
arc hlcher and ihe balance of 
Hie economy | s restored." 

The main ureas of concern 
were toe balance of payments. 


a possible wages explosion, 
overheating of toe economy 
forcing the Government to halt 
expansion, and financial mis- 
management which could have 
ibe same effect. 

On balance, Mr. Eltis expects 
the balance of payments to 
jerk along from mooth to 
month and inflation to rise, 
but not to a rate which will 
be out or tine with the 
monetary targets. 

There would be shortages or 
••killed labonr and plant, but 
not lethal ones, and the financ- 
ing of the Government's deficit 
uould proceed in fits and 


starts but without immediate 
disaster. 

In the meantime, investment 
and exports and private con- 
sumption should all maintain 
their rising trends and keep 
tbe economy moving upwards. 

City stockbrokers Buck- 
master and Moore say that 
although Interest rates are 
high and look attractive by 
comparison with the UK's in- 
flation rate, there is still a 
good chance of interest rales 
rising. 

Government borrowing was 
still rising sharply, showing 
that the Government's Lax and 


expenditure policies were 
becoming . . more and more 
expansionary. At the same time 
tbe Government wanted ‘ to 
borrow .more foods, as did 
industry.. 

This was .potting, strong 
pressure on interest rates, as 
the Government attempted, as . 
It dia in- 1974,- to “ crowd out T 
private industry In the battle 
for -funds.’ - - ’ . 

The pressure . on Interest-: 
rates would -ease only when 
economic activity, in .the UK' 
bad dropped, oft, producing a 
decline In ihe private sector’s 
demand for funds.' " l .. 


By . Our Welsh Correspondent 
THE PROPOSED Welsh 
Assembly. was described yester- 
day as “ a monster ” which 
would- create tensions within the 
United Kingdom,, render Welsh 
KPs powerless in Westminster, 
and weaken local government. 

Firing the opening shots of the 
Conservatives’ ' anti-devolution 
campaign, Mr. Nicholas Edwards, 
Opposition spokesman on Wales, 
accused Welsh Assembly sup- 
porters of attempting to. confuse 
the electorate ■ by Injecting 
patriotism and .prejudice into 
■the argument 

“What we have to decide is 
not whether we Iqve our country, 
bur whether' ihe Walds BUI. a 
product of political . expediency 
and cowardice, is-a -measure' that 

deserves snpport." Mr. Edwards, 
MP for Pembroke, said at.Porth- 
cawL- I; - ' •• 

He' accused Plaid' Cymru of 
waging a dishonest * cathpaign 
and added:." If we care at. tol foe 
our country; if we love Wales, we 
will have .nothing .to do with this 
monster. We will \hrow It out, 
and Jtill. it- stone Bead.” - 




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Ws not |usf advertising 

As you read what others have written and said 
about Sherpa you’ll gather it was not easy to improve 
on the best (their word, not ours). 

But the improvements are genuine. Increased 
payloacLThe engine s cheaper to maintain and service. 

And the redesigned cab layout alone is a 
convincing argument for drivers to quit a company 
not using the vehicle. 


Milkmen stay overnight 

The David Andersons (father and 
son) use a Sherpa to deliver milk in the 
P Shetland Islands. 



Early on Saturday morning, 
28th January 1978, they set off on 
theii'milk-r0undthroughl5 inches 
of snow at sub-zero temperatures. 
The rbads were chaos: cars. 
Vans, trucks stuckin drifts everywhere. 
After completing their round 
and heading for home in blizzard con- 
ditions, they too had to stop.Ther oad was blocked by a 
4-wheel drive vehicle unable to move further. 

Moving the obstruction took 1 Vi hours. 

By then visibility was downto about 5 feet 
Snow drifts encountered were reaching wind- 
screen height Although now only two miles from 
home they reluctantly sought re&gefor the night in a 
nearby cottage. Next day, after digging out brushing 


first time. 




Nods from professional cynics 

‘Truck Magazine’ reported a comparison between 
Sherpa,Transit Bedford, VW and Dodge Vans. 

Their conclusion (still endorsed by the magazine) 
“...the Sherpas were best all-rounders at the test track 
with consistent economy, respectable performance...”. 

A Sherpa Diesel is the only laden van on 
a • Motor Transport’ Magazine road-test to break the 
50mpg barrier. 

Ail all time record 


Sherpa, the back-up to big Macks 

“If a big Mack hits trouble out east, we send a 
Sherpa to the rescue” stated Andrew Maclean of 
O.H.S., Transport Rainham. Essex. 

As long-distance truckers hauling huge tonnages 
with the motto ‘The Reliable one in International 
Trucking’, they can’t afford an unreliable rescue van. 

Theft first Sherpa 
has now been replaced 
by a second.. 


In less than 
six months it has 
already been 
to places as far 
away as Eastern 
Europe at an 
average of 22mpg. 



In .their own words: “Longlive fhe Sherpa? 


"History is bunk? said Henry Ford 

# The Sherpa engine has a reputation amongst 
engineers, trade press and operators alike as one of the 

1 rvVs * ' — - - ’ 1 - ' PlL A A.*. ' f - 


Some learn from failures.But our policy is to 
learn from success. 

Now a good engine has been replaced by a new, 
even better one. 

In broad terms: it’s lighter, more economical, 
requires less servicing, is easier to service and is well in 
advance of todays pollution-control standards. 

It is fitted with an aluminised exhaust, for far 
longer life-up to 40,000 miles. 

Kerb weights are reduced and payloads greatly 
increased -by as much as 264 lbs/120 kgs. 

Everything has been tested. And tested again. 
50,000 miles on the dynamometer. F or the engine alone. 

1,500,000 miles on road and track from desert to 
sub-arctic conditions. 


Don’t forget the driver 

The cab layout is re-designed. All switches, 
controls and pedals are readily to hand or feet 

A lot of head-work has gone into the seat design. 
A working bum needs all the comfort it can get 
The moral in all this adds up to that intangible 
asset: driver or employee loyalty. This also pays off on 
the bottom line of the balance sheet 


Britain’s best warranty, too 

Sherpa comes with Supercover Britain^ best 
warranty. Not that you’re likely to need this -but good 
to have just in case. 

Your Sherpa dealer can tell you more, or write to: 
Austin Morris Ltd., Light Commercial Vehicle Sales, 
Grosvenor House, Prospect Hill, Redditch. 
Worcestershire, B974DQ. 









Financial Times Friday October 27 19?8 



Call to 
intervene in 
council 
settlement 

Bp Our Labour Staff 

THE GOVERNMENT has again 
been asked to intervene in a 
wags council settlement row 
between employers and unions 
over low pay. 

The Union of Shop Distribu- 
tive and Allied Workers yester- 
day attacked independent and 
employer members of the wages 
council which fixes minimum 
pay for 200,000 staJT in furnish- 
ing and household goods. The 
council has proposed new rates 
below the Government's £44.50 
low-pay threshhold. 

Mr. John Flood, the anion’s 
assistant general secretary and. 
leader of the workers’ side has ; 
called on the Department of. 
Employment to raise the pro-, 
posed raLes to £44.50. 

Under the council's proposed 
wages order, the new statutory 1 
minimum for staff in small 3 
towns would be' £42. wtb £4'2.50, 
for those in large towns and £43. 
in London. 

Mr. Flood said the time had’ 
come '' for Government Ministers 
to indicate in precise and defini- ■ 
tive terms to all independent ; 
member on all councils there: 
obligation in the current situa- 
tion of thebargaining cycle.” I 
Mr. David Basnett, general j 
secretary of the General and : 
Municipal Workers' Union has; 
already asked Mr. Albert Booth.: 
the Employment Secretary to, 
intervene in a wages council ‘ 
settlement for staff in licensed 
hotels and restaurants. 






BY PAULINE OLARK. LABOUR STAFF 


THE STRUGGLE for ; a solution 
to the hospital supervisors' 
crippling industrial action con- 
dnued last night ."with no sign- 
nf ,i breakthrough after seven 
hours of union’ tails at the TUC. 

Sir. Len Murray) general sec- 
retary of ;rhe TUC.- -became 
directly revolved' -for '.the Eret 
time in. the search for. ways to 
break .the five*w<yek'-old dead- 
lock. He joined ; tlie talks as 
the Department of ; Healtb repor- 
ted a further lengthening of 'the 
hospitals wailing -1 i.«<r to some 
35.000 as- a result Of the dispute 
compared with 3O.0O0 reported 
.last weekend. 

The industrial action by -3.500 
supervisors has left up to 9.000 
. beds empty. -Many hospitals 
throughout the country are 
restricting admissions to ' emer- 
gencies only because of shortage 
"of iaundrv 'and ste'ri|e_ supplies. 

The TUC meeting involving 
general secretaries ..of; :the five 
unions leading. the dispute and 
the 12-strong staff, negotiating 
team followed a total breakdown .' 
in talks with management on the 
previous night. 

The union said they had 
offered to wait three - months 
before implementation of its 
demand for' a 15 per cent mini- 
mum bonus to give. time for the 
scheme to prove it could.be self-' 
financing. Bin the management 
has stood firm oil its latest offef 
to phase in allowances of up to 
15 per cent over 13 months. 

Mr. David Ennals. Secretary 
for Social Services, said last 


night that he was available 
should any approach be made by 
Mr. Murray, whose iniervcnlioh 
he welcomed. 

In a television interview, Mr. 
Ennals expressed optimism Lhai 
a solution would bo -found. He 
bel l i-vir<f tins the manaji-menr 
had made concessions which pro- 
vided the basis fur ougoita'Joy a 
settlement. 

The main sticking point is die 
unions . insis lance on a 15 per 
cent bonus for all to be added lo 
a new pay structure tied ro the 
:reation of new posts under the 
1974 reorganisation of the .VHS. 

They are demanding that the 
bonus should be an across-the- 
board minimum to maintain dif- 
ferentials between the super- 


visor.- and the craftsmen who 
wbrk -.under them. The crafts- 
men's productivity bonus deat 
implemented Iasi September i« 
the .root. cause of the dispute. 

Mr. Ennals repeated that he. 
believed' that 5' the industrial', 
action was putting lives at stake, 
and urged the unions again to 
suspend action and to use the 
established disputes, machinery 
Tor set fling (heir grievances 

He made it -plain. ' however. . 
that there could he no... conces- 
sion it.- a demand -which.- would 
threaten pay'- differentials ' 
throughout the. ■ lm .National 
Health Service workers,- and. also \. 
create a precedent which -could ' 
wreck the level, of pay 'settle-' 
merits in the rest of the' country. 


Kauffman to discuss 
Greenock redundancies 


UNION REPRESENTATIVES of 
the workers at the Scott Lithgow 
drydock in Greenock are to meet 
Mr. Gerald Kauffman, Minister 
of State for Industry, next week 
to discuss the company's pro 
posed redundancies. 

Also at the meeting — arranged 
by Dr. J. Dickson Mahon, the 
local MP — will be company 
representatives. 

This was announced yesterday 
by Mr: George Garner, the yard 


convener, after a' mass meeting 
at the dock.' 

Other meetings held through- 
out the Scott Lithgow Group 
gained. -100 per cent support 
From, the 8.000 workers from the ; 
drydock. Shop stewards said ; 
they could not make any com- j 
meat on their next step until j 
'they had discussed certain ques-' 
tions with the management yes-: 
terdav afternoon. 


Outlook 
hopeful 
in Alvis 
dispute 

By Nidc Qamett, Labour Staff 


THE ADVISORY. Conciliation 
' and Arbitration Service 
- I A CAS) was' yesterday brought 
Into the pay dispute which for 
two weeks has . baited produc- 
tion at ■ the. Alvis military 
vehicles- factory. 

Mora than ' 1.000 workers 
.have been . laid. . off at the 
Cm entry irianf— -part of BL — 
because of . a strike by 88 pro- 
d action line -inspectors over a 
' differentials c laim All. pro- 
duction of the factory's 
-Scorpion light tank and 
armoured vehicles range bas 
been stQpped. 

• . -Hr. Alan Robb, the com- 
pany's manufacturing director 
said yesterday’s talks Involving 
union officials, management 
and the arbitration sendee 
were exp 1 ora lory but the out- 
look was hopeful. 

The hourly-paid inspectors, 
members or the Amalgamated 
Union of Engineering Workers 
and the National Union of 
Sheet Metal Workers have put 
in a substantial pay claim to 
rectify eroded differentials. 

Alvis management is 
apparently sympathetic to the 
Inspectors claim and has sug- 
gested the possibility of 
applying to make them a 
special case. 


Unions recommend end 
to Daily Record strike 


BY PAUUNE CLARK. LABOUR STAFF ' 


(HOPES FOR a return to work 
; this weekend by strikers on 
, Scotland's Daily Record and Srm- 
iday Mail rose yesterday when 
| union leaders agreed to recom- 
: mend an end to action while 
J management investigates pay and 
conditions on the papers. 

I The TUC printing industries 
I committee told Mirror Grohp 

• management they would propose) 
! an end to action at a meeting of 

1 the strikers federated chapel ■ 
'•(union branch) today. If t I/e 
! recommendation is accepted, the. 
I Sunday Mail should resume pub- 

• lication this weekend, although 
the return of the Daily Record 
would not be expected until next 
week. 

The workers, including prin- 
ters and journalists, have been 
demanding parity with their Lon- 
f don colleagues hut money was 
I not included In -the agreement. 

| Instead, management offered to 
. review pay) and if it found -that 
increases were justified, paylfaem ■ 
next July on .the annual . settle- 
ment dale. - ' 

The dispute', is of -major ..tint-, 
portance in G.lasgpw. It has cost'.. 
Mirror Group newspapers 
£750.000-. - 

Profitable 

For the past two weeks, the 
Daily Record, Scottish sister -of 
the Daily Mirror, and ..its 
stablemate. the Sunday Mail, 
failed to appear because :bf a 
stoppage involving aU'-.b.ut a 
handful of the 900 employees. 

> The two papers have. between 
(them lost 8m copies, bringing 
'their total loss this year to abopt 


14m because of some 28 unofficial 
disputes. 

The Record and Mail are some 
of the most profitable papers in 
Mirrow Group. They turn In 
jointly £2.5* pre-tax last year 
-rmore^ than a- -quarter of the 
..group’s total. .. • 

.- But .their dominance 'in -the 
.popular tabloid/market-Iq- Scot- 
land fg about Id be challenged. 
The new Express group tabloid, 
•.the Daily Star, aimed, at the 
popular market in the north of 
England and Scotland is* to" be 
launched fronriT-Marfchbsier next 
week and The Sun's plans to 
print in Glasgow are well- 
avanced. 

The. dispute “ over the differ- 
ential; of up to £60 a week, 
between the pay of newspaper 
production workers in provincial 
centres like Glasgow and their 
opposite numbers in London. 
Discontent was fueled by a tele- 
vision programme last year 
1 which highlighted the size of pay 
packets being taken home by 
.Mirror Group workers in Fleet 
Street and the talks in progress 
an new printing technology. 

" Ap -unofficial claim, formu- 
iited by the unions represented 
in the Record and Mail building 
at ‘Auderston Quay,. Glasgow, was 
interpreted by the management 
as a demand for parity, and 
rejected. 

A 24-hour strike followed 
which stopped the Sunday Mail. 


The company deemed 700 jouN 
aa lists and printing workers to 
have terminated their contracts. 
It demanded that the claim be 
dropped and guarantees given to 
honour the terms of normal 
working and disputes arrange- 
ments before any return could he 
allowed. 

. -The dispute is unusual in the 
newspaper industry in chat it is 
being conducted by the 
federated house chapel, the 
equivalent of an inter-union 
works committee, and not by in- 
dividual unions through their 
full-time officials. 

Journalists, who do not always 
see eye -to eye with their 
colleagues fri the print unions 
over pay issues, have supported 
the claim bat insist they are not 
party to it. -. . 

‘Distortion’ 

. The official position of the 
seven printing unions is 
equivocal; Although' they are 
unwilling. to say the claim is. not 
supported, they have told their 
members they would have pre- 
ferred it to be negotiated through 
official. procedures. This will be 
recommended - by the unions 
today. 

“The unions are doing their 
besf to get their people back tc 
work on terms that are accept- 
able,” said Mr: Fred Smith of the 
Scottish ‘ graphical division of 
Segal- ' 






-■* . v — 


make fleet in the UK. have renewed 
their contract with Chrysler for the 
tenth year running. 

They’ve just placed an order for 
1,500 Sunbeams. 

Stewart Brodie, Managing Director, 
of Tupperware said: “We have chosen 
Sunbeam again because during 1978, 
it proved to be reliable 
and attractive - in fact, the ideal car 
for the Tupperware manager.” 


*»• . i 


. • /•* ’. 


~ , - v 

. / 

tv'..' ■ 



little car in the world. 


Social workers agree 
study on pay proposal 


BY PAULINE, CU&K - - 

SOCIAL WORKERS. havif igre** d 
on plans to expiDreVarnew pro- 
posal for determiniag tbfeir pay. 
The move represents the first hig 
step towards a solution to tile 
rapidly spreading strike, ■-••• 

About 1,600 social workers 
have been on strike in Newcastle- 
upon-Tyne and two large London 
boroughs for about two months, 
further applications to the 
National and Local Government. 
Officers Association For industrial 
action are expected next week. 

The social workers are 
demanding local bargaining 
rights to improve recognition of 
their workload and responsibili- 
ties, while room for some Jocal 
flexibility is included in the new 
pay grading proposals. However, 
action is unlikely to be called off. 
until a fully worked out 
national scheme is adopted. 

As a first step. NALGO and: 
local authority employers' repre-i 
sentatives will set up' a working' 
party tao study plans for settling 
pay parameters at national level. 
These would be the framework 
for local bargaining. 

•If the scheme is accepted, local . 
authorities and their employees 
will be able to determine levels 
of pay according to the social 
I needs of each area. 

At present, there is little 


-flexibility.- with pay for qualified 
. social . workers being set by 
national agreement at between 
£3.650 and £4,368. 

' The local authority employers 
- have been anxious to retain a 
national agreement . on pay to 
prevent - conflict between dif- 
■ferent areas. But the union 
-believes it has achieved a signifi- 
cant concession to its demand 
. for a devolvement of responsi- 
bilities. 

Call for action 
.to cut Jobless ; 

SCOTTISH-' transport - . jyppfcers 
yesterd*v'.- demanded . ah ;ira- 
media& S&bour Working i week 
aml’strictftr-control of overtime 
: work Lnsr to'cnrb ^unemployment. 

The Transport, and General 
Workers Union Scottish Dele- 
gates conference voted • ornani- 
TOodsly foc^a'm.Qtion'e* pressing 
concern at. the growth of un- 
employment in Scotland, and 
urged the Government to take 
“realistic taeasnres"- to reduce 
the level in the' UK. 

. The motion also called for jobs 
to. be provided for school leavers. 
aBd reduction of the retirement 
age to.6ti. - .. 


Stop factory opening, says union 

UNION OFFICIALS "represent- 'Gerald'Kairfman, to abfdto stop 
ing 10,000 steel workers want the toeVplantVinSottth Wales from 
Government to stop a -new fac- opening.” '> ' - 

tory opening because they say' "O'-c, • - i 

it would threaten the jobs of • . » -ja. . 

their members. " t T MlDerS DFOtCSt 

; "•Natural -Gas" Tubes rife plan-: . 

ding tn open a.lnew.''plWFt.tin flVAP. ti{| V /'lit 
South Wales, which would, com- • • V * V* • I vUt 


«. wuuiu uireaLcu luc. juus> u( - . > -m. . , 

their members. v Vr MlHerS PFOl€St 

; "Natural Gas- Tubes raft plan-: -. 

ding to open a.inew.''plwFt:.dn nvAP. titi v / > nt : 

South Wales,- which would. : cdm- Ull 

PRO D U CTI ON stop ped at Linby 
b .Colliery near. Hucknal 1, Nolting- 

iS^ rSThLu a n»mt fln hamshire - yesterday, when 400 
h.early £50m is being spent on men refused to go underground 
extending the tubes division at in a nrdtest bonuf nav. 

Corby, and there are fears that Seats. P P 

the proposed plant in South 

Wales will hit BSC orders. 

Mr. Bill Homewood, full-time Tf iizn fopf Arfnc 
union official of the.' Iron and A YYvl UtLlUllvo 
Steel Trades Confederation, . , 

said: “With the demand for T0 CIOSG 
tubes remaining fairly static 

over the next few years, com- COATS BATONS' knitwear sub- 
petition could eventually lead to sidiaiy L. Driver and Co; of 
lay-offs among our Corby Leicestershire, is to dose two 
members. factories in Nottingham and 

“We are now seeking talks Irvine New Town, Scotland, with 
with Industry Minister, Mr. a . total of 230 redundancies. 



^58 Chrysler Leasing System. 
m 128 Dealers throughout the U.K 


JOINT COMPANY ANNOUNCEMENT 

ANGLO AMERICAN INDUSTRIAL CORPORATION LIMITED (AMIC) 
AFRICAN PRODUCTS LIMITED (AFPROD) 

(Berth incorporated in the Republic of South Africa) 
Further to the anno uncement dated 16 October 1978, the directors 
of AMIC and AFPROD announce that subject to certain regulatory 
consents, agreement has been reached between- AMIC and Tate and 
Lyle Investments Limited (Tate and Lyle) on the proposals for 
-the merger of the business. of AFPROD and its wholly-owned sub- 
sidiaries with a company in the AMIC group and for AFPROD to 
become wholly-owned by the AMIC group. The proposals have 
received the unanimous approval of the Board of AFPROD. 

In terms of the proposals' shareholders in AFPROD- other than 
AMIC and/or its subsidiaries which hold about 25.3 per cent of 
AFPROD 's issued shares will have the choice of receiving in rac^ 
for each AFPROD share held by them: 

—a capital payment of 1 020 cents /alternative A), or 
—a special dividend payment of 400 cents, plus a capital 
. payment of 567 cents, making a total of 867 cents 
(alternative B). .... 

They will not receive a final dividend In respect of the financial 
year ended 30 September 1978. 

Tate and Lyle, the controlling shareholder of AFPROD, has agreed 
to support the proposals In respect of its holding of about 51.5 D er 
cent of the ordinary shares and subject to the approval thereof it 
has elected to receive payment under alternative B. 

The South African Exchange Control authorities have -granted 
permission for non-resident shareholders whose registered 
addresses in AFPROD’s share register on 13 October 1978 were 
in a. non-resident area and who elect alternative B to receive the 
full consideration of 967 cents a share, less appropriate non- 
resident shareholders’ tax on the dividend portion. In a single 
payment in South African currency freely remittable from tbe 
Republic of South Africa. 

Owing to the substantial amount due' to Tate and Lyle -authority 
has been given for the dividend portion of the total payment only 
to be remitted to that company in six instalments at monthly 
intervals. However, Tate and Lyle will sell for sterling the funds 
representing the dividend to a non-resident of the Republic of 
South Africa. The proceeds of this sale together with the capital 
payment of -567 cents a share received by Tate and Lyle will 
amount to approximately £10.5 million (sterling!. 

The acquisition will -not immediately- affect AMIC s earnings but 
is expected to make an important contribution m the future 
The committee of the Johannesburg Stock Exchange has been 
requested to reinstate the listing of the ordinary shares of AFPROD 
with effect from the commencement of Business on 30 October 
1878. 

FifU details of the proposal* will be’ Circulated fa shareholders^ a* 
soon as possible- - 

Johannesburg 

• _ 27.0cfober 1973 








\5urNatMfest bank manager will help you 
export wheie you havent exported before 


If you’re left speechless at the prospect of 
exporting to unfamiliar places, go and see your 
local NatWest bank manager. 

You’ll find he speaks your language — and 
theirs. For specialist problems, he’ll call in our 
experts from NatWest International and Credit 
Factoring International. 

Between them, they know everything you 
need to know to export successfully. 

They’ll look after all your foreign currency 


problems, sort out forward exchange contracts, 
arrange any international factoring you may 
require, and advise you on local 
customs. Your local NatWest 
bank manager is only too 
willing to become your personal 
financial ambassador. 

Alh rou have to do is go in 
andasknim. 

Just ask him J ANaWfes t 1 



NATIONAL WESTMINSTER BANK GROUP: FULL BANKING SERVICES INCLUDING BUSINESS DEVELOPMENT LOANS: FOREIGN CURRENCY DEALING AND EXPORT FINANCE: PAYROLL AND COMPUTER SERVICES (CENTRE-FILE LTD): 

REGISTRAR AND ISSUE SERVICES: DOMESTIC AND EXPORT FACTORING (CREDIT FACTORING INTERNATIONAL LTDfc MERCHANT RANKING I COUNTY BANK LTDfc LEASING AND INSTALMENT CREDIT (LOMBARD NORTH CENTRAL LTDfc INSURANCE BROKERS 

I NATIONAL WESTMINSTER INSURANCE SERVICES LTDL CORPORATE TRUSTEES (TRUSTEE DEPARTMENT!: COMPUTER OUTPUT TO MICROFICHE (EUROCQM DATA LTD). 






rifizncitf Times. Friifey^oBerWJ^ 


EDITED BY ARTHUR BENNETT AND TED SCHOEIERS 


PACKAGING 


Sealing without heat Multi-role 


AGRICULTURE 


Spray costs could 
be halved 


PACKAGING films, such as lene film which expands during VQlyp 
cellulose and polypropylene, printing. * wl V v 

have been traditionally sealed by as 0n ™ ^rartjcai 115 pmjpostuoa, A ™p»- 


ie detergent from Haynl a HySTRUMENTS, 
cals. Sandbach, Cheshire. . ® V 1 ®" " . 

tn be an advanced cheinl- _ A 1r/yf CI7P 1 
ricentrate. it is designated i OL iiC V 

il*T. is fully biodegrade- • ■ ' 

od safe to use on surfaces 

is steel, iron, stone,. tiles, ITIlll Hlllv»»-* 


combination 


mUPONPHTC alkaline detergent from May vil A |fJCTRUR«C.W I v 
Lunfiruatn 19 Chemicals. Sandbach, Cheshire. •.* ™ * . 

jr lit 1 Said to be an advanced cheinl- . 

lllm-rnlA cal concentrate, it is designated i (iLavl' 
XUlll^iUlV 5?arkal-T.. is rully biodegrade- A . 

1 able and safe to use on surfaces AgAl*. 

Qiyg ’ such as steel, iron, stone,. tiles, 

. It is supplied in concentrated AVAILABLE Model 

THREE fnnction switching f 0 rai in 220 litre drums or 25 litre stnunents is l * ie has 


« « pi-uyusjuuu, . . - .. — " -V’ * oral in xgu litre arums or zautrc smiments *= ~ whi^h has 

manufacturers will be able to jaW« i tor use ra od-flred burner bottles and may be applied either 310 multirance S « Sench 

„h nn „ n n , n L- installations ncrordina tn Jhp i . .■ . - .u« rnrihtxes 01 8 oenwi- 


pressure with some resultant change pack size more quickly installations can according to the bv h a nd or „ a conventional many of the facilities of a oencn. 
damage to heat-sensitive pro- as market conditions and/or raw Bifold Company of wigan, pro- pressure spra y equipment. Once mounted unit &u , 1 5 a ,“ SL L 
ducts, says Pakcel Convertors, -materials prices change, and f^ l! ^ i ? slantia L c econ ^™5 s £ applied, the diluted, ‘cleaning one. band .or carried m the ip — ; 



,Su 


41S.lb> : aQd 


The detergent 


ANYONE WHO sprays his roses was a substantial increase in the JJow available is a ■ printed de *W under heat sealing!. . lt supplied with Tne detergent is currently in. overload P.^^uedbea rings' show IS 

^ *?*'**«£ film ■ which incorporate, a cold ^ator. pneumatic' or electric VS SSKSSV provided to the 


will know that it is not easy undersurfaces of the leaves,' but sea i inc method bv t he flexo- 

to get good coverage on the little increase in leaf '.edge L_ Jt process. * 

leaves and ai the same time deposit (an effect usually s T {1 «■ H , nnJ DM iino simc 

prevent wastage of the sprayed ascribed to electrostatic spraying ^ c0 J£j iPiSXa.KS 


costs of . cold ' s 
. slightly increased 


seal, film are 3S£ ijl S hazardous oil and grease Easy .access * P 

d by a. unit price op a c^l%n Pa &l!^or P “irS deposits from runwa ys a n d mate *»qr ,l23r% 


the mini-printer; -^and sofid - jBtafe- : -“ 
storage working jftic .conjunction:' ": 
iqe with a nunlatur'e, magnetic ferie ~ R = 


i.nhiv nrnooca . angiiwj -musiurcu uj •«. uui, nncraiinn The actuator will be tiuu maul- - A p voltage With a miniature 

apbic process. of uound ten l0 twenty per cent, ilnt three discrete tenance area, in the agricultural Five DC and Sye AC vorta,e 

Up_ till. now. cold sealing films ra y S the company, this should be "E™ 4 ° d JS2f machinery- field, and for the aut*. ranges are offered MP to -fiEfiS 


prevent wastage of the sprayed ascribed to electrostaticspraying . V p -Ji c0 ‘ a sealing mras says the company this should be denotina fullv sealed machin er>- field, and for the auto, ranges are onercu mp u - fouracousticebunjer 

chemical. due to “charge at a - polm* *>*• “?> oltat by nbntiieDtinliw due milk cleaning of roadway antl;resistaoce -s ^ ter g.° ln '°“ r jg^Iggg^ Ig g^Nt *rl 

.The problem 1, one of getting &**«*, «** "*&** S2»«. S, Z £35 HJSL. «-r “ ■ ' - KiSSS'S 


fine droplets and then making chemicals). 

them po only where required, A further advantage is that 


process hut in this new develop- damaged products-' f specially in . add»“ ona| n valves in each 
meet. . cold . seal lacquer is the chccaUte c^atSd lines,. 


mini iku aniy wnere required, rt lutuiw «u»aui«B« « tuat . v... a M ..„ • -mope, in r ~ . •. , * insiaijauen. siqnincam ecanonues 

and it may have been solved on the mist does not, drift. away so ,,n to five flexS ^ rQQnirr3 an , d less can be obtained in burner logic 

a practical basis with equipment much in the wind, Improved ‘ p r . n i d cpaiinp mai " t , e { ,ance .. of „ packaging con uQ 2 i pipework and eleclrical 


a practical basis with equipment much in the wind; Improved n^! xer J?n,I 1 ~ liP rnid”* sealins mai " t , ejlance .. ® f . packaging cont j 0 2 i pipework and electrical AH"pUTpOS6- : VjJJJ ^-nSlIeni 
developed at Sheffield University performance was maintained in P nn { colours. Cold se »ing machinery, because it is the wor k, wi • ' am l neter ?'[. cn S 

and recently tested at th» 'wind* guaUng up to IS .mph and »v®»^ .applying « j»t« -i^Gier COTtrols whljartwirKably Standard pressure rating of the O ff KpCJl VP ' r irrcnt 

Knthamsted Experimental Sta- measurements taken over bare ? dh “ lve fo *5 re f fhi nriminP problems. . valve is 300 psi at 250 deg C. ttUlfiCoI T C J5gJ:-. A , fl|r se<1 Sl 

tlon m Hertfordshire. The soil indicated that the charged «« film as part of the printing one of the most significant but customer requirements for p R mnci\r a nf dnni? pnnC,pIe 3 ‘ llT rf n f 

project has been backed bv the -■'Pray reached the soil no farther process and it has taken the savings is the lower capital cost higher ratings can be considered. ?lS2 L ISI J£ ? e £ su 1 !’ ed , C into d ° 

National Research and Develop- than two metres downwind from company over a year to develop 0 f packaging plant. ;A- horizontal a notable advantage of the valve St,!.??," SffSrilSinaJJS iJSH. |° ! 5 e . bro ^-J. ,, ]L ( i un 

nent Corporation (NTtDC). ^ the noz-tp. substantially reducing the complex technology involved. f ocnit fijj and seal packaging JP avoidance of contamination nf S- 1 ? “ ’wSST'- about the u 

In the tests, using only a environmental pollution through One : of the greatest prohlems line, built specifically Tor cold steam by oil when operated at JfgiJ KCTSLJ JS -2SS® " P rS?i V We*U 

twentieth of the liquid used by SP™. T d 7, ft - .. . 4 .. . to be overcome was the auto- sealing is said to cost only three the rated pressures. K" ,n“5? FiniSes fUM tt 

a normal crop spraver. deposits Overall, it is estimated at mafic register control required quarters of the price of the same Wore from the com Da ny 3 r Ley- SL-U n-lwkiL t «“ r « dn ‘ s - 
of insecticide on beet crop were *°thnrasted that fanners using to lineup the cold seal pattern machine equipped _with beaters land Mill Lane, Wigan WS1 2SA 5™- Pof ^“ W n , " 1 L, f rhjS Sf ^ u «uni IMA 

nevertheless increased by 55 per ‘ h « equipment misht, be able to on cellulose film which shrinks and ancillary temperature t0942 412S5J. ftWOH TsSn Dorset BH15 fv • HANDLING 


y ratifies to °0 megohms. The skigle the telephone^ mtjrmznt;/. .f> 
^'microampere scale reads up _ Tc*| • b -^tat '4yped: 'anti si 
While DC mil I mams are im mediately stared w<aa H:bM 
' wSSrtd In three ranges to 6^ *«^Zim+DQa&igjg£ T" 
Usiiic an optional clamp-on AC dirisibkiHntt.ten-'aJes.a^i^ Eatf'' 1 
! ammeter attachment, measure- be ' ^5:* - 

merits may be made up to -00 rection/edilin^. j-an ^'rthfctf .;.&«*•£ 
amps A current transformer earned out ■qfi'itbevscHenf iroi3 v - 
pHhciple i« used so that tbe-and lower . \- 

: f .. iTna, nnt have ■ phanr-tArc >a* . . ' 


cent. 

The system uses direct 
charging of the complete tank 


save up to half their costs on during printing, and polypropy- control equipment.' 
direct s P ra y chemicals. 


A possible objection from the 


of fluid, with extensive insula- farming community mi-ht be the 


tinn. The fluid is then fed to a 
pair of rotary atomisers, centri- 


use of voltages at 60 kV. although 
nowadays .such equipment can 


Automatic labeller 


Small but 


fwga 1 ° f nrrv» a ^rnd uclrf e f rt r nple ts" hp m ‘ lde safe Fquioment A TOUCH-LABELLER with a machine to be wheeled into cffAna 

already charged of ? about 50 «*sts are not yet known, although built-in microprocessor to position on the line and made 311 
microns diameter. the system is bound to be a good simplify maintenance (the com- fhsr®- inixrifnfmi 


Estate, Poole. Dorset BH15 4JY m HANDLING 
(02013 7S661). _ 

It can be used for boodinis TV'/B" I 

softwoods. bani woods. tiles,- iVl cCIIhIII^mL 

hessian, plasterboard, etc., and 
when diluted, with water it may -_l_- _ _ r^lc' 
be used for bonding sand and 'Vflf 1 y 
cement renderings to smooth 


1 a ter . trana^ssioa;'; ^ -ieTidVna: > 

—about- SEC-Ttiawg yfir fast 
Telex. 

Seri b cart he.pmyin^: fr ora y,e‘ : 
mams; from -a- car .batterv. dr r 
.frnm ; ils--own rerbargea hie tells. - 
and- can : he "used: almost 

anywhere, ar-phonfrlioftfs- nbetferf 


LeuituL reaue rings io smootn • .■■ rinKr- i -r^-s 

surfaces, aich as -gloss painted EXTRA PERFORMANCE and-. ^ ti^aniinissjon. 


The 70 mm ainniisers arc about thaD 3 C ° n ' P lete control-circuitry can be 


one metre apart on 
mounlcd spray boor 
significant point a ho 
mlsT produced is that 
towards the ground 
electrostatically attra 


tractor- veotional sprayer. 

.IT NRDC is now looking for 


Labels Win be accented un to A RANGE of miniature, stainless 

^ steel cables and cable assemblies 


or tiled finishes. 


endurance 
found only- 


features ’ normally ■ st, ef r ^ -^rAphic5i js ■at.- .2Bi; - 
on larger models rgrnhgn^ yRoa d, .Slwigh. : Buckv 


replaced wllhia aeeoada while «!“ "LS STllS ? O ELECTRONICS 


have been' incorporated in. the.^.^^Sh :3877ff)i_-,-, -i.- 

sniaHest of three machines added 

lo tie Yah- range of rubber-. ^ aWfclf 


leaves of l he crop, including J™™ “ r - 1 ? 0 S? > ^ n - fences) has. been put- on the SWItcll senses the -arrival 

their undersides. IB ® alp . Ho ' 5? ar £ et „, by P'L 1 ?- - 545 lpsv IC^ products. - 


tbmr undersides. iNtiii*.. oings^iaic nou^p. on vie- marset Dy HetLV..,545 lpswtcfe products. - 

Three different crops w-erc ^* ori< * on SWIE 6SL Road. Slough StJ 4EN (OT53- Optional - printing attachments 

smdied — barley, field beans and «u* 32212),. include rotary ink coder, dry- 

sugar beet. In all cases there GEOFFREY CHARLISH Designed as a lowknst auto- ribbon ink coder, hot-foil coder 

matic labeller, the Bulldog is of and single-line electronic over- 


(01-S2S 3400V 

GEOFFREY CHARLISH 


Hailsbam. Sussex BN27 3.TF 
(0323 S4510). 

Called Bristow-Flex, the- cables 


speech tape 


to tie Ya1«- range of rubber-. < 
tyred loading shovels, says- 
distributor John Holt Equipment;. 
Cinder Lane. Castlrford, . West '. 
Yorkshire. WF10 ILS. 

Broadening the range: at- both 
ends. the machines have 


are suggested as replacerienis DESIGNED BY Racal' Th$fm- capacities of I* cubic yards, six'. 


thescrap 


9 AUTOMATION 


levers and t 

simple, strong construction for printer. An extra accessory is a 0 f Tu e ^s I fto m 1 to T whidi* enables the user repeat- turer^of " the machines, Eaton “inevitably : strewn ^ wilh^ndl?V‘ 
low and medium speed pro- solenoid-operated - peeler-arm with nom j nal b rea kina strengths *dly to reexamine a length of Corooration. earlier this year to nuts, bplts and bits of meiai fbiiti' 
duction lines. Frame and body whose descent can be delayed f 5 t0 175 ,. w o tQ t«| audio tape to ensure accuracy distribute the range in North fall from .veh icies. • ."-■f-.r" -.'i 

are heavy-duty aluminium cast- by the microDrocessnr until the . ' ^r , ;» E nnntonK a ,v-nin 9 i w.u. ViHinnHc an-H.' l-ho : The ' . mainiintanM : ’ „r 


Strip mill agreement 


5.15? > h _? ISSoS.” ,nd ^ 


ings, and a mobile T-stand with centre of a large product lies bare n- n vlon rntt ed Fom 
quick-locking castors allows the" beneath the label. ba ' e n - lon COdt ? d r °rm. 


about its contents. A typical Wales, rfi>> Midlands and the ' The mainJenance of - th# ' 
application is in the analysis North of England. "' l . . motorway ^iamd' 5 regata- ; 


Nylon coating is said to further fr 1 ^ . interpretation of distorted 


srataa-as (g asagga • ■; SSSSTSs 

r ■ “ss- ’“J.sn aa ajfi g g Big six-colour press gfe-~-— — 

Hoogovcns Ijmuiden B.V. . on hot furnaces and the complete THE BIGGEST .and fastest six- loss of print quality. Board 

strip mill automation. Under the temperature distribution during colour web offset 'printing- press weights From 200 to 500 grams A matcdiai C 

terms of this agreement. ASEA rolling; roughing mill autoraa- built by Chambon is- now in per sq metre have been used. ™ lYIMI LISInL9 

will be able to utilise process tion: finishing mill automation operation in ’United. Paper Mills’ The machine will accommodate m -■« 

control know-how developed by including finishing set-up; shape plant in. S!inpel&L':FinIand. It a web width of 1^70 mm and fillc 1 

Hoogovcos in its electrical equip- control: and coi.line temperature has cost about £i|in. ' maximum printing- width is 1.250 A.XXU.O IBlC 

mem and control systems for hot control including finishing Designed for printing bn mm. Its plate and blanket B 
str JZ mI , s - temperature set-up and control, paper and board used for making cylinders are mounted in rTB+irwiA 

The electronic systems for hot ASEA’s co-operation with Este! cartons, the machine has a top cartridges that can be removed wi iliiV 
str,p .JS.l ?!L rora 5 ll0n . in corpor- also enables technical and running speed, of 250 metres a as single units, using an over- ° 

ate ASEAs DS 100 series process economic pre-studies to be made minute. This speed would not head crane or fas is the case a» THE REMOVAL of particularly 

computers, DS S microprocessor of different layouts for new hot normally be used and. says Simpele) a specially-designed obstinate grime shoutf he swift 

systems and ASEA-PLC < 00 pro- strip mills or the revamping Charahon. would suggest an forklift truck. Using a truck and immediately effective in 
gramraable logic controllers. This of old oot^- operational speed nf 200 metres, of this kind, built to its order order that there is a minimum 

Integra tea system can givp The ASEA Group, Villiers However, production speeds of in Finland by RbcbtOy. Simpele of disruption to production in 

superior measuring and control House. 41 Strand. London, WC26 230 metres a minute have can complete a full six-colour working areas, and promising to 

accuracy. 5.1 X f 01-P30 5411 1. already been achieved with no changeover' in only- two hours, meet these reauirements Ik" an 


Big six-colour press 


improve the substantial flex life, 
reduce pulley wear and offers 
protection in hostile environ- 
ments. Other coatings, such as 


foreign language recordings. . .. .. 

With playback stopped after ” . ", pnrtment: -of '.-'OWents ‘ 

an unclear section, the operator r S ATTOJ* .. Goiinci! which- is^uby^ asing- stv- 

can select a length of tape- up X V U VCI five- . feet^rw dfe: . 

to that point by slider control r ■ ■ Erie* Magnetite- - 

ranging from 1.5 to 12 seconds. i-L A rtliAnn •• duslriaTEstaio. l&erphjny^Mid-'* '' 

The machine will then cnnlinu- IIPw” ; Glamorgan. Wales / r GFS - 5ED--' 

ourly replay that section. Replay Sr (8222 SB8501h .-.vV ' ^ 

is simply an a timing basts; no A TYPEWRITER terminal .which* The ma gnei, 'caim^d % 
signals are added to the tape, can be connected via q q ick- rel ease enstbm jmtl r ilfe trm 

Other controls provide for acoustic coupler and a telCKflitached to • -j. : 
instant adjustment of. pitch, phone instrument ltr similar d^rd I n tenfa tibnaf ^ 

filtering and level. device at the other end of the tractor, p icks Upi -1 'aU'tiws .smali - 

\ v>ni.- rtf’ T m !>imnc qccn^*i I orl nhnOA - NriP h.TS hpPH IH t rfirllMMfHi • ^ 


lion of th#s deposited seraip . 

COM M U N SCAT SONS wspansibiiiiy. of the hi#n*$ j&r. 

", nartment:- ’ : of ':--GWenf-, Emrtiik'rt ' 


ptfe and pvc, are available to t0 ^ at ? oint , b >‘ 

order ranging from I.a to 12 seconds. 

The machine will then cnntinu- 


• MATERIALS 

Kills the 


ouziy replay that section.' Replay 


five feel~;wide . ^ ■ 

• Erie* Magnetic^.UEr.wa^jir;:!^ - 
dustriaf - Estate. : Caerphilly^: Mid-- ' - 
Glamorgan. Wales? r GPS - 
(8222 S6S50U. v 


A row of LED lamps associated 

f*imA with the coatrol cluster enables oy- tHinpiurapuir, -a -r.w ‘^.-v/rse cause i potentai^baranj-tar- 

.1 iti&V the user to see where, the tape company, and is available tn the tyreS^ •7', ■r ! Z\. -iV 

has got ;o in the selected length. UK from Sbefra Graphics. As no mamtoiisuW% needM, ' J 

EE REMOVAL of particularly The unit measures 374 x 220 x- Known as the Smb Tele- the running-coSfte^'ibbiteigriet 
dinar* grime should be swift 55 mm and is connected to the reporter the devire is being are " nil; -and:- -jin; "a ilp^ ypqpRjiT ~ 

i immediately effective in recorder by :v;n multiway. cables, aimed at murna lists thrnughmit equipment -Ss beifei tied^uihvhen ’ 


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Adamson Butterley's Telford 
plant was founded in 1775, in the same 
century that the IndushiaLRevoJution 
began close by in CoaibrookdaJe. At the 
time the plants location was simply 
described as Horsehay, Shropshire, and 
for many years the company was 
known as The Horsehay Company. 

Much of the world s first iron 
fabrication and construction was 
carried out in the Telford area. 

Adamson Butterley’s predecessors cast 
sections for the world's first iron bridge, 
situated nearby in the Ironbridge 
Gorge, so it is hardly surprising that for 


been particularly strong since 19 67, 
when considerable expansionarid 
investment began. The company— 
recently renamed Adamson Butterley^- 
now employs the most advanced . 
techniques and a large skilled workforce 
at Telford to mai ntain its lead in its 
various product markets. 

Telford Development Corporation 
can hardly claim to have tempted 
Adamson Butterley toTelford^butthe 
. company s continued expansion and 
investment in the area underlines 

Telfords viability as a place to do 

business successfully. 

Joe Matthews, Commercial 
Director of Adamson Butterley, says 
~We ve plenty of confidence in the 
future— both in our own business and in 
Telford V\fe' re well situated both for the 
U.K. and our many overseas markets. 
There s an excellent workforce, and 

plenty of room for expansion. And ; 

people seem to enjoy living in lelford 
_ certainly ^oftTrrcend anyone thinking 


. W 


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The world's first iron bridge, built 1779. 


great deal- and 

a great future. 

Post the coupon, 
or contact us today 


IfebnriMgeGofar 












11 



A'' - 






JfriH Fuiancfal Times Friday October 27 1978 


- ' Aii l:;».r 


OINTMENTS 


^pp°i 

Senior changes 
at Sun Life 


-\^Mr. J. D. Webster, at present 
; Vestment manager of the SUN 
FE ASSURANCE SOCIETY, is 
become assistant general 
mager (investment) and a 
■ector of the society from 
•▼ember j. ai the same time 
- W. J. Antes will join the 
Piety's executive retaining his 
le of secretary and Segal 
mager; Mr. M. Carlisle, who is 
w assistant to the deputy 
neral manager, will be 
pointed to the executive as ser 
dng controller: and Mr. J. A. 
■ad, assistant personnel oxpcu- 
■e. will move to the executive 
personnel executive. 

★ 

ffep worth Ceramic Holdings has 
pointed Mr. G. M. Marsden. Mr. 
Smith and Mr. M. R. Wuil to 

e board of HEPWORTH 

-ASTICS, a divisional holding 
mpany. 

* 

Mr. A. S. Dunstan has been 

ade a director of MUTUAL 

XEPTAN'CE. an Australian sub- 
llaiy of Standard Chartered 
.nk. hfr. Dunstan is chairman of 
re bos (Australia) and of 
oneruka Estates Pty. and is a 
rector of Dalgety Australia. His 
w appointment tills the vacancy 
the board caused by the re- 
emem of Mr. F. M_ D. Jacketl, 
puty chairman. 

"/T 

Two board appointments have 
en made within the WARD 
HITE GROUPS distribution 
vision from October 30. Mr. 
k ian James is to join Britton of 
<v as merchandise director. He 
jves to that company from 
•at tan Warehouses. Mr. S.vd 
|ater will became sales director 
i. John White Branded Footwear 
vine previously been vith the 
.gbam Ferrers, Northants, com- 
: ny. 

★ 

Mr. David Wright has been 
pointed to tbc newly created 
sition of marketing director of 
INNING TOWN GLASS, the 
iss division or the Arthur Bell 
■oup. He was previously with 
■social ed British Maltsters. 

* 

Mr. F. G. Flood. former!y 
:puly chairman 2 nd chief execu- 
te of BPB INDUSTRIES', has 
«n appointed chairman in place 
Mr. N. M. Barrow, who is to 
tire from the Board and from 
e company at the end of this 
onth. Mr. A. G. Turner, deputy 
uef executive, becomes chief 
amitive in place of Mr. Flood. 

•k 

Mr. M. S. H. Mitchell has been 
•pointed head of computing ser- 
ies at BRITISH GAS head- 
larters in London. He had pre- 
Dusly held the post of customer 


accounting development manager 
and has been in the gas industry 
for 13 years. In addition. Dr. 
R. W. E. Shannon has been 
appointed assistant director of the 
British Gas on-line inspection 
centre at Cramlington. near 
Newcastle- upon -Tyne. A further 

appointment is ihat of Mr. N. A. 
Townsend, who becomes assistant 
director, at the BG Engineering 
Research Station in Killingwortb. 
* 

Mr. Richard Butcher .has been 
appointed managing' director 0 / 
GELLATLY SHIPPING UK in | 
addition to his position as chief 
executive of Gellatly Shipping 
International, Mr. Dans Andersen 
joins the UK concern as commer- 
cial director. Mr. David ' Clarke 
has been made financial director 
of that company and he continues 
as group financial controller of 
Gellatly Han key and Co. The 
following group executives also 
join the Board of Gellatly 
Shipping UK: Mr. J. M.TL Butters. 
Mr. P. IL Starnes and Mr- C. A. EL 
Wood. Mr. J. IV.' Turner is 
secretary. 

■A 

Mr. D. Knight has been . 
appointed a director, and Mr. 
N. MiDer, assistant director, of! 
GLANVILL ENTHQVEN 

(MARINE). 

■k 

Mr. John A. Leaver, has been 
appointed sales director of 
MIRK LEES PUMPS, a division of 1 
the Plenty Group. 

* 

Mr. Mervyu F. Frtsby and Mr. 
Dial col m Launder have been 
appointed directors of CHAS. F. 
THACKRAY. 


Mr. W. A. C Thomson is joining 
the Board of the BEN LINE 
STEAMERS from November 1. 
He has been with (be group since I 
1970. 

•k 

Mr. Cedric Hopkins has been 
appointed chairman and' manag- 
ing director of MAT TRANSPORT 
(MIDDLE EAST) Mr. Hopkins 
joined the MAT Transport Inter- 
national Group at the beginning! 
of September this year.; He Is also 
chief executive and managing! 
director of MAT Transaqto. group 
administrative .services- (director, 
and on the executive Board for] 
the MAT Group: ' 

The BARR SOFT r DRINKS 
GROIT has been re -Structured 
into three di vi si ons— Eot tied Soft 
Drinks (Scotland). Bottled Soft 
Drinks (England) and Wholesale. 
Controllers appointed'.' head of 
these divisions, respectively, are 
Mr. James Pro ran, Mr. Douglas 
O ark and Mr. Harold Cowburn. 


GALERIE KOLLER 

8001 Zlirieh RSmistrasse S Tel. 01/475040 Telex 5S500 

IMPORTANT AUCTION SALES 

November 23rd' through December 9th 3 1978 


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GIORGIO D£ CHIRICO, 1933 
Oil on cancfljf, 315 x 84» cm 
. The properly Of various owners, including: 

‘ The, estate o/ an important Zurich collector 
Princely *neubles from a “ bOtbl particuiier franca is " 
Important- collection of 'Gothic and Renaissance sculpture. 

:T ; . . -important paintings. 

caiagalt: de Chinn. Canotb.' Coro:. Dczos. Ekrarn, Duly, Hofer. Jacssv-rs. 
JnH-fcntejjv LJEK-r. ijtoaan Mntoaiin. Marquci, Mini. PIcjs-o. d>: Hims, 
Fobafeotr, Ppmann. Iteooir, Rodm. Schwiuer:.. hefareycr. SsaUwre. I'lrillo. 
Vtamincfc. Voki. Vuhiun.Mc. ■ 

J. d’.lrVurit. Stem. EravfctttJ' ± J., CkpeDe, Cippc-r, Clacsz, Cure. 

DrochfiKr. Fl£nck. Glib,:. J. *\an Gojren.. Grwbcr. Hasiu. Ribera. Ricci. 
P. P. Rubens. Kes&cl. Krtnlnofc, /.tppi. vhi Looien, Mariescfu. Motnpor. 
■Koordi d. a.. PcJcsrrcl, Pis pea. Simoas. Sccnwvcir. Valencia, a. van de Velde. 
Verhoom, \^uoau. \tuu. Wj-ek. etc. 

Watercolours Graphic Works ef the lSth and 20th century 
Rare French f u riii ture.'D f ,th e.%7 1 h-'a B d iSth century. 

-many pieces-sign^dF 

A lar^e collection of rues and carpets, tapestries. 

Rare clocks, bracket clocks, bronzes and sculpture. 

European porcelain and faience. 

Silver, collection of miniatures. Snnff-bovcs. Icons. 

Glass and Art Nouveau collection, 
rmnnrtanl jewels. 

Highly important collection of Oriental Art: 

China, Japan. India. Southeast .Asia. Sculpture, Bronres, 
Ivory. Collection of Tsuhas, Lacquerware. Paintings, 
Jade. SnuffbotilHs. Far Eastern ceramics. 

PREVIEW Novcmher 3rd through 21st, daily from 10 a.m. to 
30 p.m.'. November 2lsi from 10 a.m. to 6 p.m. 

After November '21 st and until the day of* the sale 
appointments may he made for private viewing. 

We publish (he following catalogues: 

Pictures. 16th to 20th centur-'. Graphic Art and 

Sculpture, '19th and 201h century SFr. 30. — 

Furniture, Arts and Craft* SFr. 30. — 

Asian and Far Eastern Works of Art SFr. 30. — 

Jewels .SFr. 25. — 


HELLENIC STEEL JO MAKE 3 1 00m: 
ADDITIONAL INVESTMENT v “ 

The shareholders of Hellenic Steel have made the 
following announcement in Tokyo. Paris, Rome and Athens:' 

On September 2$th. 197S. the Greek Government issued 
the. Presidential Decree No. 711. -concerning the approval -of. 
the expansion of Hellenic Steel Company. 

As it had been agreed at the General Shareholders’ 
Meeting. . held on June 8th. 1978. the company wit] expand 
the facilities of its Salonica plant to the annual production 
capacity of 750.000 to 1.000,000 Lons of cold rolled products, 
from the present 350.000 tons, by installing a tandem cold 
rolling mill and the relative auxiliary equipment with the 
toted investment of- approximately USS10O million. 

With the modernisation of its cold rolling mill on an 
expanded scale, the company can contribute to the develop- 
ment of the Greek metal working industries, as well as to the 
promotion of exports to the international markets, particularly 
to. the Middle East and the Balkan countries. 

The Japanese shareholders, namely C. Itob and Co. Ltd. 
and Nippon Kokan K.IL. agreed to concede the majority 
shareholding of the company to Greek and EEC interests. 
For this purpose, on the one hand, the Greek, participation 
will increase, that is. in addition to the participation of the 
National Investment Bank for Industrial Developments S-A. 
(NIBID), which has made a valuable contribution to the 
development of the company, an invitation for participation 
is now addressed to Hellenic Industrial Development Bank 
SA. fETBA). 

On the other hand, the participation of two new .share- 
holders, namely COVAMO, representing the two major French 
steel groups, and Finsider International S r A- representing 
F insider Group of Italy, has been realised. These participations 
and the cooperation with the shareholders’ steelworks will 
concur to the harmonious development of the company In 
the framework of EEC and ECSC in which Greece will join 
shortly. 

C. Itoh and Co. LtiL. who remains the largest shareholder, 
will continue to play the leading role in the management of 
the company. At the same time, an executive committee, 
representing the interests of all shareholders, wiU he set up 
to supervise the policy and important matters of the company. 


Sometimes, renting cars seems 
to be the last thing we do. 

Take the time a man arrived 
in a panic at Heathrow to return his 
Avis car. Not only was he late for his 
flight, but he also had to arrange 
transport for his dog. 

That's when Avis girl Kay Honey 
took control. They leapt back into his 
car, and she drove him 'round to the 
animal freight section, made all the 
necessary arrangements, then came 
back to check in the car. 

Both he and the dog made the 
plane by a whisker. 

It isn’t just for the service that 
people come to Avis. 

There are our cars. Most are 
spanking new, few more than nine 
months old. 

There's our one-way rental 
service.You pick up a car, and drop 
it at any one of nearly 70 offices in 
the UK 

At Avis, we really do try harder. 


AVIS 


Vauxhall Cavalier. 


Avis features ! 
Vauxhall cars. 


TOPBSVE AGARGAIL IdJSnRAVELAOVT OtYCLRNEA!SSrAV5RcS£RVA i n0NCBvyrR6L0fO3N ANDSCXrrHEAST{pi)Ma 8733 MDLAf&SANDSGUTH WEST p2i)S2242S2SCOTLANDp23M)54£25 NORTH OF ENGLAhJD s | t-JORTHiRN REIAIJD jp2284 ‘ 5" 1, 33 



I 







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feSlt 




BY JOHN BRENNAN 



Looking into the 1980s 


THE HENLEY Centre for Fore- very Uulc urue Jag in tbia 
casting. and Hillier Parker May reaction. 

and Rowden’s research depart- b - Ain g ^ investors Chronicle/ 
ment both expect a continued Hilher Parker rent index Dr. 
sharp rise to shop rents over the stiller notes that shop rents 
■next year. And in a five year f eJ | 75 per ^ Brsl 
forecast lookin? at eveiy sector h3]f of l977 i n a period when 



capital values into me iw*us. 7 per wm whHe Increased 
Last July Dr. Russell Schiller, by 7.2 and 12.6 per- cent. U 
head of Hilliev Parker's research remains to be seen whether this 
team, published his first, contru- surprisingly dose ■ relationship 
versially -bullish forecast nf shop between rents and sales proves 
rents. At the lime Ins prediction to be a. reliable Ions -term 
of an explosive rise in rents «as indicator ' - 

treated with some caution. But Df SchUler doubts : f nfiW 
he was pro\ ed correct. s hop 0 pe niI 2g S will rise above 

Today Dr. Schiller publishes a j,.5m sq ft a yearr An -I97S and 
revised forecast, incorporating XSSO <Jm sq ft' teas titan his 
the effects of recent shop own- forecast ' for 197SK'' But develop- 
ing and updated views of retail moots to tie pipeline suggest 
spending. He concludes that shop new openings of between 2-5tn 
rents ire pjssing Uirough a and 3.5m sq ft in the early 
period of exceptional growth at jgSQs. He is cautious about 
the moment, a arowtn rate that reading too much Into the rela- 
cannoi be sustained inio 1979. nonstop between the, rate of 
Nevertheless, hr- helicves that new . openings and rental per- 
between May 19<< and May 1980 formancc. but.tlie figures do pro- 
shop rents will have nsen hy vide support- for'- the overall 
between 'JS per cent and 40 per forecast of. at worst, a 28 per 
cent, enough u« lake rents in real ce nt rental rise by 1080. .As that 
terms buck t*i (■•vels seen at the lower ranee forecast would do 
height of ih* last property boom n o more than bring inflation- 
ln 1973. adjusted reals back tn line with 

Looking at retail demand. 1973 levels. Dr. Schiller warns 
Hillier Parker picks out ri clear that the predictions might better 
relationship between sale.* and be seen as sisns of a recovery 
shop retus. Both retail sales rather than pointers to another 
volume and shop rents reversed bonm 

their earlier decline in ihe The Henley Centre takes a 

second half of 1977. and the wider and loader Took at the 
growth rate of both indicies property market la us latest 
accelerated in the first haLf of quarterly investment review 
1978. Rental levels, appear to published this week. But it 
react twice as fast as changes echoes Hillier Parker's confi- 
Ln sales volume, and there Is dence about shop rental growth. 


These two forecasts differ on 
the rate of rental growth in 1978 
and 1979 (Hillier Parker expects 
a slowdown In the growth rate 
next year while the Centre fore- 
casts rental growth rising from 
13.S per cent in 1978 to 16 per 
cent in 1979). But looking at the 
Centre's rental index it does 
expect an overall rent growth of 
just over 40 per cent between 
1977 and 1980. which is at -the 
most optimistic end of Dr. 
Schiller’s forecast.- 

The Centre looks five years 
ahead with its forecasts of shop, 
office, and Industrial rents. It 
accepts the arguments that 
letting demand wilt exceed office 
supply in London and the South 
East by 1979. and that Govern- 
ment spending cuts will leave 
provincial markets over-officed 
until the early 1980’s. That leads 
the Centre to the view that pro- 
vincial office rents will lag 
behind tbe growth of rents 
around the capital for ihe next 
few years. But that does not 
affect a forecast of a 17.4 per 
cent overall rise in office rents 
next year and a 14-.8 per cent in 
1980. Beyond that the Centre 
expects annual rental growth to 

average Just over 9 per ceot until 
1BS3. 

The Centre is rather less con- 
fident about tbe rate of in- 
dustarial rental growth, expect- 
ing a 14.1 per cent rent rise in 
1979 falling to 6.4 per cent In 
1980. But over the next five 
years its forecasts suggest rent 
increases adding a third to 1978 
levels. 

Purchasing yields on all three 
types of commercial property are 
expected to fall in the years 
reviewed, partially as a result of 



Landis and Gyris 133.000 sq ft freehold factory and office building opposite the -North Acton 
tube station In Victoria Road. Park Royal. W.3 Is now on the market at JEJm. The electricity 
meter manufacturers are moving to a new 150,000 sq ft factory across the road from the seven 
storey block next year. Richard Ellis are selling the bnililing with informal agreement from 
the London Borough of Ealing for either refurbishment— to create 90.000 sq ft of laetory space 
and 30,000 sq ft of offices — or complete redevelopment of the 1.3 acre site, creating around 
30,000 sq ft of single storey factory accommodation with ancillary office space.' ... 


generally lower interest rate*, 
and partially under the weight of 
Institutional funds directed to 
the property market. 

Industrial property’s particular 
appeal to small and medium sized 
funds is expected to ensure that 
the sector retains the lower yield 
differential compared to orher 

types of property that it has 
acquired in the past few years. 
Taking current buying yields at 
7.5 per cent for industrials and 
6 per cent for shops and offices, 
the Centre predicts consolidation 
at these levels in tbe years to 

1983. It expects industrial 
yields to ease to 7 per ceot in 
1883, after a temporary dip to 6.5 
per cent in 29SL Office yields 
are expected to fall by i a per- 
centage point a year from 1979 
to 1981 and stabilise at 5 per cent 
in the following two years. Shops 
are expected to continue selling 
at average initial buying yields 
of around 6 per cent throughout 
the period, apart from a J point 
dip to 5 -5 per cent in 1981. 


Laing times two 


JOHN LAING’S Scheme of 
Arrangement, which spills the 
group into separately quoted pro- 
perty and construction com- 
panies, becomes effective today. 
Before dealings start in the 
shares of John Laing Limited 
and Laing Properties on Monday, 
stockbrokers Rowe and Pitman. 
Hurst-Brown and J. and H. 

Scrimgeour have taken their 
respective microscopes to the 
new companies. Both like what 
they see. 

At a 25 per cent discount tn 
its reported net assets Laing 
Properties' shares should open at 
120p on Monday. Rowe and Pit- 
man expects an opening price 
of around 125p giving the com- 
pany ao initial, market capitalisa- 
tion of £67m. the seventh largest 
io the sector on a par with Stock 
Conversion and Percy Bilton. As 
a close company 65 per cent con- 


trolled by the Laing family the 
new company follows sector tradi- 
tion by raising problems of 

-marketability. But investors able 
to get into the stock have a fore- 
cast from Scrimgeour of net 
rental growth of around 10 per 
cent a year for the. next five 
years. 

. As Laing expects to take a 
£l.lm revenue deficit on its three 
major completed but empty 

developments (the 105,000 sq 
foot Duchess Place block in 
Birmingham,' 141.000 sq feet at 
Whitefriars. Bristol and 69.000 
sq feet in the Chapel High 
Centre. Brentwood) It has fore- 
cast 1978 rents of, “ not less than 
£3.65m." Lettings of all three 
blocks would eliminate the deficit 
and, Scrimgeour believes, add 
between £300,000 and £400.000 to 
a 1978 estimate of £4.65m pre-tax 
profits. 


Financial Times Friday October 27 1978; 

The brokets analyse the raver, .tourists. . And- tourists keej\ 
sions within -Lung's £82.3m in- hotel tills jingling. « 

vestment properties, most of it is still far cheaper to 
which fall due in the early 1980a. and upgrade an-esia Wished h- 
And they agree that as a separ- than to look for a site and si 
ate operation able to accept a building. Even fairly basic bo 
higher level of gearing (loans are building costs now run. to arew: 
just 17.3 per cent of total assets) £40,000 a. room. And costs asici 
it will in future be able to. retain the problems of finding a site an 
more of its development pro- wimzins planning -permission n 
gramme now held -In the books the tourist belt oF - west am 

at its £30 .2m cost. central London beep .agents 

scouring the -market ft*r estab- 
_ , Jjshed hotels that haw not 

1W BRIEF, m m m . already been "Snapped up by the 

' major British chains.. 

PRUDENTIAL PENSIONS, Earlier this year -Taylor Rose, 
whose £129. 6m property fund property adviser to the British 
now owns 120 properties, is Hotels, Restaurants and Caterers 
fairly happy with the current Association, was asked to look for 
state of the investment market In a 75 to 200 bedroom hotel in 
its quarterly investment report i^ondon by the WelUngrton/Mom- 
the fund comments that, “after ington Hotel Group of Stock- 
a number of years of volatility ‘holm. The agents trawled the 
and uncertainty ... it comes as property available lists and 
a pleasant surprise to find that approached dozens of hotel 
the market has been performing owners, most of whom were fully 
steadily for a penod of nine aware of the .scarcity' value of 
months or so.. . their property and who either 

Despite a shortage of good refused to sell, or asked what TR 
property on the market, the fund and Its Scandinavian client re- 
has noticed “scarcely any more- garded as prohibitive n rices, 
mem in the underlying yield i n the end, TR had to work its 
rates.” Prudential now discounts - my throueh the lists of .hotels 
-fears that the. weight oF instlru- making direct approaches to 
UpaaL money will distort, the owners and asking if they had 
market, noting that -when fund considered selling.:. This direct 
managers cannot find, a suitable approach has now paid off. The 
property they are now. “gener- private companies that- owned 
ally content to direct, a subs tan- u,e 75 room. Ambassador Hotel 
tial proportion- of new money to jn Lancaster Gate have accepted 
other markets. a aoMW offer for their buiid- 

■ Overall PrudentiaL feels that ing, a purchase price of £12,000 
the growth of rental income a room, 
across the spread of properties Well ington /Mora ins ton wfll 

justifies current yield rates and j^ve to spend a couple of 
supports the steady growth in thousand a room modernising 
values in a. firm but l im i te d tbe Ambassador and bringing it 
market.” ■ up to a standard to meet Fire 

• Certificate regulations. But it 

AGENTS are * running out of expects to have completed work 
superlatives tp describe the by the next tourist season io the 
market for hotels in London. As summer. Tbe Ambassador sale 
the tourist season gets longer, is only tbe most recent publicly 
and hotel occupancy levels rise, recorded London hotel deal, just 
investors have been drawn into the tip of an iceberg of trading 
one of tbe very few areas of the business in what has hecome one 
economy -that tends to be helped of the most competitive areas of 
by polltica-l and economic prob- the capital's property market, 
lems. Short of political violence, m 

any internal problems that hit __ 
the world value of sterling also Property Deals appears 
help to boost the influx of - on Page 14 


? 1 


i*;‘ 

;-.i 

k: 


$ 

t '■ 



E5HBM 


STRIA L AND BUSINESS PROPERTY 




m 


for industry 


BRIGHTON 

Only 3 Units Remaining 
From 1C, 200 sq. ft. 

CAMBERLEY 

10.000 sq. ft. Warehouse 

TO LET— IMMEDIATE OCCUPATION 

CENTRAL BIRMINGHAM 

25.000/3C.00C iq. ft. 

Prestige Warehouse/Factory 
Unit to be erected 
TO LET 

LONDON, E.6 

Refurbished Single Storey Factory 

5.000 sq. ft. 

TO LET— IMMEDIATE POSSESSION 

SMITHFIELD, E.C.l 

Wholesale 'Reri.il Premises 
6.120 sq ft. 

Part on Lease Remainder Freehold 
Price £25,000 

STAINES, Nr. Airport 

Modern Warehouse & Offices 
4.GOO sq. ft. 

TO LET 

IMMEDIATE AVAILABILITY 1 

SWINDON 

21.000 sq. ft. Warehouse 

TO LET— IMMEDIATE OCCUPATION 

WATFORD 

New Warehouse Unit 
34.083 sq. ft 

IMMEDIATE OCCUPATION— TO LET 




mm 

Chartered Surveyors 
1 Snow Hill, London, EC1 
01-236 3000 Telex 885485 
Manchester, Leeds and Brussels 


Chestertons 




9 Wood Street, Cheaps ide, EG2 V TAR 01-606 3055 

E.G4 

Self-contained, 
modernised office building 
close to St Paul's 

Ideal for Bank 
or Building Society. 

Approx. 12,000 Sq. Ft 

Chestertons„„ 




EC2 

7,000 sq.ft 

SW1 

3,360 sq.ft. 

WC2 

6,000 sq.ft 

WC1 

925 sq.ft 

WC1 

SOOsq.ft 







CENTRAL WEST YORKSHIRE 

Valuable freehold industrial property, approximately 1120,000 
sq. fL in 4.8 acres of land. Considerable main rtnri frontage 
and car parking area with close proximity to MS? and Ml 
Motorways and vital irunk roads serving Central West York- 
shire. makes this outstanding corner location with useful 
planning permissions suitable for a variety of uses. Intro- 
ducing Agents can be retained. . 

full details frtrni 

Messrs. Holroyd Sons & PickersgiU 

Chartered Sun'eyors 

Church Street. Dewsbury, West Yorkshire. 

Tel: Dewsbury 463671/2 


Clients' requirements 

400-1,000 sq.ft Retail West End 

500-2,000 sq.ft. Office Central London 

2.000- 3,500 sq.ft Office St James's 

3,500-6,000 sq.ft...0ffice Covent Garden 

8.000- 10,000 sq.ft Office West End 





Freehold 
Investments 
For Sale 


.*• -vF nr 
: - 

•7.-* 





Freehold Investment 

QefeeAAfest End & City 

Modem Headquarters Building 
with Self Contained Offices 

. Producir^ £45,000 pia. 

... excLon ER.& L Lease Substantial Tenant 

Office Investment 
London E.G1. 

Producing £35^000 pa. approx 

RR.&1 LEASE 5 YEAR RENT REVIEWS . / 

• 

Immaculate Office 
Investment London S.W15. 

Blue ChipTenant 

. ‘ Producing £13^50 pra. 

■ Fit& L LEASE 5 YEARRENTREVIEU^ :• 



■ 

4 

*<?- 


'' ,1 

•v ri 



New Self-Contained Office Building 




323 

£23, 


EEHOLD 
OR SALE 

with the benefit of vacant 
possession 

765 sq.ft. 

JONES UNO 



33 King Street 
London EC2V SEE 
Tel: 01-606 <1060 
Telex; 885557 . 




. v V Chartered Surveyors 



CENTRAL LONDON 

TENANT REQUIRED 

TO SUPPORT O.D.P. 
28.500 SQ. FT. 

CENTRAL LONDON 
MANY BENEFITS 
Wr*Ie Bo* T*966. Financial 7lmct 
10 Cannon Strcot, EC4P 4&Y 


WATFORD 

COLONIAL WAY * 

NEW WAREHOUSE 


COMPLETION DECEMBER 1978 
Parnis Bird & Partners Connells Commercial 

42 Hertford Street London W1 62 Grosvenor Street London W1 

• 01-4912959 01-4934832 

| - ____ 6 The Parade, HighSl^ Watford 


Lesser Land Limited 


Herts Tel: 92 49959 



P A T " new companies have chosen Reddftch as 

1 l ■. their base. 

I— A GKN; SERCK; BRITISH LEYLAND; HALFORDS; 

rACT: AVON MEDICALS; CHLORIDE ALCAD; 

MAR UBEIVl I- KOMATSU (Japan) 

FAPT* Large office developments in parkland settings 
1 / * ■ now under construction. 

FApf. Over 50 miles of new roads provide quick easy 
4 I . access to all parts. 



Redditch 

Petals from:- Norman Mont FTOCS, Chief Estates Officer, 
Redditch Development Corporation, 

“Hohrrvwood', Plymouth Road North, FteddJtch.Wbrcs. B97 4PD 
Telephone: Redditch 64200 

















a & if Jr-s.fi r.-C * u ijr«G ^ -5 .•-«r:ri---:% ?•:■•:> 




Financial Times Friday October 27 1978 


■h't . 


:^*r4 



,;- Vi .'ii 




rV^v. ^S?" 




PRIVATE 

ISLAND 

(FOR SALE BY OWNER) 

East Coast 


(Southern Tip Nova Scotia) 
221 ACRES SURVEYED 
SAND SURF 


1.200 feet off Mainland. 

3 miles of sheltered beaches. 
Excellent swiming — warmest sale 
water north of Florida. 
Formerly supported three farms. 


$2,500,000 


Write Box T4974 
Financial Times 
10 Cannon Street. EC4P 4BY 



5SF&; 






-■fojficjT 


• "■ r i; XW ; 






ill &wrMm 


m§ 




22S’ 


&r ?i& mmsMm 




40,CH3iai<i'uareicct of modern offices 

V ;• ■ -. IrVs^PZ:. *Ms2—^£ ; r r -v / 

- - »"• -. ■ - ->+W - -4-^^, _ 

W i • V ‘ : 4- ^ # ' ' C ’ > ■ :* 




Harold Williams Bennett Richard Ellis 


Oa the Instructions of 
Northumberland Cauniy Council 

PRIME FREEHOLD 
RESIDENTIAL 
BUILDING LAND 
Approx Acres 
(3.98 Hectares) 

D ARRAS flALL 
PONTELAND. 
NORTHUMBERLAND 
FOR SALE BY PUBLIC 
AUCTION 

Tuesday, 12ih December. 1978 


mi 





BEHNAHD THOHPE 

*■ 


& Partners, Chartered Survcvnr^ 
Park Lane. Crnvdnn CK92NL 
Telephone: Of-6-S-rj 31-il 


--ifi ‘i,L\.rS-£i . 


Chartered Survvvnis 
6-10 Bruin n! >l reel 
Lond'tnYTlXBDU 
Tclephiine:UI-l9« 7J$1 


16/18 IliMHl Srrwi. 
Noweasilc-Upon-Tvih- LJI ttG 
Tel OCT i.l 1*1! 


Offers a rare opportunity to acquire a lease 
of a self contained, fully fitted modem 
office building, located in the heart of 
London, providing 1 14.000 sq ft net of 
office accommodation, together with car 
parking facilities for up to 100 cars. 


ebone Road 

- London NWS 


EDWARDS 
BIGWOOD 
& BEWLAY 


A'va a: B r-ningnarn. 
EjnDurv Cl £nianon, 


APPLY I HP .. 

PARKSIDE HOUSE MICHAEL 

51/53 BRICK ST. RI8FY& 

iSr™ PARTNERS 


■'-> i*4m ... 








(TIAfiT 


SKhi? 


.vjrrEf^y^m® m* ■ 

Queen e-treet^PJaceV'-* • . C.-* 


London EC’4 R^ES 'V* * ■ 

*t ,; 3Ww'.y -v- 


Telephone 





mm? 


»§§r h ^ 


74 Grosvenor Street London W1X 9DD 
Telephone 01-491 2768 












TO LET 


OFFICES 9,000 sq. ft. 

; .and' 

WAREHOUSE 11-17,355 sq. ft. 


Excellent. Specification and Finish 

: 4.'" 'Tfc‘AL?v ; '-4'-;.p4'-r.v^' • .•- 

;Just ; Completed • ; 


l*V“r ^ -O * 


MELLERSH Swi?" 

S HARDING 01-493 6141 . 

■ - .••• •-.•Ch«r:erecl-$wi'«ycfs' 


■'// TELEX: 243T0 


ESSEX MANOR 


Aprestigeheadquarters ~ 

officebuilding dtO@&0 

in central London persq.fr. 

of 83^000 sq. ft. Including 78 car spaces 


T7 Mihi London 

Set in 45 acres with consent for 
Residential Training School. 25 
Beds. 6 Bath, separate cottage. 
New Pool, Camping Grounds. 
Football & Cricket Pitches. Of 
m teres r to Developers. 
MARKHAM VAUGHAN, 

GILLINGHAM & PARTNERS 
36 KING STREET. BRISTOL 2*3354 




1 7 Sr. Helen's Ffacc. 
London I:C5A oED 
Telephone 01-638 4591 


Richard Ellis 


Chanercd Survevors, 

6-1 Ct.mhill.Londi.il FC3V3PS 
Telephone 01 -2 S3 3u r *0 


EIRE: STROK E5TOWN 
CO. ROSCOMMON 
Magnificent new business 
premises 


3, 0D0 iq ft Central petition 
'■ Shopt and accommodation 
Contact; A. B. Goar, MR AC. MIAVI 
12* Lower Baggoe Street. DnbQn 2 
Tetephaoe: 764 S4 1/2 


NEW CAVENDISH STREET m 

Ground Floor 

OFFICE/SHOWROOM 

( 1,550 sq. ft.) 

Fully modernised 

EDWARDSYMMONS TetOl 834 8454 






56/62 Wilton Road. London SW1 V l DH 


—m 


Attractive warehouse 
showroom & office 
11,060 sq. ft. 


DEBENHAM TEWS ON & 
CHINNOCKS 
Tel: 07-236 1520 


11,340 sq. ft. 

SUPERB MODERN OFFICES ON 2 FLOORS 
ONLY £4J!p PER SQ. FT. 

Including Rates and Service Charge 
LEASE FOR SALE 
BAXTER PAYNE AND LEPPER. 

40 Welbeck Street. London WIM 8LN 01-496 2849 




B Walton Indtmrial Estato 

B Unis 5.400- 150,000 sq.fL 

1 (tew lofty units wiih good offices and 
| (Uriing (close to A34 and ME}. Phan 


| duciury commission payable. 

| 111 P. KENT LTD. 







Wembley 


(Opposite Conference Centre) 


Maybrook IftdujtnaJ Estate 
Unin 2,500 - 18.000 sq. tv 
Mum ll dneloomcnt ol this sanzaful 
iodustf'dl Mtu wall provide a rantja of 
Indusinal/awehooie units - conwn- 
ieni VWsall, WohertumpUin and Wist 
Bromwich. 

MAYBROOK PROPERTIES LTD. 





A selection of the 






dUSSm 


2,300/5,000/7*300 sq. ft. 

TO LET 

^Automatic Passenger Lift 

★ Gas Fired Central Heating 

★ Private Car Parking for 1 5 cars 


Oxford Sum industrial Park 
Units 5,000 - 100,000 sq. h_ 

Prasupe main road frontage to A41. 

2V O'* to oms, lac.ni, 5 ton O.E.T. 
cranas. Tenants laquiremems can be. 
incorporaied. 

RICHARDSON DEVELOPMENTS LTD.- 








m 


finest new IndusDiat WarefmiBS 
. Units available To Let^ 







Kinqmay Industrial Park 
Units 5JJ00 - 40.000 sq.fl. 

AdjoJiwng Dert, flmg Road Phase I - 
l wo rataaining units available floch 
7. 100 sq. ft. Phase' I i units to tenants 
iiqukHKnls. 

WILLIAM WALKER DINE LTD. 



Gravelly Industrial Park 
Unm4.D00 - 70.000 sq.li. 

A 32 Jcrr Ptuse II development 800 
yards liom Spaghetti Junctmn, a IrmiL- 
ed number ol units are still available. 
BRYANT SAMUEL 


Walsall Wood 


Sole Agents 


r 77 


Drue. House 

L.EST' 1 23 Mancheoier Square 
1822 | London Wi A 2DD 

TUI 01 - 4*26 1252 


Halesowen Industrial Park: 

UnilB.QOD-100.OOOsq.lL 

2 miles Junction 3 MS Motorway. 20* to cures, excellent office 
accommodation. Phase 1 1 Develop mart on bkothij estate. □ ccti patron 
January 1979. Vary lugh qwafieetioa. 

WHITTINGHAMS INDUSTRIAL DEVELOPMENTS LTD 


Biiston T 


Ye; 


M6 





Mkwmrtti Industrial Park 
Units 6,000 -100,000 sq.fl. 
Immerfiatefy available - prestige, lofty 
mnhoiBe uniu. axceflanr nearby am- 
entia* — Carraloar Hypermarlin imm- 
ediately adfaom. 

BRYANT SAMUEL 








wm. 


'• .-A- -- •••CVv 

w M in worth . ,. v . 

m • 







HOVE - SUSSEX 
FREEHOLD FACTORY 
AND OFFICES 

70,000 SQ. FT. 

Heating. Lighting. Computer 


Area, Adjacent A27(T). £825,000 


fl Stiles Horton Ledger ■ 




6 PAVILION BUILDINGS, BRIGHTON BN1 I£E 
. -TEL. 0293 21561 

also at’Hovev Eastbourne. Worthing and Crawley 


Hockley Industrial Estate 
Units 3,000 - 70,000 sq. f L 

A unique 1 1 acre inner city industrial estate providing a range of 
mrabosof and factory units. E«ra height OU9' 8" - 600 lbs parsq, ft. 
flour lastS nip. Units also to tenant's specific requirements. 

ST. MODWEN SECURITIES LTD. 


Halesowen 

• ■, As Sf BIRMINGHAM 


Motorway Trading Estats - 
UmB 3.500- 18.500 sq.fL 

Magmticent location overigoHmg Aston Expressway. Five standard 
units with parting, offices and good ranking height of 20* 0". Last 
remaining units nail able shortly, 

SAPCOTE PROPERTIES LTD. 



'4e* 


4tt 




-4 « * * « 


-» « s 



Haywards Industrie Park 
Units 3,00) - 350.000 sq. h. 

A 16 acre development 100 yards 
Junction 5 MB Motorway. Advance 
units Irom 1979 onwards rath sites 
immediately available (or units to re- * 
quifemenu. in 

HAYWARD INDUSTRIAL DEVELOPMENTS LTD. 





Garrarn Green Industrial Estata 
Unia 3^40 - 75JHMsq.fi. 

Ph«* I construction shortly to commence mi this adablidiad Indunriil 
estate, rinse to a large local labour supply and convenient to N.E.C- 
Smdon Airport rad new 8M2. 

HAL LAMS HI RE INDUSTRIAL ESTATES LTD. 




> I 


Kings Road Industrial Estata 
ynitt24.ro0-80jD0Osq.lt. 

Single storey industrial units nearing completion pert with 10 ton 
cranage and yard areas. Eaves height up to 25‘ 0“ purpose built units 
aim avaUeUe. Located in established Inthixtrat area, convenient to 
Cky Centre. 

RICHARDSON DEVELOPMENTS LTD. 




| 


mmm 










.•'■Sri? 

m 


I 


m 






















Financial' Times Friday Octrfjer 27: lf?S 



17 SUBSTANTIAL LOTS OF FREEHOLD 
; & LEASEHOLD COMMERCIAL INVESTMENTS 

(RESERVE PRICE BRACKET £75,000-£550,000) 

ForSale by Auction • 

30th November 1978 at 3.00 pm 
at 

Quaglino’s (The Ballroom) Bury Street, St. James’s SWt 



T - i, £ . get to tl» buildtb g stage Second 

NpW hanK'IOr- V^don W*H ^had'flra; tfrEnettfr 

x 1 1 -TT- “ . . . , w . ' a. pre-letting,'a predisasHag ,ahd 

RicjtAncaafp • lhe saJe oT pyt ot tS e 

DlSuOp3g<l lc . . wo acre site at Graaby bfa. 

STANDARD Weymouth^ -DprSfltWGF 

- 1* to. go ahead with t .«*», 


■iS e M, -5 u i Vm- ifc Frefi- - -San<M»": Gommeroai: huto- 

I?®? Mlopnnot ™ »« duced tbe sUe to iher^evEloper 
.hold sxte to :b«wsht la 

affiled Booker . Belmont •; (Wholesale). 
Dron and ^righL has wommea ^ ^ ^ £L30 * square 

a planning appliraaon to ^ WithtHis pre-letli£^tt»e 

jS > ^ ) ^ ti a n «^SF‘hMdauart«B developer was abteto. line, -up 

tobnlld a flvMtorey headqMTgs £ 330 , 000 . tf Staffing, 

bl^ nn the site W fteciurem -^s. Bororoh- of 


[Bishopsgate and 
; Square. . 


of around sl-per ceart-.-en the 


i -lae luveatmeat ; .«y.. i/umuray 

. - the new buildm D itse .. Upton and'1?fcUKp •Andraw^and 

J 0 ■ Company.- :. - v_ ->\. • 

- A WEEK after winmhg &* ?5® William H. Brovraracted for 
j letting agency on The the/ developer in; "all- tb© discus- 

I Kaufman Orsanisatioi^s .aso.uw ^ons, which were ’Fott&er . Corn- 


Auctioneers: 


JRES1HK 


Willett Limited, M itcham Houses 681 Mifcham RoadtCroydon CRN3AP 
“fetepfione: 01-680-2266 Tefex No; 94S5TO 


v 7 V Chartered Surveyors 

103 Mount Street London W1Y 6AS.Telephone: 01-493 604Q.Telex: 23858. 



iB^^Between 
^ West End and 
Heathrow Airport 

Our clients are commencing 
construction of a major office • 
development In TWICKENHAM town 
centre. 

Office accommodation of between 
20.000 sq. ft.— 50,000 sq. ft. will be 
available and the anticipated 
completion date is the END OF 1980. 

Specific tenants requirements can be 
incorporated .at this stage and further 
details are available from the retained 
surveyors. 


i 


CONWAY RELF 


Oi B29 9TOO 



CHARTERED SURVEYORS 
44 OT JAMES'S PLACE LONDON 5W1APG 


INTERNATIONAL PROPERTY 


The newly built 

BERGEN 

HOTEL 

in Bergen, Norway, 

IS UP FORSALE 

Bergen Hotel was completed in 
1978. It has 72 rooms, ail of which 
have a WC, shower/bath and 
telephone, it has 2 conference 
rooms and a grill restaurant The 
hotel is centrally situated, but in a 
secluded spot The hotel is for sale 
and a quick settlement is wanted 

Bergen has rich traditions in 
tourism and business travel. The 
city's travel organization has 
worked hard for the expansion of 
the city's hotel capasity. It is also . 
expected that the need will 
-increase according to Bergen's 
development as a centre for oil 
activities north in the North Sea. 

Would interested buyers please 
contact the solicitors Riisoen and 
: MoIIand, Strandgaten 18, 

N-5000 Bergen, Norway, 
teleph.: +47 5 21 94 99, ■ 
+47521 8542.- 




36,000 SQ FT AT £3-60 
A SOFT IS AN ATTRACTIVE 
PROPOSITION ANYWHERE. 

INSWIND0N rfs IRRESISTIBLE 

In a town that's already home to a large number of Britain's biggest 
business names, the Murray John Tower is something speriaL 

This magnificent 22 storey building offers expanding and relocating 
businesses 8 Boors of superb modem air conditioned office 
accommodation, located right in the town centre and dose to all services 
and amenities. 

Swindon itself, of course; is an international success story. 

The Nationwide Building Society, Hamhro Life Assurance, 

W H Smith & Son and Burmah Oil ate just a few of the companies 
which have been quick to realise Swindon’s enormous potential. 

The Murray John Tower is an outstanding opportunity for your 
business to make a move for the better. A move to Swindon. 

THE MURRAY 
JOHN TOWER 
SWINDON 



MAYFAIR, LONDON, W1. 

A UNIQUE PRESTIGE 
CORPORATE 

HEADQUARTERS BUILDING 

Overlooking Hyde Park 

4 , 400 sq.ft approx 

of RrieOffices&3 Luxiiryapartments 
Including -a Duplex Penthouse 

82 yrs. LEASE FOR SALE 

Nominal fixed Ground Rent 

Details from sole agent A 


Charles Price & Compi 

vwv 01-493 2222 

Berkeley Sq bare. London- Vv. 1 ' 



70,000 SQ. FT. 
LONDON OFFICES 

AVAILABLE TO LET 

Between Heathrow Airport and the West End. 

TENANTS WITH 0DP REQUIRED 

Principals or Agents with named clients only 
apply Box T4972, Financial Times, 

10, Cannon Street, EC4P 4BY. 


jSouare. New York, Jones Lang sell pail of tbfcsit^tDLltorset - 
Wootton is publishing warnings. County - ' 

about, the shortage of omce jjj a f council;'- pturebaer. Second ' 

- spice in that city's central area. London had to ; get’ Lis fmfl&rs. 

Looking at the 205m so rt or Tarmac Cons&Tictib^ ta. pnl up 
offices In 33 rmtable buuainRs gooo square feet- of- industrial 
bn. New York’s Park Avenue. an{ j wareboitsiiig^spaee far- use 
. JLW reports that only 2.1 per ^ sheltered' trbrifclKj|B lor the 
cent of that accommodation is disabled. • i'*"* •• 

- now available. Half of that At encL-qf- Ihjr dajr the 

empty space in ^odd developer takes a -modfcrt Ttrefit 

*“4. •_**? ° Dly * on the investment - , sate, covers 
able on short lettings. its site costs on the • Connell 

^ Available spare mtbeArenne Mlc rad is jef t with .space for 

•: J«als Jo at 4 i 3 'f 5 ? e f l another 8.000 sq 'ft scheme at The 

• . the^e and structure of BdtaumtfS MW ’ 


An Opportunity 
to purchase prime 
institutional industrial 
investment. 

South Herts location. 
Principals or retained 

t - 

agents only. 


Apply to Ref. pj or GCW, 

DERRICK WADE & WATERS, 

Terminus Hone, The High, Harlow, Essex. 
Tel: (0279) 39191 Telex: 817518 


FREEHOLD OFFICE 
INVESTMENT 

21 Red Lion Street 
London WC1 

Producing £12,750 p.a. 

FOR SALE 
BY TENDER 

CLOSING DATE: 11th DECEMBER 1978 

For Particulars and Conditions of Sale 
Contact Martin C. Green BSc, ARICS 


rents are on the ri* ’ 

^fn^JpEorts rentals developers hashed for gross. 
..jStreet, the agent reports renxals ]sTge]y OTearaed profits are weU - - 

.Iyer sq ft in pre-war offices. . _ . 

Direct leases on modern space TAYLOR - WOODROW ’ Indus* 
are being offered at between trial Estates has decided that it 
SI 6.75 and S26 (£131 a sq ft, has better^ things to.^ with Its ... 
with -sub-lettings offered at time j than aw^t : pre-lets on its 
between S12.50 and S24 a sq ft Fairhills : -fedustriai Estate' at 
Below 42nd Street rentals for Triam, -Greater Manchester.- > 
the 171^282 sq ft of empty space After seven - years jon . site, and -■ 
.(only 10,000 sq ft of which lies wfth half of -die brisihai' 24 "acre ... - 
in j)ost-war buildings) ranges site used as a 100,000 sq ft Tteeo. -- 
from S10 to S13.75 a sq Jt. . Hypermarket^ Tayl or Woodrow . '. . 

Only one major development has decided to abandon itn wait:. 
is planned in the area. George for committed tenants 1 ' and 
Klein's 250.000-sq-ft block at break with tradition by selling- ' • - 
489 Park Avenue, where demoli-. off individual freehold plots. • • . 
tion work has now started. The first sales have- now beat , 

0 . completed, with £14,500 sale. ot . 

" ^ ■ two . thirds' of an acre nwich.- ' 

NEW CAPITAL ^ Properties, frontage on to the A57, Xiver* 
developer of 23,500 . sq ft of poo i Koad - ; sold [• to^ Edgintra 
offices in Hajwards Heath, is.. a- Brothers for development 'as . - 
> subsidiary of Gresham House car showroom and service station. 

Estate Company and not, as Building Contractors •••--Hafty. ' 

reported last week, part of the Daniels and Son ^ have: paid::.-' " 
Gresham Trust. £4.500 fora i acre aiteonwid^.:; ' 

• it wiH build new : offices and -a^ 

THE COMPLEX weave of inter- building, deppL^/ Soie setting^ 
connecting deals lying under the ^Sents, Swimer _L^a- 
surface of most property develop- 

ments would amaze businessmen ■? 

in other industries. A 22.400 T ^J or , Woo^tw -. in^ebre 
square foot Dorset warehouse - -- ' 

now- being built by John and - 

Peter Beckwiths private develop- ^ ■; ‘ 

ment group. Second London Wall ? 1,!^ n? ‘ ’ : 
illustrates the point 

On the face of It the ware- I^h «r ^ 

house scheme hardly looks ^ South of the city:^ ^ __ . 

particularly complicated. But to 


hm 


Druce House 
EST 1 23 Manchester Square 
1822 | London W1 A 2DO . 

Tel 01-4861252 - 


KingsbHilfill 

Kingstonl^ponThames, Surrey 

A New Office Development 

of 10,000 sq.ft To Let 

l . 

Features include: 

* Gw Central Hearing 5* Letting Agws 

* Fully Carpeted T A ' -I 

* Double Glaring throughout USlTlGS AflUlSW 

* Prestige Entrance Hall 0 T~i Q 

* Male and Female Toilets CE X CU. LXltTo 


* Prestige Entrance Hall 

* Male and Female Toilets 
on both floors 

* Cor Parking 

* L\rel leiK Transport facilities 





''.-I-. - • •' . . 


COnsoHant Sorvqon A Estate Agents 
62 PALL MALL LONDON SWIYSHZ 
TELEPHONE Ot SJ94436 



O0°^ Nfr ACT 0 Ry 

33,000 Sq.ff 


33JOOQ sq ft modem factory M Baudeaih hsdu atrial Estate, near 
Stirling is Central Scotland. 

SENT FREE for years J ami 2 33p a sqfl for years 3. 4, and 5 td 
manufacturing companies creating suftahht employment. 

Production area 28.000 sq fL height to eaves 19 ft. 4 x m ton 
electric overhead cranes, four external toys wtU2 Ira electric 
overhead hoists. 


Industrial Developmani Unit Central Regional Council. 
Me tarfertlt, Stirling. Tel: Stirling 31 1 1 


PROPERTY ADVERTISING 
is Continued Today 
on Page 20 


newly refurbished period 
•OFFICE BUILDING 

8.053 TO LET 

' L ,_C . (wilidiurde) 

Henry Davis & Company 


On the instructions of Maurice Temn any , F.C_A_ 
Receiver — Rorboro Shopping' Centre 

FOR SALE BY PUBLIC TENDER 
ON NOVEMBER 30TH 

(Unless Previously Soid) ;-C : 

ROXBORO SHOWING CF’NTRE 
LIMF;RICK, IRELAND 

Unique opportunity .for. a Trader- or an inVestor to : 


■!L[*CIiiL^.^irAiliurunfT<r77ni1 

tl S N'E Y 











As-* i aIUd 


Financial' tttnes Friday October 27 1978 



B DlT£D&Y&m&m 



mmm 


Jason Crisp and Arnold Kransdorff report on Dunbee-Combex-Marx 

An ambitious toy company goes 
adrift with its forecasting 








l- .-J5 V 
V - §k 






7HAKD BEECHAM. a force- 
personality, is not a man 

0 readily eats humble pie. 
_ ; .t when he meets a number of 

Mitutional shareholders of 
' nbee-Combcx-Marx today, be 
y have to do just that: eer- 
ily he has a lot of explam- 
‘ lo do about his toyniaking 
apany'.s latest reversal. 

■ Vliat has galled the instilu- 
' ns is not just the him loss for 
. first half of this year but 
t the chairman's statement in 
middle of July was 
rkcdly optimistic and was 
:erated at the annual meet- 
on August 10. six weeks 
,*r the interim accounting 
iod had closed, 
is nor the first time DCM’s 
"v.-a stine has been a little 
. y. In 1977 the company was 
'-^casting pre-tax profits of 
>m but they only came to 
|(m. following unanticipated 
biems at its Swansea and 
. <erican subsidiaries. 

: ho recent setback arc all 
more noticeable because 
M was for so long a favour- 
growth stock and indeed un- 
. last year's rather flat results 
e-rax profits up 9 per cent) 
had an unblemished record. 
• : - -ouch some internal 
. wth, but particularly through 
uisition, DCM has grown 
.. m what was a £4.62m turn- 
* r company ten years ago 

1 one which might reason- 
v be expecting to have sales 
£I00m this year. 

. ts most successful acquisi- 
- . l was Rovex which makes 
rnby toy trains and Scalex- 
• : model racing cars, and 
* ich it bought from the col- 

ied Lines Brothers in 1972. 
?n. Bo vex had accumulated 
\;es of £lm: it was swiftly 
ned round and last year it 
ie around £3m profit DCM's 
. utalion largely stems from 
ability it has shown to buy 
ipanies, often lossmaking. 
Mi bad management or in a 
<r financial state, and swiftly 
n them to a state of health, 
'he company also has a repu- 
on for striking some 
larkably good deals when 

ing tip companies, and by 

"Ming off surplus assets, thus 

ietting much of the original 

1,11 ■ 'is. But not ail DCM 

') ; • M j -r» * { \+5W 

"• ’• ‘' wAll '> Nyuit - , 1H but one full week left 
f , Vjtre the dosing date, entries 
t. #r* Us |\r the 1979 United Kingdom 
' * v * k« on a l management ebampion- 

> promise to top the elusive 
h) mark for the first time. 
.»ne reason why the rate of 
jlicalions is up on that of 
year — when 92S teams made 
' starting line — is that the 
,.'e money has been more 
’n tripled. Whoever wins the 
;nipionship next summer will 
leive £2.000. compared with 
: £J.000 banked this year by 
v*. ‘ champion team from Shell. 

