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Monday September 4 1978 


**15p 




£. Automatic Assembly 

»>• 27,653 Monday September 4 1978 **is P # jgj““ HAM 

SHREWSBURY 

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CO»mWatT>L-teiIHG FMCgi AUST«A »*■«» laCIOM Fr 25; DEN HARK Kr 3.5: FRANCS Fp 3A| GERMANY DM 2.0; ITALY L 500; NETHERLANDS FI 2.0; NORWAY Kr3-5;- PORTUGAL 'Ex 20* SPAIN Fta 4Bs SWEDEN Kr 3 .25; SWITZERLAND Fn 2.0; EIRE TSp 



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a^ri-r'fT^ 


COSTS 


VAUGHAN- 

ASSOCIATeS -UfOIT€D 


TUC stays loyal 
to Callaghan but 


S economic 0 pp 0Se( J fo 5% 


ajJuESEL 


■ '1- A PACKAGE . «f. economic 

Tbe father of Bi rmin gha m measures worth Y2500bu 
smallpas victim Mrs. Janet (£6.7bn) has bees approved by 
wing ofl . Parker was one of' two people a committee of economic Min* 
rr)vqn„ admitted to isolation hospitals isters in the Japanese Cabinet, 
-lie vji: in the West Midlands at the package is. designed to 


the weekend. 


iriQ rake the coannj’s gross natloniil 

J3:; 

«• 5$ 8? MBWT3SS 

‘hile who worked m the fwme hospital- 

? *lMk, i. s al:» Jn isolation. - • EEC ..Monetary Committee 
m ‘ . - ' .■ meets iiv Paris' this week ttf'pro* 

faffi Rhodesian, plane. dowitd prongi * about 


’SJT i Plain r ed r of * ** Bo - 

iiSSJ* ssunAflfirtjftafc •. .SS&SK**. ntfoKd 


rrk^ ttBjauqiiuoD.. .. _ • EEC Monetary Committee 

m is«Z? ‘ .■ meets izvParis this week ttf'pro* 

ffliw Rhodesian plane dnN- L Miiitd proposals about 

l 001 *? tMiMiMw ' how the suggested EEC currency 

goes missing . Stabilisation scheme would, work 
* m to; An Air -Rhodesia Viscount carry- in practice. These proposals will 
*- ing 56 passengers and crew is be considered by EEC Finance 

tribute , . missing near the border with Ministers, in preparation for the 
inc^r 1 ' Zambia. It reported the loss of Heads of Government summit m 
JjSJ}* s both starboard., engines soon December. Back Page 

iSS sps« « s,«s« at 

rihuS^ - m ; of banks under the official eoreet 

‘ ** r*- a - ■ controls and an imp r o v e ment in 

to —’ain. KlOt in ROIYIO - - control of the money supply in 

SEJ* 4*'. Petrol bombs were throw' and SfifiJuS? '$£*$ be 
named ifc, cars set on fire near St Peter’s Polished tomorrow. f«e 4 

V^dstBB; Square as police .fought with # WEST EUROPEAN plastics 
ia$un% Left-wing . demonstrators just producers, faced by mounting 
«. and the t before tbs forma], installation" of losses, are expected to. launch 
three com P°P« . John ^h* . P 1 ?* 65 * a new initiative at the start of 

ih not atit» '? as au ? e 4 at President Videla of next month, to push up prices of 
srevioto™ Arsentiita. - . {r , low-density polyethfeoe, one of 

touted Sr 1 ®, .■ • •- ■./>-■'» •• . / :.-- the most widelyused commodity 

JzS* Labour’s choice •;= ptasuisLB.dt.Pagc - 


BY CHRISTIAN TYLER, LABOUR EDITOR 

The annual Trades Union Congress opens in Brighton today in tense 
anticipation of the General Election that many believe will be announced 
by the Prime Minister next week. ' 

Union leaders, already pre- he said, meant that unit labour the trade union movement on the 
paring an unprecedented joint costs should be reduced by com- economic strategy and social; 
campaign in support of Labour, panics increasing their invest- priorities.” i 

continued yesterday to repeat ment spending. He denied that It declares opposition to > 
their dislike of the 5 per cent the motion conflicted with the policies of intervention and! 
incomes policy on which Air. TUG campaign for a shorter restraint oF any kind and the 
James Callaghan will go to tlic working week throughout in- use of sanctions against offend- . 
country*. dustry. ing companies. 

The Prime Minister, who met Although the accent every- It says: " Congress instructs : 
the six senior TUC leaders at where is on "responsible” rather the General Council to oppose 
his Sussex farm on Friday night, than merely “free” bargaining, any arbitrary pay limits and in- 
has been left in no doubt that onion leaders do not mean that sists that there must now be a' 
his decision to impose another the 5 per cent limit will be return to normal and responsible 
pay ceiling will be opposed by a observed. collective bargaining — based on 

big majority uf the TUC's 112- Mr. Hugh Scanlon, retiring a containment of unit labour 
affiliated unions on Wednesday, president of the Amalgamated costs and parallel improvement 
But he will also have been Union of Engineering Workers, of living standards so as to : 
assured that he can count on a said yesterday that engineering allow trade unions to carry out; 
big display of loyally and sup- workers had very readily their proper tasks— which is the; 
port when'he addresses the 1,170 accepted 10 per cent during only fair and practical method 
delegates tomorrow. Phase Three “ but,” he said “It’s of setting remuneration levels.” ; 

a r nn „ mHtinn « oin E to bo much more difficult The bargaining priorities should ' 

nav ixiliev h-,5 bp«n orenarod for for an * v Government to maintain be a 35-bour week, cuts in over- 
deLw Th^S S deter- anything tike 5 per- cent when time, more holidays and improve- 
mincif'to restore ^e™ collective ioflation is hovering around 8 per - r , 

bargaining interpret it as a CCDt - 

Stronj attack on Phase Four. _ . . S3LJ»3*KS!i , nSS ,rftIlt t0 ea< * 1 

' PnOTltlCS ^SHhoSd^just and ade- 

over pay deals -are ? declaring On ITV’s Face the Press Mr. ?^^T D <^r C ffi^ ly a nd 
themselves satisfied, since the Evans also made clear that bis restoration of eroded differential? 
attack is qualified by a recom- union bad no intention of keep- where appropriate SereSould 
mendation that- negotiators ins to 5 per cent. be lonk*Sm ai 

should look at elements other Mr. Len Murray, TUC general siened to estab^ S? and 
than straight payrwben they meet secretary, stressed that the pro- efficfency°“at ltiehest Eurooean 
employers this winter, P o«d list or bargaining priorities fevell'' g European] 

Significantly the motion talks was “in no- sense an instruction.” Thi* n 


sretionsns Argentina.' - • ’ * r . low» : density potyethfene, one of 

touted iff*. .■ • ■ •- ■./>-■'» •• . the most widely used commodity 

Labour^ choice ;= ■ ;Mta . jmlvw . 

v. This £5 Labour has chosen Me: John BRITISH:. 'AEROSPACE chair- 

howerer % Home Kobcrtson, - 29-year-old man Lord Beswick warned that 
*ar« besanr farmer. -33 its candidate- in the. if French objections prevented 
i-.e'fiFjiT- Berwick andv Edst; Lothian con- the UK from formally rejoining 
*-ih« stituency left, vacant by , the -the Aitijus : Indnstrie , to help 
JSdnp tSt death of Professor; J^ih Mackin- develop the A-310 airliner, the 
““5W tosh. British; geoupi' woultf reconsider 

?n i872 a! . . . - • . . -collaboration. with -the Bade 

or somti Earth tremors .. ^ Coio "“< 

? Petrochemicals 

he Stock & number, of borldings but there- . ; • '« * -*■ : - » 

were no casualties. The worst nfan JlfifeVefl 
halved ? tumors were in Baden-Wuert- JP 1 * 111 
_ temberg r and they \ye»felt plans to' develop /the 

„ 7 . East / Germany- : and ,;.: Barts of Gronjany Firth in Scotian tf; lor 

■i.a'in eastern France, .. . petrochemicals-; have been, set 

d failins P ' v *• - Vj- v back, becaose oil and gdS cora- 

coJee 1 si Tehran battle - panics axe reluctant to guarantee 
e SwiEi - - • - r. J the pecessaiy feedstock supplies 

■ n neja; 1 ' our banks- and. ^ .libraryT were to ihe ;T3rtii.: British Gas is 
' ft,, set on fixc jdTehrah in tfielatest planning to drill the first 1 wildcat 

0 P'-’i battles between . Iran religious exploration well in" the English 
tiveaesjSj groups "and; the militiry .palice. channel later ihuryear. Page 4 

foreip s The govenrinenfs Jatest move 46- 
a here. <W pi acate Moslems involves; a ban • JMSPABTMENT of Industry 
'v l0C t E£ on the sate- of .porhograghy. . expects to receft’c this week a 
hr i ' specially cohrarissioned report 

! iVivL5 Menten retrial * from RTZ about the 

slrOi>^'" _ . 4 . ■ j- ■ ... • foture viabiUty. of the -Wheal 

•Jic u»s The retriaf of Uutch-miUionaire Jaae ^ nine near Truro, Corn- 
Pieler- Menten -opeos- .m .Tne-^ii p» e _ 4 

■JL - Hague today; ? 'Heated, 79. was. . 

convicted last. December .of MU- # BRITAIN Is in danger of being 
j n g jews d uric g-the Kati occupa- left behind in a general economic 
lion of rpoIand; bht--tii^ L5-yeaY upturn, with little scope for 
sentence; : was -quashed -on a refiationacy action by lhe Govcrn- 
technlcality. ‘I -'. ; < y ■ ■ * . 1 - meat next year, according to 

_ • : ■' ■ l'.-. : _ . stockhrtikers Phillips and Drew. 

Seamenleave . Pa gc t 

Sixteen jiidian .'/seamen- . who a neb ; considering major new 
spent a month.ia-L^i.doaVPen- investment in the UK. electronic 
to nvilie prison- are- ' on their way - office equipment industry, has 
home to Bombay; The "!”™ vwe ■ been, advised -in a- commissioned 
kept in jail. after a sit-in on their report that it mast create an 
ship to protest over pay^ v ' The organisation to market the 
Home Office said they 5 had systems, at a cost of £10m. over 
definitely not been deported, . the next five years. Page 4 

Lost in the • ITALY plans to repay ahead 

.. . of-.schedule debts totalling $lbn 

translation , contracted with the EEC The 

A Rome restauranf which is re- decision follows talks between 
. n owned for -the* way Its waiters' ^ Italian ^Treas ury Minister 
insult diners is counting the cost and 

rvAftiffll after a group of; Soutii. Americans 2 and Editorial Comment, 

LfU*» mi siinder gtodd -theV c u st o m - and- 

, sta 5^ h«JSSi ik SCOTTISH ambulancemen are 

needed hospital treatment.. .• exported to end their four-week 

t’ d^ a xi„ blacking of Bedford CF25 and 

■ BneTly ■> - . CF28 am bulan ces this week, after 

w < iffipJSSR ^»r e 

Sir Ezhlle Uttler’s'Tempixs Fiigit 

won the FFr 204,000 (£23,000) COMPANIES 

AMtodAtED Pulp and Paper 

' ^ j Baby boy^i8 montiui died when ° b f y 50^ pe r cmf^a 

a car burst, into • flames.-, at A$gA7m (Sl0.7m) in the 

Lhatham, - Kent. year to June 30 this year. Page 

Weekly Premium. Bond? £50^00 21 ' 
prize vent to “WDlverhamptort; 

* owner of Bond ZN 422910. 

1 Weekend .fltghts bacKIog caused 
". by the French 1 controllers strike 
should be .cleared by tomorrow.. 

1 Gerald Lasceiles, a coimh of Tbe i 
Queen,’ plans to marry actresra 

f Elizabeth Colvin^. . 


-aisumt-jmij iae niuu«n kuk* was "in no- sense an lnstrucuon. The motion Cnaiiv *-»iic nn ih« 
about containment of unit labour only a request that unions put General Council to make sure 
cusis. a hint at .nwlMiscipUoe theie items high . on -their STmiWteSSor wSffiv SSi 
exercised thrnugh the TUG that negotiating agendas. ’ SiSjSSd^ uSStam 

may give rise to problems on the The lqiners, who have, agreed bareainM" . ” “ ^ ° , 

da >- , r _ J‘ - , lo drop the words “social con- Riebard** Evans writes* Mr I 

ifr. Moss Evans, general secre- tract" from thoir attack on the Csillashan’s sneerh m rhA ti rr 
Ury or 1 he Transport, ami Government's policy.wiU now .ohl.! 

General Workers; Ujtiom said move the composite motion on raiiyim. call to Se whole Labour l 
there was no ambiguity.* His Wednesday. ... movemeSt to ^DDOrt the e^ 

delegation was satisfied that the The motion Itself protects the policies 0 f P tte Govern^ i 

motion squared with the union’s special relationship by saying 01 • ' j0vern 

commitment 16 bring back nor- that the Government should «m- Continued on Back: Page 
inal bargaining. . . . centrate not on pay restraint bnt Changing Hie guard at the 

--■-Tbtr reference to containment, on “developing agreement with •• TUC Page 20' 

' ■ ■: r;“ ; T .t. 4 .*-.. -> ; V - ( 


confirmed by union 


BY ALAN PIKE. LABOUR CORRESPONDENT 



THE Amalgamated Union of 
Engineering Workers' executive 
last night confirmed the expul- 
sion uf 32 unofficial strikers at 
BL but made a final attempt to 
avoid the coasequences of carry- 
ing out the decision. 

Before the expulsions take 
effeet^ the union will again try 
to <9ll a meeting of the strikers 
and order them to retnrn to 
work, . : 

if this initiative fails — and in- 
dications last night were that it 
would— the expulsion decision 
means that BL could be facing a 
repetition of last year's highly- 
damaging toolroom strike, pos- 
sibly - beginning by the end of 
this .wreck. 

Effective 

The' strikers, who work in the 
toolroom of the company’s SU 
fuel ‘system 5 -factory -in Birming- 
ham, have repeatedly defied in- 
structions to end their month- 
long:-, stoppage in support of a 
£7-a : week claim to give them 
parity- with the Rover tool-room. 

Leaders of the unofficial com- 
mittee. which led last year’s tool- 
rouac strike , have said that, as 
soon: as the expulsion decision- 
made on August 24 by the 
union's Birmingham East district 
committee — becomes effective, 
they will urge all BL toolmakers 
to, strike again. 


The executive in Brighton, last 
night instructed the district com- 
mittee to call another meeting 
immediately and will today send 
registered letters to the 32 
strikers, telling them to attend 
and obey the instruction to 
return to work. 

However, Mr,. George Regan, 
the strikers’ shop steward, said 
last night that he expected the 
executive's move to be a wasted 
exercise. 

“It will change nothing," he 
said. “We have felt unable to 
comply with previous -instruc- 
tions to return to work, and I do 
not think it will be any different 
this time.” ' 

The executive decided to 
delay the operation of the expul- 
sion decision in order to demon- 
strate lo the entire AUEW mem- 
bership its desire to find a solu- 
tion to the problem, 

Mr. Hugh Scanlon, president 
said the executive was concerned 
to indicate to the membership 
that it was not acting in a provo- 
cative way and was doing every- 
thing possible to avoid operat- 
ing the decision. But if the new 
initiative failed, it would be 
implemented forthwith. 

The decision appears to repre- 
sent something of a compromise 
between executive members who 
believed that the expulsion 


should have been - confirmed 
without qualifications and those 
who have donbta about the pos- 
sible implications of such a deci- 
sion. 

. The unofficial toolroom com- 
mittee, which has issued the 
strike threat if the 32 men are 
expelled, is also attempting to 
extend the dispute to the entire 
skilled membership of the 
AUEW, and. If it succeeded, the 
implications would be very 
serious indeed. 

However, executive members 
have made it clear that they 
the tool-room, committee as a 
.challenge to the official leader- 
ship of the union, and they had 
left themselves with little option 
but to confirm the expulsions at 
last night’s meeting. 

Breathing space 

The decision to make one more 
approach to the strikers provides 
the executive with a breathing 
space, but in view of their likely 
reaction, little else. ' 

The only other chance oF 
avoiding the strike being carried 
out would seem to rest on tenta- 
tive calls which have been made 
to bring forward BL's pay parity 
scheme, which is due for full 
imoleraentation in November, 
1979. 

While this is theoretically pos- 
sible. it has not been developed 
into a firm ptnposaL • 


UK car 
imports 
reach 
record 


By Terry Dodsworth, 

Motor industry Correspondent 

A NEW RECORD for UK 

registrations of Imported ears 
is almost certaiu to have been 

achieved in August during the 
best sales month the industry' 
has ever experienced In 
Britain. 

Altbougb the official figures 
will not lie available until later 
this week, preliminary indi- 
cations are that imports have 
captured between 53 and 54 per 
rent of the total market. This 
compares with the previous 
high of 50.8 per cent achieved 
iu August last year. 

Overall, sales are likely to 
come out at a little under 
250,000 units, easily exceeding 
the previous high of 2344)00 
ears in August, 1973. 

A high level of import sales 
was expected for the month 
because August traditionally 
favours foreign manufacturers. 

But this new surge from the 
Importers also brings further 
evidence of the failure of the 
British producers to halt the 
move away from UK-made 
products. 

The main factors are the 
continuing weakness of BL 
Cars, the high level of imports 
by the UK's three multi- 
national producers, and the 
growing strength of importers 
who until very recently had 
only a marginal presence in 
the British market. 

Among the smaller manufac- 
turers, for example, both 
Citroen and Peugeot, the two 
constituent companies in the 
group now bidding for Cbtys- 
ler’s European interests, hare 
broken through the 2 per cent 
market share barrier, with 2.1 
and 2.6 per cent respectively. 
Volvo also surged forward last 
month to well over 2 per cent 
of the markcL 

BL's share, at a* little over 
23 per cent, was better last 
month than in July, when its 
registrations accounted for only 
21.4 per cent. Even so, it 
managed to keep only slightly 
ahead of Ford (22.8 per cent) 
tn a month in which it normally 
easily outdistances (he Dagen- 
ham-based company. 

BL had been hoping for at 
least another percentage point 
In the month after a big effort 
to build up stocks in anticipa- 
tion of the best sales period of 
the year. 

Among the ' importers. 
Datsnn. the Japanese gronp, 
maintained its leading posi- 
tion with almost 7 per cent of 
the market. 

It was followed by Fiat with 
a little less than 5 per cent, 
Renault with about 4.5, and 
Volkswagen with a little more 
than 4 per cent. 

Among the UK groups. Ford 
was the largest importer, 
bringing in about 9 per cent 
of the cars sold In the minlh 
from its associate Continental 
plants. 


FT SURVEY OF BUSINESS OPINION 

Spending 
surge boost 
for industry 


1 FINANCIAL TIMES REPORTER 


;THE UPTURN in consumer 
1 spending is now working 
1 through' to make a noticeable 
i impact on industry's order books 
: and output hopes. 

] . The latest Financial Times sur- 
1 vey of business opinion, pub- 
lished this morning, is more opti- 
I utistic about short-term demand 
j prospects than it has been for IS 
months. 

i This has been reflected both 
! in a marked rise in the trend 
j oF new orders in the last four 
I months and in improvements in 
the indicators of recent deliveries 
: and expected output, 
i The survey also reveals an 
overall increase in the level of 
i business confidence, both in in- 
dividual company prospects and 
; in prospects for the economy as 
a whole. Higher demand appears 
; to be the most important in- 
i fluence but industry appears to 
, be cautiously optimistic about 
the outlook for inflation. 

The opinions shown by the 
survey are in line with signs of a 
rise in the level of manufactur- 
ing activity indicated for the first 
time in the August monthly 
trends inquiry of the Confedera- 
tion of British Industry. 

The CBI noted a modest 
recovery both in demand, 
especially for consumer and 
capital goods, and in the expecta- 
! tions of companies about the 
I volume of output over the next 
| four months. 

1 The evidence from -these two 
! surveys that the rise in consumer 
; ’demand is at last working 
j through to manufacturing sales 
(contrasts with. the experience of 
; the first half of this year, when 
I there was a patchy rise in indus-' 
trial output and a big jump in 
I imports. 


The guarded optimism or these 
surveys about short-term output 
prospects is in no way incon- 
sistent with the many economic 
forecasts pointing to a slow-down 
in the rate of growth of both 
demand and output after the end 
of this year. It is merely that 
the liine'-scaie is different. 

A slight contrast exists 
between the CBI and Financial 
Times surveys over export pros- 
pects. The CBI reported a 
deterioration in export order 
books, notably in the consumer 
Soods sector, compared with the 

Details Page 23 
Brokers’ forecast. Page 4 

recent past, while the Financial 
Times survey shows almost no 
change in expectations for 
exports over the next year. 

The Financial Times survey, 
which this month covers non- 
electrical engineering, brewing 
and distilling, and the paper and 
connected industries, also indi- 
cates a continued high Jevel of 
planned capital investment. 

On inflation, the survey sug- 
gests that, while no companies 
expect wage rises in the next 
year to be less than the Govern- 
ment's 5 per cent guideline, they 
are more optimistic about the 
outcome than at the start of the 
Phase Three pay round in the 
summer of last year. 

Non - electrical engineering 
companies, for example, are 
projecting median wage rises of 
12.6 per cent in the next 12 
months compared with the in- 
creases of 15.5 per cent expected 
in August 1977. 

Industry generally is also 
expecting a continued single 
figure rate of price inflation m 
the next year. 


Carter assurance 
on wage curbs 


BY DAVID BUCHAN 

I PRESIDENT CARTER has 
i sought lo reassure l : .S. union 
[fears that wage and price con- 
I trots might soon be imposed and 
[that recent interest rate 
. increases would drive unemploy- 
ment up. 

I In an interview with labour 
newspaper editors released today 
Mr. Carter said that, despite his 
guess that a majority of 
I Americans would favour mun- 
[datory controls, “I am philo- 
sophically opposed to them and 
will not impose such controls 
unless our nation faces a very 
serious emergency or crisis.” 

Both unions and the business 
community judge previous wage 


WASHINGTON, Sept. 3. 

and price controls', such as insti- 
tuted under President Nixon, to 
have been a failure and strongly 
resist any return to them. 

But new measures — short of 
compulsory controls — might be 
needed if inflation, already at an 
annual rate of over 10 per cent 
in the first half of 197S, got any 
worse, the President sard. 

His top inflation-fighting 
official, Mr. Robert Strauss, who 
has recently shown growing 
signs of frustration in imple- 
menting the present totally 
voluntary anti-inllation policy of 
the Administration, has hinted 
some new measures might be 
ready by early October. 


Begin and Sadat clash on eye 
of Camp David summit 


• LITTON INDUSTRIES sus- 
tained a post-tax loss of 890,84 m 
for the year ended July 31. 
following •; the settlement of 
claims for additional payments 
ion contracts for naval warships. 
This compares with $55 .Sm profit 
uT 4976-77.* Rage 21 


BY OUR OWN CORRESPONDENT 


CONTENTS OF TODAY'S ISSUE 

Overseas news 3 Arts page — 

WorH trade news......... 1 .3 Leader page - 

BTome neivs— general 4 U-K- companies ........ 

- • — labour ... ■ " 4" International compame 

Technical ©age 6 . Foreign Exchanges 

™ 7 wining Notebook 


Arts page 

Leader page 

UJL eonapanies ......... 

International companies 
Foreign Exchanges -..L.. 


wining Notebook ......... 2 



features 

Chanatnff ihe guard at. the - 

■ m,'. Iff 

/ Franea .aftejr two;, years of- 
/ ^ Ray^POd Barre ...... -19 

• Hie human aspects of 
: shiftwork 

; : ft survev " 

Reinsurance 11*1 

Miiitwiiium 1 

BflfWtu 6 

Bnslwttemfrt Wiry- * ! 

C«ntraaf_ &_T«PtarJ . ; 7L_ \ 

j Croswunj. - 1 

/-Efltartthnott CsUc ‘ , t '! 

uam'i. 

uauw 

LM wV.- 

Lbb*M« -■ 
MiilriW 
Itare Inf pm 

IV" TV surf .Rte&e — 

^ » 4H*L-yra»te. . 

am M .Wtelrf.Eco*. I«i. 

te Wta. Rate, 


Hurt 



MR. 'MENAHEM BEGIN, fhe 
Israeli Prime Minister, set off for 
the U.S. today for Tuesday's 
crucial Middle East summit at 
Camp David following a last- 
miituto clash of views with Presi- 
dent Anwar Sadat, of Egypt. 

■The two leaders differed 
sharply over the weekend when 
Mr. Begin, in a major television 
address to Israelis, said he' did 
not regard the meeting at Presi- 
dent trier’s retreat as a last- 
ditch ehanee for peace. He added 
that he envisaged negotiations 
carrying- on for months after the 
Camp David summit. 

This drew a sharp rejoinder 
from the Egyptian leader, who 
sets off for the U^. tomorrow. 
He said he viewed the meeting 
as Indeed a. last chance turning 
point.- and would not agree to 
spin but the talks. _ 

-.Mr. Begin left Tel ..Aviv with 
his Foreign and Defence Minis- 
ters and a senior team of officials 
for.. New York, , where he will 
spend two days before going on 
to Washington. , - ' 

-The Israeli Premier, who has. 
so far refused to soften his hard* 
line -stand., on -most key. issued 


likely lo dominate the talks, was 
given a massive demonstration 
of the belief among a growing 
number of . Israelis that their 
Government must show flexi- 
bility in these negotiations. 

Over 100,000 people from all 
over Israel demonstrated in Tel 
Aviv’s., .municipal square on 
Saturday calling on both leaders 
to show moderation and make 
concessions. This is the largest 
demonstration of its kind here 
ever, "and is a dramatic demon- 
stration of the new “Peace 
Now ” movement's gathering 
strength.. 

US. pressure 

Mr. Begin and -bis ministers 
have been at. pains to curb the 
expectation of -President Sadat 
that U.S. pressure, in the privacy 
of/ the presidential mountain 
retreat,, can produce a magical 
breakthrough. 

' In .his television .address, Mr. 
Begin reminded his audience 
that "Problems- such as' Vietnam 
and the Panama Canal had taken 
many years of painstaking 
negotiations^ . 


TEL AVIV, SepL 3. 

He went on to propose to 
Presidem Sadat: “ Let us 
resolve at Camp David that after 
the end of that conference 
negotiations will be conducted 
over a few months, every day 
except Friday and Saturday, and 
we will deal with the conditions 
for peace until we can declare 
to -our peoples, ‘The wars have 
ended.' " 

Mr. Begin insisted that the 
fate of the Israeli people did not 
depend on Camp David. “Our 
people lived thousands of years 
before Camp David, and will live 
thousands of years after Camp 
David, 1 * he said, ' 

He appeared. to have resigned 
himself to the knowledge that 
his limited autonomy plan for 
the West Bank and Gaza was 
unlikely lo bring" agreement at 
the summit His hopes seemed 
pinned on achieving an am- 
biguous compromise formula 
which . would . open the way lo 
step-by-step bargaining, a pro 
cess he dearly, relishes. 

Judging from : the public 
utterances of to*. Sadat, the pros- 
pects for such long-term haggling 
to not appear height. 



t 








Financial Times Monday . September 4 197$ 



TJ.S. denies 
anti-NATO 
Bonn plan 

By Jonathan Out 

BONN, Sept. 3. 

THE U.S. Government has denied 
reports that it has indications of 
a plan, allegedly formulated by 
a top Bonn political official, 
envisaging West German with- 
drawal from NATO. 

The Bonn Government an- 
nounced today that the denial 
had been passed on to it by the 
American Embassy, following 
suggestions in the media that 
such a plan had been revealed 
to the CIA by a Romanian defec- 
tor in the West 
According to the reports, Mr. 
Inn Pacepa, a high-level Ruma- 
nian Government official who 
vanished last month in Cologne, 
had passed on revelations of 
espionage in Bonn and of a so- 
caJ led “Bahr plan.” 

. According to this Herr Egon 
Bahr, the business manager of 
the ruling Social Democrat Party 
(SPDl, was supposed to have 
drawn up a scheme for with- 
drawal from NATO in return for 
re-unification of Germany and a 
Soviet non-aggression pact 
The Bonn Government said the 
Americans denied having M either 
documentary or any other evi- 
dence from any source at all" 
referring to such a plan. 

Herr Bohr's personal aide, 
Herr Joachim Broudre-Groeger, 
was officially announced last week 
to be under investigation in con- 
nection with spying allegations- 
An SPD parliamentarian. Dr. 
Uwe Holtz, has also had his office 
-searched by officials involved in 
the same investigation. 

The federal attorney's office is 
now also probing how some 
details of its investigation, in- 
cluding the names of those they 
wished to question, came to be 
revealed in the Press 
Both the SPD and the opposi- 
tion parties have been vigorously 
trading charges in connection 
with the spying affair. Herr 
Foreign Minister, has appealed to 
all not to allow the matter to 
become raized up In the current 
provincial election campaigns. 


FiNtNCiu. Tivu pnMksticd dally oxccpc Son- 
dan and holidays. US. subscription* HOS.nn 
lair (radii > sifS.na i*Jr main iw annum. 
Second cluu pnsusr paid al New York. N.Y. 


new oil find’ off Alaska 


BY ROBERT GIBBENS 


EXTENSIVE testing Is to he 
carried out in the Beaufort Sea, 
sorth of Alaska, in an effort to 
establish whether a major new 
ail find has been made. 

This follows intense specula- 
tion that Dome Petroleum may 
have discovered another “Prud- 
hoe-Bay " in the deeper waters 
of the Beaufort Sea above the 
Mackenzie Delta. 

It will take from two to four 
Weeks for Dome Petroleum to 
complete the two wells which 
caused all the excitement in the 
stock markets and the oil indus- 
try on Friday. Both the Kona- 
park M-13 and the Ukalerk 2C-5Q 
wells have reached more than 

12.000 ft towards the targeted 

14.000 ft 

Both Dome-Petroleum and 
Gulf-Canada, which farmed into 
the Dome acreage on an indivi- 
dual well basis last year, issued 


statements attempting to calm 
the stock market and dampen 
down rumours In an excited 
Calgary that “ another Prudhoe- 
Bay " had been found. 

Both said hydrocarbons -jhave 
been found but nothing can be 
said about possible reserves or 
early June till early October, 
whether they are commercial un- 
til extensive testing has been 
completed. However the industry 
and the market will be watching 
intently for any further state- 
ments that may be made on com- 
pletion of the wells. The Kona- 
park M-13 is of special Interest 
and it lies below 120 feet of 
water about 40 miles due north 
of the gas finds which Imperial, 
Gulf-Canada and Shell have made 
to the east sides of the Mackenzie 
Delta. The Ukalerk well lies in 
deeper water about 30 miles 
north west of the Atkinson Point 
oil discovery of Imperial Oil 


(©cron) is 1971. This was the 

first oil find in the Arctic areas. 
Ukalerk, lies to the north east of 
the delta, and east of the main 
supply port used by Dome in its 
Beaufort drilling programme. 

Some oil-industry sources in 
Calgary are speculating the 
dome hydrocarbon find — it is 
presumed to be oil — may be 
comparable to the Prudhoe-Bay 
find in 1968. There is no way of 
knowing this; and a program of 
ten to 20 wells would have to be 
drilled to prove it The drilling 
season in the deeper waters of 
the Beaufort is limited from 
even under the extended pro- 
gram agreed to recently by the 
federal-government Dome has 
proposed extending the season 
by building a heavy-icebreaker, 
but negotiations for government 
support had been broken-off. 

To the north of the Dome 
acreage lies a heavy concentra- 


MONTREAL, Sept 8. 

don of permits held by Siebeni- 
OiU and Gas Ltd. — the land- 
bolding company which is effec- 
tively being taken over by Dome 
with the support of the Canadian- 
National Railways pension fund. 
The proximity of this acreage is 
now being cited as a major rear 
son for the deal. 

The initial proven reserves 1 

found by Allan ti e-Richfield, 
Exxon and Brltish-Petroleum- 
Sohio in the Prudhoe Bay area 
were nearly lObn- barrels of 
medium-gravity oil and more 
than 20 trillion (million million) 
cubic feet of gas. 

The Dome acreage of special 
interest in the Beaufort Sea is 
about 160 miles long and 90 to 
40 miles deep. A hole to test 
the - deep eastern-extremity is 
planned in co-operation with 
another major western oil- 
company. 


Brazil agrees to 
nuclear check plan 


U.S. airline mergers face anti-trust moye 


BY JOHN WYLES 

THE WAVE of merger proposals 
which are seeking to change the 
face of the U.S. airline industry 
may well run into opposition 
from the Department of Justice. 

The department, which is the 
guardian of U.S. anti-irust laws, 
has filed a petition to intervene 
in the three merger cases which 
will be considered by the Civil 
Aeronautics Board. No merger 
can be completed without CAB 
approval and the 3gency is ex- 
pected to deliver a decision in 
the cases pending by next March. 

Mr. John Sheneficld. Assistant 
Attorney General for anti-trust at 
the Department of Justice, said 
at the weekend that the depart- 
ment was concerned about 
possible anti-competitive effects 
of the current airline merger 
movement. Bui he stressed that 
the department had nut yet com- 
pleted its evaluation nf the com- 
petitive implications nf the pro. 
posed mergers and had not yet 
reached any conclusions. 

CAB procedures require quasi- 
judicial hearings nn the proposed 


mergers before an administrative 
law judge. So far, judges have 
been appointed to hear the re- 
quest by Texas International 
Airlines to seek control of 
National Airlines and the merger 
agreement between North Cen- 


tral Airlines and Southern 
The CAB has not yet appointed 
a judge to examine the merger 
agreement, announced last Thurs- 
day, between Pan American 
World Airways and National Air- 
lines, and it now seems likely 


I AT A warning on air fares 


BY LYNTON McLAIN 

MOVES IN the UB. Congress 
to give greater freedom to U.S. 
Airlines at the expense of 
others could lead to opening 
confrontation between Govern- 
ments, the International Air 
Transport , Association said 
yesterday. 

The International Air Trans- 
portation Competition Bill, 
number S3363, now before 
Congress proposes sweeping 
changes to the Federal Avia- 
tion Act 1958. These would 
affect the sovereignty of other 
Governments, Mr. Knut 
Hammarskjold, IATA Director- 
General, told Senator Howard 


Cannon, Chairman of a Senate 
Aviation Committee. 

Air navel called for a 
common approach . to Inter- 
nationa] relations Mr. 
Hamm arskjold said. He urged 
the U.S. to reaffirm a commit- 
ment to a policy of consulta- 
tion and negotiation 

The ehanges proposed by the 
U.S. would loosen regulation 
of airlines giving them 
unprecedented freedom. Air- 
lines ore to be allowed at tbeir 
own discretion to cut air fares 
by up to 70 per cent on up to 
40 per cent of their available 
route miles. 


NEW YORK, Sept 3. 

that this will be consolidated 
with the Texas International 
case. 

The CAB has also not yeti 
moved on the merger agreement 
between Continental Airlines 
and Western Airlines. . 

The effects on competition of 
any consolidation will be just: 
as keenly examined by the CAB 
as it wiU'by the Department of 
Justice. 

In all of the merger cases now 
pending, the airlines involved 
are not significant ■ competitors, 
and many observers believe that 
the GAB would prefer to see 
how the industry develops under 
greater de-regulation of its activi- 
ties before any contraction is 
approved. 

In particular, it is expected 
that airlines will from next year 
have much greater freedom to 
move in on each other's routes, 
and while anxiety about this 
prospect is a factor in at leaSrt 
the Continental-Western agree- 
ment, the CAB believes this more 
bracing climate will be good for 
the industry. 


BY DIANA SMITH 

DIPLOMATIC representatives of 
the Brazilian, West German, 
British and Dutch governments 
have exchanged notes in 
Brasilia vouching to work 
Jointly for a Plutonium safe- 
guards supervisory system under 
the sponsorship of the Inter- 
national Atomic Energy Agency 
(IAEA). 

The diplomatic exchange on 
sometimes difficult negotiations 
over supplies of enriched 
uranium from the Anglo- 
GerroAn-Dutch '. consortium of 
Urenco for Brazil’s Angra 2 and 
3 nuclear power plants which 
are to be equipped by Germany's 
Kraftwerk Union. 

The . four Governments will 
now join efforts to achieve one 
of two possible agreements. 
First, they will attempt to nego- 
tiate .an agreement with the 
IAEA which would, in fact, cover 
supervision of Plutonium safe- 
guards In all countries — not 
merely those involved in the 
Brazilian-German 1975 nuclear 
energy agreement The new 
agreement would come into 
effect before the first Urenco 
shipments are made to Brazil, 
three or four yean from now. 

If -this cannot be achieved in 
time, the four countries will then 
come to an ad hoc agreement; 
based on article 12-A of the 
IAEA’s statutes, which would 
ensure a workable supervisory 
system. 


RIO de JANEIRO, Sept 3. 

.Diplomatic sources in Brasilia 
indicate that 'the chances , for a 
global IAEA plutonium, super- 
visory agreement hinge on the 
worldwide movement- of this 
material in the next few years. 

Meanwhile, article 12-A of the 
IAEA statutes requires the 
agency's approval of the methods 
used for chemical treatment or 
radioactive material, in order to 
ensure that this treatment does 
not lend itself to military pur- 
poses and fits in with health 
protection and safety rules. - 

It also demands - that special 
fissionable matter be used for 
purely peaceful purposes, and 
that all surplus matter beyond 
that needed for' peaceful pur- 
poses be deposited in - the 
agency's power, to avoid stock- 
piling. 

Under this article, the IAEA 
would appoint inspectors to keep 
checks on the plutonium used by : 
the countries in question. In 
case of violation or omission, the 
agency has the power to suspend 
all assistance and remove all 
nuclear matter and equipment 
used in a country’s nuclear 
projects. • • 

After the controversy in the 
Dutch parliament over Urenco 
supplies to Brazil, earlier this 
year, the four governments have 
sought a diplomatic means of 
ensuring that the supplies: could 
be effected while also ensuring 
that a satisfactory supervisory 
system 'could be mounted. 


Discussions on French 
method of enrichment 


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BY DAVID WH1TI 

THE U.S. and West Germany 
are reported to be discussing a 
joint venture with France on 
the latter’s “anti-proliferation” 
method of enriching uranium for 
nuclear reactors. 

The chemical enrichment tech- 
nology, announced by France ih 
May last year at the time of the 
[ International Atomic Energy 
Agency's conference at Salzburg, 
is claimed to be unusable for 
the preparation of nuclear 
weapons. It therefore promises 
to bypass one of the thornier 
problems in the export of 
nuclear equipment and know- 
how. 

The report coincides with 
recent signs that France may be 
backing out of its controversial 
agreement to supply Pakistan 
with nadear reprocessing facili- 
ties, because of the strategic 
risk and the international ba*d 
odour that goes with it . The 
French Government last month 
asked Pakistan for additional 
safeguards, and the PakiFauis 
have accused the French of want- 
ing to renag e on the deal; 


PARIS, Sept 3. 

The French claim their 
chemical enrichment process, 
developed since 1968, is suitable 
for medium-sized facilities and 
thus for potential export markets 
in the developing world. 

The usually well-informed news- 
paper Le Monde quoted 4 safe " 
French sources as saying that 
talks between the three countries 
were under way and that they 
might lead to joint construction 
of a pilot plant, presumably 
located in France. 

An agreement was possible, it 
said, even before the epd of the 
year. It estimated the invest- 
ment necessary to develop the | 
process commercially at some! 
FFr 1 00-20 0m ($25- 50m) a year 
for five years. . . • , I 

One of the more significant 
aspects is the rejmrted interest 
of West Germany, in. the light of 
strong U.S. objections to the 
1975 German : Brazilian nuclear 
package deal, which includes the 
transfer of enrichment' techno- 
logy. Under the agreement, this 
is to Involve. West Germany’s 
experimental jet-nozzle process. 


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Italy plans immediate 
EEC loan repayment 


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Export 


wrnm, 










7%/Iiinioveriip 38% 

fits up 40% 


* The Aerospace Division is selling to manufacturers of over ,-e 

200 aircraft Orders up 54%. # 

* The Mining Divisions range of new Shield Supports for | 

codl mining is achievingworldwideacceptance.Tumoverup 31%. * J 

* The Industrial Division reports record sales of hydraulics 
and seal& Full order book, notably from overseas. 

* The Electronics Division has made a significant first-time 

contribution to company profits. 



BY PAUL BETTS 

ITALY INTENDS to repay ahead 
of schedule its outstanding debts 
contracted with the European 
Economic Community to tailing 
some U-S-Slbn. 

The decision to pay back 
immediately all the tranches of 
Italy's EEC debts scheduled to 
mature by the end of next year 
follows talks here between *Sig. 
Filippo Maria Pandolfi, the Trea- 
sury Minister, and Mr. Fraocois- 
Xavier Ortoli, the EEC Vice- 
President. 

In view of the current high 
level of Italy's foreign currency 
reserves, the continuing monthly 
surpluses of the balance of pay- 
ments, officially estimated to 
show a surplus of L3,000bn this' 
year, the present stability of the 
lira, and the reduced if still high 
inflation rate, the Italian authori- 
ties feel that the present move 
will enhance the country's inter- 
national credibility. 

Earlier this summer, Italy also 
paid prematurely the remaining 
U.SJJlbn of a S2bn bilateral gold- 
backed West German- Bundes- 
bank facility granted in 1974. 

The latest Treasury announce- 
ment comes concurrently with 
the decision to reduce by one- 
point to 10.5 per cent the Italian 
Central Bank's discount rates, in 
a move generally regarded ; here 


ROME, Sept. 3. 

as aimed at lending credibility 
to the Government's intention to 
enforce its long-awaited three- 
year 1979-81 economic = recovery 
programme to be submitted to 
Parliament , by the end' of this 
month. ' 

The programme aims at 
tackling, the ' fundamental struc- 
tural . weaknesses of the Italian 
economy,, in particular the 
country's - ever-growing -'public 
sector borrowing requirements 
and - rising labour costs, at the 
same lime as promoting a higher 
sustained level of growth to 
generate employment . ' 

.. The Government has . com- 
mitted itself to boost job-creating 
public and private investments, 
especially in the depressed south, 
in return for the. consensus of 
.the other political forces a ad 
the trade unions for a series of 
austere and unpopular measures. 

The decision both to repay the 
EEC debts and to reduce the 
discount rates, to encourage 
investments and a recovery of 
Italy's dwindlinn industrial .out- 
put is seen here as above all. a 
psychological gesture -of goodwill 
nn the part of the minority 
giivernment to win the support 
of the trade . 'union leadership 
and the political parlies now 
supporting il. '• ' • • • • - • 


Smith in 
search 
for best 
option 

By Our Own Correspondent 
SALISBURY, Sept. 3; 
THE DISCLOSURE of Mr. Ian 
Smith's meeting in Zambia with 
Mr. -Joshua Nkomo is' both an 
admission that bis domestic 
.settlement has failed and that - 
' be is trying to find the best 
option among the guerrillas. , 

Word of the meeting came 
against a background of inten- 
sifying British and U-S. efforts 
to persuade the Rhodesian 
Prime Minister and the three 
black .leaders Joined with him 
in the Transition Government 
-to go to a new western-spon- 
sored settlement conference 
with the Patriotic Front guer- 
rilla alliance led jointly by Mr. 
Nkomo and Mr. Robert 
Mugabe. 

But Mr. Smith Is known not 
to want to go to' an ail-party 
conference where he win be 
faced with a united Nkomo- 
Mngabe front holding out for 
the immediate reality of power, 
which means control over the 
axmy and police and their com- 
position. 

Assistants of the Rhodesian 
leader admit that he is stalling 
on anali-party conference deci- 
sion because Britain, st&f tech* 
ideally the colonial power. Is 
expected here to hold a General 
Election In October. 

Hr. Smith hopes the €onse> 
vatives, traditionally more sym- 
pathetic towards Urn and 
moderate blacks, will win. fn 
addition, be does not want to 
let the Labour. Government off 
the Rhodesian hook at election 
time by being. able to point to 
a new peace conference in 
progress. 

Despite their protestations to 
the contrary, . there is little 
doubt that Mr., .Smith and Mr. 
Nkomo — Rhodesia's two most 
seasoned political leaders — met 
behind the backs of tfaelr cur- 
rent partners. ‘ 

The l wo main black leaders 
in the Transitional Government' 
sav they had only a vague idea 
Mr. Smith might go to Zambia. 
Bishop. Abel Mnzorewa and the 
-Rer. Ndabaaingf Si thole say 
Mr. Smith did not tell them 
about the meeting— thought lo 
have -been on August 21— or 
report back. Mr. Sxtholc. dis- 
turbed by the secrecy, leaked a 
partially accurate version of 
events last week. 

Angry voices and official 
alienee emerging from Satur- 
day’s summit In Lusaka of the 
five front-line states point to 
the Nkomo-Smlth meeting 
being news to Mr. Mngabe, as 
well as the five African Presi- 
dents, except for Mr. Nkomo’s 
patron,- Dr. Kenneth Kaon da, 
the Zambian President. 

The i m me d iate reperoisstoiiR 
appear to be graver for the 
unity of the Patriotic Front 
than that of the transitional 
government. 

Despite six years of. war to 
' topple white' minority rifle, the 
Nationalist insurgents still 
operate as two separate armies 
basically on tribal lines— Mr* 
Nkomo’s Faroes armed by the 
Sonets and based In Zambia, 
and Mr. Mugabe’s fighters 
based in Mozambique ‘ and 
supplied mainly by Peking. • 

Bishop Mnzorewa and Hr. 
Sfthole. denounced by the 
guerrilla leaders and lacking 
their own armies, have little 
option - but to stay in an 
administration currently kept 
alive by the white-led security 
forces and civil service. 

Like Mr. Mugabe, they sus- 
pect an Anglo-American, Soviet 
and Zambian plan to instal Mr. 
Nkomo as leader of Zimbabwe, 

Although the internal-leaders 
have little in common ideologi- 
cally with the pro-Marxist Mr. 
Mngabe, they all belong to the 
majority Shona tribe. Mr. 
Nkomo Is widely regarded as 
the “rather of black 
nationalism" here, but Is from 
the minority Ndebele people. 

Only Chief Jeremiah- Chi rau, 
the third black leader in the 
transitional government, has 
accepted the ail-party con- 
ference idea. 

Mr. Smith and Mr. Nkomo 
have tried to reach deals 
before, including an abortive 
settlement conference of just 
the two of . them , in Salisbury 
in early - 1976. Their last 
reported meeting was a highly 
secret affair in Lusaka last 
September, which again fell 
through and Mr. Smith nego- 
tiated with the internal 
leaders. 




1 • ... TA 





r if. 


v This announcement appears as a matter of record only. 


Dlls. 300^000,000 

•’ • • ■ . ■- • * 

COMMONWEALTH 


QUEEN'S AWARD 
1973 1974 1975 1978 


14.1% / 

P^JndustriaF/ 35.7%N.y# 
r 10 . 5 ^'\ / Aerospace V&g 
Hectrcmlcs>C^. |g§? 

mZ Mining 


Dowty Group, Cheltenham, England. 
WBgmM I RESULTS IN BRIEF 


Robert Hunt CBE . 
CJvaimian and Chief Executive 


Turnover 


1977/78 

£188,441,000 


Profit after interest but before tax £25,038,000 


■SB*1 




Profit after tax 

Profit after tax per share 

Dividend per share 

Times covered by profit aftertax 


£12*367,000 

19.0p 

45p 

43 


1976/77 

£ 136 , 308,000 

£ 18 , 075,000 

£ 8 , 851,000 

15.6p 

4.2p 

3.7 


Fixed Rate Term Loan 1 978/1 993 


The Annual General Meeting takes place at the registered office, Ade Court>Gieltenkam on Huesdc®, 3rd October atlLOOajn. 


' - -. .provided by. “ - . , 

ALGEMENEMNKNH3ERLANDN.V. 


Auffat&i97& i 
















h v 


y SqjtemlJer 4 1978 





WORLD 


NEWS 


^ iyiiucasi uiuusu 

:•:. ■;: '.v-' 

;>qTS sy charues.shHk 

ai h • : •. ••• .... • ... 

to b C*®- TAKEO" ' ‘ EXSCUDi .'vsli from the' whole of Europe. 
, h “"d ^become ibefimt Japanese Pritae Japan has stepped up. 

. *■ Ehiw inicTiio tkiflio QVnfialrt tWf. W IrtHln Vocf In 


>eea up 

deals 


Scandinavia NORTH ' SOUTH D,ALOGUE 

to fight lk Third World links strengthened 

air threat i BYK.K. SHARMA IN BUENO$ AIRES 


WITHIN A few da.vs. Third exchange of technology, would not only insulate the and, in th words of a conference 

World countries will bcve taken increased trade, monetary and developing countries from the spokesman, *' consciously create, 

a decision, on the proposal fora financial arrangements and fluctuations of world economic expand, pool, transfer, adapt and 


d take him to lrsi. Qaur^thc major country iii the region 

. e te|‘- Tn itod Arab Siniratetfiandr Saudi except Iran i where ir ranked 


e r. a Od ^Arabia. 

jOlnru **11 'Th* . 


third behind the B.5. and UKi. 


n» ^ paD 030 conmnute . to ine jar estuoii _ ... 

^.national- development of. the partnership vita the area has 
, “he pjjcountries to --be - visited” In stHl barely been explored. Japa- 
{*" JttisiTurMUty Mr. Fukuda seems id feel. nese. companies-.bave held back 
1 Rr an attempt -to consolidate on som«; proposals for joint, ven- 

iand deepen Japaa> relations with tnres with Middle . East govern* 

! 'th I51. the region Ls long overdue, given ments Ce.g.\ a petrochemical 

0 10 a* overwhelming dependence of complex in Saudi Arabia to be 
■here v-Vhe Japanese economy. on Middle built by the Mitsubishi group) 

1 «nity JEast oil. because of doubts about the 

1 * , °ldb* • Nearly SO per cent of Japan's small size of local markets or 
? reahhi^erude oil imports come from the about the lack of infrastructure. 

coatnJ’feMiddlc East with Saudi Arabia Mr. ' Ftrtrada will -probably 
tee aftT-ftalonc supplying .about 30 per announce tbc Japanese Govern 1 
®Voac. There bus been no hint of meat's . willingness to hack the 
of Uj. K any dislocation -in these supplies Saudi -petrochemical .. project 
that for the past four years but Japan during his visit. He is also 
v through some awkward ^xpected TO pot forward pro* 

Britai« , ' mwmeat > i during the 1973 oil Posals for a joint assistance 
■oJobS 1 ^crisis when -ir appeared that oil programme to poorer Middle East 
. i 0 ]^h*wppUcs micht be cut.. countries combining ..Japanese 

As it is. Japan's imports from technology fund presumably 
bon Z T \ the Sliddle East are worth more Pkmr exports) with baudi 
'ionaii “*tt ,han its imports from any other Arabian funds, 
y-^'r^major region of the world. lot- Unconfirmed Press ‘ reports 
cks ^ Ports Crom Saudi 'Arabia alone suggest that the projects included 
. • "III n were worth more last year .thou on this programme include. three 

“ goT* ' : . — — • ' •---••' • - . 

n hoaft - . . .. 

* ah ' . £ S H 1 PfM NG REPORT 

f£,a/Q ttfc - . ..... 

■ Decline in tanker frei 

Ir. S«|ft^ .. • 1 

^ BY OUR. SHIWING CORRESPONDENT 

acks *f ih| OIL TANKER freights for very surplus tonnage during the rates 
large crude' carriers-’, trading mini-boom, freight rates will plip 
the Gulf have ev «? fiir ther this month. . 

•tonal Gw* cJ - ~ The extent of re-acbvqtion. is 

only a i a now slipped to theworldseale 30 revea3ed in figures , from 

izhtaitk™** following the. flurry of j obn L Jacobs. which show 
Mu^rn] V higher rates early last month. 46.6 tonnes, deadweight of 
ilnqi cj|u Owners are said to be reason- tankers and combined, carriers 
'id not mi- ably satisfied with this position, laid up at the end of August, 
:i'ting~(L, but fear that in spite of their dis- compared . with ■ 48.3m tonnes 
»n Ammi ciplihe in refusing to re-*ctlvate deadweight a month earlier. 
Mr. Sh^ .•*••• 

1 *crttT,fc 

■nraU 

■’*rt. 

ire^ »j a INDUSTRIAL PRODUCTION 

■ginMi; ' 

le^taS* “ jolyTB; June 7B-- fMay *7». July’77 ' ooyear' 

SU.S. 1 38A. 738A. 137J 13 13 -r4A 

bTMr J«ne7B May78 . Aj>riL7t June 77 . 

•••••••• V 1842 ' -W33 10** : «M -v H-2B 

t LX. France. - 12AD. 717J» . UlA 127^ -1 S 

Germany : 'iaa ;. *12T5 1T« -LS ’ 

pJSJL* Holland - • ■ . - . 42 6J&- \ 1210 , . .'129 J) 424A_, - . . 

PtpswuL April 7« March 78 Feb. 78 April 77 

lwle npw ltatf - ■ , ; . f; . ;, Z j7 = .. 13tfc4 - 1M ... 1240 ■ -23 

x , !«’ i\ . " ''VJBJ..; ■►'. -*1!9A - 1B9S . • 1217 . v'-feOA 

« . .W 73S2 •_ 1314' 127.9 -i -S3 

f Ihe me ■ o-Promionai*..- - /=— ‘ • • v - • - 


By Hilary Barnes World countries will have taken increased trade, monetary and developing countries from Ihe spokesman, ** consciously create. 

COPENHAGEN ‘tent 3 a decision . on the proposal for a financial arrangements and fluctuations of world economic expand, pool, transfer, adapt and 

TOKYO ’Siiui. 3. T1IF UK is threatenm** to permanent secretariat for them- other institionalised channels for forces but also help them cope diffuse the knowledge of develop- 

rormwp so-called fifth freedom ! “Ives on the model or the OECD what is loosely called “ technical with the problems arising out of ing countries for the benefit of 

. r . ... rl"htc utilised hv Scandinavian ! Secretariat in Paris. co-operation.” limited acces to the world capital other developing countries.'’ 

in the Sudan u fertiliser plant. jf aW ' a(r i fDes Iraffic ...j.v. Whatever form it takes, there Hopes are that it will pave the markets, debt service payments Specifically what is intended 

SSI fiSi 5!? ffiS the tHC aceoMlins to sources I shou,( ? S 2 0Q be [ n existence^ an way for new links among the and pressures from multi- j 3 developing "of 31 " ^ppropriaTO 

miss'on line) and one In North the UK, ai eordm D to sources , organisation capable of data Third World. Although OECD nationals. lechnoffl" setting upofS 

<a - thermaI P°* cr UK’s Stance aims a stra /Collection and research that countries are taking part in the l n sum. the developing coun- informatTor ' svstems and data 

*t. tio") tealehlow at the entire structure ' P rovrtes necessary inputs conference and there is a reluct- tries taking part in the -TCDC u ai ,ks or’ani^tion of co-OPera* 

The Saudi Arabian \**rx>- l^ll^^i ai^dharter ! * or m ov^ made by the ancc to say that there is a north- eonferencT believe that - by Sf £ woSSSS 

cnemical convex wiTO 3 p anned f n f fI ^ ScandlDauan Jir charter j Group of 77 (developing south confrontation, conference requiring the economically weak I e tUn- P m ioint • vS? aStf 

le,? 0 nTjapan^i ThfflfUi freedom right meins ! cMtrolled * b/°SS doeuments sussest Just developing countries to complete ne w fndustries and of commSn 

Go^rSmcnl bSikiK to the the right of an airline registered ? rSf.i.h’Vfi - A ground note, for on virtually equal terms with iT , Frastrucmr? and services. 

extent of 15 per cent of the in country A to fly passengere saQ]e way & OECD is bv the JtpVuorld cross countries the presen^worid Clearly, the intention is 

project ml with the remainder C as Western countries and Comecon ouTOut^of S’Wbn mSS« orde?Mly adds P {o^eveloping immediately to replace what is 

shared between Mitsubishi and wen^s between A and B. b u, e SociaUst world. enuntrie^Droblems and tends to taken from the advanced coun- 

Saudi narticin:mts. For the past 30 years the UK inctlt.,tinn ...in economy countries generated 67 countries- prooiems anti tenns to rnr.ferenr» 


p gggM -"S ^jBsrfTMas - — SSffiS tcdc ^5; •» 

nf the trip but not to undermine slerl inn Aine?« Na ^“-, hPWb™oft “aS. nS S ”ome«S3^ wKfoin bonnhlpulTS undesirable 

•swrasa: s,Bnl£ca,iM ,o any - w/sMsi^s ™ ik ^ ch i« ti s;„, eX eep U oo,b 1 , 

Lw-ia ■«’— «- a h rr P ^ r« 

lbShTr b o° r schcdiSd k fiir W thi 6th As ^wedLsh shareholders do f of rM0urces d countries in international trade belief that the flow involves “ an developing countries are them- 

biun are scheduled for the oth. . wiioriiv holding in hsrop 6 ”*® resources ot . .... „ A man> ,h U « Kr CPD t artificial grafting of over- selves united in this endeavour, 

bJr iUh'and in Vb^Dhabfo^tfe Sweden’s two 1 major charter ThTS°^l?£ldTSl?“as Reached 'Their share Jn world exports sophisticated technology and but this is clearly not so. as 

TOfl. * »h B b dS-t carriers; Scanalr and Transair, J*lfJ2«een3o as adirS? result of declined from- SO per cent in alien values on less developed informal and formal meetings of 

1? hi n Vnr^nd neither of these companies would fhft^ progress uf ih^ north 1850 lo 23 per cem in 1975. No bases strongly characiensed by regional groups prior to the 

, f J2L be eligible to operate out of “Sth d7alo™ii more than 10 per cent of the indigenous values” j TCDC conference have shown. 

Sweden to the UK, according to search for a “new inter- world’s industrial output and 35 Hence the essential nature and The Latin Americans, for 

Foreign MmMer Sonao Snnoda s0UVL . es herc> „ ™ Jr*™ n„,„i „ n l;- ner cent of its agricultural out- distinctive character of TCDC instance, are opposed to the 

Mt*i^ :, r Ce0,nPS,ny thC PnmC The UK position »s dictated by 1976 ?s described i put S" i nates in the developing lies in sharing the capabilities institutionalised Third World 

Minister. the current negotiations on new world diploinat as having countries.'’ ln other words. ‘ the and capacities of developing secretariat and consequently this 

air service agreements with the nrn „ re cseri from “a faint erv in burgeoning growth and material countries by intensifying proposal could be blocked. 

Scandinavian countries. The i n ^ F.,n.rhmntpH nm-Inpriiv' that the world has exchange of technology, expert- Results are probable on a 


BY OUR SHIPPING CORRESPONDENT 


tonnes 

earlier. 


^ - ■ inc i.'i\ posmun an-Lairu u? l^,.. ,- n injg ,< Hosi-riiied hv a pul oncinaics in me aeveioping lies m m««io 

Minister. the current negotiations on new World diploinat as having countries.*’ ln other words. ‘ the and capacities of developing secretariat and consequently this 

air sprvice agreements with the nrn „ re cseri from “a faint erv in burgeoning growth and material countries by intensifying proposal could be blocked. 

Scandinavian countries. The thp'Vwidcrncss to a full-throated prosperitv’ that the world has exchange oF technology, expert- Results are probable on a 

agreements were abrogated by . that is finding concrete sen in the past 30 years has encc and knowledge over a regional rather than a global, 

the Scandinavians last year with p Dresslon in ^ Buenos Aires barely touched the majority of wide spectrum. basis. But even if this is all 

_ effect from the end of 1978. A ( Jf ere nce Todav the confer- »nankind. M Based on national and collec- that materialises, for rhe south 

Scandinavian delegation will be.™“ wilI begin consideration of Hence the effort to msliiu- live” self-reliance. TCDC aims an important beginning will have 
□UTS TP^irPn in London on Monday ana Tues- ^ fietaited plan of action for Uonalise new exchanges that at developing complemenlanes been made. 
fia&R-fl.R'k7 IviU day to discuss the charter issue 

6 “ * with Department of Trade 

This represents only a dozes rently regulated by the air ser- I Taiwan invitation to ICI 

s««. VW some by KEVIN DONE 

tS rta Gl1f 0r a Sreb™ aS h e av1 STSAAt* “ ,CI h« been seken by Taiwan The moa. important is a fl5m. SSST&TA “ s^Laa” ^ ^ C0,inCiL 

been forced to make inquiries The Scandinavians however. t0 pan in a £50m-to-£60m 15.000 -tonnes -a year methyl Tr.- %^ pivw , in rhp Dast 9 Coman, the machine tool sub- 

in other areas such as West do not accept that ^here is any Joini venture to manufacUire met hacrylate plant, which comes SJoVeeks by the overseas dhd- sidiar y of Fiat ’ h ^ WD r n an ° T t d *r 

Africa, where rates have been link betwew charter and pUMeSm The Taiwan Government this vear ^ 0 fT^viandVeb!ries The worlb around £207m from BM ^ 

boosted slightly as a result. scheduled traffic and they do not j S seeking partners for the next “ ,0 PHJdtTOOon this year Tne sion of Inland Vehicles ine fQr a welding system to be 

Dry cargo markets, both for accept that charter services development stage of its petro- chemical is used to manufacture new orders include 150 double instaUed the We st German 

period and spot trading, showed should come under the terms of chemical industry and has 3p- clear plashes. The plant is M„ at hon trucks for use in S™ U P’ S Dingolfing car planL 


Contract s 


World Economic Indicators j 


INDUSTRIAL PRODUCTION 
. •: - 1970=100 


>Iy7« 
13W. 
Jime 7B 

•■-1842::.* 

. ' 12UD.. - 

T1A4* 


June 78 
138J) 
May 78 
4033 ' 
;127J» - . 
' 1203 ~ 


.. . 42Wff- -1210 . 


-."Hay.78- 
-1373 
ApriL78 
10*>l 
i3ia> : 
12T3 
12931 


April 7B March 78 Feb. 78 
: • 1.1M UM 


• ;i«7 = 13M 

1 - %tl«A 

'1393' ' 7352 


- July-77 •’ 

June 77 
400A >; : . 
127^ 

179 A 
4262) ... 
April 77 
. , 1240 
•122.7.. 
127.9' 


% change 
on year 

. -HU' 


HUe change in quiet trading last a future air service agreement 

week. ! — • 

On the sale and purchase side Oil f nitre in fkln 
the Chinese continue to be the w,i iaiKS . ,n 1/510 
niost active buyers through their By Fay Gjester 
Hong Kong agency. Ocean Tramp- ; OSLO Sept 3. 


i ssar"* other chemtol s a ^”^ a i sMsSmsass 

bo?« *ss&r a sa > SmS ssssr bBtsb r pU^ 65 wucks tor ss ^ gssfffi 

«... at 5 ass-,1* » *S> 2 £ 1 factor5 - Sr^2.,"2SS* SSLSft 


SWEDEN AND No°*fy P, bain'.7nmd™ 537’ I, w«.d have *«* wfcoll,- owned. 

5X5° ™ hSK to be evaluated with investment Taiwan is planning to 


J insecticide aerosal units for Iran the General Motors subsidiary, 
build a has been won by Aerosols Inter- and Ford Europe. 


reported to have acqTOred . a talks in Oslo today on future I r ™ JStriw and fflurth Se plaol-lbe which has plants at 

nn nnn « j _ :ii. . r.. nil n.nWnn(b 1 n Cuiailan OU different products cracker which is at the heart of I ® rac ^i!L'-.^, erkS ’ and Wellin S- 


of *^M.900 r tons* dead weight for oU product to'^eden' “““many different products. 

Sr,'IfE7,“"“ Sins ^ *™Jfy» r, s£!25lS'oJfwSS?!|. wo. w. ..HI. m* S” .f TDFaiin-mlM 

■ Korean buyers have also been is heading the-. Norwegian dele- believes that a market share can “ ek !?® C °dowmstream nro- £L5m ,n,er " ational awarded to a European fonsor- 

sperkine "pareri hulk rarrierv iu cation. • best be established through local f ac lurc the uownstrea pro- has so ^ m first model 2904/50 tiura. _ The contract is for the 

the 20.TO0 tons deadweight range The talks will cover amounts manufacture, which would offer, ducls * such as P 3 in Czechoslovakia— also its first Itapanca steam power stauon in 

and fl. Y Tung of Hong Kong to be supplied, duration ,0T the in turn, better prospects, ©f in -The Governments approach to m Eastern^ Europe— and has also east Brazil. TlieSicmens portion 

has fiought-n 270.000-lon dcati- agreemedLand .what typer of oil creasirigLexborts from Britain. ICT concerns a polypropylene considerably increased the also includes transformer and 
weight ore-oil carrier: for a j products. "In addition to crude 'ICT' already- has two 'small plant, with a probable capacity capacity of its largest System 4 smitchgears. as well as control 
reported price of Sl3.5m, loil. the Swedes wan to buy. i manufacturing plants in Taiwan, of about 60.000 tonnes a year. I user in Czechoslovakia. The and protection equipment. 

"foil may be somewhat taken aback the first 
time you see a Qantas steward. Because hell look 
surprisingly like a real life steward. 

You may also be surprised to find that he takes 
his career as seriously as you do yours. 

Which means he has total sympathy with 
your standards, and has more than an inkling 
of your idea of service. 

His qualifications for the job? 

All our stewards are specifi- 
cally trained to cope with the 
problems of long-distance 
flying. 

Most of them have 
been with us at least five 
years. In point of fact, you 
won’t find anyone else . 
with more experience in 
looking after people 
travelling to Australia. 

You'll also meet the . 
boss, the Flight Service 
Director. He organises 
things like your hotel, car 
hire and onward flight 
bookings. 

As well as 11 stewards, 
we also carry 3 hostesses. 
And just to get the record straight, 
you can identify a Qantas steward 
by his immaculate blue uniform. 


a modern petrochemical complex j ton - Somerset 


• Siemens said it had ohtained 
a DM 145m order lo supply three 
steam generators to Brazil as 


i yraisifi 
mJB0rif»» 
Insures* 
,vo sfpanni 
tribal fc 
xrt aiwll 
haspd hk 




Vie know the best way to Australia 

■■sxC'i^tiavelESMiljrdsKactpesaaeiijjr.’C^j'ii err O'irt 
~,jV ££ -JAO. Terrace! ", LradssiHsrta?!! iK l’-a-u-.L2:.i;r.V.' CS. TWO 
. ; *i C'x«=i •“ v •:*- : a 







Position 
of banks 
expected 
to ease 

BY MICHAEL BLANDEN 


HOME NEWS 


Petrochemical plan set back 
by feedstock problems 

BY RAY PERHAN, SCOTTISH CORRESPONDENT 

PLANS TO develop a petro- project are understood to want Cromarty Petroleum, a subsi- Islands Development Board, 
chemicals site at the Cromarty all the oil for trading. diary of the New York tanker which have jointly been i 

Firth on Scotland's east coast The latest hope of feedstocks group. National . Bulk Carriers, approaching 10 major chemical 
have been set back by the for downstream activities was abandoned plans earlier this companies, have been told by two. 
reluctance of oil and gas com- through a pipeline from the year to construct a refinery at of them that they will seriously 


Plan to 
drill for 
oil in 
Channel 

By Kerin Done, Energy 
Correspondent 


"Slnanciar Times Monday" September ' 4 19?S 


r LABOUR NEWS 


ICI shop stewards 
urge more sanctions 

BY PHILIP BASSETT, LABOUR STAFF 

ICI shop stewards yesterday re- day said the company's steps to 
commended 30,000 workers to maintain production were a 
consider further sanctions after threat to all ICI workers, believe 
the company last week withdrew the- company wants to bring in 
pay proposals put to its manual outside contractors to alleviate 
employees without taking into the Teesside difficulties, 
account pay policy. The stewards said yesterday 

Sanctions over improved rates dtartMnww wy rates 


bv uiruici n, reluctance of oil and gas com- through a pipeline from tne year to construct a rennery at oi mem that they will seriously _ . . odULuuua was so widespread that any 

BY MICHAEL BLANDEN panies to guarantee the necessary central sector of the North Sea. Nigg. at the mouth of the Firth, consider building plants if BRITISH GAS Is planning to for craftsmen have al ready h ad M urovocation ” by the company 

feedstock supplies. It has now foundered after a It has now submitted a “posi- adequate supplies of butane and drill the first wildcat exploration severe effects on the company^ wiiton would lead to action 

THE gilt-edged market is looking The combination of deep discouraging response to a tion paper ” to the Energy propane become available. well in the English Channel later Teesside oper ation s, including M ^ b W0Tkers at ot h er 

for an easing of the position of wat er. fiai land and proxlmito to circular designed to test opinion Department outlining a 10-year ln addm __ . oniBaniK , n _ this year. j j . starting a VWnEmm* g . plant J™ 

the banks under the official cor- the North Sea fields makes it 86111 by ^ Energy Department development on its site, progress- j n setting UD P an ethane 1116 wel s bould_ be drilled in closures at the Wilton site. They will now press — through 

set controls and an improvement one of t h e finest industrial sites tn com P anies involved in. sector ing from a marine terminal and crac fc er have indicated that they ^•▼^ber In block 98/22 about Last week the company with- £, 3 tj 0tul i official negotiators 

in control of the money supply. j n Europe. 16— which includes the Brae, storage tanks through to gas and are planing no ” in order to 25 miles South-West of the Isle drew its pay proposals, which — f or tbe consolidation contained 

in the banking figures due to be - . Vn .__ . Tom and Thelma fields. oil processing and petrochemical expected increases in of J V,ghL , , , ' included increases i0f £7 and£5 { ^ offer forgone -under the 

pubushed tomorrow. The Department of Energy and As a result. Marathon, the production. demand for-th* ^e 8* s corporation is plan- f or its top grades and eon- St ^ agreement. 


expected increases 


wen tn tne nngusn unannei tarer leessuue ^ taken bv workers at other 

. this year. starting a programme of .plant Dy WOTKers at otaer 

The well should be drilled in closures at the Wilton site. nQW preS p_through 

Jtovember In block 98/22 about Last week the company jrith- Jational official negotiators 

to 25 miles South-West of the Isle drew its pay proposals, which consolidation contained 

in of W jght - , included increases Of E7 and £5 ^ thi offi “forgone -under the 

The gas corporation is plan- f or its top grades and con- Staee Three agree meat 


rTTL. | .| |- __ T. ” , — .. r ~ UUVI <*uji uu Dme, Uda siubcu me IS iiiOKiny lut a <non_ . _ _ 

rhJ «r * ra0 ^P, B tb * ayea : bu £* * n s P |te down its talks with the joint venture or Involvement of 1 ,, Mercury, now operating in the ments for all grades, because 

‘A;, 1 * AAvi* con ? lderable interest by several American-owned Cromarty Pet- some hind with other companies Again. feedstock became Irish Sea drilling an appraisal unions at Wilton bad refused to 
major groups, efforts to secure role urn, which wants to establish and the proj'eot could be worth available they would also look well on the British Gas More- agree to attached flexibility con- 
PVPoJiino two ‘A, ?■ commitment to bnng a pipe a petrochemical complex. more than flbn. However, It seriously at the Firth for new cambe Field discovery in block ditions until the pay changes bad 

Se erolih h nf ,me mt0 **“ Flrth have falled ' The two companies, which have depends on a supply of gas and sues. 110/2. This is the sixth well been made. 

beartnn oiifHhil linhiiitiee One pipeline is already been negotiating for nine oil which is so far not forthenm- The three agencies have been The company, in a letter to all 

** e B 1 . . planned by Masa Petroleum, months, are still in touch, but inR. sufficiently encouraged by the employees, also said that because 

There have been indications which is building a terminal to the likelihood of an early agree- The Highlands Regional response to plan another series England -fa of the serious problems, it would 

already that the pressures began handle crude from the Beatrice men t on supply and processing is Council. Cromarty Firth Ports of meetings with a further 12 Vv — - now consider “the steps It sees 

to ease during August Mr. Field. But the partners in the slight Authority and the Highlands and companies. necessary to maintain produc- 

Robert Leigh Pemberton, chair- | ’ tion" at Wilton. 

man of National Westminster, n- — j^^_Iale of - The ICI shop stewards’ corn- 

indicated last month that after I p*'|« *-r N Wight bined committee yesterday gave 

being well over the corset limits -m. | ■ % -m j j ■ its support to the Wilton 

ip mid-July, the clearing banks KJ L£ fiAT H «% workers, members of the Amal- 

had found it possible to cut back. J 1 1 fly* * .11 Iff I II II S?rtlllll - - — gam a ted Union of Engineering 

This implies that some of the X ^ J VWW UJ Workers and the Electrical and 

distortions in the money market Plumbing Trades Union, who 

which had earlier pushed up the w j • • A / ^ want unproved craftsmen’s rates 

RSK?i for marketing office equipment — sssassa i 

incur the less severe penalties ■*" the company's chronic shortage 

under the corset, but the overall BY (OHN LLOYD of instrument artificers, 

figures are expected to show a The shop stewards, who yester- 

significant improvement. THE NATIONAL ENTERPRISE UK office eouiDment industry “eeneral Dhilososhv" of UK- ties thon »t mnnin «wnt th» I I 


^u^iureuuHtaicrsjiiuu As a result, Marauion, me proaucuon. d p ni -_ rf — 7-Tr- THe gas corporauon is piau- f 0 r Its top graaes ana coo- StaM Three aereement 

local agencies have been pnh operator on Brae, has slowed The company is looking for a ethylene in the mid- Ujpg t0 use the rig Offshore solidation of ^-60 pay -supple- 

xnotiDE tuQ area, but, in snite of ^Mi-n st« taibe wirh thp inin^ vontnm nr invnivAmont of - Mercury« now operating in the ments for ail grades* because 

Irish Sea drilling an appraisal unions at Wilton had refused to T>QV' ctr\nn£*r1 

well on the British Gas More- agree to attached flexibility con- ■ X A j SLvrJIJId*.- 

cambe Field discovery in block ditions until Che pay. changes had < ryi* 

11Q/2. This is the sixth well been made. Ill JLllUc UUl 

The company, in a letter to ail 
employees, also said that because O ISO II te 

of the serious problems, it would r 

now consider “ the steps it sees 
necessary to maintain produc- 
tion " at Wilton. 


