Skip to main content

Full text of "Financial Times , 1978, UK, English"

See other formats



C.W1 Ji i 






". f f 




AL TIMES 


«5w? k. ■•:?■■.> ;^irrfe 


RTS 

ROUP 


BOU.WGTHAIW5PORT 
SYSTEMS LTD 

ROLUNG TRANSPORT 
SYSTEMS (OVERSEAS) LTD | 
MAH (LRU LTD 


No. 27,701 


Monday October 30 1978 


*-? ^ 5 


lop 


<&> 


for CONSTRUCTION 



TEL GUILDFORD .0483)76815 


TELEX 859457 


_ CONTINENTAL SELLING PRICES; AUSTRIA Sch IS: «ELG , OK^ Fr^2S; DENMARK Kr JJ: FRANCE Fr 3.0: GE RMANY OH 1. 0; TTALT L 500; NETHERLANDS FI 2.0; NORWAY Kr 3.5; PORTUGAL Esc 20; SPAIN PM 40; SWEDEN K r 3.25; SWITZERLAND Fr 2.0j EIRE 15p _ 



U.S. wants to end 


restriction 


6 should 
go on 



growing 


ni Smith, till- Rhodesian 
.M/uiSicr. lias ruled out a 
ver In blavk majority 
un December 31. the 
al turret dale for install a- 
f a black srniTiunent. 
jj id that "purely i.icchaai- 
isons ' th?» the lime- 

fei furmai'.iin of a black 
liin-m v.-auid now- jpill .■ver 

iv* ilm few m on tbs oi 1U79. 

liil :.ot "iu* a mere .specific 
ito. but ii:t' irjnriUoaal 
intent 15 n t.v.' ih-iu”hs io ue 
;u li'.vards .1 n j win ver 
it ftTorcn 3. the a nr. iiersary 
e '■linin'? of the internal 
went asiccnieni. Bark Pap* 


• IK LTONOKIC atlivily 
should continue lo expand next 
year, London Business School 
predicts The consumer boom 
bhmiSd slacken, bin demand be 
.'Uiiained by expansion of exports 
and investment. Unemployment 
should continue to fall slowly 
and there was likely to be a small 
deficit on current account. - 
Cm lions optimism about. .the 
short-term outlook for orders 
and uni nut i? also likely to he 
indicated iiy the CE1 monthly 
trends inquiry to be published 
tumor row Back t*aec- 


ifAK s ackings 

Iranian Gov cram er.r has 
J *1 *s senior officials of 
,U. the* state Intelligence 
isaliiiit. in Tehran. S.OOU 
'its rated against 

nab and eight inure deaths 
rvpjried after tlemonstra- 
in the provinces. Page 2 


tiers ts ban 


O ANY SIGNIFICANT reduction 
in Britain's inflation rale is hard 
to envisage, .pven p;u3l monetary 
c\ pan. dun. Nat WVM's economic 
adviser. Hr. DavrJ Lomax, has 
-aid. Page 4 

IT l-:-. n v bile. i;,<> L'.S. Treasury 
Secretary r.us said thai Prcsi 
dent Carter':- programme to 
reduce U.S infiat ion will have, [o 
continue for inure, than one 
year if it is tu liavc any effect. 
Bark Page. France's inflation 
rate enuid reach 10 per cent Ibis 
year, hut drop hack to 6 per cent 
l»v 1981, the French Economics 
Minister has said. 


Ornmnd Street children's 
lal. London. stopped emer- 
• admisiioiis at the week- 
'Cckihl* or nursing shortages. 
Rn\;i| College <if Nursing 
vili warn S/.nuf Sen legs 
•tii'y Mr David Ennuis of 
Ilii-cut in patient care 
•d by stall shurlavo. 


EEC oil plan 
opposed 


asion warning 

da vnuid attack Dar cs 
mi if T, n:'airi:s did nut wi th- 
us I mecs from Ug*nda by 
.v;hl. according to' a Uganda 
.» report. A series uf report* 
l a T-Jnfnnian "invasion" 
■•eon iir:/.iftca«-l. .Tanzania 
Jeiiicd iiic allegations. 


© EEC plans for a Community 
funded ml exploration pro- 
gramme will meet opposition 
from Briton. the -Common 
Market’s in guest oil producer, 
'the plan will be. put to the 
Council of Energy - ■Ministers’ 
ry.ee tin q in Luxembourg today. 
Back Page 

• GROHfXi demand for 
especially in the US ; add 


Western Eumjav is-’ pushtos 
ices for North Sea hehccGOde 


iks collapse 


prices ... ......'.i*... 

above 314.40 a' barrel, aeiiSv'diiis 
to an oil industry report rage'S’ 


breakdown r,[ i-tll-s between 
;n union- anu. Pripi?. 

sier Guilin Andrenili over; 
•i'ilal ivr.vknrs’ strike could 
.ten the survival of the 
nty Chriflian Democrat 
i n men I Faye 2 


9 STATFJOftD - od field. the 
largest discovery so Tar made in 
the Norwegian sector, win not be 
as profitable as first thought,' the 
Norwegian parliament has been 
iold. Page 2 . 





ar .Mi Bhutto before the 
month 
death 

nre. 


'$0 r i : Court rules next mor 

"""* 'fT\* ifo appeal asainil a dea 
‘ ' 


• EEC FARMERS are being 
paid too much for their products, 
and pnee cuts of SO per cept 
\vanld have to’ be made to have 
any impact bn Community agri* 
cultural surpluses, a hard-liitriog 
agrieulturai iufortuaUon report 
Jus said. Page 4 



© EURO-CURRENCY loan to 
Nigeria, worth 8t.l5bn. which 
was held up because of an out- 
standing debt to u French trad- 
ing company for cement con- 
si gnm'ents in 1975, can now go 
ahead, after a satisfactory com- 
promise reached last week. Back 
Taye 


njku. Page - 

» aster area 


j-ien 1 Macros has declared 
.‘ate of ili-sji-iL-r 'r. Central 
*n. ?n the Philippines. AL 
S" pvujtk* died when 
o'.m Rita pummelled ».*!« 

Damage ic the reu mil's live 
s ha*. 1 jl-h esiimaiei at 
l 


© t'Bl has told the Government 
that it rejects outright the idea 
of a merger between the Puce 
Commission and the Monopolies 
Commission, as suggested in a 
Govern men) Green . Paper this 
year. Rack Page . 


ucksng along 

c Brill >h Army drivers are 
iderably younger tl*an the 
iL5 tlicy drive, says the editor 
in e's Combat Support Ekiuip- 
l. Mr. Christopher Foss adds 
some Mato annies are still 
g World War 11 trucks. 


© FINANCIAL TIMES grocery 
index fell a marginal 0.13 per 
cent this month because Df lower 
prices for frozen foods, tea and 
coffee. The index now stands at 
its April level of. 101.77., Page 6 


' ' V 


iefiy . . . 

t-Ecater red bus stolen yoster- 
frorn Co n sett. Co. Durham, 
found in Biackfiool. 

>00 weekly premium bond 
goes to holder <;f huhd 
F &J46S5. 

■ Tse-Tu UK's I.ii He R^d Book 
1 be removed from sale in 
ia as part «.»r the policy of 
xirig Lhe former leaders 
■logical ynp oil Chinese 
king. 

een S-uni-h prisonesu 
idled their wsj out of 
•cin jail while niher convicts 
e watching television. 


© MOTOR Show at the National 
Exhibition Centre, near Birming- 
ham. has brought manufacturers 
business worth an , estimated 
1150m and potential orders of 
considerably more, show 
organisers predict. 

© KAISER ALUMINIUM' is 
ready to so ahead with its £160m 
evoansinn of the Anglesey 
Aluminium smelter at Holyhead 
as soon as a deal can he agreed 
with the Department of Energy 
and the CEGB on a continuous 
power supply at special prices. 
Th<? new plant would make 
Britain self-suftirienl io prilbarv 
aluminium and would create 500 
new jobs on Anglesey. Page 5 

© DEMAND by more Ilian lm 
manual workers for a £60 a 
week minimum wage will be 
made In local authorities today. 
Back Page 


CONTENTS OF TODAY'S ISSUE 


V 


erseas news 

2 

Arts page 

11 

orhi trade news — 

.1 

Leader page 

14 

ime news — genei-al... 

4*5 

UK enm panics 

33 

— labour 

7 

International companies... 

34 

-clmieal page 

8 

Foreign exchanges 

Z* 

'leentive . world 

.... 12 

Mining notebook 

35 


FEATURES 


rowing tensiou 
Arabs 

among- 

14 

Fringe benefits 
despite (as .... 

popular 

■effield cutlers 

the Korean knife 

under 

31 

Volvo: Agreeing to reuen 

agreement M 

FT SURVEYS 

jstlniaii: Law 

abroad 

travels 

10 

The Netherlands 
Standby power . 

1530 

.....1740 


Wing HAM . .. 
iinCiiiniBt'5 Diary 

munrit 

^ertalnBKflt CnWe 
■^TSBiciat i Diary 


r- 




Lor « 

LorrUuirtS . _ 10 

Men and Mailers ... 14 

Stare Information... 4MS 

Sport . . W- 

Today’s Events 31 

TV «fld Radio ... . IB. 

Unfl TnwU ®. 

Weather -* 


Base Lend too Roles "« 

PROSPECTUS 

■ -John Latos , , .33' 

Laing Properties ... . 35 

InwnlB PlaUman ! ... U 

’ INTERIM STATEMENT 

Be ref Grwv ' . 

AK71UAL STATEMENT 
Parker Tlmlier.. 33 


For latest Share Index plume U 1-246 81)26 


»f. 

r^r- 





rimes 


Israel 

rejects 

Carter 

protest 


By David Lennon 


Labour 
to survive 

fina 




BY PHILIP RAWSTORNE 


BY MICHAEL DONNE, AEROSPACE CORRESPONENT 


The U.S. Government may seek wide changes in the Anglo-American air 
services agreement known as the Bermuda Two pact, when the agreement is 
reviewed at a meeting that opens in Washington today. 


The meeting was intended 
originally : lu enable Hie two 
Govern iiitffltR to survey the work- 
ing of the pael, which superseded 
nn agr-ement signed in 1946. 
raiher i;-an to be a curtain-raiser 
for neg i illations on a new treaty. 

IlnviF.i'r, the U.S. is known to 
be uniia.tpy with Bermuda Two, 
signed 1 1 the summer lasr year, 
and mtMiified this year. Many 
U.S. Administration and airline 
Dili trials regard it as unnecessarily 
rostrictr e, csiwcially in the 
present vUmatc of '‘de-regula- 
tion " in :hbe U.S. airline industry 
and the widespread moves to 
promote airline competition. 

tine i" -stbilit.v is Hint the U.S. 
leuin m:>y seek wider opportuni- 
ties for H.S. airlines under the 
akreeiiic"i..such as allowing more 
‘‘-dual-tJi .ignalinn " cities — those 
that ma; be served by two air- 
jin M s fritiii each country. 

Those <rc limited to New York 
and Los Angeles, but President 
Curler lias asked for dual 
[*fe»jqna(i: n.afso fur Bostnn. and 
Bbiue airlines would like to. see 
more. 

- Jn addition, the U.S. team Ls 
expected to seek further fares 
cuts on i lie North Atlantic, con- 


tradicting lhf» more eaut'.ous 
approach expressed in recent 
months by some foreign airlines 
on the route. 

They will be encouraged by 
reports thai lhe widespread 
introduction of cheaper fares in 
the U.S. this summer has boosted 
airline traffic and roenues, and 
in many cases also resulted in 
soaring profits. 


Impatient 


Last week Sir. Gerry Diaper, 
eoiiinienial operation^ direi-tnr 
of British Airways, said i»i W.asn- 
inalon that liie elicap Stand-By 
and Budgel-Dlan fares uilrn- 
dui-ed on the North Miami* 
this uu miner produced luial 
additional revenue of ISin. 
of it profit- 

There U no' dnubt that the 
ILS. aviation ■iutborjtie> are im- 
patient with what they believe to 
be- unnc.-essary rest riel ion ism 
among airlines elsewhere m the 
world. They believe that their 
cheap fare policies have worked 
in the U.S. and can be made to 
work in other places. 

The tough new U.S. altitude 


has been helped ny President 
Carter's warm approval for the! 
fares-cutting arid competition-! 
boosting policies of Mr. Alfred; 
Kahn, until !a.-r week head uf' 
the Civil Aeronautics Board and’ 
now to head the President's, 
ami-inilation programme. 

.Mr. Marvin Cohen, Mr. Kahn's I 
sio.vessor at the .board, is; 
believed to share President- 
Cancr's and Mr. Kahn’s beliefs/ 
:«u«I the board".-. cheaper-Fares j 
p.dieiw are likely to he pro- : 
i ii "toil just as vigorously under- 
hi*. » hairmanship. 

Although the America us will, 
not be able f" vcbiuvc iimuc- 
diale changes i:: Bt-riiiud:i Two! 
because, it contains ma'-binery [ 
to prevent rin: /hey are cx- 1 
peeled to demor.^trarc this week 
that they want see it altered. 1 

If they felt that the UK did 
not share their view* on in-' 
creased . competition through 
more airlines’ serving the: 
route, with more cheap fares,? 
they might serve notice on lhe 
UK that they intended to 
“ denounce ** the agreement, 
thereby forcing negotiations for 
a new one. 




means 


big changes in 



BY PETER RIDDELL. ECONOMICS CORRESPONDENT 


AY,; A'l.L-PAllTY Common^ 
coidJirAtc^-biis been told that the 
UK ,.C 0 UhL not join and remain 
a member . of , lhe proposed 
‘European Monetary System 
without big changes in the 
Government's /pt^sent ecoiimfifc 
and monetary policies. 

’ This, is a central theme of 
several of the memoranda which 
have been submitted by leading 
British economists to the 
Gonimons Expenditure Com- 
mitTee in preparation for the 
inquiry' by its' general sub- 
committee into the proposals. 

- The ’sob-corn mi rtee, headed by 
Mr. Michael English, the Labour 
MP for Nottingham West, is due 
to start this week d scries of 
public bearings on the scheme. 

jit will be the first Puriia- 
mcntnry-scruliny of the.proposals. 
ahead, of a • debate in the 
Commons, probably in a 
fortnight . 

The- views of a wide raugc of 
economists and interested parties 
have been sought by the sub- 
committee, on the tides of’ a 
similar exercise undertaken after 
the publication of the expendi- 
ture White Paper in January. 



TEL AVIV, Oct. 29. 

ISRAEL today rejected U.S. 
complaints about the expan- 
sion of Jewish settlements in 
the occupied West Bank and 
Golan Heights. 

Mr. Mcoahem Begin. Ihc 
Prime Minister, won Cabinet 
approval for a forceful reply 
(o a protest note sent during 
the weekend by President 
Jimmy Carter. 

The American Administration 
was upset by the Israeli 
Cabinet's decision Iasi week lo 
enlarge Jewish settlements in 
the occupied territories. The 
Americans fell that lhe timing 
of such a decision could do 
little fo enhance the peace- 
making process and the hopes 
of bringing King Hussein of 
Jordan into the talks. 

Details of the Israeli res- 
ponse were not disclosed, but 
il is understood tbal Mr. Begin 
emphasised the right of Jews 
to settle on the West Bank. 

He also argued that the deci- 
sion to move thousands of Jeus 
into settlements in the occu- 
pied territories did not contra- 
dict (be Camp David agree- 
ments. 

The decision to exand Ibe 
setllemenfs was taken to 
quieten Mr. Begin's Right-wing 
domestic critics and to demon- 
strate to the Americans that 
Israel has no intention of 
abandoning its footholds in the 
occupied territories. 


MR. JAMES CALLAGHAN leads 
the Government into ns final 
parliamentary '-essiun nn Wed- 
nesday with renewed c influence 
In its ability io retain command 
of the Co Hi linin’, tinlii at least 
ne?:i spring. 

The Queen's Speech, outlining 
j full lepirii'live pr* ‘era min-', 
has been drafted n» secure the 
support nf Scottish and Welsh 
Nationalist .MP* aiy-'inst the 
Conservatives' iiiimeiiiute chal- 
lenge lo ih<? Government's 
minority position. 

Increased fund* have been 
allocated to the Natio:>:il Enter- 
prise Board Lnd tin- Scottish and 
Welsh Development Aeencie* tu 
reinforce iht (im eminent's drive 
lo regenerate induslry and 
reduce unemploj mem. 

The appeal of '.beae measures 
to the Nation. dials will lie 
further strengthened by a firm 
Government commitment on a 
dale fur the devolution referenda 
and the promise ul a Labour 
campaign in Scotland for a 
“ yes" vote. 


Victory 


Saved 


eignty' and vf *:s own indepen- 
dently choseu monetary targets. 

“ Th*s would be a retrograde 
.step. ;as the evolution of 
monetiiry policy in recent years 
has been towards responsible 
financial targets focussed, on 
domestic economic objectives." 

The Treasury will also submit! 
a memorandum to the sub-com- 
niiticc'. though it would be sur- 
prising if this went beyond ex- 
plaining the background. Senior 
Treasury and Bank of England 
officials are due to be questioned 
on Friday morning. j 

The sub-committee’s inquiry j 
'comes at a lime when senior, 
ministers have concluded that; 
a scheme which fulfills British j 
preconditions is unlikely to • 
emerge from the current EEC I 
talks. However, negotiations are! 
continuing in order to prevent] 
the UK being isolated from the I 
rest of tbe EEC. 1 


\MR. JAMES CALLAGHAN BU2it0r<lI 


The Cabinet tomorrow will 
discuss Hie resumed Egypt- 
Israel negotiations, which have 
been resumed in Washington. 
Members are expected to take 
up the Egvpiian demands for 
changes in the drafl peace 
treaty. 

David Buchan writes from 
Washington: President Carter, 
in hersuading President Sadat 
of Egypt oot lo recall his two- 
top negotiators to Cairo, has 
apparently saved the peace 
talks from immediate collapse. 

But negotiations between 
Egypt and Israel did not 
resume today. U.S. Administra- 
tion officials were examining 
the changes that both countries 
want in the draft Irealy, and 
tried to deride what lo do. 

. The UB. Is not preparing a 
further draft of the proposed 
peace treaty to accommodate 
Iht alterations, (he Stale 
Department said. 

lhsan Hijazi adds from 
Beirut: Arab foreign ministers 
have been arriving in Baghdad 
for tbeir meeting tomorrow to 
prepare, for the Pan-Arab 
Summit Conference, scheduled 
in the Iraqi capital next 
Thursday. • 

Feature, Page 14 


Against the background of lhe 
Berwick by-elect Son and the 
shift in favour of the Govern- 
ment in the opinion polls. 
Cabinet ministers calculate that 
this will he enough to dissuade 
the Nationalist MPs from voting 
with the Tories. 

The Scottish Nationalists, 
though divided on the issue, 
recognise that recent hy-elec- 
tions in Scotland have restricted 
the party’s room for manoeuvre. 

As they prepared for a poli- 
tical inquest this week into the 
party's disastrous performance 
in Berwick. some leading 
Nationalists accepted thai their 
choice in the first hie vote in the 
Common®, on November S lav- 
bet ween su ppm ting the Govern- 
ment or abstaining. 

Either t-nurs,- would assure tbe 
Government nf'-^icTury — and 
virtually ensure U was given a 
six-month lease or life.: 

Mr. Callaghan’s prnsrecls of 
survival have sM been 
enhanced by lhe disarray in the 
! Tory party, induced by the 
Berwick by -elect! or. and Mr. 
Edward Heath's continuing cam- 
paign against the party’s 
monetarists. 

After heing angri!> blamed Tor 
i the party’s by-election defeat, lhe 
• Fonner Prime Minister wjs 
' absolved by leading Tnrtrs yesicv. 

! day as they tried t«» heal the 


divisions over incomes policy. 

An unrepentant Mr. Heath 
repealed in an imerviov' nn the 
!TV programme Weekend World 
that any a i tempi m curb wage 
inflation by monetary policies 
aJimp woitid lead !/_» mass unem- 
ployment and bank ru pi vies. 

Several members or the 
Shadow Cabinet supported hi* 
ideas, claimed Mr. Heath, pre- 
dicting lhal the next Tory 
Government would need an in- 
comes policy. 

.Mr. iloalh aim extended his 
criticisms tu lhe Tory leadership’s 
stance on aid for uiimg in- 
dustries. "I am not going to see 
all lid's swept away," he said. 

With those divisions freshly 
exposed, lhe Tory Party hardly 
appears in th<- right condition 
to force a general election over 
the Queen's .Speech. 

1 1 i< aisu tin likely 10 achieve 
a uniied from over itiiodeMa and 
ihe linked « ui».-*;inns «>r defensive 
arms for Zambia and sanctions 
which will occupy fan days rif 
the Coiinuon> d'-i.ate on the 
Queen'.-. Speech next week 

.Mr. Francis Pynj. who has 
taken over as the Tory spokes- 
man u « Foreign Affairs, faces a 
difficult task in controlling the 
party '.* right-wing, which has been 
infuriated by the Government 
supplies to Zambia and is also 
inlent on voting against the 
renewal of Rhodesian sanctions 
tomorrow week. 


All together. .Mr. Callaghan 
believes that the prosper uf the 
Opposition parties cunt billing tn 
force the Government into an 
early defeat have markedly 
receded. 

Cabinet Ministe'S who. a few 
weeks ayu. prepared the Gov- 
ernment's legislative programme 
villi little real hope uf getting 
through any substantial Bills. 
now approach the session's busi- 
ness with sui oe optimum. 

Among the rneasuresr*. tn be 
pushed forward are a Bill in 
introduce industrial democracy, 
with statu lory obligations on 
companies to consult their 
employ res nn business decisions, 
and legal rights for employees 
to claim a tiurd of the places on 
company R.-anU. 

A new companies Bill will he 
brought in to cover insider 
dealing, directors' interests and 
employees’ rights tu information. 

Editorial comment. Page 14 


Hospitals clear backlog 


HOSPITALS began work yester- 
day to try to clear the backlog 
of operations after the dispute 
involving 2,500 maintenance 
supervisors ended at the week- 
end. 

The peace settlement came un 


Saturday night when manage- 
ment and unions agreed that 
there should be a bonus .scheme 
for all the supervisors which 
would pay 15 per vent more — 
between £13 j week and £16 a 
week — \\ hen fully-implemented 
within the next six months. 


Critics 


Those asked fur memoranda 
include the TUC, CBI, the Fabian 
Society," the National Institute of 
Economic and Social Research, 
lhe London Business School and 
.stockbrokers L. Messe] and W-. 
Greenwell. 

None of the memoranda has 
been formally published, but the 
views'-of several of the organisa- 
tions have been made public 
separately and most, though not 
all. arc critical of the scheme as 
it stands. They include both 
monetarist and non-monetarist 
economists. 

Critics of the scheme, notably 
on tbe. left have said. that link- 
ing sterling to oilier EEC cur- 
rencies .would involve severely 
deflationary policies within the 
UK, damaging the prospects for 
botb'Output and employment 

Certain organisations have sup- 
ported' the idea or greater cur- 
rency stabilisation in principle 
but have then been lukewarm 
about the scheme now proposed. 


For example, the CBI has 
favoured UK enti-y, but subject 
to 4 list of safeguards about the 
operation of the scheme which 
are on likely to be agreed by the 
rest of the EEC. 

Tbe London Business School 
says today in its Economic OuL- 
look that a major shift would be 
requited in monetary and fiscal 
policy -if the UK were tn join the 
scheme and stay in it. 

in order to keep sterling stable 
and avoid a loss of official 
reserves, the rate uf money 
supply growth would have to be 
about 5? per cent below the 
average in the EEC. 

This would imply an cx-pansion 
of domestic credit in the UK of 
about FJbn. against this year’s 
target of £6bn, and a similar 
reduction in the budget deficit. 

Accordingly, the School argues 
that there is much to be said for 
staying out completely. The worst 
possible choice it says, would be 
a half-hearted attempt to join 
without undertaking the 
necessary changes in fiscal and 
monetary policy. 

Similarly, brokers L. Messel 
have told the sub-committee that 
participation . in lhe scheme 
would involve lhe abandonment 

of Britain’s monetary saver- 


The EEC monetary committee 
uf officials is dup to meet on 
November 6 and 7 ahead of a 
key meeting of Finance Ministers 
on the 20th and the Heads of 
Govern meat Summit on 
December 4 and 5. It is possible 
lhat there may be further meet- 
ings before tbe summit. 

Meanwhile, an intensive series 
uf bilateral meetings between 
EEC heads of state has also been 
arranged. Mr. James Callaghan 
will see bbih the Italian Prime 
Minister .and the French Prcsi 
dent a i lhe end of November. 

Domestic political activity for 
and :isain*t UK participation is 
also lively to increase. 

At the weekend, a group of 
anti-EEC Labour MPs. beaded 
by Mr. Bryan Gould, the MP for 
Southampton Test wrote to the 
secretaries of ail constituency 
Labour parties urging them to 
discuss the scheme at the next 
meeting of their genera) manage 
inent committees. 

The MPs are seeking to demon- 
strate tbe extent of the opposi- 
tion which they believe exists to 
the proposals. 

“Slow expansion,” Back Page 
“Short term" slowdown. Page 4 

Unions urge caution. Page 7 


Glaxo fights £4m tax demand 


BY MICHAEL LAFFERTY 


ILAXO, tile UK-based pharma- 
ceutical . multinational, is in 
dispute with the Inland Revenue 
over a. lax bill for almost £4m 
over — it Is thought— the group's 
transfer pricing policies. 

In addition, the tax liabilities 
w. : some other UK and foreign 
Gldxo. subsidiaries have not been 
finally'agreed for a number of 
years. 

The dispute is disclosed in 
Claxo’s latest annual report, 
which was posted to shareholders 
last week. The report says that 
the Inland Revenue, to protect 
its position, on the taxing of 
some '.of Glaxo's UK subsidiaries 
(the tax liabilities of which had 
been agreed previously) • has 
raised- -assessments totalling 

im;. -on which the Corporation 

Tax payable* would be £3.9w- 

Gluxo -h as- appealed on the 
grounds that the assessments are 
"estimated, excessive, un- 


supported, by Hie facts and cun- 
.trary to the law. 

The dispute was first referred 
to in Gbxo’s 1976 annual report, 
which reported lhat assessments 
on hypothetical profits of £7}m 
had been raised in respect or 
the accounts f nr the year to 
trary to the law." 

Glaxu's repurr last year said 
that six further asst-rsmems 
totalling £3J2ra for the year had 
been received in respect &f 1971. 
On the Other hand, four 1970 
assessments and one assessment 
for 1971 totalling £2. 75m had 
been withdrawn, leaving lhe net 
ambunJ ou Islanding at DSm. It 
now seems thai in the past year 
further asse^smenls for net 
profits of £llm have been issued 

Glaxo said ul the weekend lhat 
it could only presume that lhe 
lax assessments were concerned 
with transfer pricing, atihouah 
tbe Inland Revenue hud not 
staled the grounds. 


ir ibis is so. Glaxo is only one 
of a number of multinationals 
which have recently bad the 
prices at wdiich they transfer 
goods in or out uf the UK queried 
by tbe Revenue. 

’The best known case concerns 
the Swiss group Hoffmann La 
Roche, whose pricing policies for 
tbe drugs Valium and Librium 
were criticised by the Monopolies 
Commission. 

Other companies which arc 
known lo have had discussions 
with the Revenue’s special 
transfer pricing unit (also known 
as the Section 485 unit) include 
Hoover and IBM. 

The build-up of the special 
unit followed the conferring of 
increased investigatory powers 
un lhe inland Rp'venue In the 
Finance Act 1975. Typically, 
when a company comes under a 
transfer pricing investigation, its 
ux affairs are transferred to the 
special unit at Somerset House. 


If you judge a bas 
by results, take a tool 
at Sanwa Bank. 


Di-oumk 


bkiiuvd H.uik Ins used its 
r-iinsidnnibk* retail banking 
pxporieiiuv b«r I lie expansion 
uf its doiriMsIii: nelvvcrk— I'l’li 
branches in lapaii — as lb« basis 
uf iLs i inquire It? philosophy since 4 
IH3Z. U’u have Ikjuii steadily 
MXpanding lhe range uf uur 
internal ioual client services over 
since we upuned uur first oversells 
office in Sun Kranciscu in ItfiLS. 

S.ui\vh Hank imiv has nine branches, 
nine representative unices and eighteen 
subsidiaries mul affiliates overseas offering 
u range uf servifa-s fnun foreign i-xch.-inge 
and lhe “unruii teeing iff overseas Imnils In 
lhe provision nf loans to corpora I ir ms and 
foreign go\ i -rn men Is. 

IT ynu'rv lm iking fur a way min Japan, 
kerp Smiw:i Bank in niiinl. VVV# oiler nn 
exceptionally steady grow ill nisml. jll I In* 
strength and experience ul a long-established 
home base, plus a freshness uT approach 
lu international banking dial is refleeleri 
throughout uur uversi:as nnlu-ork. VVe ltH>k 
lorwanl lo dealing wilh you. 



'M-r" 


FINANCIAL HIGHLIGHTS IfAar* 31.19781 


Mi mlliaiw in rruMiun^ 

AT THE YEAR END or % EN USS 

T>jijIAvaI’, VI 1.143.083 S50.140 

O'-ptfiUv 7.894.301 35.504 

LouUj jinj Bills 

Discniniiil 0.406,083 ?0.08l 

F--.rtupCdi.u-l 89.100 *40i 

FOR THE YEAR Er/OECl 

Or«rdiini] Imcm; 674.590 2 309 

Opcrali.iq E>p>-iisvs 572.739 2.576 

Op«ijnni| FSone 51.851 233 

Niji Prol.n. 

(Boloic To«.J 55.830 251 

Orn.,itv>unic ji t r.-o •■■l-S U 5 . iMIdiS... Ilk 

c> Jb Jt >>l hlurci. LI 19781 


* SANWA BANK 


Tokyo. Osaka and 220 offices in Japan 


London Branch. 3US G..-J<uii. Slisul. Londsn EC2V "JED TEL 1011 806 8101 
Stnwa Frtwncwl Services lid. .145 U-wJenhjll Shtvl. Unuun EC3V 4QT TELlOII 62&47J7 


tan Bank iUndcmrinnl Lnl.:145 Lcpdi-nhji Sirort, Lcmopn 6C3V 4QT T6L:iOO 63&4 7J7 
Anodatad Japanese Bank llntomai.onall LTd.r29-30Comh.il, Lo.kla., EC3V 3ND TEL. 101 1 EO^-SOul 


INTERNATIONAL HEADQUARTERS: Tolvo 1-M. Oiamachi. Chi«o.J.>ku. ToV/o 100 TFL- ICO) 218-31 IT. 

Osaka: 10 Fusl.rmimaLli.. c-diymc. Hiijashi-lfM. Deal j 541 TEL 1061 317 - 72 EI 

OVERSEAS NETWORK: (jussoldari. FianLfun, Brujali. Beiiul. Tct^ian. Ho.vg Honij. Ko.divn. Vnui. SnnaKA Sunla Lumpur 
Sngjpore. fctmilo. JaL.ms. Syiinry. Honululii. &.n FranCrWn Oakland. Sacoincnic.. Snn Ida-. Mo.i.n;..n Vh-«. Lci Anarlo; 
Chka90. Net* York, Houston. Toro»ia. Panama. Sao Pjulo 





Financial Times Monday October l 30 1978 



ive expected to 


Iran purges 

secret 

police 


Norwegians told of fall in 
Statfjorci Field oil profits 


Soviets Western five expected to Iran Norwegians tow oi iau in 

want wider " ' . , . . .. StatffoV«! Field oil profits 

salt tarns submit Namibia resolution policy JL 

B, B.B„ BY ADR, AN D.CKS BONN. Oct. 29. Tag £»■ ™ E pi .„ fitalli ,Uv of L S.at- o, the ta* profile M 

PARIS. Oct. 29. tacitly confirmed newspaper fjord Vield. the latest oU meats that have ! oeen embarked “H; ^ ^bSIlWhSher the 

THE SOVIET Union would like THE FrVE Western Powers their recent discussions in Pre- Clenerals representative. r. re p 0 rts that a major purge of the d , SCOV ery yet made in lieNnnh on in the North S&a- The jS^SSe^f August 19S1 for tow. 

the Strategic Arms Limitation involved in the Namibia question tona. the remainder of the nine Martti Ahtasaan, has his man- secret police is under way. with Sca j, as been consiaerably re- straddles the median «ne '!?? B nlatform will be 

Talks (SALTi. at present re- are now expected to press were believed to have endorsed date extended. the dismissal or retirement of duced acC ordins to a White between the Norwegian and u*v mg ouj » k ^ m ,chr 

strieted to the Soviet Union and rapidly ahead with a resolution Jhe proposal that Bntam. West ^ Nam ibia question, M senior officials. Paper presented to the Nor- sectors, and the group developing actoe^. The p ^ 

the Us m he extended eventu- of their own in the United Germany and France should vac . . The confirmation came during Parliament. the field includes the British not fftr 

allv to ^"nuclear powen. Nations Security Council. It is now work urgently with the U.S. together with d»scus.si “ a Press conference with Mr. f he development through National Oil Corporation. delaying product 

any to nuclear , jb w deplore South Africa - S and Canada to bring a draft Rhodesia and on the new South Mohammad Reza Anieli-Tehrani. the first two platfimns A and B The cost of developing the year ... c3nltJll -_ IEld 

This was made clea. by Mr. ■ i5tence on bolding early elec- resolution before the Security African Government was said the Minister of Information, in ? e n „« expected to give a 23 field has been rising rapidly and StatoO^orkin^. capital should 

» ss* a. 1 ? srauw IK co s e . „ the Foreign tta as: m E w ifs,” &&sr sras && e 

Sm t£ s.sns» ’sss ■kvs.k B *ssca. f.^ 


£ I n 4~ w Whitley o BY KEVIN DONE. ENERGY CORRESPONDENT 

BONN. Oct. -.9. th E i ranian Government today the profitability of the Stat- of the least profitable develop- beg.n k^The^Nt^eju^^Qil 

_ tacitly confirmed newspaper fj 0ld Field, the lamest oil meats that have oeen emoarnea doubtful whether the 

discussions in Pre- 2®®!? f v. re P orts that a major purse of the discovery yet made in the i North on in the North Sea. The field. Jgm JgL ofAugust 19S1 for tow. 


opportunity, he said. 


Sre "SAL ' hut thb h£f«lSS platform, which is being fitted foreign loans 


“• „ fc SS&S OSSA «» fo? The Ministers were understood | CahimeTs | ™Sy ™ ^ ^ J? S&FSSS&Z ftS 

Although Mr. Gromyko said he lh(? raain concrete achievement mandatory sanctions against to have reacted positively- to ; introduction or total martial ^ Stot fjord A is ax pectod to have disturbingly low in the last few mn„ capital expenditure ne^t 

raised this question during his nf , he weekend of pnvale talks South Africa. If so. a little more President discard d Estamgs . . w l5(sni „ nv a return of i7 per een r . after fees months This has been exace r- >ear of NK -.Kbn ^cnaipared wnth 

■> P‘« a"? held at Schlots Gymnich. near time would be available to try suggestion of a pane! of three th^ US land Iaxcs - Statfjord B is bated by a senes of strikes XK ■ 3-B6bn this : >ezi r Revenue j 

■as ne much Colr , cne . the nine EEC to brine pressure on South wise men " to study- the implica-;bas iiomed Bntain ;a nd th ' e eslimale d at i2 per cent because The start of^produenon from Lii/SrfiSlb** 

i ih^ slate a r — , „„ — ,„;.k ttv. rinne nf Grp»*k Spanish and m reamrming strong support fori . nn n E ,rnniinn metc uns ihA A ■nlatfnnn has fallen further NK 2.4Sbn while a acacit of anou L 


d'Estaing's ' law." 
nf “three Meanwhile. 


'-possible, he said, but it would 
still require a number of meet- 
ings. 

Mr. Gromyko, who welcomed 
France's recent return to inter- j 
national disarmament discus- 
sions. said that he had suggested ' 
a meeting of French and Soviet i 
experts to study French pro-] 


to Iran over oil’ 


BY QUENTIN PEEL 


MIL PIK BOTHA, the South meal In Namibia. 


KS* f cLf,r E e U n^ Pe3 ; i med nt, a a |' Afric^' For&nxilntoer “flew 
mem conference aimed at . „„„ f „_ 

reducing conecntinnal wepon.. with |be gSn .^Soith 

Mr. Gromyko, who underlined Africa's future oil supplies, it 

the special relationship between was reported here today. 

the Soviet Union and France ^he Johannesburg Sunday 

in spite of the recent cooling of Express newspaper said that 


JOHANNESBURG. Oct. 29. 
it has recently been reported 


toe Shah. , . L r ar i ou . er production rare. back and according to StatoiL the N’K -lOOtn is expected. 

The visiting West German of return expected Norwegian state oil company. Statbil is unlikely tn make a 

fru^sSiord will one produc.iou U u»w -UMr ,» trading prod, uniii 19S2. 

did not care to see “the develop- : : 

mem of ultra-conservative, even • 

FSFhJPB'f3hi Failure in Italian union talks 

Iran." 

The Count confirmed that final .gy PAUL BETTS ROME, Oct. 29. 

contracts for Lhe construction of - 


•BY PAUL BETTS 


ROME. Oct. 29. 


bilateral relation?, stressed that 
the two countries’ positions on 
the Middle East were very close. 


Mr. Botha, who refused to con- 
firm or deny the story, was 
told that Iran would not he 


President discard d'Estaing: prepared fo defy UN Oil sanc- 
h3S accepted an invitation to visit; lions if South Africa pressed 


ahead with a unilateral settle- 


thaL In an earlier contact, 
some three months ago, the 
Iranian Government had 
demanded and received an 
assurance from South Africa 
that it would not pass on to 
Rhodesia any oil received from 
Iran. 

Iran supplies the great bulk 
of South Africa’s crude oil 
Imports, although no exact 
figures are available. However 


b tS‘‘ SXJ£? SS fTi. 


problems and dependence 
i lie West. 


(casualties were reported. 


ija^Vy- .-.■j*--. , ; ..-1 




Sr 


- • • 



-.t/i ■ 
-V 


■ •... ;f • ■; 


>? •' 

tr. 

fell 






. aj 

E»4 •• 




■~:r‘ •' 


meet lhe higher wage demand or Minister has referred this spec!- labour costs. 

— ficaliy explosive issue to Parha- For their part, the main po!t- 

-•v’ * ■ ' menl which is expected to con- ticdi parties supporting tin- 
sider the matter on Tuesday. Sig. minority Government reaffirmed 
y * Andreotti. whose Government this weekend that they did not 

*.;* depends on *he direct support of favour a Government ‘irists at 
th “ Communists and Socialists, this stage. According to Sit: 

- . *' * ' 16 now -Woking all-party backing Enrico Beriinguer, lhe Com- 

"vy ® rm against the munist Secretary General, speab- 

• unions. ing at Bologna today, a erw* 

t The key Parliamentary debate would not solve the country'- 

next week will thus represent fundamental economic and 
, . something nf a confidence test social problems- 


•' : . . wit? 

!f .. v , 

“ - # .5 

A ''-'OHjvI im , -V. 

ct-: 








i • •- 




■■ : 

i 








■■ < .• 




New fighting expected as 
Nicaragua talks collapse 




• v :*■ j-/v . ' : ‘ ! ■■ ^ 








BY HUGH O’SHAUGHNESSY MEXICO CITY, Oct 29. 

GEN. ANASTASIO SOMOZA, ^ mnph liaM . . 

M'TefiSin'r S en ^« r fSgw Str oS e ,e 

g“d« s h,?% tteif commander 6 

H :,?i h e e 52SSSST JSlBS “ 

.i talks between Somoza and his The fact that Eden Pastora is 
"j opponents. - a political moderate in Sandinista 

-'•I: The withdrawal from the talks terms and is opposed fo- the. 
• f. . : of lhe Group of 12 moderate sectarian Leninist alMtrides or 

,v i%;‘ V Left-wing- leaders, and their the far Left factions o£ the niove- 

^ claim that the U.S. was still giv- meat goes far to explain why the 

x -Af *JC aid and comfort to Gen- Sanditrfstas so far have got little 
'£'*''23 1 Somoza, has^ dimmed the chances or bo help from the pjmmuoisi_i 
of a negotiated settlement of the countries and are reported to b5~ 
-f Nicaraguan crisis and of the badly off for funds and weapons. 




‘V *'* 








k. si m 





nr 


mm 


*P'x* Gen. Somoza is today reported U^pite the breakdown" of 
IfV^W as saying that he intends to con* negotiations between Gen. 
*&&■’; tinue buying arms for use against Somoza and the leaders of the 
'.'vTi' those who threaten his Govern- nationwide i uprising against him 

( ment. The scale of Somoza’s last month, the Group of 12. 
arras purchases, according to several of whom have sought 
US ofiicials. has been a major asylum in the Mexican Embassy 
factor behind the decision of the to Managua, would he prepared 
international financial institu- to continne discussions to the 
tions against giving him new freer atmosphere of Mexico City 
loans, and the U.S. and Mexico about the withdrawal of the 
have been trying to persuade General and his Imemdiate 


tions against giving him new freer atmosphere of Mexico City 
loans, and the U.S. and Mexico about the withdrawal of the 
i 7: >. f have been trying to persuade General and his Imemdiate 

• ' ' i.\ Israel. Gen. Somoza’s chief arms family from Nicaragua and the 

r ' . C'. ’ supplier, to halt shipments to establishment of a broadly-based 

- ■ . V T-. him democratic GovernroenL 


. -.j-;- 


At Bank of America you get all the financial services you ct 
ct from one of the worlds Largest banks. But yoii-getmore d 




- : 


expea from one of the world s largest banks. But you - get more_ th^an. ' r . 
that— and you get it fast! . . _ 

For instance, we vestfeamlineid- our organizational structure so - • 

that now you can get the decisions you need right on the spot in your 
part of the world. AndVeve established a sophisticated communica- 
tions network chat even uses satellites to_ speed up die process of . 
gathering financial information for you from all over the world. 

But best of all when you deal with Bank of America, you- get a 
total commitment to quality Our people are carefully trained to be 
responsive to the needs of each and every customer. Takeour industry '■ 

specif Lists. They each know just about everything there is to know 
concerning the industry in which they specialize. And.their experience 
and advice are yours tor the asking. ; 

So whether you're a cotton grower in the United States Or a tex- 
tile manufacturer in Thailand, come to us for any kind ot banking 
assistance vou may need. And 

see how much more you bankofamerica 

get at Bank ot America. World Bunking Division. 

On the spot when vou need us. 

Our North Ann-ncari rV\#n >a c.in pr. -ride or* >p pn'-Juctjrn . tinancirp tor LI S- option and our Asn Di viw n can finance die equipment tor ihv milling of die cotton in Thailand. 


U.S. steel imports drop 


BY STEWART FLEMING 


NEW YORK, Oct 29. ; 


FOREIGN STEEL imports into price system was introduced in 

• the UR. showed signs of slowing May in an attempt to curb 
during September, according to imports, the industry in the U.S. 

. . preliminary Commerce Depart- still has grounds for questioning 
• ment statistics released by the its effectiveness. It fears that 
American Iron and Steel imports will take a 20 per cent 
Institute. < market share this year, up almost 

The figures show a particularly 2 percentage points from last 
‘ significant decline in imports year. . 

from the EEC, which has * The gulf in the U.S. accouni 
1 previously been exporting heavily ing profession on the question 
•■■■ to the UR. in con^paristm with of the adequacy of self-regulatu 17 

• • earlier years. efforts was underlined by the 

Imports' in September totalled annual report to- be released 
i.58m -tons, 23 per cent- below shortly, "by Peat. , Marwick 
year - earlier .levels and - also In ter national, the world's largest 
: J. declined significantly; from the accountancy firm. . - 

. ... figure of 1.87m tons to August. A.. i n the.- report Mr. Walter K 
bulge in imports in July and Hanson, the chairman and chief 
; August, particularly from the. executive, says that he is proud 
EEC, had raised ' serious of the profession's efforts td 
anxieties about the effectiveness improve . its . seif-regulators 
• . of the Treasury's trigger price procedure: and warns of the 
mechanism as -a loot - for. coif- continuing struggle -to ward off 
.trolling what the industry to the Federal regulation. 
v , ’• UR. ' believes to bfr illegally Mr- Hanson's remarks contrast 
. 'dumped foreign steeL . ■ sharply; with statements by 

; In. spite of. this decline. _tri the another leading, accountancy 
first nine months this" year, firm, PriceWaterhousewhich Lrit 
■ imports rose 19 per cent to lBm its annual report in Septembec: 
tons compared with 13.3m in -the was sharply critical of the.seli^ 
same' period last year. .. regulatory; efforts -of the* 

Considering that the. trigger profession so far. 






s ^:.. v " ♦NvtTJ K*i 






Ireland denies 
break with £ 

By Stewart Dalhy'.>'- 

-DUBL1N, OcL- 29. 


Belgium sets ^ 
‘election day’_ 'i 

By Giles Merritt - 

- '. BRUSSELS. Oct. 39:— 







^■Na! 






•wrftr-ar-s.- -f&w- ■ ■ 

•.-Juft - .- ^ 








a. . - “^.1’" 

P t^k 


m , .z 










7?. .w ■ ■ 


-►^svvwV'se.'i 

■ ..Aj.ChV 


^ ^ ^ V J : V ■» '5 pb' ^ir^k 


DR. JOHN Colley. Irish Finance BELGIUM’S caretaker Prime- 
' Minister^ today . toovM to end Sfinister,.. M. Paul Vandeoil : 
speculation that a cut In the link Boeynanis,. tonight pinpointed: 
between the Irish pound and December 17, as ' the- date 'for - 
sterling was. imminenL . the counirj’’s upcoming general' - 

- “There is no basis whatsoever election. ■ ■ - - 

for reports that we 3re. breaking] M. Vanden Boeynants stipto- • 

• with sterling. 1. do not content- [ fated that the ■ target date was 
•. . plate any such, move pnor , to | contingent on his" Government's' 

-• the .final decision on the Euro- j being, able to pus h urgent-" 

pean Monetary System being] legislative measures throoeh- th^ 
taken.” Hr. Colley said to a radio] Belgian - Parliament inside .the*' , 
interview.' ’ seven-week deadline; 

. : Rumours that the -Irish punt, ■ In -addition to oconnnMc- 
. which has .a . firm parity link with measures, the Vanden Boevnants - i 
. sterling: would he .set free .by. administration aims to pass the" 
.tomorrow, caused an -influx of necessary legislation that wiirr 
over fSOm Tunds into. Irish gHts enable direct elections to the * " 
arid industrial shares last week. 1 European Parliament to take^ ■' 
Much of the money was said, td place here next .June. 1 

■ have ct»Bto; from Britain. One or . The . Vanden -Boeynants’^ 

two bariks ; bad also started fo Government took office 10 davsr* ' 
deal forward, in - frisk pounds .Mj» as an interim fidtomistrattom- - 
” torougb .lbe medium of doUnra.. “*e surprise Tesigna-Xi % 

■ Bmet Andrews adosr Mr: Jack tton -oL^ Premier' - .ffi; Tiefil! -7 
• Lynch,. Irisb; Prime Minister;.. has Tmdemaaa. • . . ^ 

. /ifflriaify Jiritcbied ori. toe'KtofaJe jwMjfciAi. ■ ^ .? 

Head, gfe' ‘Mdf. IreTand^ fiwt Mwriu K 6 its. SSmSSS 2 i 
' pommerrtaf hydrocarbon reserve. ■ 


/- 


t 


■52 




in Uie r.nlf in the next month, tankers. 

■ Most brokers are now prepar- The highlight was the sale of 
tng for ihe. slump in business an eight-year-old Norwegian 


also allows the two countries to 
operate four cargo flights a week 
between Mombasa and Entebbe* 
This. iS regarded a&Vrhe tot 
step towards :nori*u»lisiag rela- 
tions between .Uganda and Kenya 
since the 'break-up of the East 
African Community last year. 


Another critical factor is reflected starkly in sale and pur- 
whether owners can push the chase deals. Bibby Line was in 
effects of higher spot charter .the market again last week, 
rates through into the (iniecfur- .accepting $7.75 m for the 170.000 
ter market.:- Galbraith Wright- rtwt oil-bulk-orc carrier English 
s«m#s :idv»c« to owners' is to hold Bridge, buik in 1973. Tlvis ship 
off "until charterers are pre-.has been laid up in Norway for 

almost a. year. - . . 


pared ^concede ground. 


Mtis&stlvk 






financial Times Monday October 30 197jf 

KQfilsfHHwni 


TC rejects anti- 


against motor-cycle producers 


complainti Brit “‘“ 

to advise 


BY STEWART FLEMING 


NEW York; Oct. 29. 


IE Tj.S. Inlernatiun;:! Trade claimed that dumping margins the commissioners. In their four exception of the heavy-weight 
minissinn has determined that rjnseci fr m 20 per cent for to /en< finding, were- influenced l.OOU cc bikes. Harley-Davidson _ 
tr’.ey-Davidson. The sole U.S. Suztiki to 42 per cent for Kawa- by Uieir belief that other factors, estimates that Japanese i:»pnrt-.l 
■tor-cycle producer, has nut *aki: including for example inadequa to account for S5 per cent «f U.S. . 

cn injured by the duinpum or j- v , r penal lies to be imposed in a desi " n features, have contributed motor cycle sales. The Treasury; 
•jane**; motor- cycles m the dumping vast- it ja .necesary 
: jntry 

The decision tueaos thal 
easury. which h 
md that Japanese 
ing dumped in the 
t impose anli-dumpin 


Egypt on 
| gas scheme 


Japan to press Mexico for 
cut in price of light crude 


BY RICHARD C. HANSON 


TOKYO, OcL 29. 


By Kevin Dane, Energy 
Correspondent 


'THE JAPANESE are prepared energy supplier, Saudi Arabia, trading partner Japan has in 
j so greet President Jose Lopez but the Mexicans are asking Latin America to only fourth 
I Portillo of Mexico, who arrives $13.10 per barrel, rob. for light and fifth respectively in exports 
i tomorrow for an official visit en crude, or U.S. 40 cents more than and . imports, partly because 
route from China, with millions the Saudis. Mexican trade volume hag been 

to Harley-Davidsan's difficulties puts the value of Japanese motor ; BRITISH GA* has been chosen ■ of dollars and billions of yen m in September. Mitsubishi rewmeij sia^ni. 
nnriur i r c t f rnit cni-- ;,nd that these outweighed the .cycle . imports in 1976 at S36Cm ' by Egypt as the consul tant fur the 1 loans. Carp, for the first lime arranged Japanese investment in Mexico 

**■ J impact of rhe dumping. The and :it around $95m in the first '■ country’s first scheme in develop; The hope here is that the i 0 buy on a spot basis 330,000 h:is been , airly active over the 

natural gas for household use. 1 Mexicans will a?ree 10 lower the barrels of oil from Mexico as a past few years^ rising on a 
The corporation's international : Price of their highly prized light test, with the tanker sailina licensed basis to SISOm in March 
consultancy service will advise crude oil - t-hus clearing the way from the East Coast suU side of this year from about SlUfim in 
a miilri-roilhon pound scheme < fur oil imports and correcting a Mexico 10 Japan through the 1973. 

-jm.iv -fr ' ' “■»» are now ranirni. wf.j.iu m .hujiusi -mi nvit- ' xo distribute gas lo four-suburbs-' persij»teni trade imbalance. Panama Canal. This is due to During his four-day visit, 

naiij duties un Japanese prm producer. - n J „„ t . uit from 414.030 in : of Cairo. I . It J* unlikely. however, that arrive during the President’s President Lopez will formally 


llarli-y-Davidson lias said that 9.8 


Mexican President trill be slay. 


per 


1 K a n is di-appoinlcd .with the ITC’s September last year, according 


The contract, which still has 


trading industry. 


p cry - H-irley-Davtdstin, which 

L»*.t year. Harley -Davidson, subsidiary 
itch produces about 
•tor-cycles a year and 
per cent market share 
S.. ■ brought an anu 
niplatnL against .the 
panese producers 

zuki. Kawasaki ami Yamaha, eroded its market for heavy- 

prices were 
hepn 
the 
yen 

, , , , un foreign exchange markets. 

-' es - mjrice*. A uccade ago H Harl* y-Davidsun points out loo 

The Treasury fuuiid in Apill ar-ruuniod f«»r virtir.dly the whole that Yamaha' has entered into a year. 

■tin ■> year thai Kjv.-.i>aki, **• u,e hey vj -weigh I market. formal .-ommiiniom with ihe U.S. Jaf 

uirtlia and Su/uki were sifll'ng The reasons why ihe TTC dc- Treasury 

>tor cycles in Japan at heiv.ern ter mined that ihe dtimpise was cycles. 21_5 per wm »u i»i,uw uuni : - , trv •• — r •- - — — - — . r *i hin 

H-r cent and three per cent be- noi causing injury wilJrbc set Japan, -se makers have secured 634.570 in August and up 1.1 ' BmShGas will advise on the |distaDCtf fpom Japan 3S ils major retent years {rom fhc b,g?eSl M,n,Str> uf Mjth,ne Buildjn “’ 

V U.S. prices Tor the same out in full in early November, a dominant position across the per cent from 762. 600 in Sentem- < elusion : 0 f the existing natural i 

jducl. Hatley-Davids'in hud It is understood, however, thal whole U.S. market with the ber last year, n * 


sign a series of private commer- 
, MJ «. obstacle in increas- cial bank lcj an_ syndicates 
exports to Japan is the denominated in both dollars and 
of tanker facilities cm >«n. as well as oflicial credits 

Pacific coast where a fcr various development projects. 

scheduled to be cum- At current exchange 
; vear — and sufficient these are valued at about !>lbn, 
. . . from the poienUallv which can bo viewed as the big- 

But whatever impact the caw sets from 109.167 in August and j “ T” J 16.9 per cent and imports from b uge Mexican oil fields. package ever put together 

dui wnaieverunpaci me caw - - from : . . ™ SSS*‘ u™. ii .5^“^ ! Mexico gained only 9.1 percent. Mexico plans to raise produ- for a foreign borrower by the 

« further tion from about lm barrels a day Japanese. 

to about 2.2m by 19S1. It would • General Motors, has. it hopes, 
co to expect to export about half, with established the basis on wjurti 
source the U.S. perhaps gettine 60 per to expand its business in China, 
Middle cent, Europe 20 per cent and f if Mr. Thomas Murphy, chairman 
- . n w ; East. The Mexicans have indi- pricing can lie agreed) Japan and chief executive officer, said 

imHmcm wim me ua Japanese colour leievision I ? ew na -?S J 8 fi? ^ I rated they too want to diversify 20 per cent. when arriving iu Tokyo from 

not I u dump molor production in September rate K l '3s ,, flS?a J ^ f a?rSa d -' suDDl\?Si market away from the U.S. The Japanese Foreign Ministry China. L.M ts the hrsi U.S. conv 

2L5 per cent lo 771,000 from ' .• ajrpjd .* S1 ippijln*>j Mexico is about the same notes that Mexico nas slipped in pan> to he ho»led b> Chinas 


11.7 


per cent 


up 


Japanese colour 


Further improvement in 
S. Africa’s trade balance 


BY QUENTIN PEEL 


JOHANNESBURG- Oct. Ok 


Brokers anticipate slump 
if OPEC lifts oil price 


fieuier. ig as bi^b "pressure rransmission 
• system, the desian and construe-! 
lion of local distribution net-! 

[ works, fhc conversion of LPG | 

; appliances and marketing. 

It has carried out other con-! 
sitliancy work abroad in coun-j 

j tries such as Australia and New! u>s proposal l0 increase 


U.S. opposed on export credits 


BY ROBERT MAUTHNER 


PARIS, Oct. 29. 


M. Gilbert Slorleghcm. Direc- of widely differin' 


BY OUR SHIPPING CORRESPONDENT 


lUTH AFRICA'S favourable Coins, vi hii*!i have made a very {THE il\RLEY MiiHion tanker Dry cargo markets strengthened 
lance »f trade for the first nine subslaaDal contribution !u the j Charier index reached World- Iasi week in both the Atlantic ; 

an’hs of the \ejr (onl led . Vt ’ :,r;: surplus so fur. ; scale 121— its highest jioim for and Pacific, although of course: 

. , -un ■)„; , rpd lndre ‘l sale ol some 2m i four years— las! Friday as tanker any gains arc offset by the weak- j I^AnVil 1 lounria 

Krugerrands so far this year {owners .-.ffisnlidaled tii e gains of ness or the dollar. [ IVeUj li, UgdllUd 

ih K-iSm (Lloi.Jmi for the jecounts for the entire improve* | recent ueckx. The Gulf-Continent grain ratcj . 

air agreement 


i Zealand, • and i in the Middle and : j nleres , rates on export credits, tor of External Financial made it increasingly di 
; Far East, bui -li!> will be tts. inj( j c ^ ere ^ sl .. vee k during the Relations at tbc Belgian Foreign a" equitable system t 
j biggest contract to dale. . first jnnua i review of the inter- Ministry and chairman of the vised. Correctives migt 


me period last year, according meat in the nine months’ surplus, 
the latest figures issued by of R350m illHSiny - 
c Department of Customs. News of the latest improve*- 

The figures, which exclude ment follows the announcement 
ports or gold bullion, and by Mr. Chris Heunis. the Mini- 
-• - , ipons of oil and military equip- ster of Economic Affairs, that the 
-“'senL point to a continuing third round of import permits. 

• " ‘.M pro vc me nt .in the current "for l he year will amount to 30 
- ;; count surplus, expected to top P 1 ’ 1 * ceQ l °f the 1977 total, bring- 
■' Ibn t £366in) by Die end of the in 6 ^ 197 S tatal to 110 .per cent 
4 ar or the 197/ issues. Given the 

*!’»,« o..,,, .... falling value of the rand attached 
•iTJJnwrTRpt i LnJ pSnru r! 10 lhc dljllar . and inllation in 

ir i likely* iWJj 
-'. .*® 5 ;,®! n (f-«4.Rm»— Ih* best than ' keeping pace with previous 

nnlmv ciirnlti j <r, fsr lh:« vpnp , ... , . . ,1 


• and Ju y pattern of progressively tighter 

,128.6tu lE7_.8ni). Moreover, import controls. 4 Z 

le import figure in September Meanwhile it was announced 
as down on the August level. of jo Durban that a new regular 
- 587.5m (£332. 5m). suggesting shipping service is to be intro- 
t least a temporary let-up in the duced between South Africa sad 
i se in imports since the begin- Sri Lanka. . . £'■ 

ing of the year. South Africa imports R20m of 

The latest figure has also been tea a year from Sri Lankan w*V 
■ar nod in spite of .a seasonal as rubber, coconut . and semi- 
:rop'iri sales of Krugerrand gold precious slppes. 


There was not a great deal of rose last week, from $7.50 to S9 
activity m-the Gulf loading area, .(for 60,000 . dwt vessel) while i 
hut brokers remain confident that Gulf-Japan is up from S11.50 to 
the present level of- rates will $12.50 (for 50,090’ dwt). Owners 
bold for ihe next mooth. There in these trades are reported to 
vias more-, action and further be pushing for better timecharter 


By John Worrall 

NAIROBI. OcL 29. 
KENYA AND UGANDA have 


with little J signed a bilateral air service 


intlahan rales 
difficult for 
lu be de- 
ht have to 

national export credit consensus, nice ling, told a Press conference bp applied to export credit rates 
i has run inlo strong opposition that a number of countries had la | d down in the arrangement lo 
'from other participating stresed that • they had already take account of the sharp Huctua- 
countries. particularly the nine made a big effort to reach the Dons of some currencies. 

EEC members and Japan. original agreement, which came There seems little chance. 

Though ihe U.S.’s partners into effect only in April this therefore, that the U.S. proposal 
have agreed to study the year. They' did not see why the to raise the rates on export 
American proposals, which also u.S. should throw the whole eon- credits by between 0225 and 0.75 
include the extension uf the census into the balance after per cent, with the bulk of rates 
arrangement «o aircraft, nuclear suc h a short period. rising by 0.5 per cent, will be 

equipment and ships, it will Moreove r current unstable adopted in its present simple 
clearly take a long time before Jl4l form. Nor does the procedure 


rate improvements in the propositions, but , .. . . iciemo u»e j «« u$ ... . juriu. nvi u *e 

Mediterrjoean. success last week. 'agreement, under which aircraft , revjS i on procedure is corn- condiDons on international cur- a g ree< i on a t last week’s meeDn 

Broker Galbraith Wrightson Lively freight markets con- i‘ ro ® 01 ?® country are allowed to, jf at a |}_ rency markets and the existence permit an early solution. 

warns owners, however, that tinuc to have a beneficial impact • overfly the torriiory oF Ihe other. i ___ t* m nn a 

they arc unlikely to see further on the sale and purchase side. Hand for technical reasons, take I The intention is to set up a 

...i.l. ***■ ... ■ % nr rlrnn -nsitepnef-rs in/1 l.mri in 


or drop ;-passengers and land in 
transit to other countries. 

Each country is io operate two 


. ... , . ... after the VLCC of 2i0.000 dwt to London , cargo and ^passengers between 

ontlHy surplus so far ibis year. Unpart levels, nevertheless it is4«sumed uPEC oil price increase Greeks for $5.7m. Two smaller Entebbe, Uganda, and Nairobi. 
... lie surplus in August totalled a . notable change in the recent j in January, but few expect rales Colocotronis tankers were also! and two more international ; 

in collapse to the distress levels sold, also to Greek buyers. ' . flights -to- either of the two air-; 
prevalent for the tot half of The plight of the UK tramp I ports or beyond. The agreement, 
this year. shipowners continues to be* which, takes immediate effect. 


rid Economic: hulicntors 


INDUSTRIAL PRODUCTION 

Index 
% change base 

SeptTS Aug. 78 July 78 Sept.77 on year year 


Holland 

Italy 

W. Germany 
U.K. 


Japan 

Belgium 

France 


147.5 144.7 145.9 138.8 

Aug.78 July 78 June 78 Aug. 78 
125t 130 127 124 

72.8 127.5 134J 71.6 

lOOJf 105J T 19-0 97.8 

110.7 1102 114.0 109A 

'July 78 June 78 May 78 July 77 
122A 122:4 122.4 1133 

June 78 May 78 April 78 June 77 
1165 118.8 123.4 121-3 

. 126.0 127-0 131-0 127.9 




special working group to study 
the U.S. proposal. But before it 
can meet, the OECD secretariat 
will have lo work out a detailed 
mandate ou which its discussions 
will be based. 

M. Morleghem made it clear 
that tlvis working party was not 
1970-100 expected to be set up before the 
1970=100 next meeting or the participants 
1970=100 in the arrangement which has 
1975=100 -been fixed for. January J979, 
when other aspects of the U.S. 
1975=100 proposal, such as the extension 
of the consensus to aircraft 
1970=100 nuclear plant and shipping will 
1970=100 be discussed. 

•=e??3 


+6-1 1967=100 


+05 
+ 1.7 
+25 
+ 1.0 

+ 82 

-4.0 

-15 


Its ad the holidays 
under the sun. in one. And 
Rational can fly you there. 

. Christopher Columbus was really no 
different from any other tourist. 

v One trip to America and he thought 
he’d seenit all. 

But like so many people, he never 
discovered the best part 

Southern USA. 

And.more particularly Florida. For 
where else can you find all the holidays 
linderthe sun. . . in one great holiday? 


: And last, but by Wottf^fiSfeast let's * 

not forget the superb seafood, dazzling 
nightlife and colourful shopping 

It all costs a 
lot less than you think. 

Right now America has never been 
bettervalue. 

Quite simply, your holiday money goes 
further in Florida than it would in many top 
European resorts 

In the ‘low season' (October to . 

Decern ber 15th) when temperatures are 
in the balmy 80’s accommodation costs 
a lot less. 

Renting a car need only cost from 
around £30 a week. 

Whether rt’s a'quiet beachside cottage 
you're after or a soaring swinging hotel... 
you’ll find it in Florida. 

Aobodve.in ISyymi 
there for less. 

Nobody knows more a bout flying to 
Florida than National Airlines. 

It's our home after all. 

You’ll enjoy warm, sunny service and 
travel on roomy regularly-scheduled 
National DC-10's. 


• »» 

Fabulous Florida has it all. 

There’s majestic Miami 

Softwhite palm-fringed beaches, 
warm blue-green waters. . . glittering gold 
coasts . . . and tropical islands of the Keys 
all await you. 

There’s the fun-filled holiday world 
around Orlando. 

Spectacular Walt Disney World: 
where you can meet all the famous Disney 
characters orride the world s most 
incredible rollercoaster. 

Thrilling Circus World: where you can 
act the cfown,bea trapeze artist or walk 
thehighwire. ' 

. African-theme Busch Gardens; where 
onemoment you can be gazing across 
theSerengeti Plain and the next; exploring, 
mysterious Morocco. 

• Andthere'ssomuchmoretharyou 
can only see in FloridaThe sunshine state 
isgreat for sports too. Fishing sailing 
swimming golfing tennising. . . everything? 


And remember, if you want to discover 
more of America ... the West Coast. . . Las 
Vegas. . . Houston, New Orleans, National 
can take you there too. 

We’ve a holiday to suit everybody and 
every budget. 

Including leisurely Fly Cruise 
holidays to the Caribbean and carefree Fly 
Drive holidays to wherever the open 
road takes you. 

For more information and full details 
of our fares structure 
eithercontactyour 
travel agent or get 
in touch with us 
at81 Piccadilly 
London W1V9HF; 

Tel: 01-6298272. 

National Airlines Inc* 
b rncwpwaled inlha 
Steteotnwvja USA 

America’s sunshine airline. 










This announcement appears as a matter ol record only. 


ETEROUTREMER S.A. 

US $ 40,000,000 
7-Year Eurocurrency Facility 

Guaranteed by 

COMPAGNIE FINANCIERE ETERNIT S.A. 


Community Dial-a-programme 
farmers S y S tem announced 
toomuch, ) 

A NEW British system to allow man of CAP-CPP claimei 
t*ADnrT GQVCI businessmen and householders to the company had made a 
X v UUi X OM y 9 dial a computer programme has breakthrough with its Hit 


BY MAX WILKINSON 


Car makejrs 
to help 
with faults 

survey 


Managed by 

BANGUE EUROPEENNE DE CREDIT (BEC) 


Provided by 

BANQUE EUROPEENNE DE CREDIT (BEC) ♦ BANQUE BRUXELLES LAMBERT S.A. 

BANQUE DE PARIS ET DES PAYS-BAS BELGIQUE ♦ MORGAN GUARANTY TRUST COMPANY of NEW YORK 
SOClETE GENERALE DE BANQUE S.A. • LLOYDS BANK INTERNATIONAL {BELGIUM) S.A. 


Agent 

BANQUE EUROPEENNE DE CREDIT (BEC) 


A NEW British system to allow man of CAP-CPP claimed that M . Samndion 

l*ATIATl GQVG businessmen and householders to the company had made a world B r 116 - - . 

X C aJXJrX X DAYd dial a computer programme has breakthrough with its fnveauan THE SOCIETY of Motor 
* " been announced in London. of a special programming sys- Manufacturers and Traders is -to 

By John Edwards. The system aims to give the tem called micro-cobol. This r co-operate with the Office of Fair 

Commodities Editor power l of a large programme allows programmes written on | Trading in a second survey or 

library to thousands of potential one micro-computer to be used | car owners, to investigate faults 

EEC FARMERS are being paid users of low cost micro- without modification on a com-, m new vehicles, 

too much and prices will have to computers or adapted television peling brand of machine. That is in spite of the society's 

be cut ruthlessly before the Com- sets. Mr d ’Agapeyeff said that the' reservations about the resulte of 

munity's agricultural surpluses it was devised by CAP-CPP. price of microcomputer-based , j*st years JST'g u »fc S S7^XL 

are significantly reduced, accord- the programming company systems was coming down so fast ; Lr* 

ing to Agra Europe, an agricul- which j s co-operating with the that soon even the smallest j ,r“\ _ lf thR 5 noo 

tupl information .service with National Enterprise Board’s businesses would be able toj were returned! 

offices m the main European Insac. a new software marketing afford them. ,'Sf S SnsiSit 

^A^eoort issued vesterdav bv compaDy ' Domestic television sets would; inaccurate to assume a 67 per 

A°ra The idea has been developed also be adapted to become small jeent defect rate, 

nrisins mn thaT ln co-operation with the Post computers by the addition of a I Faults reported during a car's 

“ ereen mmSv ” <S?tem^Led to °® ce for *** e on its new Prestei tiny processor, a keyboard and < warranty period might have been 

e^aHsefamf nrires Within thA (formerly Viewdata) service, some form of magnetic storage \ routine adjustments rather than 

EEc fnSTtbreafto th^ Com ^ al,ows an ada P ted television dev ice. [serious repairs, the society says. 

Ion A SE Po)£y, bSt flexed m ^ T thT^riinaS Already home computers can m The aim of the purvey wfllbe 

eec ES.sr"' 0 a “ 

and the decline of th agricul- SformaHnn m-nviderc ran»in«» expected to come down to[^ show w^ch m^ces of car 
rural population, cutting rural frem ° r S 0 c y TnstiSti"Ds 3i to £500 for the simplest;*”* the most 

~M«apV said that general of Fttr Wl . «. fl-U 


fmM 

BEC 


cut by 20 per cent farmers could formation. junction with Prestei could fill i PooaIipv ITinilirv 

maintain tbeir real incomes by nj e new CAP-CPP system will this gap. ! X CO.V.11C J IUVJUHJ 

using unexploited reserves of a ]j ow computer programmes to Mr. d’Agapeyeff also announced; . , 

production potential from land, be stored in the central files and that bis company was working} rCDOrt SGHt 

animals and machines. accessed as if they were any with the General Electric Com-; r 

Since the “excess profite" of other type of information. pany to produce a prototype, rfAntlHriiATlt 

the larger and more efficient ^ Alex d’Agapeyeff. chair- terminal. I llC|i<tl I1UCUL 

SHSsSFs-S , — . .Issursrsrw 

Accountants speak out SS£ 
on self-employed tax 

their fond. Given the failure of RY david FREUD i garden « r hls hoine ln “P LlttJe 


Mr. Alex <TAgapeyeff. chair- terminaL 

Accountants speak out 
on self-employed tax 


October 1978 


their fond. Given the failure of BY DAVID FREUD |SSS?.^S«25! rZl 

THE ACCOUNTANCY profession The Inland Revenue has L The inquiry^ was! one of- .-two 
munirewmild he fSrc'pd to adoDt told Sir William Pile, chair- launched an intensive study into investigations into Sir Eric’s 
more directly LntSventionist ™n of the Inland Revenue, that how to switch to current year] affhir* The other, which is C™- 
IISiTfe* airBCI,y lIuer¥enaonisl it is too early to say whether assessment, which would bring t tinuing. is by the City of London 


more directly interventionist * 
policies. 

Political Change in the se if-ei 
European Community: Implied- ^asis 
timis for Hie Common Affricul- 
tumt Policii. Agra Europe nubiii 
(Lomlnn). €1730. E2! 


it supports plans to tax the 2m forward to an earlier date the J Fraud Squad, 
the self-employed on a current year tax. assessment on any level oft 

* ct * - basis. income. This could mean higher j CamaIv’s ndv nnta w 

CUl- Cir William tnlrl thi> P.nrnmnne tax hills for matin 9f»lf-P.RIDlnv£ri. I J ® 





Master builders 




1 .3 1 ii# : 1 2 ' i l . > s ? i. i * s 5 nr, j ij 


When Thomas Cubitt. first of the master builders, developed 
Belgravia and Pimlico early in the last century he revolutionised 
community building. For over 150 years now. C-ubitts have held their 
position as one of the country's leading public- sector housing 
contractors, creating new standards with the building of 
tdm Themesmead. the largest single public authority housing project in 
the United Kingdom, on land reclaimed from [he River Thames, 
v As pari of the international Tarmac Group, with greater resources 
' than ever before in their long history, Cubrrts offer under their 
‘Programme for Housing’ capacity to meet the exacting time 
schedules of local authorities throughout the United Kingdom — 
with all that this means in terms of cost-saving in these days of 
severe budgetary constraints. Traditional competitive tendering for 
new build or renovation projects, design & build and build-for-sale' 
partnership schemes are all part of the total housing capability of 
|i| Cubitts. 

IH HOLLAND, HANNEN & CUBITTS LIMITED 

Thorney Lane, Iver, Bucks SL0 9HG. Telephone: Iver 652444. 

Pjf* cuBrrrsAFE members of th.e tarmac group. 






IIlL! 


B^g rpyjae'.. 


Atrnnur gj r william told the Commons tax bills for many self-employed. | , , 

Europe public accounts commlKw in Sir William told the committee I S e ty ofeced^to 

Ihara fnS of pubUc accounts ^ there ^jadvanmse of boiSant consumer 

previous year assessment “would been a number of formal andjspending exported in the next 
be a desirable objective, if we informal discussions with the; Few months, Mr. Bill Famrw, 
could get there.” accounting bodies on the pn> ! chairman, said at the weekend. 

However, the consultative com- posals and that they would be j , .. , . • 

mittee of accounting bodies said likely to welcome the change. ; UtlSnOFfi OlJ CtMef 
at the weekend that aly sag- With this assurance the com- 'THE Department of Energy has 
gestion that the accountancy pro- mittee recommended that the [ appointed Mr. Norman Smith as 
fession would Favour the change- change be made as soon as director-general for the Offshore 
over was premature. possible. Supplies Office in Scotland. 

! 7 "7 , British Rail soccess ' 

Inflation (rate ‘unlikely K’Sm 

_ < ^ _ ** I Birmingham used trains ttf get 

7 ^]] rriinrvfiTi/^ritil'Ifr ' there. British Rail was - jubilant' , 

to rail signmcantiy «, w >mwmh 

° v ■ ] planned' operaHon.: the 

BY DAVID FREUD j ever mounted, had gone without 

ia hitch. 

A SIGNIFICANT reduction in encouraging lower inflation.** j ........ ~ 

the rate of inflation in the near Staniland Hall Associates, e f Grr irantee honoiire^L 
future is difficult -to envisage, business forecasting group, es-i_- Contractors* Assv 

given the past mofietary expan- peels a slowdown hut no reces- *.*£ 

siort. according ,to Dr. David sion over the next two years. SJStc b for under ^ a neS 

Lomax, economic adviser to with consumer spending volume “ nd “ . 

National Westminster Bank. rising by 2.5 per cent in. 1F?9 and completion guarantee 

A reduction might have been 1-75 per cent in 1985 after this scneme > 
possible a year ago following the year's 5.25 per cent growth. }n«i,Annloi. ” • ’ 

appreciation . of the exchange However, spending on elec- ! unpupuiar UUKrea ' 
rate, and in tbe wake of coo- trical durables and furniture and [Clothing retailors are worse off 
tinuing declines in inflation. floor coverings is expected to! than their fellow High Street 

However, says Dr. Lomax, that fade, while car registrations, up traders, with consumer spending 
opportunity was not taken “and 21 per cent in 1979. are forecast on clothes almost 1 at a standstill.* 
it is difficult now to see even a to decline by 5 per cent in- both according to a report from Inter 

(policy ‘of fiscal concession 1979 and 1980. Company Comparisons. 

Growth slowdown ‘short-term 9 

BY PETER RIDDELL, ECONOMICS CORRESPONDENT 





Thamesmead 

vp'- -aF/S'i jmw w R — 

•*r. 


THE RATE of growth of output — 

is likely to slow down around LONDON BU5INE5 

the end of this year as the con- 

sumer boom slackens. During 

1979, however, the eroansion of Annua! Percentage Change 
investment and exports should At 1975 prices: 
help sustain demand so that the Grass Domestic Product 
increase in overall output next- At 1970 prices: _ 


LONDON BUSINESS SCHOOL ECONOMIC FORECASTS 



1978 

7979 

7980 

1981 

1982:; 

tf r 

• 4 . .’ 

3-5 

33 

34 

23 

2S 


&0 

23 

33 

2.1 

2 A 

■ ■ 

rr- 

. 4 -« 

3,1 

2.0 

•2.1 

24'-: 


73 

34 

73 

2.1 

42''-. 

»■' 

23 

23 

23 

13 

20-^ 

:•:.• r ';. 

42 

5.7 

63 

4.1 ■ 

3J5 - 


7.9 

64 

S3 

43 

54 <•' 

V.T- 

84 

73 

itu 

11.0 

92 ^ 

'■-i. 

14fi 

114 

7Z0 

144 

72J • ■ 

"1 

744 

72J 

15J 

734 

12.1 


IJlm 

7J7m 

136m 

7.27m 

.7 Jim 

.. 

. . 


~r733 

. 73? 

‘■-Wi 

ft -ft 




... ' •• ...vs s:i...::-c v *-• m. ‘f. 


teiiilPiBil ® Sri « r- 


, Sift® 



year is only slightly less than Gross Domestic Product Sfii 2M i2 2.1 14 

10 1978. Consumer spending . 4-8 3,7 2.0 il 2A 

These are the main short-term Private fixed Investment 
projections for the UK economy (excluding dwellings) 7& 34 73 2.1 42z 

contained in the London Bast- Public expenditure on 

ness School’s Economic Outlook- goods and services 10 ZO 23 LB 2.0- 

1978^12. published today. • Exports ■ 42 S3 4.1 - 35 

Among other main, points is Imports 7.9 5J 43 &A < 

that the rate of price inflation ; Consumer prices 83 93 11L2 71.0 9J:- 

wilf move back towards ■ double Average earnings m 

figures unless current fiscal and . manufacturing 14.fi 11.* 72J) ‘ J4A 12 3 

monetary policies are changed. Money supply (M3) 744 72J 15J .134 12.1 *• 

Unemployment is expected to. Annual Average . • 

stay at about its present -level. Wholly Unemployed ' • • 

over 'the next- four years; - (Great Britain) IJlm 7J7m lJfim IJOm Mlm 

although there could be -a flight Annual Total. . z_ * 

decline until the end of 1980. Current acouqt (£m> . - ■“B-.-iT-SSh ~733 ' iw '. -vni 

The Economic Outlook con- ' ^ - / L .' . . 

pV^sed^EnropeM^Monet^ parti.cular armoonced .ptena tor "and earning conpiedwiSthe^ 
Svstem by Dr. Alan Bndd and P«blic spending and anniml expectation that there wilhbe ni] 
Mr Terry Burns of the school, adjustmenis-io -both income-tax further major . ’reflation gry* 
They conclude that a big shift allowances- and indirect taxes to- measures. Indicates a much; 
would be required in monetary ^ account of inflation.,. slower^ growth of Uvinr : 

and fiscal policy if tbe UK was to The public sector borrowing standards, measured by real per-: 
join the scheme and stay in it. requirement-, in the current ““Popple Income, ■’in- 

financial year is expected to be np.by 2.4 per chnt against 
Worst choice fiS Jbn. compared with the offi- 5 %P er . cent year. . . 

nr mne» <mnniv riaI £S - Sba nmit 0° Present _The Increasein real consumer*. 

policies, it would rise to £fl.4bn spendiDg a consequently -ex- 
in 1979-80. Domestic credit ex- peqted to slacken from 4B to.ai 
pension is projected at £6^bn tn J* r ce.nJ: between tbe two years^-. 
1P7S-79. compared with the limit a faster expansion of ex-"“ 
°f Mbn. The broadly defined ports next year, though. 3 . mur-K 
® mone y aupP^ ’ s fDreca«t to grow smaller slowdown in the growth 

would . imply^ domestic credit b cent in 1978-79. - of total output is prol«S-~ 

Ld?e?SL» re,iuc “ n SKt B-'— WooV 

ta ffir,2aa» w . om m« ,, hss SSTT Sfi -Shjew? « 


th. B F DI> Kn is a WI decline .thereafter by alwqt 3 fat in 1980 should .be etrW' 

S&JVia "on and after-S^K^ 


InZ&i Thn^ fh^' change - In ^ 'competitors' prices, distinctly better In almoM eVery’' 

?l°ude b w^be a bSSSmSd ' ft™'?** «* !ast aSlUA. 


s,*- 


<* * * • . w °f d ft rT!h. f ' h ^fi rte< | about 11 to 12 per cent during The Outlook notes that the'* 
-attempt at membership without ftj e current pay - round;. . The difference between the nreamt--- 
undertaking^ file necessary school argues that If the Govern- recovery and 
changes m fiscal and monetary ment wants to improve on this tion-led booms Sthat 
pobfy- „ . it needs , a correspondingly oil is keeping the balance of 

The authors say there is much tighter monetary policy with a merits in near eamlibrtoS'" ' 
to be said for stoymg out com-, higher exchange rate. Although .the eurrenrSSStTa v 

pletely. but they also outline a The Government’s policy of expected to move intndSiM? 
plan for a two-year transitional forcing .restraint- will -be a over tie next counlft nf «2.2r 
period before full membership, “pointless exercise. The effect the scale is not exnecmri toS-’ 
during which the UK would hare on the inflation Tate will be serious. expected to be* 

to get its inflation rate down to minimal and -the harmful effect Economic Oatloofe' ’MriLai’ 1 * 
4 per cent on. industrial structure will be published jointly by the Lrm^ 

The forecasts assume that tbe far more enduring." . . . .Bwinesg Sdwci and itoTGaZZ 
UK will not join the proposed The rate of COn^umer-price-ui-JVesg. Annual ' 

system and reflect the conven- Mon ir everted to edge - up £40.00 from 
tional unchanged policy aasunip- slightly next year. Tbe..«myer- mead, Farnborpuah. HamnSh^ 
tion for other influences-to.gence ofrtbe gSrowth 




z' ' V 




# 1*IW 











Financial Tunes Moridav October 30 197? 


HOME NEWS 


^Provincial 
Shjbus fares 
^likely 
to rise 


I 


B^^S8B5W«taB^ 




s'* 


Decision sou 
industry 

BY RHYS DAVID. TEXTILES CORRESPONDENT 



: -r ; -. 
• H. 


• Bjr Maurice Samuelton 

ARES on most of Ihe provincial 
rvices run by the National Bus 
impany are likely to rise l-y 
'.'tween 7 and 10 per cent frosii 
. rly in the New Year. 

. Man} of the 35 individual 
mpanies under the umbrella 
the nation ally-owned bus com- 
ny have already made apnlica- 

• ms for fare increase 1 ; which 
1 1! be considered by the Traffic 

•. mmissioners in the next two 
jnths. In most cases, they will 
the first rises Tor more than a 
ar. 

. The final level of increase will : 
pend on the amount of subsidy 1 
r Joss-making routes which 
-mpanies receive from cumiyi 
uncils. Last month, the Gov-' 
nraeni warned councils that 
ey could forfeit financial sup- 
rt for road schemes if they 
t their own bus subsidies, 
it is up to the individual com- 
mies to decide on the size of 
crease they require. United 
d Northern General, which 
.i erate in the North East, arc 
k eking 7) per ceni. while South 
'''ales companies are asking for 
... ghtly below. 1(1 per cenl. 

I- National Bus says it needs the 
tra money tn continue to 
’i'Cak even. Apart from the' 
"unty subsidies, ii receives no 
iblic money. 

In recent years, the aap 
- ;tv.een coach and rail fares has, 
irroweri and the company has 
pressed concern about British 
ill's cheaper fares policies. 


A STRONG HINT has been given 
that the fibre industry is looking 
for a favourable decision from 
the European Commission on 
the restructuring pUui it has 
drawn up. 

Mr. Bill Earner-, chairman of 
the British Man-Made Fibres 
Federation. speaking at a 
conference of European filament 
weavers at Runriyiueade, Surrey, 
said the plan provided a 
workable mechanism which 
would enable capacity To be 
brought into line with demand 
without imposing disruptive, 
violent shifts' in market shares. 

It offered the industry . its best 
chance nf n reasonably early 
return lo financial health: 

The scheme was drawn up in 
the summer by the - fibre pro- 
ducers in consultation with M. 
Etienne Davignon, the European 
Commissioner for industry — hut 
subsequently ran into opposition 
with the EEC Directorate 

responsible for competition 
policy. 

Commission officials .have been 
discussing ihc industry's 

problems in detail with 
producers throughout Europe. 

With their report now 
complete the restructuring 
proposals are aaain due for 
discussion by the Commission 
curly next month. 

The scheme envisages 

rationalisation bringing an 
overall reduction of ahoul 15 per 
cent in EEC fibres capacity. At 
the same time there would - be 
some I'e-adju-tmi-m of market 
shares in favour of Italian 


producers. 

“Alrhouph the Issue has not 
yet b-en decided, we fervently 
hope ihat permission fur imple- 
mentation of the plan will be 
granted," said Mr. Barnes. 

Th. difficulties in the industry, 
he y.od, were the result nl 
massi. o' expansion aimed at 
catering for a demand which had 
not ni iirrialised. 

Sim- 1 * i960, growth in textile 
industry output in the OECD 
count! i(*s had - increased hy about 
50 |i*rr cent while production of 
man- nude fibres, had gone up 
hy 40u per cent. 


A similar increase had taken 
place recently in production 
L-jpacilt in third World and 
Soviet bloc countries 

“ Fate has decreed that since 
1H7:1 wo should have the n-s- 
pGOSihiiitv ut guidin'.’ our indus- 
try llir-iUjili a voinhmati.in of 
stubbornly wn-al: d etna ml. chronic 
rivcr-i\i juicily and im-re.i-.-d 
labour, raw material and trans- 
put COft-i." 

?.tr. Earne': fareca>-t a blighter 
period ahead for the uv.lnsrry and 
a growing iniur-depL-iidencL' 
between fibre producers and 
customers. 


North Sea oil price up 

BY KEVIN DONE. ENERGY CORRESPONDENT 


THE GROWING demand for 
pci nil worldwide, but particu- 
larly in' the U.S. and Western 
Ettrop-. is pushing prices for 
NorLli Sea light crude oil above 
814.40 i barrel. 

Acc-rding to u report prepared 
by Fi.Ni.,:, the slock brokers, petrol 
prices oh the Rotterdam smut 
uiarkci have recently touched 
S200 a tan erim pared with $J3U 
barely ,ix months ago. 

Petrol .demand has been 
st rung all through the summer, 
with a lovvth in stiles in Western ' 
Enrol ic uf 4 in 5 per rent since 
the spi -ni'. In the l ! S. ilemami 
jumped by 7 per cenl in July 
folio we- 1 by 5 per cenl in August. 

The •leutand for North Sea 
light -rude has also been 


cneou raged li> restraints on' 
product inn in (JPEG countries. 1 
purl leu lurl.v in Saudi Arabia, i 
limning total crude exports lo ! 
mi inure than fia per cunt light ; 
crude. 

Bvri-a pressure j*j being applied 
lo oil prices in the lead-up tn. 
the OPEC price-fixing mev’ing; 
in Abu Dhabi in December. A i 
7 5 nor cent pr'ce nse at ihiN; 
meeting would till (hi: aver:. so 
price of Arabian marker crude — | 
the base price — from n''J.7o im 
SISliS a barrel, anil N»;!h S«*.i 1 
crude prices mu Id rise rroiu ] 
514-1(1 In SIS 48 a barrel. 

Bv culilr.'ist, prices for heavy ■ 
cnido arr- si ill depressed. ; 
rclh’cling the rccsshm jn hi;: 
riihl-.Tli’*.. sueh as steel and i 
shipping. 


Scottish 
exports 
increase 
by 24% 

By Ray Perm an. 

Scottish Correspondent 

SCOTLAND is one or the 
fuslest-g rowing regions of the 
UK in terms uf exports of 
manufactured goods, a survey 
by the Scottish Council 
lti>searet] Institute suggests. 

Inquiries aiming tiUU com- 
panies showed that between 
1374 and 10TT exports from 
Scot laud increased hy 34 per 
cent in real terms compared lo 
H per cent from the U.K. a.s a 
u bole. 

Over the same period Scot- 
land's share of total manu- 
factured exports from Britain 
rose from IW per cent lo IU 

Whisky was the must import- 
ant single export, with nearly 
two • thirds uf all production 
sent abroad last year. But. 
while it maintained its pre- 
eminent position, as a propor- 
tion of all exports i( declined 
from a quarter in 1971 lo 14 
per cent last year. 

The - engineering industries 
performed well but exports of 
ships, and textiles — two tradi- 
tional , 'Scollish industries- 
deeiiiicd in real ierms. 

The destination or Scollish 
■exports has also changed. 
Since 1974 Hie proportion of 
snoils sold to European conn- 
I ries has grown while there 
has been a drop in the propor- 
tion sold lo North America. 

Sr nil mid's m • i n n fuel u red ejr- 
porf.s: J.474-77. Sniilish Count'll 
Resmrch Insiinne, 1. Castle 
Sired. Edinburgh. EH 3 3AJ. 
Pru t* Ci 


Alu mini um output 
boost awaits 
cheap power deal 


urged for 


g 


BY ROY HODSON 

KAISER ALUMINUM is pre- 
pared to go ahead with a £1 ultra 
expansion of ihe Angles?}' 
Aluminium Companv smelter as 
soon as it can acret with the 
Central Electricity Gen or a ting 
Board over cheap, continuous 
power. 

Mr. Bill Hobbs, Kaiser's vioe- 
p resident and treasurer, said in 
London at the weekend that he 
was expecting a Govern meni- 
supj.nrteii power price offer 
within v/Ci'ks. 

Up to 5UU new jobs will be 
created at the smelter, at Ho!\- 
head. and the annual ingot 
capacity will he doubled to 
224, Wifi tonnes if th*? price for 
the rxtra elect rieity can ie 
agreed. 

The new capacity would make 
Britain self-sufficient in primary 
aluminium by supplementing 
outiv.it rroni Anglesey, the 
British Aluminium Scnllish 
smelters, and ilie Alcan smeller 
at Lynemoulh. Northumberland. 

Th*.- Department of Industry, 
l/eoartment of Energy, the 
cem-raline board, the Welsh 
Office, and the Welsh Develop- 
ment Ajcncy. have all been 
negotiating with Anglesey Alu- 
minium for a year. 

IS i» Tintu-Xinc Corporation is 
leading the negotiations on 
behalf nf Anglesey Aluminium. 
U lias a unc-lhird holding in the 
company, which was formed to 


run rhe Anglesey smelter. Kaiser 
Aluminium holds two-thirds. 

The various Government 
departments are still arguing 
with the generating board which 
opposes providing further cheap 
electricity for expansion at the 
smelter. The board feels that il 
has to carry a heavy financial 
load arising from the existing 
power deal lor Anglesey 
Aluminium arranged hy the 
Wilson Govern men ( 10 years 

ago. 

The cost of that power has 
never been made public, it is 
probably near the lowest Euro- 
pean power rates for heavy 
industry from base- load power 
stations, of about 10 mills. A mill 
represents payment of a tenth of 
a U.S. cent Tur each kilowatt-hour 
of electricity. Usual British 
industrial rates arc iwo to three 
times higher. 

The board has an excess of 
electricity generation capacity, it 
has a planning margin — produc- 
tion capacity over expected maxi- 
mum demand — nf as per cent. 

However, the huard points out 
that it does not necessarily - have 
a power surplus lo sell cheaply, 
and without interruption, to 
industry. Labour disputes and 
ihe delays, in complelion nf new 
power stations are forcing the 
hoard to hnld more power 
stations in reserve than before. 


By Paul Taylor 

BIG CHANGES in Government 
policy luwards housing renova- 
tion are called for inday by the 
Association of Meiropidilan 
Authorities. 

A repori by an ass*»c:ali**n 
working part} says, that the 
Government is not doing enough 
to help people repair, maintain 
and mcidemi.st* their homes. 

The .association says that 
deteriorating hoti'ine conditions 

•will cause great problems m Du- 
future and can be resolved only 
by a big Government re-think of 
national policies un housing 
repairs anti improvements. 

The number of unfit houses 
had declined beiwccn 1971 and 
197B. but there had been a “sub- 
stantial rise" in ihe number of 
dwellings m "substantial dis- 
repair."' 

Councillor John Bradley, chair- 
man uf the association's housing 
committee, said that tne swing 
away from slum clearance had 
nut resulted in a corresponding 
increase in improvements. 

The Association is recommend- 
ing u livc-poi;>! programme tn 
raise the level of financial 
incentives for improvement and 
repair. 

It includes a new feline repair 
gram to cover 'he costs r,r basic 
repairs. 75 r?er ,c-nf grants for 
properties lacking baric ameni- 
ties. ihe raising of ,n>! limits 
on grants tn reflect inflation, and 
building societies or local auth- 
orities to advance mortgage 
nioncv fur rcnrvniinns. 


Far East equity funds 
do best for pensions 


BY ERIC SHORT 

'JLTTY FUNDS based on Japan 
' id elsewhere in the Far East 
.ere the best-performing pen- 
on funds over the 13 months 
the end of September, accord- 
g lo the latest figures from 
arris Graham, a leading firm of 
insiOD consultants. However. 
'~e best average performance 
•crall came from property 
nds. 

'Far East funds occupied the 
ree tup places in the equity 
•rfortnance table. Heading the 
rst was Anglo-Nippon Exempt, 
ith a rise of 93.4 per cent. The 
*erage equity performance over 
; le year amounted to a 13.1 per 
W« rise, compared with an in- 
rease of only 7.4 per cent in the 
T-Actuaries All Share Index 
with income reinvested). - In 
-U. 39 of the 52 fnnds analysed 
nan aged to do better than the 
ndex. 


Property- funds recorded the 
best average performance over 
the year, with a rise of 19.7 per 
cent. Top nf the league table 
was Abbotston<? Agricultural 
with an increase of 37.3 per cent 
However, even the bottom fund 
Industrial and Commercial 
improved by 14.6 per cent. Fixed 
interest funds, in contrast, had 
an average rise of only 16 per 
cent over th,.- year, reflecting th(H. 
weakness in gilts. 

Pension fund . investment.; 
depends much on getting the 
correct balance between th§. 
three investment media; equity 
property and fixed-interest. Pen 
sion schemes can decide on the 
proportions themselves; .or IcnVc 
it to the instiutions by. investing 
in a mixed fund. Here, the 
average performance shope^a 
rise of 4.6 per cent, with the trip 
fund. Welfare Life, having an 
increase of l'J.4 per cent. 


PERFORMANCE OVER THE 12 MONTHS TO SEPTEMBER 30,- 1978 


EQUITIES 


>p: Anglo-Nippon Exempt 
verage 

attorn: Equity Capital 
r-A All Share 

PROPERTY 


Jp: Abbots tone Agriculture 
rerage 

mom: Industrial & Comm. 


Change 

o/ 

•■o 

-+-93.4 
+ 13.1 
nil 

+ 7.4 

Change 

% 

-373 
- 79.7 

•rMA 


FIXED INTEREST 


Top: Confedertn. Life Fixed 
Average 

Bottom: King&Shaxson Bd, 
FT- A All Strides Gilts 

MIXED FUNDS 


Top: Welfare Life Mixed 
Average 

Bottom: Uoydi Bank Exempt 


Change 

% 

+ 70,7 
+ 1.6 
. -13.9 

- 0.9 

Change 

+12.4 
+ 4.6 

- 0A 


Retail Price Index +7.8 per cent 
Basic State Pension - -14 A per cent 


' Directors call for tax 
cuts and competition 


BY COLLEEN TOOMEY 

CUT in top income lax rates 
50 per cent and a declaration 
intent to reduce the standard 
te to 25 per cent have been 
ged on the Government by 
o Institute of Directors. 

Mr. Jan Hildreth, director- 
neral of the institute, has 
itten to tiie Prime Minister 
ring for proposals to create 
healthier business climate to 
included in the Queen's 
eech on Wednesday. 

;‘The main immediate needs 
» the provision of more jobs 
d a substantial improvement 
living standards for all,” he 
d. 

■‘These can be achieved if 


business is encouraged to flourish 
and we believe that this is the 
chief consideration which should 
be borne in mind when framing 
Government policy." 

Mr. Hildreth spelled out his 
recipe for success with 
programme which included 
strong competition policy, tax 
cuts, better national housekeep- 
ing and a commitment from the 
Government to balance its 
budget. 

The customer's interest was 
paramount and any monopoly 
power threatening this had to 
be opposed, he said. The Govern- 
ment must therefore encourage 
competition. 



- j uu Mg interested 

? □ in Uie USSR ^ participation 

: □ ? e ^ s i^ iT,ore in,oma '" 

| Any additional information V Please con lad : 

) Fan Management HECKMAKAI AUSSTELUJNGEN KG. 
V KapeSenstraBe 47, D £200 Wiesbaden, W. Germany, 

5 TWe»: 04186516. Phone:W. Germany 06121/5240 71 

■< Oreeiuts-HECKMA 

. NCfcYEA OunelU«r 



fSESHS 

joSCCMg] 

■■MiSsR 



Banque Nationale de Paris opens 
an office in Stockholm 


The representative office of Banque Nationale de 
Paris in the Malrnskillnadsgatan has been officially 
opened by Monsieur Pierre Ledoux, President of the 
BNP Group. 

Monsieur Ledoux was. received by King Carl-Gustav, 
by Mr. Mundebo, Finance Minister, and by Mr. 
• Nordlander, Governor of the Central Bank of Sweden. 
Together with their office in Oslo the new BNP 
representative office in Stockholm will facilitate 
business with both local and multinational companies 
as well as with the Swedish financial community. 

MALMSKILLNADSGATAN 
42. Stockholm. Tel; 21.27.0i. Telex 12055. 


TTAFS 




.'Which would you 
invest in: a computer r 
with a past or a compu 
range with a future r i 



Dr Chris Wilson Managing D u ector, ICL 


Over the past 10 years ICL has achieved a 
remarkable success by increasing turnover 
fivefold, but we seek to grow even faster over the 
next decade. More than anything else it is the design 
of our 2900 series of computers, introduced in 1974, 
that encourages such confidence in the future. 


Potential development life oi systems designed 
m the 1960's 


Potential development life of new ICL Systems 
designed m the 1970's 


YEARS 


Many computer ranges stem from concepts 
1. developed in the early 1960's intended for 
JL calculation or the processing of large volumes 
of paper. The early designers did not anticipate 
the size and intricacy of the tasks that their 
machines would ultimately be set. E ach 
requirement could only be met by the use of 
SfSJjg an ever increasing volume of complex 
software. 

ICL met the challenge in 1974 with a radical 
new concept - the 2900 series. 

ICL began by defining the needs of the 
computer user in the 1980's and 90’s: 
communications; ease of use, security and 
privacy. The system was designed to match. 
The 2900 series that emerged is simpler, less 
costly and readily able to absorb each new 
technological development as it is proven. 

It strengthens still further the foundations of 
Europe's most successful computer company. 


ICL's TURNOVER WORLDWIDE 



Ifma 0309ra 
IXB £iiF.,m 
EEEJSn 


ICL| International Computers 

Profitable growth is our business. 








6 


BARCLAYS BANK 


i 



Businessman’s Diary 


UK TRADE FAIRS AND EXHIBITIONS 


Date 

Oct. 30— Nov. 3.., 

Oct. 31 — Nov. 2.., 

Nov. I— 2 

Nov. 5— 8 

Nov. 7— 9 

Nov. 9—19 

Nov. 11—19 

Nov. 13— IS 

Nov. 13—18 


Nov, 13r—18...... 

Nov, 13— IS...... 

Nov. 13— IS 


Nov. 14 — 17: 

Nov. 19 — 28 

Nov. 18— 2S 

Nov. 20—21 

Nov. 21—25 

Nov. 26—30 


line 

Midland Metal Sawing and Tube Working Machine 
Exhibition 

Equipment and Machinery Demonstration: Labels 
and Labelling 

ELA Engineering Exhibition 

Furniture Preview Show 

Fluid Handling Exhibition 

Caravan Camping Holiday and Mobile Homes Show 

International Ski Show- 

National Graphic Design and Drafting Exhibition 
Public Works Congress and Exhibition 

ENPOCON— Environmental Pollution Coctroi 

Exhibition 

TASS EX TS— Transportable Accommodation and 
Site Services Exhibition and Conference 
EWT — Effluent and Water Treatment Exhibition 
and Convention 
Careers for 73 Exhibition 
International Kitchen and Bathroom Show— FIT 
Int. Renovation and Horae Improvement Show 
British Cardiac Society Conference and Exhibition 
Breadboard Exhibition (Home Electronics) 
Wholesale Buyers’ Gift Fair 


Nov. 28— Dec. 1... Video Trade* Exhibition 


Venue , 

Addison Exbn. Centre, . j 
Willed 

Clothing Technology. 

Centre, 

Watford Leisure Centre 

Olympia 

Harrogate 

Earls Court 

Earls Court 

Intercontinental Hotel, \ 
National Elba. Centre. 

Simla 

National Exbn* Centre, 
Binnin 

National Extra. Centre. 

Bimin, 

National Extra. Centre, 
Birmin 

Alexandra Palace, N22 
Olympia. 

Qiympia 

Wembley Coni: Centre 
Seymour Hall 
Mount Royal and Mostyx 
Hotels, WJ 
Heathrow- Hotel • 


NOWHAS 
ABRANCHINTHE 
IVORY COAST 


A branch of Bardars Bank Internatiorul is now open in Abidjan. 
This new West African branch will strengthen the support we 
already give tn British and other companies trading witffithe 
Ivor}* Coast. W'e are able to provide a comprehensive range of 
international and corporate banking services in this increasingly 
important West African market. 

Abidjan takes its place among our many offices throughout the 
world, including over 150 in Ghana. Nigeria and Sierra Leone, 
all offering your company the full resources of the unique 
Barclays International group network in more than 
seventy-five countries. 

Find out how Barclays can help your company in the Ivory Coast 
by getting in touch with our Ivon' Coast Manager in Abidjan, 
Dennis Thompson, at the address below; or in Britain, contact 
our International Division at 168 Fenchurch Street, 
London I;C5P 5HP (telephone 01-283 8989, extension 3811). 


OVERSEAS TRADE FAIRS AND EXHIBITION 

Current SNOW 78 — Sports. .Winter and Recreation Show Basle 

(closes Nov 12) ‘ " 

Current INTERFEL — International exhibition of Leather Dietikon 

and Travel Articles (closes Nov. 30) 

Current Electronics Trade Fair (closes Nov. 3 1 Amsterdam 

Current IFAS — International Trade Fair for Medical 

Supplies (closes Nov. 4i Zurich 

Nov. 3—8 International Book Fair Beograd 

Nov. 7—11 International Sheet Meal Working and Forming 

Exhibition Essen 

Nov. S^— 17.' British Industrial Exhibition Mexico City 

Nov. 9 — 19 Antique Dealers' Show with international participa- Lausanne 8 

tion 1 

BUSINESS AND MANAGEMENT CONFERENCI 

Oct 31 Oyez -IBC: Advertising and Marketing to Children Royal Lancaster Hotel, m 


f BY PAUL TAYLOR / ... 

THE Financial Times grocery 
shopping basket fell in price 
anally this month, maittftr. 
because of a drop in *n»en 
tea and coffee The decline, of 
0.13 percentage poin^ was aiffi- 
etent to take the index back .*? 
its April level of 101.77. 

The index is based on prices 
collected by 25 Financial Times 
shoppers in all types of shops 
and locations throoghout- the 

UK. It reflects the trend in food 
Prices several weeks before. the 
position is reflected m Govern- 
ment statistics. -• • 

Frozen foods, preserves 
drv groceries, canned goods, sort 
drinks and beverages all fell in 
price but dairy produce, bread. 


an . increaseof beforea* 2p and 3 jj 
a half-doxes for. eggs sent ihe 
total daUy bill Tip byV5®p';to 
£482.52- On Novembers thfl maxi. 
mum retail ^ price’ .oC.miJtr.is.ifr 
increase - hy ip; however a^ «c- 
pected; 6p-a-poiiB«L rednetioarin 
batter prices: Iat*rfe tbe u«m&. 
is likely Y<r redrew' ^tetiahage. 

aind 

9p 6s salad^raedm sent the sauces, 
bill cUmbia^. sBppMted; in. seam 

cases, ' by-; anl^iittrease ml . 'the 
pries of tOTWd»4rt^wp; ; 7 : ■ 

A small iacregfie^iji ^he^prfre 

of fruit andrvege^^ 

almost. QUe t&l'bMier 

prices for cebtai$eeL ca uliftwer^ 

and rnnshnwas witfr the Mrifid 

of fa^- :go6d; i^eatber- o&ce 
again b^-'ftfl6eteS;ja a coa- 



Barcla}-s Bank International Limited; 

B.P. 522,Immeubie Alpha. 2000, Rue Gourgas, Abidjan, Ivory Coast. 
Telephone: 33-28.04. Tel ex; 2325. „ 


Oct 

31 

Nov. 

L 

Nov, 

1 

Nov. 

1 

Nov. 

1— 2.. 

Nov. 

1— 3.. 

Nov. 

1— i.. 

Nov. 

n 

Nov. 

9 

Nov. 

2 — . 3 ". 

Nov. 

3 



Nov. 

3 



Nov. 

6 



Nov. 

7 



Nov. 

7 



Nov. 

7 

Nov. 

7— a.. 

Nov. 

7 — 9 .. 

Nov. 

7 — 9 ... 

Nov. 

7 - 9 ... 

Nov. 

7 — 10 ... 

Nov. 

7—10... 

Nov. 

a 




Oyez IEC: Advertising and Marketing to Children 

Conference 

ASM: Seminar— Legal Aspects of Purchasing 

HS Conference Studies: Taxation of Property 

British Council oF Productivity Associations: 

Personnel Records and Appraisal Systems 

Company Communications Centre: Interruption 

Insurance/Inflation Accounting and Insurance 
...... Frank Jefkins School of Public Relations: Planned 

Press Relations 

Strategic Management Learning: 10th Integrated 

Marketing Seminar 

McGraw-Hill; Industrial Direct Mail— Seminar 

British Relay Electronics: Electronic Equipment 

for the Hotel and Travel Industries 

AMR International: Management of Construction 

Projects 

Institute of Chartered Accountants/Ihstitute of 

Directors: Conference on Audit Committees 
...... BIOSS: Interviewing for Graduate Selection — 

Seminar 

. Management and Business Studies: Leadership- in 

Industry and the - Added Value Concept 

Institute of Purchasing and Supply: A practical 

Approach to Installing Computers 

International Business Communications: Disclosure 

Requirements and Financial Statements 

Institute of Marketing: Sales Letter Writing 

ASM: Practical Cost and Budgetary Control 

...... ‘Bradford University; Effective Forecasting for 

Managers 

Trenton Exhibitions: INTERFLOW 7S— the Fiuid 

Handling Exhibition and Conference 
Xirwick Management Centre: Management of 
" Finance in Construction— seminar 
..... Institute of Personnel Management: Elements of 
Salary Administration-rcourse 
GASTECH *78 International Conference and ; 
SS‘. • exhibition : '• : . 

British Franchise Association: Seminar— The i 
• . Business Format Franchise 


Cafe Royal. WI 
Euro pa Hotel, Wl 

Waldorf Hotel WC2 

lan on the Park, Wl 

Connaught Rooms, WC 
Royal Bath Hotel, 
Bournemouth 
Royal Garden Hotel, 
Kensington. WS • 

Cafe Royal. Wl 

Grosrencr House. Hotel 

Royal Lancaster Hotel] 

Brunei University i 

Oid Ship Hotel, Brightj 

Excelsior Hotel, Heathj 

Royal Lancaster Hotel! 

Royal Horseguards Hni 
S:. Ermin's Hotel, SWl 
Management Centre. I 
Heaton Mount. Bradfc* 
Harrogate 8 

Slough I 

Whites Hotel.' ■ I 

Lancaster Ga;e.'W2 I 

Monte Carlo I 

Cafe Royal. Wl * 


THE FINANCIAL TIMES SHOmm^mskET 
OCTOBER. isjfc' ~ r ' ' 


Dairy produce . 

Sugar, tea, coffee, soft drinks 
Bread, flour, cereals 
Preserves and dry groceries 
Sauces and pickles 
Canned goods 
Frozen goods. 

Meat, bacon, etc. (Treih) . ' 
Fruit and vegetables : 7 
Non-foods 


Index for October: 101.77 


(978-. March 100; April 101JFT;' May 103.1 h junie-lMASs July 1ELST; 
August 10149; September 101.70; October 101.77. 


flour and cereals, sauces and: 
pickles, meat, fruit, vegetables' 
and non-foods ail became dearer. 

The drop in frozen food- prices 
was almost entirely attributable 
to a fail in the price of frozen 
chickens. That cansed a £2.96 
fall in the total frozen goods 
bill, bringing it to £I$7J3... ... 

Tea, particularly tea-bags, fell 
in price, reflecting the decision 
of the main supermarkets to cm 
prices at the beginning of the 
month, while eoffee was down by 
anything between Sp and 33p for 
S azs. The fall in retail coffee 
prices reflects market prices ;of 
h“tweeu five and *ix months ago 
and the retreat from the unpre- 
icedently high market prices 
reached early in 1977.'- 

So. in spite of sugar price jn-: 
creases, the sugar, tea. coffeeand 
soft drinks bill fell- £4.27 to 
£177.23: . - - 

Op. ihe. dairy side a. small, ibr 
crease 1 in the price of butler and 


; -tiniiing falE in mther-fajir-iuair: 
vegetabte prices.: ... V. . 7 

Meats, generally showed *. ’ 
slight hat uneven rise in price. - 
It- . was, however; the: wwfood. ' 
sector: that showed the largest ; 
absolute price' rise tha.owjnth:- 
The £2:gjMCtt.tise-lifaB» - 
WU . . .IM : v non-foods - reflected - 
patchy increases in .the -price of : ■ 
toothpaste, toilet, paper, soap. - 
washing powder 'affi l bleacb. 

BADGES 

. A LL . TYPES UT MOST ■ ;.y. •".■ 


FOR a>W»»tENCC 

ctc.. ur t aa. -T l iriBB ^ reWnxta 
, Lai. CoWxAd 7 Mtart ; London: WJ 


rsb?^: 

,t ..v J. 


MOTOR CARS 



CARRIAGE 



EUROPE’S LEADING SPECIALIST CAR AUCTION O 





& CO 


ENGLAND’S -LARGEST LANCIA dEALER 
38-48 THE CUT SET 

Telephone 01 -928 1922 Telex 91 7033 


'INVITE ENTRIES AND BUYERS TO THEIR NEXT 

BUCKINGHAM PALACE ROAD 


VOLVO 

1979 

MODELS AVAILABLE 

NOW ! 

LEASING EXPERTS 
3 months Initial Rental 
x 33 payments 

FULL SERVICE 
MAINTENANCE 
& SPARE PARTS 
FACILITIES 

Kensington Car Centre 
181 Warwick Road. 
London W14 
01-370 3152/3/4 



TURBO DEALER 

New models from stock plus 
the Turbo. Demonstrators 
available. Always 2 D 
guaranteed used models in 
stock. Advantageous 
leasing/finance facilities. 

mCK REEDER LTD 

xmrausrfnwMiiKsuOT 


cML/j 





J.V. LIKE & SONS 
THE GARAGE 

IMMEDIATE DELIVERY 

NEW JAGUAR 5.3, automatic, 
squadron blue. 

NEW JAGUAR 3.4, automatic, 
carriage brown, sand doth, 
tinted glass. 

Special Show offer: I only. NEW 
TRIUMPH TR7. Tahiti blue, 
tartan red, sun roof, £4.438. On 
offer for £4,000. 

Tel: Hay on Wye (04972) 404 
Evenings 470 


WANTED TO RENT 
OR BUY 
NEW OR USED 

PETROL 

TANKER 

State size and price 
Contact Mr. Charles Ryan 

79, Sarsfleld Road, Inchicore 
Dublin 10, Ireland. Tel: 791044 


THIS SPACE 
FOR SALE 

TWICE 

ONE ON SATURDAY# 
MOTORING PAGE 

AGAIN IN 
MONDAY’S PAPER 

BOTH FOR 
JUST £126.00 

ftir full details of other sizes 
contact Simon Hicks 
• 01-248 5115 



AUCTION 


Pi 

ik'41/ZPMi 

l^®16siS3 








H J [1 j | f 


ART GALLERIES 




OF CLASSIC AND COLLECTORS CARS ON 
SATURDAY, NOVEMBER 4tb at 11 a.m. 

If you have a fine classic or collectors -car allow us to show it to over 2,000 prospective 
purchasers and realise its full value. .* ' ' 


Over 200 cars expected, these will include: :• 

1950 DAIMLER Dropbead by Hooper 1967 MERCEDES 250SL 

i os? nAiiS^p^n 0 , 1 e K i nR C ?*Y 2“ ' 1975 JAGUAR V12 “E” Roadsters 

1957 DAIMLER D18 Launderlette 1961 DAIMLER Dart Conconrs 

1QR9 Kai&n P ?iiZL Qaeea Moth “ ) ASTON MARTIN DB5 

(ex! property of 6 Queen Mother) 1933 VAUXHALL Boat-tailed Roadster 

1952 BENTLEY Mk. VI 1972 FERRARI Dino 

1955 JAGUAR XK140 Roadster LHD 1967 JAGUAR “E” Type 2+2 
1952 BENTLEY Continental ‘R ’ Type 1955 JAGUAR XK140 Coupe 
1963 JAGUAR Mk. n 3.8, cww 1966 ROVER 3 Litre Coupe v low 

1927 MORRIS Cowley 2 Str. Coupe milage ' 

1931 ROVER Boat Tailed Toiirer 1955 BRISTOL 405 

J 999 MORGAN , + 4 . New Elaine 1977 PANTHER Lima, Modified 

J 9 ® 2 BENTLEY Sm Continental 1958 MGA Drophead, Mint 

1855 ROU&RpYCE Silver ^Vraith 1966 SUNBEAM TIGER, 4.7, LHD 

1967 BENTLEY T ” Type J 1960 PORSCHE 356C 

1967 JAGUAR ‘ E ’ Type Roadster 1947 MG TC, Red 

i'Bofce of 4) 1956 DAIMLER. Drophead by Baker 

1963 AUSTIN HEALEY 3000 1960 JAGUAR XK150 Coupe 

i c i““ e of 8 > 1948 RILEY Monaco, Mint 

1938 DAIMLER light 20 ■ 1924 ESSEX Tourer 

1828 MORRI^COWLEY Tourer 1934 ALVIS Firefly 

1962 TRIUMPH TR4A 1971 DAIMLER Limousine LHD 

Tliere is still time to consign your" car. Be sure to request your entry form todav - 
Buckinglmn SaS^oad’™^ ° f classic ^ for 3316 at aeir showrooms in 

ENTRY TO THE AUCTION WILL BE BY 
CATALOGUE ONLY 
U.K. £4 OVERSEAS AIRMAIL £5 

(ALSO AVAILABLE AT THE DOOR) 

PLEASE CONTACT US FOR FURTHER INFORMATION 

199 BUCKINGHAM PALACE ROAD, LONDON, S.W.1 

. .. Telephone 01-730 9438/9. Telex 886838. ’ 


:• - . ---No. 603346 of 1 B 7 W .' • 

In the HIGH COURT OF JCWnC® 
piancorj- ptrlskm Companies Com. In tbe 
Manor of GA VIN S TAHgY INDUSTRIAL- 
{LIAISON LIMITED and fn the Matter 
(Of the companies An. iML 

NOTICE IS. HEREBY GIVEN that'- 4 . 
! Petition For the wind [no-up. of _Uw' abov«- 
i named Comnany by the' High Co art at 
•rusiice wu, dn the lSth day or October 
I Presented to the said Coon by 
[THE COMMISSIONERS -OF CUSTOMS 
}\ND EXCISE of King's Beam awl 
Mark ; Up, , .London EC 3 R THE. 
land that th* said Petition is directed 
Conns of Justice, Strand, 
[■to be heard before the Court sirring .at 
; London WC 2 A 2 LL. on the 20 th day of 
j Aoventbor 1978 . aqy any creditor or 
| canal bo to ry of the said Company desirous 
,to _gum»iT or otmoar the making of *n 
1 order on the said Petition may appear 


r^-r 






Hi 




















id 








liiawHM 




M H -I- 


CerttCnM tr wtlaHou 7" 

- Pit tfta 28t h ? d^ K ^ T ^t»mb«r. T9T#; 

. bynett ■ t6e™» City CoarB. 

j sar*-JM "of ImfimSt * T Svk r iȤL 

1 pf US m,.2S 8J6 (tweittr-three tboountl 
I E£? a " fl SWIOOJ wWi 

eSii 1 * 0 ^ hwn 

February G. >978. imtlt ravmcttt takas 

SV*- * ■ “5? SEpwitln*.. . to 

N.Kr. 9-OutJ. — Cnlna ttmasand-. Nor- 
wentan -kroner. - 

JeAuh.Ovarwas ’industrial Sea Trehe- 
■ port -Ud. am obtain a copy or -tlta 
l on.. *ppUceti%» to the .Court. 

; . 'towel BERGEN BY RETT : 

. Vryen byratt. s«ot. 28. 1978. 

1 (Sorted) NILS BEYER. 


pi I] 





f-Vl 1-1 "n * B 


'IV I'Mrlrvr^H 






imrWir'ji'Wn'S 




lit: '.MU,. 










Financial Times Monday October, 30 1978 



7- 



ally Star print union row 
threatens Express group 

' BY PAULINE CLARK. LABOUR STAFF 

‘ NATIONAL Graphif.il Associa- hy Ihe Daily Star.. hr <n attempt t n stop editorial 

' ion member-. v.orkins; f'ir They have "been threatened matter . rrarhing thr Daily 
express Newspapers in .Man- v.'iifi difciptinary art ion already Exrrcss in Manchester from! 
•' hestei are to virit optional and. aci'firdlng u> Mr. Paul Sails, London which could reduce the 
inmn leaders i^day *.n try m lj ranch *eereiary. are anxious to sire of Manchester editions. 
>pr*uirie i hr union not to rake avoid any possible rrlaliatlo.i A.-reement was reached in 
• ny action over ih v i.'omrhtn^ against Mr. Viitor Matthews and ManrheMcr in rreale 65 new 
f the group’s now newspaper, «he Express Newspapers Group as pemianent jobs for local NCA 
.he Daily Star. n>.-vr Wednesday . h u-ru.de. nieiiihers siihjcci to review and 

The uni**n’:- Ma nth ester chaj-.M rc-m-coliatinn ofler 11' weeks. 

. office iiram-lu tint! bninrh Attempt ' i However, in spile uf a rceom- 

fficial* fe.-r that ortmr. cr.uld “ * niciMalion lhat this should hr 

. •<? Inken against their group s Mr. Salts said yesterday that a ,. r . ;i j pd f roni Mr. -toe Wade. 

.. .1 her papers as a result i.l ai-imn in London would not «cn«-ru) secretary, and Mr. Les 
'crimis nnmn dir-mr*] nc-r an threaten the Daily Star itself T,ii\..n, crncral president, the 
greeincnr they reached ■wrih hnc.-iuse all production was hasod union's national council refused 
nar.agcmont on new johs creaiod in Manchester. But there could io cridorsc it. 


Governors say prison system 
■ may face ‘total breakdown’ 

BY OUR LABOUR STAFF 

'RISi'i.V r.OVEKNOI?5 :n the imminent in the prison system.” sprvi*-e was about to disrupt 
.; luciely of Cm! and Public the letter says. Il adds that if efficient administration of the 
h-rianK hate warned Mr. prison officers withdraw- their couri-. . 

; lerljn Pees. Home Secrfary. labour fur any length of lime. H , ■•prisoners 

prisons might face ■•total the governors cannot guarantee “ *’ nsuiM - n, ‘ 

or:!.—, industrial safe custodv of nri&rmers or the ^apecully those dangerous 


Government asked 
to be wary 
over EMS plans 

BY CHRISTIAN TYLER. LABOUR EDITOR 

THE GOVERNMENT will be Britain has not yer got from 
asked by Labour MPs and TUC the EEC the value she deserves 
leaders today to proceed very because of her high budgetary 
warily on the qucsiion of contribution. 

Britain's joining the proposed The TUC says that the Govem- 
European Monclary SiMein. mem must he left mrim to attack 
A meeting or the TUC-Lahour domestic problem*. For instance. 
Party liaison committee, which it must have freedom to intro- 
includes Government Ministers, duee employment subsidies, to 
is expected to spend some time intervene in industry, and to 
on the issue — which has already alier the distribution of income 
evoked ntitrieht hmiliiy from between its own regions. 
anli-Marketeers and unease The TUC appears to want to 
among other Labour and union find a satisfactory place for the 
leaders. UK in Europe, and to be trying 

The committee will also con- to avoid the charge that it is a 
sider a list of subjects fur future " bad European."’ 

Gun strikers 
return to work 


discussion. Its agenda ran out 
two months ago because it was 
widely supposed that the Prime 
Minister would call a general 
election. 

A new element in the EMS 
dehate today will be a paper SEVEN HUNDRED strikers who 
from the TIC recent. > halted production of guns at the 
approved by ifs economic enm- R 0 y a j Ordnance factory in Not- 
mittee. This does not pu» for- j^ham reiurn tu work today 
ward objections in principle to a- two-week dispute 
the EMS. despite the distrust of Th? men. members of the 
all EEC instil nnnns felt by most engineers' union, went nut after 
trade union leaders. colleagues were disciplined for 

Instead, dt dwells al length on refusing lo handle some low-rate 
the importance of gening the n iec e-work jobs, 
right terms for the I'K. Tt says 



Too prison 

li:»*aar.dinv a public ir«v.ii:> into Prison Department should be 
he <tnicuiir of t!i>* .vrvic-j. separate from the Home OiDcc. 
legirijaiinc in.n-h*nr*ry. nidus- .Mr. John Fryman. Labour MP 
rial relation' tncninc and other for B'yth. called on the Prime 
ivestions. They an* unhappy Minister yesterday to intervene 
■ bout their lack of indeperidi-nn* in the dispute “as a matter- Of 
rum the Home ufiice.i which is ihc utmost urgency.” In a letter 
: ■esprinsihle fur Iheir pay and in Mr. Callaghan, .he. accused 
:ond ui on i. Mr. Rees of being incapable' of 

- Prison qnvemurs. in their understanding the problems un 
etter. spelt out ihe increasing til “a serious crisis is staring 
--.trains on the prison sen ice him in the face.” 

-esulting from over-crowding. Mr. Bynum plans to raise the 
. irisoner unrest and staff dis- isMie as an emergency matter in 
. -nntenr. They attacked the- Home the House of Commons this week. 

Office for inaction. He told the Prime Minister 

^ "A total breakdown is that the position in lie prison 


APPOINTMENTS 


Roland Smith joins Readicut 


Professor Roland Smith has 
joined the Board of READICUT 
INTERNATIONAL as a non- 
executive director Professor 
Smith is Carrimnon Viyella Pro- 
fessor of Markeang at Manchester 
University. He is chairman of the 
Senior Engineering Group and a 
non-executive director of several 
other companies. 

* 

Mr. S. V. Finn has been 
appointed secretary of UK PRO- 
VIDENT on the retirement or 
Mr. R. W. Halle it. Mr. D. T. Flint 
ha<i been made deputy general 
manager (agency and marketing), 
Mr. J. J. Gunning, deputy general 
manager f investment) and Mr. R. 
J. Higgins, deputy general man- 
ager (administration I. 

* 

Mr. Ari C. ZaphirioD-Zarib has 
been appointed managing director 
and Mr. Martin H. Young a 
director of the HERITABLE and 
GENERAL INVESTMENT BANK. 
★ 

Mr. Hugh Gemmell has 
assumed the responsibilities of 
managing director of BLAND 
PAYNE (UK) following the 
resignation of Mr. N. P. 
Sam ue Ison. 

* 

Mr. Dennis A. Jackson has 
been appointed managing director 
of M. and J. ENGINEERS. 

★ 

Mr. Richard Hoy has been 
appointed to the Board of 
LLOYDS INDUSTRIES as sales 
director. The company is a rub- 
sidary of HOLT Lloyd Inter- 
national. 

+ 

Mr. Eric Bolant has been 
appointed managing director of 
PETER STUBS, a subsidiary com- 
pany of the James Neill Group, 
of which he has been a senior 

production executive since 196S. 

1 

Following the acquisition of 
CFAEMROSS PLANT Si EQUIP- 
MENT by the Staffordshire Public 
Works Company, a member of 
the William Boulton Group. *.he 


resignation is announced of Mr. 
L A. W. Noble and Mr. B. J. 
Bird from the Board, and the 
appointment of Mr. R. L. Clarke 
as chairman nnd managing direc- 
tor. Hr. S. Grahame-Ross retires 
as chairman and managing direc- 
tor. but remains a member of the 
Board. 

* 

Mr. Malcolm Williamson, for- 
merly a general managers' assis- 
tant a i the head office of 
BARCLAYS BANK, has bepn 
appointed a local director of the 
bank's London Northern District. 
* 

Mr. Peter \. G. Brcwies. chief 
executive of the aviation division 
of Alexander How den Insurance 
Brokers, has also been appointed 
to the Board of SOUTHEASTERN 
AVIATION UNDERWRITERS 
INC., a subsidiary of Alexander 
How den Group. 

★ 

Oxley Printing Group Limited 
has appointed Mr. Gordon Berk- 
worth as sales director or UTORFJ- 
son and GIBB, Edinburgh. 

★ 

WHIPPENDELL ELECTRICAL 
MANUFACTURING COMPANY 
(WATFORD) make the following 
appointments to the Board with 
effect from January 1. 197 *j: Mr. 
S. H. Warlord as director and 
general manager and Mr. B. R. 
Human as sales r 1 ‘rector. 

★ 

Mr. Michael C Anderson has 
been appointed managing direc- 
tor or LIN PAC PLASTICS (UKi. 
He was formerly the company’s 
sales and marketing direel or. A 
further appointment is that of 
Mr. Peter O'Shea as production 
director of the company. 

★ 

Following ihe election of Earl 
Grey as president of the ASSO- 
CIATION OF COST AND EXECU- 
TIVE ACCOUNTANTS, the execu- 
tive council of the Association 
has been re-organised as follows: 
Major Ronald G H. Savory, has 
been elected vice-president and 
Mr. Gerald Andrews, becomes 


chairman. Mr Raymond S. Tindle 
has been re-elecied deputy chair- 
man. He will continue to chair 
the technical and advisory ser- 
vices comminee of the Associa- 
tion. Mr Leslie C. Rirketis has 
been re-e!i*ctcd honorary treasurer 
of the Association. The Associa- 
tion has moved its head office lo 
Talisman House, 330 Holloway 
Road. London. 

Mr. Chari** Barrington has 
inined McIL WRAITH Mc- 
EACHARN as executive director 
of ils London branch. The activi- 
ties of this branch will be 
extended lo cover the require- 
ments of the Bulkships Shlppmg 
Group, for which MM will be act- 
ing as London agent. 

* 

Mr. I>. E. Raley becomes assist- 
ant general manager (UK) of 
GENERAL ACCIDENT FIRE AND 
LIFE ASSURANCE from Nov- 
ember 1. He wa c formerly 
London manager. Mr. K. G. 
Brookes, city manager, succeeds 
Mr. Raley 3s London area 
manager. 

* 

Mr. G. W. ISone has been ap- 
pointed a member of the HEALTH 
AND SAFETY COMMISSION. He 
succeeds Mr. E. M. Jukes. QC. 

■* 

Sir George .Maei'arlanc has been 
appointed to the board of Trustees 
of the 1MPERLAL WAR MUSEUM 
for five ye: ts. He ^ucceetN Dr. 
Margaret Weston, director of Ihe 
Science Museum, vlw Jus served 
as a trustee ;ince 197-1. 

* 

New board appo'niments by the 
STC»CKPORT MERSEY BUILDING 
SOCIETY' arc: secretary, Mr. 
Anthony Roberts, who now be- 
comes a full board member and 
two newcomers to the society, 
Mr. James D. Hemsley. a senior 
partner of Walls Johnson and Co., 
solicitors, and Mr. Anthony H. 
Bonnet, who earlier this year was 
appninied managing director of 
John Needham and Sons, Stock- 
port. 


- •«*■-*. V 1 r . 

■ <■ •' AU- »• 







Description 


Tclepfione, 


MODERN USED ROLLING MILLS, wire rod 
and tube drawing plant— roll forming machines 
— sitting — flattening and cut-to-lenglh lines— 
cold saws — prrnes — guillctmes. etc. 

ROLUNG MILLS 

5”x 12" x 10” wide variable speed four . 
high Mill 

3.5" x S" x 9" wide v&nabic speed four 
high Mill. 

10" \ 16" wtdo fixed speed two high Mill.. 

IQ" x 12" wide fixed speed two high Mill. 

17” x 30" wide fixed speed two high Mill. 

100 TON CAPACITY COINING PRESS by 
Taylor and Challen — virtually unused — fully 
aurcmatic — 160 s.p m. x 2-1 mm stroke. 

IN LINE MACHINE for simultaneous surface 
milling both sides of continuous and semi- 
concinuous cast non-ferrous strip up to 16* 
wide. 

9 DIE, 1750 FT/MIN SLIP TYRE ROD 

DRAWING MACHINE equipped with 3 speed 
200 hp drive. 20" horizontal draw blocks. 

22" vertical collecting block and 1.000 lb 
spooler (Max. inlet 9 mm finishing down 
to 1.6 mm coppcrand aluminium.) 

8 BLOCK (400 mm) IN LINE. NONSLIP WIRE 
DRAWING MACHINE in excellent condition 
0/2000 fc/min. variable speed 10 hp per block 
1 196B). 

24 DIAMETER HORIZONTAL BULL BLOCK 
By Farmer Norron I 1972 } 

SLITTING LINE 500 mm x 3 mm 3 ton capacity 
1974 FULLY AUTOMATED COLD SAW 
by Noble £ Lund with batch control. 

1970 CUT-TO-LENGTH LINE max. capacity 
1000 mm 2 mm x 7 tonne coil fully 
overhauled snd in excellent condition. 

1965 TREBLE DRAFT GRAVITY WIRE 
DRAWING MACHINE by Farmer Norton 
27" — 29" — 31” diameter drawblocks. 

STRIP FLATTEN AND CUT-TO-LENGTH UNE 
bv A. R. M. Max. capacity 750 mm x 3 mm. 

3 BLOCK WIRE DRAWING MACHINE equipped 
with 22" dia. * 25 hp Drawblocks. 

2 15 DIE MS4 WIRE DRAWING MACHINES 
5000fi/min. with spoolers by Marshal Richards. 

3 CWT MASSEY FORGING HAMMER 
single blow. 

9 ROLL FLATTENING MACHINE 

1700 mm wide. 

7 ROLL FLATTENING MACHINE 

965 mm wide. 

COLES MOBILE YARD CRANE 

6-ton capacity lattice jib. 

RWF TWO STAND WIRE FLATTENING AND 
STRIP ROLLING UNE 10" x B" rolls x 75 hp 
per rolls Stand Complete with edging rolls, 
turks head flaking and fixed recoilcr. air 
gauging, etc Variable line speed 0/750 ft/min 
ancTo/1500 ft/min. 

NARROW STRIP STRAIGHTENING AND 
CUT-TO-LENGTH MACHINE { 197J) by 
Thompson and Munroe. 

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

4,0C0 TON HYDRAULIC PRESS. Upstroke 
between columns 92 x 52 ' daylight 51 

ANKER WERK 400 TON INJECTION MOULDER 

UPSET FORGING MACHINE 

4" dia. 750 tons upset pressure. ’ 

2,000 TON PRESS Double, action area 132 x 84 

WICKMAN 2) ASP AUTOMATICS 1961 and 1963 
. EXCELLENT CONDITION. 

WICKMAN JJ'' AUTOMATICS . 6 sp. Excellent. 

WICKMAN 1 i AUTOMATICS, 6 sp. Excellent. 

CINCINNATI CENTRELESS GRINDER. 

Excellent. • 

MAHO MH1000 UNIVERSAL TOOLROOW 
MILLER. Table 47“ y 14". Excellent condition* 
LINDNER JIG BORER, very accurate. 

SLOTTING MACHINE. .14" stroke, excellent. 


Telex -336414 
0902 42541/2/3 


0902 42541/2/3 
Telex 336414 

0902 42541/2/3 
Telex 336414 


0902 42541/2/3 
Telex 336414 


0902 42541/2/3 
Telex 336414 


0902 42541/2/3 
Telex 336414 
0902 42541/2/3 
Telex 336414 

0902 42541/2/3 
Telex 336414 

0902 4254 IV 2/ 3 
Telex 336414 

0902 42541/2/3 
Telex 336414 
0902 42541/2/3 
Telex 336414 
0902 42541/2/3 
Telex 336414 
0902 42541/2/3 
Telex 336414 
0902 42541/2/3 
Telex 336414 
0902 42541/2/3 
Telex 336414 
0902 42541/2/ 3 
Telex 336414 
0902 42541/2/3 
Telex 336414 


0902 42541/2/3 
Telex 336414 

0902 42541/2/3 
Telex 336414 

0902 42541/2/3 
Telex 336414 


01.928 3131 
Telex 261771 

01-928 3131 
Telex 261771 
01-928 3131 
Telex 261771 
01-928 3131 
Telex 261771 
01-928 3131 
Telex 261771 
01-928 3131 
Telex 261771 
01-928 3131 
Telex 26I77T 
01-928 3131 
Telex 261771 
01-928 3131 
Telex 261771 
01-928 3131 
Telex 261771 
01-928 3131 
Tele* 261771 
01-928 3131 
Telex 26 1 77 1 



MODERN USED ROLLING MILLS, wire rod 
and tube drawing p|ant— roll forming machine 
— slitting — flattening and cut-to-length lines— 09u2 4254I/2/J 
COld.saws— -presses^HUiUotines. etc. . Telex 33MI4 


- A recent survey by “Sales Force'" finds that it 
now costs £13,000 ayear to keep the average 
salesman on the road 

And tnnnh of that may be money down the 

drain. 

How many personal visits can even the most 
industrious rep make in a day? 

How much time is he spending between visits? 
How many of the customers he sees are 
actually costing you money to service? 

Mow, don't get us wrong. Salesmen are a 


valuable asset to any company. Too valuable, we 
would argue, to be wasted. 

What we suggest is that you should use them 
for the clients who matter most and use the phone 
to service the rest. 

It's generally accepted that 20? & of your 
clients account for 80°o of your business. 

So keep the 60% happy with a telephone 
call. You’ll take up less of their time, for which 
theyTl be grateful. 

And. fcheyli consumeless of yours. 


It’s worth noting that the cost of a phone . 
call hasn’t risen since October 1975. 

Use It mare and your salesmen will cease 
to be a drain on 
your resources. 

\ Wfetehese 



• y- 'j ■■ • *%. .-A 


to help you. 












Financial Times Monday October 30 107 S 





EDITED BY ARTHUR BENNETT AND TED SCHOETERS 


• HANDLING 

Simplifies weighing 
of truck loads 

AN ELECTRONIC weighing iyslem by turning his own 
system that identifies lift trucks identification key on arrival, 
by their tare weights and 0n weighing, the keyed-in tare 


registers only the load carried weight is subtracted from . the 
on the forks has been developed ^055 weight measured by the 
T, Avery andmsiahed j oa( $ cells, a digital ‘display 
at Chiswell »»ire bompioj. ehmirin^ thp npr vv»i ah t nn 1 v 


at Chiswell Wire company 
Watford. 

The truck driver takes lii. 


showing the net weight only. 
These weight readings can be 


vehicle straight on to a platform used to Invoice customers, which 
equipped with load cells and is DOt . possible with track- 
connected to electronics which mounteo weighing devices which 
have mem or v circuits to store are neither consistent nor 
the tare v: eights of three specific accurate enough to Qualify for 
trucks and their drivers. The official purposes, 
weights are taken at the start More from the company at 
of each shift and entered using Smethwick, WarJey. West 
thumbwheel switches. The Midlands* B6B 2LP (021 55S 
driver identifies his truck to the 11121. 


© PLASTICS 

More big bottles 



• CONFERENCES: 

Discussing economics 

4 BECAUSE governments and and industry are to discuss solu- 
Industry throughout the world tions to the problem of need 
are increasingly concerned, with versus cost and its _ impact on 
declining resources in a fins of design. Speakers will be from 
increasing costs, it Is suggested the U.S., UK, Germany ' and 
that representatives from the France and the programme will 
aerospace, defence, electronics focus on the latest techniques 
and. government departments, for tackling the straggle between 
etc., should liaise with a view cast and need. 

q to finding solutions to this inter- Those wishing to register for 
national Droblem. - the conference, or have further 

So, a Third Joint European' information should contact: 

U.S. . „ International Design AIAA International Design 
Economics Conference is to be Economics Conference. C/o State 
held in London, December 7-8. of the Art. Victoria House, Suite 
at the Royal Garden Hotel. 501, Southampton Row, London, 
where experts from Government 1V.C.1 (01-242 4045 >. 


nESoasmt omnui' 

TUffi-ffT SYSTEM 

This system of Compressed Air 
Processing Equipment has 
bfleftflxtendedand H 
now provnfesfor ^gjCTi , 

%, vi. 

and! % inch piping 

inaa Rations. i fi f 


CAMOffOAffW LTEt. 


ster for • ELECTRONICS 

4ss Drill pipe 
tiB. assembly 


Makes the audit easy 


ALTHOUGH it has long claim'd manufacturers of motor oils who moving large jet e 
to be Ubre market leader have looked beyond the tinplate London, engine bay 

(capturing SO per cent of UK container (costing around 35p) designed trolleys, eai 

demand! with its Compact range to a cheaper alternative (the developed and suppli 

of 5 litre plastic containers, company can produce a plastic Corporation at Cowe: 

Piysu is now goins into high version at about ISp). which also . vltIl _ industrial 

outout production of 10-litre looks good on presentation, 
polyethylene bottles. Two further Uniioy systems. 

The coin pan v has just ordered scheduled for delivery in early 
from the U.S. a fully automated 1979. have also been ordered by 
Uniioy blow-moulding system the company, so that it can keep 
which will enable it to double pace with the anticipated growth OpffJCE 
its production capacity for these in demands for ifs standard w 
containers 5-litre range. EQUIPMENT 

Tt would seem that the growth More from the company at 
in demand for the 10-litre con- Woburn Sands, near Milton -rr/- * 

tainer is primarily due to ihe Keynes. Bucks. MK17 SSE. tP^STiQ ifTJl 


BRITISH .Airways has overcome the problem 
of moving large jet engines at its Heathrow, 
London, engine bay by using specially 
designed trolleys, each fitted with h overpads 
developed and supplied by British Hovercraft 
Corporation at Cowes. Isle of Wight. As 
with many industrial heavy loads, handling 


the bulk and weight of RB 211 jet engines 
within a confined factory space can be a 
problem- Weighing over 6 tons and easily 
damaged once removed from a 747 Jmnbo 
they present special handling difficulties 
within the confines of an engine servicing 
shop. . . 


where experts from Government W.C.l (01-242 404o>. . a TRANSDUCER and Indicator ; 

# • available from Corrosion Inter- * 

national, m Bergen is able ro; 

• ArrfkllMTINfi provide accurate torque control; 

AvLUUH I INu io the make up of drill pipe and? 

«- * . * v 0 collars in oil well drilling. • 

Makes the audit easy & r 

handling equipment by a bracket? 
SOFTWARE developed by subsequent processing- • and and is connected to the elec-1; 
Burroughs for use on mew of evaluation, and print the desired tronics box by a cable con-? 
the company’s computers will rc ££. rt .. ; tained - in a heavy duty? 

allow management amt auditors ^h e software is a development waterproof conduit; readings? 1 . 

01 A *sf* R «e orter ***** appear on a moving coil meter* 
witn a minimum amount or com- some is months ago and. since calibrated to 75.000 ft lb. 

puter knowledge, to generate it is now available on line will . An alarm device in the bojr: 
their own reports from any ter- greatly reduce the task of can be pre-set to any desired” 
minal linked to the mainframe, auditing financial records as well torque level, enabling’ the drilled, 
whatever its location. as providing managers with, a to keep track of Jhc torqufr 1 

Called On-Line Reporter,, the powerful too! to aid management applied without diverting hit 8 
software makes use of uncom- control. attention from the job. 

plicated English-like instructions Using the system the auditor More from Mr. Thoma; 

to define the data requests from can generate associations. of data Thomassen. Corrosion Inter.- 
the keyboard.. ‘ The user can in the database, sample data national A/S. P.O. Box 1739/' 
then selectively access .files, files and bring together data of Bergen, Norway. r 

stratify and sample from them, a particular kind. Burroughs. is 

accumulate totals and other at Heathrow House, Bath Hoad. • INSTRUMENTS 
statistics, create data files for Cranford. Hounslow. Middlesex -*->• -a . 


COMMUNICATIONS 


• PROCESSING 


Recovery of solvents 

APART FROM satisfying en- is 5 kilowatts and. according to 


Keeps track 
of all 


tion is entered and acceded to the central processor to learn 1? 2(llO 3.1 d the yacht Heath s Condor -in the AVAILABLE FROM Endevcn is®' 

using a key-to-disc system. the status of the file on his single 1977 Whitbread Bace. f atiniMure nieSresistiJe mtorff- 

If a file is requested by some- line display screen. In such . • 1- ^ I L tir 5' y s^'^tetned *** * phone designed specifically for 

one. the operator keys io a title cases the time to obtain a docu- VH11FV1V3I ’ fluorescent plasties case. measurin ., fa ^ h f Q ^ n sitv sound** 

or number and the location ment Is typically divided by two oLI.1. T It. ill the unit Is powered by a 13-vou over a , ^ j vnarnic rane . e an( je 

appears on the screen: she then or three. cirv ,. c P ., T . h high-energy lithium battery and a frequency spectrum. 6 

keys in the location to which the Lower limit for economic use *?°. gD13 / Tfls Mode! SSaOMl* was developed' 

file is to be sent and a small of the system, which costs about J ur pY al lf !?,? i l ° e L alrns lha * ir has a .'? helF llfe io satisfv the stringent tcst J 

printer produces a docket that jjS.000, is approximately 3,000 .f 1 ^i^oSSd^iin* ™ P thi of to lD .- veaps wrtj0UI requirements during Bight test-*' 

is Placed in the sleeve of the file Ales 5SL?,?J ^ J* P f£L5? *52** rtquiremwrt.. . \ ’ ing ef jet aircraft, and for- 

holder when the file is removed More about- the equipment The ,„ tra ^ autt S r 1 ,s b ^° iast acoustic measurements on rocket '• 

fnr dispatch. Should the file which is called System 7000. from ci “ fl21 ‘ 5 ® n SL at and will withstand Immersion up ea! , iaes ‘ 

already be out of the central Cole Electronics at 105, Laos- ran ^ es up 10 -200 miles. to 50 metres. It will .unction m- The microphone is sensitive 1 

registry a “reserve” docket is downe Road, Croydon, Surrey Called Locat. the beacon was air temperatures from —20 to from lflO to I&0 dB and responds 

printed. CRO 2BN (01-6S0 8507). designed by EMG in. coopera- +60 degrees C and at a nominal from DC throughout the normal • 

The operator can print dockets tion with the Ministry of ambient of 20 degrees- C has *a audio range, with high level 

at th*' time the file is requested _ Defence, and is .now to be made transmitting endurance of J6 output. The device is. only 0-17 

or store them until the central T nnr available on the commercial hours. Operation is by removal inch in diameter. 0.37 inches ' 

station buffer store has 24 such JuUW lUH market - . 9 r £ gin 5 i o( a Pla and a ™g-vaU^. long. . 

renup«5ts when the docket-- will were earned by Great Britain II More from the company at More trom the company at 


Johnson and his crew aboard 


Picks up 
loud sounds l 


^■StS' S R=r r in !he AVAILABLE FROM Endevco rf- 
1 PntirSv ^aif-cnn^ tained’ in a a rfum Mure piezoresistive micro- 1- 

P hQne float’d Specifically for. 
the°unh“s Dowered P by t a''l3rVoft measuring high Intensity sounds^ 


SIGNALS PUT out by a new we jahs 330 gms. The company 


a wide frequency spectrum. e 
Model S55QM1 was developed 


toe M 


vironmental controls, the re- the manufacturer, there is no jjaNY organisations — local/ printed. 

cycling of used solvents can also danger of explosion. central government departments The operator can print dockets 

prove a profitable business for The company has calculated , i n ; ur , n c- comoanic-6 for at the time the file is requested, 
industry, says Drostholm Pro- that a manufacturing plant witn “ n - , 0 r store them until the central 

ducts A/S. DK-2950 Vedbaek. a weekly consumption of about w-aiple-aU) oav c the need -?5uS 

Denmark. 200 litres of solvent (say. tbs maintain a central registry of reqiI9Sts when lhe docket.- will 


"and a smaU of the system, which costs about survival radio transmitter made B i a , ms that ir has a shelf life stnn"ent te,t> 

a docket that £S.000, is approximately 3,000 jJJ.? 1 on P thi ° f ^ t0 ID .- v ' eats wirtj0UI *** requirements during Bight test-*' 

?eve of the file Ales. PiSS .«q uir e£?ent.. .. • ' lD J ef jtft aircraft, and for ■ 


already be out of the central Cole Electronics at 105, Laos- 
registry a “reserve” docket is downe Road. Croydon, Surrey 

: — - i POO OO NT /ai r»n« rermt ^ 


CRO 2BN (01-6S0 8507). 