/, -n addition the second, third 

-< r: ’! fourth teams who succeed 

; reaching the final of the 


WHAT THE INSTITUTIONS 

How much did the U.S. contribute S 

to the loss ? 

s 

What proportion of this was 
rationalisation of Aurora ? 

What, if any, was due to a trading • 
loss at Louis Marx ? 

Will Louis Marx's turnover reach O 
a hoped for $70m ? 


i SHOULD ASK DCM 

How great is the loss at Schuco ? 

When were the directors first 
aware of first half losses ? 

What changes are being made in 
the reporting procedures ? 

Is any additional management to 
be injected in the U.S.? 


purchases have had such a 
spectacular turn around as 
happened at Rovex. - 

Two of the company’s more 
recent purchases In "the U.S. 
certainly have much -to do with 
the company’s • present 
problems, as has the Schuco 
subsidiary in West Germany. 
In addition there were com- 
panies in Australia and South 
Africa where the magic did not 
wort? and these have -been sold 
off. 

Broadly the toy market can 
be divided into two. First, there 
are staple products such as 
electric train sets; tor which 
there is a reasonably predict- 
able and steady demand. Often 
such products have - a high 
“ add-on " element, as Grieveson 
Grant. DCM’s own brokers, 
point out in a comprehensive 
survey of the market. “For 
every pound spent on basic 
train sets, probably at least £4 
to £5 is spent on accessories 
such as extra track, points, 
signals, timetables, roaches and 
wagons.” 

The other side of theiusiness 
is highly volatile. Although 
consumer spending on toys is 
reasonably predictable, within 
normal cyclical . trends, the 
apportionment of that spending 
is very flexible. The. difference 
between a runaway snbeess-i-a 
product which is demanded by 
every child or its parent for 
Christinas— 3nd one which re- 
mains on the shelves Unwanted 
is very fine. And the ability to 
judge that difference is .limited 
to a small number of people.’ 

Observers of the. toy trade are 
quick to point, oiit .that the 
number of successful people in 


the business is limited and of 
thuse most have been in it for 
some time. Much attention is 
paid to the views of those 
individuals running companies 
and this in part explain’s DCM's 
own management structure. 

Within DCM, there is a very 
high level of autonomy for the 
chief executives of the subsi- 
diary companies. Having agreed 
to certain financial constraints 
with the central management 
they are allowed to operate 
very much on their own. For 
instance, within the UK there 
are five major manufacturing 
subsidiaries — Burbank. Com box. 
Louis Marx, Rovex aiml Novo — 
which have their own distinc- 
tive product lines and Ihcir own 
separate sales forces. 


Virtues 


Grieveson Grant explains the 
virtues of this style of manage- 
ment which exploits entre- 
preneurial skills in such a 
volatile market: “ As DCM has 
expanded so the oreanisation of 
the group has had to be flexible 
to the often major changes that 
a new acquisition has imposed. 
Senior managers with particular 
skills in turning round loss- 
makers have moved from one 
subsidiary or country to another. 

“ New management with 
experience elsewhere in the UK 
and U.S. toy industries, has been 
brought in when special tasks 
have arisen which have required 
the strengthening of a manage- 
ment team. What is very clear, 
as a result of these developments 
is that an experienced group 
of entrepreneurial minded 
managers, many still in their 


thirties or forties, have been 
brought together tu provide the 
depth and strength or managerial 
ability that DCM requires now 
and as ir continues to expand." 

The company also has a repu- 
tation for putting chief execu- 
tives in charge of subsidiaries, 
setting the budget and if they 
don't meet it or better it, firing 
them. Until now this has 
worked, as can be seen by its 
results, but it is now clear that 
there has been a lack of financial 
control, or a breakdown in them 
between the U.S. and the UK. 
A question mark is also Taised 
as to whether the group still has 
sufficient depth of management 
for a company that has grown so 
fast so quickly. 

The group is facing its 
greatest problems in the U.S. 
which is its greatest single 
market. Half DCM's toy sales 
are in the U.S. 

DCM’s first major purchase 
in the U.S. was in April 1976 
when it bought the 3iling 
Louis Marx from Quaker Oats 
for $15m. (£S.2m>. With poten- 
tial sales — not yet achieved — of 
$70m it was a substantial addi- 
tion to a company whose 1975 
turnover was £38.7 m (about 
572m). 

Quaker Oats virtually gave 
away Louis Marx, which it had 
acquired only in 1972 for $58ra, 
even lending DCM SlOm at 4 
per cent over base rate. 
Louis Marx suffered a number 
of problems including a remote 
and bureaucratic management, 
a number of unused but sale- 
able assets: and also from the 
fact that Quaker Oats had. with- 
drawn from the highly profit- 


able manufacture of toy guns 
on moral grounds. 

Eob Butler, who had been 
responsible for turning round 
Rovex, was sent in to repeat 
the same magic at Louis Marx. 
He sold off the unwanted assets, 
including warehouses, drastic- 
ally 7 reduced stocks, cut back 
the workforce, re-introduced 
guns and reduced the product 
range from 125 to 75 items. A 
>ear later DCM announced that 
Louis Marx had made a small 
profit. 

In March this year DCM 
bought Aurora, another U.S. toy 
company, from Nabisco for 
$lO.Sm, at an initial payment of 
SI. 4m with the rest payable in 
instalments. Again DCM sold 
off the unwanted assets and 
integrated the company into the 
Louis Marx management. 

This, announced DCM, was 
largely completed by July. 
According to the interim state- 
ment published last Friday. 
Aurora is currently exceeding 
the budget set at the time of 
acquisition, which is thought to 
have been break-even. 

But DCM's U.S. problems will 
not be simple to solve. First of 
all the integration of Aurora 
into the Marx factory has 
caused havoc with production 
schedules, and this will take 
time to straighten out. 
Secondly, the cut-back in the 
number of product lines has 
left a range of toys which some 
observers — perhaps too critic- 
ally — suggest is inadequate for 
the vast U.S. market. But in 
spite of all the cutbacks DCM 
is still left with many of the 
old overheads. such as 
machinery and labour. 

Just as important is the state 
of the U.S. economy. Accord- 
ing to a recently-published 
investment survey, 1978 has 
been a steady year for retail 
toy sales. There are fears, how- 
ever, that it might not match 
the. previous year’s record: 
levels. And if there is a general 
recession next year — as is 
widely predicted — then there 
will almost certainly be a sharp 
setback for the toy industry 
there. The fears are that toys 
will become a low priority item 
among families in the face of 
rising interest charges and 
higher inflation. - | 





M d 




AT //- 
•?*%&£ £tjL~ . 




. .. i ... ... .V 


.lxlih. 1 i 4*hirond 

From left to right: Basil Feldman, Richard Beecham — joint managing directors — and Isadora Shuiman, 

financial director 


| EARNINGS 
■per SHARE 
g (after tax)“ 


‘.(+r Scnp 

hnit> 


NET 

-PROFITS. 

(before . 
tax) 

Bclr-fr Minorif.tr LcrcroTa 


NET SALES 




Over in Germany DCM’s posi- 
tion with Schuco is also difficult. 
It continues lo have little 
success in breaking into a new 
market and the latest indication 
is that budgeted losses — as yet 
undisclosed — will be £0.5m 
higher by the end of this year. 
Clearly. DCM must be tempted 
to dispose of this persistent 
lossinaker. 

In the UK however, the 
picture is much brighter. While 
the toy industry suffered in 1977 
from low consumer spending 
and severe de-stocking by 
retailers prior to Christmas, this 
year has .seen a dramatic 
recovery. Toy - sales are ex- 
pected to reach record levels. 
DCM— in line with other toy- 
makers— has managed to cash in 
handsomely and the UK will 
obviously provide most of the 
group’s support for the full 
year. 

This buoyant market is re- 
flected in the first-half results 


of other toymakers in the UK 
Lesoey, for example, which also 
has an important U.S. contribu- 
tion. incrcasc-d its sales by more 
than a quarter after discounting 
the contribution of acquisitions, 
while Mettoy's sales were 13 
per cent higher for a 36-week 
period — and the all-important 
Christmas season is still to 


Gearing 


Large in the DCM directors 
minds must be the high gear- 
ing. At July 1978. borrowings 
amounted to a seasonal peak 
of £45.5n> i$91m) in com- 

parison with pro fortna total 
assets of £6S.8m ($137.6m> at 
December 31. 1977. This 

includes a commitment to pay 
a $4.5m Eurodollar loan by 
1980, and almost £4m iSSmi to 
Quaker Oats between 1979 and 
1982. 

When the institutions meet 


More managers are game 


computer-based contest will re- 
spectively win £750, £500 and 
£250 as a return on their entry 
fee of £60. 

The doubled first prize and 
the unprecedented rewards for 
the losing finalists are being 
offered to celebrate the tenth 
occasion an which a management 
competition has been run on a 
national basis. 

It was in 1970 that the UK 
hecame The first country to 
link a challenging “ business 



Heathrow^ 


simulation exercise," as used 
in management-training pro- 
grammes. to the postal services 
so that companies, other organi- 
sations and individuals, could 
show their skills in running a 
“paper” consumer - durable 
manufacturing concern. The 
initial sponsors were the Finan- 
cial Times. International Com- 
puters and the Institute of 
Chartered Accountants in 
England and Wales, who have 
since been joined by the Con- 
federation of British Industry 
and the Institute of Directors 
as associate sponsors. 

Today similar championships 
are run annually in numerous 
other countries, including half 


a dozen in Europe. These now 
send their current national 
champions to compete each year 
for the European titl.e 
Jack Layzell, the UK chief 
administrator, says that the 
entry so far includes e good 
many experienced contestants. 
Among them are a batch of 
entries from IBM, who managed 
to gain two of the four places 
in the 1978 national final hut 
in the end Shell prevented 
them from winning the title — 
.part-sponsored by the rival 
I CL company. Dr. Terry Flit- 
croft chief executive of the 
Unicorn Industries group who 
won the subsidiary "plete’’ com- 
petition this year, is also again 


at the starting gate to try to 
take the major championship. 

Mr. Layzell adds that he ex- 
pects to see a good many more 
well practised players coming 
forward before entries officially 
close on Monday week. But 
although there is still time for 
would-be champions to collect 
their application forms mid 
enter, the administrators would 
be welt pleased if entries were 
sent to them at National 
Management Game, Victoria 
House, Southampton Row, Lon- 
don WCJJB 4EJ, early in the 
week rather than multi- 
tudinously posted off next 
Friday night 

Apparently there were so 
many late scholars when the 
lists closed last year, that a 
number of aspiring competitors 
bad to be refused. 

Michael Dixon 




DCM management today they - 
are likely to concentrate on two . 
main issues: that of financial 
controls and on the prospects 
for Louis M3rx. Presumably . 
DCM is going to have little ", 
option other than to announce 
major changes in financial * 
controls if it is to have any , 
hope of restoring the institu- .; 
lions shaken confidence. f; 

As far as the U.S. is con- 
cerned. DCM Is staking a lot on ;• 
one man; given the company's ;■ 
policy of autonomy. Bob Butler jj 
has the largest responsibility in jj 
the company in that he is ree* [* 
poosibie for 40 per cent of turn- 
over. Success in the U.S. is jj 
vital and, if achieved, could ;J 
restore DCM’s fortunes: but if « 
it does not DCM will be facing j 
very serious problems. And the * 
institutions will be seeking some j 
very positive assurance that ■' 
Louis Marx is still structuaily J 
sound, and that the problem has j 
been a temporary one. •; 








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16 

LOMBARD 


Financial Times Friday October 27 1978 



is habit-forming 


ANTHONY HARRIS 


BY SOME odd chance t read a 
reftort of edible shrimps being 
netted in the Thames only a few 
minutes after I. had finished 
rather impatiently skimming 
through the latest offering from 
the Institute of Economic 
Affairs — .The MptA of Social Cost 
This tract by Professor Steven 
Ci%ung and others argues that 
the. existence of pollution and 
similar problems Is no justifica- 
tion for the extension of bureau* 
er&tic Interference: they can be 
handled through suitably defined 
property rights. 

As has become all too frequent 
recently in arguments from this 
source, there is a good deal less 
in a .it than meets the eye. Tell 
that, you might say. to the 
shrimps. 

For a start, is this an economic 
question? Cleaning up lhe 
Thames is one of those achieve- 
ments which seems so obviously 
good in itself that it has prob- 
ably never been subjected to a 
cost-benefit analysis; it is bard 
to say why it is so satisfactory 
to know that the shrimps are 
down there, along with Lhe dubs 
and the soles. 


Idea persists 


It is certainly unlikely that 
any fishing industry which 
springs up along the dead docks 
will make economic sense of 
fhe whole project: but the idea 
that an unpolluted river i< a 
Hood Thing in the Sol'ur and 
Yeatman sense persists. A myth, 
if you tike: it can't be proved, 
but it is widely believed. The 
IEA's conviction that myths 
ought all to he debunked is in 
itself rather questionable. 

Their analysis in this particular 
case is also questionable in a 
number of ways. For one thina. 
it rests on what might be called 
the MyLh of Bureacracy — the 
idea that all activities of all 
. government departments are by- 
nature bad, and ought to be 
stopped. 

In this matter of social cost, 
any American can tell the myth- 
breakers of Lord North Street 
what the alternative is. Dealing 
with externalities through pri- 
vate contract means work for 
lawyers. It is by no mcan< clear 
that the locust-like plnsue of 
lawyers which now infests the 
U.S. are in any way to be pre- 
ferred to bureaucrats, or that the 
risks of suits for product lia- 
bility, nuisance, disturbance and 
the rest make for an easier life 
than the requirement to meet 
regulations. 

The pamphlet propagates 
another myth, too — a kind of 
positivism which assumes that 
anything which ownership could 
achieve, is achieved. In an 
epilogue John Burton, a jokey 
irunderkind of the far right 


from Kingston Polytechnic, 
studies the processes which have 
turned the Sahel from thin 
nomad pasture to dearert. A 
drought of several years is 
acknowledged. but brushed 
aside. The real culprits are 1500 
years of counmuaai farming, 
topped off with bureaucratic 
interference by the United 
Nations. 

.Apart from the fact that this 
analysis seems to have nothing 
to do with the tiieme of the 
pamphlet, it is very odd in Itself. 
If tribal farming tasted 15 
centuries, is it really so bad a 
system? If property rights 
confer an incentive to proper 
husbandry fa truth acknow- 
ledged by such for from right- 
wing thinkers as Joan Robin- 
son i. does that make them an 
answer to at! problems? 

Thai is quite enough abnut 
the demerits of this particular 
pamphlet. The IEA. to be fair, 
has always believed In statin., 
an extreme version of any case 
it puls up. in an effort to break 
established patterns nf thinking; 
and if this one persuades any- 
one to pause before assuming 
that a Government regulation 
is the richt answer to every prob- 
lem of social cost, it will have 
done its work, no doubt. All the 
same, it is an annoying piece- of 
work: and that could be said of 
rather w« many IEA efforts 
recently. The IEA has been xme 
of (he most important bodies in 
Britain in making the case for 
the market economy respectable 
again, and an IEA pamphlet used 
to be an intellectual event. Now 
these pamphlets look too often 
like the kind of party game Don 
Quixote might have invented 
when he got too old to carry 
his. lance against a windmill. 


Boring work 


The fact is that the IEA is now 
in the sad positinn of a revolu- 
tionary whn.se side has won. The 
central case for the market and 
for decentralised decision- 
making is now the predominantly 
respectable way of thinking. We 
have floated the currency, 
imposed monetary targets, and 
even Mr. Wedgwood Ber.n sub- 
scribes tn the right-wing Myth of 
the Small Company. It is time 
to get off the barricades and get 
down to the more demanding 
and boring work of tackling the 
problems of success — the 
problems of making a market 
that works, imposing an effective 
competition policy, of sensible 
rules for currencies, and so on. 
It is not nearly so much fun as 
putting whoopee-cushions on lhe 
seats of the mighty, hut it needs 
doina. and the IEA. with its 
pantheon of market-minded con- 
tributors. could be doing it. 


IT WAS RAINING when I 
came across my first English 
vineyard. I was cycling, and 
shelter loomed up through the 
gloom of an ' early, autumn 
shower. It turned out to be the 
prized vineyard of Mr. A. S. 
Holmes of WraxaU. on the 
lowest of the low slopes uf the 

south - facing Mendips in 
Somerset. I bought a bottle nf 
the end product and, after the. 
shower, cycled on more gingerly 
than before, preferring to leave 
the sampling until my return 
home. 

Mr. Holmes picked his 
English grapes on November 5, 
Guy Fawkes day. last year. 
There were celebrations and 
sighs of relief. This season the 
timing will be little different, 
perhaps a little later, but there 
will be few bonfires lit in token 
of a successful end to ths* grow- 
ing season. The indifferent 
summer has seen to that. 

The Indian summer of a few 
weeks ago may have helped to 
make-up for earlier lost warmth, 
but tonnages of hardy English 
grapes will certainly not match 
the record crop n£ two years 
ago which made 5U0.0U0 bottles 
of English wine. 

The expanding band of 
English viticulturists will soon 
have little choice about when 
to pick their crops. Few would 
wish to leave it much later than, 
early November, when most 
continental grape juice has 
already seen the inside of a vat. 
The big worry is frost. This 
may creep up suddenly on a 
vineyard, leaving no time to 
summon pickers. Crops could 
be ruined overnight, bringing 
home the harsh realities of 


W^grfjf 




>4- 


againss 

big odds 


BY LYNTON He LAIN 


attempts to commercialise 
English vine sro wring and v/ry 
smiles to Gallic faces across the 
Channel 

But in Somerset they do know 
about grapo growing and no 
making: this year a Shepton 
Afaihrt. Somerset. vin.-'vard 
offered its t£»7K Wootton Sc i- 
buraer wine for tasting by :l:e 
wine masters of Trier, on the 
Moselle river. And they knuv/ 
about ivines -here, too. 

The Wool ton wine took first 
prize. . . . 

Mr. Holmes's wines from 
Wraxall have also v. on prizes. 

Thr-aC successes, however. 
hnn<! -in-hand with a number of 
difficulties facing the Enzli-m 
a rowers. There are problems of 
identity: nf what people 

understand by tite term Enal'.sh 


trine; there are also problems 
ot competition from within the 
European Economic Com- 
munity, plus those relating to 
excise duty, tax and classifica- 
tion. 

And there is English weather. 
But in spire of these 
difficulties. 124 English vine- 
yards have over BOO acres under 
vines. There were only about 
It’ acres in 1987,- when the 
English Vineyards Association 
was founded under its present 
chairman. Mr. Jack Ward, who 
is managing director of the 
Merrydown wine Company of 
Horam. Sussex. 

One of the English industry's 
biggest headaches is the 
existence of confusion between 
British wines and English wine. 
To talk of the two types in the 
<3Q0 sentence sends shudders 
down the vine of most English 
growers. 

British wines, are made Irom 
imported grape or other fruit 
juice. The -liquid may be forti- 
fied with spirits producing 
3ritist ** sherry ” “ port " or 
simply British wine; English 
wine is made only from the 
juice of grapes grown locally. 

French growers insist that it 
is almost impossible to grow 
wine grapes above 50“ latitude, 
tite line of which crosses the 
UK at a point midway up the 
Lizard Peninsular. Yet grapes 
grow successfully at Renishaw 
six miles from Sheffield, and in 
the grounds of the old bishop’s 
palace at Lincoln. 

Most English vineyards, how- 
ever. are below a line drawn 
from the River Severn to the 


Wash: in Sussex, Essex, Sumy. 
Kent, Hampshire and Norfolk 
as well as Somerset, and all 
testify both to the persis- 
tence of English vine growers 
and the . inaccuracy ' of the 
French judgment. 

Vineyards need about 1,700 
hours of sunshine a year and 
less than 30 in of rain. The site 
has to be sheltered from cold 
winds, especially during 
flowering time, as wind may 
make the flowers wilt before 
pollination, killing the chance of 
fruit. There should also be 
good drainage, no frost and the 
vines should face south, prefer- 
ably on a slope no more than 
400 ft above sea leveL 

Faced with these physical 
constraints and a limit to the 
amount of land available, the 
potential for vine-growing in 
England and Wales — the latter 
was briefly the source of red 
wine, from yards lining the 
River Taff. in the late 19th 
aqjt pa j tcuii ST — A-xruuw 
surprise is that there are so 
many successful growers and 
producers, particularly in the 
face of other, man-made 
disincentives. 

Output from the English 
vineyards last year was only 
half that of the record-breaking 
1976. The forecast for this year 
is that the. crop will be 
“ dreadful." and many producers 
will face financial hardship 
additional to that already 
created by the refusal of the 
British Government to recognise 
.that wine production is an 
agricultural activity as defined 
by the European Community in 
Brussels. 


All wines from the EEC im- 
ported into Britain are subject 
to the same excise duty as 
English-produced wines. But 
there the equality ends. The 
Italian. German op Luxembourg 
producer pays no duty on still 
wines for domestic consump- 
tion. The English producer, on 
the other hand, pays. 50p a 
bottle. 

The domestic wine duty on 
English wines is almost 100 
times that levied on French 
wines sold in France. 

The EEC recognises that the 
cultivation of vines and the pro- 
duction of wine are both part of 



ENGLISH WINES 


an a gr icultural operation. Wine- 
producing member states have 
access to agricultural grants, 
low interest loans and insur- 
ance against crop losses.. But in 
Britain, buildings used for 
pressing grapes and for fer- 
menting wine are rated as in- 
dustrial premises and similar 
EEC agriculture aid is not avail- 
able. 

The differences highlight the 
uncertain financial viability of 
some English vineyards, which 
may be badly hit this year if 
the grape crop is as poor as has 
been forecast. They also go 


tt i 


tl „s 


tO fr 



Carson 

Newimir treble 


0/ 


WILLIE CARSON, whose pursuit 
of winners up and down the 
length and breadth of the country 
since March will see him finish- 
ing the season with one of the 
biggest post-war hauls for a 
champion jocke>. looks to he the 
man to follow today at Newbury. 

His mounts include the course 
and distance winner Bluebell in 
the afternoon's principal Flat 
event, the seven-furlong Radley 


RACING 

BY DOMINIC WIGAN 


Srakes; Philip Mitchell's con- 
sistent Epsom challenger. Tels- 
moss, in the Dick Dawsun 
Nursery; and another course 
winner. Overt rick, who goes fur 
the William Clark Stakes. 

All three could wm. 

The best bet front the trio 
should he. Bluebell, racing in the 
Eton blue and black colours of 


Lord Pureae«ter. which look 
likely in he carried with distinc- 
tion by Smuggler's half-brother 
Eiusive Pimpernel in some of lhe 
big staying events next beacon 

The head ci'iniueror of Nuson- 
t^ra in v valuable but •jn-a'rl;.- 
contY-le J event nvr six furlongs 
at WirAvir in August. Elite!"' 1 ! 
almost ccrt&jnJv out up a i.»eJ;. ir 
perm mu nee o»’cr a furb nz 
further m Newbury last ntonth. 
bent in ’ Admiral GrenvlL 
half-u-k-ngift undrr a stiff -vgi?h: 
in n IS-rt inner nursery. 

Anv ?'ii|MMV“}:i->nt on that run- 
ning shen hi set- him eivjr.r 
R lb !•» Pi'ii-ar. Point, a re.">*cr- 
ahl.; third behind Head 
over this course nnd. rii-thnev 
recentJi. and the -note, v/eigh: ;n 
the once-raced High Line fin.'. 
Qu.v. Line. 

P»ter Vs'jt i. whose PeVt-.i 
Barrow? sial'ia v.as sido-l.iv-d i - r 
the h est part of the Mirvr 

hocaitsc of a virn<, has beer ■!-- 
inc un one -r tan useful if'r.** 
in the last t-.-n rid. vs or s< :rd 


Tipstaff could provide him with 
anuther winner in the Reading 
.Maiden Staked. 

This well-made bay colt by 
Busied out of the Palestine 
mare Pale Carnation need only 
produce the farm which saw him 
running second to Bambougle at 
Wolverhampton last time out 

As expected, the particularly 
fast conditions for junipers have 
brought about disappointing 
turn-outs for both the National 
Hunt events. In the second of 
the*?, the William Hill Hurdle. 
I expect Alan Jarvis's five-year- 
old Prousto to take advantage of 
• he fi lbs he receives from Sea 
Pigeon. 

The nnlv other runners here 
are Keluan and Salado. who 
both appear to be outclassed. 

NEWBURY 
2.W — Tipstaff- 1 ' 

2.:10 — Jimmy Miff 
S.fWi — Prousto 1 - 
".3il — Bluebell** 

4.00 — Telsmoss 
4.30 — Overtrick 





t Indicates programme 
in black and white 


BBC 1 


9.30 am For Schools. Col leges. 
10.45 You and Me. 11.05 For 
Schools, Colleges. 12.45 pm News. 
1.00 Pebble Mill. 1.43 Heads and 
Tails. 2,02 For Schools, Colleges. 
3-53 Regional News for England 
(except London!. 3.55 Piny 
School 4J20 Hong Kong Phoney. 
4.30 Jackanory. 4.45 Captain 


Caveman (cartoon). 4.55 Cracker- 
jack. 

5.40 News. 

5.55 Nationwide (London and 
South-East only). 

6410 Nationwide. 

7.00 Tom and Jerry. 

7.10 Star Trek. 

8.00 Going Straight. 

8.30 Rings On Their Fingers. 

9.00 New*. 

9—5 Target. 

10.15 Tonight— In Town (London 
and South East onlyi. 


F.T. CROSSWORD PUZZLE No. 3.807 



unit 


ACROSS 

I Remains with army 
going to lhe east 1 6 1 

4 Business-like though admit- 
ting an alternative (Si 

9 Up-to-date fashion sailors 
follow (6) 

10 Ring the embassy, it could 
be an error (S| 

12 Spreading tree may be a juke 
(8t 

13 Great finish of internal- 
combustion engine (3. 3» 

15 Part of flute nr other 
instrument (4) 

16 Sing abnut -cinething of sub- 
stance? Just a little! (10) 

19 Patient in favour of animal 
and insect (til) 

20 Distorted lips creating a 
defect in speech (4i 

23 Nonentity with no trunk i6> 

25 SHAPE from U.S. army head- 
quarters? (S) 

27 .As certain troops and pollen 
may be. with no earthly 
connection tS» 

28 Report associate and talk 
about ir (6) 

29 Fired one croivd of people 
to take legal action (S) 

30 Delighted with notice about 
goddess (6) 

DOWN 

1 Company with unusual claim 
may be droll (7) 

2 Communist communication 
could denote a holiday (3-6) 

3 Right in spite of spirit (6) 

5 Carry part of animal back (4) 


6 Delayed good man and rested 
ntiiside (8i 

7 .Join group of soldiers going 
to the east (5) 

8 Low fellow to support and 
follow (7» 

II Abstract total going w von- 
nary girl (7j 

14 Metal worker from the south 
is u disagreeable person (7j 

17 Gelatine is in drinking vessel 
ifl) 

18 Hash leader left on Gateshead 

<8i 

19 Fail to accept insect and 
pigeon <7 l 

21 Stupid person is soft in pate 
(7 1 

22 Running water from muster 
arrangement (fli 

24 Break into pieces right inside 
sculpture (5) 

26 Rising pungency of a fly (4) 

SOLUTION TO PUZZLE - 
No. 3.806 

Hlfitsi 



10.45 Regional- National News. 
19.50 World Gymnastics Cham- 
pionships. 

f 11-33 The Late Film: “Park 
City.” starring Charlton 
Hasten. 

All Regions ns BBC-1 except at 
the folhruing times: — 

Wales — 1.45-2.00 pm Nant-Y- 
Pnnt, 5.55-6.20 Wales Today. 7.4K» 
Heddiw. 7-30-8.00 Caul A Chan. 
10.13 Kane on Friday. 10AS-10.50 
Regional and National News. 

Scotland — 10.23-1043 and 11.05- 
11.25 am For Schools. 5.55-6.20 
pm Reporting Scotland. 10.15 
Spectrum 10.45-10.50 BesionaJ. 
National News. 

Northern Ireland — 10-23-10.43 
am F«r Schools lUlster in Focus*. 
.7.53-3.55 pm Northern Ireland 
News. 5.55-6.20 Scene Around Six. 
10.15 Gallery. 10.45-10.50 Regional. 
National News. 

Fagland — 5.55-6.20 pm Look 
East (Norwich): Look North 
(Leeds. Manchester. Newcastle i: 
Midlands Today (Birmingham i; 
Points West (Bristol): South 
Today (Southampton): Spotlight 
South West (Plymouth). 10.13- 
10.43 East (Norwich) Ncwscii**; 
Midlands f Birmingham! Htirdv 
Curdy: North (Leeds) Close-up 
North: North East (Newca«t!ri 
Friday North; North West i Man- 
chester) Home Ground: South 
t Southampton) It’s Your Bid: 
•South West i Plymouth) Peninsula: 
West (Bristol) Tilston. Car'in and 
Friends. 


11.40 Ornipaiiion F.eirr Head- 
ing. 


» or-* rT Y/ - ' 


O. 30 cm SrVolj F.-.-j-r. mmes. 

11.54 K.v::y ?:td '>•■:■ Cm r toon. 
12.00 •S |, *i p:.j Step- 
ping St nes -2.r.:» r>tr> Style. 
i.0»> yju-£ p nr ft ijao 

Thames Nvv • ;.2!» [• •irm house 

Kitefc.m. 2.0K Money ■Go-Round. 
2215 Bating fr^m UnniM-tc-r. 4.15 
R.ncn. J . 45 Mvi'iie. 3.(5 Thames 
Sport. 

5.45 Nov. - 

fi.fw Thame* At 4. 

{;.::•■) Kmmerrn'f Farm. 

7.iP) !\ii::?d f:ii> mh'.i 
T.:: r j Saie of 'n:- I'e.-.tjrv. 
fl.no i- j, lr , c;ri : * 

P. ftrt The Found- '.Ion, 

v.i i-,. 

l«.3t) The W -.r'-i Gymnastics 
Givimfiw.n.-Jijps. 

11JW Folic • 5. 

11.10 The i.o.v;).;.n r-rr./ranme. 
12.:'» an Georv- H.im:l:o.i IV. 
12. IS G. L : i.: rhe K >i Barrett 
Rry-n^g rend by 

J. -'r,- r.-i-pe.:; 
r .:.L } 1 • .. ei-ns j nndno 
e.ii*i -pi I'm ir,.‘Ji,i--j.Tia lines: 


'.:r-:i,3Ur Lat.. r.'iuhi Headline foliQH-ed 
by Hnad Rvwri 

GRANADA 

IJO pm Thli Is Your Rwbr. LSD Mr. 
and Mrs 5.15 This lj Your Ptuht. S.M 
C.ra-ila R-n<«ris. 6.30 Kick-Off. U.OQ 
Betor's Exira UL30 Kndav Klim ■■The 
n:i=.ir.: "m siarruie Tons Cunls and 
Sidney Poitur. 


HTV 

12*0 pm R.jpon W’ew HeadTines. l^S 
Re?or NeadliDPs. Z-8D Women 

I'nlr. S.15 LaT.,me n rut Shirley. 6.00 
’.Vest. 645 Beport Wales 6J0 
Emm-rdalc Farm. 1108 Report Extra. 
11.30 Code B. 

HTV CynntnWalm — As MTV Ccneral 
S'T.-icv except. 1 20-lh5 pm PHnawdau 
ydrfnn Y Pjdd. sJ5-a.fi piam Y 
6 30-645 V D«M UJ» Unilook. 
11. tn 13.30 am The riuisiders 
HTV West— L30-1J0 pin Rcpoa West 
H>-ad)ines. 6JS4.30 Report West. 


SCOTTISH 


1.35 pm Xm anri Road Report. L30 
n.iaxr-p.irn: 515 Mr. and Mrs. 6J0 

S'-nUand Today 6^1 F,nimert1«]e Farm 
7.30 ThieiiimintMlic. lLOO Ways and 
J leans. 1L30 Late Call.. 1135 Ricble 
Brockelman. 


SOUTHERN 


1 1 : -n 

LM nni .-'n.-l.- \.v. 5.1S il-rrv Diys. 
f; r ; 3 - o ; ,h|. case 

: ln-, 1 - " U,J,J Lj".* Film. 

. .. , *.- | 

W iM.jrri.-a. l.is — ..av.-n w*,n Matter. 


120 pm Southern iYews. 3.08 Women 
oily. 515 Unppv Days. 6.00 Day by Day. 
6 00 So n.- Snuih East i South east .\rea 
only. 6 JO Tel) M,.- .VlOlher. lLOO Wwk- 
end 11.05 !a^i,-:hem News Extra. 1145 
•• Jipsaw John.” 


TYNE TEES 


BBC 2 


1L0O am Play School (As BBC-1 
3.55 pm). 

2.15 pm Racing from Newbury. 
4210-4 Ceefax is Here. 

7.00 News on 2 Headlines. 

7.05 The Best of Indoors Out- 
doors. 

7270 New v on 2. 

7.35 One Man and HU Do~. 

8.05 Tnp Crown. 

8210 Wnthcrlna Hpichts. 

9J.» Selected Hnnzony. 

10.15 Sounds 'Like Friday- Leo 
Saver. 

10.45 Late News on 2. 
lLOO Bock Goes to Cnlieic. 


L23 rn > T 

V ?r'. S J3 



•' T.-J". U.Cfi The 

I'r^aru.v r n.r. 

' T ' 








tl.23 urn ; 

•r ■•-. -.is 

•larnrel! 


' s-.ii:— 1 Fridv 

: 640 

T.T'r.i»m[""j-.- 

:-r: r rr-. 11J0 

l'..ini..i," .1 .. 

2 ZZZ ,->m .-.oro. 


S»ni::i«D. 




« . _ . 


■ 



1 13 pm • ii---. 

l 1 .I'M. 

.'.i-s and 

V. b.V •: "■*■. -• 

: Is E"inr. rdui 

• ff.imi 


>.7: rh L.-r 

;»'jrd" 


• • T-, 10 : 

•£ Chin- 

n- 1 1. ■ > 

c cr. t • : 

M.'.i. '. 

■ « f . *" " 

12.35 am V 


r ■- 1 .- 



r; ■ i ■ 

'■■'PI - rv 


!3ja- 1 

: -.1 -rr> 

rsmp'ao 


9.25 am The flood Ward (oUnw-od by 
\nrth East Nous Headlines. 130 pm 
North Ejm New*-: and Lookarnond. 545 
Mr, and Mrs 6JTO Northern Lite 645 
Snor'J'Hf. tlUO TTi,- Frlflav Film: 
■ Tr..> Fini Man in Space.” marrinK Mar- 
shall Thompson. 1230 am EpOqrdc. 


ULSTER 


L20 pm lupvhrfnic. 1.30 Rolf Rams. 
443 Ulster Xews Headlines. 545 Mr. and 
Mrs 6.00 Reports 630 Spon&cast- 1UM 
HJlK-rtl 1US BedJime. 


westward 


12.27 pm Gus Hnnoybun's Birthdays. 
140 Westward News Headlines. 545 
Einnwrdale Farm. 6.00 Westward Diary. 
5.35 Time Om. 730 Btrnir 1048 Wesi- 
■••ord I atv News tll.00 The Late Movie: 
-■ htores Girl.” 12.« am Failh for Lite. 


YORKSHIRE 


fc.flO -In-'.. .• 
!:■.*» ?.-a — I* 
p.'.ni-, 


II 11 CP 
1Z.M •: 1235 am 


1.20 pm Calendar News. 545 TTappy 
Part. 6.00 Calendar <Eml*y Moor and 
De (mum editions 1 . 5J5 Calendar Snort. 
II 00 ” The Champagne Murdurs,’' Star- 
ring Aniheny Perfciny. 


(S) Stereophonic broadens* 
t Medium Wave 

5.m am .W Radio j. 702 D-v... L-- 
Travis 9JHI iimun Laivs. 1141 Haul 
Rumen 24XJ pm Ton:- Blackbum aJl 
H.nil C jmhaeimi. 7 30 Sen" 1 nee Time >S> 
■ jouiis Hadni 10.03 John p ( -,.| /£,. 
122)0-2.02 am A. Rjdm 2. 


J.IS ■ 
S IS : 

I 


RADIO 2 t .500m and \TIF 


S 00 am Ne<-> Sunmu» . SoJ T o.' 
Brandnn 'it meludirw 6J5 Pau%>- fer 
Thnnahi. T.» T*-rr> W,ujn ■*. meliuJnii 
127 Kadn^ Hiill.-iln jno S.45 I'au*- lor 
ThuU.'lit 104)2 im,ui> Y«un. i^ 1 . 12.15 pm 
W- 1 -Bonerf W.-IH. 1230 FN-r.- Mnrnr s 
•ip--n IMimi- is. iiiil.riin- I.-I5 .4 P ,-,r!-- 
DeSfc. 2.30 Pai-id H-jirnliijn tfi ineludinr, 
2.05 and SOS Spnris 430 '.Va4 4nn> r- 

WalW. 4.05 Spun- P. -,s~ John Dunn 
■S* iui-ludinv 5 05 Spur;- D- sir 6. IS Snn-li 
pesA 7.02 Si-gii'-ni..- Tun- ii I In- fl 
2 Kallroum <N. B.Q2 .l,.hnnv ■tr.-jur? enii. 
duel": lh- KBC Rerliif lireh-sira ill. B.J5 
Friday Vi-ht is Music Mvii iS> 93s 
S pons Desk. 10.02 Suppnri Ynur l.w i! 
1030 W« Ho Latin wi:h The I’-irlni. 
Pom. inn-. Bl4 Rand 11.03 PfVr Cl.v.'e'i 
intrudums Rnimd Mldnieh' includin. - 12410 
News 2.00-2.02 am Ni*-j Summary. 


.Mi- a- - 
U 51 II Sf 


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■i.. T r .-> •• t -S'- 
■ 1 >*,.• '.•.'.ir'd ‘S' 

S.55 i!r“i>“,jr<! 

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i :• 7.:a . , tp , 'an 

•• .rr ■ -I Jrr 1 

■•■r Jrhn 

'ibebll* 
: s- -1.3? jmiki 
■' ! v *«• 

• ri-, y.ini.-s li-r-j 

1125 


7.05 Th” .'.rchers. 7.20 Pick of the Vnk 
iS*. 310 Profile a. 30 Any guesalomr 
P.15 l-'iler from .America 030 The Mak- 
ins uf a Television Serial. 9-5* Weather. 
10.00 The World TnnlRht. 1030 We*K 
rndimr 1035 H'rioi on Frtdir with 

Km* Saleil 11-00 A Rook at Bedtime. 
1113 The Financial World Touisbt. U-30 


BBC Radio I/'ndon 

206m and 94.0 VHF 

5.00 am .its Radio '2. 630 Rush Hour. 


we 


” Orly— e.?3-7e0 cm rip, a 


RAC 

6 33 .'u 


?.O0 l.endnn Live. 12.03 pm Call In. 
2 03 ;< m Shnweaie 6.03 Home Run. 6Jfl 
I uridon Spons Desfe. 635 Good Flshlru. 
1.00 Lion. Slop Listen. 730 Black Lon- 
rio-.-rs S 3® Trst. I- Rivoin. 20.00 L ale 
NiBlir L.end.m. 12.00-Closc: As Radio 2. 


T- : • : 

6 :> f - •• 


RADIO 3 4ft4m. Stereo* VHF 11 


Pr:n 

H).-> 

1155 


LSI am Weal her. 7.00 Ne-.vi. 7.05 i.ner- 
tiirv iXi 04M X.'m S.05 Morning Cun- 
r.-rl IS. 0.00 Ne« c. q.M This '.V.-iV'-. 
Cnmpiwr. I- .Hire 5.50 S.'-\P Radii S*th- 
pbonr iJn.Tiesfra 10.40 Y««:w .lr'i’?’ 
Redla! "S'. 1135 Music far Wind Guilder 
iSi, 1245 pm Midday Pmm. nan 1. 
Ranks Grier 1.00 Sews 1.05 Plav. 
hill I Si 1.Z0 Midday ptwij. nr: ; 
McCabe. Dvorak iSi. ZflS Fvhtlljf Lttrt 


W.-m 
v .—i ,-.■ 
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London Broadcasting 

261 m and 97-1 VHF 


5. CO am Miming Music. 6 00 .AM: non- 
sip-, news, iidunxiatton. travel, upon 
I0.M Brian Rjyef. Show. 14» pm LBC 
K-pi.r:-' 3.00 Ueurxp Gale's 2 O'clock 

C:iil 44» l.DC RepnrtP troarutuith. *410 
After F.I=M 930 MbihllUie. 100 am 
:;i4hT Eiira. 


ii 


T.~.. 

633 


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•• » r.- •• < IR 

r.-'.i 7J& :,vws. 


Capitol Radio 

194m and 93J8 VHF 

6.00 am Graham Dene's Breakfasl Show 
■ Si 9J!Q .Miehurl .Vspel 'S'. UUOO Dave 
^ j'.h 'S*. 3J» pm Riwer ScoU f Si- 

7.33 f.nndWi Tmfny <S ■- 230 Adrfan 

leu's .7 pen Lln*“ 'S' 9JJ0 Nicky Hornu's 
I'rar 'euth-r Wnnldn't Like It -S'. U00 
.'.tl-'n's Late Show 'S'. £00 am 
1 ”, r . Djviasun a London Link (aiemauoaal 
U'. 


ENT ER rA l N M EN 1 G LI DE 


CC — The* theatres aoMOt certain credit 
cards bv telephone or at the Boot Office- 


OPERA & BALLET 


COLISEUM. Credit cards. 01-240 5250. 
Reservations 01-4336 3161. 

ENGLISH NATIONAL OPERA 
Ton't and Tue 7.oo p» CaHos "Could 
easily turn into a cull • . . Ute thinking 
man's grand opera" tv. Standard. Tgrooc. 
ana Wed nest 7.30 The Tales of 
Halfman. Thur nest 7.30 lolatta. 104 
oalconv seats lor all peris Irom 10.00 on 
aay oi pert. 


COVLNT GARDEN. CC. 240 1066. 

rGardencnaigv Credit Caras BJ6 S903r 
THE ROYAL BALLET 

Ton't. A Men. 7-30 Serenade. A Month 
In the . Country. Facade. Tomor. 7 JO 
Mavrrllng. Thur. 7 JO The Sleeptao 

B *" lrtV ' THE ROYAL OPERA • 

Wed. 7.3Q Coil tan urtte. 65 AmpM* 
seats avail tar all perfs. from 10 ajn. 
on day ot oeri. 

SADLER'S WELLS THEATRE. RtHebOTY 
Ave.. ECI. 837 1672. 

ENGLISH MUSIC THEATRE 

Fhral peril. Ton't. A 5aL 740 Heine's 
vaudeville LA CUBAN A -Tomor. 7 30 
RosshH's CINDERELLA- " A brilliant 

snow o) musical* 6 reworks, '■ Tms. Cheap 
seats avail, dar of oertarniairoe. 

THEATRES 

AOSLPHI THEATRE. CC. 01-636 7611. 
OPENING NOVEMBER 9- ■ 
Reduced Price Previews Oct. 31 IQ not 
8 at 7J0. Also Sat. Not. 4 at 4.00 Am. 

OWD 

THE RAINBOW 

An EiKhanting New Musical 

BO< OFFICE NOW OPEN 

Croon Card BootcHigs 01-836 7614. 

ALBERT. 836 3*78. CC Megs. 836 1071-3 
irom 8.30 a.m. party rotes Mon.. Toes.. 
Wed. and Fri 7.4S D.m. Thors, and Sat 
4.30 and 8.00. 

A THOUSAND TIMES WELCOME IS 
LIONEL BARTS 
! OLIVER 

•' MIRACULOUS MUSICAL." FW. Times, 
with ROY HUDD and GILLIAN BURNS. 
NOW BOOKING FOR CHRISTMAS AND 
THROUGH 1979. 

ALDWYCH. 836 6404. Into. 836 5332- 
ROYAL SHAKESPEARE COMPANY 

in repertoire. Tonight 7.30. Tomor, 2.00 
6 7.30 AS YOU LIKE IT. “ An evenfng 
of rare enchantment.” S. Tel. With: 
CORIQLANUS inert pert. Mon.l. M iddle- 
ton & Rowley's THE CHANGELING (next 
pert. Not. 1). RSC also at THE WARE- 
HOUSE (see under W). 

ALMOST FREE THEATRE. Tel. 485 6225. 
Lunchtime THE BALLAD OF WILFRED II 
bv Frank Marcus. Directed bv Pajal 
Marcus. Mon.-Sat 1.1 S pm. 


AMBASSADORS. CC 01-836 It 71. 

Evgs. B.OO. Tims. 2.45. SaL 5.00 & »J» 
JAMES BOLAM 
“ A superb periormance," FT. 
GERALD FLOOD 

IN A NEW THRILLER 

WHO KILLED 

M AGATHA" CHRISTIE . . .? 
"WILL RUN AND RUN." GunUm. 

APOLLO. CC 01 -437 2663. Evas. 8.00. 
Mats. Thurs. 3 00. Sat. 5.00 and 8.00. 
PAUL DANEMAN. LANA MORRIS. 
DENNIS RAMSOEN 

CARMEL McSHARRY 

SHUT YOUR EYES AND 

THINK OF ENGLANO 
'■ WICKEDLY FUNNY."- Times. - Very 
very funny— great entertsInmenL'' NoW. 

ARTS THEATRE. _ 01-836 2132. 

TOM STOPPARD'S 

DIRTY LINEN 

■' NHarious . - . see It’’ Sunday Times. 
Monday to Thursday fl-30. Friday and 
Saturday at 7.00 and 9.13. 

ASTORIA THEATRE. CC Charing Cross 
Road. 734 4291. Mon-Thura. S-Oo p.m. 
Frl. and Sat. 6.00 and 8.4S. 

BEST MUSICAL OF THE YEAR 

ELVIS 

EVENING STANDARD AWARD 

CAMBRIDGE. CC. 836 6056. Mon. to 
Thur. 8.00. Frl. Sat 5-45 and 8.10. 

IPI TOMBI 

EXCITING BLACK AFRICAN MUSICAL 

" FulntM Mmfral." £. News. 

Seal prices £2. 00 -£5.50. 

Dinner and ton-price seat £9.50 Incl. 

FOURTH GREAT YEAR 
TRANSFERS PQ WHITEHALL THEATRE 
DECEMBER 6th 

COMEDY. CC. 01-930 2578. EvgS. 8-00. 

Thurs 3-00. S«ts. 5.15 and 8.30. 

“ SPLENDID ACTING'' E. Standard. 
BILLIE WHITELAW 

T. P, MrKENNA In 

MOLLY 

bv SIMON GRAY 
■•INTENSELY MOVING." E. News. 

CRITERION. 930 3215. CC. 836 1071-3 
NOW IN ITS SFCOND YEAR 

LESLIE PHILLIPS 
in SIX OF ONE _ _ 

*’■ . and a HALF-DOZEN LAUGHS 

A MINUTE." 

SECOND "HILARIOUS" YEAR. 

LAST 2 WEEKS. 

CRITERION. 930 3216. Credit card book- 
ings 836 1<J7|. From Mot. t Men. to 
Thur*. 8. Fri. and Sat 5.45 5 8.30. 
Transfers from Ha mowed Theatre 
"THE MOST HILARIOUS PLAY 

FOR YEAR*." Financial Times. 

GLOO JOO 
bv Michael Hastings 

DRURY LANE. CC. 01-835 BIOT. Mon. 
m Sat. 8.00. Matinee Wed. and Sac 3.00. 
A CHOtUS LINE 

“ A rare, devastating, loyeus. atstonkfimg 
stunner." S. Times. 3rd GREAT YEAR. 

OUCHE3S. 836 B243 Mon. to Thors. 
Evenings 8.00. Fri.. Sat, 6.15 and 9 00- 
OHI CALCUTTAI 

" The nudHv is trannlM," Da fry MaH. 
9th Sensational Year. 

DUKE OF YORK'S. CC. .836 5122- 

Red. price DTOTS. Mon. to Frl. 8 P.m. 
Sat 5.30 and 8 JO '■c-hour before .show 
best avail, seats £2.50. Ouens Not. 1 at 

8 P.m. Subs. Evgs. 8 P.m. Frl. and Sal. 
540 and BJO. 

TOM FELICITY 

COURTENAY KENDAL 

CLOUDS 

A Comedy by MICHAEL FRAYN. 

FORTUNE. BSfi 2238. Eves. 8. Thurs. 3. 
Saturdays 5.00 and 8.00. 

Mortal pavlow as Miss MAHPLF hi 
MURDER AT THE VICARAGE 
FOURTH GREAT YEAR 

GARRICK. CC- 01-836 4601. Evgs B.OO. 
_Wed. 3.00. Saw. 5.30. 8.30. 
DENIS OUILIEY 'n IRA LEVIN'S 
DEATHTRAP 

A New Thriller Directed by 
MICHAEL BLAKEMORE 

GLOBE THEATRE. CC. 01-437 1392. 
Evtra. 8.T5 Wed 3.00. SSL 6.00. B.40. 
PAUL EDDINGTON, JULIA MCKENZIE. 
BENJAMIN WMITROW hi 

ALAN AvricHOiiRN'S New Comedy 
TEN TIMES TABLE 

" This must be the Happiest levants- 
ma5 gr |n Lpiwfnm^ D. Tel. - An IrrealSilblv 
eniavable eyenhug." Sunday Times. 


THEATRES 


f 


Matt. Wed. '2.30. Saw. LM and 8.00. l 05-836 42S5. Ei 

Hm-fiooc pAUL 
BOWiSs _■ __.4IMPWICK 


‘iSd FENELLA FIELDING 
LOOK A FT El 


rUt UM4I 

By Noel Coward 
with GAR/ RAYMOND 


HER MAJESTY'S. CC. 01-930 SMS. 
prevs evnga. 7 30. (Mat 5au at. 34»n. 
Opens Ocl 3. at 7 00. 

BAR MltZVAH BOY 
THE NEW MUSICAL 


KING'S ROAD THEATItt. OV352 74S0. 
DON'T DREAM IT. 5£E IT. - 


TERCNCa STAMP IP 
EDWARD GOBfcY'S 
□RACULA 

' wttti DEREK GODFREY 
' " ABSOLUT bLY STUNNING,*' 
IA3T2 WEEKS. ENOS NOP ■ 6. 


26th YEAR 


D/LAN THOMAS'S 

UNDER MILK WOOD __ 

•■A iteUehL “ ' Gdn. Jala as Nor. * 'or urtuk 
the 2Sth A nni versary Party. ShoM-BnVct | 

Whip £30. - - ’ i ,u,r -- * 59 Ffl. and 


'National THEATRE. , 928 ^ 
OUVIER . rooea itasel. Ton’t. . ...... 

t Tamar. 2A5 A 740 MACBETH. 


LYTTELTON uwdscentum stage). Ton-'t. 
AS. Tomorrow 3 & 7.4S. THE PHIL- 
NOERER by Shan. 


I 


AN EVENiNG'MrinfAVE ALLEN 
‘ ‘ JTEDLY THE FUNNIEST 


” UNDOUTEDLY THE FUNNIEST 
SHOW IN TOWN." Sun- EawrirtS. 
LIMITED SEASON until Dec. 2. 


COTTESLOC (small auditorium). Ton'L . VICTORIA PALAOL CC. 828 4735-6. 


A Tomorrow B THE WORLD TURNED I 
UPSIDE DOWN by Keith Dewinmt Irom 
Christopher Hill 1 bosk, (perhaps not 
suitable tor children) ] 


834 1317 

STRATFORD JOHNS 


SHEILA .HANCOCK 


Marry eacellct cheap seats alt three | 
theatres day at pert. Car part Restaurant | 
920 2033. Credit Ccrd bookings .926 | 
3053. 


OLD VIC. 9Z0 76(6 

PROSPECT AT THE OLD VIC 
Manraret C avrteaav Artitany Qoayl a la 
, THE RIVALS 

Sheridan’s comeay with James Aubroy, j 


tail Blair, Kenneth GUberL Carol Gillies. 
Matthew Gnhmeas. Mel Martin. Trevor 
Martin. Christopher Ncame. 

*’ The funniest Mrs. Milaoma t have 
seen '■ The Guard'an. " Mr. Ouavie's 
Sir Anthony — a wonderful aertormance " 
The Times. . Today 7.30. Sat- 2.30. 
Anthony Quarle 4s , 

KING LEAR 
returns Sat. 7.30. 


GREENWICH THEATRE, OT-4S8 773S. 
Evenings 8.00. Mat Sat. 2.30. 

AN AUDIENCE CALLED EDOUARD 
by David Poumait, 

” A Theatrical t«6." Times. “ Surprise 
and doUpht.” D. Tel “ FasdneHng . , . 
extraerd ma ry tnenlne," E.N. 


OPEN SPACE. 387 G9B9. BECKETT 

DIRECTS BECKETT Kropp'i Last Tape 
and Endgame. TueL-Sun. 8 P.m. 

PALACE. _ CC 01-437 6834. 

Mon.-Thnrs. S.OO.^Frt. and Sat. B.OO and 

jesus chriSt Superstar 
by Thn Wee and Andrew Lloyd-Webber. 

PALLADIUM. - CC. 01-437 7373. 

Tuesday Not. 14 'let- 3 days only- • 
MARY O'HARA 

SWINGLE II and CHARLIE SMITH ERS 
BOOKING NOW OPEN 

PALLADIUM. . CC. 01-437 7373. 

Opening Dec 20 for a Season. . 
DANNY LA RUE 

as “ Merrv ” Widow twankev In - 
ALADDIN 

ALFRED MARKS is EBENEZER 

DHys WATTING. Brian MARSHALL 
and WAYNE SLEEP 

Preview Dumber 19 at 7.30. 

PHOENIX. 01-836 2294 . Evs. at 8.T5. 
Man. Wed, 3 OO- Sats. 6-00 apd 8.40. 
"TIM BROOKE TAYLOR. GRAEME 
GARDEN make us laueti. Dally MaH. 
THE UNVARNISHED TRUTH 

The Hit Comedy by Royce Ryton. 

“ i A UGH. WHY 1 THOUGHT 1 WOULD 
HAVE DIED." Sunday Times. " SHEER 
DELIGHT," Ev. Standard. " GLORIOUS 

continuous laughter." Times. 

LAST WEEK. ENDS NOV. 4. | 


PICCADILLY. From 8.30 a.m. 437 4506. 

Credit Cards 836 1071. Monv-Thure. 

8.00. Frl. and Sal. 5-00. 8.15 Atr-<-<>n. 

“ Domlnattag wltfr unfettered gusto end 

humour, me Broadway star." □. bap. 

_ SYLVIA MILES 

■■Tomrmg Oaiiy MaU. 

• Bv Tennessee WIINams. 

" Worts like magic." Financial Timas. 

There has hardly been a more satisfying 
evening hf the West End ... the BEST 
COMIC WRITING IN LONDON.” Oat. 

'• S« running like an electric current.' 
F.T. SEASON ENDS NOV. 19. 

PRINCE EDWARD. - CC. 01-437 6877. 
Evemogs 8.00. Matinees Thursdays aad 
Saturdays at 3-00 
_ EVITA 

by Tim Rice and Andrew Lloyd -Webber 
Directed bv Harold Prince. 

PRINCE OF WALES. 930 8661. Credit 
card bkga. 930 846. 11 weeks only 

before New York. Opens 7 Nov. tore- 
. . Not. gi. 

ALAN AYCKBOURN'S Stnaah-Mt comedy 
BEDROOM FARCE 

■'ll you don't laugh. Sue me." D- Esp. 

A National Theatre Production. 


RAYMOND REVUES* A- CC. 01-734 1995. 

At 7 Pan., 9 P-m.. 1 1 p.m. Open Sun. 
PAUL RAYMOND presents 
. THE FESTIVAL OF EROTICA 

Fully «r condMtaned 

2 1st SENSATIONAL YEAR 1 

ROYAL COURT. 730 1745. .Em. BOO. 
Sat. 5.00 and B.3fl. Musrend Nov. 4. - 
- HI COL WILLIAMSON 
— A ytrcuosos perlormenre.” -D. Tel, 

- INADMISSIBLE EVIDENCE. 

" This is one or the *ew great Mays of 
the century," D. Mall. 

ROYALTY. . CC- 01-406 8004. 

Morvfar^Tbarxday e**ofnas_ 8.00. Friday 
5.30 and 8.45. Saturdays 3.00 and B.OO 
London Critics vote 

BUBBLING BROWN .SUGAR 

Best Musical of 1977. . 

Tri. bookings accept ad. Mahw credit 
cards. Rastaurant res. . 01-405 -241 8-. . 

SADLER'S WELLS THEATRE, Rosebery 

Are * ENGLISH MUSIC ' THEATRE 

Last -2 parts. Ton't • 7 Jo . Hosyiitl's 
aNDCRELLA "A hriTliaiR Slml CK 

muaicaU -« reworks'. TmL Idnior. -7-M 

HenH'l vaudeville LA CUBaNA. Cheap 
seals »*ilUWe day of peri. .... 

SAYOY THEATRE- 01^36 9668. 

rr«ut cards 734 477S, Tom ■»«*, Jo 
LIFE IS IT ANYWAY . 

?»u%^5i “tS .WRPSrSSft 

Ev£. «»;cXL Frt. d Sav 3 AS and &4S. 


WESTMINSTER. 01-634 0263. 

TIM RICE A ANDREW LLOYD 
WEBBER'S -JOSEPH AND THE 
AMAZING TECHNICOLOR DREAM- 
COAT." Starring PAWL JONES. Tvrlre 
Daily- Opens Nov. 27. Tickets: £2. £3. 
£4. BOOK NOW. LIMITED RUN. 


WHITEHALL. CC. 01-930 6692-7765. 
' ' Sat 6.4” 


Eves- 6.30L Frl. and Sar 6.45 and 0.00. 
Paul Raymond presenrs die Sensational 
Sex Revue dt the Centm-y 
DEEP THROAT 

Yoor last chance to see prior to transfer 
to Elysee Montmartre. Paris. 

MUST END DECEMBER 2, 


WINDMILL THEATRE CC- 01-437 6312. 
Twice N'pbiiv a 00 and '0,00. 

Sun. 6-00 and B.OO 
PAUL RAYMOND presents 
RIP OFF 

THE EROTIC EXPERIENCE Of THE 
MOD: BN ERA 

Takes to unprecedented limits what M 
permissible on nor stage," E. News. 
THIRD GREAT YEAR. 


01-936 3026. CC 
tom 6.1" 


wymdham'S. . ^ 

Btes. 836 1071 I dm 8.30 un. MOn.- 
Ttiuis B.OO Frl. and Sat. 9.15 and 8 JO 
"ENORMOUSLY RICH 
VERY FUNNY.” Evening News. 

. Mary -tTMalfeY's unasb-hk comedy 
ON PI a CATHOLIC 
Supreme comedy on sex and religion, 1 * 


Daily Telegraph. 

- U .SHAKE WITH 


MAKES YOU 
LAUGHTER " 


Guardian. 


YOUNG VIC 92 B 6361. Ton'*.. Tomor. 
no. 7 JO HAMLET. Tue. Wed 7 SO 
Thor 2 RICHARD llf pirt of Shake- 
speare trilogy ACTION MAN. 


YOUNG VIC STUDIO. 926 6363. Tomor. 
I mi Young vie Cd la Terence Greer’s 
BALLROOM. 


CINEMAS 

ABC 1 d> 6 SHAFT uBuRY AVE. 836 
8661. Sap. peris. ALL SEATS BKBLE. 


1 DEATH ON THE NILE IA> 

i. 8 JO. Late (how 


W1C A Sup- 2 JO. 5 JO 
TofhgtiL A Sac. 11.10. 


2 : DEATH ON THE NILS (A) 
Wfc A San. 2.00. 5.00. 8.00. 


ZAMD8N PLASM. COop. Camden Town 
Tube*. «M 2443. THB BOS DYLAN 
FILM REMALDO A CLARA YAA) w»M> 
TOB DYLAN A JOAN BAEZ IN 4 
TRACK STEREO. Progs. 2.50. 7.30 
Daily. 


Tottenham Court 


A Oxford Street iopp- 
Rd. tiibci. 636 0310. 


i: Richard Adams's WATERSHIP DOWN 
fUL.Pros*. 1-43. 4.00. 6.15. 6.35. Late 


snow it wn. 


2: THE GREEK TYCOON lAAi. Prog*. 
1 Jo. 3.40 6.00. 6 JO. 11 pm. 


.s- THE DRIVER IAI. Progs. 2.05. 4.15. 
6JD. 8.40. Late show 1 1 pm. 


4: HEAVEN CAN WAIT tAr. Progs. 1.40. 
3-55, 6.15. 6-35. Late Show ll Ml. 


YOU LAUGHED AT HIS RFFAIR . 
_.„NOW LAUGH A 7 HfcRS 

*fPA!R TOO! £A> 

.ffnghsh subpriesi Fiua «« 2.00 mot 
Sun.i 4.C" 


-CS. .6 Jo and 8.40. 


"LESTER SQUARfl THEATRE. (930 
5252). THE SOUND OF MUSIC ID). Sen 


Late mew Frl. 4 sat 11.30 D.m. Seats 
bMal^ In advance by post or at Box 
I’m - 7 -3JB prog. Mon. -FH. A Nl 
progs, eaeept Late show Sat. & sun. 


MIDNIGHT .EXPRESS, OO. 5ep. progs. 
CUy. 2.30. 5.30. 8. 30 p.m. Late show 
wit Sat - * , Sura- ooors ooen ii.is 
p.m. prog, at 11.45 P.m. Ail seats bkwe. 


DR?DW UICES TER SQ UARE (930 B1H- 
OjlAP DETECnyE (A). Sep. Preps. 


££- Dhftrs open 24». 44L T.a's. La« 


Sun. AOB, 7.30. Late shorn 
S'* *5; <*“** 11.15 P4n. AM 

■earn orate. - ■ - 


PRINCE- CHARLES laic. So. 


j .- Wa tertaa Boruwqiyfcs ritE^EaBf ST ' 
Lojjttth X Sep. pert*. 12.40. 4.10, 5.3S. 
®T*5 'San- 3 18- 5-95 : B.3S) Idte Hratv 
Frt. A Sat. 1T>13 Seats bfchte. Ltctf bar. 




Mjavr^y's *N~ UNMARrTes' WOMAN 
•X) Prags- -1.05. ’SJO 6.00. 8.35. Late 


•how Sat. 10.50- 


Cbrjltlei DEATH ON THE NIUE 
CAJ Sep. ooris dally 2.1 9. 5.19. 819? 
jgji Jftgw Thurs- Fri^ Sau 11-15 3(H| 






some way to explaining the high 
cost of English wines in 

comparison with those from 

other EEC members. 

A bottle of' English ^ wine 
from lhe award-winning Vfootton 
vineyard near Shepton 3JaJIet 
costs abour £3, well into the 
price category for a reasonable 
French wine carrying the appel- 
lation contrdltee designation. 
English wines, however, have to 
be railed table wines, as the 
EEC is nor prepared to allow 

English producers to apply for 
quality wine status. The EEC 
regulations 816/70 and 817/70 
cover wine production and 
designation and only certain 
approved vines may be used 
and then only to produce a 
limited quantity of wine. 

Britain does not have the 
experience in wine production 
to satisfy EEC requirements and 
only thie EEC will say when 
English producers have amassed 
this experience. One vital step 
towards EEC recognition has 
been made with the granting of 
a certification trade mark for 
English wines. 

This was approved by the 
Department of Prices and Con- 
sumer Protection earlier this 
year, after five years of cam- 
paigning by the EVA. The 
association applied first to the 
Patents Office for a trade mark 
that would guarantee to the 
consumer that the English v-% e 
carrying it was made to laid- 
down standards and was palat- 
able. 

Nearly 50 English vineyards 
have applied to use the trade 
mark and will soon be sub- 
mitting bottles for testing. 


I ! 
; l 


vH 


<? ff 


•* >'• 


- 7 . 


i ! 

y 

f ■: 


THEATRES 

oi 

8.15. Sat. 5.00 A 


SHAFTESBURY. CC. 636 6595-7. 
836 4249.' Oscns Dee. 20 until Jan. 13 
JANE ASHER. NIGEL PAIRILK m 

PETEK FAN , 

Doty 2 & 6-45 Pricey £S. £4. £3. L2- 
RedaceB yrlcu on Dec. 2D. 21. 22 . )»"■ 
8. 9. JfJ. IT, T2 Pcmat and tdeaftone 
bookings atecPted now 


STRAND. O.J-836 ZfifiO. ErtMHB 8.00. 
Mat. Hum. 3.00. Sats. 5-30 and B.30. 
HO 5EK PLtA5t— 

londonTl^sV^UGH-- 
OVER- 3.000 PERFORMANCES. - 


LYRIC THEATRE. ^CC, 01-43T 
Ert. BOO. mure. 3.00. S*t- 5-OOjO. 

Plowright - fhjlay 1st. martin's." CC. oi-ow-imi 

FI LUMEN A B.OO. .NWU1«» Tfles.- 2:45. SnU. 

Directed ofrfiANCO ZEFFEREU.I ous ftrap^ & 

N ^-- mK Y,MLcTlJsavnt. bun 

IT FILL THE LYRIC FOR A HUNDRED 
YEARS." Sunday Times. i; 


! TALK OF THE TOWN. CC- 01-734 5051. 

MA v& R a Ant &.*!& 1 J8r* 

WELSH NATIONAL THEATRE CO. A{ 

- From Morj MATT MONRO . 


tO 2354. Mon. (O 

... _L its and 8 15- 

T re vers T9 Prod, of THS SLAB -BOYS 
bv Jdw.Byme. . - -.. . 


VAUDEVILLE. B3& 9W»; 1' Ewk: _B.0O- 


ANM_ 

Evas. 7 JO. Mats. Wed. and Sat- 2.AS. 
" BLOCKBUSTING. 

SMASH HIT MUSICAL." D Marl- 


WAREHOUSE. Denanar Theatre. Covmt 
Garden. Bov Office 836 6808. Seats 
available tonT- tomor. B:00 for Pete 
Atkin'S AAR. ''Pete Atkin'* piano 
pUyin«T Is as enjoyable as his dialogue. 
Times. Adv. bkg. Alpwych. 


WESTMINSTER. CC 01-034 0283. 
UNTIL NOVEMBER 18 
Tues-Frl. 7.45 Wed. A Sal. 3.00, 

A MUSICAL ENTERTAINMENT' 

LOVE ALL 

THE BUNNY AUSTIN STORY 


1 ' 
11 


‘J :- 

s 


u- 


L'. - 
\ * 


.’■/ s 


t 


■* r? 


II 




& 


•fsi. 






•vi £ 




J-r.-ft. 


- >',r 

'■fii: 


V? 








T ! 'r 

" : T% 




L< 


i/ v " 



S' "\ 


v?-- 







Financial Times Friday October 27 1973 

Cinema 


s uncontainable anger 


by NIGEL ANDREWS 



Tlie Serpent's Ebb (X) Academe 
v : Kyra of Laura Mars cAA) 

- Odeun Leicester Square 
The Creek Tycoon (AA| Plaza 
Death on the Nile (A) 

Studio 4 and ABCs 
Shaftesbury Avenue, Fulham 
. " Road and Bayswaier 

There i« a small, beleaguered 

• band of film critics — the under- 
. signed among them — who think 

•that Ingmar Bergman's The 
Serpents Egg is a good film. In 
. most newspapers and film maga- 
zrnes. the movie has been 
trampled to death; stigmatized 
_ '.as one of the Swedish director’s 
more vulgar and hyperbolic 
efforts, a sort or horror-enmie 
vision of Germany in the mid- 
'LDs, when the taste of poverty 
.was on everyone’s lips and the 

- heady aroma of Nazism was 
. * scented from afar. 

The film, undeniably, is an 

• odd, mongrel-looking thing: a 
West German production pro- 
duced by an Italian (Dina di 

- Laurentiis). directed by a Swede. 

. and starring a Swedish leading 
lady (Liv Ullnian) and ait 
American leading man (David 
Carradine). It tells the eccentric 
story of a cirrus artist (Car- 
radine) and the wife nf his dead 
.. brother (Ullntan). who find 
themselves marooned in Berlin 
just when the first anti-Jewrsh 
^•'s s fee lings are being given semi- 
onicial physical expression. (He. 
being called Abel Rosenhcrg. is : 
among those on the receiving 
en d- and so is she. although she 
*V:'-rsP ftes by the stage name of i 
J -'*. .."i Manuela .Just to .compound 
•ij&^'toe potentially overcooked 


material, the whole film was shot 
' in a studio (in Munich), arming 
, visibly studio sellings; as ii Rhm>. 
| man had turned the clock b.c-k 
tn the German Expressionist era. 
{ circa 19110. 

i There are films that artists 
■ make in tranquility. ** recollect- 
ing " emotiun, and there are 
I films 'that artists make in tur- 
moil. feeling it. Angin-Savnn 
critics tend to favour the former, 

: since they arc usually orderly 
and digestible, and to shy away 
from the latter, which are often 
visceral and inchoate. Bergman 
clearly had almost too much to 
say about Nazism and his feeling 
towards it. and the result here 
is an emutional switchback ride 
which jolts i ho viewer through 
inure changes of mood and style 
ihan he is used to in a single 
movie. It is not a comfortable 
film, but cnmfortlessness is the 
film's great power.- It never 
stops stripping away the facile 
preconceptions from its too- 
farailiar subject. 

it takes nn, quite deliberately, 
the style and logic of a night- 
mare. Carradine, a wandering 
Jew who has wandered into one 
of history's most tragic and ter- 
minal cuis-de-sae, is guided slop 
by step down, the ladder or 
humiliation: beginning with 

mild police persecution (the 
Inspector is played by bluff Gert 
Froebc, and we never know if 
he is a kindly official or a protn- 
N'azl — or. more sinister!}'. both] 
and slipping .slowly into the i 
power of the evil Dr. Vergerus 
(Heinz Bennent). a re-encoun- 
tered friend from childhood. 

Vergerus gives bint a clerical i 
job m a ** librarv that is more I 


l like a cross between Kafkaesque 
; labyrinth and Nazi bunker. The 
■ nightmare grows around Carra- 
. dine: friends nivstenounty dls- 
, appear, :< Jewish night-club is 
raided ami its owner beaten op, 
ho and Munueh find that the 
apartment lent them by Vergerus 
t* mined wnh two-way mirrors 
ami hidden cameras, finally an 
encounter with Verge rus himself 
in the bowels or the library re- 
veals the doctor to be a re- 
searcher in human pain (he 
shows ■ Carradine film or his ex- 
periments) and an eager, articu- 
late herald of Hitler's coming. 

The film’s fabric is woven 
from the almost coeval night- 
mares nf Nazism and Gorman 
Expressionism, and it delibe- 
rately stitches together historical 
authenticity fitter? Is much play 
with the grim facts of German 
inflation in the "20s. people carry- 
ing around Deu Lsch marks by the 
bagful) with borror-film exag- 
geration. The movie is a counter- 
blast to all those well-meaning 
feature films and documentaries 
that have tried tc “ contain ” the 
subject of Nazism: to put it 
under a glas ■ case jn the museum 
of hunt an 'history Bergman's 
anger and horror are uncoutain- 
able. Li* : a live creature strug- 
gling in a bag. they keep punch- 
ing odd shapes and bumps in the 
movie. I saw the film first at 
this year's Berlin Film Festival, 
and though there were smoother, 
more finished, even " better " ' 
movies in tlu* festival, ibis is ihe 
one that has .stayed and grown 
in my mind. 



i famous film critics, Penelope big-screen overkill and «w,anJ 
■ iilliatt and Pauline Kael. will opera i-oynes* hard to rival The 
have noted their contrasting Jady's name m the movie, in' cast- 
views on the new thriller h yes oj the slower among you are stMl ’ 

Lnuru Jinn. Gillian hated it: not with it. j s Liz Cassidv and .' 

nothing if^not trite- Kael she is married to an American! 
i£ V fu » t: 3 y sl - v,ish President called James Cawidv! 

. cr ' I ~ The latter is assassinated on a ! 

I am with had. Eyes oi Laura beaun one day, and his widow. ! 

Marx, though strictly catchpenny feeling after a discreet interval 
in us aims. Is rather like The the lure of the Mediterranean I 
Serpent's Egg in its style. It runs off to marrv an old friend 
goes out on a limb of bold and flame, shipping tvcoon Theu 
hyperbole and dares you to Tomasis. Mrs. Cassidy. later ' 
follow. It is a thriller set in Mrs. Tomasis. is pla'ved bv ! 
the fashion-photographv world Jacqueline BisseL arid Mr 
of New York, and concerns the Tomasis by Anthony Quinn: and ' 
concatenation of two rather the film is directed', with a dan i 
outre phenomena. One is a seriousness and a nJethnra nr , 
scries of grisly murders in which helicopter shots by J Lee i 
the victims' eyes arc poked out Thompson, 
with an ice-pick by person ur The ending give* it all awav 
persons unknown. (The victims really. There is Mr Tomasis 
arc various of photographer standing on the quaraide of j 
L aura Maras models and col- Greek Island, while the sun sets The ’We’ company 

leagues). The other is Miss the peasants gather for their 

Mars's own psychic ability to evening drink and the sounds ;»* ■ ■ . . , , 

••see” the murders In her mind's of a Greek zither impinge on Birmingham Arts Lab 
eye while they are happening, the silence. Slowlv. wistfully. 

The film moves towards a climax solitarily. Mr. Tomasis breaks XX 7 

in which Miss Mare's own life and into a Greek dance. Of course W / /-V 

So™ kitr'S'shX™ Zorba'*the Cr"™k I? £ h * S', VV C by MICHAEL C O V E N E Y 

of his approach. clothing, a simple countrv 

Anyone deterred for life from £!? a “I " ho _ stayed from , Yevgeny Zamyatin's classic They operate in a social and we adjourn to the first audi- 
seelng psychic thrillers by the tll3 .„I? ot * • , partl '** because the 1920 anti-Utopian novel has a cultural vacuum, a feelin" well loriuni leavin'* Mr Lei»h snb- 

awfuiness of Brian Dc t Palma's SrtW bS a u« PS m , J( n8 wV nd !h , U ' nfft?r the D imaainalive known to the Pip Simmons group Ding disconsolately outeid* Mr! 

The Fury should take fresh because mad Medtter- theatre company. Posted to an m receni * ears Front this derives Lei"h event ua II v reaonears to 

heart. This film, based on a story passions "keen breaking unknown audience like mesaascs an energetic sense of ambWiirv suffer Lite Grand boeration evcit 

by John Carpenter (of Dark J *» h in bottle*, the first -person nar- in perioral an™ whS " the fngl^evokS Sv Ser bcams and' 

Afar and Assault on Prcewct /.?) ■"!“ *ou bastard she ralive contains elements of ** numbers " addressing us as billowin'’ smoke He reverts to 

? hd directed by the .enaMI. .heir honey. «.e„ee Jc,i«ni sexual fantasy dc-adem savase/'fbe -T normal eondlilin.” h"h it 


We 


MICHAEL COVENEY 


_}_ ev " en >' . Zamyatin's classic They operate in a social and we adjourn to the first audi- 

9^(1 .■infUI .tnrii-in nrtrnl nnu i /•■■Iimk-iI r -. _ i : - _ • _ . ... 


Fascinaicd followers of the 
colourfully diverging opinions of 
Ihe New Yorker magazine's two 


and directed by the versaMIe ^ their honev- science fiction, sexual ‘ fantasy d Jradent ihranSini? “ nomal 

Irvin Kershner (of Lorinp. The . 2s J. vicious and psycncilogical persecution In Zamyatin is ironically approving total submission" The eonmanv 

^.yr.VanCall^Horse ^ Th, w ? r,d of ou'r cultural heri?i|e. Ken rock TenSuoSilv iSfo a final 

eul _ ,S . fV 017 : similar. L he I Sfn *^.2*5* m . oves froni *e first nutnber and. once again, the all-. 



thing that The Fury st 
been, tried to be. at 
It has a clear, firm, 
plot, as opposed to 
nucleated hokum of 
Palma's story, and ii 
fascinating vibrations 
the voveurlst asoecr 


hernine’s profession (kersoeH. SS^voni Bm III fSrt 1 S “ di0 *: ‘ L™' , hU > n0 1 ‘i e? I m “ del tnr arnnngthepolTpdplant t 

alilv is svelte sev-and-violenee «^i ,snfc 2 ncL But for most . huxlej. Orwell and perhaps even v . w p ; 

pictures. usin o such components p ? r J' wher J® ne would think that Anthony F-urgess. in modem "r ^ i- r ® n . 10ve ,. l ° ,he 

he 1.™..^ J al ,eafi l Th P yellow-press titi I la- theatre. American rnmn.mins !^ use H ,n . Antiquities. Simmons 


pictures, using such components er } on f th,nk tha 1 Atithon; 

as wrecked cars, enrnses and 1 S ,hc i« ,re - 

semi-nude ladipsl and the killer's sn ?* t ° u ^ ,d “ ne . s such a J 

unerring obsession with his a i! creal , cri 

vir’tlms' eves ? surprisingly long, wan and isneiettes 

Laura Mara is played by Fave 107 min " les ' \ milv of 

Dunaway, an actress whose ru*>th .ul ; In co 


Theatre. Newcastle, in Decem- 
ber. I only hope that a London 
showing can be arranged so that 
everyone down here is alerted to' 
the fact that Pip Simmons is back 
in business — with a bang. 


s Leigh" No cash for 
icurabie Prospect Theatre 

i night- Tlie Arts Council has refused" 
, popu- to raise its grant to the Prospect 


hiahfv wrought metafile ct W ? 0S f Death on the .Vile is event ham "Lab 0 staff ihe^Pio | T,aris ^ dance hall, popu- to raise its arant to the Prospect 

usutllv find^istihle Riif h^re •ooger— 4wo hours 20 minutes, in Shorn -ins Theatre (irouo has a - ed by . r f celess teddy boy dum- Theatre company to ensure that, 
LKd in a TAel nr' ** exa ^-hut not quite so SSrted for a month on this oro" mies ' ■ AF J er an Variously the Prospect's plans to turn ihe. 

wonderful cortumes f bJ Reraai To with, life on j>ct fnd c mV up with a rtntaS? J danCe ^v. Old Vic into a third London.; 

dene Mann I? i» the Nile steamer Kamak is more ensemh le Se The a udienrl^is ^ nd a - s, . rl who wants a theatrical power base, alongside 

form A?thp h hiJh eventful than life on the Tomasis welcomed hvthe^torawre/theri 91“ J he National and the RSC. can 


first o ?n tn -plaint havThad^K d^tofVoby ! 

S^STSutZ n men be OF The Sf n las * WaltZ and 11)6 last -volu- ESSn was looK tow^dk 

2s a: 

the moral questions nosed hv tmlMn at*. , al rfnn«L n ; . .1 - fi rtwr - 7 ° \° bed ’ r,se and don pregnant girl (Sheila Burnett) is of the year when the ProsneeT 

fashion phntovraohv. Rut it has Albert Fmne? in^ D lfurder ^mn P Jnfm»ni°«rrhLlc , t0 ^ th . e ? pnl * wa y in an inflatable hell was not on tour. Now the Tu tore * 

more to sav on tb«* matter than rwianr p rn ._'j , ,u *, aceompsnimenl of Chris Jordan s jar. presided over bv the face- of Prosneci it th* ntn vii.’ 
;=he gives it credit for: and ft Sfrf^TuiS 1 5hrohbm -' electronic music, their fess Benefaritor and “number" depends CTeallv on ils succe«' 

is aleo— -for wh«oh she "Ives ft jvpicaj A-y a rha Chri tie^hinn ,,|n,ul,ane P us ; acimns reproduced ranged around the skyline. The in attracting commercial spon " 

ZiZ? 1 ' at al, - a firet - class SSb? the Theatre Vlde0 screerls around lighting by Steve Whitson ts here, sorship. ond“ dSStoS’ 

thfiMer * saloon. The filmVStory and style A-’’- ’-- as thronghouL qmte superb and its redevelopment appeal. 


David Niven and Peter Ustinov In “Death on (he Nile.” 


* saloon. The film's story and style 

- . _ are both somewhat fossilised. 

The Greek Tycoon is third- with much posturing and arcb 
class mush. The lives and loves delivering of one-liners. But 
i»a rta,D F e,t * nown Arner *- since ‘ to* players themselves are 
,ad y a 2 d certain well- good value why. as the younger 
shipping magnate Miss Davis would have said, ask 

firm af^nfnM J ) f/ ore in f °r the moon when one has the 
uonal guise with a mixture of stars? 


Covenf Garden 


[(^miedy 


Do you look as if 


The Sleeping Beauty Molly 


by B. A. YOUNG 


According to its lights Wed- totally musical; technically eveiy 
• tesday's performance of The hurdle was overcome— poses 
Keeping Beauty by (he Royal balances, fish - dives, multi- 
Ballel must be accounted a sue- tudmous pirouettes were serene 
:ess. Ii featured the company's —and the role was given with a 
enior baliertna. Merle Park, as delicate charm.. 

Aurora. iLs leading virtuoso Wbat I missed here, und in 
iancer, Wayne Eagling as Flori- almost every other auloiat per- 
nund; there were legions of formanee. was an extra grandeur 
veil-drilled, well-mannered dan- of utterance, a feeling for the 
. :ers in supporting roles: every nobility of the academic dance 
;hoe and bool on stage had red itself. With ihe dancers of the 
teels. and the score was more Kirov Ballet we have been able 
ilerlly played- under Robert to see in the past how the very 
rving than at some recent per- nature of a movement, its esseri- 
ormances. tial physical quality, its logic 

In that indomitable British and the aesthetic force implicit 
spirit of compromise that saert- in Ir. could be revealed in per- 
ices every principle im this fnrmance — the supremacy of Ihe 
;ase of authenticity to Petipa Kirov lay in just this fact. The 
ind Sergueyevi in order to comment may seem high-falutin' 
propitiate and ingratiate, but this Leningrad attitude 
Ashton's stylistically anachronic- makes for a richer texture in 
ic and dramatically debiluat- the dance, and thv thinness of 
ng Awakening pas de deux is f^e *he Royal Ballet's 

it ill featured, and Carabosse's account or Beoulp seems to me 
.‘tcious mime reduced to static ultimately to minimise both 
nopiog. even now that Calala- Petipa and Chaikovsky. 

> utie has been given a decent An honourable exception was 
nwtume and can afford to lose Wayne Eagling. who«e dancing 
-ns hair as Petipa intended The appears more conscious than 
whole affair Is what English most of the magnificence which 
tudlences have cotue to expect Be* beyond the actual pcrfDrm- 
is a ’'classic.'* enshrining what ant ’e of a step. He dares: and 
he Royal Ballet knows is under the formal outlines of the 
“classic dancing," and any im- dance one can sense the drive 
died condemnation — which will for a. greater clarity, a shanntr 
is perceptible in wbat I write — identity for movement 1 find 
s thought to be wrong-headed, nlsn in the dancing of AIFreoa 
ll-natured, or damned ignor- Thorogood a harmony so rund» 
, nce _ mental lo the aan.se aerofe: as 

Nevenheless. Certain quaii- a Prologue Fairy and a? Princess 
ies that i have come lo expect F j°rine she gave performances 
if classic dancing seented to me of classic distinction, beautifully 
n be absent. Merle Park's P 0ised ™ manncr 
□terpretatioa w as light, easy, CLEMENT CRISP 


The facts of the Alma Ratien- 
bury case are fairly well known, 
and were brnadly paralleled 
recently in Sir Terence Raiti- 
gan's last play. Cause Ceidbre. 
Briefly. Mi’s. Rallenbury took as 
her lover the 17-year-old hoy who 
had cotue to work for her. and 
as a result her old husband was 
murdered. The pathos of the 
case springs Trom Mrs. Ratten- 
bury’s determined effort at the 
trial, where she and the hov 
were tried together, to take the 
whole blame and let her lover 
go free. 

Simon Gray’s . version stays 
close to history as far as the 
murder. Molly, an amoral 
woman In her thirties lives in a 
detached house in Surrey with 
her, husband Teddy, an ageing 
deaf Canadian, and a com- 
panion-housekeeper. the decent 
spinster Eve. She engages 
Oliver, an. oversized teenagei of 
limited intelligence, to come and 
work a* chauffeur and gardener, 
and seduces him in a week or 
lwn._ When affairs have gut so 
much out nf order that even 
deaf old Teddy can sec what is 
going on and sacks the hoy with- 
out notice, the boy stabs him in 
Lhe back . with a pair of garden 
shears. 

Mr. Gray's signature is per- 


ceptible in Teddy's domestic 
habit of spanking his wife 
across his knee when she 
smokes too much, and in a sug- 
gestion that, when Molly had 
tried to put the blame on Eve 
and then claimed it for herself. 
Eve had shopped Oliver out of 
jealousy, having fallen victim 
to a lesbian weakness for her 
mistress. But the characteristic 
style is not much to be seen 
elsewhere 

The subtle character-drawing 
lhar we saw in Bulley and 
Uihencise Engaged is quite miss- 
ing. The people tn tins drama 
act and talk like people in a 
romantic drama. No doubt this 
is how such superficial people 
ao talk — we can’t expect them lo 
sparkle like publishers or dous— 
but n makes bard work for the 
audience, and, which is worse, 
for the plavers. who are given 
nothing worth aiming at. Biilre 
whitelaw’s Molly is a provincial 
housewife with a weakness for 
neat gin and the chauffeur and 
even Miss Whitelaw cannot give 
her a real individuality. (She 
is supposed to have written, and 
even at one point to sing, a song 
about seal-culling: but all she 
sings is Parry's Jerusalem. ) 

Anthony Allen does make 
something interesting of Oliver, 


because he is not such a steteo- 
type. The slow incomprehension 
of his seduction, as he sits in 
T u . drawn g-room wondering 
whether be is at work or noi' 
is nicely done, and so is his 
clumsy surrender to sex larer 
on. I think it would be advisable 
to aive him a wig of some kind 
thnuch: he looks every bit of 
30 years old. 

Even at the moment when he 
plunges the shears into Teddy's 
back, he seems a pace or 
two away from reality. T. P 
McKenna’s Teddy, being so deaf 
always is out of touch: he <hnufs 
breezily at everyone, maklne 
jokes fmm a sense of duly, yet 
aware— as he says in a moving 
spppeh not long hoFnre his dpafh 
— that he is-an ohieet nf boredom 
nr worse to all Only Eve is evei 
bind to him Shp is kind to everv 
one except Oliver, whom she 
treals as a pour-quality servant 
in spire of Mnllv'? cnn.«ani 
destroying of her authority 
Barbara Atkinson plays her 
truthfully and succeeds like 
Miss Whitelaw. in producing 
onlv an uninreresrins woman 
The director is Stephen Hollis 
and the designer of the suitahiv 
tedious drawing-room and 
atiached conservatory is Chris- 
topher Morley. 








Festival Hal! 


Rozhdestvensky 

by RONALD CRICHTON 


5adler’s Wells 


Cinderella 


For the last two performances 
jf ihe English Muaic Theatre 
JmdereUa, Delia Jones has 
■ returned to the title role. On 
Wednesday she was on sparkling 
form, a Cinderella in whom 
plucky charm of person, quick 
liveliness of facial expression, 
and brilliantly fluent manage- 
ment of the Rossini coloratura 
-find bappy balance. 

Although Mfcs Jones's por- 
trayal constantly brought to 
mind that of Patricia Kern. Lhe 
most admired British Cinderella 
of recent years, it was more oy 
reason of the differences be- 
tween the two singers than of 
their similarities. Miss Jones's 
timbre is perhaps less melting, 
less softly sympathetic in each 
repetition of the sad little fire- 
side sbng- The. special qualities 
of her voice are its attractive 
edge, its unusual colouring and 
speed of attack; the runs, the 
fiorlture, the bubbMng semi- 
quaver streams, all are seized on 
and defined with dramatic bold- 


ness. Miss Kern never quite 
seized the finale of the opera, 
and dazzled the audience with 
the sheer verve and vivacity that 
was Miss Jones's in the Rondo 
on Wednesday. It is nut only the 
voice that demands attention; 
eyes, witty utterance of words, 
a subtly elastic sense or 
rhythm — all these elements play 
their part in a splendid account 
of the role, one which no Rossini, 
lover should miss. 

Neii Jenkins is once again berj 
Pnnce. He is not really dashing, 
not really romantic; hut with 
well-groomed singing and 
pleasant playing he gives a most 
likeable performance Tbe whoiv 
show is likeable It is not always 
tidily sung (Miss Jones gives a 
lesson to the entire cast tn 
drawing dramatic expression 
from the vocal line), nor acted 
with uniform degrees of polish:, 
but It ts persuasive of the most 
Important things about the dpera 
—its warmth, • its tendpr wit 
MAX LOPPERT 


That the BBC Symphony 
Orchestra's, new chief conductor 
would inject new life into a band 
leaderless — for reasuns beyond 
anyone's- control — ror too long 
wat, always a probability. All 
lhe some, it is reassuring when 
probabilities become certainties. 
Rozhdeslvensky, apart from his 
other virtues, has a eifl for 
designing appetising programmes 
— or should one more exactly 
say. for giving highly stimulating 
accounts of programmes well 
designed for him hy others? 
Wednesday's concert brought 
together- three S's Skryabin and 
Stravinsky might have been fore- 
seen. but there was also a 
centenary tribute to a composer 
rarely if ever heard on South 
Bank— Franz Schreker, 

Schreker’s Suite The Birthday 
of the infanta originated tn a 
ballelrpantomime written for the 
opening of an exhibiton at the 
Vienna Secession in IMS- 
Fifteen years laler. he resenred 
the work for- a large orchestra 
for ‘ Mengelberg and the 
Concertgebouw Orchestra; who 
first gave it -in the new- Form. 
The “Suite" is continuous (the 
subject is Wilde's story about an 
ugly dwarf who loved a young 
princess): it. would be interest trig 
to know how much It differs 


from the original. The later 
scoring is weighed down with the 
omaie. Klimt-like colours which, 
lo judge from the operas that 
occasionally come our way un 
the radio. Schreker liked. The 
flavour is oeculiar — pea'-nck dip 
with gilded eravy? The final 
movement is genuinely touching 
The score might be worth tbe 
attention of a mime company, 
but unless they are rich they 
had better unearth tbe first 
version. 

The Skryabin was not one nf 
the mnnster orchestral works but 
tlie early, ravishingly and can- 
didly lyrical Piano Concerto. 
Rozhdestvensky’s, wire. Victoria 
Postni kova, played the solo part 
with concentrated absorption 
and wayward but spellbinding 
delicacy Few piano concertos 
by a composer not always drawn 
to modesty and understanding 
can ever have opened so .shyly 
and quietly; in the first two 
movements dynamic markings 
above forte are unusually rare. 
No doubt the lack of display 
(there is some in the finale, but 
not much) has worked against . 
popularity— but who could resist 
the central movement, to say 
nothing of the rest? 

Perrushfea in the original i 
(1911> version was very fine with ; 


■ splendidly exhilarating winter 
! fair music and cbording of a 
, depth and resonance that we 
haven't heard from this 
orchestra fur some time. Yei 
there was also a monumental 
1 aspecl not un-Slravinskyan bui 
not altogether right for a work 
so concerned . with physical 
movement, much oF it rapid 
Everything came out a bit 
larger than life. Of the principal 
characters so vividly painted in 
the music the grotesque Moor 
was best suited to this treatmeni. 
Cine almost forg'- the poor little 
puppet-wilh-a-hearf who should 
be tbe central figure. 

New director for 
British Film Institute 

The governors of the British 
Film Institute have announced 
that Professor Edward S. Perry, 
at present Dean of Arts and 
Humanities at Middlebury Col- 
lege, Vermont* U.S.A.. has 
accepted their invitation to 
become the Director of the 
British Film institute. He will 
succeed Mr. Keith Lucas who. as 
has already been announced, 
will become the BBT* part-time 
consultant oh television for a 
period after his retirement, 


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Financial Times J’ridi 27 I$?S; 


FINANCIAL TIMES 


BRACKEN HOUSE. CANNON STREET. LONDON EC4P 48 y 
Telegrams: Flnantima. London PS4. Tries: 886341/2. 353397 


Telephone: 81443 *000 


Friday October 27 197S 


Rigging the 


market 


ONE OF THE less-noticed suroer boom: North Sea- oil 
results of the continuing crisis production is some sis months 
of the dollar is that foreign behind expectations: wage costs 
inflows into the UK have started have risen very sharply. If the 
again. They have certainly not effective rate For sterling has 
been on the massive scale which proved fairly robust in these 
forced the authorities to aiian- circumstances (and of course a 
don intervention a year ago. but strong appreciation against the 
they are still significant These dollar has been permitted), the 
inflows, the counterpan of problems of a different situation 
official support, have added can readily he imagined. Pre- 
sume £500 m to the money sent forecasts suggest a strong 
supplv in The three months up growth of oil output next year, 
to mid-September, and have cer- an d 3 sharp slowdown in the 
tainlv continued since then. We r ( S e in consumer incomes. The 
are in a modest way importing public support now evident for 
.American inflation, and this wane restraint makes it more 
certainly has something to do realistic to hope for a slower 
with the revived inflation fears rise in earnings. At the same 
in some Quarters in the City. time, action to expand demand 
Intervention is bad for monetary and reduce surpluses in the 
control. strong currency countries 

The motives of the authorities should be taking effect. OTher 
are understandable. We have thinas being equal, the under- 
welcomed the Government’s iving strength of sterling 
hmad commitment to a strong could well be maintained, even 
pound Tor the discipline it if the dollar stabilises, 
exerts on prices and. at one 
remove, rm pay. However, one Offsetting Oil 
can clearlv have too much of 
a good thins, as has been shown 


problem is much 
easily understood if 


The 

in wiriosnread worries over the 

. » .I... . . _ the uncertainties over the dol- 

K,!i. TO ,n Vr.nM.ly System at > ar •« ,e,t ou ', of , th f, pi „ ct “" 
ton high a paritv. We seem to ^ or *be J ar * e ,m T 

have drifted back inm the Pavement in foe oil I balance or 
situation where efforts tn main- Payments, must make sterling 
tain competitiveness in the short scarcer unless it is offset in one 
run hv ihrervomne in the all of three ways: a deterior- 
e-nhancp nnrkers risks under- at,on ,n norH)l1 balance: an 


minin" it in the (nnoer run 
through monetary inflation. 


outflow of official capital, by 
way of debt repayment or of 
additions to the reserves: or an 
outflow of private capital. If 
the last route is blocked, and 
the market rigged. the authori- 

ties must’ either intervene, or 

traditional strong - curr.ncv wate j, our competitiveness erode 

« f.Qi m ans* mr»n p. r 


Dilemma 


This dilemma is of course 
murii more vividlv felt in the 


countries. In Germany mon^ £ar h t0 produce an off . 
tary growth has been well above 


setting fall in net manufactured 


target and Mfimliind has dilemma has been 

adopted a deliberate policy of 4f| since Jhe 



BY MAX WILKINSON 


T 


iHE AVERAGE motorist 
particularly in Britain, 
probably still has very 
little idea why he needs a com- 
puter under his bonnet 
Nevertheless the competition 
between ■ automobile manufac- 
turers to introduce computer 
controls is now accelerating 
fast By 1980 most new models 
in the U.S. are expected to in- 
corporate computerised engine 
control. In Europe the introduc- 
tion of these new • electronic 
systems will be slower but in- 
exorable. . 

In the short term, buyers will 
have to pay a premium for elec- 
tronics which offer some im- 
provement in fuel economy and 
some maintenance advantages, 
but not much in the way of 
extra performance. However, 
in the not too distant future 
the power of miniature com- 
puters will produce some major 
transformations in the design 
and performance of the motor 
car. particularly in the medium 
to upper price brackets. 

The possibilities of supplying 
computerised skid control, auto- 
matic door -locking, .speed con- 
trol and new types of instru- 
ments will give manufacturers 



ponenti; ;afii particularly send, 
conductors, are. likely to con- 
tribute an increasing portion 
to -a finished car's value. . 

In a recent study, Mr. Harry 
Rush and "Mr. J. if. 1 ; McLean 
.of Susses Science 

Policy.. Research .Unit, say that 
the' top estimates “suggest -that 
electronics could contribute- 10 
per cent of a. car’s . value- by 
the 1980s and- 30 per cent by 
2000 . • 

- Even ■ the- more’ conservative 
estimates • -of ‘ ’ about “h'alfvthpse 
figures represents; -i'/ai . • large 
amount of 


revenue . tor , semi- 
condnctor; cfcroffcm&£ - : 


r . -v 'yrv.-- »'■-■ ■ •.•••• . : 

■' ■- v ......... - . * • /. . . -j 

'.A- •• • ‘ 

-l • • \ •• ?*: m !'• *' '* i.-'&'-Cr ft 8 ?-* 

The microproeessor-fleft) heart of car computer systems which may account for 10 per cent of a car’s value by the 1980s. 

Right, Aston Martin’s Lagonda, a pioneer in on-board electronics. 


Mr. Terry MuHarcby/Aead .of 
strategic marfcefifig. far Moto- 
rola’s automotive; - -produrts 
group id - Phoenix, Arizona, 
expects total 1 sales, Of semi con- v 
ducrors to the -U&" automotive 
industry to be . worth- . around 
S280m by. 1980.. ■ In foe longer 
term, business could 4» much 
greater if -kutotffoiSile; manufac- 
turers take; advantage of the . 
wider potentialities -of a com- 
puter... ' . 