NEB urged to set up group 
for marketing office equipment 


BY JOHN LLOYD 

THE NATIONAL ENTERPRISE UK office equipment industry “general philosophy-" 


BRITISH GAS 
I DRILLING 
: 98/22 


of UK- ties than any country except the 


The markei is also expecting Board, which is considering a must be the marketing of these made systems should be clear by U.S., and has a record of success- 

some reduction in the total of large investment in developing systems. UK industry has the end of the year, with serious fui developments in the computer 

the banks’ eligible liabilities, the electronic office equipment repeatedly shown that it has the research by 1979. A total office systems field at a fraction of 

the main, though not always industry, has been advised to technical expertise to produce communications system should U.S. costs.** 

very reliable, pointer to the create a new organisation to excellent, sophisticated pro- be ready by 1980. The NEB controls a software 




now consider " tne steps 11 sees B 0ur Labour Staff 

necessary to maintain produc- ' _ 

tion “ at Wilton. NORMAL PAY for staff members 

The ICI shop stewards’ com- of the London weekly magazine 
bined committee yesterday gave Time Out has been withheld by 
its support to the Wilton the magazine’s management 
workers, members of the Amal- because of a dispute involving 
gamated Union of Engineering journalists and print workers 
Workers and the Electrical and which has prevented two con- 
Plu mblng Trades Union, who secutive issues from appearing, 
want improved craftsmen’s rates .. The dispute. In which the 
before they will agree to co- unions are the National Union of 
operate in the training of fitters Journalists, National Graphical 
and electricians aimed at filling Association and Society of 
the company's chronic shortage Graphical and Allied Trades, 15 
of instrument artificers. over employment of an art 

The shop stewards, who yester- editor at a salary above “ parity- 


growth of the sterlmc money market the systems at a cost of ducts." 
stock on the wider definition, at least £10m in the next five But, 
The August official reserves yews. d us try 

figures, due today, will show the Computerised, office systems, assess 


Ambulancemen may lift 
blacking of Bedfords 


the main, though not always industry, has been advised to technical expertise to produce communications system should li.S. costs.** lo be drilled- on the find, which 

very reliable, pointer to the create a new organisation to excellent, sophisticated pro- be ready by 1980. The NEB controls a software is . thought to contain between 2 

growth of the sterlmc money market the systems at a cost of ducts." The strength of the UK is seen bouse, Insac, and has recently trillion and 3 trillion cu. ft. of 

stock on the wider definition, at least £10m in the next five But, says the report, the in- to be in its domination of the (established a microprocessor and 8 as : The corporation is already nri n > ■ ■ ■ v— . ■ — — — _ 

The August official reserves years. dustry has usually failed to European computer software sec- micro-memory company, Timms, taking initial steps for develop- 

figures, due today, will show the Computerised, office systems, assess the potential market tor and in its manufacturing It is thus seen as logical that it of the field. - Y our GLASGOW CORRESPONDENT 

effects of some official payments, replace filing, typewriters -adequately before making a pro- base. take a major stake in one of 1° tbe English Channel it- is 

including a S150m repayment of and much paper work, are being duct, or to market it aggressively. “The UK has more of the the largest growth areas for possible that British Gas will SCOTTISH AMBULANCEMEN family men and can’t afford to be 

overseas borrowing by the introduced, primarily In the The report says that the essential technological capabili- electronic products. drill the well in conjunction with ^ expected to end their four- without pay?' he said, “1 think 


BY OUR GLASGOW CORRESPONDENT 


overseas borrowing by the introduced, primarily In the 
National Water Council, but are P-S- Their use is expected to 
otherwise not expected to show increase in the next decade, to 
major movements. reduce numbers of office workers 


the essential technological capabili- electronic products. 


drill the well in conjunction with ^ expected to end their four- without pay?’ he said, “ I think 

Conoco, the operator on the wee fc blacking of Bedford CF25 a majority will vote to use the 

adjacent block 9S/23. and CF28 ambulances this week ambulances.” 

With the first well in this new after aD ultimatum from the The service is satisfied that it 
province, 'both British Gas apd services management The Scot- has found an answer to the two- 
Conoco appear to think it would tish Ambulance Service told shop year-old alleged, tendency Of the 
be to their advantage to share stewards that if the men con- Bedford to shed rear wheels 
initial exploration costs. tinued lo refuse to drive the through loosening of securing 

Any discovery of oil or gas m Bedfords, more than 400 of wbiclr nuts. It involves treating the 
the narrow confines of the Eng- ^ idle in most of Scotland, nuts with a special glup. wiring 
lish Channel could -obviously while emergency services only them, and making regular checks 

. .. b- PRESTEL, the Post Office ser- from coming into service in the Though it has not been dis- have serious implications for The are operated by other makes -of on their tightness, 

lishment of a “ new and auton- vice formerly known as Viewdata U.K. for three reasons: technical closed how much Prestel charges busy movement of shipping. ambulance they would be sent Treated vehicles were put 
omous organisation to research begins its trial run on September difficulties with the software, foreign telecommunications The drilling rig will have to home without pay. through a stringent 500-mile test 

— j ~rc ” is 18, and will be marketed from last-minute adjustments to the authorities for its software pack- be marked with buoys and ship- ’ • by volunteer crews without ion- 

if early next year. television sets and because of age, it is thought that the cost ping will be prohibited from After a stewards’ meeting in dent, but the men refused to 

5e The computer-based svstem rhe effects of the Post Office is about £lm. Besides the soft- approaching within half a kilo- Glasgow Mr. James White, their lift their ban until the service 

will brine a wide variety nf news Engineering Union’s blacking of ware, the authorities must buy metre. Special instructions will convenor, said they had no gave a commitment to replace 

je and Information into the borne or nt \? equipment. General Electric’s 4000 series also have to be sent out through option but to recommend to the Bedfords if there was any 


reduce numbers of office workers 
and increase efficiency. The — 9 m # 

&SSKI Prestel viewing service starts 

NEB from the consultants 
Butler Cox. written by three BY JOHN LLOYD 
academics at Queen Mary Col- 
lege, Stepney, says that estab- PRESTEL, the Post Office ser- from coming into service in the 


BY JOHN LLOYD 


M25 route 
inquiry 
urged 

By lan Hargreaves. 

Transport Correspondent _ 

OBJECTORS TO the planned M25 A’SStic demand ’SSTs.™'™ J"” Eiven warnin' M 

outer orbital motorway around “are sluSSsb sen?en ioaroSf to thre? television set The price of a Prestel set will 55 J“ 

London call today for a .ingle ™o a broad .. Th ,' foot ^Office belie** lhat Sf !f Sori DeS ^ in « «50 »«e Lhao a 


and market office systems’’ is 18, and will be marketed from 

the best hope for the industry if early next year. 

it is m)t to be surpassed by those The system 

0f 'nfJ e ^rSS2tSi C wnn^ 6 have wU1 brin * a wide variety of news 
to^taSTanbstaotial UK j?*? ‘ h '. h ““??. r 


substantial UK nffk-e ihrou-lh tpip-ihonr linoV However, the software prob- computers, with which the soft- the General Council of Shipping their members to take the Bed- more trouble, 
export markets, ,"Y. J , it '' toms have now been resolved, ware is coraoatible. warning of the presence of the fords back out of their garages. This deman 


warning of the presence of the fords back out of their garages. This demand was refused, and 
rig in the regular Notices to “Most of our members are the ultimatum issued. 


luuuuu i-cui luuaj LU 1 « ucuwio ihbl ni a „,.r ar * n r<»r= Thom Dpi-ih 

publicinqui^into the remainder average salary of an Ji ^!v nr ei^ht 1 countries In^fhe and Rediffusion — 10 market 

of the > scheme^ rather that itor offtce wo^er in the UK is about “ e J & 1 80 nI5 mndified p -e slel sets, and the "“Sm'X SSSi ( this will be the fifst extfi 

jointed hearings on small ^ per CBnt 0 f that of a similar “ “ p 10 30 union Is likely lo caU off its ® J® P 1 ation in the English Channel, 

sections. work*- in Rmunv.' TherP will ^ next tnree years - aetinn followin'! its soecial dele- 


ggJ&H Pensioners ‘should lobby 

nil cost about the same. The results may be of special "m ytx £ ^ “L £ m J. 9 

The manufacturers believe, interest given the presence or Vl'i^G |01^"Tt101*P tlPTlPTllQ 

owever. that the nrice will fall the British Gas onshore nil' field l5 AVfX V 4/VllvlXI>lJ 


There has been drilling before 


au per vein, ui ui a aumiai .. . f v_ p _ vears 

worker in Germany; There will 050 next tnree years - 


The plea comes on the eve of bp less incentive to auto- Prestel has been sold already 5a tc conference this week. The manufacturers believe, 

the inquiry into toe Swanley- mate ^ offices ^ fast as the t 0 telecoramunicalions— aulhori- Only two other countries — however, that the price will fall 
Sevenoaks section which takes toe 0 gj ces jjj other, belter-paid lies in West Germany. Holland France and Japan — - arc thought rapidly once volume production 

road through what protestors coun tries. and the U.S.. and the Hong Kong to be developing similar infor- begins, and they forecast that a 

regard as some of the routes -it has been made abundantly authority has accepted the motion systems, and - the Post Prestel set will cost only £50 

most environmentally sensitive c j ear l0 us throughout our inves- system in principle. Office believes that it has a lead more than a conventional set 


1.1 'J >■* ..^1, Blivn III LUC CilIKlIDU UIBUU6L 

action following its special dele- cosl about tiie same. poults may be of special 

gate conference this week. The manufacturers believe, interest given the presence of 

Only two other countries — however, that the price will fall the British Gas onshore oil field 
France and Japan --arc thougnt rapidly once volume production some 30 miles to the north-west 


at Wytch Farm in Dorset Wytcb BY OUR LABOUR STAFF 


tigations that the keystone of the The system has been delayed of Iwu in three years. 


territory. 

A report from the M25 
Co-ordinating Committee, which 
represents amenity and environ- 
ment groups, says the 118-mlle • • 

the** scheme has never been I Gross margms rise on 

Parties aim denied daiTV HOQ graill tatTIlS 

ORGANISERS of the Campaign J & ***** 

Against Building Industiy B v iohn cherrington 
N ationalisation, have denied •»* JOHN chskrington 

suggestions that their anti- GR0SS mar GINS of daily and time, farmers in the hills produc- 
nati anal isa tion drive is being con- (Fra i fl . rrrodl i C in*- farms last vear inz "store” animals for fatten- 


the motion systems, and - the Post Prestel set will cost only £50 Farm could be producing oil ati 

Office believes that it has a lead more than a conventional set the rate of lfi.WW barrels a dayi^ 3 * 5105 * 6 ^ were advised threatened with hypotoenma this 

yed of Iwu in three years. within a few years. ' by the end of next year. 


by the end of next year. 


BY JOHN MOORE 


yesterday by Mr. Jack Jones, winter, foe a national system of 
former general secretary of the concessionary travel and for free 

Transport and General Workers ^ ^c-s pension target of 
T I • • a I • Union, to- heap theif ^justified go pej cent of gross average 

I liOVlHl Si innnirv- I nrnhinO' wrath” on to MPs m & drive to earaings included in its docu- 

JUJIvF 7 %& }3 ▼* IVilUl |#1 VrK/llIfil improve pensions and benefits. mem “Into the 80s” needed to 

v m. v m. Speaking to a rally of pen- be. implemented now, said Mr. 

g-um m g* o • ' - » M ' sinners at Brighton on the eve Jones,. to provide “comfort and 

(Tl tHt fllFC mCflVOVI/IA Kv*AI 7A1* of 'the TUC Congress, he called dignify for those in retirement" 

tt.l-3d.UlkJ Ui M.ilv/C UrUKcf for a major convention next year Mr. Moss Evans, general secre- 

v* w* a uiu H11VV • on the problems of retirement . tary of the Transport Workers, 

Pensions were , - “altogether Mr. Ray Bnckton, of the train 
inadequate.” There was., an drivers^nnioii and Mr. Jim Slater 

>e,m Ml responsible Tor suspending the written a £40.000 standard shore S 

F Lloyd's syndicate it has created an under- of the premium. Since the begin- moOTwmsionere mSht S aTtoe rSw Ieadfia S unionists 
s investi- writing account that is unviable. ning of the year members tiiat ’ pensioners, wno migm oe at- toe rally. . . 


that its true aims are party- the performances of more than in lowland areas. Performance i of V° ndon bas be £ un «s invest*- writing account that is unviable. ning of- the year members that 
political, not industrial. 200 farmers, published by ICI in the hills was aided by bill cow I ? at,on l ° l ?, lhe affairs ° f one of SlT } cc Canadian business has have underwritten a standard 

. todav P and sheep subsidies from tbel !ts publicly-quoted insurance not yet been presented for sign- share of the premium have 

Cartoons campaign t0 “ a *- f GoveiSSSt ! brokers. BrentnaSl Beard. ing by the Lloyd's policy signing already been asked to pay 

A SERIES of cartoons attacking 9jjjj r ifJfSjrfd ^tiher^h owed The National Farmers' Union! Although the inquiry team is «J}“- 'J according to the S54JS50. 

nationalisation and praising free ;™ ease in growth margins said that there was a substantial j looking into Brentnali Beard's fVlfJ* °/ ti ll? ©Meanwhile on another front, 

emerurisc are to appear in nr n ma ll falls fall — 18 per cent — in the aver- -role in the events which have ji. J r , °[ a, - count - S^sse syn- a meetmg is planned later this 

or sniau iaus. _ . . . 1 d:Catc has siisDpnned ?incp mnnth hpt-u/ppn rVip T.ityptd K nnra 


The National Farmers' Union! Although the inquiry team is 'J ^ 1 0u '?.* according t° toe £54,850. 


ing by the Lloyd's policy signing already been asked to pay 
office, it would, according to the £54,850. 

rules of Lloyd's, fall in the 1978 O Meanwhile on another front. 


no increase in growth margins said that there was a substantial looking into Brentnali Beard's fu ™ » meanwmie on corner front, 

enterprise are to appear in or sn , a ii f a ii s fall — 18 per cent— -in the aver-; role in the events which have r a ,s P , 2n Qeti later this 

national newspapers today as part or smaii iaus. income of those farmers tod to a >10m (i'5.2'mi dispute d.cale has been suspended since month between the Luxembourg 

nr an advertisement drive by In the dairy industry, farmem ukLng part m ^ surveV- -After hetueen a Lloyd's syndicate December of last year. Reinsurance Company and B. 

Aims, the free-enterpriso ginger who increased yields of milk. a ii 0 u,-,nz for inflation * this is beaded b> Vr Frederick Sasse Claims agemrt Sasse members Clarkson, a sbiph.-oking group 

3 roup. hl hMe r * d ““ D I equlvalintto a fanofncarly 80 SS tta B«1 Hm fj 1 ^^surance interests. In an 

. j. I their dependence on expensive „„„ no „i iT1 ^rr..,n !•«♦•*,. a .i« amount to *.o-.0G0 for each name effort to sell »e reinsurance claims 

Mere lobJess 


Rodgers acts on M-way 
service areas inquiry 

by'our iNbuhitrAt Stanf: . 


while at the same time reducing Pn -ii valent tn a Fill nf ncarK- to and the 'Rrarilian rein?tirance on ^‘ s business, If made, could with insurance interests, in an . ■ '' £'.-r 

' 132*2 P«r real terms." tie ereue Instimte de Keesceero, do 'SJ e 2£jZZ mm * *** 


concentrate 


UNEMPLOYMENT in the build-! their gross margins by more 
ire imJusirv h.i< been aggravated. than the average. 


improved union saidL 


The term “gross-margin" is not group's affairs 
a measure of profit but the dif- = examined 


Brasil, man* other aspects of the on lho ind icate who had under- made by Clarkson. 
group's affairs are to be 


lax certificate schema! The better performance in the ference between the sum real ired : Brentnali 


designed tn curb "the lump." 
casual employment, according to 


industry stemmed from on 


output and variable involved 


Bc;,rd ■ 
a fresh 


is now 
problem 


asual employment, according to , greatly increased yields. Output costs, such as tho^e for sprays, which has arisen t/n the Sasse 
rernrt for the Conservative- per acre was seriously reduced seeds and fertiliser. : nTidioic wh Jch was* a£>em?ed 

small Business Bureau. * b y the drought in 1976. The ICI report demonstrates. I SiraSs the end of list at 


Report on Cornish tin 
mine expected soon 


NOTICE OF REDEMPTION 

Nippon Steel Corporation 

{Uu Mppon SdirUn K a b usMU X i h teQ 
Ciuranlccd tides Dai 1S00 




Although beef and pig pro- as usual, that the best managed Lfovd’s because of a solvency 
ducers had a relatively thin farms have been doing welL ! difficulty. Fresh claims which 

j could amount to C$5m (£2J2ml 


port Secretary, ^1*. expected." to January under the chairmanship 
lose little time rt.'4apUanenting-of Mr. Peter Prior, chairman of 
some of the recommendations dder makers H. P. Bulmer. who 
made by the Government com- has visited all the service areas, 
mittee of Inquiry .into food and ^ exDeetBd tft Mn . 

at dolorway *"• fcSKS 3E£L*JEt 

The committee’s report lias nf 

been in his hands for two weeks food 

and, will -be published- tompraow., ‘ motorway 



Dip IO 110US6 building j Brentnali Beard. j ane m j n ^ near Truro in C^rnwallTin, which! bnabradS The report is to be launched 

* 0 In a letter to toe members Cornwall. UB_ Canadian imd Swiss finan- L ® st 7fVi l^easuTy col- by a team, which includes Mr. 

BY OUR INDUSTRIAL STAFF tbe Sas ^f syndicate Meiritt The contents of the report will dal interests, and In one of the tocted about £4m from the 39 Rodgers, Mr. Roy Hattersley. 

! Dixey sy ndicates, the under- b e decisive in determining toe more birarre twists to Cornish contracts Involved, about £100,000 Prices secretary, Mr. Prior and 
WORK STARTED on 11,300 new turn last month might be i agent which now manages Government’s attitude to grant- tin mining history the company for each concession. ■ • members Qf his committee, 

private houses in August, accord- associated with the mortgage 1 “ e suspended Sasse syndicate, j B g financial support should Corn- expressed toe desire to rescue 
ing to the National House- famine, “which was being felt ; baS warn ed that the claims could wall Tin and Mining request Wheal Jane despite-lts failure at I 
Building Council, toe consumer even before the announcement | jSP unt t0 “rather more" than assistance for purchasing and re- Mount Wellington. S 

watchdog organisation. This was of the increase in National : CS5m depending on toe loss. opening the mine. Falling the discovery of a new) 


Lloyd’s because of a solvency BY PAUL CHEESERIGHT •*. «u U 

difficulty. Fresh claims which Department of Industry ex- The two mines are closely linked Mr. -■ Rodgers /Is ' ,. 

could amount to CS5m (fUml ieefs to rerelve this week” beraus£ ifthe SlmoiSSi wo-k annoimco ahnerst .;immeffiatdy'v%we^"tl*j:^^^ 

or more have fallen on the syndi- specially commissioned report inl^at^one, toe^vel of water that bis Ministry wiff be making . imposes an/fhe-edh- 

cate on Canadian fire risk f^ R TZ CcmStiants about the infreies ln toe otoer. changes, to the conditions ; in- Mon ,*bo come in for sharp 


SSSSSn^ ^ 11 by future viahnUy of toe Wheal Mo^t WelltogS U owned by solved to motorway service area camment 

orenmall BparCL -r : n ,. . ml— _TTf , ■ * I I'nnhTil'ts . The 


amoral l haaot sad mccontinet j 
51,005 per USL SIJ0T 
1 hr NclW- la add ii loo. _ . 

00 icdowpiitra of the Notes inteicst 
to September 26. 1918. 

The payment of (lie ted 


BY OUR INDUSTRIAL STAFF 


memher^ of his committee. 


a dip compared with toe 12,861 Savings terms-’ 


1 in July and was 


Sereo.’wS bJmadacmma'iSerSep^SS average of'14.535 starts over the know whetfai 
26. I97S upon presemaiwii and surrender of previous three months. houses Starts 

The council suggests the down- will continue. 

197V, at ibc office a£ any of the foDowina 
Pajin* Assna; 

■■ ■ Tbr Bnolc of Tokyo Trot Cotopm? ta 
New York Or (Main Office) 

• ifco Bank o* Tokjo Tract CsmpmB ia 

Loadea 

• T>e toctatria l Baak of lapm, LtedM* 

• lodortrlrhank vOB Japan (Dwtacb- 

tasdl AkttennaeaRbaft la 
fint am Mate 

Ttw Bokrf Tokyo, Ud.laBr«tJ« 

\m The Bank efTobjo, Ltd. fa Sad* 

- • The Baal: of Tokjo. Ltd. la MBaa 
> Hie Dm* Toki-H Holland) N.v. fa 
Amerdam (Malo Office) 
a Swlia Baak Corpora Uon la Sasel 
tWafa Offirei 

•4 UgioB Pail of SwSaeHaad fa Zwfa 
(Mafa Office! 

•» Krediellamk SX laanhmiMlK fa 
— * Leanabuiiin (Main Office! 


It is too soon, however, to 'examining the matter and _ „ 

know whether the slide in • likely to intervene to help the stopped production In May follow- will "at best remain a mar gin al 

houses started during August 1 hard-pressed Sasse members. The ing toe earlier closure of toe mine, dependent on sustained 

will continue. i committee feels that since It was adjacent Mount Wellington mine, high tin prices if it is-to survive 


The committee of Lloyd’s is Wheal Jane is owned by Con- high-grade orebody, . it -serins 
:amining the matter and is solidated Gold Fields, which likely, however, that Wheal Jane 


cial Receiver fees toa 


V’v 


Economic upturn 6 may leave UK behind 9 . 

Mr %[ In s memorandum to toe Cork .scales' fixed by the Bankruptcy 

BY MICHAEL BLANDEN ’.;• •• Committee anlnsolvency law^Uie Fees ..Ordgr. 1^75 provide for a 

■ Society trf <ton9erV{^rt L»v¥3»rs;maxinMHB; fee cif 20 per cent-of 

IERE WILL be little scope for Finance Bill— principally the lp compared with about 5 per cent the next 12 rnomhs compared rising by 6-7 per cent this year sayxtoe lees shimi^be^ailcnlateKl assets re^fiktitf^plus- bther fixdd 

■ther reflationary action by the cut in the basic rate— is due to this year. with an average of nearer 8 per the broken forecast a faiL of on the basis ;pf : titM.^eyoteff to’ ’andr'af^etionary cqsts. j 

veroment next year, and be paid in October, while An expected slowdown in the ceot in the other major indus- 0-1 per cent in the 12 madtiis to tfatyfob.J j ^ _ i... fojkjtiWSy, , 5nqulg be '.a^itje 

i tam is in danger of being left November sees increases in child t 7 c should he nff^f'hv hleher trialised nations. the final quarter of 1979. " The high Brals. yak yftbn: a arilhlif ;:^6e ' nev? • Insofwne? 


THERE WILL be tittle scope for Finance 1 
further reflationary action by the cut in tin 
Government next year, and be paid 


- • BY DAVID. FREUD ■ ' •' .. >.:Z 

THE FEES of Official Receivers claims. ' 
called In to administer bankrupt The • Tory lawyers ttaim thdf 
companies and estates are too a Receiver’s fee might be a third 
high. Conservative lawyers 'claim. ..oF the. value ; of the asset* -.The 
to- a memorandum to toe Cork .scales fixed by the Bankruptcy 
Committee an lhroivencyiaw^ the Fees . Order. I??5 provide for a 
Society trt Cohservati^ Lavfrera^maximarit fee of 20 per ceot'of 
says the Tees shoaidbe;caicuIated assets teased, “plus- other -fixdd 


sbooM & dnacbcd sad 
prrsoazrf for payment in Ur ami manner. 

ASpi> uK4ia will be made fa sachconi or 
■niftTTKT of Cm United Sutes of America. as 
at fflew of foment shall be legal tender 
iboftln for Ebo p a ymen t of public ml prime 
(iebuond. fa case of payment at «ny paying 
aeenr outride Wear York City, by c&cck 
diaW-noa aUntal Sate? tfaflar ucotml, « 
hr iranrirr to u United Stain ddfar acctant 
lnaincafaed by the payee, with, a bank fa New 

^ olf^NU AFTER SEPTEMBER CS. 
IvAlNTEBESY ON THE KOTE5 WILL 
CEASE TO ACCRUE. 

mtra$ STEEL cobforahon 
£ys Tin Batik of Tciqo XimConsar 
’. AsFjaalAseat 
lyjttd: AupBt ZI, 1978 


for interest payable 
571 sbooM oe detati 


Britain is in danger of being left November se« increases in child L7 ^ ^id bc offset hv higher trialised nations. the final quarter of 1979. " . The 

Sotoro “t is SSd SETS S ° P8D ‘ , in EurQbe - the* brokers The UK inflation forecast is “This tumround is the main 1%%E£S£ 

^oSokers PhiUh? and Drew , sa>. to leave real gross national based on the expectation that feature of the outlook for- toe 

ysfssznssjjr!.* aimf 2as £,°“” ss% SeSs. & sss sssi-sttsi 

srvjssgsEsv fsa ns 1 3i per Kot *■ . * . ■ as- 

of the already buoyant consumer incomes this year has come u .... . This figure can be divided balance of payments. .... -. -~V 

spending, they foresee little scope against the background of rising However the UK is in danger into 5 per cent for basic wages. With slower economic- growth /-VvriCill 

for further reflation in the next inflation and the failure of the £* bem § left benlad. they argue, in hne with the Government unemployment is expected to v-'Uli3Ul 


The Hgh beate'.4ra'-'*ofton 'a -arilfiiif iiew' - insolveocF 

block off Qie.dehtdfk- HbUity tq statute.' says tbe -jnetoorfufflum, 
be discharged,' as' wtfJ o^r- Jor "a . segwrate. ■ provision, 
bartfesing bankriigtpj* ^infois^. simplifled^p'roeedure for debterri 


Gonsumris ‘need bigger role’ 


reduced rate band which was not at the same time. This fore- to be substantial!*/ above the circumvention of the policy. In "a^ 'similar warning about ex- set‘np*lm l975 j« 

included in pay packets until casts a " discernible improve- OECD average next year after The forecasts, together with cessive growth Of consumer M 

the end of July and is therefore ment" in world trade perform- being in line with the other the assumptions on tax relief, spending de Zoete aod - Bevdn. special mqm mIC j 

only now being spent ance with over 6* per cent major economies this year. imply a “ substantial slowdown a retie that the Goverment mav Hntnv- the consume 


proffinrtivj^, 

toismiie^.&it^n^aftnuat-; inffatidarrato 
esto ■ out- pqlicy . should/ be determined by 


ily now being spenL ance with over 6* per cent major economies this year. imply a “ substantial slowdown argue that the Goverment may I itoinff. the consumers' . thtaest iir 'a national "pair cOnnciL and a 

The tax rebate from suhse- growth in the export volume of LK retail prices are forecast in the growth of personal dis- have to Introduce tighter Con4 economic policy. .--new ' hodj get up to monitor 

mni amendments to the thn OECD countries next year to nse bv about 12 nor writ over nncahio myi inmMD" nnmha E a ' :•» .iha - j uihuiw 


the the OECD countries next year to nse by about 12 percent over posable real incomes.” After tools in hire .purchase. 


trill be -debated ^ at ^ ~the pay and productivity deals. 


«|"wg >wStti iBniWn 


cfr*A 








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,Mon&y?Segteciter '4 1978 




. i.-* :* '-• • •■ 








The.new Rolls-Royce RB211-535 engine has been 


to pbwerthe 40 Boeing 757 aircraft they have just ordered 
As the launch engine in this new Boeing aircraft, it is yet 


Already the Rolls-Royce RB211 aero engine has 
rted £530 m " 
for British workers. 


Now this new version of the engine will mean even 
bigger export earnings. It also means more secure jobs for 
both Rolls-Royce employees and thousands of other workers 
in supplier companies throughout the OK. 

The Boeing 757 is quiet and economic It promises to 
be another best-selling Boeing aircraft. 

It will go into service in 1983 taking the Rolls-Royce 
RB211 engine and British workmanship into the 21st century. 


Rolls-Royce power for British exports and jobs. 

Rolls-Royce Limited, 65 Buckingham Gate, London SW1E 6AT. 


ROLLS 



ROYCE 








r 


IfirTED BY ARTHUR BENNETT AND TED SCHOHERS * 


• TEXTILES 

UK printing science 
for India 


AUTOMATION 


Wimpey in Film process has many options 


mini move 


COMMlSSlOKIXtT OF a new convenor can mean improved the source of raw material pro- 
£250.000 blown film co-ex tr-usiun machine performance or a duction. the company believes 


« handling 

NatWest to 
put papers 


Processing Equipment has . 
beenextendedand [a : • 
now provides lO regjQ. L t : •; 
%. 3 A. i ; 

and! 'A inch p»ping“>«^Sr ,-j 
installations, - [ lr : .;p M 


0 -extrusion macnine peMOrmance or a uunuuu. uie tumpany oenevR. - a] 

plant is nearing completion at cheaper alternative packaging. that there are two good reasons fO||C 

SIXTEEN minicomputer sjslems M art j orj Flexible F icka"iny. ’ Initiallv the company envisages far a converter to mstal it rarher-UH A 

based on the Data General Nova Midsonier Norton, Bath t<J78l using co-extruded materials for than a film ^supplier. The. first „„ t0W er block head- 
have been ordered by George 41g761 , vacuum pouches for meal and is that the converter is nearer i nr the National West- 


have been ordered Dy ueorge 4 lg7M , vacuum pouches for meal and is that me converter is nearer l” r the National West- 

Wimpey to speed data collection The companv expects the co- packaging for cereals, biscuits to the end use and is likely 21“™™ R, n i{ i n ‘ London, now 1 

anrf ininrnse KflOlrn in reZlOD3l ■. ‘ 1 _■ WnaJ fnnrlc CiihwnnPnt ffl he mnrp Aware nf thu iicor'i minStCr , _ -r lha 


J) C. A. NDBORtlV t^ 5 


LICENCES F»»R lech meal col- 
laboration heiwecn Strachan 

Hcnsbaiv :mrt iln- Indian company 
Hindustan Thermo Prints provide 
for the 'supply *»f a Flesoiex 
printing press and oilier eqmp- 
mhnl. as veil as the transfer nf 
technical expertise In produce 
heat transfer paper for tevlile 
fabric decoration. 

This will he il«* iir-T lime that 
h#*ai iransfrr paper ba« been 
printed in India and I he new 
company will hold India's only 
industrial licence for this pro- 
cess. A new factory should emne 
on stream in August nexi year 
and will he huill wilh complete 
in-house facilities for ihe pro- 
Huciion work. from design 
origination in the handling «f the 
finished reels nf printed paper. 
The project will cost more than 
Rs 20m i a hi 'in £1 !'n». 

■ Hindustan Thermo Prints is a 
new public slock company wtili 
an aiUhririserl c.'ptial of R* 'em. 

. Some 50 per rent nf ihc textile 
priming paper prod u ,- cd will he 
exported and it is expected that 
il« appearance on world markets 
will make a .-nn*idcrable impacl. 
jwm-r ihi- will hr ihe first lime 
iradiimnai Indian design'’, ussoei- 
alnd .jisuall' wilh hand-woven 
■materials, v ill he available fur 
printing 

- It is planned ihal. eventually, 
ithe rnmpanj "ill make printing 
.calender machines iiseif for the 
transfer of ihc de-igns From 
Taper to fabric. Negotiations are 
.under way with - i world supplier 
or such cqnipmeni 
‘ In anticipation of the avail- 
ability nf a national source of sup- 
<fi|v of transfer paper. Ihc National 
Textile Corporation nr India and 
-Hand Looms of India, have made 


arrangements to start an expert- 
mental scheme to turn nut beat 
transfer printed poiycster/coiion 
tahrics using a few. imported 
calenders and imported papers. 

Flc.xijtex’ presses have been 
supplied m many countries, hut 
this is tin* first installation out- 
•adc the l : 5. nr European enun- 
irics In use ihc Speedwell 
design sleeves and nn-press 
removal xj stems, m cither words, 
the operation in India will be as 
ad\anccd as in any other country, 
li will also be Ihc first production 
unit o inside Europe to use laser- 
engraved printing roils for all 
designs. 

The machine is a six-colour 
1900mm common impression 
flexographic printing press. 
Speedwell system consists of a 
precision profiled mandrel and a 
light plastic .sleeve which, when 
combined, form the printing or 
design roller. 

Without removing the mandrel 
itself from the press, the sleeve 
can 1 ’ji.il’. be mounted nr 
removed from it. using air pres- 
sure. This reduces both riown- 
limr and inventory eusls a.s the 
.sleeves are easy in transport and 
► i*i re 

The curienl contract calls fur 
ihe smith of the press. mandrel'' 
and sleeves, an inspection rc- 
winder in produce small finished 
reel*, from the larger ones that 
enme off the pres*, laser engrav- 
ing equipment and a calender 
prinrer. 

This arraj nf equipment should 
permit production of enough 
paper lo punt 7m linear metres 
of fabric annually. 

Strachan Henshaw. Sneed well. 
Bristol ES5 7UZ. 0272 558281. 


"«■ i-Nuip-*- iiiaicridi* miii periyrm n. iit-i ...u «.«.n ...» ...... .*■ .. B - --rj-' — * ■“ ann n' hinldine wilt oe ooae iu Developer is D. B. LajrissavxJ 

he used to keep a consiant check a small additional premium. Raw sensitive or agricultural products. The American designed owi-n the value of the contraeffw®! 

on ihp status of orders and materials costs will be cut by The decision to instal a blown Moenco co-extrusion plant a DOfcel ' va>1 . im .n Man t 3D electric railway triu?3 

deliveries of equipment for some using thinner plies i ha n exist as film co-exlrusion plant was taken which can produce up to 10 An electric railway wnn sm-ii pa» v -M ftSl 

of Hie company’s overseas con- handleable monofilms. nr thrmiyh after several months or investr- tonnes of film a week i s the fir A. carrier cars operating on -* ll ” j av i because of-tim* S 

tracis. the production of ihe desired gallon into both the blown film of its kind in the United will take the documents from from ttM-v f 

Supplier is D<-C International specification in. one operaiion and cast film processes and an Kingdom. - department to deparuu em. Lamson Gtkma. 

of Twickenham whose parent in instead nf i wo or more. extensive market evaluation. Mardpn .Fciixble. Packaging, travelling both honsonUliy arm v- ^ . ww .' 


ihe U.S. has installed some 150 For th 
systems based on DU computers, the chan 
The contract is worth £450.000. — — — — 
Wimpey had already installed nA" 
some nine Novas in as many 4P 
regional offices, using internally- m 
develbped software, but finally 
decided to let the specialists take JLVl 
a hand. 


HI I«W| w mnre. — ■— t -humuii .. VHAWIV- rm ivoLgiuu. [raveiiins UUIU u- m nehiro 

the user, abiliiv to ring Although ihe new plant brings POB No. 3. Midsomcr Nortan. vertically. In certain areas the aarapsmre. 
inges on the part of ihc’ Mardon Flexible one siep nearer Bath BA3 4AA. 


• DATA PROCESSING 


Kitchens by computer ’ 

Bui Winipev s own svslems and 1T HAS been estimalcd lhat ii ing unit per user, with the main- Ior lhe standb >' orange- qua ij t j es 0 f its predecessor, is j n g pedestal make? tiie fitting of.-' * 

nro°ramniin < ’" staff will prepare » en hour s lo design the frame reduced to a shared data- S( £ { t Fi ’ the Super Univac range of souas- alternative prime movers a rtfe 

hc'systems to be used in each average kitchen and. with the base plus the costlier peripherals 0rchard Bra ^ Edinbureh IS handling automatic -vacuum lively simple matter.- ■ ; . -V 
section, basins their work on the » “Ruction or a- microprocessor like line printers. 1PF ^ ^ priming centrifugal pumps from Other benefits offered mcJite Hi- 

packages designed hv DCC over 'which, it is claimed, can do the Since each new terminal irr - UJ1 ^ Svkes Pumps. 445 Woolwich simplified maintenance - am.' 

the rast few vears.‘ same work as a kitchen designer, would come with its own „• d Char i ton . London SET reduced site costs, miniim® 

* * this time can be reduced to as processor the system as a whole a GRAPHICS ?ap Vm SfiS Sl^n downtime and ease of tvperafwn -t* 

liitie as half an hour. could not get -computer-bound.'* TTie m?w ^pump is of modular The pump is also of smaller, ' | 

A house wire should now be Arhat is at 160 Queen Victoria TP - ennst ruction with interchange-- dimensions than former model* 1 / 

• METALWORKING able lo take her kitchens Street London, EG4V 4DA. 01- J. TRIlSlCrS Snltv of many of its com- faci Utating- transport and movi| 

l . • , sssrsss:. u ^ t ^ i9im - r^.i. ™»«i«- te . ^ 


disruption on the day in question. \T awc tifilA Til T FM TT 
a further 10 days would have \ C 1 q 4 U 1 v UUIlip 
been needed for the data pro- 


*. V ° ' 


METALWORKING 


A — dealer where a design can be 

SVSrem drawn up on a television 

screen. Discussions can take 
1 place with a designer and modi* 

Tri rpnilPP fications instantly made. 

lv ItUUv-v^ Once all the varinux units 

have been placed, the machine 
s\ *-■ nlcn can show the side elevation nf 

I ||r* nUljt the layoul and then produce a 

contract uf sale, an ord-T for 
DEVELOPED TO minimise noise parts from a supplier, or for ihe 
levels in bar finishing processes kitchen plann-r’s stockroom, and 
is a soundproofed bar handling technical drawings or the kitchen 
system from Cenbar Tools, for the installer. 


"•Standby 
; can support 
“ big systems 


symbols and 
lettering 


• COMPONENTS 

Designed for safety 


. have been placed, the machine tail OUU Ul/l t SUPPLIERS Mecanorma has IlHSlHIICli 1U1 SalClY 

nniCA , s ^°" the side elevation of # introduced a dry transfer device ® *' 

llUloC 1 P w‘ CC rJi! hlQ CVCrAtnC know’ll as the Transfer Card. This ADJUSTABLE DIFFERENTIAL “explosion-proof version which 

contract uf sale, an ord-r for Ulii OVolClIlS is a handy-sized fl20 x 230 mm 1 ^Jchcs which are explosion results in a very light-weight 
>ED TU in in muse noise an .' „ n l P - PP |^ 1 WHAT MAY -he the first imple- ril 'y transfer sheet »tO“°Ied on a and wea thcr-proof are now avail- compact design suitable for 

bar finishing processes kitchen planner s stockroom jnd , a tirm in ESroie ofa nTalor cardboard frame— allowing fast, ab | e from Hvmatic Industrial fined installations. The electrtcaf 
dp roofed bar handbag tecbnia dre mgs of the kuehca ™JJgn ^-accurate luy-down. reducing Controls Glover Sireet. Redditch. asembly can incorporate eitW 

f r° n ’ .H n _? 3 . r _ Topis, ^or the *ns S r ISv’/ES « aslc and ?>vfng extra protec- Wares. (Redditch 67841.. _ an SPDT (single pole, double 


on straightening or reeling taJSSd E^hi'hi- EdinlSreh for the Scottish with ? he sheets ’ Accu ' of pressure drops across filters, _ _ 

machinery and. says the com- ,s Q i mSSSt Souare Wiffnw^ g Fund and* Ltfe & Amu?- ™ cy ,n JL n, J 3 and squanng up differential pressure on turbines, T T c a{h1 

pany. will enable operational SloSdon WiM fOMSfi lStlV Xe?SodeS bv Svst™ Cm5l. “ 6 ,i mp1ified ’ Particularly with pumps and compressors, and flow U S6IU1 
"0l« '£<■'* * reduced below L " nd '>" W1M 5AB ^ la511 ' if'oeeeseorv for d ^° n ",^ en Se " Si “ g ^ an 

S Ro”id'tars up to =0 feet tons hj(J(jpr rfllP a'rldLondSI! 5111 ' 1 " 15 ° f Edl ” b,lr8h eecurote llolns-up to to- super- ° The switches are aid to be DOWGF 
can he handled wtth the Sfsteo, DlggeF TOIQ was done under XM'. KL." .HE SSHL. °< , JSST&SL "It DESIGNED FOf 


:e ELECTRONICS 

BBC order for Gould 


,A SUBSTANTIAL nnlcr from 
4 he BBC for an n-mllosi'iipe 
designed for ud*'*! iininiiomrj 
applications ha= b»»rn 'vun In 
‘Could 1n*lrniiuTii- nixismn. 
•Ttosehuck Bead, llama ull. E-sex 
'(fit -500 IflOOi. 

j The osciHir«i ,r '!«' '* a nnidified 
•brighter voiM-m nf the com- 
-paiiv’s Advance i'»S3:5noB with a 
T»BC dpsienfij mnehasc modiile 
■jncm’poraiin-j ■••imprehensive 
x idro triguenn? fan l me#, which 
•is hein^ madf' >■> the companv 
under a maniiradurin: licence 
iicrrement from the BBC - .. 

. The new umeb.^c generator 



allmvw th? oseilloxeoDC to he Used 
fur detailed line-by-line examina- 
tion uf 625-line television u 3 re- 
forms or lo display a television 
picture. 

It accepts a standard level 
video signal, which may contain 
“ Sound-in-Sync “ signals and 
provide six different irigaerinu 
modes: field 1: field 2: field 1 
and 2 ailematmc: line repetitive: 
sinele line selectable hv from 
panel switches (with the line 
number indicated on a 3 d»cM 
light smiliin.K diode rtispla' ' and 
linr Pairs in the range 16/329 to 
22/335. 


andC 


noise levels to be reduced below 
S5 decibels. 

Round bars up to 20 feet long 

S?h n tch%!mS S ' , J lh a .m'.S™J ™* "SW 1 " ^.L 0 " 6 "JSE Bheftovcr'a TipMly ^*d^“de. ZSS£*T fcSTSKS. "K DESIGNED FOR „„ „„ c„ rt . 

tic in-feedin' 5 unit and an auto- tact °hv* D ^f ttfth 6 wiZw! on the artwork. The edges of Jtbe system pressure ports, relative to connected appliances such as 

mat e oSiiStn “ convejo? The IOF 10031 card can bc “ blocked^., against the differential pressure which power supplies, portable instra- 

DnJimatiian- ODerS . n-feed ? n C v f- ,h * ev fu"I *be side of a ruler teed to the they are sensing. They can be meats, medical and domesbc 

Enu u pnuin»ed P with a hinged a ^0 !l!» drawing hoard and It will guide accurately adjusted for settings equipment, is a to.ccle-actioo 

safetv coverin' ensure that the DFOCCSSOFS El mr i-n/Sl easilv a,ong a P ara,,el ru 1 ®- between 0.04 and 75 psi. yet are power switch, type T10. from 

Ji fuliJ Scottish Widows IBM 3.0/145 a range of more than 530 well able to withstand 400 to 750 Highland Electronics. Highland 

the ARBAT HAS set up Us Ashford computer, immediate standby references is available In this psi over-load pressures withoiit House. S. Old Steine. Brighwn 

finilhins machine ° mce “ a . ne * r research centre facilities would he made available new form. These inelude 294 suffering damage of any kind. East Sussex BN1 1EJ 10273 

rin Vmlw w,th a Dl S ,lal Equipment PDF’ nn SCL* IBM 3i°/158 machine, references for letters and Because of a “ Dual-Snap ’* 8936881. 

C «. P i l ..r C rnr 11/70 dedicated to dcvelopiiH'nt The in-house computer was numbers. 39 graphics symbols, element— this is a convex disc This switch is complementary 

ineni to caiur For aaations in lV0r fc on system software for ’down for a full day, not p-j architectural symbols and which snaps to concave under in size, weight and appearance In 


mms Limited f SCL’i * comnuter sn \ a !! er E oint size5 ‘ ' detection when sensing across an “• 

rnd i rondSr ltant5 ° fEdinblir8h a^urate^loinl-up 0 ^^^ ^The itches are said to be DOWeF SWltCfa 
an i.- ... impose th e dotted line on the capable of withstanding high r V M ^ ” llVU 


for local 
processors 


tAnrfnn liunij-nr ‘V supil- 1 Ilf on I IV11C9 IU ut III f V W n, k ,*« V W 

Tho°nSo«nnn u a - ri n no im P 0:5 e lh e dotted line on the capable of withstanding high J TltVU 

*v, Th .nr^c F «r sheflt ° vcr a li 8 htIy tTRCed suide imbalance forces between the DESIGNED FOR use on cord- 

hv? D c«r^ch e wirf«wf 071 the art"'or k - Th ® edges of Jibe system pressure ports, relative to connected appliances such as 
as i err « CDlll ’ n widows car( i can tj c “blocked against the differential pressure which power supplies, portable instro- 


lenalh. 


hanking computer systems because of hardware. 


A range of more than 530 well able to withstand 400 to 750 Highland Electronics. Highland 

ferences is available in this psi over-load pressures withoiit House. S. Old Steine. Brighton, 

iw form. These inelude 294 suffering damage of any kind. East Sussex BN1 1EJ f0273 
ferences for letters and Because of a “Dual-Snap" 6936SS). 
i m burs. 39 graphics symbols, element — this is a convex disc This switch is complement wry 

architectural symbols and which snaps to concave under in size, weight and appearance tn 


dude a wear resistant, sound- System (AIMS) software and Trie work carried out by SOT. of letters, numbers and svmbols is pnsitivelv either on or off. Its breaker. It is panel-mounted m 

dcademnq lining on the in- eed- hanking communications soft- involved the processing of all for overhead projection use. set-pnint does not drift and the a 12.7 mm round hole and 'lhe 

in? trough and insulated rollers ware are areas in which work is new contracts received in that Cards containine special logos switch is not sensitive to shock, body behind the panel measure 

on the outgoing conveyor track, being done. dav and prevented major incon- and lettering can he produced in vibration, temperature varia- 35 x 39 x 17 mm (approx.) in- 

The outer cising of the feeding But a major effori is being vomences in the service which one or a number of colours. > rions or other changes in ambient eluding terminals which take 

trough on the in feed un t is also deployed on di^nluiied micro- S«-iuu?h Widows offers to its More from Mecanorma JJK/M conditions. 6.35 mm push-fit connectm 

fitted with a sound-deadenmg computer systems. Th- aim is pnliev holders . The company Central Street. London, E.'CXl A hermetically sealed electric Screw terminal adaptors are 

material. Iikelv tn hp one central process- rerfcnns lhat. in addition to i>’ (01-253 0261 1 . assembly is used for the also available. 




£13lm contracts to Laing ’■ 

THE LARGEST '*f conlracls mil also involve diverting a cui- persed from London. The brick 


Busv in UK 

V 

and Canada 


awarded to vert across the site, building nt?w clad reinforced concrete framed THE LARGEST contract in borough. Colchester 


Work rolls in to R. M. Douglas 

THE HOLIDAY' period has seen The 16-inch pipeline, designed ramp, work is being carried 
the award of several contracts lo for a maximum How rate of out by Ulster building and 
companies, in the Douglas Group. 96.000 barrels daily, will extend civil engineering contractors. 

British Lift Slab, for instance. Irani Bearricc Held in the UK McLaughlin and Harvey, and the 
has gained awards worth £2.Sm. Block 11/30 to a proposed non-marine structures section of 
The^ include contracts foe receiving terminal at Nlgg Bay. Harland and Wolff. j 

multi storey car parks at Peteri The project will inelude about I 


CONDER 

World leaders 
in steel framed 
industrial 
buildings- 

Conder International Ltd 

Winchester. Tel: (0962.' 092222 



CoT.-m- e* 

..B^.tsre-v T-»«: •• • 
Dn-: 

A'.oftf e<K. »-v: * -35* r ? 


I lul LUl.i lis Li . I ( i- ?L „ ..ii ■ iviin ./i. ..... ni.Mi iuil.i. ■ — — _ — - — - ■ i „ - ... - - t.i ai.iiuiu _ , - J 

on the Pbilh;*rmnn:': Hall. Berlin, and the quantity surveyors are ment Corporation ha* appointed Office. Wimpey is in build roads. tL355.0f)0i. Another job is the conipaoy. owned jointly by 
and provide^ for an audiionum Kllimt and D’Arcy. both of as stoictural engineers Thorburn scwei’s, and, provide general ter- construction of_a malting tower ^ ™^__2?P_^ r V c jj :,n 

at second door levi'l above shot Middlesbrough. 


French Kier Renovation 


and Partners and as mechanical vices lor I-M Developments of J, Rurfnn-on-Trent for Bass and Sante Fe International Cor- COMPANIES WITHIN 


the Department of' Healih" and to be buill under a contract worth downs. Edmonton. Alberta. Tor awird”fnchide a~£uin'’ contract 
•tan hte^iv's m..mh .,tth eon,- S 06 *? 1 Service* is on 0.66 acre nearly £ 1.02m. Work will soon Qualtco Development, mvolring !or , even factories at Halesfield 


I'ontracl worth more than and Kirkwood, ooih oi Glasgow, dentiai project in Scarborough. Another company in the group. 
i!350.000 to complete a home for A further phase in Bedford- Ontario, at a com of £1.25tn r. m. Douglas Roofing, has £1m 

■40 elderly Toib in Beirasi. The shire County Council’s Inner Another contract uf a similar north of orders, while R. M. 

twu-siorey home being built for Ring Road system for Luton is nature, for Xl.lSm. is 1 at Castle- Douglas Construction’s latest 

the Department of Health and to bo huill under a contract worth downs. Edmonton. Alberta. Tor award'- include a £l.lm contract 


jobs in 


will provide home- !or up to 46u miporunt iwo->ear £3.3m con- Road, on tin* western ^ide of contracts totalling oxer UTOQ.Oim: 
people i.-i t" in* bin. l under ;i lrac j lo build ihe Overseas Luton, with the A6 leading north- one Ls for a throe. span hridv*.. 

* 11 ff,r ! h4, tieveiopmeni Mint. -try uffifo at wards. cast in situ over highway .921 C/vn 

nf Langbauryh. nn the *-ne nf .* £ usl Rtihride Work will start within Lhe next for Canadian National' Railways, I F ij[l |jP/l 

former gauds sMlum m Esiun. Cun si rue lion starts thi-s month two weeks on warehousing, the with all associated v utks lnclud- 

Uevelar.a a iq. 6 acre site adjacent to first stage Of a 39-acrc speculative ing drainage and ?lppe protec- . • | ■ 

The 149-hunu: "- 1 : 1- will ha\c Faqlesham RujU beside industrial estate for lhe Medway lion: the other Tor K my] Holdings nmpimp 


rt „ a 10.6 acre *iic adjaceni to first stage Of a o*j-acre speculative mg arainagc ana slope proiec- . • | ■ 

The 149-huine o:'M« will base EagJeshani Road beside industrial estate for the Medway lion: the other for Kmv] Holdings 1)11101111^ 
houses, bungalow, and nuiuc lwu- Hairmyrcs railwu\ station on the towns at Gillingham. Kent, under is for all undergnumd services. V-AaMV 

siorcy and ftuir-sluivy biurk> «.»f wyslem side of ‘East Kilbride. -1m c*u» tract by Grosvenor roads and severs for a new resj- vFFRixjr 4 \ 
these. 119 homo will be for A £]iii nf silc preparation has Estate Commercial Develop- denlial |,roject Mnn mnniopmo nr w 


poration. French Kier Group have received Ilf 31 S Jil 

contracts amounting to £1.7tn. J ■* . 

The largest of these is a £662.3.i5 il, _ a * 

„ award rronj the British Gas T|JP I SFV 

terr\ rSlUD Corporation for the preliminary t ’ iat 

. * civij work for a compressor MYTON' A memher nf the 

I St RriH h C Tiaii^ Ta ylor Woodrow Group, has won 

ID L8FD6 pllced^ £376 0^6^5^ rfr a £ « m CD ^ract from the Legal 

S2? ne’v buiWInS aSd thJ ? nd Assurance Society 

TT 1 cxtensioD of a & for lfae refurbishment of three 

Harbour 

WORK HAS just started on shire. The project is to he managei <'31 

l«irne Harbour's second iwo-ttcr Perkins Engines at Eastficld. b *' 1,10 Legal and General AssuT' 's; 
terry ramp, part of a £3jn? Peterborough, has awarded a" ance Society and quantity sup 
development scheme, which is eon tract worth £352.000 to ve -' °rs E. C. Harris and PariTirr^ £ 

Remnnj .1 jSL^it SS.H EEC W and C Fn?ncb * Construction » Somewhat larger at £S^)-W0 •» 

Regional Development l*und. f 0 r the erection and completion the award to Taylor! "i 

The ramp is being installed at to the first phase of a test cell Woodrow Construction h J’ I : 


Ferry ramp 
in Larne 
Harbour 


AND construe- the harbour's Continental Quay complex. 


elderly 
hall » 
kitchen 


traditional hr:ckuurk cladding, square metres i of office area are Barracks 
with reinforced concreie four.da- being built to locate some 650 road be'w 
tions and tiled pilch roofs. Work civil service po>is being dis- the south 


Standard Chartered Bank, .fuf I 


cks sue fronting the link Nu-Wcsl DeveTonmcnt Corpora- . U v S V Tp U !? < !ij K a , contract awarded whidi opened’ two months ago. Station, adjacent to the existing wi th"q u an my° su^pyors WatfuS ^ f 
be' ween the A2 and M2 to lion. . Mes * <UK ‘- As with the first iwo-ucr bridges. ° Poo , PartnersbiP ^ i 

outh west of Gillingham. At home. Wimpey has won a 


£5ni awards for Tilbury 


Waste tip 

THREE LATEST enmracts hum. together with access -vs, -ill La iandscai 

awarded lo Tilbmj Construction roadworks, footpaths and land- W L1I Uv Th e 

total over Sin. scaping. Work on this £680.000 Hull hi 

The largest, iw.rrb over £3ni contract will start in early .wonh £ 

ha* been awarded by lac London uctoher. and is scheduled for lwYvLivU ■‘atirm 

Etorough of Hammersmith and completion in ihc spring oi 1980. houses 

involves a residential develop- The ihird conlracl is for a A BIG conicai colliery waste tip. Road. H 
ment at Blake's Wharf, com- two- and threo-siorey office and fell by the Welsh Development in ihr 
prising 162 dwelling'*, a public laboratory block for Marconi at Agency lo be an ugly blot on the general 
park and assoc in led Murks This its Stanmore. Middlesex, com- landscape, is to be levelled lo partial r 
project i> ab"Ut in 'lari and will plex. Valued at over £1.2m the create a 55-acre industrial introduc 

lake two years {>■ complele. huilding work has jum cam- plateau. • systems. 

A further coniraci. placed by menced and will lake !H weeks Th _ riprp iici land elearlv C 1 ^. 

the same huiIktiIv. calls for the to complete , Nfl 

construction nf a block of 27 The consulting engineers are (i plLlLV 0 C 


£4m to Reed and MaUik 

SSSJ??i?. n c ad ^” cc ORDERS WORTH, more than order to supply and drlv 

inc ^ ,Mde *‘ £4w have been received by the piles as part of the fount 
° se Si l 5S «vil engineering division of works ui an access road 


IN BRIEF 


areas, parking areas actress roads. Rll!ih and Tompkins 
landscaping and drainage. and Mallik. In Kmul 


Copatructioo. 


ates Wm. Morrison 
Bradford, value 


Two industrial piling contracts 


rDisomem or .a , 

Torn son SupermaTW^j 
i. value £450,900. 

- ■•■-■■Mm 


the same a u l lien calls for the lo compile ^ v .^ 

construction r.f a block of 27 The consulting engineers are to Brvnma*‘r Road B \vi« be 
fiats at Whealsh«Mf Wtarf. Kul- Michael J Heard and As.ocaie, ‘“ cl ^ed ^nder S? second sta^ 

of a £lra scheme approved by 

ihe VD.V. 

The first stage of the Torracn 
Borough Council projeet. which 
started two years ago. cost more 
than £620.000 and included the 
re-routing of the Afon . Lhvyd 
River by means of a diversion 

Founded 1834 channel more than a mile long. 

BUILDING & CIVIL ENGINEERING CONTRACTORS j pletcd and will enable some 1.2m 

’ maimcpv uiwu-irniBnjc cubic metres of colliery waste 

« i.^ R oDrtic^ r ' ACrL;RERS material lo be spread out in the 

li‘pApirii EC rnuTRACTiMr vallpy bel “ nd lhe U P *'t* lo 

ELECTRICAL LON/RAL7/NG create the plateau. 

W. E. CHIVERS & SONS LTD. 1} The total cost nf the scheme 

HEAD OFFICE: DEVIZES 2121 is bciT1 3 fuaded ij * v WpA 

Branches « LONDON. READING. ROMSEY A CHELTENHAM 


Safety oil 
the site 


Oiunty Council 10 provide a 
dual carriageway on the 
Razlan-Llandovcry section, in- 
rluding the construction oF an 
underpass. 

At the Royal Naval Air Estab- 
lishment, Emsettle. Plymouth, as 


Office and 
factory 


be carried out for Shell (UK. and 


completed day!"- the 



The sinale-storey production 


i her other loh 15 a i Ely Mill, spring of 1979. . ~ 

Cardiff for Wiggins Teape. ■" 

___ . ' ' .• Ford & Weston Gronp^‘>?^. 

r !Ei ,rs , t0 , r ^ rby aad Cheltenham is ift l^ 
adnutustratton and workshop vfde an . operating theatre',!^- 

A,b,on P' aM of Ley- Ronkswood HospUair: r: WoTce^iP 
land Vehicle? are currently being under i coniraci 
undertaken -by Cementation £361.561. for the Wesi MidlwwS 
Chambers .nnder a contract In Health Authority, ^ud: -a- set*** 
excess of £100.000. at Market Harbormieb', . wnrlli 

£425.128. for LeiccstecfihiM - 
• Fairtfou&h Construction has CoUBt y CowwiL .. ' 


SSBii I 


Goal Board. 


EX3 7X2 t01-Mt4 27L6j. 


ctmipun-, has received a £200,000 road system. 


S internal 


town, near Sunderland, for A ' symposium - J 

ri r|! GrundFos. Manufacturing, and a , Brick diaphragm and fin waRs- i 
£1.0m Jowl authority contract to i? bc held b y <he Brick j 
,£ buQd H6 homes at Stretford. P ^vclo pment Association a( tW 
inc Maftcbdsier. XFTBE Gentre. 20 Dttch^ • 

. Mews. London. W.l. on OrtObcf 

ss? 

^1.'^ a 


W, 










y^i^lal r TiiHe& -ftdnday September 4 I97S 



•nfS? 


The Executive’s and Office World 


EDITED BY CHRISfOPHER LORENZ 


I ,14/ 

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te iSriil 

Si tenr U-BSa 


• — " " • • ■ - u,« 

Richard Cowper on the problems faced by companies and employees contemplating a change to shift wofjc 

Times are a’shifting on the shop floor” 


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EXECUTIVE HEALTH 


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Freudians and 
computer devotees 

BY DR. DAVID CARRICK 

A riYNu; once said that doer>.rs clothes off. and uses scientific 
could lie divided irUu . f.vu marvels tu snppun-.lhchr Clinical 
groups: the. introverts and ..the judgment in the best interests 
extroverts. A member _of the. of their patients. . 
firs! category would be a If cine belonaS to ' this old- 
fnnereaj creature, fascinated by fashioned enteric, .and is not 
Freud, and wh» would never caught in the XHS treadmill, 
consider any disorder to be - medicine can hr enjoyed as the 
somatic; iw, even =air ingruirhig art it should be: h ut the catch 
Toenail was in fhe niFnd and ,s that it inviflvcsr fuvrng suffi- 
had been since some forgotten tient- time to each patient, and 
piece of lechery had taken place th> s ,n itself means that' mone- 
when the patient was Jour. . *ary rewards have to be sub- 
M embers of ihe other group merged beneath a • risible 
were all jolly rugger players dedication. 
who had never had a .day’s- _ Recently I saw a charming 
illness' in their lives. To thcib. ^ng woman who, because she 
everything was phyricil. and it had .developed very mild claus- 
a patient displaced overt- psycho- trophobia, had been put on 
logical problems, they would *■*'“« and fed tn.hrtieve that 
thump them on the back and was losing her mind Ccr- 

tell them to take some exercise , she wa ? ***? 

tK ,. h _,. n breathless, wondrously pale and 

^^M-srss 

no t as a person but as a \ chicle h ftn the tranquil liser. 
for the removal .of fluids, pic.. Now Va i iurn is aa excellent 
tn place before- their modern dnig for conditions for which it 
Baal, the computer, and await ^ des1gned . It is unlikely to 
in reverence for its pronounce- ^ of great 'value in anaemia, 
ments. . ' ..... n - .... Indeed, the effect is rather like! 

This group is increasing. But, lrv ing To run a racing-car on 
fortunately, it is ' largely con- paraffin and addins a trailer for 
fined t«v hospitals and ’labors- g^a measure, 
lories • sb. that , its., inability to - The commonest variety, of 
recognise a . human. ^ being- as anaemia is caused by a shortage 
a. delicate;; .arid; .complicated ^ ^ .corpuscles; (as Jn 
creation, who may well respond haemorrhage nr chronic illness) 1 
to \ sympathy and compassion nr by the cells being too small i 
better than to print-outs, wjm a nd poor in haemoglobin, re-j 
yet limited - V suiting from iron decency. 

When there were just the two.. u haemoglobi n js low then , 
former groups, the patient Was us> -n en . can neither he carried 
much . pushe«E • to ; ,der.wc j n sufflcient quantiVes nor can 
.whether.. heu.WQUld -.- be safer ^ e unwanted carbpn dioxide be 
placing bmwelf in the! hands of removed from the tissues. The 
r he . stern,' hrdliant and humour- p a t jein ihca 4 experiences 
less /in^bvext ..j»r .tp pick the. var j {jUS symptoms including: 
jolly chap whD>t least was un- ratigiie. headaette, ' faintness 
likely tq. chagnose acute appe'n-^ ^ depression, breathlessness, pal- 
dfeitis. ai .soine;fnistraUon of pjtaiiunj, an d pins-a tut- needles 
the brain brought about by ,n the ext remi lies: and some 
subconscions thoughts oK a times, psychiatric symptoms, 
salacious, nature.; • i- - ’. There are many causes, 

-Now. alas.. thanks: lo th e NHS chronic ' bleeding, even from 
machine, liicse’ .- two major piles, nn obvtuus cause which 
groups- "have been submerged by ran he .treated easily. Some 
rnrms. overwork arid vexatious people' suffer poor absorption 
hurraucracy. Here And there.- of iron from the gut: but by far 
scattered and disappearing fast, the commbnest cause is a diet 
is another liillc group .which low in iron. Thus, the von* 
believes that’ the brain can not poor., the alcohol if, the 
hr ^paraled (Torn the hody save obsessional -dieter and the over- 
with an axe— which, is. drastic fussy may well become anaemic, 
arid final. This little colieci ion Once the type of anaemia 

still takes a careful history, has been diagnosed (and here 
examines . patients - ., with their I _ani .considering the benign, 
r — r*r: iron-deficiency type), adminis- 
tration. or suitable iron pre- 
parations (orally or. by injec- 
tion) sometimes supported by 
folic - acid, soon brings nor- 
mality and accompanying good 
health. Afterwards the patient 
must be persuaded to eat foods 
rich in imn, such as red-meal, 
liver, milk, fruits and most 
vegetables, to avoid sliding 

- back again. 

The young woman I men- 
tioned is now chasing her 
husband alwut, which he docs 
"not- mind ^s she is preltier than 
over . Now I must say lhal it 
wa^ nni clever of me to rnake 
Ihe diagnosis nor to instil iite 
treatment Bui l often wonder 
how many patients suffer need- 

- lessly.or receive incorrect treat- 
ment because their over- 
stretched, harassed GPs have 
no time lo remember or pr™- 
t'ise in the way they yere 

taught. 

Whatever the answer, u 
does not *Uc with cold tech- 
nology, for this is no substitute 
for sympathy, empathy, under- 
standing. and, above all, com- 
passion. . 


THE BITTER realisation that, 
try as they may. most European 
governments are failing to 
make any significant inroads 
into unemployment has 
h era 1 ded a new assault f ruin 
several quarters, especially 
trades unions, on the length uf 
the working week. 

In most European countries, 
including Britain, unc of the 
must popular union solutions to 
mopping up ihe area's unem- 
ployed is to light fur work- 
sharing in the form of a reduc- 
tion in the working week. In 
the UK (he aim is to cut today’s 
standard 40 hours for those in 
manufacturing to 35 huurs. 

Many unionists also believe 
that companies should be en- 
couraged lo ‘'buy out" uveriime 
wherever possible and take on 
cxira labour — for example by 
introducing twu<sliift working 
instead of a single shift. 


Trends 


Whatever the arguments for 
and against, this renewed pres- 
sure is likely to accelerate Uic 
post-war trend towards a shorter 
working.week. And with many 
manufacturers finding it un- 
profitable tu operate their plant 
for, say, only 35 hours, an 
increase in shift work is a likely 
outcome. 

In the white collar sector 
shiftwork is increasingly being 
extended lo certain kinds nf 
office work. Even this bastion 
of ninc-lo-five working has 
succumbed to unusual hours, 
particularly where computers 
arc involved. 

Although no regular statistics 
have been collected in Britain, 
Department of Employment 
figures show that the proportion 
of manual workers on shiftwork 
rose from one in eight to one in 
ifour in the 14 years from 1954 
to 1968. And today ii is esti- 
mated that one third of all 
workers in manufacturing 
industry are on some form of 
shiftwork. 

Evidence from the Inter- 
national Labour Office shows 
that three-shift systems arc 
mnrp common in France and 
the Netherlands, whereas a two- 
shift system is more prevalent 
in the UK and Japan. 

The shift system favoured in 
Britain is an alternating day 
and night shift where two 
: groups of workers change 
between days and nights, 
usually* weekly or .fortnightly. 
Tin's system has the advantage 
or being, extreme’y flexible., 
j permitting both shifts to work 
overtime and allowing main- 
tenance to be carried out 


between the shift changes. 

In the rest of Europe, more 
particularly in Eastern Europe, 
the double day shift is more 
common. This system <iwo 
shifts from say 6 am-2 pm and 
2 pm-10 pm) enables the plant 
to he manned for 80 huurs a 
week without resort lo working 
at night— the least socially and 
medically attractive form or 
6liift work. 

. With the move across 
Europe towards an increase m 


'Nightworkers 
are more 
likely to 
develop 
stomach or 
nervous 
disorders’ 


shift work, the need fur mure 
research into ihe economic, 
.social and medical effects of 
different shift methods is a 
pressing one. So Dr. James 
Walker’s book. The Human 
Aspects of Shiftwork, largely 
based nn experience in Britain, 
provides an invaluable mlro- 
ductinn to the literature on the 
subject available in the UK, and 
is a must for both the manager 
and the trade unionist new to 
the issue. 

Apart from social and medical 
problems, some of the vital 
questions tackled by the hook 
include: when and how tn 
introduce shiftwork, and the 
relative merits nf different shift 
systems. 

Considerations 

Dr. Walker discusses a 
number of important considera- 
tions which must be thought 
through before making a 
decision to go over to shiftwork. 
Management should give 
especial attention to the nature 
of its manufacturing process and 
of customer demand, as well as 
to the economics of plant utilisa- 
tion. He provides a list of con- 


ditions, which if met. favour 
the introduction oi shiftwork: 

• The company's labour costs 
are relatively low compared 
with its capita I costs. 

• Adoption ul shiftwork will 
make it possible in reduce unit 

C'OStii. 

• Till' cm 1 1 pa ny has a narrow 
range- of prod nets and a large 
unit id operation 

• The rxpccii'i! rale uf plant 
depreciation, ns a result of new 
techniques, is hr^h. 


exercise all the skills of com- 
munication. cnnsultatinn and 
training, in order to minimise 
workforce resistance and ensure 
a smooth changeover. 

Workers should he -consulted 
ai an early stage in the d»?c;su»n- 
making process, he says, fur 
acceptance is inure likely to be 
forthcoming if the reasons for 
the change are apparent In 
Britain, for example, the Trades 
Union Council (TUC) had 
advocated that negotiations 


REPUCE 

VHEMFtfmWT 

0S&NG M 

WORK-SHARING 

NOW 


much of the evidence collected 
so far is inconclusive, s»ome 
significant 1 rends emerge. 

Work at abnormal times dur- 
ing the day may lead to incon- 
venience and disturbance to 
social life, and ii can have 
some adverse physical effects. 
Night work means that sleep- 
ing habits will have to be 
altered, meal times displaced, 
and in addition rhe body's 
biological clock will be dis- 
turbed. The jet lag of the 


‘Don’t expect 
the single 
young, with 
courting 
ahead, to 
make the best 
shiftworkers’ 


higher than among thuse who 
work at night. And figures 
show that the average nigH£ 
worker lives just as long. The& 
results do need to be treated 
with caution, says the author, 
as shiftworkers who become ill 
or who suffer from ill health 
arc in most cases likely to be 
transferred tu day work. 

Management, he says, mps't 
pay particular attention .to 
introducing general preventa- 
tive measures to minimise tbe 
possible adverse effects of shift 
work— particularly at night— on 
health. The company should 
take into account the medical 
evidence on those best suited 
to shiftwork, and use it in pre 1 
employment selection pro- 
cedures. Management he says; 
should always be prepared tQ 
allow those who experience ill? 
health to transfer to day work. 

Given the evidence that 
nightworkers generally enjoy 
reduced facilities at the work- 
place. Dr. Walker says it is 
essential that a hygienic can- 
teen or cnoking area, plus first 
aid facilities, should be made 
available. 


Guidelines 


took here mate, we’re reducing your working week to AM, and 
bringing in a new PM to take the second shift. 


europcar 

To rent a car jn London. 
Bristol, Southampton, 
Manchester, Glasgow, 
tdinburgh. Birmingham.- 1 
Gatwick. Heathrow. 
Brighton. 

01-848 3031 

Or your travel agent. 




m assagsBg 


Guarantee 

your. 

computing 

costs 

for the next 
two years 

Hove you realised just Kow much your computer is costing 
you? The valuable floor space it occupies, Ihe high-salaried 
staff it requires. The apparently never-ending need for 
up-grading. 

Costs tend to escalate each year as your machine gets 
older, maintenance increases and spares become scarce. 
These and other factors can erode your profits. 

GO TO THE ROOT OF THE MATTER. 

Us not an easy management problem tD solve unless you 
are prepared to go to the root of the matter. And that could 
mean getting rid of your computer altogether and the 
problems that surround it, whilst retaining ail the benefits of 
the computer, and perhaps discovering a few new ones. 

For years now companies have become used to employing 
outside specialists in design, research, catering, pensions. 

-So, why not in computers? - • • 

' How would you like to guarantee your computing costs 
for Ihe next two years? There is a way. 

We will take over your computer ot its present location or 
move it to our own Computer Centre. We will run it for you, 
■write the programs, keep it up-doled and produce results on 
time. 

Alternatively, you con physically dispose of your own 
machine - and via our advanced and comprehensive . 
telecommunications network gain direct access to our 
ICL 1900 and 2900 computers. 

Whichever alternative you choose you are bound to save 
money - a lot of money. Money that might pay for . 
development and expansion in other areas of your business, 

MORE EFFECTIVE USE. 

You will also find that you make more effective use of 
computer power as an aid to decision-making. 

■ The steps we are suggesting are not taken Tightly. You wiK ■ 
want to talk about it -to us and to your colleagues. 

Why hot make a start by talking lo us? 

Who ore we? Well, we have a good pedigree. Jointly 
owned by Richard Costoin and John Mowlam, we are one of 
tae leading computer service houses in the UJC and we 
already work for and advise some of the top companies. 

Why not telephone us now and ask for Bob Downey - 
Director of Sales and Customer Development. You can bs 
sure that any discussions will be completely confidential. 

• Compufel Ltd., 

Eastern Road, Bracknell, Berks. (0344 26767) 


• The availability uf man- 
power, in quality and quantity. 
Willing tu do shiftwork is high. 

. The benefits nf introducing 
shiftwork, in terms of increased 
capital uiilisaiiun, can bo 
cnarmuuss and in some cases 
may mean the difference 
between viability and bank- 
ruptcy. 

The author gives a striking 
example or huw capital utilisa- 
tion can vary by providing 
figures on spindle use in the 
world textile industry. In 
France the average len^ih uf 
time a spindle was used in 1974 
was 3.92U hours, Japan 4£5t), 
U.S. 6.34(1. India and Pakistan 
6.580 and in Hongkong 8.544. 
It may be no coincidence th3t 
the French textile industry has 
heen one nr ihe worst hit by 
the current crisis. 

Of course this- argument 
ignores one of the main 
objections lo work-sharing and 
an increase in shiftwork in a 
developed economy. . In some 
cases, higher wage rates for 
shiftworkers may make the 
labour cost of increasing capital 
utilisation self-defeating. 

Once management decides to 
introduce shiftwork, however, 
the author says it needs to 


should cover ail areas of 
decision about shiftwnrking and 
not just the narrow question of 
remuneration. 

The introduction of shiftwork 
makes an all pervasive effect 
upon the life of a shiftworker 
and his family, and can often 
cause inconvenience and some- 
times stress. Given that there 
are also enormous individual 
differences in people's prefer- 
ences for the hours they might 
wish to work, the author recom- 
mends that if employee morale 
is to be maintained there should 
be a considerable degree of 
buiit-in flexibility in working 
arrangements. 

“If a variety of systems co- 
exist in a factors', it will be 
found that workers gradually 
seleci themselves on to the type 
of work which is most suitable 
to them. And this is likely to 
be abundantly repaid in 
improved employee morale.” 

Disturbance 

One of the most interesting 
sections of Dr. Walker’s book 
is devoted to a delailed angjysis 
of existing- research on. the 
social and medical effects of 
varying shift patterns. While 


traveller crossing time zones is 
analagous to the position of the 
night shiftworker. 

There is evidence to show 
that mental performance 
declines at night as a result of 
this biological disturbance — 
particularly in the early hours 
of the morning. For normal 
factory work this should pose 
few problems, according to the 
author. It is with critically 
important, hazardous or very 
arduous jobs that it has to be 
taken into particular account. 
Frequent rest periods and fairly 
short shifts, he says, provide the 
best solution. 

Dr. Walker believes there is 
no overwhelming evidence to 
show that factory accidents are 
significantly higher on night 
shifts, nor that output is sub- 
stantially less. And research 
into the effects of nightwork on 
the health of shiftworkers 
has so far been generally 
inconclusive. 

It is true that night workers 
are much more likely to develop 
nervous or. gastro-intestinal 
disorders, particularly those who 
never /adapt to new sleeping 
habits. '- But recent studies have 
shown that absence for illness 
among day workers is actually 


Taking alt the evidence into 
account. Dr Walker concludes 
that the double day shift has 
the least social and medical 
drawbacks, but for rhe company 
which finds.il essential for work 
to be done at night he produces 
a series of guidelines which he 
feels will enable mana^mcni to 
make night shift work fife, 
productive and socially 
tolerable. 

Single night shifts are better 
than consecutive ones, he says, 
and the shift cycle should not 
be inn long — say four weeks. It 
should also have a regular pat- 
tern of rotation, to enable- 
workers and families to plan 
their social life better. He main- 
fains that the night shift should 
not generally exceed eight 
hours, except in cases of very 
light work. 

While the higher wages 
enjoyed by most shiftworkers 
are probably the main incentive 
for working abnormal hours, he 
gives a final piece of advice to 
managers: don’t expect the 
single young, who still have 
their courting to do, to make 
the most reliable shiftworkers. 
Your best bet is the steady 
married man with fairly well 
developed financial commit- 
ments. 

" •) - 

The Hhwhiti Aspects of Shift- 
irork; Dr. parties " - Walker; 
Institute of Personnel 'Manage- 
ment. London . 15)78. £.>.95; . 


Ifesterday’s 
branch office 


To 



Texas Instruments 

Limited 

■ European Digital Systems Division, 

Data Terminal Marketing. MS5 j.\. 

