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No. 27,702 


Tuesday October 31 1978 


15p 


<&> 

191t 


King & Co. 

Industrial and 
Commercial Property 
Tel: 01-236 3000 Teles: 885485 


CONTINENTAL SELLING PRICE: AUSTRIA 5rf» 15: BELGIUM Fr 25; DENMARK Hr 3.5; FRANCE Fr 3.0: GCTHANT PM 2.0; ITALY L SOO; N6THERLANCS fl 2 .0; NORWAY Kr 2.S: PORTUGAL Esc 20.- SPAIN Fu 40; SWEDEN Kr 3.2S; SWITZERLAND Fr 2.0; EIRE ISp 



>• 


..^ V’ 


terror 





Wall St. 
swings 
back in 
big trade 


iatt 


• WALL STREET closed £80 
up at 811.85 in the third 
hi-aviebt day's trading on record. 
Hit? Dow Jones average swung 
fmni being 17 ptimb iIohh at 
11 nm on a rally liy blue chip 
and glamour stocks. 


guerrillas will 
a " srun'hvd earth " 
n the Middle East if the 
Dai id agret/Ht-n/s arc 
A. sajs* Abu Aya«l. deputy 
of the I 'at ah eommamlo 
nil. 

aliad-'L-ii it j Lenient' by 
•inis l-'n reign Minister. 

Saud at-i'aisaf. thjr tne 524a.uu (i!3r.50>. 
•i Niimim; starting :n 
J today should nut isolate 


• GOLD rose SHI? to S2431 in 
London and in New York flic 
Suicmhcr Comex price rose to 


• TLN prices ruse on the LATE 
with cash tin £80 up at £7,907.5 


Saudis clearly intend m 
mnJeraU/12 role at !ric 
. but the influence of :bt* 

? Mules rejecting Camp 
i3s increased considerably 
ult uf last week’* bilateral 

cn; nelv.euQ Iran and 
Page 3 and Back Page 

in claims 
. tie action 

* claimed yesterday That 
3, is -Acre fighting fiercely 
invading Tanzanian 
bm observers believe 
.•iaims arc a smokescreen 
e serious unrest in the 
iu army. 

T.tn'j’irjn Government , _ „ . 

sensed the Luanda Radio = «•"»"% following a nse over 
i as absolute nonsense." the weekend in Penang. Page 43 

ihe Nairobi Daily Nation irnirc-riwc 
< that Ugandan mutineers • EQUITIES were quiet in 
shot 150 loyalist troops, thin trading and the FT 
; ordinary index closed J.2 up 

at 484.4. 

toners released • GILTS were subdued and the 

slack detainees, including Government Securities index 
1 associates and members gave up 0.0a to 63.34. 
family of Mr. Steve Biku, 
iuvk consciousness leader, 
o'-t-n n*’ca r ed without tri.v! 
uth Ainca. 



HOW U.S. CURRENCY FELL IN TWO WEEKS 


[i-asi 


iso 


1-75 


170. 


rDeatscl 

Mark 

Lj-i.i.i ij » i 
Oct 137 a 3° 




Iran’s 
exports 
by strikes 



BY ANDREW WHITLEY 


TEHRAN. Oct. 30. 



Dollar slides 
as gold hits peak 


BY MICHAEL BLANDEN 


Britain 
repays 
SI bn 

By Peter Riddell, Economics 
Correspondent 


The exchange market crisis deepened yesterday as the dollar slumped further the_british Government 
against all leading currencies and the gold price jumped by S10 1 ; an ounce 
to a new peak. 

The pound closed in New The scale of support, however, The decline to the dolinr was 
York at $2.1045 — its highest level was modest and far from re Heeled in it* trade weighted 
since September. 1975 — with sufficient to stem the strong average depreu.-uun as iraicu- 
marfcvt conditions earlier in downward pressure on the U.S. Jated by Mon?..:i Guarani 1 . at 

London described as chaotic. currency. The dollar had noon in New York. This widened 

■ At the same time, the Wall enjoyed a brief respite towards to a record 13. u :.’er tent, enm- 
Strcet depression worsened in the end of last week after some pared with l-.B per cent on Fri- 
early i lading amid fears that unexpectedly good U.S. trade day. 

the weakness of the dollar would figures were published. The nervou^nc** in the ex- 

brins further increases in By Friday, the temporary change niurkvi : !so showed in 
interest rates. In a wave of sell- recovery was over, and yesterday strong demand for sold. The 
ibg, the Dow Jones industrial the lack of confidence in the gold price cl o.v-j in ’London at 
average dropped by 17 puints to dollar was re-asserted. $2451 an ounc>-. compared with 

788.8S in the first hour of The foreign exchange markets $234: on Fiidav. It was the. 
trading although later it rallied have failed to respond to last biggest one-da 1 rise for manv 
la close 5.8 up at 811.85. week's anti-inliation statement by vears. 

The heavy selling pressure on President Carter and remain ' The U.S. mrrency ended 

the dollar was renewed in over- unconvinced by the policies of sligbilv above its worst levels 

qlght irading in the Far East, the U.S. Administration. in European trading. Againsi the 

where the Japanese yen gained Dealers said yesterday that the Deutsche Mark :t dropped to 
farther to a new post-war peak, pressure on the dollar was DM 1.72 before Ruling up iu end 
and continued upwards in Euro- increased by remarks from Mr. ; ,t DM 1.7 2321 compared with 
pe«jn markets Michael Blumentbai, the U.S. DM 1.76 on Friday. The fall 

Central hanks in Europe were Treasury Secretiiry, who said I hat extended in New York to 
reported to have intervened in the Carter anli-infialion plan DM 1.7155. . 
support of the dollar during the would take a long lime to work — The dollar fi ll against the 
day, with the West German and by denials that the U.S. Swiss franc to d in "London at 
Bundesbank, for example, buying would borrow' from the Inter- SwFrl.4650, SwFv 1 5045 

836m at the Frankfurt fixing, national Monetary Fund. Fears 

Later the Federal Reserve was of another rise in the oil price _ Contjnn * *** „* a,e „ 

believed lo have operated in were also quoted as unsettling U.S. economic indicators. Page 4 
early New York dealings ihere. the market Money ’Markets. Page 40 


STRIKES by key workers in the Strikers’ representatives are 
Iranian uii and industries reported in tins afternoon's 
have completely halted the Persian lamiuauc press as claim- 
export or natural gas to the ins that output at Abadan has 
! Soviet Union and have severely been reduced from the normal 
lent bock the flow of crude oil lo\e! of over tiftO.OOO b/d in 
[to the West and Japan. The L’tm.yOO b/d. If this is so. the 
i latest action puses by far rhe losses to Iran in export revenues 
'most serious challenge to the could he as much as £5m a day. 
• Government since ihe present. Eight days ago the refinery 
unprecedented wove of industrial men agreed to return lo work 
action hexan last month. following ihe personal imerven- 

The oil industry says the corn- 5“" J { r ' Jl°" An A ar !- 

bined effect of actions at the ^ !?? n n 

Kharg Island tanker terminal s,r ‘ Dd 10 h “' c J =- ecd 10 n,0sl of 
and in most of the major oilfields 
in Khuzcstun province, has 
reduced exports by between 40 


yesterday repaid — well before (per cent and 50 per cent over 
the due dates— a further Slbn [the past ten days or so. 

Wildcat sJrikes in the oilfields 


Iwray progress 


• STERLING ruse 3®e to 
<2.0990 .-wid it- ?nwii *J C S t 
ladux rose lu baJi f -1 
dollar’s depredation wld^nc-d 
to a record 13.6 per cent (12.G). 


0 U.S. TREASURY .Ml rales 
were: threes 8.454 per cent (7.9) 
ic Ocean will be ready to and sixes 8.982 per cent (S.612). 
t on Saturday but adruini- 

• VOTERS in Long Beach. 
California, will decide next week 
whether BP will be permitted to 
build a £250m ail terminal and 
east-west pipeline. The scheme 
could save Sohio, BP’S U.S. sub- 
sidiary. XlOOra a year in trans- 


Benguela railway linking 
with Zaire with the 


•<? details have to be worked 
•fore services resume. 



GS 




has 


weeks y 

itvr edition uf Financial 
Rj-.inr.ss Weekly — the 

•j;»i Tiiui-.V ousines^ roaga- port costs. Back Page 
>ir North America — was 
:*.»J id New York yesterday- LABOUR 

' O FORD MOTOR’S European 

. , - . operations may come to a halt 

IB compoaim unless Ford workers in Britain 

istice Mar 'Jones, judge in r f“{™ » w ° rk * Ford 

Hd Bailey secrets trial, s !^ e ^J n S_ '3 laeruiaQ y 
ed “ improper attempts ” warnc ^- 2 
.^Jividuals and organisations # TRAIN DRIVERS' union pay 
— - -‘uence the outcome of the c j a i ra nj as been rejected by an 

independent tribunal examining 
. _ pay for British Rail workers. 

SCV Change Instead the tribunal has pro- 

z „ posed a -special productivity 

-. -ie firit time m than pa y llien t f 0 r drivers of the High 

i - ears of fisheries _ negotm- c D e„ d Trains. Page 9 
- Britain is not insisting on & P eca x & 

• ivc fishing rights up to 12 ^ has refused lo approve 
from shore. Back Page jjl’s £280m scheme to doublcH 
i - - Range Rover and Land-Rover 

Yfc trOW production. until Solihull workers 

t. , j agree tn more flexible working- 

ternal tow in the National D ae ^ Page 
. ical Association is threat- 

production of Thursday’s * VAUXH ALL MOTORS, already 
Express and may also lead facing a strike by 8.000 manual 
n rated editions of tlie new workers at Ellesmere Port .from 
Star. Page 9 tomorrow, has been given two- 

weeks’ strike notice by 4,000 
r-5rf#» fruards skilled workers, which could 

C!D “ gwaiuo seriously affect production and 

y York judge has ordered component supply to other -car 
id-tbe-clock watch on punk coinpa nies. Back. Page 
■ Sid Vicious, who cut his 
last week. He is accused pAHgi|i(C(> 
ibbing bis girl friend to oOBIrflllllHJ 

O LIFE INSURANCE OF 
GEORGIA has rejected a SSOOm 
cash merger offer made by 
Nationale Nederland ffR, Hol- 
John Silver. London Zoo’s j an d’s largest insurance com- 
□th-old giraffe, is to be pany _ The offer represents a 

d by a child specialist pi ' 

se he is not tall enough- ov 

John is a mere nine feet Georgia’s shares have recently 
»Ut his -BSter Dawn, aged been trading. Page 37. 
tooths, already comes up to 

uia. oa j ^ ytckKRS intends to sell its 

72 per cent holding in Canadian 
affv ... Vickers to executives of the 

■* , company in a C?19.5m 

n prisoners protesting at deal pjjgg 

tinns at Durham jail have 
d a hunger strike. 0 RMK, the carpet group, ws 

■ r 3SS f “r 1 lhe“y£? tnjane 30 wSm ° 
bln^d- S rSr a' H73.0S. nroat l„t time. P*ge 3J 
nstration against erosion of ^ tlAL. the parent company of 
liberties. United Airlines, the largest U.S. 

nd’s Roman Catholic airline, reports third quarter 
PS have rejected 3 pro- profits of Sl.7Q.6ni, which were 
lo allow women or married double last year’s _ figure and 
ts to officiate within the higher than any airlines P»- 
■b. vious full-year figure. Page 37 


- arf giraffe 


(£Sm) 


IEF PRICE CHARGES YESTERDAY 

res in pence unless otherwise indicated) 
RISES 


lees 171 

itt Devs. . 108 

(H.) ....lQSxd 

jn A 179 

Vers - 110 

i'shawe 65 

$*er Siddelcy 238 

> (R- P.) - 56 

I 04 i 

yje Wales Hotels 98 

'o — - 

iers 


7 

4 

I* 

5 
5 
S 
fl 

i ! 

43 4* 3 
189 + & 


Jins (UK; 380 +.3 

,rie 357 + 1L 

. Gold Fields ... 185 -r 5 


West Drie. -..-i-£22$ + J 

Wlnkelhaak 549 + 19 

FALLS 

Bank of NSW 535 - 40 

Dawson tiJtnL l»6 “ gs 

Decca A ~ J* 

Haggas (J.) . — 1T1 “ ®i 

CRA 240 - 10 

Cent Pacific Minerals 375 — 45 
North Broken Hill ... 101 — 6 
Northern Mining ... S3 — " 

Oakbridfie 122 — S_ 

Pancontinental $2o ■* to 

Western Mining ...... 123 — 7- 

Weslem Queen 15 “ « 

Union Crp 276 — 6 


pay pact with TUC 

BY PAULINE CLARK AND NICK GARNETT 

MR DENIS HEALEY, ' Chancel- of discusrions in the near future, rejected, but the way It is 
lor of the Exchequer, yesterday There would be further meet- framed is unacceptable. They 
all but. dismissed prospects of ings between the Government and are looking for further rises on 
the Government and the TUC unions bn wages, but there would basic rates, above the S per cent 
reaching an agreement on pay in be no formal timetable. already offered by the company, 

time for the Queen’s Speech- In the face of determined and are dissatisfied with the 
tomorrow. union opposition to the 5 per strings attached to the atten- 

This was the first direct admis- ■’ — ■■■■ dance payments plan which the 

sion from the Government that Editorial Comment, Page 18 unions ^ say are “ penalty 

union leaders and ministers are Heath stands firm. Pane 8 d ^ es .. j * w 

The attendance payments have 
been designed to cut absen- 
teeism. unofficial disputes and 
lateness, which cost the company 
4m man-hours last year. 

Pay talks for 3,000 manual 

pay demands well in excess oE cent guidelines and any Govern- workers at British Oxygen’s 
the 5 per cent limit. meat imposition of a ceiling on & uses division resume tomorrow 

■ These include local authority wage Increases this year, the and the unions are hoping to 
employers who were formally Government has asked the TUC to .J^SIideiines 0 * at IeaSt 

presented yesterday with a 40 produce alternative proposals for d ®“ 

per cent claim by union negotia- keeping a tight conLrol on Julia- The wmpjny J[ ra ad> 

•«SL£ 1 ‘ lm h °, n „- tie private aeCcr. pegotia- ffi ««***.' ESJFLfu 

On the: eve of resumed talks tions resume at Fmd today .J 4 ’ 1 * 1 “m iv° beyond wbat offers 
tonight between TUG leaders and following the company’s im- 10 . w [ r ., 
ministers, Mr. Healey said, after proved offer, made on Friday, 
a TUC -and Labour Party liaison of 121 per cent, including 41 
committee -meeting, that there per cent attendance payments. 
was 'little .likelihood of a state- Union negotiators say the size . 

ment being made on the progress of the offer has not been. Continued on Back Page 


Editorial Comment Page 18 
, , L , Heath stands firm. Page 8 

making little headway in their Tribunal rejects ASLEF Claim, 
search for agreement on an anti- Pace q 

inflation policy. It is likely- lo rose s» 

compound the difficulties con- 
fronting employers, particularly 
in the public sector; faced with 


Vauxhall faces strike threat. 
Back Page 


to the lnier national Monetary 
Fund. 

The move, which had been 
expected this week, was 
formally confirmed by the 
Treasury last night- This 
follows the pre-payment of 
$lbn earlier this year and 
means thai the UK has now- 
repaid about iwo-Hfths of its 
outstanding borrowings from 
the Fund. 

The repayment will be re- 
flected in the October reserve 
figures, due to be announced 
on Thursday — though ihe im- 
pact will have been partly 
offset by the receipt of the 
remaining 5350m on Ihe Elec- 
tricity Council’s syndicaied 
bank loan. 

In addition, there have also 
been some underlying inflows 
of foreign currency associated 
with the switch from the dollar 
to sterling. Bnt the increase 
may turn out to be smaller than 
the market has been assuming 
because much of the demand 
has been reflected in an ex- 
change rate rise. 

The latest move takes the 
total amount prepaid before 
the due dates by the Govern- 
ment and the rest o[ the UK 
public sector so far this vear 
to abont Stt-Shn, while Slhn or 
debt has, matured in 1978. This 
has been partly offset by new 
borrowings of about SlJbn 
with maturity dates in the 
late 1980s. 

This Is part of the policy of 
spreading the hump of official 
debt repayment away from 
the peak years of the early 
1980$. The amount due between 
1979 and 1984 has been 
reduced so far this year by 
about a fifth to S16bn, 

Tbe intention to make a 
further repayment was 
announced by Mr. Denis 
Healey, (he Chancellor, in his 
April Budget speech. 

The repayment was made in 
currencies including Special 
Drawing Rights, tlie Fund's 
own currency unit, and it came 
out of the gold tranche and a 
small part of the standby 
facility of January 1977. 


and production facilities have 
taken place on and off for The 
past five weeks, without much strikes, 
effect on output until now. 


Showdown 

Jnnaboiiren f "1 

LslWi 1 jsbss'cSi u° r f .a. 

Iran jnd oStt-Z 1 ' s ' wrls B - 3bn ‘’ u nicires or -as. 
local arm of the RP-Ied western ' v > irt li ±135ni at today s prices. 


the financial demands, bul to 
nave said he was nnt empowered 
n> meet the political ones. The 
strike resumed a few days 
later, wiih ihe political aspects 
reportedly more to the fore. 

Mr. Ansari has iherefore been 
plunped once again into constant 
talks aimed at ending Ihe 
now spreading into 
administrative departments :n 
Ahwaz and Tehran. 

Ii was announced in Tehran 
today that gas supplies to the 
Sonet Union along the lgat-L 

last 
the 
Iran. 


local arm of the RP-led western . 
consortium handling much of jl ^V? lhe P'Pehn*.. 

Iran's oil-looks likely to pro- J^r. important economic 
voke a showdown with the or&amtmns aisu crippled by 
Government, ami possibly a strike acuon al present are ihe 
crisis in Iran’s relations with the National Petrochemical Com- 
foreicn oil companies. P an >' s Shjhpour complex — a 

Exports by the consortium nro major producer of sulphur and 
believed lo "have dropped to 2m solid fertilisers— and the State- 
harre/s vesterday. compared to owned Sank Melik the couatry's 
an average of 3.15m barrels a largest bank chain and the 
dav over "ibe past few months. government's payments and 
High on the strikers’ list of receipts agency. Bank Melli's 
demands is the replacement of second strike this month began 
ail foreign workers in ihe oil last Saturday, following claims 
industry. OSCO employs about that the management had 
570 expatriate staff, and there broken promises to increase 
are considerable numbers of wages and other benefits, 
other foreigners working ia the In the oilfields themselves, the 
Khuzestan region. trouble appears to be spreading 

Calls have been made for the rapidly. Three major fields, 
expulsion of the consortium Gachsaran. Agha Jarj and 
from Iran, as well .is internal Ahwaz. are known tn be already 
political demands such as Ihe affected. Oil industry sources 
I ending of martial law and the confirm that production has 
•release of all PoHtir fUjnisone’-s. suffered 2ecj,;se the Iranian 
OSCO's uiairly a->£ ..i&u employees have now joined 

American staff rn Aiiv-j/. tin? The earlier action taken by daily- 
regional headquarters *.f tbe oil paid labourers. The Oseo toan- 
industTv, are known to have agement and expatriate staff are 
received tnonj-mous death understood to be attempting In 
threats by lei lee. if they did not. maintain output as far as 
leave the country. possible, but this could not be 

The resumption of a dam.rs- confirmed tonight, 
ing strike at the Abadan oil The reported reduction in Iran's 
refinery, ihe country's main e\- normal exports of S.Sra b/d of 
porter "of oil products, must also crude oil U believed to be mainly 
cause the Government concern, the result of action taken by 
The NIOC said today the four- tanker loaders and tanker pilots 
day strike was affect ina 12 per and tug men based on Kharg 
cent of the refineivs staff em- Island. 

ployees and 40 per a eni of the Ministers resign. Page 5 
labourers. He nested the pro- 
duction or export «f refined nr ' " 
crude oil was being bit by tbe T ,n IN|>W ' nrk 
strikes. '• , 

Mr. Mohammad R p?a Ameli- — 

Tehrani. the Minister oF 

Information, said xesterrtov that . s; v>so. iei.u 

any drop in output had been it, : L'.l.Uo.vr o.GS.e^u 

caused bv “NIOC's relations tin-^iiim . o.»70.m an • p.'iWO.b? «m 
with the consortium.” l.' A50 5.&? 


About 13.000 numual workers 
in tbe glass container manufac- 
turing industry have rejected 

to accept in 


Chairman of International goes 

BY COLEEN TOOMEY 

MR, LAURENCE HILL, chair- Mr. Hill began his business By contrast International, 
majj of International Stores, the career with Marks and Spencer which expanded its stamp trading 
BAT subsidiary, is leaving the before moving to United Drapery substantially just as Tesco was 
group after recent differences of Stores .where he became chair- giving up, slipped from 3 per 
opinion over future policy. man: He was taken on to manage cent to 2.9 per cent in that 
A statement by BAT last nigbt the 6S4 stores in the Inter- month, 
said: “The .global retailing task national chain and to take charge International finally gave up 
for which be joined the group in of BATs overseas retailing Green Shield stamps in most of 
1973 has not fully materialised interests. its stores in August this year, 

and this* together with some international has been losing A month later International 
recent differences over matters gnj Und j n t h e price war in the retaliated m the supermarket 
of future . policy, has caused him £ ake o£ Tesco'-s aggressive price- P nce wa , r h * f 5m behind 

to offer hig resignation. cutting campaign. In August pr £f <r cu !f'i <i u lure 

Internationa) was bought for last year an AGB research sur- ^ 

£68.5m by BAT in 1972 and has vey showed tirat Tesco's share J" 1 ** 1 s v d /_^l ur ® 
steadily expanded its food of tbe £lbn-a-year grocery mar- {l ad J'lfff 
interests. In 1973 it made a ket had risen from 10.S per cent December 1 Mr. Pascal Ricketts 
rescue bid for Pricerite for '£9m. to 11.8 per cent in the month would take over as International 
Last year it paid £21m for the afLer" it gave up Green Shield Stores chairman, 
profitable F. .T. Wallis group. stamps. Lex Back Page 


-CONTENTS OF TODAY'S ISSUE 


European news 2,3 

Overseas news . 5 

American news 4 

World trade news B 

Home news-^genrral 7,8 

--labour 9 


Technical page 10 

Management page 15 

Arts page 17 

Leader page 18 

UK companies 3S-XS 

Mining ...» 34 


International companies.. .37-39 

Euromarkets 37, 38 

Money and exchanges 40 

World markets 42 

Farming, raw materials... 43 
UK stock market 44 


Health, and Safety Commis- 
sion. talks on Crown 

immunity 18 

Af g hanis tan's rocky road to 

socialism ...'31 

Italy faces incomes policy 

etisls. 2 

Spanish Press fights for 
survival - 3 


FEATURES 

Pakistan politics; Wailing 
for Bhutto S 

Airlines on buying spree... 6 

ignore 


U.S. companies 
banks 


15 


Film and video: It’s new, 
neat, obsolete 16 


Financial markets: Regional 
drive-in Kuala Lumpur ... 39 
Copper loan, scheme .... 43 

FT SURVEYS 

London Metal Exchange.. .11-14 
European Construction 
Equipment 19-30 



36 

Jobs Column 

36 

TV and Radio ...... 

16 

ANNUAL STATEMENTS 

Appointments Adels. 

36 

LeurtE 

31 

Unit Trusts 

45 

an. m n. s. wales 

36 


42. . 

. Le* — 

43 

World Value of E — 

O0 

Borrpit Oevclpp. . 

35 


Cl 

Lombard — . 

16 



CnhM. GoMfeWs 

31 


U 

Hen and Hallers 

U 

INTERIM STATEMENTS 

Dawmur Day 

32 


26 

* Rasing 

36 



Decca . 

33 


« 

Share Information... 

46.47 

John Haggas 

32 

McKedralc Bros. ... 

32 

■ FT-Actnariot indices 

44 . 

Today's Events. 

31 

St- Gobaln 

38 

Photo- Me Intel 

D 


For latest Share Index ‘phone 01-245 S02S 



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Ht^ N£WS§f 


Financial Times Tuesday October 31 197S 


As Finance Director of TheThomson 
Organisation, Michael Brown must 
manage the financial resources and 
. help assure the profitability of a large 
and rapidly growing group with 
interests in publishing, travel and 
petroleum. 


Thomson publishes The Times, 
fTir 


The Sunday Times, regional news- 
papers. books. Family Circle in the 
UK. Living, numerous trade, technical 
and educational publications in some 
ten countries around the world, owns 
Thomson Travel and its subsidiary 
Britannia Airways. Through anasso- . 
ciation with the Occidental Consor- 
tium, it is involved in the development 
of oil fields in the North Sea. 

So Michael Brown must have 


in-depth financial knowledge not only 
about Thomson's products, but about 
the countries in which Thomson 
operates. His Chemical BanKec David 
Mori ng, must have the same. 

“David's understanding Qf our . 
business is importantr says Brown. 

“But so are thefle»bilityand fast 
response be and his Chemical Bankers , 
comeupwith?. ... 

Working closely with Michael Brown, 
David Moring and his team have ■ ■ 
provided TTO’s publishing interests . 
with multi-purpose, multi-duration - * 
credit facilities msix local currencies : 
exactly when required. In a half-hour , . 
meeting, they thrashedoutap agree-: 
merit in prindpleon a medium-term . J . : 
loan for North Sea oil development. 


ThroughCherixx).tateniational 

'*%££$££*■ 

Arrvyays Iwsea Boeing 737-200 in 

mmimomtime. 

to goback to the head officefor 
.approval Qaevery decision’’ - 
Mchael Brown works ‘ 

• wtri otherinternationai banks. But 
Personal understand- 
ig^^TtoTOOTprganisationend 
^haoksfloabilityaretwOlmpbr- 
.'.tentreasons thekrefationshin 

contimipe; +n omu/ . 


The difference in money is people. 


Chemical Bank House, iaoS*rwidUoodOfTWC2filEf td: 3^9 JC4R^Wffiwtet»eOfficis:!_ 

1-2 Mbterioo Street. BSnrfngam- CharMteHnn*. 17C>nlc*MS4iare;^tatgUAa)B 6fflce: ^ 

Abidjdn.Bdtirain. Beirut. Ebrtna l iBham:BaE 0 ta.&UBgtSLgaen 06 AiraShCairo. Caracas. QwnnatJ<ajttwfcr n’ i . '• 

Edinburg; FranWurt. Hottr Kop*;. Jaharta.tondort'Wadriti; «3nrta. Nle»JCDCrty |*^j^^5V^' ' ! 

Rw de Jjnaro. Rome. San Fran coco. Paulo, Severe. Sydn^, faipe.rehran.Icfco, forarto, Vienna 2S^” iWassau - Rart fc 


w I Sl[ 


•w;? 


HU banker must be the same. 


British strike threat 

to European 
production of Ford 


THE FORD ir«7t*»r O.'rparations 
European opera li«ia*> nuy ionie 
to a hair unless workers in 
Britain return to work soon, a 
spokesman for Ford'< West 
German division in Cologne, said 
today. 

" Ford at Genfc in Belgium has 
already slopped production of 
Transit vans because the five- 
week-rdd British Ford workers' 
strike has disrupted supply of 
urgently needed parts.” said Herr 
Alexander Demuth. 

Production of the Tauous 
saloon car in Genk will stop on 
November 11 unless the British 
strike ends, he said. 

West German Ford plants in 
Cologne and S3arlouis are also 
threatened with having io rut 
hack operations drastically. Herr 
Demuth said 6.000 of the S.Q09 
workers in Sarlnuis will have to 
be layed off by November 6. 
halting prediction there of the 
Fiesta and the British-designed 
Escort. 

If the strike continues for 
another week, he said. 10 . 000 - 
12.000 of Ford's 3-1,000 workers in 
Cologne will have to down lools. 
and production of the Granada 
and Capri sports coupe, will 
come to a halt 

He said the Cologne plant had 
learned from earlier experiences 
and already stocked a six-weeks' 


BONN, Oct. 30. 

supply of parts and accessories 
nut produced there. *■ At the 
lime of the Stuitgart metal- 
workers strike (in April) we held 
only a two weeks' supply." 

Meanwhile in Madrid, a spokes- 
man for Ford's Spanish sub- 
sidiary said it will run out of 
components on November 10 and 
be unable to produce finished 
cars unless the strike ends in 
Britain. 

Spanish Ford produces 1.140 
cars and 1.450 engines a day at 
the Valencia factory and is 
Spam's biggest export earner. 
Agencies 

Kenneth Gooding adds: There 
are to be more talks on Tuesday 
about the Ford dispute which is 
in its sixth week. 

Dockworkers sympathetic to 
llie Ford employees' attempts to 
shatter the UK Government's pay 
guidelines have effectively pre- 
vented the import or export of 
any Ford products for most of 
that time. 

Dealers' stocks in Britain have 
nearly dried up— Ford should 
hare 50.0 00 cars in showrooms 
and in dealers’ stockpiles — and 
supplies of components are also 
running out. For a week now 
there have been problems for any 
Ford car owner needing a major 
component not normally stocked 
in large quantities. 


Lambsdorff aide to join 
Dortmund steel company 


BY ADRIAN DICKS 

HERR DET1.EV TIOHW'EDDER. 
State Secretarv at the West 
German Economics Ministry in 
charge of energy, trade and 
industrial affairs, announced 
today that heis resigning his post 
to become deputy executive 
chainuain of Hoesc’h. the Dort- 
mund steel company. 

According to West German 
Press reports today, he fs ex- 
pected to take uver the chair- 
manship of the Germ an -Dutch 
Hoesch-Estei group in 19S0. 

Herr Itobwedder'* decision 
comes just over a year after i.he 
former if mister of Economics. 
Herr Hans Friderichs. created a 
sensation by his unexpected 
departure to become chairman 
nf Dresdncr Bank. 

News of Herr Rnhv.edder's 
resignation after nine years 
came ns a surpirse to officials in 
the Ministry today. Count Otto 
Lambsriorf. the present Minister, 
said he had accepted Herr 


BONN. Oct. 30. 

Rob wo cider's resignation "with 
rcgrei." 

Since both Count Lambsdorff 
and Herr Martin Gruener. the 
Pa rjiamentary State Secretary, 
are members of the Free Demo- 
cratic party. Minority partners io 
the Bonn coalition government 
ihe appointive post which Herr 
Rohwedder is now leaving is the 
highest Social Democratic-beld 
position in the key Economics 
Ministry. Dr. Otto Schlecht. the 
third Stale Secretary, has no 
parly affiliation. 

There will be keen interest in 
whether Chancellor Helmut 
Schmidt appoints a successor 
from within the ranks uf the 
SPD, or whether instead he picks 
someone else from the private 
sector. Herr Rohnedder was a 
partner in a Duesseldorf 
accounting firm when he was 
chosen as State Secretary by 
Professor Karl Schiller. Now 46, 
he wa* at -he time the youngest 
State Seeartary ever appointed. 


-VrX- 


Communist 
unions 
challenged 
in Portugal 

By Jimmy Burns 

LISBON. Oct. 30- 
THE FORMATION of a new 
trade union organisation 
hacked by inHnentia! sectors of 
the Socialist and Social Demo- 
crat parties is being widely 
interpreted as the first serious 
challenge to Communist domi- 
nation of the Portuguese labour 
movement. 

The General Union of 
"Workers (UGT) has been 
founded round a core of 49 
unions and three worker 
federations which between 
them represent an estimated 
450.000 workers. Speaking in 
Lisbon at the founding of the 
UGT. Sr. Jose-Manael Torres 
Couto, a leading Socialist 
labour leader, described (he 
event as “ the consecration of 
a truly democratic trade union 
movement representing the In- 
terest s of the workers and not 
or particular political parlies,” 
Although the UGT has been 
inspired mainly by the Socialist 
Party, it has managed to gather 
the support of existing unions 
dominated by the Social Demo- 
crat Party (PSD), notably the 
powerful blue-collar Office 
Workers' Union. 

Although leaders of the bank 
workers and teachers unions, 
which are also controlled by 
the PSD, did not attend the 
launching of the UGT, both are 
reported to have giveu their 
tacit support. 

Talks have been continuing 
since the start of the year 
between the Socialists and the 
Social Democrats on forming 
an alternative to (he Cont- 
ra unisl - dominated General 
Workers Confederation (Inter- 
syndical) which claims to 
represent more than So per 
cent of Portuguese labour. 

The tw-o parlies appear to 
hate bridged tbeir differences 
over who should lead the new 
movement, recognising that a 
broad alliance of “democratic 
forces " would have more 
chance of penetrating Com- 
munist influence than a union 
grouping too closely identified 
with one particular party. 

The formation or the UGT 
has coincided with a new wave 
of industrial unrest, provoked 
by a breakdown in wage 
negotiations and by rising 
prices. The cost of industrial 
fuel and petrol increased In 22 
per cent last week. 

Following a half-day strike 
on Friday by more than 200.000 
members of the Federation of 

Metalworkers Unions, railway 
and construction workers have 
threatened similar action for 
next month. 


UK and Russia clash on Press freedom 


BY ROBERT MAUTHNER 

BRITAIN AND Ihe Soviet Union 

today adopted sharply opposed 
pusiuons un the controversial 
draft declaration uf the mass 
media role in strengthening 
peace and combatting war propa- 
ganda and racialism, on which 
the UNESCO general conference 
will he asked to vote next month. 

Allbough the draft has been 
revised since it was shelved after 
a stormy debate at llie last 
general conference in Nairobi 
two years ago, it is still strongly 
con tested by West era Govern- 
ments. who see it as a threat to 
Press freedom. 

Mrs. Judith Hail. Britain's 
Minister for Overseas Develop- 


ment. told the conference today 
that the British Government 
could not support certain aspects 
of (he draft declaration. 

** It asks some of us for an 
assertion of principles which we 
cannot accept and powers which 
arc not in our gilt and which we 
do not seek.” she said. 

One of the most controversial 
articles of the draft Is the one 
stating that "it is the duty of 
states to facilitate the application 
of the present declaration and to 
ensure that the mass media 
coming directly under their juris- 
diction act in conformity there- 
with." 

Most "Western Governments 


consider this would open the 
door to state control of the 
media. 

The document also raises the 
important question of prinicple 
whether the media's task should 
be merely to inform its consu- 
mers. with the selection of news 
firmly in the hands of its owners 
and editors, or whether it should 
be req uir ed to adopt a wider 
political, social and educational 
role. 

Mrs. Hart said the answer to 
the problems raised by the draft 
did not lie in international 
regulation, but in improving the 
educational level of the develop- 
ing countries, and the finances 


and technological standards of 
their local media. 

UNESCO and the industrialised 

countries, she said, should step 
up their aid for educational and 
literacy campaigns in developing 
countries, maker -a bigger con- 
tribution to research and profes- 
sional advice to tlie local media, 
and provide practical and 
financial help in building up their 
own communications systems. 

Mrs. Hart's speech followed a 
sharp attack by Mr. IgOr 
Zemskov, Soviet Deputy Foreign 
Minister,, on the Western Press 
which, he claimed, had been 
guilty of ** crude and unjustified 
misinterpretation” in its articles 


PARIS, Oet 30, 

on the draft declaration. 

The declaration would help 

protect Asian. African and Latin 

American countries against what 
he described as “ information 
imperialism." The media _ that 
was attacking the draft flourished 
on spreading war propaganda, 
news of violence, racism and 
pornography, he said. 

Figures published in the XJ.S-. 
he claimed, showed that, in one 
leading capitalist country, there 
were 300 pornographic magazines 
and that 300,000 children had 
been persuaded to take part in 
pornographic films. This was 
called freedom of information in 
some countries, he said. 


Italian Government faces crisis over incomes policy 


BY PAUL BETTS 

THERE IS talk of another 
Italian Government crisis follow- 
ing the decision of Sig. Ciulio 
AndreolJi. the Prime Minister, 
to have an show- 

down with the trade unions over 
his Government's efforts lu intro- 
duce some sort of incomes 
policy. 

. On the surface at least, the 
{latest threat to Italy's fracile 
j political stability stems from 
' what appears to he another of 
those labour disputes that crop 
up in a number of Italian public 
and private sectors. However, 
the difference this lime is that 
it involves hospital workers, 
whose protracted strike has 
virtually paralysed all services 
in Italy's main public hospitals, 
causing a public outcry and 
forcing the authorities in some 
cases to send in troops to koep 
essential hospital services goins. 

The hospital workers, many 
belonging to the so-called 
*' autonomous ” non - aligned 
j unions, are asking for a revision 
of llieir national labour contract 
\ to bring their basic vazes tn the 
higher level of other public and 
industrial sectors. Although a 
compromise appeared to have 
been reached last week involving 
a subsidy for special training 
courses to increase the profes- 
sional standards of hospital 
workers, the Government had 
second thoughts and decided to 
oppose any direct or indirect 
I wage increases. 

| Over the weekend, after the 
i breakdown of talks between the 
i Government and union represen- 
I tarives. Sir. Giulio Andrcotti 
! look the issue to Parliament. 

! While the unions announced a 
(series of stoppages. 2 ne!ud:n? a 
i‘24-hnur strike in «ll public 
J hospitals today. ih-» Prime 
| Minister is expected w ooen a 
•crucial Parliamenury debate 
■ tomorrow vvhicit w!5. h<n some- 
; thing uf a confidence- test for 
: the Government and' a review 


of the nine-month-old govern- 
ing coalition pact. Unlike last 
week's Parliamentary debate on 
the Mora affair and terrorism. 
Sig. Andreotti has not held a 
comprehensive round of consul- 
tations this time with the other 
political forces. He has acted 
tempestuously, and clearly if the 
Parliamentary vote goes against 
him the prospects for his 
Government are dim. 

The minority Cbristian Demo- 
crat government, whose survive 
depends on the direct support of 
the Communists, the Socialists 
and the smaller Republican and 
Social Democrat parties, has 
indicated that surrendering to 
the hospital workers was tanta- 
mount to losing its credibility. A 
compromise, so its reasoning 
goes, would jeopardise its three- 
year (1979-81/ economic re- 
covery plan aimed at bringing 
Italy more in line with the other 
EEC countries. 

The key aspect of this medium- 
term programme is a reduction 
of the public sector borrowing 
requirement to release funds 
for a sustained process cf 
accumulation, coupled with con- 
tained labour costs to maintain 
the competitivity of Italian 
exports. Giving in to the hos- 
pital workers, the Government 
claims, would set a precedent 
endangering other imminent 
labour negotiations involving 
nearly 10m workers in the 
public and private sectors. 

The Government’s stand on 
the hospital dispute is a calcu- 
lated gamble od the part cf the 
Prime Minister. The main politi- 
cal parties, including the Com- 
munists, have stated that a 
Government crisis at this 
moment would be disruptive and 
would solve nothing- 

By his intransigent attitude 
with the hospital workers, the 
Prime Minister appears to be 
seeking in establish the Govern- 
ments determination to keep 
down wages. In this sense, the 


current dispute has clearly 
become a test case not only in 
Government-labour relations but 
also in tbe Government's rela- 
tions with the parties now sap- 
porting it in Parliament. 

Although none of ihe political 
forces seem intent in precipitat- 
ing a Government crisis, the 
basic risk of Sig- Andreotti’s 
gamble is the so far unpredict- 
able reaction of the trade unions 
to tbe Government's hard line. 


Italy’s provisional index of 
wholesale prices rose by I per 
cent iu September to 1284L 
This was 8J3 per cent up from 
the same month in 1977, tbe 
Government Statistics Institute 
reported yesterday. Tbe index 
(base 1976), is not seasonally- 
adjusted. Jlie month- Co-month 
gain of 1 per cent in September 
compares with an Increase of 
0.6 per cent in An gust, and 
similar increases of 0.5 per 
cent in both July and Jute. 
However, inflation normally 
accelerates in Italy following 
the summer holiday season. 


In turn, this could seriously 
compromise the position of Ihe 
Communist Party, now effec- 
tively a party of government. 
The uncertainty of tbe com- 
munists was reflected in Sig. 
Berlinguer's weekend speech 
when he warned the .-Govern- 
ment that a deterioration of tbe 
present situation could only be 
blamed on obscure manoeuvres 
within his ruling Christian 
Democrat party. 

The danger of the present 
situation is that the apparent 
willingness of the leaders r.f 
Italy's three main labour con- 
federations to adept a more 
moderate approach to wages,' 
reflecting in a sense the presence 
of the Communist Partw i 
governing majority, now risks’ 


being undermined. In this - res- 
pect, the hospital workers’, 
dispute could become the thin 
end of the wedge. and the -spark 
of widespread labour unrest in 
the country. 

The union leadership's decision 
to promote a more moderate 
policy was essentially regarded 
as a trade-off for new job-creat- 
ing investments, especially in 
the depressed south, at a time 
when the country's general 
economic outlook was clearly 
improving. Balance of payments 
surplus, this year of some SSbn 
is envisaged. But even before tne 
hospital workers' strike, the 
union leadership was coming 
under pressure from its. own 
rank and file which was reluc- 
tant to accept the sacrifices 
advocated by its leaders. 

The leadership now finds itself 
in a contradictory position. 
First it is accepting in principle 
the political and economic pro- 
posals for setting the basis for 
a. serious medium-term recovery 
programme. But also at the 
same time it is pacifying an 
increasingly disgruntled base 
apparently concerned above all 
with the individual interests of 
paid-up members. The question 
is how far the leadership is now 
prepared to go against its own 
rank and file, and indeed how far 
the Communist Party leadership 
is prepared to "0 against its own 
increasingly unhappy member- 
ship. 

There is a further and perhaps 
more serious threat represented 
by the so-called “autonomi” or 
nnaiigned extremist unions 
whose main aim is to secure 
wage- increases for their own 
members, and which have 
recently increasingly challenged 
tbe influence and power of the 
three main labour confedera- 
tions. Their strength has been 
amgfr demonstrated during the 
jas i months following a series of 
strikes -which have caused bavoc 


ROME, Oct. 30. 

in feny boat services to Sicily 
and Sardinia, in tbe railways and 
air transport, and now in the 
hospitals. 

Although they may have 
turned public opinion against 
them by their repeated and 
aggressive labour agitations, they 
nonetheless appear to be steadily 
gaining strength. Indeed, as one 
is frequently reminded here, 
they could hold at present no 
better hostages than hospital 
patients. Tbeir initiatives arc 
also causing concern because 
they could erode the dialogue 
which has been gradually build- 
ing up between the Government 
and the main union leadership, as 
these labour leaders see tbeir 
own position threatened by their 
base and* the “autonomi." Again 
there is a. dangerous parallel 
here with the current position of 
the Communist Party, which is 
coming under pressure from 
extremist elements on its left 
and whose own discontented 
base might disrupt the dialogue 
between the party and the ruling 
Christian Democrats. 

The next 48 hours are clearly 
crucial for Sig. Andreoiti's 
minority government. The 
debate in Parliament is likely to 
reflect the general mood of the 
main political forces to avert (he 
threat of a government crisis. 
However, a head-on clash 
between the Government and the 
unions is equally likely tn 
generate another " hot autunfn.' 1 
which in turn will have obvious 
impact on the present coalition 
formula. For their pan the 
unions have already announced 
an abundant programme o f 
threatened strikes in most 
sectors including a national 
stoppage on November 16. 


FfeAMT/u. Tutu. tmbUshcd 'tally rxc««t 
Sun&m and heUduyv U.5. sutacruHton 
K2G.TO ;anr frusta* *355.00 mlr mail, 
aeunn. Second claw pokbbb na/d a: 
Tori.-. Jf Y. 









Financial Times Tuesday October .31 1978 






armers 
o fight 
rish tax 
proposals 


W. Germans maintain 
pressure for speedy 
EMS implementation 


Stewart Dalby 


BY ADRIAN DICKS 


BONN, Oct, 30, 


* 3 X 
1 


IT 


in 



DUBLIN. Oct. 30. • 

;n F Alt U BUS are planning ; HERR HELMUT SCHMIDT, the British Government to commit 
Mill □ su^evtiun by Mr. Jack West German Chancellor, is 10 itself to the EMS, Herr Schmidt 
. :h. the Prime Minister, that meet Sig. Gialio Andreotti, the is- reported here si HI [o be hopc- 
should pay more tax. I Italian Prime Minister, and M. ful that all nine members of 
ie Joim Farmers' Com- 'Valery G.si-ard d’Eslaing, the the Cain ill unity will be able lo 
,te (in taxation, which coin - 1 French Prosidenl, Ihis week as pledge their support. 

;s both tanners and tax! pari of his drive to ensnre that The Cliancellrir has mode no 
tiOtanta. has beep asked by ' the proposed European room*- secret of bis view that in the 
of its parent bodies. the ( iary system (EMS) comes into British case, this would necessi- 
.i Farmers Association (IFA), effect next January. tate basic commitments towards 

lraw up a militant plan to , u ._ Ci(1 German-style domestic economic 



000 farmers pay income-tax' J"- 4 "" 1 " 1 !" Bonn 

tilth a form of se]f-impo«sd cJuaJh^sb ^1^-] vg^thfe ^rce'n B**uter adds from Bonn: West 

fb. Moat o. .he remainder .. £C, S al if S a nexi German Opposition leader Herr 

onally pav tax under a me"un~»n^ Helmut Kohl expressed concern 

L-m Of a multiplier applied lo. 7]| un =* ,a Bn,sUs on Doceraber today about plans to create a 
rateable values of land.; ’ . . , .. Kuropean Monetary System 

:h arc historic and can be ; la SSfw- < EM $> and the risks of inflation 

mcatn the system is open J ""Jjlj®* * h * S, e “ ca 7 n . I ^ 3,D i *" Herr ’Kohl, chairman of the 
widespread abuse. It is °P° rate on January 1. He has Christian Democratic Union 
mated that of the 1030m the ihDwn 1 n0 S, P? of dismay al fCI)U) . said the technical details 
J? ' l^£2ST‘tZ&XnS8£ "f .hc «d. ? .n. worked out by 


•. only £17m will crime from 
uie-tax from farmers, who 
al the lower end of Ihe per-! lhe 


t! taxation scale. 


loan industrial 
ivestment 
:o grow 5-6%’ 


MUNICH, Ocl. 30. 


ST GERMAN industrial plant I alongside. 


among them ihe advisory eoune.i Sf Wt JL« 

lo the Economics Minister and IJiwinTEfS “US, l were 

lL-adinn th " Chancellor must tell the 

. leading econo, me mstrtutes pilbllc where fho jonniey ls hcad . 

1 „ Most recently. Dr. Otmar mg and what inflationary burdens 
i Emminger. the president of the , hcy wiU havc l0 carr y t - Herr 
Bundesbank, suggested that he Kohl said ln :t statement released 
i believed the best wav to bring i jy his Party 
weaker currency countries Jnio Apart from forcing up West 
i . 1F ? e *' as 2Ct thent to r; C nnan hiflalinn to the average 

!J0,n formally a system whose European level, it is clear from 
disciplines they would probably , h * current EMS talks that West 
loot lie able to maintain, but 40 Germany will have to carry all 
.oring them more gradually „r much of the burden of cup. 


stme-nt is likely to grow by . 
.Ml 5 to 6 per cent in 1979; 
r a 7_i»er cent gum this year. • 
1FO •.‘Cunoinic research ! 
' itme said. , 

"• 1 a survey of industry's 197S- } 
1 investment intentions. IFO ' 
: this year's e:-. peeled rise ,s: 

percentage points higher i 
1 anticipated in the spring. | 
nly the raw material and pro- 
-1100 "ouds. sector is likely tof 


Despite the reluctance of the leader said. 


ivncy stabilisation, the Parly 


Turkey ponders new plan 
to repay overdue debts 


BY METIN MUNIR 


ANKARA, OlL 30. 

! sl , i ™* TURKISH Finance Ministry- foreign banks, hopefully in mid- 

• 1 .1 prujCLtcd rise of almost 1 js considering proposing a November. 

•r cent in nominal terms after; scheme to clear overdue debts - Earlier this year, another re- 
■ v 5e Si^tA^C <*[" ! falling about SI bn to foreign-structuring agreement was 

: ■„ 1 -i* ,'f? uld . , clearest , suppliers not covered by export reached with- the Organisation 

* in this sector for eight ( guarantee agencies, officials told. for Economic Co-operation and 

the Financial Times today. - -Development (OECD) for$1.46bu 
Under the plan foreign com-; of Turkish debts to suppliers 
panics could either turn their: covered by export guarantee 
debts into equity in the Turkish Agencies. 

debtor companies, or use theirs The Finance Ministry's biggest 
Turkish lira equivalents as fumtsrremaining headache is the $lbn 
for making investments In Tur- worth of overdue debts to un- 
key under the encouragement ofccovered suppliers. Turkey has 
Foreign. Capital AcL 'masked the OECD for a lump sum 

The officials said the sebemeito pay it off and will receive a 
is in a “very raw fom " andjreply 1 likely to be negative) 
would not be put forward untilfnext month when the OECD coo- 
tfae completion of theprogfr.^in^fSaiiiimi on aid to Turkey meets 
for restructuring S3bn debts to'in *'a'ris. ' • 


ival 
rs. 

. he investment goods industr>- 
uld show a nominal growth 
: of 12 per cent next year 
-t 18 per cent in 3978. while 
consumer goods industry is 
•ly to have investment growth 
a nominal 5 per cent after 
er cent. 

Nominal investment growth in 
rtufaciuring industry as a 
ole should be 9 per cent next 
• ir against 11 per cent in 1978. 
utcr 


Basque 
party to 
abstain on 
referendum 

By Our Own Correspondent 
MADRID, OcT. 30. 
THE MAIN Bas«(ue nationalist 
parly represented in Parlia- 
ment, the Partldo Nackmalista 
Vasco (PNV), has decided to 
promote au abstention cam- 
paign at the forthcoming 
referendum on the Spanish 
constitution. The decision, 
taken at a special PNV meet- 
ing over the weekend, was 
made just before the 

referendum was officially con- 
firmed for December 6. 

'The move follows the 

relative 'success of Saturday's 
demonstration in Bilbao, called 
by the PNV In protest at the 
escalation of violence In the 
Basque region. A main aim of 
the march was to show that for 
a significant section or 
nationalist opinion, opposition 
to the new constitution — which 
allows for only limited 

regional devolution — did not 

mean support for the terrorist 
campaign of the radical 
nationalist guerrilla organisa- 
tion, ETA 

Sr. Carlos Garaicoelxea, the 
president of the PNV, stressed 
that opposition to I be present 
form of the constitution did 
not mean that bis party would 
not continue to work within 
Ihe constitutional framework 
for a more ample aulonomy 
for the Basques. 

The PNV Is thus for a second 
time putting Its future as a 
significant force in Basque 
politics to the test. It had had 
great difficulty In persuading 
its followers to turn out on 
Saturday’s march, and yester- 
day’s decision, though un- 
expected, is in one sense a com- 
pensatory sop to its restless 
rank and file. However, if. In 
spite of what the PNV intends 
will be a vigorous campaign 
for abstention, the constitution 
wins a majority in the Basil ne 
country. Us Influence there 
coaid be permanently dented. 

The other danger arising out 
of last night's decision is that 
the PNV campaign will coin- 
cide with what is believed will 
be an all-out offensive by ETA 
ETA has shot dead nine police- 
men in the Basque region in 
the past three weeks, and today 
claimed responsibility for a 
previously unexplained killing 
yesterday near San Sebastian. 

Meanwhile, in Madrid, a 
bomb exploded this morning in 
the mail sorting department of 
the respected liberal dally “El 
Pais." The package which con- 
tained the explosive was 
addressed to the paper’s 
editor, Sr. Juan Luis Cebrian. 
Three people were injured, one 
of them seriously. The 
terrorist organisation GRAPO 
has claimed responsibility 


THE SPANISH PRESS 


Fight for circulation and survival 


SY DAVID GARDNER IN MADRID 


’A NEW Spanish newspaper has 
just been launched m what at 
first sight Li not the most pro- 
pitious moment to attack a 
saw rated and shrinking markeL 

The paper — which lias chosen 
the ambitious masthead of £] 
Periodica, or simply "The 
Newspaper " — appears under the 
aegis of the one unquestionably 
successful newspaper publisher 
to have arisen in Spain during 
the Press boom of tin* past four 
years, the Barcelona- based 
Ediciones Zeia group. But ir U 
being lanchcd during a full- 
blooded crisis in ihe Spanish 
press which many newspapers 
anil magazines are unlikely to 
survive Intai-L 

The present plight of the 
Spanish press is symholised by 
the weekly magarme Cuademos 
para el DiaJogo, which has shut 
down after a distinguished 
history of 15 years. Christian 
Democratic m iQ.-.pi ration, 
Cuademos served as an 
umbrella for democratic opinion 
during the iasr period of ihe 
Franco dictatorship. More than a 
quarter of the present Members 
of Parliament participated in this 
unique forum, either as share- 
holders or contributors. 

In the three years since 
Franco’s dujih, it has remained 
tlie most open and independent 
Spanish publication, but Us circu- 
lation has steadily dropped. With 
liabilities of over Ptas. 100m. its 
recent appeal for an urgent 
capital injection has met with 
widespread sympathy but little 
financial support. 

Cuardemos is not alone in its 
predicament The depth of the 
present crisis is shown by the 
plight of the liberal press which 
developed in Franco’s closing 
years and during the period 
of democratic transition. 

Circulation figures are 
jealously guarded secrets here, 
but the. respected national daily 
El Pais, for example, is reliably 
reported to have lost around a 
third of its Madrid circulation 
since the summer. The Cambio 
16/Diario 16 landem. the weekly 
news magazine and Madrid daily 
most closely associated with the 
transition, have also seen their 
readership drop sharply. 

The -independence of the 
Cambio 1 group is now under 
severe test following a capital 
injection three months ago pro- 
moted by the governing party, 
the Union of the Democratic 
Centre (LICDi. 

Aside;.from owning roughly a 
third of the group's equity, the 
UCD also owns two of the other 
bright hopes of the transition: 
the weekly Opinion, originally 
conceived as a right-of-centre 
competitor to Cambio 18. and the 
business _ weekly Artualidad 
Econoniea. 

The Spanish Press has not 


always sold so litTle. At the out- 
break of the civil war. Madrid 
supported IS dailies and 
Barcelona 16. several of which 
sold more than today's most 
widely circulated newspaper. La 
Vanguardia of BarL-eJoaa. which 
sells around 250.000 copies. 

But the Franco regime's mass 
expropriation of Opposition news- 
papers. and its use of the media 
for crude propaganda purposes. 


the market — including a native 
variant of Playboy, and the 
Spanish edition of Penthouse, 
which between them sell well 
over lm copies a month. 

The group expects last year's 
turnover of Pta 2-Sbn to increase 
this year to Pta -iJibn. 

The Spanish Communist 
Party's (PCE> theoretical 
monthly. Nuestra Bandera, this 
month surprised Its readers by 


The Spanish Press, like the cotmtzyl itself, is In a period of 
transition. At a time when many established newspapers are 
facing difficulties, a new product has been launched which will 
be Spain's nearest equivalent to a British popular daily. 


has created a deep-grained 
scepticism among Spanish 
readers. The result is that with 
a population slightly over half 
that of Britain's. Spain buys little 
more than 2m newspapers a day. 

The exception which confirms 
the rule Ls the Ediciones Zeta 
group, founded 2; years ago by 
a young Barcelona photographer, 
Sr. Antonio Asensio. The group 
has been built around the maga- 
zine Intervio. launched six 
months after Franco's death, and 
which with an average circulation 
of 940.000. is by a long way 
Spain’s mosr successful weekly. 

It appeared at just the right 
time, with a saleable way of 
packaging two commodities 
which were at a premium — 
politics and sex. An average 
issue contains a provocative 
interview with tiw person in the 
news, a couple of specimens of 
“campaigning journalism," a 
series of spectacular and/or 
morbid photographs, an “exclu- 
sive" or scoop, and three series 
of nudes. It* is the last two 
Ingredients which make the mix 
palatable to most of the maga- 
zine's legion of readers. 

In(erviu has also benefited 
from beinc prosecuted for libel 
exactly 110 times — nearly once 
for every week of its existence. It 
has vet to lose a case, although it 
is currently being prosecuted on 
two counts by the Interior 

Ministry. 

In addition to Interviu, 
Ediciones Zeta publishes Spain’s 
best-selling satirical weekly. El 
Jueves. and four “girlie" maga- 
zines pitched at different ends of 


including a detailed and intelli- 
gent study of erotica in the 
Spanish Press, a substantial por- 
tion of which was devoted to 
Interviu. Tie article suggests 
that Interviu's success rests on 
the ability to fit Left-wing con- 
tent into an attractive commer- 
cial package. 

The Barcelona-based weekly La 
Caller— which itself has close links 
with the PCE— followed this up 
in a recent editorial by complain- 
ing that the combination of politi- 
cal and sexual repression exer- 
cised by the Franco regime has 
meant that this kind of magazine 
has caught the reader who con- 
siders himself on the Left with 
his guard down, while the main- 
stream news and political week- 
lies go slowly to the wall. 

The ostensible occasion for 
both articles was the demise 
of Cuademos, but possibly 
owes as much to the fact that 
the PCE will next month be 
launching its own daily. In any 
case, the only argument which 
impresses Sr. Asensio is success. 

El Periodico will be his first 
venture into newspaper publish- 
ing proper. The paper will start 
life wilh a capital of Pta 300m. 
and an ambitious print-run Df 
160.000 — 90.000 for Barcelona 
and 70,000 for the Madrid 
edition. To produce it, Zeta has 
contracted a young staff, skim- 
ming much of ihe cream off 
Barcelona’s collapsing and 
collapsed papers. 

Sr. Asensio believes that the 
ordinary Spanish reader or 
potential reader is after a paper 
that is entertaining, graphic. 


easily accessible. but not 
frivolous, El Periodico will 
attempt to be all this, as a step 
on the way to emulating the 
classic liberal daily, like El 
Pais. It will therefore be Spain's 
nearest equivalent Jo a British 
popular daily, but with a didactic 
intent. Issues carry aggressively 
titled news stories, the most 
important of which is supple- 
mented on each page with com- 
mentary by a well-known 
journalist or prominent colum- 
nist, a strategy which will nearly 
double the paper's wage-bill. 
Some of Spain's best cortoonists 
will jostle with long features on 
political, social, or simply sensa- 
tional issues. Sr. Asensio parries 
the charge of sensationalism by 
maintaining that the paper will 
merely try to include material 
which is in itself compelling and 
sensational. 

He argues that his competi- 
tors had exactly the same oppor- 
tunities that he had. but frit- 
tered them away, and adds that 
only commercial success guaran- 
tees political independence and 
vice versa. He plans to lest fur- 
ther this thesis next month, when 
Zeta will be launching a weekly 
news magazine on the lines of 
Time or Newsweek. His com- 
petitors meanwhile, arc under- 
standably far from happy. 

The major unknown which will 
affect Zeta as well as the rest 
of the Spanish Press is the fate 
of the so-called “State Means 
of Social Communication" 
(MCSE) — the 35 daily and three 
weekly newspapers which served 
as the mouthpiece of the Fran- 
coist party, the Movimiento or 
MovemenL 

The MCSE newspapers are an 
embarrassment as well as en 
expense to the Government. 
Their total deficit this year is 
expected to reach Pta 3bn. At 
the same time, the Government 
is open to attack from the opposi- 
tion for hanging on to this 
undoubtedly powerful informa- 
tion outlet. Their destiny is the 
subject of fierce polemic between 
the MCSE's employees, who want 
to see them relaunched as co- 
operative-based regional news- 
papers. and the rest of the Press, 
which fears any serious new 
competition. 


Jailed Soviet dissidents on hunger strike 


SCORES OF political prisoners, 
including the dissidents Yuri 
Orlov and Alexander Ginzburg, 
were reported on a hunger strike 
toay to mark the fourth anniver- 
sary uf " prisoner of conscience " 
day. 

Dissidents in Moscow also 
said that Mr. Anatoly Scharan- 


sky, the convicted human rights 
activist, had been transferred to 
aremote, strict labour camp near 
Cbistopol in central Russia. 

News about the three was 
released at a Press conference 
tonight for Western corres- 
pondents by the Moscow “Hel- 
sinki group" at tbs flat of Dr. 


MOSCOW, Oct. 30. 

Andrei Sakharov, the Nobel prize 
winner. 

The one-day hunger strike was 
organised by the prisoners, dis- 
sidents here said, to protest 
about “the cruel measures, the 
barbaric treatment" at the 
labour camps where they are 
being held. AP 




Time-consuming paperwork normally associated with 
order processing has been dramatically reduced. And load 
planning is under development 
it works like this: 

All orders are now ‘keyed in’ on terminals in the depots 
and transmitted to Bulmers Head Office in Hereford. Here 
they’re validated. Converted into detailed despatch notes. And 
re-transmitted to the depot. All by computer. 

Loading documents are produced in one-tenth of the time 
previously needed. An order clerk can process 700 orders per 
day instead of the original maximum of 200. 

A big plus: the complex task of allocating despatch notes 
to specific lorry loads will be computer aided in the future. 

Barr)' Hall, Bulmers Data Processing Manager says: 

We have always utilised computers where we believe they can 
be of help in a practical way. Now we are planning to put Dai a 
General equipment to work to cut by 50%. the time between a 
delivery being made and an invoice being issued With the 
complications we face because of 'refund containers - that’s no 
mean achievement!” 

Other functions fulfilled by the Eclipse systems include 
demand forecasting; and on-line enquiry for information held 
in their existing batch processors is planned. 

Data General has installed more than 50.000 
systems world-wide for all sorts of tasks. 
Systems that provide excellent price/ 
performance as well as superior reliability. 
And everything is supported world-wide. 
Send for information. You'll find we can help you to 
deliver the goods...whatcver your problem. 

^ Data General 


Position. 


[ Company. 
! Address^ 


THE PWT THAT DRIVERS 




With some 45,000 outlets, S depots nationwide, and a 60% 
share of themarketBulmers havea massive distribution task. 
But from now on that task is easier. 

Bulmers have installed Data General Eclipse ‘on-line* 




^ONGBOW 


! To: Marketing Communications Data General Limited^ 
I 3rd and 4th Floors, Hounslow House. 724-734 London | 
Road, Hounslow, Middlesex TW3 lPD.Tet 01-572 7455. i 
□ Please send literature. * 

I □ Please send literature and have a representative phone me. I 
a Name™ ! 


Tel: I 

ECUHSt is 4 rtKHtcini indnnark nt Oats Oort si Cnrporalion. Ml t>U i imml Cnrpuniiati [97s. 1 

FT3UIQ [ 






Financial Times Tuesday October 31 s 19?S 



presses 




est advance for five months 


BY DAVID BUCHAN 


WASHINGTON. OcL 30. 


50-vear 

■r 

jail terms 
for Soviet 
spies 


WASHINGTON. Oct 30. 
THE U.S. j.$ presi-big Britain fur 
more liberal rules on air curca 
and charier flights. Cor sreuler 
flexibility on airline destinations, 
and a com inn a linn uf (he present 
low air fares across the North 
Atlantic, in a review of the 19” 
Bermuda air sen- ice agreement 
by officials of boih countries here 
this week. 

But Mr. Jim Atwood, the Stale 
Department official who is lead- 
ing the U.S. side in the talks with 
British officials led by Mr. John 
Slcele. Deputy Secretary tor 
Aviation in the Department of 
Trade, said tonishi the U.S. was 
not threatening to denounce the 
Bermuda agreement if conces- 
sions were no£ made. 

The first day of talk?, which 
are expected to continue :or 
three or four days here, showed 
that a good working relationship 
had been built up between the 
two countries on the implementa- 
tion or Bermuda 2. British and 
U.S. officials said. 

It is. however, true that the 
aviation policy in the Carter 
Administration has changed con- 
siderably since summer 1977. 
when the bilateral agreement was 
signed. 

This is partly the influence 
of the Civil Aeron.’tuics Board, 
which under its former chairman 
Mr. Alfred Kahn, has pushed for 
lower Fares and greater competi- 
tion on U.S. domestic routes. 

In particular the L'.S. would 
like to change the restriction in 
Bermuda that allows only one 
designated carrier into each 

"gale way'* cil>. 

This, it argue*, is more restric- 
tive than provisions in agree- 
ments that it has since negotiated 
with other European countries 
A U.S.-German agreement ts due 
to hr signed on Wednesday. 

The U.S. also argues that 
charter flights should only he 
governed by the rules of the 
country oF origin, not boih the 
countries ir. question. 

fn addition, it want? to ensure 
lhai no government intervention 
will stop introduction of low 
fares. 


activity 



reports. The judge said iheir i 


of leading economic for October is likely tn be much appointed by President Jimmy AP-DJ adds from New Yurk: Mr. '.Two convicted Soviet spies were I 

designed to gauge less buoyant. Commerce Depart- Carter to bead the new anti- Barry Bosworih. director of | each sentenced to SO years in jail , 

yes in the level of menl ofiicials point out. because inflation orocramme of voluntarv President Carter's council on j by a Federal judge in iMe« arK 

the U.b. economy 0 f the heavy tumble this month ^ anri^orice Guidelines and w' a 3e and price stability, warned | Nejv Jersey, yesterday. Reuter i 

U.S. economic growth will 
as part of the Government's 
on inflation. 

rise in the September a failure in that programme. 'Tb 

is narrowly based, and s pea klng on television jester- jbMWorth predicted: “ We are 
day, Mr. Kahn conceded XhaljJt goinc* to have a pause in this 

economic expansion." He added 


Oil companies may 
begin search off 
Bahamas next year 


This follows the respectable 
0 7 per cent rise in the index in 
August, and would at least seem 
to bear <1111 administration assur- 
ance? that the U.S. is not 
headed for a recession in the 
immediate future, even though 
its economic recovery is now 
virtually into iis fourth year. 

Mr. Michael Blumenthnl. the 
. Treasury Secretary. 


The 
index 

almost entirely accounted for by 
a surge in the basic Ml money 
,-upply (cash and deposits 1 and 
total liquid assets, and also in 
building permits for new houses. 


BY NICK! KELLY IN NASSAU 

imprisonment Would deter future: A SEARCH for oil in the Between 1945 and the introduc- 
espionage activities by "aDy , Bahamas is expected to begin Don of new legislation to 1st I, 


hostile foreign government." 1 sometime next year. The Govern- a total of 17 concessions for 
The defendants. Valdik Engerjmcnt recently published the both land 'and offshore explora- 
(35>J and Rudolf Cliernvayev_ 143 1. j terms and conditions for tion were beid by six companies, 
both employees of the United , exploration. and applications Tn *' i atlf , r nart nf 1957 the 
secretarial. Mere con ;1 fram at least halt a dorea com- ^^'wlVberTl 

P«“W* are already on record. Parlv ,PLP j 3 ovromenl served 
Of the controlling im iHi> ■•ninrijnips that 


vicicU for their part in a nine- 


the voluntary policy fails, he jui i(icii fmt% <4j _ 

would reluctantly. recommend ibat economic expansion at roles ! month conspiracy' to obtain U.S . '■ „ f lho 

compulsory wage and price con- achieved in recent years " cannot | military scerets. including plans, reeulations aFie- •. 
irols on companies and trade be expected to continue.” > for anti-submarine warfare. i delsv ■»« 

Mr. Bosworih also warned that j 


both these factors have gloomy UQ j ons> rather than 

-° r the pj^fh| l 55 deliberately induced economic •« j t W jil take us about four~years i Bolivian arrests 
Adinimslratton s redoubled recession, to bring inflation to i 0 g e t the inflation rate down." 

irv. vesterda v iZ heeL a forecast based on the asump- 

forecast that growth in’ the U.S. ^na down to b-b.5 per ent 0ne pjecc of g00d ncvvs with tion of public support for 

gross national product would * some bearing on the inflation President Carter's programme. 

--jmi- down to no Jess than The Federal Reserve Board problem, has come with the Mr. Boswortb said that the 


notice on the six companies that 
j 1 .. . . . seven-year they would have to properly 

k? bee 2. «ploit their concessions or risk 

[Spurred by the discovery in losing them. During the foITow- 

. i o' 1 .*? 31 - J- as and _.,° l1 , . n >ng three years, Gulf Oil Com- 

The Bolivian Government has : Baltimore Canyon, 50 miles off pony and California Oil Corapanv 

announced the arrest nf five, the New Jersey coast. t Chevron K carried out explora- 

opposltion politicians u _satci industry experts say there is tory drilling off the islands of 

___ _ or'eamVed l ° by * Ub jmernartona! I f TOn ? geological evidence that Andros. Cay Sal, Long Island and 

3-3.5 per" cent— -a rate that would Nearly is having some difficulty Labour Department's report that Government will be unable to l extremists Reuter report* frnm I "“if? oiI d fiP 9s « way BjininL Evidence of . oil wqs 

stem any substantial rise in petting a handle on the money productivity in the third quarter lower unemployment sharply j ^ p aJ . The five were leading ; ,a * ac aouth Florida- found out the technical ana 

unemployment. With growth jp supply- while its present policy 0 f this year rose 4.5 per cent at because oF the coming economic \ members of the National Fevolu- Panamas basin, and that the recovery costs did not justify 

thi? third’ quarter of this year of °f raising interest rates to an a n annual rate. This increase in slowdown. ] lionary Left Movement and the | chances of discovery are good further exploration at the line. 

: 3.4 per cent, and averaging all-lime high seems 10 be having output per hour worked follows a He acknowledged that a major | Revolutionary Left Movement | The - promise of large oil ,\li dulling ceased in 1971. 

slightly* higher than that over the little effect nn the construction mediocre gain in the second test of President Carter's pro-] ^ . . ■ reserves just off the biggest nil- j usl as [iie government intro- 

, first nine month* of 197S. Coin- sector — which is traditionally quarter and a decline in the first gramme will come late this year i PfireZ Oil denial f consuming reeton in North duced a revised Petroleum Act. 

!u>ere Depart menl economists sensitive to an increase id the three months of 1978. In that when the Teamsters Union erpcirtont C1 r-menca has stirred considerable »i^ e 1973 pnergv crisis has 

.-la jm ill.? o vp rail performance cost or borrowing. sense, it is a rebound—but none- begins conrract talks with major | • “! ,ere5t ? n, J2 n " American. (.ana- dractlcallv altered the nicture 

rlii? year will be between 3.5 and Mr. Alfred Kahn, the former theless a vigorous rebound at trucking companies. It would 

4 rmr i-pnt. chairman of the Civil Aeronautics such a late stage in the U.S. be hard for the economy to take 

Bui the leading indicator index Board who \va» last week economic recovery. a strike in the trucking industry. 


BY jOHN WYLSS 


Trudeau urges 
new Canada 
constitution 

By Victor Mackic 

OTTAWA. Uct. 30. 
MR. PIERRE TRUDEAU. Prime 


Minister of Canada, appealed t.n wem with key printing unions. a spokesman for 


paper may not appear 


NEW YORK, Oct. 30. 


■ THE DAILY SUN. the New York But he has gone on to suggest printed in sufficient numbers to 1 Fords recalled 

. _I 1 V... ,1 , V. ....... ••...I,..)., if, ft; <U ..r 1 ^ : »vw 


unholy justify the economies of scale j Ford <ajd jt wUI ask 

owners of; 


per cent because, he said, it would ! Alfred Hive ? Minister pn ees a0 d development of new 
be like dropping an atomic bomb. ,rtl s ^' 13> J° CK _ techniques has since made it 

Reuter reports from Caracas, on ; a inlr m thi ecoRon V ea J. , - v feasible to recover 

the secret talks he held last wcek,^^ per 1 «k„ bml? if Jif ? om * of ojL ® uf tae ,ndus : 
with Saudi Arabian Oil Minister ; a l 1 *™" ;? r £“L2- " L has been unaole to proceed 

Ahmed Zaki Yamant. Mr. Perez ’ s J.*?? “mil now. because or the Govem- 

said Venezuela and Saudi Arabia | i 11=^ fmn, P f ment s failure to implement the 
had reached a full understanding 1i°” d lh prant f relations governing the evalua- 

on Oil matters. i ,easM?s .' J* 1 * Jr company rep- tiori „ r competitive bids, the scale 

< fBsentative estimates the islands 0 f fees for exploration licences, 
jhave already lost SlOra by fail- Uie duration of leases, work and 
mg to act more swift!;. expenditure obligations and the 

No explanation has been size and location of cuncessions. 


; morning newspaper planned by that there may be an , M 

Australian publisher Rupert alliance" 10 "prevent the which arc available for the Daily j about issTOO last vear's 
Murdoch, may not now appear, emergence of the Daily Sun by News with its 1. 9m circulation. , Fairmont and Mercury Zephyrs: n ®' 5re ” f or the delay, but it is Earlier this year 
because of failure to reach acree- saddling it with oppressive costs.' Some union members are ] equipped “ L -* * ‘ ' "* *' * J 


models. 


uno mercury z^myts , , . . ~ . ~ — . : j wurff i;ua ;wi 

with siv-rvlinHer 33 thoil-ht that the Gc* VC nun ent Had PnTrn!m:m Art 


the 1971 
amended 


the lit provincial premiers today 
urgently f> tackle the problems 
of re-writing Ihp British North 
.America .-V*r — Canadas ennstiiu- 
li on — because Ganada is " a badly 
and sorely divided nation." 

He wired the appeal a- lie 
preMded o*. or the opening >e>.«u>r. 
of a three-day constitutional 
Lonference. 

Canada's economic and consti- 
tutional problems cunnut he 
Separated. Mi* Trudeau stressed. 

A new constiutnon would help 
bring about stability to the 
country's economy. Thi? stability 
was badly needed tu bolster 
Canada's ei:<inoiny and help meet 
e-mpefitt-m in fon-tyn marker 


Mr. Murdoch had hoped to today that 
launch the new tabloid while its foe New York Posl 
two pole nii a l rival newspapers, 
the New York Times and the 
Daily News were still shut by the 
Sl’-day pressmen's strike. 

But alleging j conspiracy 
between the printing unions and 
some of his fellow-proprietors, 

Mr. Murdoch has warned that the 
debut of the Sun “has been 
delayed, perhaps permanently.” 

31 r. Murdoch has singled out 
la Chance, president or the 
for special attack Mr. Douglas 
delivery drivers' union, whom 
he ams*?> of making ■‘dis- 
criminator;.- 

•fi'inand.*.** 



environment of the 


afternoon newspaper which has paper which could damage thelS° n,ro }. Reuter reports; wnlc»; recognised by the Law of (ect the 

been publishing for nearly a Daily News, a far more substan- • from Dearborn, Michigan. th» Sea Conference before mov- Bahamas. 

month after a break-away agree- lial employer than the Post and n ?, ? ,h '* r Under the new regulations, a 

inent with the pressmen, were the Sun combined would be. Mr.] BrSZll 117613 i SUTK6 j matters that might involve juns- 0 _ n p_yeqr permit to carry out 
studying thp mailer, and would Murdoch is suggesting that the /At least 30.000 metal worker* J t1,l ’' ,or ?? ^ J r! "^ ,n us. hew- Efface geological and 

advise whether to file suit. unions have not been bargaining went on strike for higher pay in![! v . , ** 0,1:01 , ‘ s 4 y au U n F an0 gennhysical studies of specified 

Mr. Murdoch is particularly in good faith. [ Sao Paula yesterday • n^nes resources, the Bahamas ^ 

angry about the delivery drivers’ Meanwhile, the negotiations! Reuter reports. 
refusal to agree to a distribution between the pressmen and the * 6 Toudavv V f\k 

system based on wholesalers Times /News appear to be I L.o. uunr Ais i 

rather ihan 
newsstands. 


direct delivery 


; r r.u r,n.nH rf,« its: i, c . areas of the Bahamas will cost 


declaring an exclusive 200-mile 
economic zone- 

to meandering towards a settlement I'union^ioves (o block United ° n * mining area 

after an agreement last week to j T _- h __ lnir j n< -j affected hv the overlapping 

Direct delivery would create refer the main issue, manning 1 ’ ^ . ° 0e, t . C ? I . a . 1 znne; is the Bleke Plateau i.ff 

more drivers' jobs but it would of the printing machines, to UAL turns in record., h( . south-eastern U.S. coast and ar _.. efi R .. n , a , F „ ps . trp addi 

also be more expensive. Mr. "fact finder." whose rm.mm^n. airline results: Life Insurance, north or the island of Grand n cta ‘ ,rc 

Bahama 


payment of SI .000. 

A three-year licence to carry 
out exploratory drilling carries 
a S104XK) . fee with a further 
810.000 payabte if a lease is 


..... more expensive. Mr. "fact finder." whose recommen 

and unwarranted Murdoch claims, because al least dations on manning levels will of Georgia rejects Dutch bid— 
initially (lie Sun would not be be accepted by both sides. I Page 37. 


Tins enneuncement appears as a matter of record crt/. 

§40j000,GGG 

Trinidad -Tasoro Petroleum Company 

Limited . 

Promissory Notes Due 1930 


These Notes have been purchased by institutional investors 
in the United States of America. 


E.F. 


West Indies Stockbrokers Limited 


October 3. 1978 


ITT fails with secrecy plea 


THE SUPREME COURT cleared 
the way today for the Govern- 
ment to publish details of alleged 
payments abroad by the Inter- 
national Telephone and Tele- 
graph Corporation. 

The court rejected a request 
by ITT which aimed at keeping 
secret the charges made aeainsi 
the company by the Securities 
and Exchange Commission while 
ITT pursued its legal battle with 
the commission. 

Judge George Hart of the 
Federal District Court in Wash- 
ington is now free lo allow the 
commission to release details of 
alleged ITT foreign payments 
which have been claimed to 
amount to $9m. 

Judge Hart and the US. 
Circuit Court of Appeals bad 


previously rejected ITT requests 
for details of the charges to 
remain undisclosed. 

ITT asked Chief Justice 
Warren Burger for emergency 
help immediately after the 
Appeals Court's refusal. The 
Chief Justice referred ibe matter 
to the full court for considera- 
tion. 

In seeking emergency help, 
IT T said the commission’s 
charges involved "alleged ques- 
tionable payments made, during 
the period 1970 to 1975. to foreign 
commercial nr Government 
buyers or their intermediaries 
for the purpose of facilitating 
sales abroad " 

Lawyers For the company said 
disclosure of the allegations 
could "threaten" substantial 


WASHINGTON, Oct. 30. 

commercial injury to the cor- 
poration's business." 

The lawyers said the commis- 
sion lacked authority to disclose 
details of its allegations against 
HT 3nd that such disclosure 
could expose ITT subsidiaries to 
adverse governmental actions 
abroad. 

Mr. Wade McCree, Solicitor- 
Genera!. said ITT bad not 
demonstrated how the harm lha: 
could occur was in any way di* 
tinguishable from the harm 
suffered by any company subject 
to Government enforcement 
actinn which necessarily involved 
an accusaiinn of wrong-doing in 
a public Forum! He asked the 
court to reject ITTs request. 

AP 


Th» absence of anv a^reeu rene . A ^ 
boundary between the two coun- 
tries was one of the reasons 
cited by the U.S. Interior Depart- 
ment in April fur cancelling next 
year's proposed sale of petroleum 
leases for the area. 

The search for ml in the 
Bihamas hesan shortly after 
World War II with passage of 
lh? country's first Petroleum Act 


tional Leases wilt be granted 
n . for up to ten years and may be 


Peru aims to boost GNP 3% by 1980 


BY OUR OWN CORRESPONDENT 

PERU HOPES to pull itself out merit from the private sector, in- 
of its economic crisis and in- eluding foreign capital in pro- 
crease its Gross National Pro- jects previously reserved to the 
duct by 1 per cent next year State such as energy and large- 
and 3.5 per cent in 19S0. scale mining. 

This was made clear in its The aim is for private capital 
1978-80 economic programme to make up three-quarters of 
announced by Sr. Javier Silva Peru's gross investment by 1982. 
Rude. Finance Minister, today. The plan aims to cut inflation. 
The programme invites invest- at present running over 60 per 


. LIMA. Oct 30 

cent, to 40 per cent in 1979 and 
20 per cent in 19S0. 

Sr. Silva Ruete and his team 
hope to reschedule 90 per cent 
of foan payments falling due 
over the next two years, at the 
Paris Club meeting to be held 
nn November 2 and 3. This 
involves some SI .9 bo. 



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15 th DIVIDEND 
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IN 13 
YEARS 

MAPCO announces yet 
another dividend increase 
ter the third quarter of. - 
1978. MAPCO dividends 
have risen steadily from an 
annualized figure of 10c 
back in 1965 to the present 
'$1.30. "This latest in- 
crease. the lath since 
1965.’ says Robert E. 
Thomas, Chairman of the 
Board, "demonstrates 
once again our confidence 
in the continued growth in 
MAPCOs operations, earn- 
ings and cash flaw." 

Interested «n MAPCO’s 
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r ^ 

jJ, i 


Oij 

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[Jt _ » 

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"maucial Times Tuesday October 31 1978 


■ai^fVhite emigration from 
Vhodesia at record level 


TONY HAWKINS 

• .MBcTH wa* the worst 

■ for while emigration 
nodi'.->i:i, according to ofli- 

urcs released m Salisbury 
TIil-u* s aow that 1,77« 
voliil wuh their fact fast 
: while there were 2St> new 

■ ihodcvina in wm "rants, 51 v- 
let loss of 1.490. 

net loss exceeds the pre- 
“ worst" figure of 1.339 
■need in May 1977, hut 
this the 1978 loss to date 
: running 14 per cent be- 
hat for the comparable 
of last year. Then, 
t Inst 13,164 whiles 
. 11— '41 in Ihc same ninr- 
nmml this joar. 
tfllTureiic*: i* that in 1077 
lion peaked in jfu - second 
• of H.c year (with a net 
of 3.3: r Whitt'S), the rale 
none than halved by Lot? 
after of 1978 (nei io&s of 
But since then there has 
rtn.-wed and more serious 
ration so that bv the 
piarier of this year the 
hail risen n« the wont 
1 \ un record of 3.S46. 
uacd operation.* head- 
’s announced tomsht that 
hirmul'i area nn the 
:n border v. Mil Zambia 
cen subjected ti» heavy 
lire fro’ii Zambia for the 
linn! within -J4 hours, 
y force? responded and 
a lined " a Zambian 

L'liicnt. the headquarters 

inrmlior of the security 


fnrres, seven guerrillas and a 
guerrilla collaborator had died 
in the war ut the past 34 hours 
as well as five black civilians. 

Michael Holman reports from 
Luiaka: Wnh the apparent 
failure of attempts to resolve 
differences among the five 
southern . - African front-line 
states, there ore signs that 
Zambia may give a cautious 
welcome to the recently modified 
Anglo- American settlement plan 
for Rhodesia. 

Inconclusive talks aimed at 
healing rifts in the fi vernation 
alliance of Zambia. Angola. 
Mozambique. Botswana and 
Tanzania ended in Dar es Salaam 
last niyhi. President Saraora 
Macbcl of Mozambique refused 
to attend the meeting. What 
took place at the talks remains 
unclear but the Government here 
is at pains to play down any 
simit.-siinn.of serious differences. 

However, Zambia privjtely 
acknowledges that its reopening 
of the southern route through 
Rhodesia remains a contentious 
issue, but nn explanation was 
offered for the failure of Pre**i- 
dent Machel tn attend, or even 
send a representative. 

it also appears possible that 
Zambia's response to the 
modified Anglo-American tenns 
— one of the new options being 
lh«* postponement of elections 
until after independence— may 
differ from Tanzania's. One view 
held in senior government circles 


SALISBURY. Oct.. 30. 

is that although certain matters 
remain unresolved, the modifica- 
tions represent an advance 

Meanwhile a second landmine 
explosion within a week has dis- 
rupted traffic on Zambia’s vital 
rail link to the South through 
Rhodesia. A railways official 
announced that a mine planted 
on the line two miles north of 
the Kafue River bridge, 35 miles, 
south of Lusaka, blew up a loco- 
motive and damaged 150 ft of 
track light night. 

Fiftten- wagons were derailed 
by a landmine at Magoye siding, 
100 miles south of Lusaka, last 
week. The line, opened for traffic' 
io and from South Africa on. 
October 0. is carrying essential j 
fertiliser imports for ihu coun-| 
try\ maize farmers, as well as, 
cupper exports. 

Martin Dickson -adds: Bishop 
Abel Muzorewa, one of four mem- 
bers uf the ruling Rhodesian 
Mr. iau Smith's assertion that a 
handover to black majority rule 
Wuuld have to be postponed from 
Hu- December 31 deadline. The 
Bishop said in London that Mr. 
Smith hud been merely “express- 
in:; n possibility.” No policy, 
st.iiement on such a “drastic” 
event had been issued by the 
Executive Council. 

The Bishop, speaking in 
London at the Royal institute of 
International Affairs, argued that 
tiic alternative to Mr, Smith’s 
inlernal settlement was “black 
minority rule and Cuban- 
inspired takeover.” 


Scorched 
earth threat 
by Fatah 

By Our Foreign Staff 

PALESTINIAN guerrillas will 
launch a "scorched earth policy" 
in the Middle East if ihc Camp 
David agreements arc enforced. 
Mr. Abu lyad. the No. 2 man in 
the Fatah comma ado movement, 
has said. , _ . 

He also put the Palestinian 
guerrilla movement on a collis- 
ion course with Saudi Arabia 
yesterday by vigorously attacking 
statements made over the week- 
end bv Prince Saud Al-Feisai. 
Saudi Foreign Minister, that the 
Pan-Arab summit scheduled to 
start in Baghdad tomorrow 
should not isolate Egypt 

Mr. lyad charged Saudi 
Arabia with trying to under- 
mine Arab opposition to the ; 
Camp David pact. Mr. Yassir| 
Arafat, the PLO chairman who 
is currently visiting Moscow foi 
talks with Soviet leaders, has 
already threatened attacks 
against American interests in 
the Middle East. 

The Saudis clearly intend lo 
play a moderating role at the 
Baghdad summit, but the intlu- 
ence of the hardline slates, 
which completely reject Camp 
David has increased appreciably 
as a result of last week's bi- 
lateral-agreement between Iraq 
and Syria. 

• Opening a preparatory con- 
ference of . Arab foreign 
ministers drawing up an agenda 
for ihe full summit, Mr. Saadaun 
Raraadi. Iraqi Foreign Minister, 
described . the Camp David 
agreements yesterday hs “a 
stab against the Arab struggle 
to liberate Palestine.” 


Western building design ‘an Arab disaster 9 


‘ BY KATHLEEN BtSHTAWI “* 

A PROMINENT architect has 
delivered a scathing attack on 
western designers for creating 
environmental and social 
disasters In the cities of Ihe 
Arab world. 

Speaking at tlic opening 
session of a conference on 
Middle East development in 
Dubai. Mr. Ratal Chadirji of 
Iraq Consultants in Baghdad 
said that contemporary build- 
ings had been built with little 
thought for the Arab people. 

“ In less than two decades of 
development, their houses, 
towns and villages and even 


the countryside have been 
transformed into a drab and 
abrasive environment,” he told 
delegates. Ironically, it is the 
result of spending not millions, 
but billions on these buildings 
and towns. 

Mr. Chadirji believed that 
the design of the new cities of 
the gulf would lead to great 
social problems, an Increase in 
vandalism and crime, the des- 
truction of both the Arab 
family and the feelings of 
neighbour! in ess. This would 
ultimately lead to an increase 
in the role of the police in 
arab cities, the Iraqi consul- 
tant said. 


Not one building In the Arab 
world had been designed with 
the help or advice from a 
sociologist, and “a high pro- 
portion of what we build today 
is already condemned by the 
society which brought it into 
existence.” he pointed out. 

A good number uf buildings 
had been built with complete 
indifference lo the Vocal 
physical environment, and 
were subsequently wasteful as 
regards energy. Neither had 
such buildings stood the test 
of time, nnlike the well 
designed and ageless sonks of 
the Arab world. “In contrast, 
when we drive or walk 


DUBAI, Oct. 30. 

through most of the new 
streets or Kuwait. Basrah or 
Ahu Dhabi, one obvious fact 
comes lo fight that these new 
streets have not endured time. 
They are already grotesque. 
The question is do we want 
our cities to change their 
character and come to 
resemble Birmingham or 
Tokyo?” 

A large part of the blame 
should also be laid at the door 
of the Arab client, the 
consultant emphasised. “The 
Arabs as clients and user have 
not generally asked for a 
better deal from their 
designers. 


Two Iran Ministers quit I Uganda invasion ‘a bluff’ 


BY ANDREW WHITLEY 

THE TWO-MONTH-OLD Govern- 
ment of Mr. Jaafer Sharir-Emami 
was today shaken by the resigna- 
tion af. another two Cabinet 
ministers, bringing total depar- 
tures from the- 33-man Cabinet 
Lo four. . 

Confirmation of the resignation 
or the Justic- Minister. Mr. 
Mohammad Bahcri. and the 
Minister of State for Executive 
Affairs, Mr. Manoucbehr Azmoun, 
came with Ihe presentation lo 
the Shah af their replacements. 

The new men. Mr. H ossein 
Najafi f justice > anil Mr. Mustafa 
Paydar (Executive Affairs i, are 
both politically unknown. 

No reason has been given for 
the resignation*. Cabinet rival- 
ries and .personal differences arc 
believed to have been tbe main 


TEHRAN. Oct. 30. 

cause, but policy differences 
over how to handle the nation's 
serious disturbances may have 
contributed. 

The Government news agency. 
Pars, reports that the Governor- 
General of Kermansbah province 
— the scene of much of the worst 
trouble — also resigned today. 

It was reported that the death 
loll from riots in the small town 
of Paveh, in Kennanshah 
province, has reached 11. in 
Kaboutarahange. near Hamadan, 
it js now known that 12 people 
were killed when police opened 
fire on demonstrators last 
Friday. 

The unofficial death toll far ihc 
five days since the Shah's birth- 
day lost Thursday is at least 49. 


■ BY JOHN WORRALL 

! UGANDA TODAY claimed that 
I its troops were fighting fiercely 
i against invading Tanzanian 
forces, although most observers 
[here believed these claims were 
la smokescreen to bide serious 
[unrest against President Amin 
jin the Uganda army. 

; Uganda Radio said the Uganda 
! marines had “broken through.” 
| The battle had reached its “hot- 
i test degree.' 1 Amin and his com- 
imanders were “reaching a 
| decision in the field whether to 
[bomb Dar es Salaam and 
Dodoma ” and the Tanzanians 
.bad asked for 2,000 bottles of 
[ blood. 

! The “invasion" reported at the 
weekend is the second Tanzania 
I is alleged to have made in two 


NAIROBI, Oct. 30. 

weeks. The Tanzanian Govern- 
ment has described the reports 
as “absolute nonsense.” 

Most observers here, backed by 
sources in Uganda, believe that 
serious trouble has broken out 
in Uganda armed forces west of 
Lake Victoria and that the 
invasion report is a smokescreen. 

The Nairobi Daily Nation said 
today that Ugandan mutineers 
had shot 150 loyalist troops at 
Malire. and had wiped out a 
mechanised unit. 

Ugandan sources say the army 
uprising is by troops loyal to Vice- 
President Mustafa Adrisi, who 
was seriously injured in a car 
accident in Kampala a few 
months ago and was Sown to 
Cairo for treatment 




M v> 

tr. 


It 

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.. r * * | 




jgF'.T ^ *» # ? > ; | 






KTiCS IN PAKISTAN 

Waiting for 
Bhutto 

BY CHRIS SHERWELL IN ISLAMABAD 

TAM is one.* again suffer- their aims. General Zia has in 
rns of self-confidence addition refused to create the 
1 1 in rial identity. After the provincial Governments that 
•ia and hope boroe of last would give them the more exten- 
movement io oust the sive power and patronage they 

Minister Mr. Bhutto, desire. This has left them angry 

• have become frustrated and disappointed but Impotent, 
—^months of miliary rule and and their threats to leave the 
ed by the leadership of Government are not treated 
?BaaI Zia-ul Haq. They are seriously. . 

\ is about the country's General Zia’s stand on 
, » and feel helpless to in- elections and a transfer of power 
i le it. to a civilian government has 

! * fate of the oncc-popular provided perhaps the greatest 

| ®*hutto dominates the public uncertainty of all. Recently, for 
j His execution after being example, he stunned tbe 
? *iced to hang for conspiracy country when he announced he 
. | jy-der, apart from setting an W as prepared simply to hand 
■lac precedent in solving over power without elections to 
! ssion problems even in the six parlies in his cabinqL X 

• tan. could tead to serious lhey cou ] d merge. y et tfce days 
j rtlity. \et General Zia is ear ]ier he bad said he would 
J y expected to-- stand by nis hand over power , to a govern, 

s and baps Bhutto if, as a m ent . . elected in polls held 
j singly large number of between March and October — his 
.» aniitnpate. the supreme -specific commitment to a 
I dismisses ms appeal. date in a year, and since his 

I Army clearly believes that announcement General Zia has 
, ild contain the inevitable said that "if” elections are beld 
I on. The organisation of the elected government will be 
[ !h uno's Pakistan People s obliged to implement an Islamic 
i (PPP), such as it was system of laws whose 

his highly personal rule, foundations' be would soon 
? ecn smashed. And its re- establish. 

J abortive attempt to rally p eoD j e are findine these 

i sup S faur ^alerters IT1CODS,ste ocies and his broken 

! «■ nS*,*" ffiVhfaJ elects! promises impossible to 

ig themselves to death far ttpl!I1Il ^ Jess ^ Qn 

: *' General Zia’s famous statement 

tto riipportere insist that Mine months ago thaL he would 

; Have fast nut all ° w 0X1 election he 

1 nH P I n n 5 rt iSft h ! w was sure of "positive" results. 

( rativ fa |{!j Ppp y ii Th,s wk widely interpreted to 

J oLh /-liXJr mean ^t he would not allow 

• - hP ha^ But Mr - Bbulto or the PPP back 

J ’ ns are ^ around the Mr- ,n i° P 01 '^ in .Pakistan.. An 
! id painful truth is that ^ “° l 

^ . ij rjn interminably more If the conditions that Generali 

I f want the case finished and ^ nS ^d^h 11 

i * dth. Even international dre , ind ® ecl tightening and he 
, re could backfire If it P^^e is he supports 

like interference, what- in power, he. could leave himself 
akistan’s foreign indebted- open charges of rigging— the 
I - iff ties with Muslim coun- accusation that brought Mr. 
«**nd China might prudently Bhutto down. In fact there are 
. growing suspicions that General 

tfr. Bhuttai’s execution. Zia would like lO£ta> in politics. ; 
aj or even exile sparks He has spoken more than once 
oilable disturbances, the of strengthening the Presidency, 
will be n enormous. The for example, and appears to have 
mu disorder In neigh- Ann ideas on the direction the 
Iraa and the recent country should take which align 
nee of a Soviet-orientated him with the most orthodox of 
t regime across the fron- the religious parties. . . 
Afghanistan, have already In the meantime pressing 
powerful effect on economic problems harbonr 
They" 1 have also additional trouble. As the 
a ted fears for the government runs deficits and 
s future generated by the the flood of remittances from 
Government's failure to workers abroad is spent on real 
lodate long standing estate and consumer goods, 
is for greater, autonomy inflation is again . soaring and 
he key border provinces may already be back to 15 per 
uchistan and- the North cent Investment has slumped 
rentier. .... uhile government policies, 

uncertainties are being notably on nationalisation, are 
ed by demands from the far from clear. Wheat purchases 
s parties in General Zia’s after lasr season’s disastrous 
ith-old civilian Cabinet crop will drain foreign exchange 
immediate and wholesale reserves, but the question of 
tion at . home ot .an rescheduling debt repayments 
system - of laws, will remain unresolved while 
d by Zia himself, plans the remittances keep the 
forged to * introduce balance of payments afloat, 
education^ - interest-free Persistent political uncertainty 
and sanitised broadcast- and economic indecision have 
. entertainment. But old made optimistic Pakistanis rare, 
n differences have begun Industrialists, bankers and trade 
ace as doctrinal disputes unionists as well as landowners. 
Town, and some people farmers and peasants paint a 
ly believe' "these could uniformly black picture. 

■ bloodshed-' : . Faced with this evidence; 

e same time General Zia’s knowledgeable western observers 
y of the six parties which are talking seriously of a collapse 
j far sided with him has of confidence in the country and 
fed the rif is among. them, a complete reversal of the mood 
have gained -prominence- that pervaded the country before 
sponsibilfty the bureau- General Zia’s coup. Seeing an 
has obstructed some of institution at vacuum 


andhi election clashes 

w NEW DELHI, Oct. 30. 

ECTION campaigners Two vehicles were damaged, 
js-tjured at Chikmagaiur in In another part of the con- 
India today -in clashes stituency there were reports of 
If *SE 0,1 iBi M rS a minor clash between the two 
vlrme?l»rirae^3irtStBr is groups last night Jn which, some 
' Jpng a parliamentary by- people, suffered minor injuries, 
wi there. Polling' is bn ' a senior official of the Janata 
' . Party alleged that Mrs, Gandhi’s 

Press Trust of India, supporters were, deliberately 
police spurces, said Mrs., fomenting violence because they 
s supporters burJcd" feared she would be defeated 
mat vehicles carrying sup- and were hoping .to get the 
aj of the Jab'ata Party election postponed. 

Site, Mr. Veerendra PatiL Agencies 


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6 


Financial Times Tuesday Oct^.^ 


mm 


WORLD TRADE NEWS 



Japanese car exports drop 
4% in September 


•JAPANESE CAR exports in 
September showed a drop for 
that month for the first time in 
four years, according to official 
figures released here today. 

Some 280,925 vehicles were 
exported representing a 4 per 
cent drop on the same period 
last year. The decrease follows 
Government measures to keep 
down shipments in order to 
help cut the country’s large 
and embarrassing trade 
surpluses. 

However, the figures showed 
I ha i exports were 12.4 per cent 
higher than in Angus!, with 
increased shipments or 
vehicles to the EEC. Australia 

and South Africa. Exports to 
Ihe EEC last month rose by 
10 St per cent to 44.957 from 
ihe corresponding month last 
year with shipments to West 
Germany up 88.4 per cent to 
11.368. Exports to Australia 
rose 41.5 per cent to 25.220 end 
to Soulii Africa by 77.4 per 
cent to 16,541 from September 
last year. 


However, vehicle shipments 
to the U.S. were down 5.4 per 
cent to 147.L20, while those 
exports to Britain fell 2341 per 
cent to 12J41. 

Today's figures follow a 
statement; by the Transport 
Ministry last wieek that 
Japanese ship exports, which 
with vehicles have been the 
cornerstone of Uie country’s 
export-based economic boom, 
were also falling rapidly. 

Last April, the Government 
introduced a policy of admini- 
strative guidance to major 
exporters to help keep this 
year's shipments down to 1977 
levels. Only Japanese eolour 

television exports have so far 
not decreased. In September, 
exports were nearly 50 per 
cent over the previous month 
and about 10 per cent higher 
than ihe same period last year. 
Reuter 

Hr. Peter McGrath, 
managing director of BL Com- 
ponents, has arrived in Japan 
leading a sales team to talk 


TOKYO, Oct. 30. 

to Japanese motor automotive 
manufacturers about buying 
products from his company. 

• Kenneth Gooding adds: A 
forecast that between 9m and 
9.5m passenger cars will be 
sold in the 13 West European 
markets in 1979. ronghly in 
line with this year’s sales, has 
been made by Dr. Werner 
Schmidt, world sales director 
for VAG, the Volkswagen-Andi 
group of West Germany. 

Questioned during a visit to 

the UJL, Dr. Schmidt said 
VAG did not expect the. cur- 
rent-year boom in car registra- 
tions' in West Germany to con- 
tinue at such a high level in 
1979. 

They would probably slip a 
little from the region of 
2.6m this year to perhaps 2.5m 
next year. 

VAG believes, however, that 
the UK demand will hold up 
and that tbe 1.6m registrations 
expected In 1978 will be re- 
peated next year. 


Brussels 


ease steel 
disciplines 



1 • 1 

•• • 


| desalinatioi 

’ Air] 

lines on ) 

i)uyi] 

Bg SP 

I tenders 


Bjr Giles Merritt 

BRUSSELS. OcL 30. 


BOOM FOR MANUFACTURERS 


Saudis vie? 


j By Jamie Buchan 


JEDDAH. Oct 3o 

?(VTAV 


Accord nearer on farm exports 


BY MICHAEL DONNE, AEROSPACE CORRESPONDENT 

. . , {KRAVTWERK union (Kvr 

THE WORLD’S major jet air- the biggest deal so far this year and the c ggr vear.’ ! ° f „ V «???* 
liner manufacturers are heading is that signed between British will grow at IfiLn^Europe, the j nation nla/t « Vjfj 81 * 
for their best year ever, as tbe Aerospace and Romania, for -the and that between v aSou j j teaunjMn pmttt » .*p 

airlines move to meet rapidly eventual sale to that country, as Middle East and Afr in S^uo. 1 ^ conpa 

COMMISSION! expanding passenger ana cargo well as the manufacture under 12.1 per cent. i "" eD s ?.” ea “ha- 

traffic under the stimulus of licence there, of up to 80 One- Thi'; growth is not entirely due hWU has b:d SR 3.47. 
both cheaper fares 2 nd inzprov- Eleven short-to-medium range t ^introduction of cheap (SLObon) for the construction 
ing economic conditions in many twin-engined jets. f T he TATA says mat on ; phase two of tae desaimati 

countries v Q nredsp value has been Swf'jsinrth Atlantic, only 2 per 1 project at al-Khobar oa the Gi 

Between January 1 and mid- nlaced^ou the One-Eleven deal, cent of this year’s growth can be coast. "BenfliBg so iadttst 
October this year the world's b ut it # to amount to directly attributed to cneaper sourew Imre. A^haobar II w 

airlines, both schedule and several hundred million pounds foSs^The rise in “ a ?io Tr JSSs ft S 4 * 7 * 
charter, collectively placed firm through the 1980s. both for Furore to the U.S. m PJJ 3e 2 e ~‘JL , 3MT of electric^ 

orders for over 600 new jets, Brio^T Aerospace itself in the SSubut that from the J -f* *f | KWU bid - 

worth over £6bn (nearly $13bn). provision of complete aircraft Enrnrje "" jc on lv S per ine-rl. 30 pe_ cent lower than n 

This figure does not • include ^ par - - ■ - 

options. both disclosed and jj om3J Tj a 

unannounced heid by some raana- *~h oii *n ere and for RollSm ^ — 

facturers. which collectively are makes the Eoev. the ' scheduled airlines' i jima : Harraa Heavy Industrie 

behoved to amount to more tnan ‘i- r or the airliner ‘ ' ^f-mved at the expense i Sumitomo and Niigata. Accnf 

another 100 jets of ail kinds. e *T a ® l ° r “ e air,mer ; . traffic ^proved at ure ■ oror j in „ t0 rhe &0 arces, :he ji S’ 
Of these new firm orders, 423. Behind these major deals, of charters, which - . SR 4Qh , P S£ 

#i worth nearly £4J Son (nearly there have been continued sales 22 per cent in the lust set 10 [ «ta wte 

present is the discontinuation of : Sgbn) have been olaced with in Europe of smaller numbers of months. . . |«;au ri i 5aiiae 

S e ?™^L S Jp“r 5inn i manufacturers in the U.S.. with such aircraft as the Fokker-VPW But the biggest growth m air Corporation at fte 

to impose heavy ..penalties on, Boeing claiming the biggest F-2S twin-engined short-nanl air- j s taking place *" ij* c Seoieraber. Jliwh m r 

lino- u-Bilf hlKinocc airm-,ff. ..nrmoc r,f the Third IVOriO. •_ p W *■ 


■EUROPEAN 
sources in Brussels are now in 
dicatlng that in spite of marginal 
improvements in steel demand 
there is little prospect of a sig- 
nificant relaxation in the disci- 
plines of the “Davignon Plan” 
during 1979. 

Revisions to the terms of the 
voluntary production and prices 
agreements between EEC steel 
producers, launched at the begin- 
ning of this year by EEC In- 
dustry' Commissioner Visconnt 
Etienne Davignon. are due to be 
decided here on November 21. 

But according to commission 
sources the only likely change at 



companies that 
price structures. 
Steel production 


undercut the 


inside tbe : 


share, at 325 jets, worth more liner, while business jet aircraft countries of the rnira ,VVilu - , German fisure we-e c- 

than £3bn (over S8on). Many have also continued to sell'.^g^ the aircraft is playing 3 -mined r.v ' ienaers St 

■ z —m IPT ' _ ■ 


further contracts are known to 


BY DAVID BUCHAN 


WASHINGTON. Oct. 30. 


EEC for the first three quarters j be in negotiation for signature 
of this year is now running at j before the end of the year. By 
4.5 per cent above the level of} year-end, therefore. Boeing 
the same 1977 period. j seems likely to have had its best- 

While in the third quarter oF ever year, beating even the boom 
this year EEC steel production ! years in the mid to iate 1950s 
vi us 9 per cent greater than the ! when the jet era began. 


level originally targeted, steel 
1 industry e?cperts in Brussels 


JAPAN and the V.S. have made made tariff concessions on some agreed with Japan. Such in 
substantia! progress nn the 37 agricultural items, and agreed formation, it is felt, could prove | have noted that the increase was, 
vexed issue nf belter access for to raise quotas on beef and sensitive in the light -oi tnc 1 largely due to over-production in i 
American farm exports to the citrus imports. These conces- forthcoming leadership contest ( three main producer countries. 

•Tapanese market, U.S. ofiicia-s sions. made to all Tokyo’s inside Prime Minister Takeo) UK output for the period fel! 

sav Darlners in the GATT, will prin- Fukudas ruling Liberal Derno-j by 7 per cent, while in West Ger 

‘ L . finally benefit the U.S. as a cratic Party-. , many it increased 19 per cent, in 

Tnc issue has been a sertous ma f 0j ; agricultural exporter. Tariff negotiations on un- thy Netherlands hv 22 per cent 

Dune oF contention Delttcen the _ Rnhorr i-Hp resolved Items Like pork. eggs, and in Italy by 12 per cent, 

two countries in the GATT multi- But »r. Robert Strauss, the chicb€n and , uinh er are due tu ^ 

lateral trade negotiations in chief L.S. trade negotiator, and con tinue between U.S. and 
Geneva. his staff are refusing to provide Japanese negotiators early next 

Japan is reported tn have any details on what has been month in Geneva. 


Of the Boeing total of o2o, no 


Mining men in China sales trip 


India plans 
major plant 
expansion 


less than IQI aircraft were sfccrt- 
-to-medium range 727 tri-jets, 
confirming that aircraft's place as 
the world's best-selling jetliner 
(with orders for more than L500 
placed since production began in 
the 1960s). Another SO were 
short-range 737s. and 74 were 
747 J iimbo je^s of various ver- 
sions. In addition Boeing col- 
lected its first orders for 30 v.ide- 
bndied- short-tn-raedium range 
767s. and for 40 narrow-bodied 
twin-engined 757s. 

Also in the U.S.. Lockheed of 
{Burbank. California. b 2 i legged 
firm orders so far ibis year for 
21 TriStars. worth over SSOOm. 


Alitalia. Italy's national air- 
line, confirmed it is baying 
eight A300 B-4 Airbuses and 
five Boeing 727-2005 as part »f‘ 
a S3.1bn investment pro- 
gramme spread over the next : 
12 years. The medium-range 
Airbases, for use on Alitalia’s _ 
European and Middle-East, 
routes, will be delivered dar- 
ing 1980, and Boeings in. 19&9 
and 1981, Beater reports from 
Rome. 

Delta Air Lines has ordered 
five Lockheed L-iOll-1 Trt- 
Srars and obtained options to 
purchase 15 more at a total 
cost of more than S500m. Delta 
said tbe five firm orders were 
for delivery in 1980 and 1981. 
The tubers are for delivery 
between 1982 and 1984, Ap 
reports from Atlanta. 



tbe 


Ibis 


In Tokyo earlier this 


anr 

moa 


r,\ 

B 


snar?es doubled it] 


manufacturers 1 £j nce -- Ee beginning ef the ye 
»«s trend lV|J *;ihe yen has climbed • 


BY JOHN LLOYD 


BRITISH MINING equipment The companies' representatives orders for equipment by China; 1 
companies are to visit China will go in two groups, the first and second, to widen the scope! 
next month, at the invitation of on November 5. for two weeks, of the machinery ordered, 
the China Coal Society. the second next March. Some Three companies— Do wtv (with' 

Thn invitation follows lb0 30 comp^ios wUl be represonttd orders worth £70m), Anderson 
announcement last month th3t 0 u r> C Dennis Morgan, chairman Mavor (orders worth £12m) and 
three UK companies had won t i, e Association of British Gullick Dobson (orders worth 
£I00m worth nf orders for mining Mining Equipment Companies, £I2m) — have so far been the 
equipment, and tile industry is said yesterday that the visits bad sole UK beneficiaries from the 
looking for further, even larger two purposes: first, to attempt to massive expansion in China's coa! 
orders. negotiate continuous yearly industry. 


By K. K. Sharma 


. -i-Amniii'L. ■ - .a consort um led 

major role 
economic and 

ment. As a result , 

substantia] proportion oi ai 
hew orders placed .ar 

vear — about one-third— -has come 

from airlines outside Noiin 
America and ‘Western ^ Europe. ; 
and all the 
believe that th 

continue. ! per cent aeains^ the riyal 

The manufacturers also are Comperitnr? nrsue that t: 
confident tiiat the current revival major expose in the Japssn 
in demand For airliners is likely tender is the high estimare f- 
to be sustained, unless some ; civil worFb — j 5 oer teat of !l 
unforeseen international debacle, j ?ora! against KWIT* 29 
lifcp another nil crisis, occurs. J— a prt»if?et compor.cn! which 
All* the manufacturers have • no\_ os_ immediately averted ^ 
mad'- forecasts which, atihouch *n currency vs!ue« as, f .< 

thev’ nsav \arv in details, all ‘example. the import , 
broadly 'confirm a continued 1 a* a -hinery for the prajer. _ 
strong upward trend in demand! EnrliLt - t.u? y**sr .japaaewexi 
through the 19S0s. paaies a.d success.i;.:? .o ra?r 

Boeins. for example, :s suggest-, Jont gaim rs ««* nsy z 

ins a market hv ihe mid-ISPOs . dwal mated *-aier ^ .as iwe 
•• f’som#‘ f42*»n tA«4»'nt for about ,o- Vonha S.cmr.a 

nmpetitors arte :r.-* Vi. 


close to SaOOm. In each 


Turkey explains 5-year ‘freeze’ on EEC 


NEW DELHI. Oi l. 30. 

TilE INDIAN GoVemm-nt has 
decided to set up three new steel 
plants with the collaboration 
and assistance of Russia, West 
Germany and Romania, to whose 
needs they will initiall;. cater. 

All on the coast,‘.the plants are 
to be located at Mangalore in} 

Karnataka State. Vishakapatnam: in Europe” tbe biggest deals so 
in Andhra State and Psradfsp ! fjr this vear have 
in «£ rtssa . state - v M . 1 by Airbus Industrie. 

The plants, ^expected *.n navejtjum building the A-300 v:id? 


while McDonnell Douglas of Long strongly, slthoush the la tier are 4.500 aircraft. vh ! !e Brursh Aero- w r . 

Beach, California, has collected nat included in the figures. ' space suggests that the market! *f ,?, ** r *-. ^•-i«r.en. 

new orders for 37 DC-IOs. worth CoMectiveiv this situation “P *° 1995 w il! 
over Sl^bn. and 40 DC-9s. worth irAicale? that ^he SUShu for more 

.L.U.UUC uiut IHV p_.,p t K„r this F-virp mit nniv 


crcariy 


mat uie inarKCli • 

amuint »r* over 1 directed _a. 
than 6.400 air- j meat- wsc* 




the .Tgnaneso Gcism 
sc recent ar.J unpre 
cedented dedc ration of vitliaa 
Mitiublsbi' ir 



some cases there are also undis- ^ ' inie’national Air Transforr ^ness jets, 
closed options which may even- Ssociation. One factor which 


ts sssislano?. 


VII«r iiKIUi »HKII R 1 SV help tO ‘ SCCJ* 

lustily emerge as firm contacts. 'iM^of^the biasert jei airliner sales Ln thej 

hut which are not included ia a.^c^ savs thaf^ ^mediate future is the “ " 

the figures given. aviation rogulatr-ry reform BilM 

!ne fir>. seven montns of thi, now ^ whJch prftvides forihaBffar Contract 


I Austrians win 

'iS'-XM UCUiS 5 il . lltlW MW, i* iliLTI UUUiUCS for j 

been achieved nn f * ^uch greater freedom for the 

te. ;h ? coDsor- 53JZ u - £ - ?.Win« to m_ loot level*! 


to stimulaie traffic, and to I 


By Ram! G. Kfrouri 

A.Vj?!AX. O' t. .10. 


BY DAVID TONGE 


;a capacity of jhi tonnes each a, bodied Airbus, for which new ^Pe-ate new routes to a limited j THE AUSTRIAN Srtr. Vced 

year, are expected to oecomejfinn orders and options for 65 2l ( 'SJzS, ^'tent without Civil Aeronautics i Alpine has woe a Sifins ccntra« 

I operational within four years. | aircraft have been won in 197$, 413.000 (up 13.7 per Bcjrd approval. ;to build three aircraft iaagats 

i d ™ 1011 .SSL”. 1 ? 0 ' 131 ! J” 6 ! while orders and options for tbe cen -N just what the impact of these;- a: the new Quen Alia Airport 

i!S«! new stnaHer SOO^eat A-310 have The IATA is forecasting an changes w!U be is r.o« knovn. [under constraelioa Sog.Mj of 

DETAILS OF the five-year that Turkey becomes a full not to say hostile, act which!?™ uh-Sd on thf amouatrf to 60 airers ft, overall growth oa scheduled but raw? U.S. airline observers, Amman, 
freeze which Turkey is seeking member of ihe Community. But casts a giant shadow and puts i £ ^.de ^Tresu’t of^ S5 eo,Iec S? y t0 ^ vrort 5 services world-wide of 8 per cent believe tiiat eventually they will ; The steel hangars wi.!? be a!»!t 

on its obligations towards the he stressed- that Turkey had to a mortgage on the present! costs in 'ears SfcC,at ow S2bo. if the options* ur.d a year up to 1 9S3. with- some stimulate competition. boost i Jo arcommoda^ Liree wide- 
EEG and a strong attack on the have a grace period to put tilings development of policies to- Details o° the bniects are 'to ' ® P e ie # are . regions gro*tng faster than tratnc and result in some more (body aircraft earn and will he 

British ban on imports of in order. It is tii us not seeking revitalise relations with the ! J... J” 1 So far as trie LK is concerned, others— traffic between Europe eci ui pmen t nurchascs. -ennstrurted within Vo years. 

Turkish textiles were the high- to suspend relations hut to EEC. It goes against what ha* partners, which' are to 


lights of an interview given by suspend its fresh obligations to been agreed by the EEC. Our credit for equipment to be P mi- 
V’- Turkish Foreign Minister, the Community, in particular in textile export are too small to! poned from them. However it 
i.Ir Gundua O.xun. during his the field of tariff reduction and affect British industry. There is| is expected that the bulk of the 
week-end visit to London. trade hneralisation, he said. no economic argument to justify [ requirement of capital goods and 

Mr. tikcun stressed that the "We feel very strongly about the gesture and one must ask i machinery will be made avail- 
eventual goal nf th>- relationship the UK limitation on Turkish whether it is politically rooti- 1 able frnni Indian plants, mostly 

i in the public sector. 


between Turkey and ihe EEC is textiles. It appears an unfriendly, vated." 


When doing business 


in Saudi Arabia, 



first thing you need 


is a second bank 


The Saucii market is no more difficult than 
any other. 

But it is different 

Which is vvhv the first thing you will need is a 
second bank, which is international and has special 
expertise in Saudi Arabia. 

Saudi International Bank is a wholesale bank 
located in London. It is an ideal complement to your 

existing banks. 

For exampIe,Saudi International Bank is the major 
London marketmakerinRiyakMany international 
companies use and value'this service since most 
contracts with the Saudi Arabian Government are. 
denominated in that currency. 

So when you are doing business In Saudi Arabia 


$et in touch with Saudi International Bank 


Either write or telephone to Matthew Carrington 
at 99 Bishopsgate. London EC2M3TB. . 

Telephone ( 01 ) 658 2323. 


Saudi International Bank 

AL-BANKAL-SAUDIAL-ALAMI LIMITED 


Williams 



believes businesses 


should make their 


bank 


managers work 

harder for them 


If you have the feeling you’re runninghard 
to stay in the same place, you would do w»ll to 
talk to your local Williams & Glyn's manager 
Or, if you think your business is doing veil but 
could do better, you could expect hint" to helo 
you there, too. F 

It’s the job of every Williams & Glvn’s 
manager to provide advice as well as'monev 
Showhim your accounts and iethim run an ' 
expert eye over them. Of course he mav sav he 

5^52233^ " 

Sverd/aft and r0VC Uleir cash flo "- reduce 
tneir overdraft and increase profitability. 

mana a ge?soo d n S v e ^ local ^liams & Glyn’s 

te=STfr’SSSS!B^ 
Strei liSSSr 5 - 25 L °” ta 


Five ways to more 
profitable business 


| 1 Short-term fi nan ce 

j Overdrafts can cover seasonal ' 
j fluctuate ons in revenu e and expenditure 

or provide additional working capital. 


2 Medium-term Joans 
A more formal arrangement for • 
loans from 2-7 years for the purchase 
■ of new plant and equipment, etc. 


3 International equipment 
leasing 

Our I easing subsidiary offers flexible, 
competitive terms for exports of British 
inaniifactnred capital equipment plus 
tailored leases for capital investment in 
the U.K. by major companies. 


4 Investing surplus funds 
A cash surplus, even iflemporary. can 

be put to ^od use for you. Quotations 
iQtestLondon market rates 
are obtainable from any branch. 


5 Instalment credit 
. Our subsidiary, St Margaret’s Triist 
can provide facilifles for the purchase 

of industrial goods orequipment 


SbjrcWoeis:5auiIi Aj»KY.!^adB4Bk.Njlingi Con nacidB*&C5in£ Arabo5,^foijwn Gua nnty Trust Cm ipmy of >^vrYoTk,Tbe o*ak c{ 

Bjnfichahorulcdc Fjrf«, Deub^hoBinkNjlioaal Vfisbniirt er md UmtstB^nk a SwttzcTli&l 





WHUAMS & GLYN’S BANK LTD 


The most flexible of the big five banks 


TvK 


lbCr and Commercial Banking Gnu 


<P undone oi the Inter-Alpha GtvupcftS^f0^^^ 








*-v** ■ 


Financial Times Tuesday October 31- 1.978 




lousiness 




Hauliers disagree with 
commission over rates 



row 



BY !AN HARGREAVES. TRANSPORT CORRESPONDENT 

ANTI - .rU‘..*.KnXAl T car.:- this ik-:j:a! y.'su-nlay. He vas said Mr. Peeler’s paper is ilia! an nT onvirenmenlaii.sis to ricnr^iis 


BY IAN HARGREAVES 


:?i 


MUST fiJitiiiTi .if iho 

■ 'i* Vi I T i ! i , <.*a [j L us i rs-cic- 

lift* ,\’m > :i Auierrej, 
ncu! Tin-e* VVurhl Jin -..it 
i.l;. . wa-. (i'::nehrd lit New 
i >u-t«.rilj;. -••■ili .• pri'fiii/Eiiiii 
b; '5r pi.'ii-r -< ;i_- ihe 
AinLa.x.adur ti> vV:ii-i:invlon. 


liu.ALi !IAl : blEKS eannot be i-x- with fhe levels nf service and average journey in the 
wied in Keep their rale in- that LheVe had been important was 40 mile*, 
vre.-.-e-, mi I Mir with general mila- pruducliviiy gains through Some luiprovemeni 
mil: in she nexl year, as ihn higher sqioeri.s and bigger sible and National Freight 'was 
ri..-.* Cum mission has sugge-Mc-el. vehicles. working on 

-,u a leading haulier. But. -in arguing that greater bonking system 
Peter TIiPDipson chn-r u i’* ,,, utini! efliuncncy could avoid available 

(if the sin le-nwn.'d ihe need for toupb pricing action. 19S0 unwards. 

Nat.unal Freight Corporation. H»* cum mission was being over- involved were 
viri • hi* industry :ie*»dotl tu fain uimniislie. ’ Our experience in in caliin 
on .xverasv. at tea*l - per cent 11,11 last lhrpe J’ e . ars ,s that deliveries, 
nit.-- the ’arc.arlin- rate of inll-i- ■“ iron oils eiTorls to improve pro- not taking account 

' ‘ elm -1 ivity have not improved preference of customer 

baaed upon economic advan 



....... •„ .. -n i . / -v« i ■ Hon m price increases next year. mu i<».u preivrv 

;.V-^S ndif “ SBFE ,b “ * 

irluiiitv ^ He ;ii'lL'«sne«l i be analysis in .The areas for improved cfli- deliveri 

,.l 'be was a h-dv of last week's Price *>>’ comnm- had f.«i 


of the elear inquiry on the lorry weights IrmuirV 
mers, which question. ^ 

lomii: Tim Hnnim. ... — r_ l . "*r. -‘I l-"* at' I IIaniC*l\ 


matters i m their |■avollr. ,, 


I'e.-s towards 
limits. 


higher 


e.ubsl -in its ir..i! i-ul-lii-atnin,. '-'-’in.-u' 


■i Bii'iiivS'- "I know it -ij| said i!.; I'ouclusiona did ,J - . . 

i... ..... r r., ; 1 Mill (IV. from the analysis, achieved. 


„ . The docununt s; jr :, from the „r 

Experiments m niaht assumption ‘ 

deliveries had been tried and 

failed. 

.i n report u:i ibe indii- s,on Showed lack of appreciation Equally. The suggesiion that 


director The memorandum s.as that it sav< the scope of the inquire 
aid there the present Rnlisti maximum shuuld he- k.-r.i 


what had already 


ung u 


■ .^V' 1 n , -' 1 J 1 ..wn’s rratral recom- ur'vidib-J^ ini leagu run with industry’s wage siruciure meant • c ‘-' rs :n oivm-randam v. 

„.v I ~ V; - 1 n: V ■ lo "- ,h * Prit, . os SL ’ cr ," n » payload was a sign uf mein- that Sunday working would SJSxmS ! ,c ,f,jn 

J 7 !,t V" ryr ' trlCT a ’* ph - ciem v. the commission ignored involve 7 per cent higher costs. T.™J££! h 4 ar :” . 7* jU "-' 1 ’• import 

IK- i detuned it. I caiir.ns i :«r tariff increases above f : eI , h;il planning for return even allowing for saving* „n ^»tvii *ng, this ni..ti;a:i..n< 

I' 1 ’ 11:0 rale m' in ltd lion. wa. k , a<1 WiJS uneconomic on jour- overheads, and therefore, a eu,- h,i * “*■ imon. Jlv repeated Iruniea tin 

«eh nveJsR.^e i .‘(^.11.01,1,,. unreai lit-r n.-v* less than SO miles. The turner premium for the service, i 

ii >s •.'.itiuu.iiiy ; Niiiinai J-reignt has alreadv ’ j __ _ 

Am-rn ai:'-. tear, u is i".ir- . viSniiiWnl tn ihr etiminission ;• 1 HJ-aa« 4 ." A .? 

Niarchos accepts tanker 


Mr 


■n 1-1 a i 


Th. 


been lomes should be u>cd more 
intensively in seven-day week 
In arguing that Ihe HO to 40 per wurking ignored the fact ihat the 



r. r 


. mg 


ncorac 

l-.etJ ii. i.i.t.d-; i b. - nn..fl.. ul 

rtv- 1 't..ai I'liitUi’. Mr .li»u 
il> Hi..- ..mt i;.:. <>f the 
ajitf.* i . ijtstal feci largci.. fior.i 
daily i'ltidiicja: Tis.ii ,,; aiul 
•i":n''i.le<i vith n-puri* 
i«l i • • In* iff iiitcrcst 


BY MICHAEL DONNE. AEROSPACE CORRESPONDENT 


to offer more holidays 


iTfiuosai to raise i*$ rates bv 
net ■.. , c , i;n k and id n#*»' cent fr.; 

' i'a* Novi-iiiber-Mav ^mriud. The 

ruriiiiiig 77 7[* per c ^ all,,n BY OUR SHIPPING CORRESPONDENT 

Air. Thompson said- the 3 p»?r -MIAKCHOS. the Greek 
.■(■nf ::n;ir jvi.*:iK-ni m haulier*-' company, has accepted 
r.-.ii re! urn-, was vita! if ihi- or thn superlankcr worldscorc 
tnd'.iai.'v '.u: tu in eel ils r»*al from the Scut l Lit hgnw 
-epiai-einem ci..:- This year. ' lydesidc. and has dropped 

daubers' to»is had increased by litigation over the wuiurauV. chequered nmory. v>raerea tor , \t r .t,,!.,, >i,.: i.,,.. . . — . 

shipyard's owu accutint in in..‘ nf .ra1 man-.- ..r ..Vi r ril ’M >cars vfTi'Cl* of heavy delays, such as or Ihe option nf eanveiling ihe 

-9. thev were taken over bv , vesterdat th P- ■ i , - 1 1 1 V. n ,n In “ v; .‘n'!d he that caused last summer hy the holiday eunrely with a full 

' Fruit r-ini...-s whi. h i . j-. b,llJAh Airv..iys rlu.* to van-iLs f: ci(ir*i. including — 

i-rua i.uriiLis. w.hi..h| boosted IN r.-j.uu-s, l.v 40 per a vis.- of 5 to 6 p.-r cent in dis- 
morc than two years ; cem . lbii >iniJ i; ^ Wr “ n m ‘ 1lS 

for a rise i.f HO ;.er vent next cum and uorn- 
inter- 1 year. But deelin.-d : 0 v.y 0 r inMalton. “ 




I'overntnent has 


the affair al various) how many holiday ? British Air- Mr Erie H; 



riising. 


anker captain i Premier presents fellowships 

j give evidence 


the overall market is ihai us iirsi itme. 
holiday price* v.ili be up b;. an r 


leeks 


FINANCIAL TIMES REPORTER 


Horizon to pay film 

fnr Fiopino 7^7c 




irline 
unity 
raft 
he 

_ _ . ------- name, 

jfacturimT inanagerncnlT says the «"«■ ma - n!4Pl nr rhjS Mlnmr | *«? newly-e.<L.bhshed Airline a home and i„ recruit the key 

EITP. Worried by this and Ihe The raa J° r pdrl ° r l V e fellow- Division. personnel. 

y "« • ptt u,e -**•« - *—-!«"-» project spent! Two of the 7::7s w ill he t.ouaht Earlier this year. Ii nr mm 

where -directly from Boeing, fnr delivery announced in plan lo set up an 
expen- 1 in spring 19S». The third will he airline and l!y both its own boii 
i leased from a U.S. iinance emu- da;, eiislomers and those «-f 
the.pany and. refi,riiished by Buying other lour organisers, to ensure 


ms*;, aj the domned tanker ; hopes t.. show that professional; Each of the fellows (in their fellows include Plesscy. Coles) before deliver: in March 19SD. that it was not hit bv anv 
,.nved to ine spot where it engineers, given the right train- Jate twenties .and early thirties) Cranes. Lucas Aerospace and I Mr. Boh Muck lest on. who short ago of aircraft capacity in 
oc stink. jing, make good managers and Jias. hcen through an intensive Vickers. I joined Horizun in August as the next few vear* 



refund. Th..- premium, which 
•'ill cover no: only cjnccliuiinn 
■ml j1si.» i't'i-.-'.na 1 accident, 
medical problem*, and Ins* «.f 


yf 

v:»fh r.r bagv 

age. will be 14.: 

-5 per 

C 

pj*sengt*r pi*r week. 


K . 

K f 

A fiMluri: 

uf tiie Severely 

n nnrl 


Enterprise 

pro;; nun im.-s 

IlL'XI 

( 

su minor ’.••‘ii 

1 1 a Nii be a 

’vid.-r 


range <*f ‘It-- 

iiinaii.ins. mrh 

more 


tlighls from 

piv>\ sru-ial uiica. 


British Air 

Ferries 

transferred 


% 

%.*.y a 


BKITiSH Island Airways, one nf 
the l-K's independent airlines, is 
tu late over responsibility fur 
i ho scheduled services of 
.Suulhend-iuNed Rritish Air 
Ferries front January 1 . subject 
to Civil Aviation Authority 
approval. 

The transfer, due to the rising 
costs uf short-haul operations, 
will be achieved by Bmish 
Island, a member of the Briiish 
and Coni m»n wealth Shipping 
group, becoming joint holder of 
all the British Air Ferries' 
scheduled service licences. As 
part of ihe transfer. British 
Island will alsii lake over t40 


John Holding: 4<i per cent staff and six Herald airliners 


rise in business 


from British Air Ferries. 


i 


'■i 


V 


v 




■-V 



vc- 





: ... • 
-j r- * ; . 

% - : . r 1 


- , r r - •• i 

v — ■ • -* 1 -™ • 


can a country depend on 
nor coal nor uranium nor mercu 


*; .'.- • v; j*.'! ■■* * < f y .; 

■ 7 ^ 77 - ' cvf. 

not 



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• V- 


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: >£ v , : : : ■■ 
’ ..-'v-:'. 7 7 } '.-L ^ f 


. '7 : 7'( X -'v - ' • ! -* -.-7* " 








* ' ' . > 




y s .■ v /. - ■ \ m ±* '/ ( v v > 


Switzerland is not even poor ip -natural- 
resources, tt’s a rawmaterial hayerpaught- 
And it's an old story. that anyone Vwth©ut. ; . 
raw materials has tt> make up for ii: in the 
service sector. ’ '' ■ 

The most important source of income' 
for Switzerland is the tourist trade.-.- For 
that, you start by learning to be punctual 
hard-working, a linguist accommodating,, 
helpful, hospitable, and even jolly.-; 

You fearn to.Cook, act as a host. look 
after your guests- giye them-the'feeljng of 


feeling athorrie..<OrUyagiaest whofeels at 
home wfll cqme'bacfc}^ 

; One g^neration passes' .on tp ;Vie-ne>ct. 
what ft'has learped i reserving’ its j^trons; 
anefone service sedtorto another: Mothing- 
else , would do hotelkeepers team from 
• restaurants and yrceverea,' traveiprgani- 
zations from botfi.antf vice v^sa.v • 

We of Swissair have heen saying some- . 
thing to the effect that Switzerland has 
nothing below ground, so it- Has to- try 
harder above ground. 


So we keepdt^ buyingtheiiewest plahes 
/ ^We shaH shoitly . be getting two more 1 ' 
.-DC-IOs, two OC^9-51s. and. fifteen. new 
; tjc*‘9-8ds). 'v ' ■ '■•••; : 

•""So we keep trying fb add ri.ew destin'd- 
•■ticks' (the most recent are Oporto'in Por-; 
lugal. Afmaba in Algeria, 'arid ileddah in 
...Saudi Arabia}.- 

So ■ Swissaiir has- long "had ‘'through- 
■ checking" : and the PARS electronic reser- 
vations system. Or u fly*and-drive" - hire 
a car fop your point of amyai -while buy* 


.ing your- ticket And; on advance notice 
there is special food (dietsof assorts, veg- 
etarian-mem^ children’s or baby food)..- 
First^la^./'c6iT»partments evien on the 
shortest flights.' .. • • ' 

Whaf else are we'to do? That’s how we 
were'taught and we want to keep it thal . 
way. 

With a smite]. 






•**. j** . 


1 





Financial Times Tuesday October 31 1973 





Heath stands his ground 
over incomes policy 


Nurses air healthfAttempt 

to ban 


processor 


BY MAX WILKINSON 


BY EUNOR GOODMAN, LOBBY STAFF 

J. EDWARD HEATH, the his line has apparently been man on employment. said at the 


large number of people In 
shadow Cabinet, he main- 


former Tory leader, stood his strengthened by the support be weekend he wished Mr. Heath the shadow Cabinet. 

! ground on pay policy last night feels to have. would "cool" the debate on pay tamed, believed an 


service worries 

BY USA WOOD 

REPRESENTATIVES of 111.000 increasing threat to patient care 
nurses last night met Mr. David because of the shortage nf nurses. 
Ennals. Social Services Secre- . Numbers have risen but low I 
; tary. to put their grievances on pay. National Health cash ' 
monev. manpower and morale. shortages and longer holidays j 
Earlier this year the Royal have meant fewer nurses on the * 


‘discounts’ 
on beds 


land repeated his assertion that 
I man;, members of the shadow 

THE GOVERNMENT will set up ^.dV^ofncomes^oncy^ ^ mworft?° endows hfs 8 ^ pay restraint - , a' statutory policy cent of the electorate agn 
a three-year programme at Appeurin c on Oranada Tele- no»?nrToo^ihi!i7 was the answer. Mr. Heath again attacke 

seminars to persuade lndusma- ; v j #io n • s world in Action p0 " 3 pa ‘ . l f l * Mr - Pr,or > esterda y empha- officia , Tory ,f ne that lnf 

lists of the advantages of appl.- 0 .. ramme> t he former Tory At the end of last night s gj^ed the common ground can b g controlled b' 

mg m’croproccssors to j he ‘ r ; leader became a virtual apologist debate, he scored what must between Mrs. Thatcher and her application of cash limii 
products and manufactunng lech- f ;he Government's pav poiicv ^v e been a particularly flatter- predecessor. The differences of public-sector wage claims, 
tuques, it was announced yescer-; front of an .^nce of in £ VI ?Wry ove £ *f rs - Thatcher option 0Q pay . he said, were , aIH , J , nnri 
day. : j officials opposed to iL wheQ Mr. Toro Mullany. a repre. -perfectly en com passable " “ e . said « was no good h 


c - „ tK " -nnf.rATirp policy. He was sure nobody in policy 

Since the party conference f. riMnsi hdiinvrri fishtim 


part to play 


^° ra ?f College of Nursing, which sent wards in many hospitals. 


eight-strong delegation. The RCN is worried by the I 


BY PAUL TAYLOR 


port for a pay limit Mr. Prior yesterday empha- official" Tore 

At the end of last nights S j£ e d the common ground can b g 


Mr. Heath 


? th^ee'wee^a/o^Mr. Heatb"^ 'shadov, Cabinet believed «^ting inflation and 1 the | opinion wVT^nnals ^ TteQ Ta^d^^^tuTent and ' pupil j ™ ROY HATTERSLEY Prices 

f received about 1000 letters — ,hal after, three years of rigid polls r f F h, i£ ed , that “J? 011 * <0 P er complacent about deteriorating nurses caused bv nursing schools j Secretary, plans to ban mamif3<> 

the majority endorsing his sup- P 3y ?f: stra, °i’ a statutory poUcy cent oF the electorate agreed. sl3n dards in the National Health cutting their intake to save.iurere i rerammended retail 


Mr. fine Varley. Industry- Allhousn some memoers of the « wnn m a pany. j- i.» pf admitted thit ■ Mr Ennal? k wtinc wavs ! rerommenu™ 

Secretary, said that consultants! shadow Cabinet are known to be J»*re miners, said that if miners Last night Mr. Heath spelled be prepared to accept the Umita- Ennals later admitt«i that Hr Ennals is seeking witn an actual price— and the 

would be appointed to work with; incensed at the way Mr. Heath ba d *® «*“““£ between Mr. Heath out his stance on pay policy: a tions on their wages imposed by * b .f ff se ™ L f « fnftiM and JKtem“ throueh which 1 Prohibition of recommended 


Dion officials opposed to iL Mr. Toro Mullany. a repre- -perfectly eneompassable " « »» « was no good hoping 

Although some members of the sentative of the militant York- within a party. public^ector employees would 115 ™ y 


iblic-sector wage claims. service growth this year was The college stresses thar while 1 .«* 

He said it was no good hoping higher than the average during pay will be discussed it will mended on t^d^a 

iblic-seetor employees would i« 30 years (V . b ? e r 1 ^ i ^ 


wouio ne appointed to wore wna . incensed at tne way air. Hearn “““ ***•“"■ oui uis siuu« «« »«*..* hvi*w - “«•«» « u men w«s» hujiujcu | - f __ iHt i OC aTlf * v ps»piv svstpm - through whir>h vug nar I Prohibition v. — 

the National Computing Centre. i 3 insisting on talking about the Thatcher, they would 5 percent increase in wages was cash restraints if employers in staff e?!sulfof^ S nSdtStedf^Jork more effi- 1 retal1 p £ ces ' , . . 

to mount the seminars. differences in the party over pay P"** bira - all the country could afford on the private sector were giving SKiVfoJ Sen^aJd elta.n?tr “i? A ey s P™ nunarv 


recommended 


to mount the seminars. differences in the party over pay 

They will he pari of the first policy, his determination to press 

£15ra stage of the Microprocessor! • 

Applications Proj'ect announced, 

this summer, to stimulate do- TT'?^ ® JQP* 

veiopnient work with the new H-g gf H g 1 1 

dw,w - ! JJPULA^J.i 

The Government believe? that j 
British industry will have «o, 

make some rapid changes !■> "H gL • 

adapt to the potential of these S® N Cs CJI fflg lOg/TB 

miniature computers, which can 1 id (TsA B ww R 

be about the size of a soapflakt* j 
and cost only a few pounds each. I 

Almost every device which in-! BY PH,SJP RAW5TORNE 


to press Mr. Jim Prior, Tory spokes- the basis of production. 

i says EMS would 
with Tory policies 


eludes electrical or mechanical 

parts could be partly or wholly ! MRS MARGARET THATCHER is credibility at home than gain chauvinist steely hearted mone- 
replaced by a microprocessor.? now coming under strong pres- respect at Brussels." tarist to recognise the very real 

They are already being used to ; sure from some senior and ftlr. Biffen’s warning follows and serious hazards that are 
control a large variety of indus-j influential Conservatives to the severe scepticism towards the posed by a return to fixed ex- 
trial robots, washing machines. 1 oppose British Membership of EMS proposals alreadv voiced by change rates.” 
model trains and many types of; the European Monetary System. Mr John Nott, the Tory spokes- Such a system, he added, might 
radio, television and telecoramu-i j n an attack on the Franco- raan on trade well eliminate the EEC’s "green 


nicaUons equipment. 