Low cost 
terminals 


nylon-coated The solvent cleaners arc said r - 1 - 
continuously io he so efficient that 200 litre* !n.”. i c.i 


keeping 


An uniuj riant advantage i.-thai l-vi uUXltUij 
th-' file area is entered only to 

retrieve documents that are [-'•TEaDED FOR connection, 
aei-.ial!j there— unnecessarv trips remotely, to ICL's 

m the files are eliminaicd. System 4 and the 

Fnr large orcanifatmr^ remote A 

tcrnnnais can be provided: the M, ,nt ? l *i ent tern,lna ? which 


without constant Rupcmsinn. of dirtv solvent will yield IfM remrri- .« s sn*.i! 'he (••rjitiin of terminals can be provided: the «, 3« K wa,cl1 

Power cnnruniption nf each type I ’.ire- for re-use. each ni«- the ne.-»»»w mforma- user --imply keys In the request screen and -»tik bytes 0 ' of 




New issue 
OctoceroO.lSTS 


AH these Sonds having been sold, this anneu-ce- 
menl appears as a mailer of record cr.ly. 


PUBLIC OF AUSTRiA 


DM 150,000,000 

5 3 A% Bonds due 1990 


WSSTDEUTSCHE LANDESBANK 
GIROZENTRALE 


_ GIROSEfJTRALE UND BANK 
DER OSTERRE1CHISCHEN SPARKASSEN 
AMiengeseflscbaft 


SANQUE BRUKcu.ES LAMBERTS. A. CREDITANSTALT - BAKKVERclrl 


CREDIT SUISSE FIRST BOSTON 
Umfietd 

G ENOSSENSCH AFTU CHE 2ENTRALBANK AG 
Vienna 


DEUTSCHE GIROZENTRALE 
- DEUTSCHE KOMMUNAL3ANK — 

* KREDIETBANKS.A. 

LUXEMBOURGEOiSc ' 

SCHOELLER&Co. 


Abu Dbabi Investment Company 
AlahB Bank of Kuwait (K.S.C.) 

Algemene Bank Nedertand N.Y. 

A. E. Ames & Co, 

Limited 

Amsterdam -Rctterdsm BankN.V. 

Arab African International Bank - Cairo 
Sankhnus H. AufhSuwr 
Banea Convnsrctale ttaOana 
Banco MczlonaJo del Lnvoro 
Banco df Roma 

Bank of America Intemotfond 
Limited 

Bank JuSua Boer tnta matt onal 
Limited 

Bonkers Trust Memetlmel 
timitod 

Bonk fur Oomoinwlrtschatt 
AkhengeaelOcfiaft 

Bank Oobcud. Gutmarm Nfg. 
Akuenge-seflschatt 

Bank Cutzwaer, Kura, Bung w i or 
(Overseas) Limned 

Bank Meesfi Hope NV 

Dan q u aBnixekee Lambert SJL 

Banque Franpatae du Commerce ExtMeur 

Banque Bfoerala du Umndows 

SodeteAnonyme 

Banquette TlndocMne at da Sues; 

Banqua Intamattonate ft Luxembourg S> A. 
BanqnoNatfonalede Paris 
Banque Nontourepe SLA. 

Banque da Paris et des Paya-Baa 
Banque da Parts at des Pays- Baa (Sufaea) S -A. 
Bcnqtm Poptriako Suisse SJL. LincamtwurB 
Banquo de PUnlon Europeenne 
Bayefteche Hypothaken- und 
Wacjtsa 1-Bank 

Bayeffactio Landosfea nfc Ofrosentrafs 

B a y wW i e Vareinabank 

Bergen Bank 

Berliner Bank 

AktfanaesaUschaft 

BetffnerHandefs- ' 

und Frankfurter Bank 

Sfyfii Eastman OIDbn & Co. 

Intamotional Limited 
BSJ. UndenvritefB Undted 
Catesodes Depots at ConajgnaikmS 

Ctiase Manhattan 
Limit ed 

Christtenla Bank og KradRfcassa 
Qtfcoro Intemational Group 
C umm oizbaik 
AWfensese«3cfiaft 


Copenhagen Handdsbarik 

County Sank 
Limited 

Crddtt Commercial de Frenco 

CredltottaBano 

Dotwa Europe N.V. 

Rlehard Deua & Coi. 

Bankiars 

IDeteruck&Co. 

Den OenskeBank 
at 1071 Akticsclskab 

Dor norske Oedrtbardc ■ 

Deutsche Bank 
AWfengesellschaJt 

DG Bank 

Deutsche Gonossenscftaflsbanic 
DDton, Read Overseas Corpo rati on 
Effect enbank-Wmtmrg 
AM/anpeiaHschaft 

Dioereto Osterrelchisclts Spar-Cauo 

EiffiomoMllam SLp A 

European Banking Ccmpany 
Limited 

Antony GDbbe Holdings Ltd. 

Gnjupoment dos Banqutete 
Priv6s Genenrota 

HambraaBafdc 

LfmHsd 

Geora HanekB Sobn 

HesctscbeLamlerirank 

-Gtraaentrale-- 

Wl Samuel & Co. 

Limited 

Industriebank von Japan (Deutschland) 
AktiengeseHschaft 

K awaa m a Oaaka Ite n klJ 
Kidder. Poabody International 
Limited 

KWnvrart, Benson 

Li mired 

Kradietbank N.V. 

Kuhn Loeb Lehman Brothers 
International 

Kuwait Foreig n "Trading. Contrectlng 
A Investment Co. /S.A.K.) 

Kuwait International Investment Co. s.aJc. 
Kuwait Investment Company (S.AKJ 

P ank ha un Hermann Lsmpe 
Kommanditgeseilschart 

landaabank RheMand-Pfatz 
-Girozentralo- 

Lasard Srotheta -SCO. 

Limited 

UDydeSankhtemaUau] 

Limited 

Loeb Rheedes, Homb tower International 
UmffetJ 


CREDIT LYONNAIS 

DSESDNER SANK 
AktiengzseUschaft 

©ST5RREICH1SCHE LANDERBANK 
Aktlengessllschaft 


Manufacturem Hanover 
Um:trd 

Merck, Pnek & Co. 

Merrill Lynch International & Cc. 

B. Metrlerteol Sobn i Co. 

Korqon Gienfeil & Co. 

LinV-rd 

Morgan Slanloy International 

Lrrr. led 

The NiUco Seeurftie9 Co, (Europe) Ud. 
Nomura Europe N.V. 

Norddeutscbe Lmdesbonk 
Glrozsritralo 

C-sterrefcfibcbc PostspaHcasae 

Orrtenoichlsche Voflobankon 

A '*"■ i a n g esei 1 1 i' nab 

Sal. Opponheim Jr. 5 Cte. 

Orion Bank 
Limiled 

Pierson, Holdring & Pierson N-Y, 

FKbonfcen 

PostipankM 

Privatbanken Akttesefekab 
Renouf&Co. 

N.M.Rotft3cbtfd45one 

Limited 

Sakimon Brothers Int e rn ati onal 
•L Henry Schroder Wagg fi Ca 

Limited 

SRamflnavfefca QiskUda Bwtfcm 

Smith Barney, Harris Upham & Co. 

Incorporated ; 

Societe Otne r el e 
Societe Gfwioralc de Banquo S.A. 
Spaibankemas Bank 
Svenska Handetobanken 

Swiss Bank Corporation (Overseas) 

Li mi led 

Trinkaus A Burtdi a rdt 
Union Bank ol Finland Lid. 

Union Bank of Norway Ltd. 

Union Bank of Switzerland (Securities) 

Linden 

Vorsins- undVfestbark 

AHiengesellschan 

U-Vontobei&Ca 

M.M. Warburg-Brinckmann, Wirtz A Co. 

S.G. Warburg * Co. *M 

Vtestfalenbcnk 

-ktiengeseilschaft 

VtestLB Asia 

Unwed 

Wfood Gundy Limited 

YamafeW International (Europe) 

Urrjisa 9 


Zentralaparkasae der Gemeinte Wien 


Store costs under £4,000. 

Distributed processin? can 
therefore he instituted at a 
modest cost in offices, stores, 

rehouses and other places oF 
work where they in ay be needed, 
allowing users to insert data ‘nto 
the computer, system where and 
when it arises, or to interroeate 
a* will the computer-held files. 

A more powerful version 
imndel 15 » has similar specifi- 
cation to Model 10 but emolovs 
s parr of dual floppy disc units 
I with a local on-line 

c ipdcity of 0.5m byres— allowing 
*be terminal to he used in a 
stond atone mode. 

Both new models are fully 
compatible with the more 
powerful existinq 7502 terminals 
of 'which over 4.000 are now in 
use throughout the world. They 
uie the comprehensive 7500 
range terminal software which 
is already developed and proven. 

Terminal executive software 
provides the basic control, with 
full screen formatting and 
operator prompts, and it can be 
teleluaded over the transmission 
1ml? a: any time to suit the user. 

In the more powerful model 15 
a terminal programming 
language is available which can 
provide data validation and 
error correction, local file lock- 
up and full arithmetic abilities. 

First orders have already- 
been placed by Northern Rock 
Building Society — for 14 
terminals ro work with a 2906 
mainframe. 

ICL is "at Putney, London 
SW15 ISW (01-788 7272 ». 


in the 1975- Clipper R&e . to Wm. Wright Dock, Hull HU3 Melhourn. Roystnn. Herts SGS 
Australia and by Robin -Knox- 4PG (0482 25163). 6AQ (Royston 81311). 


Don’t be caught 
with your 
amps down 



To industry, commerce and the emergency 
services the toss of electricity supply can be more 
than a temporary inconvenience — it can be 
costly and sometimes even dangerous. 

Honda portable generators will helpryou carry- 
on. They can provide electricity to drive power 
tools and appliances — light your factory or 
offices and workshops — charge batteries from 
the O.C. -output — so that you can keep your 
fork-lift trucks and commercial vehicles on the 
move. 

Honda standby generators have outputs from 
250 watts to 4500 warts A. C. or 6, 1 2 and 24 
volts D. C. , all are powered by reliable 4-stroke 
Honda long-life engines; . 


RARE EARTH 
MATERIALS 

A ONE-OAT SEMINAR ON 
ADVANCES IN APPLICATIONS 
Friday 17 November in London 
Speakers from Plessey, Philips, 
Birmingham University and 
ocher leading institutions. 
Derails from: 

“RARE EARTH BULLETIN’ 
The Old Mill 

Dorset Place. London E15 ID] 
Tel. 01-534 4882 . 
or r.end cheque for £25 



Wfe^ve hod it Successfulcompanieshave been 

• „ settling and growing-in Taysidefor 

coming for years. ^353^. v 


Involved in a range ofactivities so broad ^that it embraces eveij^ and 




And although 
the environment's as 
rich, varied and 
beautiful as any 
you'll find in the 
British Isles, it isn’ t 
lochs and 
mountains that 
bring than our way. 

Factories, offices, skilled labouu^ port fe<^ties r mofinrway access, airpoxts 


1946 


952 


1971 













l 


■Vli, 


£21 



financial Times Monday October SO 1&7S 





17m London office block 


( 


v. contract 

.■'■^.quarters for 
i?j^>mucnr^i 


f«r ne-A* 
the Inter- 
Maritime Con- 
,'l$tive Organisation. flMCOi 
•' Jt* huilt on tiv* Albert 


tv nu i iv on i.v Ainerl 
jk»nkjncm in London has 
‘It to Kvlu Stewart 


, "The Department of the 
.^•rtlronmont. Property S»*r.-ices 
‘‘wiey. It will «*ct>l £l7m and 
i*. jiiil Marling 
. rdi-rod »y Lambeth High 
. ’ t ii> th«' ea-*i mid the Lontii.n 
■ Brigade Headquarters to 
south, the premises -will 
rise a f nm r-s lvre> -hn» ft 

>al spine block runnia^ 
1<*1 w*ih the river anti a 
;«2 .seven -iioro-hJRh tear 


block to Lambeth High Street 

A two-storey-bigh conference 
hall accommodating 550 people 
i*i planned to the emr.-of the 
sale. The basement is .planned 
for 70 cars and various plane 
rooms. 

The front section of the budd- 
ing, the lower Doors of the main 
spine block and conference hall 
will be steel-framed with in stiu 
and precast concrete flours. The 
upper floors of the main spine 
block and the s-even-storey rear 
block will be in in situ concrete. 
The fbur-siorey facilities Mock 
is to be founded partly on exist- 
ing mass concrete pad founda- 
tions and partly on a raft. The 


conference hall will be founded 
Parity ,. n piles and partly on 
the main building raft- _ 

Aece«.i for vehicles is to be 
from Albert Embankment and 
dekrgatfi vnll ahgbv from i heir 
cars under cover. Vehicles leav- 
ing the basement car park will 
have a r< etui to Lambeth High 
Street. 

Internal ftmsheti to the ground 
floor entrance and first level 
will include granite paving, 
travertine wall linings and 
anodised aluminium. The ex- 
ternal finishes wifi he uf lilv- 
f acrd )i recast concrete units, 
in situ ii ling and bronze ntctal 
cluddiny 


TTiere is tD he a landscaped 
terrace at the fourth level v;ih 
access from both the recreation 
rooms amt restaurant providing 
views over the Thames towards 
The Paiact? of Westminster. I hi 
conference hall roof, winch will 
be overlooked by many of the 
offices, is to be tiered and land- 
scaped. 

Professional partnerships in- 
volved in the scheme are 
Marriott Worhv and Robinson 
(executive architects); John S. 
Bonnington Partnership i con- 
sultant architects); Gardiner and 
Theobald (quantity surveyor? i; 
and Oscar Faber and Partners 
(consulting engineers). 



••^W oriqyeaders^ 
iristeeTframed 
' Industrial - 

Cc^e^ntctrn^wnl£RLl6di 


TVQ* 

1 yAijW rt w wft i r>fl Bird gWnj 


tract uf [IkJ.lOu fnr :iu ■■Men* 
sion to the automatic telephone 

exchange ATE building in 
llurlesiun. Norfolk. 

Work consisting <<f f he 
erection uf len iwi I- person llji* 
and eight four-person houses in 
the Borutiuli of II;iriiiyc> com- 
prises a contract for i'L'TO.OUn. 
The timber f ruined residences 
will have concrete i noting-*, 
ground bearinv' concrete ilonrx. 
brickclad walls. dry lined 
internally, and limber rouf 
trusses with concrete nlrs. 


aterson Candy Holst 
cures £7m water job 


Sharing 

pipeline 

contract 


fully air-conditioned and douMc- 
gjazed throughout with solar 
glass iu counter the greenhouse 
effects in hot weather has been 
designed by Michael Twig? 
Brown and Partners. Most uf ihc 
heating in the winter months 
will iic achieved by lighting and 
heat runservatmn techniques. 

There will also tic :• nrw 


THE new 123 metres long preslressed 
concrete Runnj-tnedc bridge over the River 
Thames takes shape. When completed. It 
will carry the southbound lanes of the A 3(1 
trunk road and >125 London orbital 


motorway, parallel and adjacent to the 
existing bridge which will carry the 
northbound lanes. 0\> Arup s.nd Partners 
are supervising construction and the main 
contractor is Fairdough Civil Engineering. 


Water in 


a 


HTvST SL’SSKX Ware- ?nd ! rented water Provision will be 
lap'- diviH-m fi f ti-c made mr second and third stages 
svrn Wfter Authurii.- has .«f development, to increase the 
dr-i a contract for over £7in rapacity to ISii) g>llnns a day 
’.ilor-on '•.indy Until. the ami. with the jnUallatinn or A SURi lONTKACT, valued at wnicular access to and from 'he 
iv owned specialist water additional plant, an ultimate ahniu i:tm has hcon awarded tn ” nkinqham Road plus art ml ion a) 
ment c&mpan.v uf the capacity of 3flm William Press and Son. which £ a .y parking space in skimped 

. tii Group and Norn ,<■# P»nl and plant design work will h*- responsible Inr the , n, i' . . 

,i- i. on the 42-nwnlh contncl - is uK-cha nival and electrical works, orl \ l,as ?: r ? aa *' Mart. 'a on 

comprises the firkin already undvr way and pre- together v-ith a section of the s ); e and should he completed in 
’* I ‘-upply of the complete wjivr limmary site work is due to start land pipeline. designed to cun- J*- hiontns. 

! v iv.«*nt works ;.t Hardhjm. m December with the inlonrion ncct the Gulf Oil refinery on the 
1 *;l).nnnivh. West Suw\. tn start lhe assuciaied civil con- north Mil.- of Milford Haven with 

. w plant will tntlMliy pro- --.tnmuon work early in the New the ratal, tic cracking unit on th# 


Plymouth 

hospital 

work 




7«nt gutluiis a day uf Year. 


French Kier 


5.2m mixed bag for Boot 


south snle. This is currently 
under construct tun for the Pem- 
broke i racking Company, a p 

partners-hip of Texaco and Gulf dbJ. OlTl 


Oil l Great Britain i . _ 

v The company's involvement j i 

LVDF.U IN cr.nirais worth tie, holding, retaining waits, enlatls th- conslruciion of meter- WQrri| 

•.'n.'Jiu awarded ti« Hrnr.- roadworks and drainage . in= . M.niuns. val\t- chambers 

Construct inn is ..Men-tiw. The Milton Kevncs Develop- *««• lelenieiry and CONTRACTS WORTH fl 6m ;o- 

inr Ihc GniiMi Steel Cnr- rneni Curpuratiuns award for insmuneiuaiion system, and I ho gether have hern awarded iu two 



V* .d 


trio mcltmg «hop at Rother- T i pr0 c ramui ed ^ alk - v . ,a 

- The company AM.- thaMhe f comp]rtion in 50 weeks. 0*le ga.- products, 
tlv pros rammed contract hero Wnr ». K s . lnrtr . ri a rosonfifl 



is worth I-.om ami i? Tor car"narkincTnaces , ''iit Cracking unit. Four 8-inch lines rration block, boiler house and 

ding wind civil engineering ‘ r »,» ifffltt w »i iL 3n eiii-irv stnic- :,,so h * la,d in ,his srcUon clocking-in station, t«> be under- 
the Tent pi ebo much » the return of low naptha, taken by Kier. 

;tl ky laics and mixed Tins company has .il-o re- 
ceived a contract valued ai 

pro crammed contract Here ’’wnAhM n« j, 19SOOIIO £250.000 for civil works on the 

•ivps work m connection with , 7* r S^ C . fl fin " ru S 1 Tilbury dock flood defence gate 

column b 3 Fo. mam if ^ .at Tilbury Docks. Work includes 

htcli is to he carried oui 
mm inlerna! diameter 
Sheet piling and rein- 
‘ caps, beams and 

jjSt&ISctural concrete and 700 in snu w Uh '^he" AS-’^usin" tiie -3&^TjllI foundations are belna used i« 

»««•- iiif ra ,ul, ^ Z build ihc access sate in The flood 

S? tS5 " f G' iNTRACT DR For the defence wall. 

Southern Water Authority 
River and Water division) 
nrded a contract worth 
tn French Kier Cun- 
Tor sea defences at 

j? u nw»i I wo aujoiuiug. <njeit-tiuui m nam bc known .IS M E " Building and Sheppey. This calls for fhc driv- 


1UGGS and Hiil Building ha, 
been awarded a 11.4m contract 
fur the construction uf residen- 
tial accommodation at 0**rriford 
Hospital. Plymouth. Work has 
begun and is due fur comple- 
tion by March 19S0. 

The residential block project 
t-? the third Dorrifnrd contract 
iu he awarded to Higgs and Hill 
r»y the South Western Regional 
Health Authority . The company 
is due to complete lli* 114m 
phase one of ihc hospital m 
1979. 

When completed, phase one uf 
the hospital v.iU accommodate 
959 beds Willi all lhe necessary 
specialist departmental suppuit. 
including operating theatres, an 
intensive ear*- unit. X-ray 
facilities and an accident and 
emergency centre Office accom- 
modation and fully equipped 
kiiehens and a Hininc ruont will 
also be provided. 


cnn c .tniclion with brick and metal 
clad walls and a met a I clad roof 
comprises the £].3:n work at 
Wilton, plus storage areas and 
assocutcd buildings. 

A housing modernisation run* 
Traci, worth io'dr.tmo. nr Swmton. 
involve^ the relurbishin” r*i su 
council homes. Work covers 
extensive renewal of rfae fabric. 
installation of central healing, 
new kitchens, rewiring and re- 
newal uf service s 


Coal Board 


job for 
Mears 


Busy in 
South-east 



d piles. 


Wimpey in 
Cleveland 


TWO CONTRACTS, together 
worth £L7m, have been won by 
George Wimpey for work at 
Wilton. Cleveland, for )C1 Pelro- 
chemicals. and in Swinton tor 
Salford Council. 

A laboratory- of solid frame 


THROUGH ITS operating com- 
pany. Hunting Gar#* Develop- 
ments. the Hunting Gate group 
i«. ««• develop retail i.fiicv. factory 
and warehoufi' facilities in the 
south fast Of En-iand for several 
major compame- 

Thc company ha* pre-let a 
£Iim. 34,51 tf) ?-q f; .•iuperniarkei 
wflli a-sncintei) facilities and 
offices in phase 1 of the town 
centre's development plan io 
J. Sainsbury. 

Ar Southend-im-Sta. it will 
develop what it says i** the 
largest purpose-built DJY retail 
warehouse* in the country Tor 
Texas Homccarc. The 50.00i) 
sq ft building, close to the town 
ventre shopping facilities, has a 
value in excess of t'l.Sm. 

Earlier in the month the com- 
pany had the go-ahead fur a 
speculative lighi industrial/ 
warehouse scheme in the London 
Borough of Croydon. Units total 
some 54.000 square feet and fol- 
low similar schemes by the com- 
pany at Aldersljot and Hertford. 
Value of the development, at 
Keafey. is in excess of £I.2m. 


WORK AT (In* Rjccull and 
Snllingfleet shafi sites in York- 
shire of the National Coal Board 
is io he earned out. before the 
mines become operational, under 
.i £1.2m contract awarded ti» 
Mears Construction. 

Within ihc six month period 
of the contract, i he company is 
to undertake siu- clearance and 
levelling as well as ihe Construc- 
tion of the site roads and tem- 
porary car park.-. 

in addition, tlx* construction 
nr j Mock yard up to sub-base 
level is i u hi- done together v. nh 
drainagi- and M-wago disposal 
facilities 


BRITISH consulting engineers 
arc to help the Government of 
Eyypi study lhe feasibility of 
providing water supplies in pro- 
vincial areas of the country. 

A c i list) mum has been set up 
to undertake the work and will 
he a joint venturi- b> Binnie and 
Partners. Cooper? ].* brand .l-wi- 
nates and Dr. Anim-d Ahdcl- 
Waritli. Cair.i consulting engin- 
eers. 

The 14-ttiunMi study will »-v- 
I'ludt- Cairo. Ali-xandna and the 
Canal cities. A icam uf 35 engin- 
eers will in- engaged on me 
prujecl. 


SunSey at 


a wav 


£2|m awards 
in South 


INCLUDED IN cun tracts total- 
ling over £ 2 im awarded to 
Norwesr Hoist Suut hem. is one 
fnr i’Hni awarded by the 
Sauthern Electricity Board for 
a ihree-sturey reinforced con- 
crete framed, fully air-con- 
ditioned office block, with brick- 
work cladding and adjoining 
car parks at Daisy Meadow. 
Vicarage Lane. Egham. Surrey. 

Another contract <E330.H7‘Ji 
awarded by Vusper Thorny croft 
is for building modifications and 
oilier work hi Southampton. 

The Property Services Agency 
of the Department of the 
Environment has awarded a eon- 


CONTRACTS totalling £1 3m 
have b..-cn ■•••-on by Bernard 
Smiley and Sons inr work in tlir* 
V l\ which includes: a £217.000 
rust au ran l at Windsor Safari 
Park: ITOU.pno factory in Bedford 
for Zodiac T<v.s : rMcnsums and 
alterations at Edgujn* for 
Banker-.’ Anlumalod Clearing 
Service*, value £300,000: and 
refurhishment at I Art LeadenhaK 
Si reel for Bank «*f Credit and 
Commerce international, value 
£300.000. 

Lowest tenders have been sub- 
mitted fm* dwelling* ai Whitworth 
Road. London SK35. for .Shaftes- 
bury Suciety Housing Associa- 
tion. value £240.000. and flats at 
Coventry for rbp Royal British 
Legion Housing Association, 
value £234,000. 

The company has won a design 
and build contract for a dairy 
plant in debt I Ah. Dubai. The 
single storey steel framed struc- 
ture will have concrete block- 
work external walls w ith double 
skin insulated (roughed alumi- 
nium rootinc. 




[ J&tract for extension to BSC*s tiers Gauge Company. This <sork 
, . m . air strip prodNCtion unit at involves general 'demnlrtJon and 
,/33®arksbrldse. 'Work here should alterations, new foundations 
71 weeks and involves ox- and work zones, insolation, new 
*“ ??5f 1i3i4Jin£: The existing steel strip finishes throu3hout : 3nd installa- 
A . ; ? .brtmentand the construction lion of heating and rcnlHatioffi 
K • I [plant foundatimi’i, an ament- water and electrical services. 

• 


Joining a tunnel 

job r*f lining » quarter nf at Frosterlcy in Weardale and 
inns nf rnnm'ic alone Eggleston in Teesdale. 
whole length uf the 17.2 Each i, over 150' feet long and 
bins Kiclder tunnel (being will form a tube to support the 
'y '&*&***** ia traniil'pp n-atPr FrAifi J hn rflBrr^lL' whifh Will JjlJO Ui(i 


. tn transfer water from the ronnelc which will line the 
dvr Reservoir, from ihc entire surface of the tunnel, 
•r Tyne tn Wear and Tees! When the concrete has hardened, 
slaii in February nexl year, after 24 huurs. the shutters are 
... removed and placed on the next 

ns work is part oi the £19_ui se ,.^ 0 n of the tunnel in readi- 
ract avarded in L i4 io aess f or f lir |h er concreting, 
e lees Tunnel ting for con- riie Northumbrian Water 
cUun of the tunnel. Authority says that concreting 

v? last nf three Italian made will begin on the 9-tmlc long 
utters” which arc an c^sen- Wear to Tees tunnel where 
parr of the oinrivtins pro- tunnel driving will be completed 
. have now arrived on Mlo by the end oi November. 


5m housing 


►HITS 


JJI* JJlb* T i'f th» 


an, I duo for completion by 
i.Hr* lf*SU 

M Ei-lun. f.b'vcland. the cum 
panj ha-, nlaricd work tin 
1 1. Sin contra n in bin id homes 
fm- u;> iu 5S4 people fur the 
Rnrmiqii «,f Ljirgb.turgh This 


CONTRACTS AND TENDERS 


. ^^HHiHic Group. h.i<h.-in awarded C'ouprjsi- >1 Imuse-. ...? bung:.- 
con Had v.nrtii £4.3., . b».vs 52 lat> in iwu-sturey 
H.,- La.ndoi. Bmoui-h of 1,1 WiM. ^ n » a'* peoples 

,H vn imictin;: had 


„• -54 i-iiileJ f-.r will The nvv. mime- anil hall ar 

a*', ib- -.ec-ind ami fn.al >Uge f BankfieMs Kuad. a few 
' u- i.l.'iJcn ae’.clnpinenl. mtnuics walk rrum another 
uviure uf flat- !>i:i i-i incites huusing- develop me in also being 
iioiiM— piovidntg m. com ion- bm!t by ihc company under a 
hi, m „ne. iv, o and four i 1 flm contract reten My awarded 
mi unit* including home* by the -a me borough 
Hi- v .|derl> Gun suiting Tin* enaimwring division 
is .,ic chv Amp and i he company annonmva that* the 
n ,.j. v £40m--.rurlh uf work for the 

oi|.-r ..iio'.hc-r cnnirjct. valued British Steel Corporation's new 
1 i ;».),} ns •> iu nuuruvw if-on-inuking fompJcN at Rcdcar. 

,-i.j.jn f,,r tlo- London Clcvelarnt. ha« now been 
>u_-h "f Ilaiingoy luf) houses eomplclt-d. 

h»." Noel Tar!- li-tati-. M ood I: Ijcffaii vvork in'iv in June. 
•. n ‘ 1H7.-J. ffijj.iv.-m- The award id 

- _J . Hi-viJ. Guniiis i-« »<• build ihc niul'I-milliiin-pound cimlracl 
ti-|-|-.«-ed house- I or ine (,„■ ,hi* Kr-t pha-c of the work 
mi l; h of Torqnav a* l'aicnbm. which involved til,- .-onstnici ion 
lanti.DUil scheme incbid'*-, „f r.jundalinu-. fur iiialena! 

: level four bedroom hou-,e.s. handling plants, .sinter and 

pelh-t-makmg plan 1 5 . together 
with roads, service* and ihc 
cou-iniciiop of 'IS a-suciaicd 

aneidary buiidings. 



<7 
& 

NEW com pm or installation 
additional oflicc spare :«< ihc 
dquarlcrs ( ,F t)i<: Leicester 
jlding Society will be housed 
a • thrcc-storey block 10 b<* 
It under a contract worth 


wins Home 


£i*.7 m awarded to the 
fcfe; .--''’•fiand region of John Lain- 


Office job 


istructian. ■ 

o be constructed at- Glen 
,a' jn Oadby. I^icesler. on u 
. ; next to rbe Society's exisi- 
• * hettd office, the building will 
f f pf 'reinforced concrete frame 
pad foundations, clad in prc : 
is': concrete panels, tile faced 
- vs^the upper storey, with brick 
..juJswafe eaclosure and a flat 
roof providing an in* 
j floor area nf SH50 bq 
a* re*. - 

Vi will be connected in !hc 
’Ming building on all three 
r >u by a stee! framed Shis- 4 
•' 1 corridor lick with brick 
l- tOiltM hlorJ.C, lift and stair 
er. VV’ork has attend} started 


EXTENSIVE construction work, 
as well as demolition, at the 
Young Offenders Complex. Felt- 
ham. Middlesex, is to be under- 
taken by IVjllment Bros under 9 
£3.8m coniraci awarded by the 
Home Office. 

Work here comprises the 
erection of nine houses,. admins- 
iratinn building and substation 
as well as landscaping, various 
externa! works and the demoli- 
tion of existing buildings. 

During the past two years, the 
company has already carried 
out rwn separate contracts here, 
foepiher worth £2tn. The largest 
nf these involving construction 
of k holier house and laundry, 
will be completed next month. 


V0D0V0D DUBROVNIK 


Poduzece za izgradnju i odrzavanje vodovoda 
"i kanalizaeije Dubrovnik u Dubrovniku 


Invites Tenderers 

for Construction of Central control building 


"Which construction represents the fifth stage of reconstruction 
of the Dubrovnik Water Supply and Sewerage Network: 

Subject of the Tender are the works specified by the Schedules 
of Prices: 

"A"— Schedule oF Prices contained in Volume No. 2 Tender 
Documents— Civil engineering works for central control 
■building. i 

— Schedule of Prices contained ib Volume No. 3 of rhr same 
Documents — for supply and installation of Electrical equip- 
ment for central control butldifig. 
which are shown and described in the '.drawings and textural part 
of Tender Documents and in Technical Specification of the Tender. 
Tenderer may submit bids for paru “Ay or “ B “ or both. 

Preference shall be given to Tenderers bidding for the two 
parts provided other conditions being equal. 

Works comprised in Schedule of Prices " B " may be tendered 
as subcontracted works, in such case the namelsj and main data on 
Manufacturers) and Subcontractors) shall bc stated in the Offer 
“ Vodovod Dubrovnik "' has obtained a loan from the Intern.*, 
tional Bank for Reconstruction and Development and some proceeds 
of this loan will be used to cover part of above works. 

Tender Documents may be purchased and offers submitted 
by Yugoslav companies as well as suppliers and contractors regist.-rud 
in countries which are members of the International Bank for 
Reconstruction and Development and Switzerland, who are ex- 
perienced in the execution of similar projects. 

Tender Documents may be obtained from the office of 
VODOVOD DUBROVNIK. 

Enterprise for Construction and Maintenance of the 
Dubrovnik Water Supply and Sewerage Network. 
Vtadimira Nazora St. 21. 

Dubrovnik. Yugoslavia. 

from October 6. 1*78. for a price of Dm 15.000 per complete. 

Offer shall be submitted by December 15. 1978. till 12.00 hrs. 
local time at the same place. 


ROYAUME DU MAROC 


MINISTERS DU COMMERCE 
ET DE ^INDUSTRIE 


DIRECTION DE L'INDUSTRIE 


INTERNATIONAL INVITATION FOR 
PRE-SELECTION 


The Sucrnne Natinnale dc Cannes tin Sehou (SUN AGASi 
29, avenue d* Alger — Bahai — Morocco, is planning In under- 
take the construction of a Sugar Refinery in ** Gbarb ” 
(province of Kunitrai. 

.Interested contractors in this fi**ld of activity are invited 
•to submit to SUN AC AS. before November 15. 197R. technical 
and financial references together with their qualifications 
for the realisation of the work mentioned above in the 
past ten years. 


GRUJDA EXPOJRT-IMPORT LJUBLJANA >N THE NAME 
OF THE INVESTOR SLOVIN TOZD VITAL MESTINJ E 
ANNOUNCE HEREWITH; 

Prolongation of 1 he term uf tenders for supply and install >11 inn 
of equipment fnr fruiT processing/invitation published in lhe 
official gazette of SFRJ No. 5fl, Sept. 15. 19(8 and Financial 
Times, Sepl. ZS. 1975/: 

The*, new tern) for presentation «f tenders is December 4. IffTS 
'till S hours. 



LEMBAGA LETRIK HEGARA TABAH MELAYG 
NATIONAL ELECTRICITY BGARO OF THE STATES OF MALAYA 
BSm AND KENERING HYSRO-ELECTSIC PROJECT 
HYDRAULIC, MECHANICAL & ELECTRICAL EQUIPMENT 


Tenders are invited from Manufacturers for the following: 
Contract No. 5734/12 — PENSTOCK LINERS 
This contract comprises the -uppljr. delivery and erection 
of the idlowing packages: 


Eleven (11) motor operated 2000 A. 300 kV disconnect 
switches. 


Package A: BE RSI A 

1. Three f3) IB fee r d/ameier welded steel plate penstock 
liners, approximately 95 feei long, normal transient head 
of 156 feet. 


Package A: KENERING 

l Three 1 3) 19 feet diameter welded steel plate pensioct 
liners, approximately 1 1 2 leei long, normal transient head 
of 173 5 feet 

l >st date for Receipt of Application i 5 No*. 1979 

Document Issue. About I |.,e. 1*79 

T- nder Due Abc»t 1 Apr !?7 Q 


Contract No. 5734/13 — INTAKE AND SPILLWAY 
EQUIPMENT 

This contract comprises ihe supply deliver/ .-,nd supervision 
of erection of the foffowm- packages. 


Package A: BERSiA 

I. Three 1 3 1 fixed wheel hydraulic vertical lift head gaie* 
■ approx, size 15 feei wide x 21 feet high, head 50 loci 

2 One 1 1 f service gate and lifting beam 

3 Sir <61 sets trash racks 

A. One 1 1 1 50 tonne *, appro* 1 capacity gantry crane 'crane 
to handle head gates, service gate, r rash racks and spillway 
Stoploss). 

5 Three (3) spillwa*- radial gates * appre* si-e 40 feet 
svjde x 46 feet high ) with hoists. 

S One 'll sec stapfogs and lifting beam 

f Embedded parts for all the above installation. 


Package At KENERING 

I Three ,3l fixed wheel h,drauiic head gates : ?pp*ov 
sice id feet wide x 27 feet high I head 60 feet 

2. One 1 I ) service gate and lifting beam 

3. Six foi sets trash racks. 

A One 1 IT 50 tonne , appror J capacity gantry cran* 1 crane 
to handle head gates, service gate, trashracks and spillway 

stopfo£s). 

5. Six (6) spillway radial gates (approx, size feet wide 
x 46 feet high) wirb boim. 

6. One ( l ) sec scopkags and lifting beam. 

7 Embedded parts for all the above installation. 

Late Date for Receipt of Application 15 Nov. 1978 

Document Issue: About 1 Dec. 1978 

Tender Due: About 1 Apr. 1979 

Contract No. S734/22— HIGH VOLTAGE SWITCHGEAR 

This contract comprises the supply, delivery and erection of 
the following, packages. 


3. Five (5) manually operated earth switches. 

4. One f I) set of copper cr aluminium bus work. 

5. One M) sec of steel structures including line take-off 
structures on the cower station roof. 

Package A: KENERING 

1. Three (3) 300 kV 50 Hz. 2000 A. 7S00 MV A. i03Q kV 
& I L.. minimum oil. air blast or single pressure SFb type 
circuit breakers 

2 Eleven «ll) motor operated 2000 A. 300 IV disconnect 
switches 

3 Fi/c <5» manu.ill, operated earth switches 

A One 1 I 1 set of copper or aluminium bus wort. 

5 On: ' I I set of steel structures including line r.ikc-off 
structures on the power nation roof. 

Lite Date for Receipt of Application 1 5 Dec 1*78 

DoCumL-nt Issue. About 1 Feb l^7<J 

Tender Due About 1 Jim. 1 

Tenders will be acceprcd for each Contract Package 
separately or both Packages as one oncraci. 

Tenderers shall be manufacturers or consortia of manirlac- 
rurers of the items described and should Sj/c had previous 
experience in the design and manufacture of equipment 
ha .-mg rhe characteristics described 

Full details of manufacturer's experience and their technical 
and financial competence must be forwarded with their 
application not later than the dates listed I 01 the receipt 
of applications to - 
Project Manager 

Bersia and Kenering Hydro-Electuc Project 
The Shawinigan Engineering Company Limited 
620 Dorchester Blvd. West 
Montreal. Quebec. Canada H3B 1NB 
with cop/ ro 

Prelect Engineer 

Persia and Kcncring Hydrc-£lcc:ric Project 

H/drc Electric Division 

*tih Floor. National Efectncit- Board 

129 Jalan Bangsar 

P O. Box 1003 

Kuala Lumpur. MALAYSIA 

accompanied by a documentation fee of USS250. 
international bank draft or money order, payable to 
LEMBAGA LETRIK NEGARA TANAH MELAYU. 

Tender Documents will be issued by: 

The Shawinigan Fngmcering Company Limited, Montreal. 
The document fee will be refunded only 10 applicants not 
issued the tender documents. 

Tenders shall be delivered at the head office cf LEMBAGA 
LETRIK NEGARA TANAH MELAYU. 129 jalan Bangsar. 
Kuala Lumpur. Malaysia. The exact dare and place for 
submission of tenders will be specified in the tender 
documents. 


Package A: BERSIA 

I. Three » J » 300 kV 50 Hz 2000 A. 7500 MVA. 1050 kV 
8 I.L minimum oil. air blast or single pressure SF. type 
circuit breakers. 


LEMBAGA LETRIK NEGARA is not bound to accept any 
application or to accept the lowest or any tender 
LEMBAGA LETRIK NEGARA is not liable for costs incurred 
by tenderers in preparing tenders 


I 










. ■ ^ 


i 




10 

LOMBARD 


Financial Tunes Monday October 30 1978 



roads 
aris 


BY SAMUEL BFHTTAN 


"ANY CLUB winch would have 
me as a member is not worth 
joining." Hrouclio Marx's fanmua 
remark expresses one's feelings 
»»r relief ai the ■arnvin^ prob- 
ability that the I'K will after all 
slay out nr i he New EEC super- 
snake. at least t>- bey in v.nli. 

There is a powerful case for 
ihe right kind of EMS. Bui wc 
should be verj clear Dial the 
whole thrust of" British qualifica- 
tions and demands was almost 
ISO degrees in the v/ron j 
direction. If the L'.K. vu*«Pt»ini 
had heen accented '.be scheme 
would have heen less worth join- 
in'.- ralhcr than more. 

The basic c.ise for juinm-j a 
monetary union starts with Hi o 
Prime Minister's famous words, 
m Iced but onlv half believed 
at i he 1976 l.ahnur Parly con- 
ference :>hout our nn longer 
being able to spend our- 
selves m;o mu employment 
t hrou eli deficit finance and 
monetary expansion. Indeed, if 
the ultimate effect of micctme 
more spending pnver into ihe 
economy is mainly to raise 
prices: and if rand, inprediei- 
j'hJ® and tlticiur>ling rates of in- 
flation arc themselves one cause 
of unemployment, weaj: invest- 
ment and slow growl h. why not 
si ?cr moneho-v poUev towards 
the gnal of pneg -'lability ? 

There are two ways of doing 
this. The first ■; rn have monetary 
targets geared direct l'- to a price 
le»-ei aim. \nd. n« is n«»v. well 
known, ind'-pi-ndent national 
monetary target* require a float- 
ing exchange rate a gains; the 
rest or ihe wiir'd. The *p--oi«i 
method is to make whatever 
iidiiioinenls are required in 
itionclarv nolicy 10 maintain 
one's cvfhansje rate u-.-uin*! .1 
country likely 10 be *ucces*fui 
in maima-nmc 11 - o— n ~ rice *l:i- 
bilitv. ;n nr active West Germany. 


Mark. Psychologically too. :he 
nred to remain competitive 
with German industry would 
be far more comprehensible 10 
Italian. BntLh or French union 
leaders than the obscurely 
threatening way m which mone- 
tary targets are now- presented 
Unfortunately, most of the 
active sentiment* are profound!' 
disbelieved in Whitehall. The 
British emphasis on hip and easy 
credit, on unrestricted freedom 
tn change parities and on design 
ins the mechanics so as to pul 
pressure on the Germans to 
in tin to — in the name of growth, 
of course — would, if successful, 
have dest. roved the whole point 
of EAIS. 


Threatening 


Why go 3 lone the indirect 
route? If the major European 
countries, arc in .• :i v r:io- aiming 
al price «f!tf>ilify. the- might j* 
well make the ^'gr.i :.dui>!!m itt* 
in their nrmetarv targets and 
exact anii-m't.i“onjfy aims 
which would finny abiv.n the 
benefis of exchange mV stability 
as well. This appma. h has the 
important addiiion.il advantage 
that we would cea«c arguing 
about whether to ccnirul Ml. 11.1. 
DC.E or the square rout of the 
distance be' ween the Bank of 
England Governor end his 
economic adviser*. In a vorih- 
while EMS the German- - n'.iid 
be assigned the ta>k of staotlis- 
ins their own price level— at 
which they are joori when -pared 
stupid advice . and wvuid do so 
nol l>> intervention in the foreign 
exchange marvel#, bit: bv adjust- 
ing their internal policies. 

Their partners "quid concen- 
trate mi cjbil’sjn? their 
currencies aeaiiw thv Ucu i?c'ne 


A com promise k worse hero 
than cither extreme. A floating 
exchange rale can. 3 * events in 
197fi showed, be an extremely 
i'ood external constraint on pru- 
I'.ivaie and inflationary pohcie*. 
May fie a commitment tn 
j»-nu:nelx fixed panties (if neces- 
sary from some target date a 
vou’iJe of years ahead* v.ou/d be 
an even belter constraint. But the 
wnrs 1 of all worlds would he the 
temporarily fixed, but actually 
adiusiablv and. therefore, di*- 
iri.’slv'l. rates towards which 
*-ome British Ministers wanted to 
take file Cu mm unity. In place of 
"dirt:- floating" we would have 
had “dirty fixing." a change for 
ihe worse. 

Tii- • re i> just a chance — no 
mure than that — that ihe French 
might tn, 10 operate EMS in the 
right way. Whether or nnt they 
hare an initial devaluation, ihey 
may well make an effort to ad 111 si 
their monetary and fiscal policy 
with the aim of stabilising the 
franr against the mark. An 
arrangement in which the l : K 
and Italy stayed on the peri:»horr 
and allowed France to go ahead, 
might help to answer m.m> un- 
certainties. 

For tf France really did Carr} 
mil m ii-rn :il policies designed to 
in stabilise the franc :ijain*t the 
mark without masses of credit 
«-> would be able to -re if this 
led to the tmempltq ment and 
slygraimn feared bv Brits sh-type 
evonmntsts or In the more stable 
growth expected In the inure 
internationally-inindvd ninno- 
urists. Thus we might be pro- 
vided with a rational hosts j> 
pre.senl lacking to decide whether 
in join EMS at a later *la2e or 
not. .Social and economic vvieri- 
incuts arc not often provided hj 
history and we may have r.‘a*r»n 
to in- grateful to Pr».-side:ii Gls- 
card. Tito experiment may. h«iw- 
e-pr. falter nut because the haste 
ideas are wrong hut because the 
period between now .mrl the 
French president :;>l election* of 
1 3S1 :* simply ngt long enough 
for the aun'D-r. All the same, 
e units In Pari* will be more 
unport im than the exact tormula 
hy v.'.«-..h the British Government 
slays wii* n f 1 ho EMS while leav- 
ing r>*» : >nor ajar. 


THE WEEK IN THE COURTS 


Law travels abroad 


BT JUSTINIAN 


THE ARM of the law eels longer 
and lunger. Whereas once upon 
a nine English courts were 
reluctant to extend their powers 
hex ond these shores (and this 
was particularly true about dis- 
putes over land abroad l nowadays 
there is a much greater willing- 
ness to \enture overseas where it 
would be appropriate, even if the 
basic rule lays’ down a “ hands- 
off ’* policy. 

In a recent case in the Chan- 
cery Division a judge was a*ked 
land acceded to a request! for 
an order that an English soli- 
citor ,-huutd fie permitted to gain 
entry and inspect the contents 
of a flat in Paris owned by an 
American, where it was sus- 
pected valuable Picasso paintings 
were being harboured for an- 
other American who had judg- 
ment debt* outstanding against 
him awarded to an American, 
corporation in ihe New York 
courts. The exception to the rule 
shat issues relating in foreign 
hind arc no l>u-incs> of the 
English courts arises where, as 
;h'- lawyers pul it. there is sonic 
personal equity running from 
one party m anutht-r in plain 
language, there must, be some 
personal element. something 
more than a naked question of 
title in foreign land fnr the 
courts tn depart from the basic 
rule. 

The recent case started with 
an action in the New York 
courts in 1 i»S5 for fraud and 
manipulation of shares in an 
American company 1 hat resulted 
in an award of YJ’.tn. The debt 
remained unsatisfied ill the 
hand* nf another American cor- 
pora 1 1 on ‘.'huh wa* assignee of 
the judgment debt. The eorpnra- 
> ion «U'!*er , ei! that the judgment 
debtor had transf-rred valuable 
work* nf art and furniture from 
his Yew S'urk flat In j flat in 
Par:* The lea.**.- nf that Mai was 
:n the name of j Hose friend 
'■f the debtor, hut the- rent was 
paid by a company enmrolh'd 
by ihe liidgmeni debtor The 
friend in fa 01 Inert half 'he year 
■n Y rt " York and the other half 
in j London house with n-etjnc 
visits tn Paris. in< re*idenre 
here r.-,ve the \;n erica n corpora- 
♦ inn shp Mnnormnlty oF %ervme 
a wni on him he-e. and ioiniog 
■be iud 1 iron t r|eiitor »n *be 
Eng!i-h i>mr«;i|in2* The idea 
♦•■ns tn o main an order .?ea m*t 
the f-iend per*onallv. lhar he 
-should alloy and authorise the 
creditor* in insnect the nrenp-o's 
to see what wn« in the Par 1 * flat 
and open the Panrfnras hnx. 

Mr. .lii-* i*t Tentplenun found 
li’.’ie diflicul'v in di-eermn-j a 
;»-?v*on3l eqtii>> between the 
rud-.-ineni credit-ir and the 
dpiiior. The 1-irrer hatl taken 
*»ep« to hide properti that was 
l—ga'iv yv-jil.iiih- to hi* creditors 
10 sa'.i*f> th- debt: in short h-» 
w:i> d 1 -fra tiding them nf the 
1 ltd- men t debt Similariy the 
f r.end app-ared tn lend him«elf 
'a a-»si*t the d-'t'tor in a cam- 
paign deigned in put the assets 
mi! of the -oili'/irs' r* j a*-h 


•’ Ii would be inunstrflUJ. The 
judge *aid, “if equity turned its 
head and said there is nu ryla- 
liuttship" between the creditor 
and the friend. The judge was 
nut a bit perturbed by th*? fact 
ihal a 19th century J»d=c of 
eminence. Lord Esher, had called 
Bit- equitable jiirisdictfon 
anomalous. He had said that it 
seemed “ to be upen to the strong 
objection that the court i» doing 
indirectly what it dare nnt do 
directly " And he had j point. 


Conflict 


In earlier day*, when F.nglish 
courts developed . the 

exception to Ihe rule about 
claims over foreign land, the 
derisions could be justified. The 
lond was always singled within 
British territory and if there 
weiv local courts, then in the 
ornces' of being colonised by 
Englishmen, the decisions of 
those courts could not command 
such - respect as iho*e nf the 
rnurls in England Bn’ if lhal 
was so. whv sustain Ihe basic rule 
ir*clf ? 


In modern time* inc jurisdic- 
tion i* much less ej*y 1.1 justify. 
where th«.- land is siiuai'-d in a 
muntrv that is politically and 
Ipgjillv* foreign. A modern judge 
could hardly utter ’.'hat one 
Engl ;,f h judge said in “ I 

consider that in ihe -ynremola- 
linn of the Court nf Chan.-nrv 
every foreign court is an inferior 
court." 


man would nnt pose any problem, 
for at least the anomalous silua- 
imn would nut exist- There is 
an impressive array of hostile 
opinion among legal academics 
that the rule ought to go. And 
u brave attempt was made in 
ihe House of Lords earlier this 
year to get Ibeir Lord-ships fo 
overturn a previous decision, 
handed down in 1S93. Lord 
Wilberforcc. in an elegant judg- 
ment. advanced sound reasons 
for not succumbing to the 
temptation of being a legislator. 

The rule has been around a 
long time and is accepted, with 
differing degrees of force and 
emphasis, in other jurisdictions 
based on English law. although 
in one or -two slates in America, 
notably New York, the rule has 
been altered by statute. Second, 
there is the possibility of con- 
flict with foreign jurisdictions 
with the consequent involve- 
ment in political questions nf 
some delicacy. But that arises 
whenever English courts adjudi 
cate about the property of 
foreigners, even though not so 
potentially acute as where land is 
involved. But. most powerfully. 
any change in the rule might 
necessitate changes in the law. 
Wherever a change in the law 
has effects beyond the situation 
presented to the courts in an in 
slant case, it is better to leave 
if to Parliament to mop up ail 
the attendant problems. 


The problem i< that the exer- 
cise of the jurisdiction might so 
i>:i4ily bring ihe court* 'n»o con- 
flict. Supposing under French 
law ihere was no p*-'- er ! " order 
nn inspection of a lln* owned by 
a foreign national. Th-- English 
solicitor, armed with hi* English 
rourt order, might h-ive a sticky 
reception from the French 
authorities. 

The hasic rule that English 
courts may not adjud-cate over 
foreign land may ir*elf be ripe 
for revision. For there may be 
cases where issues over foreign 
land could properly he litigated 
in England; if so. c;t*e. ; like the 
one before Mr. Justice Temple- 


Judges are making the law 
every time they hand down a 
decision. It is a myth that 
judges are simply declaring the 
law and do nol change it. But 
lhal is not 10 say that they may 
indulge iheir appetite for 
legislating on a subject that goes 
beyond the needs of re*olving the 
piece of liligation hefore them 
That is a *3sk for Parliament, to 
whom judges should constantly 
turn for reform. Parliament 
needs constantly to he prodded 
into action by robust judicial 
pronouncements that change is 
called for. 

1 Cook Industries Incorporated e. 
Galliher J 1978 ]SWL P« Kt7 

2 Hexperides Hotels Ud. v 
Muff trod* f W7R1 3 W L.R. 378 


Hochscliild collection 


going under hammer 


THE THIRD important art 
collection from the Continent 
t» he dispersed in London since 
M ■«> uocs on sale at Suiheby’s 
on N«u ember 2fi. 

li helnn-s to Mr. Gerald Hochs- 
cliild. aged 55. a Chilean mining 
million.-un who liv-d fn-- many 
years in Cht-yne MVk. Chelsea. 
It is expected to make £1.5:u. 

Tin- previous sj ir.* were tho*e 
uf the late Mr Robert \on 
Hirsch. winch made £lS5m *n 
Max. and of Mr. George Ortiz, 
which made £1 dm in June. Both 
e.i-re from ftv itrerlarui. 


Mr. Hnehschiltf lives in Paris 
His holding consists of clucks 
silver. Engiish and Old Master 
paintings 3nd French furniture 
Its ^strength is in fine English 
furniture which is expected to 
make £5nn.ono 
The star item is Combe Abbey 
Library table, an important 
George 11 piece attributed Id 
T homas Chippendale, circa 17Wi 
Family duties and ihe riiffi 
culty of finding the right kind 
of specialist care have brought 
about the sale, according to Sir 
Humphrey Wakefield. Mr. Huchs 
*-hi!dN- agertr in London. 



f liidi*-:ilc* program mr-s in 
black and "bile 


BSC 


9.38 am Fnr hchool?, I'nllcgc* 
11143 Y.iii .-nd M-- II. 00 Fnr 
•Schools. College* 12. 15 pm Nr"*. 
I.Pi) iv-hiili- .'-(lit. 1 . 4.5 Ihe Flume* 
2.01 For Srfinois. Colleges. 3-15 
Songs of Piai*v. 3.33 Regional 
News for England ic::cept 
London 1 . 3.53 Play >>chnnl 4.20 
The .Mole ami the Carpel. 4.23 
Jackanory. 4.40 G.B Rears. 3.0H 
John Craxen's Nexvsround. 5.H5 
Bine Peter. 5.33 Ivor the Engine. 
5.4U News 

5.55 Nation" ide (London and 
South-East only 1 
6.2(1 Nationwide 
fi.SO It Ain't Half Hot .Mum 
"JO Tycoon 
8.HI Ptnoraim 


P.no Npr* 

9^5 The .Mendav Film. ' Adolf 
Hiller— M* P.ii- 1 m hi* 
Downfall" starring .lim 
Dale and Arthur L.o«o 
11.03 Tnniclil 

11.43 Weal her Regional New- 

All Region'- a* RBC-l except -*J 
1 lv follox'in” iiiitv>-— 

Wale* — 1.45 pm Pi 1 1 Pal.i. 2. IS 
Fnr S-'hooU 4.40 Si-n-dlTang. 
5.55 Wale* Today HJifi lleddixx. 
JJ.45 News and Weal her for 
Wale*. 

Scotland — HUH) am For Schools 
1 around Scotland!. 5.55 pm Re- 
porting Scot land 11.45 News and 
\Vpw»h®r for Senihmd. 

Northern Ireland — 3.53 pm 
N-irih-rn Ireland N-'ws. 5.55 Scene 
Around Six 11.45 News and 
Weither for Northern Ireland. 

England— 5.55 pm Lonk East 


: :ch>. I.nnk \--*-ifj iLeetU. 

Mnnchesier. New castle 1 : .Midland* 
Today fBinusnefc.-m-- Puinr* V/e*i 
*ftrl*!ol»; Snuih Today (Sonlh- 
amniom: Spq; light South Wi-j.i 
(Fiymnuih *. 


BBC 2 


Lesier. bill; Ekiand and 
• Hardy Kruger 
12.15 am f.')o*e: A pa-ntin-r b' 
Munch -tied by the 

music of f-.irtnk 

AM IRA Reg mi 1* a* London 
ex vc | fl ai ihe followmc times: — 


F.T. CROSSWORD PUZZLE No. 3.809 



ACROSS 

I Ward can be seen .is a dis- 
advantage l S' 

3 Exam ma nun of unde rely! fu- 
lfil 

9 Engineer lurns u* a vliap on 
tile way out iSi 


2» 


Tradc-o .-u variously clarified 

(Si 


m 

10 

t 

12 

t 

I sr 

13 

c 

r 

H 

r 
• r 

16 

r 

c 

19 

D 


T 

F. 

‘21 

K 

F 

. 23 

-F 

25 

* Ar 

Hr 

26 

0i 
■ Ci 

27 

■ Ha 

25 


about five (fii 
Doctor goes t'* fish 
county (5 i 

Dries up i.c. as a d 
perhaps (9) 

Not expressed, but de 
about 1.50 (fi> 

No longer large enot 
pattern (7) 

Look at the beginn 
skill has gone (4. 3l 
Savoury expression 
lude lo a piciurc (fiJ 
It was ominous xxl 
wine ran nui if" 


11 


15 


measure upsot GW> 
Reveal a rci-md tu 
successful (Si 


21 


rumpus 

The snlution »»f S«’-iurila> s 
with j i nine* of winners next Sulurd; 


DOWN 

" Wo are such slulf a* — arc- 
made on" (Tempesi i uji 
A mean young girl is aliimsl 
a hit (1. 4. 4i 

Standard once >cl by th*.- 
Go lone l (5i 

Saiisfit-d xvi rh shelter (7> 

Fa in ii us novelijV with name 
for pouring oil on troubled 
waters if" 

Survived tn sue Satan rise loi 
Emphasises the southern 
Picks (Si 

Spur a horse into the river 
(41 

” Throw hither all your 
quaint — eyes" (Mihom i9i 
Finished a; Sandhurst, but 
lind tiio much ro drink (6. oi 
Young girls in a panic iSi 
Neal recepiacle [nr scraps (4i 
Carrier.* found nn enurre l7j 
Dean lhal is creating an epic 
i fi« 

Bono* nr spoke.* i5» 

The righi page in ihe dircc- 
inrj 101 

pri£.- pi'z/ii- will be puhlisiief! 
:iy. 


ih* 


nnt The Rule nf the Nuise 
Si-.icr* and Brothers 
Piny School 
put Let’s fin 
n *rads to Cnnflicl 
Knitting Fashion 
Making Toys 

The Object of ihr Exercise 
News on 2 Headlines wiih 
sub-i itlea 

Laurel ami Hardy Show- 
case: * Brai * " 

World G'lniusiics Cham- 
pionships 

And Now ihe *;o.ij New* . 
Mid -Evening New* 

S : ng Fnuntrx Es:r« 
Whalexer Happem-rl to 
l.’nelc Fred.’ 

l*e-> 'J iJor-iw T‘*night 

Monty Python", Flying 
'ircu* 

DiM?ovcries 
Word for Word 
The Prn-e of Freedom 
Exploring Phoio-i-rphy 
Ljle New* 

Close*lo\»n i rending * 


AiNGI IA 

12J0 pm The tl.s'nc Thrair- Show 
1 25 Al.sliu Xi-ips 2 0*} Ilon-.-ii.Tly 2.25 
Uj-M-.-rr :,Invi.-- M.-Mii.an -jj.1 »:h- 5.15 
I nu.-miv i:iuill -r..-.-, 6.00 xh-.ui Xnutla. 
10 30 Th.- Brian •‘••mv-|i jni-r-i- ws U 00 
TX 31 ■> vie - S.n * School lor Uiris." 
12.25 am R.JI •-••!! 'ii' 


Oiininbo 5.15 TIi « I'nikTsea Artveiilur.-i 
o> Uipiain Nemo 5.20 Crossroads 6.00 
Fi-pon West 642 Bopon Wales. 10 35 
Tft- .ifun-faj Him: “H'fear’a rhv Maiter 
u -i- li»-6-ll*" 

MTV CTOiru/Waln — .x* IUV f.it.rrn! 

S- 1.20-1 3 am P« i . wiiag 

XV’j-'ddmn V Hvdd. 2 00-2 25 Hamdd-n 
k.«M 22 Y Dvdd. 8.30-9.00 Vr Wxihins 
HTV Wot— x> HTV GeDvra. S-rvin- 
-v -or l 20-1 30 pm Rrpori West Head 
lim-*. 4.22-7.00 Hrixirr Wi-si. 


SCOTTISH 


AT 

12 J0 pm Goo ri.imilinn TV. 1.20 
A TV 2. 25 TBv 'tjsmrr Irtnls: 

• I’nnci- ri| I'wt-**.'' <iuti:i 4 Tyrone 
P-y-r 5.15 £>nnn.i Smnrr-r * f>i«- n 
P-irlV 6.00 A TV Tn.Ji.i- 10JO Ij-T». Biahi 
and Ci-nir.. ii_00 Tli- N--vr Vena-*n. 


12 30 *m Farmhouse Kllchen. US News 
and Rnad Rt-rwn US Rosions Report 
2.55 Monday Manner. - The Gnral 
.Xoi-ncaa R-.-auij Conresi.” stamnu 
KV-anor Parker. Boh Cum mine* an-l 
Iaxiix Jourdan 5.15 DatHnk. $20 Crm»- 
ro,.da. 6.00 See i land Today. 6J!5 Crime 
I'-iV 6 JO Wail Till Your Farter Gris 
Home. 10.30 Late Call MAS The Deiec- 
llves. 


BORDKR 

12 30 pm U'iLIIii Oiimj t t-20 pm 

r.onli-r X-i-s 2.00 Hr.iivojny 2.25 
M.ilin— .- I l.-.i • ,i J|»u>ri.” ,:*rr:r>.- 

Ida l.iipin.i 5 15 i n:ei-r«:>> > b tlb-nv*-. 

6.00 Lnil'iniril Mn-Mir 6 20 Cirmnu 
Turn- T.OO \:r *ii.i - .|rs 10 50 l.a»- I-ilni 
■ l.iti kri^ln md Dart." 12.10 am 
Fiunli r Suinnur.. 


SOUTHERN 

12.30 pm Make It Conni 120 Southern 
\-'u 2.00 How-party. 2-25 Monday 

Mai iii-e- - The Purple Plain.” Rn-Mrt 
Pi « k 5.15 Thr I'mkrin X.leeninr-’s «l 
Cam a III XettVi SJ0 Crusiroads 6.00 t-ae 
hv Har 10 30 Sninhi-rn X’-'-.i-i Extra 
10 J5 Mi l Jond 12.06 I- arm Procrest. 


LONDON 


!j.3U am Nuliouls Prog ruinmes. 
I2.HU M-i-c :<iul 'I'-ndv- • •• 12. Hi 

pm Hickory House. 12.3U Whnt 
About tog Work xt -V I.UO Nl-ws 
I ' his FT index. 1-0 Cliam-.-, 
Nex-> 1.30 XbniiT Britain. 2.IHI 
AfU-r N.ion. ->2J£5 M or. day 
AI.Tliiu.-e: 'The l-'allt-n Idol.'* slur- 
ring Rail'll RrtlM.-.lMin. -I J 2 i| 
(:i.iji|'(>rlMT:rd 4.45 T*-- Toniorruw 
People 3.13 Mr iind Mr» 

5.43 New s 
fi.THi Th-»nc-t :il h 
6A5 Heir' 

IJ “5 l ,ro->»rn:i(le 
T.O« Rerun- 

“JJli ('urnn.tl'MU Sir-.-ot 
X.i'9 RiihmN Nesi 
S.3H V.’ftilrt in Aclion 
3-IIO The Sjndbiiggcr* 

I0.(HI Ye"* 

"1-3(1 Mondnv Night Film: 'Night 

ll'air ' 'h ! lrl ' -*-i*-i* -|.« 


channel . 

1.1S pm rii.iiii-.-i 1. up- Tu ml.' X'-W, all«l 
Wliaf. »»f, t-.Ti,.p 2 25 Th- l!(itirf*r 

Hi- Blue J..iBIV:i ' S 15 

I. mxvr v i h.ill. u-. 6.00 Channel X-nn 

610 Th. F. -.nTi. embers 740 IXnian-,- 

'T.m 10 23 Ch.niri. I..iti- X'.-ir, 10.32 

TT:- llnrrnr Flint • P<r.-bmninu “ 
12 05 am I'ha-n.i-i T-tHoued by 

X-H'i and U’-alln-r in FrrtKh. 


TYNE TFES 

S.Z5 am The Good xx’ord Inllo^vJ be 
\-i-p K'isi X-".' i Hra-1iliie> 12.10 pm 
1..IM of i lie Wild. U0 North P'.asi Nears 
jir-1 l.nokar«und. 2.25 Family J.2B 
G- iii-rarion S«vne J.1S i jriuun Time 3 50 
La-,«- 5.1 S l.'Tl i v-r.,i:v Cbailrniu.- 4.00 
Xnntn-m Lile. 6.30 Police Call. >10.30 
The XIond.iv Klim " The Fallen Idol." 
-lan-me Ralph Ru-tlardson. 12.15 *m 
Epilogue. 


ULSTER 


GRAMPIAN 

9 25 am 1- ,r-> Tillw 12 30 Pm Did 
lion -. — r llnpn 1 20 Granioijii Xm-s 
II ■ ullm— - 2.25 Tli. Reai-jns li-pnn. 2-55 

MiHiifjl- )|ji : n„. „f find Ttll." 

<"'tr.l-3 I. .in-. 1 in.' jiiil Pi!* - Koht-r- 

snn 5Js Cniv.-r-iu -ThllhlU”. 6 W 
i.r-irmiail T-i.|j\ 6.05 Lav-m- olid 

Shirl - 10 30 X- fli-tiiqni 10J5 The 

Film •• x V iind >e--- " -aamiii 
Pii/iK in T.i- I.ir Mph.H-1 t'.uii j---J 
Sii-rfimeli Vnri 1Z.30 am Orutnuij'i Lp’r 
'■fc’i* P- -i-llin-x 


12 JO pm Mdke ll Count. 1 20 Ltmch- 
nine 2.00 Se-- Yon .Mimdar. 2.25 Reaions 
IJi-Port 2A5 Mcmdae Xlallnee- •• Ranpers “ 
d. It Ulster New* Headlines 515 Cariooti 
5 JO i~.ru ssmarts 6.00 fl, pun? 6.3S 
Iji-ror and Shirw-y 1OJ0 Mnnrtar Nlgni. 
10.1* Ki-VK’-V U.10 tn S-ntvh lil . . 
Aneieni Aviators. 11.35 Beriiltne. 


GRANADA 

12. J0 am I .-iruiim:*.. K --.h :i 1.20 pniii. 
2.25 Xlo-iuv Mjiure "Tie- Spanish 
Mei.-J 5 JO l-.-ftj: . f IS ■ ro-r^ds 

6 00 ■•raiia-la Ken-ms 6J0 K-'-aw-- ?(.n. 
10.30 R-jinn- PA-m U .00 Mysu-ry 
Mov i- Pr-inp-re Xl-n |.-id. 


WESTWARD 

12J7 pm Giu Hnn-vhuli's Birthdays 
12.30 Farnittnus*- Kn-.h--n 1J8 Wesiwant 
News Headlines 225 The Monday 
Ala'in-s. ‘The Blur Lasoon." srarnrei 
Jean Simmors. 5.15 L'nlv-rsup i.'halW-nme 
6.00 xr.-vu-ard Dun and Sport? D-sa 
TOO Bmanic Man. 10.28 Westward Lnle 
News 10.30 The iiormr Film- ~ Pprchn. 
iii.tnu " siarrlOk.- Georw- Samlc-rs 12.85 am 
Faith for Life. 


YORKSHIRE 


HTV 

12 JO pm -|:.fc r ri ■,.i>in> 1.20 it.-pnn 

xv- m ll--adli'w, 1.25 u. aori w*|.-s Htj.l 
• in. s :-.K 1 1 ■ 11 1 - — .r-j 2.25 rn.. H-.'-ei 
v -n-n 2 55 Thr Mnii.iai Maun-- 


12.30 pm Fannins Outlook 1.20 Calen- 
dar Nvtiv 2 25 Family. 3 JO Heart iq 
lU-arl. 3J0 Andy 5.15 University Chal- 
lens.- 6.00 Ci lander i F.mli-i Moor and 
R.linnni -d 1 1 Kins i . 10 JO Cajpndar— The 
Slush MjIsit* 11.00 Bamahy Jones. 


g47ru 


radio i 

5.00 am \- i.-jIm . t.o.’ |.. lV i., . 

Tr.m.i 9 00 M |: ,i , |].j\ p a ,,i 

1 ll'll- -i loo pm 1 p--— I, i.L'l.urn 1.J1 

I'-nil Can:l— — 7.30 M ,n r— It i 

HJiIim j. 10 D2 I . ■:■■■ p.,.1 . li nn. 

2 02 pm K.t - ;y J 

Radio i umm ami vm- 

5.00 am X. Siiinni-r- 5 03 T-i'n 

[:r.ii]ilnn is. 1:1. 1-niiii. 6 15 F’.i-i— inr 

TlK.u-.-h: 7J2 T r r-. W.nnn n- l-in.;._ 
S7T Ba-llM IiiiT-din .1-nl e.45 Pjns- i»ir 
T1i.-ii.T-! IQ.Q? Iini-m X'—m.- -s'. 

12 15 pm V'jii.iinP!’ -.V ill 12.30 p-i.. 
XT-irri- -• ••Den lion*- *1 m- up|ir.- X.35 
Sn.ir;^ n. s: 2.30 iu- i-l iijmiimn -X. 
UK:ndin: 2.95 and 3.95 spur: . [■ 4;. 4 jjj 
W jagi»ii-r»' 'Van 9.45 s.i -r:- fi, -.1-' 4.97 
.In'in rinuii in.'luoidi; 5 45 sn->ri - r-.--s 
fi.W Spi-rt' r--sl.- 7 02 H Fli~ X.irh-T-i 

IJJdt-i Orr»|..rir a 730 ^| iin 

r 30 Thr Din. . F:i>l p i- • 3.07 ju, 
fi.nxf Fiuliiil >S. 9.02 Uuuidur--? I - n-llen 

-' llh Th- B-'i of h’! -i.i r- 1 r.rdv -S.. 
9.5S S»-ir:- fl - 1 1007 P.-i- sun 10.30 

‘ur S'-nn.l li 02 Pn.ir. 'l.i"ii t -iirii. 
■Ilk-' Uoui'-I Midni-S- i-i.- Ill-In... 12 00 
'luln-.rn I*--*? 2.00 102 am Xi ; * 

-iummjn 

^ ^ DIO 3 Wm-Slrrru & Y1IK 

6J5 ant W.'.?«-»- r 7.00 ;. -. - 7.» 

■ rmr- iS- 8 00 \->v- B Q5 'l-rniiu 
1’nrh.i-rl ■*• " M Ni-v •• 9.05 Hi- . V. .-. 1 -, 

“ ~ 4 jo 


1.05 r*Br I imvh»m-.* *nis?-n ■*■ 

2.00 ilu-i, ipr nrqjn >S- 2 95 'ij'in.v 

iM’-kjl" -s. J 45 kt-H'Mi jnrt HMf« 

■ J *.-jrd -S' 4 25 \--« prinrri-. 

5 IS r.. l iid.i.rii| ■?. 5.45 Hutu- '■"ini 

Ihuilid -S. 6.30 %••-«.* *.35 X' Huliie 

■ s. 7 30 Hfcinri p-rfnmt?ie%- -n Bernr-U" 
!-■ hnv r siriu-- 1211 ipe: 111 •: Mmur -■9T-. 
a. 00 Kiulsii < i|jp-nrr or--h-.->:ra mm-ri 
r -ri 1 ruriot. V'.-jn iS>. *.V> Pr...->» 

-Ijlt T*. Kiliijrd DoliFiiiiSrr. 9.20 
r?;lnh ilnmh.r Orrh-str.? Piri 2. 
;.ln--irt. Prnrak ■*• 10.1 $ it- rwr-ipti-ns 

nn K.-innl i.i. 11.15 Js~.’ in Pnt.nn -S. 
U as X-»i. 11.50-1155 Tonubi’* Schuh-.n 
S.ilu ■ s ■ 


Frnni ■ -ur i*wp llnrr- suri-ni T.45 The 
XI end ay Plai 'Si 4 IS A Sideways l.unk 
,\t. 9 JO Ji'aUdnS'-orir 9 59 Wi-art ter 

10.00 Th- TV arid Tonmhi 10 30 Cal' (nr the 
n-.id 1100 Rnnfc .?■ B-tltlRV. 11.15 Th- 
F1n.11n-1.1i World Tomuhi. 11.30 News 


BBC Radio London 

gufiin and B4L9 VHF 
5.00 am As Redid 2 6 30 Bush Hitur 

9.00 Lvndnn Llr- . 12 S3 pm Call In. 

3.03 ;iw *htrwcav. 4.03 Horn-.- Bun. 6J0 
Lnnk Siod. Llsr»rL 7.30 Blai* l.uurtnuers 
8.30 Bn.akihmuah 10.83 l.aic Night Lon 
dun. 12. 00- Close .As Kadio 2 


i'niun'<—r- Mimiri ?hi»%:.ii-n. ,7 4: 

Teffit:- iw TM-I* ' 10.10 -I-”rr> 

'1ii.ii llW ■•|.-Hl -|.|- 4l "?l |H I-l 1TI - 


*-"dn-? *:r!.. i.iiun-i 11.35 F: lr- 

xi . lah Svinphmiy Opta-dri 1 00 Pm 


RADIO 4 

■ig4m. rj;nm.--»S5m and VHF 
6 00 am N.-«-s Rncin; 6.10 Farming 
"■ k 6J0 Tn-iav sia.-aw*-. rteludinc 
6.45 :-rav.* r (or the Dar. 7.D0 and 8.00 
T-eJay'v 7 JO 2l-il 8 70 .V-ux Hi'JfF 

linrs. 7.45 Thoiiafti lor iiu- Pi' B -“ 
J-.hn rivinn «• th ihe HRC Snunn 
Ar- lines 9.00 \i-WV 9.05 S'Srl the 
" Idi R 1 eh aril Ra»-r 10 00 .X-»s 
1C 05 "i'ijk. 10.30 Daily Vny- 10 95 
‘lurjiiiic Si in U.00 N-w*. U-05 All 
».<• ? 4 X/irj. t. 1LS0 IH/iW|tl-'--IU»--.'* 
!2C0 N *. % I? 07 am y.,n X'nur? 12.27 
Tun n| in.- Kuril 13.55 W’a'hrr: orn. 

_ r a-tini.- 100 T-ii- XViirld ji 1 ■i»- 

1.30 Tb. vriiii-r? 145 "email's ll-mr 

hiding 2 W-2 02 xrir*. 2- 9 5 l.i-u-n •' 

' i-il'i r J.C0 3.015 \li.-rnmin 

Tn-.»-r- 1JS Slgr- Tim* 5 00 l-'l 

"• nia-jj.-ri- 5 55 V.V-i'Tl-r' T.rn.ramin-' 
■ 6.00 11-10 6.38 Or I m:.ii * fa-. 
in'll* . 7 m v 7.85 Th- Ar-.li'-ra. 7 20 


London Broadcasting: 

£S1 tn and 97.3 VHF 


5.00 am Monuni: Music. 6JM AM: non. 
slop news, inlormation. Iraii-L soon 
104)0 Brian Hay»s Bhaw. L88 pm I.BC 
Bcliu rt? 3.00 George CaF-'s 3 HUorli 
Cull 4.09 LUC K-ftons /i'nnirnn<'*> 8JJ0 
Atty-r Elahl $ 00 NnrtLliuu. 1M am 
M Sill Exit a 


Capital Radio 

I94m and 95.S VHF 
6 .0B am Graham Deia-’a Break laat 5)unr 
: t? • 1J» Aftrh.u-T ASTVl IS*. 12.00 Pay- 

O-.h >Si. 34® pm HOAer Snu *S‘. 7 88 

I. iMldOli lod.xy 1 Si. 7J8 Tal-- or Turn 

riru-s— Gillian KidipMf i.-oniparvs lilv In 
X-'r York and J.nndon. and rxamTnrs 
•-rtiiK- 111 Non Ynrk Cliy 8.00 Adrian 
s Oi-.-'i f-lli- . S ■ 9 00 Yonr Moih-r 

Winildn'l l.l*e 11 irllh N‘rtv ll-irne «4, 

II. 80 Tnn> .Myall's I-ilr Show 2^# am 
pe'er Yuums's ,Msht HisJlt 'S>. 


SOCCER BY TREVOR BAILEY 


Referee’s whistle causes 


farce h t Selhurst Park 


CRYSTAL PALACE lost their 
unbeaten league record and 
their pluve at the top of the 
Second Division, when they 
xvere beaten 1 — 0 by a iwsl im- 
pressive Fulham at Selhurst 
Park. The visitors deserved their 
victory, which xvas obtained in 
spite uf Insins the injured 
Davies, who caused the Palace 
defence numerous problems, 
before the interval, and then 
being forced to employ. .Money- 
up front for much 6f the 
second half, where he . limped 
gamely, supplying the vital pass 
which led to the goal. 

it was an exciting match, which 
was fought, sometimes too 
literally, at great pace by totally 
committed teams. A lc«s lenient, 
and more observant referee xvas 
really needed. Sir. Hughes biexv 
his final whistle a shade early 
and then brought back the 
players from their dressing 
rooms for a fexv more rather 
farcical and hectic minutes. It 
made one wonder xvhether the 
moment has not arrived for the 
introduction of an automatic 
timing device on ice hockey 
lines. 

Although Crxstal Palace so;f 
porters wilJ be disappointed by 
the result, there is no cause for 
despondency. They have, a very 
young side, w-hich can only 
improve. When they gain promo- 
tion they should establish them- 
selves and another season in the 
Second Division might even be 
a long-term advantage. • 

Apart from Bur ridge and 
Eixviss. the entire team are pro- 
ducts of Ihe Palace- system, 
which has a very efficient youth 
policy. It has produced, among 
others. Sansoni. Hilaire and 
Nicholas, who would cost a for- 
tune nn the transfer market, 
even if that type of money was 
available. Finding and tlevelop- 
in; quality • players is not only 
good for the game, hut it pays. 
John Cartwright, who has been 
in charge of the youth team, has 
been rewarded by being 
appointed coach to Young 
England. 

The most naturally gifted of 
his proteges is Hilaire. In pos- 
session he i* brilliant, but he is 
less impressive off the. ball, so 
that he is inclined to be miss- 
ing from the action for periods. 



Terry Venables 


However, he is still very young 
and probably lacks the confi- 
dence and has not yet realised 
the extent uf his potential. 

Another. Sansom. already 
appears destined for the full 
England XI. He is probably the 
best attacking left-back since 
Cooper and. despite being 
shadowed by the opposing 
winger throughout the afternoon, 
still caused endless problems 
down the left flank- 


There is a feeling at .Seiburst 
Park these days that -the club is 
on the right lines and going 
places. It shows in little things, 
such as their programme which 
must surely be the best in Lon- 
don. but the main reason is Terry 
Venables, a manager of ability, 
charm and intelligence, with a 
deep knowledge of and love for 
the same. 


Football has dominated his 
life since be started as a school- 
boy wine-half in the back streets 
and parks of Dagenham, an area 
which has bred ‘ many fine 
players because the competition 
is fierce and only the best sur- 
vive. Encouraged by his father 
and his Grandfather, who had 
been a professional. Terry was 
playing Sunday football at 12 
with boys oF 16. He represented 


England Schools, was capoed as 


an amateur and appeared for the 
Chelsea first team when only 16. 
a very talented bail-player who 
could have made a fine cnckeler. 


His distinguished career with 
Chelsea, Tottenham and QPR 
was no different from that of 
many footballers but. unlike 
many. Terry was not merely con- 
tent to train, piay and draxv good 
wages. His active mind, like his 
passing, was. always probing, 
which is why he has already done 
so xi- ejl as coach and manager. It 
would be no surprise if. at some 
time in :he future, with Pabce 
firmly established in the First 
Division, he was appointed to the 
English job. 

Gordon Williams, with whom 
he collaborated oq the Hazel 1 
novels, asked Terry in his play- 
ing days why he did not write 
the short pieces that appeared 
under his name tn the Press, in- 
stead of snlittinn the fee 50-50 
with a “ ghost. ’’ His reaction wa* 
to buy a typexvriter. as £50 was 
far more attractive than £25. 

His present Palace side is not 
unlike the Chelsea team, with 
whom Terry started his career, 
when an unusually high number 
of outstanding youngsters farced 
their wav into the snuari 
together. This situation creates a 
spin! of excitement, su that each 
£ame is anuther adventure, not 
just part of the routine. The 
players give that little extra, and 
this showed in the furion* 
pursuit for an equaliser hy 
Palace, as did also their (ack of 
experience. 

Their work rate xvas excep- 
tional. but they needed some- 
body in midfield to provide the 
service which Beck gave Fulham. 
Their new signing Kentber might 
prove to be the man. As tl was. 
they m nun ted charge after 
charge to no avail and also left 
themselves exposed at the back 
Nobody pan he more aware of 
this problem than Venables, who 
in his older statesman days with 
QPR would have been the per- 
fect person for the role. 

in a short time. Bobby 
Campbeil has achieved a remark- 
able revival at Fulham. Having 
bought wisely and cheaply to fit 
in with the young players 
already available, he has Riven 
his teatn a belief tn themselves 
which is fully justified. Tn this 
form they could well sain pro- 
motion — and what were the 
odds against that at the start nf 
this season? 


RUGBY BY PETER ROBBINS 


All Blacks’ juggernaut rolls 
to fourth smooth victory 


THE EIGHTH All Blacks have 
made an impressive stair .to 
iheir tour and gained ' their 
fourth successive victory hy beat- 
ing London Counties at Twicken- 
ham 37-12. 

They could have scored 50 
points, such was’the dominance 
of their forwards— hut try-scor- 
ing chances wer squandered hy 
the backs and 'Carrie found his 
kicking form late in the game. 

At Cambride the All Blacks 
were short of match practice but 
against Cardiff they xx-ere more 
convincing. D wa’s there that 
the young half-backs I.ovpridge 
and Dunn made Iheir debuts 

This proved a hold and imag- 
inative stroke hy coach Jack 
Glepsnn and helped gain an 
important win 

Even more vital psvchnlngle- 
aMj* was the mid-week victory 
over the West Wales side con- 
taining 11 internationals. That 
eame was being caller! a w fifth 
Tpst~ and defeat for the Welsh 
hr»»u?hr a wave of doubt and 
pessimism. 

Rijss Thomas, the All Weeks’ 
"cn»at ma«acer. made jt clear at 
he Swansea niehv ch»h d*nnpr 
b»*f Mnndav !h»t his team 
wanted to win — and by claying 
en errtinaled. 15-man nj**hv 
However, at Twickenham ' on 
S'-tnrriev. there were cat-calls 
when New Zealand chose tn Kick 
for goal rather than run the bail 
from penalties. One can sym- 
pathise to a dearce xvith those 
who wanted to see more running. 

New Zealand have, neverthe- 
less. run the ball— nntably from 
their excellent rucked possession, 
and the coach Gleesnn. now 
handling his Fourth international, 
series in three years, is com- 
mitted to such a policy. The 
way he keeps his enthusiasm is 
remarkahle. 

He tells me that there xvas a 
drop in the number nf 
youngsters coming to club rugby 


RACING BY DOMINIC WIGAN 


Sandy Creek is not fancied 


.r *. 

.• ts- 

> :ne 
’• to 


in New Zealand and he was made to restart movement to Nrvt_ 
chairman «T a committee to Zealand's advantage, 
investigate the reasons. - Wilson on the right wing has 

That committee dtd not take profited particularly from this 
long to make one conclusion — ability whereas Bryan William* 
that youngsters were, not has been seen very much as a 
attracted by the traditional middle man rather than a 
in-man rugby perfected by the finisher like Kururaning on Ford. 
All Blacks over the years. There The line-out work is not yet 
have, of course, been exceptions tn the highest standard and 
—such as Wilson WhinerayV Ralston in particular was jump- 
side in 1963 and Brian Lochore's inq higher on Saturday than 
1P«? team. Haden or Oliver— but without 

Gleesoo recalls in his playing *he same support- 
days training as a centre consist- Individually. London's park 
ing of chasing kicks. So the call was well selected but it lacked 
has now gone out to clubs to real vigour until well into the 
widen their game. second-half. 

New Zealand have two excel- The difference in arrival speed 
lent sets of half-backs on tour at the breakdown between the 
with Dunn, the Maori fly-half, a two hack-rows was glaring as was 
most exciting prospect. His blind- the difference in the possession • 
side try on Saturday xvas a repeat given to Love ridge, 
of a moment at Cardiff when be CoJcjough. anxious to eradicate < 
also beat several defenders with the memory of the Argentine, 
a magnificent dummy and change game, occasionally caught well 
of pace. standing second in the lineout.. 

Pmuopfnl hot his performance was not' 

rowerrui consistent 

He will press Bruce for next Lawson, half way in from the 
week’s international place as cnM. took a long time to settle* - 
will Loveridce and Donaldson. an *l his partner Wilson kicker* 
Loveridee enjoys the running sway too much po*ses.*inn. L 
game more than Donaldson and was - therefore, well into ifir-' • 
on Sarurday linked invaluably second-half hefore- wines Wyat. 
with his back-row forwards. ant1 Demnting received their firs: 

With thesp strengths, the only dt rp,, t passes. 1 

question mark is over the The reason for this was iha, 
quality of the centres' passing. t hp London nark was taking ; 

Taylor is a tremendous romorehpnsive heating fnr mo.* 
finisher and very powerful on of the same and Wilson's kickin , 
the burst as is Robertson, but onlv gave New Zealand the bnl s 
there is little purity in their again. 

passing. Nevertheless, both they ' T dn not aiv-ent thp notion tha 
and Osborne are highly effective yon pick a side with defence - 
and the forwards create such nrioriri/. That is negative think 
quick possession that this lack of ins and seems tn me foreign it' 
technique is not totally crippling, the has>e challenge of the came' 

A further bonus of the back No one can say that London 
play is the tremendous defen- did not do their best — hut the', 
sive work done e*pecially hy fact is that thi* best was noth---. 
Osborne. This means that when ' ne 1‘ke good enough and inrtt-^ : 
a tackle is made such quick and cates the decline in English: 
constructive players as. Moune ntghv that ia«i cp 3 cnn appeared’ 
and Rutledge are always on haad to have been arrested. 


r 


V-E 


.rat 

in 

: U!5l 

-’in. 

'arts 


»d 

rd 

m 

> 




■ 


for 2,000 Guineas or Derby 


ruUGHNESS RATHER than 
class was the key to Saturday's 
renewal of the William Hill 
Futurity as Sandy Creek. Warm 
mgron. Lyphard’s W’ish and 
Ijska Floko tried to wear one 
another down in the closing 
stages of the season’s most valu- 
able juvenile event. 

Although it will be more than 
disappointing if the winner, 
Sandy Creek, does not eo on to 
prove a better three-year-old 
than Sporting Yankee - or 
Dactylograoher. successful in the 
past two runnings of the event. 
I shall be surprised if he or any 
nf the others in the 11-runner 
field make tbeir mark in dadsic 
company. 

Con Collins intends tn bring 
back his 15-1 winner, racing in 
the black, puroie and red enkmrs 
of Alfie Maclean, the Belfast 
bonkmaker. for the -2.000 Guineas 
and the Derby. Although Sanriv 
Greek's lime of t minute 3S.32 
seconds for Town Moor's Round. 
Mi Ip was a record he cannot 
be fancied seriously , fnr the 
2.0nfl Guinr-as. Fnr which 20-L is 
the lop offer. . . 


Apart from the untapped pool 
of potential classic talent on 
both sides of the Channel and 
in Ireland. More Light has a 
considerably better Derby chance 
on the “book." This West tsley 
bay comfortably, beat Warming- 
ton when a' game runner-up in 


CHEPSTOW 

1.30— Plantagenet**" 
2JJ3 — Carey’s Choice 

3.30 — True Target 
2 - 00 — Sandldlflfe** 

■ 3.00 — Jack Splendid* 
4.00 — Honey Grove 


the . seven _ furlongs, of the Dew- 
hurst and might have finished' 
further ahead of the Jeremy 
HindJey. colt had he not . been 
the one to take dn the runaway 
Tromos a long, way out. 

Five minutes after Sandy 
Creek had galloped his way to a 
£35.000 first prize in Doncaster’s 
two-year-old classic, and in .the 
process landed some hefty bets 
for his owner, that- outstanding 
eight- year-old. Sea Pigeon, was. 
failing narrowly to add ..New- 


bury's St. Simon Stakes In his 

JSiit 1 *? i! s i ° r triumphs. 
Easterby 5 Sea Bird II 

? h ° on] y 24 hours 
ad « hr ^ n oul another 
Lhampion Hurdle warning to 

BSE? "Yak with an effo?tles° 

foiinri ‘tik H ilL Hurdle triumph. 

?rnn1.i? b - raZ !l 0V ^ gPm S J»*l I™ 
strongly m the final furlong. 

M,?^ Se ° n s poular owner, Pat 

WUllam^ £m° unced after the 
IL 1 ' 1 ’*?? H1 ’ 5 race that his 

versatile performer will take in 
Newcastle’s Fighting FifiH 
Hhrdle towards the end of next 
month ^before having a well- 
break. As he put .t: 

have the RSPCA* SSt me" 

finished runner-up ip the ^977 
Champion. Hurdle, will a }*n 

S3* si t r° n a * g Urorth 

t»t j e iS to run there 

hi cW-i, neS r a u and many will 

hfs rlpfd n-il e rQ caniial c on«nue 

ms rapid progress as a novice 

AMtalMn, that effortless 

Dri£rf by - V,CtQry °" r I'm a 




■■ i 


' T 
-•* 

- 





S." 

c. 


tVU, 


IS? 



e*- 


Si --£^fer ' - 


^ 0, Financial Times Monday October 30 1978 

Ilk lS|rtfzens r Glasgow . .[ 

juhe Spanish Tragedy 

% by B, A. YOUNG 

•aJ%. ‘ ft» p *esrt so «ks{fiiii> nrppaivd peace between -Spam and Por-1 

. ' Robert David Mac Dona Id. who tugal. Then, as part of the mar- 

-also the director, is called "a riagi* « eremonies. Hierenymo • 
iduetion from the- play by entices bride and groom 10 take 
Vt ; ‘ • '.'omas Kyd.‘* and i: has been part in a play he has written, 

p ■? ‘ sinied down from the origins !. Sohmim and Perseda. Bolh 

'd ’5 plot is vividly iwt cmnumi- principals in the play die — on 
EiS* iy expounded, the Portucue.se this occasion both in drama anrl 
jjfefl . • ?nes tperipherai tn any case) in truth, fur Hiertinymo himself j 
IBS .-..Jic the main loss. There an* plays the thin! part and ensures 
" ■cntriciiies: the Viceroy of the enup eh.- tlu!-afrc he was arier. 

*»ii- rtugal has become a weak. Andrea's chost fwilh Horatio's. 

r nd Pope, though his son Bal- who has joined him) is at last; ^ 
■ ' ar remains Prince uf Portugal. satisfied. • 

.■i ■■ ) . . . 'enpe. the constant companion The production is an example! 

/ Andreas ^host, .\ho sits u r flic Citizens' triumphant inde-i 


[Letter from Germany— 2 


- irdcr. is persumfied as a young with one eye always on thoj 
ic, always available at court audience, in’ quite individual, 1 



Lear 


by MAX LOPPERT 


help in the murderous plots neither good not bad, yet Always 1 

seethe* with. effective. There is nft attempt j Denis Qmllcy and Rosemary HcHala 

Phe p/ay is most remembered to impose a ‘'period.** either in; 

Jay for its anticipations of costume or manner. Players and - , 

mlet Andreas's ahost returns audience are in one another's > ftsalTICK 
»m Hades for vengeanc-j on confide ace: v.-e might meet 

JUizar. who slew him in the Horatio and Belstnpena a» ihej J "t J 

r. Ami Ealtaz-jr’.s death i* Vui^.ni/jp after they have washed I lOnTrlTt'O 

drived in plaj written by off the iiUmd ‘ i Though in; I /I .S\ g I I I I S\ | 9 

rmnymri. '.rand Marshal of Chr-cnir ><n Saturday they V'lUlil I • V X i/A 

am and father of Horatio: have found no buses, the drivers. 

ratio Andreas s mend, tonk hem;; on strike.) ; Druihtrup. by Ira Levin, is a exciting, thriller 

?r Andreas * place :i * the lover Kt-’.impevin. a Charles Addants , conie.iy-thriller containing Clifford Anderson. 


| Aribert Resmann’s Lear is not of this kind, and strong literary- sonorities — and King I. ear is 
ithe first opera on Shakespeare's seuse. are not charges I would simply too broad, loo various a 
I play. In an appendix to has level against Reimann indeed, play in submit willingly in 
i essay. “Shakespeare and Opera," the grave si weakness in his treatment of this kind. 

: m the Shofctvpearc end MiiaIc musical setting of this King Perhaps the urimnal Munich 

■ compendium. W inton Dean lists Lear libretto is his apparently cta^n" /not .inlv Fischer- 
! seven — three entitled Re I-enr limned understanding of the bieskau hui Helua Dernesch 

' f by Cagnoni. Frazzi and Alberto play’s range, its emotional pro- Colette Lorand. and .Julia Varadv 
I fi’usianzomi, urn* Roi Lear thy fundity 3 nd psycho logical depth. j n j^c? east- production bv 
■Albert* Reynaudi and three and his consequent reduction of Ponnellet was' communicative of 
Cordelia i by Cmt ran. (lobatti il. by musical means, to a drama a higher decree uf intrinsic 
and SOmelodiv ■. All are for- of sterile violence and virtually op( . ral j c vita I it v This l Kissel do rf 
got ten: what every opera goer unrelieved cruelty. performance, produced bv Cert 

■ remember.? instead is that Re The profound weakness lies Westphal in the designs nf 
j Lear was an unrealised project in Beimann's musical materials. Heinrich U'enrtef and ennductcd 
•and a lifelons obsession of in hi* imi-vul languace — an \, v Friedetnann Laver, was le.l 

Verdi's: :,nd what many opera- and if Miperfieially forceful i >v fifinier Reich, a Ivirilun* best 
1 poers may recall i- «h:it auialcain i.f -en.il and pu*:- kjit'» n here for hi* RFC Scho*'n- 
: Beniamin Bnl'en also failed in serial musical devices (The berg cmieert performances. The 
, produce his planned King Lcnr whole ■jatniit nf >cmiinnal and VO icr i* well tv nod. clear. 
' The link between Britten and mierotonal flusters'. long pas- naturals pnsM»«erT nf u-eizftt 
[the new opera is Dietrich sase* of monotone, unbarred j n ^ dignitv: the dramatic pre- 
; Fischer-Dieskau. Evidently the vocal nntaiion over ostinatos or sence of his Lear, other than ihn 
title role of the Britten opera else jagged voice parts in caricatured <hnmhllnc and 
; was to have been his anil around tortured lime-pa Horns agjpnst stumbling decreed by ihe pro- 
jlfitiS. when it became clear that braying. percussion-dominated ducer. was minimal, 
ithe work was unlikely t>. orchestral sonorities, and so on i Cari ,. ilIlir( ,. of a basic and often 


Deathtrap 


Befimpena. Jn/anta of Spuin. fit-urc »n Philip Pruwse ensfumes. SPV | ^ It i« very student at 

d is messilj murdered for it , s .,i ai .. d i,,',>| n ].' 0 xe Her . murauK. u is very ^ tran 

Balrauir and her half-hrnihcr brother " i.uren/.o ' tbotwlasl ln ^ , * i, '>us. very funny and very tempted to f 


P hv B A YOUNG Fischer-Dieskau wo; the first c«i> eompa^«rm ae examma- n Cct)t . rtr „ rol( , Pllt fin hv lhe in . 

y 4 ’ W ‘ ^ performance, u. embark un a Hon* nf nature and of Nature hahitanu: of Tharenton— this was 

■Kirin Lenr opera. Il »a‘ cum- hiunati and animal. PW«"n despite impre^ivelv strong, 

hrillcr written hv lines, are not the nio.-t likeiv P* tlw l early this year and hrri and spiruital. to .i spiv-lacle of t .| Mr gmsinj hv Anna" *»reen lan 

.nderson, a young characters. .performed during lhe Munich punk perversity and griuniiuis li'Sh soprano now much em- 

a seminar where he Denis QuiHev. having reverted >^ es H vzl ,n -July with Fischer- violence. pi rived in ‘lennanyi and 

lecturing. lie is most of the way hack io his own Die*kau a* prorayumst. I saw. It nm.«t he one of the lnude.sl p atr j ti;t s ;fin e. The intended 


ren/n. 
Andrea 
ttle. hu 
m si abb 
Belmi 


id, a.. ‘Hilling vine nas in=- nest oi isyus sue, ,h e CC nre Bevond ihL* 1 am lcn a nciRnuour wnn me belter man mar — niters his oven i wnigmuus iius.iiie^s, t-spctiany ...... v» »u netns aeetned syinpainmr. 

ernes ‘.vith uo loss of credi- pnsinsl '. 1 niUMcal vcri>c as 1 _ . *. h gift of ESP. forecasts various contrasting brand of smooth ! after only a single encounrer tion. permits almost nn dramatic Gloucester fbariirme) and Kent 

lily. Credibility is not a major HmroTty mo. and there is an j r ^ lo nna ,r nar “ 10 m . u , disasters connected with the unvillainy as Clifford. Myra is: with a work, bolstered by study movement. tVhen the aural (tenor). Hermann Rechl and 
ctnr: the chain nf murders is intereMin? crescendo by ,\ndrew j wtuiwil exposing the whole deli- H - ca ppa 5 i n the room. the one with a nervous streak; of score and libretto: but my a*saul. temporarily ceases, as in pv.-n oinf Eliassnn disclosed 

amuhe rather chan probable. RodnqucA a . shut .icure in a j calc framework on which lhe And there 1 must leave Rosemary McH.tle skilfully feeling is th 3 t. after its initial ,he Edsar-as-Poor-Tnm scenes, (jm, voices. Edmund. a 
tltuzar and Loren’ 1 .' kill and white humfreozer as Revenge. ; play i based. " recounting the plot, though 1 can injects 3 n uneasy element into period nf celebrity, Reimann's one notices how dry and unforth- iP’i/leinenor prmed to lhe ex- 

■tiilaii 1 Horatio when they who beings as a mere extra. and: The events take place Jn the say that there are several mur- the calmly professional atmos- Ktnp Lear opera will find a place Joe vocal line invariably iremes of his compass, stretched 

tch him in fbijrnnie delicto is cunningly insinuated into the) Connecticut country house of doYs, some of which are less fatal phere. In this she is completely i in the operatic firmament along- i s j "J* vr !^ a V characters sing Hnr*t Hmsiormann to the edee 

ilh Beiiraperia.. deslinert for action until he becomes really i Sidney Bmhl, a playwright whose than others. The progress nf lhe outstripped hy Joyce Grant a’*! side the seven already men- w*th hardly less angularily than ,,f hi« limits. The look of the 

arnayc to Baltazar to cement chilling. thrille rs are no longer as sue- play thal we see depends on the Helga ton Dorp, a kind of Dutch) tinned; for it seems to me a the others. Characterisation is jv-ruiui-tum. r.n hare boards, with 

cessful as once they were. The whim of the characters taking Madame Arcait for whom every | monumental falling-short of an worked tn terms of vocal di's- <ir<i:<ng “ide lighting and 

house 'designed by William Rit- part in it. “Act Two is liahic to object- carries a psychometric admittedly monumental task — an position (Edgar. □ lenor, reaches primary e»»louring. was strinppd- 

alladium / Wemblev Arena mam belongs to his wife Myra, be a ler-down,” Clifford says, message of doom. Watching/ opera nasty, brutish, and long, up into the countertenor heights awn. RRC-'sh There seemed 

* 9 on whose wealth he has been things having gone his way i as attentively From the inuchlinc is- musically almost entirely harren. Tom; the three daughters arc t,-, pn a pood deal of genuflection 

^ . T r% r living -.inc-e his talent wore lhtn. he thinks) that far. “Not neces- Sidney's lawyer. Porter Milgrmi a | and dramaticaliy redundant. [orec kinds of soprano; the nin] f n the direction of the Peter 

NQtTltn\f I ICMi/IC I T*ll* / lr f*Q ' ^ ut ' l ! »ears his hallmark — a wail sarily." Sidney replies, his mind Darrd flealy at his most suave, j As rhe work proclaim* itself an distinguished from the mad- Brook *itJp of the MK although 
kJdXxXXXI Y L/u Vlj %J XXX / A covered with swords and daggers, on further profit. Without I really mustn't tell you more. ; “ Ope r in atwe! Tetlen nach men by his prcdonunaniiy the effect of rhe whole seemed 

x ■; a couple of maces, an axe. even actually saying which they arc. except that the direction bv; William Shakespeare." there is sooken lines), and by d’fferemia- at times ratlmr more somebody s 

U v , A Isl T O M Y TT40T?T^Jr , T?F)FX a medieval crossbow. (The pis- 1 can report that the final sur- Michael Blakemore is as good as; justification for examining it in * inn ,n Jhe hguration of lhe line, crisply drilled. Teutonic idea nf 

uv 1 I inuffPLAUi * • tojs ar „ kent out of slchl.) vivors. about to carry the pint the play deserve*. Take my word relation to the plav. Claus H. Bui characterisation is_ super- what a Ken Rus^li open nrnduc- 


sSladKiim/Wembley Arena 

Sammy Davis Jnr/ Yes 

by ANTONY THORNCROFT 


(.-mi m as once rney were, me wnim ur me cnaracicrs lasing .\iaaamc ,-srcuu mr wamn every monumcnui laumg-snon ui on v,. ° 1 

ouse 'designed by William Rit- part in it. “Act Two is liahle to object- carries a psychometric admittedly monumental task — an position (Edgar, a lenor. reaches primary colouring, was striuped- 

tan» belongs to his wife Myra, be a ler-down,” Clifford says, message of doom. Watching) opera nasty, brutish, and long, up into the countertenor heights awn, RRC-'sh Therp seemed 

n whose wealth he has been things having gone his way ias attentively from the inuchlinc is musically almost entirely harren. Tom; the three daughters are tn bn a good deal of genuflection 




Loved 


by MICHAEL COVENEY 


IHuyernaiit! 

?Kiih victcn 





OVJ ( P l U| QU J IvUJi IUU1IJ auu UU JU rxi-t J iu uu LAI v PUlllt: lULUUrtUUU OIULV MLMtriiU* ildt LUllUrit^CU 1IIC • m , ■ - 7 ; — — ■ - ■ ■ , ■ 

drama, trunmins some scones of musiciwlra mafic acfiviiy — wh.ni was wrong wilh the work 
- ' and telescoping others, removing violent oppositions of violent itself. 

BUSh minor characters yet retaining 

• rhe outlines of the main and 

T 1978 Best Book of the Sea Award 

JL/UVCU- by MICHAEL COVENEY glows* Oft The * 1 original 11 phrixe^ The 1978 Best Bock of the Sea first published in the L T K during 

- and with curious invpntinn* Award is being sponsored this the 12 months ending December 

Amy and Lawrence have a By then Amy fe. on her way out first read-through- like an un- /Ken, Is pu' in thes'orks as a 
Mice little house with sman and Gabriel ha* run ludicrously funny mimed pub interlude— are and curious *nelho"* nm nf o ‘ the new ‘ ce ™ cs 

ifurnituic. Scented stock grows berserk (we are told, on loyally retained, as are several rmtfp polmt-Leara adjltlnna ^ Dieppe, starting he w lu .leH ink kerne*, 

on the patio where coffee and Brighton beach. The writing, pertinent but not very remark- oup^ ion* tn (.nrrtPlia in the first next April ... u»!n ' " b„,„ F i cvuip 

brandy are served after dinner, superbly controlled and hypnotic, able songs by Joanna Marcus and s ^nlana- The award of TiSfi and a IV. ery Rnv> ' Lundun svvlP 

But they are childless and shy weaves a magic spell within sister of Paul and daughter of non of ner deatn. are just two met | a m nn w ,ll be given tn the , ' , 

of each other. .Amy's sister, which Priscilla Morgan as Amy Frank. examples of the process. au1hor nf , he non . fictlon wnrfc 

Cissy arrives and does not ask snatches at her own spirit un Nice. defi performances In general. ,l J^ a workahie which> in the npin i nn of 1he p"II" ,ThT lh !l, p r ,,lc? , d ^r 

why Lawrence .sleeps on the sofa the wing and brings it to bear, though, from Hugh Lloyd and treatment, of a formidably com- j udRes makes (he most valuable ? S e u*Jrh«rA P S Ker 

each night. Lawrence’s friend, at last, on the lives of those Carolyn Moody as the couple, pi ex play. In any case as Dean conrr ibution to the oniovmpnt d Th „ 1 . .“V. h . CDnlnrl 






¥&% 


| habit ; rf>f 'rain-spotting. Amy 
EjiJV and Lawrence work for Minds 
Unlizniieti. but Amy makes off at 




o. out Amy maxes on 31 Wi/frprf U. in Frank Marcus's nyTFPTfllWMFWT THEATRES THEATRES 

iiguped as a female i unc htinie play The Ballad of tiw ■ ■ DRUR v lank. cc. oi-hss biob. m-» palladium. cc. o>-« 

jrglng a friendship with wilfred n al lhe Almost r| . m r ''““’VomrfiM - * 

I brother and sister who p reP j s Aubrev Chapman, a GUIDE • "A raro. .nnnung. iowut. .SIIWWI". SWINGLE li .no CHARLIE 

warehouse by the river. dowd , librarian lit Crawley (what cc-t*™> accwr cwnh. V«n s. Tim«. am great year booking n OW q p£ 

-Wyrnark's extra- has Mr. Marcus cot agamsi ««» w mwib"* or ««* n» bukc duchess, bib »mj mj io ojurj. palladium. cc. oi-a 
y .skilful ■■ little play C?awteyV, who advertises for OPERA & BALLET 

t thA rilshonpstv and Imra in Ihn P !11 COLISEUM. CrMIt CJfBs O1-Z40 5ZSB " Thp nufl'fv 4UPWi«a. ■ Dallv Mj.l a. - MPrr. A v j* I -v.P 


THEATRES 


DRURV LANK. CC. OI-HSS BIOB. Mto PALLADIUM. 







5 / 

— Tx ordinarily 

* 1 * about 


THEATRES 


10 Sal. 8.00 Wed Mid Sat I OO 

A CHORUS LINE 

"A rare, oevacraiing. iououv attonlMima 


Tuesday Ndv. 14 lor 5 dais only 
MARY O'HARA 

SWINGLE II ana CHARLIE SMITHERS 
BOOKING now OPEN 


0'-437 7373 VICTORIA PALAU 


BIB *735.6. 


-4J7 7173 

WAtan 


B34 I3'7 

STRAThORD JOHNS 
SHEH.A HANCOCK 
ANNIE 

E»B». 7 30 Mary. Weo. and Sal. 2.45. 
"BLOCK BUSTING 
SMASH HIT MUSICAl. O Mail 


the dishonesty and f n ve and affection tn the local rag 1 coliseum^ wr^oywo szsb -tic ^' 1 , ;^ ¥Nr t 


Sammy Davis 


«a distance between people hound three years after his mother has English natio 
■fteior iiHinpUnn together by society's bonds, died. The call is answered by a £js“ r wn^MoVSn? 


ENGLISH NATIONAL OPERJk -. on'roBM 

Tomor A Sar. 7 00 Odd C». loy Louie * 


Their tranquility i> disrupted stupid, middle-aged launderette "•«* wm 
by the Blial partnership (Sean attendant whose husband Wit- 730 


•UKE OF YORK-5. CC. B16 5122 
pm. wife ure«* Mon io fr» 8 am 


„ - . T _ . . .... . . . , I Si-anlan and Veronica Ouilligan) fred. a sottish, drunken oaf by 

Sammy Davis -Tnr has not vj-ben tnc micrnphonc roars a'] w ho flow in and out nf the all accounts, literally fell off the 
tanged his act in almost half him. he impersonates j aC (i 0 n like » doubled version of back of a lorrv and died. 


oner*. - Fw St* Kura W«o ' S»IL S.30 Jnrt 3.30 "r-nonr WON Miim- i 
0 thi T.lpy o< Hoflminn I *■* »» N ?“ 1 V 

)Umhf. >0* njlconw «e*ts i * «" Suot E*3» 8 am Fri ton Sac 
all oertv troni 10.00 on 1 .. 5 30 anrt a SO , 

Now booking December ; fOM FELICiiY 

an ting Iro n, Tomor I COURTENAY KENOAl j 

240 1066 a Comeo* Ov MUHAEL FRAYN I 


ane Fr.. 7 30 tha Tatpy o» Holnunn 
Th.ir 7 3Q IcUmhe. Io* njlcnn* *e*ts i 
avail. » Or all ocrt». from 10.00 on ! 
0»y Of oert Now booking Orcemor» ; 
Te l boo t lugs Iro n, Tomor 

COVENT GARDEN- CC.' 240 1066 . 
(Gardcnclwngr C-eOM Ck-rt* B36 6909 i ' 
_ THE ROYAL BALLET 
Ton-t. 7 .30. Sal 8 S*rcn*ac A Mown | 
in tfte Country. Float rhur 7 30 The 1 
Slecolng Beaulv F-r 7 30 Maverlma 
. .THE ROYAL OPERA 
Wra 7.30 & Sal. 2 Con (an tulip 65 


at MPrr. I v a r r r * in 

ALADDIN 

AlIIUD lY.ARh- , mtNfcZlR 
OiUa WATLING Br.an MARSHALL 
ana vwavme SlFEp 
PrcvipM Dtr^rnotr 19 *1 7.30 


; smash HIT MUSICAL. D Mail 

WAREHOUSE. Donmar Thnalrr. Covpnt 
Garfiyn 60 » OHice 836 6 B 0 B Rov*' 
Sh.itp-.ocar. Co Krom IihiR. 8 00 
PremifK. Mary O M.-ll-y i LOOK OUT 
HERE COMFS I ROUBLE' Ad*, oloi 
Alrtwych 


PHOENIX. 01-836 2294. bvcnnos at S 15 WESIMiNS 1 1 R. 


FORTUNE. B3B 223B Evos. 8 T*urs 1 
Saturoayy S.00 ana 8 00 
Mi.rw Picow a* MISS MARP'C in 
MURDER AT THE VICARAGE 
FOURTH GREAT YfcAR 


Ma-i Woo. 3.00 Saiurciavy j irt a 8 40 iiNri 

"IIM BROOKE IAYlOR. GRAtME T»— . 

LARCH) :n«»E uy lauflh. U Ma.i j, M.icir 

The unvarnished iruih ■“ M vsic. 

IHh Mil LOmrbv Oy Rovl.- k y I On _ u . , 

-LAUGH WHY I IHOUGHT I WjuLD rut HUP 

HA vt DIEU. Sunoa. Tunes. sHEEn - 

DtLlUMl. E* Slant-aid GLuFclJuS WESTMINSTER. 


01-83* 0283. 


CONTINUOUS LAuGnlER. Times 
LAST WEEK ENDS SA1URCAV 


1 his performance— lhe same sweat has earned his fee and he in yslerinus power thal wilt a Wagnerian assistant and a| AmoW yeau i a»aii. ter iu i«ris. iram garrick cc. »s« «mv e;q* « oo j ewoENix muMi cc 
lerav. the same assurance, the has proved that professionalism i ,.r„ nr y,„. k..„..i..i ..r,^ mtitul _ jo am onoav Q i oeo wm.3QO.sbu s*a. bsd___ , btr?r. iS,t.T. 


DENIS QU'LLEY m • 9 A LEVINS 
OEAIHTRAP 

A n«w i Driller ji^iiad ov 

MICHAEL BLAKeMORE 
VERY INGENIOUS VEFTY FUNNY. 
VE RY EXCITING." F l imey 

GLOBE THEATRE CC 01-437 1592 
Evos B15 W«J 30 I *or 6 00. 9 *0 
PAUL ; r»DINGTON lUL'A M KENJIf 
BENJAMIN WHlTROW ir 
ALAN AYCKBOURN i N.* CimN, 
TEN TIMES TABLE 


ier 3 v. the sunie assurance, the has proved that professionalism ch ' anR£f her U f e . That may sound .hysterical customer; and. quite - ^r- \%Er4zkTJr m&SZ, mnis^ou ?ev«ns 

» me smile. apd personality can^ just nbout {pretentious. but it works ‘separately, we see the widow. a.“ eci 937 i «72 * B '«w 7.30 P^ajhirar 

Vow. nf entirsc. word* are oJ(J fashjoned variety alive. aj or jousiy as theatre, and esperi- Edie Spoke, fending off rhe N0V handu. mTchael' bl ak rMOR e 

ided. “People ask me why I ^ ally so given the overall excel- nideries of a deliberately caricn- N <>» ts ib; semele ’ ^vw^SfcinNG ** R Vm« iNV ' 

m always smiling'.' if your . lence’.of Kenneth Chubb’s tgred window-cleaner and, ni — - r-r — ~ 

■»;rh cost fl.OQU Hollars you d Amazingiv (mough a night production for Wakefield work, a squatter with his ■ e*bs bis w«j 301 sor 6 00 . 9*9 

.-nt ii« show them off." " I've i; )ll?r qn the verv edges uf Tncycle. the best work I cldthes wrapped up in news. THEATRES PAUL BrNjAMlN N whmiow M .n ,<tN2,f 

;-en a Jew for 22 year* and i-tvjjj.saiiun— the Wembley Arena i have seen from this director. paper. When the squatter goes ADELPHI THMJR£ . cc ot . ej6 7611 s , JSS camra * 

lark Tor nine years — before __yes pulled off the same l nek I Lawrence (Philip Low net off.' he leaves the fatal rac opening Thursday November 9 .. Thil n,5S«i i*u>n- e . 

■'■I I was i.y 1 loured." "If yuii've j„ r cosmic rock. Oner again ! defines Hope as a woman, plain behind. ar^so. am 5m b 5w a°« b.od^apT ■ ^ -^Sp-hib'" T. r ^ M ‘ nl ‘ 

»i it. ilaunt 11 ." he remarks prejudices were worn away by I and skinny, sidling into a room 1 suppose that one defence of rHE B RA^Sow I — Z ~ 

ippinc his dancing shook on JJt at1 which in its theatrical » dressed-' in a oink tutu and a having an indulgent director is SXZ, { G “ iISSJU Joonim s.“ i’o " 

iih the help of a ccremmiid! ,.| |f . c is and wiphislication makes clown na*e. This, indeed, once that he is your son, and Paul C r, 0 l °*r? Bwmgf qt-bj! , ] an wuibJdoo.bo 

•■ore/. Sain in v Davj> louk quite pro- (the surface, has been irreparably Marcus s direction is notnine if alblry. bsb jb7e. cc hvg» :t6 ioViTj -. -a *1 rr. u -,- -*.iri»r.»p 

In 1 he nast Sammy Ha vis vinrul. Ye* had built a revolving | rippled, is the play's final imnr. not indulgent Scenes that should uom . ^SS^ a ^ m l a L^.SS! s W m 

'■-•nicd to have all the charm stage in the middle uf tlie Arena '.embodied by Jill Dixon as ussy, have gone out the wmduw at the 4.10 loo. welcome I 

f a c< Hd-sore. hut this tune he and as it slowly turned the ■ * ™ 0 ‘ JSA L 7dNB M 8ARvs' COM6 * 00 

is cur nut most of lhe br 3 ?- merging of coloured light beams.' -MmA»-.i t ous ‘ m'S^al f.« thh« ciiv : francs 

'•ig. rlie buttering up of the well mixed sound.*, clnver j COVeni Garden SKI, *£7a??L D r 0 roif reteh n,G£l i10CK PAUL 

'dicnce He is much more costumes and musical expertise through 1979 . bowie* hardwic* 


OFT.NING NOvLMHtR .in 
Diana RiGG John haw t 
NIGHT AND DAY 
A N«m Pi). O, Iv>M llO^PARO 

Qimt ea o» peter wood 

PICCADILLY. From 8 30 *m >37 4506 
Crcon CjpSJ 856 1071. Mio-IW* 

BOO. Fri and S*t. 5 03 B.’S. Air-ron 
' Dsrn.naimg with unletitwi -ju ‘10 an- 
numour me BROADWAY >TA9 D E«o 
SYLVIA MWE6 

"lowering oerr jrman^o Daily Marl. 
VIEUX CARRE 
Br Tennessee 

"Vi(or»-A like IMIK " FiilHlM' l'"i« 
Imh nai saroiv been . more ■‘aiiiivinQ 
c\-n.ng in tro Wes' EnO Tin 6ES1 

COMIC WRITING in ONDON ' Oca 
"S c- running lire on e'CLlr.-. r ur,onl 
F.T SEASON E NOS NOV la 


CRaBI F«I? Von 1 t?, 1 f’lrt ,?SS COMIC WRITING IN ONDON ObS I 

AN *\| h -Dl5NC* CAlLTD EDOUARO "^C 1 running l>»n an f««r.L riir.en: ] 

AN **”»*Ct CALLED ( EDOO D I F.T SEASON ENOS NOV la J 

* A thpi'rn Al " Titt.i^ * 'iilfDnftP i - " ' 

and - .gnr " D Tel • Fas.-nafna I *R»NlI EpwASD CC 31-4" 6B77 j 

. e.»raorO-na>. e.bn.nB." t ** I Even-ngs 8.00 Malinee* Thursnavs ann . 


A THOUSAND TIMES WELCOME IS 
LIONEL BARTS 
OLIVER 

■MIR A«" i IlOUS Ml-SilAl. F>n. Times 
wltn ROY HUDD a-rd GILLIAN BURNS 
NOW BOOKING TOR Christmas AND 
THROUGH 1979. 

ALDWYCH, 836 6404 Into 836 5332 
RO«Al SHAKESPEARE COMPANY |„ 
repi^tolre. Ton'L. lomOr. 7 30 CORIO- 


Wed.i. RSC afo nr THE WAREHOUSE 
(see under wi. 


•If-depreealnry and i-asual nr. produced a visual and aural 'T'' * 1 * 1 1 alowycm. a 36 6404 mta 836 5332 

-use a JS77 word laid back, experience much greater than I T~1TYP Kl I I W»JT 

here is an apparently genuine the individual parts. X lUlv 1 3 \ I I lanus. - An wnin^m true nwairicjii 

: tempi t» entertain and by Yes contain* in Jon Anderson ' RoJlTevs S ' 1 * 1 * changelTn'g l,f ”r,om 

einc less nf a show biz auto- one of (he best rock singers, in _ _ . , _ ^ „ Wea '- wc warehouse 

aton he actually manages to Steve Howe one nf the best h\r CLEMENT CRISP — — — — — — - 

ijei-t Mime pathos amid the guitarists; and 10 Rick Wakeman ' A s ^re' 

irzmatazz. (he best keyboards performer. SIV 5 ^ 1 ^ 5 f 1 ,T *5 5< L om 

There is Jess dancing, less The group has survived a decade The’ triple hill currently in the the evening. It is a portrait nr taUKS i tSesnoi 

mu- dropping. All ihe old bus and although much of the music Opera House repertory has as he nashing teeth and eager hands, j, Mi mn Rao^ei mbw p «>r^». 

paraded and althuugh the has alwavs been pretentious heart Lynn Seymour's tncama- hut a moment too like his almost free theatre. t«. «bs 6275 
■ngs may bu phoney cabaret beyond ils power even an tion of Natalya Petrovna in A battered husband in The Crnirerl m^uAUM^a^vnn^u 

aiHlards they ore redeemed by agnusUc can lie won over by the Month in the Country. It is a — 1 miss Helpmann * conihrna- mnu> Mon.- sai 1.1 5 om 

ie uiiverfui uddlv emotive, fusion or electronic expertise superlative performance, hui one tinn nf boredom and hair-nil. I ambassadors, cc. ot-b36 1171 . 
»ice. He casts aside the mien- and ruck glamour. The spec- so widely hailed that il needs admired Alfreda Thnrogood's 800 ISmk^Iouun^ 0 4 800 

inne fur his big ra"'' P^ce facie made the music just as at no further bouquels from me. perky Debuiame, and hai “ 4 * u £r aITdTldod 0 " 

Mister Hojnnslus" and makes the Palladium the personality Rather do I saint e the sensitivity Ashley P a R e a u^ . o c ^? e in a new thriller 

p™ n al:h" confidently jukes mad,, ihe show. nf Depise Nunn’s Vera wherein Batchelor as the be,t Popular - agatSTch^ . . . r- 

— . ■ _ an intensity nf wirlNn Fepiing Sons pair in years. -will run and hum." Gunrdun. 

"" is made astonishingly sincere. .Serenotfr. which began the ;S^o77c ‘o^ 4 sTliM~W 94 “a 00 

'Th is- .•UJicntanneiir is issued in compliance with the require • avoiding all the pitralls of evening, cimiintios to receive the !--»-. x ». «r*- f 00 - * s .00 1 jnj ' 9 . 00 ' 

1 mentr. .-J f the Council of The Stock Exchange. !• dors not ingihiue playing. The little solo most idiomatic performances w ** UL dennis ramsdln 
constitute mi inriialvm in ■(»>/ person tr subscribe lor or that introduce* Vera~-like lhe hav c seen since Mr. Bulanchme shu?' your Mm 

/. urdm.se a til/ ordinary shares. one which pinpoints Dnranella mnunted it here more than a think of England 

Tor us in Enipnin Voriritum*-—!'* decade ago. Marguerite Porter '' °-^a-«jT W w«rt Jnrat*m - "ml? 

nil fleet, tripping steps, which brings a lnvelv open line to the - — — — — ' — • - 

J1WP4T 4 PI ATINUM HOLDINGS Nunn seem* .tn dance in one lyricism of the woman who must * RTS ut tom itoppards z ’“ , 

lJVirALA * ■ J 1 joyous hurst that leaves her out suffer j n fhe last movement, and .. H , lar)oire . D ' R ^„ L !, NE, l ttIld ,. T , m « : 

1 f jvn I' f n breath as she collapses to a j n ;be usually anonymous pari wona., <o s.so. i'ik «nci! 


I MAVMA»KET. 01 “30 9832 F»oi 6 00 
Mats Wed 2 SO Sail 4 SO and >* 00 
GERAl UN) rt ( WAN 
C'.IVi IRANt'l 
NIGEL 5TOCK 

PETEh PAUL 

BOWL F* HARDWICK 

and FEN6LLA FIEtOING 
LOOK AFTER LULU 
L ■ v-el f «« »o 
wirn GARr RAimonD 


LANUS. "An e»-ntnp O) true m^airlcal ~ r _ , _ . n , , n , 

a!orv S. Tlm^s W«h- M-rtrtlamn % Ht* M *JTSTY S. CC ■ 

RaMlev'S THE CHANGELING ilrom R r P* Tonight 7.3P OpYn* Tomor. . 00 
WrfA ESCTm. a" the WAREHOUSE EW.1MMI5. W 1JK. 3.DD 


S.Uur-ia .* . JOT 

t.ov 6 00 [ EVIFA 

ID and A BO t>» Tim Hit. iiv & i Lio»’.W(hDW 
AN I D'r relnu 1 - Hj r pin Frintf 

I >RINCE OF WALES 430 868' Crtli- 

PAUL | C»m figs 9T0 0846 11 oil- 

HARDWICK Wore New YO'lt Opens Mg> .ore 
il nG I _ , Nov. 6) 

ALAN AVrnB -1- -.m -sh-hii Comens 

BEDROOM FAR ' e 

. N n " l« von i»« l Miinli tup -n- D L.o 

- — — A Nat'Oriir J h^jfre prijffufliPn 


BAR MI1ZVAH BOV 
THE NEW MUSICAL 


UNTIL NOVEMBER -8 
lun-lr 7 4S W-J a. bal 3 00 
A MUSIC*' -NIFR1 AINMEnT 
LOVE ALL 

I THE SUNNY AUSTIN STORY 

WESTMINSTER. CC 01-834 0203. 
Tim rice and amdrew llOyO 
WtBBLH S ' JOSEPH AND THE 
AMAZING TECHNiCOlCUx DREAM- 
COAT. - Starring Pout JONES. Twice 
Daiiv O0C*v Nr.. 27 Tirkels. L2. Li. 
L4. BL-U* r-O* LIMITED RUN 

WHITEHALL CC. 01-930 6642.7766. 
Evflh S JO. Fn ann Sal 6 45 a- a 9.00. 
Paul Rirqiuif :'(srMi Tna s»nullonal 
■ Se» Revni" a> tne C enTur-v 
DELP THROAT 

Tai«e» iu ui'oi-^on-'nicr ■iw'-rs wnai li 
10 E:>Fre MmmniF Paris, 

MUSI END DECEMBER 2 

WINDMILL IHE A IRE. CC. 0I-4J7 6JT2. 
T wire Nujtii'v a . 00 ann 10.00. 

Sun 6 DQ ann 8 00 
PAUL Raymond Rrescris 
RIP OFF 

The e MO' 'i «PH,i»rjr.E OF THE 
MODERN ERA 

" In u-o-p-orlP'- nmii* «n„t la 

pimiHtii. .n ju 1 -1 age' f Rim, 
THIRD GREAT YEAR 

yynqhams 01-636 302B CC 

BFPF B.'B 1071 iron, 6.50 am Mon - 
Tn.jr* B 30 Fri an 0 Sal 5 1* ana B.30 
• ENORMOUSLY RiCH 
V£R. FUNNY • Evcn.nq N>-^ 

Ma, y o m.Ii-v l (ini.1 nil comodv 
ONCE A CATHOLIC 
" bMFW' rrmpfl. r,n <<■• >nn 'niifnon." 
D»"l« le'eorapn. 

MAh E w run SHAKE WITH 
LAUGHTER Guardian 

YOUNG VIC. R2B 6363 TDmor.. W«d. 
7 7.0 Th.ir ? RICHARD III 1h« r Fn , 
Sat 7 38 MLMIll parr n 1 Shakefippare 
Triton* ACTION MAN. 


™“ TRt Te. a 'iIs R 6 J /2T KING'S ROAD IHEATR*. 01-3S2 7488 
MUSICIANS PLAT THEATRE II B S0_ om M °"- joy hyr-^ 9 : pO. m frt._ jat v: . . 30 . 9. 30 


I rnEEN'5 Credit Car-* "1711 1 > 66 7 7.0 Th.ir ? RiCHa 

Eva-. S 00 Wrl J 00 Sal S 00 S 10 Sal 7 30 wnMlEY 1 

GEORGE C HARRIS ROY OOTPICE rr.too* ACTI 

RICHARD VERNON | AMES VHLIERS 

THE PASSION OF DRACULA YOUFIR Vir LIUDin 

• dazzling.-- e. »jp ' Mon scenic- To^ Xi%, *a “?i° 


Muter BojansU-s"" and makes the Palladium the personality Rather do J [salute the sensitivity Ashley Page and Michael 
P-i-mmirI: h- L-mfidcnilv jukes mad- ihr show. nf pepiw Nunn * \ era wherein Batchelor as the best Popular 

— - . — ■ tan intensity nf girlish feeling Song pair in years. 


i 'V. \ ; Tltut Adicnitement is issued nt compliance with the require- 
1 ’.j't - iRcut;: nf the Council of The Stock Fschaugc. I> dors not 
J** 1 'Constitute un inriiatvm in uniy per.*nn tr .subscribe lor or 
• jmrchu.se aup ordinary shares. 

-"I t, 

f !A ; IMP.4LA PLATINUM HOLDINGS 

LIMITED 

1 1«corj>n-ntcfI in the Republic uf South Africa) 

Issued Capital: 37.6.Tfl,{inii ordinary' shares of 20 cents each 
fully paid resulling from a re-organisation of the capital of 
the Company 

The a hme securities have been admitted to the Official List 
by the Council uf The Slock Exchange and dealings in therri 
will begiD on 30th October. 1978. 

Particulars nf the Company are available in the Extel 
Statistical Service, and copies of such particulars may be 
obtained during norma] business hours - on any weekday 
(Saturdays and pubiic holidays excepted! for the next fourteen 
- days from:— 

VnJon Corporation (U.K.) Limited 
Princes House-' 

95 Gresham Street 
London ECiV TBS . ./ 

Panranre Gonlon & Co. 
p .Mnorflelris High walk 
London KOY DDK.- - . 


iugthUie playing. The little soln most idiomalte performances we PAUL dennis ramaden MOBB, s ' * *w.ne no 

that introduce* Vera— like the hav c seen since Mr. Bulanchme *52? v»iiR , eY H FA R rN 0 m* v fa »" theatre. 

one which pinpoints Dnrabella mnunted it here more than a think of England Sun - N S.I ( . ) . , .f; D Jw 1 I 

Tor us in Entrrrnn Vnrintum* — i* decade ago. Marguerite Porter 'V w 1 c -u v n -Vj , N riXc, t _ l'iT° ' :■ -"n V ^* ; ^ emrress eugi 

njl fleet, tripping steps, which brings a lovely open line to the . DTC TUC - K ,,,,'1 mmSTUhS** 

Nunn seem* to dance in one lyricism of the woman who must AK 5 tom stoppards may' fa.r S im 

joyous burst that leaves her out suffer in the last movement, and ^ H . , ■ From DEC - 16 ~‘ z - 

of breath as she collapses In a j n ;he usuallv annnvmous part mohn, io'r*u'«>** a. so f ' oav '■ sootV 3 -^ c hr ist m > 

chair. , ^ , of the man who eniei*. guided 

The -dnrT with Michael Coir- hv lhe sei . nnd K \ r ] (her hand A S™‘t c r* - n A» c I° iS 
man's Belyayev is a joy. its masking his eycs'i. Julian Pr '. 4fMJ S^I b.OO «n0 3.45 | Doiicr. ^ 

ardent, soaring lifts appear Husking produces playing nr 8EsT MU5,C ^ F ™ E veA * , L ^ TT fiX£?'oi :,r ? s S 5 n, S% 
exai'tly the realisation of a emr/iionai weight and e veni ng standard awa rd Tram, 

yoiint? girls dreams; and .the phvsica , dignity. Cambridge cc b*6 sosb SS. ¥ TSSSJ? , V ihe^wI 


the rocky HORROR show 
PONT DREAM IT SEE IT. 

LYRIC THEATRE. CC. 01-4 37 36B6 
E*s. 8.00 Tnurs. 3.00. Sat. 5.00 6. JO 
JOAN FRANK 

PLOWRIGHT FINLAY 

FILUMENA 

bv Eauaron otf Flliooo 
DIRECTED O. FRANCO ZEFFERELLI 
TOTAL TRIUMPH • Ev News " AN 
EVENT TO TREASURE • O- Mir ■ MAT 
IT FILL THE LYRIC FOR A HUNDRED 
YEARS ‘ Suntuy T'mgv 

MAYFAIR. 629 3046 E<h 8.00. Sal 
5.30 ana 8.30. Wrg Mars 3 00 
WELSH NATIONAL THEATRE CO 
DYLAN THOMAS'S 
UNDER MILK WOOD 
" A aellgni. GO". Jo<n us Nov. 9 lor 
Ihn JSIfi Anniversary Firtv. Snow-BuR*! 
• W in e 110 

MAY FAIR THEATRE. 01-629 3036 

Sun. Nov 5 at 7 20 1 Performance on* j 

MARGARET RAWLINGS as 
EMPRESS EUGENIE 

Pv jawn Lilian, ' An evening ol 
extreme Measur e Pe rf ect - Ga n 

MAY FAIR THEATRE. 01-493 2037 

From DEC. 16. 3 SHOWS DAILY 

TO. 30. 2.00 ana 4 OO 
SOOTY'S CHRISTMAS SHOW 


• DAZILtNCT" E. Sl4n ’MOST SCENIC- T««e V-C STUDIO. KB 6S63. 

ti SH *r Its "ffi •SXaJSLf ttaJttSaZ&Et 


_ MAGICAL " Times Lit S40 | 

RAYMOND REVUERAR. CC. 01-77.4 1593' 
! At 7pm 9 pm. u pm . Open Sun 
PAUL RAYMOND pr«»eerrt< 

THE FESTIVAL OF EROTICA 
Fullv air conCMHonea 
21st SENSATIONAL YEAR 


CINEMA5 


ABC 1 A 2, Shaftesbury Avc B36 BBB1. 
Seo_ PcrH. ALL SEATS BKBLE. 

ROV £t L sao R a T *j 7 8 3 so ,74 .AST V WEEK 0 ° »i" * , Jo,°ff.ao! ,B »Sft B <AI ' an “ 
S **' S M°iC(Jl WILLIAWMFf WEEK i : ^ OEA,H ON ,M£ NILE lA '- 

■A v l Hu“ L b^lo^a«l 9 D TH. 2 00 5 00 IB Ob Perl Sold O.H. 

fNAOMtSSIBLE EVIOENCE 

■■ This IS one b< the lew at"»ai olavs ol CAMDEN PLAZA :gpo. Camden Town 


the centgrv," O Mall. 


ROYALTY. CC 01-405 8004 BOB DYLAN 3. 

Monoav-Tnur«claY evenings 8.00 Frifl-s* Track STEREO 
S.30 ana 8 45 saturgvvs 4 09 and 8.00 1 Dally. 

London Cmits’ *ele I 

BUBBLING BROWN SUGAR . _ _ , _ . 

Se*r Musv^l Vt ?«>77 /CLASSIC 1. 2 3. 4. Dvfprd S7NW IMF. 

Te« nook-no- occetod M-*lor rrepil l jotir-nnam »_ourf «d. »ube) 656 0310 
raroi Re-ra«rant rea. 01-405 1415. I Aojrr ^. < - WATER SHIP DOWN 

, 'U» Now with 5lrrepnhauc Sound. 

SAVOY THEATRE 01-B56 4H88 ’*■ •-» 

Credit -ards 7J4 4772. Tom Conn ■» f ! ,THE GREEK TYCOON (AA). Progs. 

WVOFE LIFE IS IT ANYWAY? I/O SAO $.00 8.20. 

nv B-.ap ClarL A MOMENTOUS PLAY a- Law 3 da«- THE DRIVER fAl. ProoE. 

I URGE YOU TO SEE IT." Guamian ; OS 4 IS. 6 30. B 40 

Evqt BOO Wed 3 00. Sal. 3 45 A a AS , Ul 5 l ? davv> HEAVEN CAN WAIT 

— 'Al Progs. 1.40. 3 SS. G 15. B.35. 

SHAFTESBURY. CC. 01-836 FS96-T ~ ” — 

01-836 4255 1 E»5» 8 115 Sal S.O. B.40 1URZON Cunon Street, w 1. «9g 3717. 
ISSXSSf, tlfJSt.i'’ y OIJ , A IIGH ED Ai m™ AFFAIR 

EDWARD GORE VS NOW LAUGH AT HERS . . 

n ?!fS u “n,«v _PA«OON MON AFFAIR TOO! (AA ' 

will, DEREK GODFREY lEnglHh Subtitles) Film mr 2 00 (not 

- ABSOLUTELY <TUNNING.‘- Sv» 1. 4 05. 6 20 and B 4B° 

LA 5I WEE*. ENDS SATUR DAY No 8 40 Pert TWRM. 


Tube.. 485 2443. THE BOB DYLAN 
F'l M REN 4 LOO A CLARA ' A A ■ win 
BOB DYLAN 4 JOAN BAEZ IN 4 
TRACK STEREO Proas. 2-SO. 7.S0 


- NATIONAL THEATRE. 


928 22S2 
TQniqhl Y 30 
50 The Double 


BEST MUSICAL OF THE YEAR LYTTELTON (proscenium staqri: r Onion, 

EVEN. NG 51 A^fDABD AWA RD i VXJUT 0 ™" 745 P ‘' ONDER ^ ^ 

CAMBRIDGE CC <* ib *J°"- •*> 55?^iS«2Sww 'V tHE ^OFuIo’’ TURNED 

Thill. 8.00. Fri.. Sj- 5.45 and B.30 UPSIDE DOWN hv enh Dewnur<t from 


outburst ■ nf aneer . against — — — « , ™ ~,. n — — , 6r . - f C r , 

Natalya is ideally caught in thft exc.t.ng black musical ^‘f^hKi 000 '' no ’ ' u ‘'- 0^20 2 V 22 * jan 

forward-slabbing image of the Under the GreeilWOOd ' ^v n of^^c^ B arr K 9 ^ u Vm'^ 8 9 .£Sm 

Tree’ for Vaudeville D,r " ,p ' JSSfr^^at^eXr 50 zm. 2~!2i o^bts'z^:-^^ , on 

on her From Coleman, too. a transfers to Whitehall theatre old vie, 92 a 7$is mb. Thun 1 00 i,u 5 30 ana 0.30 

must cnminiriea mterpretannn. Patrick Garland's adaptation December so, prospect at the old vie ^ sex plfase— 

He is an artist whose dramatic nf Thomas Hardy's novel Under- comedy, cc 111-9402576 Em *.oo. tuigmt coort^nav 1 ’ nimouv ouavie m lcndons longest laugh — 
playing i* sometimes overlooked The Greenvood Tree will open - spie n dc§° aotng* " S r iml »Srd. hmw. C o5£. R XA is j.«« a uw „. ove r 3.oo°-Perform ance6 

°L Xh ^Ya%nclZ?e hB^wSS t 8,L MK rmSST r^V Vh.'&l 

strength or nis aanctnn — mo»e Wednesday December o. wnn molly Tr«*or Martin, chminphor nnin. 5.00 ang a. 00 . 

pirouettes that turn steadily nn tw 0 reduced nrlcert previews on .. n™. UST- ci«5K m tSTMSSXS!P 

until the very last, the clean December 4 and 5. — sir Anrhairr — * wondt-nui performiKe." world's longest ever run 

stretch of the tem in a jump- The Salisbury Festival Hroduc CR, ^ , T*s^s ^ B^zo ai r^° 7 ^ Tu « 7.30 — 2Bth -^ R 

hut piven a. character. Coleman tion. which coincides with the NO * ’Vx 5 of E on1 0 vc * r °“?a!e “ T < H5. fl.a j*ajc. X-n* sosi 

brings a care to his playing thaT 50th anniversary nf Thomas leslTe Phillips omv 12 London p#riormane*s. Djncmo 930 superk" R t EvuE D,n ,,<, 

corner fronL an accnnnilattftn of Hardys death, is the first stage “ ; X MWa*"' LAUGMS Zm^S% m Sftt a , 

detail. (His Albrecht was of adaptation of a Hardy novel in second j^lajuous ” year u n." ri i wncm tiww theatre 'u^staTrs"^” to 2 ss 

pvpeptihnal iniepest; seen several many years. The show is open i space, sb? eesq beckett mur 7.30 m iniiai si? 3 tiwsis 

years, aso. it was Inexplicably directed by Patrick Garland 'K 1 " Vi“ SS 1 * t m 3b?*w 1 SSflSSUff Tkp * T '- e *» Th boys 

never allowed to develop in The music has heen special I v Thur»i> /( }• wj >« t4V4j so j — - — — r~rzz — r~- 

further performances.) cnmposwt and arranged bv f!hri- ■ the most htlarious play . M 0 n..Thnr* hod fr-. ,ni, too *na an evening “ wiTM ,, DAvt f !<rLLEN 00 

Coleman also > appeared *• the LitHewoM . and the Ivnes ate f o« vw^rp.,, r,™. jesus chrbt 0 superstar «SS°, U n Vown 

Dago in the closing Fasode of from poems by Thomas Hardy. Michiot H«ningi ktHh rk« LiD»a-w* B »*r. limited -season - imm dec. 2 ; 


TERENCE STAMP fn 
EDWARD GOREV-S 
URACULA 

will, DEREK GODFREY 
"ABSOLUTELY <TUNNING." 
LAST WEE*. ENDS SATURDAY 


SHAF1ESSURY. CC « 
83f 4JS5 Ow"‘ D»c 20 
JANE ASMEO NIGEL t 
PETER PAN 


20 Inn. ^ 3 1 ^SSSJSPISS'S JHEATRE 1930 S2S21 

PATRICK .r iS E 29M, N *1 PJf ¥ US,C fU> - ^2: B”W S - 
kN WFk 2 30 7 30 Sun 3 00. 7 30 . 5*»is 


Scat price* £2 00- ££.50. I oft of Mri Car park RHU«rim’97l boofclnas atL-nolPd now 

D,r,,,p ' iswrarATSiS - * _gg*L*gg a ?° v, " gT ”•.*** o,.*™ 2 ^o. 7.e^ a rr^ 

TRANSFERS TO WHITEHALL THEATRE, OLD VIC, 928 7616 Mat. Thu« TOO 5,t* 5 30 And B.30 


DECEMBER 6tn 


“SPLENDID ACTING" C. standord. 

BILLIE WHITE LAW 
T. P. MrKENNA m Gllllos. Maiflww Sglmns. Mel Martin 

MOLLY Trovor Martin. Cbrwtophwr Neamt. 

or SIMON GRAY " The ronnlect Mrs Miljg>Ds ■ have . 

“INTENSELY MOVING." E. Ntwf, seen" The Guardian. -Mr Ooavlr % j 

— — -j — — - — Sir Anrhomr — a wonderful pm fu> mance." 

CRITERION. 930 321S..CC. B3B 1071-3. The Thun. 

E*5 B Sat* 5-30* B.30. Tbur 3. Turt . Wed.. Sat- 7.30 | 

NOW IN ITS KECDNO YEAR Anthonr Ouavle as 1 

SIX OF ONE KING LEAR 

LESLIE PHILLIPS Only 12 London performances, 

and a HALF-DOZEN LAUGHS ” Nobody with anv reaper! for The 

, _ A MINUTE. • theatre would want lo mi» Mr OuAyle a , 


PROSPECT AT THE OLD VIC NO 

Today. Thurs.. Fri.. 7 SO Sac 2 so WI 

Margaret Courtenay A-nnonv Ova vie l« LONDON s 

THE RIVALS OVER 3.0 

Sheridan 1 * comedv. wnn jams* Aubrev. — — — — 

ItU Blair Kenneth Gilh-rt Oral ST. MARTIN'S. 