Man ton Lane. Bed furil MK41 7 PA. Tel. 0254 674t»h Telex: S21 78 
Stockport Tel; Dei 442 5-443 Slouch Tel: 0735 35545 



Name 

Company Address . 


Position 


Branch office oF the future, but available now-' ■ 
that’s the Model 745 Portable, from the -Silent 700** ■ 
series or electronic data terminals. It gives 
representatives immediale access to computerised data, 
wherever there’s u telephone and power point. 

just plug it in, link it to a phone handset and the--* 
745 is ready lo send or receive up-to-the-minute data. • 
You can then make inslant decisions based on reliable, j 
accurate information. ; 

In your customers’ offices, for instance, the 745 
can enter sales orders or prim out complete reports in . 
seconds on your stock, do lit cry limes, prices or detailed 
quotations. 

You can buy Ihe 745 nl attractive prices, or use — 
our flexible leasing programme. And you can depend on 
responsive support from TI's national sales force . . 
with additional back-up from its distributor, T1 Suppljtfj 
to handle small quantity immediate deliveries. 

The 745 means * * J 

change . , . lo greater “ ■ =* , 

efficiency and profit. . . . - Vv'. 

Learn more. Cull the 


LT“ 


Tel. No. 


— — — — | siLent 700 

““ — • — J &eaiomc data icrm auk 


The 745 

r»w*nhle Data Terminal 





24 


Financial Times Saun-aay^^ 

Fm foobv c mwm ciifefc : 



Managers of. 
Commercial Property 

Knight Rank & Rutley 


FT SHARE INFORMATION SERVICE 


Stock 


BONDS & RAILS— Cont 


BANKS & HP-Continued 


BRITISH FUNDS 


I97S 

High Lot 


Seek 


U Brf YteM 
| _ ) hrt. | Red. 


•Shorts” (Lives np to Five Years) 


205% 
97 
97'g 
104',! 
%l: 
1034 
102 1; 
954 
961? 
1104 
1064 
914 
1014 
97A 
3004 
87'.J 
97 }. 
322 
994 

ml 

964 

1004 

*6‘,i 

854 

1144 

100i( 

St 

» 
394 
68: 
754 
1154 
8° 4 
l!i6-? 

1®. 

A- 


1104 

724 

1204 

1284 

1144 

894 

1064 

5H 

95 

114% 

90'? 

1314 

1174 

50 

1154 

884 
724 
1354 
99 4 

SJi 

96w 

?5% 

4’l. 
80> 
58- 
<6 1 
97* 


1101,1 

944 

954 

99* 

944 

96,*, 

974 

924 

934 

m 

884 

95% 

914 

944 

854 

2% 

31 

1064 

944 

”‘5 

89% 

794 

1004 

694 


93 

804 

864 

774 

79V 

W% 

6-4 

i0I‘j 

«;% 
6 34 
98.. 
844 
974 


Treasaiy 1 1 >j#e IBS — 
lTreaxurx3pcTSK — 
Elec tne 41. pc 74-79. _ 
Treasury lQ%pe 79t? ._ 
Electric 3ypc 78-79 — 
Treasury 9pc I9W# — 
Treasury P?pc Wt — 
Treasury 3%pc 77-80. . 

'Funding 5%pc TMOtt. 
Exchequer Upc 1980m 
Treasury 1 1 ijnc ISBUi 
Treasury 3 :pc 19981. 
Treasury 9Vpcl98r“ - 

Eicb. Stipe 7981 

Exch-ff’pe 1581 

E\c63pcl981 

Treas. Variable 81# . 
'Exrh. Jr'npc 1981 ‘i- 
tTKasJ>:pc«L82tt— 
■TreMic- 3pr WSJ . - 

|Treasnr> Micftej. .. 
Trear Variable *82tf . 
Tret-ur S«peTB _ . 
lEsch f.pe 198T — 

Eirh.S'.pc 1983 

Exrh3pcTH 

Treasury I2pr 1983^ _ 
!lrearer- - 94pc "83 — 


lOlAd 
95% wl 

9S\j,aI 

* 

934 

93% 

103.1 

■Si 

95 '.i 

303.1 
9Z 1 ,; 

844 
107), id 
94‘.>, 
90 !i 
924a 
90,’, 
814 
loi^m 






Zv 


Five to Fifteen Years 


Etch 10pclSS3« 

Funding £?pc'B2-»ttt. 
[Treasury 8%pc Bi-SfiSt 
Fi umnnnff.fv 7S -87J7 
Trii-ur-"'.^'iP say. 

T lj» TM-oB . . 

Tre.i-ur- .V. 'flfr® 
T-ca-un- L> 1!80S 

Trej ; urrR,s:sun .. 
Trva.ury IIVMW 1 . 
FmdtneS'.pr ET-HISS . 

Trcnujr. i^jpc 91iJ_ 

[Treason lOpr 1991. 

Etch l24pC£e 


944 

S3 

834 

£0% 

Sir. 

64i# 

67* 

105"e 

814 

97'? 

64%.d 

1024 

85 7 j 

OT% 


Over Fifteen Years 


964 
604 
104»? 

110'ifTrrasuiy H'-jpr w±_. 


[Trearary IZi’pcDB#... 
Funding 6pel«Oit — 
Treasury 134pc ISS8£ 




764 (Treaiury 9pc 94tt 


374 

394 

284 

Sf 


83 


934 

944 

107 

112 

.974 

94 

994 

- 1021 ? 

294 

994 

974 

921? 

87% 

704 

78 

IS 

1064 


93 

824 

984 

764 

1141? 

1014 

424 

100 % 

85 

244 
60 
II 7 
934 
774 
834 
54% 

JS-4 

664 
46 c 
67 >? 
93‘? 


304 

294 

33 

23% 

194 

1% 


E*ch I2%pe «M .. 


[Trewurt l2pcD6 - ... 

£a«2iv JWtt 

F.ic'n 1 94 pc 1995 .. .. 
Treasury L'Vpc SaJJ _ 
Treasury Bps TC 
Treasury 15*.pr 96JJ-. 

E< rheqner 134pc BfiJJ 
P.edempticjTpr 193895 
Treasury 134pc VT^ . 
Exchequer HP? pc 1A07. 
Treasury 84 pc ]£77tt - 
Treasury A!, pc *96-98^ 
Treas IftprHft .... 

• 1395 . 

jl-c.-nr. 9isp.- i<s*Jx 

7r. -a , up iw.se ;w 
F« h fOUJiMpl® 
Fiirding.-.-pr 
reaur. Kl-' (E-tK* 
ri-i.’jr. JUipr ilfrl;:; 

Trviur. 7-,r». 12 1 k; 

En-fc 13pc lo- 17 . . 

Undated 

•rrmicl:- l pe . 
VirUan3.’Pi3 _ 

ICwii 3-ipc 6lAfl.._„ 

(Treasury 3pc 68 AA 

Consols *4pc 

[Treasury 2i?pc 


101 % 
617.U) 
1104 
J114«tf 
99% 
814 
■ 974 

W 3 
86). 
2044’ 
774*d 
121 
1074 
434*8 
1054 
86i 4 
75 id 
63% 
1274 a 

*> 
60 a, 
63'? 
54% 
364 
66u«d 
47 a) 
65>s 
974 


324 

31% 

34i?u) 

234sd 

2C4«1 

1974id 


+4 

-L 


1134 

3.14 
444 

10.44 

3.6B 

410 

9.62 
3 74 

5.62 
1257 
1142 

3.91 

10.08 

8.85 
9.97 
3 49 
975 

1236 

9.15 
355 

1305 

9.85 
909 

10.03 

9.69 

368 

11.65 

1037 


10.77 

6.69 

973 

835 

961 

472 

7 58 
12.44 
10.17 
13 28 

8 SI 
12 60 
11 70 
12.48 


1258 
9.67 
12 92 
12.95 
12.63 
11.46 
1251 
665 
1204 
12 65 
lU 59 
13 17 
12-78 
6.82 
12.73 
17 74 
1168 
1106 
1310 
12M 
1196 
12 30 
12 59 
469 
11.56 
1163 
1206 
12 nO 


12 55 
114? 
1007 
12 50 
1214 
1254 


8.66 
7.61 
861 
9.89 
7.70 
999 
10.28 
7.46 
927 
1114 
1123 
855 
1150 
11.12 
11.42 
3.44 
9.93 
11.48 
1107 
8.20 
11.51 
1107 
11.36 
11.72 
11 63 
8.00 
1159 
1171 

11.85 
483 
10 94 
J044 
1111 
K 55 

10 n 
12 31 

11 45 

12 42 
10 90 
12 54 
12 22 
1253 


1259 
11.31 
12.75 
1277, 
12.65 
12.03 
12.53 
972 
12 >6 
22 64 
12.11 
12 94 
1271 
9.58 
12.71 
1247 
1216 
1192 
22 93 
12 64 
1225 
12 >1 
12 =2 
10 <« 
12 10 
U 95 
12.14 
1213 


INTERNATIONAL BANS 

82i< ppc Slock 77-82 | 83 |-1 1 6.02 | 1050 

CORPORATION LOANS 


93', 

88', 

100*4 

100 ', 

eou 

W>, 

97%, 

25% 

91 

Si 

66 

22% 

91 

94*4 

100k 


BirahamP.p* 7ML 
Bristol ?kpt 1981 .. 

'u LC IS%pcW 

I tv I2.JV 1983 . 

kjlasfo* P, pc BD82 . 
iflertt akpeTMO,.- 
Lnerpnvi 55tpc IB-78 - 

DoBvipctWH 

Da 3-:r« Irred 

Lon. Corp. SVpc "84-85 - 

LCC.BpcTfi-TB 

D.)5'?pr 77-81 

Dn 51; pcW-8* 

noSi } pC®47 

DoWpcBOM 

Da3pc’30AfL 


Middt.5<,pe 1980... _ 
Newcastle 9!,pc 7880.. 
IWaneick Ui’XJSOO— 


94% 

89 

101 

loot? 

91% 

91k 

Si 

961*0) 
86% id 

70 

68 

23%xd 

92 


101 % 


981 

871 

1237 

1242 

10.14 

572 

577 

1050 

13.68 

1024 

6.24 

657 

695 

796 

10.04 

12.92 

5.66 

963 

12.26 


1157 

1194 

1213 

12.35 

11.94 

10.51 

8.71 

11.46 

11*23 

10.11 

10.S7 

1028 

11.12 

11-99 

1037 

11-49 

1151 


COMMONWEALTH & AFRICAN LOANS 


95% 

88% 

99% 

96% 

87% 

«% 

70 

96 


64% 

90% 

33>, 

154 

95% 

107% 

no 

114% 

85 

81% 

99 

99% 

101% 

71% 

mi 

84% 

81% 


92% 

82% 

96k 

92 

81k 

91 

50 

77 


Aust 5%pr77-» 

Do 51 jpe "81 -8! 

N.Z.Ipc 78-78 

IVBpcTGBO 

I[«x7)jpc *83-86 * 

Slh .Africa 9%pe"7Ml_ 

Slh. Rhod. IVpc Ws-TO . 

Do ftKTM! 

LOANS 

Public Board and fnd. 


«>4 

+?. 

5.88 

■sr* 


662 

4 07 

9314 H 

*% 

6 39 

32% 

+% 

925 

95 


10 32 

52 

*-2 



78 

+i 

— 


58 s ’ 

Aenc.XL5pe'3B8B — 

61% 


822 

HU-<4 

AlranlO-'.-pcW-M 

84% 


12 88 

27% 

Met Wlr 3 pc -B' 

271’ «3 


10 78 

107 

1 '.$ sir. spews: 

34? 


623 

8 / 

Do wilhont Warrants _ 

91 


1018 


Financial 



101 

FFTiapcisai 

102 

-% 

1275 

102 


106 


13.84 

102 % 

Do Upe B3 . 

108 


15.25 

791 

ICFCa%pc Deh T»ffi . 

80%<d 


683 

73'« 

Do S^pcDh-BIlit 

^3 


828 

89% 

Pa 10%pc l ns Li "W- 

91% 


1171 

90% 

Do Ilpcl'ns.lji ffl .. 

93% 


1201 

9(ju 

Do 1 1 'jpe l ns Ln W 

96 


1251 

62% 

Do 7-*pc Mreh -89-fC.. 

64% 


11.52 

61 

PuThpcADb SI W .. 

uJ 

-‘4 

U69 

»'i 

DaSpCA' HI-04 

73'?id 


1225 

68 

P 08 tPCLn IK-97 

7 i«l 

-I 4 

12 50 


18.73 

1154 

9.96 

10.46 

n.ia 

12 55 


1135 

13.30 

12.50 

1250 


11.97 
1310 
12.50 
1140 
12.00 
1250 
1240 
12 70 
13.00 
23.20, 
13.03 
13.00 


FOREIGN BONDS & RAILS 


1978 

Bich Lot 


41 

93 

415 

54 

51 

44 


Slock 


Prire 


(+ or I Dir r /| Red. 
I - I i,rai ! Yield 


1310 


17 1 -notifa ta Th 

24 


_ 

53 | De.npcPref. 

41 

+1 



*■-3 jCbilcan lit .ed . . 

98 




3fU [Gennan "i ne 4<?pc 

411 



■to ,'jreek .K.lss 

52 

-2 

% 

-*5 |I'o6;«?S:5Lib Ars 

50 

-1 

40 jDo-ipc Mixed As*. . 

42 

-1 

4 


1690 
f604 
[5 05 


1878 

Rich Lot 


55 

77 

88 

91 

425 

87 

160 

75p 

59*) 

DM911 

97 


42 

65 

2 

79 

265 

6B>; 

140 

, 75p 
594% 

UMSL 

94 


Stuck 

Hung. 74 

Ireland ff jpe 8188 
Ireland 7’pr'Bi -83 
DofikpeVl-Ofi. _ 
{Japan Hpr'lO.Ass - 
DnGpc’SUB. — 
,Pera .AS Hpr 
Sail 5, pc I960 . - 
Turin Spc 1991 .. 

{Turin 6%pc 1BW — 
Uruguas^.-pe — 


Prire 

C 

50 

66 

83 

Sf 

72 

140 

75p 

S94% 

DM91 

97 


WT.1 

61 m 

4% 

a 

6 

3 

*!f 

it 


Red. 

Yield 

5.59 
12.70 
12 48 
12.58 

10*70 

217 

867 

952 

8.80 

360 


li.S. 5 & DM prices exclude inv. S premium 

AMERICANS 


ITT8 

High Lot 


Si; 

Si 

24), 

n 

19% 

33% 

23% 

9 

9 

42% 

S* 

n 

& 

25 
18% 
32k 

26 
25% 
29% 
47% 
32% 
26i? 
40 
12% 
19% 
32% 
41% 
25% 
44% 
241? 
56% 
17% 
232 
52% 
217# 
998p 
28k 
32 
43% 
17% 
18V: 

a% 

30 g 

17% 

23% 

5£lp 

287# 

19% 

38 

33% 

, 21X * 
[161 
975p 
22 
40 
14% 
41% 
24% 
1* 
4?’. 
975 p 
14% 


13% 

60% 

22 

21k 

11 

w 

s* 

13 

625p 

857p 

41"* 

30% 

28% 

32k 

177# 

13% 

765p 

13% 

733p 

Hk 

12k 

27% 

W 

20% 

ff 

17% 

28% 

670p 

n% 

20k 

26% 

16% 

ffi 

23 

750p 

171 

34 

715p 

705p 

18 

20 

265# 

12 


15% 

161, 

11 

& 

if4 

St 

18% 

\m 

50fp 

16J 

eaip 
2!% 
17 k 
11% 
237, 

38Sp 

10% 


Stack 


USA 

lAMF5*»Can*.B7 

.ArnaxSI 

Amertcan Express 

lArner. Medic let 

.Asareo Inc 

Baker lad) l orp SI -J 
Barnes Grp S&'i. _ 
BendixOwp *5 .... 
Beth. Steel SB .... 
Bnmn'g Fer. rWi- 
BruicmckCurprU 
Burroughs Cuip. S3 

CBSSUD-J 

r.Pa'.S% 

faTaprilarg 

Chase MTitn31ia_ 
OiesefaiwntbS]. _ 

i.'htyslerSff, 

I'iticurpM 

fits Ins SI a 

Do CmPrf BSl„ 

'nlfiate-P. SI 

{Cultlnds-Sl 

[ConLIliinoisSiO.^ 

,'Canl uUU 

krawnZei] S5 

ICutler-Hjuruner S3 . 
Eaten CrpS030 — 

Esoark 

|Ec*onf(... 

'Firestone D re 'u _ 
Fir-: Onsaco — 
FIuuT'.orp 
Ford Slciie SJ . _ 

i.ir?: 

iTt-n Ele^T SJ-? . .. 
iliilClcSl _ 

HenetucIlSlSO 

Hun> in E F 

I.E.'d.Corp J5.___ 

IngersoU-HK 

[oLSyacasACatSt 
L U. lalcruaiknall 
.KalserAISk. ... 
fkanf. Han. U5S750 
lVorean.JP) USS25 
__ iNoniwSirowInc Si. 
13% kHen'-lll S3.125 
14% [Quaker Oats CSSS 

^Reliance S055 

Rep N.Y CnpS. 

IRexnordS-Y 

Rlchdsn -Mrrll— 1 % 

Saul>B.F.>SI 

[Shell Oil SI 

Sio£pr<SH» 

Sperry Rand SO 50 - 

TRW fod. Ilk 

ITcnoeco 

[>u V'.Ln Sir. 91 95 
T*-j.rnp rnSMS.. 
“e-.^-i stlS... . 
T-meli-: . - . 

ranramenraSI . 
l td T ech SI'SS. . 

I' . . 

U( inlm Iltil: S3-; . 
XerotCnrp 51. .. 
Xmi.^lnc IDc . 
Zjwiai'orp 23c 


21 

10 % 

29 k 

IV* 

■«% 

842% 

19 

12% 

iV 

S' 

28%xd 

2 %S 

29xd 

21% 

35M 

924P 

17i? 

27% 

317? 

*3*! 

22 % 

49id 

157jnl 
212 id 

870 pal 
25% a) 

wS 

19% 

as 

21 l ,*l 

516p 

25 a 

14‘iUl 

*}? 

743p 

17-’,a 

35%a 

13% 

15% 

42 

670 p 
Ilk 


-% 


-1 

-% 

I 

-1 

-X 

-X 


Dtv. 

Gnu 

Cw 

80c 



5% 



SI. lb 



SL40 



30c 


40c 



64c 

— 

90c 

— 

S2.2B 

— 

51.00 

— 

40c 

— 

70c 


5L00 



5240 

— 

5250 

— 

51.80 

— 

5220 


94o 



SLOT 

— 

51.06 

— 

$1.00 



1 U 

— 

51.00 

— 



5132 

— 

5L40 



SLOT 

— 

♦51. W 

— 

5225 

— 

5184 



53.20 


51.10 

— 

SI 10 


51.20 

— 

53.20 

— 


— 

1*1 

— 

51 60 



S220 


softs 



S1L52 

— 

5300 

— 

25c 


95c 


Sl.ftO 



5208 



52-20 



76c 

— 

SL16 

— 

SL04 



15e 



SLOT 



88c 



90c 

— 

__ 

— 

SLOT 



80c 


51.12 



SL80 

— 

52.00 


10 c - 

— 

_ 


52 00 



£0% 

— 

80c 

— 

5200 



Si 60 



51.40 



52 00 

— 

7%c 

5 30c 

— 


rw 

CFs 

2 jj 

H. 9 

a.8 

2.7 

0.7 

I . 9 

1.4 

2.6 

3.9 

2.9 

1.8 

29 

0.8 

26 

3.4 

21 

4.6 

26 

AO 

28 

4.1 

5.1 

3.4 

3.9 
29 
33 
36 

1.7 
3.9 

4.4 
45 
60 

3.2 
22 
51 
57 
28 
36 
22 

2.2 
28 
36 
0.6 
55 


S.E. U&l Premium 41%<% (based on L'^S 1.9+44 per £ 
Convenioa factor 0.7086 <0.70311 


CANADIANS 


'16% 

16% 

42%; 

26k 

12% 

sa 

630p 

ill 

33% 
14 k 
15% 
830p 
10% 
287, 
126p 

25 
24 ‘1 
20 \J 
14% 
12% 


10% 

lii.i 

30% 

12 

825p 

14 

955p 

R 

W 

n% 

247# 

11% 

945p 

585p 

ar 

50P 

14 1‘, 
13% 
955p 

880p 


PLlleoirealS^ _ 
BL .’.o'. a Sl-o{ . .... 

Bell Canada SS 

BowA'alleyn 

BrascanF— 

[Can imp Bfc S2. u 
Can.PacifieSS.. .. 
Lf> 4pc Deb. E100 

[GnlfOilCanJ 

Hatter Sid Caul. 

[InlUagerS-) 

Hudson V- Bay B - _ 
Hud P Oil SSj.„ 
Imperial (*ilt1 — ... 

Inco 

Ini Nat. Gas Si — 
.Vassey Fcreff.. _ 
Pacific PfL 51 

Place Gas S! 

Rio Atarni 

Rojral6kfanS2-. 

SeacnmraCSI... 

Tor. Drea Bh SI 

TransCan Pipe — 


15ir 

+A 

51 12 



34% 

+ .i 

46c 

— 

38 

-% 

54.2 

OTOT 

24% 

10% 

+% 

siio 

“* 

18% 

+% 

51.44 

— 

14 A 

+,1 

97c 



33L 


4% 

— 

19% al 
535p 

+% 

SU4 



-5 

40c 

— 

2S% 
14 < 


52.06 



-% 

69c 



28% 

+% 

5L60 



13% 

+% 

86.4c 

— 

u% 


80c 

— 

735p 

+5 

80c 

— 

% 

+40 


^3 

+% 

91.6c 

— 


+6 

-'4 

SL08 

” 

211 * 


SLOT 




92c 

80c 

— 

10 % 

-h 

103c 

— 


3.5 

3.1 

5.2 
03 

5.2 

3.7 

3.2 
120 

27 

3.5 

3.8 
22 

27 

3.1 

3.2 
5.1 

17 

23 

3.3 

24 i 

28 
45 


m 

High Lot 

, 42 
>M5 
[330 


54 

234 

‘390 

£92 

£95% 

64% 

2J5 

81 

298 

445 

255 

92 

452 

S9% 

356 

48 

9* 


39% 

£74 

8 

111 

43 

14 

117 

36 

20% 

48% 


£78 
(82% 
56 
172 
, 66 
250 
;350 
190 
70 
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• KuhneripLion Liei^iriment riranri.xl Time<. London 


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BnstolChanDel.. 
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Brit Steam a0p_ 

Broekhoiue 

Brom'a Cast 5pr. 
Bronx Eng. IOp— 
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tfritei Scull 

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Lane (Perry: IOp. 

Lee i Arthur* l?;. 
L^'sFoundries. 
Linread 

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LocteriTldp — 

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London k Midl'd. 
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Northern Foods . 
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PantoiP.i 10p._- 
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Rakiuee GrpIOp 
R.RM 

Roberbon Food* 
Rountree M cup 

Salnsbwy (/.) — 

Sonraortex— 
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Squirrel H n !S?P- 
SlQcteiJ<«P*» .. 


164 .[tatei* LfleU- 
Tavener Hut 20p) 

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47 [Uni gate - - - 

L' oited Biscuits... I 
[Watson Phlp-MPl 




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HOTELS AND CATERE8S:'- 


31% 

ai% 


73% [City Hotels 20p— I 


148 

10 

87 

75 

155 

IS 

180 

25 

IB 

25% 

21% 

138 

58 

20 

?d 

22 

225 


Adda Ini. IOp...-} 
Borel'J • Fr.lOJ 
Brent Walker 5p. 


DeVereHeteis- 
Epimre5p v -— 
Grand Met. oOp - 
Kureaal' JTU.C3 
Ladbrokc 50p — 
at Chzrlbtte lflp 
Mvddleum50p_. 
Norfolk Cap 5p_ 
North (U- F '70p 
Prince oJWates- 

Qoeen'sMoalSp 

Rowton Hrtri* - 
Saras' ■'A” MP— 
SiaiisiReoi IOp. 
Btran Ryae Im Sp- 
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ttamerHrfs .VHJp. 
Wbeder's IOp- 



INDUSTRIALS (MisceL 


5.9- 

4.8 
68 
50 
5.0; 
4.4 ' 


92 

79% 

50 

33 
43 
3b 

268 

48 

34 
98 
27 


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AGS Research - 
MroaionBros. Wp 

Abbey Ltd. 

.Airflx Inds 20p 
[llpincHldft&ap. 

AotaL Metal >£JJ- 
Awt Am Atpull- 
Arenxoo'.Ai 10p._ 

,\>uird i'otan&-A . 

.lix Sprayers IOp .| 56 


r 1 * 


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96 
50 
4.4 


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348 
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12.6 2? 3 
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112 

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119 

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182 

150 

115 

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44 
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70 

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173 

100 

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LOMBARD 


CRICKET ** TREVOR WILEY 


TENNIS , 'i f „ 


From an ivory 
tower 


Sussex all-sorts i 
carry off Gillette 



BY DAVID FISH LOCK 


FOR THE rest of tins week Dr. Davies nevertheless pays full 
considerable national newspaper tribute to the fact that the poli- 
space and air-time will be cies by which he is seeking to 
devoted to the annual niceties stimulate more interaction 
of the British Association for the between the almost academic 
Advancement oF Science (or world inhabited by some of 
simply the BA). The venue this the national research centres 
year is the University of Bath, administered by bis department 
just outside ibis Georgian spa. and the real world of weaJth- 
li was one of the new universities creation do no more than build 
created in the lflSOs from the upon firm foundations laid down 
Bristol College of Technology. 12 by his predecessor, 
miles away, with a strong leaning H as j 0{ j U stry failed to support 
towards the applied sciences and g ir j eu!in in ^j S new pos j a t 
liaison with local Industrie*. [jje BA? Or has academe rejected 
Tbe week will begin with the attempts to introduce a more 
presidential address tonight in yolid contribution of applied 
Bath Abbey by Professor science a nd engineering into the 
Dorothy Hodgkin, the Oxford programme, lest they displace 
crystal I ographer whose Nobel* SUC h essays as “Is archaeology! 
prizewinning researches have necessary?" 
been of inestimable value to such 

disparate industries as chemicals. Industry has always sponsored 
drugs, and engineering materials! the BA annual meeting, tbe dorai- 
Jt will continue with visits for naet activity of the BA. Butin-, 
delegates to local centres of dustry. witfa some justice, is: 
applied science such as the sceptical of the ability of many 
British Aircraft Corporation, the of ^ natJona l laboratories and j 
Avon *Ruhher Company. John 

u . c . . ever tbe academic standing of 

? n T s ‘ . toe t heir scientists, to contribute use- 1 

Berkeley Nuclear Laboratories. f U jjy l0 their probl&rus. And why 

rTpw - not when so many have the repu- 

1 lip irony ration of working lor industry 

“ only if asked — which often meant 

Astonishingly enough, how- never. Now i adust ry is told that 
«*vpr. the scientific papers them- the national laboratories are 


selves — over -00 in all — reflect being rejuvenated as research 
no such interest in industry's centres eager to excite industry 
needs or the creation of wealth, with their ideas for innovation. 
Less than a score can seriously Such a meeting affords a rare 
claim to have any bearing on the occasion to bring the workaday 
needs or interests of industry, and the more esoteric reaches of 
Still fewer could even claim to science closer together on a 
be presenting the latest dis- hroad front. Yet research chiefs 
coverios of science, for scientists from' industry will be hard to 
long since have abandoned the detect among the speakers this 
BA for more specialised scientific week, 
meetings for the first announce- 

ment. Yet despite the paucity Dnal frQironu 
of what might he called “hard AVCal lldgCUj 
news.” no meeting of scientists The real tragedy is that the 
in Britain draws the publicity media, in automatically assigning 
given— by longstanding tradition considerable space to the BA 
—to the BA. meeting, present effectively an 

The full ironv or the situation annual review of the sciences as 
becomes clear' when one con- a diverting cultural activity of 
srders tbe background of tbe a lucky elite, but scarcely as one 
present speretarv of the BA. Sir can Justify the billions of 
leuan Mauldock. who for a decade Pounds of public and private cash 
fought hard in Whitehall for a allocated each year to research 
greater status for science in the and development, ret the media 
regeneration of British industry. are 1®® k e blamed for their 
latterly as chief scientist at the dev ° , '? n *® a . time-honoured I 
Department of Industry. tradition than is the British, 

■ . . ‘ , _ -Association for tbe Advancement 

His successor in this ^ job. Dr. ft f Science for its apparent fail-! 
Duncan Davies from ILL while tire to exploit a golden oppor- 
bringing his own brand of energy umiiy. This is nothing less than 
and long industrial experience, tbe chance to present the case 
also has the advantage of enjoy, to a wide puhlic— abetted even 
mg the confidence oF the current by Ministers— that science really 
ministers and permanent secre- does have a significant role to 
tary in a way which perhaps Sir play in the Government’s Indus- 
leuan in his day did not. But trial strategy. ■ 


THREE MIDDLE-AGED— in the 
cricketing sense— former, Surrey 
players, two Pakistanis, an 
opener from Ceylon, a novice 
slow left-armer. a bowler turned 
batsman, a Cambridge blue and 
an old Etonian were the improb- 
able combination which carried 
off the Gillette Cup at Lords by- 
beating the Favourites. Somerset 

Sussex deserved their victory, 
but one could not help feeling 
sorry for Somerset who had 
never won a major honour. They 
failed again yesterday against 
Essex in the John Player match. 

The most significant feature 
of 197S has been a marked 
increase in the quality and 
quantity of young, homeborn 
players* to be found in county- 
teams. This welcome trend was 
well illustrated by individual per- 
formances in the Gillette final. 

Over the years, .this game has 
tended to provide the ideal 
setting for some great overseas 
cricketer to demonstate his skill. 
A Clive Lloyd, an Asif Iqbal or 
a Mike Procter, but on Saturday 
all the serious candidates for the 
Man of the Match were repre- 
sentatives of the new breed, fan 
Botham. John Barclay, and Paul 
I Parker. 

Frustrating 

In contrast the contingent 
from abroad bad a distinctly 
frustrating day. Imran Khan sent 
down surely one of the most 
expensive first overs in this com- 
petition. conceeding 14 runs, and 
failed with the bat. Javeri 
Miandad dropped a catch and 
made a duck : Joel Garner, in 
spite of a threatening opening 
spell, acquired only one wicket ; 
and Vivian Richards bad to settle 
for a comparatively subdued 44. 

It could well he that Somerset 
have become over-dependent on 
their West Indian genius, who 
supplied them with two centuries 
and' a ' 50 oo their march to 
Lords. 


A good innings from Vivian 
is usually sufficient to ensure his 
team victory in limited-over 
cricket, providing tbe bowlers 
perform adequately. This fact 
has camouflaged a distinctly 
limited attack, lacking variety 
and consisting of Garner and 
Botham. plus three typical 
seamers in support. 

Once their two strike bowlers 
have been seen off most counties 
would fancy their chances of 
jogging along on a good pitch at 
four runs per over against them, 
as shown in previous rounds 
when Warwickshire scored 293. 
Glamorgan 300 and Essex 2S7. 

Although Ken Barrington made 
Paul Parker his Man . of the 
Match for an admirable 92 not 
out. which, with Pbillipson's 
.help, steered his team home after 
they* bad slumped from 90 for 0 
to 110 for four, my own 
preference would have been John 
Barclay. 

He was the most economical 
bowler on either side, once again 
emphasising the importance of 
slow bowlers is tbe one-day 
game — providing they are accu- 
rate, are used at the right time 
and are given the right field. 
Barclay attended to the first 
requirement and Long, as cap- 
tain,- who never missed a trick, 
looked after the other two. 

In bis very' tidy spell, the 
young Sussex- offi-spinner 
accounted for both Richards— 
who could well have taken con- 
trol after lunch — and Marks. He 
followed this up by providing 
his side with the positive profit- 
able start it required scoring 44 
valuable runs. 

Barclay is a -competent county- 
all-rounder; whether he sops 
higher will probably depend on 
how his off-break bowling im- 
proves. One can imagine him 
pressing for international 
honours as an all-rounder, but 
not simply as a batsman. 
Fortunately, he has the appli- 


cation needed to progress From 
a change bowler to a leading 
wickel-Wker but he will also 
require the opportunities. 

Parker, who has exceptional 
ability and a splendid tempera- 
ment, should be challenging for 
an England place within three 
seasons. Fortunately for the 
selectors but unfortunately for 
him. there is an exceptional 
crop of young batsmen about tn 
emerge- and the competition > s 
likely tn be hard. 

The period of more than a 
decade during which the English 
batting line up has boen short 
— sometimes almost devoid of 
players of Teal class— is nearing 
an end. 

Cruising 

Botham is destined to be Man 
of the Match on many occasions 
in the future and he was not 
far away on Saturday. His 
innings of 80 was the biggest and 
could have been even larger if 
Taylor hqd improvised to give 
him more of the strike. It was 
also the most spectacular includ- 

Guernsey fish 
boom follows 
oil disaster 

THE AMOCO Cadiz nil disaster 
which polluted miles of French 
shoreline lias proved a boom for 
Guernsey fishermen. 

During the spill and the clean- 
up operation, many French 
fishermen wore engaged in fight- 
ing the spread of oil. and 
Guernsey catches were eagerly 
bought up by the French. Now 
a flourishing export trade has 
been established. 

So far this year more than 
£500.000 of shellfish have been 
shipped to the French markets. 
Fish catches have also increased. 


me. a remarkdblc six to mid- 
wicket off Arnold which will be 
lone treasured. 

After lea, when Sussex -were 
cruising home, it . was Botham 
-who pulled, out that little- extra 
tn bring Somerset back into the 
game. ; : 

When lie came on for. his final 
fling against Parker and Fhillip- 
soo in full cry, he was burnt out 
and showed his lack of experience 
by losing his line and length and 
was severely punished. But what 
a tremendous all-rounder he 
already is. what • a competitor, 
and what vitality- — a potential 
match winner with, bat, ball and. 
in the' field. . 

As. a bowler, he is essentially 
an attacker who challenges the 
opposing batsmen to drive him 
and maintains a full. length. -His 
style is really more suited to the 
demands of test ' than limited- 
overs cricket where the denial 
of rubs is so vital. As a batsman 
be ba$ -power, the strokes and the 
time. My one question mark 
concerns his ability against a 
spinner who flights the ball. 


Forood kn< 
Wade out of 
U.S. Open 


i 

IV - 

•Ui' 


Hattersley 
to open 
Beer Festival 

MR. ROY HATTERSLEY, Prices 
Secretary, will drink T the first 
pint when he officially. opens the 
.second. Great Britaijj ‘ Beiy 
Festival; at . the . Alexandra 
Palace. London tomorrow. 

The festival, organised by 
CA3IRA. the Campaign •. for 
Real Ale, ends on Snaday, and 
the organisers hope more than 
50.000 people will attend, and 
drink the 230,000 pints of beer 
laid on. ■ 


RACING BY DOMINIC WIGAN 


France’s Galiani shows promise 


THE ST. LEGER favourite. Ue 
de Bourbon, hardened predict- 
ably with all the major firms fol- 
lowing the news of Whitstead's 
mishap on Friday. But opinions 
seem to be sharply divided as to 
whether he really is the ” racing 
certainly " For September 16. 

With a rating of 143 for He 
de Bourbon. Time form recently 
rated the Fulke Johnson Hough- 
ton coll 5 lb dear of the retired 
Shirley Heights, from whom he 
received 10 lbs and a head beat- 
ing at N.cwmarket in the spring. 

Timeform’s weekly black book 
concluded it? ' Idlest, cauuiieruary 


on the Nijinsky colt with this 
reference; “Only having to be 
hand-ridden to smoothly win 
tbe Geoffrey Freer Slakes at 
Newbury in August by one and a 
half lengths from Paico: will slay 
well: seems to act on any going: 
the top-three-year-old colt, and 
has tbe St. Leger at Doncaster 
at bis mercy.” 

1 find it difficult to see why 
France's Galiani can still be’ 
backed at $-1. Showing vast 
improvement on anything he had 
previously achieved when bely- 
ing odds of 95-1 in the 14-ninner 
Grand Prix de Paris at Long- 


champ in June. Galiani van out 
a narrow but deserved winner 
from Rni de Mai and Whitstead. 

The ground then was fast fur 
the Price colt, but Maurice Zilber 
has always made it clear that 
he feds that an easy surface 
would be to the advantage of 
Galiani. 

lie de Bourbon ha* certainly 
made tremendous strides since 
early summer. But judged hi 
Gallant's shuck triumph follow - 
ing the scrambled victory in a 
maiden event, the .same can be 
said for him with even inure 
certainty. 



Latest St . Leger odds are 8-11 
lie de Bourbon. 7-1 Le Moss. 8-1 
Galiani. 14-1 Araphos. 20-1 Duke 
of Normandy and H-Lol$bao and 
25-1- Rwi-ne Blake. 

Blinkers applied for the first 
time could well see Findon’s 
juvenile Speed Bonnie Boat 
obliging for the first time In 
Nnti incham’s; Delirium; Stakes. 
An hour later, the progressive 
Shnficsiuiiy could complete a 
double fur Pm-* through a Win 
in the Tn Iyer Nursery. • 

NOTTINGHAM 
2.ntl — Speed Bonnie Boar** 
2.3ft— Gave] 

3.iK> — Shancrimry" 

3.30 — Clay Twenties* 

4.0ft— Cole Porter 

4.30— Lady .Ybernant 


AS THE «®i«, k 0 ^rgSK-l 
enters its second wees, m ^ 

Wade’s “ v S25S{ing’ontete- 

restricted to eaonamm^ her 

vision about the fo«une 

fellow professionals ye& . 

In two hour, ot ‘ f us ns beaten 

terday. the NoJ seed Forood 

6 3. 2 — o, o— ■“ U1 -io nn. 

Of San Francisco who 

Saturday. seeds were 

■While the two ‘°P^ ee Mart!na 

winning ea jy ,■» against 

Navratilova o— • pjoterova 
former Czech M against 

a „d Chris E ™".MV T America. 
Caroline Stoll oi 
another seed was beaten. 

Sis's^ 

C On B u3* yeafs faster surface 
Miss Wade hoped to .add Ag*®* 
it c Onen title to her D** , 5Ut . 
cess but Miss Forood too. thrived 

° n La a sT i 'j a ear Cein the t ‘ 30th o ranked 
African who attend, Stanford 

University, was voted Most im 
oroved Newcomer by ^ 
Women’s Tennis Association, 
'in' the* critical third set it was 
nntv in see why. Leading a 
she" denied Miss Wade four ^game 
ooints before breaking the 19" 
Wimbledon Champions service 
and in the next game coolb 
saved a break point before hold- 
ins her own delivery. 

Miss Forood was steady and 
intelligent and repeatedly con- 
tained Miss Wades attempts to 
impose her heavier game .so that 
it was no surprise when she 
calmly held serve to love to score 
tbe best win of her career. 

After last year’s disappointing 
loss to Australia's Wendy Turn- 
bull in the quarter finals. Miss 
Wade must question the wisdom 
of working for television while 
she is still competing. At this 
love l sucess demands total 
dedication. . 

On Saturday evening it began 
to look as if the brave decision 
to move the U-S. Open from the 
relative peace of the West Side 
Tennis Club, at Forest Hills, to 
the new $9.5m complex at Flush- 
ing Meadow Park was a mistake. 

Second-seeded Jimmy Connors 
—the top-ranked American who 
is the only mad to have appeared 
in four consecutive U.S. Open 
finals— was three games all and 
30— all on his serve io the final 
set of his third round match 
against Pat Du Pre of Ariston 
Alabama and ranked 43rd 
nationally. 

Every few moments both men 
would wait while the reverberat- 
ing roar of the jets taking ail 
from nearby La Guardia Airport 
died down. 

Concentration was a senous 
problem but equally difficult was 
the timing of the ball on the 
racquet — as anyone who has 
tried to play tennis suffering 


from temporary deafi^g 

understand. 

Connors survived 
5-3. and mamtmjfed.^ 
silence on the .difficolse^^ 
iog at the new venue, ' 

The leading Canadian 
Genois, who : surprlsi 
the No. 10 seed Alex 
the opening -rqundj.vb 
much-needed touch oil 
the situation. “I threw 
up to serve and it end 
Miami — caught ,m.the' 
carriage of a passing 
he joked. “ ’ . 

Gon cent ration at 
points of his matdr 
fourth-sqeded Paul.”' 

Mexico ended the 
Britain’s lasr surviylnjti 
player. John Lloyd. 

Having lost the 
fi— 2. the British No. 1 
serve at once in the 'sw«HM 
lead one-love, , but Tiost'-hi^s 
delivery from 4<>— lS byl* . 
pressing. , - "..V.n 

Four games later he..tepH& 
the process,, so that; fvfia- 
should have won was carfft* 
and with it the. matrix 
own failure to- play tight 
when it mattered. . . ■ 

Two more of the meuYsfej 
were eliminated op Sataife 
bringing the total to five:' ’ll 
impressive young Argehtiijejj, 

Luis Cierc, seeded ; IS,-/* 
beaten 6 — H, 6—2 by .the-jfcgj 
ranking American Bob Lu&*ifc. . 
the 14th seed* Wojtek Ffijtt-j 
Poland, was a 6—4, T—S-'.sfea 
of tbe powerful - .Califor^ 
Butch Walts- ' . ’- 

The 32 suivivore; : ;T» c ..|j. 
women’s singles included^e 
interlopers. Renata ; 
is one of five Czech-born pia)^ • 
in the third round by virtue#- ' 
default from the No,':4G v rwt , 
Mima Jausove^ of Yugoslnfc : 
whose wrist injury farced her i 
relire with Miss TomanoraicM 
Ing 6— 2. 4— 2. ; . g 

Another Czech survivor 
16-year-old prodigy Hana Vnt 
iikova. who put out Amem 1 
No. 14 seed 3oAhhe’Ru^a^=4 
3 — 6. 6 — 2 — a - remarkable -:tat 
firmation of this young ptojef 
advancing status. - ' 

The third intruder is .‘ft 
young Florida girt -Betet- 
Bunge, who beat the No. S_s« . 
Marise Kruger- in her open* 
match and won again on Site 
day fi—3. $—3 against feftii 
A merican Kathy Kuykenfiaft' 

BADGES§- 

ALL TYPES IN MOST" 

materials-;^ 

FOR CONFERENCES 
EXHIBITIONS. STOCK «VXtU|tE 

engraving, mmav:;: 

NAMEPLATES 

Advertising gifts ltrens 
incorporating your em&lMH or ftp 
Key rings wocr knh>c». piwJto 
etc.. 1st ran Markov! is <Bad*eq*Bi . 
Lid.. Cobbold Mew*. London. Wh *i- »• 
Tel: 01 -r« 113L *- * " 




m* 

: 


BBC 1 

+ Indicates programme in 
black and white. 

5.40 am Open Lniveraiiy ( Ultra 
High Frequency only!. 12.45 pm 
News. 1.00 Pebble Mill. 1.43 
Mr. Bcnn. t.18 Rcginn:il News for 
England i except London I. 4.20 
Play .School (as BBC 2 11.00 am>. 
4.45 James and th'' Giant Peach. 
5 -S3 Hor the Engine. 

3.40 Non*. 

5.55 Nationwide (London and 
South Easr onlyi. 

6^0 Nation wide. 


6.4U “Chicly Chit tv Bang Bang. - ’ 
starring Dick Van Dyke and 
Sally Ann Howes. 

9.00 News. 

Holocaust. 

11JW Tonight. 

11.40 Weather Regional News. 

All regions as BBC I except at 
the following times: 

Wales — 1.45-2.00 pm Pili Paia. 

I. 51-620 Wales Today. fi.40 
Heddlw. 7.IO Hugo Van Lawick’s 
Africa. 8.00-9.00 The Super: earns. 

II. 40 News and Weather for 
Wales. 

Scotland— 5.55-6.20 pm Report- 
ing Scotland. 11.40 News and 
Weather for Scotland. 


F.T. CROSSWORD PUZZLE No. 3,761 



ACROSS 

l Artist enters restaurant Tor 
a bottle 161 

4 Indifferent essayist supplies 
the main course (4.4) 

9 A game *.vi:h the family is 
something needed ai the 
dinner tabic 1 6 » 

. 10 Carlyle's colourful main de- 
scription of Robespierre (3-5) 

. 12 Mark found in genuine refu- 
tation (S) 

13 The cubic content of a book 
f6) 

15 Put out at the turn of Uic 
tide (4) 

16 A body of accountants m 
anxiety <7) 

20 Claimed somehow to be 
metric (7) 

21 A row — with me first it is 
business (4) 

23 Punctual at home, cosy in 
France (6) 

26 Expressions of approval For 
arebbisbop In the mines iSi 

28 Poured out hypocrisy indeed 

rsi 

29 The least bit of clothing gives 
a pain in side (6* 

30 A bloody, bold follower (S) 

31 Mystery party takes in ihe 
sapper (6J 


DOWN 

1 A sign to preserve pet birds 
<S> 

2 Souvenir about the local 
commonwealth (S> 

3 Makes a deceptive move, we 
hear, and passes out « 6 » 

3 A measure observed in Home 
Rule (4) 

6 A state of disgrace for Fido 
(3-5) 

7 Greeting lo Mademoiselle 
streaking in the boulevard 
(8) 

8 Chaff for one on a die: (6) 

11 Champion youngster in dis- 
tress <7t 

14 Boh going free-style writes 
badly (7> 

17 Fatal expression in nearly 
everything (SI 

18 What is left can be forbid- 
ding (S) 

19 Money, sometbirp that goes 
to tbe head of one in auth- 
ority f5.3) 

23 Delay the farm worker with 
the engineer coming up (6) 

33 Large amounts of food in a 
ship fB) 

24 Pretty girl gets round quietly 
in the football match (3-3) ' 

27 Inclined to be crooked (4) 

The solution of last Saturday's 

prize pnule will be published 

M-itb names or winners next 

Saturday. 


Northern Ireland — 1.18-4.20 pm 
Northern Ireland News. 5.55-6.20 
Scene Around Six. 11.40. News 
and Weaker for Northern Ireland. 

England— <5.55-6.20 pm Look East 
i Norwich): Look North (Leeds. 
Manchester. Newcastle); Mid- 
land- Today (Birminghamj: Point'! 
West (Bristol): South Todav 
(Southampton i: Spotlight South 
West i Plymouth). 

BBC 2 

Trades Union Congress— “ Live " 
coverage from Brighton at times 
to be announced. 

6.40 am Open University. 

11.00 Play School. 

4.55 pm Open University. 

7.00 News on 2 Headlines with 
•mb-riiles. 

7.05 World Chess Championship 
Report. 

7.30 News on 2. 

7255 Grapevine. 

8.05 John Williams' World of 
Music. 

D.00 Tin- Goodies. 

9.30 A Curtain Call for Molierc. 
10.15 Oneupmsnship. 

10.45 Hospital. 

MJJO Late News on 2. 

11.40 Closedown i reading). 

LONDON 

9.30 am Search for the Super. 
10-20 Oscar. 10.OT LntJo House on 
the Prairie. 1120 2Is't Century. 
11.45 Cartoon Time. 12.00 Papcr- 
play. 12.10 pm Rainbow 12^0 
At The Embankment. 1.00 News 
plus FT index 1.30 Platform. 
1-30 About Britain. 2.00 Summer 
After Noon. 2.25 Trades Union 
Congress. 4.20 Clapperboard. 4.45 
Enid Bly:on's Famous Five. 5.15 
Gambir. 

5.45 News. 

6.00 A Town Called . . . Os tend. 
6350 Crossroads. 

7.00 Coronation Street. 

7.30 The James Bond Film: “ On 
Her Majesty's Secret Ser- 
vice-" 

10.00 New-*. 

10.30 Last Summer 

11.30 The Streets of San Fran- 
cisco 

12.23 am Close: Dorothy Tulin 
reads from ■■ The History 
of England." by Jane 

Austen. 

RADIO 1 2<?m 

(5) Stereophonic broadcast 
I Medium Wave 

5.09 am M Radio -* 7412 Dav.- Lee 

Travis. 0.00 Simon bales. 11.31 Pour 
Poivel! Izdudla? IS.?) pm News bear. 2.00 
Tony Blackburn. Ul Kid Joavn intlod- 

1 Ins j.'JO Niwbcar. 7 ~u Spnns D^-sk 
; 'Joins Radio 10.02 Paul Cambaecim 

includiDs Raadr Xcvrran in concert iS>. 
12.m-2.02 am: -Vs Radio 3. 

RADIO 2 I^OOm and VHF 

5.W am Xc-s Snnrniarr. 5.02 Tony 
Rrandoo «S niUudiiw 6.15 Paus« for 
Though- 7J2 Ray Mnnr, 'Si including 
5^7 Racina pulu-Tm and 3 Vi Pause for 
ThouabL 10.02 Jimmy Vaun« 'Si. 1205 pri 
W assonerb’ Walk. 12J0 Pc sc Murray's 
Op-td Rouse* ‘S> laduilinu 1.43 Scons 
Desk 130 DJtrf llamilion «S> including 

2 I- and 1 4 i Sports Desk. 4J0 Wauumers’ 
Walk. 4.43 Sports Dejk. <30 John Dunn 
• Si includes 3 Jo Sports D.sk. 6.45 
Spores Desk. 7 M2 BBC Nonhtru Radio 
•.■rdkvsira «S-. 7.30 Spans Desk. 7.33 
Man D'.-II: 7.53 The Dah'c Band Days. 

5 0 2 Toe Eis Band Sound <S' 9.02 

Humphrey Ltriclion tr::h The of 
Ja;r on records 'Si. 9J5 Spiirts Desk. 1 
UL.Q2 Tw* n .ir-1 Couti-.tr Ou:7 16J0 
Star Sound U.02 Ton 6 Is. Tfc* U.S. Open 

i report'-, m3 sr-ac IhiAew urrndnuc* 
Round Ml Juiiihi. including 12 03 News. 
2.09^R am yens Sumiuao. 

RADIO 3 464m. Stereo & VHF 

' 16-55 am UVj'.O'.r 7.00 7.03 

Overture iS _ SJ» Nc'«t. 0.05 Morpms 
COitc-2— '5.. 9.00 $■■■*' 9.85 This W'.'fV 5 

ijjmsnv.r: >S>. 10.00 Second 


All IBA regions as London Htv Cymra.waiev- ’is ht*. ijur-r^i 

except at the following times: eXC ‘ B[ lJW J5 pm p.iuh.ijh . 

^ Xcv'yddion y Dydd. 2.00-2.25 UJii:1ir-n , 

ANGLIA 6.M4J2 V Dydd. 10.iS-Ud»S liiu^, 

9.30 am Child Life lc C'Lher Land*. 9J5 HTV Wmi— A» HTV itcner.il s.-rrirv 
Talking bikes. 10.20 LHUc House on thp J3? -1 .- 33 pm ^ B " r1 

Prjlnc UJ0 iljpi. Circle. li.35 Un '- 1 - SJ2-6-9a Ri pun Vt-v 
Woobinda — \n ratal Donor. 12.30 pm lo crnmnei. • 

search O! . . EarJuiuaKus. l^S Auslu SCOTTISH 

JfWKWHJ- ^15 The Prae- 9.55 am T-Jkuu Bike.-, id 20 \n.tihfi , 

Uc*.. 6.01 About Afistia. 1OJ0 The Brian Sid .- ot the tur«« iS.« Valiev ihe Date 



K : - 

U.- . 




D.Kp trade fairs and exhibitions 


Venue 


r2f BB 5-rl2w nr ‘S r *c -‘'U 1 V inn, - ,l ' rJ “4® T, i- •'’i- -•‘-i'll ^ Current Int , :l. Wait'll jnd Jewellery Trade Fair (cl. Sep. 7) Earls Court ' 

Rrfecuoo traoeiseu u.ss mr^dmporiH..ar> luia,.: - • r- 1 ; - Cl)rrcnt i.iPware and Fashion Accs. Trade Fair (cl. Sep. 7) Bristol Exhibition Centro . 

• Tv . '. P«1 R.m 5J5 5 » Current SBAC Kxlubitiun and Flying Display (Trade— Sep. . . 


4T*. r.ian n.-pnn. s.ia ■ ? io ■ 

•A 1 V Cnwnhili 6.00 ?.-n|l_ihl T da, 6 25 

10JD am Survival. io.« How. UJ9 unaitikd* 6-5 h.nh.r Dear I-jihrr. c nn c - 

* oung Kjjosaj'. 1230 pm Herfldiy EaUaa. 10-J3 Tru:h ur Lnii»>q.i L -n<-i. U30 Star Jy * z. .. 

L20 A TV XcVflJcsk. 5.15 IB Ssarch Of Wars. 12-00 Lain Cal. S«*p. .1 — S 

■ - - PrrjmiJ Secrcii. k.oo ATV Today. efiiiTucnm Sep. 11 — 14 

1QJ0 Toe World o) Liberate. 1L30 SOUTHLRN • c p i, iT_»ft 

Aosltos Tod^y: t'alsoulh. 9.33 am Adi unrip:* m K-iiuImw country «ij ~ < 

nrv D rvr n TaBcoia fttko?. lfi.23 TU** IniHders Dep. IJ l 

DUKULK 11.05 Mach- Lirvk. 11.30 B-.iuru uj i!i-.- 

9.45 am Survival. 1005 Young Ramsay. Planei of ihe kpi-s. 12.30 pm Kann Pro — 21 

U.05 Magic Circle UJd Lost Wands, cress. 1-M Southern N-Mv* 2.00 unu.iv- c lirl « q 

12.30 pm Gardening Today. »U0 Border party S.15 Tliv Lude.-y a Mlv> mures ul f,Y. 

News. 2.03 Bousepany. 5J5 The Pan- Cay'jm Nemo. SJ0 <.rovsro.ids 6.C0 Pj> aup. -'J — -•> 

rrti'. Family. _ 6JM Luol-arouod Monday. b> Day. 10.3tl The S»r- m oi Sat. Sep. 24 — 27 

6J0 Speuai Edmoh 1 3 J0 Look Who's Franciwu U.30 Souilii-ni ,\'ep« livrj. c,-.„ ■■■-. 

Talking. Roger Ellloi. ILOO Donjtr in U.OO O.-kbrn; l.ohu.H. - ■ “ “ 

Paradise. U.55 Border Xews Summary. TA/rvrt- xm- „ r . 

ru 4 rvvri TYNL TLES. s.*n. 2 fi— 2t» 

Xi^ CL 9JS am Th- Coud W«nl loilaweri hr 5 e r. , ’K_~2S 

1.18 pm Channel Lunvhum? Xctri and ,\u.-ih Lj« V:i»-s H.Mdlm- >. 9.53 Wm s <•„* .7« 
iVhjt'n On Where. 5.1S fL-mni re Ihe Arrant .n upv-ra. 9J5 l jlkmc lliH'-s 


4—7. Public— Sep. S— 10) 

Elect re.n ic Displays Exhibition 
Intel national Carpet Fair 
Ei eel rival and Electronics Exhibition 
MAP I r- 1 or national Menswear Fair 


F am borough. Hants. •■■J 
Mount Royul Hotel, Loomo 
H arrogate 

Bristol Exhibition Centre.;. 
Earls Court 


PUneT ui tile Ap.-b. 0.00 Uunnel henv. 18^0 .'.i.inuiid Clavxis ■ l-jnhiv ■ 1IJS 
18,3 Chjnnd LjIc News llagiv '.:rtk 11.35 n«> 12.30 pm 

10J2 Muse in Camera. ILOO Siret:» of In .ii-areh ul Firjin:- V^i-nr-. I JJ3 f| 2 \ 

San rranuicii. U J5 Ncn and vi'j;h*T Sunh Ejs- Xve* ana LouR.ir.vjnd "*** 

io hreneD followed by Channel Carcut. *j • ii« rjuoii Svvin. 2.C0 Hi-' Tr.i i . i.hhiti 

j— n . .m, ' ' 'Jrulrrw 5J5 lri.;lkl' nl 'Jim b Of 1.ltrre*m 


i. IS— 21 . European Conf. of Rehabilitation International Brighton Centre and , 

and National Aids for the Disabled Exhibition Hotel Mettopw 

. in — 21 Firsi tnt. Com', and Exbn. on Isostatic Pressing Loughborough 

19 — 21 Firefighting and Prevention Exhibition Eastbourne 

i. 20 — 25 Hi-Fi 7s Exhibition Cimard International HU2=ft r 

i. 24 — 27 lniemiiiionarGarden and Leisure Exhibition Nat. Ex bn. Centre, Binnln® 

. 2a — 2M Fur nan -s. lie fr actor ies. Heal Treatment and Fuel 

Economy Exhibition and Symposium , Nat. Exbn. Centre, Biroi'ta® 

. 2&—2t* Inicrnjti'inal Broadcasting Conv. and Exbn. * Wembley Conf. Centre . 

. 2*4—28 . . M’wliru: Eificluncy Exhibition Bloomsbury Centre Hotel 

. 2S PHroleum Equipment Exhibition Tree tops Hotel, AberdeeaL 

OVERSEAS TRADE FAIRS AND EXHIBITIONS 


; • ' O'-Nr.^- 5 js i n": "<i ■ ni ii in Mjn Current Iiiicnuliunal Trade Fair (cl. Sep. 10) Leipzig 

iMrlAIN \unhcni Lite ihlIu.iiuk- pom.-: •:-»n ui-w Scii. 5 — x Third International Offshore North Sea Technology 

u&Th! S£ U ‘ 1215 ' in ' ^ , Cunf.- ronee and Exhibition ’ Stavanj 

ScarJci and Sep. '4 — 12 S.ih-n «in i'r»T-a-porler feminin fautumn/wntr cols.) Paris 


/~V»4 iiniiKi rri.."'i ni ,n in b «v 

tlltAIVI r IAN Xunhoni Liic inLiuuriK' noil": la.® Sei». 5— :>» . .. 

9.25 am Kir^l Ihidii 9..0 Canid J at lUvaiv. r U.15 tlnii r<y>i'.: 12.15 am 

War. 9^5 Tail. uic Pik ■* 104S Tl"; liudwtUL-. c ... 

H'.rbs. 1040 Lapuin -.cartel and !hf ■ n erm ^f 1, „ — J- ••• 

Mvswroav 1145 Maojc c.rck- UJ0 Thv ULMLK Sep. 9 — 12 

Litai isjanov. 12 JC pm uid House N>:u- 11.05 am M.-i^il cm-. U40 Frvri* cf Sen O. — IS 

Home 1JS Cramoiau Xtkrs H-.-adbres. Mail. 12JQ um larriiin.ii, Kii'.lmi 1.20 o'!’ i- 
S.is uui ot Taira. 6.H Oriuncian Todav Lanchniu>- J.U (:|si>r 'i'-jiilni' - J* *2 

6.10 Klalr. 10.30 Tht World of UtWTJCv. 5JS Cinwn 5^3 Crussraa-K 6.W Sep. it— 10 . 

UJ0 RtBecLODs. UJ5 asrb an Ice. Rrpuris. 6.35 Lavernc and Shirk-.. 10 30 S,..| it — If) 

12X0 Cramoion Laic Xignt UcadUne*. Fin.-ud-. Thejirv. ILS Mnndar N.«in c-L' io ,= 

_ _ •* UJ5 Bod i (me. I --““JO 

9J0 am Sisame Sirccr. ^10.25 Valley WESTWARD Sep. P-17 . 

of the Dinosaur*. 10.45 Garuxra. W35 10.00 am Tht- S.-jI pii|i 1S.2S Th- I It.- c., n i-j^ «*» j 

The Nature ot Thlnjs. 1LO A Handful Mu^eucro. 11.15 SaiuMau. U3T pm i,' ic oJ ' 

O' Sonss. 12 JO pm Tt» CaUdPIfla ITus Honi-shun> Uirihduvs 12.^1 Tti-- J 1 P- J'" - -■ 

UMrnKI. 1.2D Dodo. 5 J0 What's Now. Shut oi 1J0 West J-ar.l N-.as M- j« 1 >Cp. Ifl — 22 . 

5J5 Crossroads. 6.00 Granada Rtnoru.. fines. 5.15 Ke'.urn io Dio Pbn.-r oi :hc K,.n ip Oei 

Fs . :tler .?v d £ Father. U)J0 Wcstsidc Am. 6.00 Wo>i*i\ir*j D'ary jji.I Muir*- c . ‘ -,e 

..Icdioal. 1130 Stars, War • IZ00 Lrtrse D. sk 10.2B WoMn-jnJ Lai- 10. T) -- 

HWUlfOO IV. Music ID l.ani’.Ta 1760. 11.06 Slre-'l- "I 

p|-|-y " San Fran«s>.-ti. IMS I'auh for i.ii ■. Sep. 24 — 27- 

1J.0S am TaSeins e.kcs. 10.30 Seiamo YORKSHIRE - , . * 

str^: UJ0 5i»Bic Cirri*. 12JO pm 9.B am WiMlilu Cnir.iiu 10JM 111; !cl - 1 — • - 

S-armhou*.- Kilchon. I JO Rcoori West ILrb^ 10.15 » :r.;i- Hunur- m »w. Del. 5- — l-i 

US Report Mato Headlines. 11-10 Ciu. Club 11.35 Sur Jl.iiri.n;. 

Hcosoparo. SJS The Und.-rsva 12.30 pm I'armlua Ou'Inok 1J0 , ___. 

AJej.-n lures of Caotain \. mo. SJ0 Cross- N-us. 5.15 Th-. Hi-a-.O'ciiil'-.T-. o.Oc H I 

roads 6.00 Kenan Wl»J 622 ffeoori Caleiidjr ' Emli-y >lnnr um Ki lni'on Si 4J B 1 X 

n a i’*v. MJS l ‘ r:,nk f'Jttcreon sinsi. udinonm 1030 The ST.-.-IS or .^jn 

11.05 Sr reelg Of San fr^nefftca 6T.tnclv.-o UJ0 Wars War. Sl*p. fi 

Rroadcaji 'S, u.0o tdwtHirsti luter N.-u%. 3.05 \i:.-riiami Thc-Jirv. iii Si»p. fj — 7 .... 

naiional t- estival ]97»- VioDn and piano Siury Tun- 5.00 m lc,-pnrs 5.40 SOU. « 

recital. Dan I <S». li.so Festival Cum- Surcndiptiy. 5.55 *AVaib--r. pruiirnumc 

mem. 12.® pm Recital -pari 2. UO iv-ivs 5.00 Knrv 6.30 Sh in, aim Shan- cj 

Neti-s. 1J)5 Frscter and SlravifWfcy con- Alike *Si T.ro N,-ws 7.05 Th-. nr-.htrs 

cert €S». 2.25 Organ Music from Lan- 7J0 TIi.- Monday Fl*v iS>. 9.15 Clupt'-r 

easier Priory 'S'. 2J5 Matinee Muslealr and Vers. Iu.iks ai r. luiim* tjouLi. and Sci» 7 H 

is.. 3 JO Ntir Records i Si. S.15 Band- p-apli 9* a K.ilt-hi»A.ui»- 9 54 V.eilh.-r 

nxnd -Si. 0.45 Homi.ward'Boand.' 1645 10 Jfj Th- Wnrltl Tnniunl. 10 JO i.'ri^ui.i _ „ _ 


t^onf* ronco anu Lxhibirton Stavanger 

S.i I i-n «in jT.-r-n -porter feminin fautumn/wntr cols.) Paris 
Internal immI Men’s and Boys’ V/eaT Trade Show Paris 
Internal lonal Leather Week Paris - 

Nurih Ep-ii Lancs. Dev. Assoc, promotional exbn. Brussels 
intcrnaimnal Eleclra and Mining Exhibition Johannesburjr 

lnlrmalian.il Mining Exhibition Belgrade 

Internal tonal Congress and Exbn. on Data 

Prncohsiiis ' ' Berlin 

ini. Tradv Exhibition for Home Improvements Stuttgart 
Infernal mnul Engineering Fair Brno 

International Autumn Fair Zagreb 

Coffee S:. nipogjum and Trade Fair Montreaux 

Internatumal Trade Fair Tehran 

Exhibition ;md Trade Fair of the Turkish Textile 

and it party. to-Wear Industry Basle 

Qinjtni: Hardware Trades Exhibition for retailers 

wholesalers and manufacturers ’ Paris 

Inlernaiional Trade Fair Baehdart 

International Trade Fair Bucharest 


Xeus J5J0 Homeward -Bound icon- ILOO A hook Niim-.. u. is T7t- Sep. i— S 
tinned >. 16-50 LUcbhcs: Home and Financial World Tooiriu. 11.70 N.-iv> 

Family. 7.30 Proms ?a. part X: TJppc'f . c nn - n 

I s '; aw Love fwik bv BBC Radio London " P ' J ■ 

Uiurcntu-L. rn. ri. 8.20 Proma rs. oarr 5: ■xicn.^n^oiuc-rir.- 

TdHAOTri.y <s>. sjo CrcaUon and th E „„ ,S !. Sn ia « j® » V Sep. lft — 15 


World oi Sconce. 95o ssmari onus am A * R 1,110 - 6-” Ilnur 
rvrual -S-. 1US Jaj, , n Bniain 'S* t on ' 1na Uvi: 12 - 05 pm Cj " •» 231 

12.05 \ -B-s It w-vi Tonight '9 Schubert ™ ahun-cuie. W Home lluu. 7.D3 Kivm 


Radio 3 VHF uly— 6JB.ZJ0 am. 5^- tou^ooer,. 0.33 Kn-akibrousn 1 D.oji.jn- » 

7.33 Open I'iiiversiii-. Xighi Lundon. 12.00^-L!>?:« .Vs Kjjiu ? S**p. jj • -. 

RADIO 4 Lu...ion Broad cast in- so?! it is 

4S*m. 330m. L'S5m and VHF m andftT^ VHF 

6.00 am News UrKhn^. 6.10 Farmnui 

6 4 1 Prayer !or ihe Da*' FM and &(M l^run Hd5t^ ihi/v. Pfl LBc: bcp 11-^15 
Today's Xcua. 7J5 and j 30 Srv, Head- R , 'D«n5 _ 5.00 . ‘j-nrc- Can's t 'Vei.n-w 
• i'-' 1.45 Tho'isn- lor (h*v Day t.C V Lad. 8 00 I-Dl. Ri-por::. "’On.iuui -■- 8.30 
Hu.1 Wind In Jomai :a by Ridunt Hiuhcs , tH '■wWline. LOT am ^ ■ . . w , 

SM «J.« Sian The Week W*it> li — 

RKhanf Baker. u.H New* M-« WITH- fanitnl Rsdin 

nir 10-30 Daily 5.rvfcc 10JI5 MorajUS «aOIO s jv 

5HJC- U.H Xcks 1U5 SJjrned 1 94m and 95.8 VHF ' ! 


BUSINESS AND MANAGEMENT CONFERENCES 

i P Forecist , na gSSWSf" ^ : 

P- ■ Eurupi-jn Study Confs.: Profitable Exploitation o? n i0 * er ’ 

MicropniL-essor Technology Wiimr. u n i 0 t wi 

P- 7—8 Council 01 Europe: Civjc Participation, coverin'* - °" H ° tei ’ W1 

_ 0 „ J° in l influence and municipal democracy “ Stockholm 

P- ■ — * RtiJ. insi. of Management: Management Accounitn" 

„ „ for N on Financial Managers ” parkrr ci m „i wr» 

p- s Brunei University. What is organisation develop- Street, C2 

P- 7 ““ s British Junior Climbr. of Commerce Golden Jubilee L,xbrldge • Middlesex 

National Conf. ' vm^h, 1 

P- . 10 — 15 •nti of Personnel Management: Advanced Inter- 1 rthrfnJplon - 

1 _ _ viewinn and Assessment Skills ' - Ovfnrrf - v 

|Scp. 10—15 Bradford Univorslty: Practical Skills of Manaema ° f ° rd 

, Peo|.k* hi Work ■ Rrartfnrrf ■- 

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iTERIALa 



Music was fliiw&s&'tbe favourite 
child of Peter PUroan^’s festival 
directorship, Attd' iB US' 13th and 
farewell - yearv-tbe. .operatic . 
favour ia^paricular have been 
b o u d tif all ybestowed. -There are 
visit* from the opera companies, 
nf ZtuScb.. andirranfcfurt->the ; 
Monteverdi . TVGSSdff’V. of ; the • 
former xousi baw a piece to 
itself. ' . Scottish ;- Opera . has 
presanted. its. admired aiitf well- 
travelled-: PetUk »■.:«&■ M&isanrfe. 
And last year's- Carmen, isi the 
Festival Operai prodnetioa by 
Piero Faggionli itoixhxctttl by 
Claudio' Abbado;' that- marked 
Teresa Bergsuaa’s first appear- 
ance in thetitle role.-was revived 
for five performances. 

I had not tttn'tiieOSfto staff- 
ing before, ''and, though reports 
fine-hiding those ta . these, 
columns) had heea Tnusparing-in 
its praise, was still slightly un- 
prepared for the - ravishing play 
of colours in Ezio Frigerio's 
designs— there can have been 
few -Carmens in the history of 
the opera more beautiful to look 
at, more .consistently: distin- 
guished by taste, delicacy, and a 
muted subtlety from which 
Mediterranean warmth has not 
been excluded. .In Victor Lock- 
wood’s lighting, Lilias Past la's 
tavern was a Goya -come to life, 
hut without any of the Old 
Master vulgarity or the simple- 
minded pictorial ism that tins 
might suggests the scene rould- 
give a. lesson to some recent re- 
cruits to opera design from, the 
world of painting in the neces- 
sary art of rendering a carefully 
composed stage ptcrare drama- 
tically malleable. (If, a* :s now 
rumoured, Scoitish Opera will 
not he absorbing the production 
into its repertory, what on earth 
is to become of a stage setting 
surely ton practical as well as 
too beautiful to be consigned to 
the warehouse?) 

Indeed, I shall remember the 
evening principally for its' visual 
and orchestral delights. Under 
Abbado. the London. Symphony 
Orchestra glinted and shone: 
the much-played score sounded 
quite fresh, so clear and brilliant 
was the rhythmic charge, the 
balance of textures, the mixture 
of colours- with which the music 
was given. It was not the most 
languorous. Carmen imaginable; 
there was title of the lazy, lin- 
gering sensubusness which less 
energetic conductors have dis- 
covered in the opera, Except in 
the prelude to Act 3 fits flute 
solo exquisitely played by Peter 
Lloyd), the conductor showed 
himself chary of- rubato. of en- 
couraging in -the singers the 
nuances and inflections dictated 
by verbal stress .that would invite 
this kind of scosuousness. (With 
only One native speaker ip the 
cast, the French. language was in 
any case not very kindly, 
treated.) Tn a conductor less 
fully in command of . his forces 
than. Abbado, such determination 
in moving .tbe music forward 
might be deemed, a : fault: but so 
complete was the control, and 
so convinced and thorough the 
approach, • :ihat . talk of fault 
seemed out of place. • 

But such a Carmen, stripped of 


Three Choirs FestTvaf 


Saint-Saens Requiem 



bv RONALD CRICHTON 


The Kcquiem Mass of Saint- 
Saens, op. 34. v. as the result of 
a legacy from a French Post- 
master General who wanted to 
free the rompuscr from the 
drudgery of being organist at the 
Madeleine in Paris. These was 
a stipulation. thu a Requiem 
should be written. Later the 
benefactor changed his mind 
about this, feeling that he was 
being presumptuous. Saint-Saens 
nevertheless honoured his 
original obligation but was 
forced to-do so in a hurry, shut- 
ting himself up in a hotel in 
Berne, writing and scoring the 
whole work (about the dame 
length as Faure's, which it pre- 
dated by some years) in eight 
days. The first performance took 
place at Saint-Suipice, under the 
comoscr's direction, in 1S7S. 
Thursday afternoon's Three 
Choirs performance in 'Wor- 


cester Cathedral was apparently 
the first full one (with orchestra) 
in England. 

That the result is superficial 
need surprise nobody. Ar the 
best of times Saint-Saens was not 
the man to plumb religious 
depths. The music skims along 
wiifi Impeccable craftsmanship, 
the writing economically trans- 
parent as ever. Only the quietly 
throbbing “ Rex tremendae " 
strikes a note of personal 
involvement, though the Agnus 
works up a soaring theme on the 
violins effectively, and the “Oro 
supples " has a touch of Faurean 
intimacy— the two composers 
were close friends, and Faure 
eventually succeeded his older 
colleague at tbe console of the 
Madeleine. There are also some 
vacuous pages, for example the 
** Sanetus " and “ Benedictus.” 
mini-Liszt of the weakest dye. 


Tbo performance by the Festival 
Choir and the BBC Northern 
Symphony Orchestra under 
Donald Hunt matched the 
music's smoothness. The four 
soloists, of whom only the tenor 
has much to do. were Jane 
Manning. Margaret Cable. 
Kenneth Bowen, David Thomas. 

The Requium was to have been 
preceded by a new work from 
Edwin Roxburgh. Since this was 
not ready, we heard more music 
by the 197S ** festival composer.” 
Berkeley. This included the sub- 
stantial Magnificat written ten 
years ago for the City of London 
Festival and given then in SL 
Paul’s. Worcesters acoustics are 
incomparably better, but on 
Thursday afternoon the festival 
choir sounded tentative and 
weightless. So once again, but 
for a different reason, what 
appears to be an attractive. 


thoughtful iy-raadc work failed-'^ 
make tbe impression of which it 
is surely capable. The orchestral 
nocturne Voice:; of the Night (not 
to be confused with the earlier 
Nocturne oj IPJSJ on the otlier 
hand came across coo! and clear 
with Sir Lennox himself 
conducting 

After the concert, an organ 
recital consisting of Messiaen's 
La Nativite du Seigneur of 1935. 
Intentionally or not. this was 
good planning, Messiaen provid- 
ing exactly the French qualities 
missing from the Saint Saiins 
Requiem. Mystical rapture. ' a 
touch of sweetness, rhythmic 
and harmonic inventiveness— all 
of these were impressively 

realised in a performance of 

great fervour and panache which 
nearly succeeded in disguising 
the fact that the organ was not 
entirely well tuned. 


Albert Hall/Radio 3 

Curzon and Gavrilov by RONALD CRICHTON 


all tourist gimmickry for the eye 
or superficial glamour for the 
each, needs "a uniformly, power- 
ful cast of singing actors, and 
this it failed to receive. In 
Plaeido Domingo’s absence, the 
role of Done Jose feQ this year 
to Pedro Lavirgen. The title 
role, one almost wants to write; 
for in Faggloni'to production, 
with its questionable but (in the 
heat of the moment! immensely 
effective ' series of ffaShbacks-in- 
mime during the orchestral pre- 
ludes. Jos* is placed ‘ at the 
centre of the drama- in the raw, 
uniyricai tones of a flamenco 
cantnor. and in garbled French, 
the Spanish tenor belted out his 
share of the duet with Micaela; 
and the centre seemed sadly 
empty. ‘ And yet, when -one bad 
given up: expecting anything but 
the vocal: worst, the performance 
pulled together, .Mr. Lavtrgen 
was inspired to ever-growing in- 
tensity. and a measure of vocal 
cleanliness, by th® spiralling 
progress of the character’s down- 
fall- -He played the final sceae 
with a kind of frantic emotional 
nakedness, not subtle but sin- 
cerely meant in every gesture, 
that proved very moving.. It was 


Birmingham Rep Studio 


Teresa Berganza and Tom Krause 


an honourable portrayal, carried 
out with less than satisfactory 
vocal means — but that is not the 
same thing as the first-rale Jos6 
the production demands. 