German proposals. 


Speaking to Young Conserva- currencies 


at the same i 


In July, two aid schemes were; Biffen. former Tory industry lives mcciing in London. Mr - 
announced by the Government, sookesntan. last night warned Biffen said the proposed EMS of Fundamental rerorrri ot tne 

The first was the £15m scheme that they would conflict with would require Britain to return common agncuiiurai polity, 

for applications: the second a some of ihc basic policies of the to a system of politically fixed _,7' Q *?\ . J ieri ‘" 3 “r~;„ 

£70m aid scheme for the micro- next Tory Government. exchange rates. "£* *** hannelled 


electronics manufacturing mdus-, Mr. BilTen's views on economic 


cnanfce rdies. through the European Regional 

This would cause serious prob- Fund. “ Does any British 


.affairs are largely shared by the letzi- for any Tory Government Government wish to transfer to j 
T . • Tor >' lejld, -’ r - which wished to give monetair Brussels authority for something expecied to scitle down »o 6 

Implications ! He said: 'I do not bpheve it is policy a key role in Its economic a s politics Ily-sensitive as p ‘ er a >ear unt jj 

| possible for Tories to argue a strategy. regional policy?" when it is predicted that ihe 

Mr. Varley said: * My depart-, liberal economic, domestic trade “Monetary policy is difficult Even if the funds were dis-, Jula j market will be S62bn at 
ment. together with the oiher! an d monetary policy at Westmm- enough to sustain in respect nf bursed through British Govern I |g 77 pr jces The sludv bv 


bigger increases. 

European 
electronic 
| market ‘to 
rise 17%’ 

Financial Times Reporter 

THE WEST European elec- 
tronics market is predicted to 
grow 17 per cent this year com- 
pared with 1977, according to 
figures published today. 

They suggest that the total 
market in 1978 will reach 
S4Kbn. and that the ernwtb 
□ext year could be even faster. 

Average growth Is then 
expected to settle down lo 6 
per cent a year until 19ft!. 
when it is predicted that the 


conference resolution calling for ciently- and eliminate the need j CQnt .r us i on s a fie»- studying the 
a “ vigorous and frank exchange for industrial action, it was an- ; renort eloselv 

nf views on the problems of the mranced last night. ; &SJS & advicTSS' vuli now 

National Health Service The Minister is Mealy ta ask ■ 3 f v1 ^ 3 . na consulta- 

The meerina coincide with a working party of trade manufacturers and 

pressures Trom other quarters, doctors and nurses' leaders, who (refo-e he decide-; 

1 -nion branches representing last week produced proposals tor ! ™ 0rder un der 

2HQ.000 hospital ancillary workers sprtlng out local non-pay disputes 1 J"' ' Commls^Dn Al-L 

have drawn up plans for action in the sendee, to devise plana' ; He s^id ve^rdav that there 
against the Government’s 5 per for --voiding Industrial action : w ^ e a aa ^ e SeSure nf aarec- 

CS TTie nursins r crisls. htahlighted Mr. P Enna]s insisted yesterday!®™ ^fa n t5 dSoum^rm "beds 
this weekend when Great Ormond that par policy had no irapnr- '!!& Sroro- 

Strect Hospital London had to tant bearing in the six-weeks irtwiwS un'SR- 

Stop admissions because of lack supervisors’ dispute and that ^.? D f_ ed P ,,^ . „ d cou ]d 
nr nurses, comes as hospitals are both the new grading ssrurtare ’■ ^ ‘he ®«wunier and coum 

struggling to get back to normal and the bonus payments had to, “S^SSSbtoltoH document 

after the six-week maintenance conform with pay policy. Tne ■ ^ C0DS v ^“ Mr 

supervisors’ dispute. dispute conld have been settled 1 2S{J“£. sa id that he proposes 

The delegarion said they would under the T-Vhitley marinnery. ■ m bl^the ule of ^eSomi^ended 
be telling Mr. Ennals there is an he said. miPp&tar tedSS “ ***lr 

. ’ ever the circumstances " and will 

- B - - jonlv allow price comparisons tn 

Treasury backing urged = ; - 

for Welsh airbus I2T.M. ss; s 

BY ROBIN REEVES, WELSH CORRESPONDENT ! pricing^ l ° ^ QUlC,<li 00 ** 

n-r,-.,™. . . u . .. _ - • Mr. HaTtPrslcy said he accepted 

THE TREASURE is to be - )fh e pronrwaJs would involve 

pressed lo provide a ^financial "■ Lv ^ 'significant changes for manufac- 

zuarantee for a VVe ]^“ airbus -rtS jturor? and retailer* and he has 

service which would transrnrm ".'V Hawavden* ; • invited comments before Nnveni- 

' communications in the prin- . . T :-^: ;A)fereroarfon ‘ ; her 17. 


nf this fast-growing technology' 
without which we shall quickly! 

sSSiSS: Fabian warning over jobs 

the quality of our social; j 

services." , BY pcjER RIDDELL, ECONOMICS CORRESPONDENT j 

He said the seminars would f ■ 

hS? -(l ab SS 1 l t \ifSk BRITAIN’ should stay out of the the race of Britain's higher in- Chase argue in their new gilt 

im.iri Stnrf lEL 1 P r °P°« d European Monetary Hatinn rale. market survey that the growth 

Twas KSmial That the beCi,l ' 5e '< J s badlv The authors maintain there is 3“ h b ! T. 0 ,"r' 3 '»1!i P Sl 

Production, according to the S Ime successful European Monetary I 


national market is likely t«j be 
France because of the goveru- 
menl’s extensive re-«rganisa- 
tion of key manufacturing sec- 


I THE TREASURY is to be 
pressed to provide a financial 
suarantee for a Welsh “airbus" 

! service which would transfnrm 
communications in the prin- 
cipality. 

The service, being actively -.Ml- ‘ v _ _ 

wsMr^Ms r / i Work could 

link Hawarden (Chester). Caer- / ,~‘ 

narfon. Haverfordwest. Swansea Tufll CQ rt/v/vn 

and Cardiff twice dailv and also . ^WftLLO , , CfaiT^ SO Oil 

link up with Cardiff Airport -jr-^ L J ° „ 

flights to and from the Continent, I TTinmOC 

Air Wales says tt is ready to -slfaverfDriiwBSt , j Oil X 

introduce the service from next /—*% ' j . 

! Aorii providing it is auaranteed ^ransea } ; 

via public funds against initial Cartfiff„yw<7 ; 1.11 11 Il LI 

operating losses, which could be . '■ 

channelled through the county n~Mn< i j By Lynton McLain 

councils of the five areas. . 

B r azH iTn ° S Ra n d ei ra n t e ISmfL r ! gular would transform ; River ThamS aTwoojwich 

S? ivrllr oPc-irrier ^ cbe COUDt - v 9 communications for could start next autumn if thu 

MerSuMraTts CMdiff-BruM s S? 6 **' and S w ' ,rn ““ l over- CovernffiGhl awepis 

route • _ night. ’approved yesterday by the 

.Air Wales is evidently lookup. Two extra stops on the airbus, London CouhclL 
for an initial guarantee of service could be added if pians The plans are part or the 
£500.000 a year. But the hope is for new airsirsps at Aberystwyth s attempts tt 

that the Treasury will foot most and .Newtown, Powys, come to r«ocKmnd m London is bast «*na. 
of the bill through its 70 per fruition: - * The tunnel would follow the 

cent financing of the Transport The Dcvelb-iment Board for 1 P rop0 ? ed “ xl(1 ^ rou, J{[ 

Supplementary Grant available »„"{ \ValS^ ‘J 1 S ,la,ine i 0 »« nk London with 

id local authorities to subsid.<e have.denufiedfiveooS'p^ of , Wonlw,ch - 

transport undertakings. This S Bn ? sh “ « Se ^ 

would leave the county councils yne n nf graX Sdtn? s?rin'»sSrf ' tsmn t l linnt London Transport 
to find only ClS-EM/m each. bv P smalf SlJJri J in Thl* i!n«*S ihas Pariwmeillar* and Govern- 
it ^un,L ih.i iha Welch small aircra.I in the Sco.Lsh . -.-.nr annrnval for thp next two 




BY PETER RIDDELL, ECONOMICS CORRESPONDENT 


tors. These Include concen- ! introduce the service from next 
l rating production of elect runic j Aorii providing it is auaranteed 
leiecummunicaiiuns equipnn-ni jvia public funds against initial 


leiecummunicaliuns equipnn-nl 
with the Thumsun-Kniadt 
group. The study suggests ibal 
the French telecommunications 
equipment murkci will increase 
from SS bn In 1977 to $13.5 bn 
by 1982. 


opera nng losses, which could be 
channelled through the county 
councils of the five areas. 


hi 


-JfaverfordwBst 


•. urrB. 

. '-.1 0 m*. 3*3 '-. r-- - - X_ . 


tion should assess the implies- = 
tions nf the use of micro- 1 Fab,an bociet> 


bring inflation rates into line 
without causing massive unem- 


processors. i A group *»f members of the ploymeot problems in countries The brokers say that if the 

“The impact of the micro- society, yp independent Labour such as Britain. system is successfully to stabilise 

electronics revolution on our 1 Partv research organisation, have They also say there is little European currencies it will 
industry and the economy : written .i memorandum on ihe risk of a crisis of confidence in primarily require not exchange! 


Sales growth 


generally will be so profound , system. Ihe pound if Britain stays out intervention but harmonisation repor , 

i hat it is essential that its imp! i- 1 Thr' authors armie that the 2 f ., the , eme hec . aUp e the j^onetary policy. The nine Germany had a $1.23 bn 
cations are fully explored wiihin | sche , nf . “i unlitclv to prove '1 ‘ lk ^ ,y ,0 S. n,a,n v \' eak ^ F EC members are far from such balance of in.de surplus in 

the framework of the Industrial ! JSISKle- iSlI toll in more rather • Stockbrokers bheppards and harmony. electronic goods in 1977 wibh 

strategy" said Mr. Varley. jihan less uirbulcnce in foreign 

He said he was also asking • exchange markets and would he 
other Government department# • ukely to cause particularly #| Am An Kirr 

to promote the use of micro- ^ Vl . re problems for the weaker IVXUilvV Uvillvo UiH I 111 
electronics in. the areas for which. economies in the scheme. Jr „ « 

JSSsxssssirffl^fflT-lrSS with Chiefs of Staff 

“U P « Pl of “SSiSmS! *Sd i panties MICHAEL DONNE 

applying microprocessors. 0 joccur frequently with one ^in reports of a big riff between put their case to the Cabinet and . 


The largest market will be 
in Germany, which is expected 
to increase from Sll.ti bn in 
1977 to SI -3. bn in i!'$2. The 


Mulley denies big rift 
with Chiefs of Staff 


BY MICHAEL DONNE 


f^r, the Department of! Mr - Fred Mul,ey - Secretary for 


asrs - 

whose total value would be £14m. exchange markets. 

Of these. 17 have been approved The Fabians argue that if the 
at a cost to the Government of scheme succeeded in crewing a 


Industry has received applica- L ^ wt'iTHha m-P " TA The' Defence, and Chiefs of Staff of ..Jj MuUey . clear tha j 

tions for support for 94 projects n e 0 6 the armed forces, were denied be€n 


by Mr, Mulley yesterday. ^ h i5- k ,"° wled8e “i th r at ® f 

„ . , ... other Ministers, as part of the 

He stressed that there was no Defence Ministry's normal for- 


iT.25m. A further 57 projects fixed exchange rate in which the truth the allegations or in the W ard defence planning, and that 
are being considered, for which pound's, value was kept arti- assertions of a se nous lack of it yas not a catalogue of cora- 
Gnvernment support would be! fieially high it could prove costly confidence between the Chiefs of plaints. 


£2 28m. in term* nr lost en 

A list of 1&7 authorised con output and investment, 
sultan is has heen drawn up. Th»- 
department is prepared to con Inflation 
sider contribuiing tn the fee^ 

consultants may charge com The^ say the abililv 


te‘rm < ! nf lost employment nnd myself. The document is secret and its 

itpui and investment. The allegations were contained derailed contents will not be 

in a report ihat suggested the published, hut it is understood 

nflutinn Chiefs of Staff had drawn up a tu stress thal Britain might find 

1 1 1 document. “The Way Ahead." h difficult to buy everything ii 

The> say the ability to change which comprised a catalogue of needs for defence in the years 


panies which ask them about the currency parities can still play complaints about poor equipment ahead, 
feasibility of applying nitcro-ja vital 'part in maintaining the and manning levels, in an 

; competitiveness of industry in attempt tn bypass Mr. MuUey and 


electronics to iheir businesses. 


■NOTICE OF REDEMPTION 


exports of $5.58 bn. 

The UK. on the other band, 
had s balance or trade deficit 
of $3L4m with imports of 
$3.11 bo. West Europe as a 
whole had a slight trade 
deficit in electronic goods with 
exports of S20.2 bu and imports 
of S2L5 bu. 

The two fastest growing 
sectors were computers and 
communications equipment, 
which both showed a predicted 
sales growth about 24 per cent 
higher in 1978 than 1977. 

The integrated circuit map 
ket in Europe reached Si bn 
for the first time in 1977, and 
is expected to grow by 15 per 
cent in 1978. It is expected to 
reach Sl.fi ho by 1982. 

Ifucfein tosh Elect rimic.N Veiir- 
book f 1979 l. If nek mr i ish 
H'utsc, Napier RoucL Luton 
£7.5 


to find only £I5-£20.00fl each. hv ‘ mill a 
It seems that the Welsh Office Highlands 
has already told the local S _ 

authorities concerned that a 
joint approach would be 
sympatheiically considered, and ll3.lt 

a meeting of all interested 
parties is due to take place flarPC] 

within a month to work out IIIICcI 

details of the scheme. , 

Gwynedd Council, in North- ’ PlApf 
west Wales, is particularly keen v,v% ' 1 


‘ , n me movusd : aie „, a p prnva i for the next two 

• stages nf the project. These will 

•cost £2S0nt. bat the Government 
|xi„; l g*. t ihas not given tire go-ahead for 

X 1310 CYmril jLT to extend the line beyond 

J tCbaring Cross. 

tFirOQfonc ■ The GLC ,s also considering 

lUlcalcJla JL/JCUV^ \ using tunnels to ease congestion 
, , _ [on rhe south circular road. The 

Pterfmn hfiVPntt t.tunnels may be built just below 
UCLUUU vUJLUIl |the surface and a!one the rou t e 


west Wales, is particularly keen vwl ‘ [the surface and along the route 

on the idea. It foresees the ser- plaid CYMRU may boycott next i of the existing road, 
vice providing enormous savings June’s direct elections to the!« 
in the cost of sending councillors European Assembly if the EEC l PrOffraiUIIie 
and officials to meetings in continues to give large sums ofi n . „ . . . 

Cardiff and being of major money to help the Labour and'. Detailed Plans may be 
henefir in attracting new industry Conservative parties. Mr. Dafydd mc,uded m D 1 ® conned s road 
and commerce to the area Wilhams. the nartv’*: general *tec- Programme for the early 1980s. 

The county is poorly *ierved by retary. said tn Cardiff vesterriay . The GLC l.*»ndn .’ran»wirt 
road and rail links but it now The warning follows reports ri'inmiirtee approved plans yesler- 
has the former aerodrome at that the two major parties are day for the rail tunnel and £6m 
Lfdnriwroe, near Caernarfon, likely to receive between r 350 non of associated vt ork. 


To lUc Holders of 

ENTE NAZIONALE IDROCARBURI 

E.N.I. 

(National Hydrocarbons Authority) 

6% c /c Sinking Fund Debentures due June 1- 1988 

NOTICE IS HEREBY GIVEN that, pur#uan£ ft* the provision* of the Sinking Fund for the Deben- 
tures of the al#ove-de*cribecl i$«ue. Morgan Guaranty Tni*t Company of New York, a-* Fiscal A sent, 
has selected by lot fo£ redemption on December I, 1978 at the principal amount thereof £>'JS6,Q00 
principal amount of said Debentures, os follows: 

Qntstp »4hsr Debentures of U.S. 81,000 Each, of Prefix M Br’ Bearing Serial Numbers 
Ending in the Following Two Digits: 

. 77 

Abo Oatstanding Debentures of Prefix “'M'’ Bearing the Following Serial Numbers: 


Credit card 
launch for 
Trustee 
Savings 

By Michael Btanden 


World oil surplus ‘misleading 9 


BY KEYIN DONE, ENERGY CORRESPONDENT 


n difficult to buy everything it book fl97P», if ock inrush whirh ha« just been reiurfaeed and E400.000 each from the FEC Tfi e committee gave. LT 
needs for defence in the years H'ntsc, Napier RoucL Luton by its owners, the Newhorough budget, to be -spent on- general immediate authorisation to 
a ^ead. I f7,5 j Estate, at a cost of £20.000. A pre-campaign information. -'pend £450.000 on design work 

and BR was given the go-ahead 
.to spend £100.000 on electrifica- 

credit card World oil surplus ‘misleading’ 

MT *~-j ways oF north Kent to the North 

launch for BY KEVIN done, energy correspondent ^ 0 C h r*™™; 

Custom House. Canning Town, 

THE WORLD surplus of oil is developed countries reached tEe that there will be considerable Stratford. Hackney to Dalston^ 

I mciPP dangerously misleading and fast high level of the OECD guide- development in the international Wnnlwich. Arsenal is linked to 

1. 1 U9lvC running oiiL Mr. Denys Milne, lines — about 4 per cent a year coal trade including movement *he north lianb of The river by a 

chief executive of BP Oil said — energy demand in the non- of coal from Australia, South r erry and a pedestrian tunnel. 
gi 9 yesterday. Cummunist world would have Africa or the eastern European The rail tunnel, if approved, 

XOVinO’C! * “We are enJovins an Indian do . ublec J b 7 **»e mid-1990s. In bloc." wonld be operational by 19S3. 

° dV Mr J H™e wid th" 5>'< i rf 0 L“> b « * ™ '"'SSI?-,, 0 !} Tb » ^rributioh made hy gaa - _ . 

By Michael Standee ^fThe^OP^ ^.SSSSfS SJ 2%*% '°oX JiffS 

THE Trustee Sa,in ls Ba.hs wd. r i ri ,i "u^ht E ed V " lab ‘'‘'- V ^ «« meaeune, needed LTph^'ha! Jffl . £ ££ '-^ailllCS 

tomorrow issue its first credii m “ ,neu unc ■ to meet this increased demand, to meet the crea re r part of world 

cards. New energy sources had to be studies carried out by BP requirements. Gas from the ■ TPrf^ll 

Trusrcard is affiliated with the developed soon, because the rate suggest there would have to be North Sea and from Holland ■-VlCil 
Visa International organisation, at which new reserves were being an eight-fold increase in installed should meet European demand OC%t\ A ^ 

The plan to introduce the card discovered no longer balanced nuclear capacity in the world, at least until the late J980s. tri flfcl l 

was first announced tn January, the rate of consumption M Tne At the same time, energy from if growth reduced the level of **** 

and the launch is in line with ,fl Ps “ a 7 J b f *£ ,rn 1 l? r „ I ai ? .P® eoal would have to increase at the OECD guidelines it’ wa»- \ CEfftAMICS sale at Christie 1 * 

U3 Sn? ri .^ lnal testable. warned, but tne level in tne about 4 per cent per year to reasonable to expect oil prices to vesterday totalled £89.642. The 

The Visa organisation has over batb is still sinking. !9g5. “This implies that U.S.- double ' by the 1990s. said Mr rop price was £5.400 for a Dair 


would be operational by 19S3. 

Ceramics 

fetch 

£89,642 


U-349 3049 4M9 5649 6743 5349 
449 3*19 4749 0749 6849 8749 
649 3949 4849 5B49 7043 8843 


9749 10843 111849 15649 18749 19643 21149 26449 27749 29149 

9649 11049 12U4!) 15749 1SU49 20249 21349 26549 27849 29249 

9943 11149 13449 15849 19049 20449 21449 26649 28149 29449 


849 4149 5149 5943 7249 8949 10143 11349 13549 16049 19249 20543 21549 26749 28549 23649 

949 4243 0249 6043 7449 9149 10243 11849 14249 16949 19349 20649 21U49 2049 23649 29749 

1049 4349 5449 6143 8049 9549 10349 12049 14449 18449 19449 20949 22349 27449 28049 29349 

1343 4449 5549 6343 8249 9649 10749 12349 J5249 1BG49 19549 21043 26143 27543 29049 

On Dcremlwr 1, 1P78, there will become and In- due and payable upon each Debenture the principal 
am mini thereof, in Mich coin nr riirn.-in-v of Lite l uiled r>lalr- uf ,\inr-ri> a «i- »u s-aid dati- i- 1i-jrni ti-inii.-r 
for llte paynmiit iherein of iiiihlk- ami pmatr- • l«-}-r~— .it tin- option of lln- hwldi-r. i-ilhi-r la* m ili.» 
corporate imsl office of Morgan Guaranty Trus-1 Company of New York, 13th Floor, 30 Wo»t 
Broadway, New York, N'.Y. 10015, or * h I niibject lo any laws and n-zuLiiions applicable tli-.-reio 
with respect to the pavnienL currency of payment or othemisc lit ihe country of any of the following; 
offices, at the principal office of Banca Nazionalt- dri Lavoro in Rome or the principal office of Banco. 
Commercialc Italiana in Milan or the main offices of Morgan Guaranty Trust Company of New York 
in London. Brossels. Paris or Frankfurt or the main office of Algeuiene Bank Nederland N.Y. in 
Amsterdam or the main office of Kredietbank S.A. Luxemlioucgeoise in Lusembourg-Ville. 

Debentures surrendered for redemption should have attached all unmalured coupons appurtenant 
thereto. Coupons due December 1, 1978 should lie detached and collected in the usual manner. 

From and after December 1, 1978 interest shall cease to accrue on the Debentures herein designated 
for redemption. 

ENTE NAZIONALE IDROCARBURI 
By: MORGAN GUARANTY TRUST COMPANY 
of xect yoke. Fiscal Agent 

October 26, 1978 

NOTICE 

The following Debenture prcrionsly called for redemption has not yet been presented for payment: 

debenture OF U.S. 81*000 


-ira merchant outlets worldwide If eco 
ml mnr R than 100.000 In the UK. 

The main UK member is 

Rarelaycard. which agreed to “*■ 

card ,C the processine of Trust- B Q 

The now service is being nrn- 
mnied by mntactin'j cheque BY Ol 

account customers elrher ai 
branches or in writing, and BRITISH 


If economic growth 


the coat production will double, and Milne. 


Jetstream aircraft prospects studied 


rop price was £5.400 for a pair 
■if Meissen potpourri vases with 
covers, while Duncan Smith, the 
London dealer, gave £4JJ00 for a 
Berlin plaque. Sculpture and 
works of art brought m. £5IJS77. 
Afontanaro. another London 


BY OUR GLASGOW CORRESPONDENT 


invitino thom V tsttmon AEROSPACE is turbo-prop engines, is available to £lm. 

Trust earri em E ° app, - y for a expected to decide ai the end in a number of configurations Scottish Aviation Is refurbish- 

Thc hVni- t of the year whether to invest In offering up to 16 seats, wttb a ing 27 Jetstreams for the RAF 

~ anh sa,a ‘bat nearly naif _ r0 iaii ni .h nmerimme fnr the Like tv orlr. ranee from FSTlfl fWl and VN 


n r itc Cm ... a reiaunco pruerami 

Who were e^nen»ed%n a n Pe W T en n ^ln-enginect Jctetre; 
" “ "■ere expected to provide an . Cfattich Av 

important source of business for J*,, *}J a j p r e|twick 
There would prnbab- " uTpnrovaUs^Sei 
hl 7 her Proportion nf women " .“OTLfJ- ?L ! 


a relaunch programme for the Likely price range from £800.000 and 'RN. 
twin-engined Jetstream aircraft ! 


If approval is given for invest- 
ment in design, development and 


Geoff Duke sells business 


Sffi * e Card «“ ° tber banh Mi"? ^TSlSn BY MAURICE SAMUELSON . . ^d' 

The new card can be used as l,ne - ** «« W mean up 1000 MR- GEOFF DUKE, the termer Line which operaies^the iTOO a pair of large Chin esTblue and 

a credit or cash card and also m, 2r e 3 ? bs ' « * orW champion motor oyclist, ton Manx Viking, the firsi roll-on, white ‘ balustar jara fetchS 

as a chenue guarantee' ref!? Mr Lynn Phillimore. manag- has sold his motor parts whole- roll-off ferry between Douglas EUSHL Silver added £19-190 with 

e 3r a - Ing director of British Aero- fa !e business in the Isle of Man and Meysham, Lancs. a top price of £900 far 'a 

space’s Scottish division, said because of his involvement in the Tbe £7m serviw has been piece Victorian tea service ■ 

Record nrnL-^n thal ix was examining sales pros- loss-making Manx Line’ ferry-doggi 1 by difficulties.rinre.it.w^ . At Phillips: a paintlne bv Hei« 

vwa u UllJKUIJ pects for a re-engined and service, now owned by James started in the summer, resulting rich .WorpRwede, the 8 i>rm!n 

MINERS at Shirebrook Pnllierv modernised Jetsreeam in both Fisher and Sons of Barrow: tore venue losses of nou-' -n- artist, made £6.000 wen 


SALEROOM 

BY ANTONY THQRNCROFT 

dealer, paid £3.600 for a German 
ivory tankard and cover. 

At Christie's. South Kensing- 

■ cer r araics totalled 
£23.920. A pair of massive C an- 


as a chenue auaranrepV-TXT Mr - Lynn pnimmore. manag- has sold his motor parts w 

J am ~ Ing director of British Aero- fa !e business in the Isle of 

space’s Scottish division, said because of his involvement ii 

KPCOrd hmlrnn that it was examining sales pros- inss-making Manx. Line’ I 

pects for a re-engined and service, now owned by Ji 
MINERS at Shirebrook Cnllierv modernised Jetsreeam in both Fisher and Sons of Barrow. 

H...L < V * U C ■ * ntiiilneu inf4 /lilliVldfl paIqo Thn Kueia*.. . „,LUL L. 


Derbyshire, have broken a 
seven-year weekly outpui record 


military and civilian roles. 


Tbe business, which he arteJ £lm and p^isenger. fare refund 


artist, made £6.000. well over 

fi22fS.-J2L±.«?. ?' i«w*- 


The RAF and Royal Navy, 12 years ago. has been sold tb of several hundred^ thousand siomst plctures whtch 

nniip.ta LI .11 I : . . _ J. . • OM4CA' *V«*ll5ea 


for ihe second time in a which now operate Jetstreams. Quinton Hazel), the Leamington- pounds. . E23,3S(> The high price is”*orob^ 

fortniRht. Lasi week the 1.750 wery expected to show interest based parts nianu.facrurer, which Eor the past few weeks, th*- a ’oiy because the scene oF a 

men dug 2S.100 tonnes of coal— ,n a new version, as were sume-w ■ one nf its main suppl rs. vessel has been carry i tig -'carga house. and garden under gnaw i* 

100 tonnes bettor than the civil operainrs in the business ’nnual mrnover was £300.000. only. But Mr. Duke said . ~J« l r not tvnica! of the artisL A non 


Wjh* high .price is prob* ’ 


Lasi week the 1.750 were expected iq show interest based parts nianu.facrurer, which Eor the past few weeks, •tb' j ably because the scene 


100 tonnes bettor than the civil operamrs in the business ’nnual mrnover was £300.000. only. But Mr. Duke said . ~J«’r not tvnica! of the artist A pen 
previous week when the 1971 and commernai markets. Mr. Duke, 55. will remain day- that it would start to take, and ink stady by Cezanne made 

record was broken. The aircraft, powered .by twin managing director of the Manx, passeagers-ia the next few days. £6 4ft, - 


•j? • ’-.-a* 

- f V y 


? Ji: 


V V 




i 









Financial Times Tnesdav October 3T 1978 


I.XBOl.R NEWS 


Rail tribunal rejects 
ASLEF pay claim 


BY NICK GARNETT, LABOUR STAFF 


. *E INDEPENDENT iriMmal 

mining |jfifiuiiivjiy p:syn:r»ni ; 


British Rail wuikcrs ha> 
. adly ivjfCC-.-d a cl.iiin lw the 
n drivers' union. ASLKF. 
" r which I in: uninn find 
?jlciii*iJ regional strikes 

. lirr this year. 

• m*lead, 111'. 1 Railway Staff 
.iunal Tribwrt-. umW 11»> 
imiansbip of Lord McCarrh., 
• industrial relations ex-pert. 
. \ proposed a sjiocij I suctiODai 
ducuvity payment :o driver:; 
i operate the high->]>t.-i>ri tram. 

has a 1st i reef ini mended a 
•mess performance pro- 
tivilj scheme, similar tu the 
planned by British Bail lor 
178,0(>fl blue- and white-collar 

jlOVeea. 

he initial reaction of the 
tonal Union of l:a:lv;;,y men 
terday was ".cry favourable, 
hi; prnposiiis. however, run 
it against ASLEF 1 - claim fur 

vial pavilion's to a!! drivers 
line with what it he'enni to 
increased prrmuciivity s:nc« 
4. That claim was yuhniniei! 
*r .special p;i >:ticn I -« acre 
' cod lor pay train guards who 


.ire im*;iibi»r- of the NUR. 

The British Railways Board 
also had considerable reserva- 
tions lesti-rday. These involved 
the r*rcou:mendations on future 
consolidation of bonus payments 
ami on some or the tribunal's 
detailed proposals on the 

business performance scheme. 

The recommendations are nut 
binding. 

The iriiiunal said the general 
ASLISF claim for compensatory 
p.iiincnls in line with those made 
to pay train uuards could not J>e 
generally supported on grounds 
of cn:nparalii!it>. productivity, or 
rcMKin.sihiiiiy 

i>:i responsibility, however, the 
tribunal said that high speed 
irain drivers should he paid an 
additional 25 per cent of the basic 
daily late for each turn on which 
tin y v.lil required to drive at 
•-.lore than luu mph. This would 
:v present a 13. M increase fur 
each turn. Must hish speed Irani 
drivers work such a turn between 
f.nui: and twice a week on 
rt'.era ye 

'Hu* tribunal docs not rule out 


the possibility- of Lhc unions 
justifying similar sectional 
claims for other groups of staff. 

The report accepts some of 
ASLKFs severe criticisms of the 
business performance scheme 
planned by British Rail. 

Lord McCarthy proposes a 
stabilising element to protect the 
bonus against the effect of great 
fluctuations In freight traffic. Ho 
also recommends acceptance of 
the principle of consolidating the 
bonus into basic rates at an 
agreed time. In addition there 
would be an Improvement above 
the original scheme, io the pro- 
portion or savings going lo staff. 
The scheme would be backdated 
ro April. 

In a comparison or business 
performance between 1977 and 
1976, the bonus payments would 
work out at £2.10 per week for 
every rail worker. 

British Rail said yesterday, 
however, that on current busi- 
ness performance, the scheme 
would be worth about £1-80 per 
week. This would add about 
flEm to the overall wages bill 
over one year. 


British Transport 
dockers claim 15% 


at Southampton 


NGA row 

threatens 

Express 


Glass workers 
reject pay 


By Pauline Clark, Labour Staff 


BY PAULINE CLARK, LABOUR STAFF 


BL stewards defer 


pay-offs decision 


BY ARTHUR SMITH, MIDLANDS CORRESPONDENT 


North Sea 
air supplies 
threatened 


By Our Labour Staff 


CARS shop stewards Killed 
k from a flee won yesterday 
••ill company proTt*»iil*- for 
unlary leihmilmcu-s u> inl- 
et* for moves inwards pars*} 
'llients — the sun;-.- wage fur liie 
io job. 

.early ;ti»U senior Me ward* 
•• tiling m Ouenii'v heavily 
s'/ eated a resolution that ihe 
hjianyS proposals $h mi id he 
epted. Instead, they voted in 
.*;-jw management «u spoil 01 : 1 
implications ;o individual 
.ms of lhc productivity gains 
• t would ho necoasary. 

..Jnder company plans in 
new parity in three stages by 
'...vein her t next year, workers 
., low-paid plants sti«-ii a*. Lung- 
dgc and Cowley stand io gain 
.hsiantial increases from lo- 
ir row. 

Tuo (makers at Cowley anil 
nghridge emild receive almui 
plus the annual wage award, 
the company offered 5 per 
nl, the tdliil increase for 
ilied moo would be mare than 
0. 

Such rises seem certain to 


erode support for Mr. Roy 
Fraser, leader of lhc toolmakers’ 
iinullin.it campaign for improved 
differential* 

Kvcn i-iit|iloyecs at the best- 
paid factories, such as Jaguar, 
wnii l<l gain some benefit from a 
proposed n«,-w five-grade pay 
structure. 

EL lias made it clear, however, 
tiiat ail parity payments must be 
self financing within government 
pay pidiiry rules. Management is. 
e\pi*cied to seek about 7,000 
voluntary redundancies by the 
••ud of the year and volunteers 
will not lie difficult to find. 

Once details of the company's 
productivity proposals have lieeii, 
explained ai individual plants,, 
the senior shop stewards win 
reconsider lhc position. They- 
scent likely to refer the pro- 
posals to a full ballot of the 
1 00,01 j 0 manual workforce. L 
Q Inspectors ai Alvts, the Blj 
subsidiary at Coventry. have’ 
spurned a management promise, 
to back a 20 per cent wagtf 
claim. - and yesterday voted 
their strike into a fourth week. 


Operators flying supply ser- 
! vices to North Sea oil rigs and 
J platforms have been preparing 
contingency plans following the 
threat of industrial action by 
flight controllers and other per- 
sonnel in the Shctlands. 

Air traffic controllers, com 
mum cations staff and firemen at 
the islands' Sumburgh airfield 
which plays an important role 
in North Sea operations, are in 
dispute over special allowances 
paid for working in the 
Shctlands. 

The staff say the allowances 
were too low, although the Civil 
Aviation Authority said yester. 
day the dispute had not been 
lal.cn through official channels. 

The aulhurity said the staff 
had been prepared to take Indus- 
trial action at the weekend but 
had been dissuaded from doing 
so. The authority was now dis- 
cussing the issue with the 
unions. 

Last week the authority warned 
Bristow Helicopters and British 
Airways of the possibility of dis- 
ruption. 


A MASS meeting of l.OOfl 
Southampton dock workers 
agreed yesterday in submit a 
15 per cent wage claim in 
British Transport Docks Board 
in defiance of the Government's 
5 per cent pay guidelines. 

Southampton docks has been 
badly hit hy disputes since last 
January. But Mr. Rohin Bailey, 
vice-chairman oT the shop 
stewards committee, said they 
had as yet no plans fur action 
in support of the new claim. 

This was in spite of action 
being taken by 2,000 Hull 
dockers, also mainly employed 
by the BTDB. over a 20 per cvnl 


pay demand formulated two 
weeks ago. 

The Hull employers are 
resisting any altempr io breach 
I he pay --guideline* and resumed 

talks between management and 
shop stewards yesterday ended 
in deadlock. 

After what management 
described as “ a furious meet- 
ing.” shop stewards decided io 
continue an overtime ban which 
has been delaying shipping 
since October Id. 

In both 1‘asi's. iho dockers 
have formulated their claims 
well in adianci- of the Junuurv 
settlement dale. 


AN INTERNAL ROW in the 
National Graphical Association 
is threatening production of 
the Daily Express on Thurs- 
day. It may also lead lu 
truncated editions ut the 
Express Group's Daily Star 
uhen it ij launched on (be 
same day. 

Prospects or the union 
taking industrial action against 
Express Newspapers increased 
yesterday aHcr union members 
in Manchester refused to 
accept an executive instruction 
to renegotiate an agreement 
involving print workers on the 
Daily Star. 


recommendation 


BY NICK GARNETT, LABOUR STAFF 


Singer plan to save jobs 


A £75,000 study commissioned by 
shop stewards at Singer's «llyd.- 
bank factory has concluded that 
most of nearly 3.000 jobs 
threatened by the company's 
plans to end production of indus- 
trial sewing machicns there can 
be saved. 

The study was presented ye.- 
lerdey by PA Management Con- 
sultants Id a conference in Glas- 
gow of Singer stewards and union 
officials— and a delegation from 
the International Metalworkers 
Federation in Geneva which is 
co-ordinating a campaign against 
lhc company's plans to reduce 
manufacturing capacity world- 
wide. 

Although the report is known 
to outline four options for retain- 
ing production of indusiirak 
machines and needles at Ci-c‘ «- 
bank, its detailed recommenda- 


tions are l' ,, tnq k»*pi M-i-rvt until 
the 4,800 workforce has beard 
them later tins week. 

Mr. Gavin l.airil, Scottish 
executive member of ihe Amal- 
gamated Union nf Engineering 
Workers, said sifter the confer- 
ence it was clear there would be 
fewer jobs a i the Scottish Factory 
even if the company accepted the 
most favourable option. 

He added, however, that there 
would he a -.cry substantial sav- 
ing on the original Sinner propo- 
sal for cuittni; the worfurce to 
fewer than 2.000 hy 1982. 


Negotiations are expected to be 
held with Singer's U S. president. 
Mr: Joe Flavin, in the next few 
weeks. TTii.* unions involved are 
also likely to seek considerable 
Government aid as pan nf any 
package to continue industrial 
machine and needle production. 


An urgent meeting between 
union leaders and Mr. Victor 
Mail hews, chairman of the 
group, is expected to lake place 
today in a last-minute effort to 
lift the threat of action by 
London NGA members. Mean- 
while the NGA National 
Council Is standing by for a 
meeting on the folowing day. 

The row has been brewing 
since last week when the 
national council threatened 
Manchester braneh officials ami 
members of the Daily Star 
chapel <iu-houso union branch) 
with disciplinary action if they 
refused lo renegotiate a deal 
which provided G5 new jobs. 

The agreement was subject 
tn rriiew after Hie first 12 
weeks of production of the 
Daily Star, hut the national 
council insisted on a higher 
si a fling level immediately. 

Mr. Joe Wude. general sec- 
retary. .said last night, that 
Manchester members had not 
been threatened with expul- 
sion. 

Tiie Daily Star is to he 
wholly produced in Man- 
chester, so there is little that 
Loudon NGA members can do 
to prevent its appearance on 
the launching dale. 


MANUAL WORKERS m the 
glass container industry have 
thrown our a recunwitendation 
tu accept it pay offer which union 
negotiators claim is already io 
breach of the 5 per cent. 

The offer, the second made 
hy employers in an attempt to 
secure a settlement for the 
coming year was acocplod hy 
union representatives on the 
nation a! joint industrial council 
for gloss container manufac- 
turing. 

Mass meetings and ballots nf 
the industry's 13.000 manual 
workforce subsequently i •- 
jected the proposals, however, 
and the unions are now trying 
lo arrange a further meeting 
with employers to improve the 
offer. 

individual t-nm panics within 
the manufacturers' association 
have apparently said that the pay 
proposals can be justified as 
being within guidelines. 

Officials of the General and 
Municipal Workers' Union and 


Ihe Transport and General 
Workers’ Union, the two biggest 
in the industry sav. however, 
that initial calculations show the 
present offer is worth about 
7 per cent on earnings. 

During the presentation of the 
second offer, the employers made 
specific reference to the ability 
of the industry to pay. 

Mr. Eddie New-all, national in- 
dustrial uiiirer for the General 
and Municipal said the. unions 
had accepted that the industry, 
which has suffered from imports 
and over capacity was not as 
financially healthy as u might 
be. Nevertheless, the employers 
proposals did not fall within the 
.5 per cent limit. 

The present offer involves an 
increase of 7.5p on the existing 
basic rate nf £1 an hour. Shift 
payment.-, would he improved. 

Workers on continuous shift 
operations would receive a mini- 
mum increase nf Fti.lS, and those 
on day work. £3.15. 


ICL urged to review policy 


TRADE UNION ufTk-iais. express- 
ing “repugnance” at Inter- 
national Computer's sales In the 
South African police, yesterday 
urged the company to review its 
trading policy. They also asked 
it in provide assurances that ICL 
equipment was nol reaching 
Rhodesia. 

The demands were made at a 
meeting between management 
and many nf ihe unions repre- 
sented at ICL in the wake of the 
recent sale of two of the com- 


pany's computers in the South 
African police. 

This, and niher aspects nf 
ICL's involvement in South 
Africa were strongly criticised 
in a pamphlet published yester- 
day by the anti-apartheid move- 
ment. 

it also asked whether ICL 
equipment was reaching 
Rhodesia in defiance of UN sanc- 
tions. 

ICL said last night that none 
of iis equipment went to 
Rhodesia. 


ITA8PU 

BINACIONAL 


i ABOUT 
ITAIPU BINACIONAL 


Itaipu BinacionaL a binational authority created by a treaty 
signed on April 26, 1973, between Brazil and Paraguay, on Octo- 
ber 20 concluded another important step in its construction. 
The hydroelectric project, with an installed capacity of 
12,600.000 KW will, upon completion, be the world’s largest. 


V/ith the opening of the diversion channel on October 20, the 
Paj-ana River, which forms the border between Brazil and Para- 
guay, was diverted from its natural course thereby allowing the 
construction of the main dam. At the point of the diversion, the 
Parana River is 400 meters (1,300 ft) wide and 45 meters (148 
ft) deep with an average flow of 9,000 cubic meters per second 
(330,000 cuft/sec.) of water. The diversion operation was com- 
pleted with the closing of the river by the construction of two 
cofferdams, one upstream and the other downstream. 


The construction of the diversion channel, which started in 1975, 
required nearly three years for completion. The channel is 

2.000 meters (6,500 ft) long, 90 meters (300 ft) deep and 150 
meters (490 ft) wide and required the excavation and removal 
of 1S,700,0Q0 cubic meters (26,000,000 cubic yards) of rock and 

2.850.000 cubic meters (4,000,000 cubic yards) of earth. 


The diversion structure necessary to control the water flow 
through the channel required .750,000 cubic meters (1,050,000 
cubic yards) of concrete. 


The total cost of Itaipu including financial charges has been 
estimated at USg>S.7 billion. The major part of the funds have 
already been obtained and, at conclusion of the negotiations for 
the purchase of the main electrical and mechanical equipment, 
now in progress, close to 80% of the total required funds will be 
secured. 


Initial operation of the first generating unit is scheduled for 
1983, and the completion of the project is expected to occur in 
the year 19SS, when Itaipu will be the world’s largest hydro- 
electric power plant, with an annual generation of 74,000,000,000 
KWH and gross yearly sales of around -US$1.1 billion. 



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I T": Xoraesi Hiil«c Limiud. 

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I I won Itl like ut «*■».■ Iiow the -kill* ul'Non\estHoI$t could work 
io my LUtnpiiny s advantage. 


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| Company. 
| Address— 


FT 3 | 


dh Norwest Holst 


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Ul 


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Telephone: 01-235 995LTele& 917047. 




TELEFONAKTIEBOLAGET LM ERICSSON 
9%% Bonds 1985 


mm 





H I'M 


EDITED BY ARTHUR BENNETT AMD TED SCHOETERS 


workload 

ilr-onnl)'. At l, . ,c 


• SERVICES 

Help for larger users 

• HEATING 

m 1 1 . j ft equipmeat, eves for the lirgq?»ine^lUne, it « aS plus- 

I lirhlllPYir tlftW TO • machines, as the successive the mindiinm of rocessors 

X 111 UUlvll l WU f T IU announcements from companies corapatib e J e " trj . P lhiS year 

like Amdahl and ltel demon- from Itel and l toiler t w 

lose heat Quickly ^ «■* * « «* «» -3*£^ 

llvAl rapid change in the oalance of j . particular!'* active » n J* *} 

IN MANY heat eachanse appU- is minimal pressure.!^ *ith tte — ■"! 

cations, the performance of Corpak “turbulator. the other! some users ,m services 

ordinary tubular units leaves Random fill to > *• Jjjjf J“ can find themselves in a wM^vorth about 

much to he desired because of applications such as vacuum dis- - stTl - mdaAv (jifGcvU and miner- hv some 24 per 

the low tube-side heat transfer filiation scz V bbu ^‘ rinriit ^ able high-cost situation. £75m, mcreasinS > s Qi ^ i9Sl. 

coefficients. A British, oraantsa- absorption and evaporative , . . . cent to around overall 

tion. stud vine the transfer prob- cooling, is also offered. It gives To meet and help soke tms This compares with an J * 
Ic£l has cOTne up wjtha poten- high interfacial areas, reduced problem. Lmlever Computer services market |ro'\1 ho.^om 
msrtutiZTthat ran offer re- pressure drop . and permits a Services has set up a new large 16 ^ cent . UCSLs «y “ Ior 
ductions in equipment size and worthwhile reduction equipment user advisory group, drawing- 10 per cent of the 19^ 1 fly- 
weight of some 40 per cent com- size for a given output. together tw capabilities senior j a ^ m eanUme tne coinp > 

pared with plain tubes Gorpale “pad” describes shaped staff nave developed m handling. ^ doing some fascinatin ' ., 

Thi. ,t OT pL mmt hG of random fill, intended for phase communications, large machine on. the analysis and 

thP separation work- It provides commissioning ano operation presentation of complex re J“ ev f 
very great importance in the droplfit disengagement to- and the solving of complex problems, which will he o 
off-shore industries where n e ther with the characteristics of technics! and commercial prob- interest to any customer lor its 



T1 Meteec UdUOWtxry, 
West Midlands B694HE 
■fet 021 -552 1541 


• ELECTRONICS 

I CL launch 
intheUJS. 

THE NORTH American point of 


saving on production and other matM-Si 

t!'W» ik.musal. It would the taste meter, eh 


Many loop geometries are UCSL is well qualified to offer . Further details ™ ‘“If.-Y 
S? available and the material will such support since some So per move by UCSL on 0i-90o 141 


iems using large computers. new service, 

UCSL is well qualified to offer . Eurther details .?•* , 


and manufacturing industries. he made fQr ToIltreck - by sten- 

Basis of the Tolitreck advance rick Engineering of Bromsgrove. T 

in heattexchange techniques is a The develooer has pilot plant • PLASTICS 
variety of inserts coming under facilities available for customer — ^ - 

the general name oE Corpak and qualification' trials and can lUCrVl 

made in several • materials: enS i ne er complete systems A UiyoLJ'J 
ferrous, non-ferrous and plastics. various grades of the * - v 


Polystyrene block plant 


The inserts look like a com- material. \ •*“ . *««■““«» *■**«'. *-« Kn r -,u, c i** u * c “ “ a . iiauuiiiuuns in 

Ucated series of spirals aod Tolitreck - Linkrose. Fnory manufacturing and handling two-shift working is aw Canada. Australia. Holiand and 

an either be renmvabie or House. Friar Street, Droitwieh, expandable polystyrene block metres' of EPS insuiaiin nnj ao ,|. 


A HIGHLY automated, plant for 


terest to any customer lor us ICL plans to support its sales 
iw service. .. with a nationwide serviee caver- 

Eurther details of the new ing installation, Training, main- 
ove bv UCSL on 0i-90a HH. tenance and documentation. All 

the components of the 9S60 
scries are nianufachired at the 
company's plant at Utica, New 
y^rfc an( * flKt deliveries of" the 

nrtl/ TfelQllI cqa,pn,ent “® Planned for 

XJIIL UldU^ tebru ary of next year. 

**■ . nn The 9500 is ' already fiekJ- 

PotenUai capacity per day on proven Vla _ installations in 


f can either be removable or 
bonded. Developers say there 


>7 566L 


and insulation products has been materials, fully packaged arm 

\k%r fi VfiTvoaran i^m. Hard- in u'Jir^hflUSC _ 1 illS 


Canadian fashion retailer 


developed by a Norwegian com- stacked in the warehouse . f inis Dv j ex< 520 stores nation- 

pasy. Sunde Plastic Industries' gives- an annual capacity O; over Vi ..- dei y ia5 ppcfatjc ordered 200 


• STANDARDS 

Safety code for walls 


A/S. The company is offering 87,000 cubic metres per J'® 3 "’ c r u, e 9312 pt 
srs technology as a package, and based on two-shift working, five m - na jc ani j , 7t 
expecu to find a market among days per week, over a o0-wecK recort «ers. The 
EPS block moulders interested period. n are alread* in. 

iz modernising and increasing Items in the new block mouiu- j Iore J{ . 
productivity, as well as other ing/insulutin-^ products tech- Lari( j C2 SW15 


receatiy ordered 200 
- point of sale ;er- 
! 170 niagneiic- data 
The firs! 22 terminals 


More from ICL House, Patnev, 
London SW15 1SW f 01-788 


bead, from styrene "standard 
-finished 


pacss, 1 
packs to 


c.TrT, 2T 4 7„, m __ _ . , _ , Dices mouiamg and insulation blocks to prc-seiecieu * rAMDAMPUTC 

iStan^^I^utuUcmhas tnr>u 0 bt The Brick Development ps3e ; F recessing facility, SPI can^ ^ pattern, shrink-wrapped packag- • COMPONENTS 

Srnrticc ‘ Th^rSirturil ‘* SS0Cl . atl0 . n > “ caojuactian wild offer its polymerisation process ing of finished panels, -automatic • m 

Sn C o£ e w^m^ !S S5 I^Tnrein p ,e ■ of Siructurai f cr production of-' the raw sorting of standard and Don ; 17ll*£k ffAfir K! 

?•* tSSS?* P 1 Lnreia Engineers, is holding a senes 01 ssSerial. EPS bead, from styrene standard packs, transfer "f J7 II C tiUUl IS 
I0 i.ir- ajrl as ? nry - . ... one-day courses in various parts n-nreaer '• -nack^ to automated 

block^nahiral rto^Hnd^dom °. f ^ lhe ™ ‘° iDiraduce t0 Wtth ‘the fully automated'- Lcker Soil, and handling a || a ]| AV 

1116 neW COde ' - haEdiing techniques SPI has- system tn move each slack to a SHl-HIiuY 

lnnwatim^nSc "S i* the Fee for the course is £21.60 tievei oped cay twq men per sfcifi' predetermined position in the ■' 

use of “limit state* nrmcinles and details may be obtained from are seeded to operate a complete-' finished goods warehouse. SAID TO have a fa!' ha.f-hoar 

wher«bv the 1 sItupiutp i* built C- p - Knowles. The -Brick pre-cess /hand ling cycle from- Details from Sunde Plastics fire rating (cnns-lraeied and 
much closer to its nor«»nriiT npr- Development Association. Wood- pre-expansion of EPS beads- Industries A/S. 6010 Spjclkavik, tested to the requirements of 
fbnnance than Snn Hv side House, Winkfield. Windsor, through to warehoasieg of. Norway. BS476) is an fire 

tMetfaerwith t^ineornora- Berks.. SL4 2DX (034 47 56511. finished Insulating panels. FAY GJE5THR door from Kawr.eer UK. Astons 

tion *or requirements concerning Copies of BS 562S Part I. price R-^rn. Ches^e. 

lateral loading and accidental £7.S0 may be obtained from ESI a |U THP OFFIPP Avai*a>.e iasaai»ui ai=2insaa-_ 

loading, means that designers Sales Department, 101 Pea ion- • IW incwmwt and a choice of four Perjwswfcc 


SAID TO have a fall halMtour 
5 re rating {cobs true led a ad 


# PROCESSES 

Purification of water 


THE SPECTRUM water purifica- standard de-ioniser. SC2 nuclear hes been '.lunched in the U.K. 
tion system from Elga Products de-ion :ser and SC20, z 0.2 by_Anadtx- 
is based o-n the idea of using micron filter. Used together Heart ‘of the machine is a 
cartridge de-ionisers on a seiec- these units produce the ultimate 9x7 continuous duty doi matrix 
tive basis to remove the in ultra-pure water free from print mechanism made at the 
impurities known to exist in a bacteria, chlorine and ionised Chatswnrth. California plant of 
particular water supply. material It provides water suit- Anadex Inc. The company says 


raor. Runcorn. Cheshire. 

• IN THE OFFICE 

■p j la* • bard cjioura — inree shades of 

r ast but inexpensive isr^S^stf* 

AN' Sfl-column plain paper ch/»oc. Rjuo rales for serial reJ^nt^sealant^^c^mnKi/ 
printer a^.e to work at 112 data can he selected between 110 J ' * l ‘ ti .: „« ce5 .*3 vs'u'ii 
characters /see and available in and 9.600 by means of internal 

OEM quantities at less than £400 switches. ^ ' ' 

• s ’ jr * cfced * n l3e The printer is enuipned with 

-_r ' 2 256 character stare and an 


Compact 


bination the cartridges will treat ? lora!C aosorpuon . “3d .od:c 
and raise to any specified purity immunoassay techniques where 
level almost every type oi water. y vater ln parts per b:. Lon 

, impurity range is ceedec. 

The most comprenensive of intermittent operation will 
the Spectrum systems is supplied aot . affect the quality of the 

u - lth i„.- our raod ^ es . a r ®- water because the re-cireuiatirn 
circulating pump, interconnect pump prevents siaanatioa and 
mg pipework, conffucmity meter minimises bacterial growth, 
and pressure gauges. More from the enmnaev a: 

The four standard cartridges Lane End. Buckinghamshire 
are SC6 carbon filter, SGI (0494 SS13S3). 


No danger 
from gases 

FOR HEATING processes 


Used in the aponmriare com- aWe for critical biological work, that the mechanism has" a proven Standard ASCII character set r 

nation the canridS wiS treat atora!C absorption and radio i:fe expectancy of 5m lines of “PPer or lower case is printed — ' 

immunoassay techniques where Print with a print head rated special a! phaoets axe possible) TPT'OrflPr 
water in the “parts per billion” at 100m characters of contindus <- ,ri multiple copy 9.5 inch * VVVA . 

impurity range is ceedec. operation. 7 <-« mwi -wsde paper wstB O.o p 0 vr\rwn diprast 

intermittent operation v.\]l Acceptable by the machine are men sprocket hale .margins. case meS-r— ^ oS> - «?>hv 1-Sby 
not. affect the quality- of the ^*-232, current loop serial data. The company 15 at Guildford M1 rl^d‘we«-hi0'>'i S k- lie 
water because the re-circuiaticn psraUeloit serial character Road, West End. Woking, Surrey Srtl^^hu^Sn 0 ^diecme«a. 
pump prevents siaanation and at rstes in excess of 1.000 GL'24 9PW (09905 6333). ' SS 'r? Havant 

.. Insirumenis- sixes" . iontuiuous 

Plotting at high speeds SSSs 

A PARTICULARLY high draft- than stepper types; rc.^Iuiicn is . lne instrument can so ra record; 

s v » ■ ■ . ■ . 1 . . . _ inrf ini* * ii-ik mnnf hr f«rACll.Pn ■ rin. 


Plotting at high speeds 


displays) can now be reduced by : r. 5 s=eed coupled v. 
-a process called Glarecfceq which 5p 'tj "-•« f aU 
is available from Chequers rec aece’e-tlon ra 
Engraving, 10, Christina Street ;. ec A *®' -5‘- JDn . ” 
London EC2 (01-739 6964). ^ arum p:olt 

This involves spraying a market by Cai 
in- specially formulated transparent *^e fa^ie.st to date. 


volving the emission of corrosive matt coating on to the reflecting This f.re e-stan dir; unit has a bureaux 


inys in the. oil industry. Service relative humidity. A fahrenheit 


an( j calibration can be supplied. 


or noxious gases. Townson and surface and, apart from lesser- plotting width of 860mm (34 ins t mechanical engineering firms Accuracycftemperalureread- 
Mercer have designed ovens with >ng surface glare, and because and a maximum drafting speed where the size and complexity of ’ n 3 s is ±Q.5degC and of the 

a door which cannot be opened it is harder than acrylic, the thin of *G”0 mai/sec (42 ins/sec) products demand the production humidity readings . —4 

until all the fumes have been hard coating is said to make which the company claims is of large numbers of high qualify, between 20 and SO RH- at 25degC. 

harmlessly extracted through a panels and signs more scratch over twice as fast as any other multi-colour-.' drawings in tlie Both parameters are sampled at 

vent. resistant. drum plotter cm the mancei shortest time, eight second intervals. 

The operator must follow a The process is available on a Good plotting quality with Calcomp is at The Ring.- More- from tfcp company at. 
sequence of pressing a button to custom basis to suit the applies- smooth curves is ensured by the Bracknelh Berkshire (0344 Unit). 'Westfisids, Homdean. 

open the vent for a pre-set period tion: it can be applied over the of servo drive motors rather 50211;. Hants (0705596020). 

of between five and 300 seconds, whole surface or on- selected „ 

A lamp shows when the oven is parts only. As a rule of thumb, . ' • ' - ; ’ . . 

safe — it cannot be opened at any it costs from lp to 3p per square ■ ■ ' ■ — ■ ■ ■■ - ■ ■» 

other time. inch and the company under- 

There are two models avail- takes to supply free samples to ^ 

able, types 8-302 and 9-302, with customers' requirements. 

internal volumes of 79 and 143 Jmfmf 

litres respectively. Each has a mBS 

maximum operating temperature B RESEARCH Bj^^B wi 

of 300 degrees C and is heated -w- . . ^^^BR 

by a 2{ kW heater with low 1 TAIlmlinfflinfT Hfl 

thermal mass; control is to =5=OJJ5 XI UillU UIIIIIIIIl 
degrees C at 100 degrees C and • » . . H^^BB 

the oven recovers temperature UlflllCFrir nif] ^^HBB 

rapidly after the door has been IIIUUi3l.I V <il(l . 

P More from the company at 101 of i Ir ^ ustr:, ' s jM 

Beddington Lane Crovdon ^' n *> ,ne ^J" ,n S Materials Require- 

Surrey CR9 4EG (01 6S4 6262). ’ Srov^ri ?°fh?«, (EMRB> has 

w proved, a three year programme 

Tv » of new work at BCJRA (British % 

I lAQIC TX/lI'n Cast Iron Research Association i. 

YTlUi an J? Wl11 contribute £1,118.000 
-a wl i£ b is 5 ? P^r cent of the cost." JH 

flQ77lD The ob i ectiv es of the pro- 

\A4jLJLMAE, gramme are to help the iron- 

tw strawari? [ ai f? diag industry to provide a 

THE SURFACE glare on instru- belter service to its customer* 

ment panels signs, displays' and to improve both the operat- A - .< 

(and on smaller items such as ing efficiency and worth? con- • ... II 

digital watches and calculator dition of foundries “ COn 


Surrey CR9 4EG (01 6S4 6262). 

Deals with 
dazzle 


• METALWORKING S c “" d .? n r i m u» 

range -0 to 200.000 amps together 
WaUim/t 71? ^ ld times f'-nm cvcle 

, w elding conds at 50 Hz ‘ to 9 ® 9 

vnAnit-r.M Applicable to machines em- 

momtor sins"Lh eiiher s ^ nchr ° n »us 0 r 

non-^nchronous controls, the 
BOTH CURRENT and elapsed mem n S?" tai,le i Portable unit 
time of welding are shown tin short w?id r fmn' n i 5S * aI *? J rora 
liquid crystal displays on the t h e Madina «S? U ^ ses holds 
digital weld monitor DWM/2 put or until m?n„ r n Severa minutes 
on the market by British Federal a C o U ‘ 2 ^ “ ally , r - Me i' 

Welder and Machine Company, ii e H Pr i s ' c ^ ainie ^ to be 
Castle Mill Works, Birmingham JJK 2 per . cent of full 
New Road, Dudley, West whether or not 

Midlands DY1 4DA (Dudley heat controls are 

54701). ' y 25*. 2.®“ down t0 30 de srecs of 

The unit can be used in con- a * 

junction with the majority of transFolrner^finti^S EL 1 ? 
resistance welding machines to fits overtte machine p 1 pm!SS 2’ 
determine either primary or but other sl^^avaUawf 65 ' 




































H 


t| 


ith 


„ mes 

hriiJohn Edwards 

■*» l|i f 

. 'modifies Editor 


: LONDON IVfetai Exchange 
entered its Micnnd century 
some significant changes 
could have important r«- 
■us-ions in future. The most 
i»us innovation was the in- 
uction at the beginning of 
■her of the long awaited 
uni um futures market. The 
chins was the culmination 
• lany years of talk. The new 
ract was finally introduced 
me fierce opposition from 
aluminium producers, whn 
rinue to resent the potential 
•at to their pricing system, 
iekcl producers loo are now 
p \nnling a campaign against a 
'pnsal, currently being 
C tied by a special sub- 
i unittee. to start a nickel 
"■■ares market too. No deci* 
„ . i has yet been made whether 
i r not to go ahead with the 
‘ * fcel project. But meanwhile 
•re have been several other 
portant developments during 
. * past year. 


London Metal Exchange 

As the London Metal Exchange begins its second century of existence 
there is growing discussion of its role both within and without the institution. 

But there is no doubt that its position in the commodities arena remains largely unchallenged, 
witness the decision of the American copper producers to use its quotations. 


Last week paw the election 
as a ring-dealing member of 
the bullion brokers. Sharps 
Fixley and Cu. This showed 
rci-ugniticin hi the bullion mar- 
kei of the growing importance 
of the Metal Exchange silver 
contract, launched in 19tiS in the 
face uf strong opposition at the 
time from the bullion brokers 
who had previously provided 
the only silver market in 
London. 

A significant step was also 
taken by the re-election as a 
ring-dealing member uf Mac- 
laine Watson in the knowledge 
that n would then become a sub- 
sidiary of the big U.S. based 
commission house group Drexel, 
Burnham and Lambert. Some 
members feci Lhat this could 
well open the door for entry 
into membership of a new breed 
of companies representing the . 
growing participation in the’ 
market of non-trade interests, 
mainly concerned with preserve 
ins the value of their ** paper " 
money funds by going inla. 
metals. Each application for. 
membership of the Exchange 
has to meet strict criteria, and i 




The dealing ring at the London Metal Exchange. 


sufficiently to enable producers up a consultative study group terests. However, the chaos in 
to regain control of the market indicates that there is still a The foreign exchange rates and 
to a large extent. long way to go before any inter- particularly the value of ibe 

But the virtual collapse of the national copper agreement to dollar which piuvims the ba.-e 
European zinc producer price. re ? u * a,c tbv w °rld market is price iv»r umsi im-taU traded 
at which iho bulk of zinc is .sold remotely possible. worldwide, ha- meant a huge 

under direct supply contracts indeed must traders, and even ‘*f iuve-tnn-m iiim'fc n.- 

between producers and con- many politicians, believe that in " r:,vv matenats ks » safely 
sumors. means that the Metal the problems and conflicting nel against a iledine in the 
E.xeliange "free” market for interests in the world copper value of “paper" mwj. 
zinc has gained considerably market are tou difficult to bring Such is the wduine of muds 
greater statu.- and is likely to together and that it is unlikely fnm •• inveMor-” up«-»-iiIainrO 
remain the best indicator of any international agreement that it sometimes overwhelms 
price trends, even if remaining will be cunduded. despite the trade influence fuming artificial 
only a source of residual sup- strenuous efforts of the UniJed fluctuation.- in price mnu'menht 
plies. Nations Conference on Trade and bringing criticism of the 

Another triumph for the free and Dcvel °P men t under its in- Exchange as being a .-ambling 
market system, epitomised bv te 3 raled commodities pro- den. This extra liquidity from 
the Meta! Exchange, was the Sramme. speculators tilings tre-h funds 

decision in May bv Kennecott, With the prospect of a copper into the industrj as well as im- 
the largest U.S. copper pro- agreement fading inio the back- proving the hedging facilities 
ducer, to abandon its traditional ground, and lead and zinc pro- required. But specula ti mi. 
allegiance to a producer price Queers increasingly reluctant tn especially when ii has exces-.iv>- 
and switch instead to basing he seen controlling prices in influence on prices, ii hiiierly 
its prices used lor supply con- vase they are deemed to breach resented on neca>Kui« b>»:h by 
tracts on tlie New York Copper anti-trust regulations, the Metal producers and c<ui>uincrs. as 
Exchange (Comc.v) daily .-pot Exchange is currently freer In well as go verwwv? Is. 
quotations. This radical change reflect supply and demand f twees if current prcdictinju of 
in attitude by one of the pre- than it has been fur a long time, shortages developing arp correct 
vious most fervent supporters It was this new frednm, and | ratio should he playin’-' n 
of the producer price concept, move away from the producer mnve jt-u-.e role in tlio Ex- 
tras soon followed by another price concept, lhat encouraged change as the surplus sme-k* 
leading U.S. producer, the Exchange to persist with the dwindle away and consumers 
Anaconda. Other producers in introduction of ils aluminium nre forceil tii look fur aH>*rna- 


receive over 50 per cent of vnies- ,^ n |.- e j iruar% » op cnme jn tn members' guarantees will in prices recently surged speetacu- the U-S. have been forced tn futures market despite bitter supplies from the Meial 
for re-election anti io per cern. ;^, , ipt . ratinn l>n .j„ ne j, future be more closely linked la rly upwards dose to the record adopt a far more flexible pric- protest frmn the producers and Exchange. U«7fi could well 1* 

u a non-member. But in. ... T(1p mn nmirms system is the with their volume of business, levels reached in early 1977. All in 3 system more dependent on some pressure from the UK ihe prelude in the expected ex- 

precedent may wen nave c«ni prom i.se offered by the Metal The outlook for business on markets promise to be rather changes in the free market. Department of Industry against phi-urn in l*:i-e metal prices 
set to sprrari merabershrp uf lire .g xe h an g e - t „ me€t pressure, the Metal Exchange is now look- more active next year than in where the Metal Exchange the idea. Similar opposition is during the 19SOs. 

" including from the Bank of mg brighter after a long period 1978 unless there is a major wields the dominant influence, expected if it is eventually de- Meanwhile, the decision in go 

~ -hi . . th^ringlaml. for the introduction of in the doldrums. There are industrial setback in the U.S. This move away from pro- plded 10 ahead with a nicke a h car j with the aluminium 

!!r uc * during house to improve the definite signs that the surplus of and world economies. Produo- ducer pricing comes at a time “‘| u J res contract. But the Metal f lJtures comrui i. and th<- move 

oroKerage nouses in view oi iis . flnan cj a i stability of the market, supplies that has so depressed lion cutbacks because of low when politicians and Govern- Exchange claims it is proyid- l0 |, roaf | en j*,,. j-mc-dealiiig 

connections with tuiopean j 5 as j t . a jjy t the monitoring copper and zinc prices in the prices have brought shortages ments throughout the world in * ajj international pricing, membership m take inm 

trade interests. System is aimed at avoiding the past few years is gradually in concentrates of copper and arc committed to seek for more a " d hedging, medium that act -ount mure modern devclop- 

Another innovation, which build-up of potentially disappearing bringing a much lead, whieh are starting to affect stabilisation in raw material should not be unduly influenced menlSi S b„uid enable the Ev- 
could bring profound changes in dangerous situations by provld- firmer undertone to the market, output of the refined metal prices, including metals. But the °y aomesllc interests. change t<» rope better with 

the structure of the Exchange, is jlng more comprehensive Tin prices have again hit record supplies. Tin is already in failure, for example, of copper The Exchange claims tn pro- likely challenges tn its repuie- 
Ihe monitoring system that is , jnfprmaUon about members’ levels, because of an acute shortage, and the huge surplus producing and consuming enun- vide the “rear’ price of any tinn as the leading pricing 

scheduled to start a trial period dealings. A side effect Is lhat scarcity of supplies, and lead of zinc ' has been reduced tries even to agree on setting commodity hy reflecting all in- medium for mui-fcrmim metals. 


^SV»%VAViPAPiWb*iW«ViV*V§V»ViV(rrrWiViV«V»V«W** e a 


“No publicity whatsoever 
is associated with our trading activities. 

On the contrary!’.. 


his was how Wilhelm Merton, founder of 
[etallgesellschaft in Frankfurt, described the 
yle of his Company. A spirit of enterprise, 
ability, watchful observation of the market and 
irewd planning provided even at that date the 
ipetus for the launching ofMetallgesellschaft 
a worldwide organization for international 
iding in metals and ores. Today the Frankfurt 
Dmpany, with its research, mining, smelting,' 
ocessing, engineering and plant contracting, 
well as transport operations, is one of 
e leading trading concerns in the. world. 


In the world of today, a good show is no longer 
performed discreetly, behind the scenes. This 
also holds good for the Hading activities of 
MetallgeseUschaft Backed by tradition, experi- 
ence and a considerable financial potential, 
the experts of MetallgeseUschaft are also active 
at the LME on behalf of the firms of their own 
Group and of 
international 
customers 


m .'etallgesellschaft AG 
euterweg 14, Postbox 3724 
■6000 Frankfurt am Mainl 


etallgesellschaft Ltd.* 
-21 Great Tower Street 


andon EC3R5AQ 


ie Ore & Chemical Coip, 
)5 Third Avenue 


ew York, NY 10016 




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BESS 


KlfeiPH 




New outlook 


Established in the City of London for over a century, 
BNP Limited is an international commercial bank. 

As a member of the BNP Group one of the , < 
world's largest banks, BNP Limited belongs /m 
to a network extending over sixty-eight yr Y 
countries. jk- 


Mr. James Fleming, Commodities 
Manager, will be pleased to 
advise you on the bank’s 
range of services to the 
commodity community. // a 


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| ill Banque Nationale de Paris Limi^ 

l* p g 8-13 King Wflfkmi Street London K4P4HS, Telephone: 01-626 5678,T!^ex: 883412 BNP LNB 

•» Also in Kni^ilsbrici^ Birmingham, Leeds ard Ed ir^r^ 

• ■•MIHtMlNIimt «L .. . _ . I I • 

w 9 RNPf^r«e^H»orlOff>^V>[VMiUwrnnmJfnlwn«; Rrin*7Snn9 


BNPGnx^) Head Office; 16 Boulevard des Italiens, Boris 75009 

•V,V.*.SV.V.V.V.%V.V.V.*.».V.V.V.%V. , .*| 


W.VoV** 0 














12 


financial Times Tnes&X i 


GILL & DUFFUS 

Metals 

The Metals Division of Gill & Duff us Limited 


Ring dealing members of the 
London Metal Exchange 

Advisers in L.M.E. hedging and 
financing operations 

International traders in non-ferrous 
metals and minerals 

Gill & Outfits Group Limited 

St. Dunstan's House, 201- Borough High Street, 
London SE1 1 HW 

Telephone : 01 -407 7050 Telex : 887588 

Overseas subsidiaries and associates in 
New York • Toronto • Bahia • Accra - Takoradt • Paris •- Geneva 
Hamburg - Hong Kong • Singapore • Kuaia Lumpur - Munich • Sydney 


LONDON METAL EXCHANGE H 



Plan for monitoring 


stopping 


short of The fairer deal for newcomers 
in the to the LME comes at a time of 


THE PROPOSED system for some way short of a full dear- clear that the LME proposals although 

monitoring dealing transactions ins house system, but in the for Joining the 20th century in direct, iflterfi 

on the London Metal Exchange circumstances, and given the terms of regulation are nothing trading system 

(LME) is expected to be in polarisation of member views if not cheap. none j ess seen by 

action by the middle of nest within the LIME, they probably Understandably the system has --mhpn: « the first step ^ became the first T — 

year. The system will “go live” represent a fair compromise its ertlies. “You get what you full clearing house bullion dealers to join asdS 

by the- end of February and between the two entrenched pay for,” said one exchange ? te ftendant Hnancial members eithevJi 

was emphatic ip his Wlth 811 ™ cHam Sham ‘ Pixlev's w-™ 


the te W the 20th nnntm* in dimet.’ interiere-.ee » ™ .“JSSS'K-Si'SVJ 

system of the LME » „ cbmsf - s memb m hip°& ri rf 

step ?.** 


xae pian is ior me ou or so cau ior me canumauou ux uic underlying nnantaai wearness loose againsi wotenn , wihcirtiarc : 

member firms to supply details present unchecked system. At of the LME. the compensation fund which m of L& 

of transactions daily to the all events the proposals have Most LME members, or at reckoned by outsiders to stana , T ‘ wresel 

International Commodities the blessing of the Bank cf least those with the greatest at around £3im. and 5“ ■ -t 

Clearing House Company whose England, ' influence, have stood out against record of the LME which has Sharp Pixiey is part of the 

computer will process the For their part, member firms any form of regulation for all functioned for a hundred years Ktemwtm Benson merchant 

information overnight and lay are unlikely to quibble about they are worth. This need not with remarkably few scandals, banking group, and one of .firg 

it out for inspection on the the cost of the system. A full necessarilT be diehard tradition- 4^ pressures for change Umhkhi bullion brokers which 

following morning. The inspec- clearing house system would alism simply for the sake of it. citv are probably take part in the daily fine* 

- - ■ ■ thw ”“£ r “ „ than at any time bn Bon silver prices. Ittsura* 



The American 
counterpart 



-clearly been concerned for some the buHion brokers, 
time that the LME should not This Pixlev mnvt% 

■ be left out of this process. coupled with the election of an 

The authorities main fear is American-owned rieg deale- 
ihat LME is far too exposed to suggests that the LME*s days of 
the prospect of total ruip in the relative isolationism are rapidly 
' event of any one member drawing to an end. Drew! 

. running into serious difficulties. Burnham managed to convince 
The new monitoring system the LME board that ting mem. 
should at least reduce this - -- - 

..exposure. In theory, it will 
alreadv- single out any member who gets 
“ -.him'elf into a position of 
allowed open 


bership for Maciszne Watson 
would not automatically create 
a flood of applications from 3 {j 
U.S brokerage 
clearly times are 


sidelines 


have 
whs 

com- level of speculation retaliatory 
ideal action hj' the monitoring cum- 


The major 
ho’j'Ps. But 
changing. 


“ Adjust 

• w 


Thus the 
regulator;.- 



Your bankers for 


IT HAS been a big year for the large captive outlet for their age houses are 
New York Commodities ~ 
change. Its prestige 
higher, the volume c_ . .. _ _ 

contracts traded could reach metals surplus in the world in the early 1970s the brokers Just what _ 

1976 record levels, it is nega? during the past four years of began to look around for other been drawn up and at 

riating the introduction cf poor industrial activity had sources of income and 

interest rate futures trading and brought intensely competitive modities trading seemed -- - 

there are discussions on a pos- conditions to the U.S. market, since around two-thirds of com- mittee would be triggered are 

sible merger with the New York Copper imports into the U.S. modities speculators aiso trade nor - vet known, at least publicly. 

Stock Exchange (NYSE). doubled in the first half of this in securities. * rather more >» ,,r is clear at stase just 
The prestige, growth and J™ J® S®' 000 *°!J“ dubions raie of thumb has it Uie monitoring officials arus „ BIner 

success ' of its transatlantic a lower worEi pnee that commodity trading does would ,f a c f ,s,s did emerge. j- eis ; s not p er jj ajjs ~ rr , 

cousin is important to the Lon- ™ rapared . 1116 _ pn *T weU when securities trading is operational plan at present significant e h a ».^ to which tv. 
don Metal Exchange because of von. Kennecott. faced depressed, so that a diversified iS i0r J he regulatory committee jjg. ^ **? ch *>» 

the close links between the two. mounting stocks and an broker would stiI] m2ke a good rn ** «* an * 10 aa]JS - 

m. u- u ~ urgent need for improved cash uvin® 

b ‘S boost to Comer came flow t0 heIp fi ht off 

m Jlfay when Rmneeott. the cnme decided Th » 

biggest' copper producer in the after much heart-searching 


in.rKiucr.Qn cf a 
systcT. !±r the 
exchange, clueit comparatively 
unsophisticated by the stand* 
ards of other cnaTHUKiity sic r . 


For the outside cheat, of 


commo 


to be summoned to an 
immediate meeting once any- 

thing untoward is spotted. course, the monitoring 
, « is Clear, however, that the offers no more pro:ec5o; dS 

nV rip^ixrf ; 0 itc “ W1 “««« ucaii-swtrenins to new system will have a number the present procedure Baf scis 

""•t + . dec ? ded , lts switch to free market pricing. ^ me 'f er mov ^ ^7 U ,°? t “J of ramifications. Not the least PDrters of tiie scheme p-'-e’o^ 

move successful:/ reca? win ** a fairer deal for “»« 8 MI clearing 

tured for Kennecott its lost sales m ,embers of rhe LME — those would not in this respect be 

and 


fix the price at which a metal 
is sold — in favour of a 

r, “ L..I ' .Cl growui in imports, utner l.S. 

TDflrkct system utSBd on th6 nm^nnjum c M vi it _ . 

nf thA pnnnor cnM nn thp producers fell into .me altboug.. 


f ««« to some extent blocked the 
f f®f growth in imports. Other U.S. anarket - 


H. Albert de Bary&Co N.V 
established inThe Netherlands 


AMSTERDAM: 450 Herengracht phone (020) 21 3312, telex 12029 
R0 tte R d AM: 212 Westblaak. phone (01 0) 1 4 43 1 1 , telex 22608 


copper who have had to put up inviolate either. There is f or 

substantial guarantees in order example no wav a e'ear-? 

Metals brokers and traders m tn join the dealing ring. A house could deal 

London study among, other formula is tn be prepared to failure of a 'e”e- to inee* a 

:hin=s the closing prices on assess ihe amount of credit each conm»iaien« *o ‘deliver nine? 

Comes before U'.ej- bo S in their Oeolinp company will be allv! ” <n . 

round of culls in London that allowed when dealing with the nietal is'sinxa^- 
establishes a rough’ pre-market other members. The formula able 
price. The pre-market period wiu be worked nut on a collec- 
ends when the L3ZE commences live rather than individual Jne 
momentous. Its prestise good. When the five "izsts. 

tared because it rather s ? ?!aI * v a , ve been twice Various criteria -will apply 

free market as af pricing base) Producers, is now the ^ :nc,udl , n f a , . ^^panys asseti, ."SrtST 

because the metis industry is ba f“ ° n whidi pnees are cal- ^ ^ n2ra ^kins and, especially,. ^ ai o ns that' ' dealSTSa! W 

far more integrated in the U.S. cuIate J- and the volume of busi- financial guarantees- ' ro JS^T 

than elsewhere. U.S. mine ness , *“» 4150 Jumped signifi- the ea :*- v afler ‘ provided. The formula for each manirn^^ 

— rt - noon London time. . of the ring-dealing monitor mximia +*»-«» 

made its decision Price variations between LME -will be handed to the maeoen- c ^ — 

no fixed statistics to draw from. 


cost of the copper, sold on the 
daily quotations for enpper at 
Cnmex. Kennecott was pre- 
viously one of the main sup- 
porters of the producer price 
system. 

The U.S. producers had been 
able to maintain- a producer 
pricing system (while the rest 
of the world relirf on the LME 
free market as af pricing base) 


some opted for more flexible 
producer prices rather than the 
full Comex-based pricing 
arrangements. 

Soared 

For Comex the change has 
been 

has soared because it, rather 


than elsewhere. U.S. mine 
producers own a Jarge chunk of cantIy ' 
the fabricating ‘industry that Kennecott 


point here is that the 
whole structure of the LME is 
based on physical dealing, 
unlike that of any other com- 
modity futures market Tran- 


tne fabricating ‘industry that maae its aeosion uerween ume. wiu oc nanaea iq me mdepen- .- L . / 

normally buys metals for semi- May and other producers “d Comex are quickly straight- aent raoaitor-the accountant— ? , ea s^istics to draw from, 
manufacturing into the shapes carae line in late June and eae d ou * b ? traders buying in who will be, in a position to ^. m , e e5Jjnat ® s f ; 
and alloys • sold to manufac- Consequently th e volume oa ?. market and simultaneously check day-to-day dealing levels, ges L U)at nn avora ' T * a * 1h n 
turers or consumers ’ The of contracts exchanged in selling in the other. The LME both on and off the rins* aoainet eXC 3X1 


producers had in other words a August was the highest single bas a further trad 
7 monthly figure ever. The daily rale-afternoon and 


Its tlx j number" 



lhatcoimts 

As a wholly-owned subsidiary of Enfores Ltd, part 
of the Imetal Group, our position in the world's premier 
metals market is supported by real day-to-day 
involvement in' non-ferrous metals, ores and residues. 

As Ring Dealing members of the LMEweve got 
even more impressive numbers behind us than the 
one on our chain 

Like the thousands of metal traders, users and - 
producers worldwide who looktothe LME as their 
business yardstick. 

Not least the hundred and one distinguished years 
of trading the LME can now count to its credit. 

With numbers like that behind us, Entores (Metal 
Brokers) Ltd can count itself more than part of the 
furniture. 



-• wmM 



monthly figure ever. The dally raid-afternoon and any business 
volume of contracts traded Im’s has to be done can be 
jumped and it looks as though cJear ed until Comex closes at 
the total for the year win top 19 - 15 hours London time, 
the 1976 record volume of , The most important differ- 
1.25m. erice between the two markets 

At about the time the copper is that the LME is a physical 
market was taking off Comex mar?5e i- . The standard con- 
submitted. draft interest rate * rac ts assume the ultimate 
futures contracts to the relevant rece ipt or delivery of physical 
authorities and asked the Cora- me }al oh due dates. Metal 
modity Futures Trading Com- delivered on the LME must be 
mission (CFTC) for permission ? f an approved standard and it 
to begin trading. But the official 1S stored registered LME 
deliberations have been rath°r ware bou?es on the Continent as 
protracted and it is unlikely 35 Britai n- 
that the green light will be given _ Co . me * facilities for 
this year. physical deliveries also but con- 

The move follows the success ‘ Tacts ar ? usually closed out bv 
of the Chicago Board of Trade’s 5 evening transaction before 
three-year-old interest rate delivery is required. To some 
futures market; contracts sub- ejcte ° t is therefore a -‘paper” 


. c that on average a fifth of 

selling in the other. The" LME both on and off"the"rins?agairS exeha nge business is transacted 
Ur> ~ * further trading session in sn individual jco'mpany’s ^ or cas ^* 


excess ” Formula. 


r 


Jeffrey Brown 


raitted include “Ginnie Mae 
(Government National Mort- 


h ,, r. 


market. But it is the third 

commodity market in 

gage Association) certificates. world ' s biggest 

three-month and one-vear “““strialised country— as such 
Treasury bonds and two-year J ntal Vrindow on U.S. 
Treasury notes. demand. 

Terry Ogg 


tffcSntores 

(Metal Brokers) Ltd 


Gty Wall House, 79-83 Chiswell Sheet, 

Londoa ECIY4TB 
Telephone OWM 6050 Tele* 8812578 and 887621 

Entores tid-UKaffilfate within the Jmetal Grou p 











■.hr; 




:".t x '■■■ 






But perhaps the most exciting 
development from Comex’s 
point of view is the prospect of 
a merger with the NYSE. 
According to tnp executives of 
both exchanges the merger 
talks are still at a very pre- 
liminary stage and neither is 
willing to speculate on the sorr 
of organisation which mieht 
result from the merger. 

For the NYSE, diversification 
into commodities wiil help offset 
any diminution of its present 
supremacy based on a 90 


_ — — — ,u luk u.jj r or 

Comex the merger would boost! 
prestige and men interesting I 
new areas for growth. 

Comex has happily ridden 
the back of the world-wide boom , 
m commodities trading but it S 
11 •’eiunii its major rial 
tie Chicago Board of Trade I 
whose total volume is mn» *L * 
three times larger^ 

deals in a much wider vaJrietv ' 
products. va net> of 

expansion but it vould Ju 
present a number of nn>hi U1 
Commodities trading P i? b lf,“ s - 
seen by the CFTC S which 
regarded as being lesJ buSjf 
some in the demandfit^"- 
flban the Securities and 
Exchange Commission (SEC* 
The degree of SEC involvement! 
a merger would bring to cnmJ 
modities trading would depend 

on the construction of P the I 
merger arrangements but even 
a very small involvement would 
upset many people active in the 
commodities markets 

I hi?™ T^ e there *>e pro-: 
blems the merger move does I 

have a lot going forT F orT 

start, most of the big broker® 


Ring Dealing Members of the 

London Metal Exchange 

Philipp a Lion 


Contributors to Reuter Monitor, 
for latest up-to-date Pre-market & 
Inter-Office Quotations 
PUNCH ... Lion 


Moor House, 
London Wall, 
London 
EC2Y 5AR. 


Tel: 01-628 3060, 0 1-638 0088. 
Cables: Cnfeniag, London, E.C.2. 

Telex: 888555. 888556. 
Renter Monitor — Lion, Uoo. 







S I AMALGAMATED METAL 

TRADING LTD. 

|j. 2 Metal Exchange Buildings, 
t. Leadenhall Avenue 

London EC3V1LD Telex: 888704 









\ \ ? 


m> ?JL 

■<£ l! V 


r 1 r 7 - ^ 

I JZLp 


lli 


3 F <^\ h 

i U 


Financial Times Tuesday October 31 1975 


LONDON METAL EXCHANGE HI 


FWH ^^^W I W I W fi .Mtw, ..J, 


The metal markets 


metal 


service 


COPPER 


•~iNE BASIC ■:a:isT!i; highlights 
. . il- change m the 1 i;«>pi>e!' market 
unrig i in? pa.-r >ear. In .lann- 
ry cupper stocks held in the 
: -melon Metal Exchange ware- 
; «juies reached a record total or 
’’ ..-ver 645,000 tonnes. Last week 
. test* holdings had been reduced 
j 403,000 tonnes. 

• These figures hide a whole 
inge of background, dcvelop- 

• ‘icnts, but they do illustrate 
Irarly that the world surplus of 
jpper is di.sappearmg as a 
'suit of cutbacks m production 

•'../id improved demand, si ini li- 
lted by four years ui depressed 
• rices. There is now a shun ago 
'f guild quality brands ol cupper 
i Europe, with a large prupur- 
. ' on of the LME warehini-e 
.ocks either held m linn hands 
■' r of low quality brandy. There 
alvi an increasing scarcity 
.'orldwiile of concentrates as 
it hacks :n i ii iiu- production, 

. ecausc nf unccijuuiiiiL' prices, 
'.irgin to bile. 

The annual "matin.!! season ’’ 
piwecn producers and con- 

• imer> nr«.*gcii taring supply cun- 
' -acts for next year ha^ already 

eglin with Zambia indiraiins a 
tarp cti! in its sales cununit- 
iftits fur J979 and head in? a 
‘.-^•luve to establish premium 
. ‘ rices, over and above the Metal 
xehange quota linns, for pro- 
ucer cupper supplied lu the 
articular specifications of the 
uyer. 

‘ Ft is no secret that other 
lajor supplying countries have 
idicated that they too will have 
;; *as cupper available for 
. e.livcrv next year under long- 
;j*ni contracts. Yet sn far 
■■.upper prices have failed to 
c fleet fully the apparent 


reduction in the surplus and 
they stilt remain at uneconomic 
ii-vels fur must producers; 
certainly well below the level 
needed to encourage new invest- 
ment in the expansion of output 
that will be required to meet 
the rise in future consumption. 

One reason for this reluctance 
nf prices to rise is. that they 
already had built in expecta- 
tions of a shortage of supplies 
developing. Another Is doubts 
ahum whether the supply- 
demand balance will continue 
to improve next year. Mew 
production, planned for many 
years, is due to come on stream 
possibly the last major increase 
in capacity far a long period to 
mine. At the same time the 
fail in the value of the dollar, 
resumed inflationary pressure 
with higher interest rates and 
the recent decline in Wall 
Street has renewed fears of an 
industrial setback, if not a 
fully-fledged recession, develop- 
ing in the U.S. during 10 79. A 
no-growth, or small-growth, 
situation in the biggest market 
for copper would create serious 
problems for producers; since 
it is a healthy rise in U.S. 
consumption ui copper that has 
helped stabilise the market. 

It would come at a time when 
the general miniaturisation of 
manufactured products, and 
technical improvements cutting 
back the quantity of materials 
required, has already cut back 
the expected annual growth rate 
in copper demand from between 
4 tu 5 per cent to around 3 per 
cent. 

The U.S. copper market has 
changed dramatically since May 
when KcnnecoM. the biggesr 
dome. sue producer, decided to 


abandon its traditional pro- 
ducer price system in favour of 
basing its prices on the Mew 
York Copper Exchange 
(Comes) free market quota- 
tions. Kcnnecott, which has 
been fighting a long take-over 
threat, claims that it was forced 
to do something to become 
price competitive with imports 
that had grown enormously 
resulting in a build up in 
domestically produced copper 
supplies. In the first half of this 
year it is estimated U.S. copper 
imports soared to over 3120,000 
tonnes compared with the 
previous high figure of some 
370,000 tonnes for the whole of 

irvrr. 

President Carter recently 
rejected domestic copper 
producers calls, backed by the 
U.S. International Trading 
Commission, fur a maximum 
import quota of 300,000 tonnes 
a year, and Congress has so far 
taken no further action on the 
plan to rebuild the strategic 
stockpile holdings of copper 
with purchases of 230,000 
tonnes.- 

Bul Kenneeolt's new price 
competitiveness, joined by 
other U.S. producers, has effec- 
tively reduced the flow of U.5. 
copper imports to a trickle. This 
trend has bpen helped by the 
disruptions in supplies from 
major exporting countries, 
notably Zambia, Zaire and Peru, 
who earlier this year agreed to 
a joint cutback in production 
of 13 per cent in order to 
stimulate prices. 

in fact the cuts in supplies 
were forced on them. Transport 
problems, anil shortages or 
skilled labour and equipment. 


have hit the African Copperhelt 
hard and a further major blow 
was the temporary invasion of 
the Shaba Province in Zaire 
that brought production at the 
Kolwezi mines tu a hall for 
several weeks. 

However, these problems arc 
being sorted nut to a certain 
extent following Zambia's deci- 
sion to forego its political 
scruples and start exporting 
and importing via Rhodesia and 
South Africa. The re-opening 
of the Benguela railway also 
promises to help both Zambia 
and Zaire improve its exports 
and shirt some nf the big surplus 
of supplies — already committed 
for sale but not yet delivered 
— lying uselessly on the Copper- 
beiL So although prospects fur 
production remain poor, there 
cuuld'be an improved inflow of] 
supplies next year as delayed 
deliveries finally come out. 

Labour problems in Peru, 
which brought a cutback in 
deliveries too. now seein tu have 
been settled at least temporarily 
and threatened industrial action 
by workers in Chile has also 
Faded away. In Canada, how- 
ever, the strike by International 
Nickel workers at Sudbury con- 
tinues to hit both nickel and 
copper output 

The key to copper price move- 
ments in 1979 should, therefore. 
a$ always be the likely strength 
in demand. But there is no 
denying that the cuthacks in 
production, and the consequent 
reduction of .surplus supplies, 
should give the market a much 
firmer undertone if nni bringing 
a price explosion yet. 


For up-ro -state information, prices fast executions in copper, tin. lead, zinc, 

silver and atamimora on the London Metal Exchange and coffee, cocoa, sugar 
and rubber on the London Commodity Markets call Rudolf Wolff in London on: 
0J-&J8 8765 and jnNew York on: $Z12) 7250504. 


John Edwards 


TIN 


. IN IS one of the few metals 
here prices are expected to 
ccltne next year. A sharp con- 
rast to this year when values 
ave surged to record levels, 
oib in London and Penang, 
effecting an apparent shortfall 
n production to meet demand. 
Stocks of tin held in the 
london Aietal Exchange ware- 
iou.ncs are currently at. the 
owest level since at least the 
.960s. 

But the major influence on 
he market throughout the year 
nas been the U.S. stockpile — or 
•acher the lack of sales from it. 
"heoretically there arc over 
70.000 tonnes nf surplus tin in 
he U.S. stockpile, but Congress 
■as to authorise any further 
eleases. 

The Carter Administration 
as backed proposals to release 
- - ■ - ---—ro.OOO l° n 8 tonnes — 5,000 as its 
■' ‘ ■■ ■" oiuntary contribution to the 
uffer stock of the International 
v i. — in Council and a further 

‘ ' " ’0.000 for sale on the open 

larkcl. This would effectively 
* M.-«; fiorc than fill the present shnrl- 

: - u i ill in world output, end the 

■arcity of supplies and bring 
rices back to inwer and more 
\ -, r *1 _ ;:nsonable levels. 

i 1 . J I ; However, despite pressure 


from the Administration and 
the powerful sreel lobby, the 
stockpile tin disposal legislation 
became entagled In political 
wrangling in the Congress, 
mainly as to how the funds 
received should be spent. After 
many months of delay, the final 
blow came just before Cungreas 
went into recess for tbe Novem- 
ber elections. ■/ 

In a last desperate move the 
Senate separated the tin dis- 
posal Bill from other stockpile 
proposals and lacked? it on -to 
the Sugar Pricing Bill as an 
incentive for the Administra- 
tion to accept the sugar price 
proposals. But at the last 
minute the. Sugar Bill was 
rejected by the House of 
Representatives. 

So unless a “lame duck” 
session of Congress is held in 
late November, proposals for 
stockpile tin releases will have 
to be presented again to the 
new Congress that does not 
meet again until next January. 

The Administration has 
pledged itself to make new 
efforts, to sain approval for 
stockpile tin releases, especially 
its contribution to the Tin Coun- 
cil buffer stock. But it will 


obviously be many months be- 
fore any stockpile tin actually 
becomes .available. Meanwhile, 
consumers must be nervous of 
repeating this year's perform- 
ance of letting stocks run down 
in anticipation of stockpile re- 
leases and then being forced to 
come back into the market and 
pay far higher prices. 

However, although the scar- 
city of supplies has forced 
prices to record levels, there 
are no growing doubts as to 
whether there will actually be 
a shortfall in production this 
year. Peter Lai, executive chair- 
man of the International Tin 
Council, pointed out recently 
that the deficit in output was 
getting smaller and a balance 
between ', supply and demand 
appeared to be developing. 

Although there has not been 
any great surge in new produc- 
tion of tin; mainly because of 
the lack of new deposits, basic 
consumption is now starting to 
feel the effects of high prices 
and shortages. So although con- 
sumers stocks are currently at 
a low level, and demand still 
buoyant the release of stockpile 
tin next year might he surplus 
to requirements by that time. 

Meanwhile, the squeeze sup- 


plies continues. A change of 
policy by the giant Malaysian 
Mining Corporation, whereby it 
is responsible for marketing Its 
own output rather than leaving 
sales to the smelters, means 
that a lower volume of sup- 
plies is available at tbe daily 
Penang sales. Although this, 
has not reduced the overall out- 
put of tin available, it does 
mean a reduction in supplies 
available to the market making 
it more vulnerable to supply 
squeezes. 

In the longer term the failure 
to find significant new deposits 
of tin to replace the existing 
reserves that are becoming ex- 
hausted must lead to higher 
prices since stockpile releases 
can only cover shortfalls for a 
temporary period. The indus- 
trialisation programme in China 
also means that the Chinese, 
like the Russians before them, 
are likely to turn from being 
net exporters to net importers. 

However, next year should 
see more violent price fluctua- 
tions in the tin market, depen- 
dent on how successful the US 
Government is in persuading 
Congress to release stockpile 
supplies. J.E. 


LEAD/ZINC 


HE “SISTER" metals, lead 
nd zinc, have followed very 
ivergent paths in recent years, 
ui at the moment their prices 
ave been moving in the same 
■; Tec t ion — upwards. 

Lead values recently surged 
■ i the record levels established 
early 1977, after the very 
Id winter in the U.S ; boosted 
■rnand for batteries at a time 
^£hen much of th? surplus 
Ripply had been taken tip by 
Communist bloc countries. 


.... - --} "" Jv'LC-^^eh-a prime influence in push- 

£v«- 0 • prices up. 

£Jv>. i , •^^> t I^y^Ve'stern world consumers 

,rc iuto complacency by 
_,X-c casts that the price of lead 
1 "uid go down in the second 

A If of the year as a result of 
hiced demand and more than 
vjquate supplies. Therefore, 
"ring the icav.nabiy quiet 
^tfsGmner -month ». consumers re- 
■r r :V > -:Jced their ot.icks and ignored 
Jt --i.v '^:?0>Dings from some dealers 
1 production cutbacks in 
resulting from tbe severe 
X^-^ductions in rise output, would 
ySsM-JLv^v -iv*. . fS- i < -c 


v^W**''* ^ a shortage of supplies. 

V \\ /eriThfi sudden entry of the 
\ . -jp-aviet Union, other Communist 

' ‘-y. — — 


bloc countries, and Japan, as 
heavy buyers therefore had a 
dramatic impact on market 
prices when it was discovered 
that there was indeed a short- 
age of lead, despite the appar- 
ently historically high stocks in 
the LME warehouses. 

It was found that a large pro- 
portion uf the warehouse stocks 
were already committed for 
delivery put, and what was left 
was mainly the poorer quality 
brands not suitable for many 
consumers. At the same time an 
acute shortage or lead concen- 
trates. as a result nf lead-zinc 
mine production cutbacks .and a 
recent strike in Peru, has 
reduced smelter output especi- 
ally in Japan. 

As usual scrap lead supplies 
have been attracted to the mar- 
ket by the very high price levels 
that resulted. But scrap lead is 
not in too plentiful supply 
because of the general lack of 
investment in new machinery 
an ", in the construction industry, 
where recovery of old lead pip- 
ing and roofs has already 
slowed down considerably. 

Battery makers, who provide 
the main outlet for lead, claim 
that there are more than ade- 
quate supplies of batteries 


around even to cope with a 
severe, winter. They claim that 
the shortage of supplies is only 
temporary and that prices have 
been ., artificially inflated by 
speculators, who will have to 
take their profits shortly. 

They predict, therefore, that 
as In 1977 prices will soon fall 
back again to more reasonable 
levels, although it is conceded 
these will have to take account 
of higher output costs. In the 
longer term they expect a 
slower annual growth rate for 
lead consumption, with - its 
gradual reduction as an anti-, 
knock, compound in petrol to 
meet pollution regulations, and 
changes in battery manufacture 
requiring less lead. 

The big imponderable is the 
continued strength of Com-, 
muorst bloc demand, from China 
and Russia, as well as whether 
an improvement in the zinc 
market will help restore the. 
production cuts that have hit 
lead output as a side effect 

Zinc prices have been moving 
up steadily as a result of the 
cuts in. output helping to reduce 
the huge surplus of supplies 
that so depressed the market. 
Last week there was a general 
move by producers to raise the 


so-called European producer 
price, at which the bulk of zinc 
is sold, from $675 to $720 a 
tonne. 

The latest increase was 
claimed to compensate for the 
fall in the value of the dollar 
reducing real returns. But there 
has been a general improvement 
in zinc producer returns since 
the price sank to S550 a tonne 
at one stage, although producers 
claim that they arc still losing 
money . at the higher levels. 

*nie reduction in surplus 
supplies has eased pressure on 
the LME values, and with the 
btilk of stocks under the control 
of producers, prices have gained 
ground following the uptrend in 
copper and lead. But zinc con- 
centrates are still in plentiful 
supply. 

Many dealers and producers 
are far from confident about the 
long-term outlook for zinc. These 
doubts are centred on consump- 
tion trends, which are seen to be 
declining in the face of con- 
tinued competition from rival 
materials, including plastics and 
aluminium, and a move away 
from zinc diecastings. the second 
biggest outlet after galvanising. 



BV ■ • 

il»^' . , v ‘ /. ' T • / // CS 

'Sw'-, * ' 'V:." ■ i.-:?- ..w-- :: R-. v r. 

T>$£K >• YoTkj.ix.a-iB 





er. 





' eopold Lazarus Limited 

l^ing Dealing Members of the London Metal Exchange 


Telephone. 01-583 8060 


The Lissaiier Group 


Sharps, Pixley limited 
10 Rood Lane, London EC3M 8BB 
Telephone: London 623 8000 Telex: 887017 


A KLE1NW0RT BENSON GROUP COMPANY 



m 






Copper Cathodes and Wrebars 
Copper Strips and Semis 
Brass Rods 

BrassStripsand Semis . 

ZincZinc alloys, Commerdal Zinc Sheets and Semis 


OPPOSITION TO fbe London With the major .western pro- cott, had abandoned its fixed cent material. 


iator. or investor. / the free 


j crumble, at least among the most likely 'to come from the the New York Commodity Ex- lainly overcome 



m P&one long before the Exchange, Iran, Indonesia, who are either production. s ” u well narcel of 100 

H with Its open outcry system, denied access to the traditional Farther comparison with the change s committe iJS p ' ' 

S became interested in the metal, distribution nbannAis; or just copper market offers additional aware of ^ i aU nchin® a as ‘ be g!® 5 £C *? a }*' ^ r * n 2 

§g used to oppose what they saw as poorly thought of, may wen be evidence that the aluminium spokesmen «»■ “ tr e JL de -T^f -*^2, * Ruqo1e , 

I the LME’s intrusion into their glad to sell their metal on the contract might be able to sue- ceremony for the c the EGV ‘ 

m territory. But now they admit Exchange. ceed. If the annual volume of pressed conftdence tn aluminums market Is sail trying 

5 that they are looking for ways Certainly the committee's copper produced, some 7m venture would relatioa- 

II in which they can use the new decision to base its contract on tonnes, can sustain a market in Ppce was rijtt. l uO ship to ttL OUiSice iree market 

fH contract to make money. 99.50 per cent pure aluminium London and New York, alumi- aiscoum is currently p and to the producer quotes for 

m Whether that Is enough to with no more than 0.40 per cent niuxn’s 14m tonnes-a-year should about £lo. different Qualities of .material. 

M ensure the new market's success iron and 0.30 per cent silicon, prove to be more than enough. However, at the moment itis It still remain? to be S oea 
M it is too earlv to telL The when modern smelters can successful Exchange not there. A tonne of w.d per whether tbe Exchange can offer 

H volume of a in mining traded on regularly produce 99.70 per market in copper accounts for cent metal three months tor- ijj e additional sen-ices of hed*. 

■ the Exchange is still small cent pure metal with no more no more than 6 per cent o, the ward, an the Exchange, is c - ingi and of financing stoeki that 

■ Apart from some 5 000 tonnes than 0.20 per cent iron and 0.10 world’s turnover in that metal, rentiy about £600: EEC jdiny it claims are so valuable, and 

HI traded during the morning of cent silicon, was designed While the free market m alum*- will almost certainly ke nnpa . whether it can find the right 
H the first day (October 2) turn- to give the contract the widest nium has been taking between and delivery would most p price — y, e i ree market mer- 

H! over has settled at about S00 appeal possible. an{ * P er ce ^. Jbjy be i n Rotterdam. chants used to ar^ue that th<? 

M tonnes a day. Tins compares But as long as the aluminium f^mmium turnover, according ur fabricator wantons that Exchange could nn: do anything 

dkiuit O nrv> oaaa « inrluctrv ramoinc oe trorTirallr *0 VaflOUS 6StHQ3t6S« IUCt&l WOlUd I106G tO p3. tilCV Wfiffi JlfJt alro^rlv riiM-i-v 


sufficient discount 


customary 


FJLI. & metals lid, 


International Traders in Non-ferrous Metals and Semis 

jgj Commerddl Union House Sole UK Representatives for 

I impexmetal 


tivcr liaa HKLuefl a r n no nr mjm auucoi wurau/ic. . ■ . _ • — — — . — — — ■* — ™ «• ■*-**- l<iv 

tonnes a day. This compares But as long as the aluminium aiunumum turnover, according UK fabricator wanting that Excbaagecouldanidoanv-th^g 
with about 2,000 to 3,000 tonnes industry remains as vertically t0 various estimates. metal would need to pa. they were no: already doinz. 

a dav in the traditional free integrated as it does at present But in the meantime, the deci- additional £4- or so , >» And it still remains io be seen 

market, which continues along- — with some 70 per cent of pro- si°a to base the aluminium con- perhaps another -.iS deuxery whether the ' western majors* 

side. auction being consumed bv tract on 99.o per cent pure charges, making the total cost contro i over supplies can b* 

There is also fabricator subsidiaries of the material. taken for a good rea- of' the metal delivered to ms broken to the point 'where there 

unabaSd^ oSSdS!, e 22?"55 original produrer-the opposi- is going to .limit its attno- works about £660 per tonne. is M .^equate volume 

ttafrf the major western pro- -? n fabricators, many of Against that a tonne of 99.7 per through the Exchange to keep 


Tel: 01-606 1272/73. Telex: 8811917 


Warsdw 


22T 555 o, Z£ "2.^,'r^sr ? 


- ^Eut at the same time the new men^to^ brS'^imo ““their January sellers will find them- 99 J P« r cent metal, meanwhile, ji s ftTe trains philoiophyTa^d 
contract has ataed?hed i3£e industry. The response of the Pf r «« « .£« 10 per fnnne. has put its services on offer m 

priSV»r ssrr 5 tfkzt ^ tLrsss * e 

metal t?Id”fn EfSlnJSS ^ healthy trade in 99.7 per. nical advantages. For a speed- Grog Smosarski 

by some $100 since it started. Exchange contract was that the 
to about $1,220 per tonne. Exchange would not contribute 

Ian Foster, the chairman of anything to world supplies of 
the Exchange's committee, the aluminium, and that speculation aki ifm 
market’s governing body which a small sector of the market S||_ U r|| 
finally made the decision to go would only destabilise the '*■■*■*■■■■ 
ahead with the new contract whole of it. The majors are 
after some 10 years of discus- particularly proud of the way 
sion, is guarded about the aluminium consumption is 

progress of the new venture. He growing at a more or less ELECTION of London son Matthey, is already a sub- supplies developing, has also 

is “not dissatisfied" with its steady 6 per cent a year under bullion brokers. Sharps Phcey, seriber member of the Ex- encouraged investors to favour 

performance in its first few their ’tutelage. ~ as full ring-dealing members of change, and there seems no that metal rather than silver, 

weeks. The price,- which has Clearly Ian Foster's assur- LM^ highlights the growing reason why the links between Although there is a constaat 
so far moved between £576 and snees, given at the time he an- ^puriaace of its silver market the Exchange and bullion shortfall in new production of 
£606 per tonne in the three nounced the new contract, did " hen il was launched in 1968. market shou id not become even silver to meet demand, the hu:w 
month position, has been ** rela- Uttle to pacify the major pro- ^ new sUver contact was closer. In fact, silver has dis- stocks above Vie around 
I lively stable." and turnover has Queers. He said that it was not opposed by the London appointed many of its previous accumulated over many cm- 

been “ reasonable." the Exchange's intention to ° l M il0n Dr0Kers as being un- supporters by the way that turies means that there is a j 

But the picture -will become disrupt the producer price mSS fiSLJLl!! pric f b f e , failed t0 re f? ond a J real scarcity of supplies. At the 

a little clearer in Januarv when system, only to provide an addl- Sia V n ,f ta ^ cban ^ e ^ spectacularly as gold and same time .he caftrne of the 
the cash quotation starts, and tional service; he noted that S^ d JS,Lf ttr ? rt w d - an mc T ea ^ pI . aBnum t0 tbe unsettled state monetary links, with silver no 
there is some indication of the the Exchange had operated °‘ ume J of bu ^ !1 } ess ^ r T m ? : „ tb . e cu . rren «^' markets and the longer widely used f.«r cir.aee. 

quantities of "stocks the alongside producer quotations ^ nd speculators. ■ who- nil in the value of the dollar means that if ic increadnr’rjr 


ffTODMMl 

International traders in 
non-ferrous metals and minerals . 

Ring Dealing Member of the London Metal 
Exchange . 


SILVER 


Pinners Hall, 

Austin Fri-irs. 

London EC2.N 2BE 
Teleohone; 01-623 5957 
Telex: 367276 


A subsidiary of Cerro Sales Corporation, New York 


ui awuwi ine "ivugsius ^iuuui.ci ijuumuuua V . . . 

Exchange is going to attract, for copper and zinc for many K ,n particular - 

— vnant- Hp levels are established in open -tn-p 


becoming an indnsfris!. rasher 




■■ t.v 



Way, if only to finance their Tiie two markets have thus several gold futures markets, recession in many countries and • 

surplus stocks. moved much closer together, has enabled U-S. investors seek- ibis has also contributed to a > 

Quite possibly the reference “ d a bi § percentage of the ing protection for their money dull market. j 

to the copper market was L ^ E turnover now comes from to buy the “real" thing— gold Recently silver prices have : 

particularly -painful for the ^° ndon bullion brokers, who —instead of using a substitute, moved up strongly, ho* they are 
producers. Only three months a . re thought to own the bulk of silver, as in the past lagging far behind the spec- ■ 

before Ian' Foster made his s* 01 * 5 “ LME The gfwjng fundamivntal tacu,ar Tises ' 'ia gold and » 

announcement in Angus, the warehouses. supply/demamf situation in platinunl - T _ . 

U.S. copper producer, Kenne- Anotner bullion broker. John- platinum, with a shortage of J.E. : 









a modern and professional 
broking company that knows how 
to use the LME to YOUR advantage. 


HP. THOMPSON & SONS im 

8 LLOYDS AVENUE 
LONDON EC3N 3AB 
Telephone: 01-481 4611 Telex: 886035 


King Dealing Members London Metal Exchange 


SEAT 


. Tu Me JALS TRADING. PLUG A 
• . ' ; VO[-iLp WIDE ORGA'-G/. ■'-!!( h: ; k 

■OGC£533FUL GiF_ lAt.S ARK K ri- A^ 


_LONCONEX LTD. 

Lonconex Ring dealing member L.M£. 










-‘V*-® | >5^ 


iV\ 


Financial times Tuesday October SI 1978 


T"W • 



• ■ ■ : T- > • • V rv ■ ■ : 

2 SwJV- 

: -£s^S3SS 



EDlT£b r 'By, 




*t t ? 


Hi 


.'BI^'i* TLi L\ past rti-wa 
srs Armc'.i SU‘?i. the fifth 
rsvst V S. j*T4*l* 1 I'oiiinany ^ n !i 
U-» ramiin-, at hut $g;hn a 
U!'. lias ont> bornm-eU front j f ?• 
nktr 3 (or two da>> But 
rnuzlunn this period it has 
U short lerin debts outstanil- 
-• <>i :.<21 v.ci-r sSfiin an«l i’-Whii 
c? m tun*" :!ii- iigur? lias risen 
around £>5<in:. 

-."I.ikv many other roriipamvs 
i's si.v Armco has been rais- 
u !b> funds in the cunnnemat 
<■' per mark I- 1. This is a short 
-‘rm minify market where cum- 
.. i lit" tan borrow trum each 
- .Jier nr from /inane! a! ins-litu- 
. ;i!li such a* iiisiiriineo c om- 
ul '-s ami pension funds, mneh 
‘ •. ore eheaply un recent yearsi 
'•an liny can from commercial 

•..iiks. 

The paper t.--.ued :n return fur 
l- funds is a bearer security 
hirh cannot normally be 
-.liicd, since (unlike the cor- 
irate of deposit market) there 
.. no sei-iindary market in coin- 
,'cmal paper. Although under 
. cnritiei and exchange com- 
issmn rules, paper c.m hi- 
sited fur up in 270 days wtlh- 
it tin* need to go through the 
■ entry's registration procedures, 
. pr.icuii- the hulk uf the funds 
. e Tur maturity tn around 30 
*>■.’»■ lime or less. 


Major American corporations are increasingly using commercial paper as a means to raise funds. 
Stewart Fleming, in New York, explains why such financing — barred in the UK— is so popular 

U.S. companies ignore banks and 
turn to each other for funds 


TABLE II 

COMMERCIAL AND 
INDUSTRIAL 
BANK LOANS 

(annual averagey— Sbfl) 


1970 

New York 
City bantu 
25.0 

Large weekly 
reporting banks 
78.7 

1974 

36.7 

121.0 

1975 

37.0 

120.0 

1976 

32.9 

110.0 

1977 

32.4 

114.0 

1978' 

33.6 

127.8 


Astonishing 

The gruwih uf till" market 
. .it the past dee.ii/e has been 
•foni-hing. much so that it 
nnv; 3 .-erifuss rival :u cuia- 
ercml hanks as a suitriv uf 
lurt-term funds for the 700 ur 
■ ruin pames who;* commercial 
iper is readily accepted. 

At the beqinnin-j of I9f»7. for 
:a triple. only $13hn of eommer- 
. al paper was outstanding, of 
inch under SI bn wa*. paper 
sued by industrial or com- 
orcral companies ours: do the 
Jiannal sector. To-day the total 
a-- soared in S75i>u and- SI 71 in 
: tiii* is papi.'r issued by enm- 
•inics (like Arnica) which are 
Litside the financial sector. 


Thir biggest issuers remain 
the financial corporations — for 
example mstaJ merit credii com- 
primes like General Motors Ac- 
ceptance Corporation, a sub- 
sidiary of the giant cor com- 
pany. These issuer* generally 
raise their fund* . directly by 
placing the paper themselves, 
vi hercas the non-financial 
issuers usunily go through in- 
vestment bank dealers. 

According in a detailed study 
ju»t published by Geurge M. 
Salem, bank stock analyst with 
New York stockbrokers- and 
investment bankers, Baehc 
Halsey Sinarl Shields, many of 
the . larger corporal! i ins.-, like 
Armen are making less uud (ess 
use uf their bankers fur short 
term loans. 



The day that 
messages, 
took to the air 

The first regular services bv aeroplane carried 
mail rather dun men. i lovvever. the first cxrcndc J • \ 
rrial of messages bv air rook place as ciui\ asrhe Fr.iiu'o- 
Prussian war in 1K7U— 71. Fans was l^esieged for tour ; 
mnnrhs and transmission oi desp.itches oyerlamlw .is 
impossible. So rhe •ingenious Parisians turned rryjhe. • • ,» 
skies. Sixty-six balloons were bundled from |l»e . _■ 
beleaguered da - , carrying some two^uuki-lult" - 
million lecreis.and despatches. 

International Air Conner Services. 

Inrenutional commerce today depends ou the 
speedy' and secure despatch ot dixiumeiUs and 
materials and IML lead the way. with a range of. 
desp.it t h svi reins m stiirev cry neci! and every pocket 
(services start at ^7JMI fur a 2 lb. package). 

So if vi'ii've one blnepniirs, contract renders, 
nnzenr spare parts, all die vital materials ot the modem 
commercial battlefield, to send anywhere in tile 
world, contact IML and well provide you with au air- 
bridge .jet style. 

/ML TheVitaiLink 

Phone Sunbury (W327) 8034 1. Telex 8811248 (LVILAIR) 

(TR IML iii Amsterdam ■ L>ulwi • Kano ■ Lagos - J long Kong 


The reasons for this vary al- 
though there is no doubt that 
a fundamental cause is the in- 
creased sophistication of the 
corporate treasurer's function 
and the emphasis companies 
have been, placing un efficient 
cash management. 

Robert J. Lambrix, corporate 
treasurer at Armco, describes 
commercial papier as a “cheaper 
ami more flexible" alternative 
to bank finance. He says that be 
can get additional funds within 
a few hours of needing them, 
whereas it can take several days 
to raise extra hank finance. And 
now, as Armco heads towards 
a cash surplus he anticipates in- 
vesting in commercial paper 
issued by other companies. 

So attractive has the market 
become that there arc now some 
25 foreign corporations raising 
funds in The U.S. by issuing 
their own paper. The biggest is 
Electricity de France which was 
brought to the market by Gold- 
man Sadis, the investment 
banking firm which dominates 
the dealer placed segment of 
activity and, according to 
George van Cleave, partner In 
charge, accounts for about 40 
per cent of the $2bn of dealer 
issued paper. He points out that 
Electricity de France typically 
lias over Slbn of paper issued. 

Whereas in recent years the 
market has been dominated by 
the larger and more credit- 
worthy companies, there are 
iiuw signs that smaller concerns, 
or even partnerships, can issue 
paper if it is backed by liquid 
assets which ensure redemption. 
This may be one reason for the 
intensified competition which 


TABLE I 

COMMERCIAL PAPER GROWTH 

(end year — Sbn) 


N on-financial 

Financial 

Total 

0.757 

1Z543 

13.3 

7.1 

25.9 

US) 

12.6 

36.5 

49.1 

10.2 

373 

47.7 

12.3 

39.7 

52.0 

14.6 

50.4 

65.0 

17.6 

57.4 

75.0 


1966 

1970 

1974 

1975 

1976 

1977 

1978 <5ept.) 


has emerged iu tlu* pasl few 
months. 

In the summer. Salomon 
Brulhers and First Boston, iwn 
of the leading investment 
banking firms, began a drive 
for a bigger share of the 
business by undercutting 
Goldman Sachs on the dealers' 
lii in miss ion they lake fur 
placing paper with investors. 
Whereas Goldman charged 121 
basis points (there are 100 basis 
points in a % point i on the first 
$150m of paper issued, its two 
rivals have cut the charge to 
10 basis points on the first 
$100 m. Both have sliding 
scales uf ' charges for larger 
sums. 

But perhaps the most contro- 
versial competitive move has 
been the decision by Bankers’ 
Trust uf New York, the eighth 
largest U.S. commercial bank, 
to respond to the inruad* the 
paper market has made iuto its 
commercial and industrial loan 
portfolio, by itself becoming a 
dealer in paper. 

. Bankers' Trust has placed 
paper for International Tele- 


phunc and Telegraph and 
American Can. 

Under ine IHA:$ Glass-Steagal 
Act. commercial banks are 
forbidden to underwrite 
curporate urines, an activity 
legally retried fur investment 
banks. Tu the in vestment banks 
thr* Banker."' Trust move i" just 
another example u! commercial 
hanks trespassing on territory 
they .thought was legally off- 
limits. A similar step was the 
move of commercial banks into 
the private placement of syndi- 
cated loant. an innovation which 
has not been blocked. 

Now. however, the investment 
bankers arc examining whether 
to launch a lawsuit to try to 
block the Bankers' Trust 
initiative, ijucslions which will 
have. to be decided are whether 
the bank is in fact underw riling 
the paper u issues and whether 
commercial paper is legally a 
security. 

Only a few years ago it was 
possible to argue that ihe ex- 
pansion uf the commercial 
paper market was just a cyclical 


phenomenon. Many suggested 
that a? time? when credit was 
scarce ihe ha:ik a wmild prove 
to be The most reliable source 
of fund." and would regain their 
pre-eminence as the muin source 
nf short-ierai muney. 

Now it is easy tu make the 
precisely opposite case. Indeed 
on the basi? of his interview 
with some 2u<i corporate finance 
executives oi many of the 
largest U.S. companies, and on 
his other researches. Mr. Salem 
uf Bachc has concluded that the 
growth of the commercial 
paper market reflects no* only 
cyclical trends but also a long- 
term nr secular development 
which will most probably con- 
tinue to hi; bank fending 
volume, particularly at the big 
New York Guy banks whose 
customer* are the large indus- 
trial corporations with easiest 
access to the paper marker. 

As the figures in ihe accom- 
panying table Cable 1) show, 
while lending to commercial 
and industrial clients by New 
York City banks has fallen 
heavily since it peaked in 
December 1974. the issue of 
commercial paper by nun- 
financial corporation* lias con- 
tinued tu grow (nnn-financiul 
companies provide a relevant 
comparison since it is assumed 
that these corporations would 
ot herw • so he bo rrow i ng f ro m 
their bankers). 

Behind the figure? lie many 
complex trends. Thus, bank 
loan demand in New York will 1 
have been depressed by the! 
sharp growth of foreign bankj 
commercial and industrial lend- 1 
ing in the city. The quiet pacej 
of capital investment by; 


TABLE III 

COMPARATIVE 
INTEREST RATES 

(4th quarter) 

Bank prime Commercial 
rate paper* 

1970 7.00 5.7S 

1974 11.04 9.05 

1975 7.58 6.12 

1976 6.50 5.50 

1977 7.75 6.56 

1978f 10.0 9.00 

* Dealer-placed 'J-6 manths. 

t October. 

industry will have been another 
factor. Moreover many com- 
panies have been husbanding 
cu"h reserves after the shock iff 
tile 1974 credit crunch. Inter- 
national Business Machine's last, 
balance shed snowed cash and 
marketable securities ul over 
$3hn. 

But there is little doubt that 
one of the reasons for the 
sluggish growth of commercial 
and industrial lending in New 
York bank.-, has been the rapid 
development uf the rival com- 
mercial paper market. 

There are a variety of reasons 
why confidence in the commer- 
cial market has grown. Apart 
from the fact that it has. as 
table 3 shows, been cheaper to 
borrow using commercial paper. 
Table 3 understates the interest 
rate spread in favour of com- 


mercial paper since It takes no 
account of the compensating 
balances of up to 3U per cent of 
a loan which banks normally 
require borrowers io maintain 
on i meres! free deposit. 

The market has. for example, 
proved its rcsiliancc by surviv- 
a number of potentially 
devastating crises, in particular 
ihe failure of the Penn Central 
Railway in lt»Tt> with some $70m 
nf paper •luWanding. By that 
time the market was too 
important to be allowed tu hit 
a serious contraction and the 
Federal Reserve tunfc actum to 
ensure thaf the banks could, in 
effect, refinance those corpora- 
tions which were hit by the 
impact of ihe Penn Centra! 
failure on the paper market, i As 
one dealer ptn it. "It is ironic 
that a failure nf a large company 
>h(>uid have lead i«» the market 
being closed to many small com- 
panies."; 


Rating 


Another factor to lend stab- 
ility has been tile fact that it 
is virtually impossible to float 
paper without a commercial 
paper credit rating from one of 
the leading rating agencies and 
probably front "both Standard 
and Poors and Moody's. In ad- 
dition the SEC overseas issuers* 
insisting that generally the pro- 
ceeds of a commercial paper 
issue are used to finance short 
term assets such as slocks. 

Ironically another source of 
stability to the market is pro- 
vided by its main eompetiior, 
the commercial hanks. Issuers 
generally back their paper with 
committed lines of credit from 
commercial hanks, .lust how 
firm that commitment is is de- 
batable and is generally seen as 
a moral commitment rather 
than a guarantee. But when 
several real estate investment 
trusts with between S3-4bn. of 
commercial paper outstanding 
hit trouble, their commercial 
hankers ensured that they did 
not default on their paper 
issues. 


QED : a way to quick cost savings 


PERHAPS THE most neglected 
source of problem-solving talent 
lies with the workers. Often, 
managements fail to ask their 
employees how to make 
improvements and by so doing 
miss talking to those closest 
to the problem. 

^he.. suggestion box may be 
the'', nearest * many companies 
ever, get to inquiring of their 
staff and workers information 
which', could lead to greater 
efficient)’ and productivity. 


According to consul lants. Indus- 
trial Motivation, a recent survey 
showed that, over a year, 
suggestion boxes are used by 
less than 10 per cent of total 
employees. The consultants 
refrain from mentioning how 
many anonymous rude notes 
and toffee papers also find iheir 
way into suggestion boxes. 

Instead they have introduced 
a simple idea to help companies 
tap employees for information 
which will save costs. It is 


How to break from 
a parent company 


gimmicky, and its American 
origins ar? obvious, but it 
seems to have impressed a 
number of British companies— 
50 so far, involving 2O.00U 
employees. Industrial Motiva- 
tion boldly claim the scheme 
has resulted in definable 
savings of over £lm. 

Called QED— Quid Each Day 
— it involves all the company's 
staff in a campaign which lasts 
one month. In this time 
employees seek ways in which 
ft a day tan be saved from the 
operation of their own depart- 
ments. 

It starts with a week nf 
“ leasing " pnsiers, then indi- 


vidual explanatory- letters arc 
seni out by the managing 
director. The campaign itself 
has ideas cards, prizes for the 
best submissions, and " QED " 
mugs for each contributor. 

The consultants claim that 
during the month 60 to 80 per 
cent of the workforce respond, 
and from a much wider cross- 
section than is the experience 
with suggestion boxes. 

In one year. Express Dairy 
( Fond* 1 saved £91.000 at a 
cost uf using ihe scheme of 
£8.000. the consultants main- 
tain. They also say that Vickers 
Medical saved over £20,000 at a 
cost of £2.250. 


DO YOU ALWAYS COMMUNICATE 

THIS WAY? 


' Messages can -be -delivered faster 
^ antf cheaper vv.ib CASE 

communications systems: To find 
out how l he CASE *&ec*.ronic ■ 
Mailbox' car. help yourcompany, 
contact '^aSe today:.. 


□ 


ATSD G '*L i' 
..to 

i'-'O C? 
rr v —OkV **A;. £.' 

T t 90 f. 2-c -- A • jr.-n r_“-_Nv c r t > “ rJ t! a 


TWO WAYS, in which you can 
become your own boss are either 
to start a business from scratch 
or to buy an established com- 
pany from its owners. A parti- 
cularly good example of the 
latter course is the purchase, an- 
nounced last month, of the in- 
dustrial drives division of Eaton 
Corporation, by the division's 
directors. This move was backed 
by the National Enterprise 
Board with equity and loan 
capital worth £270,000 

Such a course is seen increas- 
ingly as being a means by which 
a small operation, perhaps under 
threat of closure because it 
does not fit within a large 
organisation, can be made to> 
prosper and expand. 

It -is felt that there are prob- 
ably aygreat number of execu- 
tives or • directors who would 
buy tbeir company from its 
owners .'if only they knew how to 
set about doing so and bow they 


might finance the move. To pro- 
vide the answers to such ques- 
tions is the purpose of a one- 
day seminar to be held in 
London on Wednesday, Novem- 
ber 8. Speakers will include not 
only financiers and accountants, 
but- also two people who have 
taken the step of buying out a 
company from its parent. 

They are Mr.'; John Fordham 
chairman and managing director 
of the Crow Hamilton Group, 
who will be talking about 
" Buying- from a big company — 
a case study,” and Mr. Roger 
Levick, chairman of Essex Tele- 
graph Press, whose subject is 
" Finding ' and assessing the 
opportunity."- 

. The seminar is titled "The 
Independent Business " - and 
will be held on November 8 at 
the Royal Lancaster Hotel. The 
fee is £75. Details from Invest- 
ment and Property Studies. 
Norwich I louse, Norwich Street. 
London EC4A 1AB. 


Wlwasi 
Investment 
News Letter? 

Simply staled, nunv investors want advice on when and 
where to act Tor maximum profit. The 1C mid-week Market 
News Letter provides just lhal-it sifts al! the facts and gives 
you the recommendations. Get in\ estmeni opportunities 
sent lo you each Wednesday, by taking a subscription now. 


Ptease enter my name as a subscriber. I enc**e: 

■ ' ■ C2a00 lor one year (C32 00 airmail outside UK! (includes filing binder) 

■ f 1500 for a si> months' (rwl subsci^Mion rCl7.00 awmarfi 

| Please invoice (or C2&00. Cl 5.00 (delete as appropriate; 


■ Mr-Mrs/fcfes 

(BLOCK LETTERS PLEASE) 


■ To: MARKETING DEPARTMENT. 

INVESTORS CHRONICLE. *CM.FTF FREEPOST. LONDON EC43 -SOJ 
g Rea Address Greyaloke Place. Fener Lane. London EG4A1ND Reg No 905696. 


!U^y(Q)liinMMQXo 

SERVICES LIMITED 


SEMINAR 

Wednesday/lst November, 
- 1978 

WILL FINANCIAL INSTRUMENTS COME 
TO LONDON? 

HOW ARE U.S. FINANCIAL INSTITUTIONS 
ALREADY BENEFITING FROM THESE 
MARKETS? 

Guest speakers will discuss these issues. 

If you are interested in attending this 
seminar at the World Trade Centre, 
London E.l. on Wednesday, 1st 
November from 10.30-4.30, please ring 


Conti 


Part of the Continental Grain Company Group 

WORLD TRADE CENTRE, LONDON El 9AA 
Telephone : 01-488 3232 Telex : 887438 


iyo 


road rollers with hydraulic transmission are used. : 

Road rollers with Linde hydraulics. Progressve speed 
control with fluctuation foe direction change (forward- 
reverse-forward) are especially needed for. road rollers 
Linde hydraulics provide this with built in cam control for 
stepless speed variation matching ground conditions; 
with ]aw wearing power drive components lor reliability 
and with module construction for easier servicing.. 


Billi 




Linde hydraulics are built into all types of machines where 
increasing costs make higher productivity, efficiency and . 
long life mandatory requirements. For example: - excavators 
and forklift trucks; cranes, combine harvesters, and - 
bulldozers too. In fact wherever economical solutions and 
peak performances are required, you will find Linde'* 
hydraulics - power with control. 

But Linde are more than just important manufacturers in 
. high pressure hydraulic systems. The Linde group are in 
the forefront of the capital goods and services sectors, 
with a comprehensive and forward looking range of 
services for meeting high quality requirements. Leading as 
the way in development and technology Linde have a 
turnover DM 2,100 millions, with a workforce of 19,000. 


Linde AG, Wiesbaden 
Represented by: 

Linde Hydraulics Ltd. 

Nuffield Way 
Abingdon Oxon 

Telephone (0235) 22828, Telex 837477 




Material Handling 
Equipment •' 


Industrial Gases 


Refrigeration 
• and Air v 
Conditioning 
Systems 


" Cryogenic 
and Process 
Engineering 


’ Hydraulics 


Shopfitting 

-Systems 



■> yv-v- ‘■’O'-' 


Machine Tools 
Hand and 
Power Tools 




Cold Stores 


Reciprocating 
and Turbo 
. Machinery . 




r 

i 


J7UUOUUI 




in 

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MA 


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LOMBARD 

More room yet 
for repentance 

BY COLIN JONES 

WITH THE LAST of this year's thresholds standing at 22-23 per 
tax cuts going into November cent of average manual earnings 
pay packets, it is worth seeing for the single and (from next 
what progress Mr. Healey— Apr! If 35-36 per cent for the 
prodded by the Opposition married, there can be hardly 
parties — has made towards anyone in full-time work who 
reducing income-tax. Not a great does not pay tax. No wonder 
deal is the answer. A married the staff of the Inland Revenue 
man with two children under 11 has become so huge. No wonder 
earning the national average for so much thought has been given 
manufacturing manual workers to simplification. No wonder the 
will be paying 23 per cent, of Revenue is so keen to go over 
his total income, including child to computers. A machine 
benefit, in tax and national designed to tax the better off 
insurance. This is less than two does not readily lend itself to 
year ago <26 per cent) but more taxing everyone, 
than under the Heath adnimis- This is not the only problem. 
Iration tlS-20 per cent). As tax thresholds have fallen in 

It is true that personal relation te a verage earnings, they 
allowances have been raised sub- have met supplementary benefit 

stantially in money terms, a new levels coming up. _ Today's tax 

25 per cent, lax tranche has been thcesnalds are equivalent to 96 
brought in. and the basic rate P« « nt «/, the supplementary 
of tax has been cut. But the benefit entitlement level (inelud- 
a verage earner's marginal tax ’ n 3 *be usual rent and rates 
7 m j*e (including national insur- allowance) tor the married 
ance> is still several notches C0U Pl e witnout children, 76 per 
higher than when Mr. Healey cent for those vvith two children, 
came fo power (391 per cent as bb per cent for those li’ith 
against 35 per cent), and tax four. Next month, when the 
thresholds are Sower in relation entitlement levels arc raised 
t u earnings. « P*r cent, the ratios will »*- 

The fait in tax thresholds has - vt ’* lo ' v ' er - 
been especially sharp for ihoie I 

v.'itn children as a result of the I IVdlSlD 
phased replacement nf child ** 

benefit for child tax allowances. in short, m spite of Mr. 
Next Aprih when the child tax Healey's latter-day conversion to 
allowance finally disappears, the tax reduction, we still have a tax 
Tax threshold will have fallen to system and a social security 
35-35 per cent of average manual si-stem, both for different reasons 
*:.irn:p.c<; for all married men highly iahuur-intcnsive. which 
irrespective of family size as overlap. The number of people 
against 51 per cent in 1973-7-= fur y. ho in practice would he better 
iho man wirh two children and 6-* off not working may be very 
per cent for -those with four. It small. So may be the number of 
will so on falling relatively, too. in-.-,- wage earners entitled to 
as long as personal tax allow- familv income supplement who 
ances are re-valued in line with a j sa have to pay tax. But the 
prices rather than earnings. f aL .t the {wo systems do 

overlap has helped to bring the 

171 »i ,■ social 'security system into pub- 

r Ull-tline he disrepute. 

In the long run. a tax credit 

Child benefit— to be paid at scheme might be the answer. But 
the tax-free rate of f-3 a week a it will he a long run. It will 
child from next month and 14 take until The niid-19S0s. at least 
from next April — may be shield- to computerise the Revenue's 
in? the impact upon net family PAVE system. Until then the 
income. But it is the starting basic- 13X structure will have to 
point for tax land for the higher remain frozen. In the meantime, 
rates of tax* which determines obviously, more can be done to 
the Inland Revenue's wurkload. raise thresholds and reduce the 
About oon.ijorj would now be pay- load further up the scale. If the 
mg either no tax. or a lower main personal allowances (other 
marginal rate, had child tax than the child tax allowance 1 bad 
allowances remained ihe same their same real value as five 
as in 1976-7T. and about twice years ago before Mr. Healey 
Thu! number if the allowances came in. the Exchequer would 
had kept their same real value, this year be collecting £libn less 

This is a furi her reminder nf tax. ‘if. in addition, the higher 
the way the* role nf rhe income rate hands were at their 1973-74 
tax system has been changed in equivalent values and the basic 
recent years. Thirty years ago rate of tax bad stayed ai 30 per 
the average manual earner with cent (with nn 25 per cent 
1 vo children paid no tax at all. tranche 1. the Exchequer's loss 
The threshold was too high. It would he f2;.bn. Mr. Healey still 
was only ten years ago that the has a considerable way to go to 
lax hite from his pay packet rose unwind the tux increases of his 
to 10 per cent. Today, with tax first three years as Chancellor. 



\>v" -7- vsr^s 


It’s new, it’s neat, it s 

s *is scintillating sub- patws. A far ^ cry. from the 

LIKE THE advertising industry. —Bartending, Portion Cbntrol Arthur Elton and Edgar Anstey years ago, toofe Saw Combine v^^g^sonal style of the 




extending well into 1980 gf^S^ ’SSt* "g*** f 

It must mean more than a Save (aimed at manufacturers). rll M AMf> um rA &L The conclusion for the his- establishment <>r Europe s hr. 

mere relaxation on budget con- This list is by no means exhaiis- FI Lift AND VIDfcU t ortan s must be that our films gest videoeassette duplicating 

trol. In cold-blooded marketing tive, and at Europe's biggest have become specific, specialised centre— which wiU open early 

terms, the economic justifies- ifimm library— Guild Sound and BY JOHN CHITTOCK ^ - self-interested. Gone are next year opposite the Post 

tion for spending £10,000 on a Vision in Peterborough— -train- — ^ ^, ys o£ grand design or office tower in London. An- 

promotional film may not jng films are appearing with the gp^ 0 f social change. noufleed by Television Inter- 

always hear ^ close scrutiny, frequency of new titles from a historians to look, at those gas dishes seen in this film, had the The current surge of Indus* national a subsidiary of Pianta- 
Faith rather than statistical evi- book publisher. films of the 1930s and then at audience’s mouths watering. trial film activity reflects, in- tion Holdings, the centre repre- 

dence is behind much of the Affi ^ .. of new interest in the first new offerings of the Historians will discover other stead, a spirit of economic sents an initial investment of 

sponsorship, even though the Affirmation of new interest m ^ ■„ igg(k ^ th iuzonans win discover oiaet ;«nn— where the challenges over £*m. It demonstrates the 

occasional classic case does the sponsored film came again apP^c^n B 3^ from the Slgn3 of social changemoiu- optunam-where tue ^ conMenw teat aow aboands ™ 

come along where-indisput- last week from one of Britain s Gas Corporation. contemporary industrial films, are more appa rentlv garding the future of videoed 

ably— it was the film and only oldest sponsors (under dif- _One of lhese new releases, suen as a cautious concern for social problems ^ Uaitnm _ BSW *. B ntw 



lauuvrueu two mms in a new ocij-runiwi. iua» » viripnraKRPttA 

series, Great British Foods, and gas). It is a glossy, attractive one. of. those corporate films nse . of . etectromc medm 

asnateof activitvisDromiePd in unage of an efficient industry that takes the viewer every-- emphasising this trend. \v men opened earlier this month 


Faith and optimism must be ^ 

in good supply then, althongh a spa te of activity is promised in 
the current surge in production 
activity is considerably en- 
hanced by a lust for training 

material. Everyone, it seems, * uc , ... _ 

ia making training films (and The Great British Food series jng to spur the viewer into it none the less has little to which room-bookinfis. informs- that tne British Sponsored Film 

buying them or hiring them): is far removed from the pion- deeper understanding, caring make the viewer care — as its tion and personal service can Festival - sensibly returns to 

thus in recent weeks three new eering films of the British Com- or commitment (except per- introspective title reveals. . ail come via automatic elec- Brighton nest year after a de- 

titlee from Training Films In- mercial Gas Association — which haps, unwittingly, in the bat- Paradoxically, some viewers Tronic systems such as viewdata, pressing diversion to Binning- 

t era alio oal for the catering trade in 1935 commissioned Sir tery hen sequence). Forty-two may care more about a film videocassettes and mini-coin- ham. 



Seattle Slew decision due today 

BY DOMINIC WIGAN 

A DECISION on Seattle Slew's autumn grass race are' Tiller, Brigadier Gerard Sily seem? eer- 
participation in Saturday's Overskate and Waya. tain to run her usual game race. 

Washington DC International at _ Turning to today's racing there but I doubt her being quite good 
Laurel in Maryland is due to be is a typically tricky end-of- enough :o concede a stone tc 
made today. campaign card at Nottingham Bill Eisev’s Safety Measure. 