TheworWfwtdfi move towards 
electronics; in .the automotive 
industry ^inevitably ■ raises the . 


monetary inflation tn slow the 


anDreriitinn nr the fr,Z Our «« J f-ft 


own intervention may I)n seen 


came clear. Exchange controls 


as a resonnen tn larger interven- Potentially enforce a choice fie- 
ri on Hsewhere-a regrettable tween inflation and industrial 
. . recession. 

n ^r r ,ln S is ) special case. Tht ', progressive freeing 
however.' for its srarcitv in “P'«l movements offers an 
foreign markets is deiiheratelv «“P e 

engineered. Exchance controls choice. The use of sterlm,. first 
on canira. movements not only perhaps to finance third-country 
remain in force, but are being ^ra de a good proportion of 
enforced with the full risour dire ?t investment overseas 
demanded by the 197« crisis, would balance a current account 
Thanks tn the prejudices of the surplus on. capital inflows with 
Left, and something or a Singa- ou t adding to official sterling 
pore mentality among monetary borrowing or the money supply 
officials, our defences are facing Sensible monetary and growth 
the wrong wav. objectives would be easier to 

The problem mav appear a achieve. -The change has no 
verv marginal one at Hie popular appeal, but it would 
moment, but it must be remem- work: and recent events should 
be red that our own circum- have convinced- the Government 
stances are at present abnormal, that immediate popularity is 
We are at the height of a con- worth risking in a sound cause. 


A 


case 
cartels 



and 


THE European Commission is in aggregate, production 
now examining ways of extend- employment.^ 
ing the so-called Davignon plan The proponents of cartels 
for steel into 1979. Detailed pro- argue that their -aim is. to deal 
posals are due to be submitted with the problem of excess 
to the Council of Ministers next capacity. But there are great 
month. They are expected to difficulties about choosing which 
include the continuation and particular part of the industry* 
perhaps reinforcement of the existing capacity should be 
present controls over prices and scrapped. The cartel operates 
production, together with limi- with the approval of govew. 
tations on imports from non- meats: governments and the 
EEC suppliers. At the same EEC are inevitably involved in 
time the European producers of determining which plants 
synthetic fibres, encouraged by should be shut down, 
the industrial directorate. of the “It is unlikely.” Dr. Tumlir 
Commission, arc still. hoping to comments, “that strictly 
obtain approval for their anti- economic criteria will be used 
crisis plan, which provides for in the determination. Another 
agreed reductions of capacity important difference between 
and a partial sharing-out nf the market and the negotiated 
markets. Although the circum- and partly political, solution is 
stances of the two industries that the former, evolving from 
differ, the principle under- a decentralised initiative 
Iving these schemes is the same: would be piecemeal and tenta- 
that in capital-intensive Indus- tive whereas the latter, being a 
tries, suffering from over- laboriously balanced package, 
capacity, producers must be would leave.Iittle possibility for 
allowed to work together in correcting errors of judgment 
order to reduce competition. as they are detected." 
p . As experience with the Davjg 

rrtce rises non plan has shown. It is diffi- 

In both cases there is a poten- cu ^ r to make cartels work 
tia! conflict with tiie Treaty nf effectively. There are usually 
Rome. But even if this obstacle some producers who decline to 
could, be removed, there are P* a y the rules. An industry 
more fundamental ciuestinns ^ steel, with its wide range 
which European Governments products and distribution 
need to ask themselves about channels. Is too complicated to 
cartels and market-sharing b e easily disciplined. But the 
arrangements. Is there any damage that can be caused 
evidence that temporary anti- while companies and govern- 
crisis cartels produce the ments Try to make them work is 
economic results that govern- considerable. First, they have 
ments want? the effect of delaying adjust- 

A forceful answer tn this merit and modernisation, 

auestion is provided by Dr. Jan Second, they foster a collusive 
Turalir. Director of Research at relationship between industries 
the GATT Secretarial, in an and governments which chrea- 
article in the current issue of tens to undermine the competi- 
The World Economy. Dr. tive system. 

Tumlir points out that «n the . 

EEC there are some 18 people Restructuring 
employed in steel-using indus- There are suggestions that the 
tries per worker employed in Furopean Commission should be 
making steel, and some 27 in given greater power to restruc- 
the testiie and clothing industry ture industries suffering from 
per worker employed in produc- over-capacity. There is not much 
ing synthetic fibres. “If enough chance that the Commission, 
industries are allowed to form even if granted such powers, 
cartels and these arrangements could exercise them effectively, 
are protected against imports. But European ' Governments 
their combined price-raising should prevent -it from malting 
effects will cause a rise in the the attempt. They should reject 
general price level and the cartelisation and restrict the 
restrictions of their output will Commission's industrial role to 
brin i about a general decline tlvit of maintaining competition. 



question -‘.of whether UK com- . 

Before long, however, the keyboard might well also be example, tyre pressures, oil at least in the first few j;ears. In. 

new range of competitive computer will also start to take used as a precaution against level and lighting circuits. .. the main, therefore, it is likely 

possibilities. over some important parts of theft All of these systems are now that- European manufacturers ^ ^ R - j, : 

At the sarffe time, the struc- the drivers function by provid- However, for the present, the technically possible, but con- .will introduce computers only I^w^hatTlK hianufacturers 

ture of the car industry- is likely ing an electronic substitute for main emphasis is op engine coo- siderable development wort t#> in their more expensive models iwa^Jnoiprvjithre ■ 

to change as the manufac- his reflexes. The first example trols. which are being developed still necessary to ensure that at first Ic the longer term, how- '‘‘‘A e 

turers become one of the of this will probably be auto- in the U.S. as the best way of the computer system will, be ever, computerised systems are ^ ^ w ■ /-J. Verm ~tn 

largest customers of the semi- matic braidng systems to pre- satisfying government reguia- reliable and to enable sensors— expected to become cheaper as 

conductor producers. These rent skidding. tions on petrol consumption and the eyes and ears of the com-. well as mere reliable than the 

micro-electronics companies are This system, already being exhaust pollution. The auto- pater — to be made cheaply mechanics they replace. 

already beginning to develop offered on the top of the range mobile industry has agreed to enough for a mass automotive Manufacturers. therefore, 
complete sub-systems in com- 6-9 litre Merced t* ‘ S ’.class cars, cut the fuel consumption of market. - ' • ' have a strong incentive to 

petition with the electro- uses special sensors at each standard passenger cars by 40 The major U.S. manufacturers develop the technology even th** cnmnetiriveneK 

mechanical components made wheel which can detect the be- per cent between 1974 and the are now’ mounting an intensive while it is expensive to ensure indiictrv” 

by companies like Smiths. Lucas ginning of a skid. The sensors end of the decade. Standards research and development effort that they arc well placed to take 01 nartf mi i nr 

and Bosch of Ccrmany. relay information to a micro- set for exhaust gases are also to try to meet the deadlines set advantage of the fall in price .. 

Only a few years ago the idea computer which calculates the extremely stringent. by the Environmental Protection which further development and H 1 ® 1 . UJV w®* 

of putting computers into pro- maximum braking pressure to Computer control of the en- Agency for reduction of polio- mass production of semi-con- 

ductioo cars was greeted with be applied to each wheel and gine will help to meet these tion. The most stringent of ductors will make possible. enain 


have considered what these 
potential product and- proee<^, : 
innovations and the' rate of their . 
diffusion . would mean . i , .for v - ' 
employment, " skills require-' 


to introduce electronic ■ 
engine controfe -without ;tbe' 


much scepticism. Costs seemed sends out appropriate instruc- standards by ensuring that the these conditions comes into In Europe the development of 6timu u ‘t sndl ^s; - 

too high, and there were at the tions to the braking system, air-to-fuel mixture and ignition force in 1980. — * — occurred .in the I»^-y 

same time grave doubts whether Experiments so far indicate timing are exactly correct for 


* • j 3 
» . i» ; 


electronic systems could ever be that electronic braking systems all conditions of speed, load, 
made reliable enough. can reduce the stopping dis- engine temperature and throttle 

To be acceptable a car com- tance on a slippery surface by setting, 
purer must be very small, stand as much as a quarter.. Moreover, Computers may also be used 
up to extremes of temperature, the system largely eliminates to control suspension so that 


Development 

contracts 


Motorola is 


computer controls : is o„ the other 

/between Motorola tra& Btitisii 
component makers, Smith, :Ley|and may hidicaSe^tiMlt' 
Lucas and Bosch. are f ^^ depen_ company is .now .taldag^tnitup-;' 

STthe^is 8, electronics mbre : serioh?^^^;. 

In the U.S.. on the other hand Mr. Rush and itf, - 

emerging as the component makers are gen- report that mos t; of 


\ 


dirt and ribratiQu and cost oaly the riskjthat^the rar will slide manufacturers can produce a probably the leading semi- erally subsidiaries of the auto- ^de^TopmS^SM^thS ■ 

mmiianv in the field mobile comnanies. 1 . : , ^ ; 


a few pounds. Above all. it out of control during a panic smaller car with the “big car conductor company in the field mobile companies. int-rvi-w-d' 

needs to be more reliable than stop. feel” which Americans like. as a resu iT of major develop- In the U.S. the impetus for 

mechanical systems which have Motorists may be less But once the enmouter i« in- — ♦ — ... — t u^.u c - — > _i u_- — — inat micro^mecmnnes.-- wouiu, 

been refined and tested over the delighted by the computer’ 


less But once the computer is in- men t contracts from both Ford change has come directly from ^ ~ 
ters stalled for these basically func- and General Motors for engine the major groups, particularly 


- v ■ — : r ; : — - ukwioi Jiuiwia mi cugiuc inc uwj'n s»uu^a, |iaiui.u>a>gi .1. 

!ast quarter of a century. act^as an electronic tionaljasks. manufacturers will control systems. Most of the General Motors, but in Europe ™ v ‘6orom‘eS^®»^io 


As a result of die rapid policeman— able to check safety be certain to harness its capa- major semi-condurtor companies it is not dear 'yet how accura- ho - „ t w 
improvements in integrated belts and even to test the driver bility for cosmetic or market- are . however, involved in the tely tiie requirements of the ^ 


manufacturers will be 


as many 


circuit technology during the to see if he is drunk. Several ing purposes. New types of programme. Chrysler is develop- 

last few years it is now expected tests for intoxication have instrument using a calculator m2 i ts sj’stems in association" matched by the development of “u 1 \ l 

that computerised control already been devised. type of display are beginning with RCA. QPW com pure r-contr oiled pro- - c ° d0 ' 

systems will meet all these con- One idea is for- .the computer to appear. Different readings in Europe. Bosch has linked du'-ts bv their traditional com- 1Tlgtrument!K >^- e ! ver 

ditions within the next few to give the driver a ten second like speed, time, temperature or up with Fairchild of California, pynent ‘suppliers 

years. test of his reflexes, using the engine revolutions can be Peugeot. Renault and F%t are i t may well turn out that 


The heart of the new elec- steering wheel to control a flashed onto the display by believed to be near agreement semi-conductor manufacturers - . 

«— * * « * — — ^i~ — - -*««•»• »• — -* — - ’«-« - u ,,V ■, . n * automob ile - -=.• manufacturers^ 

frJ I hmace tha * • ' 


tronic systems will be a micro- needle on a dash-board dial. If pressing a button. 


moving parts anif therefore less 
labour in : thdrlroia^tru^on. 1 "-; 
They add;: M The'ir|ajor (UKy ; 


. , „ ... The 1978 with Motorola for the supply of like Motorola will bvnass rhe - , 

processor, or computer on a h e fails, the car won't start. In CadUIac Seville in the U.S.. and eneine control modules. British automobile componem SiDnliers atTltud f of technology , 

chip. These tiny computers another system, the computer Chrysler’s new Horizon SX in Ley land is also talking to bv selling ctmroletP electronic onJ ymay bearaticmaLhne'COtt:. 
incorporate more tiian 12.000 flashes up a number which the Europe, go one step further Motorola. * * H ** unic 


direct to the car 


happens on any 
scale, the semi- 


more than 12.000 uasnes up a number which the Europe, go one step mmier motorola. modules 

microscopic transistors on a driver has to remember then with a trip computer which The pressure on European makers 
silicon chip a few millimetres punch back into a keyboard. If can calculate fuel consumption, manufacturers to move into if 

square. They can execute the driver fails this test three distance to the journey’s end micro-electronics is less severe significant 

several — - •* — s - J — J — • S l 

second and 

to control ui me cars nuuuu/sn u.is iwnu oi sysieoi -■» uiurr pracucaj auo re«a- emission and fuel consumption, fer more of their production to 

functions such as gear changing, would probably be introduced lively inexpensive use of the In the U.S.. electronic engine Europe to reduce dependence 

ignition timing and fuel only as a result of legislation, computer will be the diagnosis control is expected to add S200 on American imports. 

the use of code numbers and of. faults by checks on. for to S300 to the price nf a car. 


s i d cring'.tbe?'. sborf-terinfitianti fll,. 
position!. However/ long term‘d 
competitiveness: ;;'! wbuld ; be ; 
affected if consumer preference ■ 


million operations a times, the car is demobilised and even estimated time of because as yet they do not have conductor companies will vj favours ihe products^f foretefl 
nd can be programmed for a period. arrival. to contend with legislation on under strong pressure to trans- firras have Incorporated 

t>] most of the car’s Although this bind of system A more practical and rela- emission and fuel consumption, fer more of their production to micro-cleCtronics” ; 


mixture. 


,W T»? indue* _ of -^itero-elrf wafts ta 
U,e nr." SPBU Paper Mo. 7 tw J- W. 


In anv case electronic enm Mr-tcon owl H. J .. Biwfc, Srfcw** PpScv 
ui duy case, electron 1C com- Resaarrn UnU I :Sur*m Uotvertl\u. 


MEN AND MAnERS 


Bamberg flies to 
new horizons 


People are sensitive to the ship in South Africa and the With half a dozen 


implications of purchasing air- IUF has complained that Uni- charges of"abusinjfpuwer bane 

prsft -f rnm tho TT C ** LmitM ■•■ill . .i&l. s ■ _ _ 


craft from the U.S. 


Harold Bamberg- is taking off And lots Of them 
again, this time into the _ j _ 

unglamorous world of cargo air- A Laucashire reader who was ,ts memben, 


lever will not negotiate with ing over her, Mrs. Ghandi’s 
SWAFO. A year ago this only participation in a rigorous 
had about 10 per cent of the debale should prove lllumlnat- 
Unilever black labour force as log. 

but claims this “T 1 


lines Ten roars have passed amus ed b >' the Monday Club's proportion has since risen fast. * - x 

since his firm, British Earie, Problems with basic English has Unilever says that should NOISOme Visitors 
crashed but now he tells me sent tne an advertisenient from SV\AFO recruit a "substantial if a tramp should come to your 
that he is to spend £6m (about tas ^ hea^aper. Placed by proportion of its employees a wh b 5 “ 

the debts British Earie left 3 finn ralJed Performance a« d by substantial It means uuur ^ au m ‘“ ni “® ve to search 
behind) on two fioein° 7O7-320C Plastics demands “a young around 40 per cent— it would your conscience. He could be a 
fanjets. “ We have been looking Person " able tn derarmsirate not negotiate with it. It adds that debt -collecting wolf in cheap 
at eight planes In the last few °P ly ", a h 'Sh standard nf already seven meetings have clothing, at least if the un- 
weeks and f think we’ve found !^5 ra 1^’ _^L 0 ^ numerousy ” taken place between SWAFO savoury new technique devel- 


what we want," he says. He adds t0 °- N " Previous experience is and Unilever, 
that financing is arranged and require °. 
that he believes cargo traffic will 


soon be bigger than passenger Striking Claims 


Open house 


oped by businessman 
Stokes catches on. 


Peter 


Stokes, who runs 12 printing 

trorf _ o Daniel Tonnor th<> and advertising companies, tells 

Th; 54-year-old Bamberg’s j PrCSident of the Abridge ^orSjf amo, uZyTb^eb* 

ZTXTle\ouT^- odie/actiluftlns U - nion ^ is « - ? Bd « « wondering 


shackle Halifax bomber for 


month 


began a recent 


efforts to attract the news- bow to reduce these, he was hit 


£130. From this hi built up his sJPttmeniVthe Inlenution.l *?* 2^™?“ 


Union uf Fm»H Allied uumai ". Prince Charles is in of a tramp. He says that he has 

t0 H Cu r> rt Wurfcers' to ba S Eor November, end if since tried “eirperimentol ruue. 

Kmi hicli tat the'totr" ne "ova about a campon it is 1, wwsri visit by SIcbard aonOing tramps to bis creditors 

duefion of £50 travel allowance, “^^fsou^ S iik "” MV5SS me' TrSl STSW 

of Government u,e nrm s bouth African T u at r .„ .. . , » , 


and the loss 


It is 


factories. 


that Indira Ghandl has agreed highly effective.” be says and he 


rL,r r SS b rcU 0 J^rs Genera, Sectelary, r ^ 

not deter this Freddy Laker'of has been the biggest '“IT* ?***■■ » 

the early 1060s. He kept on bis sim:e 0,6 roF “me out on be- We i b I ^ , ! BP I P Jr*}?. ? . Stohe, Pj“s to offer what be 

polo team called Easlesfield and half of unions in Peru “threat- dent ‘ of th “ s er Knrnn . . , - - . 

later branched oat into property b y Neslle" in 1973. But Tchapar had uaion / Kai ^ n ston s h - l P to others but when 


and investment with his r fiiro Unilever Itself has been’reacting thTotandte aTfnriS? vS. ° ffice » Pair Trad - 

Integrity Finance - though blandly. Its corporate con- Ghandi to sneak in ^077 “S w0 ^ ***** toeir 

today will not disclose its net 5 ««>« is clear. 1 was told, and that time she ^ WaS : My goodness 

assets. But Ms main speciality «ie world-wide action none too f0 hold on to tISSI ^‘ous me. Anyone who deals 

has remained aircraft. One firm troublesome. Prime Minlsrei- P M m sme J y ^amps can expect nn 

in the Bamberg Group repre- Vesterday 900 workers at in* Sympathy from us - 11 is even 

sents the Beechcraf? range of Unilever plants in Sweden and A ’year ' later she Is h^rem^in more , "Mragenus than sending 
aircraft and each year it sells a Finland stopped work for tw«> salvarin* her ren fratinh ’anS roun f the heavies ’ I am pretty 
dozen of its King Air and Super hours. In the Netherlands senior pollricaAtandins. Sd last weS “ e . WOuld nnr ^«nce 

mg Air 200 planes union men met for an “informa- finally managed to «c^\ e r- !L - 

Bamberg describes these tlun week." though production mission from maSj in ^ 

Rolls Royces of the executive jet was not interrupted. And in Delhi r 0 come to Britain thS ^ 0tT also teUs rae that 
market as the " ideal corporate Denmark and West Germany arid Janner Instantlv rahlpi » DOt ^ consumers but small 
hack.” He is now competing leaflets have been distributed, fresh Invitation. companies such as partnership* 

against Cessna and others in a At Issue was whether Uni- ' Mrs. Ghandi Diane tn or 80,6 traders are legally pro- 

£40m contract for the Ministry lever would recognise the on November 10 “ne Rafter teCle<3 fnm Stokes ’ 


debt-coil ectim 


men as he 


of Defence. But he remains Sweet. Food and Allied Wo* a hearing at which she Jin ““d 3 **««« to collect 

Iraan nn hlc imarw and hoc Ii*»r5 TTnkran m c* i.l ■'* « _ • ® . . ulLU W4U fTOHl fhgp — i . . 

refused to owa 


on tils image and has kers’ Union in South Africa, explain why she 
arranged that wings and other This operates under tiie nonn- testify before a corami s «Hnn 
components of the plane could ally-difficult conditions facing investigating the excesSrnf!^! 
be manufactured here, saying: any union with black member- Emergency Period. 



Ldcesterlnvestors 
can get paid every month. 


And they have a choice of two schemes; 


1. Monthly Income Shares with interest at 

7o (equivalent to 10"' * 


o. ' to 10% at 33% basic tap ox) . j ' 

and the flaabihty of adding to the investment- =“ 7 ' ■ ' 
or arranging withdrawals, ‘ C”'! 

?' Monthly Income Tenn Shares for a - ‘ ’ 

mvestmenc period and with interest guaranteed. . - ; 

■ % 1 0 ^gfaer than the Share rate for 3 yeafcs. ‘‘ 

- rate «luiTalent to J '- : 

•»Vb basic me xaxj: r ( ~:' 


oSSSSdZ m ^ oatHy : 

£1,000 and tbe maximum £l 5 4 000 per person. \Z-’*Z 
. “* staff at ,y*»ur nearest branch for further ^ ■ 


- 4 


Observer 



BufcTmg Society^ 





£ 

£ 


:v -M 

■'-kT* 

1 M 




' ' 

-T* 




■ J: 




■ '^Vf 

nt', 


ifh 


s 


„ "=5^1 


•v4v’ . 


H * s:... ; *• .- ri 






ft Financial Times Friday October 27. 1978 


POLITICS TODAY 


sr".r •' -*Vv 


vSrTv'jS ;• 







Britain balks at 




Iiy the European Monelary ter. that tin- two sides are as inHarion ought to go up in nn amis, and thai is the and dc Gaulle h.K there been 
•m when U i-omes into furee far apart a-. ever. The British order in promote economic transfer of resources. The such Franeo-Genn.m afliniiv 
ie .New Vear are virtually and German approaches to econ- sruwth iu the European German monetary authorities Bmh leaders are reasnn-.bfv 
*x latent. omic polity are fundamentally Community. Fur a start, they take the view that ihi.s has secure at home and could be 

e reasons behind that state- different — so much m indeed resard their nwn tight against nothing tu do will) them. The m power for many vears tu 
art not the conventional lhai it is now officially rceug- inflation as far from complete Common Agricultural Policy come. If they rfi. rim do snme- 
1* is not true, tor instance, nised that the chance of tile and orm which becomes more may he absurd — Chancellor thing about l liming Europe- into 
Mr James Callaghan, the differences being reconciled in difficult with time. They do not Schmidt is said tu think so mu, more than a cusiums union. 
»h Prime Minister, and Mr. the short term are negligible. accept either that allowing Lhough he has his eualiitoti tu then who will. 

■« Healey, the Chancellor of inflation to rise itself think uf — and the British cmi- Besides, the Germans are 

Exchequer, are suffering HArmon xrtaw encourages growth. On the tribution iu the Community genuinely .impress! !»y turren; 
a loss uf nerve and have ViCW contrary, by creating Budget may' 'hr unfair, hut mese French economic polit-v. True. 

Tie reluctant to fake on the \>rv briefly official German ,,n 9 erTainr V it might well have are separate marten* from the the rate. of inflation is high— 
wing rii the Labour Party Dinkins about' Britain seems tu the opposiTe effeeT - creation of a European higher than in Britain, and' the 

European question. On the j, 0 jjfce'fhis. The Germans were N«i least, f ho Gormans reject Monetary System. If the balance oF payments perform- 
•ar>, it they could get the ins-tnimenta] in securing Ihe completely the British thesis British insist on ■'inutliam-iui-. anco is not all th-it secure. But 
of monetary system they British IMF loan in 197$. That ihal it is necessary for German P r °" ress on all fronts, they will the French have nmimion. They 
they would deal with was an oppartunitv for a new inflation to rise in order for Dn *- F n, ”_ * nto ddficulne-. are prepared to t.ikM risks. They 

pe hrst and The Labour. s t ar j and f t , r a time the nppor- inflation to come down else- There is also the very reason- behove rhnt they can bring 
r second. The i opposition of {unity was taken. But towards where. Such a view is reearderi a blc puint. which must have their inflation down, and the 
Anthony Wedgwood Benn. end of 1H77 the British not so much as susnoet as occurred to Ministers and Germans are inclined to accept 
II the publicity he received hc^nn to fritter it away os public demonstrably false. The out- officials in London, that if the that belief. It is not uncommon 
ho joint meeting of the expenditure again started rfs- come of a rise in their own British do nut join the monetary nowadays to hear Germans 
let and ihe Party** National , n .. a0( j t j le m 0Iie y supply to inflation, say' the Germans. fiVStem. it will become more compare M. Raymond Barre. 
utivc Committee on Mud- j nrn , ;i<{ , unduly fast. Chancel- would lie to push up the Com* difficult tu renegotiate the CAP rite French Prime Minister, to 
is not laken over-«**nously. ] f , r Schmidt is said to have felt munily average rather than or 'be budgetary contribution Ludwig Erhard who. like M. 


: its best to scupper the German terns. What tlrisnieans — 3 paritv grid or a basket of prol3 Iems. any German-Iiahau Iwvc affair, 

jsed system while Chancel* j n practice is accepting German- currencies, or the size of a Equally clearly, there is a 

chnudT is ready to .Scatter s tyle economic discipline, European Monetary Fund the IrnniA strand of opinion which would 

ran credit all oyer Europe. should be said that there Germans are not terribly in- Ulllk- prefer the Italians i y «>pf out 

ily he were allowed, arc nothing chauvinistic or te rested. The Germans are It has been suggested that it of PW***! system, ai least 

oi the mark. The Bundes- nationalistic here. German really talking about a principle: is somewhat ironic that the f ,,r t^e time being. On the 

accept thar on an uwuc advocates of British partieipa- namely economic discipline Germans are willing to rake a "’her hand, there is some feel- 

tins there arc limits to its (jot, put their rase vyltb great which itself should contribute risk with the French, and oven i«S of responsibility Italy is. 

irndencv. Bestut-s, there humility: they believe that it to economic convergence. With- The Italians and the Irish, that after all. part uf Europe and 
aeople at the top of the would benefit Britain and if in out that, the size of the pro- they appear unlikely tu take ,,nL * of the original _\t the 
eshrnk. jhsi as there an* tile end the country does not pused supnort fond, on which with the British. As far a? ihe same time, some G.*n«ian s have 
e top of the German Gov. join the German reaction will the British are putting some French are concerned, the Ger- been impressed by the country's 
ent. who actualy want Bri- be one far more uf sorrow than stress, is beside the poinL If man answer is that the risk it apparent willingness to join, 
participation. of anger — just as it will be on the discipline existed, -the Ger- nut so much a German aj- a In particular, .they are 

e real problem lies in the the part of Mr. Callaghan. mans would be ready lo move French or even European one. imuressed by the Italian 
*. It emerged from Mr. Cal- Vet there arc certain on the fund, though at the The rapport between Chancellor Government's <!•.-* ire t«* use 


any German-Ualiaii lyve affair. 
Equally clearly, there is a 
•.trnnd of upinion which wnuld 
prefer the Malians i y opt out 


membership of the mnneiary 
system to exert discipline al 
home, even *r. as is considered 
quite pn>»ible, u might have In 
opl out later. It is precisely 
that desire which is seen in be 
missing in Britain. 

If one asks about Ireland, llie 
answer is: "yes. why notV” The 
Irish inflation rale is high, but 
the Irish Government says that 
n Ije keen to join and the 
example of Denmark in the pre- 
sent snake has shown that small 
currencies do not create too 
much of a problem, even if the 
rate of inflation is way oul of 
line with that of the rest of the 
club. 

Returnin'.. 1 . however. to 
Britain, there appears to be one 
school of thought which believes 
that a successful deal might 
still be- negotiated. Mr. Healey, 
fur instance, is still arguing for 
the looser system of tying 
exchange rales to a currency 
ba-kei rather than ihe parity 
grid preferred by the Germans 
and now apparently more or less 
accepted hv the French. Dr. 
David Owen, the Foreign Secre- 
tary. ha? placed some emphasis 
on the coming series of bilateral 
talks with the French, rhn 
Italians and the Irish, presum- 
ably m the hope that a united 
from can be formed to persuade 
the Germans to change their 
position. Yet it seems unlikely, 
if only for the reasons given 
above. The Germans are talking 
about principles, nut details. 
The argument is about funda- 
mentals. not technicalities. 

Il is. uf course, possible 
ihnt even at this late hour the 
Briiish Government could itself 
change its mind and accept the 
German thinking. But ihar ton 
^eems imnrnhabie. Mr. Callag- 
han is again showing his 


Movement of the external ~nd domestic 

".value of the Deutsche Mark since 1950 

100 1 — , 


External value of the Deutsche Mark *> 


depreciation ar dcp'eci«!i<"T 

60 — compared with i?5C iiett-hana scale 

I Percentage 

change on a: evicts -ear 


SU'Jf<:SSA//S iU M: k.’» 


-60 
19 SO 



so -55 ‘60 '65 70 '7S '?B 

■ * Agairat the :6 currencies el crasen: cff:s>a'!> c-=!ss 
■n Frankfurt.- 21 As Jreas'jtea oy the rec'prcca’ 1 vaiue c! :*te 
cost of living moex.- - Januar,- to May 


cautiun. as he did when Iu* 
declined to go t»i the country 
this munth despite having a not 
unreasonable chance of winning. 

In these circumstances, per- 
haps the host that ran he hoped 
is that thought is now being 
given tu a fall-back position. Tf 
the British, for reasons of their 
own. -cannot bring ihemselves 
to enter a European ’Monetary 
Sysient now. they could at least 
be preparing the conditions for 
entn- in Ihe future. For if the 
system succeeds, the political 
and economic consequences of 
non • participation could he 
serious indeed. Not only would 
it confirm Franff*-Gennan lea- 
dership in Europe: it would 


Timber weaken Britain’s bar- 
gaining position in ihe Gom- 
m unity, and it would deprive 
the British economy of support 
m limes of trouble. 

H the assumption is correct 
that the negotiations on Bri- 
tish membership are doomed to 
failure, then the manner of the 
breakdown will be important. It 
will be essential that we can 
pick up the pieces, declare our 
intention to put our own house 
in order and readiness to join 
later. In <hort. ii is rime for an 
exercise m damage limitation, 
and not in recriminations. 

Malcolm Rutherford 




Letters to the Editor 


r»rk1rkfrls«f)l months at a training centre 1 9p increase the British motorist to fear, tourists to Britain end people moving into the area, but 

tUlUgllai could be expected to undertake would still be paying consider- up buying imported cutlery (or what of the SO.Obu residents 

the work of a fully fledged brick* ably less For his petrol than his walcbes. cars or cameras}, the already living There? I would 

SSLStCrS layer? counterparts elsewhere in value-added in the retail irans- suggest that this idea, which is 

Further, he seems to suggest Western Europe. action accrues tn the seller in obviously ridiculous, and totally 

. the Prospective Liberal t ft ai j t should be possible to train As an employee of an inter- Britain who might otherwise unsatisfactory, h the forerunner 

imentary Candidate fur 3 wan t£J become a bricklayer, national company I am in a posi- have nn nart iu ihp deal t« the terminal being shut down 

‘ piumber and carpenter at the tion to make a direct comparison Mr. Whallev might lik»' to completely. 

.—The end nf the Christos same time and within the: a ante as 1 know to the penny what my know that Britain (like Spaint There -are manv articles on 

must point out the urgent apprenticeship. I .wouUt Jtc in- salary would be if I returned to is highly regarded in the tourism l.N’G in your newspaper but I 

to bring in international terested to know what sort of it doing the same job. league for th»‘ quantity and would suggest ihe safety aspects 

s of the road 1 Tor the sea industrial organisation could I can assure you that even at variety of good 1 ! she supp’ics to or This most hazardous material 

around our coasts: it also cope with this sort of intensive 1 the low- price, of ?2.5p per gallon overseas visitors. The British he coupled with ih** commercial 

s tu the need for a ‘police combined apprenticeship train- I would have work 86 per cent Tourist Authority estimates in aspects to give readers a true, 

• ’ m enforce sucb rules mg. and where aey would find longer in UK than in Germany to its report for the year ended picture of what i* happening in 

powers To act against ships foremen and supervisors who' earn the cost of a Riven quantity March 31. 7B7S that one quarter this industi-v. 

ers and owners who du- i*ould impart three separate nf fuel.. nf Britain's exports of quality J. Kelly,.; 

rd such rules. The recent crafts within one short appren- , This i« what really mutters, clothing and footwear were ‘jo. Ferrimend, 

w of Commons Select Com- tieeshin period, and turn out a Forget the distorted view given a! tribui able to visitors— nn mean Cnnoey Wand. E-s- x. 

.•e Report made the already competent journeyman ttimui- hv the weak state of sterling. arhievem-nt Tnr the in«l"-trios 

ernus position of the English taneously in each skill. P. Spivey. rom-enind in todav’s markets. , ' 

mel abundantly clear— Perhaps I underestimate the Scjwrrenhrofch n- Str. 73. And if. as mm hap nen. tour in « HPrlPTlt^ HUI 

ar problems occur in most capabilities of the average $064 fftfsrath, U* Germany. from the rontinent ptdch to be -Ufil 

sh estuaries. It may even worker in the building' industry served bottled snarHin" mineral aL„ femvrA 

jeessar?- to arm such a police when I suggest that it ts a pretty _ . water in their hotels, thev m *v lilt. lrillUcJ 

•.■■it* kenritkolerner •■•II a ...» _ ■■ J ■ a ■ . I i. . 


GENERAL 

Trades Union Cnncress necn- 
riaiors — mx Tl : C members of the 
National Economic Development 
Council— in further talks with 
Ministers on pay and price 
controls. 

Ford Motor Company expected 
ro raise pay offer above S per 
cent to its 37.000 striking workers. 

Emergency meeting of Humber 
Bridge Authority to answer ques- 
tions on bridgebudder*' con- 
sortium. 

Thorn Electrical Industries 
expected to close refrigerator and 
freezing factory in Harrlepnrl. 
Cleveland, with loss of 400 jobs. 

Mr. Ola Glisten. Sweden's Prime 
Minister, heads Government dele- 
gation in Oslo for talks on prob- 
lems of Volvo deal by Norway. 

Peucuot Citroen team on UK 
study tour of components market. 


Today’s Events 

London Chamber of Commerce 
and Industry trade mission in 
Iraq, supported by British Ovit- 
scas Trade Board (end? 
November ;ij. 

Countryside Commissioners. In- 
cluding Lord Winstanely, ihe 
t-hairman. becin weekend study 
lour of .-oil ili and west Yorkshire 
coalfield areas. 

S ueen visits Licensed \'ic- 
lers School. Slough. 

Prince Philip on visit in Univer- 
sity or LeeU- Industrial Unii uf 
Tribology. 

Sir Pelor Vanneck. Lord Mavor 
of London, alfenib Oyster Feast. 
Town I Tail. CnlchesUT. 

^fu.seum of London ium-hiime 
lecture by Mr. Howard Colvin on 
“The Tudor Place." Ijnndon Wall, 
E.C.2. 1.10-1.43 pm 


COMPASW RESULTS 
Final dividends: City and Con- 
struct inn Holding.-. ElCeo Hold- 
ings. lnti'rim dividends: Ayrshire 
Metal Products. Beret Group. 
Clayton Son and Co. Francis 
Industrie.-. John l.aing and Son. 
Minster A-si-ts, Photas tLondont. 
Scottish Ontario Investment. 
Interim figures: House Property 
Company of London. 

COMPANY MEETINGS 

Dollar Land Holding--. -Jit. Alder- 
m an bury. E.«.:.2. II. Guinness Peat. 
Wim-hceier House. E.C., 10.30. 
Chrixlnpher Moran. Savoy Hotel. 
W.G.. 13 Parker Timber, River 
Wharf. Erith. Kent. 12. Wilson 
Walton Engineering, Winchester 
Hou--e. K.C.. II. 

SPOUT 

Golf: Midl:«-« Mau-hplay Cham- 
pionship. The Reifrev. Racing: 
Doncaster. Newbury and Perth. 


ar problems occur in most capabilities of the average 5064 RtSsrath W Germany 
---sh estuaries. It may even worker in the building' industry 
jeessarv in arm sucb a police when I suggest that it ts a pretty 
• with breathalysers. tall order to espect n person to ’PoffAl 

however, is only one of acquire within a fhort appren- - 1 CHiJI 

targe, dangerous loads car- ticeship a thorough practical 
by ships today: liquefied working kcowledge of three laX 


And if. as mas hapnen. ti*urt«i« KPflPllt^ HUI 
from the rontinent pxdcm to bn wvUk.iU3.uii 
served bottled snark'inv mineral 4-U 0 fnurro 
water in their hotels. the\ m.-*v lilt XlllXg^ 
take refreshment in thoii^hi Fr ,i r n i-..,,.,.,,. 
Tb:, t your co^nnndee. Mr. /^notsfer. 


-al aas and liquefied petro- separate branches in the con- Fm-, o- » them with a l.«n#*ol 

gas- tetraethyllead and ear- st ruction (ndnAijr : nevertheless iSSTSilober ofthe o^eL 

sr' d pr r o e s,'„"ns ~ sffc-j Santa i6 - ^ 

national agreements are lively to worsen instead of Jt+jS n ® 1 1 P etro1 la * 
led. swiftly. alleviate present labour diffl- Yftl . t - cirme TnciflAr 

am reliably informed thar eU !iies in the industry. wrini ‘ lnSlQci 

- 'vould .explode rthjhe _ Expecting one operative to 2S5* h]?»«.KJSte l an J.nlmo 


David Ton go (October 18 1 will 1 . r ““. r -, ; ' 1 

h® only too nlpa«f»d »o «nooiv Matters (Uitober -5 » l,iv 


them with a Lincolnshire source L^.V^L 


Insider 

dealing 


Sir. — i fear Lhai . ?.li*n and 
Matters (October 35 1 gives a mis- 
leading impression uf the 
pensions treatment of fringe 
benefits. The actual position is 
that benefits in kind may he 
taken in In acuount, when de- 
termining final remuneration for 
pension purposes, when they arc 
assessed «u tax under Schedule 
E but normally not otherwise. 

It is no part of ray business 
to Justify this, but the- Revenue'* 
logic seems to be -that if benefits 
are not income for tax purposes 


of a 100 megaton hydrogen have competent and adequate EL°^ b iL!? L55T ”2! Q6RI1R2 10 Justify this, bul the Revenue', 

i. and moreover such an skill in three important branches From air «? plmirzit ! r, gic seems to be -that if benefit? 

.sinn could be set off by a 0 f consinietion work would c#»r- Sl??** tn S^, rh,ips avera «* in 3 -5 Fr _.*” ' mV Barker f October ''41 jre n ' 11 ,llcorae for tax purposes 
lerstorni A carbon discil- tainly create problem? in trade » c ... . _ lf , rinn hits ? on lh/ lSSil when ,htn ,hL ‘-' should «mil«rly re- 

? explosion in a port could „ n j on circles, quite apart from " e V JL he refers to the •' few crooks " ^ XJ ' ded . r °^ purposes— 

wipe out a whole city. efficiency, safety standards and JJVJ5'. ’’ 1 ^f t exLra ft iK nreriselv because there arc specially having regard l>> the 

ir a ethyl lead involves less other relative considerations “ £ ‘ 6 per aJlaurn - I** P J^, S *-p ^nnf*' neressaritv 1i,x advantages uf pension 


;ance added to petrol at the likely to favour this idea, 
of a couple or drops per Uobel Cassidy, 
n; ir is transported by sea 3n. Chadxton House. 
-.lantities of 1.660 ions. An Halton "Road. .V/ 

lent at sea with this sub- 

:p could result in the des- 
ion of all the fish in the | iirranCV 
h Sea. the poisoning of the '-'Uiivuvj 
"r coastline together with racai*iToc 


Long Stow ton, Cambridge. 

Road tested 
vehicles 

From Mr. W. Murray 


companies, that mi; care S „^ |,l; | l ; ,s 

ssrar ta .-swss 


trial. 

Executive 


directors 


must ^dipUiymcnl " t broadly meaning 
that his total emoluments in- 


a I ways he presumed to be in. 

possession of information not at * l “^ 1 b *" e ul! , E ‘, 1 , 

the time generally available to ,e 


reserves 


2 absorbed into the foud from Mr. W. Platt. 


h Sea. the poisoning of the From Mr. W. Murray ihwhowJS nr ihe Market and £3&1 M ' h,ch C3D be taken in t° 

e coastline together with v-pcprVPC Sir.— The consideration nr ff u concefya ble Lha t a d^eclor a.ouul. It is difficult tu cotn- 

tone-ierm danger of lead ItrSeiV CS moring away from annual road ” J* nthoi^han n “' nt on > he other benefiu wnh- 

2 absorbed into the foud f rnm Mr. W. Platt. t»x in favour uf 20p or so extra * U, ™ „ out knowing rite tax treatment 

i. The effect of such an gj ri — My object in commenting ou each gallon of petrol hai» 1 nhiicwt in cpi'i u-hpn m negotiated in each ease. Whether 

c-ica! disaster cannot be (October HD on Mr. J. Finlay's much to offer. ^eS of nrice sensilive in- "mpl'-yer chooses to pernor, 

mised — ihe sea would &ri;; i na [ letter (October 12> was The present road lax system, an Asa render bimseff * uch . benefits is, o£ c'Ouree, 

un poisoned for years. to correct an apparent misenneeu- however, has one motor factor iiuKi c 10 prosecution or m least anther matter 

.«? present unsatisfactory rion by pointing out that a non- tcv commend It— it does ensure h^rr to Wrove a ocgatfve R Uincaeiw. 

iod of dealina with accidents resident holding of sterling *hal tbe vast hulk of all vehicles intention H ;w -Yotitcr Court. 

,, ot ao on— with authorities represents a contingent liability °° road are both MOT- Tfce code of conduct which will Rnne^agh Gardens. SW6. 

> ^ .-ring and delaying and on !he UK - S foreign currency jested and insured as one needs becoine part of Stuck Exchange 

*A: 1 J'ncrespunstbthiy for while WSW re«. That is a fail «MHi i the ntevmt jm requirements for listed' com- II.’ 


cannot be (October HD on Mr. J. Finlay's much to offer. possession of price sensitive in- * c employer chooses to pension 

fveare original letter (October. 12> was The prajent road lax s>^tem F onnatlon . a „ d P jJ render himself ««* ln ''' e ^ r is - o£ ^^ e ' 
r years. to correct an apparent however, has one motor factor , 0 n r0Secu ti 0 n OJ - Jt i i ea st a n,,th er matter 

nsatisfactory rion b y pointing out that a non- to^commend lt-it does ensure to ^ove a negative n Lancarfur. 

ith accidents resident holding of sterling thal tbe vast hulk of all vehicles mtentJon P :t4 L'ourt. 

i authorities re p re sents a contingent liability on . “o road are both MOT- ^ pnnrtllpr will Rnnclugh Gardens. SW6. 


Selling to 



■’ Jla. ! 1 


pve Government power to ao n-resident owned sterling con- uninsured or even uninsurabie obtaining their approval, and From Mr T. Waimcrigfil. 
quickly is not like.*- tu -be ver { e d j n t D foreign currency, the anvere in far from roadworthy requires disclosure to the Stock Sir, — Mr. Austen Afbu 
S. but tins Government, witn the call on the UK’s vetrelos— a situation which does Exchange. ber -*>• winning wars fn 


:bu (Octo- 
from his 




?■ ta. * s bips (apart from su- - England intervenes to “dirty the please be ntiodiul of the innocent transactions of iheut- mcnt:.l effed on employment in 

- j PS 5 ^ c b os tetra et 0 ! lea a a lth y ugh there are uf ?T ttnplicaliqns. selves or their kin could be mis- l ^ :i1 country will, by various in- 

't dependent on their prnximity course ot her factors w’hicb may 1 “tirray. interpreted. sidious means, be banned. 

<. 'land) then lhat tend tn obscure ihis underlying Cottage^ Incidentally, no one has yet T. A. Wain wright. 

/*% s *i: 1 ? e available— the destruc- protlffSS Lo "f- Tarttobtgge. suggested how one deals with Pipptiw. >■ Hermitage Drive. 

( ?] il«, f t ? ,e Torre - v Ca " yo " a f S P l further stated that without Br °msgrove. Mores. Ihe insider who, on receipt of Tuiijimi. Berks 

i ' /‘i ! L'„ E f^ fln?flv ftwiRB currency reserves we _ # price sensitive information, in- 

? / ■ ,„».d nn. pay for im p„m whi.h Toimsts pvnpct The Reverend 

an insider non-dealer. ■ 


e , . again is a fact. like it or not It 

le certaintr of such a dwas- mipht a , sn he worthwhile tnen- 

f tioning that at the end of June 


Tourists expect 
local products 


WHERE IN THE WORLD 
WILL YOU FIND 
STANDARD CHARTERED? 


The Reverend 


S. W. Pen will. 


.•I , , . , - uuuiUn uiui at ixie euu ui -“- c — — — »* — — ...... 

^ / !nl- Pf f !n nf ‘' £ the V] ' * offitial fnT * Asn 7 rre ^ v From Mr. P. Shackleford ^r' Fnehwn * ST ’ eef * 

0 pn "nine to seem a borrowing was greater than the Sir.— Mr. W. C. R. Wh alley ECJ - 

. pen nere is going xo seem n fnft *o\ — ,u... : * 


? ui resoonse \ihen and not nflieia, reserves— a salutary Fact (October 18> grants that tourism 

«,ch a P dSfaster sn-ikS We which for me * at least serves . to is a major Ixport earner for 

t sfart thinkinc-aij acting but Mr. Finlay's house in Spain Britain, bnt asks: - . . do not 

aout the unthirtiiab'e in!o ■ P™P er perspective. tourlste themselves consume 

Tennant T 110 !etler wa * DOt an ^cmpt Imports, in tbe food they eat. 

Thirsh Road. tD exchange control but the souvenirs they take home?' 1 

thallerton. N Yorfcs. simply to set the farts straiuhl Surprisingly enough, increas- 


LNG storage 
and safety 


^ . as to whether Mr. Flnli 

becoming 3 anyone else considered 

® r'ontrol necessary' is ai 

irif*KlP economic condition. T 

matter of nplnioo not 
m Miss /. Cassidp W. P, Platt, 

ir.— I have read Mr. Ruther- SO. London Wall EC2. 

Is article on the depressiog 

e of the building industry ^ * 

tober 201. and am very sur- • I 011109^11 VP 
. ;ed by his question as to ^wby .. ^ 

should take three years to 6ll OFT 
n a bricklayer when some of „ . 

Government training pro- rmm Mr. p. spiuejr. 

. mmes now du it in six Sir-In your edit; 
ufnUui." Does he seriously October 23 you came ou 
gest that a trainee after six wM statement that eve 


anyone else considered exchange and rightly so. 


gets a rise 

From Canon R. Merchant 
Sir. — I do not see why 
Observer I Oct 24 1 singles out 
the Church of England for 
special attention. The other 
■comparable body, in Britain, the 
Church of Scotland, at its 
General Assembly last June 
rejei-ted a move to bind ns 
Church in follow any Govern- 
ment guideline lacking the force 
of law. it has subsequently fixed 


can and is proving oF great worth sea. > a '*‘ " my 

assistance in stimulating and slated that both reports stipend (which is the diocesan 
enaouraging such demand— not are feasible but does not once minimum! for next year had 
only, in Britain but in developing mention the dangers' of storing risen in line with the cost-of- 
couritries too. liquefied natural gas at shore in- living index since the Church 

As .for souvenirs, surely the sraila eons such as Can vey Island. Commissioners first issued salary 
essence of such goods is’ that The Health und Safely Executive levels in^ Iflr-. I should have j 
they should reflect local skills bas just announced a ban on rise of 1700. I aro getting one uf 
and crafr traditions? On that housing projects within one £400. 


In Tndin the recent economic upswing makes this enormous market 
muck more attractive to British companies. That’s why our 1 CO years’ experience 
and 24 established branches in India will be so important to von. 

Come and talk to us about trade finance or undertaking a market xurvev; 
we can advise you quickly, and help you meet the right people. Ask Keith Skinner 
iodavon01-b23 7500 how we can assist you in India. 


Standard Chartered & 

Bank Limited <8© 



r.— In your editorial' «n basis, home, produced items have kilometer of the methane tenn- R. A. Merchant 
ber 23 you came out with tbe ai) amw^lahle cnmnefifH-e edge, inal on Canvey Island— this Lf»rfi<*«d Viamiop. 
stateaeat tital even with a Even If, as Mr. Wb alley seems would prevent perhaps 1,000 U'oudhridgc. Sujjuifc. 


helps you throughout the world " * 

Hi ad Office. 10 Clt meats Lan«^Lnadi in tC 4 N TAB ten** *xtxr& £»,4i>0 imlbaa 


5 







Henry Boot 
hit by 


Minet ahead 16% midway 
and sees good result 




Financial Times Friday October 27 : ;1978^ \ i 

Wm. PresstoplJ n 

£5m 




PROFITS BEFORE tax of Minet 
Holdings rose l(j per cent to 
£S.42m in the halT-year ended 
June 30, 1378 and the directors 
are confident the group should 
achieve a satisfactory growth rate 
for the year. 


Hoif-rtar B 
19 is *19JT - 
UKHJ 1000 B 

BmfceraBi? Inwme 1WU IS-STfi - 

Expi.-nscs 1U.73T K222 C 

Oni'.-ninriiK incona-' .. . 1.330 ?*J1 v 

Invysi. incomL' inienest ... Oil 1.SK ^ 

.YfWOa.Hes profile TUI Ml c, 

Inanranin* profile. -31 £> _ 

Profit before tu 8.432 7JH ti 

Tu 1.W1 3.217 — 

Nut profit <.»Sl 4.IKU G 

Ewhatisc profits & W — 

Minorili'-s 1M Ii7 G 

Extraordinary dublis 114 30 — 

Attributable 4.W8 a.™ G 

Imerini dividend 1.134 1.014 

Supplementary dividend ... 10 9 m 

Tax crcrtlls 5ffl! 537 

■ Readied ♦ Agencies - Income less , 
rxn-.'nsus r- From interests in Insurance ' , 
companies, S Losses. 2.. 


INDEX TO COMPANY HIGHLIGHTS 



Company 

Page 

Col. 

Company 

Page 

Col. 

Berkeley Kambro 

22 

I 

Grant Bros. 

20 

5 

Blackwood Hodge 

20 

5 

MdCechnie Bras. 

21 

2 

Boosey & Hawkes 

20 

5 

Minet Hidgs. 

20 

T 

Boot (Henry) 

20 

6 

Press (Wm.) 

20 

7 

Border Brews. 

21 

1 

Pullman (R&J) 

20 

6 

British Assets 

21 

1 

Schroder Fund 

2T 

2 

Coral Leisure 

20 

1 

Sheepbridge Engrg. 

22 

1 

Crowther (J) 

20 

5 

Simpson (S) 

20 

4 

Ecclesiastical Ins. 

21 

3 

Smith & Pearson 

20 

. 2 

Electronic Machine 

21 

5 

Trust Union 

21 

6 

Geers Gross 

22 

2 

Twinlock 

20 

4 

Glaxo Hldgs. 

21 

2 

Walker & Homer 

22 

1 

Gordon (Luis) 

20 

1 

Wire & Plastic 

20 

5 



losses 


mnp first half of 1978. tarn- property sales (tvhfcb reduces fl»-* 

F0R TPwn£iT £ *** Son increase to 17 J>er. * 

- oyer of - taxable assuming that ihe MWdle EiteE ■ 

- ftSn f , P nS of /. 


LLinuint ttar 1 


Mr. John Wall rock, chairman of Minet Holdings . . . income 
from brokerage jumps 25 per cent during the first half. 


■Resided * Agencies* income ress j( . lifted, from 2 06253n to A -supplementary dividend of 
SoKs.'tlmer" 3 ' 1 * * ,nsaraDCC 2.3031Sp and a final payment is 0.0192Gp is also proposed for 1977 
Earnings per 20p share are proposed which will take full — last years final payment was 
shown to have risen from 7.69 p advantage of the 197S Dividends 1.27104p. 
to 3.53p. The interim dividend Act. 

Coral Leisure restructures 
UK banking arrangements 


A -supplementary dividend of 


Twinlock makes strong 
headway at interim stage • comment srs! 

of iStSFtSrSZ fSMSS £»f£C SrJE*? profltflb,<v ** *2? 

STAKiJSS &SS ! sharcs - 0051 ^ ^ 

JSSF Vai hS ^k at SMS £ s? 

meni of the current level of profit (£0.S9m ) and there was a irarus- year. :i^_— 

^ssssasfs^^.sss s&sr*' of “ w*! I kqiif nfiiuq 

included 1 "* ^ “ “ kmtr The comp “ y ^ " ci0 “ " s,a ^ S ate I looUt NtWO v- ' ; .-5 

In the period, with the an? »? not expected to be profit- f - T ' 

m-nnupjiH/m nf fha ran Tlnm TTTl _ _ _ _ 3 DJ 0 111 lafS. - ■•-.V - 


A ELSlrn tumround from 077,000 profits dtabajUgm Sy group been ‘sorted duLtbe wS ' • 

profits to a pre-tax Joss of £538,000 £5J3m- _ t0 t, e gasifac- hot appear' terribly 'tdi#res5?^L.- 

rrT,. L 'v •' wrora tax charge of £2a6m to saythat, the unprovementfe ■ 

The du-ectora wan tiiit the pay- “ “ d minorities, available -fiiirly general. • .. The ; eam« 

■Tnenc of a final dividend proved from £l-97m ro tradin^outippk -seems. reasona6§ 

remain most uncertain. First half surplus uup - good and profits for the, year- of- 

earnlngs per share were nil t8.7p). rfivid p nd j s lifted to around £12m shot«]& be fosfeJbJt . 

although the interim is maintained The intenm The group fe .domihaht m may ’ . “ 

at lop net per ata share-ias! a«75p ( S1S energy related fwWs;ahd foia-.h^ 

years final was S.fi8S9p. . costing ^;^ nr JSSa contacts annbmiced: earlier -tt* 

When reporting lower 1977 ^ year, one for Nortb Sea. ptetfoS 

profits or £2.0101 (£2. 53m) the J*** k £»-» 8ra p™““- ^ ta i DT1 ri equipment; has helped the order »*f 

directors said they remained con- : ' With regaro “ position. Meanwhile there seems* -if ii jf I 
Sdent in the groups ability ^ to Revenue wvoBtiraUon mjo «nam to he some Srope on the dividend'.* 4 

continue its planned expansiou tax ouatterein relaDon to Ure ^^‘' frdnt. and Ihe sfcares are c» a 

and to achieve more satisfactory t»any. the directors rayuiepTOv prospwtive, p/d Of jvst. ; bver -six, 
profits. • tion remains as reported m the ^ a ^ 47 .per cent 'Tii.Lt 

They now say that they expect 1977 acc0 'J“ ts * tKat in fhf , (assuming ^mly .M'. per cem;> 
the effect of rhe current setback Then, they said that- in the increase). • - 

wia be conlained within 1878. absence of aiiy information as to _ : ■ ■ , ,'f c i 5 S 

whether any claims would arise m J ■— . * • ji 

The adverse results, emerging ^ rCSpecU no provision bad (jOOu Stdft . ■ v 

from Local Authority hovwtag roade ln the accounts. _ •. 

c ®"52i Cts 'JL the XUd ' an fi 9 'region. Na Daii t unpaid tax liability was. Kv RlIFDC 

oy Burns 

&J3S‘»:'S& ZSLSSi Anderson ^ 

SLrtS* gTOUP S COaStrUCtion to eSeeS £2m, they added. **• .W. - Baras, ^chairman -* O 


rSST&u they added. ^ d 

Bn rns- Arn.' ; 5- told the antmfl 

. ^nmmpnt ineeiing^ yesterday that turneve 

l COI71 men t u the first 'quarter of the npi 

The share rating of William financial year wSttt 1'4 per cen 


Press has largely been over- bigher than- -hut -year. . .: .- 

shadowed this year by Inland Although was too early > 
Revenue investigations. Interim , predict . the- same pattern in ' thi 


UK banking arrangements p r£ d 1TI 

^ co-operation of the van Dorp 

Coral Leisure Group bas re^ £10m four year loan and £10m trading, including that of Pontins ?° ar K « ^ 0 ^on S -,I' aS ^reduced 
structured Ms IK bsnkins „f , J=0m seten year facility. "Wrt^w earlier this ,K y ‘S’sin? 

arrangements, by converting a This medium term loan will profits continue at a satisfetorv £*33.000 The proceeds of sale 
substantial amount of its short ensure adequate facilities for the |g Ve] L - om pared with the corres- have * ,een ^invested in assets 
term borrowings to a medium immediate future while at the P ondin n period last year directly employed in Twin lock's 

term basis. • same time give some saving on H Th _ Interim dividend is effec- own 

A consortium of banks headed interest charges. On an tJvoiy raised From 2.75p to 3p. 


profit attributable toXV. v h van (£300,000). 
Dorp and Co. is no longer The comi 


Boosev & 

«/ 

Hawkes 


There is no tax charge for. the 
period, compared with £30Sj)Q0 
last time. 

• comment 

Henry Boot’s first half results are 
nothing short of .di&astrous. 


term uurrunujga tu a iiicujuiii iiiiuicukiic luiuic nunc di uic nnnrfivio rM^rinn hqf vAnr uhcwij ciumiujcu ui mmivi.no « _ * .. m mw~ m 

term basis. " same time give some saving on p The dividend is effec- own trad,n 8- ll AH/flflim Henry Boot’s first half results are r 

A consortium of banks headed interest charges. On 3 " lively raL^d From 2.75p to 3p. nr TJ« of the year’s UU W 1*1 III 11 .J* 1 "” ®! lrt J H, ft 8lPO l ^ Sussex-based mannfa 

Kv R U roiuv«. Mm-hnni Rank hur P annualised basis the sa^ng could i ..(/ up,.-, total navment profit is traditionally earned in , . . coming just five months after the -iri-r rvrf« 

nrov idetl aKh i flto m he in the region of I1UO.OOO to (o tiu frornTrofits of the second half of the year, the reduced luroover of £7.9m directors expressed confidence that «'{*■ ifaTsSS 

provided Coral «itn a J-ium un- £ .- nnon * equivalent to bp rrom proms of d j re n tors say a t nresent the a^amst £S.4m, profits before tax they could continue th#* nlanned is hoping that the Stock 

secured four and seven year loan £15D ' 000 - . . . ^.oim and for the current year ?J[S.7 re n* L S nrnfit* oF Boosev and Hawkes fell from ^,2. lan ”®S will allow dealings in- 


ISSUE NEWS 

Merry down Wine seeks 
permls3ipn ta deal ^ 


facility. Of this amount the com- In an 
pany has already called on a directors 


Sussex-based manufacturer, of include Industrial ..Commerce 
ntage cider. Merrydown Wine, Finance : Corporation with iem 
hoping that the Stock Exchange' 20 per cent of the capital, ah\ 
ill allow dealings in- its shares Trustees Corporation wmdr^js 


— iJb.o4m ano lor me current year jL:”” C.* k«.h nrnHte of Boosev and Hawke* fpii From 17 *ir • j will allow dealings in. its snares trustees corpora non wmnrajs 

J" »" s ihL e r mc "L! h S 'fi* f [rect0TS are forecasting a 3.6 P [ d evi S e ^ f n the £933.000 to £8M.M0 in the fir^ six Seve moi^satftfacSS promf without a fuU quote within- a few recently . acquiredabpiit ^fiftb^ . * 

rectors report that overall final. results, are continuing. They months of 1978, caused mainly by The market wu SScSus some W ^ CS ‘ 

confirm exoectntions that the inadequate factory performance chm-trall— rertainlv a email nrhfit . The company, which wis set Up .. Dvcratl ^1h&re t .- plulAbj 


Louis Gordon Group making progress 


results, are continuin'::. They months of 1978, caused mainly by The market was exnertine some 
confirm expectations that the inadequate factory performance shortfall— rertainlyiimiajj profit The con, P^!;, . 

group will return to dividend in and reduced public expenditure - but lhe tJnround to ft ! ? u™2‘ ISJSS- 

rpsnpei nf ihn mirrunt war. Drosrammes in <evor-ii mom. inc... muu„ ...» - £400 each in 1945, has engaged A large number., of .these beta 


Overall there “arif , T phibabl 


EM LINE with iLs traditional The group is a subsidiary of surprise, 

trading pattern, the Luis Gordon Pedro Domecq. chairmar 

Group has incurred a loss in the improver 

firs! half nf 15)78 — £260,000 against T> interim i 

a £389.000 deficit in the same K£CPIV£r TOF to last E 


Receiver for 
Smith and 
Pearson 


surprise, however, since the may affect the group and year is poor by past standards, that the company underestimated SrS a “ - 

Chairman ouUined . prosoects of consequently, the years results, the directors say. though there the losss on a local authority eon- u Thl u "h to orediet • 

SSSnSL for the 1 I h.ir JS ' **“ ^JSSSSS? * “ 4 *“ "*»' }"«• > his ™uKrt in Vd.ad; th J ho b "X , r ', 

interim figures for the half-year . — ^ ^ in some fields. For the construction division of _t ... t — 


firs! half nf 1!)7S— £260,000 against l> interim figures for the balf-year in some fields, 

a £389.000 deficit in the same tvCCCIVcr TOl to last December. The net interim 

Period last year, after interest or ^ At that time the company O •k3IMlliaUil stepped up from 1.7p 

£242,000 agaia-Jt £2(0,000. iiRlilh Qflfl • reported losses of £54.500 pre-tax * there is an addrtional 

Turnover improved from £3 56m (compared with peak losses of- 0.051p m respect of 

to £4 2Sm reflecting an increase Paaccnn £399 000 for the 1973-74 year) but I III IT Plf VcS total last year was 

in sales of Domecq sherry JTCdlMJU claimed that “progress was being ****_(>* 'W ▼ pre-tax profits of £1 9 

together uith progress with most Continuing trading losses and made in restoring the company j £* -t f|-f 

other products Sales of Domecq th e poor overall financial position t0 Profitable trading T> I . V I Ifl 

Domain Rioja. Graham s Port and 0 r the company has Forced the However, the company had been ***, *"* Turnover 

Glayva have been particularly Board or Smith and Pearson to operating since the year end by Following an advance from DroBr""!;:;:";:;'"" 

satSsfactory. the directors say. ask ils cre di tors t0 put in a virtue of a moratorium on capital £0.64m to £0£4m at the interim — • 

The board has explained tn Receiver. repayments of Us fll.tm) loans stage, pre-tax profits of S. Simpson t« htfore 

shareholders that the first six Smith is a metsil Fabricating and a bridging facility From the finished the year to JuJv 31 197S x-c Drain ' 

months usually account Tor less company operating in both -South Bank of Ireland. The moratorium ahead from £l.B5m to £1 Him Muioriii--* ".'.".".Z". 

than one-lhird nf the groups and Northern Ireland and has expired in June, ' Stated earnings for the' 12 n T, E lor S" urr cridil ‘ 

f a U ti« e ni ,hf i a o e «,f r , parl teT , ^' makinq v,r!ua,, y since The shares were suspended on months are 14.2p compared with a 8 » Kwwi 

takes place in the last quarter. 19«4. Hie move comes as some the stock market. 11.93p and the diride nd total is loieHiD dindMM 


the brokers are expecting the add British:- wines. ^ elder , rinoi' 


S .Simpson 
improves 
to £1.91m 


RS? 1 P . re " nect of I977 - The company indicates that there tnse , her wit h the respective apples. ^nd^*or, weran 

?? r * V '«« 5073 P from n ? , " hl 1 hav 5 fnrthe I families still hold about a . third £20.000 was incurred.. Jut imto 

pre-tax profits of Xl.flem. nsions made m-the second hair. of the shares . , he ciirrem year profits Co® t 

sanioffito and overall the group will be Q , her major shareholders up over. £100,000 before 

1977 ,ucky ,a break even th,s year - Thp - v- “ T- “f-.i 

turnover -S rompany is capitalised at £6^37m ■ — , ' • , . ■ 


, luraover *■ ^ki ^ ^ 

Following an advance from X:? d ’ ni! DroB I b.vs m? 


p'rid<-*nds ;;;;;; $ ^ 

Alrt “n rasur.-rs " "j** -mn 

iDfertiD dividend 74 ..-^ 6; 7(a 

r On exchange rales. ♦ Dtbll. 


Pullman- .Date ^--Q»r«^ ^tal . Toll 

Current - of /-.spondiiig-V-ror-.. -, last 
arnwth payment payment .- dlv. ..v.;year- yea 

glUff III Berkeley Hambros ~.int L75 Jan. 5. 93L 

l , Boosey & Hawkes int. 1.9 N T bv. , 3tt -- 'L7.m ' 

accelerates •■■■- H»iyB«ot uil 2.5 nov. ^ 

13 Border Breweries _.inL L02 Jan: ^"'. 3* 

AT THE annual seneraT meeting British Assets ..4th tot .0.65 . Jan.' - 2 J) 

of R. and J. Pullman, Mr. M.' 'A. Caledonian Assoc. 

Hope, chairman, reported. ' that Cinemas .i. inL 1 Dec. r’ - S.E 

demand for all of the group's pro- Coral Leisure inL - 3 Nov; 2g-'"S75* N ' 5* 


DIVIDENDS ANNOUNCED 



Wire & 
Plastics slips 
at halftime 


ducts has been growing *t an in- Geers Gross int 1 3 

creasing pace, orders tafcen so far Grant tfrts int. LS2 

for spring delivery are substan- London Brick „.int 1.4t 


Jit n!) rfirnn for spring delivery are substan- Londc 

*s»a*llIlllC tiaily up on those for the same iW<*Ke, 

Haring made a disappointing period r ® ar - *** . the . buny ' **■•* 


nil i» t -“- "• -•*>*+- 


Products ended the firar haH of en ™“raging 


Priest/Marians 


197S showing a decline in taxable Management figures so far are Kheepbridge Eng, 

profits from £162.554 t« £148,569 showing a considerable increase. S. Simpson 

on sales up £34.527 at E90S.524. and the board is confident that F. W.'Thorpe ... 


said they were confident the v ery good, 
ngures a'nd at least maintain Because t 
dividend. Last year profit was a it has been 
record £347.000. financial ye 

The net interim is raised to 0J)p to April 30. 


Tnist Union 



S.7S 

Jail. 2 

JL4S 

'5.53 

- 49 

int. 

2J 

Nov. 20 

' a«- ? 


S3 

int 

0.47 

Dec, 29 ; 

.04: 

-. — . - 

■:08 


5.94 

Jan. 8 

499 

•;.5-94 

■,.40 

int 

2.23 

Jan. 1 •* 



A3. 


2«J5 


25 

'4Jt6 

. '3* 


0.97" 


asm: 

:y:±(a 

' 14 


.75i| 



rilfl.- 

->«' 

UU. 

1.7 - 

— ' 

-•MV- 


3.4 


0 .45 - 

Dec. 11 

0.45- 

0£t 

: : 9S 

int- 

0.0 

Jan, 2 . 

,:OE.O' 


:-2it 


!!Ie Sl fin ? r Ifl P ' tha «- LasTuine be announced." in the serond half Increased* ’bTrWhts^ndfo^Sui^^’Sue^lPIm^ddSo; 

Ta ,r , ° f ,fl79 ‘ wU i ^erefore 0.01926P for 1977. payable No^mi^O Sms addhloral-S 

sSm %UmXUTa 'It 0^5,“^ m ° nth P6ri0d tQ addiri0 ^ 0.0297p 4or l977?™utfr. African ce 

balance of £73,373 (£81,415). > — ' • ••••-. J '• >' " r “ . 


B’ackwood 
Hodge up 
in Canada 


I don’t want to move, 

I want to expand here! 


Expansion m the South East BOC Ltd, Robert Bosch Ltd, DuPont clients the complete develomnent 

of England can be quite a problem. Company (U.K.) Ltd. International team. Our land bank- coulZeU' 
The Hunting Gate Group have Computers Ltd, Motorola have the site you've been so long 

been acquiring land, obtaining Automotive Products Ltd, The seeking ready and available for 

planning peniussion, financing, Goodyear Tvre& Rubber Company start. Contact- J E Walter ARICS 

designing and bufiding for well (G.B.) Ltd, throughout the South of Developments Director fordetalls 

over 30 years. At Hunting Gate’s England. v ' Ior aei , 5 ‘ 

Hertfordshire Headquarter With a 100 strong team of 

development projects have been professionals, architects, surveyor, wv * 

successfully conceived and developers, lawyers and engineers ' |Jv m M ^ 

completed for names such as Hunting Gate Group offer their AaIUaIUaP 

Gate 

Hunting Gate * Hitcliin ■ Herts SG4 0TB • Telephone: (0462) 4444 • Telex: 82444 Group 

4444 1 

develop and build the professional way 


BOC Ltd, Robert Bosch Ltd, DuPont 
Company (U.K.) Ltd, International 
Computers Ltd, Motorola 
Automotive Products Ltd, The 
Goodyear Tyre & Rubber Company 
(G.B.) Ltd, throughout the South of 
England. 

With a 100 strong team of 
professionals, architects, surveyors, 
developers, lawyers and engineers 
Hunting Gate Group offer their 


Hunting Gate * Hitcliin ■ Herts SG4 0TB • Telephone: (0462) 4444 • Telex: 82444 




Wnh resuits from Canada 
■sufficiently in line with exneera- 
rmns the directors or Blackwood 
Hodge sticks to their earlier rrroun 
Forecast of pre-tax profit of noi 
le-Js than £18m for 1978. 

Blackwood Hodge (Canada), in 
which the croup has a 73 per 
cent equity interest reports 
nre-tax profits ahead Trom 
CS 1.04m lo CSl.45m for the nine 
months to Sentember 30. 1978 
Sales were CSl.am better at 
C*S3.19m. 


John Crowther 
higher in 
first half 

Following a loss in last year’s 
second half. John Crowther Group, 
woollen textile manufacturer, in-, 
creased pre-tax profits from 
£24,323 to £122.438 for the firs! 
<is months of 1978. For all 1977 
a X257.B7S deficit was incurred 
HalT-year turnover was little 
changed at £2.78m against 
E2.76m. Profits were struck after 
depreciation of £72.481 (162.613) 
and reduced bank Interest ol 
£80.211) (£103.857). j\fo tax charge*, 
arise with the exception of ACT 
The directors say they do noi 
consider it prudent to' make any 
forecast under current conditions 
The company dops not pav 
interim dividends— Inst, year's 

single net payment was O.fiap nei 
per 25p share. 

Grant Bros, 
recovering 

Following a return to profit 
ability in the second hair of 
1977-78, Grant BrosL, 'departmental 
store operator, reports a pre-tax 
orofit of £6,271 for the 2B weeks 
to July 29, 1978, compared with 
a £60.672 loss in- last year’s same 
period. 

Turnover lor the period climbed 
from £3 32m lo £33Siti, includine 
VAT of £166, l f4 (£153.339). After 
a tax charge of £8.029 (£26,786 
credit), there was a net loss of 
£1.758 against £33.886. 

Stated loss per 25p share was 
0.58 d aealnst 32«p. The imerim 
dividend is kept as 1.52p net- 
last years final was 2.362p from 
£111,000 taxable profit 


This statement has been issued by S. G. Warburg Sr Co. Ltd. and Robert f/eming St. Co. Limited on behalf of 
Will, am Baird St Company Limited. The Directors of WHliam Baird. St Company Limited have taken ettr 
reasonable care to ensure that the facts stated and the opinions expressed hereto are fair and accurate and 
iointiy and severally accept responsibility accordingly.. . • ,!; 1. . . 

TO SHAREHOLDERS IN DAWSON 

YOU SHOULD ACCEPT BAIRD’S OFFERS 
BEFORE 3 P.M. TODAY 

• Dawson is a cyclical company 


You can move into the more broadly-based 

Baird group T 


You can exchange or realise your invest- : 
ment at a high point in Dawson's cycle 

The Offers will not be increased r 

Acceptances should be received by i 

Grahams. Rintoul & Co., f 

at 105 St Vincent Street. Glasgow 
or at 28 Ely Place, London E.C.1 £ 

BEFORE 3 p.m. TQriAV 




THESE ARE BAIRD’S FIMAI OFFERS 




FFERS ^ 

-■i I i.i ' . ' miIi i ~r^ ' i . • v-Vft,..-. -i ',4 ■ j 





-c Z ' C -. 7 
- 





jJi >£*-* I 




yjj, Ilnancial Times Friday October 27 1978 

u British TVf/»Ifn. 


ops £4m 


McKechnie holds £15m 
on good UK business 


Better trend at 
Elect. Machine 


v. 


- pp interest ami expenses. A SECONT3 half upturn in lax- 
JJ. ‘ ,l il.-tjis.000. auamst aWe earnmc* from £7.46m to 

• . njvenuc nf iS bv MrKcetude Brothers 

■'SLAVS''! ASSS A !•* Uiwprom.fprthe^ur 


BOARD MEETINGS 


■ ■WO tn a rerorrt t4.0W.0Wi for ,,, j u|y 31 


*Wwnbur 3u. 1!»TS. rtown ' r X 15.55m'. auainst £F5.7!im. 


te profit For the year xn- fallow uu.- curnpjni'-s tuv*.- tmniii-d 
1978. only' marginally % of Bo.ml m-i-iings u> Oi- stoon 


Rxuijnu.-. SuL-ii nio.-nnus an- UMiaUr A secouu half pre-la: 

h prior i-harct-* Jf-dut-Tnl si V'T h, ' kl u " «*•' ■*' iw^irw-r.iu- advance of IS pc-r cent at i-Z-.V'tT n 

.. 0 vT .I-” 1 > CU ?! s*les were up £5.ltn at £Tja.7m. iitvt, tends. utUoiai radtcauooa arc iwt McKechnie almost makes nn inr s _T 

nn j>w!n per Jap share at The direeiors explain that available an m wamvr uroinm* an- fsiMn-».^ loss £? ! 

.r end y ere up from PO.uip 10 u r|l ., n> ^..| TC .h,, ktjj more l «wnmi nr »im ih- smwnvisuiis the first half short fjlt leaxine lh«- ILS3.000. 

P. or from Sap to 0S. Lip fully /ifll fnr mlm-rr shown bel ^ »"* »«rd au,nU> 0,1 lasl . vear virtually unchanged. The .. , tw 

ter! p ■ fhan . compensated for ■“•wniiH* fuU war total in.ludes a boost Howev 


and the ••pemlins profit for last WITH I/»SSEX rota! Jins EG7.563 year. At 

year by UI2.14H. from three suDsidiaries now is £0.51 m. 

sold or closed. Kler-trunic Machine 

• comment Co. incurred a pre-tax deficit of , 

, . £25.1,354 for the year to April 3u. A ~J 

A i !, n U ^ U * J of ha l« p 'f' ,ax D , rotil ? 107S. com pared with the previous 

advance of IS per cent at year's £26fi.««5. \i halfway, the 


At 21p the capitalisation I 


‘• s 11 P lot* 'loss was cut from £1(12.000 to 


-not expert 


„ full year total im'ludes a uw ., - - - -- 

... rvnriiiM* «° • profits nf £000.000 from for ,h * ,,VI ‘ months of the 

Kmwi exrhans.- movements, but that Z ur ™' the 

aside there arc- some interesting H eaivest_ rad in, period. show a 
movements within the orofit.s mix. n > n dc* r D * Jl reasonable profit, say 


Ilowevcr. management accounts 


led. ,na " ™"Pc rpH «*" ,or wars nmuMr. fuU year total imludes a boo«=t , : "'■naaemenr accounts 

ax took r l 5*rt nim m -its non, cmdumns me-r*>eas. today io profirs nf £WIO.OOO frnm for lilB fi r ' ,t l,vt ‘ months of the 

in K earniuVs 'per UirV- U^p iSS cxrhans.- movements, but that ««« 

■i r ) IfSuflfSilu^d.^ ri% SSSrr; 1 ^ ^m^ir wThinX mndosr*bu t 3 reaso iSbJe^ orofi C"say 


ttiiw. Minster As-w-is. Ptima* 


Advance 
by Trust 
Union 


Downturn 
*t Border 


Zealand and Australia there are fjrabv fa.»tip .. 

ri-ns of improvement in domestic »2r5 .« an 

orders. Here they expeels benefits Eh-^ra^n^uiiai Trusi’ 
fr»jm heavy capital expenditure, n-aih .c e < 


e drive in lhc- UK months, with possibly some im 
the cniiMimi-r and provoraenu they add. 


came from the enn>unn-r and 

” Kov.' 2 plastics division when* operating Thts ' nimround rexulis from 10 1 -“P net - The directors point 
.. Kor 2 profits were more than trebled rhe r r .msaciions- involving th*» our th3f this merely reflects the 
■ »«•» from COJfm l» £*0m. and ihm.-h ,h^. e former s.iSaVivi--lhil company's usual policy of paying 
N.iv TI th,,i includes about £lm from >Par me croup has eloKed Ellvin “ n ' nlt ' rl ^ 1 Jh^t iS i hai | f . °t, l u 
. Nnv 2J arnulaitlons (£0 .m in rh«; soL-nnd 3n H Co moial ore^fr and sold P r * ? " n « s year’s total. It .should 
.. 0.1. an halfl thfs end of the business has p^nax Erimnm.mi IR ,i t.-laimn not takp, n as an indication of 
- Nor. « obviously been far more buoyant \efjitiw x KJ rh ml' ,he toral dividend for the year 

ncf ,, than the metals side where UK " ^ u ' senices »- I^ist year's total payment was 

."’on. "in profits were marcinallv down at u^eriors antieipaie that no 3.4p from profile of £125m. 

.. Nor m £6.Gm. While die oieture ninrseas further provisions will be re- Total income for the first half 
mmmmm was gloomy 13.-d year South Africa ouired Jn cnnn«ri|nn with these amounted to £t.H|m (XO.RRm). 

.showed some sign- of better businesses. s-jh>eet To !hp disposal Management expenses and deben- 
trariinu in the ,<frnnd half. n * EHvins vaeant leasehold pro- lure loan intcre>t look £237^169 


'• FOU THE half year to September 

for the full year also 30. M78. Trust Union reports pre- 
asnnable profitability tax revenue ahead from 1633,367 
rate ns the first fire to £776,855. 

h possibly some im- The interim dividend is in- 
they add. creased by 21.4 per cent from 1.4p 


(breweries 



inrr-a 

JSTB-7T 


iBOtf 

moo 

Si' •* .... 

.. . 

1S0.SHU 

'■lkr>!.!l« pr>.flr 

l«-dA 

14-172 

Shjr.* .<syK<iP>i . 

:o«i 

S.W1 

I« 'PCs' 

. !W 

t 

Pre-tax profit- ... . 

... hJB 

IS; ns 

’Ll 


>.«•; 

N-» prof,* 

. . 6.W» 

xrv- 

To uxno'i'i** 

tiu 

;.«ij 

Kv»-i«rH-«~ry 4 c.n fc 

92 

IT!9 


sjn 

5.J41 


Itidlunil 

Knlit-n-rfin Pooils 


k'«lv l-V-IlilKlit 1 ' 


day arras and continued hiah - Cxr:i:-*rs on unsold nwut panics in South Africa, valued Allhouch New Zealand and A us- uerties. 


interim Report 1978 

The adverse results emerging from Local Authority 
housing contracts in the Midlands Region - mentioned 
in the last Chairman's Statement - have proved to be 
worse than expected necessitating increased provisions 
for losses which have overshadowed rhe total 
performance of the Construction activity. In spite of 
continuing pressure on margins, elsewhere the activity ts 
generally profitable. 

The Engineering and Foundry activities are trading 
satisfactorily and have moved into profit and the Joinery 
activity is expected to be in overall profit by the end of 
the year. 

The Agricultural Equipment activity is suffering from a 
recession in farm machinery sales and is not expected to 
be profitable in 1 978. 

Whilst it is recognised that the overall half-year results 
are extremely disappointing the effect of the current 
set-back will be contained within 1 978. 

The UNAUDITED results of the Group include : 

1978 1977 


( £230.792 1 


£270.486 


Turnover 


Half-year 
ended 
30th June 
£.000 
36,642 


Half-year Year 

ended ended 

30ih JuneJIst December 


£.000 

31.489 


£.000 

70.966 


• mployment alTr-cting trade, the "• Ouniw .as.»ei _ after tat r> n the "Iasi in. first out” basis, tralia continued »o bn slack. But Turnover for J977-7S advanced «4238 .i92j The available balance 

TLa, P J Profits of Border '* h "- D b,,: ' d,h:ud aof * were not adjuxlcd nn consoliria- overall MrKerhnie Is Innkim: to •> from £237m to £2 Sim while loss was ^499^81 f £408 .087). 

#eru>s (Wrexham) are down Stated earnings per 25p aiare- lion to the "first in. first out” steady improvement this vear with ner 25 d share is chnu-n ftJMr. _ . 


*.“!” (wrexhMn) are down Stated earnings per 25p share- lion to the "first in, first out” steady improvement this vear wiih per 25p share is shown at 9.82p. 
1 i49a.(Hi0 io I4S5.000 in ihe for the year were down at I3.5p basis. This basis of consolidation the possibility of a .-tmilar urowih Attain no dividends are to be 

year ended Au^uM 31, 197S. i!Sp» before extraordinary debts has now been reviewed and the rate fo that sepn in the second paid— the lasr payment was a 

■*»« lra dc does nut mdicalr of £H2.in«) («2S9.o90» and at 15 3 p appropriate adjustments have half of 1977-78. So over flSm or*- single 0.8I25p net in respect of 

rhe feennd hjlf will produce (17..1pt after these hems. The been mode to the opening stocks, tnx is possible this time round. -\t 1974-75. 

■greai imprn-.-ement and ihe net toiei dindand is raised tn Tltc effect of this has been to 9ip the histone p f c of 5 6 and i« o ■ 

■rt cannot furescp any Mi list an- 3.5;ip (4.!»5p> by a final of 3.78p. increase the value of slocks at yield nf 05 ner t-rnt lonU-v rnr.<nn- r«.~, T mjS' - ot ».» f«n S ni: n J. f f. a ., : 
me reaso m pro UK for the fn the past two financial years August 1. 1077 by £2.237.402. open 


,« yiVof or^e^Menk. ,**£2^* IO <$£*„**%£*« 

i- ably attraetive even with some n ^U4 iHS> WiT and 

17 fcant ovt r i ' ourh Afnean earnings. 3R e ^rraordinarv debit of £229,175 


■“locks of certain subsidiary cum- mg group reserves by £1,034,467 

.ie interim dividend is 1 <VJn 
ti*t Oftfip— the total la-t vear 

fsL IT riTi; Glaxo sees further growth 

Sner was a signiiicant factor e 

IJ, ha?f! ,nt How' PIXT ^inJ" and f* REl 'T opportunities for advance 40 per cent. The sale of the 


; . r V 

i- \ i \ 


New pension 
plan front 
Barclays Life 


On o current cost basis along 


' fti vales have been "nod and are possessed by Glaxo, and 20 tier cent interest in the Ihe Hyde Guidelines, group profit 
,!, !drin)-v have maintained their thuufth i|v growth rate must vary concern should bring in some is cut to £fiM.9Um by additional 


comment 


. j compared with last year irum time to nmi 
ri. m rnvaluatinn of prnportms progressive 
!>: been cnmplmn/l and tv being remain so. Mr. A 
“■ I'-’fd ai prevent with the chairman, tells me, 
. era and the company’s The company 
tors. spending ui the rat' 


from time to rime the trend is £lm but will produce a capital depreciation of £9.9iim and extra Electronic Machine's 


this time, which relates entirely Borri *>* L ' fe ' ssuran " Com- 
to its three subsidiaries pany. *ne life subsfdiary of the 

• Barclays Unicorn Group, is launch- 

The group - business is in |ni> a new pension scheme for 
mAn»« er,n3, av,a1,on and ins,ru ‘ directors and executives. These 

schemes, in addition to providing 
investment for retirement — a tax 
free cash sum plus pension — 
includes such optional extras as 
£130354 life assurance cover and pensions 


expected to loss of about £200,000 which will cost of sales of ES24m less a sernnd half levs is right in line for widows and dependents. The 


d 'tv^beVn-' remain \o. Mr. A E. Bide, the Im? reflected in next year's £8524.000 gearing adjustment. with the company'* forecast at scheme, 
ui'h rho chairman, tells members. accounts. Meeting. Park Lane Hotel, Wl, the interim stage. As the results Pension 

company's The company is currently This subsidiary’s trading profit on December 11 at noon. show, it has been a painful year ad\*ama 

spending at the rate of some Cttm was up 45 per cent tit nesr £4m _ _ [° p ’he company, which has been cessions 

a war on research and develop- *n l!J<<>7K. tin the basis of this PrAPAT I IffV heavily Involved in a big rational!- inve?tm 

meat Clinical experience with the sale would reduce group A 1 UV.UI U i-V satlon programme. Panax, Ellvin choice 

vff Trandate. a new hypertensive drug profit by £«Ofi.0(W. and Aviation Activities between fund, 

it has developed, reinforces the To protect its position in certain rCtlirilS 10 

rt directors* confidence that the drug I’K subsidiaries whose liabilities pmj n J 1 , ’ hci r cln<iU r ** J* nd 

w:!l become one of the group's hurl previously been agreed, and nroflt switch n 

mosr impnrfam and profitable having regard to siaimorv time p* kJIIl. .. d I- rm f n ( 


ment. v-nnicm experience wun - iu ' r 

/luplfiAW Atf Trandate. a new hypertensive drug Profit by & 

luLAlun Ull jt has developed, reinforces the To pro tec 

i . . directors* confidence that the drug I’K suhsldr 

f| CFftOfi CfJirr "' :!I become one of the group's hurl previm 

^ j-jV/vru ouu i mo<l intpnrtam and profitable having reg: 

CUB RENT year at A. and J. products, he says. limits, the 

G niun hii^ br vr un viT'll artditinii anothpr product fnis^d in 

■r ihe imperils of rhe 500.f)00 from R & D represents a significant assessments 


Procor UK 
returns to 
profit 


with the company' ; forecast at scheme, called the Executive 
the interim stage. As the results Pension Plan, not only takes 
show, it has been a painful year advantage of all the tax con- 
for the company, which has been cessions, but allows complete 
heavily involved in a big rational!- investment flexibility. There is a 
sat Ion programme. Panax, Ellvin choice of the managed pension 
and Avia lion Activities between fund, a mixture of equities, 
them incurred losses of £267.000 property and fixed-interest, or the 
for the year and their closure and Gilt-edged fund or the Monel 


Loss f Profit) before taxation — 836 
Taxation — 

Loss (Profit) after taxation — 836 


The Directors of the Company have declared an interim 
dividend of 2ip per Ordinary Share of 50p in respect of 
the.year ending 31 st December 1 978 which is at the 
same rate as the interim dividend declared last year and 
will amount to £1 32,71 5 (full year 1 977. £488.000) . 

The dividend will be paid on the 1 0th November 1 978 to 
shareholders whose names are on the register at the 
close of business on the 26th October 1 978. 

The payment of a final dividend in Tespect of the year 
ending 31 st December 1 978 must remain most 
uncertain. 

E. H. BOOT, 

26th October 1 978 Chairman 

CONSTRUCTION : JOINERY : ENGINEERING : PROPERTY 
FOUNDRY : PLANT: FINANCE : AGRICULTURAL EQUIPMENT 

Copies of this Interim Report may be obtained from the Secretary. 
Henry Boot & Sons Limited. Banner Cross Halt. Sheffield. S11 9PD. 


disposal expepdituri- 


pcn&ian fund, with facilities fori 


a further £229.175 This di'Tsrmenr switching between funds. 


—dortSS} ;r ", C h V 'T'«S« ■ m h Sfi- n 2 ' *“»“ SS'offtrpmliKm-or.^T^ funtarm^r^pIn'ThiT^ 

producr ro^d in ihL b^ thtw jeers ahead from £l.h4m tn £4^>m. on | y the sophisticated opt ics and and development of the li 

romlling m.459.009 Procor (UK), a wholly -owned sub- instrumentation companies. How- assurance and oensinns busine 


means that EMIT has discarded 


This latest launch represents a 
further major step in the growth 
and development of the life 
assurance and pensions business 


’C.strnent rnenme should show countries in which it currently by the facts and contrary to the Aeain no dn*rdend is payable borrowings haw been rut from whether the clients are ‘customers 

rfher significant increase in sells cephalosporins. ’ law. Tn addition the rax linbiimes For all 1977. the company in- nearlv flm a v<-,r ago to £0.23m of the Barclays Group or nor 

year reflecting both new bales of the anti-astbma pro- of certain other UK and over- eurred a f4.Mn deficit, before a as e rpsult of rh*- Panax sale and This present plan follows the 

ies on rental and rent ducts, the Ventolin range and seas subsidiaries have no! been tax credit of (213.000. the Ellvin nmpertv rt*»al. So Far launch last year or the Personal 

vs due this year on some Becotide. continued to grow finally agreed with Ihe appro- The company is involved in the this year EMC has been operating Pension Plan for the self- 

sq ft nf the existing port- durmc 19n-<8 and in the UR a priate revenue authorities for a manufacture, repair, sale and hire in the E-lack and if the current emploj’ed. This has proved highly 

At year end the group hod new influenza vaccine baa been number of years. While there of railway rolling slock and trend continue', profits nf around successful with over 3.400 plans 

sq ft developed and let, an successfully launched. must inevitably be some lax Ancillary equipment. 1*50.000. should he possible for the written in the firsl 12 months. 


year reflecting both new bales i 
ries on rental and rent 2 ucls '. li 
ws duo this year on some Becotide. 


Henry 

cher& 


Butcher&Co 

incorporating 

■Leopold Farmer & Sonsi 


Agents, Valuers, 
Surveyors and 
Auctioneers of 
Property and Plant 

London Leeds 
Birmingham 


sq ft developed and let. an successfully launched. 


,asc or 0.4m sq ft. 


inevitably 


Considerable advance was made .uncertainties in a group trading i 


oral! he expert* the year to in all product areas in. the UK on an international basis the 
ne of further satiNfaciorv pm- veterinary field and this business directors sav iltev have no resnon 
: As reported on September expected -to obtain a steadily to suppose Hint rhe provisions for 
ire-tax profit in ihe June 30. increasing share of this growing tax incorporated in Hie Isle* 1 
year advanced 32 per cent market both at home and over- accounts art- not adequate lo m**et 
record £2. 5m. sei!S - . J 11 ! pa*!t and current tax liabiliUe* 

irinu the year a revaluation The most significant develop- of grour companies, 
developed factory estates m eni >n the pattern of the group's For the year to June 30. 197P 
w up a 1 14.6m surplus over nvwldwlcle trade during the JW group pre-tax profit declined to 
hook value, and the new total was the acquisition .of Meyer fStfAftm (£87.02m) on sales. 
»5m has been incorporated in Laboratories Inc. to pro\-ide,;an exgl Udine w holesaling, onlv fl per 
unis. already profitable direct pbtVr'hi cent higher ’al ' £409.89m 

*. Mucklow says demand for the U.S. The hew ;sfihsldiary f£375^Sm) and the net total 
new’ space created by the gives Glaxo considerable uppor- dividend is ruined to tn.4o ( 10.21 p) 
•e IJ factory expansion which tuuitjes, Mr. Bide says, and he — as reported October 10. 
n in January is proving satis- expects that a significant and At year end net liquid funds 
■r.v with alino-d half the_ space steadily increasing profit con- were down £34.7m fup £5-5fim) 
idy developed pre-let. tribution will be derived from with loans and overdrafts up at 





idy developed pre-let. tribution will be derived from with loans and overdrafts up at 

the year ju.«t ended five new the venture. £63.S3m (£!H.l5mt and short-term | 

iirial development .sites were 3n Nigeria, however, under the deposits down at £liS48m 
ired and liie acquisition of requiremenis of the Nigerian |£22.2mt. The loans fieures in- 
icr stlc-s Ls now under Promotion Decree. 1977. the group eluded 8 per cent bearer bonds 
liation. This will involve a being forced to reduce its hold- , which were redeemed on July 1 
ure of geographical ex ten- log in the Nigerian company to this year at a cost of Ii3.i2m. 
in ihe Midlands. 

house building, he says that w •> -w^ , 

'K&tnss Schroder Property Fund 

■lit levels because of the Mr »/ 

rent problems r»r the . a j/v 

s* or as«y value up to £4um 

tment. i 

th reconstructed stone the l\ ITS seventh year the Schroder rize and quality on the market 




b 


derin pharmaceuticals 


! i f 
U L V 


at i 


IIKUiC oununm. 11V -a.Y.-* ihim | • *v^ -y - — EH 

Schroder Property Fund E# _ _ 

■lit levels bccau.sc of the «/ 

■ren l problems r»r the . a 

s* ;«"* as«y value up to £4Um 

,'r^on 5 .r U «ed « ■h, IV ITS seventh year Ihe Schrod-r ,lzo nnd quolll, on ,he ma r k c, . "Though the .dlffieuU.es of •inleraational trading tend to 
eable Improvement in de- Propertj' Fund for Pensions Funds the fund has doubled the size of increase With the passage OI time and the growth OX Control and 
I enjoyed las! year resulted and Charities increased Ms ’Ls development portfolio, regulation bv governments, there is Overall an enlarging 

«tter capacity utilisauon and subscriptions by 52 per cent to .lnciudiog u 13. 3m commitment j *'l„ i . , , XT “ ° ,, . 

nved profitability, and this is £36 5m and doubled its property over two yeats for the reconstruc- fiCmaDQ tor th? ufOUp S rPSCftrch-bSSPCl products. NstUTSlIv in 
'- nuin=. . ' holdings t" £3 u in. The total lion of the 25.620 sq ft older a Group as big and as 'widelv spread as Glaxo the pattern is not 

ctinc Rgbaston November value or the fund at its July House offices opposite the RiD -r j , • ■* j .. . 

10.30 am. ‘ year-end was £4o.4m. and with Hotel tn London's Piccadilly. uniform and, though sales increased, the rate of increase was 

new subscriptions now running Sir Ashley reports that over 90 not up to that of recent years". 

' W TTinrn^ 3ihte?KS*w£ cLi™” ofi'hJ SS Ce SLJ f 1 S«i^\ulu^£ ^ So s ^ s Mr * Austin E. Bide. Chairman and Chief Executive of 
. V ? . I IILfI |it committee of management modernised in the last m years- Glaxo Holdings Jn h is Statement to Shareholders on the 
. ■ comments that last year proved and that 82 per cent by value are trading vear 1977/7S 

roflf lHPrf 1 3S0 To he most successful leased with five yearly rent XT ® - , T . 

M S 5JP one ro date. . review dates. Only pan of the Nevertheless, the year was, m number ot wavs, a 

.... w - . Th T^ rh B T mi 5 |! a- r, n ^ v So'ir%Jt'T lit’vom '.-.4 . gSS, 5 st^t^Now TOhlra fa si ^ ficant one for development of the Group’s international 

^l.i maker of Thorlux lighT acqu j ret j } n ^e year and empty givlnna void rate or just trading. 

■ ■ ^equipment, reports » created conlractls have been signed on a 0 6 per ini of the fuid by valie. 

v over of 13.9.1m against £3.tom f UI -iher eight costing £3iU5m. Al the end of January the average T\ 1 , t» s -» . ■« , j, j 

«7? r i5a l8 in Thp "T aceou " t f< E « r r «» iff pSSo was I.?! Development of worldwide trading and new 

^ d June 30. 1978. 32° per cenl ^re 1 * industrial and' S “e I S 5 r « h the l flSS l? a more capacity to meet fncreasing demand 

AWiwS^ySd'SSS mrS&Tg ««> - In the United States, the purchase of Meyer Laboratories Inc. 

; vSBT. purchase ir the year, a 520 -acre offer price of Scbn >der has provided Glaxo with an already profitable direct outlet in an 

•'? iorai^f !£!■£ iSlSS ??»illK.And i' "ife mcia^nn "ufe af ea which represents 22% of the free world market in 

against i.4np previously. with few properties nf suitable , 977 pr ^_ Those amongst the pharmaceuticaJs. An experienced and effective sales force in the 

182 pension fund and Charity U.S. will be expanded as Glaxo products are added to the Meyer 
ore^The*' ^hoiS°ye5?ha!e e seen^ portfolio and a significant and steadily increasing contribution 
s — — total return of 20.7 per cem in to profit is confidently expected. 

1 LhC year. fnr f^lovn nmHnnfiS nfiriocoiFoforl f Ka 




Glaxo Holdings, in his Statement to Shareholders on the 


Nevertheless, the year was, in a number of ways, a 


Profit before tax increased to £620,920 
from £433,453. 

- -Sif Earnings per share increased to 1 1.2p 
from 7. Op. 

^Dividend increased by maximum 
permitted and cover increased to 7.7 
times. 

: Nett assets increased to 62.4p from 

48.9p per share. 

Group liquidity improved by £884,000. 


Proposed Capitalisation issue of one for one. 


! * year * . Increasing demand for Glaxo products has necessitated the 

l m expansion of production facilities at home and abroad. 

tcci6siastical hi the U.K. the new factor^' at Annan is now substantially 

T complete. Production facilities will be tested during the next 

Insurance six months and then progressively commissioned to provide 

. greatly increased capacity for the production of labetalol, the 

Climbs midyear basic ingredient ofthe new anti-hypertensive which is 
With . recovery [rom a £62.000 confidenfly expected to become one of the Group's most 
»rws to £36.ooo surnius on under- important and profitable products, ractorj - facilities at 
In!iu fl?/ ce Barnard Castle and Montrose have been significantly 
ihe sis P mSnrh.c P re August 3°u expanded, a new installation for the production of anti -asthma 
Iffi . by £278.000 to £712.000 aerosols opened at Speke and work is in hand to provide extra 

However, the- divertors emphasise Jl t n,,^ 

that first half results do not capacitv at Ulverston. 

necessarily give a reliable indica- Overseas, too, the story is the same. 

11 ' For f i 977 - 7 s k pr o fi? ua ^ £ gto? 5 S 7 . Europe, a new factory in Spain is now operational and 

At the time of first public issue another in Greece is nearing completion. Work has begun on an 

redcSSaWe™ seTOnd 0 ei!mu!ative extension to the German factory, whilst additional capacity in 

preference shares in June, the Italv for aseptic antibiotic production, and in France for 

flSSHS.Stf , S?ffi n, cr£S5 ointments and aerosols, isnow being created. 

sendees would continue to In the Americas, betamethasone and aerosols are now being 


I97S by £278,600 to £712,000' 
However, the- divertors emphasise 
that first half results do not 
necessarily give a reliable indica- 
tion of the likely full-year result. 

For 1977-7S profit was £G70.5S7. 