NO SEX PLEASE — 

WE RE BRITISH 

LONDON s LOrJGFSI LAUGH — 
OVER 3.000 PERFORMANCE^ 


01-836 1443 


E«gs- 8.00. Matlnen* Tue*. 2 4S. Sat* j 


nlrtile. In advance try mv*r or at Bov 
Offrt* lor 7 30 Drag. Map -Fri. ana all 


ODEON. Havmarket 1940 27»B'2771 I 
MfONIGHT EXPRESS fX> .SeO prog*. 
Dfv 2.30 5 30 B 30 Dm AM *eaM 

fik Me. 

ODCON LEICESTER 5QUARE >930 6111.1 
THE CHEAP DETECTIVE -Ai. Sen. Proa*. 
Dlv. Door* open 2.00- 4 *5 T «S Las! 
l:v 


S.00 and 8.00- 
AGATHA CHRISTIE'S 
THE MOUSETRAP 
WORLDS LONGEST EVER RUN 
26th YEAR 


ODEON. Marble Arch. 1723 2011 2 1 
CLOSE ENCOUNTERS OF THE THIRD 
KIND I A) Sep. com rtoon own Mon - 
Fri 2.00, 7 30 Sal 1 OS 4 IS. 7 45. 
Sun. 3.00. 7.40. All irats fakble. 


A MINUTE." 

SECOND Ml.ARIOUS " YEAR 
LAST WEEK 


T n}', ,C rc^i,^r5«i TOW ' , ? , r^. C: a 0 n\; 734 5 051 PRINCE CHARLES LdC Sb 4 37 BUI. 
Air CDM1IIOW0 frfSSol - n t tu,II: D,n " ,0 Walenan SnroniLZvk* IHE BEAS7 

Dancira 930 SUPERB REVUE Lonoon < Son wh >2 40 3 10. S S5.. 


theatre would want lo mi» Mr Ou4y1e « 
_ _ Lea r." Fi n ancia l Time* , 

OPEN SPACE. 3B7 6969 BECKETT 


Air-tOhrtlrMfRMJ From B.OO. Dining 
Dancing 930 SUPERB REVUE I 

RAZZLE DAZZLE 

at 1 1 OP M ATT MONRO ' 

THEATRE UPSTAIRS. 7 30 2S5J Mgn io \ 
rnur 7.30 Fr. ana Sat 515 ana sis' 


j Cnlpman also uppearpr! as thp Litllewonfi and Uu* ivnps afp 
Dago in the closing Facade of from poems by Thomas Hardy. 


I'lnvi-n -ram Hamonrao Theatre 
•• THE MOU HILARIOUS PLAT 
FOR YEARS." Fmanool Timei. 
GLOO JOO 
bf Ml chi ill Haivngi 


B 3 1 * Sun 1 10 5SS 8 IS' L#ie *now 
Fri a S 41 It 15 Seat* nfcnic Lie'll w ar. 

STUDIO 1 & 4 . On lorn -.limit, c 57 1300. 
1 Jin Ciavnurgh Alan Bale* in Paul 
M.’ iirskV* AN UNMARRIED WOMAN 
■ X. PabBF. 1 OS 3 SO 6 00 8.35 Late 
inw Sa' 10 SO 

4. Aqaiha Chriane-, DEATH ON THE 

NILE S<ID pen* daily ; IS. S IS. 

SIS. lain *hnw n-.urb.. Fri., Sat. 11,15. 
' Seats ObDlUhlD. 



■ * 


s 




12 


Financial Times Monday October 30 197S 



) j £ 

* i i' 


EDITED BY CHRISTOPHER LORENZ 



benefits remain 


popular despite tax 


ALTHOUGH the tentacles of 
taxation have in recent years 
spread to enihrace virtually 
every type of frinsc benefit, 
this form of reward still re- 
mains increasingly popular, ac- 
cording to the latest report by 
management consultants. Jnbu- 
con. on executive salaries and 
fringe benefits. 

Company cars have become 
more widespread over the last 
year, as has free medical in- 
surance. Share option schemes 
have recovered so me of their 
popularity, following a setback 
in 1R77. while more people are 
receiving bonuses. 

The survey is the 17th in the 
scries produced by Inhticon and 
it shows that for the first time 
in a number of years manager*' 
salaries have risen by more 
than the retail price index. 
Thus, the average managerial 
salary - rose hy nearly Ifi n^r 
cent to £8.S73, while the RPI 
went up by only 7.S per cent 
in the year to July. 1978 

OF some comfort to manager* 
— who would probably argue 
that the latent figures show that 
they have still to regain all that 
they have lost in living 
standards in the p ,->st few years 
— is th3t the surrey points to 
the steady reduction in 
differentials having been 
cherfced. 

The survey covers 7,fi00 
eve entires from fill companies, 
including 1.777 directors, - f 
whom 47S were managing direc- 
tors. Tt gives an mstsht into 
the wide variety of differentials 
that exist in different industries 
between the top directors and 
managers lower down the 
ladder. 

The highest average salary 
among the different industrial 
groups is the equivalent of a 
unit managing director in the 
drinks industry, who receives 
£20.129. Two rungs further 
down the ladder the head of a 
major division would receive 
less than half that figure at 
£9.845. On the other hand, in 
metal manufacture where the 
unit managing director i? receiv- 
ing £15.440. the major division 
head is getting more than half 
his salary level at £S..?77. A 
similar picture is seen in trans- 
port and communication? where 
the respective figures are 
£17.911 and £10.550. 

The least well paid among the 
industrial group heads is the 
unit managing director ;n the 


FRINGE BENEFITS' 

Proportion of the sample 
receiving benefits in: 


BENEFITS 

1974 

o/ 

JO 

1975 

% 

j?o'° 

1977 

O..- 

/o 

1978 

Top Hat Pension 

19.3 

103 

19.4 

153 

15.6 

Full use of company car 
Allowance for regular 

62.0 

60.6 

62.3 

63.8 

67.4 

of own car 

123 

12.8 

10.7 

8.6 

83 

Subsidised lunches 

64-2 

63.6 

673 

65.9 

68.6 

Subsidised housing 

0.9 

1.1 

1.0 

’ 0.7 

1.0 

Assistance with house purchase 
Life Assurance 

4.7 

6.4 

5.9 

7.4 

8.0 

Up to and ind. 3 * salary 

53.1 

57.9 

58.8 

61.6 

62.4 

Exceeding 3 X salary 

22.2 

25.S 

273 

23.9 

26.7 

Free medical insurance 

30.1 

37.9 

37.3 

38-8 

44.1 

Share option scheme 

4.2 

43 

53 

3.7 

6.0 

Share purchase scheme 

4.3 

3 3 

4.1 

33 

3.4 

Low interest loans 

— 

— 

7.2 

9.7 

9.6 

Bonus 

32.6 

31.1 

33.9 

333 

27.1 




Other than retirement pemioni 


WHAT BONUSES CAN 

1978 


BE WORTH 


Salary 


Total 

Remuneration 
Total exceeds 

Remuneration salary by 



Average 

Average 

Average 


£ 

£ 

o/ 

•’5 

Managing Directors 

16.730 

18333 

9.6 

General Managers 

13,632 

14.606 

7.1 

Company Secretaries 

10.197 

10.569 

3.6 

Personnel Executives 

8.823 

9.140 

3.6 

Training Executives 

6,725 

6388 

2.4 

Financial Executives 

9.080 

9.489 

43 

Production Executives 

8.635 

9.064 

5.0 

Chief Engineers 

7.002 

7.204 

2,9 

Production Controllers ... 

6371 

6.561 

3.0 

Quality Control Executives 

6390 

6.809 

3.3 

Purchasing Executives 

73160 

7.336 

3.9 

Saks Executives 

8.533 

9.090 

6.5 

Export Sales Executives ... 

8.201 

8.598 

4.8 

Marketing Executives 

7.990 

8310 

4.0 

Heads of Research & 




Development 

8.961 

9.400 

4.9 

Heads of Data Processing 

8.319 

8,606 

3.4 

All jobs 

8.873 

9339 

53 


general metal goods category, 
why is paid on average £14.904. 
His head of a major division 
would be receiving £7.932. Tak- 
ing all industrial groups into 
account the average salary for 
the un'T managing director 
work* out at £16.730. with the 
division head getting £9.154. 
Lower middle management 
uvtu.'rf be get fin? £5.642. Indicat- 
ing a 3 :» 1 differential with the 
top category. 


The --ice of company plays a 
big part in the level of salary. 
When the company's turnover 
is less than £lm the pay level is 
for. say. financial executives is 
just over £d.U00. but in a com- 
pany with sales in excess uf 
£200m the same position com- 
mands a salary of over £15.000. 
The raim j* almost 4 to l at 
the tup level, with ihe company 
celling less than £lm paying its 
managing director £10.240 and 


the £ 2 f>Om plus sales concern 
paying £38.466 for the same job 

Another feature of the survey 
is that the differentials between 
salaries in the different regions 
of the country are narrower 
than they once were, with Scot- 
land now getting on almost equal 
terms with roost other parts of 
the country, and only a rela- 
tively small way behind the 
South-East where the highest 
salaries are paid. 

Discounting the South-East, 
only the North and Yorkshire 
and Humberside resign* pa* 
more than Scotland f»r the unit 
managing director. The average 
figures are £16.376 for Scotland. 
£16.649 for Yorkshire and 
Humberside and £16.872 for the 
North. 

Most categories of manager 
have been with their companies 
for quite a long lime. Company 
secretaries nf public companies 
top the league, with almost 17 
years’ service, nf which 6' years 
has been in their present job. 
Their average age is 49. which 
matches that of managing 
directors, who on average have 
been with the companies for 
almost 16 years and hare been 
in the present position for six 
years. 

Among the more mobile ex- 
ecutives — although nut exactly 
chonpers and changer* — are 
marketing managers with almost 
nine years' service, of which 
nearly 3\ has been in Their 
current position, and heads of 
data processing, for whom the 
respective figures are just over 
91 years’ service and five years 
in present job. 

Within the area oF fringe 
henefits. the car remain* top 
of the league in popularity. On 
average, over 67 per cent of all 
managers have use of a com- 
pany car. hut the figure* ranee 
widely between the job cate- 
gories. Not surprisingly, over 
98 per cent of managing direc- 
tors get a car on the firm, hut 
less titan one-quarter of cost 
accountants get this benefit- As 
is to be expected, over 90 per 
cent of executives in the «>les 
function drive company cars. 

Surrey of executive, salaries 
and i rinne benefits. ITT. A rail- 
able from lnbncon/AIC Man- 
aqcment Co nsultants. K n :oh K 
hrirlfie House. 197 h'liKiil.?- 
bntige. London, SU‘7 Iff.Y. Price 

cmj. 


Nicholas Leslie 


National Semiconductor 


is now entering the 
computer market with a 
range of sophisticated 
system-level products. 
This step is not only natural 
and logical but inevitable. 


For the past decade, weVe 
been a leader in creating the technology 
that makes computers work. 


Two years ago, we unveiled 
our first advanced system computer. 

To, date, over 150 of these IBM 370 
compatible systems have been installed 
in fifteen countries. We are now shipping 
worldwide more IBM 370 compatible 
computers than all other competitors 
combined- 


And, by applying current 
semiconductor technology- and pro- 
duction expertise, we del iver better 
performance at a lower price than other 
suppliers. 


We are the world’s largest 
independent manufacturer of IBM 15S 
and 168 add-on memory and we have 
already started to manufacture for 
303X Systems. 

It you would like to know 
more about our current product range 
please complete this coupon and return, 
it to us. 

Sherwood House. 176 Northolt Road, 
South Harrow, Middx. HA2 CEB, U.K. 
Telephone: 01-422 5612 


5 1 tvmilci like more inform. lrion on 

l IBM Compatible Svsreiivt O 
I IBM Compatible Memory Cl 


By making software- 
compatible hardware, we protect a 
customer's investment in standardised 
software. 


.same 
Title - 


Company 
Audrey - 


I Tel:. 

I 



National Semiconductor Corporation 
Computer Products Europe 


EXECUTIVE HEALTH 


BY DR, DAVID CARRICK 


The lumps that can 


prove so vital to a 
body’s self-defence 


TWO SEEMINGLY unconnected 
matters have exercised my mind 
recently; yet they are distantly 
related. One concerns the very 
understandable ignorance of 
non-medical people itftn mis- 
interpret the natural reactions 
of their bodies. 

The other theme is the dis- 
tressing industrial strife that 
grows daily in NHS hos- 
pitals. The reasons for this 
arc legion, but may arise from 
the increase nf lay adminis- 
trators. matched by a similar 
increase in those who. as in 
any nationalised enterprise or 
giant industry*, see themselves 
ns the •* workers ’’ and the 
former group as the “ bosses.” 

It is a sad tact or modern 
life that the patients and the 
nurses and doctors are the ones 
who suffer roost from the 
results of such folly. 

Curiously enough, long before 
non-medical personnel over- 
whelmed, tin numbers'! the few 
(rained men and women able 10 
treat the sick, certain laymen 
played a most valuable part in 
helping their medical 
colleagues. 1 refer in the 
superior porters who roamed 
Outpatients and developed a 


laudable stall in differential 
diagnosis. 

Once only do I recall a mis- 
take being made and that by 
a stolid, red-headed veteran, 
called Mr. Well beloved who was 
a man of great wisdom and 
presence. His one error occurred 
in Surgical Outpatients j ntn 
which he had ushered a curious 
little man who walked in a way 
suggestive of many years on 
camels. The surgeon asked Mr. 
Wellbeloved for his diagnosis. 
The latter smiled. " Simple one. 
Sir.' he replied. “ Bilateral 
'ernias. probably oblique.” And 
left the room. . 

The quaint patient was per- 
suaded to undress, thus reveal- 
ing the cause of his bizarre gait. 
Strapped to each groin was a 
truss, each being so much over- 
sized that they- grossly im- 
peded his locomotion. Asked to 
remove them (they had be- 
longed to his Dad. a much lar- 
ger' man) we were able to see 
two large swellings in his 
groins The consultant- exam- 
ined them and on raising the 
man’s shirt, revealed bilateral 
herpes (shingles). 

The swellings were enlarged 
lymph nodes (commonly called 
glands) which were draining 



•fcX- 

:sie 

to 


if. 


tie 


•ral 

i - in 
'.ast 
s flU. 
ans 

■ ler 


W 

'll 

o- 


'Jli 

d 


s o cu S 


the infected shingles. This was 
explained to the man but he 
disagreed. “Them's ruptures 
like what me Dad had.” he 
stated. 

Now that man’s ignorance 
was not uncommon. I see 
patients from every walk of 
life who are worried about 
painful lumps which, more 
often than not. are . enlarged 
lymph nodes draining some 
nearby focus of infection. They 
are vital parts of the defence 
system of the body. 

Their size varies from that 
nf a pin's head to a pullet’s egg. 
Their major function is tn drain 
important sites and to filter off 
bacteria to ho attacked by 
white cells, some of which they 
manufacture. With very severe 


infections, the node becomes 
overrun and itself becomes an 
abscess: but the process con- 
tinues dawn the chain nf 
defence. As well as producing 
defensive cells, these nodes may 
produce antibodies and anti, 
toxins to cope with a wide 
variety of invaders- ■ 
Unfortunately. most people 
have heard that cancer can 
spread to these nodes. This is 
true, but usually the invaded 
node is firm, painless and. un- 
happily, is destroyed as a defen- 
sive post. These perform in- 
valuable healing tasks. So the 
patients, far from being alarmed 
at finding these painful nodes. 
should be as pleased as their 
doctors that their bodies arc 
fighting valiantly for victory*. 


Training for Negotiating, hv 
Bromley Kniveton and Brian 
Towers. Business Books. £6.95 


The Art of International Nego- 
tiation. by F. Posses. Business 
Books. £7.95 


The gentle art of 
good negotiating 


AS EVERY pnod negotiator 
knows, the ability to negotiate 
i« a subtle skill, a gift of birrh: 
either you have it nr you don’t. 

“It’s a sad state nf affairs 
when you consider that you can 
train a salesman, a doctor or 
macb^r. but not a negotiator.” is 
thp wry comment from the 
authors nf Training for Veen- 
tiarins And thev add that the 
nresent industrial relatione posi- 
tion in this country does not 
sav much for those negotiators 
who rely on instinct nr learning 
hv the seat nf their pants. 


able, giving an outlet for ag^rcs- 
. Mor., guile and plain wily ness. 
Possess enthusiasm helps 
carry the hook, as he advises 
the reader to be sensitive to the 
cultural differences and the poli- 
tical problems and he urges the 
reader to be thorough rn 
, research and planning. And 

when thev point with a pencil. Kniveton ana Towers s academic vrhile compared with Training 
and what* is the best size for approach Posses takes a much 
a group of negotiators. more swashbuckling line and I 

' . , . suspect he is very much in 

Anyone who has been m- fav(>ur 0 f t h e " natural ’» nego- 
volved in negotiations will come 




T^chninups 


Negotiations in this book are 
restricted to those in industrial 
relations, although there are 
n3rts of it which could dearly 
he widely applied. It is divided 
into three main sections and 
ends 'with an extensive section 
of example? and exercises. 

The first secton is an un- 
exceptional look at the back- 
ground of negotiating in indus- 
trial relations. And the final 
section, which is the raison 
d'etre of the title, covers the 
knotty problem of how one 
actually tries to tram people 
in the skills nf negotiation, and 
describes the techniques of 
teaching and the setting of 
courses. 

And Df course simulated nego- 
tiation can allow experimenta- 
tion with techniques which 
could never be risked when it 
was for real — a hit like playing 
poker for matcbsticks. 

But it is the middle section 
nf the book where Bromley 
Kniveton and Brian Towers are 
at their mosi informative and 
interesting. In this section, by 
frequently referring to psycho- 
logical and bchavourist re- 
search. they explain what hap- 
pens in negotiations: such as 
why seating arrangements are 
iropnrtani. what ppople mean 


across some very familiar 
occurrences. A negotiator with 
some experience might find this 
middle section useful— especi- 
ally if h® has not had the rime 
tn read much academic research 
— as a way of understanding 
some of his own behaviour and 
tactics. 

While a negotiator may have 
a good ” feel ’’ for the right 
moment to get angry, when to 
he charming and -winning or 
when to threaten to walk out. 
the book explains the effect 
Ihese actions will hare. Some- 
one with a better understanding 
of the psychological aspects of 
negotiating will be able to con 
trol his behaviour and be better 
equipped m be manipulative. 
Not that the authors set out to 
teach how to be particularly 
manipulative. 

This middle section will also 
be of the greatest use to a 
trainer faced with the task of 
trying to reach the art of nego- 
tiating. Although “games” and 
mock-negotiations may provide 
a limited experience, it is 
important to be. able to explain 
rationally to his students the 
techniques they are using and 
the effect they have. A niggling 
complaint is that sporadically 
the book slips into academic 
jargon and the occasional page 
i* peppered with “ongoings” 
and misused “situations.” 


for Negotiating, some nf the 
psychology may seem a little 
glib. Passes starts from the pre- 
, t . cept that good negotiating is 

tiator learning by hard expen- about winning and he seldom 
ence. What does come through strays from that, 
in this book is that negotiating. ’ . p - 

to many people, is very enjoy- jaSOIl L-HSp 


' -i 


Swashbuckling 


The Art of International 
Negotiation hy Dr. Frederick 
Posse* has a very different 
approach to the subject. Per- 
haps the smallest difference is 
that the negotiations he refers 
to are not industrial relations 
hut international deals. Unlike) 



Success can go to more 
places than your head. 

Your middle for instance. 

But now there’s a simple 
way for you and your family 
to stay in shape. 


It’s called the PuchTuntun Home Exerciser. 

Just ten minutes every day 
will build up fitness, bring 
down weight. And you 
can even exercise 
regularly in the comfort 
of your own home. 

So pick up a 
Puch-Tunturi. And 
don’t leave your 
_. v family’s fitness in 



ssr the balance. 

Pick from the 




_ Puch-Tunturi 
range of exercise aids. All available, 
from leading departmental 
stores and sports dealers. 

Steyr-Daimler-Puch (GB) Ltd 
(Dept. FT30/10 ) 

Steyr-Puch House 
211 Lower Parliament St. 

•Nottm. NG1 1FZ 
Tel: (0602) 56521 



a 




PUCH-TUNTURI 


Air Canada 

offers wide-bodied comfort 


.the; 

nth- < 

prfi. 

Ii*hi 

red. 




y$i'; 

(f . _■ 


non- 



More flights... 

Only Air Canada 747s can fly you non- 
stop to Vancouver from Heathrow; plus 
regular direct flights to other Western 
Canadian cities from both Heathrow 
and Prestwick. 

Wide-bodied planes . . . 

Fly with the Air Canadians on a 
wide-bodied Western Arrow 747 to 
Vancouver, without having to change 
at Toronto or Montreal. 


First class service! . 

Enj oy the luxury of Air Canada’s stylish 
first dass service* its themost business- 
like way to get there in style. . 

Contact your travel agent, or call . 
Air Canada.; 


-a : 

V. 


LONDON: > 
01-7592636 
GLASGOW: 

041-332 iSll 


Al R CANADA 








/ V 


*’^ 





I aJLp 


MESSAGE READS :- 
'SEND THREE AND FOURPENCE, 
WE'RE GOING TO A DANCE.' 



The Financial Times 











1 


» A 

■ V- 



J 













.Jn 

atui 


r -i , -. Afiu r; 

£- i 2 4r 


l it* 


It shouldn’t have read anything of the 
sort, of course. 

It should have read “Send reinforce- 
ments, we’re going to advancer 
This familiar First World War 
anecdote is a classic illustration of how 
crucial communication is in all walks of 
life; particularly within an organisation, 
where any breakdown in communication 
will impair its efficiency. 


’VoU’d be surprised how often Rank 
Xerox improve efficiency, whether 
you’re a small businessman, an admini- 
strator in a school or hospital, a manager 
in industry or a partner in one of the 
professions. 

Our advanced technology, supported 
by nationwide servicing whether you 
rent or buy, has provided a wide range of 
equipment costing from £50 to as little 


as £l a day, enabling organisations to 
co mmuni cate with single or multiple 
copies of the shortest or longest document. 

For more information please 
telephone Freefone 2279 or complete the 
coupon. 

RANK XEROX 

Efficiency through communication 


: " H .Vv 




TJLV-:* * V.’ft 


^ ■ .A ^ ^ 


P ii/. 7pm9*. . 


mimm 





- I To Rank Xerox (UK) Ltd., P.O.Box 3, Horley, Surrey. 

• : I j would like more information. I am interested in: 

; }&£*?;?.■', V"" ■ [ | Copiers for small businesses (up to 5,000 copies a month) 

j | j Copiers for volume copying (between 4 and 15,000 copies a month) 
/■'.'if j f — | Copier Duplicators for high volume copying (15 to 500,000 copies a 

'■ ‘ ’ month) 

; ■‘ ’•• Vi ' | | Rank Xerox word processing systems and automatic typewriters. 

r*-^ 4 * ; j Company Name 

if S few ■- I Company Address 




t:' i x i, - — l 

f . ; r : : . . j I Company Address j 

WM i 1 

| Your Name | 

j Telephone — I 

I To help in dealing promptly with your enquiry, please indicate your type of | 
j business. I 









14 


__ ^ 


5 - 


Financial Times Monday October 30 1978. 




FINANCIAL TIMES 

BRACKEN HOUSE. CANNON STREET. LONDON ECU’ 4BY 
Telegrams: F inan timo. London PS4. Telex: 8S6341/2. 8&3S97 
Tel ep bone: 01-248 8000 

~ Monday October 30 1978 



IT WOULD be foolish to deny 
that the result of the by-election 
in Berwick and East Lothian 
last week is highly satisfactory 
from the Government's point of 
view. Perhaps the best way of 
looking at it is to imagine what 
would nave happened if the 
outcome had gone the other 
way and there bad been a vic- 
tory for the Conservatives. It 
would have been said that it 
had been demonstrated beyond 
doubt that Mr. Callaghan was 
running away when he declined 
to hold a general election this 
month. His authority would 
have been weakened both in the 
country and in the Labour 
Party. Mrs. Thatcher would 
have been in rampant mood. It 
would not have been easy for 
the Government to declare its 
intentions for the new session 
of Parliament with any degree 
of confidence. 

Late coming 

All that is now fantasy. As 
Parliament returns this week. 
Mr. Callaghan can be as con- 
fident of his hold on ofiire as at 
any time during his premier- 
ship. Yet it would be equal ly 
foolish to argue that anything 
very much has changed. The 
results of the by-elections in 
Eerwick and Pontefract to- 
gether tend to confirm what was 
guessed by both amateurs and 
professionals when a general 
election was being contemplated 
a few weeks ago. There has been 
a fall m support for third 
parties, including the Scottish 
Nationalists. There has been a 
swing back to Labour in Scot- 
land. but in England — includ- 
ing industrial England — the 
Conservatives are still picking 
up votes. If there had been a 
general election this month, the 
outcome could have been 
remarkably close. 

It is also quite likely, 
although impossible to prove, 
that the customary pro-go vem- 
meat swing during the summer 
recess came, like the sun. un- 
usually late this year. The 
Government is now benefiting 
from a movement of sentiment 
which normally occurs before 
the summer is out. Reality 
returns with the onset of winter 
and the re-opening of Parlia- 
ment. 

It cannot be said that the 
reality js very pleasant, either 
for the Government or for the 
country. Practically ail the 


problems which the Government 
faced before the recess have 
grown worse in the interim. All 
that can be said about Rhodesia, 
for instance, is that a climax of 
some sort is nearer, while the 
chances of there being a united 
British response have become 
more remote. Equally, a deci- 
sion is approaching on the 
proposed European Monetary 
System, although the subject 
has scarcely been discussed in 
the country’, let alone in Parlia- 
ment. There is no sign that the 
Government has the will to take 
Britain in or has fully con- 
sidered the possible con- 
sequences of staying out The 
decline of the dollar meanwhile 
continues on a scale ungut-ssed- 
at a few months ago. and with 
it the probability increases of 
a further rise in oil prices at 
the OPEC meeting in December. 

On the domestic front, the 
Government is still fighting for 
its income policy, yet however 
popular it is in theory, in prac- 
tice the battle is proving hard 
to win. Not nnlv Ford but Vauv- 
hall seem likely to ignore the 
5 per cent target entirely, and 
the struggle with the local 
authority manual workers is yet 
to come. It has also been shown 
that the gains in productivity 
from Phase Three nf rhe 
incomes policy have been 
negligible. Yet without an in- 
crease in productivity it is 
tempting tn wonder w hether the 
policy is worth anything at all. 
It is a brave fight in a way. but 
it could be on the wrong battle- 
ground. 

Cross-Party 

It cannot be said either that 
it is merely a question of wait- 
ing for the Government to be 
replaced by the Conservatives. 
It is not only Mr. Heath whn has 
shown that the Tory Part?' is 
still deeply divided Some of its 
policies — vis-a-vis the Price 
Commission, for example — 
remain unthought-out and even 
unconsidered. The Tory 
approach to EMS is unknown. 

These are not happy circum- 
stances for the return of Parlia- 
ment. Yet Parliament, if it is 
anything, is the voice of the 
nation. That puls a heavy 
responsibility this session on 
back-benchers of all parties to 
draw the Government out and 
discover what is happening. It 
rsav yet be th3t a number of 
altitudes will be shared across 
party lines. 



New rriends. Syria's President Assad (left) and Iraq’s President Bakr (centre left) agree to bury their differences to concentrate their venom on Egypt’s President Sadat (centre 

ri gh t), while Jo rdan’s King Hussein is on good terms with virtually all other heads of stale. 


! • 
1 T; 

f : 

i - 

la' 

f 

t!. 

e® 


' »:• 

eX- 

■i :ne 
r« ■ to 

!: 

•Slv 

a:< 

J:e 

“cal 

^ -.in 

Lust 

Smt. 

ana 

JfiP. 

vtr. 






BY ROGER MATTHEWS, in Beirut 



THE MOST encouraging aspect 
of the appointment of Dr. 
Carlos Mota Pinto as Portugal's 
Prime Minister is that he just 
may prove to be more accept- 
able to the political parties than 
his short-lived predecessor, the 
independent Alfredo Nobre da 
Costa whose technocrat adminis- 
tration lasted only 17 days. The 
initial reaction of the parties 
ha; on rhe whole been favour- 
able to the appointment. The 
first important test will come 
with the ‘election of a Cabinet 
to back him up. The Nobre da 
Costa government was unpopu- 
lar with the parties because it 
included so man)’ businessmen 
and technocrats: its very inde- 
pendence seemed to imply a 
rejection of the principles of 
parliamentary government, and 
in particular the stipulation in 
the constitution that the govern- 
ment should reflect the results 
emerging from a general elec- 
tion. 

Bridge the gap 

Having shown last month that 
they could assert their demo- 
cratic rights by dismissing the 
President's nominee, the parties 
now sound as if they are more 
prepared to come to terms with 
his replacement But Dr. Mota 
Pinto can only expect to start 
bridging the gap between the 
presidency and the parliament, 
if he can recruit enough leading 
politicians into his Cabinet to 
make it look like, and act like, a 
coalition. In a sense he is better 
placed to appeal to the middle 
ground, in that his inclinations 
are more centre-left than those 
of Nobre da Costa: he was 
formerly a prominent member 
of the Social Democrats (PSD), 
but left the party when it 
started to move right and his 
appointment has been well re- 
ceived by the Socialists and the 
Christian Democrats (CDS). 

That said, however, the fact 
remains that the new Prime 
Minister is raced with a situa- 
tion in which the odds are 
heavily stacked against him 
being able to form a strong 
stable government. He may be 
able to attract some politicians 
into his Cabinet but a govern- 
ment which looks like a coali- 
tion but is not a coalition in 
fact, is a shaky basis for firm 
government He will need all 
his skill in putting together a 


platform which will rest on the 
support of a majority in parlia- 
ment But he has little in the 
way of a political powerbase. 
apart from the fact that he is 
the president’s choice. And 
while he is no doubt an agree- 
able man, with many friends 
and few enemies, his only ex- 
perience in government, when 
he was trade minister under 
Mario Soares and presided over 
a sharp deterioration in the 
trade balance, is hardly an en- 
couraging omen for the future 

On the economic front, the 
austerity measures introduced 
as the counterpart to the credit 
from the International Monetary 
Fund are starting to have an 
impact, in the sense that the 
latest trade figures show some 
reduction in the trade deficit 
But while the government ha; 
had some success in slowing 
down the rate of inflation. ii 
remains very high, and there 
is little prospect that it can be 
brought down to an annual rate 
of 20 per cent by the end of this 
year. Yet if the government 
does not meet this target, it will 
come under severe pressure 
from the unions to relax the 20 
per cent ceiling on wage 
increases which was agreed :n 
April this year. 

Strike wave 

As it is. there is already con- 
siderable social tension between 
workers and employers. As a 
result of inflation, the real 
incomes of workers in the first 
quarter of this year were some 
5 per cent lower than a year 
earlier; but as a result of the 
credit squeeze, and the domestic 
recession, many employers are 
determined not to offer any- 
thing like the 20 per cent ceil- 
ing. The consequence has been 
an ugly wave of strikes in a 
□umber of sectors, which do 
nothing to improve the short- 
term economic situation, let 
alone Portugal's image as a 
suitable country for foreign 
investment. 

Haring .swallowed the IMF's 
austerity programme. Portugal’s 
main political parties should 
have every incentive to try to 
stifle their differences and- to 
make the recipe work. But it 
would be idle to pretend that 
the new Prime Minister has not 
a very difficult, task ahead of 
him. 


T IE CHANCES of a compre- 
lensive Middle East peace 
■greement emerging from 
the- trip by President Anwar 
Sadat of Egypt to Israel last 
November 19 appear to be fad- 
ing fast. The culmination of that 
visit, the Camp Da rid frame- 
work accord signed by the 
leaders of Egypt. Israel and 
the U.S. last month, has 
so far failed to attract broader 
Arab participation or any solid 
mdica lions that under present 
conditions other nations are 
envisaging joining the process. 
As Egypt and Israel, with the 
U.S. as a full partner, edge 
closer to concluding the separ- 
«e peace that ail have insisted 
was never their aim. so the pres- 
sures on and tendons within the 
rest of the Arab world are in- 
creasing. 

Perhaps that is the price that 
will have to bu paid for effect- 
ing a basic change in Middle 
East alignments that, some 
would argue, had to occur if a 
start v.us ever to ue made tn 
breaking the lug-jam of hostility 
and figuring that has threatened 
world peace lour times in the 
last three decades. Such an 
argument, however, tends to be 
based on the assumption that 
once the two most militarily 
powerful antagonists have been 
removed from the conflict, all 
other parties will sooner or 
later be forced to accept the 
new reality. 

That might be a more accep- 
table argument if it were not 
for the breadth of issues in the 
Middle East conflict, the range 
of nations they affect in subtly 
different ways and the complex 
and fast-changing pattern of 
relationship between the Arab 
countries. There is little heller 
evidence of this than the sum- 
mit meeting of Arab heads of 
state — minus Egypt which will 
not be attending — scheduled for 
this week in Baghdad and the 
even more dramatic announce- 
ment of the planned close mili- 
tary and political co-operation 
between Syria and Iraq. Such a 
venue for an Arab summit and 
such a rapprochement between 
two regimes that for the past 
decade have been in hitler 
opposition would have been un- 
thinkable just six weeks ago. 

Syria, though deeply angered 
by President Sadat's unilateral 


action, still would, like to see a 
negotiated Middle East settle- 
ment. while Iraq has set the 
pace for the rejectionisis. refus- 
ing to contemplate much less 
than the exercise ot Arab rights 
through military means. That 
both countries have now acted 
together to seize the initiative 
reflects the depth of Arab dis- 
array in the wake of Camp 
David and the absence of any- 
one nation to which the others 
can look for firm guidance and 
leadership. If that proves to be 
rhe lasting consequence of 
Camp David then instead of 
lancing one festering boil the 
effect may be to cause a crop of 
smaller ones to break out across 
the face of the Middle East 


A touch of 
desperation 

American diplomats have 
been working cea.-ele*.*Jy. and 
now perhaps almn.-t with a 
touch of desperation, tn con- 
vince the most immediately in- 
volved Arab nations that Camp 
David does offer light at the 
end of the tunnel and that it 
can form the framework »'n 
which a lasting and just peace 
could be built. Their essential 
and continuing problem nas 
been the failure to demonstrate 
any concrete links between, the. 
Egyptian-Israeli document and 
the one referring to the so- 
called comprehensive settle- 
ment 

Israel has agreed tn withdraw 
from all Egyptian land rhal wa? 
occupied during the 1967 war. 
Egyptian and I'.S. diplomat? 
<ay this is an important prece- 
dent and that what ha; been 
achieved on Sinai can also in 
time be applied to other occu- 
pied territory— that is. Syria's 
strategically important G^Ian 
Heights and. with rather more 
qualifications, Jordan's popu- 
lous West Bank. 

However, even the most sin- 
cere protestations of intention 
can make little headway against 
the most obvious shortcoming 
of Camp David which involves 
not just land but more im- 
portantly the future cf the 
Palestinians. Without any for- 
mal link between the Egyptian- 


Israeli peace treaty and the 
right of the Palestinians to self- 
determination, the steps that 
Israel has agreed to implement 
on the West Bank and Gaia 
Strip are seen in many Arab 
capitals as a cosmetic gloss de- 
si g n e d to salve President 
Sadat's conscience and ensure 
continued Israeli domination. 
Basically Israel has promised to 
end its military government, 
withdraw its troops to certain 
selected sites, permit tocal 
elections to a self-governing 
authority and allow the forma- 
tion of a civil police force, but 
has declined to discuss the 
future status of the West Bank 
and Gaza for another five yeara. 
So adamant was Israel on keep- 
ing control of East Jerusalem, 
the site of the second most holy 
place in the Islamic world, that 
it was not even mentioned in 
the Carup David accords. 

Predictably the Palestine 
Liberation Organisation, headed 
by Mr. Yasser Arafat and re- 
cognised by all the Arab states 
in 1974 as the sole legitimate 
representative of the Pales- 
tinian people, rejected the Camp 
David accords out of hand. More 
worryingly from the American 
point of view, there is no indi- 
cation that other perhaps more 
moderate Palestinian notables, 
living on the West Bank or out- 
side it. are any more impressed. 
If Camp David represented the 
peak of American achievement 
in putting pressure on the 
Israelis, what hope was there 
of further progress once the 
weight of Egypt had been re- 
moved from the negotiating 
balance, asked a member of the 
Palestine National Council last 
v.cek. He saw Camp David as 
shutting the door to an inde- 
pendent Palestinian state rather 
than as an opening of which 
later advantage could be taken. 
His new. be felt was confirmed 
soon after Camp David when 
Israel's Prime Minister. Mr. 
Menahem Begin, said that the 
freeze on Jewish West Bank 
settlements would last for three 
months whereas President Car- 
ter had understood it would 
last for five years. 

This unresolved issue remains 
a major handicap to U.S. diplo- 
matic efforts in the Arab world, 
yet is of relatively minor 
importance when ranged along- 


side the basic Arab conviction 
that Mr. Begin has no intention 
of surrendering the West Bank 
which to him is Judea and 
Samaria, part of the biblical 
land of Israel. Until some 
pledge is given that Israel will 
eventually withdraw totally 
from the West Bank— coupled 
with whatever range of security 
guarantees and whatever links 
with Jordan — it is unlikely that 
King Hussein, the prime target 
of U.S. diplomacy, will agree 
to participate. In spite .of all 
his well-known sympathies for 
the West, the 42-year-old 
Hashemite monarch .has not 
survived 26 years on the throne 
of a now truncated Jordan by 
gambling too heavily against 
the odds. He is the only Arab 
leader who is on good terms 
with virtually all the other 
heads of state, a survival tech- 
nique dictated by his. lack of 
military clout, bis economic 
dependence on external finan- 
cial aid and the fact that more 
than half the papulation 
living on the East Bank are 
Palestinians. 

While as a matter of honour 
and prestige the King would 
like to restore at least his tech- 
nical sovereignty over the West 
Bank and East Jerusalem, quite 
apart from the economic bene- 
fits that would result, he will 
undoubtedly have been duly im- 
pressed by the sudden and 
important rapprochement T)e- 
tween Syria and Iraq. Jordan 
has a common border with both 
countries, and has slowly been 
moving towards greater, econo- 
mic integration with Syria. 

Eastern 

front 

The extensive list of bitter 
and unresolved issues between 
thj twn rival Ba'athist regimes 
in Damascus and Baghdad is 
obviously a major qualification 
to the significance of the agree- 
ments between Syria’s President 
Hafez Assad and Iraq’s Presi- 
dent Hassan al-Bakr last week, 
but it does nonetheless raise the 
possibility of a far more pertent 
eastern military -front that will 
limit the opportunity for Israel 
to reduce its military expendi- 
ture. It also raises further diffi- 



Ali’s well that 
ends solvent 

A certain mystery shrouds the 
renewed fortunes of the RAC 
Club in Pall Mall. From near- 
bankruptcy a year ago ir has 
moved, under the attentions of 
the new executive chairman 
Sidney Lesser, to a position so 
hopeful that a total of £2m is 
to be pumped into it. 

Where, the question asks 
itself, is the money coming 
from? At one stage some kind 
of deal was being negotiated 
with European Ferries. But, 
according to Lesser, European 
Ferries has withdrawn. The 
hinds, lie explained at the Motor 
Show last week, were now- 
coming “ from our own 
resources.” 

RAC spokesmen themselves 
sounded baffled by this phrase. 
"Everything's been reorganised,” 
one said vaguely. How this 
process conjured up £2m. no one 
could explain. European Ferries 
was equally inscrutable, except 
to offer a different version of 
events. It had not ju.st been a 
question of “ taking over the 
top floor." said a spokesman. 

The firmest plan was to buy 
the club and lease it back for 
them to use the main club 
areas. The rest would have 
been converted into apartments 
and sold off." 

And whn had cancelled the 
arrangement? " IF they say 
we withdrew, fine." answered 
European Ferries cagily. 

However, it has been manager! 
and whatever are the RAC 
Club's resources, the club's 
rescue is a triumph for Lcsmt, 
66, a man with something of a 
reputation as a company miracle 
worker. And if the old guard 
is still a trifle sniffy about the 
2.00A new corporate members — 
some of them women— Lesser 


can retort that he has preserved 
the 75-bed room dub ,ntacL and. 
that the new restaurant is so 
popular diners have to book 
three days in advance. 

" It used to be a mausoleum. 
We’ve had a revolution in less 
than a year," he says proudly. 


Hors de combat 

"We do a lot of business with 
the RAF so I agreed to join 
them for parachute training. 
The training is superb." Cyril 
Blea.sdale. managing director of 
Freigh timers told me. "So, Fd 
like to add, is 'the ‘health ser- 
vice.” 

The unfortunate Bleasdale 
was speaking frum a hotel in 
Truro where he has been con- 
valescing from what the RAF 
terms a "customer relations ex- 
ercise." Bleasdale. 44. tells me 
that on his first jump he found 
himself caught in a strong cross 
wind. “I'm Jioping to get back 
to work in another four weeks, 
but it’ll be a year before 1 walk 
properly again." 

He hopes the incident will not 
fracture good relations between 
the Air Force and Freightliners, 
recently acquired by British 
Rail. Would he be jumping out 
of aeroplanes again? “I reserve 
judgment." he" said without 

acrimony. 


Man of letters 

Who i? Alfredo Galea 
MHCLMA. MBIA1. 3IMIM. FCKA, 
FI PC. AIRSH MlnsI.M. Flnst.D. 
FAAI. FI Pur AT (MIMA). 
I ami A) (MEFME) FInst.S.M ? 

The man floating on this sea 
nf initials is. I learn the 
managing director nf the 
British-owned hotel Villa Rosa 
in Malta and a member of the 


\ 


Maltese National Tourist 
Organisation. He is also, if I 
have managed to translate all 
those initials correctly — wait for 
it — a member of the Hotel 
Catering Industry Management 
Association, member of the 
British Institute of Manage- 
ment, member of the Malta 
Institute of Management, fellow 
of the Cookery and Food 
Association, fellow of the 
Institute of Production Control, 
member of the Royal Society of 
Health, member of the Institute 
of Marketing, fellow of the 
Institute of Directors, fellow of 
the Administrative Accounting 
Institute, fellow of the Institute 
of Purchasing Management 
(member uf the Interna- 
tional Management Association), 
(member of the International 
Hotel Association), (member of 
the European Foundation for. 
Management Education), fellow 
of the Institute of Sales 
Management 

“ I'm now waiting to be 
created a member of the 
Institute of Purchase and 
Supply, and a member of the 
Association of Cost and 
Executive Accountants," he tells 


Quiet raspberry 


endorsed the product . .” 

President of the Della 
Feraina. Travisano and Partners 
agency, Travisano is generally 
regarded as a quiet man by com- 
parison with the flamboyant 
chairman Jerry Della Femina — 
author of the irreverent book on 
advertising. Those Wonderful 
Folks Who Gave You Pearl 
Harbour. 

But in similar vein Travisano 
does not mince words about the 
advertising world. He came of 
age, he tells me, when working 
for Young and Rubicam, one of 
the largest agencies in the US. 
“ I suddenly realized I was 
standing in a room where two 
million bucks’ worth of salary 
was discussing bow many peas 
should be shown in an ad for 
canned peas. 3 thought thfen 
Tve got this game beaten’.” 

He had no “ belief system," he 
said, except perhaps this — and 
he blew a mute raspberry into 
the decorous atmosphere of the 
Hyde Park Hotel. “I. don't 
know how you print that." 

Travisano can afford gestures 
of this kind. He has just pulled 
off a hugely successful campaign 
in the U.S. for Blue Nun wine 
using mainly radio advertise- 
ments. “People said you cant 
sell wine on the radio,” he 
said. "You can and it*s cheaper.” 


Ron Travisano, one of the r| . . , 

more iconoclastic figures in the r 1 03 ting 311 IQG3 
U.S. advertising world, passing 
through London last week con- 
fided he was in trouble with 
President Carter. Previously he 
has run foul of Henry Kissinger 
and Richard Nixon, on both 
occasions for making reference 
to them in advertisements. 


" Really in the States you can 
use any public figure you want, 
as long as you don’t imply he's 
endorsing the product." Trevi- 
sano told me. So what hap- 
pened? •• i implied that they 


The legal profession is treat- 
ing fears of flooding In central 
London with customary sang-: 
froid. I read in the Law 
Society's gazette that the South 
Eastern Circa it Office has, how- 
ever. prepared a contingency 
plan. “The main idea is that the 
courts should rise when the 
floodwaters do,*’ reports the 
gazette. . . 


Observer 


Should you fkt that 
your Business Travel, 
Conferences, freighting and 
Holidays, could be Better 
thanthey are, we tffer 
two words of comfort. 

Rankin Kuhn, 

Many people believe that Rankin Kuhn provide the best 
and most personalised services available today in Business 
Travel, Conferences, "Freight-forwarding and Holidays. 

• Rankin Kuhn made their name in world travel. And they 
do everything with polish, flair and style. 

Rankin Kuhn. Try them once. You will never go back to • 
the old standards. 



rallies for Saudi Arabia which In the last resort, of course, 
is caught in a multi-directional each country will be guided pri* 
pu".. between its desire to keep martiy by its own self-interest 
the spread of communism at bay with the lamentable example of 
(and therefore to sustain Pre- the chaos in Lebanon a eon- 
s’, dent Sadat), to maintain a stant reminder to all those 
good working relationship with regimes whlch are still seek- 
Washington, to achieve self- . their legitimacy 

determination for the Pale- ° 

sunians (whom it also fears). “ . ! he face of pot f “ 
to promote Arab unity, and to divisive internal elements. Ana 
exercise the leadership that its herein perhaps also lies another 
vast wealth allows. underlying fault of Camp tiavi-s- 

Irritation . at Saadi Arabia's Whereas Egypt has an identify 
apparent vacillation and unwill- established over centuries and “ 
ingness to make its position relatively homogeneous pop tv 
clear while turning the financial lation, the other three Arab 
tap on and off without prior states bordering Israel — Syria, 
notice, has become more notice- Lebanon and Jordan, are ail 
able in Damascus and Amman, relatively recent creations of 
In both countries occasional arbitrary British and French 
hints of nostalgia for the pan- decisions.’ 

Arab style, if nothing else, of the 

late President Gamal Abdel t-7«ol-}pg> 

Nasser ' of Egypt can be 
detected. With all his glaring nrl* 

faults, it is said, at least he gave PI IvX 

meaning to Arab nationalism For the price or a peace 
and articulated it. Whatever agreement with Israel must 2l- 
meaning it still has will prob- -wavs -remain higher than (hat 
ably only become partially clear which need be asked ov Egypt, 
in Baghdad thi? week with the and the temptation to accept the 
energies and attitudes of many yfcfits quo rather than a ri>ky 
of the participants already gamble is correspondingly 
sapped by intercommunal dis- greater: just as (here has 10 
pules. Algeria and Morocco are 5^. sympathy for Egypt's over* 
deeply involved in their fight whelming need for peace tn 
over .the Western Sahara, the order to tackle Us massive econ- 
fading regime in Tunisia is omu . an( j infrastructure prob* 
anxiously watching for Libyan 1^. s0 there has to be under- 
" subversion,” a renewed flare- Standins for some nf those couru 
up between Egypt and Libya is ^ which say tQ camp 

always on the cards. The two David without being able to ed- 
Yemens are in bitter conflict. vance any more positive alterna- 
and of immediate concern to all tive . They are the ones which 
tte eastern -and od-prodactn? are i(1 da n . er of hems pushed 
nates is the course of events in intomore Sterne positions this 
Moslem but non-«rab Iran. we ek. a danger which has been 
However what had at first increased by the latest Israeli 
6eemed likely to be a three-way statements on the West Bank 
division at the summit with and East Jerusalem. It may be 
Iraq representing , the rejec- too late for President Sadat to 
tionist approach. Syria and like- exercise much political leverage 
minded states the “steadfast ” on the Israelis, but there could 
policy, and Saudi Arabia, still be time for the U.&. to ex- 
Sudan, Morocco and the Gulf erase a more emphatic influ- 
states the most moderate and ence on Mr. Begin. History 
pragmatic attitudes, may now be shows how absurd it is ever-fo 
narrowing down to just two make predictions about the 
main fronts. That is those who Middle East in general and 
propose firm action against Arab alignments in particular 
Egypt, including its expulsion and those made by Mr. Sadat 
from the Arab League, and and Mr. Begin in * Washington 
those who argue for patience in last month on the increased 
order for the U.S. to be given chances for overall peace in the 
the chance to wring . further region may yet prove to be no 
flexibility out of IsraeL - exception. - 4! 

!i 

1- 


. t- 


Ji 

ft 

£ ij 

■* i« 

it 

T- 

h V 



1 u-t-r-JTr 






V N 







l,y 


[ .Timas Monday October 30 1978 


5 'F 7 ■ •* 

6 V 

- .r 

* $ 


FINANCIAL TIMES SURVEY 




October 30 1978 


S-Til 


ftf. 

sr* *. '■ 




i 


:•/$.. ■>*'- >r= 


Starting 
p feel 
tie 

.inch 


£ f 


/ij 

aj 


Reginald Dale 
ropean Editor 

ITS first year in office, the 
Centre-Right coalition of 
^Dries van Agt has begun to 
■jle the deep-rooted economic 
ft social problems that must 
jresolved if the Netherlands 
Y retain its prosperity into 
1980s. It is far ton early *.o 
whether the attempt will 
reed. 

r. van Agt has so far sur- 
d more easily than most 
sic expected last December 
n he assume! the leadership 
a shaky-looking coalition 
i a Parliamentary majority 
i hare two seats, and four 
» that many dissidents 
tin its own ranks. After 
iths of tiresome haggling 
year failed to produce th** 
■e logical alternative, a 
ng Centre-Left coalition, 
country seems prepared to 
; Ur. van Agt a chance, 
n the surface, the Dutch 
ay lead an existence that 
lid seem enviable to most 
siders. Years of si.udy e co- 
ne . owth fuelled by a large 
irvoir of natural gas have 
■n the Netherlands one of 
world's highest standards of 
ng. The country has the 
Id's highest minimum wage, 
e per cent of the population 
f be unemployed, but they 
cushioned by what is argu- 
7 the world's most extensive 
al welfare system. Life is 
lised. 

;ut most Dutch people are 
f aware that it cannot go on 
before, that they have be- 
te trapped by their own pros- 
ity. A people whose liveli- 
■d depends on foreign trade. 
y have become so rich that 
er and fewer people can 
ird to buy their goods. And 
gas will soon start running 


The Dutch are looking ahead to the 1980s with apprehension. They 
are aware that action must soon be taken if the country is to lay the 
basis for a prosperous society and secure economy in the years ahead. 


BASIC STATISTICS 

Area 14.713 sq. miles 

Population 

13.35m. 

GN'P 

FI 259bn 

Per capita 

FI 1S.U75 

Trade (1977) 


Imports 

FI USbn 

Exports 

FI lflTbit 

Imports from UK 

£2. 14 bn 

Exports to UK 

£2.49bn 

Currency = Guilder 

fl=Fl 4.03 


•'evr people contest that the 
■spect for the 1.980s. if no-. 


thing is done soon, is one of 
mounting balance of payments 
deficit, a weakening guilder, 
snaring unemployment and stag- 
nating real incomes. 

The steady collectivisation of 
the Dutch economy over .the 
post 10 years and more has 
placed an increasingly heavy 
burden on the private sector. 
Tax am! social security demands 
on employers have now raised 
wage costs to ;he point at which 
companies are finding it 
difficult, if not impossible... to 
opera! e at a profit. For 
exporters, the continuing 
strength of the guilder has 
lightened the squeeze still 
further. 

The prime aim of the 
Government (and the unions) is 
to bn 113 down unemployment, 
and generate new jobs for the 
future, while keeping inflation- 
in check. But private industry 
has no money for job-creating 
investment and will have even 
less as unemployment rises, 
because of the additional 
demands of the social security 
system. The Government could 
theoretically spend money to 
create jobs in the public sector, 
but apart from the likely infla- 
tionary effects, that would bring 
no relief to industry. Besides, 
the Government is committed 
to cutting back the growth in 
public expenditure, and has 
said it will do no such thing. : 

Both Government and the 
Socialist apposition, as well as 
the unions, now agree that It is; 


essential to restore profitability 
to private industry and put a 
brake on the growth of the 
public sector. The differences 
are of method and degree. The 
argument is no longer whether 
to cut back the growth of public 
expenditure, but by how much. 

The Government's answer is 
contained, in a comprehensive 
medium-term programme for 
the three years to 1981, known 
as " Bestek '81.” which it pub- 
lished this summer. Its princi- 
pal objectives are to bring down 
unemployment from just over 

200.000 now to 150,000 by 1981, 
and reduce inflation from its 
present level of over 4 per cent 
to 2 to 3 "per cent during the 
same period. To do this, the Gov- 
ernment says it plans to cut 
back the growth in public ex- 
penditure by FI lObn (£2.5bn), 
adding that immediate wage 
restraint will also be essential. 

Once the adjustment has been 
achieved the growth of public 
.expenditure is to run approxi- 
mately parallel to the growth in 
national income. If, on the 
other hand, the adjustment is 
not made, the Government says 
it foresees serious social ten- 
sions and the need for " drastic 
measures” in the 1980s. 

"The national debate on the 
correct way ahead, in the light 
of “ Bestek *81 ” is just getting 
'under way. A Parliamentaiy 
Session earlier this month 
approved, the programme in 
principle. against Socialist 
opposition, but left many loose 


Economy 

CONTENTS 

U Ports 

IX 

Foreign policy 

11 Construction 

X 

Polities 

m Aircraft 

X 

Banking 

IV Energy 

XI 

Stock market 

IV Profiles 

XII 

Capita] market 

V Food Industry 

XIII 

Steel 

VI Agriculture 

XIU 

Chemicals 

VI Welfare State 

xrv 

Multinationals 

VII Labour 

xrv 

Motor industry 

VII Amsterdam 

XV 

Shipping 

VIII 


ends untied. The 

theme will are steeling themselves 

for a 


be taken up again in the coming tough battle with what they see 
weeks when negotiations open as the rightist Government of 
for a new national wage agree- Mr. van Agt. whom they are 
ment with the trade unions, already accusing of creating a 
whose co-operation will be generally bad social and poli- 
essentlal if the Government’s tical atmosphere for negotia- 
plans are to succeed. tion. They do not like the way 

Negotiations with the trade his Government has toned down 
unions in recent years have reformist legislation. for 
tended to be not simply about example on excess profits tax. 
wages, but to raise far wider which it inherited from the pre- 


that, once profitability is 
restored, private enterprise will 
start investing again and jobs 
will be created. Private enter- 
prise knows best where and 
how to make sound invest- 
ments, in the Government's 
view. 

This is not surprisingly 
rejected by the Left and the 
unions, who say that they must 
have abolute guarantees both 
that the investment is made 
inside the Netherlands and that 
it creates employment In addi- 
tion. they plan to use the 
coming round of talks to ask 
for a say in all future company 
investment decisions. They 
know it will be an uphill 
struggle. 

In recent years capital has 
been flowing out of the country 
so fast that the Netherlands has 
now overtaken the UK and 
Canada to become the largest 
single foreign investor in the 
U.S. And it is not just multi- 
nationals that are investing 
abroad but medium-sized com- 
panies too. 


questions about the nature of vious administration, and they 
Dutch society. This is because do not like many aspects of 
the trade unions are only pre- “ Bestek ’81.” 
pared to accept strict wage The unions' criticisms of 
restraint, which they know to “Bestek ’81.“ shared by the 
be necessary, in exchange for Lef as a whole, raise funda- 
social reforms — and parturu- mental, political issues that con- 
larly reforms that increase cem the merits of free enter- 
trade union powers in one way prise versus dirigisme and io- 
or another. dividualism versus egaliiaria- 

After four years of Centre- nism. It is an essential part 
left Government, the unions of the Government's philosophy 


But what if new investment 
is made in the Netherlands? The 
consensus among Dutch econo- 
mists is that if the country is to 
earn its living in the years ahead 
it must go for high technology 
industries like communications 
and electronics, where it has a 
chance of staying ahead of its 
international competitors. But 
even in an expanding company 
like Philips, the labour force is 


being reduced world wide, 
even in areas where wage 
costs are lower, as tech- 
nology advances. In 1972 it 
took almost 12 hours to assemble 
a colour TV set. today it takes 
four. 

Other sectors that have been 
suggested as pacemaker* for the 
Dutch economy in the coming 
decade are anti-pollution equip* 
ment. energy -saving equipment 
and alternative sources of 
energy, and the building of 
special ships for gas transport. 
But these are unlikely to he 
highly labour intensive. The 
unions' answer is in demand 
radical reductions in working 
hours. 

The second question is the 
sharing out of the sacrifices 
necessitated by the standstill in 
purchasing power that the 
Government is demanding. If 
there is to be such a standstill, 
the Left argues, then it must be 
achieved by raising the real 
Incomes of the lowest paid, 
freezing those in the middle 
and reducing those of the 
higher paid. Here, the argument 
is really about where the 
higher paid start. 

The income of the so-called 
"modal worker” ta skilled, 
married man with two children » 
is now FI 28.500 (just over 
£7.000 a year). The unions 
want the squeeze to start at 
around FI 40.000. the Govern- 
ment has spoken of sacrifices 
above FI 50.000. while right- 
wingers are talking of FI 70.000. 


It is nDt just a question of 
figures. In the first place, there 
are a great deal of people earn- 
ing between FI 40,000 and 
FI 50.000. In the second, while 
the Government and the Bight 
see sacrifices by the higher paid 
as an economic expedient, for 
the Left it is a matter of 
principle that should be imple- 
mented as a continuing process. 

The Dutch like to talk about 
the future or their society. They 
have a gift for social experi- 
ment and innovation. There is 
a widespread awareness that 
their country, and others, may 
be on the verve of an age in 
which many people may only 
have half a job. perhaps shared 
with somebody else, and many 
others none m all. Already 
there is talk of a 4; day week, 
long sabbaticals for ordinary' 
working people and retirement 
at 62. " 

There is a widespread vision 
of a Netherlands in which a hew 
key industries earn the national 
wealth and the majority of the 
population are teachers, actor*, 
piano-teachers, nurses and 
social workers. A recent report 
by the Commission for Con- 
sumer Affairs drew a picture of 
the Netherlands in 1990 as 
a land i»f cycle-riding, do-it-your- 
self enthusiasts happily caring 
for the elderly in an ageing 
population. The problem is to 
get there. 

Everyone knows the next few 
years will be vital. It is then 
that the investments will have 
to be made to secure the coun- 
try's economic base fur the* com- 
ing decade. If Mr. van Agt lasts 
out his full term unlil 1981. it 
will be during the term of his 
Government thar the crucial de- 
cisions will hare »n be made. 
Some believe th3t the task is 
beyond the capability of any 
Dutch Government, let alone 
one that rests on so small a 
majority: ' .Mr. van Agt faces a 
daunting responsibility. 



One of those characteristics can be finding • 
individual solutions to individual problems. But are there any 
banks left who have the time and the talent for such a task? 

Yes. there are some banks that take the time and have 
the talent available to advise their clients in a personal 
and tangible way. 

In other words, without thinking in abstractions such 
as "the” commodity trade, "the" business world and^the” 
private investor. A lees & Hope is one of those banks. 


Our clients can tell you about it 


c~/\ 


3 




Dili 

1 


• DDD; Dir':- 1 


•• ;.M4 

■ irB' : j-4 1 



1 


i 






xSt'RankI 

MEes &B 

:o 

PENV 




Head Offices: Amsterdam, Herengracht 548, teL 020 - 527 91 1L 
Rotterdam, Coolsingel 93, tel. 010 - 63 29 11. 






■ -i 













16 


Financial Times Monday October 30 1978 


Who’s got the answers to the 
6 most commonly-asked questions 
about trading with the Netherlands? 


Amro 


What are the advantages of starting 
a business in the Netherlands? 


Excellent communications, 
including the largest port in the 
world at Rotterdam; stable and well 
organised labour relations: a long 
business tradition: excellent living 
conditions. Some of the world's 
largest companies — Philips. 
Unilever, Royal Dutch Shell — 
are there. 


What are labour relations like? 


store goods brought into the 
country indefinitely in bended 
warehouses without payment of 
duties or VAT (Value Added Tax). 


Does the Dutch Government 
encourage new business ventures? 

Yes, it does. Foreign-owned 
companies are treated in exactly 
the same way as Dutch companies, 
and, in some instances, even have 
favourable tax treatment. 


What import duties will I have to pay? 

Import duties were abolished for 
EEC members on 1st July. 1977. 
Associate members, and some 
other countries, have preferential 
trade agreements. VAT (Value 
Added Tax) is levied on most imports. 


In the last few decades, there 
have been very few labour 
disturbances and strikes , largely 
due to the fact that employees 
and employers have good means 
ot communication which they 
exercise to reach satisfactory 
wage and conditions agreements. 


Are the Customs tricky? 

Typical of the flexible Duf ch 
customs system is that you can 


What do the Dutch need most ? 

Predominantly raw materials, 
since the country has a shortage; 
finished products too. in erder to 
support the national chemical, 
metallurgical, petroleum and 
electrical industries. 


Amro Bank is a leading Dutch 
bank, with over 800 branches 
throughout the country. Amro has a 
network ol correspondent banks 
stretching round the world, and is a 
member of European Banks 
International (EBIC). if you want to 
know more about doing business in 
or with the Netherlands or for 
details of cur commercial banking, 
trade finance and business 
promotion services in Europe and 
internationally — please contact us 
at either of the addresses below. 





amsterdam-rotterdam bank nv 


Head Offices: 595 Herengracht. Amsterdam. Telex 11006 
119 Coolsingel. Rotterdam. Telex 222 1 1 
Branches, subsidiaries or representative offices in Antwerp. Curacao, 
DuSai. Jakarta. London. Tokyo and affiliates in 21 countries 


• O e_0_0 9_9_9_9_0_* • o • • • 0 _• • 99 999 • • 9 0 O Q o 09 09 • • • -• • 




Banque Nationale de Paris, France's 
leading commercial bank, has an 
international network extending over 
sixty-eight countries. 


In the 


counrr 


Belgium 

Brussels 


Ghent 


Banque Nationale de Paris 
47-48 Boulevard du Regent 
lei: 512 5890 


Banque Nationale do Paris 
Kouier 155 
Tal. 23 2493 


Antwerp 

Banque Nationale de Paris 
19 Ara nb or gs troat 
Tel: 31 0MO 


Liege 

Sanque Matenab do Paris 
Place du XX- AoOt -12 


Netherlands 

Amsterdam 

Banque Nationale de Paris 
Herengracht 477 


Tel: 2t> 2220 


Caurtrai 

Banque Nationale de Paris 
Steenpoort 2 
Tel. 215541 


Luxembourg 

Luxembourg 

Banque Commercials SA 
-Tubsidrcry 
24 Boulevard Royal 
Tel: 47 641 


Wherever you do business we are there to 
help and advise you 


Banque Nationale de Paris Banque Naf ionaie de Fans Limited 

Group Head Office: U.K. Subsidiary: 

16. Boulevard des baliens.75009 PARIS S-13.King William Street. LONDON EC4P4H5 
Teb244 4546 Telex: 260605 Tel: 626 5678 Telex: 883412 BNP LNB 


Total assets of BNP Group as ot 31st December 1977 115554,300,000,000 


THE NETHERLANDS H 


m r f : 

Vj I - 


The economy 


A modest upturn 


RECENT WEEKS have brought 
signs of a modest upturn in the 
Dutch economy. Earlier this 
month, the Central Bank put 
nut a cautious quarterly report 
suggesting that economic 
activity appeared to have 
increased in the second quarter. 

Similar noises are coming 
from private banks. Even 
second quarter statistics, how- 
ever. are still incomplete. 

In its latest economic review, 
the ABN Bank, the country’s 
largest, drew some encourage- 
ment from the increasing level 
of industrial output, which 
appeared to be 4 per cent up 
on the first quarter, a rise 
reflected in an increase in 
capacity utilisation from 78 per 
cent in January to SO per cent 
in late spring. 

“The gradual shift in the 
nature of the problems facing 
industry — from insufficient 
demand to a shortage of labour 
— also indicates the outline 
rrend of a slight improvement 
in economic conditions,” accord- 
ing to the bank. 

Official estimates are that the 
economy should grow by 3 per 
cent in the second half of the 
year, after a 2 per cent increase 
in the first, giving 2.5 For the 
year as a whole. The Govern- 
ment is still optimistic that, 
with the help of the record pub- 
lic sector deficit provided for in 
budget presented last month, 
the 3 per cent growth rate can 
be maintained for next year as 
a whole. But private economists 
are sceptical, suggesting the 
rate is more likely to be 2 to 
2.5 per cent- 

They point to persistent Gov- 


ernment over-optimism about 
growth rates and export pros- 
pects. The Government, for in- 
stance. is hoping for a 6 per 
cent growth in exports next 
year, to match lhe predicted in- 
crease in world trade. .But for 
the last few years Dutch exports 
have failed to expand as fast 
as world trade and the country’s 
share of international com- 
merce has been declining. 

At home the fragility of the 
consumer boom early in the 
year has been underlined by a 
decline in consumer confidence 
in recent months and uncer- 
tainty over the outcome of the 
forthcoming round of wage 
negotiations. 


Faltering exports, unemploy- 
ment, declining competitivjty. 
ability to compete, and the 
squeezing of profits — all inter- 
related— are the factors that 
worry Dutch economists most 
Last year, the previous govern- 
ment was expecting a balance of 
payments sur plus on . current 
account for 1978 of. FI 4bn 
(£lhn>. but the first half has 
produced a deficit of Pi i.Tbn. 
The performance is generally 
expected to improve' ’In the 
second half, but foil-year figures 
are not expected In show the 
country doing much better than 
breaking even, perhaps with a 
modest surplus of around 
F| 5f>0m. 

The relentless rise m wage 
costs, due largely . to the 
country's high levels of taxation 
and social security payments, 
combined with the strength of 
the guilder, have been pricing 
Dutch goods out of world 
markets ana cutting profits to 


the bone. . Companies are not 
investing and far too few new 
jobs are being created. 

Unemployment, now at just 
over 200.000. or. 5 per cent of 
the labour force, may not reach 
the official estimate of 225.000 
by the end of the year. But the 
prospect is for rates of 255,000 
to as much as 280.000 in 1982 if 
no action is taken. The Govern- 
ment's a»m to reduce ft to 
150.000 by 1981. with the aid of 
the three-year plan published 
this summer, has been greeted 
with some scepticism. And 
these figures taken no account 
of hidden unemployment which 
may be three or four times 
larger. 

This month’s 2 per cent 
devaluation of the guilder 
against the Deutschemark hi the 
European currency snake is not 
expected to relieve much of the 
pressure. A farther downward 
alignment against the Deuiscbe- 
mark may be necessary , if. 'and 
when, the new European 
Monetary System becomes oper- 
ational . 

But the country still has 
massive natural gas reserves 
and a relatively low inflation 
rate, and the underlying tend- 
ency for the time being is for 
the guilder to remain strong 
against all other currencies 
except the star performers like 
the Deutschemark. 

In the longer term, as the gas 
starts to run out and the trade 
balance deteriorates. the 
general consensus is that the 
pressure on the guilder will be 
downwards. For the moment, 
the Government's dilemma is 
that while a strong guilder hurts 
industry, it is a key factor in 


Reginald Dale 


Foreign policy 


Consistent attitudes 


tion by the East, in Dutch eyes arsenal, 

the purpose of maximum in- 
testation in the EEC is to pre- J-JCLiMUIl 
vent domination of the smaller Th* me 


never been really controversial no choice but to “support and 
in the Netherlands. There seems promote” sanctions in the near 
little, for example, to separate future if there is no change in 
the European policies of the South Africa's racial divisions. 


vem owniuauon «« .The Government's, as opposed * oresent centre-right Govern- “ 

members by their bigger part- t0 parliament's, positiShS S from S of ite ***• new Minister for Over- 
ners.- Economically, it would raQjer ]ess antagonistic. nredeee^r Roth seas . Development Mr. Jan de 

be unthinkable for the Dutch, Although it reacted with «*„. Komn £’ f} 50 ? ppea " d l ° u he 

more dependent on exports cerD 10 Pres ident Carter’s S hie a Snon g01 1 g back on the P 0,lcies of hls 

than almost any other nation, decision this month to keep Sncmmabou^tte conJSSSS! Predecessor, the controversial 
to settle for less than the freest his options open on the bomb, ^ th ™ ** *o Pronk. when he 

possible access to their, neigh- jt has said that the decision is mpnf tn inrlndp rnw- promptly removed five countries 
« ... ^.American responsibility. _ It p omjl!ai and Spain- a* a Dutch m of 17 


| bnurs* markets. an American responsibility. It p orftJgal an( j Spain. 

These interests secured, the believes that the objective rei^tivllv small 
hsi'B f Air 7rp* in fat*. .•» ... i. relatively .smau 


Dutch have felt shou]d t0 bargain the constantly suspicious of big rece ? e special aid priority, 

new on a wide range of world weapon away in the strategic Dower collusion, the Nether? But be maintains that the main 
issues, some of which Uke Viet- arm s limitations (SALT) with i a nd? is l^ticulariy worried reason was to enable him to con- 
nam. may be of little direct con- the Soviet Union, leaving a final ^ ^ Sng of tinue Mr. Pronk’s policies, 

cern to the Netherlands Des- decision open if this fails. 5* Community? taxation" which were simply ove-r- 
pite then- gonmne EuropeaniOT, ^ The anti-nuclear tabby is not Stend^^to ^piarwte? ^U «retohed by the number of 

r!^mmi% n °mprahPKMn 1 - aving n all . lts ow f T, . wa - v ■ The members, however small, a countries on the list The new 
Community membership and Government has rejected moves rea] ^ jj, joint decision- policy thrust as instigated by 

to free Dutch 5011 of a!1 u^ear maMng. - Mr. Pronk, Is to spend much 


from the 
“target 


Dutch list of 17 
nations ” which 




• •••*•• 9 0 9 000 9« 9 0 • J9 « O O 9 0 OOO9O9O99000< 

»••#•••• • • »%% •••< 


nation political _ co-operation, weapons — a -cause espoused but 
necessarily requires them to never effectively pursued by the — 
take the same line as the other previous Centre-Left coalition, 
eieht members. The Dutch, it would be unfair, the Centre- 
like the Swedes, frequently see Right Government says, to place 
themselves as the conscience of the whole nuclear burden on I 
the Western world. There has other countries 7 shoulders. Sucb 
often been a strong moral con- a move would only be con- 
tent in Dutch attitudes that is’ sidered in future, in full « con- 
not always reflected in those of sulfation with the other NATO 
their partners. allies, if conventional techno- 

in an interesting analysis logy could provide weapons of 
nubtished earlier this month, equivalent effectiveness. Meau- 
Mr. Jerome L. Heldring. while, the Government is 
one of the .country's leading fulfilling- the NATO- commit- 
foreign affairs specialists, de- ment to annual 3 per cent . 
reels a note of change after so increases in defence expendi- 
raany years of continuity. He ture and there is no reason to 
argues that following the great suppose that it does not remain 
Dutch social revolution of the firmly wedded to the Alliance. 
mid-1960s, in which traditional The same goes for the Euro- • 
standards and disciplines col- pean Community. a recent 
lapsed and the Dutch church opinion poll published by the 
was radicalised within a decade. Avro broadcasting company 
the country has become imbued showed that 71 per cent of the 
with new spirit of neutralism population felt that more 
and pacifism. particularly co-operation should be sought 
among the young. . at European level, the vast 

If anything. Mr. Heldring majority - believing . sucb 7 
maintains, the force of moralism co-operation to be not only 
and idealism as factors in desirable but “ absolutely 
Dutch politics has become essential.” Nevertheless, the 
str oncer than ever before as poll confirmed only too- clearly ; 
a result of the social changes how far the original European 
that began in the 1960s. Re- fervour has ebbed away. Only 
cent developments would 26 per cent said they were 
appear tn bear him out, at least “ positively interested ” in EEC 
in this respect. Both moralism matters: only half knew-^the •. 
and idealism have certainly Community’s initials: and 48 
been brought sharply to bear per cent “did not really know" * 
on each of the three foreign that Denmark bad joined. .■ ■„ 
policy issues — South Africa. Perhaps surprisingly, . this 
nuclear non-proliferation and apparent apathy is reflected in 
the neutron bomb — that have the . supposedly . avidly .. pro- 
provoked major debate in the European Dutch Parliament,' " 
Netherlands in the past year. which hardly ever debates EEC 
Nuclear issues continue to affairs. The Parliament is only • 
arouse enormous passions in the now, after over 20 years in the 
Netherlands. The argument over Community, thinking about the 
safeguards on an enriched introduction of EEC legislation 
uranium deal with Brazil — only scrutiny procedures on British - 


CONTINUED ON NEXT PAGE 


' : ' V Official user ratings- of small business. • 

computers hasre tncficafed mat users ol Bastc^Four ' 
systems are most sa&sfied. . . - - 

J Other reports indicate that akhostafl our 
dfents yyquia.preiEar Basfc/Four. systems again if they 
peel new.pr additonat computers. 

• - ' Large enterprises. BkeAEG. Boehrtnger. r . 

Dresdner Bank, Nestle. Sandoz and Sanyo know by ■ 
expenence that H is riot only tfie hardvtxe that counts, 
is sbpWstk?aed khbwiedgeajnd ' .’ 

dedfcated_peopleafckNieaH. .. . ..... -- 


AdcSesa.- Wl Euopear HeaOquafters, 

Pk*. J H BaviricMaan 5 - nS3 AT AMSTELVEBS--' ' -*/• V 
HOUAto-T«L 020*34368 - H - 


build here 


U ! f ;• 


« : . 


DUTCH FOREIGN* policy has recently solved by shelving the or Danish lines, and that largely Continuity has also been 

long been one of the most con- issue — was Dne of the longest because interest was stirred by largely maintained on two oilier 
sis tent in Western Europe, running political debates of the a recent visit of the House of maijj foreffin ‘policy issues— 
largely immune to successive year. The neutron bomb has ^m^nR^rutiny^mmittee.-^ Africa- and Third- World 
changes of Government The been even more politically dis- The Avro poll suggested that ITdespUe infrial 

overwhelming national consen- ruptive. In March. Mr. Roelof 82 per cent of the populanon I0 ^ con^ 

sus has been that the country’s Kruisinga resigned as Defence either would or might vote when mdSEr Mr 

interests are best served by Minister on the issue after only the first European elections ™ rciauw’flri' 
membership of an integrated two and-a-half months in office, come round next June, and ^stopn ran oer uaauw hr^- 
European Community and a Mr. Willem Aantjes. Boor leader almost half said the poll would south^ African 

■strong NATO — a fortress from .of the Christian Democrats, has increase their interest in Euro- on South African 

within which the country can even suggested that the country pearn affairs. But there is an r 

mosr effectively attempt to «rallv should leave NATO if the bomb undercurrent of scepticism as Mr. Max van der Stoel. He still 
rnara is de P^ d ^ Europe, and to where it will all lead. does not agree with Mr. van der 

world affairs in its own rela- earlier this month Parliament A major reason for the lack Sloe! that the time has already 
tivelv small but distinctive way obliged the Government to tell of widespread interest in come for - sanctions to be 
If the purpose of NATO xnem- President Carter it did not want Europe is almost certainiy the imposed, but he now accepts 
bership is to prevent domina- li ? e b °tub introduced into the fact that EEC membership has that the Netherlands will have 

. _ . _ M A Til irenrnT riPUAi* Wonn roollv nnnfrAvorcio! nia iihAiMi kn t tn - •• cni\nnvt nni) 


B ^ ^J e 


the fight against inflation, and 
it wants to master inflation 
.before the guilder goes into 
reverse in the years ahead. 

The low inflation rate, aided 
by the strength of the guilder, is 
one of the economy’s few bright 
.spots. Prices rose by 4.4 per 
cent in the 12 months to Septem- 
ber and should be. down to 42 
per cent for the year as a whole. 
The hope is to bring the figure 
.down to 4 per cent next year. 
But that is . still likely to be 
higher than the rate in West 
Germany, the Netherlands’ chief 
trading partner. . 

So far in its fight against 
inflation, the Government has 
been helped by extreme modera- 
tion in wage demands by the 
trade unions. This year, wages 
are only rising by between 6 
and 7 per cent. But the unions 
are not going to continue to 
accept what is virtually zero 
real, wage growth unless new 
jobs are created— at a time 
when -the numbers coming on 
to the labour market are 
increasing. 

The unions are likeJy tn 
attach the same condition In 
their approval for the Govern- 
ment’s three-year plan. The 
danger is that the Government 
will find itself obliged to widen 
the public sector borrowing 
requirement still further in the 
interests of job creation, at the 
risk of rekindling inflation. 

Despite the recent signs of 
improvement, the outlook— as 
Mr. Frans Andriessen; the 
Finance Minister, admitted last 
month— remains u gloomy." 


K r> f:, 

k M -- 


9 ynA 

i I'm 

7 -nt. 
\ iUM 

4 te- 


t -t 






V \y 




I 

t,. 

i il 


■ $ A 

‘ t 


I 









Financial Times Monday .October 30 1978 


THE NETHERLANDS HI 


17 


5 


K 

1 ^ 


Uf 

X 


Politics 


A surprising coalition 


t. ; 


111 


ft PEOPLE were taking bets 
tbe durability of the new 
Ire-Right coalition that took 
■e - in The Hague last 
ember. Everything about it 
. .ed wrong. 

. . » the first place, it seemed 
the count ry had had the 
- ng Prime Minister foisted 
it- To most people the 
'■ ous winner of the elections 
. had led to the new Govern- 
it's formation was Mr. Joop 
UyJ. the popular Labour 
y leader. Yet Mr. den Uyi 
ending four years uf 
:essful premiership to be- 
J e leader of the Opposition. 
.1 that despite a spectacular 
ary in the May elections in 
L-h the number of his Party's 
s had shot up from 43 to 
-in the 150-memher second 
nber. Mr. Dries van Agt, 
incoming Prime Minister, 
seen his Christian Demo- 
s. in their new CDA alliance, 
inee by a single seat from 
•o 49. 

qually surprising was the 
• coalition’s CDA - Liberal 
i position. Many Christian 
nncrats would have strongly 
ferred to- continue their 
. . vtous Centre-Left coalirinn 
o the labour Party — indeed 
■istian Democrats and Socia- 
» had spent most uf the 
jn months since the election 
ng ro do precisely that 
. small group of seven dissi- 
. l Christian Democrats had 
erly opposed the last-minute 
. tch to the Liberals, .whose 
1 'cies are comparable with 
"sc of Britain’s Conservatives, 
several leading Christian 
nocrats had turned down in- 
itions to serve in the new 
<iner. Yet Mr. van Agt was 
ing to govern with a majority 
wo. To make matters worse. 
Christian Democrat rebels 
•o led by the Party's floor 
ier in the second chamber, 
Willem Aantjes. 
t Ir. -van Agt himself was rela- 
. ■]>• a political unknown. As 
:‘.>vster or Justice in the out- 
: ng administration he had 
wen a tough anti-terrorist line 
ing a succession of Moluccan 
ges, but he had played a 
itroversial role in the botched 
•cst of alleged war criminal 
iter Menten and angered 
my people .with a threat not 
sign a new Bill legalising 


abortion into law even if It were' 
passed by Parliament. He stood 
to the right of the heterogeneous 
grouping that makes np the 
Christian Democrat Appeal. 


Survived 


But Mr. van Agt has not only 
survived — his Government looks 
relatively stable. One might 
suppose that Mr. den Uyl occa- 
sionally regrets that he allowed 
the long months last year in 
which the Christian Democrats 
and Social hickercrt over per- 
sonal and political aspects of 
their, proposed new union to end 
the way they did. 

True. Mr. van Agt has had 
his nasty moments. His first 
Minister of Defence, Mr. Roelof 
Km foinga.. resigned after only 
two and a-half mon'hs in offire 
in protest a: his Cabinet col- 
leagues' reluctance to take a 
firmer line against the neutron 
bomb. 

In the summer, at the time of 
the trial of Anatole 
Schcharansky. the Russian dissi- 
dent. Mr. von- A zt was aston- 
ished in learn that a thinly 
attended Cabinet meeting, 
chaired in his absence by his 
deputy. Mr. Hans Wiesel .the 
Libera! leader, had derided to 
" freeze relations " with the 
Soviet Union. A subsequent 
policy appraisal concluded there 
was no wav «jf doing this— 
.short of taking the drastic step 
of breaking off diplomatic rela- 
tions with Moscow — and the 
whole affair was considered; 
with some embarrassment, best 
foreotten. 

The Christian Democrat 
rebels have played up in Par: 
liament. nartieuiarly on nuclear 
issues like the export of en- 
riched uranium to Brazil and 
the neutron bomb. Mr. Aantjes 
has gone as 'far as to. suggest 
that the Netherlands might 
have to leave NATO if the neu- 
tron bomb were depinved in 
Europe, which cau hardly be. 
said to be CDA policy. 

The result has . sometimes 
been the emergence of two poll? 
cies. one backed by the Govern^ 
ment and the - ' other by 
Parliament on controversial 
issues— for example on the 
neutron bomb again earlier this 
month. But the rebels haver 
not tried to bring the Govern- 
ment; down. It is. enough, per- 


THE DUTCH PARLIAMENT 

PARTIES Seats 

Labour Party (PvdA) 53 

Christian Democrat Appeal 

(CDA) 49 

Liberal Party (WD) 25 

Democrats 1906 (U'BG) 8 

Political Reformed Party 

(SGP) 3 

Political Radical Party 

(PPM 3 

Communist Party (CRN) ... 2 
Rerormpd ■ Political Party 

(fiPV) 1 

Farmers’ Party (BP) 1 

Democratic Socialists 1970 

(DS'70) 1 

Pacifist Socialist Party (PSP) 1 

150 

The CDA is mode up or the 
Catholic People's Party (KVP), 
with 26 seats, the Anti-Revolu- 
tionary Party (ARP), with 13, 
and the Christian Historical 
Union (CHU). with 10. 


hops that Parliament provides 
them with a platform where 
they can convince their suppor- 
ters that they have not really 
sold out to the right wing des- 
pite their party's coalition with 
the Liberals. 

Another factor is almost cer- 
tainly the general feeling in 
The H:i“ue today that the Dutch 
voter is tired of political up- 
heaval The prestige of Dutch 
politicians sank to a very low 
point during the protracted 
quibbling over a new coalition 
last year, and any MP who 
risked starting the whole thing 
off all over again by voting 
against his own Government 
would be in for a fair amount 
of odium all round. 

> The general view in The 
Hague h that the Government 
is safe for the time being, al- 
though it is not totally excluded 
that Mr. van Agt might put a 
foot wrong as a result of a mis- 
taken sense of security. “He 
-might .surprise bimsell.” said 
one observer. 

Mr. van Agt has proved him- 
self a surprisingly adept parlia- 
mentarian during his spell in 
office. Many of his other 
Ministers have been much less 
impressive. ;But. the Prime 
Minister has shown considerable 
skill in coolly disarming Parlia- 
mentary attacks, even if he in 


doing so be has sometimes 
enraged Mr. den Uyi and pul 
up the backs of less partisan 
observers. He recently refused 
to debate an important 
domestic issue with u Parlia- 
mentary oponent because, he 
said. " You know much more 
about it than 1 do." 

The new Government has 
launched a major three-year 
economic plan to restructure 
the country's economy, and has 
more or less completed work 
on three major innovative social 
measures that have long been 
at the centre of Dutch political 
debate — an excess profits tax, 
reform of company works 
councils and new investment 
incentives. A fourth — land re- 
form — has been allowed to slip 
from sight. The new measures 
are watered down versions of 
plans put forward under the 
last Government and the 
changes have not pleased the 
Left and the trade unions. But 
they represent a success for 
Mr. van Agt. 


Gains 


As the major coalition 
partner the CDA is' doing its 
best to demonstrate that it has 
recaptured the strategic centre 
ground of Dutch politics that 
the three main ' confers tonal 
parties were coming close to 
losing in the early 1970s. 

• Now the Christian Democrats 
arc showing gains at the opinion 
polls and in local elections, 
mainly at the expense of 
their Liberal partners. The 
reason seems to be that Right- 
wing Christian Democrats who 
deserted the CDA for the 
Liberals when it was in coali- 
tion with the Socialists arc 
returning to the fold now that 
the link with the Left has been 
broken. It is ironic that it 
should be the Liberals, the 
cause of their reassurance, who 
are losing the votes. 

Another factor could be the 
elevation of - the youibfu! 
Liberal leader, Mr. Hans Wiegel. 
to the post of Deputy Premier 
and Minister of Home Affairs. 
The move has removed the vote- 
catching Mr. Wiege! from day- 
to-day party politics. 

The Christian Democrats' 
success with public opinion is 
another reason why an early 
election <fthe next is due in 


1931 ) is not considered likely 
in The Hague. The Christian 
Democrats are happy in the 
saddle, the Liberals do not want 
to face the voters in their 
current mood, and tbe Socialists 
will probably want to wait until 
the effects of the Government's 
public spending cuts are felt. 

It was in apparent recogni- 
tion of this that Mr. Jaap 
Boersma.' a prominent' Left- 
wing Christian Democrat, re- 
signed from Parliament this 
munth. Mr. Boersma’s action 
seems to have been due to his 
assessment that a new CDA- 
Socialist coalition, his preferred 
Governmental formula, had 
receded into the distance. 

But the ne\i few months are 
unlikely to he plain sailing for 
Mr. van Agt The explosive 
issue of abortion lies immedi- 
ately ahead. The position is 
that the Government is meant 
tn come up with a new draft 
law' legalising abortion before 
the end of the year. If not. 
Parliament . will take the 
initiative. 

The problem is that the 
cnalition is deeply split. The 
Liberals, although they con- 
fused everyone by voting against 
the last draft law in ihe 
Senate, are in favour of abor- 
tion. as are the Socialists. The 
Christian Democrats, and above 
all Mr. van Agt, are not. 

More serinus for the longer 
term, a confrontation is brew- 
ing with the trade unions when 
ihe annual round of wage nego- 
tiations gets under way in a 
few weeks' lime. The trades 
unions are angry at the way 
legislation like the excess pro- 
fits tax, , to which they attach 
the greatest importance, has 
been tampered with, and feel 
the Government has not created 
a healthy negotiating atmo- 
sphere. ’ 

Last week Mr. Wim Kok, 
leader of Ihe largest trade 
union federation, warned that 
the unions would no longer be 
able to exercise restraint in 
their wage demands if they 
faced “an arrogant Right-wing 
Government" But wage re- 
straint is at the heart of Mr. 
van Agfa .economic programme. 
He could be facing a severe 
test of his political skills this 
winter, 

•: *\ ■« R.D. 



WEST 

GERMANY 


Miles 


BELGIUM 

50 


Attitudes 


CONTINUED FROM PREVIOUS PAGE 


more time in preparatory work, 
project identification and 
evaluation than in the past, 
when there were criticisms that 
the country's generous 
donations were not always 
ending up at the right destina- 
tion. 

The countries removed from 
the list— Cuba, Jamaica, Peru, 
Colombia and Tunisia— were 
dropped on the grounds that 
their incomes per capita all now 
exceed $550 a year, a criterion 
endorsed by the World Bank. 


In Cuba's case it was specifically 
stated that the reasons were also 
political in view of continuing 
Cuban military ^activities in 
Africa. Although aid for Cuba 
has long divided right and left 
in ihe Netherlands, in present 
circumstances the decision 
aroused little protest. 

The new Government has said 
it will maintain the former 
“aid norm" of 1.5 per cent of 
net national income, a commit- 
ment which placed the Nether-, 
lands second after Sweden in 


international league table of aid 
donors last year. The main 
difference iu approach will 
largely be one of political tac- 
tics. The new Minister has said 
he will work much more closely 
with his EEC colleagues, rather 
than riding our ahead of the 
posse like Mr. Pronk. Many 
Third World countries will be 
disappointed to hear that — tbe 
Netherlands.' European partners 
will not 

R.TD. 


or diversifies 




ptf- lv rf 

VII# 
i. <.'»**> (U 

■ ■ *’3 

i * 


It really depends what you want out of life 

As far as we were concerned, the decision to specialise caffie rather 
easily. After a long, hard look at the transportation industry throughout 
Europe, it became apparent that although there were many 
manufacturers competing in the market place, too many ot them were 
.concentrating their efforts in too many directions. 

We decided 1o sell off our motor car interest to one of our major competitors and 
concentrated on what we know best— trucks. 

We felt that operators deserved a better deal. 

When you consider that in Great Britain alone, 

86% of goods are moved by road, you can see 
the importance of the truck industry. 

Now our confidence is being rewarded. Operators 
are appreciating the type of ’total’ service we provide. As well as building what is probably 
Europe’s finest range of trucks, we also ensure the best possible back-up for all 

DAF truck operators. 

Next time you see a DAF truck 
on the road, remember that it's been 
built by a company who specialise 
in trucks; Remember too, when you 
do specialise you have to be 
better than the rest— there’s nothing 
else to fall back on! 




DAFTrucks 

DAF Trucks (GB) Ltd. 

Marlow, Buckinghamshire SL7 1 LW. 

Tel; Marlow (06284) 6955. Telex: 848489. 









Financial Times Monday Od.ol3er .30 197S 

THE NETHERLANDS IV 


Dutch imports: Dfl. 111,920 million. 
Dutch exports: Dfl. l(^197million. 





T'&k 








Haveapie^^^ffll^Se. 

Use die inside bank: NMB Bank. 


Holland's prosperity proves to be a 
fertile soil for any kind of business. Just a 
glance at Dutch trade shows (hat it is con- 
siderably more important than it sounds. 

With the largest, busiest port in the 
world, its vast transit trade and multi- 
billion imports and expons. Holland— 
although a small country- plays a signifi- 
cant role in world economy. 

■ So when dealing with Holland, deal 
with the hank that knows Holland best: 
the NMB Bank. 


Though NMB ranks number three 
among commercial banks, it is number 
one with thousands of medium-sized and 
larger companies that form the backbone 
of Dutch business. 

Because NMB finances a consider- 
able amount of their business, it has 
gamed an expert knowledge of inter- 
national trade. 

So, the next lime you deal with 
Holland.turn to the NMB Bank and turn 
'.ourself into an insider. 


NMB Bank. P-O- Box ISOtl. Amsterdam, 
telephone ..O.20-54391U. wlex:JU0C nmbni. 

NMB Bjnk is represented ns New York. 5uo Paulo 
and Beirut and ha- a branch in Curasao. la addiuun 
lie own a Finance Compinv and aTrusI Company in 
Cur.ica». N«iherland> Antilles. In Zorich NMB 
tochu in' A.G. is at > our service As a member nf ihe 
Inter-Alpha Group of Banks we have jowl represent - 
at ne nifi.es m San I'aulis Teheran. Sine j pore. 

I time Kune end Token Our New York address is ai: 
■1'i.t Park Aienue. New Yiirk. N Y.1U0CCUAA- 
t.,I :2i:if**-S47h. telex (£4 34 AMt’RIMI 
Baijn.v sheet total as ai M-n-WS Dfl. 5I.H06 mill 


NELERLANC&mHl. J.'IDDENSTArjQ'SS-eNrlNV 


As one businessman put it in 'Export 
Direction', Britain's leading international 
trade and investment journal: 'The possi- 
bilities for the British manufacturer are 
almost endless... It is time the British 
started looking at their total distribution" 
costs instead of just putting something 
on a truck and getting it outside the 
factory gates. He doesn't compete hard 
enough. He doesn't use all the 
techniques.” We don't know whether you 
use all the available techniques or not. 
Considering the large volumes of Bxport/ 
import trades between the U.K. and 
continental Europe (and beyond) we do 
know, however, that we play an important 
role. You may look into this. We wduld be 
glad to be of service. We have the 


facilities to help you. Why do so many 
customers select us? Not on promises. 
Rather because we do what we say. 

This we offer: 

Speed: Quickest possible ship turn- 
rounds. Fast intra-Europe transportation 
by road, rail, air. inland barges and pipeline. 
Efficiency: The most modem facilities 
and equipment needed by container 
ships, conventional vessels, tankers and 
any other type of carrier. 

Skill: Dependable personnel trained in 
specialized schools. 

Connections: 12.500.Regular sailings 
a year offer a profusion of worldwide 


services very hard to beat. 

Continuity: Proud record of good labor 
relations making Rotterdam a reliable 
distribution center. 


No other port in Europe is better located. 
No locks, no bridges. No other port can 
serve you the way Rotterdam can. 

The busiest port of them all. 

Because Rotterdam/ Europoort 
cares most... about service. 


S „ 


' ***** 

v. { 


RotierdamjHF . 

f~ . -/• ■ . *. 


Port of Rotterdam 


Pott of Rotterdam - External Relations Department - 'Europoint HI' - Marcon'Straat 12 - 3029 A.< Rotterdam. The Nethonands 
Phone: (010)774877 -Telex 23077 -Cables: ’eurogate rotterdam*- Postal address: P.0 Box 5622 -3002 ap Rotterdam 


Outlook favourable 


AFTER A successful first half, 
during which profits generally 
increased faster than business 
volume, the Dutch banks are 
confident that the second half 
of 197S will also prove favour- 
able. Pressure on the guilder 
within the European joint float 
in recent weeks has disturbed 
the even course of the Dutch 
currency, however, and the 
Netherlands central bank has 
twice been forced to increase 
bank rate. 

With the exception of Am- 
sterdam - Rotterdam Bank 
(Amro) and the Centrale Rabo- 
bank, the major Dutch institu- 
tions saw profits grow more 
rapidly than balance sheet 
totals. Not all business is re- 
corded in the balance sheet and 
the banks apply different 
accounting methods and have 
different areas of activity, hut 
this comparison does provide 
some measure dF their perform- 
ance. Net profits at Rabo 
showed the most subdued 
growth, rising only 5 per cent 
on an II per cent increase in 
assets while at Amro profits 
were IS per cent higher on a 
21 per cent bigger balance 
sheet. 

A stronger profit perform- 
ance was shown by ABN. where 
the profits increase was 22 per 
cent against only 9 per cent for 
assets. Nederlandsche Mi dde li- 
st ans bank (NMB) reported a 16 
per cent rise in profits against 
14 per cent in assets. Perform- 
ance was even better among the 
smaller institutions, with 
Slavenburg raising profits 21 
per cent on a 5 per cent larger 
balance sheet total, while 
Nederlandse Credietbank re- 
ported increases of 28 per cent 
and 7 per cent. Both Amro and 
ABN announced higher interim 
dividend payments and ex- 
pressed optimism for the 
second half of the year. 

Uncertainty on the foreign ex- 
change and capital markets in 
the past few weeks may have 
upser the banks’ forecasts, 
which were often made condi- 
tional on their being able to 
maintain credit margins. After 
the joint float currencies ini- 
tially. moved in unison against 


the declining dollar, the guilder- 
came under pressure wi thin the 
European float in September, 
and required substantial official 
supporL 

The central bank was finally 
forced to raise bank rate and 
the other official lending rates 
by 1 per cent on September 26 
and by another full point less 
than three weeks later on 
October 13. The first increase 
removed much of the pressure 
on the guilder but Dutch money 
market rates remained well into 
double figures. 

Controls 

Despite the cautiously favour- 
able report on the levels of 
Dutch economic activity con- 
tained in the central bank's 
latest quarterly report, the 
economy remains sluggish. The 
bank nevertheless intends to 
retain its controls on credit 
growth. After discussions with 
the banks in the first week of 
October, the central bank has 
confirmed it will maintain its 
curbs until March 1979. Credit 
growth which is not financed by 
capital market borrowing is 
limited to an annual S per cent. 
Prompted by these limits on 
short-term financing, the banks 
have continued to increase their 
share capital by issues, private 
placements and stock options. 

The Dutch banks moved 
higher in 19n in the list of 
world banks compiled by the 
American Banker. On the basis 
of deposits, Rabo was the lead- 
ing Dutch institution in 26th 
place, up from 31st the year 
before. ABN fell below Rabo 
and was 27th compared with 
29th. Amro rose to 28th from 
32nd. No - changes occurred 
within Holland In the ranking 
of the major Dutch banks. Tak- 
ing balance sheet totals as the 
basis for comparison, ABN. con- 
tinued to head the list followed 
by Rabo, Amro, NMB, NCB and 
Slavenburg's. 

The major banking develop- 
ment in recent months has been 
ABN’s announcement in August' 
of a S82m bid for the entire 
share capital of Lasalle National 
Bank of Chicago. ABN has 
reached agreement in principle 


to acquire the 84 per cent hold- 
ins of GATX Corporation in 
Lasalle. It expects to gain the 
acceptance, of the holders of 
another 14 per cent of the 
capital . and it 'will offer the 
remaining 2 per cent of share- 
holders the same terms and 
conditions. - This is the most 
substantial move by any Dutch 
bank into the U-S. market and 
reverses the post-war trend of 
UJS. banks buying up stakes in 
Dutch institutions. 

Lasalle, with assets of 8852m, 
is number 194 in the list of 
U.S. banks.' ABN is the most 
internationally orientated of the 
major Dutch banks-but the suc- 
cessful conclusion of the Lasalle 
deal will mean a major addition 
to its operations. It already 
has substantial . holdings in 
banks in Saudi Arabia, France 
and Switzerland as well as more 
than 200 brandies in 40 coun- 
tries. Previously, the major 
Dutch involvement in U.S. bank- 
ing had been Amro's 17 per cent 
stake in European American 
Bancorp. European American 
was set up by Amro and five of 
its partners in the European 
Banks' International Company 
(EB1C) consortium. 

The flood of new foreign 
arrivals on the Amsterdam 
banking scene has slowed to a 
trickle although two new names 
have made an appearance. 
Amsterdam-American Bank, a 
subsidiary of the U-Su-based 
Mid-American Credit Corpora- 
tion, opened an office in Amster- 
dam earlier this year. Amster- 
dam-American specialises in 
financing trade with Latin 
America. The announcement by 
the Banco de Vizcaya earlier 
this -month that it plans to set 
up an office in Amsterdam 
opens up interesting perspec- 
tives. The Spanish bank could 
be the first of many as Spain 
prepares for membership of the 
European Community. 

The arrival of more foreign 
banks will strengthen the Dutch 
banks’ argument that competi- 


tion is tough enough without the 
setting up of a State-owned 
- Postbank." Given the diver-, 
sifted nature of the banks' 
activities though, they have 
been able to build up strong 
positions in certain market 
segments. 

According to an article pub- 
lished recently in the weekly 
Economic Statistical Reports by 
Professor M. P. Gans of Delft 
University, Amro and ABN 
dominate the new issue market 
to the detriment of industry. 
The two banks, and their mer- 
chant bank subsidiaries, are 
reluctant to advise companies to 
come to the stock market since 
the banks themselves raise 
funds on the capital market on 
a large scale, the professor 
argued. The companies might 
also want to redeem bank loans 
with the proceeds of public 
issues, he said. The two banks, 
dismiss these claims and say 
their problem is persuading 
unwilling companies to seek a 
stock exchange quotation. 

The explain their predomin- 
ant position in this sector by 
their technical expertise and 
placing capacity — both of which 
could be developed by other 
banks if they wished. 

The banking world continues 
to attract top names from other 
sectors. Following the move of 
the EEC Farm Commissioner, 
Ur. Pierre Lardlnois, to Rabo 
and of Mr. Coen Oort. Holland's 
Treasurer General, to ABN in 
1977, two more prominent 
figures have joined banks- In a 
controversial move Mr. Wizn 
Duisenberg. Finance Minister in 
the last government, decided 
to join Rabo only months after 
handing back bis Minister's 
portfolio. and becoming a simplti 
MP. Dr. Johannes Witteveen re- 
linquished his post as managing 
director of the International 
.Monetary Fund and is to serve 
as. an adviser to Amro. 

Charles Batchelor 

Amsterdam Correspondent 



The stock market 

Trading is 
hesitant 

LAST MONTH’S budget and the remains relatively buoyant, 
currency squalls that blew up however, with September 
around the guilder shortly emerging as the second busiest 
afterwards have combined to month this year, following on 
depress the Dutch stock market, from an unseason ally active 
Between April and mid- August which turned in dealing 
September share prices in volume of close on FIs 2bn des- 
Amsterdam were showing gains pite the onset of the so-calied. 
of more than a fifth with the summer holiday, hill- 
bourse index for industrial • in this respect it' should not 
shares up at a 1978 peak of 93.1. be forgotten that the Dutch 
Currently tills index stands at bourse has a substantial inter- 
around SO in thin and nervous national flavour. Major counters 
trading. like Unilever, Philips, Royal- 

The new Dutch Government Dutch and KLM dominate ■ the 
was expected to take a fairly stock Market capitalisation and 
uncompromising line with as a result the international in- 
Holland's economic problems vestor is often as important a 
and the cynics were proved force as the domestic punter, 
right. But it was the uncer- The half dozen or so leading 
tainues created by the proposed shares account for something 
new legislation rather than the jjk e half th e stock Market’s 
actual measures that left the total vaiue. 
stock market unsettled and hesi- in tlie past this has added to ' 
tanL Against this background the structural disadvan tag es of ' 
the ensuing bout of currency the Dutch market which over ( 
turmoil — -which at one time saw the p^ decade has seen the , 
short-term interest rates number of shares quoted shrink 
topping 20 per cent against a dramatically. In 1968 the 1 
background of massive support bourse could boast 503 indivi- I 
for the guilder from the Dutch dug] listings: at the end of 1977 i 
central bank understandably aft er ^ admittedly intense 
completed the job of under- period of industrial rationalisa- 
mining investor confidence. tion, plus the odd business 

Prospects ! X£; * he niunber “ 

Few observers sec much pros- -g-j , * 
peer of encouraging news rrflhlfiTTIS 
emerging before the end of At ^ Mme ^ ^ ^ 

h T rff St j Ck Market remains a moribund 

clearly has the wind against it. source for new 

says a recent economic survey aparL ^ problems here 

{ J°™ °. Q * of Hollands “ajor largeI y mirror those to be found 
banks. Mees and Hope. These ^ most $tock Markets aronnd 

rhe world: new «mity capital 
echoed within the financial „ expenslve both in terms oE 

community in Amsterdam issuil ^ ^sts and in its effect 

uncertainties aside 0 „ ^ fut aarni 

— and it has io be stressed that chare 

on this score the Dutch are **%. ^ 

largely at the mercy of their .. f * t o ° fh ^ 

major trading partner. West “S*"**? St 
. ** . ■ 'i, ised brokers and the major 

ix. r xzxnAxz 

thanks largely to the low level extending tradin3 fihouW im . 

of inflation. . prove the cost effectiveness of 

Unemployment is high , and 1 in- the dealer . when the new trad- 
dustr.a growth is sluggish. But ing regulations Mtne ir .t 0 force 
the outlook for corporate profits al the start of next ^ 

it unexciting is not totally dis- unofficia] trading & shares will 
comforting. Much depends on no longer bypass the stock tsx- 
the current wage round, and to change 

trade union acceptance of some Unlike his counterpart in 
of the smaller print within the Lcdon. the Dutch private in- 
budget. But plenty of financial vestor remains a- substantial 
institutions are still willing to force in Amsterdam. Estimates 
bet that company earnings will vary, but it would appear that 
emerge comfortably in surplus something like two-fifths of the 
next year. . stock market is held in private ■ 

Against this background the hands. Investors do not suffer 
Stock Market dearly faces a dividend controls, capital gains' 
number of constraints. Activity tax. as [ar as the individual is 
CONTINUED ON NEXT PAGE -• 


There are lots of 
Commodity Brokers 
biittherelsonly 
one Merrill Lynch 

, hm, wtmh 1 



The Benelux & Scandinavian 
Regional Commodity Office of 

Mc^lpchlfK 

SOKorte Hoogstraat, 3011 GL Rotterdam, 
. TeL 010 - 144344 , tx. 26466 MLRD NL 

Located in the heart of the 
biggest harbour of the world. 


BLANKEV00RT 

fop 

DREDGING 


BL0EMENDAAL-H0LUND 


Address : ' 

P.O. BOX 1? 

Telephone: 

(023) 25 ? J 31 


Telegrams : 

DIBLAVO 

-Teiex : : 

41276 


S’ 


i i 1 ; 


Telephoneto t-qzx 3488 T Jv 




\ 


i 


•*. 4 t V \ , 

IV ' 


E 







Financial Times Monday October 30 197S 


10 


THE NETHERLAM)S V 


\ ;• 


i \/A> > 

~ ■ \ jji. 



The capital market 

air of nervousness 


ITT? equity counterpart. 
Jutch capital market is 
through a testing lime, 
nee at recent figures for 
>» volume is as pood a 
as any to the Iran mas — 
vector reaction to ttiem — 

■ tave blown up over the 
seven or eight weeks. 

. dins mortgage bonds, turn- 
’ m September was 25 per 
town on August nnd well 
50 per cent short of the 
seen at trie start of the 
i quarter of this year. 

market's problems arc 
old but the most pressing 
‘ t created by uncertainties 
‘ » currency markets. For 
moment the revaluation of 
eu (schema rk has removed 
Timcdiatc pressures from 
l (he Snake (the joint 
■can floai) and allowed the 
Centra! Bank to call off 
pport operations. Having 
i about 2fl per cent at one 

■ during the recent crisis, 
term {call money) interest 
have now settled back to 
normal levels. 

there is a continuing air 
rvousness and uncertainty 
g hnnd dealer.; in Amster- 
Thc respite in ihc foreign 
. nge markets may prove 


temporary. At all events the 
investing institutions are stick- 
ing firmly to liic side lines. 

The Dutch bond market is, 
of course, no stranger to 
dramatic events. Sitting along 
with Belgium on the fringe! of 
the European hard currency 
club, Holland has long had to 
fend off the unwanted backwash 
nf sticking to the heels oC the 
D-mark and the Swiss franc. 
Thu year, however, the Govern- 
ment has had to rope not Only 

with the way the drinking 
dollar has come to something 
of a head in a European con- 
text, but it has had to do so 
against a background of mount- 
ing domestic problems. 

High unemployment is allow- 
ing the authorities less room 
than they would like to reverse 
the trends 7n Holland's balance 
of payments, which this year has 
moved firmly into the red. 

As a resufr there have been 
a number of occasions when 
the prevailing downtrend in 
interest rates, in line with infla- 
tion levels and weak demand 
for capital market funds, has 
this year had to be suddenly 
sacrificed in order to allow the 
authorities to prop up the 
guilder. In the first four months 


of 19TS the average yield on 
Government bonds cased by 
around a quarter to 7 per cent. 
Since April Dutch yield graphs 
have begun to read like a fair- 
ground switchback. 

The Government’s capita! 
market funding programme this 
year provides a neat guide to 
yield patterns. Last year closed 
with an offering by the State of 
15-year bonds on a coupon of 
Si per cent. The tender price 
was struck at 100.30 and the 
offer pulled in a comfortable 
FI 350ni. Two further issues by 
the Government, in January and 
March, were even more ardently 
applied for despite coupons of 
7* per cunt in both cases while 
by the closing days oF April 
coupons on State loans were 
down to 63 per cent with 
maturities being pushed out to 
a full 20 years. 

But here the issuing atithori- 
ties came badly unstuck. Barely 
FI lu»m of stock was sold at 
a price of 99.5, and clearly the 
mounting turmoil in currency 
markets had made it impossible 
for tin* central bank to judge 
issuing terms with any finesse. 
In striking contrast, an offer 
of 10-year bonds at S per cent 
in August pulled in a record 


Amsterdam industrial index 


v r n 


4 ' 

. 

t .. 


1 J 


orn neap 


r*’ r t t 
v l. I 

•- r i 
I \f- 1*1*1 

. Aw;; » a . 




• $ 

* *knin 

yr , ; ?*■ 

■i ' r . * '• ;•/•> si ‘ 

• |1 Vf- .1 -- 



FI 700m. This was probably 
just as well given the Govern- 
ment's mounting funding 
requirement and the fact that 
one montli later an issue, with 
a coupon back down 7t per 
cent, could puli in just Fi 250m. 
The latest tender nffer from 
the Government is in 15-year 
bonds carrying a coupon at Si 
per cent. 

As a source of new capital, 
however, the market in public 
bonds is heavily overshadowed 
by the private placement mar- 
ket The public arena has been 
restricted largely to Stale and 
semi-State borrowers plus 
financial institutions like the 
banks which in recent months 
have been relatively active. 
ABN Amro and Mecs and Hope 
have between them raised 
around FI 350m since August. 
But the private market is 
where the bulk nf Dutch capital 
raising tends to be concen- 
trated. 

Backed by a secondary marker 
and visibly linked to central 
bank policy on interest rates, 
the public bond market is 
dearly the “ price leader.” Eut 
the attractions to Dutch bor- 
rowers of the private placement 
market are undeniable. The 
supply of funds is almost instant 
with the banks — which tend to 
act solely as intermediaries — 
quick to tap a ready pool of 
lenders in the shape of pension 
funds, insurance companies and 
the savings institutions. 

At the same time there are 
no initial costs of the type 
associated with public issues, 
and borrowers can take up loans 
for longer periods. Stock 
market money is largely limited 


to 10 years, but m the private 
placement market maturities 
range between 10 and 15 years 
with an occasional 25-year offer- 
ing if the borrower's pedigree 
is in the triple •W* bracket, ill 
this and no nc-ed to get in line 
at the central bank. 

Moreover, the other side of 
the coin is not especially un- 
favourable. Because of the sub- 
stantial collateral that lenders 
can oftea demand, the private 
placement marker is more or 
loss denied to the corporaLe 
sector. 

It is difficult to decide 
whether the absence of a 
secondary market is much of a 
factor — limiting or otherwise — 
in the day-to-day running of the 
private placement market. The 
modestly higher interest costs 
are clearly not. On average a 
private loan would cost around 
half a percentage point more 
than a similar loan in the public 
bond market, shading perhaps 
to three-eighths on a more 
direct comparison. 

Looking ahead, the con- 
straints on the funding pro- 
cesses are not going to case 
noticeably next year. The 
government's needs aside, 
demand is likely to remain weak 
along with the pattern of the 
economy, with the corporate 
sector once again a non-runner. 
At the same time inflation is 
likely to hold at low levels. But 
the pressures on the Dutch 
exchange rate — both internally 
from the balance of trade and 
externally through the need to 
maintain differentials against 
the D-Mark — are going to cause 
continued problems. 

Jeffrey Brown 



CG.vanHa,'dei?ld A.I'LKahre! A. J. Mak van Waay fi. van der Veen CIV. Scclhcui P. J. . v i. Sneekes 

The Wesselius Team 
of Amsterdam. 

Six specialized consultants, 
one united approach. 


You are looking fora team of 
investment experts who each 
specialize in their own field. Local 
bonds, Internationa ( bonds. Shares 
in both the Dutch and international 
markets. Fundamental analysis. 

The Wesselius T earn consists 
of six experts, each with a "fund"* 
of experience. Young, keen and 
objective. Accustomed to funda- 


mental thinking and advising, but 
always putting the client’s interest 
first Operating from Amsterdam, 
Holland's financial centre. 

In Holland we say practice is 
the best meeting place, so get to 
know the Wesselius Team bv using 
them and have six trustworthy 
personal advisors to stand united 
behind you. 



six experts - one approach 3 


H. Wesselius en Co. E.V_ Stockbrokers since 1911. 

Since! 540. 1 0 1 7 AZ AMSTERDAM. Tef.: 020-26 75 75. Telex; 1 1459. 




-• S •' -n 


major fertilizer 
producers in the 
heriands, uJc, 



igium and france 


;! 'V-. 


g [ U KF fertilizers for ail crops, 

soils, all over the world. 





l A ■ ■ V 

' Unie van Kunstmestfabrieken bv 

Maliebaan' 81 , Utrecht. Holland 


i l i v» 

i\ > 

L W 







CONTINUED FROM 
PREVIOUS PAGE _ 

concerned, is unknown and deal- 
ing expenses axe still fairly 
modest 

Too modest for some, in fact 
especially when combined the 
bouts of inactivity that the 
Amsterdam market can be 
prone to. The average commis- 
sion on share transactions 
amounts to about O.S per cent 
of the amount invested. At least 
one major bank proposes to 
prune back its equity invest- 
ment services on the grounds 
that it can no longer afford to 
carry the business as a loss 
leader. 

One of the more intriguing 
aspects.of the financial markets 
in Amsterdam has been the re- 
cent formation of a market in 
traded options on the U.S. pat- 
tern. Called the European Op- 
tions Exchange (EOE), this 
market came into operation in 
April with nine official listings, 
three Dutch shares, three UK 
and three American- Listings 
now total 24 with the possi- 
bility of further listings before 
the end of the year if discus- 
sions presently under way with 
the French authorities prove 
fruitful: - 


Opinions 


Opinions on the EOE are 
polarised. At best its reception 
can be described as mixed with 
daily contracts hovering around 
1.300 and therefore still some 
way short of the 6,000 or so 
needed to allow the exchange to 
cover its operational costs. But 
the new market has had some 
success- in building up tentative 
links with stock markets else- 
where in Europe and the U.S. 

The EOE was originally 
intended to be a joint venture 
between London and Amster- 
dam Stock Exchanges. But the 
plan for twin trading floors fell 
through and- the EOE was left 
to press bn alone. However, the 
EOE does have extensive lints 
with several UK stockbrokers, 
and the- management of the 
exchange are .clearly hopeful 
that the two centres will 
eventually settle their differ- 
ences and come to a purposeful 
trading arrangement. 

An agreement of this sort 
could go a long way towards 
solving the EOE's outstanding 
difficulty, namely the problem 
of persuading various national 
regulatory bodies to reduce 
their barriers to cross-frontier 
option trading. 

Jeffrey Brown 





The world’s secondbi 





Dutch tugboats tow shi[ 
across five worldoceans. 

Dutchmen are building 
harbours all over the world. 

D 



are used for local transport all over 

Hollandistoo smaUfor theDutch. 

Does it surprise you then that a Dutch 
bank, the ABN Bank, has branches 
in almost every financial 
and trade centre in the world? 


eworld. 


The Dutch are globe trotters. They 
have to be, if their small country is to mean 
anything in the world. They have been 
building, transporting and trading in 
foreign lands for centuries. 

So has the Algemene Bank Neder- 
land in 40 countries on the five continents. 
S upporting local as well as international 
banking needs. They know the right 
people, the languages, the markets, due to 
their 150 years of international business 
and banking experience. 

Everywhere the Algemene Bank 
Nederland can offer you the same service 
based on the support of their head office 


experts in Amsterdam and their strong 
financial position. ■' : . J/pfc'W?'; 

Apply for the brochure "The infer- * 

national network of the Algemene Bank -J.' 
Nederland". ' \$ 

ABN Bank, Dept C.B.K., 

Vrjzelslraat 32, P.O. Box 669, Amsterdam, ^ C ' 
TheNetherlands.Telexll417.Telegraphic s " 
address: Genbank. 

London . Chief Office, Gl.Threadneedle Street 
EC2P 2HH, P.O. Box 503, \ 

telephone (01) 62S 4272, telex 8S7366. 

Manchester. Pall Mall Court, 61. King Street, 

M2 4PD, telephone (061) 8329091, 
telex 668469. 


ABN Bank 



The ABN Bank has offices and affiliations in: The Netherlands, Ireland, Great Britain, Belgium, France, Federal Republic of Germany, Switzerland, Gibraltar. Italy, Greece, Turkey 
lliolaiUseBank' < 0ni), Lebanon, Saudi Arabia(AlbonkAlsaudi AJhollandi), United ArabEmirates, Bahrain, Iran* Mercantile Bank of Iran and Holland), Pakistan. India. Malaysia. Singapore* 
Indonesia, Hongkong, Japan. Morocco (Algemene Bank Marokko S.A.). Kenya, U.S A- Canada, Netherlands Antilles, Suriname. Venezuela, Peru, Panama, Australia, Mexico. 

Operating under the name Banco Holandes Unido m: Argentina, Uruguay, Paraguay, Brazil, Ecuador, Colombia. — 










20 


* ' 


financial Times 


Specialists in 

International Commodities Futures 
Raw Material Hedging Programmes 
For Corporations and 
The Professional Investor 

AGU International Commodity Services Ltd. 

Plantation House, Fenchurcft Street, London EC3M 3DX 
(01) 623 58U Telex 887684 

offers commercial account?, and the 
institutional investor a complete rang* 
of commodity futures service 

* Global communications network linked by high-speed 
open telex and telephone systems 

* Specialised services in hedges, straddles, arbitrages! 
investment opportunities and financial services. 

* Direct floor communications with ail commodity exchanges 
in New York. Chicago, London, and ocher key exchanges 
throughout the world 

* Comprehensive research, including chart and 
computerised analysis 

PRINCIPAL OFFICES 

London New York Chicago Geneva Hamburg Hong Keng Zurich 

Represented in Rotterdam by:—* A. REINSTEIN a SONS LTD. 

P.O. Box 29107. 45 Sucioniplein. Rotterdam. Tel: 145188 Telex; 21111 

A Leader in the 

fSnfflmRS Commodity World since 1 898 


THE NETHEELAMJS 


Steel 



Getting back in the bliSl 


HOOG OVENS, THE Dutch half 1972 and is headquartered in Budget, published last month, in the steel industry. Secondly trained white-collar worfe ers to Kaiser r and- with_ ^TtrthW 

of the Dutch-German steel Nijmegen, in the east of the says: "The prospects for this many finished products orders’ become production workers. al tnnfnium pt^Ucers 

combine Estel, appears to have country. sector will depend to an have been received finfe the Hoogovens, as a result of. Ghw- 

survived the recession in the The group which is the fourth important extent on the impact Third World. Chinahas ordered eminent regulations, has been ' Since then gm, am ma ro j&T 

European steel industry rela- largest steel company in Europe of the measures taken by the a number of concrete stefelbars prevented for the- past fohr .reiBdaKr ^t^tgj^d, WSF 


prevented 

operating well below capacity. Raw steelmaking' capacity at internal measures, such as the HoUand~vriU " be^visSnJS^inS workers in” Spain Tit now cm- 

but, unlike Hoesch, its German Ijmuiden. is put at around 7m control of costs, within the in. November for furtfc talks ninvs some L500 Spaniards)- in 

partner, Hoogovens returned to tonnes per annum. Current industry itself." on the expansion and moderni- view of the deteriorating 

hi an Ir fioirrAC ir» tho comnd ni-nrlv torinn « litfU nror _ _ _ T .. View M ^ It. --IT.- 


Itively unscathed. It is still employs 75.660 people. European Commission and the and rods. A delegation from years from recruiting mom ag n o uacom ent^ fann R<a» 

-in k. " /if nAu r AkmmM : 


black figures in the second production runs at a little over ^ ij muideni Hoogorens’s s«tian of the Chin* 'steel niovment situation. However, it- 
year. And 5 3m tons annually. Earlier SDOkesm M & Dbbld industry. »r» a Government sue- 


quarter of this 

S%S«SS BHH3&5 Jseutsjsv cS*s -- egg wg 

number of redundancies will be downturn., in world steel. A to ^e U.S. aids that guest workers, as a result 

minimal. 

Estel 's deputy-chairman Herr 
Heinz Solbach, who also runs 

Hoesch, confirmed in Dortmund me wuicu steei oruuucer xa ... ,, tt_„ . . . _.„ ta .. . - — — auiu...—— » — --- — . 

earlier this month that the heavily export - orientated. In w£f as soml popuIatio11 wbere **•*“’ 

•wr-e ss'a.-s s*& 1! 

•MBS «» "srss '££ .??S5KdE n. ** 

he «d4«L eLi's tai he’d Ueiivo iouL-^nd the high E"SL*“*E* Ta ^f cies '- “ fi P “!!?J2? 0rtera »eee ouiet at Hoogovens. Estel **2^ **Sm vHubert 

soared to FI 417m in 1977 from costs in the Netherlands have ^ F serioos j i eS s T ^ g ° resslve “ 

FI 69m in 1976. 


followed up a Government sag- were o&X -aimed- mon? \a$ 
sestion to tap the Dutch market stflidttiixr.y. 



if you wish to 

expand your business 

on the continent, our a Gee — service 
and international communication department 
will be a: your disposal as 

your branch-office in Amsterdam 

{City centre — fully equipped) 

For further details write to: 

ANS1NGH & DUBARRY 

Advertising — Marketing & Management Consultants 
170 Keizersgracht — 1015 CZ 
Amsterdam f Holland) 


affected Hbosore^'ccomDeti^ve UQen,p ^°3 rnient problems. mariwt this year. Howger. uuks wun 

Hoogovens. a modern steel edge in a number of major Other, less obvious reasons Fjjjf* 1 steelmaker is a nxiously and Chemical of the U.S. aimed 
plant based at Ijmuiden markets in and outside the for the gradual improvement . “ me „ 0 ‘ L i* il ' r “ t at a possible link-up with 

employs at least 90 per ceot of EEC. The companv sells to the also riren. On the raw SKaS f st3003 “ the L -S.;fiiat the aluminium interests. The talks JSSJ 

the Dutch steelworkers. The building, shipbuilding and car material purchasing side, “ay become tougher on had ended for the time being - 

only other steel company is industries: around a" third nf Hoogovens has had "a spot of ““Ports next year. ;x-. : • and had not reached a stage ^ . 

NKF, an electric steelmaker, sales is destined for the Iuck -” Its ability to postpone In Ijmuiden. the confpkhy has “where any conclusions can be 1 
part of the August Thyssen domestic market, a third goes some ore deliveries and miners’ gradually reduced ffe white drawn.” Holland Ahimiiimm, 

Hutte group. Estel constitutes to the EEC and the rest- to stopped the company collar Jobs by several-' .hundred the holding company for Esters 

the second Dutch-German Third World countries. ■ being ' flooded with masses of Natural wastage, cansT retire- aluminium interests (Estet also - 

merger after VWF and Fofcker In a brief section on the contracted ore supplies in ment and transfer to ofter com- has a 61.5 per cent stalto m 

joined forces in the aerospace Dutch steel sector, the XRnuidec which it conld not panies have reduced need Sidai, the Belgian al uminium iiaan ?“ September. l ; . c v..:. 

mdustr>-. Estel was created in Economics Ministri-'s 1979 process because of the recession for lay-offs. Hoogoven^has also companv) s^ld the talks with ' - MfAa pf 



Direkteur 
e buitenknd 


De Vv estl and/Utrecht Hypotheekbsmk is een dynamisch. 
sterk groeiend en w'mstgevend bedrijf, dat rich bezighoudt met 
hypotheekv'erstrekking en projektontwikkeiing; verzekeringen, 
leasing en beheer, exploitatie van onroerend goed en de uitgifte 
van on. pandbrieven en pandbriefbiljetten. 

. .. I ? oor haar suksesvolle ontwikkeling in de laatste tier, jaar 
is zij uitgegroeid tot et-n van de meest prominente financiele 
instellingen in Nederland. Het hoofdkantoor is gevestigd in 
Amsterdam. 

Teneinde de mogehjkheden voor toekomstige groei te 
verrfiimen, het rendementsniveau te handhaven en de risiko’s 
op wat iangere termijn te spreiden, is besloten tot verdere inter- 

nabonaiisafce. In dat kader zullen in de toekomst alle inter- 

nabonale aktiviteiten van de bank vanuit een nieuw op te zetten 
divisie buitenland worden ge'mitieerd, gekobrdineerd en ge- 
mtegreerd. 

i Voor deze nieu we divisie zoeken wij een direkteur, die 

direkt aan de voorzitter van de Raad van Bestuurgaat 
rapporteren. 

1 Onze gedachten gaan uit naar een ekonoom of Jurist van 

00-42 Jaar. die naast Nederlahds, goed Frans, Duits en Engels 
spreekt Hij heeft op dit moment waars chijnlijk een algemene 
of kommerciele management-funktie met Internationale ver- 
antwoordelijkheden in een middelgrote of grote bank of onder- • ■ 
neming. Een funktie, die naast kommerciele en op expansie ge- : 
nchte kapaciteiten, ook inricht in financiele strukturen vereist. 

Een man met ondememerseigenschappen, die in staat is 
binnen een grote orgamsatie te funktioneren op grond van zijn 
takt en zijn menselijkheid, maar ook dankzij zijn analytisch ver- 
siand, zijn doelgerichte aannat «« ^in ^cherpe beoordelings- 
vennogen. 

Jndien u meer over de funktie wilt weten, neem dan 
«mtakt op met de heer Mr. A J. Tempelvan Spencer Stuart 
Management Consultants in Amsterdam, adres: De Lairesse- 
straat 131-135. Telefoon: 020 - 73 13 19. Uiteraard wordt vol- 
Iedige diskretie gegarandeerd. 

K D uteb bank, opera tingbetw een capital and realestehy 

sized or Iarj?e com pany or in™Sk. hu uS “ sen*™* or markefiug management position with Internationa] responsibilities in a middle- 
The position requires enlrepreneurial talents and knowledge of financial structures. . 


Chemicals 


s |V--- 


Over- 




iw was 

survey 

ABN, 
that 
■esiment 
so juuch 
city, but 
existing 
achieve a 




v 


m . a 

Levensverzekeringen Pensioenen Hypotheken 

Equity & LdW Levensverzekeringen 
Korte yoorhout20,2511 CX den HAAG. TEL: The Hague 469262 

inch’s Inn Reids, London WC2A 3ES/TEL OT-242 6844 


Jvd* 


‘i 




FURTHER EVIDENCE of the Is that there .is -stillSraifflcient 
plight of the Dutch chemical growth potential ibTlfe "Nether- 
mdustiy emersed this month lands, especially forlfeh-value 
when DSM. the large State- products. “This is ififfike the 
owned Dutch chemicals group basic chemical sideJEhich is 
disclosed it r,ad enforced re- already too strongfr-repre- 
dundancies m Limburg Pro- s^ed here ” the tSandum 
vince. In all 2,000 jobs wil! be stated. 
lost in a nigh unemployment Mr. van Aardenne*/ ’ 
area, spread over the years tc ^ ^ a 

_ ‘ _ _ . of the chemical s 

In May, the group said it was the largest bank, jl 
unable to pay a dividend :o the par t of the current 
State, the first time this has programme was 
Happened since 194S. aimed a! 

Like the rest of the EEC rather at modern 

chemicals industry, the Dutch plants and partly 

picture has declined. Govern- shift in the producjhiix. ^The 
ment and industry officials now most important cha^eTo occur 
openly express concern at the in the chemical industrv-LLthe 
developments in an industry partial movemem Dam ' bulk 
wh lc h two years ago was being products to specialties " the 
desenbed as the “JccomoUve" survey said, it pointed ' 

Kt that there areTnow mime 
probIein bulk Product which are no 
i °J 1 ^ capac ‘t> ■ Tills is parti- longer maou|6cbired profitably 

rhi™-' V , appar ? Et . M toe bulk the reason jfcr this is the high 
chemicals sector, in which in- level nf wWh _ n _ e , u 

rinct-rr* ,-e “I~ , Jevei 01 ctwts, and to some also 

® tron - I - T the relatively expensive guilder 

ni^r s S n ae 

become increasingly sharp, ^np/vifllv pnce5 of 

Besides pointing at costs, indus- B?a,S£? nt P ^!“ CtS r », pI * y * Iess 
try leaders repeatedly warn of m S£v 8 hii 11,6 pn>duct * s 
the dire consequences of the mi£m- 1116 ma,n deter ’ 

buy-back deals with the Come- uridfHp 1 * osL^-i"? 6 tJme * 1116 
con countries and the increasing ?*? ^ be mannfac- 

inroads on the European market S2 = ‘ J^ k Products, which 
of cheap U.S. chemicals; in the SSdI? 8 here * * or 

longer term shipments of bulk fiS mp bank 5375 1112,1 
chemicals from the oil-produc- ™f rto1 P p f 0,: I imj:tie ! “ tW* 
ing nations should commence. l 00 * ® ood ’ espeda.ily 

Referring to local develop- SLnce . y 1 ® Government has 
meats, the Dutch .Economics further 

Ministry’s Bugdet, issued in ™ Maic J area, and in 

mid-September, noted gloomily: Zi ew ^ “ e ® xlstin g technical 
“The traditionally favourable 

factors for chemical industry m ® Netherlands, 

establishments in the Nether- cvf n R °S erdai ^: “^u^e 

lands— the central location, the 1CI » 

availability of good and cheap ^ SM ;. Baypn, 

transportation and labour peace wSSS 1 * 1, Lp ^ 0h ” 

-are gradually being- super- IS”® £g£Z * t 
seded by negative factors such Govemmpi? dl »S£ **** 

a s rising - energy costs, high • heen * er 7 

wages and land prices, stringem obS-^^^d 1 ” f ° rder *°. 

sse. je- ^ .r s-CSTig? 

~sssrssi sj,"»ss „? si 

be ouoea at takiog away the a^ocia^o wheo te said ^ 
bottlenecks and to stimulate, view of this dependence, the 
for example, the marketing of various problemTshall huk us 
new and more sophisticated more than the other conSSi 
chemical products. His view if the absence of SS!m 

measures - would lead to a 
revival of protectionism, then 
it will primarily be u 5 who will 
have to pay the piper and we’ll 
have to give up most of all in 
capacity, sales and employ- 
ment” The chemical sector 
currently accounts for about a 
sixth of Dutch exports: ' The 
Netherlands comprises 5 per 
rent of the total EEC popu- 
lation but 13 per cent of the 
European basic chemicals 
industry. 

Earlier this year, the VNCI 
suggested- to Brussels that the 
current time-consuming .anti- 
dumping procedures- in : the 
EEC be. speeded up. it also 
wanted a system of “normal 
values 1 ’ based oa the cost of 
the most efficient producer, if 
products were offered below 
these prices, the Commission' 
could act more quickly on a 
complaint. The association is 
also seeking a register of buy- 
back deals with the Oomecoa 
countries. To achieve a 
ordinated approach to over- 
rapacity, the VNCI said that 
the industry must first improve. 

Jts statistics. 

As far as chemical invest- 
ments are concerned, the latest 
npxres show that a revival took 
place in 1977. This was not 



attributed to improved 
prospects, but Tather as a resuit 
of project decisions taken in 
the 1973-74 peak years which 
have a long construction lag. It 
also involved investment in 
modernisation to counter firing 
costs. For 1978 and particularly 
1979, a sharp decline in . the 
level of investment is forecast 
by the Economics Ministry, . - 

Recent statistics show that 
investments in the chemical 
sector jumped 26.6 per cent in' 
1977 (to FI 2J32bn); mtiy ;in. 
Britain the increase was higher 
(plus 29.3 per cent). In terns 
of turnover, it came fifth in 



Burope with a sBghtly 
: share of satei'nf &.67 ;^r f ; 
(total turnaver JF120i7to)^ 

The 4ir r efining -a® 
also, been In the news,: 

The many refineries,'^ 
located around the Rq 
area: are known to be/ei 
..at. 60-79 per cent iof ; 

BP .-decided to 
Rotterdam ; 

months earlier this 'year,' :jSS 
company felt •; it ;Vw6tf4v£e 
cheaper to buy refiited;prwto*ty 
on the open njarker and wmNi 
use the period; to t^riyVcja 
maintenance work- ' • ; • '4; r ’ 

tak : 




rrSALONGTHVK 
SINCE THE SUEZ CANAL 




WAS OPENED... 


.-’.r ' 

4-. ..... - 4.- •. 


tut iiwcoiumucTroncrmeJrttoZMmaimornlhon. . / 
120 years ago by Fe rdinand de tesseps; the present- ' , ; - r 
Compagnie Finanipigre de Suez, our folchng corijpofTy, rairks -, ^ 

- among the kfrgest finondot groups ihAftywid. • 1 • ; f 


A DUTCH BANK WITH 
FRENCH - 
SHAREHOLDERS... 


. ; \C : 

'a"4' 

- ■ 




Banque de I Indochine et deSuez/ihe parent company. 


YOUR EXPERTS IN THE 
NETHERLANDS... 

for short ondmejium term' I ending 
.1 " - private placements - ' 

0,1 hansactions at the Amsterdam Stock Exchange 

rilin Pi t-J _ . 


and European Options Exchange-- 

foreign exchange - ; 

business deveiooment in the Midrib 


















Financial Times Monday October 3D 197S 


THE NETHERLANDS VII 


Multinational companies 


Royal Dutch/Shell tops the list 


CORPORATE GuIIivets 
"2 t Mia Lilliputians. 
• •id's in ultum initial coni- 
s. dcuiinaic the financial 

• in a muniry ul un[y 14m 
;‘v. Taking first pjare on 

• nc Magazines iatt-si list of 
tip 500 industrial groups 
•II* the U.S. is Rnyai Dutch/ 

thi: 60:40 Dtuch-Brilisli 
larnr. while Unilever, in 
■: the same two nations are 
. crs. ranks fourth. Lying at 
•.or five is Philips, possibly 
people’s idea of the truly 
t multinational, with its 
'iar range of electrical 
sold in 64 different 
-?ts across the world. 

•h one nf these companies 
household name. Less 
iar. perhaps, are groupings 
‘ \k7o. in the chemicals and 
si-ciur. nr Estel. the steel 

• fac.'nnv; ho Hi urn the 

• t of eonj hi nations wstn lead- 
t’est Cn'rmaii concerns. 3t;d 
have suffered heavily from 
iownturn in their icspcc- 

. mdti'iiries. 

t hnw ■ t«j y«»u define a 
i national’: The companies 
:«<t in like the term. 
:h they have reluctantly 


learned to live . with it Most 
prefer less emotive descriptions 
as transnational «r merely inter- 
naliuiial. For with their spread- 
ing business interests and rising 
sales has come increased and 
often painful exposure to 
sharply worded . political and 
economic censure, ni home and 
abroad in the highly developed 
and the still developing 
countries. 

Although some of the .pres- 
sures have eased, certainly in 
Holland itself as the Govern- 
ment has moved from , left to 
right, the big multinationals 
anil like to keep a low profile. 
They do not exactly stampede 
to be interviewed on their acti- 
vities as multinationals rather 
than on the more straightfor- 
ward aspects of finance, pro- 
ducts, or marketing. “ Some 
of their problems are of a loag- 
term nature." said a chief 
analyst at a leading Dutch 
financial institution. ** If they 
start speaking out loudly, then 
these will be treated as short 
term; once written about in the 
Press, the tone becomes emo- 
tional rather than rational.” 

At Philips, however, there 


has generally been a willing- 
ness io talk frankly about the 
situation facing the multina- 
tionals. Nearly three years ago, 
lor example, when the Govern- 
men! was distinctly unfavour- 
able inwards their activities, the 
company's then president Mr. 
Hendrik van Rlemsdijk, ex- 
pressed concern in an interview 
with Time Magazine about 
"concentrated, continuous and 
generalised attacks.” 

He divided those who sniped 
at the multinationals into two 
types — those with “ an incurable 
ideological hangup about free 
enterprise and the simply 
ignorant.. "For those who say 
we exploit the Third World, 
manipulate currencies, escape 
government control, and what 
have you," he asserted, " I don't 
a polo 4i bO for Philips. What I 
do apologise for is that perhaps 
we don t take enough trouble to 
explain what we are doing.” 

As a defence of multi- 
nationals and their role. Mr. van 
Ricmsdijk"s views could hardly 
have been more vigorously, 
slated. In a more receni 
apologia, another Philips execu- 
tive, Mr. R. C. Spmnsa Cattela 


of the management board, 
broadly accepted the need for 
voluntary guidelines or codes of 
conduct, such as those of the 
OECD, but made some signifi- 
cant qualifications. 

Not only should they contain 
riiles for all multi nationals, he 
said in a speech this summer, 
whether privately — or govern- 
ment-owned. they should also 
contain obligations for govern- 
ments. Nor should there be any 
discrimination in the treatment 
of trans-national corporations 
and their subsidiaries on one 
hand, and domestic companies 
on the other. 

The concern of companies 
like Philips about the spawning 
of regulatory codes was ex- 
pressed thus: “A situation may 
well emerge in which a com- 
pany in a certain country will 
have to take into account a £7N 
regional code, a UN worldwide 
code, a code on the transfer or 
technology, the ILO Tripartite 
Declaration and certain EEC 
rules, simply because the coun- 
try in which the company is 
operating happens to be a mem- 
ber of all those organisations.” 
In addition, lie went on. ” there 


may weir be obligations under 
bilateral treaties «j which 
there are. hundreds, quite ap3n 
frnm Lhe ohxious obligations 
under national laws ’’ 

The yardstick hy which 
multinational? in the Nether- 
lands and elsewhere would like 
In be measured, however, is 

chiefly . financial. .And in this 

area. Dutch companies have 
turned in very different per- 
formances indeed, though none 
of them has recently been able 
to produce a set or accounrs 
that would gladden the heart of 
a weary finance director. 

Three Dutch multinationals. 
Philips, Akzo and Unilever 
benefited from improved con- 
sumer demand during the 

second quarter, but the per- 

formance of their industrial in- 
terests still left a good deal to 
he desired. Unilever lifted its 
pre-tax profits by 13 per cent to 
HS6m in this period from the 
level in the first three months, 
which had seen a slippage of 11 
per cent Higher volume sales 
in Europe and improved mar- 
gins on ‘consumer goods played 
their part in the recovery, as 
did a rise in North American 


nr Aw 

FiUiji; 


The motor industry 

DAF’s five year plan 


profits. Its European industrial 
operations, though, were dis- 
appointing. 

At Philips, whose 1977 net 
profits advanced by 13 per cent 
to I'! 634m (S3 16m). greater 
spending in the home also 
added a timely stimulus after 
the slack initial quarter, 
prompting the company to lift 
it? sales growth forecast for the 
whole of this year above the 
original 7 per cent rate. Yet it, 
loo. has been suffering from 
sluggishness on the industrial 
side, while hoping for follow-up 
orders from its big Saudi 
Arabian telephone contract. 
Colour television sales were 
boosted by the World Cup. 
though the Argentinian hosts 
kept the soccer trophy well out 
of Holland’s reach. 

Akzo. whose accounts have 
been awash in red ink over the 
past few years, was able to Chow- 
an improvement in its consumer 
products during the second 
quarter, but these account for 
only a small proportion of total 
sales. For the full year, it is 
banking on a return to profits, 
with further upturn hoped Tor 
through 1979. After the second 
three months, it reported a net 
profit compared with losses a 
year ago; by rigorously cutting 
costs, it has managed to limit 
lhe heavy deficit from iis 
chemical fibre operations in 


Western Europe. 

Apart from the obvious fluctu- 
ations in the business climate 
with which the xmiltmaiionals 
have to contend, they are also 
subject to the vicissitudes of the 
currency markets. As the dollar 
has rolled downhill and the 
guilder has moved upwards, 
companies have had to make 
increasingly significant adjust- 
ments to their accounts. Last 
year. Philips had to charge 
FI308m to its profits and loss 
account for adverse exchange 
differences against only FI 194m 
the previous year. 


Striking 


The most striking example of 
how currency movements can 
distort the earnings picture, 
however, was provided this 
year by Shell, which fell victim 
in the first quarter to the stern 
demands of U.S. Federal 
Accounting Standard S. As a re- 
sult, the Royal Dutch /Shell 
group was able to report net 
profits of only £8m. a stagger- 
ing £4 10m below the level for 
the same period of Inst year. 

The prohlem arrive becausp 
Shell, which is quoted in New 
York, follows U.S. aivntinting 
principles. FAS S requires 
stocks and fixed assris to be 
translated into sterling at the 
exchange rates in effect when 


they were acquired. Monetary 
assets and liabilities, on the 
other hand, arc converted at the 
rale obtaining at the end of 
each quarter. Since sterling slid 
sharply in March, Shelf lost 
both ways. The gmu? com- 
mented ruefully that the use of 
FAS 8 while exchange rates 
were in a volatile stat? “ has 
been a major obstacle to under- 
standing the trends underlying 
the businesses of the Royal 
Dutch/Shell group of com- 
panies.” Despite catching up 
slightly in the second quarter, 
the -ver' 1 ! result for the first 
six months was down from 
£723 m to £396m. 

It Is : ■>'. only the companies 
who 'moan the impact of ex- 
change rate movements. Finan- 
cial analysis in Holland and 
elsewhere say they would wel- 
come sonic degree of standardi- 
sation in the treatment of cur- 
rency influences, so that each 
set of accounts would have a 
page of comprehensive data 
which could be compared with 
other companies. *■ There is too 
much tendency, in our view, to 
look at the boltom line,” said 
one analyst in Amsterdam. 
“Annual reports are not always 
clear and readable, even when 
the qualifications have been sot 
out.” The nun-ar:!ys! can only 
agree. 

Andrew Fisher 


LAND MAY not rank as a the company plans assembly 
r vehiclp maker but it does plants In Nigeria. Iran and pos- 
a surprisingly varied range s«>Iy Egypt to get around import 
..-umpanies producing and J t announced 

nhlms cars and trucks. The « b <* u » fs^mblms buses 

. .irmances of the two 3nd trucks in Ghana. 

•dies of the former van DAF expects to sell. 15.090 
me family ronerm. DAF vehicles next year, an Increase 
ks and Volvo Car. have °f 2,000 on 1977. This is still 
red markedly. While DAF well within present capacity of 
annminmJ a fivc-vear ex- 18,990 units, while there i? also 
.inn plan designed H. lake room m increase diesel engine 
. m new markets. Volvo Car production beyond the corn- 
had to call on Government P an >' s own needs. The profit 
to keep afloat. At Ford and "utlook for the year is not so; 
•-Scania, assembly opera- rosy though. A strike which; 
^ have continued to expand. sbul down the Belgian factory, 
nwhile. the list of importers Producing drivers' cabins and 
' mats to grow, with the slowed t ie work rate m 

.st eniry another Japanese Holland while teething troubles. 

■ mfacturer Daihatsu. After accompanied the introduction of 

felly forecasting that car "cw production contror ipchm- 
•? in Holland this year would c l ues - chairman. Mr. Pifet 
* • I .“Vw little change on the figure ^ an Doonie, told listeners at The 
‘ • 2 * LUi nearly 552.900 in 1977. the Birmingham . Motor Show 
. « „ ~ ,. a ,,r Industry Association is earlier this month that the 

Twi-v ’ saying a new record or financial jmteome will be well 
' ; ^ -- k- 1 . •* out) could be reached. below 197<. 