Apart from the doubt about where backers are likely to find This three-year-oid by Home 
the triple crown winner the lh ® going hard. Arundel trainer Guard oar of One Pint, e 
formation of the field looks com- j0 “ n Dunlop, who has kept his daughter of the L0D0 Guineas 
plcte Steve Cauthern will be teajI1 m remarkable form since and Oaks runner-up Si. Pauli 
aboard Noble Dancer, while earl >’ summer, has sent 'a strong Girl, did extremely well to beat 

team up to the Midlands track Inca Warrior and "IS others at 
—.1. and it will not be in the least Pontefract last month and ii 

surprising if. he adds another could well be that she has been 
couple of winners to his already let in light! v with eight stone, 
impressive tally. There is no better-bred filiy 

His best ' prospect, in ray in the closing event — the 
opinion, is Faringdon Be!i — Sprinters' Consolation Maiden 
. Midland Nursery. This grey Stakes — than Trenora. a chestnut 

other jockeys already booked are gelding by Mondamus impressed filly by Habitat out of the Queen 
Jean Cruget for Mac Di arm id a. among tb"e runners for the East Mary winner. Truly Thankful. 
Freddy Head for Frere Basille a good many racegoers when Furthermore, her form looks a 
and George Doleuze For Stoned, finishing a half-length third of cut above her rivals. 

At present there seems to be 13 behind Bluebell in a seven- Any improvement on her 
some doubt as to whether Lester furlong nursery at Newbury last second-placed effort behind Lily 
Pissoit or Willie Shoemaker month and his ru nnin g ‘there Marlene in a 18-runner event si 
partner Trillion. The suggests that the additional LinsSeld should see this Daniel 
American jockey rode Maurice furlong of today's race will suit W:lden<:tein owned filly setting 
Zilber's Hail to Reason four- him ideally. the belter of Cornflowers 

year-old in the Are, but il is if he can give nearly 20 ibs daushter. Muppet. who showed 
worth remembering that he said to Miss Admington. the Dunlop a Willy at Wolverhampton on the 
after the race: *' Had Piggott or juvenile who has the assistance first of her two appearances. 


RACING 

BY DOMINIC WIGAN 


St. Martin been on mine she 0 f Pat Eddery should be able 
would have won. She needed a to gain an overdue first success. 
s ^9 n 2 t0 * Half-an-hour later Faringdon 

gether and that ^v/hjr she came Bell's ultra-consistent ' stable 

off a true course. companion. Brig of Ayr will be 

The three other confirmed run- trying 10 regain winning form 
ners for America's major in the final handicap. The 


NOTTINGHAM 
1 JO— Li lab Helen 

2.00 — Rebecca Maid 
2J30 — Faringdon BelF* 

3.00— Safety Measure* 
3.30 — Calling Low 

4.00 — Trenora 


ENTERTAINMENT 
GUIDE 

CC — T-iesc *ctent certain cr«} i I Join ns 

ca-cs -1 ts'esi’cse er il the Box Ottlc*. ' ■ 


‘ THEATRES 

MAY FAIR. 629 3DJ6. Evp. 8.00 Sal 
'5.30 and B.J3. WCd. Mali. 2 00. 
WELSH "NATION AL THEATRE CO. 

1 QYLAN THOMAS?. 


THEATRES 

SHAFTESBURY. CC, tjc ecu , 
836 4 255. Osens Cec. 2a *. sj 
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PETER PAN 


Party. Snow 


OPSIA & BALLET 


COLISEUM. Credit carts 01.2*0 5258. 

fl«*-iALsr.& Cl-BSfi 3161 . . / „ 

ENGLISH NATIONAL OPERA ( . "emprESS «ICENIE I 

Ter.*.*,- and SaL 7.00 Den Caries. ; br jtson unc£w " An ei.en.no of i 

pleasure. ..Perfect." “On. ; 


FAIR THEATRE. 01-629 303S- j STRANO. 01-056 2663. Ewurss B 03. 
uq, a a; 7.30. T PerforcLante on/» , MaL Thors 3 CO. Sats. 5.33 art 3 m. 
MARbARET RAWLINGS as ; MO SEX PLEASE— J 


“Ci-Jis. eas::* rjm »ata a cult . . . Kiel Shi— 
“ r.ixhg mas's flraad aaera.“ £»- stand. ;'«SBS5S 
Tenter. *3d Frt. 7JS0: TSe Tales O' I MAY F J 


Thsrs. 7 JO. JaUnthr l04 j Froor. PEC. 76. Plv. 70-30. 2-0 A 4.0. 


N!3kt seats awa.l. lor ail perts. from 
‘OjO€ or. day of parf. Now bim- 
BKfKber 


FAIR THEATRE. ^ 01-493 203*. 

PEC. 7 6. Dlv- 70-30- 2.0 8 
SOOTY'S CHRISTMAS SHOW 


WE’RE BRITISH 
LONDON'S LONGEST LAUGH— 
OVER 3.DOQ PERFORMANCES 


i NATIONAL THEATRE. _ , 926 2252. 

I OLIVIER (Open stafld. Tc nja»H_ aHa ro- 
C DYE NT GARDEN. CC. 243 7 066. [ ^SSIL 7 " 302 ™ E DOUBt£ DEALER bv 
C nPFBa 0i “ 6SKJiU ' ; LYTTELTON t proscenium VW- Tp»J8M 

w.. tSz l%r&i ot 2S£ cou bi Bcn - 

'Ji'pjS * -WOE DOWN a* Kc.tn OW.WK. from 

SWto? MSsSTiS- the CcS: j cKenf 500 ^ 

3CT«. . r. .3 m Oil d« C! pen. t ^ ^^ormance. Car nark. Renaurant i 

SADLER5~ WEtAS*~~WEATRE. ^AcWfaefTV f = 033 - CrCCli 1 

An. 2.C.I. 5JT “672. Eags. 7-30. j OPEN SPACE, ^387 5969. j 

HANDEL OPERA ' ’ - BECKETT DIRECTS BECKETT > 

5 TT. 15. 17 : UNALOO i Ertsame — Kracp's L«; Taoe | 

Nil. -.3 t* 76. IS: SEMEL1 I Tins, ta Sun.. No* 7 to 26. ,.30 pm 

j Ring 8a* OWice lor MU«s. 


ST. MARTI NT 5. CC. of. 336 |«T 

Ecga. 8.00. Matinee Tuea. 2.45. 

S.OO ar.tf e.CD. 

AGATHA CHRISTIE'S 

THE MOUSETRAP 

WORLD'S LONGEST EVER RUN 

261* YEAR 


TALK OF. THE TOWN. CC. 03-734 STsT. 
■ Air-coruuw*«j. From SCO, Sa|~; 
Oanciro. 9 jo SUPERB REVUE 
RAZOE DAZZLE 
at 11.33 MATT MONRO 


theatres; 

A DELPHI THEATRE. CC 07-636 7617. 
CPENiNG THURSDAY NOVEMBER 9. 
Sw.ted Pr te Preelews * fram To-nqi;. , 
E>e»-4S ? 3C Alta sms Saturday 4.00. + 
- BEYOND 
THE RAINBOW 
Ac New Musical 

BOX OFFICE NOW. OPEN 
Crest Cars asiE.ns 01-836 7657. 


niEATim UPSTAIRS. 7.30 25S4 Msn. n 
I Thur. 7.32. Fr» jnS SaL 5 IS r; BtS 
) Traucis Th. Pi 03 on THE SLAB SOYS 

I S*y JChr Birr-.e. 

VAUDEVILLE: 5S6 _ 9ME =r^i. 9 so 

1 AN EVENING WITH OAVE ALLEN 
- UNDOUBTEDLY THE FUNNIEST 
I SHOW IN TOWN ’ Sa- *WtiA 

LI MITED SEASON -am ’ pye 2. 

E xtantfeJ bv public demand. j VICTORIA PAUACt-^C^. 823 473S4. 

f-OLD Vic: 928 7616. STKATF3RP jcHNS 

PROSPECT AT THE OLD VIC { SHEILA HANCOCK 

Today- Wed.. SaL 7.30 1 _ _ aNnic 

A-itncMV Quayie as KING LEAR [ Evga. , JO. Mats. Wft. jivj S*;. ^.aj, 


onlv 12 London performances. " NCbOdy 


'■ BLOCK BUSTING 


with any re&oeci for tne theatre would ( SMASH HIT MUSICAL." D Ma ; 

wart ;o miss Mr Quarto's Lear** F ‘ J uTToruniicc =- 

Thurs., Fn 7.30 Sat. 2.30 ( W* R EH° USE. Dan-xar Tsea'-c Coifl 


Margaret Cour'.cnay Antfiony Ouarle 
.n THE RIVALS 

Sheridan’s comedy, with James Auorev 
Isla Blair. Kenneth Gifbert. Carol. . 

Gllies. Matlhew Guinness. Mel Martin. 1 bco*«-i»i Aifl-vch 

TmuAP L«ir«'n f*hrlf-tHKAr MP-fTlP . 




t--- 

SJ: 



5.55 .\a Jon wide (London and Siarad. 11^5 News and Weather Heart to Heart. 3^0, TJie Sulli- I'niversny Cbahvcse. UL3fl r=- 
South-Easi only) for Wales. vans. -L20 Get it Together. 4.45 iS"- ■S" 1 * 2* J? " ^ h f_ T T. Wer - 

fijlu Nationwide Scotland — 9.38 am For Schools. Magpie. 5.15 Eramerdale Farm. ' 3 051 ^ v al 0u " 

6.50 David Esses (London and 5.55 Reporting Scotland. 6.50 Tom 5-45 News 


South-East only 1 and Jerry. 0.55 Ballad Folk. 10J0 

ir.? „ la J? cs Eurtc s Connections Tuesday Night. 1U5 News and 


1 Indicates programmes in 
black and white 

BBC 1 

0."X am For Schools. Colleges. 

12.45 pm New.-. LOO Pebble Mill. 

1.45 iiiiw Do You Do?. ’.00 'i ou 
and Me. 2.14 For Schools. Col- 
lece- "-0 Pobol Y Cum. S-3- 
fieuionat News for England 
1 except London ». 3.53 Play 
School (as BBC-2 11.00 am). +4^0 

Feii.v the Cat. 4 JJ5 lackanory. the following Limes: — 

4.40 The Space Sentinels. 5.00 Wales — 10.00 am I Ysgolion. (Norwich); Look North (Leeds, 

•John Craven's Newsround. 5.10 555 Wales Today. 6.50 Heddiw. Manchester, Newcastle); Midlands 
Ihe Record Breakers. 7.10 Poboi Y Cwm. 7.40 It Ain’t Today (Birmingham); Points eWst 

5.40 News Half Hot Mum. 11.10 Dechrau (Bristol); South Today (South- 

ampton); Spotlight South West 


H."W Dallas 
S.1H1 Ni.'ws 

0.25 Play for Today 
1OJ30 Tonipht 
11.10 Roads to Conflict 
11.55 Weather Regional News 


Weather for Scotland. 

Northern Ireland — 3.52 pm 
Northern Ireland News. 5^5 
Scene Around Six. 6J50 Bought 
and Sold. 11^5 News and 


All Regions as BBC-1 except at leather for Northern Ireland. 

England— ^55 pm Look East 


6-00 Thames at B 
6-25 Help! 

6.33 Crossroads ' 

7.00 Botanic Man 
7.30 Fantasy Island 

8J30 The D pc hat Connection 

9.00 Whickers World: India 
10.00 News 


HTV 


IJa pm Rpporr Weir Ht-adlin^s. I2S 
Ktwrt Wales Headlines. 2Jfl Hourvpar:- 
520 Crossroads. 620 Rc-50n Wei’. fcI5 
Report Waits. 6 JO SoUaie Maa. 7J»3 
Thrw Li i ile Words. UL30 •• Fire Cart 
Stad.'* siarrme D<?jn ;:«riin and Rotten 
Milctiam. 

HTV Cymru /Wales— As HTV general 

10.30 “ Hammersmith is rint" 5 P"<”„« q*i2 ^ PeaaLdau 

ctarrinP riiToKath NfvjlItfJoo Y Dldd. Coalis. 62 0 * 

starrmg Llizdbeth Taylor 525 y Dydd. idjb Dim out Htfddr-- 
ana ^'chara Burton uum world in acuoo. 1UH2J0 am 

12.35 am Close: A painting by -Moyniban. 

Munch accompanied by the h™ West — as htv genera) seme? 
music Of BartOk except UOOJO-pm Repon West Hcad- 


F.T. CROSSWORD PUZZLE No. 3,810 



ACROSS 

1 One left in front could be 
easily persuaded (6) 

4 Missile projector to go over 
front of ship (8) 


o Transported soldiers on exer- 
cises (4) 

6 Quiet trip? No, yelling! (8) 

7 Sooner tive at the front of the 
ship <6) 


9 Alternatively l drink at the ® P n <-'kel'book all wet outside 
source (6i ' (6> 

10 Measure to make club almost ** Motoring organisation in race 
full (8) or tower (7) 

12 Be about to ask to attempt 14 with . not ^ i n6 

wicker-work (Si ‘ b ? ex ° 1 ^ (7) 

15 ssstffisr-*' - 

3001,1 “ , , nalists on river (Si 

15 Put back implement and 19 Down-and-out could be 

plunder (4) exhausted (44) 

16 Bill makes airman sum up 22 Adder In season (6) 

(7) 23 A fellow is or could be a god 


20 Show by a sign and gamble 
nothing. Understand? (7j 

21 Encourage guide-leader to 
enter river (4) 

25 Modernise and increase 
before time (6) 

2G Distressed with a note noised 
around (S> 

28 Put one in my sack or purse 

(5-3) ' , . . 

29 Summary lo begin again (6) 

30 Put back or relaxed outside 
(S) 

31 Give evidence at trial (6) 

down 

1 Stand the cost of dance and 
game (Si 

2 French fries warm, seen near 
preens (44) 

5 Linger over nothing in 
German volume (6) 


(6) 

24 Determined as scouts may be 
( 6 ) 

27 Buttons on one side? (4) 

SOLUTION TO PUZZLE 
No, 3309 





All IBA Regions as London 


lines. 6-15-630 Report West. 


SCOTTISH 


(Norwich) except at the folio win| tS:_ 

Spot On; Midlands (Birmingham) w 

ANfwTlA US pm Nenrs and Road Report. 503 

Lifelines; North East (Newcastle) A1YUL1A Baifink. SJO Crossoads. 6J0 SwUaad 

Tuesday North; North West (Man- us pm An*ua News, zjm Housoeanr Todiff 650 what ‘ B y ° ur Proiiifin? yds 

Chester) Sit Thi Deawra; South *■■■ About Anglia. 74W Survu-aL juun Eimnerdaie Farm. 1030 Baird Trust 
(Southampton) The Brain Game; SLuiT 1 ?i al ™ ,Betlc Mwicx ' {fn?^L ^ ^ 

~ - ~ “ 

AT SOUTHERN 

^ " u# pm Southern News. 2.00 House 

1J20 pm A TV Hcwsdeslt. 3^ The Elc^ Wrtr. 5J5 The Undersea Adwnrures of 
rric Thcairo 5faowSJ5 Ur. and Mrs 6.N Ca P , * ul Neow- SJO Crossroad*. 64M Day 
ATV Today. 7 .00 Enmerdale Fann T B.3P By t * a l’ includina Southport. T.BO Emmer. 
The Tuesday Movie: “ TTie Lnwrs." star- Farm. UL30 Southern News Extra, 
ring Richard Beckmsale. k.ih am Some- 10 0I ' Hair Is Bach. 1130 Pro- 
thrns Different. Cclebrlry Snooker. 


BBC 2 


1040 am Working for Safety 
11.00 Play School 
2.30 pm Tecair Ltd 

3.00 Film as Evidence 
340 The Living City 

5.00 Open University 

75.40 Laurel and Hardy Show- 
case: ‘ Blotto ’ 

5.55 News on 2 Headlines ■ 

6.00 In the Making 
6.20 Digaxne 

6.45 Mid-Evening News 
6.50 Empire Road 
7J20 The Birds Fall Down 


BORDER 


TYNE TEES 


mo pm Border News. 2.00 House party. T .^ ? Y( ort folhnred h> 

5.15 Jonny Quest. 6.00 LDokaronnd Toes- North-East News Headlines. L20 pm 

& fsw as. a jssm. is 

WU ,- Cta . U, Bortor SPSS'!. » "SHi" 


CHANNEL 


fins Bud Gaziara. 11JS5 Eplloaue. 

ULSTER 


8.10 The Voyage of Charles wSs' oi SS^sjh'iS T^urL LunrhUmo. 4.U tns,er News 

Darw,n A * SbTifoowDS’vwiSiS 

1SL22 C hanp HT l«ip Ni?w^ m o Tiamoho '•j* KlDOTB. o>» Tm Mary Trier Moore 

Stav. EnOTertale Farm. MJO 


9.10 Wodehouse Playhouse 
9.45 Man Alive 
10.35 Floodlit .Rugby League for 

the BBC-2 Trophy MeieorMogiaues. 

1U5 Late News 

,1 »- r~..„ nid Grey Whistle Test 
12.05 am Closedown (reading) 


am”" Sa0a *? r - “■<» QUiflU-. VJ5 b” ! 

am Camnieatalre8 et Prevtonos 


GRAMPIAN 


WESTWARD 


U27 pm GuS Hooej&un's Birthdays. 
_ l-» Westward Neup Headlines. 545 Mr. 

“Jf,™ ™JS-.V2D pm GraBOrtan and Mrs. 6JM Westward Diary. 74M Mind 
5 J '- a, 5 Mrs - Yonr Language. 10 JO Westward Laic 
S£? m i5* 0 .,™ lay ' Home Ground. TJO News. ID JO Barnaby Jones. 1IJ5 Pn>. 

Celpbri t5' Concert Celrtriiy Snooker. LL05 am Faith Fo: 
'Jade Jones). llJfl Power Without Glory. U/e. 

940 am Schools Programmes. Si® Reflections. 12J0 Grampian La to' 

12.00 Charlton and the Wheelies. Nl8m Headlines. YORKSHIRE 

12.10 pm Hickory House. 12^0 
Treasures in Store. 


LONDON 


1.00 News 

plus FT index. U20 Thames News. 


GRANADA 


L26 pm Calendar Nuws. 340 Calendar 
Tuesday. 5J5 You're Only Young Twice. 
6.80 Calendar (Emley Moor and Belmant 


UO Crown Court. 2.(KI Afrer F 

Noon 22; Rfim anrf Read iS« ^ aAS -Cr ossrca ds. 6. Pd Granada " Isn't II ShoeWms ? starrtnu S™ 
rtoon. ZJCO Born ana Brea. 330 aenorts. Iu» KmnwrdMc Farm. 7M Alda and Sdmond O'Bnen. 


RADIO 1 24 7m 2.M MUSIC 31 SL Coorsc's. fimiol ISV McCulloch. 1L45 Tbl Delect. 838 Kaleido- 

(3) Sureanhanlc brandcasL ?.‘ 0 ?i t i??c OD «^r ,a J? ,,1!U!e ,!>1 - 4 - 00 Masler scope. 959 Weather. U50 Tie World 

tmESri R ^ l,aJ ,s ’- “Linjt Jbe 

jsltjs s ijrssrjs Sa?iK«aivsS 

SSSSTn BBC Radi0 . 

EVijp j — m <s> - ssw « 'vffissr a "ssssk ^ a«i ^ w 

Aa Ridl ° - concert, pan Sr Brahms rst. 94S The „ "* ** .*Lriio 2. 6JS Rush Hour 

RADIO 2 LSOOm and VHP Prana®. mjs The Trt«otiaia (SI *£■ tfMon Lire. Pm Cal] ] D . 

% M JI(W cmwMaHf CB Tnm, (serilis -'- !L15 Witches' Brew iSi. UJO Shmirasc. <UB Homo Run. UO Look 

RraSin? m ici bS NWtt'B Black Asm is fanthologr of SlCP. Llsien. 730 Black Londoners ajo 


ALEtRY. US 32TS. CC. blew. 836 7C71-3 
?•-“ S-3o a— _ Party nues mot.. Tux. 

W«! vi fr . 7 .65 an. 77m rj- and Sat 
a zz vs UJ 

A 7MC«JSAVP T'MtS WELCOME IS-' 

LIONEL BART'S •• • — ;il „ 

OLIVER - ■ . (PALACE. CC. 01*437 

-UiRACULGUS MUSICAL." Fir. THr.es. i Me.-.. -Thors. C.00. Frl. and Sat. 6 00 and 
w.lft SOY H'JDD and GILLIAN BURNS. 1 S 40 


Garten Bos O’Bte S5S 'saia. hom! 
Sfiakespcare Co. from 7 -„^l z M 
Pitmicrr Mar* C Manev's LOOK out 
HERE COMES trouble: A*«i.-r 


Tre»or Martin Chris:aaner Nesme. 
-'Tne funnies: Mrs. Mataaroo I sw 
seen.'- The Guardian. -Mr. Quarto's 
Sr Anthony — a wonderful performance 


WESTMINSTER . CC at -« 34 SCSI 

. UNTIL NOVEMBER IB ’ 

Tues- - fri. 7.4S V iv. & Sat. 3.ca 
A MUSICAL^E NTS RTA I NME NT 

THE BUNNY AUSTIN STORY 


sew ESCiClNG FOR CHRISTMAS. AND j JESUS CHRIST SUPERSTAR I TIM ffil Mfi Ab4i4 W iiJRS 

THROUGH 1575 .i fv Tim Rite and Andre w Uo-rd-Webaw * WEBBER'S “JOSEPH C awn LL ^3 

AMAZING TfitHNICOLOUR DREAM. 


AUWYCH. >36 640*. Into. 636 5332 j PALLADIUM, 
ROYAL SHAXESPSARE COMPANY 
reoerta-r. Tan t 730. Seats asailaiue tor 
CORIOLANtrs. "An even-ag bt tree 


CC. 01~I37 7373 

Tuesday Nov. 14 fsr S days only. 
MARY O'HARA 

SWINGLE II and CHARLIE SMITH ERS 
BOOKING new OPEN 


tieas-ca. vsrr” Sun. T;n«. With:] oyyj vrc,n 

VL'diTeW.-. arc Sow tor's THE CHANGE- 1 PALLADIUM. CC. 01-437 7373 

LING__ jTsator.l RSC >iso .« : THEj . Openrng_Dec.__20. tor__?_ Season. 


WAREHOUSE (see under Wi. 


AMBASSADORS. CC. 31-835 1171. 
E«3S. f .33. Tues. 2 43. SaL 5.00 and 3.00 ; 

JAIWltS solan i 

. "A s-jsa.-t: oarfermar.ee.'- FT. 


DANNY LA RUE 

as ” MeiYY '* Widow Twankev in 
ALADDIN 

ALFRED MARKS a* ABANAZAR 
D.lys WAITING. Brian MARSHALL 
end WAYNE SLEEP 
Prcrlew December 19 at 7.30 


WHO KILLED : PHOENIX. 01-83S 2294. Evening at 8.1 S. 

IA CHRISTIE. . - r- i Mato. Wed 3.00. Saturdays 6.00 & 8.40 

1 . . 7 - ....... • Z ' ■■ tim QDrvwp TAvirw m«cui 


'* AGATHA _ 

WILL RUN AND RUN - Gnare.Jit 


TIM BROOKE TAYLOR GRAEME 

GARDEN make «s laugb.™ D. Mai! 
APOLLO. CC. G7-4I7 2663. Erss. 5.CO. I _ THE UNVARNISHED TRUTH 

Mars. Tfiucs 3. CO Sat 5.00 ana b.oo. the H.t comedy by Rgvw RYTON 

PAUL 3ANEMAN LANA MORRIS. : ' _WMV I THOUGHT I WOULD 

DENNIS RAM5DEN . l HAVE DIED •' Sunday T.mea 'SHEER 

-- DELIGHT." £y Slanaam. "GLORIDUS 

CONTINUOUS LAUGHTER “ T.mes. 
LAST WEEK. ENDS SATURDAY 


COAT." Starrirt PAUL JONES- Twee 
Dali*. Oncns Nov. 27. TkksK- C2 £J 
£4. ROOK NOW. LIMITED^ BUN. 


WHITEHALL. CC. 01-930 669 2- 776 S. 

Eves. 8 30. Fri. art Sat. 6.«Yrt *M. 
Paul Ravraand s'«t«: if-.e Sensairsal 
See Re»u» o> cemry 
DEEP THROAT 

Your last shar.ee S3 s«ss 0«r !a eranser 
to Elvtwr. Mancirp Part. 
MUST END DECEMBER 7 


CARMEL McSHARRY 
SHUT YOUR EYES AND 
THINK OF ENGLAND 


rrCKEDLY FUNNY.'* Timcv. "Very j PHOENIX THEATRE, rr 7>a7 

v •pr.T V - VW wlitohmeiL" New . J OPS N fCc NOVEMBE R Sth at 7 O. SLb 


■WICK 

•cr/ 

ARTS TStEATRE. 01-336 2132. i 4t fl 0 - 3 0 - Sit. 'S.O 

TOM STOPPARDS 5 - 

DIRTY UNEN : 

"HiiariPus ... see it." Sunday Time*. ( 

V.onia* la Thursday 8.30. Friday and ■ 

Saturday at 7.00 and 9.15. 


DIANA RIGG. JOHN THAW in 
NIGHT AND DAY 
A New Play br TOM STOPPARD 
Directed b* PETER WOOD. 


8.00. Fn. and Sat. 5.00. 815. Air-con. 
Dominating with unfettered ousto and 


Read. 7 34 4291. Mon.-Thury. 8.00 pm. 
Fri. and Sat. 8. CO and B-45. 1 

BEST MUSICAL OF THE YEAR 
ELVIS 

EVENING STANDARD AWARD 


CAMBRIDGE. CC- 836 6056. Mon. to 
TJior, o.OO. Fri.. Sat. 5.46 and 6.30. 

IP| TOMBI 

EXCITING BLACK AFRICAN MUSICAL 
"Pali* tinfl Musical." E. News. . 

Sear prices £2.00-55-50. 

Dinner and top-price seat £9.50 Inc 1 
FOURTH GREAT YEAR | 

TRANSFERS TO WHITEHALL THEATRE 
DECEMBER 6U 


humour, the BROADWAY STAR." d. Exp. 
SYLVIA MILES 

Towering perlormance " Daily Mail. 
„ VIEUX CARRE 
..... - Tennessee Wiliams 
..-K.« r1cs t llk f "M9IC-” Financial Times- 
■ nere has hardly been a more satisfying 
JSfP: J? 5 . ,n ,h e West End . . . The BEST 
COMIC WRITING IN LONDON/ 5 OH 
Sex running like an etortric current." 
FT- SEASON ENDS NOV. 18. 


WINOMfLL THEATRE- CC. 01-437 6Sl£ 

Twice N.BWly B.OO aro 104JO. 

Sun. 5.03 art E2X) 

PAUL RAYMOND oreuru 

THE EROTIC EXPERIENCE OF THE 
, . MODERN ERA 

Takes to urpre.-cdtuKed .mis what Is 
eerraiS3£.a on w itsae." E Mews. 

: T HIRD GREAT YE AR _ 

W ™ , D , *AM’S C1-B36 3028 CtT 
, BkHS_83S 1071 from 8J3 am Men.- 
Tturs. 8 DC 1 Fn. and Sat SIS aid B.39 
ur '' ENORMOUSLY rich 
. VERY FUNNY.' - trcmei] News 
Mar* tTMaitov't amaat-nit casr-sd* 

„ ONCE A CATHOLIC 

supreme comedy on set art refiiion." 
□ail* TdG-iel:. 

MAKES YOU SHAKE WITH 
LAUGHTER." Guardian. 


YOUNG V.C, 92E 6283. Tcn't Tcmsr. 
7.33. Thur. 2 RICHARD III. Th'Jr.. Frl. ■ 
5ai.. Mon. 7.33 HAMLET, part of 
Shakespeare's snioar ACTION MAH. 

YOUNG VIC STUDIO. 928 6363. Tonight. 

Tom 07. S: Theatre in Education adaofa- 
tton Of Shaws PYGMALION. Thur.. Frl, 
Sat. B: Terence Gree="» BALLROOM. 


COMEDY. CC. 61-930 2578. Ergs. 8.00. 
Thors. 3.00. 5a VS- 5.15 and 8.30. 

Evs 8.00. Sals. 5.30 & B.30. Thur. 3.00 
" The most powerful female acting seen 
in London this year." Ons 
BILLIE WHITELAW 
T. P. McKENNA in 
MOLLY 

by SIMON GRAY. 
INTENSELIY MOVING " E. News. 


CRITERION. 930 3215. CC. 836 7071 -3. 

NOW IN ITS SECOND YEAR 

LESLIE PHILLIPS 
5IX OF ONE 

and a HALF-DOZEN LAUGHS 


A MINUTE." 
SECOND "HILARIOUS" 
LAST WEEK 


YEAR. 


PRINCE EDWARD. CC. 01-d37 6BT7 
Eremgs B.OO. Matinees Thursday and 
Saturdays at 3.00. 

. _ EVITA 

D,f T"” Rice and Andrew Lloyd-Webber 
Directed bv Harold Prince 


Pr ;NCE OF WALK. 930 8681 Credit 

ba>torn b> fai' 08 J? 1 1 weeks only 

before New York. Oaens 7 Nov. lore- 
view Nov. 61. 

ALAN AYCKBOURN s smash- hit comedy 

. » bedroom farce 
11 X OU .. ,JO,,, '» ,,0 h sue Me" D Exi 
a National Theatre Production. 


Credit Cards. Ot-734 1 1BS. 

“fflfc. 9^00- Wed. 3.00. Sat. S.OO. B.SO. 
GEORGE CHAK IRIS. ROY DO TRICE 
.R!CH^"n VERNON. JAMES VILLIERS 
•• °* r DRACULA 

WZ2LING,' £, Sun. " MOST SCENIC* 

[-CRITERION. 930 321 fa. Credit card book- | Plinth. SPE ^™ faStie * AT^ m T °MOffri 
•5? M6 - ’r 7 ,’- Fr -° n, « . NoV c ' X tf 0 "'- 10 MAGICAL." T U llt Sn». ° S 

crarnJeri iron?" S TMeane J ‘°' i RAV ’a? , S RCV u **AR. CC. 01-734 1393 

“THE MOST HILARIOUS PLAY \ M Z°™: 9 PB». 1 1 pm. Ooen Sun. 

FOR YEARS." Fmanoal Times. i presents 

GLPO J0O THE FESTIVAL OF EROTICA 

by Michael Hastings I Fu i 1 T air conditioned 

21 « SENSATIONAL YEAR 


i 5 v^a 3 ?Sp ,,K: ’ ^ \ w 

•■A rare, devastating, lovous. astonishing 
stunner. ■ S. Times. 3rd GREAT YEAR 


DUCHESS- E2S B243. Mon. :o ThurT 
Evenings E.03. Fn.. Sat. 6.15 arrd 9,an 
J OH ! CALCUTTA ! 

The nudity is stunning." Daily Mail 
9tii Sensational Year 


DUKE OF YORK'S. 

Red. price 


CC 01-836 5122. 

TOMORROW SHARP. Subs! 
Evas. ».0 Vo Fn. and Sal. S Zo an^e.30. 

COURTENAY kIndpII 

„ _ CLOUDS 

A i-qmedy by MICHAEL FRAYN. 


5 OO and 8.30. LAST WEEK. 

, NICOL WILLIAMSON 
a virtuoso performance." 2*. Tel. 

„ INADMISSIBLE EVIDENCE 
this is one ol the lew great plays of 
the century/' D. Mall. 


FORTUNE. 836 2238. Evs. 8. Thurs s' 

Saturdays S-00 and B.OO ' 3 ' 
Munel Pavlow as MISS marplf , n 
MURDER AT THt VICARAM 
FOURTH GREAT YEAR 


GARRICK. 




ROYALTY, CC- Of -405 ra/m 

M^div-Thu^av WWIH9S 8.00. R?d2> 
5.30 and B.4S Saturday's S.OO and B.OO. 
London Critics' vote 
■UTOLING BROWN SUGAR 
I , Best Musical of, 1977. 

• rata. - ■ accepted. Major credit 

' cani *- Restaurant res. Ql-aos Td lB. 

■ y. ?. y TWE A T B?t PI -B36 8C88. 

^'w 8E£ , 7 ,li 4772. Tom Conti to 
h- UF ??. ,S ^ ANYWAY? 

f r i^rtc SJfStt' 1£ MOMENTOUS PLAY 
— ua GE YOU TO SEE IT." Guardian. 
Evgs. B.OO. Wed. 3JP, Sat. 5.d5 A BAS 

S £fi£l S ^V” V - . CC 01-836 

01-836 4255. Ergs. BJS. Sat- 5.00. 8.30 
TERENCE STAMP In 
EDWARD GOREY'S 
- DRACULA __ 

..erth DEREK GODFREY 
. ABSOLUTELY STUNNING." 

LAST WEEK. ENDS SATURDAY. 


CINEMAS 

A „BC 1 * 2. SHAFTESBURY AVE. 836 
8461. sept. Peris ALL SEATS BKBLS. 
1 : _B*ATH ON THE NILE fAl. Today: 

3-20 IB-20 peri. Sola OuU. 
f- DEATH ON THE NILE !A». Wt. art 

bun. 2.00. 5.03. S00. 


CAMDEN PLAZA IOPD Camden Town 
Tube). 485 2443. THE BOB DYLAN 
EJIM RENALDO S CLARA >AA- with 
SOB DYLAN A JOAN BAEZ IN 4 
TRACK STEREO. Progs. 2-50. 7.30 

Da.ly. 


CLASSIC T 2, 3. 4. Orion* Street (CPO. 
Torrenham Co act Rd.tBbe*. 636 0310. 
y A • A Progs-: Children half price. 

1 V; Richard Adams’s VFATERSHIP DOWN 
tu). Now wfth Stereophonic Soupd. 
Proas 1-45. 4.00. 6.J5. 8.3S. 

2: THE GREEK TYCOON |AA>. Progs- 
.1.20 3.40. 6.03. 8.20 

3: LAST 2 DATS! THE DRIVER 1AI. 
Progs. 2.05. 4. to. 6.30. 3-40. 

4! LAST 2 DAY5T HEAVEN CAN WAIT 
CA). PrQCS- 1-40. 3.55. 6.1 S, S.35 


CURZON. Curzen Street- W.l. 499 3737.' 
YOU LAUGHED A7 HIS AFFAIR . . 

_ NOW LAUGH AT HERS .. .. 

. PARDON MON AFFAIR TOO! iAAI 
(English Subtltitesl. Film, ac 2 00 (not 
Sun.) 4.05. SJ20 and 8-40. 


LEICESTER SQUARE THEATRE >930 5252) 
THE SOUND OF MU5IC rU). Sep. progs. 
Wfc. 2-30. 7 JO. an. 3X0. 7 JO. Seat* 
bfcbic. in advance by post or al Bo* 
Dflice tor 7.30 prog. Mon-Frl. and all 
progs except Late snow Sat. and Sun. 


ODCON. Havmarket. r930 2738 27711.* 
MIDNIGHT EXPRESS IX) Sep. prog«. 
Dlv. 2 JO. 5.30. 8.30 pm. All scats 
bkble. 


OO EON. MarUe Arch. 1723 2011I2-* 

CLOSE ENCOUNTERS OF THE THIRD 
KIND ia). Sen. proea. dear* ooen Mon.- 
Fri. 2.00. 7-30. Set. 1.05. 4.15. 7-45. 
Sun. 3.00, 7 JO. Al! seats bkble. 


PRINCE CKARLE5. LelC. So. 437 9181- 
Wa I Brian Borowcsyks THE BEAST 
London X Sep. peris. 12.43, 3,10. 5.55- 1 
6,35 *5un. 3.10. S.SS. B.3SL Late show! 
Fri. 8 Sat. 11.IS. Seats bkble. Llc'd bar. 


STUDIO 7 A 4. Oxford Circus. 437 3300. 
1. Jill Clayton rgh. Alan Bates, m Paul 

Maiurskv'i AN UNMARRIED WOMAN 

<X). Prods- 1-05. 3.30. 6.00. 8.35. Late 
show Sat. 10.50. 

*■ Agatha ChrisHe's DEATH ON THE 
NILE iAj. See. peris, daily 2.15. S.1S. 
8.15. Late show Thurs., Fri.. Sat. 11.13. * 
Seats bookabto. . . 


GLOBE THEATRE. 

|«s. 3. 1 5. wed 


F Times. 

01-4 37 ■, S92. 


P4*UL EtMlHGTON ^JULlA" 


"Tms mu S 7*t- T, !?“ 7ASLZ 


nedy 

d?t 5“ ?1 “* : ,aus,1 “' 


maker in LpndS- • □ •*. 

»i2»»ble evering'." Sundmr l T.™‘* :t,T 

GREENWICH THEATRE. 0^836"-^ 

"A Trta-rl-aT Da '‘ d Pwn Rl'I ° 

*" d ••FSat,‘S JrBr, “ 

extraordinary evening- " 


RADI0 4 London Broadcasting 

opeo Home <s> lodudins ub sports 434m, 330m, 385m and VHF 2Blm and 97_s vitf 

Desfe. 2J0 David Hamfltoo (Si IndodlnK SJO am News Briefln®. b.10 FarmLog 5JQ am Morolna Music. 8J0 lm- 

1C and 9JS Snorta. Desk. «J» Waggoners' Today. <L» Today: Magazine, Including stop news, inJOruudon, traveL ^ 

Wall?. 4,« Sports besk. 4JI John Dtmn Ml Prayer for the Day, 7JH and &QQ 16-00 Boon Hayes Show. L 
tS» infijuding Sports pe*. M5 Spom Today's Notre. 730 and SJO News Head- Report*. 100 George Gate's 3 o rwt r.ii 
2!S k 'J JI S. “IJPSJ 1 ?? 14 S5"L 2"**- 745 Thought tor the Day. MS A 4M LBC Reports tconuouesi. siS* At^r 

Polk 78 tsi. 8.02 Tuesday Night la Gala Horseman In the Sky. -9,08 News. 9JS Eight. 9 JO NigMUne. inn S.LJl 

Night. IS). 9.02 Among Tour Souvenirs Tuesday CalL ZOJB News. 1BJS in Britain Extra. -Yisnt 

■Si. oss Sporty Desk. lOJ2 Variety Club. Now. UJO Dally Service, uus Mornnw 
UJ>3 Brian Matthew Introduces Hound Story. 1140 News. 1US Thlrty-UlnaU: fanital Vodin 
Mldnwht, lncludtas 1U9 New. UtMJB Theatre. U3S Lei's Talk About Me. 12J0 V«p»UU. IVHU1U 
am News Summary. News. X2JB pm You And Yours. 12.29 194m and 95.8 VHP 

13 a m/\ <s iri„ X- imp Dt?scrt Island Discs. 12JS Weather; pro- “> Graham Dene’s Rreakf«a 

RADIO 3 4B4m, stereo « VHr gramme news. 1J«J The World At One. fS>. 9J« MtohaeJ Aspol ISi. I2jn mi-P 
6-55 am Weather. WB News. 7JB UO Hie Archers. L45 Woman’s Hour 'Si. 3M pnt Rorct Seem <Si 7 on 
Overture >S). 8.M News. U5 Morrihw Including 2-9L2J2 News. ZA5 Listen With London Today iSi. 730 Talc of tL; 
Concefl ISi. 9-00 News. SMS This Week's Mother. 3JO News. 3-85 Vanity Pair iSi. Ciues— Gillian Reynolds company, uci 
Composer: Shostakovich tS). U45 Plata-. 4JW News. «JC Gardeners’ Question Time. New York ami London and 
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Arts Worldwide. L28 Concert, part 3 tS). On 4. S-*9 The Smith of Sralufl hy J. Johnson's Nlsht Flight ^Si, 


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Financial Times Tuesday October 3L 1078 

Art in Japan 


[Wexford Festival— 1 


The Land of the Inward Eye The Two Widows 


by MAX LOPPERT 


hv ROY STRONG The 197S Wexford Festival was status; the most recent was at o'.\n FITE Symphony Orchesirutbc serond-act prelude a shy vine 

* *“ e a . nd lasl under Thornp- Morlev Cvilesi* in 1976.) The * on tone fnrm as the resident scene— Mr. Pnuniney shy wed an 

..... . . . . . SmiUie s artistic director- rea ‘ fo _ .v: * £>a . v festival orchestra), i-oraprebends undersvandm:, of the opera's 

After the kabuki drama -bad in^ or the ceramics was magical Japanese encounter with the Empress Komyo lie‘ e .an to donate ship. H was not a year of . f t . ", „-***., ,', rnrtn the direction of Smetana's special qualities as deft as the 

-:.f»nc on for two hours even if the baleful influence of European landscape must in- thousands of objects in the Groan miracles or revelations. 'n 7 ‘ ' m £un ( ,i& norenn r bytbn>s .gentle or viva-, ious. the conductor's. Character was 

- c . ur delightful Guide-interpreter the cult of “peasant put*." has evitably he through secondary Buddah of the loaai-ji where | terms either of works or nf per- tna»ed on a one-act Paris farce dramatic movement of his har- sketched 1:1 quick, encreetic 

. uddenly turned in sue and said: diminished Uiuir powerful eon- pieces interspersed with items they, have remained Tor IJJOOi formers; nut the high standards, by Felieien .Maliediie) there is monies, the radiance of his detail: the choral and dance 

isn't it horine. " and applied trial of the hriista. AU this, from their own colled Ion. The years. Each single » s a show- 1 both rnusicat and dramatic, that very !mie suimance; the plot orchestra. He led a delightfully music in which the score 

eiselt to her Penguin pajK-r- beautifully displayed, made a result, by western standards, was stopper. There were einorpidercd j have been a feature of bis reian line is blender and predictable, fresh performance. not always abounds was buoyantly staged; 

avk. SiuiUfiL-ri by ihis slow drainanc contrasl tu the nmrns.s patchy. Certainly the Royal banners and rones, exquisite | were for the most part wqrthilv -nd i: s working out artificially precise in its ensemble tthe en- the dramatic pace was controlled 

.loving misery l wa-s inclined In of kitsch produced as so-called Academy's Constable of a Lund- pieces of furniture and, what 1 . maintained, and the choice of padded out and prolonged. There thusiasm uf the Festival Chorus with a steady hand. It i* not .<n 

•■tree. Kabul:: made Wagner's traditional Japanese craft. The scape and a Lock shone out as remember most, t.wu string instru«[ operatic fare, juggling novelty, is almost an imoalance of tone tended to drive it ahead of the opera ihat invites freakish 

.. . ' -.•'imp take nn the raciness of a latter in the art school we found the jewel of the show. And the tnenis Inlaid wim patterns of, entertainment, and instruction, between tbe riches of the music beat) but exact m its apprecia- experiment of design; Sue 

-'ey duau farce. Was she, al £1, still reeling from the deadening museum's most recent acquisi- ivory. There is nothing to coin- j was as ^un-hackneyed as ever: and the dramatic thinness; in a tion of Lbe opera. Blanc's seis mmqleil traditional 

' idicative nf how a younger impact Dr western bad lasfe. tton, an intriguing tondo atlri- pare with this in tne Europe of Smetana s The Two U'tdour.s. performance of imprecise style. , , protliness with a ski I Till sense or 

; ‘ ' enera lion viewed the traditional Time and a»uin one saw u-ch- buted to Montagna of a Land- the same date in terms of Haydn s 71 mondo della luna and it is the dramatic thinness that LJavid Pountney produced (and harvest season colour- 

. rts of Jaoan'’ I wondered meal excellence of th« highest scape with Castles, shows that quantity, quality' and sophisti- D Alberts Tiefland. The rampant leaves the final impression, a,so PW-ided the new English 

■' okyo tr.j^hl he any modern eitv order applied to suburban h*«h shrewd purchases are still to be cation. conyivwhly of this jollicst of - .. translation, in col lalmratinn with bm.i lie s ca>nn knaik 

*■ nywhere ;md lbe use of English street novelties or the “Blue made for national collections in The myth of Japanese oxbibi- fesuvals has not this year con- ln m . jn > * J > S - The Two Leonard Hancock.!. Except when could once a^ain i tj. jamtvLd 

yns and their preoccupation Woman ” school. • the making. tion mania stems from the sealed a general expression or !!) nf ' A * ,y., ‘ lilVt « 

ith mastering it as a second This brings me back to the Although the exhibition was department stores who each have re sret at ms loss to Sarah Cald- l,ient of t,,e mle lu l "° 


; mguape points tu Japanese exhibition of European land- pleasantly busy there was nothing SU perb exhibition galleries pre- well and the Boston Opera Com- 
*s taring the fate of Lbe Scandi- scapes because surely one nf the like the legendary queues and sc gtjng as it were an amalgam P an >'- 


avian lanyuages within a great problems of Japanese ten- deep _ droves before every pic- Harrods and the Hayward.) . musicians r»f all descrip- 
•••> 'neratloii The assimilation nf creativity is its lack of a eves- ture which one had beep led to popularising exhibitions ■ f ,ons * from Richard Strauss on. 

vocabulary uf the western sihliity to the best of wesicrn expect., I encountered that only _ er y B an important function but!? me ^ uias h - °P pra .seems to 
-'isual arts is by now virtually art combined with an inability tu once, at Nara. It was a Sunday .wg j n no impinge on the r nspi ^®. a specia * affection. The 

;■ Mai. whether in architecture or grasp ils Principles and work and the opening day of the . a j_,. exhibitions staged by the ■ reason “ ^jsy to fathom. It is a 

' ie fine or decorative aris. They from those rather than it*i sur- annual exhibition lasting °Jly a national collections, or these i score “ a1, ' rom firsl note to last, 
ork. as mo=t of us do within race appearance. . Generous fortnight or a selection or the h _ t ainaZ ! 0 3 was that on!? 11 * - lhea, Iii wif b iu lyrical 
• • a internationitl modern sty le ihouuii the Louvre, the Royal fabled Shoso-in treasures. Regret- c _j| BPan i,v at ihc National There is light, air. 

lowing unly for local variants Academy and even f«i* that fully I gave up the battle as mobs ytn h, u X. i’ n Tokvo It was .. an d warmth in Smetana's 

.nd in an age of exhibitions matter the V and A’ have been, or Japanese moved in phalanxes J “rfT 1 ^ n . . m the ahiiitv n? th* n £ cheB F a ; and lhat cas >' fertility 

. es tern art is packaged and the great masterpieces can no from one item to the next. And wrjrt .L m „™ of melody peculiar to Slavonic 


'/Wtfjt' ■'is* 


ork. as mo=t of us do within face appearance. . Generous forlnignt or a seiecuon or toe h „ ost amazing was that on P Mi i“ e W,I 9 ,L ' lyrical 

• • 3 internationitl inndern style though the Louvre, the Royal fabled Shoso-in treasures. Regret- aohv at Ihc National bene d cenc ''- There is light, air. 

: lowing unly for local variants. Academy and even f«i* that fully I gave up the battle as mobs M Tokvo It was -i and warmth in Smetana's 

.nd in an age of exhibitions matter the V and A’ have been, or Japanese moved in phalanxes J “rfT 1 ^ n . . | ft th? awiitv nf ih» orchestra, ami that easy fertility 

. estern nrt is packaged and the great masterpieces can no from one item to the next. And PW . toP « ws t„ won pnmmprm of me,od >' Peculiar to Slavonic 

' lipped for ennsumptiuo by mass longer travel. So ihat 1 he what objects! In the year 75B the Rectors less to woo commerce composers in his vocal lines. 

• idienci* hungry fox these new Sbofa in w Soae ireararies SS2 Examined out of corned, notes 

lages. • : apoots in wnose ireasuries uit«»e on t b e primed page will sowe- 


>^At the National Museum of 
. ester n Art there was an exbi- 
'• ; tii«n uf ** European Landscape 
. * unlink" To me this high- 
gbtcii the very real dilemma of 
. Milling the western from the 
-Menial tradition fur any other 
-json beyond that of ennveni- 
'•-"-ice. In the art department or 
. ' ikyo University we saw the 
grange effect of this division m 
■".■'.e painting school which was 
’ .\ided into traditional and 
• estern. What is more deprcM- 
g ls the impact nf the 
-..■stern iraditmn on Japanese 
* 1. Instead uf boiny. as they 

•• civ. at the centre of their own 
■'■■■ *-ual tradition they have 
_ : actrd themselves on the 
-inges of another and the result 
.'IV ight he paralleled by tbe 
"viivincial art of the Roman 
V lupin* which Lecnmcs cruder 
. . ... id mure derivative the further 
’ :• vay it was from the capital. So 
f ie walls of the beautiful 
‘I useum of Modern Art in Tokyo 
*e hung with distant echoes uf 
'>noir and Matisse or Hockney 
id Leichicnstc-in. Or so it must 
cvitahly appear to The visitor 
oni the west. 

Not ^0 with lbe crafis. In Ihe 
incxe to the Museum of Modern 
rt opened last year there is 
aft work of stunning bril- 
• jnce. One was, it must he 
imitted cheered, to see a 
“rnard Leach pot next to one 
: Hamada. But what was mast 
irilltng was their superb" 
.. odern lacquer ironwork and 
‘ ■< stiles. A case would contain 
kimono draped with wings out- 
- retched like some fantastic 
' oth. chrysanthemum Rowers 
iploding upwards across it from 
ie hem. Or a little lacquer box 
ould be inset with mother of 
carl. The handling of the glaz- 

Elizabeth Hall 


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i The myth of Japanese exliibi- festivals has not this year con- ln many ways. The Two Leonard Hancock i. Except when could once , again ta- admired 

tlon mania stems from the 1 cealed a general expression of m the nappy and .rumui assign- 

i _»_i. . v I r.. rrm t at «, t . |*c e C.„U IlieDt Ot tile title partS III tWO 

English sopranos not immedi- 
ately associated with Czech 
opera. Elizabeth Gale as 
Karolina and Felicity Palmer 
as her sad cousin Anezka itlii- 
second widow and. dram all rally, 
the most fully realised character 
in the piece) com piemen led 
each other beautifully: ihe firsi- 
n.imed bright of voice (some- 
times. in the tricky Theatre 
Royal acoustics, the brightness 
was almos; loo insistent » and 
breezy of manner, the second 
giving an eloquent study of 

pieces redded. It was on a huge times fait to explain why the § ‘ n '* conveyed as much in Miss 

scale (350 exninjts) ranging orchestra should glow as often or - Palmer's ample tones as by the 

from the seventh to the nine- as ro ucb as it dries, why chains p&£\figl juS- " r “i Mpf W- * eMaS' * quiet poignancy of her manner, 

teentn century. Une could only 0 f tonic and dominant harmonies i ^ As X.jdb5!-.«\. the secret object 

marvel, from the total ignorance ] n quick alternation are capable \V~****$$i of Anezka 's affeclmns whose 

of the laxiguage at the intricacies 0 f expressing both merriment ^ ‘X ruse 10 - ain admittancp in 

of toe patterns of the letters and and pat bus. passion and ~ j* wy ..--' Karolina’s estate is the hinge 

tbe elegant way Hie words of a humorous hew ildcrment. Further- .* * ^ uiltit '■x nn '*’h*ch the p!m turns, the 

poem would be made to drift more.it is a “salon opera*’ (the r % Tteuwa-J: American tenor Roberi While 

across a background of colour composer's own designation) in displayed a winsome, co Here- 
with indications of the moon, a which shifi-> of atmosphere are r boy kind of charm and a voice 

flower or gTass bending in the mirrored i»y ihe flexibility nf n letter fitted fnr Stephen Foster 

breeze. form always much loved by bail.ids than fnr Smetana's ne:ir- 

No praise can be too high for musical people, and com plica- ^ heroic tenor line: tlu- stirring 

the Japanese care uf their j t ions of Miuation hy sudden. E minor aria with its hunisman 

historic buildings, nearly all of i sometimes unpredictable, always - - - raS fiwL fuNKif * ‘ * imagery was undernourished, 

which are wood, presenting , exhilarating outgrowths of The retainer Mumhl. a loss 

apuiiing fire hazards. This is i ensemble music — solo voice parts * ,u ^° puri °( a traditional kind 

matched by an almost equal lack twine with and draw in others, " •- • ... . .*■ ^ not easily rendered into English, 

of any sense of environmental simple rinthnts develop com- Ji ^ wa? delivered wish massive high 

conservation. As a result, pound subdivisions in respnosu ; ir--*- ■: - .. . i-pirits by Joseph Rouleau; the 

historic environments have been [to the pressure of situation, iris ' . . effect, while not qutie right, 

destroyed or swallowed up a rich and beautiful score whose- Robert White and Felicity Palmer ums endearing. The wuing lovers 

within a decade. Where once a inventions provide the ear with Lilka and Tonik. exiguous parts 

temple arose from its landscape pleasures both immediate and on whose « ingle number Smei ana 

it now stands an island amidst a longlastlng. Widows is an ideal festival succumbing tu the current pro- lavished the heart-easing melu- 

sea of restaurants, souvenir Yet, in common with all nf opera. The Wexford production, ducer's disease of thinking up diousness that is the thumb- 

shops and office blocks. This is Smetana's romantic comedies though not ideal, was very much distracting stage business to prim of the opera, were prettily 

sad but seems rather, on reflec-! a P ar t from The Bartered Bride, on the right lines, bestowing accompany instrumental music played by Dinah Harris and 

lion, to be the result of an l t? e ' s seldom given out- careful affection on the score intended fur the ear alone — the Bouavenlura Bolione. The news 

entirely different way of looking I s ! de Czechoslovakia. (Produc- and bright bur never garish Overture became a review, by that Scottish Opera is to lour 

at things. Because of lack of i Hons in Britain have been of good humour on the comedy, the bright and bouncy widow the opera in these sets and 

space the Japanese have always student semi-professional Alhert Rosen, conducting his Karolina, of her estate affairs, costumes is good news indeed, 

been concerned with the minute, 

the utilisation of a small area in Wlf'MriDlC MAPI 

which to live in the stylish WieMUKE 

simplicity which is their unique ' " " ' "n 

style at its best. The eye. there- "XT m H Jf 1 

fore, has always been taught to V 1 1 |\ f\ c\ Cl 1 Y*r\ XT' 

focus in rather than to stand back X UJL 1 iVldbLll CUV by RONALD CRICHTON 

and take m the panorama. It is J 

primarily conceded wi thT the . The habit is spreading of invit- mon interpretative gifts, the p learning, beautifully placed. Schubert. Grieg. Ravel fin 

trees rather than tie wood. For «g foreign opera singers newly voice was exceptional and the well forward but not shallow, erratic French), and arias from 

the visitor the result is both acclaimed in London to give song style good. The line in his Chaikovsky and Dow GintMitni and La irurintn. 

incomprehensible and at the recila1 *- Th *y d° so with vary- Loi and behold, the darkly Rakhmaninov groups was In Germ uni's aria from this 

Iiivuuipru»uiu c “*‘ u ina chmscc A fan- ,Un ^ ,.A> /ml,. .. • ■ . i .k„ , . .1 l 


Robert White and Felicity Palmer 


rs indeed. 


Yuri Masurok 


by RONALD CRICHTON 


placed. Schubert. 


The Pursuit of Humanity- An example of the Ukiyo-e style of art 
which developed in japan a round 1600 Scenes from the kabuki 
. were a popular subject 


Riverside Studios 


\T A tT r \ /-*-*<■* <*/■> O -.t rok belongs to tbe second or third sian standards especially, a sadly Aleko — a recording of that bert and Grieg went so natural I v 

\liW V ltr![lNri V #lvfv3r ^l^nTir^rirM of thes ® categories. At Covent limited range of gesture. The would be welcome. lhat . certain Jack of ease and 

1 VV V XV/Ulia V/Viyi OW111W U\sJL Garden Masurok has made a fine voice, allowance made for a few Is Masurok a rare example of in Jaih , h . 

• impression in Verdi roles — rough phrase endings, betraying the Russian singer more at home impassiv “- in 1/1 e itu « ljn 

The members of the New clarinettist Peter SchmidL .that early Septet Op. 20, X wondered * nn>nM .„ natinD ^*1, thp Benato in Un boflo and Posa in initial nerves. remained in other styles? There was more groups was the more surprising 
.icnna Octet ail belong to the he kept his poised and lovely whether good taste was going to .imnlMt h5n?t hasir elements of 1)071 Cqt1 °- lhese Perfor- splendid. (if not always wholly idiomatic) —one would have expected 

lenna Philharmonic. They owe contribution to the Quintet dampen the rollicking spirits of nXmikhViniteM rnmmon ” lance s did not suggest uncom- Masurok's tone is firm and life in the singing in songs hy them to suit Mr. Sheppard well, 
uir collective title, but none of strictly on a level with the string the pjpee. The cool assurance l0 manv different sections of the 

eir personnel to the old Vienna parts— not even “ primus inter of the Octet's leader. Erlc-h av.-mSardP inthTnast counle T _ 1 X 


Schnebel 


meir careers, some never go tur- still and leaving the conven- group muuneti one operatic with piano accompaniment is 
ther than displaying a fine voice tional operatic movements to aria. The ex'cerpt front. Onegin not a verv lire-enbaneing experi- 
in uncongenial circumstances, others) was revealed on tbe con- (which Masurok is to sing at pn ,„ Th ' r _. lio 

Oa the evidence of his Sunday cert platform as aubuvn-haired Covent Garden) was less com- . ‘ , JS u *“ 

evening recital at Wigmore Hall, and cbubb.v, with a stolid if municative than the gipsy's Sheppard, better known as 
the Russian baritone Yuri Masn- friendly presence and, by Rus- cavatina from Rachmaninov's soloist than accompanist. Schu- 
rok belongs to tbe second or third sian standards especially, a sadly Aleko— a recording of that bert and Grieg went so naturally 
of these categories. At Covent limited range of gesture. The would be welcome. a certain lack of ease and 

Garden Masurok has made a fine voice, allowance made for a few Is Masurok a rare example of 

impression in Verdi roles — rough phrase endings, betraying the Russian singer more at home im P assivl ‘- m tne isussun 
Renato in Un hollo and Posa in initial nerves. remained in other styles? There was more 6 rou P s was ihe more surprising 


preoccupation 


eir personuei lu me uiu vicnua paru »— uul even puuiua di me uciei s leaner, anen avant-earde in the Dast counie 

itet; if the distinguished name pares " except in she AUavto-— Binder, seemed not to nm to the 0 c decades- the comDlexitie* of 
okes classical playing of refine- and yet unifa'played nothing- extrovert chirpiness the ntnsic t h e nost-seriat eeneration have 
cot and relish in equal parts. His iir*i ascending phrase glowed invites. But it was needless hero been renlaced bv a disarra- 
c new group deserves it. They mripicnlly. and everywhere lie worry: f rora ^ can- ing. questioning naivety which 

;re acclaimed with due delight displayed a limpid legato which tahile nnward h .«, n^tJnh ilia u*t m »T with *w n « 


John Vallier 


DAVID MURRAY 


Mr. Vallier's Chopin recital on want of brilliance in right-band it lent powerful dignity to the F-sharp Nocturne, with some 


;re acciainien vuin aue aeiigm njspi.iyen a umpru «e^i t a hiie nnward, every solo turn confronts the listener with those Saturday night left no doubt that figurations, perhaps: even the A-flat Polonaise, and kept ihe loss of evocative power. If that 

hSST^ tt -m a i«S 2n x tmiph nf «hnlL was charmingly exploited, within fundamenial processes which go he is, as a distinguished con- Fantaisie-Imprompiu rattled bright little Valse op. :}4 no. 3 indiealed a Chopinesque vein 

dlcnc h c - *t “JS* b ?y* b n e ! r n n?,.; . hi S a crisp Perfectly balanced *° make up what he Thinks of as ductor has declared, “a pianist more than it glittered). . tauily on its toes. The later that Vallier disdains to tap. he 

r £ e j ha d the Octet been per- ness at ihc top seized the atten- p L__i a work of art. In the work or of quite exceptional attain- Fantasy did not figure promt- od. 42 Valse was under-volatile, gave full weight to the other 

itted to ad ve ruse their major non at dramatic points, which in ensemble. The tempi wer e ' SUC h Americans as Philip Glass ments. 1 ’ His strong, balanced nentiy in his Chopin Vallier applied a puzzling rubalo special features of thu; opulentiv 
■rk. the Brahms Clarinet this performance were tnaoe pointedly brisk, but not forced, am j |ji S followers, the concentra- technique echoes the virtues of interpretation, which mostly to the Third Ballade, letting its imaginative music. The tinted 

-untet — but another group witn strongly: ine Quintet resuinny gi ven the grace of the execution, tion is on the pitch elements of an older school of pianlsm; he proceeded along traditional lines sprung triplets loosen often into delicacv of the Berceuse was 

prior booking was down to suffers rrom crepuscular wilt, A a^^tahie performance; the rau6ic: is a repeated: phrase sustains long lines-firmly. and in with ringing confidence. His what sounded like mere duple captured in unruffled calm: the 

=ay the Brahms last week, and and there were uncommon Vienna Octet will he verv really a repeated phrase, or is it the grandest passages there is sturdy rhythms were deflected rhythm. No other private darker currents of the Barcarolle 
patently they exercised their rewards in the Vienna players h . 17 different? Does a chord ever imposing clarity and. finely neither by passing difficulties idiosyncrasies were indulged. and the E-llat minor Polonaise 

:ht of refusal. purposeful shaping of it. »Licuuie uaus. sound the same twice? modelled depth. So mature a nor by the arrival of new Rich, translucent textures surged cleariv over u rock-solid 

it says much for the Vienna At the outset of Beethoven's- DAVID MURRAY Among German composers command of the keyboard would musical thoughts; that was some- were the order of the evening, nillsp Thpr^ „.-,c ^ncic^t 

------ — : : “however this self-conscious in- P ut lhe rnore specialised knacks times exciting, sometimes merely and ihev iefr small room for „ r . 

— vastSation has gone back beyond of many younger pianists to inflesibie-it rubbed the later suggestive ripples. A fresh flavour of expos, t, on w against 

' « jP id V . ■ the finished product of a musical shame — for much nineteenth- Stages of the B-flal minor theme rarely insinuated itself, invention, bur exposition of a 

E ' pitch, to the processes which I century music, it could be a Seherzn of some vital, cumula- hut arrived briskly and candidly searching and eminently serious 

H ll ■ N Bra nil 1.^ Vflr"yfl V produce that sound. Dieter pedagogical mode* (save for a live effect On the other hand, —thus tbe middle section uf the kind. 

xLJ? eJUUk? .VVCU U Schnebel's Mauhoerke (which 


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was completed in 1974 after some 
six years of work, was remounted 
last year for performances in 
'Berlin. Cologne, Darmstadt Graz. 
Paris and Warsaw, and which on 
Sunday night came to the River- 


It Don’t Mean a Thing 


KEVIN HENRIQUES 


Sundavnlp*f7am» to thoRivAr Th,s wefcome Saturday after- Eddie Thompson, who for ten John McLcavy. that chuckling cert. Her jazz-based sly lings sug- 
S.de Studio. narf n f tHa noon 3322 conc e rt to ok its title years successfully competed with man of the trumpet and flugel- gested she could be THE white 

Goethe inaHtntA'L °Th 0 from **“ ™cent BBC-2 series Americans on their own ground horn and adept user or mutes, jazz singer this country has vet 

Km meet tho TWntits " cAriAoi" which Showcased only British in New York, threaleded tbe pro- shared the front-line duties with to produce. Her phrasing a'nd 
Ls concern pd with thA vVJJ ii (lobby the BBC for ceedings together in his own saxist Kathy Slobart who did not jazz feeling are not in question, 

which WP nrti mi into «nnmi Thorp its r etuni !). The series had the inimitable way with over-effu- seem to get into her stride on But her choice of material, espe- 

in rm horo ovronV inH of reminding audiences— sive introductions, some good lenor but whose version of “My ciall.v “Tea for Two" io a ver- 


nrp«AntA(l fnr imr ovag inrl aotj ™i.cw«ii» muaiviaiis »•» on uiouu; «»> u*o j. u-uiu ur more challenging 

* Pwi 7™ imJlrhnfM pare f0 this counlr y too often leads land. His style echoes the flow- phrases and pure, clean trumpet and discerning. Eut she is most 

fnr atnnnir th? iwwhiiPnS t0 un 3 usl neglect and dismissal erincss of An Tatum but in fact tone were deliciously highlighted definitely a name io listen for. 

flmini nn fhn L™ whito ° f the rich > native-born talent in he copies do one. His ebullient on his now regular feature, The two other musicians ful- 


figures on the bare white stage “ ur 


are four closed-circuit television 


ur midst playing and melodic attack, coun- 

The quality of music heard on ter-baianced with lyrical tender- 


Baubles. Bangles and Beads." filling an intpnrtm rote during 
Kay Garner, beard recently on the tw-o-hour concert, which was 


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Stnne* Twn .-sir. pr^T elide nnUel British jazz need never have an Midnight" puts him in Uie fore- comer to the jazz scene, pro- Society, were bassist Lon Skeat 

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IS 


Financial Times TuesdayO^ffiaf^P 


FINANCIAL TIMES 

BRACKEN HOUSE, CANNON STREET, LONDON EC4P 4BY 
Telegrams: Fluntimo, London PSA Telex: 886341/2, 883891 
Telephone: 01-348 8000 


Tuesday October 31 1978 


Without an 
agreement 

THE admission by the Chan- to run a responsible monetary 
cellor of the Exchequer yester- Policy, and quite another to use 
day that no early agreement ■P r * ce controls to block the one 
with toe TUC on pay policy now ^ leE ava i !a . ble company 
looks possible is on the whole 

„ __!• f „ TT tr* "ben mone J JS tight: the result 

a matter for relief. The TUC ^ a fa |j in act j v ity. when price 

seems to have gone to Downing adjustment is blocked, the 
Street not to offer but to system may crack instead of 
demand; and all its demands bending. 

were expensive. The TUC wants j n pub }j c sector a number 
tighter price controls as a sub- G f more absurdly excessive 
stitute for a wage norm. It has dajms^ SUC b as that just lodged 
also been pressing for a £60 by the Iocai authority manual 
minimum wage, and fur Govern- workerSi ^ ~j ust jfi ed » in 
ment endorsement of its terms 0 f the need to eliminate 

, a . 3o ' ho, iC week - If low pay. This can indeed be a 
the TLC had been able to offer problem in two senses. There 
effective wage restraint in are a few industTies in which 
return for these demands, the there j s a danger of exploitation 
Government might well have in lhe 19lh cent sense: most 
been tempted to do a deal. It have been cover * d by Wage 
was. as well in the circum- councils for half a century, 
stances that the TUC had Difficulties also arise where 
nothing to offer. wages are so close to social 

Surface attraction security levels that there is 

ourjuce an rut lion little or no net reward for 

There is of course a surface work. The Government has been 
attraction in the idea that if approaching this on the right 
Government controls can lines with unconditional benefits 
guarantee a non-inflationaTy such as the child benefit which 
environment, then the unions raise working as well as un- 
will be ready to settle for non- employed incomes. The wrong 
inflationary wage increases: answer is to impose a national 
President Nixon, President minimum wage and then try to 
Carter, and a succession of push it up towards the average. 
French and British govern- 
ments have used price controls Soldiering on 
in an effort to allay the fear 


of inflation. In every case the 
policy has entailed a heavy 
price in economic distortion, 
with little long-term benefit to 
show for it Some ■ of these 
efforts have been launched with 
at least the illusion of union 
co-operation. On this occasion 
no illusion was possible. Mr. 
Moss Evans, who can on occa- 
sions at least be blunt, 
explained that, in his eyes, the 
advantage of price control was 


These demands, together with 
the size of claims and the 
despairing cry for work-sharing, 
are a depressing sign of how- 
much still needs to be done to 
show union leaders where their 
own members' true interests lie. 
There is sometimes more sense 
on the shop flour, where the suc- 
cesses of the Government’s past 
anti-inflationary policy are 
being enjoyed, and where fami- 
lies will soon be benefiting from 


that it would prevent employers P°^ c ' es designed to raise in- 
handing on the cost of settle- co !T e: ’ "here there is need. 


meats to customers; he wanted 
the Government to tie their 
hands while he rifled 
wallets. 


rather than earmnss whether or 
not there is any improved out- 

their ^ u *‘ 

Hie government can now only 
_ do its best to try to make its 

In a sense, no one can prevent own policies stick, using s 
union leaders who cannot under- strong pound and foreign com 
stand the role of profit in petition to enforce reality in 
rewarding success and, more the competitive sector, and fight 
important from their point of ing as best it can for rational 
yietv. in financing investment, settlements in the public sector, 
from fighting for claims which n ma v be a traeedv, as Mr. 
will throw their members our Healey and Mr. Heath have said, 
of work. Indeed, as Mr. Healey that this must he done against 
has explained in his Mansion destructive union opposition; 
House speech, the Government but to have bought a distorting 
is committed to monetary and unenforceable ‘‘agreement” 
policies which will produce this at the price asked would have 
result. However, it is one thing been a greater one. 


Health and Safety 
Commission takes 
on Crown Immunity 


u 


BY PAUL TAYLOR 

NDER pressure from the employees, are in theory vulner- where offences come under 
Health and Safety Com- able to prosecution but have no criminal law. 
mission, and in particular recourse to the ultimate weapon For this reason it is likely 


Mr. Bill Simpson, its chairman, of prosecuting their employer that the final solution to the 
the Government is at present through the Health and Safety practical rather than the wider 
considering whether it should Executive. theoretical question will rest 

change the law on Crown Crown Immunity, while not in with the Government The Corn- 
Immunity to rid the Health and itself resting on statute, has its mission said that it has already 
Safety at Work Act 1974 of an roots in the historical theory been given an assurance that 
anomaly affecting over 2m that the Crown cannot prosecute “ there are no insurpassable 
Crown employees. the Crown. Civil, but not legal or constitutional prob- 

frnwn Immnnitv against criminal, prosecutions against lems” in -removing Crown 
prosecution for S Crown todies have been allowed Immunity from the Health and 
SEE such * tho^er since 1947 under Act of Parlia- S^ety atWorkAct 

Health and Safety at Work Act, ment. -JStF r^mmnent 

applies to “the Crown and ail Since the advent of employ- stresses that Government 
bodies which because of their ment legislation in. the 1960s Departments are conatious of 
function are treated as the Acts of Parliament which the Freranans of the Att and 
Crown.” The fuU list of Crown include provision for criminal are implementing them. It 
bodies is very extensive. It prosecution have specifically strongly rejects any suggestion 
embScel aH Gove^nt excluded the Crown from that Crown bo^ are r many 

Departments employing in total prosecution. way more ^^^ns” places to i 

about 600,000 people, the The Health and Safety Com- SS dossier identifying health and live has begun a programme of shown by managements, and by; 

National Health Service, mission is an independent body f “ n “ 2JL2S PaSSment safety hazards in the Crown inspection. * workers wno took chances. : 

Regional and Area Health reporting to Parliament through isan additional hS^Md sector implies that the 2m Mr. Simpson' said it was too I realised that wages and a lot- 



Bill SIMPSON 


Mr. BUI Simpson, chairman of 


the Health and Safety 
Government’s court 


Commission;- the 


Health 
and Area 
Authorities including 
nurses 
area 

research councils and Govern 
ment workshops. 


300,000 Mr. Albert Booth, the Employ- SlmariTf iT'Sotb employees "in" the sector are early to assess the impact of of other things were often 

s * ,? nd „ °. ver ;? 00 ,gTey raent Secretary. Because it is a „ mT ,i nv «p- which is not available exposed to risks which might new legislation on these areas, treated with more impotence 

bodies like Government fringe body performing the . emD i 0 yces in the private have been eliminated had they Once again the main problem than safety.” he said. 

rrh pAunmie and Govern- functions of the Crown its J been working — ♦*»» rtvwmtives '■TradP Hn in n «f«ft'. 


Executive s " Trade union safety represca- 


secior uecu wunung for a different facing the — 

. Executive cannot bring a ^ \. te raeant inie the Com- employer. inspectors appears to be the tatives are he said. “ a milestaae 1 

Crown Immunity applies for criminal prosecution against bas instracted the 2t is not only in the Crown identification legisiat-ou. hot cot a; 

Crown body. The p.jfe.jHtirei fn take two stens *»,•>* tua i mn ,M of responsibility. He said _ milestone we are going to sit 


authorities ^ magistrates and other courts 


F 3 r?V®~| Has ££s£ 

KsEtSS Essays 

and 

Executive 
however, 

notices, mese urown nouces population not previously v ‘ ‘“J oimpsmi relieves magistrates 

come in two forms, the “Im- cohered bv safety legislation. responsibi hty for enfordn., should take 3 tougher 
provement notice for Crown These are ‘the “ new entrsmt® 1 » s 60001115 of L tfl . e . Factories towards offenders. K-? said tr 



industries. 

This means that while the 
Health and Safety at Work Act 
is applicable to these areas and 


Unanimous 
decision 


. „ . . These are the “new entrants/ 

employers” and the Nonce ^ commission classifies the 
that work should be stopped whole of Health Service, 


local authorities also 
example licensed the 


to Crown employees, it Is The th ree CBI- nominated (risk of serious injurv) for 7?® 1 of explosives and petrol, 

impotent to the extent that members, the three TUC nomin- Crown Employers.” ’ Under recent agrei 


i.ne 

”“>■ ‘.Ut.J. li'.- aaiu llW 

. Executive's records wore littered 
storage w ith “nodding fines” for i erious 
offences and believes that saca 


is not enforceable. Sections 20 gtgfi members and the two local 

and 48 of the Act specify that eoveramem nom InSSt of tife 00111 “ Qicaie ““ uie ,''T 
Crown bodie.; have the same °L *?! ca^ot be prosecuted under the 


reement 


\ fines undervalue the importance 


of the work. 

Mr. Simpson , has tirews: the 


Priorities for 
town halls 


THE Association of Metro- The study’s general thrust is 
polltan Authorities, the repre- however unlikely to evoke _ 
semative body for local councils warm nse either f h 
in London and the six largest „ , S t 

English conurbations, published pr “ ent ““““ntion or from 
yesterday a- study ambitiously a ™ ture Conseiyative govern- 
entitled future priorities in ment, even though the AMA is 
local government expenditure, now dominated by Conservative- 
In practice, what the document controlled local councils. Nor 
boils down to is an argument fnr are other local authority 
re-juggl.ng priont.es within associalions . who balieve lhal 

ffrsrar; o hav d e 

grammes in genera, and those SW Se of° a"Se 
of the association s members in ; 

Dartinilar problems of the inner city. 

It is critical of the fact that , ? ely take kintlly t0 ma “y of 
the* fastesl "’rowing" ictor nl 

central government spending is I le ^ 35 c ldea 

transfer payments, such as ,** pn .°. r,Ue ’- In l0Ca J 

social security and aids t0 soverament spending-m a good 

industry. It believes that if ’ 
more were to be spent instead Ju, 
on what the association des- ^ nurene ^ 
cribes as the “productive side” . The development is welcome, 
of public expenditure, local * n tiie first place, because the 
government could make a posi- country is unlikely to be able 
tive contribution both to in- t0 afford as rapid a rate of 
creased employment and 6™wth in local govemmenl 
national economic recovery spending in the future as in the 
without damaging side-effects P as t- 

on fnr example, the rate of Secondly, there is a need to 
inflation. re-assess priorities — cutting 

Thrust * 3ack in some areas 50 as t0 

inrusr provide more resources else- 

For all its special pleading, where — in the short run as well 
the study does make one or two as over the longer haul since 
good points. It suggests that the this year's rate support grant 
money allocated under the job negotiations have again shown 
creation programme and its iocai councils’ spending 
successor, the special temporary Policies will lead in aggregate 
employment programme, to pro- to a higher level of expenditure 
jects which, by definition, have nex t y® ar than was envisaged 
to be of limited duration and ^ the last public expenditure 
low spending priority, could be White Paper. Finally, local 
more fruitfully employed on the authorities would • like to be 
re-training of the unemployed subject to less interference 
or on the rehabilitation of dero- from Whitehall in matters of 
lict industrial land" in urban while conceding the Gov- 

eminent's overriding interest 

Similarly, the authors believe in total public spending. They 
that if it ' is desired to en- would be more likely to succeed 
courage more 16-18 year olds to in ^ s aim if were able 
stav on longer at school it would t0 demonstrate a tighter grip 
be more sensible to tackle the on Priorities, 
shortages of staff, workshop and This should embrace such 
specialised equipment required matters as charging policies, 
fnr the instruction of this ase getting better value for money, 
croup than to introduce, as the and making greater use of 
Education Secretary has pro- existing capital assets as well 
nosed a mandatory system of as identifying areas like educa- 
16-plus student grants most of school pop* 

which would fio to young people latwa » declining) or housing 
who would have continued their subsidies where money might 
fulMime a toucation without be raved Nevertheless, the 
them 6 AMA s. study could be a start 


Rnth infiiMtf. that th* rvnivn mefnts sections of local reached with the local authority 
m Both “tdicate that the Crown government as new entrants. associations the local authority 

C ™. VVT1 bodies have the same commission were unanimous in Tm-" or for^atiure to° comnly Before the introduction of the inspectors will also enforce . mrnMera of • *ow fin-s. 
obligations under the Act as deciding t0 press fot a cha nge Stti the notiS. M Bealth “ d ***** at Wo* Act regulations in several new gJSJ a g a .*° 0 f 

other employers. However. in the £ w . ^ “ fStaTto fa* other . >UhWtan. like the entrant fields including social ^ploverwhere anemoToi^ 

Crown” hodiefftom iroMratlon A ** ln « 0115 background of serious matter and will result m Sd SfcCr fa^esfaSiu the Ererotite 'h^insWedTn iost Snaen because there 

hibition notices against them, ahnut the matter last year. The an appropriate 

A maior health hararH dis- Employment Secretary asked higher authority , r . . , . , , 

covered by an inspector could the Commission to provide sati on or. if necessary, from the t°" ev j ?r Ministers could exclude inspection, 
in theory "o unrectified bv a details of specific instances Chairman of the Health and * aea , l nm Its 

stce "'here todie ; covered bv Grown Safety Commission , to the SiST^SSf "jSTiSS 
the Executive is unable to Imr ? un £ dl ^ n °; match up responsible Mimster.' Jd Satoll 

prosecute the corpora le body, t0 health an d safety require- These Crown notices have no 5 ~ etJ . 

the Commission has instructed ments - 
it not to prosecute any indi- These detailed* cases 


tv Executive to 1 iBe ractones act. aammis- me ngnt 10 inspect rhe aUentk.n nf ‘he C^n- 

^SSTIfS- ***** local authorities, was authority premises thus a^d- Si S 

in your organi- appbcabie_to Crown factone; ins the problems of seif- whether the recent Jntri , iuctldn 


legal status but Mr. Simpson at Woifc Acl ^ understood 
were said they serve as “markers” £ maodnetiou 


Underlying 
intention 

Given the Commission’s 


of the higher maximum uces 
of £1.000 has ai effect on sw-. 
tencing. In 1976 when the 
maximum fine was £4C0 tiie 
average was only £95, 

The courts arc however a hst . 
resort for the Commissicr. and • 



vidual Crown employees break- presented by Mri Simpson to “d-hare also encouraged the ^ E3recatjve - !t is P“- i 

ing the various sections of the the Department several months ^ecutive to search for a work- anomaUe^a.^ Crowm, Immunny bij lt y- of prosecuting, offerers I 

Act which relate to an indi- ago and he said 
vidual’s conduct clearly in the 

With the introduction of regu- court Neither the Commission nue ox uoveromem aepan- 7 n 5011 -secs 35 

lations covering tbe appoint- nor the Department felt it ments. the potential cost m the public understand toe underlying this background Mr. 

ment of union selected shop- would be appropriate to give Sectnd, while under sections ' ‘“fS® 8 !. Qf vhe ^° mmissl0n Simpson believes the Com- : 

floor safety watchdogs and joint examples of these cases. seven and eight of the Act Health and safety within ar, d Mr. Simpson. mission's role will be to place • 

union management safety com- There are fears within the public servants, like managers th ■ new entrant areas is being However, with a background a prowing emphasis nn self- j 

mittees on October 1 the Commission that the Depart- and employers in the non-Crown monitored by the Health and ln the steel industry as a regulatory health and safety! 

problem of Crown Immunity ment raav attempt to delay sector, can be prosecuted if Safety Executive’s 400 inspec- foundry worker, Bill Simpson is- procedures like safety commit- ; 

and the anomalies it creates reaching *a decision on the they do anything which en- ton. To deal with its new a man aware of the deficiencies tees, industry-based advisory 1 

have been highlighted; While major issue by questioning the dangers the health and safety responsibilities the Commission of legislating for reform. He committees or through sector . 

Crown bodies have had to Commission’s examples. How- of themselves or other workers, has ordered a series of studies was seriously injured by a box codes of practice approved by. 

recognise sbopfloor safety repre- ever it is felt that the biggest toe Executive is not operating into these areas to lay’ down weighing a ton. He said philo- the Executive, 

sentatives under the Act — and obstacle to resolving the this section of the Act against a framework for future sophlcally, “ I have bad my Amendments tv the Heahii • 

have indeed done so— the problem remains the fear that Crown employees. monitoring: ?“? re . burns and minor and Safety at Work Act 2re ; he 

representatives could be pro- to remove Crown Immunity for Mr. Simpson said Crown Studies of universities, injuries. I was working in a said, not required. He claims; 

secuted but the corporate the purposes of the Health and bodies are “no better or schools and hospitals have dangerous industry.” Trade that in four years of operation- 

management could not. The Safety at Work Act would lead worse" than other employers already been completed and pre- unions he saw as a vehicle for there has never been an inei-; 

representatives therefore, in to calls for the abolition of but the fact that toe Executive sented to toe appropriate bodies reform when faced with a lack dent in which the Act has been ; 

common with other Crown Crown Immunity in other Acts has been able to compile a for consultation and the Execu- of interest in health and safety found to be lacking. 


MEN AND MAHERS 


— four-fifths of its income — as a matter of urgency for the words of the Office of Fair 

between a variety of forecasting ordination of women to the his- Trading, “need medical atten- 

institutions. Ironically, fears tone "priesthood of the Church tion." The O.F.T- is no excep- 

oF just such a change by a oE England.” tion. But thanks to the growth 

battered Conservative government are This declaration was drawn of toe consumer affairs Indus- 

National probably one of the. reasons for up by a group of notables try, it also has to deal with a 


Forecasting a 
decline 

This afternoon that 
campaigner, Tbe 

Institute of Economic and the present appeal. 

Social Research, is launching an 

appeal for money with backing — 

that most fund raisers would 

cherish. Gordon Richardson, Timely export 
the Governor of the Bank of • 

England, has issued invitations Leyland. or BL as we t 

to the chairmen of Britain's , c . al ? j* “ ot perhaps explained the Earl of March, a 
pillars of finance. 


including the Earl of March, good number of letters from 
Lord Redcliff e-Maud, Sir people less mad than muddled, 

— Bernard Miles, and Mrs. Diana who address their grievances to 

Collins. “The voice of toe vast such non-existent bodies as the 
majority of Anglicans is not Office of Trading, and the 
heard and there is no practical awesome-sounding General of 
inust way for it to be heard,” Fair Trade, 
call iti is not perhaps explained the Earl of March, a t . ... 

And at tea- our shining white hope in toe former member of the General e i emW - v con- 

time they will listen to Lord export market But a product Synod. - a “ OFT * spokesman 

Roll and David Worswick, that will be forever England M rft1Tin - PVT>la : noH ■ ” e ' ‘ But 0Dce ^ have 

nresident and director of the (for the year at least) is being . *”?■ , ■ th . at wntten a letter they expect 

Institirte present their case, despatched from Cowley to mannw^fn^ofS 501136 of soIutk>n and Set 

Yet the anneal may not to so countries as far apart as ® r SI^ tacl r^L“t im “ “V*. 011 ® cmss lf you can’t provide one. 
smooft an operation as was Columbia and Mogadishu. ar e callers who just can't 

hoped. 

The Institute long had a rre5a > set up ou years the. Mother Church, are lasurine nm JTu *.«naar 

near^monoply of short-term ago to print handbooks for the la ^ing Offiro however many times you 

economic forecasting in Britain, bull-nosed Moms, has just 


Tbe BL subsidiary. The . SZTgHS U 
had a Nuffield Press, set up SOjeare the M^Cbureh, are lagging’ Office'ho? 6 Standards 

tell them. 

General The OJF.T.’s function j s in 


S3ST T^utation ~as"~an branched out for the first time Iast 

a™^f 8 the economic establish- int0 sellin * abroad - » bas met fe 0 * «? .2.?" 
ment 


oynoa vote on tne issue was in m , . 1,1 

with extraordinary demand for 1975. when it was ruled national basis, hut locaU^these 


its glassy calendars, . ^ at was “ && funda- are dealt with hv r 

sewsl 5=s aai 2 ? ;v S5 

its recommendations regularly . ri, p ^ n ™ Anglican resolution— everyone C0 “Plaint, 

showed that it was one of toe accepting the practice of wety- tol book We t k ‘ abou ‘ l 

faithful keepers of the old- °« ^ e ’ But even if the Synto ^ess m^h ^r^ 0 ^ 0001 

tim* K*vnesian religion of t0 V^ does rule in favour this would £SLr SS, ^ ltbou ^ the 

policies in the face ™ ^ only be “one of the crucial C u haffl P ion 

of the rising tide of monetansm. o bviously EngIi ^ couiitr^ 5 ,° *be Earl of March had in °‘ F ’ T: 

The new ^ scenes adored the worid ***1 ***■ he hencSen toe n p t J 1 ?, 0Wn 

led to some hostile voices, not over » the time the ouestlon hue haa~ 4...T CI ?. 106 UJ.T. telk m» 

least from the Conservative 

Party’s arch-critics of Keynesian • . ' 

orthodoxy, - Norman Lament, an ■ 

opposition industty spokesman. Delayed calling 

has noted that some mignt ' ° 


But in the last few years its 


toe time toe question has been that deroite l l]& 1 

down to the dioceses, back to Roi-hL a 'ri » n?S, 3 Kn S- 
tbe Synod, passed the three staff officii . Buho P «" the 
Stages there and been debated. is «i^5SS I ™ chess 


by Parliament five years could 
pass. One nun present 


was 


question the Governor’s use r.f The wives? of the Archbishops asked if she would consider 



calling me yet” Card 


the Institute is being supported husbands. But now they can 
the frpp-market Institute of be found among toe several 
Economic Affairs should not .hundred Anglican' laity who are . 

be? telling next week's General Checkuoint 

Lament even suggested divid- Synod of the Anglican. Church 
ing • the taxpayers’ annual of their support' “not only as Most organisations have regular 
£500,000 grant to the Institute a matter of. principle but also correspondents who. 


in 


window; “F'umS^ 

bedror^ er ' LiVing room - double 
bedroom, emotion heater.” 



Observer 


Meet die 

Peterborough 

People 




: 1 work for one of Britain's biggest 
businesses- Vj/e’ve got big new. 

• offices in Peterborough that serve a Jot of 
the-country.frpm the Humber to the ‘ : 
' Thames. But 1 know ail my regular 
customers. -Like ^ Thomas Cook and Peart 
Assurance an&Ffeemaris. And Mrs. Jarvis 
down the road.. . 

Arthur Dance " yj: . . 

Find out about Peterborough now; ‘ 
BiPS^dhn Case. 0733-68931. -V: 



Developmenf Corporatipn' 
POBox 3 Petetbdrpugh PEIIUJ 







• Financial Times- Tuesday October -31 1978 



SURVEY 


Tuesday October 31 1978 


European Construction Equipment 


yr j 


Slack times in the construction industry are making life difficult for the 
equipment suppliers. For most the only lifeline is exports, but here they 
are running up against severe world competition, particularly from the giant 
American multinationals operating from a secure domestic base. 




Warring 
in a 
tough 
arena 

By Kenneth Gooding 

EUROPE RANKS second only 
lo the U.S. in the construction 
equipment business with an out* 
put worth about £.3bn last year. 
And because the U.S. manufac- 
turers export a relatively low 
percentage of their production, 
Europe is the world's major 
exporter. 

But some would argue this 
reflects weakness not strength. 
Their vast home market, with a 
reasonably steady growth rate, 
has in the main allowed the 
North American-based multi- 
nationals to make profits and 
continue investment whatever 
the trading climate elsewhere in 
the world. 

In 1977 Caterpillar, which 
dominates the construction 
equipment industry with some 
50 per cent of the Western 
world's sales, increased turnover 
outside the U.S. only marginally 
from $2.945bn to S2.966bn. Yet 
its profit jumped from $3 83 -2m 
to 3445.1m. thanks to a 37 per 


cent increase in. domestic sales 
to $2.88bn. 

This was achieved at a lime 
when most European construc- 
tion equipment makers were 
only marginally profitable, if 
they made any profits at all. 
After the 1973 boom the reces- 
sion has been deep and pro- 
longed, and it is not only the 
European - owned companies 
which have been feeling the 
pinch; the recent difficulties of 
Massey -Ferguson are one strik- 
ing example. Yet to the North 
American companies . Europe 
remains of crucial importance, 
both as a market in its own 
right and as a manufacturing 
base from which to supply other 
markets. 

Most of their executives would 
agree with the sentiments of -Mr. 
Bert E. Phillips, chairman of 
Clark Equipment, who told me 
recently after a tour of. the 
group's European operations: 
“We are totally committed to 
our European businesses. It is 
absolutely necessary for us lo 
be in Europe, after all it is our 
second-largest market. 

“ What is concerning us about 
Europe is the slow growth rate. 
And there is nothing on the 
scene which suggests this will 
change.” Claris's construction 
equipment plant at Strasbourg 
in France has been working a 
four-day week and at only about 
40 per cent of capacity. “:Wc 
must just make sure that , we 
can make money at ifcese 
reduced levels of activity,": Mr. 
Phillips commented. And.- just 
to prove that he meant whit he 
said about Europe,: he men- 
tioned that Clark was.thinkinE- 
about having its tractor shovels. 


assembled in Britain by 
Cosmos, tho crane-making con- 
cern in which Clark has a 50 
per cent shareholding. 

In comparing the American 
and European companies it 
also becomes clear that the 
Americans more often than not 
have the technological lead 
(and the major share of out- 
put) In heavier construction 
equipment Until recently only 
the Germans offered any notice- 
able European presence at the 
heavy .end. 

When the Committee of Euro- 
pean Construction Equipment 
(CECE) recently drew up a 
list of sectors where European 
manufacturers lead the world 
with . technology and sales, ft 
contained smaller products such 
as concrete mixer systems, 
mixer lorries, concrete pumps, 
concrete compactors, hydraulic 
excavators, road rollers, 
crushers and screening 
machinery. This helps to 
explain why there are as many 
as 800 companies, having to 
share the £3bn turnover of the 
European construction equip- 
ment mdustry. 

Disturbing 

That too is a disturbing 
statistic because in most parts 
of the industry size is import- 
ant. A big volume, coupled with 
standardisation of components 
and parts, is the way that profit 
is made. Profit Is needed for the 
research and development effort 
required if customers are to be 
.offered machines which provide 
greater reliability and produc- 
tivity;.. - . . 

-One of .the most jllmxanating . 
points made a couple of years. 


ago at the early stages of 
Britain's industrial strategy 
programme was that Caterpillar 
had been spending around S94m 
a year on research and develop- 
ment Komatsu of Japan had 
been spending around 328m. 
And the whole of the UK con- 
struction equipment industry 
had been spending about 89m. 

Europe does have one group 
which is moving towards a size 
that takes it within reach of the 
North Americans. Fiat-Allis, in 
which Fiat of Italy has the 
majority shareholding and 
management control, had sales 
of L550bn (around £330 ml in 
1977. (Compare this with the 
leading UK manufacturer. J. C. 
Bamford, which was aiming for 
£100m in 1978). 

Fiat-Allis's immediate aim is 
to move into third place in the 
world league. After Caterpillar, 
with 50 per cent of the market, 
comes Komatsu with some 10 
per cent. Flat-Allis claims it 
is running neck and neck with 
J. I. Case fpart of Tenneco of 
the U.S.). International Harves- 
ter and John Deere, each with 
around 8 per cent 

Fiat-Allis is a combination of 
Fiat’s construction equipment 
operations and those of Allis- 
Chalmers of the U.S. The deal 
suited both partners because 
Allis-Chalmers had a business 
which was, in North American 
terms, not large enough to be 
consistently profitable and Fiat 
in one bound gained a signifi- 
cant presence in the vital U.S. 
market. - It picked up Allis- 
Chalmers’ two plants in the 
States as well as slotting into 
its dealership network. 

This must certainly have 


helped sustain the group in the 
past year or so, for while the 
U.S. market has been relatively 
buoyant, in Europe demand has 
been weak. 

In the IS months to tbe end 
of 1977 the UK construction 
equipment makers saw no 
growth in demand for their pro- 
ducts and output remained at 
about fSQOm a year. There 
have been redundancies and 
short-time working has been 
commonplace. Output this year 
will hardly improve. 

In France production of con- 
struction equipment fell by 7 
per cent last year from the 1976 
level to FFr 6.8bn (roughly 
£800m) and since the peak 
period of demand in 1973 em- 
ployment in the French industry 
has fallen by 15 per cent. 

In West Germany life has 
been even more difficult for the 
manufacturers because of the 
high value of the Deutsche 
Mark. However, last year the 
construction equipment industry 
managed to maintain output at 
around the DM 5.29bn level 
(£1.37bn). 

Faced with lifeless home 
markets the European com- 
panies have been exporting as 
never before. Competition In 
the few active markets is fierce. 
Hidden subsidies abound, often 
in'- the form of export credits. 
This helps to explain the 
amount of triangular business 
manufacturers are involved in 
—that i:>, selling equipment to 
an overseas contractor in one 
country for use in another. 

There has been much talk 
among the Europeans about pos- 
sible 1 technical co-operation 
deals and about swapping or 


sharing research and develop- 
ment. But the concept of full- 
blooded mergers between com- 
panies from different European 
countries does not appear to 
bold much appeal. 

Tbe restructuring of the in- 
dustry that is going on is con- 
fined within national boun- 
daries, as with the development, 
via acquisitions, of Aveling 
Barford of the UK (subsidiary 
of BL, formerly British 
Leylandi into a much more size- 
able entity. 


Obstacles 


Instead of pan-European co- 
operation, local protectionism 
has reared its head as a partial 
response lo the recession. While 
the Common Market prevents 
blatant tariff barriers going up. 
capital equipment of uli types 
offers scope for technical ob- 
stacles. The most recent 
example was the decision of 
the French to impose new regu- 
lations governing fork-lift 
trucks, including the important 
rough terrain lift truck sec- 
tor where French companies 
are especially strong. Manufac- 
turers were given only six 
months to comply and it seems 
possible that only the French 
manufacturers will be able to 
make the changes in specifica- 
tion in time. 

Unfortunately, the boost to 
trade which would end the pres- 
sure for such measures seems 
far off. For example, the re- 
cently published mechanical 
engineering trends survey pro- 
duced in the U.K. by the En- 
gineering Employers Federation 
had tbisjto say:— 


"Output [of construction 
equipment] has not grown 
significantly since 1973. The 
construction industry remains 
depressed in the U.K. and in 
other industrialised countries. 
Construction activity in the UK 
is expected to increase very 
slightly in 1978 and 1979. This 
should be sufficient to ensure 
no further fait in home market 
order intake. Export prospects, 
however, are less hopeful.” 

In the longer term, wo. the 
Japanese are likely to become 
a more significant force iu 
Europe, although the apprecia- 
tion of rhe yen is a restraining 
factor. Komatsu, which makes 
a wide range of crawler tractors 
and other equipment, has been 
considering tbe use of more 
locally made components in its 
machines sold in Europe, and 
this could lead to assembly or 
partial manufacturing opera- 
tions. 

It is, however, in third 
markets that Japanese competi- 
tion is most evident and this is 
a source of some resentment in 
Europe. There is a feeling that 
Japan is making headway into 
most of the world’s important 
markets (and making life 

tougher for the Europeans) yet 
at the same time keeping its 
own doors tightly shut against 
imported equipment. 

Dr. Heinz-Gunter Kuhlen. a 
director of Orenstein and 

Koppel (O&K) of West 

Germany and current president 
of CECE. complained publicly 
when he formally opened the 
European construction equip- 
ment exhibition in France early 
in the summer. “Japan is at 
present a closed market This 


has to be stopped. The Japanese 
must be made to understand 
that trade is a twovwaj; 
operation." 

The Europeans have sined 
then joined forces with the 
trade association representing 
American manufacturers to put 
pressure on tbe Japanese to 
open up their market for cow 
s true Lion equipment. But this 
bid to persuade the Japanese to 
accept the concept of “equal 
opportunity" in trade Is more 
about a matter of principle than! 
opening up a vast new market 
for construction equipment; 

There is no doubt, howerasfc 
that there is tremendous bed! 
latent world-wide demand for 
cun struct ion equipment; and 
mice the industrialised cornu 
■tries permit themselves a little 
more economic growth, that do* 
inand should materialise. 

It has been estimated tbarf 
world economic output must in* 
crease by more than 50 per cent 
in the next 25 years to provide 
the equivalent of today’s living 
standards to the population 
which trill inhabit the eart h 
when the next century opens. 
There will be increasing de* 
m and for energy, food, housing; 
minerals and transportation— 
and more and more construe* 
tion equipment will be needed 
to cope with this demand. 

For the European companies, 
though, the danger is that the 
North American mtriti-national 
groups and the Japanese will 
win the lion’s share of the busi* 
ness. Some changes in strno* 
ture and organisation may ba 
needed if the Europeans are to 
improve their share of an iu 
creasing world trade in com 
struction equipment. 


New blood in the management team. New markets being 
vigorously opened up. A new philosophy on product support 
And new products In whatls already probably the widest range 
of any construction equipment manufacturer in the world. 

That’s the pattern today at Payline Group, the construction 
arm of International Harvester. We’re active in 168 countries, 
with a second-to-none reputation for technically-advanced 


products backed by fast efficient service from a world-wide 
distributor network. 

Wherever the face of the world is changing for the better, 
you’ll find Payiine at work, profitably. 

Hounslow House, 730 London Road, Hounslow TW31PH, 

Middlesex, England 01-572 7434 


; ' 
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90 


EUROPEAN CONSTRUCTION EQUIPMENT II 


Financial Times Tuesday 





Sales 



in 




THE RAPID growth in the equipment France, for ex- hold — and buyers naturally 
economies of the wealthier ample. Is the biggest market for turn to tlie companies which can 
developing countries in recent UK exports, although some of offer a wide product range. This 
years has provided a valuable this can be accounted for by does not mean, however, that 
source of new markets for the equipment being exported to smaller companies are ruled out 
world's construction equipment the Middle East through France. Their chances are obviously im- 
manufacturers. Their im- Similarly, quite a lot of the Proved if the> offer a specialised 
porta nee has become even more equipment which is shown as product 
significant since the post oil- being exported to Europe is 


crisis recession cut hack con- destined for contractors who f'linpfliTKJ 

s- take it out to developing coun- '-'“Uviiiug 


struction activity in the indus 
trialised countries. tries. Finding a good distributor is 

The sudden wealth of the oil Manufacture of construction all-important For a company 
exporting countries led to huge equipment in the developing that cannot offer a full range — 
spending programmes on con- countries is small, although and most UK-owned companies 
struction, and these are the 50me of the more advanced eco- cannot — it will have to find 
markets which have proved nomies — notably South Korea a distributor whose range does 
most fruitful for the equipment — 1 have significant contracting not include that company’s 
manufacturers. Without this industries. Where plants have equipment. Success in clinching 
bonanza the industry would been established — in Brazil and a distributorship will often de- 
have found it impossible to Mexico - for “““P 1 * — is P e " d 011 comparability of par£ 
maintain capacity at its current usuai! - v Krause governments and manufacturers will specify 
Ignats. have either banned imports or components accordingly. 

imnnw the industrialised imposed other restrictions. The geographical remoteness 

countries the U.S. remTrSTa? This means that the develop- of these markets means the 
and away the biggest market for ing countries have become a 
construction equipment— over vital outlet for the manufac- P “5? C ?!* JL 
50 per cent of world demand tu res of the developed world. It ■”*,(? r .J hl 

originates there. It is also of comes as no surprise to learn ' wacSrer willed? o T £e 
course a verv big producer, tnat these markets are domi- JOS. 

Even so. it still ranks third in nated by the same American p^ and s0 raSmes to^threw 
the list of importing countries— and Japanese manufacturers “Jr* 1 “® s 


uie liM oi imporuns rauiimra — CT1 ~y, na _ nn „ a i 

f <i=m a nd gap which ia met £>-«* Uke such a large shaTe [^i^ThTs ail tdds ”e 
largely by the Japanese and to of the rest of world markets, t which if thev are to eat 
- •— ?r extent by European and by the international groups F™’ 1 must be reflected 
lies (although pot by which have been formed in the j“?r!o“ Ont LabSd 


past few years. 


in a market, however, a com- 


a lesser 
companies 
Britain). 

Japan is also a very big The reasons are that the de- pany can make quite a hand- 
market in terms of demand, and velopmg countries can be d:(lt- some business out of spares, 
an important manufacturer. So cult to get established in — a They can often be more reward- 
far as imports are concerned, company probably needs to ins than the sale of the original 
however, it is tiny. Europe on think in terms of persevering for product. 

the other hand has a highly ahout six years before it can At the same time, the speci- 
d eve! oped trade in construction reckon on gaining a firm foot- ficatious of equipment for the 


developing countries are far 
less demanding than for the 
rest of the world. 

But the considerable over- 
capacity of the industry world- 
wide has led to substantial 
price-cutting by the companies 
that can afford to indulge in it, 
and this has been very notice- 
able in the markets of the 
developing countries during the 
past year. The U.S.-based manu- 
facturers have also. been able 
to take advantage of the 
sustained weakness of the 
dollar. 

-In many industries the U.S. 
is not export-minded and it is 
taking time for companies to 
Teap the export advantages of 
the dollar. But this is certainly 
not the case, with the inter- 
nationally orientated -construc- 
tion equipment companies. 

Competition from the 
Japanese, who have had to cope 
with an appreciating currency, 
has not diminished. In fact in 
some areas — mobile cranes, for 
example — the Japanese have 
become even more competitive 
recently. 

• All these factors have been 
present in the Middle East mar- 
kets with the result that there 
are huge stocks of equipment 
in countries like Satidi Arabia 


and Kuwait And too few buyers. 
Coupled with the slow-down in 
the rate of expansion by some 
countries in the Middle East, 
this has led many companies to 
divert their .attentions from this 
part of the world- 

Nevertheless the Middle East 
has been, and remains, the big- 
gest of the developing country 
markets. Three years ago Iran 
topped the list for world impor- 
ters and probably still' holds 
that position. Exports from the 
U.S. accounted- for 43.3 per cent 
of the Iranian. market, followed 
by Japan (12.8), Germany 
(1LI) and Britain (9-1). Saudi 
Arabia ranked fifth among im- 
porters. and here the US. again 
topped the list of suppliers with 
31.9 per cent, followed by Japan 
(27.3), Britain (10.1) and Bel- 
gium (9.9). Iraq was the ninth 
biggest export market, with W. 
Germany taking the top place 
at 26.9 per cent. Japan (24.4). 
the U.S. (22.2) and Britain 
(9.9). 

The list of the most important 
export markets for the UK is 
slightly different from the world 
order, but includes three 
Middle East 'countries — Saudi 
Arabia (second). Dubai f sixth) 
and Iran (seventh) — among its 
top ten. 


Nigeria is also a ray big 
market Buoyed by its oil 
revenues, Nigeria’s imports 
from the industry doubled in 
3975 alone, and it now ranks 
third in the UK’s list In world 
import terms it is 14 th^The 
close ties between the UK and 
Nigeria have made it obviously 
a more accessible market for 
the UK industry. But it is also 
showing signs of the saturation 
which has taken the shine off 
parts of the Middle East - snd 
some companies are pressimistic 
about its future importance. 
This view has been strengthened 
by the Nigerian Government's 
threat of banning “all” 
imports, although it is not yet 
known whether construction 
equipment will be excluded. 

Uncertainty about Nigeria 
and recognition that much of 
the Middle East boom is prob- 
ably over has sent companies 
scurrying in search of other 
markets. Many report success 
in the countries such as Egypt; 
Libya, Syria, Sudan and 
Algeria. Their growth potential 
is obviously considerable, but 
the degree to which they can 
make up for ground lost in the 
traditional Middle East coun- 
tries will depend on their 
ability to pay for construction 


project, as well as unknown 
factors like political stability. 

■Hie new Commonwealth 
countries in Africa also present 
export opportunities, and [these 
are . areas where British 
companies should have some 
advantages. The sort of 
expansion that has been seen 
In Nigeria, however, is obviously 
not going to be repeated in 
these countries. 

South Africa is a big importer 
of Construction equipment, but 
like Australia is a market 
where the UK has lost out- 
extensively to Japan. In 19i0 
Australia and South Africa 
accounted for 16.7 per cent of 
exports from the UK, but by 
1976 this share had dropped to 
5.6 per cent 

While Africa and the Middle 
East might be regarded as 
reasonably accessible markets 
for British companies, the other 
great areas of the developing 
world — the Far East and 
Central and South America — 
have come to be largely 
dominated by Japan and the 
U.S. respectively. Indonesia, 
however, was one of four 
countries singled out by the 
NEDO sector working party on 
the industry as a market where 
the UK should be able to make 


inroads-Mhe others were 

Nigeria. Sudan, and Egypt 

Forecasts or growth- rates in 
the developing world have to be 
treated with even more reserve 
than for the industrialised 
world. But’ economists a: tins 
World Bank expect these 
markets to continue, expanding 
into the eighties, although this 
trend will not necessarily apply 
to each individual country. The 
main hope for -the construe! ion 
equipment industry must be 
that the Middle: East will 
continue fo spend massively oa 
construction, project?, although 
it is obvious that "there has to 
be an adjustment to slower 
growth rates than -in the past 
few years. 

Next come the more sophisti* 
eated developing countries. 
Their future demands are sure 
to be mixed, and there may well 
be pressures, for companies to 
set up manufacturing units in 
some of these countries. On 
the other hand there does not 
appear to be the same threat 
from these countries to 
challenge the manufacturers of 
the developed world, as is the 
case for some other major 
industries. • I 


By a Correspondent 


Strategic choice on 



•r7*& i 0 r ^r i f 



THE RANGE nf equipment say, 4.000 wheel loaders a year organisation to maintain, the a number of market segments lift trucks, a market' which 
needed for building and civil or 3,000 hydraulic exc-avatars: in serais can become unbearable, but is certainly not a full-line French companies, led by 
engineering work is so wide that the heavier machines like The small company can often supplier, might argue that a Manitou and Sambrbn. largely 
no single manufacturer could graders and off-highway dump react more quickly to market balanced portfolio cf four or pioneered; they still have the 
possibly hope to supply the con- trucks volumes are generally in changes. Perhaps Massey-Fer- five major products is the right largest share of the busing?, 
tractor’s total requirements, the hundreds 1 rather than the guson would have been wiser to balance, provided the manufac- but the bigger companies are! 
Thus the construction equip- thousands. have confined its efforts to the turer can genuinely achieve moving in. 

ment industry provides scope While rationalisation is taking product where it has long had excellence in his selected areas.. ^ argument between 


for a great variety of companies, place in parts of the industry. a strong position— the backhoe Bu ‘ others - wi?h - ev e r 
small, medium-sized and large, it is still possible for the loader, the machine which -uses lished products, are 


estnb- 


the 


more 


full-line manufacturer and the 


Some specialise in one or two entrepreneur with a good pro- some of the same components vulnerable, 
products while orhers offer a duct to set up in business with as the farm tractor— instead of 
full line of machines. Some are a relatively small initial invest- attempting to become a full-line 
content with a local market ment Some of these supplier. i vICIlC 

while others aim for. a major entrepreneur*. like Hans .liorsover :♦ is possible, by 
presence in all the big consum- Liebherr in Germany and J. C. specialisation, to achieve 


Finding 


specialist will never be can- 
pie lei v~ re*ol •. eu. The construc- 
tion equipment industry does 
not lend itself TO sweeping 
structural rationalisation. There 
niche and staying are scores of small operators 


Komatsu, whose 
manufacturer of 


D155A crawler dozer is show n here, is Japan's leading 
construction equipment and second only to Caterpillar in 
rvorld markets 


ing countries. 

Economies 
important, 
as. for example. 

industry, 
volumes are 
manufacturer 



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Srekwe ‘ “AleTf Skta- coiSSlli* has ^' Marketing fj- retain, by the with a Inin;. 

... . : r . ‘ ■ ' . --rsistently held a leading position US ° TO - ng *ne tor tJ]e ' . Pwcllclions Uiat these small 

in the British wheel loader ^pe^alist In ether fields the ]^ ir 3 s,ron *=' P° SI * concerns would be swept aside 

market, despite continuous ^ ec:aHst ‘ n5s bee:j consistency Engineering raake« by the big companies beve con- 

assaults from the big North successful, as Grove of .the U.S. articulated dump trucks which sLstently proved false. It is when 
American companies. Com- a . nd C ? ]es Britain have C0 ^ e ^J ls,T T0 i: be Cater- the small company sets its 
parties of this sort can often snown ia mobile cranes. Thrm, a v, r r,f nd higher and seek, mestab- 

offset any disadvantages stemm- There is an understandable t ' ater ? i a £ ^ sTn butors; fish itself on the internaiional 

ing from their size by producing anxiety among specialists about" L v^| s coni p3nyhas ha d a remark- scene that the problem of 
a sound product and carefully being too dependent on a single a “ le P er L_ 6 ro "th and now strategic choice arises. Success 
tending their customers: as one P I ^ uc t. Bur the more they ^f or , il y? L P e T r , f cai: ^ its out- jn the world league requires, 


of them puts it, “customers ^ ideD their r3n S e - Ae more Put. with the U.S. as the biggest not necessarily great size, but ; 

like to be able to ring someone ■ ! * ce ^ r 1 . 8 ^ ar e to face bead-on niarket a combination of product design, 

whose name is on the machine ” ““petition with the giants. As h is possible for what seemed manufactiinnt» ofKriPnrr .-md 


name is on the machine ” w, » giants, as « wossioie lor wmat seemed manufacturing effiriencr and 

This is not to suggest, of L h J 5 ',^ e ,°,L?f W .. Pr l d .“^!',. tb 2 !- SpeCi ? li sej ° ic he t0 marketing skill; credibility in 

course, that profits In the con- ci£Ura 


" W “- 01 TJ™ SiS iire"e^V:Ton=“t^ I 


strong in happening in rough terrain fork 


Geoffrev Owen 


intense. Hence the choice of 
marketing and .product strategy 

SmpSSf way 1 th, Mic PROFILE-BLACKWOOD HODGE 

choice is whether to compete 
across -a broad front, making 


Case for 


and selling a range of different 
machines, or to concentrate in 
one or two segments of the 
market This is oversimplified, 
because there are numerous 
gradations between the one- rrop QirVTn „ 
product specialist and the managers of 

so-called full-line manufacturer. ?! f™ wo °d Hodge, the world's 
Another way of putting the “istributor of earth- 

problem is — how does one com- equipment are not con- 

pete against Caterpillar? Does Y ln £ ed “ at “e full-line manu- 
one look for niches which are ? actu . re C^ s a °out to sweep the 
too small or too specialised to specialist producer, 

interest the giant? Does one ™ “ eir Vlew - still has a very 
aim to compete against Cater- role to play. So long 

pillar in part of the range, Yj? makes the best or one of 
hoping to design and manufac- be * t machines in his cate- 
ture machines which ‘will be so g3ry ’ tbere is no reason whv he 
outstanding in their class that should not attract good dealers 
customers may prefer them to and retain his share of the 
those of Caterpillar? Or does “ ai *et. Just because Caterpillar 
one aim to build an organisa- decides to design and build its 
tion that can compete against own hydraulic excavator the 



1.V 145011101 

the giant across virtually the 
whole range? • 


Fuel efficiency is a continuing concern in pur 
design of construction equipment. Engines, power 
transmissions, and even maintenance schedules 
receive emphasis. Results can be seen, in the new 
family of hydrostatic-drive crawlers which we 
pioneered. When there is no hydraulic-system demand, 
nearly 100 per cent of engine power is transmitted 
to the tracks— an efficiency gain of about 15 per cent 
over many conventional drive systems. Your inquiries 
about our equipment and our company are welcome. 
John Deere intercontinental Ltd, S.A., Boulevard de 
la Woluwe, 34-Boite 4. 1200 Brussels, Belgium. 


Advantages 


The advantages of the full- 
line supplier are several. One 
I is the ability to attract strong 



group 1 . 

Blackwood 2 


i director, 

ler r. 


hydraulic 

argument goes, it does not 
necessarily follow that the 
specialised European makers of 
that product will lose out 

Hn T H h JU \ em of B1 ackwood 

tinp S nF busi ? ess « the Terex 
ime of equipment made bv 

» tins auiuty tu attract strong general Motors. The main 
distributors, who may like, to s °«rce is General Motors’ W „ 
obtain the -bulk of their equip- Ush plant (which is one of thi ^ r ' Ch arles 
ment from a single sourre. They UK’s -largest exporters of eanh- 
are offered a family 0 f moving equipment) but nilS 
machines, -probably using com- wood Hodgelito Vells^ toe 
mon engines and other standard equipment which is ^ 
components; this facilitates North America “ 

service back-up and the supply Terex « . — 

of spares. The manufacturer truck* r^. ™ aices . °“-highway the dealer might offer a machine 
his distributor may also be and crawl p~ e Jf’. wxleeI loade ^ niade by Grove, Coles or one of 
“ * s ^® n 8® r Position when but not a rfu, !S a broad Iine * other specialists in that 
bidding for large tenders, par- wood Hnd~^L° ne T? nd Black- field). Indeed, the contractor 
ticularly in developing be an ^ at ean m *y Prefer not to put all his 

countries; the customer may it m ean for ^distributors, eggs in one basket 

prefer to deal with a single c Products -Thus although Blackwood 

he “"JKS-Tch “■ tte Teres Hodge handles^ equipnS 

f^r,^ rSge a „ e f "S 1 in 

plementaty machines provides aSrtt ? >naiti0ns of market 

scope for scale economies. rence of th e customer — — — 

Product development costs can PeS,'„ matt f s ' s«ys Charles 
be spread over a larger turn- „*£?"■ recently 

«*«■■ appointed group managing 


example, mobile cranes, where 


over. . ^Hpomied groun ■ 

The other side of the coin, ?h7 BI " kwood Hodgf^ 
illustrated by Massey-Fer^ bi ^ability ”!!ftK 

guson’s recent experience, is the a pi „ ?. lt together a pack- 





on tlie move 


guson s recent experience, is the a »p 5 „ ? l . lt t0 ?ethe r a pack- 

danger of becoming over- ma ? hl °es to suit th e P p a r- EnSS lifSSl 

extended, especially in a period rtSt»" r i 0ri ^ er ’ and this Packaefs f? 1 ? 11 * 

of recession. When a nSmbS & d °" S not havffo h " 

of factories are operating below '™, the s « m e manufaS *” 


Blackwood Hodge in 1977 

Trading 

- profit 

Bales 

, £000 
pack- Britain >W1 . 71*632 


ckuJ. -J 


t^z 


w. .cs a^s openrang below tHWk*. I ,!“ e m anufac- 4,sia — 

mariiines are°!arge and thesis dfaS Sugh^ ' Ameri<a ’” 
an expensive sale, and service is wide.^n^^-^ ^ -- 


68,548 

40371- 

ym 

57,974 


£000 

10,103 

(947) 

11,731 

2,725 

15t 

.2,165 


> — 282374 25J120 


has a variety of other franchises, j 
In Britain, for example, it sells; 
Hydrocon cranes, aiagirus Deutzi 
on/off highway trucks andj 
Champion graders, while a 
separate subsidiary represents; 
JCB in South East Englaudj 
Overseas, Blackwood Hodge has 
a variety of franchises in differ- 
ent countries, including Atlas 
Copco. Bucyrus-Erie, Harnis-i 
chfeger and several others, j 

The great strength of the? 

- Blackwood Hodge organisation 
is its. worldwide sales and ser- 
vice network; its manager^ 
believe that- there are only twd 
really powerful international 
sales organisations in construe 
tion equipment, its own an^ 
.Caterpillar’s. In some of it: 
markets, notably West Africa 
Blackwood Hodge was first ii 
the field and it remains easil; 
the strongest concern in thi 
business. 

France ,and' Germany ha« 
Jbeen more recent areas fo; 
attack and there the companj 
has not been helped by tin 
"Sluggish demand of the -past fev 
years. But Blackwood Hods* 
has followed its establishei 
policy of setting up its own sub 
si diaries and its own depot 
around the country; it is con 
vinced that it can get a worth 
while and profitable share ol 
the market. 

• It is particularly. interested in 
cultivating the big international 
contractors. Concerns lifcc 
Dumez, Spie-Batignolles am! 
FougeroUe, bidding actively tot 
targe contracts in Africa and 
elsewhere, often place theii 
.orders in France • for delivers 
In the territory where the wort 
ts to be carried out; Blackwoot 
Hodge is looking for substantia 
business in French-speakini 
Africa as a result of its present 
in France. The contractor mu^ 
be .able to count; bn iucticnloa^ 
aftersales service and. , 
support, and.thst,is vrtiid'SlwK' 
wood Hodge cap prqrid^v 


, J . 


L 











\;JLp 






Financial Times Tuesday October 31 1978 







in: ■/ 
















stmi 


r- j: 
















Srr 









t* y -> .*>, 














A selection from Britain s largest range ol construction equipment 


Aveling Barford Holdin 


Britain's largest range of construction equipment 



Forged from five major companies who together 
•nbine 400 years of experience, Aveling Barford Holdings 
s been spe cifically created to consolidate on their 
[ividual existing strengths. 

Our Purpose As manufacturers of Britain’s largest 
ige of construction equipment we are now building to 
;et- and beat- the multi-nationals. Our engineering 
engths are famed. Our ability to introduce new tech- 
logy is proven over and again. . 


Extra Horsepower From New Muscle We nowhave the 
isde to attack the global market in greater force than ever 


beforeThe kind of muscle that comes from centralizing 
marketing, sales and product development 

From increasing the marketing support to our 
■ international force of wholly-owned companies and 
regional offices: 150 distributors covering 96 countries are 
now fully backed in distribution and field support 

From proprietorship of Britain’s only range of motor 
graders, crawler tractors and 50-ton payload dump trucks. 

From our increased ability to produce extra horse- 
power where our customers need it most -in competitive 
prices, in firm delivery dates, in service back-up, in custom- 
made answers for every kind and size of project 


At a time when Britain needs to earn bigger exports 
through the sheer quality of her engineering, the new 
Aveling Barford Holdings stands ready to compete and win. 


Our Aim To consolidate, strengthen and grow. And now 
we have the extra horsepower to do it 



Aveling Barford 

Extra horsepower where you need it most 


Aveling Barford Internanonal l imi ted. Grantham. Tel: (0476) 6 7351 Tdex; 377861 


t'::' 











































EUROPEAN CONSTRUCTION EQUIPMENT IV 


Financial TtoatiTw^ 


On this and the following she pages the strengths and weaknesses 
of the European, North American and Japanese industries are analysed, 
together with the competitive situation in the major product categories 
and profiles of some of the leading companies. 


PROFILE — FIAT-ALUS 


Set for 


1 I . • AFTER THE creation of Fiat- effort devoted to the smaller 

E S~\ y-V B j -■ -w Allis in January 1974 the first Italian-built machines for which 

| vJ fl W § ■ I WJ § #— < 1 I g; m ® fa £ " task was to create a new image there was a large potential 

B f I B lil III I .11.1 I I I II . for the company. • Everyone market m North America. “The- 

-JL. WX 7^ \r w L-/ JLAJL *■ * \*/m- I Ik.x knew about Fiat cars and .trucks, Americans are very chauvinistic 

. a but its construction equipment and at first they weren’t . 

line was limited, confined interested in our spaghetti 

*“!“?!£ S 1 " 5 of *•***: 5 i! . *****; other company in ^construction hydraulic excavators, negotiated ‘iSSSn.’SfS ^n£!“- ™ 


v — — — — “ — — 7 "-“ *»« vuici wu.uipaLiY m tausiruciiun uyaraum; cal,* v aiuia, neguuaieu j.„ iilitrj. a ?more at nnf> ^iir “hnt wp 

nesses of the European industry national credibility which must equipment, particularly in view an agreement with Demag header I 

is that there are too many be a major preoccupation. 0 f the heavy demands for whereby it could sell the Demeg ““5® " “3 * “? ' ZSlZZJ 

Mimnanip'J fnw whirh VaIta hnnnht aam 4 .iT *»!*;*.<**. trtr 1 0*0 lady WltD 2 OUt^I^inOJS WOUiU EQl S3T tO0 Wall IS C0Q2 


and thus unlikely to be Europe’s leading producers of sales of SKr 1.686m (about suitable for the British plant ^ product f“S e 1x36 The main exports from Italy are 

regarded by top management wheeled loaders: the range also <£200m), of which about half hire market. Demag has a apd PPP ! toe crawler loaders and dozers, 

as of the highest priority. includes backhoe loaders, dump was construction equipment and strong position in hydraulic ex- Pea ™ s 311(1 contractors Hydraulic excavators will come 

These companies, whether they trucks and other - products, a th ird farm machinery. cavators of 30 tonnes and above. r'.., n e .“7 * ater u *“ pr ° duct j 1 ® 5 

are diversified engineering con- Volvo has sought to strengthen When Podain ran into its The combination of forces was CT p- r f jr 06 s Y? p * ier ' direct 136611 s:iItabl 7 Americanised, 

cemg like Babcock and Wilcox its position in the market by financial crisis the French logical: It is so far confined to 0 rn(i U ct overiao betweer the The Fiat-AUIs management 

and Powell Duffryn, or vehicle co-operation with Poclain, the Government tried in vain to find The UK but could be extended * are in no doubt about the para- 



and Powell DufTryn, or vehicle cn-operation with Poclain, the Govemmenttried in vain lo find ™e UK but could be extended f wo 0 ^^ was n t are in so doubt about the para- 

producers like Fiat, Volvo and French excavator company, a French rescuer. There were 10 other countries. ^ ve j nV0 [ Ved principal!” saount tinportance of a broad 

BL (formerly British Leyiandl. Volvo sells Poclain equipment suggestions, notably from J. C. Meanwhile; the bigger Euro- craw -j €r loaders of 120 and Jire of complementary equip- 




The Fiat-AUis 545B is one 0 j n TOfige oj ickcel loaders 
made at Essendine in Lincolnshire. The plant has a 
capacity of 1,500 wheel loaders a year and m IP 77 
produced 1,353 machines , of which more then 90 per 
cent were exported 


would be made in Italy and 


that some of the Caterpillar’s c _ „„„„ . companies which together could like Hymac, have the advantage «w, hn rn l T - c eluding the UK-built loaders, 

American rivals, including the * 0 J*Lt Z offer a stronger challenge to the of operating off a strong home JJEJ h £ er e^re somT ex^ *«» ^aUy improved since the 

largest ones, have suffered i° e Americans - niarket position ^om which it ^ns The ?t formation of the new company, 

from the same weakness; but it JKi* 1 ..!? ™ There was neither the time « difficult for outsiders to Es „ n Hin<» in ic S*^naardisation of components 


loaders, 
since the 


jiu... oa.»c «cwu.« 3 , wui j, c h American company ' Inere was neither the erne Essendine in Lincolnshire is 01 w«hjiui«b.o 

seems that these companies are whos V product range overiaps nor perhaps the political will gjjjg* hydrauik ^ra'-a S? Lhe soIs European source for ^ being pursued wherever 
now orgamsmg themselves to ^ ^ Qf Volvo in seve ^ to act on this suggestion in the m^ Jacturer is in a ?».1?a- wheel Ioaders ' while ***' and a! V? m a fe . w ***** 

ensure that the construction areas as a 40 per wnt share . Poclain case. In practice most a medium crawlers and hydraulic tune virtually the entire range 

equipment side of their affairs holder in p oc l£n. Case has of the rationalisation which has sca^dinSian Ske : and excavators are made in Italy; 01 equipment will be powered, 

is. no longer treated as the poor taken over full control of some occurred in Europe has taken - t * '? o rad Sfv in"o the bi ^er machines, including by Fiat diesels, except for the 

relation. of Poclains sales subsidiaries fon H, of American acquisi- Qth Europe an m a r^° graders and scrapers, are made ™ry biggest machines which 

It is precisely this^ logic 0 uisvde France, including the ^°hs. The purchase of Hano- ‘ at Deerfield and Springfield. ^ S ^D* use Cummins or 

wmcb caused Fiat to hive off Qne in G ennan y. t)u S su b- niag bv Massey Ferguson, and T “ e . three big German niinn^ General Motors engines, 

its construction equipment S i d j arv i s now selling Case of Vumbo and Richier in companies, Orenstein and Fiat-Aliis now has one pro- In the European market for 

business into a joint venture rnth^i- ihan Volvo backhoe*. hut France by International Harves- f^PPP^' Ltebherr and Alias- d unt tin various versions anr? construction equipment Fiat- 


/WA 


graders and scrapers, are very biggest machines which 
at Deerfield and Springfield. stil; use Cummins or 
Hiino:5. Genera* Motors engines. j 








business into a 


and Alias- j duct ( j n various versions and construction equipment Fiat- 1 


Although the Italian company seems likely that sooner or n ™ ^ ur °P ean «»■ German company supplies an “ aTSUUC ™ va « , »‘ JST “J 

now holds 80 per cent of the later some sorting-out will have J°^ et *\ er - 11 “ hydraulic excavators for Deere companies in Deer- w^e., _ *oac 

oouitv the ennstmrtinn emun- in tat*, niacp Vni-.-n mm ->n P ossi b!e 10 imagine all sorts of cal , ' , field and Turin are responsisie nydrauLc 





The Volvo-BM 4300 loader 


"Inspection by SGS.” 

Can you afford 

to sign a contract without it? 


panies getting together, it is hr draulic excavat rc far °P eratin S companies in Deer- wheel loader business. Jn 

possible 10 imagine all sorts of '*** ff ' ^ 6eId and Turin are responsible hydraulic excavators Fiat 

combinations which in theory nam " = for se,Iin S the entire product started much later than the 

might yield manufacturing or . 1 ■ range in their area, which for ZuropEac leaders and its 

marketing advantages. But just Limited co-operation without the Turin coznpanv includes market share outside Italy is 
as in the UK hopes of setting l0SS of independence is clearly Africa, the Middle* East and still small hat growing. On the 
up a *• British Earthmovers °/* e Possible development for parts of Asia as well as East and world level Fiat-Aliis is battling 
Ltd. ’ have so far foundered on J* 1 ® European industry, but it vVest Europe. There is a smaller it oat for third place behind 
financial and personality De l “ ar the competitive company, with its own man ufac- Caterpillar and Komatsu with 
obstacles. implementing a J imposed by the turing plant, in Brazil. four North American producers 

grand design fpr the Euro- ^essive full-line man u lac- The old AUis-Chalmers dealer --Jafcn Deere. International 
pean industry would tax the in- *^ wlll lead . to more ne uvork in the U S. and Canada Harvester. J. L Case and Clark 
genuity even of the most pensive changes in structure. r p V o mDed and , n -,* Eoninm^f 

ambitious EEC bureaucrats. pettier these take the form ^ re '“ m P ed “ d a D1 ? selhn - _• SIbc . 

More likely, perhaps is con- Eurepean C mkc^v^\? S t’ 7 0 r , i f FIAT at.t. is pi avtc 52:65 tSie next few years 

tinuation of the Umited co- *” * i S ' T *»i FLAT_AIjLIb PL A-\T*. —the figure for 197S is ex- 
operation. exemplified in the If p,|2?i? S p PUr " nMe I 1 ' pected 10 be over 4800m— 

Volvo - Poclain arrangement. 1 1 ®“ ro P. 6ans 1 ' ecee . ’ ’ . snd this will probably . be 

whereby two companies which Mans* remain? E R rC » ^ 0026 ^ achieved by developing what 

have complementary products j, unlikelv thaf b fh - But - u ' ianin0 Lie company has already got 

agree to support each other. , be mdus L.\^f, 2^ h ptuWn Turin ^ r£t “ er thsE 07 further a«inisi- 

Thus Hymac. the Powell in 10 b .^ l . he same 711 - 1 " ,. „ tions. More mergers will cer- 

Duffryn subsidiar:^ which is the 10 >ca s time 35 ll ,s ' yda - v - _ hydraulic excavator* taiz:y :ske place in Europe- 

leading UK manufacturer of >' G.O '‘everyone is talking to every- 

: — ^«endme oae . JQS ; as y.e> are in cars ” 

f .$ heel ' Mders —but Fiat-AUis has plenty of 

onrinriiaM scope fo " internal growth: it 

Sp ^ E “ ;,eld . . does sot, for example, intend 

“£2“ and ;arg6 crawlers *0 =iore into the mariwt for 
V , . backhoe-loaders. With the engi- 

11 Ww 3 %i 3 ii . . saw mu 


* it with 

Hamworthy 

Axlesand 


tinuation of ' the Untiled co! “ ** 

operation. exempUfied in the If PnSfrf? S e . PUr ‘ nase !‘ aI> 

Volvo - Poclain arrangement, o e tti n o tn«Pt*ho 1 - ecee ■ ' 

wherehv two rnmnanips whirh ° . ° 6r w'lth Euro- crawler loaders, aozers 


wherebv two rnmnaniev which rfBlun * l0 seiner with Euro- crawler loader- 

jn* s uXt s th° a t b fh seen But cu,Mo :aiiaiun ° 

a ^ree to suDDort each niher "/■ i unllkely that tile pr.Uern components 
ThuT H^ac the Powell ° f mdU ? U >’ wi,! me Turin 
Duffryn subsidiarj' which is the ln 10 >ca,s t,me 25 ll ,s ' uda - v - _ ^rsuhe esca*. 
leading UK manufacturer of >■ G.O 


today. hydraulic excavator* 
r Britain 
Vj '^' Essendine 

wheel loaders 
U.S. 

Springfield 

medium and large crawlers 
Deerfield 

IA ! wheel loaders. grace: 

W W I scra ?ers 
Brazil 

I Belo Horizonte 


crawlers. wheel loaders, rivals^ 
hydraulic excavators 


G.O. 


More and more financial decision- 
makers are insisting on “Inspection 
by SGS” before they approve any 
major industrial project. The 
reason: SGS inspection engineer- 
ing means lower risks, fewer prob- 
lems, predictable profits. 

Get what yon pay for 
SGS inspection engineers help 
keep projects on schedule and 
avoid costly delays. They see that 
safety standards are met (vitally 
important where hazardous equip- 
ment is involved). And they make 
certain that the product or plant 
is made exactly to contract speci- 
fications -before you pay for it. 

Eeep fait control 
SGS safeguards your interests 
every step of the way-from initial 
concept to commissioning stage. 
That includes design review, 
inspection during manufacture, 
site supervision, commissioning, 
expediting- the whole “package” 
You stay in full* control through 
one convenient, reliable contact. 

SGS is the biggest organization 
in the inspection field, and the 
most experienced by far. Our 
Industrial Division inspectors are 
qualified engineers and technician^ 
with specialized knowledge of 
diverse industries. That includes 
steel making, power generation, 
petroleum exploration and refin- 
ing, railroads, the chemical and 
petrochemical industry, telecom- 
munications and more. So if you 
are responsible for an industrial 



PROFILE — DAIMLER-BENZ-EUCLID 

German group’s 
acquisition 


Speed reduction 
gearboxes — 

track drives, 
slew drives, 
winch drives. 

Steer and 
rigid drive axles — 

oil immersed brakes, 
disc brakes, 
drum brakes. 

taiwfhv 


Hamworthy Engineering Limited 
Transmissions Division 

Poole. Dorset 8H1 7 TLA 
Telephone: 020-1 3 51 23 Telex: 41 71 95 

A Powell Duffryn Company 



. SGS inspection — at-every stage of a project 
reduce' discrepancies. 

project-any where in the world- 
be sure the contract calls for 
“Inspection by SGS”. 

For further information contact 
our headquarters offices: 

Societe Generate de Surveillance 
Industrial Division 
l t Place desAlpes,CHrl211 Geneva 1 
Switzerland 

Tel. :3i 2250, Telex: sgs 22140 
JntheU.K.: 

Societe Generate de Surveillance 
9 Kingsw.ay, London WC2B6RH 
Tel,; 01-4045027, Telex: sgs 2583S 


- helps reduce risks, avoid delays. 


SGS is the world’s largest 
independent inspection 
company, with 291 offices, 
52 testing laboratories and 
a staff of 7000, including 
1500 qualified engineers 
and technicians. Founded 
over a century ago, SGS 
has earned the respect and 
confidence of maj or clients, 
representing many 
industries, in more than 
150 countries. 


WHEN DAIMLER-BENZ bought 
Euclid from White Motor 
Corporation last year, some 
observers speculated about the 
prospect of a head-on clash 
between the big Germany com- 
pany and Caterpillar. Euclid is 
■ a leading producer of ’off-high- 
way dump trucks and the 
] suggestion was that Daimler- 
Benz could use it as the basis 
for a full-scale move into con- 
struction equipment. However, 
there appears to be no such 
intention on the part of the top 
• management in Stuttgart; even 
if there were, past experience 
would suggest a slow and 
j cautious move into the new 
: market, rather than a sudden 
dash. 

The acquisition is important, 
partly because it gives Daimler- 
Benz its first experience of 
manufacturing in the U.S.. and 
partly because it does represent 
a diversification into a different, 
though related, market As the 
1977 annual report puts it “ the 
Euclid product line of extra- 
heavy-duty tracks complements 
the existing Mercedes-Benz lines 
in a related field that holds 
good prospects for the future.” 

Euclid has manufacturing 
facilities in the U.S., Canada. 


Belgium. Australia and South 
Africa. This year it is expected 
to have sales of about 8200m. 
compared with some DM 26bn 
for the Daimler-Benz group. 
No dramatic developments have 
taken place since the acquisi- 
tion— -the management in Cleve- 
land has remained unchanged 

but the intake of new orders is 
reported to have improved. 

In view of the uncertainties 
involving the future of White 
Motor (in which another Ger- 
man company. MAN, has just 
acquired a minority .stake), the 
Euclid management no doubt 
welcomed the transfer to a 
much stronger parent For the 
present the new owners seem 
content to develop the busfoeS 
gradually and there is no 

they intend to 
broaden the line in the way that 
some of Euclid’s rivals, such „ 
Caterpillar and General Motors’ 
Terex suosidiary, have dnno 

not he 1,16 l0nger tenn ft '^uld 
SL be s V? ri sin5. if Daimler- 
rtit nZ V * ltI,out launching a 
S a *ack on Caterpillar 
JJ£ ved s JJ? ewhat further into 


G.O. 







r z% 


We'll take 
the high load 

A Scottish firm with an impressive 
international reputation, Carrutfiers has been 
supplying MONOBOX cranes to industries 
throughout the world. Wherever there is over- 
head lifting to be done, a MONOBOX crane can 
take the load. 

Built to an award-winning design, a 
MONOBOX crane can bequickiy and easily 
assembled from stock peris to any specification. 

And aU types of lifting tackle supplied - to handle 
anything from cable to concrete sheet glass to 
scrap metal. ’ 

"The single box girder structure, with its high 
strength to weightTaho. isecpnomic, versatile, J 

reliable! Mamtenam^is’fc^ breakdowns j 
rarely occur. ' . f 

Next time you think about high loads, think about! 
a high quality MONOBOX crane. ' B 


mm 








Societe Generate de Surveillance S.A. 

Industrial Division 





offs® 

g.-tl 




The Euclid, dump truck u ' ; -••‘• ^2? 

Clark Michigan wheel uit . h a 

important diversificatioji 7o^jZXlT aU,J 



UP WITH MONOBOX 

Britain 's leading crane manufaciurersi 

J- H. Camrthers & Company 

S3&&5SS' S’* 6 * MMton,. 








7 i*-^^ 1 r--*^ ?- - - 


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Financial Times Tuesdnv October 31 197S 


n \ 
>-* \ 


EUROPEAN CONSTRUCTION EQUIPMENT V 


FRANCO-AMERICAN ALLIANCE 




v[ew management for Poclain 


& (FTrXV M« ■ vTIJS oiVr Aris^rirnn ami altom-rhur fewer breed of French cmnp.imes 

*V4*'.V' ‘'V.yfT^n' • «!'••. i .‘it l- S. M.i:.£:f r ■ 'ii.»n ;<?n ntrw men have been which Juts aruwn from being a 
«•• ■ .. - ... ‘ x 4 ..w a :'. 'y&jg-* "f ■••■iwrik". :«»n t».] :)■;<• ri it*i:i«-i! Typiurt of them i:. r.unlly affair into a force on 
’«$*§»& ,"Z '. '...** * '•»- acquire' i it.-. 4i* per n.:ii KJjnun*! f'anwvl-:; a 43-year-u!d world markets. With a flair for 


Ssm& r*? j ,J r3£- J 'K:v. lc ' , R :as»K-<u ire at .:yu railin' excavator «vpu-iaiioii.,. ihe hydraulic excavator market. ; 7WM 

: P^vBfSJociije head- !ly is i»»iw rn,..»m-ms.I direch.r in a jtime , a[ almost magical . 