A graver, if far more cleverly 
disguised, weakness was in 
Carmen herself. To say that 
Miss Berganza almost achieved 
a victory of intelligence and 
thoughtful study over physical 
and vocal -unsuitability would be 
going perhaps a little far. She 
flashed out with tough, im- 
patient humour in ihe early 
Mages of the opera — ( have never 
seen a Carmen morp easily or 
naturally funny. The voircr. 
though less magnetic (and. 
strangely, less well-tuned > than 
one knows it to be. sailed brightly 
through the Habanera and the 
Seguidiila, But Miss Berganza, 
however she may argue the 
nature of the character in her 
programme note, looked endear- 
ing when she should exert n 
more compelling attraction and 
bounced across the stage, busily 
adjusting shawl and rose, when 
we wanted her to be stUl. More 
seriously, there was, even in the 
King's Theatre, not enough voice 

Mercury, Colchester 


for the darker developments of 
the music— while resources were 
expertly husbanded, their limits 
were always apparent. Id this 
production more than in most. 
Carmen needs to he tbe rock on 
which Jos£ is dashed to pieces; 
and, for all its incidental 
fascinations. Miss Berganza's 
Carmen's inability to become 
that rock increasingly devitalised 
the whole performance. 

Ileana Cotrubas was a Micaela 
lovely to look at, and one who 
drew life from the words in a 
way only Jean Laine's dashing 
Zuniga was able to equal, but 
she seemed in uncertain voice, 
thin - and tremulous about its 
middle region. Tom Krause, 
singing strongly, was not one or 
those Escamillos so lithe to look 
at and so vivacious of voice that 
the least interesting part in the 
opera springs to life. There was 
busy activity in smaller roles 
(Susan Daniel's Mercedes and 
Gordon Saudison's DancaYro must 
have brief mention J, und yet the 
feeling of a tightly woven web 
of teamwork, that sometimes 
comes during much more 
ordinary repertory performances 
was missing. 


Prom programmes arc some- 
times less Mmiulatipg in per- 
formance than in conception. 
There have been signs this yea r 
of under-rehear>air a musical 
visitor from overseas might have 
been more impressed by the 
number and potential of our 
orchestras than by their achieve- 
ment. ' Friday and Saturday, 
however, brought consecutive 
evenings of play'.na by the Phil- 
harmonia under Vuti on a level 
of precision, brilliance and 
imagmalivencr-:. not to be taken 
for granted at the South Bank 
concerts to which so many of 
the prom on a tiers apparently 
won't go. E^ch concert had as 
soloist a pian:>t of great dis- 
tinction; one British, one Rus- 
sian, born nearly half a century 
apart 

Sir Clifford Curzon delights in 
Mozart's K4SS in A major. 
Although one can't help regret- 
ting that he hasn't in recent 


years at least, played more 
Mozart concertos more often, the 
results of his delight in this one 
remain considerable. On Friday 
the Adagio sang more sadly and 
sweetly than ever. Tne finale, 
taken at a speed which if 
adopted by less experienced 
pianists one might describe as 
judicious, had even more than 
usual of Curzon’s siy wit — each 
new rondo theme brought new 
tone-colour. A rebuke indeed to 
rushers and scamperers. though 
few of these, if compelled to 
play the movement so sedately, 
would keep it alive. Muti and 
the orchestra, who had pre- 
viously drawn the finest contrasts 
of timbre from the strings-aod- 
drums Serena ta natiuma (K239), 
vied with their soloist in expres- 
siveness. 

Saturday's pianist was the 
young, colossally gifted Andrei 
Gavrilov. He chose Ravel's 
Concerto for the Left Hand, 


lavishing on the score the exhila- 
rating combination of physical 
strength, exceptional technique 
and warmly communicative 
musicianship of tbe very finest 
Russian performers. But as usual 
with this artist, it wasn't so much 
satisfaction with what be did 
(though there was plenty of that) 
that counted, as interest in what 
he seems likely to be able to do 
in the future with he pheno- 
menal gifts and bis richly giving 
nature. 

The orchestral part was Cash- 
ing. forceful and. in the tiefc- 
tock jazz-scherzo pages, beauti- 
fully exact. With a pianist of 
such strength, tbe temptation to 
let rip must have been great, 
though one has heard less in- 
sistently brilliant readings which 
made both the outward splendour 
and the inward nightmarishness 
of the concerto just as apparent. 
What Muti did bring out clearly 
was the close juxtaposition in 


Ravel’s style of exquisiteness 
with vulgarity. 

At any rate, ihn experience 
was striking and satisfying 
enough to tempt me to play 
truant for the further dose of 
virtuosity promised by the 
Mussorgsky-Rave! Pictures from 
an E.rfiibition. And so. since 
Mendelssohn's Scottish Symphony 
at the beginning had been rather 
heavy-textured chow often doc 1 ; 
this symphony cheat memories 
and expectations : I. the abiding 
orchestral recollection of the 
two concerts will be the five 
excerpts from Berlioz's Romeo 
and Juiiet given on Friday with 
a fire and eloquence only 
lessened in the Love Scene by 
slightly mechanical application 
of the fluctuating tempo mark- 
ings. The Introduction and 
“ Romeo at the tomb,” which 
had to serve as finale, and above 
all "Queen Mab." received the 
kind of playing that makes Life-, 
converts to Berlioz. 


Rakhmaninov’s Vespers by david Murray 


During a fortnight in 1915. 
Rakbinaninov made a setting of 
[the Ordinary of the Vigil of the 
Russian Orthodox Church. 
Plainly it wa» a labour of love, 
though that did not win it any 
liturgical use— its romantic 
colours, pi o Italy muted as they 
(are. were thought to he compro- 
1 mising. The composer had to he 
! content with the eager reception 
jhis Vespers had on the concert 
| platform. Perhaps he hoped for 
j a change in the ecclesiastical 
(dimate: hut a far more radical 
I transformation was in the offing, 
I of course. 

t The Ve*ners were the sub- 
i stance of Thursday's Prom, set 


in the winking, cavernous depths 
of Westminster Cathedral. 
Either John Poole's BBC 
Singers bad borrowed some 
ultra-basses, or the regular corps 
has been husbanding subter- 
ranean resources for some such 
occasion as this: the deep, 
seismic resonance they produced 
was eminently satisfying. I 
could not judge the authenticity 
of their Russian, but tbe devo- 
tional note of the music was 
truly struck and sustained. 
Within tbe stringently pre- 
scribed Orthodox limits. Rakh- 
maninov contrived a tactful 
variety of textures and tones for 
his 14 a capelia movements (a 


15th is an alternate setting): 
Poole allowed that to make itself 
felt without theatrical over- 
insistence. Earnest sweetness 
pervades the mosie— fascinating 
to bear Rakhmaninov striving 
heroically to avoid making 
effects! — and the eddying flow of 
liquid dactyls has a peculiar 
seductive power. 

The device of - interspersing " 
chips of musical Americana 
between the Liturgical Hours 
proved less distracting than one 
bad feared when this Prom was 
announced. The pretentiously 
modest collage of Bach and 
Decker by Samuel Barber which 
the Philip Jones Brass Ensemble 


intoned at the outset of the pro- 
ceedings was malapropos, though 
sonorous: but the lesser arcana 
of Ives and Carl Ruggles made 
effective punctuation. Ives' 
From the steeples and the moun- 
tains is a tiny abstract sketch, 
with vehemently duetting brass 
over a clash of bells (1 suspect 
Ives rather hoped for his bells, 
not just the tinkling chimes we 
had here). 1 once heard Ruggles' 
Angels with its original six 
muted trumpets, and was struck 
by the realisation that angels 
would sound like that: this ver- 
sion with trombones too probably 
taxes the players less, and it still 
sounded gnoinically elevated. 


Mary Barnes 

by M ICH AEL C OVENEY 


The Rover 

by B. A. YOUNG 


It’s surprising that this comedy 
should have been so long 
ignored. It was a great favourite 


Mary .Batnes is the most have a breakdown" and spits 
famous success story o£ the East, back at her tbe ooiticd milk sne 

End community psychotherapy spits at him. ignored, it was a great uvoumc 

centre founded by R. D... Laing .. There -are candlelit . dinners, j f 0 j. almost a hundred years zf'.er 
in the mid '60s. The ■ work of .discussions of payodotic symp-jjt s performance in lfii.; 

Kingsley Hall continues today, in tom:? and revolution, and the j tb e7l n fell into complete neglect, 
other premises .throughout Lon- gradual cincrgcnre. through h er ; though the texi is included in 
don, and Miss Barnes still dramatic 1 nngcr-painung exer- the handsome four-volume collcc- 
involved.. As, indeed, is her cibes. of- Mary Barnub as so? 1 ®* tion of Restoration plays pub- 
mentor and colleasne Joseph one .with ( Something to offer. ij S b e a four years ago by (lie 

Berke. In -1971 Barnes and Structurally, the piay sprawls a p 0 u 0 press. The Mercury has 

Serke published the story of a bit and Peter -an go s suitably a happy way of producing such 
journey through madness, a Jumpy, bumpy prcuuv-uon. ] balf-forgotteo plays'- out of the 

classic .account .of rehabilitation right along with it- A"* I bag. and- The Rover is no dis- 

ihrough patience; erosion of the approach is justified, for 

doctor/patient syndrome, and- 1 * l{ ttie attempt to up _thc 

the discovery of’ Miss Barnes's ™2 n !J! UJ S ra P hlcail > 

talent for painting-. nvtbe book. 

David Edgar“has : put much of s? “Pf r - ''j* J conVentiona! plot, a matter of 

humorous portrait of porting out wives for a bunch of 

,, - i° f SL^es^Dr Berke woman trapped in childish ways 

■ \.,i i>uf- oi tsarnes ana ijt. »e e. an ^ a baroque adherence to t*te 

r 1 ' emerges as an. affecting I 0, J e catholic faith. Eddie (alias 

story, a moving testament to g e ^ c j j S strongly played by 
Laingian theory of helping callow, never above 

sacrificial victims of schizoid a p prec j a ting tbe absurdity of his 
faT ™fr. setups : role, pulling hack from the door 

nurturing of temperamental accompany a naked Mary, 
crises and - acute wrthdrawal covered ^ fae ces. up to the 
phases. The play differs from, bathroom and the protective 
say, David Mercer's In Two womb 0 f her bed. 

Minds, in its careful re-creation ... . r 

of the communal .hostel, bathed . T7 . 

in hot sounds of the '60s and Vi siting companies in the Theatre Upstairs 

flare-ups among the residents. 

Dr. Laing is here represented During the autumn two visit- death In their own country, 
by the figure of "Hugo (Donald, ing companies will be present- - Second of the two companies 
Sumpter), a laconic guni wao ing nev/ plays in the Theatre is LumJere and Soo in Mgfct/aU 
takes a pradosmally. authority upstairs, at the Royal Court. ^ u aV id Gale from October 
tive back-seat to,- the. efforts _ or First is pimie Jenny _ .m Thig iB said t0 be - about 


• ■ 

.- 1 "■ 
Lv,.-;! !)C 


Vf-r 


Bin# 


bag. 

appointment. 

It has not the wit and satirical 
sting of Congreve or Wycherly. 
but. there is a lot of fun in its 


English Cavaliers in festive 
Naples, where no doubt they 
have gone for political asylum. 
The action depends mostly on 
sharp individual characterisation 
of the men and women in a 
generous assortment of sexual 
.encounters. 

As in Much Ado About 
Nothing, the romantic hero and 
heroine are relegated to second 


tive back-seat to, the. efforts ot First is pirate Jenny m ^ Thig iB said t0 be - about 
Berke — portrayed us an ebullient gj n ifffants. by Peter Sheridan ^ effects of oppression on 
American acadenuc—Jp. descend froa] September 1S-30. • people's inner lives." The dream 

Tbe Play deals with the plight. life of tbe characters is realised 
SI « Tb“ or ofe thousands of Irish me; witb the aid of water-tanks, 

Sattera ?s U set^early on when and women who crossed the tnsh devices for flying performers 
Berke dropout Sea to England in the last cen- through the a.r. giant dolls and 

purse whEmtived in Bow "re tury to escape starvation and extraordinary costume. 


EBlf 






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* _ -irhwCp/emfce.iLVS. 

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•it dons not constitute an invitation to any person to subscribe for or purchase any Preference Snares. 


JAMES LATHAM, LIMITED 

incorporated in Englard under the Companies Ads 1862 to 1S98) 

-948,830.8 per cent Cumulative Preference Shares of £1 each. 

The Council of The Stock Exchange has admitted the above- 

'mentioned Preference Shares to the OfficjbMlst. Particulars of - 
' 1 - the rights attaching to them are available inthe Extel Statistical 
.' - service and copies o : f ffie statistical card way be obtained during 
’ business hours on any, weekday (Saturdays ondpublic holidays 
'excepted) up to and including'26th September, 1978, from: 

• v - . . Laing & Cruickshank, • . 

- •;* The Sfock Exchange, London EC2N 1HA. 


- T 


place. Belvile (Richard Frost) is 
courting a Spanish lady Florinda 
(Caroline Harris)— Naples being 
at that time a Spanish province, 
as we are reminded by the 
incidental music by Ilona Sekacz 
and the accent of Florinda's 
brother Doo Pedru (Peter Yapp), 
though tbe reminders are fugu- 
tive at best. Florinda is un- 
happily affianced to Don Vincen- 
tio. whom we never see. She has 
a ristcr He! Jena, destined to 
enter a nunnery, and a cousin 
Valeria. • 

The eponymous Rover is tVill- 
more, who, arriving a little late 
on the scene, proves himself a 
joker in the sexual pack, bis 
amorous tendencies being defined 
in his name (though it is thought 
this may also refer to the EarJ 
□( Rochester, whose surname was 
Wiimot). Willmore. it must be 
said. Is somewhat wanting in the 
wit such a character should 
possess, and David Sadgrove is 
content to make him a roaring 
boy. Hellena. bis main prey, is 
a more entertaining person 
altogether, and Lynn -Dearth 
infuses drollery into her lines 
with a .performance. - which 
includes a scene In breeches, that 
ought to tempt other actresses 
towards the part. 

Besides the respectable gentle- 
men of the office class and the 
respectable ladies of the Spanish 
nobility, there is an odd one out 
on each side. Angel lica Bianca, 
the city’s leading whore, is one 
— us soft-centred harlot, for 
though in a splendid comedy 
scene, she has Ned Blunt, the 
Essex squire, dropped into the 
sewers & la Sweeney Todd, she 
actually rewards Willmore for 
his sen' ices with a purse of gold 
which he sadly needs at the time. 

Blunt is the other odd man 
out. a simple country gentleman 
much resembling the notional 
English tourist of our own day 
with his belief that abroad it is 
natural to be naughty- He t* 
entertainingly done by Tony 
Wiles, especially In tbe scene 
where be indulges in wild sexual 
fantasies such as we still 
encounter in - paperback novels. 
Angelica (Celestine Randall) 
emphasises her golden heart at 
the expense- of her gold-filled 
coffers; but as it is possible that 
Mrs. Behn meant her to repre- 
sent herself perhaps this is mere 
courtesy on- her -part 
• it’s interesting to examine 
throughout the play bow much 
more deeply explored the women 
characters are than the men. 
Mrs. Beta was in her way a 
porteiii of Women’s Lib, showing 
in tbe . plentiful “ amorous 
intrigues of; her plays the reverse 
of the pictures shown, by Con- 
greve and company. 



CC — These theatres accept certain credit i 
Cards by telephone or at the Box Otbce. ; 

OPERA & BALLET j 

COLISEUM. Credit cards 01-240 525B. ; 
enervations 01-836 J161. s 

ENGLISH NATIONAL OPERA , 
Tomor. & Sat. at 7.30: Cavalleri* Rusti- > 
cana.PasHacci. Wed- at 7.30: new pro- 1 
duclion ol The Consul rthrt replaces 
scheduled perl, of Carmen). For further 
details ring 01-240 5250- Thur. at 

7.30: Sc*en Deadly Sins. . » 

brilliant ENO production." Sun Times, 
with Gianni Schitchl. Frl. at T SO- La 
Bo heme. >04 uaiconv seats avail, from 
10.00 on day o' nerf. 


THEATRES 

DUCHESS. 636 0243. Mon. to Thurs' PALACE. 


THEATRES 


Evenings 8.00. Frl.. Sat. 6. IS and 9.00. 
OHI CALCUTTA! 

' The nudity is stunning," Dally Mall. 
Wfc Sensarioaal Year. 


CC. 01-437 6834. 

Mon. -Thurs. 8.0. Fri. 3 Sat. 6 A 3.40. 

JESUS CHRIST SUPERSTAR 
by Tim Rice and Andrew Lloyd-Webber. 


THEATRES 


PHOENIX. 01-836 2294. Evenings at 6.1 S. 
Mats. Wed. 3.0. Saturdays 6.00 4 8.40. 
"TIM BROOKE TAYLOR. GRATME 
GARDEN make us laugh." Daily Mall. 
THE UNVARNISHED TRUTH 
The Hit Comedy by Rover Rvton. _ 
- LAUGH. WHY. I THOUGHT I WOULD 
HAVE DIED - Sunday Times. " SHEER 
DELIGHT." Evg. Standard. " GLORIOUS 


ROYAL FESTIVAL HALL 928 3191. 
E»04. 7. SO Until Friday 
LONDON FESTIVAL BALLET 
GREENING. FLOWER FESTIVAL. THREE 
PRELUDES BOURREE FAN7ASOUE. 
LE COR^AIRE (Thur 3 Fri. DON 
QUIXOTE pas dc deux'. 


THEATRES 

ADELPHI THEATRE. CC. 01-536 7611. 
IAST 6 WEEK5. MUST END OCT. 14. 
Engs. 7.30. Mans. Thurs. 3.0 Sa:. a.O. 
IRENE IRENE IRENE 

THE BESST MUSICAL 
ol ! 976. 1977 a. id 1978 
IRENE IRENE IRENE 

" LONDON'S BEST NIGHT OUT." 
5ondav People. 

CREDIT CARD BOOKINGS 836 7611. 


DUKE OF YORK'S. CC 01-836 5122. 

- FANTASTIC 
GODS PELL 

"BURSTING WITH ENJOYMENT." D. Tel 
Prices £2 to £5. Best seas £3 ‘--hour 
l-Kor* him at Bon QP-ce Mon.-Thi'rs. 

Frl. Mat. all sera E2.S0. Evas. a. is. Fri. 
and Sat. 5.30 and 8 JO. 

7~ — T 7 ! CONTINUOUS LAuGHTER.' Times. 

FORTUNE- 836 2236. Ett. B. Thurs. 3. ; • ■■ 

„ .Saturday 5 00 and 8.00 ' i PRINCE EDWARD. CC. {formerly Casmcl. 

Muriel Payjow as MISS MARPLE in ; 01.437 6877. Perfcrmihccv This Week. 
MURDER AT THE VICARAGE Evgs. 8.0. Mat. Thur. 3.0. Sal. 3.D. E.O. 

FOURTH GREAT YEAR ) EVITA 

■ — — “ bv Tim Rice and Andrew Llovd-Webbcr. 

Carrick iHfatre. CC Oi;P36 4601. Pirevted by Harold Pruut. 

PRINCE OF WALES. CC. 01 -BSD 8681. 
LA5T 5 WEEKS. MUST END OCT 7. 
Evgs. B 0. Saturdays 5 30 and 8.45. 
THE HILARIOUS 

BROADWAY COMEDY MUSICAL 
I LOVE MY WIFE 
starring ROBIN ASKWITH 
I CREDIT CARP BOOKINGS 930 0846 


VICTORIA PALACE 

01-828 47354, 01.334 1 317. 
%T?- A T F ORD JOHNS 
SHEILA HANCOCK 

„ ANNIE 

Evenings 7.30. Mats. Wed. and Sat. 2.45. 


I Evs. 8 15. Wed. 3.0. Sat. 5.30. S.30. 1 
TIMOTHY 55T. GEMMa JONES ’ 
MICHAEL KITCHEN 
I in HAROLD PINTER'S 

. THE HOMECOMING 

! -■ 6RILLIANT. A TAUT AND EXCEL- 
IE ri.r • '!W pnoajCTiOM-- D. Tel. 

| "AN INEXHAUSTIBLY RICH WORK" 
Guardht.i. 1 NOT TO BE MISSED." Times 


■ WAREHOUSE. Don mar Theatre. Cavent 
| Garden. 835 6808. Royal Sharmpeare 
Ton'i : 8.00 Peter Flannery's 

SAVAGE AMUSEMENT. - A striking 
I i",? v lorant piece ol theatre." 5. Express. 
. All seats E'j.bo. Adv. bkgs. Aldwvcn. 

, Studenr standby El. 

'WHITEHALL. CC. 01-930 6692-7765. 

• £''»?• S- 10 - F L‘- -, * a *«»- 6-45 and 9 00. 
, Paul Raymond presents the Sensational 
5ex Retue oi the Century 
_ DEEP THROAT 

! 7th GREAT MONTH 


ALBERY. 816 SB7B- Credit card bkgs. 
836 1071-3 from 8.30 am. Party rates 
Mon.. Tuk- Wed. and Fri. 7 45 Dm. 

Thurs. and Sat. 4.30 and 8.00. 

A THOUSAND TIMES WELCOME IS 
LIONEL BART'S 
OLIVER 

- MIRACULOUS MUSICAL." Fin. Times. 
With ROY HUDD ard JOAN TURNER. 

- *.ONt IOE B YuURSElF LoCKY TO BE 
AELE TO SEE IT AGAIN," Dally Mirror. 


ALDWYCH. 836 6404. Info 836 5332. 
Fully a'r conditioned. ROYAL SHAKES- 
PEARE COMPANY in reocrioire. No 
pert. Eoninnt — Tomor.. Wed. 7.3D. AS 
' YOU LIKE IT. "A cornucopia Of riches." 
S. Tcleor son. With: CORIOLANU5 fnent 
perf. Fri.'. Premiere David Mercer's 
COUSIN VLADIMIR >I0« prln prevS. 
from 19 SfPl.1. RSC also at THE WAHE- 
HOUSE Isce under Wi. 

ARTS THEATRE. 01-836 2132. 

TOM 5T0PPARD S 

" Hilarto-i* . -ih •» urdav Times. 

DIRTY UNEN 

Monday la Thursday 8 30. Friday and 
Saturday at 7.00 and 9.15. 


• C £°* 1 , „ c 01l«7 1532. ! QUEEN'S. Credit Caros. 01-734 1166. 

E vc ?.'. 5-0- Sa*- 6.00. 5 ^0. a.C3. Wed 3 00. Sat. S OO. fi.30. 

PAUL EDOINGTON. JULIA MCKENZIE. | ro’y DOTRfCE GEOPGE CHAK1RIS 

AI AM B *Wlr»U!?i.55 , -e l L B3V 'Ji j I RICHARD VERNON JAMES VILLIERS 
ALAN AYCKBOURN S New Comedy I the PASSION OF DRACULA 

.Th, MBS TABLE “ DAzVLING.'E St?n. "THRILLINGLY 

This mi uk he _the happiest laughter- . erotic." Obs. -HIDEOUSLY ENJOY- 

' ■ P T. cl -_ ‘' r '‘ i ABLE AND GENUINE TERROR." S. 

Tibly^eniovable evenuig. Sunday Times, j Times "GOOD CLEAN GORY FUN." 

havmaricft am MU 7~“rrr J S. Mir. " MOST 5CEN1CALLY SPECTA- 

H w^^2a K y E z'.3o 9 tSru?55r4j§ 7 ISdi-8S:i CULAR SHOW ,N T0WN ' Punch ' 

PAUL SCOFIELD 
HARRY ANDREWS 

ELEANOR 6 PON. TREVqR PEACOCK 
and IRENE HANDL in 
A FAMILY 

A new play by RONALD HARWOOD 
Drrened by CA5PER WREOc 
” An admi-JCIe alay. hpn«st. eoa- 

celved. orooerir worked &jt. freshly and 
StKngly. written, rlchlv Satisfy. ng. Paul 
Scofield at his best." B. Lerm. S. Times. 


I 

j WINDMILL THEATRE. CC. 01-437 6312. 
Twice N'uhtlv SO and 10.0. 

Sunday e.o ana 3 3. 

PAUL RAYMOND crescnls 
. RIP OFF 

THE EROTIC EXPERITNCE OF THE 
I MODERN ERA 

"Takes to unprrceacmea t.mits what is 
; permissible on our stage." Evg. News. 
third Great year 


H f R „ MAJESTY'S. CC. 01-930 6606. 

Evgs. B.O. Mannees Thur. A S«. 5.0 
■■INSTANT ENCHANTMENT." Observer. 
THE MATCHMAKER 

A Comedv Of Thornton Wilder. ■' It oocs 

down with a deserved roar ol delight." 
p. Td for a limited scassn until Oct. 14 
"Hello Dolly so nice to have yo» back." 
D. Mail. -a Masterpiece." Times. I 


RAYMOND REVUE BAR. CC. 01-734 1593. 
At 7 pm. 9 Dm 11 am Opens Suns. 
PAUL RAYMOND presents 
THE FESTIVAL OF EROTICA 
fully air-condltione-' 

21 St SENSATIONAL YEARI 


REGENT 'Oxford Circus'). 01-537 9362-3. 
Evgs. 6.30. Mats. Fri. and Sat. 6.00. 
TAKE THE FAMILY TO 
THE GREAT AMERICAN 
BACKSTAGE MUSICAL 
" A little Jowcl." Financial Times. 

" Smart swell show." Ca>ly Express. 

'- So enjoyable." Sunday Times. 

" Lvrics have more elegance 
than Thoce for EVITA 

music more bile 

than that for ANNIE." Sunday Telegraoh. 
Credit Card boavcing* — *™" *"* 


: WYNDHAM'S. 01-836 30Z8. Credit Card 
: Bkgs. 836 1071 iron B 30 Dm Mon- 
. Thur. 0.0. Fri and Sat. S IS and 8.30. 
• "ENORMOUSLY RICH 

! VERY FUNNY." Evening News. 

I Mary O'Malley's smash-hlr corned/ 
ONCE A CATHOLIC 
Supreme Lomcoy an *e« and religion," 
I Dally Telegraoh. 

" MAKES YOU SHAKE WITH 
j LAUGHTER." Guardian. 

•YOUNG VIC. 928 6363. 

■ 7. B 9 Seat. Eves. 7.45 

TRANSFORMATIONS 
an Opera by Connas Susa. 


YOUNG VIC. 928 6363. Opens 17 Sept, 
fpr 2 weeldl only. PETER BROOK'S 
famous Paris production a; Allred 
Jarrv's farce URU /In French). Evrs. 7 45 

A " ie,au E2-50 nr 

Sect. £1-50). 


-Seats from £2. 


" The mao who warned a glass of bubbly , RIVERSIDE STUDIOS, 
and a mopin' show must have had luat i Previews 29 Aun.-s 
THIS in mmd." O.T. i CHANGELING. Dlrec 


<01-748 3354.1 
_. _ Sep. 7.10 pm. THE 
Director PETER GILL. 


*M!£' S M ,, T l m.K T o*n A eIS E- ei J .''-3 5 l ?. ^SS' ! ROUNDHOUSE DOWNSTAIRS. 01-267 
Mdn. to Thurs. 9-OjFri.. Sat. 7 J'O. 9.30. i 2S64. National Youth Theatre in 


AMBASSADORS. CC 01-B3S 1171 
Nightly at 8.00. Matinees Tues. 2AS. 

Saturdays at 5 and C. 

PATRICK CARGILL anti TONY ANHALT 
in SLEUTH 

The World-Famous Thriller 
bv ANTHONY SHAFFER 
11 Seeing lib Play again is in lact an 
utter and :oial mv." Punch. Scat grices 
£2 00 and £4.40 Dinner and too-pricc 
seat £7.50. 


THE ROCKY HORROR SHOW 
DON'T DREAM IT. SEE IT. 

LONDON PALLADIUM. Ql-437 7373.' 

September 4. Far One Week Only. 1 
THE MAX BYGRAVES SHOW 

LONDON PALLADIUM. 01-437 7373. 

2 . S r.A or .?' ,e Week Only. 

LENA MARTELL 

MICHAEL BENTINE. WAYNE KING 


APOLLO. 01*437 2663. Evenings 8.00. 
Mats. Tnuis. 3-00. Sat 5.00 and BOO. 
DONALD 51N0EN , _ 

Actor oi We year." Evening Standard. 
■ IS'SUPERB." N o.W. 

SHUT YOUR EYES AND 
THINK OF ENGLANO 
" Wickedly funny." Times. 


AS7QRFA THEATRE. CC. Charing Crass 
Road. Ol-rs* 4291. Mon -Thurs. B 0 m. 
Frl. ana 5-1- 6-00 »r.o Z i5> IBuffet iMd 
available.) 

E ‘- V,s 

Infection, appealing, foot stamping and 
hBart-tfiumoIng." Observer. Seats £2.00- 
£6.00. H.nf-hour belone shew best avail- 
able scats LS.OO. Mon- Thurs- and Fri. 
fi pm oerf only. 

BEST MUSICAL OF THE VEAR 
EVENING STANDARD AWARD 


LYRIC THEATRE. 01-437 2686. Enas 8.0 
iJ.”":? S.fl. Sat. S.o ana B?JO. 
JOAN FRANK 

PLOWRIGHT FINLAY 

FILUMENA 
by Eduards de Fillipga 
Oireeted bv FRANCO ZEFFIRELLI 
"TOTAL TRIUMPH." Ev. News. “ AN 

event TO Treasure." 6 . mi.-. ■■ may 

IT FILL TMIVWC FOR A HUNDfitS 
YEARS, Sunday .met, 

MERMAID. 24B 7656. ■ Restaurant 24S 
2035. Evefijrys 7.30 anc 9. IS. 

EVERY GOOD BOY 
DESERVES FAVOUR 

A piay for actors and orth-stra bv TOM 


-PETTICOAT REBELLION. Evs. 7.30. 
GOOD LADS AT HEART. TuCS.. WCd.. 
Thurs Mats, only' at 2.30. 

ROYAL COURT. 730 1745. Air Co rid. 
Previews Your Wed. -E*v- at 8.00. 
Ntcol Williamson in John Ovborne s 
INADMISSIBLE EVIDENCE 


CJNEMA5 

'.ABC 1*2. Shafscsoury Ave. 636 BB61. 

5 cp v. Perfs - Al * Seats GKblc. 

• J; 2001: A SPACE ODYSSEY fU> 70mm 
i him. WV. A Sun.- 1.30. 4.35. 7.SS. 
2 CONVOY (A). Wk. & Sun.: 2.00. 


ROYALTY. Credit Cards. 01-405 8004. 
Monday-TnursdJy evenings 8.00. Friday 
5.30 and 8 as. Saturday 3.00 and 8.00. 
London critic* vote BILLY DANIELS In 
BUBBLING BROWN SUGAR 
Best Musical of 1977 
Tel. fa =o k i nos arceoied. MMor credit 
cards. Restaurant ruser-ations 01-405 
2418. 


I ^MDEN^fiLAZA [OOP. Camden Town 
Tube). 485 Max Ophuis* greatest 

; i l ?o. L ?iAs M w° E N D TK tAi 42 °- 6 - 3 °- 


SADLER'S WELLS THEATRE. Rosebery 
Avenue, E.C 1, 857 1672 This Week 
only. Evgs. 7.30. Mat. Wed. 2.30 
PACO PENAS 
FLAMENCO COMPANY 


SAVOY THEATRE, 01-B36 8888. 

Credit card* 734 4772. Tom COni, m 
WHOSE LIFE IS IT ANYWAY? 

"A MOMENTOufpLA^TuRGE YOU 

i N 4*wr-S. N - E «n W, l 0 ..J' Q «5 ! I° n 5 I E , 1T -': Guardrah 

Evas, az a.o. Fri and sji. s .45 & b.as. 


j CLASSIC 1, 2, 3. 4, Oxford Sircci ^opn. 
Toctcnh^m Court Rtf. Tubci G36 0210. 
U and A progs. Children half-pncc 
It THE TURNING POINT fA) Full 
Stercdphenic Sound. Pro$^ 1 05, J.30 
6.00. 8 30 . 

2: Kns Kristoflerson. CONVOY '(A.. 

Progs. 1 40. 4.00. 6 20. a 40 
?! Last 3 days' FM lAI. THE WAITERS 
fU). Prgfli. i.qo ; jo. g.oo. S 3Cf 

?.30? JS 0 M l N S T s e r D 5 l ° fU> ' Pr0B, ■ 


CAMBRIDGE. CC. 636 MS 6. Mon. to 

.. mETVZ rSICr Daiif'^MIrrgr , 
Sea: prices ti.M-£5-08. 

THIRD GREAT YEAR _ 

Dinner jno too-priio seaa £8. >5 ™i- 


HIGHEST COMIC-ART CAN POSSIBLY 1 

MISS THIS PLAY." S. Times. "At last ! SHAFTESBURY. CC. 01-836 6 59 6-7. 
* iT.$*7 ,n i^,' J J in i “l! ous : 51-BSG 4255. Half-price Previews from 

political plav. Clive Barnes, ny Post-j Thurs., Evas. 8.15. Sat. 5.0 A 8.30. 


MUST END SEPTEMBER 30 


CHICHESTER- 

Tonight * T at 7.00. Srot 9 at —00 
08 THE ASPERN PAPERS 
SePteml*' 5. 6. a Bt 9 a: 7-00. 
September 7 at 2.00 
LOOK AFTER LULU 


COMEDY. 01-930 2578- 

EkSfc Mof-'W. B OO. Sat. 5.00 anti 840. 

tvga. I- M#t S.00 _ 

EDWARD WOODWARD 
BARBARA JEFFCRO tn 
THE DARK HORSE 
by Hocetnary Anne SiSSOh 
•' Excellent tarnHy entertainment anyone 
of any ace i» Utah ta eoiOF. S. Tel., 
Damned 9t»a theatre.*' Sun. Times. , 
•' Americans wHI love IL." Q8n. * A laugh ; 
a mmute." D. Tel. “ OpporbrnHiM Bril-, 
liantlv -se-ww bv hfst-ra» east- A „ 
aftraetiw ana entertaining cecums- t.N. , 


NATIONAL THEATRE. 028 2252. 

OLIVIER mpcn stage): Tonight 7jo 
THE CHERRY ORCHARD by Chekhov 
irans. by Michael Frayn. Tomorrow 730 
T he W oman. 

LYTTJLTON (ProjMoium stage). Tonight 
and Tomorrow 7A5 flew price prevs.) 
TH E PH ILANDERERS bv Bernard Shaw. 
COTT ESL OE {Small auditorium}: Prom. 
Season. Eves. 8. From Wed. LARK 
RISE. 

Many enellent dieag seats all 3 theatres 
dav of pert. Car park. Reoaurant 928 
2033. Credit card bookings 928 3052. 


OLD VIC. B28 7616 

PROSPECT AT THE OLD VIC 
Beryl Reid and Anthony Quayle in 
THE RIVALS 

Sheridan's comrav. with James Aubrey, 
isfa Blair. Kenneth Gilbert. Carol Gillies. 
Manhew Guinness. Mel Mania. Trevor 
Man™. Christopher Nrame. 

Opens Soot. 4. 7.00 Previews Today 7 JO- 


CRITERION. 930 3216. CC. 836 1071-3 
Evgs. 8.0 „ Sat 5 JO. 8-30. Thurj. 3 D. 
c NOW IN ITS SECOND. YEAR 
LESLIE PHILLIPS 
_m BIX OF ONE „ 

a half dozen hilarious years 
■■V ery lunny." 5un. Tel. 


DRURY LANE. 01-836 BIOS. Mom to 
5ar. 6-00. Matinees wed and Sat 3.00. 
A CHORUS LINE 

A ‘rare, devastating, lovc.ts asfen.shjBd 
ctuimV 1 ." Sun. Timas. 3rd GREAT YEAR. 


PICCADILLY. From 8.30 4411. 437 4506. 
Credit cardi 336 1071. Mon.-Thur. 8. 
Fri. a Sat. 5 A B.!5. Air cond. "Dorai- 
nating With unlettered gimg and humour 
the BROADWAY STAR." D. Eap. 
SYLVIA MILES 

"Towering performance. Daily Mail, 
VIEUX CARRE 
by TENNESSEE, WILLIAMS 
** Works like magic ■ Financial Tunas. 
" There has nanShr been a more satisfying 
evening In the. West End , . . the BEST 
COMIC WRITING IN LONDON" Obs. 
■ Sex running like' an electric curreit." 
Fln. Tfmos. “ DIVINE INSPIRATION^— 
AUDACITY OF HIS ' HUMOUR 
HYPNOTIC EFFECT.” D. Mail. 


Opens Sept. 13 7 0 
TERENCE STAMP In 
DRACULA 

with DEREK GODFREY 


,a £* z 2 w ‘ Curiofl Street. W.i. <99 3737. 

lAir-ConditionedV LAST WEEKS DURZa 
! UZALA ru. In 70 mm Endrsn lUb-tltles; 

Mm br AKIRA KUROSAWA. 
■ MASTERPIECE" Timfi. '■ MASTEP. 
WORK." Observer. ■■ MASTERPIECF^ £. 
News. Film 2.0. 5.<5. 3 JO. San. 4 and 7. 


STRAND. 01-836 2660 Evenings B OO. 
Mat. Thurs. 3.00. Saturdays 5-50 & C.30 
NO SEX PLEASE— 

WE'RE BRITISH 
LONDON'S LONGEST -LAUGH- 
OVER 3.000 PERFORMANCES 
GOOD SEATS £4.SO-£l^0 


ST. MARTI N'5> CC. 01-836 1443. Evgs. 
8-00. Matinee Tue. 2.45, Sats S ana 8. 
AGATHA CHRISTIE'S 
THE MOUSETRAP 
WORLD'S LONGEST-EVER RUN 
26th YEAR 


LHCECTER SQUARE THEATRE f9S0 52S5. 

S*P- FerH Sun. 3.30. 

745. Wki. 1.00, 4 30. B.IO. 8 10 berf 
bkWe. Mon,- Fri. All ocrls. bkblc. Un. 
w sun. 


ODEON. Hatmarket. rg3o 2738,2771.1 
MIDNIGHT EXPRESS fX). Scp prwi 
doors open 2.0Q, S.OO. B.OB. All 
scats bkble. 


TALK OF THE TOWN. CC 01-734 5 051. 
Air CondKloned from B Dtolna-Danclng 
9^50 SUPER REVIEW 

RAZZLE DAZZLE ^ 

A: II PETER GORDE NO 


0OEON, Leicester Sauarc, (950 6111,1 
pSL T tf. E PANTHER 

tA|i SjjB- Prom. Dly. Doors open 1.45, 
T.45. Late shows Thurs.. Frl.. 5at. 
5P 0 , l J. o 5 lfri «A 1S pm - ah seats hkble. 
at the Bpjr Office or ay post, eiept. 
Thpr*. L.N-5, 


THEATRE UPSTAIRS. 730 2 554- E*S. 7J0 
PRAYER FOR MY DAUGHTER 
By Thomas Babe “extraordinary richness 
and complexity." Guardian. 


i VAUDEVILLE. 836 BBSS. CC. Evgs. 8.0. 
I Mat. Tues. 2-*S. Sat. 5.0 and. 8.00. 
Dinah SHERIDAN Dultir GRAY 
A MURDER IS ANNOUNCED 
! The newest whodunit by Agatha Chnstie. 
*' Re-enrer Agauu Christie with another 
I whoounn hh. Agatha Christie 4 stalk- 
! wig the West End *et again with another 
r of her fiendishly ingenious muraer 

■ mysteries. - Fell* Barber. Evening News. 

■ Year's ran must end Sept. 30. 

I Limited Season- October 2-Doepmner z 
I AN EVENING WITH DAVE ALLAN 


00 EON. Marble Arch. W 2. f72S 2011 2) 
CLOSE ENCOUNTERS OF THE THIRD 
KIND fA'. Sep. pr-Mj dc&ri open 
Mgn.-Frt. 2 00. 7.30 Sal. 1 OS. 4.1S, 
7.45. Sun. 3,00. 7.30. All seals bktile. 

PRINCE CHARLES, Leic. Sg. 437 BlCI. 

. Brooks' 

HIGH ANXIETY 1A1 
Sap. perFs. dally (met. sun i 2.45. 6 15, 
9.00. Laie snow Frl. and Sat. 11.45. 
Seats bookable. Licensed bar.- 


STUDIO 4. Oxford Circus. 437 ■ 3300. 
J:il Ctayburgn Alan Bates' 

In Paul Micurskv’s 
AN UNMARRIED WOMAN ’X 
Progs. 1 .05. 3.30. 6.00. 8.35. Late iHOM 
ML 10-50- 





! , 
I 

! • 
! . 
i 

: » 

I 

1 I 


10 


nmu to* «aiaa!Sji 


F I NAN C lA ITEM ES 

BRACKEN HOUSE, CANNON STREET, LONDON EC4P «T 
Tdegraus: Finantimo, London PSi Telex: 886341/2, 88388? 
Telephone: Ofr-248 8080 


Monday September 4 197S 



in 



air 


THERE WERE always two 
dangers in the decision on the 
future of the British aerospace 
industry which seems to have 
been facing the Government for 
most of this summer. On the 
one hand there was the danger 
that the industry could go 
basically American only to find 
that it was being reduced to 
the role of sub-contractor to the 
larger and more powerful U.S. 
corporations. On the other hand 
there was the danger that a 
decision to go European, how- 
ever desirable for political 
reasons, could turn out to be 
uncommercial. 


have now been established. It 
is no longer possible for one 
company or even one country 
to go it alone in the mainstream 
of aerospace: co-operation has 
become the order of the day.' 
At the same time there has 
been no straight confrontation 
between the Europeans' and the 
American.*,. Lt is feasible for 
the Europeans to co-operate 
among rherasclves on some pro 
jects and with the Americans on 
others — a fact, incidentally, 
which has always been recog- 
nised by the French in their 
co-operation with the U.S. on 


aero-engincs. 

Not least, the announcements 
Co-operation of the last few days can be 

The decisions announced in seen as on ? y beginning of 
the last few days go some way ? "«« P enod °f collaborate 
towards suggesting that both 10 aerospace industry. There 
these dangers have been are «*»«■ new projects to come 
avoided. On the assumption that especially in the military field 
the French arc only demand- and 11 ,0 that the 

ing the highest possible price * an,e pattern of flexible co- 
for British re-entry into the operation with suine European 
Airbus consortium, rather than and some Euro-American pro 
seeking to keep Britain nut iccts — wUl be possible here 
altogether, it looks as ir British That would be one way of easing 
Aerospace will achieve a good the problem of standardisation 
deal of what it wanted. It NATO, and also of reducing 
should he able to continue and the present imbalance tn 
intensify co-operatiQn with pari- European - American anus 
ners it knows and tn do so un transfers. . 
a more equal basis than might — ... 

have been possible with, say, Competition 
Boeing. Nor need the latest arrange 

On lhe aero-engino side there ments be regarded as necessarily 
can be no doubt about the static. There is no reason why 
genuineness of the satisfaction the Airbus consortium should 
expressed by Rolls-Royce. Over not woo British Airways for 
the past few years the company orders in the future, perhaps by 
has geared its developments inviting the . airline tn submit 
overwhelmingly tr. the American its own specifications. That, 
markets. There may be some after all. was the way the 
reservations about the wisdom original consortium won round 
of this, hut equally without new a nnre reluctant Lufthansa 
orders now the company would Equally Rolls * Royce should 
have been in severe difficulties exploit every possible oppor 
and there was hi lie immediate (unity* to win a larger share of 
prospect of quick orders coming the European market. It may 
from Europe. As for British have landed on its feel this 
Airways, it tm* is satisfied. 1 1 time, but there are dangers in 
wanted to buy American air- being too exclusively tied to the 
craft with Rolls-Royce engines, Americans, 
and it has been allowed In do so. Ii remains, nf course, that 
From the strictly British the new aircraft still have to 
point of view all that might look be sold m sufficient numbers to 
like the best of all worlds, make them commercially viable 
which may be one nf the reasons The competition will still be 
for the French irritation. It severe but. all in all. the 
should „hc_-rcmem her cri. huw- jrospe.itt *__?!_ least. Jpok better 
ever. :.lhat certain principles than they did a few months ago. 


faces 



ITALY'S political and economic Everyone in Italy must know 
problems have long seemed sn l hat economic reform is essen- 
in tract able that it i-. not surpris- lial. But many interests are 
ing that it* governments have going to be hurt by the cutback 
repeatedly put off the .Micmpi in welfare payments, and the 
to do anything fundamental major parties will have to show 
about them. an unprecedented degree of 

The present Goi eminent is no goodwill, if they are to work 
exception to ;hi> general rule, out a consensus on the pro- 
Jt has just tabled a major pro- gramme in the next few weeks, 
gramme, designed to gel the There is . however, little or 
country hark on the path ol mj roum for sUppage in u, e 
economic recovery over the next lilllcUh | e . y ext month • the 


three years. Bui ii has done 


Government hopes to finalise 


so up against a senes of very a , ar „ e slandbv crcdjl wjth 
pressing deadlines and has post- lhp international Monetary 

pmied any action on one of the Fund . Dn thhl ^casion, 

mn«t important ls«uc« th e Fund will certainly re- 

The main aims ol the pro- quire a parliamentary vote of 

approval. At the moment, of 
course. Italy is in no immediate 

es 
are 

in a healthy state, as shown by 
its decision to pay some 
U.S.Sl.lbn of debt to the EEC 
ahead of schedule. But the 


hi' iois: a cutl.a.-U in Italy*-; 


Si r S f r need of IMF money. Its resen 
sector dehc. through rcduc- an , balance o{ pavmen|s a] 

lions in welfare spending: a in a hl . althv „ 9tP « chftu . n , 
furtticr -Irnv-dowr in the rale 
ur inflation. l» living it into 
single figures: a nublic works 

programme, especially in the ... . ...... . 

south, in hold down the level P°* ‘ 0 « * likely to change quite 


quickly once the economy starts 
moving again. 


nf unemployment: and a 
thorough reform of the entire 
system of public administration. 

Indeed, it may well he won- Conflict 
dered whether the programme . 

is unrealistically ambitious. month, ton. the wage 

Cii!- in the public sector workers come 

deficit have been promised l, P ‘ nr rpncwa ‘- 3nd there will 
before, hut the pi. muses have undoubtedly be a sharp conflict 
noi been matched hv the per- between the Government s re- 
tormance The Government ^emendations of moderation 
.-ays i hat n> public works Jnd ,abou r prewuw- Tor further 
programme will create Slifi.nnn in creases in real wage>. 
new jnl»s. hut this target But the real greatest obstacle 
is already being described in the Government’s programme 
.is nvor-npliimstie. is any attempt to revise the 

Musi ambitious m all is the system of wage indexation, 
undertaking to reform Italy's which has played such a large 
public administration. While part in raising manufacturing 
this is undoubtedly lung costs and in sustaining infla- 
nverdue. since the country's tion at its current rale of 
vast and inefficient bureaucracy around 12 per cent. The Govern- 
is one uf the major obstacles to ment evidently believes that its 
effective economic management, parliamentary problems will be 
il is. by the same token, going eased by holding off this thorny 
In be exceedingly difficult to issue until the beginning of next 
reform. year, and in one sense' it may 

It will be a truly remarkable be right, 
achievement if such a daunting _ „ 

task could be completed within There is disillusionment 
three years. Cynics may ques- 5 V 1,nn " Unmmunisl voters with 
tion whether it can ever he the results. of the party's asso- 
nebieved mi long as Italian "'ll 1 , ^ e minority 

governments are subject to the Christian Democrat Guvcra- 
vk-iwiludes »t int-r-parly log- n,cm - an >' attempt to tackle 
rolling. wage indexation at this stage 

The iimM immediate doubt. 1,1 '*!** pruve an intolerable 
however, is whether the pro- embarrassment to the leader- 
cr.inmn- c.in gel parliamentary sh,p nf thc p . art - v 
approval quickly enough- Under Yet even if one makes every 
flip present ' timetable. il allowance fur thc Government's 
nmsl be voted on by Hie end political difficulties, it one 
of this month if it is to go min thing to announce an ambitioue 
operation at ihe beginning of package, quite another to make 



Trades Union Congress | 

By CHRISTIAN TYLER, Labour Editor, in Blackpool 

W HEN THE 110th Trades the TUC. It is unlikely that Mr. with particular issues— pensions, strength -in terms of numbers progressive, if not niUitant in “P 

Union Congress rises to Len Murray and his coUeagties worker directors, the 35-hour — it is now up to nearly I2m — the shop steward sense. These tne op taociaii^ja 

its feet tomorrow to couId g0 for j pn c propping up week, or foreign dictatorships. and - has grown up partly as a people are good trade umonists- way of RM rtagUu rprigg. 
cheer Mr. Callaghan back into t Gave rnment. aSd such Mr. Jones’s successor at the sodal. contract If Mr. Jones is correct and but I should accepts pto*.. 


TUC does beqome more society. 


Downing Street, if il has its way. “ Z 7 1 . Transport Worked Mr Moss itself. He says that the TUC the TUC does beqome more -- • 

it will not simply be in order an outcome would be extremely Evans occupy the central now has a grasp of issues, a com- professional, and if it takes into "There ."Is ' ./-cott&fel 

to express a preference for a stultifying. position by virtue of his 2 m petende and an influence that its industry committees more danger in the one-party’sBta 

Labour Government Many of This year’s congress is import- block votes. But his style so far it has never had before. TUC of the work now done by indivi- u playing a- part lh-MctyAf j 

tiie men and women on the plat- ant not merely because it is the as can be seen, is more’ mana- officials today, he says, actually 1 dual unions, then it could start res olve the roost serious ia 

rorro and on the floor of the r - . f deneral election gerfal than political. He inherits want to know what The rank- to claim the itind of authority s i 0 n that Britain has tfpAMfe- 

hall have a personal stake in the r ' \*^* 1 **™ 1 haroperful of polldSaSd does and-file is saying. It is still a held by trade union federations since the 1930s is chiingfog,* 

outcome of the general election, campaign, uaiso sees ine reure- npp<< Tn ^ ^ ^ research organisation, but an in some other European coun- yes . I have changed, and lpta ’ 

for it will be a test of their roent from the General Council g e left wing— more left organisation capable of real tries. But the TUC’s role and guilty. You have to^deal-sjjj • •' 

stewardship and their policies- of the two men who in the wing. than Jack Jones at times bite. • . record in recent years, and the the world as it is, nof/JB jq 

almost as much as of Mr. public mind have symbolised _4 U t he does not yet carrv a “The TUC now talks id .prac- passive ness of its opposition to would like it to Jje.. ‘ 

Callaghan's. trade union power for the last dagger in hfs belt • ttcal terms with the - Govern- imposed income policy, suggest “When you are-fa«d\nl&it’' 

The trade union leaders, decade— Mr. Jack Jones of the As for the Amalgamated ment.* said Mr. Jones this week- that such authority will be a responsibility, It’s not enotssft: 

especially in this last period of Transport Workers, and Mr. union of Engineering Workers. cnd - ~ 0f course, there always long time coming. say what's wrong — yra hawi ' . 

minority government, have Hugh Scanlon of thc Engineers, its . political complexion has were smoke-filled rooms private « r ,| 0nM confesses his dis- have some kmd orconstrtrttii - 
leaned over backwards to pre- Mr -_ ' lonc f masterminded the changed entirely over the last n “*“ n *. s ? n .. '^ tef, ali. . and a pp u i n i n ,ent that the TUC has solution” . ' 

rent the unpopularity on ihe social contract and Mr. Scanlon few years and the new presi- wh^Pering behind doors. But the not f ou3 ht more strongly for The TUC came- up'urlth a» 

shop floor of pay restraint from led the engineers into battle dent tfrom next month), Mr. TUC leader* of the past were highor pensions— his pet cause structivc and ■ un p re wdfta 

putting the Government in Indus ‘ Ten Y . is* the product of JJJ.J 1 !!! *2f iOHEL ~ and ,hat il failed t0 retaliate answer to the roSn^^ 

danger. 


trial Relations Act. 


Their departure leaves 


uncritical tirade union conserva- whf - n lhe Advisory Conciliation 0 f 1975 by success^fly hofflr 

ttvism,. He will be over- !l ot for the T V C s *. pce . i ’ s *9 T : h, i « n d Arbitration Service was the unions to pay limits agree 

the Grun- with the -Government for. It 
»ame way. years. Mr. Scanlon saysT' 
back tii is TUC’s contribution nowsett 
weekend over his 11 years on to have been, if not in- vatu- 



Talking 
shop 


the General Council, said that least seriously spoilt t- 
the TUC had not distinguished facts that Treasure bn the pm. 
itself at thc time of the Indus- has had more influence -Wd • 
trial Relations Act. when his rale of- inflation - 1 thaftlm- 


between the upper i^instimc of lhe void wil1 be filIed by Mr * engineers, whose cunning in the much worst, 
economic crisis P ftad the neU»!*r Le» Murm. TUC General Secr^ pursuit of mode»tinn is undue 

millstone of Labour's minority ta .^- fi " d j**bJJ*W pu i5^' . 

—not to mention repeated prime w,,h °ut Mr. Jones beside him. Moderation, in the proper 
ministerial threatsof re sign a- For Mr - Murray; lhat means sense of the word, looks like 

tion— have lost some respect P ot s0 much picking out the order of the day, t ‘ f union was fighting a battle that wages, and that there ^ 

and authority in the eyes of ls,SUW! demands of the broken occasionally by men If be regards as the greatest of no real improvement ini uri» 

eir active members. moment, but judging how close like Mr. Clive Jenkins, of the British Industry could really h - g career 6 investment during ’Ul_ 

to or distant from the Govern- Association of Scientific, Tech- flrow up and be f negotiating a ' ’ , nause 

The coming election could ment— whether it be Labour, or nical and Managerial Staffs, or body instead of a la I king-shop, 'The TUC General Council * ■ ntwGnrnmdtiite:' 

well sweep away lhe ambiguity Conservath*^— the TUC should perhaps Mr. Frank Chappie of anti carry Us members wilh it. told unions they could defend 

of language and action that has be at any -given time. the Electricians. I should not rule out the possi- themselves if they were taken to __ 

characterised the last year of. Some ilf th V 0 J d ^ a i ready But naturally, the vigour of bility eventually of the CBI and the National Industrial 

TUC-Govemraent relations, and bein? ulIed bv ‘ Mr David the TUC wilt depend to some TUC talking jbout wages— nol Relations Oiurt We refused to ?. . r _ 


give everybody a new start. If Basnett^ of'* the** General^Vnd extent on the colour of the norms or pay ’iij every factory. drj that and we suffered very 

Labour is returned wilh a big Municipal Workers who has all Jf* government. If- the TUC but minimunf rates, wage strut- heavily. We never had any p * 

majnnty. the pressure will be the app e a rance of grand visier. becomes moderate in the poli- lures, even grading. They support financial or otherwise n f Staee Thrtt'ir 

on for some real changes in the Mr Basnett represents the tieal sense, that does not mean might consider, for instance, fr,) ' n fin TUC. and we were left “"t", 

direction of economic and midd i c mund of union potities lhat its power will lessen, or whether an electrician should to fight it on our own.’' J ™ 


a uanour victory witnout an set up a joint action committee me *meiai contract. 


ion committee me social contract. us cnaracier is cnangmg v-ith day, he said : "I still accept the vote together at all ri 

overall majoritj’ would be thc of public service unions, but he Mr. Jones believes that the the growth of while-collar Marxist theory of economics as hold our fire until after,- 
worst result for the health of U not identified iikeJack Jones TUC will go from strength -to unions: but it is by anti large the one that explains the day.” . : 1 ' Al? 1 : 



MEN AND MATTERS 


Packer pack 
sent packing 


now claiming the title of Cricket independence is a charade or water, and 3 lcohoI. 

Champions of the World. * that, surrounded on three sides Pakistan’s attitude to alcohol 
' by South Africa, it is little more is similar to that of thc Middle 

than a dressed-up South African East, where .gripe- water is also 
homeland. M I wouldn’t have sold. General Zia-ul Haq. Paki 

military ruler and 
Moslem, has zealous! 


next year. 


it work. 


Whatever anyone savs about Readers ^nt to Irish-Italian ^en thc job if that were troc. slant’s, new 

him Kern Packers inibitions parems on Panamanian shijas in he says. ’’ It’s absolutely ludi- a devout M 

could never be called meek. The Frcnch *««* may be- cn- crous that no-one recognises it. extended the Law or The Pro- 

ebullient TV ami snort*” nn! lightened by the following book- Potentially il is far less depen- phet to every area of natimtal 

ranter took his ^tar-studdied lcl * Published by the Council of dent ° n South Africa than lire. And babies apart. Iota) pro 

team m New York on Saturday ^ uro P e al Top: *• Explaivaloiy Basutoland Or Swaziland.’’ hibition has been in force foi 

wherp he had hnnkeri the R e P° rt on the Protocol amend- Skinner reckons you can thc past 15 months. He mivbt 

aoooLear Shea Baseha 11 S ta. in? thc Gonvcntion of May 6 . srow anything in the Transkei be alarmed to hear of th 
Hium for an exhibition match 1963 on ,he Reduction of Cases and it could be developed for curious case reported from 

aiaiLt the cream of icr n nf a,u,ti P , « Nationality and international tourism. But it Somerset in 1975. of n woman 

rSiStiilmit theUQ Stars M ilirary Obligations In Cases of might take a Laker tn transform eschewing alcohol for rcligmus 

Multiple Nationality and Ex- its “ breathtakingly beautiful " reasons who found her baby’s 
New York did not exactly planatory Report on the Addi- wastiine into a jetsetter's gripe water soothing ami began 
turn out in force for the occa- tional Protocol to the Conven- African Riviera. British Air- drinking dozens nf bottles a day 
sion — the crowd numbered lion <Jf May 0, 1963 on the return fair is an equally she was horrified to leim from 

about 3,000. mostly displaced Reduction of Cases of Multiple awe-inspiring £700. and that only her doctor that she had become 
Britons. Australians and West Nationality and Military Obliga- seta you as far as Johannes- an alcoholic. 

Indians — which may or may not lions in Cases of Multiple ourg. 1,000 miles aw*ay. Jdst But an LRC spokesman 
have put a slight damper on Nationality.” Half-way through n ® w . t^e tourists arc front South assured mr ihe case was un 
Packer’s plans to sweep America unscrambling ihe first page of Africa, which* continues tr usual: “ We do not recommend 
with the cricketing craze. this absorbing document il snore up the Transkei’s sagging you take It hy the pint As a 

..... , . . . became clear to me why Euro- economy. baby you probably have 11 m 

All the same the match had MPs art* paid I25.U00 a year. Meanwhile back at Transke: nver two hoUIe*; altngothrr 

*» entertammgside.nul least Office Ltd in London the Ram- Thc .haractcriatu* label nhnwitu 

that the L.S. All btars \nn \ . 4 -Uo m on bnyam Berkeley is still busy a child struggling with a >rrpi*ni 

sexen wickets. Marks OR the map persuading the world lhat was nol. he .said, intended to | JO 

Baltina first on a pitch laid p . ' Transkei qualifies for a» lea -I a symbolic, 

awkwardly between flrM and f to,inca ' vhangeling and rew dots round its border. So It proved hard tn a-ccr?ain 
second base on the baseball T ” ry Mp Humphry far only stamp collectors and whether General Zia and hi 

diamond. Packer’s men scored 8er „®. 0J ! " as a curious job— Pretoriu are convinced. men wore convinced hy su«-h 

124 all out. despite the best ls D tiipiomatu- representative" — ..... — — .... ■ ■ argument*. Thc Pakistan 1 : 111 - 

effort 5 of Greg Chappell. Tony ]° Paramount Chief Kaiser Man- KJ« w- U rtKri hlieeae baS!, - v was closed— Tnr the end 
Greig. Alan Knott and Gary ta n 2 ini a, the prime minister cf ' Uwiil UllbbCo Ramadan. 

Sobers — described by the elec- Transkei. Thi* makes him more • — ' — 

ironic scoreboard as Sir Garfield or ,ess f°reign minister of the Unknown to mtljions nf Hungry bOOkWOrm 
Sobers, it deigned to break off s . u PP°scdly-indcpendent repub- Moslems the laws of Islam are 

advertising American airlines “ c and he now believes that being brazenly 1 infringed under The scene: an internationally- 
and a Tandoori restaurant in ha ,ias done a favour both for their very noses— the unknow- known London bookshop. The 

49th Street. the Transkei and an old friend ins culprits being babes-in-arms characters: my colleague B. R. 

s Lady 
. . arnphv 

Water. a product of one of the Ackenhnu.se — “Have you 'Philip 

fellow, veteran subsidiaries of London Rubber of Macedon.' recently published 

to be acting Company. by Fabers?” Young Lad.v — "|.. 


Then it was the All Stars' ,n recomnie nding .Jimmy Skin- whoso stomach upsets are Ackenhouse and' a Young l 
rn. Fielding a team consisting !l er 10 - head ils Development allayed with Woodward's Gripe at a desk marked Tlinqra 


turn 
mainly 


of expatriate West 


Association. 

Skinner. 


Indians and captained by a New Africanist' 
Zealand er. all unknowns, they n encra j St ' used 


slogged a brisk succession of v'L*?™ 1 , _ ma, J a Scr of the Dining at the home of a Paki- it an autobiography*” Ackcn- 
sixes and fours to reach 125 For Jj? npn,e % Corp ^ a ' l ta n tht * other night, house— ’* He died over 2.fHhi 

♦v — n-'uh -v_ ...: — : — — u ®n of lanzama. Since then Dennis Blairman: a senior riirec- years ago.” Young Lady "Oh 


three. With the winning run ^ V *«tnzania. *tnce men uunms aiairman: a senior mrec- years ago.' Young Lady— - Oh 
a group oF grubby boys invaded he has *** U P his own hotel tor of LRC Overseas, allowed well then, you' want the anti- 
the pitch, stole the stumps and " lanasc, ? ent conc ern, Landmark himself a quiet smile at the sue- quarian deparinuMit upstair-.” 

1 . . * 1 IntPrnJtllfinal nT Dor. pace TA7 Tlfrinrli.in i \ t.._i .. . 


vanished. 


Not perhaps a match that will co-director 
make Wisden. but notable in 


Intcrnatinnai. or wbteh Ber- cess of W. Woodward (Karachi) Ackenhouse (politely) — ” ij. 
fceley was until last year a Ltd. He tells me its proprietary, there anyone here whn kn 


nws 


calmative . U widely sold in; anything about bunks?*' Y»unu 


that linco Papfc^ e skinner says lhat, he ton is Pakistan, where almost all the Lady— -Surry, she’s out n j 

- . s nce Piker’s men were now severing connections with /5m inhabitants are practising lunch." 

ver 


nlovinn « “Tv,-. t> , .. . — . ■■■«• w'liiwwiio iiiiwiiiHuiB lire pracusini 

World ” tha r C° of Ihe Landma rk and is uiahashed by Moslems. Gripe water has two 
vona, tn. l.s. -MI Stars are suggestions that the Transkei’s mam ingredients:, distilled 


Obsei 


unci 
snsurt 


IMSUTDTO \AU0.\AL DE 

reasegcros “Indet: linent 




AVENIDA JULIO A ROCA 694 y,. 
BUENOS AIRES REPUBL1CA 
ARGENTINA 

Cable address: Inderbaires Telex 01 





PRESmENT 

ISMAEL F. ALCHOURRON 

GENERAL MANAGEMENT: _ 

Mr. Feliciano Salvia Dr. Roberto ESemi^ 
Mr. Alberto MontetaganoMr. Angel Mariano -^i 

Twenty-fifth Fiscal (1977) 

Capital and free reserves 
Technical reserves 
Total assets 


Premium income 
a> Argentinian 
business 
b) Foreign 
business 

Operating expenses 
Profit 


Argentinian 
; .16,955,785,#! 

65,7SS,435^! 

107,613-879.#] 


154,947,263,293 


14.770,956,599 




1,306,800.^ 

0,903,713^ 


Rates of exchange — 100 Are. Pesos 


U-S- Dollars 
Sterling 

French Francs 
Deutsche Marks 

(FREE MARKET EXCHANGE AT 30.13.771 1 - . ^ 

reinsurance IN ALL branches. 


0.167 

0.087 

0.783 

0.531 



c 











er 4 , 




& 

i 






Mpndaj' Septemfe 4 .1978 


-. j a •:.i':.a- 





Monday September 4 1978 



SURVEY 


II 



id B; 




I 

asii^ 


■ v-. ,■■■■' Reinsurers attending their annual world conference at Monte Carlo 
this week will again have much to discuss. The main topic will doubtless be 
once more the problem of covering the big single risk— supertanker, Jumbo jet, chemical 
plant. Other worries are. inflation and international currency fluctuations. 


‘.em 


REINSURANCE is the most 
highly specialised sector of the 
insurance industry. But because 
it js essentially one specialist 
dealing with another iii a 
technical manner, it attracts 
very little of the limelight 

until something goes, wrong. 
Vet without adequate reinsur- 
ance facilities no insurance 

industry could accept more 

, . 1 ia. : than a portfolio of small risks 

■‘‘■’■^LiiL.jwithout endangering its security. 

> n ? ;rit p, c The. basic principle of frisur- 
a a j^ance is that of spreading one’s 
risks, so that if disaster occurs 
:s ,-^one i* not bankrupted by the 
ic onf-nam event * So -companies and indivi- 
i pan i.fi ?daa,s in * tlre those risks with 
mftBi "*«n insurer having the confidence 
ta-.n has#*^* hat trouble , occurs, the 

“^insurer will pay the claim. This 
>h ' elementary insurance prac- 
•^^■Wltice. 

l "*t But what if the fame event 
l * ‘ D * ralso hits the insurer. /hard, such 
K **. as a storm risk dr a massive 
,a sr f Jaw tindus trial explosion? If the 
h*» rmi ^insurer has a number of risks 
^affected by the same event, 
•':iv! nf ixcthen he may have problems 
paying out all his claims. This 
c . nt ^principle of spreading risks is 
^'even more important to an 
V,; rf T>surer,. He must be able to 
;* s pay out claims when they arise, 
s. This spreading of risks by the 

"^ insurer is known as reinsur- 
'jverr.Lv.T, t ance ; Insurers endeavour to 
Scanlon shold a balanced portfolio of 
i K'ii.uc w x i s ks so as - to minimise the 
•n. if !>u! ,K vulnerability .to a major cata- 
u>)y -pw strophe. But . the : insurance 
rr*siirt ana industry is now in the era of 
ir.Saswthe big risk. The cover.- for a. 
'-.n.s’jfo 2' North Sea 02 installation can 
L approach -Wbn. A Jamba 'jet 
orv. sets! r . • 

.nr.wii lire •' - - ' — • 


disaster could ultimately involve 
claims totalling over 5100m. A 
petrochemical complex could be 
insured for over £ 100m. 

Such values are causing the 
insurance industry to reassess 
its methods of 'operation, in 
particular in the way- in which 
the risk is spread. With sums 
insured of this sire, the amount 
is far too big for any single 
insurer, even the largest, io 
carry . the risk on his own.. The 
actual amount that an insurer 
will carry on a single risk wilt 
depend on a number of factors 
pertinent to theinsurer.surh as 
the spread of risks' already in 
the portfolio and the size of 
capital and reserves backing his 
operations. 

The practice of co-insurance 
is . now growing, whereby the 
risk is underwritten by a 
number of insurers— companies 
or Lloyd's syndicates— ail taking 
a smaller -percentage of the risk 
than -they would have done a 
decade or so ago. The recent 
EEC directive On this subject 
should enable the practice of 
co-insurance to operate between 
insurers in the EEC. • 


portfolio or run a separate 
department for it. Thus it is 
quite possible for part of the 
excess cover on an insurance 
risk in the portfolio of an in- 
surer to be taken up by his 
reinsurance department. 


more internationally orientated 
than their counterparts handling 
the direct risk and they have to 
look beyond their own 1 national 
boundaries these days. The 
annual congress held in Monte 
Carlo, covered in a later article. 


comes second in prestige only 
to a national airline. 

But these local insurance 
industries do nor hare the 
expertise, or in most cases the 
capacity, to carry the risks 
arising within their own 


taking place with these coun- 
tries endeavouring to set up 
their own reinsurance facilities, 
cither singly or with pooling 
arrangements with neighbouring 
countries. The objective behind 
this development is to stop the 


Sharing the big risk 


By Eric Short 


Strong 


But this in itself still does not 
spread the * risk sufficiently. 
There is a 'Strong- need- to 
reinsure ■ these .risks further. 
There - are special reinsurance 
companies- and organisations 
which deal only In reinsurance. 
Other : insurers handle reinsur- 
ance- as part of their overall 


The insurer needs to spread 
his risks as far as possible on 
a world-wide geographical basis 
and on a wide currency basis. 
Although spreading the risk 
between other insurers operat- 
ing in the same country will 
save that insurer from disaster 
in the event of a catastrophe, it 
will put a strain on the in- 
dustry of that country taken as 
a whole. 

This need to go beyond 
national boundaries was high- 
lighted by a series of natural 
disasters which hit Australia 
four years ago. The extent of 
the damage was such that had 
not reinsurance been spread 
world-wide. . it would have 
jeopardised the future of the 
Australian insurance industry. 

Thus reinsurers are even 


gives the opportunity for 
insurers and reinsurers to make 
or renew personal contacts — a 
vital ingredient in insurance 
operations. 

- There is no doubt that re- 
insurance is the major growth 
sector for the UK insurance 
industry and that this will be 
even more so in the future. Well 
over half the business transacted 
at Lloyd’s is now reinsurance, 
while companies too are doing 
more and more reinsurance 
business. 

Growth in direct insurance 
business can be expected to be 
much slower as the emerging 
countries set up their own 
insurance operations and keep 
more of the direct risk within 
their own territories. Having a 
national ’ insurance company 


country. They have to seek 
reinsurance from the established 
insurance markets, not only to 
ensure stability, but in many 
cases to get some idea ot the 
nature of the risk and the 
premium to charge. 

The established insurance 
Industries are helping the newly- 
formed insurance companies in 
these countries to acquire some 
of the skills and expertise 
needed, by arranging training 
courses and visits for personnel. 
The insurance broker* in 
particular have been extremely 
active in this i raining pruceas 
and in helping the organisation 
of these newly-found insurance 
industries, as well as arranging 
the necessary reinsurance facili- 
ties for them. 

■But a new development is now 


outflow of foreign exchange. 
One can understand the reason- 
ing behind these moves. But one 
can also question its prudence- 
Such arrangements could work 
well until a major disaster 
strikes. 

However, one cannot foresee 
the effects of such developments 
on the growth prospects of the 
established insurance markets. 
It is still early days and re- 
insurers are simply awaiting 
developments. This survey con- 
tains separate articles discussing 
the latest position in various 
regions and territories. 

One significant move from the 
more enlightened reinsurance 
operators in these countries is 
not rigidly doing their own 
reinsurance, but seeking recipro- 
city from others, so that 


reinsurance out is balanced by 
reinsurance coming in. 

This extension of capacity is 
a welcome move and likely to 
grow as the reinsurers increase 
in size and acquire greater ex- 
pertise. The international re- 
insurance brokers are doing 
much to foster this reciprocal 
movement. 

To operate an international 
reinsurance operation, a prime 
requisite is a stable currency. 
Anotber need is access to a 
sophisticated capital market. 
London has grown into a world 
reinsurance centre because of 
the strength of sterling and 
there is a well-developed finan- 
cial market But the recent 
weakness in sterling has not 
helped in reinsurance opera- 
tions. The present weakness in 
the dollar, coupled with this 
recent weakness in sterling, :s 
causing reinsurers to reassess 
their methods of operations. 

There is a growing develop- 
ment towards writing the busi- 
ness in the original currency 
where the risk arose. This looks 
an obvious move, but while 
sterling remained stable it was 
not necessary. In addition, in 
many countries it would need a 
change in the law or in insur- 
ance practice. Here it is re- 
quired that the assets backing 
those liabilities have to be held 
within the country in which the 
insurer is established. Many 
countries are insisting that re- 
insurers can only operate 
through local companies and 
they can only hold a minority 
equity shareholding. , 


But reinsurers do not like 
the rigidity which these types 
of systems impose. Flexibility 
of operations has been the key- 
note in The past, with reinsurers 
able to move funds freely 
around the world. The recovery 
of sterling has eased The prob- 
lems of reinsurers operating 
out of London. 


Natural 


For this world insurance 
centre is now attracting more 
overseas insurance companies 
to establish themselves here. 
The LLS. and Japanese reinsur- 
ance companies are now looking 
beyond their own territories and 
seeking to become worldwide 
operators- London is a natural 
centre from which to cover the 
EEC. One could expect more 
overseas companies to establish 
a presence here in London. 

High inflation rates have 
caused reinsurers considerable 
problems, not only in fixing 
adequate rates, but in expand- 
ing their capital base in line 
with growing premium income. 
A year, or two ago there were 
fears o*f shortage of capacity, 
but now the pendulum has 
swung the other way. at least 
temporarily. There appears to 
be an excess of capacity world- 
wide, especially in marine in- 
surance. This is leading to 
rate-cutting and tire fixing of 
rates that are inadequate for 
the risk. This is one major 
problem facing the UK reinsur- 
ance industry, hut one hopes 
only a passing one. 



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company 



TbeAfercantile 
and General Reinsurance 

HeadoS^Sj^rr-ield, RFINCI IDAKIfF 

London EC2Y pALTelephone: 01-628 7070 ImSsll llkfml 


V. 








Specialist 

Reinsurance 

Brokers 


V ROBINSON 

Hogg Robinson & Gardner Mountain Reinsurance Ud . 
Lloyds Chambers, 9*13 Crate hed Friars, London EC3N 2JS. 
TeL 01 '709 0575 Telex 884633 Cables: Assurance London 


Key role for 


THE PROFESSIONAL inter- 
mediary has a vital and 
important role to play in the 
operations . of the insurance 
industry. He assesses and 
arranges the insurance require- 
ments for bis clients. He places 
that insurance in the appropriate 
market and he handles the 
claims if and when they arise. 
It is very much a continuing 
and ongoing process with con- 
ditions and needs constantly 
changing. 

In order to perform such 
functions successfully, in- 
surance brokers need consider- 
able expertise and knowledge 
in a variety of fields. They need 
skills to be able to assess risks 
that in many cases ate com- 
plex and with the advance of 
technology are becoming even 
more complex. They need an 
in-depth knowledge of the in- 
surance - market and of the 
insurers who operate in that 
market They need to know 
the strengths and weaknesses 
of the various insurers, in par- 
ticular their ability to meet 
claims promptly and in full. 

As insurance becomes more 
international. the broker's 
knowledge has to be world-wide. 
Risks are now spread through- 
out many insurance markets and 
brokers arc having to acquire 
in-depth knowledge of all world 
insurance centres. 