.• Vii S L/ T* •’ ^ irSl oniy cnm ’ Dutch-owned company with 42 

\ • wbK7 V remains per cent of its shares held by 


Although predominantly 


Iniingly in Dutch h^ds. ^ van £)„ 0 me family and 25 
Trucks has been rethink- ^ cenl the Slate, DAF is 
ts role in the world market. ft j su owned by the U.S. 

an industry where sire y roU p international Harvester 


*st invariably means (IH) _ Mr. Piet van Doorne has 

- tsth, a small vo ^" , £ made clear that this is purely a 
mlist concern such as DAF fl nanC j a ] holding and that the 

- ■— * cl « arl * we >* h every dcci- ori{ , ina j p i aos for a more f aT - 
wirh extra care. The five- rfc . a{; hing co-operation have not 
corporate plan announced DAF cannor 

r* J ? 'v.‘ cr tb ! s >' ear provides for com p e j e profitably in the U.S., 

: ; v'! » " 1 eviration on the areas while IH’s trucks have not been 
” ^ the company is most sue- successful in Europe. The two 

' fnl a °d expansion into com p an ies’ approach differs too 
*kets outside Europe. much for effective co-operation. 

y» . * ^urtroting the first of these Volvo Car has proved the less 

^ M \ y • ,w ‘ , ciples, DAF is cutting back successful half of the original 
loss-making production of DAF family concern. Mounting 

- ers and concentrating on losses prompted the Govern- 

■ successful heavy vehicles meat to raise Its stajte in the 

■ fities. As part of the second, company to 45 from 25 per cent 


at (he start of the year, while 
the Swedish Volvo group re- 
duced its holding correspond- 
ingly. The Government has put 
up nearly FJ 200m in various 
forms uf aid while Volvo pro- 
mised a further FI 100m. Prob- 
lems with the first new model 
to be marketed under Swedish 
control almost put an end tn 
Volvn’-, chance in Holland before 
it bad oven started. 

;\‘Thc 1.4 litre 343 model, with 
automatic transmission, proved 
overpriced and in the view of 
many was underpowered. The 
late delivery of components 
meant the first cars came off the 
production line unfinished. 
Volvo Car forecast in January 
that losses would continue for 
another three years. The ex- 
pectations -were gloomy enough, 
but when Volvo Car reported a 
1977 loss\FJ 6m worse than the 
FI 129m ion which the rescue 
package wig based, it was clear 
the pessimism had not been 
exaggerated.-, Vu! vo Gar’s figures 
will in future be consolidated 
with those of the parent com- 
pany so it will not be possible 
to follow developments as 
closely. 

The information available for 
1977 showed that -only 54,500 
cars were produced, 20,000 
fewer than planned. The 343 
programme has been extended 
though, and a manual version is 
now available. Prires have also 
been .held down while. those of 
competitors’ models have risen. 
Volvo’s chairman, Mr. Pehr 
GyJlenhammar, said earlier this 
month that the Dutch company 
expects to sell 70,000 cars this 
year, compared with 63.000 in 
1977. , 

Some, politicians and the 
trades unions are suspicious of 
the effect that Volvo’s deal with 


Norway could have on the 
Dutch company. The aid pack- 
age contains guarantees from 
Volvo that it will not develop, 
outside Holland, a model which 
might compete with the 343. 
But until the full implication 1 * 
of the sale of 40 per cent of 
Volvo's equity to Norway are 
known. suspicions remain. 
Many people still question why 
Holland did mu acquire a 
direct equity stake in Volvo m 
return for its support, as Nor- 
way has done. 

While the activities nf DAF 
and Volvo regularly hit the 
headlines. Ford’s assemhJy 
plant in Amsterdam is almost 
conspicuous by its absence 
from rite glare of publicity. Ford 
has transferred work on its 
successful Taunus model else- 
where in Europe and begun 
assembly of its Transit range 
of trucks. Its range of heavy 
Transcontinental trucks con- 
tinues to be assembled in 
Amsterdam. 

The Amsterdam plant turned 
out nearly 16.700 vehicles last 
year, a rise of 17 per cent on 
the year bpfore. This was solely 
due to increased production of 
the Taunus though; demand for 
the Trans-continental remained 
low into the first half of 1978. 

A fourth company with 
assembly facilities in Holland is 
the Swedish Saab-Scania group. 
Its truck assembly plant at 
Meppel and Zwolle in the 
eastern Netherlands expect to 
increase outpnt this year by 500 
vehicles to around 4.500. 

The buoyant car market in the 
first half of this year supports 
the forecasts, of i record level 
of demand In the year as 
Whole. Sales rose 5.5 per cent 
to 339.000 in the first six months 


of the year. General Motors 
(GM) continued to top the list, 
selling more than 51.000 C3rs 
and raising its share of the 
market to 15.1 from 14.2 per 
cenL The Opel Kadett mode! 
produced by GM's West German 
subsidiary Opel was the single 
most popular car sold in 
Holland. Ford and Volkswagen 
came second and third in 
market share*. 

The six Japanese firms active 
in Holland — Mazda. Honda. 
Datsun. Toyota. Subaru, and 
Mitsubishi — sold nearly 64,909 
cars, an increase of 4 900 on 
the first hair of 1977. and 
together they took 18.8 per 
cent of the market. They have 
been joined this year by 
Daihatsu, which expects to take 
l per cent of the market, or 
6,000 cars, within two to three 
years. 

Volvo sold 12.000 cars in 
Holland but saw its market 
share cut from 3.7 to 3.5 per 
cent. BL's share or the market 
has fallen to 3.7 from 4.1 . per 
cent bur the company says this 
is due to a switch to more 
expensive models, such as 
Rovers and Jaguars, which can 
now be delivered from stock. 

Holland's home-grown vehicle 
makers have been content with 
a much smaller share of their 
domestic market thaD would be 
acceptable to thfe car industries 
of, say. Germany or Britain. 
While the motor industry is 
optimistic about demand at 
home, the four companies pro- 
ducing or assembling in Holland 
depend on much wider markets. 
The uncertainties of these 
markets make for rapid change. 
The Dutch motor Industry - in 
five years’ time could look very- 
different from today’s set-up. 

Charles Batchelor 


If you are t hin k in g 

of setting up business on the continent, why not look 
at the excellent facilities offered by the Netherlands. 

Consider the following: 

• the ideal geographic position 

• the good labour market 

• the stable industrial relations 

• and, last but not least, the attractive fiscal climate 
with premiums ranging from 1 5 to 48 % of 

total property investment 




f. 


For international investments, too - either in the 
Netherlands or in Belgium, Germany, France and the 
U.S. A. - our experts can give you highly capable advice. 

E ■■■ ■ ■■ ■ ■■■ — ■ 

/N Zadelhoff Makelaars 

Wa 1 property agents, valuers and investment specialists 

Jf dijsselhofplantsoen 1 0-1 2 - amsterdam - tel. 020-766464 - 
w telex 151 40 

offices in arnhem, deventer, eindhoven, den haag, hengelo, rotterdam, utrecht. 


_ . f. . 

V .■ t ' , la 1 f 

a ' 

’* | ' , . 1 

: r 


7 



ec 



ii 











jmg. 

t|pg|g ? ; 


urns. 








Thafs what more and more business- 
man are saying. 

Because Holland is the ideal partner 
for any international company. 

— - Excellent road, rail and air links 
- — Professional people 

— Liberal customs laws 

— Own bonded warehousing 
— - Generous financial incentives 

— And everybody speaks English. 
"Whether you are considering sending 

one man to the Continent or planning an 


international sales and marketing 
organisation or distribution centre, talk 
to the Dutch. 

When it comes to international 
trading we speak your language. 

Contact Mr. Harry van Ulzen, Industrial 
Commissioner of the Netherlands for 
W-Europe, Ministry of Economic Affairs, 
Bezuidenhoutseweg 30, 

The Hague. 

The Netherlands. Tel 070-81 40 11 1 




■*- v 


; -V 





r«»-n 



to bee 



In June‘297'1 s Philips PRX computerized telephone exchange utilizing Stored-Program-Control. SPC, 
was inaugurated in the Amsterdam district of Wormerveer. Serving 6144 subscribers, it 
marked the beginning of an ambitious telephone modernization programme in which 
Holland's entire public telephone network would gradually be converted from electro- 
mechanical to computer control. 


The pace with which this programme has proceeded during the past four years can be measured 
by the fact that in December - as planned - the 157th PRX exchange will be integrated 
into the national telephone network: increasing the number of SPC-connected 
subscribers to 830,000: which is 20% of Holland’s present telephone population and the 
world's most concentrated network of SPC lines. And during 1979 a further 380,000 lines 
will be connected via PRX exchanges; eleven of which will be multi-control installations. 


Among the many advantages of SPC telephony is its ability to provide each subscriber with direct 
access to a variety of convenient computer-stored services such as: automatic wake-up. call 
transfer, call costing, abbreviated dialling and many others. The Dutch Telephone Authority is 
presently conducting a subscriber survey in two representative telephone districts to 
determine user-acceptance of a number of these services. 


When the modernization programme is completed in about the year 2000, Holland's SPC telephone 
network, having kept pace with the present, will be ready for the demands of the future. 

For in addition to providing all the benefits of stored-program-control, the Philips PRX 
exchanges used throughout the network can simply and economically be converted to digital 
performance as and when required. 


Telephone Administrations the world over, faced with the need to modernize and extend their public 
telephone service, should look at the rate of Holland’s progress to date. They’ll find 
880,000 reasons to go SPC... via Philips PRX exchanges. 



Philips 

"telecommunications 



PHILIPS 


IN THE WORLD’S 
LARGEST PORT 

Sea-Land is working 

DAYAND NIGHT 


Sea-Land's Rotterdam terminal 
is the hub of the European net- 
work. Containerships arrive with 
products from over 50 countries 
around the worid and are loaded 
again in less than 24 hours. 


Three deepsea vessels a week 
connect northern Europe with 
the CIS-East-, West- and Gulf 
Coast, Canada, Central America, 
the Caribbean, the Middle East, 
India and the Far East 




Eleven relay vessels a week 
ensure not only fast distribution 
of deepsea cargo throughout 
Northern Europe but also provide 
an efficient and fast Short-Sea- 
Service calling in the Grated 
Kingdom. Scandinavia, France, 
Germany. Spain and Portugal. 

A combination of deepsea 
and relay vessels connect 
Northern Europe and Spain, 
Southern France, Italy and 
Greece on a weekly basis. 


Financial Times Monday October 30 1978 


THE NETHERLANDS VHI 


Shipbuilding 


The art of survival 



Government the industry is ted loans, 
drastically pruning away the 


weakest of its operations: ar F\g|Tjp|p 


will make Dutch 

sufficiently modem, aggressive lu only supply sections to -There are no direct signs that 

and innovative to prosper r Verolme. The group’s P. Smit nrice war is coming to an 

during the 1980s. By the tune RSV s extensive Jr . operation will move away immente “ The 

Clearly, the surgery required P r ?JTf x ! , 1 ^* , h ^ from shipbuilding into repair- Lneral crisis is as bad as ever, 

is complicated and painful. Out- f^sn completed, less than half j n g mechanical "engineer- •» 

righl nationalisation was never «f . t, acurmes will be in ship- an ” “W be « e “ * orse - 

seriously considered, certainly huildins compared with around yj e manpower reduc- 

not by the industry itself, or two-thirds a few years ago. High tions W iij take place through PoiTHlininO 
by the present Centre-Right technology and high added natural wastage. leaving this 

Government and its Left-wing value products will form the sector of the shipbuilding in- The two remaining groups m- 

oredecef*nr. Officials in The main area * of dustry a labour fore? of eluded in the plan cover small 

Hague believe they can have a explain? Mr. AHerd Stikker. some 4 , 00 a by the middle of yards in both the west of Hol- 
large enough influence on the president of *rre management Dest year compared with over land alon" the laree rivers and 
companies involved through board with mantime construe- g.ooo at the start of 1976. In j., the north. A reduction in 
sizeable indirect stakes, special turn slimmed down to a profit- t h e second category of mainly the workforce of about two- 
loans. and investment able minimum and with con- medium - sized • (by Dutch fifths is foreseen for the first 
subsidies. The stage has not tinued e ^ 3S ‘ s " n J^s- standards) yards, the restruc- and one 0 f about 20 per cent in 
vet been reached. they acts* a sector which ts still turing plan is still not yet the other 
say. where last ditch negotia- ready. Van der Ciessen-de The Government made com- 

tions are needed to keep alive “ RSV s problem, notes Mr. Noord vn 11 reeeive special aid mitments of some FL400ra in 

a vital strategic minimum of Stikker. “ is that it has the and a F160m loan from the „ enera j investment, ship flnafic- 

manufacturing capabiUty. largest yards, and this is where Government, which Is taking a f na anf * loss-sharm** aid to ship- 

Altogether, the cost to the the problems are largest too.” In 22 per cent stake, while RSV builders last vear a figure which 
Government will be around its revamped form It will acquires a 23 per cent interest. ^ in 1978 

Fllbn (S498m). with Rijn- operate only one large yard and An overall labour cut of 20 per anA ^dually diminish in the 
Schelde-Verolme (RSV). the one small one. while its land- cent is planned in this sector. ^uole of Sar^ This is 

nation’s major shipbuilder, re- based industrial activities will a similar reduction is likely apart from tee extensive sup- 


ceiving the lion’s share. RSV carry it increasingly into the for dredging equipment, where it is 2 lv : n« to individual 
inbordi- field of large power, oil and gas. the IHC interests will be 10 mdlvtdjaI 


was granted a FI! 50m subo: u - - — — ~ . me »»»« imcicaia w&u uc 

nated loan by the Government and chemical processing activi- .augmented by those of the Vmf<5tnrk is nnr a shin- 
last year to tone up its balance ties, as well as plant erection smaller Van Rees company. h llrt hllt di«™j irtmties 
sheet, and is now getting and worldwide machine servic- Here the State is taking a share i iL 

another FI430m in various ing. of slightly less than half, as is SL'SS £ SShST JHT 

forms. Nearly F168m of State “ This will give us continuity IHC with the remaining 8 per enecTS uiai mQUSir * s CTl ^‘ 


furuis. 1-iKdriy r loom us oilier mis "in us CDBuuuiLj wuuuuiug o per nmpmmpnt tn 

money will be injected into a instead of jerkiness ” he says, cent to be held neutrally. IHC £ pn \ T-ilfThare 

new- dredging equipment group, citing the group s Algerian busi- is losing money on its dredging VmFSnJfc inwnaur 

centred on IHC Holland, with ness a s evidence of the direc- business, but more than makes whTchthere wilTbe noStitfe 


a further FlloOm due in sub- tion in which it plans to go. up for it elsewhere. 


sidles and loans. Vmf-Stork. Within the space of one week in Confusingly, the new group 

the largest engineering concern October. RSV announced a will carry the name of IHC Hoi- ™ d h **?" 

in the Netherlands, is getting F1276m order to provide a land: the present company of n 

— ua! ,< j .ui __ . : ..j of its other interests, it con- 


The total operation is 
controlled by Sea-Land personnel 
ensuring smooth and efficient 
handling of all cargo. 


r 'y ■ 


— a«v 



See- fauut Service Inc. 

Rotterdam. UsU 010-168000. leiex 28706 


Furness - Amsterdam, tel. 020-841905. 
telex 11606 


European and IVddlt East Service 
Network - Rotterdam. teL 010-110430, 
telex 25005 


Ttsmattantic 

Furness - Rotterdam, teL 010-142244. 
tdex244&5 


E u rop ea n and Middle Fast Service 
Prelght SaJes International Li4- 
Bhrn Ingham, id. 021-74?4331. telex 337014 
Felixstowe. teL 03942-70227. telex 96408 
Glasgow; tef. 041-5527659. telex 779332 
Preston, teL 0772-723265, telex 67230 


Transatlantic Services 
Sea- Land Container ships Ltd. 

Birmingham. teL Q2 1 -643-0464. telex 337707 
Felixstowe. leL 03942-77161 . telex 98539 
Glasgow, id 041-226-3041. telex 778374 
, rangemouth. leL 03244-7323 1. telex 77S362 
LwpooL tel 051-9287151. tdex 627486 
London. teL 01-242-168!. telex 24600 
Stoke-on-Trent, td. 0782-86244. telex 627485 


F1235m to help pull round the complete pas turbine electrical that name is being rechristened 
company 


ailing diesel 


now power station for the Sonelsaz me Holdings. The latter- will 


tinues to lose money at its Bron c - 


deconsolidated. and to restruc- State corporation, and three own 40 per tent of Swiss-based 

ture some of its other opera- others from Sonatrach totalling IHC Inc:, which takes in the in rht 

tions. FI 114m. as well as the opening profitable foreign operations, TSJSawS! 

Of these three major Dutch of an office in Algeria. i .Ji the rest owned by IHC JJJ52 Sri 

companies. RSV in the only one All this is far removed from Inter, formed earlier this year. uptSpIi 

in which the Government is shipbuilding, but Mr. Stikker One of the men who played a 

taking a direct stake. The ship- maintains that RSV was striving key role in helping to draw up ft win 

building activities of the for a better product mix even the overall plan, Mr. Henk SSJETSSS’ 
Rotterdam-based company could before the crisis in the maritime Bosma, of the Economics 5J 

hardly be hived off from the sector began to bite. And the Ministry, puts much faith in the SBWnere ’ Vmi * 

otorK is in prone. 

- • Without trade union co- 

operation both Government and 


Shipping 


Bleak prospects 


for improvement 


industry would have found it 
impossible to push through their 
drastic programmes. The exist- 
ence of a relatively simple 
union structure has certainly 
made it easier to bring all 
parties to the same table. Even 
so. says Mr. Stikker of RSV, 
“there have been great ten- 
sions but we have always been 
able, to find ways and means of 
overcoming them.” Gratefully 
he comments: “We have kept 
peace So for.” 

Andrew Fisher 


DUTCH SHIPOWNERS are shipping companies. With its ago have been sorted out, opera- 
sitting out the prolonged and varied activities in transport- tors have been ■crowding in to 
painful world crisis in their ation, storage, offshore and in- pick up as much business as 

industry with all the phleg- d us trial service business. It they can. Lying between these 

matic resolve they can muster, ranks as one of the largest two ends of the scale, he notes. 

Exactly when the bleak years operations of its type in the is “ a mixed bag ” of routes 

are likely to be succeeded by world. Because of this spread, where the group is able to hold 
renewed prosperity no one and bolstered also by its rela- its own. 

cares to predict. It will cer- tive financial stability, it has But what of the smaller. Dutch 
tainly not be until well into the managed to survive with rather shipping companies-? . Without 
□ext decade even on the most fewer scars than some of its the diversified spread and highly 
hopeful assessment One Greek rivals. * modern fleet that Nedlloyd has 

shipowner, tongue firmly m Even so, profits have suffered built qp. through its heavy in- 
ch eek, is said by a civil servant sharply under the weight of the vestment programme of the past 
in The Hague to have suggested crisis. Last year they tumbled few years, they appear. less well 
1988 to him as the year of by nearly two-thirds at the placed to weather .the chills of 
recovery, M because it is a nice operating level, Uiough a boost recession. At KNS3S, whose 
number.” in associates’ income and a tax interests cover transatlantic and 

Symmetry of numbers, how- credit made for a rather more European trades, heavy trans- 
fer. is not what concents respectable net showing. Tbe port and air transport, the 
Dutch shipping executives at first six months of 1978 were a current year got off- to a poor 
the moment. Slack inter- dismal period, producing a trad-' start after the slump in profits 
national Trading conditions, ing loss, a steep fall in earnrags, during 1977.. In Europe KNSM 
high labour costs and the acid the likelihood of a lower expects its losses oa sirart liner 
financial distortions caused by diyidend. trades to go dawn. -considerably, 

weak dollar and a firm The second half is proving with . an. improved -result from 
guilder have all added to the rather less harrowing for the air " transport. But" the trdns- 
problems stemming from the group. Keeping his hopes at a atlantic outlook remains over- 
severe recession on tbe tanker circumspect distance, however, cast anff heavy transport is also 
and bulk carrier markets. As a Mr. Postuma say s of the upturn, likely to he depressed. ." 
result their companies' re- in Nedlloyd’s shipping activi- Holland Anurika Liiri (HAL), 
sources are strained to the ties that “ if this is a trend, then which . sold its freight transport 
utmost it's a minuscule one." Liners division to the Swedish BrostrGm 

■■ It is." says a remarkably make up between 56 and 60 per concern; has chosen to retrench 
unharassed looking Mr. Eelco cent of Nedlloyd’s turnover, and- during the crisis and decamp to 
Postuma. managing director «v r the company is doing 'its best to. more favourable business and 
.\edlloyd Lines, "a fairly average out the varying results financial'clLmes. The company, 
loo my picture.” He sees little from Its different routes. On the whose .only- shipping. Interests 
chance of any marked improve- Australia and New Zealand now lie in the cruise sector* is 
ment in Ihe next two years at runs, for example, it is faring mating losses, hut ia hoping that 
least: the extra shipping reasonably well. The same goes - CONTINUED ON 

capacity ordered to cope with for its joint -venture in the Far next page 

the boom that followed the oil East, although national lines in 



Count your luckyslars- 
yeu’ve found a 5-star Motel 
right In the centre of 
charming old Amsterdam. 
The Amsterdam Marriott, 

_ In all 400 roams, 
individual air-conditioning, 
minibar and colour-TV 
(with free in-room movies!) 

24-hour room service, 
plus two popular restau- _ 

rants and a lively lounge. ” 
Ultimate in comfort and 
convenience. You’ll thank 
your lucky stars you 
found us. 


^Amsterdam 

Harriott 


Stadhouderskade 21 , 
Amsterdam, Holland 

Phone: 020-8351 5 >, 
Telex 15087. 
London Sales Office 
01-4938592. 

Or call your local 

Supranational office. 


crisis will take care of that, the region are causing more 
although some operators have pressure. 

fallen by the wayside. ** I can'r Id the Middle East, though, 
be ail that optimistic about an Nedlloyd is finding the going a 
early return to normal cuudi- good deal more Lough. “It’s a 
tions." trade where every shipowner 

The Nediloyd group, of which has sought refuge." laments Mr. 
Nedlloyd Lines forms a major Postuma. Now that the serious 
part, is the biggest of the Dutch port congestions of two years 





build here 

Tele p hones 01-422 3488 




^ \ 




i! 


HOLLAND’S SHIPBUILDERS mam group— which is what is helping hand being extended by prospects of the dredging Croup, 
are on a 
of survival. 

their rivals . . __ . 

weather the slump and emerge its shares for F180m ar par. It has confidence in’ us. This is a situation becomes only a little 

lean and fit enough at the end is also providing special positive element in our inter- better, then the Japanese will 

10 profit from the upturn, interest-free sunoorL investment national marketing approach.'* look for other markets than 

Partnered by an obliging grants and further subordina- The master plan drawn up in dredging. £ am quite convinced 

I.J.irin- j, ■ ,, ■ . - .1. •>. ,k..- Tmonam Tnl; 1 r»" 


The Hague under which the re- that the Japanese are taking 
shaping of RSV and other com- heavy losses on every ae^i. they 
parries is taking place divides »* . not have the experience in 
the same time solid financial 4 j,i«iupn. t j, e shipbuilding industry into this field." 

Pmps are being provided for rsv*s own sorrv earnings five main sectors. Heading these IHC has not been alone 
those activities where the performance of the past two is the large shipyard end off- among Dutch or other ship- 
chances of eventual recovery years 5 j ves ample Illustration of shore category, which includes builders in having tn take on 
ar ^ eIt t0 be sl C >0fiest - the problems facing the indns- * he big RSV yards and the yard unprofitable business in order 

The net result will be a ship- ^ It moved heavily into the of IHC Gusto which is being f- maintain activity. Tbe 
building sector more or less cut ^ in l976 stayed j n the follow- closed down. RSVs Verolme dredging equipment sector has 
in half. This is a good deal f r and was st ;j] suffer _ Dock and. Shipbuilding Com- suffered as yards have treated 
more than the 30 per cent or ln „ dunn* the first 32 weeks P an ^ (VDSIH) will occupy itself it as a haven from tbe ills of 
so reduction envisaged last year of ° 197g when its ' Josses ^ with major shipbuilding and the tanker and general cargo 
before the full ferocious impact . mOs TO per cent The offshore Projects, at a reduced markets. On some specialised 
of the industry s depression had mmr)anv now inchini , hs capacity, with further invest- equipment deals IHC has been 
become apparenL Yet the hope s|owlv back to profitability ^ ment plans stUl to be decided, f orce d to accept orders at 25 to 
is that the twin process of he s j, }pbuj |f !mg ]osses diminish ’ whi,€ Rotterdam Dockyard 30 per cent below normal levels. 
eMminarn-n and rejuvenadojn r ? duC€d capacity and its ? or ?J Mny fRD , M > ^ !l st «P says Mr. Led van Oosterom, who 
mske Dutch industrial activities continue to hu , ,ldiag ^V plete ***>» and sits on the management Board. 


i Ei 

' f-v 

. r-, 


• . 

"t«- 

rw 

i’.-tO 


W-- 




ral 

;• in. 

:axt 

fnu. 

am 

Sc 




1 
- f 

-i 3 


-. v-V - 


•V.f;":: 


' ;4 


?l h j 

l^. » y 


2 |i 


5 
t 




• • * 

( ■- J 

i’- .-. ^ 

i 













Financial Times Mondav October 30 1978 




23 


s']' 


THE NETHERLANDS IX 




a 

9 

fe 





The ports 


ress 





POr.T r-f Amsterdam has 
•- -.ary years woj :n me 
oi it* nr-rai rival. 

• : .‘din*. Tonnage nay idUen 
V s!:;:hny at R:«uprdam 

iy 1 1 1 1 ; ui*.h 2K»r*n. tonnes 

• "-iri nan:Mi.'d :n ID77 it is 

;hi* largest pun ::i » hi* 
and ir rivvnn - Am Herd am 
hr.nd’.cn 17m tonnes. 
Tda'r.sniTH r..v.:!t» l*.- tur- 
a wry P«* ihi.*n. wli**n 
ui'.-Ji C’i-v«?rR0K*n! ducUK-d 
-l Mtv a natural pa*, 
jal ai fc‘.i-in?fcavtn in the 
east its tile country and not 
'terdain. 

- •in” Jnns ihai the 

• n.i! w.-.uln ”*i vvhor.- the nil 
r* •> arp v rouped ',.*n;ia the 

Maa-. Ri.tivniam realised 
.'■le that EviiiCnawn wa.> a 
!■=: rival. Nut that 

1 -rtf am’*: pri-tlem-.- have 
•'nefl in the past year. hs 
i‘iii.« for an outer 

nr J.nciuifien have been 
. -icd a tidy' i-ven the mnrh 
o<i proposal a still a Jong 
rea!:<pt,.,n. Tonnage 
, lues :e tieelinv although a 
si t i=. the approarhmg 
!c»jnri nt »!:■' widening of 
m:ier<lam-P.hirte Canal, its 
i •>!}!/.-} ;i, ir-naany 

:erdam ha.- become the 
••i r.f M*. I land's pu-i-war 
miv ree.iv.-ry Omtmulne 
’uteh ir.erehi.nt l ra<1 it inn n 
: the country at in most 
l runts and efficient, adapt- 
' .< the seeds of world trade. 


But 20 years after work began on 
one of the most ambitious' pom- 
war projects, the petro-chemical 
complex, Kurupotin, Rotterdam 
is starting to ■*how its age. 
Tnnnaqe is still depressed by 
the aftermath of the -1973 oil 
lt; .*•:», while the complex pro- 
cedures fur iieonsing •' new 
industries have del erred poten- 
tial newninuTs 

Tin; 2KUm tonnes of cargo 
which pas-;,.-d Through Rotterdam 
last year meant the Dutch port 
was twice the size of its nearest 
rival. Kobe in Japan. But this 
car^rn figure was Bin (unties less 
than in lilTfi and 29m tonnes 
below the record year 197L«. Its 
share m cargo handled by the 
seven largest European ports— 
ffamhurc. Bremen, Antwerp, Le 
Havre, ilarsejlles and Genoa — 
fell in 42.9 per cent in 1877 from 
43.6 per cent m 1875. The per- 
centage decline small but the 
trends are followed closely in 
the highly competitive harbour 
world. Growth is expected to 
resume— hut at a slower rate — 
and the forecast is for cargo 
volume to pass the 300m-tonne 
level aeain amnnd 1980 and to 
n*:n-h 500m tonnes by 1990. 

Mineral oi! shipments -account 
for R3 per cent of the total— 
I76.m tonnes in 1977. This busi- 
ness was inns: directly affectetl 
hy the nil crisis bur limits to 
the sire of tankers which can 
he handled at Rotterdam are 
aNu hampering growth. The 
port authorities are pressing 


for the approach channel to the 
harbour to he deepened so that 
it ran take 320.000 tonne 
tankers drawing lip l« 72 fL The 
work has been delayed hy a 
disnyreemeni with central 
government about who should 
pay. At present the state mens 

two-thirds of The ensr of infra- 
structure work and Rotterdam 
pay.- i he rest. The port wants 
the state to meet the MI cost 
uf improvements thus bringing 
Holland into lino with many 
neichbnuring countries. 

Under pressure from the 
environmentalist lobby in many 
of the small communities along- 
side the "New Waterway” 
which joins Rotterdam to the 
Sen. pollution controls have 
become Tougher in recent years. 
The difficulties of meeting the 
rt?ij a i rowen ts of the difFrrenl 
levels of provincial and lncal 
Governments dually persuaded 
a IW*,: German srcol consortium. 
Kruwal. to drop plans for an 
iron-on* pelletisation plant in 
197B. The loss of the LMC1 
terminal to Mem shaven is a 
si*rnnd. and potentially more 
serious loss Tor the port. 

Weakened 

With Rotterdam's role as the 
energy port of Europe already 
weakened by the growth of pro- 
cessing capacity elsewhere, ex- 
pansion at Antwerp and Le 
Havre and the general decline 
in demand, the gas terminal was 


seen as the beginning u: trade 
in an alternative luei. The 
Diireh l abinrt decided, in prin- 
ciple, tu site the terminal .n 
Eemshaven to stimulate indn— 
try and employment m the 
depressed north east Nether- 
lands. The terminal is dm- u. 
handle 4m cubic metres of 
Algerian gas a year Tor 20 years, 
starting in 1HS4. Holland’s 
plans rn increase gas imports 
mean The terminal may ulti- 
mately be colled upon in handle 
much larger volumes. 

Another of RmteVdams staph- 
commodities — iron-ore — ha- 
hecn hi! by the recession in the 
ste»*l industry and only 29m 
tonnes were handled I-i.-t year 
compared with 3rti;« to: ir.es m 
1974. Grains and oil sec-d^ are 
a rapully growing sector though, 
and 2lm tonnes were handled 
last year. The uurlook f>tr ma! 
deliveries seems good in the 
longer t**riii in view of plans to 
reduce the rnle of gas in puwer 
srations ami heavy uidtuirial 
processes hut envi-rnmc-m 
policy has ycl M be worked .mi 
and coal is a dirtier fuel than 
nil or 


Amsterdam ha« wit h Mood bet- 
ter than any ijther pun the 
-ihing-up ot i hi* Z’iviji-r Zi-<* 
(now the Ijsselmeer;. which h;-_s 
reduced onc«--i ii rivirr-: : rad i r.g 
rent rev Fiic'n 3s llonrn >in>i 
Mcdombhk in picruresotse yaeht- 
inc harbours. Bur An m err!.’. mV. 
sinry has been :.n:; of a con- 
tinuous battle with its nnr?v<uir- 
ahle inland Kiiiian'- n ami tlis- 
probk-m . still dunnnatvs the 
thinking of the pun’s managers. 
The port depend-. «*n i?i*.* 15 l:ui 
Nnnh Sea Canal which links it. 
by jocks, tu the ai l imuinen. 
While Rotterdam i* primarily 
a part ajid thinks as such, 
Amsterdam's port ,* «n!j ohl- 
element in the city s economic 
-trueture. This iht* purl's 

esc-ruial role is '<■ me; iir.es < •.%■».* .*- 
looked, harbour odi-.ial? drum. 

The North Sea Cun^l can only 
vessels drawing up *o 45 ft 
and has made Anisu-rdjm ui- 
accessible to !h*’* i-irv.-r tankeis 
and bulk carriers. TVir.d ‘unn**is 
under the oan.i! mean it could 
only he deepem-d a: .'rear cost. 
A Transport M'uMiy ri.*nnr( 
published in Jh7i) advised ih*? 
'■'instruction r«i an outer p*'rr 


at Ijmiudeo. This harbour could 
handle larger vessels titan Am- 
sri-rclam proper and the turn- 
round lime would be i-ut be- 
c.iiim* the journey along the 
N‘<*nh Si-: Canal would no 
longer be necessary. 

A FMOOin t s23.Sm ; pLm was 
pri-pared for a harbour to be 
lib ill in thc*^ angle between the 
southern s.*:» wall at Ijmuiden 
and the coast, provitltnc cnriT. 
dry huik goods, cram, oil and 
'-•iniainer handling facilities. 

Viewpoints 

Opposition on cnnrunnicnTal 
and planning grounds has 
gradually reduced the scope uf 
thy plan and the new Amster- 
dam city count'!! is opposed to 
iiurb-mr coRaTrufTiun outside the 
ar-a enclosed by the existing 
piers ai l.iniuidcn. The council 
is in favour of new cargo 
handling capacity being built 
Allh n the piers. A lommissinn 
reproven; in j the interested 
ministries and loral aurhoriflos 
renorted in December ihai a 
coal and ore terminal is feasible 
alongside the north pier and 
mure detailed studies are now 


being carried out. The purl 
authority hopes these wilt pro- 
duce a compromise. Morei-asis 
made at (lit* lime uf the initial 
ambitious plan showed that the 
new harbour at Ijuuudeii cuuld 
raise Amsterdam’s total volume 
of cargo io 85iu l mine v in I'J9U. 
compared with 34m tonnes :t 
The hari.Hiur is i\u; luuti. 

While the outer pun plan con- 
tinues to make slow progress, 
the other large infrastructure 
project iinportam for Amster- 
dam is nearing cumplcti.ni. The 
widening of the Am.-ierdam- 
Rhine Cana! is due ta be 
finished in 1980. Tin* canal, 
which was built in 1952 iu speed 
the journey to Germany, will he 
able to accummodate groups of 
up to four unpmvered barge? 
pushed by a single rue. At the 
mnment group- of only two 
harges can make ;;n unhroki-u 
journey alone the canal Its 
entire 126 kms length to the 
German border is illuminated 
and it is open to navigation 24 
hours a day. 

From a peak uf 24.1m tonnes 
handled in 1971. cargo going 
through Amsterdam fell to 
17.2m tonne- last year — 9 per 


cent less than in 1976. The 
volume of mineral uils handled 
was 4.6m mimes while general 
cargo accounied for 3.1 in tonnes, 
ore for 2.6m -anil cereals for 
2.5m. Tin* independence of 
liuloucsiu in 1H4 h lost Amster- 
dam much of it? trade in rubber, 
tobacco and lea. but it lias 
become the largest rucua hand- 
ling purl in Europe. About 
I’du.nou ;onnc> are imporied 
annually. u| which 120.000 
tonnes arc for processing in 
Holland. 

Am>lcrdam continues to fight 
v.'h.u it oalL* ihc " mono port ’’ 
ni.uitality which sees Rotterdam 
as the only harbour worthy of 
The name in Holland. Tine Gov- 
ernment decision on where to 
sue the uas terminal shows, 
though rhai even Rotterdam i.v 
nut having everything its own 
wpv. Amsterdam argues that 
there is room for two majnr 
ports in Holland. The present 
government seems to think 
there vhmtJd he room for even 
more. 2nd is prepared to support 
she smaller port* against the 
dominance nf Rotterdam. 

diaries Batchelor 


.«• . w 

' ' . . . ; J.-- 



■ r: .'v ‘:.:i '• \ *^* h .*. A‘*y ;■? 

.. . . t i i •• "■ 


RSV’s Verolme yard at Europoort \ - 

-i 


-4*0 

I 



CONTINUED FROM FREYIOUS PAGE 


inio^TaPnn of rwd rruise 
asid the sale of its Irish 
ard. Kosi. will lead to some 
ery this veer. 

a bid to take more 
itiitre of the high growth 
in Crazil. Venezuela arid 
.’.S. west coast. KJVSAI has 
investing :□ new container 
. with a lurther series due 
’Jinpietion in the mid-1980s, 
ays Kul. an Amsterdam 
diary of Britain's Barclay* 
. sees scope here fur KNSM 
mpttjve its performanc.?. 

these vessels' large Pol- 
and cfTlciencj mean a small 
r force and profitable 
:<ion. 

*li a gross registered 
sge of 5.3ai last year, 
Dutch fleet — including 
-^’’tratiori* in the Dutch 
le* — ranked a lowly 
in world terms. The 
!?e figure was below That 
*d-;-d for each of the pre- 
, 5 three years, having shown 
Sji change on balance since 
®] Yet since that year the 
fleet has ex- 


^»i. . . 

5 s^l merchant 
j by some three-quarters 
bund 400m grt. 
failnoss does, however, 
his advantages. Thanks to 
jlir.iiicrl involvement in the 
j &fc en tanker and bulk car- 
■L^narkets, Dutch shipowners 
^jl managed to steer clear, of 
fine-making bankruptcies, 
have seen no oil amities.” 
Dr. Gerard Bast, who is 
executive member of the 
:il of the Dutch Ship- 
rs’ Association. In his 
annual report The asso- 


ciation was not too cheerful 
about the prospects for its 
members in the current year, 
one reason being the underrain- 
ins «f Dutch shipping competi- 
tiveness by the strength of Ihe 
guilder against the dollar, in 
which most income is received. 

Dutch manning costs are 
more or less on a par with those 
Of Sweden, which is about as 
high as you can go. Thus, says 
Dr- Bast, the industry is keen 
r«> reduce its manning levels 
to what it sees as a financially 
more supportable size. Sweden 
and Norway are a little way 
ahead uf the Netherlands in 
their attempts to do this. It. 
has become obvious, be adds, 
that “high wage countries can 
only survive in the shipping 
industry if the proportion of 
labour costs can be cut. thus 
blunting the competitive edge of 
low-cost nations.” 

Since trade unions can hardly 
be expected to greet such a 
notion with open arms. Dr. Bast 
concedes that there are some 
tough talks ahead. The unions 
have in fact accepted the prin- 
ciple that high wage costs must 
be accompanied by some degree 
of phased manning cuts. 
Initially, discussions will focus 
on the ' larger ships, moving 
later to the smaller coastal 
ships, lugs and supply vessels. 

Also . taking part in these 
talks is the Dutch Government, 
which provides the industry 
with finanrioJ support through 
tax credits and investment 
premiums. Up in ihe middle of 


this year it offered- investment 
premiums of five times 4.75 per 
cent of. a contracted commit- 
ment over five year* The 
scheme ran for two years, dur- 
ing which Dutch shippers 
invests some FI 3bn ($1.49bn) 
— split roughly three ways 
between ocean, coastal and 
dredging and other vessels — of 
which premiums accounted fur 
around Fi 600m. 

Since July, all branches of 
industry are entitled to offset 
against tax 15 per tent of the 
cost of any approved invest- 
ment; in addition, a trimmed 
down version of ihe premium 
system is being operated on a 
five times 1*1 per cent basis. So 
far, says Dr. Bast, no requests 
for premiums have been made 
by shipping companies under 
the new two tier scheme. As 
with the old one. foreign orders 
also qualify where price and 
delivery terms are deemed 
superior to those of Dutch 
manufacturers. 

Shipping companies have in 
the past been prepared to go to 
court where the Government 
has not agreed that a foreign 
tender for a particular order 
was superior lo a Dutch one. 
Since the regulations are fairly 
precise, explains Dr. Bast, “we 
won most of the cases." Most 
companies try to strike a 
balance between home and 
foreign yards. Nedlloyd, for] 
example, compromised neatly by 
ordering two of its new roll-on 
roll-off - ships in Holland, and 
two in Japan. 

A.F. 


ilpsfiai 


SSI, 


'A 

iv 55 


mmwk 


Your bankers for 
y trade financing 
and payments 


H. Albert de Bary&Co NLY 
stablished in The Netherlands 


. AMSTERDAM; 450 Herengracht, phone (020) 21 33 12, telex 1 2029 

ROTTERDAM; 21 2 Westfalaak. phone (01 0) 1 4 43 1 1 . telex 22608 



Jf is the quickest, easiest and most complete communica- 
tions link between man and bunk-et er devised. 

][ not only gives you timely, detailed inform;iiion.on your 
business' with’ Blinkers Trust, its a .sophisticated on-line man- 
agement service that leLs \ou reconcile your cash position 
rapidly and move money without delay. 

With ihe Cash Connector, you receive complete state- 
ment* of your account. includin': the origin of each debit and 
credit entry. You will also receive ihe latest money market 
quotes, your loiter of credit outstanding reports and foreign 
exchange reports. 

In addition, you can act a money transfer detail report.- 
with complete descriptions of incoming and outgoing pay- 


ments. early each morning. These include remittance batik, 
by-order- party, heneticiary and reference data. 

Just as important giving you information faster means 
von can aive us instructions faster. And, naturally, we can 
execute lliem faster. 

Innovative sen ices like the Cash Connector 
are onlv a small part of what we have 10 offer, j 
Wherever you see the Bankers Trust Pyramid. 

You're deafing with a full service bank in the 
fullest sense of the word, with the capacity to 
raise, lend and munase monev worldwide. 




280 Park Avenue, New\ork. N.Y. lt.Kil7 


International Banking Subsidiaries in the United States; Chicago. Houston. Los Angeles and Miami. 

Overseas Branches: LONDON. BIRMINGHAM. MILAN. PARIS. TOKYO. SINGAPORE NASSAU, PANAMA CITY and BAHRAIN. 
An International Banking Network of branches, subsidiaries, affiliates and representative offices' in over 30 countries on 6 continents. 

Member Fuduml Deposit Insur.ina: Corpora in in "7B.-inle.-f.' Ir-J-l Oir.pany 




T,-r 

' ■ ' 




Financial Times Monday C)ctober :3D- i§7S 



Throughout the world Stevin 
can lend a h< ‘ * * 


Civil Engineering, Hoads 
„ and Asphaft, Pipelines, 
Housing and General Works. 


THE NETHERLANDS X 




■ l 

Construction 





^"^ata^ile^enCToadiment 0pen -, a Iaj |«-jrea of and dumped them into tifc sea. and gas '.exploration., for 

ofth?STo?ther“f?ow! SSllWg ' ***« »“* P* rt ot ^.Miginaj defence *rd as first land-ho. .1 

lying countrv the Dutch have TtanT?^ 5, 0k ? r 1116 - 5C0Wded Delta Plan, hut an extension in the doslng-off of. anas c: 
taUr up " » SiisideraW* 15 “««singly of the same Idea of Unking -the -toe; sea .-;..'- a ' 

tion abroad for their abihn to 3 ■ islands of Zeeland to the econo- _ Nope- of these: i 

l. _ ® But while some lone-cterishpd mio life of the mainland, is the bltioos: ihn»c>h at a > 


tion abroad for their abihtv to C £k?Wh‘l i ^ • islands of Zeeland to the econo- Nope-, of these: is as arr- 
redesign the landscape ‘ ° S0I ? e ,on ?i%rished mic life of the mainland, is the bttidus; though, as a. plan for 

Drawn parUv b^' demand SJSSPr ha%e been dl ^PPed or Western Schelde bridge-tunnel, mdustriaf .is&gd in .the. North 
r D - deii:and new ones have b«m This will inin the southernmost Sea. . - ■ Y. ' 


Drawn parUv bv demnri * oropped or Western Schelde bridge-tunnel, industrial ^ .island . in the Ncn'i 

from develop^ "T T* h **« been This will join the southernmost Sea. V Y..- .. Y./ . 

need of new harbours and dams P°“^ ve{L DetaUed P la o§ have strip of Zeeland — now only A largely. Dutch, consoftir.r.’.. 
end mSuEFJV" accessible *'*"* and tteBo S .Kili S We.* 

Of their home market DatS are arStft^ coa SMhere through Belgium— to the rest mmster conslnjetion group, but 
construction comwaies now 5 t0 re S?“ *■* <* Holland. .also with. British, French, U.S. 

book most of thSr turnover to SiM Tbe probIem here is not of feh compsDiie5 - 

and profits outside Holland. of 9n *' hjl e: ^ e idea withstanding strong tides and ^feasibility shidy in 1973. Thy 

With the draining of the -n-^ 16 ? I ati0r ?^ pporl ' storms but of linking the rwo is ntov-? a large. number 

Zuvder Zee polders nearlv com- P . Wiaa n ai H g to sides of the estuary, without" heavy industries but To 5.r. 

pleted and the construction of coMidered^ =ctncity is also being restricting shipping en route jgand 50km' offshore' from the 
'dams across the mouths of the The dra 3f -rn« ^ t0 and from tbe busy P<>rt of Ho^of Holkaid, -• 

<3r>halWn it... , .. _ - e Qa;u across the:- eastern Anfwern. The island' >npa«iinnn ^ ■ \r 


■ ; ■ *• 








• ■.}' / 
.wh.- 



Blfin StewiCrDCDNV. V 

W^nZmmmJZ PofaJ,c RoUtmnj me Pubterty 1 

K5**nuga PO.Bo,9006 MD6GA U!rwcl,l, Tho NeL*m 1 arTds -■ * 

T*fcx: alcvi nl 40849, lei 0*0 -fia 0880. «£ 





Rembrandt country is Rabobank country 

Rembrandt found hi 5 impiration in 




sasostsSSSeS^ 

Dutch smlders (in ncwi of US S 26 billion^ /n™ T: 

fhela ^ u ma , ke ? theRah «bank not just one 
the largest banks in Holland and one ofVhe v - 1 

banks in the world, but also a bank \vhh dl?* 
in almost all sectors of Dutch ^nomic^S* r °° t5 


Gftvrth of baiance sheet total 

andmtemat^nafacbvrties 


fn tenvrtionM jf 


Organeafjm 


»oHd«jde with aftdf ^Xnk?nB^« di 
To accelerate this exnansinn R *«mces. 


JZLZ12 4 ' ? 5 '76 77 


In addition, we are active 
»n the Euno-currencv and Euro- 
bond markets. Our international 
transactions in, foreign currencies. 
Euro-credit loans and ' 

participation in new issues, are ■’ 
showing a remarkable growth. J 


To accclcrate thij , 

the "Urnco Banking Group", linking ik 


i-_.. ^SQtrale Rahohank International 

Cg^nj^a ^RQ. L.WK ? 1 '° a 

— ^ cth ^ands ,Telg p j Lone0 j 0 . j62fia Telejrdri^tVl- ^ 


^ Rabobank S 

Patch Mastersin B a»»l»« g , 



n«-»WN> UIIT OIUULU5 or me Tnp rta->* anrwt- -“-J «» rvt.^ ■ % — VT^T - 

Schelde, .Maas and Rhine— the Sch^MeT^ across J^ e eastern Antwerp. island, measuriac n l y 

Delta plan— there seems little beini d hirit?^I?U Wh,<ai fe now Work on the ^ 900m bridge- 10 ^ ^ ouW Kbuse~ r» rc“n-r . 
left to be done. c^Pa7^ bl ^ t 'i.- lil ^ strateS; - tbe in_ mnneJ is due to start by the Po^obemiral- mddstrles. =?";• - 

Priorities have changed rathe- from to(£ , 5? StlCa ^ 011 Te< * uired Spring of 1981 and should take * P tWk T r station. 

ly since Dr. Cornells Lelv con- lews ^§iDeenog pro- seven years. A two-kilbmetre. f" d sa f ta "k«rs cbtild enter *i- 

ired his plan to dam the - SH CeiTed ® ^^nginal tunnel from tbe north bank wfll laTge harbour area In ..ajaw: ' 


ally since Dr. Cornells Lelv con- lews P™- seven years. A two-kilbmetre. sa ® tankers cbtiH enter *i- 

ceived his plan to dam the — ‘ y 7 nce,ved m ^ original tunnel from tbe north bank wQl lar § e harbour area In aJaw: 
mouth of the Zuyder Zee and across tlie n i S n.»^ ImP ^^ arri€r break surface 00 “ artificial “rweatter conditions, 
reclaim much of the bottom of idefi i a»r?ST- v*S* Cost ‘ isIand in ™ idTStreani - and then consortium estimate- 

the soft-water lake, tbe Ijssel- posed Hp? ( ® 7 - lom) - th e pro- continue for another L3 km as -JJ rk ' would . iaka year*. . 

meer. t^t would be created S^Tr^ 01 a a brid S e - would be.-F17.8ba =t - = 

When the Dutch Parliament, unde- norm^P^h^ wbich ’ Tbe wortf wiU be Parried oat ™!L pn ,” £ aiti ’ ou § il »- • 

:n 19JS. parsed the Bill authoris- tions! Lhe^dS i° ndi “ bv a 3r0up of three ^ l%:i5la '' r 

mg the start of the work, the dPS C&n eaiKaBd flow, and five Dutch construction * 0llI(I to . tal PJ-Tibn. The pl.n - 

prime consideration was ihe rmtinlov groups. including Ballast- if a , extension of r. > 

need for more agricultural land. '^ vu *h1cA Nedam and HoLlandsche Betnn. ' fbe P or t 

Even when work started on the The chore* 77,6 “ in-poldering " of the is now 


• “o‘«u»uiaiiuiu, a ..»«auupui S XJCUIU. .. . 2; r- • . 

aven when work started on the The choice of the mn™ 77,6 “in'POWering" of the T bwb Is now • - 

Della Plan in 1954. a year after plex stiTicture raised^h? Marktfnv ' aard would complete V t0 5 h ? Maa>vLit! ^ 

tlie disastrous floods which to FI 4'»in r^l.^ e . pnce the jigsaw puzzle of the Zuvder f r»- area of reclajmen land . : 


made on the engineers and'estuarv to lie mainUibS* an^ 1 by Mfnisrry of Tr ans port P^.ting and danger -us 
builders were more simpler mg the and *’*»"»*» has come^ouVin ' 

than now. The dams linking tic Ue in bi^^ej a^^pr^' farour ° f reclaiming 40,000 hec- rer '‘ ain r Y 

tbe islands at the delta mouth the natural life o?thi^ & w !^. of Ijsselmeer. solved. Though, an important .m» 


the islands at the delta mouth the natural life of ^ 0f ^e ^hneer. ; b°i^ h0 ^ h ; a,s ^pnrtan? 

were to keep our the sea and In times of stom afri hi^h , 17115 m . odified Plan would still i: U % 2 ~* l ' J r 

guarantee the safetv of iff* tide so m e t 9 ! -A.! 1 ?' ,eave a large lake .surround im* *°!™5 r ?- needed, would 3c<rn»[ 
behind thi 


.. *» before *e U hJSTlTjS?, JtZ *S *«? •• » SUlto 

stopped drying out the damp completed in 1985 " t0 be ?ood agricultural land. * ““Jeff, with some firms fearrb 

patches and stitching together While the hSf* Xu , There ar& no plans to build T X J*??* ■ tbe * rm ‘ 1:2 

the isolated comers' of " their of building ^ 0WS P«* towns to relieve reti:rr. r.i 

country. The schemes which Polders £ S J S P^", 00 - Amsterdam on .-the • V ^ ' 

are being carried out-or which scale of today's '■ n22S # th ! new p t o]der - bul il « seen as a ra ^ 1 i R 5Ur ° of ,,rlft S fr! 

are still planned— now hav* to their mcreued ™SS? and pos ? ,bIe , s«e For a second inter- ®? ace ^srteA ‘ho 

meet the demands of a po pu . means :ecnn «! S2S2“ I,OB nar, ? naI airport when Schiphbl ^ ch r ^ tbe, peaceful, 

lation far more concerned udth siPl be ^ advaDces are reaches capacity. s pn of their lerntory. The >- 

tbe quality of life than the bare In ihe r1nH',r § ~ : V" No decision has vet been m tor ciean room ' >r 

0f m ° re tand or channel as pa^ nf : £ e De7I dre??*.h h0U ?^ on ^ -***bv lo J®" ,BW -“ pna - er: ‘ 5 -- 

higher dykes. pi an ir: itwr K«nL^ e . De,a . in ,he P9 ,der - . Even if work •-*;* ... 

Some schemes have no! been were us»n *-m- caias,in5 does n °l start immediately a Attempts to p^.ms.le r-?or-> 
able to meet all these demandc Ir iia/-o~ c • ; r . the jp-st time, definite yes-or-no would stii! and j°bs to move rh ihe ir:'- 
and have been shelved it is stnicu'-P °ih~? noi ^[ !y ?° ,id beip planners trving to create PJ*^. 8 *** of ^Notherlar.dy 
now most unlike? Sat ,he a X 2%. to “ n * ac “P* ab »^ lo»S«£5^te S? W- A-?rear 

Friesian Mands will Tver be *h-ou~v wsuer t0 Amsterdam and the provEce £ deal *“ a inna!ion-and v.vrk 

joined bydams to encS £ ‘ £ North Holland. -is therefore -going Intn^ malrint:. 

Waddenzee, an area rich in wild D'a^ 1h f S j was in Artificial islands, arp not new f 1 ? 1 ? raoni in lbe densely poru- 

life mi providing rec^Uon™ rlrl Te '’?£**£*■ ° n u the ^" y 5“™ S Iated westcrn »««P- , 

rrks DUtCh “ d CenZ Iff ,Y ..-t-Y .SgA «ge,ed an wori,- sites tor oi , . €3 . : 

The need to drain the Marker SS" ™ et fc d *, m ' S 0 ®^ 1 ^ in .... '■-... Y ; . . 

:sW?s: h 2 ■ . C’-' V 

-iuetioned. The imporinnceT, H - .T 


Aircraft 


Spearhead 


in 

Western 


partner 


fn???« ederalr,taer — 

lyra^ a — ^ 

Ae tte company’s nine-yea, and the e f 

u wi . tfi Vereinigte the decision to develop th* I 
Flugtechmsche Werke (VFW) BAe 146 that they haw 

Germany comes to a tested to the European Co mndt 
close, Fokker is turning its sion that it 11 brear-h*H » 
attention to France. “ men, s- noth, dS^ne^ 

Britain has, in Dutch eyes projects. I 

A To ar gX-d 

*£*£ S’ sss* out - 2? SLjyssr xr d i 

The turboprop F-27 continues Community. tbe | 

to find new customers long Finally, Fokker »,,» r l 

5"S «! «£ JS5?«5Srt 

H? “ ,btar f’ h seclor - work has of Belfast, Fokker saS Br0thers 
started on the assembly of th* Th* ran, I 

- sa “t? -.s*-* i 

Fokker’s hopes that there peti^g aircraf^Sf 

would be an important place for tries offer I 

'i^lf f g par ? er With ^ German Fokker. Wift WeS r*L I 

aircraft industry seem unlikely now going its 01 ™^,° «J many | 
to be realised. The German is th« X way ’ France . 

GoTCrnment appears unwilline In tb*^ aTtractlTe Prospect. I ^ 
to let Fokker jShTtte “w com® U ? a ^H 52T term * Japan - ®e| 
pany it hopes to form from Europe^ m 5‘ ^StySJ? Ufl,de E 

future for itself as an inde° * Pranco ' Dutch 

pendent airplane manufacturer SS SiJS ° n ^ 1 
and is now looking for someone to order ? readiness) s 

t °Crt tb from™The Pl field ol * 

aSTA-r sS£ aassr— * 

s? “o . £: orL^Z/ri? s 

month . Brita “ o«ct Neptuni ?, ent for «ie 

shows little desire to buv the is Y-i ^e U S. aircraft j a* 

“b^ld. US tadUSt0 ' belps Af-'Se. “« the! 1 



&<■' ' ■ 



n- 


Centraliy situated ^SS 30013 




□ International 

road network. 


diateiy available. 


D Direct links with 

theses. 


.□ Firtandal 
. facilities 
when starting up. 




n Extensive inland 
. shipping network, . ' 

□ ponnectidnsTihiii ' 

. international air 

routes. • working popi 



fast-gro.vino, 

working population. 


□ A good spread of 
service centres. 


@3 D Railway network service centres. 

s SSS^SS? ° Ideal ^ eE! ial 

« hidusSS^; pro ™ ce " : 

□ A whole system of Q Efficient starting 
pipelines. 30 - - “P facilities and 

tS ■ service. 

^ Xng^ieraaHa^ 

m v toatidysom- 


r:r-. v '^S3'-, 

f, <“!• | i * • 


K7Z-- 



■7^ . 



[to build. — j u«ps Atmnaque. ™ e 

. Despite the 40 per cent parti- toV^t 1 tlantique » estimated 

K. 0n s..* Sfash.ooraps^ c mparef , r “™ d ^ 64m !S30m) 



for two F-28s in* Uay. ° rder tt * F - 2 . fl - make th* FrS-h^' 

Britain has also cone aha * I^ ore * nTer ^stin£ na 7 -h?^ m “ cb 
t^d^velopmeot „f"e Fre n UfCh S™- * t0r 

BAe 1,6 (formerly the HS Uei P ?f-”, has said it will order 
CONTiNUED ON NC^T {%£* “ ^eTby 


' r a - w ^LsM54.*e!«KS0786iibabfi* / . 



& • V. 


iV; ■..** - -* 

.j • « 


aqwcefwyonin North Oabad. 





. . «_ *. ' % W*S\ »..* * .* 


• • ’ • t ■ - 1 ' Y.T. . " 

‘ '••. 7 • v-; *’ tf-je ' . 















£ 








Financial Times Monday October 30 1978 


25 


I ill 
' i \ it- 


THE NETHERLANDS XI 



Energy 


A radical policy review 


■ AND HAS for many years country's tola I energy require- 
. synonymous with gas in rnenc. It cuvers 70 per cent of 
uropcan energy picture, household needs. 40 per cent "f 
e growing realisation that industrial consumption and 
I to the gas age is in sight nearly SO per com ot demand 
reed the Government and f ro m electricity prr*ducers. 
ry to start a radical Proven reserves, including 
of all aspects of energy i mpnr . s> Totalled 1.818 bn cubic 

As domestic gas sup- lJje start 0 f i97S— - 

iwindie the country will en ,j Ush to mwl expected 

1 he ™ ] and export demand up 

r d ft „n«L.- U ? 1 n Si! JUS tu the year 2002 with more, than 
li'SttSSSE reserve 

' the «*•*«*>■• following The finding of the 

has led to intense huge S!och:cren field . in 
y among energy study Groningen in 195ft the rate of 
. and the economics discovery has slowed. No new 

^ *a rrr nt ma i° r fin d-. are expected and of 

random lists a number of the 4 fi exploralim. and confirma- 

• d These S**SJSi 1 ^ ^ 

. e energj'. the increased companies on land and 

• coal, the import nr gas. nff-?hore m 19. . only one m 
evelopment of new fuMs eight proved positive. This coni- 
. ition on a nuclear power pares with a ra.e uf one. in 

i programme. ^If 0 in . . 

_ . . The search area could be 

Government wonts a „ ded b ^ too 

deepen on Uie funire of probIenlSi xedorfcmdse 

ni rt e fnr S> ri,r» A hmMi^. 2 AardolitmiJ I NAM). which is 
p!e for the building of . . , . e . ... 

l.OflO mw nuclear power J oiml - v jjj Sne11 “J 

is was given as far back ***• wants to take from 
i4. but doubts about the “ nder Ame and. one of the 
>n mental dangers have Frieswn inlands which run 
\ the proposals ever since, jjf*"* Hollands northern coast 
dy of methods of storing reserves , *‘ a 7f ^ 

ir waste is to be speeded fes^maied at •*> »o 40m cubic 
id there are plans for a metres but the provincial 
lie debate* ” on the whole government of Friesland and 
mu of nuclear energy. environmental groups are 
• Cabinet has set aside opposed l'J the plan, 
im (9139m) for a national V* national gas distribute 
ition programme In 1978 company. Gasume. has now 
1979. while a further reversed its earlier policies of 
n will be nude available selling off the gas as cheaply as 
gh the new investment in- possible. Prices have been 
cs scheme, one of the brought into line with those of 
ia of which is the energj - - oil and- export contracts are 
z clement of industrial in- being allowed to run down. To 
lent. On top of the preserve its own "strategic 
rous bodies already in- reserve " for as long as possible, 
3 in the review of energj’, Holland has contracted to 
nergy Study Council is to import liquid natural gas from 
‘t up to “advise on. eo- Algeria and Norway, ft is also 
ate and compare” the talking with the Soviet Union, 
ent energy options. Iran, Nigeria and countries in 

r the moment though gas is ihe Middle East about more 
king. Holland has the imports. 

st proven reserves of Oil is expected to be the 
■al gas in Western Europe country’s major energy hcad- 
domestically produced gas ache over the next in to 13 
meets S3 per cent of the years. Holland is one of the 


few OECD member countries 
whose oil imports are forecast 
to rise in the near future. Pre- 
sent estimates put the level of 
import:, at 50m tonnes in 1985 — 
double current levels. This 
earned Holland a rebuke in a 
report produced earlier this 
year hy the International 
Energy Agency flEA) in Paris. 
The 1LW called for Holland tn 
put more emphasis on develop- 
ing coal .ind nuclear energy and 
to .speed up exploration in the 
Dutch M'dor uf the North Sea. 

Dutch domestic reserves of 
oil are small and are concen- 
trated m two main concessions. 
SchuonuhcpJc, jn the north-cast 
of Urn country, and Rijswijk. 
near The Hague. Together these 
produced nearly L4«n tonnes of 
oil in 1SI77, only a small part of 
Hunand\ dome*] ic requirement, 
but the NAM hopes to increase 
daily production levels at 
Schounelicok to 4,00(1 tonnes 
from 2,500 tonnes hy injecting 
steam into the oil-bearing struc- 
ture. Mere, than 2n years of 
production ait Schooneheek have 


used only 28m tonnes of the 
total estimated reserves ui 170m 
tonnes. 

Holland imported about 5m 
tonnes of coal last year — 3u per 
cent from the U.S.. 24 pur cent 
from EEC countries, 18 per cent 
from Australia and 15 per cent 
from Poland. It is ideally suited 
to receive large quantities of 
coal by sea and i he pons of 
boih Rotterdam and Amsterdam 
have sizeable coal handling ter- 
minals. Bat the airborne pol- 
lution caused by coal-5 red power 
stations is expected to place 
limits on the use of coal by the 
environment-conscious Dutch. 

The coal reserves in the south- 
eastern province of Limburg are 
often cited as offering the pos- 
sibility of increasing the coun- 
try’s self-sufficiency in energy. 
But a recent survey of the 
economic potential of these coal 
fields came out firmly against 
reopening the mines. This was 
despite the report’s conclusion 
that there arc 710m tonnes of 
technically recoverable coal 
underground. ' The cost of 


resuming work at the mines, 
which were gradually closed 
down in the late I960* and early 
1970s, >s out of proportion to the 
contribution the coal would 
make to Holland's energy 
requirements, according to a 
report published in May. The 
one mine which has been kept 
open in the hope nf restarting 
production will now be closed. 
Underground conversion of coal 
to gas is unlikely to be feasible 
on a large scale for many years 
yet. although developments in 
this area should be closely 
followed, the report said. 

Nuclear energy has produced 
a great deal of political heat 
over the past few years but 
made little contribution to sup- 
plies of energy. Fears that 
enriched uranium, exported 
from Holland, could be used by 
Brazil to.' produce nuclear 
weapons have led to a senes of 
stormy political debates in 
recent months. Holland has not 
experienced the violent demon- 
strations against nuclear power 
stations which have taken place 


in neighbouring countries, but 
this has been due. at least in 
part, to the halt imposed on the 
nuclear development pro- 
gramme over the past four 
years. Now, under pressure 
from the electricity companies, 
and given the eight-year lead 
times required for nuclear 
power station building, the new 
centre right government is pres- 
sing for action. 

The Dutch may not have in- 
vented the windmill but they 
have probably done more than 
any nation to exploit its full 
potential. Appropriately, wind 
energy is one avenue that is 
being explored. An experi- 
mental 25-metre horizontal axis 
turbine has been designed and 
the modest wind energy budget 
has been increased. Wind 
energj’ could, at the most, con- 
tribute only four per cent of 
Dutch energy requirement But 
given the problems associated 
with many other fuels it is an 
option Holland is considering 
very carefully. 

C.B. 


F.van Lanschot Bankiers 

The Netherlands 
since 173^- 


Specialists in all aspects of: 
Foreign exchange and Euro- 
depths. Corporate Finance, 
Short and medium term 
lending. 

Private placements 
and Bond dealing. 

Head Office: 

Hope Stcemveg 2 7-31, 
VHenoiit-r.bo: ch. 

The Netherlands. 

telephone 153922, 
telex 5IH5GO. 

Branches: 14. 


London Representative 
Office: 

1 Princes Srreei. 

London EC2 P 2 AH. 
telephone l 011 6063263, 

telex 88337?. 

Curacao: 

F. van Lanschot Bankiers 

< Curacao *N.V., 

Wiiltnistad. Curacao, 
NetherL'ind.- Antilles, 
telephone U.’JoO. telex 3065. 

Affiliated Institutions: 
Atlantic Iniernain-nal 
Bank I .td.< London l; 
Greyhound 
Financial & Leasing 
Corporation A.G.tZugL 



artner 


TIN USD FROM PREVIOUS PAGE 


avy if Holland decides in 
r or the Atlantiquc.- . The 
Tfeb have also hi ole d they 
interested in a maritime 
an of the F-27 and also 
"ae F-28 as a possible re- 
■“^ment for the Caravelles 
pBawn by Air France and 
Inter. 

f •’ mce also wants Holland to 
7a risk-bearing slake in the 
"is A310. Fokker is less 
on this plan though, since 
•‘rs that money put into the 
. is will be at the expense 
; development of the F-29. 

. less Holland decides for 
Atlantique. this whole 
n of reciprocal deals will 
down and Fokker 's 
e is threatened, Mr. Swart- 
says. If Holland opts for 
. itlantique there is a good 
' ;e that West Germany will 
suit. A favourable deci- 
:V by the Dutch is therefore 
L*y Important for the 

j Dutch Government has 
_Tv*aken a hand in the nego- 
• at the highest leveL The 

jmics Minister, Mr. Gijs 
•• ' f -f 7*7-7 .Aardenoe, and the State 
Mary at the Defence Minis- 
v ^-.'7Dr. IV. van Eekelen, are 
ng the negotiating team 
,§r^4 jr^£- fm ance. 

Aker’s decision to put a 
Royce motor into the F-29 
lues its existing relation- 
witb the British firm. 
Royce eogioes already 
r the F-27. the F-28 and 
ill-fated VFW-614, which 












has now been taken out of pro- 
duction. 

The F-29 will be’ powered by 
two RB 432 turbofan engines 
with a thrust of HftKW to lS,00u 
lbs each. This engine is econo- 
mical on fueL is quiet and is 
of sufficiently advanced design 
to match the expected 20-25 
year life of the new aircraft. 

Fokker foresees a potential 
market for up to 1,200 of tile 
F-29s and believes it can realis- 
tically hope to sell 350-400. The 
first of the 110-130 seat short- 
haul jets will be delivered lo 
customers in 1984-85- if the pro- 
ject goes ahead as planned. 
Fokker believes there is a more 
clearly defined market for the 
F-29 than for the F-2S. which 
has not lived up to expectations. 

While the civil side of 
Fokker’s production programme 
is attracting most of the atten- 
tion at the moment, work is 
also going ahead on a major 
military order. Final assembly 
of the first of the 174 F-16 
fighters for the Dutch and Nor- 
wegian airforces began in April 
and the first aircraft is expec- 
ted to make a test flight next 
January. 

Apart from the assembly 
work, Fokker is also building 
617 fuselage centre sections for 
Holland, Norway, Belgium. Den- 
mark and tbe U.S. 

Production will continue at 
the rate of three a month until 
early 1984. by which time the 
F-29 programme should be well 
underway. 

C.B. 



j rS 


European Options Exchange 

Amsterdam 

i 

* EOE is the only International Options Exchange in the 
■Id with listings in several currencies. j 

ided options offer investors the opportunity to benefit from 
;e fluctuations oo shares for a relatively small investment. ^ 

. mid you want more detailed information about this new i 
1 flexible investment tool, please fill out the form below. ^ 
a will receive our free-of-charge brochure as well as a list j 
international banks and stockbrokers who are members J 
the EOE. 


jil i 

dr tbe European Options Exchange 

m ®L P.O. Box 19164. 1000 GTD Amsterdam. Holland 
20-262721 ext. 124 

ne — 

3ress - - - 

vn/Country ........ 






Before 1932 the heart of Holland was an inland sea formed as a result of an 
overwhelming flood, the St. Elisabeth's Hood, in the year 1418. Now the 
land has been reclaimed and forms an enormous "polder". Polder is the 
name given to a piece of land, which falls dry when surrounding the sea 
with dykes and pumpingouf the water. These massive 40 feet high dykes - 
for which the Dutch are famous - enclose a huge stretch of open land. 

In the centre of this new land, called Flevoland, Lelystad is situated. 
Lelystad means "Lely's town" named after the celebrated 
hydraulic engineer Lely, w T ho planned the system of the great 
dykes and polders . Lelystad, a lively town with a young 
population and prosperous industries, lies in the heart of 
Holland at a short distance from important cities (see map) . 

Two years ago the first pile was driven into the ground for 
building a completely new town: Almere. In both Lelystad 
and Almere there is plenty of space available. Space for people. 

Space for industry. Also for your enterprise. Whether 
it is a factory, a department store or a laboratory. We can 
still offer you cheap building sites and good facilities. In 
other words, we did the pioneering, you may reap the benefits! 

For detailed information, please apply to: Development 
Authority Lake IJssel Polders/ Smedinghuis, 

Zuiderwagenplein2, 8224 AD LELYSTAD, 

The Netherlands. Tel.: 010 - 313200 - 92222, ask for: 
Mr.H.HoekstraorMr. P.A. Reynders. 


Hevoland, 

Holland, has room for your future 







2 & 






Why\fan Gelder Papier 
is positive 
about its future 


Some 




Our 1978 interim pre-tax profits were 
Dfl.10.8 million on sales of Dfl.412.6 million. 

Today Van Gelder Papier with four 
divisions: paper, packaging, special 
fibers and trading, is one of the largest 
suppliers of paper products in Europe. 


Some facts about Van Gelder Papier: 

+ investments - Dfl. 300 million for 
newsprint mill, replacement of 
production facilities 

+ exports - 35% of production and rising 
+ new products - efectrographic paper 

+ Improved efficiency - better quarrty 
at lower costs, to serve our customers 

At Van Gelder Papier we think positive 
about our growing future. 



Why not grow with us? 


and compromises are the placed by the Pen Uyl cabinet 
accepted w ay. in 1973. 

Mr. van Agt has said time Mr. van Agt*s years ■ at the 
and again that he Is not cut oat Justice Ministry were not with- 
for m the political life, although out their controversy. His pro- 
his critics see this simply as P°. sa t to release three war 
a ploy to- attract ihe voter dis- criminals serving long sen- 
ill usioned with the usual run toaees in prison in Breda came 
of ambitious politicians. This to for strong criticism in pariia- 
has not stripped him from con- nient end failed to secure the 
solidating his party’s popularity release of the “Breda three.” 1 
in the local and provincial elec- During the public ana par- 
tions earlier this year following liamentary debate over the 
his surprise emergence as planned closure of an abortion 
Prime Minister.- clinic, Mr. van Agt said in a 

■ _ For a man who claims to have totter to Parliament that he 
little feel for politics he has fonnd it difficult to remain as- 
notched up a remarkable Minister of Justice in the cir- 
number of successes over the cumstances. He eventually 
past two years- After his re- decided to stay on, however, in 
fusal to back down on proposals order to be able to continue to 
for land reform brought down influence the course Df events, 
the den Uy] government in ^is handling of the arrest of 
March, 1977, he outmanoeuvred Mr. Pieter Menten for alleged 
the far more experienced Mr. war crimes also earned him 
den Uyl to emerge as leader strong words in Parliament. Mr. 
of the largest Government Stouten fled the country hours 
party and Prime Minister. before the police came to arrest 

(wav* thi. Soni in the small town of “ d . w “ discovered 

ways the last man you would Geldrop near Eindhoven dT 111 a Swiss hotel, 
expert to find as Prime Minister yeare ago Mr van frt™ died « ^ Kristian 

Inf the nrnor.cci^ : 5 - Van *** party, whjeh zir. 


Dries van Agt 

Dries 
van Agt 



Willem Aantjes 1 


(DRIES VAN AGT is in many 


Willem 

Aantjes 


kensgraaf near Rotterdam he 
carried out his law. studies at 
-Utrecht University. A Member 
of the Reformed Church, when 
he moved into politics he took.* 
se2t for the Calvinist AnttRevo- 
lutionary Party (ARP) in Par- i 
liameni in 1959.' He -remained 
an MP for the ARP until 1977,. 
when it merged with, the 
Catholic Peoples’ Party-and the 
Christian Historical Union to 
form the Christian' Democrats. 

The ARP forms the radical, 
wing of the new group, and -its 
members have led several fights 
against cabinet policy in the 
present Government’s - TO 
months in office. One of- the 
fiercest battles has been over 
nuclear energy. Doubts among 
a large number of MPs whether 
Brazil had given sufficient 
guarantees against misuse of 
the enriched uranium to . be " 
supplied by Holland brought', 
the Government the nearest it ' 
has been to defeat. 



Chris ran Veen 


van 


Van GelderPapier, 

Pamassusweg 126, 1076 AT Amsterdam 
Tel.: 020 - 78 43 21, Telex: 12075 vgph nl. 


In the end, however, /aced 

Demn .„ t WILLEM AANTJES i» the pmspert of bringing THE ?ASTyear ; has been ait 

van 4<rt toader of a sizeable group of I he G >\f- rn ^ en oi.^ 0W r’ unusu ^^-- Peaceful one for Mr 

730 rebel MPs deternunedTtotaro t10 " wlthln ^ Clurstian Demo- Chris vanVeemchairman of -Jte 

_ l _* s the Christian Dwnnmf 'u.^. crats crumpled- VNO, the largest employer-’ 

™ his desire to keep his organisation. . . The -failure of 

, l ™ e 1 1 t 1 s ,J 3nr ^ 1 p, ^ Mr - Christian-Demo- 

the a'hie^^tn^ ^ acral5ta agree on a new coaiition 

able to compromise. . . He at the- end ‘of 1977 . was regretted 


VanGelder Rapier 


Bank der 

Bondsspaarbanken N.V. 
Your Dutch partner in 
all Banking and 
Securities Operations 


- considered “We of de- interrupted ms civil servant s iV' — — *-.n«Lian n*-*^*. 

ii very reveals his lawyer’s train- career to become Professor Hjstoncal Union. Mr. van Azt "s® 0 ?***- luua «ers are in the ^ Business 

mg, -while his stand on issues Criminal Jaw at Nijmegen fa ““ JBrentsr problems holding 5?i?2? ty \ T witbr Prime ca bioet when it gave 

such as abortion reflect his Universitv. but in 3971 returned ^ diverse S™“P together than M'-'Dries van Agt. 1973. But wfaen-twn the curre nt centrd-right cabinet . 

Roman Cathotic upbringing, to The Ha^tois rime as S e does ™ Tki *S Ws coal? ******* id offer to joto • ' 

i e ther seem at first sight the Justice Minister He retains ?on partner, the right-win? -Aantjes is leader of the j n thpir ennnm* ...vsi_ Poring the almost four-year 

of Mr. Joop Den Uyi,. Van - 
had repeatedly attacked 


best equipment for a politician „, a ^ 
Im a country where coalitions heuvel 


Hans Wiegel 



Sw JS. G e?i s th f ?- p3ty T h . is stroa S attacks on the den 
Prime Minister, is only 3<, but Uyl Government in its four 

cumc J Ju ™ . vitae is 7 ears of office pushed the WD 

ShSJi M n . A8ts,sshort more t0 ^ Right. This prn- 
JVhen he was appointed Minister voked a debate within thTpariv- 
for Home Affairs and Deputv nn iha artpnf *- -* 

mmmm? 

Minister in 1971 u-ith «« ™ “? toe conservative 

political background T e iCr fTeamSe HTJ'h??,!' 1 *, 

8 C„T r ievel - "ending 'cu4 pla^c" bv 

Amsterdam in 1941 the present Cabinet and sees 
Y legeI atodied political and improved companv profits 

Umversftv ei Hp S ioinlrf th* C 'lZ “ a prere< I ui slte for reducing 
SK. “Pompioynient. 



Hans Wiegel 


The Bank der Bondsspaarbanken N.V. 

- the central bank for the Dutch Associated 
Savings Banks wi* a network of over 
J .000 offices - offers a complete range of 
banking and financial serv ices. 

■Dcposi ts, etc. Dtls. 937,660.844 

Capital and Reserv es Dfls. 33,000,000 


wing of the Liberal WD Party c,-« M V . . 

in 1961 and rose to become its 06 h f toofe up nls “Jinis- Socialists was a big Question 

national chairn.au within four fr J *£> 11555 DUTCH tr*e union 

isr mS.S #*£3 

1196,. Four year* later he subdued performm^S ^too Sifltet teSS n h S, b S t S re career., Tfco 

»f provincial and local .Ipch™. TS’fv.SSl?? J 1 ® ^ »*« countty is on tee eve of 

they : 


or elrewbere™ ^ f*™**™^ Save up 

. the two sides in the? present ailms to r ’ s portfolio „ - - 

s Dutch Parliament is lD March ^< !ue to a disagreement Van Veen (o5) was thrown hi 

• wide. • ■ over cabinet policy on . the ^ . deep end when he wa$ 

The small maiori^ihich rhe neutl ?“ ^ Earlier this ap P oin ^ ed to? first , full-tir^ 
Christian Democrat C'Tihoroi o’ooto Mr. Jaap Boersma. Social t * a i I ? i anof the VNO In January. - 
, party coalition holds li Parlia- Affa,rs Roister in the previous The Netherlands was tiwj 
■ meat makes Mr. Aantfetfs nosi- f® ve ™L ent and a member of “bJect of an Arab nil embargo 
tion particularly strow. With 1 . , announced he would in. -The- Hague, . ther 
only 77 of the 150 seits under y rithdraw fro to polities becau.se employers’ chief: faced the. 

: its control the Gwternment disagreed with, the comprn- country’s first ever Sodalist- 
: could easily be brought down . e Christian Democrats fionodnated cabinet— a cabinet 

But small majorities can al-?o 'J r ^ e ,” ein S forced to make. -Mr. _ which- ifl Yaxt yeenVs'.view.sidei 
be a means of keepingiebels in 4* D S e 5 iQ tends to stay and see with, the trade unions on most - 
order, and Mr. Aantjes has not , .* h * His will be a key major issues. . 
yet pushed his revolt to its ln dec,d * n 5 the fate of the Mr. 'Wlm Kamk. Van Veec s 

logical conclusion. ■> present coalition. . trade union- counterpart may 

CJL have had an unusual badkgreund 
- ; in that he has never held a blue- 
collar job. Chris Van Veen hia- 

Cnlf . I..J 


Born in the . village- of Bles- 

Wim Kdk 



Bank der 

Bondsspaarbanken N.V. 

Authorized Exchange Bank 

Member of the Amsterdam Stock Exchange 


u ^ uea ungs gnverni 

own imimaifeH °"^, a ii s ^toeral coalition, as a whole - f«*uwuus air. wiegel — j 

edited his naSv ® xpene " ce - the Liberals lost ground. ° as . 13116,1 on * an * tos party's t ? me toe war. even 
edited his nartv - - junior position j n the ruling ^oagh not. jprcessive by Euro- I 

ve clearlv have edged him some- stMdrfds. Various indus- • 

sh a good ^ hat “ to me background in su ch,*s shipbuilding and ' 

° tha noe 4 TT- » iPVTi 1 ac kor-n ■ i 


I j-7 j — . utv, ne 

edited his party newspaper, for Mr Wiegel *»nn t-h 


1001 AR Amsterdam, Netherlands . Singel236 
P . O. Box 3861, Telephone (0)20-221066 
Cable address: Bankspaar, Telex 11657 


S££&S 3 a?-s 3 S*s&. „ _ 

mg Corporation. WTiether the new Stiw bi ^day though, and 

I PTiPrPPHn 11 ^^ g0 u d u 0ks and W0u,d mana ee to hold together dou btediy plans to g0 

I nrnvS d hic P ^l Ch ■ have after the Christian Democrat’s furtber * 

\ proved his party’s image, but four years of working with the 


—* 0 - “MUU til 4 ... _ *> * 

past year. He has come ^ Te dee P Problems. 


40th welHuiown Dntch muJti- 


national^ companies such as 
much Sbe ^ .iUmlever and Philips 
sometimes look as though they 


To do business 


_ uiuy 

PH are deserting Holland in their 
v-o. quest for larger and more profit- 


’ ' • , - a— — - ****'*'- PU'UI- 

able markets. Even many small 
and medium-sized Dutch busi- 



a 
was 


in 


CC.S 

led 


Wim Kok 


self had never . managed 
company . -when . he- %, aa 
approached by the .VNO to be- 
come employers* chief. He rose 
from the posrtiqrt of municipal 
orvil servant. to.; eventually be 
come^a cabinet minister, J 
charge .of education and scienc 
in the centre-right coalition 1 
.by Mr. Barend Biesheuvel, (19n- 
1973). Van Veen had been state 
Secretary - at- the - iflnistiy of 
Home Affairs in the preceding 
four years. He is a member of 
the Christian Historical Union 
Party which is now part of the. 
2 Christian Democxat Federationl ~ 
‘ 7 \ has given a warm 

: welcome to the_ 'Gavermnent’s 
xecenr economic austerity pack- 
age;, although he has definite. ’ 
doubts whether, the announced ■ 
m^fiures.Avil] be sufficient to 


in Holland, Pierson 


recommend 



You need a creative merchant bank. 

sp=atstaSlSS eedsato,i,,,at 

and into™ vtf t ^ nderstapds domestic 

and lnternabona 1 business problems. 


You need a capable general bank. 

^ When you're setting up business in a 
ioreign country, one of your first steps is to 
solve your day-to-day banking needs. 

. Person, Heldring & Pierson's general 
banking services take care of chores like 

TTl nn OTT fro n X. • t « . 


sssa*** 1 — -** 

Kerson is that bank * i , i While our financial advisory services 

Rrst working with vo^on you free to tackle more 

2 Sj-SG£SaS 2 SBa& ssstssss^ 

, Dona issues- public, pnvate, idp- servicpc vnu 


Uutch busi- _ . adlieve the objective, ie. td 

more outside the Govenunent has kept the Iabela trinl '-to e growth pf public e& 
conntiy than they have ever , cunningly changed the eon- jS^ ' *7 create much 
d0 5® before- tents, Wim Kok contends. /'SSSJS* ? eewa V^ ^for-tbe corporate. 

The Netherlands has known - For 11,6 19 ? s wage negotia- “ se S°- r %. 
few trade union leaders who 30(1 bis men- have* -toe -esfe 

have gamed so much respset t f b . led raI atively moderate, pay ^ sien haoi r- 

and m such a short time, as 0131 111 ^ 0nJ y the lowest income borne the message that 

Wim Kok. Today, at only 40. f^ 0UIW “ ay g et ^geincreasei “^S U E^h r 3^“^ Sa ^*- 
Kok has been President of the ^““Sb self restraint, the ~dustev arv5S h h£f u, ^ Ss ' 

FXV, the country’s dominant Umo , ns hope to get ^ ' the ^ ¥ mp £- 

S£L t T 0n federation for to sign so-called job world marta^ ^^ '^ 0 ^ 041 

nearly three years. Kok. tall se ^ lt Y agreements. ' Prfn'JS-hS 'il ■ i ' ‘ " 

and slim, and a skilful negoti- '- But toe FNV appears to be VNOri» a ?™» Wpowtment xs 

ator, has a most unusual back- 1D * ra toer weak barg^iiS spent *** 

ground for a trade unionist He £? sitl0n - a start it l£S£ t£d SSS 

SunS*? f P“ Nijenrod c. the moral support of the cur- UDderstand^e^probK te e 

^ foremost business Sovemment and: it member compasSes! ^ ' '® 

school and spent a short time ^ 6mem bers oqly too well that A if V 

m an international trading com- ^ en wt b toe Socialist Den Uyl taagtaJS?* 
pany before he joined the M novver * unemployment has Van Veen ^- ri S 

At a European management 2om hftri? 1S ff eC 2 no?aic recefr ®l rly last year, h? w2 

symposium m Davos not long off than in almost SJf? 6d b 5r some . of the HU' 

?°° Kok ^Pressed bis audience ftemn?rt^f> 0UJltry ' For tois, the Sfi ^ ber ^ Ior Si^big way to the 
by answering fluently quest ions «vp„^Jf 7) natu ral g3s demand-Su price 

on a range of subjects in three Sn*n UeS can be thanked. F°“POnsabon— ^to 0 quickly.Buf 
European languages. Foreign *? e 11111011 m ovement clrtein 4 h ?. pre .VW t edii near- - 

embassies in The Hague see *bat any action similar Sf.2tl n C T l . p P lin S of Dwtcfr . 

Kok as the “coming man," as !? lke ? of early I977 t the had^dS? Would have had-, 

ope diplomat put it, who coJd wn.l^T 6 since toe w^ S?'w£SS 0, f Q . 

nse to become "at i e «t « WOuld ““doubtediy lead to more tlte oSSSS' ,f . torned .ou^ 
Cabinet Minister.- At _ ' 


Cabinet Minister.” At the^nw 3 ““^Ptoyment • p^a tne oiiL 

°i!lr. Inodest liead offi ce of a „- 5L te Kok realises -meSLUS ^ need 

toe FWV in a nondesoi St hi f?^? babIy «** WiiwB rteSih ?^^ 1111631 ^^"tQ 

suburb of Amsterdam. iSfc-s 5fr«!f«i! iy ? c 50 t0 Push comL? L^?!? yers :th rougbihh. . 

“5.?"?..“ ““taUenged. nation DegoHation^ ^, IU l I ™ ! .^!l ; 


through his co-deterr^Tn^ 311 xumm * ““POi 

viot* 0 86 * 8 ** « 

M.v.a * ofDnteh 


on 4^7 * v; — r/ VCUi we are es 

We also offer you expertise in mer- 

ac ^ lsl tions, sales, corporate trust 
activities and tax counseling. 


. w^tuauu uiciiidciiani n an it- . 

ftew e ^d° U ^ HoUan ^ ^ throiugji- 

If your business is international, let 
Pierson show you how one bank can be the 
two banks you need 

PIERSON, HELDRING &PIERSON N.V 

Head office Hmmgracht 214, Arasr^rdam The Netherlands. Telephone: 030 - 211188 


. ™-«" W «Mn lfc rt,nrasiFrwm Ul?iv?UluJaiK 

;; 


6261966. 


pand outside their own borders 
cannot solely be attributed S 
toe relatively limited size of the 
home market, or the cm!?? 

°nmlfy “hS, ““’’W"® with 
oeneraily high costs to affect 

Snm^Af 1 ^ 5 competiti v e edge. 
?°®® of toe more radical social 
efonns pushed through by 

R)k-s union,- W j tb the support 
of .toe previous left of centre 
Cabinet led by the Social^ 

Joop den Uyl, have wSSJS 

f°oreiL nUDlber of ^3 

SSSL con,pa!,ies •"» 

The reforms, in the field 
industrial democracy 
growth sharing and^atioS? i 3 
vestment pohev a i? ^° nal In - 

toe stmgs that could upse/ the 
busings community. The Hagu! 

[against unemployment “The 


Doing busine^frib 'udi^ArabiaJ? 
Having dmcuityBndingyoar way? , 
We Gan tell you about sponsoring? 

bander agencies office 


^Head Office in Jeddah 

BANDER AGENCIES EUROPE - 

P.O. Box 29184 Telex 2&581/5«tt } 








"inancial Times Monday October 30 1978 


1 r\ j i 

^ Cl h 


THE NETHERLANDS XHI 


The food industry 


r 


Expandin 





ANTES in Holland 
’ ie largest aittclo Indus* 
tor. accounting jor ahnui 
cbr.t of toia! niannfac- 
turnover. They range 
Yom giants such a? Uni- 
^hruu^h the large agri- 
co-operative nrgani^a- 
Vhieh are little known 
n Holland to « host of 
4 iwialiM companies. 
U'ijiding on whether they 
2 S rproducts direct to the 
* junder their own brand 
r bulk products to other 
ng concerns or the large 
. hains, they are house- 
P, tmes or practically un- 
Vj even in Holland. 

i baby foodd and milk 
•^are well known 10 the 
'Si housewife while the 
s of a diversified food 
inch a-i Wesaaneu reach 
jor other labels. Coin- 
such as Hvineken and 
n the other hand, arc 
an oils m beers and 

bewildering range of 
ies and the pre- 
ni.e of small businesses 
food processing sector 
I a difficult industry' to 
It.-, importance To the 
■conomy is dear from the 
gures. though. Turnover 
e foodstuffs industry 
ed in FJ 45bn iS21.4bn) 
— a quarter of industry's 
urnover. It was more 
. ice the si.Tc of the next 
sector, chemicals, and 
four times the size of 
‘electrical engineering 
y. Investment totalled 
an, placing it behind only 
■micaj and the combined 
working and engineering 
ies in importance. It 
■d employment for more 
Ift.noo workers— about 15 
‘ il of the entire industrial 
rce. 

lv 60 per cent of Hoi- 
Gross National Product 
from exports but the food 
y is largely domesti- 
. rientated. Two-thirds of 


sales are made in the Nether- 
lands while many of the raw 
materials ere -produced by 
Dutch farmer ». This strong 
link with agriculture is reflected 

in the largt* number of co- 
operative organii-.a lions in the 
industry, particularly where 
dairy products, mixed foods, 
sugar and potatoes arc con- 
cerned. 

Importance 

The importance of the heme 
market gives the industry a 
stability lacking in the more 
export-dependent sectors,'- but 
it also means expansion "is 
limited by the slow rate of 
population growth and the 
saturation of certain markets. 

Sales in Holland have been 
growing at a rate of 2-3 per cent 
a year recently — half of it the 
result of the increase in popula- 
tion. Exports may be less 
important to the industry in 
volume terms but they have 
been increasing at a much faster 
rate — around eight per eent a 
year — than home sales. They 
now a l iieum for 15 per cent of 
all Dutch exports. 

The low rate of growth is 
expected to continue over the 
next fc-w years. With rising 
prosperity, spending on necessi- 
ties tends to become a smaller, 
share of total consumption. The 
population of Holland is 
expected to hold steady around 
current levels of I4m, Whereas 
raw materials are increasingly 
being processed in the country 
of origin. The answers to these 
problems lie in the Anther 
streamlining of production tech- 
niques, company mergers and a 
shift to the production of better 
quality products. Exports will 
been me more important, 
although the home market 
will still account for the greater 
parr or sales. 

Unilever, the Joint Dutch- 
Bnlish group, is the fourth 
largest industrial company out- 
side the U.S. although its food 


divisiun .'iceni nits for utiiy half 
of ;hi>- Turnover. Fond .sale-, 
anuiuuii-d in FI 23bn in 1977 
out ill a total Turnover of 
FI 44l»n. The margarine 1 *, nlher 
edible fats and oils and dairy 
product:, division and The 
general roods division which 
include-; frozen funds, meat and 
fish) c.-icli . acrouoled for half 
ul hie fund turnover. Margarines 
and (rci/cii prducts were among 
ihe be -i performing sectors in 
the second quarter of this year. 

Bui with the hulk of sales 
in the developed economies of 
Western Europe and North 
America, the limits placed on 
growth m the Netherlands-:- 
with a relatively stable popula- 
tion and a decline* in spending 
on m-co.ssitjes — apply in these 
markets i.m, Unilever was only 
able to maintain' Us position in 
the world edible f;:(.s and oils 
mark els m J977 while sales nf 
convenience and pai-kaged foods 
were held back by the sluw 
ernnoniic growth. 

Foreign ownership of Dutch 
food gnujps js generally small, 
although There ‘has been exten- 
sive penetration m some areas. 

U.S. cum panics have built up 
dominating holdings in the old- 
established Dutch coffee, tea and 
tobaccn i-nncerns. Following a 
split among members of the 
bounding family of the Douwe 
Egberts group. Consolidated 
Foods of Chicago acquired a 
65 per cent stake in the com- 
pany, although its voting share 
is limited to 26 per cenL The 
U.S. group Standard Brands 
became Mde owner of the Van 
Nelle group of Rotterdam last 
year, while American Brands 
has: had full control of the 
Niemeyor group since 1973. 
Difference;; in national tastes 
mean these companies retain 
control uf the blending and 
marketing of the products m 
Holland. 

The number nr independent 
brewers has contracted sharply 
in recent years. This develop- 


ment di Inu oil ih'* Bril .sh Anil'll 
Breweries to u*n»i n'v a l»r»».\cry 
in Bred.i which now trades as 
Skul Brew cue?. 

Despite the home market 
tmenlaiion of uiany fund 
businesses miiiil- have acquired 

foreign subsidiaries iia a naiural 
development of their export 
activities. Heineken. sin* largest 
Dutch brewer, exports i-» I7il 
countries and/or markets and 
has more thju 40 per cent of 
i lie U.S. market jui impuricd 
beers. Il also ha-s sizeable brew- 
ing operations in I he rr:f? nf 
Europe, ihc Caribbean and 
Africa. The Hols spirits group 
extended Its foreign activities 
in 1977 with the purchase of a 
Swiss-Italiau company produc- 
ing the Cynar aperitif. 


Drinks 


Companies r,ut>ide the dr inns 
sector have been slower rn 
expand abroad but WV*>anen — 
a diversified company proces- 
sing cocoa and oilt, animal 
feeds, dairy products, flour and 
meat— recently announced that 
the limitations ot the home 
marker meant it was looking 
abroad. Last month it hough t 
Marigold Inc. of Minneapolis 
for J?20m from ihc U.S. Ward 
Foods group. 

The food industry ims a 
chequered history of attempted 
mergers within Holland. Suiker- 
Unie. a cn-operatively-nwned 
sugar producer, made a bid for 
the other major sugar group. 
Ccnirale Suikermij tCSMt in 
1973. CSM Tought the bid. as it 
did a second bid from Royal 
ScholTen Hnnig (KSH). Both 
groups acquired large stakes in 
GSM's capital bur their take- 
over attempts failed. 

CSM then offered to merge 
with Meneba. the largest Dutch 
industrial baker, and with the 
hiochem teals and yeast pro- 
ducer. Gist-Brocades, but These 
talks were broken off. Heme- 


ki-n’-s hid for Bnl> :n 1976 also 
met strong opposition .md after 
a bitter battle was called uiT. 

ironically. in ilic lisht of 
KSH's earlier bid lor CSM. the 
sugar company has now 
acquired KSH’s food activities 
while other Dutch concerns are 
also picking KSH's bones. 
Wi.-ssaoen is taking over KSH's 
wheat products division while 
The potato processing co-opera- 
tive. AVEBE, is aiso taking over 
some of . KSH's activities. 
AVEBE. Wessanen and Suikcr- 
Ume are togelher taking over 
the remaining starch - making 
activities. . 

A change in EEC sugar regu- 
lations. expensive investment 
in a factory to produce artificial 
saved eners in Tilbury near 
London, and lough new pollu- 
tion controls m Holland contri- 
buted to KSH's downfall. The 
company has now been wound 
up and its various activities sold 
off. 

Pollution controls are also 
causing problems for the 
Meneba bakery group. Looking 
around lor. non-food di\ edifica- 
tion. Mcueba set up a chemical 
waste disposal division, employ- 
ing incinerator vessels to burn 
up waste at sea. Limits on 
where the vessels are a Unwed 
to operate — coupled, paradoxi- 
cally. with the refusal of gov- 
ernments to force companies to 
incinerate waste as opposed to 
dumping it — have meant heavy 
losses for Meneua from this 
division. 

Holland's traditional food 
image is of the .-.mi I mg cheeie 
girl. Closer study reveals a 
mullibillion guilder industry 
applying high technology pro- 
cesses to the preparation of pro- 
ducts far the table. The 
medium-sized companies are 
now starting to expand abroad 
in a process which could pos- 
sibly produce another Unilever. 

C.B. 



mh l 




h K -Wh • 

MW % jud. ... /*»*«*. F 


^9 r*7 

f... I.;* 


i ib' 

i ! H’ 
'! » ! ■* 

I |.i r- 

! Hi.-? 


M SS* 


r > 


SK / .. 






WE OFFER 


YOUR LOCATION 
/ ON THE CONTINENT 


610 ha 

^ Halfway between Roccerdam and Antwerp 
'Jr Excellent rail — road and water connections 
Harbour and customs facilities 

+ A splendid inland Terminal for physical distribution 
(of course for industrial establishments too) 

When making plans consider : 

INDUSTRY— AND PORT AUTHORITY OF MOERDIJK 
Steenweg 100, Moerdijk, The Netherlands Tel: 01683-550 Telex: 54851 


' vlv 

'z-'- >. > 

. %y ->• : V •• . ■; ■ ' 

V: • 


-ft 


Agriculture 


too much 

PROFITABILITY of fast as anywhere else, except Milk yields are similarly the 
ture in the Netherlands Northen Ireland (26.3). liighest. Although dairy cow 

ibutc to the sort o£ prac- Land rents were already the numbers fell by o.g per vent in 
r>_- V ingenuity that once highest in the Communi^ by 1976, milk production grew by 
led land from the sea but that year — up to 98.47 units of 2.7 per cent. The average 
r% ' cems bent on doing away account per hectare compared growth in yield per hectare for 

the need for land yith 88.S in Germany and 41.93 all sectors of agriculture is 
" *ter. in the U’-K- . more than twice as fast as in 

■•mintrv alreadv nroduces , 15 ** m05t an >‘ ether member slate. 

thTraSnS l3b lZ atens ™ “ 1)16 C ,To How do they do it? By 
rural output on about mumt5 ’ ^ n ? devoting themselves to those 

cm of its total farmland, “JJ ^5^ l0 ?n he 25SJ2 > “- ai ^2 ?^ tors massive input of 

SrSaS^t B i ® 

rV - 1 «s HSs 3? 

•JVC. Crop and milk EEC< comp aring with 10.438 in hif P L vI=i fh 

arc the highest in the Germany and 5546 in the U.K. f^irid^LetablS fa? 
nily: productivity m social security contributions 10 V TOr ce _ L (T w e sectors 

’ f i s 2 hi-hM 1U id d Erov,^ pa ! d by „ eD,p ! 0y S “ taddwtaUy. receive almost’ 

IS higher and growing on ] y t0 in France, and five twice as mneh nrice sunnorr 

han anywhere else »n the times th ose paid in Britain. frn „ thp ; S? than all Shei 


■ ion aujitutit umes inose pam m amam. trnm thp TSPC than all nthor 

Jut it is also expensive. Fertiliser and fodder bills are a ^ultoaP product 

re among the highest in a i so disproportionately high, Aether ) ** ^ 

nmunity. partly because of higher prices. . „ 

green currency system, partly because the scarcity of la^-TincrtmiSfily Dutch “Sw 
convert common pnees land puts a premium an high are bc>j ^ , ®! y iQ L . ubicles 
-mils of account into yields, which means the Dutch ralher than fi e jdi5__and lend 
1 currency, boosts Dutch simpiy have to^e a lot more of them5elves t0 the lechni J ues of 
ices by more than 3 per them than anyone else. factDry masg production intro . 

o a level_ about per • D utc f, a ] s0 a j 0 [ 0 f duced by • the large-scale 
bove LHC prices. But. heavy machinery. Not in rela- business enterprises which 
the high productivity t0 livestock numbers — they control most of Dutch livestock 

;h prices, the return on jj ave a bout 3.5 milking machines production, 
investment is only about per 100 cows W hich is the same Small tzmiiy businesses still 
—for example the ratio as iD Britain and less than in account for most farming in the 
* investment to gross Germany |9> or Belgmm f5>, olhcr Benelux countries but in 
value is roughly one to but more In relation to land area the Netherlands, their days are 
m pared with one to five _they use 330 tractors per 100 definitely numbered. 


ice. Italy and Belgium hectares, second only to scientific technioue hiah 
three in Germany and Germany f 386) and far more pro ductirity,and massive prit-e 

. . . . Britain (I09). support combine to offset the 

is because nf the high Given the constraints imposed high to a po j nt 

"6 show land prices, at by high costs and limited space, where export is highly profit- 
• rising costs. Figures Dutch agriculture has remained able The Netherlands is the 
units of account per viable by concentrating only net exporter of agricultural 
. third highest after boosting productivity. Its cereal and food pcoduets in the 
i f6,660). and Germany yields for example are the community— -its trade surplus 
and well above Britain, highest in the community, on fop 197 ^ was around 2.275m 
: but Dutch prices were average around 4,750 kg/ha units of accoimt (4,S67m in 
stage rising by 33 per compared with the community* 7975) compared with a deficit 


vear — at least twice as average of 3,970. 


ho cares? We do! 

terdamsche Droogdofc-Maatscbappij nv 
tend am Drydock Company 
repairing Specialists 
, j uwenlaan 56, Amsterdam, Holland 
. ae 020 - 2 1 38 1 1 , Telex 1 1 476 


SINCE 

1877 

aria 


.for the Community of 21,517m 
(13.915m)., ' 

Self-sufficiency continues to 
grow and currently stand 
around 443 per cent for butter. 
273 per cent for whole milk 
powder, 235 per cent for cheese, 
824 per cent for veal, 208 per 
cent for pignicat, 190 per cent 
for all meat, 193 per cent for 
fresh vegetables, and 128 per 
cent for sugar. 

Whether the Dutch ought to 
be producing. so much, in view 
of rhe large subsidies required 
to keep them .in business, is 
another matter. It is a question 
bound to be raised with in- 
creasing frequency if and when 
the problem of reforming the 
Common Agricultural Policy is 
taken up by EEC Heads. 0/ 
State. 

Margaret van Hattem 


Convenient connections? lobe sure. 

But did you know that Amsterdam Airport is actually 
a refreshing place to change? 



, 

r -fi ■■ ’ 


• - 

, As. 

■ 

.■ r - . *r. >- ■ _ - • 


Example: There are rows of free showers, a cat-nap hotel, even a room to bathe 

the baby on our lower level. 


There is probably one thing you've come to 
evpect from airports. Inconvenience. In that case, 
KLM's home base will be more than just a plea- 
sant surprise to you. There's a good ‘whispering' 
speaker system that makes announcements easy 
to understand wherever you are. 7 KLM transit 
‘ / • desks to guide you to your depar- 
D4S D55 t ure gate. Moving walkways that 
-•S'.* take the 'lug' out of luggage while 
heavy baggage is transferred auto- 
matically. 

And plenty of seats at the 
boarding gates. 

Not that you'll have much time 
to sit in them. 


arrive early enough in the day to make good, 
speedy connections . . . whether you'll be going on 
to North America, the Mid- East or around Europe. 



■ - m m 


lit — :iX . 


Virtually all flights 




And in this well laid out airport, you'll stay 
under one roof. >ou'll always ‘ - 
transfer within the one ter- 
minal and within the customs 
area. That means you' can do 
ail the duty-free shopping you 
like at the cheapest tax-free 
department store in Europe. 

Where 'duty-free' still means 

'a bargain'. 

And that makes for a refreshing change. 






KL 


The reliable airline of Holland 


F I “ 

S.«r' 





STRUCTURAL STEEL. 




.fgg :£’4 j 

Dl KEMA& CHABOT 


: wb&i v.; m>:- 



A FINANCIAL TIMES SURVEY 


EU 


DECEMBER 4 1978 


The Financial Times is preparing to publish a major Survey on 
Europe on December 4 1978, the provisional editorial synopsis is 
set out below. 


INTRODUCTION The state of European economic and political 
integration as three more countries — Greece, Portugal and Spain — seek, 
to join an EEC that is still grappling with the problems of recession and 
unemployment. Where is the Community heading and what have been 
its achievements during the past year? 


ECONOMIC AND MONETARY UNION In a period of continuing 
economic difficulties, the Nine are reviving plans for a new step towards 
economic and monetary union based on tighter co-ordination of their 
exchange rates. - ■ " 


ENLARGEMENT The process of admitting Greece, Portugal and Spain 
to the Community is well under way. All three countries’ applications 
to join have been welcomed on political grounds, but nobody is minimising 
the economic difficulties. 


DEFENCE The NATO countries are now seriously concerned at the 
growing military power of the Warsaw Pact and are planning to step up 
their own defence capability. 


DIRECT ELECTIONS Next year will see the first elections to the 
European Parliament, more than 20 vears after the commitment was first 
made in the Treaty of Rome. 


Financial Times 



THE 




The 


state 




THE ASTONISHING advance mean higher wage costs. Higher work if . they could.. V_ Some none o f these benefits is go 

af the Dutirti welfare state since wage costs also mean higher economists put the unteriying lo be diminish ed in The Ieatrer -propos^-^xpeTi djrure.'C^^ 

11 LIT* prices, which in the end also unemployment rate three or years ahead, 



. . , . nrifPis which In the end also unemployment rate tnree or vears aoeau, «***»■** r outlier „ guvci u- . . • _ 

the 1960s has finally reached P ^ b ^er unemployment fou?Om2as high as the official growth of the systeracappo inent^has anaotth^J-pI^hs-f or ■ * > 

the point at which few people ^ entg because social statistics, pointing ouf-St the longer be maintained. ^ Indeed, a jiew-^riye .3^asf--_abQ*e. of V* 
believe it can continue without s e ‘ urity benefits are index- same time that the Nethfcrlands the Ministry is still makragun-^ ” -work. 

placing intolerable strains on jinked to the minimum wage, has tbe highest rate ' wT- sick proveinents lo It ^ve^- ^'^n reason^ its ■ r i * 

the country’s economy, is in turn indexed to leave in Western Europe. -On increasing old age. pepsums,._ prpte^hpnfist ;i ’# 

Although it has been argued n r i C es At just under £100 a aw one day. an average^# 10 and. at the beginmig u-a™ eitiaens; he JiMfer^l.buti : -i 
that the two are not necessarily week, the country's gross min;- Per cent of the'. Dutch* labour year, bringing TOH^mpl^ed^eEK^pttfe.aofitofr^st;# great :=j >i 
directly connected, ihe coun- raam wage ; S s kid to be the is off sick and t&g figure married I “JJ ' 

trv's natural gas wealth has wnr i d » s lUehesL ' . «* as high as 20 per-cent in of the latest disablement be sayedi -Jpphce mveStigations - 


try’s natural gas wealth has war i d ’s highesL 

upsurge in** welfare spending. The wage link also means that not be coincidence that the is to fulfil its aim of reducing Jawsonseeirecy to- be revie^'ed 

which?- in oomina! terms, has f minimum wage worker _who raies reach tbelr peak ton 7ffon- the burden on the . . -P"™** : t0 help track . tidwa people work- 4/ 

recently been doubling every ? s ® s 1,15 Wl11 ® nd _ days and -Fridays. . sector, either economies - ^T-iagjfnde; names or anony- ;/ - 

four vears. The Netherlands httie or no less weti off. Above All this, of course/jprovides have to be found be.- -, 

now orobablv devotes a higher the minimum, tne rate i» SO per easy ammunition for Jhpse on or the system .WlL have to be made . responsible fbrtaxes snd^ 

percentage of "ra-** uatinnal c | Dt °L ^ pre ^? ous wa f e fc f ?- r Lhe Right who claim "ffiaf- the made more seltinancingHir premioms'.^grabie Jiy sub- 

Sct to soLr benefit thii =« * ' *?**?} J*?™ ««* has turned . the preferably both The Govern- ^^ctore ; and; directors for 


any other country in tbe world. d “ y aJlo -K^^' P 15 Dutca into a nation of £ddlers ment does not agree with the those payable, by their com- 
But ?he ^wUlsoon tar! nS the possibility of /o per cent of Md shirkers. The figures, in view of Mr. Joop den UyL the ^es. - 
in^ouL^and throughout The earLeir for ? - further fact, show that in 1976 a work- former Prime Minister, that the ^ B ut the aain hopeis'ihat the 1 

Ifeta T s^T’there is S! b f.Sff r a ^.population 0E4.3m.yas' sup- general public would i be pre- befits: 


THIRD WORLD Europe ■ considers itself a pace-maker in the world 
development effort and the North-South Dialogue. An assessment of the 
EEC’s Lome Convention with developing countries in Africa, the 

rorililioin *>nf1 Uin DnnSCn n_ J tu. f.. ...... i 


Caribbean and the Pacific and the negotiations for its renewal. . 


TRADE AND PROTECTIONISM The Community has been trying to 
promote further liberalisation of world trade, and a reform of its rule; 
in the Tokyo Round of multilateral trade negotiations ir. Geneva. 


AGRICULTURE The EEC’s Common Agricultural Policy continues to 
be sharply attacked from both within- and without the Community. 


FISHERIES The attempt to negotiate a new common fisheries policy 
has' led to tension between Britain and other European nations. 


COUNTRIES Articles will also be written on EEC. and EFTA countries 
as well as on Europe's major industries. 

For further information and details of. advertising rates please contact: 

Neil Rogers 

Financial Times, Bracken House 
• 10 Cannon Street, London EC4P 4BY 
Tel: 01-248 8000 Ext. 575 


HNANCIALTIMES 

EUROPE'S BUSINESS NEWSPAPER 


k 


bo of Surveys in the Financial Times are subject ro dunce at the 
I discretion of the Editor. 


But the gas will soon start run- 
ning out. and throughout tbe 
political spectrum there is 


“f! 


inciuuea om age pensioners, same levels. ? where hi this survey, the unions 

widows and disabled. is hard A HillStment " ‘ do tioc believe the Government 

to find real evidence .that the AUJUaimClH is dome about it the risht wav- 

up to So per cent of the money, declare* illegal "otacK wopk. maioritr of ^ traditionally There is probably also some, 

have seen their social security which may. take their real earn- hard-working Dutch population SCO pe for adjustment in the 

contribution rise from lo per tngs to a higher level than when .^ uJd prefer tD be uwnipjoyed health services, which are run: S 

cent . of gross salaries in 196a they were fully employed. » ba:j working. Many the un- under a raiirture of insurance boursi whetber throueh - 

la around 25 per cent this year. UnemploymenL at 200.000 employed feel socially unco m- schemes. There is npy National a-thorrer u-oricine weefc. earlier* 
putting enormous pressure on ant j rising, is oScially put at fortabie, and the unions, at. any Health Senice. Broadly speak- ; rArir«BPnf nr tath: Bnr the 
wage costs. The result is a around 5 per cent of the work rate, have decided ;that job mg. the system is that all those ^ ininr ,. {f&aaree ' examoU 
vicious circle. Higher wage force. But a further massive creation will be their- number earning under FI 36,200 a . year over whether -the wnrkino' week 

costs mean fewer jobs, which 500.000 people are covered by one priority in this .veatiiiforth- (about £9,000} or just over half h Q^^^Jiivrte-ied hv red ucin- 

mean higher unemployment disability schemes, which almost coming pay negotiations. the popitiation; are. covered by. n 7 

payments, which mean new certainly include a great rrom- Tne Ministry of Soaal 'Affairs a compulsory health insurance "^ t 'j OG 

demands on employers, which ber of people who would be at in The Hague is adahiarit that scheme through a sickness fund; h a ™ e pyiaflv' 

to wh.ch Ihe employer ^so con- ^ other suggescone include 
tributes. The better-off are 


demands on employers, which 


Labour 


iriouies. ine oener-on a™ rijufer sibbettcals and a pn> 
usually insured pnyateiy, often ^ ^ ^^5 a, ouW ' 

T? . the '^,f m J*S yerS allftwed to. choose at .iheir o»r 

-1 — * 1 mi different . sickness 


funds dispersed around' / the ^SJikjlidays, &ifc£Tnum“ 
country, there is -Foph) • for .qj iaditiduaf days a yea? * 
rationalisation. ^ . (perhaps 10 ) wlien they would 

In. a bid to make more ± , tQ ;ntc :. 

cient use or existing facilities,. 
the government is also restrict- 7 ^ . 1 .;. 


convenience; and in addition tc’ 


Job security 


Ini TO TSSr aw 

general hospitals and curtiHiW y Jf That h 
^LialS^as 01 m ° re .-SSM.5&-T .vea, 


few ment. -Such schemes could be tbe 


the expansion of moird ^ ““L, 

' specialised activities. •••• . r; . ; ^^t to rise.to 26.W0va year 

[THERE HAVE been few ment. - Such schemes could be tbe same time, 'the union Proposals to levy. . small in fP * 1 

upheavals on the labour front financed jointly by the Govern- realises that it would probably charges on those who \&Ji4d m j£iosfl- w nrp tr. 

ihis year. As might have been ment, employers and the not be able to whiprnp enough afford it for hospital treatment thr 

expected, the unions' relations employees, the latter by re- support for industrial action (perhaps £2.50 a day) . and ‘V 

wiih the new- centre-right coali- ducing the amount of price com- among its rank ancffiie if the impose an annual sum' of £25 

tion in The Hague have been pensation, for example. issue was not primarily about P«?r family for doctors* - fees ~ 

rather coot. When the prerious The employers’ reaction to the incomes. ’ vvere rejected by Parliament xitt ocfal Smritir ^ ^ no* 

left-wing Cabinet led by Mr. job security demands has been - Dr. Willem Albeda, tbe qhr.f- the economic policy debate resume SrSwirW mWardr 

•loop Den l*yl collapsed, varied in tbe past year. A chair- tian Democratic -Minister of earlier this month. The debale L, / , ^ 

Holland's dominant trade union man of a medium-size company CONTINUED ON ief t it unclear, however; how u '~'p D n 

federation FNV called it a Amsterdam said: “ Our main NEXT fAGE far sickness and unemployment •;. ■. ■ ■' K.U 


! its rank antf^le if the impose an annual ^um of £25 be' SSvSTthei 

was not primarily .boil: per family For doctors’ 


federation F.\'\ called it - a ju Amsterdam said: “Our main 
■* black day” for Dutch workers. fear is that job guarantees will I" 
The central theme for the mean keeping on a larger work- 
19i8 national wage talks was force than needed. Obviously, 
employment. Price compen- what we must avoid at all cost 
satiun, the issue which had led ; g overmanning situations as in 
to the Netherlands’ most exten- Briuin ” In its annual report, 
sive. labour conflict since the pub]ished in September, the 
war, seriously denting its strike- FNV union federation stated: 
tree reputation, had been for- ~ Wuh the demands in the em- 
gotten. Ironically the price pioyment sphere, a remarkable 
3 nSa i 0 " \ ’ th °i! g i shift in emphasis has taken 

oZLh i e S Pl n yerS T ’* , had P^ce in the labour pact talks, 
™ d ^ en Den LyI was The employers are not thankful 
’ „ for this. Union influence on the 

The talks for the 1978 wage employment situation within a 
contracts, which took place in company . is seen as a serious 
the first quarter of this year, threat 'to entrepreneurial free- 
were more peaceful. The dom.” 

Government now led by Chris- ^ February, Albert Heyn, the 
v a !^ffJ 0 C w J i . Premier Dries C 0 U nriy , s largest supermarket 



Van Agt, had been shunted out ^ was one o£ firs t com- 
of the mainstream of negotia- panies to sign ^ 1978 wage 

SrSL*??! ft K at i; 0nal rf *"■ agreement containing an APO. 
partite ta ks had broken down The management agreed to dis- 


in November, 1977. Part of the 
reason for this was -that the 


cuss the labour situation twice 
a year with the unions. Any 


Den Uyl-coalition which: had developme nts which might lead 


been in office only in. a care- t0 a reduction in the 24,(K)0 work 


?fr e h P ?«?k Clt h y Hh in ?- force would be notified in 

n baen ; m ^ pable advance- • The unions said this 
I’ EL amounted to the agreement they 


TSl fi ? easu ^ es ' v, f °I “f 1151 * wanted- The company refused 

to soy 5 o though since it said 



|he deadiocij in the W* The aeS”is „o ahsTlule gum 
" i ^, i ^ bln ? t . r !E“ ai “ d - m 1116 there would not be any redun- 


sidelines, but the main argu- dancies, 

raents were between Unions and . 

employers, on an industry and * bat 

company basis m pracnce there could be no 

compani Dasis. enforced lay-offs and that Albert 

r*,* " Heyn was only trying to save 

signing face. In fact, tbe chain did not 

0 ® . see the need for any redundan- 

The talks on the Collective cies in the current year: its 
Labour Agreements ICAO’s) financial position was relatively 


Signin' 


euro currency finance 
trade finance 
term loans 

underwriting - 


for 1978. which took place sound, partly with the aid of the 
earlier this year, were concen- promising income from its very 


trated on a new demand from j^ge u.S. retailing investment' 
the trade unions: the signing of (it acquired the Bi-Lo group).! 


TOKAI BANK 55? NEDERLAND N.v. 


job security agreements At companies, or industries 
(APO's). Selecting this issue w1iere financial and com- 


as their main theme, the unions mercial situation was not so 
elaborated on Their earlier j^d, the battle for the APO 


slogan of " more profit — more W as much tougher and in many 
work. An extension of these C 3 $gs such job security agree- 
agreements will be the major ments were not signed at alL 
demand of the unions during- Next to its demands for 
the 19,9 wage talks, which are ap 0 ' s ^ shart . lime working 

due to start soon. .... the FNV also enters the 1979 
The reasoning for the 30 b pact talk3 with de d 

security demand is that if the for the maintenance of the 
workers are prepared to accept pt , rchailng power of ^ 

wage moderation and the tax- up t0 - at least" FI 30.000 per 
payer is providing money to ($14< 800), the eamiSgs 

stimulate industry, then the em- of ^ “modal** Dutcb em _ 
ployers should in turn give p i oyee , and of all “inactives” 
guarantees on jobs. Precisely ^ Dutch so^ty (those Uvi 
what these guarantees are will off 50 ^^ security) . If this 
again be at the heart of the claim is not secured, either as 
negotiations. There will also be a ' reB11 ] t of ^ Government’s 
provisions to prevent too many austerity measures or as a 
jobs being lost through natural result $ employers unwillina- 
wastage. The unions insist they neSS> ^en ^ ^ federation 
do not want to freeze job levels w m lodge compensatory was? 
and accept that technological de- claims. y 386 

velopments may lead to changes, t*. tn h _ , 

Rut thpv rlrt want tn flvniri hn- tO be Seen, how- 


A wholly owned subsidiary 
of the Toka Bank ltd , Japan 
Otfice Keizersgracht 431 
„ « „ , „ Amsler dam/ Holland 
.□none: 020/23 96 25 - telex 12606 


' The Tokai Bank Ltd. head-office: ' * \' v ' 

Nagoya, Japan. ' -• : • ■ 

Overseas offices: Londorr. Frankfurt, Paris,' 

New York. Los Angeles. Sao-Paolo. MewcoCitViv- : 
Sydney. Hongkong, Jakarta-, Singapore, Teherari . 



But they dowantto avoid be- whethlrThe FNV is wo' 
me nresented vnth sudden de- j . . v P re_ 


GEVELSTEEN . ^ 

VERBLENDER , l fi 

facing BRICK^HSIIS: : 

nnirti - .-j 


- 

-Hr: 

; unt 


• -''.J 1 _xj;vyi \-f -.j -: ■> £ : ■ 


- 

■ '*« 


ing presented with sudden de- Dared ultimarei ^^ ** a '* p , 
mands for lay-o£Es or reductions [jgr* vear a . t ?-^°y ra * 00 ,' s 
in capacity. A second main de- 1977 to se p U « h. m . ear |. y 
m«nd Win - he for S hort-H mfi Jr** “ c “« «* demands. It 


raand will be for short-time j s aware of fL J. T . 
working, for example, through n r «r f r*....,. c “ rrent Phght 


working, for example through of mueh of Dutch bosiness and 
reduced working weeks, longer industry and , s . 

holidays, or earlv retirement as **“* a further 


holidays, or early retirement as weakening ^rtuer 

a means of reducing unemnlov- II .L5.^ Ke . sectors 


means of reducing unemploy- would undoubtedly 
tent, or to create more employ- even more unemployment At 


BMF rHOHl 

ASSOCIATE 

VAN HESTEREN.& JANSSEN SB, 


FACADE MU&fiil 








1 



Financial Times Mondav October 30 1978 


29 


THE NETHERLANDS XV 


Amsterdam 



■r. . 

Amsterdam's canals: ‘Ihc city's charm and its curse' 





space 


MSTERDAM IS the city facilities for the city. Neyerthe- 
■re people enjoy themselves, less, one third of 3.00*) jobs ai 

• H ns in.- ;s full of people the two iaruesL shipyards will 
iking of ways to stop them. go. Cut-bsvkj. at the VMF-Stark 
lerdam meanwhile just sets engineering group* factories in 
vi i h the work.” This popular Amsterdam jnean further jobs 
v of ihe character of the will be lust. 

hcrlands‘ three lareest cites These large scale set-backs arc 
an ou-r simplification of only the viable part of the icc- 
rse. But it does reveal the bt-rg though. Thousands uf jobs 
-rsitv of the three tines have been Inst jh the city centre 
irated by only a few miles over the past few years as firms 
lat polders. move to the outskirts, to over- 

''hile the wealth Generated spill towns such as Hoorn and 
he port has made Rotterdam Purmercnd and to ihc new 

* a modem if slightly Ijsselmeer polder towns of 
nymous, dty and rhe Lelystad and Almere. Many 
ticians and diplomats give firms unable to afford the move 

Hague a bland suburban M n*w hut more expensive 
Amsterdam's canals, narrow permits and unable to expand 
ets and attractive gables in the old city, have simply 
ride a permanently relaxed closed. In the ten years up lo 
osphere. 1976 the number of jobs avail- 

jnsterdam’s new Lord able in Am-irerdam fell by 
or, Mr. Wim Pnlak, could 64.000 to 343.000. 
dly be talking of the same The decline in the old centre 
in his inaugural speech 16 was even faster — from 150,000 
rillis ago. "The housing to 100.000. The clothing, textile 
rtage remains acute 33 years and shoe industries have shed 
er the end nf the war. 20 jobs in the past while the re-' 
• cent of Holland s slums are cession is now catching, up wnth 
our city, we face a gigantic shipbuilding and engineering, 
k of urban renewal, and the Industries which do offer long- 
mc rate is higher here than term prospects of expansion, 
■? where in Holland. such as the electrical engineer- 

•ummirrg up Mr. PoJafc re- ing. and chemical sectors are 
rked. "each of these prob- under-represented in Amstfvr- 

is would be an enormous task dam. Chemical plants have been 

-• the average city ... it is kept away by the tough pollu- 
? inter-relation of these lion coatrols. 

-lors. their intensity and com- AoistewUlJI -, 


ness community include the 
dcc.^inn lo go ahead with a 
World Trade Centre in the city 
and the opening or an exchange 
for muled options. The trade 
ccntP- will be built at a cost of 
FI If-.ini <$91>in) and will provide 
50.UUU sq m in' office space for 
bu-.iri-.-s. sos involved m Inter- 
nal ifu I trade. The European 
Option.- Exchange now trades 
the opiinns in 24 Neiherland. 
US and British companies. It is 
by no means certain the FI 12ra 
venture will be a success but 
trading volume is gradually in- 
creasing. 


Chaotic 


* ... w ^ which roaJie Amst^r- 
• V • vm's problems so indescribably 

5 S * iCttlL" 


» -Jir- 


Jn^wneMl-J-oded 


-T. 


economy is 
diversified, but as manufactur- 
ing industry declines the already 
large service industry sector 
becomes more important. The 
Amstcrdam.Knttcrdam Bank 
..... . claims to be the largest private 

oung families nave moved employer in the City and 
of the city m search o. Ani-ti-rdam’s position as a finan- 
ce and its financial base has C!a j centre is undisputed. Most 

n eroded. As areas of the „f the majnr Nefncrland and 

.-v- decay the process speeds foreign banks have their head- 
f Amsterdam's architecture quarters there. The bunks com- 
-.1 town plan give it its plain that profit margins are 

- . racier and its charm, but heing eroded but they still form 
s °0 subsoil makes buildings onc u f th L . nmst buuvant sectors 
•ticularly vulnerable to sub- n f t he economy. The tiniifns 
.encc and repairs expensive, fear though that automation 
ile the ring of canals pre- may erode many of the jobs 
. it radical solutions lo the which have been created in 

• - Tic problem. recent years. 

~ cily f ®“? d z I o) r U ^ 0T1 . ! u Despite the set-back*. there 

rf..- : : : chronic budget deficits two aro bright spots. The harbour 
.virs ago when it reached agree- ^35 j ts problems (considered 
W! th the Government on elsewhere in this survey) but 
./j subsidy. Than to to Govern- t j le j» ri5W th 0 f air travel and .dr 
, y- • -nt ^aid the budget balanced f r o-i «;ht has prompted the rapid 
. .. 1977 — Lhe first time this expansion of Schipbol Airport 

V happened in 14 years. This Tb e juj-poji j s n w ^xih largest 
V will be maintained at least j n Europe in terms of passenger 
'■ :d J9SI. The Government has traffic and the fourth largest in 
.w--: 1 ^ken over the accumulated terms of freight. More than S.9m 
•• : ->t which began building up passengers passed through last 

• ** the mid-1960s. year, while 274,000 tonnes of 

„ * 7he problems of the ship- freight were handled. The air- 

' w 1* lding and heavy engineering pnr{ expects to about break even 
ustry have had strong reper- this year after several years of 
* r isinns in Amsterdam. Plans losses. Lack »*f space in develop 
" concentrate shipbuilding new runways and opposition 

ivity around Rotterdam from local communities mean 
uld have left Amsterdam plans are already being coo- 
pyarda with only repair sidcred for a second national 

>acity. Opposition from the airport on the as yet undrained 
ions and the yard owners, Markerwaard polder m the 
.vever, has succeeded in re- Ijsselmeer, 
ning limited construction New initiatives by the busi- 




- Amsterdam's canals are the 
city's charm and its curse. 
Traffic conditions, are chaotic 
and well-meaning attempts to 
improve lire for the pedestrian 
and ihe cyclist have largely 
ignored the needs of the 
motorist Work on a quick 
route for public transport 
around ihe circumference of the 
inner city is currently disrupt- 
ing life over a large area. An 
unrtersiandablc desire to retain 
the small scale of the .old 
sireeis and. limit the presence of 
the motor car has prevented the.] 
building of off-street car parks. 
With only the street kprb left 
to park on, ihe car has become 
more obstrusive. Public trans- 
port is good, though, and more 
tram-only lanes are being built. 
One underground line linking 
the south-east suburbs to the 
centre is almost complete, but 
the wholesale ' destruction of 
houses required to build the 
line — the soft subsoil means 
tunnelling is impossible — 
make it unlikely the system will 
be extended any furUier. 
Amsterdam has quick access to 
the national road network but 
the motorway ring around the 
city still has to be completed 
on The. north and east sides and 
work will continue well into the 
IKSOs. • • 

The. clogged city streets dis- 
suade many people from making 
the journey into town and city 
centre stores have suffered. Two 
large retail groups have recently 
announced plans for expansion 
though. - The Bijeokorf group 
plans to expand its department 
store on Dam Square while 
Vroom and Dreesmann plans the 
complete rebuilding of its 
Kulverstraat premises. 

The inadequate bousing stock 
faces the city authorities with 
an enormous problem. Many of 
the 16th-, 17th- and 13th-century 
houses within the canal ring arc 
slowly heing restored, often by 
private initiative, but the costs 
are high. The 19th-century 
working class areas which grew 
up rapidly around the old core 
are an even greater problem. As 
many as one-third of the fami- 
lies living m these areas may 
have to be rehoused to bring 
housing density down to accept- 
able modern standards. Amster- 


dam has stringent- controls on 
housing and except for the more 
expensive “’free" sector new- 
comers to Ihe city must have a 
job or business there before 
they can settle. 

Rent controls mean many 
families pay low rents hut the 
quality of accommodation is 
often poor. The controls achieve 
a tolerably fair redistribution 
of The existing housing but vast 
investment is needed to improve 
the quality’ and quantity. 

The restraints imposed by the 
new Government on public 
spending may reduce the 
amount of money available to 
solve Amsterdam’s special pro- 
blems. But the city has a his- 
tory of overcoming setbacks, 
from the silting up of its access 
to the sea, to the loss of the 
East Indies trade. It has no 
intention of accepting defeat 
now. 

Charles Batchelor 



Lloyds Banklntemational, established 
in the Netherlands for over ten years, has a 
comprehensive knowledge of local 
conditions and can offer a full range of 
banking and financial services to companies 
wishing to do business in the Netherlands. 

Lloyds Baric International: 

Herengracht 4 44 -446, S chiedamse Vest 103, 

Amsterdam 1002. Rotterdam 3012. 

TeL*263535 TeL-U0010 

Wholly owned subsidiaries: 

Bax’ Bank NV. GilissenJonkerNV. 


26 Nieuwe Uideg, 
The Hague. 

Tel: 62 43 SI 


(Stock Brokers) 
Herengracht 444-446, 
Amsterdam 1002. 

Tel: 26 35 35/24 78 39 


For further information, please 
contact any of the above or our European 
Division in London. 



A member of the Lloyds Bank Group 

Head Office: 40/fcO Queen Victoria S d, L ondon EC 4P 4ELTeL 01-24S 9822 

Felli-wsuWdune-. of the l tad* Bark Group: Lloyd? Bank Cal:fomia,The National Bank of New Zealand LBI, the Bank ofLondon&. South America arid their 
aubuidi-m^ Li-, v oltiiie- m. Anxn:iru..-\usir.<ii.i. B.dur.u-, Bahrain. Belgium. Brazil Canada, Cd\ man ULinih, Chile, Colombo, Costa Rica, Ecuador Eg)p 4 
El S J 14dor.Frjnet.FvJcr.1i Republic of Germany. Guatemala, Guemsev. Honduras. Hone kong.lrpn.Japan,JeTse\-.Mal^ysia,Mexico,MoDaco, 

The NvdierLnd?,Nic*irjcua, Rsnam... Pjr.icu*«v.r uru. Philippine-. PorrusaL Republic ofK otm, Sinjapore, Spdia Swiceriatid, 
l rated Arab £ iniraiej. United Kingdom, U.S -A, L'.SjS.IL, Uruguay Venezuela. 


t ^'.4 - 

V;'. ,: 1 



i- . . . ■. . , ■ . . 

•• '• »» . ' S * , • _. . . _■ -Acy - f ' • 


CONTINUED FROM PREVIOUS PAGE 




•^cial Affairs and a one-time 
ide union adviser, minces no 
■rds about it “ In view or rhe 
d economic situation, rhe 
ide union movement is now 
ire interested in employment 
in in the size of the pay 
ckeL And the Government 
il use this knowledge to its 
-n advantage." The president 
the FNV, Mr. Wim Kok. im- 
?diately responded with a 
irning that the Government 
□uld not count on trade union 
xibility during the wage 
fks; he added that the lower 
come groups should hare been 
a red more than they are from 
e Government’s austerity 
?asures. ** If the Government 
.m‘t change this, the trade 
:ion movement will have to 
it itself, via the wage nego- 
ttions.” 

The much smaller and more 
'^derate Christian CNV union 
£ made the same purchasing 


power demand, hut has not 
threatened with extra wage 
claiui''. But the CNV. too. is 
pressing for jnb security agree- 
ments and shorter working 
hours in the fight against unem- 
ployment. Meanwhile, the 1-lni 
member FNV. reflecting its very 
cool attitude to the current 
Cabinet whose austerity package 
it has totally rejected, has 
refused, however, to join the 
Christian union in informal 
talks with the Government prior 
to the formal start of the 1979 
national wage pact negotia- 
tions. The F\ f V is moreover 
quite unhappy with the 
“political” compromises reached 
in The Hague recently over the 
plans for three important social 
reforms, involving a capital 
growth sharing scheme (the 
VAD). increased industrial 
democracy via the works 
council and selective investment 
policy. The CNV has been 


much more sympathetic to the 
new schemes. 

These .-development' cannut 
conceal the fact, however, that 
relations between the CNV and 
the FNV 4ias improved in the 
last few months. According in 
trade union circles, there are 
two main reasons for this. Oiie 
is the increasingly important 
common objective, the struggle 
to at least maintain employment 
and both unions' open dislike 
of the centre-Risht Govern- 
ment’s policies in this field. Only 
this month, Mr. Ester, the new 
president of the CNV's largest 
union, the metalworkers, 
publicly called for greater co- 
operation between his union and 
the FNV” s two metalworkers 
unions. He stressed, however, 
that the CNV does not intend to 
give up its independence. 

Michael van Os 



For big turnkey projects you need a 
reliable transport o rgan isation . 

An organisation that uses sophisticated 
logistic planning. That ensures direct 
delivery to the site. That has the people 
who matter on the spot where they're 
needed. Thai can operate on a world- 
wide scale. That can guarantee continuity. 
An organisation that lives up to its 
conditions, at all times. ThaL's the 
kind of organisation we are. One of the 
biggest in the world. As NedUoyd Group 
we are able to offer every’ project 
constructor a '‘Tailor made” package of 
transportation and logistic services. 


Tn short door to door transport. 

including the necessary preparations and 
operational guidance and with every' 
Jink in the transportation chain 



co-ordinated, highly efficientand 
cost-saving. 

The Nedlloyd organisation has at 
your disposal: 162500 personnel, 120 ships, 
u large number of trucks, aircraft and a 
worldwide network of subsidiaries and 

agents. Plus the required extra for 
turnkey project^: our wide 
experience in project 
transportation including logistics 
management. 


^ For all information: 

Koninklijke Nedlloyd Groep N.V. 
21 Hbutiaan.SOidDA Rotterdam 

Telephone (10) 176723 Telex27087 


Worldwide Transport 








:»»' 




wli 

,. - w& 

. . ' iJflJWSUw - 1 • ■!>•«.•. . JMS#*' • ,3£t, 

TT * — — • T .-.';..-,.> v. -JfaiJi W- 



. ; ■ .; : / ;.. .. ;. . \. .... . ■} 

PUT: 

: ’^K ■:■■■ ■"■ Wif : 


¥ •J&’JST*’ :•# 

f ^ - I 
^ ' I 




Wereldhave is the largest independent^ 
international Real Estate Investment Company 
in the Netherlands, and has been quoted on the 
Amsterdam Stock Exchange since 1946. 

The objective of Wereldhave is ro create 
opportunities for institutional, as tvell as for 
private investors, to invest in Real Estate by 
buying shares where profit growth and net asset 
value per share balance with the investment risks. 

Institutional and private investors regard 
Wereldhave shares as an attractive alternative to 
direct investment in Real Estate. 

In addition to the high quality, commercial 
Real Estate portfolio built up by Wereldhave in 
the Netherlands since 1930, s imil ar portfolios 




have also been built up in Belgium (Brussels), 
France (Pans), and Germany (Frankfiirt, Dusseldorf) 
and possibilities of commencing business are 
being studied in the United States and in Canada. 

Wereldhave has now made its first step into 
the United Kingdom by acquiring the majority of 
shares of Mid hurst White Holdings Limited and, 
as a result of this, now has an interest in 
commercial Real Estate right in the heart 
ofLondon. 

If you’d like to know more about Wereldhave, 
please write to: N. V. Beleggings- ni n ■» 
maatschappij Wereldhave, I §1 a I 9 

Nassaulaan 21, 2514JT Den Haag, | §1 I I S 

or’phone 010 31 70 469325. i M u J 

ujIr eldhwe 




WerekUtave^ 
share in international 
Meal Estate. 


8m The Group 
By not focusing the activities at one point but spreading 
them over a limned number of areas, we achiev?SSj g 
stability combined I with less vulnerability to econoW . 
U-ends and fluctuations. This ensures the stability needed 
for conunuous operation. A stability that guarantees a Slid 
base for the continuity of aJ individual companies and of 
the group as a whole. A reasonable growth margin is built 
into this policy, either within the operating companies or 
through acquisitions. F 

8m The Organisation 

The keynote of the Joternatio-MuDer group is a clear-cut 
organisational structure based on the parallel development 
of more than 100 operating com pames, which are grouped 
into four areas of activity. The Group’s work is decen- 
tralised in the sense that each operating company has a 
high degree of autonomy within its area of operations. 

This means: ctoser business contacts, shorter lines of" com- 


Urn The Branches of Activity 


The Intematio-MilUer group consists of 4 main divisions, 
each with its own sphere or activity: trading, transport, 
contracting and manufacturing. These activities are dis- 
tributed throughout the Netherlands. Great Britain, West 
Germany, France. Belgium, Switzerland. Portugal* the 
United States. Netherlands Antilles, Brazil, South Africa, 
Australia and New Zealand. 

For our booklet ”Some Facts” write to: 


centralised in the sense that the operating companies can 
make use of the facilities of associated companies ahd other 
organisations of the group and. through the services of the 
staff ai Head Office, have access to all the specialised infor- 
mation, experience and know-how existing within the group. 


intematio-muller nv 

P.O.Box 567, 3000 AN Rotterdam, Netherlands. 



HOLLAND IS • traditionally 
associated with painting, the 
works of Rembrandt and Van 
Gogh representing for many the 
culture of the country. 

Increasingly, however, the 
Dutch are making an impact in 
other areas of art. Their 
musicians and dancers rate 
among the best in the world and 
although Holland will probably 
never have its own Hollywood, 
there is Sylvia KristeL 

This vivacious star who made 
a name for herself world-wide 
in the sex film, EmmanueUe. 
has been trying to shed the 
image of that role. This year 
she appeared in her first major 
serious role in the Dutch film. 
Mysteries; a psychological drama 
set at the turn of the century, 
based on Knnt Hamsun s novel 
of the same name. 

Two other Dutch women are 
working on feature film about 
lesbianism. Noncbka van Brake! 
is directing A Woman Like Eva 
which stars blonde Monique 
van de Ven and the French 
actress of Lcsf Tango in Paris 
Fame, Maria Schneider. The 
film deals with the relationship 
that develops between the two 
after they meet at a women's 
festival. 

Scenes were shot this summer 
at a real Festival of Women :n 
an Amsterdam park. Filming 
came to an abrupt halt, how- 
ever, when about 30 members of 
the Lesbian Front attacked the 
crew in protest against the film, 
which they feel does not. deal 
properly with the subject 



Bernard Haitink -principal conductor of the Ccmcertgebouw Orchestra of 
Amsterdam and the London PhiUmrmonidOrch&kfa 


rupcriy wiin me SUUjetX 

Scandinavian actress B ! bi present trying to curb expend!- Kes's wish — to the orchestra, Rudi van Dantzig, thecom- 

_ , . — Hire and imfnrtimafplv tbH* ha«s nartimilnrlv famed for ■ yvqtwV • 'arffitin i..'. ' 


Anderson and Psycho star 


orodnetion, The Second Touch, 30 ^ 
Based on the Dutch novel Twee atm 7 : 


ture and unfortunately this has particularly famed for j its .pany's : artistic- director, has' 
meant applications for sribsid- Mahler and Bruckner perform- repeatedly made the limelight, 
isation from •'** fringe " :grbnps ances. \ wrtii his vital worts, one of the: 

in art often have to be-tarned Haitink has also been prinei- most significant; Monument to 
down. pal conductor for 11 years of a ;Dead . Boy, an.- experimental 

Although Holland has no the London Phil h a r monic electronic:' " ballet in' which" 


Vromcen (Two ‘Women), it is Although Holland has no tne Lonaon r niinar mamc electronic: ballet m which 
the first feature film to be madp tradition in theatre the&tU 2 - Orchestra and has been made Rudolf Nureyev asked . to dance 

t ... ... . • r ? • — -g — — — ~ a. an 'Trtnnrert? i\TamKnr Af tUo - m — ■*-_ — L : — \ _ 


the first feature film to be made m meaire merarua- j^uc hubuu i'luejev asicea.io aance 

locally in the English language, ^ on ^ improved since: ten an Honorary Member of the in. 1969. \The eompany made its 

The ctearnh fnr m m(,>n.rr v years ago when most available Royal Academy of Music in enthusiasticaHy received London 

believe in of a former Roman moce - r was 3 oin £ t0 large ‘ debut at Sadler’sWeJIs withthis 


of the new Rene ran Xie film. actors 2150 Qi-ectors. Sutfaenly 



• “■* ‘Ui li year JOS TT' Vear the nrrhpctra nor ‘ «uuuu-4iuunu. 165 

• Steliing madie tie first Datch *«=«» Aa*® OnwR.^ fo^ed 7 Beethmin ^‘^es difflcalt .to Mncen- 

film about the artist Rembrandt ^ .. - 3 U n i ne svmnhonieiL trate on the •-Areography' 

_ and his work. DeHIOCratlC : v / Hem ™ ? r 3JS;" ^artistic 

. Naturally, producing films :n • ^ director says' «• It would sooner ^estarhe i^f w^syunDantzifr ? 

a small eonntry whose langease As ■ ten.lt toe . ■ 

ic ennten Ktr came more dcmocratie but while ‘ _ 1 a 0 a . I 36 ^ 


Dutch film makers often have P ot “J?*?"®**' significant raore conteniporaty works in' ballet .this year' "ia wiudi-- 
international appeal because m P sct 111 1315 “«* c - the repertoire: "Unfortunately, Nureyev staired: Faun, written 

they have to keep pace with the Dutch musicians however the distance between, the public to-the. music o£CIand& Debussy. . 
general trend in local cinemas, have achieved international and contemporary ■‘music is Both were preamered in Holland 
Since 1956 a special fund to acclaim, the orchestras of Rot- greater than ever. You still .ahd the Russian danced them 

help finance feature and docu- terdam, • Amsterdam and The meet people for whotp music .^tb the company m New. York ’ 

mentary films has existed in Hague having established stops at Brahms and in 1978 Lohitoit; "" V “ ' 
Holland.. Government con- remarkable'reputations through- this is an impossible attitude In .the .new season, however,, 
trolled, it operates much like a out the world. Jaap Bevaart, Concert^bduw Van'Dantzig. Intends to t»ncen- 

bank except that repayment of Music did not olay an impor- direct:or - artists often SHpu- trate on older I»Bbts, ^sd they 

loans depends on the amount of tant role ia Holland until the lat ® in their contracts that. they won't be fo^gottEn :.ahd TpaT* : 

money a production makes. idca. ...t.*- . want to oerform in thp Ain " airtum^h ha k<>i uum* *i*»;**t : 


! institutions in Holland are sub- certgebouw, was opened in mar sa ^’ s something," he adds:, the lack of space ava 
sidised by. the Ministry of Cul- Amsterdam and a resident conductors, too, . aze the company at home. 


to give culture a central role in 90th birthday of both. Aimongp it nas a for shorter - Syiphides. Firebird and ; Fet^t 

modern life. When Willem Kes became the^ ^ J ,sto, Y ^ ^and, baHet has rouchka. ■' • * w 

And artists — the living ones, orchestra's first conductor in ST 5000655 st°JT : An 'unusual venture- was oner'' 5 
not the Rembrandts and Van 1888 he not only tauEht the 10 L - of this year’s highlights. In the 

Goghs— have not been forgotten, musicians the value n£ n, 1 ®. °L. t “ e - summer a, group of .dancecs' ? 