’■ .‘ f p,,,: : i,!n h:,s t' 1 piic,!,|n£ hydraulic excavainr expanrion lhfe company, firmly 

- • \ 'f ~ ^ company chairman ' 

- •' ^42g r ,nao 15 Dav!d E - V, “ w ; r, * n,i,;n,s Pj f rri * 4 . a nmbinons without browning - 

- -irT r^funiuT vice-itn.'Muerjf ni iwinuor of Inc ' lutindmg . V , \ " 

^^vvraio operations at Ca.«e. family. Inevitably he has had tn 114 capllaI uase - ‘- 

with U ye-irK tt-ih Mu -*•:>-- carry uuu.-ii nf Hie responsibility D •‘I* 0 K*R 5° attuned to 
j«iiiu and ;* a«. s fur the company's dramatic success that it did nnt reengnisc, 

fi.Miy L'lrjuliifi; boh. mi coliap^c, bill l:c wa.s "mi 1 in* nn«l perhaps did. not have the 
Kc btfi amc ihi.-l.ih: man- s:»!o-i< aJvi.curo of ihe Case facilities to diagnuse. the onset 
t!*ivi:tiir in .Inti*’'. Hi- wont a.ruii'iii'-ii nmr the need Jor of recession in. its market. The 
•i.lM!i in r«".rj.ir;>c lb#- an external rescue had become result wax that Poclain was still 
... diaunoM, if wh-i! Psi-.'lain ;i>i»ureu?. He lud recugniseil luring labour witen the market 

V ''v. d iiii'ii e — pi;ii\-.,M.,nal 'Jiy need Jo introduce prufes- was already turning sour 
„ - •**’- I-;::!- ,;a;..iriU ...i •unr.ai management techniques i labour which, in France, il is Ai 

!1 " pan- - opera- \vh.,t had bcc.une. in the extremely difficult to get official 

‘ under pi.-rniar.c-nl $ taper- French family tradition, some- approval Jo shed), saw its pr«»* 

. '•* ■ i. thing ii a puiernalistic and duetion suin« directly into 

f .■riow n i!..-! i hi* n ily a:i'hi«r;}.-irun ciuicern. stock, and the debbs it had “ 

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.Mr. Vnrid Bificlow (left >, imaiauhhiiiircruir u| 
■Poclain and AI. Pierre Butuilic, Chairman 


.'ft- ± . 

’a> V ; t 


” • - -------- ^tui. rv t diiu iik- ik 1 ■ L i-ll' .1« r 

nflSy Knfl.v-n ;> one of the T&re borne with such insouciance in a companies are -to ail intents management which Felt very j in ^J n a . L 1 ' 1 . * u J* m 

~~ T J time of expansiun bc^ln to and purposes proxies or the sensitive almiii ihe mlk-iMn l-l,n,r ® c|1 L . wotk, thimyh the 

^ A wcijrli mightily on the balance French Government) while they implied uf former practice. - r !^!T slU : , ! ,w i l ° 

\ / sh ' H et - . . •• „ rsaaf * m « 

\ mA S Back ^ in I9i3 the more t ith v i Thnrp p,,t ‘* ain ma5, -hvd well. C.asc worth in balance sheet term?. 

■\ \ 9f / opumiitie forecasiers had pre- agreemerits with V ^°; Jhnre had becn ^. kin . a Kliril p t . an because of the continuing debt 

\ \ 1, || dieted a world market for arc four Case repiescntam.s partner spo. lahsing m hydraulic burden, though this is slow-Jv 

\ 'W l| ! / • hydraulic shovels in 1977 of of which only Bigelow i e cxcara t ar s— a sector which us bains chipped" awav. 




aruund 35,000 units. Ju the ^ x ^, L ' utl ^; e- . . _ . . . European distributor network tHm hi« nupsrinn m-iri- h-,nn C 

event they were 10,000 units .. The French side ha * exercised needed to give it muscle. Case’s over , h %, r , r ,r »h. rir T 
ir J its rmht to nominate a r- ..... the struLturc of the c«ipi- 


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Trlr- 


MoveW3 


S ,‘V ."T, . . group Credit du Nord. The Jv , nc,, aU i«. reugeof ann 

,• when the burden of debt ^, er icans have tactful I v not Case oquipment is now being Volvo have left 'visiting cards 

■ . threatened to sank Puclam early t exercised their reciprocal P»« througii the distribution with the company hut probably 

^ last year (around FFr 300m of Jj*»hrt« nominate a " neutral" systems acquired frum Poclain, do not warn to find themselves 

.r mediimi and long-term debt on th ® s Ieaving a French majority though- a problem will even- mure heavily involved. ■ The 

a nominal-capital of FFr »4m) »_ ji,p u naic i * “ tualiy have io be resolved in company is hardly m the jmsi- 


it began to look fur a partner ^ ase - s diagnosis of Poclain t ‘ f ' r h ian >' '‘Uvrc the Poclain lion to attract fresh capital 

who could put in cash W a» of a company with an nil!- operation handled Volvo equip- from the markets and the 

; immediately to improve the standing product range and niem whicil now in direct BalaiHo family it»eif would 
balance sheet, tide it over the " rao dern production facilines. it competition •■ith certain items prnbalily tind it hard tu find 
market recession while main- xva g horrified by the confusion in lhe GaSL * ,un « e ' n '\ w ' ni,,ney ' 11 rtC '" a reason- 

. taming ifs capacity to resume , n the factories caused by Jn North America the Poclain ah, - v cori^i-ii" aSNiime that ihe 

- 1 expansion, ami provide some p 0C lain’s decision to rush a subsidiary has been «-lo«ed ,he 

avenue into the American mar- completely new range of down. Case has an affiliate. J* 1 ™ . f . Iu ai llin sri pru " 

. ket—^in area where Poclain’s machines through its factories Drott Manufacturing, which srossiveiv. 


efforts had. as with so many in yne fell swoop (just m time makes its own range of excava- One snluliun would be for I 

.French companies, failed. to catch the market recession) tors at the lower end of the ( - ase tn Put in more money and 

; There ensued a rather and. by the disorganisation pre- range, but in the American tra- take a larger stake. There is- 

clumsy game of postman's knock vailing- on the . shop floor. dition are much more extrava- J^ u certainly that the rrench 

| with Poclain ca^t in. the role of But most o£ all it was struck S&nt useTs of hydraulic fuel C»«vcrnment would endorse this, 
eligible daughter and the hy the absence of basic manage- and horsepower than the Si' en the importance of Poclain 
French Government looking for ment systems to exercisePociaineqmpme.it. Another no^.M lit v J 

a husband who- would also make control over production While Case is just beginning lo work find a third parmw bu^ Hus 
> "*»! **»*■ out «erlou.ly ,l,e applet, onof SJ,. V^il auSbf^AJS 


r-" : ; : . 

? ■■ •*. : •. -: 


Pumps, Motors 
and Control Valves. 

One of Europe’s largest 
manufacturers of heavy 
duty hydraulics, backed 
up by an international 
network of subsidiary • 
companies, offices 
and agents. 

1 HYD RECO 
riHAM 1 WORTHY 


Ham worthy Hydraulics Limited 

Pcole. Dorse: 6H17 TLB 
Telephone; C20-12 £723 Tele/;: 4 1207 

h association war. H, Jre co — a twrof 
77 jc General S'p.ia/ Csrcoviion. U 5. A. — 
end Hammrlhy Engineering Urrfied. 


emerged with 40 per cent of (lie hanging over the company Poclain equipment to the t . a „ objec . tions j't mi-lit aj«sn 
eapitaf for wWch it paid . co ° c, “ d ® d ‘ however, tha. American market, ft is attracted be possible tc. reconstnict 
FFr i95ra ; Jn.addition tihe U^. ^ Primarily by the heavy eq.iip- Pot ., ai P n by establishing a new 


company .bought for FFr Him * n r d * £"«£* V0,umeI ° »«« 7 the Poclain ho]dm . J mpany as a means nr 

Poclain’s sales operations -in ^. v p W ..?* J’ 000 h . ? ex 5 aval . or .‘ wh! ^ h tan redi.stribuiing shareholding^ 

Britain; Belgium, W. Germany, Slowly the . • Professional b t . used in the mining industry. This is all speculation, hut the 
Spain and Brazil. managers .are -introducing tech- Machines like this can begin to Cas * a P rf . well th « 

The Bataille family’s stake 22™ k ® SS n T, 1 offer the speed and flexibility to whcn Poclain begins to expand 
was reduced to 15.9 per cent; 5L t r n rv , «.,irr*i« l ! omp f. te ' v »th cable excamrors. again Ihe question of revising 

Renault, Peugeot'and Volvo each ven J- ory controls and materials drag lines and wheel-loaders for th0 . i an i la i structure cannot be 
Inok 9 npr r?J 1 wntrote sy'stems, aware that conventional opencast an«1 qnar- ducked 

SSmJur/ IIS' h^.i nSt !*» U i U ° n « i thtae innovations had to be tying operation*;, and.it may” n . , „ 

] -" 1 P f r coaxed through the line well be in this area that ihe David ClIITY 

cent, 'leaving 3b per cent in .... 

public hands. ■ ' ■ 

In other words the group of 
French shareholders together . yrv- ■ 

*££££ Germany s exports 

Pierre and Claude Bataille ' . 
represent, the family interests,- - ^ 
another member represents ' 

broadly - - the • Renault and WEST GERMANY'S construe- the decade. Turnover in the July that of its eight West Ger- 

Peugeot, interests (the motor Son ■ machinery ■ manufacturers comparable period of 1977 was man subsidiaries only those 

•— ■ — ■ share the national obsession 45 per cent down on sales operating in the construction 

.. t with exports. Almost three- recorded in the opening seven sector have reported any 

quarters oE the sector’s output months of 1972. growth. 

• ‘ is shipped abroad and it is one g„j jf thin"5 arc looking However, its three West Ger- 

of the Federal Republic's beuer al home, exports are «ian subsidiaries which coiK-en- 

leading foreign trade earners. fi a g g j ns . Despite the massive trafe on the consi ruction eqmp- 

. The heavy emphasis on over- increase in home orders the menl sector reported a first half 

seas business is not merely a rot al inflow of bookings in the s r “ wt . h r3t ^ ,,f I3 - 3 , p " cei ! t - 

. refleclmn of the Germans’ first half-year was only 2 per hrin «« n 3 ***** 1,1 DM 2 « s,n ,n 

traditional interest in foreign cent up on that of the firs I six ,ht? first «* r, f 197S - T ?? c 

sales. In many ways the con- months of 1977. First hair = r °np. which through in Swiss 

sma-lion equipmem makers export sales this year declined J mld,n ~ . Lirhhcrr 

have followed the same path as hv a real 15 per cent to In,crn atiunal. also owns 16 

■VII IV1I - the industry they are there to DM l Obn foreign subsidiaries, reporicd 

nTSI ITv serve; ” . heavy growth abrnad. But 

HlIKil IT* . After close on 25 years of h^Tan^hit 1 'by" "to al 'h«n?h turnover of it.s foreign 

a mi laiif operating almost solelv in the • , , , r .u T . . subsidiaries ru^e 3S.1 per cent 

I Dll ITW Eu" S ?ho J-otlrr^ appreL'^t.on or the Demsehe- DM 35Bm „„ hre.-ikdowo is 

■ I W “ u , rH”, marK et. ine J eclcrai mark against mber majnr world ava ji a hio tu V h«r.v the nrunnrtinn 

U#Rlil 1 *• Republic's eons true uon majora. Ira(lin . currencies, but this is J? £“ iShc cun 

are among ihe most outward- hv no mea ns the sole nrr.hlrm ■ aim . e 

i for-a truck With the guts looking in the world The inflow- Aithm.rrh f,.,,,.. C struct ion sector. 

r day Jattev out, in all 0 f orders reflects this and the A,th L n the ne f ,nan domesiic Tbe orenstcin and Knppcl 

toughest oonditiorrs . order books of the country's ! n3rbc ] appear* ^ he .recuvcr- shipbuilding and rngineerinc 

icn you’ve got to think , ,n I,ther VVest E « rt >pean con- srnup bad g , l0 d reason to he 

ice DJB Engineering. 'etJwf 1 * ° |? oncern * stnu-tion markets — important pleased with its const ruction 

: most comprehensivo, ^f°° k,TU:f5 ♦ 3 J vustomers for the Germans — equipment manufacturing opera- 

So^ nnd« per cent of remain depressed. Zns. While business was 

■ • Whi . ' . There are also signs that generally dull, domestic orders 

M manufac- sa | es have reached saturation for construction equipment wore 
S2SLST ® always been export- jnt jn fflme of ^ rich(?r b 41 pcr cent for earth- 
' SSSSi J5? construction developing countries, particu- moving eouipment in the first 

Stl^Wawr Wai“ ’ SKSSi? ' in the Wlf1d,e EasL At toUT ,non,hs of ,he * vear - . 

srrain Chassis for special > In ^ reast f^ 1 . lhis the same lime other potentially Figures for the first nine 

Jjfiwnoe on foreign business, important Third World countries months of the year arc even 

APPLICATION— trucks -today some / 3 per cent of their are having rrouhle financing better. The group, which turns 

or underground I output goes in exports. Uieir import orders. over a total «*f D.^1 l.Olbn aj 

gr open pits or harbour and This year the domestic con- Sales to the West European year, has reported lhai. in cnni- 

■ying or steel Works; stvuction Industry’s fortunes industrialised countries fell parison with the 1977 figure*, 

ngpipo. - appear to have taken a turn for back by 4 per cent in tbe first the inflow of domestic orders 

iPERATION-because of the better, and it now seems half of 1P7S against the per- in ihe construction equipment 

jered power irains, 90 o that tlie long recession is over, fonnanee during the comparable sector during the first three 

chassis oscillation with An upturn in building has period or last year. Exports to quarters was up BO per cent, 

d suspension systems to naturally worked to the benefit i-usiomers in’ the European Export bookings during the 

^Zt/J-^!i B onoc/ S p of ^ equipment manufat- Community were down by 7 per s 3 ™* P eriod have ristn l,y la 

wrvresandHOffi/roPS turers. Orders for construction cent on the same basis. percent 

*. • equipment and machinery lo The decline bit deepest, hnw- O 4 K. which exports some 

kinafora truck, but have ' ^^“^ture building supplies ever, in the Middle East and 50 per cent of its output, says 

Merest— ask yourself this • rose '^y 35 per cent in the the Comecon countries. Exports that sales have leallj ^ Ponded 

existing truck fleet got domestic market during the tp Eastern Europe were down m fields of hydraulic excavators 

satility and reliability Z.. M first Beyen months ef this year, by 37 per cent, while sales to an .^ wheel loaders, wane tne 

, Domestic sales of construe- the Middle East were off by 25 M ! d . dle Ea5 LJ ,a ? # f h fS|J , 1 
tion equipment during tlie same percent . mistng ra e the eon^« 

period went up by 20 per cent Two groups in the sector that “ ^ main 

compared with the opening have been doing better than *** 

seven, months of 1977 lo most are Liehherr. which .makes *!!l5L Sn - th - ™»n ole* 

DM 1.4bn. Jmports also rose, craues, diggers and brick-mak- T,_^f C ,?Ip n n m a i n , a j n rd durin" a 
although the 14 per cent growth ing and handling equipment faTrfv^ depressed period “by 
. — to;DM 643m— was consider- and Orenstein and Koppei iJlTSS.- tnuilrv and 

MEEfONCS LBWtEO -- ably, slower than the expansion (O & K). which manufactures j j tg res p 0nse i 0 ‘ t be 

iriee,Co.Durham, . • . rates, reported by the domestic earth-moving equipment and recessi o n . ij^many of the 

manufacturers. - such tkin« as- diggers and 

'83) 864011 Telex 53361 + J* sl j ou,d Jumpcr iruvks Both _ha\e re- been t0 slcp up its sa i eg and 

- - • remcibbcred that sales in tbe ported powerful growth in the , , ra iher ihan 

>NS CAPACITY ■ Republic are still at a wnsirurtion cquvpnK-nt sei-tor lrim costs jn lhis area 

very low level compared with this year. ^ o *' 

rtTuMmv^oicji*^ the .performance at tlie start of Indeed, Liebherr staled in ■ 'jUy riawtin 



s exports 




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Jffra DJB aniculated 

, 'i y B trucks are soicl 

* -'■Tjft and serviced only pjBENGfl^EIWNG LHWTEO 
^C«8 bv the dealers PBterlee. COb purhams, 

lj^3^“llar Vy °“ r Enofaod.Sl*8aHX 

equipment Telephone (0783) 864B1 1 Telex 53361 

DJB TRUCKS UP T055T0Ng CAPACITY . 

^Bat^MKftlDJBEi-jrtMinaUI. CwqMUr.Ultf* ffl u* TuaHiMM dOurpiwTraaorCa, 


~DJB. 

f VERSATILITY. 
I RELIABILITY. 

. . . If you’re looking for-a truck’ With the guts 
• to kecp’nvorking, day Jaday out, in all 
•V; . weai hers, in the toughest oopditiona . 

imaginable?. then you’ve got to think 

"aniculated'.' 1 Since DJB Engineering . 
build me world's most comprehensive, 
versatile and reliable’ range of articulated 
trucks you need look no further 1 

VERSATILE IN DESIGN— over 30 models 
of standard trucks and derivatives such as 
Low Profile Trucks. Log arid: Pipe Carriers, 
Light Materials Dump Trucks, Dual Steer 
Trucks, Tow Bar Tractors, Water Wagons 

and Rough Terrain Chasis for special 

customisation 

VERSATILE tN APPLICATfON-rrucks 
for earihmovina or underground 
mining/ tunnelling; open’ pits or harbour and 
jetty work; quarrying or steelworks; 
logging or stringing pipe. 

RELIABLE IN OPERATION~because of 
Sjg Caterpillar engineered power trains, ,90° 
articulation, full chassis oscillation with 
. rugged frames and suspension systems to 
match, 4 wheel drive, fail safe brakes, large 
diameter wide base tyres and HOPS/FOPS 
cabs fitted as standard. 

One more thing! ’ 

If you're not looking for a tnlck, but have 
. read this out of interest— ask yourself this 
question— has my existing truck fleet got 
. this degree of versatility And.refiability2..« 



first C:is« ,, -;n*p.rer! dcvH opuicnt s 
of ihe ran -jo ivi-cm to hi.* seen. 

One Poclain subsidiary — 
ironically a company wi up by 
one of ihe Bataille brothers 
when he quit the family com- 
pany but bousht up later vtheii 
he ran into trouble — has already 
been sold off 1 . The Bordeaux- 
based company Deruppir. which 
makes road-building equipment 
like compactors and loaders, 
will be taken over by the Ger- 
man company LBH at the begin- 
ning of next year. Poclain h^s 
stated that it intends to concen- 
trate on its hydraulic excava lor. 
mobile crane and by drat: In- 
components bu silicates. 

The forecasts fur financial 
perrurjiuinv are cautious. The 
level uf Slocks is still Ion hiuii 
and the rum patty is severely 
undor-canitaliscd. Current sale* 
are probably sufficient to i-naMc 
it tn paddle along for the lime 
liL'ing. It is fining out ils work- 


H m 

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PS?S5B 

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SbA 


B Having been a leader in 

excavators as long as excavators 
f pIPb ) have bean in Europe we feel 
I B/ the time has come to put our 

wisdom to good use, by getting 
V i }jt t * , * n S s ,nto perspective. Exploding 
a few myths. 

Let's take a look at the sharp end. Sales, 
In the UK last year the Hymac 580C sold a staggering 
five times more than any other single excavator. Of any 
capacity. Add up the total 
excavator sales of the top 
five companies competing As 
in the UK and Hymac 
machines accounted for a 

massive 48?o. A tasty slice f 

of a very rich cake: earned r , $ 0 ) 

simply through the perform- 6 ^ 

ance of the products and our ^ 
ability to support them. 

And now as distributors of Demag excavators our 
range is unequalled in its sheer scale — capable of biting 
from 0.33 cubic metres to a breathtaking 21 cubic 
metres. . • But what about the lean 

years? No problem. As part 
of Powell Duffryn whose 
S— — — V current annual turnover 

/ jl \ exceeds £340M we have the 

/ \ kind of large scale backing 

I I which means real security 

\ } for all our customers. 

\ TY / Being a major exporter brings 

>0 fY ’ ts own stability too. Through- 

1 t out the world our machines 

u u ^ are still working where others 
have been tried, only to fail, in the blistering deserts of 
the Middle East, Hymac products are earning valuable 
petro-dollars - a cool £2.8M 
in a typical three month period [\ 
from May to July. In the A 

fiercely competitive, high /} 

technology Japanese market, 

Hymac are currently complet- / 

ing an order for some two 
hundred and fifty concrete 
breakers. 

Through our wholly owned V. - 

subsidiary, Hymac Maskin AB r ^ 

we've even sold safety to the k 

Swedes. In fact, so advanced is \. */ 

the 580CT that it outspecif ies • 

all international legislation 

concerning operator welfare. More comfortable than a 
good many cars, it has taken Sweden by storm. And to 
help Europe get hold of the goods 
" it demands we are currently 

setting up an additional 
direct distribution centre in 
France. 

: in ally, it's worth flipping the 
in and taking a look at costs, 
ial costs. Okay we're compet- 
vely priced, but today's 
tomer can't merely afford to 
sider the price tag. Throughout 
its life the very 

best excavator is going to need © ° 

regular, and occasionally ° 

immediate, attention. That's 0 

when Hymac's keen parts ° 0 /\ 

prices and dense population / 

of service centres will be a 

When eventually the o 

time comes to part with y l \Tg 

a machine any customer \ ■ 

naturally expects the 

highest possible residual "f CZ rm 

value. The continual twjg QjiCiy 

demand for secondhand 

Hymacs makes certain he i 

gets it. Above all, he'll put a high premium on the 

refreshing responsiveness that's only ever obtained by 

dealing direct with a manufacturer. That's worth a 

bucketful of promotional promises. 

You’ve probably noticed that in the past, despite the 
fact we're leaders, we haven't said a lot. It's simply 

fpfa because we've put most of our energies 
into our engineering. 

a t's another 


ol 




CASS twiEQuiCS 


S3 


wmm 



A Powell Duffryn Company, manufacturers 
of Britain's best selling excavators and 
distributors of ihe Demag range in tlie UK. 
Hymac Limited — Marketing Division 
2 Bath Road. Newbury. Berkshire RG13 1 JJ 
Tel; 1063b! *10/ 77 T clux: S47557 


v 







4 


and Pumps 

have a world- wide 
reputation 
for keeping things 
moving 

fapr&nw 


UK-owned companies i 

with harsh options 


^~zs^r-'-=4 

I***?* 


■^p I 



Pegson put progress first! 

PEGSON LIMITED COALVILLE LEICESTER LE6 3ES 

Telephone: Coalville 36322, Tele*: 34423. ’ 


Need a Generator? 

Petrol or Diesel 
0.3kVA to 750kVA 


LEWIS & LEWIS (ELECTRICAL) LTD 






THE CONTINUING recession 1977 probably also has some- 
in the construction industry at thing to do with the fact that 
home and the growing problems British industry, for seemingly 
in the important Middle East unexplainable reasons, tends to 
export markets have combined do better in exports during 
to make the past year very world recessions, 
difficult for the British con- The construction equipment 
struction equipment industry, industry is highlv geared to ex- 
Competition in export markets ports . while the construction 
has intensified from the big industry has been the natural 
American groups, which have victim of government spending 
the weak dollar in their favour, cuts, the equipment industry 
In contrast, the UK industry ] on g ag0 decided it had to find 
has had to cope with a stronger alternative markets. The fact 
currency this past year. t hat some of the multinationals 
Japanese competition has mean- a j so decided to make the UK 
while shown no signs oE lessen- their manufacturing base in 
ing in spite of the appreciating Europe has added to the strong 
yen. export bias of the industry. 

The choice for most UK- Many companies are exporting 
owned companies has been between 50 and 80 per cent of 
stark. They have had either to their production, 
run down production severely ■»-, 
or to sell at prices which have _£* £3XS 
cut into their . margins. The 

results have been most notice- export markets are be- i 

able at Aveling Barfnrd, part coming more difficult after the I 
of the BL subsidiary, SP Indus- boo™ years of rapid expansion 
tries, which went from a com- In construction by the Middle 
fortable profit of £2. 9m in the Ea st countries, and there are 
first half of 1977 into a loss of fears that some of. the UK- 
£200,000 in the corresponding owned companies in. the in- j 
period of the current year. dustiy fas opposed to the f 

. multi-nationals based here) will . 

Most companies so far have „ 0 , be in „ position ^ , , 

resisted lay-offs but few can see n ■ 

"^,1 “ P, T5! e . n ' Studies commissioned by the 

conditions in the near future. jjedo sector working party , 

ln . S reveaied that the t/K- i 




liE' 

mm * 


m 


P».. .- 4 a*,,,- -.r 77 -"- . 







f 


Tke Hymac 530C Irydraulic excavator, the market leader in its class ■ 

are Ransomes and Rapier, for agemeat has remained the battling uphill against the de- nearly a third, however, snd 


keting activities under Aveling slack demand. ilr. Jeffrey 


xne prooiem or living wun a xoouioia m these markets. The dragline) then they must devote -ew i* -m. ^ aruy 25 a re£UI1 01 uie ue * 

the stronger pound in increas- most demanding requirement in more money to research and wSLil terioratin- position, the sub- The markets for the Brmsa 

ingly difficult overseas markets developing countries is finance development than they have sidiary companies at Aveling crane manuiaeh*rer 5 has been 

is reflected, in the fact that the for stocks and spares. But the been able to do so far J na-* ° P 01 v,mca it Earford fuith the exception of hjt particularly hard by 

UK’s share of world trade in British companies, -some of r~ . . ‘ . . £.‘7 . the Goodwin Barsby quarry American ar.d Japanese tompe- 

construction equipment for 1978 which are privately owned and - e that -ti-e T®?® 2 ^ tee curr s nt year are pi 30 i) have merged their "mar- tition as well as by continued 

has again started to falL This others part of bigger industrial amo “ nts be much nea.i =o0a, an increase of keting activities under Aveling slack demand. 3L\ Jeffrey 

comes after a couple of years groups, have been, unwilling sre aler . tlian the British-owned ^ “ aa “‘ 3 J ,e J and P rofit ^ Barford International — a move Wheatley, managing director c£ 

when weak sterling helped to usually to devote enoush of ^°“ paa . ies *”■ capable of about which is designed to increase Jones Cranes, pari of the 600 

push up the UK’s share from their resources for this purpose. «= ene f atin B- Many companies * L -=^ e - ®- ar oand £-i.am. In real sales effectiveness. Group, says: “Each year i* 

around 10 per cent in 1975 to Another possible threat to the * * y the . eq “ r lv ?i ent dram ^ c Hvmac -s another comnanv becnmt * tighter to win expert 

more than 15 per cent in 1977. long-term competitiveness of the of 3 }° 4 per 0631 of * he “‘ —ffff 5 - 65 - ‘ bm ^bcoek says rt is . . . f ‘ ■ hi p * markets: we nave !o fizht 

Exports in 1977 totalled £722m. UK-owned companies is their ^ nr ? u . a * turnover on research and c~ai Domi ng l us position. Bab- Pow.>lI nnffrvn it* harder Jo get costs down and 

a 6 per cent increase over the concentration on the smaller dev ®J°f“ ent * Far ^ Iarge£t Cc-nstrpction Equipment’s *\ n , . * ' 1 ” hold pnees. while concentrat- 

previous year. and medium sized equipment ^ P ^-i ClS “ c *- ude . bIa ^P tXirH ^ ™ items Uke servicing ar.d 


revious year. and medium sized equipment J2L' .. . . . ■ . ing on ilea 

When the final figures for Although there is nlentv of paIiy in ^ ^ — JC Bamford pavers, :n whicn it . is probably J" 1 ?® has spec.a»is,ed in a par- ^ejjverv ” 
978 are drawn un. however demand for this tvnJS eLin. Excavators, which this year will the world leader, a big, range Si ar .., ran ' e .,°! equipment— ' 


ng and 


they are expected ^ sho^tifat “KSfflilS = excavate Jwmch 

exports have stayed static in sophisticated type which will be S? SLiSuS 1 ! ? K** 7 Wni!e :t . . a ! so . has ' * th ^counV’^rcuSns tohoid S'draalic nobiie cranes’ 

real terms. The marked im- most in demand in-the future r ° e Caterpillars and Komatsus distnoutorsnip whicn imports n - s 11 hoid . cr ^.es 

provement in ™Id“rede share iTSe B^ com^es ^^o w ^d can afford to walking draglines and tewer £^ 

shown by the UK industry in get into this field (a few already & “ d SW> ater amounts. cranes. p^L,nr!Lh JfiSL Zil -° f 2S5fi« If 

■ ' ' ■ ' — — JCBs turnover this year A significant move in the e 3 ul Pnvint. and has benefited in y* a s«pp,ie, ot eq^*p,..ar.. 

I represents a healthy increase industry this year has been the tiie past - vear Trom the small in- ior pDrt3 and Rarncurs. and ;s 

■ over 1977 (£84m) and is partly bid by the privately owned Kave crease in activity by the con- workln * on devniopaiest or 

; the result of a big export effort. Organisation, which owns the struction industry. support equipment -for 

! In spite Of the lm-elling off in fork-lift truck mannVacturer Hymac exports to a large Frnwfh^n 
the Middle East, the company Lansing Bagnali. for .the quoted number of overseas markets, 

has manaewl a 34 n#»r «*nt in. TtnncA- Pn«r! nonrinrr tf; j n CFOilCS IS" iCd DP ’> 1112 *. 


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company — the diairman and eqcfpmenj In* it assumed Japanese marker ?rb fr s ° S ^ ? e!ween caji:paa:es 
managing director, 33- y ear^,!d that It rough terrain ?c“ S" concrete breaker l7JF n *LZ- ^ ^ * 
Anthony Bamford, is the elder truck business is the main In hvdraulic ^caTators ks for 

son of rounder Mr. Joseph Bam- reason for Kaye’s interest. most' construction equipment it T ^ e otheT big Bri?i2h craca 
ford— and employs 1,700. Its Predictions that the move bv is a buyers’ market Mr John 3iana *actia«>r is the Acrow en- 
directors insist that its private Kaye, annonneed in September, FitzGerald, mana-tin* director gi ° eeri2g group ’ vhose iwro 

CtatllC dnoc Tint hinflaT- itc a-man. -u-iTT Ia.J +_ . UllrCUir, .,,1. j . n~1 nr . rroius 


mm 

■s 


I EKI 1 ' 

• . V- ^rigepr-^hehi'^ggesn^mt^^g^rf '/V v . v . ; 

V' V * C^a '-pirti ers. ;at. -the- :Same ■ ’ W . H 


Mr. David Steel, managing 
director, agrees that the past 
year has not been easy, but says 
Coles has increased its market 


'> HiTTbesr of ^h'^nj^t/eefcrit world ; 

. '■'\ , wide:KTK)v;Tiow: r '-''' : ; '"; : 

f But jng eco wd rks^fer m-an and its - ' ; . 

" , '" ; 't!rtGrpretatibns.;Clesigns. and 
• are tailored' to man-; - -- 
aiv ^Tfigecos style is second Xq’ rjone tn jdr, 

; ’ • coordinating. an.a promot.-ng' • echmoal - 
_ ,,^:\3nd finariciaJ acti vrtJes, ip ptannrpg 

in,P n .V" Ti‘?ici, .i:;!:.q'peratifig. :> : 

:^>i:tTirbuglfits'P5:olfieesTff)rbL;afto\jt Lh’e . 

-i tngeco means 4 [yii 

‘p^ ,£r]L r-efiPeries -• ■ .J . 

\ ' • PetrochemicaH qiants C " . * ’i 

_ -V* Pulp - and paper-plants ‘ 
‘'"."■'^•Product 'research ; * 

• -Process ; and- e'ng m ee r I n g^&s ig'n < . •••.. • 
•' Person nel trai ning 

td. ; V •‘Turnkey 'Plants 


Greattvhty ifr.teehnpiqQy y 

•.Sr,-; 


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;;Mg® jC^^iiOpai ; v.R qa ;A:'C^cr j Si . j 

, tugano : 'y : 'SWrfearfeTd' ' . < 

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— .7J .” “J, — arnuy neroea investment and spending on — J L , 

can market with its telescopic by Kaye; the two gronps will research and development We ?*“** and h - vdrauI,c ««■"■ 
handler rough terrain machine, retain their antonorav, savs have tn Ivf tc, rs) account for about half me 

Exports to the U.S. from Britain Kaye. Bonser, whose^profit- miLt wUrte wSine in three gr0Up ’ s turnover and profit, 
in construction equipment are ability this year was doiJn on “S’ time- Se wi S Sr £° Ies Cran€5 .- is 1112 bigsest 
tiny— it ranks 24th m order of last savs that the accesc to a rtri T ;_T . .? nS ' . other European mobile crane coin- 

SffffSKS, SK tSSS SSS ZS?S^ m £ t a3s ? SS “ d is TO,i 

*“2. solution to the ^Cdownturn et A,el lng Bor- "" “ .U the, hi.- 

e ^ e ^ d . T ° be en " for ? “me as perhaps the bis- FlnviKIn year has not been easy, but says 

countered by the industry m ges t eshock in the industr>- mis r ScAlDie Coles has increased its market 

futurs is reorganisation into year. Mr. Da\"id Abell SP Tn i . , share over the nasf vear *n 

larger groups. But it is a solu- dustries* raana^ino director c Another company which has j tajv d maintained its posi- 
tion for which British companies attributes the loss to “two fac mor f fle . 3tib,? fi nanc ‘ a I tion’in the UK, France G er- 

haveshownBttle indination. tors over which the comp nv Parker whose 'i^J***?* SSy. tee 

The conduction i equipment has little influence - the quotation „ n §ot tl , a Netherlands it has also done 

companies m the Babcock and steriing/dollar exchan«M r qr^ ? ■ the over ' the - well in Eastern Europe In tee 

Wilcox group are an exception, and the capacity situation The Thi 6F market in , AprU » 1977 * Middle East business ’ has de- 
and this year they have made former has hit us p^ticulSv 52 t c ? rnpany complete d in Se S State? aid 

changes so that they will be hard. About 70 com if P ^ 1 ** f °r ««"** and sand and S£S t ' “1 “ IjT J" bee nraore 
identified more with the parent our output i s exerted and IShalt P nif„t m0bl1 *- and ^ ' ?® d than made ^uj b?^i ore orders 
company's image. The company most of the time sale- 1,-1! tSS alt plan . ts - crusmng . plant, f the -counirfe? around the 
comprises Winget, Muir Hill, achieved by direS com DPti -^« !“ dCTS * rfbn&Bg 

and Biaw-Knox. In the past year with major w2 P Ul “i 1 4 r 5 e J! s ' In the first six months - ddJe £aiL ' J .. 
these companies have been national* 1 The ^caDaritT nr 1 ? Q ' ° f 19 ^ 7 ' 73 profits showed an in- Coles s new range of hydraulic 
restructured to form Babcock is one that w SfnL? crMSe of 84 P® 1 " cent, to £3.1m mobile cranes was shown re- 
construction Equipment. Man- cone with if t*.- 0 , probab -’ °r er tee first half of the pre- cently at the huge convention 

11 we wer e not vious year. Sales were up by staged by Acrow at Kempton 
1 ^ — •- . ...._ Park. It . is also moving into 

' • . •••' ' * *'■’ ‘ - - - ’ rough-terrain cranes and crane 

equipment with capacity of 
over 100 tons — UK require- 
ments for - the latter are cur- 
rently being met mostly by 
Germany. 

Membership of a large group 
.like Acrow clearly confers some 
■ advantages, but the industry 
contains a number of indepen- 
dents, like Weatherill and 
Matbro; which are strong in 
particular areas of the market. 
Some small companies argue 
that because uf their flexibility 
they are- better able to survive 
lean times than the giants. But 
for them, as for the rest of the 
industry, competitive pressures 
remain intense. 

By a Correspondent 


I Th e 

I Worlds 
/largest range. 
/ of Electric j 
I Submersible / 
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I Technical Manual from t 

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Financial Times Tuesday October 31 197S 


EUROPEAN CONSTRUCTION EQUIPMENT VII 


uO 


N. 



mount fresh assault 


S uficr. a-.'SUTr.'''! that in quick profit> or to obtain ilr.i* Tli*» contract with Caterpillar is ™ 

rue!i(i:: i‘i|iiip::u.-nl as in fnatic in market share. uLviuu>i, This giant of the ton* unn^u AMroifAN pnMDAuipe , ,, 

tiii.t r :,.uuMru- s si.v b:g Sucre** requires a combination str.u-tlon equipment industry LEADING NORTH AMERICAN COMPANIES IN 1977 


i American companies, of product excellence; a first- huilt its first European plants, 
tii-’ir hu-M domestic mar- clav> sales network and, niosj m Glasgow and Newcastle, -as 
liit ir financial resources important of ulL. reliable after- Tar back as 195B and four years 
li;cir JAilUr.eiV.*'' to buy >-.ale* service. Some of the estah- inter set up its marketing 

nay aa-jsvssively intu lu-htd European companies, organisation in Geneva to ^ __ Itl 

tnarfceK w/IJ >otm come tu both large and small, have had handle sales in Europe, Africa Caterpillar 

nate Him European scene, the edge under one or more oF and the Middle East. J. I. Case - 

« -surpr.-iing feature of the these headings and it. lux nut , - international Harvester 

ten yeaivi i>r *■.<> has been been’ easy for the Americans to .. luus for nearly f-* 3 j 0 hn Deere- •' ’-• 

.- 1S orBa iu Se d itself . 


Viilure of these companies outrun them. i.aterpiJlar ha» Eaufnment 

irt. of course, from Cater- In par! their weakness has ,ft ‘Irvelop the European market p 

■ — to achieve what they been thu lack of concentration ,n a consistent and integrated Maxsey* er ^^° 
hoped io in Europe. As on construction equipment, par- V ray » W!l J* 

ii.iv«- di -covered, construe- xiculariy on the part of' those dealers backed by a network 
equipment is not an indus- companies whose main business manufacturing plants and 
.hero it is easy io make has been >n farm machinery. par1s depots. 


Sales of 
construction 
equipment . 
Sm 

5,078* 

802 

73X 

670 

583 

39S 


Total 

sales 

■Sm 

5,849 

1.3UG 

5.975 

3.(104 

1.309 

2,805 


Co list ret n. 

equipment 
as of 
total sales 

87 

57 

12 

19 

-15 

14 


* Including material s-handling equipment. 


m p orate reorganisation. one con- five years tu $isiin. Pav Line. 

Pro J«^?in| l .mSii 0 H “hH ^uence uf. which is the the report stated, aimed to 
rrh^m5nTbS, C M «»WishmeDl of a clearer m™* i,. ,h,» from M» 


£ ' V.-c". 








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THE NORTH AMERICANS IN EUROPE. 
(Principal construction equipment factories) 
CATERPILLAR 

t;ia\*t<»w Crawler tractors and loaders 
Newcastle Scrapers, bulldozers 
Grenoble Crawler tractors and loaders 
Cosselies Hydraulic excavators, wheel loaders 


the 


J. 1. CASE 

Leeds Crawler loaders and dozers 
Vier/oa* Barkhoe loaders 
Zaragoza Wheel loaders 
Dusscldorf Compaction equipment 

INTERNATIONAL HARVESTER 
Doncaster Backhoe loaders 
Bradford Crawler loaders and dozers 
Ccnte-. Hydraulic excavators 
Heidelberg Wheel loaders 

JOHN DEERE 

Mannheim Backhoe loaders, crawler loaders 
SaraJt Wheel loaders - ; - 

CLARK EQUIPMENT 

Strasuourg W'hcel loaders ami dozers, graders 
Uini Compaction equipment 

.\lfrc<oii:> Hydraulic cranes 


rsjra^ffM* zsrs% anM^Li^ ns s ^-. c z ^ ,easi 

“Id taSto" en h t antUi ” S consliucliu " *"»»'■ -iH-ve S lb„. 

manufactured by its Japanese . Similarly J. I. Case, the 

associate. Caterpillar Mitsubishi. Until recently marketing Tenneco subsidiary, and John 
Unlike several of its American responsibility for construction Deere, the company which some 
rivals. Caterpillar has made no equipment in Europe was observers believe will emerge 
acquisitions- in Europe; a few fragmented among several ns Caterpillar's mosr important 
>ears ago, for instance, it took operating companies, with the competitor, are attacking the 
rhe decision to design - and result that IH.. has a strong European market more aggres- 
man manure its own hydraulic position in certain products and sively. Quite apart from its 
excavator in Europe' (it is made in certain markep it is, for partnership with Poclain. Case 
in Belgium). rather than buy example, .the market leader in has been pushing ahead 
one of the numerous European the UK for -small crawler strongly with its own products, 
specialists in this field. loaders — but its penormance in it is the U.S. market leader in 

. - Europe as a whole has been backhoe loaders and with its 

The other Americans have pa ichy. European machine (made in 

been less well-organised -and To some extent preoccupation France bu[ incorporating a 

les * consistent in their ^ jth farm mac hmery may have power tram manufactured bv 

“ PP JL° a * Ch rr i ht * £ r° P r a " prevented a sustained effort on another subsidiary. David 
market. To make up for los. the construction side. For Brown Tractors in the UK), it is 
mu* they have made acqmsi- example, although IH bought be] iered to be close on tlic heels 
linns, some «f whieh proved nnc D f .. the leading French of Europe's market leaders 
harder to digest than they had hydraulic excavator companies, j c ganiford and MassevI 
expected. The big farm tractor Yuin bo. it failed to make the Forguson . ln Franve ilself - t 
companies may have under-estt- most flf Ihat acquisition and claims t0 h , the , eader whh 
mated the differences between jts market 5 hare has not 3bout 30 ^ rtnl of , he niarkel 
construction equipment and advanced as quickly as bad been Case als J s„ ls it has increased 
agricultural machinery, partial- hoped. its market share subatamially 

larly in relation to marketing. in crawIer loaders 


handled hv Ford Tract nr Upera- 
iinns Eumpc based in Bru^-c-ls. 
Ford is a L-ading European pro- 
ducer of hackhoe loaders, but it 
also bough: conirol of Richier, 
a leading French inanufaclurcr 
ur hydraulic evea valors and 
wheel loaders. 

It may be rhai. with all the 
other demand- un Ford's re- 
sources, notably in the ear and 
truck business, a will be cun- 
tent to develop what it has in 
construct inn equipment rather 
than increase its range by 
acquisitions. Ford's cunstruc- 
iiun equipment sales in Europe 
are now running at about $ 100 ni 
3 year. . 

There is. of course, nu ir*»n 
rule which compels 0 company 
like Ford in move towards the 
full-line approach. There are 
several American Companies 
which specialise successfully m 
much narrower product lines, 
like Bueyrus-Erie and Terex, ihe 
General Motors subsidiary. One 
of the largest U.S. companies 


in this field is Clark Equipment, 
which in certainly nui a full-line 
supplier. 

Reputation 

Clark is best known in Europe 
Tor it.s Clark Michigan wheel 
luaders, where it claims m be 
\'n. 2 m the tnnrkei behind 
CaierpMlar. Clark marketing 
men argue that by gaining a 
high reputation in particular 
segments of th«* market the 
specialist can more than hold 
his own. especially in a sophisti- 
cated market like Europe where 
contractors like 10 pick and 
choose. In addition to wheel 
loaders. Clark makes rubber- 
tyred du/ers and graders at 
Strasbourg, compacting equip- 
ment in Germany and hydraulic 
cranes through a joint venture 
in the UK: other equipment. 
Including elevating scrapers and 
cable cranes, is brought in from 
North America. Like Inter- 


natinna! Harvester. Clark has 
yuue through something of a 
reorganisation in recent years 
and is poised to take a larger 
share of ihe European inarkcl. 

All these American com- 
panies arc well aware dial they 
are up against some formidable 
European competitors, some of 
which are determined it> repay 
tl»e compliment by attacking 
the t'.S. market. There have 
already been some Europea 11 - 
Aruerican alliances, notably the 
Fiat-AlliN deal, the Case invest- 
ment in Poclain and the Daim- 
ler-Benz purchase of Euclid. It 
would not be surprising if more 
of these co-operative arrange- 
ments were negotiated over the 
next few years. The European 
and American markets have de- 
veloped differently, both in the 
types of machines required and 
in the way they arc used: the 
local know-how that, a partner 
can bring is valuable. 


G.O. 


uany 


Apr ilia 

Kavciina 

Hanover 

Knowslcy 


MASSEY FERGUSON 
Crawler tractors, hydraulic excavators 
Components, excavators 
Wheel loaders aud 
compactors 
Backhoe loaders 


Massey-Fergtison, whose - . past JlV 

id present strategy is .des- J 


Manchester Loaders, components 


__ ___ Whether Case and Deere will 

and present strategy is .des- ~~ w . seek to fill out their product 

cribed in a separate article.* has Now a new marketing organi- |j nc b y buying mure companies 
invested a great deal of money sation for Europe has been set j n Europe remains to be seen, 

in the past ft) years in the hope up, based in London, and Case has plenty of work on its 

dozers, crawler tractors, of achieving as strong a position management responsibility for hands in sorting out Us rela- 

in construction equipment as it construction equipment is more tionship-. with Poclain. while 

already enjoyed in farm clearly established. The com- Deere may feel that its first 

machinery, hut the returns have pany reports healthy gains in priority is to strengthen the 

been meagre. Others have made sales this year, despite the marketing effort behind its 

FORD similar mistakes, though on a sluggish market; the hydraulic existing products, without the 

Antwerp^ Backhoe loaders less damaging scale. excavator plant in France is said added complication of absorb- 

C.'harioville Hydraulic excavators, wheel loaders Yet the signs are that the to be very busy and IH is look- ing another company, 

oawer train suoolied bv David Brown Tractors, another ,esscms of the past have been ing for usefol gains in penetra- Perhaps the more likely 
uern^tibskliarv in the UK *7 Assembled from U S^nilt c am Jearm a,,tJ a more determined Bon throughout Europe. In its acquirers are those companies 

nts ^^Throu s h °a * 1 nt v e n tu rc* §^em < l»li 11 " ^."om do n whs * ttack nn the European market 1977 annual report the company which have a narrower product 

S f ; n l iSnd France * AsBMbUiifi components :ls now unde r way . Internauonal estimated^ ^ worldwide sales of line than Case or Deere. One 

1IM u Harvester (IH). for example, constniotion equipment in 1976 example is Ford, whose con- 

has undergone a major cor- at $14bn, rising over the next structinn equipment business is 


ice 

ins 



International Harvester , one of whose crawler dozers is shown here, has recently 
reorganised and established a new marketing organisation for selling construction 

machinery in Europe. 



1 

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construction equpment units, 
nd 39 space satellites olef 


5o when we say we understand your Industrial 
And Construction 
fou can believe it. 





—-r - 

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ORD CONSTRUCTION EQUIPMENT 
UILT TO BE RELIED ON. 



Construction 

Equipment 




i ' - 3 rd Motor Company was founded on June 16th 1903. The above figures include estimates to the end of 197& 

















J 


Tinauefil fifties Tuesday Ocfiffifer -^1 *®78 


EUROPEAN CONSTRUCTION 




wit! 




if 

The product range and 


Bonser leads in Britain's development 
and production of materials handling 
equipmentforthe European construction 
industry. Building on many years 
experience, Bonser have pioneered 
the use of rough terrain lift trucks, 
dumpers and attachments for 
construction site use. 

Today, Bonser's range of 
handling equipment incorporates '■ 

this wealth of design and j 

engineering experience. Bonser ' /j 

is the reliable range to carry Is 

your loads through the 80 's. 

Building together with Bonser. I j 

/'"V 

Bonser Engineering Limited fdj 

GILTBROOK NOTTINGHAM NGT6 2GX IJmZl 

TELEPHONE : .0602) 2-83621 
TELEX; 372S2 CABLES: 3 Oft TR Ur? 


* v. 





Hie new 


A brilliant no compromise 
solution to handling 
problems -combining- S3 
hydraulic pick up and 
lock In of attachments cS 
from the cab , forward reach 
andfreelift 


SAMBRON 


No other range has the range 

Sambmn l.imil'-d 

Hililxilinni lioad HiirhWyiTiinbi'.ftick^'ii.-lrMijiliU'joimlK-uMr 1 Ij :::i477. # !ili xiKl.’ioS. 




BECAUSE OF the large 
number ul construction equip- 
ment manufacturers and the 
variety of machinery produced, 
it is difficult to establish market 
shares with any accuracy. The 
accompanying table takes seven 
major product categories and 
lists what are believed to be 
some of the leading manu- 
facturers in each category. 
Given the absence of reliable 
figures, the choice of leading 
manufacturers is bound to be 
somewhat arbitrary and too 
much precision should not be 
attached to the table. It 
relates to the total European 
market. 

Assessment of the relative 
importance of each manufac- 
turer is complicated by the fact 
that within each category there 
is a wide range of sizes and 
types of equipment. One manu- 
facturer may build mainly 
smaller machines and have the 
largest market share in terms 
of units, but in value terms he 
niav be outsold by the company 
whose forte is in the medium- 
sized and larger machines. This 
qualification applies particularly 
to crawler dozers and loaders, 
wheel loaders and hydraulic 
excavators. Thus the table 
should be seen as a rough guide 
to the competitive situation in 
Europe. 

The first four categories 
ill own in the table — backhoe 
loaders, wheel loaders, crawler 
dozers and loaders, and hydrau- 
lic excavators — are usually 
regarded as (he high-volume 
items. Particularly for those 
companies which .diversified 
into construction equipment out 
of farm machinery, these four 
lines tend to provide the base 
load of the business. 

The backhoe loader, some- 
times called the excavatur 
loader, normally uses the 
engine and transmission of a 
farm tractor. Hence the big 
North American tractor com- 
panies are well represented in 
this field. J. I. Case, for instance, 
which has been gaining ground 
in Europe, makes its backhoe 
loaders in France,; using the 
power train supplied by another 
Tennecu subsidiary. David 


• • _ — linns apart from the very 

smallest machines which begin 

SOME LEADING EUROPEAN SUPPLIERS IN SEVEN PRODUCT CATEGORIES t0 encroach on the rssrke: snp- 

- plied by the ISO-degree backhoe 


ISO-degree • 

Backhoe 

loaders 


Wheel 

loaders 


J. C. Bamford Caterpillar 


Massey- 

Ferguson 

Ford 

Case 

Deere 


Fiat- Allis 
Clark 

Masscy- 

Ferguson 

Tolvo 

Case 

Ford 

Deere 

Int. Harvester 
Terex 

Zettelmejer 


Crawler 
dozers and 
loaders 
Caterpillar 
Fiat-Ailis 


360-degree 

Hydraulic 

excavators' 1 ' 

Poclain 

Caterpillar 


Graders 


.Motorised 

scrapers 


Caterpillar 'Caterpillar Caterpillar 


Int. Harvester Atlas 

Massey. O and K 


Ferguson 

Komatsu 

Deere 

Case 


Uebherr 
Demag 
Hymac 
Ford 
A Kerman 


Clark 
A v cling 
. Barford 
Fiat-Ailis 
Deere 

Volvo 


Teres 
FLir- Allis 
Deere 


•Tracked and wheeled models. 


Rear loader. 

dump All the Caterpillar machine 

trucks with one exception, are mad? 

Caterpillar both in Belgium and in the t\S 
Terex The exception is the. small 215 

Euclid machine, which i< made nniy in 

DJR Belgium: it was cooceiveu aiirf 

AvcJing designed in'. Europe a«d jrrre 

Barford machines are now being shipped 

Ferlini into the t'.S. 

Volvo - Some Cat distributors were 

Wabco handling other manufsciurer;' 

hydraulic excavators . before 
Caterpillar. came, irj.i the 
market, hul with few exceptions 
all the distributors are now sell- 
— — ing the Caterpillar. line. 

what share Czterpdiar has 
. . . -obtained . .uf t;ve. -intai mark.:? 

. . .. is uncertain, hut the cr.-n-r..-!--- 


Brown Tractors, in the UK. Ye: International Harvester is the ducers, Hyniac fates domestic e ~ T? jt hac '..' s ioa< ji n ,. 

the most successful company in market leader a: the small end competition from .J- C. Bamford j ■ Via-'k-" 

the field remains J. C. Bamford of the crawler loader market, and Priestman.. The latter, a J^ cre Jt ' C1 p‘g- ei ‘ 

of the UK, which buys its The market for 360-degree subsidiary i.f Acrow. has always 
engine and other compon- hydraulic oxeavalors illus- had a respectable position ill IlAnvior 

enis from Leyland. The tra:e= the fragmented nature larger machines, but this year ICl 

famous JCB 3C machine, the of the industry and the continu- him take naim at Hymac s spetia Scvorzsi Europe* 
first version of which appeared. ing battle between the full-line preserve — the market * or >ma.i Deinag. tenet {. 
in 1963. is widely acclaimed as companies and ihe specialists, excavators below I- Tonnes: . . - . . 


, of the strongest companies is European preserve. - — . . - , _ „ • - 

5fSES%^!..u. iJC -German of Sweden, which is bought Hiriitw in France and 2 1, 


practice. Caterpillar would have 


predominate. Some, o: :1c «■ 


EVERY OTHEE 
YOU SEE ON CO 

sms ISAM. 


SITE LIFT 
STRUCTIO 





Well over half the site lifts used in construction are Manitous, the balance being 

shared by some dozen competitors. 

Come to STAND 5P24 at the Public Works Exhibition and see why, 
throughout the year, throughout the world, Manitou is first choice. 


* 

I 




In the UK is it Hymac. the ment in Poclain. . '* Z v >■ ' Si 

Last year the European mar- Psiweli Daffsya subsidiary. The slant. Caterpillar. pL^r v.';", „ 
ket is thought to have absorbed which has been market leader decided to design and manufac-.^"!: Vua 
around 11,500 backhoe loaders, for some time. It has about a :ure its own hydraulic cxcava- , r :‘ 

compared with nearly 14.000 in mrrd of the market which is IO r.s. The first machine, the 225. “ % J™ L 7 , 

1973. In the UK J. C. Bamford anw running a: around -1.400 was launched five years aco and c n ' ‘ . «’ r *Tt-c ‘ "'ip 

has just over half the market units a year, against a peak of the group now has a range of / * 

and in Europe as a whole it is over 2-300 units in 1973. „ four tracked machines— the 2 i5._- f.:!.., "'l h , , ‘ 

believed 10 have its nose in Apart from imports from alt the 225, the 235 .and the. 245- • p " ' . ' . 

front of the big North American the leading Continental pro- These cover the bulk of applica- Cr-U. 

companies. 

In wheel loaders, sometimes . 

called loading shovels, or front • . -. • - - r -.’ - : t 

end loadera (they include both v- " ... 

rigid and articulated machines), - 

there are again a large number 

of manufacturers. Demand for & ‘t 

and four-wheel-drive loading 

the domestic market Other '-i 

Bamford, Bray (owned by 

In crawler dozers and loaders, • *• ■' /.v-v • ■ ‘ ■ ... ^ 

Caterpillar is well out in front. u iti m 

but again there are particular A bove m Thr Prw*t ■ . • 

parts of the market where other . an 108S hydraulic excavator- — taking aim at the l ! h 

53SZl£Sk.£ r £2% np - A * Hn J>- Bar! ' ml w Wl-BriM 






" ! ' . le ne '^ 1nan Mustang 108S hydraulic excavator- — taking aim at the l-'fi 

e ei. Belou. The. .4 veUng-Ba rford motor grader — a leading J3r?/<V 
en 171 a mar ^ e t strongly influenced try North American’ companies 








C 






Financial Times Tuesday October 31 1978 • 

EUROPEAN CONSTRUCTION EQUIPMENT IX 




The 





1H TERRAIN fork 
s are designed for 


lift and Salev made powerful and 
the successful bids for export 
■■ard and :he construction market.-; using the large home 
rather than the factory demand as a base. 

It is expected that hy the 
T next year total European 
nd fur these versatile 
ines will have regained its 


market as a whole, 
p manufacture of rough 


in trucks 
nau*d by 


in Europe is 
French truru- 


Sambron said it expected to 
win sales worth £7m from the 
£2lm to £22m British rough 
- . . Terrain truck market this year. 

7 “h Sf ihe c»™n“ S ^nch^tpm 
■ In b 3 s «°“ d 

:eeed that of other Euro- r ° m Eu ^f e ; 

countries, with demand - vear ,s t0 se ?. a 

ripping thar fur the fork continuation of high demand in 

Britain after the temporary 
fall in sales this year. Sales 
may run to up to 2,500 units, 
compared with a forecast total 

. ,,, - of no more than 1,700 for the 

s The large West German who , e of ^ 1 

hit truck companies, __ , J . . _ 

The total market m Europe is 
expected to remain stable at 
between 6.000 and 7.000 
machines sold annually.- One of 
the constraints on the growth 
of the market across Europe is 
the proportion of the growth 
potential which continues to be 
d the hipcest part in estab- W fctn b >‘ second-hand machines. 

Second-hand machines played 
almost no part in the early 
development of the rough ter- 
rain market in Britain and 
France. Britain's total market 
in 1972 was 500 machines and 
most of these were new. 

Over half the demand for 
rough terrain trucks came from 


dins Linde and O and K, 
tended in concentrate on 
-nnunal factory outlets for 
fork trucks. In Britain 
smaller fork truck com- 
s — Bonder Engineering, 
erson. the Liner Concrete 
jany and Mathr»*— have 


12 a toehold in the rough 
in sector. 


Evaded 



fore the French invaded 
>K rough terrain market in 
early 1970s Bonder and 
or Si in each had 35 per cent 
ic market. Martin, had JO * he construction sector with the .. ^ 

:ent and others, including balance coming from agricul- ^ 

rters, had 20 per cent. But ture. Within the construction reSon 

971 and 1972 when the sector a third of sales was market during the recession 

ch companies Sambron and accounted for by the plant hire Pjjjjj ' " ' " nfw handlmc mat 
tou entered the UK market companies, will, a quarter 
big way, this country coming from building con- wutms. . thc B 

' iis tractors. tr - v ,iad not keen prepared for 

New machines dominated the French invasion of the 
early growth of the market in market. 

unit nu ijuickly gained for plant hire where companies- The working party said steps 
• uicr 60 per cent of the kept their new trucks for an had to be taken to ensure that 
market and together with average of two years. In agrl- British companies won a greater 
iron soon accounted for the culture the main customers for share of the business. Moves to 
of UK sales. Manitou was new machines were 'the farmers, rationalise and slim down UK 
lg its trucks from a factory with more than 5,000 acres of production capacity in the fork- 
h regularly produced over land. Now much of the growth truck industry are nearing com- 
i machines a year for world in applications of the rough -jdetion. 

cets. They were often up to terrain truck is in small farms Two of Britain’s largest manu- 
larter cheaper than those below 500 acres and in smaller & c turers of conventional fac- 
uced from the British rough building contractors. Both sec*, f or j- jjj t trucks— Coventry 
.in factories, which each tors tend to be in the market rjGmax and Lansing Bagnall— 
only a tenth of the Manitou only for second-hand machines were bot}l W jthout rough ter- 


Bonser RT2500K rough terrain lift truck handling roof trusses 
on a construction site 


lively lust control of 
- market for rough terrain 

is. 


of 1976 produced a large com- 
pany producing conventional 
fork-lift trucks, but no rough 
terrain models. The Kaye Organ- 
isation,. which owns Lansing, 
has made a bid to acquire 
Bonser Engineering of Notting- 
ham. Bonser has a long tradi- 
tion of making rough terrain 
fork lift trades and a takeover 
by Lansing would provide a 
greater financial base for more 
aggressive selling in UK and 
overseas markets. 


Exports 


city. 


and no growth in new demand 


... .. rain models until recent 

.c powerful French industry can be expected from these mergers ^ acquisitions, 
been nurtured by the com- areas until the users come to Coventry Climax, part of the 
tion of France's substantial rely heavily on toe machines . g p IndustrIes subsidiary of BL. 
jultural sector— which uses rather than to regard them as Squired Rubery Owen Con- 
machines— low levels of useful but non-essenhal veyancer last year. Conveyancer 
ur willing to work the land accessories^ _ manufactured the Overland er 

a tradition of locally pro- Jg* ®Sg5? rough terrain track and was 

■d farm machinery. Most Development planning three more RT trucks 

he French produce rs were through its, industrial trucks ■ 

II companies serving local sector working party, was quick- ^ v - 

kets in the country’s farm- to recognise the range of appli- Lansing Bagnall s merger 

regions. Manitou, Sambron cations for the rough terrain with Henley Forklift at the end 


Bonser exports 40 per cent 
of its output . of rough terrain 
trucks' to Africa and Europe, 
excluding France, but an 
assault on that market will 
almost certainly be made before 
long. 

Matbro, the other established 
UK rough terrain truck maker, 
said last month it is setting up 
20 dealerships in France to sell 
its new M range series HI four 
wheel drive machine. This is 
built, in two halves and steered 
by pivoting about the centre. 
French manufacturers have no 
similar machine and Matbro said 


that French Government moves 
to set new nun-tariff barriers 
lu Lrade in furk trucks were 
designed to undermine i!us type 
«f new a32*'vSalve selling’ of 
rough terrain trucks into the 
French market dominated by 
French make: .. 

The French moves are based 
on a decree from the French 
Industry Ministry. This comes 
into force on December 2 and 
will control 11 new industrial 
truck design tandards to cover 
all trucks sold in France. 

The British. West German. 
Italian and Dutch Governments 
have protested to France and 
the European Commission over 
the unilateral imposition of the 
standards, by France. The 
French move goes against EEC 
plans to harmonise industrial 
track standards and is particu- 
larly irritatin; to other members 
of the EEC as it will cume into 
effect only days before the 
common EEC draft standard 
was to have been published. 

Lyuton McLain 



When you buy Construction Equipment buy EXPERIENCE. Check the 
experience of manufacturing in Europe and Service back up in Europe 
with what you buy when you buy Terex from Blackwood Hodge. 



Sold and i^rwked by 




the loading shove! with the 
personal statement 


F. WEATHER ILL 

G. WEATHERILL D. W. H. FIELD A. E. WEATHERILL 

WELWYN GARDEN CITY. HERTFORDSHIRE. ENGLAND 


■ y 




Mobile crane markets 



r* 


s .A'iS». 

• 


1 t 

- I 


?3MSf 


w«JE MARKETS are particu- 
~ important for Europe’s 
' r le crane makers. Mobile 
.^-Stjs are expensive monsters 
i' iove around and it is only 
•tj* l the added value is con- 
.'■able that shipping costs 
i to count less in the final 
One industry estimate 
"hat it is hardly worth 
rting any mobile crane of 
4vrsr 80 tonnes. However, that 
~ not prevent the Japanese 
. jifacturers doing well with 
mners in Europe. 

e mobile crane sector is 
' 77L one whore local markets 
specific technical demands 
V.. '' ' operator preferences. 

•* .'^jioes have to be adapted to 
these demands and the 
_v^^vyle this involves probably 
'V^^becomes worth while once 
7- { $oipany is exporting at least 
■'yfcr cent of its total output 

»,■ ,*P . 

’ f prime example of the way 
' " * _ t markets require different 
"iicts has been provided by 
e of the U.S.. the world’s 
■st mobile crane maker, 
e company is a subsidiary 
le American conglomerate 
er Kidde. At the end of 
it launched into Europe 
two acquisitions. It bought 
O Ernst Belser of West 
tany and In the UK took 
Allen’s of Oxford. There 
previous links between the 
tanies. For example.- Allen 





The Coles 45-tonner mobile crane, a successful 
competitor in world markets 


- * 



i chassis to which Grove's w hich also includes Friestman. catch up in production terms 
?s were fitted. These SO-to- a modernisation-cum-expan- with Grove in the 1980s. 
n truck mounted cranes s ion programme has been going The other European mobile 
becoming increasingly on a t Coles’ big Sunderland crane manufacturers count their 
ult to sell because the plant for a couple of years now output in- hundreds rather than 
ri can-designed chassis did at a cost of about £6m. Sunder- thousands of units and are well 
wove manoeuvrable enough land is claimed to be the big- behind, tiie top five in these 
nos t European customers, gest construction equipment terms. 

an interim measure to assembly site in Europe and In the UK Jones Cranes is 
mme thi Droblem Grove's Coles has taken advantage of the other significant exporter 

rteTnlSS has been fittin g the UK Government's of mobile tomes. 

TJT, c^erLTby Accelerated Prelects Schemata WMta. a 


This business 
grouping of 


. Tof Owners &r“ 12 ^ speed up its modernisation, oldostablished manufacturers. 


2 have been assembled. 


Grants available have enabled including -British Hoist and 
Coles to condense what was Crane - and Crane Travellers, 
‘it Grove lias also - been 0 nce a five-year plan into a which came together under the 
hoping its ■ own European - three-year programme. ‘ iua^reUa Of .the 800 Croup as 

j carrier _ and " recently ’ coles lost ground in world their parent concern. i 1 ' " 
^ jraheed the TM1400E. a I30r Markets beranse it .concentrated j While Italy ", does- iiof make, 
unit which it claims is the i 0Qg 0 n . diesel. ■ electric much . of a' showing > lb this : 
st mobile telescopic crane mob fj e cranes when, customers- particular part of mechanic^ 
^he UK. It was bnilt at were turning to diesel hydraulic engineeripg. .France has ; aMeasr 
lev. has an eight-axle currier ^ypes. . two sizeable companies in PPM. 

was made almost entirely Even so, it produces around part of Foclain, and Pingueli- 
, British and German com* cranes a year and is in Pingueli can. offer a complete 
•nts. . fifth place in the world league range of mobiles up to 300 tons, 

je major European mobile table behind Grove, with an out- unusual for any company out- 
e maker-as distinct from a put of around 2.500, Kato of side of Wot Germany. For, 
!h American-owned business Japan, 2,000; Tadano of Japan, while the West German groups 
•ating in Europe— is Coles, 1,500; and P&H of the U.S. with might not manufactnre in vast 
of the Arrow building and U00. Coles’ aim is to overtake qoanrities. they go for the high 
.traction equipment group, nearly all- the competition and added value involved in huge 


cranes. 

Demag (part of the Mannes- 
mano group), Liebberr and 
Gotwald in West Germany all 
have a big export presence 
because they can offer the very 
large • mobile cranes. For 
example, Liebherr truck- 
mounted cranes of SO to 100 
tons and ypwards made their 
first appearance in the UK two 
years ago because the construc- 
tion Involved in the North Sea 
oil programme demanded 
monster mobiles. 

The mobile crane sector itself 
can conveniently be split into 
four, some parts having greater 
potential for growth than 
others. 

(1) Truck-mounted telescopic 
cranes account for roughly 50 
per cent of the total units sold. 
As a result all the major indus- 
trial nations compete in this 
part of the business. 

(2) The industrial mobile 
crane, with 10 per. cent of total 
sales, has a European tradition. 
So the British, German and 
French manufacturers dominate 
with little competition from the 
Americans or Japanese. 

(3) Then there are large, 
heavy duty, lattice boom, truck- 
mounted cranes with 10 per 
cent of the market The 
Japanese do not compete in this 
territory. The reason: it has 
been losing ground, mainly to 
.the telescopies. 

(4) The remaining 30 per 
cent of the mobile crane busi- 
ness is held by rough terrain 
cranes. This' is essentially an 
American concept and there are 
few European manufacturers. 

Grove in the UK this year 
introduced a new range of rough 
terrain cranes of 15 tons to 73 
tons. The 73 tonner has a M pick 
and cany *» capability of 45 tons 
and Grove believes it can pro- 
vide healthy ' competition in 
.some specific ‘ applications for 
the crawler 'cranes which are so 
entrenched in Europe— ^ -in the 
UK the - crawlers. ' are made by 
Kan somes and Rapier: Priest- 
man as : well as Rushton- 
B\i cyrus, a 1 company jointly 
owned by Bucyrus- Erie of the 
.Stated. and GEC'of . Britain. 

: ;Grode already :-has sold a 73 
•ton ' rough ' “terrain 'to the 
Sparrow plant hire group in 
Britain. Coles'also is now in the 
rough terrain crane business 
and managing director Mr. 
David Steel says: “There are 
signs that European resistance 
to them is crumbling a little.” 

Kenneth Gooding 



Babcock Construction Equipment Ltd, 

Kver House, Start's Way, Rochester, Kent -Telephone Medway {0634} 41041 
Tebx 96247- Grams Blawnox Rochester 






28 


i 


EUROPEAN CONSTRUCTION 


Japanese groups planning big push 


ALTHOUGH JAPAN'S construe- tending to start selling these significant of the Japanese coxa- ducts, we will someday have to 
tion equipment makers have a machines in the U.S. Komatsu is panies operating in Europe, par- consider seriously implementing 
relatively small share of the already well established in that ticularly in crawler loaders and local production in countries 
European market, the industry market. dozers, where it is believed to where we now export” 

is second in size only to that of The big uncertainty is how have some 10-15 per cent of the Mr Hiraoka said Komatsu 

UlC i5?‘ Th J afge fTf** far ^ a PP reciation of yen market; it also sells a range of wou jd not establish production 
market provides a solid base j s likely to blunt the Japanese heavy dump trucks. But Wes- toeholds overseas in an abrupt 
for exports and several of the drive in the world construction tern Europe has been taking manner “I envisage ascenario 
principal companies, led by equipment market Although only about 5-6 per cent of where for example Komatsu 
Komatsu, have become formid- machines are sold largely on Komatsu’s total exports and this' Europe, our marketing ann in 
able competitors m the develop- technical specification and after- percentage has not been grow- Europe will procure more parts 
ing countries, especially in the sales service, the Japanese in* and £mponents to be assembled 

fh/ vfrfiin U F^f° m A£n “ aQd makers 316 obH * B * t0 be com ' There have been suggestions into our products from local 
me juiuuie £,asu petitive on price — and price that Komatsu might be obliged suppliers. Such efforts as these 

in recent years these com- competition is fierce, especially to set up assembly or partial would result in a few years in 
panies have been stepping up in Europe. manufacturing operations in its the establishment of ■ a local 

their efforts to attack the main pynn»*t ma rlcof c ii»> nrrior Tnartnfar>fiirins> nlanf in the 


panies nave been stepping up m Europe. manufacturing operations in its the establishment of ■ a local 

Their efforts to attack the main export markets in order manufacturing plant in the 

sophisticated markets of the KQOSt to overcome the problems natural course of events.” 

L .S. and Western Europe. For caused by the high value of the T his practice of local pro- 
example. Hitachi Construction The proportion of exports in ven ims P r “ cnce or 10UU J*. 

Machinery, part of the Hitachi Komatsu's Total sales 'tasted . l UIement ha f ^ ea<iy slaI !^ 

group, is the largest Japanese to drop to around 40 per cent- 'Y? 16 — asked . about this re- the mass-production romponents 
maker of hydraulic excavators this year compared with 46 per cen J^ Komatsu. s executive vice ^ 0l ^ d t °,j >e t ma ^.hii P 

with a capacity of more than cent in 1977. but this S largely P^ s,dent ' . Mr - Hirosuke the Japanese plants, while 
300 units per month. It is because of the expansion^ S ? mo]xSL sa»d: “ Certainly we a ? d . 

^ nn ^> b, %rn h J n ^ ^ 

!oS!,y markets - wouId be bousht 

Hitachi machines have been programmes, havp brought a bin i, k S „ * ... 

™ di ircLm b " ,eet A “ eriCan L"r a mo , ™ d0 u eStiCS ff eS , WhiCl ' U,at ° f West Gera^y andt potat^^SS" ite viriit" 

I"" ^ “ U h I. Sa B e = s ir °Leso P ^°to S 1 iecusWs 

*£_, h rfJ un w!h * d Frlnr-h a™™ ^1™!? fai : lors : For 19 ‘® *’hen we consider the fact that preferences; the loeal procure- 

h- rfrLi TnLn? a h as a whole Komatsu is expected shipping and transportation ment policy would fit in with 

tirer vimh^ownlri hi i^" ^ gam ,n char 3 ps and ^port duties now this. At the same time Mr. 

I“ e : ' U ^ b0C r n ^ b - . Inl ? r ' and profits. account for almost 30 per cent Hiraoka spoke of the need to 

national Harvester) is also in- Komatsu is much the most of the sales price of our pro- strengthen the company's non- 


price competitiveness. “ This 
means we have to get ahead of 
our competitor's in technological 
competence, which in turn 
requires intensive research and 
development efforts on our part 
in coming years.” 

Despite these difficulties no- 
one in the European industry is 
in any doubt that the Japanese 
are a force to be reckoned with 
and will almost certainly 
become stronger. Komatsu itself 
organises its European market- 
ing from Brussels— it has a 
total of 230 Komatsu employees 
in Europe, including the 
Brussels headquarters and five 
branch offices — and the 
products are sold in each 
country by independent distri- 
butors. 

In some product areas the 
Japanese have been limited by 
licence arrangements or other 
technical links with European 
nr American manufacturers, 
which have included restrictions 


fin sales iu certain parts of the 
world. Komatsu has had an 
arrangement with Bsicyrus Erie 
of the U.S. on hydraulic excava- 
tors and with International Har- 
vester on rubber-tyred- loaders. 
Other companies have used 
American or European techno-, 
logy as the basis for getting 
started in the business. How- 
ever some of these licence 
arrangements are either expir- 
ing or are being renegotiated 
and there is no question of the 
Japanese ability to design -their 
own high-quality machines. 


Presence 


Hitachi, with its own design 
of hydraulic excavator, is 
already making its presence felt 
m Europe; its machines are 
hsRcied in the UK by C. Irdh 
P'.an; Sales. Another Japanese 
crimps ny which is active in 
E Linus is Furukawa, nne of the 
leading producers of wheel 


loaders; Furukawa is "chaffer- 
ing in the UK a rar, S e fo “ 
'articulated machines, from x.t 
cubic metres to 3 2 cubic metres 
standard bucket capacity. 

Another way for the Japanese 
to enter European and ether 
markets is through a manufac- 
turing supply arrangement with 
an established company. Thus 
Caterpillar has a joint venture 
in. Japan, Caterpillar Mitsubishi, 
which manufactures certain 
machines for sale throughout 
the Cat network. Thus of the 
range of wheel loaders which 
Caterpillar sells in Europe, the 
smallest machine, the 910, is 
sourced in Japan: so is the 
smallest of the crawler loaders, 
the 931. There are other supply 
arrangements of this sort, not 
involving the formation of joint 
companies, between Japanese 
and American concerns. 

Clearly, however, those Japan- 
ese manufacturers which want 
to follow Komatsu's example 
will prefer to tell under their 


own brand name and to ag 
up their own worldwide market- 
ing organisations, however ex- 
pensive and time-consuming 
that may be. 

The distribution problems are 
much more difficult than in the 
case of passenger ears or TV 
sets and there is unlikely to he 
a dramatic increase in -Japan's 
share of world markets. But 
construction equipment is In a 
part of the engineering indus- 
try, dealing with products of. 
high added value and needing 
considerable lechaoiogicai in- 
put v/hiefc is regarded in Jarsan 
as offering good growth poten- 
tial. As Japan sc.'s some of its 
established -industries, like shi^ 
building and "i\ apns.- jncieaf- 
ingly shifting towards the rie- 
rcloping countries with ;.>w 
wage costs, high-value engineer- 
ing products like construction 
equipment will be given higher 
priority. 

G.O. 


PROFILE — MASSEY-FERGUSON 


A substantial force 







Hitachi is Jajmns largest wanufacfiirer oj hydraulic excavators. Here its VH09 model is shown loading 
Volvo BM dump truck 


Ibp-ot c-ieague 
construction equipment L 


MASSEY - FERGUSON, the 
Toronto-based company, has for 
many years had a strong world 
position in farm machinery and 
in diesel engines. It was 
attracted to construction equip- 
ment by the industry's growth 
prospects; it was regarded as 
complementary to farm 
machinery, using many com- 
mon components and to some 
extent the same distribution 
channels. 

Massey’s first product, which 
it usually classifies as industrial 
machinery, was the hackhoe 
loader, incorporating some of 
the S2me components, including 
engine and transmission, as in 
the farm tractor. But in the- late 
sixties and early seventies 
Massey decided to broaden its 
range and to become a fuil-line 
supplier of construction 
machinery'. New- factories were 
opened at Akron, Ohio, at 
AprQia in Italy* and at Knowsley 
in the UK. In 1974 came the 
purchase of Hamming in Ger- 
many. greatly extending 
Massey's range in larger 
crawler tractors, crawler dozers, c 
hydraulic excavators ar.d wheel ^ 
loaders. As the company put it ~ 
at the time, the Haaomaz pur- “ 
chase ** pulled our sales caps- 
biiitv ahead by four years.” 

However, the rewards from w 
this investment \ were slow to o 
come through. During 1977— a rj 
year in which the company's net b 
income fell from SllSm to S33 *e si 
— it became apparent that the l; 
lack nf profits in construction si 
equipment, coming on lop of a ti 




Mr. Victor Rice, 
president and chief 
opercting officer oj 
Masseij-Ferguson 


drastic decline in sales of farm 
machinery :n several key 
markets, threatened the future 
viability cf the company. 

i At the beginning uf this year 
the company announced that it 
was investigating \-anous means 
ol disposing of pan or all of 
the construction machinery 
business. For six months a 
search for a buyer was under- 
taken. but. as the company told 
shareholders in September. in 
the opinion of the investment 


firm which carried out the Mr. Victor rtic?. rcr?ntir 
search an accepiabie sale will appointed president and r&sf 
not be possible in the short operating nflicer nf 
term.” Ferguson, sent a stateiueut in 

- The directors announced tiiat distrihulors earher this nivs'ir 
the manufacture of construction explaining :iv 
machineiy in Europe would be changes and 
rationalised. A new centralised commirinont to L-rcak i». 
saies organisation was estab- 1^80 and then ?.-> for pro^hi. 
lished. The sale of heavy con- Ihy. He pointed our in 
struction machinery ia North niessage that Massey had ra:«cd 
America and certain other its European market >har* by 
markets was discontinued. The 2 per cent in the past jvar to 
company told shareholders that per cent “and w? expert 
these moves were expected to further unprevemr.n". New 
reduce the Joss on construction products are bc-icp ti-veiopc.i 
machinery to SiOm or less in aril i ibe hack-up service 
1979 and to breakeven in 1980. parts supply si our E.-.r*-- 

pean distributors cnntmcij 
RllVPr unchanged." 

uu J cl CJeariy the traumas nf 

Given the over-capacity that P a?I >** ar ^- r s huunc fr hsra 
exists in the European industry some effect on the marketplace, 
it was not surprising that a b tit the distributors are sai.-j to 
buyer on acceptable terms could ^ av - remained loyal, jfcssay 
not be found. Some observers I125 the advantage of 2 
believe that Case might have strong product range, ns; curly 
been interested in part of the in backhoe loaders where :• h zs 
business, particularly in the always been was nf ».!:« E.:r< - 
Aprilia plant making hydraulic P®a” leaders, hut also !r. wheel 
excavators, if it had been on loaders, crawler leaders and 
the market before the deal with dozers and hydraulic exiaveisirs. 
Pcpclftia came along. As for the aew manaemnenr r.f ;>.? 
Ha nomag plant in Germany, construction equipment opera-' 
“ it’s in the wrong place.” one based in Italy. deter- 
competitor says: costs in mined to «tr<?ngL*-trn Missoy’3 
Germany arc simply too high. Position sn Europe and *;> attack 
especially when you compare it selected market* Hump?, 

with a similar operation in mainly in :he Middle Ea=.‘ and 
Britain.” Africa, where the best rctnros 

AH these events naturallv had S? R be adii^reA. Massey- 
a damaging effect on distri- f er >. ,, ^»P remains a substantial 
butors* morale. Strenuous ! nr ‘ ?e :n tne European constiuc- 
efforta have been made in the t,0R e 9 u; P^erit scene; 
last few months lo rebuild it. G.O. 


PROFILE — JOHN DEERE 


Impressive newcomer 




W SKSS 1 QS SSBf 


rx. 








unyielding. 

Proven on worldscale. 

f .<*, Taking the knocks, but giving the service. O&lCs range 

f ■ M top-class machinery for the construction, mining / -Successful \ 

1 j 'IK. industries includes 17 different types of \ money-maketS ) ' 

i V ’Eggk , 4 jramtea and 4 wheeled hydraulic excavators, 8 front-end's. / 

i . M ; ' : n .SfiV •= ‘f? c 5 rs - f graders, 2 dumpers, 34 forWift trucks, 

I-- • \>p 4 hydrauiic teisscopic cranes, 3 fully hydraulic bucket 

I ' • • .-ajv-s,. ... ... T 106 * excavators, giant bucket wheel excavators, bucket l&n SnW 

? ■ • ■"■W ;>v ■ cnam excavators, spreaders and a full range of dredgers. Any ‘ paTY CjtS 

■•■■■ • ® m P ai ?y which hasbeen moving the earth for over a century puts v"2r 

f.. :■ ’• il r-|WBB8W MIH! right on toe line with every machine. Hence, from M ^ fri 

% ' y** ® ,as 5 0&K machines are the embodiment of freighted 1 ’ // 

embe ^ enflineerin S 38 near perfect as \Nf 


p O Kopper Aktlangeseitechalt 

fl S' 7 ' f 00 Dortmun ci 1 • Wfest Germany 

UK. Head Office: O & K Orenstein & Koppal lid. * 

VVaUord- Northampton NN6 7XN 


A RELATIVE newcomer to the 
construction equipment scene. 
John Deere has managed to 
make a big impact in a short 
space of time. Well known for 
its predominance in tbe agricul- 
tural machinery industry — sales 
in this sector have outpaced any 
other manufacturer since 1963 
— the company has only in the 
last five years become a major 
international force in the in- 
dustrial equipment market, to 
be considered alongside names 
like Caterpillar Komatsu and 
International Harvester. 

It has no illusions, however, 
about how far it has yet to go. 
As one of John Deere Inter- 
continental’s Brussels - based 
executives .put it: “We’re not 
kicking Caterpillar out of the 
donr. We know that what we 
want to achieve takes time but 
we’re patient people and we’re 
going to be around from now 
on.” 

John Deere construction 
equipment sales are due to hit 
Slbn by 19S0 — compared to 
agricultural sales approaching 
$3bn. Last year they amounted 
to about S670m worldwide, 
with 70 per cent of that figure 
accounted for by customers in 
the U.S. ' Of the remainder 
nearly 75 per cent of sales are 
in Europe, Africa and the 
Middle East. 

By . the mid-1980s more than 
one-third of Deere's total sales 
volume is expected to come 
from outside North America. 1 

The company's assault on 1 
the construction equipment ; 
sector— it now produces a com- 1 
prehensive range of machinery, | 
including loaders, bulldozers! i 
graders, scrapers and backhoes j 
— gained momentum in 1974 
with the., introduction of its 1 
ERA 3 range, offering more 1 
powerful machines than had i 
traditionally been the case for i 
Deere and enhancing the com- 1 
pany s reputation for innovation 
in design. I 

^Tlie ne.w range underlined I 
Deere s determination to opt for t 
internal growth rather than 1 
expansion by acquisition, the I 
choice of many of m com net i. 1 


tors. As the same executive 
commented “ Most of our com- 
petitors have bought out other 
people, an accepted practice in 
the industry, but many acquisi- 
tions have not stood the test 
of time. We have concentrated 
on developing from within and 
it 13 a policy which has paid 
off. 

Deere itself did nevertheless 
a; one stage attempt to co’m- 
bme resources in Europe with 
F, at of Italy in the asri- 
cultural equipment sector 
but the proposal came to 
nothin? and since then the 
company’s philosophv has 
generally been to go it "alone. 

Slim 

Its ambitions in Europe 
clearly received a set-back 
wnen the construction market 
sank into one of its woiM-ever 
recessions and although the 
situation has recently begun »o 
improve Deere maJ*es no "secret 
of tne difficulties presented hv 
a restricted market place which” 
remams Highly competitive I 

where nrofir mam i n . - a I 


France that Deere makes en- 
gines for construction equip- 
ment and agricultural mach- 
inery sold in Europe. 

Ranking second in importance 
is West Germany, where Deere 
has an arrangement under 
which Atlas produces hydraulic 
excavators sold under the Deere 
name and with Deere engines. 
Deere is also responsible for 
servicing them. The company 
believes that it would be pre- 
ferable to carry out the entire 
operation for itself but simply 
points out that commitments 
elsewhere have in certain cir- 
cumstances made such arrange- 
ments necessary. 

Further afield Deere has 
recorded notable sales successes 
in Saudi Arabia, its fastest 
growing market — although one 
which is not as big in total as 
France and Germany or likely 
to become so.- Sales to Saudi , 
have come largely through the ] 
major international contractors, 
particularly the Dutch and the 


■ French. A major coup came to 

■ 1977 when Deere sold about 50 
- machines from across its ranee 

to a U.S.-Saudi consortium 
, charged with the jnb of main- 
taining all the country's air- 
ports. 

Deere is also selling in 
Nigeria, Egypt — where it has a 
distributorship with a local com- 
pany — Libya. Jordan. Kuwait 
and the United Arab Emirates. 
Small markets also exist in 
.Morocco, Tunisia, tiie Sudan 
and Iraq. 

Deere puls great wight in its 
international network of dealer- 
ships which it has built up for 
itself. In the past ten years it 
has pursued a policy involving 
separate marketing organisa- 
tions for its industrial and agri- 
cultural products. The only 
exception has been in France ; 
•where both sides have been 
handled through one dealer, 
although even this arrangement i 
ends this year. 

Michael Cassell . 




vriiere p rofic marj 

been fairly slim. e 

Tiie company currently has 
mau factoring facilities ln Minn 
he:m. West Germany, and hi 
and says a? 

mdjor L.S. construction eoiiio- 

lurin^r P a “anuf£ 

turin base in the UK— that it 
nno d not rele out a British 

operation when' addition?^ 

aci v ii required, -To 
room for growth at home a^d 
overseas, this Dlinois-based . 

t*5 u cS ^'Z e Lln lons - 

^ExSL -* 11 escess of Slbn. Pr °" 
capacity in n the f U^ ai d UfaCtUrins 
Past two 0?* tori ?i” ag 

has already doubled Productl0n 

aSS^sar 


V 


&CE 


ifThli 


T^IDONCRi^- PUMP COMPANY 

Wlth acomprehensiv&range of either truck or trailer 
mounted pumps .with outputs infinitely variable from ■ 
5 to" MtnTa/hour, Mark-Thorr^en prowdes the ‘ . 
contractor with reliable, quality built concrete 
pumping equtpfiient.wifh a world-wide reputation; : 
Mark-Thomsen - / ' . 

the driving force fn the construction indufitiy: ; ’ 2 
MAnK-THMI^N LIMITED Brick KnoH Paric.Ashley.BaS,- 
st Albans, HBrtfordshire, ALt SNU; Ertolandr ■ 






* 




ni 

fsS I 
A \ 


'inancia I Tinies Tuesday October 31 1978 

1 EUROPEAN CONSTRUCTI ON EQUIPMENT XI 

Aspects of modest gain 
construction output 


i ms 


? ■ •■ 

’- <C. -J, 


HOL’CHT with which the 
tiding and civil engineer- 
clur might have been 
■ . d in comfort itself 

- Iiout the pa'jt four or five 
■jl rerissioa wat that- its 

- -an brethren had fared 
etier. But n would have 
rise consolation, since the 
innicstCic difficulties con- 

. t; construction industries 
iiout Continental Europe 
reed Them into direct and 

• competition with UK 
:iors in those parts of the 
where wurfc does exist. 

a result the lifeline nf 
t'hifh extends from areas 
.e Middle East and parts 
ca has become even more 
»ous and the scarcity of 
as ennirncii has thrown 
re a ter relief the severe 
ft ms c*m fronting most 

rs anti civil engineers at 

j | n .5i^ and importance of the 
i t;-3n eon struct ion sector 
'■ten b^en veiled by the 

• *>f ii s cunS' it Heist 
rr.s to promote iheni>ciws 
.• .sicn.lii£<lt e.Mcli! a 

eniity. It is irne That 
s ■jountric:- hav..- different 
d- of opera linn and 
•nt pri-Wein*. v.hieh have 
d tiic scope for cu-opcra- 


rio/j bur at least there arc now 
some signs that a new approach 
may be un the way. 

Construction accounts for 
roughly 8 pur cent of Gross 
National Product in the 
countries of the EEC, for 7 per 
cent of the total employed 
population and 20 per cent of 
operatives employed in all 
industrial sectors. 

The industry’s fortunes are 
inextricably intertwined with 
the economic progress of the 
region as a whole and its ability 
to play a part in any pro- 
gramme of rcvivri and expan- 
sion will depend on its success 
in riding the- current storm. A 
recent report compiled by the 
European Civil Engineering 
Kederjiien made great efforts io 
underline lhc strategic import- 
ance of the construction sector, 
nor only from the structural 
point of view lull, also in help- 
ing to revive the EEC 
economy. 


Pianks 


It >ei out what it believed to 
lhc main planks of any future 
o'i-ordim'iicd ruusi ruction plan 
•mil Inglilighfed m particular a 
housing policy *' founded Dn 
progie^iw satisfaction of pre- 


sent and future aspirations,” a 
policy of public investment to 
stimulate Industrial dcvelop- 
and a programme of * public 
amenity construction to main- 
tain and improve the quality of 
life for Europeans. 

On the more immediate 
matter of short-term prospects 
for construction, the outlook 
would now appear to be a little 
more buoyant. The first con- 
ference of the European Con- 
struction Forecasting Group to 
be held in the UK recently 
heard that some nations within 
Europe expect modest improve- 
ments in output level over the 
next two years or so. 

According to the Group. 
Britain should join West 
Germany and the Netherlands 
in experiencing a revival in 
construction output this year 
and 111 1979. Estimates sug- 
.craf that total couslrucrron out- 
put this year will rise by 4 per 
vent in West Germany, 6 per 
«em in ihu Netherlands and hy 
hy a more modest 2 per cent in 
Britain. 

Next year Wen Germany will 
sc*- a further 3 per cent vise 
*inile the Netherlands expects a 
4 l»«-r rent inrreaso and Britain 
aihiilii*i' 2 per (rut. The Croup 
ahn forecast that while an 


increase in output of a little 
under S per cent is also 
expected this year in Italy, the 
trend is likely to be reversed 
in 1880, with a, fall of more 
than 4 per cent.' In Belgium, 
Franco and Denmark the out- 
look Is not so bright, with' con- 
tinuing reductions in workload 
continuing over a two-year 
period. Most nations, however, 
do expect to see a steady climb 
in the volume of repair and 
maintenance work, taken on. 

In the public sector the 
growth rate is generally 
expected to be weak, except in 
West Germany, where a sub- 
stantial increase in output is 
forecast, and in France where 
public corporations are engaged 
in large investment pro- 
grammes. 

Much of-the anticipated work 
ahead, however, involves build- 
ing rather than civil engineer- 
ing projects and projections 
involving “ heavier " construc- 
tion work remain highly 
dependent upon a number of 
iarje investment projects on 
which final decisions have not 
necessarily been taken. 

It is interesting to note that 
some countries like Denmark 
and Italy have gone further 
than others in attempting to 
build some degree of certainty 


into future levels of construc- 
tion expenditure. In Denmark 
the Government earlier tills 
year presented a scheme for 
public investment activity — 
construction accounts for SO per 
cent of public investments — 
over the next eight years. 

The Danes are not suggesting 
their targets are inviolable but 
they have gone much further 
than most administrations in 
accepting that an attempt to 
establish a longer term plan- 
ing approach to areas of con- 
struction activity can only 
represent an improvement on 
ihc vicious cycle of spending 
cu:s and increases which have 
dogged most construction indus- 
tries for so long. Only time 
will tell if economic circum- 
stances allow their guidelines 
to remain more or less intacL 


Hopes 


her line needed on 


see 


prevention 


STRUCTION IS tradition- 
seen with mining as the 
;try most open to and 
;ed by accident and injury, 
ite great strides taken in 


segment on a national, let Ireland 
European, scale of the Italy 
and nature of a problem Nctiierl 
such dramatic human Norway 
t is difficult, one approach Switzer 
at advanced by the Inter- Sweden 
nal Labour Office in its UKtt . 
•sted code of health and Injerna| 
* practice for the construe- ^ . 

industry in Europe It 
s each part of the construe- ^ . 


INDUSTRIAL ACCIDENT RATES— EUROPEAN CONSTRUCTION INDUSTRY 

(Fatal accidents) 



Code 

1JJ65 

iyr;G 

1967 

1968 

1969 

1970 

1971. 

1972 

1973 

1974 

1975 

Austria 

I/e 

— 

— 

_ 



— 

_ 

0.77 

0.84 

0.76 



Fraud* 

H/f 

— 

— 

0.48 

0.46 

0.48 

0.49 

0.50 

0.47 

0.45 

0.46 

— 

Gi-rmany (East ){*... 

— 

IU3 

0.27 

0.23 

(1.24 

0214 

0.19 

0.19 

0.13 

0.15 

0.14 

— 

licnnjuy (\rVst) .... 

If/a 

0.51 

».4i> 

0.5U 

0.47 

0.40 

0.40 

0.44 

0.39 

0.37 

0.33 

0.35 

Hungary 

I/a 

11.27 

0.33 

O40 

0218 

(1.33 

0.37 

022S 

0227 

0.24 



Ireland 

I/b 

11.09 

0.20 

0.14 

0.09 

0.09 

0.16 

0.25 

U.14 

0.15 

0.15 

0.08 

Italy 

ll/a 

0.S2 

0.09 

0.74 

0.73 

0.70 

0.65 

0.53 

0.55 

0.51 

— 

— 

Netherlands 

1/a 

0.33 

— 

— 

0.15 

— 

0.07 

0.13 

0.13 

0.12 

0.08 

— 

Norway 

1/14' 

0.44 

0.47 

0.43 

0-27 

0223 

0.41 

0.20 

0.15 

0.11 



Switzerland** 

ll/a 

0.34 

0.79 

U.U1 

0.05 

0.72 

O.G3 

0.56 

0.66 

0.63 



Sw eden 

H'/d 

0.11 

0.U9 

0.12 

0.09 

0.10 

0.07 

0.06 

0.08 

0.06 

— 

— 

UKtt 

1/c 

U.14 

0JS1 

0.IG 

0.19 

0.22 

0.19 

0.19 

0.18 

0221 

0.15 

0-18 

International 













eomp.'ir»uns: 













Canada 

1/c 

1.25 

1.2(1 

0.96 

0.95 

1.03 

0.81 

1.00 

0.90 

0.96 

0.96 

0.85 

U.S.' 

1/d 

0.2S 

0.1 8 

0.19 

0.16 

0.19 

0220 

0225 

0223 

0.13 

0.16 

— 

Japanv 

I/d 

0.39 

0.3S 

02»9 

0.31 

0.2 i 

0.23 

0.17 

0.19 

0.21 

0.16 

0.13 


Italy, too, Is considering a 
ten-year plan, this time limited 
only to residential construction 
work, though there are high 
hopes that if the Senate Com- 
mittee on Public Works gives 
it the go-ahead a similar 
principle may eventually be 
extended to other areas of 
cunst ruction work. It should 
be pointed out. however, that 
for rhe moment there is no 
overall and rational concept of 
the medium-term objectives 
and strategies which should 
govern the use of resources, 
based on a stringent order of 
priorities. 

The potential for European 
domestic markets to begin to 
provide far greater volumes of 
work for their own civil engin- 
eering industries has recently 
been highlighted by a draft 
report on transport infrastruc- 
ture prepared by the EEC's 
Transport Minister, Mr. Richard 
Burke. 

In his report Mr. Burke pro- 
poses. among other things, a 
£20 bn plan to improve the Com- 
munity's roads, a road and rail 
tunnel under the Channel, 
improved rail links, more rail 


2nd road crossing aver The 
Swiss and Austrian Alp* and a 
link between Italy and Sicily. 

The vital fust of :he contro- 
versial burke proposals v.-nutr! 
be in ihe region of £li>n year 
for 20 years, with the EEC .Uvli 
possibly paying up to 20 per 
cent of this figure. The reac- 
tion of EEC members, currently 
trying to hold back public 
spending, has been, to say ihv 
least, pr-r-jictable but Mr 
Burke's proposals certainly pro- 
vide an insight of what Eur-> 
pean co-operation could mean 
given the right economic cir- 
cumstances. 

He argues :hnt co-nrdinaiinc; 
the construction of roaus. rail- 
ways and waterways is essential 
and that a lai.". of overall co- 
ordination mu&; no! be allowed 
to perperuare a situation in 
which viral rour* s are disrupted 
by national borders. 

Even if the EEC's growth ratl- 
in the nets 10 years is a half of 
the 1965-75 levy:-, the Commis- 
sion expects tram.- to grow by 
a quarter and Mr. Burke's pian.- 
outline the need :r. improve no 
less than T.uOti k-v.s of mad- 
8.400 kms of raj ways ami 
1,550 kms of v.aien. ;,y$. 

If only part of .-in* a pro- 
gramme were pui into operation 
the benefils for the construe; ion 
sector would hardly n-ed under- 
lining and a programme of its 
type would present excellent 
opportunities for inNjeuaijon.'d 
contractors to work together to 
meet the EEC's objvciues. 

So the Community? develop- 
ment may well brain :«• provide 
the type of construction oppor- 
tunities which would not arise 
if each nation continued to 
pursue totally separate deve- 
lopment programmes. Each 
country will continue to have its 
own requirements bui the 
physical linking of each market 
with an eye on the eveniual 
integration of their economies 
could eventually pro*. >dv 
Europe's hard-pressed constn e- 
tion sector with a new lease of 
life. 

Michael Cassell 



FV^;>v£- 
(y v."L ! 

“3 


m 



?ach task can lie best done Source: International Labour Office Health and Safety Executive, 

inform with the stringent Notes: *■ Based un sample surveys, t Establishments employing 100 or more workers. 1 1965-72. 

; standards with whu-fi, t he >- including quarrying. $ Stale industry beginning 1969: excluding construction of railway lines. 

Jeels, construction industry . .Beginning 1969: including quarrying. Tt Excluding Northern Ireland. : 

- ,'vrs ought to be protected. ^ 1; j Repnrted accidents. II Compensated accidents. aRaies per 1,000 man-years of 300 days 

; ; _ ■ augh this shows up the l , a ,.| 1 _ b Raies per l.uOO wage-earners (average numbers), c Rates per 1,000 persons employed 

l \ .,1th of the task still racing , avt . r3 ^. numbers), d Rates per Im man-hours worked. 

v ,- experts, the only real ■ 

ilion of how far safety 

its and legislation are The only possible basis for favourably wiih the other major a real , improvement in safety 
effective in practice on comparison is the fatal accident EEC countries. Employers main- standards was not made, 2,000 
ing sites themselves is still, rate, though even that hag its tain that accident rates in the building workers could be killed 
■tunately. the accident drawbacks. The actual defini- industry in general show a over the next 10 years, with a 
tics produced in each tion of accidental death can downward trend, and the further 400,000 suffering serious 
ry and correlated inter- vary considerably, and .in a European figures bear that injuiy. 

nally by the 1LO. broad sectnr such as manufac- claim out The trend, though, is Hie report "Health and 

Britain, for example, 60 turing, the incidence and spread a gradual one; and trade Safety: Construction, 3976" 
in every 1.000 working in of high or low level risk in- unionists and health and safety noted: “Whereas legislation has 
construction industry are dustries varies by country, experts could well maintain that applied to an ever-wider range 
ed annually in an indus- giving an expectation of a cor- the trend is so gradual that the of building and construction 
accident. About 20 in respondingly higher or lower incidence of accidents in the activities, the causes of fatal and 

• lou.000 die — five times falal accident rate. construction industry has re- serious accidents have generally 

ate for manufacturing in- The frequency rate of in- mained relatively static, and remained the same for the past 

v as a whole. The Depart- dustrial accidents — the ratio oF that more therefore needs to be 60 or 70 years: falls of persons, 

of the Environment esti- the number of cases of accident done. particularly from ladders, roofs 

* that accidents in the occurring during a given period and scaffolds: falls of materials: 

ing industry cost the to a number representing “ex- JjOZCU collapse of excavations and mis- 

rv at least £30m every posu re to risk" during the same use or failure of lifting 

for treatment, lost produc- period — is the best way of Holland has cut its accident machinery and vehicles." 
delays and compensation, measuring accident risk, and rate in the industry dramatically In a separate analysis, the 

dition to the personal dis- thus judging the effectiveness in the lHSt dozen years, from Executive claimed that a fall 

and. very often, financial or not of health and safety 0.33 in 1965. through the ex- was the cause of 44 of 100 

ship "caused to men and measures because it is not ceptional year of 0.07 in 1970 to deaths in the industry looked at 

families. Industrial affected by differences in work- fall again towards that total in in the six years to 1975. A fur- 

ents in general in 1976, ing hours from one industry to the final year recorded in 1974 ther 26 were caused by falling 

ast war surveyed by the another or one country to of 0.0S. materials — and the Executive 

h arid Safety Commission, another. - Germany’s figures, though, are claimed that management was 

■d more than 16m working It is ^puted on the basis most signifirant, in 

to be lost — nearly five of hours worited by dividing the ^ougb not m isolation Ger- *'!*«** 

as many as ihroueh Indus- number of acdden Is (multiplied “ aa * seems to be gradually re- Latest statistics for the num- 

stoppages in the same by lra j occurring during the ? uc, “ g lts fal f I ac S. , 4^ nt I ? tes ber of accidents in the first 

,! JL thA ■5Tari«;tic3 m ^ sec lors. from 0.44 in 1971 quarter place construction well 

15ft, C JZZr nf htrc wSS to 0.35 in 1975 in the construe- to the fore iq fatalities: it had 

ihjpL air nprsnnn pxnoserf tn risk ° on industry, and in the same 26 in the period, with mining 

itiiptji&l? hy ^ f FUU y ears from 019 10 °- 16 in “mu- ne ^ with 22 and metal manu- 

problem of health and mvst be ^ en facturin 8 industry in general, facture well below with 13. The 

industry, but par- S’ »J u"S2f 




mm mm 



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® TECHNICAL-ECONO.. 

©ENGINEERING 

©SUPPLY. ERECTION, CIVIL V. 

©TRAINING OF PERSONNEL 

©STARTING-UP 

©ASSISTANCE IN OPERATION 


its who are paying 
-i ihi-y In.- deprived 
seed for next 


societa italiana impianti p.a. 


DESIGNS AND CONSTRUCTS 
INDUSTRIAL PLANTS 
WORLDWIDE FOR 

IRON AND STEELMAK1NG, NONFERROUS, 
ENVIRONMENT PROTECTION. CEMENT, 
SEAWATER DESALTING, POWER GENERATION, 
FOOD, SHIPBUILDING. AUTOMOTIVE, MINING. 

REGIONAL INDUSTRIAL PLANNING 


.-■SEAzl 


SRAM 


U.S.SR. 


[IRAQ 




Saudi 


BANDAR) 
ABBAS i 


[ARABIA i 




ITALJMPIANTl's most recent success 
is the work commissioned by NISiC - 
National Iranian Steel Industry Co. - 
for the design and construction of the 

BANDAR ABBAS 
IRON AND STEEL COMPLEX, 

scheduled to produce 3,000,000 tons 
per year of liquid steel - from iron 
ore to finished products. 


Heat) Office and Gmtirl Mwaci’n.t.- 

PtaiSJ It- 1C 1 ;-Ia2TS:5?h;rrti» 






1 \ 1’wS^a 








‘ industrial.but anecoDomJc P ““ itrucUon. w lo 0. 18; mauuhe “JJ-J ^ new he^ttand ^ 

Jem on an international estuna “ 0D '[ turing industry, static at 0.04; ^ ? pro ^ dt?s {or . 

Despite the difficulties of com- railways, 0J24 to 0.19; - and c ^ osest involvement yet of 

*4"tistical comparisons be- Prison in seeing How sueceffi. mlning (excluding quarrying) ““E* >■ ^tennuung 



? ke T .y°hiS in a ircouX- the buUding site, variations in u«de h ^mparison 5 ™ ?«^atal accideni! 

' ‘e G^t quarter of this year the series for a single country Germany's gradual fall. ™ in ,? mpari ' 

2 7855 noibfatal- accidents over a P e n°d ^ ttm e wil1 * The causes of accidents in the Rut rnwHimonP^ colleagues. 
Jte construcUon Industry Beneral, the International building industry are and have trade unionists ^nSi 

• notified to the Health and Labour Office estimates, reflect been internationally familiar for j n stressing th 2 G 

ty ExecuUve— but data on the changes m condmoiu ; of. a number of years. An outcry numberof fatal^ ^aeridentefs £ 

. Fatal accidents do not lend accident nsks in the rountry-- fo Uowed the publication earlier enough' the tarert rani £ 

lselves easily to inter- though : they may be affected by ^ year 0 f a report by the SS35ta“ gSKwtKSLJS 

mtd comparison and are alteranons in methods or report- Health and Safety Executive on aStieved redtS ? 8 y 

efore generaUy excluded ° r computation. ‘ the construction industry h „ 

• i analysis. Britain compares . very Britain, which predicted that if Jfmiiip Uasseff 


The moneymakers. That aptly describes Volvo EM construction 
machines - due to their unique design coupled with a. degree of 
vereatility which makes them “ specialists'’ at so many jobs. Volvo 
BM discovered long ago that loaders, 
could do much more than move earth 
and rocks. Thafs why Volvo BM de- 
veloped a materials handing system 
with a snap-on coupling and a wide 
range of attachments. 

Volvo BM also developed a ravolution- 
atv haulage vehicle to solve the problems of bulk transporting over 
rough terrain. Their Volvo BM 860 ms the first, off-road, articu- 
lated dumptruck in the wortd - and is still the best-selOng. That's 


Ccmstru cuommachmestor maxi m urms 
iBJization>ffom^^g5| 


because of its ability to take ihe seemingly impossible lobs in its 
stride. Volvo BM was also quick to realise the importance of oper- 
ators' working conditions in achieving, high productivity. So the 
— " 1 - driver's cab has been designed to pro- 

vide die highest possible standards of 
comfort and safety. 

Add to this a high level of tech- 
nical expertise and extensive com- 
ponent standardization to simplify ser- 
vicing. and you have not only a ma- 
chine that keeps productivity up, but also a reliable workhorse 
that keeps maintenance and running costs down, in short, a money- 
maker! 










r 

4 

I 


Financial Tiroes Tuesday ^ 


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Designed to be at least 50 
per cent more productive for 
bulldozing than the com* 
patty’s nest biggest machine, 
the D9. it uses a V12 engine 
delivering 700 flywheel hp 
(the same engine is used in 
Caterpillar's largest dump 
track and wheel loader) and 
incorporates several technical 
innovations which increase 
both the output of the 


ONE OF 


IvIvE UT f 

EUROPE? 
UAMNGI 

EQUIPMENT 
MANUFACTURERS 


Liebherr equipment is 
used throughout 
the world. 

Designed to meet the 
exacting demands of 
Civil Engineering, 
Harbour Boards and 
construction companies, 
Liebherr equipment 
is built for reliability 
and productivity — 
bached by the linest 
after sales service 
and parts. 

For Excavators, Truck 
Cranes, Crawler Cranes, 
Tov/er Cranes, Dozers, 
Concrete Batching 
Plants, Truck Mixers . . . 


For details on the full range 
of Liebherr construction 
equipment please contact: 

UEBHERfi-GREAT BRITAIN LTD 

Welham Green, Hatfield. Herts 
Tel: Hatfield 65381 
Telex: 261271 



machine and its serviceabi- 
lity. The DIO is 25 ft high' 
and weighs about 90 tonnes. 

Another recently intro- 
duced giant is the Demag 
H24I hydraulic excavator 
(above), designed mainly for 
open cast mining. This 
machine has a service weight 
of about 249 tonnes and it 
carries a bucket of 14 cubic 
metres capacity. It uses a 


General Motors engine of 
1340 bp. 

A third example of the 
move to greater power and 
size is International Har- 
vester’s 5S0 wheel loader 
(left). Designed for high 
speed, high manoeuvrability 
and high performance, it 
carries an 18 euhfc yard roek 
excavator bucket and weighs 
279.00# lb. Each tyre has a 
diameter of nearly 91 ft 


UK working party’s views 


IN THE U.S. when a construc- 
tion equipment group decides 
that times are so bad that it 
has to lay people off it must 
pay them 95 per cent of their 
normal wage for the first 12 
months. That has been estab- 
lished by the current three-year 
contract between the unions 
and companies in the industry. 
“ It is one of the greatest 
incentives to management to 
get out and sell," commented 
one UK executive about this 
clause. 

British trade unionists, "when 
they learned about the lay-off 
policy during a recent visit to 
the States, were also impressed 
because any worker who has 
been laid off in America-i* far 
better off than he would be in 
the UK, where the Government 
is responsible for unemploy- 
ment payments. 

This was just one of several 
talking poinrs arising from the 
trip to the U.S. by a small dele- 
gation from the constriction 
equipment industry's ■Working 
party at the UK National 
Economic Development Office 
(NEDO). 

The working party is. one of 
40 involved in the UK’s; indus- 
trial strategy programme which 
has brought together managers, 
trade unionists, civil servants 
and politicians at NEDO in an 
attempt to improve Britain's 
performance in world markets. 
Each of the working parties is 
concentrating its attention on 
one particular industiy and 
draws its membership mainly 
from people directly involved in 
that industry. 

For the past year the con- 
struction equipment working 
party has been looking closely 
at productivity in the UK com* 
panies — an obvious problem 
area. : 

Having analysed thi? ^ labour 
productivity in UK-owned 
businesses, the delegation moved 
off to the States to. see how it 
compared with a small- selection 
of companies there. The con- 
cerns chosen were medium-sized 
by American standards but 
rather -large in the ^.context of 
the UK-owned companies. The 
report on that visit is now being 
distributed to all those engaged 
in the strategy programme. 

One of the key point? it makes 
is that industrial relations in 
the U.S, are very stable com- 
pared with those in! the UK. 
This stability springs from the 
three-year union-industry con- 
tracts, and it gives- management 
some certainty about costs and 
output during those three years. 

In the UK it is not 'possible to 


look that far ahead and fo r the 
production team to be able to 
promise the marketing men de- 
livery and prices well into the 
future. 

The UK group was also im- 
pressed by the sheer weight of 
□umbers employed to deal with 
industrial relations in companies 
in the U.S. There are enough 
people employed to monitor the 
three-year contract ’ properly 
while leaving the personnel 
director free from having to deal 
with every minor problem that 
emerges. 

Balancing this corporate 
effort, the union representatives 
were “ very impressive and 
sophisticated in their approach," 
according to one of the British 
team who met them. '“They had 
a clear idea of their role — they 
wanted no part of worker par- 
ticipation on the Board for ex- 
ample — bat they spend money to 
do the research thoroughly 
when they, go for wage increases 
and fringe benefits." As a result 
wages are high. 

But how does any of this 
apply to the UK? In Britain 
companies have to deal with 
several unions. Fay deals last 
but one year. In recent times 
there has also been a suspicion 
that union leaders will not be 
ahle to deliver after agreement 
has been . reached. 

However, the NEDO party be- 
lieves that by presenting in- 
dividual companies, or the 
managers' and unionists within 
them, with the findings from the 
U.S. visit, it will be promoting 
serious discussion about 
productivity in the light of the 
American experience. 

In any case nobody involved 
in the industrial strategy pro- 
gramme has ever claimed it 
would provide an easy way to 
dramatic change. But at least it 
might halt the decline of 
Britain's influence in world 
markets .and. in its share of 
world trade. 

The construction equipment 
(including mobile cranes) sector 
is one of the largest in UK 
mechanical. engineering, 
accounting for S per cent of its 
output and around 4 per cent 
of its employment It has had 
a consistent balance of trade 
surplus— about £40taH-but its 
share of world trade has been 
declining , until recently. 

The simple part of the in- 
dustrial strategy programme was 
to identify the industry's major 
problems. The next step, setting 
objectives, was more difficult 
And the. ^problems of maltin'* 
some of the -required changes 
both physical and. in attitude! 
are proving extremely difficult 
However,, one of the prim 


objectives over tn epast year or 
so was ** t3 reverse the trend in 
wond trade.” The 1977 figures 
aresot yet available but the 
woricag pan:’ is convinced that 
the UHs share of international 
trade in construction equip- 
ment has improved. 

On the other hand, another 
objective — ** to reduce import 

penetration to 50 per cent" 

has not been achieved. In 
fact imports have been increas- 
ing their share of the UK 
market The problem with 
import substitution is the lack 
of UK capacity for some vital 
items in the construction eciuip- 
ment catalogue — such as heavy- 
hydra ulic excavators, for ex- 
ample. 

The influence of the North 
American - based multinational 
groups is also a significant 
factor. All but one of the 
major North American groups 
have manufacturing facilities in 
Britain and together thev 
account for more than half of 
to e co nstruction equipment in- 
dustry’s exports. 

conte:rt the work at 
NEDO has to take account of 
the North American presence 



and the benefits it brings. A 
recent’report from the construc- 
tion equipment working party 
commented: “Further invest- 
ment by (the multinationals; to 
expand capacity, widen their 
UK-produced range or increase 
UK component sourcing will to 
an important degree depend 
upon the impact of macro- 
economic policy on the relative 
attractiveness of the UK as an 
investment area." 

But while the strategy work 
must take full account of the 
importance of the multi- 
nationals, they are big enough 
to look after themselves. That 
cannot be said with such cer- 
tainty about some of the 
smaller UK construction equip- 
ment groups. 

. 19*6-77 the NEDO work 

involved a study of international 
market opportunities and the 
X Ju‘ r ^ ey m *Sht be exploited. 
About 40 British companies 
were asked which overseas 
markets they considered to have 
the greatest potential and about 
the problems they had experi- 
enced in tackling those markets. 

Obviously the answers 
obtained and the report pre- 


pared from them were of more 
use to the small British com- 
panies than the large multi- 
nationals. 

More recently the working 
party has completed a financial 
survey of the UK groups. This 
showed clearly in the UK part 
of the industry, certain types of 
companies have some financial 
difficulties — and the companies 
concerned are not necessarily 
the smallest in the business. 

The world market has not 
grown as had been widely fore- j 
cast, Margi ns have been : 
equeezed and are not likely to 
get better for some time. All 
this has made life even more 
difficult for companies already 
under pressure. 

In the coming year there are 
unlikely to be any new initia- 
tives from the working party. A 
great deal of work has been 
completed, covering obvious 
problem areas. The priority 
task is to ensure that the mes- 
sages provided by the work 
done are widely disseminated 
within the industry and acted 
on. 

Kenneth Gooding 


Parker 
Plant 

Suppliers of construction 



We design, manufacture and 
’ market one of the world's finest 
. ranges of building, contracting and 
_ ciUanyequipmenLltplaysaiTi^orrciIs. 
- in worid 'construction, being exported to 
over SO countries. An achievement recognised 
'by the Queen’s Award for Export in 1978 . This 
is based on constant design development; 
aff e r 'sales serviceerid swing the 
F R F n C Stomerw hathe wants, when and where "he wanfsit" 

fo MX W6.LBCESTBB J^. 


y- 


C/VLU 


I 


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. .vj-.V; 


I 















Financial Times Tuesday October 31 1978 



I. . 

S 



BY DAVID MATTER, recently in Kabul 







to 



31 


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HE crowded bazaars of 
‘5 old city, life proceeds at 
: set centuries ago. Crafts- 
tone their tine copper, and 
merchants in shallow stalls 
sip tea while veiled 
n inspect meat carcasses 
swarms of dies, 
a city of 700,000 where 
pray five rimes a day but 
has no municipal sewage 
a. the activities i»f the 
, c ages linger on. Itinerant 
- , j rs cut their customers’ hair 
*££ches of earth and scribes 
,;-.>be letters for men in flow- 
i Vibes. 

: a lies and baked mud 
of Afghanistan have 
kittle change for centuries 
rie conntry now appears on 
I - rink of one of the most 
; tail t attempts at moderni- 
h * .-in its history and, 
- ‘»ly. it.-' could bring with it 
[. 5 r\ l cedented bloodshed. 

regime which seized 
six months ago in a coup 
.^ v.joved the country appreci- 
f - : T:^V*?ceper into the Soviet orbit 
pledged itself to abolish 
Jv^9 isn, ‘ Mr \ H ? fi ***IIah Amin, 
'^C.? -^refgn minister and appar- 
vr^V^ritnnari in the Gbverri- 
. 631(1 the Soal of the ruling 
.. ^ .t People's) part ) 1 is to 

’ modern. Socialist 

'V 

, P art >’ is conducting an 

;&-^$ave‘ dftive to recruit young 
7 every village and pro- 

; unit in the country at 

■ time as making many 

-’\*V - v i^s, particularly m the 
forces, and suppressing 
.■"/'O. revolts in the eastern 
V 3 *',^ - Badakhshan, 

V: J.. ^Ov^/3j; . Paklia. Logar, and 

/ i^^sjans have become the 
^-^T^^tcommoD' foreigners passing 
, Kabul airport and are 

common sight in Kabul 
crowds behind the Pul-J- 
htt mosque or strolling past 

ug emporiums an Chicken 

t under the eyes of 

zious merchants. 


r\ 




i'Kunar 


/AFGHANISTAN 


Paktia> 


('PAKISTAN 


;Vi 

* * j 

.* 

\ - 






The anomaly of a socialist Mohammed Tarakki, a poet, 
government in a fundametally ex-shipping clerk, and former I ii C C D 

conservative, deeply religious Press attache in the Afghan | - UqOH 

country like Afghanistan has not Embassy in Washington — can 
been lost on either the Govern- count on the support of 2.U00 
ment or its many actual and Soviet military advisers and 
potential opponents. Govern- 3.000 Soviet civilian advisers, in 
ment representatives are being all. four times as many Soviet 

assassinated in the provinces by advisers as before the coup. ■ - 

the Akhwani. the senu-socret The reg j me . s ultjmato lnt on- 1 1 

Moslem brotherhood and there u f from clear, 

have been mass desertions from Governjnent meetings are 
die armed forces and the opeiied readings from the 
begmmngs of guerrilla activity Koran in an attempt to still 

Khrin Mosiem fears *>0* 016 aCtinn5 1 | n 1 U 

Khalq Party s present strength ^ regime has taken in promul- j IRAN 

J « "“mbers no more than galJll gf although not implement- 1 ' 1 " B " 

2.00U hard core members. For im , policy of dividing up the 

ZSKSSJL T£ n ^e than «Ste. of lalrge landowners, and 
are be tie red to be more than a b 0 |j S hing smallholders' debts 
twice that many people under w money lenders, give an 
arrest and awaiting an un- indication of * c Socialist 
certain fate at the Pul-o<3iarki directi0D in w hi ch they intend 
prison outside KabuL l0 prace ed. 

The increasing Soviet presence 
. in Afghanistan and the new 

Killian harkprs regime's dependence on Soviet 

Avuaaiau uaiACia iupport caused alarm in 

This small, organised group ^ West. This is belated in 
and its Russian backers want to Aight of the fact that social and 
remake this country where the political . conditions created 

terraced mud and adobe houses years ago made it a virtual : ~ 

rise mirage-like atop each other certainty that any modernising soviet assistance lotailed Afglianistan for 200 years. .\fir. 
in clouds of mist and dust -on government would inevitably be 5 ± , 5 bn— njora than: that pro- Daoud did not make' use of ir 
the sides of barren hills and the Soviet oriented. vided by any other. counirj- The Soviet credit line worth $3 ubhl 

devout pray on prayermats in With 60 per cent of the impact of this was io bring The smallest Western aid pro- 
the corners of public buildings, population of 17m ecking out Soviet advisers jwno the posals were debated ai Cabinet 
To do this, however, they may a living as farmers, on minis pries. particularly 0 f level where weeks were lost m 
have to uic great violence which ossified social structure and planning and mines and mdus- arguments over the wording of 
the regime is now in no position mass illiteracy, the voluntary tries. A Soviet model of develop, agreements. In April of this 
tn apply. processes of a market economy ment based an industrial isatio 11 year. Mir Akhbar Khaibar. a 

The coup itself is believed to have long- seemed to many is accepted by the Government leading Parcham ideologist, was 

have involved only tsou officers educated Afghans to have little —as it was by the former regime assassinated by unknown 

commanding two divisions and to offer. of President Mohammed Daoud persons. Between 15.000 and 

an armoured brigade. Loyal Soviet influence was first eslab as the most valid approach for 20,000 people took part in the 

units were prevented from lished in the 1950s when the Afghanistan’s future develop- funeral and a demonstration at 
coming to the relief of the Russians agreed" to supply ment - U.S. Embassy, frightened thf* 

regime by the air force, under Afghanistan with arms after the Under the Daoud Government. Daoud Cabinet and led to the 
the command or Major General U.S. turned down -Afghan the .situation in Afghanistan, arrests of Mr. Tarakki and Mr. 
Abdul Qader. a member of the requests for arras in connection however, was one nf complete Amin, the organisers of Khalq 
Paretian (flag) Parly— rivals erf with ihe border dispute with stagnation. In a country where supportin the armed forces. On 
the Khalq isis since Afghan Pakistan. Young Afghan officers half the children die ^before the April 27, a Cabinet meeting was 
Marxist-Lemni 5 ts factionalised thereafter spent up to seven age of five, the Daoud regime called to consider purges in the 
in the 1960s. " 'years training in the USSR, had no stated commitment to armed forces. This triggered the 

As against this, however, the Many returned to join the Khalq development. •?. coup. 

Khalq Government— which is or Parcham parties. A member of the:Moliammad Tie coup has been described 

headed by President Nonr In the last 20 to 25 years, Zai clan, which had ruled as “desperate, daring and do or 



die"— it was violent, involving 
heavy fighting and hundreds of 
deaths, including those of Mr. 
Daoud and his family, and its 
outcome was uncertain all 
through the night nf the 27th. 
Its success was followed by 
waves of arrests in the armed 
forces and a purge of the civil 
service. 

As soon as the new Govern- 
ment had organised itself, how- 
ever, the Khalqists began the 
elimination of their Parchamist 
partners in the coup starting 
with the dispatch of Mr. Babrak 
Karmal, former leader of the 
Parcham, and four other Par- 
cha mists to ambassadorial posts 
and their subsequent dismissal. 
This was followed by the arrest 
of Gen. Qader. 

The purge of Parcham leaders 
was followed by the arrests of 
rank and file Parchamistc in rh<.- 
armed forces and a second purge 
of the civil service. 

These measures . secured a 
-Khalq monopoly of power but 
whittled down the regime’s base 
still further. Public lectures, 
-rallies in military units and 
.factories, and the requirement 
"of Khalq membership for 
important posts are ail now 
-being used to swell the party's 
ranks. 

A The purges appear to be over 
for the time being and there 
are signs that the new Govern- 
ment is growing in self 
confidence. The Khalq Party 
still declines to refer to itself 
as ** Marxist -Lenin 1st ” for fear 
of posing too sharply the 
Conflict with Islam but two 
weeks ago. the regime intro- 
duced the new Afghan flag, 
which is entirely red and no 
longer snorts the traditional 
Islamic colour of green. 

Still, the Government is 
taking no chances. There are 
66 l- - tanks inside the palace 
grounds as a precaution against 
a ^counter coup, and an 11 pm 
curfew is strictly enforced 
while powerful searchlights 


nightly sweep Kabul’s surround- 
ing bills. Military units are 
constantly being shuffled, the 
comoiand structure is shattered 
and rhe air force is grounded. 

If the regime consolidates 
itself, it must decide how far 
to go in transforming 
Afghanistan society. The five- 
year plan now being prepared 
is intended to introduce the 
first serious industrialisation in 
the country's history. 

The intention is for the share 
of industry to increase with 
each subsequent five-year plan. 
Agriculture is to be collectivised 
au a voluntary basis following 
land reform. Private enterprise, 
is eventually to be abolished, 
and the 10 per cent of the 
population which is nomadic is 
to be uffered land for voluntary 
resettlement. 


» j w 


Agriculture 

Western experts view this 
programme with distrust. They 
believe Afghanistan cannot be 
competitive as an industrial 
society and have urged diversi- 
fication of agriculture with 
concentration on cash crops 
such as cotton, nuts and dried 
and fresh fruit. 

In keeping with national 
pride and the regime’s “anti- 
imperialist*’ bias, the Afghans 
have rejected this advice and 
although dependent on outside 
sources for an estimated 70 per 
cent of the funds for their five- 
year plan— most from the 
Eastern Bloc — they are going 
ahead with capital intensive 
projects such as exploitation of 
the Ainak copper deposits. This 
will isolate them from the 
world economy and tie them 
irrevocably to the Soviet Union. 

The effective date of the 
decree on land reform has been 
postponed until next autumn — 
in effect, for two more harvests 
— and the article abolishing 
peasants' debts tn money lenders 
is. in many cases, being ignored 


by peasants wbo are paying 
their debts lest they he deprived 
of credit tn set seed for next 
year's planting. 

There seems little doubt, 
however, that if the regime 
wants to make rapid progress in 
industrialisation and collectivi- 
sation it will at some pnint have 
to decide whether to use over- 
whelming force to achieve its 
ends. 

There is another worldly 
quality to this remote, moun- 
tainous country where life 
seems to centre on prayer, the 
local tearooms, which are full 
of animated Afghans at the 
height of the working day. and 
the campfires nf tribal nnmads, 
which dot the side nf the main 
highway to the capital at night. 
The reaction to an attempt to 
destroy the traditional patri- 
archal society by Marxist- 
Leninist ideology would 
probably throw the country into 
chaos. 

There is however some bark- 
ing in Afghanistan for forcible 
methods. 

If the Khalqi rectme emerges 
as mil'll antly revolutionary, its 
activities could also have an 
international dimension. The 
regime could inspire increased 
violence in Pakistan and Iran 
by giving suppnrt. at the Soviet 
Union's behest to the left-wing 
separatist movement, acting on 
behalf of 5m Baluchi tribesmen. 

If the Baluchis. using 
Afghanistan as a staging area, 
are successful in separating 
Baluchistan from Pakistan — 
and there are many who believe 
that in the medium term they 
will make the attempt — Afehan 
militancy would have helped 
destabilise the regional 
balance, allowing the Soviets, at 
long last, tn realise the long- 
held aspiration of dominating 
Afghanistan and Baluchistan, 
thus achieving a warm water 
port — Gwadar— on the Arabian 
sea. 


Letters to the Editor 


ransport in 
le future 

tiie Chairmen, British 


•v 


investment decisions is a politi- modes. The report adds that over 1974 — before or after the 
cai question, but we would “the motorway will increase the miners' 30 per cent pay increase: 
counsel the need for the transport need for a £500ra road improve- and whether, it is gaining or los- 
industry to be >>ecn as inseperable ment programme which the GLC ing- ground on our eompetitors' 
from economic prosperity. wants completed by J983.” productivity. • .«■ 

o . . D ... . „ There are bound 10 he tensions . This view has been enthusiasie- I strongly suspect-fin! all we 

:ays tsoara ana anlisn tioaa w hich arise between the various ally supported by the chairman have really seen ia an improve- 

. ration. modes of transport public and of the London Chamber of Com- ment in the minerrf iMy. hours 

At the recent and sumu- private, within a competitive merce and Industry, who states and conditions: 1 iio-one cnulri 

4 Chartered Institute or mixed economy. These we be- in his letter of October 20 that deny that these were long over- 

..iport conference organised lieve might well be resolved his association “recognises the dU e but where is the quid pro 

..he Financial Times, the more readily if we had the danger that the M25 might qud? 

jtary of Mule tor Transport, benefit of an Economic Develop- attract Industry and commerce n orace cutler 

:V Uliana Rodgers, questioned ment Council for surface trans- away from inner London which rj%uni ., n _». err - 

her transport would in port, related to the industrial is why it must not be built in utul - 

•e be able to have the same .strategy work of the National isolation." — — : 

ny as hitherto in national Economic Development Office. While a scheme of thm scope 

img plans. - 4n that event This would link transport where and considerable cost could 

autioned that more could it belongs in the heart of the achieve its objectives, it could 

be allocated to one form wealth creating process of the easily generate more traffic and 

ransport at the expense or country Most operators are in result in, no net reduction in 

..ier and that the message 10 agreement with this approach traffic congestion. On the other 

port operators was.,** make and Indeed the Secretary of hand, if the vehicle licensing th e Oiatrman 
iih what you’ve got." Stale is reviewing the whole system is changed and becomes Cf jp Group Consulians 

j traders in transport we are situation. - part of an arrangement for in- cj P __The Mr N 

!y aware of the economic The transport industry must be creased petrol tax— thereby ,* ki ' fln *h P 2fl th October 

.m which prompted Mr. soen as a whole, vital to Ihe increasing the perceived cost of - HilehS Dronosate 

unis sinrf WO n-mnn'c i n/fiicrriMl Houolrinmpni fnnlnrlno traffic flnWK onuld reiers to_ rne Hererora prop 


Energy 

costs 


ers comments and we nation's industrial development motoring— traffic flows could . combined heat aid Dower 
ly accept that there in writing this letter together, we decline and thus make the ?£ ' w«m?ni- 

many differences between wa nt to demonstrate our para- scheme uneconomic. 1 h 

er investment priorities and mount and shared concern, steel This report on the scheme Iree nenenis 10 uraiutr. 11 suui 
oci:«l and economic pulicica and rubber wheel w’iihin ihe seems to confirm, yet again, the proposals can be Jmpememed 
1 underlie Government deci- industry. We are not simply overriding need to consider * n a country town such as Here- 

concerned with nur comparative seriously total transport strategy, ford, one aaturaily *pq |ires ' w P'-\ 
t there is equally wide claims on resources with : n the not only in Greater London. The have, tut so tar 

ment throughout the in- industry, but with decisions on guild is sure that Mr. Gordon f*®" u ” on a imn 

y that transport is an essen investment strategy to provide Ridley, GLC director of planning jarger waje in tne raeniivcij 

•art of the wealth creating the right framework for each and transportation, will find bis a r ? as 4 Id nf 

ss and must receive high transport mode to make the most quoted remit or “supervising 1 ™ Q ^l iry t0 j • 

•ly in the nation's strategy nf what it can offer. improvement of the road minions or pounds ra energy 

onomic recovery. a. p. de Boer. system" having to broaden Into investment raeansf .ttut muen 

an examination of the best ways more capital will then be avail- 

to integrate the advantages of able for investment. -in the pro- 

the different transport modes, if duct Itself, for plant renewal, 

the “mixed blessings" of the for increasing produr.ion and 


l.ENK RAL _ „ T7 j London Emertainmenis. William 

.K^wiS ? 15 Hea,e y- ChanreHorof I flflSIV C T VAfllC Low and Co. North Atlantic 

the Exchequer, meets delegation * J. UUtt Y J Li V Clltlj Securities Corporation. Interim 

from Trades. Union Codstpss ot divlfipnifc Avann Grouo Baxnbcrs 

Downing Street working dinner nve eouncil on visit to the UK— President Jose Lopez Portillo Srore^ John Beales Associated 

10 discuss. pay and inflation. talks expected with Dr. David of Mexico in Japan on official Companies Grni" Shipping PDly- 

Further. talks on the increased ,, e0, . _ . . . , visit marie International Reed' Inter- 

pay offer by Ford Motor to its Hnmber Bridge Authority meets Mr. Pierre Trudeau. Prime national Interim figures: British 
a/.UOO striking workers. Mr. William Rodgers, Transport Minister or Canada, continues Northrop. 

Deputation from Labour Party Secretary, to explain refusal to talks in Ottawa with provincial rmi paw ufftincs' 

National , Executive Committee pay flm in progress payments to leaders on constitutional reform, a*-™ t£ 1 
meets Dr.- David Owen, Foreign bridge builder on grounds of 
Secretary, and Mr. Michael Foot, poor production. OFFICIAL STATISTICS 

Lord President, to seek postpone- Mr. Len Murray, TUC general Confederation of British 
mem of European Parliament secretary, at National Union or “ ustl 7 Trends Survey 

elections— they will also discuss Townswomen's Guilds conference 
funds for fhe elections. on multi-racial society. YMCA. COMPANY RESULTS 

Reverend Ndabaning! Sirhnle Great Russell Street, London. 


Assam Frontier Tea, 19. Leaden- 
hall Street. EC, 12. Esperanza 
i n . Trade and Transport, Winchester 
f or House. EC. 10.30. Jantar. 7. Lin- 
coln's Inn Fields, W, 12. Kennedy 
Smale. 153. Parker Drive. 
Leicester. 2.30. Rnmar Textiles, 
Final dividends: Audio Fidelity. Hyde Park Hotel. SW, 12. Saville 


and Bishop Abel Muzorewa. mem- Secdntf' day of Agriculture Hcnsher (Furniture Trades). Gordon (J » Group Midland 

ber-s of Rhodesia s ruling execu- Ministers meeting. Luxembourg J. Henwnrth and Son. Linrearl Hotel. Birmingham. 12. 



is so strict, 


system 

t public expenditure cuts -British Road Federation, 
greatly aggravated both Manchester Square. Wl. 
trd investment programmes (Sir) Peter Parker, 
current spending, and we jintvih Jtaibcans Board. 

1 view with deepest concern 222, illary lebone Road. NW1. 
urther deterioration in the 
is transport infrastructure. A n £> 0f l 

b deterioration, whether it 1 % llvtll 
in road or rail, could 
Iv affect the nation s SlT3.tCS£ Y 

rnm «e gg^fL «« B** 
ports are essential pro- Transport Officers Guild. 


M25 are to be avoided. 
Henry Haydon. 

Room 307. West Side Offices, 
Kings Cross Station. N.I. 

Productivity 
in coal 


sites for a successful export Sir. — The Greater London 

Transport report uf October 12 _ j 

iking beyond the early that the 120-mile M25 London Q reater i /0n don Council. 

of the next decade, invest- orbital motoway ^could prove Sir _.You report (October 25) design and construct he plant 


employment, and for crculatin 
more money in the marine too) 
and factory equipment fields. 

The resultant .in cease in 
efficiency of heat - conversion 
from the current averse of 3f> 
per cent, in power -st tions to 
76 per cent must sunly be : 
factor which neither th< Govern 
ment nor the Oppositlci will be 
able to ignore for Ion; By the 
time that action Is uken to 







jhTSvTf'ur e^d Jhe ^du«.v™T!he n.‘ll“.lSS “f SSnrtSf ^bSan 0 .™ 

^ s 

hceud the balance between that inevitably arise between . It is pertinent to ask whether be diminishing. If. we rust then 

rtfng pro^aime for these and within the various transport it also shows an improvement revert totte ne «Twl « 

be even more vital van « ver 
before to burn it efficiently and 
without pollution ; method 

X the Leader of Ihe and. of course, there were no spending^ jeopardise all major “® a, £ t«> wmbaed heat 

- JtSn Greater London plea s from a Tory GLC to in- sources of finance for inner city and power. 

* ’ crease London’s share of the regeneration; Its complaints that S. Jewsbury. 

inreoivtoMr Cutler's resources. - the rnr a 1-ehi re counties have suf- 1 , Braze, nos 

) I h ime vou Another major government fered by rale support grant Manchester J 

nfo The annofflinity programme of beoefit to inner shifts Imply that resources will 

allow me the opportunity ^ ()nd00 ^ the housinR invest . be shi ft ed from London. 

those red her- roe™ programme (HIP). The If such policies prevailed. 


apital programme for regenerating London 


U 




aint out 
• aside 
the 

:L“ ' “fr si™ 


s j ” ~,i -hoc- ri> rt her- mem programme uiiri. iae 11 suco policies prevuneu, , , 

d Tr.rv lAHder has out Government has increased the they would be responsible for C-OHimitllfPlt tO 

T °I= J tfLcJS a national total of this capital alio- “choking London to death." vuuiuuuiICil w 

s°ril cation by flOOnt for 1978-79, of (Sir) Reg Goodwln._ metnCatiOD 




--r i ,7 ® — ^ v ™mt n Ml lt the 220x11 ““ this is quite apart froni 

T the Government’s HIP allocation 


inner London receives Room 133, County Hall. SE1. 


sy 


From , the Director, ■ 
Metrication Board : *- 
Slr,— Mr. Pearce {Oc^ber 21 ) 
asked whether it wai to J ate to 
go back on the UK's commit 


ment to metrication. Ti' answer 
to is “Yes.’’. 


' L W-. 


7t. '- 

fe 




■•3iS Distribution of 

■jn posed by any fumre It is important to make dear indUStrV 

dly'policy «f the Tory From Mr. M. Newbie. 

er London Council is a L omlon P is Actually paid for hy Sir, — While travelling 

„„ , . . tliA Labour Government's aJInca- London on October 25 I was Among others, the ollowing 

ce May 19<7 the Lonserva- of national resources. Of amused to learn that I belong sectors of. our ' econmy are 
Parly al County Hall has the £15bn the Torv GLC in- 10 a pxrt jyf the country where irrevocably committed t tbe use 
t to justify every twist and tends t0 spend on inner London we are referred to as a pari of of metric measuremdts and 
m policy as its comm ireient over tbe next five years, only Mafia which is the North East, some are wholly- r or erted: — 
- e inner city. They blame oq per ceP t wtll be contributed * am sorry to learn that the agriculture. hnricuiture. 

~ . abour Government for fail- bv jjie GLC. The Government Leader of Greater London Coun- fisheries, defence priipment, 

i recognise London’s ;prntv w - jn c00 tribute 46,7 per cent «1 holds this impression, but on postal and telephone services. 