AH these considerations apply 
with even more force to 
reinsurance. This sector of the 
insurance industry can truly be 


said to be international. The 
specialist reinsurance broker is 
playing a larger "and more 
dominant- role in reinsurance 
operations, boosted by the 
emergence of national Insurance 
operations in many overseas 
countries, particularly in Africa 
and the Middle East 

Consider the first role, 
assessing a client's needs. 
Reinsurance brokers dealing 
with a variety of clients have 
acquired considerable experi- 
ence in this Beld. The individual 
insurer. certainly in the 
developed insurance markets, 
has a good idea of haw much 
risk he can carry and what 
should be reinsured. But a 
view from the outside, which is 
provided by a broker, can be 
of considerable assistance. He 
knows what is likely to be 
acceptable by the reinsurers. 

But there is a growing 
practice among large multi- 
national organisations to handle 
their own insurance require- 
ments through “ captive ” 
insurance companies, thus 
providing a measure of self- 
insurance. The amount of risk 
that can be retained depends 
on many factors, including the 
amount of capital. The 
reinsurance broker can play a 
vital role in advising not oniy 
on retention levels but on the 
methods of reinsurance. 

The emerging local insurance 
industries set up in overseas 
countries need the expertise 
that a reinsurance broker can 


provide. . The nationalistic 
outlook in these countries often 
results in an insistence that all 
insurance- -arising within: the 
country be placed with the local 
insurance companies. * The aim 
is to stop the outflow of 
currency. But these companies 
usually have. insufficient 
capacity to keep more than a 
minor proportion of the risk;, 
the rest has to be reinsured 
outside the country. 

The specialist reinsurance 
brokers can help these overseas 
insurers in Advising on the level 
of risk; what proportion to keep, 
which methods of reinsurance 
to use for particular cases and 
for which types of risk. The 
complexities of reinsurance 
need considerable expertise in 
order to .'understand .and 
operate. The brokers are 
assisting . these - . overseas 
insurers to acquire the 
necessary skills through 
training- and educational pro- 
grammes and exchange visits. 

Overriding 

The next role is placing the 
reinsurance with reinsurers. As 
stated before, this takes place 
on a world-wide basis. '• The 
overriding factor in dealing 
with an insurer or reinsurer is 
how secure the company is and 
what is its reputation- for 
paying claims. The largo multi- 
national reinsurance brokers 
are possibly much better placed 
to know and understand the 


IITORIA 


Cost of inflation 


BERMUDA 

INSURANCE AMD REINSURANCE 

cos* urn. ■ 

Paid-up Capital I1 S.S 5 Million 
A subsidiary of TORO fiSSlCURAZIONI GROUP 

Reinsurance and Insurance in all classes 

Reid House, Church street 
Bax 1179 -Hamilton 5-24- Bermuda 

Telephone 5*2244 


Geneva Office 
coRISCO SA 
2. Cours de Rive 
1204 GENEVE 


Ziosdon Contact Office 

c oTORO ASSICURAZIONI UX BRANCH 

158 Fenchurch street 

London EC3M BAD 

Telephone 01-623-22-U- 01-623-22-12 


SINCE REINSURANCE is 
an international operation, 
reinsurers are exposed to 
inflation at varying rates. Its 
practical effect is not only to 
increase claims costs but also, 
as for direct insurers, to create 
substantial increases -. in 
exposure, with consequent 
increases in premium income. 

This presents problems for 
reinsurers buying their own 
protection since the require- 
ment is increasing all the time. 
There is also the need, shared 
with direct writing offices, to 
watch solvency margins in view 
of the increased premium 
income. 

The position is not .helped by 
currency realignments. For 
instance, a drop in the value 
nf sterling over a period can 
increase premium income 
substantially, and thus the need 
for higher reserves to maintain 
adequate solvency margins. 


bHR 


Unione Italians di Riassicurazione 

Share Capital Lit. 10.000.000.000 

Reinsurance In all branches Including Life 


1 00197 ROME - VIA ETTORE PETROLINI, 2 
Telegrams; UNiORIAS 
Telex: 61348 UNIORIAS 
62529 UNIORIAS 


- TELEPHONE 8778 

Correspondence: 
Casella Postale 2439 AD 
i 00700 Romo 





r 


Insurance Company Limited 

* Registered in England, Authorised Share Capital : 

£6.000.000 ; paid-up £3.000.000. 

* Authorised by the Department of Trade to carry on Non- Life 
insurance and re-insurance business. 

* Wholly-owned subsidiary of The Greyhound Corporation of 
Phoenix, Arizona. 

* London Market account written on behalf of Pine Top 
Insurance Company Limited by Mr. Peter Armstrong. Chief 
Underwriter of C E Heath & Co (Agencies) Limited 

Underwriting Room, 110/112 Fenchurch Street, London EC3JVJ ZTA. Tel: 01-438 3922. Telex 3811243 

A subsidiary of THE ffii¥13UW CORPORATION 

Serving people’s needs in a hundred bas;c ways, 


Reinsurers in countries like largest reinsurance market in 
Switzerland and West Germany the world, premiums other than 
(both have important reinsur- those - in U.S. dollars ' or 
ance markets) where the cur- Canadian dollars must". be con- 
rency is appreciating may find verted into sterlings although 
that the currency changes result syndicates may then buy and 
in a drop in premium income hold currencies more or Jess In 
unless there is substantial real proportion to their anticipated 
growth, whereas there will have liabilities. There is no uniform 
been no drop. in. the. level of view among syndicates. For 
administrative expenses. some syndicates, it could prove 
The upshot is that reinsurers inconvenient to bold reserves in 
in different countries could have a large number of currencies, 
identical portfolios of world Sometimes, therefore, the view 
wide reinsurance business, but is taken that while there is the 
their revenue.- accounts and risk of adverse currency fluctua- 
balance-sheets, published in tions if reserves are beld in 
their local currencies. - would sterling, a very much bejtef 
give very different"* 4 results.” investment return can be 
A large reinsurer may . have obtained from- such reserves, 
transactions in . up to 1 50 which may very well, compen- 
currencies on its books. The sat? f»r any losses on currency 
line taken by many reinsurers exchange at the claims stage, 
is to try to reserve in original ■ • i 

currencies as far as possible fjaiVCAC 
and practical. This may mean ’ 

- that the year-end accounts look Various clauses can be incor- 
on occasions a little strange po rated in treaties so as 
after conversion into sterling, partially to ease the position of 
but reinsurers feel that it is reinsurers. To meet the situa- 
prudent to match assets and tion of currency fluctuations, a 
liabilities to the extent possible, clause can be incorporated to 
Obviously there has to be a try. to main tain much the same 
good deal of simplification, and position as existed at the outset 
technical reserves may be held of the contract 
in no more than 10 or 12 In the case of inflation a nan- 
different currencies — these proportional treaty can incor- 
usually being the main cur- porate the Stability or Index 
rencies used for insurance pur- clause. This has the effect of 
P 0sf,s - increasing the excess point in 

This type or matching of the Ught of inflation. The prac- 
assets and liabilities is. however, rtcal effect, therefore, is to 
by no means always easy. There spread the extra cost of claims 
are always many imponderables. ^ ue to inflation between the 
In some classes of business, ceding company and the re- 
such as the insurances of ships, insurer. It avoids the position 
it is quite likely that claims of ^e reinsurer carrying the. 
will be settled in currencies whole burden and it can be 
other than those in which arsned that the ceding company 
premium were paid. A fleet then carries the level of risk j 
owner may pay premiums in which it originally Intended to I 
U.S. dollars, with his vessels cal J y - . _ 
insured in that currency. But, An Acts in Force clause mayi 
in the event of extensive re- ** used wbere legislation in a 
pairs being necessary after a c° nntl 7 “a? increase the level 
casualty, it might be decided to ^ claims payable. Workmen’s 
have them carried out in Ger- compensation is a typical case, 
many or Japan, in which event both parties to the rein- 
the cost would have to be met in su rance contract must renego- 
Deutschemarks or yen. tiate the position where such 

legislation Is Introduced. 

a j* The award of index-linked 

llUIcCIlOll annuities instead of capita] 

wfth *" a ^vTorldwide " DortfoUrT 

sss 

provide some protection against - , n 

currency fluctuations a re- n J ? f ar ? on 

insurer may require such a Commission recommended that 
ceding company to give early c ° m P ensat,0, J * or certain types 
notification of claims Sa that a ° 

reserve can be made in the of p ? n ° d c P a >”J ents should he 
nrininal currency, although the IT aiU ^ n .fi!S~fi ly , " e . wlth 
claim will be paid in the ceding !* , 5 “ ver ? ?e 

company to the reinsurer m earn, ®S** . One insurance view 
sterling wa * that index-linked annuities 

In general, many re.nsurance S 
companies aim to keep assets ^ !■ £ aj, w J? ,nle< J 

and liabilities in each currency SSUmlhS hv^nfilfan, 
in balance. Sometimes a re- L n JL ura ? e by „ or l ln |^ y methoi ? s 

tSZSSSmS SSrtS ““ SAKFK 

5 “ of° theix E" d VL£E 

deal in currency and to specu- incr-acS 3 ^ with th* 
late in currency movements. a™ ,h ' 

Some reinsurance companies flf.j _ r i!HLtinn 
deal mainly on a direct basis „ ***** above ** 

with the companies which they Fina „ y> re i nsiirers 

reinsure, and thus 1 ^ ce . ,ve affected by inflation in the same 
premiums in original currencies, wav 

although there i S the point the, ZZZZ 

an overseas insurer muy well Understandably; in 

have a f ally widespread account. dlfficult undcrwrlli J £ 
and be writing business in a th , re ig a , fealeP S neecl m * 0 s 
number or nirrencies Where control over manage- 

bublness is placed with .a re- mcn j expenses, but in practice 
Insurance-company by a leading ^ degr ee of conlroI wfiSTSS 
London broker, premium!, ran ^ exerqised is not as great as 
be paid in a number of leading rein5urcrs wuW nfcc. 49 
orieinal currencies. - f , 

For syndicates at Lloyd's; the JOlUl Uaselee 


various insurers in different 

in v insurers a«d » 

throughout the world* 
realistic to expect mU but Jhe 
largest of insurers to be weu 

P "SL.y SUSS count rlcs suil 

in the early stages of ^ eve1 ^ 
meat are concerned to stop the 
outflow of currency 9'™“- 
Thus they are not willing to 

rei^uS risks in, London and 

other markets Ulricas there >s 
reciprocal inwards reinsurance 
into the country concerned. The 
reinsurance broker is ideally 
to arrange this two-way 
flow' of reinsurance business 
and to encourage this widening 

of capacity. . 

UK insurance brokers have 
an inbuilt advantage i in being 
able to deal with the Lloyds 
market, providing ^ they get 
accredited as Lloyds brokers. 
This market is writing a steadily 
rising volume of reinsurance 
business and this can only be 
placed through Lloyd s brokers. 
There have been attempts 
recently by large U.S. broking 
organisations to acquire U-K- 
Lloyd's brokers, but the Com- 
mittee of Lloyd's will not let 
overseas interests acquire con- 
trol of a Lloyd's broker. The 
arrangement of the takeover of 
Leslie and Godwin by Hall left 
the Lloyd's broking side tech- 
nically free of U.S. do minan ce. 

In the third role the broker’s 
function is not purely nommaL 
The problems between the Sasse 
syndicate and the Reinsurance 
Institute of Brazil have high- 
lighted the broker’s role in deal- 
ing with claims. The evidence 
on which the insurer has paid 
a claim may not be sufficient 
for the reinsurer. Claims pay- 
ments are not necessarily auto- 
matic. The broker in his fre- 
quent contacts with reinsurers 
can materially help in the 
smooth settlement of claims. 

Currency is always a problem 
for handling insurance and re- 
insurance business written over- 
seas. The problems of exchange 
rate fluctuations are discussed 
in detail in another article in 
this survey. But they have con- 
siderable bearing on the opera- 
tions of reinsurance brokers, 
who make substantial profits on 


currency exchange whea steaiwi- 
isweak. These profits haviyS 
much lower in 1977 an<Fh* 
veer with the. recovery of $2 
ling and the weakness "ei^ - 
U.S. dollar. . •' 

This year saw the intro^ 
tion by major brokets :^ 
insurers of settlements;;; f* ' 
original, currency for. sa&g 
major currencies. .insteafi>3 - 
dealing in sterling. ButftitiSgT..-* 
appear that this change has 
made rather late in the .M; 
although whether sterimgr^i . • 
continue to remain strong"^ . • • 

debatable. - . VS? 

One of the great advant^' 
of brokers handling rei^r. 
ance is that it generates . 
business for them on’.’tbp-i# 
the actual reinsurance..';^ 
single broker, handling a parg.. 
cular risk on a direct basisTna^' ' 
often be able - to arrange-.-tfe' 
reinsurance required for th*,; 
insurers handling the di^et' 
risk. It is certainly the majfc ' 
growth area for the large' 
medium-size braking organist t 
tions. \ * 

Some brokers are also fa. - il j 
rolved on the underwriting side 'i * I / ] 
of reinsurance by writing tosj. ^ *-‘ 

ness for pools of ■ foreign ■ 
insurers. - Such an- arrangemeii * 
gives the broker an edge when 
dealing with the rest of the f 
market. A broker with. audio. ■ If j 
rity to write a fairly large Tme ! 1! i 
of business has a strong weapon ’> ^ 
in dealing with other insuris*. 

However, certain elements o - 
the market feel that this is opt ' 
a healthy development for tfe 
insurance industry as a wboie, 

They do not consider It desir.; 
able that a broker responsifik 
for placing a risk should ata . 
have substantial underwrifi^ 
power. 

Nevertheless, in accepting 
reinsurance underwriters «jy 
to a great extent on the 
who are placing the busines 
providing ait the iitfqrmatSw. ~ 
necessary, to handle the risli 
Brokers also tend to deal in.xfK. 
first place with underwrites ; 
who ask pertinent questioiis and 
delve deeply- into the type^af . . 

risks being placed. Their viw 
is that the correct rate for ds 
risk will come from the real 
experts and this is in tbe 
interest of all parties. 

Eric Short 


!c 



SWISS RE 


Swiss Reinsurance Company (U.K.) Ltd., * 
Swiss Re House, y - • Z 

10S Cannon Street, 

London EC4N 6HE. 

Telephone: 01-623 7891. 

Fire & Accident, Marine & Aviation : ; 

Underwriting Rooms, 

Forum House, 

15/18 Lime Street, ' 

London EC3M TAP. 

Telephone: 01-623 7891. 


RIASSICURAZRIVE 


& 


ousted I diU-1 

♦♦ 

Ruckvereicherurg 


: - k: 


® i: 


^10 

Stewart Wrightson 

means reinsurance 
world-wide 

1 Camomile Street London i 

Telephone: 01-623 75U "refS sSlBI ' V'J 


JyzV f /-c. 











1 3 S?gfff*Er3B8 e n i *as> M *'o 


u 


Finaitial Times Monday September 4 1978 




to ask 



CLARKSON INSURANCE GROUP 


IBEX HOUSE, MINORUES, LONDON, EON 1HJ TEL:01-7090744 TELEX: 88380S 888846 

and at Lloyds 


An 


international 


reinsurance becking 



Bain Dawes 

(RemsuraiiccBixfcrs) Limit ed 


Head Office: 26 Fenchurch Street, London EC3M 3DR. 
Telephone 01-283 4611 Telex: 888143 

A member of thelnchcane Groan. 


LA PRESER VAT RICE 


Subscribed and Paid-up Capital Frs. 100.000,000 


Established 1864 


INSURANCE AND REINSURANCE 

ALU CLASSES 


Head Office: 18, rue de Londres, 75439 PARIS CEDEX 09 


Tel: (33 1) 283 43 45 


Telex: Preserv 650961 F 
Reinsurance Department: Prereas 630566 F 




REINSURANCE IV. 





IT WAS Mercantile and General 
whic h set the ball roiling for 
professional reinsurance for life 
cover in the post-war years. Be- 
fore then any life insurance 
cover that was -considered to be 
an unacceptable level of risk for 
one company alone was norm- 
ally reinsured direct with other 
life offices. But .that situation, 
also meant that it was extremely 
difficult for some indivduals to 
get life cover in the first place. 

The questions facing the 
actuary at Mercantile and 
General -at that time were how 
to provide life cover for those 
people having difficulty in ob- 
taining it, and how to study the 
mortality rate of people with 
specific medical problems at the 
same time. The otbdr pressing 
fact' was how to " show off ” the 
potential of life reinsurers to 
the best advantage. 

The problems were solved 
with the introduction of the 
4 Diabetic Pool " in- 1947. This 
provided a means for diabetics 
to get life cover— a class of risk 
normally considered uninsur- 
able before. As for Mercantile, 
it enabled the company to put 
all its life cover for diabetics 
into one pool, thus making it far 
easier to monitor mortality 
rides. And of course it high- 
lighted the ability of the re- 
insurer as a specialist to moni- 
tor high risk areas in a way 
that he can give cover and make 
a profit. 

Within the next decade 
Mercantile and General - 

followed up its success with the 

Diabetic Pool ” with the 
“ Blood Pressure Pool ” and the 
“Coronary Pool." 


a medical 


Declined 


The company was pioneering 
the way for insurance of sub- 
standard medical risks, but not 
surprisingly the popularity of 
these pools has declined in the 
last 10 years or so. The reason 
is that once the pools became 
established and sufficient 
information was gathered on 
mortality rates insurance 
became standardised to the 
extent that many life offices will 
now take on £uch risks without 
the need for reinsurance. 

Nowadays Mercantile and 
General still sees a large 
number of sub-standard medical 
cases, but 90 per cent of them 
are not put into one of the 
pools. More common medical 
conditions are cancers, tumours, 
and serious heart and kidney 
diseases. 

Perhaps the medical condi- 
tions of those that pass through 
the reinsurer’s hands have 
changed but the principles 
remain the same. The reinsurer 
is in demand because of his 
specialist knowledge acquired 
over the years. A normal life 
office might see one or two 
medical problems out of every 
10 applications for insurance 
cover. But the reinsurer sees 
at least six out of 10 applica- 


tions presenting 
problem. 

Sheer weight of numbers 
enables the reinsurance' corn-, 
munity to develop more skills 
with the problem cases. ’Inten- 
sive research into mortality 
rates and accident statistics 
-gives the reinsurers the edge — 
especially when the risks are 
relatively new ones. • .- 

But it is not just In the field 
of medical Insurance that the 
reinsurers have made their 
reputation! They bave become 
Involved with all types of sub- 
standard insurance problems, 
including those on occupational 
grounds or because of a 
hazardous hobby. 

The reinsurers have become 
experts in assessing the risks 
associated with various types 
of occupations, by gathering 
information on deaths and 
accidents common to various 
sectors of industry. This ability 
gave them another line of work. 

However, the general im- 
provement in working condi- 
tions and safety regulations has 
greatly reduced the risks asso- 
ciated with a lot of previously 
high risk occupations. 

That is not to say, however, 
that occupational business is 
dead for the life reinsurer; far 
from it as new industries with 
new problems develop. Hut it 
is not uncommon for the insur- 
ance company to turn to the 
reinsurer for advice and then 
underwrite the full amount of 
the risk itself. The reinsurers 
take this in their stride as it 
is all part of the seijice offered 
to the client — the life office. 

There are probably three 
reasons why a job could lead, 
to a higher premium. Higher, 
risks of a fatal accident at work 
or the likelihood of a disease 
from a type of job, or finally 
where, the occupation may lead 
to over-indulgence in drugs or 
alcohoL 

By way of illustration it is 
interesting to quote a few 
figures from an article written 
by Mr. L. Webb, of Victory 
Insurance for Prospect Maga- 
ane. 

These figures relate to the risk 
of fatal accidents at work on, an 
annual basis related to the aver-, 
age working man in Britain. The 
death rate for the average work- 
ing man is 0.01 per cent But 
for a bomb disposal operator in 
Northern Ireland the figure is 
a staggering 8 per nent A pro- 
fessional Formula 1 .raring 
driver’s chances are up to 5 per 
cent while a crop-spraying heli- 
copter pilot is 15 per cent, a 
North Sea- oil rig diver 1 per 
cent a distant water trawleraan 
0.4 per cent an oil rig rousta- 
bout 0J3 per cent and an airline 
pilot 0.03 per cent 

The North Sea oil industry is! 
an interesting case because it is 
a prime example of where the 
reinsurer’s skills play a signifi- 
cant role. Because of the rela- 
tively new nature of offshore 
rigs for the UK life insurance 


community there was -little 
information that could be used 
to calculate risks and hence 
premiums. • 

In fact underwriting terms 
have gradually been reduced 
over the past few years, reflect- 
ing both' a better safety record 
on the rigs and ah increase in 
statistics enabling the. under- 
writers to fix the risks more 
accurately. The most hazardous 
cat agones are during drilling 
rather than production. The 
roustabouts have an above 
average risk element in . their 
jobs— and oddly enough so have 
site crane drivers. • 


declining the business. The first 
method is obviously far less 
time-consuming -for all con- 
cerned. - 


Dust 


. The reinsurer's services ere 
■often of more use to the smaller 
life companies, though the larger 
groups' are also numbered as 
clients because of the sheer size 
of some insurance " b abilities 
nowadays. A single life may 
be insured for £lm— that would 
be too much for most life offices 
to accept. The reinsurer may 
take over . everything above 
£200,000 . (assuming a fairly 
large life , company in the first 
place) but. be too has his limit 
of retention end will bave to 
pass on the insurance through 
the market. 


.Other areas which are show- 
ing up increasing dangers are 
where there is the danger of 
disease caused -by breathing in 
particles of dost Workers in the 
asbestos Industry are . a leading 
example, but there are other 
areas where the dangers, can 
still not be quantified. In such 
cases it is the reinsurers which 
will probably end up setting 
the premiums. 

The growth of leisure time 
has also presented more prob- 
lems for the life companies and 
they in turn look to the 
reinsurers for advice. For 
example, the growth of hang 
gliding has sent some of .the 
life offices running forcover. 
However, the statistics show 
that the mortality rate is no- 
where near as high as had been 
feared in the early days. 

The foregoing tends to high- 
light the glamorous aspects of 
life reinsurance where it Is the 
reinsurer’s skill that is, in 
demand; .the bread and butter 
side of the business Is for more 
mundane. A lot 'of rehisurence 
work in .the life field, like any 
other, is because of .^capacity 
limits. 

- The limit of retention on an 
Individual risk varies, widely 
depending oh.. the .size of the 
office, but ft is common policy 
for amounts. over that limit to 
be reinsured Most life offices 
have "treaty” commitments 
enabling them to lay off a risk 
with a reinsurer automatically.' 
. The other method of placing 
business is . the "facultative" 
basis where the reinsurer has 
the option of , accepting : or 


It is a growing area of activity 
and one that is attracting more 
.companies into the market. At 
present the life reinsurance 
market is probably dominated 
by half a dozen companies — 
Mercantile and General, Victory, 
Swiss Re, Munich Re, British 
and European and Gelling 
Global. 


Other companies are co m i n g 
in. Obviously they will offer 
competitive rates. The re- 
insurers may claim they wel- 
come competition but other 
areas -of the insurance world 
can provide sad examples of 
when rates can get too com- 


petitive. 


XeiTy Garrett 



Apartado 810 
Panama i, RJ?. 
Telex 368586 
Cables:-LARSA 
Tetefono : 69-2166 



ESTUDIO CONSULT! VO DE SEGUROS, S.A. 


Reassurance 


offers help 


HOWEVER ARCANE their vary from a few days with the 
mysteries appear from the out- specialists in “ impaired lives 
side, life companies might well — providing assurance on 
have something to learn from coronary or diabetic cases, for 
the reassurance industry. That instance — to a year or so of 
is the view any rate of the re- more or less continuous con- 
assurance companies themselves; tact at a much more elementary, 
and to go by the readiness with level. -Training at so basic a 
which life companies turn to level is not likely to be 
their reassurance contacts when required by any British life 
they find themselves faced with assurance company: but it 
a risk out of the ordinary, it is could prove extremely valu- 
a view which they are not alone able to the new and fast grow- 
in holding. ing companies of the developing 

Nevertheless, thanks partly to world, among which nowadays 
their own success in establishing ike reassurance companies find 
reliable mortality rates in cases principal . market- for this, 
of exceptional risk — by analys- sort of expertise, 
ing the patterns established in To a greater extent even 
the "impaired life” pools, for than the rest of the insurance 
Instance — and partly to the fact industry, the reassurance com- 
that most British life companies panies emphasise that develop-: 
have been in the business long ing markets look to London for 
enough to establish a high level help and advice in establishing 
of. expertise of their own, the their business. That help and 
reassurance companies hare advice is likely to stretch from 
skills and knowledge going the structure of policies to the 
begging. In particular they structure of rates; and it will 
reckon that they have a lot to not necessarily stem neatly 
offer to new companies in the from the business which the 
life assurance business. reassurance companies under- 

Most obviously they have a take for their British customers, 
long tradition of expertise in The requirements might be 
assessing risk, and a long tradi- entirely different — as in the 
tion of providing capacity to case of those overseas countries 
companies that want to lay it where it is becoming common- 
off. Less obviously they reckon place to build Insurance against 
to be able to help with product the costs of hospitalisation into 
design and marketing as well — life assurance contracts, 
help, in this case, taking in any- Opportunities to provide the 
thing from the provision of game sort of help and advice to 
advice on the mix of benefits companies in areas where the 
in policies to a company which jlfe assurance market is already 
has identified the market it weU developed are very much 
intends to tackle to carrying a rarer. ^ Britain it is necessary 
share of the. initial expenses: to go b** ^ or seren years 
effectively going in as a partner fOT ^ ^ ^cent flurry of 
in Jie business. life assn ranee company 

In the case of a brand-new launches; and with the., biggest 
company their assistance could of those — Hambros Life — 
take other forms. Re- there was not much call for the 
assurance companies will on special expertise of. the reassnr- 
occasion offer to train a new ance companies. The executives 
company’s staff, and parti cu- who defected en masse - from 


larly the staff involved in the Abbey Life to set up that coin- 
area in which they have most pany were already* tidily en* 
expertise — underwriting. The dowed with both .experience and 
extent of that training might financial backing. 

CONTINUED ON NEXT PAGE * 




International 

REINSURANCE BROKERS 


62/63 FENCHU RCH^STREET 

-LONDON^ EC3 


. Telephone: 6M88 44II/2 
. * ; • " TeJexi 885726 


r 

• S' 


I im ' Bvmnvir 


CM 3 




r 



j 


i 




Financial Times Monday September 4 3973 

REINSURANCE IV 



m 



CLARKSON INSURANCE GROUP 

IBEXHOUSE, MEMORIES, LONDON, EC3N 1HJ TEL: 01-7090744 TELEX: 883808 888846 
and at Lloyd's 


. . waa . little declining the. 

FT WAS Mercantile. and General (sons presenting, a medical community jj ^ usw i method is 

which set the bail rolling for problem. • . information tna hence titofreonsuming 

professional reinsurance for life Sheer weight of numhecs to calculate nsics cerned. ... - 

cover in the post-war years. Be- enables the reinsurance com- premiums. __ 

fore then any life insurance munity to develop more skills ln fart underwriting terms 
cover that wa& considered to be with the problem cases. Inten- have gradually been redaced wten m Jgore o» 

an unacceptable level of risk for sive research into mortality over past few years, reflects 

one company alone was norm- rates and accident statistics in „ both a better safety record wJLIfS* ^ 

ally reinsured direct with other gives the reinsurers the edge — orTthe rigs and an increase in 

life offices. But that situation especially when: the risks are cries enabling the under - 4 
also meant that it was extremely relatively new Ones. - - writers to fix the risks more J™ JJJJd-fiJ 9 

difficult for some indivduals to But it is not just in the field accurately. The most hazardous 
get life cover in the first place, of medical insurance that the categories are during drilling JJ* 

The questions facing the reinsurers have made their nther than production. The . 
actuary at Mercantile and reputation. ‘ They have become roustabouts have an above _ 

General at that time were how involved with, all types of sub- aVera g e risk element in . their : jy e ^ 

to provide life cover for those standard insurance problems, j obs ^ oddly enough so have but 'he' to 

people having difficulty in ob- including those on occupational site crane drivers. • J £ retention and 

taining it, and bow to stndy the grounds or because of Va pass 0 i, jb e 

mortality rate of people with hazardous hobby. • Tllicf the market- 

specific medical problems at the The reinsurers have become *-^**3l -L- . t . 

cdtiia timp: Thp othi*r nrAssin? eXuerfu in 'ascACcinp- ..... ..-hl/th are fibOW- It IS a gTOWMlg- 


specific medical problems at the The reinsurers have become LfUal -ij f 

same time. The other pressing experts in assesang the risks- other areas which are show- ‘y * s 

fact' was how to “show off" the associated with various types in „ U7J increasing dangers are and one -mac wjl 

potential of life reinsurers to of occupations, by gathering LvTere there is the danger of 4 

the best advantage. information on deaths and disease caused by breathing in g-g 

The problems were solved accidents common to various part jc!e 9 of dust Workers in the g"™” = 

with the introduction of the sectors of industry. This ability asbestos industry are a leading 


^i/iarcnc root uruw. 1711s JU k w example, out uieic c Mimiph Up 

provided a means for diabetics However, the general iro- gjeas where the dangers can Eimmean and ‘ ivfe , 

to get life cover— a class of risk proranent in working -condi- ^ not be qnantified. In such ^ Q ^ ! 

normally considered nninsnr- tions and safety regulations has cases it is the reinsurers which 1 

able before. As for Mercantile, greatly reduced the risks asso- W ill probably end up setting Othercompanies are-canu^ 
it enabled the company to put elated with a lot of previously the premiums. . ^ Ohvi oa sly they will .‘ofi 

all its life cover for diabetics high risk occupations. The growth of leisure time competitive rates. The y 

into one pool, thus making it far That is not to say, however, has also presented more prol> insurers may darn they ^ 
easier to monitor mortality that occupational - business is Jems for the life companies and come competition but oft 

risks. And of course it high* dead for the life reinsurer; far they in turn look to the areas of the insurance worf 

lighted the ability of the re- from it, as new industries with reinsurers for advice. For can -provide sad exanqrie&i 

insurer as a specialist to moni- new problems develop. But it example, the growth of hang when rates . can get to<r«« 

tor high risk areas In a way is not uncommon fi>r the insnr- gliding has sent some of the petitrve. 
that he can give cover and make ance company to turn to the life offices running for cover. TeiTV Gantt 

a profit. reinsurer for advice and then ! However, the statistics show r . J 

Within the nest decade underwrite the full .amount of that the mortality rate is no- : ‘ 

Mercantile and General the risk itself- T &e reinsurers where near as high as had been 

followed no its success with the take this, in their Stride as it feared in the early days. W Wsml W^WSm -J 

“ Diabetic Pool " with the 15 4111 part of the seryice offered . The foregoing tends to high- » __ • t - 

u Blood Pressure Pool “ and the tD iha client— the life office, light the glamorous aspects of a> ^[ ■ < S 

“Coronary Pool." There are probably three life reinsurance where it is the 12 : t/3 ' 

reasons why a job ;eould lead reinsurer’s skill that is in Z .^1 

T^oplSnorl to a higher premium. Higher demand; the bread and butter flgf a... 

JLfcLlIilcU risks of a fatal accident at work side of the business is far more g> g# S= 

The company was pioneering or the likelihood of a . disease mundane. A lot rf reinOTrance S & « 

the way for iL^reofSS a type of job, or finally work in the life field like any Vg. f\ ;th . 
standard medical risks, but not where the occupation may lead other, is because of capacity V^. 1 *• \ mr 

*2SZ2££E2 ?££ or «*» - 

last 10 years or so. The reason By way °f illustration it is JjdMdujl. : ' 

is that once tlie pools became Interesting to quote * * ew offlM bnt tt is con^n ApartadoSlO 

established . and sufficient figures from an article written ° mce ’ ° ^ 

information was gathered on by Mr. L. Webb. jrf^Victory ^ 1 ffi Panama 1, RP. • 

mortality ^ insurance. Insurance for Prospect Maga- l^^SStSSt . ^ ^ ft V- 


.e- 5 ^ 




f A Dt 


■ w" 

a 

-.a:. 

. to 
p . 

. -ki - 

J 


international 


became standardised to the ane. .. an , Wino +hpi r, *n lav nff a risk 

extent that many life offices will These figures relate to the risk J5!? 1 automatically.' 

now take on such risks without of Fatal accidents at work on an r metll0(1 of P i ac i ng 

the need for reinsurance. ' annual basis relatod to^toe aver- £e 2 faSlteSve " 

Nowadays Mercantile and age working man in Bntem. The . . ^ ^ reinsurer has 

General still sees a large death rate for the average work; g“ ^ ** SS5 w 

number of sub-standard medical ihg man is 0.01 per .-.cenL But . 

cases, but 90 per cent of them for a bomb disposal operator in 

are not put into one of the Northern Ireland the . figure is j — y— y 

pools. More common medical a staggering 8 per cent A^pro- ,, fr m g i 

conditions are cancers, tumours, fessional Formula - 1 racing . — -y A" T 

and serious heart and kidney driver’s chances are up to 5 per ■ ■■' f / 1 r 

diseases. cent, while a croprSpraying heli- ' ■»* ■ ™ 

Perhaps the medical condi- copter pilot Is L5 per cent, a 
tions of those that pass through North Sea* oil rig diver 1 per — 

the reinsurers hands have cent a distant water trawlerman H Administrators Of 

changed but the principles 0.4 per cent am oil rig rousta- H 

remain the same. The reinsurer bout 0.3 per cent and an airline nj «f\HO 

is in demand because of his pilot 0.05 per cent . H KVpATsl 

specialist knowledge acquired The North Sea oil industry is ■ / 

over the years. A normal life an interesting case because it is ■ 

office might see one or two a prime example of where the ■ Q y Tirffbn 

medical problems out of every reinsurer's skills play a signifi- CT- g? K|v 

10 applications for insurance cant role. Because of the rela* H -'2.1. ■ jl 

cover. But the reinsurer sees tively new nature of offshore Q , j 

at least six out of 10 applica- rigs for the UK life insurance fl i ‘ 


Apartado 810 

e- ■ 

Panama 1, RP. :; 
Telex 368586 - . - 
Cables: LABSAl-. 
Telfefono :69-2166 


® ^ § cover. But the reinsurer sees tively new nature of offs 

. _ SI at least six out of 10 applica- rigs for the UK life insur 

Kansurance broking Reassurance 


kbVoicgftjl 


Bain Dawes 

(ReinsuranceBuctes) Limited 

Head Office: 26 Fenchurch Street, London EC3M 3DR. 
Telephone: 01-283 4611 Teler. 888143 

A member of the Inchcace Gtouo. 


LA 

PRESERVAiTRICE 

Subscribed and Paid-up Capital Frs. 100,000,000 


Established 1864 


INSURANCE AND REINSURANCE 


ALU CLASSES 


« . 

I Head Office: 18, rne de Londres, 75439 PARIS CEDEX 09 


Tel: (33 1) 285 45 45 


_ . „ Telex: Preserr 650961 F 

Reinsurance Department: Prereas 650566 t 


offers help 

HOWEVER ARCANE . their vary from a few days with the 
mysteries appear from the out- specialists in " impaired lives ” 
side, life companies might well — providing assurance on 
have something to learn from coronary or diabetic cases, for 
the reassurance industry. That instance— to a year or so of 
is the view any rate of the rc- more or less continuous con- 
assurance companies themselves: tact at a much more elementary 
and to go by the readiness- with level. Training at so basic a 
which, life companies -turn to level is not likely to be 
their reassurance contacts when required by any British life 
they find themselves faced with assurance company: but it 
a risk out of the ordinary, it is could prove extremely valu- 
a view which they are not alone able to the new and fast grow- 
in holding. - ing companies of the developing 

Nevertheless, thanks partly to w °rid, among which nowadays 
their own success in establishing reassurance companies find 

reliable mortality rates in cases principal market for this 

of exceptional risk — by analys* °f expertise, 
ing the patterns established in To a greater extent even 
the “ impaired life ” pools, for than the rest of the insurance 
instance — and partly to the fact industry’, the reassurance com- 
that most British life companies panies emphasise that develop- 
have been in the business long ing markets look to London for 
enough to establish a high level help and advice in establishing 
of expertise of their own, the their business. That help and 
reassurance companies have advice is likely to stretch from 
skills and knowledge going the structure of policies to the 
begging. In particular they structure of rates; and it will 
reckon that they have a lot to not necessarily stem neatly 
offer to new companies in the from the business which the 
life assurance business. reassurance companies under- 

Most obviously they have a take for their British customers, 
long tradition of expertise in The requirements might be 
assessing risk, and a long tradi- entirely different — as in the 
tion of providing capacity to case of those overseas countries 
companies that want to lay it where it is becoming common- 
off. Less obviously they reckon place to build insurance against 
to be able to help with product the costs of hospitalisation into 
design and marketing as well— life assurance contracts, 
help, in this case, taking in any- Opportunities to provide the 
thing fram toe _ provision o* game sort of help and advice ro 
? dv *^. ben £ fi, j? companies in areas where the 

Ek^SEEhm 1 ^rkT^ 1C S ,ife assura ”« market is already 

1 weU developed are very much 

SS of toe%ti £ r go 

f^thcYosiiSs 510 a ^ SPartner Cor ae most receuc fi urry of 
in the business. life assurance company 

In the case of a brand-new launches; and with the biggest 

company their assistance could of those — Hambras Life 

take ‘ other forms. Re- there was not much call for the 
assurance companies will on special expertise of the reassur- 
occasion offer to train a new ance companies. The executives 
company’s staff, and particu- who defected en masse from 
larly the staff involved in the Abbey Life to set up that com- 
area in which they have most pany were already ' richlv e n . 
expertise — underwriting. The dowed with both experience and 
extent of that Training might financial backing. 

CONTINUED ON NEXT PAGE 


Underwriting Managers for 


LATIN AMERICAN . | 
REINSURANCE CO. INC. I 

m 

Panama, Rep. of Panama B 


CIAAGRICOLA 
DE SEGUROS, Sl A. 
Bogota, Colombia 


REINSURANCE . 
COMPANY OF PANAMA 
INC. 

Panama, Rep. of Panama 


EflSEEunRDDnn 




'Av i •• r*’ . 

I *W. „ 

T’V" 

I, * »L U. 

:•*.**** i = 

^ : 

^ L . i : 



uuiflnfi, s.a 


La Pax, Bolivia * '- 


CAMPTON(city)LTO 


International i \ 
REINSURANCE brokers ** ! 


62/63 FENCHURCH 'STREET 
LONDON. E.C.3 
Telephone: 01-488 441 1/2 
Telex; 885726 


m ^ 1 


$ . 












S’®! 

3e Jfe 5 : 

wa 

Bis? 

'Pfean J*; 

?* V* 
2 m* \ 

M ? tlaiiB ^ 
^petition i 
?» M** 
i,J «4 fe 
s ca * let K 

Tenrft 


The c 
coast 


rrpartdf the wrecked tanker Ambco-Cadiz which foutidered and broke up off the north Brittany 
st March, its cargo of oil spilling out to cause severe and widespread pollution of the beaches. 


remains 



w 

partadoSM 
nams l : m> 
eles 368% 
bles: LABS! 
*f0B0 : 69-2 



GROWTH - IX the reinsuMLhefr . The existence' of Uoyfi’s - has 
industry has been staggering; undoubtedly Played a major 

along on the back ol Initatibri." 1 *!?. l»«lon'« dominance ^of 
. „ . - reinsurance industry, 

and the ever-growing need - of xJoytfVreputatiDn is world-wide 
industry throughout the world, ^xid so is its capacity to write 
to increase the scale of each insurance. There ' are some 
unit of operations The advent .15,000. members of Lloyd's, and 
of supertankers. Jumbo jeti over ' 350 affiliated broking 
and, nearer home, the birth of houses. - 

fS The broken operate: on a 
^ 14 world-wide basis, obtaining 

to much bigger rtste. . - - . fensipjess thatlh tim* ia placed 

But ' as the' . reinsurance with the independent, under- 
indiistry" has been .growing "so writers at" Uoyd*a>’ These 
has. the competition: Many underwriters act individually 
countries are setting up their- for the' syndicate they serve, 
own reinsurance centres. Mure- Since the' Lloyd’s syndicates 
over/, there , has .been a notice- cannot deal . direct with the 
able increase in the number of public the role of the. 'Lloyd's 
overseas companies which, have. broker -is. vital:- to the operation, 
opened branches in London. But Not surprisingly, the number of 
while the UK-based companies reinsurance brokers has been 
may no hfnger rule to roost as growing and -.the -larger 
they did In the past London insurance broking groups have 
still remains the cerftre bribe set ’up them own reinsurance 
world-wide reinsurance market departments. Aside from Lloyd's 
.. London t#jee*vk there-bas been tee gradual 

^ri(Hmark^iand. its; 

floh has accumulated over many insurance groups^ _into _the 
years.. ReinsuranoedQesrequire r ^ n fVJ anc f,_ mar ^- ,.“P{ 

•a«»s«BS|a®war#. s 

numerous currencies, Moreover, . ovm oversea s 

the rapidly .changing pattern, of .gS***?**** inches 
industry . and risk involves a or a ^ BI,aes - ..- 
certain flaih aM- niventiveness. - The status and quality of the 
London with its. wide range of London. .-reinsurance market 
underwriting views f and its- stems, also from .the rigid set 
desire and willingness to pro- of regulations governing, the 
vide- cover fulfils' these- industry. Since the collapse 
requirements. J\- of Vehicle and General these- 


rules have . become even 
tighter. This m turn have made 
It so difficult 'for overseas 
operators with UK branch offices 
that many have been forced to 
set up UK-based, subsidiaries. 

This factor and Britain's entry 
into the EEC have caused an 
acceleration in the number of 
overseas companies setting up 
subsidiaries in this country. The 
object is to use -London as a 
base to move into Europe, given 
the relatively easy access lo the 
rest of the EEC. 


Suffering 


3rs for 


ft. 

V* V Jt 


3. S.A. 




.V 


Brokers Ltd, 


V s i . HELCAR fs fhefirSt . - ' 

reinsurance broker’s company licensed 
to operate in. Panama by She recently. . 
created NationalRe insurance Commission. 


This increased- competition 
comes at a- time when the UK 
reinsurance companies are 
suffering from the effects of in- 
flation and until recently tile 
impart of a weak currency. 

Inflation . has . 4 resulted . in 
higher capital values which in 
turn has meant higher 
premiums but there has not 
Wien' a similar increase iu the 
asset .bases of the reinsurance 
companies.- In some cases this 
has resulted in business being 
turned away because of lack of 
capacity. - Moreover, the pro- 
longed period of sterling weak- 
ness left many worrying about 
the long-term contingent liabili- 
ties of- the UK reinsurance 
companies,- 

• Claims in the stronger 
currencies meant that UK com- 
panies incurred a greater 
liability in sterling. ' The posi- 
tion' can of course be alleviated 
to a certain- extent by higher 
premiums. ' But the increased 
competition is restricting . any 
major upward movement so it is 
easy to see why many UK-based 
reinsurance companies are 
expressing concern. Indeed 
there’ is talk that irresponsible 
competition for premiums by 
foreign companies- is keeping 
rotes down -to an uneconomical 
IpyeL Al ready there have been 
one or two disturbing results in 
th.fr London market because of 
this competition. 

; Some reinsurance companies, 
however, welcome this com peti- 
tion in the London -market. 
They claim that London became 
the -centre of the world reinsur- 
ance market because of its 
ability to provide a wide and 
diversified range of underwrit- 


ing views.- If the London market 
is to fulfil its role In satisfying 
the ever-increasing requirement 
fur reinsurance cover then it 
must maintain its multifarious 
image. New companies with new 
ideas are therefore beneficial to 
the growth of the London rein- 
surance market. 

But apart from the internal 
competition London is also 
lacing the growing threat of the 
local insurance industries being 
formed in the developing 
countries. The strong 
nationalistic feelings in these 
countries together with the. 
growing need to protect foreign 
currency reserves have led to 
the formation of local reinsur- 
ance markets. 

While some of this business 
would ordinarily have been! 
placed in London there have 
been some benefits. As these 
countries have developed the 
level of risk has often proved 
too great to be totally absorbed 
internally while the level of 
reinsurance skills often leaves 
much to be desired. In cases 
such as these there is an even 
greater need for a well-distri- 
buted reinsurance. 

The growth in these markets 
in the developing countries is 
obyionsly making the reinsur- 
ance industry increasingly com- 
petitive but there seems little 
iear that London will lose its 
position as the centre of the 
world reinsurance industry. 

The growing number of over- 
seas companies which - have 
formed subsidiaries in Britain 
is clear evidence of the import- 
ance they pi ace on the London 
market The expertise built up 
over a number of years and the 
growing ability to meet the 
diversified range of underwrit- 
ing requirement is not some- 
thing that can be achieved 
overnight The market is 
expanding at a rapid rate and 
London should still capture a 
large share of the business. 

Having said this, however, the 
outlook for the UK-based rein- 
surance companies Is not all 
that rosy. They after all are 
bound to feel the effects of de- 
pressed premium rates, while 
competition remains keen. The 
net result understandably is 
that profitability will suffer. 

David Wright 


Norwich Winterthur Reinsurance Corporation Limited 
Stronghold Insurance Company limited 


I CONTINUED FROM PREVIOUS PAGE 


3 


•• • ;• r • HeLcar ' 

P.O.BOK770. PMnsea • . BepuWictrf Prams — Tikis 60-1056 «mJ 6M166 
TWisw. "REJNSORET 368586 - 368641 and 20^6 ITRT) CiWtM HELCAR 
■ ■ ' ■ ■' HMtOWfcrc trffl SB/tatc" rsq. Ar. Sra.' Sur. Parr* My. Pa**tn« 





ARGENPARK S.R.L. 

.^.Insurance and Reinsurance Brokers 

Representatives^ FJ^T^'-R.-HALt^ROU P 

; - v ' 

- Ca^Laiiti Anetfcdb Security. 

r;; 

Buenos Aires* Argentina 




.■ ; ;^l^ie: »i-344'S 392497* ‘ 
:;r ;. : . -—^AHAI AR" Argon tin* 


. -Insofar as there- are new life 
assurance companies .launched 
Tn.the UK these’ days, they tend 
; to be subsidiaries of companies 
. already well established in this 
field, set up - to promote a new 
' product or explore a new sector 
of the market, and to take full 
advantage of any tax advantages 
attached to their status as sub- 
sidiaries while they are about 

* .Typical have been the various 
ventures into unit-linked life 
'assurance — by, among others, 
Legff sad General. -and Pearl, 
neither of which eould be, ex-, 
pifccted to be in particular need 
M either expertise or additional 
finance. The reassurance com- 
panies themselves suspect that 
opportimitiesfor the application 
of their expertise and money at 
tefi'diarp end of the business 
■wiH stem fro mthe incursion of 
entrepreneurs into " a sector 
whi(^ is increasingly dominated . 
by. very large and somewhat 
bnreflucrabc institutions. . But 
thire are no signs yet tiiat this 
isbappenlng.' 

However frustrating for - the 
reaiasufancc ' companies, them 1 - 
selves, it has to be. said, that the - 
tadc ; oF ojiportunity to use thetr 
financial muscle' 'at the sharp 
ehff bf the business, in. particular 
is 'ndf jv holly to' be deplored. 
Reassurance companies tradi- 
tionally 'take their reward for. 
the'advfce and assistance which 
they will; if. requested, provide 
sb’V litetally ' m the shape of 


future margins on-the business 
which they, can reasonably 
e«pect to have channelled 
through them. . ' Where an 
. established company might have 
one principal reassurance con- 
tact, and three nr four subsidiary 
companies to take its business, 
a new company using: the ser- 
vices of a reassurer would be 
expected to pass allits business 
that way. 

Even with established com- 
panies extension of the 
provision of assistance lo the 
provision of finance can- turn a 
reasonable- arrangement into a 
source of . trouble . for. all the 
parties to: it. Fidelity Life was 
.a case in point Five reassurance 
companies had provided Fidelity 
with financial help with its 
marketing and other expenses 
to the tune* of almost £500,000, 
in the expectation.. that they 
would see' their reward In the 
shape of future. business. When 
Fidelity went into liquidation in 
the wake of the. London and 
County affair, their efforts to 
obtain more than -the 70p in the 
pound in instalments, which 
they were offered, almost 
-jeopardised the! settlement 
-arranged for policyholders. - - 
. Eventually, they, accepted the 
deferred payment goffered, for 
the sake of the greatest, good of 
the greatest number, . And, as 
the chief negotiator, far one of 
those . companies pointed out 
last week: “We are waiting jrtflL*. 

Adrienne Gleeson 



1977 

1976 

Consolidated Results 

jCOOOs 

/000s 

NET PREMIUMS : 

33,575 

19,798 

UNDERWRITING PROFIT 

294 

1365 

FINANCIAL EARNINGS 

5,587 

3,542 

EXPENSES OF ALWAGEMENT 

Oi 

CO CO 

*o 00 
o *— 

4,907 

(597 

TAXATION 

4,991 

(2,747) 

4,310 . 

- (2*392-; 

OPERATING PROFIT 

2,244 

1,918 

SHAREHOLDERS 9 FUNDS 

22,127 

16,892 


Registered Offices: PO Box 62, Rose Lane, Norwich NR1 1JY 


Winterthur Norwich Reinsurance Corporation 

(Registered in Switzerland) 


NET PREMIUMS (EARNED) 

Swiss Francs 
000s 

116,240 

Swiss Francs 
000s 

79,313 

UNDERWRITING LOSS 

Cafier Expenses) 

(5,172) 

(2-262; 

FINANCIAL EARNINGS 

Qess Investment Depreciation) 

13,712 

11,339 


■ 8^40 

9,077 . 

TAXATION 

(2,912) 

(4392) 

OPERATING PROFIT 

5,628 

4685 

SHAREHOLDERS 5 FUNDS 

74,413 

72,785 




Is there a name for a company 
thafs 61% life assurance, 32% general insurance, 
7% mortgages, personal loans and property- 
and IOO%keentoget toknowyou? 


fiutia were formed in 1969 from 
the merger of two long established 
Dutch insurance companies, the oldest 
of which was founded in!859. - 

And, though we aren't exactly 
new, its true to say that, the insurance, 
financial and business worlds probably 
know less about us than is good for 
either them or Ennia. 

_ We ars, in fact one of the largest 
insurance groups in the Netherlands, in 
tern® of gross receipts. 

Between 3STO and 197^ total 
receipts have risen from Dfl 506m to 
Dfl 1850m, an annual average.incrcase 
of 20%, 

Profits have come along nicely 
toorfrotn Dfl -22-2m to D£L42*9m over 
the teme period. 

- We propose a dividend for 1977 
of EA.7-S0 (1976: Dfl. 6-50) per 
ordinary share of Dfl .20, 

Threemain activities 

-. *We opiate internationally in 
threemain areas : li% assurance, general 
insurance andsome non-insurance but 
related fidds such as personal loans, - 
mortgages, preperty development 


and holiday centres— where our 
marketing strength, expertise in 
investment anal> r sis and property 
management can be profitably 
employed: 

Life assurance accounted for 61% 
of our busirjess last year, gross receipts 
having risen from Dfl.631m in 1973 to 
Dfldllom in 1977 

General insurance produced 32% 
of our income in 1977 and has increased 
from Dfl 242m to Dfl .596m in the past 
five years. Our general insurance 
interests are divided between the 
Netherlands, the UIC, other countries 
and inward reinsurance. , . 

Non-insurance activities have 
grown to 7 % of our business from 
Dfl .33m in 1973 to DfI.128m in 1977 7 . 

Gathering strength internationally 

At the moment, most of our 
revenue is generated within the 
Netherlands, a home market that 
provides, overall, a sound and 
profitable base.' 


-ennia™ 

Balanced growth, internationally. 


But our overseas business is 
developing well. 

We have offices, subsidiaries and 
affiliates in the United Kingdom, 
Belgium, the United States, the 
Caribbean, Republic of Surinam and 
the Middle East. 

They already contribute 20?S of 
our total gross receipts, and we plan to 
increase that percentage. 

Overall, Ennia have a record of 
producing sustained balanced growth 
at home and overseas to the benefit of 
both shareholders and policyholders. 

If you have an interest in the 
insurance world— from a business, 
investment or consumer point of view 
—you should have information about 
Ennia onifile. 

We'll be happy to send you a 
copy of our Report and Accounts if 
you contact the Company Secretary; 
Ennia Insurance Co. (UK) Ltd., 

130 Fenchurch Street, London EC3, 

(Tel: 0W88 3131), or our head office, 
Ennia nv, Qmrchillbleml/The Hague, 
The NetherIands.Tei: (070) 72 72 72.. 
Telex; 31657 






Financial Times Monday September 4 1978 


REINSURANCE VI 




ESTUDIO CONSDLTIVO 
DE SEGUROS Si. 

take pleasure in announcing the formation of a 
new reinsurance company under the laws of 
Panama, the administration of which has been 
entrusted to them. 


Name: 

Reaseguradora Cruz Del Sur S.A. 
Southern Cross Reinsurance Company Inc. 

Capital: 

Authorised US$5,000,000 
Subscribed US$2,000,000 
Paid up US$1,000,000 

Board of Directors: 

MR. PAUL CHAMPENOIS 
MR. FAEBEL BRENER RUM • 

MR. ARIEL RALLETTO 

Administrators: 

Estudio Consultivo de Seguros S.A. 

Underwriting Managers: 

Mr. Denis Leahy and 
Estudio Consultivo de Seguros S.A. 

Auditors: 

Price Waterhouse & Co., Panama 
• Solicitors: 

De la Guardia, Arosemeca & Benedetfi 

Registered Office: 

“ ECSSA ” House, Calle 50 
a Este Esquina 3ra Avenida Sur 

Mailing Address: 

P.O. Box S10, Panama 1, Republic of Panama 
Telex: 

Reinsure 368641/368586 (357)2046 Panama 

Telephone: 

692166 

The Licence to operate in Panama under Laic 72 is . 
being applied jor and it is expected that the company 
iciit start operatioiis on or about January, 1979. 


N.Y 



which are currentlv difficult to The New York, insurance for creation -of a - reiTisaraitce. 
lacfi jn the New York market, department believes that when exchange hut now there vvtil be 

uuiTrn Initially it is likely to be able the 'exchange becomes com- situations in ^-ftich -the 

UNI I ED to handle around SGOOm-worth pletely functional Jt will, have exchange mall be permitted to 

uf premium. a substantial impact on the write business directly. .. 

^ The move has been made economy of the State. It is It will obviously take some 

CTflTFS partly out of trading and partly believed that the exchange will tune to develop. Or more 

d | H I w - JJ ut of political motives. The initially . generate new direct immediate importance is the 

; trading arguments say that New and indirect. New - York City - era- establishment of the New York 

OBHB York has been losing its ployment of more than 2,0p0 free trade zone. In essence this 

position in the pitmen v and and as many as 6,000 jobs allows with effect from last 

casualty markets mainlv within 10 years. In addition, week authorised insurers to 

because of a lack of adequate establishment of the exchange negotiate rates and policy form 

THE INSURANCE community reinsurance capacity Measured would increase office space conditions with large com- 

in the U.S. has been in fighting bv ig77 prope rty and rental and would increase travel mereial risks in excess of 

mood this year. The favourable casualty premium volume of to New' York from other States 8100,000 and with certain types 

trading signs that began to ^g bn York ranks as the and foreign locations, so help- of coverage to be unique and 

emerge mid-way in 1977 have sec , on( i mvsi important State. ing the hotel, transportation unusual without being bound by 
become established fact. Pre- Several primary insurers and restaurant industries. the State’s current rate .and 
miums have gone up, under- have bad to W orld policy form requirements. The 

writing losses are rising more for reinsurance capacity which ri • exemptions apply to any kind of 

slowly . so profits have risen has often meant that overgeas £>eriOUS insurance except life insurance, 

too. It is therefore hardly joint ventures ha Ve had to be . . ' „ „ . . annuities, accident and health, 

surprising that the U.S. insur- J nade t0 raeet ^ demand. So ^ a 6n of . S ew York s mo [? workmen’s compensation, title 
ance industry has just passed the husiness has left New York. ? eri oug ambitions . 10 . w0 S tl insuranceand cover for personal 
through one of its high points. r aD tive insurers have sprung up insurance markets is that me ]j ne3 f pr non-business purposes. 

To hammer the point home a inBermnda and Colorado, while “““W ^LH|h tip The smaUer ‘.'difficult toj»laoe M 

survey was recently conducted Tennessee has recently relaxed k® 60 . , Jri! “ coverages (possibly in ri n d in g 


To hammer the point home a inBermnda and Colorado. while ^ ept ^ a F T ,i?5 thP The smaUer ‘.'difficult toj»laoe M 

survey was recently conducted Tennessee has recently relaxed ^ ee ,° „ „ „ , « Jrii n n coverages (possibly in rinding 

by the National Association of its regulation to encourage P 1388 ^ “ e legislation. _ product liability) and _an 
Insurance Commissioners. Over captives. Originally the concept called “exotic risks” list are to be for- 


Insurance Commissioners. Over captives. Originally the concept called exotic riskx list are xo pe zor- 

200 primary insurers responded ' 1 

to the survey which sought 

replies cn reinsurance market . 

conditions. Back came the reply -va .or m § . 

sassssE Movement abroad 

place in the reinsurance market . 

at present was increased reten- ' 1 . ■ 

lions, lighter exclusions and . 

higher rates on cover. HHHnnmHHi U.S. contributes roughly half of lack of them, for super-normal 

The lines of insurance for lhe annual world Premium growth by the large reinsurance 

® CSIDflPr income and the developing groups. Economic growth in 

winch demand for tUKUrt countries, with their increasing Germany and Switzerland is just 

was large m t0 J • - demand for manufacturing a little sluggish at the moment 

; 1 - Jw’inm n o n fin ^ WaammsmBOBmam^maaBA facifities and inf ra structure, are and -the governments of both 

liability, worker, compensation, major growth markets for the countries are resisting pressure 

SraSS and iSSbreU^fabilto FACED WITH overcapacity reinsurers. to reflate They both fear that 

^nrT^Tpn rn hn sluggish economic growth at In the drive overseas, Euro- any significant moves to stimu- 
li a? acrident and home ti ' e fading European pean reinsurers are striking a laic activity will add to infla- 

hSth and fire and lmmeowner reinsurance companies arc number of obstacles. In de- tionary pressure rather than 

supping up their activities veloping countries, for example, add to real growth, 
reinsurance. abroad. . nationalism and nationalisation So ia domestic 

It is against this background the past 12 months those arc threatening growth. To demanti is correspondingly 
that two of tiie most important with pool arrangements or some extent these twin prob- jffvrer than in the past and there 
developments have taken place co-insurance deals in the U.S. lems are being overcome is an inereasine problem of 
in the last six moutiis— the have begun to open their own through the judicious use of overcapacity and a worrying 


-mulaied by the insurance de- 
partment, which would also be 
given other broad regulatory 
powers over the zone. Licences 
to participate in the free trade 
zone would be granted to com- 
panies meeting requirements 
which include a minimum of 
$4.4m in surplus (twice the 
statutory minimum for admitted 
carriers) and the payment of 
an annual $1,000 licence fee. 
The superintendent of insurance 
could limit the percentage of a 
company’s business which would 
be .‘ written in. the free trade 
zone to prevent the redirection 
of surplus from personal lines, 
and would have the power to 
revoke a free trade zone licence. 

The “exotic risk" list would 
probably include such risks as 
private flying, animal rideSy 
motor racing and baseball 
parks. 

Although the latest move 
towards de-regulation is 
encouraging and could give a 
lead to other States, the rein- 
surance market in the U.S. 
remains riddled with regulations 
on a State-by-St&te basis. Rein- 
surance companies are subject 


to minimum capital, and ’surplus' 
requirements, investment re- 
strictions, limitations ' with 
regard to size or risk, guide, 
lines relating to premium-io- 
surplus ratios, regular and 
periodic financial repotting and 
disclosure, triennial ‘ ’ 

tibn, holding company report-’ 
ing, . and a host- of other 
strictures . intended mainly '-for 
primary writers but iinpbsed 
none the less on reinsurers; -~ - 
■However, ‘ most reinsurers 
which operate on a multi-Siatc 
baas have become sophisticated 
in dealing with, the various 
levels of regulation. There: are 
advantages;. moreover, - in 
operating a State-by-State 
regulation system rather than a_ 
nationwide system of insurance 
laws. State regulation allows 
a certain freedom on a local 
level which might not be exer- 
cised under a unified or nation-, 
wide system. But obviously 
other States might be tempted, 
to .follow New York’s example 
in order to keep more insurance 
business in" the U.S. 


p' r 

V 


EUROPE 


U.S. contributes roughly half of lack of them, for super-norinal 
the annual world premium growth by the large reinsurance 
income and lhe developing groups. Economic growth in 
countries, with their increasing Germany and Switzerland is just 
demand for manufacturing a little sluggish at the moment 
facifities and infrastructure, are and -the governments of both 
major growth markets for the countries are resisting pressure 


signing into law of the New branch 


become partnership arrangements. 


. ,, , — - . . - (for the bigger firms) move 

\ork Reinsurance Exchange premium competitive. There is addition, the European com- towan js unprofitable rates. This 
and the establishment oE a free also a growing tendency to take panies are using every oppor- js occum ng at a tj me W fcen 
trade zone. a more active interest in umity to persuade developing jnflatjon ha } made claim3 more 

Tha ..icMiehnun^ nt ■* Mau. r^>inciiY-a npp in df>viMnninp "nverninent'i: that iKOlatinnism. i 


and the establishment 
trade zone. 


SECORITYn THE SECURITY REINSURANCE CORPORATION UNITED 



REINSURANCE WORLDWIDE 

Total Assets (at 31 December 1977} U.S. $146,933,000 
Fully Paid Up Capital and 

Free Reserves (at 31 December 1977) U.S. $70,986,000 


SUBSIDIARY 

THE LONDON SECURITY REINSURANCE COMPANY LIMITED 

PLANTATION HOUSE • LONDON EC3M 3DX 

TELEPHONE: 01-623-2671 • TELEX: 883148 SECURINSUR LDN • CABLE: SECURINSUR 


. ' - fi' 

>7 ' V*)-. ! - : * 




Austrian to ," 

2STSS SoopSiSnTO a ” d S ° me international roin- 


WGRL 

- ‘ ■ '•*' ■ v ‘.’' 


such a very low base. Jn most shelved 


surers forced the idea to be 




■ ■ ;#.# - 

: J .• "c. : •••".• .. y t '■ : V . . 

C-reig Fester Ftd,.'13 AS King Willmro Street. London EC-l R FAt)- '■ 

and at Lif'n'ds. i' : - ' t \."; 

• Telephone.: 3177. Telegrame £ Gxeig's London EOl.'TeJex: SS3206 


cases they are able to overcome 
the problem of low profitability 


There is no “supermarket’* 


GREIG 



on U.S. business by beln^to?- *" E “«U r £ur Jumbo risks 
live. Primary reinsurers have t.jS*? 

become more aware of the need k ^ t0 

to deal with financially substan- ?“ e 

tial and wpii.mananori mutteruies about the setting Up 

and the Europeans “with the^r 

established track records, have £ e t Continent, 

a considerable edge in this Si 1 ^™ e v t0 nou&hL In 
re „ ard b the main the European com- 

The move to the U.S. is in £f r .?* P ? >ar J° “1® exis ?"S 
essence an extension across the if ^ l ° 

Atlantic or an earlier move 

across the Channel. In the hj I" “ 0Qth f there 

early 70s an increasing number J 13 ,^ becn S0l P e changes to regu- 
o£ European reinsurers estab- la ? ona cover,n S insurance and 
iished offices and' branches in ^"suranM companies operat- 
London in an effort to increase J n *, ?_ ountri 5® but as 
both thtf geographical spread of , * iave 18 months 

risks and also the type of risk. ? , t *l° before they come 

The same reasoning is behind if e,r .. 1,aV ® ? 0t ^ ly 

the move into the US. ruffled lhe Continental remsur- 

lt is being led by lhe larger 5U ^[ ac ^- w likely that 
W. -.German a it'd Swiss firms, thCl ? w “ l be considerable dis- 
although the. French and Scan- ei, ? 1 ° n t lw »“ ! he companies 
danavians are also showing and the before the 

some interest. To a large extent ,■ c 5 e ^ , whi ch 

this pattern reflects the relative su ^ an ^ a modi* 

strength of tile domestic ecflnn- acalI0ns< 
niies and the opportunities, or Teny. 




The establishment of a New reinsurance in developing governments that isolationism, esp ensive. 

York reinsurance exchange has countries. from an insurance point of ' . > . 

received much attention because Both moves arc occurring view, is a very dangerous policy. « an « 5' 

it is ti» be fashioned after sirnultaneou.sly and are being Addressing a recent confer- problems are political instability 
Lloyd's of London operations, spurred both by increasing ence in Manilla, M. Pierre de a™ inflation- Ruing claims and 
The exchange is to be composed competitive pressure in home Vogue, chairman and managing rising costs in both these court- 
of syndicates of individual country/European markets and director of Societe Commerciale tines has meant that manage^ 
underwriting members writing by the relative attractiveness of de Reassurance said that ment attention has been almost 
reinsurance and diverse risks new business opportunities. The attempts to achieve a balance singularly -directed to domestic 

■ ■ ■ ■ ■■ - .— • ■ of insurance institutions situations. Both tend to, weaken 

. . throughout the world must be corporate cash flows. .Increase 

undertaken with proper regard risks and restrict expansion. 

INSURANCE CORPORATION LIMITED II underlying the techniques of CtMlfidCUCC I 

free international risk ex- 

A SUBSIDIARY OF THE CONTINENTAL CORPORATION change. “A maiket cannot on France has experienced a bit 

its own retain ibe entirely of of a resurgence since the elec- 
POST OFFICE BOX S24 • HAMILTON 5, BERMUDA ^e risks it writes and each one. lions earlier this, year removed 

must, sooner or later, establish the uncertainty overhanging its 
Trr FPunwr- «Rnq ?Ql bote with the rest of the wxirld industrial future and helped rc- 

i LLtri-iunn. [ouv □ oodo as a means of aUaiaing jhat in . store French commercial confi- 

TELEX: 3391 SECRECO BA • CABLE: SECRECO, BERMUDA lSi' f' 

risks which is the true purpose affected by threats of 

of reinsurance." he said. nationalisation itself (being a 
He added that in developing semi-controlled sector already) 
countries there was a great the potential did hit the assess- 
limni nujinr need for reinsurance cover, both ment of risk. Since then there 

W VIiLUBv fiilfc because of structural imbalance has. becn a significant re- 

in local markets and the fact appraisal and one or two larger 
that certain regions were more firms are starting to flex their 
_ _ AA _ exposed to such catastrophes as overseas muscles. • 

Sr 1977} U.S. $146,933,000 earthquakes and hurricanes. Elsewhere in Europe the pic- 

YVhile Australia is not exactly j s myph tJm same. One 
a developing country in the interesting development in 

accepted sense of the word, the Austria is the growing pressure 
lessons from the series of far 0 new sizeab!e ^insurance 
, . _ natural disasters m that country company capable of handling 

b©r 1977) U.S. $70,986,000 1? i 9# *i. are bein s a case both domestic and international 

/ ^ sludy by m | the European busiaes& The Austrlan Miaister 

reinsurers who are^ meeting of rinaiJce has - on several occa- 

developing country officiais. But sions the ^ few raonths 

for the extensive network of suggested publicly that the 
reinsurance arrangements growing currency drain related 
between the Australian insur- t0 reinsurance premiums would 

SURANCE COMPANY LIMITED 

Australian industry would have fessional reinsurance company. 

. LONDON EC3M 3DX - *5 p&’S ft 

I SECURINSUR LDN - CABLE : SECURINSUR » ? v, » “ 

upgrade U.b, support 0 f a major Austrian 

- - 1S due t0 ^ desUre t0 banking group-to set up a 

5S5! ***** sizSle nhwiiLie 

25? finn - The Preparations for start- 

generates much, of in3 ^ firm were made rcla . 

But ?herp 1 ?i U 7i r IS e tively se^etiy and had advanced 

7 SSJT inn? fhl reasonably far. But after the 

dosirt to Know tot market i.j n « rimimv l_- _ j __ 

banking groups board gave 


1873 . 


KONIG & REEKER 


REINSURANCE 
BROKERS AND AGENTS 

AM GURZENICH- BOLZENGASSE 1 

KOLN 

.GERMANY: 


TELEGRAMS: ACTIVITAS 


TELEPHONE: 2330 71 


TELEPRINTER: SSS2644 


COMPUTERS in 
REINSURANCE 

We are pleased to announce the availability of our new 
on-line package SOLAR for the Reinsurance Industry, 
developed in conjunction with international reinsurance 
companies and the UK government. 

Features include: 

# On-line input and enquiries 

# Automatic Retrocession Processing 

# Mold-Currency facilities 

_ # On-line Cash Settlement 

# Full Accounting facilities 

# Claims Processing 

# Underwriting Histories 
4) Management Reporting ; 

For details or for assistance in other areas of computing contact: 

WILLIAMS AND CROSS LIMITED 

Computer Consultants in Insurance 
Barry House, 29-22 Worpie Road, Wimbledon, 

London 5W19 4DH 

Telephone 01-947 7411 Telex 928537 


Trident ' 

the professionals’cximpany 

Over the years we’ve worked hard to build up ar 
reputation as ail efficient, lively company who 
concentrate on specialist services. 

Also we have established a unique working 
relationship by operating only through professional 
brokers. 

These are just two of the reasons why Trident is now 
a market leader for Fire, Business Interruption and 
Machinery and Construction underwriting 


*$T 


'•ftilON 

'<IX E. 55 ^, 


SPA 



Trident General 


Trident General Insurance Co. Ltd, 

London Underwriting Room : 

37/39. lime Street, London EC3M 7AY. 
Telephone 01-623 4571 A 


coMPAGNie. €UROP€eNNe 

- m 

* RSflssoBfiNces 


8. RUE D'ATHENES 
7500ft PARIS 


tftEx.veaiom 






r 4 



Financial Times :Mwd,av .Septfiiaber 4 1978 

' ’ ■ REINSURANCE VH 


C +I-t-r'n 'fj 


Hf 


s§*. 

to 






THE MIDDLE 
EAST 


w 

■wltf 


A 


fs v%! 

in "* 


no 6 r^ 

on a ,*3 

■met**? 

hfc^S 

a-#* 

S5JS 

■ E « a? 

J v t 1 be & 

ft 


K® 

s 

^SSE I 


TnEOILboom : in the Middle 
Last opened lip nev and excit- 
ing horizons. for. the countries 
concerned. Capital became 
became available "for massive 
industrialisatioa ,’ programmes 
and this . in turn led to a need 
for insurance facilities on a 
large scale. 

This - boom, however, . coin- 
cided with, an upsurge in 
nationalistic feeling resulting 
in all insurances baring to be 
placed locally. ■ This more is 
now commonplace in most, 
emerging countries and it is 
reinforced by a determined 
attempt to stop the outflow of 
foreign exchange from the 
countries concerned. But the 
risks to be insured in the 
Middle Hast are massive in size 
and of a high risk category as 
would be expected from oil in- 
stallations; - petrochemical and 
contractors all-risk business. 
The normal low risk bread and 
butler business is not yet avail- 
able in sufficient volume for 
insurers to achieve a balanced 
portfolio spread. 

In such circumstances the 
need for reinsurance is para- 
mount. This was highlighted by 
the explosion at the Umm Sa’ed 
gas liqueficadon plant at Qatar. 
The cost of this disaster was; 
put at 575m — six times the total 
annual insurance premiums in 
the country. Other recent major 
disasters have been the fires 
at the Juifa Customs ware- 
houses on the Iran-Soviet bor- 
der where damage, is estimated 
ai S175ni and fires in the 
Abgaig oil pumping station and 
pipeline in Saudi Arabia where 
the damage is likely ' to be up 
to S85m. 

The problem . facing local 
insurers in the Middle East is 
in deciding how much business 
should be retained by. the Ideal 
insurance industry and where 
the necessary reinsurance 
should be ; placed- The desire to 
curtail the outflow of currency" 
has led to various -attempts - to - 
keep as much reinsurance as 
possible within the region 
itself. 

A landmark in this develop- 
ment was reached in 1964 with, 
the establishment - of ■ the 
General Arab • Insurance 
Federation (GAIF). The prime 
reason for the formation of 
GAJF was. to promote greater 


.co-opcration; between Arab and 
other Middle East countries in 
providing reinsurance facilities 
outside the local area but 
within the Arab world:.- 

This .resulled eveotually in 
the creation of various Arab 
reinsurance pools. The aviation 
and engineering pools started in 
-1963. They were followed by the 
lire pool in 1971, the marine 
(cargo) pool in 1972 and the 

marine (hull) pool in 1®T6. 

Dr. Mustafa Rejab. vice-presi- 
dent of GAIF. speaking at last 
year’s Arab insurance T7‘ con- 
ference held -in London; set out 
four primary reasons. behind the 
formation of the pools." First, 
they were designed ^to share 
business among member coun- 
tries to ensure that the reten- 
tion capacity of each was better 
utilised. Second, the pools were 
intended to assist the overall 
Arab insurance industry in 
keeping - more business within 
the region. They would also 
restrict the outflow of foreign 
exchange which resulted from 
effecting reinsurance outside the 
Arab region. Lastly.- the forma- 
tion of the pools represented a 
big step in promoting closer 
collaboration between . the. 
various insurance markets in 
the Arab world. 

The management of -each pool 
is entrusted to a member, com- 
pany and - understandably the 
managers of the various pools 


are spread around the region. 
Aviation is managed in Egypt, 
engineering in Iraq, fire in 
Tunisia, marine (cargo) in 
Kuwait and marine (hull) in 
Morocco. The management com- 
pany handles the administration 
and receives as remuneration a 
small percentage of the premium 
income. The management com- 
pany is responsible for dealing 
directly, with the members of 
the pool and deciding on techni- 
cal matters, including the busi- 
ness accepted. The terms and 
conditions on which business is 
taken follows the lines which 
the ceding company received 
from its main insurers. 


Slow 


This development, which 
sounds excellent in theory, has 
not progressed along the lines 
expected. Growth has been 
comparatively slow Tor three 
main reasons. First. Hip 
response by members of GAIF 
has been disappointing. The 
pools have only the full support 
of a minority. There are some 
SO national companies belonging 
to the Federation, but only 27 
belong to the aviation pool, 23 
to engineering. 17 to fire. 25 
to marine (cargo) and 17 -to 
marine (hull). In addition it is 
the same groups of companips 
that tend to participate each 
time. 


Secondly, those members who 
do use the pools do so in a very 
modest way, insuring only a 
comparatively small percentage 
of the original ripk, Insurance 
and reinsurance requires con- 
fidence that claims, when they 
arise, will he paid promptly and 
in full. Perhaps there has not 
yet been sufficient time to build 
up this confidence. 

Finally, the portfolio spread is 

nut adequate on its own. The 
pools have had to seek further 
common account reinsurance 
protection to avoid the danger 
of accumulation and catastrophe 
hazards. This course of action 
naturally involves extra 
expenses for the pool, placing 
an unduly heavy burden on the 
limited premium income. 