A new injectable cephalosporin antibiotic - a major product 
of Glaxo’ s research and development programme, currently 
running at £25 million a year - has. already been marketed in 
the U.K., Ireland, Hong Kong, Germany and Italy. It will 
enable the Group to enter the highly competitive U.S. market 
with an important new antibiotic and increase the market 
share in most countries where Glaxo cephalosporins are now 
sold. 

The range of topical steroids was also extended by the 
addition of a new product and a new influenza vaccine was 
successfully launched in the U.K. 

Sales of Glaxo’ s important anti-asthma products continued to 
grow. The Group further consolidated its leadership in the U.K. 
ethical veterinary products market and expects to take an 
increasing share of this growing market at home and overseas. 

The Future 

Commenting on the future, Mr. Bide says: "An international 
company like Glaxo is exposed to the multi variety of hazards 
that this world provides in increasing measure. At the same 
time, however, such a company with the right products, the 
right staff and the will to succeed does not lack great 
opportunities for progress. 

Your company satisfies these conditions and will continue to 
do so ; and - as I have written before - though its rate of growth 
must vary from time to time, the trend is progressive. I see no 
reason to suppose that the future, in these respects, will differ 
essentially from the past"’. 

If you would like a copy of Ihe 1977178 Report and Accounts 
containing the Chairman's Statement, please complete the 
coupon below. 

Glaxo’ s five-year record 

Years ended 30th June 1974 1975 1976 1977 1978 


services 


continue 


Group external sales 
Profit before tax 
Profit after tax 

Earnings per ordinary share 
Di vidend per ordinary share 


tsa 


Burns -Anderson Limited 

Industrial Holding Group 

9, Sr. John Sirwr, Manchester M3 4DW 
Telephone: 061-832 8484 Telex: 666116 


buT^SnStod manufactured in Mexico and an aerosol unit in Argentina will 

or business and profits. soon be in operation. In Asia - in Pakistan, India, Thailand and 

Malaysia - production facilities .are being upgraded and 
and realised capitni earns of expanded and in Australia a plant for alkaloid extraction has' 

SSts’oi (ISaSSnT 1 t£ ^ een com P^ ete< ^ and the installation of an aerosols 

took £ 345 . 000 ’^ (Sro.ooo > leaving a manufacturing unit is pi armed during the current year. 

net surplus of £367.000 (£225.000). 

shares are owned by AJIchurchS Three new products successfully launched 

Sally HU tvSUSSSn afll With no less twelv f major new products launched in the 

m the early part or this century past ten years, Glaxo can be proud ot its record m the research, 
rafa^nB w* s S a ij 0 C wed E “ h ?S development and marketing of ethical pharmaceuticals. In 
in 19R5 and by 1972 the share- I977/7S this record was maintained by the successful launching 

^"^“SSa 1 * of more new P rodl «*s. 


258.6 317.8 411.1 488.0 543.5 


29. Ip 26. 9p 41. Ip 49.3p 49.1p 
7.4p S.3p 9.1p 10. 2p 11. 4p 


To: The Secretary (AR), Glaxo Holdings Limited, 

Clarges House, 6/12 Clarges Street, London WlY SDH. 

Please send me a copy of the Annual Report and Chairman ‘s 
Statement to Shareholders. 


Name .. 
Address 











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Disputes bit Sheepbridge 
— £0.3m off at half time 


BIDS AND DEALS 




. -Financial nmes Friday 

NEWS ANALYSIS— PETBOW 


DESCRIBED BY the directors as 
an exceptionally difficult trading 
period, the six months to Septem- 
ber 30, 197$, at Sheepbridge 
Engineering resulted in a decline 
in pre-tax profits from £2.3m to 
£2xn. And the Board forecasts 
that full year profits will fall short 
of last year's £5.56m. 

The net interim dividend is 
■stepped up from 2p to 2.2333p. 
Last year's total payment was 
•L2S3Sp. 

During the first half labour 
problems and strikes at many of 
the company's customers' works 
reduced and interrupted produc- 
tion schedules and these in- 
fluences continue. Those com- 
panies in the group which make 
components for diesel and petrol 
engines were particularly bard 
hit. Demand for pistons, piston 
rings and cylinder liners for 
tractors and farm machinery con- 
tinued at a low level. Despatches 
in total were lower in volume than 
for the same period last year. 

The company had to make 
reductions in the labour strengths 
at some factories; this was done 
by not replacing wastage and by 
voluntary redundancies. 



and the directors expect it to be] 
operating shortly. 


Tate to remit SA 
sale proceeds 



r-’j i : 


comment 


THE SOUTH AFRICAN Govern- two subsidiaries, which Drill coa- 
lmen t has agreed to 'a scheme tinue to trade individually. 


BY JAMES BARTHOLOMEW 


After 0. , rapid nrth ot IKMg -Jg, •SSWJfSK '“xZSJST STSSSm is W«W. nta* *» other ^ Sf A*Sf STfiESt ' > " 

hheepbridge Engineering profits nn=m in «tprHn? from mainly in crawler cranes, grabs manufacturers of generating- demand from Tor ■■ ■ *— «*~5J •- 


. - to receive £10.5m in sterling from mainly in crawler cranes, grabs. _ .. 

have now gone into reverse. The J° a nf )ts hn1f Bh;irB in and niUn^ emripment About I sets. ' can sometimes thrfrejun 


good years African Products to the South 30 per cent of its turnover comes 

recovery from a difficult penoa jjtitm based Anglo American from overseas sales, mostly to 
but more significantly they were | n d„strlal Corporation. the Middle East, Africa, North 

helped by the boom m diesei The deal, first annouced early and South America, 
engines m the wake of the oil ^ month and ^ ternis 0 £ 
crisis. This appears, albeit tem- which have been agreed, 

porariiy. to have oetered out and means ^at AFPROD becomes a 
tractor demand, for example, has subsidiary of AM1C 
tailed right off since last year: shareholders in AFPROD (in 
roughly 15 per cent of the group s' w bich Tale and Lyle was the 
output goes to this sector. More largest, with 51.5 per cent) are 
important, the downturn here has being offered alternative terms, 
coincided with serious troubles at Those resident in South Africa 

the plants of major commercial will be offered 1,020 cents per 

vehicle assembly customers — the share. Non-resident shareholders cent owned subsidiary of Hawker 




but demand had been the centre Itself is bralL.-Brca.; 


Lard Aberconway, 

chairman of Sheepbridge 


in and piling equipment 

disaster - “ V -■ ISMjfE « VS"" “T if* no rieV o'rf^^ame in,' Ak' 

The major coal mining strike - ectea T _ ' = • .would still have work for/.tba, 

of 1974 which was harmful' 'to ' -Other generating fie P” aDn 2J’ next eight months, raid the 
many businesses dramatically turere ha^e also been mt. chairman and managihg. director- ‘ • 

increased demand for Petbow’s Jflrrlees, a subsidiary or Hawker ^ Leonard 'Sale. yesterday. ■£. . 

standby generating sets. '..\£nd Siddeley, has beep working a petbow has frit ther 

the quadrupling of oil prices atfour-day week since August ^ ownturn wr&e than othersbe-' 
the same time, which, preetpi- Dale Electric InteraabouaL agrees * 

tated worldwide 

• money in the hands .. -vw.«wu-i mwi wu — . . imi-io jo wtxut vt iu unr»' 

expansion move tog countries which quickly Mr. Bird clanns duction went li> Africa _aud,28 

* started spending on sets as prime British private “?* per cent to the ^ESdle East. Pet-. ? 

Carlton - Industries, a 52 per sources of power. ■ initiated redundancies utts wee^ b ow could becrtticised for allow*?"' ' 

Pettiow’s profits tare risen • ijSJS competItor "-tag itsettto become so rate-- . 

— able to troublo-'in-hreas which,. ; 

are renowned for political insta- ' 
ri*' 0 bility. Bat -as a ri.val -compaiiy . 

. reasons. . ... sa id. “ It is noteasy to.tttm away 

Although Petbow is senerauy orders* ... 
lumped together _ with the other least Pethow ia_ financially 


Carlton in 
U.S. battery 




turer^in Europe, were seriously South African Exchange -Control Battwy~divisfan. *' happened, 

hit and being volume sensitive, authorities have granted per- According to Mr. J. C. L. Saxby. Now Petbow has its own 
this has knocked margins. On a mission for them to receive the Carlton’s secretary, the discussions troubles. As announced - bn 

tntaT enm fQR7 Tmc fha fov ...» /.*■ - t.r a a 


brighter note Advance Motor! total sum (957 cjjfts) Ims the tax are only at a^prelimmary stage! Wednesday, the company- isr ^ ain . pu ? lic Jj d 5 P rS? e ^ nju.' strong, bayjng had ?2;lm cash hi- 

I Imhilitv on the dividend element i : 1 1 - - - 11,10 * IWITIP " ■ — ' — * ■ 


.‘uvdim uivtui “ — ■ ", j ~ , , at is only at a preiuuuituj' =uisw« wcuurawj, me wuiyauy- ist? . r .7 mo.**;. -r. 1 *'’ Z Z *«• 

Supplies is apparently seeing liability on the dividend element, and no price has yet. been men-] having to make redundant 90 to pany-ra the sector. Dale xaecoTC the last balance \sfeet: and' bank 
little sign oF price competition “ 0311 ^ tioned. T " i "””" ’ " ^ ~ 


■* n«| r i ii k in >i r , K_ iquuuuiuii Uf r” ■ -- , - . ■ — v — ; — — — 

100 workers oat of a total ^iMernational. its producte are borrowing of .only. £L 3 m.. The 
i- just under 800 . Orders from di # erent - While Dale shareholders’ funds were £l 3 im. 



Six moDLh« 

Year 


3978 

1977 

1977-78 


£000 

I0W 

row 

Sales 

C9.399 

37.fi 10 

53.592 

PruRi before Lax 

l.MB 

2J02 

5 Ml 

Tax 

1.035 

1.1B7 

2.999 

Nc; oroGi 

955 

l.ins 

2.562 

Minontj- pro&is 

57 

TO 

93 

AUribuiablc 

SS3 

1.075 

2.479 


Even so, LI l L1C ai&ii 1/1 puw yviiiKcuuwM I mifciriA QA 

stocks have built up. Redundancy expansion in Wales" has been and should benefit from current . nfTafo t ^ The KW Battery division mann Juai uuuci w . «iuci S iroio — vv . - * r - — «- 

costs charged in the half year delayed because the suitability of and future expansion. The equip- 0 1 i " , ? _ h J a if„ . ■ n factures railroad locomotive start- Africa and Middle East have nudws sets which are custom And not evesypne.takes the same 

were approximately £100,000. the site was suspect, but it has ment side also seems to be doing inin ™g batteries, industrial batteries crashed and. after carryine 'built fcrr the needs of inaiviauai gloomy ; yiew: t>f :\tf» short to 

Year now been cleared. Production is well hut profits for the year do “ and battec y chargers for electric excess labour for several mdntfcc ^ customers. Petbow predominantly medium term future- of third 

B7, - ra expected to start in June, 19S0. not seem likely to better £om. At P However Ta°”is to wnrheratm llft trucks and coal mining equip- the company has finally decided makes sets to be bought off the world J a 

Discussions with the Hilliard 66p this puts the shares on a fully dividend Sun il Serihfema no? Its products are to some e p?n *- “** ■ ^ — - 

5JM Corporation, U.S, with whom it taxed prospective p/e oF 9.4, which S|JS2 Tbgethlr^ vrith Sil «tent complementary to Carlton s 
5-SS ^ planned to have a- joint com- takes account or continuing long JJm thL W rabafiS com^v battery Ians % *fw d 

pany in the US. to make and sell term diesel prospects. The yield mSm company ^ ur company a foothold m 

— ..... ... ... ■» . Eiu-aiu. the large US. market 

It is 


_ - . demand. Stbckbirakers. 

to regard the slump as- more shelf. The Petbow sets are rela- Laurence Prust believe that this: 


The factory building for the brakes 


and industrial disc of 11 per cent adds impressive | 
are nearing completion support 


than a short term phenomenon, lively quickly manufactured on co^ia merely be the last ip a 
“With tanks in the streets; something approaching a i proaue- i ong series -of Iriccnjis. - :• v . 
they have not been ordering -tiwi l ine - So demMd_dnes jxp. But even if ihey are right Pet«- . 


Berkeley Hamforo midway surge 


£3 63m compared v o L^ es ^s: cd p°i°a ! ^.f E th o e f 2saL l T&rSd , a?yB ^ Ab -- pjant - and ^ *^**^"*"±»m 

The directors say the increase North American Holdings and the j Q respect of interest attributable 
in revenue profits is attributable Swire Property shares. respect or interest attributable 


- hsve not been W1 iiiw _ w 

fir mainr much from Iran;” said Petbow’s- the effect is felt very quickly, bow. wriH -have- received quite-a- 1 
ABELSOIV PLANT exMnslm move^ni^bSme chairman. -Mr. - James Bird. - Dale does some of this produe- shock. It might now seek a way., 

PURCHASE a SSidiai^^f Hawlcer SiddSS “And many people in the City tion Une work as welL But ^more to - become Jes, vulnerable .to.- 

A be Ison Plant (Holdings) earlier this year. As part of that do not seem to realise that Iraq .P«en it produces sets for specific short - term ijBucfuations m de~ 

I jointly owned by Tozer Kemsley arrangement, Carlton acquired for *S t _ boycotting British - goods orders an{ i. e, . ? bt Q r more ^months mand- Petbow misbt then ayot^. 

and Millbourn and Turriff Cor- 
poration) has acquired Neagron 
(Construction), a plant hire and 



largely to reductions made in ■ . . ... , 

group borrowings by the sale of The major part of this surplus 
properties during 3977 and the h ^“ P 0 ?" take ° ml ° account in 
early part of this year. the balance sheet at December 


outgoings and management on transactions enhanced 

expenses have been reduced, reserves by a further £l.nra. 
Profits from property dealings was The directors have recei 
also particularly satisfactory. contracted to sell the St. Jai 
Earnings per share, before et d' Albany Hotel in Paris 


4.61 p against I.4Sp. The inte 
dividend is lifted from lp to 1. 
— last year’s total was 3.22 p 
pre-tax profits of £1.07m. 


to properties in 

course 

Of 

development. 

First half 


1978 

un 


row 

row 

Total Income 

JLK25 

4.427 

Outgoing, eic.* 

2^38 

4.286 

Interest credltt _ 

_ 

229 

A5SOO. 10SS 

S 

S 

Prom before tax 

WTO 

362 

Tax 

240 

315 

Minorities 

11 

9213 

Attributable 

778 

260 

Extranrd- cn-dtft 


-4TO0 


Abelson holding . company will building," builders 
co-ordinate the activities of the and plant leasing. 


merchanting j 


MINING NEWS 


Metal Box sells stake 
to Continental Group 



to acquire BH South 


on producing and this leaves them ISSSTtoJZtt uS?,? “rvmi | Metal Box has «ld Its stake in an 
With only one such undeveloped reserves. 5 Debit. ILoss. I -mrim DUi uaa Wiu iu. aidive 


^ QUART! 


Walker and Homer profit slump 


GUINNESS PEAT 
U.S. EXPANSION 


IT IS disclosed that Australia’s it intended to sell A*50m of Its further raised its earnings for 
North Broken ffili, major mining major investments to repay debts year to September 30 to .R2T.48ra* 


Guinness Peat and Compagnle j investment group, last month incurred over the phosphate ven- (£15. 76m). or 376 cents per share. _ 


PROFITS BEFORE tax of Walker adequate should the upswing in sublet has been taken back for! 28 4 w"r"rent.' interest in North American Glass is still interested in malting selected life office^ . of _H0 cenU again* 9j ««& • « 


As part of its programme of preference shares (over 92 per 
engagement from. Continental cent). The balance will be 

whMv* flin IT C AAvitnlnAr fvlevit anffiiiwuT PnTTlVlII lqf)T*il V 

compulsorily. j R y renmcth MARSTDN, MINING EDITOR 

Australian container company to 
Continental, for about £4.5m. 

Continental and Metal Box each 

rJU de^tAtiecidMi't^ooiir^ia HnanfTpr proposed a merger worth dose to rare. It has already made some from K23£Sm in 1926-77^.-^166^ 
ta?nerUmit«i ^ As*a’ resuVoMhe LTndt^te SA^ of Luxembourg ASSfkD («Wm) with its asso- smaller sales and has reportedly final dividend is 'lifted byiQttnts' 

deal Continental’s stake^ ris« to have agreed to take a 70 per rent BH South. Moreover, offered 6.6 per cent of Alcoa to to 75 cents, making * -year’s totaft 

284 wr rent Seriito North AmericS Glass North is still interested in making selected life offices. ^ t of 110 cenls against OScmts.,* 

and Homer upholstered Furniture the trading position continue, the company’s own use. Yesterday Mr. Jim Hodder, the Industries Inc^ the Chicago based ® bid despite a rejection by the Mr. turnoveI \ ^ 

maker, slumped from £22,689 to Estimated closure costs of £17.860 Inevitably this involves an company secretary of Metal Box insurance and grazing company. South board, reports our Sydney P*i d * penod. kmonnted ^ 

£44.320 in the year ended July 31, (nil) relating to the factory have increase in overheads, but it explained that Container had been The residual 30 per cent of the correspondent f0U iT»?i ears »^ n<I compared^ with- R1I7.9K g, 

1978 and after tax of £121,S61. been included as extraordinary greatly Increases the agency’s closer to Continental so it was NAGI equity will remain with the The disclosure was made by ’.reflecting ■ • 

against £21.515. there was a net debits in the Year’s results. ability to handle the considerable decided that Metal Box ought to existing management the North chairman, Mr. M. L_ C^riL, Ljr i* larr-ra^Tb- ^ er ? ved fr ^T. c ^ll? rfogtfr ^ n d - 

be the one to »U out . NAGI is the largest glass Baillieu at the company's annual JJJ «hate U nn aeTre timber op^tions^ - 

Mr. Hodder. agreed that the sale insurance and replacement meeting- in Melbourne, yesterday. and ^ninr^a^ Ss and aIs ° benefited. ; 

left Metal Box without any repre- glazing company m the UJ&. Its There has been considerable rShar hLsL mSral SfiS w« still SSSfSSS? 

sentation in Anarralta. White he combined activities produce SSm speculation that a bidder may -be unaWe to operate mohtaSv ^ J 13 ?^ 000 compaped. wltJi.-W)®;^ 

would not confirm whether the of revenue annually, and its attracted to South, which is U h Hu V?*”] 0 pP0 l j \ Iasi tune. . 7 ' ~:-t 

group had any plans to re- pre-tax profits m 1977 amounted SSn^ IkiinSty pn^etns, largely c . a Noi ^ h - said, now had about Pending the.-iteumri -stateraeidS 
esrabllsh itself there he admitted to over $lm. through^ heavy losses ^sociatod n l. South ^bares. or 16 per cent by -the cltairinaai-df tiiis Bariaw- 

that Metal Box “could not afford NAGTs msurance activities wtth its phosphate venture in vjUt i ed ,u 0I i Eand sroup'en«ipWr tt-woi*P 

to ignore ' the whole of have been concentrated solely in Queensland. . .market at ASISra and the board seem, that '4/urtber r««jfl;earp?. : ' 

Australasia.” the specialist field of plate glass. t .. , . ' was concerned to watch Avhat jvas mgs is in 

Meanwhile Container, which has The company, however, does hold Bat the North disclosure is the regarded as an important invest- year. TCL - Hiares' feS^ 

access under a J976 agreement licences for ail forms of insurance concrete evidence. Intact, ment being eroded. yesterday. - : 

to Continental's technical ex per- other than ocean marine and life. Mr. Baillieu said at last year's “We believe South’s problems ' 

Use. Ls now In the process of CO* 1 fa as interests in other insur- annual meeting that the company can be solved and that there Is 

Rmwtb in mu inmm» nt si: ™»pl nezotifltino with Metal Rn* nver ante activities, and the venture was not considering a iid for considerable scope for meeting its 


loss of £77.541 compared with Tbe foam conversion operation growth anticipated, both from I 
profits of £208,174 in the previous j 1as been reorganised which en- new business already in house as 
year. abted the Bradbury factory to be w * u as new business expected! 

First half profits had dropped vacated at Stockport with effect over the next 12 months, 

from £227.681 to £48.342 and the f rom the beginning of August 

directors said then that there did Negotiations for the sale of the 

not apear to be any marked leasehold interest in these 

premises are. at an advanced 
stage. 


improvement 

Turnover for the year was down 
from £6.53m to £5.29m. Loss per 
share is shown as 1.36p against 
3.66p earnings. 

The final dividend is maintained 
at 0.45p making a same again 
total of 0.9p. 

Commenting on the Tesults, the 
directors say that while the 
group is at present working at a 
high level of production activity 
but is still recovering from a very 


Geers Gross 
more than 


Philip Hunt 
jumps 56 % in 
third quarter 


•j 



•v 


Turnover of Geers Gross, adver- ^ddm^ orT^rner and N^II in 
out u> .-»uii icweiiiik ui/u. « vcij no™,* aT>r i mnvjiit'.nt s . ,Qaiar y or 'wriier ana newaii, in 

depressed level of trade and con- [SLprf^ronEiv from i? 65m to the third ^ uarter of 197 8- Sales 
sequentiy profit margins are not MS, Si of Tots were als ®J t a Pe ak rising 24 per 

a ?th e level which they would SSL" S^ee’n^ ESjK t P £ 

expect. _ . . . . . doubled from £63^02 to £132511. share w,eT ® 14 bettt| S at 40 


exports rise 


c. - 


GARNAR /KINS WOOD be November 1. 1078 when Lord [panies, it had largely been to the fullest extent possible.” Mr. vvarnyre nv 
The offer by Ganiar Scotblair Klssin of Guinness Peat will join | assumed that North’s buying was Baillieu added. haiaikl^ or roll stt coal wuiauF*. 

[for A. T. Kinswood and Co. has the NAGI Board as chairman. 


The Board is however hopeful 
that a steady improvement in 


After tax of £73,319 (£42,0001, 


cents. 


been accepted in respect of all 

the ordinary shares and 96.07 per XT IN JOINT 
cent of the preferred ordinary VFTVTTTRF 
shares. The offers are already 


pass 40m tans .tbisi year; 'for -ra» 
last U nInnfh first ^ me -history, aGtordin^?Wr^ — 

y-SS ** economic ^ireaL- R^^r 

ro explore ZBtn-anirme.. — 

Poland., thg 


largely aimed at deterring any North bad therefore held a 
other groups considering the preliminary discussion 

possibility of acquiring South. with the South board w GA^uce 7jicrpnnii^7iP 
Both North and South are mem- the possibility of a merger on the Tht^SmSl-i .-.iri 

miht a steauv ixnuaiveuirai u , . The strong performance in the snares, me oners are already “ .. .. . bers of a group of large basis of one North share for J STTr mn ,rriri>T 

nmfitabiliiv will take place as the ear U mgs 10 P sha re are shown quar t er contributed to a 14 unconditional. The offer for pre- Tube Investments has joined Melbourne companies, widely re- each South share. This would 
ffv^OTSbft lhtooE *° hare "sen from O^p to Lip (int improvVraent in net ferred ordinary remains open knd a Cyprus manufacturing company ferred to as the CoIUns House ” have enabled South shareholders 
^ ° and the net interim dividend is ihmwm «» ts^/ivonn /m-wwim the balance will be acquired fo try to capture the middle and stable. The group also includes t° participate in North dividends t 11 

southern European markets for 
buses. 


course wiU te dependent upon iSmTsTo” SiSSHLS ™WA%J£SS 

the general level of consumer year - s total payment was 2^2536p gJgJlL* 0 e " d ° f l pl5 ' 

sDendinff. -mRtc nf foci nnn septemoer. tvarnings per share 

In view of the changing pattern f ™he P half year figures, which J? r I!lLI 1 Ht4 ,n ^!!j!, iin "r" T _ ed .?2l GKN/STERN OSMAT 


3 up also includes ro parucipare in worm dividends TJ r j 
Western Mining Corporation, EZ after 1978. In London yesterday ^ 


of retaU distribution they have include those of the u!s. sub- • up 


The joint venture, to be called 
TI-KMC, set up in Nicosia with 
The resolutions at yesterday’s a total investment of £1.4m, hopes 


Industries and Associated Pulp North Broken HiU shares were “rwslr 


_■ * " S, na .. ; ho Hiwuur 24 oer rent totalled S670ftm ine resolutions at yesteraars a total investment oi ii.tm, nopes 

m ?^ e ^!^fclli^n C a^ri 0 therS sidiary Richard K. Manoff for the stron*» sales volume increases racctin* of Stern Osmat Group to manufacture 500 buses a year, 
sales organisation and there are a™ mnnfhc «inr-» takeover refleri “ l ™ n « ™urae increases . r~ . _* 5 t. , i n 


and Paper Mills. " 107p and those of BH South closed 

North BH and BH South both at 
have large investment portfolios 


sales organisation and there are fi ve months since takeover, reflect 
clear signs that these changes are a satisfactory level of trading, say 
bringing in an increased volume directors, 
of business. 


and consequent profit increases] 
were achieved in ail product lines | 
in North America and in Europe. 


Because of 


Thou clato rh^r snmp riicannnlnl. ,n ^OrUl fuiwrica dim in EiUTOpe. _ 

the much lower j ng fall-off In domestic client ^ in ^ r t^ s tu„ I1 ^^ in,a j ned JL he ° P Acc 


were passed. Guest Keen and It will be basically export oriented 
NetUefolds’ offers for the company Kaisis Motor Corporation of 
are unconditional and remain Cyprus has 60 per cent . of the 


trend seen in the second quarter! 


level of production activity dur- spending. particularly ... , 1Q _ 

ing the year the directors are cigarettes, due to a major trade ,• . 

unable to maintain investment in price-war and to the demise of ...JL'Vf “g 3 - coj 1- ! 

stocks and capital expenditure, tobacco substitutes, bas been 
Id addition, they have decided largely offset by very successful directors stete fOU ^“ 1 quart - e ^’- 


equity of the new industry, while 
Acceptances have been received, the remaining 40 per cent is 
for 3,234,040 ordinary shares shared between TJ and the Cyprus 
(over 98 per cent) and 41,007. Development Bank. 


which have a great deal in com- 
mon and are also partners in some 
mining operations. One of the 
most important investments is in 
tbe aluminium group. Alcoa of 
Australia, with South having a 

16.6 per cent equity and North 12 SOUTH AFRICA’S diversified 
per cenL mining group Transvaal Consol i- 12.7 


Another good 
year at TCL 


Chief customers for Polish coal 
include the Soviet! Union. Giechb* • 

Slovakia and East GeifcanyL *•• 

although sales. to-'the.[West ,h#ve^~-- 

been inoeasitig.- . - 

Among Western countries, 
major buyers of Polish "■■coal 
include France with' 5ra tons' 'Iasi 
year, Italy with over 3m tons 
and Finland with about 3m- tons: 

Last year coal accounted fqi 
* per cent of Poland’s itot^ 


investment forecast, to make a As evidence of the Board's very 
provision of £35.000 for deferred positive view of future prospects, 
tax liability. These two factors the company is currently malting 
have resulted in an abnormally a considerable investment in new 
high tax charge for the year. staff, particularly in account 
Cash flow has been improved handling, research and creative 
due to the sale of the Bolton fac- areas. 

lory and should be more than In addition, spare previously 


HORSERACE 

TOTAL8SATOR 

BOARD 


52 Weeks Ended 
31st March, 1978 


O Turnover increased by 35% 

® Pre Tax Profit increased by 
388% 

9 Levy Contribution 
increased by 42% 

© Net Assets increased by 42% 


1 2 months to 


1978 

£000 


1977 

£000 


Turnover 

Profit before Levy and Taxation 
Profit before Taxation 
profit after Taxation 


65,743 

1,348 

1,011 

586 


48,830 

445 

207 

85* 


Exclude? extraordimry tem. 

( Disposal of Freehold Property) 


Extract from the Report and Accounts 
before Parliament on 24th October, 1978, 


laid 



Priest Marians 
turns in 
£50,700 


PoweU Duffryn to pay 
£1.2m for Lancs, group 


South recently announced that dated llnd Sad Eitorad^h^ SbJTttaWLlSE* 


Sharp jump in Amax earnings 




.^n^ m ^ r p U 4MS t of«ar! D 

Powell Duffryn is ■-pending up London, the South and South takeover bid by Mr. Pierre Gousseland. the also M 

to £1.17m on purchasing a small West of England and Wales. Standard 00 of California, yester- chairman, said the improved results 

_ „ . j Lancashire-based timber group, For 1978 Powell Duffryn ^ ay reported a share 48 per cent results reflected the companv’s marker 

Profits before tax of Priest | Alfred Huhne. Some £250.000 of Timber a chiered profits of £1.79in iV. 1 ?5_i n 5? rn . l , nffS 1°*! third five-year investment programme revenue d freto 


Marians Holdings, at £50,700 for] the consideration is dependent on on turnover of £30m. compared 1 9, ua C* er _ yea f- reports of over S2bn. “2 am confident that a su ^? r , w *.,?r^ 

the year ended April 30, 1078 have the profits that Hulmc will earn with £2.2m and £27.8m respec- Lascelles from New York, the strong earnings pattern will t w^* RIj ^ olin faa L l M5 

beaten the expected figure onto March 31, 1980. while another tively in the previous year. L-Si e I_, inco ™ e , ' vas . WH3m continue. " he added. «- ^ Cest 

’ ’ 1 - »{£21B m). equivalent to 91.18 per Earnings improved for TnrvivH. ^ ^ ^ me month earnmgs il 

share, up from *30m. or 78 cents denurnTTop^, cSd. too? ^ or ^.51 per shari 

9 churn Culnr „.nrn »-n , . 'r 1 ' injfl Ore 32a in<it fWOn, mu AA r. 


about £34.000 and are well ahead part of the purchase price could 

of the previous year’s £17,399. be made through the issue of LEYLAND PAINT 
Turnover improved from £530,177 Powel Duffryn shares. County Bank has exercised its 

— r., its test financial year to option to convert Its entire hoM- 

The year’s profit includes a December 31, 1977, Hulme made teg lm 10 per cent convertible 

special credit of £16,950 being a taxable profits of £200,000 on turn- redeemable cumulative preference 

release of an extraordinary pro- over £3^6m, compared with shares of 25p each in Leyland 
vision of which £6,990 was pro- £166.000 profit and J3L96m sales in Fatal and Wallpaper and as a 

vided in 1976-77. Tax charge is the previous year. result County Bank has been 

£3^980 (£8,538). Although Hulrae has only three a Hotted Ira ordinary shares of 

Earnings pen share are shown timber sites Powell Duffryn says 25p each In the company, 
at 17.57p against S.SSp and the the acquisition will complement Through Williams de Broe, Hill 
dividend is raised from 4.092p to its existing timber and builders' Chaplin and Co, 

= merchants activities, It will estab- = ''" *' ‘ T 

lish a fifth division for Powell 

Duffryn Timber in a new trading a result County Bank's 


5.494 p. 


stare-. Sale, were km. „ ^ 

Talbex wins approval for Hoskins bid; 

a [nwol and MuirtfSh have W M r d ' toi,ets " ’ 

f gjanlmf? Co., it has p.ced | a^prevTSsha^ffi to^ KS 

: ^r 000 of these Ordinary shares for the Birmingham hospital benefits which we 5L ™ 25 referretf tc the recent pdc 
1 with institutional Jnvestors. As | equipment and building materials accrue from a U of the Talbex shai 


BANK RETURN 


area — Lancashire — outside its shareholding is 500,000 ortfraly I .. Jt .u^^ u, L t l hen shareholders 


price.. 


\\ prtnevlfly ] Jnc. t+) or 
O-t. K i D*c. t -i 
1978 | for wwk 


i-ancasnirc — outsiae us airaronoraing is ow,uuu oruinary jg now seew#,* - meethlE with the that the Taihw Tlie resolution wa.s carried wH 

listing areas of operation, in representing some 6^ per cent of HosSns Board ^ ™ w£ to r°^ 11 4.4m votes in fJSL? «£ 

East Anglia, lhc Midlands,the total issued share capital. - ara ' “*? !n the . »nferosts of Talbex n a oi „« n “ . a, 3 d 


BANKING DKPARTMKNT 


UA-BlLITlEci J E | £ 

Capital I l4.553.0C0i - 

Public' Deposit. ^.j 1 S. 437 JBfi — P, 2 J 4 ,G 5 fi I 

Spreial DepwUfc~jLQ 6 e.Z 40 .iK 0 : _ j 

Banken. ; 386.217,449!+ B3^82AX| 

Keaerves & Othcw | 


j S22.I44.9gs _ 17.417.4W 


Brooke Bond may try 
again for Bushells 



— Talbex — •' 1 «*‘ L,, ur ana 03 

Authority to go ahead with t0 e turnover and pro il S!S| U i„ 0 JL a .j! how of hant 

takeover terms, however, w as dlv1sion ty Se bid ^ ^ l ° 006 appr0Vt 


an 


’3.155.733,733!+ 57.179.94J 


are,” he said. 


Brooke Bond Liebig is sounding the guidelines 
[out Australian authorities on the “Within the guidelines as 
possible approval of a fresh take- understand them some 


n*vt. Sciairitie9.Ju®4Ui3UwL 40,655 ooo over ofler f °r Bushells Invest- partnership could be one 
AiiraowdiotbeH j ‘ mentis. Australia's largest tea approach to the acquisition. It is 

A/ta..™ .J 399.6f2.ie9 + 94,056.704 company. not the 1 only approach/ 

tomba.ttu.il> || ! Its first £20. 5 m offer was 

i sjwLiiS re i° eted by Mr. John Howard, the 
zwisw.I liis? Australian Treasurer, under the 
1975 Foreign Takeovers Act 


shareholders arriving at ter ms. a point which has attoactod b® and his 

n EGM were met by union considerable adverse comment bad travelled from 

Pickets from Hoskins and Horton Lmrt said ST alterative! SSftf 1 -^ 0 „ P ut *be workefjj.. 

■fwlJt a M to- * 

form of! strongly against a bid. - ,s n °thtae sinister in ...i 


nothing sinister hi The 


'Wi r « uiu. nnr r.V' c . ine 

TTie meeting -was called by to hide." have nothing against 


unions, he said. we( 
a takeover but they wei 


Si other isecs.— 

Note* 

Cola 


BRICOMIN OFFER 
UNCHANGED 


Talbex after UMnWdtrt "dnjhejofluence. of. Artec, the SS^ert.'’ 7 ”^"^ 7 ^ 


B«SS t0 and Horton E&SJSS 

were b™ 1 ? rejected, clients 


bank whose 




j2, 103.7^.133;+ 67J79.943 1 because it - would be contrary to The offer price by Bricomta for| Ltint’^M stanI ?i’ experienced"'"- no - interfered 

C 1 ‘ u ~ New Vork and Gartmore remains whatsoever “ apart toTSfS 

unchanged at 47p. This is In IlneUhfr^wL ^ manda te from baking. da “ ai 

^ater Mr. Eric Walton, a Talbex 


ISSUE DEP.UmiENT 
■TJXHTUlThS"| 


the national interest. 1 

Mr. J. M. Thomson, the manag- unchanged at 47p. 
ing director of Brooke Bond’s with the conditions of the offer 


in Bulk's Dept. 


ASSETS 

Qoet, Debts. „ 
OtbwGort. Nttst. 
Other heocuUlesJ 


airecior oi urooue nona s wiui ine conmtions Of the offer First of nil hm*-**- h. , - w ^ w .5“* * J,C waiton. a Talbex 

? answer ti ”%£ 'SSu^JSSf^im^L “*SPlhnentaty 
i of been r, 
the Hoskins 


+ a6,00W00 that when the first application per share asset value Of each Of been S JSp!| ' 0 4 t,^L nte iJ? lJcli , had ^ ^ e Rroup’s- past. 
S£'Si?S£;i s ' 6 !'SSi^g-m — !>?*• *• «mpany:™ not New York and Gartmora. oS tte . Bu« Mid. ta waa 


familiar 

foreign investment 


3.561,1k) | completely 
Australia’s 
ll,oib. !Co[ _ guidelines. 

a^ 0 f^ io h ”^ d t h? 

R^tew Board' to’ taterSSl IS* eSti ™ te<l at 36 - 1 ’ 


very nn- 


nent trust service daily list was greater w” r uf? ar 5~“ e . rs -.. . “ DOt rwht l have never eome 


Mr. Lloyd had argued that across a situation like 


come 
the .one 


rffer erire SSdTS'SSL/ 0810 ™ ^ ypuraeV^s-tote, 

Mr. IJinr miRitninarf ok.o T __ "“r! 


Mr Lunt maintained that Mr. ^ ^e -betoj 'oSST by tte 
Lloyd was not in • ■ wy ine 


a position to^ chairman -right dowm to the lady 



Do you mod currant Wifbramian ofl: 
i-kritBd Cofflpunict, inciuding Bata*«. 
Shaet *, prepared m 6d8ysataee*t (rf ' 
onty£3riI? 

You nod's' 



Por fnoni infenrwtkieu wliiSini riaiwri; 
. ’ «3t0nfl cart and saodhttKfc- • 




— •. ... 

27 W«t Sftnf.Bofcv. Oaftw f. 










4 ^ Financial Times Friday October 2.7 1978 


23 


i'*w 
» fl- 


INTERNATIONAL FIMNCIAL AND COMPANY NEWS 







ORTH AMERICAN NEWS 

11 Currency losses hit Texaco earnings 


BY DAYID LASCELLE5 

E MIXED pattern of oil 
ipany results continued today 
h third quarter results from 
aco, 

• ct earnings were $21 2.8m, 
ivalent to 79 cents a share, 
ns from $247.9m or 31 cents 
bare in the same period 13-si 
. r. 

f r. Maurice Granville. chair- 
t. blamed foreign currccc;.* 
tslation losses for the lower 
.r-on-year earnings but 
ited out that Texaco's third 
ner results were up on the 
: and second quarters, 
actors working m the com- 
y's favour were higher 
'oleum product and natural 
prices in the U.S.. and higher 
!e oil production abroad, 
gainst this. Texaco exper- 
•ed a natural decline in oil 
luction from older U.S- fields. 


and higher operating expenses. 

Meanwhile. Standard. OU Com- 
pany of California increased its 
from SlOfim to $13lm. Agencies 
report from New York. This was 
in spite of foreign petroleum 
earnings declining from Sl26m m 
S i 13m. Eastern hemisphere earn- 
ings declined ro SSSjn from 
Sl02m due tu foreign exchange 
losses and lower crude oil pro- 
duction. 

Revenue for the first nine 
months of Standard Oil !of Ohio 
increased to $5.7bn from $2.5tin, 
whereas net earnings were 
S'J85.7m fo.-upared with 31109m. 
Per share earnings improved 
from $1.41 to SiSSi British 
Petroleum has increased its stake 
in Sohio to 52.2 per cent', 

Earnings of Grtt> Oil improvr-fl 
marginally for ihv nine-month 


periud from Sii3.9in to S225.7m. 
Revenue increased also from 
su.ssim to $2.72bn. but the per 
share earnings remained pegged 
at .$2.74 per share. 

Texas Eastern Corporation 
reported lower third quarter 
results, which the company attri- 
buted to increasing exploration 
rusts and running costs of Utc 
Eastern gas system. 

Commonwealth Oil Refining, 
which has sought protection 
from its creditors under bank- 
ruptcy laws, recorded a net. 
profit for the third quarter of 
$2.2m compared with 3 1.8m. Per 
share earnings were 12 cents 
against 9 cents. Sales for the 
period dipped from S251rn to 
S24Hm. 

Also for the third quarter. 
Pen n7 oil Company' advanced 


NEW YORK. Oct. 36. 

from 7S cents a share to 97 
cents. Net income rose from 
$27m to $33m, on sales revenues 
up from S29Sra to S393m. 

Union CHI Company of Cali- 
fornia slipped from $95.5in to 
#92.6m in the third quarter. Per 
share earnings remained un- 
changed at S3. 10. Sales- revenues 
moved ahead from St.4tlbn to 
Sl.«4bn. 

Union Oil indicated that the 
after tax capital gam of S43m 
from the sale of its 33 per cent 
interest in Maruzen Oil will be 
included in the results for the 
fourth quarter. 

.'Murphy Oil Corporation 
slipped from 811.5m to Sio.SJm 
for the third quarter. Per share 
earnings *r:re down from 92 
cents to SS cents. Sales revenues 
moved ahead from S26ti.3m to 
S311.8m. 


* 'u. 


^ i’lT 
.* , • ‘ 
• M 

1 


as a 
OU 


ichiumberger 
evenue rise 

* Our Own Correspondent 
NEW YORK, Oct. 36. 
LUMBER GER, the- oil 
ins service company which 
imong the financially most 
essfui U.S. companies, today 
'lied a further sharp growth 
revenues during the third 
■ter. 

it income was up 27 per cent 
136m equivalent to SI. 60 per 
e Trom 3107m loxt year and 
per share. Revenues were 
N8m up from S543.3m. 
ir nine months Schlum- 
er’s net Income was S364.6m, 
from S292.3m last year. 
Ring $429 a share as 
sed to S3. 40. Nine month 
nuc was $L96bn compared 
$1.61 bn. 

\ Jean Riboud. the chair- 
r>/|, said the growth in oilfield 
K'sces continued strong in most 
■Elating regions in North and 
h America, North Africa and 
Far East. But the company 
; ed “ political and economic 
•T^-rs ” for a decline in exp lor a- 
'.j;in the UK sector 

Kl., 

*K 


Standard Brands makes progress 


BY OUR FINANCIAL STAFF 

STANDARD BRANDS, the diver- 
sified food and vines group 
whose sales topped the ' $2bn 
mark for the first time last year, 
saw its earning* move up by 12 
per cent during the third 
quarter. 

At $2Q.3m against glS-lm, they 
were equivalent to 72 cepts a 
share after 65 cents s^year ago. 
The growth rate in the company's 
profits exceeded that of revenues, 
which were only 9 per cent 
higheT at $58fl.9m. 

For the whole of the first nine 
months. Standard Brands, which 
reckons on a profits Improve- 
ment of some S per cent for 
197S. expanded at a siighUy 
slower rate. Earnings climbed 
by just over 9 per cent to S52.4m 
from $47.9m; at the par share 
level, they amounted 'to $1.86 
against 81.71. Revenues, how- 
ever, put on J3 per cent to 
Sl.Tbn. 

Earlier this month. Mr. 
Reuben Cutoff stepped down as 


president of Standard Brands 
after his highly personal and 
centralised management style 
had Ifil to friction with other 
executives. He was replaced by 
Mr. O. Lester Apple-gate and is 
nr.iv executive associate to the 
chairman. 

The company turned in a flat 
earnings performance in 1977, 
as predicted, the high price of 
sugar having boosted demand 


for its sugar substitute high- 
fructose corn syrups the previous 
year. This benefit receded as 
sugar prices came down. 

Consumer products provide 
the main drive behind Standard 
Brands' progress, with some 
80 per cent of sales and opera- 
ting profits generated in this 
area last year, a marked change 
from the position a few years 
ago. 


Consolidated Foods gain 


BY OUR FINANCIAL STAFF 

FIRST QUARTER earnings of 
Consolidated Foods, which is pay- 
ing 3260m to buy the fast- 
growing Hanes hosiery and 
clothing company, increased by 
nearly 12 per cent to $27.4m, or 
SS cents a share, though 
revenues soared by 35 per cent 
to Sl.Ofihn. 


The group said it was raising 
Its dividend to 40 cents from 
37.5 cents fbr the period. 

In the previous three months, 
the company lifted its earnings 
its earnings by 21 per cent to 
826.9m, or 90 cents a share, clos- 
ing its 1976-77 financial year with 
an overall 14 per cent gain to 
SSSm, or S2.93 per share. 


Agache 
Willot to 
take over 
Korvettes 

By Our Own Correspondent 

NEW YORK. Oct. 26. 

FRANCE'S Agache- Willot 

Group, which recently gained 
control of tbc bankrupt textile 
empire of Marcel Bo ns sac. has 
launched its first major invest- 
ment in. the U.S. with an agree- 
ment in principle tu pay more 
than $30m for a 51 per cent 
stake in the Konettes depart- 
ment store chain. 

Controlling interest is to be 
bought from Arlen Realty and 
Development Corporation 
which has ben suffering mount- 
ing losses on its real estate 
and retail business over the 
last five years. The 50-storc 
Korvettes chain has been 
heavily In the red but has 
started to show a recovery this 
year and pre-tax operating 
losses in the six months ended 
August 26 were reduced from 
$6m to SIJ9m. 

The agreement with Agache 
Willot provides for an initial 
commitment “in excess of 
$30m which is expected to be 
followed by further expendi- 
ture on Korvettes' s real estate 
interests currently owned by a 
subsidiary of Aden. 

With its acquisition of the 
Boussac empire, Agache Willot 
has added the prestigious 
Christian Dior fashion business 
to its existing Ted Lapidns 
brand .name. Whether these 
labels find their way into Kor- 
vettes remains to be seen. - 
But' the department store 
chain's recovery has been 
based on development of 
fashion lines and a reduced 
emphasis on hardware and 
basie clothing. Mr. Datid 
Brous, Korvette's president, 
says that additional investment 
won Id now he available for 
developing tills new strategy. 


EUROBONDS 


Major sectors weaken 
dollar sinks to new low 


BY FRANCIS GHIL£S 

EVER INCREASING nervous- 
ness was displayed in the two 
major sectors of the inter- 
national hood markets yesterday 
as the dollar sank. yet again, to 
new lows. A sharp rise in the 
six-month Eurodollar rate 
further hit prices in the dollar 
sector : the offered rate moved 
up from 11 per cent on Wednes- 
day night to 112 per cent Iasi 
night, after having touched lit 
per cent earlier in the day. 

Prices of dollar-denominated 
bonds fell sharply across the 
board. Where no sellers were 
active. professionals marked 
prices down hy between » to { 
of a point. Where there were 
sellers, particularly in the after- 
noon, prices dropoed much 
more, in some cases by as much 
as 1! to 2 points. 


Recent and older issues were 
affected, both straight bonds and 
Hearing rate notes: the Gota- 
banken floater, which was priced 
on Wednesday was being quoted 
by the lead manager S. G. War- 
burg at 96} -97. The S-fOm con- 
vertible for Central Telephone 
and Utilities Corporation was 
put off until better times by Dean 
Witter Reynolds hut the 875m 
floater Tor Long Term Credit 
Bank or Japan was priced at par 
by the lead managers. Credit 
Suisse. First Boston and Credit 
Lyonnais. 

In the Deutschemark sector, 
trading was very nervous 
throughout the day and turn- 
over heavy. Prices in the secon- 
dary market fell in the morning, 
recovered somewhat after lunch 
but ended the day amout } to '* 
of a point off. The BankAmerica 


Carp, issue which was priced at 
par yesterday was quoted at a 
discount of 1 J-l 3 of a point yes- 
terday morning, but recovered 
later on to be quoted at a dis- 
count of only half a point. This 
may have something 10 do with 
the fact that allotments seem to 
have been very tight, some banks 
only getting 10 per ecnl of the 
number of bonds they had asked 
for. A new issue For lbc Council 
of Europe was announced by 
BHF Bank: DM 130m fur the 
Council nf Europe with an indi- 
cated coupon of 61 percent \o be 
priced at par. The average life 
of these bond-* is eight years and 
the final maturity J9SS. 

Nippon Yusen is expected to 
float a DMSOm convertible next 
month through WestdeutscUc 
Landesbank. 


Hefty setback for Singer 


BY STEWART FLEMING 

THE SINGER Company, the 
largest of the world's sewing 
machine manufacturers, is pro- 
jecting a S4-5m after tax charge 
against is fourth quarter profits 
as a result of its proposals to 
restructure its Clydebank. Scot- 
land. sewing machine plant. 

The company reports a sharp 
setback in its third quarter earn- 
ings from continuing operations. 
Net income fell from SllBm. or 
61 cents a share, to SS.4m, equal 
to 30 cents a share. 

For the first nine months oF 
1978, the company’s net income 
was S44.7A. or $2.36 a share, on 
sales revenues of $l.Sbn. com- 
pared with $47.9m or S2.53 a 
share on sales of $1.86bn. in the 
first nine months of 1977. 

Mr. Joseph B. Flavin, chairman 


and chief executive, said that the 
best estimate at this time for the 
full year indicates that the com- 
pany's net income from con- 
tinuing operations will be about 
*20 per cent lower than the 1977 
level of S74.5m. Previously the 
company had predicted main- 
tained earnings levels for 197S. 

Commenting on the reasons 
for the setback. Mr. Flavin said 
that the main cause was lower 


NEW YORK. Oci. 26. 

than expected orders for its 
power tool and floor care pro- 
ducts from the giant retailing 
group. Sears Roebuck. 

Mr. Flavin also pointed out 
that the continued weakness in 
demand for household sewing 
machines in the U.S. has been a 
principal factor in its earnings 
decline. He said that U.S. 
sewing operations will not be 
piofiidblc io 197S. 


SERICAN QUARTERLIES 





DATEX CORPORATION 


HARVEY HUBBELL 


(PHILIP A. HUNT CHEM. 

MOHASCO 

quarter 

Htt 

1977 

1 Third Quarter 

1978 

1977 

Third quarter 

197B 

1977 

Third quarter 

197a 

1977 

Third quarter 

1978 

1977 


s 

s 


s 

S 


S 

S 


s 

$ 


$ 

s 

iue 

326.4in 

302.5m [Revenue 

— 

— 

Revenue 

69 tu 

52.2m 

Revenue 

23.2m 

lS.7m 

Revenue 

176.4m 

160.0m 

irofitg 

12.45m 

10.83m! Net profits 

10^6m 

8.23m 

Net profits 

5.Jm 

4m 

Net profits 

2.29m 

1.46m 

Net profits 

2.75m 

2.26m 

er share... 

0.62 

0.55 

JNet ner share... 

0.80' 

• 0.64 

Net per share... 

0.87 

0.71 

Net per share... 

0.40 

0.26 

Net per share... 

0.42 

0.34 




Mine months 



Nine months 



Nhu raanfta 



Nine months 



iue 

98222m 

912.7m 

Revenue 

— 

r ’• • — 

Revenue 

178.6m 

159.6m 

Revenue 

67.1m 

53.9m 

Revenue 

522.4 m 

473.3m 

■refits 

36.67m 

32.75m 

Net profit 

31.10m 

22.75m 

Net profits 

13.Sm 

12.1m 

Net profits 

5.40m 

4.74m 

Net profits 

8.22m 

6.98m 

er share... 

1.84 

1.66 

Net per share... 

2.43 

1.78 

Net per share... 

2.43 

2.21 

Net per share... 

0.95 

084 

Net per share .. 

1.24 

1.04 

RICAN STORES 

DU PONT OF CANADA ■ 

HERSHEY FOODS 

JOHNSON & JOHNSON 

MOORE McCORAIICK 

d quarter 

lit? 

197T 

Third quarter 


MTT 


WTO 

19Tt 

Third quarter 

wn 

1977 

Third qurlfcr 

WTO 

wn 


s 

s 


s 

.t- S 


5 

S 


s 

s 


S 

$ 

nue 

9S4.3m 

891.6m 


164m 

127m 


“Dl.-tin 

177 -5 m 


RSK 5m 



100 1m 

$2 4m 

>rofils 

8.4m 

3m 

Net profits 

1.9m 

354,000 

Net profits 

11.63m 

S22m 

Net profits 

80.5m 

62.1m 

Net profits 

lS.S?m 

5.0Sm 

•er share... 

1.57 

0.57 

Net per share... 

0J>4 

. 0.04 

Net per share... 

0.S5 

0.60 

Net per share... 

1.35 

1.06 

Net per share... 

1.90 

0B9 

luntHs 



Revenue 

476in 

396m 

Nine months 



Niue months 



Nine months 





2bn 

l.&bn 

Nine months 



Revenue - 

544.1m 

477.7m 

Revenue 

2.62bn 

2.20bn 

Revenue: 

250.4m 

244.6m 

profits ...... 

16.7m 

lO.lra {Net profits 

. 8.3m 

6-6 m 

Not profits 

2S.llm 

27.12 m, 

Net profits 

238.12m 190.43m 

Net profits- 

22.44 ra 

20.12m 

wr share... 

3.15 

1.92 

Net per snare...’ 

; .1,04 - 

/■ J0JS2. 

Net per share... 

2.05 

1.98 

Net per share... 

4.01 

3.26 

Net per share... 

3.93 

3.53 

j CANADA 

FAIRCHILD CAMERA 

HOLIDAY INNS 

JOHNSON CONTROLS 

NATIONAL CAN 

quarter 

im 

1977 

Third quarter 

1978; 

1977 

Third quarter- 

197a 

1977 

TUnt quarter 

19TO 

1977 

Third quarter 

ins 

1977 


s 

S 


5 ■ 

S 


s 

5 


S 

s 


s 

- 5 

aue 

1-I2bn 

S94.9m 

Revenue 

13$ Jm 

Jie.fan 

Revenue 

339m 

293.8m 

Revenue 

107.8m 

82.9m 

Revenue 

2$S.0m 

273.0m 

iroflts 

109.9m 

S3. 6m 

Net profits 

6:72m 

2.89m 

Net profits 

25.3m 

23in 

Net profits 

6.59m 

5.35m 

Net profits 

3.05m 

12.9m 

<er share... 

2.23 

1.73 

Net per share... 

/1.20 

0.54 

Net per share... 

0.S2 

0.74 

Net per share... 

0.76 

0.61 

Net per share... 

0.31 

1.51 

nwKlts 



Nine months. 



Hhte month* 



NIm mouths 



Nine months 



3Ue 

3.11bn 

2.62bn 

Revenue 

SSP.lm 

351.0m 

Revenue 

S90.3m 

7SS5ra 

Revenue 

290.2m 

224Bm 

Revenue 

745.0m 

6S9.0m 

refits 

260.6m 

206.6m 

Net profits ...... 

lS.72m 

6.69m 

Net profits 

56.8m 

45.6m 

Net profits 

15.24m 

11.99m 

Net profits 

. 16.9ra 

25.1m 

er share... 

5.26 

4.M 

Net per share... 

3.39 

1.24 

Net per share... 

1.84 

1.48 

Net per share... 

1.75 

1.38 

Net per share... 

I.SS 

2.88 

WARNER CORP. 

FIRST BOSTON 

w 


HUGHES TOOL 

McDONALDS CORP. 

NORTHERN STATES POWER 

■Barter 

Ml* 

1977 

Third quarter 

1978 

1977 

Third quarter 

1978 

1977 

Third quarter 

1978 

1977 

Third quarter 

1978 

1977 


s 

S 


s 

S 


S 

S 


s 

5 


5 

s 



49S.4m 

Revenue 

2S.3m 

20.9m 



121.8m 



382.3m 


243 8m 

?21 3m 

refits 

30.8in 

24.5m 

Net profits 

3.4m 

371.273 

Net profits 

20.28m 

11.46m 

Net profits 

47.95m 

40.05m 

Net profits 

30.3m 

26.7in 

er share... 

1.43 

1.15 

Net per share... 

0.90 

0.12 

Net per share... 

1.42 

0.S0 

Net per share... 

1.18 

0.99 

Net per share... 

1.02 

0.91 

ttMtUlS 

- 


Nine months 



Nine month* 



Nine months 



Niue months 




l.TObn 

1.49bn 


73.6m 

65.3m 





’ l_25bn 

l.Mhn 


748. 8m 

656 2m 

refits 

95.5m 

72.5m 

Net profits 

5.3m 

29m 

Net profits 

48.79m 

35.09m 

Net profits 

124.16m 104.31m 

Net profits 

S2.9in 

68m 

er share... 

4.45 

3.45 

Ner per share... 

1.57 

0.90 

Net per share... 

3.42 

2.46 

Net per share... 

3,05 

257 

Net per share... 

2.S0 

2.32 

■ 

FRANKLIN LIFE INSCE. 

HUDSON’S BAY 

OIL AND GAS 

MESA PETROLEUM 

PUROLATOR 

Wirier 

1978 

1977 

Third quarter 

1978 

1977 

Third quarter 

1978 

1977 

Third quarter 

1978 

1977 

Third quarter 

1976 

1977 


S 

S 


S 

S 


S 

5 


s 

S 


5 

5 




— 


14.07 ni 

14.68m 


85.6m 



39.2m 

33m 


101.4m 


refits 

24.9m 

IS. 7m 

Revenue 



Net profits 

24.67m 

22.24m 

Net profits 

8.4 m 

9.1m 

Net profits 

4.33m 

3.14m 

er share... 

2.01 

1.51 

Net per share... 

0.67 

0.70 

Net per share... 

1.31 

1.17 

Net per share... 

0.52 

0.56 

Net per share... 

0.95 

0.68 

wafts 



Nine months 



Nine mouths 



Nine intonthG 



Nine nuonths 



iue 

— 

— 

Revenue 

— 

— 

Revenue 

— 

— — 

Revenue 

120.9m 

95.1m 

Revenue 

294.6m 

264.0m 

refits 

69.2m 

55. Sm 

Net profits 

42.86m 

40.S2m 

Net profits 

79.3m 

715m 

Net profits 

30.2m 

27.1m 

Net profiis 

10.91m 

3.53m 

»r share... 

5.5S 

4.51 

Net per share... 

2.04 

1.94 

Net per share... 

4.18 

3.77 

Net per share... 

1.88 

1.53 

Net per share... 

2.38 

1.85 


| SOUTHLAND | 

Third quarter 

19» 

1977 


5 

s 

Revenue 

848.2m 

694.1m 

Net profits 

19.3m 

16.1m 

Net per share... 

0.93 

0B3 

Nine months 



Revenue 

2.27bn 

l.SSbn 

Net profits 

45.1m 

37.4m 

Net per share... 

2.30 

1.93 

STERLING DRUG { 

Third quarter 

1978 

19TT 


5 

s 

Revenue 

342.7m 

316.4m 

Net profits 

27.00m 

24.65m 

Net per share... 

0.45 

0.41 

Nine mantes 



Revenue 

975.Sm 

SSI .6m 

Net profits 

71.56m 

64.73m 

Net per share... 

1.19 

1.08 

) TEXTRON j 

Third quarter 

1978 

1977 


S 

S 

Revenue 

794.5m 

681 6m 

Net profits 

41.7lm 

35.16m 

Net per share... 

1.11 

0.M 

Nine months 



Revenue 

2 32 bn 

2 09t>n 

Net profits 

122.76m 

97.51m 

Net per share... 

3.27 

2.60 

| TIGER INTERNATIONAL J 

Third quarter 

1978 

1977 


s 

s 

Revenue 

192.1m 

138.Sm 

Net profits 

15.7m 

85m 

Net per share... 

1.09 

0-65 

Nine months 



Revenue 

499.7m 

3675m 

Net profits 

33.1m 

155m 

Net per share... 

2.48 

1.21 

U.S. GYPSUM 1 

Third quarter 

1978 

1977 


S 

S 

Revenue 

363.1m 

319.4m 

Net profits 

30.25m 

19.67m 

Net per share... 

1.68 

1.08 

Nine monte* 



Revenue 

I.03bn 

S5S.7m 

Net profits 

82.92m 

39.06ra 

Net per share... 

4.56 

2.15 


Navy settlement trims 
Tenneco third quarter 

BY OUR OWN CORRESPONDENT NEW YORK, Oct. 26. 

TENNECO, the Houston-based Mr. Jim Keielscn. the chair- 
diversified energy companv, man. said earnings growth in the 
todav re nor ted a 6 ner cent in- P eriod would have been nearer 
Z „ ? th LZ 1° per cent hut for the unfavour; 
crease in earnings in the third ab!e j mpacl 0 f a c i ass settlement 

quarter, to $102.4m, equivalent to w ,ih t }, e y.S. Naw on sbipbuild- 
98 cents per share. The figures ing contracts, 
include earnings from Albright Tenneco's Newport News ship- 
acid Wilson, the British Chemical yard in Virginia has bcc-n press- 
company acquired in mid- jng for compensation over un- 
summer, though no breakdown profitable Navy contracts, and 
was given. Operating revenues has been obliged to make a one- 
were up from $1.8bn last year to time, after-tax write-down of 
$2.1 bn. about S9m. 


RESULTS IN BRIEF 

Procter & Gamble ahead 


PROCTER AND GAMBLE, the 
major U S. soap and detergent 
manufacturer, pushed up its 
earnings by 11 per cent in the 
first three months to sl66.9m, or 
82.02 a share. 

But sales were up IS per cent 
to S2.2Sbn, indicating pressure 
on margins. 

Last year the company boosted 
earnings by il per cent tu $al'2m 
on revenues up by the same 
amount to SS.lbn. 

Further advances for the nine 
months were recorded by Iteich- 
hold Chemicals, up Trom $1.16 to 
S1.39. Stanley Works, iron- 
mongery, up from $2.01 to $2.53, 
and transport and manufacturing 
group Consolidated Freight ways, 
ahead from $3.03 at $3.27. 

Setbacks for the nine-month 
period were recorded by Olio 
Corporation, the wood and paper 
concern currently the subject »f 
a bid from Celanese Corporation, 
which slipped front $2.S5 to *2, 
and Seaboard Coastline Indns- 
, the railway operator which 
been involved in merger 
talks with Cbessie System, with 


In the same period the utility 
Southern California F.dison fell 
from $2.92 to $2.31. building and 


NEW YORK, Oct. 26. 
chemicals company G.\F Cor- 
poration, edged downwards from 
$1.46 to 51.43 and machine tool 
manufacturer Warner and 
Swasuy slipped frern $2.14 *o 
81.95 

For the first quprlcr of the 
current financial year, upturns 
are reported by securities broker 
S lie arson Hayden Stone, which 
moved ahead strongly rrom 27 
cents io $1.50, hydraulic and 
pneumatic systems manufacturer 
Parker-ffannifin Corporation, up 
front 58 cents to 63 cents and 
Kenmctal. the melals and tools 
group which advanced from 76 
cents to $1.02. 

In the first six months, per 
share profits of glass tableware 
and containers manufacturer 
Anchor Hocking advanced froni 
55.33 to 54.03, while those of 
construction company Red man 
Industries doubled from 22 cents 
to 46 cents. 

Increased earnings for .the full 
year were recorded by hair and 
beauty products and food group 
Aiberto-Culver. up from 4S cents 
to 71 cents, and by drilling ser- 
vices company Parker Drilling, 
up from 54.37 to $8.45. Cessna 
Aircraft earnings slipped from 
54.40 to 54.10 a share. 

Agencies. 


October 1978 


This advertisement appears as a nutter of record only. 


★ 

BANK OF GHANA 

U.S.$21, 500000 

Eurocurrency Loan Facility 

Managed by 

BARCLAYS BANK INTERNATIONAL LIMITED 
STANDARD CHARTERED MERCHANT BANK LIMITED 

Provided by 

BARCLAYS BANK INTERNATIONAL LIMITED 
CHEMICAL BANK 

STANDARD CHARTERED BANK LIMITED 


♦ ♦ 


♦ 

♦ 


October 1975 


This advertisement appears as a matter of record only. 


♦ ♦ 
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★ 

BANK OF GHANA 

U.S.$20,000,000 
.D. Supported Loan Facility 


* 

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❖ 

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♦ ♦ 
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Managed by 

STANDARD CHARTERED MERCHANT BANK LIMITED 

Provided by 

BARCLAYS BANK INTERNATIONAL LIMITED 
CHEMICAL BANK 

STANDARD CHARTERED BANK LIMITED 


X 



Agent ’ 

STANDARD CHARTERED MERCHANT BANK LIMITED 




Agent 


STANDARD CHARTERED MERCHANT BANK LIMITED 


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INTERNATIONAL FINANCIAL AND COMPANY NEWS 




recovery 



BY WIUJAM DULLFORCE 


STOCKHOLM,' October 26. 



SWEDISH Match group has not no longer cohsiders it wit! be The trouble is that the re* cutbacks and write-down of J 
made as good a profit recovery passible to fulfil the forecasts structuring of the problem units assets are necessary, it is stated, 
this year as it had anticipated, made in the annual. report of im- has still to take effect. A sharp on the positive side the card-S 
-Today it reported a pre-tax loss pro cements in both 'operating decline in the German furniture board division boosted its operat- 1 
'.of SKr Ilm ($2.6in) Tor the first result and the pre-tax result net market. For instance., prevented ^ pro g t SKflOm to SKri 
‘.eight months . against a loss of of extraordinary items.. In 1977 the budgeted improvement in ^be Tarkett wall-covering j 


new funds 
into Alfa 
Romeo. 



By Our Own Correspondent. 

. ROME, Oct. 26. 
ALFA ROMEO, the loss-making 


■'have continued at the same level result after cost-calculated de- another plant This involves on iy gK r ^ down Respite u . 

.tu give a final pre-tax loss of preciation was SKr 35m against further substantial extraordinary decrease in the volume of sales I state-controlled car group, is to 
:SKr.fl2m. only SKr 26m lower SKr 47ra in 19if. Net interest costs. - ln Western Eurooe and the UA capital injection following 

-.t — 1:-- e — « hsM rimnnaj frAm an improvement in its mdustrla 1 

A breakdown of the operating Working capital grew by SKr: prospe ^- xhe state holdinj 

company LIU, which owns Alfa 
Romeo, has agreed to provide 


than the corresponding figure charges have. dropped from 

*lasl vear. Group sales grew by SKr 65ni to SKr 52m due to the - -. k 

-seven Der cent to SKr S^Tbn disinvestment programme, but result shows that the board and 52m instead of decreasing as 

extraordinarv costs rose by Eurodoor group increased its targetted. Liquid funds at the 

■ SKr 3iu to SKr 113m instead of losses, while both lighters and end of August ■ amounted to 

Even allowing for the fact that declining as expected. At the the- machinery division continued SKr 392m against SKr 452m on 


"the autumn months are tradition- same time extraordinary income to make heavy losses. Evaluation January 1 but the group also had 
=-•■ — f-.-Ji .i- <i.— u j ci-- ■»->— »-i — ..^ a,-,* . fnrthar substantial unused" overdrafts of SKr 214m. 


‘ally strong ones. Swedish Match dropped by SKr 2Sm to SKr 32m. shows that further 


Dollfus 
Mieg down 
at half-year 


stage 


KLM traffic rises but 

dollar decline hits revenue 


BY CHARLES BATCHELOR 


By Our Own Correspondent' 

PARIS. Oct. 26. 

TEXTILE group Dollfus-Mieg 
showed -an- increased net loss- of 
FFr 8.2m (just under S2rai in 
tiu? first half of this year, com- 
; pared with a FFr — m deficit a he net Pesu j t slightly. 
■ year earlier, and expects to Oo „ r «u' n i nr Mu r*n 
\ remain modestly in the red v ' 

'during the current six months 


KLM-ROYAL Dutch Airlines cent to FI 820m (S423m). 


reported a further increase in 
traffic volumes in the second 
quarter of 197S-79, although the 
decline of the_. dollar reduced 
growth in money terms. Operat- 
ing profit was slightly lower 


Lire I20bn (S150m) to raise the 
share capital of Alfa Romeo and 
its Naple-based subsidiary! 
Alfasud. 

Both Alfa Romeo and Alfasud 
have been plagued* by heavy 
losses in recent years, as a result 
of low productivity and frequent 
■ strikes and absenteeism. But an 
! agreement reached with unions 
! in February fhi« year has set the 
: basis for an improvement 
labour relations. And the first 
signs of a much-needed increase 
in productivity have now become 
apparent. 

In the first nine months of- this 
year, production at Alfa Romeo's 
... _ „ , . , Arese plant near Milan rose 6 per 

with FI 3L-0 on the 3.1m out * ■ cent, while at Alfasud production 


AMSTERDAM, Oct 26. 


Traffic in tons/kms rose 9 per standing in 1977-78, before coo-j was ll per higher than 
cent on the same 1977-78 quarter version of the outstanding con-| vpaT ear ij er Orders booked bv 
while production rose 3- per cent, vertible Debentures. ! K 0 tb nlants rose' 29 per cent. * 

Scheduled passenger traffic Net profit in the first half rose ; two Alfa fa tSri^s con- 

increased by 11 per , cent. 4 per cent to FI 153m on; Unued t0 ran at a loss ^ yeaT> 
. „ . . freight traffic by 12 per cent revenues- 5 per cent up atj afu * r - a deficit -of Lire 150bo 

but a lower. interest charge lifted and post by 9 per cent. Charter FI 1.52bn. Operating profit Fell 

traffic fell by 7 per cent. The to ".FI 18t.ini- from FI 163m. 

profit fell margin- load factor increased to 64.5 .Lower interest charges meant 

allv to FI 109m. (S56m> in the from 60.9 per cent. the profit after interest was 

. , . JuIv-io-September quarter from The decline in the dollar and FI 15L6m compared with 

despite an improvement in sates, The net interest related currencies reduced the FI 143.4m. Profit per share 


- - . _ . . ... I I l kU.llll. Ills IIEl lUlliUJl IblBLbU bUll,Hh>W IbMUkbU U > W * I i. I U U L MSI 

'.'roup turnover in tht first hair ^arge at FI 4m was just under growth of traffic revenue to 5 per was FI 44227 in the first half 
-rose s.fi per cem to "J ^" half the charge in the previous but this was largely compensated compared with FI -.44.85 in the 

.as against rrr l.ioon. However,. J nrnfit aftor intprpst For hv a.Klnwrinwn in the fimwlh name nprinrl la«t rear 


' rrr i.»aon. q uar t er an d profit after interest For by a slowdown in the growth same period last year, 

whereas last years second nail : rose l0 pj i05ra from FI 101.9m. of- costs, also due to currency '" Allowing ft 


. n _ . . h . i wav iv 1 1 iww uuiu « • v .v.w, HM- —V - ...»v .. for the conversion of 

snowed a tau-on in sales, wrn- Al t ^ c net [ eve j pro fit rose to factors. Profit per share on the ou6tanding debentures profit per 


; river had picked up in recent 102.7m from FI 100.7m. 32m shares outstanding this share was FI 37.77 -compared 


•months and for' the. period to the. operating ' revenues rose 6 per year were FI 30.10 compared with FJ 37.90. 
end of September was 10.6 per ^ 5 


BY DAVID WHITE 


; cent higher than last year all 
FFr 3.67bn. Sales. of Lhe group si 

- weaving sector went up "by 15.6 

.•percent. ■ 

' The improvement was mainly; 

;due to the Texunion offshoot.- 

• which the company said bad 
Responded well to reorganisation, FRENCH 
> measures and had recovered : glomeratcs 
'Since April. On the other hand,! Kuhluiann 
‘restructuring at another subsi-| Pcmt-a-Mousson have moved 

• diary. Tissages de Flers,. which j towards rationalising part of 
; had heen hit by low-priced import i their troubled plastics activities 

- competition, had proved difficult] by grouping three of their fac- 

• and the company was. making . a tones together. 

' loss which would limit the The two groups have made an 


PUK deal with St. Gobain 




PARIS, Oct 26. 


INDUSTRIAL con- shareholding • in . -Sogecan, expected to have a work Force of 
Pechiney Ugine Pechiney Ugine. Kohimann said. 500 and a turnover of FFr 250m 
and Saint-Gobain- >pjj e factories to be made over CS60m ) a year. The parent com- 
are situated at Sable near Le P aQ y SAid the pact would give 
Mans and at Vauvert near Nimes Scsecan, which has a factory at 
in Southern. ; Fcance. Pont-a- Severs, a coherent industrial 
Moussqn* iyfll., i alao give Sogecan 

part ot' the-' equipment From a. The products - concerned are 
plant adjacent to its foundry at thsiniy for use in construction. 

public works, , sanitation and as 

This plant will be closed down “?n"f .Lpira"“ntota enf' today. ! 


•. recovery of the group’s results as , agreement in principle which Fou^'lfevLmiaine. 

;a whole.--'.- would transfer ihe manufacture . 

' The parent company showed a of plastic tubes and couplings. w 1 » _ . 

-net loss of FFr 0.4m in the first . one of the interests of the Pont- lts . employees offered pur announced' a modest 
jhalf. compared with a net profit ■ a-Mousson half of the SGPM otner jobs . either in. Font-a- j ncrease in' net profits for the 

! of FFr -5,7m. The previous first combine, to Sogecan, a subsidiary Mousson .or. in So,gecan. ; g rst s j x raon ths of this year. At 

: hairs. • -profit was entirely, of Pechiney Ugine Kuhlmann As a -result of the- agreement. FFr 91.4m fS22m) the half-vear 
; accoitkrted--for-- by- exceptional with a similar range of products, which awaits ratification by. a is FFr 5.5m ahead of the returns 

- revenue from the sale of partici- In return. Ponl-a-Mousson is to shareholders' meeting of for the opening six months of 

patlons. receive an important minority Sogecan. the "PUK subsidiary is 1977. • * 


1977. But management hopes to 
reduce this deficit and ultimately 
bring' the group into balance 
through reorganisation of plant 
operations. Unions have agreed to 
discuss plans to restructure pro- 
duction methods, which are now 
gradually being implemented in 
the company's plants. 

At Alfasud, in particular, the 
unions claim that output couid 
be raised to 800 cars a day, from 
a nominal capacity of 540 cars 
daily under current conditions, 
if working methods are re 
organised and more shifts intro- 
duced. This would not neces- 
sarily -mean organising output 
along the tines experimented by 
Volvo, but unions want to intro- 
duce the notion of a team of 
workers on the assembly line to 
boost productivity. 


Commission 
to probe 
Norinvest 


All ihevc Blends fw «• been sold. This -.innouncement jppp.irx te. a mutter ol record only. 


NEW ISSUE 


October 2. J9~S 


tr 



THE REPUBLIC OF PANAMA 


20,000.000 European Units of Account 
814% 1978-1993 Bonds . 




a 


Kredietbank S.A. Luxerabourgeoise 


'first Chicago Panama S.A. 


Berliner Handels- und Frankfurter Bank 
Credit Commercial de France 
Credit Lyonnais 

Nederlandsdie Midden Stan dsbank N.V1 
Societe Generale de Banqiie S.A. 


The Bonds ha\e been, subscribed and offered for sale by* 


Aigcmcne Bunk Nederland N.V 


Amstcrdam-Rotterdum Bank NA1 


A.E. Ames & Co, 

The Arab and Morgan Grenfell Finance Company Banca Commerciule Italiaoa 

!.,hliT.S{ . ■ . . 

Bunco di Roma Bunk of America Tnternaiional 

• • • I inm-,1 


Bunco Amhntsiuno 


Arab Finance Corporation S.A.L. 
Banca del Gotrardo Banca della Svizzera Italians 
Bank Jutius’Baer International Bank Brussel Lambert NA". 


BdnkGui 7 wilier. Kura. Bungener (OverNcas) The Bank oflbkvo (Holland) N.V. . Bankers Trust Internal iocral Banquc Jiumptfenne de Tokyo 

linmni * * J 


Banquc I ran^aise du (.'omtnerce Kxcericiu* Banque Genera ic du Luxembourg S A. Banquc dc llndochine ct de Suez 

BanqueJmernuiion.de a Luxembourg S.A. Bttnque Ippa S.A. Banquc l.oub-Drcyfus Banquc National? dc Paris 

Banquc dc Neufli/e. .Schlumhergcr. Mailer Banquc dc Paris el des PWvBk Banquc de Paris ct des Pavs-Bas Banque de Rmion Euronecnne 

_ :-vn I. UfwriJ IXwh- J.- 1 1 

Blyt b Ea-stman Dillon & Co. CaUsc Cenirale des Basques PomiUires 

ImcnLi'iidijl Ijirto^r * * 

Ciiicorp International Group Compagnie Monegasquedc Banquc . CreditansialL-Bankverein Credit General 


Banquc Wumis Bayerischc Vcreinsbank International S.A. 


Charterhouse' Japhet 

" . - - S.A.dtft—IK 

Credit Industrie! d Alwco et de Lorraine . Credit Tndustnel et Commercial Credit du Nord Credit Suisse First Boston 

t imirnl 

Daiwu Europe N.V. Deutsche Giro/entrale- Deutsche Kommunaihank - t>G Bunk Dcwsiav & Assodes international 

■ • ^ . .I>-'i'Vll*.i-i....-i-*ri.it.l..i>t ■ -ww-KIt-An-mow 

Dilionj Read Overseas Corporation Drevlner Bank Robert Fleming & Co.- Genoucnschafiltchc ^cniralbank AG -"Vienna 

« "iklJrln't- d IF h ]«4*l • I iiUdhi “ 


Girt izem rale und Bank dvr cisterreichixhen Sparkassen Hcssischc Landeshank-Girozentrale- Hit! Samuel it Co. 

• ‘ .\rli> II-.Ji.iii . . I imii.e 

imcr-Alpha i\sia (Hong Kong) 


ImluMriethink von japan (Deutschland) 

.Uiww. I 

Kredietbank (Suisse) S.A. JCuhn JLocb I eh man Bro.i hers International 


E.F. Horton & Co.N-V." 
K redierhank N.YI 


Kivinwon. Benson 

f linimf 

Kuwait Foreign Irading Contracting & Invsimcnt Co. (SA.K.) 
Kuwait International Ins'esiniem Co. sJt-k. Kuwait In test mem Cera pans (S.A.K.) E -van lanschot. Bankiers Lloyds Bank. Imernarional 

• - . ' „ • . ■ • 1iniii„i !, 

Merrill Lvnch Internal innai & Co. Samuel Mnnragu & Co. -Morgan Grenfell & ln. T he Nikkn Securities Co., (t-uronc) I id. 

t .inn. .I t imi'itS 1 " • r 

The Nippon K.mgyo Kukunuru Securities Co-,Jtd. Nomura Europe N.V. Nordfieutsche La ode. bank Girozemrale Orion Bunk PKbanken 

I imili a 

Skandinayisk-a Enskildfl Banken 
Societe Generate Alsudcmw; de Banque 


N.M. Rothschild &. Sims- 

t iini'.a 


Sciindinavian Bank 


T. Henrv Schroder V\hx>q & Co. 

I inu:„! 


Snacio Ra nra ire Barclays (Suisse) Si A. Societe GcndraJ.c 


Priviithanken 

i it. 

Smith Barney. I larrivUphtfrh &G&;» 

IliUli'il irfd - • • 

Sumitomo Finance International Sun Hung Kai International • Svenska Handelsbunken Swiss Bank Cortorarion (Overseas) 

'j'tiixt ' - limned 

Union de Banques-Arabes er Europeennes-U.B.A.E. Llniono di BancheArabe cd Europee (Italia) S.p.A. S.G. ’fthrburg & Co. Ltd. 

’VVestduutscbe Landeshunk-Giroasmralc Williams. Glyn & Co. Dean Witter Reynolds International. Inc. Yamaichi Imema tiotwJ ^Europe) 

■ ^ ■ . ' LiC&iIrvf 



By Fay G Jester 

.. . OSLO. OcL 26. 

NORINVEST. troubled Nor- 
wegian finance company that 
was saved from bankruptcy last 
month by a large group of bank 
and insurance companies, has 
asked the Banking Commission, 
an official supervisory body, to 
inspect its transactions over 
more than a decade. 

In its letter to the Commis- 
sion. Norinvest’s board says the 
•nm party’s difficulties appear to 
'tave started as far back as 1965. 
- The Commission has toid the 
finance commission that it 
irepared to carry oul the inves- 
‘igation, and suggests that a two 
’o three-man committee be 
appointed to tackle the job. 

The Commission had pre 
riously held two inquiries into 
Nbrinvest's affairs. The report 
on the first of these, published 
'About a year ago, was very* 
critical of the way the accounts 
were kept and of the fact that 
*ome Norinvest board members 
were also members of the'boards 
of companies guaranteeing 
Norinvest Joans. 

The report on the more recent 
Commission .inquiry — regarding 
transactions during the past half- 
year — has not yet been pub- 
lished. 


Dividend held 
at Munich Re 


By Guy Hawtin 

FRANKFURT, Oct. 26. 
MUENCHENER Rueckversicbe- 
rungs-Gesellschaft, the Munich- 
based reinsurance concern, is 
proposing an unchanged 18 per 
cent dividend for the 1977-78 
business year which ended on 
Jane 30. If shareholders accept 
he proposal they will receive 
DM 9 per DM 50 nominal share 
plus a tax credit coupon worth 
DM 5.06 to set against their per- 
sonal tax liability. 

A further bonus comes in tbe 
form of a rights issue aimed 
at raising DM 84 m (S47.5m) 
Shareholders will be offered 
some 840.000 of the concern's 
ordinary DM 50 nominal shares 
at a price of DM 100 a share 
and a ratio of two to five. The 
issue, which will increase the 
concern's nominal capital from 
DM I95m to DM 279m will take 
place in February. 

The group also announced that 
Herr Eberbard von Kuenheim 
chieF executive of BMW, and 
Dr. Matthias Seef elder, chief 
executive of BASF, are being 
mvited to join the Supervisory 
Board. They will be proposed 
at the December 8 annual 
meeting. 


Ecuador loan 
up to $500m 


By Our Euromarkets Staff 
The S350m refinancing for 
Ecuado being arranged by Citi- 
corp and Bank of America has 
been increased to S500m. Terms 
include a ten-year maturity with 
three and a half years of* grace 
and a spread of ’ per cent for 
the first three years rising to 1 
per cent for the remainder. 

The Slbn refinancing for 
Sweden has just been signed: 
the new terms will increase the 
, ky four years, 

to -19SS. The borrower is paying 
a spread of g per cent through- 
out with six .and a half years 
Z*?? 6 ' . ^* ve , banks decided to 
retire from i the management of 
the initial Slbn loan which was 
signed eighteen months ago be- 
cause they were unhappy with 
the new terms and they have 
been rplaced in the management 
group by four new ones. 


CANADIAN BANKS. 


,::v. 

: ""mis® 





BY JOHN EVANS 


finance-, bid 

currency markets has a special banking ip ^ JS?' qSSe?i^ 

significance, potentially miwking u.S. relationships^^ Ca^ 


den stirring among the Canadian -global hanking patterns. . extaunely-' 

hanks to. - the opportunities of Canadian hanks were fonnerly bMB Mffi «g« ^ 

investment hanking in r the Euror 4 domio aQt .^^ ac iSL J n — 


the emergence of a future strong -dians have 


source, of competition . in-, an they h ave moved away from secu>r bortpwings^are 


mereasingly tough internatioiial ttjeir money market and related 
banking environment banking practices" ■ to ' ^ome 

. London banters jokingly talk Si C h more aggressive in the “-L* ’ 


si LUii uer. aao ueriiuuijr uie lung-... At tne saui«r uiut. 

established Canadian banks in pean banks have moved. into -the . Bdf . v . . 

London have bad a reputation rrq with greater impact in the on 'De.utSChe> nuvX;',jKnfi-.-oth»'.:. 

- r “ r>.. 1. i_ ■ ^ - ' Jt . ■ fft n iwp ■ !irf- rirvnjtnHfl# 


for conservatism. But a trend 
Towards greater aggression is 
beginning to be established;.'. >' 
Within Royal Bank of Canada, 
which this week unveiled plans 
to become the first Canadian 
bank to establish a wholly-owned 
merchant banking subsidiary . in 
London, it is admitted that the 
Canadian banking community is 
sometimes accused of being slow. 


Canadian banks are beating 

a path to the door of the City 
of London as part of an 
expanding role in Enro- 
curreticy markets. Canadian- 
Imperial bank set the ball 


forms . of ■ nqu-fidilar Jbbnd 1 and 
loan -financthg: here where 

the Cangdjanff &afiks may. lrave 
long-term jjlans-rto- win businesi' 
from; the 


to adapt its institutions- to new.' rotting in J une ,j^^ e “ 
forms of international, business.". 


At the:saBDe {taoadidi 

banks are_-; maj 6r->p^bvrders- of . , 
funds tojtiie'.iriiematiQnal - money - 
markets;' ' 

Despite'.;-, this 1 ?: tong- - standmj 
supply 6f : £uronferket : hinds 


The other new entry. Canadian 
Imperial Bank of . Commerce, last 
Jane set ap with Hambros Bank 
a joint international investment 
bank in the City, called CLBC. 

It will come as no surprise to 
see the remaining members of 
the “big five" Canadian chartered 
hanks. Bank of Montreal, Bank 
of Nova Scotia and Toronto 
Dominion, move in ■ a. broadly 
similar direction in coming 
months. 

The Bank of Montreal, without 


™«u-«.hant banking venture Canadian ^banks :teve .- hit h er th 
formed with Hambros 


Royal 

has 


was 

Bank. Subsequently, 

Bank of Canada 
announced plans to set up a 
wholly owned establishment. 
The remaining members of 
the Canadian “big five" are 
thought to be waiting in the 
wings. •.*_ '. 


Kc 


part of ^junrer--nffin&j«s^o£ loaf *- 
syndicathm^^icking'jBpfhever..- 


basics . inj Jerms ^of-- fees, an-" 
spreads oh Eurofoaos- • 


. As tbeeroisiOB in Joan" zhargfq . 
continues remorselessly, Cant 
dian hanks are dete rmihed - A 
justify their. market positioned - 
whi- mpre loan mandates, job 
becoming sytidicate dUura^eraj 
th«r : own_ light, - generating!;® 
sarrorertrifee incdmeande^Q- 


i, , . ... mgs-that-create deceatretej 

so far adopting a formal Euro- last few years. and orougnt an 0£r Euro 'Sending? > 

. ... of competition for . -Rbyai.Bank. ol Cauada'itse 

Canadian and. U.S. ptans to establish a tole4»^S 


Eurobond- market, its-firstk^- 


becoming known for its-aggfes- both the 

sion in winning loan business in banks. ... 

the international markets. Significantly, the Canadian 1 jjjt 0 international securitbfcz 

Canadian banks have ‘ an in- banks seem to he emulating their RBCs mam aetivkyis niaanL 
volvement in the City of London u.S. banking cousins which have tbe: new- issue.* "side 
dating back many years. Some established a whole string bbads^ 

observers reckbn that their old merchant banking subsidiaries j nev itabiy " means: tbflf . 

role in the Empire -days, and in Britain. •" have" 7f 0" ' evolve ■-SAfffinDfih# ' 

their particular niche in City Among the American bariJks, secondary.'. ^ tnarket _ 
financial life, have established th c great advantages of such according. tn . 

entrenched banking. ' traditions entities are reckoned to include bank . is confident 
that have proved .particularly the ability to be much “ quicker RBCTs •wrde-fiuhg-r'hftmia^''^ 
difficnlt to alter. It ran even be 0 n. their feet" when -making subsidiary- - netwbric ; - 
heard argued that the strong decisions over international generate, considerable^: 
streak of Scottish banking uadi- transactions — a point probably power in the ; ntarketj^ 


•>”-V 


tion within the Canadian banks not lost on the Canadian hanks '. The. peW 

subsidiary shottldrresHlt i 


has also hred its own- form of with their sometimes ponderous _ 

cautious banking. ; . internal organisation. . . v .. merger with.. 

There fs, however, strong tofdc A London merchant banking subsidiary, EtoyalBjtadt of ( 
for the Canadians to turn to in- operation has other attractions, Trurt Coqj; 'This;.4inirt dfr 0 
vestment banking-. in London, and Royal Bank of Canada is already '-bknd^ing^.'.w^Bie;.^ . 

Like the domestic controls on optimistic that a UK-registered lending arid 'ebfparate ‘faCjiSi 
their U.S. counterparts, Canadian subsidiary will, qualify it for as . well - 

banks are not allowed, to act as currency business from-. the employs sqmg40i3»e^ , fe?'Sr.,' ~ . 
underwriiers of securities within Export Credits Guarantee A 'Turtherl^Jt^aff^ ' 

Canada, nor ra become involved Department. ■•-■* when: merehan£7p4n«ng Jm*. 

in trust business. In fact it is .in. 'the inter-. Vl . 

Additionally, behind the Cana- national markets where the head-hnnting.^^'tae'Cit^T 
dian banks’ decision to -eourt rationale for the Canadian hanks ticuterty^or^^m&inij'-'- 
international merchant banking, to spread their wings b«:omes of the .-'j; B i 

particulariy for Euromarket so apparent. ; officials.^ ;; TtVii\t 

' •' -'r? 'r ' 




St 


FT INTERNATIONAL BOND 


M 


".'*n 


/ - - 




Tbe list shows the latest international. bond issues for which an ad^wfeil ., .. . 

For further deteils of these or other bonds see the complete iist of Eorhbai^ priceS: puiws J|f 

e second Mondaj/of each month. CJt^ng'price^enC^top^ . __ 


exists 
on the 


U.S DOLLAR 
STRAIGHTS 


/issued Hid Offer day week View 


A*i .UiL ft. 3S /... 

Ausiralui S S3 /?.. 

‘.osn-alia 8. <5 S3 - ...... 

AastraUa 93 .... — 

tea mo? Poods 11 S3 

CECA s; S7 

CJSCA 9 93 — «... 

CECA »i 99 - 

CXT 9 93 . — 

Canada S S3 

Canada S.JO S3 

Canada 91 9S 

rjimHilr Sj S3 - 

Dumtnion Brds- Co. B Sfi 

EIB Si So 

EPB 8w 8U i 


EIB Si 39 

EIB 9i 98 

Blsam Jutland 9 S3 

Eksponfluons 9 SS 

Export Devulpmnt. S.fi S3 

Finland 81 S3 

Finland 9 SS, 

Kospual O S 9 S3 

I.C Industries 9 93 

itel Fniiuc 9; SS 

Ui>] Finance 9i SO 

'u-YoRado B J SS 

r. C. Penney Sj 83 

Mac Rlocdel 9; 93 

XZ Dev. Kin. Sj 33 

XZ Dev. Kin. 82 So 

Nat. West. 9 SB 

Newfoundland 91 90 

Xord Inc. Bk. H ?9 

Norses Konim. 9i 98 

Norway 7J S3 

Norway SI SJ _.. ..... 

Norway SI S3 

•ccidmtal SI S3 

ont. Hydro sv 83 

juohec Bvdro 9J 98 

t-.edro 91 98 

UK S> M 

IK SI 93 


25 

964 

961 

O 

-04 

94D 

358 

95i 

9b 

+Oi 

-02 

9.48 

175 

97 

97J 

-02 

—os 

9.40 

75 

991 

994 

0 

—82 

9.40 

IM 

934 

941 

-SI 

-Bi 

9.« 

50 

954 


0 

-1 

9.52 

25 

97 

TO 

+04 

-12 

9.34 

25 

972 

982 

-02 

-U 

9AB 

75 

942 

952 

-11 

-a 

9.64 

250 

964 

96i 

-81 

+04 

«U4 

258 

951 

% 

O' 

-W 

9.2# 

250 

9*4 

952 

-02 

+« 

939 

70 

94 

942 

+04 

-2 

10.09 

25 

TO 

944 

•0 

-Ol 

1035 

100 

961 

964 

-02 

-14 

9J8 

75 

971 

93 

+02 

-1 

9.50 

ISO 

97 

97| 

-02 

-14 

9j#7 

125 

971 

98 

ii 

-01 

939 

IN 

9B2 

994 

8 

-02 

936 

25 

95S 

962 

+01 

—04 

938 

50 

96i 

97 

-02 

-14 

9.60 

125 

98 

982 

+04 

0 

9.26 

IN 

972 

982 

+02 

-02 

9x0 

100 

97J 

98 

. n 

-02 

937 

25 

951 

962 

-02 

-14 

1030 

35 

932 

944 

-02 

— IS 

10.26 

25 

9a; 

954 

-02 

-14 

1037 

20 

9M 

TO 

-04 

-2 

10.91 

28 

98i 

99 

-01 

-84 

937 

ISO 

952 

964 

-04 

-14 

933 

50 

951 

96 

-02 

—12 

9.80 

20 

921 

95 

-01 

—2 

10.15 

20 

922 

932 

-02 

-11 

9 88 

75 

97 

972 

-04 

-24 

930 

50 

97 

971 

0 

-1 

9.64 

25 

%i 

96S 

+02 

-02 

932 

75 

TO 

TO 

-Oi 

935 

250 

932 

9*4 

+04 

—14 

9.69 

125 

M2 

TO 

+02 

-li 

4.77 

150 

972 

982 

-84 

-oa 

9.46 

75 

932 

934 

-01 

-13 

19.28 

125 

9*2 

944 

+02 

-H 

9.67 

50 

962 

TO 

0 

-15 

9.87 

125 

98J 

99 

—02 

-Oi 

9.61 

300 

97 

971 

O 

-W 

937 

150 

971 

98 

0 

-Oi 

9.37 


YEN STRAIGHTS 
Asiau Dev Bfc. • 31 SS .. 
Australia B.9 90 . 

BtCE 6.4 90 I.;- u 

EuroUma 63 OT 

Finland fi.7 Si — 

Norway 5.1 83 . . .~i.- 

Oslo. city of 6.6 M .... 

SNCF 6.8 96 

Sweden 6 3 90 


ImuwJ 

IS W r' - 


50 


„ M8ll«U +01 _ 

38 

to vsr- 
s -m iW: 
zs- loS; Wtt- .-Ai: +fii 
XS . fG- w* *• 

29. «| .+«-+»• 

« . «i w- +#L +*, 



OTHER STRAIGHTS 

Runh O.-S Hold. »U AS 
. Auto Cote Butt. 7 93 EUA 
CoDvnUaueu 7 S3 EUA 
Finland tod. Bit. ; S3 £UA 

Komm. Inst. .71 93 EQfl 

Panama - SI 93 EVA . 

SCH France 7 93 EV\ 
Aluemene Bfc 0| 83 FI ... 

-Brad) 74. S3 K1 

Ci'E Stexico ,7J 83 F] ...„ 

EFB 7* S5 Pi 

N-der. Mldrtcnb fit -SS PI 
Nnr Zealand Si S4 FI 
Norway 6» S3 FI a. 

OKR 64 S3 FI 

EIB 9i SS FFr .. .288 

. RAT H S8 LuxFr 250 

Haver Lux. y ss LnxFr _ 250 

EIH 7S 38 LiiiFr „' 259 

Finland l. I-d F SS- LnxFr SO 
Norway 7f S3 LuxFr .. 2S0 

Rt-nauli 7J 'S UixFr- . . 5M 
Swedish l. Bk. 3 SS LnxFr :SW 
CMIenrn .O/S Fin. ID 93 £ -» 

Era 9a 88 £ : .. ...- -as 

F"i nanc** for rnd. 16 we ,12 
Gestemer Hid. BV ll 9S E U 
nranjcboom in; 96 £" • is 

Whitbread 101 M E- 15. 


ChantWT 
Isned Bid Offer day w«h 
12 vt. ■' a rrOJ +» 

16 • 1 97J ~«|r- +« -* 
30 97J . « +01 ■ 

15 9fiS WI +B +» 

..as «r m +M . •> 

28 -MJ . «i +B -It 
22 . WJ 994 
»■, 9U J « 

7S. : 96 9*i 

75, -- 954- «4 
75 : 9Q Mi 
T5 , . 953 968 

75 W 9M 
189 to 954 
75 9U i92i 
978 981 

951 9fcl 
M* 97J 
91 
9*4 
974 
-9*8 


+84- +« 
—M -U 
-04 -U 
0 -0- 
-08. +« 
-»S -« 
-u -Of 
-9* -01 

-U 7-1 

O 0 

-tu +n 
_ -«4 
9T" -Oi . .0 
97* -04 -11 
994. 9 +9S 

974-01+01 


993 UM —®l +« 
jBfil . TO -0i +01 
• mi - 904- -*4-+flJ 
855 M3 - O W 
a&_ . TO. . — W +*• 
954 864 -M. +® 

SS 064 ■ +01 <MC 


DEUTSCHE MARK 
STRAIGHTS 


Cbanscon 

Issued Bid OITer day week Yield 


Aslan Develop. Bk. 54 S8 ion 

Australia 6 88 250 

CPE Mexico S3 88 ISO 97 

Canada 83 600 971 

Chase Manhattan O-'S 6 93 loo 
Commerzbank int. ww 3^ loo tint' 
Commerzbank Int. XW 3i 100 tsli 


Council of Eorot)e-64 

EIB '6 90 

Etettrobras-Brazll 51 

Flf Aquitaine 51 S8 . .. 

IBJ S S4 

Indonesia 7 54 

Kobe. .City of 51 36 

Uf£bt Services dc ElcL ... 

Mexico 0 S5 ; 

ATitsnbtshl Petro 55 95 ... 

Nippon Sled 5J SS 

Vorcea Komm R 90 

Norway 4i S3 

Norveghm Ind. Bk. s 90 . 

iMroleo Rraul 7 38 

Philippines Hi 85 ... 

PK Kankrn SI 

niicbec. Province or n 90 
RautanmkM Oy 51 88 

Ricoh 52 fi3 

Spain fi S5 

Sratoll 6 88 

Trondheim. City of 52 .. 

UDR Group 5! S3 

Venezuela fi SB 

Venezuela 61 M 


ion 

300 

150 

in 

100 

100 

100 

150 

200 

in 

zn 

100 

so 

12s 

100 

100 

100 

ISO 

so 

30 

200 

150 

35 

65 

250 

150 


ISO 

974 

971 

W4 

993 

974 

1002 

t97J 

962 

UUA 


-l 

-1 

-M 

-Oi 

-01 

-Z 

-14 

+04 

-01 


195 96 -04 

1014 UU -0i 
974 -a 
99 0 

X0U -0 
107 -03 
TO? +0i 
108* +04 

981 -84 
«W -0J -OS 
MJ -B2 -01 
itm; a -02 
971 -W -DI 
ZBli -OS' —0J 
■Hi -Ol -02 
'97t '—04 
1011 -04 
m3 UK* -04 
IMi 100i. -04 
9M m, -02 
994 994 VO; 

983 ‘ 991- -Oi 
95J 964 ..-94 

954 9SI -01 
962 TO -M -M 
Mi 95 -*ii -1 
994 +81 -81 
971 “ , 0 -04 

99! -W -1 
974 -« -« 
974 - 0! -8? 
■954 -W -04 
964 -Ii .-it 


-Oi 

-14 

—ot 

-1 

-01 

-I 

-Oi 

-or 

-02 


99 

963 
99* 
962 
9« 
Mi 

964 


6-13 
SJU 
743 
5.31 
5-83 
2.70 
6.00 ' 
647 
6.21 
742 
6.02 
5.00 
7J3 
SL56 
7.U 
661 - 
5.48 . 