!i . when in reality,, it is the w jjj| e industrial / commercial behalf of _ the ^pther so-called freight, enstoms tarifl export 

r ./e of their own ideas. rents and loan repayments make North-East Mafia documentation, maps at 1 chans, 

main thrust of Labour’s up the balance. How can these i watner. _ education, the. health service. 

i city policies has always be examples of lack of encour- Pjj JVJlf P acketed foodstuffs onstrue- 

** * - ' resources agement? m the evening t had occasion to tioni man uf an urine ndustrv. 

The Tory GLC’s inner city peruse two London evening news- fue i . - 


=: - T ii-f city policies 
-£fcj v +*!'-/ to redeploy 
s:* ' t the main sp 



" ' '/J'A 


ms40mm 

mwmm 


wtim 





mes of U ‘Se publfc^rtJir programmes are an irrelevance retail sales * 3 ? gas Vn- Petrol i 

this does not just mean Its capital programme, for the £5 and 5nduBtr ial material- 

ie around existing re- physical improvement of inner vacant. In Sunderland we havfl . Virtually th e wh^of our 

H Under the Law Gov- London (excluding expenditure no jobs « offer because of the international^ ^trade wSh eou" 

eat, London’s share of the on loans and Uie Ttaw ' hi mes whicb ** J?he meirii- 

:upport grant (needs rier) represents a standstill surely Mr. Cutler cannot be — __ ... 

.1 has grown from 13.9 budget 
t io 1973-74 to 21.6 per house* 

in 1978-79. The urban aid be me.- oh ., lW _^ ui me 

jKW-SJStt. S ^ AS we -T*— ; ^ ^ . 

Conservative* 1 * Gavenimezit mands for large .cats in public Sunderland. London WC2B 6LB 


and power, (exept for 


^ 'J 


& 


BSt* 




i- 


As part of the largest total security 
company in Europe and the world. Group 4 
provides the most comprehensive and ■ ‘ 
up-to-date range of services available. 

From personnel to equipment-— from 
start to finish — we accept only the highest 
standards. 

Our Vetting procedure is so sth'ngent 
that 95% of the people we interview never 
make the grade. . 

• Those who do are subjected to what is, 
without a doubt, the finest Training 
Programme in the business. 

And for three months after that, they’re 
only on probation! 

■ When it comes to buzzers, bells, Jnaster 
control systems and ail the rest of the 
sophisticated equipment we need to do opr 
job, we’re even tougher. 


We can’t afford to take any chances. So 
we design, develop and manufacture it 
ourselves. 

And we don’t put our name on it unlil 
it’s satisfied a Quality Control routine so 
stringent that the ratio of 'testing' personnel to 
those involved in manufacture is almost 1/1. 

If we've learned one thing after 70 years, 
it’s this ... . 

If there’s the slightest risk involved, we 
just won’t wear it. 

How about you? 


iroui 

[SECURITAS @@® I 

Giving the world a sense of security 

Wc.iuvef ol BSIA 




Group 4 Total Security Ltd., 7 Carlos Place, London W.l . Tel: 01-629 8765 or your local office through Yellow Pages. 


* 


* i 




r A 


f? Ji 





32 


Financial Times Tuesday .October 31 1978 



Decca chief warns 
reduced profit 


of 


SIR EDWARD LEWIS, chairman of 
Decca, warned shareholders 3t 
yesterday’s annual meeting that 
"roup profits will be below last 
year’s level or £12-tm pre-tax. 
Decca’s ordinary shares fell 
sharply by 2Qp to 440p. while Lhe 


the overall results for consumer 
goods for the first half to be corn- Decca 


INDEX TO 

COMPANY HIGHLIGHTS 



Company 

Page 

Col. 

Company 

Page 

Col. 

Barra tr Developments 

25 

3 

MY Dart 

32 

1 

Blackwood Morton 

33 

1 

Petrocon 

33 

6 

Dawnay Day 

33 

A 

Photo-Me 

32 

8 

Decca 

32 

1 

Rakusen Group 

32 

A 

Haggas (J.) 

32 

A 

Scot, Heritable T st. 

33 

3 

London & Holyrood 

33 

2 

Scottish Ontario 

32 

7 

London & Provincial 

32 

7 

Turriff Corp. 

32 

4 

Melville Dundas 

32 

A 

Yorks. Spinners 

32 

5 


stressed that Decca had suffered 
from severe industrial action 
which had affected production in 
'* important sections of our 
navigator and radar companies. 

This action has resulted in sub- 
stantial loss of output and will 

fo r* 'the 1 first ^la tf^o f * the^y ea r 'Vo E * istin S orders for defence equity incurred a loss in the last finan- 
Sentemher"* ‘ mem exceeded fSOm with further cial year, have been turned round 

Moreover, depressed conditions ^ajor contracts -in prospect.- into P ro "L“ ™2J r *?h* 
in the tanker and merrhant Decca s orders in hand on the During the current year the 
marine market-? will reduce Rro- rad-ir side include an extension survey ^oup hp achieved greater 
fits on marine radar for the SS- of the Scapa Flow system the KgOTUmi «to J2 " l > ™ “g£ 
rent year “Taking this into hew system for the port of The first six months nave neen 
account and the effems of indus- Tripoli . and an automatic data whole* 2 

trial action, higher operating Processing system for the radar be true for the year as a whole, 
costs, increased interest charges equipment supplied two yea re ago triSriihm side ih, 

and the continued strength of to Lhe Channel Navigation Infor- J?" 

sterling, we must anticipate that mation Service. manufacture of colour sets 


the 

has 


sterling, w e must anticipate mat rv>nr^ntr-.tf^ at Brid»- 

group profits for the year will be The group also plans shortly factory 0 ?? 

below last years level" concluded to commence, a manufacturing JJg* 1 SSnv StlS as 

trackea 




back 


to talks with Dawson 

FOLLOWING THE publication consumer spending, " we are An interim dividend 
yesterday of the first quarter ’ optimistic about the - continued net has already . been, announcea. 
figures from John Haggas, show- improvement of the fortunes of for payment onjf»°vem ber 1 v.i ^ 
ins profits ahead from £644,000 to this area of our business." the year WiT-TJ the comply 

£827.000, it was announced that «»__ *-1.-5- cirf* in. been the P®* 1 a t®* 3 ! “L“- 4p trom 13X60 

merger discussions tahw 1 the J^SSS W iBtaE revenue of AAl 
gronp and Dawson ^teroabonal that strong demand will 

would be started as soon as co ntinue throughout the year.. 1^, j- T \IE~3~ 

P osslbIe - „ . . . . _ The one factory which has con- I vl f* S 

Mr. Alan Smith, chairman of tribnted little to profits last year A llvlvr -L vJ 

Dawson, said: u We have certainly j s showing signs of improved sales • v n 

not lost our interest i n J ohn and profits. hnen Ti\W 

Haggas." However he .stressed while variable trading condi- U<ioC ll/I 
that the terms would have to- be tions are being experienced, the • 

different from those negotiated spread of business is now such nvmnncimn 
previously. that Haggas is not heavily depen- r* X lidilolUlI 

“They must be renegotiated, dent on any one area, and with V. A Jf 
Circumstances are entirely consumer spending remaining FUTURE PLANS at Fhoto-Me 
different,” be declared. buoyant," we are optimistic that international will include additions 

lhe planned merger between profits for the year wSU be another to wfen'ng operations and now 
Haggas and Dawson was mtei> record.” ventures will be opened up m 

rupted when William Baird, the A further portion of agricul- other wed populated countries, 
largest single shareholder m ] ani j been sold at a says the chairman, Mr. E. F. 

Dawson, made a bid for the la tter, “exceeding our best hopes,” Weston, in his annual statement. 

S« > iS e M^tor St fie5^ >t and^S^ «d negotiations are on to sell the The activities of the foreign 
S&£ Y remainder. distributor, are also Srow.nc, 


KnlniuB ... 
Fur fabric 
Investment 


or the Rapier we ™ Previously produced by 

. - hi'A 


Sir Edward. programme for the 

Reviewing the group's trading vehicle version or the iwj/tci In thf* la st financial year 

activities in detail. Sir Edward said Missile under a major contract te £i-ision intereSs made a 
there was consistent improvement for Iran. 2? a n ^mnLred withTsmaU 

in the group’s position as a sup- Meanwhile the Survey group “gj 1“ “,#2?® d m 3 

Mii-itioc nmvirlina snrvpv spr- proui in ipid-ii. 


Freddie HaiuMld 

Sir Edward Lewis, chairman of Decca . . . group has been 
severely affected by industrial action. 


plier of defence equipment to the activities, providing survey ser 
British and overseas Governments, vices to the oil industry, which 


See Les 


Melville Dundas 
recovers slightly 


year, Haggas said that throughout 
the Baird /Daw son bid battle , it 

had remained In dose touch with Sales - ; 

the Dawson Board on the same — — 

friendly basis which has been a pS^Sbrtc 

feature of all the discussions, and p^gt before tax - 

“ we have every reason to believe spumus 
that we shall be discussing merger 
terms in the very near future." 

In the quarter ended September 
30, 1978, Haggas experienced a 
marginal decline in profits from 
spinning, but this was then made 
up by a better performance in fur 
fabrics and knitting, and 
increased investment income. 

While many areas of spinning 
business have been buoyant, t be 
demand for certain types of 
weaving yarns has been weak, and 
this has necessitated some orders 


Mllli 

See Lex 


1S3S 

EDM 

5.5W 

2.776 

L268 

A5M 

S27 

291 

S3 

157 

US 


Increase for 
London and 
Provincial 


F i£, , * Da ™: which in turn means that the 
order book for machines will 
4J45 expand. 

2.3« “Altogether the balance sheet 
presents a stronger position than 
sm ever before and establishes a 
solid base for further expansion. 
27 the chairman states. 

Js* He tells members that apart 
ZM from those factors and the as yet 
unknown potential for recently 
developed equipment, the tide of 
demand for the group's photo- 
graphs continues to rise and. as 
it does, will lead to further 
growth in turnover and, it is 
hoped, in profit as welL 
The trend to colour photography 
has continued and of the £ 1.78m 
invested in fixed assets in 1977-78 
additional 


For the six months ended some £L3m went on 

being taken at reduced margins, September 30, 1978, London & vending machines. As they were 
A marked improvement is not Provincial Trust has shown sited during the course of the 
expected immediately, but the progress. Gross revenue has risen year the benefit from them was 
Board is not unduly pessimistic, from £998,083 to £l,0S3£)24. while not for the full term 
The trouser making division is net revenue has come out In the year ended April 30, 197S, 
exceptionally busy, and should £64333 higher ' at SG28.74L The turnover rose by almost 20 per 
increase its profit contribution, tax charge was £392,210 against cent to some £20m, with all 
A splendid start has been made £372,868. sections contributing to the 

by the knitting division. With the At September SO, the net asset advance. Profits were up from 

stated 


Second half downturn leaves 
M Y Dart behind at £1.56m 

A SECOND HALF profit fall from the future increasing prosperity pany should start to reap the pre-tax profits of MelvUle. Dundas on the background to the move. menu ™upiea earner. tuviuenu. 

£ of the group. benefits of its expansion pro- an d Whitson recovered slightly -Ur. uormalds place will betaken 

Receiver goes in at Rakusen 


profits of MY Dart down at Xl.jtim A manufacturing unit in gramme, both at home and in the f rom £293,000 to £347,000 for the on January 1, by Mr. Melvyn 
for the year to July 1, 197S against America, has been established. U.S._ Dawes, the new acquisition, first half of 197S. Greenburg. 

the previous il.Btim. Turnovec and the directors have acquired is now trading profitably and the Mr. H. A. Whitson, chairman Another Board change was 

for the whole period was ahead the old-established business of company is planning to expand states that although turnover was announced by Tumff. Mr. 

at £14.50m compared with Dawes Cycles. And by the production to cope with the ahead from a low £8.9m to £ 12.6m, Richard Lewis, the non-executive . , . _ .. ... . , 

£12.63m. injection of new capital and other increased demand for bicycles. it remains difficult to obtain new deputy chairman retires on LEEDS-BASED Rakusen Groan Rakusen, having acquired Boons attributable balance 

Mr. S. Marks, the chairman, changes a much-improved order The shares, ,at 59p (down 2p), work at realistic prices, despite a December 31 and is succeeded n-bose shares were suspended late a bout thw* years, is the only £29a.977 to £319^4a. 


rose from 


states that the first quarter of hook" and volume of production, are on a p/e of 6.3 while the 
the current year has begun well has been achieved. Investment to yield is just over six per cent 
and most of the group companies increase the capacity of the 
ore up to or somewhat ahead of packaging companies has been on 
their proGt targets. Unexpected a substantial scale, he adds, 
events notwithstanding, he views The expenses attendant on all 
that 1978-79 year with confidence. 0 f the foregoing are charges 
After tax of £423,000 t £302.000). against the profits of the year 
split as to the year's charge and the planned benefits are not 
£348.000 f £302.000) and a £75.000 reflected in the results now- 
reserve for deferred tax. against reported. 

possible future clawbacks of The company's share of the 
stock relief, earnings are shown profit of its overseas associate are 


reasonable flow of inquiries. He by Mr. Tony Brown, 
says these trends should continue 
to the end oF the year and that, 
thereafter, any return to former 
levels of profitability may well be 
both slow and uncertain. 

Tax for the period took 
£182.000 against £350.000 leaving 
the attributable balance up at 
£165,000 (£139.000). The net 

interim dividend is increased to 
lp ( 0.80.3.7 p) per 25p shire — last 
Compensation for the national- year's final payment was l.?032p. 


in August pending clarification of 


Talks on BAC 
compensation 
to end soon 


Yorkshire 
Spinners to 
top £0.1 m 


UK manufacturer of Earnings per V5p share are 

. ... _ Matzos. an unleaven bread- used shown . to have risen from l-07p 

the company's position, an- during the Passover period, to l-lfip and the net Interim 

n ounce d yesterday that Mr. W. G. Northern Foods has a 20JEL per dividend Is effectively raised from 

(L625p to 0.75p. It is intended to 
final dividend of not less 


Mackay of Whinney Murray and cent stake in the company. 
Co. had been appointed receiver 
and manager. 

A spokesman for Mr. Mackay 
said: “The company is continuing 
to trade while we are investigat- 


Scottish 

Ontario 

makes headway 


pay a 

than L425p, making a total 2.175p 
(2.05p adjusted). 

At September 30 the net asset 
value per share after deducting 
prior charges at par was 34p (84p) 
and at market value flip (85p>. 


2.432 lp (2.1 74p) net with a final (£22.000) subject to tax of £43.000 
of 1.4321p. Also announced is a (£14,000). 
scrip issue of ordinary and newly 
created deferred shares on the 0 comment 

basis of one ordinary and one getting somewhere near the end 

deferred share for every 10 MA. Dart has turned in a dis- business 

ordinary shares held. appointing performance, with “V s l ° n * a ”^T 1 „ f T' 

Deferred shares will not rank profits showing a sis per cent " e have covered most of the 
for dividend before 1989 but they downturn for the year. On fop ground, he said, 
will have voting rights: appli- of unfavourable currency move- The last scheduled meeting 
cation will be made to the Stock ments there has been certain between the stockholders' repre 


Total income of Scottish Ontario 
Investment Co. improved from 


GARTONS LOAN 


in* the present situation.” The 

, - „ - - ... STRUCK AFTER tnssex ammintinp directors of the company, which 

as 9.12P H0.79P) per 10p share, not included in the years results. i sat i on • 0 f British Aircraft The group's subsidiary activities t0 £20.525 i nst G6 933 from iu manufactures specialist foods for 

2». d K , £2i I U U ZE!**V1 hi St corporation is likely to be agreed subsidiary ' Dauntcrof? t ^ iI J a e h V is ? nr Co ^ , ;i?' were not 

by the end or this year, said the n adrti and ire mairtm- a v?£ ^ orkshire Fine Woollen Spinners available for comment, 
stockholder’s representative Mr. S *,1,^ reports a pre-tax profit of £16,898 Rakusen's shares w, 

Peter Grant yesterday. “We are 

same period. from £25,800 to £10^00 for the - After darting 

The directors forecast that full half-year to December 3L 1877. S®-® 41 J ^ 

year group profits should be in j n iy?6-77 Rakusen turned in pro- expenses of a ? d 300.000 shares 

excess of £100,000, against 117,000 fits a f £27.82* comaared witha lai ** £204/126 (£200^70) the Gartons at par <10p), 

Turriff 


able contribution, both to turnover fKSfl^WoRBLS™!! S 559 - 570 to £612,090 in the six “f 


Gartons, the agricultural seeds- 
men. is taking out a 10-year loan 
" £100,000 from ICFC to finance 
working capital requirements. As 
interest of a condition for the loan, ICFC 
management win hold a five-year option to 

in 


loss of £178,243 the previous year. 


in 19 

Trading ■; conditions are still ........ . ,, 

difficult for the group's remaining No dividends have been paid 


Exchange for the shares to be investment costs to bear, which sentative and the Department of Mr. Peter Worraald is leaving finlEnnSna* since 1973-74. 

admitted 10 the Official List. If between them must have arooun- Industry was postponed about 10 Turriff Corporation, the Warwick- ® 
the proposals are approved, ted to around £100,000. Excluding days ago. But Mr. Grant based construction group, on i[ &sf& C hS 
deaUng in the new shares are these, profits are suit only simi- anticipated that the matter could December 31 after six years as TSjflTJIESiSiSSX 

expected to start on January 2, Iar to the previous year, reflect- be resolved in the next month to managing director. But no reasons "J.®? ^T butme 10 yet ^ een , made residing the com- 

1979. inc the difficult tradinc condi- six weeks. “By then we will were given yesterday by the ■*“*“* Tn? PanyTs claim against Leeds Dis- 

Mr. Marks says that during the tions in aU divisions. However, either have agreed a figure nr company. In the 1978 half-year, group UK trier Council for compensation on 

past very difficult trading year, trading in the current year has have decided to go to Mr. Peter Taylor, group financial I™® to of a j iew _ > ro ®d outside 

foundations have been laid for improved somewhat and the com- arbitration.'' director, said that Mr. Wormald an( l_. exports from the Meanwood Road factory. 

I £707.030 to £541,739. Trading Earlier, they said that until the 
'profits or continuing businesses claim was settled, the company’s 
were higher at £37,423 against financial resources would continue 
£3,393. to be stretched. 



- a large group of industrial companies 
mainly in non-ferrous metal and 
engineering fields operating internationally. 


our activities 


United Kingdom 
manufacturers of rods, sections 
and ingots in copper and brass ; 
chemicals based on copper ; 
aluminium powder, paste and fJake ; 
ceramic fibres; oil fired and gas 
fired bale out furnaces ; builders' and 
domestic hardware ; moulded and 
extruded plastic products; 
aluminium die castings ; cable 
glands and components forthe 
electrical industn' ; metal windows 
and doors, steel and aluminium 
tube, steel conduit, generators, 
radiators for space heating ; 
stockholding and metal 
merchanting ; mould making ; sheet 
metal and plate fabrication ; 
process engineering. 


South Africa 
rods, sections, ingots, sheet, 
strip, foil a nd tubes in 
copper and brass ; wire in 
copper, brass and 
aluminium ; sheet, strip, 
wire and ingots in zinc ; 
stockholding and metal 
merchanting. 


New Zealand 
rods, sections, ingots and 
tubes in copper and brass ; 
continuous cast bronze bar; 
extrusions and ingots in 
aluminium. 

Australia 

plastic extrusions and 
mouldings. 


Extracts from Chairman's Review: 

I am pleased to record an improvement in earnings this year. 
A better performance in the UK more than compensated for* 
adverse conditions overseas, 

PROSPECTS 

UK 

Whilst we do not see trading becoming substantially more 
buoyant in the UK, internal impetus should enable us to 
improve our performance always providing major disruptions 
within our Group or at our customers' plants do not occur. 

OVERSEAS 

In South Africa, we look for profits improving from the recent 
depressed levels. In Australasia there are signs of an upturn 
in domestic orders, and we expect benefits from heavy capital 
expenditure. 


Annual Report and Accounts will be posted to Shareholders on 22 November 1978 


COMPARATIVE RESULTS 


Year ended 31 July 

1978 

1977 

£000 

£000 

Profit before tax 



and metal account 

45.551 

15,785 

Profit after tax 

8,549 

8,698 

Profit after extraordinary 
items 

6,263 

5,844 

Ordinary dividend 

2,333 

1,877 

per share 

5.53p 

4.95p 

Capital employed 

82,365 

79.748 



MCKechnie Brothers limited 


P.0. BOX 8, ALDRIDGE, WAL-SALL WS9 80S. 


DIVIDENDS ANNOUNCED 




Date 

Corre- 

Total 

Total 


Current 

of 

spending 

for 

last 


payment 

payment 

div. 

year 

year 

Blackwood Morton 

0.63 

Jan. 31 

Nil 

0.63 

0.81 

Melville Dundas 

..int 1 

Jan. S 

059 

— 

2.7 

31. Y. Dart 

L43 

Jan. 2 

L27 

2.43 

2.17 

Scottish Heritable 

--int. 0.48 

— 

*0.43 

— 

*0.89 


Dividends shown pence per share net except where otherwise stated. 

“Equivalent after allowing for scrip issue. fOn capital 
increased by rights and/or acquisition issues. 



(TEXTILES) - 
.First Quarter St a t em e nt 


3 months 
ended 30th 
Sept, re* 


3 months 
ended 30th 
Sept. 77* 


Year ended 
30th June 
1978 


Group Sales ... 

Depredation 

Profit before Taxation 
* Unaudited 





JOHN HAGGAS LIMITEO 



— r 5 .j T . 1 s* ^ 


ZT 1 






• r 













\Piniaiicial Times Tuesday October 31 1978 



nd redundancy 


t 


IMf 

< . ■_ i 


in at 


:CTL\'G TOE vo^t oi 
lancj (uy.-neni.-: !•■» .l-JIilt 
isses from ii» Ciikulun suw- 
. Blackwood. Murfon antf 
Holdings), the carpet, fcir, 
m and towel pruu,<. report.-i 
drtiCic of Ksn.ijj for *Ai‘ 
nied June 7.0. I!i7x, enm- 
viitb a Xirs.iBB pro Ht last 

(i. he pre-taic level. there was 
qUof UiH,'J«S (£244.3:;7 tJrofijj 

AlCh I22L(>0I» (£22.0001 Wfl, 
ft>, .*d in Canada. At half-way. 
Uinpiny reported a ;urnr&u:i<: 
: 'HE.t £504.483 £>uphis to a 
. « dcGciL 

: s for the year fell from 
’.n to £24 77m. The . dire* - 
'. ?port that the antfcipaiefl 
- ie in home ?ale» did nut 
aliso mini June and v.--. 

• . by a decline in exports, 
ever, the imniMvemenl in 
sales has eonfinccd during 
. rst three months of the 
t year, they ■=(?£ 

■d loss per 25 u -hare U.lS 
qainst eaminss of 2.3 n. ■ A 
ivirienri of U GZ.ip net. com* 
.‘■“wish la*t years single 
. i or u.si-jjp. 

: . loss for the year was. s< ruck 
■ depreciation of £ 4. VI .4 SI i 
IH)> and £l24.6Sii I Jl. 42.V74] i 
merest There was j tax 
•• of I7t/,Wi8 a si a 

and cr.tntnrdinary ditvi*. 
‘ *31.345 tI!4.2C.j 

amount id 15 v.-.«s 

•rred from rc-'prvw i *IQft un* 
■rves'j alter dividends co.il - 
J.OOti (iiid.l'iMii. 
relief for Ij\ p:ir ( iu.ei J: 

. >le m reiiu-cl of tut l-»v. 
iadJ and !Jie eieJii irnnr 
. 'd tax acviiun: i- jhar lower 
nuhl lie expected, the dlP.'C- 
amt *»uL 

id dit ion tu l!ie c lenient 
4 to UK red un da ". l;. |i„y. 
re- ull in.; Iruui raf.uaaus*- 

ihc "rnup's Jntmur inreo. 
.. ‘ ‘dmary debits tm-iuo-- at: 
'sfed conversion delidt. *n 
. of net current a '.sets of 
is suhs-idiarii's and costs 
~- >d prior in Af.iirli :tl. ]‘»7S. 
out of the closure m! the 
an business alter real «J.:ie. 


BOARD MEETINGS 

Tlic i-r^cpanu.-s tuvo WjIIil-U 

«!■»!• ■ n| iievllhRs Id mo SI art 

K.X'C]Si«r. svrll un-^UOtia arc IC.U jilt 
f. M !..r "J..- p anw‘k "f caKHlrrinB 
ci 1 . inij oliiLi! dilLcaiionn afir run 
av^.-u!<i» r_i :n wnt-ihar djvnterolt are 
LML-riTi, c-r Lnj-s and ilh- kab-divisluas 
l. 111,1 n wrl'iv or hind njiinJy on ] jsl 

s-arr •.niciaTi!.-. 

TODAY 

liR.'nru — V. jlij. ILjrub. rs Morrt. Juhn 

b l.klL-l’il iltrirb ami tSJUUW-.'. 

I.jl*. V .>•..■ In-.i— .iTTi.-in 'frasi. Polrmart, 

l i ii. ni i:wj'. J 1 1 .-. <1 in’i'niMioiul. 

Finals— *is :;n ! HH.iy. Borinr olid 

i-i.ai:i. r«s :;i j-_vjiou<. rs Trim. Itfirtk-r 
• i ‘•iraiiisri* TraJi-.;, .1. Ik-pmirfb. t.iOXi ail. 
:..,vJv k.-! Tl_-:ii*tr.iil\ William Lu» . 

t.onli Ai'ji. t its. mnlivs rurtcraikm. 

future dates 

■nicriflit— 

■.•rit.ij -.ir. jntiir.rs . Nov. 7 

.ec.in-iji a lir'l.iA t-nudi Non - , t 

. . i, Nnv 1 

l-’Nljl r ntiSiTS.- il> ....... ._ Nu*. J 

i. «. i.\ «ov. 7 

'.Tir'..|l 1 5 Muv. S: 

1 *■»!* r ■ ■|. , 'li:- Bit > 

r.J.-i.-, Nov 7 

H-cdi -.uii ■ r- I" Nov. 7 

Vrisgrvn.'o l.'ii,* i . Nov, .- 

I'JLI.7 JK.I 1.1 jdhurr. Nuo. !i 

fri.-i.-r'- Ii.iliiln: ai»1 1 nv Trust IF'C. II 

Si.|. le. v Vos. H 

\V.S::Sr. ji . .*ioir. 7 

Finale— 

,•„■■■} K»"vriiir l>f. M 

ci i.ir-! .*>:o*-iifji n nrin^ A Trading Nov. .1 
•'p i J- . G-j» . . -.wv. s 


mment 

been u difliculi year for 
nunufucturcrs. and lilark- 
troubled by a l<iss-nu>kir !'2 
an cipennion ubii-h i» 
shill down bsj M.iv. h.is 
the "oin-x particularly 
Its IT\ carpet operatsoni 
a manjinai profit in the 
hair, bui ii was not riinimh 
et the overseas lossea The 
LTx problems rein to be 


mcc.Mp.K i*y due J«> lack of de- 
iit.i in I 4.n| lit r re price competition 
lii.it h.is knnd-ed industry mar- 
i; : n from .-:ruu/ul 5 .per cent a 
lew yi-.n s ,i”u lu "^UTiethiiiLi less 
than I jut vent on sule-s in the 
p.i.t 12 month- With* such line 
:iity increase in cost-: 
•: .!i til! ii i ••Dul! prulit into a small 
if" F».r .'Sample. Blarhwood has 
m v.aees hill uf around I8m. If 
the .7 per ifn; suidclines hold 
vi.i7.l- increases will add £400.000 
!'.» ca.it The balatue is delicate 
•■Till ‘tie iiru%|XTl v for demand 
ypiwh nor particularly bright. 

1 jnchaicxrd at' 25p yesterday the 
'•ilare» yield :t.S per cent. 

Midvear rise 
at London 
and Holyrood 

After f.-is of I2VI.7S1 a^ninsl 
£2r."i.7sCi. net revenue uf lauirtun 
and lioliruud Trust advanct'd 
lruni in i'-Jffi.fM for the 

r.\* months p. September .'Ml, 1»7H, 
flrnss in cume was htplier at 
Ii24.tlGii compared with £747,i;24. 
As reported, the. interim divi- 


dend is lifted -from- Up to 1 , 25 P 
net per 23p diarc — In 1077-re. 

payments totalled 3-0 P from 
£817.000 net rovenue. 

Net asset value at the half-year 
is shown arlfiop (150p) per share. 

Scottish 

Heritable 

advances 

AN ADVANCE of £148300 to 
£400 .SOb in the first half 1978 
pre-tax profits is reported by 
Scottish Heritable Trust and the 
directors stnic that with progress 
continuing the second haU profit 
should exceed this level. 

The first half profit includes 
a contribution of £36,400 from 
the associate while the compara- 
tive figure includes £55,800 from 
the plant division which was said 
on December 7, 1977. 

Turnover in the half year 
amounted - to £6.54m against 
£6.1 Bin After tax of £82300 
f£S7.K0t)j and minorities of £41300 
t nil) earnings per 25p share are 
shown tu be up from 2.62p to 
4.S2p. 

On May 1 the company exer- 
cised its option to acquire further 
-hares in TVans-Con l menial Car- 
pets increasing the bolding to 
5u 6 per ccnL 

The interim dividend is effec- 
tively raised from 0.433p to 0,476p 
—the total for 1977 was equal to 
iifilfJo paid from profits of 
£3117,090. 


HAVING BEGAIMEDj® level oE 
profilabttity iMrej^f^nsuraie 
with ass^s entp toypj*?^ '"JUtcl be 
unrealistic ; another 

dramatic sur^e.i gni^ ui!-, yoar 
at Dawn ay IwGriw yj'-rchant 
banker, says Mr. &. *: Uiieheu. 
Iho chairman, annual 

statement; if ,. , 

The benefit fn>niT« t ^Plr , --ment 
of the group’s eash 

resources ■will- bo .fb> u bt take 
some time to Q .°d. tem- 
porarily at least. w -ill 

be held buck to som« wi Cn t by 
the high level of itsi*Qunjn i> ^| D 

' However, - the - luoks 

for resulis in 1 979^ that ^yjji 
justify the -group W^uin- uie 
recent Increases m dgwenu. 

As reported October’,'- pre-tax 
proflbr more f rnm 



. . J5p share -were^R «2.7i;pi 
and the set • dimdoqu i^ lifted 
from lp to L75p- ‘ -^L ' 

Net assets Increawu^njm tome 
£lL8m 10 fl34in. v“«j* 

“ I can soy withfCWpaenre iliis 

year that the BTOUPjWki io iij B 

future from a position «r qrtruor 
strength than at. hny3tnn» in us 
history Mr. Hatchw, Slates. 

In large measure -die. -T.. ur , 
achieved the objeeey»bi rebuild- 
ing profitability. : ,t 

Target Life where |ff iT| al enn- 
siderktions «Jply.'*t;*' d . v -lilt be- 
one or - two yean^wiare any 
material benefit accrues, j (l . adds 
Tliu group now hai-a ran»c of 
activities which are .vul,| e r , rilJ 
capable of further Hi. itif 
chairman reports, wer ihr.- pj.^r 
twr» years, ‘ substsfltidi t-.i-i, 
resources have been rtnerauti 
within the group and, tukinq inti, 


account recent saitw, Ahe sum 
that can currently be a»de 
for new investment anetdeveiop- 
menc is about £5m. ^ , 

The group will contir-igrto 5up- 
pnrt existing interests Jwt .can 
now afford to broaden i'iSorizon. 
In particular, borh DaiSfflhy 
and Co. and Daw nay I):*' Indus- 
tries are actively • new 

mvestraent oppnrtunitie-- jV--‘ 

Since the year-end lhii£rO u P 
has sold two vuhsi diarie= j«m elv 
Samsbury’s of Trow hridae and 
Mai hews and Skailes an 

aggregate consideration of £2J5im> 
In cash. 

A pro-forma croup vilmce 
sheet based on 3977-78 acSSmD; 
excluding the net tangible a^ets 
of the two subsidiaries hnt _a>- 
clitding the proceeds- n'r realisa- 
tion. show's a further .ftiw 
increase in net assets to ‘ 1431 m. 

Proforma fixed assets sl^d at 
14.66m f£5.17m as publisher!): and 
net current assets &i Sy«m 
f£S 68ml. Stocks and work i 
gross were £3.67m i£ 5 , 

trade and other debtors £ 
t£B.79m). and balances at ba 
and cash in band £2 35m (£2 

Creditors amounted to 

(£6. 07m) and loans acd orerdrittts 
£1 91m (£232m). 

Prudential Assurance ComnjKF 
holds 1D.S- per cent of the grows, 
equity. 

Meeting. Garrard House. KL 
November 22, 11.20 am. 

YORKGREEN 1 

York green Investments’ riqWp 
is-uie has been taken up a*. ft : 
88.32 per cent. The balance has 
been placed in the market. '7 

At a meeting yesterday shar* 
holders approved the acquisitioji 


of the 90 per cent of Inicrlile 
Linear Controls that the company 
does not already own. 


Petrocon 

judgement 


Mr. Peter Hodgson, chairman of 
Petrocon Gronp. has written to 
shareholders regarding judge- 
ments against the company and 
its subsidiary. Offshore Drilling 
Supplies. 

He says the net impact cn 
Petrocon or the iota! or the 
judgement and costs of £564.500 is 
currently equivalen* to 9.6p per 
share. But this could be effectively 
reduced to 4.6p on the basis that 
such sum is wholly allowed for 
corporation tax a; 52 per ceni 
against profits of the Petrocon 
group. 

On the lSth of iliis month in 
the District Court of Harris 
County, Texas, U.S.. judgement 
was given in the amount of 
U £81413.000 against the sub- 
sidiary and Petrocon. The award 
is equivalent to £356390 (at S2 
to £). which, together with legal 
and court costs to date of £34.O0t> 
constitutes a total liability, after 
provisions already made, of 
£564300. 

Petrocon has given instructions 
Io make application for a new 
trial and also to appeal against 
the decision. Should these prove 
unsuccessful and the judgements 
stand, then, on the basis of cur- 
rent Information, it is expected 
that the judgement sums will be 
treated within the Petrocon group 
as expendiure for corporation tax 
purposes. 



ECG 



ft 


a record year for 
Navigator and Radar.... 
Group exports reach 
£59 million...” 


Sir Edward Lewis 


-SUMMARY OF RESULTS- 


Yoar ended 31 st March 

Group turnover 
Exports 

Profit before tax 

Net profit attributable 

Ordinary and "A” Ordinary Dividends 

Increase in Reserves (me. elfetlef c*n «9 ckuqes 

and uandu Inna rfcCnrai maiieir} 


1978 

1977 

£000 

£000 

186,300 

181,400 

59.400 

51,800 

12304 

15,883 

4.095 

6.620 

2338 

2,004 

11.337 

5.549 


At ihe Annual General Meeting Sir Edward Lewis said the combined 
profits o! Navigator and Radar for the year to March 1 973 were a record, but 
reduced profits Irom Records and losses on Survey and TV resulted in lower 
group proiits. 

In the current year a substantial loss of output due to prolonged industrial 
action would appreciably reduce group profits for the first six months. Taking 
this and other adverse factors into account, it was anticipated that die full year's 
profit would be below last year's level. 

The consistent improvement in the Company's position as major suppliers 
of defence equipment to British and overseas Governments continued with 
existing orders exceeding £80 million. Theseand further major contracts in 
prospect provided a firm base for the future. 

Decca's strong research and development teams were deeply involved in 
essential advanced technology. Decca would continue to invest in this 
technology and would ensure that the necessary production and marketing 
capabilities were available. 

Sir Edward spoke of his confidence in the future and expressed his 
warmest thanks and appreciation to employees for zheirconuibution to the 
achievements ol the past year. 

Copies of the Chairman’s full speech can be obtained from 
the Secretary. 9 Albert Embankment. SE1 7SW. 


5 companies wound-up 


•rs for ihv e<»m,iu!-nry 
c-up of 85 limiL-d cum- 
were marie bv Mr. .ins Her- 
man in the High Court on 
>• 

' were: — 

raa. (Engineering IJevelo:*- 
1 . Tsanaaras and Zouloumix 
35 ( London j. McGuire Con- 
's, Indoben and The Hoit»o 
idel. 

: Chairs, Parhnrst 1 . Modular 
Tbolsl. G.S.I. Grnnh'e 
ss International, B.TW 
Inve4Jmenls, 


If] 

i v 


e » 

*■* F4 


rs. Choree 
s m* ^ ^-jLirt, Flnchavel and Hibomc 

r'js Lendvay and Partner*. 

1 71 i 5 i> 5 ?ae.gori- (Transport). Mon:- 
’ $ ;§y fliijfties, N. and J. Mowrrhy. 
L iig awer;. and Rouncrosr Insuranre 

s. 

T- u -ild Labelling Sv-n-niv, 
icnv* Taskmaster. Rrom'ny 
S. Aldersnn .md C.'» . 
■' 'i Leu is and Partners and 
Weston Mineral*. 

- lene. Kinky KJoth-s of 
by Street. Cnuminn \lntor 
ny. Glen K. F.'ussell 

- ?rs), Pirie Piper and Tartan 
rs. 

— glen, Liverp*iol Hardware 
• ?s. Den valley. Gal cor. 

It and Plaitmeart. 
iepoir.L Crossroads (Ernx- 
•), Kneelon Properties. Lang 
ties l Plymouth 1, Mulch 
'tiers and Sage Devulop- 
LcicesTeri. 

pies Engineering Coin puny 
cr Bridge). Brenda Ring 
-11, A.F.H. Contractors. Delis 
li ? t! m *' 13 ^ erv h ,e>; ' Crewe School 
r? ii oring (Commercial Section t 

1 5 ^ ielsea Village. 

Applied Instrument and 
'erina Company, Behan Pro- 
Marv spate Wnrkshop*, 
voods Transport (London 1. 
■: Scaffolding Scrriecx and 
Cycles. 


\i«rns::n Collins. Pahvall Con- 
<tru'.in*n, Bran shire. Jade House 
:.*in ant. George Henderson 
flngini'Criha. .Milvi-rtoh Plant Hire 
and - Inver. Properties ( Fulham 1. 

An mm Building and Sere ice*. 
L.M.W. Consultants. Harvest Hill 
Development Company, Cinlrcolor 
l ahnratories. Milk- Refrigeration 
Services and Minesteari Catering. 

>* J.Hobsnn (Fabrics). Sam-Snm 
1 London i -Life Helmets (UK ). 
rhalvmcun. J. R. Easton and 
.Mam Inc 1 Holdings), 

Riid-Meats Easmai, Master Row 
map Products. Mid-Eases. iand 
-primes, Tolisberrv and Thel Place 
Veef glade.- Allwood FumlHire 
Product-?. Tha White Islands Club 
and P, O'Neill and Sons 


Meetin 



' : : 


Kitchen Qw p en 
offer for sale 

THl* prospectus for Kitchen! 
(•■wen's offer for sale is cxnccted] 
to be p'ih!isht'd on Friday. 
.Noveniber 19 

M^ncheper-based stockbrokers 
Hnlliday Simpson are bringing 
Kitchen Queen lo the market with 
an offer In the public of a quarter 
of the equity raising around 
£I.Sm for I'Msnng shareholders. 

The company, whieii is 
furniture retailer and manufac- 
turer. will he forecasting profits] 
of over i'ljm pre-tax on sales] 
a hove flam 

Prior to the offer. 31 r. Neville 
Johnson, who founded the 
company, and his family control 
73 per rent of Kitchen Queen. 
Industrial and Commercial 
Finance Corporation owns in.Kper 
cun I, and nlhcr directors own the 
balance. All the existing holders 
\» ill he reducing iheir holdings 
by a quarter for the offer. 


Natural resources provide the raw materials on which our civilization depends. 
Finding, developing; processing ahd supplying many of the world’s most important raw 
materials is the key role of the Gold Fields Group. 

Consolidated Gold Fields is international and its main interests are construction 
materials, industrial operations and mining. Group companies operate in the United Kingdom, 
Europe, America, Africa, the Middle East and Australia; creating wealth and employment by 


Construction materials: 

Gold Fields is a leading producer in the United Kingdom 
and growing fast overseas. Lait year, for example, one of the 
biggest concrete pipe manufacturers in the United States 
joined the Group. . 

In addition to civil engineering contracts, motorway 
and airport construction, the product range includes 
quarried stone, sand and gravel, concrete pipes and 
building blocks. Premix read} mixed concrete, asphalt 
and macadam. ' ' 



Ml 

|( •W'i II 

^■Ivi 



INTERNATIONAL LIMITED 


<±L> 


Manufacturer* ami operators of coin-operated 
Automatic Photographic Studios 

. . ..solid base for further expansion' 



1978 

1977 

1976 


£000 

£000 

£000 

Turnover 

19.544 

16,197 

13,747 

Profit before taxation 

2,226 

2,016 

1,374 

Taxation 

1,132 

1,002 

732 

Minority Interests 

353 

321 

206 

Net Group Profit 

741 

693 

436 

Earnings per share 

35.28p 

33.02p 

20.7 6p 

Dividend per share 

9.0p 

6. Op 

3.5p 



■ The Chairman, Mr. E. F. Weston, F.C.A., 
reports: 

-Jf . Proposed final dividend of 4.05p per share 
makes 1 8% for the year compared with 1 2% last year. 
~r Turnoverincreasedby20%andprofitupby10%. 
X- The trend to colour photography has continued 
and £1,300,000 was expended on additional 
vending machines. 

— Overseas distributors continue to meet an ever 
growing demand for our products. 

The Balance Sheet presents a stronger position 
.than ever before and establishes a solid base for 
1 i*.- 4 further expansion. As the demand for our photo- 
* -njV^graphs continues to rise our future plans will Include 
;7T additions to existing operations and new ventures 
will be opened up in other well populated countries. 

The Annua! General Meeting 'a il! be held on Wednesday. 
29th November, 1978 at the Faimvle Hotel. Portsmouth 
Road, Cobhani. Surrey at 5.45pm and full copies of the 
Report and Accounts may be obtained from The Secretary, 
Photo -Me International L/nmed. Station Avenue. 
Walton- on -Thames. Surrey KT12 1SB. . 



Salient features of 1978 

Profit before interest and taxation 
luxation 

3Net profit attributable to the members 
of Consolidated Gold Fields limited - 
Per Ordmary Share 

Ordinary Dividend 

Cost to tiie Company • 

Per Share payable 
Gross equivalent including related 
tax credit 
Assets Employed 

•Adjusted in respect ol the rights issue in November 1977. 


1978 
£ million 

87.5 
29.7 

54.5 
25.15p 

13.5 
9,l9p 

13.72p 

596 


1977 
£ million 
52.2 
16.1 

25.0 

20.28p* 

9.9 

. 8.0 lp* 

12.14p* 

488 


Industrial and commercial operations: 

Thesfe include steel stockholding, distribution and 
production. Scrap metal processing. Aluminium 
engineering. Shipping and road transport. General 
trading and financial services. 

Mining: 

As a gold producer the Group is well known, but Gold 
Fields mines also provide a considerable number of other 
metals ^nd minerals. These include coal, copper, iron ore, 
rutile, 15x1, titanium, uranium, zinc and zircon. 


Group profit by territory (before inlercst, lax and exceptional ilenjsj 


5 Year Turnover 


fOfflkn 



M74 1975 1976 1977 197a 


Group profit by activity 

(before ihircst, tax and exceptional items) 


Rcalisafiohi investments 
and otherrt- nuc nc 1 

charges 16% L. 


Construction 
materials 5 Ra 




Industrial and 
commercial operations 19“^ 



The Registrar. Consolidated Gold Fields Limited. 

Lloyds Bank Limited, Registrar's Department, Goring-by-Sea, 
Worthing. Sussex BNI2 6DA. 

I Please send me jc copy of the 1978 Annual Report. 

Name- 
Address. 


49 Moorgate, London EC2R 6BQ. 

International-Diverse-Rsourceful 


\ 






i 


Introducing the cast. 


Metal casting techniques were introduced into 
Japan around 300 BC. and by 750 AD this tech- 
nology made possible the casting of the 250 ton 
Great Buddha in Nara. Japan. When Kubota 
started in the casting business some 8S years 
ago, it was with the technology developed over 
many centuries. Over the years Kubota has 
refined and developed new and more efficient ■ 
ways to cast; like our centrifugal cast steel for 
Cargo oil pipe that resists corrosion caused by 
crude oil and sea water. 

Kubota also custom makes reformer tubes for 
many .complex purposes. The advanced centrif- 
ugal casting method is also employed to make 
Suction roll shells for paper mills. The controllable 


stainless steel pitch propellers on many ships are 
made by our revolutionary DPM process and we 
made a 30 metric ton one-piece pump case for 
a nuclear power plant. Kubota guarantees strict 
adherance to your specifications as well as the 
ASME code. Kubota's stringent quality control 
system assures you of quality products. For more 
information regarding Kubota castings write. 



k iibni,! L: 1 

• London Office. 11 vj Haiovpr Loivlon IVIR 3 HF. U K. 

P-itne 0 l-* 296 .»~l ~4 7 »i*. C 62 .' 1 S 1 - UBOT* •*, 

Athens office: ?•: £i>m ot «>:;oDet S-ireei Pilotin'. Athens, Greece 
Prone 7 ele»: UioUGI hBT GR 





A FINANCIAL TIMES CONFERENCE 


' 'yesMt teizj mi i 


ilii 



MEXICO CITY 
NOVEMBER 16-17 1978 



The Mexican President, H.E. Jose Lopez Portillo, 
will give the opening address at the Financial 
Times 'Business with Mexico' conference, being 
held in Mexico City on November 16 and 17. 

A most authoritative high level group of Mexican 
speakers will participate and the contributors from 
Europe and the US are of considerable distinction. 
Of the oil producing countries, Mexico is one of 
the most interesting and has quite exceptional 
economic potential. The conference is intended to 
present a comprehensive and candid analysis of 
the country's present position and the future 
prospects. The languages of the conference will 
be English and Spanish and simultaneous 
translation will be provided. 

The list of distinguished speakers also includes: 


MINING NEWS 


Financial Times Tuesday October 31 197S 

OMCO TESTS NEW 
SEA-BED W>ER 

Ocean .Mining 

fOMCO> frJ? starred rests nn a 
new. mining ®rs:e:n far m.sn- 
t % ~M • • £&ne 5 e noduies on the ocean 

Botswana’s policy in 

area 1.300 rc-lca fouth cusi 

throes of change iSsS"'sssl 

for the movement of "hi* nodules 

BY PAUL cheeserighT to the surface. «:'i be 

Thi£ is the first t.x ten ■«.«.* at*, p 

THE GOVERNMENT oT Botswana added value for the rounh stones. One reason for Dr. Cluepc s W ater resting fnr the de- 

ls shifting the emphasis of its the Government is contemplating. London talks is the Botswana x^ce ?ir.cc lV-JCO was fnrrned in 
mineral development policy, the possibility of a small diamond Government’s feeling that it is November W77 by Lockhei**! and 
which hitherto has been mainly processing industry. desirable to diversify sources of \ moco Minerals o: the VS. and 

seared to saining revenue for “We are looking at applications minerals investment. At present BRUton snd Bns Kalis Wcsiniin- 
development purposes. for a cutting and polishing the existing diamonds and coal sler af the Netherlands. Lock- 

During a visit to London. Dr. industry." said Dr. Chiepe- industries are based on the Angto i, eet j j s {he manager of the 

G. K. T. Chiepe, the Minister of As far as exploration ventures Axnerican-De Beers group of com- veat . jre 

Mineral Resources and Water are concerned. Dr. Chiepe stressed patties. “We don’t want to put all nodules sphered "til be 

Affairs, explains that a policy the Government's intention to the mineral eggs in one basket." used j n process deti'lnprTU'.it 
review- is in progress and that (he adopt a flexible approach. She Dr. Chiepe said. lasts at .1 plant :<hich 

Government is beginning to think is urging companies to come and ^ fac . a lengthening list of OMCn plans to hir'd »n Hi>wr«". 
or mineral development more in see for themselves and to discuss international - companies is The Gloraar Challenger "ill he at 
terms of employment opportunt- the working or the Mines and inV olved in Botswana. They SPa for 43 days. 

AiJncrxiJs acl rnefurit* PtviKsstL Shell 2 nd Vorlnips ® far 

vo “ ld noC be thc °, n »! y 1 Rni^vJnt ^Mgesclischafl from Europe and cial SvloiUHnn uon:air nhivui '1* 

■ m 1 a3fiessins seological structure ? r Botswana Ania » FaJconbn - dRl . and 'union per ecm mangane^- 1.* P«»’ |Pn j 

\alue of mineral projects. Dr. is now becoming available. In Carbide from the U S nickel l** per cc-nr c.‘Pih.r and 

Chiepe explained. Where possible November the Department of Geo- , JJI? ' 1 ca bali But the sv-t- 

the Government would expect logical Survey will publish the At present exploration for .-coral I v is 

mining companies to offer local detailed interpretations of an air- uranium is the most active sector 1 ,i unwilhrv- 

omployment opportunities, to the borne magnetic survey carried and is considered by the Gpveni- ' t , tl 3 ,,-,'jor invesj. 

extent that this does not affect out with the help of Canadian merit as at the top of the list for comm.t n.eu T J n{ [he 
their potential revenue. agencies. The raw material from a commercial discovery so me time Pf”!' SPrSnA*? kimcnl'- *-ir- 

Dr. Chiepe is in London study- the survey has been available for m the next three or four years. In |f "uL rM o r t lie -ru- 
ing the international diamond about a /ear. One of the great difficulties, .helf. 

market and seeing locallv-based A synopsis of the interpretation however, is the lack of a developed hed outside the conunenia 
mining groups as part of an effort was published earlier this month transport system. But the Gov- n . |D 

to encourage the setting up of and notes that the Kalahari eminent does not rule out. paying KULtNJL/"Ulr 
exploration ventures. Desert, which occupies some SO for infrastructure as an aid to \anio American 

Through the De Beers mines per cent or the country's land mineral projects, and it could be Tr*; * f 4 rin -.i n .. the 

at Ora pa and .lwanens. Bot- surface, has been virtually un- that an expansion of mineral VVljV/nrfXi- iJL uranium ven- 
swana’s importance as a diamond touched by prospecting: “It exploration and the opening up of P K>rfc*dnrp area of 

producer is increasing, but the represents one of the last remain- the country will go band in hand. ^,r.u » rric i io n-nduction hv 
industry does not provide much ins geologically unexplored Certainly the Government appreci- "Yh Iw. Ri 5 o m < rSUru ) if 

local employment. Partly to regions in the Soulhern -Vfrica ales that it is JikeJy to have a next venr. Mr 

rectify this and partly to seek sub-continenL" mineral-led economy. Dennw ELht-redcci the'.\fnkan.l«T 

chairman, told the annua! mvH- 

a -a • ~m i 1 H ing. But whether a decidim i** 

Canadians need new tax deal 

UVVW 11V " the South African Government. 


Licenciado Jose Andres de 
Oteyza 

Minister of National 
Patrimony and Industrial 
Promotion 

licenciado Gustavo 
Romero Kolback 
Governor 

Banco de Mexico SA 

Ing. Jorge Diaz Serrano 
Director General 
PEMEX (Pelroleos 
Meifl'canos) 

Mr. Leopold de Rothschild 
Director 

N.M. Rothschild & Sons 
Limited 


Mr. R. A. Belanger 
Senior Vice President 
World Banking _ North 
American Division, 

Bank of America NT & SA 

Licenciado Adrian Lajous 
Director General 
The Mexican Insiitute for 
Foreign Trade 

The Rt Hon Lord Chalfont, 

PCOBEMC 

President 

Canning House 

Direcror 

IBM UK Limited 


President Jose Lopez Portillo 


To: The Financial Times Limited, Conference Organisation, Bracken House, 10 Cannon Street. London ECdP 4 hv 
T elephone 01-236 4382. Telex Z?347 FTCONF G 

Please send me further details of the BUSINESS WITH MEXICO CONFERENCE 
Block Capitals Please 


Company 


Address 


rectify this and partly to seek sub-continenL’ 1 


Canadians need new tax deal 


A PLEA for a new Canadian 
mining tax structure, geared to 
the ability of the industry to com- 
pete successfully in future 
international markets, has been 
made by Mr. John Bonus, manag- 
ing director of the Mining 
Association or Canada. 

Speaking at the Sixth Northern 
Resources Conference in White- 
horse. Mr. Bonui commented: “If 
we arc to remain competitive as 
an industry, governments may 
have little option other than to 
discard their philosophy of 
maximising revenues through, 
direct taxation." 

He pointed out that at present 
Canadian mining “faced a be- 
wildering array of taxation 
across 11 separate jurisdictions. 
The main characrerislie of this 
diverse tax structure is a lack of 
federal-provincial agreement on 
resource taxation policy.’’ 

The mining industry has called 
for levels in line with other 
sectors: initially a “ceilin'?’ rate 
of 50 per cent: federal-previ racial 
agreement to establish a uniform 
definition of taxable mining 
income: and. ultimately, a com- 
bined federal-provincial tax rate 
not exceeding 45 per cent net of 
resource allowance. 

Ironically, the latest batch of 
Canadian mining comnany results 
includes nine months' figures from 
the Rio Tlmo-ZInc t?roup’s Rio 
Algom whieh have benefitied from 
special tax factors. Consolidated 
net earnings for the period 
amount to CS42.4m i£17.8m), or 
. CS3.10 per share, compared with 
C$34.3m in, the first nine months 
of last year. 

The major part of the improve- 
mem stems from lower tax 
charges. They reflect reduced 
mining taxes following a fall in 
uranium taxable profits: increased 
Tederal investment tax credits in 
line with major caoiral expendi- 
ture. primarily at Elliot Lake: and 
an inventory allowance for income 
tax purposes. 

Apart from the tax considera- 
tions. higher earnings were 
achieved at the group’s Atlas 
Steels division and at the 6S.1 
per cent-owned Lomex copper- 
molybdenum mine in British 
Columbia. Rio Algom is declaring 
a dividend of 75 eents following a 
first-half payment of 54 cents. 

From the cold and copper* 
producing Campbell Oiibougamau 
Mines in Quebec comes news of a 
first quarter profit of CS 34 2. 000 
which compares with a loss of 
CS4O9.0OO in the same period of 
last year. The turn-round reflects 
increased production of gold and 
higher prices for the precious 
metal coupled with better prices 
received for copper. 

Vancouver's Placer Develop- 
ment in which Noranda is the 
major shareholder, has lifted nine 
months’ earnings to CSIT.fim. or 
CSI.46 per share, from CS15.6m in 
thc first nine months of 1H77. 

Placer has been helped by the 
good performance of its 40 per 
cent-owned Marcopper operation 
in the Philippines which is enjoy- 
ing increased sales of copper and 
higher gold.prices. But losses are 
being incurred at Placer’s 72 per 
cent-owned Gibraltar Mines - 
copper producer in British 
Columbia which has been on | 
strike since May 26. 

Kerr Addison Mines attributes a 
decline in its nine-month profit 
from operations primarily to the ! 
reduced operating level at Mognl 
or Ireland.. New income from 
operations was C54.7m against 
CS3.5m in the same period of last 
year. The overall profit. Includ- 
ing gains ob sales of investments 1 
and assets, was CSS.Sm, or 72 
(cents per share, against CSo.Gm. 


mining briefs 

mount ISA— Production for ihe period 
September SS-Ociobir 22 . Lead ore treated 
COn.ISS tonne! produced 10.300 toniHja 
crude lead and is.irs tonnes zluc concen- 
trate: Copper ore treated W. 0 S 2 tonnes 
produced it. oil tonnes blister copper. 

associated Minerals CON- 
SOLIDATED— Production statistics: 

13 weeks to 


Profit contribution from 'the 
Kerr Addison gold mine was 
slightly below last year as higher 
gold prices and the increased 
premium on the U S. dollar were 
not suflieient to offset the reduc- 
tion in gold production to 63,500 
ounces in 197S. compared with 
S0.900 ounces during the first 
nine months of 19< 

The improvement in thc third- 
quarter operating profit to CS2J2m 
from CSSrs.WW in the second 
quarter and C$1 .7m in the first 
quarter, was the restilt of higher 


zinc and lead prices, the .weak 
Canadian dollar and consequent 
foreign currency translation gains. 

. Asbestos " Corporation . of 
Montreal announces net earnings 
for the first' nine-months of 
CS9.6m, compared with CSlo.lm 
in tiie same period of last year. 
The company says that fibre price 
increases averaging S.5 per cent 
will become effective on January 
I and the increasing demand for 
asbestos cement fibre is expected 
to create a shortage situation by 
mid-1079. 


* * * 

Cnmmeminc on ihr Australian 
Government's rocf’nl enunciTlinn 
of an export pricing controls 
system for coal, iron ore and 
bauxite. Mr. Gordon K’.ickson. the 
general manager of CSR. ^aid llw 
statement seemed to reconfirm 
established prtncipies rather ihan 
introduce new one«. He "its glad 
that the Government would not 
become involved m commcrciM 
negotiations. “It anpears that v hat 
is intended are consul (.at ion 
arrangement* to make ihe pre*.»‘tit 
approach work better." ho --aid 


• tonnes< Moooesi 
■.S.h'TS 2S 9-77 

Rutile 24.371 19.«7i 

Srmhetlc ruttk* 9.4S9 jO.Sflg 

llmrnlic ... . SI .SB 39 .U 9 

Zircon 37.1C7 26.2S9 

Aloaatite .. — 917 

"thcr .. — 394 

WITWATERSRANO NIGEL — Quarter 
ended S-nti-mOcr :io. ore milled 71.000 
unnes •J'in.- OuarKr 91. 700 1 . Revenue 
R 1.793 .23:i .RI.77H.tftO.. Costs R 1907.16? 

•R1.6ilt«7i Luss R70J09 'profit 
RI34.ja?>. Sraie assistance PJVJ.Oefl 
•K3ir.040>. Cap. expenditure R90.0I9 
■R131JH2. I 


S R 70.909 'profit 
assist ante P-TO.QM 
expenditure FtSO .019 




Investing in North Sea 
and America oil and gas 
production through 

Viking Resources 
International N.V. 

Listed on the Amsterdam 
Stock Exchange. 

The quarterly report as 
of 30th September, 1978 
has been published and 
may be obtained from 


Pierson, Held ring & Pierson N.V. 
Herengracht 214, Amsterdam 


7 s± cr.ncur.cmsr:! up't .-rr. <25 a rr.^zer ,-y > t r, -rJcr.h. 

CNT 

Caisse Nationale 
des Telecommunications 

U.S. $350,000,000 

Ten Year Eurocurrencj 7 Loan 

unconditionally guoraQteed by 

The Republic of France 


Managed and provided by 
Bankers Trust Company Sodete Gene rale 

AJgemene Bank Nederland NY BanqueEuropeennede Credit (BHC) 
Compagnie Financiere dc la Deutsche Bank AG 
The Fuji Bank, Limited International Westminster Bank Ltd. 
London & Continental Bankers Ltd. Union Bank of Switzerland 
Westdeutsche Landesbank Girozentrale 

Co-Managed and provided by 

Banque Europeenne de Tokyo Banque Nationale de Paris 

Mitsui Finance Asia Limited Societe Generate de Banque S A 

' Agent 
Societe Generate 


JULY 1978 


This announcement appears 
as a matter of record only 


OCTOBER 1978 


bus mrni group 

INDUSTRIE DUrrON: PET 1 U 3 INA EUROPE - IBP EUROPE 

US $ 14 , 500,000 

Tnsd;ui7J-t3r:n feen 

Guaranteed by IBP- Industrie Buitoni Perugina S.pA. 
managed by 

BANQUE DE LA SOClETc RN ANCIERE EUROPEENNE 

SFE Group 

provided by 

Banca Commerciale llaliana (Fraqca) SA. . 

Banca Nazionale del Lavoro , 

Banco di Napoli 
Banco di Roma (Chicago) Inc. 

Banco di Sicilia 
Credito Italia no 

Industrial Multinational Investments LixL : . 
Monte dei Pascht di Siena . 



BANQUE DE LA SOCIETE FINANCIERE EUROPEENNE 
SFE Group. . -- .... 

• ' Agent ' 




nf-* . 





■Kt**"*! 


m 





Financial Times Tuesday October 31 1978 


RECORD RIDGWAY 
LIMITED 


Notice is hereby given of the appointment 
of Lloyds Bank Limited as Registrar. 

AH documents for registration and 
correspondence should in future be sent to 
the address below. 

S. D. WOOLASS EGA. 


«fs 



tlta 


Lloyds Bank Limited, 

Registrars Department, 
Goring-by-Sea, 

Worthing, West Sussex, BN 1 2 6DA. 
Telephone: Worthing 502541 
(STD Code 0903) 


3 o 


further expansion 


k 


HIS annual statement air. A divisional „ r 

A. Bnrrati. the chairman of turnover and; Pf'SL “ n £'uon> 


leaving 

resources. 


5UbaUimi.il 
the chairtna' 


ISarralt Uerelopncnts expresses hlitm.*.: — houseou:iC»W -100,07.5 The company v,is 

confidence that the company is -anil XS.WW. cantraLurfc r, '|jnanu- sissisu-d in us cash rcu 

fitclurlDE *lfr gs * .%5- ' i " Ins.-s fur expan>:nn by last .\ M 
land sales hu MW • s-ri.nt.rty rights issue which iirodm-, 
auiuiu- investment income^* *«..>. an j jlr. Barratt says, this 
to build £'1,023. and f es „ n Js?. .. ’'‘■'’•nicnt heen fully invested 


conCdence that the company 

well placed 1o achieve further fact urine 
expansion in the current year. land sales . 

The company has made sound, investment income 
progress in continuing to build £1.023. and f esi “S n r Sr. ’'oient ncen luuy invested m pi 
up its property investment property salt* -1JHK. the house-building stern 

portrolin and will shortly be Thu ^rowftli ‘■“mp.my's Midlands and ihe 

commencing three further office property investment : '(Mnities England anti **this 
developments which will have a continued -througnoro . <nc ycar olir future." 

value of nttai. - with an increase- ut- | ni'c-.tment A statement of soup 

The commercial and industrial income of over The application of funds 

developments under construction rationalisation o* jj*™ nrnp cri y working capital had incrc 
ai the present time will become iuvc9tmcnt portiwm^ cij ni , nue£ j £13,47,7, 0 t the balance 
income producing this year, Mr. with a co tweguen t e , a res ,. compared with the previou 

Barra tt states. dontiul rental JO«JP» r ami a £*.7 i im. 

As reported on September 27, substantial rise .in '«k- from At the year-ond. croun 
on turnover . . of £122 Him it** new commercial *»H industrial assets stood at £3.92m 
<£9U22tn), pre-tax profits rose developments. - ' .. 
from £7.4lm to a peak £lL17m At the year-CTcL^» com p:in y 
for the June. 30, 197S year, had increased mveewcni m i ; , n d 

Earnings per share were 37.4p and work-in L 0n ’ jr.-»ijni 

(24 Dpi and the dividend is lifted to £72m, while ban* »wrar-rts 
from 7.3250599p to 8.14p net were reduced fram-S™* i.. vi Tm 



investment properties < 
(£ 10.88m >. ground rents ’ 
(£1.4Sm) and net current 
rose from £2S25m to £4u i 
.Meeting. Savoy Hotel 
November 22, noon. 




FERGUSON 

INDUSTRIAL 


not qualify for the^BUnn 
dend to be paid in JiflJ'ttir} . 
Thw acquisition 


PREEDY BUYS 
MIDLAND SHARI s 

Alfred Prccdy .«• ..r 
in . tto 


Hie 

fur 


RECORD RESULTS FROM 
NATIONAL GROWTH 



Financial Highlights for year 
ended. 30th June 1978. 


1978 


1977 


.Turnover 

oft before taxation 
'roftt after taxation 

per share 
.vide nd cover 


£ millions 
122.2 
11.2 
12.S 


£ mil liens 
S9.3 
7.4 
6.7. 


24.9p - 
3.4 


' -Barratt Britain’s major private house- 
builder fauiti and sold a record number of 
houses in spite of the continuing problems 
in &e"hpusebuHaing industry generally., 
if; The improving margins forecast at the 
i- time ofthe Rights Isiiie have given rise to 

• ithe Group's best ever profit. . . 

.Income from investment property was 
£1 .Om an increase of 50% over 
laSfyear. 

Borrowings have reduced , > 
by over £2m and unutilised. . . 

• faciliiieswith major clearing ' 

: banksamount to £28m. 

“A-lagti^ality three year . ' ; - V 
Ismabarhc and continued buoyant 
demand inspires confidence m the 
'future. 


Kerquson Industrial Holdings iCQ^un^r eland. ^ 
has acquired W. D. Henderson and Ire,anu - 

Sons, u Northern Ireland builders 
merchant for £1(5,000, which rep re- 
sen is the net asset value of that 
com puny. The consideration lias 

been satisfied by the issue cf contenders ... . — • - 

28.200 F.I.H. Shares with - the control of MhUMdotduiaiioiiiil 
balance in cash. The shares wfll has bought 2,000 WWwnrl sli:,i,..^ 

m the markPt at 2SB p. Pi W ily*: 
bid for. Midland vfk p 3m i, a .. 
already topped thft_aul-. frniu 
Pchtos. and Lonsdal^Lw.irijl. 

TRIDANT G^OUF 
In Saturday's bidsijh'J nicrj.'rs 
tabic, the names . a! ithe bidders 
anjd - the. respective niter 

dbtes for Tridaht Glpup Printers 
were, transposed: ‘Qtf )»n p u 
share cash offer fWuq^Arins Press 
closes tomorrow, ..‘While the 

Starwest Investment* bid of K5p 
cash per share closed cn Novem- 
ber 10.. - 4 

'S. 






132JE00 

y 1 




’ : *-•; 

1 Itazoiion LVU0 

99300 

; ;• t 





i • 4’ 



81,600 

• 







■ 7 




... . 


44.E00 

"• - ‘ •• 

, . " \ . ’ ; 


31.800 

r/ . 

• • • 



' 

v. 




: • 

\:. m • 

V. \ 




6300 

' 6.100 

t>.3D0 

7.4 DO 




CQpicsjDfth&JtQp ort-^T^Accotmte may 
he obfamedirom t/ieS’ecrefary, - . 
Wingrove House, Ponteland Road, '. 

NevvcasUa upon Type‘NE5 3DP. . .. 


posed merger lietuccn Lc\ a 
vice Group and Trans fleet g 
vires lo the Monopolies Omul 
Sion. 

ASSOCIATES DEAL 

Montague L Meyer k 

associate' of International Timi 
Corpora (I on and on Octube; 

bought ’ 50.000 Internalmnl 

timber ordinary shares at )::tij 
The total held is now 2.4&3.S 
ordinary unibi. 

ASSOC. TOOLING 

Contracts have been e^chanscdi 
fnr the sale by Associated Tooling 
of freehold property at Union 
Street, Luton, Beds, for £I70.(MHJ 
cash. As a result of this trans- 
action the. company should make a 
net surplus orer book value of 
some 160.000. 

The cash benefit to the company 
aficr repayment of the outstand- 
ing raortisage will be In the region 
of £125,000. The property has for 
snme time been used by one 
the -group’s 


mo ppnnr ». of the ; *roups subsidiaries for 

rnuiJL sinrage purposes which are no 

. The. Secretary. < qp Mme fnr longer required and the sale will 
Prices nnd j uoremtiwr rroieciion : .huw a substantial saving on over- 
has decided not to iler the pro- head .expenditure. 


BestobeH— Britann^ Assurance 
Company has ucqabvl! :i further 
250,006 shares and^how holds 
L225.000 shares fBJU'ipi.r centi. 

Stoddard OoldinR^tjr Robert 
A. . Maclean's tvov^ beneficial 
Interest has been rediwd by sale 
of 55.000 ordinary & shares nn 
October 20 and sale 
ordinary shares 
These shares were 
a trust whose s 
Ca truth . Trustees 
Maclean, wife of Si 
director .of . Carrutbi 


are stakes 



121.11110 "A" 
'eiober 24. 

d of by 
trustee is 
Lady 
bert, is a 


Fodens— Norwich j^Ot 

hi&fdecled 


Jtinn 


Life 

Insurance Society Ws^decied ro 
convert its 10 per cegJrwnvertible 
redemeeable prefenaa. shares in in 
“A" ordlnary sharesfha ratio of 
four to one. Its preftpnee hold- 
ing amounts to 360,(#Z -hares and 
the effective convener dale w ill 
be ‘October SI. As '* result of 
recent, sales, : Pr«d#tnl Group 
now holds loss. than. Srjrr cent 

: — - jf-- 


v#' 



Consolidated Statement of Condition 

SEPTEMBER 30,1978 

ASSETS «... ; 

Cash and demand accounts S 196,660,297 

Interest bearing deposits with banks * 407,280,313 

Precious metals 99,323,737 

Investment securities 459,858,409 

Federal funds sold and securities purchased -. 

under agreements to resell 208,420,000 

Loans, net of unearned income 1 ,558,764,952 

Allowance for possible loan losses (29.256.993) 

Loans (net) 1,529.507,959 

Customers’ liability under acceptances 106,150,389 

Bank premises and equipment 18,161,359 

Accrued interest receivable 45,029,633 

Other assets / 135.7B6.Q47 

LIABILITIES AND STOCKHOLDER’S EQUITY SagOS, 178 r t 43 

Deposits $2^83,513,067 

Federal funds purchased and securities sold 

under agreements to repurchase 251,852,107 

Other liabilities for borrowed money 2,356,026 

Acceptances outstanding 107,305,002 - 

Accrued interest payable 120,250,707 

Other liabilities 162,141,337 

Stockholder's equity 

Common stock 100,000, poo 

Surplus 100,000,000 

Undivided profits - _ . 78.754-.897 - r 

Total stockholder's equity _ -278.754-897 

S3.206.178.143 ' 

Letters of credit outstanding $ 134,928,554 


The total investment in precious metals and the precious metal content of silver coins were substantially hedged by forward 
safes The unhedged portion of this investment was $3.8 minion at September 30, 1978. .... 


A subsidiary at REPUBLIC NEW YORK CORPORATION 


REPUBLIC NEW YORK CORPORATION 
SUMMARY OF RESULTS 

Note Months Ended' 
September 30 


Three Months Ended 
September 30 


Income before securities gains (tosses)...—..... 

Net income 

Nat income applicable to common stock: ........ 

Earnings per share ot common stock: 

Income before securities gains (losses): 


1978 

. 1977 

197B . 

.1977 

$20,239,676 

$14,292^45 

$7,456,830 

S5.008J2S5 

19.303.120 

13,837^26 

• 7,159,375 

4,641,106 1 

16,115,620 

13^37^26 

6^)96,875 . 

4.641.1D6 . 

$5.43 

$4.57 

$2.03 

SI. 60 

5.0 5 

4.20 

1$0 

1.47. - 

5.14 

4.42 

1-93 

1.46. 

4.78 

4.07 

1.81 

-1.36 

1.14 

.75 

JB 

■^5 


✓ 






Fufy di 

Net income alter securities aansactnns: 

Primary 

' diluted 

i declared 

» 


Fifth Avenue al 40th Street New Ybrfc, New York 10018 
Member Federal Reserve SystenyMember Federal Deposit Insurance Corporation 
New Ybrk * London • Nassau • Cayman Islands 
(19 offices in Manhattan. Brooklyn. Queens, 4 SuHofc County) 

An al&Gate Of TRADE DEVELOPMENT BAIW HOLDING &A. Luxembourg 


Bmut. Bogota, ftwioa Ares. Caracas. Chassa FnmMiirt/Ma^ Geneva. u«Bn*owg. Mauco cay. MwfaBdtoPan«imCiiir.Pans. 



Cuopey Industries— Mr. S. E. W. 
Cooper.hu sold 40,000 shares. 

Alexander Howdm Group— Mr. 
K. V.. Grob, director, bought 
50,000 shares at 143 p and 15,000 
at 144p yesterday. 

A. Arenson (Holdings)— Miss 
H. 8. Arenson holds 343,501 
shares (7.4 per cent) and Mr. 
S. D. Arenson holds 338,500 shares 
(7.3 per. cent). Miss and Mr. 
Arenson are the adult children of 
Mr. A. Arenson, chairman, and 
the share they hold are the 
result of transfers to them over a 
period of lime from Mr. Arenson. 
his wife and certain family 

trusts. .“*• 

Guardian Royal Exchange 
Assuran c e ■■ M r. D. Hnrrocks. 
director of Broseley Prnncrty 
Holdings— subsidiary of GRE— 
sold 14.000 GRE shares on 
Orinher 20. 

Sterling Trust:— Post Office 
Superannuation Fund holds 
. 773,000 ordinary shares (5.06 per 
cent!. 

North Atlantic . Securities Cor- 
poration:— Post Office Staff Super- 
annuation Fund 'is now Interested 
in 1,395.000 ordinary shares (7.9 
per cent), consequent upon the 
take-over of Investment Trust 
Corporation and the subsequent 
acquisition be the fund, on 
August 17 of 1m shares in North 
Atlantic Secs previously owned by 
rrc. 

Associated Leisure.- — Mr. R. P. 
Ashworth, a director, has sold 
4fl,i>nu ordinary shares and now 
holds 125.000 ordinary shares. 

BIFI Furniture Centres:— Mr. 
.V. A. V. Lister, a director, has 
purchased 10,000 shares. 

Baozi Pulp and Paper. — Mr. 
(7. Cm. Bunzl and Mr.' F. A. G. 
Shoenberg, director, have dis- 
po.-ed of □ non-beneficia) interest 
of 75,000 ordinary shares from a 
fiim holding. 


This oimounceaent appears as a matter of record only. 


m 


DAI HAN GLASS 
INDUSTRIAL CO.,LTB. 

$ 13 , 000,000 

Medium Term Loan 
Guaranteed by 

The Korea Development Bank 

Managed by 

Saehan Merchant Ba nking Corporation 

Provided by 

The Long-Term Credit Bank of Japan, Limited 
Bayerische Vereinsbank International S. A. 
Chemical Bank 

Banque Arabe et Internationale 
d’ Investissexnent(B. A. 1. 1.) 

IBJ Finance Company (Hong Kong) Limited 
Kuwait Pacific Finance Company Limited 
Nomura Europe N. V. 

Private Investment Company for Asia(PICA) S. A. 

Agent 

Saehan Merchant Banking Corporation 


August I 97S 





■a 


This announcement appears 
as a matter of record only 


OJIiJBcR 1C- 73 


BUITONI GROUP 

INDUSTRIE BUITONI PE RUG IN A EUROPE - IBP EUROPE 
incorporated in France with an equity capital of FF 90 million. 

has acquired frc.tt ISP-Induslne Buitoni P?ruo:na S n A 
the share capital held in the following opsrating'subsidiaries: 


BUITONI SA. (incorporated in France) 

BUITON! LTD. (ir.corporeted in the United Kingdom) 

BUITONI PERUGINA S.V. (incorporated in ihs Netherlands) 


aspart of a corporate reorganization to facilitate the international expansion 
of the BUITONI food group. 


BANQUE DE LA SC-C’FTE riC’^r.Z Z'JT.CTZZ^iE 

Src croup 




assisted 2nd advised in thist^insaction 




T" 


KOT1CE OF REDEMPTION 
to Holders or 


BARCLAYS BA|K INTERNATIONAL LIMITED 

v . SI°J Capital Bonds 398S 

NOTICE IS ’HEREBY GIVEN 1 in satisfaction of$bB -obligations imposeil hy C*on «1 i lion WA’i nf l.h*» Tnrms nnl Condition? oppli-r.-ihla 
to thr Bonds.- tho Bonds bearincr the serial immtiaa listed below have been tuuwn in mannoe approved hy the Tfu*-tec fov reilempnoa 
on Is [#JJccc-nibeel978 at thnlr principal amount. 


00075 

CO303 

00311 

00433 

00590 

00599 

OK75 00702 

00718 

00713 

00753 

(n 1755 

riJT'Hi 

onsin 


Conor 

n.T91t 

01021 

oicmi 

01251 

0161-1 

01603 

01621 

01622 

01800 

01882 

019-1 L 

02156 

u22to 

02314 

02357 

tcrvi 

(OT 

02111 

01523 

nz7ni 

U272S 

02815 

02839 

02909 

trntfi 

U31*. - 03109 

031-16 

03196 

red 2 

U333U 

U.WJ7 

(0521 

03038 

0-5614 

10782 

03830 

owat 

03980 

04260 -04289 

04428 

01508 

Dirafc. 04671 

(HG93 

04699 

01706 

01711 

01718 

01920 

( until 

V.-7US2 

05085 

051 ivi 

CL5DfW> 

(15238 

05322 

05323 

05325 

05338 

05373?;, 05456A 

05492 

05509 

05515 

115672 

05749 

0577U 

0.5771 

Ifi7fi) 

057(16 

05PA5 

05887 

05910 

05925 

03049 

06068 

06174 

062i3- OBffil 

06256 

06663 

06751 

(*6774 

06798 

1*6851 

ONfcCl 

tiriS'n ■ » 

0U922 

07003 

07041 

07050 

07087 ■ 

07T74 

07345 

07474 

OTfWS- ; 07743 

l (7781 

07949 

08150 

08193 

08232 

OfiLS-a; 

0SH6 

ltv;7n 

• 1^187 

085«i 

08707 

08718 

08775 

088H 

08861 

08909 

05106 

09107 

09130 

09165 

09213 

(0218 

093WI 

0£G»i5 


003(1". 

09J0d 

1)0403 

09169 

09604. 09510 

09538 

09544 

09559 - , 03670 

09582 

09583 

(H5S7 

09685 

09702 

09778 

09790 

00811- 

(I9S40 

099-11 

000-18 

091/73 

1 005D 

10094, 

10128 

20137 

10152-10175 

10161 

103(11 

10314 

1O10O 

30435 

105-11 

lnjos 

10?W* 

lt>S01 

1068*7 

10601 

10713 

107S7 

10771 

30778 

30795 

10682 v, 00976 

11D27 

11037 

31141 

11214 

11210 

31219 

liieii 

11314 

U3TO 

3151 L 

11527 

31538 

11552 

11572 

21 635 

31639 

31718 - 11724 

11739 

31773 

2 1821 

11919 

12122 

12201 

1222.5 

12226 

12268 

12279 

1036 

12351 

12M8 12477- 

12494 

32504 

32525 ’ 12538 

12612 

12670 

12720 

32327 

32910. 

32966 


13257 

333W 

ansa 

134S5 

13467 

13474 

13433. 

13570 

13596 

23635 y236&4 

13725 

33759 

33810 

33819 

33848 

33907 

13937 

12965 

14328 

1-122 1 

1-4255 

14277 

14280 

14288 ' 

14399 

■14574 

34593 Mrae 

14762 

14805 

34870 

14880 

3-IM7. 

2-1963 

35073 

25103 

35172 

1-516.5 

15200 

15233 

15336 15344 

15379 

15495 

35648 15693 

15701 

35771 

36092 

16128 

36231 

3 (.241 

16381 

1.1549 

loins 

3 rt72) 

16326 

16843 

1B867- 

26892 

26955 

17026 

17096 .17169 

37181 

17370 

17421 

17525 

1759) 

27381 

37531 

37.XX4 

276tB 

37ir?*» 

17651 

17692 

17725 

27755 

- 27801 

17841 

378V 37889 

37904 

37998 

18057 

38983 


JWCB 

29317 



295013 

19565 

19659 

1971? . 

19743 

19789 

19919 

19925 19044 

19953 

20100 

2010C 

20136 

20157 

3K«1 

20313 

SS1&S7 

2*'C-S2 

2! MTS 

00568 

3J596 

20858 

20940 

20967 

20683 

21022 fil l pi 

21122 

2113) 

21139 

21143 

21187 

212iC 

212T.2 

21224 

21252 

21366 

21-436 

21527 

■*1589 21598 

21652 

21660 

22212 33333 

22347 

12387 

■22461 

22173 

225-17 

22572 

'2j£2 

22*i'J2 

22731 

227«U 

22833 

20830 


23001 

23021 

23018 

23111 38119 

23123 

23166 

23252 

23278 

232f(7 

23326 

23349 

£3389 

21129 

27451 

2345G 

23559 

33799 

23805 

23328 

23883 38812 

23920 

23923 

23160 

24025 

21032 

24030 

21063 

2MS5 

21110 

2 11 07 

24214 

24215 

24221 ■ 24222 

24223 

24237 

24239 24267 

24310 

24323 

24382 

21405 

24 129 

21448 

SW.V. 

21 45m 

24177 

24-507 

2-1580 

24751 

248491 24B&4 

24913 

24962 

24976 24882 

25006 

250-11 

25045 

250f-8- 

2506 4 

SSJO? 

251i if » 

2514.: 

25160 

■2517:1 

25188 

2531 L 

25333 

25363 

2543-1 

25460 

2552 L 25872 

25579 

25603 

25042 

2fi69L 

25717 

25735 

257 16 

25754 

25761 

257(« 

25787 

■ 25823 

25834 

26016 

26029 

26058 

26127 26182 

26189 

26215 

26277 

26311 

26351 

UWoS 

27372 

2*.vSi8 

LT.397 

264U3 

20405 

25430 

25459 

28460 

26462 

26531 

26515 28579 

26504 

26620 

26639 

2C65L 

2665C 

217777 

2<S7P:; 

2«>Jl 

26823 


36036 

26978 

27095 

27133 

27173 

27174 

27215 22853 

27309 

27385 

27387 

27420 

27427 

27466 

27-173 

27481.1 

27 !■.**; 

srarej 

27506 

27568 

27571 

27619 

27646 

27663 

27713 27286 

27793 

27840 

27813 

27857 

27878 

27879 

27887 

27fl£<5 

27896 

27923 

27930 

27970 

27978 

27982 

28096 

28107 

28176 28379 

28181' 

28205 

28311 

28332 

28347 

28850 

284.35 

23467 

2S49B 

28499 

08511 

28550 

28C&4 -28563 

28578 

28634 

28673 28706 

28734 

28763 

287 On 

28804 

28845 

28848 

23879 

2E897 

28SHrt 

289.S3 

28992 

29022 

29045 29047 

29070 

29149 

23362 2M2S 

29442 

29496 

29499 

23581 

29602 

29611 

2(WS3 

2965U 

29723 

29750 

29756 

lD764e 

29790, .29805 

29823 

29841 

29856 29880. 

29895 

29904 

29943 

. 








Bonds not listed above arenot affactedhytlila redemption*’- ‘ 

Bonds drawn for redemptaomvfll become dae and payable Qh 1st December 3 5178, 

Payment of the Bonds drewn-willbe made upon, presenta^fon and surrender of such Bonds with Coupon No/ 8 and subsequent coupons 
attached, at the office of one of the Faying- Agents or at the holders’ option at Barclays Bank Limited. Securities Services Department* 
54 Lombard Street, aiondon.E.C.3. Coupon No. 7 (due 1st Deo^nberlffTB) should be detached and encashed In the usual mu nr or. 

interest on the Bonds dtawnwElceaito onand after the lst-D«jembflPlfl7B. 

The following Bonds drewnfor J&edainptian. on 1st Dec emfrar 1377 have n 0 t y e t been presented for payment. 

. Barclays Bank International Limited 

• ‘ Sl?lf Capital Bands 1986 

tTupresentcd Bofota frtjm the December 1 1977 Call 

00028 0029 9 JS2"® 0 ® 9 ’ G059G • -042B8 04286 01797^1)4800- 05090 <mi' D1720 32904 31193 14231 ' 14563 11598 14605 

HAW W®3S MQBr X? 1 * 5 17860 17883 23721 2463i 2641S 28441 264S2 2B-U& 27033 275S4 275a 2755B 21550 ffioOT 

iSTJJl 28186 - * 

BAKCIAYS B3M£ PCEEBNAHONAT. TTMTTRn *1 .. Sisfc OctoT3ET,1978 





36 


THE JOBS COLUMN 

Full 



for ‘recruitment charter’ 


Financial Times Tuesday October 31 19 

APPOINTMENTS 


BY MICHAEL DIXON 


HAVE YOU heard the Tale of 
Two Employers'.' I hadn't until 
I attended the scssiun the 
Institute of Personnel Manage- 
ment conference* on Friday, 
devuied lo launching tile c«de 
«>f good recruitment practice 
which was originated by this 
column about IS months ago. 

The tale was produced by the 
inimitable Martin Hiyhain. of 
Rowntree Mackintosh, while he 
was describing the " sheer 
lunacy ” of some of the 
recruiters he had come across 
in his capacity as a leading light 
of the Standing Conference of 
Employers of Graduates. 

One employer had the policy 
of automatically rejecting any 
job-candidate who quoted the 
company's postal code on the 
letter or application. Use of the 
code was taken as irrefutable 
evidence that the applicant was 
pettifogging and conformist. 

Another employer auto- 
matically rejected any candidate 
who didn't quote the post code. 
The omission was immediately 
seen as proof that the applicant 
was eccentric and slapdash. 

The foregoing example of 
waywardness of the recruiters' 
side uf the jobs market couid 
certainly, of course, be matched 
by various stupidities on the 
part of candidates. But this is 
fully recognised by the Institute 
nf Personnel Management's 
newly established recruitment 
code, which seeks to promote 
duly considerate treatment of 
one another by all parlies either 


THE CODE sets out what the Institute believes represents 
current good practice. Organisations who observe the code 
will du so to promote good relations between themselves ami 
ihe people who apply for jobs they offer. 

RECRUITERS* OBLIGATIONS 


1 — Job advertisements will state clearly the form of reply 
desired t for example, curriculum vitae, completed applieation 
form) and any preference fur hand-written applications. 

2 — An acknowledgement or reply will be made promptly 
to each applicant. Where consultants arc acting mainly as 
forwarding agents for companies, the parties will agree who 
will acknowledge applications. 

3 — Candidates will be informed of the progress of the 
selection procedure, what this will be. the time likely to be 
involved, and (he policy regarding expenses. 

4 — Detailed personal information (for example, religion, 
medical history, place of birth, family background, etc.) will 


not be called tor unless and until it is relevant to the selection 
process. 

.t— R ecruiters will not take up any reference without the 
candidate's specific approval. 

ti — Applications will be treated as confidential. 
APPLICANTS’ OBLIGATIONS 

1 — Advertisements will be answered in the way requested 
(for example, telephone for application form, provide brief 
relevant details, send curriculum vitae, etc.). 

2 — Appointments and other arrangements will he kept, or 
tbv recruiter be informed promptly if the candidate discovers 
an agreed meeting cannot take place. 

3 — The recruiter will he informed as soon as a candidate 
decides not to proceed with the application. 

4 — Only accurate information will be given in applications 
and in reply to recruiters* questions. 

5 — Information given by a prospective employer will be 
treated as confidential, if so requested. 


as 


offering ur applying Tor jobs. 

To be hunesl. the innovation 
was not unreservedly approved 
by all who attended .the 
inaurgural meeting — Mr. 
Higham. for instance, felt that 
while developing it ihe IPM 
should have consulted the long 
experienced gradual e-employers 
body. Blit the substance of the 
two-way " agreement." printed 
above, was endorsed by the 
meeting overwhelmingly and 
Che IPM will now go ahead with 
efforts to persuade employers 
and recruitment consultants and 
agencies throughout the Jauri to 
abide bv the “ Recruiters’ 
Obligations." 

One imitative inwards 
improving jobs-inarket relations 
which proved popular with the 
meet i n y — w here re presents live* 
of emplojtnu concerns fur 


outnumbered the personnel con- 
sultants — wag the proposal that 
subscribing recruiters should 
henceforth include in their job 
advertisements a statement that 
this organisation accepts the 
provisions of the IPM code of 
recruitment practice.” 

Moreover, to get the message 
across to applicants, employers 
could have the full provisions 
printed on the backs of their 
acknowledgment letters and 
application forms. 

One question not altogether 
cleared up at the conference 
was whether " teeth ’’ were 
needed so as to stimulate 
proper adherence to the pro- 
visions. 

Where the applicants’ obliga- 
tions are concerned. I have felt 
from the outset that it would 
be impossible to equip the 


code with formal sanctions. But 
neither do I think that these 
should be necessary. Candidates 
who fail lo twig that breach of 
their side of the agreement is 
highly likely lo put them out 
of the running must to my mind 
be too stupid to get the job. 
anyway. 

There remains, - however, 
some controversy about a need 
for means of encouraging 
proper adherence by employers, 
consultants and agencies. True, 
the IPM’s guide to use of the 
code (which can be obtained 
by writing to Bob FJeeman. care 
of the institute, at Central 
House, Upper Woburn Place. 
London WC1H OHX) stales that 
it “will follow up any alleged 
breaches which are reported to 
it or which, come to its notice.'* 
But some folk at tbe meeting 


plainly felt more was required. 

The best solution, though, 
seems to be for the 1PM to 
start promoting the code on the 
recruiters’ .side on the present 
basis of voluntary adherence 
to the basic courtesies which 
>t sets out. while holding further 
talks on teeth. 

Another proposal raised at the 
meeting was a clause specifically 
requiring recruiters who advert- 
ise under box numbers to send 
acknowledgments to all who 
apply. 

While agreeing totally with 
the principle, however, the 
IPM’s expert Mr. Fleeman 
replied that in pratice any such 
clause would be an empty 
gesture. When recruiters adver- 
tised under box numbers, it 
could be assumed only that 
their prime purpose was lo 


remain as anonymous 
possible. The only wise course 
for anyone applying Tor a job 
to a bux number was therefore 
to accept from the first that no 
acknowledgment was likely to 
appear. 

Later a recruitment-agency 
representative added that in his 
experience employers .who 
offered jobs through the box- 
number device thereby ruled 
out the possibility of ever hear- 
ing from the majority of 
qualified people who might 
otherwise have applied. “By 
and large, really good job 
candidates don’t seem willing 
to make themselves hostages to 
fortune in that way any more.” 


A moral . . . 


FINALLY, t apologise for the 
absence of the Jabs Column 
since 1 wrote on September 28 
about prospects for professional 
managers in Hong Kong. But I 
now have some useful advice for 
anyone going out there or 
undertaking a long flight any- 
where else. It is to take a walk 
round the aircraft every four 
or five hours at least. 

Legs kept still for too long in 
flight can form unpleasantnesses 
which can move elsewhere and 
put one in hospital. Government 
sources confirm that I am not 
the only person who has 
recently learned this the hard 
way. Another one is Mr. David 
Ennals, the Secretary of State 
for Health. 


APPOINTMENTS 


Portfolio 



c. £8,000 


Dorset County Council administer pension 
funds totalling over £40 million, with an 
annual cash flow of £5 million. We are 
looking for an investment officer to help 
develop the in-house management of these 
funds. The successful candidate (male or 
female) will have several years’ experience 
in an investment management organisation 
or in the finance department of a major 
local authority. An accountancy, econo- 
mics or statistical qualification would be 
an advantage but is not essential if the 
candidate has particularly relevant experi- 
ence. Experience and training will be given 
in all investment functions, including slock 
market operations, company financial anal- 
ysis, overseas investment, and will involve 
meeting stockbrokers and advisers. 

Assistance will be given towards relocation 
expenses up to £500. The County Town 
of Dorchester offers an extremely attractive 
working and living environment. 

Application forms from County T reas- 
urer. County Hall. Dorchester, Dorset 
DTI 1XJ to be returned by 17 Novem- 
ber 1978. 



ART GALLER9ES 

AGNEW GALLERY. 43. Old Bond Si.. 1 
W.l. 01-629 6176. FRAGONARD 

DRAWIWS lor O'lanao Fur,ou3 Until 1 
IS December. Mon.-Fri. 9.30-S 3C. i 
llUirs. unlil 7. 

BROWSE - DARBY, 19. Cork St . wT 

RICHARD GREEN GALLERY. 44. Dover 
Sweet. W.l. 01-491 3277. ANNUAL 
EXHIBITION OF SPORTING PAINTINGS 
Daily 10.00-6.00 Sets. (0.00-12-30. 

Opens November 1. 

1 RICHMOND GALLERY. B. C<*rt St.. 

1 London. W *1-43? 0264 Sculpture bv 

LESLIE SUM.'-fEffi • Retrospective Exltiiji- i 

lion] until loth Nov. 1 


&U5AN SWALE'S SALOME. ficldhourn? 
■ Gallei'C'.. 63. Ouocn'i Group. N.W.8. 
I 5 SC 36 DO. 


Drawings 

DAVID POOLE Shows the Onicitl Portraii 
14 caitimgnoratc the Sif,pr juDiicc 

omSS'Kw' 'tSe'bbadshaw'^oom: ! ^MARKET PLACE OAUjERy. Crtrton 
IT. Carlton House Terraco, 5. W I. Mon.- | CHARLES IftfcHT • W jfch : 

October until 24th No » on Dor. Open 1 I ; 
to 1 and i Z0 to S. Martrta» lo SJlur- 
U,. Closed Wednesday altcrnooni , 


10-5 Until No, 10 


FINE Afrr SOCierr. US. New Bond Sf.. I 
W 1 01-629 5116 MAXWELL ARM- I 

FIELD. 


FURNEAUX GALLERY Ol Wimbledon 
presents an exhibition ol new painting'. 
hr PETER NEWCOMBC trot n Ocl 24 Id 
No> 10 at the A'oine Gallery. 74. 
S A udlw Street. London. W I 10.30 tt> 
S daily toccpt Sals. & Suns i. Laic 
CrBcmng to 6 om each Tun. Tel. 629 

22 bo. 


THE PARKER GALLERY. 2. AlDcmarlc 

I Strict. Piccadilly. W i Exhibition ol O'd j 

marine, military ,ina sporting and tooo- J 
I graphical prints and paintings and ships j 
1 models. 


J.P.L. FINE ARTS, 24. Da.*« Street. ! 

W.l. 01-493 2630 RAQUL DUFY draw- j 
■ nos. watercolours. 1900-1939. Oct 10- i 
Dec 8. Mon -Fn. 10-6. I 


COMPANY NOTICES 


MAIL GALLERIES. The Mall. S W 1 
Royal l ns ti tun ol 0>l Painters Annual 
Exhibition. Open Daily inc. Suns. 10-5 
Until Nov. 2. Adin. 20p. 


MARINE ARTISTS. Koval Society's Annual 

EahP. at Guildhall. E.C 2 Mon Sal. 10-5 

Until 1 Phi Nov 3 Adm. tree. 


RICHARD GREEN AND FRANK T. SASIN. 
4. New Bond Street. W 1 01-499 54B7 . 

ANNUAL EXHIBITION OF OLD ENGLISH 

SPORTING Phi NTS. Dally 10 00-6.00 
Shis. 10.00-12 30. Opens November 1. 


LEGAL NOTICES 


?:o. no:i3Ki r.f I9!s 

In the HIGH COURT Op JUSTICE 
Obunci ry Division Companies Court. In ibc 
Mailer o f CAKLTn.V STEEL • t/WDCW> 
LIMITED and in the Matter of The 
Companies Ac I 1 IN.V 
NOTICE IS 1IEIIEKV GIVEN that a 
Petmon li*r the nfindinc up uf th*- above- 
named company by in.- Hmh Conn uf 
.til Mice iv is on ihe IHih Out of ''leloher 
IN-., pre.-i.-nl' -il lu the said Cuurr hr 
II. E LIM1TKD who-o- 

resist' Ted v/le. • l.> vl>u.iJ. a: 1- Dr.'.J.-n 
■ 'll* mile r> I in PllurJ Sir.-.-'. Lur Jen 

w;i: nil*, ami ‘hat :ll • 'j iri IV-iiIi-m 
d i reiii'd lo hi- hi-yril h* fur* ih- Conn 
-ii'ina ai ih. Hu- 1 1 Cuurts of .Hisii-v. 
•Slrjnd Lu'iJnn tt'OM ?M.. op ihe Z0't> 
day uf Nnivmlj'T 197- and anv eriMiior 
or ronirihU'nrj' t>I the «auJ I'umnuny 
rl'-siruits ro ei|.pr,ri or uppos- 'hi niaVinu 
of an Order on the >md Pi-hiion may 
a op.: nr ai the i line Of hranna In person or 
tiy his CowikoI lor that purpose, .md .i 
ropy of ihe Pel it ion mU be furnlsln.il bv 
the undenntn'-d lu an- <-rcdtiur nr ,.jn- 
irlhuiory uf ihe said Conip.my n-quirinA 
such ropy cm payment nr the rrfluialnl 
charge fnr ihe same. 

HUGHES WMTL'N & CO.. 
llOUeat Hulls*.' 

J4i Bt’j'vn »r.\i, 
l.nMnn W1K s.li: 

Solicitors f'*r llie Pm limn.' r 
X*lTh.— Any p*T»**H ivlw inieiula fa 
appear an ihe Iti-arirs uf fh sae.l |V:nnn> 
mn-i ,* TV" uii nr send hv pns: ;n the 
ahore-mimivi. mum- m wrtiuu ul Ii:v 
Jlt-i'RIIUII SO lu du The 001 UT KIUM ‘.Li:" 
rh<* r.Jiu" iUid a 'I- Ires, nf the r-rsnn ur 
if a firm :h" r/.tntt- .ind .vltfr< st «' >>>•■ 
lirm and iiiini I* si-‘i"d b; *he p’rs.jii 
ur firm ur his ur ihi ir sui'cimr 'if a»:. < 
,in»| JHU'" he w-rv* 1 ijr if Pu'l'. 1 ! mils' 
jv url.'l tlf fhlSI III Mlrtiei,.||| Mllte In 
r- i.-fi ’he .lliiivi— ui in -11 nm r t!i:ir- 
f.iur u i lurk m Hn :i!' fioua of tie 
i 7 Ui Jjy ui ;.uv.Dibc-r 1 &TS. 


TOTAL OIL MARINE LTD. 


£25.000,000 

91% LOAN 1977-1984 


Redemptions due on lit December. 
1978 lor which II.5QO.OQO u pro- 
vided. have been madi entirely by 
Purcfttsci in the marfcec. After 1st 
Dcccmoer I9T8 £23.500,000 at the 
lean will remain in mue. 


financial Agent 
BANOUE DS PARIS ET 
DES PlYS-BAS POUR LE 
CP.AND-DUCHE DE LUXEMBOURG 


JARD1NE. MATHESON A CO.. LIMITED | 


WARRANTS 

Notice ta hbldeis ot outstanding Warrants 
j tc> suhcrlbc lor stock units o< HKS6.00 
reach ol JJrrtiPO. Marhcspn 3 Co Injured 
issued h, the K-infc ul Bermuda L.mncn 

las Depositary in 15th Ncicmbcr 1971 

Warrant hpiJers are leret), reminded 
[that fhe QAIior per, on lor the uichis? 
I ol rne subscription rights conferred by tnc 


warrants ceases on 15th November 1975 
A wot-ra«: holder wishing to cerise 
me suhsi-r.ptioii rights mujr surrender 
the War- ants to an. ol .ns «,rr»nl agents 
listed on 'he reverse of "he Warrant 
w.th the Warrant e'uicise lorm endorse- 
therean <1 uU eentPie'e-J ' jgereer wile rne 
pA.menl ol the subscrlpuon pr>ce on or 
helarc the istn November 1970 
Br Order ai the Board 

a'. W. younq. 

Company Secretary. 

Ho n«? h'ono. 

2nd Getober 197B. 


NOTICE OF PURCHASE 


USS 100 000.006 
KINGDOM OF DENMARK 
8 ■ PER CENT NOTE*. 
DUE 1 OCTOBER 19B4 


NOTICE 15 HEREBY GIVEN to holders 
■j: Notes ol the above issue that 

USV 300.000 nominal was purchased in 
the m.trSct tfuring 'hr twelve month period 
roping 1 fefober 1973 


UNION BANK OF SWITZERLAND 
-.SECURITIES. LIMITED 
Purchase Agent. 

Londan _ . 

1* October 1078 


ITLEFONAKTIEBOLAGET L M ERICSSON 1 


U S *6'' PER CENT LOAM 1986 • 

Holders pi rh t above mentioned bonds j 
.vre .ulyised that Swiss Bank Corporation. ] 
Basic. have been .lopolntcd with , 
■mmcdiate ehect an addiliotMl Sub Agent ; 
•or the payment of principal, premium, j 
il anr. .mil interest on the bonds. / 

S G WARBURG & CO LTD. j 

t: Punt ip.'.i Faying Agent, 
j 1 st October. 1978 . 


SEMOR APPOINTMENTS 

AUTOMOTIVE 




ANAGEMENT 


A 


The Technological Centre of the GKN Group i? 
involved in advanced commercial and pawneer 
vehicle component engineering development. 

To Mippon (his (op level development u.,ir( ve 
need 10 .strengthen our product managcmciu 
team. 

If join background equips >ou for one of i iic 
|oUivAin» posmoOb. wc would like lo Uujr from 
\ou 


Product Evaluation Engineer 


Head of Commercial Planning 


to control the planning and anal} sis of jI! 
marketing and financial a> peas of amomoine 
development projects.. Wiih a team of .-peei.ijist 
anal} sis. sou would conduct research studio and 
financial esalualioiis and develop market 
i.(raieg/e.s cte. 

l ou should hold a degree or relevant qualification 
and have in-depth product experience of tiie 
automotive industn plub .some marketing 
experience. 


to evaluate financial aspects of new and 
competitive products and lo provide estimates for 
now product costings from line company 
information. Tilts will include costings of 
development programmes, prototype and capital,' 
tooling expenditure. 

You should be aged around 30. with degree or 
HNC i Meeh. or Pnxi. ling.l and some xears’ 
experience of cost ing/esuma ting for mechanical 
engineering, ideally in a development environment 
working closely with senior management. 


Product Analyst 

to specialise in world-wide legislation affecting 
automotive performance and other statutory . 
regulations. This position will attract a graduate 
aged around 25 with an analytical background 
and a keen interest in the automotive industry. 


Product Manager 


to work nn specific projects and plan. cn-nrJmaie, 
administrate atul expedite on tvhali o! the 
Business Development Executive. Thu requires a 
Inch degree of project engineering or contract 
management experience and involve* liaison with 
manufacturers and suppliers. 

You should be a graduaic preferably with an 
automotive planning background and experience 
of estimating and product scheduling. 


We offer attractive starting salaries to carcer- 
minded men or women according to depth of 
experience plus the range of benefiis. including 
relocation, you would expect from a major 
international organisation. 

]f you are seeking advancement in a high-growth 
activity - write giving concise history' details to:- 

The Personnel Executive, 

GKN Group TechnoJogkaJ Centre, 

Birmingham New Road. 

Wolverhampton WY4 6BW. 



GKN- Britain's largest international engineering group 


require 

a person, aged 20-iS years, to work in thoir Statistical Department. 
Some previous experience preferred. Replies, including applicants 
details, to 

Box A.6526. Financial Times. 10. Cannon Street. EC4P ■‘IBY. 


ACCOUNTANTS, 
ECONOMISTS AND 
DEVELOPMENT BANKERS 


Required for ua-frej salaried position i 
In Third Wo. Id countries. Ring 01-63 h 
599 f for application form or tend 
C.V. to: 


Mafia Management Consultants 

I. Devonshire Street. London. WIN 


Buyers -Processors -Refiners 

Basic Metal Co Ltd 

’•'.I.r-curd VV.iU., London EC1 

01-278 6311 T"k>'.: 27159 


LINCOLN COLLEGE 
OXFORD 


BURSARSHIP 

The College intends to appoint to the full-time 
permanent post of Bursar during the course of 1979. 
The Bursar, who is an official Fellow and member 
of the -Governing Body, has overall responsibility 
for the College buildings and estates, for domestic 
and financial affairs, for planning and development, 
and for College investments and accounts. 
Applicants, who will be expected to have experience 
in administration, staff management, and finance, 
should-write to the Rector for further particulars, 
enclosing copies of their curriculum vitae and the 
names of three referees before 30 November 1978. 
The successful candidate is likely to be in the age 
range 40-55. 


Conference? Seminar? 
Company Meeting? Reception? 
Film Preview? 
Advertising Presentation? 


There's no need to hunt around the West 
End for a suitable venue or viewing theatre. 

| The FT Cinema, here in the City, offers seating 
in comfort for 50+ people. Full 16mm film 
projection facilities. National Panasonic Vi" colour] 
| video tape and Philips 1501M video cassette 
! viewing. Electrosonic 3601 slide presentation 
system. And luxurious private dining rooms with 
extensive catering facilities. 


Extrovert young 
ACCOUNTANT 

TO £8,000. PASS IT ON ! 
Challenge and involvement wii 
be yours,' with the satisfaction 
of a really worthwhile career. 
You've already got your quali- 
fications. 'so how about assist- 
ing others lo achieve their 
ambitions. Capitalise on your 
communications skills and 
secure your future with this 
rapidly Expanding organisa- 
tion. Contact Erica Cray on 
01-S-JS 3055. 

CHURCHILL PERSONNEL 
CONSULTANTS 


international 

INVESTMENT FUND 


FJNANCIALTIMES CINEMA 


All enquiries to the Press Officer. 

Financial Times. Bracken House. 10 Cannon Sfrpet 
London EC4P 4BY. Tel ; 01-248 8000 (exL 7123), ’ 


Manager with headquarters In 
New Ynrk seeks assistant to 
caver rest af world. Ex- 
perience in both trading and 
analysis .of both currencies 
and securities desirable. 

Apply intftrif with references. 
Only the: best wiU be inter- 
viewed November 7 to 17 in 
Europe. * WriLe Box F.1058, 
Financial 1 Times. 10, Cannon 
Street. EC-1P 4RY. 


CAREER DEVELOPMENT 
OPPORTUNITIES 
IN THE LONDON AREA 

Tlte following appolntmanu oix ropre- 
tcnbrUvc of a wide ‘election of 
tUMignmentt currently being handled 
by ur lerritc : — 

COMPANY SECRETARY 
Tech. StrviM cOL7.aU 
FINANCIAL ACCOUNTANT 
Fin. Services. c.£7,000 
COMPANY ACCOUNTANT 
Sales & Distribution £1.000 + Co. Car 
PROJECT AUDITOR 
Oil Development £0.500 
PROJECT CONTROLLER 

Oil Development £9.750 

SYSTEMS ACCOUNTANT 
Oil Development £8,5M 

MAN. ACCOUNTANT 

Off-shore Exploration cl£7,S00 

BUDGET ACCOUNTANT 

03 Development £7.590 

INTERNAL AUDIT 

Merchant Banking £7,500 
CONTROLLER 

Marketing & Dirt. £10,000 + Car 
Tbe»* appointments or* offered to 
Oudli fieri Mesons with varying degrees 
af past qualltiartlon experience.' Please 
telephone Alexander Moore far. 

further Information, 

DRAKE ACCOUNTING 
RECRUITMENT CONSULTANTS 
Omwnd Hpuce 


London 


63, Queen Vktwia Street 
EC4N 4 


4AU 01-148 3133 


Senior post in 
Wellman group 


Mr. J. K. McCrlckard, formerly 
a director and general manager 
of Wellman Manufacturing, has 
been appointed managing 
director of ihe company, which 
is a subsidiary of the Wellman 
Engineering Corporation. 

* 

Pullman Incorporated has 
elected Mr. Thomas Ryan an 
executive vice-president nf its 
PULLMAN KELLOGG division in 
Houston. Mr. Ryan has served 
as senior vice-president of finance 
and administration of tbe en<rin- 
eer ing and construction division 
snee 1976. 

* 

Mr. Charles Cotter has taken 
over as head of Dravo Corpora- 
tion’s European regional office in 
Rotterdam. He succeeds Mr. G. 
Frank Gardner who has retired. 

* 

Mr. Steve Samhonn has been 
named staff director,. supply and 
development — Middle East for 
PHILLIPS PETROLEUM COM- 
PANY. 

ir 

Hr. Derek Gonid. vice-president 
a nd g enera] manager of PAGE 
PETROLEUM has resigned his 
position because of iii-healih, but 
continues as a director. 

* 

.The Beard of GARTMORE 
PENSION FUND MANAGERS, the 
new Gartmore subsidiary, will 
consist of: Mr. W. Campbell Allan, 
managing director. Gartmore 
Investment. Mr. Timothy 
Beardson. Mr. Harry Jacobs. Mr. 
Alan Mitchell, and Mr. Douglas 
SarchetL 

* 

SIMMON'S AND CO. INTERNA- 
TIONAL of Houston. Texas, has 
elected Dr. Anthony Henfrey. Mr. 
Nicholas Swycka and Mr. Anthony 
Bonham vice-presidents- Mr. 
Banham and Mr.. Swycka will 
assume their appointments from 
tomorrow and Dr. Henfrey will 
take up his appointment on 
January 1, 1979. 

* 

Mr. Michael Sugar man and Sir. 
Lawrence Kaffel join the board 
of RAYRECK from tomorrow. Mr. 
Sugarman is chief executive and 
Mr. Kaffel. managing director, of 
Lord John, upon the present 
offer for Bourne and Hollings* 
worth by Raybeck being declared 
unconditional, it is intended that 
Mr. Kaffel win became joint 
managing director of the com- 
pany. 

* 

Mr. A. M. Nathan has become 
senior partner of SCHAYERIE.Y 
.AND CO., stockbrokers. Mr. B. 
Hersh and Mr. B. Seharerien have 
retired from partnership and 
become consultants. 

★ 

Mr. G. N. (Gordon) Slater has 
been appointed secretary of TAX- 
QUERAY GORDON AND CO. and 
of CHARLES TANQUERAY .\XD 
CO. 

Stanmill Company ha* acquired 
ihe majority shareholdinu of 
UTTOMATED CONTAINER 

LOADING f SALES), and AUTO. 
.\UTED CONTAINER LOADING. 
Mr. W. R. WatkbtMm remains as 


chairman of both companies and 
Mr. I. Venn and Mr. L. N. % 1-rain 
arc appointed as director."* to both 
boards. 

★ 

As a result of internal 
rcnrcaRisation. C. Rowbotnam 
and Sons (Insurance) has made 
the following changes: 

ROWBOTHAM (REINSUR- 

ANCE) has been admitted as a 
Lloyd's Broker Mr. P, F. Dennis 
continues as chairman and 
managing director. 

C. ROXVBOTHAM AND bONS 
(UNDERUTHTING AGENCV ) has 
received approval from the 
Committee of Lloyd's for pe 
company to manage a new nwrinc 
syndicate jointly with B.ARDfcK 
AND MARSH. To be known as 

C. S. Rowbolbam and Uthers. 
Syndicate No. 248, the under- 
writer will be Mr. J. H. Banter, 
together with Mr. II. E. Prudden 
and the present staff on the box. 
Mr. D, V* J. Stephens has been 
invited to join the Board of the 
company. Mr. S. BJuch continues 
as chairman and managing 
director. 

C. ROWBOTHAM AND SONS 
(HOME) has been formed to 
operate the non-marine brokerage 
account of the group. Mr. R. A. 
Rowbotham is chairman and Mr. 

D. H. Wilson, managing director. 
.Tbe other directors are Mr. C. W. 
Hubbard and Mr. S. U Johnston 
with Mr. J. L. Wines as assocraie 
director. The company has 
assumed the life and pensions 
activities previously undertaken 
by - HARGRAVES. BLOCH. 
ROWBOTHAM AND CO. 

C. ROWBOTHAM AND SONS 
(INSURANCE BROKERS) will 
operate the overseas non-marine 
function of the group and Mr. 
R. A. Rowbotham will continue as 
chairman with Mr. P. F. Dennis 
as managing director. The oiher 
director* are Mr. S. Bloch. Mr. 
B. W. Hubbard ^nd Mr. D. H. 
Wilson. 

•fr 

Mr. Brian Swindells has been 
appointed director and technical 
executive of LWI V.\LVES INTER- 
NATIONAL. Mr. Bill Willard has 
been appointed marketing execu- 
tive. 

Mr. Terence King has. been 
appointed a director of C1MEX 
and retains responsibility for 
marketing and sales policies in 
the UK. 

★ 

Mr. Philip Deer has been 
appointed managing director of 
PATERSON PRODUCTS. He suc- 
ceeds Mr. A Ian Bailes, who com 
tinues as chairman. Mr. Deer 
joined the company as works 
director in 1973. 

•k 

. Mr. S. Powell and Mr. B. J. 
Taylor have been appointed 
directors of BLOCKLEYS. Mr. 
J. W. H. Shepherd has been made 
a special director. 

* 

Mr. M. >L Lange. Mr. A. S. 
Jaitiff* and Mr. «U, E. C. Green 
have joined the board of MARL- 
BOROUGH PROPERTT HOLD- 
INGS. formerly Chown Securities. 
-Mr. W. T. Chown and Mr. W. P. 
Poll have resigned from the board. 


Bank of New South Wales 


Preliminary Statement 
of Profits 


The Bank of New South Wales announced the fallowing 
statement of consolidated profits for the year ended September 30, 
1978 based on unaudited figures: 

Year to 
30.9.78 
(SAOOO's) 

Income (after deducting interest paid 
— in 1977 also after deducting provi- 
sions for bad and doubtful debts) 

Less; 

Expenses 1 530,135 

Depredation 19,237 


Year* to 
30.9.77 
(SAOOOs) 


737,572 


618,879 


456,087 

17,683 


Operating Profit before Taxes 

Less: Income, Land and other Taxes ... 


188,200 

94,511 


145.109 

74.071 


Operating Profit 

Less: Minority interest of outside share- 
holders in subsidiary : companies ... 




Operating Profit attributed to proprietors 
of Bank of New South Wales ( 1978 
Profit has been struck after transfer 
of S3m to Contingencies Reserve) 


72*51 


53.079 


The above figures exclude the- Following 
extraordinary items (net of Income 
Tax): 

Tax adjustment prior years 

Surplus in disposal of premises and other 
capital -profits - 

Adjustment for exchange fluctuations ... 

Extension of . tax effect accounting 
principles in respect of depreciation 
timing differences 

Change to ’Finance' method from a 
‘ Goods ’ - basis in accounting- for 
normal teases ... . - 


( 101 ) 


309 


909 

349 


- 1.110 

666 


(W40) 


2*876 


Preliminary figures also show Bank of 
New 5ouch Wales and wholly-owned 
subsidiaries ;.. 

A.G.C. Lid.— share of. profits 


Half-year comparison 
Consolidated Operating Profit reported 
to: 

Rrst Half 

Second Half 


72JB51 



33,014 

39^37 


•Australian tax at 42A per cent for the Rrst Half. 


27X147*' 

26.032t 


t The Second Half carried the cost of increased tax rate 46 oer eenr 
for the full year. 


The Board will declare a Rnal Dividend of 17c per share 
payable on 26 January. 1979, which with the Interim Dividend 
will be equal to 16 per cent or 32c per share for the Full year 
Total amount of the Interim and Final Dividend wilt be S21.7QA nr.n* 
Previous year S20.35Q.000. ■ ■ • /U6D0D ' 


m 



- Over 1300 Offices. Australia, New Zeotand, New Vprk, San 
. Francisco. Frankfurt. Bahrain.-T okyo. Hong Kong, Singapore 
Jakarta, Papua. New Cuia^/fjl, New Hebrides and other Pacific 
■' Is/dntfs. Three. Lbndpn branches. Main London Offi»; . : ' 
29 ThreeddMfe Street, £C2R BBA. 

. Incarporrted in Auetrilii wlib limiud Liability! 


a 


jf‘5 
;Y ■ 


:■% • -• 
i : v 


':.^1 a 

1 ■ 


\t 


r 


¥ - 


in 

v : ' ’ 


^ - 
5 * 


v :* : - 




.« . 


.11 

H* 

i.i 

' 7 -' 


•J* 

r-.j 


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V 

4e 


-4-j 


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^ Y. • 




2 


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4 

'A 


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vr-rtS-i 









’Financial Tunes Tuesday October 31 1978 


INTERNATIONAL FINANCIAL A 


PTH AMERICAN NEWS 


\jnion moves to block 
it bn takeover of Carrier 



' - H* • - ' .. 

• ' * -- - 


M-l 


Lastly, the UAW will ask the 


. . IOHN WYLES 

United Auto Workers 
ed a rare and potentially 
“"irant campaign to thwart 

-.1 Technologies proposed 
takeover o£ Carrier Cor- 

“• ?n. 

•-.‘jninK that United Techno- 

‘ ■■ • is 

throughout the labour 
tent for its vicious anti- 

: Tr policies.” Mr. Douglas 
the UAW’s president, 
d that his union would do 
nine in its power to block 
.'-..seover which is also being 

- d by Carrier. 

- .move reflects the broaden- 
(ivism of the UAW under 

•■ ■aser who is to the left or 
of American union 
a and curently trying to 
se an alliance of “pro- 
•e forces " against what he 
>s to be a swine to the 
:n the U.S. 

decision to align with 


United Technologies' “ harsh 
treatment of ' workers and its 
hostility to unions.” 

The union's attack on the 
merger proposal will take three 
directions: firstly, an appeal for 
intervention by the New York 


NEW YORK Oct. 30. 

those banks which manage its 
substantial pension funds that 
they would be unwise to accept 
the tender offer on the grounds 
that they will face a more uncer- 
tain future of “labour strife, 
reduced worker morale and 
Carrier 


Carrier has requested the 
New York State Attorney 
General to pursue his Investi- 
gation of United Technologies' 
bid. alleging that United has 
not made the disclosures re- 
quired under state law, Reuter 
reports. 

that UTs filing on its proposed 
tender offer for 49 per cent of 
Carrier’s outstanding stock fails 
to disclose UTs anti-labour 
policy, “a matter of material 
importance to would-be stock- 


r against United "Techno- holders-" 
is, he says, because of Secondly, the UAW is advising 


Canadian Foreign Investment 
Review Administration to hold 
hearings on the proposed take- 
over which would include Car-' 

ricr’s 24 plants in' Canada. 

The UAW has 500 members 
at Carrier and" 4,000 in various 
United Technologies sub- 
sidiaries. Mr. Fraser said at the 
weekend that Carrier had . a pro- 
gressive and sophisticated labour 
relations policy, but the UAW’s 
experience with two UT sub- 
sidiaries, Essex International and 
Oris Elevator, “we know that a 
UT take-over means the end of 
sane, harmonious labour rela- 
tions.” 


)gden produces solid gains 


Georgia 

rejects ; 
Dutch bid 

By David Lasulhs 7r 

NEW, YORK***- 1 ! 30. 

THE Life tasuran«5°mpany 

of Georgia today MWifJected 
a merger offer by.-Hulland’s 
largest : .insurance., concern 
National? Nedertandi* Nv> 

The cwnpany's^dwarN who 
own a substantial WJJority of 

the stock, stated thaEwy were 
not Interested .-Jtt’sMseassiiig 
such a sale. ... 

National Nederhraden had 
offered $59 per .abd*?- This 
represents a premium of 
nearly 100 per ov «r the 
$26 at which tbe _com pan T - s 

shares have reccnuv 
trading. The offerJ^ned Life 
of Georgia at $WOTfc 
Life or Georgia JApused anv 
further comment;. »n the 
merger offer today-. However, 
the bid e*me lust a* »ne rom- 
pauy published 1 ■ ip third- 
quarter results. J 
These put earnings al $62m, 
equivalent to SlU-P®r_ share, 
up fronr Iasi. j6HT»Jin or 
87. cents-* share. IW* broughi 
nine-month earntogtt® $ 1 8.4 m 

or $3.06 per share compared 
with $15Jm or .$&■£»« yi*ar. 
Life nf Georgia : # a f made 
ons on nkely 


Best-fcver airline results from UAL 


BY OUR OWN COF 


INDENT 


UAL 

parent 


INCORPORATE^ A* s £ oald ]* eno . U2h Pay for all the quarter 
watt the equipment now on order and before ’ 


company 


airline earnings 
income taxes rose from 


NEW YORK, Oct. 30. 

Continental Airlines reported 
op emu net income of S16.S6m 


T-ev . .. nhmit 70 ner CDnl nf TT i uat- uutii u^fiauiio wi uicuuie ui oio^oom 

L.S. airline. United Airlift* *** SSSment^eds thread i loo S?- 7 ™ *° ««•■*•». which yielded or $1.12 a share for the tWrd 

unveiled third-quarter pdpiss.of he added oustl 1990, aft j r lax S166.09m. The tax quarter, compared with last 

$170.6m. or $6.74 a sharef?not This confident prediction owes aS'fo^ihlt^nlL 8 » U5 Rf sh h are ; H”*’* S12 - 57in or 87 cents a 

only more than doubft t* 31 something to United's stunninc £==« . r ^ D,nc , “°. nIhs about share, on revenues up from 

year's, but higher than iSSess this yearly chSitl w «»■»»■ 

hne s previous full-year ea^to^- performance among the best in nine months »vas S2S5m o?Slli» Fol,owin S the three and a hair 
At the same time. Used’s an <11 ♦ B ^h ins sub * pl ' r sbaro - Operating revenues month long strike by its pilots, 

before^ than eVer n “ e 23 ner S Iu™S North.-,*, Airlb,,, mmed in , 

fcS fjj dr * traffic. 0r°"'"sO6 arP 3 1> ' S f h™ 

1 ■ excl *fem S«inefs “ a,ded dis count fares and the Revenues fell from 9281.3m to 

l' nc » ffi S lKt M E neral booni in travel. rose just SI 15 5m. For the nine 

SL®rt£ n of ' he KJ|£. IrEirobabirhan^^fv, ; Per cent on a capacity increase months, net income was S48.66m 
United expects to spend oa^fr; Bd i* jESisSnen ? rav of * B - 7 Per cent- Average passen- or S2 .25 a share compared with 

h Sff«S lh ?r,.fc ap,t i! SS sSarS ft Kii? its * er - ,0ad facIur 69- P^r cent S6S.8m or S3. 18 a share, on sales 

ment by 1990. Cash on handled have spared it a urge tax bill on against a break-even level of 58 revenues or S55L7m against 
internally generated “ rlme <>P era aons. During per cent DrcaKe ' en lc ' el 01 “* 01 w * l * ,m 3c,ail3St 


McDonnell 
Douglas 
lifts earnings 


CANADIAN COMPANIES 


v-' 


MacMillan Bloedel up sharply 


By Our Financial Staff 


MONTREAL, OcL 30. 


raro- 


no projections on 
ings for the full y#^ 1 
It- was -the thlnL<tlmp this 


OUR FINANCIAL STAFF 

N. THE diversified indus- of almost 9 per cent in earnings showing so far. the company said, 
company, is predicting to 94 Zm. equivalent to $4.55 per apart front food products which 
'icd earnings for 197S fol- share, from S37.7m. or S3R3. remain In deficit. The non-food 

a solid improvement In Revenues were 11 per cent higher sectors arc expected to continue . 

ults for the third quarter, at S1.34bn. their gruwtb over the full year.- year thait the direct***- ui Lire 

income showed a 14 per The company expects it.s per- Earlier this year. Ogden sold 0 f Georgia had rejected bids 

gain during the three formance for the full year to ulf the Schumann division of its to Require the co«®P3ny. In 

* to $L4.Hra, or Si.iM a exceed the 95.16 per share Ogden Alloys to members of the January they jrejtttfira an offer 

. from Sl2Rm. or 81.32. recorded in 1977. when net Schumann family for over S5m. f r0IU ina ConKKiiion of 

ucs advanced by nearly 19 ineome totalled SSOrn on sales of This company, which recycles pbUadelphla, and then Ampri- 
nt to 8455m. Sl.fihn. st rap mcinl. was bought in ,196ft; General groups- withdrew 

the first three-quarters of Alt of Ogden's major areas of Oqdcn said its sale would have no ' 
ar, Ogden reported a rise activity have put up an increased material impact on earnings. 


BY ROBERT GIBBENS 

M “2 N S£ ES D « G ii“ i kC SLS^S-iFiVI3m) d ? sba h re' in^dev^opmem S°S^' sST’Katas? S" or 

gain to S42.6m. or S1.I0 a sbar^P^rtf *S**BSt 913 6m or 5* 5n Iate Nov JSber or earl? 

The ?tw,mw ss^-r.sr.s ijk 

would be offered. 

The third quarter at Northern 

effective tax rate. »tre CS538m 'against CS432m. ~ sitcom brought an increase in 


sharp advance to increased salc_ 

especially of commercial air-cover a 40 per cent investment 
craft, along with higher net Jo French pulp producer la r „ „ 

interest income and a lownr 1 ?OeBuloseD'Aqultaine). Revenues T J " 9uari 

cssa&m aeainct Telecom brought 


After the first nine month? f^e months net was C$729m 
earninqg were 32 per cent ahead 4r ESS-25 a share against C937.9m 
:.l S117J>ra. or 8302 per share *r -C$1.69 (excluding writeoff!. 
Sales were up 21 per cent, to R**ienues were CSl-Bbn against 
$2.96bn: for the third quaner C5L26bn. 
alone, there was a 25 pur cent ^®uxger Oil ^ (Canada), of 
vain to SI bn. 

At the end of the quarter. 

McDonnell Douglas had firm 
orders for 304 DC-lOs and condi- 
tional orders and options for 41 
others, while nearly 260 of the 
aircraft had been delivered. 

Deliveries during the three 
months amounted to three 
DC-1 Os compared with onlv one 
a year earlier and eight DC-9s 
against five. The company said 
it had firm orders for 971 of it- 
DC-9 aircraft, as well as condi 
tional orders and options for 41 
with 885 delivered. 

Altogether, McDonnell Dougla 
had accumulated a total backlog 
uf nearly. S8.6bn worth of orders 
on September 30. This compared 
with SB.4bn the previous year. 

Last year, the group managed 
a 13 per. cent gain in its nei 
income to S123m, or 93.20 
share, after a strong per 
formance in Ibe final three 
months. • 


> HH seeks Wall Street listing 


OUR FINANCIAL STAFF 


RSON Howell and Heather S2.6m' 

-orated (PHH), one of first. 

orld’s largest vehicle leas- S. Lai ley, chairman. 


nd management services 
..nies. is to apply for a full 
on the New York Stock 
nge. PHH, whose UK sub- 
7. PHH Services, of Slough, 
ltly has stock traded on 
TC Market in the US. 
the last financial year 
ae for the group rose T8 


states that a listing on the New 
York Stock Exchange would both 
better reflect the size and diver T 
city of the group and . create a 
wider market for the stock. 


from merger 
In recent years.; nationalr 
Nederlanden has sonant ially 
espandfd Its . -- U&natlonal 
operations, ‘ which _£ln 1977 
accounted for seme Bn per cent 
of total revenues. . ^ he com- 
pany is already represented in 
North America thxhhgh a num- 
ber of companies Mtti In the 
U.S. and Canada. 

During the-. first pi f of this 
year net profits rose' by 15 per 
cent on -a rise of ig cichih in 
total . revenues. A^LIhc time 

timings 


compared with the 1977 maintenance to business travel 
and executive expense manage- 
ment. The original name win' 
now only apply to vehicle leas- 
ing operations, in the U.S.^ 

PHH has its headquarters In- -the company expo 
Maryland. The group’s principal .for tfee whole of 199 ai Icasi 

The corporation is also to seek offices and subsidiary companies ""nruilis 

approval from stockholders for are in Connecileut. Texas and ntnrimll p^ t0 pj ofiSuk 
a change in name to PHH. Group New Jersey tn the U.S., as well 
Inc. as in Canada, South Africa and 

PHH was founded in 1946 to the UK. 

nt to 914279m and earnings provide automobile fleet manage- PHH Services of Slough pro- 
tax improved 22 per cent ment services. Since then, it has tides vehicle leasing, employee 
lira from S8.3m. In the expanded to cover operations relocation and office . removal 
it first quaner revenue was that vary from employee reloca- services, os well as business 
ed 23 per cent higher at tion through tyres and vehicle expense management services. 


Ui5> QUARTERLIES 


11. ft AHMANSON 


Matsushita deal 

'Matsushita is l<r ^lirc the 
Newctaft subsidiary^ Tclecor 
for the November^ M book 


■T INTERNATIONAL BOND SERVICE 


;e list shows the 200 latest international bond issues for which an adequate secondary market 
For further details of these or other bonds see the complete, list of Eurobond prices published 

Closing prices on October 30 

ChWHMMl 


. second Monday of each month. 

VtLLAR 
"HTS 


Change on 

IscmkI Bid Offer day week Yield 


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■ »' 


YEN STRAIGHTS 

Imied 

Bid 

Offer day 

week Vleld 

Asian Dl-V BX 55 S8 

.. IS 

98 

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3.4/ 

Australia G.6 SO — 

.. 50 

mu 

1B11 

0 

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651 

BFCE 6.4 00 

30 

9M 

971 

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+K 

607 

Euro Era a GO 90 

.. U 

96 

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Finland a# 83 

.. 25 

971 

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Norway 5.7 SO 

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.. 40. 

9 U 

97* 

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601 





Ctasffls on 


OTHER STRAIGHTS 

Issued 

BM 

Offer das 

week Yield 


Rank O'S Hold. IH At 
Anio Cote Basq. 7 83 EUA 
CopenbiiMn 7 93 EUA 
Finland Ind. Bk. 7 93 EUA 
Komm. Inst. 7} 93 EUA.. 
Panama 81 93 EUA ... 
SPR France 7 93 SUA 
AlKcmene Bk. 61 83 FI 

Brazil 81 n 

CFE Mi-XILP 71 S3 FI 

EIB 7} SS FI 

Nedt-r. Mtdtltub. SI 83 FI 

Nch- Zealand 8; W PI 

Narw.iv til K3 FI 

OKB B» Hj FI 

EIB 8] 85 FFr 

RAT fi 88 LlixFr 

Bayer Lax. fl m Lax Ft ... 

EIB 7] SS LuxFr 

Finland I. FtL S 88 LuxFr 

Norway 72 B3 LuxFr 

Renault 72 £8 LuxFr 


Citicorp O/S Fin. 10 83 £ 

EIB 96 SS £ — S 

Finance for Ind. 10 CT I . 12 

OcMeincr FIML BV ]1 88 £ 10 

Oranlehoonj 102 90 £ 15 

Wblibrvad 101 90 £ 15 


10 

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FLOATING RATE 
NOTES 

Amcncan Express S3 

Arab lull. Bank M6.S KJ... 
Banco Mac. Argent. SIS S3 
Bank Handtowy MB SS ... 
Bank of Tokyo msj 93 ._ 
Banque Worms M5i Sj ... 

BO. Exr. d'Alg. US.37S 84 
Bnuu. Exl d'Ateu. M75 85 
Bque. lodo ct Suez M5l 
Bo. im. A/r. Occ. MILS 83 

CCCE US.C5 96 J U 

CUF M51.8S - 01 

Chase Man. O/S MM 93... 01 

Costa Rica MSJ 83 U 

Cxvdll National MM S8 ... tt 

En petrol M7 88 0] 

SFTE MS S3 12 

Ishlkawajuna MM 85 8] 

LjnbUanska U7.7S 85 — l 
Midland Iml. MM 93 . — U 

Nat. WML- MM 98 01 

Nippon Credit MSI S3 ..... U 

OKB M3| 88 - M 

Offshore Mining 88 02 

Standard Chart. MU 90... 91 

Sunasval&sbanken BW B5 . U 
Usd. Overseas Bk. MO S3 U 


Spread Bid Offer Cdau Cxm CyM 


Vi 

96 
961 
9U 

961 
971 

97 
-96! 
471 

962 
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46 

991 

96] 

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972 
468 
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958 
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99 

461 

462 
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478 
971 
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991 

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981 

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97 

961 

9M 

908 


20/4 UA 
31/1 91 

2L/1 tt 
a/ll 9.56 
U/4 U* 
1502 9 
M 43 
2m 7i 
S/I 41 
12 n 92 
3/2 409 

sm si 

27A 401 


U/4 

11/1 

21/3 

5/4 

27/4 

19/1 


437 

*.74 

4.73 

4.40 
IMS 

432 

9.40 
7.77 
933 
436 
937 
US 
9.68 


1104 1136 
404 932 
lfl mta 
UM 1038 
111 U42 

101 mh 
20/1 4M 933 
21/12 901 938 
15/3 91 936 


CONVERTIBLE 

BONOS 


Cwr. Cmr. 
dale price 


981 U/4 1036 18.79 
9*1 19 A 9.44 9.77 
961 U/2 L94 402 
96] 4/4 1036 1U 

9tt 4m 801 834 

CHb.. 

Offer das- Pram 


Bid 


Axles 51 » — - 9/71 628 

Baker Im. Fin. 51 03 1/79 34 

Boots tt S3 - 2/74 £.16 

Coca-Cola Bottling 8] 4/74 4 

Ito-Yokado 52 93 6/18 1473 

Nora Indusiri 7 89 .. . fl *9 .291 
Texas InL Air. 7J 03 ...... 4/74 143 

Thorn Int Flo. 7 89 ... 

Tyco Ini. Pin. 81 88 ... 

Tyco Im. Fin. 5 M ... 

Asabl Optical 31 DM ... 

Casio Comp. 3] 85 DM 

Ixunriya 3* 98 DM 

Jnaco 3] 88 DM 
KomsWrolru 3] 85 DM 
Marndai Food 36 DM 
Murata Man. 31 SS DM 
Nippon Air. 33 88 DM 


1071 ■ -01 
941 -» 


4.78 

1732 


1861 
93] 

94j ttl +0t -409 
781 m -31 9.90 
143* 1441 -1 -1.70 
941 941 -U —4.17 

7fd 78 - 31 2238 

1031 3041. +W-J.74 


... 9/78 

a 

921 

94 

-a 

2137 

5/78 

613 

72 

73* 

0 

176.90 

-12/78 

588 

948 

9 M 

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2439 

.. 11/78 

841 

UK* 

1873 

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U/78 

989 

1861 

187* 

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832 

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un 

1814 

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1939 

.. 1/79 

612 

97! 

98* 

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2008 

.. 2/79 

1833 

uw 

104] 

— 

uor 

—11/78 

■54 

96) 

97* 

+« 

1204 

.12/78 

SOB 

974 

9W 

+01 

931 

.. 8/78 

738 

1141 

ltt* 

+01 

734 

.. 2/79 

477 

97] 

9>S 

+0* 

1430 

.38/78 

617 

ua 

IBM 

-04 

18J8 

.. sm 

869 

120 

ia 

+24 

1B.93 

.31/71 

299 

94* 

954 

0 

1607 

.. 9/78 

127S 

116* 

117] 

-04 

0.78 

21/78 

623 

10U 


8 

ISO! 


sciyu Stores 3| 86 DM 
Stanley Electric 3* DM 
TrlO-Ken wood 3* 88 DM U/78 111. 90 9M +M 1736 

*No tniormaUon available— prerious day’s price, 
t Only one market maker supplied a price 
SmlaM Bonds: The yield is ibe yield to redemption of the 
raid- price; the amount issued Is tn minions of currency 
nmic ex(«pt for Yen bonds where it is m mtllons. Ghana? 

oh week -Chance over price a week earlier 

Floating Rate Notes: Denominated In- donors unless other, 
wue I a dm led. M - Mttrtrntun coupon. Center Date next 
coupon becomes effective. Spreads Martin above su-montb 
offered rue For U.S. dollars- .C.epa=Tbo cnnwn coupon. 

CjldaThe rnrroin yield- _ „ , . 

. Convertible bond*: Denominated in dollars unkiu oiherwlsu 
Indicated. Ch8- day^Chanae on day. Cnv. date- First date 
lor conve-*siM Wo shares. Cnv. price- Nominal amount. of 
bond p« shape expressed tn nmreDcr of sham at cancer- 
■ran rote laed at issue- Prcin —Per cum* w premium of tbc 
cones: Gtetalm price of acquiring shares via the bond 
over the most recent price of the shares- ' ' 


O The .Financial Tunes LM.. 1W8- 1 “1®^ 

m tn- nart to any form pm . punateod wuhom wriuen 
cansenL Daia anpplled by IMerBond SarvloM. ' 


value of Newcra 
as»is plus' $17, 


has estimated the 
will be between $7, 
per share, biri. ice. 
male Newcraft’s , 
t'alue. Telecor bis 
outstanding: 



langible 
AP-DJ 
Teleeor 
ik value 
d S7..ifi 
aot esti- 
of (hat 
shares 


MobiH- W. F^all 

W. F- - HALL Printing has 
agreed to. a $S0m- miuser into 
'the Mobil Coiporafipm Reuter 
reports from Chleagu Mobil 
udll pay $27.50 pep~4ia re Id 
cash for the U3n atttanding 
Ball shares.'. ThfctPritzker 
family of . Chicago; pods over 
830,000 shares .oir. ilatt 45 per 
cent of tbe cQimnoiLstwk. 


$50m loan for 
Fiat-Allis 

NE\V YORK, OcL 30, 
CHASE MANHATTAN Bank has 
arranged. a $50m eight-year term 
loan for Fiat-Allis Construction 
Machinery, a member of the Fiat 
group. Chase Manhattan is the 
lead manager for the group of 
11 other international banks. 

This is the first eurocurrency 
loan to an American company 
following the revision of 
Federal reserve regulation M 
which previously required U5 
banks to maintain reserves on 
eurodollar loans to U.S 
borrowers. 

AP-DJ 


net earnings per share from 
USS0.68 to $0.01. Total net of 
S26.6m compared with SIS.lm 
last time, and sales of S37S.9m 
with 3297.3m. 

.. For the nine months to dale, 

Gfctaary, id which British inves- net earnings have increased from 
tips. hold a major stake, plans a £1.34 to S2.52 a slurc. Total net 
ppjttc offering in the U.S. and of $70.3ra compares with S62m 
qmsda of Im new common and sales of $1.1 bn with S947^hn. 
smres. The company now has Steel Company of Canada, the net loss increased from S4.5m to 
a&^t &fen shares outstanding, largest Canadian steel producer. $33.9ra, on sales of Sl.Tbn against 
Tfij6 terms of the offer have not had third quarter earnings of $1.3bn last time, 
bdgff disclosed. C830.4m or $1.1 1 a share against For the nine months to date. 

The proceeds of the offer will Si8.2m or 62 cents on sales of Ford has turned in a profit of 
hetused to retire bank debt 8435m against 337Sm. Nine S1.61 a share against $6.68. 


on sales of $1.3bn against 
$1.09bn. The demand in the third 
quarter continued strong and the 
outlook is good for the fourth 
quarter. Excess inventories have 
now been liquidated. 