Indeed it appears that the 
development of these pools has 
gone into a vicious circle. The 
members of GAIF will not 
support the pools because they 
are not big enough or are 
without an adequate spread of 
risks. Tlie pools cannot grow or 
get the right spread because or 
lack of support. It will be 
interesting to sec how this 
situ n» ion progresses over the 
nexi few >cars. particularly as 
other regions are also setting up 
reinsurance pools. 

The Federation has also 
encouraged the establishment 
by Arab countries of 
reinsurance companies as dis- 


tinct from pools. Besides 
some Six national professional 
reinsurers in various countries, 
there are two regional rein- 
surers set up under GAIF 
auspii-’es— the Arab Reinsurance 
Company and the Arab Union 
Re. 

The Arab Re uas established 
in Beirut in 19T2 and receives 
a percentage of the reinsurances 
of those companies holding an 
equity' slake. Arab Union Re 
was formed by the governments 
of Egypt. Libya and Syria in 
1976 and operates from 
Damascus. It handles com put 
sory reinsurance from all com- 
panies transacting insurance in 
those three countries amounting 
to 10 per cent of the risk. 

But these developments have 
not stopped Middle East 
insurers from seeking world- 
wide reinsurance facilities. 
Indeed, the spread of risks on 
a world-wide basis should not be 
held back by the need to stop 
the outflow or exchange. Rein- 
surance* has bc-en subject to the 
warmest collaboration and 
mutual trust between the Arab 
world and Iran on one hand 
and the international market, 
particularly London, on the 
other. This relationship ha- not 
been impaired by the efforts to 
set up reinsurance industries in 
the region. 


Eric Short 


A well-fished pond 


SOUTH EAST 
ASIA 


TO THE international reinsurer 
South-East Asia is a tempting 
mixture of excitement, oppor- 
tunity and 'bewilderment One 
British expert has likened it to 
a well-fished pond. Another 
speaks of new companies spring- 
ing up like mushrooms. Not sur- 
prisingly. therefore, enthusiasm 
for the area within the industry 
is generally, well-tempered with 
caution. 

- At one end of the scale lie 
the small, robust and ambitious 
financial centres of Hong Kong 
and Singapore, where, "most of 
the big insurance companies 
base their regional operations. 
Both places combine a well- 


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SITED 




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t-fsiiss* 

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LA UNION 
Y 

EL FENTX ESPANOL 

LEADER OF THE SPANISH 
INSURANCE MARKET - 

Annual premium volume of over 17,000 
Million Pesetas; 50 .per cent of all profits 
derived from foreign operations. 

Reinsurance worldwide ' - : J- 

3,200 Agencies'in Spain., 

—International Export Awards: 

Rio. de Janeiro, 1977, Budapest, 1978 

— Export Leader Awards:’" 

Madrid-1975 and 1976 . 

— International Awards for Quality: 

Madrid;- --1975,- San Juan, Puerto Rico. 1976 

— EUROFiMA^-20ab_Award, 1978 . 

—&old Medal for. Merit in Insurance' ‘ 

\ MADRID— PARIS - BRUSSELS 


established business and com- 
munications infrastructure with 
a minimum of interference and 
a convenient measure of tax 
leniency. Hong Kong ib certainly 
the leader in terms of operating 
scale, with many of the major 
UK and European reinsurance 
concerns active there for many 
years. But Singapore is making 
a determined bid to become a 
focal point for insurance 
business in Asia. 

Grouped at the other end are 
the sprawling, heavily populated 
countries such as Indonesia and 
the Philippines, rich in mineral 
wealth and agricultural re- 
sources but hampered economic- 
ally by their vast size and their 
geographical fragmentation. 
Politically,, loo. neither has 
been exactly a model of stability, 
in the past 

. Even so. there appears to be 
no. shortage of companies wish- 
ing to set up business in the 
region. The attractions of Hong 
Kong, with its powerful laissez 
faire tradition, maximum 15 per 
cent -tax rate, and concentration 
of financial expertise and 
energy are obvious. Singapore 
is also energetic, but smaller; 
it iSi moreover, not" a colony 
like Hong Kong but an indepen- 
dent State. 

Yet Singapore, conscious of 
its key location in the heart of 
the. region, has worked hard to 
promote itself as a reinsurance 
centre. Its regulations are 
accommodating rather than con- 
stricting and it now levies a tax 
rate of only 10 per cent on non- 
Singapore reinsurance business, 
four times lower than that on 
locally generated business. 

Because of its own aspira- 
tions, it has tended to remain 
aloof from the regional attempts 
to establish some form of Asian 
reinsurance group. Such moves 
have also, not unnaturally, met 
with scepticism from the big 
international reinsurers. They 
doubt the collective political 
and business capacity tn imple- 
ment such an undertaking 
which if successful would 
clearly detract from their own 
profitability. 

There are currently two deve- 
lopments in the direction of a 
regional South-East Asian re- 
insurance industry. The one 
which has so far made the most 
headway is the Aslan Reinsur- 
ance Corporation, being set up 
in; Bangkok. This venture has 
the considerable backing of the 
ini Commission for Trade and 
Development (UNCTAD). 

■ The initiators of the Asian Re 
have based their efforts on the 
following premises. First, it 
was 1 emphasised, insurance 
plays a major role in the 
development of the national 
economies of the area, both as a 
Provider of economic security 
rad as a generator of funds for 
investment. Secondly, the 
national reinsurance markets 
make extensive use of foreign 


reinsurance services. 

The next point, and a key one 
in the context of regional 
economic ambitions, concerned 
the outflow of insurance busi- 
ness in the form of outward 
reinsurance covers; a serious 
foreign exchange drain was fell 
to occur for each ..Asian and 
Pacific country and thus for the 
region as a whole. This leads 
to the fourth and final point 
made by the Asian Re 
supporters, namely the need to 
make use of this regional 
acceptance capacity to the 
utmost and foster the retention 
of a larger slice of the reinsur- 
anee" business. . . 

It is estimated that the 10 
countries originally to take part 
ip the. Venture reinsure abroad 
to the value of some $250m- 
worth of premiums a year. U 
roughly 5 per cent of this were 
to be allocated to the Asian 
Reinsurance Corporation, its 
premium volume would be over 
$!2m as a beginning. But in the 
interests of caution, it was 
recommended that the initial 
premium volume should not be 
above the level of $5m. 

Once in full operation, Asian 
Re will aim to channel the 
region’s reinsurance surplus to 
insurers and reinsurers within 
Asia as much as possible, 
invest these funds, act as a 
centre for collecting informa- 
tion and developing expertise 
and provide technical help to 
the national insurance markets. 

Non-Asian observers in the 
reinsurance world are frankly 
doubtful of Asian Re’s chances 
of success, though they recog- 
nise that they will have to come 
to terms with it if all goes as 
the corporation's backers hope. 
With a high incidence of 
natural disasters in South-East 
Asia — two especially cyclone or 
typhoon - prone countries, 
Bangladesh and the Philippines, 
arc members — the potential 
risks are enormous. 

Working from the other direc- 
tion, a different - impetus 
towards the setting up of a 
regional reinsurance network 
has come from the countries 
grouped within ASEAN, the 
Association . of . South-East 
Asian Nations. 

According to the president of 
the Malaysian Insurance 
Association. Mr. Taib Razak. 
such a project would reduce the 
large amount of- reinsurance 
placed outside the ASEAN 
region, which also lakes in 
Singapore, the Philippines. 
Indonesia and Thailand. Three 
years ago, Mr. Taib remarked, 
some BOm ringgits (S28m) in 
reinsurance money in his own 
country's case was placed over- 
seas, chiefly in London. In 1976 
this shot up to 75m ringgits, 
rising further in 1977 to S7.5m 
ringgits (S3Sm). a figure which 
represented 21.5 per cent of 
gross premium income. 

Mr. Taib, a vice-president of 


ASEAN's Insurance Council, 
said a feasibility study on the 
proposed ASEAN reinsurance 
company was being drawn up. 
and member companies would 
review this in Kuala Lumpur 
early next year. 

This even more embryonic 
striving in the direction of a 
regional insurance identity, is 
paradoxically, given a greater 
chance of success by some UK 
experts, mainly because the 
countries involved are more 
homogeneous titan those making 
up Asian Re. which includes 
Iran and India, as well as South- 
East Aslan nations. 

Andrew Fisher 


OWBOTHAM 



( tV EI NSURANCE ) 

LTD. 


INTERNATIONAL 

REINSURANCE BROKERS & MANAGERS 


100 FENCHURCH STREET 
LONDON EC3M 5LQ 


Telephone: 01-480 6644 


Telex: 888311 






Munchener Ruck 
Munich Re 


for oil classes of 



TREATY and FACULTATIVE 

contact 



REINSURANCE 



Bookshop House 



P. M. B. 1276B 
Lagos Nigeria 


■ UK'S 









IS 


Financial Times Monday September 4 l 9 r 8 ; . | 




Comprehensive cover for Shipowners, charterers and container operators 
Cover for hull and machinery 1 


The Oceanus Mutual Underwriting Association (Bermuda) Ltd 

Contact the London Correspondents : 

John Laing (Management) Ltd . 

117 Fenchurch Street. London EC3M 5JL 
Telephone 01 -481 4291 Telex 888259 




moves 


AFRICA 


1, 





IRON TRADES 


Sole Managers and Underwriting Agents 
ARPEL UNDERWRITING AGENCIES LTD. 

22 BILLITER STREET, LONDON EC3M 2SA 


AT THE stan of this 'year the 
African Reinsurance Corpora- 
tion was formed with the back- 
ing of more than 30 African 
States, all of which have 
pledged tangible support. Under 
the constitution, member coun- 
tries will pass on S per cent of 
their overall reinsurance 
business, and since the new pan- 
African company has first 
choice it will dearly be getting 
the top slice bf whatever is 
available. 

Views on the Africa Re tend 
to be polarised.' The move can 
be seen as yet another display 
or nationalism oo the part of 
Africa, and to 50m e extent 
accusations of this kind ring 
true. But it can be argued with 
equal force that the new com- 
pany represents a significant 
step towards an integrated and 
credible reinsurance industry 
within the African continent. 

Whatever the motives of 
developing nations in setting 
up indigenous insurance indus- 
tries. the end result is un- 
deniable — the emergence of 
powerful new insurance and 
reinsurance blocs in parts of 
the world outside the traditional 
underwriting arenas of London, 
and New York. For the City of 
London (and Lloyd's in par- 
ticular) this has meant a 
gradual loss of business, 
especially in and around former 
colonial territories which today 
make up so much of the develop- 
ing world. 

The major composites, with 
their wide overseas connections, 
were probably the first to feel 
the winds of change, and that 
goes for the life companies too. 
The reinsurance groups have 
also lost many traditional lines 
of business. 

However, as with many other 
types of “market.'' world trade 
has been expanding rapidly 
enough to leave the UK insurers 
with little enough, to complain 
about. At the same time the 
two-way How of business for the 
reinsurer in this country has 
brought with it some distinct 
benefits, notably in the form of 
increased high riskr-and high 
reward — placements' 


The amount of actual business 
that a newly developed insur- 
ance company «m undertake is 
for obvious reasons often 
limited, and as a result recourse 
to reinsurance has become a top 
priority among the less 
developed nations. Africa is no 
exception in finding that Lloyd's 
is one of the few international 
insurance centres capable of 
absorbing specialised high risk 
business. 

To some extent the covetous 
eyes that the insurance centres 
in Africa cast towards London 
and the level of reinsurance 
that the City undertakes brings 
into conflict fears for the 
stability of the African insur- 
ance industry. The African 
States are strongly nationalistic, 
and the formation of local 
reinsurance centres, whether to 
place as a matter of pride along- 
side the national airline and the 
international sports stadium, or 
to stop a drain on valuable 
foreign exchange could lead to 
a lessening in the dilution of 
risks. 

Thus the . formation of the 
Africa Re is a welcome turn of 
events. It is clearly early days 
yet. but the portents are more 
than encouraging and it looks as 
though African reinsurance 
thinking has begun to move 
back to the broader idea of risk 
spreading, rather than risk con- 
centration. 

In fact co-ordination is now 
the name of the game rather 
than concentration, and the 
catalyst has been the three 


years of discussion that led up 
to the birth of the African Re. 
The move towards greater co- 
ordination was emphasised at 
the recent African Insurance 
Conference held in Lagos, 
Nigeria, which is where the 
African Re has its headquarters. 

One of the ' more radical 
suggestions put forward at the. 
Lagos conference was that the 
African Insurance industry 
should help create an “ Afro- 
doll ar.™ it was argued that the 
evolution of such a currency 
would help reduce the inflation- 
ary pressures arising from the 
dollar and sterling. “ We should 
insist that our .reinsurance 
treaties are settled in this 
currency which would cross 
international boundaries with- 
out fluctuation so that each 
market can stay with its .own 
inflation," urged one speaker. 


Radical 


He went on to say that “the 
experience we are gaining frbro 
doing our own thing must be 
consolidated so that when we 
deal with the developed .world 
and their large markets we can 
be sure of obtaining as much 
advantage as possible." 

The conference mulled over 
The problem of the net outflow 
of premiums from the develop- 
ing nations when any examina- 
tion of the exchange of reinsur- 
ances between Africa and 
London and New York was 
made. Could this be stopped or 
reversed without harming the 


development of the a™** of 

direction. 

The African Re was seen as 
possessing truly Contmental 

suture being backed by t many 
members of the O » 
organisation which is iteeU 
almost two decades old. It was 

destined to play » 
in ensuring that available 
reinsurance capacities id Afnca 
were used before reinsurances 
went into other world marked 
As the first of its kind in the 
developing world, the African 
Re “ must be jealously guarded 
; and built upon.” 

In many ways the conference 
—the sixth of its kind— proved 
a remarkably valuable forum 
for ideas and proposals, both 
radical and conservative. Mr. 
Duncan Ndegwa. the Governor 
of the Bank of Kenya, adopted 
a slightly sombre stance in 
urging the conference to con- 
sider tbe crucial question of 
whether the reinsurance 
industry in Africa could ever 
break out of the “ vicious 
circle *’ in which it had been 
forced to operate. 

The growth of insurance 
premiums in developing 
countries tended to contribute 
to an increase in outward re- 
insurance and hence a large 
volume of foreign outflows. 
“ As the. process continues it is 


becoming increasingly doubt^ 
whether insurance compat^ 
io Africa will ever create tlw 
sort of surplus needed ta 
enable them to become- viable 
entities in the face Of. stiff 
petition from established in^. 
ance giants.” 

Virtually all the insurance 
companies in Africa- ai% 
nationalised with the .. maj or 
centres, in areas like Alaburi. 
Kenya, Ghana, Zambia"^ 
Tanzania; Kenya is sometfiow 
of an exception in that it .alio** 
non-Kenyan' insurance coin, 
panies to flourish and compete 
alongside its indigent 
industry. But even here change 
looms. Heading towards the 
Kenyan statute book are laws 
demanding that . all foreign, 
owned insurance company 
register as local groups, .Thh 
would appear to lead to 
prospect of some form . of 
eventual domestic sharehbtdigg 
in foreign owned companies. 

Many - 'Western observes 
feel, however, that Africa’* 
demands for a greater control 
over the flows of foreign 
currency associated with ^ re- 
insurance are not. always in 
context They point— and with 
some conviction— to the hard 
currency that flows back into 
the developing world as 1 
result of claims experience. 
This can often outweigh the 
impact of currency loa 
through the outflows of 
premiums. 

Jeffrey Brown 



newcomers 


REST OF THE 
WORLD 


1 1 


Victory provide 
specialist reinsurance 
services to insurers 
and their professional 
advisers. 

We reinsure market 
leaders in more than 
90 countries. 


VICTORY 


International Specialist Reinsurers 

The Victory Insurance Company Ltd. Portsoken House, 155-157 Minories, London, EC3N 1 BU. 

Tel: 01-481 1200 Telex: 887346-YICLDN G. 


M 


a 

* & W 




% 


7 v.^r 

: T ri v V 

"-rr> je 


Bayerische 

Riickversicherung 

Aktiengesellschaft 

Sederanger 4—6 
D 8000 Munchen 22 


$mniona 

Ruckversicherungs-Aktien-Gesellschaft . 

(Frankona Reinsurance Company) Maria-Theresia-Strasse 35. 8000 Munchen 80 

Founded 1886 

ALL BRANCHES OF REINSURANCE 

Data 1976/1977 

Guarantee Funds DM 1.127,200,000 Gross Premium DM 680,500,000 
Capital Investments DM 1.189,000.000 Net Premiums DM 510.000,000 

Telegrams: Frankonariick, Munchen Telex: Munchen 05 22531 frdrd 


Telephone: 9228-1 


POOR PEOPLE can't afford 
insurance — and probably don’t 
have very much that is worth 
insuring anyway. That is a fact 
of life which has to be accepted 
by insurance companies operat- 
ing m the poorer countries of 
ihe world. According to figures 
compiled by Swiss Re, a 
populous country like Nigeria 
generated total insurance pre- 
miums of only just over 5200m 
in 1976. and Indonesia roughly 
the same. 

The comparable figures for 
Japan and West Germany were 
100 times greater in each case 
— and these nations rank a long 
way behind the U.S.. easily the 
leader in world insurance, itself 
representing almost half of the 
world market (excluding the 
Eastern bloc). 

In time, a less developed 
country's insurance market will 
grow and develop along with 
the economy as a whole. This 
is plainly true of oil-rich 
nations like Nigeria and 
Indonesia, where there are 
many large capital projects 
being constructed as well as a 
rapid increase In the wealth of 
the population at large. 

But in the meantime insur- 
ance companies in many of 
these emerging countries of the 
world have proved keen to 
expand beyond direct domestic 
business and seek an extra 
measure of expansion through 
participation in the inter- 
national reinsurance market 


Direct 


So it is that reinsurance busi- 
ness has featured important 
changes in its international 
structure in the past decade or 
so. A powerful role is still 
played, of course, by Lloyd’s 
and the big traditional specialist 
companies. But increasingly 
reinsurance business has come 
to be written by insurers whose 
major operations are in the 
direct field. Alternative 
markets have sprung up. And 
to a significant extent the com- 
panies writing international 
reinsurance business are not 
just the big European and 
American operators, hut include 
aggressive representatives of 
some of the lesser known 
insurance nations such as South 
Korea and Taiwan. 

Naturally the establishment 
participants are not always very 
pleased at the increase in com- 
petition for reinsurance busi- 
ness which has resulted from 
this extension of participation. 
And there is widespread con- 
cern that rates have been driven 
too low on many classes of 
business, so that the industry 
may have become unduly vul- 
nerable to future catastrophes. 

The companies tend to point 
to London's highly active inter- 
national Insurance broking com- 
munity as bearing some of the 
blame for persuading far-flung 
insurance companies to partici- 
pate in the London reinsurance 
market, in a quest for quick 
brokerage. The brokers counter 
this by pointing to their historic 
role in the development of the 
London insurance market, show- 
ing that they take very much of 
a long-term view. 

' Both sides, however, share' a 


degree of concern about the 
health of the reinsurance 
industry. When Mr. D. M. C. 
Donald, chairman of Mercantile 
and General Reinsurance < a 
subsidiary’ of the Prudential) 
welcomed the expansion of the 
market's capacity in his annual 
statement in April he also 
hoped there would not be a 
deterioration in the technical 
standards that have been so 
carefully, and sometimes pain- 
fully, established., over a 
period." • - - 

Others put it less delicately, 
fearing that a rush of inexperi- 
enced newcomers is- bound to 
lead to incautious and 
unbalanced underwriting, and to 
some badly burnt fingers in the 
course of the next few years. 

A complicating factor is that 
reinsurance is very much of a 
long-term business. It may not 
be apparent for some years that 
business is proving to be 
unprofitable. 

In this situation many in the 
insurance markets would like 
to sec a reduction in capacity, 
especially in areas like marine 
hull reinsurance and in aviation. 
But keen competition is a fact 
of life, and barring a spate of 
disasters there is little early 
prospect or a change in the 
pattern. 

Meanwhile, just as the growth 
of newer insurance companies 
around the world is leading to 
their entry' into the interna- 
tional reinsurance business, so 
their domestic reinsurance 
requirements are leading 10 an 
expansion of reciprocal 
business. 

In many countries tight re- 
strictions on the participation 
of foreign companies in direct 
insurance are in force. To take 
one example, Jamaica is now 
insisting that domestic business 
must be placed with a company 
in which the majority sharehold- 
ing is held locally, and this is 
forcing foreign insurers to re- 
organise their operations. 

It is much less easy, however, 
for a country to erect barriers 
against foreign reinsurance as 
opposed to direct business. 
Sometimes, indeed, political in- 
terference with the structure of 
the domestic direct insurance 
market can lead to a greater 
requirement for access to inter- 
national reinsurers. 

If such access is restricted or 
prevented, then there are likely 
to be severe deficiencies in local 
insurance availability. Many 
forms of cover may simply not 
be available, or only to an in- 
adequate extents which is a 
problem for the individual citi- 
zen. And on a national scale 
there is a danger that a country 
will be bearing on its own shoul- 
ders too much of the risk of a 
major catastrophe. 

In general, of course, inter- 
national reinsurers like to see 
relatively few restrictions on 
national markets. As a rule, 
the fastest growing areas for 
new business have been those 
least hampered by government 
controls. And despite nation- 
alistic tendencies round the 
world, there has been plentv 
of scope for overall growth 
bearing in mind that insurance 
business tends to expand much 
faster than overall economic 
activilv — especially for poorer 
countries. 

A prime case of rapid 
economic growth has been 
Japan, and this is' an example 
of a country with an insurance 
industry which has expanded 
from modest beginnincs to the 
point where it. is a inaior forre 
on the world scene. ..For rein- 
surance. Japan has become very 
much of an alternative market 


to London. 

A particular problem for the 
Japanese has been their vulner- 
ability 10 earthquakes. This 
has forced them to go out on 
to the world market to reinsure 
their earthquake liabilities, 
though in offloading some 87 A 
per cent of their exposure they 
have exhausted world capacity. 

Japan is also a substantial 
placing market for other types 
of reinsurance cover. As a rule 
Japanese companies like to have 
around 10 per cent as an 
optimum proportion of reinsur- 
ance premiums within their 
overall total. This approach has 
made them among the more 


AKTIESELSKABET 





esfs*// 

THE NORD1SK REINSURANCE COMPANY LTD. 
ESTABLISHED 1894 

23. GRONNINGEN DK 1270 
COPENHAGEN K DENMARK • 

, CABLES: TRANSPORT 

TELEPHONE: (01) M 13 67 

TELEX: 1S367 NORDRE 


Fire & Accident 

Reinsurance 



GUILDHALL 

INSURANCE COMPANY LIMITED 

(Registered Office: r Bartholomew Lane. London, ECzN 2AB) 
Underwriting Offices: Plantation. House, Fenchurch Street, 
London, EC3. 01-588 1345 
A. member of i/te Surt Alliance Insurance Grottp ■ 


aggressive seekers of foreign 
reinsurance businesss. . 

The recent rise in the yen 
has played into the hands of 
the Japanese reinsurers. So long 
as the premiums were paid 
promptly - and converted intr> 
yen, the Japanese companies 
will find it unexpectedly cheap 
to pay out claims in appreciated 
ygn. It is a stroke of good' for- 
tune for them which British 
insurers will regard with a 
touch o£ envy— though eren 
sterling-based companies' ‘iwill 
have more than washed their 
faces on dollar-denonrinated 
businesss in the past year or so. 


Barry Riley 



DAVIS, BORLAND & CO. 

insurance brokers 

One of the oldest of New York 

Two World Trade Centre 
Te!: ( 212 ) 791-2100 











19 


Itewa^'Rmes Monday ^tember 4 1978 




<r^V' 




2 M P AN? 1 


lent 

ice 


ill 

., J.3T-- 



M. Barre and a question of balance 


By DAVID CURRY, in Paris 


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IT WAS doubtless pure " com* 
ddenee that Raymond Barre 
became: Prime Minister of 
France two years a£0 on the 
anniversary of tfae liberation of 
Paris from . ' th© Naahv . The 
rotund and ebullient Prime 
Minister might .claim that he 
has' devoted these two years to 
liberating France from., her 
economic illusions and to set* 
ting industry free, to face the 
international competitios of the 
third zniUenium. 

The Giscard d'Estaiag team 
has come a long way in these 
two years. • It has • teen 
dominated by three themes. The 
first and ‘ most persistent one 
-has been the need for economic 
recovery after a near suicidal 
dash for growth by M. Barre’s 
predecessor, M. Jacques Chirac, 
in 1973. 

The second theme was the 
need to fight an election which 
seemed destined, through pub- 
lic boredom with the Gaul lists 
and general economic condi- 
tions, to bring the Socialist- 
Communist alliance to power, 
Following the general elec- 
tion victory— a victory which 
endowed M. Barre with a for- 
midable political personality — 
there emerged a third theme. 
As- the economy began to im- 
prove. M. ' Barre was able to 
embark on his campaign to 
modernise French industry to 
face up to what he calls the 
fundamentally new conditions 
of international competition, 
stemming from the rise in oil 
prices and the arrival of new 
industrial powers challenging 
the West in both traditional 
and new technology- The aban- 
donment of industrial price 
controls, the tough line on lame 
dudes, and measures to improve 
corporate finance all come into 
this category. 

With the election negotiated, 


two nev-or at least renewed 
—themes. will grow in impor- 
tance. Thfr first is the policy 
oF social reform and economic 
improvement . for the under- 
privileged and people at the 
bottom of the earnings scale. 
To. these categories must be 
added— because Giscard knows 
who liia electorate is— women, 
for the President has made the 
betterment of- the position and 
statu* of women one of his pet 
themes. 

Higher pensions, bigger 
family allowances, longer maier- 
nity Icave for women and simi- 
lar measures came bard on the 
heels of the election success, in 
fulftljneni.of promises to make 
resources available- to the most 
needs- a* the economy began to 
allow some margin of spending. 

The second theme (whose 
emergence is promised but 
which has yet to take form) is 
the famous Government plan to 
engineer a /soeiaT.and- political 
•'opening-up." By this the 
President means a grand group- 
ing of pragmatic reformers to 
whose ideas • the Government 
will be responsive and who 
themselves would play a role 
in Government, irrespective of 
their ideologic*! background. 

The two years of 31. Barre 
have also been marked by a 
radical turnover in Ministers. 
The first cabinet was dominated 
by leading party pul ilk* 1 figures 
with long ami sometimes erratic 
pasts — 31. .lean Leeanuet. Prince 
Michel Poniatowski, M. Olivier 
Guichard. They were sent 
packing because of the pre- 
electorai in-fighting and those 
who now hold the vital port- 
folios owe their position to the 
personal favour of the President 
and to their technical skills. 

3 L Ren e Monory. the garage 
owner from Loudun, unrefined 
by any of the grand es ccoles 


and representing the proverbial 
wisdom of the small, provincial 
entrepreneur, sits at the elegant 
desk in the Eiunomics Ministry. 

24. Maurice Papon, a forgotten 
Gaullist. lor years National 
Assembly Finance Committee 
chairman, a former Paris prefect 
of police, with a life-time’s 
knowledge of the foibles uf 
power, is Budget Minister. M. 
Andre Giraud, the Industry 
Minister, is a pure luriimicrat. 
once the civil servant in charge 
of France's nuclear programme. 

M. Jacques Chaban-Delmas. 
discard s Presidential opponent 
of 1974. is now once again 
President of the National 
Assembly and is almost a 
recruiting agent to persuade 
moderate Gaullists to defect to 
Giscard's future line-up. 

Only M. Jacques Chirac, 
former Prime Minister. Gis- 
card's original Presidential 
sponsor but mnv a bitter 
opponent, remains, lie flies a 
flag of defiance from the towers 
of the Paris Hotel dc Ville. 
which hr has made into a 
Gauilisl tief under himself as 
mayor. His call to the popula- 
tion to celebrate the libera- 
tion or Paris was itself a thrust 
aimed at. Giscard. who has tried 
to play down patriotic celebra- 
tions of World War II victories. 

Finally, the personnel who 
serve the Cabinet and the 
Government have changed. In 
the important Cabinet bureau- 
cratic posts and m the jobs 
under Stale patronage, the men 
who formed tbp human fabric 
of the Gaullist State have been 
replaced steadily by loyal 
servants of the President. 

The dominant theme over the 
two years has been, of course, 
the economy and M. Barre’s 
prime-ministerial stint will be 
judged finally on his economic 
success. He has always insisted 
that there are certain “basic 



M. Barre: a campaign to modernise French industry*. 


equilibria ** which must be 
established as the precondition 
fur renewed economic stability 
and inflation-fret* growth. The*e 
include the balance uf payments, 
the money supply, the rtabiltry 
of the currency, wage modera- 
tion and the relationship 
between Government income 
and expenditure. Other indica- 
tors, according to 31. Barre. 
simply reflect the basic sound- 
ness of the economy. The evolu- 
tion of prices and unemploy- 
ment are the obvious Indicators 
in this category. 

According to this scheme of 
things; it is perfectly normal 
and perhaps inevitable if the 


Letters to the Editor 


^phpfllllp TY From Mr. B. G. Williams. 

OUtCUtae Sir.— Tbe question “How long 

tQvnQVPrc is the delay between earning a 

LaApttjvlA • pound and paying the tax there- 

From Mr. David Haymov on in the case of a self-employed 

Sir.— Clearly Mr. Seotton can be answered quite 

(August 31) has missed the £y considering the cases 

point of Mr. Andrews' letter. At of Mr - A and Mr - . • .. _ 
present (except for when a busi- Mr. A. chooses April 5 as ms 
ness first commences) % Schedule accounting date and Mr. B. 
D Case I or 11 taxpayer will chooses April 8. Ignoring the 
pay his 1978-79 (ie current complication? arising on the 
year’s)- tax on January l and commencement or cessation of a 
July 1: 1979, while other sources business and on the change of 
of - Schedule D - (interest, accounting date. no - seir- 
. furnished letting 'and foreign in- employed person is called upon 
come) are due in one instalment Jo pay tax earlier than is Mr A, 
on January 1, 1979. The point and none can expect to .wait 
that the Revcbue appears to be longer fqr a tax demand than 
making is that due to inflation Mr. B..c.g« .. . 
the assessment is based qn a. ■ . Mr a Mr. ». 

profit whieb is smaller than that period ot _ 

which is earned in : the year. This acounn 6 t'i*-a -i.77 titw. 4, i« 

is because the profit taken is mlnT ' 

normally based oa the accounts xonoai due 
year ending ln the previous year; * parable 

an extreme example would be ta, “ •’ I,| ' 7S&1 ( j'?, u i l l 3itoL I ^ 
accounts lor a year to April 6. ■ 

1977, being used for 1978-79 pqr- .On the first pound earned in 
poses (that is two years old), the period of account (say, early 
Clearly we. could have an April. 1976) Mr. A. pays one half 
adjustment to current basis, as; of the tax 21 months later and 
with pay-as-you-earn. Ia 1943 the remainder 27 months later.; 
7 believe that one year’s On the last pound earned In the 
Schedule E figures was in period (say. late March. 1977) ho 
general left out of charge when pays one half of the lax nine 
pay-as-you-earn was introduced, months later and the remainder 
Can we. however, have some 15 months later. . 

sanity into this problem ? First, Mr. B.. however, on ihe first 
revising to actual basis will not pound earned iri his 
speed up the payment of . the account (again, say early 
tax. This is because the Revenue pays one half of the tax .« 
cannot revise assessment to months later and the remainder 
actual basis until the profit for 39 months later. On ibe last 
the period is known, and we can pound earned in 
therefore expect most taxpayers (again, say late March. ne 

to suddenly wish their accounts pays one half or the tax 
to be prepared to February 28 months later, and the remsmeer 
or March 31 each year because 27 months later, 
this would mean the actual profit Thus, in the case ot a sgu* 
for the last 36 days and five days employed person the soonest 
respectively will not be known delay between earning a poupa 
for over a year after the end of and paying any -part of the ux 
the year. . thereon is mne.montns and tne 

Second, surely the Revenue has largest delay between earning a 
enough problems over the work- pound, and paying the whole oi 
load of its staff without inflict- the tax thereon can be 31 years, 
ing the presumed initial assess- This,. of course, assumes that 
merit and subsequent .increase or payments are made on tne pue 
adjustment. and payable dates— but tne 

Thus nothing will be gained by Inland Revenue does have power 
the exercise except extra work to penalise, those whose pay- 
for all concerned, taxpayers, ments are not id . 

their agents and Revenue staff. In times of inflalton. then. 
If the problem ts the man who there can be little doubt that * 
delays preparing accounts, sub* benrtit accrues to a seu- 
mitting them to fats Inspector of eraplwed person in that the ^tax. 
Taxes and who. when correctly on 19<6 pounds earned 
assessed, does not pay until The (which, however, is not Jcaje 
■last possible moment, then this as received) is paid in .,1977 
action should, be to strengthen pounds." “1978 pounds. or 
and make mandatory the pay- “ 1»7» pounds. iTJ c 

ment of interest on tax period However, the more inter - C 
late and make this payable question is whether. InoKin ar 
regardless of whether the profit thef CTelal and economic : 
has been assessed. I am sure tore of the UK as- a whole, . re- 
many of my fellow pay-as-you- prcneunal taien s bemc >iyen 
earn- payers would welcome this. Iheclinutc in l”, . S11 „u 

nwH^n S4ion of 8 * ur “; 22? °f “ *»..«> 

"V- rfT r— l ‘ g ' ST ie^iSS'SBtr.n jwry. 

Maidstone. Kent.. _ ol her sensei have been made by 

people who received m'»rv than 
From Mr. J. B. Mitchell . promotion Or a gold watch for 

Sir.— r must reply to the -letter the idea, 
of Mr. G. Scott pa printed in the jj, G- Williams, 

Financial Times of. August 31. 4, Pen. y fro Close, 
and fiay that writing as a pro- Dvjwant Sicansea. 
fessional accountant in practice. 

my experience is that the great ‘ . „ - c Tf7nwlfton 

majority of Sbedule D taxpayers From R ' S \ rhwstw. 

have financial year ends on Sir,— 1 refer to Mr. G- scoiwn s 

March 31 (or April 5 awl letter (August 31) concerning 
December 31). I axtr confident Schedule D taxpayers. \ should 
that Inland Revenue statistics like to point out to Mr. “Cf 
would confirm this. The majority 'that the timing of the year ena 
of Schedule D taxpayers are -is- Immaterial : the fact remains 
more concerned about arrenging . that irrespective of the dale on 
a date which is more convenient which his account arc maoe up 
for stocktaking purposes, and to,, the Schedule D taspsyer pays 
only a very small proportion one year's tax in each v ear or 
would select. April. 30 merely to Assessment. . it » agreed that 
obtain a -cash flow advantage . as tax on profits of a.business wim 
regards payment of. tax. A a yoar end on Apnl -lasi. 
great many Schedule D taxpayers would not be payable unu 
do riot like paying tax on profits January and July, 1BW out. w oat 
earned two years previously. In is equally important ana weal 
times when profits fluctuate con- Mr. Scmton has evidently ave^ 
siderably this can' cause cash lookedi.i^ that lax mu! Mil! ^be 
flow problems rather than bring paid, in January and Jm>- iwu- 
cash flow benefits; - (n addition, in normal 

J B Mitcbeih, " r - ' nances, tax mast be P»*d 00 the. 

^Donstam ZMoe; - Leeds. ; *:/ same, first- year’s income of a 


Mr. ». 

. T 4 7M.4.77 
187SIV 




business two or almost three 
times over, dependent on the 
actual accounting date. 

This anomalous situation was 
recently recognised In Hung 
Kong where the Tax on busi- 
nesses moved rrom a preceding 
to un actual basis of assessment 
in 1974-75 On that occasion the 
transitional legislation involved 
the “dropping out” or one full 
year’s profits in 1974/75 to com- 
pensate for the tax duplication 
in the opening years. 

R. S. Thomson, 

Director. 

Tees Investment Corporation. 
P.D Box 84. GUh House. 

206208. Morton Road. ■ 
Middlesbrough, Cleveland. 

From Mr. R. A. Hunt. 

Sir. — I have read wlrh interest 
your article "Move for Earlier 
Payment of Tax" and the pur- 
pose of this letter is not to udd 
•to the well-informed comments 
which have been made by other 
readers in respect of your excel- 
lent article. I have only nne 
question: is there ho Englishman 
with the courago of a Simon de 
M.ontfort or an Oliver Crntnw*II 
to curb the apparently unmiti- 
gated power of Sir William P'le 
and his pillaging baron* of ihe 
Inland Revenue once and for all? 
R„ A. Hunt. 

R. Crahhe and Co. 

12. Lon clress Lane. Lairgalc, 
Bevcrlcu. 

EEC lobbying 

From Mr. Gordon Cardigan 

Sir . — It is perhaps just as well 
thar the lobbyist quoted in your 
August 16 article on EEC lobby- 
ing as saying *' lobbying the EEC 
is like watching grass grow " is 
□ow an ex-lobbyist. 

.. Though Britain is a member 
of tbe EEC Community since 
1973 (legally, that is), the spirit 
simply is not there. This negative 
political attitude has tended to 
foster hostile British company 
attitudes towards the operations 
of the EEC . Commission In 
Brussels as. well as of other 
European institutions. 

- The EEC Commission in 
Brussels is trying to implement 
the Treaty of Rome as It applies 
to different sectors of industry 
or the economy. What British 
companies have simply failed to 
grasp is the importance of keep- 
ing abreast of proposod regula- 
tions or directives affecting their 
particular line of business. 

This has led to a feeling of 
helplessness or hostility, nr both, 
by companies when confronted 
with, for exam pie. .a fine or court 
ca«e for ftlleaed infrineemem of 
such and such an article. 

And yet there is ample scope 
for monitoring events nr putt Inc 
one’s ease, indeed 1 know of 
no other inlerns’lnnal inslitu* 
lion when* civil servants are so 
cooperative. Would it that 
Whitehall were only half as 
open ! 

Cnrdnn Card iff a'A. 

396 Irttuie Ijwiae. 

Brusaete B-IB50. 


Political 

funds 


From the Organiser. 

SMial Democrat Party. 

Sir.— Recently the problem of 
political party financing has been 
given an airing but instead of 
coming up with Ideas it has 
deteriorated into political table 
tennis. 

Let me try and put forward 
some serious suggestions. 
Finance presently eomes from 
four sources: Industrial dona- 
tions. trades unions, individuals 
and Ihe'cflorts of the political 
parties themselves l raffle.., and 
garden fetes). 

' Under normal situations these 
'-are. jiul. about sufficient. How- 
ever, 1979 sees the first Euro* 
‘fflfictirinfi . and the next six 


months will also see a Genera! 
Election. Thus the finances of 
all political parties \sil! be under 
great stress and it is possible 
that the clecutms could be less 
democratic by virtue of the 
financial status of the parties. 

An alternative means of 
finance must be found that im- 
proves the democratic nature ur 
politics and 1 hope the follow- 
ing suggestions have that effect: 
ta 1 All company donations lo 
cease Including donations tu 
organisations which have the 
effect of funnelling finance 
indirectly to a political party. 
<bj Trades union donations tu 
he similarly dealt with. 

(c) -Private donations to be 
declared to the Inland 
Revenue if over E500 tn urn- 
year (including the value 
of services provided). 

(d) AH political parties to' he 
financed from national 
funds distributed In the fol- 
lowing way: contributions In 
be hased on the total elec- 
torate in each constituency 
and is distributed in pro- 
portion lo the votes of all 
parties that have managed I 
to obtain enough votes iu' 
retain tbtwr deposit at the 

' previous election. 

(e) All funds thut a part> 
organisation can raise by 
their own efforts (excluding 
< a 1 to id) above) would be 
legitimate party Tunis. 

The effect of (d) would be lo 
ensure that the constituency 
parly oblains the funds i' 
requires and also that regiona: 
parlies, minor parties and indivi- 
duals who have a local following 
are no! disallowed frura obtain- 
ing finance 

The main area where ( would 
expect criticism is with regard 
10 the finance being for the con- 
stituency party and not the 
national party. My answer to 
that would be that national 
treasurers will have to try 
harder to keep national organi- 
sations going by getting the local 
parlies tu hand over the money 
needed. - - 

Chris Tankard. 

Torleven Estate. 

Porthleven, H elsion, 

Cornwall. 

Come back 
Enoch 

From Mr. Kenneth R. Middleton 

Sir.— The Chairman uf the 
Chelsea Yuung Conservatives 
(August 25.) is doubtless. only luu 
correct in his submissiuu that 
we have little hope of seeing 
Enoch Howell as a Tory Chan- 
cellor because tuo many party 
activists will never forgive him 
his call to vole Labour. Such 
activists, however, are a tiny 
minority of the party's sup- 
porters. who aught now usefully 
be reminded of the situation at 
the time of Mr. Powell's action. 

The overriding uuestiun was, 
in Mr. Powell's view, that of per- 
mitting the country to determine 
the issue of continued member- 
ship of . tbe European Com- 
munity. Mr. Heath had back- 
tracked on bis implied promise 
to consult tbe electorate, while 
the Labour Party were promis- 
ing a referendum. Hr. Powell 
rightly (in the opinion of many) 
regarded it as an outrage that 
so u n preceden ted a const l tu* 
tional change should be con- 
firmed without the people’s con- 
sent Being a man of principle 
he tonk the only course open to 
hint in the light nf his own con- 
victions anti of tho Impropriety 
of Mr Heath's altitude in the 
matter. 

II is the Consi-rvalh'e Party 
and the country that will suffer 
if the resentful pis-headedness of 
Conservative activists Is allowed 
to prevail in its counsels. 
Kenneth R. Middleton. 

13. Venn Park Crescent. 
Edinburgh 4. . 


indicators appear to give con- 
tradictory messages. This is 
wbat has been happening. 

M. Barre*- baaic indicators are 
moving into equilibrium. The 
franc ha- appreciated solidly 
against the dollar and. since 
France ini pons 75 per cent uf 
ita energy, the dollar -Franc 
relatiun>h:p is tiio all-important 
one. Apart from a pre-eiecioral 
flutter, the franc has been in no 
trouble on the foreign exchange 
markets and the cost of day-to- 
day borrowing on the money- 
market has been allowed to drift 
to seven percentage points 
below the Euro-doilar rate. 

The balance of payments 


GENERAL 

UK official reserves (August >. 

Capital issues and redemptions 
(August). 

Annual conference of Trades 
Union Congresj opens at Brighton 
Exhibition Centre t until Septem- 
ber »). 

British Aluminium increases 
prices of atummium ln«oi and 
related products by £25 a tonne. 

International Air Show open* at 
Farnborough (until September 
10 ). 

British Association for rhe 
Advancement or Science Confer- 
ence opens. Bath University (until 
Seniemher 8) 

International Concress of Aero- 
space Medicine opens. Koyal 
College of Surgeons. Lincolns Inn 


figures hate also improved 
sharply. Franco ha.- own in ihe 
black on its commercial balance 
for the part six months with 
exports over tho past year 
increasing at three times the 
rate of imports. So f3r this year 
the overall surplus if- FFr 1 6bn 
(about £l90m) against a 
FFr lu.27bn deficit at the same 
point last year. 

The budget deficit has been a 
harder nui lo crack and Ihe 
Government is planning for a 
significant shortfall for 1979. 
following President Giscard 
d'E&lai ng’s promise at Ihe Bonn 
economic .summit u tolerate a 
wider deficit than originally 
envisaged. 

The original outline of the 
1978 budget provided for a 
FFr 9bn shortfall In fact, it is 

1 i kely to end up closer to 
FFr 25bn-30bn because of the 
lower level uf economic growth 
and because of a scries nf small 
sectoral stimuli. Next year the 
Government appears to want lo 
hold the line at a deficit uf 
about FFr lobr. ton spending nf 
almost FFr -460 bn) which will 
necessitate tax increases. 

M. Barre undertook not tu 
increase direct taxes during the 
election campaign, so it seems 
I hat indirect taxes v. ill bear the 
brent. The old favourite ts 
petrol, which is deliberately 
being treated as a rare and 
hent-c expensive commodity. 
Certain fiscal privileges (no 
fewer than 7" professions bene- 
fit from special tax treatment in 
one way or another) may be 
reduced and some tax brackets 
adjusted. 

Credit control remains firm. 
The libera lisation of industrial 
prices has not been matched by 
setting free bank lending. The 
money supply expanded by 13.1 
per cent last year and this 
year’s target is similar. 


An essentia! element of the 
recovery programme has been 
the control of v.avcs lo a level 
sufficient to cover the higher 
cost uf living. At the lop end 
of the wages scale pay has been 
frozen and at the bottom end a 
small real increase has been 
permitted. 

This policy may be in danger 
uf erosion, ln the second 
quarter ot the year, hourly 
wages were more than 5 per 
cent up ( compared with 2.2 per 
■cent in the first quarter) and 
the Government is telling 
industry firmly that it must not 
use its new-found price freedom 
to pay for industrial peace. 

The ■* equilibrium " generally 
achieved in these areas is 
unstable (trade, fur example, is 
vulnerable to a new oil price 
increase). It has not been estab- 
lished long enuugh to permit 
unemployment in conic down, 
nor has inflation fallen beluw 
double figures. 

The Government has refused 
any systematic reflation to curb 
unemployment, though it' has 
produced a half-hearted scheme 
to encourage e 111 plovers in re- 
cruit labour by reducing sni-ia! 
charges for a limited period. 
It regards une 111 ploy men l — 
likely in reach 1.2m this year 
according to the Government — 
as an inevitable consequence «»f 
In*.- necessary restructuring ul 
industry. 

Hence, it has insisted on 
comprehensive recovery pro- 
grammes from •* lame-duck " 
companies. The programme.- in- 
clude renewed management, 
where possible new shareholders 
with industrial or financial 
expertise and a labour force of 
an efficient size for the job in 
hand. The evidence is (tut a 
number nf large concerns are 
dispensing with excess laoour. 
partly stored up during the pre- 


Today’s Events 


Fields, London 1 until September 

8). . 

National Farmers' Union report 
on future or fish farming. 

Mr. John Silkin. Minister of 
Agriculture, opens annual con- 
gress oT British Veterinary Associ- 
ation. University of Lancaster 

Mr. Matthew Nimetz. Counselor 
of the US State Department, ooenj, 
exploratory talks with Cvpriot 
Ipaders on Cyprus territorial 
dispute. Nicosia. 

Swatziland tenth anniversary 
celebrations. 

Mr George Rallis. Greek Foreign 
Minister, in Moscow for talks 
(until September 11). 


OFFICIAL STATISTICS 
Public sector borrowing require- 
ment and details of local authority 
borrowing (second quarter). 

COMPANY RESULTS 

Final dividends: Cantors. Esper- 
anza Trade and Transport, niz- 
willon West of England lru-i. 
Interim dividends: Cia\erhnuv‘ 
Investment Trust. Electrical and 
Industrial Securities Garner Scot- 
blair Meta) Closures Group. 
Putard Group. Revertex Chem- 
icals. Interim fignres nnlv: Scottish 
Eastern Investment Trust. 

COMPANY MEETINGS 
See Week’s Financial Diary on 
Page 22. 


election period, as a part or the 
approved policy of restoring 
financial strength in order to 
carry the French flag into world 
markets. 

One essential puini has tu be 
made. The French have not had 
austerity— not. at least, those 
Who have remained at work. The 
only wages lo be frozen have 
been those of ihe very well paid 
getting more than FFr 25.000 
a month and everyone else's 
wages have at least kept pace 
with inflation. Hourly wage rates 
were up 12. 1 per cent last year, 
giving an average Teal increase 
of 1.2 per cent. 

The next few months will be 
crucial to M. Barre. They will 
show whether industry has 
been moderate in its price 
increases and will indicate 
whether the Government will 
yo through the year without 
facing too great a strain on 
ihe wages front. He could face 
sustained pressure from the 
Gauilists for an economic 
policy destined to bring down 
unemployment, while he has a 
number of difficult industrial 
dossiers on his desk — steel 
amung them — where imple- 
meaiauon of a realistic policy 
will certainly cost regional 
jobs. 

He must also be aware that 
ail the time the man in the 
Elysee must be pondering; at 
v.hai time his blunt and pug- 
nacious Prune- Minister — so 
clearly wedded to. and 
associated with economic recti- 
tude — ought to be sacrificed 
tu symbolise the “ opening up ” 
of the regime and the restora- 
tion of social reform as the 
main pillar of the President's 
re-election bid in 1981. There 
wilt doubtless come a time 
when the Barre programme 
can survive without M. Barre. 


SPORT - . 

Crirket: Announcement ; of 

England party to tour Australia. 1 
Lord'.-. New Zealand lour march; 
a! Scarborough Racing: Hamilton 
and Nottmcham. 

CITY LUNCHTIME MUSIC , 
Piano recital by Gillian Spraqg.j 
St. Lawrence Jewry next Guildhall. 
1pm. 

EXHIBITIONS 

Centenary Exhibition of Sir 
Gtlberi Scott » ISI 1-IS781-— Archt- 
n*c; of Gothic Revival. Print Room 
Galleries, Victoria and Albert 
Museum. South Kensington, 
London (unul September 10. 

Hayward Annua) Exhibition 
with work by 23 contemporary 
British artists. South Bank.-SEl 
(until October S). 



Interim statement 


SKF Group Sales for the first six months of 1978 amounted to 
4,752 million Swedish kronor (Skr), an increase of 2L6° o over the 
corresponding 1977 figure. About half the increase arose from 
exchange differences when converting invoiced amounts to 
Swedish kronor. 

Income before depredation rose to Skr 470 million (418m) while 
profits before exchange differences, extraordinary items, 
provisions and taxes decreased to Skr 85 million (98m). 

A marked sales upturn in all sectors contributed to profit Increases in 
the second quarter-year, with bearings continuing to generate the 
greater part of Group income. 

Group President Lennart Johansson, considered there was a good 
chance of maintaining the better sales figures shown in the 
second quarter, which pointed to a 1978 profit improvement as 
forecast in the annual report. 


Comparison tables including the financial year 1977 : 


Jan 1st to June 30tii 


Jan 1st to Dec 31st 

1977 

c Mkr o: 0 


Sales 

Other operating income 

Operating revenue 


4,732 100.0 3.893 100.0 8.004 


Cost of goods sold 

5,365 

71.1 

2.730 

70.1 

3.628 

70.5 

Selling, administrative and 
development expenses 

942 

70 0 


19 9 

1.396 

19.0 

Operating income before depreciation 

470 

9.0 

418 

10.7 

S59 

10.5 

Depreciation 

226 

4.8 

194 

5.0 

409 

5.1 

Operating income after depreciation 

244 

5.2 

224 

5.7 

450 

5.4 

Financial income and expenses - net 

-161 

5.4 

-126 

52 

-274 

5.4 

Income before exchange differences, 
extraordinary items, provisions and 
taxes 

85 

1.8 

98 

23 

156 

19 


Capital expenditure, Mkr 
Average number of employees 
Group Sales by product field" 

Roiling bearings 

Steel 

Cutting tools 
Other products 
Total 


506 
57.046 
Mk r 


- 757 
57.209 
Mkr 


3.13S 72.5 6.265 


55,961 
Mkr °/o 
J5.700 71.6 

‘ 77Q 14,9 

235 4.5 


5,170 100.0 4.530 100.0 8.680 


'Sales figures include internal deliveries between the product fields. 


TWiI W **"”« ***"'*¥£% 


W" 



PSIT valuation reveals 
near £20m surplus 


Deborah moves i 

39% to top £lm 


APPOINTMENTS 


BP Chemicals co- 


PROPERTIES Ew the UK held for 
investment by the Property 
Security Investment Trust Includ- 
ing land stocks, have an open 
market value of £4S2Km showing 
a surplus of £I9.67m over book 
■value of £29 -27m, Mr. A- R. Perry, 
the chairman, reveals in the 
annual report. 

Most of the group’s overseas 
properties have been revalued in 
recent years for mortgage pur- 
poses and In the directors' opinion 
the remaining overseas properties 
at present included at cost have 
a value of some £lm in excess of 
that amount 

The valuation of the UK 
properties was carried out by 
Messrs. Healy and Baker who 
estimated that the rental value o.f 
those properties is £3JS7m per 
oTiruy m against £2. 15m received 


last year, although those estimates 
will only be achieved as present 
rents are reviewed and all com- 
pleted developments let. 

For the year ended March 31. 
1978, rental income rose £230.000 
to £3.18m while net property 
income increased £200,000 to 
£2.77ra. The deficit arising from 
all activities before tax and 
extraordinary items was £77,000 
(£594.000). 

Scrip issues on the basis of 
one-for-two in ordinary and two 
cumulative preference shares for 
every 25 ordinary are also pro- 
posed and the directors are fore- 
casting an effectively maintained 
dividend total of 1.393p for the 
current year. 

Since March 31, the new office 
block at Uxbridge has been let to 
the Grand Metropolitan group. 
Work has also started on six 


further industrial sites on the 
Trafford Park development at 
Man chester. 

Further lettings were completed 
during the year on industrial 
sites at Newcastle and Goole and 
there are distinct signs of a 
general increase in industrial 
requirements, the chairman says. 

Further sites have been acquired 
for development including two 
sites In central Aldershot and two 
rites at Fleet. 

A resolution is to be put to the 
, annual meeting that remuneration 
to directors be raised from £1.500 
a year to £3,000 for each director 
from April 1 this year. 

At August 1, Harper Invest- 
ments held 185 per cent of the 
capital and Brown Shipley. 10.19 
per cent. Mee**ng, Great Eastern 
Hotel. E.C, September 22 at 
12.15 p.m. 


Further expansion of Belgian 
interests by Watney 


BY KENNETH GOODING 

WATNEY. the Grand Metropolitan 
group subsidiary, is expanding its 
.interest# in Belgium where it is 
already the thlrd-largest browing 
business. 

Through its Belgian offshoot 
Erouwerij Maes, it has bought SO 
per cent of Brasseries-Malteries 
■L'CTnion for about £2iu. 

Union Is quoted on the Belgian 
bourse and an offer will shortly 
be made for the outstanding 20 
per cent This suggests a final 
price of around £2.5m for Union. 

Watney has been operating in 
Belgium since the early 1960s and 
. there have been considerable past 
problems. But a major manage- 
ment reorganisation in recent 
years has resulted in greatly 
improved profits. 

Maes PiLs, the brand of Watney*s 
brewery in Belgium, achieved 
sales of more than lm hectolitres 
for the first time in 1977 and is 
particularly strong in the super- 
markets — the fastest-growing 
retail sector for beer. 

By the end of -last year addi- 
tional brewing capacity was 
required and the acquisition of 
Union would seem to solve this 
problem. 

A Watney statement yesterday 
said it planned " some rationalisa- 
tion of production and distribu- 
tion with the existing Maes 
brewery.” 

There is also a strong property 
element in the acquisition as 


Uruon owns 51 freehold properties 
in the Charleroi-Mons area. 


Upward trend 
continues 
at Marling 

THE UPWARD trend at Marling 
Industries is continuing and indi- 
cations are that turnover for the 
current year will approach £17m, 
compared with last year’s £14.3 m. 

Mr. Louis Courts, the chairman, 
says in his annual statement that 
the group has shown the benefits 
of the updating of its industrial 
textile products range and the 
gearing of it for use in engineer- 
ing components. 

The modernisation of equip- 
ment is now yielding substantially 
increased production per square 
foot. The group also hopes to 
have computerised most of its 
routine administration work by 
the end of 197S, and a second 
phase of capacity expansion cost- 
ing some £0.5m should be com- 
pleted in IS months. 

In Holland, both subsidiaries 
are expected to show greatly 
improved results in the current 
year. Both its Ancra International 
companies continue to make good 
progress and the long-term poten- 
tial is well established, he says. 


The rapid growth of its Mulox 
intermediate bulk container pro- 
duct line continues with sales 
many times greater than in the 
previous year. The group has 
concluded licences for overseas 
manufacture, and Marling looks 
forward to useful royalty Income 
in the future. 

The narrow fabrics businesses, 
after bearing the cost of removals 
and reinstallation, have started 
the current year well, and Its 
webbing and sling companies are 
now working to full capacity. 

Overall the group faces the 
future with confidence. 

As previously reported pre-tax 
profit last year came to £0-S7m, 
compared with £0.42 m previously. 
At the March 31, 3978, balance 
date fixed assets were £2.93m 
(£2. 67m) and net current assets 
£259m (£1.8Sm). 

At the AGM it is proposed that 
the maximum on directors' 
numbers be abolished and that 
tiie minimum be reduced from 
three to two. Also the group 
intends to change its borrowing 
powers to twice the aggregate of 
nominal and issued capital plus 
reserves. The current limit is a 
sum equal to the issued capilal. 
Under the new conditions the 
limit would be 16. 18m. Current 
group borrowings are £2.3Sm. and 
the parent company borrowing 
limit is £1.0lm. 

Meeting. Cardinal on Street. WC. 
September 15 at noon. 


With turnover some 33 per 
cent higher at £S.06m, pre-tax 
profits of Deborah Services 
advanced 39 per cent from £0.75 
to £i.04m in the year to March 

31 197S. 

Stated earnings per 5p share 
moved ahead from 12Ap to 16 J p 
and the dividend total is effec- 
tively lifted from 3-38p to 3.7345 p 
with a final payment of 2.4I45p 
net. 

The scaffolding . contracting 
division achieved a substantial 
increase with turnover up 41 per 
cent to £5.4m and pre-tax profits 
rising by 170 per cent' to 1536.11S. 
The results reflect, the increased 
contributions from all the con- 
stituent depots and. li months’ 
operations of the Shetland com- 
pany, says Mr. A. L_ Britton, 
t» h?irinan_ 

The insulation division again 
showed good progress with turn- 
over and profits up 17 per cent 
to £470,532. > 

Mr. Britton says prospects for 
the current year are extremely 
favourable. No further acquisi- 
tions are contemplated . and' it is 
the intention of the Board to 
concentrate on the spread of 
activities now encompassed by 
the group. • • 

1617-78 3976-77 

' £ £ 

Turnover . 8.0B-& T 2 6.T3S.S60 

Trjdau: profit — 3.238.CM 1,626.62® 

TmarMt payable- ‘ 203.WO lrs.jT-J 

nirectDTs pmohimeaia 108.76* 72.099 

Depredation 879.737 6S7-1S5 

Profit before tax UBMS3 706.423 

Ta* 3*1.431 «61M 

ProBt after tax . *4*87! 330.233 

Group adjustments ... i2.«is — 

Available 432.T.4 330 2S3 

Dividends 7* OSS 53.011 

Regained 337.366 217 .-'i 2 

It is anticipated that the 
fluidised bed and coatings divi- 


BOARD MEETINGS 

Tfle foDovrlnx companies Have, notified 
dates o f Board aeettnfs to Ac Stock 
ExcUznsc. Such meetings ate pstuCy 
held for the purpose of considering 
dividends. Official Indications are not 
available whether dividends coneernedaie 
inierims ar finals and the snb-dlvisiocs 
shown below are based mainly on last 
scar's timetable. 

TODAY 

Interims — Clave r house Investment Trust. 
Electrical and Industrial Securities. G ar- 
ea r Scoiblair. Metal Closures, PlnartJ 
Croup. Kevertex Chemicals. 

Finals— Cantors. Esperauu Trade and 
Transport, Flmrilton. West of Enriaud 
Trust- 

FUTURE DATES 

Interims — 

ColUns ( William' Sept. 7 

Family Jarcstmem Trust SspL 3 

Kishgata Optical and Industrial- Sept- U- 

Jourdan fTboa.) . Sept- 1* 

L. K. Industrial Investments Sept- 6 

London and European — Sept. 7 

Morris and Blafcey Wallpaper* — Sept. 3 

Etedtitt and Caiman Sept- 12 

Shama Ware . Sept- 7 

Travis and Arnold Sept. 6 

WblcUnstaaa (William) Sept. 3 

Wilkes (James) Sept. 14 

Winn. Industries — Sept. 21 

Finale— 

British Electric Traction Sept- 7 

Haitians Malaysian Estates — Sept, u 


slot) formed during the year will 
make a useful contribution to 
the 1978-79 profits and this, 
coapled with the expansion of 
the Shetland-based company, 
should ensure that the company 
continues to expand, he adds. 

The company, whose shares are 
traded oo the market made by 
M. J. H. Nightingale, provides a 
specialist scaffolding and insula- 
tion service primarily used in 
process plant maintenance 
programmes. 


George Armitage leaps to 
£613,000 at halftime 


WITH DELIVERIES of engineer- 
ing and facing bricks -50 per cent 
higher in the June 30, 197S, six 
months taxable profit of George 
Armitage and Sons jumped from 
£179,000 to £613,000. Turnover 
advanced £1.03m to £2.74m. 

Mr. Geoffrey F. Armitage, the 
chairman, says the increase in 
deliveries compared with a 
national increase of 11 per cent, 
and resulted in a reduction of 
three weeks in brick stocks against 
the eight-week increase last time. 
At June 30 slocks where, however, 
at 12 weeks, a relatively high level. 

Subject to the construction 
industry not being adversely 
affected by general economic 
uncertainties he expects second 
half profits to be similar to those 
of the first six months. For aJ] 
last year a £699.000 profit was 
achieved. 

After tax of 1323.000 (£96.000). 
net profit was £290,000 (£S3.000) 
and after preference dividends of 
£33.000 (£5.000) available profit 
came out at £257.000 (£82.000). 
Last year there was a £4,000 extra- 
ordinary profit. 



Earnings per 25p share are 
shown at 16.77p (5.06p) and the, 
interim dividend Is stepped up 
from 0£p to 0.99p net, and an 
additional 0.015 928p is to be paid 
for 1977 following the tax change, j 
The Interim dividend absorbs j 
ns, 000 (£14,000) and last year; 
total dividends took £30,000. 

Mr. Armitage says the group’s! 
financial - position has been 
strengthened by clearing its 
Indebtedness to bankers. Funds 
are being invested on a short to 
med.um-icrm basis so that the 
group can take advantage of any 
investment opportunities. 

Jar (line’s UK 

insurance 

reorganised 

The reorganisation of Jardine 
Matheson and Co’s insurance 
broking interests in the U.K. has 
now been completed. i 

Jardine Mathcson . Insurance 1 
Brokers, a wholly-owned subsid- 
iary of Matheson and Co., is to 
become the principal trading 
company for a group of specialist 
insurance and reinsurance brok- 
ing subsidiaries. 

These include three Lloyd's 
brokers. Thompson Graham and 
Co. Jardine d'Ambruraenil Inter- 
national. and Jardine Matheson 
Insurance Brokers (U'JC). Other! 
subsidiaries include Jardine 
Matheson Life and Pension 1 
Brokers and Jardine Matheson, 
Underwriting Agencies. 

As part of the reorganisation, , 
the capital of Jardine Matheson! 
Insurance Brokers is to be in- 
creased to £2.5m and share- 
holders' funds will be approxi- 
mately £5m. | 


Dr. J. C Dunbar, formerly data 
proce ssing superintendent at BP 
CHEMICALS Grangemouth fac- 
tory. has been appointed adminis- 
trative co-ordinator there, 
replacing Dr. G. H. Thomson who 
Is to retire.. 

* 

Mr. Terence A. Moody has been 
appointed an associate director of 
ROWBOTHAM . (REINSURANCE): 

★ 

'Mott Bay and Anderson states 
that the group structural practice 
has been renamed MOTT HAY 
AND ANDERSON STRUCTURAL 
AND INDUSTRIAL CON- 
SULTANTS (previously ' John 
Connell /Mott Hay) foHowing .the 
retirement of the Australian 
directors - Mr. John Connell and 
Mr. John Peyton. Mr. David E. 
Palmer and Mr. J. E. David Lord 
have joined the Board of the con- 
tinuing practice. 

* 

Mr. . Ian A. Harwood has 
resigned ' from the Board of 
LONDON AND MIDLAND INDUS- 
TRIALS ■ and has taken up 
residence in Canada. 

4r. 

Mr. Alan J. Wood has been 
appointed managing director of 
SMALL ELECTRIC MOTORS. 

+ 

Mr. Stuart Davies has been 
appointed a director of TAPE 
PROJECTS. 

Mr. Tom Sponton has been 
appointed to the newly-created 
position- af pensions man ager, 
within the SCHRODER LOT! 
GROUP organisation. 

4r 

Mr. I. H. N. Mack ay has been 
appointed group chief accountant 
of the FRIZZELL GROUP: 

* 

Mr. A. R. Dickson Roberts has 
been appointed chairman of 


Guidance about 
adapting homes 
for disabled 

THE GOVERNMENT has issued 
or circular to dispel the con- 
fusion which can arise from 
housing and social services 
authorities having overlapping 
powers to adapt the homes of 
physically handicapped people. 

It asks all housing authorities 
to accept responsibility for struc- 
tural modifications to dwellings 
owned or managed by them. Res- 
ponsibility for n on-structural 
features, and the provision of 
aids and equipment, should con- 
tinueto rest with social services 
authorities or, as appropriate, 
area health authorities. ... • 

The circular gives examples 
of features which may be 
regarded as becoming pari of 
the structure of the dwelling and 
therefore admissible for bousing 
subsidy.- They include -.exten- 
sions or alterations to provide a 
bathroom. WC or bedroom with 
level or ramped access, replace- 
ment of steps with ramps, widen-! 
ing or rehanging doors, altera- 
tion to electrical and heating 
systems, alterations to bathroom 
and WC firtures. 

Number of road 
accidents rises 

DEPARTMENT of Transport pro- 
visional figures just issued show 
that the total number of road 
casualties in the second quarter 
of 1978 rose by 2 per cent com- 
pared with the same period in 
1977. 


DEREK 
replacing Mr. 
who has retired-^ 

Mr F ^ ^iStor of* ACRC?W 

marketmedirector Parian 

gSSS&p^ 1 ^- 

Mr. Bill talker, wbo is 
as iTiHn a pnn ^d'rect o ° 0A1 p AN y 
FIELD PHOTOIJTHO ^ u become 
in the 'company 

vice-chairman <” develop- 

conrentratinc Bardingham. 

ment. Mr. 0V er ^ 

sales doctor. ^ parent 

SSSVBSE cor- 

poration. ^ 

to the Board as^sei^tJ 

SBJWWkwR d EB 

, d b£K?e5£ 

SbTSJS'lSSiS!? 

WILLIAM E. FABRER. * 
&«S P S'Su P rL S , a h pnoimed 

ins director in succession toMr. 
Georac E Townsend who remains 
onthe Board as a constant. Mr 
Doidge has been with the com 
party since I9s0 an , IQC i 
appointed works director in 196S 
when it joined the Moss Engineer- 
ing. Group. + 

Mr. R. J- Rail has been 
appointed managing director or 
CVANAMID OF GREAT BRITAIN. 
He succeeds Mr. R. H- HcneL who 
has become vice-president. 


medical. America! V*. . 

East Division of Ameifc*: 

Cyan amid Company. 

Viscount of 

been appointed a .direete.rS.'- 
SCOTTISH WIDOWS’ FUND 

life -.assurance soasTYT?; 

Mr. H. J- Childs. Mr. 
and Mr. J. B. Hembry have beS 
appointed directors of IHaS* 
AND COaiPANYj[HOLpIN^* 

Mr. J. G. S. Gammell has ho*, 
elected a new board memher^S : 
Mr. Cecil A. Wooten as chabtS 
of the Board of OCEANEe^? - - 
INTERNATIONAL 3NcT~^: ; 
Gammell, Is . ch airm an of 
and Sime. in ■ Edinburgh; iSJ- ) 
Wooten, who is a senior vfc-j 
president and a director i 
Chicago Bridge and Iron {w- .! 
pany, Illinois, has been oaSt;' 
Board of Ooeanwing since 

Mr. Keith Adamsoa. • 

of the Hyde Park Corner WS- ■ 
of BARCLAY’S BANK, haT®'* 
appointed an executive • • ^3:- • 
director of the bank’s GuftifiS: 
District Mr. A. T. Ashdown/j 
assistant director of Barriol 
Merchant Bank, has -beciMwpw-- 
executive local director, of 
Penzahce District from SeptemW' 1 ' 

4 - ' . 

Mr. Peter Han has -UaH 
appointed secretary of K 

B ULMER HOLDINGS. He Vjbsu- ' 

the company . from Meats Bits 
Holdings. ; ■ 

•k ■ . 

Mr.. David Pearson has beek 1 
appointed comercial director nr 
PRODUCTION STEEL SUPPU® ’ 
and from -September 4 35. 
Graham Rose will join the Boari 
as sales director. ' ■ .pi 


BMA warns against 
information ‘bank 5 


HNANCIAL TIMES REPORTER 

TREE BRITISH Medical Asso- 
ciation has appealed to MPs and 
prospective Parliamentary candi- 
dates to reconsider a proposed 
Government computer scheme 
for storing confidential health 
information. 

If the National Health Service 
automatic data processing 
scheme goes ahead in IS months’ 
time, the BMA warns that an 
accurate diagnosis will become 
almost impossible. 

Patients, afraid their “secrets’ 
could become public if recorded 
on NHS computers, would with- 
hold vital information, it says. 

This would lead to costly ex- 
aminations. and ultimately 

Seminars for 
youth schemes 

AN EFFORT to tell small Lanca- 
shire companies of youth employ- 
ment schemes available through] 
the Manpower Services Commis-j 
sion will get under way shortly 
with the first of a series of 
seminars. 

Organised by the North West 
Industrial Development Associa- 
tion, the seminars will in'orm 
employers of work experience, 
training workshops, short indus- 
trial courses and many other 
employment schemes. 


would be counter-productive, Dt 
John Dawson,: BMA aaHtfq ft 
secretary, said yesterday. 

In a letter to MPs, Dr. Danuta, 
on behalf of the associations 
ethical committee, . said M identi- 
fiable information should only 
be used for purposes other thaa 
continuing clinical care with the 
patient's informed consent” -- - 
He said that the. new compaHer 
system would give healtb 
administrators access to large 
quantities of personal informa- 
tion. 

Unless legislation was intrfr 
duced to safeguard patients' con- 
fidential information u we* add 
our children will be available 
for print-out by 1980," he warned. 

Nuclear power 
plant protest 

THE CAMPAIGN for .Nucfear 
Disarmament has launched a 
protest against drape Icnas 
nuclear power plant Dumfriea,- 
Scotland. The campaign began 
with mass leaBeting of the toirni 
of Annan and Dumfries. 

The leaflet says ' that; the 
Chapel cross plant will mansfac* 
ture Tritium for use in British 
nuclear warheads if the contract 
awarded to British Nuclegr Fuels 
by the Defence Ministry /goes 
ahead. This would ■ be “a set- 
back to hopes of halting ; the 
nuclear arms race,” it adds. 


i*”, • 


'XPZS r .$:C- 



A copy of this advertisement has been delivered to the Registrar of Companies in London for registration. 


ftiTTrh 

SAINT- COBAIN - PONT- A- MOUSSON - 

Notice to shareholders 


cc 

LU 


Our full-service branch is located at Daewoo Center, 286, Yang-Dong, Chung-Ku, > 
• CP.O. Box 8904, Seoul 100. TeL: 778-3391, Telex: 26353 euras k 
Manager: Holger F. des Coudres 


LU 

Z 

O’ 

(/) 

m 


CRCTITHSrtir. 

BAMnESEM 


eeursCHe 

BANK AG 


MOUND BJUB& 
uunco 


UHQt 

COMMEACIMS 

ITAUANA 


AM 5 TEROAM- 

nOTTEROAM 

BANKN.V. 




SOCKIC 

GENUAU! 

DE8AltauSS.il. 


SOOETE 

GCNUALE 


European Asian Bank 

Your banking bridge between Europe and Asia 


I 

< 
f 


o 

o- 


The Extraordinary General Meeting held 
on 27th June, 1974 authorised the Board of 
Directors to increase the capital of the 
Company by FF500,000,000. The Board . . 
decided at its meeting on 29th August, 1 978 
that the issued share capita! should be 
increased from FF2,970,000,000 to 
FF3, 465,000,000 by the issue of 4,950,000 
new shares of FF1 OO par value on the basis of 
one new share for every six shares 
outstanding, the new shares will be issued at 
a price of FF1 20 representing the par value of 
FF1 00 plus an issue premium of FF20. The 
new shares will rank for dividends from 1 st 
January, 1 978 and will therefore be eligible 
for the dividend to’ be distributed for the 
current year. 

The new shares have, been underwritten 
by various financial institutions on the 
condition that the new shares are offered to 
shareholders on the above basis. Excess 
applications may be made by shareholders if 
they so wish. 

Shareholders may exercise their 
subscription rights and make excess 
applications from 11th September, 1 978 to 
1 3th October, 1 978 by presentation of 
dividend coupon no. 36 together with 
payment of the requisite subscription monies 
at one of the subscription agents during 
normal office hours. The subscription, rights 
(represented by dividend coupon no. 36) will 
be listed and traded-on the Paris Stock 
Exchange, on The.Stock Exchange, London, 
and on certain other Stock Exchanges on 
which the existing shares are listed from 
1 1 th September to T3th October, 1 978 ; the 
existing shares will be dealt in ex rights from 
1 1 th September, 1978, 

Baring Brothers & Co u Limited, 

SB Leadenhalf Street 

London EC3A 3DT. 


. Subscriptions-will also be received 
without charge at the Transfer Office of 
Saint-Gobain- Pont-a- Mousson, 

62 Boulevard Victor Hugo, 92209 
Neuilly-sur-Seine, France. 

Payment in the United Kingdom forths 
new shares to be issued by way of rights 
must be made through an Authorised 
Depositary (which includes banks and 
stockbrokers in, and solicitors resident and 
.practising in the United Kingdom, the 
Channel Islands, or the Isle of Man) by 
means of a bankers draft in French francs. 

Since the shares of Compagnie de 
Saint-Gobain-Pont-a-Mousson constitute a 
foreign currency security for United Kingdom 
exchange control purposes, persons resident 
m the Scheduled Territories will, unless 
utilising the proceeds of a foreign - currency 
Joan authorised by the Bank of England for 
portfolio investment, be required to pay the 
investment currency premium on taking up 
their nghts. a * 

- Shareholders are advised to consult 
their own stockbroker, bank manager, 
so 1 , . l ? rtor ' accountant or other professional 
advjser. 

- Application has been made or will be 
made for the new shares to be listed on the 
Pans Stock Exchange, and on the Stock 
Exchanges in Amsterdam, Antwerp, Basle. 
Brussels, Dusseldorf, Frankfurt, Geneva, 
London and Zurich. 

_ . A prospectus containing fuU details of 

the rights issue and information on the 
Company will be available in the United 
Wngdorn from 1 1th September, 1 978 from 
the subscription agents in the United 
Kingdom: — 

et de Suez, 

62-64 B/shopsgate, 

London EC2N 4 AFt. 




Q 


4th SeptcmbBT',1978 


NIV90D -1NIVS NOSSnow - 








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'WTien you consider that more than half of the 
biggest U.S. industrials do business with Marine 
Midland, you get a good picture of how big we are. 