5.43 
5.94 . 
547 
6.06 
7.16 
T-57 

6.39 
637 
652 
5.43 

6.40 ' 
605 
6^1 . 
655 
675 
695 


SWISS FftAHC 
STRAIGHTS 


40 

40 

100 

78 

50 

65 

U 

75 

100 

80 

100 


Acesa, 3± 83 

Anberc Tunnel 4 *1 

Asca 32 93 

Chase Manhattan 4 93 ... 

CVRD 42 SO 

Council of Europe 4j 

Rankamertca 32 S3 

BNDE 4 SS 

Denmark 45 90 

Denmarfc.MortJiBee Bank 

EID 4i S3 

Euratom 42 93 ... . 

L. Smidtb 44 39 

Finland 4i «3 

GZB 4} 93 

HiirMJpcbeostctn 42 ..... 

TCI Fin. KV 42 S3 

taatran Volina 4 93 

Manitoba 4 93 

New Brunswick EPC 

Neva* 4 93 . . 

Nooks Komm 43 90 .... 

OKA 4 83 

OKB 4 93 

Oy Nokia 5 8fl 

Safe 41 83 

SOaa H 3S. 

Voesl -Alpine 4} 93 

Voralbera Kraft 4 93 

Vienna 4 B3 wn 

world Bank 41 93 250 


Change 09 

imned' Bhf OlTer day week Yield 


1052 UOS — W 

101 UU ~K 

964 97 +01 

104 mi +06 
98i' 99 ' 0 
1831 VBi 

102 im -+w 

102. 1C2L 0 
1MJ 1641 ( 0 ' 
IM .lBU' O 
1024 10^ “Oi 


+01 
+« 
+ 1 

S' 

,+oj 

+1 

+04 

+08 

+1 

+ 0 *. 


4J5 

3.90 

UM 

3.64 

<U8 

C19 

156 

672 


605 

601 


t: 


80 

ua 

11m 

•0 

0 

43T 

26 

mt, 

10U 

-82 

+« 

4J5 

80 

183 

ms 

'-82 

+04 

4.21 

ISO 

1834 

IM 

0 

+04 

404 

25 

10S2 

U54 

O' 

-+U 

3.76 

WO 

1044 

mt 

-84 

+81 

335 

80 

97 

.974 

.-82- 

0 

<U7 

1D0 

1034 

U4 

O' 

+1 

335 

in 

99 

994 

0 

+04 

333 

78 

1014 

1811 

. 0 

+84 

337 

180 

1041 

mt 

+04 

+84 

3.79 

» 

nn| 

1024 

+01 

+0S 

337 

80 

UM 

SU 

0 

+84 

US 

•20 

UU 

MH 

-82 

-02 

43L 

30 

ICO 

103} 

Ik 

+H 

3-96 

15 

182 

Ttt7} 

0 

+83 

<132 

IN 

1012 

1832 

-0. 

+02 

409 


30 


1021 1B2T +0’. +11 
HUS' 302 .—OS +02 
1021 105 ' i +01 


5.74 

3.83 

•3:99 


FLOATING RATE 
NOTES 

Am.Tiran Espww SI 
Arah InU. Bank M0J 8C... 
-Banco Nac. Anient. M3'63 
Bank Bandlaury MS S9-. ; .‘ 
Hank of Tftkvo M34 U3 ... 
Ranmw Wnmis MAI So . 
Rq. Ext. d*Mc MS 373 S4 
Bnue. indn et Suez 3154 • 

. Bo Ult. Mr Occ TUB j S3 

FCCB M3. 35 8S • 

CCF M3? Ra 

Chase Man. 0*5 M3} .93._ 
Grata Rlua MSI 
Credit National UH SS 

Fnpeirol M7 8fi 

SPTB MS S3 

Tshlkatralfma M3* S3 

UuhOaasIta M7.7S. *3 

Midland tnrl M54 93 

Nai. We«. M34 90 

WpMri Credit Mai SS 

OKB MS 5 SR : ' 

nffihon? Mining fW 
S'andxnf Chart JU35 50 .. 
Stmiiromo Beam m*S S3 
" Sunihrtall^banbMt MB 85* 
Ufd- Overseas BR. MS 83 


Unread BW Offer Cdau Cs 
02 TO- 992 .20/lS. 0 


M 

U 

u 

-91. 

Di 

01 
91 
U. 
01 . 

02 
M 
U 
«- 
« 
at 
U 
i * 
01 
8* 
u 
01 
81 
01 
01 
N 
.01 


961 

961 

9(8 

TO 

97i 

971 

,972 

961 

96* 

«: 

TO 

TO 

9M 

91 

TO 

TO 

9M 

97 

TO 

TO 

971 

975 

961 

99 

964 

984 


962 31/1 94 
TO 21 <1 '« 
971 2501 V 
TO U;4 Uf 

98 1502 9 
971 W2 9J 
TO an 9! 
TO 12/1 9i 
961 M 9. 
TO 3/11-1 
tr 77/1 9. 

IN. 10/4 U 
97 11/1 9 

TO Zl/3 U 
TO 5/0" 18 

99 * 27/18-4 
W 19/1 JI 

..TO 20/1. 6 
TO 21/12 9 
982 15/3 * 
TO 18/4 ll 
.984 19.a * 

'TO 10/2 J 
TO lfirs t 
1 97 4/8 11 

98S 4/11 I 



r>=. 


TO 1004 
93i 942 
034 842 
1041 1451 
952 TO. 
TO TO 
1821 1832 

*■» 


CONVERTIBLE tnv. Cm#. 

. BONDS dale nice Bid Offer 

Asics 51 33 9/78 628 2862 1071 

Baker. InL Fin. 3* 83 1/79 38 

Boots. 8! 93 ... 2/79 136 

Coca-tola BO mins 6j 4/79 9 

HivYokadd S( 93 „. 6/78 1475 

hn-n Mwinstiie 7 fm ,a/7» 39 

Texas frit. Air. 7f 93 4/79 34j 

■ Thorn fnt-Pta. 7- !W ..^.Jl/78 3J7 

Tyco ihl Fin. 84 88 9/73 a 

■ Tyw rut. Tin. 3 W 5/7* firy 

Asnhl riptlcal 3J DM .....32/78" 588 
Cwilo Comp. 3* -93 DU .. u/78 SB 

. Earmljra 3J W DU ........ 30/78 m 

juno as Re dm . „._ i/T9 im 
KonMlinku 3: 85 DM ..1/79 612 
Sfnrau .Man.-3S 88 DM .31/78 854 
Nippon Air. -3.3 &8 DM _ 12/78 SD8 
Nippon Shhipafl 31 DM ... 8/78 73* 

Nfsnan Dleser 31 88 2/79 4T7 

Rl»h 74 W DM . T... 10/78- 617- 

Sanfcw. Elcdric 34 DM tm 869 
Paavo Electric 3S DM ...33/7* 295 
Stiyu alarm B 86- DM .. 9/78 T7K 
Stanley Efcctnc- 3*' Dm 11/78 to 
T riO-Kcnmod .74 '*; DSi 13^78 711 

•' * N i > rtl?i? rraatM ' n avaliabi*— previous dap's j 
"Only one market maker supplied a prti 

Straight tends: The yield is jhe jrteut In rademp 
- mta-pnee: the amount tossed Is In -minions c 
nmw exeepr (Or Yen bands .where Jt is In MBIoc 
wr. price a wee Rr earner. 


7a 73 a 

9U .924 
1821 M3 
1DU 1W ■ 
962 TO 
TO 951 
92! 951 

TO 942 
lie m2 
TO TO 
U02 BUS 
1152 1ZT6 
911 921 
U«, lift 
99S TO 

TO . 


' ?, 




I* 04 ?? ^nwnrinated M donanj 'nE 

wise . indicated, **— " 



JJ-Mtetanim coupon. . Cdate 1 
ctopob Becomes, effective. Spread^Maraln aW» 

SFSSLiffi-lte U5. riouars. C.cpn=Tlw.cirr? 
C;yid=TW corrent yield.. 

D«»«nhiated In doQaxs nsfcs 
• Ch « nfie op day. •Cttv: dtaKer 

10 W shares. Qw; pricesNomh**) 

■ «P«*sed -bT vnrreHcy;er share 

-sfon.Tatc. teed at issue. Prnn= Percentaa^W*? 
current effective price of aconlrina times- vh 
aver- the -moat rerem. price of.the-sban*,- 




- 


© The .Financial' Times LUL. ibw.' BaprodacUo 
f ■ ranrwtT ***' a "5 ronB hotailtteA' 5 "*** 

L : wwern--; Dau supplied hy.ini^oddl^tvfcp*/.^ 


25 


INTERNATIONAL ETNANC LAL AND COM PANT N EWS 




'• * 


Hitachi half-year profit 
increases by one-fifth 


BY RICHARD C HANSON 

ACHI reported today Its 
enr company net profit In the 
‘-year ended September 31 
: 1S.6 per cent to Y 17.8b n 
. ).4m] from Y15D4bn in the 
parable last year half. 
:nt company sales were up 
per cent (o Y752.9bn from 
T.2bn. 

ic- company, however, is 
‘led lhat the pace of its sales 
profit growth will slow. The 
ply rising value of the yen 
- already cut into export 
■rs. Sales of air conditioners 
refrigerators, which boomed 
ng the hot summer months, 
i Iso casing in the later half. 

BciaJs said a 22 per cent 
»ase In orders received in 
first half, to total Y037bn. 

buoyed by orders from 
/o Electric Power for electric 
ty apparatus. Overall orders 
tlectric power products and 
rica! equipment showed a 42 


per cent jump as jl result to 
• Y337.5bn. or 36 per eent of the 
total versus 31 per cent a year 
ago. 

Export orders received, mean- 
while, were up only 2 per cent to 
Yl74.5bn, a drop from a 23 per 
cent share to 19 per cent. Export 
orders for heavy electric equip- 
ment reportedly arc at about 40 
per cent of last year’s peak. 
Export orders for electric power 
equipment were particularly 
hard hit, with generators at 
about 30 per cent of last year’s 
level. 

Orders received for consumer 
products were up 10 per cent (31 
per cent of the total versus 23 
per cent) communications, elec- 
tronic equipment and measuring 
instruments, up 20 per. cent 
(share unchanged .at 22 per 
cent) rolling stock orders were 
up 9 per cent fll per cent share 
versus 13 per cent) and indus- 


TOKYO. Oct. 2G. 

trial machinery orders rose 11 
per cent (10 per cent share 
versus 11 per cent). 

Shipments during the ball year 
were up only 4 per cent to 
Y75u.6hn. Export shipments 
rose 20 per cent, bm shipments 
n! electric utility apparatus and 
electrical eautpment fell IS per 
cent tn a 23 per cent share from 
2S per cent a year ago. 

Hitachi estimates that its net 
profit in the year ending March . 
31 for the parent vrtll be up about 
10 per cent from Y3l.4hn. while 
sales gain 5-6 per cent from 
Yi.aqshn On a consolidated 
basis, which will he announced 
later this year, net profit Is 
estimated bv the cwnpanv to he 
up more than 10 per cent. One 
securities house evnects -consoli- 
dated net would he uo 22 per 
cent ir the yen’s vain* stayed of 
ISO to IRS per U S dollar, a level 
which w;w broken vesterday in 
foreign exchange trading. 


iong Kong prime rate up 11 % 


Y ANTHONY ROWLEY 

HOXG KONG Exchange 
s Association Interest rate 
5mm it tec decided today to 
bank lending rate by 155 
ent to 7.25 per cent, effeo- 
tfooday. 

th prime rate pegged at 
many economists and 
:rs felt to be the artificially 
‘.vcl of 6 per cent since July. 
Hong Kong dollar has 
ted markedly against other 
ncies. 

m so, the size of the raTe 
ise agreed today came as a 
ise to most people who had 
ted a rise of the order of 
■r cent, or 1 per cent at the 
in the prime. Observers 
t as a move forced on the 
by the Government 
• Financial Secretary, Mr. 
■ Haddon-Cave, suggested 
tly that the “ moral 
>n ” the Government had 
ionalty retied on to in- 
k interest rates by way of 
tanks might have to be 
ied. in the light of svmp- 
of overheating in the 
my. 

interest cartel is domt 
by the Hongkong and 
hai Banking Corporation 
. having access to a major 
Kong-doUar deposit base, 
>t been so squeezed by the 
rely low prime as the 


foreign banks who are forced to 
buy funds in the interbank 
market — at levels up to 9 per 
cent in recent weeks. 

The Exchange Banks Associa- 
tion has agreed to raise the 
deposit rale on savings accounts, 
seven-day call money and three- 
months money to 3.5 per cent, 
while the six-months deposit rale 
goes up to 4.25 per cent and the 
12-months to 5.75 per cent. The 
Hongkong and Shanghai Bank 
and the Chartered Bank 
announced immediately .. after- 
wards that their best lending 
(prime) rule would rise by 1-25 
per cent to 7.25 per eent as from 
October 30. 

The news came too late to 
a ff ect t he stock market here, 
which closed I.3S points up at 
671.73 on the Hang Seng Index, 
although Hong Kong stocks 
declined in London today on (he 
news. It also came loo late to 
afTect the foreign . exchange 
market here although the move 
is widely expected to boost the 
Kong Kong dollar. The currency 
has declined by around 13 per 
cent on a trade-weighted basis 
since the begining of this year. 

According lo foreign exchange 
dealers, the relatively low. rates 
of interest in Honk Kong, have 
encouraged exporters to retain 
earnings offshore and to use 


T . »• 6 


epco forecast growth 

MELBOURNE, Ocl 26. 

:0 raised its profit in the strengthen its position in manu- 
quarter of its JulyJune faciuring and merchandising 
’ ; . j i 1 ig year and. barring Indus- overseas, he said; . 

’’"‘'disruption. is confident it The groop’s after tax profit 
mprove the annual profit, eased tp A$17.54m (US? 2 0.6m) 
— -fiarles "McGrath. chairman. In the year ended June 30 from 
Jie annual meeting- ASlS.80ro. a fall Repco attributed 

>co expects to improve its to the Victorian power strike in 
h in the Australian auto October, 1977. 

■eraent parts market and Reuter . 


HONG KONG, Oct. 26. 

Hong Kong simply as a borrow- 
ing hast*. Several foreign banks 
in Singapore — a rival financial 
centre — currently have a prune 
lending rale of /. 5 per cent while 
major local hanks there main- 
tain a prime rate of 7.25 per 
c^nt. Similar rates prevail In 
Malaysia. 

The Hang Sene Bank, a sub- 
sidiary uf the Hong Kong and 
Shanghai Bank, said in its latest 
economic report that there had 
been an increase in the outflow 
of sbort-rcrm funds seekine 
higher returns, as indicated by a 
HKSI 83hn rise in fixed deposits 
placed overseas by local banks 
from January to August. 

Another factor which probably 
in Hue need today’s decision was 
the move by )3 Peking-controlled 
banks here last week to increase 
interest rates on their remminhi 
f Chinese currency) term 
deposits hy 1 per cent 
Immeriiaiely. 

The increase in prime lending 
rate hy a surprise 1.25 per cent, 
today to 725 per cent followed 
the increased deposit rates 
agreed by - the interest rate 
cartel, The Exchange Banks 
Association. 

With prime rate pegged at 
what many economists and 
bankers felt to be the artificially 
low level of 6 per cent since 
July, the Hongkong dollar has 
declined markedly against other 
currencies and there has been 
an increasing nut How of short- 
term funds. 

- Recent interest rale increases 
Id the U.S. and ' elsewhere 
accentuated Ihese adverse trends 
and 1 pressure mounted on the 
government. - which indirectly 
influences the interest-rate 
cartel; to raise rates to support 
the dollar, stem monetary out- 
flows ard temper the current 
boom in property and stock- 
markets here. 


Daido Life 
in pact 
with North 
Korea 

By Our Own Correspondent 

TOKYO. Oct. 26. 
DAIDO LIFE Insurance Com- 
pany nf Osaka, Japan's tenth 
largest life insurance company, 
with assets of Y250bn |$lJbn) 
has reached a basic understand- 
ing on tbe conclusion of a 
reinsurance agreement with 
Korean Foreign Insurance 
. Co. of North Korea. Details 
uf the pact are expected to be 
decided by the start of next 
year. 

Daido, which will be the first 
Japanese concern to set a 
reinsurance agreement with a 
socialist country, was invited 
to North Korea in June by 
the Korean Foreign. Its ties 
to North Korea began with a 
Tokyo-based insurance concern, 
Kongo Insurance, which is 
operated by North Koreans 
resident in Japan. Kongo 
became an agent Tor Daido 
earlier this year, and arranged 
the introduction. 

The quantity of reinsurance 
business with tbe North 
Koreans is not expected to be 
very large, but there Is poten- 
tial for growth. Daido says. 
The North Korean company, 
run hy (he Government, will 
be entering the life insnrance 
field for the first time, having 
unfit now only been in casualty 
insurance. _ 

The reinsurance transactions 
will be denominated in yen. 
Daido officials said that they 
were not concerned over the 
possibility that North Korea 
could default on pavmetiis. The 
, North Koreans have had great 
difficulties paying back loans 
made hv foreign banks, includ- 
ing Japanese. 

Cold Storage 
Holdings down 

By H. F. Lee 

SINGAPORE. OcL 26. 

COLD STORAGE Holdings bas 
repurled a 13 per eent decline 
in group post tax profit for (he 
half-year . ended July. 1973. 
The Interim profit of S54.94m 
(UK$lQ.47tnV was achieved on 
an almost unchanged turnover 
of S$9fim US$2f»3.5m.). 

Cold Storage blamed the 
unexpected downturn on the 
static irvel of sales and 
reduced margins In tbe group’s 
trading and manufacturing 
activities. With the poor first 
half performance, the group 
now does not expect the full- 
year figure to reach (he pre- 
vious year’s figure or SSllJm. 

Cold Siorage disclosed that 
fl has for the first time equity 
accounted the results of 
associated companies. The 
group has declared a gross 
In rerim dividend of IJ 
Malaysian cents per lOp stock 
unit. 


Rembrandt takes stake 
in Gilbey South Africa 


CBA inner 

reserves 

revealed 


BY RtCHARD ROLFE 


JOHANNESBURG. Oct. 26. 


By lames Forth 


THE Remorandt Group, the beer in dustry while maintaining would be needed to build the ____ _ . 

tobacco-based multinational, has the present competition in wines group’s share of the beer market *«*« LUMsietw-iAL tsanK oi 

moved to strengthen its nosition and spirits. As a result, the up to the target 20 per cent. Australia had inner reserves 

Z Tht dom^IiT honor SJfivi , meetings scheduled for tomorrow W. and A. Gilbey has also which had not previously been 
m the domestic liquor market, l0 c0ns ja er Rembrandt's pro- announced a related move to disclosed of about AS50m the 
ahead or wnat promises to be ao posed acquisition of the shares strengthen its local interests chairman, Mr. A. S. Hampton 
increasingly bitter baltie with it does not already own in Van with the acquisition by its sub- revealed at the annual meeting 
SA Breweries for a slice of the Oudemecsier Group. Its main sidiary. Gilbey Distillers and to-day in Melbourne, 
beer market. It has bought 49 local liquor arm, have been Viniers, of 50 per cent of Rebel The CBA is the third bank to 
per cent of W. and A. Gilbey adjourned. discount liquor stores, prob- disclose its hidden reserves 

South Africa, the local subsidiary y\ p Antfm RunerL the chair- abl >' lhe fastest-growing liquor since the treasurer. Mr. John 

of U5V and ultimately of Grand ma „ .jr ^mhrandt disclosed «*a'n tn «bc Republic. Tbe price Howard last month announced 
Metropolitan For an undisclosed ™ nt i° the Sn for th! for ,his transaction »■ also un- that tbe banks would in future 
amount by way of subscription Sals disclosed, but is estimated by Sive greater disclosure— although 

I for - preference and ordinary Sirt Rembrandt is rtlerimj 60 a » aJ ysts of . the sector at about the banks do not have to provide 
shares. i ^ SsTrouis! B7m - »M* additional detail until they 

The official statement from tto?JTu£ S *«*» . *»» pensive small for lhe 

Rem brand r says that tbe object in its brewery company. Inter- *“ V e Transvaal ai J d 6r V, ha ' f of l978_79 J 

of the investment is to continental Breweri«, said that Natal and plans to expand in Mr K im pton said Uie CBA s 
strengthen competition in the great expense and investment . e Cape through the deal. But profit would have been 

; _ . Ms trump card is the building-up ASSO.Sm rather than tbe reported 

of its liquor hypermarkets, of figure of AS25.6m. 

4 d** • * h,c ? * l has seven - wl je r e liquor The- major hidden reserve was 

■ t Q]T| /% I Y l is sold on a cut-price basis. It is contingency reserves, which 

Vlftill lUl ilVJ V particularly strong, too. in the totalled AS28.6m at June 30. 

black market and supplies ex- Mr. Kimpton said the informa- 
BY OUR OWN CORRESPONDENT SYDNEY. Oct. 26. tensively to the black townships. tion had been released because 


BY OUR OWN CORRESPONDENT SYDNEY. Oct. 26. tensively to the black townships. tion had been released because 

As it is a private company, die directors were concerned 
AUSTRALIAN Guarantee Cor- AS7.3m with premium income d £‘"' s of turnover and profit- (hat the market lor the banks' 
poratlou. Australia’s largest down 6.2 per cent ability are cot known. shares had been subjected to 

finance company, raised its profit The dividend is held at 7.5 The upshot of tbe deals is that speculative pressure and uncer- 
alraost 19 per cent, from rents a share, payable on capital Gilbeys ha* forged a formal tainty. 

A*>37.38m to AS44.4bm increased from 178 cents to 2 OH alliance with Rembrandt and has For the current year the bank 
(US552.5m) in the year to rents greatly expanded its financial j expected an increase in business 

September 30. lo register its muscle and its number of outlets. I and profits. 


(US552.5m) in the year to rents 
I September 30. lo register its 

] 18th successive record profit 

( The Increase was achieved on 
a 15.8 per cent rise in gross y 
revenue from A$395m to AS45?m / 
(USS539m). Earnings rose at a / 
slower pace in tbe second half 
registering an increase of 11.3 
per cent compared with a 27.fi 
per cent gain in the first six 
months: 

AGC is 53.3 per cent owned 
by tbeT Bank of New South 
Wales which is expected .to 
release its 1977-7S results 
tomorrow. Id tbe first-half AGC 
accounted for about one-third of 
the bank's AS33tn profit for that 
period. The bank's full year 
result however, Is being closetv 
awaited to see whether it win 
follow the example of other 
hanks to report this year and to 
disclose reserves, previously 
hidden, which have understated 
profits There is also interest 
in whether tbe hank will give its 
shareholders some benefits fhi< 
year. 

AGC directors said rha’ 
hairiness act’vity had shown little 
growth in the past year and the 
groups finance receivable 
accordingly increased af a slower 
rate. -.Gross receivables a» 
September 30 stood at AS2.61bn 
for a rise of 13.2 per cent, and 
net receivables at AS2 01bn an 
increase of 13 per cent. 

The only financing activity in 
show Strong growth was leasing 
Consumer lending showed a 
modes* Increase, while property 
develoypinent loans dropped, be- 
cause of insufficient new business 
to replace the volume of 
accounts paid out . 

At the balance data 70 per 
cent of net receivables were in 
consumer lending and com- 
mercial leasing. Profits were 
affecled by an increase In hart 
debt.*! from AS) 5.7m tn 4SI7 7m \ 

Profits of the insunnre off X 
shoot dlnperl ASton 000 In 


OIL 






C-E Natco helps process 25% of all the oil and 
gas the world uses r. every day. 





COMBUSTION 

ENGINEERING 


The Energy Systems Company 

For a copy qf oiir latest report to shareholders, pleasewrite Combustion Engineering, Inc., 
Dept. 7006-53. 905 Long Ridge Road. Stamford. Connecticut 06902. 


uriAifs v. * nnc» w .caw **■ 


THIS ANNOUKCKMENT APPEARS AS A MATTER Of RECORD ONLY 


AUGHINISH ALUMINA 
PROJECT FINANCING 


AUGHINISH FINANCE LIMITED 


£30,00Q000 


TERM CREDIT FACILITY 


A COMPANY JOINTLY OWNED BY 


ALCAN IRELAND LIMITED 
BILLITON ALUMINIUM IRELAND LIMITED 
ANACONDA IRELAND COMPANY 


AUGHINISH FINANCE LIMITED 


OWNED BY 


ALCAN IRELAND LIMITED 
BILLITON ALUMINIUM IRELAND LIMITED 
ANACONDA IRELAND COMPANY 

MANAGED BY 

BANK OF IRELAND 

ALLIED IRISH INVESTMENT BANK LIMITED 
CITICORP INTERNATIONAL BANK LIMITED 

FUNDS PROVIDED BY .■ 

BANK OF IRELAND 

ALLIED IRISH INVESTMENT BANK LIMITED 

ALGEMENE BANK NEDERLAND (IRELAND) LIMITED 
ULSTER IN VESTMENT BANK LIMITED 

CHASE AND BANK OF IRELAND(lNTERNATIONAL) LIMITED 
THE BANK OF NOVA SCOTIA 
QTIBANK, NA. 


U.S. $250,000,000 

ten teas psojxct loan 


MANAGED BY 

CITICORP INTERNATIONAL GROUP 

BARCLAYS BANK INTERNATIONAL LIM ITED 
MORGAN GUARANTY TRUST COMPANY OF NEW YORK 

BANK OF IRELAND 


PROVIDED BY 


CITIBANK, NA. 

MORGAN GUARANTY TRUST 

COMPANY OF NEW YORK 

BANK OF IRELAND 

the CHASE MANHATTAN BANK, N. 

CRO CKER NATIONAL BANK 

LL OYDS BANK INTERNATIONAL 

LIMITED 

THE ROYAL BANK OF CANADA 
GROUP 

TORONTO DOMINION BANK 


BARCLAYS BANK INTERNATIONAL 
LIMITED ' 

ALGEMENE BANK NEDERLAND N. V. 
BANKERS TRUST COMPANY 
COMMERZBANK AKTXENGESELLSCHAFT 
THE FIRST NATIONAL BANK OF CHICAGO 
MANUFACTURERS HANOVER TRUST 
COMPANY 

SWISS BANK CORPORATION 
(INTERNATIONAL) LIMITED 
WELLS FARGO BANK, N.A. 


AGENT . . 

BANK OF IRELAND 


CITICORP INTERNATIONAL BANK LIMITED 


GCraBHUIS* 


OCTOBER 2, 1978, 










26 


Financtel ;T £mes 


l 


BAYHEATH HOUSE, STATION SQUARE 

PETTS WOOD 

KENT . 


NEW SELF-CONTAINED OFFICE 
BUILDING 


h 


f MA 


PE 
led ti 
ation 
an f« 
ier c 
con- 
1 acai 
on 
Gum 
e fo- 

ation 
IS til* 
•. Mi 
had 
relics 
elf. t 
Fi 
ia W 
e Pr 
Haro 
n soi 
bseqi 
Ihe 
not 
ors 
ncietl 
d a 
rial." 
a Pn 
ear 
iarol 
al co 
the 
ist 1 

ClI 5 
1 Cl 
ihei 
tir l> 
e Pr 
10 «« 
d tor 
anc 
eil 

ist t 
En 
re 

ieit: 
i in 


Approx. 8,686 sq. ft .. .. 

Foil carpeting £ Central heating 

Suspended ceilings £ lift ■' 

Ample ear parking + Marble dad Reception 
jc Adj. station (Victoria 28 mins.; Charing Cross 
32 mins.) 


TO LET 


ON NEW LEASE AT COMMENCING RENTAL OF 
£5 P.SQ.FT. PA. EX CL. 


For further details, apply to joint sole agents 

DOUGLAS GOODMAN & FREEDMAN : 

Universal House, 1 Walter’s Yard, Bromley, BR1 1QA. 
01-460 3413 


CHURSTON, HEARD & Co. 



Berkeley Square House, Berkeley Square^ 
London W1X 6DE. 


Telephone 01-409 2199 (30 lines) Telex 24601 


Lavender Hill 
Clapham Junction 
London SW11 


Freehold Office Buildings 

and Development Site -1-3 acres in all 

For Sale by Private Treaty 


O 0*6 acres cleared sHe Freehold 


O' 29,650 sq ft Offices & Ancillary accommoda&on with vacant 

% possession -suitable for refurbishment 


□ 3,150 sq ft Showroom with storage (For Uoasebacfrfo LEB) 


WeatheraH 
Green & Smith 

aZCnanctfVUffe UnpxiWCaAflX 

01-4056944 

AKI LEEDS RVKNCEB FRANKFURT 


1^0 


Properties Manager 

*SNew Broad SL London ECZM TLS 

01-5881280 


FOR INVESTMENT 


TOTTERIDGE 


NEW AIR-CONDITIONED 
OFFICE BUILDING 


Approximately 13,500 square feet 


Marble entrance. Two lifts 
Fitted Carpets. Tinted Glass 
40 car spaces 
Occupation — Spring 1979 

Write Box T.4975 , Financial Times, 
10 Cannon Street, EC4P 4BY. 


INVESTMENT 


MUNICH (Germany) 

DISTRIBUTION /MANUFACTURING 
UNIT TO LET 


3,750 SQM (40,000 SQ FT) 

Could be split - Next to Motorway E6 and Ell 
and Subway Station - Airport 5 mins. 
Write Box T4976, Financial Times 
10 Cannon Street. EC4P 4BY 


BEDFORDSHIRE 
Three Shops (one lock-up) 
Two with Living Accommodation 
Central Position 
Rental £4,050 

Rent Revisions 1981/1982/1983 
£35,000 

R. W. Stonebanks & Co. 

5 Woburn Street 
Ampthill 

Tel: Ampthill 402486 


Tf? - ' wwsnt -properties on 4 
fig®™- 13 fomWied flats and bedsits. 
PgjUuwd min. £15.000 nee Price 
94o"*Sa23 Most sen tobicst offer Tel: 

R<wfl - Supcnnarlret 
sq - ft. let to Fine 
fero Ud- on 63-year FR and I lease 
5te£!L 196 JL- Current rental £2.750 
««*■ Geared rent reviews at each zin 


P rice EM .DQQ sobiect to contract. 


■IS*" 9 *? PDM - Sinclair Gold- 
5?.. i. . Q 11 ”" Ann* Street. Lon- 
don. W1M DAD. Tefc 01-4SE 3591- 


FACT0RIE5 AND 
WAREHOUSES 


INVESTMENT FOR SALE 
Freehold property now let to 
major Stone Operator, Rent 
£45,000 per annum.- Term 35 
yean. Reviews every 5- years. 
Full repairing and insuring lease. 

Write Box T.4973, 
Financial Times. 

10, Cannon St- EC4P 4 BY, 


SHOPS AND 
OFFICES 


A SELF-CONTAINED OFFICE suite. 1.160 
» ft, tn let in Mcorgatc. EC2. Prestige 
building. All modern amenities. Tel: 
600 1797. Ref: B5BIJBH. 

IMPORTING COMPANY has excess office 
mace, approx. 3.500 sq ft. 1st Floor 
cell contained, modern building central 
beating, newly decorated and caroeted. 
ready tor immediate occupation with 
phones, telox and alike furnishings 
available II required. Situated near Fins- 
bury Square with public' car park 
nearby. No premium. 5 year lease. 
Rent £4-50 per rt. William Doll. 8 Paul 
Street. London. EC2. Tel 01-247 8321. 

FALL MALL. 5W1. Magnificent 1.000 


FOR SALE 

MODERN LIGHT 
INDUSTRIAL PREMISES 

HENDON ROAD 
SUNDERLAND 

OJ76 SQ. FT. 

IN 3.137 ACRES 
R.V. £19,650 FREEHOLD 

For further rfetoOs, contort: 

' STOREY SONS & PARKER, 

H«ham House, New Bridge Street, 
Newcastle upon Tpw, NE1 SALT. 
Tel: 0«32 26291 

Abo at Middlesbrough and Stolen ley 


50^ ft. fully lorn abed and serviced offices 


Exchange 
Telex. 


tiding Reuters. Stock 

Commodity Market. Video and 

For Immediate occupation. Golden beru 
and Co.. 01 -a?t 4101. 

SHEPHERDS BUSH. Modern freehold 
office building lor sale. 2.500 sq. ft. 
net Plus 3 -roomed Hat. Possession 
ground door suitable building society 
etc- Full details from Douglas Kershaw 
e. Co.. 64-65. G rosy error Street, 
London W1X OBB. Telephone 01-493 

TO LET. GLOUCESTER PI W1 — Recently 

refurbished office premises to let. Partly 
furnished. Aporox. 1.600 so ft Viewing 
by aoooiiftment. Please contact Tel: 01- 
286 7725 lor In'iivnaMon. 

WEMBLEY STADIUM, oftces-studio to 


let 6.820 sq. ft, net, private car park. 


centrally heated... -£35,000 p.a7 eycTiitf- 


Ing rates. Full details from Douglas 
Kershaw & Co.. 64-65. Gro-sve-nor 
Street. London W1X OBB. Telephone 


01-493 2142 


MILFORD HAVEN 


Property available for sale near town 
centre in Milford Haven, currently in 
me u Bonder's Depot Overall area 
6.300 square feet wnb central entrance 
and several buildings. Would be suit- 
able for a civil or mechanical company 
seeking ■ base fn tint area. . 

Apply: 

WELDTITE ENGINEERING LIMITED, 
Station Road. AmpcUt, Bedford. 
.Humes AmptbW 402767 


M40/M4/M3 LOCATION. Commercial 
property lu Thames Valley area Com- 
ureiteaslve Register maintained, appiv 


_5rP*f - ap4._Co.j_. Windsor ' sTisf" 

hire. Freehold 


STONEHOUSK, GIOucesterShL. ,, 

light industrial premises, approx. 8.554 
su. ft. In .two- workshops and offices 
plus large yard.' Apply King Miles 

?«rfW2! gSSu*"* Br " to1 ’■ 

WITH AM. ESSEX, small HMMtnaliWare- 


house^untts now available to let Contact 


226622 


Moodv Ltd.. Brentwood <02771 


This announcement appears as a matter Dfiecord only 


Industrie Zanussi spa 


Ol-i. 26 | 

Stan tea 

f.a. Dollar 

Carunl-jtn 
Do- 'ar 

i butch Cxni^i ! 

fiwix* Franc 

Vent (terrain. 
Mart 

French Franc ! 

Italian lira 

■ w -• »v. 

' :Aidaii4 w 

..r: . 1 

fmiSamsYm 

rabnn term 

i day 1 * noUctH 

Month 

Ibree mnntfc»..j 
■ilx m£fltba..„_.; 
One year. ^.J 

S5i-I0 

9T„ 10 

10 101 3 
I0« 10rt 
105* 10f^ 

11 m 6 

9-91* 

9!,SJ8 

9se 97s 
lo5e lU *3 j 
IOI 4 IOI 2 | 
104 10 i = 1 

Bk-9»4 

84-9i a 

9ft 9 ts 

id Iv.3g 
10 lU5g 
10 I04f 

i 10 Jiii a ! 

10101 a J 
! IOSb 10: 8 ! 

loij-iiAi ; 

1 b>*9 1 

i S -U 

pari, 

fi:S 

Ss-.l* 

3U dfo 
34-jJB- 

fiv-Ai v 

Aln-OSg . 
daa-0l« 

32* 3Ta 

63*.7 • 

7 7I S I 
7M-71g i 

*-9«4 j 

lOlg.lwie 

107a Jl it ! 

10-14 
. 16-17 

16 10 

26if 16ia 

16- 17 

17- 18 

lmtraB . 

lOr^-U*., 

5^1 j 

. :W*4IS. 


Lire 38.750.000.000 

Floating rate medium term loan 


Managed by: 

Co mp ag nt a Privata di Finanza e Investimenti S.p.A. 


Cassa di Risparmio di Torino 
Cassa di Risparmio di Cuneo 


Cassa di Risparmio di Bologna 
Cassa di Risparmio di Udine e Pordenone 


Provided by: 


Banca del Monte di 
Cassa di Risparmio 
Cassa di Risparmio 
Cassa di Risparmio 
Cassa di Risparmio 
Cassa di Risparmio 
Cassa di Rispannio 
Cassa di Risparmio 
Cassa di Risparmio 
Cassa di Risparmio 
Cassa di Risparmio 
Cassa di Risparmio 
Cassa di Risparmio 
Cassa di Risparmio 
Cassa di Risparmio 
Cassa di Risparmio 


Bologna e Ravenna 
di Alessandria 
di Bra 

di Civitavecchia 
di Firenze 
diFossano 
diGorizia 

di Padova eRovigo-, 

di Pescara e di Loreto Aprutino 

di Reggio Emilia 

di San Miniato 

di Savona 

diTortona 

di Trieste 

diVercelli 

diYolterra 


Cassa di Risparmio della Marca Trevigiapa 

Cassa di Risparmio di Bologna 

Cassa di Risparmio di Carrara 

Cassa di Risparmio di Cuneo 

Cassa di Risparmio di Forli 

Cassa di Risparmio di Genova e Imperia 

Cassa di Risparmio di Macerata 

Cassa di Risparmio di Parina 

Cassa di Risparmio di Pistoia e Pescia 

Cassa di Risparmio di Saluzzo 

Cassa di Risparmio di Savigliano 

Cassa di Risparmio di Torino 

Cassa di Risparmio di Trento e Roveretn 

CasSa di Risparmio di Udine e Pordenone 

Cassa di Risiiarmio di Verona Vicenza e Beltuno 

Cassa CentraJe di Risp. Y.E. per le Prov. Sicilians 


Currencv, Money and Gol d Markets • 

C ■ I «- —————— — 






near close 


Intervention by central banks in early trading,. but there ( were 
continued at a very high level yes- signs of stability at the new levels' 
terday, but Tire dollar stfll suffered as purchasers covered short pMj- 
its worst day on record against- tions before the week-end. mo- 
odier ‘major currencies. The Swiss in? was busy, bat not hectic, with 
National Bank, German, Bundles- the market looking for a U -S. 
bank. an ^ Japanese - commercial trade deficit of around $2.5bn m 
banks (acting on behalf of the- the figures to be announced 
Bank of Japan) all support the to-day. 

dollar, with market sources sug- BRUSSELS— There was no cen _ 

gesting that each central bank tral bank support for the doilKj 
bought well over $10Dm during the when the UlLCurcraeywas fixed 
; at a new low of BFt 27R2f 

The complete lads of confidence '8p r %§f S?ioiSty iP ** 
totte doltor was IhteM lg the ^reS^tFOTT-The doUar 
Ua currency's performance m a record low of 

afternoon, when the DM - LTgg^, against the D-mark 
cei 2 a i ^“to-wrtMrqw from the yesterday. compared with 
market It was already very weak, n\r 17S20 previously. The 
falling to record lows at the Bundesbank did not intervene. 
European fixings, but then fell Tra( *ing was moderately active, 
without resistance as the Bundes- w ]th a very nervous atmosphere 
bank and Swiss authorities finished overhanging the market There 
trading. were no new developments to 

The dollar fell to a record low account for the dollar’s fall, only 
of Dill 1.7575 against the Deutsche a con tinu ation of the poor re- 
Mark. before closing at DM 1.7600, cep don given to President 
compared with DM 1.7815 pre- Carter's anti-inflation package, 
viously. Similar movements were MILAN — The dollar fell sharply, 

shown against other members of to be fixed at L796-80 against the 
the European currency snake, lira, the lowest -level for- 33 
with all these units touching months. It fell from LS03.05 on 
record levels against the dollar. Wednesday In fairly heavy trad- 
Tbe Swiss central bank con- ing. with the Bank of Italy selling 
turned to hold the dollar above most of the S27.7m traded at the 
SwFr 1.50 however. it closed fixing, and abstai ning from snp- 
at SwFr 1.5062*, compared wiih porting the dollar. The D-mark 
SwFr 1.5125 on Wednesday. The rose to another all-time high of 
Japanese yen touched Y173 W51.8S against the lira from 
against the dollar, and closed at L-laG-DO. while sterling, me 
Y17&30, compared with Y179n0. guilder and Belgian franc also 

imoroved. 

TOHTO— The Bank of Japan 
.. may have bought SlOm as the 
on dollar feG to a record low of 
VI7SL50 against the yen yesterday 


THE POUND SPOT 


iBasi' 


- Oct.se »' 


3 


CjS.-S **0 
CuadisaSj 5Bl4 


Guilder 
Belgium F 
Danish E , 
D.Mxrk f 
Ksr. i 
dpemPes. I 
T.Vth - -. I 
N'rsp.E. 
FrendsFr. | 
Swedish Kr 
Ten 


6<S 

6 

8 

3 

ia 

3 


D«yV 

spread j. 


:£J»-g.8726 
i.4WWL46M 
&M4Mb 
57. 10-67.45 
10.D3fr-I0.17i- 
3.81-5.65* 
88^0-SliW 

; 130^0- HT.oa 


lOlo USSA-IJESO 
7 3. 77-334 

9ig 3.51-9.44 ' 
6i|l t**:*M; 
Slgl 366-iffi 


••'■Ctoe 


Aqatrto &*! {‘•rlMSSi 
Swlw Fr. i 1 * 


5J7-3.se 

B7.&-57.B6 

[10.1B^HL174 

S.EL3.66 

fflLHWflJO 

140.85- 143.95 

BJ32i-S.BB4 

568-570 

28.85- 28.75 
5.1H-M2* 


-BeLdan rote is for coaveniUa bancs. 

Ptnnn naJ franc 60JMQ.B. . . 


FORWARD 



cCpm-j ewiis 
c.pn>Ofl<Ld!Bt- 
6T$lvm r <B* - 

S-pf jnn 7A0-- |778<67a fif I 
Sfi-ISO t^d» B. 

IWSBOe. db ^IJSp&tGA.c 
5-6 I ire-tits .S>lt bietilfl" 

Um'ffi* ore dla A _ 

2 i-Ves pre"- L *».1W ■’ s '- 

11- 3iore diB 

oj»-l75j-pm 8^6 «.T9-7Jy pm.) 

12- 2 tire pm I.IE 324St gro jn4: w- 

Ue < -to - 8 31 >4 ! «. po> - 


Shr-mamb forward dollar LSS-LlA 1 
J84QW1I 2.9M,rae jbb. . , . i: 


THE DOLLAR SPOT 


October 26 


Day's 

spread 


Owe. 


Canad n5 
Guilder 
Rglg lan Ft ' 

Danish Kr 
D-Mark 
Port. Esc 
Span. Pis 

lira 

jWwga.Kr 
French FT 
SwaUsbKr 
7ea 

Austria Sch 
Swiss Fr 
■UA 


M.27-8CC 

0.9210-1.9380 

27.83-27-92 : 

4.9110-4.9260 

L75»UM9-. 

44.KMU2 

68J0O48J.T . 

796^8-19850, 

4.W30A776tf. 

4.060042000 ‘ 

4063040775 

1 78-17400 ■ 

122900-12-9480 

U050-L5M0 


8W0-St43 :■ 
*1.9210-1.9230 

4.91S4JT8 

L.7S9M.76U . : 

4U2-4402 

6800-6807 

79U8-797J0 

4.TMO-C776B 

40765-40775 

128-17800 

12.9UO-12S40B 

1.5058.1 .sen 


cents ' oer Canadian S. 


FORWABh AGAWST 4, : 


OoemoMh . 


iu. -Wiiiiiim - f 


a^ioHsHOjecptn -o-i 4 .-*a 7 -« ts»at- aa*;-,,.. 

OJtMOSctib -LQ ■: 4L30 -.J.'- 

■ 9.13c db ■ :• 

■ 3JOJ.aOoredl»- lftAI ..guNMRSHreedtfr. -^A2 V” 

JL0M.95PHWI . LK- V?-302pfpre. 'AM : nl-‘. 
35-UOCdls -ffiji.": 

100-120C IBs . -JK75 ZSBMctlb >1£I| - . 

3J»Ai5lirwn» T«.9t'MM«»«resL-iA9B-. « 
UWOOvdfc - ^S» &S8j5uaci»; >S3». ; 
L0MJBC8WI- .,139'iSli. ifepBi-.'-- US-- 
UOUOsredlf :mOL88flm(fo -J_» - 

\3KJBH P«r:-:i3S^34W38y » ta - 
UfS-SOSsre ptfr ' U3 ^ttt-TOQnpBTzte ' 

AOMJotiw aa*-,w*a*cW^«5~- 



Special 

FnHmmu 


Drnrtn9 

uakof 


Rlgbtx 

.Accwnt 


The dollar feU below LSOQ in 
terms of tire lira, for the first 
time in 33 months, dosing at 
L796.65, against LSKL25 
Wednesday. 


The dollar’s trsds-r.-eighted.de. fV025?*SSi 


a ut? uuu«u a uduc-ncjxuicu utr* . - a 

predation, as calculated by Mor- 


gan Guaranty of Mew Voric. wid- afternoon, ^e^lar dosed 
ened to a record 12.5 per cent at Tl 7 ^*, compared w«tt « 
from 115 oer cent previous lotv of Y ISO .20 on 

Sterling's 6 trade-weighted index, Trading was 

on Bank of England figures, rose 


moderate at S466m for spot 


to 63.0 from 622, after standing delivery, with the U.S. currency 


CURRENCY RATES 


173836 

3TJ15X 

tSBSH. 


SterUns — - 

U.S. dollar — 

CiMiaan dollar ... 

Ansiriao sc hi Ulna .. 

tfeigi&n franc 

Danish kron^ 

mnsche Mart — 

fMIder — 2J76«. 

French franc 5-50095 

Lira — 29M-5? 

Yen 238 889 

Norwegian krone ^ 4J93H 

Peseta 90.94Z3 

Swedish Irroaa ...u. SSTt2t 
Swiss franc .... 


132569 . ..UMB9 


UH998 

123482 

39325H 

£94801 


-2328X3. 
330*9 
212329.- 
251 JS 
6.7*08 
9S.9379 
5*ns S 
231482 


October 26 


Meet .Hwnwre ~ 

: fertreftfioa r QMg. 
inticr' Albw ii 


.Sterling 


U.S. dollar 14 MS. . -UJ 1 . : 

Ca radian doller ___ 7830; .. -B.1 -■ 

Austrian schlUms _ 14&35 r; •rW* -.-'.'; 
Belgian franc HJL64 - 4-25L9-. • ■*'. 

Danish . kroM' ' - “119-21 '- + tir 

Deuuche Mart 2SM2 4i*L»;-7 e,- 

Swiss franc JB7Ja vcjtwg 

Guilder . ^2439 +2« .. . rC 

P reads franc -f *' 

Uni ■ SU«. ■■ rrSSJt - A- 

yen 258J8 - 


Bascd oo trade velg»ed dm&tx.fekA- 
Witiitngroa agreement -Decartter.-,- mt.: 
rBmft of EnKbmd TalacgMOL. 


V v.V-.-.U- 


at 62.3 at the start and 63 J) at stabDisms wmewhat towards the 
uooil close as severs of the previous 

The pound opened at S2.D3S0- 
.0395. the lowest level of the day. 


but good commercial demand 
lifted sterling to S2.0623-2.0640 
by raid-day. It touched S2.0700- 
0725 in the afternoon, and 


day, bought back dollars to 
square positions and take profits. 

BAHRAIN — Barra in. Qatar, and 
the United Arab Emirates have 
revalued Their currencies against 
the dollar. The official selling 


OTHER MARKETS 


Ort. 26 * 

: - B ' i » • 

Ll 111 

- bole RifoEr 






closed at S2.069fc2.0710. a rise of price for the dollar has been set 
.05 cents on the day. at 0.3S4- for the Bahrain dinar. 

Forward sterling was also very compared with 0.3S6 previously, 
firm, with the three-month for- and the seling price_ against the 
ward discount against the dollar Qatar rial and UAE dirham. is now 
narrowing sharply to 0.4S cent 3.S4. compared with 3-86 set on 
from 0.98 cent. September 15. The more follows 

NEW YORK-— The dollar re- a similar one by Saudi .Arabia on 
mained around its all time lows Wednesday. 


Australia Dollar.^.i 1.7401-1.7461 


Finland U*ra-fca..Lj 
Hrarii Cnnrlic..... 
Greek Drsfhma 


Iran Rial... ...... 


(to wait DlrutriKOU 0.640-0.550 


Loaembontu V’txh. 


7 ; 86-7.BB 
3 9. 84-40. BA 
70^57-72;693 


guns Kona IfeTbrJ 9.7BIa-S.77i« H' 4.7490^4.73 


141-147 


57.25-67.30 


M-rOty-i* tWlar.'....! 4.36I»J»3S«7^ “2.2271X3. 1300lHprTuHir 

Dollar! LB873-l.B943j.0J117-O.SU.51f' falrLl.^, 


.\(ftirZreian<t 

atKU AraMa ttiytH .. .6.59-6.60 
-iincBpare Dollar^.' '4.34-4.3612 
-(mil* Afrirntt Rnnri! 1.7781- 1.8046f 


0040600436; iHt>aiuvn. 


3.8285-5.8305 Lipnnwrk v 
19.25-19.73 | France —J 
54.230-35 06 9J .enrnny.. 


70.40.70.65 


Italy—. 

'Japan 


0O666-0.2667rNctheHa«rU™:^ 
27.66-27.71 J Norway 


3. 2500-3 ,2550i 'witzertanrt^i: 
2. 1160-2. 117*01 On it e.1 
0O590-0.B7 IB, V n«w Mi 


Hjos-maoi 
' 7.15; 


. '■SHW?8 • ,-- ' 

‘■’isss "'-*’* « 





Rata given for Arcratina Is free ratw. ^ 


EXCHANGE CROSS RATES 




Oct, 26 

1 F>uc 1 9(cri>ne| 

T. . Itea. 

ue>iUcbe.\lai>>J*t(u>ew i'enj l-rencn Frpm-J 

| mtim Fan. . 

(Jnteb Oul liter 

Ibpntn Lire 

I Ccaada panic- 

Btfflih Bra.:': 


1. ; 

2.070 

3.645 

369.0 

! . . B-415 

5.1 IB 

. .3.975 

1649. . 

i *453 \ 

> -67.30 •. 

U.Y. iH'iiar 

0.483 j 

1. 

1.761 

178.3 

• | . 4.065 ' 

1.506 . 

. - -1.920 : 

796.4 - 

- tlflS j-'. 

Z - ' «T.68_ 


0.i74 : 

0.566 

1. 

101^ 

( jJ.309 

0.855 

1.U91 1 

462.3 . 

’ «^3S.v-j 

: - 16.72- 

1 ipmnewc Yen I.CCK' i 

2.710 

5.610 

9.378 

1 IO-ju. 

J 22.80 

8.449 • 

; 10.77 1 

4467. 

V " 6.848 ;>J 

v; . I8fca 


1.188 ; 

4.460 ' 

4.332 

1 438.5 

. ; -. a--. 1 

5.703 

1 4.724 \ 

" 1°59. 

SLSlSl'.'l 

68.09 

ia-1".- Franc 

0.321 

0x64 

1.169 

116.4 

: ..-2.699 

/■ 

1.275 } 

528.B. 


..:-i8^a- 


0.252 : 

0.521 

0.917 

92.83 

! " 2.117 , 

a O.'.84 

1 . ! 

414.7 


- --.14.42 . • 

IwHen Lira 1.000 j 

0.t07 | 

1.256 

2.811 ■ 

223.8 

; a-- 5.105 ; 

1.691 

2.411 . 

1000. 

, ' . ;E4EB8 ir { 

» 34.78. 

v/anvUnn llniwr j 

0.408 

D.W4 

1.486 ‘ 

160.4 

•! • *430 i ; 

1.271 ; 

| 1.620 ! 

672.0 

! 

•* *S£6 

•te-m*™ Franc ItT 1 ! 

1.745 1 

3.613 

6..* 61 

644.0 

' . 14.69 . 

5.441 

6.937 - i 

2877. 

i 1 

- 100 .. 


EURO-CURRENCY INTEREST RATES 


* 


A 


/ 




Agent 

Cassa di Rispannio di Torino 


September 1978 



Ishikawajima-Haxima 
Heavy Industries Co. Ltd. 

U.S. $50,000,000 Guaranteed 
Floating Rate Notes Due 1985 


For the six months ■ 
October 27th> 1 978 to April 27th, 1 979 


In accottfanca with the provisions of the Note, notice is 
hereby given that the rate of interest has been fixed at 
11 i per cent end that the interest payable on the 
relevant interest payment date, April 27th, 1979, 
against Coupon No. 2 will be U.S. $56>87 


By: Morgan Gnanurty Trust Com] 



orfc, London 


U.S. $25,000,000 


Floating Rate U.S. Dollar Negotiable Certificates 
of Deposit due 29th October, 1 981 


THE DAI-ICHI KANGYO 
BANK, LIMITED 


LONDON 




In accordance with the provisions of the Certificates, notice h 
hereby given that for the Initial s "« months interest period from 
27th October, 1978 to 27th April, 1979, the Certificates will 
cany an interest Rate of 11*% per annum. The relevant interest 
payment dace will be 27th April, 1979. 


Merrill Lynch Internationa! Bank Limited 

Agent Bank 


j wn^-^n^y^ar^l .W-'u w-d'^ f ° r Land03 doJ5ar KrTlflc * tci 01 4epi>- si:: one nxuitii 8.654.7* per cent: three months i0^l8^W-c«w''dX i «i*^ : iLT*r;. 


Slwrt^r^’raiM 1 ^ 0 .^ foV’Sirtmr'i 0 - I e 5^ 0i " I0 \. B 2‘ w .? ,; *5*1* yejrs o «■ cent: four Tears lfclBi per cent:. Bve years' 9#-lN per cent nourtnaT 

fwfl rales are call for sterling. L.S. tioUars and i^sadian doflars. ro-ojlay call for guilders and Swts francs. Asian hubs for closing rate* In Sings pare. . 


INTERNATIONAL MONEY MARKET 


Pressure eases on Fed funds 


Federal Funds eased to Pi per 
cent in early New York trading 
yesterday, compared with 9i per 
cent rn Wednesday. Treasury hill 
rates were generally firmer how- 
ever. with 13-week bills rising to 
7.36 pvr-cent from 7.52 per cent: 
26-wjeek bills lo S53 per cent from 
3.47 per cent, and one-year bills 
lo 8.49 per com from S.43 per 
cent. In the early pan of this 
week the Federal Reserve inter- 
vened to add liquidity lo the bank- 
ing system, by way of overnight 
repurchase orders, following a 
techniral shortage of funds. With 
Fed funds easing however, and 
the U.S. authorities committed to 
firmer Interest rates to control 
inflation, there was no sign of 
early intervention- by the Federal 
Reserve Yesterday. 

FRANKFURT — Interest rates 
were generally easier in the inter- 
bank market, while figures pub- 
lished by the Bundesbank 


yesterday showed that Germany's 
currency reserves rose by 
DM 2.5bn in the third week of 
October, making a rise of DM 9bn 
over a four-week period. In the 
first three weeks of October 
currency reserves rose by 
DM 6j3bn. compared with 
DM 3.4bo for the whole of Sep- 
tember. The central bank said 
that the largest proportion of the 
increase was due to foreign 
exchange market intervention. 
Last week the Bundesbank council 
voted to increase the minimum 
reserve requirements of banks to 
drain the excess liquidity caused 
by intervention in the exchange 
” e ! n CaI1 money fell to 
o pe,r cenl yesterday, from 

2™ * ;* P er cent ane-nionth was 
i-™™ P er cent compared with 
3^a-o.6v per cent previously: 
three-momh 3.90-4 00 per cent 
against 3.95-4.00 per cent: six- 


month 3JH&.05 per cent against 
4.00-4.05 -per cent; and 12-month 
4.io-4.2a per cent compared-, with 
4.15-4 J20 pe r cent. 

AMSTERDAM — Interest . . rates 
were generally easier, with call 
money- falling to 10-101 per cent, 
and one-month to 10-10} per cent 
from 10F11 percenL Three momh 
Tunds eased to 102-10} per cent 
from 101-101 per- cent, and sht- 
monht to .92-91 per cent from 94-9J 
per eebL 

BRUSSELS— Deposit Tates for 
the Belgian franc (commercial), 
were firmer. One-month money 
rose to 102-10} per cent from 9} -10 
per cent;, three-mouth to' ifclOi 
per cent from 9fc-8j! per cent, six- 
month to 9i-9i per cent from S}-9 
per cent, ' and 12-month to -92-9 j 
per cent from 82-SJ per cent. 

HONG. HONG — Money ' market 
conditions were normal, with call 
money dealt at 6} per cent and 
overnight at -S per cent. 


GOLD 

Further 
record 




Gold rose to a record closing, 
level: of 523*i-23ot in rery-active 
trading yesterday. Ttie rise .or , 
S4i- on the day -was a -further- 
reflection of the dollar's weak-, 
ness, and the metal touched 
$2352*239 dliringThe afternoon. 

Jn Paris the !2}-kilo gold bar 
was fixed at FFr 30,900 peic kilo 
(5235.39 per ounce) in tbfiafter- 
noon, compared with FFr 30.S73 



GOLD 


OcJ ; LVt. 86 


UK MONEY MARKET 


Small assistance 


Bank of England Minimum 
Lending Rate 10 per cent 
f since June, 1978) 
Day-to-day credit was in slightly 
short supply in the London money 
market yesterday, and the authori- 
ties bought a smaU amount of 
Treasury bills from the discount 
houses to give assistance. 

Banks brought forward surplus- 


balances, and the market was also 
helped by a fall in the note circu- 
lation. These factors were out- 
weighed by a small excess of 
revenue payments to the 
exchequer aver Government dis- 
bursements. and a very small 
number of maturing local 
authority bills held by the authori- 


-Discount houses paid 9J-9i per 
cent for secured call loans at the 
start. 'and dosing balances- 'were 
taken at 9-9$ per cenL 
In the interbank market over- 
night 'Hoans closed - at' 9|-lfl"per 
cent , after touching 7 per cent 
during the day. 

Raties in the table -below 1 ' are 
nominal in some eases. 


LONDON MONEY RATES 







- 




. . -V • « 

oct. as 

W7E 

Cartltade 
of deport 

Interbank 

tocal l Local A«h^ 

Authority neootwble 
deposit! 1 hoiiri. ! 

fmance 

Uonw 

Depneftp 

j Company 

1 Oeposit* 

thidoaal 
autfo ■ 
rtepont 

itoamry 

Bills* 

aieitue 

Bank 

-BiHa* 

FtaaTred^ 
ffiilrt . 

Uvemigbt. 

edaya notice- 
1 daveer 
i darn notice.. 
Uoe month 
I've monthi— 
fhiw meathti. 
•lx month!.... 
.Mot (BouUu, 
line yesr™„., 
l'wcy eare... 

jw5« 

JlrV- 10 ^ 

7-10 

B7 s -im B 
10 lg- 10 u 
JgfrlOft 
lOli 10 ft 
Uia-liu 

_ 1 j- 

95,-iq j _ j 

?vioi„ 1 I ; 
978-10 | 10-10l 9 ! 

io? !? 5 * I ’ 

IOS 4 -II lOIfl-11 

— 1 lOSx-llU 1 

%iia! "ti 1 *! 

101 * 

lUlj 

11 

HU 

lift 

lift 

lift 

j 1012 

! 10 ft 

: ioft 

Uplift 

9^.' 

ing 

9ft • 

.9*5 

101 b 

_ 

9ft-9Sa 

* 10 ■ 
10 % 
10 ft 

.107* 

11 

* iiU-1 


lioirt Ballon (a fine, 

ounce . 

ei<w : sawsast ssswsto 

Clponine 8236-2535 - ;8S3S3-SS8i9 

Horn in*; Kitinc ' 6250.10 

.''iCIlS-OGBi >£116.6021 
Lfternauo Axins.....l St5i7B S250.M- 

; <£113-4471' 'ifiHS.IMi. 

GoW.Coinim.^„ r ,i.v. J . ■ ; ; 

-dOMesticnUy . ‘ 

KniKCTTajiri S2433-M53 'S258fr-S«*. 

- : 1 (CJ 1 7H 1 Bi U£ 1 1^ • 

New Sover eign* ‘~5S8-70 ! $65ig»BTli r . . 

■ (£3 2W5|) t(£32W5« ■ 
Old 8o«a»lptt._i..l 8S6-W ji8B2fr«il_ - 


-SCO Jr 


r (£8U-52i> 


{JtSaS*-31*4: 


OoM . — [ 

IntcnaatkmUy —i 

KnsewuL. :... S2C4I44 - 92S7i-iS« 

U*n lBfr-1174)i (C118J-1 170 

Sew Sovereigns.—-. SB468 !P61i-fl5* 

U£40j-31j) |<£28t-31i> 
Old Sovereigns SfiWT !j«2^M4 . 

$ȣtgle> 6313-015 15S07-310 -.- 

su>S4gfo»» siea-167 

Solfoglee.^. — ; ' £110-115 ’BIMj-llty 


(4235^9 per ounce) in' the after- 
FFr. jJ0.7W (8227.70) Tuesday 
afternoon. - - ■ - ■ • •• : •_ 

In Frankfort the !2fkHo bar 
was fixed at DM 13^75 per-Wta 
(S33L80 ' per.. . ounce), compared.' 
with DM .13,185 (DM 230.17) 
previously. 


Local authority and ilnfpnff hflT PM ..... n .■ , m " 

rates nominally three Vtm pSTcmL “oar » Bated. J^L«jng«vtwm toad nttoritr OWtgaM 
are burin* rates for prit» gaper. Btrrin* Bre 75 iai-T»per «bl niter In ubkr 


are burin* rates for prime MD£T bmw P er Bre rents WOL per eenL .♦ ’Banfc.trtB rater hi 
mp«. Bnyina rate for foar-month bank bins 101 WaSomb trade bins lli par cent. 

Aprortawto eehJo^rate foToL^omh'Sn^iruB^J 7 ^ 13 ^^ Dcr ««•* and two-month -81 per cent: three-month 99 per can. 
month trade WDs 10* ******* ^ ^ 

5wSt*foww°i^ , Snaii , j55 # t "|5 h 2^S Aeocsfotfoni 8* per cenr troti i_P«fo by t WS Xlwring Bank 

TTOMera mast fES***** ««»* .** 9st cent 


MOiREY RATES 


NEW YORK t 

^rlipij Rate t&- - 

F«f Funds ' - _r .-VJB8.- 

TreMury SjDs d3-wprk) 

TreaBbrr ' Bttls OfKwcck) U8 


GERMANY 



Dtaconnr Rate 

Ovemtuht 

One. month. 


Three months 
Stz -months- „ 


•'»••• 

V3M : 
1L»: 
-V«. 
. -486' 


- S 
r ‘ s\ 


FRANCE 


Discount Rate 
Overnight 
One month 


-*3.~ 


Three roontha 

Six months' . 


-ffT. 




■* ,• 


f. 


JAPAN / 7 ; * i 

teffOotmt R«fo ' ■ — I 

■mas •; 


"■'•“ft* 

-j 


~ *.*f •«» * 










I 








S Financial Times Fridav October 27 1978 


27 


% 


* Energy review 
\ 


BY DAVID riSHLOCK, Science Editor 



recipe for handling nuclear waste 


PEEPED through a pnrt- 
imo tlw briyhtly-liT concrete 
>. Amid a fore-* of gleam- 
stwl pipework a drum 
it the shape and size of a 
'e-stir hoMvaier tank glided 
_.*ely min position. A fine 
ad of red-hot glass began 
( iream into the vessel. 

|; 4 e were watching French rn- 
’ tier* solidifying the intensely 
■‘o-arfive liquors frfr behind 
>% n spent nuclear fuel is re- 
essed. The»r plant, at 
goulc in the Rhine Valley— 
. --„'-fcnoMn a mo nr Freuchmen 
■■-‘a potent rose of the same 
c — is claimed ro ho the 

- d's first of ns kind rn 
.eve industrial-scalp opera- 

-Main, say* Rntish Xuc-rar 

- s. may veil license the 
ich process in order in 

“v. d the introduction of the 
nology in I hr- UK. Although 
: ::.'L has one nf if, n«a. called 
esi, developed h; Marvell, 
is several years behind in 
-iinnl application. Already 
^ West Hermans have asked 
icense the French process 
heir IVAK pi.'ni roprntv.n- 
iperaUan ar Karlsruhe, anti 
Belgians for their newly, 
ired reprooessme. facility ai 
Lieence agreement with 
these countries are close 
^nature, says Corcma. the 
. ch cuunierpan nf BNFL. 

> French themselves intend 
-^uiM more plant* of thi* 
at Cap La Hague, their 
reprocess In? centre near 
hour?, at a cost currently 
-plated at about Fr 500m 
ut £fi0nt ) per plant. A 
-~^leri report from Marcoule 
• rn first month of operation 
e ntehrr tic ritrifieation dc 
oulc (AVM l process last 


HOW THE FRENCH VITRIFY RADWASTE 

1 



pilot plan! a' Marcoule. Finally hla>-k glass. 

il has been demonstrated a.- a The linaJ «teps in the AVM 
continuous glass making prove -s. prove&s arc automatic welding 
At the same lime these stages nf a cover on the drum, 
have been used lo verify that lot lowed by washing to ensure 
tile hot glass — healed by mdi» tliar no tnre 01 radio-activity 
active decay— -is in fuel a stable enntamtnaier the niitside of the 
substance v.hMi might safely dmci. Altogether 3tMl different 
he buried fur hundreds uf para meters are being con- 
years. iruHecI automatically and logged 

Construction nr the AVM by a computer. An automatic 
plant began in 1971 The .iim. transfer machine then deposits 
*ays M. .faeque-s Coulure — a lh« drums one on top of ’he 
chemical engineer who was in dih*.*r. in drums deep, in bore- 
charge of reprocessing at Mar- holes beneath the black discs 
coule in the early year* of the shown in the accompanying 
project, but to-day is Cogeiua's photograph, in a storage hall 
sales manager for reproeesvinj atljic.nm? the AVM process. 
— -.-.as to demnn-frate vitriflea- air circulated through the 
Hon of waste a-. 3 continuous boreholes i- discharged at a 
process" '"-hi* ii can be main- b ea k e ia>-k -ten peraiun- oi 100 
tamed and repaired "untouched degrees f.. This hall can be 
bv hand.” entered without cither risk 

' , . , from radin-jctivirv «>r diseoni- 

hor iS month* before pnne flir| , rom ^ hI , h ieol p e raUire 
m C the first radio-acme zla,* a fpw „. vt lin derfoot. . 
tn July, the Frencri engineers 
ran the plan? “i-nlil*.' tn assure 


Together with the French 


themselves that every pari uf a 


nuclear safety authorities, the 


summer ha*. ju>t reached I>a 
Hague. There, they expect' to 
have the process on-stream by 
J9S3-4H as an integral part of 
thi*?r latest <l*P2) reprocessing 
plant for domestic spent. fuej. 
A scennd AVM plant will be 
tiirludeil m designs far another 
reprocessing plant to handle 
overseas reprocessing orders in 
the latc-lQSQs. 

The idea nf solidifying 
intensely radio-active acid- resi- 
dues from reprocessing came 
to public attention just two 


years ago, when opponents of 
nuclear power charged BNFL 
with creating an international 
"nuclear dustbin" at Wind- 
scale hy undertaking overseas 
orders. The company— which 
until then had seen no urgency 
about changing its present 
practice or storing the "high- 
level " radio-active waste as 
liquor — rewrote its overseas 
contracts to say that customers 
must be prepared to take back 
this waste as a solid, and assume 
responsibility themselves for its 


& J. MUCKLOW GROUP 

LIMITED 

Highlights from the 1977 [78 Accounts 

★ Record pretax profit of £2.5m - up 32%. 
Earnings per share up 48%. Maximum permitted 
dividend. 

★ Developed factory estates professionally re- 
valued at £35m, producing surplus of £1 4.6m. 

★ Largest owner of industrial trading estates in 
the Midlands. Twenfy t eighl estates. 3.7m sq.ft, 
let at year end, producing^ross rental income 
of £2.7m. 

★ Phase I 400,000 sq.ft, factory, expansion pro- 
gramme completed and on rent at year end. 

Phase II 500,000 sq.ft, expansion programme 
now well underway and half pre-let. 

★ Phase ill 500,000 sq.ft, programme to follow. 

★ Rent reviews due in 1378/79 on 1.2m sq.ft., of 
existing portfolio. 


.res*. 




Current Year Prospects 

"Investment income should show another 
significant increase . . . overall, 1 expect the 
year to be one of further satisfactory 
progress." 

Albert J. Mucktow, Chairman 


ultimate disposal. For every 
In cask? of spent fuel imported, 
about one cask. of vitrified waste 
will have to be returned. 

For BNFL it mean? picking 
up the threads of a technology 
Harwell had embarked upon in 
tlie 1950s, bin .shelved when it 
was given a lower priority. La«t 
year it embarked upon a £fOm 
pilot plant project at Wimh>caiu. 
Although details have still to 
be agreed, it is expected 
lhai this plant w'ill he funded 
about equally by BNFL. the 
Department nf Energy and the 
Central Electricity Generating 
Board. 

The French, who began work 
on aolidifylug “rad-waste*’ m 
the late l ft.jlJ*. have pursued 
the technology without inter- 
ruption. It passed through the 
stage of a small -pilot plan? in 
the early 1 9 60s to verify that 
hurosilicate ylabs — the hard cor- 
rosion-resisting kind used to con- 
struct .small chemical plants— 
was the hest nteditim in which 
to solidify the liquor. Next cam* 
a "pot” or hatch slammakins 


complex land, of ehvmi af en- “SlE* IJfJ hard £ 

,„ fW «. . . , envisage the worst • po-oi hie 

■inecnn? couiu r>^ isolated and .. .. . .* 

-Pvapi- accident that could occur 

sir rrs «?s» ------ B». 

Nothing »e«hV more than ^ 

about son k- and evervlhiiis fire or CBUW 3 mlicality. the 

can he replaced .os.de one II ,raBWMb,e 15 not W 

,. M i- riramaii'.. 

At Marcnule they are 
Briefly, the AVM process delighted with thp way they 
rnnsists nf n rniary calciner have convinced the Swedes that 
which evaporates a continuous the AVM process is a proven 
stream of the radio-ariive acid technology for transforming 
in leave brown granules of high-level radio-active waste Into 
mixed fission products. This is * rnrtn suitable for disposal, 
the irtrkicsi Ma?c of the Swedish confidence was reflected 



■ ■"Ji’lUif li'/j i 'i'ifr 

Storage hall of (lie Marroulc plant for >«!iilirying highly 
ra«liu-acti\c nuclear waste. 


process, the heart of vitnlica- m tlic recent SKR rennrf- nn ■ . , , . 

turn, invohin? a gradation in waste r^naWmenr fn ihl J Jbb ? UW ? <l,r * r, - or ? plan, 1 fl ^ , ‘* a,pl 

t cm ne nature nsinc m non swed.sh .iovernment which *1*™"'* Serves cau Uously the much more imeiuriy 

^ .... :nniiciii ,i- a . „ mm iu.-i will f-il-o .ii> ii-p cni>nt fuel I rn m nimi 


alPd to 
a<lin. 

degrees C. at the exit of the concluded* that n would be ll ? al 8 cn,rlal \* st **” t ’? ke M \ rr t sp V" f ' ,cl - 

slowly rotating furnace. Some safer and more ronreX to J,Iace next weck u, ? e " ? cy r,al 'brooder real tors As 

B .000 hours nr remote operation crore the v.fr.fied residue han atl ? mpt f !o replat ' e ' he r Bta «* a =*’ arl ; belo r c ,hc , n ‘ l “ r x ‘ ,K • 

nf the calciner were notched up to store un reprocessed spent ? ak,n . R furnac ‘‘ , sclf for ! h, -‘ > car 1 J 1C > P ,a " 1,1 v,,nfv lhe 
before radio-active liquor was nuclear fuel-as the V.S. Gov- fir !' lime “ nw 11 bt ‘ camc rad, °- l,,nn “ 

introduced, to demonstrate that ernmenl wants the nuclear in- atli ' e * ,,f h, ‘' 1 j inm ,he p honr.\ pnn.i- 

the ealciner would «va pi irate duttry to do. As M. Couture The AVM plant, says M. L v Pe rcaciyr ii.-arli>. lo gain 
40 litres an hour without risk of toJd them, the storage hall of Bellot, was planned on a scale ?*-*?!: “‘ i , , , ' . . 

choking on caked fission pro- the AVM plant— a maM as il is— needed in treat all the high- r ' 

duets. • will accommodate all the waste level liquors arising from its a d ' . p ' 1 

Granules 1*0111 intmusly leaving Uquor from the entire Swedish own re processing activities. ^ p ' 

thp ealciner mix with a stream nuclear power programme for Marcouie, where plutonium is Moditicatiu^ envisaged today - 

of Trit (the material needed 13 years. separated for the French i«» the AVM process for the 

in make ?la-.« in a glass- In the fir<t lest run nf the military programme, is also viintiralinn nr light water J 
melting ..pot. heated by indue- AVM process during July the intended tn under lake, all com- reactor fuel at I-a Hague are — : 
tinn. Tliis pot is tapped three engineer*, cast a drum n day mercial reprocessing of Kler- mainly in providing twin pro- _ 
times a day. discharging a throughout the month without incite do Trance’s natural cessing lines, both to match' 
stream of mnhon borosilicate meeting any problem "they .uranium (Mairnox) fuel from the mitpm of S«Hi-tonnes per 
glass mto the storage drum. had. nilt already ehebuhtered gas-er»(iled readnrs. In the year ropro* e-*.ing plan?* and tn 
Each drum_holds a full day’s and learned how in overcome future. XL Belloi expects it prov.de extra securiiy in the 1 
output of 350 kilograms of jet- during their mid " nin>. But 10 become the -ilc fur Ihe firs, event of a breakdown. 


i 


This announcement appears as a matter of record only 





£117,500,000 

Tenneco International Holdings Limited 

Term Loan provided by: 

The Chase Manhattan Bank, N.A. Bank cf America NT St SA Bankers Tryst Company 

Crmmerzbank Akuengssellschaft Dresdner Bank AknengoEeDschaft Morgan Guaranty Trust Company 
iL :r.o?n Srd.Tjy 1 1 "vlon Branch. of New York 

Afgemene Bank Nederland N.V. The Bank of Nova Scotia 

• Bsnqus Beige Limited (Menitwof ?he Go;>«e GSnvale d* B^nqua Group) Chemical Bank Citibank, N.A. 

Irving Trust Company Lloyds Bank Limited ManufacturersHanoverTrustCompany 

The Royal Eank cf Canada Torcnio Dominion Bank S.G. VVarbwg &■ Co, Ltd. Mellon Bank, N.A. 

Agent: 

The Chase Manhattan Bank. N.A. 


INVEST IN 50,000 BETTER TOMORROWS! 

50.000 people in the United Kingdom suffer from progressively paralysing MULTIPLE 
SCLEROSIS — the cause and erne of which are still unknown — HELP US BRING THEM 
RELIEF AND HOPE. 

W> need jmir donation to enable us tn continue our work for the CARE and WELFARE 
OF MULTIPLE SCLEROSIS sufferers and to continue our commitment lo find the eau.se 
and cure of MULTIPLE SCLEROSIS through MEDICAL RESEARCH. 


Please help— send a donation imtay in: 

Rnom F.t. The Mulliplc Srlrrpdx Society of G.JJ. and N-L# 
4 Tarbhrook Street, London SW1- 1SJ. 




i^V Would an Escapologist 

help solve your Industrial Property problems? 


To release yourself from properly problems may 
require professional advice. ■ 

The JLW COMPUTON system helps the Surveyor 
meet the requirements of the industrialist for property 
management, relocation, agency, current cost 
accounting, asset valuation, rating, cost comparisons, 
regional trends and other essential information - 
'at the touch of a buttorf. 


The 'JLW COMPUTON* brochure explains how 
it’s done ond is available cm request from 
33 King Street, London, EC2V 8EE. Ref: KRE or PJM 


JLW COMPUTON 

A complete answer 





JONES LANG 



Chartered Surveyors 







/l •' 7Z .‘ 




2S 


As XewAork’s oldest bank, 
we financed the trade 
of our young nation. 


Now; almost 200 years later, 
we are financiers fo 
the wide world. 


Our international imoKemenl bewail earlv 
$non after our nation's indepen- 
dence. The Bank «»f New Yni k w.is 
founded to encourage (be growth of 
America's fledgling commodities trade. ? 


That was only 
the beginning 

Through (he ensuing vears. v e 
have grown from strength to 
strength. TorJ.ii. we have an im- 
portant global reputation for 
both the qualitv and scope of our 
services to our corporate 
customers. 

We can boast a uniqueh com- 
patible relationship with scores uf 
correspondent banks. both at 
home and overseas. 

And we serve the diverse 
Financial needs nf American 
'corporate clients and (heir over- 
seas subsidiat lev. as v. ell as local 
businesses all nv er the world. 

London Pride. 

Our London Brant li at 


rr 


147 Leadenhall Street provides the full range of com- 
i mercial banking services. 

It is actively involved incorpo- 
rate lending, export-import 
financing. Euro-cur renev parti- 
cipations, leasing, cash man- 
agement. corporate trust and 
investment management 
services. 

London is complemented 
bv the International Divi- 
sion in New York the Bank's 
149 branch offices throughout 
the entire State of New York 
and a complete branch in 
Singapore. 



Merely the Very Best 


The Bank nf New York has 
never sought to become the Very 
Biggesr. Our aim is merely to 
be the Yet v Best. 

In fact, we take pride in our 
rank as America's twentieth larg- 
est bank. Not its Mass Monev 
Mover. But its Finest Financier. 


THE BANK OF NEW YORK 


Member FDIC 
eiO’S THE BANK OP MFA •C'R‘: 


London Office: 14“ Leadenhall Street, London EC3V 4PN 
Main Office: 48 Wall Street. New York. N.Y. 10015 
I»cnv pnrjted with limited liability in the State of New \ork, L'.S. A. 



UNITED STATES EXPORTS 







i'Tj.y-'i 


;y ' ;• _ - : = ',r j > 


1 


THE U S is tring to daw back 
lost shares in world export mar- 
kets as a means of closing its 
yawning trade gap. The export 
promotion programme an- 
nounced in September repre- 
sents a departure, from provimt* 
tactics which had concentrated 
npnn rpfluring imports. 

With an enormous home 
market. Americans have never 
been subject to ihe same pres- 
sures In pxpnrt a« smaller 
nation*. Export? tart year 

larcoynled " for £4 per 
cent of the Araeriran etos? 
national product, mnre than ihp 
4.1 per cent in 1970. hut still 
| small. Tt has always been easier 
tn sell tn. Tucson aort Tolrrtn 

than to Tokyo, and always will 
be. The atfiturjp nf Trenton* 
i Carter, once a peanut farmer, 
was typical. Before unveiling hi? 
j new export programme. Mr. 
Carter , told some businessmen 
in the White House that he had 
considered selling peanuts to 
Venezuela, hut in the event 


has been a dramatic detectors- Fac*u red exports, there are sows Xeet. Officials there say- 

tton in the past few years.' A 20.000-30.090 US. companies that- they are wry averse tii-- 
KWbn surplus in 1975 on bet. which could he exporting, but sp&H frg ffuf. in. advag.ee '>homi 
found the whole export business trade m these goods has turned have chosen oot to. kT.tr. co fiipa flies cgn- -bribe -atictN 

— government rujp*. unknown into an exported $9. 3bn deficit What emerged was an . in- whomtheyc ahupt ." . 
foreigners who micht not speak this year.- In the first quarter crease of direct incentives— tiny -. - The Ad ministr atlpn is heeir-te* 
English, exchange rate* — too n f l ?7S the U.S. share in raanu*. in the total context of 

daunting. factored exports from the 15 port*, but targeted towards. laws d o- not ..ptevant Anrari^aa; 

Mr Carter has so far harped bluest industrial countries was smaller companies— and a pro- companies ^"getting XapKItoBSLpg 
on the import side nf the trade down to 18 9 per cent, the mise to review the many recent moist carsesk in'va foreign 
arrniint. which in the fir«t eight lowest level since raid-1972. - u.S. law? and regulations that 

months of this year had a deficit river half of US manufac cramp the style of die bigger Mr. Ca rter;. has aton" prmniw$-, 
of 821 bn. compared with some t , KPri Pxports are 'of capital companies in the export field. to redu^CTrirtjHnraWoon^fc^ 
SCfihn in the whole nf 1977. He ds broad)v defianf-t o include- Some ol the incentives (Sti/mx. .^Gbmpanieii have tB^fe: 



termed ihe 
T.‘S nf rednem 
port* "the moral 
| war/’ even 
tured good* are 
factor in the import bill than nil 
No *urh priority was 
siven fo exports. Blit the 
inv 

some ?B20m in additional gov 
eminent expon credits, guaran 


tha «7A porter, with sales concent rated fiscal year to bring 4tsttrtandan : ... While ., 

initially at . hf> top and bondth' ef tie authority up to £4. Ibo. Mr- - measure*, "the ^ reattioq A'tif 


. Ie , n . l?w ' iechni Josical scale. The level of Carter has directed the bank to American' husinew Iff fte'espo^ 

export programme, involving r m.tnh mni-p 'aggrpssivplv the - nm w am m> rtettr Wn : W ' 


overseas demand for many of match more aggressively the pmEramme ^r bisen'iea 
if; products verv sensitive to terms offered by the credit ehthusiartre^ because :;it.lKjtap 
-.limn.. wpiL ^r.nu- . rh agencies of competitor what 

tees, and prnmnitona! efforts ^ ... 

* Tne relatirelv orervaiued dol- countne?. 


nverspas. toaethpr with a rpv.pw 
of U.S. laws that misht hamper 
exporters, is at l»asl a partial 
attempt to redress this. 


His reference tn quate-tas jncentfrasVto i-'WiiWit’i 



rplated tn 


advantages — - ... . . ^ - 

price, tike wide farm exports, was to a deed.^tctaeaT^ : faad^Wel{to'. 
VI « rtenn-tk praine* or high 'technology, already dnne, rather than one Admini strationfs taV>Tea§fi^£f. 

I^IO CApOll grow in sold well. Of course^ foreign in_p«»spPrt posals 

dpraand For the middle range of 

Part of the prohlem is cyclical r.s. manufactured and con- props 
and probably short term. The 5tim or goods was and will be earmarking of ?ini?m nf the tax rehate bn 

U.S. has for the past two yoar® Simulated hy the drop -of the Small Business Administration’s perhaps ini whidr : 

bpen growing fastpr than many dollar. The Commerce Depart- fund* for loan guarantees to vqlue ad ded in Ahie 

P.nrnnoah fht iM tHiife 1 ''''-. " 


The incentives that might be wo rkinc. overseasi wraid " ' ; *• 
roper I y lermed .new were the also like 
irmarking of Rinpm of the tax rebate : ep :ieramWrf eotdei ‘ - 


I of its trading partner*, thus 

kicking in a disproportionate 

amount of imports with litiip <*r 
no export growth in return. 
This is now changing. Exports 
which in volume term* stag- 
nated from 1975 to 1977 have 
bpen picking up since 'larch. 
I From January m Augusi ex- 
ports ro«e by in per rent m 
dollar terms above «h° levels of 

the same period of last year, 
f Commerce pppartment econo- 
mists expert the improvement 
| to rnnHnue into next ypar a? 
the tempo of growth in oth-r in- 
|du«fnalispd countries. ri*es. and 
'as the recent decline of the do- 
llar on the foreign exchange* 
markets works through into bet- 
ter price nillljlftivity for Ameii- 
|ran pvporis in somP market*. 

For the part two ypar*. U.S. 
[export* have grown at roughly 


menfs niJp of rhuiuh is; that small exporting rompanfes, the Eur»u>eaii,fjoi^^bfl^:v 
ever: t° per cent improvement introduction of a computerised But ■ 

in U.S price competitivity marketing information system ment l^liri^^Sfei^ cantiaaed 
should bnng a 13 per cent rise f°r exporters iwhich it wll take opposittoa ; ; 
of export volume. . • ' ''' *Hree to five -ypars to install, a 1 lowed - lirtos- 

Some 20-23 per cent of US. intensified commercial national; T 

exports so to the oon-oli ;de- ^' rk ^ the Stan* Department These - • 


velopjna countries Many of abroad and by the Commerce paper p 


(hem have not only had to cut 
imports recently, but al$n fre- 


Departihent at home. multuia. 

The effect of the. review of ftj reie r|^ 
qnenfly have currencies which domestic legislation that might tax canj 
are eifher informally pegged to whihit exports .may prove uatxJ 

nehuloos. . The Admitustration. the 
that - — 


^efcap-by.XIS. 
their 

te^d^Eferred 
Sse’ii^fiianied to 


deciding in crewsegi^irif B^.vwit^ 
? to emm- capita]. 

tn rights.' v- J - . r -;; / : 


half the average pace of those ’ is P ass, b[e Mr. Carter ha* made 


the U.S dollar or have depre- 
ciated even further than the 
dollar 

President Carter dearly ha* 
gon.j ,-eason to say that "our 
evp.irt problem ha? been build- 
ing up for many year? and we 
cannot expert dramatic improve- 
Ih, new evpnrt prnnintmn pnv I* ^ ^ qn. «l»nt 

j the Soviet Union seem to have year, for only, afiwtf 

been relaxed recently, but that- extra ' exports ^ 4 «o«afeC- ; -T 1 it 


now say? . that «n 
whpfher to ban exports 

tries of- whose human .. 

rpcord or politics it does not InrPlif!vP< 
approve, it will lake into account M 
whether thp goods conld he Mr. ■ 
bought from other sources. Ff critinsed; : Cftqi: ai;wtly && 
they can.- the case for a ban: is ineflBcfeati Tbe'T^ 


gramme ba« been kept a< low 


of other indu*trial rounirie*. 
with an inevitable loss nf mar- 
ket share tirnadly sppaking. 

one fifth of U.S. sale? abroad 
consists nf agricultural goods, 
two third* of manufactiirnd 
good*, and the re*t of raw 
i materials such as metals. 
! minerals, and coal. Farm ex- 
ports have hpen the siiccps? 

I «tor.' over the pa*i ten ypar«. 


» riehi r„rh nn puhllr ^indins ta « » >"«*! »•*> »'"U Admrai^^tljjmi jtisUhj 


t^he easing of political tensions Di s (s .— . some lO.dOG. , of; wferi 
with Moscow as with the new have been set nj^iince .thpeaiU 
concern for exports. 1970s — are in tha 

American business feels it is they only beaett!. those' «ua 
losing custom in the Middle East pamey alrrady expdrima. . .. • 

Mr. Garter .Kgs fwid-he woul 1 

that It rnin , nia7nc"^thap Wiring .it to refuse to comply look at -alternative, tat- linear 
' mS? P *'ai the Arab bn^tt of israet tir«. or. Indeed:. >«aai*7fc« 

The Administration has not gross supports tiie^Disc Bystea 
included this law in itspromirod consider -a ■jpj'ppb;' '.icaled-d.m* 
review, but has 


one of tfii* mam planks of hi* 
anti-inflation plan*, and Mr. 
Rnh«»rf -Straus*, thp U.S. Trado 
negotiator, also i* adamant that 
thp VS. «houid e.xrhew 


dirort p sport suhrid.Ps of the bpra,,se ,hp new tegldathWI 


kind 

countries o 

Spt .igam«t this there is the 
View held hv the Commerce, pe* 


» rhalb up ■; r»,ip< lb. pled fnr mor-'n^ Th"-P C ° rrU 5 f’ r ,f tic ” Apt- OUElr moofed was a # 
1 p« k„..l rn ' I . ; r v " f Th,s law asamst bribery: intro- -for exporters. - ft would be « 

pvportpr* That 

t P t, P rh 7 nrj ,, r , F r u r wn . n . nin Y mar - apparently deterred many U.S. of opening- "an oveaeas;. ial 

_ be . „ r ' A e Tu TV j hut ,f rmnn *nle* from hirins foreign office . and . the . like -' Bpt : M 

nui.t he ^rasped Th® depart. a 3 «pK. lest ’ ' 

rt,at ^ responsible" 


are expected to chalk- up a 
|S13bn surplus thi* year. The 
fall in the international valnp 
of the dollar is unlikely fo hnng 
I about much growth hecause 
American pnre* tor agn«*ui. 
tural goods tend to determine 
[world prices. 

In manufactured grinds, there 



they ' . he . fi'eltf- Carter rilled jt/boi- bteraitee . j 


■'no ixo h.~ >mile legally... for’ tbeir .top closely r^enfMed- an expo* 

“ oipanjes account agents' deed*. Tfie _ .Tustice : .?nbsfdy and. because it chuId-U 


for S *1 per rerit „f f i.S. 


manu- De pa rfmenf. appear? to he drag - Too “asflY- abused. '. 


Swindon offers 
you more room 




The facts speak lor themselves 

like ne fi V 300 ^-iocared in Swindon. Trnw* 

like Bn ish Le' land Bunnali Oil. Hambrc Life and W. h. Smith ~ 
3\ i* a hundrod and one ptenuanj alteraativei. whv Swindon? 

h - nci 0t l her Jrea CAP u? for location. ' 
commumcation:, facilities and human resource; - unique a*=ets 

™ j spce ^- 

Factor,- space, office scaca 
and development sites are' 


immediatelv available. 

Q.D.Ps are not required 
and you'll get I D.C. support. 
Talk to our development 
team now. With over 25 
years' experience behind 
them, they'-U move 
mountains to make your 
move a smooth one. 

For the brochure which 
is your Prepm to Profit, 
contact: The industrial 
Adviser. Thatncsdown 
borough Council. Swindon 
SNl 2JH. Td: 0793 26161 " 
Telex* 44833, 



SWINDON 

Inccn t^ no government can offer. 


BASE UtNOINS RATES 


ABN Bank • . ... td % 
Allied Irish Banks Ltd. 10 %- 
American Express Bk.- 
Amro Bank ..10 % 

A P Bank Ltd. ........ IP % 

Henry Anebacher ; 10 

Banco de Bilbao. . . '. . 10 % 

Bank of Credit* Cmw. in % 

Bank of C.vprus .. .. "IP qt 

Bank of N,S,W irj 05 

Ranqne Belsre Ltd. 10 ^ 
Banque du Rhone ...... 10*% 

- Barclays Bank * .. J ...;.. 10 95. 
Barnett rbristte Ltd ■' .11 % 

■: Breraar Holdings -Ltd.. IJ_ 9&: 
Rnt Bank -of Mid.'East 

■ Brown Shipley iO-.RJi 
Canada Pertn't Truirt... in % 

- Cayzer'-Lt* : - . . • - . . . . -tO- : 9Sf 
’ • Cedar -Holdings ... 
•Charterbrinse Japhet..,;I0 fit 

■ Cboulartoiis . 

. C 'B. Coates : in $ 

Consolidated Credit*.... 10.;-% 
Cooperative Bank . "TO % 

•’ CbrintbiBn Securities 10 

Credit Lyonnais JO % 

Xbmr.ap Tjawrie. in % 
The Cyprus Popular Bk. 10 
' Easil Trust 10 

English Transcont' >.i.ll 95 
•l First Nat. Pin. Corp-.-.>. 11*^ 
First' Nat. Secs. Ltd. -U. % 
W Anto.ny Gibbs .......-..:. !Q- % 

Greyhound' Guaranty... 10 % 
Grindlays Bank % 

■Jjnmncps Mahon 10 % 
S-Hambros Bank ,v .'10 % 


*Hm : Samuel .; 5 ;. 

C. Hoare & C6J ; . 

Julian S. Hodge '. , . .’• ll 
Hongkong & Shanghai 10 
. - Industrial Bk. of- Scot 10 5 
Kp>?er : TTllmarm .10 3r 
: -Rmwtlev -Sr. Co. Ltd L2 5? 

' .LIhyds Batik- ..10^- 

Lood'nn.. xterf-antil^. ... 10 9 
Edward Manson & Co. Ili°- 
MidJand , Banic 10 A 
tSaitSiel-Montaau ; 10 9 
' Hrrrgan GrenfeH 10 0 
y- A’atfooa} 'VekhiJnster 10 9 
" Norwich General Trust 10 9 

- j*;' S.:-Rfifron & Co 10:5 

■ Rossnmster 10 9 . 

Roy aF Bk. Canada Trust .Iff ’? - 

- Scblesinggr Limited 10 ft. 

.-*' E; S.' Schwab 13 JO 

Security Trim. Co. Ltd.':.H' ; 9 

Shenley Trust ...'. II ** 

standard CHarteced ^ * 
Trade. Dev. Bank 10..3 
Trustee Savin zs Bank 10 * 
Twentieth Century Bk.11^ 
United Bank df Kuwait lO; J 
. Wbiteaway Laid]aw-‘....-T %2 
iVilliamfi ft Glyn'fi. 
Yoricdiire Baik § 

K Mfrotwrc trf. -f&p.- AcM 5 tlng ; kwr 

Camariit^. 

f -<5 *7 -< 1 ? 7 ■% .- J-DOT 01 

•JUS.- ... 

*' an fipnt ef fl 

; aa*. tamw aft.- up. ». BS.WS; 

. Bnd mr .s35.0Bti. rj^. - 
j. CalLiepoatB 1 or*r ,W. . . 

;« D 8 m»wrdepMMTift.. • 





CiiTE.Ill^fiBIlENTS LIMITED .-' . > 

T Boyai Exchange Ave.. London -Ei^JV 3 LU-'Tet ; 01-283 210L 
’"Met Guide as at October 24, 137S fBBMs 

- ... CUyb J’ixed Interest .Capital- ; :■ " '*-. ^ - 

^ Clive Fly fed Interest Income ^ »; ’ 



ALLEN HARVEY ft KOSS INT^STMENT MAT'WGEMBK 1 

45 Ctfmhill r Londou ECW'3PB;-T^i '04^.8^- 'r^^^^^ f 

. Tnd»x- Guide as Ociob^f : ' . 4 ' P-' ' 

Capital Fixed- Interest Portfolio ' : ; . 

Income Fixed -Interest ■ Portfolio : ;-. 

* - '' f < - - 


!• hi 

vf* • .<! 




7 -V - 1 ••••*•• •• jvu-art^ ■ ^ s - ■ . 


^ c 

' «I1 




to 



% 


Financial Times Friday October 27 1978' 


PPOINTMENTS 



Managing Director 


for a* Midlands subsidiary of a leading British international 
engineering-group. The company produces a diverse range of 
specialised high technology components for engineering equip- 
ment manufacturers. Sales, approaching j£l0n3, arc rising, with 
a significant. proportion in exports. 


• THE task is to plan and direct the' future development and 
growth of the company in which a participative management 
style has evolved with good results. A contribution to the 
achievement of divisional objectives is expected. 


• THE requirement is for a successful senior management record 
in. x g^pup-stmetured engineering, company. A professional 
qualification, probably in engineering, together with a practical 
■ appreciation, of financial and management accounts, is necessary.. 


• Ar,E range 35-42. Kcmunerutiqn ncgt 
pluscan 


cgotiublc over £14,000 


• 'Write in complete confidence 
to G. A. Riles .u» adviser to the company. 


TYZACK: & PARTNERS LTD 

m.i *..Vj h m t :: r l oNSuiTAvre 

JO HA £ CAM STRKF.r ■ . LONDON - V.’I.V faDJ 


12 CHARLOTTE SQUARE ‘ • JtWNBUKGH LH2 4DN 


CO NT! NAF 
B.V. • 

( Con tin'en tale 
en • • • _ • 

Afrikaanse- 1 
; Handels-' j 
vereriiging) • 


In connection with the Extension of 
our activities we seek • 



Specialists 
.in inter- ; 
national 
cocoa- arid 
coffee trade 


Preference shall be given to • 
somebody especially experienced in 
Arabicas-. 


If the candidate is of’great practical 
value and experience a stationing in 
New York or Paris can be 
.contemplated. - 7 .- 


Salary and fringe benefits will be in 
accordance with-.f unction and 
capacities. * 


We guarantee full discretion., ' 

In view hereof we request ' ' 

; applicants, to send their application 
to the "Laboratorium voor 
Toegepaste Psychologie" fLT.P.), 
Vossiusstraat 54-55, Amsterdam, 
under nr. SA 1960. . • s* 


Initial talks will be held outside trie- 
Company's premises. 


WSm- 

§g|pl|^BY' 



DIRECTORS OF 

• i 

E 




i-sS 


Neutra Treukand AG 


COMPANY NOTICES 


the leading Swiss accounting firm, with offices in 
Belgium, France and Italy and associates 
throughout the world, requires a 

CHARTERED ACCOUNTANT 


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 organisa- 
tion of training courses and quality control 
procedures and will also require some client 
responsibility. An interesting remuneration pack- 
age 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. 


O.K. BAZAARS (1929) 

LIMITED 

flncorporeiod .ft sne Republic 
at South Africa) 

Notice to 6? 0 Second 
Cumulative Preference 
Shareholder} — Dividend No. BO 



Send detailed m mciilirm ritae to: 

• * # Neutra Treuhand AG 

* K. T * Central Administration 

•JM* P-O. Box 2S9.1 

CH-R023 Zurich/Switzerland 


INVESTMENT VALUER 

We arc looking for an ambitious person 
in mid/late twenties to join our expanding 
Investment Department. 


The successful candidate will have a profes- 
sional qualification and/or a degree and have 
had experience of Investment or Valuation 
work. 