Several are given stipends to rehearsals, he also taught the JS") e f ta ! > ' created eight ballets themselves,-/, 

enable them to devote all their public to appreciate good music. }„ cdsttunes and stage*- 

time to their work and a scheme He . had to eliminate the sets and- directing and prcfdiic-^ - 

tn boost sales for living artists customary habit of eating, {om ing their .-own work. Dancer ^ 

gives buyers a rebate of about drinking and chatting during IflS; Uen Wade Walthati, an American, ' 

25 per cent from the treasury, concerts • — the Dutch S?n le S?^.& n t ? p ^ ^ ^ : 

In addition, artists who can thought of music as no more WO rt t a ^ h fhl t harT^ D ^ ei hiJ^™ °ev«rbappenedbefore. Butthis ; ‘ 
prove theyjiave lived off their than a pleasant background ^2 wl^ th^ comiS? is l s the ®° rt of opportunity we • 
work for at least three years accompaniment. ' have here." 


uubk jcdia awompaiumem. nave nere. 

can join n union which gives Bernard Haitink, now prin- woi«^in” e worid It «S ' „ Pur,n « fi “ rtain ralls T »»- ' 


" z:: ' "* w : “ s oae 01 lDe worla 5 most orfl- from far and wide. rea r 0565 * Then he?- 

are .old but most are use to liant contemporary conductors And on stage the reason' for hurned t0 tb® wings, it being ;r 

decorate rnurua pal buildings, and people come from all over their international nraisp h J^ tbelr night, not his. 

The .Dutch Government is at to Usten-attentively as was dean praiSe be ^ ' - Loe^e 


i J, 

















c 







Financial Times Mondav October 30*1978 




=?N-. r 


31 


l 

4». 


I 

- ^ w 




under 






BY RHYS DAVID, Northern Correspondent 




^fRONT the averaee South 
n with traditional western 
■ implements — -knife. fork 
po-in — and it is a fair hel 
he or she would lind them 
.vhat unfamiliar That is 
> nf course they happened 
irk :n one of the seven 
..m factories which between 
can now produce m exco.ss 
r» pieces of cutlery a year, 
t a tiny proportion of them 
ted for export markets. 

! Koreans, like most people 

• East, use rhnpstii-ks. but 
ias not stopped them from 
'opine a cutlery industry 

has become ihp scaur?? 

. imestic producers in the 
including: Britain. .A 
<?r «if reports and riclnpa- 
to Whitehall over the past 
have stre-jieil that parts nf 
•n's 80fl-year ojd industry 
ed mainly in Sheffield — 
disappear permanently. 
’:ably. the demand is for 
rtivp measures. 5 uarantep- 
te British industry a share 

• home market. 

mrf penctrarion of off per 
in cars may sn*m distiirb- 
mou^h, but the loss of 
at by the admittedly much 
er cutlery induMry is wh- 
olly greater. The 
nf cutlery sold in the UK 
tv staminas steel, with 
<r. plated nickel silver 
'Si and sterling silver 
,yyin^ only a small part nf 
/.^iarfcet at the top end. By 
;9-Far Eastern import pene- 
l t--n of i M*? stainless steel 

• bad reaehpri 23 per cent 
"■hie bui in the iucceedina 
ar-= to 197fi if rn-e to 77 5 
-ent. By last year it had 
ed still further 87 per 
hy value and well over 90 

• ent ivy volume, 
make matters worse the 
try’ has itself heen at 
>rs drawn over much c>f the 
year, with a new assucia- 
the Federation ot British 


Cutlery Manufacturers, sprins- 
inq up to challenge the older- 
establiihcd Cutlery- and Silver- 
ware A-s.-uciai ion's efforts to 
roiinier the import threat. The 
rift appears to have been healed 
in recent weeks, a response in 
part to .signs of evident Govern- 
ment irritation at the industry's 
squabbling. A senes of- meet- 
ings have been held at which 
the two trade assnclaliohs have 
zuana?t-<l lu a-gree ao their repre- 
*enia»iun on a new working 
parly being set up by the 
Department of Industry to dis- 
cuss a detailed report on the 
serfor. mmrnis-'inned Trnm the 

Cutlery and Allied Trades 
Research Association (C.ATRA). 

A juint CSA-FBCM Press coil- 
ference is due to be held in 
London on Wednesday when 
the rwr« bortie-: will outline other 
recent a creed umves. These arc 
likely re form part of the 
industry's i-jk« for consideration 
at mceimuv of the vorkins 
parry. whicli will include repre- 
s!*n»a!:ii’» from trades unions 
and Government. 

Korea i- now hy far the 
higgec; supplier in the UK mar- 
ket but by no means the only 
one. Sume 7n per cent of lolal 
impuris come from the Far 
Fas:, with Taiwan. Hong Kong, 
Japan and China also important 
producers. The challenge, too, 
h3« broadened over the past two 
in three years to embrace some 
of the specialist areas where 
penetration has hitherto been 
minimal. !n 1977 imports— 
mainly from the Far East — 
took nearly 7ft per cent of the 
£1 8m l K market ui pen and 
pocket kn.ves. In ncissors. a 
marker w»rfji nearly £5m in 
1977, imports — again from the 
Far East — accounted for two- 
thirds of sales. In kitchen 
knive. — a £3.9m market in 1977 
— imports hdd a share of 
around 35 per cent employ- 
ment in tbe industry m Britain, 


which stood at 11.700 in 1959. 
is now down to around 5.000. 
though technological changes, 
involving the use of less labour- 
intensive equipment, have also 
pla\ed a part. 

In establishing *uch a strong 
position in the- UK market, the 
Far Eastern producers have 
sinned with the advantage of 
hoih lower raw materia! and 
labour coals. The South Korean 
indu-try. according to a docu- 
ment drawn up by the CSA, 
has be^u able to land spoons in 
this country at the equivalent 
•»f ~ 1 .440' per lonnc while here 
the cost of stainless steel sheet 
usi‘d h, manufacture spoons was 
calculated at between £1.156 
and r 1.020. The average landed 
priiv of far eastern imports in 
1077 wn> £1 per dozen compared 
with .m average UK manufac- 
turer-.' price of £4.80 per dozen. 

Open market 

The Sheffield producers also 
blame their inability to hold 
the home market in the Stain- 
less >ii?ol sector on the ease 
with ■■.Inch Kuceessive low-cost 
suppliers have been able to gain 
access to the open Britisb 
mark cl. Commonwealth links 
meant that duty free access was 
grained to Hong Kong and 
India in the 1950s and 1960s. 
and with Britain's entry into 
the KKi: other countries within 
the generalised system of pref- 
erences — among them South 
Korea — gained similar rights. 
The German market is likewise 
open and is also deeply pene- 
trated hy imports, again mainly 
from the Par East, but France 
and fi.-ily as a result of residual 
regulations which pre-date the 
F.EC > iffcr their industries a 
substantial degree or protec- 
tion. 

; But there are other factors, 
too, behind the weak position 
in which the UK industry finds 


itself. The British Importers' 
Confederation, for example, in 
refuting some of the charges 
levelled against low cost sup- 
pliers has accused Die UK 
industry of being ineffiripm 
compared with its overseas 
competitors, and m pam<’utar 
has criticised its delivery per- 
fnrmauce. The BK'. which 
represents a number nf com- 
panies importing from the Far 
East, asserted that there were 
plainly loo many producers in 
the 1 : K industry, and little 
evidence of where the Invest- 
ment needed to modernise the 

sector would come fmtn. 

The constant pressure if 
imports has produced some 
changes in the Britisb industry's 
structure but it still remains 
fragmented. Though total sales 
of the industry amount to only 
around £30m there are still 
some 140 companies ranging in 
size from two-three man opera- 
tions. performing small 
specialist tasks, to major groups 
such as Viners. employing 650- 
700 people and operating on an 
international basis. Some com- 
panies are completely or par- 
tially integrated, carrying out 
a number of processes. but 
others specialise in making the 
cutlery blanks, in filing, polish- 
ing or plating cutlery- The knife 
side itself is highly specialised 
with a number of companies con- 
centrating on particular pro- 
cesses such aa handle nr blade 
making. 

The mdubLry is also aware 
that in the past it has perhaps 
not paid enough attention to 
marketing, relying instead on 
the public’s instinctive identi- 
fication nf cutlery’ with Sheffield. 
There are exceptions, including 
Viners. which claims to spend 
three times as much on advertis- 
ing and sales support as Hie 
published amount for the rest 
of the industry pul together. 

The wide variations in com- 


pany sire and. rrrui.ture provide 
a clue to the dispute jhat has 
until recently divided thr in- 
dustry The i.'SA include- 
within its ranks □ number of 
bigger groups. .-iieh .is Viners. 
w Inch decided lung ngr. riiat rip* 
cutlery busmes- v. now icter- 
nafioual m nature and adapivn 
their manufacturing and market- 
ing structure accord t ugly. 

Viners itself makes no -errer 
of or excuses for its umii miU- 
srantia! . importin'.* -iciiviiic*. 
poinrtng out tb.it its strategy nf 
developing ..as a worldwide 
group has helped to strengthen 
i is Sheffield base. Vmer.% manu- 
factures not only m Sheffieid hut 
in Ireland. France and Aus- 
tralia. each, of whn.ii contribute 
different activities in the group 
as a whole. Thus the Iri.sh 
plant specialise- .<t the medium- 
cheap end of tin* market wiiiie 
the French plain produces high 
quality cutlery. The l'K plants 
produce a range of cutlery, in- 
cluding stainless steei and 
EPJViS together with other girt- 
ware products and canteens. and 
is also responsible- fur ihe 
forging, srind-.iv.* and polishing 
of knives for the whole group. 

Viners also h;ir> a trading com- 
pany in Hong Kong which sup- 
plies stainless steel cutlery to 
the UK and eis where, hut 
although tins has helped to give 
the company a 20 per cent share 
of t'K imports this is offset. 
Viners say. by exports from ii> 
Sheffield factories — estimated 
this year to exceed il.am or 
roughly 10 per i-eni of total ex- 
ports by the industry including 
EPNS and oilier quality 
products. 

Most other large companies 
also import, and indeed argue 
thar this in nun the only way 
in which domestic manu- 
facturers can continue tn offer 
a full range of cutlery includ- 
ing the cheapc-; ^anile.-s steel. 

The FBCM. though n also ccin- 


KNSVES, FORKS AND SPOONS FROM MAIN FAR EAST 

COUNTRIES 






Average 

Hone Kone 

Horȣ Kong 

Korea 

Korea 



Quantify 

Vafo* 

value 

quantity 

value 

quantity 

v alu« 



'000 

-eoo 

prr doz. 

OOO 

'000 

000 

-ooo 

Year 


dozens 

£ 

£ 

doz. 

£ 

£ 

£ 

1974 


1.467 

1.537 

1.05 

2S5 

331 

655 

6115 

1975 


1.791 

1,771 

0.99 

325 

373 

815 

743 

T976 


I.I6S 

1.453 

1.24 

319 

417 

664 

721 

1977 


1.037 

1^79 

1^2 

235 

325 

628 

865 








Sou 

ie: CSA 

a m< 

(t 

.* -.vt-:i as in.aiii'r 

wituld 

ovcnlUMlly 

reduce im- 

Faced ■* nh sr* many 

conflict 


members ■ ;nrii:d;ug s-mie which pnrts to only 25 per cent of rhe WS pressures, the Government 
al<u huludg tn ihe has market. " has mo far encouraged the 

warned mi Tt.i-k with inter- . , industry to -eck \oluntan' 

luriuri;.' ■»pi.Td;i'’iiv nf tf»L- There has recently been a agreements wnh major sup- 
\ iiicri kind It haa been moved narrowing of the differences phers. and ib«* CSA is currently 
instead hy a desire to recreate belween the sides on a number claiming some success for this 
a strung UK cutlery industry of points, including Die question approach. The South Koreans, 
supplying a much more pro- or import quotas, and after a m talk* with the CSA. agreed 
rectofl di'ime-tjf marker. The meeting the ienders of the io limit exports of stainless 
FBCM's «JI !1 Spoken, president, association.-. — Mr. Price and his steel cutlery this year to SO per 

Mr Jium Price — chairman of i.'SA counterpart, Mr. Brian cenr of 5.5m do/cn pieces 

Arthur Price of England, a Viner. deputy’ ch.iirinan of rhe average for 15»7fi-7ri and 

Birmingham-based cutlery croup Viners — claimed they were now me CSA hopes that a similar 
with factories :n Sheffield— able to speak jointly fur some arrangement can be made for 
earlier t.h*s year accused the 95 per cent uf ihe industry 3> v - next uxir. 

CSA uf an l$-y<-ar catalogue of ing H a i-.mmiun voice for the Whether Hie- approach will 
paperwork and ineffective first time for some time. he supplemented hv attempts to 
commit:?*. Formal import restrictions i, r j n;2 , n myro dire ,., L . lin irnls 


The CSA called for a guridl 
quota on Matnless si re I cutlery 
which would have :he effect of 
limiting tninorts t.a 50 per cent 
of tlt»* l'K market — a figure 
winch w iuld sMuw subsian- 
lial importing bv i:.- members. 
Quotas were also requested for 
scissor:- and pen-knive-. to- 
gether with -rriefer -urveil lance 
in other areas -ueh as kitchen 
knives. Th*.- CSA cl aimed that 
these resinrtUius over a period 
of live years v.ould enable Die 
industry ;u re-equip, refrain, 
and rv-liuild ns position in rhe 
UK. The KBCM rlismisied The 
proposus as inadequate and 
cantc nui iirs’ead lor a phased 
inlroducriut: of cuntruis which 


would haw u. be sanctioned lv ,n , in j v b.-c..me Hear once the 
througli ihe EEC which is try.- working party acts under way. 
ing m prevent the spread of According io some report*, the 
individual prorpcfiomsi men- av Vot unpuhlMied CATRA 
sur es by member slates. The s i„,|v a I.-.* looks at mher pos- 
llabans ami Frencli who are sible ways in winch th«- industry’ 
potent is! allie* for Sheffield, could hope to lncreiiM' it* coni- 
are mosf unlikely to he willing pcTimeiivss. These include a 
to give up their lung-sianding move i«i snialior <*f I'utlery’ 
and highly effeettre restrictions :md redueiions m quality, or in- 
in enable measures covering the creased -l/ifr working as .i way 
EEt. ns a whole to he intro- m improving on the mill sal inn 
diu-ed The British Government of asset.-. At the same time the 
has also been warned that con- report i- believed to make the 
sumer interests are at stake, point that th* 1 very low prices 
The British Importers Con- at which steel can he obtained 
federation has claimed that the from low cn.s: .Japanese and 
effect or import restrictions other mills in the East gives the 
could he to increase prices industry's competitors a head 


threefold. 


start. 


Letters to the Editor 

went pensioner'* were having If. a* has been speculated, ment to decree that Smith shall 

their pensions reduced because there i., any future increase of be credited hy Company B with 

of earnings.'' No doubt many imports into the UK or lower eight years' pensionable .service, 
of t'noi-? pensioners are superan- priced .steel, it will primarily be and not five, and that ’*a fair 
nuaieti politicians, nr irade union the consequence or EEC pro- transfer value" should there* 
official-- whn are now enjoying diicers failing in observe the upon be agreed between the 

the fruits of Quango appoint- production and pricing require- actuaries tn the two funds, with 

ments but can these really wnric-menis of the Davlgnon Plan and any dispute being seltied by the 
nut al an average of £37.000 per suiucquenily undercutting prices Government Actuary, 
annum. ! am sure there must be-^f British producers It Is there- This solution is inequitable. 

-.-Your first loader nf Si sce how ?! Thcrc is no dou,Jl a < ali fhal if 

ber 24 totally ignores the l 0 ! 1 ! ,'Pj ,S. L“ ' Ju l0e *' IvASS P ollc V ° r reeonimended Smith, by Government decree. 

- - Mn m n *- n * prices can possibly cause higher has to hr credited with eight 

imn-irt-. In any cose, the polic>- years of pensionable service in 
is. of course, in accent with the ihe fund of Company B. the 


he future of 
eyiand Cars 

■ the General Secretary, 
Iganinted Union of 
neering Workers 
mical .\dmwvrtralv.c and 
rciscry Section i 


Prices for 
steel 


Pavicnon fnuireriirnts. 

Ernest Barteff. 

henniQ Hoiise Masons Avenue. 
Croydon. 


Transferring 

pensions 


Company 
"fair transfer value" «n which 
the actuaries will agree will no 
ennstderah/y in excess of the 
amount which -Company A will 
he willing, nr able, to pay. One 
reHsnn for this will be that ihe 
" Fair transfer value ” must 
allow fnr Smith's future in 
creases in earnings with Com- 
pany B: why should Company A 
pay for those? A second reason 
might be that Company B's pen- 
sion formula is more generous, 
perhaps very much more 


u every rnmg imn .uicnaci por: fnr the spirit of the Davig- rhal Ihe £5,000 transfer value * USHL ;' '“ISJlu 
rdc.s says and dues as tablets nun plan in the rontinuing slcel which Company A's actuary is ^Visfer is Thai [ Smith 
ed down from the Mount , is cmis . as we believe that tbe prepared to allow is worth only 
•vani in ihe solution uf the^e es tahiishment of an economically five years of service under Com- 


„Lh»J<nri r- r can join this happy band. 

probicm.N of Leyland Cars K - 

\ h s?uni™,Tou r niH-fS ^ Tencent Gardens. 
ns.'vuntpnnns you moi^e are 

•listio and naive. In summary Sf* 

. leader argues that all the H - ,oni ' h - lJ _ . 

ferns can be laid at rhe door 

.e?bnd workforce and the 

? unions. 

the real world, life ^ more 
ilex. Ley'.aod faces rwo 
•r problems. Tt inherited. 

the private sector, a ram- Front tho rrcsuienl. 

:1c. rundown and unprofit- .Vaiioiial A-ssijriorum of 
group of com panics, which Steel Stockholders. 

■seated a total manufacLur- sj Fi — \ wish to correct aay pos- 

apanty too smali i to compete s jbie misioterpretalion of the 

qual terms wuh it* giant reC ent decision fOctober 23) by fro?n ’ Vr - c - oerman ... 

rican .Tapanese and Eurn- the National Association of Steel Sir. — Mr. D. 1. Shaw discusses S^erous. than Company As. 

multinanonal competitors, stockholders io adopt a policy (October 26) ihe problem of A Satn. why should company A 
urreni inoilc-l raiigtr is old 0 f recommended prices for Smith who leaves Company -A r,a '. tor e . IS - . ... 

mcompelit ire. Exhorung the various types uf steel, 'iiie new after eight years’ pensionable *?■ Sl « .» r ' Shaws .oiminn 
tnri workforce to work policy eontinues lo he consonant service and joins Company B. H nu more a^iirdities 

■r to ue real U: Lie (tnai ts w (th '.he ass-ocialion’s full sup- Company B's actuary decides “ 3an Tc i,c' 

•t everything that Michael p0 r: for rhe spirit of the Davis- that Ihe £5,000 transfer value a ns '»y 10 lh f v , pr °y ci ?l. of . S i D1 '. I ^ F s 

_J J I ■' -• - - transfer is that Smith himself. 

new job 
should consider 

enis. Products have to be H^hlc’^eVrindusTre in ihc'^ pany B's“ pcns'ion 'scheme. 
as well a.-- made. anc) ;he is o£ p aramDun t lm- In Inis way. Mr. Shaw con- !"!!i c ln l! 16 

m confident that the work- purtanre in the long term in- eludes. Smith is being unfairly “ i_ l °^ er ^ con ,?,.V° ns 

will respond positively to a | Pre vt c .f steel consumers. UK treated (the apparent Inss of ^P|ry me "l- .n nd . n,al ' e P 1 * 
•gcmeni strategy which steel producers know that this three years’ pensionable service). fle «*’ on 

•. realistic prosper of jnh is n ur view, and concur with our and Mr. Shaw’s -solution” to 

Uy adequate rewards for pollC y. this problem is for the Govern- J2£ | * l, y t c £ 

skill and responstbilitv. treated. It is more at-curaie to 

maintain that people who chance 
jobs are treating themselves 
badly since all too frequently 
they do so without giving the 

same amount of thought to. the 

and” rigid application "of From Professor P Johnson taming to the above. The ’Ttobin- effect on their pension benefit? 
restraint pot tries is nol a Sir. — I would like to elaborate ^ nf)C *.„ ? s ^!?' V ,\ n . ot lt pr - more 

j|a tor winning the hearts on a very imoortan) observation James one. The fonner is that immediate conditions of employ- 

minds or the workforce. Mr. Samuel Brittan made in his unl !!? il ? ^distribute income from ifirnt. 

have Lssued a Press state- column of October 12. He stated profit to wages. The latter one Colin Berman, 

which deals with the attack that it is not quite clear whether ^ J S L e f »„ iIk!!!, ‘2S.I Ossult0 *L ^ Q V- - v -- 

editorial makes on our those whn are questioning the °' 

i. The facts are irrefutable: legal basis of union market w’? t Ge ? ,£imn\nvm 

ould expect a responsible power are merely attacking 

?aper to check fart* before . . abuses such as the closed 

mg irresponsible allegations- shop; or whether the whole “Ji " * h The ' npl JL u i! 

y this is not mo much to syrtem of coJIective bargaining “ D °- u rf n u 1 ?f Ia S M The net reSU,t 
•. is a monopolistic practice to be 15 a « u !u-ia n ou 

a union we have been treuled like cartels and price I have no knowledge of the 
d to none in supporting rings on the employer's side." empirical order of magnitude of 

es which will ensure the Anvone who believes in the these effects in Britain. In tbe From the Maunping Director. 
val and expansion of Ley- ideal' of personal freedom, part U.S.. the long-run Robin-Hood Charles CrUtjtm and Co. 

Gars. In Ihe lost three years n f which is the freedom lo join effect has not occurred, and the Sir.— Lvnton McLain t October 
: ave issued three substantial or Q r,t m join a union, should Jesse-James effect is negligible. 27) presents a very fair picture 
rthlets. met numerous Govern- oppose the legally sanctioned being concentrated mostly jn 0 f the English wine grower’s fight 


GENERAL 

Trades Union » nnurcxv— Labnur 
Party Liaison committee meeting. 
Congress House. I ondon. 

Prime Minister presents Engin- 
eering Industry Training Board 
awards. Royal Liiicaster House. 
London. 

DcIcu’sHon from Royal College 
nr Nursing, lo! !>:- Miss Sheila 
Quinn, its council chairman meets 
Mr. David Ennak Social Sri vices 
Secretary, to Hi-russ fonrs or 
professional nurses about the 
health service. 

Two-day meenna of EEC Acri- 
culrure Mini dors opens. 
Luxembourg. 

EEC Energy Council meets. 
Luxembourg - 

Sir “Mark Turner, rhairman nf 
Rio Tmio Z’-nc. is main sneaker 
at annual forum nf American 


To-day’s events 


Metal Market— Mr. Julius Kat7. 
I'.S. Assistant Secretary of Slate, 
■v. ill also address the forum, which 
will include discussion or ihe new 
London .Metal Market — a tu minium 
contracr. 

Mr. Xnbuhiko Ushibj. .I.'man’s 
External Economic Affairs 
Min is I or. meets Mr Robert 
Strauss. IS. Special Trade 
Representative, in Washington for 
i vr«i days of talks— review of 
implementatJon of measures 
agreed ai earlier discussions. 

Ac-socintion of Viotrnpnlaan 
Authorities’ statement on Local 
Government and Economic 
Recovery report. 


British Rail cuts buffet car food 
and drink prices— some items to 
be reduced by 10 per cent. 

Birmingham Chamber of 
Industry and Commerce trade 
mission in CVcehoslovakia t until 
November 3>. 

Archbishop of Canierbury and 
Mr. Len Murray. Tl'C general 
■■.ecretarj'. speak on "Towards an 
Unselfish Society." Greenhill 
Parish Church. Harrow. 

Announcement from St. Paul's 
Cathedral Chapter House on 
ordination of women.'. 

Press screening of Family 
Planning Association and Health 
Education Council teenage 


sexuality film "Loving and 
Caring." Seala Cinema. Tottenham 
Omri Road. Londun. 

COMPANY RESULTS 
Final dividend: MV' Dart. 
Interim dividends: Melville 

Dtinda-: and Whitson Si-ottish 
Hernable Trust. Interim figures: 
■I. Haimas. 

COMPANY MELTINGS 
Sec Week's Financial Diary, 
Pace 32. 

CITY OF LONDON-- lunchtimo 
music. 

Si. Lawrence Jewry next 
Guildhall Piano recital by 
Gilbert Schusier. 1 pm. 

All Hal low s • by • i he - Tower, 

Recorded music. 1 pm. 

Si. Michaels. Lornhilf Organ 
recital hy Murky Whitehead 


a genuine development of 
trial democracy. The closure 
ieke 2. a modern plant, cul- 
. in production large!* at a 
when rhe market is expand- 


Free collective bargaining 


tor. thereby reducing T7 _l* |_ • 

wages. The net result JUICll SO WJI1G 
abour hector economy. ^ 

marketing 


’■ ■■ VV-^i^A^aign foi 


. Ministers, published article coercive powers granted trade unions which face rela- against high odds. I 

'*7jL«rticle in our own journal, unions in Britain (and in the lively inelastic demands for their weather to a grasping 

,• .^to not always agree with U.S. too). The closed shop fun ion services. Govern ment-iorced ant j Gxci.se "which levit 

' Tiftiuarfics or tbe. editor shop )» tbe U.S.) should be oul- maximum-wage requirements duly on the grower L_^ 

1 Times. But ini a wed as it denies workers the prothice. far more greater than that levied < 

uf our 200,000 right of freedom of assticiaimn. effect-?, especially «»u »iacK reen- French emmterpart. 

in the national Also, given that the legal privi- agers. But tnoory- would mdi- j am surprised Mr. Mcl.: 


’• --~zk= 1^1. 

•f^iiSHitecesits. of 
“2.*:ZV|fer S . and 


am did 



the Britrsh economy, including libel, these privileges innawnary monciary-nsvai Justice Tor its persistent 

about being should also bo abolished as they IVl , h .... unrt a i <n a, ® n * ° r ^ rec competition 

realistic. * tufe rank class legislation. Thus, tor Die ano\ . ana . 3 is pules. 

. . on my normative view, the insti- jf r . McLain when writing of 

By definition, unions are mono- lut j 0 n or free collective bargain- English wine prices may have 
.lies which offer a common vinth no Government inter- niupn the imnrMJnn niTite nnwil- 


Green. 





polies which offer a common in „_ with ho Government ,nier ' given the impression quite unwit 

wage package io employers rur ven ^ion. should be fostered. (1 ti n g| v that the average cost is 

all their members (obviously an 2 j SQ believe in einplnyers having u bout Et a bottle. In fact, there 

asymmetry exists between toe ri;rfal 1o jastitute lock-outs ir are many exceflent English wines 
way society treats union price requ iro(U To be sure, strikes nl . a ii a blc at prices well under 
(wage) fixing and business price p^nce costs on third parties. £2.50 a bottle, 
fixing). What can be said about fc Ut jf unions know in advance An important aspect Mr. 

the monopoly distortion effects fljg Government will not let McLain did not touch upon is the 

of unions? wage policy dictate supportive marketing of English wine. A 

' Unions do not cause inflation, monetary-fiscal policy, the mar- r^-. stores here and there, a mere 

Only governments do. The qnes> ket discipline, especially in an handful of wine merchants and 

..-'ST’ ’■&.! wfw Tn' tho «mri tion then becomes, wbat is the up en economy, will reduce the -f ar m gale" sales make up the 

*£r r ' nfthL itsow rnmirTtv independent ini pact of unions nitniber. of slnkes and hence main marketing drive fur a 

I fh -ft P cr stf on relative wages and third party eosis. It .should never rP na.-.tcni indu-try which ha> 

y. to*m a £ nr ices — can union raise reletive be forgotten that the right of ronts in the Roman Occupation 

s,v- - ' thJ rn^rr, wages and prtces above unions to withhold iheir. supply Jin( j niorc acreage under vine id 

to AiiolPdi' they would be in the „f labour (strike) is the price ]«17S than in the Middle Ages, 

•■j'* -'iiJS SiSS 0 JLS-ij ** absense uf unions d.c. m one pays for free collective. bur- With the steady expansion of 

n sni. cost a .rauc s frw , markets I ? -Are unions only gaining in a free socieiy— there England"* vineyards it will not 


■ . ■ ^'interesting 

jrfT- ’> , xfy; £XJfC 


5fr. K. Manley 



If I were an Industrialist 
a 93^‘yes’for Northern Ireland 
would start me thinking.” 


__ absense uf unions (i.c. io onf» pays for free collpcLivej.bar- 

. 1 ~ ' " ^ in the hext year. 

■"' M J$5S£ -SZLS'JSZ KSWWiS!* « 


reqistertog the a re no strikes in Russia. 


be long before we find ourselves 
With a 1.000 acros-lm bottlPs 





^ wnaiupnaj incom , w — institutions through Professor of Business Erunoraics, industry but with totally made- 

i^ Thaf HroS^arn^s of whic-h the market forces of Univcrsiiy of Washington,, and quate marketing, 

r^m are Sveh’Sl In the demand and .--upply wk tbem- s,r John Cass. Maunce D. Cocking. 

^Snt,H-ii"Lssa itT that "the sel^ Through, or do they alter. Senior Research i el lav . 

S relatives ^d' Prices? 

; £ jli]y, l97T,.only 5,000 retire- There are two hypothese per- 84, Mooroato, ECS. 


Romiard 'House. 

Kings Toll Hoad. 

Pambury, Tunbndgs Wells. Kent. 


Tann vom Hove. Managing Editor of 
‘The Business Location File", an imernaiional 
bi-monthly magazine for senior business 
management. 

Business Location File recently asked a 
random sample of 233 manufacturers in 
Northern Ireland “Would you recommend 
Northern Ireland to any company looking for a 
new Location?" 93% replied “ > ics" 

What the Business Location Fie sunc> did 

not make dean's that in Northern Ireland 

( 1 ) industry enjoys a more attnictn e package of 
incentives than in any other EEC country, 

( 2 ) venture capital is readily a\ ailable on a 
buy-back basis. (3) finance and support are 
provided for joint-business ventures and, (4) a 
largely skilled and loyal workforce is alive to the 
necessity for growth! 


More than 300 new manufacturing projects- 
have already been set up in Northern Ireland. 
Amongst the latest arrivals is General Motors. 
Join them. 

Phone Louis Ritchie at the Lister Office. 
01-4M3 ObOl. Or write io him at the Industrial 
Development Organisation for Northern Ireland, 
Ulster Office, ii Berkeley Street, London 
WiXbBU. 


NORTHERN 

IRELAND 

right for mur company 






This announcement appears as a matter of record oniy. 


sociEte nationale 

CHEMINS DE FER FRANCAIS 


US $ 250 , 000,000 


Seven Year Loan 

L'flconditiocaJly Guaranteed by 

THE REPUBLIC OF FRANCE 


ifarMscd by 


CREDIT LYONNAIS 

ALGEMENE BANK NEDERLAND NV 
BANQUE NATIONALE DE PARIS 
COMMERZBANK AktiengescIIscIiaft 
CREDIT SUISSE 

FIRST PENNSYLVANIA BANK NA 

LLOYDS BANK INTERNATIONAL (FRANCE) LIMITED 
iLANUFACTURERS HANOVER BANQUE NORDIQUE 
SOCIETE GENERALE 

THE LONG-TERM CREDIT BANK OF JAPAN, LIMITED 


pro\-:d-:d by 

CTIEDTT LYONAIS A1GEME>X BATsTl NEDERLAND XV BANQUE NATIONALE DE PARIS 

CO>D IERZB ANK Akh'co^elbcliaft CREDIT SUISSE FIRST PEXN51TTANNIA. BANK NA 

Suctursah ds Parts 

LLOYD? BANK INTERNATIONAL (FRANCE) LIMITED MANTTACTURERS HANOVER BANQUE NORDIQI'E 

SOCIETE GENERALE THE LONG-TERM CREDIT BANK OF JAPAN, LIMITED 


BANQUE CANADIEXNE NATIONALE (EUROPE) CREDIT INDUSnUTL ET COMMERCIAL 

RVMBtRGISrFTE 7.ANDESBANK New York Eranch 

- GIROZENTRALE - 

LANDE 5 BANK RHEINLAND -PFALZ UND SAAR INTERNATIONAL S.A MITSUBISHI BANK (EUROPE) 5 A. 


BANQUE DE NTTT17ZE SCHLUMBERGER MALLET EAR CLAYS BANK 5 A Paris GULF RIYAD BANK EC. 

JAPAN INTERNATIONAL BANK LIMITED TAIYO KOBE FINANCE HONG KONG LIMITED 

THE MIT5L:I BANK LTD THE TAIYO KOBE BANK, LIMITED UBAF ARAB AMERICAN BANK 

BANQUE FQPULAIRE SL I5SE S.A. LUNE^TOOL^G CREDIT CHI.HIQUE LONDON INTERSTATE BANK LIMITED 

TAMAICH1 INTERNATIONAL (NEDERLAND) N’.V. 


Dealer: for Commercial Pirper 
A.C. BFCKFK INCORPORATED 
LUBIAN COMMERCIAL PAPER EV CORPORA IED 


fa::ir.z A rent 

CREDIT LTO.WVI5, >evr York Branch 


CREDIT LYONNAIS 


*0* 


SB& 


September, 1973 


GEOBANKING 


The Manufacturers Hanover ^Afay 
of \Aforldwide Banking 


__ TODAY 

WM»4HV ~ 

*»««* 100. O 1 *? PriMf y . T.c. <2 

Gr«ip=*-etr» niafcftfard Be. Hc-snpm, 

5-wwt 11 ...... 

J<*s H-Irfinat, F'rr.rhurrli 5* ft.. 12 
w 45 , , r ** ■ Church. ii ho*u Pwwn4»-Se.. 

S.war!‘pu,jici» Parlvi Wav C'wdBn. 1 ». 
Yorltsriwn In. 9 £.C_ 11. 

BOARD MEET! MGS — - 1- 

Finals.- 

flf«kwoo<i Morton 
NAtoas rjohm 
M.Y Dart 
Interim;- 

OunrtJi'. 'ft. 

Scotrith Hennbie 7-w 

DIVIDEND A INTEREST waYMENTS— 
3-rtd:e a 27D3o Hr.c’tidf* uroimentarv 

rt retribution <jl (j D708 a a vr. *«TJTi 


":-%i Financial TiinesMo^ 

WEEK’S FINANCIAL DIARY 

dS§n| ‘SUF® J : 

forth p purpose of considering dividends and 


Bunuauw *uctu«r wtueuua “’"V . -latfrtw nrrr'lart EVectta Irimfc. sraat • < 

final*. The sub-dhisions-^wn below are based maimy J® last |i«rott*n«»wf».. " 

L FhkPav 'Andrertl Bj . 


# 

A 


years timetable. 


of 0 0656? u 4 -1 1 7BI 'Mirrl«*«F •**£[■ Db rjjne". - 

Lsi>- Im O 80 Db 3 f I9B8-03» i> e: H^lvn.e fln* <£». Tr,<« -IW ■ • 

i.-«u Ira 7ctPf. HMrtc* ! si' izia 

L.vWOOl irni 0 * 111 ’ PlT? 3 08 JO H'gfi PWlL“l 5 ,d* £ 542*4 
'•*tiusn W3. d’Str'b. of 0 0UV o ; s vr, Hip}iM , 3L 6 ^f!i- ’ 
rndco 51*12 77- ..P^ci Db Z'.K 


Mhmkwi . T«**mv. 


MHWHwi . f«vmw**WW--i'l»!«WK.' T*W. 
-S*VQ. and . Prowr CjrVwJ Jpv. ..Trail; . 


CroucH lOe.-okl 128720 . _ _ L-rvi (nna >od Trust Iri !"“• I* r “‘L.Si 1 '' • • 

General ,rd COfnmcinal I"-. Tst. Z .60 tfcs.Li. 3^ f , “ K ’ In*. T*t. 2> 

p„ t 6? Tr^iDa*. Hi 2 ZM =78*3, j*. lrol/»nd f 1 *!;" 'ijf, ' '' 

LF.I.flSInc .1 


.LHiitH KlnMqm 'BrOBW^v . . __ 

, ■-DIVrOEmOjfc .INTEREST .BAYMSNTJ— 
AcHln .'F.3 C.eyttm> D **63Sp - • . J M 


ansoniifliuM X«tnifl-4Ad 1At> 

Durham ■ 10 toe. Ms. S’:*5C 

Hatbwiw Otftr M mms A’-S&M5 b . 
wbwnls »nd INumirx** Com.- jM*. . , 

Mm* ..vjui** : 9 nee 34 ^ - 3 B ^0 bo 

4«wk. - IQ’**. BOS., R«t 28- TtHBT 51 HOC 


Gjinwss Ppje fip 

Hpn'c Charm i.bSo 

Home CPuhtiH Nm'.pip^'i t^jn 

Hvman »| and J 1 Srd 0 7So 
Johmor. Miither D<?b Z-'.r: 

Li'Irw iPj.C.J Comoalinrr CO" 1 .*-! 


Ln'-^c cibo.s?i jre i-o*;ik - > 

Low Bo.nr La. 6 J£ot. ^ . 

Lowe *. Robert H 


Bins * Sha«or .. ■. 


E ;0tBf 2.J7SWI- 


■ ^aasre 


b* October 3 
Mo , ar > iChriMoafKT ■ 2.6 b 
S tewart IT«bc» 1 9743s 
SunliObt.Serv.ee C 4013a 
Third Mile Ine O 50ESr 
W'lk’njon Warburtor 1 769 


TOMORROW 

COMPANY MEETINGS — 

A»$*rn Frontier Tea. T9. le*i?rn»ii|!! y 
EC 12 

Csrcranta Trade *np Transma: Wir.c.wfei 
Hrw»T. 77 Lotion W«H E-C.. TC.3-3 
Jartar 7 . Lincoln^ |nr fields. V*.. 12 


Ma-!cr Ds 3;«r ■ •• : 

Mrre'M 'Jobs: Db. S'«pe 
Metal Bo» 0»«rse»E S.675nc 1 NRSoe 
Meta? Cisvaits fisc W. 2.1 nc 
M.’iji* Raieaf Hnssi TSscPI- dc - 
■*CT*arth:;i 2 'iBcPt 2 S 373 JC 
Nor“> >i.l Ln. S’HK 
hlBniem Footf* Lr.. 5 UJV 

P^eiev ConreiTpre. Ob. S'ur 


fS" l ?rS«' ^Dbs ZK ^ t,n,rt ..?: < ? 4 »wJ r aw»-F.s£? 5 S^. te O . . 

«"sxi« , i TSnt llpe : - ■ . . TmdOmitiwitty iTbkiudu smoi. jif'si. of 
J.liK)uitri « 1 • .- O.O8073p OH yrC M9T71 5-54WP 

tXSZS* «?w2S5iSl£5!D.3ri7»«1.-Bl WelrhVm tm* 3toc Ms. Red. 291 0*9 


P^t of Lomtonderry 3 ’.PC Con.Stfc. f3dK' 
tvons JJ .1 D*i ,5®J- - __ . 


McCa*r stcvmsoo * Orr SocBf. 1.75 k 


'•vnrr g .»p r> k^rr. ur _ lA^or 

re^ouMi smoeriana SJj^Kaff 5rhKi^*tev»W-i» ^ 


• - • FJtmAy NOTEHIBER ,.JJ. •. ' . . 

COMPANY .MEETINGS — *.--■ 
AdgesL P ur gh me r. HaW: Park tnno. W. 

Meat Trade SwpeHem' Winchester Houle. 
•W. tothnv* .WNL ,6X . 12 • . 


Pnett SKPf a. Ipo 

Fue Aitod Qti. 3-.p; 


Ke*inrd« Sma'e. 153. P*-lrr- Or.»e. Ra«a O-c Ln. 5-'.*pr . 

Lc’cnler. 2.3 0 Ranxs Horre McDoupall Lr. J‘i«toc C 

Piunai* Tcirfiiea. Hvde Park HoV- Kn«"t5- Baiisme ■ HoPmans Pt>i|»r*l Ln *se’ 
nndoe S W„ ’Z K*nr« 4.9ssPI. 2 4 3 Sr 

SarillC Gordon J.’ MidltM Holer. New RaeSimneS »TV. T»:.- :r^. 2 :e 
5t. Birmingham 12 St. Hc'-C"s TV<o: 19SS S'rf 1- 'J 

ir«h-° MIET;NaS — SstonJJfc- FrJ ‘Jiwser' PI. 3J 


Merchants TSI Dl*. 2 »J S^PJM _C«r.’ PfaSst 'jfBWORal^ EsMb tOO 

Merrhv' Tronl &-«oc Bdi. Red. ?MJf7tF CtMfeJ|U**lfi0tiW l*v . 


Ranas Horn McDouoall Lr. *'i«tK 
Raiosme - HoPmans Ppi|»rd Ln dec’- 


Monfrel? Joe Perm Deh. Iijk 
M oors.de Ts. .x PL 1.75os 
N i:.on ji itocLiJ- 2toc 
Ncrman Ind. lOoePf. aoe 


Smite . Wco*. * UstrtBte of Chartered 
Accboarairn Moorsam PlKe EC.. 12.15. 
BOARD MEETINGS— 

FhtaHT r ." 

Perm. Trust • * • . 


BOARD MEETINGS — 
Finals: 

Audio Fidelity 
Himshrr -.Fur'iture 7rj«j» 
Hrswprth ij.i 
tn. read 

London Enirr*i.i-rent9 

Low iWn 1 
North Atlantic Sarj 
Interims; 

Arena 

Bamh<^s S*ires 
i Bea'es iJchn* 

Fdlyei'V Irternahe-al 
1 u«>n International 


Northern Ameocan Tr. 3>:ocP» - 1.7 toe. Mpur-Ene fieeniw^ - ■ 

Ooh • ‘* e ' Ln. 2’:o! Utafer TWrvl»ion r *■ ■ " * 


u .ysiei pt .34 W^ 3 Tj.«?a V:pt - ^ **' ***■ \ 

9js!- "TiS* 17123^“*' Nnttinfcham 5c>c »rr«l lent tST^urr^ WMer 

t 4 3‘. JVoT • • ‘ v Otean Transport * Traduig g.Tl, 5 9«4»o Rush M TotoV 

tv dm - 2 „ M.nludcs .special mtenm of 0.0653B1 SHhooettn ftxrvJoni 

. * *• * ‘Pera.L p jr .,an<» Tcutrir A-.pcPf. 15750 c v. e >» Fom> -tnvs *. -t 


T,. _."• ti.tl uon iPBSiai "Itrun o 

• lt .-*“i . T *7 OM - *■■ 2 ‘ are thers.j. p Jr .Mod Tonic A.;pc P». 
sijiii rm a- ..jiC' .. . Pemiann uw o. 2 A 2 ao 

S A#!»5“e i; >■->■ ' J7niiand '™- w a»;w. : 

Sf.-o Mo-haace .F.n. Dh. 3 p e . E;--' * Aa 


?A-.irr- ".[on 09 4-c. 

Stenbcrp 5nrP* 1.9 Sk* . 

Tate ar.S L->. fiber: • ...- 

. Tma.-e Ba. 1 Tnmstmen Trw«* 14 * 1 ' 

^ l«lta lit Flnansia! Ln 2'i i_ .-.• 

Te rc - tCpmsim* Miiiheum l- 4k'. 
NTEREST FAVM£NT5— t-SH-OttBi* Trim* Ln IL.3C 7 
|»;-| ■Zhg-TJH Pc-ra -3 Toruww) Cs*7» 2 acts . •'. 

2 Baser l-towe 2.4A30 • 

T-— Taa aps. 2 or 


.odudes .special of p. 0 BSBW SHhonettn ftntfin ' ... 

Par. land .C««tle A.;pcPt- 157^0® V.ear Forth -tnifK*. Trene 

Pn.nllaol tnoa 0.242ar VVtiheW m >. W .W .I- ‘ 

p 7 ntland m*. DOJ tr,pr ?|%c 0IVrcn «O A- INTEREST PAYMENTS— 

p-n-As 4 'PtlH 1.j75pt BentalK Qrd OJa - 

Prop and Renervonam lake;*. Cpn. 5 pc pridgmorrh IIPlK'EM IM, 3CABO 

rt » rape . _ 5'««nc T • . 


C'ini-ni Most Houses 0.2&D 
Rat'iiPs fGt Bnooei 0.7689P 

J-:PC t -*arc 

RnarVrm Jmith L>ne A Q \p _ 
Pf- 1.,1 and Colman Db. -5’ap* 
Rcro p.jhl'Fh.nn Dhv. t -tut. 3 LM 
;,iy.i wotfilcr Z 4r 
5t' Andrews Tst. Db. l ;iie' 

5i..,i*- G*vdon (J.. i.2255p 


SO'lin -- ’u. 

So. .:h am vi on Harbour heard fi>oc Vhk 
Soiirbna.S 15flt » : TPt. 


5-aitnrrt 6*<p.TBd». £2.<t2l4 
Sti» 7 .r)W.r* S'lpcBij. tl.42 ! 4 


DIVIDEND A INTEREST PAYMENTS — ▼— TA-OthAmi Trunt Ln IL. 3 C n^.^ O.,y.i i ^ninn l 

Ai-rM.a- and Bn.trl 'i-e-rei Pc-T’a-d ... 2 4 r 3 

iTSTm -:iiSa”Ls“2K a ‘“ 3n '--V.' • ST A ndre-s T«. m 1 : ne 

Ah-Va Farm Fn-as.'^eh ire "l?- Hsjij Fo'-e Debs. SU. ntod.RW) I**;;'' ^^ulturill 5 ea SS J-«ecDb 

A!v» lr» TV J 1 a ?5e S’cr:. _ 1T85-901 5U 5 :.-rr l« -« S5p i ri- \ S 1 

a!5S;?I*Wp, M ?-V5. ,Wu i 5# 's^ C ' *^ WS tB ' ,Tcm ° w ’ , W | «W. 1 925K 4 S S5KAPf 2. 

Armsur A Trn«r - Lr ‘j ,'s- S'a’Tr E«h 2.R=Sr- V ' S^CbC- a'*.«bSV- % tlili 

Ash amt La r v 3 Sr .Vetr-g- . vFifi" 6!*rP* 7lp- Sajpway ^orBUs _3 *214 

A,hb.-u,rnn m» Ln 4 .[■ WtS.*— Jlf am* Cl'iT., Pkv &>. dp, 5": ' W » r H ' * •“ 

A-.-rr'a'en R-sk P.jr...*na-; T o-.3l 9 WtoSTeO' 'ntest Trust Lc. 2 :PC *■ Soh-anm f’ r hS , *«« 

rwft,***-' ‘ ,s,nn 3nwV • ^ w c-^ m w '- ■ 7 -^ p, -«»spc. uis^s: %$*£&** 

0a " « *«»«':• =7 WEDNESDAY NDVfMIHR ) , &MU 

A IT'- E!ar*-.-.i I— t. 3 ... 3 *. C^VFANY V^TIWSI ft .tro-dsnir- 6 *spcBrtj.. U.42*.< 

Aval na.n<rf,r|i Cri V.-y 7h* -3^'0-tvn hanH Grsrrts Tfwt ■ J* SL’i* f't n Anns . IN . . 

F-hjnrk Inn. ano F^fr-rai P-otN Peb M.u St-Cft CC :;w ' ••• ' I?!, fiTT". jj J* . 

rt.TC R A.SCO MEETINGS— J. Tnma- r filers 0 1 9ST75P • 

Eaa; L rum.. L>. I .'am >U r*l 17: PlneJa Tran».O..eani« Tst. Sptm .J .75 

Pa'h II t r. Rr-i iwrt, r-;~ Etj*. !w. T-itt ,.■ Trar'i »nd Arnrild D.772Bp 

Pa*W artf PertijM JwW' 2 71 2 See. i.*. iDlertos: '►.' if. J . , ’ DC 

.s.'.pn A. »r lr ih B«;r «- Tmirnr Ml IO •[»■. StoC 

:r»t of V-rt^h ri. tn.-asi. S« C*!t."-S Sc-NneiAd* ' .-w" “rr*..; 7 jrt. 

Beatnr ; James’. Df* r-^V T..nn«i _hkIts. 3 aserw. 1 91 

RisMrrTJiif Twiri rV". Circ p.'eAj.di pl T . 5r - 

Fl« l iv)Wl HMqr c."7t S*> ■*- fc,rn;i ' l ? “* n * lrlr<l - D'.P* 3.4591 

pis-nde' ’.Perm tel ere S ; ecw. : rrs— Db. ^ivrrr.Na *, INTTPEst payments — U-ibw- Sjnc iOssd.i IJik., 
r’-iD.- L-. 3*»rt APS- S.13»:W 1375 nc :*55pr.Pf. ' . Bri *■ i*rc. 

Bpii'len fW:'I am. h :r'l*t Z ~?*r 7 273^ 5 SSucPI. 7A?sre - ..- » ?T?rr A jpcAPf. ■ 2 275pc 

Rri.vlt fas. A C-» ryb 4-.y- 5e-t in 9.D45P • T'»lv|.| 6 Src Bds. Red .t:llr7 

Fr l.-.h.Amnr -an 7r,e»-rrj 6 — r- ; t-n At’as E'w an* Sn T** P9.' 4’r« WhfSter » 5 a-non|) Son. Db. 2’n 

P'-l-ih Ctrliim^ia tfre Prrp Ca’ia^'r ^ ’■7'- 1?7R-7R LiK - W D-rtnrebire fi:«DC ' BdS Red. 


Brubjn 2-3b 1 -v '•.'•■ 

rnt’Sb Vrod’to I«d» - 047J7» 

Br.flfh Ve» -T07p * , 

PrAmlev 9«aK Mr - Aed 9 3 79 4'wr 
CambndaesMpe .9 toe Sri*- Ree. ?.5 


;■•••■ Cantor* OM... A .1 43623tt . - 

Cni»trai var. JUrte Bos. Red. *7.'«. r A3 *3 03 
. •■- 'ChelmsfoM '-IQVac. . Bos. .:u*d. SO « RO 
\ Jtoe St,-aec. - Rime. Bdv Bed. 93.79 4-atW 
1J3IM:- Copeland 9W Mj: RH fcfcTS i.<wc 
2-275pc Croydon V«r.- -pate ■ Wfj»eS't5 0 ? 


Dudlev 9i*er BdV 'Rert. SiVYR 4 ?ik 
E ast. V>n»d*H*r>> 9.toc .«». Red. 9.5.TB 

i-Vw ••. j , 

Inj!bOtir»’e 9 'aw .Ids. -R to- ^5.79 4'mc 
ElMr- |nr|. ,4P • 

Hnntleigh 1.3 d 

7sHhRion.9liPC.Bde. 1M^.:«?579 *toc- 
Lewnivun. 10 'imc BAs. Red. 9 £i79 S'-tnee. 
London Slant- Mv Red.-4taoc 
Matthe-re retnUMVa 57Bn ihtcWo a uwiil . 
'ddt. of O.oTBn as vn iwrTajt 
Mhxnards 3.B67JTSP'- '* .— 

Metdio TiTiix Bd». Red 39MI’ai-S4-f 
Orkney- Istentfl 9 tor Betf. ®,’3’?9 

■ dime ■■•.'—-■• . -• • • 

Parl*» men <W A ZT697p 

-PaHrer. .Timber. A. 09o - - •?.'.- 


Thwea rt ta PszD’trl Srsatr, Treat ■ ?« Si?c k F r - n Ann* 2 rjec . ... -- _ 

M.*> Sfcer K i?M . ' yt'L^derT immsi T «• t>W .75jo* 

crs.SPD MEETINGS— Tema- r C*. fillers O 9JT75P • 


Tranj-O.- rime Tff. Sot W 
Trie. .I'd ArneiW 0.7725 
t-T.Vi- i,r 3’,oc 
T’t*U'rr Ml 10 -nr. 5<aOC 

7r.e-.ij JINN. 7ptL 




TMnnei HIA3S 3 aserw. I Msoe. ISw P^tmoii.raTMdYY iiss : •■' 

i!- m* ie?ni' 7 RP 2 «P= - 


. , • Jtoehmdh •- V 0 r_- ROM Bds. Red." JMM 

4 eecA^L snnmd City PrntH. 1 3731a 
. SimweH - European In*. TV 1 8 b 


w:M r *flSS. 5 fr JSJ nV’V.LT “ 4M« r ^fi«h • In^toei i<St* -fiTz .1 

w r , t ?' 77 ’ !U,,! : >Ma. ilAUR w' M ^ n rt5Uir^ - V.e, B ^*t 7 r , %7F. 

-Henm. Snr i so .... ...j.,- ... 


C'a-< Vl’lllt"’ a'ti Je'r Midi* 7.^.1" 7 — ; S-..-,7eA rjijjlj 
•‘ 4Jrr S-rh.-rtl 5 -.orUrd 't 17*. 4 

Cu’.-.rm.rtnn i— ■■ n*** S’, s ,pe *• e-«»- 4 -9-Per* tATS-r** J 

rorint**.an H'Vs,. *1 t jr 8*-*i*-i fn- Dh. ■ 3 ; i T’-pc. 

C’hnt'i’r .Jrl" E“’w. . 5 •[-B 1 " 77 3 re _ T -7- . e l> *5i*i 1052 

V -'•r” ^— -* t Srcwrr* w^ 3 ’, ■ 5 ncP- * 7 r,— t r *'_■ - T — e-c-tr c Tmstm* r*fl ,. 


V 1 ii- in,; DS*. I Z’toK. 0 ■ ■■-■'•■ Whstm*" K.fHt. AtWH.'Z *le_ . 

V ::6toru>? e.’spr bws. Pod. . fi Tl/TBl • WHRAy'NO«|N|| 6|:« ■ 
f. 42'4 * COMPANY MEETINGS — 

h’ t'im iT-i Vvti 'Asscd.l -.-SlintPr. Bhi* B'ttf’ CaMee M nwenr. Msitn'BRtbf. 

* ~ Jv .'.Hiinmn B. Midlands 11 . 33 . ■ 

V’."I Br-' »v» Db- 3* me . _ . DIVIDEND A INTEREST 'RAYMFNTf — 

THURSDAY. NOVEMBER * • Hw<!l» 10**« BU?. Red- 1 ST? 31 * 7 -. 

COMPANY MEETINGS MlwfciN T nmK.l.B’aK -RetT- T7-»0 3‘iK 

fa-iTn. 1F4-IT0. Qww fcmid. 5fmff>li».*rl 0 ntmt 10'H« Ms T*mf. 2 309. 3\rr 
*. CBbtertunr -fitoe Pdi Tten. * S0'4 hi 

f*tre« Ff-Kr Tr. VTl-ditoter; House; 5 L' HDC . V_ ! . _ 

7-r Lnnvrm Wall. RC. |1 30 . ' tinunii* U'.k M; Wed I'SC*! 5iai*r.^ 


Pra;e ard jet.ii ■ ~r» 3 5 -, 

D-;rnre amt ls*t»» l*«. 7sl 5M?' t 7! 
D-h 2 ‘-n*- 

Darien J.'-p-PI 2 0175?*. i?«. Z-pz 

E"-s .-nil D-u. Z' -zf. 

S— > i«h IMn-is P-h V.>: 


e-C-tre TmstAP n»rt.^rd DP 

H' t-.h G?’ 3i*Gtd. lnq.n.35 

Br * .-> t--. Ts: :.‘,5-P 1 , 

E» »>*■ V.'ha.r Sa nner. ^otP».> 2 lor 
P- * **1 S-re « -Brd 2.273Pr. ' v .' 
Cjmcrnn « J A i 5DtPf. J.Tj^i . B K t' 


C- — tbeu-e. Cneenb HotN Clfw Seretre; Leeds I 2 t.ec Bds.- Red. 28-4 82 6 i*«e 
(."•C; 17 -Nie*h*m MtocBdl Red MAM S ,Jt - 


t«*ti 17 

MT| Bvrplf 

C E-tie 


7 „ ■ Nm*#h*m f 1 -toc Bds Red WEM S’^— 

apit-.re WpitiM m . . CdMereitai 5 tone h ijspe bd*. Red. 30-4.89 5'-’i*«. 
Empire Wav. Wemflev -.Mldds.. SnfHh B-rd. - ^.dBS’Te ‘ 1 

_ . • S. PwitiurbirejlKre .loiipc JLST9- 

[r-ell . hf Tr «*»•. High 5’aK 

» Burka. 1 2.50 Wtn-ita to w wii h igiMC. «ds. ■ Red: 2 st> 

E'l’ ic**" lr*. TtT.. .20. BdehJn S'ik - 


<w W 


ViVombr Burk? . 12.50 
«■!.**!! En' h»»" le*. T»t.. . 20. Bhchla 
iann Fr. t?.?n 

S*r"lt and Fisher. Harcmw Mill: Hvgra*e, 


Wnbrntharaotae. tni,rw -Red i’STR 
otoc . . _. ’ .. -7- : - -. . . 


MSTH 


Id**" ae*J CT■'’ , ”a , I-.. “*•■*? L" 3 

Ctntr-I Ffn T-..;t— > 1.7s 
Gnldman fHi Ln 1 .r-> 


£— irerr 0 - 3'i 77-^c 
D*tse-. D?. 71 . pc 
n>inf* a^ - Pr* 


D*t. 2 tor 


Pu blic Works Loan Board rates 


Ge-itvn Horn's Si.-ncP* 1 siJr Cr- n’*v «m f>n. T^t. 5rcW. T.lspr 

Grand M'“Srrpt*li , nr Krtr-’r- -Sr-* 1 a -- . Ek ttraim a.—* »:•• S 3Pt 1 - 5|ir'..- . 

p*. I 72k ?n.-’r Ce- T-,» Dk. Z'iPr . 

Grorm-"io Wi’Wi in— pa aijjr; D.-e>-m:-w SiisrMi £3 *711 .- : 


EffprHce from Ortuber 3» 


G>*i:d*i*'i P'en. hc'P* ; i- 

r H irrw'.nns a'->- o.i< 5.; S’,;* 

i *>■-» .1 ' 1 ’Vf t .-71— 

; Hn-ne't K.I'ijiTj “r - r* 7 ’p- 

M-*A-" r*ht i 


c- -■'■■le * i'f ii|. Pb 3’iut - , -. 
r:,-*. - t ri Ge- 5t«.. Ts*_ CViv. ■ 

£ ■ rmf! fc-’li A areff. 7 ■ 57 a* 4 


Qvoid Imiw ltepaW ;■■: 


•s, P -57:'.-*: ? mrP* I ^ZSDC-i- 

Em*s-*i Tea-* a— J Irar-rr-r* '344 7r 
* fe-:'i.,n O*, 7:,(.. 3 


TtuanHt^. mitiPt 


NrMVNi Iormi A* rapaM 
f'SIPt «' dwR8H«T 


Up *n A 


■r pent higher la 'each ewr&Kh coa* ' 
its of prttcip*]. t Repajraeat hif half * 
yearly paymenta-to mdiftto.p9 m g ipa i : 
y payments of ifttfwsf <miy . • * 







Lji 












R?4- 


JvsU*^ y> 


Geobanking. 

A massive copper mine in Mexico, 
a A nudear plant for the world’s largest power 

I company. 

A shipment of grain for Eastern Europe. 
Geobanking. 

It is money moving and working around the 
world. 

It is the Manufacturers Hanover way of 
worldwide banking. 

Unlike most major international banks, 
Manufacturers Hanover does not enter a region 
or a country with a rigid operational philosophy. 

Instead, It adopts a way of banking that works 
best for a particular place at a particular time. 


Geobanking. 

In some countries, it dictates the opening 
of full-service banking offices, such as the 
Manufacturers Hanover branch in Frankfurt 

In others, it calls for the setting up of a 
specialized subsidiary, such as Manufacturers 
Hanover Asia, Ltd., the Hong Kong 
merchant bank. 

And elsewhere, it may mean reliance 
on representative offices working with | Lf 

indigenous banking systems to form one 
of the most extensive correspondent 
networks of any US. bank. 


Geobanking. . 

It is wholly responsive, since Itfine-times ^ 
banking to national and regional needfe^.i , ’ } 
It is flexible, admitting swift acyustment to : 
changes in prevailing conditions. ' ^ " 
J5 ? 1 ksyneFgistfc enabling 7 


from the woridwideresourc^oi r^lort 
organization. 


The banking sourceAMbrid^^ 


.■' r 












’Financial Times Monday October 30 1978 



apseals on target so far 
tnd sees better year 


^ '■* but the director* took increas- 

art a on urmurc »«*!>• ,Q free and siabie 

OUHKU mCC linua currency excbanfip rales m order 

TH- loWr ir.E rnnipmus h|ivi : nOMfl—I lO make this prOgrWS. 

. : ses. Capseak is within «<« The chairman do* nol expect 

i to r.ir jq inn current year, rur JlU rp-jw at iMzua'i'Tiint present stock levels to be reduced 
. shot* -i an improvement in divnieti4a. ofTW-ii] indicj.iorv. -swv not and the group plans to continun 
. on the previous year. au.ii,.h;,. !u u h , i! , er asyWeraWBrr ln inVl , sl , n new plant. “ at a 

‘Andrew- Chapman, the chair- bat'td ' wmlur an lam faster rale than that at which our 

ays he expects that provided iisa*iaw«-. present plant depreciates.' 

resent level of consumer today Moetine 27. Hill Street. V, 

nit is n» least maintained iBierim*: lirhuir Ound» and whumh. November- 23 at noon 

^octth lUniaftli Trusi. 


" 'v’ST A hackerhyml nf 
-.-,sed prices for |iai>cr from 
- -it. Inflation conrinuin? ns 
everywhere and other 


ie position of sterling rola- Sr £I na i,. 


» other currencies remains ‘ - v D«n 

re mi t tv for the Ifi73.73 year futui 

low further niiprmenicnt 


Blarfc-KoaJ jJorwu. John 


•:u! VT 


1 rue 


yen’ •» 
Kftv. 23 
Nov. ■ 
Nuv i 
Mov 1* 
Nov .1 

Mni 3 


1 UTUBE DATES 

Interim*- 

nouit pfe-t:*T profits tor the 
‘July 1. 1P7«. Tuurhi-d ahead cr.-ji V-irikum v.y 
l.4Gm Jn ri.-'iiiin on sale* «,f Rj-!i .md 7oni>k,ii« 
r. saain-i USO-irn. TJjo , 

•ilnb'e :iiRrtunt c;m:i* out -Vh 
at IflWm H I 04im after :a\ ’ Final 
I in 41 nil Tiie iliviuend is I-p>1wii. ■.ornin 

imum 1 927np il7‘4ii2iu per hr- ■•.»■ n 

1 Imj.-.’-i.T «.*n< 

... . sur.it-.u-. Kr.:.-.- 

Cbapin.vn i.*y» Vie urn-m * f .. s;. r. 
lien: prnur.ini:;ic. : iipv»i ■'‘‘"•t nv: Tm-.j 

ai ■ i ii pro venil- (its '»» pro mmmmamm^muaimmmmummmmmma^m 
•fy and n;i.'iii‘v. n:.t eon- 

alula iiihlirr i;‘;.iiWi v j* arier|i:a!r n-Mturcn*- available m 
<ms ni'A ' 


Ayrshire 

Metal 

climbs 


Sov. 

^ J TAXABLE PROFIT of Ayrshire 
'■•J ; Mclal Products climbed flliMHHl 
v,w 3 to LVS3.0UU for the 24 weeks tn 
!\m 5 June 10. 1074S. nnd the director* 

m—mm fonccjsi ,in even better second 
half Last year ihe surplus was 
down front a peak I0.7m l<> £9.67 m. 
KMernui turnover fur the Hrst 


K n ‘ A ““ -inam c ihe Planned level of trade ^'££*2 I&G7m ( W and 

sialement of s our.e -nrt fulure - ^ infhn* injlj* up from 

.non of fund, a furtimr While inmuneni in new plant L 'Vli T , " 

.emeu i _ :n t.w ;;ninp-s for C ici<tiilS businesses will con. ra j sl .,| ,, 
tj is shown bank advances unue. yroup plans show that ihe s |, an - .n 
■euucen durmu tnc year hy c .,, ): , rit j. lo aer.erate Mfeh exceeds | n | Jt . |V 
i f X— inon .m-rea^e i. and JW |f|ce:.v- demands for that cash. t . lX t . u , 
tienr. of oire n-irchr.vp and .1 . . . 



33 


Jas Scott 
back in 
profit at 
halftime 


Eleco tops £lm on 
second half upturn 


ure-liix pro!i: 


i5.T4.000 on 


Turnover of thi< 


Committee 


SECOND HALF profits of Kleco information about the losses w-as 
moved ahead from £507.500 ro diven fo instituiinna! share- 
I617.J2K takma Ihe total Tur the holders who > isned ihe company 

before the announcement. 

The Stock Exchange monitors 
about 2.i Whi price movements 

iiirnover uf £!R9n< hu« ramiurt>i . V u """ n 1,1 cnuinecnnc g\ vr\ year t'nl» a liny fraction 

With .! :n^ot sir,limon^ nSsSFS WUm*' TflSr'K? ™ ^ 'tr* ^ swrt ‘ 

nf £17 2m in ihe Hie months to fn^^er lOn shTrc Vr/ shown to Exchanae Council t-omm, 
June aj. 1KT Mm 5.?he3m ,nVCSl,3al,01,S - 

The ,os, lor .lie i»-.e> months d Pn d is raised from l.Tltp tn 
la>i year includes £.v»L0P0 on an i*m p v -,;h a net linat of 1.194u. 
overseas contract The operaiions E.vtraordmary credits This 
of this contract nave had no effect time comprise a profit on sale of 
nn the first ha if of ‘.he current property after tax or £1.632.584. 

JCjjr There is a transfer from deferred 

Tax .if i40.i, Don l.nli includes tax at June JP. 1977 in line with 
a provision of £105,000 for over- SS.\P 15 or £12382.77G Last year 
*e:i» tax in respect of which no there was> an adjustment on rc- 
reiief asainst IK tax ls antlci- valuation of stock and works in 
Putt'd. progress at June 30. 1077 of 

In view t»f the continuing £45.047- Comparisons have been 
deficiency m the company’s adjusted Tor ri-classificanon or INTENSE 
revenue reserves ;he dividend on deferred lav 
the 4 55 per cen: i first; cumula- 


tive preference shares' fur the 
fire haif h.i? beer. pj»cd and 

no [.av men:* h«-. ,• neen made in 
reia:to:t :o the arrear* uf dm- 
(lends oil : be 4.5.5 iu-r i-rn: 
i second i cum u Jai c pi ci ere nee 
.share- s 


Credit Data 
tops £0.2m 


Clayton Son 
warns of fall 
at full time 


luans 

ti 

-pile 


of nn* 


.... . . till. rmn to £638.000. 

Si , " h,1 r ir-veMmc-m m new plant T!u . np imPrll „ dividend is 
r. r * _ P cw«tul2 businesses will con. raiw | i.tm3p ti :«47pi per 25p 

and an additional 0.n33p is 
.ml [or 1977 followinR the 

nisuBi In ordcr ,0 obtain an adequate lhlJ , dividend rmlrkfion meaas 

tn j.ilu .LM.uuu pp-um on ,f,e ii na nce available to t h.n the final pavmenr will not 
the sroun. the direciors are con- rxPf . Pr i 2.2i06p f2.ii76pl 
‘ y'.Vi un’iinc ihe search for arqulsittnps HalMmic profit was struck after 
a,,d ncv n rudut! opportunities. dcpri'ri:u inn. net of transfer from 
nine lax and fli.Mlentls* wbj s, r . cb^ptiun addfs investment crant account, antouni. 

ned 10 withm 4 per cent n. ,j n seareh for acquisiDon^i mt* lo £K8.00<) f £73.000 > and 

nine level. Capital rspendi- - no says Sirc impnrlant in rho jniereM nr £25.000 (£30.000). Las’ 
L'rimj the year anmunted.to urnup both tn provide arr timr rhere was redunduney costs 
•n (£532.0001. adequate return lpi the cash avail- of £2.000. 

groun's Tola? interest -h»-ar- , 4 sip for investment, and to. 
hr a: July I. 197S, amounted vjpnlcmcrK future e-arntas 1 ! 

9.000 tiiainrt share capilal pin will 

serves of £4.Fm He ieo!§ tbar further cxpqnsion- 

15 Hie npimr.R of mur is sir); pnsvih'y by gaining vnti>. 
irs that ihe group has fully imo a zeoera nh: rally w-idir are^ 


Mr. Alex Jarratt. chairman of Reed International, whose interim 
results are due to be announced tomorrow. 





RKER TIMBER GROUP LTD. 
FURTHER EXPANSION 

• , ;Ve Annual Gcncal Mef?in| wji hpid on 77:b October. 1978. 

.:-Jlc»in£ is an extract from :r.c jtatoment ol the Chairman. Mr 
litby: 

Tie Group cf Companies has had a successful year, with turnover 
over £4 million. 

roup net profit before *a*irnjn amounted to £2,29i.00fl 11977 
.000? Provision for Corporation Tax. calculated at 52*J. was 
.000 11977 £1.415.0001 Group turnover, including direct exports 
36.000. was £45.755.000. compared with £41.062.000. 

he year was marked by considerable variations In timber prices 
lly due co foreign currency fluctuations. Despite this, trading was 
iccory. and ail companies achieved soed results. Parker Timber 
•ood) Ltd continued ro expand and. with substantially increued 
vtr. have.ajain achieved excellent results. - Production of pallers 
' works increased and. in. a very competitive market, results is »1| 
ons were satisfacrory Demand for roof trusses using strew. 
' ij material* increased. Although house build ine remained stagnanf. 
thiuc. of the market was - up -to expeccations and at-- acceptable 
nn The Buildin; Components division had some difficulties with 
-luiev of work Furrher activities co urilise manpower and facilities 
with good success Diamaric i Steel Fabrications I Ltd had a 

ruble rear's trading P*rker interiational Ltd. were working to 
apaciti with good results, considerable business being undertaken 
lomecon and developing countries. A. Latter 8 Co. Ltd . had a 
.sful ><*ar with both turnover and profits well above last year's 
s. 

• penduure on nap ital projects and machinery amounted to 
'000. Addition; ro land and buildings cf £381.000 included a nnw 
ill at Dunston on Tyne l officially opened on 17th October. 1978). 
si«e additional building; at Depdcrd and further land in Rutherglen 
'inxton. 

urnover for the five months to 31sr August. 1978 has increased ip 
b» 17* ; compared witn the same period last year Overheads 
sue tc rise, but we are ccnfidenr rhat. subject to any unforeseen 
Ptie; the Group will enjoy a further prosperous year. 

x he accounts for the year to 31st March. 1976. were adopted and 
. idend of 6.08p ( maximum permitted) approved payable 3rd 
nber. 1978. 


Hill Samuel 
Life growth 


Mobil in Saudi 
oil refinery deal 


Fnr the jour lo June .W. 137S. 

Credit Mala report*. Itiqhur lunF 
over of co 

£2.<i5iu. and pre-tax 
from £123.249 in £l*ns.A’J4. 

(Tomparaiiiv prniiu h:n t hcon 
adjusted unee ?ho company has 
for ihe fir-'i timr* pm a lalue on 
il* national rredll ri-ferenci* 
service. This h.is been uriti**n 
into ihe nrcnunl.*- at £492..'»3. _ i 
Though the -roup order bnnk which represent- the cn-i r.( 
is sai rsfacror; at Clarion Son and esiahlishitie and mniniaimns ihe 
Co. (Holdings), enzmeennz run- index nn an histnrii-al cost basis, 
vern. a -hortag** of skilled workers As the informaTinn i- main- 
siill persists and it i- unlikely lained fnr only live years Ihe 

that Profit will reji-h lasl year's directors have Jeeided l lie cn-i , rtn vh . n „ , h|1 n ... , mprnn 

record £0 9m the directors warn, should he spread over Hie same t |?. u | P nrt fs ra^eri iu »S4i> 

wr, “ d « - *• wr "’.iTS ‘SuSffnl? 'ft 

at £4 ti.ini iflSmi. but Ihu hoanl gg , til'L H f„. m 


Costs hit 
Silkolene 
Lubricants 

ATEN.SE COMPETITION, allied 
with higher wanes, salaries and 
olher cn.-is. depressed pre-tax 
profit at Silkolene Lubricants from 
1492.090 to £301.000 fur ihe half- 
year lo July 1. I97S. Sale.- 1 were 
maintained at i4.49m, cunt pared 
wiih £4.:<5m 

The result- front the mint 
venture with Crnda Synthetic 
r.hemic.ilv still civi— cause for eon- 
mnared 'with cern - ;,nd fr' 11 * i^rties arc jointly 
n^niii at.. 1 - h review ins future operations, the 
prom- am .id ,| irf . CIOPS say 

In view of ihr difficult market 
cunduuin-. the hoard doe- nor 
expect re-ult- for the second half 

10 be milch bptl**r than those de- 
clared for the lirsi -ix months. 

11 has. however embarked on a 
substantial capital expenditure 
scheme to expand Ihe capacity of 
the special products plant. 

. Tax took £144.009 (£2::«.flnn» 
leaving ihu Group's half-time carn- 
me- duvn from 5 7p tn :t..sp per 


[voims out that these results are 
r«u indication uf the full-year rate 
of completed turnover and profit. 

The net interim dividend is 
raised io 1.237'ip (I979pt and an 
additional payment of O.U4S>4p fnl- 


nierim of I 44:'-6p was paid from 
profit of £7.1.009, 


?CM dealings s urma h Valley 

The Mock Etchance is makmz 


Invin** the tax cut i- io he made, rnutme orelimmnry mve-tiitations An advance in taxable prnfir 
Last war's final v ns .2 1944p. ’ 

Half-Time prnfit i- as -truck :ifr<*r 


A. subslanlial zrowth in new 


SAUDI ARABIA'S Siaw-n in pcirn- coast .yf the Gulf of Suer where 
leum and mineral organisation several commercial offshore oil- 
Petro/nin and Mobil Corpora l ion fields are .now producing Tin- 
have sigend an agreement under area m within the Israeli-occupied 
. which Mobil will .undertake a rone. Exploraiior. win bi—i-i when 

the nJlt P hatr° n nr b ?he"rH*S!t 2, - mon,h 'echnlcal study Tor the Egypt regains jurisdiction over 
the lirxt hair of the current construction of an oil rehnery the area. 

S™™ 1 r«Z" re G°![?. ed on the Red Sen port- of Yanbu. Terms of the bonus require a 

Sabine) Life. New annual according to , the official Saudi Sim payment ro EGPC on snna- 
premium, in. the .six months to prcss a ^ ncy .' Th e planned oul- ture. SI 


an associates* hi>- of LS.772 
CXtS.095 profit j. 


FT Share 
Service 


into dealings in shnrc-i cf from £3fi4J394 to a record £499.17 
Dunhec-Cnmbex-Mnrv. the toy was achieved hy Surninli Valley 
Group. The shares fell in advance Tea Company in_ 1977. After tu\ 
of an unexpected announcement higher al £2I7.S8."» ;r- , ain>t XlaS.OlMi. 
of losses nearly two weeks aco earnings per 25p share were up 
Dunbec slated last Friday that 3 lip to M.lSp. 
none of the directors had dealt The dividend, which acain 
m shares of the company this absorb*, l'fifl.onn. is cuhien to the 
vear. fi also mamtnined that nn receipt of funds from I’.ansladesn 



MtSi w^rc 45 d ner 2 SSt on r . eQnery s construction and the acres elsewhere m Egypt, includ- (Section: Mines— Australia! 
Hi» tl cm SS H ^ timetable to carry oul the prn- inz blocks in the Western Desert. NumacOiland fias Lid. (Section 

d at £1, TBrn - .. . u ject. The refinerj would be jointly Nile Delta and North Sinai Overseas-r.anadal 

The company reports that the owned on a fifty-ARy basts bv j ^.- ■ u ™ s < ’ dnaq t li 

main impetus h3s come from ihe petromin and Mobil, 
new range nr invoslmeni linked Crude oil would be curried from 
contract* introduced durinsl9?7. Saudi Arabia's eastern region to 
In particular, the Higher Invest- the refiners' through an SM-miie 
mem Plan. which enables pipeline, for sale to American 


KER HOUSE. J 44 FJEIYN STREET. DEPTFORD. L ON DORSES 5DE 


stated that 

tn e-vpnml its overall new business American . and Japanese 
both by increased representation experts sank 12 lest wells off 
to the public through its own southern coast between 1972 :■ 


Construction 

Holdings 




7 A/s advertisement is issued in compliance with the requirements of 
Ihe Counci/of The Stock Exchange. 

It docs net constitute an invitation to any person to purchase any shares. 


j m- y*- 




-■ r 


LAINC 

John Laing Limited 

Incorporated in England (No. 13*5670) under the Companies Acts 1948 to 1376 

The Council of The Stock Exchange has admitted the following securities 

to the Off icial List : 

27.557.364 fully paid Ordinary Shares of 25p each 
26,289.562 fully paid Ordinary A Shares of 25p each 
Particulars of the Company and of the rights attaching to the Ordinary and 
Ordinary A Shares are available in the Extel Statistical Service and copies of such 
particulars may be obtained during usual business hours on any weekday 
(Saturdays excepted) forthe next fourteen days from 7 

N. M. ROTHSCHILD & SONS LIMITED J. & A. SCRIMGEOUR LIMITED 

New Court. St. Swrthin’s Lane, . The Stock Exchange, 

London EC4P4DU London EC2N1 HD 

30th October, 1 978. 





- -ai! 




n J r 


This advertisement is issued in compliance with the requirements of 
the Council of The Stock Exchange. 

It dees nor consuiuic an invitation to any person to purchase any sharks. 


LAING 
PROPERTIES 


Laing Properties Limited 

Incorporated in England ( No. J 345571) under the Companies Acts 1948 to 1976 

The Council of The Stock Exchange has admitted the following securities 

to the Official List : 

27,557,364 fully paid Ordinary Shares of 25p each 
26,289,562 fully paid Ordinary A Shares of 25p each 
Particulars of the Company and of the rights attaching to the Ordinary and 
Ordinary A Shares are available in the Extel Statistical Service and copies of such 
particulars may be obtained during usual business hours on any weekday 
(Saturdays excepted) forthe nextfourteen daysfmm : 

N. M. ROTHSCHILD & SONS LIMITED J- & A. SCRIMGEOUR LIMITED 
'New Court, St Swithin's Lane, The Stock Exchange. 

London EC4P4DU London EC2N 1 HD 

30th October, 1978. 


Invest ors lo link tfieir contraci to and European markets.- The pipe- 
9 Samuel unit trust* and line would also be owned by the 

the Hill Samuel Life internal funds two partners on nil equal basis, 
hax been hiehly successful * * * 

■ These results beur out ihe fore- Burma plans to resume offshore 

-of increasing new business Oil operations In Ihe nest slx 
made by Mr John Marshall, chair- nionihs, according to Colonel 
man nf Hill Samuel Life In Iris Maung Cho. Burmese . Industry 
statement, .^accompanying, the MinNicr. The new exploration pro- 
renorj and. accounts for the year gramme would be Burma's third 
ending Matyh 31. 197B. He then alietupl lo find oil off iLs coast 
Ihe company intended line. 

oil 
the 

and 

sales, associates and its- established 1974. but operations were halted 
market Ins activities through after four w ells yielded traces 
Insurance brokers. ■ of natural gas but no oil. 

Another effort ' was made In 
1975 with contracts, awarded to 
foreign co in parties. including 
Exxon Corporation's subsidiary 
Esso and Compugnie Fr.-mcaise 
dun Petrolos. But drilling wa 
suspended iwo years -Jalrr after 
For I97S. turnover of Cnnsfrtic- negaUve results from 17 wells. 

(ion Holdings fell from I44S.763 to * .. * * 

ri.HSJUK; Including surplus on SAF - a unil of fcKX * w Cor ’ 

realisation of investment^ of purallon. says that Jls exploration 
£157,248 , against £42,602. pre-tax arm E-ssO KEP will drill four 
profits for the period rose from' exploratory -wells over the next 
£23 l.n W) io £282,208. Tax took m thc Br,c region, vast or 

£72.197 compared with £104.419. Paris. 

The ner dividend is increased Each drilling, will take about 
from fU5p lo 7.03.'ip on stated one or ra °nThx. Signs of oil 
earning*, of 22. Ip < i:i.3pi per 20p have tdready been found near one 
.hare of tile drilling sights and other 

■ - • — drillings arc ' under study. The 

whole of thc permit is owned by 
Esso KEP- 

* 

Imperial Oil. Canaria's largest 
Integra red oil company, has com- 
pleted Hs farm-iti agreement with 
Canadian Hunter Exploration. 
The latter is- controlled by 
Xoranda Mines. 

Imperial can earn a 12.5 per 
cent interest in .Hunter’s Elm- 
uortlt- Wapiti oil and gas acreage 
in Albena. and a 17.5 per cent 
interest in Hunter’s other acreage 
in Saskatchewan and British 
Columbia, by .spending up to 
8179m over 30 months for develop- 
ment. Imperial can also partici- 
pate m olher Hunter, ventures 
over three years. 

* * * 

Conoco Suez, a wholly- owned 
subsidiary ut- Continental Oil 
(Conoco), has entered into a pro- 
duct inn-sliarmg contract with the 
Egyptian General Petroleum Cnr 
poratiun (EG PC) tor oil and 
gas exploration rights m ait jrea 
□T about 214,000 acres m Western 
Sinni. 

The con tract, ivlncii is subject 
to Una l approval by the Egyptian 
Government, calls for » hunus of 
S-«n and a work programme of 
517m over a four-year period. It 
provides for renewals tor an addi- 
tional six years. 

The contract urea lies- in El Qaa 
plain, a la rgely-un explored on- 
shore area adjoining the eastern 


SHARfc STAKES 

Grouch (iroup: -Temple Bar In- 
vestment Trust is inlere-sied in 
200.000 shares (5 -per cent). 

Crosby Spring* Interiors; Follow- 
ing disposals nf preference share.*, 
at par are notified. Mr. E A. 
Crosby 15.000. Mr. M. J. Crosby 
33.991 . Mr. I. H Campbell and 
Mr. M. J. Crosby jointly .is trus- 
tees for a Crosb.- family trust 
24.800, J. Crosby 35,891. 


S1MCO MONEY FENDS 

Saturn ! n> vsinicn l 
VhnaSf meiit (j*. l.td. 

. 6< , C A N O %• S TR ! . (-IT FC4 N '(> A L ' 
■ ■Tcki,tn’iu::0l-Z3(,U2E 


Rotes paid for W/E- 29. 

.10.78 


.Call ‘ 

7 da/ 


% pa. 

■' P*- 

Mon. 

. 9:127 

8.621 

Tu«. 

9 693 

9 lip 

Wed. 

9 675 

9.129 

Thu.-*. 

9.73 1 

9 t39 

Fri._. 5un. 

. 9.620 

9 162 


FINANCE FOR INDUSTRY TERM DEPOSITS 

Deposits of £ 1 .000-E25 000 accepted for fixed terms nf 3-10 
years. Interest paid gross, half-yearly. Rates for deposits 
received not faicr than ‘J.I1.78. 

Terms (years) 3 4 5 fi 7 8 R in 

Interest % D 11* 11} 12 12* 12* 12J 12* 

Rales for larger amount*; on request. Deposits to and further 
information from The Chief Cashier. Finance for Industry 
Limited. 91 Waterloo Road. London SEl 8ST <01-92£ .7R22. 
Ext 177).' Cheques payable tn “ Bank or England, u/c FFl." 
FFI is ihe-.hitldin? company for 1CFC ondf FCI. 


LOCAL AUTHORITY BONDS 



Annual 




Authority 

ero-«N 

Interest Minimum Life of 

rrelep/torp number ?n 

interest 

payable 

sum 

bond 

jwtn’nt/u?sc-s> 




— 


ii- 

il 


£ 

\e»r 

Barnsley Metro. C0226 202232) 

11* 

A -year 

250 

5^7 

Bradford (0274 295771 

lit 

A -year 

aim 

5-7 

Chorley (02572 5811) 

1 ti 

A -year 

1.900 

•T7 

Knowsl ey t051 548 8555) 

11* 

i->ear 

1.000 

U-1U 1 

Manchester (061 236 3377) 

in 

A -year 

509 

2 

Poole (92013 5131) 

I0i 

A -year 

500 

2 

Presell (0437 4551) 

m 

A-.vcjr 

1.009 

2 

Preset i 10437 4351) 

in 

4 year 

1.000 

N 

Redbridae (0M7S 3029) 

m 

{■>ear 

209 

fi-7 

Salisbury (0722' 242K! 

1U - 

4-vear . 

1(H) 

3-7 

Southend (0702 49451} 

ini 

A -year 

350 


Wrek in 10932 50507.1) 

Hi 

> early 

1.090 

5- in 



Berec Group Limited 
Interim Results. 


“In a world of rapidly changing technologies, we 
are committed to the principle of investment in 
tomorrow's products as well as today's. Thc- challenge 
being met hy our Research and Development facilities, 
and also by our management, has been and will 
continue to be substantial, as also will be the charge 
on our currently adequate financial resources. 

At the same time, we aie extending our 
manufacturing and marketing operations l >otb. at home 
and overseas in ail product areas so that we can satisfy 
the growing demand world-wide for the products we 
manufacture and plan to manufacture. 

Since our year end (February 19731 we have spent 
on Capital Account £6.2m (last year £3.0m). Capital 
Commitments at 26th August, 197S amounted to 
£9. 7m (last year £6.4m).'' 

Lawrence W. Orchard. 

Chairman and Chief Executive. 


Key Half Year Figures to: 

26th August, 
1978 

U7th August, 
3977 


£'000 

roco 

Sales to third parties 

97,329 

c 8,791 

Group profit before taxation 
derived from: 



Domestic sales 

3,582 

3.544 

Overseas sales 

7,463 

6,573 

Associated Companies 

94 

706 


11,139 

10,823 

Profit attributable to parent 
company's shareholders 

6.084 

6,023* 

Earnings per ordinary share 

9.33p 

9.23p* 

Interim dividend per ordinary 
share 

1.2005p 

L0752p 

’‘Restated 



Berec Group Limited 

Ber ec House, 1 255 High Road, Whetstone, . 

London N20 0EJ. 

Formerly Ever Ready Company (Holdings) Limited. 









f 








v'j'i 


THE VOLVO TALKS 


Agreeing to reach an agreement 


BY FAY GjESTER- IN OSLO 


THE PROSPECTS for a inde- 
ranging energy-industry co-opera- 
tion agreement between Norway 
and Sweden, centring on !he 
purchase by Norway of a 40 per 
cent stake in Volvo, look much 
brighter after Friday's 10-hour 
meeting here between the two 
countries' Prime Ministers. 

At the close of the talks. 
Mr. Odvar N'nrdli of Norway unci 
Mr Ola V(!. stein of Sweden 
announced that they had achieved 
a break-through. They hoped to 

lie able to- publish the terms of 
,lhe final Government-lo-Govern- 
ment agreement, as well as those 
■>f I he deaf between Norway and 
Volvo, by December S. Mean- 
while.' negotiations will continue 
ai civil servant level, and there 
will prohahly he one mure meet- 
in? at ministerial lev el before 
the t v. » i packages are finalised. 

The Norwegians and Suedi-h 
' Ministers of Industry. Energy 
.'and Finance also took part m the 
.talks. and Mr. Pehr Gyllenham- 
•mar. Volvo's managing direct »r. 
participated in some of the 
■ session? 

Neither .Mr. L'll.-lein nor Mr. 
“Nordli would give details uf wh.it 
they had discussed on Friday. 
Rmh conceded that man} prob- 
lems remain l<* be solved, but 
-said the groundwork inr their 


colutinn had been laid. “We 
have agreed to reach an. agrot?- 
inent.” was the substance of 
their comments. 

Mr. Gyllenhatnuiar was also 
optimistic. The Norwegian 
"ovenment had shown "a very 
constructive attitude.” he said. 


Ullstein said they were anxious 
for an agreement, "but not at 
any price." 

Friday's understanding seems 
to have been achieved because 
both sides put the proposed 
Volvo deal in the wider context 
of Swedish-Norwesian industry 


An understanding seems to have been achieved 
because both sides have put the proposed deal in the 
wider context of Swedish-Norwegian industry and 
energy co-operation 


Or. the we of Fridays meet- 
ing. the problems surrounding 
the deal seemed to loom large. 
Mi. Dllsloin was roourtcdly 
worried by Norwegian demands 
for a 40 per cent share of the 
taxes 1 which the new Xorwcpian- 
Swrdi«h Vulva will pay. parti} 
because Volvo p-avs taxes mainly 
\if lo«.al authorities, which could 
ill-affnrd any loss uf revenue. 
Xiirrtjy was said in he unwill- 
ing (.• commit itself to supply- 
ing large amounts of North Sea 
oil to Sweden, under the long- 
•er.ii a g rev men t the Swedes 
were -eekins. Another difliculry 
w:i< tne question of compensa- 
tion fur Yulvn’s present share- 
holder-. 

In ul'sm-41 identical statements 
nn Thu:>day . Mr. Ncrdh and Mr. 


and energy co-operation gener- 
ally. This is indicated by the 

official communique, which said 
an extension of this co-operation 
was of great importance to the 
two countries' raw material 

supplies and industrial develop- 
ment. 

Sources here say that an oil 
supply agreement will be inclu- 
ded in the final package, and 
it is likely to Involve deliveri-*? 
of Sin to 10m tons annually — 
about one-third of Sweden's 
present annual consumption of 
2Sm tons. Norway is now less 
insistent on getting a full 40 per 
cent of the taxes which Volvo 
pays, the sources claim, and is 
willing to put up extra money 
to cninpensaie Volvo's share- 
holders. A condition of this pay- 


State loans J DAF reappraisal of 
cover Svenskt trailer market plans 

Staal losses j BY CHARLES BATCHELOR AMSTERD 


BY CHARLES BATCHELOR 


AMSTERDAM. Oct. 23. 


Ennia takes 
stake in Far 
East insurer 


By William DulHorce 

STOCKHOLM. Met. 2S. 


SVENSKT STAAL' A B. the now 
Svedioh .steel company, half uf 
-.ihich is owned by ihe stale and 
-5 per cent each hy Slum K up par- 
-■berg and Craenges. incurred a 
.Ibis of SKr ti43iii (SlS'Jmi 
•luring ihe first eight months on 
a turnover uf SKr 2.16bn 
lS5I0;m 

li expects the loss fur ihe year 
as a whole lo he nn lusher ihan 
SKr S50m. It will he covered by 
. ihe "reeonst ruction loans” 
granted in SSAB by ihe state 
The loans an proved by parlia- 
ment till a I SKr I.SIm and are 
repayable only -when ihe company 
moves into profit. 


DAF trucks, the Dutch commer- 
cial vehicle maker, has reassessed 
the market Tor trailers and will 
main lain a wider range of models 
than H first thought. Under the 
five year plan announced in 
March the loss-incurring i roller 
division was to he sharply cut 
hack in Eindhoven and Madrid 
and DAF v.-js t<» concentrate on 
a few standard models. 

It will -till reduce the size of 
its trailer operations but oniy 125 
jnhs will he lost compared with 
200. It will retain a work force 
of 220. 

Studies -bowed that the. Dutch 
market tor standard trailers 
declined last year. Demand for 
I custom -built trailers was more 


buoyant though because foreign 
producers do not compete on the 
Dutch market for this type of 
trailer. Prices therefore held at 
higher levels. 

DAF also decided it could not 
make enough savings hy coneen- • 
uating on the standard types In 
make the venture competitive. 
Customers for standard trailers - ' 
often want to order non-standard . 
types front the name manu- 
facturer. 

It therefore plans to maintain 
a fairly wide range of trailer 
types in its programme with the; 
emphasis on trailers as opposed 
to articulated units. Extra effort 
will also be put into penetrating 
new markets for lowing tractors 
used at freight terminals. 1 


By Our Own Correspondent 
AMSTERDAM. Met. 29. 
NINE insurance companies from 
Asia. Europe and the U.S. have 
set up the United Asia Reinsur- 
ance Corporation of Singapore 
with a paid up capital uf S$5m 
(U.S.S2.36m). The largest share: 
holding (40 per cemi is held by 
three members of the Asian 
Insurance Group foil. -wed by 
Continental Corporation of New 
York with 20 per cent. Eniua of 
the Netherlands with 15 per cam 
and the Prudential Assurance of 
London with 10 per cent. 

La Preservatrice of Paris. 
Chiyoda Fire and .Marine Insur- 
ance of Tokyo and New India 
Insuranre each have 5 per cent 
in the new company's capital. 



The results of intervention 


GOLD 


BT COUN MILLHAM 


Uiu.oii •« iiut 
■•llll'f 


Fears grew last veek about the 
implications for the money supply 
of any renew ud inflow of funds 
into London Sterling was very 
firm, but the movement of foreign 
money into London has probably 
tint been too great as vet. and 
intervention by the Bank of 
England in the foreign exchange 
market has no! been anywhere 
near the scale uf .some uthcr cen- 
tral banks. 

The implications fur Minimum 
Lending Rate are not yei clear, 
and although the upward climb 


of I’.S. rates may eventually make 
a rise in MLR necessary, the Lon- 
don money market seemed "lightly 
less pessimistic at the end of last 
week. The sharp rise in the bill 
rate at the Treasury bill tender 
was at least partly the result of 
the large increase in the number 
of bills on otTei. 


CURRENCY RATES 



Special 

European 

HATE 

Drawing 

Unii ol 


Rights 

Account 

S/TllIU 

0.645240 

0.686508 

l-.s. rt.illiir . .. 

. 1.37704 

£41952 

1 aiiadi.111 dulhr .. 

L57022 

1.67304 

• '.uiinrfn v.-hillin= 

17J077 

IE.2676 

i-'-lsrHn frjn. 

77.0795 

39J663 

tiaiush J; mm- 

6.55150 

6.96259 

I.VmisiJk- Mark 

. 2.35437 

2-50179 

T.lll ld"T 

.. 2-56712 

2.7D655 

.1 rviivh franc 

... 5-40231 

5.75158 

Lira . . . 

1063.95 

1131.34 

V-i. 

200.400 

254.061 

Nnrnv-al.Ui krnii.- . 

6.JS395 

6.76986 

, 1 '-.■•/ 11 

. 90-8452 

96.7956 

.--.’.-.■•liah V rmij 

5JTJS30 

5.43141 

J»ta 11s /rani. 

2.01759 

2.13921 


_ 


THE POUND SPOT 

JVjiii. 


- 

‘ 1 III. 

I'm '- 

t 1.1... 


Sterling gained C.l.» cents on the 
week against the dollar, lo finish 
at K2.0il2n-2.(Mj35. but the pound's 
performance against other cur- 
rencie- was more interesting, with 
Ihe Rank of Eoglani] index rising 
tu *i2.1i from iil.lt nn the previous 
Friday. 

Sterling rose against the 
D-mark. Swiss franc and -lapanesc 
yen — quite a feat when all three 
currencies were at record highs 
against the dollar — although by 
how much central bank interven- 
tion distorted movements is hard 
to tell. 

Intervention by the Bundesbank. 
Swiss National, and Rank of Japan 
ran over the SJOOm mark by each 
bank on some days, with the 
Japanese authorities buying 
around KTDOm in Tokyo on Wed- 
nesday in a vain hid to hold down 
the value of the yen. 

The Swiss central hank had- 


more success than the others in 
preventing the dollar's fall, but 
at what cost in intervention can 
only Ik* imagined. The Bundes- 
bank’s currency reserves rose hy 
DM Bitlm in the first three weeks 
of this month— twice Inc rate for 
the whole of September— and 
this takes no account of last 
week, when intervention in the 
foreign exchange market reached 
new peak"- 

The Bundesbank has already 
raised the minimum reserve re- 
quirements of banks to drain 
excess liquidity caused by cur- 
rency intervention, but further 
moves may be -required if this 
situation continues. 


M.rn- fZiiiii-. 

• >(1-11111“ . . . 


.l|> •mm:! ii\iij” . .i. si: 4. 15 
- i.' 1 1 vl IS 

.\lliTh-viii ti\ina'_. -ii-1 .50 
4.1 la.529 

««-i.i « -.in- 

•I V-llrn.il 

kniuvrinnil flit 24s 


.'Siti-iSs-i 

ml-il 
Cl lo CM 
siis-7t 
ill 14-447 


-\r« -..it-u-lyll- . 


I rhl Siifiii-ii..,. 


(l.il'l I. .HUS 

I nl.-l-rmli'ili «li% 
Km-f-rniiM 


245 

C.li. 

.-ts tBi? 

. a, 

!■': I :!■ 


>144,245; 
-ill I? . ' IE. 
>bS-/u 
£i5, ii. 
>t5-e/ 


N*-i*. ^siMivitjli* 


Him ‘uti'irtiiiv 


>JU i/iaiv- 

>10 IMi-l V* - .. • 

>- hi- IN . .. 


*.42 .44 
Ci.f; li. 
-i5; t5. 

i*. 4 ■ ■; 

«t4;-o6. 
fat ii- 
-el4:i7 
- 16/- 172 
* n «.I»* 


S24-X44 
tliE-. lUv 

Lili-.-ih’. 
'c5-fc? 
g e i. -41. 
.seta-ala 
sle2 It? 
•SI- 1 15 


THE 

DOLLAR 

SPOT 

FORWARD 

AGAINST S 


□ay's 


One mnuh 

p.a. 

Three months 

p.a. 

October 27 

spread 

Close 


°a 


°o 

i-uiM'I’ll S" M. 44-85.18 85.1W5.U 

0 .02c dte-par 

-0.14“ 

0.07-0 30c pin 

039 

1 :«llri-r 

1.9125-1.9350 

1.9160-1.9200 

0.05cdis-0-10cp(n 031 

Cl.35-8.20c pen 

031 

li-lsian Kr 

Z7.5S-77.93 

27 67-27.70 

9- 12c dls 

“3.70 

6 - 12c dls 

1.42 

iMnish Kr 

4.89254.9285 

4.907M.99S5 

3.15-3.65orcdis 

-9.13 

8.16-S.bSorcdis 

-7.35 

n-\iarK 

1 7530-1-7760 

1.7590-1.7605 

0.96-0.91 p> pm 

632 

338-3.13 pf pm 

6.95 

P>iri. Km. 

43.55-43.40 

4335-43.85 

35- 180c dls 

-2932 

130- 500c dls 

-28.83 

Sd.iii Pta 

67.41-68-33 

67.91-67.97 

115- 135c dis 

-22 07 

285- 325c dis 

-1734 

l.ini 

796 00-796.40 

796J5-797JW 

3J.D-3.8Slircdls 

-5.45 

9i-U lire dis 

-5.27 

Nhik/j. Kr 

4.74S5-4.7&20 

4.7720-4.7740 

2. 25-2. 75c dls 

-5.40 

6.254.75c dls 

-4.79 

Pn-iK-h Kr 

4.0450-4 JB850 

4.0475.4JK75 

0.9541.75c pm 

2.65 

1 -85-1-65 C pm 

L92 

Xii-Kdnh Kr 

42685^3X9 

4.1685-4.1700 

135-1 25erml Is 

-3.30 

L2S-1 45omlrs 

-lJtl 

V-11 

178X5-179.76 

178.90-179.10 

1_37-1.27» om 

4.02 

3.55-3 45y «m 

736 

Austria Sch 

12.8650-13 0100 

12.9200-12.9300 

4.25-3.25gro pm 

3.49 

11-25-9 25arp pm 3.1*1 

Kti-|» 1'- 

1-5010-1.5140 

1 3030-13060 

L27-137C pm 

9.48 

4.05- 3. 95c pm 

20-26 | 


FORWARD AGAINST £ 


v»*ms p»*r Consulisn V 


OTHER MARKETS 


i I*. 4. JIlMv-Hinlitll- ^ 


1 - 
' 'cm.iiiiu > 

6 ip 
/O' j 

t i57a i.u/Zi 
2.-/2I0 » .4470 

2.1/625 g.t es& 
>.42Ju 2.423 J 

0 25 0.1s. 
0 25 0.15- 

!•'.■ 1.15 

•i in n. a 

0.70 - .b0. 
0 S-- 0 75.- 

■•in 

1 26 

1 22 

ini. si'. 

“ 2* 

><■!«' IlHll* 

r ■ 1 ■ 1 1> !■-. 

i<i-ijiiiiii r 

6'v 

i.-J s -S 

s. b i.:6 

. • .pm ; 

..li 0.76 

2i. I’? .. 

in- 

Lf4 


l.«a6 l.t-60 . B96.6&S01.&0. \n-inn . 

2b. 60-27.40 

6 

57 DJ 57 80 

M 0-.-57.li 

Hi 20 * 

1 - 1 

5.-.|iiu 10. 

..ii- 

-0 17 

All-1 ivlli lln'vil. .. 

1.7447 1.7.497; 0.taS7 U.<M8l 

60.50 61.50 

1 'hi 11 - Ii K 

6 

•i0.1l lu 17 

10. 12 10.15 

5 7 • 

'- -7.10 

li i5 ... 

nl|- 

- 5.73 

Kill Inn. 1 11 44* Vi.. 

7 90 7 92 . ' 3.t31(yj.M33l. Di-m.iniV !!' 

10.05-10.20 

I'-'td rk 

i 

3U2 6.c7 

5 -2. Ji' 

2'. D. P 

1 ... /.45 

5 7 1 1 i u. 


• .26 

Ill b/i : t.'ni/i-i'-.. . 

40 0141.01 I9 40 19.ea Kihiui .. 

0,36-8.44 

l*..n. y .. . 

18 

-Hi,j 0 6<j 

a‘.7..-0 2 s 

50 I5'4 ■ . 

- 13 it 

20.1 4 DO . . 

■ ll- 

■ 13.41 

1 ■ in-1. I'lm-lnin.... 

71.c38 73 694 34 8oi.35.r7 

3.63-3.73 

■'lHII. I'l-. 

i 

140 2 ' 140 70 

140.2-^ 140 a'i 

00 300 . 

•ii- 2 1 57 550 15D 

■ ll- 

~I7.lt 

ll.niH k.4i. 1 v fl 1 *. 1 .| 

9.7B' 9.701- 4.7280-4.7320 lifu .. "... 

1630-1680 

* 

lOt - 

1 n.i2 1 i47 

t t<2 I.B4J, 

5 6 U'.-.l 

•’ A.tO 

' 12 ... .1 


2.55 

Finn If it 1 , 

142 148 7t-.-i0.70 Pc i.,4<i. 

368-378 

.Ni«SU. K. 

/ 

I U 1 5." 1 

^.34 :.>5; 

3 

•Un &4B 


• ll- 

■4.27 

Uuniii Minin'. IvD'.l 

0.543 0.55 3 0. 26645- 0.26680 Nmi|i»u h| ..i. ... 

3.95-4.05 

I'll-m-lil'l 

S'- 

8 55 3.41 

9.3R 8.57- 

2. 1. - 

Ml 1 *? 

7 "" fi "!*, 


3.54 

! 1 . \i- ml - .li lv t'l-HH'-. 

57 . 2 - 3 . 57 . 3d .-7 o7 cl .O \..iun 

.9 75-9. 85 

.-I »' 1, K • 

6'.' 

d.53 H.n4 

K.oS v.tO. 

l: 3, • — 

■ r i- - a U 

in. 1 2 ..... .Ii- 

-n.2S 

Ali'nt - 1 * tvilliir.... 

4. A0 'a -4.40 8.1246 IS. 1265' P. rlir -ii ' "!.. 

88-104 

V"ii 


5s5 575 

5i»' 57C: 

3.20 2.85 

t '•• -.80 

J.B5 S 2D v 

Ml' 

fsris 

s.tr 

.Srw An bin 1 D'l'lni - 

1.6918 -1.HM88 0.9170-0.9204: iam“... ' . 

144>:-148l« 

All'll 1.1 .-ii'ii 


26.50 2b 8D 

2630 28.60 

12 2-i. r 

.1 3.15 

32 22 -r.. 

4.0," 

-4UI.il Aml'in I/It 1 ' 

r 69 6.75 1 ■ n 11 , n , h i 

3 10 a 20 

>'% l-> I'l . 


i 63 -i./S. 

5. 10 3 II 

i .* i ni 

9.».6 

1 Jh a . . 

I'll 

11 43 

.-■■|ih|,.i>> Ih'llnl. . 
i.i 1. .PrliKn tjnn.i 

4.36/j 4.374, 2.1155 2.11651 u'i„> .. 

L.jfcbB 1.6133 - 0.e&60 a,879Q.t 

2.060 2.0700 
41.43 


I 1 ' l-'.iij r .r. i. i.ir j-niiii rKhi. fram e SiMiinnih Inr-urJ ! .Wl Am pin. 

1 -in.iiKisI fr.iin .'I :4 .A 4<i. 1 i num-li .: sit." |.v pni 


Hjip 5*vrn far tru^n/ina /- m*r ram 


exchange cross rates 


1 1. 1 B 

l # -HI|| * >lfll II*. 

1 . -. I»"-IHI 

1 I'i-'iIi-iii'Mhii.: 

•IiHiu-m lit 

! , "iiini •■'h-iiii:- 
t .-. IlM.llll ' 

1 . 

0.485 

3-063 

1 . 

3.e33 

1.761 

ab9 5 
.179.1 

1 li-lllj M-IIH Mrtll. | 

^IllP-lll^F ^“'ll 1, M 

U.275 

2.7C6 

0.568 

5.583 

1 . 

9.831 

101.7 

IOuO 

V'rviwli I'm ii.- IV 
“i 1 -.* 1 -- Krnin- 

1.194 

0.322 

2.464 
O.o64 . 

4.339 

1.170 

-41.3 
119 0 

tmti-li (•iiinler 

Im'iiii Ltm l.i<8- 

0.253 

O.e-09 

U.522 

1.255 

0.913 ' 

2.211 

53-43 

224.9 

mw lwir IIi.iuii 
l’i» i»t *»i Fmin- ti» 

U.413 

1.761 

u.t52 

3.613 

1 499 

6..S62 

lr0.5 

647.1 


a. 105 

3.955 

1643 

j.42- 

91 . 10 

1.505 

1.917 1 

79b. 5 

i. .74 

17.66 

0.855 

1 A 84 

4 52.4 

... 57 

li 72 

8.403 

10.70 

4447. 

6.556 

1E4.S 

3.709 

4.724 

1' 65. 

Teas 

b8.20 

i. 

1.874 j 

529.8 

:. .80 

IB. 39 

0.785 

1. 1 

415 5 

j .613 

14.44 

1.690 

2.407 

iOuu. 

1 

1.474 

.*4 75 

1.382 

1.633 

d78.3 

, 

23.57 

5.438 

".926 

’W78 

4 .£43 


MONEY RATES 


LONDON MONEY RATES 


NEW YORK 

f*nnu? Bjiv 

j cd Fund.*; 

Treasury Bills »t'Miweki 
TrtvMin- Bills SH-wveki 


.“(•-Sllllg 
I. rri ilii^ilf. 
•■* •••*!■»- II 


Ijoml 

luilHirii) 


rLiv-m A gill. | fiimiKv 

flMUIltlntlK- Hr HIM' 

l*UHl* ' lk'|.M1lk 


! li'-vum 

Lonquuv inn mm 

Uei-Wf* (<-|«r.|| 


GERMANY 

Disiiiuiii tbir>- 
iii\-rnubi 
• nn* niunib 
Tftrve mumJis 
Sis moiithn 


■lll'illlullt 

t rim- HH|TI>'.. 


9ij - 10 >4 1 8i 4 .gi., 


FRANCE 

PlsLiHlrli K4te 

* n-i-rpiain 

■ I lf|r, BlIMIlh 

Thr-i' numitis 

■■r\ mnnltls 



1 liny- Ml 


_ 


.... 3 

1 'tut- 


- 

9A. 10 

3 

“in- nii'Hlli ... 

10.7.-10,:- 

9« v 10.' 


J Hl'iRIll-... 

1 




Ilin-n ill. mills. 

11,; 

•Dj*r -, 

lO>; 10,'. 

4.00 

I'l* Ill'Ulltl- ... 

ll,: 

lll.t ■ 

1 1 1,7- 111, 


Iiiib iiiunilii-.. 

1 i-,V 


U'p U>4 


* *11* yrui 


His 

lUb in* 

. . w 

1 wii vent- 





9Si-lG - I 

S'la-lOii, I04-lt!*8 

- iuJfl 10s». 

lUV-j ll-lj . 
UUe-lOTi, : lOij-lOit: 

10^-nu- 

XU "2 11 - 10. a 1 1 t 4 ; 

li-z - ' 


loin ioij 1014 iq.v. 
10.. lUfti 

la*, > iojb tu- 1 ! 

iiifi-u... : 


rM a,,d rir ‘ aMCf ' hmiscs «»i*n rtess* nnurr. afbvri wv«n fiajrV «swl 

rail.-* Iinnunalli lhru>. Vi-an 12-124 »-r r»nl, Itmr wan 1 :*-IL'l nrr i-imi fir.. I 


Lonso r-*rnn liv-af ainhnnty mcn^jR. 


ar •himn-'f*. v " ar * l "' 52 * ^‘ r «*ni. luur vears Us-121 ocr cunr 8vv j>arr. Ui ij, pt-r -rm HanR n-n rau>i in 

. h " -or Pnnte Mp..r Unyuw rah lor tour-month hank mite 11111 pi-r .vni: lo>ir-n.„n.'h l!?, n hHK iu r 


JAPAN 

pi -..-mini Ra»* 

,rsu 1 : 'nrondifinrul t 
Edte Discount Bata 



\-ss^rLTLT2i. 

^ srv-r - 

DvSnitaX , 5 a £2p!?J ,f - hp r man r, ^wwwn<»n. 1; ncr mm Imrn fi.mhHr | tun. Ctearkio B^ik 
%SS*& ‘I .gAraja, m a r:. cent - «« ^ M 


^ v f a 1 ? Jp 


COMPANY .NEWS- 


JUK. ISSUES AND DIVIDENDS 



The dates when soaie bi the more important company dr$dend , 
statements may be expected in the nest few weeks are -given m- the; 
following table. Dates shown are those of last yeax'-s announcements, , 
except where the forthcoming board' meeirngs '(inducted thus*) ; 
have been pfficiallv published. It should be emphasised that -the i 
dividends to be declared will not necessarily be at the araonpts or; 
rales per cent shown in the column headed ** Announceme# lastj 
year" Preliminary profit figures usually accompany final dit^dend 
announcements. ' : 


recent issues 


EQUITIES 


ment would be that the new 
SKr 750 share capital subscribed 
by Norway would immediately 
be eligible for dividends, instead 
of being dividend-free for five 
years, as previously suggested. 

Volvo's dubious undertaking to 
create 3,000 to 5,000 new jobs :n 
Norway seems to have been 
ignored at Friday's talks- The 
framework agreement between 
Norway and Volvo, published 
last May. held out this prospect, 
if the purchase went ihrough. 
Many Norwegians, including the 
Federation of Industry, have 
been sceptical about it. 
Supporters of the deal have not 
been able to say how .*o many- 
new jobs could be established. 
According lo Oslo Press reports, 
quoting Mr. Gylleharr.mar. (his 
part of the framework agree- 
ment was not discussed un 
Friday. 

Meanwhile Norway will soon 
send a delegation of senior civil 
servants to The Netherlands to 
study the Dutch experience with 
Volvo's loss-incurring subsidiary 
in that country. Volvo Car. The 
group, which will have talks with 
Dutch civil servants and Volvo 
Car executives, was to have made 
the visit last week, but had to 
postpone it because of talks on 
Friday. 


.Verm- 

■AirA* Inds. .. 
Akriird uttd 

Smitbvrs-. 
".Allied Irish 

' Banks . 
Alhialt London 

"Props. . 
Artiudmoi 

Latham.. 

AE Foods 

Assot. 

■\L-USpapjTS. 
Aron Rubber - 
•BPS Tndmrnos.. 
'P.fc. uf Ireland . 
Bass 

CtiarrinziaD . 

R^echam 
Be its iVisams .. 

•Bmil 

Bortbunck 

(Thus.. 

Bm and Conus. 

StauadR 
Errx-EhoiLSL' 
Bron'M Shipley . 
•CarocT* 

Sapertaods 
Cater Ryder . .. 
Own- - 

i.'nnsolidoied 
•Chitiride 
r.ijis Faions 
•:>jiir<uUi ... 
Daily Alaii'.v 

Gen-rat Ts: .. 
•D>.- La Win 
-Frer.i-h Ki.-r 
*r;> P-inia.-ii; 

Eaih. 

H jpihrris 
-*K.-a;h -C E. ■ 
■Ru-T-.'-irrh -J.. 
Hill Samu-J 


NO.. 3 
Not. 2? 


Annoumh- 
meTJ Iasi ■ 
y«ir 
IML un 
I.iL L323 


.Jiur. 24 
..Nor. t 


S»-c- im. LL7-4 


!u*_ ".93 
In:. C.T933 


Date- mem 

star-v ' 

s*». a OZ.1&- ... 

*LOhddO and . 

.’Cdrscw :X*c. 9 L-.r. 9X " • ' 
-Laws isds. r. Final &BBJ 

"UPC Xov.ffl Finally-.' 

MK EU«nc :N'ov. 25 IlR. 198 * 

■Mailizsoa 

Densy—Xor. 2 Uni. 1 £5' 

’Haroaag' Vos. 7 Fun>3J3£ 

•?’eral Ear Xcv.21 Ik. ej"-'';. 

r«'a:.ssat azS 


, U,t h_2!! 

Issue 

P ^r -a -Hich! 




--OV CP - — Ifipl 46fi i^rtHrlUIei' •' ^ 2L3i? 

Trti kIp* 82/XX W0 | 3#c ! Perron tiJSen.^_,..;._^75 -l.asj.76 

*Jrr F p"' 24 , 1X Mlj liLwwr'NavOrp.-AUxn'' 

c< : f;!*;! - m 1 i30 !tti*btn^.^..^ 1 . M jjjii7_]^._j — -i~ 


FIXED WTEREST STOCKS 


i.rw 

CaracU Bici. ..£>«*c. 1 
Pc a run i.S > Ocr. j 

Ini. 2 

-7T 


' '-...'• '■•• ,.:C- '• -'J 

at 3-!7a 

P'V.i'ji; DutTna .-Nav. ZZ 

Im. ii: : & r 


t=| . 1978 j.' 

, r . v. r ^ * j 

S9 

Bairs 


- ^ 


b'Curit ; : j ^ 1 

5 

WHart . Xov. 54 

Ka=al 

PioaisiaC- 


— ~ >Hik 1 i ■ tunt j - 

: ... .. * -;v 


. Dtc. ; 

..Xov. !7 
. •!«. li 
Nov. 


FrcalCJI’I 

Ik. 

Kna! ml 
1st. gj farreasr 


I nr. 4_'5 
Fl=al JX14 
In: 4 


2 rL Jorrvas: s 


tm. :ai4 
In: 

Jet. J.+Js 


Ini. l .43-" 
r'-/Ul J. u 


Ekounas.. . Di-v. I flit. 1 \ - 
-Hea&ns Ik. .Nov. s ten. U W” ■ • •' 

1 Rcilarrf Not. 35 ' tot. 3.9N ' 

, Ri»d fnU. - Dei. 21 Ini. a ■KSa&'T ■ 

ftodECfcJtf • - 

■as-. T» ..Xor. ’4 lf*». lJ- 
••«9 a Grnns ... Nov. 39 IK. LSS'^.- 
Sa.r^hcfT -J.I .Vdl. S i.1T. 2.9uS‘- 
5rri. ^ 

L'KTersal. Nav. St ?rr. 2 "S .' r .- 
SSr-chi?J Nov. 22 In:. I Ji- . •- 

Sasrs iuds Nov. f 

-SB,'b •«■'. U. ...Xm. !1 In. L0454& 
Fia-J..**! inds. . njv. a im. nit*. 1 
Siiv.Jo' Inis. ...Nov. 4 ■■ S--f. tnL< 

S-xas Stonier . Oti. i: KrraildS^ - 
7 l 3 .k ._ .Nor. 2S . In:. a,WW" 

Taa^it Sld^s. .. Xnv. St Ik it A3, ... . 
i.'KC* Ir.ML .-_■)»•:•. 1 IK.2JS"- 
VeiivT'jr. — . - -Xor. 14 In:. 

TtCtinu .... . Snv. Is tel.Sj- ' 
VI.-iMf. ... ... Nov. s in:. LHt. - - • 
Wh::br^iC . 

IsvesnreK Nov. St !M '.34. 
■a'Ml Rail TV \u, o 
- Board me-vet^s -juimak-4. -• * RwMs 
--.'.■j- .- Tar irw*. - i Scrip 

isrr: saw made frozn ivscr.es.. ... 


£99 j. r.P. 


lOp. — 

r £10 


*£100. uii 
»' F.P. 
£99 >125 
\ nU 
CIUO K.P. 
£99i-» F.l* 

• : ml 
£971'. £10 
*e t-’J*. 
£99i: £10 
.. v i* 


— t»bs 
13 10 lap 

4/1 1 ICid:' 

— 7pm 

. i.i a: iup 

29.9 

— 

8 12 L'JJi 
26; 10 

■J1 4 

- ‘ liu , 
10 1 • u 1 
L711’ t* > 
1 . ' OS. 


Wl*;An*oe*p> Vackthh* 19U5 . .... 

Kfijjj. XiMllutamic 1^ loot. ,t^rf..._. '... n . ... 
lu Brfiot WiUK¥»7rtifi'?J Frr. lfbd t. T 
2pB«*C»T*bV Rr«mi 

ltop 'Hsitua IIS Linn. 

.i? ttiu A e-milh 144, for fit*. KUMJcli: ' , 
:14pm Hnngkucg Land tsan. li^'. . 

I1W14 ' Hon*r>: x VVjinJlifin* la«:. Lri.->*- -il . 

1*5 Km«Hidiok * LSins** tar. Bate' - j .; 
is l*n»- Liiuidiiea JS^L'mci-eeuF. i .- 
d 'U^-Mitan-nurth & I.OnTJiie-U'ejfT 7^' 
t'A> Uuetma Uqt t'uov. T4P_13b».-. . 

/ soutlmnrh Lm>*' 12<P$ Kn*. tfl07 ~. 

l'\* -Viriie Hn»l». lt$tnn. lYef. - “ . 

All IT.-a KVni . . . 


“RIGHTS” OFFERS 


- — Latest 
l-.-r.i- keii'iftf- 

Pri.-t* = 5 


'Ciusiga 


; High f-Jtenr 


BASE LENDING RATES 


A.E.N. Bank 

Allied Irish Banks Ltd. 
American Express Bk. 

'Amro Bark 

A P Bank Ltd 

Henry Anshzcher ...... 

Banco de Bilbao 

Bank of Credit & Cnice. 

Bank of Cyorus 

Bink of N.S.W 

Banque Beige Ltd. ... 

Banque du Rhone 

Barclays Bank 

Barnert Christie Ltd... . 
Bremar Holdings Ltd. 
Brit Bank of Mid. East 

■ Brown Shipley 

Canada Perm't Trust... 

Cayzer Lid 

Cedar Holding? 

■ CharteriiDuse Japhet... 

Choulartnns 

C. E. Coales ! 

Consolidated Credits... 
Co-oper4?:ve Bank 
Cnnnthiar. Securities 

Credit Lyonnais 

Duncan Lawne 

The Cynru* Popular Bk. 

Fasil Trust : 

Enelis'n Transeont. ... 
First .\'3t. F-n. Cor ?. ... 
First Nat. Secs. Ltd. ... : 

T Antony Gibbs : 

Greyhound Guaranty... ; 

Grind' ay? Bank ?: 

n Guinness Mahon 1 

■ Hamhros Bank 1 


■ Hill Samuel 

C. Hsare & Co 

Julian S. Hodge - il % 

Hongkong & Shanghai ‘20 ^ 
Indu£ir.ai Bk. of Scnf lO % 
Keyser UUmann 

Kuo’.vsiey & Co. Ltd. 

Lloyds Bank 30 % 

London Mercantile ...40 % 
Eduard Manson & Co.^li°a 

Midland Bank .30 % 

B Samuel Moctaen riO % 

.■Morass Grenfell- ......40 % 

Nationaj Westminster 10 % 
Norwich General Trust W % 


7/11^4/11' 
50 8:24,11' 
29/9 10,1 1 
1R1C.SO.-U, 
Bl,® 3:ii ; 

8.10 17ill' 

■ Lie: 3,11/ 

6iio:i0iii' 

■a* 1C 14. 1L 

6.10 5< 11 

- as.* a li- 
eu Brig: 
9,1c 6.-11 
27 JC 17«ir 


•fapmS44T«u:A.*|lHi'^- 4 3Wi«rr , 

•* t-l -.Mark' wood H«xia* . ... v. 

tt P/iBnn*. ... . -' 

l< : LSi^. L'bnns** . 

W .134 ‘Chulil*. * 

32& 1 8h9 ilMipuy..- : 

I to j 'ltfJ ■ -iiutoyniL *m>M »- lOigCuc . Ln'ifr -vtf 

% > 12 . ... 

£7 • 44 tluvnui iWl Li'-..... 

1 4a lUrttew'y Kohnw.. t . _...!• 

'3tS ZS3 'i£lc»nt« Kng. , , 

4J(,|,| 28(Mtl-rimr- PrOducl*. 

•UAgi Sa Weax«^t»- -- .v 

14 . U b'.irtcnki*. . 


SSrtm ... 
\ 61 

• 

lS'-S 

L3B 

313 -3 

401 ; • ... 
85 --i 

68 -2 

•386 '-~5 
27i-tt, —2 

39 . ... 

14 r l 


N'*n-iM'i',ii»i' /rut* n-iiiii, uit .1 <ta» hh trw- ri mum, "n o Kuitp-. 

.«n urmuetn* r>rnn»iH. o i««tfMin fl/uiAfo*i «/mi yirtrt. * *v*vc»j 4 twirtro.1- 
-,iw w «/r*vn»u* war’* eannnu*. '» lliwienn «wi <rw>j«i on cnv»KO«K-r i« 

.i mhH iftirsa* wim»t» »nr ltJ9 uRtmm .- t Miean^ /o-KiMed \ V>»er < 
•i.f I'lnxer-i,''' „» not onv* ^«oK2nu rtTvMfWI »» r^nxins *>#f« 'at 

-iic-xnwh. t Hterm- orirv m ouodc. pi i4«<v >inl«^ om«-wt»e Pvf'c«wi. - 1 
n* tpnder qoitururt co bnMeru ot.orrtlhury -rfureoi «.« *., 'ngfeii.** ” 

1* vi a Vi of MDirall-MUliin M Uxi nf rn Ou c x/ • 57 f yxirwi as e wai pwr **»t» /Tof^urKa- 
:t:in mpruM 1 nr raki*^ser. *[> Inmutortlnn “ Ivsnwi to rnmn- arrtermc^ iwMwi. 
■ 4t)Kinra' Inr MliMUlrt 1. ■, .» PmmBfiil nr. tnrtiv-atft iflwiwii Unr,, 

* Wtir wvrrm'i. '" - 


P S. Ref sou & Co.. 
Rcssmtnster - .-..Iffl % 


CLIVE jN VESTMENTS. LLMITED 


Royal Bk. Canada TrusttfO °n 
Scaies’.raer Limited ... » *71 

E. S. Schwab 

Security Trust Co. Ltd. H °b 

Shea ley Trust . ; ’Ji % 

Standard Chartered % 

Trysie Dev. Bank 40 

Trustee Savings Bank&O % 
Twenlieta Century 
Unired Bank of Kuwait JO 
Whsreaway Laidlaw 
W iliams & Glyn's .^10 % 
Yorkshire Bans ...... 10 % 


3 Royal Exchange Ave, London EG3V 3LU. TeL; 01*283 ,1101. 
Index Guide as at October ^ Jfi78 (Base 100 af 144L7T> 


Clive Fixed Interest Capital ^--;..... .... 1-^-. ...V 

Clive Fixed Interest Income, li 113.S8 


ALLEN H.\BVE Y & ROSS INVESTMENT MANAGE 5IENT LTD. 

45 Comhill. London EteV SPB. fel.: Olte 8314. •' ' ... 
Index Guide a» aLiOs/in l er 20, I37S: - . ' . . : 


Capital Fixed Interest. Portfolio. .iDQjl'2 

Income Fixed Interest Portfolio . r : 100 JH 


[ r*. o* U:c AX'.a jiUt Bouses. 

T-ryy 7 ~ i rnroqi" Cccwtt 

:'■<** frt.'i: M or osirv.rijf £I<i.W4 
s.-'t Mister . us to fK’W Si'S? 

or.r ES.r.w 

Car <^1 w** ,n**r r.ow ,7*t. 1 - 

t:- 5. 


I.G. Index Limited AL35 1 3400.;' Three moath PiatiaomK9^.l82^ 
£>. Lament. Hoad, London SW10 OHS. -.?■ -...•u- • 


. L Tax-free, trading on commodity: fotnres. > j 
2: The commodity futures market ; for the sttiHSw ttVeitor. 




■ 


Utis announcement appears as* matter’ of record onfy. 


Centra is Eletricas Brasileiras SA 


Kuwaiti Dinars 10,000,000 
8 Vi per cent. Guaranteed Bonds due 


UnconditionaiK and irrevocably guaranteed by the' 

Federative Republic of Brawl 


Kuwait International Investment Co. s.a.k. : -- 

Abu Dhabi Investment Company Arab Brazilian Investment Company-A$IGO 
The Arab and Morgan Grenfell Finance Company Limited . 

Banquede Paris etdes Pays-Bas, '- . A'. 

CSF ® AG (Credit Suisse First Boston) First Chicago Panama S.aV : 

Kuwait Foreign Trading Contracting & Investment Co. (S.A.K.) 

MeiriU L\nch International & Co. J. Henry Schroder & Co. S.A.L. 
Societe Gene rale, Bahrain Swiss Banfe Corporation, Bahrain Branch 

Union de Banques Arabes et- Francaises-U.B.A.F. 


American Express Middle East Development Co. S.A L Arab R an t 1 ■ -»-j -n. 

Arqb Malaysian Deveiopmeat Bank Berhad ' B.A.I.I. (MmS’EmO Inc • 1 ^ Y ab _ , A nve * nent Company 

Bank or Bahrain and Kuwait Baveri«-fip Wminchonii i \ ® ank o £ / ^ nieri ca International Limited ; 

Biyti. Eastman Dillw, & Company IntematHHial u ' 

. pilo 0 * R*ad Overseas Corporation SI of 

The Tmliirtr^i Buik or Ktmait K^i.C. Gatt ^ t 

Kuwait International Fmanzs- Cn tKtvrrw . urAl Kuhn, Loeb Lehna Brnthprc i r% 


~ . “ — “ international Financial Adrisnrc /TFav , ^ wajaa Hank - . V: 

Kuwart International Finance Co. (KIFCO) Kuwait Real Estate Bank K -5 C. ^°^i!^ lj!bnaa 
National Bank of Abu Dhabi National Bank of 

Aiahfi Bank of fiuimii /fcri _ -. . . - ■ -• • 


Arab Financial Consultants Company S.A.K. .Arab Fhouwe Corporation SLA.JL ' . ■ ~.‘i > . - 

Ba brainln vestment Company Banque Natlcmale £££ *** ^ C<im ^ i&fe?" 

,nduSf ! wl Coranifcrc « l Credit Lyonnais Den 

, European .Arab Bank Ltd. Geftnor Ftnance S.A. - v hnestwaait Ok CS3E ^ 

I ' 0Cb RhoatIw Hornblimer International Limited Nwferfandse CreSl! v v/ Kw * a f tF ™cW CW&XR.- • - f - “ItV V 

Sncicto ? m,lh Httms Lpham * Company Incorporated Sodete Anihe' ii2SS^" B ™ th ^ LmAed r 

Snaetc Generate. Pari, Loiotl ^ Bamp* Arabw^^mt^ieeM^^L*^/!'^ 

m\ ^peennes L.B.A.E.. SocetcArnwyme : WoodGtm^ U^; ^ ^ 


October. 197* 


& 









•WM 






FTirandar Tunes Monday October 30 .1975? 


33 



MINING 


INSI RAM i: 


f»\ 

-.^-J . - y * 1 ->-,r. 


• --.*v - — .• - Hv Aii'- 





LINING NOTEBOOK 



own-under gem 
itters 


Behind the rise in 
malpractice cover 


LODESTAR 


t . . , J|M . nil „ •‘xprrivnml by all kinds of pr..- Incidentally, this is a r.dher 

sMSsfJSvt-zsrj- » t Z& 55 fss 



i: in; esrment premium > in- 
np Those of the companies 
vetl in the Vshion u-nlnii? 
'«iom AuMi aim’s Kimberley 
■n. notably Cnnnrn' Rio'inin 
U and Northern Mulin': 
r mum questions pixi*ri won* 
her i hr market is now faced 
a dreary blank period before 
issues the next As'iiiun pro 
report in -lauu<'in> .:rul 
her that reimrl is likely to 
.tore inspiring :h*ir< Uic last 


impossible, in surers 

and pei haps 

.'/-’'fi 'lnii • tVnse and over «rcai • furi-ci in continue in praelice underlines Ihi* exli a dilli- 

l-s.rmcns For instance, the South .»■» at substanual risk to their 

Wlll^ one hrnirs that Bnfsh -»h claims fur n*l or work 
pruressionals are inure compo- ‘niuncs. 

■iparts. that potential Serious claim 

claimants are more 


cm mi 


tj;e answer to the first query 


d be announced as il 
rred. In view of ORA's 
■Ub pofirv of d.immnc don is 

* market speculation ns 

i as possible it may be taken 
granted iliar shi> interim 


BY OUR INSURANCE CORRESPONDENT 

CLAIMS fur professional lteyli- Sim leUx'.N -huiv that :n If*, i 

«cncv in 1 lus country hyvi: u von i pen sat inn cU nils im'I their 

ilonu way Ici-ko bni]i in number funds just under £dni. rhix sum 

, . . ..ml Hie amount *»f monuy in- « as split ruu«l«y two-third* tc. 

ACCOUNT here last week ther are look me for the world s volved before they reach rlie rial in aril* and ono-imra n. the 

i* I/mii* it look' to establish first ml and polished diamond vo | llinr (l f mutprjciu'e claims lawyers involved, 

i mend m.nc in Lesotho h.» mine 1 . experienced by all kinds of pm- Incidentally, this is a r.dher 

iplcd some animus inquiries \s . for ,u ~ «—•■*— nl ,v,,, n,m 
Male bulb in the Australian 'lonr h 
ond expl.irarinn play. They hirne in 

seen snare prices drift back of an interesting anitue on uia- y*""- ! I* ” ; .T|' "“ ,, . ' evidence **ii inrun 

•nluatcd in London hy the mot.d prnspecUn- in (he Mmmu d.n..t,H. ir put impossible, to MM mjm ‘ 

- diamonds «m travel uhi.,m insurann* euver. and are t.uupun .dun 
l-ir 
■I . 

Wes: African coastal diamond 
deposit* .:re behoved in onpm 
ate »! Ira -t in par; at KtlMtwrLrj 
«oim* 1,0011 nnles inland. Dunne 
millions of years ihe weaker 

ulMive'K the three years fro I0 JH73- 
m the t*n. ( st,i1 deposils.” S 197T - ln,al «*oinpcns.it!o n pay- 

p.ut. ilw article continues M «t hur American cousins, and that n , enls m&de hy the two muipiu» 
^ revel, iiory of rhr siale of know- *he British legal sysUm ensuics h;(VH m nrc than doubler! 

!*Mfee that no evidence ha* yet ' a iiuriT balance between claim- ^jijjough thr? period ivj<- one of 

hern ci.lleeted which definitely . ant and alleged irrnngnaer. these high inflation, insurers generally 

Q frVim "C-R A iLseif w"*iieli" v.-iys .'nrrclatcs the ro^pr-eMve diamond are but hopes, and it may ne rct .j innc .j nn r jo have expen- 

anything evrepiinnai ” nooulatiftits of Kimherlep with the ihul in the next few years pro- oncctJ ^ur more than a 50 per 

S.'.V con'.jal tlcpoRiU." fes inujlx here will experience ( . enl j nL . rcaSL . m mjurv claim 

So c h<iu Id »he stale hulls in the sum.. thing of the compensation ,,. lVlni . nls >temnunu from motor 

Austral;;, n share mfirkcl be cn- t lanu ^iwrili that is raging in the *' d i.j-o.iiiv insurance in the 

f.reiv dnwnhoMrtcd* The answer L .S .same period. 

In nuking this gloomy supposi- ^ fJ ^c sunetie-.’ fiqur.-s miisl 

lion n ^ - - . 

MU Hie eviuencc Ml me suuaian- j nC |dcnci* 

\i.«l revision of professional , | s 0 ‘ r perhaps ho’ib. 
indemnity rates made by insurers . ’ pr ufessiunals — aecuuni 

; ln > lh ^ Law hwueiy s cun i- an i s n a r rc Kj,ccls. broken, and 

....«•« ■ ----- - — - ■■ sdiPute in Enqland and ncil enjoy national 

define-, w-r'y next monlh in the Walo From September ' this hemM (some sn|i.ilnr« might 
shar«« of ihe rerently floated Ash- year, many solicitors have .been c ii> Hi!u 
tf.n ’Minina I! Ilh its 22.4 percent paying almost double Ihi 

^ pa “ 1 pre ' ,i " usl! '' fr^ass MTs-sia 

j r ii*h for »he price of Northern ' 1) ici rifT pnet l * 1,s markel n 

Umina. currentlv trip, with Its. RvlSlIl^ COSl relatively few inaurers actively 

3 per ecru slice of .\shton. s-wmeein-* increase is participate. 

* * * , i perhaps^ more ’"^ciun on lh: n ^ 

Fnrir.v « insurance cotiKorlium* nriginal I”™ 1 ^rer.s a^-e being sub- 

in claims pressures 
in those experienced hy 
and doctors, and the 

for an assessment of its were looking warily at the huRB \ J ‘““i premiums for profcssiunal negli 
piacy Bui the Exchange "premium" of «13ri that -had beta**®” 1 * 0 .. P “! nl !‘ a R ;, lnst soli- 5tince c0V cr must ciniliniu.- to 

s to have heer, very coy established over the gold price. c,fnr s ” v * r Ihe I hree year period. noJ just ((1 COU nlcrhalance 

it revealing their rerdirt. Normally they would be happy. As ihe Law Society's insurers inflation but to contain increas- 

$ 5 n m S 60 margin find {had a special annual faclor in in n p U hlie awareness of ihe 

take care of inflation, inflation's availability of compensation for 
impact on ihe underwriting professional incompetence, 
result and the need fur re-anscs*- 
ment r-.m to a high degree he * 


n i. Tii it- will be further spasms 
nf «peri|i;it:i(. fever probabh 


^wJIronly'-'ho 1 "^",! r, r eld"n« mV'; a Um 3 period of a JgE£ '*"*1** evl ?. 

lime Rut m hen rhe xkv appears . ,,lf cviuencc oi int suumjji incidence, increasing serious 


omtUiinc very exfer.t.o'ia! 
sd liad emery ed 'ram ihe 
on bulk s.utii-!ing proiir.'minc. 

in u heiher me -l.iruary 
rt will be marc inspiring, it 
lie remembered that the 
nng irosriinuni 1 scheduled 
i he remainder nf 107S i* imr 
e’ed to provide any reliable 
-m:ii ion as !.► she grade of 
individual pipe " The mam 
> is that the next and <ubse- 
if quarterlies will be more 
ific about the liRdings in 
•*idiial pipes follnvinq an 


time. Rut v hen the sky appears 
to be the limn then is the 
mnmcni Inr set linn not buyioe. 

The neit event of market 
inierp^t .should he ihe start of 


say "suffer"!, and so it is d'fli- 
* ,rt " eon to obtain figures for changes 



margin 

di {Terence 


as 


it wonders in such circum- with a S 5 n to 
■sees what thr down -under would recard Slflfl 
k exchanges 3re making of lop weich t. . 

constant flow of announce- *he feeling wnx growing that 

■Is from Junior explorers platinum may be approaching the; 

Jt cround they hAve pegged peak of its recent strong up' t ‘ al *d; discounted, 
what their judgment is of movement. In some quarters aj 
genlncical evidence put for- setback tu the $320 neighbourhood ‘ . 

d as justifying ihe selection was regarded as a pnsslblli tv. Thus! ® aln 
xiny particular area. In some Hie next upward shift in the pro- 
's any old circular stmetu-c dticcr pnee, with Rustenburg 
-ns to be a sufficient excuse, again leading the way. is expected 
here also appears to be a id be to no higher than 8300 coin-, 
met shortage nf geologists pared with the recently estab- 
l adequate knnv.lcdge nf the ILshed S2f?0. 

lly specialised prospecting This mornir.c will see the start 
Is required in the search for of dealings in Impaia Platinum 2f»- 
nond.s. Ii i.s claimed that many cent shares, the reconstructed 
the seekers have never even successor to Bishopsgate Platinum 
-l a diamond in the rough mui lou per .cent owner of South 
ch is vastly different in Africa's Iinpaia platinum mine. 

•enrance from Him of the Irapala should be a lively market 
rkline Slones that adorn our and could offer more scope for 
es amt girl friends. Perhaps appreciation than Rustenburg. •' 


Farmers set up 
fighting fund 


Niiw from .1nnuar>‘ I. the two 
medical practllionocrs' 
groups are to raise their norma] 
subscriptions front T40 to 170 a 
year m cover tho rising cost nf COUNTV RRANCHES of the 
court awards and to build up National Farmers’ Union m Not 
more effective reserves. tioghamshirc. Leicestershire and 

The Medical Defence Union Lincolnshire arc setting up a 
bas S5.000 members and the fighting fund to help fight 
Medical Protection Society 70.000 National Coal Board plans for 
members. Each runs ils own mining in the Vale of Bel voir, 
direct professional negligence They hope to collect £15.000 
fund uninsured, subject, haw- and will he calling for contrtbu- 
cver. in reinsurance protection tions of 25p an acre. They also 
for exceptional claims. want industries linked to agricitl- 

Figures published by the l wo ture to make donations. 


indices 


K.t.S.E ALLCOMMOK 


“TITS 


Bites ann Fails 

(m. i: -ik.-i.af Oii. 2 £> 


NEW YORK -DOW JONES 


UlL'Il 




62. b2 55 . *8 b*.3« S 6 ./I bO.iS 
• II 9 


U.6! 

iS.M 


*.art->.<,mpiMil n 


tali- 

I i »■ lumped 
X.-» Hlglw... 

X«rw Low-.. . 


l.aas , 1.881 1.869 

is i 160 am 
1.472 1.474 j 8S2 

246 247 : 394 


_ I 


HUNT REAL 


Hi,! 


H mn 


ffc-U 


< »!•(. 
2b 


i'-i. 


lair 


H lull 


HK’llij in:. 


-07.74 

i 4.1 

iflbl.i'C 

4127 

+ 0.66 

6 b ȣ 

■ a 1 i J • 

- 

*61.44 

ia»j r 

779.68 

12.76 

•* 3. 

■ H |> 


■i-7 iJl 

110. *8 

Sc 97 

1H.H 

10.58 

! ■ 

.3. - 

■aj 4 o4' 

£6 «.«, 


in. <il-i rial 
1 nftiiiiiml 


IDf.85 :a*.05 2IM^3 204.BS 222.14 .11 Iji 
210.04 2I0.M 201.95 210.54 226.61 ilK.!0l 


162.SO i In 2 1 
110.6! i50 )• 


TORONTO t-omr-Niir 1232.9 1251-3 1251.8 1226.6 I5Mf.tii.iO, M 8 JiSO.I, 


JOHANNESBURG 

1 n-iii»tnal 


reo.s 

2tS.a 


254.9 346.5 
215.5 273.9 


2*4.0 

212.1 


272.0 , 1 .*** 
276.5 067,101 


1B5.0 | 21 > 4* 
134.9 (Uvai 


52.650 il «3 5! :?D 24.550 J6.0b042.61C 


Pe- 

i mu 


19it i IH7b 
HiL'h l<w 


“Pr? iWT *7 ib'iM - 
rii-Hi* ■ High ■ L,™ - 




•• --r \ ’ *■ 


* i'nv > ii si 625 St i™ IM W 


In-I. .|i:. yin- 


-»-[ i Ynai a*,-p 




5 49 


STANDARD AND POORS 


i i~i 


hi. 


:’T- 


-mr-p C> ■■/•iii ism 


H.jfd 


U‘a 


-■ - ^ IIuj I. 

I n. 1 , 1*1 na ■* -104 51 iDe.bi 107.93 lOsJIS lOd.95 108.58 lie./! 75.34 . 124.54 TbS 

‘ ■!. 3 1^.31 il.l,<£. '.jC'T. Sil 

54.M St Ci a;.il 57 .45 98.13 s/.s5 10b A> ie.90 125.53 4.40 

V.-ull—ilf . . 17 4 n U l* 3 i: 1 . 6 .X 2 , 


ADBRwUa'.* < ^ *•' 3«C' 73 

Belgium *■' 37 .*v 97.44 

Denmark '*• 5n.e4 9*..4fc 

France *9.1 fj.b 

Germanr 11 " E* 1.20 
Holland «t -'. SI A S2.i 
Hong Kong 613.M CUT* 


-.22 <o 
hUJa 




• * l. L* 

'•■I. 1 , • * 1 - 1 . 2 , Jfk oar a;,. .ai.|.tr-i.. 

!n.i .lir. yield * 5.09 

4.1/5 4.C.B 4.84 

tii... i' L Kai ic 9.05 

9.54 9.01 0.12 


IialV ' • U*I tiuu 
Japan m, 4J*.Jl 

Bin^aporai 1 -, b'&M 3&1S& 


. 1 « m 
C£. j 
»*■ Il-i 

tTj ft 

19 I'h 
92. 1 
(I! o 

;o.ao 

.* 9j 

:&r fli 
ISV.T2 
ju :u. 

suro 

rc9\ 


all. u 
. .1.3, 
«‘.»3 
■ 1 
: 1*124 
■r<s,iui 

*i.i 

: .4 a 
7r».4 
ill 1 ?) 
'io.O 

. 1441 
io.t.4 
(U-4| 

ilv-li 

404.04 

k 4.10) 

255.0 

IM,t< 


Spain 


| Ji 56.91 ' a 1.94 . 110.1!- ; ti.!h 
> V9,P> ■ \li 4i 
Sweden ,r ii-i.li iis6JE Ua.uO 

(4«> j 14 J I 

Swiczerld''. 5b7.3 K?.9 i’ii.i [ it- 1.6 

, , 14. w : iif (t> 


Dank Dk. 1.453. *1 Amsterdam indnsinal 

imo. f? Hans Sens Bank Si -?'M. mi hbhli 
C mumerciale IiaJiana 1973 a rnfevo 
New 4M/BS h Si rails Tiipm I|hU|. 

■ ■Closed. >1 Madrid SE SO/iS'TT rsmrt- 
DOlin InOimrlal I.T-'ab iSkim Kank 
Corporjuon a I'navailaDI e 


FRIDAY'S ACTIVE STOCKS 


LiaiK l»nv. Bf «M- t .f. 


lodices and Base fljie* 'all Daw values 
1<M extvpi %>SE Ail Oimirbir* - M 
SiMMardb ann Poors — in ann roronro 
.100— I. WO. the last iiaim-fl Daai-d on >8>3> 

• F.scluflins bonds. 1 4nu lndu4lr-aU 
8 *nu inrtnsrnfiK tn Util me*. 4D Miunce 
ann 20 Transport. - Sydn*> All liminary. 