Gulf Canada announced net 
earnings for the first nine 
months of this year of $2.61m 
against S2.Slm previously, re- 
ports agencies. Total net of 
$120m, or $2.61, dipped from 
$127m, or $2.80. Revenue of 
$1.9bn increased from $1.7ibn. 

Ford Motor of Canada 
announced a loss for the third 
quarter oE S4.09m compared with 
a loss of S0J>4m last time. Total 


RESULTS iff BRIEF 

Corroon and Black profit 
ahead after nine months 

f'.l'y NEW YORK, Oct 30. 

TWO~ U.S. Insurance: ompanies industrial, down from $3-34 to 
have reported upturn- in $3.07. . 

earnings per share for the first For the first quarter of the 
nine months of the enftmt finan- current financial year. Purer 
cial year.. Corroon aid Black Corporation. chemicals and 
moved up from $1.53 to $1.99 avionics, advanced from 52 cents 
and United States J3ftlity and to 55 centa, Delta Air Lines 
Guarantee. Company idvanced moved up from $L3G to $1.65, 
from' $4.60 to' $5.63;.--' Briggs and Stratton Corporation, 

Other- advances in, mJF-iDonrh engines and locks, moved ahead 
earnings are repoied by from 34 cents to 51 cents, Digital 
Faberge, fragrances m from 88 Equipment, computers, advanced 
cents to 3L06, Glno& ratau rants, fr° m 66 cents to 75 c^its,.Dn!on 
up from 68 cente a $1.07, Companies, retail, was up from 
DoniLdi n, Lufkin atm Jenreite, 5S <*“ts to S3 cents, and Norton 
securities broker, /aSod from Simon, food, ewmetics and 
1 cent to 27 cent* and the dnnks, advanced from 57 cents 
Canadian manufacturer of metal to 59 ^nts.^ • 
products, Itomfaio^Mge Com- . A in the first quarter 

pauy^ up from, $2.12 ” $2^7- “ JiLSS?* Company, 

Downturns at the ipe-month h °4f® h 5lf, ? UJ 0 ?'"? , fo ° d - 
level - are- reported' by C Indus- which fell from 45 cents to 40 
tries, diversified indusbal. down cents. _ 

from $2.91 to $2 JTMissou ri For the thfrd.^uarter of the 

Paeific Kailroad, down-fom $557 year. FTHC Corporation machines 
to $5.26, Detroit Edk«. utility, and chemicals, moved up from 
down from . $i.6i; v $1-27. ^ centB 10 §6 cents, and for the 
Dillingham . Corporathfl. marl- full _ year, uamon .Corpontion, 
time resources - ahd" oroperty.. medical instruments, fell from 19 
down from 82 cents -t 1 cent ’ cents ?° 3 cents * 
and Norris Industries; .versified Agencies 


DS $1 0,000,000 

Floating Rate/Ltidon-Dollar Negotiable Certificates 
" ■ bf OPOsit due April. 1980. 

THE DAI -I CHI KANGYO 
BANK, LIMITED 
LONDON 



In accordaricevwthtf- provisions of the Certificates^ Jwjhv • ‘ 
Siren that for thasfcionths interest penod I from Octobor31 8^978 , 
to April 30ift 1870 he Certificates will carry an i Interest I FlffUFof 

1 l^pn^^ Te^linram interest payment date wttbo April . 


1878. 


Credit So»se First Boston Limited 

• : - . - Agent Bank 


AMERjglA HESS 

Third <Mnra*. 


1978 

Revenue ...i.i.i l.lSbn 

Net proms;..;... 30.59m 

Net permute... 0.75 

Nine montjtr/. 

Revenue^.... 3^2bn 3.42bn 
Net profife;..;. 97.68ra 156.70m 

Net per raws:.: 2.41 3.87 


1977 

5 

1.12bn 

33.92m 

084 


CHARTER CO. 


Third quarter 

1478 

14T7 

Third quarter 

1978 

1977 


259^m 

223.5m 

Revenue 

533.4m 

351.7m 

Netlroftts 

29.19m 

27.17m , 

Net profits 

5.6m. 

3.5m 

Net pfer share... 

1-27 

1.19 

Net per share... 

0.26 

0.16 

Nina^ffetht . 



Nine months 



Rwesue 

754.0m 

635.Sm 

Revenue 

1.46bn 

l.OSbn 

Net profits. 

87.7Sm 

74.54m 

Net profits 

13.2m 

12.7m 

Net t^r share... 

3. S3 

3227 

Net per share... 

0.62 

0.60 

ALPfllA PORTLAND INDS. 

K C» St C 

Third Aiaher 

1978 

5 

1977 

5 

Third quarter 

1978 

S 

1977 : 
5 ! 

Revenue:.. 

65.99ra 

5S.2m 

Revenue 

117 3m 

94.4 ra 

Net pnpfits 

1.06m 

2.31m 

Net profits 

4.2m 

2.8m 

Net pdr ihare... 

0.57 

1.25 

Net per share... 

0.65 

0.36 

Nine m4ikh* 



Ntoe months 



Revcnfe 

166m 

148 6m 

Revenue 

3244m 

273.8m 

Net prpfs ..1... 

2.65m 

4.38m 

Net profits 

11.3m 

S.3m 

Net pefishare... 

1.44 

2. 38 

Net per share... 

1.63 

1.06 


NATO MAS 


ELECTRONIC MEMORIES 


ARMSTR^G CORK 


Third quartaql'- 

Revenue 
Net profitB^i..-. 
Net per shto»..i 

, Nine mantes * ■ 

Revenue 
Net profits v- a*.. 
Net per shar^., 


BARBER 01$: 


Third quarter 

Revenue ... 
Net profits 
Net persbar 

Nine months 
Revenue ... 
Net profiLs 
Net per shat 


1478 

27.2m 
22m 
- 0.82 

78.6ra 

4Sm 

1.83 


, 1977 
5 

25 7m 
2 2m 
0.83 

68m 

5.4m 

2.03 


Third quarter 1978 1977 

S 5 

Revenue 33.0m 27.4ra 

Net profits 3.55m 1.30m 

Net per share... 0.61 0.19 

Nine months 

Revenue 95.9ra S07ra 

Net profits 5.92m 3.39ra 

Net per share... 0 95 0.48 


FLEXI-VAN 


1978 
r 5 

1977 

S 

Third quarter 

1973 

s 

1977 

5 

312.1m 

276-Om 

Revenue 

4S9tn 

35 6m 

1333m 

10J5m 

Net profits 

5.75m 

5.54m 

-. 0.51 

0.40 

Net per share... 
Niue months 

0.S6 

0.82 

93L3m 

S14.0m 

Revenue 

134.0m 

95 8m 

48.47m 

36.6Sm 

Net profits 

17.5Sm 

13.36m 

1.87 

1.41 

Net per share .. 

263 

1 99 


FOSTER WHEELER 


BROWN & SI 


MFG 


Third quarter - 1978 

.;- - s . 

Revenue •S’r 32.6m 

Net profits 1.70m 
Net per share..* 0.74 

Nina nfonihs 5 • • 

Revenue & ,102.9m 

Net profits Sr SiSSm 

Net per share...; ZSi 


1977 

S 

24.1m 

0.50m 

0.22 

77.3m 

1.99m 

0.S7 


BURNDY 


Third quarter 197B 1977 

S S 

Revenue 341.3m 2S25ra 

Net profits 9.83m 7.S5m 

Net per share... 1.20 0.96 

Nine months 

Revenue l.OTbn S5fl.2m 

Net profits 29-Stn 19.83m 

Net per share... 3.64 2.43 


FOXBORO 


Third quarter 

Revenue 

Net profits 

Net per share... 
Nine months 

Revenue 

Net profits 

Net per share... 


2S4.ini 

22.6m 


267.9m 
23.4m 
2 89 


FRANK B. HALL 


Third quarter 

’ 1978 

1977 

Third quarter 

1978 

1977 

Revenue 

■ ■ 42.8m 

3S^m 

Revenue 

47.Sm 

37 7m 

Net profits 

- ' . 37m 

2.9m 

Net profits 

6.13m 

4.85m 

Net per share. 

0.59 

0.46 

j Net per share... 

0.67 

0.54 

Him months 

. 1313m 

116.0m 

9.4m 

Nine months 


110.9m 

Net profits 

■ " lL2m 

Net profits 

lT.Sm 

14.5m 

Net per share.. 

- v L79 

1.48 

Net per share... 

1.97 

1.61 


Third quarter 

1978 

1977 


5 

S 

Revenue 

133.4m 

152.1m 

Net profits 

19.7m 

lS-3m 

Net per share... 

2.25 

223 

Nine months 



Revenue 

360.6m 

443.4m 

Net profits 

55.7m 

57.5m 

Net per share... 

6.51 

7.46 

RAMADA INNS 

Third quarter 

1978 

1977 


5 

S 

Revenue 

89.4m. 

82.0m 

Net profits 

6.31m 

5.87m 

Net per share... 

0.25 

023 

Nine months 



Revenue 

243.6m 

220.3m 

Net profits 

926m 

8.96m 

Net per share... 

027 

0.35 

TIMKEN 

Third quarter 

1978 

1177 


S 

s 

Revenue 

262.7m 

229.3m 

Net profits 

16-9Sm 

11.46m 

Net per share... 

1.54 

1.02 

Nine months 



Revenue 

S08.0UX 

733.4m 

Net profits 

60.39m 

5L69m 

Net per share... 

5.47 

4.62 

TOTAL PETROLEUM (N AMER) 

Third quarter 

1978 

1977 


S 

\S 

Revenue 

1592m 

89.5m 

Net profits 

4.8m 

3.7m 

Net per share... 

023 

020 

Nine months 



Revenue 

395.8m 

255.1m 

Net profits ...... 

9.5m 

11.7m 

Net per share... 

0.67 

0.92 

2(1TH CENTURY-FOX 

. 

Third quarter 

1978 

1977 


S 

S 

Revenue 

161.0m 

171 5m 

Net profits 

18.44 m 

3L61m 

Net per share... 

2*6 

4.02 

Nine months 



Revenue 

469.1m 

361.6m 

Net profits ...... 

51.40m 

40.06m 

Net per share... 

6.43 

5.16 

WHITE CONSOL. INDS. 



1978 

1977 

Third quarter 

2978 

5 

1977 

s 


94.5m 

Revenue 

406m 

352.6m 

S.4m 

S.2m 

Net profits 

13.1m 

122m 

1.02 

1.01 

Net per share... 

Nine montits 

0.91 

0.84 


Revenue 

Net profits 

Net per share... 


156bn 

41.2m 

2.88 


l.Ofibn 
37 Sm 
2.61 


WISCONSIN ELECTRIC 


Third quarter 1978 1977 

S S 

Revenue 184.8m 159.3m 

Net profits 23.5m 19.9m 

Net per share... 1J2S 1.09 

Nina months 

Revenue 736.9m 64fi.Sm 

Net profits 65.2m 562m 

Net per share... 3.56 3.14 


; *_ This announcement appears as a maitcr of record only. 

NEWISStTE October 31, 1978 

$30,000,000 

The Bank of Tokyo, Ltd. 

. Portland (Oregon) Branch 

Variable Rate Roll-Over Certificates of Deposit 

. Final Maturity Date October 25, 1980 


Blyth Eastman Dillon & Co. 

INCOBPO RATED 




3S 


Financial Times Tuesday October 31 19 




INTERNATIONAL F1NAV f\l; v 


Ell 


XjCS&BANY NEWS 




Ferodo to 
raise $72m 
by rights 


Saint-Gobain 



BY DAVID CURRY 


PARIS, Oct. 30. 


By Our Own Correspondent 
PARIS. Oct. 30. 

THE HOLDING company of lbe 
Ferodo Motor Component 
Stroup is promising to main- 
tain its dividend in 1W7S on 
capital increased by a two for 
five rights issue, it is raising 
FFr —90 tii. or $73 in 

The prime reason for the rights 
issue is to finance the disputed 
acquisition of a controlling 51 
Per cem in ibe riecinrai ruin- 
ponent concern Ducellier. 
Ferodo is seeking to control 
Ducellier by selling up a shell 
company with DBA. the 
majority owner of Ducellier. lu 
exercise the 51 per cent \utmy 
rights in Ducellier held b> 


! A DECLINE of almost a third 
in net. earnings for the first half 
of the year has been reported 
b> France’s largest nnn-stale- 
. owned concern. Saint-Cobain- 
Font-a-Mou-Min. Moreover, jhere 
i< every possibility that the trend 
will he continued in the second 
half, leading tn a final result 
well below last year’s Fr ti-LIm 
net eai nines. 

Suinl-Cobain has been hit by 
the continuing depression in the 
French market, where its operat- 
ing and net results are holh 
negative. In addition, its oier- 
seas activities have failed to 
come to the rescue as they did 
last year. Finally. Ihe group 
ha? had to face the high cost of 
its programme nf shutting uneco- 
nomic factories and the disposal 
of unwanted activities in pursuit 
of its aim of turning towards a 
higher technology range of acti- 


vity and lightening its control 
over traditional products. 

The cost of such closures atone 
came to Fr SOm — most heavily 
in the paper sector— against onl> 
Fr 15m last year. Continuation 
of the programme in ihe second 
half will cost at least as much. 

in a sense. Suinl-fiobain is 
ca'ti-hing up in a hurry with the 
decisions postponed for the lb 
months or so before the elections 
fur political reasons — in order 
not to provide ammunition in the 
left. Now. with the Government 
itself urging French companies 
to take radical stops l<» prepare 
fur international competition. 
Satm-Gobain is mahing a dash 
for re const ruction — it recently 
reorganised ns group activities 
into icn branches to lie able 
to assess performance more 
efficiently. 

At the same time, for diverse 


reasons, the overseas activities 
declined significantly. Thare 
were strikes m both the German 
ni-iiur equipment divisions and 
■at i>rl:un-Teod in the U.S. The 


(.K-nnan economy itself 

did not 

First half 

1 970 

1977 


FFr 

FFr 

Sales 

T7.Q3bn 

15.9bn 

Operating income 

734m 

9J6m 

Net income 

301m 

434m 


fulfil expectations for growth, 
while Cert jin-Teed had iu i ace 
hmb difficult winter conditions 
and the rehuilding or ui'la na- 
tions "• expand output at a tunc 
of peak demand. 

The devaluation of the Spanish 
currency hurt the performance 
of the Spanish subsidiary, and 
there were certain conversion 


losses which will also be a 
feature oF th«- second half. 

France is Mill the worst black 
spot, with FFr 23m operating 
loss and FFr 26m net loss against 
FFr 27tu and FFr 88m profits 
respectively last year. The group 
will lose some FFr 200m in the 
paper sector alone. It closed one 
plant at the beginning of the 
year and another a week ago. 
The traditional engineering 
activities of the Pont-a-Mousson 
side of the group are being 
looked at hard with a view to 
eliminating the worst loss- 
n.akers and more ancient plant. 

The dividend will not be 
.! fleeted by the decline in earn- 
ings. The parent company has 
substantial retained earnings, 
and promised at the time of the 
FFr 594m right* issue that earn- 
ings would not be diluted. 


MEDIUM-TERM CREDITS 


Downward pressure 


BY JOHN EVANS 


DBA. 

This action is being- contested ln f 
the court* by ihe L’K concern j 
Lucas, which has 49 per cent 
of Du collier, on the gruunds 
lhat it is invalid in the luce' 
or Lucas’ nun (frc-L-inpiive | TWO LARGE international loans Indonesia’s latest five-year plan, 
agreement with DBA that each ‘totalling $550m are being Manufacture ns Hanover Ltd. 
company would give the other? planned by Indonesia and the and Toronto Dominion Bank are 
first refusal should it wish to; Philippines, with both trims- forming a bunking management 
dispose of its stake in the com- ■ actions underlining the con- group for the credit, 
ponent company. j tinned d«w-n ward pressures .m ’ The Philippines is seeking 

However. Ferodo is clearly *i50m. also for 10 years, with a 

fident that it can make iisi s - 2?.^' }> 1,?/ IIS. 7,f rl |n l d!‘.!I?i?'i« five - vear Brace period. Spread 
control of Ducellier Mick U* ! ra 5 na ^QOm io v 0 Tr° loan nn thl ‘ tornvtlw to be raised 

position resting essentially on caro - in g spread of f per cent 



Statsfoeretag 

to stav in the 

* 

red this year 


Bid talks 
at Dutch 


publishers 


By Our Financial Staff 


in ihe name of the country’? 


its 


belief that the French MVyI -- Eurodollar interbank rales is . ' W ry ? , 'T 


Government has lu sustain a • for' the”fir<i" five year "and : * M |>er r^P'^cntina an improvement in 

'E cent for the remainder. ’ ,h « *™ s fl,r recent Euromarket 


French takeover of Dueellic 

it wishes to create a strong ; ^nniVasi.'Vhe ‘country raised [,jC Ib 'L Philippine*, 

national presence m this sector a A575m Euromarket loans Manufsclurers Hanover Lnl. 
tn compete against Bosch and package towards ihe end of 1976 has ^ cen K> v en a mandale m 
Lucas. at an^nverall spread of 1; per arrange she loan. 

Ferodo also needs money to 1 cent. Those loans were designed This credit will help liici'l the 
finance two other acquisitions, io refinance curlier credits, while external financing remnreiui-nt* 
neither uf which it will name.. the present s^QOm will be used of various Philippines state 
One i$ a foreign motor com- : for development projects under bodies. 

ponent company, in the non-! 

automobile sector, the com- 
pany is taking control of a EUROBONDS 
manufacturer of high lech-, 


The latest luin-owim: li> 
F.ra/.il, a 8200 loan f-ir she 
(Tirupanhra do Metropo’ifano do 
Ri<» de Janeiro, will include a 
13- vear maturity nn one ><( ihv 
tranches. The response of ihe 
Euromarkets to this lojn wil 1 be 
watched carefully. It is hem - : 
regarded as a test operation tn 
find nut the market’s true 
receptivity to mat untie*, of this 
length for Brazil, which is one 
nr the most indebted > l ;hc 
('•■unlries regularly b.ir ■nv.inc 
overseas. 

European Brazilian Bank will 
head the loan, which consist* of 
a 10-year tranche ai a Sjiiead ni 
I! per cent, a !2->ear -''re at 
1 5 and the 15-year lranc:iv at 
11 per cent. 


By Our Nordic Correspondent 

SIOCKHOLM. Ot-L 30. 


Leumi plans $60m floating rate note 


BY FRANCIS GHILES 


nology mechanical products.' 
this lime in France. j 

At the same time the parent i 
company nf the computer con- \ 
cern CN-Honeywell Bull is! 
also raising capital tn pariici-, 
pale in the capital increase of I THE international bond markets later this week. Thi* FRN i*- 
its subsidiary Com pa eme 1 had another unhappy day y ester- expected io carry an inleresi rale 

des .Machines Bull is seeking; day: turnover was very high with .if j per ceni over Libur and a 
FFr 164m in the form i>r an ’prices falling hy about half a minimum coupon of 6 per 
issue of fine share at FFr 50 point, though i lie uinvemcni m Bank Leumi will guarantee ihe 
Tor each five shares already , prices was erratic. Quiet Mnn- bond and no otiuide under- 
held. days, which used *o bo the norm, writers will be called in- to as-iM 

Finally, one or France’s biggest are ”one. at leas! for the time the issue. 

water utilities. Lvonnaise "des. ' ,e,n ?- ,n ,ht * Deutsirhe-Mark i n the straight dollar -e>:u<r. 
Eaux. is seeking -liarcnnldiT>. *vcior. prices moved up a little price* fell broadly hy ..ne half 
approval tn increase capital. bu * turnover remained thin. t„ three quarters of a point, 
from FFr 253m to FFr fifiOnji Despite Ihe virtual freeze on Where there were buyer* they 
over the next five vear*. The 1 dollar issue*. Leumi Inter- were often the sinking funds, 
first slice is likely to he sought national Investment XV. a subst- m many case? of U.S. names, 
before the end of the year, but diary uf Israel * largest bank, is The Ashland S per cent. 19S7 


before the end of the year, but diary uf Israel * largest bank, is the Asntann > per cent 

the concern lia* not yet di’culcd expected to announce a SHflm have not moved in price in the 

on the technique m be used. seven-year Hunting rate nmc pas' Hen weeks and w«.*r«» still 


quoted yesterday a t 97-.. 

The El 3>i ' S; per cent i‘ : 'l :-:»d 
Ihe ECS(J 9; per cent If-S : i>o 
seem lu Ik* a rase tn pos;;’. i’Sns 
pailern is likely in conli:u:-* .lur- 
ing the week .i> ILS. short arm 
rales »iiiral and a I0j - et-ni 
prime L’.S. bank rate is .r.t.-a*- 
ingly being taken for _ran»ed 
Swiss selling, aho a feam - -;nee 
the middle of this inon::i. >m- 
tinucs. 

In the Dculsch Marr f.ctyr. 
trading was described .. •' -.cry 
professional — prices i»j»..C/i up 
mure than down, but vnln-n • wa- 
thin. 


STATSFOERETAG, the Swedish 
stale Iioldine company, made a 
pre-iax loss of SKr 604m 
1 8142m i on consolidated account 
for ils 30-odd subsidiaries during 
the first eiglit montlis of this 
year. It expects to finish 197S 
with a loss slightly lower than 
ihe SKr lbn it incurred last year. 
The eight-month loss is struck 
after planned depreciation and 
would be SKr 244m heavier, 
were depreciation charged at 
replacement cost. 

Lust year Statsfoeretag 
reported a h ■?s of SKr 026m at 
the eighl-mpn'li stage but the 
results are nut directly compar- 
able because of changes in group 
composition. The managing 
director. Mr. Per Skocld. 
calculates that the current eighi- 
mnnvh result reflects a further 
decline of some SKr 125m com- 
pared with la-: gear’s. 

The eight-month turnover rose 
by U per cent io SKr 62!5bn 
«*I.47bnt. A •restrained upturn” 
in the Swedish and West Euro- 
pean economic* during the last 
four months i* expected to speed 
up group sales. s«» lhat final 197S 
turnover should reach around 
SKr lObn. This increase, it is 
estimated, will reduce losses in 
the last four months. 

Statsfoc retags huge loss still 
*iems from its four heavy- 
industry subsidiaries, the LKAB 
iron mining company.. ASS1. the 
fores* products concern. Berol 
Kt-mi. the chemicals company, 
and tile NJA sled works, which 
now forms; parr of the n*>w 
Swedish steel company. SS#.B. 
These fourjinade pre-tax losses 
nf SKr 723ro. nf which well over 
half is aliribuiable to LKAB. 

If they are excluded. 
S’.alsfoeretag would show a con- 
siderable improvement from a 
loss or SKr 55m to a profit nf 
SKr 119m during the eighl- 
mvnih period. Leading the profil- 
eumers is ttie tobacco rompany, 
which turned in earnings nf 
SKr 173m. 


A MAJOR Dutch publishing 
takeover — possibly worth in 
excess of S40m— loomed last 
night following the stock mar- 
ket suspension of shares in 
Elsevier and Dagblad Lnie- 

A statement from Lhc two 
companies which have been in 
talks for some time is expected 
today, tf a merger of the two 
is to be effected, it would 
almost certainly lake Uie form 
of an offer from Elsevier which 
is roughly twice the size of 
Dagblad Cnic in terms of net 
profits and has a stock market 
value of some FI 250m (S130m) 
compared with FI 76m for 
Dagblad 

Last published (1977) sales 
of Elsevier totalled FI 593m, 
while net profits amounted to 
FI 22.7m. ‘At Dag b lad sales 
were FI 415m in 1977. with net 
profits emerging at FI 10.3m. 
Elsevier has strong inter- 
national trading links and is 
one of the world’s largest pro- 
ducers of scientific journals. 
Dag bind, publishes ladies maga- 
zines. 

Elsevier has been noticeably 
acquisitive in recent years. 
Two recent deals have taken 
the company into technical 
magazines in West Germany 
and into medical book publish- 
ing in the UJS. 


Kockums seeks 
state takeover 


BY WILLIAM OULLFORCE 


Commerzbank 
to maintain 
dividend 

By Our Financial Staff 


KOCKUMS. the Swedish ship- 
building and industrial group, 
bad a pre-tax loss of SKr 174m 
f$41m) before extraordinary 
items for the first eight months 
of the year and confirmed that 
it has opened negotiations with 
the Ministry of industry for a 
state takeover. 

Mr. Olafur Sigurdsson. manag- 
ing director, estimated that the 
final loss for 1973 could be over 
SKr 200m but it was subject to 
uncertain factors such as the 
development of the dollar ex- 
change rate during the 
remainder of the year. The 
result of the talks with the 
government would determine 'the 
company's future, he said. 

Turnover during the eight 
months fell by over 12 per cent 
to SKr 8S7m ($209m). Depre- 
ciation was up by nearly 
SKri2m and net financial 
charges of SKr 125m were 
SKr 13m higher than during the 
corresponding period of last 
year. The pre-tax loss compares 
with a loss of SKr film for 19n 
as a whole. 

Despite a reorganisation of 
Kockums’ shares in several of 
the vessels it has had to take 
over, the losses on iu shipping 
operation accumulated from 
SKr 71 tn in the first eight months 
oF 1977 to SKr 105m and 
occasioned “a sharp increase in 
the outflow of liqnid funds.” 

The Malmoe shipyard, the last 
major Swedish yard still pri- 
vately owned, delivered the last 


STOCKHOL3L Ovt. 39. 

of ihe super zanders on ::s bocks 
in Aon! and found no buyer for 
the two LXG carrier* it has been 
building on its own avcounL 

It slumped from a SKr 21 m 
profit into a SKr 3 5m :»** for 
the eight months and has ornery 
in hand to ensure employment 

at the yard only until the 
beginning of April. 

To compound Kockums' diffi- 
ci: M ips Us industrial opcratu’iis 
turned in a toss of SKr J-ni 
compared with a lo?* of *.* vr 1,1,1 
in the corresponding period ia-t 
year. The loss is due principally 
to the decline in the demand for 
forestry machinery. 

Earlier this year the Kockums’ 
Board and annual gctic-.-jl niecl- 
ir • accented the 1977 accounts 
although* the auditors had 
e?;pressed doubt about tnc 
failure to write down claims unit 
p 3 ri shares in ships by about 
SKr Ubn to conform *un 
current prices. 

In June. Kockums arranged a 
.SSOOra crcdii facility under a 
state guarantee and received a 
SKr 34U:n state loan. During 
the eight months if look »p new 
loans totalling SKr tFJniu- 
estimates that the state loan wil. 
safeguard liquidity until the end 
of the year. 

Talks on Kurkunw* fate nil 1 -* 
been delayed by the change 
government, while it is a 
possible that the now Liberal 
minority cabinet will want tn 
change the Shipyards’ Bill tabled 
be the former government. 


INCREASED business volume 
and a maintained dividend 
were the main prospects held. 
out to shareholders at the 
recent autumn Press conference 
called by Commerzbank, the 
third largest commercial hank 
in West Germany. 

Total buxines* volume was 
running sumc 16 per cent ahead 
after ihe first nine months of 
1978 while at the parent hank 
there had been a rise of 7 per 
cem in the surplus on interest 
earnings. Dividend for 1978 is 
forecast to stay at DM 8-50 a 
share. 

The bank's net assets had 
risen al a 7 per cent rate since 
flip end of 1977 to a present 
level or some DJI54.4bn. Con- 
tinuing high liquidity among 
industrial customers resulted 
in gains Tor all three major 
sectors, public borrowings, pri- 
\aie credits and foreign credits. 

Commerzbank plans to 
expand ils foreign operations 
with the opening of an affiliate 
in Antwerp and the preparation 
of another in Hong Kong. There 
is to be an agenev in Atlanta, 
Georgia, a merchant bank in 
Singapore and a representative 
office in Toronto. 

In 1977. the hank's assets 
expanded hy almost a firth, 
while net profits, following a 
heavier tax charge, emerged al 
DM 212.7m. compared with 
DM 225.2m. 


UBS forecasts downturn 


BY OUR FINANCIAL STAFF 


j UNION Bank of Switzerland 
I yesterday rounded off d gloomy 
|'re<iiUs season for the nig three 
Swiss banks in the third quarter 
nf 197S. 


| Third quarter operating earn- 
ings at UBS were lower than in 
jbuth the two earlier quarters o: 
[this year, and as a result the 
bank now expects profits for the 
whole of 1978 to decline, in 
! 1977. net earnings emerged at 
i SwFr 267m. 


j Last Friday holh the Swiss 
Bank Corporation and Credit 
Suisse announced that trading 
had boon difficult during the 
third quarter of this year, 
i largely because of lh*j corrosive 


impact nf the strength in fnreicn 
exchange markets nf the Swn-s 
franc. 

I'BS reported lhat rnMs held 
steady but lower income frum 
interest business as well a-, m 
same areas of tom miss ion busi- 
ness depressed earnings. As ihis 
situation is “unlikely tn. alter 
in the coming months " the bank 
expects to report lower earnings 
far 197S as a '.‘.hole. 

The bank's balance sh*^*t luUl 
ruse by SwFr lbn in the ihiirt 
quarter to arwrnd SivKr J»7.£H»n. 
which was SwFr 1.7l»n ahnvi* the 
level al Iho end of last year 
Totaf lending ruse i»> SwFr 33 Tin 
during the quarter in SwFr 
252-bn. 


HYA $2m first half loss 


| VERENIGDE HVA Maatsehapui- 
’jen XV. the Dutch agriculiutai 
and commodities group, reported 
fa loss of about FJ 4m (S&hv for 
lhc first half of 1978. ended on 
June 30. No figures were given 
[for the year-earlier period. 

For 1977 as a whole. Ihe com- 
pany reported a ron.»i)iduled ne? 
prnfit of FI 806,300 compared 
with F! 2.2m in 1976. The com- 


AMSTERDAM. Oct. 30. 

paa;- said i? honed the 197S 
second ball results would show 
some improvement, though il sitSl 
anticipated a loss. 

Contributing to the first-half 
loss were disappointing refills 
from tv.n trading companies. 
Schoonoocekse Machinof jbrick 
ec CheRiiiche A|ip:»r.i»viibnnw 

Snia. and t'.heniie CoiniunuMe 
Amsterdam CCA. 

AP-D.1 


|V 


. • NS 










1978 News Bulletin No9 

Interim Statement 










.■MM 












t • s ;r- 


W ' 

Craftsmanship 
in foreign trade 
financim 


LU 


■'U. 


Baden-Wurttemberg. the home of 
sonle of the world's premier names in 
business and industry, is one of West 
Germany's most productive, export- 
oriented states, wilh a strong demand 
for resourcefulness m international 
banking. 

Successful In helping io meet ihis 
demand. Landesbant Stuttgart ranks 
among southern Germany's leading 
banks, with assets of DM 18 7 billion 
and offering a full range of commercial 
and investment banking services Ex- 
pertise in export and import financing, 
for example, and sound advice on 
hedging strategies. 

Through its intimate knowledge of 
the local market, the Bank can intro- 
duce its international customers to 
potential trading partners or arrange 


contacts for mergers, acquisitions or 
joint ventures. 

Lands sba nk Stuttgart is a govern- 
ment-bad- ed regional bank head- 
quartered in Stuttgart, hub of Ger- 
manv's industrial Southwest. It is part 
of the vast nationwide network of 
savings banks. It acts as liquidity man- 
ager for Ine Sparkassen of Wbritem- 
berg. and maintains correspondent 
relationships woildwide. 


% * 


For a banking partner whose first 
puority is productivity just contact us 

al Laulenschl-agerstrasse 2 . D-7000 
Stuttgart, Tel..- <07 W 2049-1. Tele? : 
7-22701. or our Representative Office 
in London al Portland House. 72-73 
Basinghail Street. Tel : 01-6060052, 
TeleA. 381 4275 LBS LON. 




The final figure for the group's net 
• consolidated sales for the first six months 
of 1 978 is F FI 7.030 million (FF1 5.952 for 
:the first half of 1 977). On a comparative 
basis this corresponds to -an increase of 
6.7%. Likewise on a comparative basis, but 
. after allowing for the effect of variations in 
monetary parities, the increase in safes is 
9.0%. 

. The '1 978 results inefude significant 
: charges relating to redundancy payments 
and factory closure costs arising mainly in 
France. These charges, which amount to 
FF80 million for the first six months to 
.30 June. 1 978 (FF1 5 million for the six 
months to 30 June, 1 977) have been 
" separately disclosed after operating 
income. Accordingly, the gross margin 
. before depreciation, and operating income 
for 1977, have been restated. This 
- restatement has no effect on net income. 

The results for the first half of 1 978 reflect 
a further worsening of the situation in 
. France with an operating loss and net loss 
of FF23 million and FF26 million 
respectively. The corresponding period in 
1 977 showed an operating profit and net 
: profit of FF27 million and FF88 million 
respectively. Resources provided by 
operations in France decreased from FF304 


million- to FF220 million. Group companies 
in Germany and the U.S.A. maintained 
their satisfactory performances. However, 
profits in Spain snow a decrease due to the 
devaluation of the peseta in July 1 977. 


The contribution of the glassfibre. flat glass 
and asbestos-cement branches- remains 
significant (88% of net income and 68% of 
resources provided by operations). The 
activity of the pipework and engineering 
branches is decreasing. The packaging 
materials branches show a net loss 
attributable tojosses in the paper branch 
which increased to FF1 26 million as 
compared with a FF48 million loss for the 
corresponding period of 1 977. The activity 
of the refractory products branch remains 
stable; Contracting and service activity has 
picked up and the distribution branch is 
agam marginally profitable: 


Forthe full year 1 978, net consolidated 
safes shoufd amount to approximately 
FF34 billion. As in previous years, it is 
again not possible to expect a repeat of the 
first half performance in the second half. 
Results forthe second half will again be 
affected by the economic situation in 
France and probable translation Josses due 
to monetary fluctuations. - 


Consolidated Statement of Income 

(millions of Francs) 


30 June 78 
Real 


3Q June *77 31 December '77 

Restated 


Net sales 

17.030 

15.952 

31.323 

Gross margin before depreciation 

2,032 

2.317 

4.162 

Opera tnvi income 

734 

' • 919 

1.557 

I let income 

301 . . 

434 

642 

. Resources provided from operations 

1,120 •• 

1,258 

2.332 

Earnings pershare (in Francs) 

10.81 

15.56 

23.04 


rffTTht 

.... — ■ - _ 

t’ 


Landesbank 

Stuttgart 



SAINT- GOBAIN -PONT-A-MQUSSON 


For further information, write to :The Director oF-Extemar'Relations,’ 

Compagnie de Saint-Gobain~Pont-a-Moussdn r 54 Avenue Hoche, 75365 Paris. Gedflx Oft 




' Nivaoo -1NIVS NOSSnOIAI - V 




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Financial Times Tuesday October 31 3.978 




INTERNATIONAL COMPANY N E\'N 


PANESE ELECTRICAL COMPANIES 

ixed results for the 




W RICHARD C. HANSON 

; AN'S major telecom muniea- 
. s equipment, electric 
.-rtiinery and computer makers 
•.irtcd missed results for the 
'-■year to September 30 — as 
eminent agency spending 
red up sales but the export 
ket grew more difficult. 
>shiba Corporation made a 
. ng showing in the half-year 
a result or measures by 
agement to rationalise and to 
i nut unprofitable sectors: 
profits gained 39 per cent 10 
lbn fSaOmi — the best level 
decade — while sales rose to 
alf-year record, up 17 per 
to Y593.15hn (S3J3bnj. Its 
irts were down 7 per cent, 
ever, and accounted for only 
per cent nf sales, against 
. er cent a year ago. mostly us 
. suit of curbs on exports of 
ur television sets to the 
. e D.S. market and the sharp 
in the yen in the foreign 
" langes. Good exports of 
olators, microwave ovens and 
•o components partly offset 
decline. The yen’s rise led 
361 per cent rise in foreign 
jange losses to Y9.4hn in the 
nonlhb. 

bile consumer product sales 
' all showed an 8 per cent 
.. heavy electric machinery 
ticularly to the electric 
er industry j rose by 25 per 
and telecommunications 
pment sales were boosted 
per cent, both largely the 
it of stepped up disburse- 
. is by Government related 
icies and public utilities, 
ishiba reduced its workforce 
ibout 3,000 to some 62,700 


employees in the six- months 
from March 31. 

Fujitsu,. Japan's largest com- 
puter maker, also reported good 
results, with net profits up 14.5 
per cent to Y4.43bn. and sales, 
gaining S.8 per cent to a record 
half-year total of Y 1 97.82 bn. The 
company's exports were up 32.S 


Fujitsu holds about JO p.et 
cent of tbu Japanese computer 
market, lagging 'behind IBM’s 
estimated 25-LW per cent share: 
Its software technology develop- 
ment is believed to be training 
IBM’s by about one year. Major 
efforts at present are aimed at 
bringing its production costs 




Net Profits 

Gain over 
Half year lirst-hair 

to SepL 30 1977-78 

Ybn % 

Sales 

Half year 
to Sept. 30 
Ybn . 

Gain ever 
first-half 
1977-78 
% 

Toshiba 

9.01 

29 

593.15 

1618 

Fujitsn 

4.43 

14.5 

197.82 

8.8 

Nippon 

Electric 

3.02 

-219 

2S2.08 

122 

Oki 

Electric 

-0.05 

<-Yo.l5bn) 

63.16 

9.3 


TGK?0. Oct. 30. 

talecoipmuu*^^^ t 0 the 
Middle E»ft. . w®*® “p 15 p er 
cent, hot down *?, j share of 

the whole' to f ron , 

-31 JS per- e «nV l . J ^‘ iar ’£5c rate 
changes- csusw .f 1 estimated 
YS-Sbn loss. . ... 

The rate ®*-. *^P endt nce 
orders froi^thej^c a „ e „ 
was up to pee 0 f 
sales from 36 a 

ago: There is .CT.n^erabip 
cern that the.sP»jj , ng by 

'“rllSirt,"; » 


on 
lencies 
total 
year 
co li- 
the 
the 


SSgg« ex pen* 


ditnre biidg eBa, 

In the Aprt^Sepwmher 

year. . Private da^and remains 

uncertain. 


per cent to Y2S.I5bn, or 14.2 per 
cent of the total , compared with 
1L7 per cent a year ago. With 
computer-related exports up 50 
per cent to Y16.9bn (about half 
to the U.S. market!. 

Its overall computer sales, 
which -are under strong cost 
pressures in Japan from the 
market leader IBM, increased 
only 6.9 per cent to Y13S.S7bn. 
Telephone equipments sales were 
raised IS.7 per cent; microwave 
communications sales 4.6 per 
cent, and electronic parts (like 
IGs) gained 26.6 per ccnL The 
company will spend about Y22- 
23bn on capital projects, this 
year, the largest of which was 
an IC manufacturing building 
built since April. 


down quickly enough to thatch 
IBM, which has been able to re- 
duce its priees in Japan. 

From later this year, Fujitsu 
will begin exports to Siemens of 
West Germany of largo scale 
Facnm brand computers. 

Nippon Electric Company 
(NEC), which depends on spend- 
ing by public agencies like the 
Nippon Telephone and Telegraph 
more than Toshiba and Fujitsu, 
reported a 24.9 per cent drop in 
net profits to Y3.02bn. Sales-rose 
to a record Y2S2.08bn, up 12.2 
per cent. NEC expects that net 
profits for the year will be 
somewhat better than an earlier 
Y7»05bn forecast, which showed 
broadly no change from last 
year. Exports, still strong in the 


uncertain. :• 

The worst P«4Mnee among 
-the big- teloCQPtounications 
manufacturers w® Sported by 
Old Electric wbi«* ^Bistered a 
net loss of'..« < Kii Ul the Sep- 
tember half. agaiBSi a year ago 
loss of YJ5lmv-^es gamed 9J 
per cent to Y63jl6bn- The com- 
pany. dropped' • tt^’dend for 
the mid-term and espccLs tlie 
full-year dividend -al So i 0 ^ 
eliminated: Wail* exports— 10 
per cent of vpgy nn up 
slightly. OW SOffg£l a Y500m 
■ foreign, exchange. I® s - 

Okl depends MwUy Dn spend _ 

ing - by - the- telephone 
concern for about per cent of 
sales. . Such bpsjWS* Sained 10 
per cent in the Aaif-year. As 
part of dtfermlned measures io 
rationalise its ,ions - the 


uons * the 
company will . cut workforce 
bv 1,500 on ■ October 31, or by 
around 10 per cfittt.of its 1-1,000 
strength. 


k ;m 


Orient Overseas profit upturn 


IT ANTHONY ROWLEY 

ENT O VERSE. AS Container 
Idings). which owns and 
■ates the container shipping 
ices of the C ,Y. Tung Group, 
a 25 per cent increase in 
■aiing profit to HK$47.5m 
510m) in the six months 
une 30. 

ie group, which has container 
ices from Asia to Europe, 
incu and the Middle East, 
enjoyed u continuing 
rove merit in the third quarter 
expects improvement in the 
year's profit according to Mr. 


C. H. Tung, managing director. 

Analysts here arc expecting 
OOCH to produce nei earnings of 
over HK&lOOin (USS21.ini) in 
1978 against HK$S5.79m last year. 

OOCH normally enjoys a better 
second half than first half 
hccausc of the greater number of 
sailings Id the latter, period. 
Extraordinary items, in the shape 
of ship sales, which. Iasi year 
lotalled HKS41.8m, arc expected 
to be considerably smaller this 
year however. 

OOCH is paying an interim divL. 


HONG KONG. Oct 30. 

dend of 9 cents a share against 
8.5 cents in Lhe first half of last 
year. This is effectively a 16.5 
per cent increase as it is being 
paid on an increased cupitaL A 
total pay-out of 30 cents a share 
is forecast this year against 29 
cents last year on the smaller 
capital. 

Mr. Tung reported that outside 
competition was growing, for the 
group. Plans Tor OOCH's Far 
East to West Africa service have 
been postponed because of an 
unfavourable trade climate. 


Royal Bank branch in Hong Kong 


BY OUR OWN CORRESPONDENT 


3 ROYAL Bank of Canada 
opened a new ** full-service " 
nch here offering a full range 
banking services including 
le financing and money 

-|Cf*t coevippe 

he Canadian bank is among 
foreign banks which have 
3 given permission under the 
I Banking Ordinance to open 
iches in Hong Kong since the 
eminent here relaxed its 12- 
r long moratorium on such 


opening earlier ibis year. 

Many of the banks have con- 
verted their operations from that 
of M deposit-taking companies ’ — 
registered under a separate 
ordinance— -to full bank status, 
or retained . both- types of 
operation. 

* * * 

A RECORD PRICE or HKS89.856 
(U.S-$l 9,000) a square metre 
was realised for land at Tsim 
Sba Tsui East at a crown land 


HONG KONG. Oct 30. 

sale, according to a spokesman 
for tbe Crown Lands and Sur- 
vey Office. Reuter adds from 
Hong Kong. 

He said the lot auctioned for 
non-indus|ria] . purposes excludr 
ing bniel use, measured 1580 
square metres and fetched 
H.KS124ni. 

The previous record price Cor 
Crown land sold at Taim Sha 
Tsui East was HKS81.395. 


Colgate V 
Palmolive 
India 


By K. K. Sharma ; 

NEW D&AI. Oet. 30. 
COLGATE-PALMdUt E or the 
U.$. is offering "ffor sale to 
Indians some' il8n of the 
UM5m equity share or Rs 10 
each that il holds fa its Indian 
subsidiary -Colgate-Paimulive 
(India).' Each share of Rs 10 
will be offered w ife 25. 

The sole te befe made in 
terms of the Foreign Exchange 
Regulation Act wridi requires 
“ Indianisation^ |i ownership 
of most foreifj. eenpauies to 
the extent of 60 g«r rent. Col- 
gate-Palmolive .U-anong tbe 
largest manhfactyms of cos- 
meticand refate^produets in 
the country. ' v~’, 

The ct^hpahy’sjbiiiover has 
neaMy doubled (fan Rs 170m 
in 1973 10 Rs^m (U.S. 
540.75m) .In 197& .Profits be- 
fore tar inerfeaxd from 
Rs 39.7m to RsSOn (SlO.om) 
In the same period^ 


NANCIAL MARKETS 

Regional drive in Kuala 

BY WONG SULONG IN KUALA LUMPUR 

S'- MONETARY proposals Malaysian banks have to borrow Darby was raised in Singapore 
aunced in the recent Malay- abroad to fund their foreign ex- dollars. To participate in that 
■ Budget represent by far tbe change operations. portion of the loan, Malaysian 

•f significant measures taken Since such 'balances and loans banks would be. subjected to 
the Government in recent are basically short-term, the withholding lax, which would be 
rs to promote a regional interest earned attracts with- passed - on to Sime Darby, 
neial centre anil commodity holding tax, which is passed on Therefore Sime had to take the 
ket in Kuala Lumpur. 10 Malaysian exporters, making business to tlie Singapore 

hese include doing away with Ibem less competitive. For Gov- banks. 

15 per cent withholding ’ax, ernmenl-approved loans of more Tbe withholding tax is lifted 
ing interest rates, and the 

eduction of two new in one- - — — 

■Instruments, bankers’ accep- MOVE S WERE MADE in the Malaysian Budget to promote a 
s of deposits regional financial and commodity market in Kuala Lumpur. But 

oreign bankers have often Bank Negara, the Malaysian centra! bank, has made it plain 
cised the Malaysian monetary that it is not aiming in Kuala Lumpur’s rivalling Hong Kong 
lorities for their conserva- and Singapore in this field. Its philosophy is that Malaysian 
and bemoan tbe fact that banks must serve various sectors of the local economy, and 

* a t-J' u « pur J 8 far meet certain socio-economic objectives. 

■s like Hong Kong and Slnga- 

: in the provision of financial ■ —— — —— — - — 

ices. 

ut Bank Negara, the Malay- than three years, the withholding only oh interest payable to 

non-resident banks, and not 





One of the Government’s ob- non-resident individuals or 
jectives is to promote an inter- companies. This is to prevent the 


central bank, has made it tax does not operate, 
ri.thai it is not interested In 

noting Kuala Lumpur into a . , 

neial centre tD rival Hong national commodity market in infiow of speculative funds Into 
g and Singapore, whose Kuala Lumpur. Malaysia is the the Malaysian economy. 
iomic6 are linked closely to world’s biggest producer of nib- Of even greater significance 
r status as financial centres, ber, tin. palm oil and tropical to the development of a financial 
He central bank’s philosospby hardwoods, and therefore has an centre .to the freeing of the 
lat tbe Malaysian banks must excellent base for a commodity interest' rates of commercial 
e. and grow together with, exchange. banks — the last leg of the 

ous sectors of the Malaysian There is already a rubber mar- Government’s free rates exercise, 
lomy in an orderly manner, ket In Kuala Lumpur, .and a mar- Finance companies were freed 
well as fulfil certain soclo- ket for physical Un in Penang. j 0 their rate quotations in 
lomic objectives demanded Steps are being taken to develop August, 1973. and this' was 
them by the Government’s the Penang pn market to cover fD ji Dwed closely by the freeing 
economic policy. Tn hS of ratcs for Treasury bills. 

ie monetary proposals made is expected to be introduced by Commercial banks will now 
he Finance Minister, Tengku taeimd of next year. . fix their own interest rates, 
fleigh, serve to underline Eventually, ttese “Jha; ages in6tS!kA of lhe central baflfc 

■ 5§!s.^~ srsrss 

But such an exchange could jjjjj, Govern ’ 

only function effectively if directive. 

onal marker for" the Malay- traders were able to quote fine Tnc pressure is now on the 
currency — the ringgit — be- ringgit exchange rates, and for small local banks. Jn the past-, 
ie to do so effectively, banks this the removal of the with- Bank Negara had shielded them 

holding lax is essential. from competition- by. fixing rates 

The withholding tax also and refusing foreign banks per- 
1 places a burden on Malaysian mission to open new branches, 
banks and merchant banks in In doing so. the central bank 
their ability to participate in has been nudging the small local 
foreign currency loans for banks to merge and to take in 
Malaysian institutions and this foreign partners, so that they 
works to the advantage of could improve their management 
foreign banks, which pan avoid and compete more strongly, 
the tax by borrowing from Many local banks have done 
their overseas branches. so. Pacific Bank, the small 

For example, 245m ringgit of Malaysian bank which was sold 
the 475m ringgit .loan for Sime to Sime Darby’s chairman,. Tun 


ned, the 15 per cent with _ 

ling tax on interest payable modify exchange 
non-residents discourages 
<s from making an inter- 


>ad have to maintain ringgit 
nces in Malaysia, while 


>rovfdefnee 

Ttmatfond telephone 

nfeforyourdients 

tommgfordtiesin 

afltjp^scandraviH 

VftJdfeEastUSAliK 

ndreianct 



Through 
Service 800 


Fat inter daat* W a uh on o: 


CLIVE INVESTMENTS .LIMITED 
1 Royal Exchange Ave., London EC3V 3LU- Tel.! 01-283 1101. 
index Guide as at October 24, 1978 (Base 100 at 14.1.77) 

Clive Fixed Interest Capital ^*2i 

Clive Fixed Interest Income 113.86 


ALLEN HARVEY & ROSS INVESTMENT MANAGEMENT LTD. 
45 CohihilL London ECSV 3PB. TeL; 01-023 6314. 

• Index Guide as at October 26, 1978 

Capital Fixed Interest Portfolio 100.02 

Income "Fixed Interest' portfolio • 100.01 


Tail Slew, SiB,- hy. fljc big Singa- 
pore bank. Overgo Chinese 
Banking Corporation recently 
.took- Americahf Espess as a 
partner with a 20 per rent equity 
holding. • r i 

The small Baraa^kOased Bian 
Chiahg Bank, whiitf was pur- 
chased by ' Fleetptin Holdings 
(the biggest- Malawian news- 
paper group) -has tmen Morgan 
Guaranty as a go per cent 
partner. : 

But there are siili some small 
Chinese' banks VMcl insist on 
retaining their \ -idntity and 
family control. Thp will now 
have to pay the prie for their 
stand. ' - .\r\ 

We have protects the ^srnall 
banks Mr many years We cannot 
'ler them binder ti» envelopment 
of our batfidng syroun." says a 
senior Bank- Negara official. 

. With tbe .freeing interest 
rates, foreign bank.- need not 
have so many branch to com- 
pete for. deposits. ?Vhnt I can 
do now' is to fly to'Est Malaysia 
and win the major ccounts by 
offering a more attractive 
interest rate,” cotments an 
American banker. 

With the Interest rate now 
free, the two motteary instru- 
ments, bankers’ accrtance and 
negotiable rehifiates of 
deposits, could ;be introduced 
next year. ■ Thftse monetary 
instruments win to stimu- 
late. and broaden he money 
market and; more important. 
aBow the authorities! c* mobilise 
private savings mbrePi rective L y ’ 

Malaysian eorapaijfs, like tne 
national oil couipaa'- Petronas. 
with sizeable fnn;s ahroad. 
would be encourage- 10 i nves> 
their funds wlthli?. :ie country 
through the use of such 
monetary instrunfahi- , 

Another monetary reform is 
the change in the .ructure or 
bank liquidity.' Curi^y* lol : a1 
banks with large surrus deposits 
lend them to foretei banks, but 
have to bear the burfm of to® 51 ’ 
ing the requirements statutory 
reserves -and Hqiiiffir ratios on 
these deposita. Thig jomal.v will 
be rectified; so that he user of 
such funds has to met the statu; 
tonr requirements. ' t , 

It to also proposJ to bfins 
the merchant '• hoiks within 
a legal framework rf controi- 
Merchaht banks:- i Malaysia 
have been . opera r i|n under a 
set of -. guideline rom Bank 
Negara, and it u felt that 
legal controls shoifld o w 0 P e *! al , e 
On'them. under the pnkins A® 1 * 
1873. v 

With these reform* tbe Ma,a .- V ' 
sian banking 'sen an “ 
espeeted to be mare , i vely ' m » 

competitive aJthongUbe ceow 

btmk wiH be watdunTto see that 
tbe competition is opf 1 - and does 
not generate ihtdjSCree-faf- 5111 ' 



t. 

r 

U.S. $ 30 , 000,000 

pel Finance International N.Y. 

k 9%% Guaranteed. Debentures due 1990 

■ 

v ; . Unconditionally Guaranteed as to Payment of Principal, 

': : J Premium, if any, and Interest by 


39 


September, 197S 



Kidder, Pea fa^tyl ntematioaal 
X Bank of Ame rica International 

United 

+■ 

•: Swiss Bank Corporation (Overseas) 


Credit Suisse First Boston 

I-j— Ifiwi 

Banque Bruxelles Lambert SA. 

Westdeutsche Landesbank 
Girozentrale 


Algemeue Bank Nederland N.Y. 


American Express Bunk A. E. Ames £ Co. 

..... . iBoiMMUlCiMv Lmiaid 

Arab AIncm Interna tiouiil Bank Arab Finance Curporatiuo SA.L. 

Bache Halsey Stuart Shields Banca Cummer dale Italians 1 Banc:i del Gottanlo 


Abu Dhabi 1 n mpfapipany 

Autsterdam-Rotierdan^fiuk 

"1 - • 

Arnhold and S. BlrichraBeftlnc. 

Banca Nazionule del Lat$u Banco di Roma Bank Julius Baer International Bank of Credit and Commerce International 

I Mi l 

Bank Gutzwiller, Xura. Tte^qner (Overseas) Bank Mees & Hupe N V The Bank of Tokj o (Holland) N.V. 

Bankers f natju ternaiii^^- ' - Banque Franipaise du Commerce Exterieur Banque Generale du Luxembourg S.A. 

Banque de ITndodiine et 4 j|S«ra Banque Internationale a Luxembourg S.A. Banque Natinnale de Paris 

Banque de Neuflize. Schlu^Kr^r, Mallet Banque Pariente Banque de Paris et des Pays-Bas 

Banque de Paris et des Payi^BflS'fSuisse) SA. Banque Populaire Suisse S.A. Luxembourg Banque Rothschild 

Banque Scandioave en Suisnf Banque de la Socie'te Fmanriere Europeennc Banque de ITnion Europwnne Banque Worms 

Baring Brothers & Co., Bayeriscfae Hvpotheken- und Wechsel-Bank Baverische Landesbank 

L ™ atd % Girozeutrale 

Bayerische Vereinsbank ^ BerEner Handels- und Frankfurter Bank Bljth Eastman Dillon & Co. B.S.I. Underwriters 

Igtt""* 1 ”! l-ii|»i«* Iiwlnw t 

Burgon Bank, SAk, Kmvait:-,-', • Cazenove & Co. Chase Manhattan Gticorp International Group G widen Bank 


Compagnie de Banque et d’lmK&ssemenls (Underwriters) SA. Compo^nie Monegasque de Banque Continental Illinois 

Cou nt)* B ank Credit fTyiuemal de France Credit Industrie! d’ Alsace et de Lo train e Credit Industrie! et Commcrdial 

Credit Lyonnais Cre&dnNord Creditanstalt-Bankrerein Daiu-a Europe N.Y, DBS-Daiwa Securities 

Lei * -mnl t tmti 

jDdbruck & Co. VDen norske Credilbank Deutsche Girozeutrale DGBAXK 




Deutsche Girozeutrale 
— Deutsche Konununalbank— 

Dillon, Read Overseas Corporation Dominion Securities 

Unhid 


The Developme nt Ban k of Sin^nre 

Drexel Burnham Lambert . Effecfenbank-Warburf 

Eu rot rad ing finacor First Chicago First Chicago Asia Merchant Bank 

T.hriwd IJ 

Fiqi in ternational Finance Gcnossenscbaftlicbe Zen tr a) bank AG 


Srutsdw CnoBOHcaaflUniik 

Dresdner Bank 

AkiincodhchMt. 


Enrnmobiliore S.p.A. 

1 EmwiitakniuUiji. 


Girozentrale und Bank der oste mjdiktjien Sparkassen 

AUbcmUA* 

Handelsbank NAY. (Overseas) ;. iJandels-mid Privatbank 

dkmodUdt 


European Banking Company 

1 iilwJ 

Robert Fleming & Co. 

Lknid 

Antony Gibbs Holdings Ltd. 

Ham bros Bank 


Hill Samuel £ Co. 

Unfad 


E. F. Hutton & Co. N.Y. 1 ■ JBJ IntonationaJ 

1 hUmii 

Istituto Bancario San Paolo di Toms Kipeco Finance S.A. 
Kuwait Foreign Trading Contra ctilg& Investment Co. (SA.X) 
Lloyds Qfak Internatiooal 


Lflzard Brothers &Go. 

United 

Aferck, Finck & Co. 

Morgan Grenfell & Go. 
NIppoo European Bank S.A. 

Sal. Oppenbetm jr. & Ge. 
Rothschild Bank AC 
Sanyo Securities Gu, Ltd. 


Goldman Sachs Iniematioaul Curp. 

Hessischc Landesbank 
-Girozentrale-- 

Indosuez Asia The Industrial Bank of Kuwait K.S.C. 

IwM 

KleimvorL Benson Kuhn Lodi Lehman Brothers International 

td 

Kuwait Inlernariooal Finance Company S.A.K. “KIFCO" 
Lombardfin Securities Underwriters 


JLoeb Rhoades, Hornhlower International 

■ United 

MerriH Lynch International &. Co. Mitsubishi Bank (Europe) SA. 


The Nikko Securities Co., (Enrope) Ltd. 

Okasan Securities Co^ Ltd. 




Samuel Montagu & Go. 

•LWted 

Neue Bank 

Norddeutsdhe Landesbank 
Girozentrale 

Ostemichische Landorbank Pierson, Hddring& Pierson N.V. PKbankra 

dlolwidUik 

ifd & Sons Salomon Brothers loteniaUonal Sanwa Bank (Underwriters) 

Saudi Arabian Investment Company Inc. 


'International 
Nomura Europe N.Y. 

OriflS 

N. M. 


Scandinavian Bank 

Lkmlni 

enry Schroder Wagg & Co. Schroders & Chartered Skandinaviska Enskilda Ban km 


Schroder, Munchmeyer, 

Smith Barney, Harris Upham & Co. ■!%**■ ■ V - ' Societe Bancaire Barclays (Suisse) S.A. Soriete Generale 

ln uflll wd 

Societe' GeoeraJc Alsacienne dc Banque- - - • Soriete Generale de Banque S.A. Societe Privro de Gestion Financiere et Fonriere 

Strauss, Turnbull & Co. Sumitan^Euiance International Sung Hung Kai Inteniaiional Svenska Handelsbanken 

■ _ . Lamed 

Tokai Kyow aM organ Grenfell : V Trade Development Bank Union de Banques Arabes et Francoises— U.B.AF. 

United Overseas Bank limited, Singapore ■ Vereiii s- und We stbank J.Vontobel & Co. 

M. M. Warburg- Brin ckm arm. Wirtz £ 60 ^ -: “ S. G. Warburg & Co. Ltd. Wardlev Williams, Glvn & Co. 

Wood Gundy Yam ai chi International (Europe) 


Dean Witter Reynolds International 


At- 


AUof these Securities hau&tmn sold . This announcement appears as a ■ matter of record only. 


$60,000,000 

Carter Hajvleu Hale Stores, Inc. 


9 Vs %Debentures Due 2008 


IntePesppayabie April IS and October 15 


& -• 


MORGAN STANLEY & CO. 

Incorporated 

BLYTH EASTMAN DILLON & CO. TBB FIRST BOSTON CORPORATION 

Incorporated 

MERRILL LYNCH white WELD CAPITAL markets group 

■Merrill Lynch, Pierre, Fenner dr Inc orp o rat ed 

BACHE HALSEY STUART SHIELDS : DILLON, RE AD & CO. INC. 

Itreorporatod -i_. 

DONALDSON, LUFKIN & JENRETT&- 

SeaxriHes Corporation 

E.EH UTTON & COMPANY INC. KIDDER, PE ABODY & CO. 

Incorporated 

LEHMAN BROTHERS KUHN LOEB : LOEB RHOADES, HORN BLOWER & CO. 

'Incorporated 

PAINE, WEBBER ; JACKSON & CURTIS ? ; SMITH BARNEY, HARRIS UPHAM & CO. 

■ ■ Incorporated ■ Incorporated 

WARBURG PARIBAS BECKER ^EJ^THEIM & CO-INC. DEAN WITTER REYNOLDS INC. 

•ittmvomted 

BEAR, STEARNS & CO. 


GOLDMAN, SACHS & CO. 
SALOMON BROTHERS 


DREXEL BURNHAM LAMBERT 

Incorporated 

LAZARD FRERES & CO. 


L. F. ROTHSCHILD , UNTERBERG, TOW BIN 


October 




40 


Financial Times. Tuesday October 31 


World Value of the Pound 


The (able below jtvcs the 
latest availahle rates nf exchange 
for the pound against 30 various 

currencies on October 2 : 1 . 1 »T$. 

in some cases rales arc nominal. 
Market rales are the averase of 
buying and selling rates except 
where they arc shown to he 
otherwise. In some cases market 
nites have been calculated from 


to 


those nr foreign currencies 
which they are tied. 

Exchange in file UK and most 
of the countries listed is officially 
controlled and the rales shown 
should not he taken as being 
applicable to any particular 
transaction without reference to 
an authorised dealer. 


Abbreviations: (S) member nF 


the sterling area other than 
Scheduled Territories; (kl 
Scheduled Terri lory; fo) official 
rate; <F) free rate; (T» tourist 
rate: (n.c.) non-commercial rate; 
fn.a.) not available; (A) approxi- 
mate rate no direct quotation 
available: tsg) selling rate; Cbgl 
buying rate: (nom.) nominal; 
(exCi exchange certificate rate; 


/P> based on U.S. dollar parities 
and going sterling dollar rate: 
( gk) bankers’ rate; (Bas) basic 
rale: (cm) commercial rate: 
(cn) convertible rate; ( in) 
financial rate. 

Sharp fluctuations have hern 
srcfi lalelv in the foreign 
exchange market. Rates In the 
table below are not In all cases 
closing rates on the dates shown. 


Currency, Money and Gold Markets 


Place and Local Unit 


Value of 
£Starliag 


Place and Local Unit 


VaVoe of 
£ Sterling 


Afghanistan 

Ait'Botn 

A IflTIl 

.X nji>ni... ...... 


AlullHDI 

Luk 


. !><nar 

• Frenrli Fram- 

■ >f*ni»li Pewta 
iiiade kVnrm 

.. K.Camhnn S 

Ana-ill In, ,\r. Tea- Five tin 

Aiisl’nllmf*' 

Au-tnn . .. 

A.i'n- 

Bahamas in. 

lUJintni (Si. . 
lUlnan.- ISis. 


TJ.OO 
10.4616 
8.52i8 
B.56S0 
14 1 .75 
!•-». 
5.6725 

1.882 


Ecuador- 

i ko vi 


EajT'twn £ 


i LUii”i>in tlhinjjtan Birr 

I K>|Vl Guinea (Van 


> JiOi S 2 .ll 
1 .F.WJU 
. • ■■ >i0.7GQD 
, uTi 1.6600 
• IP14.54B8 

! 141.76 


) Value of 

Place and Local Unit £ Sterling 


LIctIh' mtn ... i-an-j. Franc 
Luvcnilmiir,; . Liu Franc 


5.0826 

B 6 SD 


Atl*l rails il S 

Scliillioi: 

1 'nrjii-. Ksr-u.lj 

In. L'l'llnr 
f Ti»k, 
l till# l 

. Si*.rwm 

hnrian.r. f:; 


1.7365 
26.60 
90. 6 
2.09 90 
50.59i--i 
0.600 ' 
141.75 
4136 


Falkland Is. 
•Si 

I Fan i la.. ...... 

I Fiji I' 

] Finland .... •- 

Fniii*-c 

Fr.CtviilAf" 

I Fr.Ciniftrm 

I Fr. fa.-. Jr- .. 


'• PalWlan -1 Is £ 
llaoiah Krone 
Fiji S 
Markka 
Fro-urti Franc 
f.F.A. Frau; 
L---al Frnm- 
*. .F.P. Franc 


1.0 

1D.BS5 


1.6675 
7.9537 
8. 38 SO 
4191, 
8.3860 
152.45 


Macau Paima 

Mai !r Ira TV>n ur'scEscude 


nrinmiii P. Fmu- 


lrali' 


Kill-.’ H * 

ll- mu I .f. \ 

IVriilli.lniUi .. Pi(, S 

Riinmti Ih'Iihii 

Ki'lma P-'ln .Hi. P.,-.. 


i. n. 56.60 
i : noO. CO 
4.IS3 
412: i 
2.0990 
16.277. a- 
41.93 


' Gabon • ■■ 

1 tipmi-iii im 

- (icrnMn.v 

i taM i 


I'.F. \. Franc 

Ualari 


4191, 
4. (432 


Ust nuirL 


3.62 


aui.^i.. l'li 
i r 


R..I, 

11 m 

Hi-\'irgini-i£i i 
UlUni-li.a 
kalian* 


I III 

•l.-l-in* 

.. Hrinii;i S 
lev 


1.7185 
41.05 
2 0990 
4.5875 
1.7200 


tliirni, K v nl 

K’llntvlt Fur. .U'li Fun- 


13.744 

175.955 


Camero n Hp r.F. \. F.am- 
I.Hiimla , l.Hn,ilnii s 
l niiarv i-1i-. Spun nil 


419': 

2 4555 
1*1.75 


; 1 'irrnunt' 

">•1 
l.liiinn'N.. . 
(■il-mltnr -K . 
l.j'la-U I* . .. 

I ■ nw 

. I'lr-i-nlanii.. . 

f < iTinttfn - S- 

i ■ iimln !■ «•!>■*■ 

(ilia'll. . a., . 

liiLiTHmAfn. 

• i multi Kv|> .. 

• felllllltl 1*1- -Jill 

■ liU.YYUUI l>‘. 

1 Haiti ■ 

IF-H'Ihi-h- 

it. -ng K> -na o i 


Malagasy Kp. MG Franc 
Malawi !>».... Kwacba 
Malaysia i0i„ Rincon 
Mililivrlv$i Mat lluim 

Mali hf>. .Mali Franc 

Mali* iSj Mallear £ 

Man i aii| uc... 1 ,,-sl Franc 
Maurirania ... Oo^uivn ; 
JlauniiiiK U. Hupee 

Mericii Mexican Po«n 

1il-(iiH”ii f.F.A. Fmiif 

| Muimch., ...... FreivU Fmnc 

.1|nuii>ilia Tugril 

K. I'mrihcaa ? 
IMi-lism 

)liv. 


10.7156 

90.6 

4191, 

1.6065 

4.4030 

6.2491 

838.60 

0.734 

B.S85Q 

00.828 

12-2052 

47.61 

4I0>, 

0.3660 


i Al-D-^rral.. .. 

IliiriHu.. .. . 

I JlMUlliiqiK 


■ OiS.7333il 

5.6725 

7.67..-) 

65.035 


. _ . ! Value of 

Place anrl Local Unit < £ Sterling 


Dr'iGvIieMnrk 

■.Mi 

Irll-rallur £ 

\i|*«. Dollar 

U'Hl-llIlM 

T*hii-:--Ii Kroner 
K- t *ml«n S 
IikI From: 

1 > £ 

'/•■■•Cal 
Ml\ 


3.62 


iimiiu.il S 
■ iii- ink- 
1 

H.K. !* 


Hun^a-v F»ruil 


5. 65:.- -i 
1.00 
1.76E5 
72.6826 
10.055 
5.8755 
6. 5850 
2.0990 
2.0990 
SB .6698 
69.619 
5.3524 
10.495 
4.21 
5.692a 
■•wan 72.66 
iTnut->3£.33 


ga.nuHina t*"! 

Rwanifa Hu an da Franc 

St- Christo- 

pher >S<— ■ E- Caribbean $ 
Si . Heli.’ii*.. .. SL Helena £ 

Si- loir-la IS- Caribbean S 

St. Pienv C. F. A. Franc 

Sl.Vnu eiii'S) K. Caribbean 5 
Sal»a*l-i- W— Ci+n 
SamneiA* 11 '— L'.d. 9 
rsaii Marin"... Italian TJro 
Sa. T.«n»- .... E«wlS 
Saudi Arabia . Kval 

SeiuTnit V.F.A. Fane 

scvt-Ih'IIi-'.. .. S. Knpee 

Slerrelrf > ""e irt L'me 

SlnaaiH-n- IM. ?ln-»|,'re 5 

miinmuii G. S 

Si'iuiU Sun .HUIllin^ 

I uili- \l neat Si Kami 
| S. W, .Mrieaii 
TimlHW IM fi. A llan.l 
! Sjaiii I'm!* 


(>.tii<8.49 

na-.r22.f9 

100.870 


6.8725 

1.0 

6.6720 

419', 

5.B725 

5.19 

2.0990 

1.654 

30. S 

6.77 

419<i 

13.34 


413675 


■ 13-213 

1 .3261 


1.6261 

141.75 


1 * 1 *- Vcnii I. i .i|« I . Kw-mf.i 
I . 1 , n.Hii |m>i 1 hi . |s. s 
l «-nt. \l. lip. t .F.A. Trail.- 

l 1*4 .. 1 . F. \. Frail" 

t llil»‘ I . JVm. 


90.5 

1.7492 

4191. 

4ISIj 


• Uk> 65.57 


• I’lll* 

Ilitu in nil ■! Ynmi 

sjo.aa 

1 .•l.'llllllK . . 

i‘. 1 \-j. 

if, GS.SJ 

1 i.ui.’rn . 

1 1 . Fraiir 

Jl9'i 

i.-iii:’. ill IU-, 

t .F.A. Frnm- 

4181 1 

1 !•— In U'll'A . . 


IS.0514 

i*i iln 

■ ’ii«u 

I.4SA1 

1 \ I’m- i?i . . 

L S |>rn% £ 

0.711 

f relii’4’i>K 

k”nin<i 

- 10.31 

M •:o .8 

1 -1 -18^3 

Denmark 

Piiuirh Kn-ut’r 

■0.05b 

I'illKllll 

Yr. 


lln'Kini'* 

K, (. Ml iMvhii v 

6.67J3 

Ilniiilu. liej... 

Li tV»i. 

2.035a 


IcelanrtS’ 

India i* f i... 

I . I - " ■ 1 1 1 — I M , . 

Ir.m 

I mil 

In-1 l:. |« .ki. 

J-iaeJ 

Italy . . 
Iti’iy- l mil.. 
Jamaica i5<. 

J«|all 

J.’nh’i i-i 


WKn-na 
Jn>l. ii'npce 
HiiI’ihIi 
I lia 

I ih.| Dinar 

In-lt C 

1 -racl £ 


i.lra 


• Kampuchea' 

■Kinva-^i 


I . K"roa .Ml" 

! tin" ail iMI.i 

Laos . ■ 

f«iwi..’ii 

I 

I I.ila-na 

I.ilna 


i .F.A. Y rank _ 
■lanwira tkdUr 

Yen 

Jiiniali Dinar 
r.'irf 

Kt-iija aiiilhna 1 

\v,m ■ 

XV. HI 

K.iaail flina 
hi ifi I’.l I A. 

M«ms, f 

S. .\ini-an Kand 
Mfitfrian S 
l.ll-iau Dmu 


646.65 
16.277, - E , 
871.09S 

148.0 
0.6137 

1.00 
3B.9623 

1.654 

4191, 

3.4043 

372 

0.598.--' 
2.5168 
15.0105 
>.72l6i i 
1006.90 

0. 555 
839. SO 
6.2025 

1 . B26I 
2.0690 
0.62139 


Kauruli-.-. An«t. D-.liai 

\«l«l Nrj«ilife lluf^e 

Net l.rr land-.. Guilder 
Nfili.Aui’lc-. Am i Ilia u Guild. 

HcMnlcs ! \"VT t-llar 
/.ealBnil .tfi V./. rhdlar 
Vkumcm,. . t leWa 
\ik*t If |>- .. < .F.A. Fmnr 

Naira 

.Xr»i*. krone 


X t-r-na •!*,. 
S\n wax'.. . 


1.7665 

25.168 

5.91R 

3.7572 

136.646 

1.76® 

1.9081 

J4.71 

4191, 

1.267321-; 

8.7775 


liman Milian- 
aii’i’i 


l/ial i.lnwni 


0.721 


Pakistan Pw. Kiiitrc 

Fanaim Ba'.l-ia 


20.80 • 
2.0390 


Kina 


I 1.3899 


ra'NK’iav . Gnamiii - 
F’l’l'- U. Hr 

..i Yemrn .S» S. Yemen Ulnai 


261.45 


'\ .0-7 168 


s-r 

, I’h. Trs. 

i £ S/«i line 


I'ern 

Pliiliriuiies 

ni’-airnl’-Oi \X™ ‘l£\kn.lS 
F.’land Zl’iv 


15.447 


1.9031 


Villi Mrtcu. IVrela 

141.75 

-«ri l^nU isl.H. 1. UnfeF 

11.34 -j 

-ll.lmi l!|’ .. .. >uitmi £ 

1 1 0.8335 

Miriiipui . . . . S. iiiiiMi'r 

3.7572 

Sm.’ilftnil <■•?> Liisii^ni 

182? I 


>.3825 

.■>■« ii.-ertanil... Jjr. is» Krone 

5. 0825 

Taiwan 'W Tnin#n 

I’ 75-544 

i run-inn* 16.I. Tail. Sbitllu^ 

15.005 

TlmlUn’l Halil 

41.205 *3 

Ti«*i 1 f.F.A. Frolic 

4151; 

f”n^» i?>. i-S-j Fd'an^ji 

1.429? 

Ti ini’ lad (9.1. Trtu. A Tii»pn 

5.0276 

TnHi’.'V Turki.li Lira 

50. JO 

I111V.& f*. .. L'.S. 5 

2.0950 

Imuln Vu’iVimIIkii £ 

1.7655 

tfganda (6.1- l'g. sl<il linn 

N*.SJ 

L nil id States 1.5. Dollar 

2.0950 t 

1 iii^uav 1*iii»imv I’r-j 

. 14. 10 

utn- 13.97 

1'nl. VI 'Emm. f. t.B.Uirliam 

6.00 

lVrJj.ll llnnNe 

i.31 

1 ^frVUu,. I'.F.l. From- 

419-1 

Vatican.. • Iialtan Luc 

1.554 

IVtituiieJ* Lt'liiU 

6.99 

\ idum -.... Dtnii; ■' 

U: 4. ires 
14.2041 1 


, i T .62.45 


Pit1iu;ip 1. . 
P’-rr Tltu-r 
rnn-u*’ U'l 

l'li” 

CjaiariS. . 
I.Hllll.l’ll.. .. 
He . Te la . . 
l^hl•^e^ta ... 


. Kui-id’i 

Tiiii-.r Km-.ii|S 
. bruilv 

l'.>. F 
Valar Rial 


90.60 

90.60 

90.60 

2.0990 

8.00 


1 Virgiiil-.l'.S. I'.?. Ui'llar 

• Western 

. Somoa'^1— ■ «aminnTala 


I 2.0920 


1.2063 


F ren. li Fmn.- 
Ijlh,lir>iaii S 


P.3650 

1.4S56 


Yemen B.r*l 

1 1 nsi-ilafia. New Y l»inai 
I Zaire Bp .. /airr 
. Zambia (iwarba 


9.40 
f j 7533 
1.5197 
l.rf 


Th.il imh id hit hrem-h cnniniunitv in 
Airi’.Ti lonner'.y o.irr nf t- reach West 
Afni'.i or J-n-nch Kqaaroriai AtrtijL 
Rupees per nuunl. 


; General rales ol od anrt :rnn espnm ** Re'f «s Transfer martcef icon- 

irallM ’. 

„ r* Rat- is Mir based nn *i Barbados £ to 
1 R.is- on cross rate* attest Russian ih.- dollar 

rouble. zz Now odc ofticui rate. 


Thomas 

Cook 

Travellers Cheques 


The accepted name for money. Worldwide. 


» iy.,vi ,|v.r n‘ Midi m - p.v-i 


THIS ANNOUNCEMENT APPEARS AS A MATTER OF RECORD ONLY 


pl 

FIATALLIS 


U.S. $50,000,000 

TERM LOAN 


MANAGERS 

CHASE MERCHANT BANKING GROUP 
BANKAMERICA INTERNATIONAL GROUP 
CONTINENTAL ILLINOIS LIMITED 
CREOITO ITALIANO 
FIRST CHICAGO LIMITED 
SWISS BANK CORPORATION 


PROVIDED BY 


THE CHASE MANHATTAN BANK, JU.A- 


BANK OF AMERICA, NT & SA 


CONTINENTAL ILLINOIS NATIONAL BANK AND TRUST COMPANY CREDITO ITALIANO 

OF CHICAGO NEW YORK BRANCH 

THE FIRST NATIONAL BANK OF CHICAGO SWISS BANK CORPORATION 

CHICAGO BRANCH ” 1 


ALGEMENE BANK NEDERLAND N.V. 

CMCABO 


NATIONAL WESTMINSTER BANK UMITED 


B ANCA COMMERCI ALE ITAUANA 

CHICAGO BRANCH 


BANCO Dl ROMA 

CMCAGQ 


ORION BANK LIMITED SOCIETE FINANCIERE EUROPEEIWIE FINANCE COMPANY N.V. 


AGENT 


THE CHASE MANHATTAN BANK, N.A. 


OCTOBER 23, 197B 




\ 


Dollar falls in 
quiet trading 


The pattern nf events in yes- 
terday's foreign exchange market 
.-showed tittle change from (he pre- 
vious week. After seeing its best 
level in early trading, the dollar 
fell steadily against most cur- 
rencies despite further interven- 
tion by major central banks. The 
most active support was given by 
the Swiss and Vest German banks 
but this did not prevent the U.S. 
unit reaching further record 
levels. Against the D-mark it 
closed at DM 1.7232J compared 
with D.lf L7G00 on Friday. The 
best level for the D-mark was 


THE POUND SPOT I FORWARD AGAINST 


.Bank' 

Ort. 30 rate Day.* 

95 Spread 


Cfc»* 


Ooera^th £;ui. Tiwenymib' 3.p^- 


«Q 


DEUTSCHE 
MARK 



DJFtaAMJJASOND 
77 1978 


D.M 1.7200. Similarly the Swiss 
Trane row to StvFr 1.4G50 at one 
point before clo'ing al SwFr 1.469a 
against SwFr 1.5045. 

After reaching record levels in 
Tokyo, the Japanese yen continued 
to improve and finished at 
1 177.05 from YZ7S.90. The 
French franc broke through 
FFr 4 to close at FFr 3.9930 com- 
pared with FFr 4.0000. 

Vsmg Morgan Guaranty figures 
at noon in \eu York, the dollar’s 
trade weighted average deprecia- 
tion widened to un all-time record 
of 13.6 per cent against 12.5 per 
cent on Friday. 

Sterling improved against the 
dollar and other currencies 
although not acainst the D-mark 
or the Swiw franc. The pound 
opened at S2.0S10 and touched its 
best level around m.UO am at 
82.1015. Trading remained at a 
generally low level and at the 
close sterling was quoted at 
S2.OiiS.V2.0y95, a rise of 3.6c from 
Friday. 

On Rank of England figures, the 
pound's trade weighted index rose 
in 63.2 from 62 i». having stood at 
63.2 at nooo and 63.3 in early 
dealings. 

NEW YORK — The dollar con- 


tinued under pressure in New 
York and closed generally below 
earlier levels In European trading. 
Against the D-mark the dollar 
closed at DM 1.7150,60. it was 
lower against the . Yen, at 
Y 176.60-80, the Swis franc 
SwFr 1 .4690-1 .4720 and against 
sterling 92.1040-50. 

FRANKFORT — Confusion and 
two prevailing factors as the 
uncertainty appeared to be the 
dollar.* fell to a record fixing of 
DM L72S5 compared with Friday's 
fixing of DM 1.7610. Trading was 
generally slow ahead of the fixing 
at which time the Bundesbank 
gave support to the dollar by buy- 
ing some $30m- However, basic 
sentiment remained unchanged 
with little hope of any recovery 
by the U.S. unit. 

PARIS— The dollar was fired at 
FFr 3.9875 against FFr 4.0405 on 
Friday. This is the first time that 
the U.S. unit has fallen below | 
FFr 4 for almost 3\ years, and 
represents a depreciation of i 
around 14.6 per cent since the 
beginning of the year. 
BRUSSELS— At the fixing the 
dollar stood at BFr 27.14, a further 
record compared w ith F riday’s 
level of BFr 27.7325. At one point 
the li.S. currency touched 
BFr 26.95 earlier in the day. The 
Belgian Central Bank was re- 
ported to have bought around 
Si Cm at the fixing as well as 
giving some support in earlier 
trading. Further rises in short 
term Belgian interest rates helped 
push the D-mark down to 
BFr 15.7030 from BFr 15.73975 
previously. 

MILAN— In line with the genera! 
trend in other centres, the dollar 
was sharply lower against the lira 
and was fixed at L7SS.05 against 
L793.S0 previously. However, the 
lira fell to an all-time low in 
terms of the D-mark at L453.S7 
from Friday's L45234' while the 
Belgian franc and Dutch guilder 
also touched record levels. 
TOKYO — The U.S. dollar con- 
tinued to decline against the yen 
and finished at a record dosing 
low of Y1 78.473. This was com- 
pared with Friday’s dose of. 
Y 173.60. The CLS. currency 
touched Yl 78.95 at one point after 
a iitile demand materialised for 
contract settlements. However, 
this soon dried up and the down- 
ward trend conltnued once more, 
with a low for the day of Y 17630. 
Official intervention was con- 
spicuous by us absence, leaving 
the market almost bereft of 
buyers. 


Vjs. s 

IhowIUoS * 
Guilder 
Belgium T 
UkDinh K...- 

Port- be. 
N|*n- Pea. 
Lira 

Nnrjai.K. 
French Fr. 
SnaUsUKr. 
Ten 

Aiutm Sell 
Sniss Fr. 


Bis UttW-2-MHS 
1DU 2.4480-2.48® 

Sts J-Mi-S-Wi 

6 56.69-57.28 

8 1fl.B5-!fl.lO 
3 1 3J8-3.84 

IB 8SJ0-S1-n 
8 141.00-141. BO 

JBJj . 1.849-1.666 

7 fl.7M.8S 

Si 9 S-S2-8.S93 
sic . 8^7-a.sa 
34s' 568-578 

41* SS.SO-2G.as 
1 ‘ U74-3.K 


2JH85-2.B0S5 J 
2.4560^-4570 . 

6.91.-L32i 

: BB.75-56JB i 
18AS-10XS > 
5.6U-6-62A 
30.40-SQJfl 
:i41.7S-141-S0 
1,6B5*-l.B54i . 

s.77i-aja; i 
! 1.94.11 
. 8 J7?-8 Mi 
\ 577-575 

‘2fi.6M8.65 


BdtgU a rate 79 Air cooreniblr Inac*. 
Financial franc 9939.117, 


0-j7 

lJUt.ln.vn 8.98 
tc-pm-wr t^S 
Sc-tun- iB eii;4 — B.w 
64 urr — fl-44 

27:1 7a i-f vm 7.8i 
60- ISO c. <(r» -15-2* 

SOOJimc-ilH -21.16 
5-7 lire ill" —1-9 
li-3; uK «1» —5.37 
*i 2i ,-. jra*. - 3-53 
*-ii ore db — 2.43 
fi^S4.IB.vpo 18.32 
134 lire (na . 3. IB 

52 e. pm ' S.7S 


0.474 JZc.roi 

Q3S4t-Bflc.MII 

7Hr t*8 c-i rtB 

J5r.pO>-J»-' 

S-7}4 W» 
I50.RO c. -Jo*, 
■[«]« grwi .... ills 
I*. 15 urodJ’ 
T r S, i-rei'i* 


7i-S,c.pm 
fpni-li "l* 


lorepm 

4.S3-8.00 vr CTt 

52.22 £M7 pro 
9144M c. fun 


0.B8 

1.01 

131 

■6.27 
8.55 
-1144 
— 13.80 
—5.84 
— 3.48 
5.44 

-flji 1 
8l»4 
4.0S 
11.53 


Ssx-moaUi lorurarf doUar tkSJOSc P*. 
i29MBd> asec.*sc am. 


THE DOLLAR SPOT 


ootsbarai 


Day's 


Canadas* 

Conner 

Belgian Ft 

DanlabXr 

D-Marfc 

Pori. Esc 

Snaa.pt* 

Lira 

Nrwgn. Kr 
French Fr 
Su-edlsfa Kr 
Yea 

Austria Sch 
S«iS»Fr 
-U.S. 


M.9M5JU • S4MMI . 

1,8M«1WXB lXbflfl-1.8636 

27JtkZ7JB 27 .12-2704 

4^915^4005 «JWSA.Vm 

U22SJ04U X.72SJL7240 

OBMJ5D OJW4U5 

«7j4M7.75 . 67.4MU4 

78738-799.90 787.98-78X91 

4.5580-4.700 4.5588.4 8306 

3.972S4AUS 3.9*583.9975 

4094840320 48948 4095* 

17738-177 3S 177^847728 

12.62-1237' 12354237 - 

13*504-5050 1385B-L4718 

cents ner Canartlan s. 


FORWARD AGAINST S 


i 0 M 
QOScdlMrar -W 
422435c pm 138 
SJIMJOmu-iUs-lflLM 
X3I4>.f7Wnf- JO* 
35400c <U> 

104179c His 
3J-40dr« AT 
L40O.90orwdc 
UDUkpm 221 
tt .5 8 fl.B 0l W T dB -235 
X5UjClf pm v.41 
*38330sre nw 
US4JSCIHD 1*33 


•piTrc prvutto P-*- 

Bjrr^oac P« HI 


4454130c UB1 J-g 
B-K2-OJObC U** 1 "g 
9JM3flaredfc» -2.97 
305-331*4 9"* 

1 3 0 5 0 0c dU 

asok dri ! ■ -1 ig 

9.0-iumrc dm -sjp 
*.WSM* r* 41s 
120338c PW, *■“ 
0J*54,BSor« «»s -«■« 
3.75J35y P*" 

1L1 M JSbtu wn *■£ 
« 353.95c wn U.90 


CURRENCY RATES 

\ CURRENCY MOVEMENTS 

October 30 

Sosdal eDropeu 
- Omtaf Vtrit of 
Rights Accent 

i October 38. 

1 

Bank of Morgan 
England Gtraronrir 
Hum dwriH*. 

.. . kSJS -41-5 


L-£.. dollar — 

Canadian dollar — 
.Austrian schUUa* . 
I Belgian franc .. . 

| Danish krone 

Pemacbc Mark . 

fitfflder 

[ French franc 

' Lira 

iYen 

|31er«esi4R krone . 

lPtescra — 

Swedish krona 

Swiss franc. 


13*939 

138014 

173597 

343224 


233242 

232E73 

5380*9 

1*5332 

240-8** 

*32864 

913717 

53*421 

20007 


13458* 

13009* 

UL2770 

39340* 

5.S8I3S 

2.44994 

20BS35 

5.7*292 

113933 


IS. doUar . -- 7 *." -So 

Canadian dollar 78 54 

Anstrian wtuthas ... MJ-g 

Belgian franc . *££ 

Danish krone 3«j* 

Demschp Mart 

Sues, franc "^3 

t^flder - jgg Zil 

French trar.e ^ 


*.7*m 

973892 

5.94555 

20319* 


Lira 


XSU * +5*3 


V< Bised 'oii'' trade weiShted changes from 
Washington asrrwnem ??S^ ,,lcr ' 1971 


i Bank of England Index -IM'- 


OTHER MARKETS 


l*f. 30 


£ 

lhtf> 


tR-inttiu Pto" , 

Au-j ralis Uoi.ar... 
Finland Ms-ska....; 
Bnu-ii tnireiin— .., 
Greek brartnna.....j 
H. hk Koni: tA'Ilat.) 

Iran Bill .... — 

tina-ait IMmiiKDt.' 
IjiitnlmuRE Kraiu ; 
Umn'-B Dofiar.... ■ 
\eo Zealand Dollar; 
•t>H Aral ia UiV» . 
Sneaf-nre LMtar...., 
«rni I* Airir»nBan»i. 


l.LBQi-fc84 
1.7640- I.V 690 
7.9316-7.9368 
40 5541.55 
7 Z. DO 5-7 3 762 
U 88-9-90 i 2 
lfd-150 
0-530 -acfiO 
56 754:6-83 
4^9304.4230 
L9046-1.9116 
72-6.82 
4^3776-4.3976 
1.8128- 1.8394: 


8i»5.66-8i»7.57 Vu-IrJi 
tte40fii>26 , iJe'PU»i — 
3.7956-5.7976 Uonnatk — 

Ik 32-19.79 Frara-e 

34 30-35:14 .ctmanv. — 

4.72SU4.7320 lui, 

70.40-70 70 ->a ran ..4... 
MWWM ARhfrhnli 

47 04-«? Of — 

2.2245A1265 i-ivfiflril — 

09074-0.9107 *ian» 

3.-> 4-3.85 -. raritrerbind. 

Z.2 155-2.1 166 kn den Mat*- 
0^635O.8763 V«— 6rv» - 


Ei 




Zb.00-F6.t8 
68.ua 59.00 
1UX0 1U.19 
O30-8.40 
J.F0J-70 
1630-2680 
368-570 
3.87-3.97 
9-73-9-85 

88-104 
145 149 
3C8-3.1B 

90 
.60 


I Sie-J.lO 

•»... 2CB5 12 I- 
41.50*5.6 


rial* ciseu mr wnriw v» n>r rate. 


EXCHANGE CROSS RATES 


IV-JI'I-I "IK-I'll; 
I. I*. *At 


Ui.-i.t--liC 'Ur- 
lii**in-*e Yrti t.OD- - 


F'r*’ra-:i frnm- IU. 
“nf Fr«m- \ 


■-Kil’-ti iiuiuM 
.Inin f,t rn I.-I0II 


mu’ll in IVi’ju- ■ 
V -»l *le tv’ll.- |lB 


IlfilM W'I’rns 

1 . -. JO< *ai f 

l/minla'Jl’iM’Jii 

«<ick km? rteiK-o freia j 

Win rra/i. 

| Unlcu Ins ilr 

• ituini Ijm 

* 4. HI i ll l»U , 

| 8- ; >1 F •*.« 

1. 

0.476 • 

2.099 4 

l. 

3.C20 

1.775 

*72.0 

177^ 

. ".385 

3 995 

2.O8S 
1.469 | 

i 6.918 

[ L866 

1654 

788-0 

4.457 

1.Z7D 

.6BQ 
| Js7.06 

U./16 ■ 

•i 686 | 

0.60 0 
3-642 

1. 

9.731 

102.8 

lOwL. 

2.416 

22-54 

0.862 
8J286 J 

1 a. 82 
10.53 

4569 

4446. 

i».rT» 1 
6.603 1 

I la 69 
! 152.7 

1.1 S3 
u.ak.4 

■=.■-503 
0.c8l ' 

4.417 • 

1.174 ■ 

143.6 

120.7 

2.720 ' 

4.676 

« 

| ’ 4.672 

Uc71 

1973. 

536.6 

2 930 

, 0 797 1 

! b7.74 

[ 18.43 

0.866 
o.tos ! 

0.636 | 

1^69 j 

UA24 

•2.189 

64.96 ■ 

2243 

2.140 ! 

5.070 

_a787 
1864 , 

.2369 

'4C8J2 

m UUl. 

0 627 | 

1485- ! 

j 14.50 

54 34 

U.407 

1.761 

0.e54 

3.695 

1.474 

6.373 

151.4 

654.9 

3 413 
14.76 

1.255 

5.427 

1695 

6897 

673JI ’ 

2912. 

1. 

4.325 

23.12 

10 . 


EURO-CURRENCY INTEREST RATES" 


I- 

• •-i.cU 1. -iri .in- 

! 1.-. 1V..MI 

} Lanaitiaii 
! liii.wr 

1 Dnrtn t;ma 1 *i | 

iff>ili.-in !' 10 

s-yi* 


. 7:7 8'2 

1 lav'- ii’ilirr-. 101? U ’l 

9in vis 

Bi»9i-. 

l 7i v 81i 

'l.-itri; .’ 10-,} 11 u 

IOU 10*2 

V.: 10.; 


. lull- Ml .Mill...,; 12 12ir. 

1 Ilia 

10’i 

9is 9 t 5 | 

>r\ ir--ulli» 1-' 121» 12ia 

11.', ll:. 

1UI* 1L 4^ 

| 8jj 9 | 

"uv \vm i| 12:4 15 U | 

li.:- ii-; 

104 lOSa 

1 8 Is 85s I 


:« Knujr 


Ueiitieiuiu 

Mar* 


Kronen t ram.- ' 'Ki’UV Ura 


.Vi»n » 


Japan*** Twi 


I’rr la 
1-ar l 3 
[«r 1 H 

>s v, 

»* SB 


2»*2i* 
2-“* 2T* 
jifl-e.w 
458-“i* 
358-aaa 
a*. *‘8 


7 7i, 

7 .14 

/ vw 

8?a Bi P 
Bis- U i« 
iO* IKg 


10 19 
13 15 
143, 155* 
• ■ is lr 
15 1,. 161s 
ISnlfrh 


9 \ 9 
Ssa-»*i 
1UV jo- 
in* 11JS 
111, Ills 


- 5-1 
-lit -U 
US* 

a.v 

5>< 3.',g 


per cm: three mauls H»Ufl tier eon: aa momhs 


I 1 Dir oen-. oik- ynaj n.tu-’.i.ou per cent. . „ _ „ 

lons-i.-mi SurodnlUr drposm: Two toars lOMOi per cent; ihree rears 10M01 per cent: ftmr yearn 186-109 per cenr. five ream IMflJ. ^ wnroomuuicwsina 
raies Shun-icrW rates are call for stcrlioK. US dollar* and Canadian doHars. iwo-dav call for jnniders and Swiss Cranes. Asian rates tor chmne tstps in 5nxfc»iwre. 


INTERNATIONAL MONEY MARKET 


S turmoil hits money markets 


Short-term (money remained in authorities last Thursday in- crease was on October 24. One. of 

abundant supply in the Frankfurt dicated that the Bundesbank’s the central bank's two key lend- 

money market] yesterday, reflecting currency reserves rose by double ing rates, was. raised on October 
technical factors at the end of the the amount in the first three 11, when the Lombard rate’ went 

month, with banks still very liquid weeks of October as in the whole up to 8$ per cent from 6- per 

with funds after fulfilling of September. The scale of inter- cent. The discount rate remained 

October's minimum reserve re* vention last week and yesterday at 6 per cent, 

quirements of around DM 4Sbru will make the month’s final figures NEW YORK— Interest rates re- 
call money fell to 2.00-2.50 per higher. '. mained very firm with 13-week 

cent yesterday, compared with The current turmoil m foreign T reasur y bills rising to 8.26 per, 
ittfO-lOO on Friday, while fixed ^^eLs was aljw cen( frorn ^ cen( Despite 

period rotes showed much smaller illustrated by a further nse in rising yields there was a heavy 

mixed changes. demand tor bills as stock prices 

Less than two weeks ago the b Bank conSnu^^E ®?S sharply 0D Wa P St £® eL 0tber 

minimum reserve requirements tJEZtiffSSS ratS biU , rates .were also firmer,. 

w ere r M sed to 9.pe T cen,. „ U k, SS”“ w “ k blUs “ 878 Mr “ nt 

an estimated D. I 4bn out of the very stRm « D-mark within the Federal funds were fairly 

European currency snake. Rates steady at around 9ft per cent in 
on one-month and tworinonth morning, trading, while First 

Bank of Chicago fol- 


GOLD 


Record 

level 


banking system, as intervention in 
the foreign ^change market by 
the Bundesbank, fed through to 


"p c rio ron'r^T in .iro chn Z bonds w « re raised _by 4 per cent Nation: 
the domestic market in the shape In mi nBr rant amt vhrpi».mnnth inwwi 

of surplus funds. 

Figures published 


by 


bonds rose by the same aotount lifting Its. prime rates to 10$ ppr 
the to 10 per cent. The previous in- cent from 10 per cent. 


UK money market 


Nervous trading 


Bank of England Minimum 
Lending Bate 10 per cent 
(since June, 1978) 
Conditions remained nervous in 
the London money market 


in the present circumstances, balances from Friday, and the 
particularly after the large market was .also helped by an 
Treasury bill tender on Friday, excess of Government disborse- 
Tbe original forecast from the meats over revenue payments to 
Bank of England pointed towards the Exchequer. These were out- 

a more acute shortage of day-to- weighed 'by a fairly heavy net 

yesterday m-the face of rising day money than finally developed, take-up of Treasury bills and an 
interest rates in New York and and their assistance, on a very, increase m the note circulation, 
caution aboutfhe future economic large-scale, was probably more Discount houses paid 9J-9J per 
situation in the UK. The authori- than indicated by the underlying cent for secured caU loans, and 
tics tended R> keep matters as factors. dosing balances were. taken at 8S 

calm as posible however, and The help was given by par- per cent. 

poured nil an troubled waters by chases of a very large amount of In .the . interbank market over* 
being generous in any assistance Treasury bills from the houses night loans opened at 10-10$ ..per 
given to tr.e discount houses. and a small number of local cent, and eased to 8-61. per cent 
At the saffie time the houses authority bills. ■ in the afternoon , . before falling 

were only to* happy to sell paper Banks brought forward surplus sharply to 3 per cent, at the dose. 


LONDON MONEY RATES 


• ct crime 

Ui**. cti 1 frrt'heata 

iSVt J *• dp;n»ll 

IntcrtAiik 

Leal 

Autlforrty 

deiraiis 

Local Auib. 
Heart table 
honrt* 

F msoL-Q 
U’juae 
Dejumrta 

Company 

OepTait* 

Dwcomrt 
’ muMl 
depmil ' 

liwuy. 

UUU4> 

UUriMn. 

; Bank ' 
Blllafli . 

AMtErade 

■jveini-jin 1 

: 'inrs uotwe-j -• — 

r .hy« or •- — 

. ‘lay- notice—; ; — 

■ Hie nnriitli .... 2vr-:-10rn 

.«•> ID”lltll«...< li* ,c l\*Js 

1 uroe m’mi i,».j -li-li.;.; 
•ts uiHncti>—.| lliw lHa 
Miw m.mthi—i Il'a 11 

•ne v<i 11 H>a>lUa 

ihnl'Mlx •’ : 

6-lOlg 

9i»T"i03e 

IDIi- 10 >3 

lOVlOJg 
11 11U 

ll.v-1 i <e 

Hi . 'lUj 
ll,- u -tlh 

SO-lOJs 

10-104 
10 Is -104 

104 11 

10r B -ll(g 

lOTg I ) l a 
ll’E-ta 

101,-10i8 

104 10 lg 

104-114 
ll 114 
11 114 

11 im 

104 

■ JON 

11 

114 

1J4 

114 

114 

104-104 

lOje-iOia 

204 • 

10 la 

6-91* 

91g-B3g 

ITT* 

10 

104 

,p a-r 

104 

IUT8-IO4 

« i> 

- ni» 

- .$1* 

1144 


Lm-al nuithjti’r and finance bouses seven days' norice, others tens dw fixvd. * Longer-term local authority nmn*aee 
rates iKiiiiin.iUy'Ihrr-0 yuars 13-13* uer wra: fonr years 12M2I per <jenr: five years' KW23 per cem. 4 6w* bill raw s to ww 
arc burins, rates tor prune paper. Buy Ins ran? for Fonr.raooth hankhills lUu.-ll* wr cem: {OBr-mondl trafr bt® lHnw-CMt^ 
Apprvs>mpni,''”llim: rules /or one-nwmb TrraHuy Bills 9* per rent: and mrsmontb 18* Per con: tbree-monb 101 -w-eert. 
AnerevmMK- s v iUm; raie tor oo^niDiirii bank bills lOt-tot Per can: two month IM-109i* per'cedtt .Md dUeMmath IB Uu-Btt . her 
ceru: en.vinorirh„irjde bills ll per Lvnr iwo-monih ID per refit: awl also three -month Hirer cent. 


Fin men Hat oc Base Rates i published by rbe FirtaMv Hoase Assocurtaoi Sj per cror from October. J. TlriS- .Pearigy-p ^b 

dOTs' nolire 6.7 per cedu aearliiB Bank. BM Him* lor taalOB. 10 POTCwk 


Dwtasii Rates U“r sms 11 sums ai seven ... r .. . 

Treasure Bill: tender rates of discount 1Q.2SW per cent. 


Gold' closed sharply higher in 
the bullion market yesterday at 
S24i$-245J, a rise of 310$ on the 
previous -dose. The metal's move- 
ment was once again a reflection 
of the continuing poor perform- 
ance by the doUar and at one 
point it touched S&Kl- 247{. The 
mP ruing fixing of 524L30 was but- 


tJrt. so Ort- ZI 


S252j.2I3i 
.SK54.I5 
fJCJlJJJS) 
'5234.BS 
-*3>1 1B.B291 


tiofd Ballion <s fine: 

ounce) - I 

Clw* :S2K3U2 

OpWiiiK - ~SS38-8Mi 

it urn Ing fijang-v— .6241-30 
■l£ 1 14-952) 

Afternoon fixing--. ISS 42- 75 

IJCU&-BI81 

Geld Coins- 

■famiesriaillv ; .. I. 

Krugerrand MS2J-2644 iS284.245 

‘ . (£Ma;-l2Iil (£fI7i‘-l18i) 

Newboverrigua S6S-70 ! 3664-68* 

OM Sov ereigira. ,5^^^ 

GoM Coln. |^>«) 

Intertmrioaatly....: - .. — 

Krugerrand- S2S2-S64 S8«t.a44 

' . , ji*M84»h iwn nw 

Newaovereigge Sfi8*-«^ 6»14Si 

:i£5IM23) — - 

Old SajrrtigBM...'85n-m 

SnSegfea :.i.-.:S522-427 


SlOEapJre. S 175. 188 

S6 Eegte SI 10- 1 15 


5Ml4Si 
(£SI42i 
F6 14-5 17 
StSf-tT* 

sin-in 


passed by .an afternoon fixing of 
$243.75, after an opening level of 
833S-338?. . 

In Paris the 12 J kilo bar was 

?5, e ,o-, at m Per kilo 

t®*-.-®! Per ounce) compared 
with FFr 3LM0 ($243.33) in the 
morning and FFr 30,220 1*238.01 ) 
°*\ Friday afternoon. 

DM13 Ss-SSum^S,- ™ mst 


HO HEY BATES 


previously. 


newyqrk. 

Prime ‘daia J ' 

Pad Foods 

Trewnry BlUs (13-wwki 
Treasury BEQ* <26-waek) 

GERMANY 

Pto cuuot Rata ... 

o^ermsta — 

.Tbred montb 

Three montfis 
Six months ■ 


-Tfi-iUS 

urn 

' IK 
LB 




3 

ZJS 

XV 

MS 

445 


FRANCE 


Dacoum Rati - 

.ormtsbt 

.one moDtu * 

■three mmnbx "‘“” 

-Sbmxmna 


JAPAN!".. . 

44a» 

cun tutKaottutmaii -• 
Bills. Discount ftata' . 


« 

..r; 

i 

r jTj 
■TABS 


M 

425 

tia 









/ 







Financial .Times. Tuesday October .31 1978 


>1^—° i 


r 



rues 


.> 2r’ j’ou .ire a shareholder in an established and 

"rowing company and you. or your company, 
i, ^ require between £ SO/axi jn j yXRi lor any 

[^.iorpoae, ring Din'd Wills. Charterhouse Development 
■ Investing in medium size companies as . 
minoriry shareholders has been our exclusive . 

-V • business for over fort)' years. W e are prepared to 
• invest in both quored and unquoted companies 
%V'' : curren tly making over \fiuo per annum 

pretax profits. 

\ m CHARTERHOUSE 

!.s Gu rterivxitu Development, 1 Pater na -iter Row. Sl Fjii Is, 

' *'• 1 .onilun i.C-.M 7DH. 'I Lie phone 0 l • ?' >• A X 


MILLIONAIRE 

w7/ back 

.. Managing Directors who would like to buy 
control of their companies. 

!. Companies wishing to expand. 

’xofits must be at least £100,000 pre-tax and in 
he London area. 

Write Box G.2S12. Financial Times, 

10, Caunon Street. EC4P 4BY. . 


^Independent Advice? 

Company Chairman. 44, strong financial background, 
independent means, would like one (or two? I additional 
' :iient5 with stimulating business problems to the solution of 
V .which he could contribute his own particular knowledge. 
Experience, personality and connections; these may be of 
special interest to family firms with a generation gap, to 
' wholly executive boards looking for an outside opinion or to 
: successful businesses seeking to diversify, possibly with an 
emphasis on international trading, the service industries 
and consumer goods. 

Write in first instance to: Michael Joyce Consultants Ltd. 

19 Garrick Street. London WC2E 9BB. marking envelope 
'■Confidential CMM. 


'MANGE AVAILABLE UP TO £50,000 

'ink will consider financing small to medium size businesses 
tperienciog cash flow problems or seeking capital for new ventures, 
edium term overdrafts and ioans generally on a secured basis are 
pliable in addition to the usual range of banking facilities. 
Pleaie wriie giving full details of proposition and security 
available to Box G.1277, . 

Financial Jimes, 10, Cannon Street, EC4P.4BY. 


LEASE MANAGEMENT 

ompany with considerable marketing/management expertise, 
igagud in leasing and hire purchase in the corporate sector, invites 
^plications from companies and individuals wishing to develop a 
asing portfolio. 

/rite Box G2836. Financial Times. 10. Cannon Street, EC4P 4BY. 


ni;irkt‘i> 


CONFIRMING HOUSE 
__ AGENCY REQUIRED 
(AUSTRALIA) 

•hly experienced confirm inf bouse 
nty covering all scare* of Australia 
he* to represent UK confirming 
»c wish following qualifications; 
Urge L/C lac’l'Cie* 

1 > l. Willingness transact mostly 3rd 
*' country business — usually 
under L/C 

* I. Competitive confirming rare* 
and interest ■ 

‘.:4. Professional. efficient document 
l 1 ' handling 

would introduce suitable clients 
turnover should nse Co around 
, nillion pounds per annem .within 5 

j. rZ 

j!" *feore reply to Managing Director 
1* floi G2S14. Financial Times 
W Cannon Street. EC4P 48 1 


FINANCE FOR 
LEASING 

ising company is prepared to 
wide Finance for traders who 
>h to lease equipment in 
ounts of £1 .000 to £25.000. 
Enquiries to: 

New Business Director (FB) 
Classic Leasing 

Seymour St, London WIH 5WB 
Tel: 0I-93S 2382 


ESTABLISHED 
INSURANCE BROKERS 
IN SOUTH-EAST 

Wishing to expand, seeks 
finance from compatible pri- 
vate or commercial partner in 
return for share in equity 
and management 

Please' reply lo'Juhn Carr 
J. P. CARR AND CO. 

Pi. 7v.;s Hoii.-l-, W Ra^hnrs Witnue, 
Loudon. ECIR *RD. Tel: 01-837 8sM 
SwlntiM* in JL'JimiiMint 1‘Uvnur.g 


MARINA in 
West of Scotland 

The development of this well estab- 
lished Manna with ns allied activities 
is restricted by shortage of capital. 
An - interest in a bueuwss with con- 
sider] bie potential is offered either by 
acquisition or participation. 

Enquiries to: 

fivs*rs. MacLay. Murray & Spent, 
169. West George Street, 
Glasgow G2 2 LA. 



0 YOU REQUIRE ADY1CE 
ON YOUR 5 HARE 

PORTFOLIO? 

rONSOLIDVkTED CREDITS AND 
DISCOUNTS UNITED 

1 sea House. Srenriwm Hah Road, 

London W5 IDR. 

Tel: 01-998 8822 
tendon Mr. R. De B. Hovel! 


MAPS 

^ jlour maps printed in bulk 
^ r diaries, reference books, 
all displays, with your 
go and other information, 
dord University Press 
artographfc Department 
alton Street, Oxford OX2 
)P, telephone 0BG5 56767 

3M ELECTRIC 
TYPEWRITERS 

» lory reconditioned and guaranteed 
IBM. Buy. save up to 40 per cent. 
-east 1 year* from £3.70 weekly. 

Rent from £29 per month. 

Phone: 01-641 2385 

DEVELOPER 
AND BUILDER 

requires Equity Partner. '. 

develop one site, residential 
Wopment in London. Proven 
ord. Stake required in region of 
■0,000- Principal] only, 
he Bor C.2827. Financial Timor. 
TO, Conn an Street, £C*P 4BT . . 


DO YOU REQUIRE LONDON 
REPRESENTATION 

without tlw expense of secting up 
offices- and employing luff f We hive 
both together with import/ export 
connections and Middle East contacts.- 
and may be able to help you. Telf 
□i about yourselves; what you would 
require, and we wifi see if a solution 
can be offered. 

Hyde Bolton Co. Ltd-. 

67-68. New Bond Sweet. 

London WfY 9DF. 


PRODUCTS 

REQUIRED 

N.E. Hants. Electronic Manufacturing 
Company leeks joint venture with 
company or individual to expand 
activities. . Esc. 1962. 60 employees. 
13.000 iq ft. Good technical and 
business record. Finance available. 
Writ* Bo* G.2034. HnonelbJ Times, 
10, Cannon Street. E C4P 48Y._ 


LIMITED COMPANIES 

FORMED BY EXPERTS 
FOR £78 INCLUSIVE 
READY MADE £83 
COMPANY SEARCHES 

EXPRESS CO. REGISTRATIONS LTD. 
30. City Road. EC1. 

01-620 S434/S. 7361, 9936 


BUSINESSMAN 

Seek* Consultancy work, long term 
or specific Short term protects. At 
ex M.D. having sold own company 
would prefer equity participation. 
£20. 000 /£ 30, 000 available. Special 

.Interests industrial safety /clothing 

equipment. Well versed USA and 
Europe. „ - 

Write Bex _G-2W0," Financial Timet. 
10, Cannon Street. BC*P 4RY. 




■ This cash voucher 
entitles your company 
to an immediate 

75% CASH 
AGAINST 
INVOICES 

H ‘ Subject t o approval ' _ | 

Cash flow probIems?Then cash this! 

Need Cash Now? You’ve gotitricfht the 1 ?, on your 
books! Confidential Invoice Discounting Ltd-gives you 
75% cashagainst invoices — money you can pu t to work 
today. Our Invoice discounting systemis entirely 
confidentiaL Your clients remain totally unaware of its 
existence. For the full facts post this vouchenimv or 
phone us direct. . . .y _ 

Confidential Invoice Discounting Ltd. 

' Circus House. New Enqland Road. Brighton, Sussex. BN1 40; 

Telephone: Brighton (0273\ 606700. Telex; 87382. 

Also Birmingham. Cardiil. Uedn, London. Manchester. 

' A subsidiary ol Intension rial Factors lixmlen. - 


PROBLEMS IN FRANCE? 

Declining profitability? 

Tre or Post-acquisition difficulties? 

Stagnant Sales? Inadequate distribution? 
Ineffective reporting systems?" Weak Minageinrnt? 

As a Fra neo-British multldlKipHned consultancy we asMst 
companies of uit sixes' trad infi in .France who nave th.* .,Ikivc 
and other problems with maximum discrenmi and cost- 
effectiveness. . 

EUROPEAN CONSULTANTS S-AJM- 

IS Avenue Victor Hugo. J»»8 Paris -'.Tel: 502 18M ■ Trial: r 

4P OUfiMl VirlQTta SireW- Lmdan EC4N 4SA. - . Tel: 91-236 MS0. - Tel. i Ifan 


We’ve formed more 
companies than ^ 
any other company 


Sonexttirao 
you need one, . . 
phono Patricia Parry 
on Di -253 3030 


the hart rfoonqianies 

30mURHQUE,BUiahVL IIACE 

10HOOKM1U — 

. IdiKaOUE; 01 23I35J.TIJZX : a 1 0 1 0 


BAD DEBTS PURCHASED 

We purchase volume, consumer credit .accounts ahdHbad/doubcful 
~dcbts._ Rates paid dependent an quantity and qCbalit/ of file. 
Immediate subscantiar funds, available. Please' contact 
Mr. Wm. Bell. Director 

’ LEGAL & TRADE .COLLECTIONS LTD.", 

IS Moor Park Avenue, Preston PRI I NX .- Tels 0772 22971' 

■Offices: Glasgow - Edinburgh - Prmon - Dublin ! 


UNIQUE BUSINESS 
OPPf>RTUNITY IN 
YOUR COUNTY 
We art 1 jn luieriuilonil nrRBfllsaUM- 
mariieniiK a unkme prodiiri authorised 
by tho British Pom, Office 
The manufjcmrurs in the DnlUtL, 
RinKctom ure one ot ihu Largest and 

best established In thvlr field. 

Tfarounti a tech meal advancement 
and a Uirp.i- luereaae in null outlets 
wr have di.-clded (o. appoint agents 
Ummghout the U.K. 10 whom wc maid 
cram . exvlnsivv - county marketing 
rluhis. - Applicants- should . have a 
capital availabllliy of at least fa.OM 
and be able to provide atmnd . 
references. 

Applieaiioas should be seni- In- 
vruinc to-our Solfcllona. Messrs. Dixon 
Ward t= Co.. 15/ifi The Green, 
mctamand, Surrey. 


EXECUTIVE BUSINESS 
CARD WALLET 

The business gift which will fa« . 
retained and appreciated. Pnncod with 
your company name and logo ' cm 
cover. Indispensable for any business, 
man. professional, etc: Holds 96 'cards 
in individual pockets for easy refer- 
ence. Ideal Xmu gifts for your 
customers— delivery ex -stock. - 

RABEN-CHRISTENSEN LTD, 
Foundry Lane. Horsham, Sussex. 
Phone (0403) 69696. Telex *7636 



For wrtoer information contact 
• ICDean, 

ARBUTHNOT FACTORS LTD;, 
Breeds Place. Hastings, 

E. Sussex. 

Tel: 0424-430824 


PRIVATELY OWNED 
BUILDING SITE 
FOR DEVELOPMENT 

in prime 'location on Nil# Cornish 
Cairo. Looking for investor or part- 
ner. Owner Dawod 0672-53716. telex 
263139. 

I .Kingsbury Street. , 
Hariborotigh. Wiltshire. 


RESIDENTIAL MORTGAGES. 

Up .to £100.000 available . for 
transaction. No Endowment 
Assurance needed. Commercial 
Funds also available. 

Write Boy G.2582. Financial Times. 
10, Cannon Street, EC4P 4BY. 


PRESSURE VESSELS 

ETC. 

Small efficient Construcoon/ManuFic- 
turiiM- Co. specialising in Pressure 
Vessels and aseodoeed fabrication, 
would- be Intereemd in making avail- 
able immediate and regular capacity. 
South London area. 

Write Boa C.7831, Financial Timor, 
10. Cannon Street, W <87, 


LI A WEEK FOR EC2 address Or' phone 
messaoes . Com cm nod rales + - tehsx 
under £3 a week PmBoe offices near 
Stock Excitation. Message Minders mier- 
- national 01-628 OfiW . Telm. B811725. 

THE - PENNY SHARE' 1 GUIDE — monthly 
advice on low priced shares. For hirtncr 
details - A FREE COPY write 11 Mi 
• BiamfieW Street. London EC2M 7AY. 

typing' SERVICES, compclitim rales. 
Aloha Secretariat. 146 Queens Parade, 
rvortn Ea/lng. London HU. Tel. ‘#9* 

• 4450. ; . 


for: SALE 

Small U-5- m*f|...'Genal''c Hosp'tal 
dlsmoablK.- ■■ SjI*, J2.S00.000. Ca»h 
and receivable, exceed all debt. Fine 
young, managea eat.' offers excellent 
opportunity in groWinf U-S. market. 
Aprfg. ahsMeao owner deurcs oppor- 

t unity for d»m.' - 

Li. G. Lee. 1003 We.tem Saw"I* 
Sunk Me-. PMhqfefnHu. Fa 19107 


LIMITED COMPANIES 

From £69. 'Formation U.K. and 

..'Worldwide 
bKiudW: Me of Man. Liberia. 

. ™wa ad- Aeri'^ 

Contact.- CCfl Ltd. '3 Prt>M»« [ Hill. 
Doug!*;. toM. Tel '.'Douglas <06141 
23733. Telex 627 Mn Bslion G. 


EUROPEAN FOOD 
(jOMPANY 

U.S. -based spe^iity food com P an y (processing, 
importing, wants European food 

company as ja&t venture partner on further 
growth by acquisition of additional U.S. food 
companies. ' 

C.E.O. will be Europe during mid-November 
and will set up ^appointments with interested 
companies. -v? • 

Prijgipals only reply to 

Box P.J057, Financial Times, 

10. Caniton Street, EC4P 4BY. 


BAMFORD BUSINESS SERVICES LTD. 


have hcek retained by clients 
u ho wish to acquire 

A COMPANY WITH REALISED 

CAPITAL LOSSES 

PREFERABLY £1M+ 

All replies to: 

Tfiie Chairman 
Bainford posiness Services 
Bam ford, Sheffield S30 2AL' 


America’s Ultimate 
Tax Shelter 

Delaware is the offshore site selected by more Europeans as both 
a personal and business tax shelter. Additionally, as 3 base from 
which to sure a small business or branch of a present one. it is 
unsurpassed for it will serve as a base from which to serve rho 
largest market in the world. You can conduce your business with 
confidentiality by mail and in the privacy of your home. To discover 
all the ways you can personally benefit, there exists a book that 
contains complete information, all the necesviry forms and places to 
receive additional help, ft is even recommended by many lawyers 
and has become a classic in the international business field, its title 
Is HOW TO FORM YOUR OWN CORPORATION WITHOUT A 
LAWYER FOR UNDER S50 by Ted Nicholas. 

To receive your air mail copy send U.S. S2Q to: 

Enterprise Publishing Co. 

1300 Market Street. Dept. LF SYC 
Wilmington, Delaware 19801 
U.S-A. 


CASH AVAILABLE 

Private investor has up to £100,000 with or without 
participation available for investment in a private 
company with a plan of growth and/ increased 
profitability. Five years’ accounts :.together with 
up-to-date figures would be required. 

Write Box G.2668, Financial Tlifies. 

10, Cannon Street, EG4P 4BY%j 


UNUSUAL OPPORTUNITY IN FLORIDA - USA 

Very UdumijI Kitiunnn. especially f$- . fanmedUte de veto pm Mil of Mobile Home 
Park and Kvc Vehn li- Pk— uiiiby m tl ume miumam for immediate invqnic 
■and trodlK. We ollrr FOR J.ALE 1Y+ font acres next to Walt fiunep IVnrM 
•4n nits fruin ll'ael iniramc and 1 SboppliR Centre « on tuo main arierUI 
roadi at tri.eSu.iMu ini-lurtinx ici-tafcJlf asuslance for .'(mini: and pianolas 
permit Arrj uim npiaMvr ivun ttmer's espaswum. Only 30 km from last 
growing Orl.mdd'Cjpi- Kmiim>: j MtsiOle t wn eni variirttmmn. 

Principals apply for wholesale deal to: In* Dr Giorgio 
Voyasidts, via della FAR2VES1NA 308. ROMA, ITALY. 


DON'T BE MOVED BY SUCCESS 

Thinking of expanding to a larger works or tying up 
still more precious capital in new machinery? 

Before doing so. consider 

B.E.W. (AUTO PRODUCTS) LIMITED 
B.E.W. have been established o-.er min/ years, our 
modern works of 80.000 square fee; ,s situated approxi- 
mately 40 miles from L'mdon soer.alising in quality 
machined components for the motor and other large 
volume industries. Let us qu^te \ou for .our machining 
— we will be pleased to forward a brochure of our 
capabilities on request. 

Please telephone, telex or write to our Sales Representatives: 
PETER J. GARRINI & ASSOCIATES LTD., 

130A Burnt Oak Broadway. Edgware. Middlesex. 
Telephone: 01 -952 6626 Telex: 923598 


Private Company 

wishes to acquire control of business in leisure 
industry making pre-tax profits in .excess of 
£30,000 per annum. Continuing management 
essential. Located in or near London. 

Principals only send full information to Box G.2S2S, 
Financial Times, 10. C-unnon Street. EC.4P 4RY. 


BUSINESSES FOR SALE 


FOR SALE 


All or pare equity in a small group, of Printing Companies, based 
in London and the 5.E. 

Highly profitable— Sound management— -No staff problems. 
Turnover £1 Million -r- Profit before Tax £200k-r Liquidity £200k+ 
Three good freehold sices with space and potential for ocher 
activities. 

Currently negotiating (on a preferential basis) to purchase a 
Further unit which will add j million., to sales and increase Net%. 
Would suit Public Co. or Private Group with a large print bill 
who -are looking for solid growth. •=•• 

No Brokers — Principals only. Write Box GJ2823. Financial Times, 
10, Cannon Street,. EC4P 48Y. 


- A long-established 

DUTCH 

COMPANY 

eurrenUy . erumsed > in utiDlL-salinu 
hnrocunural prodneir 10 *tori% jnd 
XClKil- oilLleia UiWBfctitiui Holland 
would be luieresred" in hear from 
companies, requiring. Ain.'^ oiauun in 
tbai itKiiinT. . - . 

While. horncDHural pruducis arc 
obviously Ideal', the Dnii-h company 
wotrid also cobjiaeij iinr>ai con- 
' snmer durable aufida 

Extensive wharehowins and trans- 
port facilities are avaiijoti-. loiu-un-r 
of. counc wfth itlek and full admini- 
strative. back-up;- sjv. te.- company's 
prcmiwi Jut outside' Arasivrdam. 

Enquiries from ^principals only 
OltaK U Box.GJDHi' Kiojol-IjI Times. 
10. Cannon SirreL. BC-IP 4RV. 


EXPORT 

MERCHANTS 

Specialists .LEC-2«ncyncratinj on 
high votoms ihduserial i«cusr «i and 
building materials 'markets — seek 

Original/ 1 m aginative 'Pioduti Range* to 
be -sold sJuturgh exjatfpr or new diseri- 
button neewdrlii jmt -f.n.neiil backing 
for expansion; Turnover now moving 
Into six ■ fifures ; 

Write Box C.2793, -Financial Times, 
• 10 . Cannon Strok. EC4P 481. 


YORKSHIRE 

CIVIL ENGmEERING 
CONTRACTORS 

Old established family company specialising in general 
groundwork and sewers. Generally iotgfi -authority, and direct 
contracts. Turnover restricted to : approximately £3m. on 
profitable' contracts. Prime freehold central yard and main- 
tenance depot. Sale due to retirement- Principals only reply 
lo Box G2335, Financial Times. 10 Cannon Street EC4P 4BY. 


RESTAURANT 

CHAIN 


Unique acquisition opportunity in fast food industry. 100-unit 
licensee of top Restaurant Chain. Unique products for unlimited 
territorial expansion opportunity. Strong management wishing 
to stay. 


Sales 44.0 Million 

Net After Taxes 3.5 Million 
Book Value 8.0 Million 


Growth Rate 25^ a year 
Current Ratio 2 to i 


Contacts Cindy Cray— <212) 371-4854 

Niederhoffer. Cross & Zedchouser 
505 Park Avenue, N.Y. 10022 
Vain* is a reasonable multiple of earning*. Principals only. 


AN OPPORTUNITY 


to acquire. two Private Companies, one 
m the home belting field and (he 
other in loam i ran lid on for csvity 
walls, etc The companies are amongst 
the leaders in their field in the South 
ol England. They have very sub scan- 
till turnovers showing high profits. 
Excellent future contracts are in hind. 
Further information is available to 
principals only from th4 Solicitors to 
the Companies. 

Messrs. Harris-Evans, 
Duggan & Co, 

9. High 'Street. Southampton. 

SOI ODH. 


HOLIDAY CENTRE 

Eitabluhed West Country Holiday 
Centre in 28 acres with Mobile Homes 
Park, holiday caravans, bungalows, 
camping field, coon cry house with bar, 
i hop. restaurant, entertainments, total 
laO unto. Permission additional 48 
bungafowi and scope For further deve- 
lopment. V«y profitable. £375.000. 
m.ght separate. 

Write Box (7.2837. Financial Time s. 

10. Cannon Street. EC4 P 4BY. 


BUSINESS FOR SALE 
RURAL SUFFOLK 

Well established end profitable heating, 
plumbing and electrical business. Full 
order booh. Grots turnover in excess 
of £100.000 per annum. Includes 
3- bed roomed bouse. Retirement sale. 
£55.000. Apply: 


13, Upper Ring Street. Norwich. 
0603 610281. 



GENERATORS 

Over 400. gei in stock 

lkVAwTOOkVA 

; fay Wisely frm.ttie manufacturers 
whh full aKarqilei service 

CLARKE jGROUP 
OHU'&l 

Telex:. 897784 __ 

GENUINE SALE as cm.k ilET TRUCKS- 

-end *«»■ - Urne'Skrik ol tfif" 
pneumatic tyrSfAwS 0 west*’ 1 DlP ! B v™.‘ 
-. lO.UDO- Ibe mMift gS, T* oualiem, can, 
dltion, XI .OOfliirtL JJ, upon retrum-J 

- Ltd.. S Fpr« 

tam, 08. 1-0U 5S^ rr i 

. 02 l-AM. .woi .12^137052. 1 


PRIVATE LIMITED 
COMPANY 
Manchester Area 

Industrial Electric*) Centrecthia 
Dir-.-«.'lors Rclinnc. Turnover £100.000 
Mm— Cood Profits, Larw .% Nod 
compeiltlve 

Wrlif Rn* C.SM8. Financial Ttaoej. 
10 Cannon Sireer. EC4P 4BV. 


SPECIALISED 
ENGINEERING business 

and 

FREEHOLD FACTORY 

m ch* North Eas* of England. Turn, 
over £120.000 P-a.. . maintained profit 
£30.000 p.». , 

Write Bos GJ2B79, Financial Tima. 
10. Cannon Street. £C4P 48T. 


Highly profitable Group of Coni- '' 
panics, current annual profits 
£^50.000. engaged principally in 
WASTE DISPOSAL 
would like to heap from quoted 
companies seeking an attractive 
acquisition. 

Write far C 1W. finencioJ Times, 
10. Cannon Street, £C4P 4BY. 


PEBSONEL AND EXSCUTIVX Search Con- 
suttcnCT » al * Spain.-’ Continuation 
ol manaoement assured. Write Box 
G 2022- financial Times, 10 Cannon 

Surd. 6CJP 4BY. 


Limited Company Specialising 
in Manufacture of: 
Printed Circuit Boardi 

A unique opportunity to purchase 
rsnMisMd and profitable company in 
last growing market— located North 
Hf/cfafdshif«. Currently producing net 
profto of £.7,000 per month. Sale 
includes vaf, lease— machinery and 
equipmeuctwonh £30.000). goodwill, 
cash assets (£30.000-r ). trained staff. 
TremendixM scope. Asking price of 
£1 10.000. far entire shareholding. 

Everett, Masson & Furby 
(Hitch in) Ltd. 

85. Bancroft. Hiuhm. 

£04621 50098/9. 


STOVE ENAMELLING 
COMPANY 

Progressive company under- 
taking ridve enamelling for 
quality tTftoducts. Expanding 
market — excellent reputation. 
T/O £42SUK)0. Very profitable. 

Principals .only write fax G.2832, 
financial 7%asi„ 10. Cannon Street. 
SC4P 4BY. 


SMALL BUT ENTERPRISING 
AIR CONDITIONING 
COMPANY FOR SALE 
LONDGgU-GOOD STOCKS 
a, 8 US INKS CONNECTIONS 
TRAINED .ENGINEERS 
Apply fa* 63836. Financial Times. 
10. Cannon Street. EC4P 48T. 


Freehold Industrial Trading 
Estate For. Sale— £200,000 
In north Norfolk 
Approx. 20.000 *q. ft. of small units. 
Yielding aaout £26,000 year jn weekly 
rents. 

. E. (-. Moore, 

Church Firm,..Hov«toni Norfolk. 
Tel: VVnaiihuB jq| D _ 


Athens based. Qrpnn registered 
Limited Cawtgwqr For Sale 
Tax free inui* with permit for 
external account 'trading outside 
Greece. Offices ci JOO sq. m. with 
telex, telephone* . (2), fully • fur- 
nished. Low ;«w. Also available 
lower floor of villa opposite with 
3 beds. 2 -'.rtc. etc. For 

further details contact U.K. 

agent. Tel: 01-»4»-l73» or D 1-940- 
5179. 


HOTELS AND LICENSED 
LICENSED PREMISES 


SOUTH HUMBERSIDE . 

Adjoining New, WMtoer 
Fully licensed JSJiesIrouiu Hotel. 
Manager 1 ! flat- 5ta* 'accommodation. 
121 acres— including 63 aerct of lakes. 
Planning Permisiio*' ™* -130 caravans, 
12 Owlets. Tr tifwwl p iu potential 
fer devetopmeitt « tow, Canton/ 
Owlet Leisure CeaBti ' 

For 5ale by Auetio" Inetoa' prevtoosly 
sold l, 7th December. 1978. 
Auctioneers: V/at«"«- «. Regent St, 
Cambridge CB2 *«L < P223 ) 

55476. and 16 other “»Ws in London, 
W I and throughout Anglia. 


FOR SALE 
Well-established 

WOODWORKERS AND PRECISION 
MACHINISTS 

Producing blgb-quitiiTy mouldings and components 
T/O £300,000 INCREASING 
Modern freehold premises. 13,000 f.s., on 1-acrc site 

Fully equipped Good labour force 
Write Box G2665. Financial Times, 10 Cannon Sr., EC4P 4BY 


BUSINESSES WANTED 


ACQUISITIONS 


Expanding group of private companies with 
substantial resources wishes to acquire businesses 
operating in the leisure and sen 1 ice industries. 

All replies will be treated in the strictest of 
confidence and should be marked for the personal 
attention of the Managing Director, Box G.2835, 
Financial Times. 10, Cannon Street, EC4P 4BY. 


AIR TAXI/CHARTER 

Substantial travel concern interested in acquisition 
of part or whole of established Air Taxi/Charter 
Company. Funds available for new aircraft together 
with management and marketing support if required. 
However, present management must be willing to 
continue. 

Write in confidence to the Finance Director, 
Box G.2S13, Financial Times. 

10, Cannon Street. EC4P 4BY. 


Public Company requires 

Architectural and Builders 
Ironmongers and D.l.Y. 
Businesses 

In Yorkshire. N.W. England. London. S.E. and S.W. England. 
Pleaie write to: Box No. FT/SS0. c/o Hanway House, 
□ark's Place. Bishopsgire. London EC2N 4BJ. 


WANTED 


Small to medium sized insur- 
ance broking company. 
Turnover immaterial. 

Please reply, principal* only m Box 
G.2B24. Financial limn. 

10. Cannon Street. EC4P 4BY. 


INVESTMENT GROUP 

if looking for well established private 
company preferably <" the storage 
and distribution field, where an 
injection of capital and management 
can result in profitable growth. 
Replies to the Advertiser, Ref. VGS, 
c/o Wedlake Bell. 5 Breams Bldngi. 
Chant ary Lane. London EC4A INN. 


PRIVATE COMPANY 

seeks controlling interest or outright 
purchase of sound business in the 
Leisure Field. Up to Cl.D00.0CK 
available. Must have proven profit 
record' and sound management, wh n 
will remain. Strict investigation. 

Please— no Triflers or Rubb'ih «s 
these will be consigned to W.P ^ 
Write Bor G.1B16. Financial limes, 
10. Canaan Street. EC4P *7. 


MAJOR PUBLIC COMPANY 
Seeks to Purchase 
PLANT YARD 
WJTH LIMITED OFFICE 
ACCOMMODATION IN 
EAST LONDON AREA 

Write Bui G 7640, Financial Times, 
ffl. Cannon Street. LC4P 4&Y. 


WANTED 

We wish to acquire a com cm re ia I data 
processing bureau. Requirements are: 
Location— London or S.E. England, 
turnover— £25D,000-£lm batch based, 
hardware— IBM. ICL 1900. Good 
management (earn is as important as 
turnover base. 

We ire also interested in large 
Facilities Management deals based on 
IBM or ICL 1 9Q0 hardware. 

Telephone: 093 23 s -W096. 


BUILDING/ 

DEVELOPMENT GROUP 
seek acquisition of similar 
Company with £l/2m. active 
trading lasses. 

for immediate offer details 
write Bos G.2S21. Financial 
Times, 10, Cannon Street, 
EC4P 4BY. 































Financial Ttmes-.-Tuesday Octalfer 





WORLD STOCK MARKETS 


Blue Chip rally arrests Wall St. slide 


f > 


INVESTMENT U0L1-IR 
1‘REMILAl 

S2.«U In II — t*M"» < 7U !"“ 
F.Heclive .S2.II99U I- 1 

A FURTHER steep sink- ««ccurreu 
nn Wall Street in very tidily ejn'O 
trading yesterday, but this 
Inter cushioned hv a sh:>i"i« iech- 
niciil rally in Blue Chip and 
Glamour issues. 

The Dnv J..s»es Inthisiriil 
Average, rnlloiwn:: a fresh fall *•- 
17.07 la 7.SS.WS jl 11 ««• nm re- 
bounded Id clnse a net .i.MI ill' :il 
S11.SS. The NYSE All Cnir.nvn 
Index link hod Its eeni< lirnuT nr. 
balance nr s.T2 after a ■'.*■'*■ 
low of $51.21). x* hile !n«e< tina.l) 
ouLsrorcd yarns b\ 1.'— t>' 4;:s 
after an initial lti-io-mie ratio 
lend. 

Turnover expanded u 
shares, the third heat 
volume nn record 
with 40.55 ni la-1 

Further sh 
dollar and pn 
will not be 
trol without 
were reasons ciU-d Tor the fresii 
fall 


••naiYSts said, however, lhat a for technical gains.- Without sami 
major * i actor in the dow nward siyn of success against inflation. 
•; r: ,i of secondary issues on IBM regained 21 to $272',. 
volume has been martin punt 21 lo SI2H. Pnlatrnid 
calls." where brokers ask inxcstnrs $4H| and Eastman Kodak 
to put UP more Cii<h lo boost col- $-TS; 
credit accotmis or sell 


iwvRrrAM SE prices fell in the dividend. — .... 

Hc-iviest tradin' 1 volume on quarterly payment am 
.econd-hcdvie^r^ n velum ded net profits. 


increased 
and 


Do 
St to 
li to 


regular 

higher 


record The Amen index receded 
« ^ m ore to 128.73. while turn- 


Ford Motor or Canada, which 
third-wuarter loss on 


would 

would 


lateral 
jj.i.iu- stock. 

They .-uUk-d that the market was 
u.-.yiity the price for bein' 1 over- 
utdimi'iK- m the spring and sum- 
:uer a huu t when inflation 
;rtr. ..ui anil :nu*re-iT rate-: 

:>e.ik. 

Thev x.nd th.il President 
Carter's message last week and 
comments by Administration 
official* -’inee have broutrht homo 
i.i\c view that controlling inflation 
ui!! be a Iona-term process. 
Treasury Secretary Blumenllia! 


Antony the actives. Boeing rose December 31. 196U. 
iu sfiU. aud UAL 31 lo «Hi. 0,1 uel 

n uprinns ro L_.. — , 

ijnemy jetliners and also reported li&t and 
sharply lusher third-quarter Total I ctrolcum 
proiits" and increased its forecast despite 


2..iS more ™ repnrtcd a third-quartei 

™yTr.!«m lm ^e "cort tuJn 1 . **' <K >» 

over was lUBm shares, recorded 


Public Authority issues lost up 
to 45 pfennigs, vrtth ^ Bundes- 
bank purchases p» asm 
nominal of stock. Mark Foreign 
Loans, however, were firmer- 
inclined. 


Tokvo 


m -->iru. auu »ni e d ,trligs topped the actnes 

LAI. has taken ..prions ro buy raj ^ , |o 


Paris 

The market lost farther ground 
all sectors, unsettled by ttie 


for 137S nirline indu-.rj- T*.. P«Jti 


Late profit-taking erased most jn 

of an early fresh stock market -i-y^g f ull below FFr 4. which 
lost ' to $10- advance yesterday in reduced hut operators sec as a threat to 
, annrtino h ?; h .' .hird- still active tradtna. The Nikkei- F ! renc h export competitiveness. 

D°" Jones Average. after Fr J£J^“ were FFr 20 down at 
Researeh-Co reaching a new record pea* 4 . ° r pp_ 4go and Machines Bull 

5,1154.06 in the morning session. _ r 1JQ j ower a t Fjr r aa.70 after 
subsequently came back to close h announced capital rises. 

tv. day at “““ foljr and Pernod-Ricard 

shares Ied Foo d s lower, while FtJutemps 


an ? newly- named inflation lishlcr 
l tiav'.- Alfred Kahn -Tated over the week 


Lockheed advanced 2; in $20J. fell K '« ‘ 

Della Airlines, down I at $40; has umg K » »•>*■ 
ordered live Lockheed L-I011 
TriSlar jew and taken ^options on panada 

mnre'ihari’iSiMlmf^" 1 ' , . Marked followed I tl* "“Jj Many shares rose inittally on c^isot-Lorre in Metals. 

General Dvnumics moved ahead street trend and partly sustained buyina by institutional «i 

j) ; 0 sfis; aiid McDonneH-Douglas an early fresh setback in bu-'T and other investors, but recently 
si m s -, S : trading. The Toronto Composite well-favoured sectors, such os 

' itavak u-hirh renortcri Indt*x down l‘t points more Fichnrips. F- 


only fi 70 firmer on the 
3.026.82. Volume 400m 
1600m). . „ 

Many shares rose initially 


were notably weaker rn Stores, as 


Cblers Chatilkio and Bhone- 
Polenc. FFr 5.00 down at 
FFr 118.60, were temporaruy^tm- 


General ’Motors, which reported index, duwn l.t points more • Fisheries. Foods. Tes 1 tI, l*J 
• her third-quarter profit but mid-session, picked up to tjo- e Chem j ca | s an d Real Estates, dosed . 

nine-month margins only off on ^alance^at !•— u '^ | D «er on balance after profit- order. 