Salary commensurate with ability and 
experience. Staff pension fund, opportunity 
to join the profit-sharing scheme. 

Applications marked ‘Private and Confiden- 
tial’ should be sent to the appoiniments ; 
partner. 


Knight Frank &Rutley 


KFF 20 Hanover Square London W1R 0AH 
+ Rk Telephone 01-629 8171 Telex 265384 


Telex 265384 1 


LEGAL NOTICES 


Nil. (V.TCt.7 ul I3> 

lu Hut HIC!B COURT Ol- JUSTICE 
Chaiu-rr Division Companies Cuuri. m 
iJlo Mailer or JENCILAPE LIMITEU onJ 


uf any ol tAc mid CorapaJiL-* n-fjuirim. 
sui-h imps' on wrni' fl! <il ih* r. EiiUvd 
v-harib, for Um s<nu. 
fi. F. ULOAK. 

Kins' 3 Loam IIpilsc. 

■W-41 Mari - Luo.- 
London. EC.:K THE. 

Solicitor to the- P-unom-rs 
VOTE —Any p.-Tson who iMt-ntfs lo 


In ill.- M.-itUT of thu comnanitfi Act IWb i appear on the tusarina of any of thi' said 
NUTK.K IS ilKR&HV GIVEN ihat j ; Pciiihuw most sem- on or swid by noy id I 
Hmliion for the utndui* up of lh.? iho abow-nami-d. notice in wnuos of his 

naniHil Cumpaur by the Hich r.nun nf : <n;i-utuiQ so w 4o Tik- iio;h. mini nan- 
■limiici- was on ibu 16th day ol i'utoi»,r 'Hie namv aqd of the tnfson. or. I 


19TS prvvni.-rt 10 the Mill Court r>y Fairy- | a arm. tin.- nitv and ad dr as* of rh.. 

st> 7 > Shni-s Limited of \h-lbuuni.-. Sr. I rlmi. and onui he sliu -,1 f»y :hi- p. r,nn 

Derby ' OKI I MV. and. Ibai the said nr firm, or btS' or- ihtlr solit-t'or 'if any. 

K-Hiion w direclod m bo beard beiorc and must bo served or :f posu.l 1111111 
ib,. i.iiiin siiiiiw ai Ul*f Hfiyal Cnuns of |bu *-ni by pirn in -ufTi. tom 11 m.. . to 
iusiko Strand Li.ndnn VITCJA 21.1. *m ; n ath the abov.-iuniert no- lai.-r man 

Iho jftih day of Vin .iiih -r isn and any jluur nilorft in m> .■ij-mo/Mi •« in. 

orediior or eomnbulorr '«! 'h- >aiU Mb lay of Nnvomi*. r m.r 

Gunipaiiv rt.-sirmi* lo snpnnn or uppns* . 


Hie makinii ul an C*ra.-r an l/ic said • 
Hein Ion may appear ai the mile >,f Hear- 
lnt in person or by his CniinM-l fur lhai 1 
purf.os.-. .t t**py of rhe Pinuon t» 111 J 
he furnished by ih*- oinJi-rsisniil to mv 
vr-siitor or romriHnntry of the nairi 


ART GALLERIES 


G..IHP. 1 . 1 V P-nii.nn-- Mic-b on |.asm.-nt *S^onv “vwJ.' 

of 1 he reisnljt.-d chjra. fur iH.,- same Drawinos 

JKXKI1C8. Df'Gf.IETT *r Go.. - • - ■ \ ’ 


■M Mnlfnrtls Hill. ■ 

Tadh-y. 

Ilasin-'tiil.i - . 

11.1ms. WO. 

Sullen or-, lor Hie r'.-niioi.trj. 


FINE ART SOCIETY. I4S. Nwr Rond Si.. 
Wl. 0I-S29 5116. MAXWELL- ARM- 
FIELD. (V - 


M . tLU i iiU: 

FURNCAUX GALLERY Cot ' . Wlmbk-don 
prou-iru an einibliion palnlinns 


SiillrllOri IDT Ills 1 rt'iJllOVlcrai PFTFn NFWrCIVBF ' fjn 2d ' 'n f 

■ XOTE.—Any person nhu •'ii..m.I--- io ^ ot , 0 at y, e Aip.il^GaHe^-. ?4. 
Jpp. ar DU III. 1 hi anm. of Hn- saul .Petition i s, Audlev Street. Lonoon. «r 1 ro-30 10 
must sen - '- nn nr s.ud by piint 10 Un- • 5 oa>i» te*cem Saes. * Sdta.i. Late ! 
abDre-nupunL norite In wrtiintt ul hl« a * m e * ch Twe4> . a -? 1 

Iniennun » 10 do. TO. noun- niiu: waif j sJ — 

lh>- Dim.: and addnsx uf III. persno. or. , GA5TON PIERRE GALEY HB60-1P591 ( 
ir a firm, the mum. and addr.-sn uf ‘Jhr ? f JJ* ia n f 

firm anil mnsr bo snniitl by ihe p- rsori , SW- 1 - Mon-Frl. 10 -s sa.te. 10-T 

« firm, or his nr Uie.r -ulienor .'if any., i ... ^ 

and niusi he Mirved nr ir posted, must (J-P.L. FINE ARTS, 24.- Davm Street. 

*> ■ •« «• trLT'tbllS Wm-SK- IOTW l hM ,f OtT W "'. 

riOL-h thi* ■oow-niirkfi no* hut idjit ( g Mon.-Fn. 10-6 

four o'clOL-k in the aMernum. of the i - - — 

ITih day ol November 1 RW. , mall galleries. The Man. S.W i. 

Royal Instituie ol Oil Palmers . Annual 
• — - , Exh.pit.on Open Dally .tic Slins.. 10,5. 


In Hie HIGH COURT OK JUSTlUf. Until Na* 2 Adm _ 20 il_. • ■ 

i'.hanrery Division' I'aimuanlqy .;uiirt. In' manOELL"S GALLERY, Elm -Hill.. Norwich 


lla Matters of. 

Nil. DOJtn Ol 197- 
M. .» K'flHuE r.'i LIMITED 


\u IXLl’.Dl of 197v 

ULDMELb HKICKW'iTfK WUIPANV 
LIMITED 


Tel -.0(105 1 26592 £ 291*0 ’. Annual 
Exhibition ot Norwich School .Palntlnvjs | 
a no Watercolours. Also 'works by- T9lh 
«entur- Subolk ArtbtS. October -21'.r.-,to I 
November mih. Daily 8 ain io S.20 »ji> l 
Caialoouc- f.I.DO <U K : . . PrdceeBs' to I 
Gu.oe Dogs (or rho B I Intf. ASMia 3 lion * f 


Vu. «miM Of 197S 
BLANPtnHRE LIMfTKD 


MARINE ARTI5TS. Royal Society's AnHua' . 

| E*hh ai Guildnall. E.C 2 Mon .Sat ICA5. ! 
Until 1 pm No* 3. Admy (roe. .''ll 


Sii». iHrr.in ..r mrs 

PI.ESA NTH ILL PUILDr.Rf Mill TED 


SUSAN. SWALE'S SALOME. FKMOboutlV! i 
Galleries. G3. Queens Grove. N W 8. ■ 
586 3600. ' | 


Nn IMOOS ill 197.- 
GAVIN STARK.Y INDUSTRIAL 
COMMUNICATIONS LIMITED 


CLUBS 


hmii; 


OIL INDUSTRY : CENTRAL LONDON 
. . £1 3,000-£1 5,000, neg. - plus generous bonuses - plus car ' 

. young company prodding a range ol mlal and fnghfy speaahsed odteJd services Lo llw major North Spa opwalffre 
nd winners of Ihe Queens- Award lo Indus) ry lor E sport Achievement, fe now poised for expansion— both 
gographically and in rasped of operarionai diversification. t ' 

his Brittsfi company has an imponanl part to play in meebng Ihe lectwucaf challenges facing the International 
ietroleum industry- and seeks to strengthen us management: expertise at Board - leir^ by making 1 two top 
ppomtmenis:— ’ . r ™ ^ 

ERECTOR OF FINANCE 

. Chartered Accountant with a minimum of wa yeais experience in the oil nvtuslry or in a contract service intiusuy, 
KSuccassfui applicant vyiii be responsible tor Ihe Croup's financial and commercial operations. ■ ' 

JlRECTOROF MARKETING 


and idaies should have at leas: five years proven international marketing experience in Ihe oil industry (preferably 
Jfield senjtcesl or in a corttrad service industry. A retevam engineering QuaMrcairon is desirable, together with 
Btnbership of an appropriate professional msiituficrn. He will nave the energy, drive and tniliative necessary lo 
nmole and mamf ain ihe Group s growth porenliat m new overseas markets and to capture an increasing share ol 
Drth Sea busmew. - . . . - 


So. 80009 .jf 197* 

GlOTTli LLV'TEli 

and In (he Mailer or ihr. ilompames Am 
! IMF. 

NOTICE IS HEREBY GIVEN ihaf 
FYilTlons far Lbi> iilmlins uft of (In- anon-, 
named Companies by Thu HtMi iloun nf 
JUslIoe nvre. on ihe mill day uT Mclufi- r 
t I97t>, pruxcilli'd to Uio uld Cjjurl hr thi- 
Commissioners of Cuniamw anil Exti>' of 
Kind's Beam Roasi-. & tt Msrl: Lane. 
London. EC1R THti ami dial iho nald 
Pellnoas are liirrcibd lo he hi jnl tn-lnrv 
jihe Coun sllilne ai Hie Royal four is nf 
Justlrti, SiramL London. IV’CSA 'JLL on Hi' 
IQUi day of Navember ■ IRIS, and any 
ur-rdfior or conuUmiOry or ary id Hi- 
said Compantes desirous m kupporr or 
appose The makbu: of an Ordvr on aftv of 
file said PcUilOM may appear ai «b'.' 
, rime of birsrlOB in persno or hv his 
: CounsL-l for- that purpose: ■ and a copy or 
live Petinon wlU be iomlsbed by rh * 
nndeninni.'d lo any creditor or ■ contribu- 
tory of any of dn- said Compsuh * 
reamrins such ooar on Day muni uf ihe 
rejmlaied durea.for Ihe same. 

• G. F. CLOAK. ' • 

Klmt'E Beam House. 
a»'« M»b Lan»-. . 

. . London. ECSR -7VEE _ 

f , -SOll.cHdr ro'Hii* p^tilioiiors. 

MOTE.— Any poison u-ho lnienrt< lo 
appear on tbe heanpa of any of rbe said 
Petitions must serve on or iieud by post u> 
Iho abovMUSUd. notice In wminu of his 
tmendoa so >o do. The noiKc.mu.'iijxMie 
(he name and add re w of ihi- pt-rsun or 
If a firm, the name and address of lh- 
firm, and musi be signed by the person 
or firm, or his or tbclr tolleifor < If adf 1 
and most be served or. Jf posied k .mu<.i 
be sent by PPR In lufllcienl unn.- >o 
reach tbe above-named not laier ihan 
foar o'clock in the afiemoon of H>'* 
17th day of November l®T* 


EVE, 159. Resent Street. 734 0557 A la 
Carle or AH-in Menu. Three Spectacular 
Floor Shows 1C. 45. t3-4S ana t.4 5 and 
music of johnny Hawkesworth A Friends. 


I GARGOYLE. 69. Dean 5treat. London W 1. 
i- NEW STRIPTEASE FLDORSHOW 
•AS YOU LIKe-ITV 

; 1 1-2 30 am. Show ar Midnight and lam. 

. Mon -Fri Closed Saturdays 01-437 6455 


EXHIBITIONS 


COMMONWEAL™ INSTITUTE, tteminoton 
High St.. W fl (B02 329^ ) BOOKS 
FROM INDIA EXHIBITION, 650 bool S 
Indian Dubikihers — literature, arts. History, 
moor.' pn v . science and Industry and 
children's books. 25 Ip 30 October 
Adm 'ree. 


COMPANY NOTICEi 


CITY OF VANCOUVER 
SUS 10.000.000 8i% Bonds 
1976/198*^ ; 


Pursuan: :o rne_ terms *na conditions 
of the lean, not.ee is herOfe* given to 


Bondholders ! h *t- durinp Uio twelve, 
•nontn oerlod undine Seoyember 29. 
1 978. lUSSOO-PDO Ol coeh Bcrfids were 
purchased m satisfnctioa .- ol the 
Purchase Fund 


Outstanding amount SUS9.5QO.aDO. 
Luvehibourg. October 27. 4 978 


THE FISCAL AGENT. 
K REDIET BANK. 

S.A. Luyemhourgeoise. 


. -Both remuneration packages will include a ca r and oth&r benetds comen sural 9. 
-with these tmpoharo appomrmehli. . 

Please write with curriculum vitae to : — 

JOHN TREWHELLA. Managing Director. 

^Exploration and Production Services (North Sea) Limited 
. 1 40 Piccadilly . London. Wl V 9FH 


In the HIGH COURT Of JUSTICE 
(Oiaitwry Division i CompaiXos Court, in 1 
the MaUers of 

No. OOWM of 197R 
ADVANCED LONDON DIVING 
SERVICES LIMITED 


NO. Oftuni of 1S7F 

SWAISLAND MATTTIEH'S limited 


classified 
ADVERTISEMENT 
RATES \ 


No. (WS3A5 or IB79 

CAROL MARSHA LL ■ ENTERPRISES' 
LIMITED 


EUROBONDS 


No. ooxni of iks 
RONALD ARLEN LIMITED 


A. leading French bank is looking for th§ right candidate 
-for its . New Issue. Syndication ■ Department. Age 25430. 
;: Mother tongue English with wooing knowledge of French. 
- Position is Paris-based with attractive salary. 


Write in complete confidence' to Box A.6515, Financial 
■Times, 10, Gannon Street, EC4P .4BY. • : 


| No. 083315 Of 1Kb 

THORPE BROS. I HEATING, LLMITF.D 
i and In tbe Matter of the Companies Art. 

( IMS. 

NOTICE ^ HEREBY GIVEN lb a I 
[paBhOfU for the traxhns-up' of the abofe- 
J named CompunieB by ibv Hiab Cnnn of 
i Jnsuce y,-ere. On On* loth day of ntiobnr 
j 1976. pnewmed lo the auid • Cnurr hj- tb- . 

J Commissioners ar Customs and Estlm- of 
KblE's Boom House. 39 '41 Mark- Lane. 
LinuMa. EC3R 7fIE. and that iho caid 
I petitions are directed 10 b** heard helotc 
l (tip GWJTI sfUlW hi the Royal Courts of 
Jostkv. StrawL London. WC2A JLL ou ifw 
39U1- diyi .of November I97B. and any 
crediisr or contributory or am - or me 
- sold Companies desirous io suppan or 
oppose ibe makma of an Order on art)' 
of the MU Petition* may appear at ihe 
lima of bearing in person or by bio 
CouobN tor That purpose: and * cop y of 
die Petlltou hill be furnished by ih* 
undenicned io any onHlim or contnouioiy 



.-Per .' 
yhttd' 

■ .£ ■. 

■ Vmglc 
rofumn 
rut. 
m i 

Commercial * tndusmal 

! 


Property 

:.s.so' 

J ' 44.80 

Rendenifal Properry 

.' 2.00 , 

S.M • 

Appointments 

r <JA 

' H.0Q . ' 1 

BuiiiWAi 4 Im esinienr 



OnuonunniM- Corpora non 


Loans. Prodociion 



Cjpirtr>. RublnaMitW 



for Sale Wanted 

. 5^5 

visiM. 

Education. Motors. 



I’nnlvaCiK * Teodors. 
Per&onAl. GArdenin* 

."'4:23 

• -ISvMi- 

Hniots it Travel 

Viis 

W.M ., ! 

Book Publishers 


" •'•".7.8®. ■, I 


Premium posiUaas a*aff«M« - 
(Minimum *I» 4* column am , ' i - 
tLR per tingle ulmoa cm extra) 


Pnr furificr delta Is trrttr in; 
Classified Adrertlsemciit 

Manager, 

Financial Times. 

10, Cannon Street, EC4P 4BY 


NOTiCfi IS HEREBY GIVEN that th* 
hiil-iori, divdend or J*; hu ihn 
day boon declared payable on the 30Ui 
November. 1978. .n the CurTenry ot 
the Republic at South Africa, to all 
holden of 6 Second Cumulative 
Preference Shares rrfisured in the 
boo In o' che Company at the close 
of business cm the lOch November. 
1978. 

The -jsual non -resident shareholders 
ur of IS', will be deducted where 
i applicable. 

The Register of Members will be 
closed in Johannesburg and London 
from the llth to 19th Novembe-. 
I9?B. bach daces inclusive, for rhr 
purpose ol the above dividend. 

9y Order of she Board 
J. B PAR NALL. Secretary 
Rejutered Office: London Regiscrsri 

O.K. Building. Hill Samuel 

-80 Eloff Street. Registrars Limned. 
Johannesburg 2031 6 G-reiucul Plscr 

London SW1P 1PL . 

Jdrh October, ft 73 


BARLOW RAND LIMITED 

(1ncorc*9i ,iri ir> tne RepuOlic si bouth Alrlcx) 

NOTICE OF MEETING 

HOLDERS OF THE 7«„ UNSECURCo NOTES 197S/B4 
NOTICE 15 heresy GIVEN mat a meet. ftp ol tne holders ol the above- 
mentioned mares wiu be held at 12.00 an Monaav, 20 NO. ember 1978 in the 
Confer erwie Room. 9ih Floor. Barwing House 29 de Beer Street, Braatnlonfem 
Johannes burs tor tne ourease ot considering and. if deemed At. oass.no. with o: 
withoui moalAcatlon. the laKaw.na resolution -huh will be proposed at an 
ordinary re^aiui.pn at me no de's oi those no:es — 

" RESOLVED in.,: mi, meer.na or ine holders o< rhe 7 ° n Unsecured Notes 
1975/Sc crenea Or CARLOW RAND LIMITED m rerms or a Deed dated 
22 October 1969 as amended bv addendum oated 25 September 1974 both 
*laoed b, n and METROPOLITAN. BOARD OF EXECUTORS LIMITED fliVOS (ts 
consent to iho tonvc^ina Ol » general meet lint ol BARLOW RAND LIMITED to 
consider ahd. >1 deemed nt. re pass, wnt or without modi heat ion, a spccuii 
resolution for me reduction ol /IS snare orem um account bv R27 958 565." 

A circular reniami-ie the resolur on nas been despatched to all note-holders 
and copies are ava.ljM..- Iran, rhe undersianed on renues!. 

For me purpose or ae'ermlnin- noteholders entitled to a trend and rare at tne 
" , **T. M, 9. Ihe : rainier noon ana ra-siers ol noteholders nHI Or closed from 
13 November 1978 to 2D No, ’ember 197S both days inclusive 

TRANSFER SECRETARIES. 

Bv Ofder ot the Beard. Bind Registrars Limned, 

w C. Warrmer. 2 nd Floor. 

Group Secretary. Devonali.re House. 

27tb October 1978. i9 jorissen Street. 

Braanirantem. 

REGISTERED OFFICE: 2301-Scmm ain.a. 

Bar law Parr.. ,P.o B >r it 719. 

Katherine Street. Bruamlo.iiem 

Sand ton 2195 1017 -Scum AKica .' 

Sou re Africa UNITED KINGDOM REGISTRAR 

«P.O Box 78-2241. Llo /it Bank Limned. 

Sandton 2146 rtCBIStrar'; Department. 

Soullt A Inca./ The Cause wu«. 

GO'mg-bv-Sea. 

Wartliing 

WC.I S,isse» BN 12 jDA. 

Em, lane. 


BOND DRAWINGS 


INDUSTRIAL DEVELOPMENT BANK OF ISRAEL LTD 
7% Guaranteed Loan 1982 


S. G. WARBURG & CO. LTD., onnaunce that Bonds for the amount of U.S.S J.350.0D0 have 
been drawn m the presence oi a Notary Public for the seventh redemption instalment due 28th 
November. 1973. 


The numbers of the Bonds so drawn are as follows:— 


1 

10 

21 

32 

43 

53 

G4 

70 

90 

101 

110 

121 

132 

143 

152 

164 

179 

190 

201 

2 IQ 

221 

232 

243 

253 

264 

2 79 

’ 230 

301 

310 

321 

332 

342 

053 

364 

379 

390 

401 

4 10 

421 

432 

443 

452 

4t>4 

4 70 

490 

501 

510 

521 

532 

543 

553 

564 

579 

590 

601 

CIO 

621 

632 

643 

653 

664 

679 

690 

7D1 

710 

721 

722 

743 

753 

764 

779 

790 

SOI 

810 

821 

832 

343 

353 

864 

879 

890 

901 

910 

921 

032 

943 

S33 

964 

979 

990 

1001 

1010 

1021 

1032 

1043 

1053 

1064 

1079 

1090 

1101 

1110 

1 121 

1132 

1143 

1153 

1164 

1179 

1190 

1201 

1210 

1221 

1232 

1243 

1253 

1264 

1279 

1290 

1301 

1310 

1321 

1332 

1342 

1353 

1264 

1379 

1390 

1401 

1410 

1421 

1432 

1443 

1453 

1464 

1479 

1490 

1501 

1510 

1521 

1532 

1543 

1653 

1564 

1579 

1690 

1601 

1610 

1621 

1622 

1643 

1653 

• 1664 

3679 

1690 

170T 

1710 

1721 

1732 

1743 

1753 

1764 

1779 

1790 

1301 

1810 

1£27 

1832 

1843 

1353 

1S64 

1879 

1690 

1901 

1910 

1921 

1932 

194? 

1353 

1964 

1079 

1990 

2001 

2310 

2021 

2032 

2043 

2052 

2064 

2070 

2090 

2101 

2110 

2121 

2132 

2143 

2153 

21G4 

2179 

2 790 

2201 

2210 

2221 

2232 

2243 

2253 

2264 

2279 

2290 

2301 

2310 

2321 

2332 

2243 

2353 

2364 

2379 

2390 

2401 

3410 

2421 

2432 

2443 

24 53 

2464 

2479 

2490 

2501 

2510 

2521 

2532 

2543 

2553 

2554 

2579 

2590 

2601 

2610 

2621 

2632 

2643 

2653 

2664 

2-379 

2690 

2701 

2710 

2721 

27 32 

2743 

2753 

2764 

2779 

2730 

2S01 

2810 

2821 

2832 

2843 

2353 

2864 

2879 

2890 

2901 

2910 

. 2921 

2532 

2943 

2953 

2964 

2979 

2990 

3001 

3010 

3021 

3032 

3043 

3053 

3064 

3079 

3090 

3101 

3110 

3121 

3132 

0143 

3153 

3164 

3179 

3190 

3201 

3210 

3221. 

3232 

3243 

3253 

3264 

3279 

3290 

3301 

3310 

3321 

3332 

3343 

3353 

3364 

2379 

3390 

3401 

3410 

3421 

3432 

3443 

3453 

3464 

• 34 7£» 

2490 

3501 

3510 

3521 

3532 

3543 

3553 

3504 

3579 

2590 

3601 

3E10 

3021 

3632' 

3643 

3653 

3664 

36 79 

3690 

3701 

2710 

3721 

3732 

3743 

3753 

3764 

3779 

3790 

3801 

2310 

3S21 

3832 

3843 

3E52 

3864 

3879 

3890 

3901 

3910 

3921 

3932 

3943 

3953 

3964 

39 79 

3990 

4001 

4010 

4021 

4032 

4043 

4053 

4064 

4079 

4090 

4101 

4110 

4121 

4132 

4143 

4153 

4164 

4179 

4190 

4201 

4210 

4221 

4232 

■ 4243 

4253 

4264 

4279 ' 

4290 

4301 

4310 

4321 

4332 

4343 

=4353 

4364 

4379 

4390 

4401 

4410 

4421 

4432 

4443 

4433: . 

■iU'J4 

' 4479 

4490 

4501 

4510 

4521 

4532 

4543 

4553 

4564 

4579 

4590 

4601 

4610 

4621 

4632 

4643 

4653 

4664 

4679 

4690 

4701 

4710 

4721 

4732 

4743 

4753 

4764 

4779 

4 790 

4801 

4310 

4821 

4£32 

4843 

4853 

4864 

4870 

4890 

4901 

4910 

4921 

4932 

4943 

49D2. 

4964 

4979 

4990 

5001 

5010 

5021 

5032 

5043 

5053 

5064 

5079 

5090 

5101 

51 10 

5121 

5132 

5143 

5153 

5164 

5179 

5190 

5201 

5210 

5221 

5232 

5243 

5253 

•5264 

5279 

5290 

5201 

5310 

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5332 

534 3 

5353 

5364 

5379 

5390 

5401 

5410 

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5432 

5443 

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5464 

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5490 

5501 

5510 

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5579 

5590 

5601 

5610 

5621 

5632 

5643 

5653 

5664 

5670 

5690 

5701 

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5732 

5743 

5753 

5764 

5779 

57&0 

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5843 

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7S53 

7864 

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7390 

79D1. 

7910 

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793?; 

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10279 

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10301 

10310 

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On 28th November. 1973 there -.vill become due and payable upon each Bond drawn lor 
redemption, the principal amount thereof, rogether with accrued imeiest to said date at ihe office ot :- 

S. G. WARBURG & CO. LTD.. 

30. Gresham Stieei, London. EC2P 2EB., 

or with one of the other paying ageni-s r jmed on jhu Bonds. 


Interest wwl! cease io uccme on the Bonds called for redeihption on and after 23 rh November, 
1978. Bonds so presented tor payment must hauo attached all coupons maturing subsequent to 
2Bth November, 1973. 


The following Bonds pieviouslv* diawn lor- redemption on the dates given below have not yet 
been presented for 'payment. 

2Sih November, 1973 
' 9766 


28th November,.! 974 
14552 .. 


'28th Novarriber; 1975 

3953 - ' 


28Ul November, 1976 

13545 14345 


28th November, 1977 
6220 6991 10157 


30, Gresham Street, London, EC2P 2EB, 


27th October, 1978 







WORLD STOCK MARKETS 



Wall St. dips early on interest rate worries 




INVESTMENT HOLLAR Meanwhile, the price of 'Gold Profits an£itsaid year net would ^Toronto CompSte roaSlS^'lowe^ 0 " C Grioleo. off *£*3.5°' Amf” were 

PREMIUM again «t record highs and the “trail I977*s by 20 per cent. rfLT «!, , fnrih«- 64 to 123S7 Treasury Bonds Stoned ground. among' isolated higher Issues. 

-u«* #— v \ dollar continued to weaken. Union Carbide topped the active Index up a ■ * state Loans were lower; 

Effective 92.0700 3«t% (368%) Despite the recordgold price. ^ d inc-^slipped gi to put on' X 1-4 to 1003.4, Golds 11 2 Australia TokvO 

, con- fJo,d s ? are ? " ea ^ wie l D . nw, -*Jif ^ riLlrSorifrftmSSSfcatlons t° 1379.2. Utihties i.30 to lSa.94. ^ Iarkel5 Mr *d in generally . AOK J° 

INTEREST PATE con e i or er bvt Petroleum M4,— the Fed ei ral ® . Banks 0.09 to 284.23 and Papers SU bdued trading on continued Slightly higher in ffl 

“ rSJSi’S- Hr s -s*w- 

■ nLtrL, YveraficShecfa further dSf" ■£*- FtoS “g“« 5,',t M — ml™ SSrSnSS* jSttS £%S?Z!3Z!£i 

wA anl lhe \VsE All ? uater ,oss {rom the yeaf ** ri,er ? he de aJ ™l. ™“ “ S1 ? ; * S"*5 25 cents to ASI4.T5. G31K 2 cents offs and Cotton Spinnet 

^mnn tdex i^d 30 cents . , . _ . _ j .. UneBrvan, added S2J ar S1S5. Mfc .W— « J° « Md » g «■ *" d E ™P™ 2 « Oriented MM 


Tokyo 




j&Afo rap i fcra 




■ 2 ^® nd subdued trading on conunued slightly higher in mixed trad- 

y Oils ana vias. po^em over the L'.S. dollar. jng after late liquidations pared 

>ved against Lhe xhc rise in Gold , prices initial gai ns Vnlrnna 470m shares. 

, . M boosted Gold shares, however. Many shares rose in early- trad- - 
;t active waust- central Norseman gaining in Hi Jed bv Real Estates, Fisheries, ! 
* w t- Canaawn 25 cenls to ASI4.75. G3IK 2 cents oils and Cotton Spinners, hot Ex- 




Closing prices and market options for s:x more 747: 
reports were not available Trans hiternational Air) 
for this edition. *" <* 

— " Teuco eased 5i to 

tn S33.S4. while losses led gains reported lower third 
hv nearly a livc-to-one majority. proQts. 

Volume totalled iSUWni shares. Della Airlines dropp 
Economists attending a «onc n ]^| 0U £rtt it report 

Con Terence predicted Pnme jj rsl “q ua rter net earning 
Interest rates could rise as nizn .. - „,,i ua tinsr a new 


I ud. dlv.ylekl X 


frUUMH i 


hi«Mior ta fisc^ l, fi > i^ , r Cn «uarter net share - offer for the remainder. AST 050 and MIM 5 cents to fitted from the higher yen, with 
to $23 i - it JL £ a t $46; Bell Canada were up ai to A « 231. Nippon Oil gaining _V5 to 681, 

ird quarter tj,- \merican SE prices also on higher nine months earnings. BHF lost 16 cents to AS8.10 and Toa Nenryo AT to 625 and Shows 

ll,t ruuci Ik«n ““ l . ■ \T/.i*nnn im Ul Tn Rl Min 3 U'All n t. _*■ ..... -t it-a . <14 = 




declined sharolv but in active . Noreen, up ^8* to SI 16*, said a well 0 f NSW 12 cenls to AS7.6S. Sangyo Y52 to 345- . 

trariinn Thu Market Value Index in which it has a aO per cent in- w hiJe AGC fell 3 cents to AS1.62 Elsewhere Nlssen SpinninjE put 


rwtorm 


a- H»: per cent by year-end One H OQ daiUe gave away $21 in $29;. the active list, ewsins $1 to $J— 
suggested a 12 per cent Prime afler rtxing'811! Wednesday on it began deliveries of its motion 
Rate by mid-lUTU. news it agreed to tie acquired lor picture video cassettes to deaJers. 


on Yl3 to 625 and Toyobo Y5 tq 
131. while some Public Works, 
issues. Foods. Chemicals and 
Steels also Improved on. buying 
by Institutional investors. . 


P2JH23EE3P- 

fTnFTT 


Wednesday. Salomon Brothers MO a share. 3Hie lost SI to SI e'-it obt^'od Genera 

pariner Henry Kaufman said U.S. Tcnneco shed S? to S31 on “Bar approval to buv about l^aniO of 


Crevt Markets will sonn see lhe third quarter results. 

” most dramatic increase” in Carrier raised its dividend but 
interest rates of the current cycle, fell SI? to S23». 


His remarks reversed 
Stock ?.!arkot rally. 


brisk Singer declined 511 to 514c- on 
a sharp fall in third quarter 


its. shares on the open market. 

Canada 

Markets continued to ga 


profits. Steels also Improved on buying 

Milan Germany by Institutional investors. . 

Generally firmer in quiet ~ , Hoilff Kong 

trading. Share pnees firmed m lively “» ® .. 

Bastogi and Montedison opened trading primarily in a technicaJ The market elosed zmxed with 
firmer after Wednesday's reaction to recent weaker levels, a slightly firmer bias and the 
announcement that Bastogi has In Engineerings. KHD rose Hang Seng Index up 158 H> 

*nld its risht to participate jn DM 5. In Ba nks , Bayern Hypo put 671-73. 

Montedison's capita] increase, on DM 5. BHF Bank DM 4 and Hong Kong Land fell 20 cents 


Hon£ Kong 

The market closed mixed with 


Chi. OrrL.' j( 


;mttDt*ppm&F 


Ind <Hv. rield 


Lf.ia t»ov. Hood yield 




gain Montedison's capital 


Bayerische Ye reins bank DM 2.50. to SHE 12.10. Hongkong Bank and 
Among Chemicals, BASF was Jardine Matbeson 10 cents eaqh 


- Ht.TTBvJ 


NEW YORK 


.Sl.S'k 


24 

kiiissn Ijiii' 

31 *H 

511 * 

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22 

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16 

161 2 

Aliech+ni- 

17 

17 

V ill's 1 i ht-niivM, . 

351 , 

3 3 -'* 

1 1 1 + ’ . 

24 ^ 

24 >, - 

kill- rimlrtirtn .. 

30 >? 

30*2 : 

1 M \ \ 

46:-3 

45 *, : 

Amtiwi* He>--. . 

27 i;, 

271 * . 


Lirfinnziiia-T^ . 

i. IN Int'm'iiona 


551] ■ Johns ManeUle.. 27 


C.-.-ker >«il 

i. .i n u/.u Wirt 1 
L'llTT.mill- KllfilDr 
Curti-f Wncbi... 


Dina 

Uftri I nil nine* . 
lleere 1 

Lipi y.inu- 

Pe'fnna 

IHilX? Im*r.. 
Lien i,ii K>ii*.n.... 


•V nier. Amine- . . | 
» m-r. Hmii- 1 * ... | 
A'n‘ , r.fc:iwl'n*i ! 
Artier. L.n . . | 

Jmpr. I. I'-uainl. | 
A trier. (Ii-i. | pi, ! 
Atner, Kle-'I . Kt.» ■ 


Ulaninnd -bnnirL 241* 


Dietapbc-ne........ 

I>uIib 1 K>i>ii|.. .. 

Liiaoey iW*H 

linrei terifl . .. 
D*'« C hem ica ■. ■ 


50 | Jotunmn .lohiwon 

2713 i fflitl'’!-! 

37 14 ! Ju\ Al.uuu.nur'u 

34 U ; K. Mur t..iv 

33 14 KniMT\li>niiiii'ini 
1SU i K.n*.er ImlnMriw 1 

I Kaiwr died 

29 | Kav 

42 Keiinn-on 

32i- iKerrMeCife- 

41 : K Mill* Wn iter 

IQt* • Kimlierly l lark..' 

i 7 i>. : kopi.«ih: 

X5t« Kisn 

237fc ; Kniji r lu ' 

IS ig | Lea..»ar Trenn..., 

46 lo - 1 jttvi —t raut.s 


28 ig 1 Revlon 

75 1] : Reynold!' Metals. 
26 Sc 1 lii’vui'M. II. J... - 
32 ! liWoia Merreit 

25*3 ! (KvCneJI Inter.. - 


liotini A Rut.. . i 34.', 


1 llwval Dui.'h 

.KTB 

Ruts Tugjs. ' 

1 Ryder stein. . 1 


i 2 * 

| Sinrfc & 

ZA> 

, 491 , 

Wu.,it<'uTtb . 201 * - 

, 20 

351 * 

. » yly a 

41 , 

56 m 

1 Strut 52 '>« 

aii* 

■ 2iln 

Zapaia , 13 r* 

141 , 

■ 54 i z 

jlauitb LC*iliu . 13 !* 

141 * 

; 55 

; l -ri-Trew..** 196 L- t 94 . , 

" 94 1 a 


jl?. riwsijiib.er taou , 

rBOif* 

631 , 

• Hi, 

L .S. «+dav till hs.. 7 . 73 - | 

7 . 73 ^ 


Motors, to 20.50 and 17.20 respectively. 


The Domestic Bond Market was China Light rose 50 cents- to 
relatively quiet, with losses of up 33.0. but Hong Kong Wharf fell 
to 20 pfennigs - in Public Authority 73 cents to 38 50, and Cheung 
issues outweighing gains of up to Kong and Hong Kong Hotels 20 


' Miienat >t-re* .. ills 

45 U Minerals. 261 2 

on i- , »l. R*aHx Haivr.. . 3» ■* 


, si. RtW" Hamr.. . 

i >nru<i Fe luti* 

I SlIU lov«,L 

J rwxi-n Ind- 


a,,: rwxvn inu- 

s**: I -vlillli Unvins.. 


J Lihl.v Urn. 25 


A m-r. INi>reh- f 31i? 


.1 mer. H- 'mopiv-*; 
Amer. Slolnati . 
^mer. '1'iie'- ... | 
Aincrr. Ant. i>a» ..! 
Amer. M.-iM'liinl .1 
Amer. ?l*ie‘.. .. J 
Amer. I*i.i 1 ■■ .1 

Ametol. 

A M h I 

AMI* j 

Amw* ! 

Ani-nor H-.-iin^.j 
Imipiiwr Uii-4.li .t 
A • ni'» • 

'•-A i 

A •aim.Ti 



A-nt«n« 

Ai - . IJm-Ii held .. 

A'll.i I*«IA Vpi. . 
A Vi; 

Aw ' 

A 


H»;i. in* E'ct.. i 2SI» 


Ihinia . . . 23 in 
Ha u k \in*'rh.-ii. 26 Jk 
kauKer* lr. N.Y 3619 

HirifrUil 231 * 

Baxter Tmieiml. 39I-, 
bLwll K.e r---i — 25 U 

Preton Dtckion.'D 35^\ 
Hi.'ii A H'i’iifli... 17*5 

kwuli\ 371 ® 

Heiiu'in '.‘■n-’U' 4ta 
Bci iiii-iicm ~uvi: 21.9 
block A ll^vUl.T.. 171 - 

k^ltiK 59 

Hxi^Camaule..... 29 *t 

V'-nJcn 36*c 

K"r2 Mainer 26 ->4 

Kianitf InL. - 13*4 

Unu-aia -A' 14 


Uni'i- 

2 B-s 

28 a* 

• Ure*h j i .. 

40 

40 

Uup-.iin 

128 

127 J, 

tan e Pltenei 

206-, 

20$* 

bast Airlunr-.. . 

10*; 

10j, 

ha -I man Ktviak. 

59 

59 ;« 



37 Sa 

1. 1.. a U 

25 i* 

261* 

hi I'fu- Nat. i.i,> 

15 i, 

15 J* 

K>lra 

271 , 

28 

hmetvunhl'ei.-tnr 

341 : 

54 i£ 

P.mei* Aitl-'r'iKiii 

20 i e 

201? 

hiuban 

34 L. 

351 * 

L.M.I 

31 , 

3*6 

hrueihatit 

26 -; 

271 * 

t-.tmark 

261? 

26 s* 

HlfiV 

2Kj 

221? 

ttLV.<n 

49 1 , ' 

49 U 

laiivtiih.i Ciracn 

30 .** 

29 fa 

rist. Li*?rt. ■Murt* 

33 i, . 

531 ? 

Finhtuur Tire.... 

12i, 

lJfL; 

["1. Aal. t3u>!vu. 

28 J, ; 

283 , 

r-exi l an 

1 B 5 - 

18 

P-liilkule 

281 -- 

29 

r'.nrida IVir-ei^. 

aOi-j 1 

aOt, 

P UMI 

361 , ; 

36 i» 


26^9 I Litiiieit *j mu f. .. 

28 Ja : Lint till- 

40 1 LiPtm lii'iu-i.- .. 

1 S 7 .'.. ! L^llKt-iiAin-r'lt 


i rWiliinilajrjier — 84 's 

I tfCM 19 

31 in Idwu Hauer 1517 


I S’AL Papfrr 

| Mtitil Mry '• 

. Studdisr tiu'j.Laf- 


10>9 ■ IO93 
23.3 24 

411; : 4 1 33 
261 ; ■ 26 
3 Ht 3 1 ( B 
321 , i 33 
5*t 1 5 »* 

bJe | b‘K 
lli s I 11U 
84tfi ) 66 
19 j 19*6 
151 - I 15 >4 

20 ay J 21 U 


CANADA 


Ahllibi Ha|jcir..^_ 
A^nKti liaise.. 

A lea a Aluminium 

\l31vu Sled 

Aahe-Uje 

Bank lit Mumrcai 
Bant Nma Scut*. 


Bell Telepiione.. 
Bow Valley lmi..‘ 


!iiai (.vutainui 


Iy 'lie ->t*r latlii'l 231 c 1 23 k;. , ^ M ,, riin| 


tejiig l-Iand Ud.' 17 .9 

| L.'iii-iana LainJ ..! 221 * 

: Lui>rl/i<l 43*5 

I Lucky *?iorv.' 15 J * 

! l.’kei uu£»t "a n. 10>a 

I .Uhl- U i I la 11 10 

| Mavy R. H_ 36*4 

: MIL-. Hanover... 35 ?* 

Mbjh’* 31 k; 

Marat U011 Oil 511 * 

I .Mamie Ui-ilaud. lfaJe 
I .Mar-liall Field . 181 s 


[ »e«tie 1I4.O.1 - . - 

: Jiuebiii-k. .. 

SJUDGCI 

! shell Oil.. 


^Iieil l ran-t-'H.. 46 


181 s 1 18 Ls 


May Ocpt.nuare* 24^9 ( 24 Lj 


.UCA 39 jn 

JlL-Uermott 241 g 

Mi'LiMiuied U014! 27 ifl 
Hill 22 U 


;rr» .-Manat 40 's 

71 ,* OlKU-Hle LV.ru 34 a, 

5® I 4 fsiiii|ilieuv Fill ... 10 

Mmib KHue 87 

ini- Solitrou 31 ; 

Stnillnii.in n 35 S, 

HHlj .Soutberu Lei. Ed. 2s ‘d 

501 * Suuilieni Co < la* a 

Z4l-j tflltiL. Aau Res...' 32 U 
2BU .SmiUiem Paeiili-J 28^3 
22da skwlberoJCailniiyl aOU 


21U 21*4 

2Sas . 253a 
ll:« 12 

2Ka 21*4 
343, 351 2 

331* • 333 a 
46 . 45 1* 

48 1; I 49 
34a, 3S1 8 

10 . 101 g 

16*4 163 a 

87 I 87 1 * 
31; ' 3J 4 

353 , i 36 


BP. Canada. 

Boa scan 

UriD.f 


(Jam flow limes... 
Lacwta Cement..' 
Canada NM' l*m. 


(Jan. Pseiflc 


Can. tjuper OK.. 
L^rlluu OIKeeJe. 

iCuwiar Asbeetir-,- 


IbieltaiD 

i.ouiiiico^ 

.Liau. UhtLumi .. 


c.M.1 ; 25 ig 

F«nl M*<m 42 'a 

1 ForemvM Me*... . 193* 

iFos-in-. ...... 33a, 

j • innk-m Mini .. . 8 'a 

i-ree|*>i Mine™ i B 5 Sg 

Fmehani 31 at 

Fuitua Inda.......; 103 a 


33 a, ! 34 


; Aicn;k 56 L* 

; Merrill Lyurh.... 173 * 
' Mesa Petrulennj. 29 a, 

.111.11 . 39 L* 

limn UiiyiSXi" 571 a 

Moi'll l'<irp 67 U 

Al'inaanl'j 553 * 

.Mor-tui J. H... .. 47 U 

| llut(ip.»a 42 

: llurtibt Oil 47 l< 


j> 4 M 9 -v • 26 L* 


47 W i 46 


SaleuChertiicale. 27 a« 
Aaliiiiial Can 16 o« 


0. A.K I 114 a 

1. s n neil — ■ 4 lay 

iieD.Amei'.Inv. _ 101 * 

tl.A.TJL 1 27 a* 

Meu.LHble ' 16*« 


,\M. In-tillers... . 

In. ^t-rrii i- liuit 


.\Bimiial Meel... : 31 »* 


.Van •in*.- 413 * 1 41 a* 


NCR 1 


i-.etu l>ynamn;B„: 70 H 


Bn*.iui II \ err 3 IS* 


B Pot A Uni it....- 17 . a 

Bi«*-kwar '.Tiar,.. 30 "3 

Bnin«»u.-I. 143 . 

Buev r us Ere 17 

Hiiiuvn tVMK-li ' 7 

Biiri:nti.*i Vibn. 40 lq 

k'lrpHigh 711 , 

LampinvISi-ufi....' 343 * 
< anaiUan Pai.'ifif.. 10a, 
LeJiHi Hundoiiib..' 9 a* 

Carnal ion ' 281 * 

Umer A t« raerat 11 lj 
Carter Ha wie\ ... 17 1 ? 

lALcrjiiUjLrTrartr 55 '* 

c B-. 53 i, 

t Hane^C-iri.Hi... 41 ** 


* fien. Kle.-tn.ai 483 * 481 ; 

‘If* . Gen. Fo..t-- 323 * 323 * 

S « . bemnu Hill J 28S, 28 a* 

. iJeneml M».«on..i 631 * 623 * 

«7,._ • Uen. Huh. Ltll...l 174 * 1 17 r a 

30 jc • f ic-n. signal 257 g 1 27 

143 ^ j6en. I ei. bled ...[ 291 * 1 293 * 


1 >rf rfnw liiifj.. .... 

4 Bla ; If" Euglaud E..! 22 ** 
323 ii Xew Eu«l*nd Tel! 321 * 
2eZ 1 Niagara Uobawfe! 13'* 
to i Niaitan Mutrt>. ... 11 
17? N. L..lodn«nVi_| 20 


| southland 29 

n Vi Bnoehaner. *6?s 

liberty Huu-h 17 a* 

StiCJTT Rami 421 b 

.Squibb. 28*2 

Sfuuriand Brand. 233 , 
-ttd .O l iCal itumia- 44is 
5 ( 0 . 011 lokliana. & 0 >b 
H ill. Oil Oh lUL....- 341 * 
■StaufT Cheitikal- 433 * 

^l«rlin» Uruu. . .. l 63 g 

^tudeLiaker • 68 

Huu CV. 391 a 

Suustiaud ; 434* 

Syunu 301 * 

Tflniusilor 113 * 

tekironu 43 

Teieityne - .. . 90 lj 

Idea.. ■ 54 * 

reumti 314 * 


29 1 291* 

z6?s i 27ia 
17a* | -173, 

42*8 42*4 

28*2 ■ 283* 
234 * , 234 * 
44:3 • 461 * 
501 * I 5 H* 
341 * 341 ; 


LWaiiL 12 

Lhodi LV-vd 13> 

Ueniaon Mine- ... 75 

Dome .Ml net. 9 B 

liuine Pelruieuni' 76 
Liu in 1 ph» Bridge; 28 

Uorntar~ ' 21 1 

Dupont 151 


Ford Motor C*»- 


6i* 

6i* 

58 's 

38 i, 

24 !, 

24 s, 

45 

45 

24 1, 

24 

21 •* 

8 1 ir. 

3.95 

4.00 

591 * 

691 , 

IBi* 

183 * 

17 

16 ?* 

16 ?* 

lC'8 

7 sJ 

:?. 5 u 

075 ; 

377 * 

151 * 

14 ;* 

11^: 

— 

9 i; 

8.3 

29 if, 

2U 

■2 1U 

121 

221; 

22 ■* 

22>* 

221, 

58 ^: 

59 

4.10 

4.00 

9 

9 >< 

23 f* 

23 

OK* 

51 

5 a !■* 

3 ai* 

17 L* 

171 * 

5.50 

3.25 

12 

12*? 

13 U 

131 * 

75 

74 u 

98 

96 

79 

79 lg 

28 

27 

BJ'-a 

2Ht 

ISh 

151 * 

33 '« 

33 ia 

B1U 

fc2 


(i mi. Tire. 24 

! Lteiieio. 4S; 

|lje«.iiuia Pacific...! 27 *c 
I Oeo-oun 26 a* 

UeUvOil ! 38 


Central i S.IV..J 154 * | 15 i* 


Oiuiniecrt ' 19 1* 

C e-sna Aip-rait.. 39 
ChiL-u Manhailau' 331* 
Chcni.ua 1 Bk.NV.' 411 , 
1 licaebmli Punit.' 223 , 
iJbewiesv-iem.... 27a, 
C ln-ayo Undue..., 553* 
I'hiyMer • 10 'a 


ijiiletle 26 

! OnodrifJi B. F.„. 19 

itiuolvear lire 165 * 

| (Jouid V 2913 

'tanweVJi I 31U 

Lin. At.an Pac'ieai 51* 
lirt. N-jrth lrun..[ 26 os 

DreytiMund • 121* 

'Juii 4 We-ietn..' 127* 

bun on ; 231* 

LLalibunon_. ■ 08 

Hauoa UiaiD^.j 333 * 
HamlrcLileuer. ...| 151; 

I tlar n* Lorpn 1 . 301 ; 

j Helm H. 4.. 393* 


Nerti. Ik i: Western! 24>a 
VavtUiNat.lJae... 35U 
Nthn. Mares I’mj 24 
Nth west Atrlmee' 26 
Vtliwest Bau.-irj* 2a l* 
Nurton Siniun... • 17a, 
OtvidcDta) Herr*..r 16 >a 
Uciln Mather...) 2312 
Ol.ii. Kdiw.lL 16% 

Olin , 23 i S 


'i-i io> 

164a I 17 


Uvenwas .Sliipe... 25 
O»poi C-orulng.. 1 29 U 
Duhiii llliouk...- Kll| 

2-ia* 

Paeine Lighting.. 203* 
Pan Put. A Ktg.j 19a, 
Pan Am WvniAlr. 71* 
Parker HannlliuJ 26U 

Peal se IV Inti , 23 C, 

Pen. P«. a L. 1 20i* 


Penny J. C ' 345* 


25 : 24 »e 

291* ! 294* 
211* l 2li* 
2da, : 22 r 3 
203* ' 2u>* 
19a, | 197* 
71 * ! 71 * 

26U I 26 
23V, I 23 
201* | 205* 


TeM.ru Petroleum B3* 

' 233* 

1‘exargult 211* 

Texas Ea*tem....: 355® 

Tex*.' Iir-i'iii ■ 81 

TexarOllAOas...' 26 
fexa« L'liiuie*.. 19 

Tinie-rlne 441 * 

Times Mirror. ' 29a* 

| Tim ten 457 * 

i'traue - 43 1* 

'TrankmerH'* \ 16 

j Tranmv 201* 

[ Trail tiikHi ; 33 

Iran-way Irnm... 225* 
Tran World Air...] 18 ig 
1'raveeni • 34 


151 b bcukUEr 33 ig 

581 a 1 rtaui VeTnknJle. 13 

3914 I dull On Canada.., 313 * 
431 * daw' ter Sid. tan.' 73 ; 

29 a, I lk>"UUt*l 391 * 

11 i Home Chl A‘ >*114 

42 ‘, Hmi-im Bat ilu« a 2 

921 * I HikImhi Bm 

3 l* I Huilsun Oil A Um 41 .* 

314 * J 1 ..V .0 ....' lS.a 

, ImaKs. ■ 343 * 

oaf* ] Imperial <*tl 21U 

l»x.-A— 195 b 


Inda • 14 

| Inland. Nal. <>a-„ IK* 

• lllt'l'V I'll*- Idllr.l 17 

• Kaiser Uesmin-er; 147 * 

laturi Fiu. 81 * 

Lohlaw Cum. ‘H‘, t 4 . 3 u 
MeniiTu Biitsl... 221s 
Maasey Fet-ni-wu' 12 i* 

Melntyre ; 2b 

Meore '.un>n .. ..] 35 
Mourn a in Mate It; 2.90 

Vnnn.la ' Ail 


147* : 14!* 
81 * J B 
I 4 . 3 U l 4.25 
221 s I *3 
121* ! 12 1, 


TrtCumiueuta I 1 18 1 * 


Trit.m Oil A ti*-«. 
TRW 


.Voramln .Mine... i 04 . 
N'otwu Eueno'...; 16 
Nth. Tei«<»iii.. . , 361* 
NumacCid A f.ias! 25 
OnJ,*.HHl Petn' u> 3.90 
PaclLu.- Cojr)>er M: 1.65 


121* ! 12 14 
2b i 2o 
35 | 35 U 

8.90 1 2.96 
a 4 . I o 3 5 4 


dUtli Century Full 313, 


j Heliw H. 4.. 

I Houbein 


Cine. Mila, run 323 * 


Cuiuorp 

C.iiicm eerviuv. — 
l iry Intiestiug:.,. 
l.'levelnud Cliff .. 

C'lcaLula 

l'"ipie Pain. 

I. .•■mis Ail) niaii.. 

L "lum'iirt O'*-- 

Cs.inmliia Piet.,.. 
L'.m.ln-Ln.oiAtu 


541 - ( 541 * 


<.. > >mL<u*iitiii Kn^.j 34 14 


InmhusliuU Ktj... 13 
t. 'm’wtu brti-vni.. 261 * 
Cumin. ■Mieriiib.' 38 i* 
Cuiupuieracjcne. 121; 

(uunbueln- 363 * 

Conran 181* 


I Howie Pan karri... I 80 

£J? 3 Huii'laj Inn* ; 19 J* 

"! e Home-lake I 385* 

i?? 8 H.mevweii 1 624 * 

Hnwci.. | H»8 

Husj-i.jjrp. Amer! 273 * 
3 I Uuu-lun NaL.lia- j 21 '* 
10 4 ’ HunCPh AlChm T 3 

BSltf Hultou (K.K.l. J 171 * 

I® 1 ! I I.C. lo*1u»tnea ...' 26*4 

17 i, 1 ima I 404 

® 4 ag I ujreii-Oli i!and_..j 55 i* 
133 * lniaD>iatei’-i....~.. 361 * 
261 * insiMx. j 141 * 


Pcnnanl , 295,. 

I Peuy.le- Drug j 18 

[ People* Can 33."* 

265* 


LA.L - I 531 * 

l-AUCO i 3U 

itC! l • 195* 

! Cm lever 1 43 U 

I L'u linker N V 60 

Luiuii Uaaeurp...| 20 1* 
Linii'U Ufliiilr....; 371* 


Lniun C ummereej 
l-rilon Uil Calil .J 


HaviTw Petulenm 40 
P*u. Can. Prt'm a3U 

Pari no i 2U lg 

Peoples Liera. s>. • 5ia 
Place Can. Jt Op.- 1.72 
Placet Devel.ipmi! 251; 
l5)werCorpprat'n: 195* 
Prlre j 227g 


, I’crklu Elmer. ...; 221* 

Pci j 54J* 

Hlirer • 33 *, 

Plied* DudKek....: 227* 

, Plitladeli^i" Ble. ; l/i? 
Philip Moms... 681* 


l-nion till Calil 6 13, 

l iiiutl Hwa-ir..- ] 541g 

Cuiroyal 7 | 

Luiiwl Brands.... 1 Ill* 
l B Hntinirp. 291* 


IJiiehen Murjte>jni 1JKJ 


PlilladM|*i" Hie., if*? lfa* 
Philip Moms... 681* ! 68U 
I Phllhfw HerruTli.' 30 >4 , 307* 

: Plllabnrv ! 40*, > 4U, 

I Pitney- Beac" i 25 ! 85 . 

1 Pitatim 1 201* 20 lg 

[ Pteuey Ud ADKj 225* | 23 


UK Gypsum 267* -27. 

L'B s>ho«.<... — ; 24 U 25 


Knager'iii 1 165 * 

Heed OfeohoUsc.J IH2 

Rv.. Algoni 351 * 

l.’oyal Bk. rif Cam 353 s 
Koyxl Trust. j 167 * 


Coir Edison NY...- 23 >* 


CuH-u. 23 

t ..«,-iii Nat Oar.. 36 *, 
1 viituii.rr Powei; 225, 
• unr 11 icm tal lirt.' 29 
Coiniucnuii On.. 26 1 a 
i.uni lui.-ntal 'le.«- 15 ir 
Control Unra 32 l- 


if «r- Indus 45>a ' 45 1* | llm Waller 


! lull 273.75: 275 

Inn. Flavour---..' 223* ! 227* 

luL. Harv*srer_.! 36 1 367* 

Inu. MinAChem 1 375* ' 375, 

lut*. Muit'lurxlt... 191a * 19*4 , 

ha-o ! 1653 J8 7 S 1 

Inu. Paper ; 435g *11* : 

I Int. Reuufler Ilk I lll 8 I 

J list. lei.A'l'el.... 277*: 285* | 

1 Iv«ta BeeC. I 39 lg 1 40- 

i 11 InernatiumLi.J HU !!*» 


PularoU j 485 * 

IVtomec Klee.. ...I 1-4 3 * 
PPO Industries.-! 271 * 
I W-ter Gamble- J 83 U 
Pub. 6er. K(ect...| 221 * 

Pnlmna^ -I 371 * 

Pnrex ; 165 * 

y uaker Oat- 24*8 

Uapld AmericaiLl 135 * 

Ua vt UesoD -.1 46 1 * 

KCA - -i 265 , 

Repuhcll HteeL... 1 25 Ij 
itenort*lnil | 38 


485 * I 485 * 
1-ti* I 143* 
271 * : 28 
83 U ! 641 * 
221* ; 221* 
371 * 381 * 

165 * 166 * 


I li'h 6t«el ! 251* p 25 1* 

fn' lifliuohwtra.f 395* I 403, 

l.‘V lmlurreie- 193* i 193, 

Vni^uia Uleet....! 141 * . 141 * 

I Wal^xceti 26L, j 26U 

! W„uer-Comran..| 43 7 * 1 433 * 
i Warner- lnunhcn.l Sbl* . 25 


I Warner- lamhcn.l 8ol* . 25 
HVte- Man'rnentl 24)2 \ 25 

lVellP-Farjo 301* 1 301* 

Western Bam. -uni 267a 265, 

1 Western X. Anuwl 297* 301* 

I We-tcrn Cniun...! 17 17 

We-liugh've Slav 19 | 191* 


? W’r-icm I njun...! 17 ' 17 

lb4 I w *'“ u S 1, 'w Kiwi 19 1 19 i a 

24 l a ! We.rauo ; 245 , [ 255 * 

135 , ’Weyerhaeuser .... i 261 * 1 27 ' 7 * 

47 Whirlpool 201 * : 201 ; 

267; White OraL ln>i..', 19>* : 191* 

251* William 1 18 . I8I2 


y«i ! ■S(.i'prreKe»'.*jrfe"! 6 
25 to swswranis ; 30 4 

*nj: Bholl Canada Is 

193 , sliwrtll i.i.Miuet-; 7 ** 

14 2 ; biefiens U. ' 37 J* 

261 , S»ui|iwu ....... -1 0*4 

433- Bteei oi Cauaila..: Z/rj 
25 *teep llouk (r«n.-. 3.65 
gg 'lexacv Canada...' 46 
301 * I 1 uRHilulk jiii. BL J 21 
2 gi, : rratLsCnnPi peloj 175 * 
iqi« I Traiu. MeuntOr* 9 

17 8 truer.- ,! fib lg 

19 'a Union Ga* 1 107 * 

L’ui BWLve Mines* 77 * 
“ 5 ^* Walker H Irani. ...1 355 * 
2778 West C’.ia-x 1 tans! 11 1 * 
fO's Western Gw i 19 


304 I 30 
lb j 14 1* 


7‘* I 7i 3 
371* 1 37 

0*4 OI, 

27 >s 275* 

5.65 3.6s 

46 45I S 

21 20 'g 

175* 171; 

9 85, 

lb i* H 5 I* 

107* , 1Q J , 

77* 61* 

355* 35s* 

111* 115* 

19 Z8a* 


Wisconsin Elect... 275, | 27 1, 


t Bid. t Ashed. « Traded. 
H Near stock. - 



FOOD PRICE MOVEMENTS 


October 26 
£ 

Week ago 

Month ago 

BACON 

Danish A.l per Ion 

1,113 

1.115 

1,115 

British A.l per ton 

1.095 

1.085 

1.0S5 

Irish Special per ion 

1.010 

1,010 

990 

Ulster A.l per tonli 

1.050 

1.030 

1,030 

BUTTER 

NZ per 20 Vc 

English per civt+ 

12.39 12.72 

1259 '12.72 

12.59/12.72 

77.61/79.15 

77.61 /7S.02 

<3.39 

Danish salted per cwtf-. 

78.98/81.37 

7S£iS/SL72 

78-98/81.72 

CREESEH 

II NZ per tonne 

1.161.50 

1,161.50 

1.161.50 

|| English Cheddar trade per 

|| tonne 

1.309.77 

1,545 

1|275 

EGGS* 

Home-produced: 

Size 4 

2.50/2.70 

2.63:2.50 

2.6.V2.S0 

Size 2 

3. 00/3/50 

3.10/3.40 

3JO/3.40 

BEEF 

October 26 
fl 

Week aso 

P 

Month ago 

P 

|| Scottish killed sides ex- . 

KKCF 

54.0/ o7.fi 

53.0 ■37 0 

54.0 '5S.0 

Eire forequarters 

37.0/38.0 

35. 0/38.0 

35.0/38.0 

LAMB 

English 

NZ PLs.-FMs 

52.0/oB.O 

52.0 36.0 

53.0/36.0 

PORK (all weights) ......... 

37.0/46.0 

3G.0 -46.0 

37.0/46.0 

POl-LTR V— Broiler chickens 

36.0/33.0 . 

36.0/38.5 

36.0/39.0 

jl • London Eg? Eschange price per 

120 ezas. 

Delivered. 

t Unavailable. 1 For delivery October 28.,\ovember 4. 


20 pfennigs. cenls each 

The recent DM 550ni Federal respectively. 
Railways issue was reported to 0 . . - 

be encountering little difficulty oWltZCnaHQ 

in being fully placed, while the 
Regulating Authorities sold a bnare prti 


cents each to- 14.30 and 24.0 1 moifTBEAX 


i Ort. * tVf. ( Ort.. tint; 

la. s* • S3 


Tndn"tmU 
Com blued 


'■ 204 E 9 2 D 4 JB! S 9 S. 1 C 
I » 1 . 85 ! 2 KLW . 203 . 4 ft 


Regulating Authorities sold a Share prices closed mixed hr , — . — . — , 

nominal DM 4.3m worth of slock ver F monthly Settlement | xoEOMTO O'mprantn J23i.tf 1228 Ji.122BJ42Bm;.7M*.? (! 2,t0i .1 m*43M> 

after balanced sales and purchases Day trading. 
on Wednesdav. Credit Suisse eased Frs Ij to 


on Wednesday. Credit Suisse eased Frs Ij to 

Mark Foreign Loans eased 21 63 among leading banks. Fortio 
further. "A" also eased, as did Inter- Pan 


Amsterdam 

Prices generally weakened fol- 


Holding and OerUkon-Buehrle 
bearer in financials.. 

Among otherwise little changed 
Insurances. Winterthur bearer 


lowing the further fail of the t„t aroiS 

rlnllar lut hu Hiwiimniu onH i0Sl mOre gTOOnO. - 


dollar, led by Hoogovens and 
Akzo off FJs 0.S0 and FIs 0.70 
respectively. 


Domestic and Foreign Loans 
were slightly lower in moderate 


HVA last almost FIs 10 on hs ac H vl ^ 


r j FIs 4m half year operating On ’the Foreign sector. M-r 


loss and the announcement Volker slocks generally fell slightly 
is not considering a full bid for below New York overnight clos- 
in' .A. KLM dipped FIs 3.20 to *n^ levels. 


143J3 ahead of its second quarter • Dutch snar 
and first half year results. French stocks 

Weak shares included ■ Van firmer, while 
Onnneren. off FIs 6, Heinekcn, irregular. 


Dutch shares were steady. 
French stocks continued slightly 
firmer, while Germans were 


NOTES: (Kptsns onew *rar-rn rwlow antf'or srrto tsscc. e HW frare. 1 Francs 
-raciuitr I premium. Reitrian ntvtdMKls o Gross dra. %. h Asatunnl dividerw after 
.re after mrhnnlrttiin tax. ximp atirt'or ngtita issue. ■ * A fier Ineal 

• PM 5n clenom. unless ortierwtse staled, lares, m % lax tree. » Pranc*' includinu 
>ieMs based on npi ntmipwis plus i*x. Unilac die. o Mom. a Sfure sou f. * Oiv 
V Pta 54 hi rtenom. unless nthennse srarea. and yield exdim* s Dedal oasment. r Inm 
X OKr UHldenom. unless ut lier arise srated. cai-rt rtrv. n Unnlflnal fraflirrsu 0 Mlnnniv 
b SwrPr dim rtenain. and "Bearer shares trainers- cols, u Merger Defining. * ss*eo 
unless ' othenrrse stated, i V.VJ deriona. > Rw. S Traded, t Seiler, r Assumed 

-inieis nrherwise staled. SPnct at nme re Ex news, sd Ear iJifideM, *e Ri 
ut suspension a Klomra. nSchi’.tmes. scrip issue. nEx iQ. « Interim stnre 
Gem* it Onrjfleno sfi«r nenriitw ■dshra inrreased 




b7J8*‘ BBJE 




Lf'-l-l IL'IJ 111, I 




m 


, .. RS 7-03 — 1 Nmni U )»»*«. 340 

,MW 225.5 28-08 6J “? 

dexei-Hy^ 316.0 *5 88 . 1 S; 4.5 "«« gg 

' rr « v c " S :, M »» l ” “ bSS sss '-’ S 8 

. ilmlni.Ned int'i 109 . 1.160 


340 —2 
426 .-£ 


839 —19 
381 ♦ 1 

593 *3 

530 -10 
2 k 2 —2 


CM. 26 ‘ j AtiaL8,|= 'Pe^qerBB 


14 2.0 m • i- <*: tsuei i !$* 2 g f r sy— rr~ ■"* ‘ i—— 

12 1.4 ten* Ir.-bmiw :.tg ; 88;f v -.. r*tom^-%^f .I t 80 j— O.ia! 


i*imtuer«wok..,..: 831 .« t U .c ww - 9a9 

assssr. «? ;-*•»« «!a8fa=.i$ ,-i 

U«:ur« 264 *4 17 . 3.4 {**■«-- — - “ " > 

K^tkint:":: 3 i! z&i M. l i2 ii £\ 

Urv-inerborrk .... 849 - 0.5 28 . 12 . 5.6 K<,|M,W 1 370 ' 2 

UickeriHflZemi.- 185 T 1.5 9 . 3 B 2 . 6 . bubora. 289 '' +4 

MULeOuffngng 23 B .5 + 2.5 12 2-5 • MatceCerainic ... 3,350 ! 

Huuftr Uov.i 105 +2 14 JM, 6.8 I «aiwi« 0 »ta, Irai... 746 -S 

Harrenpr 160.5 * 1.5 *IB .75 10 JS Uimu 0 «>oi Bank. . 281 

H.iecbM • 138 T 0.8 18.75 6.8 1 - , {iwibi*bi Heavj,-, 122 --1 

Hoewh. _.! 49.7 - 0.3 : - - ; M-ileubnbi Coni..- 428 .—2 

Hurten 1 162 *5 9.36 23 1 H ,| “ UI 4 00 2Vb 

hall rind bale. [ 148 . 5 - 1.5 14 JI 4 4.7 1 Jliieutoui 578 -2 

KaratAdl .'...J 32 M .5 + 0.5 33.44 6.6 . N'ppuo Lhsnw.^.. 1,600 • 


23 1.3 + oi* 2636 5.7 ^ J -i®g 


-3 / 12 2 
_2QL an • n 



°21TY !¥! 


haratodl 


hnulhui ! 2B2.B -5.3 ,18.72 3.7. % 'PPW =binf*n.. 760 .—10 

**- ■“ 1 An au Motor* ... ' 


hiix-kner DM ICOJ 
KHU 


+ 1.5 - — 


hrupp 110.6— 0.5 — — 


18.78: 4.8 . •'■dneei .1,380 


■sanyo fcieanc-., 847 
xatoui Pnaab— 928 


ijn.it 284 . 3-1 25 4.4 1 *rai*ui Prwab— 928 I — 3 

U«rni«u m... U 70 —10 25 8.0 1 sbirekto. _.. 1.310 ;-10 

Lurt bunas. 97.5 + 1.5 9.36 4.8 i w“T— 1.370 —10 

MAN 224.5 — 0.5 12 - 3.7 I y.f flne 2 2 7 :-r i 


lAhOo Marine—... 


>Uime»aUiiu......| 179.5 + 1.5 18.18 4.8! ^ taChem,a *'-. -» 

Metauce* ! 262 + 1.5 10 I 2 .UI 1 La80 


*luiu.-Liener Kim-A. 640 ■+ 10 

Nei-kernuLnu. { 168.6 + 1 

L*reui»ac UM IUM 138.6 + 1.5 


1-3 ie*.in_ ; 121 T j 

_ lukyo Manna. 500 ; - 2 

— ‘OkyobiectPuw'r 1.U40 —10 


vreusoBi: UM IU» 138.6 + 1.5 — *Okyo bitct Here T 1.040 

rtbein We»l. Hie J 181.5 - 0, 5 25 ; 6 . B im-yobanvo ; 32 a 

bcbenuti „_i 274AJ 'Z8- I2i a. I to »l' 147 


- — I BarnboC' Creek (fnhl 

. 10 0.4] Blue Metal ln-i 

- IS 2.4 tVnigaiavtllc L -nper 

15 2.6 I dramnie* Indti«vH>>a .: , 

35 0.3 i Hm PrTtpnetsrr..’..i 
20 L3 OH south 

10 1.8 i k4trnou United Bte«m'....i 

12 ' 5.0 i ■-fcKlSU- ' 

13 1.5 1 '■ocktAira Cement - 

14 2.3 I C0'«*«i. J.I 

20 1.7 LW>. (ioolffelrli- Aus*s.„ 

15 . 0. 5 ! s^mtaJner rsii 

12 0.8 s-oczinc JUot into 

lb 1.2 , uoxtom Australia 

48 1.7 > Ouniop Bubl«r iS1i_ i 

12 2.4 j bSJJOif _ - j 

30 ' 1.6 I KBtMmub..., • 

20 . 0. 8 : todaa»our Kemurces.. i 

40 I 1.4 I tJI. Ukln^riei... 

1 1 2.5 : Uetu, Piopertv lhM ' 

15 1.7 j Hamerensv ...... 

30 : 0.7 [ Hooter ‘ 

10 4.1 W .\uetralia. „....- 

11 l! 1 j ‘ “I W<3opwr J 


Janalre SB. 


X 1 . 84 *, 1 +..*+. i ■ v '. 

tLST-l-M* OSLO 

1 1.90 ' ' V- - : ' • : 

*a in i* or '+ «»_■ . . ' ~ ■ ■ T— 


' 


11 

I 

20 

■I 

U 

IT 

18 

I 

7. 



8 | 3^8 ,enn ®a 4 lortuidnra ... 


jieroeiis - 301.2—0 

iii« Zucker.. _.....; 266 

lliyweo A.U I 120 > 

Van a | 196 a- Q 

VKBA [ 130.3—0 

vereini-A W’e~tBk- 298 1 — 1 

toUiwnnai I 241.0 + 1 


-12 1.8 JW»cMUm»kU. J 

l 10 3.4 Leonanl Ou„ 


18.10 !-4..lf -• i - iHinl 4>ur N^jr 

tL43 . v ''.Oewi6 LKnnwr ^ 

t3.25 ^U5*4*T»»«lKra^.7i i «8 U-t •" • 0. f 

fl.30 .e?jOUU6i - 

ta. 4 o i^o.fia | s.p^»*aqfc_ r j_. - lu^l ir t • 
13 55 1-8J16 | ^d'tnoa^.Mi— -. 306- T+S 20 -I ' 

»2.65 44.05 BnaaiUMa^.) 110.01 -03 u IT 

;3.20 ^0.12’ ffjdroKifsj | 19aB|- 7.0 12 I 

:i.8o — , 99.a;+i.a 7 • 

tl.48 +(L0I .-••• 7 

to 87 i+mii! •• - v •• • 

12.30 -0.06 1 JOHANNESBURG . ^ 

tsi 10 -i ii‘“'.i ’ . . Mines- . • ■ • 

1 1.63 octebergy ' Rend. +t 

12.12 1-0.05 sS* 10 Arorriwn Oonrtu ua ■ + 
1079 |-0-9*’EaM , 2lSgSSlta ltetf : >44a a.- 

10.98 ,+y.OI t “SSJry'" — 1^*? 

li'ig "• i . »ar 4- 


13.10 1 

ti.63 


301 . 2 - 0.1 25 i 4.2 l o-biba Cfti*. j 128 -1 j 10 i 3.9 Menu. KsptoraMnn 

266 26.84 5.0 l,, v n ta Mnrcw | 845 —6 I 20 l 1.2 HIM Howihp. ! 

}|g tzz-V,:£2i «*• **££Znisr 


1^6 t-aa K.'! 1 1’l Soun * NiWi0 s«^es. 
130 . 3 - 0 . 2 . 9^381 3 . 6 1 BRUSSELS/LUXEMBOURG 


Uydr Emporium „.l 

Aew ; 

Nu-txMa» luwniaiii>n«L_...l 
Nona Breiken HMine*n>jr •; 
kirvBf)rT<4;e„ J 

Jil aeercb ; 


«oan , „ Kusienberg Pliiilnuin _ — 2^3 . -* 
+ 2 « 1 Sl yelenB *. JiLL*ji++ mss : - 

12.31 -0.05 ; jRMrUreaal , 1IU0 ' .4* 

11f9 i+0.01 ! ObU Pleli»'8A «™',U..-.-jSTi»i. '4 

, ' Unitm Corpora i ion 630’. 

I?- 9 } : •••••• ; Beers Deterred -YJO. . ' 


11.36 i— 0.08 RIjrvtMntltzicfar 


Pjflce . + >yr j Fra. lYtrl. sTuer bxieorauun- !' 


Phioe&r Uwijeie^ 

+^«Juu t Lowran....... ; 

d. C. dleigb...: J 


' | Price • -f or 
Fie. ' — 


i m. — | Xet | * Muoee» Uwijeif4 

AMSTERDAM ^ —k: Ifgg '' ~ 

^>1 ■■ w ;+ - r : r:.T issacrzj^jB ;- io - 1 - 8 - 3 {*-*- : 

— 1 1 !a - 3 25 |-5 U77 7. 6 Wmoot 1 

lbo« {bi.*fi._. : 110.7 — 1.3 *28 1 5.0 ' hieUmt^i ,6.740 +10 430 6.4 iVratarn Minlne~(hu'miV'''' 

Vk*o(FUJ0)...._.; 25.1-0.7- - |- i ral .iqiie Net 2.950 -10 ji 70 S .B ■VWwiirtha " i 

\iuemBnki>'i.IiX,' 360 -A2d5i 7.9 ; u.H. Inoj-Bm^.^'Z^aO 150 16 1 : * . * 

All hV i Ei. ik,i....J 84J-0.8 I 50 j 5^ 1 irereen 11.534 ; ' 8 S 6i^ PARIS 

\mmiiaiih iKr.on, 74.5— 0J2 (A235; 6.u UBLiBrux Li__. 1.580 + 10 1 90 i 5 7 1 

Bijeukort l 91.7—0.81 26 15.7 «o*t*eo 2.620 | — 1ES 170 6i& M ! Pf 1 ** ' 

BofeaM e»t mi K.RJ'j 126 2.5 | 82.V 5 6 lulmum I1.65U 10 1 142 ; 7.7 “ I ^ 

Uubrm letiLioleJ, 71 -+(i3; 26.7.3 tiusUeuauk ..,7.150 t an ,/ n 7 — — 


1 1.65 . East . Rand By: Wft . t«*. 

t0.13 : .. | Free SiHie-GetJoW "S3B0 • -C 

i0.40 r- 0-02 ■ President -Brand Tii.-^.w’lSOO” '-if 
1 1.76 .+0.0J 1 P rrtldent Sleyn ... ,. :-ia.T5 

12.70 ‘ - • Silironleln ' 18J0' . . ■ 

tO. 67 i+Ojil j Welkoni- .. . 1 ....... tfi. 15 . - 

10.35 ■■ ; West ^ 


Ibmd fbi.aui. ... 

Vkwi <Fu JO) 

liuemBnkiFi.IiX 
Alt hV 1 El. 
Vmroixink 1 Kr. iSJi, 
Uueukort 1 


,150 6.1 

1 85 J 6.4- 

,-rlO ; 90 I 5.7 
j — IS 170 I 65- 


LcuLb Ui) 

7.6 Waiioaa I 

6.4 iVesurB Mining fiju +m» . ; 
5.B iV.e'M'nrlhe J 


' * AIM"- 

West Trrtp font ein - ’v. 

Wtwitra Holdings iR' 

Western Deep --^.3.,: ItlO -' -,’lf 


I 'INDUSTRIALS. . 

I.AEOI I .. ....... -. 3JJ5 . 

Anglo- Amer. Industrial- _ -718 i» ; 


stion 

ered 


s" Barlow- Rand -'•'4. «*»4, 

, — , 1 f CNA- rntresUnerttB . *JB lilt 

piT I't. 01 } J I H"» Wffl -HI 


bioemef ih.-a3)...‘ 
hnmaN.V . Bmrvr I 
tiuKrfxn 1 »U Y ’.ik-'i! 
U laia.1 Brocsiiea E . i 
He'neken iFi. Wil 
douuoveas iKij£ii 
dunlet U.iKi.iUi.' 


rrH ' I “ j F 'r*- ( 4 |De Beers Industrial ■ J. 115 * 

' ~^T\~~7rrZ~ i 15 “™ cqnsrtMat«l;..lD*i- Wi'. 
T 39 + 2.5 | - 4 *e r . 0 . 6 ) Edgars Stares — : 


11.0- : reuobna „3.ii90 1^-20 linn I 5K- ? 

36 . 1 - 0 . 4 ; 20 j 5.6 { .poc. Lren. Banqneid, 145 L_s ^ i 65 H' H 7 , 

93 ^- 2 .s| 14 : 3 . 7 ,-^ 00 ^^ 2.010 fZs !? 3 § • g*g 


Ewueuvens in_aji| 56 . 4 ) — 0.8 | , : ronn, ^..„....__..ia.lZU 

dunlet U.(PuiA>:| 21 . 9 '— 0.1 1 12 ! 5.5 7 o>ra.i 2,610 

H.L.M. tKi. KXJ>..i 143 . 8 — 3.2 1 8 I 5.6 ' *>»-(wo Kie>.t < 2.075 

luU Muiier ilA'i.j 4 a — 0 . 1 -' 19 ; 8.4 j *A-'B — ,1.200 

saamen >H. IJi.. 26.2 + 0.2 I 12.6 5.0 ■ ^ nMra. il>Kh — j 720 


saa rrien >H. Ui. 25.2 +0.2 I 12.6 5.Q. mMra. 


N<u— NeilnsiKi.il. 106.1— 0.4 I 48 ‘ 4.5 j Vteine Motnaguftl.935 


+ 1S 10 in n 1 ■s-". ww~; bow >KU 7.1 

i— is i M 1 6.9 -i 1 -®?® \ + * 1- 


Nel Lre-1 iiki Fiji , 54.7 +U.8 i 21 1 7.7 

Aei MidbkfUjOrl 204.2— O.aj 22 ! 5.4 

^ ‘►•■AI* ' 161 . 5 m — 3.5 

Nfce“i | 33.1 

Vafi Ommeren ... ! 135.5 — 6.0 
L'lUliueu 45.2 —0.1 

r'biiipttFi. lui..... 24-9 — OJ 

i^u sell Ve*v Pi. ia 1 67 . 8 - 1.2 


35 , 4^ SWITZERLAND • 
23 7.2 B-r- 


17 i 6.6 


162.6m —1.4 ; AJftt 7 9 Mununnim.™ «.t 990 

iluiiuei If i^Oi ... ■ i a * t c . __ _ it 80 'A' — _| 1,625 


I I'l OwjW fe. 4 J 5 1 - 6 ' 21.151 Kl 1 EverReady SA ' -i}h 

!+ 20 "ll &0 I ill *' r 3 g® - 1 [ io-hi *■* | P«lertle VaBcsbelegsdriBS- tUSO /jf 

lg i fif J 527 | —6 26 . 26 ] 6 J> Oreatentians Stores tS .98 " 

£s '?2o ; 7 n - -I- 619 j+3 18.96 2.7 guard Ian Assurance. *nE • ?M5 

8 r sleluMio. Him |2.tt7a I + 20 j^b 10 ! a f-|i«5SGl? + SJS { 

i-ia i W 'to C.l.r. Alcatel — : 1.009 + 4 taioi 7)5 OK .Baeara. .... S.« < 

;! 50 6,9 k,le BaucMre. ; 444 +2 i 72 ■ 2 7 Preforta-Otumit a 35 '. 

1 — — * . — ■ — Club Ueiitcr •' 525 +1 ’ilU2&’ a'l Proh** 'HoHlica LfiO 

iirediit'nm. Fr'cei laQ.Ol— O.T 12 • s's Raatf Nines J»njDarttes 
Creuara Loire...-...) 67.3 . 1 j _ Kerabrandl .^rmip - SL65 

j^ Jr | s’'i™ ?*“■ Uwh,H,w ! ef 2 b 3 .oJ- 1 . 0 , 10 . 6 ) 4.0 

) •' l 1 ‘ w *" 1 ; 60 - 5 -B. 5 1 5 .T, 9 . 4 | sa Breweries U»--. 

; Jaufun- Borei.... j ib5 .—1 \ — 1 — iTieer Oit* end ?TetL SflfiL-jflS.W v . 


iturenio iM.aj,....l 


122.7 -otl 1 19.3: 3 J9 L;, i* tie S?’ l ^ l,X 1 15 . 

-0.3 ,5i.7ft 8.8 ^ ^ tCen ' Zfl2 ! I 

1 20 : 8.5 ^ k ®5- V L 5 ?° : ' 

■— 2fli 27, s 1 Urelit auwm* ‘,2.165 ,— 15 . 

f 'sO 3ft 0 5 ■ Biectitwact il,760 -15. 

Cb/iUfc* 7!4 ‘ i -, ^her lOeowe) ' boo^ |— 10 I 


8 ' Mi [adaru.... i.'lf 233 Ji + IS 


tluvai LHitrin t-riii 1V3.7 — 0.3 8.8 


’■aveniiucg 260 

levin trrpfH^i,." 100 
Loa.vu Pta. u kib.1 1 139 
uniievettFi.dOi,. : lie, 
y»«inaJt».Mt,v I 38 


3.3 ] L'uwai.— r 760 —13 tibJf fl.L 


2* i 2.3 Ifvnin.l. 


1.929 . + 14 >35. 


116.0 -0.1 I 42J: 7.4 
38.B-- 0.4 $0.20 1.2 


iTleer Oit* and ?T*tL in p.'- finat . 



VV+4 .l.ir.Hvphkl 394' i_3l5-; 33 


Lta. PanCen.l 7a0 ! j 22 i 3.0 Rmswra Plrents.. 5a3 . + a i 39.8 7.5 

u+ Mas i 800 ■ 1 22 ].3.e' •Mtclie. ID •• 1.255 -—10 '22.63 2.6 

u'nelft 5UIM (2.166 ,— 15. 16 ■ 3,7! ' h,< * Hknnism .1 o93 +13|i3.& '2.1 

Hiecmman il,760 <—15. 10 ' 2.9* 1 Maul,n » — t 128.9 -1.0' 3 t 2 3 SPAIN AP 

Ft>4i«r lOteoESje) . 5 jo |— lo I 5 | 4.6 [ ’“ rl '«w ; 2 Uj !... . ..>1H.9S| »!b . „ 

dodmaii PtCertrj69.750 1-1.26011001 1.9 P»h'wv 92.31—1.9 1 7^8-0 i°i 0 ^r Z ® : . * ' 

UoLiOTsalU 5.000 100:110 1 1J» Jnwd Rl»i«i....j 810 ,-lo!lO 1.7, ■ — 

Imenood B. 3.625 -3a 1 21 2.9 SU» ilF.26^ 3.4 SS iSSiM“«ims; 

Jeimu.Uft.l3i>.. 1.365 1— a { ai 220 J-W [ - ] - cl^r <1W8 ) 

Neaue (Pr. IOOi... 3.000 |-6 Uilfc.a 2.*. I «*n | qu+. 467 —7 27 1 5.8 SSmL' 7 

Jen Hum BiF^aJ»j2,6k 0 ,-40 1 16 ! | .1«.7 +3.2. 7 2 unn cmLVcilHS 

nteni il Pit. WJi, 89918-13 i IS SjO f , ! iW^ja'UJid 9.1 SS'BB ■ J 

■andoz iPr. iJah.. 3.150 60 ; 26 i 2.1- fcl ' .:1.B10 '+10 : 39) d.l Rarim ind rat-'Vi nianv 


SwtuiUes Kan it VASOA-^, 
; ■ (Discount of 39 ^ 15 ^) 


COPENHAGEN + 


: Prlre nr” 
i Ktiiupr — . 


Neatw (ft. IOOi... 3.000 
Do. Oat. „ 2.170 


1-6 <niU>.& 2.u 

adB.7 S.B 


■andCBiPr. * 0 ».. 3 . 1 BO . — SO j 26 ! 2 . 1 - 


\iHteM«niien.... 140 

LMnvke Bxrn. 1261 , !!! !! 

haw Vximk- i......: 1451,-41, 

Mimn-eetnken ; lal**! 

drvtisiencr 348 —1 

rVu-. Iftpir 78-1* — K, : 

Handel Junk 126k- ; 

U..\'Ui'n H.iKrft. 283ls+i» ! 
-'uni Kat«i ' 180 _'m 

UuefitiTik j i lg - + 14 : 

PriTannnk 1311, i 


Prnvirm*iik J 137 


11 r 7.9 >11.1*1 Ct (hr, 

12 : 9.5 I 7*uw*ir iPr. 


xn*. Beren-en.... 390 *• ■— i'a " 12 
aupertra. 160 ':-H, . 12 


Uu ftraCerta.. 371 s— 4 , 2b I A. a 

ISvuindUfrU PMJ 260 j 12 i 4.6 

179 iwi.iei L'-t tPr.li.Vi] 286 14‘ ■ 4; 7 

: g_5 | ’s*i»*air iPr. iai» 777 1 ig ; 4,5 

! 8.2 Bn* tFr.ll*-/ 556 i-3 10 2.9 

. 9.B I -m»'HeJ(FrjSW.!4.700 -SO 40 • 8.1 
! 3.4 ! union Bnnk.„..,. 3;10J — 3U i 20 j 3.2 
‘ — '-irnctTInB....— .-110,900 —100 44 ( 2.0 
1 - 8.7 . . • . 1 • : 

5.0 ; — 

i !: 7 • 

: 9-21 MILAN 

. 8.0 1 ■ ■ 

3 . 1 ' ! Price i+nr' 

! 7.S . 


! 4.*s " 


9 . 1 1 Banco Hlspano ... .’ , 
«s.l Banco OWL Cat. CUW) 


a»y :-a r M.6! a.7 i Banco Madrid *. 


I ::::::.:: 1 {3 : 3:1 i : il & SJSS ? 2 ? 2 ; - 

- ••••• \ 10 ; 4.5 ' _.*** -■■■ - I - {Bfow Sanuundar iSSfli'- 

, 10- j z.s STOCKHOLM j ganco.'Mwaiifft 


: Ranee VMiAjra ...,- 

Si «? R ^ j »= SSS & PTZZ.Z 

j • ^ r " j *• -Raftua Andakttia_ 

IBB fi.a I 3J0 clef 0 ?, 


Fer-tast- 
. XM 

- 'j 

■ m 

31* 

2 16 •; 
2*2 

: MB' ' 

251 " 
IB . 

. 221 
. 1« : 

. aa • 

• 346 . 

sa ■■ 
.2* 

.262 


kaa AB <Kr. 40 ).,.l IBB ! fi .3 3 ^J ^ ucni 

Alra Uvtu yKUaOA 138 ' — 2 I 6 3^ ' 

A SKA iKr.OUl. ..,!( 83 >1 | 6 I 5.9 

Alton U<njeu(K(5Si| lid. i.*....J 6!" 5 7 

IKS ? H ,3 rl *\ 2 f « IAtW 5 LT : 

Col I ulna. _...! 


.- 5 . 7 B; 




















ndai. Times Friday . October . 27. 197S . 


I AUMfN<*;:\!Si) RAW MATERIALS 



SSW 


Copper supply contract 
changes planned 


OUR COMMODITIES STAFF 


Nickersons 
bids for 
Farm Seeds 

By Our Commodities Editor j 

THE BOARD uf Farm Seeds, a 


UK HARVEST 


No rush to sell grain 

BY JOHN CHERRINGTON, AGRICULTURE CORRESPONDENT 


viuciviiir iu ejrn nvit iiitrn uiuuiii uaat: ■ ■ 7 . . , 

\cr country eouiu <iev.de i*>v jciior in cut output. be prices from S67S to S720 a I 10 shareholders. 


Ilian about 500 tonnes has yone mV 


In conaequencc competing on evidence to depress barley 
world mark'. ■«, will cos.1 the EEC prices, the trade says that 
a great deal of money in export farmers .should accept a realistic 
restitutions and could well up- pricing policy. Some traders 
sei the continuin': negotiations have said this ever since I first 
for bolh a new International became involved in the grain 
wheai Agreement and a success- business, 45 years ago. Like me, 
fui conclusion of the Ueneva mosl f arme rs have heard it all 
trade talks. before. 

The impact on feed grain 
usage of cereal substitutes has f^rPPn nAllflfi 
became a serious factor not inly Ctll |JUUIIU 

on the Continent, but in Britain Th arc rine or , w - 0 poirjls 

as well. Imports of ^manioc to tt . hich uld change , he oul]floki 

the Community of am tonnes lhou?h For a s , an tbc harvesl 
this ear are being supplemented niav not have been auite sa 


.delivery. deliveries under supply con- prolii-iaking to close slightly | ** as groum '■ cereal seeds — that is mated on-farm in vrven lion price 

re prices were set by Uie :racii. lower. natural, untreated seeds which — ’and the situation i.» ihe same 


^JK apple marketing attacked 


OUR COMMODITIES STAFF .- ) i armors all over the country, li 

[also claims to bo the largest 

,*»PPLE and Pear Dc.clop- marketed so as to raise the price garden" crop that householders - independent- marketer of new 
Council plan* to call a ut rite tup end of the market. often found difficulty in giving 1 seed varieties, 
meeting to investigate The council calculates thal the away. Competition has become very 

„ jarkeling disaster thar Cox eiv,p this year wili be 114.WKI When growers found sales [ fierce in the seed trade in recent 
t a price collapse for UK tonnes. This' compares with .a sluggish, they poured • further ' rears as a result » r 'iKn-h ; .n!« 
in September and October, forecast of 143.1*00 tonnes made quantities onto the market in the , over-contracting with farmers. 

^ cuuncil which D-o-notc* 1:1 -lane. heliof that they would have Nickersons are the largest 

'Uen-sts* of L’K* a *.«roivprs are reporied.to have bumper crops 10 dispose uf and ! independent seed producers in 


as grown '* cereal seeds — that is mated on-farm invrveni ion price 1 , ^ view from these imrxtns there ure ,, ere ,s * ‘L l$n the prospect of 

atural, untreated seeds which —and the situation 1 .- 1 I 11 * same fij Jlii 0 s ' uken l0 - un> large supplies or su^ar beet puio 3 / ,re,cn Pr,llnd devaluation, 

sells to processors, whole- in Europe, particularly France. Vheir V IjlkS - . from this season's hw"er British £ erhaps as „ parl ° r joining the 

cvrsav - amjsr" ""fy ws m R. h hlh ' " d ; , 

^0 company d c S crib tS itself The hIM ™p. a „ a ,,„n asfa r SSSlcSnJfc SSS,*t,» Si UcHtSJJTS fbta 

;£S> s 3P" ? A™ SSfniJSuS 

suss 'zjsJj™ as 

'ed varied Z LPr ' L cdute P*H nr i n - s ln P»riicular «ng some signs of expansion from i nIcre!S , rales arc reasonable by 


World wheat record forecast ? ma ! ler rise 

BY RICHARD MOONEY ^ iTISh 

L'HE INTERNATIONAL Wheat af 20.7m tonnes. TOO.OnO higher forecast last month and 53 7m at fSTITl 1110011165 
1 Council expects this year's world 'ban Vast month, while the U.S the end of the last crop vear. ir . ICU pipupbc- 

wheat harvesi to reach a record Department of Agriculture has World stocks of wheat r AKMtKS incomes 

level. Following higher-tban- cut jts estimate of the U.S. yield excluding China and the Soviet ' continuin 3 10 SUI ^f ape ®p' 


of thia year's export- hcav " domestically-grown “back apples. 


{position in the British market. 


BY RICHARD MOONEY 


i particularly concerned 

K growers may bo open- SflGCO S IT100FI.S 1 wheat han’esi to reach a record Dpparlment of Agriculture has World stocks" of** wheat — j IKISH FARMERS incomes are 

■ door to greater imports. ■*- */««. 1»|3 npvf wpp|( level. Following higher-than- cut tts estimate of the U.S. yield excluding China and the Soviet ' cont,n “ in 3 10 sur ^ c ahead, but 

l.xriy Troni France. * * expected yields in some Norihern by 1.1m tonnes to 4S.4m. Union — cuuld reach 83m tonnes i at a 40wer P ace than last year. 

R. M. Older, chairman of EY J OHN CHERRINGTON By Our Commodities Staff Hemisphere countries, the coun- The council's estimates also compared with ROm at the end ' _A CC ° n r f d! kn g 3? A^HcultS 

jncil. attacked the acttvi- . _ 'A RISE of 4p a dozen on all . cil has raised its world crop takes inl*i account an exDected 0 * { he Iasi season. i 015 . 1 -. . Dublin s Agricultural 

some growers in market- FRENCH sheep market has covered and hare been confined | grades of eggs was an onu need I estimate by 10m lonnes tu 420m increase m the Australian wheai C,, uncil predicts world 1 . lnslltut e. there should he a net 

“,mall size, poor quality. closvd Uy \mpur\s from the ° r ldl-U4 pence per yesterday by the Gulden las j tonnes. This would heat the 1976 crop in its ia*st ^nori Australian coar5C1 S ra in production will v increase in Tamils farm income 

in*, ungraded, badly pre- L'K since October 15 and looks ,h- , markeUng consortium The «n-l record by 2.7 m tonne* and _ is pSducHon lS iu Ui w ^pu! lonnes against 695m j % >'«r of l'->* »m. 

Mor , e „ Fru „ i i ;:,«:ssr d for *• i.!K P f m the Si-’Sj ,JS[ *“ r 5 *■" Xtissz, $ sssrszz ■. 

'“is Th, ciosur, ,„ r result _ .f jg™, % .i!s,^5 «,«“«? sis?' « h ™a r a “. at =oim “ d ussr ' s s n r 

Jie well packed and care- >he average trench market price have. Traders have found other riem^nd -inrf a reduction in 1 1C new es-.imjie should he that production will reach 13-bni . Washin“ton meanwhile increase should be 6 per cent. 

:raded imported produce falling below the threshold export markets, %Jme of wS flo^s due to the reco very low tonneS ' Mr Bob Berfland. Se uls! Observers point oui that this 

ight the housewiFe s eye. figure of FFr38ai5 a kilogramme. | ea< j l0 France, and the overall prices Consumption of eqssj ril World trade in wheat is now Agriculture Secretary, said the is slightly above the average for 

med that wholesalers and Imports will not be allowed export of sbeepmeat stUI con- Sormally rises ^ ih s time S e nf “ ikrr P Arn^nf,^ c,stimated at 69 5m tonnes. 1 979 feedgrain seaside pre^ EEC countries, even though it 

•s were equally to blame unless ihe average price exceeds tinues. of vear when the weather 1 S S0 ,° f J£ USSR * Ar8enUna 500.000 more than in the council's gramme, expected To be is down from last year's 11 per 

idling such poor quality the thresnold ror two successive French Government is be- becomes colder. and Au,,lri * ,,a previous report. This compares announced this week, will not cent rise. 

fruit. weeks. fore ibe European Court at - Coldenlay said thar egg pro- The USSR harvest is now put with /-Mm tonnes lost year. The be inflationary over the next 12 Overall farm incomes io= 

ers were now finding that The marke! was closed for present for persisting with this dueers would still he siifterine *1 HOin tonnes, ism above last upward revision is attribuied lo wombs reports Reuter. creased by nearly 34 per cent 

unbilled bumper crop of three weeks during July . and system of defending its sheep severe losses, with nrje**, well year and 5m mure than the increased requirements in He later told reporters that j las r year, but it was an excep- 
apples. particularly Cox, August The present closure has producers. The case is hardly be- below ihe break-even cost uf{ estimate published cm September Eastern Europe. Finland and six main options have been sent tional year. The large increase 
out 20 per cenr less than been due to a general slackening ing pursued energetically, how- production. 111 EEC.nmdtietrun of *s«»f» and Mexico. t0 jj^ president, with most represented an element of 

TYiginal estimate. in meat prices in France.! ever, as Ihe main objectors — the The rise on l\ look urices hack j durum wheat is now estimated Carryover stocks in the five proposals ranging between a ten recovery from the poor 12 

e would thus be a limit to The closure does nor seem to Irish — now have free entry to to the level they were at a Few a i 4B.Sm tonnes compared with mam exporting countries are per cent set-aside and a 15 per months of 1976, when light rain- 

lantity of good-size UK hate reduced UK prices much, the French market for their weeks ago before »<harp cuts were *4»n In«i month. Statistics Canada now estimated at 56.5m tonnes cent sei-aside and ten per cent [all meant a short pasture 

vallable and it should be After an initial fall, prices re- lambs. made to help clear a big surplus. • now estimates Ihe Canadian crop compared with the 5Sm tonnes diversion. i. season. 