Beioan SB 31.12- 4T — OBiMfuaen 
1 1 IS ••Haris Rminw 1 MI "rnmiwn. 


Reliance Group ... 

SiprKS 

traded 

oJj.400 

Closing on 
price dai 

3jI 

Armco 

4Mi3<iO 

S7J -1 

Sears Roebuck .. 

. 311 'IM 

21* 

T,'Mrd .. . 

■:.'4.Ii"i 

rji — 

Pju Am Air 

.. .124.IUII 

4 — 

Goodyear T.r<- 

. r.;o. 2 on 

In - 

Ku-iim 

.. 2.-4.UDU 

5>.S 

LTV 

.. 2ft; aw 

?i -I 

Exxon . . . 

24? 9W| 

49 

Amor. Tel. A Tel. 

. 716 1«1 



EUROPE 


AMSTERDAM 

• ki. Ci 


BRUSSELS/ LUXEMBOURG 


r • + .-r till- Y'd 

K.-. _ -. i 


Au.i.i «n. :u.. . 
\k«>,ri. 20 k. 

Mfrlllllllfc'tl.h^ 

a. M in in. to.. 

Viiiixianlt^Vi.lO, 
it>)ik„rt ..L -■ 
IViLHWml'ilif lv 
Knlji in' TctU*n»l- 

KlTtviM-r i • 

knnwX.V.ttcaicr 
«3«,ii •anfaUFt.l'.. 
l>|KralHlnai1c-- Kl 
tic'ui-Lnu ifl.li. 

analKI.'.ij- 

1 1 ,i nf ,-i IMFI.Ni' 

• • r ■. .«.•! irv. 


K.ca. »kL km. 

Inr. .MulU-r (II''! 
NaiuM til (PL IV-,. 
Xai.\i»1ln».Pl>'- 
Hl'FDi 
V>l MhIBkiPI r0« 

• Uv rn.JMj.. . 

* 'arm . • - 
Van On uncivil. 
HhLIu»iI iFJiD.. 
rhili|« »pl.l‘*.. 
UjuS-hVeiiTi.I 1 *; 
Kulw,.-.. (FlA.li.. 
l;,-liu, .. ,Fl.tO:. 
1,'iavnin iFLaOi. 

Kcjsl llutcHiFLr, 
Marnisirg. . . 
.•*ler,nliivilJ?Oi.. 

I. nucerTFlJ^J. 
tiling hcfiirfu:. 
11 c-l ■ t’ Lr. H>'| 4.|. 


108.fi 

Jd.O 

360 

84. 5 

74.5 

90.7 

1113.5 
69 7 

2U0 

157.5 
71 5 

35.2 

88. 3 
55 5 

21.5 

150.5 
■*4 
25.0 

105.3 

a5 

204.0 
le>2u 
4^.1 

135.0 

41.7 
24-7 
c6 

161.319 

142.2 

124.5 
122.7 
2»6 

58.5 

14U 

115.5 
48 3 

287.2 


-2 1 
- 0.1 


•28 5.1 


Ir-. 


SPAIN 9 

October J7 


. TOKYO H 


+ -r 


-0.2 


-10 
-2.5 
: 1 4 
-13 
— o.7 


-0.8 
-5 2 
-0 9 
-0.4 
-15.3 
-i 
-o.2 
--U.8 
*-U.5 
-0.2 
-0.5 


\25b 
at) • 
\n5S 
26 • 
02* 
26 

37.5 

47.5 
94.s 
20 , 
14 


7.9 : 
5.9 
6.0 
5.7 
6 7 
7.5 
2.0 
o S' 
48 
6 7- 
4 0‘ 


llUii ..... . . 2.400 

IM-IhLII “8' . . . 7.boS 
l.tUi. Lameni.... 1.190 


— 0.3 
-1.5 
-0.2 

- l.o 
-I 
-0.8 
-0.2 


12 ' 
a 
19 
12.4. 
48 ' 
21 - 
22 
45 . 
24 


5.6 
6.1 
tf.6 ■ 

a.ui 

,.b 

5.4 

4.4 ' 
7.2 


h«ri» 

tbta 

ti.e I'.o -i 

rai iv|,H- X*i.. 

• ,.U. Inn,. bin.. 

'iMsni. . ... .. 
iUL run I*.... 

tluf^-Xrll 

mica 1.C40 

rtifln-li *1,. , 7,170 

aaa h-ftia Ue.gr.. 6. lliu 

fill H **l,r,|M. . 2.900 

4.1.45 

XbllRi. Uain,:,,, 4.1C0 

u .' ,i4i. lie." iii in g.ulj 


566 

2.425 
b. (50 
2. -40 
2.450 

1.426 
J.=SS 
2.620 


-8 


Dir. • 

I'm. Vu I 

□ ' I Asland 

• w j Banrti Bilbao . 

Banco aiIjijtIcd 
» 5 | lUntrO Ccinral 
5 J i Banco Exi.Tiur 


Per vein 


-30 - - 


. i nag r 


116 

100 


0.4 


>haaa 

■ la lino h'H i 

i '. B 

* mA1iii.iI I,,.. 


4.12 i 
i 590 
2.695 
1.180 
/22 


. 177 

- 10 440 
-10 170 

. .150 

— lu 84 

-25 90 

. 170 

- JO 142 
-20 290 

r426 

— 5U 63.4b 2.7 

-45 18U ' 5.6 
' - 5 .205 6.5 

140 : 7.0 

215 • to.t 

-20 \2.10l 8.1 

-20 170 ' o.3 


Banco Genera: . 
, ; Banco Granada 
* Banco B, spa : io 
° * Banco Ind Car. 


rj.OOOi 

.rnNii 


5-9; u l»id. xtMiirrraneu 
Banco Madrid 
Banco Popular 


7.1 
4-0 
3.: ’ 


17 ' 
Albl 


6.9 


■ id »• MonUtiic 1.660 


-20 

-2 

-53 


50 6.9 


- 1 

-1.5 


-0.5 


19.3 

54.7b 

20 

s& 

42.9 


0.6 -m.20 
- 6.B 33 


VIENNA 


7 9, 

3.B' 
8.81 
8.5! 
5.6 I 

0.5 ! 
7.4! 
1.2 ■ 
4.1 : 
' I 


COPENHAGEN * 


••n,i« , ’+',ir 
Kr.-ni-r - 


Ulr 


Ort. 27 


CmllTMiiUll .. . 
]Vrilii.».ner_ . ., 

DelKta 

4efi|«ni 

>ie\ r Daliiik-*.. 
Veil Alien,"-,!.- 


\u.leM«Dki-i,.. 
Uau-kc ilarih 
E«n Aiwim-I .i. 
Kliuin»l«iiLvii.. 
Urvjas-ner. 
fiel5|U . . 

HaikleetMQl, . 

I'r.cu 4.,<r nu .1 ul. ! •^■X'lji nil.' KrJOi 

. - j N,»nl h„ls-l . 

_.I_ ' O-iefft'-r.l, .. . 

Pmailvnl, 
I'rwiu-Uiil . 
NiiJi.lkrrin.ii . 
biifierl,". 


o42 

271 . . 

618 -2 
Bb .... 
220 . .. 
250 . 


10 

9 

3B 


2.9 

34 

7.8 


8- 

10 


3.6 

4.0 


140 . . 

125*4 

142 —3*i 
14*V- U 
3-44 _» 

77 -If, 
i2o»r . 

«1=‘! 

1781, _2i« 
3l3 - 1 
13 1 - '* 

13 7 

386 - 41 S 
I5o -4 


5.8 Banco Saniander 72701 
6.5’ Bamo Urquiu, ■).(««>. . 
Ban.-o Vircara 
Banco Zaraxouno 
Banknnion . 

Bami4 Antaluria ... . 
Babcock IV lieu* 

CIC 

Pracados 

Inmobamf 

E I AraunneRas .. , 

Espaimla Zinc 

Exol. R'o Tinio 

I-Vrw 1 I.WW 1 

FenoM il.ewn 

Gal. Pr>-> lartits 
Gruoa Velitzuuct 

ilidrol* 

Ibvrrtnero 

Olarra 
PaiuMt-ras 
Pvfroi'bcr 
, Pe»rolco« 

! 7 9 I Sarnn Papalera 

(i' a ! Kmarv 

118' Soceflsa 

u a i Telefonica 
j' & Toms Hnaiench 


YU. 

% 


(400, 


123 

2S7 

234 

JOS 

272 

2S3 

ua 

2«7 

M2 

14S 

771 

22S 

346 

308 

2SS 

762 

14$ 

141 

24 

82 

24S 

73 

44 

101 

57 
M 
U 

58 
1&S 

72.75 

87 


- 1 
- 4 


- 4 

- 4 

- 4 


l*ci. 23 


-Prii-et +‘i>r . Div. YM. 
Ann —‘iS 


- 5 


344 

427 

B5U 

390 

5o» 

525 

224 

468 

1.14D 

238 

1.780 

740 


- 2 
•e 2 


- 150 

- 1 


- 7. SO 

- LSO 

- 2 


Rrunidas 


12 

12 

12 


8.7 

3.8 


Tuba cca 
Union Elec. 


120 

18t 

30 

45 

127 

80 

74 

4430 

M30 


- 3 


i,ni U i»„ .... 

Ih.41 

• . a>i>- 

I whlunn 

J l*«i XiL-i>>n l*rmi 

'. r* un l*hr4, 

1 riii* n< 

_ >1on,lM M,4, r> ... 

. il.ftw hi,-’ 

' l*.,ib 

I llc-Y„fca,f„ 

1 1 X i 2.900 

; ic* u-n I l.-e. 1.H« 1.160 

ift.inaiMi 380 

I .kuico, ft90 

! Ayoii'-l.etaiiik. ... 3.35U 
- dal -ui>&iia In*.. 762 

| ilu.uirt.ln mm,., total 
I UitMibirOi Uem-, 

J *J itMji/<»h- lArti .. 

! vl >t*>ii A Ihl_ 

| dil.uku rt. 

j '1(11*111 Upiim.,... 1.620 
1 *'W«4I SlU11(*1l..'- 765 
, •» >■->11 \l,*l,ir- . i 655 

! *-4lllle«_ l.nCU 

I wiji' Eieetnc-.... 248 
miaui Htvian. 

1 -il, »ei ii/ 

| xm> 

j i*i bu Mm me... 

I ib ho .a i heuncrt 

•Hh 


*d 

-4 


-5 

—2 

♦ a 
- 1 
- 3 
-10 
-2 
-10 
-10 
-10 
-C 10 

* 4 


14 
12 
25 
20 
18 

15 
12 
18 
35 
12 
50 
13 


2.3 
1 B 
1.6 
2.1 
1.5 

1.4 

2.7 
2.0 

1.5 

1.7 
ua 
0.9 


-2 


0.4 


120 

428 

295 

s8l 


* BO i 35 
20 
10 


+ 15 
:-i 


+ 20 


-5 


945 

1.300 


4- 0.25 
+ 2 
- 2.00 
+ 130 


11 

12 

12 


_ ! STOCKHOLM 

9 2 1 

B.u' 
a.i 


ia-i . it 


■ I’rv-tr i nr + 

Knmin ! - i Ki . 3 


7.5 


WALL STREET 


JEW YORK 


1178 


Srodk 


.-.7 


win 

( Hipb L»-w 


Mnrt 


' '17- 


Jj-l ‘ 

19. ! 

- 1 * 


»*» 

-iw 

-'a 


>U 

’8 



■I; i 
is* . 

' U l 

la I 


25 

u-& 

31 -n 

22 1 j 
22 
5di< 
ISIn 
16^ 
35 
181* 
ZZia 
31U 

22 r 4 
BIr 

39 1+ 
345e 
34J( 

Z31g 

23 J £ 
Zl&R 
30ia 
265a 

16^5 

34b 
39 ■« 
3218 
28 1 « 
57 ■» 
37‘a 
15- n 
24i t 
10 

26 >e 
17'.- 
17la 
19 is 

B'j 

13>? 

431? 
25>a 
6 ft 

15 '<R 
44i, 
24- Ja 

16 
20'r 
34 

22-’i 

33 

22 


• Aravai ijii,- .. 

l<Mrea~>graf.ii . 
Aero, Life a L'a-. 
Air pr»»1ncT* 

• UrftoA'umlnntin 

Alcoa ' 

Ailajf. Ui'Miim. 

Mlrshrnv 
XI lied i. Iiennc* .' 
4'liM 4lw . 

A Hi- OlMini+r . 

A MAX 

Ilmmaiia Hc-t 

• Amer. A’rliiip. 
Aifier. Untit'U ... 1 

I A mnr JJmwi ■»!>■( . 

' Inier. L«n 

.1 iiier. CvaoMiih' 
\mcr. I iieu le*. ■ 
Araer. Eieci.tA.*i 
Ainer. K*jirv« . } 
Ainer.lioniePm.ii 
) Array. MnJuzi.. i 
Xnier. Mutcii • ... j 
\mer. N’er. 

\iner. Dlaniler-I , 
Imer. 'tue.. ..■] 
1 Aiuer. te-. Ale. 1 

Imelek ! 

i vi k ; 

A VIP ! 

. \|D|VX 

llll.-lHlI lll.-rtillc 
Uilieuser Bn*..li I 

’ V, mo 

•1.5.4 ; 

V^iurr- !•■ .. . ; 


504f. 

19's 

36i. 

241? 

32!. 

46'.. 

15 
165. 
32 

22i» 

28‘* 

441; 

£5 

12 >a 
46* 
4510 
36 1 1 
25i fl 
25 
22 
30 is 
26 1; 
21 
5ia 
39 ^ 
421; 
31.3 
61 
29 

16 
32'c 
12-6 
2b 
221, 
17., 
29 >« 
I3U 


641? j 45 U 
I 541? 1 42 U 
' i 36 lj ! 24 >4 
i 50 - 2 Hh 

377* j 29Xl 
■ 43 '4 . 32., 

. 21 ’a 14, e 


'.c-mioji l, ; 821; 
VPClill’nrtirma ; 48U 

Crane 251* 

Cracker Nall... . ! 264 

U,.»ri/.ei-P4rb; 321* 
Cummin* Unginr 1 31 
Cum*H Wncbt.. t 14ba 


Wit 

Hhjh.-. Lrtw 


V V7.A 
27 


3 1-’* 
49 Is 
36:-s 


14i? 

24 J* 
l*i. 
29 

l9i, . 
64 > 
46* : 
51 U < 
80S* ■ 
33 

46’a ! 
158 i 
26 '* : 
161.- . 
67M 
41U I 


19J* 

34 
23 
23f, 

6tx 

16.3 

151, 

23 

l»s« 

38$* 

314b 

SB 

22J* 

25 

36i s 

97i, 

16i; 

6 

411* 

35 


jOrua I 

U*rr lnrlu«lrie*. 

lUreie • 

'l»el Mimre .• 

UeUnn* .. .. . ... i 
Dniiefily Inin . | 
‘Del roil Edibun.... 
(Juirru-nd -hmvrL 1 

'thetaphnne ! 

DurlialKdiiir... . I 
'llleney <Wn'll._. ] 
Ppeef l+irrm.. .. | 
L'ow Utieraicai... | 

;0ran>...„ ! 

iUrewr,,,. j 

llJupnnr 

.Bajjie Piu-bcr : 

|F-an Airline- ! 

-Ka+tnnn KndaU.. 
;KbUo I 


27J, 

37 

42 

SSAf, 

7sa 

161; 

15 

221 * 

13i? 

455h 

361; 

41 

257* 

26V, 

39* 

1231* 

207* 

0V* 

67Je 

56 


341* | 
881 ? : 
351; , 
381* I 
291* : 

*2 I 

5 i 
301 2 1 
15 i 
28'*. t 
62 U I 
381* • 
5U I 
241? 
49$* | 
86is { 
39', i 
381e j 
29 >8 > 


261* 
bb 
24J* 
29J, 
23 U 
28 
li* 
21U 
51, 
19 a* 
4Ulft 
27 Jg 
38J* 
191* 
42 
2&»* 
271; 
211 * 
26J* 


S i ■mi" Man, Hie.. 

••i.nwHi il'duiM.ii 
JJlllilU+ID I •WlKU. 
Uuv MaJiuJan ur'« 
|K. .M«r Un ... 
fKalM-rAluniini'in 
Kniaer liHiurim-H 

Karacr Meet i 

Kay ; 

KmniecnO .. . 

I Kerr Jli'tue. . . 

iKW.le'Vali I 

Kimberly l lari,.. 

KiAurr'. 

Ktail 

Kihger li>— . 
lewnt.V Trei.H 
•vi >uaiin- 


lUU^i Or. foM-.i 


26 lj 
73i* 
241 b 
89 1< 
*«. 
36 
*'8 
21 lj 

12U 

241* 

42 if 

29 

45 1 0 

90 

461* 

32&b 

32 

62$a 

263* 


ime 

I7i*h | U^r 




i. 

27 


• \-a,m .. . . 

\Hb-iui.: i ■• . . 
M>. Il - II he i.l. 
Villi, (min pr,.. 
A XX- 


\*--n 

. tWii. K ivl 
Hingnr Pnalo .. 
Hit ill. liiii'iv*. 

<Jh 1 1 K i 1 , » T». VI . 
(Ninei i«i, .. . 
Buier Tirwihi 
^ cii nr r,,,).. 


't . 
( 


31J* 

14 
33 
21; 
20 U 
14 i, 
25 '» 
22 Ja 
263; 
25lj 
9 

12 * 
281m 


- Hcirn Diehmsiin 
neu i H»vn-.... 
IJ,in>li' .. .. 

LfalUiUH'l C'nl,* if' 
'UpidicIiiiiii -leei.. 
rf-NCll J. IlN'kri.. 
■Uvenie 

•**+l**«.ir . . 

d,jiilci - 

dura V'V'iin . . 
diaDin II,' 
Jra.-Oiii "V ■■■■ 
d, IhI'Ii Mve> . 


14 1 p 

4 IT* 
SOU 
28 

a*, 
2 ir „ 
62.,- 
24:?. 

18 'B 

241;. 

35', 
32 
Mil 
94 -R 
33J, 
1 7 
56', 
4 

20 ' „ 

163b 

561; 

28 1? 

263j 

27', 

I2J* 

14 

30 j* 


32i, 

iai* 

35-. 

30:* 

20i; 

44 3, 
3<v 

27 s( 

32m, 
24-’, 
SZ-.i 
49 -k 
40ir 
16 
5233 

— s 

39'j 

34 

45 it 


16'* 

14ae 

25,8 
29 a* 
103* 
27b* 
21* 
2H? 
25U 
18 
43i; 
.24 
33. > * 
121 * 
24 
lb . 
18*0 
28.* 
30« 


|K. Ii. ill 

jt.', Hen .Xal. Oar, 

Ellr* — 

! b me rnei i Kl'ccl r /r | 
| tmervAlrF r’lyht 

• hnionii I 

,r ; ..M.i ! 

(nigrtluinl, 

IftbUMIk _.i 

jKlI'V ' 

jKi.vn * 

iFdiicInwi laineia; 

'/hi. lH»iil. M. tpf 

■Firesheis Tire. .. 


a, 


■ in. 


y i-i.' i an 

»" iiimwc 

! r'lunda Pr>»ei... 

.I'll** - 


261, 
141, 
261* 
43bR 
80l« 
521* 
41* 
86 
25 
211 * 
49 
29 'a 
451, 
121 * 
271* 
151. 
28 U 
40 Si 
35 j* 


371* 
63 a, 
28 
abi* 
27 
2ui* 
253* 
406* 
18 >* 
12 . ; 
14 , 

446a r 

40i B 
3b | 
65»* : 

17bji • 
28i t ■ 


261* iLiRpjrt UnMip...., 

367* | Lilly (Kill 

141* Luwm indiiK.... I 
13 l(nrklieedAi>vr’il| 
J7>; filter luducii 
17S, 'Urtif* Irian, I JjiJ-i 
2ul* JI/nJlHttOB Laud 

333* ;Uiln Irui 

Luck v 9i urea 

L'baY'unfM'an.l 
VlK/XJilta" 

ill icy K. H 

|Mu«. Ilawirer .. 

.VJaiHi 

i.VlarainunUfl... . I 
' Jlarlue Jindand 


13 

61; 

-91* 

3bJ* 

291* 

30 

4m 

ll-v 


18J8 i Ala filial' Field...' 


30b* 
421* 
,2ia 
17 J* 
22 
17 S* 
20?* 
421* 
15 
6U 
9 

36'a 
*46* 
2B»j 
48 <* 
lS*i 
17b, 


561; | 
39J, I 
64 ■ 

304* ; 
373* . 
401* J 
651a I 
111; 
231; 
497* 
457* 
ahi 
34 b* 
691; 
7»* 
6* 
167* 
93 
23 
167, 
24S* 
8»» | 


58 
2Si« 
52 1* 
20 
287* 
38M, 
54', 
Uii 
10Ja 
141* 
351; 
28 lv 
86*v 

5138 
3a« 
«»a 
10 
64 J* 
151* 
121 , 
194 
61, 


Keek." .. i 

I Kern, -,1.1* Vlrtih. 
|l(e>-m»M* Il J. . j 
lltii'h'M'in Mencii; 
•lUckatHI liHif .... 
Il,, dm, ,y Hah*.. . ! 


47 

42 

67 

213* 

32'fl 

32i* 


ie».- 

HikIi L*-»- 


27 


28 is 
bit; 
23'* 
39 »s 

in;. 
28 : ;- 
33 -h 
13^. 


20 >; 
40.* 
17 


K.M.I ■ 

r'nnl VlMnl. . .. 
Forenamt . 

27. Si 'fwinBi 

7J* 'rimih'iii Mini ... 
rnepul Muret* 

'Ftnehaiil ! 

Fngia lixla 


181 * 

24i. 

03a 


23* j ! 
407* | 

las, : 

321* i 
71* 
231? 
30 U I 

e-8 ' 


27 1, 

59 -> 

511* 

40 

2b'* 

09 

oo:* 

24 '* 

59.-a 

Ob' I 
03 U 

72 

09', 

51* 

641? 

57 

28U 

3«#m, 

22n* 


BO. 8 
321* 
21b, 
22b, 
163a 
2b 
46 J, 
13bs 
291* 
201 * 
441, 
684*. 
44b* 
39i* 
341* 
44 
241* 
Z&Je 
14 


.'lav De)4. Slum 
'.Ml X 

'1/,'Ul-l II'-HI . . 

■Mrlamiu-ii Ihuiu 
’MiHim" Hill 

■ vlenaavx 

iJlen-fc 

Lvu.-h. . 
jlleM IVlKHVIIDl.' 

;MOSJ 

) .11 iiiii Mnm.XUljs 

Vl,d*l<,.||) 

,\J-.,UHa»i'r-- ~ -. ■ 

'Muricaii J. I* 

ISrtUifh 

.AIiiitJiV • >il... . 

'Xal, he* i 

|xm..-i. CliemimhiM 
:.X*UDnai La n , 


*3in 

341, 

*2', 

27 n 

64 

26* 

35 

151; 

29U 

3bJc 

071* 

bSl* 

52 

46i« 

401* 

43*' 

25i* 

B7i* 

15J* 


361* 
28', 
16* ! 

5 2*> I 
47 1; i 

364* 4 
4bi« 
581; 
381; • 
14a* • 
23., . 
501; ' 
HAP, • 
51* 1 
46 1-.- ; 
267* 
17?, 
40 
34i, 
56)* 


197, 

Sol* 

1H2 

21 s a 

29 J; 
28i* 
37 
28 
307, 
91; 
141* 
07* 
40*, 

li« 

18 

24b, 

15 

20b* 

28S* 

4HM, 


.K.ri'alDiilcli... . ' 

:I(TK 

I till** T.«- 

jllvMcr oval cm... ; 
3tl*«*v si, ire- 
|rir. .Ire Miu,.ini>.' 
:5V. Kemm iA|*i... 
)i*nl,i Kp hub... -' 
Ji«*iil Invert.. 

jaaxtiii lad* 

l-v-lilil* Hiruim-J 
|3chlaniUer&er . . | 
SUM • 

fOcctl paper ... . 

Ikwll Mr* 

IScudiler l*iir..L a|i. 

,'^ea Container. .. 

;5eA*T«in 

'Searle ih.D.i .... ' 
loean, Hlehrk.. 

C'KDL'U 

ptibll Oil 

iSliell llM*|l*l.. 
islcnal . . 

jsicncHie t-n 

pimpiicitr Pai . 
louiutv 

I5inti.li I in it 

ixniiin Kiiik. . .. 

IxMlimii. . .. 
j»iuth.hi*n. . ' 

.S mil, Ml, V Hi. trti 
,*<miiticni C'*>. . . 

. Tallin. .Xal. 
Ixiiiillieni IXti-iiH- • 
biinlhcniHiiila'av 


64 if 
10« 
lOJf. 
21 >2 
41J3 
24 i* 
407, 
31 
5!* 
5b* 
10 
831; 
171; 
141, 
18V* 
71, 


191* 
U5l 8 
nsa 
211, 
43 
33Se 
46U 
437, 
34 
9'* 
13b* 
41s, 
80 
Zbf. 
42 
241* 
lola 
42U 
28 1-, 
461, 


22* ■ 
71* . 

65 lv , 
19‘.1 ; 
16:* ■ 
r9o-.- < 
82 i* • 
8.191; 


17a 3 ,AVv»,ivv-lli._.. 

S 'Wyty.. . . 

41 IVmvv 

12*4 !4x|nirt. 

Hr* /mllh Dh-iio - _ . 

95a -LA'lreae.lLIUh. t9«»i 2 
79 -i’a TrmvkJ iTo.fb, t797 e 
6.07'i.L'.5. 9LU.1 m 1 lit Ur.. 7.92* 


X8'i 

4J, 

51m* 

I Me 
12i* 


CANADA 


18'i 

18V, 

2b:, 
46 a 
25 V 
25 
7.Ja 
631, 
471; 


101 * 

4.50 

241; 

141* 

4412 

171* 

16); 

5.75 

52 

18 


'Atntthi P*(*»- 

1 A emeu La-.'ic.. 
.'AIcniiAiiinuninin, 
1 J iKoraa all**' .. 

A-ilieHcr- 

Banked .Al. Hil r+al 
:«hmB Nnva cc,*ei 
■ Uhmc UwH>ur»v"..' 

'Hell . ■ 

,Bnw tal>i 1ml... 


162* 

tb, 

481; 

24S, 

145 

c4i* 

214* 

3.75 

611* 

161; 


19 

ur* 

:9.oo 

4U 

17', 

124* 

30b 3 

224C 

25 

251; 

67-, 

5. 14 

1W 


141* 

14M 

2.06 

34 

111 ; 

0i* 

84* 

2nl, 

10 

151? 

Ibl, 

51 

3.05 

81* 


UP. Ca na.Ui 

i Brarean 1 

| Urfuen 

.1 Bijpin Pner-r . , 
:>.*n>H>.ir Mine- . 
i.'«iiAi(a Ulnrlil..] 

• AlUUlM \A1 1*1,1. 1 
'L'an.liupUk L",ii; 

,111.1, llHlU-t...| 
V All. pHi-lfli.-. 

+ nil. Pni-Ua* In i- ._ 

• an. OuiHri <•!■. 

■1 an 111 a 1 ''Keei,-.. 


Jr'fi 
161; 
;7 rv 
;81, 
is-., 
12); 

8b* 
29 
7c2ii 
4Z>* 
21i, 
56 i, 
4.25 
b'v 


■i* 


13A 
25 -j 
131* 
16:+ 
5 

3b>, 

68 -j 

311* 

14.* 

94* 


. 0 Pel \ L»r:i i:.... 
iii,«-h«R.v Ola-*.. 

dMin-n ti-li 

•duej i«i Kne 

' L'litfiT, 11 Hla'I. .. . 
ilnrliiijIiHi Xllin. 

,1U|TiMiji|] 

...'ani(4«USi.iii(... . 

. .'Hiiadian PacilK* .. 
.hum' IJnuU-,i|-t>.. 


18 

29.-, 

13', 

16--* 

7 

371? 

70'* 

341" 

187, 

9i a 


15<; 

491 * 

U’7 

31+6 

20't 

92 
57 
44:, 
534< 
bo 1 ? 
20 
4.3 U 
31-8 
31 '* 


324* 

317* 

44U 


10>, 

34.-, 

07* 
224* 
Hi; 
375* 
44 1-. 
26%? 
26 »i 

574, 

174? 

24 

284* 

22a* 

o-a 
2 54* 
20 
434ft 


M.A.F_ : 

■IlHnneii 

TiciT..\|iier.lnr. ..■ 

(j.A.TJL. 

(j<-„. v nine . 

1 ipo. Dviumm-i...i 
lira, bn trio.'..' 

(jell, tint- 

i.rnerai At III., 
(•eiwiHi llulon.. 
Hen. Pul.. Ll II...: 

•(«il». ommu ■ 

'(•■■a.. If .KIPC1...I 

6en. Tire 

tli'iwv.... I 

(ie,.i|.|H I'at'Ri... 

LiPi+arttu ■* 

■Upiiv O" 


101 - 

411* 

91, 

271* 

14-* 

64 

47:* 

52 

28 v* 

61 be 
17 
251* 
26J, 
231* 
41; 
27Je 
234a 
57bn 



241* JAniali-'U 

27- a 


11 "B ..'arraei A (,1-neral 

111* 


15 ^ 2 ari*!,' Hao-im . . 

15)6 


45V* rtSlerpl'Iar I Hi"'l»' 

53i t 


43?s i-M 1 * 

531; 


36 Xr.ii>u. . 

30 ■»* 


15 . , pm mi .ft 



18 k: swtain lee- 1 .. . . 

16C 

H'. 

291 * na ft ir nail . 



4b* ' 
> 1 * ; 

»'3 . 
I ' 
43, j 
;i s : 
»'* I 
3* 
Mb 1 

?? i 

1 

2S* I 
31* 


164* 

27b* 

37i? 

20J* 


•fclwe .'IrtUlMI'HII. 

.p'linaW bh.XV. 

• .noeliiR'D PrHirt. 
27s* w h*eAif»>-i*eni... 
42 ’,-.hi.*iP> Briu^e.. 

XOi* u.'tiryaJer . 

181, .ImIiic. 

191* ' 

48>; I-.- 'He* Bfmo-... • 
lls« lOltV tnrMIDK— 1 
234, :Llc»-e«u.i Cliff- - 

351* V-ocaLnin- 

17S * w.HgaU) Pbmi 

94* l Jouion Aiknum_. 


2Ht 
424? 
40-, 
22 i* 
27'* 
641; 
101* 
29 it 
851; 
541; 
131; 

26ifl 
413a 
171* 
9 3* 


32', 
22-e 
18*. 
34** 
32', 
0i* 
31S, 
144# 
lb'« 
63 V 
771* 
41 
227s 
7ien 
44 
Sl'e 


23-b 
lBi* 
15<, 
24 » B 

23 : a 
SJ2 

22l-j 

14 

11 

221 , 

547* 
32 
14 iR 
294 b 

24 


;IJil.rl1e ' 

ILuXAiiicfa U. 1 

.(iimjw I ire... , 

(■i-uiri 

jlincr VV .K 1 

'bruAtum Pai-len! 
,im. Xunli Imi. - 

(rrvvlejuiiai 

.Unit a VtMem.. 

■On 11 i'n : 

HfllitiunoD 

tirtntM Miuini.-... 
.Harui-cJilRfi'i. ... 

tUnirlr Curvu • 

rfeJU/ If. J 


25 
ISbB 
lb 
281* 
301* 
5i; 
255* 
llifl 
12 
23V 
661; 
3 2 lv 

14.8 

29 

58 

263* 


23', j 
17 >r 1 
3-'.r ; 
52 ! 

07'* , 

2/0 : 

W Ih i 
50 v> ■ 
lo^, ■ 
121 * ' 
24 

274* . 
411* 1 
BB1* ' 
4 64, ; 
28 '4 
*!»• | 
461* 1 
2879 
19 1; • 
25o, : 


20 

121* 

291, 

554, 

07,, 

13 

213* 

32 

104, 

93b 

154, 

-24i # 
344, 
23 4, 
cO 
211 , 
lb', 
.161; 
lb;* 
164, 
15-a 


,X„I lllal lllcrr.. . 

..XaI. si , i'"+ I n,l.; 

|.\Hlhinrn Miel. . ; 

'XHIxinCn 

'.xc» 

\e|,U,no Imp.. | 
Xi-b LnuiHieJ K..| 
,\e« KlUMIHl lei- 
> inhere XIhImiaL! 
..XiHKaiM Hair.. 
X. L. Itelnvlna^.M 
.,\ 4 H,*lkW|*lnli 
■ Xi.rl I, Anl. than 
'.Xllin. ilHl«-r Pv» r 1 


Xilinr", Alriino.' 
..Xlli»e4 lhtniiH-p| 
;.X„ri,"i riimaui. 
AhvubHlIai Pc' nil' 
iJpinv Msltei .! 

Vlllll, 01HOB. .. 
I*lin 


191; 
13 
301* 
371? 
59 Ir 
19 1 , 
22 
52:. 
141 B 
10<a 
ID 
241* 

543, 
23 a* 
241* 
23i; 
46. a 
lo'a 
82-'« 
16>; 
20 : B 


34 in | 

5 9, » . 

2d', 
49 
38ip 
293* • 
48’. ; 
64 r* 
40U . 
49i„ i 
19 ■ 

70 

467 8 ■ 
55 1 ? I 
36:* . 
151* ; 
49 s, : 
117 
9 

341* . 


22 1* 

034| 

15U 

32.9 

214* 

321; 

24 b* 

44 

29 la 

34i* 

12 ‘i 

437b 

33ba 

31b* 

IB"-, 

32b* 

571* 

24, 

881* 


^■rtllllhutil.. . 
iVw'l tirtllp'irtlee. 
]>(+rry Hun.-li.. . 
]r*|,nrv l(*i,.i . .. 



'OUIvUiM Ununl.- 

'?lat.l.l,ICaiil," in* 
|4in. On l/,lllHaH.■ 
|>lf1. <Jlt OI, Uk ... 
i<'lai<(T CIj'-niHHi.. 
l.’Hleriini; !>nty. . 

JkoWalM 

I>uii L'„ 

|Snn»lran,l 

]7' nim 

■Tn-hnM’4e 

ll'eklrcnia 

j lei*- line 

| li’iev' . 

■ rente, 


27H 

<64, 

15.-.* 

40*a 

27 

234, 

431; 

50 

33l« 

42 

14* 

54..* 

38*; 

39bs 

27;* 

10J* 

41bs 

88 

44» 

30'a 


29', 
I 34 1 ... 
' 37", 

1 IDS' 
! tt'i 
13' 
141? 

I 8 1 
111 
Ulo' « 
281; 
23 
171, 
36 
DJI; 


17va 

231, 

2li, 

16>, 

51m 

7i- 

52*' 
70 ii 
53>, 
21 vr. 
14J; 
12 
lb* 
b9i* 


l. lueltAii, ...... 

■ «.!„lllf>. . ’ 

Vuie UBi»>iir*i . 
‘.'■Hi-liuiei f,„. . 
I'WUI llrmirn-. 
1 . a.slAin 

I'?. Hi lA-vH... • 

Ucui-mHi Mine' . 

Lk.ine Miner 

Ifc.me lviir.iemn 
LV.rniniun llruiL-e 

U.amlar 1 

t>u(,nir 

• KklOli'jie S Irk *H 
,F,.ni .Mail ,,r Can - . 


22 

321; 

5b 

18 

5.12 

713 

12.5 

74 

89 

VO** 

LSI; 
22 i* 
1 5 Ir 
5i»» 
bl I* 



25lft 

5 

13i* 

3SS 

147 8 

5i* 

5U* 

01? 

U7ft 

3 7a 

2&7fl 

3 

291* 

5t* 

Bi 6 

3 Is 

3H* 

56e 

17Sa 


5», : 
67j 
45ft ; 
4l-> . 
S'* .; 
Us ' 
fi-'*: j 
41* . 
0 . 


21Tb 
22ij 
341- 
2 Ua 

28*a 
25'* 
14b* 
23. hi 
40>« 


'Columbia 13 m. ■ 

LfiiiimW PKC....I 
LVhh. I mOimA nil 
ComtHjrtioa Kog-| 
CombiMtuiD feo.-j 
C'ni’wth K.ll»nn. 
Comm. Saterihe.' 
Com putar acwiiF .: 
lunu Lue In--....' 
Ctnu«e - 

IrtTO KaflNMt NY — . 
iLunvui Fi»d, J 

lluriiul Xa| ba>— ' 
'Consumer Pbweil 
liAwtiiienlftS l*r|u| 
'Lou Linen in' OIL- 
jhiniunriuei Teie 

iuaupAr lodns 


255* 

17b* 

17 

33 b 

115* 

25 U 

371* 

Jitj 

35i; 

16*s 

23 as 

22 : B 

34! 8 

2lift 

29S* 

25bfl 

15 

5J 

446* 


92 . 

32>« 
394* ■ 
721b : 
I3~i 
34 ■« 
274* I 
1&4, : 
24 

3250 1 
47 I 

633, ; 

415s | 
161; , 


bi: 5 
14 U 

301; 
451, 
11 
17 
215* 
10 1* 
10ce 

204, 

34i4 

507* 

337 8 

124, 


He«ie Phoanl.... 

.HonUay Inna. ] 

lU'HiianBke. 



jHccjvcr — . I 

iHieieCorp. Amen 
IHoiihIod iNhi.Nr- 
IHunlU'D ^H/lim 
iHuWou (K.F.j — : 
I.C. lulunlnet, „• 

Himl Kftnd.— 


lufcene 

InianuStfM ! 

InsUeo ! 


761* 

17’* 

3812 

bo;* 

10s? 

254b 

21 

IZbS 

15 

263a 

37bb 

531; 

»47b 

127b 


201 ■ 
34:., 'J 
25i* . 
B5-+ 1 
31S« ! 

221b 

101 * ! 

sui* ’ 
40 
221 * 
42i a 
33 ! 

131* . 
371* , 
335* j 


204, 
27 Ik 
IDS, 
22i; 


id 


1912 


2U 
2U1* 
20 
351* 
2b 1 * 
7 

32S* 

24a* 


5>vn«ee* Mii|» ■ 
i.i-i ihi- Cm nine . 
i.iirena Iiiiimh-. ■ 
[Ih-in,- ti»- 

1 IfticKh- Lwliline-. 
JPan Per. ■* Lift.. 
‘Pan x WnM.Vir 
T’nrlacr Uaniilliii- 

<Pnti.i>l, I »u> 

[Pi.hi. I'n.A L 

IPtmiiv-f. V 
:Pei,ii.-,jii. .. ' 
jPvH^ileo l'liift... . 

|pp»|,be,Um- j 

;Pi-,«iei, I 


23-. 

27i» 

391, 

2al; 

2UI* 

19* 

7 

24*, 

k.2,, 
201 * 
35!? 
28 ‘a 
10'a 
351 b 
255* 


12 

27Ih 

24 x, 

47 

921, 

331; 

305, 

501* 

3a 

05,* 

44-r, 
Ibl* 
23 J* 
3B>* 
29U 
30 1 „ 
40i 8 
20*, 


: 7>, 

231, 
1 17*, 
■ 35 
! 611; 
■! 24v, 
• 181* 
I 54 *b 
221 * 
1 41*2 

, 31b* 
131* 
1 174* 
• 32 
. 21 '* 
9*8 
. 261 ? 
: 171r 


,'TMirv Tu 1 -Hemn 

I ru.ro 

- leui-K'ilt.. . . 

I'L-M* K*i-Jvlll... 

| IVwi Ilivl'in... . j 
| J>ft*? (Ill at fjIRV... 

rrxHv ft ill, K— 

[ rim to In- 

• I iniee Mirror 

|Tluiken 

jlnuie 

[1 miiHiiierb'i 

. I ranvti, 

'I rao l Mint, J 

il'rnn-nav Inm, . 

I I mil XV, ark I Vir.. 

1 1 mvei-n ... . 1 

'Iril.'Lanllllelrl?) . 


8 

22 -t 

20 V 
34 1* 
771. 
271* 
18b* 
431,! 
291; 
46 
42. > 
15 ' k 
19*, 
50Xi 

21 '•*. 
161* 
321* 
175* 


Sb'i 
15-i 
54- a 
9 ?: 
4b 
4-.V* 
23i; 
24 
47., 
21 
5H 
24U 

22if. 


25 1* 
IDS* 
2d 


29 

57 

15*1 

Lb I? 

4Qi* 

17 

27*, 

teas 

151* 


(■■:iKt,r ' 

'(TiymAel'ivkiuli-.- 

* 1.111 ■ *11 liWiM... 

‘■(Htr'lcer 5»U C*n.l 

H. i.ilucrl | 

H* flit" llil - V . 
-Hikiabi (W\ .Mn,:- 
;Hii.|wHI H»V 

, Hll.llOn Oil A liHJal 

I. \ • ' 

limver, - . . . .- 

jlllllAHLHi 1 

1 11 . -u M -■. ■ 


33*4 
135, 
30 -r 
7:? 
39 
41 
23 
iuv, 
4 Ian 
18.* 
35 
21 
ID* 


71, 

4 J a* 
40*, ■ 
44/? 
301, • 
23 V 
461* i 
62>; 
27--, 1 
42*, • 
ll‘i . 
57 

60 I 


41* 
27 »* 
201* 
19V 
l*v* 
ID 
3a *, 
501; 
12K 
36 1 y 
bl? 
45Sa 
41 


.rril.ii, Oil A 1 , 1 :. 
lllCU'.. 


.djl 1 . 1 . ml urv L--v! 

,1. .A.L. 

'IAUCU 

!l'(,i 

Il'ntievei ; 

|Lh!Ir-r«t XV 

;Lni„n Uano-rp. ■ 
'L'ntrai Ccrtrttlr. . 

]l num llumnime. 
: Union U,i Cain .. 
iLbiou Pat'll ■ 


41, 

34, fi 

29V, 

alb 

3U 

ID 

431.- 

60ik 

/B<4 

36 1 ? 


lbs. 
12 
356 1 ft 
lei* 
D'L 
4 85 
25', 
lei? 
30 

501? 

4 

58’v 
18 
40 •, 
25 
oV 
2.30 


8>, 

9b> 
1 3iy 

13 

6-* 

3.25 

ISi, 

Dl* 

20i, 

20*, 

1.90 

21 

14*, 

15V 

24i? 

5.3d 

1.39 


ln-w 1 

'liilaiM X»I. l«-. 
illl 'l-.l Pi !_*• J.uti - 
kalarr llA.ail|Wa’ 

La. in Fill. l,.n |«.. 
Lmh.ira imhu. *1:' 

’ Mv'IIKl'll Kb«>! . • 
;xi,'H!v Fhb'pu 
! l|.:lnliir... . ..' 
X1...U- I ..,|hi 
■ v|,Hini«:iimate I." 

\..mil,lH M Uia- 

X'.rcwi Eih-i-jv . > 
Xlh I cn cun 1 .. 
'.XmiiKv-Ol, A !,«»' 
.1 «la,«al Pei r '11 
IIXu-iIIl- Ci.^er Jl 


14 
J 1 
17i? 
151? 
0 

4.40 

22 ‘I 
111 ? 
18 b in 
54 V, 
2.BD 
34 1? 
15-4 
3bl; 
<4 
4.10 
1.97 


60V 

63*, 


Z&J 8 ' 
53 
3B1* 
27 

1930 I 
70 . 

337* : 
471, : 
281; 
2oig | 

241* : 


171* 1 Pert in Elmer. . I 

321b ! Fv» 

Z55h Pn/ei I 

17J0 Iffailie LkO-e.. .. 
17 Pbi0Hlall4iia Hie.! 
bb Philip knrrtt.. ..! 
271 8 Phillip* Pei ra' 10 . | 

331; PHhbuTT- 

IBs? 1 Pimey- Howe*.. ...' 

19se jritaion- 1 

lolg iPJeoaev L(il APtfi 


211 * 
54v* 
31V 
221 * 
1/1? 
65 l B 
30 
fl9ie 
c4je 
lBlg 
22ij 


303-37! 2351; 


Z7J8 
44 ; 

43 T a 
25 • 

19V ' 
48V 
161; 

33 *1 . 
43-'» 
127* 

34 V i 


20v 
261; 
36 ig 
187; 
13 1; 
55bs 
6J* 
27!* 

27: a 
10 -e 
271; 


HUM 

iltfli.Kainura— 

1 1 mu Hurvetie 1 ...j 
iluu. 3iui£Ciieiul 
| In* ■_ Minnie, mV... 

:lnco..... 

Ilull. Prt|«U 

!tm. Kwuitw 

‘nu. lei. s I'm....' 

■ limn Heel 

!IL tneirrirtimia,-.. 1 
,iim Jailer t 


27D 
. 211ft 

33>s 

371* 

18 1 ? 

Ibi, 

40>* 

9** 

27 
36*1 
10 V. 
261) 


SB* ' 
15*, ; 
311b ' 
92V 

25 v, ; 

46V, 
201* . 
27i? 

16a* 1 
56--* 1 
3Jv:. 
271* ■ 
4BI| j 


23i; 

141, 

23 V 
73a, 
21V 

24 
151? 
2U I? 

Sift 

391*. 

22 

22 

3'. 


;)Ari*r,.ikl. .. .. 

; Hef.'inn- S'B' — 
.ppii .|wiunfn«*..i 

■ Per.-ier (jam 
Pill,, fter Kln-l . 

;p,nm,Bv 1 

.Piiiva ■ 

■IJlMBl-l •• 

Tin[>l,l IniWMll.' 

Hal , lire,."'* 

•lie A 

Kei-nlH-n ■’twl. . 
Jiflftnn* loti I 


451* 

t-* 

27 

83 V 

4l'.; 

361; 

i5-» 

£3 

13.-V 

45-', 

eS'.g 

9.AI, 

37 


at, • 
15!* ' 
35 ! 

337* , 
294* 
32S, | 
biv f 
22V ; 
IBV , 
301ft 
8b 7 B. i 
31 ?b ; 
31V . 

327* - 

43 1 ; 
3B7r, 1 
211 ? - 
341; ! 


63, 
6'B 
26 i t 

2l>a 
21V 
24 t 9 
38ls 
1B1* 
14V 
161* 
29lft 
25V 
171„ 
24>1 
261; 
20’* 
16», 
Hi* 


jlnlnrrai 

■Laiurl llntnU?... 
Us bdba.vr(, 


IUs U{|allUl 


JUS ... 

If 3 S' CO I 

JUS TeuluH.lfiale4- 


JlsV ladurlilw — 
X’lr^luta Hleet... t 

[Walgreen 

j'Vamer-U-Jwmii-; 
J Warner- La, iiik-rt ■ 
‘11*46 Jlldii’niem'; 
•AVeiH-Fan:,, . • • 
H'sim lUmcnn 
lltplcni X. Ainer. 
•11 im|ii? I 'nliHi 1 
.vv veinaJi'** Wc. 


6V 

»;« 

273* 

25'* 

211 ; 

S34, 

37ift 

181, 

14 

U&V 

401 2 

25ic 

241; 

28V 

£b 
213* 
353 1 
*7v, 


47 

H'J'r 

20:. 

o.OO 

2.30 

28 a* 

ilv 

22:« 

2.45 

ID-’i 

14'; 

50: a 

371; 

20 


43i; 

311* 

b-'i 

3.0u 
u 0O 
19U 
D'b 
lu:? 
1.05 
103B 
8 

243* 

251* 

15 


•PaL-iiur Pi-i.'iei.in 

Pall, t'all. PH 'm: 



;(V*,w Uvj*. ■». , 
'1'lrta.e Lhi>. A I7).J 
.PlMer-llk-'-e.i^uiii; 

'•l a .i«rt( i*'|»l>V'l>' 

I Pn>.-<- ! 

lijiii'toe,- >iurKiP*i 

[IlxllliCI Oil ' 

'Ib.el .nnilure..! 

: la'll, Xl;,,iu . . . • 
' l(,.vnJ Ilk. ,.| Can' 
lii'icm Irani I 


JSvs 

55 

20 1 R 

5V 
1.58 
UIh 
T9V; 
4Z. t 
1.86 
141* 
103, 
561? 
551? 
la 3 8 


30 

All, 

24v, 

24;, 
23 hb 

31 


22:* W'fnn. 

203 1 Wr l rrhompr-r ... 

Sx- 1 , Wt»irq..* - 
19 'W’liHr L'vn. l n, l.. 
tb’i Wliimm . 

213a WiM.R’n»inl>ltc> - 


44-i 

27V 
10 
18 ■- 
1 6*1 
26’li 


lOl, 

J4! S , 
»V>* . 
B?, I 
371, . 

71a 
29 
4.00 
49i? - 
22id 
IBV; 
1U1, 
16 v 
15V 
9>, 
38', 
12- 
?LAl a 


5-B 
281, 
13 V 
4.3- 

226g 


I ?ii-| * relfee hi ree, 

JseKKiani* ; 

Shell Cainula 

Ibliumi f,.Uiue?| 
5le(>!lla X«. (j.. . • 


6 

29ij 

143, 

Ug 

37i, 


4.5„ 

22*e 

pnri|h-in 

!X(f. <a Cn iia.ln.. 

cs s 

271, 

2.3u 

Sinrp 

Murk him.. 

a.fco 

34 

1 fV.-- 

• Xniraila-. . 

46 

10»5 

• 1" ci nil 

.iiUciji. 8k.: 

al 

16 -s 

ilNII-l 

. HliPl|rt- 1 Jl. 

1VJ* 

8 V* 

1 ?nii% 

Mill, ill tl|4' 

8,* 

16 

, 1 1 


iIo'b 

HI 

(.riH'it 

finfc.. . . 

11 

7 

1 1,1 -Si 

Mo.i- 

8 

26:u 

IVaikc 

r Hue 

35-*, 

IO» 

«Vi » 

■ «-! I mu-. 

1 1 li 

13.* 

ttVliTn 'in- 

19 


t [ird. : Asked 1 Traded 7 ' Swc» 


GERMANY « 


• »- 


Price 

Him. 


-f- or ; I live Vial 


I - . i 


ABU. 

AliBlirr VcrsK-n 
KMW.. 

BASF 

Ub> rr .. . 
Uavcf-Hyia 


\«h A I* ikl.ryi...- 
Alia Lara. iSi 5C,, 

XSbA iKr.CX'. .. .1 
XI la* C*H«»iri\rV=; 

■linertHl 

n,*.*?. 

Lanin.... 

Lellulma I 217 

bia.-t'-uK'UMwsL.; 122 


thiie.Vui iuil,ik 323. 5vr T 1.0 
Liloilui ..Xe>l.«rts laO -0 
l.'rHniiH-r.4.«nk.. . 

IniiiiGummi .. . 

rhuirler-Bmu 

UcSiiwa 

Deina^ . ... 

L>rHJl».|,f Bank. . 

Ilrcal, irr Hank 
|i>-ekeri?4l Zcnl. 1 
'j nil-la. .timing;. . 


85.4-0.3 - ! - 

t'l ■ Bnw—m'b’ikrtOi 
225.2 -0-3 28.06 6.5 . - „ 

137.5 *0.2 '18.7b b.B j 

143 -0.9 '10.7b' 6.6> rM * enU ‘ 

518.5 -2.5 88.12! 4.4 
18 I 2.0 


.' 


11*101;; Ll,,)al 
Harpr'ii-r . 
Hm-ch-l 

Horten • 

Kell "U. I Sal.- 
Kai rtailr.. 

Ka.iili.* 

Ki-x-Luer UMLCrj. 

KHU 

Kni|,| 

t-iirle ■ 

lMi.nHil.mia 1 'A. .. 

[rttillmnat 

MAX • 

MnaueMnaiui. 1 

Urlullfift 

.Munclteiicr tiuck.j 

Xe-.ki-rnunn 

Prenrdia UM lvA>. 
ttliem H'e?t. P.l*--.! 

urine 

-Siena, . hi- ... ..• 

StiilZiia'kcr . . 

I Iii '-j.-ji .17,. 
Yana 

VKHA 

VaTlftnaA l\,-5 Bl 
\ nlli~lV«;i.|.. 


232.8 + 1.5 26.56' 5.7 \ 
7u - ! - ! 

345.5- 1.3 128.12, 4.1 ! 

260.5- 3.3 17 3.3 

179 -1 ! 11 5.1 

314 -3 28. Ii! 4.5 

250.5 - 1.6 '28.12; S.b 

1»& 2.6 

241.0 * 1-5. 12 1 2 5 

Is 2 -1 14.04 b.9 

164 + 3.5 *,b.75 10.2 

137 —1 18.76 6.b 

SI -1.3' - 1 - 
166 »4 ! 9.3b 2.8 

148.5 14.04 4./ 

331 - 1.5 23.44 3.b 

204.0 o.J.2 10.7/, 3.7 

54.6 —0.4 — 1 — 

200.5 .'18.78 4.8 

110.0- 0.5 - 1 - 

204 y.5 j 2s . 4.4 

1.57o . .... 25 ' 8.0 

98.0 -0.5 9.36 4.5 

236.0- 11.5 12 ; 2.5 

180.6- 1 4.b 

250.5 -1.5 a lo 2. 

b38 -2 | 18 


ranctr iFl «■)... 
,i*u.He4wiiken . 

llarHlkHi 

Mi. Wen Lh-msiu. 
an iv-ik ’b' kn. 
.K.r : *0' Kn,... 
knn-< Knskiuin . 
rHi?l3llk"B’iKrJs 

f IrteU', 111 

VuIvm (Kr. oOj 


187 *2 

139 >i 
04 1 

115 -3 

47.0 -0.9 

112 -r 2 

173 m 1 
• 5 

i:i 

-10 
-1 
-2 

'-1 
1-2 

,-rd 


5.5 2.9 
6 3.a 
6 6.0 
6 , 5.2 
4 l 7.9 
i-4 5.0 


■ ex il*. 

,irkVR. Mamie.. . 
:uviuL.n1 IW> 
main 

Mbil 

M'lan U.|»., . 

, .\, la M..lr.i .. . 


1.350 - 10 

246 

455 - 10 

2.OO0... ... 

124 ,. 

605 -4 
l.USU 
331 .*6 
120 -1 
162 ;t4 
036 -4 


2.4 
2.6 

0. 7 
1.3 

1. B 

12 I 5.0 

13 1 1.6 

14 ‘ 2.4 
I 20 1.7 

15 O.B 
12 i O.B 

16 ! 1.5 
48 
12 
so 
20 
40 
11 
15 
30 
1U 
11 

8 


i-2 


-10 


1.6 

2.8 

l.o 

0.8 

I. 9 
2.2 
1.6 
0.8 
3.2 

J. l 
4.d 


12 1 1.8 
. 10 4.0 

; 10 2.8 
• 20 1.4 


Source Nikki) Securities. Tamro 


HONG KONG 


122 

27 ux 
89 
iZ 
37 1 
124 
57 
248 
63 
159 
60 
59 


5.75 

10 

6.3 

5 

8 

4 


Hihiu K.his 5 


IM. 27; 1 M. 'JO 


2.50 2.&05 
14.40 13.70 

33.00 ,31.75 
1.99 1.9o 


i-0.5 4 

jl e.s • 

1 U— _ . - 


76.5-0 5 1 6 1 7.8 


SWITZERLAND ° 


i» 1 77 


Prlct- 

Frh. 


•+ „r 1 Divclld 
— I « • 7, 


I iimm, uni 976 

I L 'A 1 1.025 

Urlgl n.l A I 935 
Ua. P*U On 7 10 

Ua He-;. I 500 

.ie.ni ->,iia>< 2.165 

riavt mwnu : 1 . /60 

r- I'lrfi iU«*wl .! a:0 
.inni/iau PtUen ,60,000 

Ua 1 nia >. 1 ...b.OUO 

■ iilerliftk, U. ...... 5,c25 

, l.'lin,,! '.kr.l.i k.. l.abO 
1.4 | 'e>i- r iFr. lOb . ,'2.975 

uu. He* .2.1/0 

Vi iu.u/ 1 0 t r.iWi jZ.bOO 


■ 15 


3.a| Xiii»<aamair« llmr-ei . . 

4.6 I CfituiiK Hunt; 

5^1 Uixi'i * JVuui .... 

5.1 imp Pnienie.. 

a n !^rt)a lUnmir limiwi,.., 10. 78.11.8, 1L.0.5 

>' | t. A m .Var.ifaiimi 5.20 - 5.20 

I H?np Bank 194.00 178.00 

,c a jIHmii; K\him a, retail 91.00.84.1 87.00 

r ; sa H*«u K.iu*: K.evi nv. . . . 7.85 ; 7.05 
0 i I H.jasK>au,K,.,n i M)iH)lViiniX 38.75 ; 34.50 

"~5 2.3i K, Hu* lj,/ >2.00 11.70 

*5 ' 7 . 1 1 flooa L.0iBblnuji5*i Uaua. 20.50 ,20.30 
8 I 64 j Hui».jK.,n,i3han."ha. Hart, 24.20 i 30.80 
5 ' 8-3 | Hons Konjj Tcie|ibvne. 

ilm. Liim.ii Wna,<i |luw . .. . 

lanime .Hnibina>ii.. .. 

I in 1 nip 

A’ew WfH-ul Lip, eie.|,i:riHii 

Kuliiaur Iruai 

line Unrl.\._ 

naullni. Pa.-. Pinje .. 

,* 111 , new lexii-t 

cirv Pa -ill A 

WiiKvii.-k Manlpii A . . 
l \bee.i»-h Mbit hup ft... 

1Vllla,n In l|.l r, . . .. 


36.75 '34.50 


0.45 

17.30 

7.90 

2.90 
3.60 
7.MU 


0.23 
17.3J 
7 .90 
0.85 


7.00 

0.76 


H'.BO 

3.3/5 


— 2J 


8 < 2.4 
10 3.3 

22 1 4.3 
24 j 3.1 


42 

16 

10 


169.8-1.4; - - 

140.5 -2 ' - , - 

162 h 0.5 25 1 6.9) rt t*. , -IPir.lA'i' 299 

272.5 —1.5 ‘2ft. IS! 5.2 1 ninfae iFr. *5 Ji..'5.j50 

3.1 -U.2 25 4.2 I Pan Uort»..! 3/B 

260.0 w— 6.0 '2b.t4 6.2 s n ,i,ai.u, Ui r,UL : 250 
l2e-.7 *0.7 lilt- 7.1 J t 1 X* ikr.lo. ! 2c5 

189.5 - 1.5 'l/.lb 4.0 | ? n ipa*ir Ui. UU.; 77 1 


—3 

•—25 


130.7 -0.4 

298 . .. . 

242.7 -1 7 


9.3c 3,t I 
18 3.0 ; 

25-5.2 


elk? Ullk II-r.rtA i 354 
« Mllri 1 Ft.sk' ,4,600 

L iiH".< Ham. 3.115 

Uriel, ln«... 10.900 


3.0 

3.7 
2.9 

4.7 

25a'lI00 1.8 
. . 110 , Li. 
.... : 21 1 2.9 
21 | l.b 
1 ‘b.&j 3.0 

■idb./' 3.e 

15 | 1.4 
1 15 
2b 
i 26 
1 

14 

; 10 
■ 10 

4U 
20 
44 


xd Ex-dividend 

Subd. Suautnded. 


10.50 ! 

3.576' 

5.90.4.00 t3.8b 
■■ , 3.4 0 : 3.40 

RiiVPf. 1 SeUer - 


BRAZIL 


'» i,a«r 67 


I'riee 

Urut 


+ ur .C i unTiT. 


— On i * 


■T 7 
-10 
-1 


-2 

.—0 

- lo 


5.0 

2.1 

9.6 

4.8 

4.9 
4.3 

2.9 
2 2 1 

3.6 I 
2.0 . 


Lmi, 

j«unk. birt/ii.. 
ban u llau P.X ... 
Ueum MnieimCM-. 
l-i** A,nei. U(*. 1 

PellirtH-rtr HP 

I’npii, UP 

H1U.-1 Cm/ UP . 

■ ,n|.Pi- ; , 

t 1,1,1 ikan PI 1 


0 87 .-o.eJd. 12. 12.79 
188 -O.toJ. 168.51 
1.44 *-'/.k2. J. 37 25.59 

l.ol — O.B4J.U&7.B2 


3.05 
2.15 
1.33 
4.48 
5.30 
1 .03 


.J.axb.6& 
-J.0iJ.l3, 6.04 
-0.07 J.lc li.06 
— 0.01 J.22i9.64 
-O.OB'J.25'4.71 
J.lb'ir.14 


TMmoier UrMKtim. Vuliune fi4.,"in 
buura.-e. KlU Ue Jane UU SE. 


MILAN 


‘ i.i 


Pru-v 

Lite 


-t-.rt I'ir.Ylil. 
! — 1 Lin- % 


,.iie | 62.75-0.25' - - 

*i-ll,,| 345 —23 : — - 

,-ihi 2.635 —29 j IdO 5.7 

l.SSO — 2u , 150 7.7 
■m-iiiei.. .. 159 — 3 — '. — 

uiKtmtn 11 19.260 -990, 600; 3.1 

ii'iiiin 352 '-It — — 

.laui/Mnc? 142.250 —250:1,000 2.8 

4um*all - 199.5 - 3.5 1 — ' — 

1 ■ pain ( , nu,,.. .'1.274 ■— 16 . — : — 

■ liunlALrt, 11.670 . -3 I 130 

'ire'll . 958 —17 j 80; 8.3 

•ua Viaoan 735 — 33 — ■ — 


AUSTRALIA 


Ai, 


OSLO 


ft'-rrm AualralHi 

ftUAm.st ■ 

ftni|«i> Kapiofa, mu ! 

lm[« Peim-eimi 1 

\*anr. 

leaic. P"’/' I'nper 1 

6.9 I i*a,c. Unn. ln*iMrln 

ftnrt. F-nih (anran lureel.. 

ft.aX.I.. ' 

wtimuc ■ 

Xiiot. Ul A »,?- ....• 

ikmia? Ore? «»«»« . .. ... 

iJ.ne Mela* (n 1 


- Pn,p 
K’prtlPI 


Uhii- 

-uiC2»hM 


nil, Ml , 1 k. 


i.?rn>» 

in,iilii,v*ii.... 
an,! He ln,Kr- 
<,ae-Haiirf 


98 . . .. 

66.25 -0.75 
113o. . . 
305 . . . 

110 0 . 
190.0 -0 5 
99.0 


9 2 


; 8.8 
0.6 
10.0 
5 1 

; 7.1 


PARIS 


1 »n. a. I 


Price 
I- IN 


(lav 

hr. 


"Yo 


.lelllr- M f 

llTfclilPl.ICCHl'l'e. 

ft 11 l.iciui’ie .... . 

fta'lllllaine..., 

• ix . .. . : 

ikftirsu*-, 

ll.-.X. . 

Xarrrlt-ur 

x.»t.K 

"m. 1.1. Aim 1 ci .... 

i.ic UaiKMirr 

rt lll, Xlrt'ilpr .. , 
■.'mill Inm Fr'.-e; 

rtlHH,H>4 lrtlire. 

in, met 

r'r Pem.tip? 

I-mti. lAci-leiilalp.' 


tineu,,...rt ' 

iamner H>,rfli.... , 
l*lani 


l.'l kn. too —OH >3.3,1 «■?, 

LA-IMKI 1.989 .36.75: l.V i 


,42 * 3 

407 .-8 
a 60 -9 
532 *-5 

500 - 10 

B61 I- 14 
5b4 .-4 
3.120 -38 

4^0 ! 

1.060 —9 
036 . 5 :— i.i 
512 '-13 
13U.2-, -0.2 
66.1—1.4 
709 ,-7 

141.0; ' 10.3,10.0 

262.0.-1.0; 10.6. 4.0 
60-5 . . 6-7' 9.4 

162.5 -2.5 — I - 

230 —3.8 16.7717.3 

736 —24 15.971 2.2 


I rn*l , 


12 . 6 | 

126.2—2.7 
2x0. S— 2.5 li.A 
69.50 —2.7 .' 7-5| 
aU4 1-6 1 10 


Mai-Miu? Plu*ii-...| 525 

Mipiipun -B" -1.25a ;... 

'luei Hlinncnov.; 576 .— 17 

Mnuuiibx : 

Pnifin? 

Petrinnei 

Perinol Hmaim. .. 

Pciiito* Cllnrn. 

tScbm 1 

I,*. ii>, ln-)inu|,n. 

i,'e.eniii- . . 

Klmur I'mlienr ... 
i.(i"wn ... . 

k ir K.ertmi, 1-801 . —5» 

nt-r 2B7. 1-5.9 


ir 1 Die.jTkt. 1 miiftll‘VMi» lVi(T<i, ... . 

( [ tin,,,) 1 *e* !u.l,i?tne? .. . 

UnAec Hi-- H'nnriM,n 
*H -»nu,n... ..... ..... .... 
-ai '■•<» l>«ia 1 *», breareiH 

• »K |5II 

.utMini Xenipnl. ...... . 

v«,<e- il«. 4., .. .... .. .. 

aJ»1-. OlNIIafU- A. 1*1... 

aJonlame, 'Si ......... 

uiir.lk' liV4n.li ....... 

-OHkaio A.i-lra.ia 

UUIMI k'-l'/PI -SI 

b»Xft»>i 

batcr-Smilu 

4> 0.6 ! LA li„i,(-lne?.rt.. .. .... 
2!.la 5.2 1 ,«c»». P'<H«i1ft 

Ib.a * 6 . tladin?^, 

Zb. 2b 4.9 rtcMfce/ 

IS . 80 2.0 I '• 1 A,i.l/a,«a. 

42 h.9 1 , 11161 -XMft.|H-r ... 

40.6' 7.0 irnnwr, l'»lu 

7» 3 51 ■.Nwll4n.il 

316 7.B . u*i,u«' 1 ui 

76 sO, 7 5( ittiMae fca*'inr*ii.-n 

72 2 81 HIM Hi...l,n a . 

11.26 4.3 1 il,«i bn'Kimim 

12 , 9.2 1 An, - 

— — .*1 -aoMui imenwncMiR. . .. 

•36.75 4.8. Aortu Uraxpn II* I|ik.-ai3>a 

aJOJJrt-l I44P.....'. 

rt«i Auan-o 

a/IIPI bX|rt(HMIM.n 

citrtien oor» ipie. .... 

atortfclU 6 . XrtJ mnri.. _ . .... . 

. 1 . X. 5'eiab 

■ojlbmel M '..uia, 

Ls ucnii kn 

u?aj> (Si 

•V?- 10,13 

rteanii Mu, in; rs 
■V.a «»rl|.. 


• ne*.. 


-a . 3«.t 


22.69 2.4 


7.6 


2.1 

2.4 

10.0 

8.4 
1.7 


17.261 3 5 


501 - 6 

223 - 3 

450.2-16.6 27,6.0 
576 -16 30)5.2 

1*4.5 — 1.2 9 17.1 

169 -l.b 1*-W : 9-1 
39 2.1 

2b .ft! 8.9 


enli 




lil-l. s 

"+* 1 

r0.70 
tO .88 
i2.lt 

; j 

*1.32 

' -D.U5 ! 

to.ai 

.-0.04 1 

*1.30 

.. 1 

11.70 


*1.92 

i-U-UI | 

1 1.1)3 

’■ 1 

11.53 

1 

*0.65 

— fti.iAs ■ 

40. bO 

-0.04 1 

i0.2J 

• 

;1.22 

-U.ul 

*1.34 

•-0.PB 

;1.90 

' 

iB.O 

JD. l‘l 

1 1-52 

*|J.M 

: 1. 75 

• ... 

13.20 

■ -U.D& 

*1.30 

: -4D. 10 1 

72.30 

: 3.45 

•-0.10 1 

*2.60 

*0.05 

.-3 20 

,0.0! 

;i.75 

-0.05 

: 1.46 

-u.tn 

r0.87 

1 . . . 

■ 2.30 

-O.oi 

10.25 

13.10 

1 

11.60 

•-0.B5 

r2. 12 
*0.78 

-0.01 

:*.30 

■ . . 1 

27 eriil 

*. . a. 

*0.98 

. ' • • 

*1.10 


IJ.30 


;0.55 

,-o'u'i 

i3.il 

1 

*1.67 

-9J12I 

*2 55 


:0.90 

:-‘J.01 

11.38 


*1.62 


*0.12 

:-a.oi 

i0.37 

[-0.03 1 

*1.72 

-0.84 

*2.70 


TO. 56 


*0.31 

1-0.02 

J0.33 

■' . 

Tl.Hl 

i-D.02 

;J.74 

j+H. ■! 

si 62 

-0.03 

tl 66 

1-4.04 


JOHANNESBURG 

MINES 

iJcipdrr 27 

Anglo Amt-nun Curpn. ., 
Charter Lnasolidaicd ... 

Easi Dnelonicin 

Eisburg 

Kinross 

Kiool 

Hust.-nburs Plaunura .... 

5i. HeJona 

Uotd Fields SA 

Uoion Corporation 

Rlyvoorouzictii . . 

East Rond Pry 


President Brand 


HVBtcrn Holding 
WeSleni Deep .. ., 


Rand 
; On 
4 :o 
14.X0 
i 10 
d in 

IV 04 
'.'JiO 
13.i» 

6 13 
6 44 
6.Fi 
D4.40 
19.00 
0 45 
6.13 
Crt 
16 20 


4-nr— 
-0.0S 
+ U 85 
tlW 
4 B.llj 
— • 03 
>0 IS 
-U.U5 
+ 11 Sd 
—0.25 
— a.uj 
-‘-0.05 
4-0 15 
-H 1)0 
+ 8.4U 
+0.13 


*»» 
+ D IB 


INDUSTRIALS 

3.35 

10 TU 
4.47 
*2.25 
0.» 
TK.4* 


ASCI 

Anglo- Amer. Indusirip) 

barlow Hand 

C.x.ft Inreainienu 

Cum.; Filial ice 
Op Peers Industrial . 
Edgars Ccntolifliiifcd 

Linars Stores 

Ec-T Ready S X 

I- .-rterale VolkctvlPS^lnaS . 
Crc-diennuns Stores ... 
Uuardtao AHburance 

IIUlPllS 

LTA 


4 8 m 

*■0 02 


tnv. ? jo 


uu 


2 1., 
LSI) 

*.o; 


• SA* 


Nedbanx 

OR Bazaars 

Premier Milting 

Preiona Cement 

Protea Holdings ■ 

Raod Mine* Prone rues . 

Rembrandt Group 

Ret co — — 

Sage TtofaDnSS — 

SAPPI - 

C. G. Smith Sugar 

SA MreireriPK 

Tiger Oau amt nil 6UUS 
Uoaee — 

Securities Rood US$0.70 
fDtscoont of 39.13%) 


2 10 

2 30 
0.M 
2.*H 

t 8 . 40 
iPO 

3 40 
1.02 
?.;o 

3 65 
0.36 
1.45 
2.50 
565 
1.49 
1250 
1.1a 


+0AS 


+0.B3 
+ 0 02 
+0.J2 


+ B.W 
+0.05 
H-0.05 
+ 8.20 
-out 
+ 020 


ie>en,n,ntii|,|')-... 
ilmmi Hiftu-,1. 

1 ,'iii" 


e#i - 7 
254 -1 1 

2 Hi 


25.?. 3 1 
16 15 6.9 
- I “ 


NOTES: HvcrxeaB nnces uzclune S oreimum. Belgiau diftidenas are alter 
wiunmiduiK rat 

8 DM40 deiiDin. unless othenimi- 'siaieil. * Plus. Suo denpm. unless otflerwiw 
stall'd 4 Kr !»■ flenun. nnlt-ss otherwise gratefi • Kr* 300 flenom. uniest 
otht-nvuu, siaied Yen M rfcn™ n unless „th»rwi«r Haled. S Price ar nm» of 

suspension, n Flnnni. h 8- ItlPi-iga. Onis it Dividend afrer pending rjahn 
.-and ur ? rm i«.u- .■• per nhnre. i ► rants n (irnRs me *?. ii Assumed dmdenfl 
aTier siTip and -nr nghin isshp. *■ Afrer meal lasen. m ras free n Pranrft, 

iTirliidmu Uni lac div. p Rom. o Snare spin. * Div and yield exclude special 
mv men i. i indiuiiHd div u L'ncffirisl trading. >' Mmnnij' hinders only u Merger 
□endinn * Xrted 1 Rid ! Traded. : Seller. > Assumed, sr Ex rights, srt 

dividend xc Ex »vnp luue. xa Ex dll. a lurerun f4m.tr increabed. 








'Financial Times Monday October 30 397S 



INTERNATIONAL BONDS 


The dollar shake-out continues 


CURRENT INTERNATIONAL BOND ISSUES 


BY NICHOLAS COLCHESTER AND FRANCIS GHILES 



and 


IT WAS another week of hectic int: which the dollar would con- expect any chance on inis front led BHF Bank to announce high of Y259 this year 

' ' ~ YIS5. 

DMSOOm for 
k which Deutsche 
being to the 
week are yet 


.of a bloodbath" and explained trading was not an unmitigated gap closed somewhat as the week were very- tight, sonic hanks available. 

that it had been trie second rank disaster for the market makers, progressed but the weakness of getting only ten per cent of the The French' franc sector wit- 

hnnrle n l cnnrt ni ninri tv w nil'll n.:_ ■ ■ l. & ^ j _ .l. u_ j _ 


bonds of short maturity which "The trouble with this market is the domestic market continued number of bonds they had put nessed its second new issue since 
Syn will? r2 r l of Sl, c pij " 53,11 on e dealer, to have an effect on the foreign in for. This good reception led the sector reopened last month, 

fell in price by up to 4 per Lent This sounded an odd sentiment sector. Deutsche Bank to price the bonds The terms of the issue for Uni- 

over the week. -- --- , cv market at P ar instead of the indicated lever are markedly more gener- 

ators with 99 lowering the yield from nn ous than those for the EIB issue 
.■h ether the indicated 5.82 per cent to a final last month. Prices in the secon- 
cached its 5.75 per cent. A prime U.b. bank dary market, including that of 





The dollar 
3.3 per 
to close 
six mnn 
tinned. 


reached its a - ,a P er vem - A pnme oj. uaiiK aary market, including 
aofliirct the name has rarity value. the recent EIB issue were un- 


Borrowers 

UJ. DOLLARS 
ftGotabanken 
§Ceotral Telephone * 
Utilities - Corpn. 
JtLonfi Term Credit 
Bank of Japan 

Amount 

m. 

25 

40 

75 

Maturity 

1988 

1993 

1985 

A*, life 
years 

10 

7 

Coupon 

6> 

7 

51" 

Price 

100 

• 

100 

Offer 

Lead manager y£Hd 

/o 

5/ G. 'Warburg 4JJ9l! 

Dean Witter Reynolds * 

Credit Suisse First Boston 
Credit Lyonnais SJ2 < 

D-MARKS 

150 

1990 

12 

Si 

100 

Deutsche Bank 

5.75 

City of Copenhagen 

7S 

1990 

T\ 

6 

99i 

Deutsche Bank 

3.5 

6i) 

625 

§OIympus Optical 

80 

1985 


3i 

100 

Deutsche Bank 

JECSC 

150 

1988 

TO 

8 

100 

Deutsche Bank 


130 

1988 

8 


100 

BHF- Sank 

{"'■EIB 

100 

1988 

10 

8 

99 

Commerzbank 

334 

§ Nippon Yusen 

50 

1985 

— 

H 

IOO 

West LB 

FRENCH FRANCS 

Unilever 

IOO 

1985 

7 

10 

• 

Banquc de FUnion 
Eurvp&enne 

• 

KUWAIT! DINARS 
CNAN 

TO 

1785/90 




100 

BAIL KFTCTC 

8.5 

* Not ret priced. t 

Ftel twtiiL 

•• Placement. 

t Ftoathq; me mfar. 

_ Mmtaom. $ CwwettlWe 



tt RtfiRcnd with US. Securities and fodanti Commas fon. 

New Yield* arc calculated on AIBD total. 


t Ptmtoa hind. 


banks are ^ 

— _ Nacional^de These terms are the. finest Trust, Swiss Bank Corporation spread of I? per cent with a 

Ohms’ y”Servicios Publlcos to obtained by a Mexican borrower and Tokai. _ group of banks .led by Marine 


in lit per cent 3» the week s in ha«ty fashion. Again, buyers '' llf , h rkpr tn bring another public bond to arrange a S500m eieht-vear in the current cycle. The Algerian State oil com- Midland. Co-lead nianaRer is 

(■nd. The wav in which thi« rale were not hard to find. enuoted with the reluctance of t!le market - Certainly this will credit with four years CTace on The five banks are: Bank of pany, Sonatrach, has just signed Wardley Middle East. This loan 

i^J eF ^i h r d - V,eldS jUndms “ Desnite the depressing short- manT invVstor^ lo tK yef not be for New Zealand. The a spread of J per re” over the Nova Scotia. Lloyds Bank Inter- aSB3m ft* ' loai - ttree is j ^™nteed by Banquc 


i*rni oullook for the U.S". dollar, more European supranational ac1 ^, n?: L s ? n cvpnlujl borrower interbank 
Nevertheless. big selective U.S. interest rates and U.S. in- agency paper. led Deutsche Bank n?ma,ns unknown. 

buyers o r dollar hoods were flatten. the old conundrum of «o increase the coupon of the A DM50m convert! Me for — r Bn 

there, mainly dollar denominated the doiiar market in its current D-'J 150m ECSC issue from an Nippon Yuscn. a shipping coin- 

offshore funds. British insurance phase remains. Everybody aarees indicated 5J per cent to six per pany. was announced, through II g BONDS 

companies w-ith dollar liabilities that borrowers will "not touch it. c p nt. It priced it at par instead Westdeutsche I-andesbank: the 

and one dealer cited Japanese that yields are too high and th3t nF tbe indicated 99 and this hart final conditions are exppcted nn 

investors. As an example of the the dollar looks undervalued, yet ihr effect of lifting the yield Novemher 6. The shares were 

selectivity of these buyers' the what is nerceivpd as a rotten from an indicated 5BS 

Singer SJ per cent maturing in deal for the borrower is not vet 8 Per cent. The same reasons Friday. 

1QS2 dropped by four points to seen as a good one for the 'in- 


rate through miL national. Manufacturers Hanover and a half years’ grace and a Rxterieure d'Algerie. 


BY JOHN WYLES 


I? the yield Novemher 6. 

I Y 

They have reached a 


The Federal Reserve bites the bullet 


911! and to a redemption yield of vest nr. 

no less than 11. SO per cent, while „ 

fhe New Zealand S : - 19S3 dropped Lertainiy the Floating Rate 
by only n point or so to 94 i and f* 1 ** >ec{ ° r , w * s ° ne 
a yield of 10.1 per cent. illusion men Mast week Kidder 

.. . . Peabody noted: **FRVs have 

The same discrimination was been popularised as a super 
visible at the longer end of the liquid sector. Certainly ihis is 
market but with falls which wore no longer the case. Recent issues 
in general smaller. Thus the have been discarded in Lite mar- 
Inco 9 per cent 1992 dropped Ret at fire-sale prices." I cited 
2-. points to '91 i. while the hett^r Gmahanken’s FRX due in 19S5 
known Shell 9! 1990 slipped only which were priced last week at 
one point to 93$. pnr but opened in the market at 

Though there were signs of 96,'. 
dnlbr-fat institutions committing The Deutschemark sector had 
rhemselves to the market, the a mixed and at times nervous 
view among dealers was unani- week but after Tailing quite 
mous that what could well heavily at mid-week, prices 
prove a good buy now would recovered on Thursday and Fri* 
prove a better one' later. Kidder day t«» close on average about 
Peabody, plainly conscious of the one half point lower than a week 
potential abruptness of the re- earlier. 

bound when it conies, felt that Three sets of factors affected 
A rated long term yields should prices: the Bundesbank move 
rise to 10 j per cent — fine hot- to increase minimum deposit 
lorn of the market in 1974 > he- requirements appears to have 
fore the marker could be con- been misread by some in the mar- l ^ rin - 

sidered oversold. An executive ket as a signal Fnr a likely in- 
•T Credit Suisse First Boston crease in interest rates By 
talked of “a hnd 12 months" He Thursday it became obvious that 


12; 

li:.' 

10.';’ 

91 

' 

SI\-MO\’TIl ELRO S RATE 

EIRO-BOXD LONG TERM YIELDS yf 
[Industrial Companic^^ */ • 

& rrV ffif .,•••* — 


; 

' 1 '3TS 

* -•< 

: 1 i 

iii 


Jan Feb Mnr Apr May 

Jim Jul Aug Sep Oct 





THE NEW YORK bond market biting the bullet and aggres- fragile and will be short-lived, of 10$ per, cent and three month 

last week stood solidlv shoulder sively boosting rates in what Those dealers who Took time commercial paper rates of at 

to shoiSder Tith the domestic ™ an >" think a "delated off to listen to their gurus heard least 11 per cent, 

to shoulder with the domestic ^ t to get a grip on noth ing to lift their spirits. Dr. 


BONDTRADE INDEX AND YIELD 
DuirtKl' 27 October 20 High 


07.08 

90.69 


Low 

8.62 97.76 8.4? 99.81 (19 '4) 

9J6 91 JQ B.9S TOOT (19(4) 

EUROBOND TURNOVER 
t nominal value In Sm.) 

U.S. dollar Bondi Other Bondi 


foresaw inflationary problems in interest rates would nn; move. Euroctcar 

the U.S. lasting some time dur- Most German bankers do not cedd . i.7! .Z! 


^ ... ^ — For more than a year Dr. 

stock markets and foreign mone y supply. The Federal Henry Kufman, the. influential Kaufman has been one of Wall 
exchange markets in giving the funds' rate target moved to at senior partner at - Salomon Street's grizzlie** bears and 
thumbs down to President least 9i per cent during the week Brothers travelled to a bankers* others take a less alarmist view. 
Carter's new anti-inflation pack- but due to technical problems conference in Hawaii to deliver Dr. Bill Griggs, senior economist 
age. Prices on short term Federal fnnds traded at an aver- the message that U.S Interest at Schroder Bank and Trust, give-; 
Treasury notes and bonds con- age of 9.37 per cent — 47 basis rates were about to begin their the President's policy a sport- 
tinued the slide of the previous points higher than the week sharpest increase since 1976. ing chance of success and think* 
week and fell back by J-j while before. Arguing That “disillusionment it possible that interest rates will 

long term Government obiiga- This was partially responsible and new fears are beginning to peak ar year end, although they 
tions declined by as much as 2 for hoisting three and six envelop the credit markets" Dr. may remain on the plateau for a 
of a point. months commercial paper and Kanfman claimed that the fuel considerable period next year. 

Lone term nrime erade eor- certificates of deposit rates to which will propel rates even In the meantime, the un- 
norate ’hands fired little better levels which suggest that yet higher is an explosive combina- certainly is contributing to a 
and with their vields comfort- another increase in commercial tion of ineffectual government thin calendar of corporate offer- 
abiv exceeding 9' ner cenL are banks’ prime rates is imminent policies. an “illusion of ings. Southern California Edison 
&cttine‘ new *neik^ fnr this after last week’s increases from liquidity" which is eocoaraginc has slated one of this week* 
business m-Mr P 10 to 10$ per cent. borrowing and spending and largest issues in the form of a 

r- . j . *, .. Morgan Guaranty gave six- double digit inflation. Both of the 2*Lyear double A rated $20pnt 

for bond dealers and Investors CDs a nudge by writing options facing policy makers offering. More market attention 

the success or failure oF the « a stable amount" at 10? per point to higher interest rates, is likely to be focused on the 
Governments renewed bid to cent against a secondaiy market said Dr. Kaufman, since the rur- Treasury’s quarterly refinancing 
curb inflation is still several ra te of 10.05 per cent. With CD rent approach of feeding inflation auctions on Tuesday. 'Wednesday 
« oi nt/iSi mont * ls . Aov f} lb* which rates at tbis level and three- will drive yields higher as would and Thursday which will rai^e 

may. in the meantime, be mon th commercial paper up 50 a tightening of monetary policy, about SS.Tabn through 31 year, 
littered with substantial interest hasis p0 j n t s 0V er the last four Dr. Kaufman’s reading of the 10 year and 30 year Issues which 
rate increases. weeks to 9.13. it is generally tea leaves Foresaw new issues of are expected tn set record vie Id* 


l *T.o5a"j k Pr °i!oM.r' ek prewa^wvek p or moment the Federal acknowledged that the new triple A rated utility bonds sail-' in the range of 8.85 to 8.75 per 

*73.1 »L2 223.9 315.7 Keserve Board appears to be prime of 10} per cent looks mg past the 1974 cyclical peak cent. 




. - -i 

•.•A 


r . -:t'v 




& 




p ,y.y m 








V'--# 


ir -V' 


•? 






t 




i 


Change of Address 


SANWA BANK (UNDERWRITERS) 

LIMITED 


Kindly note our new address from Monday 6th November will be 


5 Moorgate, London EC2R 6JH 


Telephone: 0I-63S 4737 


Telex: 8S7I32 SBULDN G 



This announcement appears as a matter of record only. 




Gulf Helicopters Ltd. 

U.S. $5,000,000 Medium Term Loan 


Guaranteed by 

Gulf Aviation Co. Ltd. 


Managed by 

Kuwait International Investment Co. s.a.k. 



Provided by 

Arab- Malaysian Development Herb ad The Chartered Bank 
Kuwait international Investment Co. s.a.k. 

Virion de Banqoes Arabes et Franchises — L'.B.A.F. Bahrain 


Agent 

Kuwait International Investment Co- s.a.k. 


October 1978 



DOMESTIC 

BONDS 


Yield curve 
steepens in 
Germany 


By Jeffrey Brown 


BOND prices in Frankfurt were 
steadier on Friday having shed 
something like half a point in 
the first three days of last week. 
Once again there has been no 
real selling pressure— contrary 
to the message to be found in 
the yield graphs. 

These show that the return on 
four yeaTs bonds has moved up 
from 5.8 per cent to 6 per cent 
over the past two weeks, with 
the yield on six year maturities 
lifting from 6.2 per cent to 6.5 
per cent. But the yield curve has 
steepened most noticeably at the 
longer end of the market. Yields 
on ten year paper are now nudg- 
ing 7 per cent on average, 
against the 6.5 per cent available 
in the middle of October. 

Nailing the forces behind the 
lafpst shake-out is not easy. By 
itselT the central bank's move 
to mop up the excess liquidity 
caused b> currency inflow’s has 
had little direct bearing on the 
capital market. Rut it does 
underline the extent of the 
turmoil in the Toreign exchange 
markets, as well ns the central 
rnle now being played bv the 
DM. 

At all events, the market re- 
mains nervous and unsettled. 
The next move by the investing 
institutions is complicated fur- 
ther by their possible need to 
reserve funds for book balanc- 
ing. At this time of the year 
fund managers find themselves 
thinking hard about end of year 
accounting. _ 

The present uncertainties were 
reflected in the renns of the new 
issue from the Federal Railways 
»Hh the issuing authorities 
playing safe and opting for a 
six year maturity. The amount 
or the loan has been raised 
modestly to DM550m. But on. a 
spread of six years with a coupon 
of fi per cent and priced at 99i. 
the offering contrasts strik- 
ingly with the Bundesbahn's 
traditional liking for long term 
funds. 

The major banks are still 
finding it difficult to off-load the 
new issue from the State of 
Hesse. Perhaps as much as a 
fifth of this D\T400tn bond has 
yet to be placed witb the stock 
landing at a full point discount 
lo its issue price of 99J. 

In Holland, markets have 
reacted with calm to the news 
of the latest state loan, the sixth 
overnment tender this year 
and the tbird in as many months. 
The Amsterdam market held 
steady last week in very thin 

trading. 

The new Government offering, 
15-year bond carrying a 
coupon of SJ per cent has been 
pitched above the market. Sub- 
scriptions have to he in by 
tomorrow, and tenders of at least 
par will ho needed. The rela- 
rv cly cfnermia terms could 
t tract soniethinu like FI 5nnm, 
■■vftprea* last month’s state offer 
could only pull in F J 250m, 


FT INTERNATIONAL BOND SERVICE 


The list shows the latest International bowls fnr wWcn an adwwaia secondary marker am. The prices over The. r*‘‘. 
week were supplied by: Romttrade: Kredietbank XV: Banqm NaConato de Part*: Credit Commercial He France: Credit Lvoncoi^. 
Commerrtianfc AG- Denrscbe Bank AG: Westdetitsche Landesbank Gnweeinrate; Banoue Int, UnembmirK; Krvdiet Bsr.k 
Luxembourg: Alxemene Bank Nederland XV: Pierson. HeMrias and Plessan: Credit smut'Swna Credit Rank: Unwn Bar.- 
of Switzerland: Akrord and Simmers: Barters Trust Int: BPDC: CMcqrp la»- Bank: Daj wa Emy XV: P cltcc Tradi : : c 
Company: Dillon, Read Overseas Corp.: BBC: First Chicago: Goldman Sadis tat. Corp£Hambroi Bank; IBJ lntanutUma!: 
Rill Samuel and Co.: KMC-r Peabody hit.: Merrtfi Lynch: Monm Sranley tat.: .VestHTl Thom son: Salomon Bros, tot: 
Montagu and Co.: scandtaavlan Bank; Strauss TnrnbuU and Co^ Sumhama Finance lot.; S. G. Warburg and Co.; Wood Gufldv. 

' Closing prices on October 27 


UJ5. DOLLAR 
STRAIGHTS 


issued 

BM 

- Cfeangeun 

Offor day wwkYWd 

AM AM. Si 88 


25 

951 

TO -04 

-0# 

9 XI 

Australia S 82 — 


350 

9S1 

95* -M 

-01 

*62 

Australia 8.45 97 . . , 


175 

%i 

971 -84 

-Oft 

9.44' 

Australia 94 « .. .. 


K 

9K 

99J -96 

-01 

9/6 

Beatrice Foods 7J S3 .. 

mmma 

109 

TO 

944 0 

-81 

9j4Z 

CECA SS 87 — 

. .. 

50 

95 

9K -Oi 

-04 

9J4 

CECA » 93 - 


25 

TO 

963 -01 

-II 

•HQ 

CECA 9i 88 

tl- 

25 

971 

971 -M 

-li 

953 

CNT 9 93 


75 

931 

931 -11 

-4 

MS 





9*1 -ta 

96 0 

-04 

M9 

Canada 820 Sa 


250 

954 

-0i 

9J4 

Canada 81 BS 


25d 

941 

95 —81 

+01 

M2 

CanadaJr 8ft 83 


79 

TO 

94 -01 

-24 

1823 

Dominion Brdit. Co. 9 

8 G 

25 

936 

■944 — B| 

-U 

18JT 

EIB 81 85 


100 

TO 

961 -01 

-li 

9JU. 

EIB 8i 38 


75 

971 

972 -M 

-01 

9J4 

EIB 94 S3 

... 

UO 

TO 

963 -m 

—XI 

SSS 


BIB 9i 98 

EIB 9i 88 

Elsam Jutland 9 S3 

Eksportflnans 9 88 ..... 
Export Davelpmm. 8.8 S3 

Einiand 81 83 

Finland 9 88 

Hospital O/S 9 S3 

I'C indimrles 9 S3 

ltd Finance M 88 

ltd- Finance 91 W 

Ito-Yokarti* 91 83 

J. C. Penney M S3 

Mac Rlocdd 9} 93 

yz Dev. Fin. 81- Kl ... . 
XZ Dev. Kin. SS S3 .. .. 
Kit. W*m. 9 8 « 

Newfoundland 9} 9t> 

Nord Inv. Bl;. fit *9 

Narces Konun. 9t 98 . ... 

Nanvay 7i S3 

Norway SI v, 

Norway S! Si 

cfc-cldHiiral 81 B3 

Onr Hydro SI S3 

Oiu-bvc Hydro W 93 .... 

Sweden OT 

L’K 3: S3 

UK Si 91 


22S 

108 

25 

SO 

125. 

UO 

US 

25 

35 

25 

28 

28 

Ui 

58 

20 

20 

75 

50 

Z5 

75 

258 

125 

ISO 

75 

125 

50 

125 

200 

150 


97i 

m 

«i 

% 

TO 

V7J 

971 

95* 

941 

931 

98J 

«* 

95 

TU 

92 

97 

9fcl 

9sa 

971 

921 

9M 

975 


98 

Mi -m 

951 — OI 
9H -0* 


-01 


«u 

98 

971 

9S| 

94 

941 

-9H 


952 

951 

921 

921 

«T1 

9U 

9H 


— W 
-04 
-01 
— H 
-Oi 
-03 
-01 
—04 
-04 
-01 
-0} 
-03 
0 , 
-Oi 


-1 

-li 


931 

941 

9H 


-01 

—01 

-0i 

-Oi 

■*■00 


939 
9J99 
9.99 
9A9 
933 
— OJ 937 
—64 931 
-If 1034 
-11 1035 
-U 10-71 
-7k 10.99 
-« 9.77 

-li 9.67 
-13 937 

-24 1034 
-2 1132 

-U 930 
-li 9.TS 
— OJ 9.41 
-01 9.61 . 

— U 9J4 
-U 10.00 
-07 933 

-14 1030 


VEM STRAIGHTS ■ 
Anan Dev. BR 51 M . 

AoairaUa fi.fi 90 — 

BFCE 6.4 90 _ 

Kuroftna 63 M ... 

Finland 0-7 «"« 

Norway 5.7 S3 ..... 

Oslo, dry <ofs.fi 10 _ , 

5NCF 83 SO 

Swedes 63 90 ..... 


Cfomeon 

Israeli Mrf Ofttr day week Ytdd 


DEUTSCHE MARK 
STRAIGHTS 


931 

93i 

-01 

-14 

9.07 

961 

961 

-8ft 

-li 

.9.95 

TO 

984 

-01 

-M 

9.M 

961 

974 

-01 

-Oi 

9.33 

97 : 

973 

-Oi 

-Oi 

9J8 



Change an 


BM 

Offer 

day 

week Yield 


OTHER STRAIGHTS 
Rank O/S Hold. 114 AS - 
Amo Cote Bain. 7 93 EDA 
Copenhagen 7 91 EUA ■ 
Finland IrnL Bk. 7 n EDA 
Konun. Inst. 7} 93 EDA— 
Panama 85 93 BETA ...— 
SDR FTmace 7 93 EDA ... 
Algemcne Bk. 6 ( 83 FI ... 

Braafl 74 83 n 

CFE Mexico 71 S3 FI 

EIB 71 85 FI 

Wetter. Wddenb. 8 } 83 FI 
New Zealand E 84 FI . — 

Norway 64 Bt FI 

OKB 6 } 85 FI 

EIB 91 88 FPT ... .. 

BAT 8 S3 LnxFr 

‘ Bayer Lux. 8 SB LnxFr ... 
EJB 7J 88 LttxFr 
Finland I. Fd. s RP UoiFr 
Norway 7! 83 LnxFr ... .' 
Renault 71 S 8 lJDxFr .. 
Swedish I. Bk. 8 88 LaxFr 
Citicorp O/S Ftn. 10 93 £ 

EIB 91 S3 £ . . ■ 

Finance lor Ind. 1« SS f 
Gesterner Hid- BV U SR £ 
Oranjeboom 1 « »( . . 
Whitbread im '98 £ 


15 

974 

983 

0 

+81 

5.97 

50 

in 

182 

+04 

+« 

6J3 

30 

961 

TO 

+01 

+«i 

6.87 

IB 

964 

974 

• 

+ 0 i 

6 A 2 

2 S 

971 

911 

O 

0 

7.10 

25 

IBIS. 

IW 

O 

+04 

4.75 

15 

981 

Wi 

- B 

+« 

AX 7 

28 

984 

991 

0 

-04 

6X7 

40 

TO 

974 

+81 

+08 

MI 




amuse on 



Issued Bid 
12 974 

U 962 
30 97 

15 97 

15 971 

20 1941 

22 98ft 
75 923 

75 932 

35 951 

75 931 

75 961 

75 952 

180 9«t 

75 912 

288 962 

250 951 

2SO «ft 
250 962 

250 9&I 

290 97 

500 96i 

500. 991 

20 - S6i 
25 S4| 

12 853 

» 864 

15 85 

15 854 


OtTi 

971 


98 
981 
95 
992 
TO 
943 
9SZ 
946 
964 
96ft 
952 
923 
97i 
90 
974 
974 
974 
•98" 
973 
1004 
874 
904 
863 
87 i 
86 
363 


day 

-04 

-m 

-0* 

+W 

-84 

-04 

0 

-04 

-M 

-M 

-61 
-01 
-04 
— Oi 
+ 04 
+M 
0 

+ 0 * 
+04 
-Oi 
+04 
+ 0 * 
—01 
. 0 
-01 
-04 
—04 
-01 


week YleM 
6 12.23 
-83 729 

-Oi 720 
+04 728 
-01 7^9 
-U 8.90 
-04 723 

-U 020 
-11 Ul 
-01 8.94 

-14 SJ» 
-14 7M 
-03 7.60 


-1 7J86 


-14 8.11 

8 826 


+04 855 
-01 8.M 


O 826 
— 03 850 


+01 BJ8 

+01 3.16 


+M 7.96 

+« n.95 
+w ».«* 

0 12.47 

+0ft 1354 
+0i 12.70 
+04 13.90 


Venn Dpi.'Ipd. Sft. 54 88 

in 

w 

«i 

-oi 

-u 

6 22 

inwall* 6 ** 

250 

aoi: 

1021 

+04 

-04 

S.7J 

CFE Mexico fi} « 

150 

971 

97.* 

+ Bft 

-Oi 

7.11 

Canada li M 

600 

18 

TO 

+01 

-OS 

SOX 

Chase Manhattan O. 5 a 93 

10 a 

1014 

1821 

+K 

~ 0 i 

5.79 

Comniervharfc Ini. WW Si 

10 B 

low 

nm 

+01 

-li 

2.64 

Cnmmnrzhanlt Ini. XW 34 

100 

Sift 

M 

0 

-Oi 

6-00 

I'/innenl.nf F.uroi>“ K 1 _ 

100 

991 

1601 

-04 

-tu 

6.12 

ElK (, 90 . 

■m 

TO 

TO 

+04 

—81 

6 -ia 

EleJcirnbrj*- Brazil 6 J 

150 

98 

981 

+01 

— Oi 

7.05 

F,II Aquirauie 5+88 

IOO 

9« 

951 

+01 

-01 

5.9S 

TNI 3 M - 

IM 

«: 

1001 

n 

■ 0 

580 


lr» 1 onnsia 7 S4 . .. . . 

Kobe. t:ny or »; ffi 
r.lchl S tthhs dc Elei. .. 
Mexico « ... 

Mitsubishi Peiro 5; u ... 
Xippnn Steel 5? s 3 

Xorxi-s Kornu fi pn 

Norway 4J Si .. 

Morurslan Init. Bfe. n 90 
PMrolto RroTtl 7 S 8 .. 
PhlUuplno. 6 .' *3 
PK Rankcn 3? « 
fjnchiu-. Praelnpp of it Oil 
Rautermikki Or 3! 

Rlrnh 31 «B . . 

Soafn + W . . . 

tiiuin o «s ... 
Trondheim. City of SJ 
IT»S Hroun SJ 
V»iM>7iii-la « . 

Venezuela H; 


100 

un 

i r i 


9TJ W 
1063 UUl 
971 983 


+ 0 i 
+0! 
+ 03 


0 

-Od 

-03 


7.48 

554 

1.07 


SWISS FRANC 
STRAIGHTS 


200 

TO 

971 

+01. -B* 

6.51 

in 

1011 

102 

+04 -1 

141 

100 

101 i 

182 

0 -0! . 

5.0 

100 

ins 

1814 

+0i —Oft 

5X9 

250 

TO 

963 

+04 -04 

524 

725. 

99i 

100 

+0! -BS 

6.01 

100 

99 

99ft 

+0i -04 

7J1 

ion 

96 

96ft 

+01 0 

7X9 

ion 

«i 

TO 

+04 -Of 

6JJ 

150 

97 

9Ti 

+01 —04 

6.K 

■M 

941 

954 

+01 —01 

6X9 

30 

991 

180 

+W -01 

5J1 

?ri 

TO 

TO 

+« 2-06 

. 6-42 

150 

100 

imi 

+0# -Oi 

5.9* 

35 

961 

TO 

+0* *.-04 

6.19 

65 

TO 

TO 

+0: -Bft ■ 

+XS 

259 

TO 

954 

+01 -OS 

6.91 

150. 

TO 

TO 

+w -1 

6.07. 




Channnen 

- 


• FLOATING RATO 
NOTES 

American Express K 
A fah Imt Rank Mfi.a kt. 
Banco Nac. Araent. MS S3 
finnk HamUowy MF W 
Rank of Tokyo IRi si ... 
Ranoue Worms stsi S3 
Pa. Ext. d-Als. MS.871 34 
Row*. Indo er Saw Mil 
Ba Int. Afr. A«. M«.5 Rl 
rrt*E M3.33 BX 

rrF m.w is 

Chaw Man. O S MSI 9.1 
Casta RUa »W«3 . ... 

Prpdlr Nannn»l Ml- a* . . 

Frm*anJi U7'8S 

SFTE M9 B3 
Nhikawallms MSI 95 ... . 

UiihllanMca 317 7i «j 

.Midland Inrt M3* .83 
Sat West. Mr 90 ... 

iv moon Credit Mil fc .. 
dwr its- !» 

fTTMurr Mlnlrp; SJI 

Standard Chan 3U.a M . 
Fnmlioiim .Rpary M3J. si 
.9uiulSTBll«hanin>n 31+ S 
L'td. Dversfa* Bk. MR SI 


aortal SU 


04 
Of 
. G4 
lft. 
Oi 
84 
« 
Oi 
Oi . 
01 
Oi 
0 i 
11 
ei 
Oi 
01 
Oi 
1 ■ 
»l 
. 01 
at 
01 
01 
01 
01 
01 
01 


9*4 

:v6 

961 

961 

96i 

9?i 


963 

96S 

.964 

RJ 

W 


968 


98ft 

9Bt. 

.9*3 

963 

964 
983 

966 

964 

983 

96ft 


Offer Cdnte 
99 -2HW 
961 31/1 
. 97 2m 

9T 25/u 

974 18/4 
97f 35/12 

973 9/2 

974 12/1 

973 32.1 
964 3/2 

99i 3 ill 

• 9M 27/1 
09} iq/a 
973 u.i 
•81 21/3 
N> 5'4‘ 
983 27/10 
961 19/1 
96i 26.-1 

975 21/12 
‘ 98# B/3 

"83 »-4 
97J 19/1 - 
9*4 10/2 
994 16-1 
961 4/4 

915 4/11 


C.cpn Cjdd ' 
. 8 8-10, 
9J 9.74 
93 . 9.69 ;. 
956 958.- 
Ml - 1052 . 
9 922:- 

■93 9.91. ■ 

9J 9.62 - 
93 9.68- 

929 9.52 ’ 

83 8.47' 
951 958 

H.I9 1124 
9JL9 9jO 
ID - 10.18 
1059 1086 

84 857 
Mi 10.64 

9.44 9.T7 
9.31 951 • 
91 956 

10.56 10.76.- 
9.44 4.72 
■8.W 926- ' 
954 9.19 
M56 10. B* . 
8-S1 854 


■ Cnv. 


918 
■1/79 
. 2.19 
5'79 
- 6.18 


Atesa 6 J sS . . 

\rlbcjv Tunnel * S3 

Asea 31 C 

Chase Manhattan 4 93 . . 

CVRD 4! M 

Council at Europe 4ft 

Rankamenca 31 S3 

RNPE & sn 

Denmark 4ft on 

Denmark- Mon Race Bank 

EIB 41 S3 

Evraiom 41 93 ... 

F. L. Simdrh Ai 89 

Finland 4* S3 

CZB 4? B3 


40 

IBS 

70 

SB 

65 


75 

U0 

80 

100 

80 

25 

40 

U* 


Issued Mri Offer day week YteM 
+06 . -Hli -4 54 
+flt 3.91 : - 
+06 . +W. 4JB 
+04 +04 .351 

-04 +«f «59 

..8 . +04 A29 
+03 +H MJ 
-Ofr 0 4.77 

r-Ot-'+K 451. 
+03+14 «in 
+41* +0i ; 3.98. : 

-n -04 454 
-« 1 « 

+4i +01 428- 

__ -03 + 0 i Al* - 

HIItt-l.lecbnustPiD 4ft ...... 35 US ■ lBR’-— 0J-- .+n .. 3.77 . 

u:t Fm. Nv 4i M ion l« 1 W -^Ol +01 -35lr 

Imarran Vnrma 4 9S ... 80 97 . 971 +04. +04 426- 

.Manlinha 4 FI loo U33 10 « +0i -+ 0 I . 353 . 

Hew Brunswick EPC 31 100 991 99 j' -Ml.' 3.19 

Newao 4 07 73- Mli ' iCtJ 8 +08 S57 , 1 

H"raes Konun 4ft W u» mjj iw -04 -04 302 "5 

OKA 4 93 . 50 Ul) Ml ■ -W “+« 357 

* « 80 mi. VO .'+04 f«8.35a- 

ov Nnku 5 9fl M tW2 10H ,+M '+04- - 4.7* • 

Safe Jr 91 Ml 183 INI +04 +01 SMS; 

Sea? J, « - . . . ■ is 18? 10 » +H +08 42L 

V«te«t. Alpine 4ft W ... UO 1094 1031 0 . +0t • 4.1.9 

Vnr.ilh.-rs Kr-*: 4 93 to 107 1821 ~W +01 3» 

Vienne 4 *9 . ... 100 IPU'lWft -Oft +01 iu. 

World Book «ft Os 260 U2J 1023 -84* -01 CM 


1851 185ft 
108ft 1 DU 
96i 97ft 
18*4 MM 
981 99 

im 183] . 
1021 102ft 
un; us 
U4ft 1043 
1044 UMt 
1024 103ft 
182 182ft 

UOft Ul - 

uni n n 
M*4 UK 
UK 1MJ 
IM 19*J 
97 97ft 
UK 104ft 


CONVERTIBLE 
BONOS' . 

W« 5! V. 

Rater Im Fin. Si 9~. 

Roots or on 
Cncn-Cola Bonliiut 4( 

' T'o-YoVadn 31 93 - 
Vi»-n I-^iw— “ <0 
. Texas Jut. Air. 7* 01 .. 4.19 

TMrir I nr. Ftn. T +* .. ,au 
Trcn fnt: Pin. K JR . 9-78 
Ttpo Int j- Fin.’ 5 44 .. 5-10 

Asa hi OprlcaJ .14 DM. 12/78 

r«no romp Si dm .. 11 m goi 

livmtn 31 M DM . 18/78 989 

JMCO 34 M DM .... 1,79 1774 

KonWiirnitu 36 fiS’fwf - 1/79 ' 
Mm-ata Man. « ne.DM _ um 
N>90lt Air. 33 89 DM"..’XZ,*78 
Niooqd Sbtmnui 33 DM 3/78 
'Hasan Diesel Sft St ..:..^;.-'2/79 
.■Ricoh - 3 } 9fi DM . _ _ .ja.-TS 
Saniftyo Electric at: Dll, am 

• CnflaiA ■FlAAfteiM *!t TOftf 


date price Bid -Offer day Prim 
106ft IBTi 
9T| 

Ml 
klj 
1454 
9*3 
81 


ta 

M 

Z.16 

9. 

14TJ 

799. 

14-5 

357 

21 

61.5 


0 6.07 

-?« 1>.K 
“OJ -2.7T 
-14 ■ 8.58 
+04 BJW 
0 -4M - 
-0! SSI - 
+ 04 -2.76 - 


BM 


■r*a 

an 

617 

Hi 

295 


■ Sanyo Electru' *y I«vf . ...anx. 
Setyn -Stores 31 38 DM .. - 9 / 1 * im 
Stanley Electra* 3ft. DU. Ill* m 
Trio-Kenunofl "Sft wt DM n/7* 712 


99ft 
821 
1 on 

4W 

iS] 

5* 551 -? 204R 

774 . T! ■ — »| ]U W 

i« ',12 s *** a * Jn> 

“* +04 a 31 

}25 +al 2 53 

+m ibm 
"L “ 9 . +>{ MU 

*5 +3J HIT 

UK 1UJ +M Im 

uu tf M.O 

"sa ^ 

£3 +a- W 

*S5 +2? i4 ‘ n 


■NBjallBMB Mi ys ailahte— previoM Hay. 

. t O nly one marker maker ■ 


t oaljr one market maker anppUed a 

. 18 yield M-radOMpUnn-iif^fc-.. 


iwwnwv me nnomr issued la In v* rtifff-.: 

” n " ggggf” Y en kw iM where “hTmSuuj^. C ?T52S?' - 


ofMr«flk= Change over -price a oreok eoillor* 1 """' Ctaa * t -- 
-FTMdtao Rate4Mtai Dcnoartna/rd- m doBun ' 1 : - 


. coupon Bdddia ra . rtr e ctf»« ;.. Sora»d=Siarnta’ 2 £U:Z®! ,Te • 

.offend rate ft»r U.S. doDa W*+fl«W>ir ‘ 

r- utit-Thi. raimiif 'MnM ..... > l f COfTllW WUtiiM. _ 


C Jrtd =Tt» wniwit >toM. T- carrcnt . COBOBS. 

CoerartlMir fcjul i: Dei» aj hi aied ln ' i 

Indicated. -Ch*. day^Change on diy ; 

jtor cooverftoo into shares.. Cwr. price ' 
boM per rtsw expresaed In cnrronoy^^SS- i 

. riartrate feed at twUp .‘PramsPeroKuaick!!— f w **“ drer _>* 

-over the mmr- recent- price of ihc'diare* - •’ 


lft The •'•Financial Tone*. 

nr 'lit Dili 'Iff ..affx- fhlrn- -..noi - n. 


nr ... . 

content 


Lrt las^ Jify ftom ..BM pee^nXt SIKH - 


j&’Ea 




i 


r t ' 

d - . 

?: J 




s 


I 




r "7 

*» | 








-'as-jtvA 

''■t.'-rw-~'i 

•'.‘gW* 


"iRjmdal-Times TSon'dav TJctdber^igTK 


SURVEY 


Monday October 30 1978 



J 

i 


I 



POWER 


Although orders for standby power equipment are now levelling off after 
last year’s surge in demand, the long-term prospects for Britain’s standby 
power makers are reasonably good. Worldwide demand for power supply units 
is likely to increase at around eight per cent a year. 


Tbrldwide 

i m f l I a 

m k> Uejinand 
^ power 
its 


vlax Wilkinson 


i *. 

•• u, : ’s f\ ^ 


T:\CR RERS OF standby 
equipment are going 
h a somewhat anxious 
as the recent upward 
:.n order-. staris to flatten 
hdc orders in some sec- 
if liie industry show* signs 
me. 

unsettled political situa- 
n Iran, the imposition of 
ier cent import duty and 
restriction* hy Nigeria, 
i reals of a tighter boycott 
ush goods hy Iraq, create 
laic of uncertainly in an 
ry which is heavily de- 
' nt on exports, particularly 
Middle East and Africa, 
pile these worries, most 
.-ers believe however that 
term prospects for 
n's .standby power makers 
■a son ably good. To be sure, 
event fall in the world 
>1 to an ordering rate of 
d J n'MitHl sets a year enm- 
- most unfavourably with 
ear's rate of about 170,000 




’ r last year’s orders may 
to have been somethin? 
•freak in a generally stable 


upward pattern of demand a Jargi- number or much smaller 
which has been increasing at a units. 

rale of around eight per bent The second major trend 
a year when cyclical variations which is increasing demand for 
arc evened out. standby power units can be 

This historic rate of increase seen m the highly industrial ised 
appears likely to continue for countries, . where more and 
two mam reasons. First, in 'the morn organisations, factories 
loss-developed countries, whiyh and offices. depend upon highly 
provide a large pirt of the rimiplirated equipment, partieii- 
UKs sales, rhe inexorable pro- iar l.v computers, which cannot be 
gross of industrialisation will deprived of. power even for a 
bring in its traiu a demand fpr slum time, 
small portable power supplv Hospitals and military instal- 
These units will bo needed tii have, of course, been 

sinai i factories, farms and gov- provided with an alternative 
eminent installations in many P' ,VWr ' :,,nrce as a n,a,ter of 
remote parts of deserts and routine fur many years, 
jungles at present not served! 
by the main utilities. Large*. ■» ■ 

numbers of uni Is .will be ’llfSOTOVCG SUpplV 
required by the armies of. the’..- • " 

Middle East, a.- well as tor Now many other buildings, 
newly-rrr*nted h'^pitals. schools v.nrh a- ihe larger banks and 
and cutn mu meat ions installs- headquarters of companies and 
lions. other unittitirm.s are finding a 

In ?ume. countries- a standby need f r similar precautions, 
unit is the only possible way. of . uven though the recent record 
providing country districts with .of th.- pnlilii; u1ilit!C>. in keeping 
that elixir of modem life, ch.iv yp" an v mi terru pled supply is 
tricity. But even in cities, sup- wry good Companies cminur- 
plied by a local puwer station, ted .to the public supply network 
standby units will be required can e.\p*-d n supply continuity 
in key buildings, as a precaution belter than 99.98 per cent, 
a gainst power failures. That is according to Mr. Walter 
because few countries’ in the Edwards, principal engineer for 
developing world have anything the.lMqriii Western Electricity 
like the. British national :gr id Board- 

system lo ensure continuity of In. a ivcent erlicle in the 
supply. ... Electrical Tunc*, he estimated 

Indeed, the irend for nil- Ihaj tin* iiversnse interruption of 
producing countries' to build supply lor all consumers, in- 
ever-larger power stafiori* may eluding domestic, commercial 
paradoxically increase the risk arid induMrihi users was only 
of serious power failure*. A-^,90 minuter a year, on averace. 
district served by one 4.000 MW V.Sucfi interruptions may be 
station is clearly- mnre vulhor- ‘only a'ui i no r* irritation lo many 
able than a district served by" domestic;, vtiosumers. 'hut. they 


could, nevertheless be extremely 
serious to large computer instal- 
lations. and very wasteful lo an 
increasing number of manufac- 
turing companies whose pro- 
cesses require continuity or 
depend un sophisticated elec- 
tronic control. 


A computer installation sub- 
ject to a power failure risks 
having large parts of its work- 
ing memory wiped out. This 
could be an expensive happen- 
ing if all the information and 
programmes had to be re-louded 
from magnetic discs or tape. 
Even worse, tapes and discs 
containing irreplaceable infor- 
mation might themselves be 
damaged if the power failed 
while they were in operation. 

Moreover, an organisation 
using an “ on-line ", continu- 
ously operating system such as 
i hose used by airlines for book- 
ings could be faced with a dis- 
astrous loss **f business if its 
system were damaged by a 
power failure. 


Large systems of this type are 
already protecied by standby 
power units, including motor- 
generator combinations and 
emergency batteries. However, 
the same type of system is 
increasingly being used by 
much smaller businesses. They 
arc likely m provide steady 
custom For the manufacturers of 
alternators and diesel power 
units for many years lo come. 
As the cost of computing con- 
tinually falls, more small busi- 
nesses will become dependent 
on magnetic storage systems 
which require a secure power 

supply. 


However, the most important 
factor in estimaun^ demand f*»r 
standby power m developed 
countries is prob-iniy manasi-rs* 
perceptions of tne n-=k nf 
labour disrupt k-rs in Mil- potter 
general ion indu*»i|-y 

111 IftT.’t and 1H74. when it 
seemed possible thji miners’ 
»lr ikes and pov-cr cuts could 
become a regular feai are of the 
British • --indu-lriat scene, 
domestic demand for standby 
equipment soared. The UK in- 
dustry respond*^ quickly with 

increased .output to meet the 
demand. 

It has subsequent l.v been able 
to use that -.olid domestic 
business as a ba»c to expand 
exports It is estimated that tf.*i 
per cent io 73 per cent uf all 
complete sets m.nle m Britain 
arc exported, ana the position 
of alternator manufacturers is 
even stronger, with an esti- 
mated 45 per cent of the total 
world- market and more than 
HU per cent - of' units cvemuatlv 
going overseas. 

However, as memories uf the 
blackouts receded and financial 
stringencies asserted them- 
selves. the home market has 
been relatively .stagnant. The 
general slowing down of con- 
st ruction work .:iul tighter con- 
trol over local authority finance 
have had llieir effect. The 
generally sluggi.-b p;u.c of in- 
dustrial invest mem has also 
tended to. depress demand for 
standby equipment. 

Despite this situation. 
iXowage, which claims more 
than half the l : K production of 
alternators and a ’i2 per cent 


share of the total world market, 
-till has a three-month order 
hook. Earlier this year it was 
quoting Si*wn months* delivery 
it me. which it regarded as much 
|im» long. 

U ndi u ib re tily, the variation m 
order bunks reflects a perennial 
pmhlein nt rapid “lucking aiul 
deslockitiJ in an industry which 
still includes large numbers uf 
relatively small assemblers nf 
completed set-. 

A chill wind from the Middle 
East nr some other .-etback can 
lead in a marked cut-buck in 
inventories which caused the 
trade cycle To he magnified by 
the time it is reflected in com- 
ponent supplies. 

Mr. Bill Bi-w, marketing 
direct, ir nf Newase. says: 
’ Many nl the generating set 
manufacturers may all bo chas- 
ing IllC same contract. If a few 
big contracts are Inst, a manu- 
facturer may immediately cut 
down »n orders instead nf stock- 
ing up for the next increase in 
demand.'* 


Falling dollar 


One of the uncertainties 
racing the whole industry is the 
effect that the falling value nf 
tIh* dollar may have in inakinn 
U.S. generating sets more 
competitive. 

So far. American competition 
in oversea* markets has not 
been very serious, mainly 
because of the high costs of 
•hipping sets aern-s rhe Atlantic 
and the tact that U.S. sets tend 
to be .rather basic all-purpose 
units, compared with British 


nmre tailnr-mjde offering's. 

Most American ser manu- 
facturers have seen standby 
power units primarily as a way 
•if selling dic-cl engines. They 
have nut concern rated therefore 
*m adapting sot* tu special ism 1 
conditions -»f noise. Temperature 
extremes or special voltage 
requirements. 

However, if U.S. sei> made by 
such large companies as General 
Motors. Caterpillar and Cum- 
mins were to become sig- 
nificantly cheaper, they could 
nevertheless become a worry 
to British manufacturers. 

The currency movements 
which may favour the American 
exporters Threaten at the same 
I inio To make German manu- 
facturers less price-competitive. 

The two mam manufacturers 
of alTcrnator-. in Germany — 
Siemens and AEG — both face a 
worrying prospect if the 
Deutsche Mark continues its 
rise. On i lie- other hand. Ger- 
many itself pnivid<-.-< them with ■ 
a large marker quite well pro- 
tected by nnn-r.niff harriers 
including tight specifications. 

Germany is. however, a strong 
importer of British nUeraators. 
They are matched with German- 
made diesel engines before 
being exported to a third 
country. 

From the user's point of view, 
the puri'lKe-e of a standby 
power mm presents a number 
of complex choices. On the one 
hand, there is an obvious price 
advantage uf buying a standard 
product, bm on the other hand 
it is necessary to ensure that 
it will be. . accurately, matched 
to the required load. 


If ir is under-powered, it may 
fail to rater for the institution's 
requirements just when ir is 
most needed. But if u is over- 
powered . the diesel engine may 
suffer fruni becoming clogged- 
up with carbon. 

Details of a purchase there- 
fore need to be considered quite 
carefully along with the costs. 
One intriguing suggestion for 
del raying the cost of a larger 
standby unit is in use it for 
” peak lopping " — that is. as a 
supplement tu the mains supply 
at periods of maximum demand. 

This requires liaison with the 
electricity board and careful 
study of the lariff structure. 
The ba-ic idea is to allow the 
generator lu start up aunuiiaiic- 
all\ just wiu-n demand at a 
particular factory moves into a 
new tariff band. 

An experiment by d targe 
company at Exeter in the winter 
month* **i lH75-7fi showed that 

energy bills muiM be cut by up 
lu lti per cent with the use of 
peak lopping. 

Thi.i 'kind of application nf 
standby power units is only 
possible in rather special 
circumstances. However, it docs 
illustrate the general point rhat 
the line between a purely 
emergency generating set and 
one used for regular power 
supplies may become increas- 
ingly blurred. 

Such a blurring of distinc- 
tions would be helpful to both 
users and manufacturers 
because uf the possibilities nf 
economic tradeoffs between 
general running expenses and 
capita! spent mainly as an 
insurance. 


m 






i ■ 


m 












THE JtAtX markets for standby panies produce a mamma*, 
power, equipment are overseas array of standby power equip- 
lu judge by the safes patterns meat. Dale is especially 
of the major UK manufacturers, integrated. It operates from 
Companies like Dale' Electric three main companies ( Dale GB. 
International and Petbow Erskine Systems and HoucMim 
H oldings between them expon an( j 0 ff er5 ' a bespoke service as 
well over two-thirds of their w€ jj BS a range o' standard 
production. Estimates vary, but equipment. Dale GB will design, 
it begins to look as though construct 3n d Lnstal machinery 
British buili machinery rangln;? f rcm one kilowatt up to 
acdiunted fur sumething like 3U g ve megawatts strictly to a 
per cent of world exports customer specification. If some- 
of power, equipment last year. one has a pro pje ra associated 
excluding those from the U.S. back-up power systems, the 

Market research men. in the management at Dale claim to 
industry lend to pinpoint the have most of the answers st 
Middle East as toe mam area of their fingertips, 
overseas selling as lar as the Almost any power require- 
UK is concerned, although th»s men! can be met by standby 
market has recently been losing installations. the ‘ technical 
some of its buoyancy- The major rj eparlmeri ; a *. Eteie will tell you. 
focus is un countries like Saudi ^ a ^bsiitute for 2 mam s 
Arabia and Kuwait. Elsewhere. f 2 i i-ji-g or 3 back-up for 
the demand, themes . tend Jo servicing purposes, ivdar s 
suck with the developing w or.d ran2e power equipment is no: 
with Africa t notably Nigeria). ha ^ pered by a ,- ck of 
playing a prominent role vcrs ^=:: ?v 
tVillnwpil i-Ih^mIv iiv the Far East 


followed closely by the Far East 
and South America. 


Biit The precise need of the 
customer can only be truly 
InorPQCPC determined through discussions 

lllUCflSO with consulting engineers. Fan- 

industry statistics suggest *ns this, suggests the technical 

that the markets overseas for department a. Ds.e. — e ■ 

UK power equipment are customer should take his prot , g e -eratir.- equipment a 

growing this year. On a lem direct to a specialist menu- S " 1 ^ 1 

comoarablp basi- exports ol faeiurer. preferably 5 memoer — »aai“iunn e compw* c.m 

lomparaoie nasi., e.vp.ri . . - often 33 un tu lender-with cun- 

generating scis and ancillary of the AssoCia^on o± .. - . . 

equipment for the first eight Generating Set .Manufacturers ' 

mouths of 1U7S arc showing which is backed by five major • ■?*> ** J]e«led nnce on- 

increases against last year or standby power companies. The s. reckon work ins- been cum- 

a fifth and a tenth respectively Association's aim is to establish P- e - e «- remote and vary- 

! for electric and gas plant But tummun technical standards and -"2 needs fur emergency power 

ihe figures are based on cash service. ^re So be found so the demand 


More part of the 
British way of life 
than you ever 
imagined. 

Protecting. Insuring. Standing by our SrHish Way 
of Life. Dale Generating Sets. Diesel-powered 
generators of electricity, the lifeblood of commerce, 
industry, our institutions. 

On duty against power cuts, day in. day out. 

Reliably built to start first time every time. Ready 
for emergency use. In hospital theatres. Telephone 
Exchanges. Computer Centres. 

In strategicaily-important Government offices 
and factories. Backing the businessman who has an 
eye on steady productivity and profits. 

Dale. Part ot our British Way of Life. And in 
60 overseas countries, too. 

ABCSSM 

Dale Electric of Great Britain Ltd., 
Electricity Buildings, Filey, N. Yorks. 
Telephone 0723 51 4141. Telex 52163. 



often ga un tu ienderywith cun- 
Sder.ce for any fixed! equipment 


value so price inflation tends to Types of installation vary *= z 0 r iigKWHBJ^ portaaie : 
enhance the upward trend. In uddely from application to J^T'.erztingequipment. Construo 
eontrast the men with their ears aoplicatios. and in this respect -■/“ sites apart, areas, of -»pera- j 
most firmly to the ground — the the range cf service to be found : - cn ‘ ent - centre on the main- 
*ales dealers within the power j n this country has been a “eriance of subsliritions and 
Industry — feel that a generally crucial factor in detencislng repairs to overhead! and under- 
more sluggish pattern oF growth uf markets Of gre and. tables. 

“ to - cnerS " 1 * «““««*•» 5‘ » Thv toaen- makers »m. of 

- ear ‘ - requirement, generating sets - . n ' 

In this country the manuiao are called upon no: only to aow^- business sirice -he earfv 
suring industry 15 Fragmented, supply heating and lighting but ^ j n recent rear- thev 

There could be something like are required to operate lifts, hare been muWne^eaci with a 
yo separate companies produc- refrigerators and air condition- nu:nbe „ of “rnnjest develrin 
ins equipment of one kind or ing plants. Without adequate S™' L Sd haw 
another. However, the bulk uf technical consultation prior to re-haie 

UK output is concentrated into installation, a standby power 

£ eiSi J l , r h ,ad - Pe n n a d m« ^ ran easiiy :o “ ve - ? 10 dMiwd 'nominal- w*«e for m 
companies witn names its name. eme- 2 enov circiiii" toad'm • At 

r rah ame "^u itick^ 3 'and' ^tuto Broad! -'‘ peaking, standby the- ‘same time, -.batteries’ aw 
(.irahame Pultick ana Auto miu-pr j»nni?n 3 ?iivic pun hp , - j; 


more sluggish pattern oF growth uf marker. Of 
I demand is. emerging for this ma j or considera*Lion is :oad 
'>’ ear - _ requirement. Generating sets 

In this country the manuiac- are called upon no: only :o 


Diesels coznplemenung the two p-geon-hoied into six basic areas 
publicly quoted companies. uf oneralion n3mP » T ;nd!l cr-v- 


stores throughout 


puoiiciy quutcu of operation, namely industry, transparent cbntaSi 

Etehv'flaaDSS hospitals, communications, a:.-- a glance '* assesapentsin chedt- 

SJKVt. ports ’ ar ‘ d «3b:!e idg procedures. 

Pumck was recent acquired by applications Icdu5lr> - hgs a 

0-Bnrn Matnineiy of the U.b. majarneed of alternative power Pattorv 

Between rhem these com-^ especially where critical pro- *^ d “*'* J 


'.. . ... • 5 • 














CENT 



are to be found so the demand 
is for lightweight portable 


O ne of Br itain £ 

LEADING M ANUFACrjiRERS OF 

GAS TURBINE FDWEREB 




!“ L ea*iij iaai up .0 Q e£ i rif€ j nominal Ypltase fur an 

its name. emergency -circuit' loading. At 

Broadly speaking, standby -'ne same time, batteries now- 
power applications can be come with a number of atidi- 


CENTRAX LTD- (Gas Turfoiiie. Diylsidn) 

SH ALDON ROAD. NEyVfTQ^AB^jDT .. 

- - DEVON TOW/tfO"-*' 1 -'*' V 


inns! maintenance aids. like' 
transparent containers for “ at 


7 TELEPHONE (0626V2251 - TELtX^aSV • 


cesses and perishable soods are r ... 

cDnceraed. This Isue.- fac:or . So:nf rapr=™cT lishtint sys- 
accounts for sutean-Jil demand “V »“»'«. car batten.- 

among countries «J prima.-}- Sn ': er ' 0 ' a1 ' 

Eood production. .hoogh-l. safety recn,auon s oe- 

„ . ... . . . *»rae more stnirceni so demand 

. Hospitals and other axgn r.se for ^ SBO histicated systems 
bui^n^s as and $r«ws. Manv shops and homes 

schools clear!} find the prospect stiil.u^** th ebattery invertor s%*s- 
uf power failure unacceptable. . en f where, the invertor take- 
in much the same way that the :he power from a car bai'erv 
cotnmum cations mdustrj- does. an ri pushes it up to a mains 
The television, radio and teie- level, 
phone services have -a long : . .u . , 
history of association with the . , . l " c telecommunications 
manufacturers of alternative *1° . ' tne u ? e . 0 s tandby bat- 
power. -Similarly, there is a " growing at be- 

crucial need for alternative per *^ T,T ® per c<?nt 

power at airports where run-- nrn j .' ;*°?L ° f the *£** en,s 
way lighting and support equip- VlJf 5° u . ntr - v r° 

inent needs to be available ii aw * d ( .ai ie I! r ?. he » hna 
without interruption 24 hours ia P lo i , ‘ rom the . de ‘ 

each day veiopinz world to a mature 

, " • . . economy like France where 

the computer mdustr}' a data transmissions systems are 
mains failure can be especially being updated, 
costly. The prospect of a loss of 

memory for a high-powered . lD . * l ” e last Ten years or so 
piece of hardware is one that b undre ^ s batterj- 1^-pes have . 
will push many computer men ? mei ! s . rae ^t high power 
close to a nervous breakdown. “f nsit3e *- fast changing rates. 

A mains failure can mean com- !?,® 5 n f ed . s a longer life and 
pater error or even physical JJL niat ” n f a !{ 0 "; But tb e 
damage, not to mention the cost rurin^ t i n rf..lt«- r .- fche manufac - 
of personnel overtime needed 3 " e , llL ! per ' 

for correction purposes. . p ^‘' n c« standby bat- 

enes more reliable and longer 
Mobile applications can be a living but in developing tech- 
remunerative source to the niques for mechanising what 
standby power manufacturers remains a labour intensive in- 
wbere construction site appiica- dustrv. 
lions are concerned. Having 

gained a contract to supply on- Jeffrey Brown 



: p'0a « 

! Z TiST 


dfncHsiaid -Tali 
vibration control s sr& 

: Technic Ltd | ~ 

■ ^ . "'AGGiL^tipS DIVISION^ i- ^ ^ t 

MomfonTechmcUmi(ed, Monrton Trading Eslale, . y* • J" " 1 ; 3 S | 

Wert Ham Lane,^ Wortingftoad. Basingstoke. Hants RG22 5DX. . 

Telephnn'c (0256)-58222- Telex: 6S8940.; • . . •' \ -w 

(llfitcs in London. if^iLri.v’.Sle~w Yikk San FmiwKcm. J ■ 

" . .. '. : "-' iaas= -sH 

GENERATORS 1 - 12/5kv. 

FOR SALE OR HIRE ; 


(M, 


* • -:s\‘a 


MW I ' r - u ■ • P * B T;^ f . 

Branches throughput the counted ® 3 

STAR HOUSE. MUTTON 
POTTERS BAR, HERTS. EN6 2PE 

Tel. POTTERS BAR 51266 Ext. 49 ... ! ;F V 

- 1 


9 




me. 


I m Svvan Generators and I provide power to Concorde's exacting standards at 
Bahrain Airport where my 320 KVA version insures against power failure for the 
approach radar. Swan Generators range up to 1500 KVA with excellent after sales 
service by skilled engineers and good delivery. 




Information from: Swan Generators, {Dept. W), 

Mercury House, 117, Waterloo Road, LONDON, SEL. 
Tel: London (01 J-261 1677. 
v Cables: Swan- Banbury. Telex: 83426. 














W 3 | 


financial Times Monday October 30 1978 


OVa, 






L -- mi . szmz 


STANDBY POWER HI 


Acceptance by 
manufacturers 


.. • "J a ’4? : , '.IE dark days nf the oil capability, the number of used Lister Power Plant sells 

vanous power disrup- power umta on the market is around 300 units a week and 
1974, makers of standby gr«vring. is claimed fd be the largest 

; : >V' ' ■ equipment were faced Power units are now integrated manufacturer m 
v ; .{juch a rapid increase jo generally available at fairly Europe, having built up a goml 

•i£ r J ■■ L id that the major diesel short notice from the xnauufac- reputation for reliability and 

. . -./liSSSgEJ*} makers were unable to Hirers «nd competition among service. In view of the fart 

. % ‘their immediate require- the major companies has that the company has to 

ikecomc more intense with eon- compete against other concerns 
!wv f demand was mainlv Tor s'-'Quent heightening of price using Lister engines, this is 
i - ^ Ford. Perter Lister, sensitivity. regarded as an essential 

>— jins, Dorman and other Although Perkins offers a , " s i recJ,enC for continued 

— -is which are the basic large range of engines suitable success. 

\ { units used by British fur generation sets trora 35 kW u 

power set manufac- to lun kW. its mam demand is JYainS’G 

-■ <3rS Since that time, how- in the smaller sizes. Petter M ‘ f1w 

the market has slowed Diesels and Lister Power Plant . company has _ recently 
considerably, particularly are also in the smaller end of LV^/^jL-JS plLpow 6 ’ cp» 

v ui of a slump in some key the range and considerable SfjSIIIt MISSIS? «nfh 

. *s markets such as competition has developed- thf J 

• . _ t?,.. . toe minimum of expertise oy 

3011 50,1,6 M,ddle East The requirements o£ these concerns which do not hare 
ri&s ' engines are primarily reliability technical capability. It is 

British market has also and all three companies have compact and able to bo moved 
> tit by the recent pressure long-csiablisbed reputations in from one location to another 
iucc public expenditure, this respect. This Is now par- without difficulty, 
has meant that hospitals, ticularly important with, the Al prefiC1)t the company has 
- . authorities and other advent of increasingly sophisti- no intonxion of moving outside 

'~^sly financed bodies have eaied control systems necessary its traditional range but does 
d5B» id if not scrapped their in applications such as power nol mie 0Dt the possibility of 


: v>r, ' 

■» ■ -• ' 


$ » for «®wgcncy power f nr computers. gams into larger scale -equip- 

£-rJ$ ^ _£nl?F es - Most makers of standby power menr and would perhaps buy 

"***** SgglP'J iu units have tried to maintain engines from other sources. 

“ 8 * >|fir>g]f their flexibility, enabling them Jts parent company, R. A. 

- IJiUL to use a number of different Usii-r. reports guotl demand for 

' ’ : vs, nn „. n _ types of engine, but few have engines at present and is 


v ULMi„ JUimUL 3Ui U Ail UIA3 . « . - , 

. ‘ Spa rati viily small. Perkins en - incs ,s wcreMing. design, though not uncommon 

£ * *r* Sin, 0m icrbaraugh. for example. Auto Diesels, a major buyer:*?- 3,r cr, “!j?*» ani * S 0Cld co, “ 

s ^ flf v *>> * (Wound 10.000 engines a of Dorman, Perkins, Ford and Start capability. 

v »’ ^ U ;i! or this purpose, less than Rolls-Royce engines, is now This is regarded as an 

■ ^ iii'i;!, cent of its total produc- able to get rapid delivery of all advantage in terms of reliabi- 

‘ of more than 200,000 these types rithough only 18 Uty, in that checks on coolant 

ps a year. months ago jts output was OT d anti-freeze are not 

limited hv the lack of engines, necessary, and hand-start 


61 1 due to the very limited R. A. Lister, as both are owned spet lfir, d 

of standby power units, by Hawker Siddeley. They also Lister points nut that with 

' over, since a considerable face competition from another ra otc precise electrical output 

‘ rrtion of installations are Hawker . Siddeley company, "now hei n g demanded from 

cements to upgrade power Petter Power Generation. generating sets, closer govern- 


ing of engine, speeds is now 
required and it is continuing to 
work on this. At present its 
engine performance is “ well 
within the British standard i 

Petter Diesels believes that ! 
the price of the engine is les« i 
important ultimately than the 
price of the complete general or 
set but that the customer con- 1 
mums to place considerable mi- 1 
portance on the type of engine j 
in the package. This it regards 
as particularly relevant in over- 
seas markets where parts avail- 
ability and service can be 
crucial in winning orders. 

Although competition be- 
tween various engine producers, 
particularly on price, tends to 
influence buying patterns by 
companies selling standby power 
packages, most of these com- 
panies remain fairly consisteni 
in the types of power unit they 
buy. Flexibility is regarded as 
important, often because the 
buyer of a generating set will 
specify the type of engine 
required. 

The engine manufacturers 
therefore rely on a fairly steady 
flaw of orders, sometimes upset 
by a power strike or threatened 
action, which can create near- 
panic. conditions. 

Despite the certainly that 
some concerns will never accept 
the need for ■uandby power, it 
now seems that most are aware 
that like fire or theft insurance, 
emergency power capacity has 
now become a prudent option to 
take. 

Similarly, the view that be- 
cause standby power is used 
very seldom, cheaper and less 
reliable engines and equipment 
can be Installed, is now losing 
popularity. The manufacturers 
argue that since a great deal is 
sometimes at stake when a 
standby aenerator is needed, the 
best equipment should he 
bought. 


Lome Barling 


-7^ 


^ if* ’ 

.*•■5.^9 3* 1 ,; 


i - -X-Vi 


Q A 


X - CsA 

V f » 


stu- Kj,.- . 
& * 


STftWOBY POWER SUPPLIES 

IF YOU NEED LOAD BANKS FOR 
SITE TESTING GENERATING PLANT 

CONTACT 

EXPRESS POWERLITE 
INSTALLATIONS LTD- 
49 BRECKNOCK ROAD 
LONDON N.7 
01 -267 0444/5/6 


Resistance Load Banks for Hire 
in 1 0O kW fixed and 50kW 
variable units 


INSTALLATION, COMMISSIONING AND 
MAINTENANCE CONTRACTORS TO 
GOVT. DEPTS., GPO, CAA, ETC- 

24-HOUR BREAKDOWN SERVICE 


GENEREX LIMITED 

New and Used Generators 
for sale or hire from 
2KVA - 4000KVA 

. ; ?• Ve also specialise in the supply of reconditioned 
** j i-ij y l nd guaranteed plant at a fraction of the price of 
1 ? : V ** 4 etc equipment. 

3 , j0 . ’ Warsrravc-oo-Thames, Reading. RG10 8HE 



Tel: (073-322) 3033 The: 848537 Gen com G 


improves 

A RECENT survey .-.bowed lhat speed load carrying Transfer 
a surprisingly large number of switches. At the same time, 
computer installations — includ- design changes and improve, 
ing some on-line computers — - ments have brought with them 
had failed to make satisfactory the great advantage Thai on the 
provision for standby power, rare occasions that UPS equip- 
The more obvious reasons are ment does fail, repairs are 
that users simply fail to appre- simple, straightforward and 
ciate the risks they are running, take far less time than when 
or that they are not prepared rotating electromechanical plant 
to insure, against those risks, is involved. It is possible today 
Yet the signs arc that those to buy systems of up to 1 WVA 
risks will increase in coming to safeguard computers, process 
months, with a resurgence of control systems, telecom munica- 
industrial action in pursuit of tians and other essential 
wage claims. services, especially in cases 

Any excuse that standby where the service is intolerant 
power units arc not yet reliable of M spikes ” in voltages or nf a 
enough to warrant the expense steady., decline in available 
of their installation can now be power, 
discounted. Chloride Transi- ~ 
pack recently claimed 100 LOlHPUTCr 
years’ “ mean time between 

failures ” or MTBF for current But UPS equipment is also 
designs of standhv AC power ,,set l to clean .up" mams 
supply systems. The idea is to P nwer _ supplies in situations 
use- such a system with a bypass where it tends to be too spiky 
to the mains supply and a static permit reliable operation of 
transfer switch to feed in power ‘ he computer, in this case it 
immediately from an alternative functions as a “mains con- 
source If mains power falls oiuoner. This does not apply 
away or starts to fluctuate 5° , a, ? y s T eat extent in Britain; 
within unacceptably wide out ,n U.S.. where power 
limits. The MTBF figure, says b Fpwnouts are frequent and 
Chloride applies from the ? ft6n extensive, this application 
second year onwards. This is ,s becoming quite common, 
because such systems behave Competition is keen and de- 
rather. like electronic devices, velopment is rapid. For the 
with a risk of failing under immediate future niicroproces- 
** cooking " tests early in their sor control of waveform synthe- 
lives. " sisers is a possibility: as is the 

The reliability of such an- repla cement of the thyristors in 
interruptablc power systems conversion equipment by 
(UPS) rests in their use of solid- nigh-power transistors. These 
state power units, of very moves will make the equipment 
dependable inverters which pro- still more compact and will sim- 
duce the required power from a Phfy the. task of adding redun- 
variety of sources, and of high- dancy as. a further safeguard 
- - ■- — against failure. 

An essential ingredient of 

) 1Cnn 1,1 / A any standby power system is the 

- I HI III KiU battery. There are many rivals 

■ V KJ w IV W m a today for the lead-acid battery 



20-1500 kVA 

to give power where 
and when YOU need it - 

® Vrni tan sekc’ If om the stjrtU’ rt "• 

TnnvKr qe(»^(SIlft^^* , ’.^»'^^ ,o, 1 ,,o,, 1-0■'- ,4 !o 
1 'sOOkv'A ■djit&I'iie.lcx wtxUhhiiio tf.Tv^iSinris. 
A^vit<ihie «i short ifry. 

® Our bridqc pf oriiinion f.<Hrr^r. anaur# the • 
M{llv=rf Mandards Ol rttrtSJn. 
iraocct^n, 

/h WpU prm^ri »<Wrlk:ali frvariuaJ 

i n/ toriroi. osraiking. auionunu: «ar?, ieH -contained. 

mobfas. Pic. 

yi\ VariaHona ki aundvd w«ricai>ana inditing 
not* oltonuawn. tonvol 
a«o-sync. no-broah. sic. 

® Fr« advisory sernioo-on jpp6cal«nt ami- 
inffidlaliona Full vMrr«ntv,sp»rf4 

suoport. Inj4^at«5r e^wvwsippifiij s*cvi« m4 

matme««>co coovkis a»»iahin«)rto.-r«af. 

i Over 40 years 
w* worldwide experience 




Auto Diesels Braby Limited MEwg=q c s 3“*BY ISSUE OHOUP 
Sitwlfly Ivan Rd. Uxbridge. Middlesex UBS 2QG. Eogtsnd. 

. XWaishoiw: 0896 (Uxbridgol 38262 - 

: Talegrami »rd Cables. Auindmaol Uxbndgi. Txtex 263835. 



AUT* 

MESELS 


in the propulsion market, but 
for standby applications it still 
reigns almost supreme. Nothing 
can -compete at present with a 
passive life of some 25 years 
and - an active life as high as 
40 years. True, for special 
applications where weight is a 
prime -consideration, there are 
several contendere — but the 
price is higher. 

Nickel-cadmium is much 
lighter in -weight, power for 
power, than solid gel lead-arid, 
hut costs twice as much. But 
it will outperform lead-arid in 
extremes of temperature— below 
minus 20 and above 60 degrees 
Centigrade. 

The. sodium-sulphur and 
lithiutu-chlorine types of 
battery, even when fully 
developed— say. some time in 
the. nest decade— aTe less 
premising rivals if only because 

CONTINUED ON 
NEXT PAGE 


let!/. 


\V. 

¥ / =- 


It cost 



r - 

I 



I 




Ptefesweenerator can defer 


your company tins 

Petbow, Europe’s No.1 generator manufacturer; 
offers you this unique Generator “Package Deal” 
from free survey to free service contract. 