,00k h ' ,0,L Electricals. E«H FFr »» 



ffllwfsa ,«:*» ‘Tan inai of sellin, 

FFr 41 

Export-orientated 1 ' Electricals. FFr J20 Bocel m 

merus and Vehicles hntshed ro FFr laOBO and Skis Kassignoi 
■her however, on “ cheap " FFr 31 to FFr 1.770. butBSN Geiv 
. • " j i. . 1U0 vnn'c Frpsh mic Danone FOSe Fr Jl *0 


Indices 

NEW YORK -“ 0Wioira5 



H-^ ircdO UMi 87J4.; BL24- 87.51* 87JI 37^ 


TampwL-. 213.04; 212.26 


rm n.f. 88.07- 

, w™o"n wi. 1 


2t7.52 22t.8T 222J4 224.75 »1.« 


VDBwt 1 58.4801 40.650, 


100.47j t01 JS;'4B1 JK.17 D8-» 
51,938' 51.580 28480- 35,0ffl — 


- 372. M 
»72^3 
1EJ.52 


12.75 


ST t.lsB' 


B»ic d Index chaaged from AuS- 24 


Oct. 27 


On. 23 


* Dw'* 
Oct. fi” 


is.., 814.56 : ■« fs:.BB 
Y"of ai* VI"- 11 


ind. dlv. yield % 


5.89 


5.67 


5.92 


5.49 


STASDABD ABM BOOBS 


? i rrrf C-.ITI- 


O-t. 

50 


Ort. 

77 


Ont. 

2fi 


..Ort. 
i 25 


Ort. 

2 * 


; Indnatrieb.' 105,811 104JK WSA&; W7A2 : TOJ8- IWJH II^M . ** 

| ■«. 06 04.5® 98JH' 97-81 87.«-.S8.M H&® j »f 
i Composite j 1 "■ ' 



inii-mliaiiiin elTort 


extra 


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despite the yen’s fresh vais _ Danone 
appreciation in Tokyo. Sony rose FFr 595. 

,Y40 to V 1.390. Nippon Columbia 
Y43 lo Y698. Nissan Motor \a to Hong Kong 

Sg-nSFuSSS-™ V® Market mov«I sharply fonvard 

SoA^ta^airbeld yesterday 

held sains in active trading. stocks tended to dose 

Casio moved ahead Y35 to YSS-i. day’s best, although the Hang 
Nippon Sh Inpan V2D to Y7S5 and seng Index recorded an advance 
Sckisui Prefab Y25 to Y970. 0 f ig.01 at 688-32. 

Hong Kong Bank rose 40 cents 
Oermany to HKS20.90. while Hong Kong 

Share prices reacted sharply Land and Hutchison Whampoa 
across a broad front, partly a( jded 30 cents apiece at HKSXZBO 
undermined by foreign investor and HKS6.75 respectively. Swire 
selling of holdings to capitalise Paci fi c put on 20 cents To 
on foreign exchanse gams. The HKS10.70. Jardlne Rlath^on 10 
Commerzbank index came back C(?n ts to HKS17.40 and WheeJock 
17.6 to 823.6. 7.5 cents to HKS3.65. 

Brokers said the market. Hang geng Bank gained HKS10 
already unnerved by the fall^ol tQ m^g204. Hong Kong Wharf 50 


tnd riir. twM 



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the dollar, win caught nonethe- 
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I by foreign holders. Lively trad- 
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idling also In evidence. 


cents to HKSS9.25, Cheung Kong 
30 cents to HKS14.70 and Hong 
Kong Electric 15 cents to HKS8- 00- 
Sun Hung Kai Properties 
HKS10.6Q 


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’ -a -III iii-inlaaiau-ii 


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i'u'i lUn-iin--. 
1 -|.-ni Itnii 11.. . 
-|«ui ita'i-l.. .. 

"H'llW- 

I -I.1IUI.UI-I lira Hal. 

1 -lal.l'llLHi'|."l lllll 

. -in. nil ti.-IMiin 
-I.I. « Hi "In- .. . 

— laalllt • lll’llliml. 

-Ii-IMII- MlllK- • 

-lil.il 1 Olka-I.. .. 

-mi ‘ - 

miii-iihih: 


20 


■ A . I*i-* 1 

I Mil. HI- 1 11 1. 

| \.|l l* all >• -Il 

I I.I- 

; V* l: 

j ,\i-| I lllll. |m|a . 
\|... hiu- Ull K . 
1 hii-ian-i •■■■ 
: LU"|ii- ,V|.im«a!. 

I Nia-ja-: -linn-. .. 

| X. I.. Ii|i|il"llli-. 

( A- ii ia.|!..L Vi I— »■ 111 
j A..iili \.il. Itn- 
Vlllll. -ll-l a— l*» a 
1 X l l||i a.* I M'lllla-. 
Al|l«I-1 lllllaul (• 

I X. >| I a all — II. . 

II- a I lllll 1*1 l-a-l 

1 1 -tils » Mall* la. 

I lllll. Kali.ia |. .. 


I"a— I lllll ’■■II 11 .. 
I I-lkl I - -||l\. . 

I 1\ in- .. . 


1 Ineltnili 

1 ki- 

fulls. I In I Inn — . . 

L i ill'll un i «ni'.. . 
I'.m-laH Ki-a-KlilX- 

I .-Inin 

IIhwi Uf»-I 

lil-lllMill Vim-'.. 

I h lllK- Villi'- 

I«i nne IVlml'jiiii' 
IXalnlllliHl 111 lilui- 
UhiiIhi- 

I III Joflll 

l-aliim'si-M' Lei. 
h*nii I At • ill 11 L'an. 


22 


Mach ines. GHH fell DM 6. DM feil^HKW.oO to HKS14.00. 

DM 4. and Linde DM B. In . 

Stnrex. Horten declined DM 6. AuSlTSlIH 
Kopdodl Dll S and Neckeroiaon The wM|Mn , ng mnd 

M VN retreated DM 15. Hulz- yesterday, with market leader 
maim DM 14. Lahmeycr DM 16. BHP retreating 12 cents more to 
i ’.MW DM 3.20. Hoecbst DM 4.50. AS'. 88. 

Raxerische Vereinsbank DM 10.30 Bank of 
and Deutsche Rank D.M 6. further to ASi.04 


fell 40 cents 


NOTES*. LHvra-Js DOi-.-n shi»ww brtow and/or seno 
I . mind-.- » niL-niiinii. Btlsian dividL-nds n Gross div. T*. I- Aasnraed dividend after 


. r ,- a „ er u-MhhoWiiia tas. scrip and/or riabts issro. h After local 

4 DM '.Vi ilynum, unluss oih<.-m*isc staled. laxe*. w *. »a* l? e _ 

T a a a * .. .. .n...A»i.dc nine i3v llnilar dlv. u Xam. a Shirt- spill. I UH. 


Il III’ 


1 1 


! I 


-in 


I" 


III '*.- 


\l> 


III! 


I I • jail . 

II. •!.... 


I ll-aar II 


'a * "I 


IIm. I'iii-kjii'.. 
II- i .I.i. I .. 

j 1 1" lllll— lllaaa- 

I 11.. 1,1 i 

| ll.ia.a.’l 

| Hi I'ni-i 

| llaill’ll’11 AhI .' a 1 ' 

• III. Ill' l "I ■ . \<* lllll 

. Iinlla.il 

• I.i . Ilia'll’ I ril“ . 


• • mm-: -o 

1 1 *.•.• ii- I ■ iiii”i- . .. 19 

. -2: 

, I'm Ilia- I .l-lll III".. • 
1 I*. Ill 1*1. -. -. '.I-.. 11*: 

I 1*111 \ II. VI. -r 

. i *.1 ■ I. ■ f Mall. II 
|*i .n-.i • I in i 

' I*. II. IV... I. 

I l*i lllll I. ' 

; ivim . . 

; i %i -jilt-' I >.1.1. 

I 1*1% I| (in-.. 

1V|i«i 


IMi.-l.-r- 

»•■•••■ . 

-.» "-ill.. . . 

\n- 

in I M-l ‘ill... 

1 I I-X1- I Ml A I 
I 1.-..1' I "lllll-. 

' I Mill- III 

! I iiiii- AIiiii-i. 
I'm i krai 

. I -Mill- 

I livmiiii-i'im .. 

| hrni'1%. 

I I rani iiu-ii 
" I ran-. ■ I m 1 1 
i uni VV .<■ Ill \l 
I | i-.mi-l' . 

' I lit . nlliii i.l 'l 


li.-ll'IUI" 

iitmilV el"" kiaiii-. 
• •nil I'lll'Niiailn . 
.Iim""k«-r>|it.' ill. 

Iliullllui-i 

I limit- l.lil -A'.. .. 
H ii.ii~.-n Uni .Vina 

1 Illill-JMl lllll 
j Hnil-,ii 

| I V.«" 

I ini'” 

Iiui-i-rmi "ll. 

I in ii -V— ... 


.•ins hasrai oiTiu'l -lividpiids plus lax. Umlae dlv. u ^0“- ® 

V Pra sun d-’nom. unl>-ss oihemiso siaiwt. and yield exclurtesw-cial gaTaneot- xmiU- 
I DKr lull dcnooi. unless oiht ni-ise staled, caiod dlv. , M 

*S-.i l r -ruu dt-onni. and Bi-aror sharvs holders wil>^ v Jerg«r wndiflfi. -AakwL 
unless (HtiL-ruiise xiuicd. * >s» diL-nom. t Bid. ^Traded, tieuer. % 

M ,j. .j nih-rvise uak-d. S Price ai nme sr Ex rv;his. ad E* dnddMO. icE* 
»i xnspeimnn n l■■|m'tns. h SduTIliRS. sort? issue, xa Ex alL a Interim since 
Cents, il Dividend aft-r pendirw rtshis increased. 


OaU Z5 : Oct. If i - t>-t. 11 Ytfu-tu:*'’API irT, '*- > _ 


T37T 


Kinrl BJifl' FattS 

<V..3<3 «>.i . -t ‘ ■* 


Oct. 

30 


fliah 


In* 


Issues tra.ieii.__. 1.942 
Rises 4 35 


- Fatln. 1,293 

52.85 52J2f"B.«! 64J4? 60.58 i 48^7 I mtoiuted 254 

I , J. j (11 (91 : C6.«l NewHisfcs- - 

yew Iinn_. — 


1.889 i .as l 
tei iso 

1.(172 1.974 

256 247 


mOHTBEAL 


l-i*‘s 


Oct. 

30. 


Ort. 

87 


AM. 

2b 


IWrt. 


H;=ii 


Industrial. 

.Combmed 


202.27* 282 A5i 204 JB 204^3- 222. !■> « ILW, 
289.74 2 IB. 04 210.90 201.56 226.61 


XOiOBTO CempoBite; mn* 1223.9;: 1M1.5, 125 1J Ui2-i 


928.2 oU I' 


J QTf A W 7TESBPB& 
Gold 


laiiutriil 


. t uiu' 264.9 248.6 
27B.B [' 2765' 273.9 


272.B '14-si 
278.3 (30.10) 


Ui.0.00'4'1 
154.3 i -a-a> 


Ort- 

30 


Pre- 

cious 


1973 

High 


1979 

Lsiir- 


"■■l. 

29 


Prv 

vimra 


19k' 

Hiali 


!»|V 

U*' 


Anatralai’J 533.W ■ tPOfio ; Spain 


96. w 


Belgium i-*< 
p pumnrte l** £2 -OS 
France ittr 7&5 . 


IlsiV 

97.40 I0U6 90-63 
1 (S® 

96.64 : 98.96". SSiffi 
(14 15) "(£C:ilf1 
19.1'. EiO : * ?£ 

: (*>]a . is& 

HoUlBd.li: TBA !1A *.1, ™ 

^ 'J ; ™ jgj 

Italy usi ts-io ?us l ez^« 




95.91 


1 ll’.lC 1 C'i.f ? 

i ill v 

ic 3E3.&V ; 383.1a I 4Us.CU |32t/.i-v 
r 1.4 Cl j O l* 

Switzer 3=S5 sa.7 | 


Sweden 


bank Dec. 1953- !i AmKeftlam industrial 
into, t* Ham Sena Hank 3i n/fA. hp kanca 
Gm mmra aia naiiaaa inn n rntrvn 
New 4/1/88. OSrraits Tlia^% 19«. 
r Closed, rt UadrJd SB M/12/7T e Sn*.*- 
iKrtip indnarnal tn/SR. iSwos Hank 
Corpora BOO. a Unavailable. 


Japan 


lot 454.75 43flfi9 0^.04 MONDAY'S ACTIVE STOCKS 

i33tt0i ; (• Kb SiocVt ciiwiw 

gjn g anoratth ic) ,^-88 £>2-u u-jd-U prn« 

• • (BS» rtljM coko MBI.2HU 

Acnvays uia.209 


mi 

day 


luCces and Paao aaies ta fl bMe Ratrnda inns 3Kj.]W> 

100 except NYSE All Ccma mfl - 50 . Rortjmrk .. . 4"^.>0» 
Standzids and non 18 an d Elex. 

• ■ sis 

iSr.m'i'Tci.".: "175‘ilW 

and Bechtt ■ -5Tmo 

l»£^?S5Ser«, ftflnwe Teehndow U4.7fln 


:u 

t>; 

0i 

2 <h 


- 1 

- t 

- 1 


Wisd — 4 


2D. 

"!2> 

Wi 

lit 1 : 

2 ".ii 


- i 
-1 


GERMANY ♦ 


I fiw 

I I ni. v «.«* 


I'm. — 


4-.ar, IHVa YI.I. 

0 


I I Ill'll I'M 

I 1(11 . . . 

.lllll I l-Ill II 


1 111 In ' 

InlNinl A«l . 
Im'i-i l!i|«- l.iin 

UniM'i l.*A'ii»iti-o- 

1 1/i'in hui. t mi'.. 

Ij.Mhu « "mu. *B‘ 

| .Vll-lllat'll lll> ui . 
.vui'M-x fmni~" " 

Ali-1 nl X 1 

linin' I i-rjin . 
Vim mill III .-lull Ii" 

A.nniiiU 

.X a -I ivii Knciiy .. 

.XI la. "I i-l|i% all 

\|1IIMU-"|I A ' 1 H - 
| llakuiml IV! I "li 
l*ni-lll|- l"li|i|i-l VI 


| AM 

ViiMTI.-i- * I 

i:*|W 

i HA-F. 

III." 

Hit-. ai K.M 


as. 3 -2.1 - - 

492 - 2 3 1-2. 3.2 

222.0 — S-2 28.03 6-4 
133.2 -4.3 18.76, 7.0 
138.7-4.3 18.73! 6.7 
5U.&-7.0 B0-12; 4.5 


I'mi-r-V i nnirJik^'S t3.0xi — 10.5 18 j 2.S 


i h".. 


Ii... 


ii-n.1. 


■ I .\.l 

I I \IC «• 

! I'll 

I t lll.a-li-l .. . . 

. 1 lllll-XI-l Xl . 

i I ll ii.ii ILim ..ri. . 
j 1 mini ' nHiiilc. . 

, l iii.iii ■. ■•iitiiii-i.-i- 

| I llli.ll I 'll ' dill .. 
1 I in. ail I'm-tin- 


I "a I kill Klllia-I 


I'll. a-l 

■ *l,.-l|.- .. 

I'll ll.nla-ll.il" Mil 
l'lllll|- .Vla-I I 1%. ... 
I’l.ill'l- f' 


III. 


I llll aalll I 

1 ii it” I llran.l- 

I S llnll* all I’ , 
I — l,\ p«-lllt. . 

I 


I'na-ltll I Vl I ala lain 

I'M ii. i nn. IVi’t.. 

I "m nn 

IV-IHl- ll- |-l. ". 
■hut- Inn. A "i-. 
I*liira-l lU-ii-lii|-n-l 
i’aaut-rl'4-i|i‘i»iTi 

I "i i.i- 

'^iiHvi- 'inrsfiii 

llimaer "il ; 

Iii.iii siviiln-ii-i.-.. 

Illn A 1“ i-nl 

Knval IU . ui < "mi. 
liMtal T i n %i i 


Hi 


■li- 


! I 1 


I'll Hi \ |l . 

1*11-1. -It 

1,1-1 Al'l." 


i V I 


I tl-illl- 
I Ill'll -I I ll-%. 

ei ii i" Mi'll. 


l*ii-» 


Wailei 


1 W hiiii-M ’.11111111.. 
] W nriu-l - 1 ji ini', n.' 
! VV H-li'- llnll nil-ill 
■ W a-il-— Fiirei. 

I A .-Ii iii linn. ..n 

" i’jIi'III V. \nii-i- 

VV, -li-iu l ■■iiiii... 

Mira- 


Wi-.iine , i - 
VI a-lHl.l . 

rVI-rllHi-u 

wiin-||n.i| . 


>-i1iii--l:«^iiiii i-- 

Sinirnini' 

Shell > Hiiniln 

ilnn ill li.Miiii- 

■SlHiHli' i i. I a.. 

->l ■■■ |i— -ii ■ 

■•■I i-i i niiM-ii-.. 

I "llra-li lira k lli-n 
li--.li* -■ l Hlimlii .. 
|aal..l||..|ha||l. III. 

1 in II-I mil'll*- 1 n 

I rail- VI ■ mill * ’|-1 

I" 

I l lil.-li l!m 

t l-l Mil*. Al in.— 
, Vl nlka-r Hlrnni.... 

j W.- t I 'm -I 1 lllll. 

VV a^inrn lim 


I'.ilii-lier lotllk 

[i iiiii : f • iimilil ! 

I lijiinlra.IVii/.. .. 

| iH-e-i'-" 

tb-iniii: - 

I >1-1.1 ..-III.' Kfllln.... 

Ur— Ilm-I HhiiW ... 

iM . la. I'l-rtl /a-iiii. 

iii.iTniiiie. _.. 

Hi-inu l.-'"l 

i!.i:;x-n--" • 

| tl.-n-l.-l — ... 



Knll Mini >*l-- 

i k^raiiiill 1 

Kniilli" 1 • 

liira-kncr I » 'l UAC 

ulin.. 

j Kni>ii 

, l.imie 

i !,■ ■" rill i rau lU)....jl.a7U 
| Min rluiusm I 

U.V.N 

I Almilli-iiniiim 
I Mvimlpd** ... 

, .xiiun-lii-iH-r ltin-k.1 

I An-kenitniiii 

l'irii*-«’4 LlM 100. 

| Kliem H ra*». Mira*. 

j 71-lienne 

j .Sn-nw-ii' 

iinl/in-ki-r 

Hu-*— il A .• 

I Vniln i 

I VKHV I 

] l ri riu-JL 'Ve-tHlI 
! \ ..Ita-VVH»M". I 


229.2-3.6 26.56. 5.8 
68.6-1.4 - 1 — 

339.5-6.0 28.12 4.1 
357.0 —3.5 | 17 1 3.3 
175 -4 11 1 3.1 


TOKYO H 


> AUSTRALIA 


"rt. W 


■l*rii.-es +-r 
Yen • — 


Dtv.-YW. 
% % 


l .rtlll trta* 

lumii 

t'O'lii 

Chiniiu 

Hat A i vi ■ -n Prtm. 

Fuji Plum . 

Hilaell 

Hiiniln Mtrtiir* 

H.m%e fad 1.140 

C. I till i 245 

(tifcYii-ailii 1.740 

Jiu-t* 741 

J.A.1 2.90O 


350 

431 

885 

396 

509 

552 

224 

484 


- 6 
-4 
x35 

T 6 


t7 
+ 25 


2 JO 

1.4 

1.5 

2.5 
L5 
1.4 

2.7 

1.8 


•f 7 

— 40 

■f 1 


35 ! H 
12 2.4 


50 

13 


OJ9 

0.9 


308 —6 28.12; 4.5 j Kiuwai b'lmuB". L180 

246.5 —4.0 28.12', 5.7 1 Kninauii " 570 


1U3 - 2 9 38 2.6 

255.0 -6.0 12 : 2-5 

99.5-2.5 14.0< 7.1 

159 -5 'i6.?5 10.2 

132.5 - 4.5 18.75 7.1 

49.2 -1.8 - - 

160 —6 9.36 2.9 

J44.0 -4.5 14.04 4.9 
323 -8 23.M 3.0 

248.0- 6.0 18.72 3.8 

-93.2-1.4 - , — 

194.3-6.0 18.78. 4.8 

109.0- 1.0 - ; - 

278.0- 6.0 25 4.5 
25 : 8.0 


Knlu.ta 
Kvm*-Ccr«iiin- 


... 294 

_ 5,350 


91.0— 7.0 i 9.36, 6.1 
221 i-15 ; 12 ; 2.7 


176.2 -4.3 JlB.18 4.9 
246.0,-4.5 j 10 2.u 
640 -*-2 18 i 1.4 

163.5- 5.4 — ! — 

136.5- 4.0 — 

180.5 - I.S 25 | 6.9 

269.5- 3.0 j28.12, 

295 -6 j 25 I 4.2 

259.5«l- .5!2fi4!4: 5.2 

117.5- 3.2 ,17.1b! 7.3 

106.0- 3.3 17.1fc! 4.6 

126.8-3.9 , 9.38; 3.7 
2y8 1 18 " 3.0 

240.0- 2.7 25.5.2 


Mal-iirluta I»nl. 
Mitsiil'iilii Uauk 
MU'iilmlii Heai.x 
.Mil'iilan-lii L i.i-|i. 

Vlit»ut.V I'm- 

MitMlkir-ill 

Mp)>1ll Ill'll', 

V ip[Kiii dliinjail. 

Ainsan 3IiUura~.. 


765 
201 
121 
426 
296 
58 1 
l.o20 
785 
660 


Oct. 50 


-, — tt- 

Aiut, S — I 


BRAZIL 


W te»i«r 25 


l*tlW 

Crur 


“4- ui X ni ■" S m". 
— 111-,. 


M.J1H...C. eem 
Aerow Au*rin »* ... — . 
V 11 ATI LSI. 


\ir.po) hspkjnitkxi — i 

Acapol Petroleum , 

A«*ne. Mlnentir j 

Lrtoc. Palp Paper SLm-..., 
Aside. Coo. Inifoatrto-.-..: 
Aurt. Foundation Invert—’ 
A.N.I... 


iO.70 

{2.0 > 
tl.30 
.t0.77 

1L30 

tl.70 

:1JB8 

tL03 




SJS2 

-WH 


-OJW 

-oja 


Vuaiinxxu- ... 


I*inncer. — -■ 1.470 

ean.Vii bletri" - , V*48 

SckifUi Prefab,.... 970 

$hiwblu.> 1.320 

Souy — 1.390 

TiidM Marine^...’ 249 
Takeda Chemical^ 461 

TDK ; 8.0U 

Teijin ! 

TmIcto ."U*nne..-.j ->Lp 
Tiikyu Blcrt Pow’r, 1,050 

TtAyo Sanyo. [ 339 

Turay 159 

T,»liilnCory....— I 127 
Toy, if* llator I B50 


-20 

10 

0.4 

-10 

18 

2.4 

-4 

15 

2.5 


35 

0.5 

+ 3 

20 

1.3 

10 

l.B 

- 1 

12 

3.0 

-2 

13 

1.5 

-1 

14 

2.4 


20 

L7 


15 

O.b 

-20 

12 

U.0 

. + 5 

lb 

1J» 

:+ 10 

48 

1.6 


12 

JL4 

+ 25 

5U 

1.6 

.+20 

20 

0.7 

+40 

40 

1.4 

;+s 

111 

2.U 

1-4 

15 

L7 

1 + 10 

30 

0.7 

+ 1 

10 

4fi 

11 

L9 


8 

3.8 

+8 

12 

1.8 

— 3 

10 

3.4 

r-1 

10 

4.0 

+ 14 

20 

Jc? 


Aurt. Oil Jc I’M...- : 

tSareboo Creek Gobi 

8>ue Metal tuH 

Hotcpuoinlle Cower 
BnmMe" tnrturtrier—— ... 
Hnikpn Hill PtnpriKan'.— t 
WH South 


•&051 


Source Nikkn Secunoea. Tokyo 


xblt iS!>„ — 

v<eiii.-iirn C-emcnt 

^■ei lU.Jj — 

woo-. GruriHeal- tint ’ 

Loolaioer (SI) 

wufizHie Kioiintea. — .-i 

woalmm .VintnUa^..'. ■" 

Uumop Kutvxpr (SI) — 

E3U0K .; 

Bwer^milb. 


tl.58 -0A5 
ICL57 *0JK 
*0-62 
10.20 
*105 
fl.sl 
tL83 
{7-88 
tl-52 
tl.70 
(5.22 


Aoexica — . 

Uancedo Hta/H- 
Ualiro I taa l».\._. 
BetKoSlioeltat/F 
tnj» Adrt.OP.-' 
PtWoOras 

1'ueiii OP 

TOiKnCrurOl*... 


0.90 

1.82 

144 


^- u.tia.12 ! 3.2 J 
— O.B8 J-lb 0.79 
J.37 2i.b3 

lJUO ; -O.DIJ.ua 8.00 

3.C0 0.20 0.60 

2.12 -0.05 0.13 0.13 
L57 -0.03 0.10 11.67 
2 .30 ,+oj»aaa.9.5b 


LniuPh. •: 5.37 i ^0.9( 0.25,4.65 

Val*ttiplMrePf l.'J j : 01817.14 


Tnraowsr CrUtJnc Votarue W.am 
Suortc; Kin de Janeiro SL. 


-8JJ4' 

JS ! oslo 

-0.12;“ 

ivi.aj 

-0J6* 


'...P;n i* 
. KniBra 






•0.01 


hndeauonr U ewm r e o a. 
MJL LnrturtziBim— - 
tiro. Property Trort— 

H am e t wey..... 

Hooker.. 


ICI Auabniia.. 


laterCkjppcr_ — — 

Jam men Industrie*—— I 
June* 


*1.32 
{2.25 
(3.45 
*2.60 
*3.20 
12.75 
tL45 
t0fi7 
12.40 
*0J® 

T5.1B 
' fl.60 
* 2.12 : . — 
*0.77 T-0.91 
tfifiO. * 
Z7 om1>, — 


; Bergen ban» . 

4UR| Burnsunl .... 

— : * 1 nHitiauii ... 

..... JllBinulK 

....... ; KicHtbaieetj 108 —2 

Ni'rvL Hyalrw-lirt, 173.5*3 


AmvlnBl 99 .& - 0.5 . 7 


-TUJ& 

-8.03 


’ r— 1 


Lennaia Oil. 


fietMB Kxptontkm 

.UIM UoMinci 


$0^8 
*L10 
tO. 30 

*as2 


-M2 


U;« Kmpariutn.. 


:j *2 jo. 


BRUSSELS/ LUXEMBOURG 


Orl. 3 0 


Price 

Fr*. 


+ •" 


• Div.', 

| Frx. iYi'l. 
; -Act 


AMSTERDAM 


"a-t. 3U 


TiTe 

Klk. 


r+ nr i 


it '-Iraki... 

. lull 


Winn 
W 1 Him 111 L 
i MT-a.-m-in | 


* Bid. : AiM. ; Traded. 
U Nc-.v . 


Vila. I- 1 iFI. 20l 

Ak.M't'l. If •’! 

\l-.TnBiiklFMI»; 


| AUKV iFI. lOj-.-l 
" 'Or 


EUROPEAN OPTSONS EXCHANGE 


A 


9.20 
4. B0 


F.353 


K.25.70 


BASE LENDING RATES 


3.30 

2.70 


f.73.80 


30 


12 


P.32.50 
K. 3 7.50 
K.40 
K.45 
>260 
>280 
>300 
K. 13 3. 30 
F.142.90 
*.150 
P.152.40 
P. 160 
P. 16 1.90 
*.170 


2.60 

1.90 


S266 


.- *". 103.50 


A.B.N. Bank 

Allied Irish Banks Ltd. 
American Express Bk. 

Amro Bank 

A F Bank Lid 

Henry Aoshai.-hcr 

Banco do Bilbao 

Bank or Credit & Cmce. 

Bank of Cyprus 

Bank of N.SAV 

Bam me Bel^e Ltd. ... 

Eanquo du Rhone 

Barclays Bank 

Barnetl I’.hrisric Ltd.... 
Brcmar Holdings Ltd. It 
Brit. Bank «>F Mid. East 10 

I Brown Shipley 10 

Canada Perni’t Trust .. 10 

Cav7er Lid 10 

Cedar Huldinss 10] 

I Charterhouse Japhet... 10 

Chniilartons 10 

C. E. l!uates 10 

C.nnsolidaicd Credits... 10 
Cd-operative Bank ' 




ll 


z 

20 

L 

3 

1 

4.20 


— 

30 

0.60 

2B 

2.20 

10 

2.90 

244 

O.SO . 

69 

1.30 

15 

1.60 

83 

0.30 

98 

0.90 

5 

L.10 

5 

1 64 

— 




7 

i 1»> 

5 

i'l 

— 



; 

03 

1-H 

— ■ 

— 

11 

4 

32 

7.90 

— 


55 

< 1.20 

2 

3.50 

10 

S. 50 



12 

1.50 

— 

— 

3 

1 ■' 

30 


— 

i 

10 


55 

2.90 { 

— 

I : 

29 

0.40 

- 


— 



; i 

5'. 

» ~ 

— 

1 


1 2 • 

4m - 


1 


— >44Jj 


- P.119.60 


>60 

K. 114.30 


>40 1- 
S5012 


Corinthian Securities 10 % 

C.redit Lynnnais 10 °T. 

Duncan Lawrie 10 "it 

The Cyprus Popular Bk. 10 '5, 

East! Tnist 10 % 

English Trans«mt. . 

First Nat. Fin. Carp. . 

First Nat. Secs. Ltd. 

B Antony Gibbs 

Greyhound Guaranty 
Grindlays Bank X10 < v> 

■ Guinness Mahon 10 % 

■ Hambros Bank 10 "J. 


11 % 

it % 
10 % 
io 


I Hill Samuel fiO T™ 

C. Hnare & Cn f JO 

Julian S. Hodpe 11 

Hongkong & Shanghai 10 
Industrial Bk. of Scot. 10 

Kej.ser Ullmann 10 

Knowsley & Co. Lid.... 12 

Llnyds Bank 10 ^ 

London Mercantile ... 10 
Edward Munson i Co. 11^% 
Midland Bank 10 

I Samuel Montagu 10 

l Morgan Grenfell 10 

National Westminster 10 
Norwich General Tmst 10 
P. S. HeTson & Co 10 

i’ussunnsler 10 

Royal Bk. C.anaila Trust 10 
Schlesinger Limited ... 10 

E. S. Schwab ll?% 

Security Trust Co. Ltd. ll 

Shenley Tri^t 11 

Standard Chartered ••• 10 

Trade Dev. Bank 10 

Trustee Savings Bank 10 % 
Twentieth Century Bk. 11 % 
United Bank of Kuwuit 10 Ti 
Wh itea way Laidlaw 
Wiiliams & Glyn's 
Yortehirc Bank 

■ Mtfljlhrrx 
Commillv 

' I--Jay 3i>D0»lra T- 


Ainrniunk iPlJO 

Hijoiik-arl -“I 

Bii1aW>.-4iiiiiF.lul| 

Hull mi" TctirtiilU] 
KIm-i it-r i**1^53l ... 
*jmi«A.V.8«i«‘ r 
BiirtLimiT"4i FIJI)) 
fii»MlUrrn.-»il'.' < FI. 
Ha.im-Ueii i FI. 36*-* 

H..rai.l I l'l.20l 
H ia ulcr P.fPl.lOOA 
M.L.VI. i PI. MB*. •: 
tin. Muller i I20i J 
.X hh nla.il - FT. IO.- 1 

NHl.V-UliMfl.wl 

NeilL'rralHlaiFI^O ' 
Aral Mi.IBkiFI.60i; 


i>y i*’l.lA)i 

I L'nraii, 

1 V *n (lumieren..., 

; ('■Ali.o.l iP^0>— 
Pl.iliic, (Pt.lOi.. 
1 (jn>i’liV«*nFl.lto| 
Kailwv iPl.tOI.... 
I(..liib-n iPl.ti0i... 
i;«n-llti. «PI.S0l... 

M..val Hull'll lFl20| 

i>lH(pul-iin! - 

»irv,n GnulJOi. 

T,iL\iil'*i-.Eil'lx.$| 
l uiiBit-riFliOl.. 

V it, ill” I,*.-.. I.jtj; 

Wra.1. 1.'tr. Hx-|il-la 


103.5— 5.1 
25.9—2.1 

353 -7 

80.0- 4.5 
73.8-0.7 

84.0 —6.7 
121 . 0 , — 2.6 

68.0 — 1.7 

280 " 

133.5 -4.0 

71.5 

33.0- 2.21 

89.0 +0.7 J 

31.6-3.9 I 

21.0- 0.5 
117.0i-13.5i 

40 —4 | 

22.5 —2.5 

103.6— 1.8 
54.9! — O.l I 

200 |-4 . 

158n) —4 , 

29.0- 3.1 
127 . — 8 

41.0- 0.7 
23.9 -0.8 

62.5— 3.5 

160.0-1.6 
130.0—2.2 
122.4'- O.l 
120.4] -2. 3 
235 -1 

97.5— 1.0 


I.Vriiol 2.190 

Bertrri ■*8“ 2.575 

I'.B.IL L'einmil — : 1.186 

[ LV»-kerill i 370 

KBK.S '2.315 


—10 ■ - 
—10 |116" 
—4 1 100 

tia li77 


,28 i 5.4 K1 rtn ;^i*-;;;;^, 6 : 8 2 0 j + 7o «o 

— 1 — I .. . . .fa nen '+10 '1^ n 


170 

150 

86 

90 

170 

142 


O f.l 

7 a 2.C 

r.sl 6.C 
M5l 4.1 


19 8.f 

ta.a 5.c 
48 4.C 


Pahriirie >ar <2,960 |+ 

li.8. Inim-JBin _..'2,440 !— 10 

GthuorL ;1,320 ■ — ^ 

HHUBnis :i.S30-J-25 

; Hnl.iken 12.630 1+10 

lnten-n+ >...,1.820 [-20 

KmllctUauk ,7-160 1-10 290 

bofa 

I’ctrnrtiii*.... 13,340 I — 5 |10O 

.Sot-. Ui-u. tbnqur'3,103 
^m-.tien. Hetuti|ucj2 .006 

-Sufi iui 3.100 

mliav - <2.560 

Trail mu Klect 2.666 

L'L'U 11.180 

Ku.Vlin. il/lOi ; 702 

I T ieUk- M< mnu:ue-l 1-830 


I — 45 


|20a 
|14G 
U-20 ,215 
1—30 IajlidI 
1-40 1170 


[-20 1 50 
!— 50 j — 


7.6 
&3 

5.9 
6.1 
6.4 
5^ 
6fi 
7 JB 
4j0 

5.3 

2.7 

5.6 

6.6 
7.0 

6.9 

8.3 
b.4 


6.9 


22 I 5.5 


SWITZERLAND 


7.1 


Ural. 50 


8.0 


3fi 


53.76! B.O 
20 6.5 



Price 

Pm. 


970 

1,500 

920 

710 

580 

2.155 

1.760 

5a0 


COPENHAGEN * 


I I'm-ra 


K laalla* 


+V,i Dlv? ; YI.I . 
I — I « I 


Uln Acc<!pUn= 


10i% 
10 % 
10 % 
Houses 


ii'; 


I-monUl *1*7 posits 


”-d;i* deposiis un sums of nfl.ooo 
ami unJir + T-. up io £C3^'H* 7! 
jiiiI nia;r £2j.nufl 7. , 

Cali dvDwiiis "vor »I wo ;*T. 

Dramnihl -1>-pii*nx i" . 


f.-'a. 


K\ 

HA 

R\ 


>50 

>60 

.>70 


8»i: 

41: 


— I 


'56 


30 


3 i« 


|,I| Ala MM.* VIM l\ "'MkVT [' 


1744 


Xn*lc1sl«i'M'*i> i 

lixn-Le lJ*ii». | 

Kh'I AmkIi,' 1 ■*— , 

Fiiuin*l*iu>>«n ■ 

Br\"pax"riw j 

Fur Papir | 

Hnwld-leuM 

i,.N*rh"iiH.iKi90i| 
Non! Kn*iel 

CUn-fnl-rila ’ 

Prr.all«nL i 

Pun iii'<Miik i 

S-ipli.ll+rraiiien — . 
SUp-ll-»’ 


140 

lZSit 

137 —5 
la2 i+U 

344 I 

751*1— 1>= 
laobi 

202 ■— u a 

176b —2 
1 13M.+ >« 

131 { 

137 • 

363 '—23 
157i 2 l+ li s 


11 7.9 

12 i 9.5 
12 < 12.0 

13 1 9.8 


> 12 


3.5 


Aluminium... — - 
BBl: -A* , 

CihsGeicyPr.lOrt 

fHi. Part Cert.. 

fix Ttep 

Crtriii Suisse 

Elertrrnta.ro. 

Piwlier <Own;e) - 
Huff man Pt liirtJBfiJBO 

D. .. (.Suva It) 5.900 

tnlerfu.il B ;a.oB5 

Jelmnil (Fr. lOli -‘1-350 
Nestle iPr. 100) ...:E -940 
Uai- !((« iB.irtl 

Orariik.inBfP^Ol, 2.560 

l*lrelll$f P iF.100* 300 

Su»W i**r- 2W«..!3.060 
Lh>. Part Cert-.i oV9 
Si-hiihJler I. iiFIOCl] 253 
ShUlt Cl iKr.llIhl 262 
bivisratr iPr. 560ll 777 
5» las Hnl;( Pr-lUO), 350 
biriaslKcH Fr^b0)4.76O 
Oul'W Bsnli— -3^0 


+_or 


—25 
— 16 


—10 

1-10 


-7501 


1001110 

21 


— 10 




3s 


Dtv^ 

* 


rw. 

% 


■ a 
10 
22 
22 
22 
16 
10 
5 

1100 


21 

!saUJ5| 


taSB.7 


9.2 
8-0 

3.3 
73 


VIENNA 


I Vi . oil 


l’i"ii-i- +*ii 


lux. YiU 


I 'mill nn.- lull - 

'-a-'ra.’lp a 

'*-lll|lV' ll I 

>"llf\r I'siliaii-r.... , 
Vrtl VlnMIlO-ll .. .. 


543 • 

27 1 

614 -4 
04 + t 

216 -4 
250 


10 I 2.9 
9- ' 3.3 
58 1 7.8 


3.7 

4.0 


I-4J 

l + * ; 


— 100 | 

< +l 
1 + 3 

|—3 


lOGl 

r— 25 


Xnrich 1 ns. — 10,450 j — 450| 


2.4 

3.3 

8.4 
3.1 
SJ» 

3.7 
2.9 

4.7 

1.8 

1J3 

2.9 

1.6 

3.0 
&JS 

1.4 

5.0 

2.1 

3AI 

4 JB 

5.0 

H-0 

H-9 

2.2 

^.2 

2.1 


.xl -nom* iDieniauonai..... ] 
-'orth Htoiien H'JmwraO | 

’avian, tee. < 

jil Tjear.-h. 


a/Uei Kx^ortthm .. 
PHmeer Lou. i pi c — 


tfeckill A Lomiiin — 

ri. L. aieUgh.. 


uuLblanil Ujnmj; — 
Uxpiccadan . 
fMKta (Si — — 

Wm noon- 


*L6fi 
*2.60 
* 0.01 
*1.33" 
Jl.bZ 
* 0 . 10 ' 
*0.37! 
11.72 
*2.70 
t0:66 
tO -31 


i-iijn 

-a.di 

i-DJK 

■bus 

+4.DI 

I-0JJ3 

;-0.rZ 

!-a.Q2 


i*««n M IDTHE (OUvem*} 
Wroiwnri h» — , 


*0.32 J+OJE 
tlJBO i — O.BV 
t0.73 ...... 

tl*62 ...... 

*1.66 -La.ai 


JOHANNESBURG 

MINES ' 

Oct. 36 

Anglo American Conn. — 
Charter ConsoItdaiM — - 
East DriefOmeta — — 

Cfitarc 

Hannoap — 

Kinross < — — — 

KlOOf — 

Rastenhnrs Fla tin am 

Sl Helena 

Smth Vud — .. 

Gold Fields SA 

Union Como radon 

De Beers Deferred ... 

Blrvodruitzidit 

East Rand. Pty .... 

Free. State Gerfnld 

President Brand ...... ..... 

President Stem ...... 

Stllfameln 

Weftom — .... 

West Drlefonretn 

Western HokQnss 

Western Deep 


PARIS 


Oct. 30 


Rente 4* 


Air Ui|ukle.'. 

,\qn itaine.. - 


C.CJ.~ 

C.I.T. Alcatel..."...! 


Credit Com. 


Oimez. ... 


Imrtiil 


; 


Michetm ' 


Moulinex..: — w 


Pertilney. 

Penayl BlraM .... 


Peugeot Cjcroen.; 

Poclain 


MILAN 


Ort. so 


Price 

Lire 


VMC 

!l«-tl«i 

Fii 

I*.. Prl* 

Kn wider 

ItoH-einrantl 

Iialmiler 

Mtsliuleiiraf 

MnllMii 

Oil* ralli Prt*%. . 
Pirelli A Cn...:.. 

Pert-Mi Sj» 

riimv Vln-«*s 


62.25 

540 

2.650 

1.970 


+ or j Dir. 


— (tire 


YU. 


% 


-OM, - 
-5 

5.7 
7.6 


+ 16 
i+BO 


1SB -1 . 
20.600 '4- 13401 61 
332 20 . 

|4a.SOO i+BSfH 

193 

1.340 -+66 
1.990 1+120] 
.977 +19 
790 | + 55 


looj 2 .= 


a.oa) 9.8 


130i 6.5 
BO] 8JB 


SL GuAain 


Suer...... - 

Telemecanique— 


Price 

Fra. 

+ ‘ar 

Ure. 

Tre. 

YEl 

« 

751 

+ S! ' 

4k 

0.6 

401 

— fi . 

21,16 

5.3 

663 

+ 3 


4.5 

523 

—9 

26^6 

B.0 

493 

-7 . 

15J6. 

2.8 

820 

-41 

42 

5.1 

595 

+ U 

40B 

5.9 

'2.090 

—30 

7b 


394 

-6 " 

3L5i 

8.0 

990 

-10 

7BJW 

7.S 

[ -432 

-4.9 

72 

8.8 

| 505 

-7 " 

11.78 

-e.4 

130 

-O.B 

12 

9J4 

63.2 

— 2.9 



699 

-10 

35J6 

4.8 

139 

— s 

106 

10.1 

202.0 

, IIMa „ 

iOi 

4.0 

60-6 


6.7 

9.4 

160 

—12.; 


— 

22616 

—4 M 

1BJ7 

•7a4 

Y26- 

—11 

Xb-S7 

2.3 

1.891 

-38 


13* 

614 

—11- 

s59bfi 

7*7. 

L225 

-30 

filSE 

8;7 

067 

-9 

12.6 

a JL 

' 126 

a- 

2.4 

197 

(-3.0 

l&M 

10.1 

88J 

-L2 


8.5 

293.1 

■ra-103 

1U 

1.7 

497 

218 

pS" 


5-5 

440 

— 10.S 

xi 

6.1 

577 . 

+ 1' 

ao 

a.3 

. 118.6. — 5.9 

*. 9. 

75 

.1 LbS 

pai 

1CU 

9.4 

.!fc77*J 

-39 

8.2 

.: a 84 


, «tr.b 

8.B 

.! 80S 

1-16 

25.6 

ajd 

J 252/ 

1J3 

[16,1! 

,s.o 

.1 22S 

JvMiii 

i — 

— 


STOCKHOLM 


Oet.30 


Agx AB ( tvr. Wl- 


I»val^KxJ30l( 


ASHA (Kr. . 
Atlu Oopeo^KiSa 
BUIenid •- ‘ 
Bofon.-... 

Oardo - 


Price 

Kreiaar 


N-L; 


CeUiilm*-— - 
BlecClus* B (Krfttf 
Hrie»ni*B < {KibOj; 
BskIM “B** — { 

Fsiwmta-. — 

Granges tFree) 
HamUesbutltea-.^ 
UjurrtVW -a^ .. 

MoTVrti DenirtoJ 

iMiulxih *B* 

S.K.F. *B*.Kre.-. 

Stand RnsldM*.. . 

Tendjit iL 1 B*1 Kj50^, 

Cddetialm— - 

| V civil iKr.'W} — 


192 
138 
85 

113 , 
47-6j 
112 
174 
217 
122 . 

121 

27S».1+5 
88 
52' 

375 
126 
.56- 
251 


+ » 


9 . 


+i 
+ 3. 




.159 

:'61 


J 




IHft 

Kr. 


. * 5' 
--8. 

a$s 

io 

«J3 

' ■ 5 

• B 

*. 4 


415 




Ym. 

% 


2J9 

3.6 

6A> 

5*3 

5.6 

3^ 

AJB 

5JI 

2J) 

4.S 


6A! 

6i4 


^.76T*.5: 


7.5 

5.4 

as 


i8A + l^r;5.t?T 


98 .. . 9 

65 .00- 1.25. - 
1 12. 5 L — 0.5 11 
300 6 . 20 

11 
12 


9.2 


8.9 
, 0.7 
10.2 
i S.4 
I 7.1 


Ruud 

710 

■MiJl 

14.90 

2.11 

6.T5 

620 

11.00 


+or— 
+ 0.10 


+0.D3 


13-60 

I0.M 


-T-0.10 

+noj 
+u ic 
+ 0.HS 


G.IS 

7.S5 

fi-'iU 

6.R3 
-.74 5(1 
i 19.00 

le.oo 
6.60 
tB.13 
♦«Ta 
:-w no 
fe.aO 


+ 0.1H 
+ 0H3 


+ D oil 
+8 ii 


+u n 
+0.U7 


+11 SO 
+ 0 30 


INDUSTRIALS 

0.33 
im.ra 
■i.ra 
+2.20 

'tnance .... 8.92 

s Industrial T12.S0 

Consohdared Inv. 7.70 

Stores *37.00 

ady^A - 2.20 


AECI 

Aiodo-Amer. Industrial 

Barlow Rand — 

CNA Investments f 


-. o us 
-i-a.m 
-o os 
+«.m 


Haleus 


Rodway 


Premier Mitline 

Pretoria Cement 

Pretea Hokfliurs 

Bami Airinpra Properties ... 
Rembrandt Groan ........... 

Reico 


SAPP! v 

C. G. Smith Sugar 

Sa Breweries — 

Ttjter Oats and Nat. Milte. 112.30 
Unisec T.. ll 1 


LOT 

3.03 
2.13 
"2 KI 
11.97 
7.00 

•bi.oO 

+.10 

"..50 

1.03 
2J5 
3.78 
.0.37 
tl.45 

2.80 

5.65 

1:51 


Securities Rand US$0.70 
(Discount of 39.1%) 


SPAIN w 


October 27 
Ag land 


Ranrn Bilbao 

Banco Ailanrleo ilBOni 

Banco Central 

Banco. Exterior 

Banco General . 
Banco Granada. fLIwoi 

Banco Hripaiio 

Banco ind.: Cat. U.aoo* 
B tnd. Mpditerraneo , 

Banco Madrid 

Banco Popular 

Banco Santander (239] 
Banco Unjutio n.9noi_ 

Banco VTzcaya 

Banco zingaam 
Banknnkm 



Banns- Andalusia 
Babcock WQcos 
DC 

Drasados 



tmnobaotf 

E..f 

Esponola Zinc 


End. Rio Ttmo 
Pecsa 0.8001 


Fenosa njam 

Gal Predados 

Grtmo Vdarmna 14001 

Htdrola 

Jberdoero : ". — 
Olarro-' i..„. 

Papelonus ReunldM * _ 

PUtreWier .". _.. t „ 

Pfmdeoa ■ "3l‘. 

Sumo Pa pafera 

SfltKfe 

So neflaa • .. . - 

Telefonica ~"~ 


Tarns HosrpnctJ 

Tuhnwi ■ 

Uitiotr • Elec. 



•N 






.... i 




iV. 

' 1? - :'-' as ' 




;"Lv.«r 

. ii 
"-rart& 




+1105 
+410 
-8.82 
—11.10 
■rfl 2 II" 
+ 0.92 
+1182 
+ e.!l> 
+0.20 
+ 0 10 
+tj.ni 
+o.n* 
+#«j 
+ 0.81 
+n,D2 
+0.10 


+B.02 
+ 0 03 
+0.M 


*«cv •; 

•< • X 

-,-U+. ••• 
'i Vjf ". 


r 


fc** -. '-'.'I’ 
he -+t 




art,- i-Si 

it. 

■nfi --$• 

.be r\ 

■J-.l ' 

’Jut";**’" 

n .r.V 

■i 

•} 'is. 


.. ^xi ■ : " 

-d 

• r m • -• 

■ r t T 


J- 

9 


\ 


u 


■ . I. . • ; 




n 




* 


'W 


^4* 


I 


V. 1 - 






■4k 


. m2 -h 








I 


/y>?" 


















Financial Times Tuesday October 51:1978 


ARMING AND RAW MATERIALS 


(ndmnjufe j Metal Options 


shortage y-Tpr JL.T 
warning trading triRl 



METAL MARKET FORUM 


tea sales 


.y Oar Own Correspondent , BY OUR COMMODITIES EDITOR 

CALCUTTA. Oi l. 'AO. I 

51 % v/ll L he experiencin'* -i ^HE LONDON Metal Exchange SLXliip an ounce. . 

iL flf imp wriv n^i P*"#* ln ‘"tendueo a special five Copper prices moved erraile-. 

minute option trading session ally in line with New York. 


rrl r.f nw ,utp «riv nevi p,i,ns tn introduce a special five Capper prices moved erraiic- 
?Hec£L* J Se Suice la 1 !ntelll « B P t,on tr «iiiis session ally in line with New York. 
\ , c ™ JSused bv the food* £! each mornlns for a trial period where Ihe market eventually 
^nca and B.hJr ! of **»"» months, starting next moved sharply higher. As .a 

tr K K Kanoria cbairnin 1 Monday * 11 was announced result copper cash wlrebars in 
Othe K indl a „ K Ju°e , London closed. £10.25 up at £752 

fibre ureently be rare the start of the normal the announcement by Asarco m 

utnprices in India have risen nietajs , ‘rin E fi."lt is- also planned New York that it had [ dedarad. 
ralv after the floods, partly! to usiie derails of current option •? 40 per cent cut in November 
Hood damage reports. par tiy! P™wiums twice a week. SSEL^SSS 


By Oar Ow n C° r r espondcnt 
CALCUTTA. Oct. 30. 

THE Indian Gft'trnment is 

considering the. lakruver and 
control of tea union centres 
In India to check the 
n&nlfmlatlpo- Pf Jea prices by 
broken hi the pnbh e aa ctlon 
system. »««»« «o Union 


Copper loan scheme advance 


transport*" bottlenecks, anil! . At present, options can be to ^custom ere from 

tiv due to keen demand f r om! ,raded in any oF the metal the Ilo refinery in Peru. 

TiiE whirt Sa?^?? i *■ rings - but h is often difficult A. 


mills which bare very satis-i “ rings “ bul h is often difficult Ac expected, copper, stocks 
S. ion- order books at present 1 to do 50 m bas S‘ conditions, ncld in LME warehouses showed 
Nbe^muiation forthe \V5 -*rade ,IJealla2 bas therefore tended tn a relatively modest decline last 
Oft Xml ^ i bti concentrated in inter-officc week, fulling only 1.625 tonnes 

NS^SKS* Jhe off&T 5“ I twdine by telephone. to a total of 402.175 tonnes. 

'• hed “coifin'*'’ ’ 1 ’ Some members, however, feel There was. a iurscr . than 

■ ip Kannria” who has fust 'that more business would be anticipated rise in tin stocks, 
jrned from Pome after attend- 1 Reneraied if there was “open up by 370 ton lies to 2.IM0 tonnes. 
* the meeiinc of the UN Food i crv fading. However. London market prices 

'■ 1 Agriculture Organisation's! Mr - * an Foster. chairman of were boosted by a rise in Penang 


ordsovcrnmental group on 1 the Metal Exchange management to a record MS2.060 a picul oyer 
?[ kL-naf and alHed fibres ! ena,m,ttPe - < aid tba t the publi- the weekend and trade buying 


syswn. io union 

Minister of SPt® °f Commerce, 
Mr.jCK.Coyrf- 
Tbe mtafcter- has made a 
statement to- tMs effect to a 
news agency from Jaipalgnri, 

which has been. Published by 
local fija nd al h^spapers here 
today. - 

The Govenunem. according 
to the reported statement of 
the minister, tos ample proof 
that the brokers mani palate 
and control tea -prices in India. 
The Govemmeni also ^nta 

to dheourage Oie ex-factory 
.sale of tea on aLWnie scale, hut 

It is awaiti ng th e report on the 
official committee investigating 
the. matter.,. The rommiilee, 
whose report : 1 s already over* 


OSLO. Oct. 30. 


‘ • rat from some Bangladesh I cation of option premium rales a! the lower • levels. - ■ 

C"jres that the iuie crop in ■ would provide a reference As a resull cash tin closed 
• t"*pountxv had been 'educed I boint to help prevent the ch^rn- ISO up at £7.907.5 a tonne and 
300 MO haicV -n B 5 m bE in = of excessively high widened its premium over the 
' ause^uf i^t Sds *' Pentiums. three months quotation, which 

V -be mail SSt Bangladesh' Hv aLiD » aid *»* !he ^chant-e was £37.5 higher at £7.675. 

\tld now avSlc f«i pji “ h: ^ A hi * rise '« **« slockMP 

nfhif I0 - j announcements of aluminium b v 5,500 to 77,450 tonn»~took 
uri pa a " 1 slocks hold in th'c wa return m*& the market by surprise and kept 

j towards the end of November prices virtually unchanged. 

' Ducc-in ctnrl prmr In the first delivers* dak- on The failure of lead slocks to 

; rVU>M«l aliu January 2 — three months after show aiiy change from Ihe 

• : * t i • ihe contract was introduced. previous total of 32.500 tonnes 

' NOrVVHV Deem runiinuert fall in the also caused some surprise, since 

' 15 value of the dollar, and the steep a decline as a result of ship- 

■ nCtl tflikc rife in gold, was the main menls out had been predicted. 

^ loll ifluw mliuence on the metal markets In consequence the cash price 

tv Fav Gicsrer i yesterday. was barely changed at £426.5 a 

’ r 1 I tre<? market platinum jumped tonne, while the three months 

UaLO. Oct. 3o. j hv £7.35 to a new- all-time- peak quotation gained £S to £413^5. i 
■ ' 1SSIA AND Norway started ' ?/ £lbHH5 (53^150) an ounce. ® Bunker Hill is to raise its 
. ks here today oo the recula-' b “' c,r prices also advanced, with price for corroding grade lead 
n and share-out of two import- ( ^ash price on the London by 2 cents a pound to- 39 cents, 
r :.t fisheries— Barents Sea ejpe- ; -«etPl Lwhangc gaining 7.4p in effective immediately, i 

■ (used. mainly for fish meal* * " . 

. .tt oil) and Norwegian Arctic 1 '*71 jp « • • 

'“Russia, and Norway, have; jLgg farmers lace crisis 

RICHARD MOONEY 

far tf ” 4 species is con-! BRITAIN’S EGG producers are only short-term benefits while 
-s,rocd the negotiations will.; facing their greatest crisis for increased advertising would be I 
srefore. concentrate on setting -many years. Mr. John Sainsbury. of iimilud value 
- overall catch quota acceptable 1 chairman of Sainsbury s super- As a retailer he saw no bene- 
both sides. i market company, said in Brighton fit in prices which were “an 

There is disagreement be- j yesterday. unmitigated disaster" to the pro- 

cen the Russians and Nor-j He told delegates to the annual ducer - Ultimately these would 
1 l JL ; Pomlny Industry Conference, of lend to scarcity of supply and 

tfi tne sire of the total I permit which he is president that eis c< I ua3ly unacceptable high prices 
>le catch and the way it should- farmers’ losses were conserva- in Ihe next phase of the cycle. 

• shared out. | lively estimated at 12m a week. - 0n poultry meal Mr. Sainsbury 

Norway thinks the maximum > „ was a good deal more cheerful, 

tch for the present seasun. He . d . . 7,0 Despite a 4p a lb price increase, 

■uth ends next May. should be tU «n° consumption had risen by 18 per 

"^Sm tonnes. The Russians, how- be blamed mainly on overarch cent m the first quarter of this 
i -er. believe on the basis of a duejion. : “My only words of year _ ^ Sid! ’ 

hmd io foSw ar lnd a di s lstm V S M f- Sainsbury was also pleased 
ipport a catrh of lBm tonnes. SSJ 0 i 2 “Sod!i d Sff at thc trtnd ln turke * v saJes at 
.Russia also wants half of what- times other than Christmas, 

er permissible catch is agreed, S'mS dnS" ■ Sales for the May Dfly hoUday 

it the Norwegians, who began Ule in «ustry can proauce. WBre most encourag i nj;i h e sa jd. 

tching capelin on a large scale Mr. Sainsbury thought that ■ He expected turkey prices this 
fore the Russians, believe that increased exports and the cuIling.i^hriKtmas to-be similar to last 
ey should have 75 percent. of older laying hens woiild offer year’s. •• ~ 


wnose reiwi> » -■•••any over* 
dne. Is likely Cawntnii ii s find- 
ings on- the internal and 
overseas sales or Indian tea by 
the end of next month. 

0 At the Louden tea auction 
yesterday. prl«? h»r tiualltv 
tea declined further m nop a 
I-IIa fwnM ISAn 1 "if* I L 


U*a hvmUjcu ‘111 1 lf, P a 

kilo from 150p la^i «rek. 
Medinm grade h*a was 2 p 
dearer at llffp a Mb* while 
plain, tea was -Aini-hanged at 
85p. .- 


Cocoa market 
stages rally 


SIGNIFICANT PROGRESS has 
i been made in defcAOping a 
capper loan scheme to compcn- 
satc developing counpdflb for tbe 
loss of foreign exebanfe earainss 
when prices fall to* tow, Sir 
• Mark Turner, chair myr knd chief 
executive of the RJq fShto Zme 
group said yesterday, 

Addressing the aaniidl^ Ameri- 
can Metal Market Feruna in 
: London, Sir Mark said ihiri a ^ ot 
of work had been doDp^over the 
past year, through a * 1 Inter- 
national Wrought Copper Coun- 
cil, to develop a stabilisation 
scheme for copper. v; v ‘ 

It could, by dealing filth . the 
foreign exchange pruble^is pi the 
less developed countries, T*t*i TC 
wider acceptance by tbd. 4 ninin 8 
industry as 3 whole .and* if 
adopted, apply to other- metals 
as well \V--. 

The copper loan scheme 
offered producers a saii^actory 
cash Sow at times w hen they cut 
output to restore market behtnee 
between supply and denand. 
Individual producing romptinies 
would agree to cut their exports 
initially and after three months 
their production, by spe&led 
amounts and for specified periods 
as long as ■ market prices re- 
mained below a defined base 
price. : V 

In exchange they would receive 
revenue loans fully offseniaglhe 
cost of the cutbacks. The toms 


BY JOHN EDWARDS. COMMODITIES EDITOR 


would cease when market prices 
rose above ibe base price and be 
repaid when prices rose above 
a higher repayment level. 

Tbe scheme would be moni- 
tored by a committee of producer 
and consumer Government repre- 
sentatives, with industry advi- 
sers, and would last for three 
years. Hie potential maximum 
financial exposure of Govern- 
ments would be about Slbn. The 
actual liability of the guarantors 
would be substantially less. 

Sir Mark pointed out that most 
non-renewable mineral resources 
were being sold at well below 
— and in some cases as low as 
half- — their replacement costs. It 
was not economically feasible tn 
open up new* chines until 
supporting forward sales con- 
tracts for the metal concerned 
could be achieved at market 
prices very much higher than at 
present. 


Gratifying 


For most metals there were 
enough proven orcbodies in meet 
any foreseeable demand for 
many years ahead, bui the time 
lag needed to bring these into 
production was at least four to 
five years. 

At some time or other, unless 
something could be done, there 
was a danger that consumers 
would panic, prices soar and the 


market get out of control. It had 
happened in 1973 with much less 
cause and could well happen 
again, particularly in view of the 
disturbed political state of many 
metal-producing areas. 

While the immediate effect on 
the mining industry of sharpiy 
increased prices would be 
gratifying — and perhaps 3 just 
reward for a series of lean years. 
Sir Mark though! it would be a 
very brief honeymoon and in the 
long run do more harm than 
good to the industry. 

He doubted whether this situa- 
tion could he avoided, but said 
it was worth considering what 
steps could he taken tn produce 
an orderly rise in prices. 

Another speaker at the Forum, 
Mr. Ynsbileru Suzuki, chairman 
uf Down Mining Company, urged 
that copper producers and con- 
sumers should meet in an effort 
tn lifi currently uneconomic 
prices for the benefit of all 
concerned. Only half the worlds 
eurreni copper mining was 
justified at prices of 65 cents a lb. 

A orice of ahour SO cents was 
needed tn enable normal mining 
enterprises to achieve profit- 
ability: SI to S1.20 was required 
to build a new fuily integrated 
facility from mine to refinery. 

However, as demand was grow- 
ing steadily, a big copper short- 
age was iikclv producing a big 
hfinm in Driers as in 1974. 


Mr. E. Allan Wendt, director 
of the l’.S. State Department's 
office of in t«. .-national commodi- 
ties. said that the U.S. was pre- 
pared to pursue at further 
UNCTAD meetings its efforts to 
develop measures to improve the 
functioning of the copper mar- 
ket. 

He regretted that a few of thc 
developing copper exporters, 
backed by other coumrirs with 
little direct interest in copper, 
had succeeded in stalling efforts 
to establish a consultative body 
to tackle tbe technical problems 
and improve tbe international 
flow of information while con- 
tinuing the search for effective 
stabilisation measures. 

He believed the study group 
approach to commodity trade 
should be expanded. 

Jlr. Bernard de Villetncjar \ 
president of the Imetal group, 
said enormous losses had been 
suffered by the ?inc industry. He 
claimed that a lar^e proportion 
of world production had a break 
even point of between SSOO and 
$900 a tonne, and for several 
months prices had been one-third 
below this. 

The situation had improved 
considerably this year, with out- 
put down to 70 per cent of capa- 
city. Metal stocks had declined 
dramatically and would soon be 
on Iheir wav hack to normal. 


Egg farmers face crisis 


BY RICHARD MOONEY 


By Our CannTtodtfes Staff 
NEARBY . POSITIONS on the 
London cocoa futures market 
rose the £40 permissible daily 
limit yesterday morning as 
traders reacted against what they 1 
saw as an overdone fall on 
Friday. The March position 
climbed' to £2,014 at nne stage 
before slipping back in ihe after- 
noon to end th.e day £30 higher 
at £2.004-5 a toime 

Dealers said , there was no 
fundamental news to encourage 
the rise, which was backed up 
by trade buying and speculators 
covering against earlier “short" 
sales.-- 

In Accra, meauvrhilo. Mr. Kwesi 
Hackman, executive direcior of 
thc International- Cocoa Organi- 
sation; said an increased Ghana 
cocoa producer price (currently 
9) cedis per 30,kiins> would en- 
courage farmers loot to turn to 
other cash crops?and would dis- 
courage smuggling. reports 
Reuter. . . .. >< 

On a two-weelr visit for talks 
with the Government on how the 
cocoa industry pin be saved. 
Mr. Hackman has urged Govern- 
ment leaders to! adopt a new 
Strategy so that Ghana's position 
os. a leading- cocoa producer is 
maintained. :'a 


Wool marketing plan updated 


MELBOURNE. OcL 30. 


Commodity 

markets 


THE AUSTRALLAN Wool Cor- 
poration (AWC) has reaffirmed 
its support for the principles-hf 
its 1073 marketing plan, reports 
Reuter. A review of tbe proposal* 
published today still envisage* 
the AWC as the sole exporter of 
Australian wocL 

The review, made in the light 
of changes introduced since 1973 , 
was prepared at the request of 
the Australian Wool Industry 
Conference (AW1C), thc main 
wool growers’ organisation. The 
main . differences between the 
1073 proposals and the present 
recommendations are continua- 
tion of the floor price scheme, 
grower involvement Id financing 
market protection and preserva- 
tion of essential handling and 
distribution functions now per- 
formed by brokers, buyers and 
merchants. 

The AWC would offer wool 
held in Australia for sale by 
auction or tender. Unsold wool 
would be available for sale by 
direct negotiation or could be 
re-offered at a subsequent auc- 
tion: 

Total supply for a season would 


comprise unsold .AWC stocks 
pins its projected 90 per cent 
share of the season's clip. 

The flow of wool onto the 
market would be regulated to 
match demand, tbe AWC said. 

Corporation stocks would be 
□sed to accommodate vear-io- 
year fluctuations in demand, and 
to a lesser extent, variations in 
supply- 

The AWC would aim tn cut 
down auction centres to Sydney. 
'Melbourne and Fremantle with 
consequent larger offerings at 
«aeh centre and lower costs. 

' . Growers would receive a first 
payment based on the floor 


f irtce. less custs and thc prnpor- 
Innate' wool levy, and then a 


tionate' wool levy, and lhen a 
filial- payment at the end of the 
season from the AWC’s gross 
trading profit. 

Funds required to finance 


trading operations, first pay- 
ments. stocks and costs should be 


ments, stocks and costs should be 
between $A450m and $A750m 


the Corporation estimated 
.Six alternative export control 
proposals, outside the marketing 
plan. • were also reviewed but 
the Corporation concluded all of 
them would add to costs. 


The review® have been passed 
to the wool industry policy com- 
mittee of the AWIC. which will 
consult with all sections of the 
industry before making recoin* 
men dul ions. 

The corporation's market 
support fund has earner! a profit 
for the first time since the 
present system was introduced in 
1974, reveals the Australian 
Wool Corporation’s report for 
1977-7$. 

“This means." thc AWC says 
in its annual report. ** that Ihe 
entire amount of $A56m contri- 
buted by wool growers to the 
fund during the year goes into 
the building up of ihp accumu- 
lated credit balance — which at 
June 30 stood at $ A 135.3 m com- 
pared with a year-earlier level of 
SATSm." 

Dai Hayward writes from Wel- 
lington: By parking more wool 
into bales under pressure, the 
NZ Wool Board has won a con- 
cession on shipping freight rates 
to Europe worth S3.5m a year. 

The high density pack bales 
means that a container will carry 
nine tonnes of wool instead ef 
seven nr eight 


debate urged 


TO MAINTAIN the present inter- 
national market system for com- 
modities. the developed countries 
may need to ensure that develop- 
ing countries gain more clearly 
from its operation. 

This is the cooclusinn of a 
report" published today hy the 
Trade Policy Research Centre in 
London. 

The developing countries see 
the present marketing system as 
unbalanced, and this view in 
given some support from the 
detailed examination that is 
made of commodity markets in 
this study. 

Certainly, the report argues, 
more substantial problems exist 
on commodity markets and are of 
longer standing than the highly 
political debate on commodities 
normally acknowledges. 

Th study Is one of a series 
examining issues arising from 
the proposals for the new inter- 
national economic order. 

•AnnlysM of Commodity Mar- 
kets for Valient Purposes: Trade 
Policy Research Centre. £3. 


OMMODITY MARKET REPORTS AND PRICES 

ACC MFTAIC Comer, nwviiie ahead v» i77i, flipping rally on U» U»c Kart which Irtt the rATfiA 

”1*-. * ALj 10 r fJ® before dtjaia* al X5TC, Tuniover prlco al XT.G50.. Turnover 3.2® tonne*. V.VA.UA 


IS. OUwr Mating wheat— S. East fST.JO. WHITE SUGAR— Close on order bii-.er. 
tamem ESS.B0, E. Midlands £57.70. w. hSTk business, sales 1 : Feb. lri.i-o. iih ;u. 


PRICE CHANGES 


Price m r twines unless oiheru-isc staled 


U;S: Markets 


TOPPER— Firmer on Hie London Metal m. - . u. ...... 

ctiaiiKe. lomnrd ni«al iraded ( m- t fr. 
-ci I f thro iikI tom the mumniK. inncfnna hars traded 
‘ aj rcdecunfc the bumauci- of tudd and f|.r>. Caibod 
rer. In ibe afternoon, however, the 1757 . Kerb: 
ice muted erratically in line wills n.j, [irn. 

tnntdJbs 1771 


ll.-t. if' ¥ or Mcmib 

111 SJJtl 


ice mured erratically in line wills 0 . 3 . iTTP. Afu-ntnun: Wirebum. thri'- 3 nnntli;. 7CMJ-5 — 3& 7b9O-70O: + JO • -Vcoterday’: +.n , liu-mec-. 

months £771. 7B.3. 71. 71.5.' T3. 74. 73j£ 74. SriJ liin'i . 7860 +M - ...... COCOA J Llwe.o — Uiuie 

; a.m. -f- otj p.ni. 'T-*-ir Kerb: Win-bars. Hirer months £771, »B. Standard ; • ■ ‘ — ~ — - 

JPl'EUF Offleial — • L'nuRwIal — 70.5. 70. ffl. 70, 71, H.5, 72. 7656 60 + I2.fc 7906-9 IP +80 ..... j ' 

; ; TIN— Gabled orennd. The sireiiRth of 5 7M0-8 -3U ■ 7870601+37.5 Uec -.-WIBAJ7JF -UB.M 1SSS.D-M.0 

£ ' £ £ I JL- tSEmSSTTHiw Pwww >netal WW 7860 +10 1 - . ....... ^amb »M0£JWhJl' .4 30.1)0 MI4.0- 1970 

irebars I t Sit toSS Ut WW S. and J?2U60 + 20 , - --- Mnv... 


* 747J-a.5+«.n; 751.8.2.5 rTaraer man lot^M incase tn ware- -New Ynrt.. - 


— . ....... Mstvfa „,2O0f JUhtfl 1 ..50.u0 2014.0- 1970 

— 31 nr OTJ5JJ-J7A -iB.iD 204S.M5.0 

— 4ul.v.;.— IflrtiJMWh i -41.00'2D47.0-10.0 


Sr ai land £S5-50. OK £84.90. change nil. 

Tnttnase: 32.440. Feed barley— S. Eiw VVrtT 
ITu.-W. S. Wea C7J0, Eastern £77.00. ”VV 
E. Midlands £7620. W. Midlands £73.30. lohdo 
N East £75.70, N. Wesr 174 60. Si-oiland nmi , 
£77 40. UK £7fiJ0. duoae nlL Toanasr: ■ 

in. 127. Mattfna barley — S. EaST DC3.T0. ' 

Eastern £83.60, E. Midlands £31 SO. W. Anstrett 


WOOL FUTURES 

LOUDON — DnTI and feaiurvk-ss. Rdulu- 


I Pence per fciloi 


AwitrwttwuJXtucnlyV.-J- nr, 
• Wji'ii . L'h»f — ; 


Uukiiicv 

7hs>c 


trm'ntj 736 -rS.Sj — ..... 

>. SmtJ 625 • r69-7 1 .086' ... ■ 


cUartlM selling droressed forward nteui 65. 30. Y5. Tei " Kerb: SWW^ Ua«i ^ PA, ^ T '"rw' utrins ana 

- “ - ■ — 4 “ 5ss %srtsB ^ sys sr^ 3s== 

. -| lead— F ra ainwahy Maher. The initial 15-day avenge 3S3K UH.SSj: 22-day pn.mimns ■ fwlth previous in brackets* iii!t'.<«T *— 

Thri»ei mnnlh Gold 250^-252^ J n ropwr MW lorward metal move average ITUS tlTLTJJ*. all in an Its of account per tonne: Common u, x ,nb«.. 

_ jnree momu uom ahead to WI4.3 on the nraflnacket hnr . whcat-eo.78, rest nil I91.S6 rear nUt: w*™.' 

la- this trend was reversed tn the rings W YY>ETPI7!? - « Durum wheat— 120^3. rest nU 1125.15. ' 

odity future*. • rflsawotauneni over, the bUk* figure wl I LC r--st ntli; Rye— 83.67. rvsi nil <«-»7. rc-fl 5,1, st- ltt 

Lrket for the smaller investor. ^ dollar, «v> • "'I'i JS! ^5? braofoi 


3. Index Limited 01-351 3466. Three month Gold 250-5-2; 
> Lament Road,. London SW10 OHS. 

1. Tax-free trading on commodity futures. 

Z Tbe commodity futures market for thc smaller investor. 


Hignesi price paid for mailing barley n. -t- i*er H4. 036.0 

is X».» In Wlnctaeser. Uf*-. njbw— OSJJ-fil.O I 

EEC DAILY IMPORT LEVIES and Marvb_; 2U.OJ9.D = 

-cjoimns effective rodav in order of M»\ ?ss .0 'a .0 ; 

trmrt levy pins Nov„ Dec. and Jon. j„u Z24.0-+3.D 1 i 

v.minms - fwllb previous in brackets* iiLt-evr * E54.0-4Q.O • 1 

l in on Its of account per tonne: Common i**,.*** - , Bb.0-4JJ1 l I 

heat— 86.78, refii nil 191^6 rest nlli: y Br u±MMB ' . 


Mewls 

A -uni ini' in* 

Kr**.- nwrhc* e ■ 
l',*ii(ier,-4-.li W flu 
* inoniii- •*••. *io 

tTo.h Uthnle 

5 mi«nll*« 'Ire rir> 

finl ! Tevv ■« 

L*n>'( isi •ih ............. 

J mnnllit 

Xtr-bPl 

k-'i-tw Market .cil>' >U 


Id? ID 

!rl..40.-M' .. 

i75a '■+ 
..775J5.-*- 
,£740.5 ■- 
I ('762 '+ 
14245.12*!*- 
,i'426.65;*- 
1I.41SJ5 + 


,1-710 

>IU70Vf 

ID. 25 £744.75 
!0.O;i'76iJ5 
9.5 £735 
10.25 £753.25 
10.75 eilf.Ofb 
-0.5 ; £370.5 
5.0 ICWl.is 


New ‘highs’ 
in precious 
metals 


NEW YORK. October 3u. 


,*1.75 ! '$1.75 

! 1.86 1^8 


Jol'S-. fui i same i low ot i.oOu B>t 
BRADPORia— There was. a iiillr bust. 


ERSONAL 


CLUBS 


I -STAR COM VETITION — We would like EVt, TS9, Repent Street 73* 0557- A la- 


o conpritdlatc tbe followino peoolc. thc 
tret twelve tn idem II v tne Bri-Si»r 
orrectlT as the new svmbal of the 


Carle or All-in Menu. Three Soertacular £ 1- £ t 

Floor Shows 10.45, 12.45 and 1.45 and m_ h 427-8 Ua 5 4Z6-7 

of johnny Ha wkeswo rtt^ A . fr i ends. jtl j 41^6 


«te‘dafs dentins* and »» 1| «»®ww»U In curfeney marker. 

Ifmvard mei^toalN MiB^n^tZ hi- Rebnsla valu.>s flurtMt.-tl if a EJU rjuu-v Mata? (Ml«r tkw hybrid ! for ceding)-; smjjj wWghm were Involved, with pricv-s 
uSL s ** ror the whofc scssfaqi -it pmr volume . being arranged to take imo account tre- 

serb. Turnover MSS loones. - Trade selling met all nllus. prumpicd d* J® qu.m cnrtwcjr cbanacs. The volume ol 

f”rnC — ij-i ; h d. C mnaOssidn House .'anrl jobber buying. iS ,7 L, r 5— « husnu-s* var&d between firms ami uas 

.**■> "*'■*- r- ^■i + - sAiswPSas: suar “ 

T - 7] r ryT— j— . — — “• « — W-M. n-a-ODt. Rye-3-.-»8 SYDNEY CREASY on order. Buyer. 


p.m. pj- ot 

Uiwfflria'r — 


full muebmerv 


tMaOnum troy nr.-'t 142 

Fn*> MarKt-i.. c 136.65 

Vuicksi--\vr i / mii. 122/27 

'hv-'i lp>t">z. 293. 1 

mil* -305.6 

Itn li'li , -7 907.5 

* m.iiiili-. 7 675 

I'liU-K-n i 141.35 

IV Kinni I?. '» -.'ii 143 -'46' 

/,in-- -*i.-h ; 355.25 

> iri'iHt.- . 367.75 

]'(*.* iiiofiT. 1730 I 


£130 

+ 7.35 £143.0 
t2.u *ld4<2» 
i -2.9 : 2sB.i5|> 
♦ a l'jc&.as, 

+ 80.0 £7.15u> 

-t-37.5 U6.9a7.: 

|3 141..JI 

+ 1 . 0 ' -141 
-0.7f 335.75 
+ 0.25, £34 6 . 2 b 
i?67a 


orrsettr as thc new symbol ol the — — — — — — o nu*niii».J m-i «s-3 j+a 413-.fi i + 6 

Swr Corporation: Mra. Reore- ^OOfSKofc W ' 1 *** I + 2 - 5 ]“” 

Tavlts. Butklnu haimhire; Mr. D. Wright. - ■■ AS you LIKE IT " __ . *dP.3Q > 


l’CBfenteyV. u 
'.Clone / ' 4- or UusmeM 
■ ■ _ Iron*- 


]£ per ton Ct- 


RUBBER 


sydnet. creasy un order. Buyer. 
fc-Uer. huBiiess. sates t— Micron Contract: 
D*-C. S».». J49J. 340.M49.U. 1: tlarrh 
?Uj 0. IAS. 'antraded; May ^ay.S. 3>mj. 


I linrrirram nnrnlnr- rm- rhi 1 nrvfnn UOIrad-^ ^d: 0*ly 364.5. 3(0 4. 303. 0^35. fl. 

uss7Hj,u«»j» siii’siffi-rfflS sv ss 


I’ofloWre: Mr. A. McDonald. Surrev: 11-3-30 am. Show at MWnipM and 1 am. : 
flr. F. Drake. London: Ms. M. Phllbr. Mon.-Fr 1 - Closed Saturdays. 01-437 64SS. | 
-ondon: Mr. Olietl, Warwickshire: Mr. 

l. Sunkv, Kent. Mr. M. Blackman. — ■ — — - - — ■ ■ . ■ " 

•urnev; Mrs. J. Davis. Hertfordshire: _____ _ _ _________ 

4 re. p. Goodwin. NorthamcLonshire; PUBLIC NU I ICtS 
flr. D. Marsh. London: Mrs. Gilbev. mm ^ _ mmm 

mndon. To them oo our congratulations. 

■0 HI the other oartlclnants. hard luck. CITY OF SWANSEA LOCAL AUTHOKIIY 
ino thank vou for entering the com or- BILLS 


November... 


01 b | 

lYo.D'it 'I'bili ' -910f + 10.0 3600 

Upuin.lfluL I ! I 

LuiM-rii I'm ie»vi...l'3?6 X320 

Palm Uaiavnn |j 640 ■ > -t- 5.0 | 'b05 


MOIDIRC: caah £42S. three months «j s January,.... 1447-M« +S 3 - 5 ' 1449-W2 day. closing on t steady note. Lewis and Total talcs- 15*“lois 

ISA is, 13, 13.5. 13,5, 13. Kerb: thrre ' *!iwt± ... 134AU45 -19.5' 1350-1555 prat reported the Malaysian market was «e W zraland cwassBRErre 

««■ . Ah«»pn: _C»tl «27. ibrue ISOl-fflil - 17.5: 1305-B94 ctnu-d nrJcrbv^^: ^ 


»nd thank vou for entering the comoe- 
lUon. Britlsn Sugar Corporation. P.O. 
lint 26. Ouodle Road. Peterborough 
*E2 92U. 


montns his. Anerooon: caab IC7. three Mny lBOX-TWl - 17.5: i3oa-i*s« 

moo lbs H1S.5. 14. MJS. 14, 13, 12*3. n. Jillv 1£6S- 1265 t IO.Bi 1264-1260 

{^*=•**0? «BA 12 . 11 a 10 . Sepfomher.. 1250-iaof 10-5| 1236-1^7 

10.5. 11. 10. 10.0. 11. November-. HBfi-UIO +8-5 i — 

ZIMC— Barely chuaged. After rtfilna ro ' 

£375 on tbo early pre-martet forward slimes, 

meiai fdJ-tack ao.indb and bedae sellina Oc?. “ .U.S. 


Previous Yesterday's Busmens 
Claw done Linne 


order bu vet seller: ait untrurti-d'i— Dec. 
m.iHi. March 184 oo. iso 00: May 

1 S 7 . 0 . IWLBfc July Ik7.no. lMIMl: Oci. 
190.M. i^A*! Dec. 194.00. lB7.no: March 
IBS uu. IK.foL -.Sales: NIL 


Seeds | 1 

1 ..iiira Pliilhp. '-6XOv R527.5 

»<ra>«aii iU.3.i_...;^S98-> |-*-B.O IS268.5 


iw.tirs ■swj’ssi: M ^ Mbi-n « «■»« ««■« 


MEAT/VECETABLES 


SNITHFIRJ} f pence per pound *— Serf: 
Scotch killed tides 54.0-aS.O. Ulwn bmfl- 


EUROCHARTS COMMODITY REPORTS 


L-Aymum 9UMVQ lreraiHe. UJ Bpshina fr* m - 1 ” n .hpr mild « ,,r D*.BW- 0 %_{D| OMIFD9.ua . _ n V "V - ■r-w— . ' 

ibe afternoon values slipped further with AreSSf i-tS^ST- Ri5^%fi ICA A t .r-Jue; B7JB.B7.SB B8.6u-87.05 S, r ?5S** r,e 7 3S -“ - ® « 

forward tnaienal finally gacrtetl at.£386 l«S Jiva«i«! OMMW^ 1A7MM0 grr bmdgiBnew ho.o-b. 0. tnrwmaners 

^J^cr^QTOV^iKOjonnea. W™! n**7lM 

. .j n.m. *+ <iri p.m. :}+*«■ flSI.4S), . .. 


10% RISE IN METALS 


V\fe said metals would rise by 10 % in gsg 

our Metals Report dated 1 st September PS 
(vol. 3 Issue 35 ). We were correct but 
confess it happened more quickly __JS 

than we thought! IliiSfi 

Wjuld you like to know what may happen next? 
Send for complimentary copy. ; 


n.m. 

ZINC Official 

|+ 'V 

P-TD. 

ITnoiflctel 

L 

£ 

£ 

Cssh. 386-7 

—^5 

354.5-6 

5ni»uihs_ 368-. 5-9 

+ .6 

367.6-8 

d'mem. ... 357 

..... 


Prim, weft — 

...... 

-33A4J 


GRAINS 


Oi-I-Uet-I 72.7D-72J0] 71^0-ri^ 
J«n Mari /4.70-74AJ 78.65.7k6 
AprJm*| 78.80-76^6' 7b.BBu7M 
.Iv-Sepi) 70^5-78.86! 77.K-77J 


Sates: 12 (D lots of 5 l«nea"5iiid "S 8 S 




Morntns. three months £373A 2 . L5. 1 , aod^votamta low ‘for tlw day. Jan - 65-750 (6Xfii - 

76.5. 68 . 6 . 69. Kerb: cash £387, 8 . Aftcr^ ***** Hurt* Iha day « ' “SS cA1/ . Dr . , 


ru.v. ou.B. w. mto: esusn hw, a. Alter- ... aunua lw o/w a Bbr* a at tm i w 

noon: cadi £ 357 . force months £389. 88 J. ch» I 6 p*p iow«- «“">■ SOYABEAN MEAL 

SB, 67, 68 . GT.5. Kerb: three monihs £388, jjwrda] nrpport was>?cn on 


1 86-5. 67. 88. 


Veaf: Dutch binds and ends u. 

Lamb: Kmfltsli small 52-0-59. D. medium 
52-U-jH ". htfabt'4Ls- 52.8; Scturti mull am 
52.0-W V. Heavy 48*52.0. imported frozen: 
NZ YLs 51.U-SM, 

Pork: rJisJhb, under IU0 lbs 57.iMG.II. 
188- l-U lbs 3SJ>4U. 138-160 lbs 37-0-43.8. 
Grouse: Young best iso. 0 - 220.0 each. 
Partridges: Young 200-0-240.0 each 
Rabbi is isntuiefli: English tame 67.0- 
6 S.Cc Chinese 4ULB.fi; Australian 3S.MO.O 
MEAT COMMISSION— Average fatslock 
prices at representative markets no 


U rains { j 

Uonrt- I ! 1 

H-.uiie rmiire*.... F U82 ! — 0.4 U3.15 

j]ni/e | 1 

KreiiL-ti .Vi. ^ .\iiiiC102.75'-O-3£- £102.75 

W lical I 

-\.j. 1 K+i >uriiij't94.5r 1+ 1.25 t92.75 
.\u.51W.lWililii t97« +0.Z6;Ke4 

L'n-jli-li \Iiiiiii2i -91.31, ' Wl 

lV«-.h *1iii iiii-ni ... 1.2.069 -SO.OU1.975 

l\ilun- tin :C2.D04.5 .tSD.0 S 1.875.5 

Cvtli-o Kulnre 

Jan -f 1.4473.^-25.5 L'1.466 

L%>tii,*n M' In-tes... 78.2b|. /4,Ba> 

III*.— 1 MM +1.0 a2n 

-iiy-ir ilia* ..!> 107 fill 

\Vi>iiii>]a *>1-. kiiu... 269; i 1 — 4.0 -27ai- 


■ Nnininal. ♦ New crop, r UnoiMiefl 
n Nov.-Jan. a SepL * Oct. -Nov. Nov.- 
Dee. u Nov. ir Dec. x Per ion. 
r indicator prices. 


Wheat initially aw Kood support op . ctoe d belo y ndd-aessdai October 30- BV eutte 67.Wp per ks.l.w. 

spot poNUon, but _ values eased allShtU "h* tn 5? r JP lUl ! s S* f+O -*- 4 ' 7 UN sbetj>03S^p per ks.esLd.C-w. 


SSke. aSF reported. *£S® ar “ au « Englatid asd numbers down 

market, foOhu to flBOO. Bin good tap- _ ■«* un cay, so* spccutadre and - Co n un baton House u p,r rer.:. averaga price 6 RJUn f+OS;.: 

WHEAT. « RLEY ShecP ouusben » JW per cem. . .veraae 


FINANCIAL TIMES 

FT oOi Ji ' AliiTtTi -Fy. l l-». 


EUROCHARTS INFORMATION SERVICE LTD 

194/200 BISHOP5GATE. LONDON EC2M 4NR. Tel OI-2B3 2298 Totoc 887954 


the price to to'fwn at one mini before fl’eafentoo’ii + Br ; Ve*t* ,nta . v, i + * ,f laii week’s incra 
D.S. sellltiK prom pied a close on the M*nth clow [ -_ v , •-•■"W : — 0 f S0.6Sm bnfibrU. 

kerb of £Wl- Tnrnover 2^00 ronnes. .. — — ; — - • 

Lv. u ~,^i~r,^' ,o l . ^ Kr -ss- 4s as pk 

I «•«..*■ - i umn™. T™ aj-. -fiKS...nS 32 w:ss ^ 

: 1 : Tim (u nn I nri.65 —0.15 _ 


Chicaso lev^te w«Iw U.S. dollar and prtc,. irj »? ♦Lft; pi? numbers up 
U ‘ S " crl,8,, iSsw® B.o per Cert. J-erwe .price fiS.Ju f-0.1i 
of so.63m BPfitwia. Scotland— Can !<■ ' oombers down Ifi.i per 


_£r7.67* -6 o.62: 6 3 9 I 2o b 5B 

'~thaj.**' inlv i iv-viiooi 

REUTEFfS 


:YMU>rdayi 4 or i 
Cion I — i 


ttwrounei 


| , *l"4 

' 1 HKiDIbn. 


IS LEAD OFF 
ON ANOTHER 
UPWARD LEG? 


i i until u n. I 601.5-2— .5 601-.6 +.5 Marcft A>>ni -|W-S**&-i+ 1.46; 12530-WP J 

.! i ! S-SSi 44 - Sal «- S8:ioI5. jfyu Juue 1 124^8-54.71 +a.7bi I24.b0.24.2fl 

*■- - — — - * •— — — — 79.6017B.4a, Jan. UaTxJt \u"ii»L Jl24.09-2SJr + 0,661124 60-24 2D 

WtoUdr: rtiree womte fOOl, KB, L 54J0. May «8.76«.fig,‘ Sales: 0 B l«s- OctW J 0.46) 124 JO-24 ! 20 


Montimt: three womte £601, KS. L 5L30. May W.7fi«.55. Sales: 89 »«=■ (xtotw. Jl244IM4A+0.46lU4J»-_ 

SSJ-f 1 ifJlfL-r. ihiT^mmrthc SS. MJ L S IMPORTED— Wheat CWRS L*e.*tnher 1 125-6 03 4 hj +0^; — 

U0K5. Afternoon . three numhs am t w , ^ Nov^Dec^.Xl. fnn»n WJ®? - S ili 5 n77'<g)'WS"l«ruinBeir 

’■cent* per onnnn. t CM per tdcnl o^s Im'ndv. £S8.S5, i n 

On urevKHte um«eU> close. SS. 1 SUGAR . 


. ' wnrt per onann. I CM per pfrnL 

On urevtour unoffieUU dose. 


SILVER 


cent. aVv-raa*-. PrtwW.lop i^-nsa*: Shivp 
numhi-rs i:r< 1- *. Btr o nt. av*>rac(- prlr.- 
lSfBt* • ■* l 1 ' '■ ^bt- ntmibors up 26 .: per 
rent, jw-m-' 1 ' pr! * 61 ‘Jd t— 4.1*. 

MLC— Avrrj--- refinortc prices at n-nr«- 
seat j tire ui “JW? for week endina 
Ortohcr 2S Of Cub 66.7 Ip per ks.Lw 

1-0.07*: UK ‘ i hi-- , prf 8 JAp pnr tR estfl r TV 

f+2.2>: GB Pi*' ^4p tier ks.l.w. (+0.41. 
England and « ale c*~Cattte numbers up 
2.6 p^■^ cent, averaua price oe.tCn (-0 0"*: 
Sheep numbers dinrii3J per cent, aw race 
prices 13f. ip *--4 , :.Pm numbers down 
0.4 per cent, oreraa price 66Jp f+0.5i. 
Scat! and — Cattlf "Mnens down 13.7 per 
cent, averase prtro BMNp ( +0J21: Sheep 
numbers down f*» cent, aveniRe pnre 


i.-t. 30 | il'i. 2i • V-mi * L . 


l -al l laSo.s 1 5U0.9 - He>3.8 
iK«w>- '<■ -'I II =7im ~ 


DOW JONES 


-.»irl. 1 UkiiIji ! lt«i 


..402.^1 3u7.fB.a9r 59 asl.b 1 * 
.•'uriire- 400.30jt0b.33i j • 9.68|5£5.34 
t Aver an*- 1 K+.' 5 - 2 *i-llMl 


LONDON DAILY PRICE fn* B^JSSS 

Doc mjs mwt B d.^nsWpnw“l n07.00 nwi B tome ctf for OcL. Nov. prico/fu* f+oSi. 


MOODY’S 


Coast. BSC gnuka' r gne uw^. 


shha ne nt. WWte near daily price was 


4JI4Mi KTlUKfi pqiiw*—- J- SOIIWCUC, mqw 

Silver was fixed 19p an omca higher Mataa:- U^/Fiehtii: Oct. P® 2 -™! fixed at 012.06 fume). . »-«•>»="• “““ 

for spot delivery ln foe London bullion - £18L1B.- Dec. HOUV iranshliu , »™ fr? opentns pricea ware nekHu v etmt above twl - 

marts el yc start! ay at 238.1p. DA cent Coast S. . WWtr pre-weekend levels, bat quotations drifted Ena 1 ** ^ 

eoulyaJents of foe fixing levels were; . £SL23i S. African Yefim*' NovJTcc. later In dull tredlns - condition*. c. l «r VS 12 


COVERT GARDEN- (prices tn swrllns 


or has it topped out? 

If not, what is a reasonable upside objective? 


liuodr** | 

• i ■. i u u l.Uuiiti* 
SO j 7 } <S" , 

jTrffi 

■n<? i ‘am ni> • 1 

1-93.1 1963.4! r 49.9, 

8-7.4 


iDrcemh*** n 'Ml -W 


niuiucim Wl wm IV.5B wc»c. a. «1| UT1 1! V*dlnU l-w — laid W. 

spot S24-9c. up 13.4c: three-month 6369c. Barley: English Fed fob - Dec ‘ fSl ^* cartakow reported. 

up 13-5e: six-moufo 653.7t up 139c: and J»n.-*Sarcb flO.75, East CoaM. _ — — — 

13-moDfo 681.7c, UP U.JC, - Sorfltam -and Otar.- *****£■, ^* 3 . SST' iv-n«tiwJ 


LONDON COMMODITY CHARTS may help you to -answer 
this and other questions on the main London traded metals 
and soft commodities. 


61 LV Hit 

Biillinu (+ on 

• ITT 

fiainit f — j 

iniy iv. 

jirU'P J 1 


MA^ n, tAReiD 3 L B,, ^^ ai i’M’^ jYeaentay'J Pfovioaa Stufom 

_i_ j .5^" j ■ Aivtan uron. (Vimm. LluM ] Gi n n nnn& 


c ts* 


r- r iasS^SS 


ddirtrai.E^SSL fti 


£ per tnone 


C09 1J0. Webbs l.«. Cucumbers— Per 
tray 12'5*s noi-.' erth* *36. Mustirao mi 
Per Ui 0.3M W 5 p *r Bt ~ Ppr U> Bramloy 
0.0541 D8. Wrd Di-rtiy .0 MO 05. Cm's 
Orange Pipplnti n .Worcester Pear 

malon.05. Ruse's 04S4JIB Pears— Per 
lb Conference 0 'T- ^Conrtce n. UFO IK 

TomBloK— Per l- 1 " Endictj 150.2.10 


Send for sample. — ^ 




Name .. 
Address 


...avaut + f-9 3005|. AndlnTScnT^ m-M/Dcc- ISL*- JatL ' M " IlMiMo-B^I teito. 

-t mwirliv. 30S.6p ; +3.1auB.q» lJ 1+7.7 freb.,March 1S4J0. '. Day IldJfi-Ii^MWjD. 

^ munniUw' Ala.op -.45.0, — { ori ccb* a,..'. Ii»i 

12 0 ^ 1 . 11 ^ 223 . 7 %, 1+7.12 - i — JS™ "™- £K::^.iSi5(iJviS£( 


ss 5 1'iSftJtaiatJKSis-jM iSUfti-V ‘VwSrwvi 


, rt «. sdKsasaasaiMa 

ram- !\rr JUTE— GlH«- hn-.- aal I D 


LMJE— Turnorcr 341 H22> tors 


. ,1 . “*T t ~rr 0< ? [B>a TO Cam- (W MZS.OD^MiaAa-tt-flaisi'Etsae- JUTE— «!*»«- NUV. ‘^-j-aa.1 1 Dundee. 

-Tts sara^sssr'i® «• ^ ss 

of W.009- land £7*.5fl. CambiMte £T3J5> ,^u ,M*reh JBilgJimjfl - BTO -i p v5 .;„ ; ta VD SS1J _ RTB 


. LONDON COMMODITY ^CHARTS • • 

2S Panton Street, Cambridge, Tel: • Cambridge. (0233} 56251 


GRIMSBY FISH— Supply medorve. 
den and pmnL Prices at ship's «ide inn 
orureswa t per none:. Shell end tS.HU-16 jo, 
rnrtlinrfo O.fiD-fJJIO: bw hjitrtock £346 
tj 90; medium haddock El -Kit- £4 <al. amali 
baddorit U 1 *li-£l.-iU: mi^liuni plaice £7 DO. 
bev small plain- £4 79- Oi -ifl l.tixe iRinnef 1 . 
dnetish r 5 .'ifl. mi-dtuni -*tcinned rtoufitdi 
£*> fill; larK*' Iminn sulcs ri fW; medium I 
U-niun sok- |7.6U: rockUsh C!. 48- tl .80. j 
saiibi* Ca.OO-Eijfl 


iftr Hifek 


>wiai27JUL 3n'iud ■” . BTD rM". pwo £{ h - Sana I atmrerp: 

- BWB $355, BWC 6 WD SSU. RTB 
* *"5 fUA S350. BTC 8327. BTp ^ Jula aaods- 

indi fob and .towed Cartb- OuieL' Nov, c ao-i wp**" 4tt - ,twh - 
ices for Om. 27: Duty &9S 10 -cz £18 38: 4fi-m*fo, IX.1& ■“ B " 

avemtt 8.96 (&«), Twills £ 2 &M. 


LIVERPOOL COTTOH— .Spui -irul -dup 
Ole HI kftlec amwtiitea to 1 1MB tnnnL'S. Ibe j 
largest daily ipial tnr nearly ms monihs 
Renewed aitenilnn was fllrrcltd id v.mous ! 
types ol American qualllles. with Middle 1 
Eastern and African urowihs in! 
saaalncd reauest. F. W. Tattersall | 
reported. 


PRECIOUS METALS closed sharply 
taghi-r. Llfe-ol-ctmiratt *' hiBhs “ in 
slivi-r and histone " highs " in gpld were 
achieved on aggressive Chartist and 
Commission House buy i os on ihe ron- 
Unu.-d weakness of foe U.S. dollar. Racbe 
reported. Copper ended virtually un- 
changed on mill'd trade and speculative 
activity. Cocoa rallied sharply on 
Cbanist and irade arbitrage burmfi. 
Suitar also benefited from trade arbitrage 
buying. 

Cocoa— Dec. 153.40 (175.00). March 

153 13 His Bin. May 1S2A3. July isa 15. 
Sept. IS 1.00. Dec. 177.40. Sales: 742 mi*. 
CnfTce — " C “ Contract: Dt-c. 133 7> 

134.00 UE.rji. March 141.25 1 142.031, 
May 138.23-119 75. July 1 36.23- ir-G.M. Si-pi. 
134.00.134^0. Dl.-c. l.U 00- 1.12 73. March 
12s 00-132.011. Sales: 500 lOIS. 

Copper— NOV. 89.S0 itffl.Mi, Dec. 19 40 
1*0 43). Jau. 71.15. March 72 53, May 
■ 3.70. July 74»J. Sepi. 75 73. Dee, 76 5(1. 
Jan. 77.00. .March Win. May 75.90. July 
70.70. Sep). SO. 50. Sales: I5.00U lots. 

Colton — No. 2. Dec. 6B.7D-69.bD i60 45<. 
March 72.70-72.73 1 72.37), May 74.40,74 50 
July 74.90-75.00. Oct. 6S.bD-SS.90. Dec. 
t*7..70-6i.DO. March fiSJD-tMjO. hales: 
*1-5511 hales. 

•Cold- Nov. 243.00 (237 30-. Dec. 247.M 
■J1B-W). Jan. 245 to. Keb. 25IJ0. April 
235.Cn. June 260 ou. Aus. 264.44. Oci. 
:ss9n. Pi-L- 272.30. l-'eb. 275.20. Anril 
2S2.90. June 257.90. Aid:. 202.60. Sales: 
la »>0 lots 

tLard — I'bjcaco loov- unseat!. 125 25i. 
NY prime steam 27.00 <num.i *28 73 
traded >. 

ITMalze— Dec. 213MT31 *239*. March 
2441-2441 1247:1. May 230 J. July 231j- 
235. Sepl. 236. Dec. 2391. 

§Plafi*Mm— . Jan bid <574 no), 

April .1S3 70 bid <375-7rti, July .*KSL30 bid. 
Oct. 391.1H bid. Jan. 384. Ill bid. Aon! 
396 SO bid. Sales: SIS lots. 

'-Silver— Nov. 631.70 I6l5.30i, Dec. 

616.50 irtSfl 00*. Jan. 641.00. March 649.su, 
May 65S.6B. July 667.70. Scpu 676^0. Dec. 
691 40. Jan. 696210. March 7D5.S4. May 
715 70. July 723.60. Sept. 735.80. Sales: 

40.000 lots. Handy and Harman bullion 
spot 628.60 >607.30*. 

Soyabeans— N pv. 722-721 r717n. Jan. 

731-733 i72~ii, March 742-741}, May 747. 
July 749-746, A IV. 737}. Sept. 718. Nov. 
694-«3 

[Soyabean Heal— Dec. 201 £0-202.00 
(197.901. Jan ^02.00-2D. , .oD H9S.301. March 
J0C1.9i_'U2.WI. Ma> 201-4U-2U1.UO. July 
2O1.5DJB0 30, AUS. 200. 0U, Sept. 196-aO- 
I9 1 * 00 Oci. 195.00. 

Soyabean Oil— Dn*. 26.53-26.30 126.76 1. 
Ian. 34 Sj *>.23i. Uurch 26^3-2BJ0. May 
76 H.7. July 27.93-25. 00. AUB. 25.73.23 65. 
S.-PI 25 25. 0.1 J4.S7.24 90. Dec. 24.43- 

24.5D. 

Sugar — No. 71- Jan. 9.2MI .75 r9.5D», 
March 175 9 76 1 9.69 1 May 6 DO -a .02. July 
IH04 -i.pi in;ft r*,i 10.291*1 2*1. Jan. 

9.50 bid. March 10 6O-10.S0. Sales: T.12S 
lots. 

nn — nii i Tn nam. *75t* nom ■. 

••WK_gi— r>.., wi-tiin »"Ik 4:*. March 

.157;-334>i *33S*. May 352.’ -2321. July 335- 
1551. ScPl.aJil. Dec. 344. 

WINNIPEG. Oct. 30. tIRyc— Oct. 1O4.D0 
>104.00). Nov. lnj.Ofl hid *103.m bidi. Dec. 

10.7.30 bid. May lus.oo bid. July les.oe. 
ttOet*— OcL 88 50 (88-30). Dec. 85.00 

bid <83.001. March 82.0n asked. May 81.90 
asked. July SUM asked. 
ttRarlcy— Oct- 77.00 bid (78.50). Dec. 

78.30 bid t79.S9-TS.79). Maret) 77.40 ashed. 
May 77.79 asked. July 79.00. 

SSFIaxceefl — Oct. 2Sr.3rt bid 1 283.00 hid). 
Nov. 286 20 1283.00 asked), Dec. 2sn.00, 

Uf.. -m IP KM Inlv *51 DP hid. 

"Wheat— SCWRS 135 per cent nroteta 
uoment cif St. Lawrence 1S2.S5. 

AU cents per pound et- warehouse 
unless otherwise stated. * ss per rroy 
ounc — i no ounce lots. f Chjcawo loos* 
Si per mo Ihs— Dopi ol As. prices pr*— 
\ loirs day. Prime steam fob NY balk 
mnk rar>. t iVdis p> r 58 lb bushel ei- 
warehnusc. s.onn bushel iois. 5 5s per 
truv uiinir for 50 o* muts ol WS per 
mil puniT di'il Vi-red NY. - Cents Prr 
i rev mnee «?s- warehouse. II New " B " 
Him ran In 5) a ihan ion for bulk lorn 
nt inn shnrt tons delivered fab ears 
ChicaBn- Toledo. St, Louis and Alton. 
•* Cmig per KB lh bushel in siore. 
•' Cpu ik nur 24 lb bushel. “ Corns per 
48 ih bushel ex- warehouse. Si Cents per 
36 lb bushel ex-warehuusc. 1,000 bushel 
lots. ‘.2 SC per tonne. 


V 



44 


KbancM Times Tttes&? DCteSer 31 397S 



HifMdE REPORT 




Some encouragement derived from economic surveys 


but concern over pay and U.S. trends remain 


Account Dealing Dales 
Dpi ion 

■Firsl Declara- Last Account 
Dealings lions Dealings Day 
Del. 16 Oct. 26 Oct- 27 Nn\. 7 
Oct 31) Nov. 9 Nut . 10 Nov. 21 
Nov. !:i Nov. 23 Nov. 24 Dec. 3 
’ " Htfvn lime " dealings may take place 
tram H JO a.m. two business days earlier. 

Burdened still by concern over 
the question of pay and the 
cloudy U.S. economic scene, equity 
markets becan the current trail' 
in? account in subdued mood. 
Little apparent notice was taken 
of the London Business School's 
lone-term predictions for the 
economy, but advance reports of 
the Confederation of British 
Industry's survey imparted a 
slightly more confident tone 
Small early losses in top-name 
industrials were recouped as 
cheap buyers found few sellers 
operatinu. but many second-tine 
tisucs remained dull. News that 
the public sector unions were 
join inn the crow ins debate i-n 
pay, claiming increases approach- 
ing 40 per cent, had no ctfvot 
on sentiment, but the market 
became Cdutious Tate following 
rhe Vaushaii craftsmens' notice 
to strike. 

Business remained extremely 
i Inn. particularly for ihe first day 
of a new Account, and the num- 
ber of ha reams marked iota lied 
only 4.337. the lowest for a \inu. 
day since July 17. Trading 
announcements and ueck-end 
Press rcconunend.it ions rcheiutl 
■ (lie generally drab background. 
1 1 lustra led by ihe seven -lo-four 
ratio in favour oi falls over rises 
in all FT-quoletl industrials. 

Clilt-edced securities also re- 
mained in the doldrums. Reflect- 
ing uncertain views on ihe 
economy and short-term pros- 
pects for the market, dealers 
marked quotations down l or so 
at the opening but this en- 
couraged a limited demand which 
restored the longer maturities In 
Friday's list levels and reduced 
losses in the shorts to 
Political considerations coupled 
with the weaker investment cur- 
rency premium thwarted interest 
in South .African Gold snares. 
Tir-spite a fresh upsurge in the 
bullion price to record levels. 
ho(h Gold .trines indices finished 
fractionally lower. 

Mirroring sterling's initial 
strength, the investment currency 
premium began lower at around 
riSJ per cent and fell to 67 per 
cent before rallying in brisk 
trading to close a net two points 
easier at ihe opening level of 
6$i per cent. The bulk of the 
day's business was again connec- 
ted with activities in U.S. securi- 
ties. Yesterday's SE conversion 
factor was U.742S 
There was a marked contraction 
of business in Traded Options and 
contracts amounted to only 474 
compared with last Friday's total 

or ran. 

The main movement « in an id!*? 
hanking sector were provided by 
Australian i-*iie*. which Io«'t 
ground on a combination of 
domestic and currency influences. 


Dank of New South Wales, which 
Inji week announced plans to in- 
crease us slake in us finance 
company utT shoot. Australian 
Guarantee Corporal ion. dropped 
40 for :« iwn-dny los* of 03 la 
333p. Commercial Bunk slipped 3 
to iflfip. while National Bank. 
197p. and ANZ, 20op. lost 7 and 
13 respectively. Elsewhere. Irish 
issues moved sently Tower with 
Allied and Bank of Ireland both 
closing 3 easier at 227 p and 437p 
respectively. 

Following their respective scrip 
issues. Hogg Robinson were 
quoted es the scrip issue at 140p. 

Breweries and Distilleries were 
quiet and rarely stirred, from 
Friday's closing levels. 

Leading Buildings closed nar- 
rowly mixed after a slow trade. 
Elsewhere. Barratt Developments 
firmed 4 to 10Sp in response to 
the L-hnirmar.'s confident state- 
ment and Rnycu put on 3 to 45p 
on revived bid speculation. Brown 
and Jackson rallied 6 to 254p xd 
following Friday's bout of profit- 
taking. 

The two companies resulting 
from the Laing Group's property 
hive-off made quiet debuts. John 
Lain? A opened at S7p and 
tlrifieil lower tii close at S2Jp. 
while Lain? Properties A found 
a little support and improved 
ir<>m an opening lei el of 122p to 
12tip. 

In a continuation or Friday's 

ciuiei trade. 1CI cased marginally 
to s7S|i. Flysii found favour on 
revived bid speculation and 
.nlvanecd 6! l«» W4‘p. but 

Alginate and Leigh Interests were 
both dull again, the former end- 
ing 4 down at a low Tor the year 
of 22np. and the latter casing 
2 more to JJbji. 


Engineering majors made pro- 
gress after an uncertain start. 
Vickers improved 5 to JSOp 
following n Press suggestion that 
the company is nearing agree- 
ment on nationalisation terms 
for its shipbuilding interests, 
while CRN firmed a similar 
amount to 270p with the aid of 
a broker’s circular. Hawker 
Siddeley were favoured at 23Gp, 



Decca sold 


Mecca came on offer following 
the chairman's profits warning 
at the annual meeting, the 
Ordinary losing 20 to 440p and 
the A 22 to 41Sp following a 
reasonable trade. Elsewhere In 
Electricals. Newman Industries 
gave up 2 at SSp on further 
considers I ion of rhe fund-raising 
plant, but Petlxiw. at Hip. picked 
up 2 of last week's drop of 33 
which followed news of ihe pro- 
posed redundancies. GEC ended 
2 butler at 320p. after 3U3p. 
following Press comment suggest- 
ing that agreement on nationalisa- 
tion terms is imminent, while 
gains of 4 were seen in Rac al 
Electronics. 326 p. and Thorn 
Electrical. 33Sp. 

In Stores, Burton issues 
encountered a resurgence of 
speculative buying:, the ordinary- 
adding 4 to ISSp and the A 7 to 
179p. Other notable firm spots 
included Marks and Spencer, 2 
better at S4p xd, and BHS 3 up 
at 200p. Anticipating today's 
annual results. J. Hcpworth 
hardened 2 to 70p and, ahead of 
today s interim report. Bambcrs 
put on 7 to 171p. In contrast. 
Time Products were dull again, 
the ordinary losing 3 to 177p with 
the new nil paid the .same amount 
down at 24p premium. 


up S. and gains of a few pence 
were marked against John 
Brown. 432p. and Tubes. 374 p. 
Elsewhere. Sheepbridge gained 2 
to 70 p in response to Press 
mention, but Francis Industries, 
a penny easier al H6p. continued 
to reflect the warning on second- 
half trading. Scattered offerings 
left Slaieley 4 lower at ISSp. 
while falls of a similar amount 
were recorded in Brailhwaiic. 
Ibop. and Spear anil Jackson. 
128p xd. Percy Lane found 
support at 5Dp. up 5. along with 
Victor Products which firmed 2 
to I27p. Among shipbuilders, 
revived nationalisation compen- 
sation hopes left Hawthorn Leslie 
4 to the good at zip and Vos per 
3 up at 202 p. 

A firm market of late since the 
announcement that the company 
has received certain proposals 
regarding its future development, 
Louis C. Edwards hardened 2[ 
more to a 1*178 peak of 21 Ip 
following week-end Press com- 
ment. Elsewhere in Food-'. 
Hatleys of Yorkshire finished .11 
belter at iifijp. alter U9p. following 
an investment recommendation. 
Cartiers Superfoods. interim 
figures Wednesday, rose 3 to 11 Up. 
while other firm spots included 
J. Sainshury. 3 better at 21Sp and 
Tate and Lyle. 4 higher at I72p. 
Associated Dairies were quoted 
ex the scrip issue at ISIp. Prince 
I»r Wales continued firmly in 
Hotels and Caterers, rising 8 for a 
two-day .gain of 16 to 9Sp on 
renewed speculative interest in a 
restricted market. 


leader- tended easier. Glaxo 
drifted off io close S cheaper at 
543p. while Itced International 
finished :i lower at lMp, await-' 
ing today's interim results. Else- 
where. interest revived in Grim- 
sbavve Holdings, up 5 at 33p. fol- 
lowing favourable Press mention. 
Others to re-pond to Pres.* com- 
ment included British Vita. 4 
higher at USp. and D. Macphcr- 
soru a penny harder at 75!p. 
Henry Boot, a poor market last 
week on the interim setback, 
rallied S> to 10Sp xd. while satis- 
factory " half-yearly results 
prompted a gain of 3 to 47p in 
Scottish Heritable. On the other 
hand. Elbar reacted 10 to 250p in 
a restricted market and Ricardo 
were similarly cheaper at -n2p. 
Other dull spots included Siehe 
Gorman, down 4 at 2T2p. Dura- 
pipe. the same amount off at 144p. 
and Pctniron, 2 down at a low for 
the year or 52p. 

Ulster TV “A” firmed 3 tn 70p 
ahead of Friday's annual state- 
ment. Dull of late on the poor 
interim results. Boosey and 
Hatches hardened 2 to 167 p xd. 

.Among the Motor sectors. 
Garages tended a few pence 
lower but Components recorded 
the occasional bright spot. Helped 
by news that Volkswagen is to 
•io ahead with the CAV deni. 
Lucas moved ahead to 32 Ip be- 
fore reacting In close only a 
penny dearer on balance at Slijp. 
ii.rniy firmed 2 to 2S7|>. while 
Kwik-tit closed a similar amount 
high ’i" at 58p awaiting onlay's 
init-mn statement. 

Despite a favourable Dress 
muni ion. International Thomson 
lost 7 to a low for the year of 
24!>P. 

Properties showed firmness in 
the leaders. MEPC put on 2 to 
I3lip wild British Land lj to 44 [ p. 
while Land Securities hardened 
3 to 229p. after 230p: the last- 
named is due to announce interim 
results on November 14. Town 
and City encountered a little 
interest and improved \ to 14p. 
.is did lntcreuropean. ! up at 3!ip. 
Mirroring demand that developed 
l:iiu on Friday. London Provincial 
Ship improved 4 lo 124p. Hut 
recently firm Warn ford Invest- 
ment eased 3 to 36flp. 


ment Trusts once again closed 
with losses throughout the list. 
Edinburgh American cased 31 to 
Itriip. while numerous losses of 
4 included Sterling Trust. I7Wp. 
Bishopsgate Trust, lS3p. and 
Second -Alliance Trust, ISOp. 
Clifton Investments responded to 
a renewal of speculative interest 
by hardening ? to 7p. In Finan- 
cials, R. P. Martin improved 6 to 
39p with the help of an invest- 
ment recommendation. Small buy- 
ing lifted Kitchen Taylor 3 to 9Dp. 
but Suez Finance reflected cur- 
rency influences with a fall of 
3:- points to 144. London Mer- 
chant SecttriSes closed a shade 
easier at 71p ex the scrip Issue. 

Apart from a small speculative 
flurry in Common Bros- which 
closed 2 harder at iGOp. after 166p, 
Shippings were idle nnd feature- 
less. 

John Haggas. g*. down at 171 p, 
after 167p, ^ave "up around half 
of last Fridays rise wheh was 
based on hopes that the merger 
tai-s with Dawson International 
will be resumed now that Wm. 
Baird has lapsed its offer. Dawson 
issues also encountered selling, 
the Ordinary closing fi} lower at 
l$fip and the A 31 down at 
lS4p. 

Among Plantations. Guthrie im- 
proved 11 to 357p on small buying 
in a thin market. 


the close of business enabled 
prices to regain most of their 
earlier falls. 

Nevertheless the Gold Mines 
index registered a 0-8 decline to 
14S.5. 


Golds uncertain 


The fresh weakness of flic 
dollar again resulted in South 
African Gold shares being caught 
in a iwo-wsy pull, as the bullion 
price continued its upward spiral 
to closo Sin.75 higher at a record 
8243123 per ounce, only to be 
offset by a further decline in the 
investment currency premium. 

On balance. Golds tended lo 
show- marginal losses but re- 
newed American buying towards 


Most of the U.S. buying was 
directed towards shares which 
had gone ex-dividend, with 
Western Holdings finally cheaper 
at £18g, after £18, and President 
Brand, S43p. unchanged at the 
close, after S32p_ West Driefon- 
zela were in demand after-hours 
and finished a half-point firmer 
at £22J, after £22. 

The weakness of the premium 
coupled with lade of interest saw 
South African Financials lose 
further ground. Union Corpora- 
tion dropped 6 to 276p, while De 
Beers registered their sixth con- 
secutive fail, losing 2 more to 
354p. 

London-registered Financials 
were featured by Gold Fields 
which climbed 5 to 185 p in re- 
sponse to the surge in the bullion 
pr ire and week-end Press mention. 

Platinums mirrored the trend 
in Golds, with a further spurt in 
the free market platinum price 
no t being reflected in share prices 
owing -to the lower premium. 

The 20 cents shares of Lmpala 
Platinum (which replaces Bishops- 
gate Platinum) opened and closed 
at 206p. 

.Australians remained depressed 
following a further downturn in 
overnight domestic markets and 
the fail in the premium. All 
sections were hard hit with the 
speculative diamond exploration 
Issues particularly nut of favour. 
Northern Mining dropped 10 to 
S2p. Haoma Gold 4 to 30p and 
Western Queen 3 to lap. 

In Uraniums. Pan continental 
gave up 73 to S25p, v.'hjle base- 
metal producers showed Western 
Mining 7 cheaper at X23p. 


Oils quiet 


Metal Box steadier 

Metal Box become a steadier 
market following the recent set- 
back on fears of increased com- 
petition and, after easing a shade 
further lo 314p at the start, rallied 
to close 4 better on balance at 
520p. Boots also firmed 4. to l!»3p. 
bui other miscellaneous Industrial 


«>i! leaders trailed qii'OcJy. 
British Petroleum, a few ’'Cnee 
vaster at 874p, were overshadowed 
by the continuing weaklier - on 
Wall Street, but Shell ..deed 
higher and closed H dearur at 
370p. A fail of ! ; to £411 in Rnval 
Dutch mainly reflected dullness in 
the dollar premium. Among the 
speculative issues, Siebens (UK) 
staged a usefull rally after last 
week's sharp setback and closed 
8 up at 2S6p. after 300p. Oil Ex- 
ploration put on 6 to 2U2;> and 
t/Itraiuar hardened 2 to 234 p. 

Harrisons and Cr os fie Ids. at 
350p. regained all of Friday's f.dl 
of 18 in otherwise fiuie-changcd 
Overseas Traders. 

Still reflecting the- poor per- 
formancc of \Va!i S:r«ct. in.est- 


LONDON TRADED OPTIONS 



January 

April 

July 





CliKlUC 1 


I 

u 


Equity 

flpfinn 

lnre 

1 '•O’er TnL 

offer j 

Vol. 

OBi.T 

Tr>L 1 

cli*w 

HP 

850 

1 69 j 

B8 j 


| 115 

6 

B77|« 


140 

, 9 8 


— 

i 16 


138p 

•1,-r.vi 

160 

1 55 . 3 

41 


! ** 

— 

>B5p 

!-■ 11: '•■•'.‘I 

18D 

18 12 

2 « 

3 

30 

— 

„ 


200 

71^ 52 

13 ! 



i 19 



fi Vi; 

223 

111 1 





324n 

'.Ki* 

240 

92 1 1 

96 ; 

-- 

■— 


a . 

'.i.r; 

260 

73 ; 10 

77 , 





«jtV 

280 

• 53 3 

59 : 

— 




>». 

300 

55 ; 4 

44 • 


55 


(1 

liFr 

330 

• 16 ; 7 

26 • 

— 

37 


.. 

i.Ll 

360 

6 27 

13 j 

— 

— 

— 

.. 


no 

ei = - 

9»S 

24 

< 13 


109p 

iCl 

360 

; 321"! 37 

42 : 

— 

52 


379 p 

til 

390 

15 • IT 

23 ! 

9 

i 

— 

w 


420 

6 : io 

U‘3i 

— 

ao 

■ 



90 

4 ; 28 

6I-; 

10 

10 

6 

84p 


550 

39 ! 26 

55 

— 

1 65 


571p 

rain's 


! 2^6 


41 

1 

12 , 




Vorfllilw 

Fehmury 

I 3ier 



180 

. 17 ( - 

23) 

25 

J 31 

_ | 

195p 


fttl 

1 1 10 

6 1 

15 

! n 


„ 


I 240 

v«. — 

2 1;, 

40 

5l 2 

5 ' 


fi--.:* 

260 

1;. _ 


— 

j 21" 

15 ’ 


y \n 

■ 140 

. 38 .' 40 

20 i 

— 

! 28 

— , 

153p 

EMI 

• 160 

: 4l=i - 

11 1 

— 

IB 

20 

„ 1 



! . 50 


80 

l 

40 . 



FINANCIAL TIMES STOCK INDICES 


GmenraentS«ou~».l 


lintii Minn | 

Gold - Hum fEx~tf pm.). 
Uni. Dl*. TieKl, 
kinuiian. ltd % ilulDl* r 
PiU KblIo iae(i l*t) 


Equity tvnwnrJEin ...j 
Sqirilt- kaursBina tntal.j 


ore. i 

30 i 

— Oct. i 
27 ; 

Oct. ; 
2S 1 

Ort. 

25 

CM- • 
24 • 

UeX. 

23 i 



89.34 

69-37: 

69.36 

69.58. 

69.63 

69.55 

78. IS 

' .“•V” 

70.63, 

71.03. 

7L0Z 

71.10 

71.5* 

71.26 


- > 

404.4 

483.2' 

484-4 

489.7 

496.5 

ao 5.6 

505.5 

.1 

14B.5 

149.3 

148.0. 

149^. 

149.1 

:53.i 

133 7 


110.3 

110.4 

109.8 

109.A 

107.5 

209.9 

90.3 


BAO 

5.62 

5.58 

5.51 

fi.*5 

5.46 

S 31 


16.43; 

15^2 

15.53 

1534' 

15.16 

15.19 

15.78 

to: 

8.53 

8.51 

8.52 

8.62 

8.73 

8.72 

9 01 

.y • 

4,357 

4.870 

4.818 

4.400 

4.471 

4.596 

5.563 


1 

78.7 1 : 

89 .S3 

75.15 

49.37 

58-08 

84 81 

pv. - 

— ! 

15,781 

174)65 

14.595 

11.086 

14.425 

15.170 



IB -am 48- .9. II am «!. Noon lfO«i 

S on t AS4.B. C cis 

Latest lades U-24A SSL 

- Based on 33 per cent corpora tloa tax. t Nil _ 

Basts tco core. Sees. I5/10/S8. Ftxea US- X3=S_ toi. Ont J -3. 

Uiaes layS'BS. Es-S pm Index started June. 1STZ. SB Astiray Ju-Dec. l0 ^— 


HIGHS AND LOWS 


S.E. ACTIVITY 


tfl7a 


rsm't L amid latino • 


CV-r. 



Ui gb ] 

Lot 

1 High . Iji*. 



C7 

Govt. Secs— 

Fixed lot.... 

78-08 ! 

81.27 ! 

19/ 1) 

: 535.5 > 

' 08.79 

ib/bi 

70.65 

(iOl 10 1 

' 127.4 . 49.10 
'• f3< l ah ‘ -i. L-isi 
•' 15u.4 50.55 

i2e.Ll.E7-. 14 List 

1 549.2 49.4 

— Lhrilv 

UiU-Sdjen 

lD.!ii<L'ilh... 

[iXau ........ 

125.3 

155.4 

35.6 

98.7 

151.2 

170.3 
38.4 

110.8 

Ind. Ord_... 

4aa.*t 




Gold Jliatn. 

Gdd Uinn- 
iliz-S pra.i.. 

■ ll4M» ! 

! 806.6 | 
! (14/8) 
132.3 

■ €14«| ! 

Util 

130.3 

thill 

90.3 

i US*q 

.114,9,711 (Sbrc/Wj 
. 442^3 ' 43.5 
.ZZ.-ott, 'K. 10.7b 
l 337.1 54.3 

; lit. l,74i . iSh£,7Sl 

?-dsvAver**e 
t - , 

1 Industrie is 

e - ' 

Tutshi 

240.6 

163.7 
34.7 

104.2 

147.1 

162.1 
36.0 

104.5 


ACTIVE STOCKS 


No. 


Denomina- 

• of 

Closing 

Change 

1773 

1073 

Stock 

lion 

marks price (p) 

on day 

hi"b 

!nw 

BP 

£1 

JO 

S74 

— 2 

•.m 

720 

GKN 

fl 

10 

270 

— a 

203 

24S 

Id 

£1 

9 

STS 

- l 

421 

328 

Shelf Transport... 

2 -ip 

9 

370 

f 6 

b02 

404 

Allied Breweries 

25p 

7 

S3? 

“ + 

94 

73 

Barclays Bank ... 

£1 

7 

338 

A 2 

3GS 

298 

Brin Boveri Kent 

£5 p 

4 

Stxd 

- 4 

*14 


Haggas (J.) 

lDp 

7 

171 

- 

177 1 

So 

Marks & Spencer 

25p 

7 

S4xd 

»» 

!H 

87j 

Rank Qrg. 

25p 

7 

248 

4- 1 

208 

22l> 

BATS Defd 

25p 

fi 

243 

— 2 

304 

0117 

Bambcrs Stores... 

10p 

6 

J71 

4- 7 

I7.» 


Beech am 

2ap 

fi 

650 

- 3 

7W 

5 S3 

Lucas Inds 

£1 

6 

SIR 

+ 1 

336 

240 

Midland Bank ... 

£1 

6 

343 

_ •% 

a 

300 

331) 


OPTIONS 


DEALING DATES 
First Last Last For 

Deal* Deal- Dcclara- Settle- 

ings ings tion ment 

Oct. 24 Nov. 6 Jan. 23 Feb. 6 
Nov. 7 Nov. 20 Feb. 8 Feb. 20 
Nov. 21 Dec. 4 Feb. 22 filar. 9 
For rate indications see end of 
Sito re Information Service 
Money was given for the call in 
French Kler, Mills and Allen, J. 
Repworth, Town and . City 
Properties. Cadbury Schweppes, 
Bel way. Western finning, English 
Property, Tesco, Premier Con- 
solidated Oil, Mersey Docks 
Units, J- Brown, Consolidated 
Gold Fields and Stocklake. Puts 
were done in Leigh Interests and 
New Throgmorton Capital, while 


doubles were arranged in 3. 
Hcpworth, English Proper! >, 
Mersey Docks Units. J. Brown. 
R. Costain. Faimell Electronics, 
Tate and Lyle and Lbter. 


RISES AND FALLS 
YESTERDAY 


Uu Down Same 

British Fond* - 3 14 59 

Corpus. Dam. ami 

F**w i Uondx 1 11 50 

tndastrlah .... - 20 <S M 

Financial wad Pn*. ... TI <SK 237 

ORs 9 7 29 

MiiiUMU a 7 20 

Kims — — 39 59 <3 

Recent H i m 3 13 20 


Totals 313 738 U» 


• T 


-al 

lit 

«: 

ns 

; 

frj ' 

■a 

'I: 

1 


If 


r 


Sponsored by 
the Rnancial Times, 

The Institute of Chartered Accountants in England and Wales, 
International Computers Limited 
in association with 

.the Institute of Directors and the Confederation of British Industry 



You will thoroughly enjoy the thrilling, mind stretching experience of the 10th 
National Management Game, and it could develop a mastery of business strategy. 
That's judging by the effects on 45,000 participants in previous years. 

Teams have to solve complex marketing and production problems, 
with the highest net profit as the goal. It's an idea l form of business 
training — stimulating, creative, demanding. 

Prizes are worth over £5,000. The first prize wiil be £2,000 plus admission to the 
European Management Game Final in Paris in September, 1979. There will be cash 
prizes for second, third and fourth, and silver "Armada Dishes*' for all finalists. The 
presentation will be in London in July 1979. Both British and European finalists are 
given free travel and accommodation. Entry forms must be received by November 6, 
1978. 


; National Management Game 1979 


iV 




| ififi 



IlIEIIflffEEilffl 


Prizes worth over 

£5000 


To the 

National Management Game Administrator, 
International Computers Ltd.. 

Victoria House, Southampton Row, 

London WC1B4EJ. 

Telephone: 01-242 7806. 

i enclose the entry fee of £60 | — | 


incl.VAT 


Please send an entry form and full q 


including cash prizes 
for all finalists. 


details of the 1979 NMG 
Please tick appropriate box 


Name 


l 


Address 


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™ I 


NEW HIGHS AND LOWS FOR 1978 


The following securities miotcd in 
Shjrc InlonnatiOn Senlcr vi-sicrcJ a/ 
JRJlifod new Higm ana Lows lor 


NEW HIGHS (12) 


Singer 
Teaaco 
U.S. Steel 
btaia Cora. 


COM -WEALTH « AFRICAN LOANS 'll 
N.Z. «* ^ 8 stores n , 

SlC|nDCTfl ELECTR.CALS.il 
Sound D.R«.on f , ( 

Bailors, o. Torkshnx Edw-irOs (Lothi C 1 
HOTELS lf< 

Prince ol Wales 

INDUSTRIALS t Z< 

Bodvcote Inti. Uniiccl Guarant-- 

PROPERTY 12? 

Apex Props. Lord. 4 Provl. Shoo 

TRUSTS til 

Autnorltv Ipvs. 

MINES (1> 

Gold « Base 


NEW LOWS |4S) 


BRITISH FUNDS I4> 

Treat. 11 ':W 1979 Troas. B :Pt 29-82 
Treas. 11 '-nc 13BT Troas 14ac 1932 
CORPORATION LOANS l2l 
Bristol 7 -' 4 Pt "79-B 1 Warwick 12 -;ot BO 
AMERICANS '13> 

Asarco Norton Simon 

Chrysler Owcni-lllinoit 


Celgate- Palmolive 
Coi: mss. 

Car.tinensal Oil 
Ei-nark 

General Electric 

CANADIANS (2) 

Hudaom, 6 . Oil Gas Pacific Pet 
BUILDINGS (II 

Jennings 

CHEMICALS .2) 

Alginate Inas. Leigh Ints. 

ELECTRICALS >1) 

Motorola ENGINEERING (41 
Ter Abrasives Comoair 

BirmiJ Qu ales'- • Cummins »B-94 

INDUSTRIALS l9> 

Baxter Travcnol Finlas 

Gorg-Wanwr Franklin Mint 

Brittains Hanimex Corp. 

Derr-.olv 9oc Cnv. Pctrocon 
■r obi , 95 Trant. Union 

MOTORS II) 

Gates (F. G - 1 NWSFAPER si | 2 , 

Int. Thomson l« Thomson Con*. 

SHIPPING (1) 

Runciman (W.> 

TRUSTS 1 3 • 

Altihind Inc. 

Mont. Boston 


Woods la e 

Cons. Murch. 


Massmutual 
OILS (II 


MINES (2l 
Messina 


RECENT ISSUES 


EQUITIES 



FIXED INTEREST STOCKS 


1.17? 


— = ■ Hi->i I J,i\v 


strii-k 


I , 

-=?- 1+ w 


CIDb|.- 

10,.- 


K.IV 

l.»*. 


-.rioo! 


C99 


£100 
£99l 2 j 
1 I 
£971; | 


r* 

£991;' 


£971-1 


£10 

ull 

K I’. 
F.l\ 
ml 

t.t*. 

Mil 
£10 
y. p. 

£30 
I- .1*. 
£10 


1U*|I 104,. 

— ' 

lillO Id|> U'l-,. 
: 4,1 , J'.'Ja. 10 
i — 1 Mui 3i*n. 

! lit 2. li'ip i l-br. 
,29f9 - 1011? « 

— '2J|[ini [5, jim 

; 8.131 Ivj 1 e v : luv-e 

— '• v-tisl as , 

',36/101 1 

; — ■ r *U i 'i 

— , 12-J > 103 


i — i urt ' I 

10/1 4-? ' a? : 

! l7;ll‘ I* i kg 1 


, U'3 

26/1 | 9aj. Vis 


Beho'-nt Int. 10% Vrel - 

.Xu^n Id ruble Lkx> — 

\ii>iivir->ui>- ISS'.Vnu. Pri. — 

brlvlnl VValC-’mJlii TiJ I*rf. lflfiii — .... 

Hi/im 10%C<iae. 'S7-9C 1 -.— — 

HeIuih II'Liim.Jlvf. — 

Hi. i s. t'mltli ti» l«i Del.. EKKWo. 

Hi'nskon- Lind 8^ L. am 

H> •Irani a IVvOilharu Its L'os. Lo- 86-91 

Kenrini^cm i I'helo** '’or. Hate JB&5 

Prov Lmadrlea Cnv.fen/lSJ.. 
Ki'-tmanswonh 4 L’ltbrirtge Water iS oo 

ffiahrtnse IOS Ciiuv. L'ns. — — 

: ;ji mill crarlc Cotn. 121-5 Red. 1997.^ 

Vlgior Pn»i?. IIS Cum. - 

IVnl Kent- Water 7i Href. I9E5. — 


IMpmi 

991*,— l* 
13p 


10 
3pml 

JOBpj 


99 ; — 1 
lj r 

98 
36 inn 
9M 
ISO 
47It 


'i— ^ 


h-M 


103pl 




“RSGHTS” OFFERS 


i - i --1— -i 

I— HP ~~ I.Vl u.ru. | i*| - 

!'• — N lli"li !.■' 


L’binud ■« 
I*ri«i? | — 


30,1 

as 

44 

1C 

265 

]00 

86 

6S 

38 

42 

200 

155 

25 

IS 


v.l* 
P.u 
r.r 
I'.p 
V.l* 
K.l* 
-Vil 
j F.l' 
r.p 

F.P 

F.P 

Ni 

F.l’ 

i p.p. 


■ \ il-i'ivV Mn-ii’irt 

r •> HI-*'K •'•*«' H-.lae .. 
:•! IV.inii P- mi 
!•>!; t naiute Hunt....... • 

li» cbut--* 


7 H24.H 
30. 8 2411 75 

29:9 10; I t-M- 
16/IU 50ilt li * 

21i9 3*U >u 

8.10 17(1 J. oil . lVi.«c»v - | 

1.10 3.11 I to IdO ‘-tliiMyHu*msn«*IOiSrn«J4>'93<i5i 

— . — i 19|.oi> 13pa> Ku'bvqiUI L Harrey ' 

•' ' ?£ n Uiwi,. 

43 ^huii |W. Li — 

.Cfimruv Knirwrar — 

. Efc3 ■Kiramn Kns- 

.j 28 pm*Tiui<* Prodil-ta._ 

■ 36 iWenrncH 

13 .YnrLswcn - 


' 6.10 10/11 
,23/ 10. W; 11, b-I 
J 6fl0: 3:1 j; 5A 
j BS&, Bril: 339 
8/11' B/ia. 41j.ni 
■ 9/10; 6/11- 4tA 
i37;10i7,u 14 


3Simi: 
60 1 
51 ' 
isi-; 
1S9 
311 
101 
19pm 
85 
62 
54 
314 
24pm 
38 
14 


K-.-mincfolniii date usually ip.-.t day fir doallas free nf -rtaiun due?, Flgnrr? 
ifo'orj nn prn-iM.-tiu- eMiiiui- a Asautni’d dlTidund and yield, n Forecast dividend; 
euver Ma.-vrl mi pr.,*ii. u . >«.;irV i-iminc- r Dividend and yield based on prnspeenu 
nr 1'Tli.T nmeial e-tinMt^.. i„r 1970. qCr'i—. rKieures a ivirncd. : Over uilows 
rur i-,iiitcr-ii<n •'! vjjar..-.- int nuw ratl ins fnr dividend or r. jnkin,; only toe restricted 
•I iv nli-nil ■ ; M.h-uw priw i» paMic kenci: uni-.--- oiiierulrv Indteafod. r . Iwtied 
ii’ louder •' 'iniTi-d m Imlder.- <■' icdman -liurc-.- a- a " ri^hi-." “■ issued 
h. sji uf i-juiijii'Si.iin. Hi ii.iri'itiie'-d. in s-nnm'Clinn with rcoreanlia- 

iiji-i . i-r r«r ijfre-nver. 1 liiirnduninn. »I»miii| former preference Imlrters. 
B MI'rtiii’.in l>'iivr« ■ or tullv*-Piiid-‘. • krovieinnal ,ir parib-puid alluimont letters. 
*■ Wiik uarr.ini?. 


FT-ACTUARIES SHARE INDICES 


These indices are the joint compilation of the Financial Times, the Institute of Actuaries 

and the Faculty of Actuaries 


EQUITY GROUPS 

GROUPS & SUB-SECTIONS 


Figures in parentheses show number of 
slocks per section 


67 


CAPITAL GOODS 1 1711 

Building Materials (27j_ 

Contracting. Construction 
Electricals (14) 


Engineering Contractors! 14)„ 
Media n leal En glneering(72) — 
Metals and Metal Forming(I6)_ 
CONSUMEK GOODS 
(DUBABUEK53) 


LL Electronics, Radio, TV (Iff).. 
Household Goods (12i 


Motors and Distributors 1 25) — 
CONSUMER GOODS 

(NON-DURABLEIOra 

Breweries (14) 


Wines and Spirits (6). 


Entertainment. Catering (17)-. 
Food Manufacturing (19) — — 
Food Retailing (15)^ 


Newspapers. Publishing (12). 
Packaging and Paper (15). — 
Stores (40) 


Textiles (251- 


Tobaccos (2) - 


Toys and Gaines (6) . 


OTHER GROUPS (99). 
Chemicals (19). 


Pharmaceutical Products t7i. 

Office Equipment (67 

Shipping (10).. 


Miscellaneous 1 57) . 


INDUSTRIAL CROUP (495) 


Oils (5). 


580 SHARE INDEX 


FINANCIAL GROUP(100) . 
BanksUb : 


Discount Houses (10)..., 
Hire Purchase i5j 


Insurance (Life) (10) . 


Insurance (Composite) (7) . 
Insurance Brokers (10) — 

Merchant Banks (14)—. 

Property (31). 


Miscellaneous m . 


Investment Trusts (50) . 
Mining Finance (4). 


Overseas Traders (191 — 


ALL-SHARE LNDEXJ673)., 


Mon., Oct 30, 1978 


Index 

No. 