French ban sheep imports! nexfweek r 


BY JOHN CHERR1NGTON 


.‘A RISE of 4p a dozen on 


AMODITY MARKET REPORTS AND PRICES 

- MCT 41 *C a " a recovered rn a . !-i^ nn ihe “ » ,. r 4. xV LME— Turnover :i7 • ITS# loto ol lfi.tmo hnnuim. tlic turnover no Far tins ».-eel< HEAT COMMISSION— A* erase faistock c>nee in tonne* unlew nMienrtee «r»M> 

_ l»S C, 1 I_.k 3 Kerb ot £771. Turno'-tr. 27. Si.i ronrws: -pi v (ini-ial ■ — • Unulttrial ' — Mnrnimi: Three mnmhs nai9. h4J, in innuies. Verv ^aihctnlial trad- prices a' renres-ntative markets on On 

:n— Huh. rhanaed nn ihe 1 nndu-i \n-ai"jniat.’d MeuI Trartini rvnarTcd !. M3. 04.4. (0.3 Kerhs: Three ninntls. inj; deteinw-d as a result «r wul-iureaii 2t> CB rattle d..f>Jp i,rr k,.l». » — (»/«.. , 

I hai m"u 4o m ^Lh w ^ars u^rifri HiKh Grade £ • £ C ' K \fi*mowi: Three mouths W5.3. imercsi 11110111/ -Dinners. F W Taitersnll UK stm-P Kla'.'u per kcest (Levr. i*4.1»: L*. jfi’ 4- or ! Uenth 

idmi/withlh.- moremenn of tV a t X7« . 1 h “"Sths 1772 7t T! r"!s “1. ... 78X0-30 ,-80 783040 -40 K7. ««. Kerbs: Three months repr,r.«t i-s.r, uant-vi lr-h -nm.iitl^ CB mas B7..lp per ka.lv,. .-0 0., England \wt- -I .eo 

? d tnc mam influence. Corerlni 72. 71.S. 71. Cath-^es. cash' 1733. 27 3. 37 a ui...iUis. 1100 10 • 7680-70 ,11 ® B3 ' a - w - 3 - M - 03 *• MmWIc ^ Mmk* mi Wales-Car.lc *« »! w eew. j 

■r.n,,rt „c U l ,„r, >, ini. »,■ fertr. Tbw >■!>» .-MUjmV 78J0 -M - .... »" '"*• ' [XT’ . 

• 1 , .... 7820 30 ‘--an 7850-40 —4o RLH3BFR Meuis , I 


PRICE CHANGES 


rhr price fell a«-ar touch ms f 77 '- 70 1 71. Aftcmoon: Wtn-bars. thr.-e Standard 


7830 —80 


, J ■ , - ™ ,hree .miwhs £7.700. X7.B90. SO. S3. SO. *»»" ™ ‘ *■» - 

749 5 '-4 745-b —25 17 ,4n "nerRed The East to m Hluh Urade thri-e raomhs I7.T10. . 

770 a. 1 ,4.5 767.8 .*'73 hart sained around overnight in light turn- 7.(83. 7.760. Kerb: Standard, three months ,, c 

74^5 - 4 1 — " ov,r - In t-otidon. vash HffcrlnR-.. heduv £7,075. TO. Afternoon Standard, three ISH'P’t 

>*Ilinc and imestniviii Itanidatlon all months £7.008, S3. SO, 30. Ktrtir Standard. Nsrvl -34.30 Z04a. 0-0 1.0 

71CE7 3 ci 7334 a helped dvpn-cs »be price and in ihe after- three month* £7,050. 33 . 70. N. S3. SO, '**> 78260) 28.0 -53JX) 2067,8-25.0 

' T47 4B4 * JO 744 *5 n00n v - s - and the value of the 75. SO 4«'J 2025.0-16.0 -51.50 £001.0-25.0 

' -iM.il * 9 pound b L . w uii, tf f^eiura The f one ard price LeAD-Flrm-r vlit..iueh hnlnvr rh«. rta* « 5 ^l'’ 2017.0.20.0 -23.00 3050.0-20.0 

737 -3.5 - .... Iuic h t u f7.tia ta-rorv sreaaviOR to eMSr on B I^-. IUI.D-M.S -28.76 2015.0- IdSO 

' 6 ” ' ~=: '«*' « P-"W. Turnover: I Jilt i«nw ^‘SuSed wlS t he S e^^?4nd "ti 1»6.0.M.D -36. W 2055.0.15.0 

f (Kher ba«rtnetalfc pushed forward metal i tan ... 

lex Limited 01-351 3«6. Three month Platinum 178.6-I8L4 «o to hi 5 m ihe morning rmgt uiih me SSiJiS SL s 

out Road. London S1V10 OHS. m^STut w!3o!5»r ® 

Tax-free trading on commodity futures. lakira touched off some siod-Uws jelitog ^cTacr^ in is ^vo-TTil ^Jay 

... _ ■ * « .. 3®l Ibe puw icU hack id £403.5 bpforp avt-raic*- 171 arri mi - - — 

The commodity futures market for the smaller investor. moving ahead strongly again m close on 1,1 *• «»<«■»»• 


type i-anpu^s 

COCOA RIlRKrR 

After opening m«admr titan rapecifd. KUUDEA 
prt'vs nased thraughnni the day - o •■Inst 5LICH7LY EASIER oprninc on ihe 
near the days ** lowi." filll and Dnflus London piu-sical raariter. Lmtr Imprest 
rc-puned. ihroughou: :tn da;, closing u ii > h^Hant 

— • — T./.. I.. .-■ ' - Hll " note. I^u is jnd Pear reported a Walnysl.,11 

L'fU'OA " + - B, ^r .^«np t | re or 233 , 238. «... -buser. 


Tn. 1 • l’r.-vi- •■■■ ; VartenliiyV Hu»iiit>.s 
B.S.s. I Uii-e Clmv Uuiie 


X«r F2.95-Si.IKI 63.SO-84.00 


COVENT CARDEN iprltil it. we.-ling L>«l« •. nOwla... C/33.5 — 1 j -C729.5 

per pjirka;- ur.lciv siaiedi— Imparted 4m*>n»h» rte. a«. *: 735.25 i.T48.25 l 

araduce: Lcmans— Italian: 12-) lifK M O'.lrt Imr n? ;>/35. 125 J- 4. 7b'S2 15.575 

CHIP 5.30-8 39: S. African- -100-7 30; t^wl .n-h £422.5 -0.25 W69.25 

Cyanis CratLi ?.n0-T .3-»: Turkish. 3 00: - i.niub» l 405. 76 I-O.B76 CS74.625 

(•reek. 7.30. Oranges— S. Arncan: S n.-ke. ' 

Vakneu Lau* 4.M-3I4. Braalltan: t-iweMarker.eiii ib >1 75 M.75 I 

I'jleiieu Laie 150: Arutiitme' 4.20 3 iW: ] .88 —0.01 1.88 I 

L'ruauayah: 4.20-3 u/.. Sauumao — Spauia. I 

Trjys 0.4.M.9U. Crapefroh— D./ittmican: 


U.S, Markets 


Further rise 
in precious 
metals 

XEW YORK. Oct. 20, 


PRLCIOl'S METALS once again pub- 
lished nev- life-of-oontract ■■ highs '■ on 
renewed voeeulatiro buying, after the 
aieadx u-eabno of ih U^. dollar. Copper 


Questions 
mswered 
ibout 
^our 
iVill 



: In these days it is hard to estimate what t 
may have to leave when the time comes. 
I want to be fair to dose relatives; but I also 
■. want to benefit a cause close to my heart. 

How can I best ensure both? 

-’-Most of us have a similar problem, with 
inflation. The sensible course is probably to 
y *■ leave fixed proportions of your estate to the 
individuals you wish to remember-r-say 20 % 
to one. 15% to another and so on — and then 
the residue to the cause you wish to help. 
: I wish to remember old people, since they 
seem certain to be in continued need; 
but their needs may change. How can I 
anticipate what they may be? 

: Help the Aged has a justified reputation for 
keeping well abreast of the needs of old 
people; and has pioneered a great deal of 
muclimeeded work for lonely, sick, hungry 
and despairing old people. Their trustees 
are especially careful to make maximum Lse 
of volunteers in daily touch with the elderly, 
thereby ensuring the most practical response 
to need and obtaining the utmost value for 
each bequest. 

hey publish two useful guides for those 
tinsidering their wills; and I often commend 
lese to clients to study in advance of consulting 
ie. Copies may be obtained free on request by 
riting to: Hon. Treasurer, The RL Horn Lord 
faybrav-Ktng, Help the Aged.. Room FT5L, 
REE POST 30, London VV1E 7JZ. (No stamp 
ceded.) 


JS«2Ln“rJS«!r wfllB ppr P°WHl)-DiUT PMc* October 25:' 
T ^ rnS 1*2-46 '180-14'. Indicator (Mice's October 26: 

lajvtns toueneo Off wme BTOD-1«W£ selling Itj+av arr-racp |7i JO 1 170 771 «VH,V 
and ibe prlw 7cll tad: to £4«.3 before ZZfZ-r f,-f! w, 1,0 i7, ‘ 
moving abend strongly again io dost on w tiu.wi. 
the late kerb at £489 J. Turnover: 11750 ^Arrrr 

tutmei. COFFEE 


— — <i 1S-0 III. Graptf— Ittiuu: Btacg R-.-gina Ain- mi.li U56.5 —2.25 :334 

Sales: 1 i '0 j Id’s of i tomtea and 437 2.20. Altrteria 2 jM: Spanish: Altu-na 2M- * nfceiiha — Li 58.75 —2.0 L344 

737 ■ lots ol 13 loaoes. .T.WI Xegti 2 su; KrencS: Her pound R'"»tticei* .*t>/a »625 

Physfij] nosing price* ibojers' wrre- Alphonse Lara I tee u -J4. Bananas— 


J «-in. ;+ ur p.m. ■+ or ROBUST AS contfBued ibejr re<‘eni rally Pbysna] rio-cios price* ibojersi wrre- Alphonse Lara I tee uai. Bananas— ij.i. 

LE.VD ]. OffleUl. • — , CnoaiL-UU . - S J** bot **£' * Spot b2 73p m*. 0.: Dec 62.73p <63 6-J Jan. JamaicJO: Per pound 8.14. Avocados- .Ph.i. .Qin, , ■ an n 

, ; rorced vitae, Iowit in the afternoon alter a T.’.p Isravli: 3 OIW flO. Coptlcunif-Diiicb- I'er . ■ * |-' 4 ®-0»o0 

| a £ I £ a disappointing performance Io New \ork. k n os . o»lott»-«oamsh:-2 S8-3 30: , n J ■ - ; 7 

Cosb 432.54^410.7! 422-3 -.25 Dr 5J tl r - ?Hr n , ha,n ^e i lortft i , 4 , aln « k CDVARfAN MP4 I Duieh: iaM 00. Melons-SpaniRh: Yellow li'JdTiiiiY-n T 'ij'ri'clfn 

3 rn«nU»sJ 4J4-.6 . + 9 - 405.5-6 +.S76 wcr 9 13-110 ,owcr ^ eT “> doamg oUl AoLAlY PltAL S-H .7 2U-2A1. Green S.Pkl.fti Tomatoes— H,,re »63s« -5.0 «10 

Setl.ment 433^1+11* - 1 .. . S ”?.I 0B - . r 1 eTeMavf^A? — B5JSST ~ Jcr9c y 1-60-2. 08: Spanish: 1.40-4.4U. 

l-Ji.Jjpni.L ~ I *36.36 • J iWnlaV* “ . 4lS« - Cucumbers-Caruur: l« Ifc i48-2.S«. g-. 

■ Uupe Dates— Ms-nan: Per gjov*- bJl-Oii. 

PuiMMirDiUlNB— Qnanioh ■ P.vr hnr ill 'Uk ^ 1 


— • ■■■■ ■■ 1*36.36 * .. ... J I'enm l*y '• 

-Momlug: Cash £<2£. 33. 34, ». three L'OFTF.E [ — 
tnobtha £410, U. II j. U, IS. 14. 15. Kerb: :£ perwmpe 

Threr months £414, 13. 1 *. ID. I0J. il ' • 

uicraoon'. Cash £428. three months £4W. November.... 1527-30 : 


+ or , Bu«\n(.» 
— | ihiuc 


illiert-'inne 1 


Dates— Xte-nan: Per glov.- bJl-Oii. lfi SB to, £«;■»« 

Pomegranate* — Spanish : Per bo* 48 60s W™ t'tiiljip. ?6lDp .. .. .. «526 


*68.75 —2.0 17544 Coffee— 1 l Contract: Dee. 148.23 

t./3 »625 i Msreb 1«.73-1B0JH) (141 J7i. May 

3 I 1S3.3A-I33.73. July 1.12.38. Sept. 131.00- 
: I 5 1’ 30 - Dcc - I2fl.00-ia.ro. March umraded. 
■910t ;^40.0 57b0 Sales. 713 lois. 

.'326 1 j -522 Copper— Oct. 6S.M ‘'60. ID-. Nov. 65.7s 

',653 u -s!6 £610 'WfO*- Oec. M.33. Jan. 70.05 Marrh 
a.u e 0tu 71.35. May 72.40. July 73.40. Sept. 74.23. 

Dec. ,0.50. Jao. 55 70. March 78.55. Mar 
; “ S3. Job- 79.15. Sales 11000 lota. 


Cotton — \'p. 2: Dec.: 68.9IV6S9S 1 80.44 >. 


• lira- rDHiuia *, 1 *. u, II, 10. I«ai. IL ‘ rWomtur ill* nn.<MI I . it n .„ «« n, „ ureugmri u.n. iianou. 

AJUirnoODi Cash £426. three months £4W. November.... 1527-30 :— 10.0 1565-25 iji'M « ?, * D Is laa'S-MM Califormao: O.aj: Chinese: 0.2' 

»: i iSIHS "B >S8fl : ;S:S |SS 

ins* “■ -• "■ u - Bs - w - -=• jk ' ! illlls - ■ Us* *«.,=- 

jsfj s t s l s-57 jsss «a?=, lEsLii i^^srsrsj^ 

to touch the day's high of I3TM reflect! tie " 0 uvr - -, “ - Sales: 151 i2l3i lots of five unmet. i5'?4s new uroo 2.40-3 On. P 

farther speculative drrnaod and news that 1 Per pound 0.50. Apples— 

both Preussag and Comlnca had lined Sales 2.4M 11521. lots of 5 <onncs. C nr » n Bramter 0.03-6 09. Lord Dcrt 

their producer prices 10 S720. Ai (heart ICO Indicator prices far Oct. 25 • L’.S. 5UuAlV Cox's Orange Pippin 0.04-U.I2 


Per pound '-.as ,-8.0 S267 | March 71.62-71 OS ,72.07.. May 73.M. July 

Grenoble 9 0.46: fialtsa: Wet 040: 1 , 1 — ' ' HS.4JWS.fiO. Dec. 61 .23. 

Californiao: 0 .30: Chinese: 0.00 Braalis- Grams March R S.(LWS.40. Sates: 6 850 bates. 

Lira per pound 0.50. Tocantins 0.39-8-40. Birin • ; j 'Cold— Oct. 235.00 (233.70, h'ov. 233 10 

Chestnuts '-Italian'. Per pound 0-25-fl.30: H-.-mo Pnium... X8S.4 .-0.2 1182.6 i ■-’W 10i. Dec. -TO 30. Keb. 240^0. April 

Spanish: 0.33.0.4°. • llalw 1 244 3D. June *49.70. August 252.S0. Oct. 

Englhh produce; Potatoes- Per 2a kQos p,em:b .V a AiuJIIOI.Bi, £101.5 I 256 W. Dec. 261.10. Fch. 255 40. April 

I 10-1.20. Letun*— Per 12 round 0 6H. \lhwi 1 269.74. June 274 10. August 27SJ0. Sales: 

Cos 1.00. ttebbs 1.20. Cucumbers— Per iray 1 u.m ■J w -,iu‘ , t:B3.26f . . .1:02 32 000 lois 

ii *Blc rutw iron ■■ i/L" llil MiKKniBnic_ 1..0 ui .*.*a ■■■ 


.• ' , rD A I1VJC r l. .^1 5' . “ ,rr Pt r pound O JO. Onlow— Plt o a* I .TO- 

[ ■£ £' £ ,£.UKAIJy 5> mrilwr m, ion twins wiw recorded betore ,. M . Swwlcs-Per 29-lb 0.3-W fiO. Turnip 

Ca*li J36 1.5- 2.5 -4. 2.5 356-7 '-2.ZG _ . a disapp..,ni Im: ^ 'Ji 01H opaibig erased _per2s-1bfl.ro. Parwlps— Per 2S-lli 0 w- 

3 nvjpthh..! 374-^ +J.J6 368.5-9:— 2 LONDON FUTURES KjAFTA— W heal J n '" rt *i2Jjy T ®T' *** irtws were 100. Sprouts— Per pound n.03. Cobnuts— 

6', near. ...I 368.5 t-26 1 -- I .. lop to 20p higher, and values sdort-livrt Jid M the Icb»bs were pe r pDntK j Keni 0.43-9.43. Com Cobs— 

J'rini whD 1 — ! i«*» f, ; '■■■ increased on commercial bnylnfi Interest recovered by ine close, C. Czamikow Each o.oc-U.lU. 

— - - oa ‘ ‘ - 10 unde 30p-35p up. where cuunrrv hcd«i> reported. 

Uornina: Three months 1374. 7S. 75.S. srfluis cased. The market bached a lliUe — — — — CITTIinCC 

Kerb: Three mouths £873. 74. 73. 72J. 10 close 20p-25p higher In fairly dim „ „ , WUUL MJlUKtd 

72. 71.4, 72. Aficruoon: Three months cradiog copdilioiu. Barley opened 2flp .."V- !*eslirrU«.c * Prevtous 1 Bunln»w LniiMM—nirii mH r«>in-ei«w; Bantu 

£370. 89. Kerb: Three months £J®j. 70. higher, the mam mi eresi tains in ne a rbys. Lumm. Llvw ; (.!««• Dune LONDON Dull and featureless, Bacfw 

7L 70 J. . ' but was generally neglected 1 ihrounbour < ^* u - | 1 ! renonea . 


FINANCIAL TIMES 


oO.OOO lois. Handy and Harman bullion 
SPOI fil2.50 >92.001. 


T^:6^-^.7^ r,^,: iaRr!Sfr^^-nI , S& 

dp5.93;s66.01 j £-3.92 i aab.24 1 ,3;.' ^ ^t 723 ' Auffus1 Sept. 


ALUMINIUM— Steady after a strong ^ Volume was very loir, values • Pence p er Kilo 

mo ruing performance when forward metal cjosvd about steady. S0-38p higher on £ j*r tyone Ainlmlum (T«.ier>lr-*+ 

moved Ip £807 on epecu!auvr interest in the day. Adi renorted. D*. 1 75.80- 14.00 112.80. 12.96 15.76-12.75 Great v Wool I'low — 

line with Other- metals In the afternoon ~T7; : ilmvb ..'116.70- I5.rt 115.60-16.60- IS JO- 16.00 

irade sen lug in Qdie scud vohnne was wheat mhlet yilJ .. M8.60- 19.70 1 17.20- 17.M 20 JKM 7.80 

evident, prom pied hy ihe difference TestentaV x«r YiwteidawV + ,.r A'tg . ..;i21.20-21 JB MB.B&-19 1 75 l 22J^aiiO Ortirf^r *224.0-38.0 

between • UK and VS. values and the U'utiii «k*e ' ; — : . iu«,' ‘ — on - I25.ro- 25.75 !22.2&-22.S«24.76>8t.M Dei-ember .. ;229.0-31.B —3 

niovemem of aierimg. The price lell in : I ; IM.- .. I25.50.S6.M l24.10J4.5ol2E.5II llnvb . 25BJD.30.O 


£ jer tuone A mini 1 mo Tvsletxlr'*+ «-.r Bnslnees 

Deu- 1TS.80. 14.00 112.M. 12.96 15.75-12.75 Or»f W«.1 L'low — ! l*one 

31iuvb ..'116.70- l£-fc0 115.60-16.60.18.00- 16.00 


.Bass- ,. ,«-i = l «fl> , SltfabeaB OI ,_ Dcc faUSl . 

REUTERS ‘ Jan. 26.20 Oh. 76' March 23.9(y;5.S5r Hay 

. , 3K..0-2J 75. July 25.50. August S5JM. Sepi. 

Oct. 26 .li-t . sb ll giln ■.••ii'Vcar «•/. 24.65-24^5. Oct. 24.45 

— Hj i 'Soyabean Meal— Dec. tW.4fl-19l.00 

1531.0 1529.6 1^94.8 i 14B4.2 l >15-5 70.. Jan. 19:.3(1-\K«1 ilM.ntu. March 

~BV*:^5?^b5r 'tir~ii:ii = iiMfr I J2 M * y 4fl-l93.50. July 

' I 19S.I»0-193.3fl. Auttust 192.00. Sept. 198.50- 

DOW JONES [ ’ swsar^No. 1 n'^jan. 9.2p ,-9.30,. March 

srj^^sn^rsr ! iSiiY 

° . - n ~ ■ ma " I ui.5A-to._60. Sales: «.3W lots. 

--PA ...Jd&6 21-595.4 7 376 6D T 57 96 ] , 1. 

^? ' > . 98 ^ ; T'..?.. a9 337.86 353:4152 -MWi. May 34a-34£. Joly 3344 k! 

1 Average IBJ4-SS-7R= 100) Sepr. 33s. Dec. 344 bid. 

WINNIPEG. Ofl. 26. tfRye— Oct. lOSjro 
MOODY’S hid (102 J0 bid 1. Nor. 105.00 bid >'101.00 

_ _ bid 1 . Dec. IUF.00. May I70.no. July 110,30. 

*■* [ U-«- ll>.>niti|lHBi ’-Oats— Oci. 67.00 mid (S8.00 bid'. Dec. 

MoodV* $ 28 I ia>.. ! a ... SS.B0 rS4.00 bid». March n.00 asked- May 

— ! ' 51.40 asked. July S1.S0 asked. 

->t»e L»inmi 1 ;-B5.5 v/7.1 9S 7.5 945.2 ,_ —Barley— Oct. 79.00 bid (73.S0( Dee. 

- ~ ... — -aaifits'^s* s - ,b 0,1 m " 


H04. recovered 10 ITPfi and dosed on the j • , Maivli ..1 12a.0Q-oD.b0; 127.75-28. 15( ^ — Miv 1259.0-40.0 > 

Kerb at £705. Turnover: 1.S35 tonnes. y uv J 8 B.10 .'-f-O-asJ 79.70 i+O.SO c ...... lrt ,^ w July >154.0-45.0 ; 

r- i ii : fs !: sl i ; fi ^ : = 

! Official J — llToefBclal - — jjs.v 85.10 . + 0.gn,_87. I O ; *0.80 isajnei j tonne lor home trade and J * u , b - -.-S9.D47.0 


Sales: nil iwunei lots of 1.500 kg. 
BRADFORD— Bustoess m the taps 


Spat — 


* I Jan. WJSB-90J0. March 92.90-92.70, May WHITE SUGAR— Close 1 in order borer, market remains bmm with the tendency 

~ « ,1 B3.25-95.05. Sales: 145 lots. Barley: Nov. viler, business, sales.: Fab. 128.50. 120.75. « art cm aiKHotonm Inducing an? 


t M.AHlh. fins zzn, A.c CM It OOJS3. ™ IVU. »UKI. I1«Y. BU3MIQO. toil. SIMU, J.U.Id, af nriCUl AllCtfOIl* Qnl JOidUClnB apv 

i mouth.. 506.6-7^4.5 604.5-5 ...... 79^-78^5. Jan. S2.41M3^. March 84.73- 131.00-120.13. 44: Apnl 123.60. 123.75. 124.00- liprevSSwt Twhte. Screagth al 

-J ‘-J: J 84.70. May 67.00-67.00. Sates: 52 lota. 123.50. 43; July 126-^.127^5. i28.25-12s.75. sterima haa checkeS hiring inuiu^-. 


: — I >_ — ! 1 84.70. May 57.00-67.00. Sates: 52 lota. 123.30. 43: July U6.75._12T.2S. 138.25-128.75. sterling has checked buying inquiry. 

■Com* Mr nnnnrt. rtM oer dwui. HCCA— Location ex-fanu spot prwes: 17: .l 30 - 30 - , a ?S v - evnuev rotitv , hn _„_ „ , . L, i'!V:. u ‘ 

i^n TTwion- nimflHii other milling whnt: N- Lines, 124-WJ. IM.jO. untraded. Fch. 141-DO. Ul.oO. SYDNEY CREASY tin order, buyer. Moo dv * S ] - J 5 i *«... It 

moniiii £606. 07. 00.3. Feed wimt: N. Lines. XS5-60. Hams. MJ.00-UI.75. Si: April W 10. 14tt.o0. aa- ZT2 — ~ rr 

04. Mi. Kerb: Three months £367. After- and \V susses ftoJo. Feed barter: n. traded. Total sales: 127 lots. ® e . c : Dc E:. 3 ^ - s 7.- 3 ^4. -.fie c-inmn ;-B5.5-#/7.1 957.5 B< 

noon- Three months K05.S. 05. M. 0t5. XJncs. £76.00. Hants, and W. Sussex £7T. id. International sugar Agree mam 'US SJri- JS?K >neremh» 11 = — 

Kerb: Tbrw months am. 06. UK monetary cMfOrtent for the we* cents p.-r pound - «°l>awl Hotwd Canhbean 2BJ- 

Gif VFR from Ocr. 30 la eximcied 10 nse tn 1.297 . poo. priws lor Oct. 25; Daily 8 93 iKWc l ?; ' 173 V 

SlLVfcK EEC DAILV IMPORT LEVIES and pre- 15-day average 8 9C (f.KH. ffisTM? 4. J$E? 41 tak * • y . . 

Slh-er was fixed l-'p an ounce hlgjier mmmx. effeciivc tnday. in order current HEW ZEALAND CROSSBREDS 1 buyer, V/ ipfllOm mine 

for Spot delivery m the Louden bullion ict, phis Nov.. Dw. and Jao. premiums Jlffa X IVFfIFTA RI CC stlteri— Dec. IST.O-lfS.O: Slarctt 165 9-I6S.0: ” XCUIdlll IvJIillS 

martef yesterday, at 28fi.5p. U.S. cent (with nrevions lo bracket. • all In unll-s ITII-rw ■ • * LULlfMJ m» 187 0-190.0: Jnlr 1S7 O-lM.Oi Oct. - , “ 


DOW JONES 

"Tiow - j— Ort. 1 Ui-l. “j Mfurb rr *T 

4i<nv- . 6 1 La 1 .s' 1 ' ! «S" 

apjt..Jd96 21 59547 376 60-57 96 


lAverave rB24.J5-:'R= 100) 


MOODY'S 


May 187. 0-1 90.0: July 1870-190.0: Oct. 
190.O-1B3.0; Dec. 104.0-197.0: March 133.0- 
1B.0 Total sales: nd i.samei. 


at rat-OWD I61M144C1. 
SLLVB& E ultion {+« 

per. tlejDjt — 
trer 0*. price . ] 

Spot-.. J286.5p {-r3.! 
3 m«ithi > . , 30*'.ep !+a.' 
fim«ith*.31Sp >3.' 
12 month*! 529p ' 1+3.' 


than hybrid for SMdhmJ— 85.14. rest nil aml ends gi.o to S4B. 


if Flaxseed— Oct. 280.00 bid fKO.OO h«J«. 

Nov. 28-2.00 ■250.30 hldi. Ore. 273.70. May 
• • 2,a.70 asked. July 278.00 bid 

Vietnam loins ' 1 WhBa, -«CWRS 135 per cent protein 

v IVIUM1U JUIUD content 1:1 St. Lawrence tsi.ai <iSl.fi, 

( 9 l tKITU.Vi MLI. tom ... 

7.0: March 133.0- niKnOr fTI*Alin " ”" ls orr muon cx-wa rebouse 

i samei. lUUUtl HlUUP ™^_l hfrw,e ' * s w troy 

KUALA LUMPUR, OcL 26. * » r Sw'di aTwSbIS! 

vrm;Aaf has heconie the eighth ST £Z' t'SZ ZntJSLfc 


KUALA LU-MPUR, OcL 26. 





4 


Financial Times ^ 



STOCK EXCHANGE REPORT 


Pay frustrations and U.S. economic plight triggers 
institutional and public selling of leading equities 

Account m js- «•» M-a-jflsi *&£ ssrsars* ursrc * ■“ suls : 


Account Decline Dates record bttUwn pnce and We firm Brown and jawson ieu ia fait , “ more to I65p. Elsewhere in the 

Account Dealing Dates f|althw w ta the investment cur- at 268p. Elsewhere, BIue_ Circ e «* late WN ment Press comma* on 

^ rency premium. As a result, were dull at 265p, down a, white smiliar amount to lo«P. *”3* In lower ftoperties, Stock ^ resuiLs left Youghal 5 

•First D eel are- Last Account were lower in sterling among Irish issues. Cement Road- l°, wer . half-yearly _ profits left Conversion ended 8 down at 280p, c j }ear>er -,t 330 • 

Dealings tions Dealings Day f erms biU higher in U-S. dollar stone met further profit-taking Sbeepbndge Engineering * while Land Securities lost *3 at 

Oet. 16 OcL 26 Oct- 27 Nov. 7 ter ms. and lost a like amount at 97p. JSPa SL ? Iar l HmlrS 320n and MEK 2 at lSTJ. Or the 

Nov *13 Nov 23 No? 24 Dec 1*5 Rates for “vestment currency Cbemlcatapreaented ajJull pic- market and Ioss £ 0 " 4 included ®2Ljf?L TSE* *!r tteuear of ' 


Rates for investment currency Chemicals presented a .dull i pic- ^ ket a nd ££ of 4 included ™ L“™ 0 
^ ? . 1 a . Pi fain««ae AvtieiiAfi •> ^ EX IntcrDstjOBsl^ $/p. McK " ■ 3650 and Berkeley Ha mb ro added 


ment currency premium, both of 
which reflected the further 


* ” came under renewal pressure me wixnn* enumg o GEI International, 87 p. McReduue d terkeley Hambro added In sterling terms. South African 

* ' "™ **m« *• aeatop may *** rif« and in animated trading the pre- after 376p. flsons finished a Bn)s eased *> t0 91p oT » the J JL to 137 P in response Golds were caught in a two-way. 

*7 ^ -7’ mium fell to 70 per cent before r ■jwgtjjw.tt interim results, white adverse » tgJJ fcK putfwith fte reminum| toeugS 

Investors yesterday became lm- rallying late to close a net 34 after 31 ip. AJgmate lost » at a press mention caused a reaction L_ of the bullion price being offset 
patient with the lack of progress points down at 714 per cent new low for the year of 22op. 0 f 1 t0 gg p , n serck. p bv the steep decline in the invest- 

towards agreement in the Govern- Qnee again, the bulk of the day’s Foods cnnfrihirted rhpir share ,■>.* . _i - ment currency premium, both of 

ment/TUC pay talks and at the trade stemmed from institu- M & S dip and rally of dull Associated Dairies Oils give ground which reflected the further 

same time worried by possible tional sources and was connected r ■ . . , fell 5 to 238 p despite the chair- r ;» ht offering and lack of descent of the dollar. . , 

SFSfeSsffS - £!S,“ ifurMSS SSsS SIS 

oMSsMiass ffSKsrTS s^s^sg m,e%sh ■•■swi sss 

bear Closing. in the number of contracts in batar^Tat Sin afteV f 0 ”*- 146 £- m JL Kwik reaction in the dollar premium. ■ The Gold Mines index feB L2 

Soon after the start 0 r trade. Traded Options which amounted Wl tin ?nnn Lou,s c Edwards, however, .vmong the c*ire speculative t <> jago while the es-premium 

line-; nF top-name companies came to 590 compared with Wednesday's SJJ52L iL. 5 i, .«?„ -J*' hardened 14 to 19tp on specula- issuer fresh selling left Siebens index put on L33 to 109.76. The 
on offer and it was believed that 665. Sw ii Mn if* “ ■JJfW 1 financial proposals a7K f d0 wri 26 more at 274 p. bullion price advanced $4.75 to a 

an institutional source was oper- Following the placing at 42ip. SL»” j Jt iZ JIiiq w ^ ,ch the company has received. rficannnintment record closing level of $233,125 

atine. Public selling followed in ArndJfe opened at 47p hud closed J™ 0 ** shed 4 at «P, while Hotels -and Caterers generally per ounce ■ 

the wake of this business and at a t that price after extremes of Sli new nrf-paid gave up 3 to i 08l ground, but Prince of Wales ^°o eC «tn^v R T u u . .. — ■ -. ' 

one sta-e the market was distinct- 46 P So. Mp premium, after 28p premium, advanced 7 to 82p on small buying **g*J»** for 2 n '°‘ day ,oss - ^ heavj^eights ftee 5tate 

Iy uneasy But the cessation of , . Fortimm and Bfason. at 840p, gave bi a restricted market. 144p. Geduld closed { higher on balance 

the offerings relieved the strain In , sh . banking issues, a firm back another 20 of Monday's rise stJ - u reflecting Wall Sweet and after flai, while West 


financial times s tock WOTCkS N r 

— r— rST^T^t ;> 

_ -a*a ro sal 69.63 69^5169^69' 1 - 

GoreroioeotSe» fifl-3 6 l 69 - 5B l ^ 

e, . lrtMreat _ 71.02 71.10, 71. W . 71.96, 71^ .703*^ 7^ . - 

F««* la****.- jTj j 49W 495.6f 50ft£i- 495.8; ‘ 

inuj'T«M »** ^ : 

,, lV 6.68 8.5-1 j S.45 - 5.46. 6.W, -9^, 6^ 

1S-S3 »■» «* l6 l liL “| ' ' 

batlinc TBM&ta 4,818 4.400 4.471 1 4,o9n 

E^ul^r Wins toaJ . - 1 14,6951 M.m 13^ . ; 

U am <8M- U am «SS. Noon «1.7, 1 ®™ * s ^ &i . . . 

a pm s nm 4SL3. • ' >^f-r 

• Latest Index IS****®*-- - -I^r^ - 

*R*«prf~ mi S3 Der ce&t corP^^Hon Qt tr*fl = s*W" , . 

. Basis 100 am? Secs. 

Mines J2M/S5. ExrJ pm index started Jane, 1912. SE Actrnar Jtu ^ uec rr?^ 


HIGHS AND LOWS: 


&£. ACTIVITY 

— ~ j 187a . ! *»» | . . .[ CW^ f ^T 

] Biga | lo*_ j Hieb' r 2g |~ 

Govt. 6*3^1 7S.SO i 00.79 LS7^ j 49- 1^' ui^kL^-.| W.1; Wfc* 1 ,** 

td/D I PM <»W6i | (Mft* [jadosOUfO 186 A- JS7& ’ 
«i 07 70,74 15J.A J bO.iS j 5»p«n«*iufoJJ , -SOlO: 31A 
medtrt— ^ {tosn*!-! 209.7} lOOXj 

,od. Ord | ;,*$*' i ^ . 

?A*d 8K l jaHasai-s* .sss^^-'-sa' 


in*? onennss rentf^eu me biram . * . * ~ . r r T ■ « . .. ^ « ouu ren nrun^ wajj auu m — — , - ;•* — ' v — - 

and. although genuine buyers re- market of laie on speculation of no that followed the news of - , do liar-premium influences. Invest- Drtefontein rallied from £214 to 

mained absent, the tone gradually about the country s intentions the death of major shareholder Beecham above WOfSt ment Trusts closed with faJIs end l firmer at £21?. 

■ i ■ resardinc the h urorwan iloneiarv m. c-irfioiH w»dnn .. . < i , r. . - - «>: - , 


fixed Int--- 
lad. Ord..— 
Gold Mine*. 
Odd Mines- 


1 Lem > * IS j- 25'- 

— ~ j - — ; — — . 

S I fldiTbt ui^Lert_.« isw.1- X42A- >" 

S| j 1,6dm ( 186 Ar 157^ * 

4 \ fcO.iS j 5ipe»n««ufoJJ ; -3010: 31A. 

«•-; (3*1/79) » 209.7J lOOAli 

2 49,4- J. ',’ .' i-'. .V -• 

* uaMbf- ••-—;••- -ii . 
1 




, 1S5J: 247.7 ; 
ire-J -. 37.4' -4U0 1 
101.T' - ,99.0 


became more settled. ° l!,' " S.if 1 !, ^ Mr - Barfield Weston. n. pnm throughout the list. London and South .African Financials, bow- 

Concem about higher interest ^ ^ ° \ n St ^ Petbow lost B to 92p for a oetition^n^^nV^nr^u dru^s Montrose slipped S to lS4p. while ever, fafled to attract any of the 

ites was also • factor making and Bank^f^ Ireland 7 to ^ SSSL 1*- °U. h .! ca.used seling of Beecham whifh 


for weakness following advice Horae Banks traded quietly n r °P° sed redundancies 

that the current .pressure on JJd plwed at or near *the over- in « to ' ]ose Moff or 

short-term rates _ in the \jS. nioht ]e7e . ls Merchants had °V l - e S 1 ™?® 1 ,nss - ^nile fails gfiOp. -Elsewhere in 

would force Minimum Lendina ^j nwort Benson 4 easier at 92p riffSSl^c ^i^ndK. K laneous Industrial 

Rate up evenfiwlly Renewed a Harnbros c cheaner at iffip. Pi,kln ^ on Bros * dippe 

easiness in Reecham on a bearish 0 *ri— — j.— i trie, 2I0p. Beret declined 4 to gn H ~ n n rij-. 


short-term 


Merchants 


Rate up even many. ncnewpi __j d—umc r. ,h« 9 iu>r it ift?n tiwuwmra, nipi a»>u *»»- ww PilldnEton Bros, din npri II to 297o 

easiness in Rcecham on a bearish lrhi j e F q Fj nancc dropped 5. to ^® cl i ned 4 ?0 and Reckltt and Colman a similar e? 3 ® 1 * L jXMlUs^to^l 

.repnrl concern ina ihe croups - 3 jn | ack | uslre Hire Purchases. ?. 4 ' >p ,n fr ?!! t of todays interim amount to 4S3p. Glaxo reacted to two points to -on* 


Eb^vhere in the rniscel- in CaP 5 ^* and National B and Anglo American Corporation 

^Industrial th ° leaders. Raobarn fn vestment, both at IlSp. dipped 3 to 323p and Am coal 


prospecl.s in the U.S. drugs mar- ** 
ke> was another unsettling faclor. „„ ers 5 ,n 
Shortly before the official close. 
however, a rally was initiated by : a “?" , 
the closing of short-term be 3 r i '3, L’ _L° : 
position*. Its continuation in rhe ^nangnai 
RFier-hrmrs- trade es»entlpd the Border 


73p in lacklustre Hire Purchases. ”YV* u ‘ f , “%7,i i ™ n = an 

tUrures. while other _dull spots 53 


pmHniHnn Rw«s Hinnirf , , ,n niTn Among Overseas issues. Rolinco dropped 20 to 375p. 
and Reckltt and Colman a similar e ? sed M points to £45f and Robeco London - registerec 


550p before settling at 5“*7p for a 


sea 13 points to ana nooeco London - registered Financials 
•o points to £55J. aiso moved lower but prices 

Dawson International Ordinary tended to recover in the' after- 
sed a penny to I94p. wbfle the hours business reflecting the rally 
L" shares encountered selling in LK equities. Rto Tlnto-Zlnc 1 


losses owing to the weakness of 
overnight domestic markets and' 
the fail in the premium. Substan- 
tial declines were registered J»y 
Conzinc Riotinto. 21 off at 2«p, 
MEM Holdings, 10 down at . ISOp 


and Panconttnental, whiefa fel 

100 to S2op. . - 

Elsewhere, Afrikander leat 
dropped 30 to 2i0p owing to Caga 
seUm&' fofll owing the annual meet 
log lin Johannesburg. 


LONDON TRADED OPTIONS 


to the increased dividend and able to selling ahead 


r F t er-ho lire' trade extentlpd the Border Breweries were notably pro fi t s with a rise of 2 to S2p. interim results du*> ^hortlv and 

as » ss'u»s? ,he rore - * isj ~ *s ^rt*c ~ - 

n .i ? -> i n ,,-p P 404 4 nffnr hav- • _ . . , _ t 10 further at 428p. and Hawker Scattered offerijics in an 

h aolx c / rV/^ii n afr i A relatively good market of late Siddeley, a similar amount off at extremelv thin market left 

ms been 8.3 down at 3 pm ahpad of tbe imerhn dividend. 230p. the Engineering majors HMtSI Assoriated £ chi oer at 
Conditions m British Funds London Brick feU- away on slight held up reasonably well. S AeSSStton n^s S?ed to 

were again extremely thin and disappointment with the an- Numerous losses in secondary benefit Powell Dnffrvn. down 3 at 

quotations, after being marked nouncement and closed 2 easier issues mainly reflected light sell- msu while Peerage «ave ud 2 

1 i.-i 1 lnu-pr at tht* niitc«t hatrf i f 7ni „ ntha, D..iM; n . i,n,a, ; — :n: .,^n wuue reerage f a ' e . _ 


OPTIONS 

DEALING DATES Mincorp, BP, Ladbroke, Status 

T .-i e- nr Discount, Ratners. Shell Trans- 1 

riff. niSfL port, Waterford Glass, Lyden- 

» Iams - ConsoUiMed Gold 
lugs non ment onrT rs. an i i 


lbx’tVM-1 Clwwl 
pnce I offer f 


| UlomnCi 

. -I offer . "VoL- 


anvi uuuiiivuicui uuu tiujcu ~ M9ici i»u» uiAiiuj renecusu imm sell- ISSn white Peersee nai-e nn 2 mu uio uuu mciu J 

l to | lower at the outset, held at 70 {-p. Other Building issues ing on an unwilling market. Still mo re to 58 n on*the reriucpri half- Oct. 24 Nov 6 Jan. 25 Feb 6 e Sff” 1 

steady for the remainder of the succumbed to small persistent unsettled by the warning on yearly profits Letraset fell 6 to Nov 7 Nov* 20 Feb 8 Feb* 20 ^ UuS £.® r _ e ^ one i“ I?, 10 ™ 

day. Gold shares wrestled with selling, but prices closed slightly second-half trading. Hopkinsons 137 ^ and looses of 5 were Nov *1 Dec. 4 Feb *22 Mar 6 Elecfncal, Plessey, Cartiers, 

the opposing influences of a above the worst. Even so. recently Holdings fell another 6 to lOGp. recorded in T^ and J ; 0 '*- 1 “ . Feb ‘ zs »■ • Natwest Vrarrants, -Trafalgar 

retoraea in nran} ues.ic. ana F intHntinruc **tr t>nr 1 r.f x or.H i«nc R n „hioc 


LEADERS AIND LAGGARDS 

Thi 'oliov.nic tabic simw« ih'i ptrcvitu^c cb.unu.sT whi-.-li bare lak-.-i pi uv wm« D>.waibvr JO. lOTi. in the principal cuuliy 
sciirris ui (In- l-T Atiuanos Slur*.- IndEx-s. Ii jIm> cooiains ilu- Gnid Minju in^.j. 


Engineering Ceniraclors 

Mining Finance 

Efecu-lcals 

Mechanical Engineering 

Capital iioods Croup ... 

Overseas Traders 

Hews papers and Publishing - 

Electronics, Radio and TV 

Chemicals 

Cold Mines F.T. 

Wines and Spirits 

Contracting and Construction 

Packaging and Paper 

Consumer Goods < Durable • Group 

Building Materials 

Office Equipment 

Motors and Distributors 

Industrial Group - 

500 Share Index 

TexUlea 

Other Groups 

Tojs and Games 

Food Retailing 

Property 


All-Share In*.* .... + b.07 

0'«s - + 5^11 

Metal and Metal Forming + 5.14 

investment Trusts + 4.36 

Consumer Goods 1 Mon-dura Pic 1 Group + a. 73 

Tobaccos + 3.44 

Entertainment and Catering + 3.37 

Food Manufacturing + 3.2a 

Stores + 2.H 

Household Goods + L72 

Breweries — + 1.66 

Pharmaceutical Products + 1.15 


Insurance Brokers . . . 

Merchant Banks 

Financial Group 

Banks 

Insurance (Life) 

Discount Houses 

Hire Purchase 

Shipping ... . 

Insurance (Composite) 


ACTIVE STOCKS 


J Stock 

Beecham .... 
a I Cl 


\'o. 

Denomma- of 


Closing Change 


marks price (p) 00 day 


LOS 

I— IU WH I 'M “ Ll4 

aim " 4n32 

It iNiMinalnaNN!. ^ ^1 56 

™ 5 SB 

“ 

— ^ — ■ — — u nnum ■mmmnw “ 8-20 

■ “ 9>62 


t Percentage changes based on Tuesday. Ocrober 74. iflr* 
Indices. 


xo/p ana josses or o were nowzi ue C. 4 l-eo.^2 :Uar. Vatu-e*f Warrant*. - Trafalgar 

CaribM^ I^durtrtesg'^i^n '^nona For raie indicntior ^ 5e / end of House and Lucas, while doubles 
Shers. la reSrt ™ *■; ■] !u ' re ^amuxtian >err,ce were airenged io Premier Con- 
and fell 15 further to 4:i7p. Lmver Money was giv»»n for the call solidated Oil and Thorn Elec- 
interira profits and the- nccom- in S. Sherman, UDT, Carron, trical. ... 

partying statement on the outlook — — — — ....... ■ ■ ' — 

prompted a faJ] of j to 172n in . i ir- CTCiCI/C 

Boosey and Hawkes. Australian AL-L1YL jlULttJ 

issues to give ground included v . 

Denomina- of Closing Change ’ 197S 1978 

rMwrHvp 1 P ’ Stock tion marks price i p) oo day high low 

respeemeij. . Beecham 25p 13 660 -13 743- 583 

The Motor sector took on a ici £1 II 380 — 5 - 421 32S 

decidedly duU apperance. Sellers Rank Org 25p 10 247 - 6 296 226 

were evident in Ganges and RATs Defd 25p 9 250 - 5 304 227 

Distributors where falls of GEC 25p 9 317 + 1 340 233 

around 5 were marked against Babcock & Wilcox 25p 8 157 - 6 163 107 

H. Perry. I09p. Dorada. 67p. and BP £1 8 ' S72 -10 928 720 ! 

Wadham Stringer. 42p. Among Distillers 50p 8 192 - 3 215 183 

i.oraponents. Uicas dosed 4 down Hawker Siddeley 25p 8 230 -10 : 268 166 

at 318p. after 316p. Unilever 25p 8 53S - 4 . 602 476 

Despite favourable comment on Dawson Inti. “A" 25p 7 ISS — R 210 ■ '98 

the interim results. .More OTerraU GUS “A” 25p ■ 7 300 - 6 . 340 2S6 

eased 3 to 88p. but Geers Gross. Haegas (J.) lOp 7 165 J - 2 165 ‘ 85 

initially a penny easier at 43p. RTZ 25p 7 245 - 3 - 263 164 

closed unchanged on balance at Shell Transport ... 25p 7 565 - 5 602 484 


BP 

Ul’ 

UP 

UP 

<_«.m I’nlon 
Cum L'uiou 

. i.ii, Uuid 
Ci'iis Uuiil 
L ■•hi Uulil 
Cwllliiiilil*' I 
i '■ .ii nmi’* I* | 
f.'uurtaiiM* i 
1 1 Bi. I 

uEC I 
t; kc I 
IS KC 

lireu-1 Met 
t,mn>! Mel. 
Grnud Met. 

ILT 

IlL 

ILl 

IU 

Lmu>I Seer. 

l*ii. ( 

Murks A &p. 
Marks A 8>|.. 
s-hell 
Miell 
Touts 


13 ,! ’ - 
51f‘ 10 


IB : — 

TOj — 
S3': — ' 

59 • I — 

20 1 10 . 

8 i - 7 

16)j S 

9 • — 

6 .i • — 

65 ’ 10 

42 ; :2i. 
■22 1 
11%, 13- 
24 ' — 

13 . — . 

26; • -« 
6ia — 
-56 ■ s: 

24 : IT. 

'• -f -123- 

r&mmrr ■ 


; Ciorlnr . 

: offer ! ViH. 


80 I- 5 
57 1-" . S 
16 ! - 

8 ‘ ^ 
38 l — 

28 ' ,-bi 

• ia 

iff' i • 

- \%A v- 


)*m 


t w;- 


48 . 

i si s-:-..-e- 

> .181s- - : 5 

13 

i - . BI?) 

r •' — -. i ‘ —-t 

i. 62 l - '.' 
i - 33 i-.j'.'-r 
;•••■ 20 . ! 


lb .5 

.56 ' •- • 


••I.-' ri.-.-'/a 

i re 

: j ii7p'<? 

-f -■wry* 1 ' 

A-”*#?- 

! • ' re -«r; 

: »• 

■. r.-msfi-if 
■ 

' 88b- '■■ 

- ■ ;’r»a *i 

: 

■ ' 

: r. 


is. ” i as ■’ ^ ;• 

I * -•! 

... S, .... L 1 .L:.v >:L7gfc. 



Transvaal Consolidated 
Land and Exploration 
Company, Limited 

( Incorporated in the Republic oj South Africa) 

A Member of the Barlow Rand Group 

PROFIT ANNOUNCEMENT FOR THE FINANCIAL YEAR ENDED 
30lh SEPTEMBER, 1978 AND DECLARATION OF FINAL DIVIDEND 

Financial Results 

The audited consolidated results of T.Ci. and its subsidiaries for the year ended 30th 
September, 1978 are given below together with the results for the previous financial 
year: — 

Year ended 30th September 
Notes 1978 1977 

(R'OOO) (R'GOQ) 

Turnover 1 141587 117 665 


Consolidated profit before taxation 
Taxation 


Normal 

Deferred 




Consolidated profit after taxation 2 35440 30794 

Less : Profit attributable to outside shareholders 

in subsidiary companies 7958 6 939 

Interest of members of T.C.L 27 482 23 855 

Shares in issue 7 304 838 7 304 838 

Earnings per share 37fc2 c g2 6.6c 

Dividends per share UOc 95e 

No. 77 interim of 35 cents paid 
No. 78 final of 75 cents 
Notes 

1. Turnover is the revenue derived from the coal, chrome and timber operations of the 
subsidiary companies. 

3. The consolidated profit after tax includes investment realisation amounting to 
R3S4 0U0 (1977— R96 000) equivalent to 5.3 cents per share (1977—1.3 cents per s hare ) 
for the year. This figure includes amounts written off loans and other investments. 
Final Dividend No. 7S 

A final dividend of 75 cents per share has been declared in terms of the dividend 
notice published herewith. 

General 

Copies of this report will be despatched to all registered shareholders from the office 
oF the transfer .secretaries in Johannesburg and of the United Kingdom registrars and 
transfer agents as soon as possible. The company's annual financial statements will be 
posted at the end of November, 1978. 

For and on behalf of the Board, 

t i Se (Ch “l Direct- 

Registered Office: 

15th Floor, 

63, Fox Street, Johannesburg. 2001. 2$Qi October. 1978 

■Declaration of Dividend No. 78 

Notice is hereby given that Dividend No. 78 of 75 cents per share has been 
declared in South African currency as a final dividend in respect of the year ended 30th 
September. 197S payable to members registered in the books of the company at the close 
of business on 24th November, 1978 and to persons presenting coupon No. 79 detached 
from bearer share warrants. The dividends on share warrants to bearer will be paid 
in terms of a notice to be published by the company’s secretaries in London on 30th 
November. 197S. 

The rate of exchange at which the dividend will be converted into United Kingdom 
currency for payment of the dividend from the offices of the company’s secretaries in 
London will be the telegraphic rate of exchange between Johannesburg and London 
ruling on the first business day after 25th November, 1978 on which foreign currency 
deaJinss are transacted. 

Tbe register of members will be closed from 25th November to 3rd December, 1978 
inclusive, and dividend warrants will be posted to shareholders on or about 2nd January, 
1979. 

Where applicable non-resident shareholders' tax of 15 per cent will be deducted 
from the dividend. , . , 

The full conditions of payment of this dividend may be inspected at or obtained 
from the Johannesburg or the United Kingdom offices of the company. 

By order of the Board 
RAND MINES. LIMITED, 
Secretaries, 
per M. B. Dunderdaie. 

-Transfer Secretaries: United Kingdom Registrars and Transfer Agents: 


.Transfer Secretaries: 

Rand Registrars Limited, 
Devonshire House, 

49. Jorissen Street, 
Braamfontcin. 

Johann osburR. 2001. 
fP.O. Box 31719. 
Braamfontein, 2017, 

South Africa.) 


Charter Consolidated Limited, 
P-0. Box 102. Charter House, 
Park Street Ashford, 
Kent TN24 8EQ. 


26th October, 1978 



NEW HIGHS AND LOWS FOR 197S 


The fallowing sccun:ies cuoied tn the 
Share Infornuiisn Service vejtertfav 
attained new Highs and Laws tar I97d. 

NEW HIGHS (16) 

, STORES <13 

Steinberg 

_ ELECTRICALS (11 

Thome (F. W.i 

FOODS (It 
Edwards (Louis C . 

HOTELS fit 

Prince of Wales 

INDUSTRIALS i4l 

Bodvcolc inti. Provnnal Laundries 

Catalan Profile : >anch:]1 Hldg. 

LEISURE (1) 

Horizon Midlands 

NEWSPAPERS III 

Hrisiol Posr 

PROPERTY 111 ’ 

Warnforo In*. 

TEXTILE5 (11 

Haggas (J.) 

TRUSTS (1) 

Parle Place fn»s. 

, OILS (11 

Candecca Res. 

OVERSEAS TRADERS (1) 

8 oust cad 

... MINES ill 

Mincorp 

NEW LOWS (48) 

BRITISH FUNDS 13) 

Erctieo. 9I^)C 1932 Treas. 9Upc 1933 
Treas. I2pc 1983 

_ AMERICANS (9j 
American Exoress S'nger 

Asarco Texaco 

ColL Irts. U.S. Steel 

General Electric Zaoata Core. 

Norton Simon 

CANADIANS (1| 

Hudson Bav O I 
, , CHEMICALS (3> 

a'ginate Inds. Leigh Interests 

F Isons 

„„„ ELECTRICALS (31 

BSR Rotaflex (G. B.1 

Motorola 


ENGINEERING (5> 
ComcA-r Svkes IH • 

Cmns J-'il Ln. '73-94 Weeks ASSOC. 

Manganese Bronze 

FOODS (3) 

B shco's Stores Low iWm.l 

Bishop's Stores A N V 

INDUSTRIALS (91 

Avon Rubbe- Hammo Corn. 

Bath A Portland . Petrcvor* 

3a\ler Tra*«nol Trafalgar House 

Con-mental Group W " Ribbons 
Dents plv 9 pc C«. '91196 

INSURANCE (Zl 
Eagle Star Royal Ins. 

LEISURE (21 

black & Edglngton Canrsn 

MOTORS (31 

Dunioo Bcamall IC. B.! 

Zenith A 

TRUSTS (31 

Manchester & Metro. Progress 1 -** Secs. 
Montague Boston 

OILS Ml 

Texaco 4>apc Cnv. '81-99 
MINES (II 

Messina 


RISES AND FALLS 
YESTERDAY 

up Down Same 

British Funds ....... — M 12 

Corpas^ Dorn. agd 

Foreign Bonds 1 7 5S 

Industrials If HI (13 

Financial and Prop. ... 15 321 177 

Oils 1 22 13 

Plantations 2 U 16 

Minos 14 82 44 

Recent Issues 2 U 19 

Totals - 83 1369 9U 


\ !U ffTfti 






hMteJ 1 Wm 1 W v* 

P Ivj 1J jl 


EQUITY GROUPS Thurs., Oct. 

GROUTS & SUB-SECTIONS 


RECENT ISSUES 


EQUITIES 



.418.1 7.5 
*6.76 11.9 2.2 (Oil 
62.14 1.3 9.8 10.9 
— — — 4.9 


Figures m parentheses shorn number of Iridex 
storks per section °" 


CAPITAL GOODS 1 171 1 

Building Materiaisi27i 

Contracting. Construction <20).. 

Electricals (141 

Engineering Contractors U 4 1.-. 

Mechanical Engineer! ngi72' 

Metals and Metal Forming! ltb.. 
CONSUMER GOODS 

11 I UURABLEH53) 

12 LLEIectrboic-s. Radio. TV tl6i.. 

13 Household Goods (12(..> 

14 Motors and Distributors (25 > 

CONSUMER GOODS 

21 (NONDURABLE) ( 1 72) .... 

Breweries 114) 

Wines and Spirits 16) 

Entertainment Catering (17i 

Food Manufacturing (19i 

Food Retailing il5) 

Newspapers. Publishing (12) 

Packaging and Paper (15). 

Stores (40) 

Textiles (25) 

Tobaccos (3) — 

To ys an d Games (6) ; 

OTHER GROUPS (99) 

42 Chemicals (19> 

43 Pharmaceutical Products (7)..— 

44 Office Equipment (6) 

45 Shipping (10)._ 

46 Miscellaneous 1 57) 



FIXED INTEREST STOCKS 




Ss 

l£ Jl 



61 FINANCIAL GROUP< 100) 

62 Banks(6) 

63 Discount Houses (10k 

64 Hire Purchase (5) 

65 insurance (Life) (10) 

66 Insurance (Composite) i7) „ 

67 Insurance Brokers (10) 

Merchant Banks f 14) 

Property (31 ) 

Miscellaneous (7) 


71 Investment Trusts (50) 

81 Mining Finance (4) 

91 Overseas Traders (I9i 


99 | ALL-SHARE INDEX(673) 




162.69 HU 
187.06 -0A 24.96 
209.87 HU — 
149.08 -0.7 1634 
129.00 -0.7 
118.92 




5.98 | — 
6.01 


“RIGHTS” OFFERS 


50.80 

534 


4.94 

6.67 7.13 

725 8.06 


5.61 | — I 225.43 


FIXED INTEREST 

TIEIjDS 

Br. Govt. Av. Gross Red- 




81. 

259. 

■109.07 I U 


21835 219.82 
1MJ8 11133. 

326.10 32738 


Ca Latest 

Iwue =Z Ken une. 

Price S-s D«a 

Pi <- 8 I e. 



Bpmi lwn 


Kenunr lain in ngi# u>n*lly i»s[ fls> for dealinx free at xusno auu a Kt^urw, 
-.awo un arhKDecnis wtimjic- o A-«i»mwl dirideM and mm. H Knrmgr «InJK.nd^ 
TF.*! «»,eri nr WPT'BA. rear-* «irnin^ . Duidt-nn nna mki r, ai «j m ' 

■« «ii**i »imcial A^imaiw. tor u Graft. ( Kunres i Ur»*eT 

re'.'i " r W ”. •«“ mteOBB IWlllfrdBIBl or r anKlnu nnly fDr 

Iitn-M- « Hijinnj anro to onblic. pt Fenr*. um— » ufierww ion lea, ( S 
nj, (r(Wer II nn-ren io hoMw. ni nrduuiry Jum «, a • .. .. 

hy WJI OI cs 51 laliv 3 iii.n H HemirndarMI. «» Isw,^ m crnin^rrinn wlStl reorosnnu 

"""■"’""r o- rahe-over. Qkw4 (« fonper^ brefMnn 

' S' <rs ,nr ™ a ' oam •^-iTUnal oe D.nlv^aM alloimmnH^ 



is 3>-yr. Red. Deb & Loans (15) 

16 Investment Trust Prefs. (151 

17 ComL and lodL Prefs. (20) 


London. ECap 48T. pHc« jjp, by ^ Tfp 




















































































■ N 


^Financial Times Frida--' October 27 1S7S 

— — — — . . ,...■. — 

y AUTHORISED UNIT TRUSTS 


v Unit Tsi. Musts. Lid. in; 
.:airhi4i.4 Hii ay m . ojv. ' 

' • . 133 1 it, -> .i s r .• 

lnrrur*» ; 5J4 «»;• - i: «■ n 

| n . i-t i.L aj a^-r! 

i lien T-i r4ft0 4sa m 



i“d!7^:':.?ron ! nil lljj!. Ltd. ia* 
r? I-....-: .i. . I- 


■a Pro*. Tn.|bft7 


CEL' . I 1» 

•)?5-' 145 6*3 A 3 57 

. IlSi 1.14. - ?•» 64? 

v;:i i.'B-ii 
Hi? I K4a-J.« E 3£ 


1 Qamhro Groups ia?2; 

■ <> IN- . HiiUua Rn-.Sml 
MM <*r tU-Mw,.! .1^7. u : ; 

rtt Fonda 

• l«* . >67 4 77 j' 

n •- Kami . !m i ts 7' - ' 

• In- .. . . |37U jC b -C 

• £ In.l fn- ISO 37 -i.f 

- -nr»i**l ...W7 7Jh*> •* 

uhuivi . Iiojo :u.v~: 

• > ;...Kd . ,iur* 135 3.',-. 


I is -.-*.* >fl|.V. 


i*’ Minster I liad Managers Ltd. Provincial Life inv. r a uav Sw & Prosppr continued 

i L-Hnao iiin.j.TH ", ‘uiiiurM tn nr«a iota 2a3.nKihip1cai1-.tr-.> m riTtwr: Scot bits Securities Lid V 

;n a*...l*-rih-l Hi 1«S1, 48*. | 540 iMbkhK mt iS vSj.jf, .15; , , 

■A m ■ llM5 1W5J. I 535 1 lii;|i lii. utm." . -|l»l 133? -I t| tjt CSiViui' " . |SI gg 

* r^Md i iS rtd-.ew&va', *1 1BC5! • 

TS.? . . . .,*w“fE .J 3W Pniileolial .... |127» 135 0) -20! 4 71 ’!■»«*> .d •«*. ’A. ,i.,, 

ire;, Murray Jnlinidone tVT. Mgnl.P <*> ' _ NchlesingiT TruM Mngrc. I.id i 

jhx WHii-sii.-rt.r.iiwsink.iEsa-ll iHt SZIKKI Guilter MaMglUlflll Ca Ud.? 11*1 a lwl KMrw I..r. , K 

4M M' l.Uf ..|«,«ri . 180 8 8601-2.3 i80 Tlii'Mk.Ev.-nnnSi-. Kl'JS' llll- fil.Miiirr \rr K.x.fnnl ij; 4 " hj.*'.'," 

tn .1II11- Iby Irnk' (Ju.rlnini .Jim. Krl .IIK7 1113 b) I 5 00 \m>iPO»«o - - 'zsb * ;a 71 ft s'] 

Mutual l *nit Trust Managers? tatfgl quadrant I im.«huu lUS* iMnl ..1 i» t-«-m»a Htu> \ J.t ‘.zro 215.^ -». \) 

,,, ; 1 I, " , 1 V , L £V UU .c. Reliance Unit Mgrs. Ud.y feSSlitS* ' 'Mi.i 37?^ 'H 

■? " \..iiui.l .-^v I -In . 1S1 7 _5S1I~0 5I b 55 ..... ... 1.i.ihih- l>IO JI 2 j*. k. -J 


‘a:t t-IiLV 


Taract Tqt. M-r«. iSv»tIaad> <anh) 

Iff Vj.iili r.- . • it r. li’- 1 I(il2».tcii 

4 05 1 .ir.-.-i 76 3 , ji 1 % 

7 1J -.ari.it Ti. -IK 114 otii-aol 5 53 
t.li tii.-.wi-.i 65 8| -Or! 9 87 


Alp\3ndrr Fund 

;«7 tui '...IT.- L-l.rtm: 


[,l. TUI 

lli-iiitnl* r 


! ' mt'TMiri 

SI -.6 85 | 


Km Da.i. .Jerirt ; id . 
se»- uriil.-r I'mirjl A«iell'Mnct Lid. 
jnd under i\ipditp\ SA 


I nit 'Si'- SSRT-j.V Hurra, Jnlintdone I'.T. MB nt.V (#1 

1C 47 41 -1.71 4 M l*'!';*" ~r’ ^ 

■ } 6i?l -irl 4 M 5- ’ I.UT.i|« .III . 188.8 KOI -2-3 iW 
- - tn .ll.i- Ikrt- l-ri.U.* 


649 Trades I ’nion l nit TsL M anaRersV 


9 87 Allen Kan-M- & Rnss ln»". Met. iC.I. 


Kinff & S has son Mers. 


SI ll<-]im. Jerspi- 


lfo.1 TJ7-I1 Vjiu- H.M- S' r ..i. T r.-.rt. i.n,.. 


NrhlesinffiT TruM Mn^rs. I.id. tanzi 


K.-misMSl L*!f.- ;Z6 4 


7^3^ - l' 

sl’ l* —II - 


Vmiullh.-llr ‘ In? 76 Si5j -n d 7.85 Hi.-llbni , eil'e.TunbrldijeWclU. Kt 0»WJ-iLT5 

Uulu.il till, 4. 1 liip 44 3 47 W -r>.j| 6.61 |>WSH5IH>1!1 rii-rf-[714 76 R I 5 41 

r.lur i.il ii, P |. Vl.f . }&S L «Sid-0 5l 8 70 .'wlduPdi. T m v 1 _|45 7 5 58 

1 , M-kli.rileT Inr .1437 «67u4 -Di] 5 58 


hxuJ K iuuU 
I'C-Uftl. .. 1 26 2 

I Ulld 1494 

vmrrii.i (58 > 
I*enu>t6 . !89 j 
H Mllhhi 

•i.-u IM im; 


K.lrjlih-.f-i 
iw— < In-miH- Ml-o 

I... nr.udrui 
Infill <CnMCK 

"S3 lii ItnTU'MI 

1 Nil 5 leW 

L |syj( i. Hill 7m .1 

■OlZlr.iLjL-I l*ro»iery Slmn“. 
I 3 63 "-piNi.il SU T»l 


•>a.a«:-MV|4 

22 5eC -0 ,!1 3.41 

IS 7) ft 7 ] : 95 

265-s -1. V 7W 
i?tf'04 4 43 

37 ?■'•; 435 

45 br -0 X 919 


r. • 1 

. - . '5* J 


1 >U< uni I ] ^ 1^1 U ' 10 121*0 Oil 11 93 ' ' ''' 'a 


3.47 Transallaiitle ami iii-n. See*. (‘0.9 
: 95 {■! ■« I.U..S.1 I.. I ..r.v! r.l ittl- SUT 


45 h -a > 
34 a -O’: 
51 S -ft i 


■ l.. uii. L :i.i 

Kji •- 1 . 


I ?S:;« 


28 *• -0 15 

10 7| -0 i 
30 Sit! -Z :■! 
24 9.7 I 

29 Jl -ft 4' 
34 7«j -0 5I 

24 31 -ad 


-.-} S.L. . . 99 7 
'4 6 ■- Jl> 41 S 
t E.inun«;-. 59 1 
nlr i.V. 4 243 


TotT'tI - r ; i 

44 4=i - i! 


nlr i.V? . 4(241 S 2S6 4 -• - J ; ifi 

son Unit Trust Managers i.H. 
■<hbti.h-Nt . Ki'TIM l.V .1 | '.j. , 

■aL'T. .. 153 6 5" PH . , 4 tC 

cher Unit Mgmt. Co. 1. 1<:. 

St KirVTZv . ; ,-7-.* 

ilhlr y iiriI |J75 1£5. , 

mot Securities U&. iant-i 

•nht 1-uirlon K'. Jli lbV i/I _-B:-.7.r* 


mb. ■ National and Commercial ‘ . ,nr ^ ^ ^ s M \Hl sdj-ijIaS 

71 1| - j 170 .:j m \urirr-u' s>|iuic. Liimi'ureli 101 .nh; pi 'll Rjdjjcfield Management UtL itv-i i<:inTni’.i jija.i 244*7 "'I i'on 

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J? 2" ln.nl. Kd. 97 1 99 b 

lfl Mm!? fnercyTi.L 1256 Us 8 

111 inmlSTcfSfg. UZ3 2 35 

High JnLStlK.Tm.. £0 96 0 99 

I'.S. Tlnllar Drnnlmn Jlvif Mi. 

I niibl 5 Til . Kl.-iffft 5751 

lnkHichlnl Til fSl'iO 1 011 


Murray. Johnstone l Inv. Adviser) 

'* 14 J<0. Ilnpr M . Oljscoii-, i "3 MI-221 MS 

■Ili-pf.-Sl Kd . | Sl'342.53 I . I - 

200 'Murray Fund I SI.S1242 .... — 

i 95 NAV Peiotier 10. 


2 00 
150 

12™ Negil S.A. 


10a Boii |*. i aril fin- .iJ. I.uxenihourg 
NAVOcl.a) I 5L 513.05 


Value »■«. U» \is: dealing Uel 30. 


Negil Ud. 


Ti!< I* IM.3V 
Tel. Ini 




161 5 170 <h J . 

S! ”:?■;] :! 


3 00 Kuu- Willjums: fJ-'JL'iv?: 
4.60 Frior.. 11 m- I uniL. .11670 


Brown Shiplry- Tst. Ca (Jersey i Ltd. Bermuda lildex. Hamilmn. Bmda. 


30 1 0 75 Wider i!nh F:id .328 

33 5 o 72 IKi .-.ii-iim lM5 

•*00*- ~ n ' 1 Wider Growth Fund 

0 B.i -][l B55 KuunillMniSl U'iK''VK 

,1 ^ 12 lii'fniK l ’nil . !3?8 

»1 bl — 957 Aimni I'iiiI. .. ’385 


fcFuntl 116 9 
idcTi.I [49 7 


-or i i.i .« t 

fUm . . ]» a 
n <71 2 


1264; ->=! 0 12- ■' 
53 71 '. 

2 55 -s? 5?7 ». 

74 2!-|i F-2 -. 


91 M -l.'.J 

sHH 


I ih I’ll Tti« .'4E. 51 lli-iirr.lvrcy C63474T7T. 
4 J9 Slcrting BuO'i Kd (£9.98 lfl.011 . I 11.75 

- * 3<> Bntlerficld Managemenl Co. Ltd. 

l-<>. Bin U*?. Uumiliu.i FH.-rmur<h 

*1 <sj.'mi P'Hlren'« ?:<ii:i!i . |S<>:« liJ) . | 153 

i ci9 IUiPn~&IiK«ni. . ;o5l. | 7 87 

j j Fnres. o: Oct ft ;,i-n iu h. d.iy Xui. 6. 

Capdirpv KA 

“ * “ ” ; F'i P<y. 17a»'.i-m.-ib . inquiries Ol^roTirmi 


ii.9.oi - i-o oa _ 


Phoenix International 

FA) r ex T7. pi. s’eicr Furl, Ounrnsci 
1 filer- Dollar Fund [J2J4 2J3J-0.05I — 


Quest Fund Mngxant. (Jersey) Ltd. 

F (». Bra IftL S'. Ilrlier. Jor«j 0634 27441 
ifiiwl SUc Fxti Ini IB5 8 W SI . J 12J» 
Qucftlnil StTS - srsow 3.00 


Brothers & Ca Ltd.9 ibH*» 

nhall Si . F. i 1 3 o ( iM ;w< ■ 

1125 5 *n:i .. I 419 

n. 1 2326 242 ij I 4 09 

Next sub. day r*ui £ 


4JS-0 2! 3 67 


n. 12326 242 4. I 4 09 1 

A CM lUb. Ujy r*ui II .i.i. - i :•••*• !.:• 15. . *;'75|-D a 

:« rt-u ms 12P.3J -fcfl • 

■cate Progressive Mgm!. Co? ^ , 

.^aic LC2 ni 50-si;Sii f , * li hiiir.k'Ci k j:i i:4. Kgrs.t (a) 

■o<-tJ4„ (1904 2oi v . : j-i -- ..••• oi«a 

■OcUM _ 12268 24t ft! .... 3 <-•• 1-U . 5 *56 lil II - J.3J 


INSURANCE AND PROPERTY BONDS 

— — Pilate'S' i - 

’ u,e Assurance Co. Lid. Crown Life Assurance Co. Lt<LV Lloyds Life Assurance Roval Insurance Croua „ . . . “ ‘ ‘ , v’ T h™iii?- r i r £J s Ho? 

VmrhtJ.Mrelounl.BCi_ 01-24B01I I CrwuLdcHse- WokinB.G02t UfW 04BS29033 v>, Hifton Bl . tC2.\ 4.MX "IRaUpE (isi -7K1' A ^ lS Mana fi ra »« ,t ^ IK. PhSmi re fid J66 J 1?l 

- - lM2i .... I — ADII CL SM. 30. -j 140637 J . .( _ MBWH Si W-'+l- h'CiAasi.Hi.lw.J^.KttJHBWll,. {«;, 

ISS-- - - np5-ATr(Ci28 . 1444 152 0[ - „ 159 ^ *1 • • I - Vcni. Aiwi%< op U137J6 D7.4rt .. - l»o Em. 87 C Bd . . 16M 277.1 

“S2 • •-) ~ upyA'EqiCWM ..|U9« 14681-1 :1 .- Save A Prosper GroupV ke?-sciexJap,\n.. (U47b — | ... | — 


lit Abbey Life Assurance Co. Lid. Crown Life Assurance Co. Lt<LV Lloyds Life Assurance 
1-3 .Sl I'ouf ». t-lfureliyard. £Ci 01-24B0II1 Cnwa Idle Hsc_ Woking.GDSI IXtV 04B825033 20, Flifton Si . LC2.V 4.MX 


■OrfJt- |1904 2220 . [ 

‘UrL=4-Pfc8 241 bf .... 

Oil 17. WB 195 H. I 

>ct 17 ..BIJ8 216 « J 

£ kub day. *OcL 31. -Nov. li 


Fund Managers fan tci 

.. Kins WilliumSi.. E**4 rr*CJ-yi 


tt 388 

43J 

- 1*70 

. ict 17 4 

- . - ._ . 19 4 
•Toe*. fWed 


1.48 

I "v. > ^ Albany Life Assurance Co. Ud. 

1*70 157 1 s -j j: - - e.r, 3l.OIdBnrhnglonSL.Wl. fll-W 

: 1* 4 1B W. ! 4 13 ,v - 5 L*J -UJ 6-5 fEaUl y, pH Arc . . (200 S 2110 |tOS 

]Q4 2ll 71 * *■. it [*• -■ . v* -0* •/?„_ . _ |if * l .j i.i*-*. VFunflm Arc 141.7 149.1 +0 7 

filfid ? Ud - fOidA!tin^TOAL-..lllL2 2222 

I7JRI9 b-.M-S.* • :-V J JV W4MWJD 1MnlU4s«n.t<tAcjn 1122 liash -J1 

r.-!> *• iht i i-, . ■: |KU<i SSI -161 3J7 VProo FUArv 1105 1163 .. . 

!St Management lavg) Kc- .-* J-I, [7?a 772 -U 465 Wpliflnv.Acc ..1723 JJ13 -flj 

MUdin.:L UmJmJjWfc v L'flCf.'.X} ■¥/ -6« 910 nffl®!; MO.B Wo| tu 

e!«ftUW73.V7I» K 644 . . «J6 r.JltMen.PenAcC.. 132 5 1395+0J 

Ki*' ■sir-.IJ' v-l ri ilidJ l!7 j) —1 6 556 ?nti3ln FnF.tAcc.- 1196 125 { -3.5 


I'll- '■ . 5*56 

. ,55 

"i-i.-r T* i— r;« i 

- i ->• • 

' • ;!* - j l ,c3 6 

i.-'.v. Tn.i ;:?b 
i-un:.7-i:-- .‘in 
r-..ii V.iiCT-' ,131 2 


•JJ-S - J s - 2 « Eguilr Fuml ... 37 7 ' 39.7] . .. - 

**ki| -Ml 231 Enpity Arc . . 32 4 34 2 

nr— * , . HropcnyEU .. 150 j? 15B2 - 

.Hgrs.t (a) > Properly Ait .... 1605 JW.® ..... — 

Ul4UIOO]l SvlerUvi'Funri 934 984 — 

16111-73? 550 Con rwllblr Fund 1334 I«B5 .... - 

jcoIIo't! 102 9Mpn<?v Fund ...123 9 IMS .... , - 

-EaSlofl ’ £2 UProp. FJL Scr 4. 1316 1386 .... - 

'll .nil 6 41 Wan.FU.Scr -1. 137 0 1*4? _ 

v li lir OEqailiFil S.t.4 56 2 382 . ... - 

wflln J |S U-.’ < MV>d.Srr4 .113 9 1X4.9 .. - 


7 re VJonv Fd. Sor A .1113 9 119.9) . .. I — inv.TiiLFd. Incrn. 
537 «MfneyKd Si. r 4 .luiS 1177| . j - lnv.T-.iFd. I bIl: 

7 nr Prices al Oct. 24. \ sdualiOD ru'rmaJly Tucs. Fixed InL Fd. Arc 

Fxd Ini Fd- lucre. 


ManiTd Fund Arc.. 11862 
Mous'd Fd. IiKm. _p040 

MuntTcl Fd-IlnL 

Kepim- Fd Acc 
Equity Fd. Incm. 

Equity Fd- lnit.. 

Property Fd. Acc .. 
Property Fd. (nun. 
lTopert.vFd.laiL 
Inv. TkL Fit Acv 
Inv.TxLFdLIrtcnk 
Inv. Tsl Fd. IbIl .. 


Capital International S.A. 

:<? n..- K'lHn- iinnii*. Lu .- mbours' 

Capital Ini Fund ... | SI 519 46 (.. | — 

_ Centra! Assets Management Ltd. 


u;n... - (jpuVA-EqiCctM .. U9« 1468 -1: -- Save & Prosper Gr 

103-5 .... .... UpJiA'Ky OrLM _ 156 i 164.6 -*0 8 — a I.I Sf H.Oim'*, ) ritn 

101.6 626 iJaS-A'MM.Oci-Za. 1564 164.7 -0 b - 4. 1.LSI JUlon ». Lmrt.i . 


in:»i.v t ry j> 

-.., • .“•ifv-i.c 

I:- . -.-iv 5 


... lmcrl Fd. Acc. . 

Lid. I nU-r*L Fd. Incm. 

= frfc 


'*®‘ “WL™ IflQ^uS Life Assurance Roval Insuranfr* n mil n . _ 

2t IXtV 04882 5033 20, Clifton Sl , LC2.V 4.MX WHaDPfcre Lh<-p»| ? OM --T 44— 

U2H - - AOII <jL Sept. 30. - 140637 < . . _ jtojUSMddrd '1«9 154 # 7 P,,! Me"«. Jersey 

109 4 .... _ np.5-ATTOet2fl . 144 4 152 0 _ "“'alSBuiaid.. .145 9 154 3] . . ( - LenL Aiwjf\i ap . 1113736 3 

110 B... — upuVA*Equ3e^8.. 1394 14610 -i: .- Save & Prosper Group? Kr-sciexJap.\n.. (U47b 

ldii 62i S®M&2Sttk':ife« 3SS9:8S r i Charterhouse Japhet . 

1^-3 ...... - Op3-.VDepf.Oct2fi.l23 5 130 0^51- “* ’ SgS Z 

I0fc7 838 Loudon Indemnity &GuL Ins. Co. LUL ^Vrar" iHi uSi ' “ 

lSs •••• IM luai.TbBForta^ Rindinssmsil SSSSffleSfeiH. _ ^06 - “RfS 

1867 . . •- MomrUwMCeT -U*7 37.4j-02 — EquirvPcns.Fd. 186 3 196 J -3 8 - E mwrar Fund ‘ ' 059°° 

A - RsSt-.-Sl = SSMSW-.' -K* 18.1 -q , - wsr fe 

!SJ ::::: TheL«Hto*M M ch« le r.is S .G».* '""“‘■““■Bi™ 

W’lBfJade Park. Ewer. 0382-5215& tWeeWi dea)inBi>. iViiriShra 

imI J3S2 II— Life Gnmpv cinefiHiFd-Jo i.Rw 

liSJ .... 829 «Kxrap{PxmL Fd 463 I " ij _ Enl«pri*e House. PoniimHiin. 07ai2T7U3 Camhill Ins. iLii^mw- 


Richmond Life Ass. Ud. 

4ft Aihul Slrrvl. noupi.i:., L0 M 
iMThe Fiber TniS IU24 1152 

Kichmor.d>;-JBd 119.6 125 4 

Ik> Plxiiniim fill (J661 175.0 


0824 23914 

:S.I “* 


838 Loudon Indemnity &GnL In& Co. Ltd* - • ??5| 

^ 1820. The Farhury. Ri-adine5835l 1 Coro^ProvFrt.;. _ 210 6 


,S'2 ■— *,n* 1820. The Forburv. Ri-iiding£835l 1 

lE? •* . Moiwr HmUFer ....U4.7 J7.4J-02I - 

jn72 ■ - M.M. Flexible .. -.(31.1) J2.d -02 _ 

1053 : J] 30 Fixed Inferesi &I5 364^,. _ 


406 The London & Manchester Ass. Gp.<? 


Rothschild Asset Management (C.f.t 
fil -248 3flW P.f.< Box M. 5L Julianh U.G urmsey. 0481 !fl33I 
37301 -8.10 4 74 ii.C.Eq Fr Rrpi 15). 553 58 6n» . . 2 76 

5150-010 4 42 rif.Inr Fd f*rf.2 162 2 1723 .. 679 

runwas - imiu-oi 3340 . 4 50 <.ICInlIFd1 . 5129 137 128 

Fendis. .JjrjTlOO 22 21 -010 522 OCSmToFdSepOf 1523 1622* . 3.11 

Emperor Fund W3J9 3 64 — Or Omtmodm- 1489 1584 4B7 

jHinpaab 111.5427 44411+047 274 U.C Dir I 'rendu- » 52923 30 saj . ffl:65 

C«vf Inveslmrnt* IJme v, Lfd. [fSffl S !& 3. SiS SiS S&.’i 

PM BmX3n.M Heller. Jersey USWITMl. 

** ¥*H « V. M fst?" >!« 2 2 SSL- 


— Wins) ade Park. Ex«er. 
995 Cap. Growth Fund-1 


Lap. Growth Kund- 
*Fl«. F.xaaj* Fd 


OFxempf Prop. Fd 
«ExpL inv Tsl Fd 

Vlexlliii: Fund 

Inv. TruM rand—— 


ia Trust Management ia)<g) Kc-'- .-* J-i, 

J^IBui.d.n,., ^ r ^ v7n 

’ — : $ 2 ga 3 ?! 1% ' 


| Equity PenTd Aec. 2398 
(Fixed f Pen Are .... 180.6 


!=JSS 

<123.0 

<nie._._- «J9 

tSccsC^^O 
jienil _. .1876 

~ZLr?3 


910 Fixed! PenAre .... 100.6 
1216 G'ld-Men.Peti j\cc. . 132 5 
556 Jotl-Mlf FnFitAcc.- 119.6 

Prtip.ren.Acc. 1263 

•rslf M’plc jni-.Pen_\cc- [213.0 




F* | Shares 
, i_* * 



Klkinvw: Eenson Unit Managers^ M’pIeJm-.Pen-tcc- (213.0 224.2] -o 

397 2>kFir. hur. bM..r:iV: dl^Kimai 

711 ifi. "iMir tir. »: ’ T>2t i 529 AMEV Life Assurance LtnUf 

931) — •V : 'i‘| l |r Vf C !rl‘ 3 ^Sl -1 ??? Aim.* Msv . Alnei Rd . Releaie Rc.o 

K-j'li. .- 
rjff *>;Im • 

■ r.i... i 

•i ?«•:. 


Crusader Insurance Co. Ltd. inv.TnutPdndulJ 144 7 j 

vineuln House. Tower Pt. EC3 01^208031 ' ,?i° n 

Uth Prop Oct. 3— (735 8J.2J....4 - Gld. Deposit Pd. ! 1010 |, 

Eagle Star InWnidiand Aamr. V^S^SULmn^Rmo 
1 . Threadneedle St. ECi 01-5881312 0Kffi6 45^’ T H E RaBQ ' 


11 

35 0[ -06! 


2S? Ainu Msc. Alma Rd.RelgaiC Reiealc 40101. FmuivFd 1147' 

AMEV Managed ..(144.8 15Z6J -0?| — Property Fd M96 

f-S AftJEVMcd B- .,.0184 124^ . . - ptMdlmrWrtt F.~ 1M7 

' 604 Modcx Fd .. pii7 1123 +0.1 - Gld Deposit Fd .... 1007 


E H ASOfV Equity Fd.. U62 
SS, AMFV&x«f?nl.. - 92J . 

. . - r . ' AMKV Wep. Fd. 992 

L-« C Unit Trust ManajrcisMit Lfd.? 2 

•fh. .-:.AL &?»». ons lilt- 0I-38B 2300 ® ^ 


- Eaglc.Vid t'mis...(53.7 . 55.7] -06( 631 AmerfcaaFdBd’ 150.7 

Equity & Law Uf* Ass. Soc. Lid.? SEijiSSBvr. Mia 
Amersham Road, High Wycombe 0404 33377 B84 

EmnlvFd 1147 IM 71—171 F amlly 7880** 170.9 

praporera 1696 lUJ^ Z Family ««■*._.. 1976 

FiredlntertKtF 1»7 X14S-0 3J- Gilt Deed— ..... .. 107 1 

Gld Deposit Fd .. .: 1007 106(9 .. .1 - ByffMnlfe 11 ***' JR 3 

Mixed, Fd 112.1 mu .au ^ Japan Fd.Bd*^ ^ till 

KU WHL..< -UCi — Managed Rd — SlUV 

General PortToUo Life Ins. C. Ltd.? f&Jg^gST^ gg-“ 
W Bartholomew CL, Waltham Cross. WS310T1 Recovery Fd Bd. - .. 71_0 


53J . . . 
1261 

149 W -21 
92fl 

-■ 1+0 4 

- | -LI 
11251 ... 
1873-3 0 


10751 -3 0! - 


Jish Life Office L Id.? >ai 

■'fJC.. Tunlind.ie Well-, hi. < Jiftj —71 

Lilc |51 3 54 Jus -CM 5 72 

et/-. . ..Jso 7 54:^3 : 

id-.. ..ywi 472 i3 1 904 

vL 25. SCI l rfr.-nliitri N-.«cn:jnr K 


hipley- £c Co. Ltfl? 

indm-. Cl . ttTi o i < 


rLi-...iaaj 
.1.17. (282 6 


nstk rai igi 
SO 
... 189 

■um. 489 

>>mo ..... 374 

ns 301 

2D 5 

24 I 

178 

IS 59 7 

.._ . . 23.0 

L10 M.r 


37 II -n 21 
£3 lid -- .=( 


3991-* ?.• au. ,.11... .5.7 Oft-r , uixiniuaJ .1937 TO 

597 2^ MnoeyPreifl-Are.. 102.9 188. 

32 7cj -c 5| 965 wre-.M Jt.k . veil . .1 4 *0 Uo.l^roj. 104 

Is -o 4 42 Llcyd* flic. Unit TmL Mngrs. Lid.? IM -Cnnmi muta value fhsio 

9^-0 21 3 20 jT-'.’u- "'T» G<-ni..:-ly.A:j. ‘ 


1*4.1. V.l 1455 tSBC) . . 1 BIB 

L-k4. li..tf.i.t:.F.I !:0S3 ID? ij ...| 195 

f jiwaou S -m. :.JiL? I3NVJ 
:t i.i j . L...n-1'.n F.'.-4f: jbv. m -jj6Kai 
S3 e?i-A i:-.i, . !4Ci 13 Sl 571 

- 1 -. I r'X i. ii.->2 do e . .. 5.71 

'■3r j-.-ll' K-.-rH (f 7 2 ■ 61 H. 2 64 

T d V. . .{-. |r. 3 42 9j ...— 1 76 

IS 'r , -in'H. . 1^22 23 sj . 050 

2% V '••I-'- . Ill’ 2SS! OSD 

T’ if:*, j.!"-. -rm-. rtWifi rn-ur- 

r _-?£..’ Jv: ilfB-wBl Tyntial] Fond? 

... , • «.} i -. h-i /.tri wi. ttrr^2i-4l 

'7.. •••■<< . ici< 6681 .. I 460 

E I i\.'.r.. I ...: . .1110 S45l | 460 

■* .‘ ■<•' r-*:. i.eiTuiber ia. 

‘7 .vcnb * A^kDismlioo U(L 

U • ivn«*4t*iMuip. ui ’iBrOTi 


AlUEVIFmilaglM 

Amertran H 

Income .. -f 

InL Growth - .-(I 


_ Portfolio Fund. 1485 I J — 

ForlloUo Capua! _|<22 4 44 6| . ..J — 


15 4 173; 

L0 74; 
. -met 2d 


Equliyl ■ . ; 

fc f\mty 4 ... 227 3 

FixedUU-4. . _ 1586 

Wunaised-I. . . 1356 

Money 4. - ..1092 

Oierseayl 905 

Property 4.. ._ _ 1594 
K A SGovl Sees.4 1216 
P-5. Pen Cap R. . .. 123.7 
US Pen. Acc. B. .1360 
Mngd. Pen. F.-ip b . 2089 
MncdPcn Are. B .2511 
F lul. Pea. Cap. B 96.4 
F. Ini Pen. Acc B 981 
Money Pen. Cup B . 969 
Money Pen. Are B. 986 
Prop Pen CapB 1825 
Prop Poo Acc B .. 1042 


[ 259 6 

227 3 239 ‘ 


— Scottish Widows' Group 


~ PO Box 9CC. Edinburgh EH 16581'. OOUtlyfiPOn K Ilia.,, 


070127733 CornbllZ Ins. (Guernsey) Ltd. HcK-n-c a< 

• Pfi Box 157. Sl PiHcr Pori. Guernsey Frtec di 

_ Inin! Man. Fd .- (1770 19251 | - _ 

■ : Del,. Group 

... _ P 0. Bon 30Ii Nassau. Bahamas HTIm'IF 

.. -• Delle Inv. Oci 18 [SCSI* J1W |- R.T Inl'l'.iJ 

.. DeuUcher Investment-Trust Pliws s 

- Po»lfach 2685 Bieberj: u«se B-108000 Frankfurt c i 

• - InL Renicn(on4s....|DUa7.40 HM|....| _ BLcahni: fo 

- Dreyfus Intercontinental Inv. Fd. 

_ PCI. Box N3722. Nassau. Bahamas. Dir F*d In 

I' _ NAV* Oct 24. . ISV5I6? 26931-0 5Jf - lnieroat.Gi 

— JSmson & Dudley Tst. MgLjrsyJdd. MmtbAme! 

PO Box 73. SL Heller. Jcivy. 053420501 Scpro"} - 


llarenc Afkcfs Fdlil'S«« 10.011 | - 

Price on Ucl J7. Nc»l dcalmc Del. 24. 


Royal Trust id) Fd. Mgl. Ltd. 

Pi* Box 1EM. ItoyaJ Tm Han...fcivcy. 053427441 
RT Ini'J.Fd. . ., (SI 5M1 1123).. .1 3.80 

R.T Ini'l.iJ*)- iFd l».Q 9t0l .. J 321 

Prices at Oct 24. Next dcalmr Oci. 31 


Save & Prosper International 

Dealing >o 

3? Broad Si .S' Helier. lerv'y 05 
VS. DoHurdcnamUiaW Fandx 
Dir F*d. InL— J .921 9791 .. 

1 mental. a +r *j a 88 B74i . 

For Ensiern’j . 55 Bl 60 J4l ... 

North American-; 370 40C{ 

Scpro-J ... 15 72 17la-fl 1 


_ Gresham Life Ass. Soc. Ltd. 


Price* on *Oct. 25. "x«et 2d —Oct. 20. 

Merchant Investors Assurance? 


Inv Ply .Series L. _ 1108.3 
lav Ply SerrevS .182 2 
Inirt.CaabOct 20..W96 


— 2 Pnnre of Wales Rd. B'moorh. 0202 767KS5 Propen.i.. 


„„ ■ r r,. M „. 1Tr Ex l LAcC.OcL28_.p42 2 

Ijm Hm>, 233 HiChfiL, Cray ilon. 0145869171 Mas OT8 


139-fl I 


The English Association 

4 FnreStrwL E*'!! 


I 300 ■ st crllng"*enominaJcd Fnnds 

LhanocICapiLiIO.. 2402 252.91 -4.4 2.48 

Channel 1*1 an d.<6 .. 1536 160.71 -2.1 531 

01-5R87Q8L L.ommod -”j ... .1366 143.0 — 

I Sf.Dcptrtfl - .. .1006 100 a..... 025 

• -j - bL Fixed—; 113 9 120.5) . 1133 

.tie him- R ’Price* on Oct. S3. —Ucl. 2S — OCL IP. 
,ng Nok - R 4 Weekly Dealings. 


-8i5| - 


For Arrow Life .Vsspranrc *re 
F r urHwce Capitol Life Assurance 


".'"I d so Barclays Life Assur. Co. Lid. 

I OSO 25ERl>mlOrtmit,E.7. in 

,r " r Harrlaybcaclsv 128.1 134.91-0 

nnd? Emmy.... 1204 1268 -i 

GlJu-dCPd. 108.9 114 7 -0 

<CGpss.-41 Propeifir 1100 115.! .. 

460 IntemriUmal 88 4 931 -1 

I 460 Managed . . lia.7 1166 -1 

li Money- RM.5 105.B .... 

, Mun-Peiix Accum. .. 10L9 107.3 .. 

L Do. Initial 9B3 103J .... 

<Jl-'i26rifr)| SibEdjransAcc.. 969 10Z£ .... 

i DalSSaS... 937 987 ... 


GL. Cash Fund ....98,4 
li.L. Etnutv Fund _. 104.7 
GJ* Gill Fund...- 1130 

GJ-InIL Fond 1098 

Gi.Ppty.Fumi. .. 98 2 


“■ Growth St Sec. Life Ass. Soc. Ud.? ii epo t l JJ , “ r ’ - • 

HI -KH 5544 Weir Bank. Bray-co-Thamcs. Bert*. 002884284 M^Ped prar 
-fl-fl - pe.tfWcFlmmcc.-j 0.070 |...j - Inti. Equity 

-1 8J — LAndhankSecs. — 1 5431 J . .{ — i„u Managed .. .. 

-OJj — Urndtank Sc*. AccJllfl.l 121. a .. J — 

J — G.JtS. Super Fd....J £7.982 i ... ..( — NEL Pensions . 


Property Pen* — 

Equity 

Equity renx 
Money Market 
Money MXl Punt 
Deposit 
Depoftil Pen* 
Managed 

Managed Pen? ... 
Inti. Equity 
Inti Managed .. .. 


_ Solar Life Assurance Limited 


— Eng. Asa. Sterling* (£50.41 50 «J. .( - 

— Wurtfgatc < m Fd"|a0.44 10.B7| . I — 

— ’Next dealing iVt. 28. —iMcsi dealing Nov. 


Eurobond Holdings N.V. 


— tft'luEb- Place London EC JN6TT. 02 2422BC6j>iBrflcUhadc 24. WiUenulad. Curaran 


Guardian Royal Exchange 

Royal Exchange, E.C3. 01-28371 

Properly floods J187.6 195.<«f - J — 

Hambro Life Assurance Limited ? 

7 Old Park Lane. London. Wl 0148000 


25 fn -0 4 42 *- J -’Mi-rs. x*iu-t IW 

19 y -0 21 ?:o r U- ’-*T* ■7<-ni..:-l y.jej. „ 

y?>2 -I 7 +• M tthivjjw Beehive Life Assur. Co. Ud? 


as -1 


Jfe Unit Tst. Mn^rs. Ltd. 1 ? 

. PmicreBfir licit' P lihrMlVJ 


•rt. 58 8 4C 1 -9 1( 4 45 r\i •; * 

-uni &78 55 4} -0 6, 4-’.2 

I (33 6 35 1=1-04,' 7 1*7 D-*f -crum.. _ .,15 


■uia...|45 1 475! -OSj 

lines) TAogL Ltd.? 


. 151 6 

55 fl| 

-O'*) 

45 

r-o 

76 3 

— 1 r[ 

4.S 

:i. . 5:3 

57 51 

— 1 „\j 

£3 

b?J 

721 

— 1 *.j 

33 


B94ii| 

— i ?| 

62 

- ■ liit 7 

125 4 

— 1 

HZ 


i-7H 


76 

- .1/1 b 

76 9] 

-10I 

7W 


71, Lombard St., EC3. 
Btk.Horoc.OcL 2.... | 


| Canada Life. Assurance Ca ran- Fli De gAc 

28 High 5t. Pouere Bar. Hcrii P.Bar 51122 pSlffl aS" 

Bsacnavi &\ 1=1= &BS 


— I “ Fixed lot Dep 

T 25. LquUy... . 

Property, 

W Managed Cap 

Jlunaged Ace 
01-623 1=88 Overoeas 

1 _ Gill Edged 

11 American Aec. 

Pen F.I.DepCap 
PeoF.l rvpAre 


134.01 +0.1 
197.51 -2.0 


179.01 +0 
154.71 -1 


... ..] — NEL Pensions Ltd. . 

Milton Crein. Dorking. Smrey 

01.OT71OT sigSt?. A^um "S44 iSZj -1 
• • i ~ Xeiex Money Cjp . 6Lfl 65 a .. . 

■ „ Kelo Mon \ce. 66 8 70 J . 

mled? NriexGJhlnrfnp.512 53! .. 

□1-4890031 N+lcxGrhln.f Acc.. 53.1 551 

*n ii _ Nel M*d. Fd. t'up. - 494 51 4 . 

-2 0 ” Ncl Mid Fil An -. (50 8 53 4 

t ft3 — A«t Sub. day .Voxcmhcr 25. 


Foijr Managed S . . (129.0 
Solar Property S . 1142 
Solar Equity S 1691 
.Solar Fxd. Int h 116 3 
Si-lari.'ash S . ... 102.0 
“ Solar InilS... 923 
Solar Managed P.. 128 5 
Solar Properly P 1J4 0 
Silar Equity 1". _ 1686 
;4olar Fxd Int. P U5.9 
Solax«.-(i»hP . 10L7 
MU Solar Inti, f* . . (92.4 


1358 -09 
170 3 

178.0 -2S 
122J -0 J 
1D34 . 

90 3 -1 5 
1353 -0 9 


Schlesinger International MdrI. Ltd. 


- !lVL d oT-si 5 ^Mi , TS 1 ' 1S *nii!nH PbeT 4I Lj Mollc Sl.Sl llehcr. Jcrwr 0634 73588. 