In fact, our deposits total 89.9 billion, with 82.3 
billion in personal savings. We’ve got S641 mfllion in 
capital and reserves , and assets totaling S12.I billion. - 
As much as these numbers tell you, they dont 
say we've been a major money center bank for many 
years. "Which means weVe got enough experience in 
foreign exchange and foreign currency management to 
generate major money transactions. To provide direct 


Joans. And manage major international credits. We can 
also assist in generating funds in other capital markets, 
through our associates. 

Of course. Marine Midland has the facilities to 
carry this out. With our base of international operations 
in New York Citys financial district, we have 300 
branches throughout the state, and key people in 22 of 
the world's major financial centers. 

Some people may not expect all this from us. 

But after all. Marine Midland is the 13th largest bank in 
the United States. 


MARINE MIDLAND BANK® 


All figures as of March 51. 1878, 


WEEK'S FINANCIAL DIARY 

The following is a record of the principal. business and financial 
engagements during the week. The Board meetings are -mainly 
for the purpose of considering dividends and official indications are 
not always available whether dividends concerned are interims or 
finals. The sub-di visions shown below are based mainly on last 
> car's timetable. 


' Financial Times Monday September 4 1978 

PUBLIC NOTICES 


TODAY 

_ COMPANY MEETINGS 

Brown 'John 4. The Sanciiiiirv, Wcjt- 
. minswr S.W. T2. 

Lynten 1-2 Mum 1 ) Arm, Mm, W 12 
Wialaii ,H • Ravil ViROrU Hotel. Shef. 
held. IS 

BOARD MEETINGS — 

_ Finals: 

Canters 

Espcranii Trade & Transport 
Fierwlllen 

West of England Trust. 

_ interims: 

Ctavcrheusc In*. Trust 
Electrical & ind Sets. 

r »:#•“!■ r 
Metal Closures 
Pittard 

fievertex chemicals 

, DIVIDEND & INTEREST PAYMENTS — 

Associated BrUiah Foods 1.S226p 

Dcnhurst & Partners A 0 275o 

prate & Scull Ip 

fenner fj. HJ 3o 

•drit Hydraulic Tin 2p 

Eyirton i. 20 d ■ 

MAG Dual Trust Inc. Bn 
MacDonald Min.n Dlstlrs A 6. An % J.ISp 
mi'anerson iDonaldi l.2Sp 
NMC Inn. I.Aio 

Union Discount of London 6.575o 
TOMORROW 
, COMPANY MEETINGS — 

C<:les:ian Ind Brown s Hotel w. ir 
Jftdcs ■ Edward' (Contractors). Pias CcWn 
Bangor Road Penmaenmawr 12. 
Montague L. Meyer. Charing Cross Hole'. 
W.C.. 12 

Wheeler's Restaurants 17 High SI. 

Kensington. W. 10.30 
Wriglttofl IF. i Bramnton Works. Billet 
R na d E. iz 

BOARD MEETINGS 

Finals: 

- » -ns. 

Cooson iF.i 
Oku 

Diploma ln», 

Barllln (J.i Goiiton 
Zeners 
In t erims; 

«'«*W0Q0 Hodtm 

Family In*. Trust 
Horizon Midlands 
L* Bo Is f Edward! 

Morris A Blake* Wall ua errs 
Nurdin A Peacock 

Often 

"rovidert Financial 
Trade indemnity 
Whining ham CWm- 

DIVIDEND A INTEREST PAYMENTS — 
Alcan Aluminium 3Scls 
Con Ins fG. and W i Dch. iicpc 
□ entsarir Intnl. 20cts 
FetUInrr A 2 IZSo 
r".-lfei,e 4 Qcu 
Motion i£. F.i 17cls 
"fvmorf 3o 
"rtnord Inc. 22rls 
status n-.r-im- 2 Ot p 

WEDNESDAY. SEPTEMBER 4 
.. COMPANY MEETINGS — 

Watson 'R. K.i Aima Ledge Hotel Stock- 
oort 12 

Wood IS. W.1 W-nchester House. Old 
B'“»H V. E.C.. ’2 
BOARD MEETINGS — 

Flnak: 

Gulnnosi Peat 
ItiKyimsf 

Anglo American lit*. Trust 
n-whirst f|. J.i 

.G'larriian RnvaJ E»cnang“ Assurin', 
Henwprrti Ceramic 
L K. Ind. In*. 

Pmiin^ular a Oriental Steer* Navigation 
Portals 

"ho-nix Assurance 
Potorii • 

Powton Hotels 

Alliance A London lnsuranc a 
T-aeig A Arnold 
Wagon Finance 

DIVIDEND A INTEREST PAYMENTS — 
hu'I A Wlharq Deb. 4. 'mix 
Bine Circle led* Deb. 4' pc 
Bristol B< pcBds.Red. F'9'78 14.1961 
RrlHOi-Amrrlcan Tobacco 5oci.n. 3<:pe 
eSTSei Cha! * R’rpeBds.Red s.9'78 
Creda Organic Ciiemicils fincLn r*» x free' 

3'iOC 

Dares Estates O.Sp 

Edinburgh BHocBas.Red. 6 9 78 14.1961 

Ffrd Intnl. Cap Ln. 3pc 

Hastings BiipcSds.Red. 6 9 78 £4.1961 

Hereford i2pcBds.Red. 6 9 76 £6.131S 

Hillingdon B'ocBdS.ftcd S.9.78 £4.1961 

■Ml Ln 3-‘ape 

Joseph iLecaald 1 Ln 4'ux 

F.r|rl-», -7 "Bri* ' ;8 ' TB £4.tn6I 

Leeds BlincBdl.RCd. 619/73 £4.1961 

L9.cMtershirir«itprBds.Rod. 6 9 78 £4.1961 

UarciMtcr 8>iD'8ds.Red 6 9 78 £4.1961 
Merchant Tst Ln. 2 pc 
Merton 8i ocBd .Red. 6 '9 78 £4 1961 
Mover iMontaeue Li 2 973110 
Newark 8'sPcBdl.Red. 6,9 78 £4.1961 
QNir.ela Deb 3-‘,pc 
Rediand Deb. 35 spc 
R ouiledse A Kegm Paul Deb 3tapc 
Salford SiigcBds.Red. 6 9/78 £4 1961 
tiers Engineer ng Deb. JUpc 
STelhcld S'lPCBns. Red. 60.TS £4.1961 
ahenield Twist Dr.ll A Steel Dee. 3'ux 
South Lakeland 8',ncBdS. Red. 6 9 78 
£4. 1961 

Slra'hclrde s '-pcSds.Red. 6 9>7B £4.1961 
Waddlngton fjohm Dch. 5‘<pn 
Watnpy Mann and Truman Ln. 3‘e 4pe 
Watson *a. Kelvin! 1.283p 
West Dorse! 8i,dcBris.Red 6 9 78 £4.1961 
Wheeler's Restaurar.is 3.27p 
tbr-ao Deh 4’spc 

W.gan «■ ocBds flr*T b. 9 7« *4 1961 
Weedaor.ng BUpcBdi.RTd £ 9 78 C4,I»61 
•Vr.ai-tsn (F.i 1.0B3P 
v ort5hirc Chemicalr- Deb. Sne 

THURSDAY. SEPTEMBER 7 
COMPANY MEETINGS— 

Aiinatt London Preps,. 100 Old Broad St. 
E.C. 12 

B.rnvM9ham Mint Ha r borne Road Bt«n- 
ir.gfum 1 2 

Sishepigate Prop and General tins . 41. 

Hishopsgate E.C 3.30 
Cawdavi ind. Manchester Chamber at 
Ccmm. Ship CzAal House King St 
Manchester. 12 

Cawoods Southlands R<oon Road H«rro- 
gair 12 

Daeian. Connaught Rooms Great Queen 
5:. W.C 12 

HAT. Bariev Wood Wrtgfiton Avon 12 
Heron Motor. White House, N.W.. 12 
Hieklnp Pentecost. Albany Hotel. Albany 
St. Nottingham. 12 

Xmia Kciias Rubber Estate*. 1-4 Great 
Tower St. E.C. 12 

Wriiman Engineering Caron Pimc.i House 


BOARD MEETIN 
k Inals: 

Assam iiws. 

British Electric Tree. 

Interims! 

■Abbe* Panels 

British Petroleum 
Cadbury ScnwepdM 
Dutton-Forchaw 
Collins |Wm.l 
Costain f Richard' 

Fnedland Doogart 
Gibbons Dudley 
imoorial Chemical ind* 

London A European 
Shanw Ware 
Sharpe A Fisher 
Woodward (H.J 

DIVIDEND A INTEREST PAYMENTS — 
BLMC Ln. 3. 3-‘«. 4pc 
Barclays Bank Inti. Ln. 3',PC 
Birmingham Mint 3.SEP 
Bluempi Bros. i.BSp 
CawoodS 2.BS82SO 
Daelan 1.84250 
Dunlop Deo 3>:PC 

EflHnp 10 J 4OCBds.Red. 3 9 80 S-ap r 
East Da usaf on re In Mines 2 Sens 
East Devon B^aocBds.Red. 5 9 79 4 >'idpc 
G reat Yarmouth g’aocBos.Rcd. 5 9,79 
4"loPC 

Hamncan Gold Mining Areas 1.6214p 
Harrow 9taiK Bdl.Red. 5.9 79 4Ui.pc 
HI phams Deb. 3>#c 
Houoslow 1 0 'aOCBds Red. 3 9 80 5NDC 
Initial Sendees 3.32467 b 
loml. Inr. Tsi. <-2PCPt. 1J75 bc 
kiru Kciias Rubber Estate* 2.5p 
Russell ^Alexander! 0.30 So 
Salnabunr fj. 1 Dob s^opc 
Thanet 9%icBdS-Red. 5 9 79 4"u.pr 
Waal Reels Exm oration Mining lOOcli 
Vcreemglna Refractories 1 2cts- 
Wellman Engineering U46 p 
W enern Deep Levrts BScts 
Wlrral gtaocBedsJlEd. 519179 4i>i,P< 

Wood (S. W.'i 2.7E58P 

FRIDAY. SEPTEMBER B 
COMPANY MEETINGS— 

General Electric. Inst, of Electrical Engin- 
eering W.C.. 12 

Hcilu. Ashlev Road. Hale. Altrincham. 
Cheshire. 11 

Inchcape. Queens Room Baltic Exchange 
Chambers. 14-20 St. Mary' Axe E.C.. 12 
S A U. Stores. Birmingham Chamber oi 
Comm. A Ind.. 75 H arbor nc Road. Birm- 
ingham 3.30 

Thorn Electrical indi.. Dorchester Hotel. 
W. |2 

BOS dD MEETINGS 
Finale.’ 

Cray Electronics 
taterlms; 

Brittains 

Shakespeare Joseph! 

DIVIDEND A INTEREST PAYMENTS— 
Allen rEdgardi Balfour 3.1 3p 
Allnaa London Props. 3.3o 
Barnsley S 'apcJHfs-Rcd. 141,79 4 'i«pc 
B lackburn Var.Ralefids.Red 2 3 33 
£4.2938 

BolSOTcr 9. pc Ed',. Red. SiSiBO '4-'iOC 

Borders Var.RateBds.Rcd- 2 3.83 £4.2933 
Bournemouth B'socsds-Red.i 4/379 4>i«ix 
Braintree SiaocBdk.Red. 14 3 7V 4>iapc 
Cardin BkuscBds Red. 14 3 79. 4i«ipc 
Cleveland 9',dcBd-^Red. S 3i80 4 Npc 
C lydebank 8ocBds.Red. 14 3'79 4i»pc 
Crossley Building Prods 2p 
EasInRtan ■ u-'iP ■ B>-s.H-ii. 3 382 5'aOC 
East Lancashire Paper i.509o 
Gillingham 9 i.pcBos. Red. 5-3,80 4:«pc 
Grange Tit. 0.63e 
Helene of London 0.6T07P 
Hertfordshire B'lOCBds-Red. 14 3 78 4i )a oc 
HolUS Bros. & ESA 3. SO 66 0 02 5 P 
Imperial Continental Gas Association Cap. 

S.BO&P A 3 444b 
K Shoes 0.99P 

Km net B>si>cBds.Red. 14i3 79 4 'npc 
L eeds a pcfids-Red. 1423 79 4'wnc 
Lewisham 12'jncBds.Red. Eift'78 £625670 
Lincclnchlre aitacfids.Rod. 14 : 3 79 4 <mPC 
Mndina finpcB&.Red. 14 3(79 4i M PC 
Merthyr Tytf«l Var.Ratefids Red. 2 3; 83 
£4.2933 

Mid-Sussex Water SpcPf. 4pc 
Newham Var.Ratefids.Red. 2 3f83 M2MB 
Norib Devon 9-jPCBds.Red, 5 3/80- 4fjpc 
Ogwr DUpcfids.Reif. 5 ts so 4»u>c 
Oldham 8'NXBdi.Rad. 14 3.79 4 <i»pc 
P urolatpr Inc. Slcis 
Rennld Ln. 3l>i-PC' 

Sodgefteld 9uocBdvRcd. S'3.80 4tapc 
r-Wipi 4 .Sp 

Torfaen ■ IfiApcfids. Red 3, 3 « 3 toe 
Wand' worth B ■ ncfidS.Red. 14I3-79 4ii«pc 
Wansbeck 8>iorBds.Red. MOWS 4<i»9C 
West Derbyshire 8'sPCBds.Red- 14.3/79 
4 'ikPC 

West Lothian 9'aDcBds.Red. S'3'80 4J»pc 
West Norfolk 8 ocBds.Red 145T9 4i|«pc 
Woodssnng B Irocfios. Red. 1*3.79 4'i»pe 
Worthing BiyiKBdS.Red. 1* 3T79 *'«PC 
York SuscBdi-Red. 14 T 70 4 >moc 
SATURDAY. SEPTEMBER 9 * 
DIVIDEND A INTEREST PAYMENTS — 
Dumfries and Galloway IZbPCMs. Red.; 
7 179 6 ■•pc t 

General Motors loocu , 

l nun. Bsismoss Machines 388cts 
South Kc Seven l2i;pcBds-Red. 7/379 BUpc; 
Traveicrs 42m 1 

Treasury 1 itoc. 1979 S'apc . ■ 

Warner-Lambert 3octs 1 

YeovH 12':KfidS.Red. 7:2.79 BVoc 

SUNDAY. SEPTEMBER 10 | 

DIVIDEND A INTEREST PAYMENTS— 
Agricultural BtotBeb. 1939-90 3=««G 

7'aPCDeb. 1981 -8* 3:»pc. S'lPCDb. I 

1980-85 4 type | 

Newcastle upon Tyne SUpcCont.Red. 1978- 
1980 4tapc 

Treasury S';»e 200-12 2-'ipc i 


SOUTH EASTERN ELECTRICITY BOARD 
NEW ECONOMY SEVEN TARIFFS 

The Board hereby gives notice (pursuant to Section 3/ of. the 
Electricity Act 1947 as amended by Section 14 of the electricity 
Act I9S7) that it has Fixed the following new tariffs:— 

' J. Domestic White Meter Economy ScvcnTanfl. 

2. Tarilfs Fi»c-Forty .Night and Day Economy Seven Tariffs. 

The new tariffs replace the. — 

Domestic White Meter Economy Six Tariff, 

Tariffs Fi»c-Forty Niglit and Day Economy Six Tariffs 
and take effect on In October, 1978. 

Consumers who on 30th September. 1978 arc taking supply 
from Sccboard on the Domestic White Meter Economy Six 
Tariff or Tariffs Five-Forty Night and Day Economy Six Tariffs will 
be charged at the appropriate new tariff from the first normal 
meter reading date after 30th September. 1978. 

An individual notice will be sent to these consumers concerning 
-the arrange men c for transfer to the new tariffs. 

Copies of the new tariffs arc available in all-Sccboard shops and 
offices. 

D. A. GREEN. 
Secretary. 


Queen's Gardens. 
Hove. East Sussex 
BN3 2L5 
September J97S 




COMPANY NOTICES 


GRE5HAM INDUSTRIES LIMITED 
■ Incorporated in the Republic 01 South 
Alrlcjj 


DECLARATION OF FINAL ORDINARY 
DIVIDEND No. 39 


NOTICE IS HEREBY GIVEN that a 
final dividend of 12 (twelve cents ocr" 
share, making a total ol 20 C twenty' 
cen p s per rziare. for the veer ended 
30th Junt iv78. has been declared by 
rhe Board ol Directors oavaofc on the 
V 7Hi November 1978. to ordinary 
shareholders registered In the books ol 
the company at the close el business 
on tne 20Ui October 1978. 

Tlw dividend Is declared in South 
Air.- an currency and dividends Payable 
from the London olhCC Will be paid 
In United Kingdom currency, calculated 
at the rate ol exchange ruling between 
rand and sterling on the 3rd Novem- 
ber 1978. 

Dividend cheoun despatched tram 
the Lon 'ton office to persons rodent 
In Great Britain or Northern Iceland 
will be subiect to a deduction ol 
United Kingdom income tax at rates to 
bo arrived at after allowing fen reliei 
■ U anri In respect of South African 
taxes. 

The company will, where taonliuble. 
deduct the non- res I den I shareholders' 
tax oi IS dct cent Irem dividends 
parable. 

For the purpose of Pavins the above 
dividend.' Hie Ordinary Register of 
M ambers will be closed from the 21st 
October 1 978 to the 3rd November 
1978. bath days Inclusive. 

■ Dividend cheoues will be pasted on 
or after tbs I7th November 1978. 

Bv Order of the Board. 

I. B. MEHL. Secretary. 
Registered and Transfer Office 

220 Coni mini loner Street. 

Johannesburg. 

London Transfer Office: 

Granby Registration Services. 

Granbv House. 

95 Southwark Street. 

London SE1 OJA. 


’, TENDERS FOR GREATER LONDON BILLS 
1. The Greater Lonoon Council hereby 
give notice that Tcnpcrs will bo received 
at the Lhlrf Accountant s Omcc iBank 
1 Bulkjlngsi. Bank ol England. Lont-on. 
I EC2R BEU. on Monday. 11th September*, 
'at 12 noon lor Greater London Bills to 
' be issued -in conformity with the Greater 
, London Council iGrneral Powers) Act. 
I 1967. to UlC amount Ol £23.000.000. 

2. The Bills will be in amounts of 
I&5-000. £10-000. £25.000 £50. Oft (5 

■ £100.000 or £250.000. Thov will be dated 
(Thursday. lain September. <978. and 

■ will be due 91 days- after date, without 
days of grace 

> 3. Each Tender must be for an a meant 
I not less than £25.000. and must apeeffy 
I the net amount par cent ■ being a maltiply 
j ol one new halfpenny) which will bg 
gnen lor the amount applied for. m 
4. Tenders roust be made tbrauqti a 
l London Banker, Discount Mouse or 

i Broker. 

' 5 The Bills will be issued and paid 

- at the Bank ol England. 

- 6. Notification will be sent bv oosi. oh 

• the same dav as Tenders arc received, 
i to the persons whose Tenders arc accepted 

In whale <v in part and payment m luN 
of the. amounts due In respect of such 
: accented Tenders must be made to thg 
' Bank of Engiano. bv means of cash or hv 
draft or cbeqae drawn on the Bank ol 
Eaetand not later than 1.30 pm on 
‘Thursday 14th September. 1373. 

7 Tenders must br made on the printed 
l terms which may be obtained cither Irom 

• the Bank of England, or from the Council'! 
Offices at The County Hall. 

1 .8 The Greater London Council reserve 
the right of rciectlno any Tenders. 

M. F. STONEFROST. 
Carom roller of Financial Services. 

■ The County Half 

• London. 5E-1 7PB. 

I atfi September. 1978. 


SIM CO MONEY FUNDS 

Saturn Investment 
Management ( u. l td, 

20 l:\N\ 0\ STRLLl tX4M(i\D •; 
Ti.- lop tin ile: II 1-23(3 M2S 


Rates paid far W/E 3/?/lW8 


J UGOBANK A 

USS2a.OOO.bOO FLOATING RATE 
NOTES. DUE 1983 

fn accordance with Condition 5 tel of 
the nates- Notice Is .hereby given 
that pursuant to the terms or the 
Purchase Asency Agreement between 
Loeb Rhoades' Horn blower international 
Limited i the " Purchase Agent '■) and 
Jugobanka (the " Bank ") USS430.000 
nominal amount Of the Notes has 
been purchased during the 12 months 
ending August 1st. 1978 and can- 
celled. Arrangements have also -been 
made by the ~ Bank " for the purchase 
and subsequent cancellation of an 
addftioiraf tl.49a.CN70 nominal amount 
of the Notes. 

THE CHASE MANHATTAN BANK. 

N.A.. London. 

September 3rd. 1976.** FUtJ ’ ABtmt. 


- 

Call 


% P-»- 

Man. 

8.523 

Tubs. 

8i94 

Wed. 

• 8.600 

Thun. 

8ii33 

Fri-/5un. 

8.452 



NfC HH CO. L TD. 

. NOTICE TO. HOLDERS 0 E 
EUROPEAN DEPOSITARY RECEIPTS •! 

•" EDRS "J - 
EVIDENCING SHARES OF 
COMMON STOCK 

OF THE ABOVE-NAMED COMPANY 
NOTICE IS HEREBY GIVEN that the 
Company intend to Dav during Novem- 
ber 1978. iu bluer « shareholders 
approval an hiferlm cash distribution 
to shareholders as ol record . August 
Sint. 1978 With effect from August 
28th. 1973 the shares have been 
traded ei-dividcnd In Tokvo. 

Sdbieci tr shareholders' approval of 
the dividend. Coupon No. 4 will be , 
used for the purpose ol claiming such *1 
dividend and is deemed to have 
matured on August 28th. 1973 With 
effect irom that date Coupon No. 4 
should be detached from any EDR 
presented for surrender and will not 
bi- issued with any new EOR. 

fn accordance with usual practice 
tbc shareholders' register will be closed 
an 1st September 1978 until some time 
in laic November and during such 
period it will net be possroie fa 
register the transfer of shares with- 
drawn against the surrender of EDRs. 


the 


Subject in shareholders' approval of 
dividend, a further notice will 


be published stating the amount and 
actual date of payment ol such divi- 
dend; together with the procedure to 
be follgwed for obtaining payment 
thereof, as soon as practicable after 
recrfpt oi ■ the dividend by the 
Depositary. Only upon such notice 
will any payment he made against - 
presentation of Coupons No. 4. 

THE CHASE MANHATTAN BANK.. 

N.A . London. 

AS Depositary. . 


GARGOYLE. 69. Dean Street. London. W.l. 

N»W STRiPTEASE FLOOR5HOW 
1ME GREAT BRITISH STRI,' 

Show a | Midnight and I aj»i. 

Mon.-Fri. Closed Saturdays.. 0I-4S7 64S5 1 Sheffield SIO 3FJ. 


HEFWORTH CERAMIC HOLDINGS - 
LIMITED 

„ NOTICE,. IS HEREBY GIVEN Htal tiro 

Transfer Books for the 10.4 per cent 
Debenture Stock 1 992197 ai the above- 
, named Company will be dosed from the 
i 15th September to 18th September, 1978 
I inclusive, lor the preparation or I meres! 
I Warrants. 

- _ „ J ' BIRTWHISTLE. Secretary. 

i Genefav House. 


MOTOR CARS 


CONTRACTS AND TENDERS 


mmiiiviiu mejhcanos ?.». 
(FflTIMEft 

inuninnn K« ndsnunoh to bid nm 
NUiuricn>n Of (QUIPMEHT OF 
FERTILIZER WORK 

I— "s 1 '." ‘ r . 


Prequalification 

for management companies and/or agencies 

All potential Management Companies are herewith kindly invited to submit their Frequalitication 
Documents to the Chairman of the Board of Directors of 

“Lake Katwe Salt Company Ltd/- 

Subsidiary of Uganda Development Corporation Ltd. 


Short Description of Project 
Location 

The Factor; is located inibe Toro Distnct (South- 
W=5t-Ugandai in between Lake id: Amin Dada and 
ihe Ruwenzori Mouniainsj four hundred kilomelres 
from Kampala. 

Production 

The Plant is built for processing of brina from a nearby 
salt iake to produce: 

• 45 OCX) t/a Sodium Chloride 

• 8.000 t/a Potassium Chloride 

• 700 l/a Sulphur 

Process 

• 3-stage vacuum evaporation for the crystallization 
of a mixture of Sodium Chloride and Burkeite. 

• Separation of Sodium Chloride and Burkeite by 
Hydrocyclones. 

• Centrifuging. Drying and Packing of Sodium 
Chloride. 

• 3-stage vacuum evaporation for the crystallization 
of Potassium Chloride with subsequent Centri- 
fuging. Drying and Packing. 

• Hydrogen5ulfide containing waste gases are decon- 
taminated in a Claus-Ptant. 


Short Description of Required Management 

Required Staff 

• 1 General Manager 

• 1 Production Manager f°rocess Engineer) 

• 1 Chief Chemist lAnaiyrfi 

• 1 Chief Engineer /Mechanical Engineer/ 

• 5 Shift Supenntendenls for Production 

3 Chemical Engineers 
1 Electrical Engineer 
1 Mechanical Engineer 

Local Staff 

Approximately 3 j 0 local Staff-Members part to be trained. 

Start of Management 

Approximately November 1st, 197a 

Duration of Contract 

Initially 3 years. 


Fcr f’J'tnor rln 1 *..-, <*?-!*?! '.Nj 

L'Qj-'aa 0 
rc Sf; 

T->l» k n .- 
KAMPALAi Lg4ida 


*. .T-tf n*. Ccrz--i\ cr i.1 d. 
■ 44~ 

Ate* 


’o- cur.C7P> ,, j"? , iri 


T«’.*wl' 'l34Ka'' 




»-j i 

Arrj : 

fcw j 


hu » ' 

Aim i ; 

t-olfum jc« (Wii 

Fisighwx (Cid prixisi- 

**irot ii.it Biotr.v 

I : . ■ : 

j HiyngniBn nlr.'tf pin-i" 

i MF/NM W0CF1L 


:nli 




A 

d 

C 

K 

H 

Si 

ct 

Y> 

*4w 

c 

il 


Co 

El< 

FiS 

L^. 

Lit 

Ala 

lli; 

SSe 

Cai 

Coi 

De 

Sol 


IRAN 


ABADAN PETROCHEMICAL CO. 

Abadan Petrochemical Cu. is interested in the 
purchase of 15-000 ton-s of grade «0. '35 and 70 
PVC resin suspension ivpp ntonthlv from 151 h 
Nov- 197S, to 15th April, 1070. a Mtal of 
00.000 MT in six months' closing dale lot* offer i.-> 
Sept. 23rd. 107S. 

For further information and terms of lender 
please contact our main office at Ihv following 
address: 

P.O. Box 2H25 

Tehran. Iran 

Telex: 212340 APCO IILW 


SYRIAN ARAB REPUBLIC 
CALL FOP TENDER 
No. 2356 

Inc Ministry ol Pc'jJ'C-.'c 4 :/r-i t - , 

Resources is c«i>«3 tre infe-'iror* Cjv 
suit i no ComDon.cs lor sct'wic-jm rc*i.,.^^ 
anp .« eionom.-.s '.o suem:; i“c-s !i 
the lonew no s:ose »■ 

1. Analytical stuor (or ini.- S'Vjj- 

tion ol the to a re hr. --r.es Hor-i ' 

ann Banias ■yhni.r, rear-- ; ,e aan" o 1 
/ tew ol the orocesses aasoteo 
rennery jnc thl 0- 01 n; , o* rnw 

Chosen proc-tss S:i'!’1* 

2. SuoaeituiQ *a,s rer .nora.-ij :n 

ecor-aniv o> ti;h rciiicrr p. .;a-..“r:-iy 
or losma now aracisi.., jojlmo 

new reining dhiioi-sonv 

J Eases on tire ada-e aior;-. - e «s- cJ 
»o siiamit a stu-av (ci t^- me-; :.c >o- 
■■■■Ca. ;ruSe erudo oi:«a -'ero :->s ; jce-. 
w*um the too -ehneriss <•••: :et-)-ea 
lo -I- L e* n or aii » a:n-r ooss<- : :<jc: 
cruet -lend that fre to? ■etiii'.c, 
aa:c - o work on Tn.y s:ur- t js; *vc 
intr consiocral-on the 'aca* -it inter- 
natlanji n-'ices lor ;-udc-s s.-»iut|c 

■roro botn rei-.j'-a -*ner < sa -.->e 'a;a. 
marcel anith must Ian ,-jsnli;- o.tn ' > 
muircmcnts f roro t*«e*' e-'»-v;ls- 
Tne stud, n.ua! b: a . cmo-,-a! ... c.-r 
tai-inp tne original ecsipn :asc ol tie toe 
'C'ner.Ci at a --Car: .-..i: jat.- -i cuj- 
feeds ano tne estimated - - el fit o- p, :T-;*^ 
and tner lak-ng diHe<«'': *ccc -as, - 
erpluf.inf f.iem SK IM' v e-'o o! 

aradiicts. c:«. Ttu; »jnic ot ’aeo ;»s-- 
W.n is* iuaoT"-ico bv te-e 0 cr': 

'■ludv-n^ tno :-jr:on| ti'u^'Qr ;! ■, p '^ fi' 1 : 

an i* iirwfi ifao r ^ 0*r« 

Miniate* of Fclra'uuni and M<--ra; 
RciCu.-.r-.i 

in* nCln-jir- nl.-r.-a* ' - ■ i- 

ran he obta-ned Iiom ;he offise a I The V^s 


*--i-:lCr iar aT'.tftum j'-airs m the Min.s- 
o! PcTrdicuin and Mmcnl Resources 
Tne lolion-n-; ;cnai:>ons muse Ce UW 
’to consioci-ticn 


■I n,i 


ovr 


;en: o' :~c :stji .a u- of tR-e she/: 

2 Finn msarar.ee IQ" . «tcn p:r ten: o- 
the tot.v .a ue j> '.rr TontraCSj 
J Tine coriD'e'ion oi the stud- wii- be 

:ai-en n;o ;j"iin;rj-,;j ar; a pcna';, 

■imoim: p- « -..a a,? oer I’jujj'Ml win 
he oniorten jn -.h~ Canirjctor *S' eacn 
-ar in ae’av an -.nr; aaiis ena: it —•! 
n&: e-:eeo 29”., ji ;np tot* laluc qi 

tne centra:: 

■t The last dev i;, •.i.e-~-lf n 9 3 p *trs is 
Tnjrsaar IY ,o ~S uu to 2 a :'oc> 
p.m an, ohe. sunrr..-tinl after -nas time 
— ■; ee p-sr?o . j 

5. T*>e -and-:- t-n-e >• tnr aiirr ,i 9C 
Util 'row tne date Used Tne 

e«o -v. on da:-, ine j“c' canslaere: 

n-terd<-j -a. « ri-npi r Ua-s tl 

Tie t-.-rae- c v»'. ret aodirea to 

n'tndr HW -nc cl'er 

- Dawn p-irrT-.cn: ;c ; lota c' 1S"„ 
•‘".«?n ».r -ji : n C toto' -Vge o- 

t..r tonttact a. i -- -;. t n to t-e cen- 
tracto' nrjn.n ?c o. irotri Tne con- 

;.-3T! saro.nn m- e -j,... jga.niT * pane 

tta.-.jatvtcr .ku-ji a. :ne Cs"'imf-'iiat 
Ban-^ Di^_>,r-- .-’oji-mq to TPe <M-» 

7 lo:..i •.••jae--. ir.- ,i- ? a ro uc w:-1«o 
■n* 1 fhj, - . jlhc »i re present SMC i o! 
tne tjfoaai-.’i reoresen’ ann 

‘' c hliniSTff fl‘ Cum- 

* In- of'Tr;r o--.e-. i-c -.o-sideri-ci 

n TT-.- e sen -n. -;nrr rcSUCT'd" will 
nat !>c acTCD'er 

ISSA OAR'AI-.K 

M-nrte- ,1 P-'rn'r- h fi| and 
Mino'a: Resoii-to*. ,' 


: -• I-;..-. ; a • 


. . i, .- ' .- i 


. .- - I.'-. : 


.' : " r '" c "-' ’ ’’ 


• r: «. !,-r -it: :a« n. For 

"1 .? *J,ipt4Pl *fi.J; -a. :■ 

"■■i.-;?: 'fcil*. it-esSe r-irufadc.'?' •' 

'.■■i i. T? f.rs i'*i*'*.r.;, ,-t 
r-f r*T ( i [• -nferiee Nudi^ML >te !;! :* .if 
- • :• :.--is*i;< r. :.;.-oc'nt 

sjtCi:-- r '! -i n <bf»7r,f jno t i u v.t 
t- * ' T1 Mt-JK;- .".1 Cf-n**. i- MJ-'. 
T-f-tavi ar.4 ■•Mdamf roSs ;sm!wr 
( r-TT . I r ;e ar.il • .if r.^ii-; ,, jf - ,f l* n«| 
j: t sai- "* y; » 

- •' ■Jc'i0”*r! a.-.: • 

. .r :-j v. 

I. : •' ci t ■- 

•ii ?t f'N' "«C- ;l .'H-Tjaif - i •* 

.•..-•ii t tr 7-. r.-. i. :• --it • 

1 fi.'f.". ,.iS a. a-:: . y.i 

l v-;- : i 

-•>••• ' • f** f-:' '> ni-ri-: 

4. ‘ ...*K* -itaa •: i» |hc 

5- tuivj' 

6 ' • r «■ l ;tat<>g 
’■’* . 

7. p. : . 

* V: sit 

S a-..- h-lsj'W 

IB.*: i’ai’j' 

il 1 f 

« • .!• . 

U. ■*.- ru-. ;e ivs f - \ 

16 : "i ■; Vi: . 

1? ;e : > is- i. ■ :• : t j r . 

IE .f.x: . 

B. '“ .-j s- 1 : ita. ft 

X J f - - -- a-: :* T-s.-it' ,-i 

" : t 

a. t -.r' v . 
n : a-3 

26. C'j". ' . 

27. r. ■ u 

3L r-‘.-y 

29 T. ••• * r.:-.-.-^n ; , ...f 

a. :.;-.: 

36 ; 3. ej:; .:rt • T'.S.r; n 

! . . .T yT --rr 

■ A. 

31. ft " t: t. 

. i' - ': ’".!*»■ '■ -a- ■ 

Ah J. 

Ah 2. 
tTattiSI 


*-M J. 

— -CM Lt; u.-;.- ^ 

— - ■* j -T^.rtis. 

An i 

— ■ ; »-. i : ik; :??es. 

fret 6 


• — ■ j i.*’.j'.' r: ; „i 

— ?n .a • »'J i.‘.i -0.-. 

— ■■■ : rg 

— • - »• **■»■ 5 ->• ; 

— -l.i •?. t; “:-,t :a: :tr .a -. 

v-' : ,r ■jv'jiT.c vi -j< r; rat' fl:: f— nc 
: «• • • j j.-ju-:. 

— • 1 Lar.}:! a.5L' ’isiKtH W Of 


LATHAMS 


LEASING AND 
CONTRACT HIRE 


A NATIONWIDE VEHICLE SERVICE 
TO BUSINESS USERS 

IMMEDIATE DELIVERY OF MOST BRITISH AND IMPORTED 
CARS AND LIGHT COMMERCIAL VEHICLES. 
Tailored contracts 1-.3 ‘years with and without maintenance. 

Your existing fleet purchased if required. 

Please write or ref: (0533) 56631 W. F. Stevenson (Gen. Fleet Hngr.) 
LATHAMS (LEICESTER) LTD., 203 BE (.GRAVE GATE. LEICESTER 
A- member of trie INCH CAPE Group of Companies 


ROLLS-ROYCE 

Silver Shadow 
1972, colour Midnight" 
Blue, low mileage; 
immaculate condition. 

Phone 041-221 0055 


THEEASrWXfTO 
TYRES 






TURBO DEALER 

New models from stock plus 
the Turbo. Demonstrators 
available. Always 20 
guaranteed used modefs in 
stock. Advantageous 
(easing/finance facilities.' 

MCK MERER LTD 

7SMAYBURYR0.VV0KWG. SURREY . 
- - ■ Woking • ■ 

1(04862) 65.307'+ 66663 . 


FOR THE GARAGE OR 
WORKSHOP 
CARRY M TOUR GAR 

FORBMERGeNOES 
QUICKLY INFLATE 
mw boa 14 A Jinalnri: 
.■irteds & liluv. etc. 
Thin iiandv • porcoM* 
(•I'urmrnt climinjiicn. ilrhiu 
f<xif pumrlfis. InHatn lire* 
_ ; Jo ? J n.'.i ifiiOy ihIIikSi 

Cpoimci «i»e [*•: « , uu - h x IV df 
Wriste a meir u ft. MnWKS FROM .k>Y 
IJSV LtGFITER SOCKCT. Pl1« £15.99 +-. 

«"■ i lor LM irtcl. carr. 

| CREDIT CARD HOLDERS plume 01 52b 
> WJ. iS4 Hen aanvirlDp «ni«i. 

MISTER LEWIS >ET1i 
HIGH ST.. LONDON. EI7 Ti n - 


82, 


MERCEDES-BENZ 

2805 E 1977 

. White with • Woe trim, electric 
roof, tinted glass, stereo, nead- 
r«ts etc. 13.000 miles. As new. 

£12,750 

TEL: 01-959 6767 


DIAMONDS FOR INVESTMENT 

Dumand bceviujn LimllCd oMr loose- 
cat in ooiMhcd diamonds u one oi 
the- Bnem and safest alternative invest- 
ments. Tne tonowins is • cress suction 
ol arlces irom tnvlr recmninended 
range as at 1st Scptpmbor. 1978 

Price in J 

DSL ■ Grade . oor Cant - 

8014,165. 19365 

- 100(01 50 19679 

‘1401101140 • 15082 

^ 18011 5/1 £0 . . 12B41 

300(201120 11277 " 

40013011-10 9609 

475150(101 " • 8815 

800 1 7 0(90 •- - sa* -• 

1 ZOOM 40/80 3949 

1700/180170 - 3069 

- 3200127 SI SO 2173 

2700/800(90 . .‘1253 

■ Note Diamonds in in* 'ranae we 
recommend lor. Investment have aaorn- 
stated an averaa*' oi ' 650 per cent, 
■lace lit July. 1M9- 


uriCI airily: CanR 


e.fl. 121 

Mike is always very . oood 
Ail itsnos ara.gr>iM. cert lira and 
loentiprlKtea • in DSL- ■atarttona -usiao 
IM priest rocasarmfl eatrisment and 

f ffhnlmi w- f ' " 

Regular saminors and tcattlnn. 
Brecnure with procedure lor Jreymo- 
and 1 sdllnB oradeo amt ccrtrtcd 
dHimondB is avaRablo from' 

' DIAMOND SELECTION' LIMITED 
PtRidum House. -8Ta Hatton -Garden. 
Lnqdou 8C1N 8JD..Teli .DTrflaa CHS 


ROLLS-ROYCE 
SILVER SHADOW 

First registered N'ovembe; 
1872. Under 60.000 miles. Pur 
chased second hand for use o 
Chairman during eight weel 
visit to Europe. The Chairmax 
has now returned to Honj 
Kong and the car j's avaUabii 
for sale at £15.750 ono. 

Contact Jan Gil] fPA to MD> 
Easrero 'Advisory Services Ltd 
35-37 Grosveoor' Gardens. 
London S.W.l. (P-S2S 7000 


-'v<!SceG&-E9(Tr Dea > 

I CLOVER LEAFCA 

790 SE . 

Dark Bluo with Blue Tax. tr 

A DU PAS. .Radio. £6,795 
. 230-4 

Brown with Tin Tex trim. Ai 
PAS. Radio. £5,795-. 

. ■7e'K, l Kr.ec5'ftj., , ac(4» 

^D.-.AfyiCA^y.'.ioai 


Trc 








22 


1 Gw4- VMS 

S.ForiMetor 

4 Mab-'t 

^ "*ibM 

r> SandjiJ D'lcf Cd'ifptn^ 

7 l.urrrjMrul Business Modi. 

f omroa 

■? General Electric 

V> Owsie' . . , 

1 ) insemaiajpal TeL &. TeL 
i." SUr'da'.jC'il 
t " AflanM F'chfwM 
14 £f«Hp.l 
uS Suet 

It E I ij Pan d» t.emoi* 

17 CowicOi ftl 
1' Wartfif Eitanc 
I i T enne--D 
PC ftr evs <5 Gamble 
.'-I Uiqor. frHde _ 

Goodyear r.ra& Rubber 
23 Sun 

pj ft-airps FKrrrfeum 
P5.Oo.fhep-.iJt 
C\i'.Vespng*^iuw ti-tanc 
~ OicrdifflJi raroteum 
id Inrernjj.mai Harvester 
2? Ea.-toan Kodar. 

V ac». 

■■i RoThwe'l litemational 
Caterpillar Tractor 
”3. Ur.an O.i oi Cable nia 
7- l.ntMd Technoloyes 
r-i Bah!et«n s:«i 
j*j UatrirtFaMs 
.V Ei-narj, 

-v Kteff 

4.'.Gererai f.vcs 

t'lij Re, i;r, Industrie* 

a; ArhlaraitM 

a - LTV 

■ti Uansam? 

a 5 Jncfuda Her 

a>% Fjesipr e“.-e £ Rubber 

■t7 CitiOiS»rv,:e 

-ia Marathon 04 

-W Swing 

“■A Mirnescta Mifnrs & !.!■£. 

M '.TP Grx- 
i*' Philip M'.'-ns 
5? Grr, hound 
M Goigare-F'jiToiive 
K Falcon ?ur,na 
5* Gnf£i»nCi*fC 
5" inanu:>?rjl Paster 
E.P CttlincnlalG'OUP 
b? Gull < WvKm Indntnei 
K 1 Deere 
fl.CocaCrUi 

tO. A'rricl.'ejl 

R5 PepsiCo 

b*. McOwm* 1 r-vtfw 

hi Amernijn C->n 
StJncaio O.i 
t-r ao^ien 

h“ Champin' 1 tnim-af-mirt 

h-J Litton IrduMnes 

Alwhinu - Co. a America 
T"i Lv.thene 
77 LieWvOri 
7* 6cnilii 
■J l‘i*r.-rrfijf.r-.*r 
?fi Saerrr Pal'd 
?C IW 

NaSonat s:e»i 
7S FjrTrljrtf IrluTfritS 
T? iianalCwpanies 
ftl Allied Cffe-ical 
- 1 Jehnion 7 Johnson 
H«"£>w£l 


lfll. Anencrt CytnamM 
m , ftl Bu»'inc->i mduw-es 
103 r».'C . 

;oa Reyrota". Meat 
iOS Canuion 
li>i Coaw-r 
107 ‘■-T 

103 Croon Moim« 

I '79 imger 

1 10 Amenca.1 Uotos 

111 B.F. Seed; "ill- 

11." TtltJiW 

JI3 BiiW'.V". ... , 

114 rjrx- Al'.m.rum £ CiKnfcd 

115 Ci-n:rjlS3 J 

116 Hcrr Mcve 
lir.TJundJ'C Srj'ids 
118 riatw-o 

1 I S Archer-Oir.'Hs-J/idliina 
IK) IreeriiJi r-ind 
l.'l Eaicn 

1?2 Genera: T-it Rubber 

121 Bun'niE**' 

T««ooln:n. motes 
1 ;S Cwnburw. Zni-rwr-z 
126 pr<«r 

12? Bore-'Ainrr 

128 Mina Per! ftdMSCSfS 

129 SLFtirs Paper 
lin VVh" rprv>' 

131 t*cth Amf nc >n ft-.l.ps 
1J2 BatxxTKi'-Vitcn. 

1 Hi North—J liduwm . 
na icirMiliJtin 
13C H J Hp,n.- 
1 id Ariheuser-B.'crr 
l.i 7. P.'ot-hma 
128 Mead 

139 Emerw-iEiestnC 

lap FrushJul 

l*i Dana , J , 

142 AmencinStanda'a 
laiCtrTccaii.Tc'ip 
]M LlllE . 

1-15 rtorior: i-no" 

1<6 Kin;b»4rL , a , i'- 
M7 LSert- 
Jifi Hercu'e-. 

1 :9 A.or Fr 

150 Aiiacotod ’.t' 11 Pred-cers 

151 Gou>d 

152.Ar-i»nean BnwhV4.:’2 

is: rtem-oi- 

IS! Dart Irdi^mei 

135.A£iw/ 

lidO^dn 

IS' GilaKj 

158 TIL ln >i-.5i« 

189 Inters) • 

IbO LcwSt'JuU 
161 Grumire.' 
lr>7 Oiflkwl3.il'. 

16 > J PSer.on-. 
IM.AHeiralrTven 
lnb. KellODi 

166. DumenC ShaiTOK 
16, CoHlhduSt'iCj 

168 ScoK P iper 

169 EiiL'T* 

ITOConp.-JOaK 
i?l DelMcrre 

l/i OeeriCOfn.r^CibKjIas 

17? WaihH rjjie 

174 01*1 

1 75 Ihhnsi'anr.lie 
J76 Pilisfrur,- 

17'.- Martin T.'ai.ena 
I ?8 Charer 
1 <9 Jim ’.’.'aSer 
160 Paco* 

_13t Land rviaVes 


301 V.'il'-jfMCerrwW 
202 Sautter ChBTTical 
201 Ronr;iHa« 

Ilii.AMF 

- 206. Warmer, Group, Ini. 

2>» Emha-r 

22” Fostf' IVheeJer 

20i0rcar Mayer 

209 Genecn 

210 SM.neOruT 
211. Heublcm 
212 U-SGYSiun 
215 TevoroPetmieuri 

214 Warner Gomnursicaim 

215 Revton 

2 la ChrjnuBoy American 

217.IJdioVi 

218 Oaw 

219. Timer- Mriof 

22C 1 Murphy Oil 

221 Corning G'ar r Wi-Ic 

?27 A ~ ifiiey ti'arutact-jrrre 
22 i God A HormM 

224 Arr-rro/igCah . 

225 Uncai Camo 

226 An-wican ParoTfa 
27 : Ttco 

273 Fe* 

229 GAP 
220 Pdj-alii 

231 D>giW Eouicmen; 

232 G5d *rj 

?j? C-onnCori'.i.jeal 

2?a 3-jiMm 

235 Alarm 

536 M^jraw-Efc-n 

237 SheTnr 'A'tByne 

23£ J.-j^ph E S N?an { T<s; 
2»C.rile4C'/*e 

2 V APpphi»fr< _ud;ym Lrdj-ilr.es 

241 v:*c!.-9i:ti 
712 E--ru,« i:' 

24 J 2eni*-i R.id-o 
vp^L 

3*3 n.jmr-d Ir.re Tj-'r-jl 
746 L'bi«.-i>n-'..F;rd 

24 r f Jst^inl C J-! 

2 T*-.**rr 

249 v.hwi, la-Piltrdjr gn 2:«l 

."0 Fhe’csDcrue 

551 Anv.rV 

257 Ardaruo C'l.tes 

25? ArPiodutL’ i Cimr.j'aia 

754 Sche^.'-a-Pls-aJh 

."55 'Jmied PnJinii i !7-j. 

256 J ?', 8ihriL-&#r:ing 

:.r~. Cu-’n-onmj/m CRT Pe: h'-’g 
'-f. rcmw^RCscpr 
;■?* tVsai Ttortt-trr r>tv;-a 
."60 E'ha 

^■,1 A.rcn 

7t-2 Lsj- lifts)" 

2c 3 :.jr',Pr.'! 1 Sj 
2 cj» Kjr?.“ille" 

265 6 ■■■'.'■■■ n Group 
lei MCA 
267 Bui Bell 
56K Clark Oil i Rffming 
'.■A Genora'Si^nil 
27i? Cfcri. 

2?l.'_pne itirld-.d-ies 

,T? Mortfn 

2?3 ihtflmj'.ny.jl '■.'.•JtccodS 
2?a G D Sea/Vi 

2?5 Eartsr Tiaw-RCi Liboiatones 
2"A FichaeCjon-Mer-eU 
2. 1 Pcnneilt 
2’SRohjncePtnx 
279 Ci-Tair.acec 

250 L'ffiSt Grc .3 

251 v.'i-r Fiioi f 


301. Eaie-IntoTurhcrad 

■ft.’ AC* 7 Irausrws 

503 Soe-ryi Hjfcthnsnn . 

30*. Eajte-n Gat- £. Fu* Associates 
rOftPoaaeh 

306 hlrrxo 
:-0~. Coops- InauitnM 
506 JO) Vanuf-rCbaeiK 
309 : C r " hhaliJ Chemr-als 
i!Q V.C11II SUnuUcsuretg 
31 1. Hers hey Foods 
312 General V ri 
2.1? P. ft Donr^i ley £, Sons 

514 ?A:Gnr»HH| 

316 n-.ier'jeel 

516 Spnrvs Mihj 

31 7 CcoelAllS 

5 15 IAMm 

319. WJlim-tM Industries 
.520 TeciursehPraduMS 
351 Cttirer. 

52-7 s.tdsuand 
335.HR-S 
374 M<-r4 

?7S Ar.sVjr Hocnrg 

355 Stan: V tVbrlC 

52?. Al J r-AK 

5218 &"vc 
229 *I4P 
H5 *a CP 

k^L’.VncoCnem.cal 
?!} Spe.-Mr Foods 
923 General Cattle 
334 CKSn.1 Airr.r^ft 
2*5 Sows D 

356 Scart-meJ ro.-n' Icd-.ef-tes 

7?'.C-ica.'tl Brdci'4 lien 
7::8 l.'ortpr-KormthP-cSu-'t; 

339 Coir, cii .dated At unir.um 
540 Finn-Bean 
2.4’ inoijr. Hoad 
.■■4.- r-r.y.T, Central Pefjl'-m 
74 • Inmnnl 

-44 P“,*eC-;D?e ir* " 

3 45 . a iJC'essh^ra cn-».tu‘-gh!ph 
,V4t Beesfl Chtkm’.on 
24 ? Adolph Coon 
?4F H.yiaer 
3 ! v 'Jue<-. r aaioay 
550 Fedem: Gu 
35 1 ^irslnle 
252 j,t mn 
232 tl-J*al 
1G4 GATjC 
.555 Pabsr Br-rwm; 

356 r^»m,;. v m.g 
35“ L"V IndJirii-. 

Cabct 

3:9 Th.s,r-j' J.L.pan 

.’6! tlyrt N T? * ! 

3a." GharT.aa-.Spart.r'uii 

f A- TO 

ji'v' Hart ScfMtlner i Vll 
'65 oarj'rPurja 
.'Ac FWt-Wd E«rp««s 
567 tijJr.mj? 

26? Garnett 

Vfr. I? Lc.veriJ»n Sc -.s 
.'»?0 oJCtec-s-Ehe 
3'i A T.rAJ IruJuslne, 

,v,‘ 'ju^c-iO' O') 

2 ■ 5 Sa*r> Muynej 
774 c jir-vn; Fiixt; 

SWe-Gobe 
376 r.V-LiuttSr«l 
3'7 Cen*«n 
j.’S C'hi.'rtrjf- r.!ila4m- 
779 ItJliur.ai Stn,icfl IhJ'j-Jr.es 
380 MAPCO 
>6 i Cut'e- H-’-n.-^er 

23i u-eal'.'iesL'm '.in ,-£d 


^1 WwWc-«ye 

402 M-te La Krai cits 
403.Greee.CFan; 

40* Amencan Enranes 
4IJi h K Pod“r 

406 Ho bad . 

407 WaJ, are Murray 

408. Ea?i^P"C»er biduArios 
409 Midland-Rosi 
4I0LVF 
All Questor 
4 12.5imn-<>ir: 

41? ElVeweth 

Aja Hain&sMepr 

419 General incumo* • 

4 1 r. Cc'iuiE £ Ai't\in 

4 1 ? . Gere rat C.oemj 

416 DPF 

Al? Ai\,hlrCustTS05 .- 

-t?c C a«c"i:d Camera &irdc 
4';l Kenwood 
4223-dkei, Van Cam? 

42? Tfrjronit 
424 Masco 
425. Hugnes Baj 

426 Urmorti 

427 San 

428 Ouiker 'fertoOa Rsflnira 

459 E -Ceii-G * 

JJ1. TWd 

4sl.. > lalC0CF'efmu| 

4j2 l.V-Oni!? 

43*. '.'.•erfl Foods 
434 H P.Hood 
AiLwajiTranpod. 

4 36 Co merer Iron '/Ms 
4?.7 P'thn E'-.T 
4 38 L wif ' ..u L nld £ crpifrahisn 
4)2 ij 5 4,**» 

4aO * .-sr.-lmer national 

44] F*rr,i 
4aj.fi/-rrh A,n-rai; 

44? FfV-t— -A Ml. To 

444 Ar'f 

445 Hcu.er Sail £ 84arme 

4, In Hence. 

44; Etjotuid 
449. D’.er 
449 htf'iiui 
,'717 fV.yCotT"ng 
45i.Jcr-an.3r Lojjn 
■452 brbtt Pmo ji^s 
45? leu m 

4fi4 l".'.',;u 

455. F Indjctiies 

456 '.'.•m Vt-iaty-Jr 

457 FrJ-yal Pipe* Smnd 
45? li.a-dCx.Tair.rr 

459 Fk W. r?escsr..es 

460 S: G? 4 Fet:«f 
4FI. Globe L'nion 

46? Paaooc.-'n-ramaonra' 

462- L'nli.-rra 0 Futures ..1b-rr« 
46* Bt'SiZ i £*'*INHI 

465 C-: 1 ittf-5'ne». 

46-j Bo oi Peho't jn 
Jj" M a -iC.ul itnonhiSjgr 

468 MaSa 1 

4t5 t-.sjc.ntn t.-aiu'e-ies 
4 : 0 Vj,-.:;. 

471 Fao-’ 

4>2 Ha.-d- -l Htrm.an 
4”. Cl, ,k--|- 

474 V.KIr-.iijt.-tduJ 

475 EUu:',n & LXhb 

476 EG i 2 

477 'n-.ar 4;xc-al« 

*78 Mi-.'ar.d Gjo 

4 7 i A Hff*; m C->aW 4 OfcHl 
*>fi? J-:hnoin Control'. • 

4-:i t.'oi'-indLOorera'rra* 
432.M-i:<jirt &'>lc :s.Wb. T' 



i Ant'd ' Homo Piodri-ts 
04 Iniard StHtl 
9* ‘J.iuoyai 
*v .Vamcr Lao 
D-C-.«ri.'Wnd 
■ts >:,".r 

PFGIrd.j.rrJ 
101 Untied fltandl 


T99 F 
200 AUtct*. Latter jtG-ras 


400. TeLi'.^ijii 


bCC McCoimcii, 


"When you consider that more than half of the 
biggest U.S. industrials do business with Marine 
Midland, you get a good picture of how big we are. 

In fact, our deposits total $9.9 billion, with S2.3 
billion in personal savings. We’ve got 8041 million in 
capita] and reserves, and assets totaling $12.1 billion. - 
As much as these numbers tell you, they don't 
say we've been a major money center bank for many 
years. Which means weVe got enough experience in 
foreign exchange and foreign currency management to 
generate major money transactions. To provide direct 


loans. And manage major international credits. We can 
also assist in generating funds in other capital markets, 
through our associates. 

Of course. Marine Midland has the facilities to 
carry this out. With our base of international operations 
in New York City's financial district, we have -300 
branches throughout the state, and key people in 22 of 
the world’s major financial centers. 

Some people may not expect all this from us. 

But after all. Marine Midland is the 13th largest bank in 
the United States. 


MARINE MIDLAND BANK® 


All figures as of March 31, 197i 


WEEK’S FINANCIAL DIARY J 

The fallow ins is a record of ibe principal business and financial j 
engagements during -the week. The Board 'meetings are mainly , 
for the purpose of considering dividends and official indications are i 
not always available whether-divldends concerned are interims or- j 
finals. The sub-divisions shown 7 bekhv are based mainly on last! 
year’s timetable. ■' 


ri fai Times Monday September 4,- 

PUBLIC NOTICES 


TODAY 

COMPANY MEETINGS— 

Braun Uohni 4. The . S»nch*inr West- 
minster. 5.W.. 12. _ 

Lvnton. 1-2 Maion'5 Arms Mg»3 W . 12 
WJgtali -H.i. Ravil . Vlaortj Hotel SNof- 
ttcld. 12 

BOARD MEETING5 — 

Flub; 

CJ mors • 

EsocniuB Trnel>* 8. Trtnpar* 

Fltzwilran _ 

Wait of England Trust 
Interims! 

ClJtcrhoiise In*. Trust 
Electrical & lod. Secs. 

* • r SrO*-t* r 
Metal Closures 
Pittard 

Revertcsc Cftemicjls 

DIVIDEND A INTEREST PAYMENTS — 
Associated Brrf,sn Foods l.S22fio 
□enhursb * Partners A 0.Z75P 
□rake & Scull Id 
F enner (J. H.J 3? 

Itfrtl Hydraulic T«n Zn 
Lvnton 1.23 d > 

MiG Dual Trust Inc. fip 
MacDonald Moriln Dlstlrs A 6.3s B s tSp 
Marobenon iDoruldi 1 -25c 
NMC levs. 1.43P 
Union Discount ol London 6.3. Sp 
TOMORROW 

COMPANY MEETINGS 

Colcstron Ind.. Brown's Hotel w 12 
Jones rJdvrard' tContraewr*' Plas Ceivn 
Bangor Road Pcnmaenmawr 12 
Montague L. Merer. CJu ring Cross Hotel. 

W C. 12 • , 

Wheel er'i Restaurants 17. H.gh St. 

Kensiogton. W.. 10.50 
Wnghton CP-' Errmoton Works. BiMct 
Rmd E. 12 

BOARD MEETINGS 

Finals.- - 

»— » F-- is:. . 

Cooson iF.i 
Oecca 

Diploma Inv-.. 

Savill" U-i Gordon 
Zctters 
Interims; 

B'jekvrood Hodoe 
BICC 

Family Inv. Trust 
Horiton Midlands 
Lc Bois (Edward) 

Morris !■ Blakcv Walldaoers 

Nurdm & Peacock 

Ofrer 

Provident Financial 
Trade Indemnlrv 
Whiotnoham CWm.' 

DIVIDEND A INTEREST PAYMENTS — 
atcan Aluminium SScts 
Collins (G. and W i Ort>. 4' toe 
Dantsnly Ininl. 20ctS 
Pestelner A 2.123d 

'■-l!«te aocu • 

Hutton ft. F.‘ 1-?CIS 
P-vmore 3o 
oexnonl Inc. 22cts 
Status nurr-im- ? dig 

WEDNESDAY. SEPTEMBER « 
COMPANY MEETINGS— 

W»:»on - R. K.i Alma lodge Hotel Si'ocF- 

oort 12 

Wood rs. W.) w-ncheiter House. Old 
Br-,H fit. F.r.. * 2 

BOARD MEETINGS 

Finals: 

GuinncsA Peat 

Inierlms: 

Anold American Inv Trust 
n~whirst <1. J.I 

. Guardian RnvrJ Etching; Assurant* 
H-nworth Ceramic 
L K. Ind Inv. 

P-nin»ular A Omental Steam Navigation 
Portals 

"hp-nlx Assurance 
Rotork 

Powton Hotels 

9un Alliance & London imUranc* 

TravK A Arnold 
Wagon Finance 

OIVIDFND « INTEREST PAYMENTS 

Au't & Wlbora 0(0. 4'suc 
Blue Circle Irds Deb. 4'-oc 
B-«tol S' peSds.R-d. BfBftB £4.1961 
Rritl'A- American Tobacco Snci.n. S>-pc 
Can nor I Chase 9 'tgcBds.Red. 6 9 76 

£4.1961 

Creda Organic Chemicals GpcLn rtax ircei 
3 ‘ik 

Dares Estates O.So 

Eolnburqh BimcBdi Red. 69 76 £4.1961 
Fcrd intni. Cap.Ln. Spc 
Hastings 8‘ipcSd*..Red. 69 76 £4.1961 
Hereford IZecBas.ftrd. 6 9 78 £6.1315 
Hillingdon ■' ocBdt.Red 8/9/78 C4.I9B1 
IMI Ln. 3-'i.pc 
Joseph 'Leopold' Ln 4‘ipc 
K.tH-:« C 3d* "td. ‘ 76 £* 1"61 
Leeds 9 GocBds.Rcd. S'9'78 £4.1961 
L?icesLersnlre B'.pr Bds. Red. 6 9 76 £4.1961 
Manchester 8iao-Bds.RM 6 9 76 64.1961 
Merchant Tst. Ln. 2pc 
Meton 8i ocEdi.Roo. 6 9 7* £«.1961 
Merer iMontaque L.l 2.97311 b 
N ewark B'tscBos.Red. 6 9T8 £4.1 961 
OWmoU Drb }l<K 
RNil*nd Deo. Jiyoc 
Roudedge 6 Keg an Paul Deb £*pc . 
Salford 8>apcBdS.Red. 6 9»78 £4 1961 
rtars Engineering Deb. Ihx 
She Kiel d BiapcBds. Red. 60.78 £4.1961 - 
ShiPield Twist Drill & Steel Deb. S-.oc 
South Lakeland BUpcB<ls.Red. 6978 
£4.1961 

StraHiclvdc 8 "pcBds.Red. 6 9 78 £4.1961 
v/ addngron rjohm Deb. 5 ; ,Pr* 

Watner Mann and Truman Ln. 3’a 4pc 

Watson It. Kelvin) 1.283p 

West Dorset 8'iscSds.Red. 6 9 79 £4.1961 

Wheeler’s Restaurants 3.27o 

wn, thread Deb 4'<pc 

Wlui'l 1 KBU aH. */9 79 '4 1961 

VYeedionno Bi.pcBds Red. 6-9 7B £4.1961 

Wlqhtgn rF.» 1.083p 

YorLsbire Chemicals Deb. 5 pc 

THURSDAY. SEPTEMBBR 7 
COMPANY MEETINGS— 

Allnait London Props.. .100. Old Broad 51- 

Birmingham Mint Haraorne Rood Birm- 
ingham 12 

6i;ltapsgate Prop and General ins.. 41. 
Blshgpsgiie t-C. 3.30 
Cawdaiv Ind.. Manchesrer Chamber of 

Comm. Shio Cttial House. King 5: 

Manchester. 12 

Cawoods Southlands Rioon Road Harro- 

gate 12 

Dacian. Connaught Rooms Great Queen 
5:. W.C 12 

HAT. Bariev Wood. Wnghton Avon. 12 
Heran Motor. White House. N.W.. 12 
Hickmg Pentecost Albany Hotel. Albany 
St.. Nottingham. 12 

Kinta KellM Rubber Estate* 1.4 Great 
Tower St. E.C. 12 

Wellman Engineering Corpn Parnell House. 

■Mmil&aMRBMMlIllMWBMMMMHH 


'BOARD MEETINGS — 

Finals: 

Assam tnvs. 

■British Electric Trac. . .. 

Inter! me; 

■Abbey Panels .... 

British Petroleum 
Cadbury Sdtwappc* 

Dim* n- Fors ha vr 

Collins twm.1 
CosUlu (Richard! 

Frhwfland Ooggart 
Gibbons Oudlev- 
iPiuerlat Chemical Hhd 
L ondon 6 European 
Sfiaraa Ware 
Sharpe B Fisher 
Woodavard (H.7 . 

DIVIDEND A INTEREST PAYMENTS — 
BLMC Ln. S. 3'a. 4pc 
Barclays Bank Ind. Ln. 3t.BC 
Birmingham MJot 3.360 
B I unmet Bras. l.65p 
Cawoods 2.8362 9p 

DacUn 1.8425c 
DuoFos Deb 3>tPC 

Ealing 1 Dime Bds. Red. 3 9 80 S-W- 
East Dagger onmin Mines 2Sets 
East Devon 9^a0c8dS-Red. 5.9 79 4l<iepc 
Great Yarmouth B^acBds.Rcd. ?9i79 
4 1 tape 

Hamccorr Gold Mining Areas i.6iiao 
Ha^ow 94 ipc Bds.Red. 5_»79 4ii„pq. . 
Kighams Deb. f-K 

Hounslow lO'.ixdds Rod !»I0 5 Npc ' - 
imcial -Services 3.32467c. 

Intel. Tnv. Tst. 4; ; pePf. 1.57Soc 
Klnu Kdtas Robber Estatoa 2.5c 
Russri) tAlexandert D.803o - 
Sakiaburv (J.I D-h 3 %k 
T hane* 9JapcBds.Red. 5 9-79 4i>i.pr< 
v aal Reefs EuM oration Mining lOOcts 
Vereeniging Refractories 1 Zca 
wetlniaa . Engineering 1 J146p 
Western Deep Levels 6 Ecu 
wimi sstcCBeds.Red. 519179 4ii|,pc 
Wood CS. W.i 2. 705flo 

, FRIDAY.! SEPTEMBER ■ 

COMPANY MEETINGS — . 

Genera) Electric. Inst, or Electrical Engm- 1 
conog W.C.. 12 I 

Hollas. Ashler Road. Hale. Altrincham, v 
Cheshire 11 r 

liKbcaoe. Qu«m Room Battic EvOiange i 
Chambers 14-20 St. Miry Aw E.C.. 12. 
S A U. Stores. Birmingham Chamber ol < 
Comm; -4. ind. 75 Harborne'Road. Bum- ' 
in q bam 3.30 , f 

Thorn Electrical tnds.. Dorchostor Hotel. 
W.. TZ 

BOr HD MEETINGS , 

Finds 

Cray Electronics ; 

I inert m»: 

Brittains I 

Shakespeare CJoicoh* i 

DIVIDEND 6 INTEREST -FAYMEWS — -j 
Allan ftdgardi BJltour 3.1 3p . . ■ 

Allnaa London Props. 3.3o •’ i 

B ji-nsfev 6 'ipcBds. Red. 14 3.79 4>|i>pc 1 

Blackburn Var.RateSds.Red. 2-S 83 : 

£4Z9SS i 

Bo Hover 9i,pcSds.Red. 5/S/80 4hK 
Borders Vsr.Rate8os.Red. 2 3r83 £4.2983 
Bournemouth 8'aocSds.R*d.14ri‘79 4'i»oc 
Braintree 8i«pcBdi.ned. 14S79 duK 
Cardiff BiaocBds-Red. 14.3 79 4i>aPC ' 
Cleveland 9GpcBds-Red. 5 3'BO 4Hoc | 
Clydebank BsxBds- Rod- 14 S-’M 4it.pt ! 
Crosster Bunding Prods 2p 
ESSillRton ’.V'S'i-K-J. 1.182 Slacc 1 

East Lancashire Pacer 1.5MC 
Gillingham gi.pcBds.Red. 53*80 4*pc ! 
Grange Tit. 0.63B • ■ 

Helene Of London O.S7Q7-P- - 1 

Hartfordshlre SinccBds.Red. 1413 TB 4i|*pc 
Hoiks Bros. * ESA 3-3O860023P- ■— ■ 
Imperial Continental Gas Association Cap. 

5.306p * 3.444P ’ •' 

K Sheas 0.99 b 

Kennel SlsocBds.Rod- I4f379-4'i»pc 
Leeds BbcBds.Red. 14/379 4>upc 
Lewisham 12‘aPceds.Rod. 4i»T8 £6.3670 j 
Lincolasblre Bisccfids-Rodi 14ft 79 47ikOcj 
Medina 8i.pcBds.Rod. 14ft|7B 4i| B pc 1 
Mertnvr Tydftf Var. RateBds.Red. 2,3 '83 
£4.2933 „• 

Mld-sussea Water 8pcPf. 4pc _ - J 

Newham Var.RateSds.Red. .2 3fBS £4.2933 I 
North Devon 9 ^pcBds. Reo: 5 3/80 A'toc > 
Oowr 9UccBds.Rcd. saao 45jpc 
Oldham. SbpcBd,. Red. 14,3-79 4 , i»oc [ 
Porclator Inc. 31cts 
Renold Ln 3"ttCC •’ . . •« 

SedseSeld gUocfidi-Red. 513.80 4/apC . 
■•iifiM 4.5D -• 

Tortaeri lOMJCfldS-Red 3)342- 9 >aoc 
W and«worth 8' ocBds.Red. 14>S)79 4 'ihPC. 
Wansbcek 8'aorBds.Red: 14.4/79 4>t«9C 
west Derbyshire BiaPcSds-ttfid ' 14.1179 
4<„pc " - I 

West Loth, an 9 ;^>cBds.Rcd. 4'3,'80 4:»oc 


<nUTH EASTERN ELECTRICtTy: 

NEW ECONOMY SEVEN TAR 

, , „ ph . 7.VC1 notice (pursuant to Section 37 girt: i 
The Board he^ch k hy Section M of thS 

Electricity Act f cd i he following new tariffs-— . 

Acl |957l that it n-i*" _ ■ . i --: 

^ ' - -,Vhitc M«cc Economy.SevenTariR. •- — 

'■ ^rSwe-Forty Nftht and Day Ecanom; Seven Tanfi,; Vg 

The new tariffs ^“^«7Econom> Sif Tariff, ' 

rr^^ony Nigl.t and Day Econemy SW 
. ic« on IU October. 1975. ' . . / . 

•* nd . . ... or 3C f .h September, 1978 are.ulung su,^'. 

Co---- . h<? 0ortlQSt , c White Metcr-Eccmonw^- 

$C tS?h, F.vcForiY N«ht and Day Economy Six Tj r ,ffc^ 
T, r,K or Tar. B1 Joprop r,ue new tariff front the first nori«, 

me ter* ; paid VLJ da.c after 30th September. 1978. . . ; • 

An 

c arrms • C<N t . u .Hs a- e available in all Sccboard shopr^^i 

D A. GREEN. - 
Secrciory, 



ihc arringen: 

Copies of ,nc 

offices. 


Ouccn's Jtrdsn'- 
Hove. East .-.usscr 
BN3 21.S 

September 1"/ s 


g 


COMPANY NOTICES 






cn c SHAM INDUSTRIES l - ,M,T , £0 , It 
ilntorooraicO .n the ftepubhc *»' South 

Air rear 


DECLARATION OF FINAL ORDINARY 
DIVIDEND No. 39 

NOTICE IS HEREBY GIVEN that a 
30lh Junt 197S has been declared gr 

ihe Board of Directors payable on the 

h s&& 

on the 20Ih Ottober 1976. 

aitTm ssssr. “--SSsSrtS 

at the rate oi M«han9e ruling 
rand and sterling on ihc 3rd Novem- 
ber 1978. 

Dividend chco'jes oesoatrhed hom 
the Lon-lon Ol*nc to persons rcsiden. 
fn Great Britain or N °r' h 5;' n 
will hr subject to a deduction of 
United Kingdom income tax al rate, «o 
be arrived al afler al owing i I* ral, cl 
itl an v> in respect Ol South Airitan 
HUH. 

The company will wheic 'aDOhcahic. 
deduct the non-resident sna/cfioUnr? 
ta« Ol IS ocr cent Irom dividends 
parable. 

For rhe purpose ol paying the above 
drrldend Ihc Ordinary Register of 
Members will be closed from ihe 2,s. 
October 1973 10 the 3rd November 
1978. both days inclusive. 

Dividend chcoues will tc oosied on 
or a Her Ihe !7in Noremhci >97S- 

Bv Order ol the Board. 

1. B MEHL. Secretary. 

Rcgistmed and Translcr Office 
220 Commissioner Street. 
Johannesburg. 

London Transfer Office: 

Granby Registration Services. 

Granby House. 

95 Southwark Street. 

London SCI OJA. 


TENDERS FOR GREATXR « 

1 The Grcitcf Lonoon C 

give notice that Tcnoors vn<i bei 

r Kp 1 hip»f Arrnim'ahf* ' 


the Chip! Actoun^nts 

Bu<l(lln4U, Bank of 

I. tf £U. o« Moiid«r;' fin 5> 


hkh . ^ 

at ;.be nHT&T i-..- 
D*itoimt K?j 

till be - astthd . Md.'-'" ■ .. 


tC2R . 

| at 12 noon lor Greater 

be issued-, in conformity with, 

London Council cGenerai p 
; 1967 to :t.e amount ot .... . 

2. The Bills will be iB?i3HSi ■ 

£5 ODD. £10.000." £23 r*> 

£100.000 or £250 000. Th5^m25»"-- . 
Thursday. 14th St-ptembSYbS 
will be due 91 days after 
uavs of grace. .r 9 "^ 

3. Each Tender must be 4nr 
not loss than fcJBJHM. n.if ., 
the net amsuDl par cent ibaldg.k 
ol one new naffpemn; " wbkh 
given for the . amount -ar “ 

4. Tenders" mdsf ■ be 
London Banker- 
Broker. 

5. The Bills will __ . . 

at tf-c Bank ol England. - ■>“ 41, c 

6 Notification . will be sent bv'-a^* J 
the si-me day ns Tenders am . * 

:o the persons whose Tenders are 
in whole V ,n part and oayme^w 
o • [he amounts due *n rwpta 
ncceoted Tenders muct be mia, -J 
Bank ol England, by mean 01- cu, 
drati or chegae dram an ibrUl 
England not- later ttran- 1 ja 
Thursday. 14th September. lSTa 1 ^ V 
7. Tenders must he mode on Hk mJ 
iorms which may be obtained 
the Bark or Eitglanl. or *rorp W 
O'hces at The Countv Halt. " t ^ 0 I 
8 The Greater London CAuatfl — : 1 
the right o' reacting anv 

* Comnfroll^ a/ FhS5Li!82j 

The C-xuitv HaM rmawawiip— 

London. 6t1 7PB. • • -J 

4th Srntemher 1978. - ' * 


SATURDAY. SEFTEMBER 9 • 
DIVIDEND & INTEREST PAYMENTS — 
Oumlrles and Galloway 12i;pcSd>. Red 
7 2-79 6<«pc 
General Motets lOOcti 

InUI. Bun no si Machlnos 3B8Cts 

South Kesteven 1 2 isPcBds.Red. 7/3 79 6 ‘«pc 
Travelers 42cts 1 

Treasury 1 1 j »pc 1979 5Ypc . ■ 
Wsrnor-Lambert 30cts 
Yeovil 1 Z'-,0C«da.Red. 7,2.79. 8 i«pc . 1 

. SUNDAY. SEPTEMBER TO " I 

DIVIDEND A INTEREST PAYMENTS — : 
AarronTturol 6*aaeBeb. 1985-58 S'ittC. , 
7',DCDeb. < I981-B4 3 »PC. gi.pcOb. i 

Newcastle upon Tvne S', DC Cons. Red. 1978- 1 
1900 4 Spc 

Treasury S^DC 200-12 2 ’.DC , 


SIMC.O MONEY FUNDS 

Saturn fnvebfmcnf 
Management Co. Ltd. 

Zli CANNON STRKl 1 I C4M 6\0 o 

Telcpliouv: 0l-2Jf* 1425 


Rites paid for W/E 3/9/1972 


JUGOBANKA 


US-i20.Oao.000 FLOATING RATE 
NOTES DUE 198 3 

In accordance with Condition 5 lei ol 
the notes. Notice is hereby given 
mat pursuant la the t-.-rms ot the 
Purchase Agency Agreement between 
Locb Rhoades Hornblowcr International 
Limited 'the " Purchase Agent 1 and 
jugobanka 'the " Bank ' } U 5 Vi 30 000 
nominal amount al th,< Notes has 
been purchased during the 12 months 
ending August 1st. 1978 and can- 
celled. Arrangements have also -been 
made bv the ■■ Bank “ tor the purchase 
and subseauent cancellation ol an 
additional cj. 490.000 nominal amount 


ol the^ Nates. 