* FREE SUESUHVEY, without obligation, by one of our 
engineers to assess your company’s power 
requirements. 

FlfSEE TRASNIf^a COURSE at cur factory for your 
maintenance engineer. 

* MAINTENANCE CONTRACT for all orders received 
before 31st December 1978- we’il guarantee reliable 
standby power for your company. 

* lill^EOIATE DELIVERY on all generating sets 
from 25 to 720 kVA. 


Send for full details today or telephone 




PS-sSfiSL- 


IME ©384! 

p°=T i 

iltpgth E 


& ® 


-I97& 1977 


J' ' M-Tibero'mr 

• ***aomnnnet Bnl^h 

C lAmtoe'ufffi. 


;;; * a v Petbow Limited Sandwich Kent Telex 95329 

H ! 

TfiQGenerstorftnficialists^- 


is~ 


from 25 to 


3000 k 






&a a b 


kJ : L§ 



S * 7 - 

me 






i ny bM 





■v . 

||v V- ^ ^ 



tmM 

a A 


fci: 






s- I 




Only the high level of sound attenuation achieved 
by the Dawson-Keith range of Hushpower diesel generator 
sets would do. 

Hushpower generators from 125 to 510 kVA are part 
of a range of sets from 3 to 1500 kVA available for 
hire from Dawson-Keith, one of Britain's major 
manufacturers and Europe's biggest specialist generator 
hire organisation. 

Not only is Hushpower quiet it is also weather- 
protected and ideal wherever adverse weather conditions 
are a problem. 

Like all sets in the D-K rental range, Hushpower is 
backed by a full inspedion, maintenance and service. 

It all adds up to hiring from Dawson-Keith of course. 


1 7 


* A range of sets to rent from 3-1500 kVA. 

* Various voltages ^ -50Hz or 60Hz. 

* World wide sales {from 3 to 2000 kVA), 
service and rental organisation. 

If it’s rental you want, telephone 
(0705) 476011 or your nearest D-K office. 
Wherever you are, remember you’ll be on to 
Europe's largest n^^SSSKSiw*, 
generator hire company tfr W 



GENERATORS OF POWER 
Engineering that stands by you 


Dawson -Ivirt'n limited. Deefcay House. Moth Street Ha - , ant. Hants P09 !QM. Engirt 
Teiejjhare:: south of England: -tf-rej iC/05J aisou iS.’iei, iSTCij 4741 Li London: 85*1 Midlands: li i'Jcj fi62o,:e Glaseow: {5-ii >'."6 “a“I SS491 Deexay fi 





'■'■I r i f - . rii'*’ * 


MA 

PF 
cd tt 
stion 
n f« 
er < 
ton 
ayai 

on 
Gen- 
; fu 

■lion 

2 th* 
. Mi 
had 
cllfs 
:lf. I 
F: 
!B VV 
? Pr 
rlaro 
i so 
jsuq. 
the 
not 
?rs 
ic let 
J ;« 
rial' 
? Pr 
■ar 
arol 

111 Cl 

ihc 
,.-t 
•il t 

1 C 
i hi* 
u r Ij 

e Pi 

10 I 

J to 
an* 
;il 

!St 

E: 

re 

iett 

i in 


40 


A SILENT PART OF 
POWER PACKAGING 
DEVELOPMENT 

We are involved in the design and manufacture of 
prefabricated gas turbine power packages for which we 
suppl/ gas turbine insulated enclosures, intake and 
exhaust stacks, intake and exhaust silencers, as well 
as transition ducts, and plenum chambers. 

The Insumat Division of Gioster Saro Ltd. specialises 
in the design and manufacture of thermal and acoustic 
insulation for marine, public utilities, nuclear and 
aerospace industries worldwide. 

SIDDELEY 



HUCCLECOTE. GLOUCESTER GL3 4AD 
Tel: 0452 69321 Telex: 43134 Cables: Glosaro Gioster 


STANDBY 


Financial Times McmdaV Qcfolier 





oping 


3iCD!LE LIGHTING TOWER 
0 GO Ft. High Mast 
O Illuminates 7000 sq. ft. approx. 
O Lister Diesel Generator 

© Self Assembly Export Pack 
available. 

A Quality Lighting Product 
from 

CHARLES THOMPSON 
FABRICATIONS LTD. 

niaschou.se Lane 

Kiln hurst. Rotherhnr; , 

Iinsland 

F h i * p> : Jf.» »■ hrij-r » u •_ fi 


». <?j 

IT 


=7 




THE HUM of portable power lished— some subsidiaries of 
sets is more noticeable in some manufacturers and others which 
northern Nigerian towns than were keen to latch on to a versa- 
tile sound of night Insects. In tile and easily marketable pro- 
many less developed countries duct. 

a light easily transported Hiring companies are as 
power unit has become as in- aware as the manufacturers of 
dispensable as insect repellant the volatile market for standbv 
because of the erratic, often portable sets.- When cold 
non-existent, power supplies. weather, sales or a break in 
The developing world is still the mains supply occurs, demand 
one of the fastest-growing mar- soars. Seasonal work, either nn 
kets for manufacturers of port- a construction site nr during 
able standby power sets and harvest time, are a guaranteed 
despite the rapid progress be- income, 
ing made in some countries to Fnr the home market the 
provide a better power supply, sales drive is now on with 
there is little doubt that the the advent of winter and the 
market remains large. ever-present threat nf industrial 

The home market was largely action among power workers, 
saturated during the wide- The CI >ld months a = always 
spread power cuts of the mid- herald the peak in the market 
70s though the demand proved fnr P°rtnhie power -rets for 
short-lived. Expansion for m;if tnFactitrer.«. from plant hire 
many of the major manufac- firnJS dov>n the domestic 
hirers is seen largely through cons umer. 
exports. The industry has responded 

Portable standby power manu- tf ? ,iie challenge nf sn extremely 
factoring is a comparatively diverse market with an equally 
young industry in the UK— w ^ de ranee of portable standby 
many companies now well estab- P° wer sets Tbs market has 
fished began making portable bepn Wentifted as consisting of 
sets onlv in the last ten vears n '’° ma i° r categoric--: domestic 
to meet home market demands. and Ir -diistria! use. Some manu- 
Small companies sprang up fadbTBrs. like make 

offering new concepts in bat- srna H se *s fmm ? 250 watl 

,7 to, ponW In *2 fS?*-, ““ 00r . to - 


, 

Generators jrom George Cohen Machinery Limited's hire fleet ill use on an oil riifrio at ifeessUic : 

‘ • ’ -1 V — -J 


remaining flexible. Today there 
are around 120 companies mak- 
ing portable sets — including big 
name-! such as Pethinv. F.rskino 
— n Dale Electric fitbsirlhry — 
Auto-Diesel and Dawsnn-Keith. 

A-- a parallel development ;o 
flic annvth of the industry more 
nlant hire firms wore es*ab- 


fn w pnmds rn ma."v 


1 


'J j*j GLINA NATIONAL BANK 


i 


Si AND3Y POWER BE JUSTIFIED? 


Sosn-* li* 

-he ."kVA 

ar? ns t *ii i'-- *‘?.rr.:er 


enev i.'cir -,-j. smalis 

■r J ku- ;dt*r 

are popular ;n hnr* 

-rt nai.n- 

t?in li-.hvns. rc f r : ?.' 

■ ami 

■ hvJlt. Er=: L --rc‘j I^!-‘ 

jenorat- 

in? v:h ! i;h cur 

- ’V'th a 

:r-j:iei- i*j ip-’d on •; 

‘met inn 

Dr ar. -'bins 

; -1 fi -1 two. 

v £i ; i” -p.i 

mines 


Diesel standhy 
:H the mo 

heavy industry areas - such as 
mining, agriculture ahff enn- 


ar •’ -i in'." 
Pot how ms.; 


and electrical conTractins. Pet- Diesel standby power unit* ? ean cnimlerpart*. Export trade 

ar? i« # "p.srcS.°?s5 ? re *« ** n xiMr,a ,h * Msdd,e e - 

half the *ize of a similar dies el 

unit; and are extrem^r r oo”<? *•. 

The other disadvantage i* ^ art ' 

ss: •« 

shj-jss- us 

A standby gas set has aii -J* "'if' ^ or 
advantages of a petrol genera- ~ . r - 

tor v.it-i a good many plus signs iU ‘ ur ^ e f° r .,portab.e 

besides. Some companies, for Power sets depends 

on the growth of the home 


a base-load set. 

ColleenTf 


The engineer knows that His primary 
source of power can fail at any time, 
but how does he justify expensive idle 
equipment to h« budgeting and finance 
deaartment;.’ 

NORTH CAROLINA NATIONAL 
BANK and its subsidiaries. CAROLINA 
LEASING LTD. and 
NCNB (EXPORT FINANCE) LTD. 
may be able to help. Their 
skill in devising financial packages 
which satisfy the needs of users his 
been dearly demonstrated. 

For example, a client tendered 

for an export order for several peak load 


generating stations. NCNB structured 
a leverage lease backed by an ECGD 
Supplier Credit and a syndicated 
Euro-credir This reduced the interest 
rate to the user to less than per 
annum. Our financial package alone 
did no: win the contract but it was a 
positive factor. 

Whether it is a lease, a medium-term 
loan or some other vehicle our unique 
combination of knowledge of the 
industry and the financial markets 
could make the difference. 


Contact: 

Richard W. Herbrt 
Vice President 

Norrh Carolina National Bank 
14 Austin Friars 
London EC2N 2EH 
01-586 9133 



ill*. 1 , rrpn^pnr'vd by trsiW or 
ho fit tod r ’ -1 m'V'-it?. units. operate 
Vi»al for ‘iv* mcr!:otmg of 


topping un 

for up to SO hour® r - ( ? air ed Iha* industi^? and 
before another replacement ho * :iers vere equipped- v.-.yh 

•- *:andby power; domestic sisnd 


1 I'dl 1 J il ' 1 .IILT. , . l .I!ll2 Of _ * - - - % 

<tandhv now.-" «-*< J «? ro under- bo,,,e j s needed compared v.iih ; 5 .st*aoy power: domes.ic sisnd- 
4T.?nri the ori:.;rra n n A hich the ar °und tv;o hours for a small ?- v «««. -Thrnuah 

consumer hi= seierrinn Petvol tank and around four Lncreasea advertising, are more 


consumer h*: selection P®froI tank and around four 

Mobilitv i? e.hviouslv one of the hours for diesel - Tfeew are ***** of "ne arlvanTages ... . 
m.i«t important* factors— fewer oil changes and longer hav '--i? a poriablc standby se*! 
whether a set can he easilv car- unattend ed running periods. on haJ 1 d- 
ried or con;«-s with a wheel base r ’ as ^ 53 fe f0 botl1 store and The outlook for battery and 


«*cu ur i , an:i , 5 wiui a wneei base “ UUI anu .Jauur.\ ana 

or trailer. Robustness, whether use . and because they give- less generating sets is pinned on 
the set ss o? 4 : ngle or dual volt- t ° :ac exhauj s^ fumes than either new technolosie; — now mobile! 
age. used indoor? or outside. die ? eI or petrol, can be used stands are angled to prevent; 


age. used indoor? or outside. . — rr _ ~ m f - w -- « > >r bhskj ,io litcveir 

running coins, ease of operation. xn . s,de buildings with an open vibration; engine frapies come 
and the speed and voltage re- w * ndow - with foam or mineral wool- 

quireraenij- are o* her considera- 0n . e 8 ^ set manufacturer. lined insulation jartls? as 
tions to take into account. Erskfne. claims that once a gas silencers: new wegth^r-proofing 
Most portable sets are gener- conv CTSion is made, the user has materials are used. And manu 
ator types air-iou^h batten’ the added advantage of being facturers are ac.v more con 
companies such as Chloride and 

Oldham — which produces the AHO f\1 HTl^ 


Reliability 



OEUTZ ENGINES': UM!TED r RIVERSIDE 


cPs’M 


Carefrei* range of small lead 
acid battery’— sell their pro- 
ducts as a back-up to the pen- CONTINUED FROM PREVIOUS PAGE 

T lelZ'ir rJ 0f h ,** 1 hl * h t™pe ra , U res a , competitor albeit in very lace. 
p , r ! a,lu,t - 3 generator can- w’hich they operate. But ASEA's blocks of ro’ver s‘nee -h.. aini 
not soring mtn action instantly, molten salt concept cou ld be a of the Swedish company —work- 

ing in conjunction with Jiv? 
ESB subsidiary of the Inter- 
national Nickel Company of 
Canada — is to establish’ the 
feasibility of creating standard 
j batters' blocks with capacity of 
ItOmWh and operatin ' 1 lives of 
■20 years. This form of srandbx 
power could be justified in larse 
plants— subject to penalties for 
exceeding power demand limits 
— provided ASEA succeeds in 
meeting the low construction 
and maintenance cost targets it 
has set itself. 

Under the heading of standby 
oower it would he justifiable 
tn include small battery/ 
inverter packs who.h be- 
leaguered houseowners r ?. n use 
to run their gas/nji/snliff f nf »j 
fired central heating firoi datum 
•jumps when mains supplies are 
"lit off. Gas encineorQ could 
design a gas-fuelled numn n r a 
turbine to rfo the same jnh. but 
have rnt done so becattsp of the 
cost. But there is 3 . pn’-entfal 
market, nartirularly in Europe, 
where the idea of extracting 
heat from the f*nvirnnriAnt is 
rapidly gaining the attention of 
industry and the genprat public 
alike for units which v-;j| ron . 
vert various kinds of •• f ree •• 
energy into stored heat or 
power. 

Much equipment that ?s 
already fully developed could 
Ibe made use of here. For in- 
•stance. Pye recently released 
details of a wind-driven unit 
developed by an Australian 
associate and used in tha; 
country for some years to 
power telephone repeater 
stations. The fan drives a 
small generator which in turn 
feeds power to standby 
batteries. j 

By the same token, solar 
panels need pumping power, as 
do heat pumps and various 
other forms of energy recoverv 

device— heat wheels, fluid-bed 
neat-exchangers, and so on. The 
argument against such devices 
is always on the grounds of 
cost- But the question should 
be : what is the cost of being 
deprived of power? 

There is an urgent need for 
more work on energy recovery 
and energy storage, despite 
North Sea oil and despite the 
immense reserves of coal in 
Britain. 

That may seem a long wav 
away from standby power. But 
in the not too distant future 
the concepts of standby power 
ana auxiliary power could very 

oni n? ergf? mder ^ general 
one of energy conservation. 

Ted Schoeters 



>r«AS’ 4 - 




A 


There are two things you . 

some reason- or.-andtber you :u|» jpg r 

power shortages or si Oppageff. again W arkf> . 
‘he second is M Standby generator. Thstfs 
•vayto insure against the aipphrtg- effects ntmble^Ht ' 
pq wer ir. dustry.-;. . ...Z ; ? ■V.'; ; .. ■' ■ • .-W 

G & M have a ran,g^ qfrefiabte standby generators froi$ - 
1 kW to approximately fcOOfctfA and expertise to match|' : ' 

Calt u s in nowand ntake sme you ara covered next 

Urns. ■ -J- --v--- . ■ nS-'- 




V;.- 'or ccmprehensVc dcfeJlstp; • 

GZW POWER Pt-Ahrt - 


Tjjjjijju. ' - • 

aiiagnet Works, WhrtrfieuseRd. Ipswich, IP1 HX ^ ' 

y Telephone: 4179S. ; Te!e^9821G; • . . ^ L 



TOWER Bn I DOE MOOERNISArrON1977' 

5^2? aw mitfM iv- piwit ***** 

^ :A!L ■ 

^RlWif 

V" am . 


JV '-.WIW Bwh Co«L-.b!Sk< ^ 1 ‘ 

- or. i.r c-fjqvup . n “ ■- 

EE' * ..ir, rsaonj >v *,, . 

1 '/-• * . 


- 1 ^:. "i u., 




T(hTCB HOTEL 4n BMup'art K ^ ^ ^ ' Nj , n ;. 


ELEQUIP LTD. Wgs tort. Leicester, LE3 2 t N Ehalamii 
j«S5»58jy.«.»T^3,,a, N ' England 


N‘. - 



"ihe ihdepehdekt energy producers^ 


bYP 6 trot:>'cjag^tfS?^-\ . fen E^ v - un ft£. r pow.“j-cd 

to.ove. 1 i500-k.v"i:-‘Z 





Kij-%swv'i^wi' ■ y ■ 


AD..: EONDDn; Z 7 ;. 5 






tW*-^ >vt-» I 


3 




^-VwvTi 


%&*&&& M&zgssm 


BB2^E3E535 


ZV *2S12H 


If l il-i< 
-y v .§• » ^ 

i 2 



inandal Times Monday Octofer 30 1.978 


41 


AUTHORISED UNIT TRUSTS 


Unit Tst. Mnen. Ltd. ia» 

iwsmsu* Ri 1 , Wniiiw. I 

Spi’nl .1*9 9 »-V. ' 43: 

i'fpy .Ins «? 2:: 5 v 

i. t-.t ms uta aa •■ - • j; a -1 

:o.Ttf 40 4ev' ; 4» 

I1n£ 7::|b6* 73 0. -5.4; a C7 

Hambro GruupV <41.41 
Ho*. Hii"m. r**.cs. 

r ft 1 rrr hTf ,, wnrJ ■ ;■.! 

- Fuad. 

t .671 

.Fund- '65 0 

JP. 'toe 

Inrt ppr |U B 
.ipltal .. ■« b 

FUIWt .. 1100 h 
w FA. 12S 4 
■W. 

ui'A 'n : 

‘-um* . . . iw s 

Inr . . >402 
ELftl Flint. 

wkd .'no 
■utd J8 « 

[4*8 

empte 157 4 

1 fundi 

a . Fd . 

Cn. Kd 


Ti 9* p. 
615; -5:i 
10 o' _p ’ 1 

3?Z.d ! 

lib? ~z '! 

LR 2ir. - 

3*7 -.7.-1 

7? f?i*t • ' j- 

J3 r; -t :' 


FrariiUnKlon I nit Mfit- Lid. (Hi 
7. Irv'.i-id Trail, 3/*4K SDH. 01-343 (WT! 

bftV-K.n (460 1 J* 

-• v. iU52 143 b3 , > 3.37 

_ -im isa*?--- s« 

■!; Fd _IU?8 170 is 232 

:i-Af.,m : 11 1 4 124 a — J 2-32 

F rirnil.' Frorrlt. 1'nll Tr. M(n.V 
''ulumbi.i.livrlinb' 05*10 MB 

r.-i-.l- !'... I K., 44 3 CT 31 — n 31 *u 

li~ *« <-*.m J57 7 Olil-0.il 4 61 


Minster Fund Managers Ltd. Provincial Life Inv. Co. 

UJnsterH**.. AltJHirSt.ECt . 01-0331030 333, BlsJaopsgaiP.i: >\7 


5 40 
535 


340 

727 


?W 
8 47 
"7 
'4 7% 

4 bb 

5 *A 
4<V 

E05 

tBi 

b*S 


i.T. i. nit Managers Ltlf 


Mlnuertbi. 18 • 40* • — I 

F.einpti.Vt 2. — - [100-5 104 5*3 j 

MU I'nlt Train Mgr mot. Lid. 

-uStiwt.iWIHMG. 01-930 73£i. 

Hl.\ l nit. .... |*6« 4Us0 ... ,| 360 
Murray Job notour l\T. MgXU.T fal 
ifdiini« vim.i'. la hw, H 23i :H 0*1-221 M2l Quiltcr Management Co. Ltd.V 

31J European . HI 0601 | 200 TheMk-E.riuniCP. Fi.'SMHF. us-im-lsT: 

Dealing Da? Fridas. yumiranii.eti Ml. 1 1087 U33M . .. 4 5P0 

Quadnuu Inpnm'- |DS 4 239 61 


FreHIuM-nitt TO 9 «9 9>d ... .{ 

filch Income ll2*l IM-fl ] 

Prndl. part folio Mngrs. Lld.V (aifbncl 
Hnlhnrn liar*. tcl\ ;\'|l 01-IO5IC33 

r-nidcnli.il- <127 0 135 01 I 412 


Lld.f Sate ft Piwjirr riuitinmd 
0: -MTS’S! £roib|i5 Si-ruriti**-; I.id.v 


:.::i 


56 


I S L r.1.9 
j;.nel -ipt 

r. i n 
:;i- : .-err. 

F ,->:r 1 i.Kd 


£61 
-|UM J 

y.m\ 
12:0 
Ki 22 
|XMS 
•56! 5 
15? e 


sM 

97*: -Mill 
152& - - v 
173!9( +i-6j 
hi i 


360 
3 bO 
850 
2.60 
1,10 
3K> 
170 
7.10 


la'il 7M Reliance *l«r,TUnrwirigo Well.. h.t ivm=: > 7i 
_ni| IM DKmtUnhirPd -1714 7b II . I 5 41 
-0 2] 0 73 £« 


- 714 
1 .45 7 
|4J 7 


13 


55 a 
5 58 


57 4' -l-. 1 
5J< -.' 

<&0i .'J 

JJ£ -5 ■' 
sit»f - \y 
;« 1' 

44 3*j :: 

bj ? 

^5 


1 <ii 

2 A 
161 

Jifi 

455 
4K 
511 
4 14 


< 1 . &. 

■ R.-.- L 


A. Trust lahgi 

-ft ’.«!. >lr*-8-v.--«ij 

1136 


■n277j 37TJW. 
35*-5.H 008 


<48 4 

S:*; . . |991 

.dfdi* . r«l4 
lll.r>.iqg-. 5«0 
h.Hub 4.IZ42 3 

tm Unit Trust Managers l.td. 
fa nrrh .si . FT.15T 8 »-■ 3 or'i 

li'T... ..!Ui in*. ... .'das 

hrr Unit Mgnit. Co. Ltd. 
JI,BC2V7JA lil-dZ3«mF. 

'Sb Fund .1175 IS! .. . • 923 

jtot Smiritim lad. iaUr) 

I Sl London V.HK IS V i»! -f V. 'VKI 


iiortmorr Fund ManagErrs- V ialtgi 
:• v .- , P .; CJ ; gin-. fli-363 3WI 

.- 5w-r.-r.fj7.- . '2J2 2501-1.$! 

Rr.usb7r.Af- i« 5 425^ -a li 

■' nwscsin -iiarp .157 5 !b»R -lj 
F'.-ir . 1.^ .,-mk-T-' '25 h ZlSt —1 , 

• .- \ -\j !:■*■< f n.sl .'405 43 Arf -0.1 

f !.!:>■ Ii.. .>m.- T.-i . t*15 bbl) — 0.W 

Irreav. Vuo'i. ..'14* BO0i-l b| 

.‘ii- AiVfli ir-. -T3 7 A 
lull '.ilies: r .! . ifitlj 

*1" 1 7i!...V.- . .. J519 




Mutual Unit Tnirt Mansgersf iaM«i in«w. |U5 4 1J9 6I 

1 1. Cno' Kail A ve , HC2T1 7BCT. 01-H)C4IC3 Reiiancr Unit Mffrs. Lld.v 

Mutual Sis-. Phifc- .151.6 IS" "" ' ■“ 

Mill uni lac. T«l [71 S 7Ui 

Mutual Blue 1'Hin. . W4 1 47 

Sluiuul HiKhVld- |57 9 62 3i 

National and Commercial 
31. Sl Andrew square. Kdutbursh 
lnrtimr Orl IB. 11614 167.41 ...I 564 

• Vrciim (_ nttai . BTL2 229.4 ... .J 564 
I'.'lPt IJrL 10 . 136 J _....| 3 07 

4rn.ni I'nUl 1 . (1586 16*4) -1 307 

National Prorident lav. Magra. LLd.V K 

numj-M 72-80. GuH-JitWFr R4 AvJckblU} 

„„ U , la N.C CatliO Fund. 1673 1779*4 -Obi >» 

- sr. Kng> Kibk Tcr «8 i - 

' "• f jm <«: InctwieFnad 1511 
|1322 8-30 k.i: Inti. Fd. line ! 78 3 

N.r InM Frt ' Ace 1 79 5 
NT smllr <0)' Fdll56.1 


.tpponunliy 

> r ki rgrtr T. i Are 
Krklor.te T. I nr 

Klderflrld Management Ltd. 

38-40 Knumt 51. ManclM-rlcr tibl ^.tAR'..-: 

Rn1eefu4dlnl.I , r.fl0ia 108.81 . .! 2 61 

RUlfcfiald Inctmic. |97 104H . , tu 

Rothschild Asset Managemeni igi 


‘■f.rhlr* _ _ <16 G 

V-.,* . |5. e . 

s.-.e-h nr*-. -58 c 

>-i r . .'.Ih ' . 25S 1 

Sr-d Ki M.l - - !9C 0 

-l-r.--.-c „» o-i - 

Sehlesinger Trust Mu 

Ui.s.vlli-i'rn' 1 1---.-. ; 
An F.-.;ispi . . _ -22 b 
Am liruiPn |cb 1 

Ka-nibl Iflchl'M . ;25'. 

V -•.■mi, i Mitt IjAt— !2i 4 
F-.lrilrr- 7.-: . _ ,3? 

Ini *-ln.- li.su !*I ‘ 

Inr VT.Ji-ul . •'! : 
ll.lnl i.pnili .. . 'ST j 
i.-r T-. i qis. 

M Jrhi-I Leaders. ~ 

-.ll Vlcid . . 

J'n-I h iJil* Ttd-I 
l-r-He-r*' hhnrc- 
.'p.-. IrlSiIT 1 ' 

I K '.r:h \prun;22 5 
I R i.rrn 17iM .15 ? 


44 s . p ’• 

55 V ■■ :■ 
m : ... 
267 1 
IMS- 

;rs. l.tri. 


2B ;?y 


Targrl Tr-:. Mgr* iSioilandl tanhi 

"l I'b.n! > -. n ii'i! '.Afi.Vjl "| 

d *13 r..- I',,'. '23 7 25 5, - *»■ 2 02 

r ;b 7. -•*• .d:d 5 51 

*5= 1 ■ ir 1 : , 5i5 651. -C-:: «R 

; iq 

b°9 Trades t'niun I nit TM. Managers^ 

r. . • .''• 2 M. lilieil ! 

'■•••: £12 51 s«--- .... i 2 b 


]:ci 

■; 

CJ.i 
(27 3 

h:» 


131121 

:••** 1 
J o0 
7 ■>* 
7 «7 
4 17 
4 »5 
“30 

443 
4 bl 


Tran-uilantie anti lien. Sets. Cti.V 
:■* L.-1-r-.r. r.: .”». -ni-|r.- 

Iia-tM. J- -*. : » m £l 5 56 

111 I r.-.v lent* 1 2b 9[ - -- 


dfl.r.rhnyhuieh Sr. KC3P3KH 


530 

099 


-KW 1*8 8 

•.1 r.niLc ^ I to ! 
.-.7094 Fd ...1110 7 
pi.'. Fund— !dB8 
. I'niTi. .. 155 6 
. 'An! I t* ■‘51 
eeK»3-l j25 2 


53 S* 

75 a; 

«9l’ .. 

4j 7- -u r_ 

to: 1 ? 
575 i 


7‘flilb' 
"tir.rt 
ifv Fund 
I'niL-'' ... 
ru: 1- . 
<p Fd . . 
JD-J 


ti 

i5d a 

<179 

159 S 


: :es9 
1 70 59 

1 1011 
9.13 
•a 

*>Ul 

■« 6, -11 ir 11 
n: : - 

ZbIZ 

j; r -.1 - 


Gibbs lAntonyi 1. nit Tsi. Mgs. Ltd. 

3 Frrlji-qrk •• !'J . i -1 !(>!J,IK2 C1-SR8 dill 
.e 4 (i Jp.-nuir- '430 " 4b2xd —I 800- 

■a< \ unn 40.5 4361 J 5-20 

-irti-twf*-!’ Iron 23 05 
;v nine -7 up*. nH'aJ. 

Goveil tJfthniV 
7" iji-.dir.M~l: * i 
“ <sir • > 2-' U9 5 

l-u .‘...OIL s i:.l .':67 7 

Sr.*: ci-aiin.' da<- 


1 142.8 150 31 -I Z JO 

J0. Next dealing Nov. do. 

“Price* on OcL IB. Noil f lea tllng Su». I. 

National Westminster^ (a) 

I'll. ■ hrandde. EiTfV 8EU. I1I-0M 6D«0. 
fnpi lal . .\renm 7.. .M.l 

turn Inr 660 

Finanrial 33* 

• Iraolh Idv m . 848 

lneorar 36.3 

Portfolio Ins. Ml— 71 J 
l nn aul Fdidj- . 534 



-0 0) 

-1.7 


in._ 

N*>r 3 


01-EB8502O 
191 
191 


147 H ... .^.IM 


Airtenran Oct. 2fl _-}4J B 

NEI. Trust Managers Ltd.¥ (aKgi Hig'hYlTo^ST.- 565 

N-*l*lnr HigJiJiiei'lrlSo i nj| ^83 7.7 T bAcrum UniBi }l«4 

Norwich Union Insurance Group (b) Royal Tsi. Can. Fd. jHgrs. Ltd. 

I* o Bu« 4. Rnrwtea. NRI 3XO. 0003 22300 5*. Jrrmrn SlreeL S * 1. 


-»Lr. 1J 11-14 

24 1 . .2 15 

3ddM 7>| 2 li> 
2il, - * :. 5 06 

■ • y •••’• 5 bi> 

J. Henry Schroder '.Vagq & i ,*. i.id V 

1211. i.lm|i*iilii K -.' . :■ 

< .ipil.il • ii-i l'I J’.Ot 7 1.5*. 2J5 

• Aieiiin -I.'-* 1 1 1? 7 q IS 

Ip.--.p-.. ik-: 2I .. 12019 .’59 ;' t, 

- ICPulr. I nil . ..'94 4 M j T- I *-*4 

Ccn--ruii'ul 25 . |B3 4 41**: . . ; 395 

- Ac-i.ni J. nlta- - |JO^0 !i*J 1 1 w 

Rothschild & Lowndes Mgrau lai '“p.-ura'vii'f. ‘-ri *:'Zy ' : im 

r,L Rmtiuiu Lone, I-dn . El A Ol-dSO-lSM ■ PnAi'h.iFdiA-* 2d ‘175 6 331 O' . . i 433 

NbwCi EMinpt -ICUfO 1370*1 ■ I 357 *>peel£* OA10 tn ;8o4 .'95 2 l 3M 

nierti in Uct 1 £l Next drAfing .Vuv. lb - I^‘co‘rri-s#r^ in "16- ?rr ««■ .. [ 4 24 

“for IS\ eifmp’ !i. t.% rtpij* 

Rowan Unit Trust Mn gL Lld.9 (at Sroltisb Eq&ilahir Fnd. Mgrs. I.ldV 
I'iQrCatr Hao~ Flmdjurr Sq.,EC2. Ol-OOClOes 30 St Andrew a. »- m-iusli lill j.g.--;C-l 


177 9id 
1056 b 
161 B -0 4. 
83 2 
043 
266Jj* 


Fiji J 

-o ?! 4 


M 

721 

bO 

1M 

45b 


•a . > 

\ ■ -:r i ■*.: 


::*5 
*K 7 
oi : 
!39 5 
UB1 
;!52 
|3J 3 
59 4 
55*. 
:?Z b 


*>ie- . 
547 . . 
7049' . 
:jfi 9 -■ 
:ns - . 
*5 92? . 

o2 61 . . 
58 7c4 . 
is 51 . 
'.da, .. 

fi Si 

H>V . 
7»0l . 
d7 7l . 
44 C. 
bf J 
7G5 . 

7 s*7| 


\l«*\an«Ier Fund 


i-. I ii* Pmlq*n rg 

£1 --605 

.lit.:.- ■ i lo’.i-r -2* 


1 _ 


Allen llarv 


& l!«*is Inv. Mgt. (F.f.i 
M Ifc-llc-l > ■' I ISVI4 ~741 
|il0 11 10 12* i ll w 

Arbuthnui apciitUIps if I.i I.imili-d 

I- -i Kn-.2Sv - r H-lifi.lvrw- tiA'-i n-ITJ 


. T -i 


.'i'IMi 


•p ;;i7o 

li-Slll.2 .IM-.' 

;*9 


S56. 

4 m I >i •:• iii-.v- -i 

J 79|L~l-i ilni: 1 j < 1 |lll 

l< . ■ Z j r. iljtc 

5 on 


545 

649 

(.49 


121 o! 
““'ion' " 

1 1. f.iiu-r 

uu .; 

■ rM.-nnirr !* 


4 03 


* .’e* Mi K-r— ;■ I M 

•ec U-..T--- - .-iitjl \..i-l-- Him:, lid. 
di.-l under i '.i lire* .i \ 

King & S has son Mgrs. 

1 1 li*rii-L ■ n» • i- I'i-liei- i«-ppi- ilVu.TrtTJT 
f.llpi liv x J-n-r P..n. *7m-v. ,0401 • 247IVI 

I TitnSKi . M«vet. r-ou:-lA-:.l.ll >1 , lORSl'dXyi 
..ill Fun.1-Jrr«< liASb BBS. 11225 
itillTnidil *> V. 15039 lllbU 1225 

• iill Fml •liu-m.c.'BZJ 9 2dd . I 12 25 
Inti. titn-L 5«i TM 

tiriMlTlll..' ;LlB 71 1832; I — 

i-ip-lliill 'Si'lCK iCTfl J — 


KlPinunrt Benson l.i mi led 

in l-'.- 1. hur.-li .-! hi* :i 


Australian Selection Fund NV 

M.irlPi f'i--F->.i-i.iii!u- - -• In-1- *..-uu2 Jh 
tiuira.tif*-. »:■; la-us sitm- 

I S' si 53 ; l - 

.*• • jlu.- *MiH«r 2*» 


F.jfisiN I a . 

■:iii!m«i/liii . . 
I*-. V-i-unl 
I.M Farl-v-i id 

Kill nil Kuril! 
Kll.l.-iun K’-iiul 
KP I s -lull. ( 
^li-n-T KU-p-rai-l.. 
•L nifon-l' • r*M- 


1.15'. 

65 7 64 4> 

EC 4 87 1 

Sl-'USd 
51- ill db 
SIS42 4? 
51 >13 04 
S' >5 08 
14 BO 20 


I- 1 -p'21 BVM 

-7> 304 
4 35 
4 35 
145 
200 
058 
0b4 
1 78 
-nidi ■ U 


66.0id 

192.0 

594 

837 

87.3 

1070 


d =1 
d 91 
d9l 
285 


Grioifwn Management Co. Ltd. 


Group 7. -J Fd |K93 3782] ~i*( 3 S 

Pearl Trust Manager* Ltd. fallgXil 

Sl?Righ HnltMjm.WC-lV7EB 01-KSM41 


L&ltsi. 

-|*6J 

SC J 

-0 •; 


'nmt. 

. \K5 

381' 

-a .> 

?*) 

L nits- 

I«5 

4Sffi 

— ^ ,T ‘ 


*n's Fr 

128 1 

305’ 



Cr ,'orl F-L ,27 * 

ns 

■| 


’■Al i.'ltf 

an 

225 



Fd 

897 

95*: 



& In'. 

FcLUrtJ 

204* 

-ofl 



K-ii.r -h.m. S- . :'ii;pjii 
M.-ri-r.'o<iT7 !Jf- 217 9 227 J» 

•a.Pi-l • niL« 12332 2£0.a 

I -Hi :i Y-l Ii. 1 26 lUT- J 192 llfl 
■...:wi Lnl -... 123 7 0 22fija 
Er.dpj. »Vt Zi . 2367 247 73 

.-.5PMRI l as h 1246 8 258* 

|.!rwh':r i'p 7? . 187 7 01 Bf 

• -Vi nn* i r..i* -01 1 

1-- *. fni-i . h-i. l“, 1 72 0 
- *■ riiin Lmls-. .(JbS 


01-0064*33 
4 47 
8-07 
820 


Pearl Growth Kit- -P* J 


Ai-ciioi l'niu.... - 
I'e»rl lnr 
Pvarl I'nnTfr .. 
i.Atl'uri I'nHU 


287 

16S 


26 

30 

M 30 

50 


-01, 


- 0.1 


4.BS 
4 85 
787 
4M 
AM 


f-|| Pelican L'nitl Admin. Ltd. (gKx) 

2 SO 81 Pnuntain Sr..lflBtrhPStpr 061-2365685 


faplial Fi.. . .160 7 73 5: 

Income Fd .. -.ITU* 7421 { 758 

Price* M Oct 13. Neil dealing 011 31. 

Save & Prosper Group 

4. Groat Si. Helene, Londun EC.7P 3FP 
68-73 Queen Sr Udinfaursh EK2 4N\ 
Dealing* ie 0IT*M SM or 031-22U ri5i 

Save ft Prosper Securities Lld.V 
NlMMtlaaai Fund* 

Capital 

ITU..-. - 

I'ntv. Growth 


1350 »U 

foi 27Jd 

rth 67.8 72.M 




iy Unit Tst. Mgs. Ltd. *7 iai>i.-i 
i Holhocn, WC1 V 7.'- L niosi'ics'r 
Fuad ... IB 7 91 2; : ! 73 

ai Ucl 26 Nc*.l tub. da. Vo*. 2. 

re Unicorn Lld.9 OKcJfgi 
Un 252 Romford Pat FT Dl-.’Al'i'Xl 


.. _ 348. Pelican 1'mu. „|B6.6 933*1 -0-*| S.fll 

2*1 SS Perpetual Unit Trust Mngntf.T (a) 

48 Hon m_ HnalryonThunM O4S126808 lumsluc Income Fend 

FpeiualGpGth. f08 47AJ 4 3.46 HrgR-VieM — 1538 

Hnardinn Un>aJ Ex. Unit Mgrs. Lid. Piccadilly Unit Trust (aHb) 

V lejwnji. J.OPPDN. OldCSflOll Anum* GIUm Unit Tm* Haugen Ltd. 

■at 'iJnrdhrUT'i 192 £ 4.43 3. Frrdcrick'i Plice. Old Jewi). EC2R BBD. 

OJ'SQB 411 ! 

Henderson AdminsirallonV (ahcMg) pi* 

I'rem.rr I'T trim.-).. 5 Baiirig) Road. HnlUB, £.oullCoi Fd. p9 6 

Prmr-.iyMj l :«.**;£. 


Anunra ..WO 
■>1 \cc - 172 J 

> Inc 15703 

:.'fll. (bb 4 

Tjl . .11J0 2 


;^?ftenipe 284 
-,'nrial . 62 1 

•' ms 

• . • - 323 

’ » ■ .'■■'•"fa Arc. . 421 

.131* T«. . . 87 2 
^AUaTiL. 147 7 

i . Kat'feV- 2P- sob iii\ («*■. a; 

- . - _ •■‘KJfilndTjSPfc 126 ll -0 ?! S li 

•7*Jd»iTiiL.)4BB 5281-0 9} 222 

Mine (610 63 5q - ! 4 5 74 

1 0 74 03 -0 ri 5 M 


31 S' -1 C . 
23 i> 

61 51 -1 bl 
71 8: -0 
H« a£ -?p, 
30 73 *3 ’( 
67 11 -n 5 
81 ff - n :l 
3d9rf -3’i 
45? -0 :{ 

15551 


143 
198 
J W 
a 54 
6 22 

5 £2 
407 
581 

6 02 
415 
610 
4 73 


1260 

Ml 


12611 -0 lj 514 
5281 -0^ 222 
(35*1 -! dj --- 
74<ta| -or} 

■i Brothers & Co. lAtLV tauxi 


> «MUSL.FC3. 


->.7*. | las. 5 

.-'am.- — - bT ‘ 


fl! USB TIM 
393*..., 4 09 

126 242 4 ! 449 

Ned sail, day Nik.' a 

•sgate Progressive Mgmt. rav 
Mtule. E.CJ. 0 1-558 CBS 


I K. laiuii r 

■ ah'i! il.i ii.Mtr j-J 7 

I I up r -«ib h ii". il6 7 
< a 1 * iin.nl n in- .. 478 
in: ■■-■nr- i -lj i Vl L | M Q 

High Inrttjur rood* 

H.;ii .n. t.rv> |65 0 
i jr.n» mu Jar . |59J 

■ ub-ulTri Ai.«l'.. .'48S 
K^clnp F'nxn 
riisjri Li V fTU . 

Hill he, . .. 

Inlemaiiotiil 

Gubtir 186 1 

Irti-mm :winl 1930 
Mid Ui<1el'i:l.27 -1751 
OieneM F*nds 
,5u;.' raliia [394 

E mnpe.ji _. _ ^16 5 

FarAi.. 

N *ro .. 

Cobof Am 5m 
ncmpl rood* 

Jjpmi* K tempi . 11032 

N-AaLCup:. i -rt- 2b. 1X155 

Hill Samuel Unit Tst. Mgrs.t fat 


0277-217 23d. CjpKal Fund —II Mi 
; Ini. Em* 6 AosdB— 46.0 
tu j PiiuUr Fund. . . 35.5 

*m ! Accumlir Fund. 65 D 

, Toe hnnlocy Fund . 614 
tSl.FBi FabiFa . 28 9 


.. - 

— T Sf B 

145 8 



American Fund-. -121 4 
7 54 1 Practical Invest. Co. LULV (y Met 
8L34 ; 44. Blm.iru>hnr}'£q WO A 2RA 

l Pmclkal r*cl. 25— .11548 1M.M 1 
Ai-ram L'niK 1223.3 237 | 


High iDcema Fowls 

HiRh Retnrn 1686 

Income _ - 193.0 

UK. Ftrod* 

UK Equity — K3J 

O whmi Fnadsd) 

£nropc [90 6 

Japan 1 105 Q 

S. EAoia G mb Fd. . H6 7 

Sector Fnnda 

Commodity .... 

Enerm ~ - 
Financial ! 

01-4S1MU1 Hlgta-MIntmnm Funds 
421 5>lert InlrrooL . (243 0 

4J1 Sclaci Income.. — (53.7 



I 


IB Incin-jfl'nlfs .. - 'SO ’ J4 2r- . ; J Bl 

JOT .»ci um Uml9 . .~|59£ ii ;; ■ «. 03 

7 58 Dull 3U dji *'<v!;c4i- 

l g Seluc Unit Tsi. Managers Lld.V lai 

4 20 P**Hnil-il Bd.1K.r -i— Cfl (i! -fSS«n 

Kt'lim: *'api!ul Fd . ii‘‘ 0 aio 

Strfaji; invaaieFd. . i31 : jiBai-iil 3 3 j V K 

n.-emtitijs Security Select iun Md. 

^ 55 is-ih. i.i r- .-ln * Inn I ..- . * . ; r* ii»v y 

i niir.Tfil-- Arc 2b'. ; 2J5 

1 niliiifcTVj Ib> - Cl * 22 5. 1 2 '5 

Stcwan Unit Tsi . Managers ’.id. ia> 

44 .‘nirlmi-So K.4|-i: . f -> l-JSpcT: 

■^towan ^Bterleae Irnil 

< >i4-i4.irdt nil-. |6S W *. . . 

.ici uni L niu . Is! 6* 

HiihdraunU nU* .« 2 ;15 . . 

-Sir atm nriU&fa Can i Mi rued 
Mnndiird . . fi.*: « lid ?i .. 

Aroim. i n.t. llti * 774 1 

DcoJing »Ti.. , ; -v.'.-.f 

Sdd Alliance Fund Mngi. l.td. 

37.2i1 - 0 1] 7*0 j,- un tn< ante ffw . f(.*- M’lMit ! 

EipiJjTffl Ort.ll 244£; 3 Eb 

849 VTilL-Famili Ffi !W-i 104 i: -0 3 69 

H 9 30 Target Tst- Mngrs. I.ld.V (aujri 
aii.ri-jdiamSt.KT2 
Targ*0 Toaanodiii [30 2 
_ Tarst-i Financial . I5*»C 
J17 TariJ.-I Eq.utv.^ - ITT '■ 

L54 TarCi-1 E* UcLiV lil7 C 

*i*n \rc I'niis |:ws .in i 
;06 5 i::il 

2 *r. .’04' -r ?! 

\ZB 1 IB.-. -5.-1 

III J 3*7 


Tindall Manager* Lsd.V 
IK T ontniir Hoad. Rruii',. 

_ . . ”9? 6 

'a*>ii.. , 'i ‘-i. ! 

Vu'CURl. ‘ flit' 

• --up: ■ 

Acc.rr . 

Earn •■•- i 25 


I’r.-f fKr 4.’ 
• iixma. t :■ 


.i.i 


39! n 
.150 6 
'LSI 9 
.1118 
-:»ib 
.251 3 
l;M3 
;10d S 
!l3* 4 


IMP. 
:r-: : 

137’! 
1« 2' 
nab! 
IMS' 
Ib3 6! 

2=K 2i 

lisa! 
:*2 6; 


450 (. SSI.- 
450 ' 

192 - 

r B iBank of Ama-rira Inlernalional S.A. 

2 7- ' lUajii. ..r.l Kn.-il E.„.rriihiHir: ..I" 
g n I Midi rm ■ Ilf. . um T> -U3 K ’.;74j, . fi 7 22 

b-iz IT..N-, .1.1 J*-,. V"! '«1a fl.ila- \aa.-. 

Sfj Kanqnn Jtrutelles l^unhcrf 

4 83 (' *aa- r.<a l.a Il.-fia-f a ,- Fa KX*. Ilfu -.-I* 

|J| ri-nOFuia.|T.r. il.399 195® -10| 7 87 

Barclays 1'nirorn lnl. iCb. Is.i l.td. 

iai47g74i TJoi'ds Bank Inil. Geneva. 

12.J0 pn n*.\ 41K 121! i.eni-.H- ;} ..Auiirerlonrt' 


■Kli .*n j* Lenalnn p.n-.nc aeon:- i*n!> 
Mo»ds BL lU.I.i I T Mgr!. 

y . lit. 11^1 -I Ua-lf.-r lorn .tt.’«774Sl 
IJa-dir-l M'l-o- IMP M0<4 I J 21 
.-,i-i: alcni.c2 dole No- eojEucr 15. 


• faring !‘m -.*.t liarliL-r. Jr-i 
icfM-sj liiL-cmii- 'flhl 49 V , 
•'■■3ID llSSd 
Iv.-iti;*: i 


t "Ti I .Icf J.i InL ' iruadh 
I Jo* d.i Inline 


'■‘■79BK 

l:T2«a 


31? 501 
3uq 


870 »'niA.|l.*r’Yii-i |!''-3!!3 lIStH . .[ 180 
8M I'nilrwid Tru-4 
4 21 

80* P. arc lays Unicorn lnl. tl. O. Mam l.td. Management Internal ional Ltd. 
njj I Tncima,-.-.: . lanu.:! vs ! .* bt. (VSi WSfi Bnnfc Pf Ra-rmu-ln Ruilrlire, EtormudJi 


180 

630 


50* 
1 J 49 
12*9 


a.-4 h-X . IZfinhurch 
In: '« L. :71? 

-.r.-l a-.,|- rt.a ~. ,142 t> 

■a-.-...- i-.->. :rrs 

I unitcn Hall faraUip 


t moiirii .-.U...I F.i .152.: 

IV. .ILK Min *33 2 

F*a> - inr r.«-i:i* 

!*■■ lnl I lr> i,mr 

.«--,' a,=S5 l l ? I '*‘ * 4Mn7l 
: «l ' ' ' 5 S9 l*.01-*.ii Mulu.-I 127 0 

1SL6- ! £ 77 : Bishopsgale Commodity Ser. Ltd. 


56 1] ... 
35 7 . 
75 7 . 

43 

49 i; -0 
29 If 


lbO 
3 70 

S2D 
9 00 
140 


laiileruur-iwi 2*1 BS 


I - 


-0 31 
—3.1 
—1.3 


2 33 
i ea 
2J0 


1 29 


*07 
4 07 


Ian 

’la. “»■ ' 

FtfC'. Ii r I'r. -n:-' 
'-'em..; a -.-.a i 
.*i*v.‘.a! 3.- 


.is : 
.:oo 
'bti 

*?b " 

::i > 


S9“ 

94 1 

-a:. 

SSl-JA 


02723221111-11 m»*tlj ln-jfl:,. I .. M 
- .1 | £ I ARM V -■*— :■ ,P - Si: H gi 

-l l 5 B6 L x-.Rlt, j Ii* o»i ' i 1J8) 
.■Ol.'Vr-nrr 2 If Z 4*5 261«J 

, Kl.'.nall. , • ••.*.■2 .al -Sin .,nu 1 


51 & (1 Group 

Tnivi: vu.vi Tifwrr il.l! riTIRtTRQ PI-6784S88 
A< Inn:, iki 2* jV 1J02 3 301 | — 

A..-! K» i>l 2S |F-5*9 2M ; — 

■ IMF. i. c-125 IC-UJl iiH| - 

li| an. I 131 7 341 7t3-:d 9360 

. A.r.-uni l ni'_ • 1 189 B 20* It -2 J *3 60 


r: a, .9:1 
77 S' 0 J- 
IB 5\ -o.:| 
77 7- -r.; ( 


9 31 

5 31 
J Cl 
« El 
8 07 
3 Cl 
494 


TSB Unit Trusts (j 

t! "'nv.ir j- '.-.I,-... : 
!Va.,n{ 


■Cl 


:oi 


Samuel Montagu l«dn. Agts. 


7J V -0 
46q -0. 

47« | 



2574rf-15l 216 
S6 6ijj -Dj) 740 



«>; 


rc— OctSt... .1190 4 2C2BJ . .( 

S.-VJB.74 . 226 8 2*1 6} i 

lOcf 17. 1838 195N I 
. ... . ..538 21691 . ! 

•pi sob: day. -Cicl 31. -*.Vor. 14. 


^jW-Ocr i: 

TOrtl7i 
‘pi sob: * 

~:j Fund Managers fat (c> 

,SP. King William St .Ei'l 01 


335 
3 35 
234 
234 


0I-C28801] 
360(1-0 3 
"-05 


375 

76 J3 -1 1 


r-’i 4 £ y. 
-I- 

i* iv*' • **' 





256 _ 
574u .. 
41.5a _ 
461 .. 

8 7( * 


0I4C340M 


* RfV 


1 48 
fa 50 
35* 
334 
54b 
413 
413 
t’CL 


«KS| 

“fi 

33 1 


-0.2, 

-05 

: 0 L0 

-0J 


331 

306 


2 . 
409 
520 
720 
5.30 
7.90 




inia Trust Management laHfi) 

do' W all Ruddinfir. lxadnn u'mII 
J|CSag5QL - 01JKJ3047B4K78 


-F-VAp, 



«Ei-nhSi. ! fCa*2!A 
,MBni|,iTtlbl (150 3 
•g.'lr.rl Trust 135 0 
‘S, Dollar Trur.. -171 3 
tb;i'Ap:i*ITn.0 ;286 
ab'Fi.nuical Troat 18SJ 
itjInctfim-Trus! ;26 7 
ln*Securu»Trujd [51 7 
■bfHicn Yield Ttf. 5ll 

Intel. V (augi 

15. Christaiphrr Siren. E V 2. 

Imul.im.Fund. . i>75 

Key Fund Managers Ltd. faKg) 

25 MiiKSUY^YRJK. Ol-flOGTOTR 

Key Fncn» 1" Pd .179 9 

Key Equity 4. Gen. .1724 
*K- v Exempt Fd . [lTSi 
Kei Ini'eme Fund. 

Key Fired In. fd... 

Key Small Co * Fd. 


01*2477243 
0451 | 635 


835 

608 

10*7 


KJefnwort Benson Unit Ma UgersV 


K.EL Unir Fd. Inc _ 
<Xi P.l oilfX AC. 
K.E Fd.lnv.T.HA 
K-UKdlnTW Acc 


M. FcnchurchSl .EF.t 
IB7T 
115 j* 

. 591 

SamlrCo'sFdlac . 90 7 
KS.SmCos Fd A<c. 99 7 
Hwh Yhl. FAJnr... 964 
High Ylct Fd. Arc. (46 4 

L ft C Unit Trust Management LULV 

The Sine Is Ki.Ii.mEl- K«'2N 1UP 01 MH 2800 

WY lnr. Fd . . 11455 150 Of f 800 

LAC (nil 4 Gen Fd |lOJ8 187 lj 4 195 

Lnnoon Sacs. LULV OKci 

^T.yuefn'sSt . ] Jindon EC4R 1HV OI-236M»l 



rirish Life Office Ltd-V iai 
cH« .Tunbridge Well* K» 0W.2Z27T 

oh Life 1512 54 2rS-0I| 5 73 " 

need-.. .. U0 7 54 2*1 5 5J 

dend- 149 1 47 2*) 944 ’ 

« UCU 23u Next dealing Nm ember □. 

i Shipley ft Co. Lld.*f 

FimndcrsC:. EC- Ol-rttOnSLfl 


fflaa' Miner'll , . . 
^ *rcum. t mi 
-Grrra!h Fund 


HO 2 
457 
572 


'iAfi:um l, nil .> .(638 

nuilt and V.arranL 1108 
AmeruAti I'd ... 1222 
An-irm l m'n... 123.1 
Dial, tsioo. *Ti»» 


434 -0.41 
493 -0.51 
612 .. 
680 ... 
429 
M4 .. 
294 


5.76 
5.76 
TM 
2j69 
1 76 
050 
850 


. lOA 17..... (223 2 
VOcl. 17... |ZB2b 
. Tnuia uj iki 

f&S 

- 185 

.- ■j'Z.-ry Acroin— k7B 
. Tncome, .137 3 

(29.9 

._ (204 
241 


240 01 .. I 4 68 
303 fl . . ..{ 4.68 

36 fl -0 Jl 4 bl 
20 Om -01 5 JO 

50 7 -02* 5 07 
39 5,-! -d] 5 07 

33I«f -or 9 6? 
21 74 -D 1 3 J7 
25 E . . 442 

18 7 -dj 3 22 
Vic -9 2 4*3 

23 4J . . 607 

b4 Bl .. _ 4 57 

•*« Life Unit Tst. Mngrs. Ltd.W 
, St. Pouen Bar. H.-rta »• Bar ill— 

nDta 1386 *0 7| . • « 50 

. Accubi ... W.7 50 2j -0 2l 4 SO 

• Dint- . ... . 336 35 Id -31 7 69 

Accum [*5-l *7 51....! 7.69 



lie*. ftWtd. jThurv 

Legal ft General Tyndall Fnnd¥ 

18 I'nninqeRMaA.Rn'toL 0272 32241 

n.r-'Vtl! .. „. (632 668} I 4 60 

lAcnim. I'nilki - .(80 0 B*e) . 4 4-b0 

,'h’[ sub. day. Nu> ember U. 

loro cine A dminhU ration Lid. 

2 nnko SI. . iamiFm W1 M SIP. 01-480 5801 

]«or>i.t|. : JO 7 86 Of .. . ( 460 

L-oAccum .(893 9* l| .. . I 450 

I.icQ'ds BL. Unit Tst, lUngrs. LltLV (a) 


ncfirimr'f. Dept. Gonng-by Sea. 
Ttorlhina.WtMSusee.'i. . 
Filuili-eJ I5U 


tlj -623 1288 


T»n i Actum).. 
Woridu-idciinth. 
He. lArcumi.. . . 
Inrs-mf 


Di- 1 Ac-Tltn 1. — .*(1163 


Income 

Do. y A: cum j. 


70! 

529 

665 

no 


62 7 
715 


553 -01 
761 -0 3 
561 -0.W 
715-0 6) 
min -0.2, 
125 0 -0.A 
674 -0 , 
768 -0.V 


456 

456 

241 

2.43 

622 

632 

771 

7.71 




. .(James) Mngt UdF 

. ■ ,^.Croad 5r . tKV lBy 

' 1855 9L0| . . . i * 98 

- — «2.8 8Gl] 1 7 45 

■ — a on C«t IR Neat dealing .\m. j. 


Muyd's Life Unit Tst. Mngre. Ltd. 
7r-ft). r .jichrai.w lid. Avlesbon 1 . (B88SM1 

Pisnofnio Equuy Accum. 1167.6 176.4) 1 M2 

M ft G GroupV (yHcHz) 

Hirer 0U3>' Tnnrr Hill EC3R CPC 01636 4588 


y%\ ! 

\oii-mbf-r 1 


345 

3» 

R42 

842 


f Unit Fd. Mgrs. Lid. 7 raiici 
Houee.?JewaMUe-upooTync 21I«S 

jai. L'ajts -1^4 71 873 : .. .! 

v Yield....- (42 S 
um li'niu. |55 4 
leal dealing dale 
fes Official Invest. Fd* 
on WalL EC2N I DR. rtl-MR IB1.1 

-Oct. 17 (13718 — [. ' 6 81 

Oct 17. |Z72 47 - I | - 

di. Only available la Peg r turn! ic-. 
zrterhouse Japfaet see James Finlay 
ain Trust Managers LULV long! yjjj il5. fc.” 


See also Slock. Ejctangc^DealiMa. 


Ameriion 

lAc-um L'niUi 

Au-jrnI.iMan 

i \rcnin YmiS' 

rummndiiy - . 

,Ai'i-un. l'nitl, 
I’caijmJndGTnwUi 
ronscTKiim r, nun hi 
Ciiinervionlnc — 

Dividend. 

lAccum I'nJli' 

European . — 

■ Antum L'niiai 

Extra Yield. _ 
Al-cuto. Units, 


5LEC2M4TF. 

m... t:il9.8 

3«Be — 42 6 
lOosUTft . . ,z>Z3.9 
lesrcc. Tu. 264 
,-onLh Tst.. 23.7 


21 5j -0 bf 
«5 0d( -0 Jf 

28 
25 


i -u - 

25 8/ -fl ? 
10 a -0 2 
25 5) -01 


oi-ae area 

1 87 
9 02 
276 
*30 
735 


Ac rum Lnilsi 

iJ*tkto( .. . — 

IAn-tin Uni(fi>— , 

High Income 

lAccum. fnlLD .... 
Japan . 

lAmim l.'misi-. 
Mspyiifl . 
lAi-ruro. I.'nili 


(44.1 

452 

51.6 

5ZB 

703 

867 

,1132 

663 

70 2 

SSI 

M72 

1»4 
271 J 



zzx 

zn 

170 

U70 

4.71 

473 

3.83 

SJ20 

7. 

741 
781 
348 
348 
431 
831 
239 
2 30 

445 

445 

577 

S .77 
20 
820 
221 
222 
429 
4.29 
664 
(66 
3 01 
391 
S 03 
583 
421 
422 

661 

66X 

1141 

734 

734 

536 


ion Si George s Way .sievenage. 043856101 

880 Growl h Dulls. . — (54.3 57 2 (—IS 444 

fin Mayflower Manage m ent Co. Ltd. 

_ H-'WllMhimi St.ECtV TAU. 01-808 

* , i ctionary Unit Fund Managers i neotn ,. lK .L = * ,_.ij088 119-3 J 

-s • : 3i jfleldSt.EC2M7.AL. 01-8384483 Ccner-.l ilcl 24 . -.(71.0 7* 7f -...J 5.(0 

r^jg: 430.27 1178.7 198.7J-ia^ 5 05 lnlcroU. CV1.M M60 47 

-s, i X Winchester Fond Mngl. Ud. Mercury Fond Managers Ltd. 

■’ -ry, rr-i 01-6082187 3ft, iJrviham S1__EC2P2ES. 

’ i nduater— 11*0 ?0 Jj | 4 68 


lerallon Funds Mgt. Ltd.V (oi. 
wry-LauftWCIAlHE 01 242025 v.dUn.j " 

Fund -.146 2 *85! ! 3.95 ^ccum Vn.lb- 1. 

poll tan Fund Managers. 

Street . London Sibl K 9KJ ru -a» 8525 
obtGth Fd (18 5 _ J" fl -Oil s 87 
meFd. |495 52 5c( -0 ?! 1100 


1095 
18*3 
175 9 
177 0 
214 5 
270 7 
1852 
3141 
894 
. 92.2 
1798 
27? 1 
117* 5 
— 1222 8 


481 -15 
55 0 -10 

562 -11 
895 -0.5 
923 -0 5 

122 8 -L9 
703 — 0 6 
742 -9.7 
1343 -18 
2545 -3A 
551 -0.7 

563 -03 
943B -13 
129* -1.1 

645 -0.2 
71.6 -02 
68.4 -11 
83 6 -13 
1892 -?* 

ffl -ft 

1963 -12 
3868 -22 
MRS -2.2 
230 6 -1.7 
2910-2 2 
J972d -12 
3343 -21 
05.2 -I* 
98 2 -1 5 
195 1 -2.* 
2963 -J7 
1874 -2 0 
2386 -2.6 


Rii m 

lAccum L n!i«, 

See end Gen 
f l ecu in 1 nils>- 
Sniollcri'fn- 
lAcrum t'nils- 

nbnnt Unit Tst- Mgrs. Ltd.. sprcioJind F»wh 
Ter Lane. EC2Y HH1L Trusec 151 7 lM M-ia 

SS-i-Ba SiU. 3} ?■ 

puHlEhlro.1484 mi...! 900 f]{»jj*g5taf: : -;Su wi 

mt Unit Tst. Mgrs. Lid. (a)lgl Pro* E*.Oci.23.-.(M&7 156.91 


leCres.. Edinburgh 3. MJ-22«i4Ml Mmul.l fe Management Ltd. 


ronr. 

» tenulL. 
• ,.gh- Did. . 





3-00 


■Ji'cr d‘aeaa)2lL2 22 5] ... ( 3.95 
a St Dudley TtL MngtonL Ltd. 
■ngtonSt.-' 5.W1. 0HB375SI 

Dudley Tst. (71.1 76.4) .... | 3.81 

For Eqnilav Securities Lid. 

^ee Abbey Unit Trust Mogrs. 


Mere Gen. Dei 25. (1095 
Acc ( ! L» 2680 

Mere lnl Del 25__. 691 

Aeit.lTft.ycT £ 795 

8m.EitCln8l 2437 

Accm. L" la. Sepi 28.(295.4 

Midland Bank Group 
Unit Trust Managers Ltd.V la) 
Cnuri-wd Hou/c. Silver SUCK. Head- 
Sheffield. SI 3RD. Tel: 07*3 TO642 




242 


Do' Accobl — * ^ 2 

A cram. .. 162.1 


^ Un - M - V *«»»»* -Cemnedliy 5 Gen. . 714 

j, * ‘»*m Rd, High Wycombe. 04M 33377 Do Arc urn. 82.4 

. JjP.g/kVm 165.7 693] -0.4| 4-» 

-ycr-yi Finlay Unit Trust Mngt. Ltd. 

:-e;r— OF Ve« site Street, Glaagatf. 011 204 1331 Incicnc 

rylntero«n . 022 2«J J 2.W Do Acc 

Tiilt* K.2 W 

tyncome 34.4 37. 

jyEuroJln.. 27.4 21 

. llalta 117 34.' 

. wFdJn.Tst. 3BJ 32. 

. -.Units 343 
■- '(MS OcL 25. Noxr dealing Non 
— ".A. 

. COR/LL INDEX; close 479-484 

- . »*-■ • • 


258 iareiwnional— S-! 

837 Do. Actum.—- — - 447 

229 ‘ High Yield 653 

229 Da Ac cum. . K0 

C 34 Equity Ejompt'—- J®!-' 

(J4 Dp Ambv W? , 

1. ' Trices At Sept 28. tart daaUnf 



INSURANCE BASE RATES 


rV^tBtflPfrtyG n Dtrthi •» 


40»f% . 


-MtV4nhrugh Guaranteed 




‘‘“"fAddiwK ihawa under faBuranro and Property Bond Table. 


Tami-: Gill FUnfl 
Tamil Growth 
3 jb T anti -< Pacific F-l 
3 gq Du Ifi-iuv L'fllb. 

338 Tormin*. 

Tgi l‘r iin 2S. ... 

™ Inc 

Tg>. i'ref. 17 J 

Tir I J-prcMl ills. . '23* 

I 


D.-.u •. • mficriiT 
*1 7 II 3 M 
Ml,l-',.| 4 52 

* 0 ( 1 - 0 -; bio 

129 y .. 1 659 

6 59 
3 CO 
4(2 


ft. D« icrum " . '53 0 
T-Kfixfi**' <tl 9 
;h< In.- A- -cur -- r*5 
rs;tr..-f. . _ -ns 2 
if- i'fc- ,Yr-._a ... ‘S7 9 

risier SasliV <a> 

Wann^s-.ir-if R.h-.- 
i> l. isifiir-iwTf- !37 5 

Unit Tms! Acruun! ft- 

r'.IIA '* "i' lira i' -l'*l!*lAK 
Krur II - Fu-n . !lb70 


.jifl'5 


M:» -5 2' 
lire-.; ; 
JO 4i I — 0 
i4 b- j 

:.’5 -n; 


07: 
319 
*59 
S C7 
12 19 
4 59 


rw Si.-r.m ’Hi 

Wieler Gmsiib Fund 

K-rof '■if!l l :n Si :■ •*:.!» if. 


rCf* C.Bfil 

»rw cr-ur 2 

*3 1! -22! 411 
62l‘-3:-( *11 
65 V —0 fj 7 12 
b8r-03 712 

06 Sri -i V 2 22 
95 b! -I '1 2 22 

02.1231231 
40 V - 0 !: 5 ZB 

Mgmf. Ltd. 

0ia'i£34ftil 
T7b0' .'JJ9 
34 6- .. [ 1)1 
« t. .._.J * 39 


*0 2| -0 *f 2 00 
95 5 -4 ! 1 00 

129 3 -6 5 


129 ij -6 5 1 50 

2 2"-0IW 100 _ 
0 9fl .V] 1212 ? 


In<-*f(ti. • r.i'. . . 
.iciuir I mti... 


32 3 
ias 


-liai': 10'. i 
3!(,r .i a 39 
40 V . | 4 >9 


Bridge Manauemenl Lnl. 

I’li lt*i\ AuK ■■r.irul < .-•■ uc.n. ,'.,-rji l< 
\'i.3>‘i,i..I ” Y 1? 876 ' .. .( - 

i»l"*i Ri>-. .'iki i'f'nc b',nc 

jsipj^mFc um r. iv -rn ar . i o?i 
Rmaunia Tst. Mngmt. (Cl* l.td. 

lOU^II.M H IK-iu-r J|-PN>>. iTkM 77.114 

M-rtlnc Ikwunniini I dv. 

■Irnwin Inicsi .1772 
Inin! F.l a3 3 

Jer-*i Encrs* T t 119 6 
Unn r l 3Tn Sir |U 18 
ilficO InLviI. 1 Til l£0 9b 
l i 1 foliar ItruojTUnalcd Fd*. 

I ru; -I £ [-a . IHM42 Sra-OOal 8 EO 

in: Hi/h Im T. : IP'SJTC 3 021-3014 tU 

'.flue in 27. Nc.t deal i nr. net M 

Brown Shipley Tst. Co. ijcrseil T.UL 

!••• Ibo.'Al.Sl r Ivner PnH 7J777 
-iicrliKft Ki'j l I'd [£998 looii . 11175 

Butterfield Alsnaaement *' o. i.id. 

r*» Ih» ibt ll.irnittiin Remiu-tn. 

Iii,i: n i rjiuiti HI'-J *8 257 ... I 15} 

Dui.Tt- i.if ,nv- |jn«8 ■ 7 87 

I’n-'Jt al i.i.n. it No*! r.ub lay Nw 8 

Capdirri S.V 

> li.fi ITS lA-.T- 
•ii-clc. 


tl* i ‘Id Brartv 
\pnllnFd • us 26 

J.iufc ti. 

llTiTr-i'U'li.-: 1H 
llT.lyr-’i i HI 8 
]17Jy>7> • Od u. 


IJ.i'42 l 
•912!* 25 
v-.-isa 
(l 5 4$ 
llll 10 


nt jn384M 
• 10 
083 
199 


fs-"l 

5W-015J 0 70 
11 681 l - 


(Abbey Life Assurance Go. Ltd.' Crown Life Assurance Co. Lid.0 Llovds Life .\ssuuin-e 
UIGC, Paul's ChurcbyontEC^ OJ-Z48B11I Crown Life Hoe. Woking. GU21 1NW o*ac flees si), n.u.in si_ 7X2.1 


Realty Fund 

Kquhy Arc 

rmpony i r d 

Plupcny Acr 

Selective Fund 

Coniertihlc Fund. 

VUoncy Fund 

VProp Frt Ser.4_. 
man Fil Scr 4 - . 
VEquIty Fd. Ser 4.(362 
fL'arc F«l Ser 4 .. 
money I- ,1 Srr A,, 
Prices al Ort. 2A 


@7.7 

324 

(5o> 
1608 
93* 
1334 
1239 
1316 
137 0 


397 _... 

342 

1582 «... 

169.(1 

98A 

1403 
1303 
1386 
1443 
382 
114.9 
117 7 


(1139 

[ill fl . 

Valuation nomally 


Tacs. 


Albany Life Assurance Co. Ltd. 


Mans’ll Fund Acc.. 
Kau'd Fit Ini m. _. 
ManR'dFd-lnlL^ _ 
Eqniiy Fd. Acc. — 
Equity FA Incm. _ 
Equity FA IfilL 
Property Frl. Act. 
Prupcrt)' Fd. Incm. 
■property Fd. IniL.. 
lin.Tst. Fd. Acc.._ 
ln»-TsL Fd. Incm. . 
Inv To. Fd lull . . . 
FitedTnt-Fd Acc . 
F\d. InL FA Incm . 
Toler l Fd. Acc. _ 
laier'LFd.lBcm. 


31 ;'Old Burli ncioo St.. W 1. 


^Equity FA Arc — 

VFixedlnL Ail- 

fGtd Money F<t Ac.. 
0Zatl.Man.Kd An 
VPrw-.Fd Arc .. 
'pie Inv. Acc .. 


01-1373882 3!2S2S5-fi2 ; -'- 


12005 

1417 

1162 

1122 

1105 

1723 


Epuiy Poa.Fd.Acr.b99 0 
nxcdlJVii Acr ..(1808 
ChdMMLDen.Acc.. 
InU.Mn.raFdAce.. 




Pen. Arc... 


Inv3>cn Arc. [2138 


1325 

1196 

1263 


2110 .. . 
1491 

S.S - 

1163 .... 

1813 

2513 

1903 

3393 

1251 

mi 

2243 


Monc-f Fd. Incm — (95 1 


MsC. Fd. Incm. • 
Crown Brt Inv .‘A 


I10M 
1031 
103 6 

973 
95.6 

»; 

1Q16 

98.4 

1003 

1003 

491 

1161 

U61 

974 


110.7] —1.01 

ioad-ofl 


168.7 


109. 
102.4 
100.6 
ioi i 

100 7 
180.7 

iSl 

1041 
105J 
105 9 
1041 

122 J 
IB3 

amj 

108J 


-it 


+01 

-I 6 
-1 6 

l02 

-29 

*01 
-0 7^ 


667 Mitt GI.>epLW . 
— itpo'A Pr.iVtifi - 


I 1 40607 
[144 4 152 a> 

1*0 S[ 


16*6, 
lb* 7j 

!M O' 


Crusader Insurance Co. Ltd. 

ViacuinHouie.Towsm.EC3. 01-C303031 JJJtSSZSSi ~ 
Gth.nnp.Oct 3 173.5 S3 2} 4 — 


— Op-TA'Eqi Oet2S._ as * 

... . iip-O A'lli • let 20 !5 t 3 
626 Up 5 A .Mrin OcL2t' 155* 

626 Gp3'A DcpLOcLJO 1^3 5 

838 London Indemnity ft Gr.l. ins. Co. Ltd. 
f H 1820 The Korbury. R- .'■R’.ii 1 

AM Mows Manager . [W * 37 01 -<* '.r - 

f K M W Flexible - . . pS ‘ 32 *! -0 it - 

1130 Filed Inlcrvst.. . 13** 364f | -. 

J « ob The London ft Mamhester As**. Gp.v 

— - Wana-Hle Pm*. Eit* 1 r 
2S Cap Growth Fund .1 
4 95 *Fle<_ Eif-mt* F*l 1 

8249 0Ei<-iiM>t Prop. Fd 

— 0t>r* Inv. TS*. Fd 
Flc.Mbfe Fund 
I nv. Trust Fund. — 


Renal insurance Group 

Xe>- if .ill Pla'C Li- cn*«*! P5. 1 227 +J 22 

Piulstucld.-fl, 1*5 9 15*3, .... I - 

.Save ft Prosper Group? 

i. 1.1 Helen, lj.d-1 Ej'JP ;E V 01 564WSB 
H-jl Im ttl . .129 6 1J74J -Ofl — 

F.l • |160 * 169 a* . — 

• ■•HIM .124 2 !3OS|+0 7l — 

Di-D.ru f-Vv 1 125 5 

imp IVi* F-l » )21C!i 

385 5 
2320 
55 1 
101 * 


J = 


.0 2 - 


24 0 

■ O0. 
-0 9 

IMS 

^■0 i 

*6 9 


159 0 

-1 2 

'»77 

-37 

I«9 


85 5 

-*u 5 

1311 

+0: 


umDeimaiFd — 

M ft G GroupV 

Throe Quav.i. Tower H : i (fa -.-H (“Ft'/ 


Eagle Star Insur/Midland Assur. 

. l.Thneadnee«Ue5a-F.C2. 0J-588I212 funenvunFd Rd. 

Eo*loaud. Ltnua„(53 6 556| -0.1| 603 

Equity ft Law Life Ass. Soc. Ltd. If EvT ! flidF?B.i-r 

... . _. K . „ _ AmcrbhamRoad,HiKHWycainhe WU433377 F-MiulyTOro" 

Mirti U*c.. AGja R4. AM talp RdcolnWIOL BquItvFd. |Tl4 2 12021 -0 9 — 

" ’ Proparty Fd _p89.6 1153 .. .J — 

FYied Interest F-^. >108 9 114.6 *0 2) — 

Gld.DopoMlFd _hO0 7 106.0 .. . 

Mined Kd 1 112.1 117.9 -0.1 


A MET life Assurance lt«Lf 


AJMEV Manaxcd.. 
AMEV MoL'Il'— V 
AMKV SloneyJFdi 


11448 

5E 


AMEV Equity K«f— 116J 

A ME V Fixed f of — J2.0 

bMgSKVgn 

AMEV Mgd.rva.'jr ue 5 

Ftevjptan— _(98.9 

AMEVynwolinxiMi, 

American. 

Inromn 
InL Growth 


UUI „ 
12AI „ 
1123 


1224] 

ifts 

Ul| 

mil 

1042 


F.vnulySiati 
liiltBoari**- . .. . 

lilloroatn! Nond*". 
Japan Kri Md ■ ... 
Managed Brt ... 
Fen* Fendun - " — 

General Portfolio Life Ins. C. Ltd* BSSSW^-. 

00 Haniiolnawte IT. Waltham Cross WTCSIOVl Prlcm on *iVl US 


ISO 7 
1200 
,1413 

pDt 

147 b 
107.* 
,1011 
1611 
,1424 
! 2*55 
1654 
71.0 


53 3, . 
126 If 
1*9 0| . 
?2.fl . 


R5M.VB 

I - 


112 4! -C*' 
1075) . , — 

9*51 - 

1498] :? tj - 
! “ 


l 4.1,1; Pen I d 
l**ff|, ll ai F t - 
-ill Pen- 
IK-** - I'i-h* r'-li 

■ITb-h. -I.I. 

•ttlVill >VV all. I.i,* 

.Schroder Life GroupV 

Knu.-cpn *- II.iu-i: I %■« .nK.*l h H7i»5 2773.1 

E«iuil. I .. j 2396 i [ - 

Lijuili* . 277 3 239 *J . ' — 

Filed ini * 138 6 146 0^.... 

Miinaci-il* 135 b 142 * ... 

Mcm-i -I 1092 1151.. 

• ler.'ua- 1 .. _ «W5 453 . 

Property 1 .159 4 lb7ffl . . 

K A S’ fn. : Slv - i 121 6 12S 0^ .. 

M < (Yu ■ up H .123 7 U941 . 

fa’i.fe, V »■ B . 23tD 142 8 

M-ljfd C'?n ' .l|. P 208 9 220 D 

’.Instil H— Vc R 251 1 2W 4 . . 

F lnl Pen l ap B»* 1C1 M . .. 

V lnl lun. Acr KK81 10l3, ... 

Ilntiov I'un ■ a;. H . !96 9 102 lj 

M-inu; K>-ji la Ii )95o 1C3B^ 

!*rnp lVn i’ap B 1C2 5 10H 0| 

I-mp Pen W F (UUI 109?!.... 

Scottish Widows’ <»rt>op 

l"i.Ko«T<9!. t'dfnbucch KHlfiSFC asi-mMIMM 


Murray. Johnstone (Inv. Advisrn 

‘.Si. Hnrv ?■ . -laifiAu . 'T <>41.221 ?521 

• Hoped F.i . . . • SI S42 51 ' . I — 

•ilurrayr'ur.d ? S7S15 *2 ( ( — 

:.AV di. toper :3. 


Negit S.A. 

Ilia Bp-flci.,rfl floe 
VV-KI 20 _| 


■I. 1 1, .embnurc 
iCi'lJ 05 l . ..] — 


Negit Ltd. 

Kait in Hi-nmda Rid:* 
NAVlkl (.’. 1*9 01 


nii mil ten. Firnrlo. 


Phoenix* Inienunionnl 
in H„. T7 11 n-ior Pern, ilurmirt 
Inter- Dill iar Fund >52 34 2 53| | — 


Guest Fund Mngmni. (Jerse>-< Ltd. 

rnpc. IWSl richer J AM427441 
«ue3 Sllc Fvd InL IB5B 90 81 112 00 

GuL-a inil s*«k sr-ais? e™ 3 0D 

MUDMlnl! Bd . jllTSIU CH2t 1 900 
Price ai Orl _■ Next dcaluij; Nm. I. 


Rirhmond Life Ass. Ltd. 

46 Alhol street IMUSla.!. LO.M 


tve* 23814 


1 -Inquiric* 0:4=0iS7n7D 
. jFT-lJg 1W| . ... j 3 10 

Capital International S.A. 

IT 1 u*_- Nnrre-Iiaaiu. Lu\cmnour£. 

'jp, I at lnr. Fund. 5US19 46 ■ ] — 

Centra] Assefs Management Ltd. - 

fv» Box On. St. Ilelier leriey. (F.nq. 0(-dr>ti TOTH l ivj Diamond Bd 
1 CHI. V vCt., '.ir, .. (£137 40 137 441 *00*1 — Da Em 97.02 Bd. 
hpy^elc-.Jaiun . (£1476 — | | — 

Rothschild Asset Management 1C.I.1 

01 rcta-ifa m juti.m-<« - i nucrovo.iMai 20331 


. The Sill cr Trua. (111.5 


Richmnnd<;,J F-I 
Tm Plaiirum Put 


119 4 
167 7 

teo 

1686 


U4Ji -1 01 
125 7 -07 
176 5 4-1 5 
100 a 
1775 4-05 


11.31 


Charterhouse Japhet 

I Paerrvitf er Row. EC* 


.'•rtiropa 
vdiicrfiM . .. 
FrouUit 
Fnndi* 

Enii4?rnrFund 

lli'.pnn.i 



4 7* 
4.41 

488 

525 

2.74 


Eq Fr Repe 29 |55 3 
ux In: Fd tbt.2 ,162 2 
oCIntlFdt |S1 20 
• a' SWorMScpCS | IS 2 5 
in' I'oimnDdity* 11489 
Vl" Dir I’omdli f (539 03 


276 

679 

12S 

311 

*07 

065 


rnmuimwi 

90j| Z 

«nh (86.4 9lil-2.ll — 

Fir Arrow life Amwhrc see 
Providence Capitol Ute AHomce 


Portfolio Fund ,.i 1483 

Pontoho Capital —(42.4 


tVl tr. — iVi 2 1 

44 fj :::..| — Merchant investors f\s*uranceV 
Leon Hm- . 2*11 Ujfh SL, (Sxr. d»j: 

Proper*} 


Gresham Life Ass. Soc. Ltd. 

2 Prince Crf WbIob Rd. B'mouth oae T6TR5S Prt»D«rl:- I'm'- 


Barclays Life Assur. Co. Ltd. 

SSHorafotdRd-R.7 


GL-Canh Fund (984 

G.L. Ertulb' FiumL_ 109 7 

CL Gilt Fund 113.0 

(7 LlntL Fund 1093 

GL.Pply.Fuad. .. (983 

Growth ft See. Life Ass. Soc. Ltd.* 


Equuy 
Eqiuii Ix-o-s 
Money M.irkit 
Money Mk( IV-n 

TVp-iiiL 

Dcpx4.ii Pen* 
Manayol 


InlerTnallmraJ __B6 4 


134.91 


aa^ - 


110 2 
noo5 
1019 

K64 

917 

182.9 


Managed 

Meoey . 

MnA.PrauLAcrum .. 

DoTnlOal^..„ 

GtKEdAPenkAcc.M 

DnJnlUal 

Money Pciulah-.- , 

Do. Initial — : |98A 

-Current uni if raltut Oewhor 30. 


01 -334 5544 W nr Ban It. Brav -on Thame- . RerVv 08283*284 


! *0J| 

-2 I, 
-0.M 


Flexible Finance.. LL07Q 
LHdlwiiSttx... 54 81 
LandbankSn Acc. U81 121 

G.d S. Super Fd.-. £7.982 




158.2 
166 e 
597 
172 0 
1432 
1852 
1309 
1442 
1073 
1412 
937 
97.4 


I - 


.Ip- M} Rent-, i 
Im F|i ■i-nn ' . 

In.;1 •"s-li'b-l Oft. 

014*6C.|T1 f' v | L InV 1 v ( L atl 
|-33| - Mm Pen "ill? . 

~ ni ~ Solar Life Assurance Limited 

1 .-indini E.C.I:. *>TT ill 242 2905 


1033 
102 2 
199 6 
142 2 
1387 
1273 8 


1083 
107 6 
1049 
1*83 
144 6 
273 a 


7ntl Manaeert 
NEL Pensions Ltd. 

Mi Hun 1 >.iir(. lK>rkinc. Surrey 

Guardian Royal Rxcbange NrfexB , i.*-op 

goyalEx rhramc.UL- j 0007107 

Property Bonds — 11876 195.4) | — Nelcx »,« ACi- 

Uamhro Life Aasorance Limited H (SSlei ! iih Inc v?. 

7 Old Part Low. London, W1 OMIDMHBl N»} Mid M 


i -Ii 

I +4 ! 
-0 2 
-n i 
-02 
9 

. 9 ' 

-i5 
- j.9 


— in I2FI;.-M.v 


Beehive Life Assur. Ca UdV 
71. Lombard St, EC3. 

Blk. Uorso. OcL 2 | 133 JO 


Fixed Idl Dep 

Equliy 

Property.- . .. __ 
Man need Cap ..._^. 
MmuwcdAce 
01-4231288 Ouersoos — .. 

,| _ Gill Edged 


Canada Life Assurance Ca. 


w 

lima 

T469 

182J 

1265 

A25.7 


American Acr 

r«LFXDepiCap_J 
PexJF. LDepiAcL-.i . 

»« H«8h St. Patten Bar. Hurt* P.Bar 51122 p^] Z'..^I 

RqWGthFdtMl.2, I UJ ( (-. Pen.£i3>ap gl44 

Reum.Froi.6ei*. 7. 1 1261 1 . — J — Pen. Man. Acc 


Peuj3iliEda Cap„ 

C a nno n Amuance Ltd.V ^BRCap^'. 

!. Olympic Wy, Wembley HA80NB 01^028878 Peri as. Aye.. 

Equity UnRj — ’ 

mmitrlMi ... 

EquHyBond/E*ec~ |O3.50 
Prop, nondfl 


m =1^ = 

1226-0371 — 

. . /Eaec.. 03 72 1952 ._ , 

Bal. BdLiEaec/Unlt. £13.42 1420 -O05j 

DcporftBood U30 1196 

Equity Amnp._.. 181 — -* 

Property Accum.— 1325 . _ 

Miutd. AcrouB. 1653 ( -« - 

2nd kqul» 9*.7 lDO-i -L7] 

2nd Property 107 5 133^ 

2nd UanaxKl — 99.5 

2nd Deposit 982 

2nd GiltZ. — W.8 
2nd. Amoican — 7*.4 
2nd Eq. Pens.! Ace. . 


2nriPmP*n*/Aee... 117 6 
2nd Msd. PraatAcc 1113 
2nd DcivPene/Acc. 101 6 
2nd ttUi pens/Acc. 91.* 
ZmLAnvPeiubiAec. 77.0 
L6EI5.I.P.-, 
L6E6JJP.2. 


curreat 


rohu OcL 38. 


1 -0*1 
40.11 
-Oil 

-aa 


Prou D-A.F. Cop., 

Pen. RAJ. Acr_-_: 


7789 

120.7 

1285 

126-1 

145J 


103.6 

106.0 


134.0 
1970 
179 0 
1547 
1918 
1332 
132* 
992 
1364 
Ufl-B 
219 7 
285 9 
2257 
2936 
1271 
1353 
2326 
152.6 


Ncl Mild. (■'•I Acc 
Scir suf- 


10*5 
117 5 
610 
ue 

SI 2 
£31 
*9* 
50 8 
1.0- 


88H 

1216 -7 ^ 
650 
70 3. .. 

51 S . 

558 . 

51 

33 l\ 

Member 25 



[1286 

135*| 

-04 

— v.Ui J-r.-pcrn S.. 

— J.,iorFqui;> S . 


1203 
177 61 

-04 

“ v.lori'-.l InL 5 

Ubb 

122 8 

-0 ? 

“ S.ilar, --.hr. 

1021 

10E5 

■♦131 

— So'irlnil S .. 

B9 7 

953 

- 3 W 

Sw»|j'">i.i'i.ii:*.“i I*. 

|12&1 

13*9 

-a* 

— SelnrlTnimTi P 

U4 0 

120 0 


Molar K-juiH P . 

168 2 

1771 

-0 i 

Imit.ir l'-.rt In' p 

1161 

1223 

*0 2 

W'll tartar h P 

103 8 

1012 

*0'. 

MlvInU 1* . . 

096 

952 

-JOf 


Sun AUJanrc Fano MangmL Ltd. 

san.l|l<nii<ri-l|niiic llor-Hjm n4mm41 

K*|f Frf.lnl • icL 1 1 . .(£153 2 161 5j . . [ -- 
lm.ltm.vi. 24 . . . 1 iiSOl ( . i — 

Sun Alliance Linked Life Ins. Ltd. 

Sun. Ulianrr Mouse Mur-bum 1MW6IMI 


NPT Pensions Management 1 2d. 

4R.r,wn-liu(thn .D.1T3I1H. 1' l -G22 4200 i-ropert; F<ir»1 


Equiu Fup>l - . . 
H-.«Bnl«'csllU . 


OlnatuiL-d 1'nnil. . |1572 163 7] 

Fncf--- »>-L 2 *«i-« dealing Nir. I 

New Zealand Ins. Co. lU.K.i Ltd.V 
ULtitLind M'Kiv FnulhtnuSSI 2JS P7ir262!kx‘l 


ln|pr-ialin.nal Fd.. 
lippcoil Fund . . 
Mnaayed Fund . 


1291 

1062 

U63 

%2 

98 4 

110 * 


135 91 


111 E) -0 2] 
Hi 
I ~0 


-0 7i 


12251 
101 3 
103 « 

1163 *0 9j 


Kiwi Key lm Plan 
Snwl|i'*iK'l - 
Titbnnlup'Fil . . 
£ vun ln< Fd 


:158 5 
(97 0 
1095 
95 0 


__ Amencw Fd — |9T 1 


Far Eau Fri 
till! Edged K 


115 8 
1052 



Snn Idle of Canada ll'.K.) Lid. 

2. l. 4. 1'rtfkspfjr Si.. Sib 1 5' tipi! 


Mupkr ) J Grth 
M.ipl*! Ll Man;;, I . 
Mapldi^Ec^ - 


20b fa 
13b 8 
13* J 
210 0 


fun. Oepoxii Kd-..(932 

Norwich Union Insurance Group? 

Pi I Ro 1 4 Norwich NW HNU. iMKS 2K»«i 


IV-rbal Pn 
Target Life Assurance Co. Ltd. 
T.t-qci i|ou*e, Ga(chi>L:c E»l. .lilexbur- 


2286 1 


Hearts of Oak BeneQt Society 

15- IT Tovictoek Place. WCLH BSM 111-3875020 Mao.igwl Fur-i. .. !J172 
Beunaof Qak...„ )37J .3931... | - j I40I 

HiU Samuel Life Assur. Ltd.¥ Fi.iniin: FunH _ Ji;?o i«o| 

Dr poii I Fun. I . IjC7B LU.4 

Nut UnitLVCt 15.. .’Mb 


Ailcroury ,U2Si6> fAll 
102 21 


_ XLATwr. AddnemnbeKcL.i'ror 


MOnnced Units 

Managed Serf on A.. 
31nnac«l Sane* C. 
UanqrUnlU - 


— «*i 


Uon^SataA 


-KM.A„ 


Capital Lite AstarmceV 


Key InvedLTd I 

Pacemakarinrjpd, . } 


10563 

307.41 


I ::::.! = 


[161.2 1693 


105.1 no j 


104.0 172.6, 

-1.5 

96 7 10X9 

-05 


-09 



W.B M4.2. 


no 900 


0.6 97l 

-ll 

1460 353.7 


155 6 1633 


106* 1124 


1X3.9 119.4 

...... 

1072 112.9 


108* -U« 

..... 

960 3013 

mm ■ 

97.4 l#2b 


K4 1010 


97.3 1030 

— 


Charterbean Magna Gp.9 

hcfifioo Hoc. Brunei Centre. State bley. 
Mill on Keyaw08pfMMI222 
Chr( h*e Entrey__ 
rhrthse. Money 

Chrthke. Managed,, 

rtirth.ir Equity (54.9 


Macon Bid. Sac. ... 

MagoBUoaoced^ 


□7.2 392 

-12 

297 3L7 


340 360 


54 9 _ 3* 9 


1345 


1530 



Equity Serin A.... 
Piw. Mwuced CnpL 
PiuLMuaMdAce.. 
PniLfruealfap — : 

ftaffteed. Acc 1 

Pens- Equity Cap... 

ssfffla?. 

Diw-Fid-InLAcc^ 


Imperial Life .Ass. Co. of Canada 

Imperial Horn, Guildford. 71255 

Grt Fd.Oct.2T [75.6 

Pen*. Fd. OcL 27... (69 « 75. , 

,, Ural Linked portfolio 

Managed Fund, (963 18L4I -0 

PlxeatnL Fd. (963 1014 -*D 

Secure Cap. Fa. M76 102.7 +0. 

Equity Fund.... jUL8 U63 +0. 


-01 


371 2| -1 3| 
+0; 
■fO *1 

+0 I 


-I - 


Phoenix Assurance Co. Lid. 

4.5 King U 1 Ilium. Si . F.' 4H4im. Hi 40! ffm 

We*nh Ar* 1112 S 118 9( . ... f - 

Eb r Ph A*.« B2.2 J .. „! — 

F.br PnFwK -|797 B3.9I . . | — . 

Prop. Equity ft Life Ass. Co.T 

I IB. Crawford .-Wreri. Will 2.45. uldBftOMS? 

R Sill. Prop Bfl-,.1 185 9 '....) — 

bn Enquiry Hd ..1 77 1 | ] — 

Flea MOM? HrL ...J 150 1 | ( — 


Bnrta 

Man Fluid Inc [97 J 

Man Fund V* . 120 1 U64l 

Drop r.l In,: . . 112 4 lias) 

Prop Kd .V-f..... 144.0 

iron. Kd Inv . 1110 

l-'i.wl lnr Fd Inc 130 E 106 1 
lfa-p I'd. lnr .96 6 101 fl 

H..-I I ’I an 4c Pin .717 T9( -0*, 

n.i Pl.iiiCnp Mon 59 3 U 5 -ft ?l 

Man I'l-n K-lAcr _ 127 1 131.8] 

M.in Tval-'d Cap. .115 5 121 g 
Hill Pi-n.Fd Acr .1318 1387 

1 .ill J-en Fd. Cap _ 123 0 129 5 

Prm. Pen Fd_\cc 155 4 163 U 

ITT'P TTn FiLCop— 154 5 162.W 

•iu.irKcfi rd.lcr,. 55 9 1009 

i.u.ir 1‘cn Fd l Di>. 9b 3 101 4) 

] ’ A Pen Fd Act . 95 8 100 fl 

ti A t’en Frt Cap. . 95 5 100 5| 

TransinleniatioDal Life Ins. Co. Lid. 


Property Growth Assur. Co. Ltd9 
Loon HnunT*. Croidon, Cfi9 1 LU 


2 Hrcam Bld2r . EC41 NV. 


UI40TA497 


B22/-1I 
_ S.q -fl.! 


Irish life Assurance Go. Ltd. 
TL Flmdbuty Sqnam EC3. 

, . _ . Blue ShD OCL 27„ (77.J 81 

City of WeabnihHter Assur. Co. Lid. M arwge dFund ,_py 1 m 

Rjnc.-dead Home, 6 Wkinbone Boad. 

01-88* 0684. 

6641 -fl I 


wnyurmi npusq. 1 

Croydon CRD 2J A. 

" ' 1255 

ill 


Cl It FVmd.. 

PULA Fond 1718 

Pena. Mnyat Cmp.^_ 184 J 
Pens Mnga Ak.... 1300 
Pens. Money Cap. _ 47.6 
Pros. Money Are. _ 49.8 
Meu. Equity Cap- - 953 
Peas. Equity Are.... 578 
Fund currently e aged la 
Perform UbUiiZL. ZUM 


862 _ 

1322 

656 

174.4 ..... 
1306 — 
1368 .... 

50.1 

52.4 


MS-. 



Properly Fund 

Properly Fund i.\< 
Agricultural Fund. 
Ajtrlc Fund ■ 1 1 - 

Abbey Nal Fund - 
Abbec Nat 1-1 > 4* 

Imc’ICKiil Fund . 
Inie«meniF‘d -A' 
Equity Fund .. 
Equity Fund ... 
Money runrt 
JlAIMi-hilnli.l- - 
At-iiiArtnl Fund . 
Gill-cdCud Fund 
Hlll-CdKidFil 'A'. 
01-8288253 ARelirv Innuity 
_( 5 DO ** mmed A 1 in 'ty 


;J L” ^ 


City of Westndnster Assur. Soc. Ltd. 
Telephoon 0L884 0084 

Firit Unlta a. 

Property UnMe...„.. 




Commercial Union Groap 
St. Holoa'x. I, UudnataAS. Ed 
Vr. An. Ar.0et.S8_j ».W 

Do. Annuity Ola. | 1883 


Exempt Mon. FA- 

Prop. Mod Ocli 

Prop. Mod. Gth. 

Rang ft Shaxson Ud. 

SL Com tun, Ed 
Bond Fd Ell eto pt^W B7^1 B3 3fl -0 01| — 

Laugh am Life Assurance Co. Lid. 
ltfnSfaamHo. Rolmbrook Dr.NW* 01-2035211 
Lanchara'A 1 Plan.. (67 U 70J 

vProp. Bead ...Q4J2 ioi 

Wtap ISP) Man Fd [77 * 8jC 

Legal ft General (Unit Assur.) Ltd. 

Kinsowoed House. KlaoMocKL Tadworth. 

SB!3E"-.|».. W 1 

Da A ecu m 1266 

Eqany initial 1264 

Do Arcum 1279 

Flaedlslilnl U72 

Do. Accum. Uti 

IntL Initial. |95A . 


Alitflher AC llll 

I , *All WruiluvCsp . 

„ 01 ni Fd ru. _ 

pMi.lmi Kd M> . 
•.'oni I'Bli Frt _ 
__ I'nr Pit*. i‘ai*. l‘l 
01 -S3 .9433 JJan, FVnf Kd . 

Mon. Pens LAU L't 
Prop. Di*n> Fd ... 
Prop PcnM'ip Ills 
Bdoe. Soc Poe Ut 
Blrtfa Six- tap l'L_ 


188.7 
IBS 9 
737.4 
7300 
157 7 
157 5 
688 
634 
1763 
125 2 
1435 
142 6 
1176 
1226 
1226 
185 2 
1475 

Grmtih Pensions ft Anaulnes 


— 0 4 
— 0 * 
-0 7 

-Ofl 
*0 a 

-0 V 


I«4 
118 7 
1222 
12b 3 


VTuIiPiniiis;. fVf .. 

uiabumcirt eiuUpMnnsil Fd 

UI«UtlSW rMan UqqjJ 1-r, . 

Sian Iw V(t<'iO.„ 

Vun Pen F'rt 4r.- ^34 9 
VMnr-l Ini l-'-l lnii5G08 
VMilftd Inv FVl Arr|!C: 6 

Tridenl Life Assurance Cu. Ud.9 

R-.-niLvlr' Uuui“. 'Ilo'ir. .|.,r IMS2.W* I 


157 

124 

128 

132 

J41 

106 

106 


I: 


1138 3 


128 I 


1*5 0 
1331 

151 2 
1351 

152 5 
1335 
110 5 
1353 
1349 
1224 


MS 9 
136S 


Mfip.vod .... .. 

1 '.Id blvd . 
l*rrperP.- 

K>niiti Amerv-an - 
1.' K Eqtn*j Fund. 
Hiuti Y10M 
•lili F.rtKOil 
M,*-fC; ._ 

1 Mcrn.it innal 

Fiscal 

1 .rum h <:-»P . . 

1 Ircull, Aci- 
Pi-iii Unud Cup . 
I ’.ID ltd Aci. 
Ken* i.vLfWpi.Bp. 
Ki>nr iUd Dep Veil 
Don* PlWF Cup 
Fous llv Ac< - 


Trrtt Bond 
•Trdi.il 1 Itand 


112*7 

wan 

151* 

5SI 

124 8 

Mt 

128 5 
126 8 
11314 
118 5 
174 6 
1C3 4 
1091 
115* 
1212 


- 136 9 


L12 11 
156 ' 

160 3 
85 41 -I 01 
1275J -^1 1 
150 01 

124 
131 5 
105 6 -P 6 
1361 
134 
139 

125 
133 
210 0 ] 

115 
122 2 
128*1 

38 


Cl i ve Invest men Is (Jersey 1 Ltd. 

••• Hm.;xa» M lla-livr Jen/?; 0NM3TMI. 
'In i- Gilt Fd .I - 1 ■ |97B 9791 . f 1100 

I'luqiiill Fit 'J-n > 1967 96fl . 1100 

Cora hill las. (Guernsey 1 Ltd. 

I’ll llm 157. St. IVU-r Port. ‘•'uirniMiJ.' 

hurl M.1 it Fd 1177 0 192 5( | — 

Delta Group 

P" Hnn 74H2 V,tii.io B.ihnike* 

I idle Ini 1 vl 18 151.-9IB6 2 ltd ! — 

Deutseher luvesmienl-Tnisl 
I'vtffiH-h 2683 Bichi-rj.iiv? 6- 10 axfl Frankfurt, 
orwrou-u ....IHM2J90 2228]. I — 

InL Kortenii Midi.,. |lrtW7» 69451 -0.MI — 

D reyf u s lnterconli Denial inv. Fd. 

ri* B*>i N.1T12, N.v.uu. Hnh.-iiiuLs. 
■:\VikllM . . m'.T5C 155?f ....( — 

Kmsnn ft Dudley Tsl.MgLJnn'.LIcL 


I - il r-rnU.M Melirr. .lprsey. 


U534 2U981 ,-to-pm 


■ITic**' nn iK-L 111 Veil rtcnlmp Orl 31. 
TPncei on ib-t 23 Neil Jeilini! Nov. 7. 

Rothschild Asset .tlngt. ( Bermuda 1 
PD H.I. 1 0*4 m- nl Fu-rmudn Bid. Bermud*. 
Rc«enc V-.ictK F'rtltl .CfllT U«-dJ0e| - 
Pn,u •»*> ii*'l .'-I NvM (trail ns OcL 31. 

Royal Trust (CD Fd. MRt. Lid. 

1--1 Rn< KM Hm-.||T«« II**,. Jrr«nv. OKUTT-Ul 
r.Tlil'IFd . ISIS961 H2Jt j 300 

RT Ini l 1 Jeer <Fd i860 920| I 321 

Pirwc* ui ".i r* Nr»l dcalinp «M. 31. 

Rave ft Prosper International 

Hc-ulmi! in 

.-|7BnuMlM.?*i Holier lrriny 09.14-30501 
I S. Dollar^enonnnalnt Fund* 
lilr Fid. lnl •*; . MJl 9 7fl...| 735 
Interroi iir“ ,r "■ 

Far Ei-4f*m 
North 


3.00 


RD1*. T .. .1126 9 13*91 ( 

The English Association 

4 Fore .'iron Fj'J 01 .188 7081 

F.nr .\ic SU-rlmiV (L50«l 50*2) . I — 

Wnrrtc.He i’m Kd-*|nO 44 10 87j I — 

■Neil ite.tlinc Noi I. —Neil dealinR ucL 3L 

Eurobond Holdings N.V. 

1 ljnik-lM-j.lv 24. Willvno-lad r ur.-.i-jn 


■ aiiir-t 608 R74 

.vdrro'i 5581 60 34 

1 \ mvnenn*; . 3 70 4 00 

. 15 77 17181 


Strtllnc-drtianlnau-d Fund* 
(tiannol Capital* 1237 8 
1 'li an ncl lM*mU4 
I'ivninnd —t 
St Deposit 
St Fiseid’ " 


8tl 


103.8 

114.5 


250 4 

-2 5 

2 51 

3 5ft 5 

-1 2 

508 

1438 



100 4 

*01 

025 

1211 

*06 

1197 

OcL 25. " 

'IT 

28. 


■ Prices on uct 23 

Schlesinger International Mngt. Ltd. 


lino Don Aerais- InleL 15 ChriuoybcT sc. ECS. 4I - ljl MoueSi. Bi M-lier. Jersej- 


Tel 81-247 7242. Trin 881440K 

NAV per sh.in* i>l 27 SlIKMXi 

E. ft C. Mjanl. Ltd. Inv. Advisers 
I 2. Lafirccci-rounlnt-y Hill. &.'4B OB A. 

■il «tr. -JdWi 

■ f.iL *d IJ.-I 18 ..| 5fS615 } ..I - 

Fidelity Mgmt. ft Res. iBda.i Lid. 

1*|'| nos 670 Hamilton. Bermuda 


SAIL . 

K A D I. 
uiurd 

lnl! I- It Jersoj- 
] null Fri.lamhri 
-F*rEa.fl Fund 


•Ncai cub. dov i'pctohcr 25 



Vnli4uy Am Y*< 
'•tdelilj lnl. Fund 
Fi«te1iic1-nr Frt 
Fidelity W rid Fd .. 


**.•925 00 
SI.S2L69 
*L' KS9 61 
54. SI* 55 


-41 


-0 381 - 


Schroder Life Group 

Lnl pro* llnuic. IWunuullL 
Inimullonal Funds 

i&lilllj 

SEquIty 

FidHily MgnA. Research (Jersey) Ltd. sT'Ised interS 

'■luiTlikiH s-, Don si .Ai Uelier, Jersey. 
fit* 2774)1 55*anaeetl— . 

Senr-a s.intnl >. IL3 61. J--0 451 — 

SsT.n h ilAicIfti 1 CIO Id . — 

S**m-*Dt Im Asr > ltl6 17 I I — 

First Viking Commodity Trusts 
K SI lk*lr;c ■M l*raiclue InM. 
wS!4 -MW2. Gda. Adi Dunhar b fn 
OT. P.i 1 1 Mill!. London SW175JII 


1119 
1428 
124 3 
[1061 
1271 
1241 


z 1 


Ud 


J. Henri’ Schroder Wage ft Co. Ltd. 

I3l.«'h<sipnrtc. E l"2 ft| 'A840OD 

rne.ip S IK-i 25 
Tral.UttnrSepi 


1381 

163.0 


*01! 
66 0 } 


465 


F*4 1 ik <'m T i 
F*4 Vk Dhl Op T*i 

Fleming Japan Fund S.A. 

Die firtrr IVm. I^nemhiuirc 
Fk-minc i.irl 24 . I 5U567 55 | ...._| — 
Free World Fund Ud. 

nmiurltoiii Did):. Ilamillnn. TVrmaria 
U.-ur(3. ( 11KJ96 25 (.. | — 

li.T. Management Lid. 

■ark ll- e 16 rinshurt, *. irons. U*aikui Ei- 
Tel nl4tS3l.il Tl«\. ffWIOO 
■iidiui A coni. f-.K 
,.-h.*rHl'nil» IB/sl 17 115 

An.-ti-TfiiU EdRs- £442 9 481 

\nchnrlni. Frt (91.75 2* 556 

tni-liur I n Jry. T:i ,|30 9 32.9 

ry Pas F, I .rsi'SSSTM 
H..try Pw- sv r |s .030.0 353 60 

i T Asia Kd .- _ pTnXUS \lEd 

J T Vaa Su-rliojL. |C16 51 17 68 

IT Au'lr.dmLn. . bAlOOO - 
JT Bond Fluid . J St'S 14 80 
IT IsUl.srFd I 5VF642 
. T I'lr iStrlq . Fdll92 9 J 
!T PocificF.l -I SI.S17.56 
• T pi>iii|i>u»- Fj .Iran w ji 


A* Ian Frt lk 

ill H30 7857 Darlinc Kd iff 
2*0 Jopsn FilOtt. 



2 41 
47D 
0*1 




Sen in Assurance International Ltd. 

Prt Box .120, Hamilton .1. Bermuda 

Man Jtcd Fund IJ1N73M 25JS 1 — 

Singer ft Friedlander Ldn. .Vgents 

20 i.'annufl St . EC4 01 24BS840 

ItakaWlf. .(DM2692 :i*M I 5 90 

T.rtjliTfl i»c l 2.1 5LISS150 1 J 149 

Stronghold Management Limited 

Pil Rn\ 31ft. SI ilelier Jersrv 05.34-71480 
L'omimdity Tru-l. |9b 75 101841 ... | - 


188 
1340 

£(£ Sarin veal (Jersey 1 Lid. ix> 

0 77 Quven- H*^- Don Fd si Heller.lry (I584 27S48 
DBS .liwnnm I ihLTM _|C680 6 0*1-0.20 — 

3 67 Copper TruM.. . 01*7 1175 -0 0y — 

3 13 J.ip. lu<taxT-4- _(aiB9 ILW-Oifl - 

|3“ TSE Unit Trust Managers (C.I.i Ltd. 

B.-uitfdlc n,1 . Si Smour. Jersey 0S34TMH 
0 88 Jt-Duty I- uni l .150 1 52 7]. ,| 455 

— Guivnwy Fund ISO 1 52 7J I « 55 

Prices on OcL 25 Next ruh ddy Soo. L 


Garinwre Invest. LitL Ldn. Agts. 

M Mar > ''•*■■■ L.m*lon El a PI 283-J6K Tokyo Pacific Holdings N.V. 
imliDorr Fund MnnL iknr Kami Lid. i_hm. .... 

loin Hull iiison !K. 10 llarmun fed UJionq ininuib Mitnosciwnt ■■ . x ' uro-rao. 
HKMv,r I.-.T3. piIM2b5 *S1B*43H!| 180 NA\ per :Jinre «Tt 24 SUhTOJU) 


4.i pan Fit 

\mwi..anTHl 
Inil. Hnixi Fund 


. RIIM2b5 
513?3D 
. . HSU 91 
hi, tacts* 


Gonnwrr Inn— I wnl MnuL IjuL 
7-ri P-ro *C. rmficl.-i-.-InM. 
iannKin- lull Inc (23 7 23 3a* 

Inrim-ire lnl! t«nl*l7* 8 71 6f 

Harahro Pacific Fund Mgrot. Ltd. 

21 IB. f,*onju:!il I'enrro-. Hunt Kune 
FarLusi ini.2.% ISHUi* 17351 — 

la|aai> F11r.1l . lSIM0t5 ILEl+COf) — 

[lambres Rank (Gtienisryi Ltd/ 
lliunbros Fd. Mgrs. (C.I.I Ltd. 

HnlKiiiicniw) iH£i-2S3c 


, 050 

■■ l Tokyo Pacific HIdgs. (.Seaboard) X.V. 
luljmij Munui-emeni t'n NV Curacao. 
iK24^V)ll NA6" per share OtL I* 5USW 07- 

! ^io Tyndall Group 

F.O Rm I2SC Hamilton 5. Bermuda. 2-276* 


ft . . H-SIZI 
iroi JI'919* 
rl IP .(SLSZnS 


il.ieasCK-l 2.'. 

■ Arcum L'nii*! 

3-Wjy Int orl 
2 Nr» Sl.-SL nrller. Jersey 


'i.'.ffti -.aiuc (or tlOn »ni.-miufu. 
Tyndall Assurance/ Pensions* 
Providence Capitol Life Ass. Co. Ltd. 18 funyiurw Hood. En-jui 
30. L'x bridge Road. WIJBPG 01-7480111. -T-W-iy ■> i» 2fi 


Do. Areum. 

01-2887500 Mnna*^d mmol .fUU 

Do. Acram. .... 1122.9 

Property initial |loo_z 

Do. Aeram. 

_ ton! 6 General fl 

C onIWI eration Life Insurance Co. Eunmcwliiatt.. 

aauu»«»yiJUMtwaiAiiffl. owtaozas 
;B|ul*.F}rad_BgS uug--f - 
0Maaued.Fuiid_D93J.._ 280.91 


Net MM Fd. rap ..f 
Sel Mitt Fd tan... 

. Pension Equity 1 

h HcMh 53456 g™f ^ ^ • 

Deposit Fd. Ai-e....j 
Equity Fd. *.'jp . .( 

Equity Fd Air 

F'rt InL Cap I 

V*d InL Axv. -- ...f 
Inlul.i'np 

Inlnl.AvC 

ManaftertFd Cup .(■ 

SjnniuswlFjJ Ace.. I 
Properly Frt. Lap. . M7 5 
Property Fd. Acer. _J*f.5 


131 .ffl -02 
1S4.7( -0.3 
123 l« +fl 1 
mJ-to.y — 
- 

123® -fl.'*! — 
129^-0 fl 
205 Sj 


ftSWgSi:- 

FMu).Pan.M»] 

HagfidUnciU 

GroupMurnFa.. 
Fiyodlnt. F«0 

ggSgStr. 


Rl S3:;;. 

19M 
207J 
259J 

MU 


Provincial Life Assurance Co. Ltd. 


_ 2S2,BlstM)pssaie ECJ! 


C-ornhill lawrance Ca Ltd. 

32.CarnhUi.ECA 03-8205410 

Cap. Frt. SopL 13-11540 — J ....J — . 

. lM.oj r651 — 


UU| 

4 tadnn 

! 10551 

W m 3 

— JO 1* 1 1 

Da.AccvunT (157.7 Ml 

Eawnpt Flxod InlLflli3 X2L* 

DaActm*. lUU 3240 

Exempt Mn*i Initp99 - 1165 
Da Aceam „ Z, MIS 140.6 

Ejump Prop, fait .JfftS 1055 

Do. Areum. fl00.9 U63| 

Lesal ft General Pp^. Fd. Mgrs. Ud w 

] l.QUoeo 11ctorta5L.EC4N<rP 01-2488878 y^d lnl Orl 18. -. tl9J0 
UtGPrji. Fd. OcL -U9B.7 HUJ| - lTop.l’d Nm.I8_ .,£27 74 

Nest auh. day jjpw. I 


— Pw. MnnnsertFd. 
Ptw. Cash Fd . 
Cin Fu nd £0 
Propcrfv Fund . . 
Equity Fund 


129.1 

1060 
U66 
,101 3 
'1040 



Equuy i;vi y, . , 

Rtffllllh-I 26 
Property iter 26 _ 
IVyfXi-.il flrt LVi 

n-w.11 r-n bor>- 1 ft 
ft-u-Hslni 1 icl y. 
llll I'll .1 w f K-l -j .. 
r«. Equip 'ie: 2 
Lv». Itouf M irl 2 
Do Plop 'ML 2 . 


137 1 
1700 
'167 5 
108 4 
130 0 
1521 
70* 
1782 
280* 
181 2 
898 


Vanhrngb Life Assurance 

IH4 Martrloi Liln -Vin 3L - 


■ Man.iifri Fd . . 
Equity FU 

Ininl Fund ~ 
Fnrd 1 niersi Ed. . 
FTopeny id. — . 
I™ as 11 Fund . . - _ 


'«a7 

..$v 

167 4 
'1481 
120 9 


156 61 ■ 

252 2 
100 71 -1.6 
176 3l--0*t 
155 9| *0 Tj • — 
127 : 


Fsd.7M.Fund -,— )969 

Prudential Pensions Limited^ 


Vanbrugh Pensions Limited 

4I-42.Mnrtdo*S,L.Ldn WIR9L.A *.H-iM48C3 

Managed 1100.5 l?5?(-*0 

Equity . . - -J106 4 JUl 

niedlt.lereiit-^ _ 956 J03i 

rrnperry ^199.6 104.' 

i>uaranintd see 'Ins. taae R-tle:.' table. 

u-MEtBB Welfare Insurance Co. Ud.V 

Z7 IV .. .1 — 

1945 ... . - 

2ftM( I - 


. . Reliance Mutual 

Life Assur. Co. of Pennsylvania Tun hnd0* wcii*. kcol 

*M£ New Bond SuW 17CAQ. 0M83888S Rpi prop Bds. I 203 3 

lACOPUoiU (974 1.0231 — 

Lingua Bit. Unit TtL Mngrs. lid. 


Credit ft Commerce Inesrance 

12D. G6c«M W1KSFE. 01-4387081 TLlpmtardsLKCa 014E3 U83 ;; iC . Pl 

CftC3bud.Td_.naJ 132.(3 - Ereagt.* ,.-tf9a jm J rt — | 7.77 


owe 22 

Rtnhscbild Asset Management 

St • !?-®nlinr.s bane, London. iX - * OJ-B2G433E 




_|120 6 1283! 


int Sut. day Imcunocr 20. 


W(n«':irtr Furk . Ewirr 6^.52155 

yont-j'rnjilc-r Fd. • 107 B - I -031 

fur oKn.-r fund- plvu-e ro-lur *->The Lunaun £ 
Manrhesiirr i.lrnup 

Windsor Life Assur. Ca Ltd. 

Ro;.-aI .Allien Use., Sru-^r ,W 1 nrt-M 681 H 

Lite inv. FlOfii...... (740 77.91 1 — 

K'rture.ASsd li'Jr a, . 

Future 4»vrt.flU»h* 

RrL A~~rt 
Flex. laT.Grw.b- 


‘ 77.91 - - 

2300 - 

45 00 . .] ~ 

£2646 ... — 

105 B U1.4I „.... - 



3.70 
850 
2 ID 


H' 

9M 1 — 

♦! Wij — 

dvarKi-. 


,■ I Fund 

Ilitnl Bc-urt SI'S 
Inl.E-lulU SI'S 
lnl Slll>. ' \’ SI'S' 

Ini s«q* -B JDS 

iTiie-- ljIi OcL 25. Serf .hyaline .'lot. I. 

Henderson Raring Fund Mgrs. Ltd. 

Of, iLuiannin IhniMf. Hmiq Kami 1 
Jiip.Mi Fd 1 1.-1 .ISV-5M1 2S' 

Vnrilii- Vd- • h-l ii. 1 SltSlfl 071 
Kuartl--J INI 20 . | S'. 'M0 8*5 
■f..> I'imil- of any pR-Iim. 

Hill-Samuel ft Ca. (Gnernseyi Ltd. . 

B ] f-H-tn re Si . fetor Pori Hucrim? I’J. 

■ :u>-m>ri TM . . 1150.3 160 8j -0 3j 3A9 

Hill Samuel Overseas Fund S.A. 

Tf. Rue Nuirr-piniie. iqwinbiilira 

1H.S1848 U2JI-04J1 - 

Inicrnational Pacific Inv. Mngt. Ltd. 

pi* Bmi R237 ■>>. Pin M. Syitncy. Aud. 

J a. cliii EquJly Ttf. ,|S .4234 2 461-0 02] _ 

J.E.T. Managers (Jeniej'l Ltd. 

Ji'iRn. onihinnclirnuie-.Jetser uriM7as73 
JecKfi- Eiirnl T« ,]191 0 2D*0| I — 

A-. nl Si-pi 29 Nrtl rolh day L«cL AL 

Jardine Fleming ft Ca. Ltd. 

4ffh Floor, i.oniuwcbt reatfp. Hi'ind Kitna 


CMJtBIS 


TOPSl.lVf W .. 17 SO 

lAi-t-um fihurcai L12.DO 
.lmtnr»ni'irt.2fi . 81 5 
lAi-cum shram. ..815 
FnrEayt i'VL SB .910 
l li-rum. Uarpi, . . 91 0 
Jcrtt-yKdOel 35 2212 

iNon-J Acc. L't 3132 
Hilt Fund Ort 2£.. 1058 
1 \ccuci Shares, 1*0 6 
Victory llmmr, Dooflins. file of Mon. M2* 24 1 11. 
« unshed OcL IB. 1134 6 Ml 8] .1 — 

I'td. Into I. MngmnL (C-1-) Lid. 

14 ilulcnstcr tareci. Si Hclicr. Jcrwv. 

vj a. Fund (sfsauu* mm-* in 730 

United Stales TsL Inil. Adv. Ca 

14. Hue Aldnnper. Lu.cinbcwc. 

L.S TsL lnr Fnd I 5f ’S10 68 I | 0.94 

Net asset i- I'ictobcr 25. 

5. G. Warburg & Co. Ud 


i.’oni.ficL OcUM .. 
Kncnlni i>i2e 
f^-.ta SFd. bus 31 
Here Ehd Oct. 2S _ 
MercHnyMhturllC 


RC£ 

01-0104555. 

I Jl S951 

-0O5( 

— 

51SI7 23 

-025 

■ 

5LS708 


- - 

mw»j2 a*r 


017S3 

£1006 10 07 


— 


JnrrtlDC KMII Tm . 
JartliiM- J'wi (-'ll' 
Jardine St a 

.umUDoFtajarnL 
Inlll'ar.Ke^vitnc : 
Dm i.li-ruin ' . 
N/.V Obi 14 


! IKS 353. 70 
HKM1833 
SI 1519 •» 

KRS12 48 
msis.ofl 
JIK51524 
"Ecnmalcni JL'S«t«. 


Nest Mih. « vr 31. 


£00 

080 

170 


‘Warburg Invest. MngL Jrsy. Ltd. 

1 irhori ng '.'mM. SL Helier. Jjy ' I 0534 71741 . 
GMFUAS^LOH- pl-'OJO US . 

CHTUd S*W2S -ta*J9 1476( 

TattoKTsLiicL. lfl..lU2 0O 13 2 a 

•niTnrt.13 . ._.Mai39 13^ 

Tnrrud.ocLi3._iai.il uni. 

World Wide Growth Management^ 
.Ido. Bmiciard Bpj-aL Luiewbctin;. 

VFnrlriwiUc Utft F*lf 6US1634 |-rO0fl — 


NOTES 


Pnrer do nd i nejurte 5 proRuam, pteert » here inrtlraled •>. and tm in price ante's athenvue 
indurMerf. Yields “a ishiiwh In Iwa rrhunni hTIow for all nuying espenie* a Offered pncec • 

lMlil«*llllMKftMt b TiSday'ipnct*. c YicMburiwirtlwiinK rt Ealimatoai jc To-day's 
"pwim once, fa iMsmtHinon tree ot» 'Ji laurw.p F«lr*iicprenmim insurance plants single • 
preiraitin insurance i Offered price Include-* all expenses eveep* acenrx roniBraw - 
v nitered pnre liv-ltirtw; all trope f»e< if hnughl ihmuqn rnunacer. i Proi-iovi dwv> price! " 
v Net cu las. on realised rapttsl coin 1 nnlesa indicated tty* 4 Guenuey grms. t Siuuendad. 

♦ Yield before Jeraqy tax. t Ex- subdivision. • 



42 


Financial Times Monday October 30,1978. 


INDUSTRIAL AND COMMERCIAL 
CONSTRUCTION 



. Henry Beol Construction Limited 
London 01-373 8-394 Sheffield 0246 410T11 


FT SHARE INFORMATION SERVICE 


BONDS & RAILS— Cont. 


BANKS & HP— Continued CHEMICALS, PLASTICS— Cont. ENGINEERING— Continued 


Infrat 

liw 


Swek 


InlPIi-ri 

Hui 


BRITISH FUNDS 

i frit* \ L*ri I 
SttKk I £ c 


V»M 

lnt. | KnL 


PM 
17.M 
SWI 
J.M 
ISM 
3M 
MM 
IS) 
lfJ 
iiM 
1.V 
15K 
l \ 
121 
4K 
2IF 
itm 
23M 
15.1 
1SK 
ISM 
I5J 
51 
22M 
51 u 
IMF 
ITM 
I8J 


1 01 
1SJ 
inj 
1M 
156J 
1.1 

15.V 

151 

151 

10J 

SA 

-IF 

35F 

14J 

ISM 


JBM 
l.M 
22F 
ITM 
25Ju 
1M 
21Ja 
15M 
13S 
3N 
!5\ 
l-\ 
211 
21 A 
l.M 
IN 
30M 
20M 
15J 
ISN 
22Jx 
14J 
SA 
HIM 
L-6J 
12J 


IF 

1.1 

l.\ 

SA 


‘■Shorts" (Lives up to Five Years) 

iw-vr T ! ;p. Tj= _ 100 ‘ > All *5 

Ta-a-LP :vp. -xz . 95-. !: S3 16 

Ffcvtri-Swpc %'ii 21 « J 42 

Tn:a.-jr.- lm-c. 7K: IDO .La 254(1049 

El* :n- T. J., TH-T4 . . -K.r s id 3 65 

Tnu^un S'. iltfW 97. 1 923 

Tiua-xr-Sij^ Vd . 97*. «t a i0] 9 73 

Treour- TT-W 93 1 * a sf 3.75 

Fu.idinf >4pi 7W»-= ) M : 4 


ft* 

b 

1SN 


UN 

ISM) 

r-n; 

asN, 

isial 

ISA, 

k 

21 A 
I7N 
-51 V 
15»aj 


51 

21.v 

ITS 


E-.rii-etju*.- IJpc !S#iTd 102 v»r 


w 

89 ‘j 


91 ..., 

9?Vr. 

I “al 

8;*: 

90l 

88 I 
FI:? 
99i, 

89 A 


"fl 

38| 


B" 

1110 

17101 

ad 

I 

its 

177 

us 


94-V, 

- 

1094 

83 

96 

676 

88*4 

*s 

98? 

77 ] iK 

Zi«l 

840 

81 f r 

l<j d 

974 

63 : s 


4 81 

65 U 

8" 

7 69 

105^ 

£b 

12 74 

Eli. 

95 

1057 

971; 

r e 

1051 

641. 

14 

897 

102’; 

’5c 

12 85 

851; 

17 7 

1195 

■w. 

10 7 

12 76 

101-; 

*6 

12 83 

61S. 

077 

986 


UaAJu \t 


LA 


15F 


IF 

lit 


rrwM^r.- ll^jw 196 
{Ttai&c- 3-; pr FHW : 
iTntriiiO S-ijv iSrilr 

Es.,-6 TLp-." lift! 1 

E.vrh 9-;^ IS6-: 

'E,HL3(viei 
|TYpa r - lanaple&n _ 
jZtrk li'ipc 1ST; n . . 

]Tn-a. 

rnv.-jrv.1pc T£t - ._ 

Itvasuft Up. RSI- 
1SL* Trsi- YonaMe 22*$ . 

51 u Tnfi'UP‘9 1 4p>: El 

22SEw!i.S'»p-19K: 

Ev:ft Slipc IS82 

E\<-hJp.“ SB - - 
Treasuy Up- 198311. . 

18Ju(Treasur} S*if* TB . . 

Tive to Fifteen Years 

12D|Exi-h I-Jpf ISSto 
lfJajFjndiniS^fc ‘JC*i“ 

HMmTreaaiP S;pc HfSEn 
I NfFuadinc u;jx 
2tiJj ) Trcj.'.ui-r 7»pr 'tMfiC 
I.*u|TraiB'pnr.7peTS«l - 
l.%.ijTrea«ur: jpcf&R’ _ 

]5ia]TrKL«s.-i\‘ !3pv ;?9r^ . 
ISDlTreaiiiij^.ffrftC! 
lOlalTm-urT li ; <i>r!*9! .. 

5» ijFunriiaj .vif*- TT-91 ^ . 

21la|Ttt-a-iJ7 '."w S21 _ 

21 AlTlrewi} !l‘pi !9EtI . 

IS.ME- ti L-iip 'JC 
lAlu/Tiraj-ir. £21 .. 

15SjFundiT.6pc;SSe - 

Over Fifteen Years 

2:1V Trea-up !3^pc ;9£i^J 
15T:«f£»ui\ . 

22A Eft*. IL’-.i. iSK ... 

17N Treafujy9p; S42 . . 

—Ala Treas^-r :2n- S3. ; 

lNiiai:«at9'63 ... . 

21 J £v:J: Ii«ipt 1983 
15N Tica«n tfd. 
l.l.M rrpasuri'ftv EftC:- 
j:.l Trr-jsuiy l.Vjfif UK - 
15M Exchequer W*pr s£i 
Hi BeierriaiKip. IJSSW- 
iila Treawry 37“ . 

21 FjEXi'Mqui'r lu*.-tw 15S7 
IS TreJMin 6^pcl!tli72 . 

1 M Tiraren 6?ijn,- SW£2 
SOS freis 151 & 'BJc - 
20N Exc.h. 12pi‘ 1998 . _ 

151a Treasut; “--pc I999ii . 

19M rTeamr- Vr$r 1SGS _ 

211 Ewfc llpf Skill . . 

Ulu runtfinj-v;^ .. 

W* rKMitv Sl«: *0ti«iE£ - 
1 HS Treasury ?iuc '08- L21 
2BJa Trearurr r,pr !2-15— 

12I)|Exc!L 12 pc 13 - 17 

Undated 

32*4 

*%£ 

231' 

20U 
19h, 


5 59 
10 74 
1161 
392 
10 17 
S97 

10 n 

347 
951 
10 57 
930 
3 54 
11337 
1U1 
9.25 
10 20 

ie 

12 09 
1036 


10 20 
890 
883 
10.41 
757 
10 99 
1127 
800 
912 
1188 
11.92 
875 
1175 
1190 
1213 
835 
12.09 
12.20 
11.74 
835 
1226 
12.48 
1194 
1232 
1225 
Efi? 
1222 
1228 


!Wu- 

mjt 

J?* s 

7T.«£ 

44W 

8t>x 

98»4»i 

113^4*0 

lOl-Vr 

435; 

105 

Ebi_. 

75 

fcOi'C 

ah. 

93 1 4it 

sa? t 

83-^tc 

95ij 

361; 

6fe5 s 

47-s 

65 U 
971s 


l.\jO«tuol-4p<; . 


RVLar.r*.'^^ 

t «» 3-.pc 61 M: . — 


SOlTreajm 3pr *.Ai: 


>n.'Ol»i , .;pc. 
[TreaNUfJ ".;pc 


1? !C|13 11 
2tx 7 13.24 
;r-?i259 
;LW 11 W 
Jla 1276 
674 

- 12.31 
O-e 1284 

'ill 80 
77 91339 
9101295 
^3 692 
:5 b 13.02 
177 12 48 
2671189 
391115 
24813 37 
!fi 10 1277 
2e 1217 
13101251 

- 1287 
7fc 987 

I" an 
i ail 86 
14612 26 

- 1285 


2ts.cjl2.79 
s;c U.60 
258 ID 19 
19 1288 
1312.45 
K8 1287 


12 29 
10 17 
1123 
10.63 
1136 
887 
10.42 
12 63 
11 76 
12 73 
1115 
1284 
1253 
12 86 
1288 
1157 


13.01 
13 04 
1293 
1223 
1286 
9.89 
1267 
12.86 
1235 
13 20 
1292 
9.74 
12 98 
12 74 
1240 
12.05 
1320 
1286 
12.48 
12 73 
12 91 
1118 

1233 
1212 

1234 
12 83 


10F W.\u>- 
InMy UN 
22 M 22N 
ISM I5N 
IJ..U 

I. V 10. 
2flF 28Aus. 
JnM 15S| 
1M INI 

I I . 1 11 [i] 

mi lu-i 

1M..IS.D. 
ISM 
lOMr 10S 
15M I5N 


INTERNATIONAL BANK 

laAiSfK-sw-i-rr-ai. l si ; t.t\ tie 

CORPORATION LOANS 

jBiTm'liiun&prlSFl - 93 w i 7] 989 
Bn*-rf7«^-7ML— 89.c Ulg 884 
nu':s^e .. — im I5;gi2 5ii 

DuI2-’&riS3 9T>a !0 7tl252 

iul«;<rvs5:«p.-aie2._. 

|Hcai jijn T880_...- 92*4 

Lir«p>.'I^4pcaL9t.. W'«r 

tv^pUnw.. 

Lif.i-onxPiwsj-e. 

LiCiptTKf 

. —-.at 


l.V 

IN 

25NI 


n..5l i pc'77-4*l 

im»2pt K-S4 





L« .(pc JO Alt 

lSSj.MiiW.'.. J'.pc ISM.' . ... 
in*' •\wi<li>9 I 4|V TSU 1 . 
WaruKk:.i;M980.. 


67ij 

ft 

95i.' 
100* -<c 


19 -.WIO 22 
25:2 568 
lalOj 10.70 
l|l39& 
19|1052 
237] 6 24 
15 S) 628 
'.53 705 
115 835 
1261030 
:|iJ2i 
153 566 
*03 9.69 
ISlOl 12.44 


1125 


12 07 
1220 
12.48 
1254 
12.28 
10.73 
1199 

1184 

10.91 

10.62 

1073 

1154 

U39 

3096 

1196 

1219 


May I Huii »« _ 

■W.I .1 1 LI 1 . el and jp. 8J-8B 

I'M HU Ireland r- -p. 8I-W 

IM IS l‘n« t p..-VTft: 

'I IDJanaa4pr in.\>>.. 

■OH 3!U UnBp.t»8B.._ 

l.\ 111 Pent. \-3pi _ . 

:M.r 3 1 D S.iT L Sip 198U 

May I Tu-agj>-!ai: . _ 
ISA ISC' TunnS-js. IS84 .. 
S K 14. A N CniEuarJ-ipi-. . 


Ptice 

£ 

u 

84 

7IPj 

385 

70 

150 it 
75r> 
594-'.' 
DM91* 
97 


V S. 5 4t DM pnres exclude 

AMERICAN 



Red. 

VWd 

563 
12 55 
1272 
1313 

1125 
200 
S 67 
932 
910 
360 


premium 


Mhidendi 

Paid 


Apr Cvi 
Septemher 
MaJuSeDe 
Ja.Apji-.«j. 
April 

Dei-ember 
.V-reilLAn. 
Mr Ju S D. 
HMrJiLSP. 
M.JeS.D. 
UaApJv ij, 
FMr.Au.N 
ApJyOJa 
■AirJuSeDc 
J-ApJyCl 
FAIy.Au.N 
F.MyAuN. 
MrJeS.D, 
Mr Jn.S.n. 
My ah N F 
Mv Au-N F 
Mv.AuN.6-. 
FMvAnJK. 
MaJuiele. 
My AN.Fb. 
MrJe-S.D 

ApJyOJa. 
MJn S.D. 

F NL.A.N 
I A J.Oj. 
Mr Ju.S-D. 
J.ApJy.O 
ApJr «» Ja. 
J. Ap Jy.ol 

MrJe-SD. 

MrJn.SD 
Apr. tlct, 
MrJu.S.D 
Mr Ju.S n 

M.I.SD 

Mr Ju S D 
MrJe S D. 
F My.AuN 
Apl'iOJIa 
Ju.Ap Jr O. 

N i\ My .An 
M.JaS.D 
Ju.ncJ A. 
Marrh 
J A J O. 
F.MyAuN. 

S D.ilrJu. 
MrJuS.D. 
MrJe.sn 
MrJeSJiec 
Au.N F.My 
MaJo.St[iec 
Fdi ilt An *«n 
[June Dec. 

Ap. Jy n 
Mr.le.Sl). 


Stock 

ASA 

AMFSV.om 87 . 
.AtnuSI . . _ 
Anerican E' press 
Araer Medic. lni_. 
Asareo Inc.. 
Baterlntal Com SI. 
Barnesilrp 562, __ 
Bendwi.’orp Sa 
Bah. Steel H . 
Brown’c Fer I.-16! 
BrenswickOitpr-k 
BamAndrH'urp 55 

CBS ESi- 

I.1P.C S> 

Caterfauarj 

Ctase.inini.S125.. 

ChesebiuiefaSl 

ChrjiterSfct 

Citicorp S4 - 

i/ity Im 512r> 

' HaCm.Prf.BJI.. 

kToliMie-P.SI 

CWtlndaSI 

Ccat.niuwisSlO-. 

CanLOUB 

CnimZen.SS..- 
ruller-Ranrner J5 

Earn Crp. »30— 
Enterk . „ . 

lEwtom, 

Fu«ti)rw , nn?i|... 

P.M Chicago 

FluarCnrp Si 

Ford Motor E 

|iiA3X 

Gea. DecLSS; .. 

Ci I Idle 5! _... 
HoneixidlST 

Hutton EF. 

l Corp S5 


ApJu. 

Mar.lnSpIK' 

MrJe.Sri 

MrJeSD. 

ApJyO.l 

ilJaApJy 


SHV. vorpK 

InienollRE — 
L F Internal itinalll 
Sai«T.Vl SJ; .. 
■AtaiJ Han VSR 30 
Moreau 'JP LSS25 
NorocSiiDcnlih 51. 
uwens-IIL SH Hi . 
jQualeri.hibVSS.i. 
Reliance 5025 .. . 
Rep NT. Carp 55. 
RevMCdSa. 
Rtchdsn Mrrll 51*4 

ISaci-R F.'Sl 

’Shell Ol SI 

SnaeriSIOt. . . 
Spem,RaiidS(L9i 
jTk 1 Mnr.Sl>4- . 

(Tenaecn 

Do l'F»Ln. Sit Si te 
jTesoto Pi ITSdl^j- 
[TevacoSSll'. 


MrJu.S.D. mnelnc. 

Ja. ApJu.0. (Trm«menca SI. 


Lid. Tech $155. 

IS. Steel SI.- 

W«d%nrth>-$|lj 
Xero'/'orp S'. . 
Xonic?Iai- 10c 
Zjpjia I'orp 2>- 


19 

59 

301j 

\k 

at 

141, 

Slop 

915pm 

46h,* 

344 

31 3 , 

354* 

2H»w! 

14), 

’K 

18 
16 ’a 

214 
37 
24 
17 
324 

825 p 
14 
23 

27i'«d 

184 

314 

l&Jnid 

404 

10»s 

178 

35 

IS 

111? 

134 

154 

215 

241 g 

104 

144 

359p 

22 

931 

27* 

23 

2S4 

% 

>5* 

685pit 

833p 


Di>. 
6 km 

SI 00 

- 5N 

4 6j S3 2D 
SI 60 
60c 
40c 
Q44c 
40c 
5223 
JdSl.OO 


UsJ 


11 


110 ) 

25 

ia 

29 8 


14 9f 
19.10 
289 


3.9 5260 


ISlIfl 
2610 
29S 
ad 
26 3 

310 
19 in 

25 il 
2Sn 

7S 

298 

TIM 

?i3 

an 

2a Jj$ 

13.9 

26 in 

'i » 

15| 

8d 

•5? 

78 

289 

20.9 
3ig 

78 

199 

98 

un 

9Q 

117? 
id 
188 
i ini 

7fl 

303 

M9| 

22a 

719I 

2131 

15 

26U 

5W 


50c 

70c 

5160 


5270 
52 ’1 
S2.*j 
94c 
SLOO 
SL16 
5100 
S2 

5100 

5210 

5144 

SL50 

5L90. 


5L84 

$3.40 

SL10 

S1.10 

51.20 
£0Aa 

5180 
$2 20 
51.60 
52J0 
50.63 
SU 52 1 
$3 00 
95c 
52.00 
S2.08 

52.20 
76c 

5116 

5120 

15c 

SLOO 

88c 

51.06 

5160 
80c 
SI 32 
5180 
5220 

10 °c 

s£oo 
51.30 
5103 
S2.ro 
51.60 
r- .ad 
sioo 

S & 


fir 


27 
»8 

4-ljFeb. 


220 7 
2.2 
17 
28 
47 

3.6 

31 

3.8 

17 
00 

43 

2.9 
5.2 

32 

7.6 
35 
55 
6i 

44 

4.9 
40 
4.5 
44 

2.9 

4.8 

5.4 

4.9 
6 7 
40 
26 
66 

5.1 
35 

4.9 
Z8 

3.2 

33 
44 
b.7 

4.3 
46 
3.b 
33 
44 

3.9 

2*1 

4.2 
3 8 

7.2 
12 
25 
4.0 

5.5 
[74 

67 

H 

42 

50 

57 

29] 

06 

18 


S.E. List Premium 35-Vr (based on. LSS-2.0680 per D 
('ommioa factor 0.7396 (0.7416) 


COMMONWEALTH & AFRICAN LOANS 


u 

t.\ 

1 u 

2HF 
15J 
IM 
1 A 
lfJ 


IJ 

30.1 

IM 

3DJ 

301 


301 

ISM 

SOI 


!.l!\u< 5j? c“-30 

Hi|Do i3s>- , 81-& — 

IIWNiij* 76-75 

3S.AD-i6pcT6J» — 

ISFlilr. Tf,r>. 

IN 5fh wica6 l ^jc7M». 
I'.aStt RN.nl L4;p 
15J| [*0 fife 786; ..... 


LOANS 

Public Board and IndL 


95 

5L5j 5 90 

1166 

821? 

31^ 669 

11.98 


UJ| 403 

943 

94 

227 645 

1168 

HJI' 

155 940 

1153 

90«c 

770)1053 

13 54 

56 

YoojlO 53 

13 54 

86 

L"c5) - 

— 


U Asm ilt 5p: 

31 D \Jran IDHpc BOW . „ 
IS Met Wtr 3pc R' - 
31D L' S MC Spc '.98C 
321) lx> without WarT-jrb- 


60i.' 

85 

27>; 

120 

92 


Financial 


3l)J 
l.iN 
20 Dl 


31MT30S 
28F 3 1.\| 


iFFl 13pc 1981 

Da Upc T9 

EM HnrBJ - 


31 Mr 30 S ICPaiar [let., Br^.. 
3 1 My 30N Di ff.p-Dh BI-84 — 
1 1.1 I IJ Do inijw Uns Ln 08.. 
IU 1 IJ Di> MpcritLiL'ffl ... 
I IJ l IJ N llV.'FnsLa. 98.. 

30 .1c 31 D Do TipcADeb 89^KL. 

31 Mr 30S E» Tijpc.A I*. Bl -0i _ 


Dy3pC-.A BI-SI 

,Po8^S>-Ij!. {C-ffl. 


10014 

103 

10B 

801, 

3T- 

641; 

62 1 ; 

72'j 

69'; 


1 = 

8 49 

15' 

13.07 

18 

1108 

bi 

7.76 

lil) 

ID 11 

30fc 

1290 

2 in 

13. /0 

72 S 

1357 

/J 

688 

b 1C 

839 

305 

11.72 

305 

1223 

30.5 

12.90 

17 b 

1183 

7 i 

11/9 

n 

1262 

lfl? 

1319 


11 H7 
13 50 
12 82 

1270 


12.54 

12.40 
U.ll 
11.60 
1230 
12 60 
1270 

13.40 
13 40 
1290 
13 40 
1360 


FOREIGN BONDS & RAILS 


lmerefl 

Doe 


IJ 

IJ 

1.1 

IM 

IF 

1A 


IN 


IM 


Stork 

AnbH'a-'arta RIy — 

Do 5pc Pret 

'.‘h 1 lean Muted — 


IDklerpan VnfHjic. 


klreeltTpc.Ass — 


I .All »Kp.- IS Ssah. A-s. J 


Do -5 pc Mued.AfS— 


Price 

lari) 1ft '’t 

I 

U | I.ICvS 

231; 

871) - 

41 

- 

98 

37 - 

411 

Ifij 4J; 

50 


49 

3^ 6 

40 

3.H 4 


Red. 

Yield 


0.09 

n.25 

1622 

Q.08 


Ma.SJ.D 
K My AU.N. 
AJy.OJa. 
May Nov 
Oct 

F.MyAuN 
July Jan 
lJuiy Jan 
J ApJyO 
VpJv.ll.Ja. 
FMv.VuX 
Apr. oct-i 
Ian. July 
MrJeS.D. 
Jan as JO 
F My ’41 N. 
MrleSD 
June Dec 

June Heel 
MJeSD. 
SeDeMrJu 
F.MyAuN 


Bk Montreal E . . 
Bk Ntrw&oc. _ . 
BefD.'aaadaSSi. _. 

Yalleys.. 

.Bra^canii .. 

|f an lmp.Bk. E 

,'ja.PaciCcSS - 
Do. 4pc Deo t!00 

(ldf'hiran.') 

Hauker.Siri.Can.il 
HoUinoerC __ 
iHud'fto'- Bay 'I. _. 
HudBi'iD..E‘?_ 
Impend ijili:.. 

Anvo 

Id NatnasS!... 
'MakfasyFerpa .... 
Pacifii-PetSl. — 

IPIacetiasSi 

Rio. Alcorn . .. 

RcyalfJi.fan.E_. 
SeaviramCo CSI . 
fTor DomBtSI. . 
J Ap .ly (.» (TrawCan Pipe .. 


CANADIANS 

257 


13>4 

12i„ 

% 

Sv 

171, 

llh 

234 

ft 

610p 

660 

s 

113 * 

975p 


,S 1 12 
2 Id 51.04 
!LflS4 2 
_ b5c 
299(51.0 

97 c 

4 \ 


3 L 3 51 14 


1411 

2 a 7 

S 3 

292 


111 


61 B 


40c 

W 

51 «“ 


i5 40.. 
37 80e 


IS 91 6c 


SL50 


25.10) SI 80 


92c 

9bv 


26fiJ 103c 


39 

40 
59 
01 
50 
42 

36 

12 b 

31 

44 

45 
23 
3.3 
3 6 
17 
62 

?9 

?6 

42 

2.7 

37 
50 


IHvidrtub 

Paid 

l an Sept 

?wp[ 

Met. Apr 


flee, .lum-j fhi. 83-93 


June Hw 
Jan July 
June iKv 
Jan July 
AUK. Mat- 
May Nov. 
Jan. July 
Nov. June) 
Jan. Auc 
June 
Sepi Mar 

J. A.7y n.. 
Nov. March 


Stock 

Mjin-nn I'm 3LV 
'.MeswiiT^ccJ- - 
MirUandii 


IwiliAi'oEO-Se.. 
.Minrfer A-teL 

SjLHW. \u-vSA1 

|Nal Com. ii'rp 
Sat Wesill 
,Si.nnidurriI — 
.Serenintieltfil. 
SmiihS: Auh 
JSianddChaTrl 
[TiadeDev Sl-V> 
A'nvunDi«£l .. 