177 5} -2 4 
122 1 -03 

wail 
93-21 -1 S{ 


„ - TeL 81-847 7843. Telex: 881*408 

Ini Z NAV per share OcL 20 SI *520 08 

— F. & C. .MgmL Ltd. Inv. Advisers 
■- 1 a 5 *- l-S. Laurel nee Pountney- HilL EC4H DBA 

■II 9 01823 4fiRn 

_j, ~ Ccnl. Fd. Oct 10 | SU5615 I | — 

oi - FI delit}- Mgmt. & Res. (Rda.) Ltd 
.jc 12 p D Row 670. yiamllum. Bermuda. 

. Fidelity Am Ass .. I SUS25.0O | . I _ 

.Lid, Fidelity Inf FnadJ SUS2353 I. ( _ 

£10364141 Fidelity Pac Fd- .1 SL : S59.61 I — 

, FidontyWrldFd ...I 5l'S14.93 J-0i:J~ 


SA1L (75 80 . 9.86 

SA.OL 0.89 0 94 4.79 

'■‘‘J Fd. »4 226 . 1237. 

lntl.Fd.jmey 9T 203u 357 

lntnlFd.Uiubrj; 1120 11 79 -DIM - 

■Far East Fund 102 10S| ... 278 

■Next suh, day October 25. 


Schroder Life Group 
Emerpnw Hons*.-, Portsmouth. 


!|2|j +0.1 


-■ Equ id- Fund. ..129.7 

NPi Pensions Management Ltd. 

*a Graceehureh SI . EC3P3HH. 01«S 4200 fntmunilMal Frt. 1 »3 

ManoECd Fund ...]1572 163.71 . .( — Depoxit Fund 984 

Prices Oci 2 Next dealing Nor, 1. . Managed Fund 109 6 


Sun Alliance Fund Mangml. Lid. Fidelity im Fuad" susa jj I . 1 I _ imenuUonai rands 

Sun Alliance House. Horsham £<40364141 M**.!* Sf5 H % • nifxlu » J - Sgq u «> - • ■ 

fjp. Fd.lnLOci.II (053.2 16151 .. . ( - Fidoluy WrldFd ...I Sl'S14.93 J-01+1 - 

lat iin fjeL £4._ 1 0281 I • J - Fidelity MgmL Research (Jersey > Ltd. sfSSiKSS3: 

Sun Alliance Linked Life Ins. Ltd. WateriooHst-.. Don S i..Bl H olier, Jersey. jjMonaged 

Sun Alliance House. Jlcrfhem »4n3MI« IT^i . Irani i < r ‘* 8ed 

$tl HtSlSrl - " j ~ J. Henry Scl 

Property Fund... . 1131 1191+0.1 - .-mo«n<AmA**>.|Ofi.l7 12 o..:hearoi de.1 

UH2! na . , !£H!J F,1 -“ “n? “ First Viking Commodity Truirts rueap jdclcs 

SS 2 MLr-l\ aS.,Gco re? sSL.Dn UB U,1 D M, . . . ™&r&PH2 


m MfUCMldl 
136 W -3 1J — 
111 t -0 2 — 

1191 +0.1 — 
10L4 -3 5 - 
103.6 +D1 — 

1154 -IB — 


£ Managed 
& Managed 


raaicaavi 


New Zealand Ins. Co. IU.K.) Lid.? Sun Life of Canada tU.K.) LUL 
Maitland Hwim-. Southend SSI 2JS 07D2 628S5 2.3,4. CockSpurSL.SVIY5BH 0I-O3OJ 


udSt.FrTN IUU ui : 

B55 92 ft 

. p.a SSI* 

n IA-L ill dejtm;: N\- 


Linvi."-. r.iTe I 'nil Tsl. Mogra. !JtI. 

-TJSIc—. 4 —— Ui* 


— Iren. Man. Cap 

— Pen-Man. Are 


_ Kim Key Inv Plan. 1585 


Pen.GUiEdc.Cap 
Pen Gilt Edg. Are 


ei ff »ir««iia“ (y.ifi-ifg) 


Cannon Assurance Lid.? pS! 

I. krtyujpje Wy^WrajMey HA90NB 014XCBS70 pen B.a Ac 


Equity UnU» I JU7.U — |-DJU — 


■'••• ... r ii.- ■..n.+’Jijoi. 6 
-i.-— on In. . <70 9 

L, - I'Ve l ._ '125 4 


- ; C379 
152 s 
157 6 


i i r,:iir i'- : iT .. . . jl2jil 

<■.-.< . ..bLO 

i.Vlu'Ji I'."'*' 167 .1 


■ : nil FdL Mgr*>. Lid.? lawr) .'.rirr.i } 

lisg Nwriwlkflpnn '^1K 2*l'«i , • l*J 

^ ■ ! m ft! 

rid. . .M2B 45SWI . .1 B47 ' - •.<« ’ .-< • JET 2 

Unib.. (554 579! | a4s <' .n.f» i.i .iv.r. +J. *714 9 

dealiiu: date N'mi-'fii »-r ;. » •>• -.if •.••' -..n.+’Ajftij 6 

Official invest. FjM> fe* 

I'alf.JSCL'.V inn PI :«« „.a :gJ79 

17 (137.18 -- T - . ' bn Kon-iKjr- I52S 

17 1272 47 -■ ( . ! ■■ 1 157 6 

Tnly maiftibk- la lire <’!*nrii** •. : .rr-.i 1 wi* 1 _ JB«_B 

rttoose Japhri. sec Janes ‘ ir.iay jit. o' 1 

Tnisl Managers LuL? ia«g» £.'• + 

C2M4TP. ni -JSSL'i.t: , .[r: l ai'. pie 

.... ..bfiTOa 2231-05 IE .■«''.<< ...117b 6 

r .42 9 <62+J-0: C56 • -..c_:a . |JJ4 7 

.jITSf .'71242 2bli -n 3 2 73 it. Jil; •■«<..• ;!267 

^s. Tsl 27 0 29 1-A -n J 4-7 ■ ■ urf I nf - . IIS: 4 

bTVL |23.8 -02 731 J-i-ai. . . -|:<75 

>\>. .mu U91 

ition Fnnds MgL Lid.? lai )u-n>i«. :ili 

Lane.fW-BAliiE 1 “iJL 1 n,! ■ fEj 

8-— 1462 4851. I 3 5S jlSl 

ilan Fund Managers. 1 h .^"' I ', r - . — p. I 

cl. Loudon fill' j.f l*KJ 'ilJL-.a'C 1 ’. S.\ '.-s. '.7 .'jW9 

7th Fri.(189 :0 4J J C.v5 i_iua-i-.nil.i ?7b5 

•d (50 0 53 oj ( 10 90 ; j];S + 

Ut thnit Tsl. Mgrs. Ltd.. SprPi^i^'J riirpjlr 


D.ne ^l^rfb.kDia|-w«dKM4n BSfiJjfc. 

r-rl m" 1 r ^45i' b,,B,! « I & !rt a , Vi : ' 212 PrSpBoiid.'Exoe _ 03.72 M.5a . '"l — 
. .r.r-r.i ■•* 1-? 1 4S5J-9'! - L Nil M mn 


Pen DAJ'.Cap 
Pefl.DA.F- Are 


Small tVs Fd 
Techno! om Fd 
Extra IflC.Fd. 

American Fd. 

FhrEnsl Fd .. . 
Gill Edged Fd 
Con. Deposit Fd . . 


163.4} .. . - 

3032 -21 _ 

115.6 -2 7 — 
100 3 -1.0 — 
100 0 -1 2 - 
134. B -12 - 

310 6 .... - 

103.3 - 


Maple Lf. finh -i 
Maple U.Maagd ... 


Maple LI. Eoty 

runuil.Pn Fd .. .i 2100 I +0 7f — 

Target Life Assurance Co- Ltd. 

Tare cl House, CaLehnuse Rd.. Aylesbury. 
Burks Aylesbury 1 0298. SO 

Man Fundlnr .1971 102 2J-I1J — 

Man Fund Are.. .128.1 126.41-13I - 


«v4b -6 8 
560 -14 
57 3 —1.9 
ns 0 -Of: 
W a -on 
124 7 _{||) 


70 9j -10] 318 


75 5 -Cl 
3361 -0 7 
25ai -1 y 
55 3 - 08 
571 -0B 
55 &C -0 1 
1314 -l)'( 


Bal.BdiFt re/Unit. £13.47 14 25 -0 ( 

Deposit Bond .. . . 1130 119t . 

Ftjulfy Arcmn. IM _ 

Properly Areuin.-. 1325 — 

MnnLArcum. 1,661 

2ud&iuiur 963 101 9 -0. 

2nd Property 107 S . J13.S .. 

Sid Managed. 99 9 105.7 -0 

2nd Depaah OBJ 1031 .... 

2ndGUt. 908 961 . . 

aid .\twnsra R6 73J -2 

2nd Eq. PciUk- Aet 99 9 Jff5 7 -1 


Hearts of Oak Benefit Society 


Norwich Union Insurance Group? 


- 15- IT Tavistock Place. WCIR SSM 01-387 Si 00 POBox 4.Nor»icb NRI 3NG. 


53. Phil Mat L UmdbnSWilTUH 
Pst Vik Cm Tm (38.1 40 1( 

Fx: Vk.DblOp.Ta. (63 0 66 o| 

Fleming Japan Fund S.A. 

37. rue NtHre-Onme. Lunemhoun; 
Fleming Oct 24 . .| 5l'S67*J | 
Free World Fund Ltd. 


-oimnodity Trusts nieapjrv<.25 .. 

. DnuRl&K. I a M. Tntfalcarrapi. M. 

0£B4 4682 Ldn Abu. Dunbar 6 Co. Lfd. rf?" 1 Fd 'Vi 18 
53. Pull MalL umtoi •5WV75JH 01-B3Q 7857 ' Vi* 1 

(38.1 40 II +0.21 2 40 J4PM FcLOcl 19 

■ 163 0 660 ... 4.65 _ , a 


J. Henry Schroder Wagg & Co. Ltd. 
l20.Cheapfide.EC2 01-5884000 

Cheap S Dft. 25 ...( Jrcil 62 (-0021 2J0 


Sl'^11 62 - 0 021 22 

*1. S1J7.08 

<1 £2210 S8« 2 * 

1A2 02 2 15 -0.01 4- 

Sl : S9M 4.75 . . .. 03 


Sentry Assurance International Ltd. 

P'< Boot .736 Hamilton 5. Bermuda 
Managed Fund.... IUS1S& 15361 I — 




"loj = 


- Heart* qlOtff. J37.2 39Jt [ - * (hJ 9 M ij 3 " 

— HH1 Samuel Ll/e Assur. Ltd.? - JS'f “ 

~ NLA Tfrr . AddlKCOmbe Bd, Croy . 014«M43» frJSF? ., B7J lu| 5 Z 

= ffiraffisrA-W S83|”j= ® n r t15 ' 2206 '■■■I - 

_ Managed Unit* — 1 1654 1741 -l.rij — Phoenix Assurance Co. Lid. 

'Ssi -811 z 4-5. King William SI-EC4F4HB. Ol-C&flSff 


060322200 Prop.Fd.lnc .112.9 


Al leibun ilC 95,S941 RuuerlieM Bldg. H ami Him. Kermudn. 

1 102a'-! 1J - NAV Sep: 29 I SV 5196 25 I ...J - 

H K&-S ~ l 3 | “ G.T. Management Ltd- 


Singer & Friedlander Ldn. Agents 

30. Cannon St . EC 4 01-2489646 


r'ekafwidji . „(DM%92 2MH-0.M 5.99 

TokyaTsi.&cLi -4 JUS41J0 J. | 1 49 


Prop Fd. Ace 1< 

Prop Fd Inv . Ill 0 
Fixed Int Fd Inc. 100 S 
DbbFd. Inc . .-968 
Ref Plan Ac. Pen. 771 


106 V +0 3/ 
ibl3 +DJI 


Trf'ntSs ggq& F £%SP- Loadm ^ st ™Bl>oW Management Limited 
Lunden Acenfs for Bnx3l5.bi Helier. Jersey 0534-71460 

Anchor -B-k'aiis . lll‘S107 IW-0 02! 188 Commoduy Trust. 19675 101*4( . ..( — 


Managed Unita.. . 
Managed Series A 
Managed Series C 
Money Unit* . . 
Money Series A 


_ , . _ ReLPlanCapJ'en. 596 

Man. PuaJjAcr— 1271 

Phoenix Assurance Co. Ltd. ManPenFd Cap _ lis 5 

4-fc King William SI- EC4F4UB O14S09978 Sill Pen Fd!cSp Z U3Q 


( ^1... r 

. - it: l :n*. 

rt. I 


i ,, al .... 2nd Mgd. Pens! Acc 103 8 2091 

A* 3 'n si -nd Dep.Pens/Acr. 1016 1072 

3 *hvd Gill PmufAet W.4 96) 

Te’H'nfl 3+2 =T “l Ajn.Peas t .iAer. 512 85.* 

6? 5} -P J( 4 76 Lit E S.1-F. 39.5 423 

L4E6AFJ5 &B0 501 

Cnrreni value: OcL 3 


< 1>..'IIU ■'.ml- • 
!- i_*.' ■■■ m - 
i ti". u:r l ni: . 
‘4 1 uin. ,d 
1 .rem l-oii-i 
ki+r, > r- 


84.9 —0.4 
1916 -71, 
■2981 -JS 
1:7 9 — O.lj 
1TC 5 -1 i 
ICT 0 -2 « 
190 7 - 2 H 
232 3 -JU 
29*2 

JlSJn _o.i 
3«.b -0 4 
966 -OH 
«7 -0 5 
197 5 -1.4 
JOB 0 -? 1 


Equity Series 
Pus. Managed 
Pus- Managed Acc 
Pni.1Ttecd.C0p- 
Pns-G iced. AfC . 
Peni Equity cap 


- - lllia iW-W . I - Prop Pen Fd-Acc." 155 4 

— B3J J . . — Prop pen Fd Cap .. 1545 

_ Ebr. Ph.Eq E. [79.7 83.9) ... .( — Guar Pfn.Fd.Aci: . 95 9 


Prop. Equity St Life Ass. Co.? d’afS^lacK. «3 
llftCraw£ord Street, W1H2AS. 01-4880857 DA P«iFd.Cap ..95 5 


— R. Silk Prop Rd 


Peon. Equity ACC 
PniFficClnLCap. 
PniFaiUniAec. 


Do. Equity , _ ..... 

FlcxMoney Bd. .1 150.1 J . | - 

Property Growth Assar- Co. Ltd.? 


— Transintern at ionai Life Jns. Co. Lid. 


Capital Life Assurance? PmFztUniAec 

ConuuorrHoiKe. Chapel AshWton (190226511 p2?'5j2'iSP 
Keylnvett Fd.- .1 105.03 J .... I - ACC- 

Parcmakcri n vFd. . | 107.41' — I — Imperial Lif 


Leon House. Croydon, CRB ILL' 


Penfl- Prop. AcC- 

Imperial Life As«. Ca of Canada 


Property Fund 
iToperly FundiAi 

Agricultural Fund 


3® J Charterhouse- Magna Gp.? 


1CT6, -D tl 
24i^ -0 71 


-ine. Et2V8HII I 

iean~.|46 7 
ighlne (48.6 


UNWWE.' Trj 


Sprr jii* ^ 'J l iif.-jl. 


£O5]-0;< 9 2£ • U-I 1 ' f 
494 -0 6/ — < l:;inh"Tl'hl -'I 

SC 21 ..1 5 30 ‘ f'.ir.'-: •-« 21 


• 1C9.5 

ii’ic isa 

■fUL r. SftS 


162 2.4 -22 
31S 5 - J s 


Unit Tst. Mgrs. Ud. rang) ita- E% v# - U*z7 i5«9( 
rflL.EdinhMiJBJ'3. lai-^.Atk-l Kwicwnl Lid. 

aCJ ^7 5 61 ?1 -t) 7I ICO M • ft.*-.. MjAei.:n.i- 

3iSt_|45.? 490 -06 C80 Gn-i-TM i.i:- . |SDO 5D71 

•ca J394 42 V -0 1] 5 02 „ . . 


■?S3 5.'epbci»i , n Hre. Brunei Cenl ro. Blrtcbley. 

9 95 Milton EejroopOlMMH 1272 

7?2 *'hrths#Euei*>-_- (304 4041.... 

All “‘‘"•T-L 297 31.7 .... — 

4 15 ihnhke. Manngod 34 0 36 0 .... — 

■ hii hi* Equity. 34.9 36.9 - 

6 49 Muk'na Bid. Soc..:„ 1345 ... . — 

6 40 Magna Managed ... 15L0 — 


Imperial Houso.Gulldford- 7I2S5 sEhwKat < V^ii 

SiflPsa^— RW S-3 •( ~ aSSSsSpvKa. 

PCfUk Fd. OcL 20 . |70J 7621 i| — Investment Fund 

... I - L s u HStf 1 p ‘ w V*S. u fl Invesinreni Fd .A* 

Managed Fund — 97.0 10211 — F-quitj Fund 

Fixedliit Fd .^...._ 195.9 10181 — Equity Fund f A. .. 

Secure Cap. Fd. ... N7.5 Mitt - M««Fbb3. 

Equity Fund flOOl 105.S1 .. .1 - Mon^Fund'A. 

, . AdnanaJ Fund . 

40. Gilt-edged Fund 

01-62BB253 Gilt Edgod Fd f.A> 
-+0 4 5 00 ♦Retire Annuity 


tn ilis - 1ri * Uie *«“«««* c «- ^ 

-«u«sco...| uii I I 1 l.Fltttbtur Square. EC2 M- 

754 rih. j ui j - _ „ ... Blue Shp. Oct. 27.... (77.2 8131+0 

75a c,t > “ Westmmster Assur. Co. Lid. Managod Fund — C07i 2493-3. 

5 56 Kmectuad Hmw, fi WhjiahoMC Road. | .“f-J - 

« r.iidcnCRaHJA. 01084 9654. EH ' J *3g - •• 

H'l-s| Pri.n Fuml Min uM I __ Prop Bod GUl— fZO 1.9 ZlTLSf 


L GO M '>nr :• . ft.*-. . Mt'vei.i'ki- 


'A'i.-'I Prop Fund 
Ai:af.v.lul Managed Fund— 1843 

i «" issas!fta.-!H 
“• Hi_ SS’SlTi— - gy 


tary Unit Fund Managers 

3SL.EW2M7AU V1+sa i*.' 

a |1B8J 200 9! . i -W 

.Chester Knnd JUipL lJ.il 

C2 n ,:ji7T 


26 J! -D jj i« Mavfipwer Manasemen* U4». Lid. Jj, , 5 , ranrf nl1 

ri Wansrtorc 1' IM*^- h. n.'J E'"2V7.Vl ! Ul^liMHfOJi PULA FuodT" ' ™ WJ) 

d Manager^ Ir . ^ ,:c 3 o jj««i .1 9J5 r.-ns MnedCap Z 1243 

l)l4S4k'ii >. itir-l'M a . ., . (»■. 0 7*71 ..I 5 60 Fens. Mngd. Aec .. 130 B 

00 9: . i a 04 fnlenill vi< : . |41 0 474| . . 1 3 00 I’i-im Muner , "'ap. . W7 6 


I _ Prop. Growth Pentiuna i 
' ! .All WTiher Ac Uln. 138 3 

"'I _ fAllft'esilnrCip 1287 

■* Wnv.Fd L'u. —. 3 

King & Shaxson LtdL onFd t'w 133.1 ... - 

5C, C'prnhlll, EC3. 014235133 Von. 1=' 1351 ■ Z 

Bond Fd. Exempt. . (10200 103.40) J — Man. Pen# Fd 1525 — 

NexL dealing dale Nor 1 Man Pciuv Can. L i 1385 ... _ — 

Iriuxgham Life Assurance Ca. Ltd. Prop Cap ut: U53 Z 

JjaghamHc, HdlmbriMk Dr.NW4 01201. 521 1 |^li . Soc. Pen «* L 1M9 „...— 

Langham ‘.V Plan . (67.0 70.S( . .( — Bldg Soc. Clip. I l- 122 4 ... . — 


a 04 Inwni'i o* : . ill 0 474| . , 

(I. riereup' ruMi Kanagers Ltd. 


I'l-n* MnnefCan. . 476 
Itei UnuvAcc. . 49.B 
rvns Equiiycap. .. 55J . 
Fens. Equity Arc. . J7 8 


eyTsi. I7L1 764! | 3 SI 

Rqnilas Securities Ud. 

Ibbey Unit Trust IHngrs. 


a 22 Fund currcnUy rfoecd fo new mvi 

4 22 PetfromLniU I 2184 

■ 264 

| u Cily of Westariusler Asi 


=Sff e; 


Mar Pons. 'Tan. U 
Prop. Pens Fd 
Prop Pens Can DI 


1887 
1869 
7B7.4 
7800 
157 7 
1575 
682 
68 8 
1770 
175 9 
143 3 
142 4 
1276 
122.6 
1226 
IBS 2 
147.5 

jm* Annul' 

138 3 345 1 

128 7_ 1J5J 
145 0 

133.1 

151.2 
1351 
1525 
1385 
1543 
1353 
1349 
1224 


2 Bream Bldg." . EG41NV 01-4056 

VTullp Invest Fd . 1494 157.3j ■ 

VTulipJIangd Fd . U82 124 4 .. . - 

vajan. Bond fid .. 1222 128 6 

.Man Fen Fd. Cap 126 3 132 9 

Man Fen. Fd Acc 134 9 141 9 . . - 

ftMngd Inv Fd InU 100 8 106 1 . .. 

OMngrt Inv Fd Aec|l016 1069) .. 

Trident Life Assurance Co- Ltd.? 
Ren "lade House. Gloucester 045-36 


Lund.-n Agents for 
Ajwbor'B'i'igis . ll'SIQT 11 

AnehwGili Edge. £942 9 4 

Anchcn-lm Fd >1'5524 IS 

Auchreln J+y Tst 30 J 32 

Br+r.FacFd . SDS58 76d 
Bony Pnc Strlg . , 338 8 353 6 

G T MU Fd. . .. ICEUS UK 1 
GT Asia Sterling a 651 17 6 

G T Australia Fd .. S.A1B Bfl - 
GT Bond Fund. 5DS1449 
G T Dollar Fd SUS7.18id 

G T Dir iSlrlg • Fd £9 69 10.01 

r. T FacilleFri 51151768 

f. 1 HlulippiaeFd.. Iisun U 7 


5 56-Otri ib Surinvest (Jersej-i JUd. «x> 

rt'+l'lS 0 77 «utrens Kae. Dun Kd SI Holier. Jay. (1534 TOW 
!60-U)f& 0 85 AJtncTrcan Ind Trt . (r707 722j-015( — 

.Kb +0 V 1.67 Cowur TruM . . 0152 U.I»+«jDR — 

r 68 *0tf 113 jap Index TW. .. Ml 09 11J2J-0CW — 


504 tsb Unit Trust Managers fC. I.i Lid. 
_ Bagatelle Rd.j>i Saviour. Jersey. 0SM 73404 
088 Jersey Fund . . ..B01 5271. I 4 55 

— Guernsey Fund ..J50 1 52 7( . J 455 

Prices on On. 25. Next sub day Nov. 1. 


G art mu re Invest. Lid. Ldn. Agts. * ,,ra “ a *’ 

2.SI Mary Axe London. BC3 012833521 Tokyo Pacific Holdings N.V. 

^Tfurch^ Pit 1 li P H^remirt *Rd. H Kims LODmi' Manas emtnt Or. S v (mkn. 
HKA Par V- T'l SHS4 16 4Mj 1 bT NA\ per share Ocl 24 SDST3 58. 

Japan FH blS304J 2u2 0 50 

tes, S-J is 

i nrim«re 1 „ . f „ . . IfllllHH MaU^ClZlCnl t *> N V . ^1^30. 


^ 0624 2301 1 P- <*■ « *W»* 

045-36541 G.inmorvlnil Inc 6] 7 23 lnl -] 8) 11 IP _ . „ , 

.. t — Gun mere Inn Gnhf74 8 796) H 2.20 Tyndall Group 

_ Hambro Pacific Fund Hgnu. Ltd. pu 801 >*■* «i*miten 5, Brrmwfc 5^7*0 
0 4 _ ui|f». .Tpnnauchi Ctnire. Hoog Kong tAcSuSniSw' ‘ filHS 

Z ftrBwOna -gHM DM 1- SSSSHiL W ' K ** 

_ Japan Fund , |V?1H1 lllM .. .J — -i+i-wc. «. Melivr ■„->-. nevaV 

— Hambro® Bank (Guernsey) UAJ TfiFSLt5cL38.. . ..K75Q RlOI-oooi 

07 Z Hambros FcL Mgrs. 4C.I.) Ltd. 'jSSgSggSr: WiS 

— PO SmaUi'ivnum (MOl-SCC-!! 1 Areum shore*' . 815 873) -05 

— Cl Fund (1515 16X3) I 3 70 Far East Ccl 26._ . 9LS <?3{t. ( 


m ~ 


Mnnageit '.. 124 7 

Gill Mgd-. .. 1480 

Prorieny . 151 4 

Equ iti' American El 5 
L 1 ^ V- Equity Fund . 1112 

High Vield 1417 

Gifi Edged 1222 

Money 1248 

Internal tonal 100 3 

Fiscal- . .1285 

Growth Con — 1268 

r.nusih Are.. . .1314 
Pens Mngd. Tap . - US 6 
Pens Mngd Aec 124.6 


1321 .. 

156 7 
160 3 
864 -0 4 
U7 7 -2 0 
35110 
■1295 . 

131 5 . I 
1062 -07 


fVns.Gfd Dep Cap Ijos*? 


Pens Gld-Dep. Are 109 1 
Pent. Pay Cap. _ 1115 4 
Pens. Pfy Ace 


Pen*. Pfy Ace . 
Trdt Bond . . 
■Trdt G I Band 


■Cush value for £100 premium. 
Tyndall Assurance/Pen si on sV 


Wisp iSP) Man Fd|77.0 


30. Uxbridge Rwd. W I2BPG 


vebuneut. Legal St General (Unit Assur.) LuL ScLMta.Fd.Cnn w * 
Kiagswund House. Kmgauoad. Tadwerth. SSLJItti'SliS , ' Sfi 

Mr.* 9$ 

Do. Aceum. [124 6 13L2{ -IB - - RSESf ! i'22 « 4 


'Midland Bunk Group 

Unit Trust Managers Lid.? lai 


I {J City of Woihdnsler Aosur. Soc. Ltd. 

4 13 Telephone 111-681 0684 . 

FirslI'nifH ... 138« ... .4 - 

Property Units 154 0 . 56.71 -...1 — 


. 18 Canyagc Road. Bn.^tul 

* Lo. Ltd. 3-u'ayoei ss .. . t; 
01-7489111. Equity Oci SB If 

.. 1 — Bond Oci 2r. « 

1 — Properly Del W . U 


Imnl Ruri'l 3USU0941 112 791 . . 850 

InL Equity Jl'stll 62 1198) 2.18 

InL Svgf \ SI'S 106 ISW — 

lnl Sirs JV iVSllia 1.22) 

Prices on £<ct -5 Next dealing Nov I. 

Henderson Baring Fund Mgrs. Ltd. 

9)5. Ganuiun House. Hong Kong 
Japan Fd <"« 25 ltl'52191 S9H-Q.46I — 

Pacific Fund* . SUS9956 | .. . J — 

Bundl'd *<"iei SO . | SrslD»I5 . . | - 
’Exciuxive of any prcliDL.i'iiargex. 

Hill-Samue] St Tn. iGuernseyl Lid. 

8 LeFchvro Sv. Peier Port Uisrun. C t 


rr was Oct 25 .. . isrsia 
, < A rcum Units' . UI S19* 

J — 3-U'ar InL OcL 19 (ft tJJK 
• "I JNewSI^Si. Heller. Jersey 

TCiFSLDcLSa £750 

rf i.Aceu cl Share*" .. 0200 

Amr-nean Oci. Tfi .. BL5 
OHU-3E21 1 Areum share*' . Bl 5 
3 70 Far Ea*l Ocl 28_ . 9L0 

8 50 'Areum shares! 91 0 

2.10 Jersey Fd Oct 25.. 221 2 
_ iNpn-J Aec t'ls 1.. J1 32 
Gill Fund Del 29 105.8 

Nnv I. lAccum. Shares 1 . .140.6 


UM-aoq 600 
2051 -DOB - 


0534 37331/3 
810-0 001 6.00 
17 95-0«H - 
875 -Bil 2 BO 
87 j -8 5 - 

<?3.{t . - 

980 . - 

234.6+19 2 621 
332.0 +27 zj - 

J 08 0 +1-3 11.11 

143 2 +l.d - 


Victory Hpnae. Doaalu. lafeaf Man. 0684 241 1 1 
Managed Del IB. (134.6 141 0) ... . | — 


. l*Teef Man. 06S4 241 1 L 


Utd. t nlnl. MagmnL 1C.I.1 Ltd. 

14 MiilckMcr StrecL SL Helier. Jersey 
U.lBFund Iirswa 1HB| .. .( 7.79 


United States Tst. InU. Adv. Ca 


Law Uu. Tr. M.? lalibnciizi 

■ irnm.jriir A-i.cn, 

Id., Ui^h WyifAjtfTlb^ WWuXJn ] vi . n-rfr.. _ 

e 166 1 6951-1 C| 4JS f"»ty; nn| 

jla>- Unit Trust Mngt. Lid. . 

iilcSlroeC'ilasfiou'. W!^4Ml-'i! 


m:i • r Kirwi IkeW 

T..|.I)T42 71*42 
|?2 0 77S)-H7j 5 05 

5)0 wa-nd 505 

55 2 779) -6 7] 301 


Commercial Union Group 

505 Helen's. I, DndcrshafL E«.73. 
f 05 V r AeUrt 31 .. .) 59JD 
301 fw. AnnmtyLifs „..| ,2883 - 


smnt'l (22 2 
. , 26 2 
on <« - 344 
■o.+'ln - 27 4 

* - 31.7 

In.Ti*. 30 0 
a. 34J 


2 39 If,. Ur r, 

IE3 1 m erru !■■•*, lit 
B 77 li»« \ vn ,ft 
2.2*» iflj'.Ji Vi- M , . 
2CT iui .Uvcn. 


0 24 Squit: R. twill*- -il947d 110 


3cL 35. Next dulling Xui. I. 


Do. Areum 124 6 UL! 

. Equity Initial 12&J 133.1 

... .J - Do. Areum. 128.2 135J 

— -I — Fixed Initial 117.1 123- 

Do. A ecu m. 1205 126.' 

Inti Initial 973 102J 

, Do Areum 986 103J 

UI 38275KO Managed Initial ■■ 119.8 1261 

... .) _ Ita. Areum. . _ — 123.2 129 ' 

I Property Initial 1002 105.! 

Do. Areum - 2131 1031 

Legal A GaDrnf a nit PcaiiionM 

re CO. Exempt Cash lniL_|98L3 IffSJ 


Pennon Fxd Im 
DeposliFd C.ip .. 
Depmll Fd. ACC. - 
Equity Fd. Cap .. 


Dopnvll OcL 2fl. 
3-WpyPn Sept. 28 
■ I'wa* Inv Cw. 2fi 
Mn.PnJ-W Del. 2 


IfJii+Tnvry Til . 


161 1) -2 31 3.60 Hue Aldnnger. Luxemlinurg 


[If ill Samuel Overseas Fund S.A. ' S T * Llnv A d~°° 2 ' ^ 
Ij7. Hue Notre-D.-ime. LnxembK>urg 

} ICT'iiau mt[ .1 - S. G. Warburg & Ca Ud. 

International Pacific Inv. MngL Lid. * < ; roihamSireot.EC2. 

jpf H"t K237. SO. pm Kt. Sjdno*. Aim. ra3e fni' f£*i Is I ti'ii 

‘Jaiclin FquiiyTia 15.42 36 2« . J - gftg fitfSAij ^ 

JJ..T. Man ag «« (Jersey) Ltd. 

PH Bov 98t hon 11 el House. Jurscv. U5H 73673 
JcrfliM Kvlrnl T:3 (1910 204 0) i — U'whnw 

-it at fif'iH. 23. New shK dav Oct 31. Warburg Invent. Mi 
» r - 1. Charing Cross. SL Hell 01 

Jardine Fleming & Ca Ltd. i.'MFijdScpL38_ fstnin 

4 Fib Finer, vunnaughi Centre Hong Kong CMTJJd Sopl 28 .(£1439 
Janiine F-"ir T»l HKS353.70 .. .. 200 **«**»' fM Oci 18..IC12.90 

Jardine J nn Fd * . HI&iaM ... . 080 ™JJ.'ct.!3 _. ... .fiTfllJl 

j Jardlnc s.E A _ SUS199S .... 1 BO TMTLuLCiH.U )U111 

1 Jardine Firm lnl .. HK51248 .. . — 

ss!.!ay£? ,, .r ism .. z y-yw* 

Ti.-VV On IB -Equliaicm 51 SOT 21. ,n “. Bouterord not at Lu 


Equity Fd Are. 
Fxd. AiL COP . 


1263 -0« 
129 7) -1.1 


Fxd. JnL Cop . 
Fxd Ini Acc . 
InlnL Cap. -. - 
IninJ Ace 


Do. Equity Dm 2 

Do Bond Ocl. 2 1812 

Do.Frop.OcL2. .J 09 B I. .. 

Vanbrugh Life Assurance 

-41-43 Maddox SI.. Ivin U'IRBLA UI-4: 
UsmasedFd.. . 11491 157 Oj -0 ^ 

Equity Fil. 0402 252q-JJ? 

InlnL Fund . 97 1 102 3 ~1 2 

Fixed Intent Fd 167 1 175 M -0 J 

Property Fd_ 1400 155 H 

t UB Fund 120 9 127^+0 1 

Vanbrugh Pensions Limited 


Managed Fd Cap . (464 


Managed Fd Aec 
Property FtLCap. 


P:H-.v -it 5’-tiL 32. Aexf Healing L<cL 3L 


CORAL INDEX: Clflsc 432-48? 


3 3J , . I^pl 4 Canal IVnlt F 

3 32 c onieacration Life Insurance Co. Exempt Cash tnu. _ 98L3 
6.53 SO Chancifty Lane, HfZA IRE 61-2420383 Do. Areum . . ._ 1009 

612 OE'iuliy Fund - 11738 182.5) — 117? 

i96|-q 2 56 z 

69 ?a» — 0.7 1 839 peril! pnn Uiicd- 7DS in e Hfl APCUKI . 1T89 

Sw-MnK: nj ■ Sir: - ^ c ssZ" i!d 

FfKPMnp Pen... 1996 .. . — 8V 

*U Fixed InL Pen 2078 _ ,nlt " Sna 

Sk Kquiiv Pension. _ 2591 ... — DaAeeont — .. __ [100.9 

Property Pennon.. 141.1 . _ v ---1 *, fUn-ral Pn 


iffjia +03 
1863 +0 7\ 
34U +0X 
145.8 +}» 
321.4 +0.6 

124.1 +0 

136.1 +0ffl 

1«I +1.3 

itaj +oa 
1063 +o5 


Property Fd. Acc .(47 5 50 If .. — f — 

Provincial Life Assurance Ca Ltd. 

222. Etl&hbp&galc F-C 2- Ql-3LTfi53S 

Proi. Managed Fd (179 1 13&U . . . | — ' 

Pror. Cash Fd. IlMO J 11 tf — 

GUI Fund 20 . (1166 122f — 


Propcnv Fund . .. 1013 306.1 

hquily Fund . - (1040 3W! 

rxd Jot. Fund 


illri994SC2< 
-091 - l 


INSURANCE RASE SATES ' 

'TjertyGrov-lh..- : — 

ibrugh Guarantsed - - 10.12% 

t Address shown under 2n.:u»nre and JT..<Miiy Ho'id Tabic.' 


Comb ill Insurance Co. Ud 
32 Comhlll.E.Ca. 01 ^26 HIP 

l ap Fib.Sept.15.-UMg _ | 1- 

MiG^FdsSpiid-'fws^ WSjI'-Z.I Z 


41-43 Maddux St.. Ldn wtRSi-l t<M99 4823J and 1 m- J nn Fd ■ . Hf^4]8J3 

Marunod 11804 105 71 —0.-31 — , j Jardine *>.c A _ SLS10 93 

Equity ... -Il06 4 1121-12 - Jardine Firm lnl .. HK512 48 

Fixed Inlvregr ..^84 183 bl -0 2 — Jlntl Poe Sc'.f'lnc ■ HKH5.09 

Property. 199 6 104 fl . | — Do.iAcenm' .. HKU524 

Cuinafced sec ‘Ins. Base Rates' table 1 <*n IB ’Equlialcni ! 

. i Nral sub. Oct. J3. 


Life Assur. Co. of feonsyiruiia 
3W2S-cwBiraiiSL,W]70ft4. ■ OL-1338385 

LACOPUaiU— ,-ITM l.ODi....! — 

Lloydfi Bit. Unit Tst. Mngrs. ud. 


Credit &. Commerce Tdeusbcq. Lloydft Bk. Unit Ti 

JW. RoeentSL, London W1R5FE. OI-UBTOO 71, Lamhard 5L ,EC3 
CiL MnBd. FA—.. 1122.8 132JJj ..-4 _ Exempt J99-0 


+o.7| — Prudential Pensions Limited? Guarani red sec ’Ini. Base Rale*' table 1 

Legal St General Prop. Fd. Mgrs. Ltd HulbernUaro.ECiN'SNn- 01-1059222 Welfare Insurance Co. LkL? ! 

W-^ 68678 1945} - I Z Park.- rawer 03Sc:52l5Si 

LbClW.FA net. 4 m 7 . 3»a_..4 - r™. Fd NW JR" E7.M S Ja Z NoowmakcrFd.. | 108 3 J 1 

Acxt sufl. day f.uv. I ■ ‘ For other funds, pluav- refer tn The Dcndoo fc; 

Reliance Mutual Naachnier Group. 

DM93638S Tuptadge Wells. Rent- 088B22271 Windsor Life Assur. Ca Ltd. 

....) — H*LProp.Bd9. —I =®_ 5 3 l 1 — Rnyul AlhertH«,.ShBe;av,.WtnA'4>r «BM4 

Rothschild Asset Management Ufcrav- Plan* .. 7ao 77 9[... — 

18*2a| — J 7.77 ‘ fcekl Sub. d«y December ZBi riia.Ttav t (5Srtl»^ IDS 8 i6 ' 4 lll,qj — .1 


Warburg Invent. Mngt. Jrsy. Ltd. 

1. Chari nc Cross. St Ifellcr. Jsv CT 0534737*1 
■/MFIriAScpL^msQB MM I 

ni! V. MT HS 14.74} — 

2 00 Metals Tsl Oci 18 ..kl2.40 1322) 

080 JJJTDcl.W _ .... -HrSlM riw "Z 

188 TMTUd.Oci.13 llllll 1140) .. _ 


World Wide Growth Management? 
Mb. Boulecurtt floiaj. Luxembourg 
Worldwide uih Fd( JL516J1 |+0.12( _ 


NOTES 


.Price* do not Include * premium. «i 
Jnibraied Vldda *?» iBlunm in I ant 
CfW -Hv-'lntte all expenses., h Today's ni 

r open mg price, h LH&inbuilon Iree of 

— .'prrenmin iwurance. x Offered pri 


Neil Sub. day December zsi. 


= 01 “ - mfisttsiisSS&ssi awaa : 






rililMtttiUH « # I 



SURVEYORS VALUERS AND 
AUCTIONEERS. OF HEAL ESTATE 


Healey & Baker 

Established W20 in London 
29 St. George StrNt, Hanover 
London W1A38G 01-6299292 

Cl nr OF LOHDOfl 118 OLD BROAD STREET 
! , jfiDO f * EC^ 'i'-° ■ 0 :- 8 L : K 4 »! 


FT SHARE INFORMATION 


BONDS & RAILS— Cont 


BANKS & HP-Continued CHEMICALS, PLASTICS-Cont 


[MrtU'IWMN 


miifriuifiU 


I price + or Dh. 'll Red. ISIS. 

* 1 - SUck: • £ Gras l Ywld High Low Sock 


1+ ori .Wr I'M WS . | t d » i ITd! 

Price | - I vt c«r Urs P?E High Low Slock 1 Price — ! W iCcr Gr'M RE ] High U» 




U’RalirAtLt 
UnpCwHn.il . 
Po.7ePf-£i — : 


Luoreurc.wc 


Non* tLKi 


RanstunAGi lflp 
RenttfciJ Hip . - 


Hire Purchase, etc. 


i.recutDaiaiitp. 

UwtU&Sc«:»p 


36 I... 
£72 
8tf 
92 
43 
111? 
HE 
27 

131; 

42 


htfl86l 201 771 9.7 


78 I Allied Brew? 


ill 3^ 63 
4 1 O * 
1XK10.2I5.6 
2« 4.914.6 
L7| 8.S|i74.. 

-| IS - 

251 7.E*,aR. 

SI ■»$ * 
73) 29 72 
3 43 93 
94l Q.B 2 B 2 

- -Tim 

42- 4 « 7.2 
43! 37? 99 


53 (CappaAedllOp 



70 

27 

28 

122 100 
58 20 
1» » 
157 72 


anf»H«.« , .t Up 






















































































































35 








{» ' 
% 


Financial Times Friday October 27 1373 
INDUSTKIALS — Continued 


INSURANCE— Continued 


. a 

z lam 

■■ ] 1***2 
272 
-.122 
■ 2S 
'163 


. 49 

206 
18 


' ‘'g 

\ 61 
. 8 


Slack 
KdtCLh^'dlAt. 19^.' 

HAXC!"A . 

HttkirtsiHSp. 
Hcwacd T«se^, 
HttnbE; Vsw.„ 



+ on 
wk» - 


fr. 4 -uJ Scrvitw- 

Jl.H '■! il> 20 jl 

Jw’silir.' . . 
•- , SH, H- .-,L JV- 
- 1 -rt ,V:r,iL'V.t »4 
. 21 '; 

10 ]A.v-« 4 Kt-:ti 4 
. In--. 

■ 575 U.ihr-.'.r “.![:•• £ 
52 Liui'vr.'T ,*n 

3 fi |K-iJ«r l.'-T 

. -*j0 
t2 

■ 76 lu: l> W*. 

32 ji.K l-j+l !.- 

j 4 |LR.i (i.: luji 

rs iu-jii-i-.!.. 

99 lift-.- -.Cl' ; 

:S tj. _ 

!:>ji 

. 36 Hrfrir 


-1 

-l 


-IS i 


I-1-. 


-1 


: ; n rur 1 27 — 1 

--.'i | tlflu .... 
hA-crr .'%ltij;_ j 75 
LV I* W_. . .\ 93 -1 


45 


76 


s 


.24 

34 

52 

68 

63 

• 5 * 

13 

8b 

bO 

ID 

25 

i; 

73 

% 

1/ 

33 

34 
- a 

JO 

2ft 

10 

B8 

3o 

206 


For [-Ab stt i: Scmii-itl 


Ilhr [ ITM 
Sft [CvtlOr’l RE 

6^110 
7 8 9.8 
461&2 
112 0 to 


h 097 . 

W 

15 Gb 

ag 

|dl 02 

S? nr 

4 (H 
3« 

2 712 
* ■ 

66 ^ fl«. _ . 

3 1 i 641 75 
... 20 23 268 

'*■* 3 i; 2 ^ Ebj 10 
4.86 2 ^ ?« 63 

!».-(VW! 3 0(10 5! 5 5 
1 fiJ 9 4 89 
6 1 e&| < 

3 3 7.3 62 
*31 43 69 
44 ! b « 49 
361 5 91 59 
29 il 05 JB; 


its | 
BUh Low 1 


Suck 

[Monfcraffr 3 np 
'Mutt HUpS? 
Jfcnn.CawiSOpJ 

MSP 

iPHfflUX 

PKnuteat'A' 1 -. 

JtofT- 

136 SPfwIasiiai 5 p — 


Kstn Alliance El -. 
Sa&LIft. , ap.—. 
Taat.rJJar EDR 
155 rradelntisnsuiy 
£ 17 % Tr.iLuMsSUa- 
[243 Kilbs Fabd — 


. + ■ 
Fnct ! — 


-1 
I— z 
-5 
-2 
-6 

-8 

-f 


Wr | rw 

Nrl |cn Git RE 


1933 
+338 
362 
12.78 
tlD H, 
1829 
t &29 

la 5 

116.7 
19.74 
14 11 
120 46 
348 

m 

1*1* 


2M 


LEISURE 


-j -'3 


; Lei -lip . 1 J‘ :;y. 114 -2 n? 25 * 2 3 , 4 2(14 9 

245 -2 3 46 i 8 H 21 7.1 
Lo -ri' (+..*! 86 j -2 J »«12 94 ; 3 a 

J/rrw: aij, 137 -6 54 { 3 0 

id\ler. l*lj- 19 l-Si I _. 

I J 44 M-. 4 . Vi EI 68 I.. • +3 05 

L.niutfri." . . 140 914 

lAlVM ''rj 36 -1 1 2 03 

Loti; Is-w. Ji.ij, 42 }.. ..,fl 60 

!Ua:«.-» 7 r.L : 75 % [03 36 

!6in.»TJclpj-.r.' • 90 1-2 


6 in.-TJcLrj.r-' J 90 -2 ! 14.70 2 
Ijr* f: ; iou* -y^i j 186 - ;t' - 3 * m + 1 ! 05 2 
i:i IJjr: 1 M; 61 - 1(017 3 

M*jV.oUr ;Uf 26 ‘103 Q 


1 M 1-5 4 10 
« I.. .. f ?90 
17 .t)-.- j 1025 
25 

75 Vl -2 
125 

284 1-3 
W. 


Me pin 1 h ‘J'l 
' hrLc.!rf‘i‘P i W 

I - 1 . 1 . ;'- . 7 . • : 

1 IJ 1 , Ml-I 11 in ;! 

’■1ar!: r if l'.0 !Cu . - 
tcJjKI*; A 46 , 
Vj-tIJl! lm\. 146 ‘-A 
M rtn-t:Jj.r „ I SOtc! . . 
M:iihi-j«is7 , 4[K.| iil 3 i . 

14 C f -2 
‘'n-lnanA-.-r iup ) 3 b ; . . 
'Umranrv 1 ^ . : 16 {-:< 
fw Li .J 323 1-6 
MfuKteurfei -1 10-1 


3 7 j 6 a; 49 
Z I 9 .S 5.9 
26 j 84.1 70 
53 ) 5 g 37 
3 V- 7t 4 0 
251 79 59 
25 ( S 3 53 
- 5 .^ 54 

oaiitJ-n: 

4 . 4 ; 6 3 i 39 
9 



20P- 
li'liKiltil - 10n 

A' 10 . 


, H'nfidWjrdSOp 

L 8 T 4 

?faOJt.*&SWP 
Valifiinnde.TP . 
S-«wn 6 «al 0 p. 
Fteitix ' Uw '- - 


SjifiHulldays— 
Snicn'M 1 10 p 
iTnrB 7 V'VWn 


44 >i JZetMn^i 


86 

-7 

t 4.24 3 1 

74 

721 ; 

-1 

t 3.07 3 5 

65 

160(1 

—3 

f U 3.79 66 

3 5 

GB 

-? 

14.47 1 S 

JH 

373 

-2 

( 5.16 46 

4 *i 

98 

“2 

20 92 

3.1 

96 

-2 




114 

-3 

M 6.6 2 £ 

84 

39 

*1 

223 2 7 

84 

65 u 


« 423 23 

hk 

132 

-3 

9-0 1.8 

Ilfl 

38 


2 44 1.7 

91 

222 

+1 

M 5 73 3.4 

7 (I 

29 

-1 

1.0 ft 

57 

136 


16 28 2 5 

64 

% 

v -2 

♦5 69 2 ! 

87 

9 *; 


0 38 24 

54 

245 

-S 

<14 25 3 t 

? 6 

40 


.12 76 19 

101 

72 

-I 

2.05 5 1 

4 3 

71 


613 293 

174 

264 rc 

-1 

1685 ft 

61 

70 -r 


T 2 4 6 J 

5 .C 

53 

- 1 * ? 

T 2.87 24 

K.U 

66 

-z 

t? 99 2.6 

•ir 

15 *; 


hifO 45 4 2 

41 

29 *; 

— 2 % 

1163 19 

84 

55 


15 5 . 7 f 

3.5\ 


7.61 8 &J 

2.9 U.R 
9.8 lUSf 

as - 
67 - 
9.0 - 
9 .C - 

74 - 
86 - 

75 - , 

3 . 612.9 
62 7 ,fl 
60 

5.3 
06 

7.3 
3 E 
5.6 111 1 


66 ! 

55 

lol 

70 

37 

6 

6 

9 J 


93 

12.4 

St 

61 

87 

150 

77 

7.0 


MOTORS, AIRCRAFT TRADES 

Motors and Cycles 


»:w 

it !2 74 
1553 
dl0< 

«.r: 53 

16-9 1 

:jc6 I 
<5?vJ 

?45 ^ 
2-» , 
*.55 93 
1510 
iJ.27 


BI.5 
1 *a.±.-.VaUS. 

IBP — 
KpliaatWr. 1 ?!.- 
SJlifciJwffirv-. 
VafiDSrSO--. - 


21 

210 

47 

9 >« 

10«1i 

£12 


Q 34 o 


115 24 

Qiy- 1 


17) a; 


2 .45 7 ]J 
2(3 5 . 8 } 


ConBoercial Vehicles 

\t_ 6 F ilftfes-i 


C.l 

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' VifTHrmi Bru- jp 
I LShuTiJl 
FurnuSi-Williitl 
IlncImiiTiilra it 
pa. iihr.il I i'JOp 
iLun. t'Scj? Frtfi 
,LyU.‘ShiMnnv . 
,Mjn lineriiaip 
Metiin Dk CmLs I 
p 4 ill(iriIUvL-<£l 
(ntsinTrnnsiion 
P to Dddl) . 
FteanJuuSm. 50 ji 
ft. 'VMii _. 
Hunrua 1 r. 1 W. 1 _ 


295 

-1 

940 

3 91 4 RI 02 

159 

-1 

190 

- £0 


174 


tl 53 

77 12 

10 7 

247 

-4 

+B ?9 

40 51 

61 

116 m 

-rl 

; 3 .i; 
<0 88 



36 *- 


77 7 * 

21 

361 - 

- 1 *; 


-a- 


128 


t 4 97 

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556 

230 

381 ; 

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23 34 

168 

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27? 

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109 

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87 


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0.5 H i 

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82 


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341 ; 


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2.1 93 

3.5 


SHOES AND LEATHER 


lb*; 

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28 

96 

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446 

20 

34 

50 

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66 

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ft 

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109 

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41 

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57 


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79 

64 


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t 4 97 

27 

47 


76 

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511 

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Lambert Hill Din, 

53 

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25 

W 

Nw.'huW & Run'ii . 

9 b 


2 M 

30 

40 

(i!i»erui»'A‘... . 

56 


119 

27 

46 M 

PiUhnii.rp 

Stead iSin'.V. 

51 

-1 

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42 

?? 

41 


? 16 

17 

34 

Strum * FI .-.her 

70 <r 


4 7 ? 

1 4 

41 

St+loShpe^ - .. 

TJ 

-1 

175 

32 

IKL 

Tifrntrtt'SEl'jp 

40 


thl ID 

38 

66 * ? 

tVaid While-... 

101 


M 4 «i» 

81 

24 

Weanaldp 

23 


1133 

2 y 


INV. TRUSTS— Continued 

4 - 1 ! 


FINANCE, LAND— Continued 



179 

173 

no 

75 

275 

934 

98 

325 

123 

143 

137 

133 

134 
741 } 
162 
650 

66 

31 i 4 

131 

90 
114 

76 

91 
12 
93 
88 

270 

216 

129 

205 

85 

31 

45 

6 'j 

73 !; 

232 

164 
213 
145 

165 
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216 

66 

244 

73 

142 

250 

127 

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98 

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127 

157 

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87 

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46 

26 

76 
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85 
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381 , 

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290 
140 ; 
172 
106 

n 

160 

[163 

55 

861 ; 

194 

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60 

74 

63 

58 
91 

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170 

59 
37 
70 
76 *; 

130 

37 

35 *; 

49 

98 *; 

120 

77 
1 Z 5 

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Brit Invest- ... 
Bmad. 3 iiM' 20 pi 
IBnuuwrlnv.. _ 
(CUkPlm 

KaJedoniaim-c _ 
ICalednrjanT*. 

Jto -El' 

■Inhrian arid 1 jet 
ICamcdiu Im lt-ji. 
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jTarliol lav. — «_ 

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pan 11 s.lBP.Sl. 

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JCrostaari . 
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Danaednr ' 50 pil 
Do iCap i lftp... I 


1-2 


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SOUTH AFRICANS 


125 

635 

145 

97 

175 

490 

102 

190 

90 

680 

72 


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83 

62 

95 

87 

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130 

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f 71 neri>at.«R! .. 
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a.J 1 ? 3 


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TEXTILES 


164 
58 
35 

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50 

35 i; 

42 

101 

17 

59 : ; 

70 

26 

70 

43 «; 

35 

84 

42 *; 

131 

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39 
21 D 
210 
115 

35 

48 

165 
110 

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34 

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PROPERTY 


INSURANCE 


fMurHn?'i' T . 

Hn.-Dirull H-l :'*P 

Mnianaic.ip ... 


Ka|Ui 1 > L Las ap 


Him 1 BirtilUnh 


113 

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40 

32 

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168 


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137 

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nr 

— 

17.8 

6.0 

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18.22 

— 

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216 

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1.2 

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4.90 

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3.1 

4.4 

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2.9 

7.4 

140 

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124 


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5.6 

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— 

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186 

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1 U 4 20 ); 


AJJ'd London lOp 
AllnattUmdon- 
AaalpaBiflNenf 
A vet Prottt lOp. 

2 .Aqua Sec, 5 p.- 
AvenueCTwaOp 
Beaumont Fropi 
Bea«riC.H.nOp-i 

; Bellwaellldes_. 
Berkeley Hun*™. 
Billon 'Ferrj'i — 
BnetfordlTap _ 

’ BriL Ajuamap... 
Enlisli Land — 

3 (m ! 2 pcCtj\ 3 ini 
bri'jijn E Jait - 

1 Cap it'iiuniM-' 
'.'urrlttiton (tit- 'ftp 
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64 

222 

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278 

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81 

85 
58 
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137 

178 

255 

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87 

86 
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362 

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115 

113 

201 ; 

57 

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£82 

£83 

54 

191 JK 

lftSm 

94 

137 

19 


3.92 
0.69 
lifi 5 
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tW 37 


BF 


94 

L 73 

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4.06 
♦- 
466 
11.92 
199 
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10.51 
13.14 
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lK 

46 

11.02 

236 

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631 

1:02 


?- 4 l 4.41 




2 . 9 ) 23.6 


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681 

1031 


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19.9 


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17 . 1 , 
23 k 29 D 


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09 
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9.5 

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101 


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413 

396 

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21.4 


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371*182 


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BealeMJ iHp .. 
BevkntanA lUp . 
Bluckwrod MmL 
Bond St Fob lOp 
BnehirJotai 
Bn:rayUraup_f 
Bnt Enlaion. -I 
Bnl Mohair 
BulraerL'n* fflp. 
CatrdiDundwi^ 
Carpets lnt. 5 Un. 
I'arrttn Viyella. 

faurdauliid 

Coals Dolans. ._ 

Corah 

(Cflurtmld-. . 
Da.^i Peti 817 
iCmwiber J > — 
ftrawn iml — 

, Da A - . 
lAxonillainfi. .. 
(Eufftr |i; 1 ft It. Rip 
£iKteTiJ**pi ... 

pHaausi .1 - iOp 
HlckineF 9 . 50 p 
ffiddBrus. 5 p.. 

Hichams, 

Hollar Grp ap _ 

Hortray 

Illcwurth U 20 p. 
Da'.varp .. .. 
llwramiH.itOp 
|ja+>n»(HliJcs.i..| 
Leeds Djert — ( 
Lagh.MilL- 

;Ureji 5 p 

Lirfer 

LylesiS rarp — 
Xlacbay Hush — 
Mackinnori.’Svtai- 
Miin 5 Ui\.> 5 lp _ 
jMUieriF iJOp... 

| 5 lonlIof 1 

NutU Man/v — 
,Nma Jersey 30 p. 
jParHand'.V — 

(pSckles.-WiftCa 
Do TVKVlOp. 
Radlej Fashions 
ReliaareKouCDiL. 

Rirharrfc lUp 

Riiingoo Reed. 
:££T. 20 pL.. 
SnotlRobertsoo- 
Sr&erelnL 10 p_ 
Shaw Carpels IOp. 
Shiloh Spanners. 
Sid( 3 wlwk 50 p. 

Sirdar 

Small ft Tittosw. 
Sn.VlsosaLia». 
DftPrir.LIfflQ- 
Spencer (Gea)_ 
acddard'A' — . 
StroodRikyPr’d. 
lerD-ConnilaJe.. 
IteiTrdJr^.lOp. 

46 ToraJdnBons 

44*2 Tootil 

311 } lowYSL 

27 TraBord Carpels 
48 TricroilJelOp — 

41 VHa-Tex 2 to 

34 Yorks. F+neW. 30 p. 
31 Ycu£faal 


330 

48 

53 

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20 

28 

28 

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10 

35 *; 

41 
12 
39 *; 
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28 
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99 

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69 
48 

25 
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20 
20 
84 
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20 
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ff 

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12.76 

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89 

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amperial 

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12.83 


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53 34 80 
l.E 105 i 64 i 
8 .E 5.0 2.8 
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TRUSTS, FINANCE, LAND 
Investment Trusts 


320 27 B 
'' 171 


60 

1157 


i?sp 

g-' 

IK 

81 
431 ; 
158 
1143 
74 
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1118 

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36 

84 

411 ; 

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69 

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48 

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Aberdeen TnisL 

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.AmericanTst.'B' 
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239 

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lErUntarnli laTi 
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72 *; kkfl -Vh'd: i'.'-j 
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56 (Xmsx Europe .. I 
65 RnnfleTIc.*'. .1 
90 Gt NuRh'r, !rn _ 

67 Creenlriur Is-. _ | 

56 (Creslum I m 
48 Croup In. ,<*r- 
69 *; CaifAAilt. 7 s 
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60 HiIDPhiln 
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28 Jersey Gen il 
11*2 latHoldim:: 

44 hr.elm Inv Iflp 

4 Do Cap _-p . 

25 Ktywoneln Vlp 
75 LakeVieuIr.i 
38 Lane. 4 Lor In: 
17*2 Ij* Debenture . 
lit, LarardSllc Rerip 
33 . Ledaim larrup 
20 Do Cap 5 p 

2 b LeVallor.fi In'- . 

55 lop. AUanuv . _ 

53 Lon ft'jan 50 p 
95 Lsifc. i Hftf;. 7 i»>i 
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16 Lon. ft lav. IOp 
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57 L«l ft KonUosc . 
93 CuiifcPrm _ . 
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56 *; Lm Ta Ufa..._ 

18 Ljulandlin . 

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75 Cuaxiiyiniirpl 
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56 Maa&lwrop ipi 
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52 HerrhanuT* .. 

11 Mu nils Lived . 
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15 CVi Wirtb LL.A 
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54 Mijurride Trust 
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B’-m '. 1 h Atlantic Sect 

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17 ijutvadi Inv 

19 ferUandlnv 

11 Hot Sr- Im 50 p 

5 i, iTuriunaJCitjei 
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16 Reabrook Im 
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56 *q Fiolinru NT F 150 . 

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3 RmnneyTnw . 

12 fiiy-edimondlw 

18 ls> Cap — 

4 R'ih^rhrUIn. 3 Jp> 

,7 \iliRpianlIad 

S! Andre»t.«l. . 

A •< Am iw Sflp . 
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SPLIT lue 10 p.._ 
SPLIT Cap 10 p^ 

Stanhope Gen 

StertiaeTfl 

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rechnoJoey 

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£i« 8 >j%li»n_ 
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-t 


Dir I'M, 

Net ICwlftfalWE 
lffl 4 . 0125 Oj 


♦ 3.96 
391 
1154 
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1218 

1185 


♦ 2.70 1 11 32 428 


491 O 


5 . 9)24 2 


5 6|262 


22 ® % 


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1.3 5 0 25 9 
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+2 33 | 
112 
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5.08 
157 
386 
130 
2 49 
p .87 
569 
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I hi 85 
10 
14 5 

7385 


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TtusteesCorp — 
l)-nesdelnr — 
Old. BnL Sees.— 

Ltd Capitals 

US Deb. Ccrp 

US iGeneral T^. 
US Trust Fund SL_ 
ViHatReoiitei.. 
U CiftTtxailOp 
Wetness Inv. £| — 
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Cm -B" 

[Yeoman Inv 

Ivories ft- Uth-s.. 

69 |Y«in 8 tVslnv£L[ 


09 

, , 1 0 11.81 122 

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Q 20 e 
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tl 78 
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294 
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0.86 
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2.29 

3.55 

609 
244 
183 
14 57 
2.74 
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♦ 0.41 

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2 74 

289 

350 

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♦ 1.55 

411 

2.84 

1 50 

1376 

1.24 

0.12 

025 

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sa 


269 

14.24 

7 11 
3.65 
14.57 
1264 
8.12 
14.57 
152 
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+ 3.35 
13.50 
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ns 

Ion 

Stoct 

Price 


Die 

Net 

CtT 

VM 

Li's 

Pit 

80 

KatmaUf-— — 

130 


s^lWc 

23 

5.2 

7.0 

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43 



1 7 

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75 

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1.7 

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10,51 

47 

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17 6 

73 


146 

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41 

1 J 

188 

104 

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UjfthilmT-iCp.. 

133 

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151 

3 i 

3 * 

9 b 

38 

m 


♦(>69 

U 

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4 ? 

Martin iRP.> 5 p.. 

52 

-1 

4.5 

ft 

uy 

ft 

9?0 

Mil * Rib' 

970 


VS 1 lb 


bt 


47 


50 

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14 

N.MLClmx Wfp 
Nippon Fd Sf* Sf 

17 ‘ 


143 

lb! 

126 

73 

m 

430 


— 

— 


— 

9 *- 

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HI; 






- 



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42 a 

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112 

6 

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167 

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226 

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13 


0-19 

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56 

267 

90 


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135 130 Fluollaaies 


605 

165 


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354 

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316 

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282 

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80 

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t'nlr-i HherHiiw n>dic*u«L pm-ri and net disidcnUs are in 
pence and detmrai nation- jrr CsUraaled pricWcorainit* 
rarkv* andcniTS are based on lau*ti annual rcporuandacnwnla 
and. wbm- pov-iblr. an- updated no lialT-vnatlv flRores. PfKa tom 
ralcnltiicd on Use bast- o( nel di-lrtbutimt; bracketed ftfiurc* 
Inditnre 10 per mil or more difference if calculated on "nil'* 
diMrlhuiinn. (mm arc b.vad on -maximum'' disinbullon. 
Viclds aro based on imdillr prirrs. are firms, adjusted to ATT of 
33 per ernt. and allow (or mine of declared diMribution* and 
rtfibis. Securitini mlih MiinM nation:, other than sterling am 
quoted IncJttsitr of tbe imMmrnl dollar premium. 

Ci Sfrlinc Uu-norran aicd secunt iuu which include luve^unent 
di'll-'ir iircmiura. 

"Tap' Klurk. 

Hifili* Olid Low - marked Hiua. Ji.it c he**n adjusted In rdlnw 
for rifihU iv-ue . Iiu- -.a-li 
In'enm -.Itiut- in-T'-.uii-d ur n •■■ins-f 
Inlenm unite n-luri-l. |u-el -*r duli.-rtcd. 
t; T.n free in mil r- iik-ni- .in .l|•l•:lCJlluil. 

Kifiurc* ur rer-ir. .iw.ntu-d 
tt filliped :««unl>- 

rnw at lime uu-ps-x — >11 

Liidiu-aiu-d .lit iiKjn-l tditr i<*nditt-I • ■ np a«d -<r rtf Ws i/.ik 
• o'er ru-luttfs tu luetion-. l.tiiK-s .1 • ..r lorn^sU 
Meritor »*i<t or nti-ri-.ani •atir.ii :i. p.-vuru- ' • 

Nut rotnpursiMo 
a Sam- inu-rim. rc-lurml linal .in»! m r— I iico-I carnirca 
tndtraiurt 

4 KorccHel HuitP-nd (flier r-n caniint-. uislaiod by Ijic-st 
interim tt.iU-meiiL 

; i.'twor all-iwu l(*r ■••ti-.ordi-n ■■( -h^rc.- in.* r.mkinc for 
-lltldi-nd-. i.r eunl-iiifi -ml> fur rt-.lnctuil -Inulend 
ft Ccner diie, twit .il’-u tin .hart'. **mh nsi> jIu- rani, tnr ' 
divlilunrl .n j lulure iLil-e *.■> }’ K raim ut-uall; prwided. 

* F-cr lulling .1 final ilitldoiid Uoclaraiiuiu 
v- Ri-Ciun Jl |in(t 
il Ni- pnr tuluc 

a Ta> Iroc h Ficurcj I-l-u-iI on pro-r— -tu-. nr «ahcr uflitinl 
.“lin-iK- c I'.-nl- d I iitidon-l rots I-Iid ur i-irat.lc «*n part 
<4 cjmiUiI: i-iiw-r t-n-i-l «iu ■ 1 ;iii|.-i.i un full •aprinf 
r ricejomptinn v-oltf f Hat i:c|.| c \-:.utih-I riiii.lcnrl nnd 
>iehl h ,\*'.uiw,l Ui .-id«.-n-l .in. I Mold alter rip i*.*uc. 

] fMJ'tncnt In. in ,-npiL-il -nur.-v k ,uu-r.;. ., m Inlorun Hu-ltor 
lft.ln pnetimis Icial n II n'li's i--u.. |s-ii.|im: q Kirmncs 
tsl:od on wvlimmar-t (Inures u ii|ii<l>.>i .1 and ; I'.'ld Ot<-ludca 
pvetiil jvtymcni 1 indi.aii.d if:' id.-nd r-l.il*.-'. to 

pronoun dn irfond f’.'E rat.e. I.i-.u-d on l.ilo-l annual 
uariunr- u hV.rouaw didder, d n.i cr b.i- wl i«i |iretinue year’s 
•-arum--, t Tat (rc-c up '■» J'p in 'lit- ( w V i».-l«l .lilow- lor 
rurTcney i-lMuee t iMwdend unrt j-ii.-!rt ii.u-i-t oil tm-rfior icntLs. 

1 In> laond ;«nd veld include a .|»vtnl r-'ijuv-ni I'mi-r ctoovnok 
apply tv. uya-cial i<ajmenL .\ '<u-i dir.ifc-n-l all. I \n-M 8 
f'tvft-renco duidend pa-j—l *-r .Kfenel t‘ ■ 'nn.-dian 1. 1 - me 
l>nco f Liitidcnd and jfivlil *sia-.| |.r.i rv.-lu nr mfier 

uncial cdlmalcs (or 1 . 37 BJ 4 J f. A-.-anu-l ditld.-n.l md >i«ld 
titter pendlnfi srnp and nr nsflii . r.«iK- II I'ltlriond hi- I }K-Id 
Istsc-I on pr.np -ctu- nr .il.hi.-r u-;l-. i;.l s-uihibiic*. lor 
iy7S-79 K Fifuf’-T- baund on p.-.i •( v. tu.. or mtu-r i4ftcial 
•r-nnwdar. T-.r 173, M Diuidvnd .ir.i iiu-lil I. .-i.-d ..n |ros|y*- 1 uc 
ir iuh»,-r nftiei.-il i -J mut.- for 197.1 \ !■•. idi-nd and yield 

|>.V 4>1 on iipwpcclU' c-r oilier •■(: l >-.>l <-- luivil.- tor IDfTS P 
Ku-ii rv I'.i-r-d -in pro-p.Tlu- ..r niln-t «ji!miiI I intalct for 
[978-Tfl <1 '■net T F'lcurv .--iitTii-il J |ii.i-l.-r.d itAal to 
iijI*- ft Yield (ui-s-d nn a«-umpli.i:r Tru.iu/j Hi If Rale oays 
un-luinfit-J until maluriiy .4 ..net 


UihrecialifU- n*:-. diMuUrnd • 

.■II: i* ft uapii.il lii.-trlt-utiiJii 


. rtt-i '(!,-.»«(rishlf;at 


•* Recent Issues " ar.o Rights " Pag c 32 


This sc nice is aiailablr tu every t'oropani dealt in on 
Stock Exchanges throuahout the l'niu-d Kingdom (ora 
fee of C40O per annum for each security 


REGIONS MARKETS 

The falluwins is u. tcloclli -turf Irfiiirkm rjuninlinnNof shores 
pretiou-.Iy lisied onl, 1:1 re.iuiul inarU-i-. Prices of Irish 
isMie*. mid ol vthieh are n»-t ■•(fn-ioll> ii.dc-d in London, 
itv a- qurito«l on 1 1 to Irish t-tiluinjiu 


Mliar.y Inv UM|i 
\sliHp.iniiilL- 
ik-rtitu 
ful-.'wir - i V>p 
l-.ti-r ‘ ‘roft 
'ram & (Iik-L 

P\Min iF \ • \ 

Flli.-ft. >1. lltly . 
Eten-tl . . . 
-if..- Fore.- . 
■inl.it I'kE Sp. 
•r;<iitSiii|. £1 . 

I it* -on- Brvw 

I I M Mm £ I 
toll .-I..' liq. 

N'llm litld-tiuih' 
H.vin- 1 'ir if ■ 
IVol ttill- 
ShoHu-ld Hi h-I. 


26 


49 


lb 


330 


26 


520 


37 


67 


27 


S3 


31a 


140 


77 


172 


256 


67 


19J 


21 


50.o 

-2 


ShuH Ro'r .(.nil 66 
SindalliUnii... 112 


L'om U*»'fin'B 2 

.Ml'jlk'Vi'jiU 
.\rin4t . . 

*.arr..ll »M •.... 
• 'lond.iKtn 
Concrete fTuds 
IKitoiiilll.Ui. 
Iru «'t>rp 
ln-ti ... 

Jo.o»« . 

Sui.ln Jin., . 

T M ■ ; . 
Unidari: 


CWi 

+*» 

91m 

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375 


98 

-2 

89tfi 


130 


49 


190 


105 

+5 

58 n) 

-2 

36 

* 1 

200 

-b 

8 a 

+3 


OPTIONS 

S-mentfe Call Rates 


lmtusinais 
\ Rrvw- 
A I* I'cnwiil 

r< 

Buhcuf l: 
B.ltvf.iv • f-iplv 
kp» bant 

Rrflii ■ I iru; 

Hiiwaior- 
P \ 7 

Krili-li i > jl'ij 
fnvwijij > 
KmtMti • \ 
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'•junaiilils . 
1 tuiM-nlu>nw 
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unlop 

EukIuSUiT ... 
EM 1 . 

Ai l lilonl 
«n Elevtru- 
fllasn 
ImmJ Mel 
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: K N 

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lluu-l-nt f|JJ7 
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1 C 1 

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6 

18 

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20 

9 

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ft 

21 

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1 

25 

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35 

luval/ifl'n . 

14 

15 

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7 

lb 

I .lotil- Hunt . 

72 

r4 

■ixif ' . . 


b 

injon fc'.ni'V 

S 

20 

l^tnrho 

5 

L 2 

1 -liras tii'L. _ 

25 

5 

l.tniiii .1 1 

10 

10 


7 

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15 

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25 

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12 

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NaLWtM Rank 

77 

14 

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10 

17 

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1C 

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41) 

RUM 

5 

9 

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18 

20 

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12 

IS 

SsulSer.. 


22 

MT.-'O 


20 

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V? 

12 

i 

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15 


Tube Itive-si 

Unilever 

Ulri Drnpety 

Vickett. 

\,Voolwwrths.._| 

Prupertj- 
f'-m l.anii__... 
j__.jp Counties. 

Imrouropean 
Lund Sees. ._... 

MEPC- 

Peachoy 

Samuel Ptojw. . 
Town & City„, 

Oils 

Bnt. Petroleum. 
Uurmnh rtil.._ 
CJmrtwrml! .... 

Shell 

b’ ! troinar. .. .. _i 


Mines 

Charter Cons..} 12 
Con-* Gold. . I 14 
UioT. 3Smq._.( 1ft 


el "plion i Ir.i.’ryl p "lion >ni the 
Ifiiodun stuLh bscii.u.o v Keptut 



36 


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for ifie home 
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Friday October 27 1978 


ISRAELI DECISION MAY THREATEN PEACE NEGOTIATIONS 


U.S. anger at West Bank move 


BY PATRICK COCKBURW 


ISRAEL'S DECISION to ex- 
pand Us West Back settle- 
ments has “ deeply disturbed ” 

the U.S., Mr. Cyrus Vance, 

Secretary of State, said yester- 
day. UJs. officials are angry at 
the Israeli move which appears 
to threaten the resumption of 
peace negotiations. 

President Carter' had sought 
at Camp David to get a mora- 
torium on new or expanded 
Jewish settlements on the 
West Bank, and Mr. Vance 
said that American disquiet at 
the Israeli Cabinet decision 
had been commnnicated to 
Mr. Menahem Begin, the 
Israeli Prime Minister. 


Israel's negotiating team, 
led by Hr. Moshe Dayan, 
Foreign Minister, and Mr. 
Ezer Weizmann, Defence Min- 
ister. has returned to Washing- 
ton hut, in Cairo, President 
Anwar Sadat is considering 
recalling the Egyptian delega- 
tion for consul tattoos. Mr. 
Mustapha Khalil, the Prime 
Minister, said yesterday. 

Talk of such a withdrawal 
by the Egyptians Is viewed 
with some alarm In Washing- 
ton. Although Mr. Khalil said 
any such step would be 
routine, he added that it was 
prompted by Israeli statements 
and Air. Sadat's wish to be 


briefed on the talks. 

Fears of growing Arab 
hostility to the Camp David 
accords are likely to be in- 
creased by yesterday’s decision 
by Iraq and Syria to end ,a 
decade of hostility by signing 
a “charter for joint national 
action.” The agreement came 
after three days of talks 
between Mr. Hafez al-Assad, 
the Syrian President and Mr. 
Ahmed Hassan al-Bakr, Presi- 
dent of Iraq. 

Iraq, which is the second 
largest Arab oil producer, had 
previously refused to collabor- 
ate with the hardline states 
led by Syria on the grounds 


that their opposition to Israel 
was not sufficiently radical. 
Yesterday’s agreement comes 
as a direct reaction to the 
Camp David accords. 

A committee composed of 
leaders from both sides will 
oversee co-operation between 
Syria and Iraq while subordi- 
nate specialised committees 
will look after political, mili- 
tary, - economic, educational 
and cultural co-operation. 
Iraq had previously offered to 
send- part of Its aimed forces 
to the Golan Heights front 
with Israel, and -to contribute 
$lbn to a proposed S9bn fund 
to help frustrate the Egyptian- 


Israeli agreements. 

The Iraqi -Syrian entente 
will appreciably strengthen the 
forces opposing Camp David- 
Combined with Israel’s 
announcement of expanded 
settlements on the West Bank, 
it will, make it even more diffi- 
cult for King Hussein of Jordan 
to become involved in nego- 
tiations on the West Bank. 
The meeting of all Arab states, 
except Egypt, in Baghdad on 
November 2, is also likely to 
take a more critical stance 
against Camp David. 

More Middle East news. 
Page 4 



Agreement could hit 
Beecham’s U.S. profits 


BY SUE CAMERON 


FUTURE PROFITS on U.S. dnig proposed settlement is not con- other companies have also 
sales by the Beecham group necied with U.S. litigation on started marketing amoxycillin! : 
could be hit by a provisional amoxycillin — the most important In 1970-— before amoxycillin 
agreement with the U.S. Govern- of Beecham 's serai-synthetic was marketed — Beecham was 
raent on the pricing and market- penicillins— where Beecham is sued under the U.S. anti-trust 
ina rights of semi-synthetic suing far infringment of its laws for overcharging for ampl- 
peniciilins — the most important patents.” _ cil l in and other semi-synthetic 

of the company’s drugs. However. Beerharn cut the U.S. penicillin products and for 

The company was being sued price of amoxycillin by 34 per monopolising the sale of them, 
under U.S.anti-trust laws by the cen t last month presumably in The U.S. Government, 75,000 
Government, local authorities, response to the forthcoming American ' wholesalers and 
and purchasers of the drugs. The agreement on increased competi- retailers and various U.S. cities, 
proposed S3.07m i£1.4Sm ) settle- tion in the field. ... states and counties took action 

ment, which was filed with the « 1S thought the provisional against the company and the pro- 
American Justice Department asreeroent will weaken the com- visional agrement that has now 
this week, will, it is believed -pany*s legal case against Bristol- been drawn up is designed to 
force Beecham to cut the price Myers and other U.S. pharma- settle their claims, 
of its semi-synthetic penicillins ceutical concerns over marketing Beecham has already agreed to 

and will also specifically prevent pay the 75.000 purchasers a total 

Beecham developed semi-sm- ilMaL tf nder ^ new 


it making agreements that would 


stop other companies selling 'any thetic penicillins --chemical^ propQsed settlement tt will pay 


prescription drug. 


VSKBa 'fiSS.q! ihe uT Government Sim and 


The main impact of asettle- used as antibietics-nearly 20 £ and citi« 

raent on these lines is likely to years ago. <5*>07m 

be on sales of amoxycillin— The first to be discovered was . ... 

Beecham's biggest selling drug, ampicillm and Beecham drew The payments and the accom- 
The company refused yesler- up a licensing agreement with P*VWI t f rn ? s and conditions 
dav to discuss the terms and con- Bristol-Myers in 1959 for its pro- will have to be finally approved 
ditions of Ihe proposed settle- duction. Other semi-synthetic by a U.S. court and third parties 
ment. bevond saving the ir still penicillins followed, the latest have the right to object to them 
did not admit ariv of the alleqa- being amoxycillin which was not —all hough it is not expected that 
tions. * put on the market until 1972. there will be any objection?. The 

It claimed that the future Bristol-Myers has adopted a agreement should become final 
growth of its U.S. pharma- policy of contesting Beecham's within the next few months, 
ceutical business would not be patents and rights under the 1959 Beecham shares closed Iasi 
held back and added that “the agreement and in the U.S. six night at 660p, down 13p. 


Tory bid to restore 
unity on pay policy 


i Continued from Page 1 


Healey 


BY CHRISTIAN TYLER, LABOUR EDITOR 


A BID to restore Conservative sion of the past few weeks on 
Party unity on economic policy our attitude to the Government's 
and collective bargaining was incomes policy and what a Con- 
made by Mr. James Prior, shadow servative government will do. 
Employment Secretary, last “1 believe the differences in 
night. emphasis are small, compared 

In a speech, vetted by Mrs. with the principles which unites 
Margaret Thatcher, leader of the us.” 

Opposition, Mr. Prior strongly Realistic and responsible bar- 
suggested that the views of Mr. gaining would be encouraged by 
Edward Heath, the former leader, tax cuts, economies in the public 
were compatible with official sector to finance them, and 
party policy. targets for monetary growth 

He mentioned no names, but aimed at falling inflation. “ Our 
also suggested that the hard line objective Is a steady fall In the 
taken by Sir Keith Joseph, chief inflation rate, being careful to 
policy adviser, which was proceed with our policies at a 
vociferously endorsed by the speed which would not cause 
Party conference did not mean hardship, or damage to the 
that Conservatives had given up economy.” 

the idea of setting a national But be added: “Wp accept that 
target — but not a fixed limit — on their own, these policies may 
for wages. not be enough to bring reason 

Mr. Prior, who has been iden- to pay bargaining. Therefore a 
lified with the pro-incomes policy full explanation must be par-t and 
faction, did not repeat his or Mr. parcel of our approach. 

Heath's statements that the Gov- “The Government’s role must 
ernment’s 5 per cent figure was be to seek to reconcile the con- 
the right one. But he said ihe fiict which lies at the centre of 
Conservatives would not under- our present system. This is the 
mine Mr. Callaghan's pay policy, difference between what may be 
Speaking at the Institute of perfectly rational behaviour for 
Personnel Management confer- a single negotiating group and 
ence in Harrogate. Mr. Prior said what would be rational behaviour 
the "concerted action” forum for all negotiators if they all 
for educating the country in negotiated at the same time.” 
what it could afford in wages. He emphasised the dangers of 
was still the basis of Conser- a high rate being set by one or 
vatlve policy. two groups whose own settle- 

In apparent reference to Mr. raents would not have more than 
Heath's recent speeches, Mr. a minimal effect on the rate of 
Prior said: “Nothing but good inflation, 
can come out of the full discus- Politics Today Page 19 


Weather 


UK TODAY 

MOSTLY dry and sunny. 

1-ondon, SE, E Anglia 
Cloudy, becoming brighter. 
Max. 16C (61F). 

Cent, S, E, N, NE England, 
Midlands, Borders, Edinburgh. 
Dundee. Aberdeen, Moray Firth 
Fog patches, sunny intervals 
developing. Max. 17C (63F). 


BUSINESS CENTRES 


Velar 

mid-day 


Vdajr 
niid-dav 
*C *K 

: 12 34| Luxcnibre. C 12 54 
ID to; Madrid S 19 M 


Channel is„ SW, NW England, 
Wales 

Cloudy. Max. 16C (61F). 
Lakes, Is. of Man, SW Scotland, 
Glasgow, Cent. Highlands 
Sunny intervals, rain later. 
Max. 15C (59F). 

NE, NW Scotland, Argyll, 
Orkney, Shetland, N Ireland 
Cloudy, occasional rain. Max. 
12C (64F). 

Outlook: Dry in the South, 


some rain elsewhere. 


J >4 W| .M UMI IU 

S ‘Ji Mam-lMr. R IS J5 
F IS ajlMcIbwrne R Kl- TU 


flarrclona F IS «i Melbourne 
BtiirUI C 22 TSiMllmi 
Belfast 
Bi-tersdc 
Berlin 

Birmcbra. 

Bristol 
Brussels 

B. Aires 
Cairo 
Cardiff 
Chicago 

Colon DC 


HOLIDAY RESORTS 



s 

H 

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R 

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41 

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21 

7ti| Las Mims 


14 


Blomu 

F 

14 

57 

Loeamo 

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IS 

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BlaeklKH)! 

C 

13 

3'J 

Majorca 

c 

17 

45 

Eordcaes 

t: 

11 

tc 

Malaga 

R 

9 

48 

Efnilogrn- 

it 

i:t 

ho 

Malta 

S 

SW 

MJ 

Casabtnua. 

s 


is 

iVatroW 

F 

1J> 

fl4 

Cape Town 

S’ 

2.1 

T4 

Naples 

S 

20 


Corfu 

R 

IS 

64 

Nice 

T 

7 

45 

UubroiiUk 

C 

16 

61 

Nicosia 

R 

12 


Faro 

s 

23 

73 

Oporro 

S 


ra 

Flornnw! 

V 

IS 

84 

Rhodes 

c 


77 

Funchal 

c 

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r- 


C 

14 

37 

Valencia 


C is sb* ii-nipi 

F— Fair. C — Cloudy. R— Rain. 


Y'day 
mid-day 
“C “F 
F HI SI 
C 23 ra 
C 19 16 
F 20 © 
s 21 ru 
K 21 TO 
c is or 

17 SI 

18 a. 

a n 

2tl TV 
IE 61 
2 :-fc 
24 75 
IS hi 
21 TO 
20 BS 
10 SO 


and Sir John Methven, the CBl 
delegation was given a progress 
report on the talks with the 
TUC — which, it is now clear, can- 
not produce agreement before 
the Queen's Speech on' Wednes 
day. 

They reminded the Chancellor 
and the three other economics 
Ministers that return on capital 
had sunk to 3 per cent, excluding 
North Sea oil. and warned that a 
further squeeze would lead to 
lower recruitment and higher 
unemployment. And they cast 
serious doubt on the ability of 
the TUC to deliver moderate pay 
settlements if the pay norm was 
lifted. 

The CBI believes that 5 per 
cent is the right figure for wages; 
but is urging that it be used 
flexibly and irot imposed as a 
limit on 'all negotiations. 

The other stand in ihe CBI's 
case was that any further con- 
cession for the low-paid — who 
are exempt from Phase Four pro- 
vided their pay rise does not take 
them beyond £4450 for a 40-hour 
week— would be .dangerously in- 
flationary. 

Special increases for the low- 
paid in any business would force 
up the wages of the better-off, 
the CBI said. 

The Government was urged to 
drop its sanctions, which the CBI 
representatives said were doubly 
dem ora Using to the manage- 
ments of companies like Ford 
Motor who were already hit by 
strikes against the 5 per cent 
limit 

Another meeting has been 
arranged for next Thursday. 

Support for a strong TUC lead 
on wage bargaining as part of a 
deal with the Government came 
yesterday from Mr. Terry Duffy, 
on his first day as president of 
the Amalgamated Union of En- 
gineering Workers in succession 
to Mr. Hugh Scanlon. 

Mr. Duffy, who is one of the 
six TUC negotiators, called for 
national job evaluation, adding: 
“ In some areas there is no need 
for increases: in others there 
should be rises well in excess of 
5 per cent.” 

Giving a clue to the TUG- 
Goverument talks, Mr. Moss 
Evans, general secretary of the 
Transport Workers, said yester- 
day that the Government's weak 
Parliamentary position made it 
unlikely that tougher powers for 
tho Price Commission could be 
introduced before the next 
election. 

Speaking at a delegate con- 
ference of his union in Scotland. 
Mr. Evans, who is one of the 
TUC negotiating team, $aid there 
would be no discussions about 
continuation of any pay policy. 

But he also said there was a 
strong possibility that the Gov- 
ernment would be "sympathetic” 
to the needs of the low paid in 
the non-trading ports of the 
public sector like local authori- 
ties and the health service. 

This suggests that vigorous 
efforts are being made to head 
off a -pay revolt by manual 
workers in those sectors whose 
pay negotiations will be the big 
test Of the Government's policy. 


Motorola seeks to 
supply computerised 
car engine controls 


BY MAX WILKINSON 


or 


MOTOROLA, the U.S. semi- major development contracts 
conductor and electronics com- from both Ford and General 
pany, is at an advanced stage of Motors for systems expected to 
negotiations with several major be introduced in their 1980 
European car makers for the model year, 
supply of computerised engine The main advantage of elec- 
controls. tronic engine controls are es- 

The only, firm deal to be signed pected to be: improved fuel 
so far is with Citroen, which has economy, reduced exhaust pollu- 
ordered electronic ignition tion and greater reliability. The 
systems from Motorola. These system is used to control the 
are simpler than the fully- ignition, timing and ezrburation 
computerised 'engine control through a microprocessor 
system which Motorola is “computer on a chip.” 
developing. Mr. Martin Cooper, Motorola's 

Discussions on the supply of vice-president in charge 
full electronic engine control research, said in London 
are believed to be well advanced recently that electronic control 
with Renault of France. Talks systems were moving from 
are also proceeding with Fiat, development into the produc 
Peugeot and Bk tion phase. 

Although at present all these “Within a few years all cars 
systems are manufactured in the produced in the U.S. will use 
U&. Motorola expects eventually this new technology and, oF 
to make engine control systems course, we expect to see it in 
at its factory in -East Kilbride, European automobiles as well 
Scotland. at which lime Motorola engine 

Motorola is probably the lead- controls will doubtless' be pro- 
ing U.S. semiconductor company duced at East Kilbride,” he said, 
in the development of electronic Accelerating towards a 
engine controls, it has won computerised future. Page IS 


Cabinet defers talks 
on monetary scheme 


BY PETER RIDDELL, ECONOMICS CORRESPONDENT 


THE CABINET yesterday not becoming a full participating 
deferred until next month a member of the scheme i Dime- 
detailed discussion an whether d lately, while stating its inten 
the UK should enter the pru- tion to join when domestic 
posed European Monetary inflation prospects permit. 
System after hearing a report The Cabinet yesterday also 
from Mr. Denis Healey, the completed its main decisions on 
Chancellor, outlining the limited its medium-term public spending 
progress to date. plans so that the White Paper 

Finance Mfntotei^an? last the^ear!* 1 ? partteuJa* 

skusss:. J"‘ a ha — £ESar%srE 

<X believe “S' mSJSSE g^h^V.penX^o^Il’owfo’i 

" P s t . h a e .ra” u , ,'b wm -siSTuasa sum 

. The Cabinet will probably not as large in 1979-80 as the £750m 
take a formal decision until just total in the current financial year 
before the EEC heads of govern- The Government would then 
raent summit early in December, have some flexibility on fiscal 
The main effort now Is in trying policy in the next spring Budget, 
to ensure that the UK is noi and answer Treasury fears thai 
Isolated from the other member the reserve might be so small as 
countries. UK officials are seek- to remove manoeuvrability. 

com ra°n Si*uHd with This may have been made 
cfty l e Euro " possibie because the Cabinet 
pean joint float, the snake. deferred a decision on the intro- 
in ^ t »f 3 l eS t? n *i a ' V s Cabinet meet- duction of maintenance grants 
51; * e A ey mer i !y r ?P° r ; ed for I s to 15 year olds in full-time 
on what had happened so far, but education next September, as 
the issue may come up again proposed by Mrs. Shirley 
next week A Cabinet committee Williams, the Education Sec- 
has already asked for a report retary. The cost would be more 
°D the implications of the UK than £100m. 


Continued from Page 1 

Executives ‘better off 


ments for increase responsibility, the lohucon survey says, 
deferred recruitment and re- Seven years ago there was a 
placement of leavers, making gap uf II per cent between aver- 
proceeds available for. redistri- age salaries in Scotland and in 
bution. Britain as a whole. By last year 

- Of the 7,800 executives sur- H had narrowed to 35 per cent, 
veyed by lnbucon,' 67 per cent Now. the differential is slightly 
had a company car and 44 per other way. The average Scot* 
cent had free medical insurance, tisb salary is £8.890, compared 
The number receiving bonuses with the UK figure of £3,870. 
rose from 33 per cent to 37 per The 17th lnbucon Annual 
cent— the average size of the Surtvy of Executive Salaries and 
bonus being £1,200. Fringe Benefits in ihe UK. 

• Executives in Scottish com- lnbucon Management Consui- 
panies have caught up with their fonts. Rotary Research Unit, 197 
counterparts in the rest of KnighUtbridge, London SW7 IRK. 
Britain in the salaries they earn. Price £60. 



Salary 

. Salary 

1977-78 


July 1,1978 

July 1, 1977 

Change in: 


Average 

Average 

Average 


£ 

£ 

% 

Managing Directors 

16,730 

14,484 

153 

General Managers 

13,632 

11,888 

14.7 

Company Secretaries 

10,197 

8,750 

163 

Personnel Executives 

8.823 

7388 

163 

Financial Executives 

9,080 

7.975 

133 

Production Executives 

_ 8,635 

7.433 

163 

Chief Engineers 

7,002 

6wl07 _ 

74J 

Production Controllers ... 

6.371 

5304 

153 

Purchasing Executives 

7,060 

6,046 

163 

Sales Executives 

8333 

7,412 

1C 1 

Export Sales Executive ... 

8*201 

7,7m 


Marketing Executives ...... 

7,990 

6,985 

Id A 

Heads of_Data Processing 

8319 

7.174 

163 

All Jobs 

8373 

7,690 

15j4 


The U.S, commercial paper 
market — -which is dominated fay 
the giants of U.S. indusUy— - 
would not be the most obvious 
place to look for Consolidated 
Gold Fields 1 name. However, 
yesterday marked the first roll- 
over date for its first ever 
tranche of U.S. commercial 
paper and by all accounts it 
passed off well. The 30-day 
paper was rolled over at 8.90 
per cent on a par with the. rate 
secured by domestic Triple A 
borrowers such as Texas 
Utilities and Consolidated 
Edison. 

At the moment the U.S. sub- 
sidiary. Gold Fields American 
Corporation, has only issued 
810m worth of paper but this 
could build up to 830m by the 
year end and dealers reckon 
that the market could digest up 
to 8100m of outstanding- paper. 
For Gold Fields the attractions 
of the UJ5. commercial paper 
are obvious. With prime rates 
at 10i per cent it can raise- 
short term finance in the form 
of commerical paper— a kind of 
corporate LO.U. — at just under 
9 per cent and on occasions the 
spread between commercial 
paper rates and competing bank 
finance can be as mnch as two 
percentage points. 

Gold Fields seems to have 
made a significant break- 
through on a number, of counts 
and its example is likely to be 
copied. First of all it is nowhere 
near as big, or as well known, as 
the likes of ICI and BP and it 
has the added disadvantage of 
strong South African connec- 
tions. However* it -appears to 
be able to raise finance -on a 
par with domestic companies 
and is not paying the premium 
of around a quarter of a point 
which other foreign companies 
have faced. In addition it has 
managed to avoid giving addi- 
tional quarterly information 
and more important it has not 
formally guaranteed its paper. 
Instead it has opted (with Batik 
of England permission) for a' 


.. As weU as tiie :pr^itenL of " 


..•■■pi, *ytn>MVUi- 

Index ^ S3- to 484.4 *»«««& 


'tb:' 




il 

K 

Sfii 





M 

■ 

HI 

H 

1 

■ 



m 

Hi 

1 






PREJWM I 
DtSCOMT] 


1978 


broking income . 
-m£! cent 
.Cash i .'Tssbfdbe?; Kaye • . Keen * 
. r 9toeed: jn./ 

nwve^ak^s 4^t%£nrfiier current 
half and. fewer'tnterest 



rates: hayeporh ^ $1 f| 

’rSiir* 


“buy-back” agreement under 
which it agrees to purchase Its 
paper at par if its subsidiary 
cannot redeem it Very few com- 
panies. and* certainly none as 
small as Gold: Fields, have been 
able to avoid giving a guaran- 
tee before. ' . 

Why then have >not more 
foreign companies', followed 
Gold Fields’ example ? It 
might be due to the fact that 
they are flush with funds at the 
moment However, it probably 
has more to. do. with the time- 
consuming chore of securing a' 
prime rating from one of : the 
U.S. credit agencies. Gold Fields 
reckon that it is- worth the 
trouble. 


Some of these adverse factors .,, 
are being offset by;a go«i pfer- * 
formance-froni^he underwriting 
agency interests.-', But^ the ” 
spectacular . growth Tdf heceifc ' 
years is over f or the time being;; 
with' something like £16.5 m "" 
tax on the cards for the year ■’ 
compared : with- £3,aJ2hi ■ : jjasf . : 
time.' The . prospective p/ej® . 
about 11 and it does - not lOdS?. 
as though the new divide^ 
cover rules ■ are. going .to 
much for the yield on tber-flgf?. 


rent profits outlook. 






Minet 


An interim profits rise of 16 
per cent to £8.4m pre-tais from 
insurance broker, Minet Hold- 
ings left the shares lp better 
at I76p on a bad day for 
equities. In trading terms, the 
group is doing well — its 
specialist professional indem- 
nity business being a particular 
strength. But currency factors 
have cut back the rise in brok- 
ing income from nearly a third 
to around a quarter, at ft&Tm. 


Sterling rates 

The . strength of stBriffig 
against the dollar on 
ward, market oyer, the Jas£i@: 
days, combined with the -twp 
tinning high 'mon^r.-vates^F 
London, must leave: sterlfng3££' 
posit and bilf rales’ ;Tb6k8g( 
attractive from across; /life ^ 
lantic. ' . ’ 

The. annuallsed cbst 
month cover in 
dollar holder' has shpp«# : frBit 
1L per cent to 1 per. -centi-;* 
below jdie differential 'pa 
fiury Bills in favour'd^ 

But although' there; ware 
yesterday evening that a&jriff - 
was 'coming 

tage of this ?x>siti&hv- there 
been; horevittence-pf •yio'-’tj, 
inflows ; p£ 

•weeks.. : • • ‘‘ 

'Meanwhile the r gtif ied’ 
market remains titiu and .ijn 
tain, and there was : fairly/ r 
-'Spread selling ih kqaities^ 
day. ^vbich- pushed^tbef^Ts 
dust rial Indexdpwfebya^ 
as'BiS. p<nnts at dtfe., 
the dfternoohr..- ^ 






•Vi A' 




r'-rC-it 



This advertisement is placed by Samuel Montagu & Co. ' j - . ■ • 

of Dawson International Limited. The Directors of Dawson iritera^imai : : : 1 

Limited (with theexceptlonofMr. S.A. Field} have taken ail reasm^^cam ^: ; 
fo ensure that the facts stated and the opinions expressedher^trett&^t y. -fes-r * 

and accurate and that no material facts ha ve been omitted andJtityjofotly v ’\T 

and severally accept responsibility accordingly. r ' ’ lA ' F 




V : 












-V 

’5* ? 


-ViTr’it 


; v * 


>#w. , - 

“wUiry 



“ff, 

-vt 


; • i “ 


:. -, CKc 


Your board and financial commentators 
see NO merit in the Baird bid. 


Follow their advice and stay with 
Dawson whose management have : 
increased shareholders’ funds by 120% 
overthe last five years whilst Baird’s have 

fallen by 1%*over the same period. 


— ■-% 






■ :--i 

••-Vf’ 


.-ft 


Baird would not bid for Dawson 
if Dawson was not a fine company. 





V 


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T“ s— »*' 


[•STit, 





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myiatorea at Uk Fosi Offlcu. Prinien - tw- Si. ' CienwnfH Fn^s . im'.-oba . ■' ■' " ■ *' ' . ' - . 

•b.v do Financial TlmeB, Ltd., Bracken' Boose; • CJunoir Su-e«..Jiuml6iC''EC4P = 4BY k 

H. • Tbe FltMjiii'tal Ttprea . 

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