Day's 

Change' 

% 


Eanunra 
(Yield IcT 
iMwu 


235.98 

205.81 

368.38 

544R9 

365.16 

18520 

16323 


208.64 

2543.0 

18139 

126.15 


208.13 

22720 

27236 

261.95 

20439 

223.41 

386.09 

137.48 

195.63 

179.26 

230.05 

102.86 

20031 

285.81 

253.38 

12939 

414.70 

215.66 


220.06 


49937 


24339 


162.18 

185.67 

207.49 

14932 

128.60 

11835 

31932 

79.90 

256.41 

107jQ2 


207.07 

10739 

31834 


22203 


+02 

+03 

-03 

+03 

-03 

+03 

+03 


+ 0.1 

+0.4 

-13 

-03 


+ 0.1 

+ 0.1 

- 0.6 


-03 

+02 

-03 

-03 

+13 

- 0.2 

—0.9 


-03 

-02 

«-0.7 


-0.4 

- 0.1 


+03 


+0.4 


+03 


+03 

+03 

— 0.6 

+03 

+03 

+03 

-05 

+08 

+05 

-03 


—3-4 

-03 

+0.7 


+03 


Gross 

ftv. 

tnewr* 

i.vrr 

al 33% 


1631 

17.18 

19.94 

3332 

17.76 

18.05 

15.97 


16.49 

14.49 
16.44 
1936 


16.00 

24.72 

15.65 

33.97 

18.92 
1330 
20.47 
18.74 

11.71 
1838 

23.93 

22.04 
15.62 

16.04 
1136 

38.71 
14.99 
17.46 


1607 


33.99 


15.76 


2534 

1631 


1485 


339 

2330 


16.74 

1539 


532 

550 

437 

3.40 

5.95 

5.91 

835 


5.09 

4.02 

628 

636 


5.98 
624 
5 28 
6.72 
534 
464 
637 
7.79 
4.81 
831 
8.15 
634 
6.08 
6.62 
4.09 
587 
729 
6.56 


5.77 


483 


531 


6.06 

631 

8.48 

532 
730 
738 

533 
7.42 
286 
786 


5.05 

6.63 

7X1 


564 


EsL 

P/E. 

Ratio 

(Nell- 


FTi, 

OcL 


Index 

No. 


Tbors^ 

Oct 

SB 


Index 


831 

&01 

720 

1038 

7.63 

7.43 

8.67 


8.47 

9.68 

838 

7.05 


(L41 

934 

935 
10.44 

7.00 

1031 

6.91 

7.03 

1233 

6.98 

'4.95 

531 

224 

831 
10.91 

637 

832 
762 


835 


7.76 


825 


5.97 

8.09 


963 


5087 

531 


731 

885 


235.46 

20537 

368.61 

54332 

367.17 

334.73. 

16636 


20844 

25318 

18324 

12622 


20784 

22896 

274.07 

26191 

204.45 

22383 


387.08 

337.92 

19359 

179.61 

3206 

10289 

20107 

28637 

25586 


129.92 

41622 

215.91 


a994 


49733 


24333 


16184 

18539 

20867 

14988 

12800 

11867 

32127 

7925 

25491 

10730 


20991 

107.49 

31588 


22187 


2363 

205.04 

37036 

54448 

36935 

18567 

16722 


20844 

25387 

38438 

12613 


20823 

22633 

27284 

26237 

20428 

22338 

39030 

13932 

19432 

180.67 

23215 


10430 

20187 

28632 

257.71 

23084 

41733 

216.45 


22032 


49661 


24862 


16269 

18786 

20987 

14908 

229.00 

n&9? 

32SJB 

7991 

254.75 

10738 


21281 

10683 

32886 


22232 


Wed, 

OcL 

35 


Index 

No. 


23987 

20856 


37437 

54646 

33889 

18927 

16682 


21229 

25845- 

185.93 

12838 


ZUL88 


229.90 

27734 

26467 

206X9 

22583 


39480 

14114 

19733 

38L01 

23529 

10631 


28588 


29083 

262.45 

33325 

42157 

220.00 


22360 


50179 


24689 


36486 

18733 

2X036 


15807 

129.97 

22031 

32964 

HL47 

25816 


10871 


215194 

10738 

32143 


22532 


TUcx, 

Oct 

a* 


Index 

Nv. 


Year 

njjo 

capproU 


Index 

Nu. 


24167 


21103 

37886 

5».08 

379.48 

19870 

16896 


214.79 
26289 

185.79 

ms 


21336 

23334 

28236 

27916 

20739 

22836 

39781 

34471 

19931 

18331 

235.90 

10731 

207.43 

295.09 

264.78 

13568 


42438 

22284 


226.11 


50360 


24938 


164.94 

18700 

-2X005 

25245 

13241 

IZL01 

33136 


8143 

259.62 

10933 

21806 


10874 

325.73 


2Z246 


21488 
20480 
34590 . 
46586 - 
29268 ' 
163 84 4 
36251 ’ 


20600 

245.08 

194.62 

12693 


20873 J 

22535 

244.18 

26426 

20883 

23829 

340.73 

138.40 

20146 

17839 

22238 

11676 

20103 

274.84 . 

0.00 

12843 

46057 

21119 


21504 


50520 


23906 


170.71 

17933 

22567 

18757 

35112 

14508 

30695 

9020 

232.70 

104.00 


202.48 

9453 

28404 

219.70 


FIXED INTEREST PRICE INDICES 


British Government 

Mon.. 

OcL 

.10 

Day's 

change 

adj. 

Today 

xd adj. 

1978 
to dale 

1 

Under 5 years 

103.51 

-0.02 

— 

7.89 

2 

■ 5-15 years 

11432 

-0.01 

— 

7.61 

3 

Over 15 years 

- 118.03 

— 

— . 

3226 

4 

Irredeemables 

122.61 


— 

1332 

5 

All stocks 

11115 

-0.01 


*55 


- FIXED INTEREST- ' 
YIELDS 

Br. Govt At Gross Red. 


Low 5 sears... 

Coupons - 15 years... 

SS years... 


Medium - 5 years.. 

Coupons 15 yearx_ 
25 years... 


High S years. 

Coupons . ‘■15 

2S years. 


Irredeemables. 


Mon., 
Oct. . 
30, 


926 

1111 

XL95 


1230 

3236 

1236 


3233 

12 ® 

3384 


XUB 


Fri.. 

Oct. 


925 

Ull 

1195 


1229 

1235 

1235 


1231 

12 ® 

1384 


1180 


Year 

act> 

'approx.) 


6 SS 
9.26 
9.99 


480 

10.09 

1024 


905 

1896 

1184 


3088 




3iou.Oct.20 

Friday 

Ort- 

27 

Thun. 
OcL. 
SB ■■ 

• 

Wed.- 

Out. 

26- 

. 

Tnwt 
. Out 
» 

Uqu 

OoL- 

2J 

PtWny 

Cot. 

: SO 

Ihn. 
Ort. 
29 -- 

.Year 

■sppros) 

lutes') Yield 
No. 1 % 

15 

20-yr. Red. Deb & Loans (15) 

87.12 {t 13.99 

66.69 

B&6S 

.SUB 

56.69 

fifijte 

5B.ee 

56.66 

62.42 

16 

Investment Trust Prefs. (25) 

52.50 j. 13.50- 

S1J27 

6U2 

.5L33' 

51.37 

51,46 

5137 

-53-23 

68.76 

17 

ComL and Indl. Prefs. .(20) 

72JJ0-, 12-98 

• • i. 

72J04 

72.00- 

73.®! 72.12 

.72. 1Z 

71.96 

72.0a 

70.64 


iu ucs. a list oT Uic am*tHa4itts u available (Tom the- Pah I 
London. EC4P price lip, hy post 22a.' i 


Street, 




^ v 


n-: tfF3K.-J?yS 




/ 


i- l 


Vi 


i /-■ 




4? 

4 ! 

•i •» - 


.0 


*5 




4* 




•V: 


,',d 


• 








cWU. 




■35 


- ~- •-' —.*• JMVHr. 




^^lancial. Times Ttaesdav October 31' 1978 


authorised * unit trusts 


OFFSHORE AND 
OVERSEAS FUNDS 



.-•’ it Tit. llnijr* Ltd. toi 

' 1 wm» KH . Ic-^-> F * r 'l i 

. _:%}•> vr ' jk 

» _ 409 4)5' -i i .SM 

M ».t jHS JT-ff-vS «-»5 

*JV &C 4B9 1 ■ 424 

lC T«»2 fc"» • ' 488 

jnhra Gniup¥. 'aHKi 

. IhJ'in lll»'.:w»! f 
'•i* KiH'Uuui C-5T -I i 

indi 


I-ramlingtrin t'nit Met. I.ld. (a* 

'.' »>•■.!. /.■•II. 'll J- 

-396 j t<r-’„'p 
• d-H.-lT-' . IA6 2 143 H. I . 

li.inlwT' .133 3 120 4, 

I. - 3.-* DUI llM 

!>■• V-"r-. '1174 l?4 B. | 


i. j-MK-m 

4 S9‘-’,'P‘ 3 47 Uii.wI.t 
143 h. | . ' 317 

-j $g I 

t?a Bt I 7 33 ••l.ltfHi- 


MiimIit i-'unri Managers lid- 

; -* k< 4 ; • III -n-t t<f4l 


’! 3 47 Ul..vfi-r><. r 7 K MTT-Il.l 506 IV.Oil.. *:»•«>— “«.■£' v " 347 

| 3 17 lire.., -j ;n»» IMJrtl I "in- j; ' 740 

' 2JJ Ml.\ luu Trust McrmnL Ltd. _ FnuU. Fort folio Mnitr-. I ui.v uuhHiM . 

! 7 33 "klifmvi. '.ii,^ >1111111'. ' UM»J(l7-*l lli.lln.nl *.«. I • I «i! ■■■'ir •. 

Ml. 4 ' "i:. 1*6 4 4flW I JM I'rii.I.'nlMl I u7 ? IlSff ; 47; i'i-- ... 


Pnn inrial Lit** In*' Lf«l.¥ 

. ■.•■.•!■ I-* ' .| 1 

506 IV.Oil.. »:ni«> — -IV 7 8JI»,,i+ v •• 

S3S 11n.l1 Ini.-mr 'lZJ 1 l,i«- j 


Friend*' fniidt. I nit Tr. Mgrs.¥ 

I'. % -!.»,»• »..!•< 1 Nl..'!'. WU'-'l 

(-l.r.-.I.IV..' Ill 011 47 1' 0-21 4.61 

‘ I 'ir. 56 5 64 ei •O.'l Obi 

i«.T I nil Managers l.HLV 


S"”: Management 

Mnin.il tint Trust ManagrrsV ullRi w "-“ ra _ 

■ "in.oii i'.-.i-. jfivi'i. - «n»*“i4»Mi Reliance t'nit Mg(--. 


' 'll .Mill" 

• 111 w | son 


vui' 4 i'luspK'.trumtnuM 
Srfiihiix v, miliPS I jd V 

;_|T6 6 111--.’. 4 11 

-• 1-! 1 Kt • iir. • 7 1; 

631 : 45' 

...1 t . - 35SO 35? 1! 3 V 

•....i_ r •. Uaa r ;b» 5 . bi 

Sell int;<-r HmsI Vlii^rx. IaA. laKi 

II" Sbi'i, |'-|Vri • — .16*. Hr.il 

• "• I ‘ _‘rZ0 3 71 I 4- 7 6' 


Target Txt. Mcrs. iSrnllandi tailhl I Aleiatider Fund 


.1 1 .• 

4 10 T^r^rr \mrr>.b..r.Zll 3S II - .« 41 705 

• 717 r.irn-i'rii-41^ .451 «6"li: 6 Ml 

.' .. 451 V TaliH-un* hi Mi 65 1.. 1 <901 

314 

. b« Trades l ninn I’nit Tst. ManagersV 

■* Tin ll.ablVirn f ■ 3 ill iLHOI! ! 

Ld. lartzi T'llm: 5J2 S4So 5 25 

lb*. HTM41 _ . , _ 

.; ;• 7 Transatlaniii' and i.rn. Srrs, < o.V 

" J 20 : mi vi ’•••u la.'-.i-. ■ !*•' ■.. ^:i'i-i.-n1.rM'.:.:r.ii 

\ *51 .Vi 771 SIS ... 5 56 

• HI ■V.-Mi.i » n.|« -111 6 1261 ... i 5 56 


IT rin- \K(r 
4rr\0'ii{. r I'i. 


Keaselev Mugt. (Jersey Ltd.) 

5ee under Central Aioetc Mnift. Ltd. 
and uniW t’apdirrx S.l 


Vilen Hinn & Kims Inv. Mai. lC I » Kina & Shax-wn Man. 

1 * luriii; I'rn.. >t JliduT J-> 1 t i»u4 TTTl! *i narin.; 1 n>' • >i Jfi-iM-r 
'L 10 11 io”i : 1193 \ ii.-% ik s: iv 11 r-.tr- r a 

Vrhuihnot Seruritien 1C.I.1 I.imiird l in..ru : .--trc.: :w^:- 
.... u . .. , .ill: 7ur.il li-rr.-.' I’-Ba* 

I " Hi.. 2H. V I J.-l i.-r -V‘r .i . Uba.lv .41.. 1 ,,|. ]ru- a .l.ill • 1103 4 

■'■•I- -J.Tbr. . 11170 121 V. . I 4 03 ..,■1. Ii.l ..u.l-i—- '4 23 I 

Sfil il.'aliR.' .U'r .'iu.rm'i‘1 7 . .. , x-rv 

'kM.v-r .V _ 1100 1021 -ii 12 0-3 .14-., . 


: I narii'4 1 >* lli-r..-r •vr*r’. it7H'7!?4l 
\ ull.-i »l~- S: IV. I f’.ir' |-.rii..i 1IM81 1 247K 
1 3 m.rua.-tiVi-: iiax.'!.. I..\! 'i«£i4'4S3n 

.ill: Kur.il Ir-r: i*. > I'-Eac. iSS .12 25 
t.,l- Iru.-.I.iM • 1014 106 6 . I 1225 

I,.i!i Kil l • .urn •••■ '1 23 4 24 cl . .. j 13 25 


t'nit Trust Manager* Ltd. ■, 

riHi M . K- *4‘4 h -. \ -libl j 

T iSJt 57B*< <83 ' 

T t'nit Mgmi. CO. l td 

EY-*'.-7j\ *»■ K2.iirr7! 1 

•lima .175 wv I 4 20 ■' 
i Securities Lid. laert " 
taundiin 3-i'4R IS'." m-2jri'JSf 1 


71 3 -0 I 7 35 
W55I--&.15, 3 45 

06 bn) <0 1 521 

33Jp -0 bl OH 



;48 8 

53 5: '10 59 


170 1 

75 4' < 1039 


it >0 6 

229* - 0 I.' IB 45 


>39 8 

4i9| -6 h 9 ra 


jw* 

598, -0.1 4 44 


ii51 9 



|75 i 

27 0: -0 I* 12 IS 


18 9 

419 -P .. 12 15 

.ri 

:!*4 

20* 18; 


62 4 

*7 1, -0 41 4 93 


IOT7 

94 « - 0 f 4 93 


154 5 

53 T -0 1, 4 91 

■0 . 

• 17 9 

M3, : ? as 




tlvi 

H69 

50 Si ■•)<• 7 41 


35 4 

3*7. -f. •: 2 4V 


42 5 

45 9* -U Jon 


'783 

30 5! ; 3 09 

Ml F.i 


7*3' -1.’ 128 

ri" 

120 8 

22 a t 128 

88 7 

94 4t i I SB 

Im KdiJ9 7 

27 7. U 7 1 00 


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(iihbs i.\nlon>) I’nit Tst. Mgs. IJdL . 353 ?io . 55; 

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■v » •! i ,n iM*n <40 5 43 ! 520 N'Kt- Trust Managers laif.v (anal 

la A v. I- jrfj’" .256 276i-04| 060 II Jitmi iiun. ]Hirkliic..som* . Wl 

tieulini: TlW«l '.h i.. imio 6111-021 501 


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' ‘■.iivrx.il l-'.l-ilr W16 


71<hi . 714 

35 b -II J 5b7 
11 o -0 ll 5 27 

310 . b.54 

75.1 +05I 5 74 
54 4 -0 ffl 267 


I ll.ll 4 C4 

I 3 57 


714 ' l*rt«-ts nn 1 64. Id . i ,1,7Tb. r 

5 27 Kwan L'nil Tni-d l! n gi. Ltd¥ ta 


7? ixMi.1. .. « ■». l . « r .a m wn row 

s l.,r • iW - . .11315 24J0j 1 1 11 

uni fin! ,167 7 176 D( . } 1 *1 

!.i-»» rlritlmi: it.. ?••«. ‘J 


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it. I ■ hrulr.iift- 15 .-v URi:. *•» MW rtu»»t XI x6Uhii«.lu»e.l-" r. . hi ui t-a; I t34- 1766 1« C| ; 4 23 

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(<■« .him- bl) 310 . 1 b.64 b;nj time lliv.. 1 iu> ... r. 7 m om> i.itfei — . ., , , Cr* n xu> • i-u -/au.ii' 

!! ss=ftua 1st slaa is asss»f «» i is ?.■ s ■ 'f ^isj w :1s 

NKL Tnixi Managers Utf.v (aag) Hm 11 v, ‘| ■ **2 , -' eT - • ;;J; ji4. I :« 'is Wnln ee<^' 

u iiinri.un.lniitiiir.Miim. 4S V't- i §7 ll " 1 l »hac i nn Til Manager* Ud.V <a> 

: :r!i"„.,„i n ..--|“t! iilizSfl I SI i 4^ 

N'ornit-li L'nion loro ran re Cronp lb) Bn>'Rl J - -Muni. Ud. 32»w( j B IS 

Ami Nt-rwu-h Mii:«N'i IKC1224WI A* *™|J! | SnT «r. J_ o i its Riv Sec u ri 1 1 seMcliuo Ltd. 

T-> r, I . .. B59H 37071 +0 5] 5.25 jTaj T25I j i • .to*!- '®Ws «• 11 >iiKiii«m.a 

IVarl Trust Managers Lid. ivicr. ji Orf. '■ ■ . .• .kalin; 'xi n J f"-! 1 J ’ 55 i! i 5 sj 


4 23 IN i u.u£rKoi4 Hnxial 


frfej iW iSMieUMS-fm+’i-i-. • 
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I III nil Vlil ,,f t.-S7- . ;Jb 


I i.UiOin L'nil+i-- •;?* ? 

. Jlei Tan ts l US - - ;2’9 
i I Accuia L'nif.i - -.;:«4 


liripimm Management Co. Ltd. 

5ii<.r>--iiaiiisi ori’ans. m - an 

Hi* r i ci 1 6-: ‘-7. Ql7 1 227 T. 

•, .. t.ni L i- I - 2312 250 01. 

mm iivitifei.-jj jiasj ii2 out 
•. ji»i I "i! ,2179 228? 

Uni.--. -*1 (256 7 247 710 

• A .'246 8 250 5 

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i iTiim Ir.l" ill] 14 H 

I *. *. ISTM- .si ’2i. i?28 7b H. 

'•Ci'i.m ■ i - .1 - !7 h 5 BOW 


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l nit Tbt. MR*. Ltd.v IUHCI I- .. !.»■.+••• K - :!f.«|IV HI42Hldil I.lhhx l nil Trusl M*«*N<VK L«4 

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l 5 73 


irfburn. WVI V 7M . *S*I iCliv' 1 

niul 105 J 11 2i i 5 73 

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nenra 1211 JS 4 ' 1 ** 

n- . . 71 b 7745 -12. 112 

I.- 5b< 61W-n<i 112 


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Henderson AdmmstralionV (aiimg) 
r»enuer LT \ilRfn. 5 rUjlriat. Bna*1. Ilultnn 
hrruln.-vvi K'U'V IV77 217LEH 


t bi. bands 
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l i> 1 .11 Snl sub ila.' No. 
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st&iEsr?^* 

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9jS -0 4, Kiiuni. <alli iTV., |261 

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49 91 D J 

49 5 -0 2 

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361 -01 


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49 81 ( 5 73 • - K1 

25* -JM 5 14 lnlefn..i I J2b 
52 S -D 5 2 24 Will W.iiro.l ST 1751 
53«J -0 2, 5 25 owiwn 1 umh 


278 * 0 11 312 
30 1! -Oil 160 

B9« 10] 291 
34 T"d -0 4| 134 
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IVarl Trust Managers Lid. (MigKz) ivice. ji Ori. 1 • . 
;^^' , V n r? ,, ^ ,W4 26 nt Save t Prosper «.r..„p 

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0 20 ‘ "‘‘I- r5 a i IM Save & Prosper Srriirilics Ud V 

2 jg l elican Units Admin. Ltd. tCH*) mvrnwitHMl ftu.*. 

2 30 *’l f.iuiiuu.xi if jii'ilieJrt- "“2 =**^ fuiuwl- -■ ,3511 38 41 -'3 21 2 14 

0<0 1'i’lii.in Vnili.. ._W70 115«4|+fl4t < ® itL' f.'Sj 272ao-6.'-l Jli 

iej Ferpelual Unit Trust Mngna.V (I). row uruunJi trs 725«i-04/ ij j 

3 03 is ii. in xr llinl-) iMiTi.uiu.- iMacraiai Im-r+HMinj; lw«~- l UI..1 

, ''I— . K.!'. pill h. . |430 47 0| .-x. | 346 Ilieh-Vk-Id „ . 53 0 S78rf. | 

‘-to- Piccadilly Unit Trust laMbi IUkH incixnc fVi.i. 

Mini I.lhhx l nil Ttu»l HmUNiVt Lid HiiibHi-'Ura ,67 3 

« I t, Men. r. , finer. ..1.1 Jeep. KT2K MHIt ' ,0 

... "I r JlH 4111 ruwls . 

Ir "it,. In... mm- 291 31 bl... 1050 fKKqu.ty—- :na 

linn si lu |i.vxf.| _ 316 431 650 ihnseas fuMRui 

22J8 • .I|.it.,| K.n.,1 04Q 471-01 5 70 Europe.-. -K J 

l.u f.rn- t \sx«Sx a&O 50 0 &BO Jaujn |I0J' 

601 Mind . }5 5 38 J ... 5® SfpbuafWKM ,447 

291 • iiiidlr l-uii>I. .. 650 70J 5JO IJ-5 Ih2 6 

2 It I’i’ I us •!.«:+ Cuiid 613 66 Oil -Si 5 50 SerUr fund* 

62S !-■•« fil Ml JJIjt t'omnbaliilr : ;77 ; 

V.VMi ;m hiniL,..|2<)7 22 7} -0 7] 3 50 ^ntTCT - 63 2 

7 50 Practical InveU. Co. Ud.y iyKc) . l-manriaJ <«* '&b-i 

522 44 iu.xiriM.un Sq wriiyib D1-623B8SO HlgteMlaiwiai I.i.ni. 

~ oa iv 1 1 si is 1154 8 1W Sug . ! 4 31 . Select Intern*' ,242 

.V- uni l mi- . -P23 3 237.2J . ...I 121 sclrs 1 In. tune -SJb 

160l i 


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iirl-.ii t • »je..-3 a i 26t| J 2 26 bo li’iini i«75 

• r,. I * .: I. : . me.- |2I • 228 J 2 26 fcttralnr *:rw*«f '311 

S tea an Ca^T«. Manager* Ltd. lai ^.UVr n* - Si 
xi-x<i.W>" | rt)ri:l. uiil ZJfl.CTl is. An-iint . JO 0 


| 3 44 lurouiplM 71 .. .133 6 

424 . In I.n. I his '111 6 

. |-j(«lal is I STi. 130 6 

c t 1 a m 'l.iiiii L’lil'." .'164 8 

*• Kien.,!. .6+ "5 113 ■ 

1 -■ muni: .a. ■ bn, I'nr.'- 1*16 

> 5 01 liu £an. IS! ='. <2510 

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1 vet n.-i a. |ira 4 

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... Sr ru In. ft. : 1. 1171 2 

t it Sr.M i-.ip tVl IT. ‘’42 6 

• . 4r. urn Colisi 1720 

TrnuWa Hall l.mp 
KWOtm-B r'uip,(al >:;o»th 'S3 7 

; 2 26 IJU Sr. uni B7 5 

; 2 26 L.\f.r3lur liriium '311 


TVJ,' 1 mrluii ur Tn. .1 jif- :: L. ari: " '] i m Lim'd* Bunk Inti, (leneta. 

8J0 L nibiUiilTmW .1>I ;z22lj ..[ 025 f n h.« 4.31 121 1 ileum e . ■ ..SSHiizrrlaa.ti 

421 i.Ln.Mn . in.wth je raw j IN 

JJJ Barclays Cnicom lnl.il. t». Mini Ltd. lnc KJ0J...J 650 

8 04 llhuuui.ti Ls ill til 4*- luM WLifJKSd .. . .. , - - 

5 04 fni. urn 4u-. K»i 152 1 561' I iso Management International Ltd. 

5 04 Is. UiJ »:r 33 2 35 * . 1 1 70 *.jsl null II I.n,;. |i.-nu.i<1a 

j241 Lsa .;nr IVic-.f.n Jo a 757. : .. , ia i cr i., irv I,., -JJ ;<| .;M I I _ 

12 49 Uu Inti Ir.ruinr WO 1 43 is .... I & 20 l •• • I 

1511«S IW i lU M.tn T.: (45 fa 49T .. 900 „ ... .. 

9 00 IHi. UanxUuiual |27B 29 14 .. j 140 M & (• 1<roup 

5 V. Bishnoseafe I' ^ I irl * T«..*r !C:i B'JR 6HW.0WSM4W8 


lb0 Management International Ltd. 

170 'I'll ..! rra.iri.1 lli.llm,:. li.-nriNUa 
- ■ • .iTUerl.ui-> 1 1. 1 'JJ ji' -i M i | 


s 17 I BiiJiopsgale Cununodfl}' Tier. Ltd. 


0772 32241 
SI Sf -0 41 *72 
93 hi -0 5j 6 72 


«?W -IS 


I* 1 1 Rot 42 UniiCla. lull 
in via.- -. 1. 1 — Ai>an ms 

I 2 iiwc USB 1 

ful- NT— l"l 2 . 1£246S 26141 

"nipnjlh etuea o’ 'Sill jr.a 


libnin 1 - 1 J4 
In-: K» 1ST US 
i.l.l 13 S.-. t«.-l41 r i 
Mind 

■ .V-iiiml ini'- 


!■/ -J C 3JB - 

Ii- >240 2 7i - 

.*.. -118 1171 . 

113! 5 241 4a -0 3 93 61 

!1B9 4 M3 7 -0 4 43 61 


'Mrsjrt VnirdaP Hind 

Mwl..l..r.1 I „,t v :.:S4 0 57 Si -6 91 

JLtaa 62 0! 7 5! 

:ii a n.lr..u..| ■ BUS '43 J 46 w ■ I 

•sii-win Htiildf tNb'l* 1 fund 
1.-.I "..|M11 154 3j .1 


ilijh Inr liiiiniy 
5? Si - 6 11 165 liiIer66M.H-.al 

62 0 7 5 - Special S.Jr. 


4 83 Bridge Management Ltd. 


Jl - 0; 064 I I’ll Hus .S-iB. 
il f. : 2 I S2 I M t»*b. S'r' 2 


I'i. Hus .lid. iiittil * 3>nut * j-- 

S luibi i-tri 7 ! 17 37* ; 

*: I*.. Hui j**' 1 Huiu Keiii; 

Nipr-uni’ii 1*1 i*. iv -in at; 


l-rtxlen. r. > flan-. .Hit Jeert. KC!K HHfl. 
Mill 4111 


72 91 -0 7) 

<*:! j 


I -Ir., I11. ..UH 
linn iiiulI‘-..V f.i 
■238 < .i|.il,il t nii.1 

1-1 f.rn- i. \sxe(x 
681 lf.l.ae 1-tllMf 

2 91 ■ iimllr l-uiel. .. 

2 91 •"•s Irn— Ila!.* fulifl 

*2S f..r f_.-i f.T 
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31 .. . 

431 

471 -BJ 
500 . . • 
38 7 ... 

70 8 

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SI J 


47JI-LJI 5 03 


...11419 . 407 "I 1 ImnUs A *• . Sn. J j 

111 s. .him 1 £ Il64 1 inE I 4 07 iH-ai-rcs „ 

i-r./ioi'fTun A >fl -tte.) .I..TiRf.enera: C ,«] 

Nun Alliance Fund MngL Ltd. ip.u. s.iun. -580 

7 « '.in VI...... Ifte.-ll.-rshi.nl imuMm !Ei " ‘!S a 

K 1-r., l r-xvll. IUJ7 1 2«lhj I 3 8* TsnSiJi.Vh 8C4 

|m Ac, 19?* 103 S oj 371 A, [Si 

130 Target l\L:Mngrs. Lld.¥ iangi „ 

■11 t.i-1. . ..MjBlt I>cal;nes iismami 1 ,| “*T Bankv lai 


TSB l nil Trusts •>. ,M * ' s ‘ '=* ' 071 

4 07 "i t iianirs Uij. sn.’jr.er Hants 'CiMtuiHd Britannia Tsil. Mngmi. iCH Ud. 

4 07 ln-it:rc'. Ii uAK ISM32 A 30 Hath SI S'. Ilrlii-r Jcrxn. U534~I!I4 


40 J,' I 

62 1 . I 

*6 1 +0 : 

61 8 Ml J 
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12 T, -0 9 


30 Hath St S', llrlkr irr>r. 

j {{ Slarllaa DewMainMnl fdv 
jib liroalh luirni 372 

710 inml ™ ■ 00 3 

. u J.-r+r. Knrr^i Til 1196 

SSa l ni.il tr« Sit: 1 2 18 

** lliChlntSrlRT^ s0 96 


Samuel MuuUgu Ldn. Agts. 

1 14 1 il l iiruu.1 a- t: -. . 01 -rjw 64As 

Spulb-K.l l+l JS -SP42! 45 71 . J 4 10 

Juute.1 <V'i 16 jrKSH* aW 1 0 83 

ll2iin-iip-VI 'H IlIMJto !!M j 199 

117J.-I — > ■ ii-i B 'L5 48 SW I 070 

U7J.il l' S'KT .1 ]ilM0 U6« . J — 

Murray. John Mime ilnv. Adviser l 
ilxt. ll.-r- M I.lj-ulix. .71 Ml -221 .5521 


■lliipry f.| 
■Murru; Kuo. 


I -s Hollar ItmoauuMed I'd* x x 

1‘nis-J 5T« . i'i -547 5M | 8 86 - nt “ f 

7TT I Hiehlnt 1%; It! -in 10’[ : IN !m KniMai 

40 2, -D 1J 529 . »\- ii. 1 — 7 

.a tils' i.'fi IT?. \-\t d.-alm^ Nus H ~ 

Menu Ltd. 

iiueiWM Brown Shipley Tst. Co. ijersevl Lid. Negit LHL 
76 0i I 4)9 Pi*. BmsjKJ St Holier. Jer hi iCxM 74777. Hunk .4 lli-n 
3l2j--3 4 4 87 Srcrline Bund F.t |il.9B 10 01| .. | 11 OS NAVt'ct Si 

3* .-4 6 4.87 Butsn-fteld Management Co. Lid. phttenia Ii 

I'ii Hui I0& Hamillan. Hcrmuda M h . 

1l!4CEI4li5l Hiillieu Fquit. |il.C4* ’571 J ] 53 , , J.': , 

31 2' - 3 V. 4 87 Hjlire*. Inrmno |siS’.4l 20l[ J 7 07 Inlcr Poll#r l 

3*61 -4 0| 4 87 Price* ai i.m 9. NeU »ub. Jji S-a 6 

- _ , Uucsl Fun 

Capdurx SA j*«i Km im.i 

hittux ]7B ijcripv a. Inqumpv ul flMlTOTHi ou,+.i'i , lo r . 


Negit S.A. 

iib iluiil.i'. ui 1 
N Wiki L*7 


,242 7 2561.il -l’| 217 T c . x.., 
•57 6 56Aiq u 7«; r , w , L.. 


1 r.- K? 

ii .. [13 3 
u‘ sib . |20 7 


170 Srf ; 459 Wider tirowih Fund 
30 Id -0 ‘i 8 70 Kin. William .4! f.'i 4ii MR 
14 6. I 1210 In. una. I 'mi . 29 6 

22 31 -ti-2! 4 64 A,. um l'nil. . .>7 

I 


PJ9IM — 4 s. a a ineyvn ■ 1 

1 .._.|70i 73 81 -SJf 5 25 Australian . |J7 7 

'?;• BivUiero & Co. LuL¥ ia«s» Jrao 

: •' ihaltst.Ks'3 . mi wjBii X 'j*. ,J*£ 

bt ...-.11*55 11321 J 409 136 

^hrNfS ‘ 55MS. 1103 2 

Nut «uh m 8 s, Am.K<i4 'Vt 26 [lX5 $ 


40 7sd -1 41 
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16 9 -10 
468a: 2<H 


INSURANCE AND PROPERTY BONDS 


' 5* >42 53 - 

; 51 sis 4? 4 — 

\ \ V IS-MST lf>. 


. I uk+mlHiurC 
11 >13 15 !t010| — 


Ul f££E 4H51 Hiillreu Kquit. 
312' -It; 4 87 Hdllrm Innnw 
36 61 -4 0[ 4 87 Price* » ia. 


ufxM 74T7T. Hunk uf I'.i'rmi.da BMi:-. Hunvlian. Hrmd*. 
.. 11185 NAY L'ct U» . ;C7J0 — J-1811 — 


Phoenix Intemaiioaal 

PH Hus 77. >: I'eliT |*nn. Iljurnsev 
Inter Dolltr l umt iST 34 2 5i| | — 


Quest Fund MngtnnL tjerseyl Ltd. 1 

I* € • Hu* IM. Si Heller Jer+ei 0534 2T44I 

...HHI i.o limrii Inquiries Ul 8WI 707.li F.iLSnl 1931 1861*781 1200 

FuDselrb . jfri IN 145i{ —237 310 (ju«.r InlL Se-* it' 446 3 TO) | 3 SB 

' "'B 123451 - — -i — wiuxi lr.ll !iit Iv.-54U 0972* | 9 00 

_. . Price 1 S-I S Nesl dealing Nor. J. 


147 Abbey life Assurance Co. Lid. Crown Life Assurance Co. Lt<L¥ LtmL Uf^ Aasurance 
150 1-3SI Paul'*, huirhj-arri, D,”4. 0I-2489JI1 t'ruwnLtfeHv . W.Aiiag OL'2) IXWlMaCAtfll :m /im.in St.*fiC2A 4UX 


**^£5*^ Hill Snnnid Unit Tst. Mgrs.t iai 

5^ C Tl90 4 202.01 TTS «1 fcoshSt .BW5I.X 

aSlS I 3 35 .b'hnt.'hlTsM . |U( 

•gw |ii isi. 1 us ..fe 

1 *jh. dii "ss-t. 31. •*No»- 14 ih'i apilalTruia -PJ( 


111 Eqmij fund ..377 

ji, Equiti Ac 37 4 

Rrojx-nv fit ... . 150: 

, J*T6peny Acr 160' 

' StHeri ne Fund . 13 4 


ibihntn-hTnut . 1150 7 
• Kiln!') Trust . (34 j 

idDiilIarTru-4. ..Sl2 
th'i.ap.ta! Tran .(2B6 
thtr'.nnn.'ijITrii'l 08-3 
ihilrM-nmr Tmn 26 7 
ibiN«xurit> Tnist 506 


: Fnad Managers (a) (ci ih*in. nmeTrui ,26 7 

i4G«flL|-I22.B 24 0' -lb, 1 53 
- - S??3 1 Intel.V (aHgi 


(iNSSHam Cdnvrrilhlc El.nd 1314 
+0.4 550 *Mon<-. Fund 1231 

-08 111 ¥Prop Fd Sit. 4. 1316 

-2 2 2 84 VMan. Fit Sn 4 1370 

... *91 VEflum *d tier 4. 362 

520 VConv Fd Scr 4 . 1139 
7 20 VHabf Pd Ser 4 Ul B 
-1J 550 Pdcc» at «rt 24 Valuai 

.. . 710 


MwiR'd Fund v. r 
Monc d Pd. Ini-ni 
Mint'd Fd li'il 
Eiflmjrgd.A'1- 
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lvopertFFd t. . 


-Turo. TrtW.ri1.urs Pnc-es .VI M IUxt ,m\'«IS. 

242K6 K*-> tLiriHJ In Fd 1718 

la Tnud Management tang) 

Kef'lnirurefFund' B3 4 - 
iC2M50L nta3aiT4jB'017S K*7 Kiv«l Ini Fd *0 8 


Intel.V (aHgi Attany Life Aasurance Co. lid. 

35a 15. .’bridi'Uif' Street. E «’i 01-2477-JCI 31. Old Hurllne.rm Si . W I DldiT 

5 46 Inlni in«. Fund. . |B75 94 5j ,| 635 Wnlff.KA.Ice - 2003 2J1« . . 

413 . ¥Plaed Int. Aer .« 141.7 1411 . 

4 33 Key Fund Managers Ltd. <a«*l ISh BSU’mi™ i^n ' ' 

,VI 25. Mil* vt .E'rSVBIE. ..14KW7U70 Jlwa.Vr IMS U63 I..! 

Ke> UieiiJ> h. Fd 1718 HI -021 329 «Tple Inv An 172.3 1*13 ... . 


= • .W'f 

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FVd fnl Fd ln.,/n 99 0 
Inler’L FA a> r U56 

Ltd. interX FtLlnrm 115 6 

0I« ,5W: MonS Fd Ini'in SI 

• ■ — Did Fd finni. 102 5 

• ■ — Crown Hit. ini .v 1*87 


105 0 

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1029 

1083 

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103 5 

10* ^ 

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972 

1022 

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942 

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100 7 

105 4 

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100 2 

105 4 

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6 78 Mill ■ ,i >rpt 30- - 190607 

.ipi A lviicUa. . 1494 152rt 

*ipSA f^njetas . 1314 146 i 

...VAIIi .Vt*) 1563 164 U 

*40 fil.VVMundffia.. 1564 ]*4.^ 

— ■ nr»r. 1 t'epi.0rC26 1235 1300) 


2 88 Ijondon Itufaimnity &Gnl. Ins. Co. Ltd. &'***',*, IJH | 

IH ji. The Furbaij, K«ad.nc5835l I . omp PemPdr 210 6 


Royal Insurance Croup Central Assets Mana 

M t5K5!?a I,: ‘l?Si? 1 154 3!**' f 74 ^’ n '*“'*■* «ritw. Jrr,e 

Royal Shield Id. . J1451 154 3{ ...l — tenl AMteta'.'up 1U37 4C 

Save & Prosper Croup¥ Kr>*rle»Jj|wn j£i4 7* 

4. tii St Helen a. Ledn . EC3P 3EP Qi-LM BBS* Charterhouse Japhet 

i}ut lfcaS ' l3t l 1. P«tmi«l*ler Ro<*. P.C4 

CWffTJ 5 is!a _.l — .... inuuin 


bandhila .. |F:JH35 ... — gun-T ir.il 

Capital International S.A. 1 nce 

37 rtir Nidiv-Daiiie. Urveml»mr^ Richmond Life A**. I.td. 

1 ap.ialtnt fund ) St >26 ]-C3»! - 4a.Ml6.lamw.loaijlBa.li.il 

Central Assets Management Ltd. •aiTh.iSiherTn. 

19 1 Hux W. >! lleluT. Jervej .J.nq Ol «M707Di. ii'^„iwlul 


,613740 137441 
£14 7b - 


• aiThi'SilverTrii-l 111? 7 
____ K 1 rh nu in iIi'h 4 - lid 11204 

• 07 “ l - Lf PlJiinum Kd .173 0 

— Lni [>|3<DI-Pd Hd 112 0 

— LKi EialnvumeRd |16B6 


OtCM 23014 

rsl - 


~ IHJl. The Frrtoij, Heading 6835 II 
r u.ir.i- Uuna89t.-.j34 4 370|... j — 

Pi.ed inierfSUbJjM 36^.. | - 

“55 The London'*. Manchester Am. Gp.¥ 

Winsla-li- PndcE*eter. 03BS.S215S 

I » |: : J - 


1042 -01 1161 T . , , 

1216 -Ob 3 55 T he LonO 
121.6 -0 6 - Winsla-lfpi 

102 6 +01 195 ,.vn >7 mint 

103 1 — — dFlcv Kin 

107 8 -0 3 8 42 StMempen 

— — Otxpi lm 

, , , Flesihlr Fu 

O. Ltd. Inv Tni>: F 


EijuIIJ Pena Pd . 185 4 19SB 

I vo p. Pen*. Fd - 232 8 245 U 
Gill Pen* Fd ,»95.0 1B0 1 

Utpot fauSd t U*L4 206 s! 

•Prieei oa cdobrr 24. 
'Weekly dealing*. 

Schroder Life GroupV 
EmeriirileHuua> Porumoii'b 


Jdll -it! — 1. PatmKVJer Rout, p.t'4 012483381 

ltei m ~ Adiroru .... HU3BM SOM-O 30 4 78 

~ D1 “ Adi verba . I'Jtwai SUt -0 30 444 

771J " ' — Fiiadak tilinw 3348 -0 40 4 94 

w? ni — Fondl* DH2B40 3 it .. 5 25 

7«7 01 — kmperor h'und $351 3 61 - 

IS01 ~01 — Hivpano . . 11.54227 ««l| 274 

206 8 .... — Clive Investments ijerseyt Ltd. 

1*0 BokXM.S: Metier. Jenvj 0S34 373111 

1 In r Hill Pd iC I i.[97E IT* I 11 00 

I'liveGilt Id. i3*r 1 (167 1*9| . .. I U00 

071/527733 comb ill Ins. (Guernseyi Ltd. 

_ p II Sn 1.77. >L Peler Port. *»urrnM-> - 

Intnl Man Fd . 1177 0 1925| | - 

“ Delta Group 

- PO Bov 3012. Nasivau. Rahamaii 

- PL-lle Inv Oct. 18 ...f« 62B6 2J« J - 

_ Deutscber Investment-Trust 

• ' “ Pttvllarb 2885 B lebcrcaiw 8- 1 0 8000 Frankhin. 

~ Conrcntra . . IPM3M 21 991-0 JK - 

” lni Reoieo/ondii .jtiVbIM ««| . | — 

- • — Dreyfus Intercontinental Inv. Fd. 

_ P«l Bo* N3712. Nassau. Babam-iii. 

_ NAV ileL 24 .. ..itlilSH Ud ....I — 

■■■• - Emsoq & Dudley TstJWgUrsy.Ltd. 


770 
186J 
887 -03 
64 1 

1160 -4) 7 


WTple Inv A<-e ^ 
S6Z Equliy IVn Kit Acc 2990 
545 Flced I l*Hi Acc . USB 
112 GtiUtwi r.-0 Aev 132 5 
1216 JntilMn PnFdAcc . U96 
5.64 PropJ’rn Are . 1243 
„ M'plcInv.Pcn Ace- 213.0 


82 5 -02) 4 64 tveyBinalltn'* Fd. [1090 llto) -43 7) 5 6 
M3 -0 2 37 2 

M ? * 25? Kleinwort Benson. Unit Manager s¥ 

42.8 )« 5W. Fen.'hurrh St. E.f.’.J 0U223BQC 

128.9 -0 3 7 24 KB L'nil PM Inc . 187 7 15 61 5 1 

414 940 #KB UmlFd.At . 110 12afl. S-i 

245 *01 2« M-3 — 

696 -0J 461 K.BF*lln.Tst Are 59 1 6521 41! 

97J +03 2.96 KBSndivnsFdlnc. «17 53 2] .... 6.0 

90 7 +01 jS KM Sm.i"4» Fd-Arc. 41 7 53 21 _.. 6* 

7768 *OJ 762 HiRhYldFdlnc 964 592 *... BZ 

8.3a -O’ ’Ji UiChlld Fd Aer 16.4 502 •• BZ. 


OMiamoo aMev Life Assurance Ud.¥ ' ^ 

S-S Aha* Hee. Alma Bd .Relent* Rajgale 40101. Equity 

.... 4 3 AMEYMalmgft).:. .11448 ' 15264 Proper 

-415 AMEVMxdlr —QUA 124 3 — Fixed 1 

.... *.04 AKEV Money Fd..p6.7 1US .„.. - Gtd.Dc 


Crusader Insurance Co. Ltd. im rm-.: Fund-ll} 142.9 

Vincula Huu*>. Tdw FI. EC 3. 01-020 Bin 1 I i?, 5 , 

Glh Prop »r. :i |735 M2) 1 - Depn»itW.-.| Mil 

Eagle Star InjeutfMidiand Assur. ^.r^^.^^Sl.H.iiFi-tnflKo 
l.Thl^jiv-lleSi ECS. 01 5881212 

EMgleMUtl me*. IHO 56 Of *04) 60* AmencanFdBd* (50 7 53 3 

Et(nltyl& Law Life As s. Soe. Ltd_¥ Ml* 1490 

AmMShun Road. Hich Wycombe 040433377 E 4 ..VI' ldFABd.«— MA 9*1 
Equity?* 1140 11991 -0 3) - \\ ME"- !2? “ 

Propern. r d. . JQ96 115 M ) — .-IYmbA n! S»a jTj* 

Fixed Ufered F . 10*5 114 3 -0 J ~ ,*J, ^ifcLiw MS? in?! ' 

GtcL Deqi'Vil 4 d . 100 7 106.51.. I — lfly r nain , i »Md W.%, ' 

p . . 1119 


604 [AMKY Equity Fd.. Ufc2 
821 I AMEVFleMlm .. 92.0 


762 High Yld Fd Ine H64 592^*... *21 AMEVRendlnt .. «0 

-O’. 251 liifih YH Fd Aer .{46.4 502| . I 821 m 

Toi Ira L & C Unit Trust Management Ltd.¥ amev%i pSb/b MS 5 
-01 Ora The Slio-k Efhiuice. ECUN 1HP BI-5B8 2BW F1rxipl,n - 

^ LaC Inv Fd 11455' 150 01 .. I 810 A*«rym«l»llnxt*. 

31* tAClnll* Gen Fd. lira J 107 J) . . .f LIS | 

+ 01 Lau-son Secs. UtL¥ i*Hc» im r.nwh"..i'.„S4 

_fll SS 37. Mue«.-n'fc SL. I AWdmi LC-iR I BY. Ul -238 5281 - 

“7w |32 0 34 4) -0 3 2 5* JR.W MatennU ■ W 2 nu 5-76 _ For . Arrow Ufe J 

" ^ ^ fiArrum I'niu, . 457 41 3 5 76 Providence Capitol 

iliah Life Office LttL¥ iai -i;r.a»tiiFMwi 57J Hi ZM 

H«e TunbndceWellK IO M02sxni tr'ih'Sd warrant 398 42.4 ...! 17b Barclays Life Aswu 

JMnenianPd . 222 234 .... 050 252 R/unferd Rd. F 7 

■•**£ S 7 J5« ■ I” JiArrUHlUnilsi g3 1 24lj_, 050 *« Romfnrd Rtf.. F-7 

1. 2S. NrxV denims November 8. 


__ Japan Fd 
~ Managed I 
i j m I'm Pi‘nv 


F.xedlni 4 p8 6 14 

_ Uanaoed 4 . . 135 6 14 

_ Mane? 4 .. ..-..1092 11 

Overs**] 4 10 5 1 

Proper.H ... 1514 16 

Kli SGovl Sect 4 1216 12 

6 5. Pen Cap 8 1237 12 

RS Pw Act. B . P*0 1* 

- Mned Pen Cap. B 00*9 22 

- 3ln"d Pen Are B 1291.1 » 

— F rat Pen rap Bl96 4 Iff 

- F Int Pro Are 8.4*1 10: 

— Monev Pen. Cap. B |96.1 Iff 

- Uone>- Pea Arc B. W86 30. 

— Prop P»n Cap B..102S Iff 

2 Prop Pen. Acc B )l042 Iff 

— Scottish Widows' Group 


oi 2483968 Rothschild Asset Management iC.I.i 
-130 4 78 P O Ifei 5A. S: J ul. an> vl Guemecy. 0481 28331 
-0 30 4 44 O f Eq Fr Set* 2M 55 3 58 M 2-76 

-04ff 414 O r Inc Fd iyt.2 . 1622 1725 671 

5 25 nt Inti Fdt . 41 29 137 1.28 

- i h ■ Snu'oFilSvpiSB 1525 162.2a 3U 

274 i«: tommmJilj 4 148 9 1584 4 07 

... i.»r DIrConidti » $29 03 30 83)... 3 65 

bmL • Prices un i*-t 13 Nell di’alinK Oc 3). 

0631373111 TPnco un Ik-L 33 Nesl dealing Nov. 7. 


ii... = 


1100 Rothschild Asset Mngt. i Bermuda) 
Pn Bin DM. Hk uf Bermuda Hid. Bermuda. 
Reserve .4 vaeis Fd IS! vUJ7 UM| . ..J — 

_ Pnce osi i.K-L 24. .Nt>l dealing (let. 3L 

Kojal Trust (Cl) Fd. Mgt. Ltd. 

P*l Hoi ISM RujuIlM Hsc . Jersey . 0534 27441 
- RTlnlLFK -...|L'*»*1 1023) . ...J J.D0 

XT Inti .J« 'Fd i86 0 120| 4 3 21 

Pnce* at Mel 24 Next dealing Oet. 31. 


Save & Prosper International 

Healing m 

37 Broad S< . St Hehrr. Jersej- 05 
I'Ji. IMIor-dcaandnated Fand* 
nirFvdlm-t 921 17« .... 

Internal Gr -J 8 08 8 74 .... 

Far Ea»1ern‘t . 55*1 60M .. 


General Portfolio Life Ins. C. Ltdf 

*0 BarthrJnnH'wi'i .Waltham Crma. WX31071 Rrveirrv 


.■cirrs Fd Bd.*.. 
Price* oo.*Ocl. ; 


V w.-. - 

-Oct M —Oct 27. 


- PO Bm 90S. Edinburgh EHMS8V 031*5580(10 EDJ CT . 


L Inv Ply Sene* l— {US' 
lav.Phr. S*n«2 ...Wll 


Ul 2365281 „ - . 

S-76 For Arrow Ufe Aunnaar we 

5 76 Providence Capitol Ufe Asamace 

2.6* 

2 U 

...I 1 7b Barclays Ufe Assur. Co. Ltd. 

•■■■ 2 292 Rorofnni Rd.. F-7 01 

Tiurx Bare I ay bonds*.. . |}281 JUS ... 


Fortfoliti Fund | 1483 | . . ) — Pnce* on ; *OcL 35 "Dei M — Oet 27. 

PWttoll/.. ap.tal |42 4 44 6| . - Mrrc hjnt InVCSttOT* AMBrW»ce¥ 

Gresham Life Asa. Soc. Ltd. ux«i ii«- .3S3HighSt..i’<oiiit>n ounapni 

5 Pnoo- *1 Wales Rd.. B'mnulb 0202 787855 Proper:- j 1582 .... - _ 

GLCwhFnn.1 . (98 4 103.6) ... - ££«»>*■»— 3MA - **■ 

G.L. Bqliin Fund .109.7 1153 - £)“{ : . v ~“ ' ~ 10U 

G.L GU: Fund . .113 0 lUl3 .. — -j- Tp " “ ? Is f ■ ■ “ Sola 

CL Ml Fund .109 8 115 fl . las? " S 01 * 

GJ.PJP) Kui.,1 1 982 1D34| - E?J£,, MkV " HK Z 


Invxi. Cash OeL 27 - 199 7 
Ex Gl-AccOct 18.142 2 
KxVUoe Oct IR.JU87 
Ma| Pm Ocl25.. 1271.8 


10S«-2« - 
104 7 -2 ( - 

105.0 *0.1 - 

1483 . — 

144 * ... - 

271.9-2 0. - 


P O Box 73. Si. HMicr. Jersey. 0534 20591 ?“T r !).ir*‘ nran ' ; J/S, 
EDICT . -.[126.9 1349| ... I 300 \ 

The English .Association Channel i'upiui“ 1236 6 


Z Solar Life .Assurance Limited 


Shipley & Co. LULV 


‘iffi-SeeA.ZZZ 1088 


'ourders CL. EC2 
Oct. 30 _ 12190 
Ort.30... 1278 J 
Troll lai tat 

- — Z"Ka 

' iCtmn .. ..M7B 
accnne — 1373 

ame 129* 

MB 

mce!Z.Zg92 

s«u5"".'KS 


Legal & General Tyndall Fund¥ ‘ Jlli-ed aed 

m. t-MOBde Rond. HnvWl. 0272 M241 KSSSfca™ Z 

Mi.-. — "' H«M*ed 


“ 1 ^ DvpThlf ... p-.ro -- . 

a Growth & Sec. Life Ass. Soc. Ltd.¥ -- 

01-534 5544 Weir B-int Mra> ■ on -Thune*. Rcrlv- 0fl26-3428t Man/iti'"! ProZ.Z"! 
.....I — Flecibl-FinJiiLL- .( tun* I J — Foil EmuiIJ 

-8 -y — Lwulbiik Pres . .) 54*1 J | — Inti Stanaaed..-.- 

-0O — Ixtndb-ink 6c • Acc.fll*! l 212 ^ • ! — , .... • , 

--j — GAB Super Fd. I C7 902 J i — NEL Pensions 


rnfrJh .A^tm -KB aa; am s^?”_rr.: S5 

298 3| 5 61 4 71 Ne«i sah day r.nv ember 15. Maa.Pens Aceum. .. 1019 

36 M -0-i) 4*i Leonine Admin ist ration Lid. GUtScPwiaAcc" 96.9 

S-S 2. IhikeiiL. I ondon WfM AIP >11-4865091 Du Initial-- 937 

Tata ■“ I St I«Wb - - |M6 B4B-ia <67 Kwev Pen*. Are..- M29 

valid -a i au I-eoAirum in 2 92.9) -l5| 4.26 Do-lnlnal . J9B* . 


134.4 — 

1251 -8 4 — 
U4 6 -4M - 

use . ... - 

iff? ~M z 


Inti fcituiiji- ___ 
I nil Mxna«ed..__ 


Guardian Royal Exchange 

Royal Eirliane**. E CO 01 -283 71 

Proper: > Bond*. ....{187.6 195.4f . I — 

Hanjbro Life Assurance Limited ¥ 
7 Old f ar* Lane. London. W1 01-40000 


-Z Kl 442 Lloyds Bk. Unit Tst. Mngrs. Ltd-V la) 

"ZZZZll71 18 3 lo. j 3 24 Resnirni's liejn ‘7onn£ by-5ea. 

ncr gqi 62*3 -O-i 4« WonhlnB. Wat Su/wex. 0IR23 12BJ 

......02.0 23S . 6 C7 BaUincwI . . (518 55 4)v8JJ 458 

DctlO .gfl2 64g 4 57 Do lArmmi. 71.6 763-^0 2 4 58 

Ufe Unit TsL Mngrs. Lld.¥ l^ r >t^n!aL‘. W,l '... »3 7iz ^0 3 ISS 

F2S --- 'Bi S 9 *S 55S E\Tra Income *28 67j -0J 772 

32? IW • At cum >. . --R14 76 71 -0 ] 7.72 

•cnim. 


•Current units value October 31. 


-Jwaesl Mngt. Ltd.¥ 72-tw.Gulelinuseltd., Aylrsbol? 

rftadSt.Eraiv IBQ 01-5*36010 Equity Acemn . . P67 6 1764).. 

• BS £J| J 7o5 M & c Group¥ lyMcHzl 


„ 1 4_ Fixed IM Dvp . . 127.3 

T 31. Eqoil' 187.1 

Proper" — .. 17® 0 

Ksssir2L;S’“- , ^~ ^ A-° r «*.» ^r_- itei*". - 

knlnnr.il Kt la Mill J |C1 * la L OtObjUTl St.. EC3 01-01200 OVfTW ”t|S 

KSWmTl 763 ^2 4» Wk.Uor«.OeL=_.l 133.70 | ...„4 g*/ 

-:K B9 n 6^ iS Ojnada Llfe Aosnriiice Co. - . . g ? 

Do ■ \rrum.i U69 12* *0.6 6.19 2d High St- EMUere Bar. Herta PBar 51132 pS-^.p.xre . . 2718 

Extra Income M8 U3 -0J 772 Eot^OiFdOci.i. | 633 1 .....J — fStumap 21A4 

IH> ■ Arnim - . -.[714 76 71 -0 1 7.72 Betmt. Fed. Sept. 7. | 126.1 ) .— .4 - 1 Pen Man V-c . .. Z7B9 

Lloyd's Life Unit Tst. Mngrs. LUL , , H Sg^WSt’Sfc; ml 

7r-tu.nutehnu«eRd.. Arlesboty ccwswi tannon Aaaurance um p co rs<~xp 12&.1 


1 — NEL Pensions Ltd. 

Sfi Ii nn 1 '■ Hitt, Dorking. So rrey. 

Selex bji Cap - -...)•* 5 089) ... 

01 283 .107 \,.| r< y.,. jumm. - 117 1 123 2 -0 

I — Sr b-x Mmey Cap 618 W0 

.. Nelei Mnn Are. 668 ?0 5» 

mt«d¥ Nelr x'lih tnc Cap 512 531 . . 

01-4000(01 Nele. i.iIttaeABC.. 531 55.1 

1 _ NrlUx.! FdC*»- 49 4 5L! 

• NrlM.xdbd.AM )50B 55 H 

•• [ Z Nexl Sub. day \ or ember 25 


Z The English Association Channel rupnjo 23* 6 2W.1) -13) 2.52 

- 4 Fore Street. El'S 01 -5887081 Channel Irian d*4 150 5 1H9 -1.0) JOB 

- wiaWLiL 4.1 r.i. « tizz 0 ,, sr 

Eurobond Holdings N.V. 

Z2»)5 HandeUiude 24. Wiiienutad. Curara<i Schlcsloger International Mngt. Ltd. 

- London VxcnU: latcL 15 CbD-Mpfaer SL. ECS. 41. La M«le Si . SI Hclier. Jerso . 0534 73588. 

- Tel. 01-247 7243. Telex; 88144W SAIL [74 791 J 918 

- XAV per xhare del. 27 SUS2005. B..VOI 0 8* 09ll J 4 95 

_ F. St C. Mgmt. Ltd. Inv. Advisers ‘ 2* liiS H'2 


10 12 Eli Place London EC JN dTT. UL2422JW5 Handelvfcade 24. Willcmxtad. Curaran 
Solar Managed S... 1^2 J2SS~ 04 | “ Landoa AarnUr InleL 15 CbtlaMpfacr S 

Solar PropemS. 1142 120 3 — Tel. 01-247 7243. Telex; 88144*8 

- bidor Equip. S-._ - 16*7 1776 - XAV per xhare Oct. 27 5L'S20 0! 

Sul ur Cwh s l . "'1021 108-5 — F. St C. Mgmt. Ltd. Inv. Advis 

- Solar Man wed P - 5/* xSi ~~U - l^ureavePuuotney H.IU^KOBA 

- sasiwr-fa S?!r.:= ceTFdura**-.) «.* i-.» 

Srf ,r e*rf. , p ** "ISi {iiJ “ Fidelity Mgmt. & Ees. iBtla.) I 

SOU Solar IndP.; - ."I 87 4 ip ii - F(< Boxen. Hamiltxm. Bormuda. 


) 2. Laurence Puuotney Hill. KC4R OBA 
DI4C3 4880 

Cent FU.U1.-1. 35— ) SVSSOS |-0 J0{ - 


Sun Alliance Fund MangmL Ltd. 

Sun Alliance House. Hmh am. 0403*1 

ExpFdlULOcr.il . IE13J 2 161 5| . .) - 


IM.2I Z fidelity Mgmt. & Res. iBtla.) Ltd. 
qj S -J.il __ P (• Bojc *70. Hamillon. Bermuda. 

. - Fidelity Am Asx. I JUS250O | | - 

IBgmL Ltd. Fidelity ltd Fund-1 5US2169 ... - 

n. 0403*4141 Fideiify Fac Fd .. J 5I1S59.61 j . i — 

1615) |Z- FldeU«yWrldFd...l SL'51422 |-033) - S Equity - . 

l I ' M - Fidelity Mgmt. Research (Jersey) Ltd. jrllSdJSUJSu 1 


r.ihFd. . at 22 tj ... 
inti Fd Jersey. 96 102ai ... 

Intnl.Fd Lxmbrg IlfllU Ilffl ... 
•Far East Fund . . 102 ID8| .. 

•Next mib day i.Krtuber 25. 

Schroder Ufe Group 
Emerprixr House. PiVUmiNiih. 07 

Internal tonal Panda 

CEquiry .. ...(113 9 119 0) 


Sun Alliance Linked Life Ins. Ltd. IWaierlooHse. DonSL.Sl Heller, Jersey. 


h» .wmw EqutlYFuBd 

Z NPI PenslonB Management Ltd. 

4& i.raccliuich St- EC3P3HH 0140 4200 I mental itmal Fd 


Sun Alliance House. Horsham 
Equip- Fund . - ... [12*2 1 

FUedtntrrenFd . 106 1 1 

Property Fund .11*0 1 


Uana<c-I Fund- J157J 163 7] . | - 

Pncu On. X Next dealing No* 1. 


Dcpusti Fund. 
Managed Fund 


a 0403 £4)41 
135«-0 9| - 
1117-01 - 

1222 -0.3 - 
98 5 - 21 — 

103 6 - 

1151 -12 — 


0584 275*1 
Senes A Haul 1 .. (£3*1 [ .. ( 

Sertea Bipartite. CIO !0 
Scries D 1 Am Ass. >. |L16 17 ] ...I 

First Viking Commodity Trusts 


Z Sew Zealand Ins. Co. iCi.) Ltd V Sun Life of Canada (L'-K-l Ltd. 


8. St tieorgesSt.. Douelax.IoM 

MC4 4882. Ixbv Agt* Durbar It In. Ltd. 

,53. Pail Moll. London SW175JH 01-8307 




CEquIfy 1119 119 0] ( — 

S Equity . . .142 8 lSld i — ' 

IFixcoIniecesL. 1393 1481) | — 

5 Fixed Inter e>l . . 1061 112.81 J — 

CManaged. _ - 127 1 1353....] — 

S Managed --. .. 124.1 U2.0( | — 

J. Henry Schroder Wagg & Co. Ltd. 
IM.Chejpside.tfJl 01-5884000 

Cheap 5 On. 27. . .. 1 JCS11.32 I-BJ01 236 

Trafalgar Sept 30 JVS137 08 - 

„ u a Asian Fd Oa 30. hi SUM 318-^0 7U 238 

01.880 7857 OotIihb Fd Del 3 UHa 2.M 2X3-003 4.80 

I -T+n Japan Fd Oet. 19 SI'S* 91 1 Tfl ...Zl *41 


Pen i.iliKOC Lap- . 120 7 
Pen Gill htfc Are. 12B.5 
Pea R S • up .- 226.1 


■1 3.Kll. Olympic Wy.. Wembley HAS0NB 01-0028670 Fro B S w; 11451, 


- On Oct. 18. Next denims Not 1 

' Unit Fd. Hgrs. LUL¥ lahci 

Bauau.Newraitle^ipoa.Tync £1165 

' J69.4 71.M . . ..) 385 

mthdlB- 1*5.4 879 1 { 3 85 

Yield M2 8 - 453ril . . J *42 

m Gaits .{55 4 57 91 .) *42 

- W dealing dale November I 
-. es Official Invest Fd$ 

. . n Wall ECZN IDB. Ol-SRaiSIS 


MiG GroupV tyMcMzl ^^SreUriia-... Sff« - — 

Throe Qtra-x Tenor Hill. EC3R 0BQ. 0108 4688 L'iniity BwidFxec £1156 U.g -fl03 _ 

Srdgsasi.- [gj. hSa*-- 


_. Pro DAF '.ap.... 1036 j ... . 

. . Pro. 0 A.P Are. . I 10*8 J . . . 

- Hearts of Oak Benefit Society 


Kiwi Kw lny Plan p5*5 
Small -.'u ■ Pd. _... 97.8 
T*--hnolattyFd . — 1*95 

Extra IncJFd.— 95 9 

American Fd - 8*8 

Far Fast Fd 1X5* 

■ '.ill Edged Ed. 105.2 

i 'on DcpoaUPd— 912 


163 . .. — 

1829 - 

1153 . . - 

38®J) . - 

•BS -3« - 

12L4 ... - 

3187 - 

1*33 - 


Staple LT Gnh. - I 2066 . ] _ i 

! H5I I “la " Fleming Japan Fund S_V 

I'eraol Pn M! ’ ~! 2X0 0 I | 37. rue Nut re- Pome. Luxembourg 

. f, J Fleming On 24 i 5DS6755 [ .. . . | 

Target Life Assurance Co. Ltd. . P ' ... 

Target, Home. Gotehtwie Rd. Aylexbury, «ee WOriU i-ttnd LUL 

Bucks Ajlexhuiy. (0206i 5941 BuIieriielU Bldg. Hamilton, Uermuda 


FM.VkJnbl.Op Till. )*3 D 66 0| | 

Fleming Japan Fund S_V 

37. rue Xut re- DOinr. Luxembourg 
Fleming Dei 24 ( U' 567-55 [ ... . | 

Free World Fund Ltd. 


2.40 
4*5 _ 


.Vorwich Union Insurance Gronpf 


i 4crum L'niLi. *J* 

Australasian . . — 5L4 

lAcrum. L'nilX' 525 

L'onvoDdity ..- — 792 

■ ArruiA CnlUi *6 4 

i ompuundGrDUtl) 1329 
■JonreriJua lilxnvth 655 
rom-ecaltai Inc. — 78 0 


^ Dividend — 

01-5801915 i Accom. L'nnsi 

{ 681 European . . .... 
.. ..I — • Iniim 


ict lr J13718 — | . I 681 European M 5 

.■cl. 17, 1272 47 — I .. ..| — i In-um 52 6 

i. Only available to Reg Charities. Extra Yield _ . - . 88 2 

rterhotue Japhet see James Finlay '/w ESero U ’..'.. mV 
; is Trust Managers Lld.¥ lahgj i«w ui 

LEC2M4TP 01-302*32 lAccpnt LmMi .. .77 4 

a- ii*193 2LBj-0.5) L91 General - 1«] 

HTM 126 45 9nj 902 i Avium. Inllai — Z710 

octal TsL-. 'zi23.8 . 25 7) -0 1 2 77 High Income - lMJi 

ssree. TSL 2*8 28 H 430 lArmnx I mlm ... 1*3.8 

•wthTM. .23 7 253. I 735 Japan- - • - 

lAccum LltlU 1 . . . . 1797 
; rral ion Funds MgL L2d-¥ <a> Magnum . ... zdio 

. wy Lane. VISA 1 HE 01 2420382 n,,! ' 1 " " iS i 

UM 14*2 4*51 — t 3- *5 lAreunL DnUx-Z ...” 3W2 

- "Hilan Fnnd Managers. JvSSftamiZr' ” 0 

treeL London SW IX 9EJ 01 235 BSC* Secuod i>n. . 17B8 

hxGth Fd (185 194} . . .1 487 lAreim V'nltfi _. 2W.6 

*Fd . .fits 525«| I V BO .smaller l O'- Wi 

lArcum I'mlsi. - (220 0 

oqat Unit TsL Mgrs. Lid-, special rued Fumh 

• er'Uue.ETSVSHK. 01-6060382 Trod re )1512 

ome . [«T1 58 5) . .J 9 25 l ;' r ™P l 

nerican- .|**5 .49.1] i -• Chari bond Ort 24 1 

llHisblBc hS* 50fl . .1 9 00 i.'luinl«t i ict 34 ... B5 8 


466 -13 
54 7 - 03 
564 -03 
84 3 -0.2 
920 — 0 1 
122-5 -03 
696 -0 5 
74 5 -in 
1341 -02 
2541 -04 
: 54.6 -03 


Bal. BdjBHc/Uait 03.40 144 

Drpoiil Bond 113.0 119 

Equity Accum. — _ 181 — 

Properly Actum ... 13.25 — 

Mnnd. Arran 1A52 

Zoo Equity . 94.4 99.' 

2iu! Prup^ty-— . 1075 113, 

2nd Managed— _ — 99.4 105: 

2nd Deposit 982 103. 

2ndGmZZ 90 8 9ft 

2nd American 72 9 .77., 

Sod Eq. PenfiJAec.. 98.B. US: 

2ndPrp- Proa' Ace. - 112.6 JW 

2nd Mgd Petta'Acc 103.2 109.: 

2nd Hep. Pena/ Are 10L6 707: 

2nd Gill Pen*/ Acc 41.4 96. 

2nd.AmPena.fAec. 753 79.' 

LiES.IJ- 39.0 41; 

LAESJJ.3 (27 5 ^29! 


m^s-- 


=■■• ,-31 °'T™ S2^SE?3gr-« s Bg 

— Herr ' »'/ 1 'Oi — ..p7J 39 3J 1 Fnuif> niqd_.„_K34 37LB +0*1 — 


Hern - M ' ' Fquif> FVqd_ 3532 

H1U Samuel LWe Assur. LUL¥ FwEdVntpEro.T IH* 

mt \ Tut. Addlscombe Rd .Crny. OI4MUSS prpc--i: Fund —107.8 . 

npjnpt-m i.'nlla .. 1612 1693) — Nur t nit0eLl5__ 228 6 I. 

KffirelMiiiV.* ■; 1619 I7?i -i.l — phnenix Assurance Co. Lid. 

Jtan.Vi-dbcriwA. 961 “2 ? ~ * 5 Kin4 WtUlttnfiU ET4P4HR. ( 

ManaK.dsretmL.. W.7 WA -0 7 - w.^i-h Aax JU1.1 117.*)- 

M"n"j ■•nu-..- — 122 6 1291 — f h 'r I'h Ain..: K2 

Ofnni-i bones A . - 990 1044) .. . — Kh r (79 7 83 9) . 


_ Man Fund Inc. W7 1 102J 

■rrapf Mon. Fund Are 120 I 126' 

0003 22200 Prop Fd Inc . 132.9 118, 

.577 ZT^ Prop Fd Are . .. 144 0 

si'S Prop, Fd In» - 134 0 — 

n Fixed Int. Fd. Int 109 8 106 , 


NAV Kept. 29 | 3VS19645 | . .. | — Detadonds . .. MW|-0«i 

G.T. Management Ltd. Tokyo Tax. Ore. a..... | St'S4L5o” . 

m-u* TTv^nroSn'- Lo,, ‘ ,ori “ Stronghold Management Limited 


Sentry Assurance International Ltd. 
PO Box 328 Homihim 5, Bermuda 1 

Managed Fund ... (USJJWS I5JJ] . —| — I 

Singer & Fried lander Ldn. Agents ' 

20, Cannon Sl. EC4 01-248064* 

Dekaionda . .. MM)-040( *07 

Tokyo Tst. Ore. 2 ...... I it'S4150 | . 1 1.49 


— I — Tei- 01-tEB 8J3) TLX. 880)00 


290.4 - 0 6 
197 8a +0-1 
334.6 401 
950 -02 
98 0 -0.2 
194.0 -1 1 


c™. .-able ore. 27. F;£ *%$>X2S~ 6*1 

- • j. p -Fxdlni Cap - 96.0 

Capital Life- Ass nrance¥ j-n- rvdint Are .... 974 

Cooimon Hmim.Cbnpel A»h Wiwi 060228511. Act”. 97.B 

P*c«nAkprlDvJFdL.| . 107.41 | — J — Imperial LiW ASS. 


..I. — #Prwn% Vnlm .. 1A12 

_A 7 PropT-rii bents A .. 105 1 

ZI Z lEn^i n.. a 1615 

_ - M-9n^>9-9i Sc rift; A. 56 1 

-<V< ■ B.in' 1 ? I -nil’ ... -.122 6 

. — Mon' 1 ' bones A ,. - 99 0 

-01 — Ei»ni lni WA- 9? ! 

:z::. - - sian^cd jro" §** 

-« :S;: M c a A P “.. l&i 

— - jS. i.tertt Are. 1139 

pi-n» Cap— 1*2-2 

■ ■ I'i ns Eiruily 4cc . 10* 8 
- • j.p.Fxdlni Cap - 96.0 

’ |'n% rid Int Acc .... 97 4 
Ivur Prop- t'np — 96.4 


Had z 


Dep Fd. Inc— .--»** 
Rtf. Plan Ac. Pen. . ]71 8 
Rrl.PlanCap Pen- 594 


nilit.lunDL,U.VUIX UIWW 

~ wexl'b Aaa 1111.1 117.0) -IW — 

Fh'r I'h A».; 1 (22 | .J — 

Z Ehr PhEqX P9 7 83 9) . ..J - 


z Prop. Eqsity tc Life Ass. Co.¥ 

_ 1 19. Crawford Street, Wilt IAS. 01-488085 

— R S'!" 185.9 | | - 

— p« FiujfyBd. I 76J I -0.4 - 

— Klw MaocyBd ] 1502 ] +0 l| - 

Z property Growth Assur. Co. LtiL¥ 

— Li’in House. Croydon, CM ILL' OJ-UBOWM 


" I Ret. Plant ap Pen— >9 4 

Man Pen.Fd.Acc.. . 1271 
Man Pen Fd Cap ... 115-5 
R»llP*n.Fd_Are. -1318 
01 -«M S870 Git, Pro Fd Cap 123 0 

-19 — Prop Pen.Fd.Aec 155* 

•J — Prop Pen.FdCap . 154 5 

. ...| — Guar. Pro FcLArc ._ 959 

„ Guar.PrtiJ"dCap. 963 

0.¥ P A. Pen jd-Acr ...958 

01-4880857 DAPro.FdCap —HSJ 


+01 — 
+0.l| - 


Londua Agrnuc Ire 
Anchor 8' l.'aits ..Kl'Sin 11 
Anchor Gill Edge . 69 43 9.4 

Anchor Inc. Fd . . SHS5M 5! 
Aaebor In Jr> Tn 308 32 

Berry Par Fd . . . »i 'S58 76d 
Berry PacSulg. . 338 0 353 6 

G.T AMaFd-. HKU8 11* 
GT AsiaSIcrlinc . El*51 17.1 

ij T. Auilralia Fd SA18 Off - 
GT Bond Fund SUSK 89 

GT Hollar Fd S(‘S6 92 

GT DD. iSLrlg.i Fd B 92 9J 
G T.ParificFd . SI .S17.70 


(Anchor Gill Edge . 6943 


338 8 353 W 

HKU2S 11 *d 


Transintemaiional Life Ins. Co. Ltd. *' 1 U"i I 

2 Bream Bldgs EC4IXV oi-KBdos? Gartmore Invest. Ltd. Ldn. Agts. 


P.D Box 315. St 1 1 el nr Jersey 0534-71480 

.... 188 ConunodltyTrasl ..19*75 101 >4| J — 

-0 01 133* 

nw Surinvest (Jersey) Ltd. (xl 

ff77 Queens Use. Don Rd Sl Holier. Jsy 0534 27340 
0 85 American lnd.Ts |£671 *861-0 M — 

ia7 Coppi-rTniH . £41 52 UBlUoMj — 
L13 Jup. Index TsL ... IU2.01 114«|+012) — 

rOO? 5 84 tsb l'nil Trust Managers (C.I.) Ltd. 

_ Bagatelle Rd.. Sl. s-atinur.Jer’vy 0S34734B4 
-004 0*8 Jersey Fund . .150 1 52 71 . . I 455 

Guernsey Fund Iso 1 52 7) . | 4.55 

, Pnrex un flj'l. 2s Xuxl tub dqy Nov. 1. 


Proper! V Fluid 

1 -niiierty Fond iAi- 
Agrivuliunl Fund 


4M p2'iS&d.| . w.Si | imperial Life Ass. Col of Canada 

fj? -■ I mpensl Hooae. Guildford 71255 vKi-'v VoLFuml 

666 Charterhouse Magna Gp.¥ ■. ' ' j*$J' fifin '# : IS< ff| ZlJ Z 

Is anwiff LK,ire - 8Wcu ^' | ~ 

ChrthwEiwrsy _ .137 2 . : F,.edlm FU • -- UX« . . - K ES? A ' - 

2 -5 Chnhae.Mcmey |297 31.71 .1 — jro i 'ap Fd. . ._|97 6^ 102.71 .J — Money FUad. 

4 24 £&!!£» SSSS^-fe Sa-H ~ . ^u,lvFond )iolq ut 3 -f - -SSSmiSSI^' — . 


VTulip Iniesl Fd [1464 1542 -JJ - 

VT uli p Maned Fd.. 115 9 - 

95lan HrocfFd... 1197 1K9 -2 7 - 

liu Pen Fd Cap . 123 5 'JJJ -3 8 — 

Man. Pen Fd Are . J31 17 138.6 -3 3 — 

VMngd Inv Fd Inr) 96 9 1B4I -23 — 

VMngd Inv Fd Arc)99 6 104^ -2.1 — 

Trident Life Assurance Co. LULV 


2. St Mary Axe, lx union. BC3 01-283 3531 

lintnorr Fond Mngi iFar Eaali Ltd 
1JW3 Iluli-hiMHi Hsr 10 H ore nun Rtl. H Kong 
HKAI'uc L T« . 5US»a5 «5U| ( Lffl) 

Japan Fd USHO 3JH . j fl 50 

N \merican Tst. 51'SIIM 1!«l . 1 160 

Inti Bond Fund . SI'SUBC UU0| . .. J 560 

Uonnwre lnrexuarni Hnp. Ud 


01-283 353) Tokyo Pacific Holdings N.V. 

Id H hour Inl** n!1 Management Co NV. C'uracan. 
i L80 NAV pi-r xhare net. 24 SL'S73.5f). 


er'Lane.ETSVSHK. OUWICIK Traire |15L2 159,5^1 ... - ... 

Otbe I4T1 58 51 -I 925 liVrum Unlbi .29*9 3132 -09 663 • . *■ ; , hn hm "? 1772 

Kriran- .U*5 .49.1] i -■ Clinr) bond Ore 24 ritv <iT W«bnlrsler Assur Pa 3iA - Uansg^S Fund .". 1371 

ilHisbinx-.pn 502 1. .1 9 00 i.iwnid net 34 ... 155 8 1M2 73« City «f Westminster AKUr ca Ltd. ,, ,. Mm .F d.. Hit 

. >1 _ „ . .. , „ .\reuni l nJLii .... 19*5 199 5 754 Rjngflrod Route. B Whurharae Road. . Mod Ocul -. 1*0.7 

at Unit TfiL Mgrs. Ltd. <aKg) Pro... Ex. I.irt. 3u .. 1410 148 -5.1 5 78 L raCdon CRP2JA. 01^85 Bast pj!,]l M,«l.cth.-. . |20L9 

et^.Edinh^i <oi k» 4W1 ManU Liie Management Lid. 


asasfissr-r’iw 

6*3 Magna Managed I 15L0 

663 

1101 . 


<*T. Krf- . 

71 9 

23 6) 

tnuxl 

595 

' 596 

lb- DixL . 

. 45.7 

490 

=er\«f . 

»* 

423 

tyo - - 

.245 

26 31 


-oJ 100 -Sl i Seorge i Way. Simnujit 0438.545101 

830 Growth Unit-.. .. |54.3 57 21 - ( 4 44 


Wesi Prop. Fund. — (61 8 

ManagcdFund .- IlM^J 


tyn ....(245 2631 *0.1| 198 

lionary Unit Fund Managers 


8 30 Growth Unit-.. .. |54 3 57 2| . f 

198 Mayflower Management Co. Ltd. 

_ M M'SreUtarnSt .ETgl 7,\l'. ul OVi 


f 4 44 FamSond Fund.. B19 862) 

Muncy Fund— . .- 125 5 *53:2 - 

Ltd. Gilt Fund 621 -0 2 _ 

if# oiawmo PULA Fufide ■■■■_■ l^Jf JJJjl •— 

--nxwiy w „„ [nre.meiire.M- . (1088 1149 .. I B X p^ “Slid Are . ' 130 0 136jS 'H 

Held AL,£C2M 7AL. 0I-638446S GcneroliXI 24. _ .pi 0 74 7). 5 60 }w^ uSSev^ V’ip ' 47 6 5* 3 .1... 

TL27 . . . (1787 1907).. | 5.05 IniemU Del 24.. )4S0 47.4| . ..| 300 penS Monex- Are'J. 49 8 5241 . .-. — 

Vinebesler Fond Mngt. Ltd. Mercury Fond Managers Ltd- Pro*! BquiSy Arc^hi M0 SS+o.lj .Z - 

y. ECS 01*102187 3<«. Gro*humSL EC2I'2Et 01J9)ii45ri5 Fund currently do»ed to new {nveatmenL 

nebroter .119,9 20.71 I 468 Mere. lien. iicL US . J199 5 2123 .... 4 22 PertonnUmU— | J84 I- -4 . 

«'**■ O'aeay|202 225) .. [ 395 \re. W» Ort 23 — • SMB 2W5 ... A 12 

& Dudley TsL Mngmnt. Ltd- Are'll \ l*.5 793 Z" 2 64 City of Westminster Assur. Soc. Ltd- 

eiro«s c bl-i Men- F.M • ire » . . 243 7 253 9 .... 4 40 Telephone 01 9664 

2S£2£\!\ 307 7).... (« nJ,.,. I132J 13*9) J - 


50 fl J 

5aSl . .1 
5*d +02 _ . 
6i a +o.2j • 


.. ManacedFund- |96 3 10L# | - 

39_2 — „. ■— 1 Fired Im. Fd. . ..- |96J HI 4| . . — 

31.7 •— ^4j>ei anFd. ...197 6 102.7) J - 

gj. ' . j?Ijintv Fund [201* 10*5) f - 

!Z — Irish Life .Assurance Co. Ltd. 

—•■4 ~. - Fuv'bury Square. ECU. 01 -628 82 

‘ iHucShp Oct 27 - 177.2 BL3I ■■■ | S( 

gsssffiSit: SIS S*| : = 
; BsSaaS: 1 ..-*? - 

29H ' "I King & Shaxson Ltd. 

B63 J 1 “ Si CarnhiU. EC7I fi|4C2S4 


65 ....'.7 - 

194.0 . , ■_ 

KI: 0J z 

^7 —0 2 
174 4 ...... _ 

130* .... — 


~ u7ind F d Exempi . . 1102 06 10338) -0011 - 

"■ ; Next dealing dale .Nov. I 


1 in croat Fd. (A) 

-- E.|uits-nmd 

. . | — Kami' FuathAi.— 

J — Mono Fund 

.. .f -- .Ueiif? FaadiAi 

.xciuanol Fond . 1 

Id. r-ili edged Pond ) 

0H12B 8253 «;ill-Fd*edFd »Ai.. ) 

I 4M enre.imL toautta — ! 

■■■ 3 ““ aimroed-Aan'iy.,.. ] 

| ~ Prop ®*aadk hniw I 

■ •••] All »”lbe* Ac llu.11383 

9 *11 Heather Cap. 128.7 
•••■ I - Vlr.t F4 Hta. ZZ_ 
IVnM-oiFd Uu 
■ .on Pena.Fd.. ... 
PHEaS423 ,-m Pitt. Cap. I'L 
•0011 — Man I' 013 Fid 


+ 03^ - 

+oa - 


=81 = 


Man Pros Fd 

llan Pen*. Cap ft. 
Prop Peas Frf 
i-,'P Peuf.Cap Du. 
B4cc -Sue _Pea i t I 


Laogham Life Assurance Co. Ltd. i-'T t 

l.ingloimH*. Holmbrook Dr.7CW4 01210 1=1 1 rX AbZoiwL 

JffiS«2irr. n '& fl a il§| ■ -..[= Providence C 

Wi.-n •SI’* Man Fd)770 81 0] .. . I — i ■ bridge Rn 


S3 :.°.1 

147.5 . I 

ft Ananlt ex Ltd. 
3 145.4) .... 

7 135.5 . 

1450 
U13 
2512 
135 1 
2525 

Si ... 

m :... 

122.4 . . 


■A'lfP 'SI9 Man Fd [77 0 81 0| .. . I — ju i ■ bridge Road, n 12 8 

l-egal A General (Unit Assur.i LUL 

kine.-.“ ou< I Hdum.-. Xlnp«w«l. Tadvrunn | V ,-,-uii Equity . 1316 

•u'rnrt KT208EU. !vn.-irof3d.,fnt.... 1188 

«'aJi Initial. . ..tS? ~ ii.-p-i-.it Fd Cap ... 07.4 

i,n uran (989 ~ lvi*>'llF , d. Are.... 47.4 

- - y.,uil/PHCa|»..- . 45.4 


providence Capitol Life Ass. Co. Ltd. 3 .\ra» ore u* . 
ji> i ■ bridge Rood, n 12 8PG OI -74B911L KqunvOcLU* 


Refilled* Hou?e.dlrmreaier 045123*541 

Managed- - - 124 7 132 . i - 

GldUgd. 1480 156 7 . 

Property. . . 1533 1«4 +ji( _ 

Equity American BO J 8S.I -0 3 — 

Jut. Equib Fund U19 118 5 »J — 

HlChVielJ. 1417 158 0 .... — 

Cili Edged U2 2 1295 -. - 

Money ... ... 1^*8 1315 — 

IniemaiUMoJ 99 * 105 3 -0 3 — 

Flical. - 1285 1361 . — 

Growth Cap "'HtS K5'2 “ 

Growth ACC - .. . 1319 139 7 _ 

Proa Mngd-Cap . 1161 IgO -?6l~ 

Pent Ungd. Are .. . 122 4 1296 -74 — 

Penx-Gld Drp i ap 104 1 110J -03 — 

1'enf.Gid Dep .Ver 109 7 116 2 *0 6 — 

ronilSvASp - 116 9 123 8 +] 6 - 

Pen* Pry Acc 123 2 13*5 *2 1 — 

Trdl Rond . 36 9 38 9 . .. - 

•Trdl G I. Bond ,97 8 .... - 

■Cash talue lur £.100 premium. 

Tyndall Assnrance/Pensions¥ 

18 Cony nee Read. Bn»wl. 0272 32241 

3-Wai lire 28 - ...1 1*71 | .... [ - 

Knuin- iJrt. 26.. I 170? | — 


<u.v KKai P' u l '' u * 3= - U».a*Ja*. loM. 
°*T J * B> * , |G l utnuire InU lnc jil7 231 


LW Tokyo Pacific Hldgs. (Seaboard) N.V. 
Idiiiiu* .llDDui-mrnl « o N.V. Curacao 
,™,.. NAV [nr xiiare 'Hi 24 JI '55362. 


0834 U391 1 «•-—“■ 

Gartmure Inti lnc |iL7 23 lxd . | 11 Iff . „ 

Uannure 1ml Grth|74 8 79.61 1 220 Tyndall Group 

Hambro Pacific Fund MRmt. LUL £. w ^ Brmmda - 7 7788 

2110. Ccnnaiiglir Croire Hong Koiie lAreS^'f'muj BfsT94 

Far East UcL 25. IKLUtt - I — 3-W ai Ini del 19 }il 52 785 

Japan Fund .. |{..<1IU U3j . ...J — - NewSt. sl MeUer jmrr 

Ifambros Balt (Goeniseti LuL/ ti.ifslcicl 2b7.. £750 X 

Hambros Fd. Mgrs. tC.I.) Ltd. 

P.n Box OS, Guertisei O+Hi aEJ I i Accum r-6 are- 1 815 

Cl Fund. - 151 5 16131 1 3 70 For Eosl tv < 36 . 910 

IninL Hnnd JUS 10941 112 79) I 8 S9 lAycutn rhare* . 910 

Ini Equity SI'S 11 62 11 98| .. 1 2.10 Jersey Fd tVi 35 221 2 

Im Svgs -v S US 106 1 M I - Son-J Arc Ms'. 313 2 

Int Sxu 'B' SUSI118 122) 1 — Hilt Fund Oct 25 . 1058 

I Ticcx on Lire 35 Nexl dealing \m. 1 (Accum S Karrs. 1406 

Henderson Baring Fund Mgr*. Ltd. £1^1^. n«» UjW. 

MIS. Gammon House. Hong Konc 

pS3w™-<kr25.f K S?Sl00n*f ' I - C'td. Intnl. .MngmnL 1 

Bond Fd ■1‘icL 37 | il SlO 967 - 012:1 — 14. MulcoMer Sired. Sl H 

■Kxcludre ot am prelim, rharge* L 1 1 H Fund - . til . -.1*834 

Hill -Samuel -Sc Co. iGuemseyi Lid. . , 
b LeFebvre Sl.. Pdcr I 'on Hilermex Cl V"!^ T f‘ ,n 

GuermwyTM |150 7 1 61.ZJ +0 4| 3 68 l-L Kue Aldrtncer. Lmrm 

..... r. ... l.S T* Im Fnd I U Sl 

Hill Samuel Overseas bund S.A. \d a^Mds nre* 

37. Rue Ntfro-Daiiw. Lu\emhount 

IS' sun Um-0 -- S. G. Warburg & Co. 

International Pacific Inv. Mogi. Ltd. ■U* c i'p h .“ ,,,s,r,Hfl - e ‘ -... 

1*1 Box R237. 50. Put St. Sidney. AuM. V2 'b£ihI T Irfjl ' MS! 

JatelinKqitltyTai. 15.42 34 2 46|. I- «1 ?Tl |Fd Aug 31 IV * 

ZSL- <Jerse> ‘ Ltd - ™ £5£SS£it SR? 

pnBtn mciiannciHouxc. J.*r>f-i UM4 73073 

Jerxey ExtrnLTxi |1910 204 0| | — U'arburv Invest Ma 

Ax oi Sept 28 Next s U h do" lire 31. ” . ”*7 TS . , 

. — . n , _ ... l.'.harinjlriM S Helier 

Jardine Fleming & Co. LUL i.'MFud sepiaa ni ytn 

4th Floor. Cnnnaughi Centre. Hong Kmig CMT Ud Srw 7S (£14 62 


SlOn Sl.SK I. 01-4 

«>dleyT«t 171 1 7b.4( ..., 

Yoe Cqaiias Securities Ltd 
*e Abbey fail Trust Mngrs. 


* Law Ha. Tr. M.V iaHbHclizi shrerieM. si .ibd. 

rrantTiMlilJ & i.i^n. 71 4 
«m R«L High W«tcmbe. U4W 3W37T ih; Aiium 82 4 

:L.w I65A 69 01 -0.U 4.« Kreiim ..Z“ .1 17 S 

Finbv Unit Trust MngL Ud. ' 36 

MNileStrecU Glasgow. 0(12041331 income . S3 2 


U-cml’Ls supt 2S. |295.4 307 7] | 4 40 |132J 13a¥ J _ 

Midland Bank Group Property Unu. .-....{54 0 56 7| — 4 _ 

Unit Trust Managers Ltd.¥ lai 

Cm, rtuore Houj*. SHiwr j street. He.hi Commercial Union Group 

Sheffield si -1RP. Tel 0742 7SW2 SL Helen's. 1. 1'ndcrshal!. EC3. 01-283751 


'IiMematT 22 2 242 .... 

Usita. .262 28. 4 .. 

’Income — 34 4 . 374 

'Euro Jin 27 4 29 6 .. .. 

31 7 34.4 

•Vttln.Tfc.M0 325 ... . 

Unite. . , .J«3 375) 

ct » Ore. 25- Sen deoHnc Nm 1. 


i 88 |io ftreum.-.- 62.1 

2 BS Intornutinnbl. ...419 
8 37 IV Aci uni. _ _ 44 7 

229 lilgb Yield - ..631 

2 29 OuAivuid ... - 689 
4.24 Equit}' Ext-’inpt'- 1M7 


4 39 IV Actum'. 


ct * Ore. 25. Nea dealing Nr* 1. 'fTices at .^ept. SA Neat .ion imt Ui'L 31. 

CORAL INDEX: Close 482-487 

INSURANCE BASE RATES 

‘Property Growth - lOV*® 

Vanbrugh Guaranteed- 

tAdrirere shown under luMiruuce ami Property ttond TaW«* 


l-.-miIv Initial - . 124 7 

J _ L; (crom. 12*3 

-J--. fNi’ 1 Initial 11*9 

r s , Itrum 1203 

lull Initial 942 

fi n \rruRI .... 95 4 

O1-2837SU0 •; 122 8 

■] - Fr.iiH-ny Initial. . }M1 

——I. — iv Accum. . . .. 1031 


104 2 +0 1 
1313 ’£J 
1351 *0 4 
123 1 -03 
12*7 -0 3 


5 09 Vr. An At Ore 28- j 5877 j J - 

§04 1,0 Annuln 1 ‘ I ——1. — 

3 04 

3 37 Confederation Life Insurance Co. 

B0. chancery Land WC2A 1HB. 01CS4S03C 
« re OEquity Fund-;..-... 1W 8 t® 5 .. 

2M VManagcd Fund.-. J9U ZM5 ...:.. _ 

S5£swa&:K il - 

5L» Fixed I nL Pen .... 30 *® ® 7 * — — 

S1 Equity PeOSfen 2S04 »6fl — .. — 

Property pi , n*iim..|l 5 fl.l 153 . 9 ) ....,4 - 


y. lull /Pd. Cap... 
F-iuiij Fn..\rr .. . 

?»rf lot Cap. 

K>-t IM.Acc._ 

mini C^» 

Inml Acc.. 

xtjnwfed Pd. Cap 
MjnnjedFdAcc 

I'nifwrtyFdCap. 

I'ropettTFdAcc 


Pond Ore as . 
Property Ori ra 

llrpoxil f*re 7*. 

3 Bay Pn Kept 19 
OVulm US 
MnPnxwuet 2-- 
ih> E,|Uil)'ficl 2 
tH* R(mdOrl.2 .. 
IV Prop ItL 2 . - -i 


Provincial Life Assurance Co. Ltd. 
~2 BiahlRjagnie, ECi 01-247853; 

IT"* Managed F4. 029.1 136.01 . ,| - 

IV>. l.^td . 106 0 111 3. - 

■ iilif-mdiD. „ 116 6 122.3 . . — 


O'seasOcL 25 ... Ul'XlS 1JW I *00 
nB . lAcrum. L'niUi JjL'SlW 205] . J — 

-I — 3-Wa« Ini (Kl 19 . ?S( 52 7*5 :w) J - 

2 NcwSL.SL Heller. Jm*ey *534 37231/3 

Ti.iFSLOcL Sfi . .. £750 8 IM - 

ij i Accum Shares.- - 0200 1295 . — 

“■ American Ori 26 . 81.5 575 . 200 

(Hrtl 2U52I [Accum t-baro-i 81 5 875 . - 

3 70 Far Ee&l £vr< 26 . 91 0 98 8 ... 2.00 

ffl S9 lA'.rum fhnrc* .910 9B 0 — 

110 Jersey Fd Md 25 221 2 234 6 . . 6 71 

'Ncn-J Are Ft* 1 - 313 2 332 0 - 

— tiilt Fund Ore 25 . 105 8 10B 0 11 U 

; Nm. 1 (Accum Shares' 1406 143.Z) . ... — 

ere: ltd Victory llsuse. Don lx*, lalp el Man. 0824 £41 11. 
RTS. lml ip LM 6 141S| — 

• I Z C-’Ut Intnl. Mngmnt. IC.I.I LUL 
-DU:1 — 14. MulcoMrr Sired. Sl Heller Jeraey 

arges L' I B Fund .... . U‘ .’11*3* UlUf . . I 7 50 


?x^™-<Nr25.f ! S?sioon"f ' I Z Cut Intnl. MngmnL IC.I.I Ltd 
Fd 'OcL 27 1 31S10 967 | -0 122| — 14. ftfulcoxler Sired. Sl Heller Jersey 

•ExcluMvc oi ant prelim, charge* L' I H Fund .... . |U .-.TB3* 111 Ilf . . | 7 

■Samuel A Co. iGuemseyi Ltd. .. . . __ , _ 

-ebvrc Sl.. Freer I «1 ihiermex VI V"J ted Stoles Tst. lnll. Adv. Co. 

n-vyT-1 1150 7 161.21+0 41 3 68 14. Rut- Aldrtnccr. I.uxrmbnurg 

_ , 1-.STM Ini Fnd | U S102S J-0J7) 0. 1 

Samuel Overseas fund S.A. \re oxmHs /viober 25. 


S. G. Warburg & Co. Ltd. 


«*ni Bd ire 27 5FS947 

hncalnt '.id 27 SI Sift 96 

Gr Sl SFd Auc 31 Sl. S758 
M«r Ebdl3ct25 51SU32 IB- 
McrcUnyftfkii.idlS. £3008 101 


Warburg Invest. MngL Jrsy. Ltd. 

l.i.'horingC nv Si Helicr Jxy Cl (153473941 


01000 4655 
-0(W — 
-C.i7| — - 

10175* 
+0 Oq — 


DI4W1W 

-OJ - 
-0 3 — 
-0 3 - 

+01 - 


Jnrdlne J'pti Fd • 
Jardine S E a . 
Janlme Firm Ini 
Im! Por.Sf-ciilnc 1 
Do lAcvum 1 


HKS41&33 
SIS1998 
HKS12 48 
IIKS15 09 
HKS15 24 


Corn hi IT Insurance Ca Ltd. 

3S.Comhill.K-C3 0 

Gap. Fob. Oet 15 -|130 0 - ... j - 

MnxSh e m?ici ». [ots 199.0] “J -- 


01«B 5410 


Credit A Commerce Insurance 

120 ReiroiM. London WIR5PE. 01-OpWSl o.umbMd*-** 
C*CJtogd.Fd. 1H2.0. 132.B] ...,J - Lacap u 19 


p, wcum ms ml -o.’ — K .-A IM-Acc 47 7 58 31 — Vrahmeh Life Assurance I-V XU n_i». ro, ran jh. aynn-i xw. Kncclnl "d 27 SI S16 96 1-0 J7l - - 

,1,11111111*1 94 2 99| -Ij " ln,n ! VS W 3 — ldn lHRiLA mjmuBri JaiHin Equity T.|. |S.A2 34 246| . J ~ Gr'sL IFd Aue 3J Sl. S75* J .1 - 

r*n \rClfRI .... 95 4 10Q5 -JJ — Intnl \CC.. .. . 46 2 41.71 .. . — 4I"l5 MaiciiU M Ldlo 02 HSV4SBB _ , - . J Vm Ehd()eL^ mcifl32 IlOl (ft 1751 

jgj : j = sssaaa^w ai:. = ssssfsw^l — gss x.a-d*- 

ESTSi"".'"-. iSI *' 1 - !33S*Kar. 8J US:: .. = ' ifSS.SS.™.- ii ^ = "TH SBtT, 'SJ .,,“2.? n„ '„r ■*« inM.nMLjnr.Lix 

VSZSSti. "S'l'-'S'ir - Ufe Anaraaee C. Ud. SR5P . ‘ "BM “I = Judi- F,. ra i„ 1 Co. Ud ;»>Si"»3lS 

I 'O ^cduiL ■. ... JM 9 10*3 .... P-L^opfigiUc. Y-C*. 01-3470533 Vadbraffa Pensions Limited 4lfih Floor. t'fHinaufihi Cenire. Hone Kiai£ CMT Ltd Sryi JZ& 15 w-f 1 Z<J — 

SSSSS^T; g! ■ :: KW K P Ht 3 . = i!^^»«7» r -issassr*- RMKB •• » Hl.-UJ 

W2uS‘ ed .! mt HII pj « :■' £ lilSSgfta .v. iff! SI •. ■ - ™i §A : 4 - iSSSf&2i-- 03 l n u " l1 “- 

140 6!.. - ['flits:.;, S 1 , 7 ini ~ l ? ~ P^yT' - fe? SHItSII = SS.2S27?"-" iSHSS = World Wide Growth Managetnent* 

&S2Z1* Vn iff! : = fvudential Pensions Limited* Ouaranieed are to*. &KES fT' . 

A- r-iHi.nl Peon Fd llers. Ltd li''lb° r nBar* 1 ET1X2NH 0I-W5U222 Welfare Insurance t o- Ufl.v 

KJ? ?5,S Pb» 27191.. |- fVjMluiv Park Kxeler . BW-SSlM - 

II Uui'en'ir|ori3SL.a4.N4TP 0..4BWT78 K-d Ig-IVt 18 — (£1928 194W ... - Mcflre matre Fd - ! . 1078 J J vn-TfC 

ULGITpLFd f-c:.4 iw.7, .103.7} I ~ i'r.’P Ph-Npy. IB-1127 74 2B.60) | - pSPShr?^ lumis. plroc* rofre foTTic Umdiv * -NOTES . 

.\«t *uK dav Nov 1 Kelianee Mutual Mirv-bre-ier Group. — 

,-lf A=«r. Cd of T..'-JJ..riK» r ,L «Ka=7l Hln-vr Uk *««. r.. ud. 

.IP-42 Nd*Bond.Kt..\UiORy. , 0)-»J3 )irl Prap.Bdit . . ..{ 2053 I • -I - Royal Al ben H*e..Sliwi hi.. Wiadror ®'44 include all *1 penae*. b To-day'* pnrny c Yi**w based n-yfrifre- pnce. d Em muted a To-day 'a 

I.V.'HPlnlB . .. 1974 1 0231 1 — RaihschlU Awoet UmiUxihmI Lift* ln» Platte- ■■■ 7 *0 77 5 — • - opvaiqgpnce h Dinnhutronlrwof l : .R. laws P I're-iodic premium muinuiw plant a Stngla 

. . , -I . Jiaiiitriiirui Fulur*A4Mi I'ilhia- 22 00 — premium, iavuraoce i Offered price inriudex all nnciiw' except ,’ccnl'* cenmnission. 

Lliij'ds Bk. Lml Tst. MOgrS. U**' S* -"""[uhrat Lane. London B'( (11438*356 FuiurcAiyd Gih-hi 4500 -*■ y nHrred pnre* includes all cypcaxisi if houzhl ihrouph raw nacre 1 - a Prcvimi* da.*'* pnea, 

-i ldimhardfii ECS. 014SM 10* :\X P*oo . . . .1120 6 12831 - I — Rd Avd. Pen* £2*46 — V Net of tax on rejdixcd capiud coin- unlcrs mdiraii-d Ej' 6 ■ Gncmwj ST«U. f Sl 

Qi-m r P9 P 104.2x4 -—-l ‘ «e*t Bub. da> Deuembcr 29. Flea. Inv. Growth 1D5B JU4j „_.j — ♦ l!dd belore Jersey ux. f Ex-Aubdivision. 


World Wide Growth Management^ 
Ida. Buuidanl Hc-yjl, L'l’t-inlxm rg 
Wurlihxide Glh Kill Jt £1*26 |-0 08) — 


Life Assur. Ca of Pennsylvania 


Keliance Mutual 

Tunbridge Wdh.KcnL 


NOTES 





*r>l=- «■ 


EXPORTERS- 


EXMOE LOSSES 

PREVENTED 


FT SHARE INFORMATION SERVICE 


Financial Times Tuesday, October 31 1978 

' FOOD. GROCERIES— Cont. 


tf.:' ir.’-fl 




13TB 

Hi?h Lon 


pr cr Wf : __ i \ i i 

_ • JCtr-’if *i * 


**'" contact-6. D. Ka.- 

INTERNATIONAL FACTORS LTD 

Circus Haur-e. New England Road. 

JS5 Bri£h:cn BNI4SX Tsr <02731 6CG7DQ 

vjj Cif’C-r 1 

La.ilflV' 


BONDS & RAILS— Cent. 


ipr: ; 

Hiph Lit | 


BRITISH FUNDS 

. •- \ ..-III 

Sm-k • £ , — : Ini 1 Ifafl. 


1!TS 


. Prii-r • - 

: ttici 1 

Mm k 

: £ i 

^5 

1 j’ 

liii". . 

1 30 ;» 

/ . 



1 66 ! . 

. S3 


Ir.J . -.7 r* >■-.< 

[ 64 1 . 

c\ 

1 "F 


1 7B - 

■t'i 


i.i:,.',*'* :-*i*. 

• 385 

1 r 


Ibir-J* 

70 . 

]160 


N. i’ 3 

150« .. 

75;-;. 

ii«> 

S04- 

tv - r-i- :w: . 

Ww . 

l'«M« 

M 'MS; 

T.sr.rP. 

I l . 


! °4 

1 r J.-^ . [■■ 

97 S 

3 

Si l>M prii'e-' 

c\i - 1ii«1p :n 


JOTS [ 

iticti ln» I 


BANKS & HP-Continned CHEMICALS, PLASTICS-Cont. 

; I 1 I* "H I , jyW* i<C*> ] { 1^ ruf Dir | ]rid| . 1ST* 

| M | Rack [ Priw J - I >1 (« ‘t|lrfnlP F Hi2b Inn ] Stork | Prirv | - | Mi |CV|Gr’»[ PIT I HI** Low 


ENGINEERING— Continued ha m feffirt-- MB 


•‘Shorts" (Lives up to Five Years) 

3ft"ViM - 1 rr. . T’-= 100 .•- v ill 46 | 

<T <W.., rr.T> „ "fre . 95V - , • 313, 

or , ! 95- r 55V | - ! * J 39 ! 

Idi-p Wj Tr^v ir . T:--... ’QtJ,t - !I9 5S| 

q 0 - ■ ojj. f ,., 05 ■ 1 5K5: 

1 £>>• - =6.1 71* V <77 ' 9 24< 

9T>i T:^ . 97-.*; -974. 

°s‘: q ; - . 7rtv«:p ••:;> ••••*■■ ! ?i'j " • 2 75 j 

Re-- 93V ‘■-■‘.•r-i-'.Vijv T-UA.-~ ; 9*5-.: ..5 57' 

2iOV Till 4 .SP’ci 102*:.- ■. 12 75 J 

2C*V 7rc-.w:r- 1 \k :S ::: : 99 j 11 62 ! 

°)i- SSV Tr-.i**? bp*- :?•**. , ESV ■ | 3 92 • 

10! 4 oy Tre^r A,:-- 95.'- . ilO IS I 

07 ' : si : ! . 1 a 97 

sodv o? At r-i». .<*: 93-. noil 

S5» !r.-n ..>■.;*• a6-'. ..'.347 

07 - «- jlrc.L- t.vri-'l- *:y * 05-,.: 1 1052 

21!' 10lVj. r -*..\:::<r« »:= ' ! 101 -13 5S 


AMERICANS 


100 ;ii46! 13 J s) 1!0 t : 

95^,-.,; 3 13 1 3 081 Hi;h Ijnt | Sunk 

55V ; - 4 39 ! 8 Pj 1 

lOO.t !10 58 J 1051 21 4 I 


1 A-.' 5AI -i ■< uwnriii Jip- •» 

I ■ 1 -1055 ;iJ 105 ■*!■.■[• nr? <* - 113 I 

j - ! -'90 -;.0 MMlandil. _ 343 -3 

• 1 J j {5 ro;; 1 73 Im £/9 -1 

[ I t 1 -in *5= rJ. t*e '.IiR J* - r '' ■ M 1 ; +J; 

!'"• 1 1 200 2e0 ’ 172 '■ 4 : H> A>w 5 \l 197 -f | 

!"■ • I t- * 0X7 SI eo ■..« ' "m >.n-. ,£3 

' - ■ I & rf ' |?5 2s,i .4: . 270 *2 

""! b -.\ it# 5>1 Ll AM +| 1 

* ■ ■* * 5 -1 “ ix ’<?c -oil vtii'W. ’-H £! 200 -5 

I ■■ I. J ‘- ■ "o' 70 .-imihM \iil> 89 it -*2i; 

:n-.. i premium j-, i7R -r.in.Mi1i.ifl LI 405 -“-l | 

-C iilv SS'4 Trj.farlw.HlO. ill 1 . - 

(S> 75a ^a.1 1 iii.-nlH- S.I.... 305 -3 

ur| ni-.. I j™ £^®t. jiVl, U'ollVjrntt*' tlSWa -1': 

I - , urw- *r|0»' ^r 4 - XnirL-VM,.„ 72 ....1 




■ no • "-7 

to'-jTW- 


I3“ 5 I-^ ! SI 00 i -- I : ; 
59 b., _ fJ8 


Hire Purchase, etc. 


’ 109 74 ran-^sh.VorJffop 85 6.09 3.210.7 33 57 58 TlsrCjp ‘ >t r’ 2 ) 351 7 Til 

DRAPERY AND STORES 3 ”: l*a IsriaSil?.; 2 |-i~ 511? H alisJ? Is to ■vS£Rw-i!.«-{ 77 §1 te| IJ 

HftATliUI AilU OlUftM 33' 30 Bron«.a«apa. 37 2.21 20 8.9 83 67 51 pr»na Pblp-iOp! 5« {...._, 729< i 6t| l* 


25 ErorJEES Jtp-i 30 _....] tL59 43^ 7.9( AS 


«'■, 4] i v Troi slk.- 

S5'i ST; Tn.v. . ~ .. 
3!S“ t 10K, Trwi-ur. U> St: 


«■: oj iTr.-., 


50 jCassnrd 7 jC '.f?. 
53 rCapper- Neill !1p 


■asi: 


Jfc r- ...... ■ j >o £.<* oj. 1 'ouin/B * !VV-ri 1 .T5 

eilll'Jp 80 -2 2.19 6.7 4® 4jr2D J 10 jEpfareSji 1 S 3 {. •• 

j_... 77 . — 3.05 43 3.9 Mha 87 |&r-!tt5Cp. 308 I- ••}«».{ IgsiS 

iaa»- to 63.70 29 7^ % 75 fmaidniBs _% !.... OkN H ?a 2 i-? 


05 ; 93 ! 99 : 4:- 

30 U liird*-.:".r-«2^^ * S3 ■. 

96'; £o! s Tn..i-:r«|. j 8SV ! ■ 

8'‘< 76:, l'nii.1— c*T-f-- 8WT:! . 77"-4‘T; . 

3*- 79.. sww? ; as,.. 

68V 60 1 ; 7ran-->*r;T.i» T¥-S- fca-**! . 

75'- 64'j 7t..'.i :r- : l- * K5” 1 

115', !0V : 7r.' .,*■> ' c. ! 305”- ■ 

S? 1 , Tr. i.j- Rj”!*':: * S1-- J 

lOfa'i 92 ■ T:*-^yjr " 4 p 19-' ! 9T- ■ . 

75*-* 6^ S '.v- £j: ; . 

12?:. «Sk --,*: ,, r. 1<1= • 102 4 . 

%- SJ’: Tw.w.r :«•[-. :<v: ! S5S*. 

ir>' K,. 1- ; 98;,:. 

1!0' : 9c>: Tre.*-jr- S'- | 101-.; 

72'. 60" r F'cnrcr ,F;v | 61';' 

Over Fifteen Years 

i:Q'.4 102% y-oj.-fl- ..:,r. 104 1: | 

-iZBT ? 110=4 7re.t.'jr. :4= p W= ; lU’j 
,1191; ayjj Evn i:-;.- ift.4 . .... 99-jj . 

39", 757 0 Tnurt.-nWK- 77- .r . 
106 '4 95 Twa isr* I’Jlv W — | 97^ I 

51 4?i- •la.L.jvOnfc . 44*-c| . 

05 SC'* F,..h M'JV-W - 1 SSv .. 


Briha iT.Erwery 43 

BodiiiiClitni .. 94 

Barrier Brew s .. 82 

BrriWn iMaiuimi 118 

EucMtT* Brii . 49 

Kulnenll.P .. — 138 
Runonwnnil 172 


48 

9ffi 

Bros J 52 

Se=50p. 88 


h26?' 2 5 
13.55! 2 0 
f39S 

L82 2 5 

670 ! 20 
3 45 j f-9 


24 5 3 9 7 
30 5 8 a5‘ 
47 L719.0 


HO 54 Pebenhant — 88 +1 tS.38 17^ 9lJ'80' £109 E80 CiBBLtsT>n..r.£M -2 Qj-Vo - j 4 7\ - ■ 

77 J0i s £ieirWr.-4 Jfti. _ 73 .._.. ll5 5-W 3 3) 7 8 68 *33 DastoGcvrascs. Mcj-1 |hL32j 67^ 3.jJ 5 2 

'ilb 124 Dior,* Photo lup 132 .... 242 5.9 27( 6 6 *25 j 5 Da^ashter.ja.} 21 \ | tLZ/J 4.41 9.6f 43 


98 : , : .. . 12.7a 12 Ba Z.-2 171 I B.V. itirr V - 
101^1 .. 12 84 12E9 52=4 34 lrccr**:*IJ K S2 
61 ' ; ' I 4 86 I 1157 943p 672p I f iniera.UMP.jl 
Voo-c- 28A, 19 Kr*:*a.T.‘.l J=i . 

* ears 32 20 Mi-lHiR 1-9STM 

4iv 2 o > 3 Uoriwiu'P IfaSSA 
17U 10 % SWiMw.Ik 31. 

US; I?; ii«en? lSl.S.' L3 . 
tl f 14*. (jujlerOx.- L'SSS 


s5v 1231 


jl* ; r it'O 1 - r.** Infliue: :.r,u- str 

50 42' 4 l*rti.*niiti , i V ■.$*&'*■■ 

115V 100" Trori-'-n I.TVp,- ‘177— 
«S.Vj 54 V E-.fh«|i!i;r M«-;d :?F7 
88V 73', TuraMir. «’,pr S?T% 


431;! 692 

105 Vi*. 13 03 


IU3 31.. IU UJ . 

Sbv! ...1249, 
75 J. . .ill 9G 1 


INDUSTRIALS (SEsceL) 


92 .j.AAii Ml 1-1 613 ? 117.1 

59%iAG8Sese=m-. . 1C8 |. , . M.S9 J3 Z$}t£ 


10J 5J| j? 1 
W W S I 
,11.410.7 


33 (AM-ey Ud I 36 -- 


50 i.AamssBsBatffld 68 1+2 [3.5 4W 7.7]l6«» 


12V’|- i SI. -6 - 4 7 
14% -V S1.20 - 41 ^ 


BdCSateL-: 67I 2 t3J8 3i 7.1 4 7 

fera 343 -2 tllfl 3.1 4^ 10.2 

|Eaml:Tfcii£l- 174 -3>2 tlO J7 3.0 91 57 

SSmSTCC. 2M +8 ' tfl28c 29 7^8 47 

Barrcw neptani 39 +1 llJ, 4.4 60 65 

iPtslkcd. bO 1335 43 S3 34 


137 -1 Tfle, _ 10 "M RilUA Ben U'P . -]> u*l I « . Q **| QJ 

5180 -37 _ _ _ 91 44 KmH^er- . 82 +f »f32e] ] $ 60029 , 

3 tj%L1 c.i nn ' _ fcfi 128 9fl B-Lialt l*w l"n 108 +4 214 1 2 7|2fc 7 J_iA - 


^teaai- »*r. m\ II sn 3 i| 

Beerian 650 


°bV 9?f| E«. 1 PW^« 


95vt 12 87 


24: ; 15% l ? SteelS! . . 

1” 11% Wwl'iHIh-.S-;.. 

49's 23^ XeriPcl’niT SI 

97? p 3S5p Xontc*ln- its . . 


14V-J- l*T«0 1 _ 6 8 118 9fl B-rral! I*?\ Hm 108 +4 

jyrl j -f. ! sT’iii ! 2 4 3G-; 20 1 ; Betthti'ifil l**p 28>j -1 

llhci-'t [ S' 00 1 *1 - ,1 15 Jt«p .. 24 .... 

24:, U*. 5=001— 4? 57 45 Rer.fnnl M |flp 51 

15'V--> ! S’ 60 — 5 2 ^ 60 fell Bm- iiip „ 62 +1 


IIV'C -*- ' 40 ' — e0 85 64 illik-Uet'.Jftii — 68 

rs- 1 s: <!C I - 5 0 303 ro >:!uei mlefl_. 267 

685ud ’ | _ 6 h 87 ol R!cn*fcll K*mi.. 85 


743 583 Bttrtsn «0 -3 1876 22 4312 7 

Z7 J2: z Befisiittslflp- 23 — — - 

98 23 48 .. .. 174 2.5 5.4111 

69 54 Berarfetfi 62 t2.49 4 7 6 0 5 4 

74 46 HercefeTaapo- 70 +1 T3.04 30 6J 73 

175 141 EefiiijellTL- 156 -1 t9M U 92 '7 * 

J09 79 HufcBrHMs ! 102 Td677 13 99119 

53 95 »krctt4ELJ 57 ._.. t3.05 33 75 5 4 


371; BUlaa J :MpT. 40 .3 ?? I «1Z « 69 


! «- tIT Z Hi 3s *31 i\'untn«iiie"ip 43 tiIL::.’ I S - 4 2i HJ 


BtackAnoa^p. ‘ 
SackiF>HM2i„ 1' 
Boovidtelal — I 
BB«idPkL'.VSta H < 
^osfcer3fcCjDp 2 
axiTfeoram. 11 

Ws i< 

EadW.USB3D. £ 


p. 40 161 23 6 0j‘84' 

“ 192 642 35 S.H 86 

_ 86 +3 1276 42 48 70 

u 42 .... 2.0 45 72 45 

9 282 |-2 T7.43 4.6 4 3 82 

p. 108a* +8lj d93Z 1.5 12^ 62 
„ 195 +4 fl H6W 47 4«13B 

o oJij -4, osao - 5 a - 


StawtfsrE 183 -1 <9.85 .21 8H 14 

BHKPMp? ndaw’: 


&avHr0E-.ato .1 1M .. . th284 35 40109 

fcafcaralRM.Si I 9 .... — — — — 

ante 1107 ..... 623 16 87 102 

fcjdpofi-GSp-i 34 ..... t2U 42 9.4 63 


astn = ! 50 d2 70 1 


B tW! 



1 S- J}-” 29? 210 \fa.*jwfcr-ii£: 245 -3 14 55 - 8 9 - £>8? £T20 Iw Tpc»V*pi (36 

S%4 SI* _ | K2-; 6 59 JJ g li»; £90% .\1seiwrc 61 !•« £126! hC-. : - 25 4 8 9 154 64 Hn^dWniiiup 150 

300 ii 96-. > -.•'FV.'V‘- : —1 1 29-i' r - ,§52 534 :«»9 Alien Hx-.ej • 1 315 -5 4 ;i _ aj 70 |[ ii ^fa||||f_ 70 

%■ “.- rmfire.^R' . « • §« cq -2 9 -Xllseoir O 227 -3 7 61 - ? u| _ 9? 66 H.nenMham .. 90 

iV, J 1,5 .... I ®'->i •< ,22 ^59 174 1,0 Vou ,ha.:L£l. 155 -1 1025 — 13 ^ — 90 55 IV Re Vic . 86 

S 81 IT , i‘.p ;r '' 3^ i ■ lin II E2ij£13VfVnkAnierf.565 £1554-" g«Mo -j54|- ”v 13«; IfawardShutlOp 17 

76 r0 sin.h!w.!2. jk fc*.u. 56 .. 10 53 j la 54 4f> § J15 B t | w ].*,kJ*i 437 -3 15 23 — i 5 2; — IJ8 104 IDi'aip . 134 

56 ,5 [•ar.pp-^Si | 86 j | - I — £202 £137 T>*i iOf.- £197 ... wl0“^ - fall- 197 125 iMockJohiron.. 177 

, _ , . rr. 14 B- Lert It! . 17 jj?lo°t - J 3.1 - ’45 IDS InL Timber .... 130 

LOANS iiiS E*l4nnL«ljCt! 170 .. * 47 1.5J 6 0 15 2 661; 41l ; J B Ho(*n?> 10p 60 

o "J T j , j 702 380 BkNr ffS 52 535 -40 432 4 3.a* 30 22 ICRR 24 

Pubbc Board and Ind. 315 255 BonkSr^hndi! 265, -1 tll.o? 3.6 6.2 6B197 160 Jama-U . .... 160 

nr V' if ’MS 601-* 8 49 I 11 87 'S£?* S} r ® ^ * SW £22 V -V §■![__ 123 75 lenninju'S.iO.V'. 75 

Snjn..‘?*BwT" 85“ 13 07 13501^5 ^ Barely -J. ... 333 *2 03.8 57 5? 52 134 79 Jp^-Riclur*. 92 

iw-rSf B " *7% ”"n0B 12M5S? En*r>h»lfy£l_ 265 -3 9.41 - 53 - 17 10 JcswEdwllOp 15: 

IvrCw — 1^0 776 - 35 ^ 263 +5 H1717 - 9.7 - 45 31 KenliILP > 10p _ 39 


641; 5 £; i '.Tlf M’ .ip . . 

90% 30 V ’.Iran if'.p . . 

’ 53V 27V Mel W;r Up V — 
154 1<J7 liXM.’SprWE .. 


26 j 2 6 8 ol 63 


:sop 


iThosi 79 . — 13.43 




RourtlOp 55 -1 1*121. 7.2 3 3 5.4 71 

sandenensajser. 64 4.45 17 lfl.4 7J an jm, 

SsvilleG.ilOp*?- 31 <0.63 20 7.9 9.4 ,65 {^ z 

Senior EitfglOp 24»4id tU9 2i 7.3 7.4 «E t* 

Sock. B3 -h 4663 L71L9 80 -twu 1221, 

Sakesp-reJ.op. 29 195- 25 10.0 5.9 fl£* 

aawFmei!»p- 26 ...2.68 U 15.4 62 iff ££ 


bran5p- TO (-135 4 

(Up 37 : 12Z7 14 

I 63 -1 g226 55 


aake3p reJ.5p. 29 195- 2310.(8 59f im/ oZ 

Sf” F *»?«» p. 26 ... 268 i|l5.a 6 i ff & 


Sbeepbndae — 70 +2 14.31 17 95 92 Sn 

Simon Eag-g — 263 -3 17 89 4.6 4 5 7.0 109 


109 (68 


tones tN 

DeLaRne 


SaritbOSliiLlSp. Uh d028 03 35 OU ^ ‘ffi. Ng" ^ T. 

Spear tJseksoo. 128^-41,4952 lOLUfUJl 17 fi 2 f| [•”• JHffl 5] 

Spencer fit 20p. .34 d2.43 17 10.6 83 209 i?B 18? 4S H S’? 

l5Sf£S 5P - liLd 2" thtsa Ifl At 124 * m 67 D^SkrtiepillOl |-i"' bSft 27 60 

SSSST- as- : 2 W 1 jl U- « I? 121 


eopeSto- 64af -P 2 242 « 5.6 <b 

fcat lfr. 66 -1 d232 4.4 52 4.7 

JjSto — 190 1858 3.7 6.7 63 

TO ... 1141 35 65 71 
fioHseQ. 125-2 — . — — _ 

Mia 0.66 45 64 51 

6>Pri». 333 7.41 0.9 831SL4 

tae 418 -2 10JK 44 3.6 1» 

s»e 109 ..... d5L45 19 7.5 MLB 

taCr.9H£ £72tf -lb Q9% 12.4 [12 j — 


24 17 \n:o*.'-:.i-T.iIil; _ 

41 53 Thi ir* Prof . 

98 98 i'IiiIh;:. Vi'O-l . . 

415 550 ik-rnsmYni 4' : pc 


,54 Mo , rW l, 7i» , .V/ 

* cl I Ir..*-,.- ■ 


6 lUiCp- Jt'itjf! Vi _l 


,44 J 40 |Do4pcMi-ed.\A.| 


- (3 09 
4V - 
5'; (7.25 


njrrjiu.. c-u .... -- — — — raj jj, mi i.jp- 4a h’i! TolisP* 

w> 2 2 7 , i tare? — M - is 9- Mine: l*i> 13-i -j, ' T.» 7* 271138 

5- peljrtinhev Mi -1 th332 - - 75 52 Nmwdt. 69 -i t3.24 I9|70lUl 

215 160 .l | r 4 >ph.U« £! ISO 8 74 _ , 2 - 5,5 35 U,»J En.’lnrt-i- 54 r: 74 17Mc(lL7 

55 ?7 he>*er t llmnnn. o2 0 67 — 1 *- — 107 79 Muali \* 100 3 56 5 71 5 5 5 0 

74 56 Kin.-iSh.piip 62 .... .?4 h — 23 — 141 108 Mmlcni'li 109 -1 *66 ■mien] in 


peww Gears 5p_ 18 0.6 # 5 2 • *179 67 

pirsu-Sareo — 162*4 -2 16454 2J 45 12.4 05 K 

UrtnielOp — 130 3,89 4 45 6 £38V £24 

toreiey Tnas. £L 288 -4 9.14 45 4.7 M *3* 

Wte- Plait 1071; -v T3.66 42 51 4.8 .to, 2W 

tmheif 6Ptrt£l 230 ..... 19 69 35 63 74 £ 

ykrsiHemyi— 78 . — t«.Q 3.7 7.7 67 Tc S 

acelOp 27 L27 3.1 7.0 45 fy 


'j J * Sun r 

3i Ir 5L M Do«s Sffrgl HU 48 ...._ 1236 16 /Sal* 


U n » m asm a tm 


Coot Ufp 102 +2 5.66 3J 
ian20p.. 41 bL44 U 


i- (7.25 74 56 Kin.’lSh.P^ip 62 .... 344 

6‘ (622 114 99 • Kleirftort EL.. 94 +2 t413 


-I S-d) 185 138 NwanlnllEI 


4 (508 |’C (U.r.riftM- _ (256 ( [19.^(4.8(54( 58 108 79 K onitf.r 1 1.,«1 i 


1510 1210 ■■.■« Er<k>ip 300 


FINANCIAL TIMES 


I 5S 40 ' 'nneP-v, ii*j> 56 

114 97 Parver' T:nrtw 112 

175 138 Pn*vni)Tiirtv*r. 145 

172 82 Prihin' . 148* 

156 107 RM«- 135 

17? 116 fieril-ini} 159 


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Telex 213930 Tel 682698 
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uc won cueci loots ta ni ^ 7.1 i-3\ ctj, aq 

176 IwolsTy Hughes- 210 -2 16.80 3.8 4.* &0 jm 2 55 
IB Hrhwefl Fdy. lOp 33 L34 » fci * 53 


35 Woftt-S.WiOpl AS ....... <M.35 i^l4^35.7 tg $6 

28 |trh seRlxn l2Vp 28V “V I Z36 0.9|l2^iM3j ^11 74 


2^2 — 0.7 2.9 4 3 fWl 

sadays 79 0.97 22 7.5 10J 

23l3ip_ 132 5.67 L6 6 4 US 

3»a 12JM 5 3 3.4 ?6JD 

Jdj5i20p 40 hU6 A3 43 bS 

OiWlOp 36 ...... h2.87 faZt .7.7 62 

117 +1 5.50 21 70105 

iLiffsoo. 49. MS. 08 2A 12.0 S.6) 

Ito 33 140 31 63 7.0 

i%.i_ 156 ...... t680 23 10 2 

"Sfc- ^ -1 im 2.4 T5 71. 

EaS- « ~Z. L93 23 U &2 

seat § ±p “Hjs? 

Jsc S Jz8* H % 17 d 

&h^P-> W """iSlK 2.7 47 £5 

fSiF- *¥? 9§-9< La 10.1 9.4 


nHtea_..l 460 


1Va-.tiinp:vin 2nd I'lnor. 1225 E .Street, 
N iV . Wash 1 ns? on lit' 2'XK*4 
lelec 44U.'M<i Tel *202* 347 stCK 


1 S ■■■ ist S MF -4 R:S ?< FOOD, GROCERIES, etc: % g 

, : ur.£.V.;i _, ifc fi*. ' i2i ’ l 7 c II y, 09 5£5lV"ir 1 Mto» a mSB 1 i^ %1 * lf 30 * 161 U2 - H* ^70 221 64] 10.7 tos 149 

1147 6*1 tt ,|.,a ■ - lif 1 .*d“ 4 10^77 1 6 U ion ° 2 405 tl 3 4 llq 25 ™ Ass. BwetulMp . 76 ...... t3J1 .3.6 65 (4.5) % ,53 

:o: ■ 78 ^ ^ | SHr 1 4 st* Is ml& $ 4*1 gisii§«^®. l s 

CESr?I?C.lLS, PLASTICS H »f* g* "i" fi ft IS ^ mS?S55s5T U 0 n ziioS 58 

0 M3. ^ S V SBSSffs IS i.3Ht Is 11 H ffi, ” SSEtSSS’ 1 %* + *"*° « 

0 -lift- .. 220 -4 t.UJ-,7 21j 9S 62 2£0 SI Sfe? i ; ^ |« ' x ' &n?n 23 8 4 ills 85 66 ‘ » * 1W18 4J 41 9.0 25 17 

- . xtil-i.; Ml,, 143 . . *t.42 2 ll n f 9 0 2*8 146 ftiglallllL* 245 -3 NdUJfl 23| 4 ilS.6> 95 u Barrow Millina . 65 IQ1334 17 20.5 43 86 64 


76 J 61 ImstchThOi lOp I 65 


' 13? 65 fcR®te»^!r J32 43 

6.4(10.7 283 149 GedefnerA* ... 158 j W.t^ 7^ l3 fll 

6.51(4.8) _91 _53. ffibbonsDadJw 65 1 t?V7 1 tr 1 ^ ' 


G^UierV ... 158 14.01 77 TS 4.1 

ffittasDnifle*. 65 1257 5.6 %2 

SLz % » II II 1 ” 

WOJWGTOp-- 90 ......1434 .. 3.4 7^1 6.0 


vl'.V POO *K»* 

220 \l'ji v**lint- .. 

!4b 3- ,li*t<]'ii ; {<)[■ 


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90 ol \ll.|-..*ll.. 1 .|iu|. 69 +-1 1 70 3 2 3 7 12 7 

72 .. M4 2T 24 S7 5.5 

£40 : ; Kite- ,1. riMS*' £53V ... sQ!7 { 3 1 4 23 23.9 

’ 7 .5 122 Bla-.'-J* 1: ;,i«vc> 244 *12.13 19 7 410 5 


lc £n J’ .us riBwnB — u *j.u - 3J 1 u <**a 

c l ? 2 60V 281; Avana Group 5p . 59b +b U0 5.0 2.8 102 ,§6 

I S %\ 78 72 BaaksiShtaeyiY* 78>4 +*. «M.O 32 7.7 6.0 648 

j? 16V 11 Barker &D.10p. 15 — — — 348 62 

Ra.iaf 85 66 BarrtAG ■ 80 th2L8 4J 4J 90 25 

8 4 ilS.D> 95 a Barrow Milling . 65 IQ1334 17 20.5 45 « 


sfe-j j b. m 


', : , 1S ^ hwa-lwnt.srip 189 -2 JI317 6 « 2 i 16 2 


aissar ”• %"=M?9raS&oi 

^ii'wfiSsss L ' wf<? - The Hcadrtr " tJi^j^Sh' w ^& a - 

(Verseas advrrtisemml Kpre$emutivos in 
Central and South America. Africa, ihe Middle Ea*.t. Asia and *hp Far F.u*L 
Kur inn her derails, please com act. 

Ovcrvas Advertiseraent Department. 

Financial Times. Bracken House. 10. Cannon Street. London EC4P 4BY 


1 ?1 19 Rnt Ivra -ni :p r 29 +>' 

•«> 4f Bnt T-rl-rd. lop 52>-* . .r 
.4., lev Rurrvll ip _ J.0'1 ... 

« "i 31 - 

■*? -<1 1 uuLn 43 

£95 £S7 'ithi'i -.'’ 7VM.I, £92 .!.. 

^S5 fu £85 .... 

:95V C8b f"*?-, =« .v ssifi £86 .... 


ENGINEERING 
MACHINE TOOLS 


0.6 66 31 73 . . 

1211 2 6 6.C-114 115 105 VC£ Mjchinaj . 115 

a'C 09 7 130 258 180 VPV50p 225 

0.93 3.3 4 5 85 138 104 .4trr* 132 

290 1 9 10.1 80 111 68 Pft .V , 99 

Q7V * 18 2 - 310 225 Vtucstilmup . . 307 

Q8“o 9 19; - 165 148 Airon Xiiunmiuin 148 


157 119 BafertliGeoi — 120 532 26 7.2 (611 72 50 

98 48 Baileys York lOp 96b +ll a (13.66 2 6 55 75 84 

lIG 76 564i BeJamlOp 63 1.62 3t4 3;8 (861 58 17 

p. T c 274 182 Blbbx<J.i£i 270 +2 16.70 *7 3.7 5^ 72 37 

DLS . 200 140 B lab ups Stores- 150 4-3 <1263 33 26 10.6 42 18 

1 , e< „ ex, „ 170 98 Da“A"X'Vg_: 98 . — <1263 '3.9 4.0 WWW 

343 2.« 4.911.9 86 57V BloebirfCont- 8L 23 * 42 * Wi 

53 3 S,H 159 104 Bril. SogarSOp _ 149 tM.82 .4.1 AJt 46 % 17 


3-4 73 6.0 
33 72 62 

52 55 5.8 

5 J 33111 
22 .69 10 j0 


'ia!i:«-*.'litni... 


Ifl 5-2 33 23! a BntVomrglOp. 23l ? ..... 10521 7S 13 61 

^ 11 2? 52*2 « Brooke Bond— 47d +1. 3.09 j * J 9.B * 

Wg gi 4.9 81 61 i 4g CaohuirSch'ps- 5W +b 1 3-09 I I# 8.2(801 


13 61 1« 

*■1 > J2S‘ 

8.2 (Ml Ef? 

60 46 61 


Q8“, 9 1 14. ; - il65 148 iiqut Vliuniaiuin 148 . .. 9.9 iwlg.jl SO] 56 41 Carr's JiUluig— 66 .. _. 12.67 3J 60 45 1 61 4 51 

* jl95 - I 65 46 AljemEiBaKuur 54 t-1 4.40 L7n2JarM>|iu 71 cKSaSCl 110 +5 bSUl 33 « 182 [ 95 1 65 

^82. S3 !- 5f] 52-4 33V -Yllerft.t, 48 -2 h2.56 33^ 7.« 4.2 « „ 2 Cliff^Dwiles- 58 ...._ L94 45 5J) 651 61 « 


SUBSCRIPTIONS 

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2F in control 



powerful ;J 
actuator, . ; 
w 3 globe valve 
designs- : 



Tuesday October 31 197S 


fflasnneHan 

r>.,winin !'.«■ •••!.. r r. m'-s 


LUMlE 


utaKW 1 

ANSwanafflRPfioie! 

1 From only £150 pen 

week] 

19 Upper Brook Street, London, V 

■ flJ.VGUlWTTMf. j 

01-629 92 J 

V1V2HS 

12 



s Edwardes firm line 


BY KENNETH GOODING, MOTOR INDUSTRY CORRESPONDENT 


THE LEX COLUMN 

intind the cost 


THE NATIONAL Enterprise 
Board will not give approval to 
BL's £2S0m scheme for doubling 
production of Land-Rovers and 
Range Rovers until employees at 
the Solihull plant agree to more 
flexible working practices, it said 
yesterday. 

This means that Sir Leslie 
Murphy, chairman of the NEB. 
is once again giving total sup- 
port to one of the major cam- 
paigns being waged hv Mr. 
Michael Edwardes, chairman of 
BL. formerly British Ley land. 

Mr. Edwardes said recently 
that the Land-Rover/Range 
Rover programme would be “ one 
of the most profitable invest- 
ments in the car industry for 
many, many years.** Bui he in- 
sisted it was conditional on 
employees agreeing to changes 
in working practices. 

And yesterday Sir Leslie said: 

The NEB fully accepts the 
importance of this project and 
would in principle wish to see 
EL proceed with it. 

“ However, before reaching a 
derision to seek the approval 
nf the Seerctarv of Stale for 
Industry, the NEB is asking BL 
for evidence that the workforce 
at Solihull will fulfil their com- 
mitment to change their shift 
working practices to meet the 
needs of the programme.*' 

His statement comes at a 
crucial moment in the talks 
between BL management and tie 
unions about the changes needed 
at Solihull. Then? are expected 
to be developments later this 
week. 

The shift operation which BL 
is seeking at present is for double 
day shifts, not necessarily night 
working. 

Contractors who were putting 
up a, Ifuilding at Solihull to house 
the new assembly track were last 
week pulled off the site by BL. 
However, work continues at other 


plants in connection with the 
£30m first phase of the Land* 
Rover project. 

Mr. Edwardes obviously does 
not wish to repeat the experience 
BL suffered with the £90tn in- 
vestment for the new Rover 
saloon car at Solihull. Then it 
took some time after the plant 
came on stream to reach agree- 
ment with the workforce about 
some double shift working. 

Double day shifts and other 
changes have helped to lift pro- 
duction of the Rover saloon from 
600 a week a year ago to 1,300 


a week now (and even 1,500 at 
the peak). 

When output reaches 1.800 a 
week the unions are committed 
to reopening talks about the 
possibility of adding a night 
shift. Dir. Edwardes told shop 
stewards recently that the Rover 
plant would not be profitable 
until a night shift was introduced 
and production stepped up nearer 
the plant's 3.000 a week capacity. 

In his statement about the 
Land-Rnver/Range Rover pro- 
gramme. designed to double out- 
put over the next three years. 


Sir Leslie also added a 
cautionary word about the financ- 
ing. “The NEE also needs to 
know how far the programme 
can be financed by BL fnmi its 
own resources, bearing in mind 
that the extent of any further 
commitment of funds to BL from 
NEB is uncertain.’' 

This is a -reference to the fact 
that the NEB has committed 
around £720m of the £lbn it has 
Parliamentary approval to spend. 
A new Bill to raise the statutory 
limit to between £1.5bn and £2bn 
will be introduced soon but is 


bound to provoke a reaction from 
the Conservative Party vhico 
wants to curtail the NEB s 
activities. 

In the past BL has said » 
would match pound for pound 
any state cash invested in Hs