,1'DT 

jWellfFareuE. 
Wmtniit 20p 


Price 

46 

112 

346 

£80 

£871; 

60 

204 

73 

268 

425 

20$ 

84 

404 

suu 

£19% 

72 


(Lwi 



p.t. 


1 1:10 1 , 
£ 0] 


43 

21.1 

211 

25 

14 

4.6 


fc« 5.4 
f9.7| - 


u 

9.M 
7H 

T 11 
6.4 


12.2 


67 

165 

60 

55 


4.0 


Hire Purchase, etc. 


Aug, 

May 


Jan. 


Aug. 

Feb June 

OcL Mar. 
Mar. Sept 

Apr. Clot 



36 

/IS 

YdlSc 

20 

771 

i.’if Bcre FY 100 . 

F 72 

15i 


.3 


21 


a« 





— 

Llords&St-nOOp 

92 

:'6 


Dl 

Zt 

65 

LniSrotFm-lOp 

43 



-1 

0 

7/ 


U'? 

trn 


— 

— 

— 


102 


u 

<W 

23 

72 


26 

/if 

hO 

96 

U 

55 


13 1 ’ 



— 

— 

— 

Wa^cn Finance.. 

42 

iti 

hi 

09 

23 

7.4) 


100: 


BEERS, WINES AND SPIRITS 

7 a: 


Allied Brew* ... 
■Ural DutFtlOp. 
Bast Char gran... 
Bell Arthur 50p . 
Edhavea 5rew«v- 
Boddinetom.. 
Bonder Brew . 

Brown 1 Matthew^ 
BvicWey's. Grew . 
RuIikpHPi 
R urtonwoud.. . 
Feb' AugJCitv Lon Det . . 
Apr . uct. Hark tUaBhew 1 . 

PirtilleriMp- 
Gwrdon'LJup- 
frtudh KruA 2up. 
CrtendlWniley 
JreeneKtn; — 
lumncsF .. 
Hi-hlMliLstaOp 
ilmwSJrdon . .. 
lnrh Di-aillcrs 
Uacdlan Qen . 
.MnrlondEI . . 
San dentin . ... 
Kristi New 29p 
Tomatin . . . 

Vauv 

Vhilhread A 
W.Hv. Drdlej _ . 
YnansP-tew A iip| 


Sepi Mar 
Feb SefiLl 
Jan. July 
Dec. June) 

May _ Dec 
Jan. July) 
Aug. Feb 
Jan. July 
April Aug 
August 


Feb. Oct 

Nov. July 
Aup. Feh 
Auc. Fch 
A up. Feb. 
Jan. July 
May «Vt. 
Auc. Ft*. 
April Nov. 
June Jan. 


Jan 

MW 

Hct 

Mar 

Jan. 

Jan. 

Dec. 


June)! 
A up 
Apr 
Auc. 
July 
Junc 
Jul 


84 

30 

161 

246 

43 

94 

82 

118 

49 

138 

172 

62m 

138 

193 

23 

52 

117 

302 

152 

152 

147 

195 

410* 

515 

62 

64 

123 

121 

93 

223 

157 



3.9(131 
3 1|14.0 


BUILDING INDUSTRY, TIMBER 
AND ROADS 


June N'pv 
Jan. Juiy 
Fcb. OcL, 
Feb. Oct 
Feb A us 
February 
May Dec 
Jan. Au. 
May Dec 
Fefi Aug 


Ort 

AUg, 

ivt 

May 

N«w 

May 

Nm 

July 

May 

Jan 

.Apr 


July 


May 
Mar. 

Auc. 

Oct. 

Apr. 

Ocl 

May 
Jan 
Dec 
AUC. 

Mr[ 

Jan. 

Nov. 

Jan. 

June 
May- 
May 
Nov 
Sept Apr 
May 1 k-i 
(VI April 
May net 
Ipr. ilrlj 
April iw 
New . May, 
I lev. June) 
Dec. June' 
.Ian. July 
Jan. July 
Nov. May 


Jun«» Ruber. V l«p 


JulyR-arriJnlin 


lan 

Ncn 

(VI 

July 


S.E. List Premium 35?4 r r (based on 92.4389 per £1 

BANKS AND HIRE PURCHASE 


DtvidmdSi 

Paid 


Stock 


Price 


ffi 


Dn 

Net 


Jan 

Apr 

May 

vt 


July 

July 

Aug 

Apr 


Dec. Junej 
IVc. juncH 
Mar Sept 
Jan. 
Kepi 
AU? 
Feb 
July 
May 
O. Jid 


July 
Mar. 
May 
Aus 
Jan. 
Nov 
V J 


Apr.uet. 
Jan July 
Jan. July 
May Nov 
Fen. Sept. 
May- 
March 
July rvt 
May 

Jan. Apr. 


June Dee 
May Nm- 
Mar. Aug.l 
June 

Nov. .April 
April net. 
Dec July 
Dev. July 


Sept Mar 
June Nov 
Jan. 

Feb. Auc. 
June Dec 
; May Nov 
•Aug. Apr. 


ANZS.AI . . 
AlevandersD El 
Aisemene FlllW 
.Allen Harny tl 

Allied Insh 

.ArtimhiwtLEl- 
Bank AiW 5L5© 
Bk Ireland Et . 
Do lOpri'om.. 
Bk Lnim 1£1 . 
Bk.LeumiiL'Kfl 
BkNi.W.S.^_ 
Bank Scotland El 
BankeirN'YAIO 
Barclay's I 
Rromi yhipJrj El_ 
Cabs Ryder EL. 
iHircDi? nl30p. 
I'otnl Aus.iS.AD 
I'omihk D.M1W 
rbcn.Hbk.KrlW 
forinthun 10n._ 
('red. France FJ3 

Dawesdri. Ri 

|Hes. i tlieBa'J[ilSV 
F f Finance . 
First Nat 10p — 
Da Wirts 
Flwser.Ans I Op 

8 errard Natnl _ 

lM»lA< 

iQeUBras.EI, 
uodeDTtMivjp 
JGnndlays 

pTuinnessPeat 

Hambron 

Hill Ka nnel 

Da Warrants— 
Hone ShiiEXJO 
JeasriToynbee... 

Juneposeph'Leni£|.. 
Ke^ser lllmuui. 
King4Shac20p. 
paemwortBL- 
llwdstl 


1 I'**} 

(rir|fif-e| WE 
72 


89 


280 


tQ18r 

31 

3 6| 

240 

Uli 

U55 

— 

41! 

£126 

M4j 

nlL'-S 

25 

4.7 

320 

4« 




91 

230 

155 

/ 61 



4H 

154 

266 

10.21 



9 s 

£16*b 

440 

xs 


— 

3.2 

5.7 

£197 


<110*0 


151 

17 

85 

gi6% 


31 

170 

It 

747 

15 


575 

121 

Uirfc 

0 

3.3 

266 

2UJ 

tlLQ5 

ie 

67 

£23J; 

336 

210 

78 

JS3.D0 
03 28 

57 

63 

5.9 

268 

LU 

9.41 


37 

258 

305 

hi/ .17 

— 

qc 

75ff 

ln.H 

14.85 



97 

20 Ori 

16.ii! 

yibr 


49 

£1/Ja 

577 

yIH% 


21 

n» 2 

7 3 

yi2% 

— 

/« 

30 

? |d 

ion 

75 

3b 

£211; 

577 

y9 8,-“„ 

- 

30 

16 

I8.IC 

— 

- 

— 

£117 

— 



Ll 

73 ui 

16 M 

tL03 

21 

42 

% 

97J 



— 

U> 

- 

— 



— 

12*4 

87h 







184 

25 

C9.12 


76 

46 

21C 

.23 


/:■ 

218 

U 

15 41 


1116 

20 

1/4 

0 li 



1)9 

131 

21 1 

2.79 

71 

37 

226 

iai 

10J1 



6.6 

176 

241 

976 

— 

8-5 

87 

26c 

4.97 



85 

225 

— 

— 




282 

44 

hQ59c- 



2 5 

62 

7 5 

t W32 



61 

180 

107 

B/4 



n 

52 

305 

0 67 



1 9 

62 

bi 

344 


81 

92 

'ill 

1418 



hi 

256 

247 

t4 23 

48 

5.4| 


15.2 


5.2 


52 


14.0 


47 


58 


FINANCIAL TIMES 

VjLXCKES HOUSE. 10. CANNON STREET. LONDON EC4P 4BY 
Telex: Editorial 886341/2. 883897. Advertisements: 883833. Telegrams: Finantinxo, London PS4. 

Telephone: 01-248 8800. 

For Share Index and Business News Summary in London. Birmingham, 

Liverpool and Manchester. Tel: 246 8026 
INTERNATIONAL AND BRITISH OFFICES 


EDITORIAL OFFICES 

Anulordam. P.O Bos V296. ArnsVerdam-C, 
Tele* Jgl71 Tel -40 SSS 
Pi train sham iJoorge Houw. George [toad. 

Tele* 030060 Tel USt-tW uBSi 
Ri>nn‘ Piwhaut 1 1' KM Heu»»alli.-« 2-10. 

Telex 8883542 Tel. 210039 
Bniv^'ls 1 39 Rue Duvali-. 

Tvl«w '22283 Tel- 512-9037 
Cairo: P'.' Po\ ».(40. 

Tel. OSttiW 

Dublin: 8 FiU-william Square. 

Telex S4M Tel 78532 L 
Edinburgh- 37 Genisr Si reel 
Telex 72-UK Tel 031 226 4120 
Frankfurt- Im Saeh«enlaser 13. 

'telex. 418263 Tel 5S573U 
Jrli art nest-urc. 1*0 Kos 2128 
■I flex 8-6357 Tel 838-7545 
l.i -bon Prai-a da Alegna 58-1 D. I.isben 2, 
Telex 12S33 Tel 362 5t« 

Madrid- LLspruneeda 32, Madrid 3. 

Tel. 441 8772 


Manchester ljueen'v Houxe. vjuvon Street. 
Telex 686813 Tel. 081-834 9381 


Mweau- Sadova- Samoiechnai 
Telex 7900 Tel. 200 2748 


a 12-34. Apt. 35. 


Now York 75 Rockefeller Plara. N.Y. IMIfl, 

Telex 8839U Tel. i212< 541 482S 
Fans 38 Rue du scniier. 75002. 

Telex 220044 Tel- 23857 43 
Bin de Janeim Aienida Pre*. Vargas 418-10. 

Tel: 253 4848 

Rome- Via della Mervede 55. 

Telex B1032 TeL 678 3314 

SifK-khnlm c o Svenxka Paebladei. Raalambs^aaen 7. 

Telex 17S03 Tel: SO 60 88 
Tehran- PO Bax 11-1079 
Telex 213930 Tel: 882806 
Tnki-o 8th Floor. Nihon Keixai Shimbua 
Building. I-B-5 LRemtiuhi. Chiyoda-ku. 

Teles. J 27104 Tel- 241 2920 
MasbiRgloa: 2nd Floor. 1325 £ Street, 

S.IV . U xOnndan D.C 20004 
Telex 440340 TeL- i202i 347 8878 


ADVERTISEMENT OFFICES 

BirminKham: George House Gonrge Road. 

Telex 338650 Tel: 021-454 0922 
Kdiubuntli 37 GeonJo SI reel 
Telex 7246* Tel 031 226 4139 
KranVdurt- Im Savhjenlager 13. 

Telex 18263 Tel. .VW667 
Leeds' IVrmanent House. The Headniw. 

Tel. UOH'J 45498B 

fiverscis advertisement reprcuoniatives in 
Central and South America. Africa. I he Middle East. Asia and Ihe Far East. 
For frtrtiiar details, pleaac coniacl- 
Overseas Advertise men; Department. 

Financial Times, yracken House. 10. Cannon Street, London EC4P 4BY 


Manchester Vueen's House Queen Street 
Telex 068813 Tel- 081-834 9381 
New- York- 75 Rockefeller Plaza. N Y. loom 
Telex 238409 Tel- <212' 489 8100 
Pans- 36 Rue du Smuer. 75002. 

Telex 220044 Tel 236.8801 
T*'kro Kasahara Building. 1-6-10 I chikandn. 
c'hiyoda-ku. Telex J 27104 Tel 295 4050 


SUBSCRIPTIONS 

Copivi* obioinablc from ncw-aKani* and bnok«.ill« worldwide or on regular aub«rlpii on ?ro» 
hntiwnpiion Department. Financial Time?;, l-ondon 


October 
Jan July 
Apr. Oct. 
May 

July Feb 
July Ocl 
Kch Aug 
Mar Sepu 
Feb. Sept' 
Jan. July 
Jan June] 
Jan. July 

riec. June! 
Jan. July 
Jan. July 
Mar. SepL 
Apr. He. 
Nox . May 
Apr. (hi 
Jan. July 

April Sept 
Apr. Sept 
Feb. Auh, 
July l icv. 
May. No-. 
Dev. July 
Ni-n- Ju»e| 
Jan Aug 
May Nov. 
AuS. im- 
Apr Sepi 
Nov. Junef 
Jan. July 
Apr Nov 
July Nov 
Apr. Aul* 
Jan Junej 
Nov. June] 
Dec. Apr 
Aug. Mar 
Mar. Oct 
Feb. Auh 
M ar. Aua 
Jan July 
Kch. Sept 
Ol Feb 


Apr 

'Vt 

N*n-. 

Jan. 

Jan. 

Jan. 

Jan. 

Auc. 

Apr. 

Nov. 

Feh. 

Jan. 

June 

Jan. 

•Vt 

Julv 


Nov 

Apr 

May 

July 

July 

June} 

July 

Feh 

net 

July 

Auc. 

Jury 

Dec. 

fvt. 

Max- 

Dec 


Dev July 
July Nov 
Nov- May 
Jan June!' 
Apr. Oct 
C>ec. July 
Ui-t. May 


»Vt 

Nov. 

July 

Julv 

May 

May 

hob. 

Fell. 

tus 

Mar 

\pr. 

I'M. 

July 

Jail. 

Jan 


May 
July 
Nov 
vii-l 
Ol 
i 'vt 
Auc 
Auh 
F eh 
Ot 
Ol 
July 
Nov 
July 
■lund 


\pr. Sept 
Niiv M.i> 
Mar. 

'Vt 
Max 


July 

o: 


Aberdeen 'Ain/a .[ 
Aherthaw.-f-m 

.Mhxd Plant lOp 
.AnmUceShnkj 
RFBlDdi5<ip 

Baj-gcriijgc am. 

.Ratlev Ben LOp 
BamliwC'jrF. . - 
Barron Dev. Mp. i 
Beecbuiiod lup . I 

BctIos'J&p 1 

Renfnrd M. inp- 
Ben Bnc 

Bloi-kley.-ain . . 

Bluer ir**£! - 
Blundell Ivnn 
Breaionlame . 

Bnt. ftwIi'itiH.- 
Rrnuu IL-n 20^ 250 
Brauulv.- - 
HGant HMh 
B uraeU7.h . . 
BurBouli.nC! 


JtmfcTGMIflp 


710 

♦4 68 

39 

8 3 

46 


r.V; 

3 9 

U 

52 


t«:£- 71 

2d 

oJ 

>66- 

717 


1 1 

R ° 

147 

:o7 


47 

47 

5b 

n 


14 

10 7 

101 

li Hi 


£> 

6 7 

0 

107 

♦is :a 

1‘ 

hi 

127 

5 if 

8-4 

6 

117 

0 

iota 

131 

14 

92 

118 

87' 




n 

— 

4( 

n a* 

4: 

54 

63 


nil 7; 

531 

4.3 

95 

16’(! 


4 C 

«>■ 

45 

$ 

v<* 43 

34 

3 : 

81 

Mi 

52 4? 

42 

52 

b9 

1B« 


1* 

81 

LLU 

li/h 



_ 

— 

Vi 


772 

06 

21.4 

2ac 

.■::o 

23 

46 

152 

:/4 

lb2 

•t 

91 

$ 


dZ8° lie 

.-'(] 

5 8 

24 7 

!i-) 15 

25 

3 7 

65 

ibh 


2.3 

h / 

9.9 

2 1 

134 

? E 

fin 

67 

305 


n 


74 


Ciirnin 
emvn' ftiHkNune 
'uinbentlp ]iip 
li.'oxtainli. 
Ifoanirr-ideSp . 
'fiiM-Ivy Kl'I.- 
'rouvIi'DiJip 
I'mui-h'iriuif 
Dnu:b.R*iH «. 

IOmiiv-'i H ***? 

iEnvh 

FPL r. . 

Kairrlinth'/iuuv 

Feb Inti [I p. . 
LM.-\ lip .. 
Kerf Ljndd Rid 
Finlac-Jnhmlup 
Fr.ic ir liu Hip 
Franr!'<G6'ii'n - 

French Hior . 
Inlliford Br jp . 
'(Mk l'-.K- k Wp 
Jefrun'MJ i!0p . 
IlibHipW 4 J . ' 
kich l 'f»iper3)p 
;ll AT.l.tp |Mp_ 
Helical B.ir 
Herrf -u A lOp . 
Hewilw Si lop 
Do 7p i.'«m 
ll^xwiilVniaOp . 
Hi.N'xft Hill 
Hir-enn^ham 
D" Ifae Vii 
Hirxard Shut >0p 
LD'NJip. . 
^iMmrk.Vhnwn. 

I riL Timner 
)J F. fKHins- inp . 
’ii E.'T. .. 
Jani'iJ . 
penning S.40.V) 
l'*it«n-KiehaM 
poneiBhiiL lup 
Kenl'M.1* - lOp 
Lai'argeS AFlAi 
IjinatJol-.n'-.V. 
Latham J rf! 
LiwTemeiW 
l<eevh 'Wm i Jfip. 

Inland Paint 
.LiftcjFJV - 
Umrfen Eni I 
Lovell iY J > . .. 
McNoll Group 
Majmw k sthn. - . 
VaTluixun-rx-no: 
Manderx'IIMv- 
'Matrhvqri 
Marlw 

>larxli’all''HI\' 
May i iij. -.-If 

VeusRr^ 
Melville D SW 
Mover •Mwi;i L 
'Milliur. 

Miller-Sun ;ijp. 
'Mucimi r*eo 
Mod. Eo-.-ineer- 
Monk (A 
.Mowlom-J' 

'■'cuaRhillti .. 

Norm*' H-l< . 
Noll find Tip 

.ilmervfi Hip . 
Porter Tunler. 
Phoeni* Timber 

Pivniru- 

RAD. . . ._ 

RedJonrl . . . 
B vh’ds. Wall Wp 
Rrfer-- \dl.ini 
ittohan'imur 1 .. 
Rowluiion lUpK- 
,Rov co Group . 

Ruhemid — .. 
iBusV p Cement 
1-SGS Group .. 
Sabon Timber lup 
Sharpe Sc richer 


l^IQ.9 

15 


Dec. Ju-ncjSman ■ J -!9p 


Si->utNjn) Con ap 
streelvr- Hip 
(Tamru-.vyp. .. 
iTaclorWoWiK 
Tifbuiy i '!-.•£] 
ITm'i-i Armili! 
Tunnel R5Up 
ITL'-IGrunp- 
VerleSinne hip 
A'thbtf-lini 
Wardlil.Jjj- Kip 
I'AKnunni 
Marr Bf-jkv 
Wedhrii* fTo»lt 
Mwu-m Ui-.v . 
jWhwhnj-'Cap 
IXhtt'ch m 12 ;p 

Wj -.-itt' 1 vz. i'T 

M.':l--nn'i-,iiiaiji.v 

.Vinipey-rtb 


'^<1395 
Mil 176 
: iffl 3 42 

}i Ilk 

JCa J«87 
lr iei tj 92 
5935.36 
::?jnc’.ei 

!?S4J3 , 
Wii.04| 


«7b 
,735 
2% *211 
_ tZil 
2iShU> 
:;ltd*i2 
2 IU 4623 
:ia *7 IF 
1551 M.08 
±131 
d?.61 
tQMv 


le 10] 


IhbU 

M238 
tfOS 
-12 53 
<1586 

3 il 
tl 78 
:74 

4 74 
7.2 44 
tcl0.7tol 
t3 24 

. 7174 
:■ 56 
tt 6 

ri4 91 
465 
til 72, 

427 

603 
4 33 
d5 15 
t5.8b 
78 4.25 


26drih0.62 
,TL52 
! +2.29 

83 

tl.65 
hL92 
>12.03 

1.72 
t9.95 
7 8 7.72 
20.34 
K3B7 
1114 
t4 37 
tl 50 
10 69 
d2 68 
.. 3.18 
Ibl0th284, 
152 
15 29 
2 61 
101 
166 
!td2 54 
0b9 


- ± - 


9 moo 


Dividend* 

Paul 

Dev. May 
June Dee 
Agr.Nov. 


Feb. 

July 
Jan 
Nov. 

Feh. 

Apr. Sept. 
May Nm 


Aug. 

Aug 

Nov. 

July 

Mar. 


July 

Feb 

Feb. 

May 

Apr. 

Nov. 

Apr. 


Nov 

Nov 

No».| 

net. 

Oct 

May 

Oct, 




Laa 

Die 


Y'M 

Stock 

Price 

« 

Vi 

CVf 

<itb 


508 

677 


10 

13 3 


023 

:*fih 


. — 

fS 1 


379 

189 

116 77 


66 

Da3“J££l 

46 

i7fc 

3» 

WT 

115 


80 

17 h 

232 

42 

4? 

Lapjre lads. . 

Leiihlnlsov 
Norsk. HJ^ 89- 
Ph-solOp 

114 

120 

£27*4 

SB 

no 
266 
?! 10 

1687 
14.43 
012*! i 
aL40 


9.0 
4 2 
36 
21 

285 

7£ 

3.14 

7.6 

1.6 


70»d 

if. if. 

rL63 

29 

35 


66 

13' 

h3 39 


71 

Scot AC- Ind. U . 

195 

4 s 

12 IB 

23 

9J 


158 

1B C 

3.13 

51 

3U 

Ttairvar Etota Bp 

19 

i S 

10.69 

30 

5.5 


25*? 


1129 

2.1 

75 



U5E 

17 94 

3.i 

4 3 

Yorks Chen* — 

88 


1484 

16 

9.2} 


IJRAPERY AND STORES 


Mar. Aug. Alhfti Retail Ifti 
Apr. Oct AnfrerDay lOp . 
Jan. June Aquaxcunun 5p - 

Jan. June Do - A'5p 

June Jan AmflaOxuuc I0j>. 
Auh Feb. Baker'xStrx lup 
Jan. -July Banter' SlnresBp- 

June Sept BeatueiJ''A' 

May BenUlli 10ju— 
|Blkmn6C(»20p - 
BoardnanKOap 
BoUonText5p . 

Brenner 

iBrit HomeStn.. 

BrovrniN’SOp 

Burton GmaOp- 
Do-.VNV30p. 
Cantor* 'A' 2Dp.. 

'iiska'S i lOp 

Church 

Comb.Enc U>2jx 


Feh. Sept 
Jan. Jund 
Dec. May 
;Jan. July 
Feb. Aug. 

Oct Apr. 

Oct. Apr. 

May Nor. 

June Dec. 

Oct Apr 
Nnv. July' 

Jan. Ju]yjC<feSpartx5p~'. 

— Cornell Dress 5p. 
May Nov. Cornu '.V .. — .. 
June Sept. Currys _ - 
July Jan. Cu^oma^ic lOp.. 

Jan. July Dehenhanb 

,lun. Nov. DewbirstlOp. 
Mar. (J-t. Dnuas Photo lOp 
June Nov. DJU4 Gold _ 
Nov. June EmpueStora- _ 

— Execute; 30p 

Jan. July FairdaleTeitSp 

Jan. July Do A' 5p 

Jan. July Fine Art DevvSp 
liny Oct Ford ilftim 10p 
Mar. Sept FonntnsKT lOp 
Jan. July Foaa- Bros — . 
June Dec. Freemans i Lon 
Apr. Oct GriferiAJ.i3^j_ 

July Fell, Gokfberc A 

Dec. June Goodman Br 5p„ 


June Nov 
Mar Dec, 
Maz Dec 
AliH. Apr 
Jan. Oct 
Jan. Oil 
Sept 


Feb. 

Ma>- 


OcL| 
Nov 
June] 
Apr. Oct 
Dev. July 
Nov. June! 


May 


Apr 

July 

Nov 

Nov 


Nov Apr. 



ian July 1 
Apr. Oct 
Jan Apr, 

Feb. Sept! 
Apr (Vt 
Dei-. Jund 
Mar, Sepi 
.Mar. Oct 
Dec. July 
July Dec. 
Apr. Sept 1 


Fell. July 
May Nov. 
Sept. Apr 
Oct Apr. 
Jan. July 
Jan July 
Feh July 
June-Dee. 
»Vt May- 


Sept 


•Vt 


<80 
39 
106 
101 
77 
203 
66' 

79 
4.7 

83puno Dec, 
Apr. Oct 

January 

\ov May 
July Jan 
Apr. Nov 
_ July Jan 
'■?n.H.-t Mari 
Ian. Junej 
|Jun Nov 
May Nor 
Apr. Sept; 
June 

July Dec.! 
lune Dec 
\uc Feb, 
April Nov 
Apr. Oct 


143[ju?y 


CHEMICALS, PLASTICS 


May 

Dec 


Jan 
•uljr 
Jan. 

Apr. Sept 
July No-. 
July Nov 
•Art. Apr 
Nov July 
Mar. Seri, 
Feb. Aus 
.liin. July 
■Inn. July 
Jan M;n 
Dev June| 
Msir S-?fjt. 
Mar. sepi 

Jan July 
Jan July 
Sept june| 
■lan. 


Feb 

Jan. 

■Ian. 

Jan. 

May 

•'VS. 


May 


AKTk'. . .. 
AliirijK-lrjii- 
Junef-il-djiv; !"p , 

Ml-I . I |i» r | 
■VD'-.'IOT'.^vCl 
Foyer \v; DM .vj | 
rilac-ltn Vtuke- 
Bn-ntChe® Hip I 
Hr.i Fea:fJ l'ip 
Bril. Tar Ft. 1 <0p 
Burrell Sp , 
•arle---.- J p < j inp . 
alilui . 
.iJoGsrTV.lnl 
Ce K°rt. n;3i W 

.ivcsil 
, oolite Them 
Irna'e.Bfir- 
ihi i NV 

, tyillcr.ii. cap 

Junelrrodalm lOp 
|>':eJa Im IVM 
■ 'r-'Twlait ir- 
FIli'&EvcRjrri 
Euol'i" Plar.ir- 

FarniKced 

F «n : £i - 
,Halv»wl-J -Wp. 


"i.-: 

AU4. 

Jul-. 

Julv 


I-'el ilJL-o.Wd-.h.Kipjf 21S j jjJ 


!55T,a4.1« 
Lib *642 
, 24.7 1.70 , 
|lbWtd4 2^ 
:ic -J)\~ 
18= tlilE, 
210 30.17 
06 

261 till 
±0*13 
0.53 
2.90 
Q7' 4 


t2.36 
J t2 36 

SF 

458 
ml? 67 
1 41394 

fh3Jl 


9 6] 63 
” 90 


28)23 9 


6.0)11 4 
.DO 


sl- 


May 

May 

June 

Mav. 

Jan. 

Jan. 

May 

Apr. 


Nov 

Nov 

Jan. 

Nov 


Grattan Ware.... 
Gr. Umrersal 
Do -.VOrd ... 
Gre Milieus lOp 
FLirdv iFumi.... 
Da A XV. 
jHrteneVan 10pL 
Da 12ptC.iv Prf 
HerdenaiK.20p_ 
Ftennqnes A IIJp 
Hepnrrrtli J ■ JOd . 
Home Charm lup 
House erf Fraser 
l£Tfc*_ 
Ui’n&'ErotK'lOpJ 
[KnrttMilllOB .. 
ptKunicIi rikks . 
|ladier>Pnde31p 
Leei.ooper. ... 

Liberty 

,r* Xon.Vtc.iml_, 
iLincndl K. lf'p 
MF1 Fareunre !Up. 
Maple |np._ . 
Marks thpenver 

Martin Vows 

,MenriL->iJ i — 
Mk-hjeM- lun . 
[Mid Ediwat5np 
MrUio-imteinp . 
,JSSSVe»-lBp . 
(Ciwennwen. 
Paradise' Bi !0p- 
Pbwmm; iW L i . 
!Pear.- Stew I0p 
[Polly Pe?k I Op. 
jPreeh.-i'llrer!i. 
Pel lnac R.&J 'p. 
RamarTextap . 
■Ratner*. pip . .. 
dtoybeci Dqj 
'Readieul Sp . 
Reed Austin- V., 

iRiriin'TW-MOp J 

RovnIISp 

S*lSU>n* 1T;P 
DoS'wPLISjp 
SajotdiH'W 
'SelintourtSp — 
ShermaniS'lOp. 
BnUilTR VSfe 
Stanley AU 5p . 
SiiaiL? Disci. Hip 
Sterabercinp . 

SinneSta 

TunePrrcs. lUp. 
L-DS Group — 
I'ixoniEi A — 
VanhnaSOp — 
[Walker Jas.i — 

Do XV 

Wallis lOp . . . 
Warinc&Gillow 


JunefWeanwIlSp — 


ftliarf Mill 10p5. 


Nco.rWIknsn Waibtn.. 


Wc-ol worth 


95 

51 
48 

g* 

iS 

331 

40 

20 

29 

12 

52 
197 

44 

184 

172 

« 

33 
177 
114 

48 

U 

113 

136m 

15 

87«d 

73 

132 

27hxB 

177a 

50 
26 
25 
63 

34 
104k 
159 
365 

40 

73 

ift 

302 

293 

51 
39 
36 
241; 

218 

34 

27 

68 

228 

14Sxd 

61 

150 

21 

m 

59 
175 a 

135o: 

175x1 

137 

i ,; 

227 

190 

IS 

235 

154 

1C6 

122m 


71 R 

bd29J 

29j 

46 

110 

H2.S1 

1.55 

tl 

7.4 

4.8 

25 

7R 

38 

3.1 

- 

5.0 

14 

766 

hi»5S 

91 

lfl 

15 5 

hi 95 

62 

1.4 


736 

61 

27 

21C 

112 

25 

4i 

R7n 



— 

49 

H1.09 

21 

8? 

2871 

063 

0 

Rl 

lib 

388 

ir 

11.1 

li 1 ? 

rhVi 

?n 

4« 

711 

7.51 

1.7 

85 

7JS 

1.52 


12 

li 

1 57 



1 ? 

IR* 

rt?76 

?5 

7 J 

lib 

hi 03 

0 

5.1 

4S 

t347 

73 

2i 

7 If 

tl 79 

3/ 

41 

176 

bii 18 

9.4 

Oft 

87E 



— 

— 

4 1 

395 

42 

47 

i6 if 

14.61 

4.1 

31 

573 




— 

16 if 

t5.38 

17 

92 

7 Hi 

rl 

511 

31 


742 

5.5 

27 

1611 

t'L93 

U 

1(M 

16 H 

«.39 

2j 

45 

lfii 

riZ1.0 

- 

3(! 

76 ft 

1 IB 

37 

66 

76 s 

1 IB 

3 7 

/(I 

905 

1 86 

7t 

44 

nf 


14 

90 

4' 

h?R3 

46 

41 

105 

t7P9 

56 

7# 

75 

1603 

51 

75 

71* 

785 

Hi 

106 

«5 

1417 

14 

87 

? II 

0 83 

* 

10 J 

In 111 

1564 

?1 

81 

161 

a 3/ 

q3.J 

93? 

4.? 

L1C 

837 

V 


22 

62 

41 

9 

£ 

V 

93 

44 

93« 

IB# 

30 

23 

23 

177 

28ai 

12h 

148 

168 

135 

m 

32 

ISO XT 
91 

124 

100 

90 

E5 

132 

38 

23 

82 

69 


10^ 

73 

7.8 


7.S) O.bS 


155 


fl.78 

0.2 

0-2 


12%l 20.7 


24 


63 

63 

3.9 

73 

27 

?J 

33 

S5 

35 


24.71 247 
3Lifi dX83 
25 \233 
185 td3 67 
1610 14.84 
2JdM438l 
b55 

674) 

K067 , 

I8tU.%| Ml 
1610 ThL89| 9fl 
1610 tl\293 
1610 1b2.93| 

7£ 3.54 
210 d? 21 
574 

155 Th215 
126 1670 
life e2 61 
e7i — 

2L8 t*8 Q 
155 t2% 

305 1215 
1610 t289 
13. 

1531 PI .96 
17 3 20 
175} 

:sn 

4 9|606 
IhlOjCJO 
2lg 12.35 
ififl338 
30|L51 
16^3 12 9 
477UU9 
8751 

m 

tt«h5.03 
lfil« 1L24 

^223 , 

aa * 1 

CaH529 
3051 1518 
174(228 
7.3 1523 
lfl' 238 
1&‘ 238 
347 hdl02 
78 359 
1275 _ 

107 L 42 , 
2101(15.19^ 

2L« 424 


3.5| 


64^ 


♦ 

id 

2C 
3.a 
13 Of 
1* 
3.B 
4j 

a.a 


29 

46 

62 

H 

4 

0.! 


pa; 

322 

81 

64 

100 

174 

a 

g£ 

12.0 

142 

7.4 
70 
9.9 

9.4 
5.7 

10.0 

102 


11.4 


85 


13.7 


* 

133 


ti 

92 

28-2 

19.4 

7.1 

9.9 


ll 

137 
L4.0 

7.8 

5.9 
57 

137 
1Z1 
81 
9.7 
11.7 
77 
122 

1 

1L7 
318 

It* 


lO 


241 

3 


id 4.7 


57 


83} — 


66 
20 2 


102 

97 

2.8 

Z?«j7 
14 G 


Diridcndn 

Pm* 


Stork 


Price 


Lst 


Feb. June Raker P*rL 50p. 

April F&unfveds3Qr> . , 
May Nov Eanro Cons 20p. 

Nov. May Hartaif i Sons 

May Dec. BeauftcdMp 

Feb. Ort. Be\an,DJM5p_ 
.Mar. Sept- BlnnblQualcast. 
Jan. July Bnai-0tm3Bnt_ 
AuC Feh. Whom ftiUet !0p 
June nev Blarlnt'd Hodse . 
Apr- Se-pt BoaserEatSip. 
May Dec. BoultoaWinlOp. 
Apr. Sept. BratamSfiU TQ%>. 
Jan. Aue. Brtntlnnute£i_ 

Rranway ldp 

Jan- July B house Dud )Up 
April Brivtaldanae! . 
May tX-t Br-r .UunanaunCI . 
July Dec. BrtishXorthnjp 
Jaa Aus. BntSeatn^9p_ . 

June Jan- 5rocldsn$e 

Ferfj. Nov. Bram'jiCEtopJ . 
Nov. Mav Bronx Eng. 10p_ 

July B:«ieYo(4 

May SejA. Bnuheri dP.aip. . 
Apr. Aua Brown iTawse.. : 
Apr Sept Brma Jotaq £L_ < 
Sept Mar. BuHnughap . _ “ 
May- Dec. Bn-uessPreil 
Feb. Auc. Butterfield H«_ 
June Feh. TandmdEh^ 1%. - 
Jan. June Capper-Noil 10p 

Feb. Ati& I'areloEne.. 

Oct May '."artwigMR. IBp . 

Feb. July Casings Mp 

Feb. July Caeneingjp— _ 

Oct Apr. ChriSyBns- 

Jan. May 4 01aytar. Son £Cp - 
— Cfaflon1«Qii£it . ; 

Aug. Feb Ti*ta«i29p 

Aug. Feh (anpAir 

June Dec. CcnrentnrlOn 
Feb. Sept To*wa*r.5Jp_ 
Oct Apr. ToopwfTiH)p_. 
Mar Sept Cooper In*. Idp 
Mar. Aug.Comen3na20p. 

Auc. Feb. Crrante Group 

Feb. July Crow: Ham 

June Dec. CanantStR?!.. 1 
Mar. Sept Dan « Howerton. : 
[Jan. July Damtfth Inv 5p_ 
Ort Apr. DvtiJfef ‘ATOo 

.Apr. Ort Da-.yCcnJ [ 

February Prison Illp 

Jan. Jane Delta Jfa©L 

Feb. Jahr DncusJJ.U6i_ 
Mar. July Deriiecd50p__ : 

iTrt May Pesoffito- : 

Dec . July Pemuetoe Up . 

July Drake* ScaIL._ 

Dec. May DuctleSteeis— ! 

June Dec Pupal 

Mar. Ocl EdtrwKWss. 

Feh. JalyEJLoaiB) : 

Jan. Aqr. E= 3-CardCkth_ 
Jsui. Aug. Eva Industries... [ 
May Oct Expanded Metal. 

June FaaneriEW.i— . : 

Mar. Ort ftnhiGH'lOp.- 
Feb. Aug. Polices Hit) n r 5p 

Dec. June Fkarislinds 

Jaa. JuneGHbtnLaip 

Nov, June GffltaaEng- lap- 
[Jan. Aug. GeiLEDiRad.lDp 


Jan. Aug.(GlyBwa___I 


ELECTRICAL AND RADIO 

t 

33110.61 


June 

July 


AH. Elwinoic 
Allied Insulators 
Audio Fidelity lft) 
Auto'ledSer lOp 

BlCCSOp 

BSftJUp 

Berec 

Ben & May lOp. 
BiUrtliwpelOp— 

'Brocks lUp 

J Bulan A"5p_.. 
jCaMefonn.Tfi. . 
ICarapbeJILsIiwd 
[ChkindeGm.... 
i.liitord* Snell 5p 
Coma R Sen ap. 
|Cr»rfJtronicl(&. 

i.rol'Jn lOp 

On IjKI'fw IHU. 
PaJeEJecL [Up... 

Uecca 

Do -A 

Itaminm I0p - 
'DewhursfA I0p 
iDomKne&M 5p. 
Preamland lOp. . 

Dubilierir'- — 


Jan.lEMl POp ..... . 


Feb. DoS-Vot)' "Bl 
Ocl IEwTcoutb I Op 
Electronic Mucn 
.E3ec . Rentals lOp 
pEnero^ens IDp .] 
Emrinmnlnl. lup 
Fared/ Elec 3lp 
Fidelity Rad Up 
ForraraTorh 5flp 

Mar. OrtKlEf.*. 

HichlanriEL 20p 
Jones Struud_. 

Kodelnl. 

— .Laurence Scotl - 

8.8|June OctlLecRdri? 

Jan JulyiM.K. EJectnc — 

Motorola S3 

|Jan. July Muirhead 

Ian. July Newman Inds. .. 
Mar. Oct Neomart Laois . 
July Jan. KonnandELSOp 
_ - Mar. Sept Pterldn-HmerlK 
9 1 Jan. Jiuv PetbewHIdfllap 
* May Dec PhillpsRn. Sw% 

■ , — ■ Dec. May Philips- Ui no.. 

3 413-1 1| 4 2 Apr. Oct Pirco Hldrt 3>P- 

79 Apr. Oct Do. *.V3Bp 

9.6 July Jan. Pless^SOp 

Pressac I Op 
ry e Hides — ~ 
Feb. Auvj-JBaralElectnK.. 
an. Jaly iti-dilhucm 


Apr. Oct 
May N«r, 
Duly Feb, 


Rofafl«G8.10p 
ScbuJesiGHi... 
Soov- Cft. Y"oD 


fjetoher Sound DiH.-fl.3p. 
- .Apt. Nov. rriefosion jp _ 
371 11- 2fApr. Nov. Do A S'V5p_„ 
[>ev. June Tele ReniaK — 

iDct Thorn Elect 

July Po V>-' 90-94 
Dec. Tirrpe FW lOp* 
ucta/nliecli Wp - - . 
Apr. Vtd Seicnlilic — 
< h.-t Ward&Gold ... 
Aug. Wdli-oHIdi 5p . 
'7»cL Weainghouse.-- 
nber WWtvwrthEl.Sp 
Oct. WhlerakFls. JJp 
WiglaUiH.: 


130 

(A 

30 
97 

132 

85 

144 

62 

66 

72 

31 
80 

130 

119 

33 

137 

3 ? 

16 

16*2 

162 

460 

440 

24 

15 

36 

26 

152 

£95 

293 

22 

125 

17>» 

184 

368x0 

B4 

« 

107 

137 

107 

74 

212 

gr- 

266 

45 

£96 

88 

E54k; 

840 

94 

90 
111 
104 

83 

322 

91 
39 

300 

500 

49 

36 

35 

137 

354 

157 

312 

96 

26>z 

61 

21ns 

214 

248 


2.M 5.66 
IM 14J9 
23J1 d213 
m tL34 
155 t7.16 
185 1484 
305 1434 
21* 3.09 
155 1L64 
Zlfl t3.45 
21G 11.33 
2ie 33 
395 2.94 
266 522 
2L* 0.64 
2Wthd2jg 
301 1.47 
5<i - , 

21 £ 2-/5 1 
133 11.95 
133 1L95 

10.7 0.74 

24.7 10.84 
210 121 , 
2L8 1hL29| 
12i 9101 
155 9.38 

rfltta 1 

975 - 
116 508 
107 10.3 
- 113 5 
LUO 167 
305 1521 
25 691 
7{ 4.07 
3110 dU9 
49 4.69 
34 t4.77 
7J 5.03 
45 1d2.63 

10.7 5.9 
3h9 QS1.0 
305 0.08 
305 4M60 

4" 676 
126 287 
at Q4?'J 
266 hd4J8i 
155 

1212 oiTy 

49 3.01 
189 3.01 
25 5.49 
34 3.0 
189 3.62 
266 3.94 
10.7 4.B6 

a« «-6 

210 1852. 
i« Q5C%j 
»7 rfU4 
210 132 
’ll] 1.32 
155 15 93 
21E ll-6a , 

fldn 

21J 4.05 
155 3*609 
76 4.55 
155 1115 
7.6 tZ16 
1610 dC SI 
4' 589 
189 N*370, 


SlA 


3. W 

2 J 
2.11 
3-1 

L7] 

« 

32 
L9 
8.8 
115 
35 

25 

4. ffl 
h4U 

3 -» 

t 

u 

30} 

32 
5.0 

49 

37110.41 
4.r 


9 -a 

f49 

73 
2-Oj 5T 


14| 


4.8 

5.0 __ 

1.9) 7 6 t85k 
4.4 6 . 

65 i2 pan. 
IE 12.9 pan. 


45 

13 

3 1 
1 -S 
0 
4.5 
1.7 

io 7 

M 

V 

u 

2. a 
e.jj 

3. H 
4.3 


53 7.3 
7.0 5.6 
53 5.8 
4 2 66 
1.9 14.7 
3J 148 
35 
83 
53 


92 103 Apt. 
U * Apr. 
3.E 63i0ct 
5 5 14.9 
5 6 145 
6511.7 
49 69 

!Ui- 


7.1 83 
65 60 
5.3 63 
5.8 73 

4.1 92 
82 008. 


ENGINEERING 
MACHINE TOOLS 


April 
net JunCH 
Apr. sept 
Apr. SepLl 
May N'ov 


7|ijct May 



115 

225 

U2rf 

<&tb 

307 

148 

53 

50* 

134 

67 

32 

l«fcc 

38 

i 12 

88m 

106 

172m 

156 

7*8 


1321 3.43 
210 15.8 
1610 253 
1610 2E3 
210 10.0 
- 9.9 
2L£ 4.40 
16M 62.56 
25 15 36 
266 h239 
475 - , 
1610 1H673 
?66 B- 1 
ag 258 
247 L15 
lb 10 +536 
49 5.95 
1610 159 
l&S 1533 
[-277 0.24 


29| 431 
44 3.8 
42 ZQ 
4.2 3.3 
56 4.3 
29 10.4 
L7 1241 
33 7 £J 
54 61 
2.E 52 1 


i a io.i, 

34 67 
16 9.11 
23 

3.0 5 a 


tS-91 

II May 

•1* Dec. 

24) 7 2| B3jS' 


21 J 14 53 
247 493 
107 +5.68 
25 $226 

217 146 
174 132 

hi 47 
78 4.33 , 
277 Pd2J3 
10.7 237 
W.7 h0.24 

218 h50J> 
155 609 
26t h4.7S 
266 13 67 

. 21 ! 221 
1610 1L59 
126 052 
2L! 645 
10.7 4.88 
2L9 884 
247 16.25 
174 3.5 
247 238 
266 13 56' 
lit 2W 
, 24 7 3.05 
1610 h3.ro 

12.6 dL83 
121 *131 
7! 281 

, 4.46 

1 1076 - 
107 5.51 
247 t3.67 
305 1243 
21i dhL4 
135 1L02 
a! 089 

24.7 6t4.ZL 
24.7 12.46 
7! 3.4 , 

126 tL27 
4.9 th0.67 
7 fif 65 
U dl 
155 610 
305 1286 
305 10.12 


5.0 
0.7 
22 

4.0 24115.6 - " (Granges fOBO_ 

2.9 4? 10.4 Mw OctKtankI0p_ 
2111-1 7.0 Nov. Jimetereet'sBettL.-.. 
2lj 53 13.0 May JanJGJuV£J_; — 

— 363 N’ov. MariEabu Pnesw 5p| 
7 4 5.9 Nov. JunelEadea Carrfer_ 
W H9 Apr. OcLi8aR£a&9ip 
16} 65 Feb. JolyjHdl Matthew 

Mar. Sept EaUne; 

Apr. S$t 

Jan. JulriHanfeMacl . 
July Dec WawtarStd - - 
Oct iVpr.li&OasUth- . 

, , *r ,une Dec- HostasmisaOp 
k#b - Ma-'lHoBanlMariii- 

2- 1111.2 May Oct|Ko*d«i Group. 

0. Jan MayjEUQ ifascrop 5p 

- „,l|f May Oct U XI 

2^156 AUC Mnr.jlack?nJiH35p 

lute Jan CJenls&Catleli 
_.JJan JunelJbhjisor.iFWn 
37»1 Dec. Jun-riJaneHroapltip 

133-May OcLLlcaesStupnac 
0 IJune Noi-.iLaiid Group — 

_ _ Dot Apr LakeAEHu*__ 
5JI Dec. MsHLamiPercyiMp 
, ni'f i‘ July Feb.jLee»Aithiir. IS2 
i 2 ‘y, 1 Ypr JulyiLey'sFhnndrifc. 

1 . 21 D« JuneiLinread — 

5 4 9.7 - UffdfFJLj. 

3- 5 W Jan. JniyjLoclia-'T'aF... 
J3 Jan. July! Da-A'ftj___ 

Mar. Sept Loc«tai£l&ll-d 
91 Apr. Nov.jaL HokfinflS-_ 
55 — (MassaoBniKe- 

« Jaft Junej MartonairSOp - 
J3jlS| June Jan McRerimieBne. 

66| 33lOcL Apr. XegCiitSp 

- Uct. Apr Mefalraxsp 

2-3 10.6 Apr. July Mwflandlnds ap. 
I ? September MninRSop r 

In Jan - Sept JfitcheUSoai . 
7-0 80 Nor. July MoleiM 20p — 

7.1 9.8 May Nov. Mriins 

4A 67 July Jan. Moss Ens s 

87 i79. Apr. OetMmad. 

9.1 219 June Nov NefflUas, Hdes 

531 63 5.7 May Nov. XetfmmTonfci 
53j 3.6 5.9 Oct Apr. Northern En£- 
5 If 3-9 53 Sept Feb .Xononiff E'5p 
18 113 Jan. Aug. Rfgler-Haatsli 

4.1 73 Jan. June PkuwChadLI 

- U* 2 Apr. Aug PrafliF; 

9-2 - SepL Mar. PritstiBem.. 

?3ii? E h km. 

RE- JESSf®*: 

May Nov. R'nsomes Sm £1 
Mar. Stsd-EUcliHelnds-. 

Nov. May RatchfisiC.Ri 

Oct Apr. Record Ridgway. 
Apr.. OcL Rdrai Htan lOp 

43 Aug Feb. RenoldEl 

4.4 21 'DJI June Nov. RidiankofLelc. , 
13 8 2 91 Feb. Aug RjchlE«fest50p-J 
23 85 5S Ort May Robinson (Thon.) 
43 4.5 66 N'ov. June RotartlOi 
0 7.4 0 July Jsn. Sandman 

4.1 38 7.7 Mar. Ort SavlUeG. 

Ll 12 18.7 Nov. June Senkirgng, 

11 64 13.1 Feb. Aug Serck 

3.0 62 7.4 Ort Apr. Shakesp-reJ.Sp. 
10.1 3.4 4.4 Jan. July ShawFrairisSlp J 
L7 65112 Jan. Aug Steepbrid»_ 

3.6 29173 Jan. June Simon Eufgj: 

4.6 2.6 12.6 Aug Jan. 809 Grant- — - 
2.4) 6.9 9.0 August Sa*h(WbiL>3p- 

— — Jan. May Spear i Jackson. 
F7.9 — July Mar. Spencer Ok 20p. 
25 152 Jan July SpacerGeasSpJ 
4.0 183 Nov. June Spiras-Sarco— _ 
43(17.5 May Nov. aartriteain — 

Jan. StavetelnSs." 
May Sume-Hatt_ 
Apr. StoherttKHG 


May SjkeslHenijl — J 

Oct Tace life 

May Tajlarraliister .1 
July recalemiL 


iTOnn 

TftacklWAUOp 
OtilEkiiCglOp—! 
ltd Sonne lOp-i 


46 10.0 July 
R3 10.8 Not. 

60 0 Ort 
53 68 Oct 

5.8 13.9 Apr. 

9.6 20.8 Jan. 

f9.1 - Jan. 

13113.4 Feb. Sept Tfe. Abras. Kip . 

HOY rbjssen Basis 

61 1.76 1 Apr. OcL romldnsFAop. 
2.6139 Feb. Aug Diptex Fdri«._ 
28 175 May Oct. fube Invests £1. 
27 153 June (Tunis. 

9.4 113 Jane Nov 

7.9 0 July Dec. . 

L9113 July Feb.Utd. 

42 0 July Jan.Utd.mre 
6.51 52 1 Jan. June Ylckm£l_ 

Apr. Oct. Victor piuduas- 
LUan. June WXI.l^ 

Nov. Jure Wadklu50p 

Mar. Oct. Wagon 'sA.-atfl. 
Dec. July Waiter 1 

Apr. July WanJiT.ffj, 

Dec. June WanwTOirittMJH 
Sept Mar. W’T'ridilingsip 
Jan. June Weeks Assoc. lOp 
I Jan. May ffrirfawij ... . 
Mar. Sept W(Sbum*Vg- 
Jan. July w. Bran" ‘ ‘ 

Feb- , 

Ang Wesfn-EraiisSip-J 
June Whes»e — . — 
Aug WbewmWa. Mp 
Whitefiflusego®. 

July Wi IIian*< Wft 

May Wins* J«nes„ 
60)122 .May WoM HertTooU, 
63 55 July Jan. WoWy Harises _ 
Nov. WbneU S%> 
Aug. WoodlS.W.l3te_ 
Apr. WhsetanlSS 


July 

Dec. 

Jaa. 

ism. 

June 


% 


£852 


7.1 X25 
247 *159 
34 0.42 

110 17.26 
305 422. 
71 322 

1610 M643 
34 4.05 
18« t6.09 

24.7 HO. 8 
266 751 
155 535 

71 1458 
21i 536 , 
305 Q11W) 
305 12.76 
133 057 
305 3.90 

111 8.67 
49 527 
2Li 1L93 
217 -15.02 
711 1L84 
lO.i 9.5B 

18.5 13.43, 
IB* WhL21| 
1610 4.45 
369 dLfi. 
23 1L191 
305 0.63 
155 195. 
305 2.68 
266 1431 
155 +7.89 
126 4.14 
211 d0.28 
25 d952 
305 dZ43 
If 0.6 _ 

W 

266 «4 
210 13.66 
11 19.69 
21D t4.0 
71 127 
17.4 4.55 

10.7 tS56 
217 3 03 , 
i7.» taissj 
75 0.97 

266 4.70 , 
« 12L27 
155 239 
155162 
305 1225 
121 tL47 
155 4.76 
151 9.96 
185 hi. 69 
266 559 

SS & 95 
210 1166 
266 14J4 

w2.6a 

266 P4L0 
I61f t!32 

SSS?, 

266 hdQ-99 1 
161 1318 
Z4.7 hzfLTOf 
305 14.67 

2&6 mm 

155 253 
155 dL15 
21C tZ49 
W. h!29 
155 1650 
lilt 154 


247 «M35 
ai| 236 


CM 

491 


Dir 

361437 
155 L79 

iai th 2 i , . , 

IE <3 th2.76| 35) 
17.4 <J239 
71 dL35 




1 a 

n! 

44| 

31 

tl 

4 lj 
6H 


69 78! 
5 3 - 323 
^ 89 36 
32(10.7 3 3, 

7.3 9.4 
851(53 
891 83 

7.9 45, 
91 86' 
8? 83 
53 80 
51 44 
62 62 

U.O 6 

4.7 5.8, 

81 l6.0i, 

39 « 

5.9 5.9, 
7.1 93 

5.7 87! 
22116) 
83 r43' 

3.4 4.7! 

1 9.0, 

?? 
36 
34 
67 

.11 
4 51 

ZM S3 
9.d 43 
4.3 52 
5.ffl 82 


28 

0* 

34 


if 

201 

3| 

36 

9.M 

sid 

4.7 

67 

45 

24 

3.Z 

bl 

3.Bf 

3.9} 

7m 

3 . 


lid! 

tU'sl P!F 


511 79 

u ft 

Mn 

5M.87 
9.9|13J: 
5JM 59 

lfl? 

62| 53 
5« 61, 
ty 26 


67{ 

4.« 

3? 

l|l0.9| 


_96 73 
55 
6« 67 
.114)10.7 

r 63 

41 
105 
33 
55 

4.6 
7.0 
73 
7.9 

104 67.6 
83 4 4 
7 7 35 
72 5.7 
116 53 

3.6 

1.4)114 9 6 


3.2 
22 
16 
13 
10 
48 
34 
29 

If 51 

03 

z3 


8« 

if 

10.9 

71 

ll*? 

Si 

9.64 

10." 

II 

9.9) 


is 

■ 

■5 

4.8 

32 

3.7 

39 

34 

[53 

3.9 

I10 

13.4 

AX 

126 

52 


» Febrnmy (Eng. A Overt s Hhj 

Sft«!KSSaE 

a o Jan. June Euro Ferries 

73 Mar. Sept EwKfeEW«s.20p 

if Ort June Faiifcafm [arson, 

94 43 Jon- Jow Feeder l(ta., 

51 TO Aog Jan. FenaerrJ iLi. 
3 j 1 Jan» July Ferenswlnd. 
to 44 Jan. SeyC. Fhruanu20p 
n 2 c Mar Nov. Findlay uva^ 
23 ftfc Jane E^SstleUp, 

a a hi Apr. Dec. FiUwiSton . 

2-g J 1 July Jan.FIe*eUoCiW. 

45 35 7 Noi ‘- Jnn€ KoeatyiK.' 

0.9|li3<MS^- 

MaJuSeJJo. 

FOOD, GROCERIES, ETC. IS* 

7 (July Jan. GJL rH&^i 


SJ 


43110 
96 73 
91i87v 
10.1 182 
10.4 15.4 
66 56 
4.8 9.4 
62 84 
721 79 
- ^.22-7 
17 89 
6(1 39 
73> 60 

tlis 

42 


FOOD. GROCERIES— Cont- 

**ji3* \ Stock i Prif Vt )t-»r)«.5-:l 

iS 43 . 

Mr JeS d ISruKSiA 1 . - • [ “S' - * 

Jul. Dev .'Fa^a-.i- lai . • 53 
Uiv. !UF 

lan. i'k t.i'.r riKKl Haaa* 


1 ember i‘ of .-weiri; 

— j { 

Mav JatjUrv Wra 3* 
Dec. Jvil«Uixf1-£l - 
(vt. Uaj-xiaaew-d- 
Apr. N«h iMter Trade «:p 



Dec 


■Ian. 

Jan. 

Jan 

Jan 


July. 

July 

June*! 


Duccraberj^-ke W Iriim 
raifcre^f^lbp 
SUM _ . _ 
Rfihertvn ri*x£> 
F!.-^riree- M 

.fur.cl'7J.r*Lur *j : ■ - 

Scntemr-er JSwmor.ev — 

Fen. JuncJSfsi.e.-.'. 

ivt Apr Lipr rre! H r. 

Apr. SeptL c »;ii .h-.-ep 4 ’' - 
rx-t ■ AprlTarefcLriefl! -- 

Sepi. ApnlfTaiaw.' .‘Lit JJp 
Mar. Sepvite<riip 
\pr. i.lcL;iSijaEe.. -- 
Jan. Junetl =tled Bu«ur> 
Aug. Mar [Waste PfcJp Up 


. ->3 
137 
107<r 

! 55 

90 

153 

165 

87 

73 

83 

103 

82 

29 

62 

"sr 

146 

390 

215 

63 

33*z 

41 

155 

168 

75 

53- 

71 

77 

54 


731494 
545 2« . 

linlhib? 
iL' tfl67 

1610(412 ' 
jc 720 
25 5 50 
1112 *s 7 SSi 
110 1^2° 

110 J7.37 
lf-7 — , 
210MdB7d 

73375,] 
18 a 1rft 87 
55.5 155 
161 *d067 
1174 — 

M 5 13 34 
26b 5 81 
Uh 11320 

111 <1611 
?£ 377 

155 137 
4 d fl 56 
a« cW.34 
210 1JJ34 
J 33 M59 
2b b 16 b 
79 3.46 
155 43 01 
;-J7 12 47 


HOTELS AND CATERERS 


Septesobcr Usfcalnl. l<xp - 
- .FcliW 

Dec. July Brest Wal*er 3p . 
Dec. Jua. City HcMs My- . 
Det June DeVatHoieU . 

— Epic-ore dp . 

Apr. Ort >3ncri MetaOp — 
March tlunjbriMILcJj 

Mav Urt LaHjnkt lOp _ 
June Mt Ctarioitc Itp 
.\pr. Dec. Myddteton 50p . _ 
Apr. Oct NorfrikLapop. . 
Dec. JuneiNurthi.S. F>'.up 
July Prtarf offfeie- 
Jnly net. Q-reec * Hear jp 
July Oct PaPrtonHniri.s._ 
May Sany-viOp... 
Apr. Ort StakLu Reol l»to . 
Sept Mar. SKa Ryan Iri ap 
Apr. Oct TrcsiH. Forte 
Feb. Ort ScntrEii .YK?.] 
Jan. Augoftwrier's !0p - 


51t; 

£274n 


l«L3t<1.68, 
775 HJ1245 
786 127 
110 tdiJ 3 
155 rd4 72 
- N034 
49 14 31, 

91 W.S1 

17.1 0.50 
13 3 6.66 
Z1E 1061 
165 tWJ.46 
109 thO 85 
189 td0.34 
1B9 1636 
171 hlfW 
J9 0.70 
286 ♦« 25 
Hi +8 33 
21E128 , 
73 h426 


55) 2 0| 


Apr. 

Jaa. 

Oct 

Mar. 

Feb. 

Jtrfy 

Oct 

Jan. 

July 

Mar. 


Ort 




INDUSTRIALS (MisceL) at 

Sir. 


JnnetWBBevarrh _[ 


Ocuutalnds. 2te>.. 


Dei 

June! 

Dec 

Oct 


Apr. Sept, 
Apt Not 


July 

Jan. 

Oct 

Z- 

Dec. 

July 

Jan. 

July 


Jan 


Aug. Mar. 
Dec." 


jgp&s ! 

cfct 

Nov- _. .. 

Jcljjbajd > Vn 1 6JL—J 
Apr. " 

DecJ 


Oct 

Oct. 

:Oct 

|.Iaa. 

Dec 

S- 

May 

•lac. 


Voi 

Ort, 

JuH 


Ort 




36( 3 ^32 

d 3.0} 93 
5.1 3 2 
7.5 35 
59 1715. 

6.7 40 46 

a 3 1.7 7.4 

19 80101 

22 86f 8 
U1L21ZJ 
28110 41 

9.8 

3 7.1 64 
7 5 3710.9 
32 71 63 
4.0 7i 4S 
18 10.6 >63 

23 9.6(591 
03‘ 

2.4 118 

0 113 

20 92 
29 73 

1 Mi 

8.7 3.6 
23 9.6 
5.G 4.4 
15 1015 (Mi 

4.4 64 5.4 
17114 ao 

3.4 65 69 
72 32 55 

1710.4 7.7 
20 7« 94 , Vnr 

25 10.0] 5.9 


It 15.4 6.2 
17 9.8 8.9 
At 45 7.2 
29 60 8J 
03 32 m* 
lfl 10.7 0151 
17)10.6 83 
52 « 
43 125 
45 

4.7 
51 
63 

7.7 

H 

n 

3.2)311 


2|ia|l 

t3 

7.^ 

6. a 

3.7I 
7.60 

7. a 

7^ 


JulyLUiueSd&D'Ulp. 
June As. Biscuit 2^r. 


29)126 lp^' S SteSS£5 l 


Apr. Oct Aa Fisheries— 
Feb. Sept Arana Croon 5p . 
May Nov. BanksiSkfeayCl 
— Barter &n,10p_ 
Apr. Ort Barr LAC.I 

June Dec Barrow Milling- 

I Jan. Aug BaaettiGeoi 

Feb. Sept. RalleysYortlDp 
Ort Apnl Bc(anjIDp_ 

May Sept BibhyiJja 

Jan. July BiiiopsSftBw., 
llM. .tnfvl rv« «A"VV» 

119 
83 
123 


OrtlCUffiard 

O'.-L Da-A'JTY 

May CuHensata— 

May Da“A“2ftp-— 
May Darisli BnrAlI , 
, c . Bdft'dflLouXfipJ 

254 jan, j Une EadandtlE'^l 
K jan. Ort FM.eH— _r 
f J -Apr. SepL Rsba-fAl5pu__ 
|| Mar. Sept Rich Lmdl alp! 
7-7 Not, -Apr. GUnOororSfL 


28 ^||7-^Feb. AugjGfiUrei Foorard. 
* 9.7( * Uaa. JuneJHalcwVsPiiJp 


Jan. July Da "A". We _ 
Apr. Oct Bluebird Catt_. 
Sept Mar. Bril. Sugar® 

- , Mar- Nov. BrttVenrfgli 

Jan, June Brooke Bond. 

S-i Dec- June CatflninScIi'iK- 
3 - u June Jan. CatTjJClIiflg.. 


155 

76 
74 

242 

45 

59 

77 ; 
13 
80 
65 

120 
95 
63d 
268 
147 
■ 98 
81 
149 

i 

105 

58 

44 

136 

H 

19 

241; 

68 

IS 

64 

24 

100 

69 


266 d6,70 
15i 1374 
266 236 
V. 687 
13J 0.0 
. 71 U0 
3.4 M.O 

B7* - _ , 

10.7 thZ18} ,4.1{ 
303 


10.7 5.; 

10.7 d3.6b 
1611 162 
m 16.70 
266 rW .63 
2fii (3263 
2M 23, 

. 2! 3.09 | 

as 3m- 
m 12# 

- bd2.41 
17.J 194 
174 194 
10J 439 
107 439 
17.4 674 
474 - 
.174 "11-44 
BL9 45 
».l 0-65 

J! 

W 


Aug 

Aug 


LAH. 1 


Aaroasns Enr» Illp 
Abbey Ltd 


Aa£ An Asphalt . 
ArensjcrA, lOp. 
.Ysficd CottBB'A' 
Ass. SprasHvHfe. 

.AistiD Fibs -rip I 

Area Saht-er £l_l 


tofedaittc 

B»t>w Hepburn 
BafcftPcjibmd. 
BaxierTRnecd 
May EeJ3ocC3arli— 


Feb. Aug Eeeccaro 
Jag July BeUa.-rCi3. 10p- 
May Bwiinn ..... — 

Sept .Apr. Bcistonk 

Dec. l£ay BermcitTlinpo 
May BesdieO-T.- 
May 

May 5iteratedEng - 


Julyr3:HaniiJ.- I0p . 
Orttei^iArroftjaJp 

FtellBiack^HldM J 

Pfori^lA ;np! 
BpcAsifa'Supl: 

&***°>W 

Scr.* fS!B» 


Say Sot 
[J an. July 

FeMy.AuSv . 

July SovlBcKabs-ll ~- 


iBrutoc _ 


Not. .. 

[ian . 

Feh SepiJEB&a*. 

Aui 1H9& 

'firtSauhw 


Jan 

May 

[Not. 

Jag 




June). 

Nuv 

Ort 

Mot 

Jul 


ZL8618 
217 H2 59 
2W t3 5 

44 Q3 34 
2U 324 
211 2.52 
2i( 116.05 

78 27 | 
126 Ml. 97! 
21S 6.65 
775 - 
4.5 tffl.61 
305 9.41 
155 12 42 
189 561 
21i 13J8 

45 1110 
2! 0037 

jm 

IB 7 1335 
, 305 0285c 
Iltlfi J5.24 

M “ 76 

25 1.74 
, 247 1249 
1610 13.04 
1R9 19.66 . 
ULl 1d677^ 
mi 13.05 
126 3J9 
7{ 161 
11 642 
210 t276 
4 5 2.0 
155 1743 
174 d932 
305 H600 
)161EHQ$20 
185 «85 
107 h4.44 
7E3S3 , 
. 45th284| 
1173 - 
189 623 
174 t211 
2LB (12.70 
ZHUK 
Tt£ ~ 
395 C3.36 




auij , 


Not. Jin*$Broosi*3L2& . 
Dec. JulyiBraKi E*r.-. Kcnl 
if Jet ilar.^naasiSltt?*- 
No-.-iSairoDeag— 
.pr. Dec B-radereip- 
Mjy Not 3crs_- Arcs alto 
Jura Feb Ll IL fcrfl-.lflp™ 
May NOT.fanwafc-,. 
,Dec. iuh\\xnia«A» , - 
Jan May Capelsdwtito 
Feb. June Capias Frol Idp 
Mar. Sej2 Caravans ltvL3Jp 
Oct Carl-jm usds .. 

Aug. Ground* 

September ; >Je4ua: !nd 5p 
1 Jas- July Cetol Mfe. S9p 
Deii July rtetSleewdap 
Sept Feb. Caure«OT5qp . 
Dec. July Casntezw.Gp 
[Jan. Aug CtojbmPt inp 
Mar. Nov. Ciaigeft’aKjlOp 
March ftu.'e.ft3J?Mp. 
Apr. Ort |Chn=t|eTIQp_J 
Nov. MaytChnsbes IcL Kip 

Dec. Aug Chubb 28a 

Feb. June CTarteiClerasm 
June Dec OcJe'RH. 1 
July Dec. Cmptn Vebb 20a 
MrJeSJ). Conti Grp. SI — , 
Apr. July CoBtSaitfrAlfipJ 
June Feb. Cope Allman 5p 

Sept 2Ha>' Csprda lOp 

Jan. July Casdt 

May Dec. CmitoyRneXpJ 
Oct Cosratdewl llpJ 

Jag Creaad i5to. 

Not. Crest NlehoflOp. 
w. July Crosby Eotue ' 
Jan. Crosby So 

Jan. July Dwiesft! 

Dec. AugjDcLaRae 

Apr. Ang Denhsware — ■- 
3190 

Feo. Sept Diammca^lOp 
Jaa June Kakis Heel 3p_ 
Apr. Sept. DiriomsEnvs — 
Sept Mar. ItotenftirtlOp. 
Jan- July Don Hldgs.llto 
MaJuSeDe ftnerDsp-Cal J 
Jan. Mav Done Sard aw 
May Oct Dufay Bihna Wp 
Not. Apr. DunbeeCma I0p 
ea June Feb DoBckiraan30p„ 
ji .Jan. nipielntSp — 

4 2 Aufr Apr. Dun^npe 

— . Daefcd ™pSfip 

601 72 Peb - Aug DykesWJ 

77 44 Apr. Oct. I5son1J.iJ.i_ 

46 ills Not 
64 

“pan. 




teftp* Ajpf. Sepycetetner 'A' _ 

In al l 77 J J - op - .“S Qbbans Dudley, 

|. JJin.irgssSs 

32 8.0 53 ian. - Oct GIaio50n . 

— 343 October Gnomeftdo I0u, 

« W May -Not (MdnaniHilOp 

J7 20.5 45 jan. 3alj Gonsiemdsu 

26 72 161) fan. Jane Gramman ffito 
2i |J 73 Apr. Oct Granada \A' ] 

3.4 36 (861 — GHnritane 2' 

67 |-7 53 April Oct GripperTO# 

3-5 ?.7 18.4 Oct June Cnirebefl 
3J AC 69 Jan. -Ang HriiamSe 

h tl h — 

7J ■ 

£l 
31 

46 
4.6 
10 
10 

3.5 


33} 61 j Dec. Apr lHanisn Ca _ 

2- -4» Feb. Jills Hanson Trust 
8J f8m Mar. »«£ naffawCw8Maf 
I- JI Jan. July QalgteawsSOn. 
3.4 87 Jan.- --.Aiig HamslTtLiaOp.., 
5 0 65 May Nov Haris* Skwb J 
6i 4.9 July . Fdj. BanUnsATIpsoa 

4.6 g3 — Ifc*UB5p._ 

4.8 321 Dec. June Hay iNhsbb) SM 
.9.8 4.4 Dec Julj H^slbarfll _ 
40.B June' Nov. HepwihOnnc.. 

33 9.0 5A D0c. June Uerialr,- 

Ll 8.8 ,U7i Mw . demttvJJap— _ 
ll 9.6 10.9 Dec: July B«&SJob50j 

li 95 10.7 Jufc' Nov. 

2! 7.E 66 Nov.ri^. 

33 41S89 Rot. : A pt HtWetkCW. 

3.11 6^ 5.5 iFeb. Sej2jHolUstois- 


Jniy Elect fad Sec_ 
oalJUiy Jan, EKtattPtftu I6 t a_ 
he Jan. June ElaaiARbbbiiti 
5*)Jan. June EEs^cStSTpsrSp 
TRlMar. Dec. Emfort D jp. Sl. 
-'May Sept EasnsiSmJOp. 


40ffl 


72 


21lrf«l 


2U 217 
71 NO 6 
107 tL6 
217 420 
1610 1332 
7i t5.W 
155 219 
25 13 77 
211 i 
115 S 

SJ Z 35 

ZJO 1227 
305 £226 
3.1 242 
ZLJ d232 
126 1358 
m 13.41 
HD 


... 0.7 

Har 

Ui hi . 87 
30* 5,50 
ia< M5 08| 
155 140 
10711680 
609 


w 


434 

lap 

& 02 
335 

B 1699 
2M-1 

fiS 


m* 

7.7 ii2 
. 7-1 V’A 

"aw 

s =, las. 

It 71 

65 62 
73 Uj 
69 17 .7 

ll 36 

24 U 
2-7 95 
95 qj, 
3.6 

66 5.0 
47 32 

^ 63 43 
73 3 8 43 
55 55 32 
33 24191 

3- 4 75 

33 12 S 3 

4- 7 55 58 
43 3.1 U? 
20 65 S* 


11 , 
£ *?S 

M li si 1 

ynii 

1845 I&7 * 

20.8.6 50 
« 33 IS 

23 9.3 7 7. 
29) 8 .1 • 4 9 

t 32.4 

211 7 E ifti" 
1 % 5.4 Si 
11 61-43 

fXO) 

2^,63 *S> 

97 

zaj-yj 11 

19(7.2 5S 
*1«9 4 



/ 





'■ financial Times Monday October 30 3978 


VBL'STRLAIS— Continued INSURAXCE-Continned 

‘ !.. ... .. | M ft N 2 ?" '"Vir i iMk I •S ‘1 s Ul&Snl 

1 Jf ' : I S Vi‘ 'Hi r 2«i ; .r : i 7 JiA ‘‘ f ir j ITS ? U>| t9 33 21 

:fl ’ !,* : . ;Si — :: < Sj Ja.-^ in iu 4jl 

1 Si- *£?. r r- *■ i 1 2 ; 'R, I £«■ ■? 'f 1 ! S v *‘ r ' w it ; 1 fc? 2.3 1 

. r : ■ 5 oni a" -i s'-T) ' M- \22b i« «27B - 

' ,L I, ■ • ■-Vfl! :■ V ■ 'it J I f . >38 ! s -'no 52 - 


PROPERTY— Continued 


INV. TRUSTS— Continued 


FINANCE. LAND— Continued 


/r • . 1 2fl5 

•Ms 1 -.iv-ii--; ; 123 

! Ml'. T r,.- .( 26 

. i'l'I-tlts.: i 305: 

u.l,: lull-.. 273 


DM*n* 

Paid 


.Vl I Ctrl fir-* PT 


fa; 2 . ;{10 5 


lip j 178 
3 > j;iL , l K:CL-*<-]rt*;.^ip 171 

.liliu'l M’.. j 226 

j 238 

.W.i'T'ui^drW'A’ [ 191 


?i#|T933 21J78J44 
2J ti«l 4 3> 3 0 20 4' 

16*16? 13100113' 


DrridtMb 

Pam 


. !Lmi{ Dir j p Mi 

Ppkt I u ! Nr. K'njGTilPZ 


D!rtd*rct 

Pad 


JJ ?g W - HHralP )9r 7H in» - -I 

5-S.32J?t Apr. TW. i.luflliWrtS^K.. 335 13-3*91 14! 
1.310.0113 Fob. SW r.| IMrtljmdSDp. 214 Wflh295 221 


~ I ? ll “ l Jaa A nr. iim.ir.ll ■ lOp 37Nrt 1610 1 1.44 ♦ 

! . :. f “>“ - - 'immciu, ,ip - 9i.. 1775 - - 

*•-,18.29 - llfl- l„no II n mnhipuur 1* fcTO 35* 5 54 1.7 


(•n- ■“- , ;,r 5 ,,i ill « 7 1 J 1-n. .L.-txlMicl Mrn ad? 

ZZ i?-* £?! ’-'t. J r. r-> X J*a»Vr> . 

92 I ll ■}«. ii : { 1 7 ««=“F " 

! -°l * V e * jj.ir.. -•->»« {i-ras?:.-*. A' Wp 


LEISURE 

■.ii-. ' \ac:'i re a . -| cs ; nt «j ?4 1 3ii 
Fih.vw Lr.tsrrjr.- . 721 .. .1 Q 7 3 5 

it iUntd A.7. s ’ 358id in :-.!fd3 74} 4 U 


July Km*. LawLaiKlSRp ~ 46 

ik-L Mar LcndUweMV - 228 
D*v. Juni- L-mPrm Shptdp 120 
A i >r. D»ic Lon. Shoo Itop 75 


13 564 Wav' Vw Pnt fjip *-v* ‘M 12 ! ij 37 • 
4 0iI06 F,«h. Auc PJiU=d 5<.i- . I 103 I14 3 ! 

24.3 Doc. June Lnt. lOA-i 167 lff|4 9’ j 

2^27 7 ■ ic-|. Apr Broads onr, Z>; ' 147 ; ;} rJ *522) 

5 8 w3 |)ii> Juno HrutuirTim | 96 ilafelffcO- 

0-J — lun.< Hoc i.’.Lfi Plr/ . .1 ba 35 j rj 9? l 
\ ? “ 9 p«. Aiir ,:ale4nr.,.'« 257 \ 2i i\ $ 56 

'7 354 Fell. Oci Latodmviar. .r. 7B 218 H R*> 

* 6 27.7 _ Uo-B“- 74 — _ 

— Jun Doc. ! 90 J3 5MC5 

— .May CueJIialtr-' |i n.j 315 j 7731203 
7 J — _ D«. June Can 4Fon-u.-._.] 506 3C‘ t3 bS 


r.i,r, ,a « JuhjffcwiMet CrS: .| S132 10 i02So Fch .Sr r r :-... .• 

2 If 32 4 Jau Aui _ 7 4 *1 

S ”1 * } pr . St ^ L ^2! -V® 4 • 34... 8, t ; 6*] 1 JI U >12: t _ 

1 >j664 M.-«- \w Pn» for *-v» 12 ! 37 c 9l‘ a T -.ii* - • • n 

f‘ >h a*»? p : n«-;=c s-..* 103 i 4, ! n< sifar j« n “ ' moiIl- .-.r. •• 

2 m«.3 Doc. Jure 6m In-is: . 167 ;| 4 92 1 0. 4 < i4 3 J.»r. \o. !« - •;•• • r 

S Sia a ;*■' Apr **"**r*-2* 197 •• *t '5 2: J 1 0- 5 5,3* 9 jJr.e Jan fe i <; As. 

08-98 3 I u* JuncPn.Pflrr.m 96 labj »? 60 ‘ Uj 5 rjjs t \« -.riaborV.. 

- un - Hoc " l-K Plr. . . 64 :A i. r; 9’ l Z 2* J s 27 1 A,.* «Vl ' ' ?.? 


' La*! J 
j Prrfr | ii 1 


Vi CiiibratPEl 


.. 1 150 

-i *5 

43 

-; ■ 87 

! 23 

;-l 18t ■ 

> .. 31 

I • 144 
:p 132 
; 77 

f. 53 


j! 6’ '. 'ii- . 

:C S 

-,iC: 

v *i : o: 

:s*!: sj 


i s' f : o 

-1^1 


Serving irie world 

_ with 

fiaancicil expertise. 


:t&. 5 ! | C4 ;« st: 
- 1:-; ■»«-’ 4 7, r 4|13 c 

is* i»* ^ i :!i35 

3 7* '?• 94 
33 *:^9 24 : ?i44<: 



i.T- j 

ViU 



h m i 855 
50 


4*iW>! ' 66' - - 


im tcl- A i ,r - Ow Lon. Shoe !*nsp 
13 1 1| Apr. St-pl. LjnlonHd,^ 2flp 

■ • ”ln» .lutir viw 


;2d Dec. JunrMKPv’ _ ... 

*2 - JJqrierEMiit«_ 

*?2 — UrlnemiH top. . 

f Z tfar C«ei Me Km S.-r> 2«p 
3 * Apr NiM MiOfinra 'Ah top 


14’ Ij25*. 
1 53 <0 02 
133 3.03 
76 2.5 
Mi tl.73 
074 4- 
10 7 22 03 
■41 1 S9 


Sm (CajnUi k __ 123 


I * — j Do ""B j ns 

561 Kept. VnrK'art'^ 1Q6 

,5- Abb. Apr.l*:jrJtolln-- i 112 

1198 lunr DccJCudirlnr _ .. 63 

.92 7 May Clign'lls. It? LI 156 


111 5 9:24 2 

4 91 10 31 8 


16,:: 6; 7 3 


ii-*?*. : oji 8 _ :rvj.-.-v tup 1 1 - 

Si t> bS 12 5^*125 0 \la» Der iT'ir* P' j. t 'at _ 42o l l5Vi|l !2 
liv 4 b 10. S 6-273 June .\«v l rv.,rv'c -5 i _ 224 | 2! a 621 


i ‘-i?:: ; 
: ^ L. J » 7 13 f 


.'l>r !<fi»‘9l!%ut36 t5it l 

.... .jt tr I** ■ ! t Id ' 


«s-| iHTA' .Vun Vl< 


Il^fL. II 
Vi r i *•. • 


|S-f : i . 

7i:! c.er- r->»v :T 


pLji/.T4^ : ■ ,‘r 

«K 


~1’ f ii ^3! Kt-b JvC.y l'-p ‘ 38 

2 ?! ? I y 1!=> • ,ri {»•»- waSp . .120 

5-I JuJv Hu r.lf.j'iiaip- 29 

24.:v-i 3 2 | ,. lr jiH’A .. . 17-b 

11 * -M . e! J 414* Jar. ■ fnilD .A; M I0f -96 

23' ••'Iw 9 -- >p . 4 

!« : 4 i sir-'" ■>• i*' v^iti-jar- 240 

3 0, 5 5 «3j,v A;-J'P:-%,uraaaSp- 71 


\T»«b 

a 2 7] 85] 671-“" 
:|*J4 23 2 5 6 5 9 3 
.55 *0 lBli 74 ,!;’ v 

ft'- 2 44 1 7 46 9 3 ] "■ 

■ M l 73 3 4 7 J 17 2 i " 

• 10 6 52 * V,‘ 

t its ?5 at 1 

:■ TO 69 2 8 8 7 61 
C 3B_ 29 u2 &3 w-- 


~.l r. I April Auc Mountvic* 5p „ 88 

23 illjan. jul* Mucklnc: A. 6 J i 125 


Cki Svlton — 46 

Pcarhn . _ ... 81 

JiiIa !*N 9 , Hid< frlai. 3!fl 
Auk. Itpi, TjO'-Jlip 103 
Julx Pmp 1 It.** A'. 320 

U«“l [>.ip *»>■ Inx i'O - 116 


32W 1.34 
155)2.48 
230)2 03 


63 1 Aug. Mar 
* (Mar. Sept. 


2 3 96 
3U191 M.AV 


Do Cap . . . _ 640 
Ttartor Tra*: _ 53 

'tfyi'.'csi lee _ 28 

Do. fjp <ti - .. im 


rj t3 96 10 5 tk262 
7 8 3 91 11 5 2125 9 

lri t2 54 11 6 2123 9 
15 5 415.0 14 96 X 
J601 — - - ! 

26 > T213 11 61122 7 


- — — Now. Julx'S: 


2J|04q 
7 « J Or 
ie«n Ki:- 
9' d4 o? 


44 « 72 
3 6 15' ■>! 
1 d| ir'26 2 
17j 4 ^ 18 Q 
- 1 8 .’! - 
13^12 4 91 


(l itv 6 For >.1 
Doc jfnyt Inter-. 1 1 


i-At Tl »r»l dJ - 


tibV 2 8 8 7 6 

0 38 29 1.2 & 

:. ; |d'l.25 3 8 TbI4 
3 : ■ ! rl,' 1 76 19 111 7' 
? S !20S 51 4 3 6 

■’t Pl! 29J1123 - 


?-3 nn»l * ® W. JuneCuirfOiiurj . 

}n J 7, 1 11.—, pjar. Scpu ClnertHMv :,-p 

3 - J 92! — CliRcnlm .in 


jjjj TZ.13 1 1 ) 6 1122 7 ApnJ ;t»-. * 6 lr Tc Ip 
18.91 Tl fiS L 0 l 9 8,15.1 Apr Auc'r*': srr«.:l Mp 
— j — — ] — ( — Mar Oci of !'hm 

34 4 7 * 1 7 2 5 Apr Au;!V-!'.‘jda!vi.'. 

?3:l Tl 35 lffl 7 I'M 6 

iai{3 96 1 ? 7 021 b , 

S74l - 


. Jul* S: :cx.-<ct0p . 13 25 0 49 1 dl fr'261 

10 Sb.262|7,t;>- U*c IS T. & ’Irr: v. 93 '8|?0r 17, 

11 5 2-25 9 > \nv Ma»;sr tw^rAba.. £52 18 *■■ rtU- - P / _ 

11 61123 9 Mur. h Oil •wi5r(» 60 2! 9 <J4 oj U i; 4 9 

14 96, - |i:ba ?»• KRMV U** - | - - - 5: 

June iiiK;n Nr!U £47*2 1C 5-xJli — 63 — 

April JTisi ■ * 6r Tc ip £3Uj >s|:«<4. ! u' IK ; * 
r Aue'iTir IwdSp 25 ::8'2i3 Uirr'lO 

tr OeiiA,- ;.f! - ><'j-:d 50 IE «<i 1 54 45 4 *1 b 

- fV.-r.-n- '0,,. 14 ;9?',H0<3 - : .’ t;2B 

iT ,Au^ !V*('. , Wi!w. 66t?i l;. 1 141 3 6, 3b 7 


' : :v4 - IK ; x 

.'•a'::? lj'irr'ioa 

lE*<i 1 54 45 4 b! 61 

K0? 3 — : .’ 6:28 2 Not 
1" .' 1 41 3ft 3 b 75 


JWizdt 

Pint 


MINES — Continued 
AUSTRALIAN 


jla*t; Pn ( I Vld 
Pure 1 O 1 A** /Crrlfiri 


265 5" v 1 !! : 9 r' 1 _ :=v ;; I L ? '! Tl _ 7Q 


OILS 


— [KrriM Prop V.j 4\- — 


0 1 IE— Uuc Max ■'■ifnn.i *■— n*. I 25a 

— I — * — F,-l> Auc Kmnsnx-: 1. li.‘. iflb 


38 ^6 14 7 At,ril "Cl K-CibialSTnp.- 80 |2BU 
i * ? 3 2 1 April ■••ft P.i A 74 » 1 Jl 

c . '! ! ? 1 Jar. Juncjp.uir /. rctnpuitv 112 jlA;|il7 91 
i3,!J . IJecwBbrrihaBJLllKpT. 92 31ttl:d2.j 


Jan Srrt Mi imp 3Dp( 104o3[Ib.lO] 1 97 


' " ! 1 — | lib 

2 9'. 2l!24 2 

; 2 -’122 2 kr 

3 71 3i|i3« 

0 6. -i-Jjll.-h 


Jiltlr I •VtlSI'l i :. .-.I 
j. re»‘e'.»i»:iA''5 


Y Vi* 8 Pbrfw. 78 . f[ 3 72 j O' 7 1*21.0 

1 3 I ‘V. I'cntjl-J- 28 1?- ‘.lift 81 I 10 471397 

^*a.- u-h au« ruMr.ia, « t.’JTj^is ? lUJdfius 

j 2 S f. — , r-.i 4 i.-:cr. ! s 4 ; - . 

■ SnUn3 ■ ,,| c Mar .iMtenWir -r> 1 61 : :i-ji|i’44: 1 1| : 7'24 0 

3 0 280 \ur. Feb D*rhxT*i> hi 214 JiT'rlJ fc3j 0 9' 9.5 : 16 4 

. - . . .4- .162 . - - — ! — ' — i 


1 80 ! - I - 
! S 64 1 1 ! -i ♦- 


15* 6E15! 


A*»e*L> 

N<w Apr f'-. .1 ■ • •• 

— oh 

— i<:.tral ".min 

•• t M.\. f •••■ 

— f avi.n'.* 

— i«J '! K..!r‘<>r 
- lKv-n.ii.ii1' 

4cr ,,, »»K , r'lijei»t< A-. , 


14 -j «v3c i 14[ 4.2 


:lJ:Qii>c! 2 "s 




’5 »> o f- ■ 15* e 3-15 2 ‘rp'«iw;llJT»r < 
»:2 4 »; jci . K 109 „ - . ,?■**' '-;■■■'■ 

.’tc 5 o c . m:j :i g - Apr 1 1 1 : •> 


I 1 7| 3.1 


josjoa:.- 4 .; - - 


Po* jr.e.-. Tr.'L-' l-:j _ 


- ,»a.!SI"4 h :v 

— "\runc a; ;r 
June \oi|>b.t.’ t 
:.,r K 

_ M- u...- 


pi [f : r.:i Pr $r. ■ 1« : 4 44} &; 3«i 

i«r;*l:, sa-Jj*!*. :;. _• &4 ; i ~ Tj9Q . 15, cV'129} 
>■ !■: I--.' : ». . 17;: le.i . ; 21 ‘ - } 


MOTORS, AIRCRAFT TRADES 

Motors and Cycles 


.Apr !S or I raHfrd P.xrt . 128 

I I. Prnnrri-. ... 23 

%ir. .Apnl l td Ueii Imp- . 310 
War. sepl. V. jinvrL-.;ai»-.. 15B 
Apr Ori '.lartitoj !rv 7JP- 365 
— Kiltst ACijP . 29 

— Jr.-niMfTP J<p 24 

I.lulv OcL'A LUtoo Esu 41 


April Ecmbuirt.'.r; Tfi. 
mi i 2 ; ?; ,C9 bune Dec Win. lav 

97* 10 + a 3 * par. Julj Lleeinln 7a. 

iJl 1 « 7 ’J T,I,T, P cb - Aa S Dfrt * Cfe 

189(l-W 1 5( 4 7|22.1 |nox. July EuftklEletaul. 


- : Pt» lap .-if, 16 2 - - I - 

l*-.r JulylDnotatm * '•■•n. ' 196ifl its 1 H8 5 

Apr 'Vl !Dr»idici '123 7^457 

Mav l'«. 6,'C» ! I 142 25 i! 4 77 

-'.pr. iiur DiFlrti-'-n: 42'-» 7 jf 0 "4: 

Apr .An- j UefYer.-r -190 7>bB3 
Not. Apr Dmi»*>'liK : ;pi 63 lj :• ’4 


7 . 5 s52? ? ,| ’E <1 k,r.. Apr email*.' In, : - 

44,4.3; 32 211771 _ I C* Opi: j. •' • 

5 67 ♦ I :z *_b jn Jul.lDuailrtll.-; 


i £2?i: I ’ TTlu:- :i ^ 19; •9 qe luce N'oi 
' 375 • - ; _ - MA.lsi.iVI. 


^'*1 - 2 


E6abuzrt.'.R 7c. 107 


>M.’33 1 1| : b'S5 2 
.-7 2)112 14! 1 b|69 9 


3 0, 1.6127 8 


220« lb 10: r6 85 10; 4«31.1 _ 


;V.. : h'-ilv 7 4pr | 

'. 5 . 3 . : 9 ..r^.»; r . 

« I^Sjijn 5 I 


£ 113 - ;CJ7v i .i 2 3* Ji- 5* J 

urn 1 2 r *ej 95! 


Commercial Vehicles 


•Ii jp _ lb 

RI'.’.In.-iI I . _ 31o 


:,*•[ AJi j.] i”ijx::»** 



SHIPBUILDERS, REPAIRERS 

ne Dec.IHsBlioniL.50p 73 1!75| — j — J — I ■ 

v JuQcjSsw)TlumiT£l. 153 12U6.96 1.8 681 

ne DecKofiper 197 7S»5.0 4E 3ft 

n. Ua> VunixSOp 338 15i t4.68 1 4.7) 2^1 


?cl A pn nSag & > > True . I 
'epL Mar. EntlScot b'._! 


Jun. Sept. EqinBCOttiitl. 118 
Sept Dafirfdabj... i«7 


1173 — 
lit 6 96 
7 8 T5.0 
155 14.68 


tJ tJ - P«-|J 


0 toc.3trp„l 214 


12-7 feiec. June] Estate Duu>a 
7.3 J October [F.6C Eurouus.1 


2.1111.3 hi ay Nox'.lFarm I? tar T«L..J 101 ' 


r.i- M -1- 72 . :t -21f *.3 4 i SCI J “ i -' ««*-;>«» mifcrlip , 50 1 :: qu:U7| 5 5) b.5) 42 

i:;?r . i£u:' :f.7, S^i9^fi6i -} Cenmoncnls SH 

il: I - .. i».|.- { 127 I -5 56| 2E e:4 fa3|Mar Snpf.tb3e5 Par.is .. 50 I 4 f; ft: b8 38131 5 0 Dec. AUf.lBM. i foo f-'p 

pr i.V-.rt.ilJ- A'*' .[ 45 ii- 14^ ; z‘ 'iJJ 4 Juh'i.t!hi*<4n*n 45 J 17 O' 1.1 ilt 4.j) 3' 3 6 M.n Her aranur. E»j 2^ 

.nc-JM- I 35 , 13"':-J7 i 2 ij i# ba'M.'. !* ox.l liM'lf £9 iOp 65«ll;3b).' «tt» 37 5? 76 ■•n. May jFitbvrJ 

jX'inV-.l.-p 24 J yi ‘ 2 ?■ ; o’ 15 4{Ji'J*. Jsip 1 *.?»'* fcafC 112 x- x| if. 24 3 61 7 u 64 Ch.iv Max - Fume- Ui*h» { 

r.L'"y ot'i',. .-j- ' f4 | IS-. srJ-12! 59 I 3i a? 4 .m^enbirri.liitont/t'-n 73 ] > hi £5 'T, b 2 J.n Jul 1 Hurixfinpin fl 

JfJj ,.-l f - - ! 7.7 1 -i'555 ■ 1 Sll 1 . 1; 77? \u .. Mur iKljcnviBra- 60 < T. 760’ 56M.T. J 1 >3>n 

:u J c‘ii.. h Li ; 65 . ::: •: -Si a l" 7J?! t3.0i'; JjnejSmtn Bns‘ ilip. | 27 s .* | i' 4j I |ip. 37] bO 49 Jul* jl.’i i»V*' Irrr 
it '.*1*. v • i’i;i j 36 ■ ’! 1 .' r . 1 .. j * •»; _ 

I*, c r .$ , i!3 p« ?l .'4 ;a 
•: !’»*»»-'. f ,|.,;.i 3S . .'iK'o?. ' 1 j] 'Vi'Jt'l, 
tu •*;, r. *. : -.5;i 117 J ’j : 103 f 6 7: . * 8 J ;[• 

irJV**:.; {■ fiv.t 23 . 1- 7! pV S«!j 

xi,-:*.irr»- 1 99 1 i 'li iA ■ j ?i o Fl 6 8'J' 

■»f •..inj. Siv, !9: j 17:.' .4; a 22 ' ^ ,.V 

•ril Nj-lrtil'-.f. . I 23 s .- . 4 4, 1 1 35 J 1 3 S ?Il3 i-M 

if.- !* ve Fiisa-i-f 1 . Ir9e. C>4°~. .. fCi: . U, 


SHIPPING 


Kept. Apr.iFirSt Scot Ax. ... 
(Mo* Apr.tr ere 1 fi: i '.'ol . 


ii 111 “ 


JumF.r C I T 'K025t. 
Nw. FtoritarM Im. . 
Do. Cap 


^ 5 1 lilt 2 *} ~ 106 j - (! S= 1 8ft Ti Im 1 

7iio4i I lli | 36: : SOiaj 'ftl* 15 Sj 041166 

[ijiHs H fKiE 

2 H r:: ’“1 l° If 7 * 

v 10: r6 85 10 4*31.1 _ ;f P J? z _ _ r “ 

2 ft 5 08 1.1 feft211 _ sKi'Siiilv ? r n, _ _ _ — 

si m a list ;n»i di 3 ™ 

J-JS5 10 atflii Nw May Wj Traces' 564 189 tl5.94 41 4 2 58 

■Spa? i! SMi £ »« wxaniib- 

2^hiOM 11 Apr. Oci TfwiViCni £53 27.4 04>,% - f9.J _ 

“2 “ Dec. July Tr-.rrnTTbl IM US Tl 34 5.SL2148 

"in TO 1 oSiia - lllsaaiar 232 1165 - - - bS 

1 = ># = ^ = - - 


U ft 5 08 
.’6 Si 57 
25 3 86 
7.fl tlO 
4 9 2.49 
247 687 
24 7 5.69 


— tiA.i-nS' |. 

— f'jrti'r, 

— Pa.- ■ /pi 1 • 

— P.nr.a *•!.'. r'x *; 
pr. i‘ci Pc..- 

— bn-jil^rn Fs 
vi. Ma- a 1 ••: V.-v.x. :• 

— M'biavrrckl 1 ' 


— j — — — — .Vox - . 

— } — — — — Apr. 

UWljaTSV, 24 6.3 7.0 Apr. 


Jtfar. Cl Japan — J 184 (2JC2 02 


10 to! 25 5 
10 4.7 309 


163 21* T383 1 0! 34445 

44ij 2tb 405I.C U) 7 4 10 4 
38 s * 155 1244 LOi 9.4 15.8 


- QlSltf - 


i TINS 

— — Vox - . Apr.lAraal Nicer, a : 

— _ Apr. Oc,.l.\jerHiiaa»:Ml _ .j 31 

6.3 7.0 Apr. Oci IBcraiJ Tia i 

— — Jan. July BcnuaiAiSlll _.. 2! 

4 2 58 Feb. del iGtexur . . 13 

ll.ft — — jGoiiliaasf 12.j>_ 3 


24 IS 4 2 31 13)174 

365 :»i;?D0c 0 517.7 

52 SE :4 0 4 4 12.1 

255 247 ullOr p 93 

175 7fl04 5»4J 

10 s ; 1374 - - ; - 

345 17 4 t!5 36 0^68 

300 11 -,: — — — 

90 14 7 *120 lft t 

a» s 4V — — — 

73 49(3I2i*c 11 3.7 

640 307 Qlia * 14.6 

460 13.3t095c 08 4.4 

£4 4 75^? 75c 05 t 

77 Uftb.bO I13 12.S 
260 12fttQ80c 1.6 7.1 


W9tl5.94 4 1 4 2 5 8 Feb. Oci Gteuir 

25b 4.9*1. 1102 21. 8| — - Cold l Base 12. j> _ 

— — — — — June Dec GopencOvis. 

17.4 Q4>«% — f9.1 — — HoDCkMC 

155 tl 34 5.« 12148 May Nor. Idru.10? 

IMS — - - 6 S — Jociar 12-^P - - - 

107 71* 24.5 7.4 — — KamununsSUOaO 

— — — — — Jan. Julv Killiubali . . 


247 ullOr 
7? Itl4 


5.0 — April Malar Iirntcmfi Ml 
— — — iPahanq 


OVERSEAS TRADERS 


Mar. Sept Penetaien IOp. 
June. Jan. PeulincSAll 


June. Jan.lPeuhncSKl 

Mar. OcLlSaim ?:ran . . 
February- (Souiiu.'rofty fOp 


I0H4I9 

4 91 sx'jUSc 


! j.'fin;: S<v. !0; 
•riljN j-lrtil'-.f. . 
if k- e !*ir..f "1 r i . 
.Mi l J"Ii.'.nxEj'. i :l 
■fj; Mlf 3 lp 
jrcl" 1 rarp '2*-- 
jr>I-.'>|ilr..'.' 
Kl .‘•a.Nc'l-.n-il A 
-a ’ Jf-.-u iSHt 




«0c J — 10! — Apr Oci . pr ftw lr.r A. £94 

' u9 44 • — * I 51 Dec. Apr |x ■. :n Merr i-.T 64 

1 tl 78 i 1 II 5 SI27 9 Mar. Se?i | Da IOp* Ln igp 63 


iirl'bb. 11[ 53 250 

: 9J 1 ; 2 r 52 7 

fJ 57 2 J 32430 

0 6 6 12! 0.811613 


RUBBERS AND SISALS 




11 5 5 164 Auj 
L0 7.4 20.0 Se 
11118118 
— — — June 


Anglo- bdoaes'a— 
Benam '.'oris lup._ 

Bud; Africa, 

Brad-sail 10?. 


— ~ — June Bradsall 10?. __ 

11 6 4 213 Apr. Nw. CaaJefieid IOp 

1.1 4.0 360 Nw. June Chersonese Hip 

11 6.3 22.6 May Dec Cony Planis 10p._. 
LI 7.0 20 3 Jan. Aug Grand Cemral 10p. 

— — — Apr July GcthneCI 

LO 1L4 12.9 Apnl StuKKbMh Er J 6p_ 

- - - Nov. May Highlands liaOe ... 


65 A Apr. Nor. Kuala nctwog MSI. 
7 9 214 Jan July riKahmM50e_ „ 
L0 55 0 Ociober Ldn.Sumalra IOp.. 

4.7 320 Dec June MalakoffMSI 

< 7 32 7 Vox ember MoarRix-er Uta 

32 365 May Nor. KasUlica Hldu IOp 
5 8 30 0 March Sungci Knan IOp... 


* 49 6 

HJIiH teas 

16 6:236 India and Bangladesh 

♦ 4j! * Derember! A‘* ricoa.-s i i j 265 J51 2G| 4 
10 9J183 v arc |j | A “am Frorlierll 295idliol0 j 
— -. 1 , 7 . Sepfeaber Aaualir.i i! . 96 I 189(7 
J 0 3 0.1,14 6 .Mar Sepr. f.T.p.n??Ia«s r<Jp ; 25 s " 1 77 10/ 4 


.Mar >epf.|i.T.?.rr?lMi«; I Op 
— — — LaincPlan'Ml 

7 , — Noreother McLeod Snsnc! U 
6 1 24 0 Mp, Vo: IVcrar.il . 

4 6 23 8 jj;, .lnnejxi3iVn!dt> Kip 
el 26 6 Apr JuIylWi^ni Plants. 
-°293 September. 1 1 illiamsen £1 


r _1 r — 7 ns, Il*» I *.w Tl * »* *'4, 4W 

10 el 26 6 AFr JulyV.'r-mPUnli. ..I 118 2b ft h7 44 4«rf 9 4 

10 ;° 2 »3 Sepsemimr illiamson £1 .| 162 | 16"} 12 5 ! 4 2)11.5 

-\ i i Sri Lanka 

52] S5S-S APT. Sepl i-a=ir.l£l I 215 | 115)5.33 I 15) 3 9 

o.sj 0 6 1775 Africa 

1 O i: 0121 Via ,. X.P, j^iAar-.rc £1 I 605 I 1741 >176 I * 112 5 

I ” Feb. Ch .1 ISanEnaiM 1 165 I 2;3| Jl3^ | 241 I 


IHK MINES 

I 71296 

ijlgS CENTRAL RAND 

’•923 5 - ’Psr'ian DtepR! I 373 a7i| 

Aug. FeS.£arr!srdPmH; 317 jflo' 
f-3"g Au0 Feh RasA'mfaUm £30 'm I6ftn 
? .1)195 Aug. Feb prcM Rand Kl ,.| 121 

i|”* EASTERN RAND 

r-]*o n M«y ?Cnr. j?.:a*Vra!»e - _ | 68 I 13 H C 

f i?! Fchruac; Lafl^caPI .. 231* ?E n 

KO? 1 ?- , 314 - F 

Sir? AUJ. Fci ICrwK.iei 35c .... 96 Job f< 


rRGMWJO. 



4t;zi 0 b3i - I 37 

: 

139: b 65 2 3il6 3‘.31i — 

37< s 3 45 ' 1 7,11 6;:62i - 


MISCELLANEOUS 


ir.i-rj.n 

{K-'.'.isa V-r-e-' • 


.. . .... .. ■ in - J -h.. «.i ; ■"■j •••<.w:c*i — K'.-merj* ■ - p • jp > : ■ , — 

98*- 1 .ab 1 t 3°3 ! 1 lj b.G|I32 *-P r N*n L.^ksmHk 51 20« :)t l3 40 ] 0 3; D el 22D- ,\ug Feb leru Mjn - !fv . ) 2:0 I • 11:030 v. Z 61 * 

92 it II 147 J lil 2 21568 fee J«.v, .fpran b 1*1. 9p 81 iea 2 91 2 9, ? 4 73 Xi-vercber Ver!*r*:cx5i . 315 | .V.* - - j _ 

1 61 I " 5)2 03 1 2 0; 5 0115 3 Apr pe- >1 1'?.! 190 ;4 30 * ba * Jja. .lunfilnTr .1 245 ! s 5 1 2S 5.8 

! 6b 19 ill 4 2 3ie Apr Dei -Oo A'b ' Wp I 185 ! ii' 60 6 6ft * — Sabin Inn, - S'. *s j _ ! _ _ _ 

■ 7f»*! H: 2.74 10 i;!271 Mar Sept .Siaisr-J F IOp 37 i 8ft iJ43, 15 ,* b6 _ n-uEirii 51 1 837 | 

1 104 j 2n^3 81 I 10. 5ft270 i»k5a:fJte 5iJJlj»7J B— : — — - Vox-. July TtaiQ J!:eHr*!«'j t : 81 ! I -! *2 3S * ZS 

1 179 1 -oil »eo: 1 10 60*223 M-V ,k '- T * Ij'-io, I0?l U7rt 1610 jQ.'IJ 2 4' 2 6 299 October Vulur.Cv.: ■'S' ! 355 • i? ' fj7c , 2 9 22 

.i 76 | 21 5 4 b i 1.21 oo:141 Jar.. July, >!«■: B its . 200 25,t6£ 44l S.Q 6 7 

I Z* - Lr. I — I - — I * GOLDS EX- S PREMIUM 


a74| B— : — — — Voxv Julv it.-iidi Ji'cHrals'Cip ! 81 ! Z ’-! *1 3s [ * I 2J5 
6M|jQ3 0l 24 2 6 299 October [VuIurCm: '3' ! 355 . 15 i fJ7c , 2 9j 22 

11 ’Ik il h i°’ GOLDS E 5 -S PHEKIUM 

*i*lth0 76 11 n is 7 a Londen quo* anon* mr hpi-.-c led Souilx African cold mining 
?7' H 4 31 7 9 shares ,n L‘ S currency oxcludinc tse ir.x'esimeni dollar 

• 1 “ premium The^t- price* are axailaMe only to non-UK 

. ... . . « rendeni*. 


102 24 

103 18 

17 76 

59 2 

265 26j 

55 111 

44 21i 

llij 12. L 
346 12 1 

115 18' 


266 S2.84 
110 «hL4 
210 03 0 
212 0.56 
126 15.23 
189 44.0 


Feb. Aug BuffelsR] 

nu i ivu Aug. Fen. East DneRI .._ 
L_ )- Feb EM Rand Frr Rl . 

Net ICnlGrt j un e Dec FSGcdjldMr. . 
14 717 70 A 71 n June Dec. Pros. Brand 50c . .. 

i rl May- Nw. Si Helena R I . . 
189 3.55 L7 5.2 Au(! . F eb SliUrmiein.Vtc. .. 

ZJJ ~ T« T. A “C- Feb. Vaal Heels 50c 

-?5| ♦LJ3 J-0 4.4 Feb. Aug. Wea DneRI 

2.84 L0 1.6 June Dec. Weal Hldet 50r 

■hL4 12 3.8 Feb. Aug fUeaern beep RL.. 


S12 76610170c 1.81163 

&10>4 :6Jr078c 17 8.8 

485c 283 

5241- ;H0315c * 14 8 


23 O150c * 128 
210 0190c * 19 9 


210 Q190c 
2b o txJ22c 
7 3 0115c 


S33ti 26b|Ci3B5c 


25 0415c * Ibl 
7.8|w825r 24 8.3 


NOTES 


■tij ny i,“ ic ** Unless otherwise indicated, prices and net ■Dridrads are hi 
*T4 f-ii " in no in pence and denomination* are J5p. EHiswed prire/nminas 
”, „. r V ? ratios and coven are baled on laie«i annual reports and arcounia 
‘r? f -i J J and. where poasIMe. are updated an half-yearly figures- P/E* are 

1? > r S *■ .2 }•? calc slated on the basis si net dlnrlbolioo: bracketed figures 
S .5 *2rJl ? ? 1-2 indicate 19 per cent or more difference If calculated on “■ir* 
21" 492.21 2.Q 4.9 distribution. Covers are based on -maximum" dial ribtnion. 
15 2 till 52 L9j 2.6 VlHli axe baaed an middle price*, are pnws adjusted to ACT of 
13 per cent, and allots for value of declared distributions and 
rights. Securities with denood nations other than sterling ora 
quoted indasatr of the In test men! dollar premium. 


265 3: 10 49 65 5.9 5 4 

295xd 16.10 1015 44 51 
96 189 711 3.7 10 8 

25J.- 1710 *2 01 16 II 8 
332 49 bl5 - 67 

220 210 135 26 92 

335s) It 1C 15.0 * 6.7 

26 ZS 11 4F1 75 321QJ 


A Sterling dcnoml noted securities which include invosuaent 
dollar premium. 

• ' Tap" Siock 

* Highc and Lows marked thus have been adjusted to allow 
for nehi* iwun for rash. 


II Sji lixicr-.m since in«Tc.xM?ri or resumed 


67 1 Inicrin, since reduced, passs-d or deferred. 
9 2 44 Tavirce io rion-rocdcols on application, 
ti 9 Figure* or n-pon awaited. 


ZS llliFl 75 32 104 " ! M e ” r, '> 

’h hi 1-7 44 4 ql qaI^ I Tice a' i imv .4 -uspen* 
’8 9 1’ 6 dSiix ? Indicated dnidiitd after i 

.6 JJ*? . 1 rmer ro i AII **. ;c pn-. ir, j* 


174 >176 
2-3 J33 2 


t I 'nee a 1 nme .4 *u mm.' ns, on 

« Tadica'vd duid-.-nd after pecidinc «cnp and or rights issuer 

cm or relates :c pre-.lr.j* dnidends or forccusu. 

♦ Merger bid or rvorcasi-ation in prufiress 

a Not comparable 

0 b.un>.- iniL-rrm. reduced linal and. or reduced earnings 
lr.ilutnivd 

} Forcea.'J dixidcnd: cover on earnings npdnicd by latest 
;n:cnin rinleiPvnt 

r i f*er allows :nr .-oaxor.":pn u! share* noi now ranking for 
rt>« idends or ■.■niand only (or resTnc'eo dmdend 

1 < Mi-r dwl n/> i allow Inr slarc. which mas al.so rank foe 
rln iriend a* a future d.nc No P E ratio usual!} presided. 

p F>rlurims a i-nnl dividend dudaralioa. 


[ v ft- ci'-nnl price 


i ftArtU 1 :i "-rs par saluc 

__ ..... . a Tax free b Figures based rm pra'pccius or olher official 

373 S '.’l — I — — cxiinc.:*" e Con" d D" :dend rate paid or payable on port 

^17 J06 — | — — oi capital ms or has.H oi, dixide.nd on full capital. 

£30- j lh bj tQliS--' | 2? 6 9 e Rcdcmpi ion yield, f Flat yield, g Assumed dix idend and 

121 Jr^jtWllcj 6.7j 6.4 'ifW h Assumed diudx-nd and neld aiier senp ioiue. 

J Pa; mu Irom capital sources k Ken} a m IntenmhiRhcr 
P AND ,har ' pros irsii Total n hitihis issui 1 pending n Eaminga 

llriil U hdx-d on prolinunsiy fi.’iiros s Dix idend and yield exclude a 


AhJL “eh i'-JAtfoafeinSnc -- 

Mav Vo*. I'AiTurcIhaakn; 

[Wrt SlgofSk 


139 tv21c 4, 15.1 April to .pi->\M i.i.itj-nt a '.oi do. idend and jield B 
Zi aj ti>46c ( 10 443 riii', rrnet-Ji, idend pus-cd nr defemd. C Canadian. E Issuo 

t,7ol — I — price V f'.s in.— .J and ■ icld bawd < n pmpvciu* or other 

’ l|tJ25i' I 0 4 34 7 mticial i*iimuii* t.t~ HT9-& C Assumed dividend and yield 
15^012% ‘ " ' 


STlQlZDc 9 14 5 a!'e- pending "-Tip and nr r.pht* urux- II tiixidenrl and yield 

_ h.u.ed on _ pmpee a u> s.r other s>ffieial e.-limaie* tor 

' “ l-k"!i K ficur-' :ujcd on prwpn'lai- Or rtlwr srffivial 


1. .0- .!« I, rigur-- uca o.n piMpm'lai- Or ntlwr uiii'iil 
•-.lini.il-. for IS-TB M f'leid-nd :.nd • p-M bau*f i.n prn*r«Clus 
■ •r other i^ficiol ■■•'imsle* T».r I'ra N no idend and »i-ld 
hi'cd c<t! p-oipeeib.' i-r mhx— >■:!■■ iai o,iim;:sii (Dr 1979 P 
Figure* t'v-cii m p-«- rve <i • r .■:!■- - .^fi- iil .--ti mates (or 
I077STQ 1, ilroo T F s'-.r-. .i-N.uh-I 7 thu-Jenri I«al 10 
dau- <4 \'ield Sj^-ti -o u.-ump'.io*. TrvaF-jp Bill Fare s.' ayi 
iini'henr,*1 umil mi’ii'-u -4 .:,oi 


*hl.resia:iftn* ito»dtnd«ad -t o« :?np ,"ue: •- er. rich,', n r* 
■ill, it i* ■ j p, l a 1 if:- rr- In, i, up 


■■ Recent Issues " and " 


This serxlic is avuiiablr in exer> Compaa. 1 cScalf in on 
Stock F.ichanges throughout ihe L'ntte-id Kin^ik-m for a 
fee of £400 per annum for each security 


REGIONAL SIARKETS 


The follo'nr.c is .t "eleriinn nf I. otidon 'iinMuiionf. s*f rharos 
nrr '.- tou.iIs lisr.-d .iris m .-e^ier..il tr—rk.-rf. Prices of Irish 
issues most of .stnch ar,- ri,.t iirfieia’l- listed in Lutuloa. 
arc a? quoted ur. rile hirh eseh.iAJe 


\ It. any In« 2up; 26 
-Ash.spiuninc j 49 
Bunaia . ... 1 16 

r.dg "tr Eoi .Wp) 330 
(. 'lover Croft J 26 
L'rai;! A- Rosotll 520 


*rnn Ticlr-hnu 

Smd^il .Wrai.. 


S |=| 


I>. son i ft A i A 
Elli.-t.IIi-Hdi .. 
Exorert 
Fife Forgo 
Finlay i'sg. f.p 

Graig Ship f 1 

Hiram Br*v 

1 UJ! Sim -:j . 

Hull i.for.i.rip 


■'.ir.' 

AMianieGas . 

Amoll . . 

■ ‘nrii'.i I PJ) .. 
'. lonri.il km 
i oncrcie Prod* 
I'ei'omiilngs i 
Iris Corp ._... 


i.hn '».lds:iiiilii o7 


Pi -A, d-'l' II , 
Pi— I Mill 
Shefliel'! Bril' 


J .tilth 

Sunh-upi .. . 

3 >1 . 

ii id:, r- ..._ 


£°1 -'I 

41 d . ... 

375 

<»s 

8«<ii 

130 ..... 

49 

ira 

105 ... 

?«irj -2 

35 -1 

jno . . . 
M 


Inxerof-k 

KCA 

Lmibrokt 


ii 


>• 









































































Marrjfacturersof 
Europe's vticesirange 
of heating, ventilation, 
air conditioning anrt 
refrigeration equipment 


-Monday October 30-197S 





' Denft^NorfcfcjB^ 


Public sector unions Smith puts baekl 


THE LEX COLUMN 


step into 5% battle date for 



BY PAULINE CLARK, LABOUR STAFF 


A DEMAND for a £80-a-week 
minimum wage will he formally 
tabled with employers of more 
than lin local authority manual 
workers to-day as public sector 
union leaders move into the 
front-line for a major battle over 
Government pay policy this 
autumn. 

Today also secs a meeting 
between the TOC local govern- 
ment committee and Mr. Peter 
Shore. Secretary for the Environ- 
ment. about plans for next 
April's rale support crant. 

Although these talks will not 
be directly about the manual 
workers' pay demand, they can 
hardly be separated from local 
authority employers' present 
fears about the outcome of their 
negotiations with a total 2?m 
employees this year, including 
white-collar workers, teachers, 
water workers and other groups. 

The local authority employers 
will stress to the union negotia- 
tors the need to keep within the 
3 per cent pay policy and are 
likely to fight any attempt by 
the unions unilaterally to raise 
the low pay threshold above the 
Government's present £44.50 
ceiling. 

Under the pay policy, worker? 
earning less than £44.50 a week 
are not subject to a 5 per cent 
limit if more than that is 
required to bring their vrages to 
£44.50 a week. 

Like the 250.000 hospital 
ancillary workers with their 
demand for a £60 minimum 
weekly wage last Frfady, the 
local authority group is backing 
its demand with an underlying 
threat of co-ordinated industrial 
action over the winter if the 
Government stands grim on its 5 
per cent policy. 

Resumed- talks between TUC 


leaders and the Government 
tomorrow are likely to include 
union demands for the £44-50 

limit to be raised substantially, 
but fears are mounting that no 
overall agreement will be 
reached, leaving the Govern- 
ment to defend its current guide- 
lines as best it can- 

indications at present are that 
Minis lers may agree to raise the 
threshold to £50 if this appears 
essential for achieving some sort 
of general agreement with the 
TUC on controlling inflation in 
time for the Queen's Speech on 
Wednesday. 

Either way. the local authori- 
ty are expecting a major head- 
ache over pay this, winter. The 
5 per cent policy combined with 
the present low pay ceiling 
means that they can just avoid 
massive costs as a result of rais- 
ing pay for their lowest paid 
workers. 

The present bottom rate is 
£42.5)). So a 3 per cent rise would 
bring the pay of manual workers 
earning that minimum to above 
£44.50. Bu; any increase in the 
low-pay ceiling much above that 
level could not only mean extra 
cost in raising the pay of the 
lowest earners hut also leave a 
differentials problem throughout 
the local authorities' pay struc- 
ture. 

Mechanisms 


Average weekly earnings Tor 
full-time’ local authority workers 
are at present £64.65 for men 
and £46.52 for women. The bulk 
of the lowest paid workers are 
more than 640,000 part-timers 
and especially women school 
meals workers. Part-time men 
average £20.6 a week and women 
£19.41. 

Mr. David Basnett, general 


secretary hf the General and 
Municipal Workers Union, said 
yesterday that present negotia- 
tions affected workers in the key 
public services such as dustmen. 

school meajs and social services, 
workers, and school caretakers, 
who were "on anybody's reckon- 
ing” low paid. 

He said new mechanisms were 
needed to establish compar- 
ability with similar workers in 
outside industries and service 
and called for new initiatives on 
public service pay from the Gov- 
ernment. 

Elinor Goodman writes: The 
concession on low pay is one of 
two possible bargaining counters 
still in play as the talks between 
the Government and the TUC 
enter their third week. 

The Government is adamant, 
however, that it will not make 
any concession on either low 
pay or price control if the unions 
are not prepared to deliver 
something in return. 

While Ministers have now 
given up any hope of the T£7C 
coming up with an alternative to 
the 5 per cent pay limit, they 
hope they will be able to come 
to what is being described 
rather ambitiously as an "agree- 
ment*' with the unions over the 
shared objective of controlling 
inflation. 

This, it is hoped, would in- 
crease the chances of making the 
5 per cent limit stick without 
actually securing the TUC's 
public support for it. The idea 
at this week's meetings will be 
first to get the union leaders to 
explain what they mean by 
“ responsible " bargaining, and 
then, if possible, to get them to 
say bow they would react to 
examples of patently irrespon- 
sible bargaining. 


majority rule 



m 




BY TONY HAWKINS 


SALISBURY, Oct. 29. 


Economic activity ‘likely 


MR. IAN SMITH has ruled out 
a band-over to Black majority- 
rule in Rhodesia on December 31 
— 4he original target date for the 
installation of a Black govern- 
ment 

The Rhodesian Rime Minister 
said here today that "for purely 
mechanical reasons." the time- 
table for band-over to B'.ack rule 
would now spill into the first few 
months of 1979. 

He declined to give a more 
specific estimate, of the delays, 
saying that be hoped to have a 
new firm timetable Liter this 
week when he received the report 
of the electoral committee set up 
by the transitional government 
Tt is beig suggested in Salis- 
bury that the transitional govern- 
ment is now working towards a 
handover date of March 3. 1979 — 
anniversary of the sisning of 
■the internal settlement agree- 
Iment 

! Earlier this year, the trans- 
itional government published a 
detailed timetable for majority 
rule which included a referen- 
'dum on the terms of the new 
I constitution in September or 
October and one-man one-vole 
elections in early December. 

However, the final draft of the 
constitution is still not ready. 
This has to be published, put 
before a referendum of White 
voters - and passed through 
Parliament before universal 
suffrage elections can be called. 

There is also doubt about the 
transitional government's ability 
to hold one-man one-vole elec- 
tions while hostilities continue at 
their present leveL 
Mr. Smith described this 
month’s trip to the U.S. with hi> 
three black colleague* in the 
transitional Government— Bls'uu? 


Abel Muzorewa, the Rev. Naaha- 
ningi Sithole and Chief Jeremiah 
Chirau — as “a clear victory for 
us.'* 

The breakthrough that had 
been achieved, he claimed, was to 
influence the U.S. Government to 
call an all-party conference op 
Rhodesia without precondi- 
tions.'* 

Mr. Smith said he h2E beep 
told in Washington that the ail- 
party talks would go ahead even 
if the co-leaders of the Patriotic 
Front, Mr. Robert Mugabe aad 
Mr. Joshua Xtoma. refused to 
attend. 

He was sceptical on the out- 
come of talks, but if Britain and 
the U.S. were prepared to drop 
their policy of "appeasement.- 
he said, then there was ** some 
hone.'" 

He rejected suggestions tnat 
Rhodesia's raid against guerrilla 
bases inside Zamoia s.nfi Mozam- 
bique recently bad jeopardised 
the talks. 

Mr. Smith said he was uncon- 
cerned about British military 
supplies to Zambia, He described 
the British arms airlift as ‘‘show- 
manship,” adding: “I don't think 
that the arms will be of any 
consequence." 

0 A summit meeting in Dot es 
Salaam aimed at uniting Black 
Africa's five “front-line’' presi- 
dents appeared today to have 
hit a big obstacle- with the 
absence from the talks of 
Mozambique's leader. President 
Samora MacheL 

No official explanation has 
been given for Mr. Machel's 
failure to arrive for the summit, 
which official sources said vras 
devoted exclusively to unifying 
the front-line states opposing 
the Rhodesian administration. 


One factor behind the---5{kj 
point decline by the FT- 30- { 
Share Index from its September-'’ 
peak has been the impact of-, 
rising interest rates. -B isfeg 
yields on gilt-edged have pndied-'' 
up the required yields^ pn 
equities. But this does iqt-.dx- 
plain an actual slight narrow- 
•lag of the yield gap between 
gilts and equities over "£ this 
period — a change which izppiles 
that the market has reduced- Its 
expectations of dividend growth 
from equities. There is-fiws a 
second explanation for titeitar-' 
;kefs weakness — that ‘projec- 
tions of the profitability: bt; in- 
dustry during this year and jjext 
| are being widely rtrrisedr'dDwn- 
i wards. 


£ 


edred to kpock on i How 
ever,- 

crisis -put aj stdjr. tp aH-tlae^aad 
since, tbea-tfcfr Sank ha&'bqfc; 
tnntffe more choosy. v : . . -t. 




^iSloe* ApweeaP 


flppujaffltOM 


1973 '74 '75 '76 *77 *78, *7! 

(Smnte ftrjafg Send fOBECASK 


to expand more slowly’ ‘ U.S. pay-price code 


BY PETER RIDDELL, ECONOMICS CORRESPONDENT 


ECONOMIC ACTIVITY should 
continue «r> expand next year 
although slightly more slowly 
than luis year, according to Ibe 
latest assessment from the Lon- 
don Eu>iness School, published 
this morning. 

The school forecasts that the 
consumer boom will slacken 
.next year but that demand v.ill 
he sustained by the expansion of 
exports and investment. Unem- 
ployment should continue to fall 
siovriy and the current account 
is likely ;«j be in small deficit. 


months, notably about export 
order or«f-w».Js and expectations 
for Ihe voiumc ol output in the 
next fou- months. 


Cautious optimism about the 
short-term outlook for orders 
and output is also likely to be 
indicated by the Confederation 
of British Industry's October 
monthly trends inquiry, due 
tomorrow. 

Last mouth's inquiry was the 
most optimistic for several 


Th~ new suite; should con- 
firm that trend, although the 
further improvement may have 
been only modest. Many com- 
panies still report order books 
below normal, especially in 
intei mediate goods industries. 

The October inquiry is likely, 
however, to be dominated by 
Industrialists' worries about pay, 
in view of current disputes. The 
CB1 last week told Mr. Denis 
Healey, the Chancellor, of the 
deep concern of its members 
about the impact of possible pay 
developments, since real profit- 
ability is low. 

The business school forecasts 
that earnings will rise by 11 to 
12 per cent during the current 


pay round an the hasis of ihe 
movement of the sterling prices 
of the UK's competitors and the 
likely growth in British produc- 
tivity. 


no one year 


The' reasons for this Bre' ap- 
parent from the latest ’ait' of 
1 economic forecasts from- the 
London Business SchooL' pub- 
lished today. In sharp contrast 
to the experience oL lj/7 — 
when wholesale prices ot;xrranu- 
factured goods rose by'liLjrer 
cent, compared with a'-rSe of 
some 11 per cent in unit labour 
costs — this year wholesale 
prices are likely to lag.'increas- 
ing by under 20 -per cent-While 
unit labour cestsi: will be'ttp by 
perhaps 121 per cent }*'■ •. 

. The year 1977 was the* third 
straight- year in ■ which com- 
pany profits in real terms rose 
sharply ( admittedly from a. Very 
deep trough in 1674). The .gain 
for LOTT in company tsadinz 
profits excluding . stock . appre- 
ciation and the North SeA oil 
sector is put at Almost per 
cent Figures from the . Centra I 
Statistical Office, however, have 
already indicated a setback in 
real profits in the-:" second 
quarter of 1978, and a sharp rise 
:a the corporate sectors finan- 
cial deficit. Now the LBS fore- 
casters suggest the profits rise 
for the whole of 1978- will be 


only 8 per cent faboutthe same 
as inflation) while for 19T9 


That indicates the ability of 
British manufacturers to meet 
pay demands without severe . 
loss of competitiveness. The, 
school regards that as more im- 1 
portant in controlling inflation 1 
than the Government's atterants 
to impose a pay norm. j 

Indeed, it says, if the Govern-' 
ment wanted a lower increase! 
in earnings, monetary police j 
would have to be tightened with I 
a correspondingly higher ex-' 
change rate. t 

On the basis of present! 
policies, the rate nr price infla- 1 
tion would rise towards double 
figures at the end of next year; 

Forecast details. Page 4 


BY DAVtp BUCHAN 


WASHINGTON. Oct. 29. 


Cool UK response 
to EEC oil plan 


BY KEVIN DONE, ENERGY CORRESPONDENT 


THE EUROPEAN Commission is 
hoping for rapid action on its 
proposals to launch a 
Community-funded programme 
or oil exploration. 

But its plan, which will be put 
to the Council of Energy 
Ministers meeting in 
Luxembourg today will be met 
by a cool response from the UK. 
the Community's biggest oil 
producer. 

The Commission is seeking to 
set up a working party to study 
bow the Community could best 
support oil exploration. 

However, it is known to be 
keen to start a programme of 
seismic work together with some 
exploratory drilling in regions 
nf the Community considered 
uncommercial by ihe oil 
industry. 

The aim of such a programme 
would be to give the Community 
a better idea of the potential 
reserves of hydrocarbons exist- 
ing in EEC countries. It would 


be scientificTesearcb rather than [ 
straightforward oil exploration; 
work. 

One area being considered for 
such work is the continental 
shelf off the East of Greenland. 
But there is also the passibitity 
of sponsoring programmes of 
deep drilling onshore — to depths 
of 6,000 metres or more in 
Holland. Italy and France. 

The Commission- believes that 
the oil industry is unlikely to 
drill in such expensive areas as 
the east of Greenland until it is 
given some indication of the 
potential structures. 

But the UK believes that there 
would be little sense in financing 
EEC oil exploration, which the 
industry has decided is 
uneconomic at this stage. 

Mr. Anthony Wedgwood Berm, 
the Energy Secretary, will make 
clear his view that arrangements 
for oil exploration are the 
responsibility of individual 
member stales — rather than the 
Commission. 


Auglo-U.S. 
£10m micro 
venture for 
Cheshire 


By John Lloyd 


THE VENTURE by GEC, (he 
British group, and the U.S. 
semiconductor company. Fair- 
child. to develop production of 
micro-processors In the UK Is 
likely to set np its main plant 
at the village of Nestdo. near 
Chester. 


PRESIDENT Jimmy Carter's 
new programme to reduce infla- 
tiou will have lo continue for 
more than just one year if it is 
to have any effect. Mr. Michael 
Blumenthal, the Treasury Secre- 
tary. said today. 

Inflationary pressures bad been 
building up over the past decade 
and even with the new pro- 
gramme, which sets voluntary pay 
and price guidelines and commits 
the federal government to cut -its 
budget - deficit - and its 
bureaucracy, it could take several 
years for them to abate. 

His remarks were echoed by 
Mr.. Alfred Kahn, who was 
appointed by Mr. Carter last week 
to head the anti-inflaticm 
strategy. Botb men were speak- 
ing on television in separate pro- 
grammes as part of the Adminis- 
tration’s bid to obtain maximum 
publicity for its new anti- 
inflation drive. 

Mr. Kahn said he was dis-' 
appointed by the negative 
reaction to the new programme 
from the stock and foreign 
exchange markets, but there was. 
no quick cure for inflation. 

The Treasury Secretary- 
criticised foreign . exchange, 
dealers for acting oh “ herd in- 
stinct” and claimed that they 
were ignoring basic factors such 
as the decline in the U.S. current 
account deficit the improvement 
in the trade balance, the poten- 


tial effect of the newly passed 
Energy Bill in reducing oil 
imports and Mr. Carter's commit- 
ment to cutthe federal budget 
deficit lo S30bn or less in 1980. 

Mr. Blumenthal denied that 
the Administration and the 
Federal Reserve Board, which is 
responsible for the money supply 
and interest rates in the 
U.S.. were . “ working at cross 
purposes.” 

So far the Federal Reserve has 
taken the lead in the fight 
against inflation by raising basic 
interest rates to a record, level. 
Many in the Administration now. 
hope that, with the waee and 
price guidelines in operation, the 
Fed will soon consider reducing 
interest rates again. 

The Treasury Secretary denied, 
however, that there was any firm 
agreement to do this with the 
Fed, which is constitutionally 
independent of the executive. 

While his prime concern was 
bringing inflation down— the Ad- 
ministration's new goal- is 6-6.5 
per cent next year — Mr. Kahn 
saw no reason to oppose in- 
creased energy prices. He said 
that, as an economist, he thought 
it "inefficient" for the U.S. to 
go on consuming oil and gas at 
prices below their real costs. 

The new Energy Bill, strongly 
supported by President Carter, 
will sharply raise natural gas 
prices. 


growth will disappear almost 
completely. This - implies a fall 
In the share of promts (on this 
definition) of companies in gross 
domestic product yver two years 
from 7JS to 6.4 per cent. 

Brokers Simon and Coates 
have also revised downwards 
their hopes for profits growth. 
Their latest review of corporate 
profits and liquidity is, however, 
a little more optimistic titan 
the LBS Economic Outlook — 
they estimate that gross trading 
profits of the company sector 
will rise by 8 per cent, twice as 
fast as the LBS predict. Botb 
the LBS and the brokers, how- 
ever, calculate that the cor- 
por&te sector's financial deficit 


will be at least £4bn in 1973. 

Although the pattern of wage 
co -its has not diverged greatly;, 
from that expected previously 
by many forecasters, the 
behaviour of prices and the ex- 
change rote has not been .quite 
according to plan. One '-reason* 
for relative optimism about 
company profits has been the 
expectation that sterling would 
drift downwards, with the con- 
nivance or even encouragement 
of the Government Even now. 
the LBS is expecting the 
exchange rate index to. faU by 
about 4 per cent next year. But 
at the Mansion House the Chan- 
cellor was proclaiming the 
virtues of stability in the ex- 
change rate, and even if his 
conversion to the hard currency 
school of thinking was not 
totally convincing, there are 
obvious political advantages in 
keeping sterling steady until the 
election. Import , competition 
has been severely restarting 
companies* ability to pur up 
prices. 

Last year priority was being, 
given to restoring company 
profits and boostin': investment: 
This year, ahead V:f an election, 
the pendulum has swung back 
and the consumer is king, 
companies are oven being 
threatened again with renewed 
price controls. It is s!! verv un- 
settling, and any serious 
attempts by the Government lo 
join the European Monetary 
System could bring still mure 
significant pressures on short- 
term profits lewis. But tt Is 
worth remembering that jn the 
longer term "companies land ihe 
slock mpriret) have a sreat deal 
lo gain from a sharp reduction 
:n inflation, whatever the tran- 
sitional strains. 


. - In. -fee t. :-apartfroni a feri Aj 
foreign, one or 1 1 

submfliMiesfraf 
thb Bank of England 'bas 
cranted authorised' statu s td^ 
small, homegrown bank sam$3t 
popped Edward BaTes on itS.H^. • 
at ■ the end", "of-. 2973. l&wev$£ : 
over the ncsC^tafr ;hr ’sbil^jgf ’ . 
probably add Hobert- Flead*^ 
and Co., to its privileged hst;’": 

Although Fleroins L 
behaved like a merchant baffic 
for many, years. It never" ienja-^ 
sidererf- it necessary to : m, 
through!- the., whole- rigiaatble^ff 
becoming a "proper hack; Hoiv 
ever, " : tbis sort ; of easy-giflM- 
approacb caif nn lcnger. tS 
easily accbmihodaied"m tbe'-ite 
crea singly Tegolared^tjaosfi^wjf 
of the City. Sp Rput»i 3 
is hiving ta ‘TTuvc 1 . 
times and apply- . 

authorised status. - But 
belore the secondary >»anki»j| 
crisi s tills I bdk . no morg .tb tfg *-A* 5 * 
three months, these tjays'ir^M * ■ 
ta ke up to 1 S months, t ' 

Equity 

Tomorrow is tbe cio^ngiS^t " 
for comments on; SSA P- 
accounting.' standards for "jgSlif- " 
cjaie companies 
being reviewed: byjhe'A cagjffi 
ing Sta n 

AJ ready, , however. ytM tf fot g r 
among Ieadiu£4ccp^^ 
favour of a 

m3 nf. Ihe rules.vfp,- . 
li seems thVf-iftio.^rper- ceafS 


Charter^ 

per cent : ah . ass^ - 

ciateL ^ ’ ’ 

f^roap: h^^gsIptbitipUTit 

set,- I®-.- 

otherrWards,;tiie ; rece£rt example^ 
of .Lbhrbij ' tte^g.rHouse o£\ r 
Eraser (4jt which ;i t has a-,, lfrj? 
RervoehV. fcrmip. . jrtak^i v 

ll* retivf.' >1\A ' TimM'.L' ' M . 


which LoiwW>aas aimost.»\ per-, 
c??nt, : iiso h»wts Tp per cent .hP. 


Authorised banks 


There was a time when the 
Bank of England dished out the 
coveted authorised banking 
status to almost .anyone whn 


House.: pt ftaser.-The .e veataalv. 
decision ; hjr - lhe . ! Accoantih|- 
Standards ^^pihittee is Iraarnf 
to bp. arirtirapr^bnt the „ . 

objective of making accduirtra&.'"' v- « 
standards' legs ’-flexible will. help', l 


investors. >• 


Weather 


Ipitrade compromise! 


BY ROBERT MAUTHNER 

THE LAST major obstacle to 
liie $1.15bn i£5S0m» Euro-cur- 
rency loan to Nigeria has been 
cleared with the settlement or 
the dispute between the Nigerian 
Government and the French 
trading company Ipitrade over 
payments for a consignment of 
cement in 1975. 

A director of tbe French com- 
pany said that a satisfactory' 
compromise was reached at a 
meeting in London last week 
between Ipitrade and lawyers 
representing the Nigerian 

Government. 

As a result, Ipitrade had with- 
drawn the complaint it filed 
with a Paris tribunal, which 
ruled that all Nigerian bank 
accounts in France should be 
frozen until the debt was 
settled. 

Though the ipitrade director 
declined to disclose tiie su unpaid 


by th 


PARIS, Oct. 28. 
to !>e about S6.5m l£3.3m). 

The settlement brings to an 
end a complicated and long- 
drawn-out dispute in which the' 
International Chamber of Com- 
merce was asked to act as 
arbitrator. 

The Geneva-based arbitration, 
panel of the chamber originally, 
ruled that the Nigerian Govern- 
ment should pay Ipitrade 310m ! 
for breach of contract. Although , 
Nigeria refused to accept this 1 
judgment, it subsequently agreed 
to a private settlement with 
Ipitrade for $6.5m to be paid by 
the end of August this year. 

However. for mysterious , 
reasons, the payment was not 
made by this deadline and it ■ 
took several weeks of negotia- 
tions. sometimes throuch inter- 
mediaries. and the threat Lbat 
the Euro-currency loan would 
indefinitely blocked, before 
eria finally agreed to make 
paymenL 


The plant— no final decision 
on its siting has yet been made 
—will have about £lOm initial 
capital from the two companies 
and an and is closed amount of 
Government aid. The venture 
will be eligible for support 
from the Department of In- 
dustry's £70m fund established 
earlier this year to encourage 
micro-processor production, 
and the plant wfll attract re- 
gional development grants. 

An American Mr. Dou Brown, 
a senior manager at Fairchild, 
is thought to be favoured for 
the job as head of the project 
which will be built up gradu- 
ally to a capitalisation of £20m. 
In tbe semiconductor business, 
where assets are regularly 
turned over, twice a year, this 
would make it a £40m*a-year 
business. 


CBI against merger 
of Price Commission 


BY DAVID CHURCHILL, CONSUMER AFFAIRS CORRESPONDENT 


Unrealistic 


THE CONFEDERATION of 
British Industry has told the 
Government firmly that it sees 
no place for the Price Commis- 
sion as part of an enlarged Mono- 
polies and Mergers Commission. 

The CBI says that it “unequi- 
vocally rejects* 1 the idea of such 
a merger as suggested in a Gov- 
ernment Green Paper this year. 
In comments on the Green Paper 
approved at the last CBL Council 
meeting, it argues that “regula- 
tion, of specific prices is valid 
only when abusive behaviour in 
the form of excessive profits has 
been revealed.” 


Tbe plant will make micro- 
processor* and mini computer 
memories for tbe UK and 
European markets, although it 
may also sblp some of its - 
production to the U.S. 

Fairchild bas made it dear 
that it will use the plant to 
produce standard products 
.already developed in the UA 
and on the market for at least 
a year. 

It considers that it is 
unrealistic to use British 
engineers to, do research and 
development". - on - micro-, 
processors when they have 
neither the experience nor the 
technological base. 

However, as the technolo- 
gical base is built up, Fairchild 
sees a role for some original 
work In tbe venture. 


Instead of giving this role to 
the Price Co m mission , the Office 
of FaLr Trading should carry out 
extensive research when abuses 
are suspected before referring 
them to the Monopolies Commis- 
sion. 

The confederation feels that 
the Green Paper has not made a 
case for tightening competition 
policy, “Competitive forces can 
be damaged by inappropriate 
Government restrictions as much 
as by the action of dominant 
enterprises.” it says. 

Competition policy should 
therefore concentrate on be- 
haviour rather than structure. 
Increased market dominance, 
without a worsening in be- 
haviour, did not in itself consti- 
tute sufficient justification for 


tougher action. 
The CBI nui 


e CBI questions the Green 


Paper’s view that market dorain 
ance ‘“in any economically mean 
ingful sense” bas increased in 
recent years in the UK. It also 
feels that there is no evidence 
of an increase in abusive 
behaviour or of existing legisla- 
tion being inadequate to deal 
with such abuses as have 
occurred. 

There were too many reserva 
tioas about tbe research on 
merger activity for it to be the 
basis for policy changes. There 
was no case, therefore, for a 
change in rhe present approach 
of iho Mergers' Panel and 
Monopolies and Mergers Com- 
mission in considering merger 
proposals. 

The CBI does propose, how- 
ever, that the gross assets 
criterion for referable mergers 
should be raised from £5m to 
about £i7m to take account of 
inflation since 1065, when the 
level was set. 

It also wants recommendations 
by the Director-General of Fair 
Trading about whether mergers 
should be referred to the Com- 
mission to be made public. If 
these were rejected by tha Sec- 
retary of State, some explana- 
tion should be given. 

The Green Paper published 

WaS P roduce d by a 
Whitehall committee headed hv 
Mr.. Hans Liesner. a G^anf. 
ment economics adviser. The 
committee did not lake evidence 
before publication. 


UK TODAY 

SUNNY, or cloudy with occa- 
sional rain. 

London. S.E. and Cent S. Eng- 
land, E. Anglia, E. Midlands, 
Channel Is. 

1 Mostly dry with sunny spells. 
Max. I4C (57F). 

E. and Cent. N. England, 
W. Midlands 

Bright intervals. Possibly a 
little rain later. Wind southwest. 
Max. 13C (55F). 

S.W. England. S. Wales 
Cloudy, occasional rain. Max. 
12C-14C (54F-57F). 

N. Wales, N.W. and N.E. Eng- 
land, Lakes, isle of Alan 
Mostly cloudy, occasional raini 
or -drizzle. Max. 10C-UC 150F- 
54F). I 

Borders, Edinburgh, Dundee. 
Aberdeen, S.W. Scotland, Glas- 
gow, N. Ireland 
Cloudy, with rain, becoming 1 
dry later. Max. 11C <52Fj. 

Cent. Highlands, Moray Firth. 
-V.E. and N.W. Scotland ArgrtT 
Orkney, Shetland 
Cloudy with rain, suonv inter- 
vals. Max. 9C-10C {48F-53F) 



Amsdm 

AZitefcj 

Bahrain 

Barcelona 

Beirut 

Belfast 

Bclwradc 

Berlin 

BrDiKhm 

Brtauu 

Brass?!' 

B. Aires 

Cairo 

Cardin 

Chlcaso 

Colonic 

ConniiadB 

Dublin 

Fdinburji 

Frank/urr 

Genova 

Clasamr 

Helslnfel 

R. Kang 

Jo'borc 

Lisbon 

Load on 

LnXemb'S 


T'day , 
midday! ' 

*C ®Fi 

c U ill Madrid 
■c 12 HiMaBdn-sir 

S 31 SS Melbourne 
C 16 «Jl UexJra c. 
S Ol Milan 
F 13 jajlTonlrojj 
K It 3; | II rod) 

C 21 52; Munich 

C g 4£j Newcastle 

C u % New forte 
c tl St Osh) 

S 19 Rfi Pons 
S W St]i Perth 
C t! 54j Prague 
S 1J S2j Reykjavik 
S 11 53: Rio de J'o 


>’ 14 W'Ttonw 


C T3 57|SittspnrL. 


F 1, a,. Stockholm 
C 11 52!StrashrA 
S li 32!Sydner 


a it «:aranpr 
C 13 15 1 Tehran 


Y'dfly 

midday 
'C -f 
S 19 65 
r. 13 30 
f is a 
S 2n B8 
s 14 57 
S 4 S9 
S t :h 

s m so 

C J:; ffi 
S 12 .14 
F S 44 
S 57. 
I' 25 77 
F li ?: 
R S 41 
S 30 ' Si! 

s ir it: 

C 23 es 
C 7 45 
C 12 »t 
R 17 63 


Purchasing Economics Lifriitecfjs " 
almost certainly. the oniy organisation 
the world totally dedicated^ to helping 
clientcom(>anies increase, proirtabiiitv' 

bv improving their, purchasing and 
materials management techniques. 


v PEI services are veryxo mprehehsive. 
They include Consultancy' Services^’ ’/=■ 
Training Seminars ". . . in-house Training 1 
facilities . . .all of them fully described in 
two booklets that are vours forihe , :• 
asking. Complete the coupon and vve'U 
have copies with you bv return. . . 


R U 37fTvl AVir 
S ifl W] Tokyo 
S 24 Ta.Toronio 
S 22 72lvtetma 
S 13 ssjwareatv 
C in 50 Zurich 


C 13 3S 
r ii a 
C V2 54 
R 11 .32 
S 11 38 


f urrhJMna Iconomirs Linmeri. PEL Housi*. . * 

3 5 Suiiion Squorr. P»- h> V\ nod.KVnt BRS itt,' ’ 

VkaK . ,,w di-M* Ol I'Ll .mi* summit: -: tt 


HOUDAY RESORTS 



Compare. 



Rcfuaiered ai the P mi phikT unmJ