CHASE MANHATTAN -BANK] 
N.A.. London 
As Fiscal Agent. 

September 3rd. 1978. 


NICHII CO. LTD. 


1 


NOTICE TO HOLDERS Of • 
EUROPEAN DEPOSITARY RECRFIJ 

EVIDENCING SHARES W'-' ' 
COMMON STOCKS. • 

OF THE ABOVE-NAMED COUtfiKV 
riOTlCE -IS HEREBY GIVEN ih« * ' 
Company intend to o»r diidninkn. 
her ‘ 1978- sublet t _to ifiarcffQbm 
approval, an interim cash iTwnlww .. 
In shareholders as of record a— — 
S1-.» 1978 With- effect trora AuS 
2Sth 1978 the shares- him - 
traded e • ■dividend - hi -Tokyo..- » 
Subiect to shareholders' arartMTa ^ " 
the dividend. Coupon No. « «K h. 
used lor the purpose a) ctaontao in 
dividend and is deejnrt - te " 

matured on August 28th. iSTt'wn 
effect irem that date Coupon Na i 
should be detached Irgm any '-.ga 
presented tor surrender end -wOf-M 
b>. Issued with any new EDS. /- 

In accordance wirti uspil' ofaairt- . 
the Shareholders* reqister wM he [km - 
on 1st September 1978 until so«ti|n5 
In late November and - dating, gpji 
period It will not be -POtafflic t-- “ 
register the transfer of sJUth, gs^l 
drawn against the surrender of-EDta., 
Subiect to sharehofdm* spntad- *■ 
the dividend. - r lurcher nottff *] < 
he published stating the Uaauat.«o4 
actual date of payment of s»ch 
dend together with the nrocaUie t: *” 
be followed tor obtaJnlng mHm 
thereof as soon - os procticUN atar: 
ree,-ip( of the dividend by . «*.- 
Oenositarv Only upon sw* aRki! 
will. a"v . oavment be madaLiffiaat- 
-birs-nlation oi Coupons No. -4. , 
THE CHASE MANHATTAN BWHki _ 

.'NiAuHAMcr T 

AS Otpcttm j- 


CLUBS 



. Call 

7 day ' 


. % P»- 

"o P-a. , 

Mon. 

8.523 

8.933 ! 

Tues- 

V 8-594 

8.847 l 

Wed. 

-• 8,600- 

8.831 ! 

Thun. 

" 8.633 

a.804 ; 

Fri./Sun. 

8:452 

8.768 


HEPWORTH CERAMIC HOtDfIKS ■' ' 

' | • LIMITED . . . •» . 

! NOTICE IS HEREBY GIVEN. W> 

! Transfer Books for the 10.4 
j DC hr at lire Stork 1992,-97 atlheiWj^^ 

i , named Company wftl be clpsed .hua * 

loth September to -18th Saptemto. W 

lor the □ rep oration of Jns 


w L V^p^^ e s, ^ 0 l ^ow w ' 1 ■ ! gBffi 

m/SS^SW f T a R !i. '• Genelav House 1 ' 

Mpn.-Fn Closed Saturdays. 01 .437 6455 fihcHiNd SI0 3FJ. - '* 


MOTOR CARS 


_ 


CONTRACTS AND TENDERS 


Prequalification 

for management companies and/or agencies 

All potential Management Companies are herewith kindly invited to submit their Prequalification 
Documents to the Chairman of the Board of Directors of 


"Lake Katwe Salt Company Ltd/ 

Subsidiary of Uganda Development Corporation Ltd. 


Short Description of Project 

Location 

The Factory is located in the Tbro District (South- 
Vfeat-Ugandai in between Lake Id: Amin Dad a and 
the Ruweniori Mountains; four hundred kilometres 
from Kampala, 

Production 

The Plant is built for processing of brine from a nearby 
salt lake to produce: 

• 45.000 t/a Sodium Chloride 

• 8.000 t/a Potassium Chlonde 

• 700 t/a Sulphur 

Process 

• 3-stage vacuum evaporation for the crystallization 
of a mixture of Sodium Chloride and Burkeite. 

• Separation of Sodium Chloride and Burkeite by 
Nydrocyclones. 

• Centrifuging, Drying and Packing of Sodium 
Chloride. 

• 3-51 age vacuum evaporation for the crystallization 
nf Potassium Chloride with subsequent Centri- 
fuging, Drying and Packing. 

• Hvdrogensultide containing waste gases are decon- 
taminated in a Claus-Plant. 


Short Description of Required Management 

Required Staff 

• i General Manager 

• 1 Production Manager (Process Engineer) 

• 1 Chief Chemist (Analyst) 

• 1 Chief Engineer (Mechanical Engineer) 

• 5 Shift Supenntendents for Production 

3 Chemical Engineers 
1 Elecincal Engineer 
1 Mechanical Engineer 

Local Staff 

Approximately 300 local Staff-Members part to be trained. 

Start of Management 
Approximately November 1st, 1978. 

Duration of Contract 
Initially 3 years. 


For WF*f rfMaiV -eHacl th* 

r.-aipnii.; 0~«"-rrir 

Ua*-aa O r -'»-oprrcnt Corporation LSd. 
P O Bfiv44’ 

7<»Ip* - nlOS? 

KAMPALA. Uganda 


flA-ifor PUrC-nrjHanhi 
rojisih^ Seratunqi^oi'ilichift 
i'i r intK 

?■? En. 1060 

6‘?i MA'-iffHUFffn. .‘.esl berrpa'y 

1S4 532 


fEimifMiB Moim ips .s. *. 

(FIETmtX) 

lmnunoK for RtasrMTw in bid rm 
MAffuFucruRi of tQoimon of 
F lRrillffR wows ‘ 

I — 1 • 

f . . !--y.!^S 

:‘j-. : C:--:ra* flu - ■>— 

:: +•« j -. ^ r* :. 

v'-t. : 

Rum 1 . 1 -f' 'Vi r- .-*i- "i.- •••■ 

: i. .* i ■ ••• ,1. 

htj t*#-rf-.r .. 

Rim )!., r>- • 1 

j — .> ■’ . -A, , i .■ . .; ■; 

,.H- I • ,J * K • I- 1 - 

.• f H' 

B*ca 4 •■ . ' • ■ --i 


J 5. ■ t ,■ -. • iy rt 
1‘r 1 -.. IV !•.-* •* . 


rwllunc nil procfi,. 


IRAN 

. ABADAN PETROCBLEMICAL CO. 

Abadan Petrochemical Co. is interested in the 
purchase of 15.000 tons of grade 60. 05 and 70 
PVC resin suspension t\pe monthly from 15th 
Nov.. 197S. to loth April. 1979. n total of 
90.000 MT in six months’ closing date for offer is 
Sept. 23rd. 197S. 

For further information and terms of lender 
please contact our main office at the following 
address: 

r.O. Box 2!>25 
Tehran. Iran 

Telex: 212:140 APCO IRAN 


SYRIAN ARAB REPUBLIC 
CALL FOR TENDER 
No. 2056 

The Ministry of Petroleum A Mineral 
Resources ,s calling :ne Inter national Con* 
soiling CPPioanm lor oelrpicum refining 
-and .ts economics to subm.t o t ter s tor 
uw leiiow-ns scope a* work: 

1 Analytical study tor the current situa- 
tion ol the tiro refineries Hams refiner, 
and Banias rennerv from the no, nr of 
•lew of me processes adapted in each 
refinery and the pronubilltv of me 
chosen process scheme. 

2. Suggesting w»,s lor impro..ng ihe 
ccorjmv ol cash refinery by converting 
or wd,ntl new oracess.-s or aOaotina 
new refining ohilosopny. 

! 5. 8, sod on toe :M>c bulocrs air asked 
la submit a stuev for the mos: ecouo- 
1 micai crude. erode O' end 'tom the eruaes 
which the two refineries arc aamneri 
lo work a" or an, other passible crude 
erode bicnd that the :wo refineries are 
able to wore on This s:udv must :acc 
rate consideration the focal ,mo ,nfcr- 
1 national prices lor crudes ana product-. 

from bath refine.-, el and also the loca' 

! market wh.eh must be Shdoi.^p with its 
; read if emc MS :10m these products. 

The s:uov must be , comoaraiivo one 
taking the or.g.nal Resign cas,’ al Ihc two 
re* ner ics as a start. e-jluat,rg crude ail 
■leeSs ano iffr Ettima'.cd yields ol oraOuili. 
and :hrr uk-ng flifcrpr.: Iced rases 
evaluating ifutm cstimat-ng the yield ol 
D.-Qduc:». ptc. The number ot teed uw 
- n il be suBDCfiltd b, Ihe Coder alter 
Study, ng tT Currnn| r ; U j,|qi, b j f ha two 
refiaerirs. »»■! aererd »«r bv the Oiran 

Mmiil-V It Pcfio'oum Jhlf M'n-ral 

RCSCdt'-CV 

r«! ne:r-.*F'- nfrv-nil-en f*r -hr em, 
ran be ob'.a-*cs i-'om :he on;a of tee Vie* 


Minister lar ocuoicum aftoira m ihe Minis, 

u-v o’ Petroleum and Mineral Resources. 
The following cenditrans must be taken 

into coni mcracion 

1. Piclimmaiv msunn.f 5", 'fi»e oer 
cent o' the total -alur of the otierl 

2. - Final insurance 10-.. , (en per '.ent O' 

the tola' raiuc of :nc contract: 

3. Time comoictior. oi [>,c sludv will Be 
Ukcn ,nio cansiacrairan and a pcoaitv 
amount o' 1 -..o onr per tliousanni win 
oe eniorced on the Contractor lor each 
dav in Sclav .on the basil tful It will 
"21 5* e ? =a “0“., oi the tola' value oi 
tne- contract. 

* d »» iubnutlin# liffetfi >s 

Thurcoar 19-10 73 up to 2 O'tlSCv 
p.m. Any offer submined alter that Hdw 
will be Oisrega.nce 

3 ‘ time or cne oiler is 90 

® J ’* from Che cioimg date. Upon die 
e.pirat-on date ihe giter considered 

.creep lor a lur-.tin n.neiv days <f 
■ fie tenderer has not aoolied to 
wiifidr.iw tfir offer 

'Sr", Davncnl 10 ;fie lot ol 15’i 
. oor D' the total value O' 

"'I’ given to the ton- 
30 Fay* from !fie con- 
tract cominri mlo force against a bank 
g“iL J 'Lf C e ,is “e7 b. Ihe Ccmn-ierci*. 
value f s ; vr ' 4 .im -iunr.no to the aoo>e 

7 - 'inffO 10 be CiJrtifiKf 

_ r A, 3 i'he al reprcvencac,«cs ol 
n- n-s tv v i-eorejcifl anr 
m?.ir r d at ,IM ' M.nlSVv Of Com. 

Pr-ces will he eonudered 
* _ .* ~ r"" >1, further rHuc!!«i will 

"pi nr accepter 

l£S4 DARWI5M 

Minis:.;, nf P“frtiiei-m and 
Mineral Resources. 


• . f... *:i t'V- 

Fi’osgktnc «<i inoitv, 

: *.fi ti ft r-: j -f , :. :.- j.-Vi j -?►»:' lie 

futnc seal NKCi: 

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4 rra 2. 




LATHAMS 


LEASING AND 
CONTRACT HIRE 


A NATIONWIDE VEHICLE SERVICE 
TO BUSINESS USERS 

IMMEDIATE DELIVERY of MOST BRITISH AND IMPORTED; 

CARS AND UGHT COMMERCIAL VEHICLES, 
Tailored contracts 1-3 years with and without maintena««' 
Your existing fleet purchased if required! 

° r rB,: ( ° S33) 54631 w - F - Steywran (G<m. Fleet Hmr.) 
LATHAMS (LEICESTER) LTD., 203 BELGRAYE GATE, LEICESTER . 
A ,p,:mh ' r o f lh ' 1NCHCAPE Group ol Componin 


ROLLS-ROYCE 

Silver Shadow 

1972, colour Midnight 
Blue, Inv mileage; 
immaculate condition. 

Phone 041-221 0055 




THE. EAS Y Wf ? 

unMTYrty 



gfflSS SSScn-: 

INTt^ 

hM " IllkS 


lirhedS * 
Hun -bBXff 
fd'ifrintni 

torn pumpin:. 

pA|. nUiD 




gTVTTY 

TURBO DEALER 

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

JOCK REEDER LTD 

76 MAYWflY RQ. WOKING. SURREY 

Woking 

U04862) 65307 +.66663 


r uoicjii -..'i j^i- w v o'i" 

, M :l*n- a mart II 1b. VSORKS 
■ 1 H-FFTJR SOCKET. Prt« XI*"" Y - 

t wkd: i card holders r®*"- • 

, fihJU. ,u Hnur >p,»ct1k » ] 
ft? MISTER LFWIS'»n' . ir 

I 0 *« HIGH SI.. LONDON, f ? 7 



p P 5; T\ 


mergedes-ben^ 

280SE 1977 

White with blue trim,. ti®*? 
roof, tinted jjlass- stereo. 
rests etc. 13,000 miles. Al'*** - ; 
£12,750 

TELi 0T-9S9 67fl 


<•-. j' 


•‘.l a-:'. 


bwl 

fcr# * 


-v*. «■: :A 


— >i.:.- «v. 

— -.i.i • -v. •> a.-. 

•* : rra -j’-.-adTR Ti ,-i 

• i-v.,1: -rat, -;-i. ._ 

-- 1 -r p : ■ ■ 'j-;* i A-.j’iij a 

fa;:-:i.-ar./. . 


DIAMONDS FOR INVESTMENT 

Diamond fir-.cw,.oi. L.m.ico after laojc- 
cut ana -polished diamonds as one o- 
ter finest and saint ait-vna:,.c in.e--.t- 
ments. The following ,s a cross section 
at prt«fi tram the.r rreommenaea 
range as at 1st September. 1 97 B 

-OSL Grade 

8014, 1 b 3 inTG<. 

100.8150 I3brn 

140-10 140 1 SOB 2 

1801 IS, 150 1234* 

500(201120 11277 

aoutstjflio ObDB 

475 50(101 8B15 

600(70190 5?aa 

1200.-140.-30 

1700na0'70 3 0 e.9 

- - 2200.27S.G0 ',73 

27001300/50 1 25 5 

Note Diamonds in (he ranoe ~- 
reefirunena lor Investment hav- aaore. 
stated .an average o' 65 a , cnt 
since 1st July. 1969. tcn ‘- 

05L. arose is mane uo as lotiow-. 

~ Carat 

e.ff- 120 4 iss 

Mike h -cry g^o*) 

A!1 Stone are qridcd. cprTifierl ihh 

idem 1 printed ,n D5L '-boraiornjs d ut!S2 
Ok finest measuring equiomen: 4 na 
tactinman. 

Regular seminars and teachlm., 

. Brochure With or; tenure lar RSL,-- 
■nd selling «roa«* ana ..S 
diamonds to ava.iaaio irm, ' cr t'i»ea 

OIAMOND -SELECTION LIMivm 


ROLLS-ROYCE 
SILVER SHADO^V 
First registered . No?e®®J 
197J. Under tiO.OOO inile^.^5- 
chased second hand for u5 ^»j - 
Chairman during cig M ,- tc 1 
visit lo Europe. The ChaWW^ 
has now returned 40 
Kons and the car is araU»r 
for sale at £ 15.750 ono. ^ 

CuDlnct -Ian CJill (PS . ,0 ^n 
E;isiern Advisory Servicrste?! 

35-37 Crosvcnor Gafd^jj. 

Lu n don S.W.l .. m.-SJS 















23 


l] *r 4 


; ; p ; 4 : M 



IIS 



Description 


100 TON CAPACITY COINING PRESS br y{ ' ^ ~' 

. T ay ter. ind.-.C hail c ctfuKy uhuied— fuiiy-' : 0902:42541/2/3 

. - wtoaiaik— i60 '&P-R1-X 24 ram stroke. i .Tdex. 336414. 

.IN LINE HAQiJNE for simultaneous surface r ] : j . 
milling both sides of continuous and semi- : I. 0902 43541/2/3 
continuous cast non-ferrous strip up » 16" i Telex '336414 
widel • }' 

9 DIE, 1750 FT/MIN SUP TYPE ROD - t 
DRAWING MACHINE equipped with 3 speed 1 ■ 

200 hp drive^KT horizontal draw blocks. ' 

22“ vertJaftoflociing block and 1000 lb ' ’ ■ 
spooler (Max. inlet 9 mm finishing down !. 0902 42541/2/3 
to l A mm copper and aluminium.) ! Telex’ 3344 M 

S BLOCK (4to ram) IN LINE, NONSUP WIRE 
• DRAWlN&MACHZNE in 'excellent condition ' > 

0/20G0ft/mm. Variable speed 10 hp per block. ■= 0902 42541/2/3 

i 196$). .•••: Telex 334414 

24 DIAMETER HORIZONTAL BULL BLOCK | 0902 42541/2/3 
By Farmer Norton (1972). Telex 336414 

SUTTlNG'UNESOO mmV3 mm x 3 con eapacir/ 

TWO VARIABLE SPEED FOUR HIGH ROLLING, j - 
MILLS Ex: .4.50* Wide razor blade strip 0902 42541 W3 

production; . . Telex J364I4 

MODERN USED ROLLING MILLS, wire rod and : 

' tube drawing pUnt^-Poll fbrmms machines— . 
slitting— flattening and- cut- to length lines— ii 0902 42541/2/3 
wld saws— presses— guillosines, etc. Telex 336454 

1974 FULLY. AUTOMATED COLD SAW ■ . } 0902 42541/2/2 

by Noble A Lund with batch control. - •» Telex 33441 4 

WO CUT-TO-LENGTH LINE max. capacity 

1000 mm 2 mm x 7 tonne coil fully ; 0902 42541/2/3 

overhauled and in excellent condition. ! Telex 334414- 

19*5 TREBLE DRAFT GRAVITY WIRE 
DRAWING. MACHINE by Farmer Norton . S 0902 42541/2/3 
27" — 29" — 31" diameter drawblocks: . . Telex 334414 

STRIP. FLATTEN AND CUT-TO-LENGTH LINE ]. 091ft 42541/2/3' 
by A. jt. "M, Max. capacity 750 mm x 3 mm. ' Telex 3364 H 
4 BLOCK WIRE DRAWING MACHINE equipped 0902 42541/2/3 
with 22“ dia. x 25 hp Drawblocks. Telex 334414 

2 15 DIE MS4 WIRE DRAWING MACHINES 1 C902 42541/2/3 
5 .000 Ft: 1 Min with spoolers bv Marshal Richards ' Telex 334414 

3 CWT MASSEY FORGING HAMMER 0902 42541/2/3 

— pneumatic single blow ; Telex 334414 

9 ROLL FLATTENING MACHINE J 0902 42541/2/3 

1 .700 mm widr i Telex 3364 U 

7 ROLL FLATTENING MACHINE ' Q902 42541, 2 'J 

965 mm wide '. Telex 334414 

COLES MOBILE YARD CRANE 0902 42541/2.0 

6-ton capacity lattice jib. Telex 336414 

RWF TWO STAND WIRE FLATTENING AND 
STRIP ROLLING LINE 10 ' x 87 rolls x 75 hp 
per roll stand. Complete with edging rolls. j 
turks head, flaking and fixed recorier. tie 
gauging etc.’ Variable line speed 0/750 ft, -‘min ’ '0902 42541/2/3 
and 0/1500 ft/ mm.. ; Telex 334414 

NARROW STRIP STRAIGHTENING AND 
CUT-TO-LENGTH MACHINE 1 1973) by . : ' j . 0902 42541/2/3 

Thompson and Muiuoe. Telex 334414 

CINCINATTI GUILLOTINE 2500 mm x 3 mm i 
capacity, complete with magnetic sheet . . j 0902 42541/2/3 . 

supports and motorised back stops. ; Telex 336414 

MACHINING CENTRE. Capacity 5ft x 4 ft x i 
3ft 5 Axes continuous path 51 automatic tool • j 
changes: 5 tons main table load. Maui motor j 
27 Tip. Had less than one year's use and in - L- • 

almost new. condition. For sale at one third 01-928 3131 

of new price. -] Tele* ,261771 

4/E00 TON HYDRAULIC PRESS- Upstroke- . :. 

between columns 92" x52" daylight 51" ! 01-92B 3131 

stroke 30". i Telex 241771 

ANKERWERK 400 TON INJECTION MOULDER. ■ . 01-928 3131 

Reconditioned - , Tet« 26177! 

UPSET FORGING MACHINE 0T-92B 3131 

4" dia. 750 tons upset pressure. Telex 261771 

2,000 TON PRESS. Double action bed area - - 01-92B 3131 

132" x 84". . Telex. 241771 

WfCKMAN 2} 6SP AUTOMATICS 1941 and 1963 . ; .. 01-928 3131 
EXCELLENT CONDITION ' • i - Telex 261771 

WFCKMAN I j" Automatic* 6 Spindle.- .1 01-928 1131 

Excellent » '• ' ' Telex 261771 

WICKMAN 1 J" AUTOMATICS; 6 spindle'.- . ! .01-928 31 3 1 

Excellent. '- -- - . THex 261771. 

CINQ NN ATI CENTRELESS GRINDER - r 01. 3.131 

Excellent: • Telex’ ;26I771 


•...■'WANTED v • — • - 


MODERN USED ROLUNtf MILLi wire rod '{• 
and tube drawing plant— roll forming machines 
— slitting— flattening and cut-to-letigth lines — 0902 -42541/2/3 

cold saws — presses — guillotines, etc. . Telex 3364 T4 


& Statistical Materia/ Copyright Taylor Nelson Group Lrd. 


GENERAL OUTLOOK 

Increase in optimism 


GENERAL BUSINESS SITUATION 


BUSINESS CONFIDENCE grew 
l3bi month over both the 
general Industrial outlook and 
the prospects for the UK 
economy. The latest survey 
covered non-el cetrical engineer- 
ing. brewers and distillers and 
paper and connected industries. 
Of these, most optimism was 
reponed hy ensisiecrtnj coin* 
paniw. who ante improved 
demand as the main reason Tor 
their change in attitude over 
the la«t four months. 

Optimism over the UK 
economy a whole increased 
amon^ both the engineering and 
brewing and distilling sectors. 
Some companies mentioned the 



1873 % 75 *75 77 '78 


possiblity of a general election 
as the reason for their greater 
confidence. 

While increased demand was 
a key factor in me rise in opti- 
mism there wav little expecta- 
tion of any improvement in the 
level of export'. The brewing 
and distilling s>;itor behoved it 
was more likely to increase 
exports over the next 12 months, 
hut this wa< ofT-i-f by an in- 
creased tendency on the pari 
of the pap'.-r and connected 
industries se.-lor to say that 
they would rema n the same. 
Anions the rea>on-; pinpointed 
was the recent strength of 
sterling in exchange markets. 


Arc you more or less optimistic about 
your company's prospects than you were 

four months ago ? 

More opti mistic 

Neutral 

Les s opti mistic 

No answer 


4 monthly moving total 


August 1978 


May- Apr.- Mar.- Feb.- Eng’s. Brews. & 

Aug. July June May (non-elcc.) Distills. Paper 

% % % % % % % 

45 4 4 37 3 0 38 5 5 37 

44 43 43 44 62 45 57 

8 10 20 26 — — 6 


EXPORT PROSPECTS {Weighted by exports) 

4 monthly moving total 


August 1978 


Over the next 12 months exports w ill be: 

Higher 

Same_ 

Lower 

Don't know 


May- Apr.- Mar.- Feb.- Eng*j>. Brews. & 

Aug. July June May (non-elec.) Distills. Paper 

% % % % % % 

73 72 76 69 80 100 41 

14 14-14 16 20 — 5 ? 

13 14 9 1 2 — — — 


ORDERS AND OUTPUT 


NEW ORDERS 


Clear signs of an upturn 


4 monthly moving total 


The trend of new orders in the last 

4 months is : 

Up 


>tal August 1978 

Feb.- Eng'g. Brews. & 

May (non-elec.) Distills. Paper 

% % % % 

44 33 78 91 


THERE WAS quilt? a sharp me i — — — 

in lhc index f»»r new orders. 
reflet li n k report*, from all three Order 

-prior* ihai urdcr level «> were Socks 

improving. 40 ■ Iri . 

TTiiv mrira-e wn.- pa rail fieri I 

t*» a milder extent by rise* in . y k y l 
recent deliveries and in urrier \ Jr 

boufcs. Businessmen are now . If 

more confident nf a rise in out- _ \ / I 

pu: in lhc next 12 months. The 0 1 1 j 

overall index fur the median ” lL J 

expected intTeaK: in output rose jo** — 
from ii.fi per re*t io fi per rent “ ’ * 

after the previous month's steep biros! ^(•crfaE 

rise. 4 bV L y l, l_ 

The new orders Index had 1873 74 '75 ’76 '7 
been showing little improve- 
ment in the previous tw*o months, but in the 


period the balance of those 

Same 

30 

28 

27 


58 22 

9 

seeing an ineroa-e over those 

Down 

9 

13 

13 

14 

9 — 

— 

with a fall ro- v from 27 5 per 
cent ro 4M per cent. 

No answer 

12 

IS 

16 

10 

— — 

— 


yrod^'r^SME' 

1873 '74 ’75 ’76 '77 


* The main gam in the overall 
Ic'd of orrlcr hr, .->!■> was due 

in more favourable c\pceia- 

uons in 1 1n- engineering 
industry. Some of the improve- 
— ment. it was thought, was due to 

purely seasonal fat-ion,. How- 
evpr. the index showed Lhat 
nearly 50 per cent more busi- 
nessmen now expect a rise in 

I their order books than those 

*78 expecting a fall, the highest 

this index has been for several 
latest years. 


PR0SUCT1QN/SALES TURNOVER 


Tho'.e exateting Brcducrion.'Mlei turn- 

over in th e n ext 12 mont h-, to: 

Riic over 20% 

Rise 15-19% 

nise 10-14%_ 

_Ri*e_5^9%_ 

About the same 
FaltT9%~ 
No comment 


4 monthly moving total 


>tal August 1978 

Feb.- Eng'g- Brews. & 
May (non-elec.) Distills. I 

% % % 

3 9 — 


CAPACITY AND STOCKS 

Nearer planned levels 


STOCKS 


THERE WAS a further slight 
improvement in the percentage 
of companies saying lhat they 
were working at planned out- 
put levels or above. The main 
reasun for the improvement 
was a- drop in thp brewing anti 
disulline and paper sectors in 
the number of companies 
working below' capacity. 

There was also a slight fall- 
tbe_ n umber, pf com pan i es 
clUng demand- factors, as" flic 
ra'/iin ;>onttraiht affecting pro- 
duction. On the supply side 
the main problems came from 
labour difficulties. includinE 
shortages of skilled staff and. 
disputes. No companies reported 


Factors Affecting 
* Production 


i-nSftD'aswiij 
■U’X.t-.wrJ?* ' 
amjarti.-i 


I 1973 '74 '75 ’76 T7 '78 I 

shortages of raw materials or 
components. 

There was a drop in Ihe 


number of companies who felt 
their stocks were too high and 
the index showing the percent- 
age balance uf those whose 
stocks were felt to be ton high 
over those where they were felt 
lo be too low has fallen from 38 
per cent to in per cent in the 
past two months. 

The paper sector was more 
inclined to expect stocks or all 
ivpes to increase over lhc next 
12 months than it had been last 
April, vrhrle the brewing and 
distil M ns sector was lc s s 
inclined lo do *n. The engineer- 
ing companies were more 
inclined to expect the volume of 
work in progress and raw 
ma rerial and component stocks 
lo increase. 


Raw materials and components over the 

next 12 months will : 

Incre ase 

Stay abo ut the same 

' D ecrease 

No comments 
Manufactured goods over the next 12 

months will : 

^ Increase 

St ay about the same 

. Decrease^ 

No comments 


FACTORS CURRENTLY AFFECTING PRODUCTION 

4 monthly moving total 


4 monthly moving total August T9 78 

May- Apr.- Mar.- Feb.- Eng'g. Brews. & 

Aug. July June May (non-clec.) Distills. Paper 


4 m onthly moving total August T978 

May- Apr.- Mar.- Feb.- Eng'g. Brews. & 

Aug. July June May (non-elec.) Distills. I 

9* ^ 


Clydesdale Bank Limited capacity working 



Ho me ord ers 
Export orders 


May (non-elec.) Distills. 

% % % 

86 77 78 


4 monthly moving total 


August 1978 


rERS 

-I fiN'P 
L VEHICLES 

.-S3 f , '" r 
: JA72 LiCT’ 




!-• • .-cTe'-i'' 


has been appointed Registrar of 

The Burmah Oil Company 
Limited 

All documents for registration 
and correspondence should in 
future be sent to 
The Registrar 
Clydesdale Bank Limited 
Stock Exchange Services 
Department 
30 St Vincent Place 
Glasgow G1 2HL 
Telephone 041 226 3014 


LOCAL AUTHORITY BOND TABLE 


* • 


May- 

Aug. 

o/" 

so 

Apr.- 

W 

Mar. r 

June 

% 

Feb.- 

May 

% 

Eng’g. Brews. & 
(non-clec.) DisriHs. 
% % 

Paf 

% 


Above target capacity 

15 

14 

10 

10 

— 

— 

33 


Planned output 

57 

56 

53 . 

54 

69 

72 

52 


Below target capacity 

27 

29 

36 

35 

31 

Z8 

.15 

. 

No answer 

1 

t 

T 

1 

~ 

— ■ 

— ■ 


Executive staff 

20 

28 

24 

28 

4 

— 

13 

Skilled factory staff 

40 

44 

42 

41 

55 

45 

14 

Manual Labour 

10 

12 

14 

19 

— 

22 

40 

Components 

5 

5 

2 

4 

— 

— 

— 

Raw materials 

7 

7 

3 

4 

— 

— 

— 

Production capacity (plant) 

10 

11 

11 

n 

4 

— 

13 

Others 

12 

12 

4 

10 


22 

6 

No answer/no factor' 

1 

“l 

f 

1 

18 




INVESTMENT AND LABOUR 

job prospects pick-up 


LABOUR REQUIREMENTS (Weighted by employment) 

4 monthly moving total 


August 1978 


' Authority 

(telephone, number in 
parentheses) ." 


Annual 

-groas 


Interest Minimum Life of 


THERE HAS been a slight 
increase in the number of com- 
panies -expecting to increase 
their labour force during the 
next 12 months: as a result the- 
indicator showing the balance 
of those projecting a rise rather 
than a fall in their number of 
employees is now just positive 
again, but it is not as strong as 
11 was last winter. The 
engineering sector was mnre 
inclined than it has been when 
interview in April to project a 
rising labour force. There has 
been a slight increase in the 
number. of companies mention- 
ing product demand but not 
structure of labour supply fac- 


Labour 

Requirements 


“ \7 Mstn/ur* "" 

. ■— ¥ 'Up mir Dm — 

5P ' 1873 1 '74 1 'IS l '78 >l 77~* L, 78 

tors as affecting their employ- 
ment levels. But there continues 


to be more companies saying 
that their employment levels 
are affected by labour supply 
but not product demand. 

The outlook for capital invest- 
ment remains bright as both 
the engineering and the brewing 
and distilling sectors were more 
inclined to say that they 
expected capital spending to 
rise than they were four months 
aqo. So the index of expecta- 
tions Has shown a further rise. 
Both the engineering and the 
paper and connected industries 
sectors were more inclined to 
say their liquidity levels were 
too low than about right in 
relation to the trend in their 
capital requirements. 



May- 

Apr.- 

Mar.- 

Feb.-' 

Ehe'e. 

Brews. & 


Those expecting their labour force over 
the next 12 months to : 

A Sf- 

/n 

July 

% 

June 

os 

to 


(non-clec.) Distills. 
% % 

T r 

Increase 

Stay about the same 
Decrease 

19 

16 

24 

29” 

34 


A 

18 

17 

20 

19™ 

17 


52 


CAPITAL INVESTMENT (Weighted by capital expenditure) 


Those expecting caoital expenditure over 

the next 12 months to : 

Increasejn volume_ 

Increase in value 

but no t in volum e 

Stay about the same 

D ecrease 

No comment 


4 m ont hly m o ving to tal August 1978 

May- Apr.- Mar- Feb.- Eng'g. Brews. & 

Aug. July June May (non-clec.) Distills. Paper 

% % % % % % % _ 

63 62 62 54 70 69 16 

9 9 8 5 — — 25 

12 10 9 IT 25 3T 56 

13 16 18 28 5 — 3 


tsamsaey metro, ^ 

’Tpe Kn owsley (051548.6595) 

Poole (02015 51511 


.wV- 


interest 

payable 

sum 

bond 

% 


■£ 

Year 

1) 11 

I -year 

230 

O-l 

.. 11} 

4-year 

2,000 

5^7 

.. lOi 

J-year 

500 

5 

iii 

j-year 

300 

6-7 

... -nj 

4-year. 

200 

b-7 

n 

4-year . 

. .100 

4 

.. 10 ! .. 

.4 -year 

-too 

3 

a Til - 

4-year * 

1.000 

5-6 


■ 




Poole (02015 51511 

Poole .102013-. 5151). ... — 

Redbridge. X01-47S SO jfll 


Wrelrin (0332 505051 i 


FINANCE FOR INDUSTRY TERM DEPOSITS 

Deposits or £1.000-£iB,000 accepted far fixed term* nf 3-in 
years, 'Interest paid gross. haif*j'earl>. Rales fbr deposits 
received oot.l^i^ thdo 32^i7S. 

Terms (years) 3. . ' 4 5 . 6 • J - J J JJ. 

Interest % 10*. II 1U . m 1U 12 12 1-M 

Rates for larger amounts on request. Deposits to end further 
information from - The Chief Cashier. Finanre for 
Limited. 91 Waterloo Road. London SE1--8XP (01-92S Ta--* 
Ext. 177). Cheques payable to “Bank of. England, a/c FV-I. 
FFI is the bolding company for . iCFC.dnd FCI 


COSTS AND PROFIT MARGINS 

Qualified optimism on wages 


COSTS 


4 monthly moving total 


August 1978 


NONE' OF Ihe companies 
questioned last month expect 
wage rise-** »n the nexi 12 months 
to\ be less than the Cipvern- 
ment’s. 5 per cent siudcfine. 
But industry is slightly more 
optimistic about the likely rise 


Total Unit Costs 


l«> . -i 


C'U V^ INVESTMENTS LBUTED 
s 2 Royal -Exchange Avc^ Loodoo EC3Y 3ttl. Tel. ( 01-253 1101 
, Index Guide as at Ausdsit 30, 197S (Base 100 at 14.1.77) 

(f Clive Fixed Interest -Capita) r;. 129.40 

Clive Fixed Interest Income 114.12 


ALLEN HARVEY . & BOSS - INVEST3I&NT. ^NAGEMEJiT LTD. 
45 Comhill, London ;EC3V 3PB. . . ■ >. 4. ‘ .' Tel: 01-623 6314 

Index. Ga/de as xt September 3^ 1978 

. Capital. Fixed "Jmerest- Porffeho 100.W 

Income Fbcori _ ;7ntcrea9/'Portftilh». •' 108-00. ■ • 


UeflaiwaadiwW 

0 I 1 — 

1973 '74 . 75 ’76 ’77 7S 1 

in earnings during- the new pay 
round, than ul this stage, Iasi 
year. For example, the .non- 
electrical engineering rector' is 
.jiaw': projecting median wage 
rises of 13.fi per cent in the next 
12. months compared with in- 


creases of 15.5 per cent in 
Augusi 1977. for brewing and 
distilling, the figures are 9.2 and 
12 per cent respectively, while 
for paper and connected indus- 
tries. the figures arc 12.4 and 
12.2 per cent. 

The four-month moving 
indices for both wazes and 
unit costs have fallen; even 
though ihe engineering sector 
is expecting, higher price rises 
than it was. the median pro- 
jected rise nver the next 12 
months ha? edged down from 
9.7 to 9.3 per cent. 

All three sectors were mure 
inclined to pxpeet profit margins 
to increase during the next ypar 
than they had been when Ismi 
questioned in AprM. and this 
index has risen quite sharply. 
This view was reflected in a rise 
in the index of expectations for 
earnings on capital employed. 

These surreys, which arc 
carried out for lhc Financial 
Times by the .Taylor Nelson 
fSnnip.. . are based upon 
pxtensive interviews with top 
executives. • - 

Three sectors and some 30 


companies are covered in turn Wages rise by : 

every month: They arc drawn 

from a sample based upon the * 

FT-Acniarie*' Index, which 

accounts for about 00 per cent 

nf all public companies. 


5 - 9 % 

10-14%^ 

T 5 - 17 %_ 

2Q-24%_ 

No answer 


May- 

Aug. 

% 

Apr^ 

J % X 

Mar.- 

June 

% 

Feb.- 

May 

Of 

to 

_2Q 

15 

19_ 

12 

69 

72 

64 

66' 

2 

5 

9~ 

12 


2 6 50 4 

6 80 3 4 90 

2 9 — — " 

8 5“ 16 6 


Volume of 
Purchases 


Unit cost rise by 



5-9% 

40 

40 

41~ 

34 

25 

28 

21 

10-14% - 

33 

39 

43 

52 

66 

11 

40 ' 

15.19% 

1 

2 

2 

4 

9 

— 

3 : 

20-24% 

1 

— 

4 

3 

— 

— 

* j 


No answer 


1974 1975 1976 1977 1978 


The all-i. ulustry figures 3rq 
four - mnnihly moving totals 
covering some 120 companies in 
11 industrial sectors (mechani- 
cal engineering is sun-eyed 
every second month). Complete 
table* Gnu be .purchased (root 
Taylor Nelson and- Associates. 


PROFIT MARGINS 


4 monthly moving total 


August 1978 


Those exoecting profit margins over the 
next 12 months to : 

May. 

It 

Apr.- 

July 

% 

Mar.* 

June 

% 

Feb- 

May 

_% 

Eng'g. Brews. & 
(non-elcc.) Distills. 

% % 

Paper 1 

% 

Improve 

45 

39 

37 

. 32 

50 

56 

29 . 

Remain the same 

27 

27 

29 

30~ 

41 

39 

SI : 

Contract 

21 

27 

28 

35' 

9 ~~ 

5 

~2Q , 

No comment 

7 

7 "" 

6 

3 " 

"" ' — 

— 

__ 










24 


OVERSEAS MARK ETS 



BY MARY CAMP^y/ 


INTERNATIONAL BONOS 


Accelerating rise for dollar interest rates 


WITH the approach of the U.S. 
Labour Day long week-end, 
activity in the dollar sector of 
the international bond market 
was very low key 3t the end of 
last week. Both currency and 
interest rale considerations 
moved against dollar bonds 
earlier in the week, but prices 
fell only slightly. 

In the Deutsche Mark sector, 
there was substantial demand for 
bonds but dealers said that in 
contrast to previous similar 
periods this did not -arise from 
speculative currency considera- 
tions. The big factor in the 
market, apparently, was the 
September 1 coupon payment 
date and reinvestment increased 


demand for bonds above what ft 
would otherwise have been. 

Bankers, hnrrowers and in- 
vestors returning from holiday 
in the next couple of weeks will 
be faced with an even more 
confused situation than wben 
they went away. Dollar interest 
rates have risen and. if the 
developments last week mean 
anything, may be expected to 
rise further. But there is 
nothing new about that Through- 
out the summer even the most 
bullish of analysts of the fixed 
interest rate markets have 
argued only that rates were close 
to their peak — never at their 
peak and few thought that they 
would start to fall before the end 
of the year. 


Wool Board to 
buy computer 

THE BRITISH Wool Marketing 
Board has ordered a £70.000 
British-made computer system to 
handle its financial and adminis- 
trative operations. 

The system, manufactured by 
Computer Technology, of Hemel 
Hempstead, will lie used to 
ensure prompt payment to the 
90.000 UK wool producers by the 
Bradford-based board, which is 
responsible for marketing prac- 
tically ail the fleece wool pro- 
duced in the country. 


New fog lamp 
rules studied 

REGULATIONS LAID before 
Parliament concern the filling 
and use of high intensity rear fog 
lamps on new and existing 
vehicles. 

They provide that, with certain 
exemptions, motor vehicles and 
trailers manufactured on or after 
October 1 next year and first used 
on or after April 1. 1980, must 
be fitted with at least one but not 
more than two rear fog lamps. 

Every such lamp must carry 
the appropriate approval mark. 


On the other hand, recent de- 
velopments do suggest that VJS. 
policy makers are likely to put 
greater emphasis on U.S. interest 
rates as a weapon to combat 
further decline in the dollar than 
was the case previously. The 
moves by the Federal Reserve 
last week to eliminate resent 
requirements on U.S. borrowing 
from abroad (particularly bor- 
rowing by the' U.S. banks) to- 
gether with Chairman Miller's 
recent well-publicised expres- 
sions of distaste for the “awful 
lot of dollars sloshing around ” 
in the international market have 
led some analysts to assume 
greater awareness of the high 
level of U.S. capital exports. 

Although the rate is thought 
to have declined recently. U.S. 
capital exports were massive 
and considerably larger than 
the current account deficit at 
times in the last IS months. 

The moves hy the Fed to 
remove reserve requirements 
only become meaningful if U.S. 
interest rates move above Euro- 
dollar rates and remain so for 


some time (U.S. banks are in 
aggregate large-scale net lenders 
to their overseas branches at 
present, and the reserve require- 
ments would operate only if 
they became . net borrowers). 
This has made some argue that 
substantial further U.S. rate 
rises are now more likely than 
would have been the case a 
few weeks ago. 

Among individual issues 
offered last week, among the 
most interesting was the Bank 
of America’s SwFr 80m offering. 
The coupon level is a new low 
even for this market, which 
seems now to have got oyer 
problems of demand following 
the Imposition of the quota rule 
requiring 65 per cent of foreign 
bond issues to be placed within 
Switzerland. 

Almost more important, how- 
ever, is the fact that B of A is 
the third top UB. bank to launch 
into issues in “strong” cur- 
rencies »n recent months— at a 
time, interestingly, when many 
U.S. and other companies have 
been prepaying heavily. 


Medium tem 
Lws term 


BONDTRADE INDEX AND YIELD 

197B 

Hurt Low 

99 JW (19/4) 9*88 

94.87 (19/4) 92J8 (29/6) 


September 1 
98.98 &B8 

92.91 8.76 


98.92 

92.98 


Enractaar 

Crnfcl 


8.77 

EUROBOND TURNOVER 
(aamiMl value In 5m) 

U-S. dollar brad* 
last week prevtovs week 
98L4 U98.6 

. 570.9 QU 


OUier bendo 
at week prevloa 
22*2 2945 

184.9 Z67A 


Although the issue Is aimed to 
fund the bank’s Swiss franc 
denominated assets, its move— 
which is expected to be followed 
at some stage by a D-mark offer- 
ing — is interesting io tbat it adds 
vet another name to the growing 
list of those top quality bor- 
rowers who clearly believe that 
the interest rate differentials 
between dollars and Swiss Francs 
will not be eroded by currency 
changes over a 15-year tiroespan. 
The World Bank Is the most 
notable example of this philnsphy 
— it has even been anticipating 
later funding requirements by 
borrowing io Swiss francs and 
other " strong ** currencies- 

The ■ European Investment 
Bank's Tokyo/Europe dollar 
issue has now closed. However, 
the placing process has not yet 
been completed In Tokyo where 
the offering period is still on. 
The European tranche was 
handled as a private placement 
with no underwriting group so 
that trading is expected to be 
minimal. 

At Ibe end of this week, 
Panama is due to launch a 20m 
unit of account issue, the first 
since early July. It is expected 
to offer an 81 per cent, coupon 
on . a 15-year maturity (12-year 
average life) Kredietbank Luxem- 
bourgeoise will be lead manager. 

Also reported is a DM20 m 
private placement for Barlow 
Rand, via Commerzbank. 


CURRENT INTERNATIONAL BOND ISSUES 
Coupon 


Borrowers 


Amount 

m. Maturity 


US. DOLLARS 


me® 

700 

1990 

ifFRAB Bank 

25 

1980 

A/S Eksportfinans 

50 

1986 

tfEbiland 

100 

1988 

Hospital Corp. America 
fEnpetroi 

25 

25 

1983 

1986 


Av. life 
Years 


6 

.10 

5 

8 


Price Lead manager 


9 

sill 


9 

7ii 


99* 

100 


Nikko Securties, CSFB 
Societi Generate 
Citicorp lnt w Den nqrsfce 
Creditbank ' j'- 

Goldman Sachs - . ' \ 

Salomon •• V- 

European Banking, BTl, : > 


D-MARKS 


t§Casio Computer 

40 

1985 

■ — 

**Crtd»t National - 

100 

1983 

5 

Australia 

200 

1988 

10 

t*“lnd. Min. & Dev. 




‘ Bade of Iran 

50 

1984 

6 

§Asahi Optical 

SO 

1987 

— 

§StanIey Elect. . 

40 

1985 

— 

Petrebias 

100 

1988 

8 

EIB 

250 

1990 

9J 

SWISS FRANCS 




t&NDE 

75 

1988 

na. 

{World Bank 

250 

1988 

na. 

City of Vienna 

100- 

1993 

na. 

- Bat* America Corp. 

80 

1993 

n^- 


3* 

Si 

6 

71 

31 

31 

7 

61 


100 Dresdner Bank, DahnpO££§jj 

99* Commerzbank ; j ’ ■“ 

* Deutsche Bank 


100 

100 


100 


Say Veneinshank 
West LB 
Dresdner Sank 
WestLB 
Deutsche' Bank 


5 

4 

4 

3i 


100 f Credit Suisse. 

100 Credit Sulske ; 

- * Kredietbank (Subic) 

• UBS' 


YEN 

$ADB 


15bn 1988 


LUXEMBOURG FRANCS' 
tSwedSsh invest. Back . . 500 


1988 


10 

8 


Si 


100 


Dalwa^iOeutsche, $L G. 
Warburg 


99S Kredietbank Lux. 



tT K*sttmd whh US. 


Not yet jrtotd. ^ g Rial tones. 


, M m + cinicjna rate note. fl MWiwam. 5 GoavutlM,. . . 

It 580 - res-tered will, japwrae Mtatanr*^ 
Mote: Yield* ora catenated oo AJBP bash- - 


Indices 


N.Y.SJ5- AT.T. CMDgOg 


Bi«9> ind Fulls 


NEW YORK -now jones. 


f i ..in |n-ar 







.ll|^ 

A tie. 

\,i~. - 







1 

i\ 

j" • 

li - 

, 

’ 

H,e" 

J/.ll 


l..n 

Im-1,1- 

in*. .. 

B70.93 

87S.S2 

58Q.72 

aSO.iO 

384.08 

i9S.5J 

00.1. 

. IT./i 

/ 43.19 j 

• L!i /i 

WSl./f 

,11.1-14' 

41./V 

7,.«r 

H'iitv 

H'n .1 

■ £9.0? 

63.08 

39.02. 

39.15 

8S-21 

89.06; 

u.S? 

TC-ii 

i - ; 

— 

Tran- 


25I.6T 

2*7.35 

749.27 

747. »6 

248.78 

252.091 

213.41 

10 .41 

-■7, ,8b 1 

I3.1i' 







.14-si 

l^l ll 


>■: i .'2, 



107.21 

1DE.66 

108.45 

ICS. 16 

106.0? 

106.59, 

. IU.+- 

III?. <4 

| 165.5. 

10.5b 







13-1* 

lu*. Ur 

- iU -l.+HI., 

.o.4.42i 











| 


’ ** 


55.110 

55.050 

37.750 

53.780 

51.760 

56. 190. 



1 “ 1 



Sept. 

I'ltf- f 

31 


: Ini- 

30 

i* j H.»i. 

l/n 

68.54 

58.55 

58.4a 

55.38! 59.26 

1 li 

tOJI 

ib.ii 


| Sep*. 1 1 

Auu. 31 

Aug. 36 

l*Mte» traderi 

1,002 

1.B73 

L876 

Hi»e« 

843 

656 

8u2 

Fnu. — 

636 

837 

673 

Uni-luiiiuol 

424 

400 

4U2 

fcen Hi;h+ 


— 

708 

\-J« L,m« 

— 

— 

582 


MONTREAL 


Sew. \u-- 
i : 3i 


Auu. . Auk. | 

40 ■ 89 1 High 


Lw 


lolMIWi 

<_'•><■■■ .wed 


204 .BO 182.05! 
211.69 207.74, 


167.491 ldS.75 20440 1 18» 
205.61, 204.44 ZM.Sdil/Bj 


la-.Ui> i lo-+i 
1/0.B2 liO ll 


TORONTO 1255.0 1222.2' 1215.71.208.9! 12554 (Iffl) 


■M.l IJU 1 1 


JOHANNESBURG 


, 253.2 : 259.9 
. 269.7 I 262.9 


254.8 


244.9 

26^.4 


272.0 (14/8) 
264 A Oim 


IB4.v '2U.4? 
1,4.- ilhil 


- I'-.,- ..i | mi, i ■■iinn : c l li’.iu Ah.-u-I 



Aug. 28 < Aug. 18 ] 

i Aug. II 

■ iYwu iC" ui|irosi 


5.26 5.24 

3.20 

4.25 

STANDARD AND POORS 

; , ; 1 ; 

SHni. .MIC. I A lie. i Aug. 1 Aug. | Ails. 

: ! ' 31 ! 5u 1 29 ! 38 ; 25 

: 1978 ;iin<+, L.inipilal'ri 

■' Higl. ' 

[jin i High , Dm 

! In uivtri*..' 114. BB H4.3P, 

Si.'nni^ut. 105.63 105.20 

114.63 H4.B1 115.17; 116.27 I lto.58 
i24-:i 

106.47 105.39' 103.06 HM.bO IUd.IW . 

1 -'ll"' 

n.i'i 134.04 5.32 

it 1 -?' .11-1.(31 iJ0*».32i 
Jo.*: U3.ite 4-9) 
ll;l-»3l. .1.T?|J2 



j Aiie- 39 : Ami 5 

Aug. 1** 

Venr 4gu 

TnH ilir. vi«M i 

1 4.76 j 4.69 

4.70 

4.59 

Ind. I*.-K HhIiu 

9.89 ; 10.02 

9.99 

9.86 

LimUi.i. B.h+1 i<i-«i 

8.42 8.37 

8.54 

7.55 


Sept. 

1 


I ‘re- IHir 
v-uu* H'-;li 


Mr 

L»nr 


A n| tl rIm I* 1 54633 

Bfliiaum U!i 98.05 
Danmark'"*' 67.66 
France iW t 3 - 2 
Germany 551.7 
Holland 91.5 
Bong Kon^j 0*i0.M 
Italy 1 1.1' F7j» 
Japan i«i 4 2s IS 

Singapore • — 

CM 


6*4.16 

; 96.15 

9T.71 

. 13.2 

BMA 

91 .6 

979.62 

blJSj 

424.29 

■ 399.19 
I 


046.33 

(1.9; 

l vJl.IT 

(cjO) 

dU.dS 

<6* 
•4 -I 
S31.7 
.19, 

fib«i 
694.43 
.19 
6b. If 
•21*1 
420.21 
.l«.». 
405J« 
a 9iS. 


; ui.m 
I (1-3) 

; *1.44 
<23*07 

I lb# 

47. b 
|4,2) 

(U4J1 

7*?.0 

(4A; 

4c4.44 
llJ II 
DC. 4C 
rlw.ii 
3to4.l> 
(4,10) 

ana 

ftU, 


Sept. 1 Pie | 19/S 

1 i non- j Hi»li 

isr#> . 

Ijnr 

Spain VtYi 101.90 ; 10284 j liv.l. 

■-I.C 

f i ! t--wi 

llt.Ai 

aweaen -eil (cj iJUT.B? 1 *ucAk 

| it. I- 

i 1 j I*.®) 

1 (3,1) 

5th orl'di i 28&0 - Sols | mo.*- 

1 +nw 

i 1 : ■ 

!»*• 


Indices and base dates 'all base values 
100 except NYSE . All Common — 50 
Standards and Poors — 10 and Toronto 
.700— L 006. the layr named based on 1973 ■ 
T Excluding bonds. 2400 Industrials. 
5 400 Industrials, 40 Utilities. 40 Finance 
and 20 Transport. fl Sidney All Ordinary 
jj Belalan SE 31/12/63. Copenhagen SE 
1/1/73. ft Paris Bourse 1961. M Commerz- 
bank Dec.. 1953. 55 Amsterdam Industrial 
1970. 25 Hans Sens Bank 31/7/64. j|,| Band 
Commerdaie Hal I ana 1972. a Tokyo 
Near SE 4/1 <68. b Straits Times 1966. 
c Closed, a Madrid SE 38/12/77. e Stock- 
holm industrial L/1.-58. ; Swiss Bank 

Corpora Uo a. u Unavailable-. 


GERMANY* 
Sept. I I 


PrU-e 

Dm. 


|+« 


Dir. TVil. 
% % 


AEG [ 

A l Ileus V epoch... 

buw.._ _.... 

BA*F. 

baver ! 

Ua>er-IIypi 

Meyer Veroui*lifc. 
L'ilEllDT.Xcil. wit* 
lV>Qijiier/.l«ck.. .. 
Couli Guinnjl..._i 

Daintier Benz. I 

Denist* 

Demaj. 

Deiiiw-liL- Bank . J 
t/nsJner Bank...., 
Dri-tarli.JT Zeml.j 

CJuieiivi1Tniin|>. I 

n*i*« UpyiL , 

1 


85 Uo.fl ' - I - 

494.5 +2.5 31.2 i 3^ 

227 ' + 3 2B.08 1 6.2 

140.8-'+ 1.0 18.76 6.7 
146.31 + 0.6 18.761 6.6 
289 4 1 28.12 4.9 

330 -1 '• IB 2.7 

142 ' ' - ! - 

230 +0.8 26.5611.9 

79.+ 1 - — 

319 : + 0^ 28. IK 4.4 

265 HJ.7 17 3.3 

169 1+1 17 < 4.1 

302. V +0.9 2B.12i 4.7 
243.8 + 1.3 ,28.121 5.7 

194.9! 9/38 2.4 

217 -2 . 12 r2.8 

118.5 114.041 5.9 

168.0 +0.5 116.72 9.7 

137.5 + 1.0 18.751 6.8 
+9.8 -O.l - I - 

165.6 +4.5 9.56' 2.8 

153 —0.5 14.04 4.6 
333 ‘ +4 23*44 

242 +3 18.72 3J3 

94.8 1 — | _ 

186 +4.5 18.79 5.0 
103^-1.4 — — 

266 +1 25 4.7 

1.598 +8 25 7.8 

109 —1.5! 9.36 4.3 
204.5.-2.5 j 12 ' 2.9 

178.3; 17.18 4.8 

252 ! + l^! 10 | 2.0 

L5 


Uarpener. 


UueobNt... 

Uoesch. M.kw 

Horten. 

Kail ond Salz. .... 

Eant^dt - - 

KauIbuF 

Klocfcner DMUQ-I 

KHD 

Kmpp 

Unde ,.l 

Lv'Wenbmu 100... 

Lufthansa | 

VAN 

iLanneBinaan 

UeulIgM.. - 

liiincbecer Ruck. 

XeekenuatiD 

PtvuaaaK Dll I0u| 
Ubein West. ElecJ 

skdiering 

Siemens. 

Slid Z acker 

Tbysaen A.G — .. 

Vara — 

YT5HA , 

Veretn-A WestBkj 

Volkswagen. I 


993 I- 
165 1 + 1.5 
154.2,— 1.6 
182.5 + U 


18 


25 6.9 
877.5! + 5.3 .26. ]2i 5.1 

294 I + l.T ! »5 j R.T 

256 1+2 >2SJ4l 5.2 
119 -0.3 '17.18: 7^ 
194 |+3 '17.161 3.6 

131.2, + 1J 9.36; 4.6 

295 1+2 18 5.0 

iSlxr 25 5^ 


NEW YORK 

1978 

High i fit) it . 6l«:b 


; Sept- 


39 

3U- I 
451? ' 
3136 
32'« j 
48la . 
201* . 
203* I 
4+3, ! 
275a i 
371, ! 

4513 ; 
351* S 

IBM • 
53>e [ 
821, ! 
431* I 
32'o ; 
36 I 
24 ij | 
40s* ; 
321* I 
301, ] 
61* ! 
43 'a | 
53i(t 
571, I 
63* I 
37*4 i 
205* 1 
395, • 
181* 1 
315* j 
2?A| ! 
355a 
271* 
ia>, 1 

201 * . 
abi* I 
5oig , 
361* : 
IS-, i 
33 », : 

61j* 

2 7i 4 . 

28 Ja 
ai-'a l 

29 Ls • 

49 j* ; 

271; 

40 .'a 
231* ' 

45 
51, ' 

26l» 

21 

73ia . 
321* 
311, . 
34 
17* 
151; . 
39>z . 

17Sr , 
35U , 
171- | 

21 », : 

9 

451* 
855* 
37i« . 
201 * • 
12 
31 », 
13 
201} 
621* ; 
64 | 

445, • 
17 

241- ; 

46 I 
351, 
445* I 
27 Ir I 
351; | 
581* | 
13*4 

47* 
371; | 
27?, 
54 1, 
171, 
63>| 
■461; 
225* 
15 

287* ; 
26 
201* 
431* I 
20i- : 
281* 
21 ; ' 
49 I 
lei* ; 
50. * I 
2593 : 
25': 1 
eois ( 
445* ! 
241; 
337* | 
511* . 
165* 
,4198 , 
60 


25 

137* 

31i„ 

221- 

22 

385, 

163* 

171- 

341* 

183, 

221 * 

3H* 

227* 

91* 
39 ia 
346* 
34*, 
231* 
233, 
215* 
315* 
263, 
165* 
54* 
391, 
325* 

2B I* 
571* 
27. r 
la/* 
241- 
10 
255* 
171; 
2 d 
19 Jr 
Bk; 

135* 
271* 
4a i- 
255* 
b.* 
153* 
44*4 
24s* 
201* 
34 
235* 
33 
22 
alJ* 
14 
33 
2'2 
201 , 
14U 
251* 

223* 

271, 

251; 

9 

121* 

281* 

137* 

25Si 

13U 

164* 

5 

36U 
583, 
3 Ur 

14 
lOia 
24U 
113* 
157* 
453, 
43i* 
36 

15 

18*b 

291* 

27S* 

371* 

203* 

29ia 

42 

10Sg 

13, 

181* 

191* 

4Sl a 

US* 

475* 

351, 

193* 

101; 


AN ml,. UN* 

Aildrewograpli..., 
Ael na LIT5 A ('*»; 

,.\ir fin-lurl* 

AMnAluiulnhtm. 

Alwe 1 

Alley. Dirl Inn j 

Allegheny Power: 
Allied l.'iteniical.. 

.Allied Stores I 

A llii t'hsilTiierii...! 

AMAX 

AniermJs Hint. 

Amer. Airlines.. 
Amer. Urand>... 

' A mer. Bn . 

'Amer. L'nn 

Auter. L'.tanainlil 
; A mer. I tbk'lei. 
'Amer. Elet.Pi.w 
Amer. BsjireCT.. 
.Vmer.Hi4tiePru.il 
Alner. ,Me<iiial.. 
Ainer. Unt,.r».„ 
Amer. Nni. ti». 
.Amer. Dtnn>lan.l. 

Ainer. *>iorc* i 

; A mer. Tel. 3t Tel. 

Amctek 

A .UP 

AMP 

.A m[x-x 

Aue1ii*r Hi'-.-kini;. 
Alllieti-er BuecIi. 

Ami'.’. 7>teel 

A.». V 

A. -airient I'll 

Amrvo I 

A'hUnil till 

All. Uu.li riel.) 

Aiilu Data Pro....- 

AVt.. — 

Ale 

Alim PlialUL'Iu... 
bait, tit- LIvCI...; 
Dank Amciu-a....! 
Itauken. Tr. .\.Y.' 

Karlwr Mil 

.Uo/iter Trai«»>r. 

ibeatrii-; Fi»U 

Bcfrnii Dn.'kenN’n 

bell t- Howell 

hen. 1 1\ 

Hcnguet inu« ’B’. 
iBctl'Iclieiii -teel. 
lllHck 1 Decker..' 

B. ^inc 

Ihmln ude 

L'orilen 

Warner 

Bra niff Inc 

Braustn ".V 

On: tel M.vers.....i 

B P.+ V Urit K... 
Un-'kn*,- tilaw.. 

Hnm-w lek t 

Burj rus Krle 

Htil.’i* Watch 

Kn rlnurr. m Mbn.-' 

Hnmnigli 

'Oim N.CII *>• "ip.. . .' 
'L'*!is>Ji*u I'Mi-llie.: 
.■Riinl l.'aud.jtph.J 

l*niai|...u 

it amer A (leaeml 

t.arier Hawley 

taieri'dlar Tract i- 

t'B» 

Lelanese Cervn... 
[L entral A b.W..,.; 

t'crtalii(ee<l : 

ffShUH Almwit.. 

T imer. Mauhatlau 
•l hvmi’Til Hk.N V. 

fbc-ti-ry It Poml. 1 

i.'lie,ateayMeni.... 
Mihagr. Bridge.. J 

;l br>»ler 1 

l.'ioeraina 

Cine. Milacrun....' 

i n 1 

Lilie- serrlce.....| 
City In, e-tine.... 
Clet-elaMl Cliffi..: 

L'.-siL.iIh : 

I'.'.’Igate Palm 

CmIIidk Aikman-.i 


35 J 8 

29 
423* 
293* 
3H* 
453* 
IBS, 
184* 
383* 
273* 
373* 
461* 
28li 

17S* 

503, 

59 
413, 
31 i a 
343, 
233* 

36 
311, 

30 
63* 

444* 

52 

363, 

toll 3* 

55U 

193, 

37 
177* 
30i a 
26 
311* 
275* 
17,8 

151* 
361; 
513* 
42ia 
144* 
32.* 
591; 
27 1« 
273* 
37k 
273* 
473, 
271; 
381* 
225* 
401; 

47 3 
23 
203* 
73i, 
32k 
293, 
32S, 
16 k 
143, 
583* 
17i, 
52 
171, 
19U 
85, 

43 
85 
371-t 
201- 
111; 
293, 
121* 
191? 
60k 
583, 
413, 
lota 

2U, 

44 A* 
333, 
403* 
253* 
30 
571, 
1 13, 

43, 

36 

263, 

50 

171* 

60 

45 
21 
121; 


laic 

High I bus 


Slock 


Sept. 


63 

521, | 
3445 . 
30 . 

371* ] 
42', 
2Uj ! 

31s* i 
491* • 
35 ! 

39 1, : 

143* ' 
243, ! 
163, 
29 [ 

191- I 
5+1* • 
46s* l 
49k I 
283, i 
'33 ! 

467* ' 
1291* | 
251* . 
144* I 
673* 
40l, 1 


451* 

421, 

243, 

2H* 

293* 

33k 


l.'rimiuo l.itaMi 

(PC Int'ni'tional 

Crane '• 

Cno.-keu Nni • 

t'li/wii Zellerimrb' 
1 'un hi. in- Kiicine- 


161* Curtiv. Wngbt... 


193, 

34 

23 

223, 

51* 

161* 

15k 

25 

113* 

384* 

3lBs 

38 

2238 

25 

361* 

973* 

161; 

6 

4U* 

33 


Itsna 

Dart la.lmtrle". 

’Deere 

I lei Monte | 

Deltona 

Dei imply Inter... 
LMn.ii kMi^<n. 

I 'Hum -nil -bamri 

Diet a phone. 

Ui^lia h«,uip 

biMiey tWalt).... 

■Uorer i.urim 

D..»- C hem km.... 



Urif-er 

'Du|R>al 

P+gle ritcfier..... 

Eb-L Airlines 

EnM man Xiktak. 
.Eaton 1 


321* 

16k 

K.G.JLG 

18 k 

145g 

Ki IW Aai. i.as 

35 k 

25S* 

blint 

a9; g 

295a 

hmer".iiKl'e.-rnc 

28k 

185* 

fcinery VirFr'ight 

44 

2736 



2k 

K.M.1 

27 

21k 

UncellmnL 

523* 

251* 

L'in*j-k 



493, 

43 k 

Kvinn 

47k 

23 

PairoliiM l.'amera 

40k 

34 

1-1*1. tii-fil. si.. re* 

lb 

125s 

t-iririiiiili; Tvrc ... 

32k 

24 

K-'t. A a). 


16 

Fu-vi Van 

391; 

18te 

Flmtlote 

3a 

28k 

ri.iri.la P"wcr.... 

40k 

305* 

Fli«ir 

265a 

20k 

F.M.L" 

51k 

40 Sb 


23 k 

17 

Fi'ronimi }lii... 

39 r a 

275* 


111* 

7J« 

FranKim Mint ... 

28k 

18k 

l'w|,“t Miuerttl 

33k 

24k 

Fruelinur 

131; 

8* 

Fuqu* Li+ls 


10 k 

G.A.F. 

49 k 

343, 

Gannett 

in* 

a fa 

L.vu. A mer. lot... 

31*8 

22k 

k.A.I.A 

20k 

Ilk 

t.eu. (*l>te 

88k 

37J* 

Gen. liituniin. 

57 

44 k 

Lieu. Kiii tni-s... 

347 a 

265* 

Gi-n. F, ««!».. .. . 

33 k 

26k 

1 • <i i— m l Mill*... 

661; 

573e 

(■•■iienil )li.+.^s.. 

207p 

18 

'■-li. Pul.. Util... 

33k 

24 

lien. Mgual 


28* 

Gull, 'lei.hlect . 

29k 

22* 

Tyre 

8k 

S'-a 




323* ; 
43 | 

313, , 
22 re ; 
18k 
34 i 4 I 
283, ; 

9k , 
316* I 
143* ! 
16i* : 
634* 1 
733* : 
387a ; 
227a 
70k , 
43 k 
293* | 

89l 2 

24 

393* 

717* , 

153* 

443* 

273* ; 


233, ('■e.-Tgia Pacb'e- . 
333+ /July Oil 


231, 

19 

I57J 

247* 

237.1 

63* 

221 ; 

12k 

It 

223, 

5+7* 

52 

1+S3 

39;, 

34 

24 

617* 
14i, 
301; 
43», 
11k 
23 v 
231* 
IO k 


f.-illeiie 

to— Ini.b B. F. ..1 
lindi'iar Tire... 
l...-ul«L 

Oiwiv W.]| ' 

fj ri _\| Ian I k/l 1 * 
!.rt. X*.rih Iriiu..! 

/■•ray b>..ii ml 

• lull 4 Weal era., 
kill/ Oil 

'Haliliurti-u..... 

.1 lamia .Minina... 
Hnmisi-lileui.-r. ... 
.Ham-Coriei...;... 

;Uein< H. J : 

iHeui«lit ...._ 

Hewle [*HI knr.1 . ' 

H ..I ii lay innf 

'HnmerialTe 

Holley neli 

Il"."irer ...._ | 

'll.ep-l.'.irji. Vnier 1 
H.*iTi.jn Xal.Ua- 


65 

50 

32 

28 k 

5b3* 

39i* 

17i* 

293, 
473* 
531* 
591* 
14k 
21 
161* 
27S* 
183, 
82 
451* 
49 
27k 
271* 
423* 
125 k 
233* 

1+3, 

63k 

39S* 

30 k 

177* 

541, 

567* 

271- 

393, 

3 

24 k 

29 k 
22 
497* 
o7 
4b>, 
128* 
31i, 
223* 
36k 

5 17* 
386* 

25S* 

443* 

22i* 

363* 

103, 

273* 

32k 

123* 

137* 
47 k 
107 3 
306a 
20k 

b5k 

54 

327- 

31 
621* 
17t* 
31 
3U5* 
503* 

to I* 
31 
40 

31k 

193* 

171* 

337 a 

27J* 

7*t 

26k 

153, 

lot, 

243* 

741, 

3B+h 

2ws* 
67 
421* 
27 'a 

883, 

Z4Jr 

37t; 

69 

131; 

41s 

25.* 


1972 


261; 



22Ts 

10k 

iKuri.in lE.F 

2Uj 

13k 


241+ 

32k 

ZOk 

1 .1. - J n'luvtnps . 

31 

14 ta 






44k 

31k 


41k 

63^4 

bOk 

liiC-rM-ll Kauil. . 

S9k 

l.Vl 

U..m'"J*l|..|i Eq...- 

15k 

4l.k 

33. s 

, InlHIi.l S|ri;|. ... 

56<i 

267* 

L 'm'uih K>]L**4i.; 

27k 

16>; 

12^ 

, Ire tic,' 

151; 

2k 

-fni'n 'thOil tlpfJ 

2k 





29 k 

L.niuiT. aat-rltir., 

42 

297k 

235«’ 

TUM 

293.5 

ata 

l',.ni(mlrr Si-H-m-. 

lba* 

27 if. 

liOJe 



31k 

L.'iiii l.li«r Ini 

39 k 

44 

26i; 

Ini'. Harvielcr . 

43 J, 

18i; 

I'.unii- 

22* 

43k 

36k 

•lull. Mm At. In -hi 

41in 

217;; 

L'i>n Kilim.+i 

23 k 

25 

19k 

lull. Miiliili»h.. 

20't 

B3Ir 

Lnnniil K..ipiIb ' 

24 k 

18 f* 

13' 

In.+i 

16k 

34 It 

L'i.n*ul Nil l<8» - 

405* 

47 

Jbw 

I"M. Pn(«T. 

4536 

21k 

* "lltUDlLT 

33 k 

38k 

2G>, 

II* 

37 

285* 

t'.ml irtmTal f.rr... 

32k 

14k 

to. 

Ifll. ... 

14k 

25 k 

Lpnllnvnlil Oil 

28k 

35»/ 

27k 

iin. Tpi. a rn. . 

32*; 

145* 

.(.vmttnentiU Tele 

16k 

39k 

27k 

I<iaa Rnpf 

38k 

2359 

i. »uirol Dura 1 

41 

12ta 

107* 

II. lll•■r^BIl■.■llai.. 

12k 

40i* 

Cwpcr iirttis.. — j 

49S S 

33 k 

27 k 

.3 1 in Mallei' 

53*i 


High 

Lew 

| • Sta-C'lc 

34k 

28k 

John* Muiville.. 

87 k 

66 

JotiQMin Johnson 

331; 

24k 

J.iiiawm Cuulrul. 

38k 

29k 

Juv Maoufautur'g 

291* 

23 lg 

K. liar 

3bk 

28 

Kaiser A In nilnl'm 

5 

Ik 

Kaiaer In<lu»trler 

301; 

31k 

KaUer steel 

14l« 

5k 

Kay 

38 

19k 

Kenn court— 

52 k 

40 1 b 

Kerr UcUee. 

bu 

38k 

Klmierlv Clerk- 

24k 

19k 

Kopwr, 

495* 

42 

Krali 

361; 

261* 

Kruger L'u. 

39k 

271; 

Leabna, 1 ran-.... 

371* 

211 ; 

1 ■Jtrauw 

281* 

25k 

LUiliy O*. Funl . 

57k 

261; 

^Ligget Group 

53k 

3b 7 9 

iLlfly 18111 

251* 

14 k 

4^Lluu linlunt 1 

36k 

13 

L-vliiltt-l Aitcr'ft 

265* 

171; 

;D*,e .-.toir Indust ,j 

2 U 1 g 

IBS* 

.Diug 1 -iHlhl Llll. 

24/* 

2 UI« 

.D.-ui-iaua Land... 

485* 

33k 

Luliri-<ii 1 

181* 

13 

iLuckv ''Iieta I 

12 

51; 

.LheY uug'i wn. 

15 

9k 


445; 

35k 

:U»cy K.H 

597* 

291* 

{Mils. Hanovw....j 

3b 

31 

i.Mapcu ; 

485* 

40 

^Marathuu Oil 

161; 

Ilk 

j Mamie Mi.llau.L. 

281; 

1913 

1 Marshall Frald,. J 

2670 

207* 

Mai Lie, a. > tuns' 

59 

32 5a 

ML A 1 

3ll a 

81k 

■Mclterirjutt | 

40 

22 J* 

iMuLfcjnncil Lfougl 

*aS« 

lofe 

:Mi.-Graw Hill ] 

684, 

26 

iMcmurex ' 

64 

483a 

iMerok 1 

23 

15k 

.Merrill L>'Dcli....i 

a9Ss 

30k 

lloa Peutiieum.. 

53k 

25k 

3ii.i M : 

65 

431* 

lUun Mutgjt Alfg- 

67k 

683, 

Uut.il L-^irp 

571; 

4456 

Munranto. 1 

51*5 

39S« 

U.o^an J. P 1 

541; 

34.* 

'M.xoniia | 

497* 

33 

‘Murphy Oil ; 

261; 

251* 

Naliuo., 1 

52k 

25 k 

;.Vaieu t hemrcals.- 

226* 

14 

.National Can j 

23k 

20 k 

Nat. Dl 8 tlllere,.,.[ 

17*5 

12 k 

Sat. toervlce Ind.' 

347* 

29 U 

-Sallow! sited....! 

46k 

355* 

Sal,, nuts ; 

657* 

37k 

..VUK. 

265* 

13 


24 k 

21 k 

Sew Giislaml El.; 

35 k 

53 

N«?w hn*;lsji'l T*rl| 

15k 

137g 

Niagara Mohawk- 

117* 

9k 

Sia asm share—..' 

24 

15k 

S'. L. Industries. . 

27k 

24k 

.NnrfolkA Western| 

41k 

34a, 

.'■■itli Sal. baa...- 

28I S 

24 

Sthn. Males Pwr- 

36 

20 

Srliwi+t tirbnee 

27k 

21 k 

SilmeM Berv'+pJ 

21 k 

163, 

Sort >.iii vlmori....: 

26k 

20 

Uecideutal Petrol; 

28k 

183a 

UkiIvv MbiIict.... 

19 k 

171; 

**lih. Mlwm • 


13. 'a 

Olio 

28 i; 

203, 

■ >»er»ea* Ships...) 

34k 

271, 

Oneus l.i-roiiif.... 

23k 

19 k 

•L»tt+ii 3 llinluu... .- 

25k 

33k 

Pae:t« baa 

2tl fc 

183, 

.Paeifu: Lighting..’ 

22k 

201* 

Fan Pu r. A Lfi:..l 

9 

4 

ftnAm 'Vr^d Ajti 

30k 

20 

VkrtiiT bsnnlfio. 

Z7k 

ZO>3 

P*aK-ly 1ml i 

22k 

20s a 

Pen. P«.A U 1 

421; 

33k 

.Peuiiv J. C 1 

30k 

26!; 

■ Penn/oil 

13k 

7 

Pe. ■ file-i Drug 1 

37k 

323a 

'Peuj'leabaa.. ,.| 

33k 

845b 

.I'eiihkru- ..j 

287g 

17k 

Perkin Rimer.... 

56 

321; 

Pel ' 

375* 

2St3 

Phi+r 

27 

173, 

Phelps Dirige.....; 

183* 

17 

PbllmJelpliln Ele.' 

7b 

56 

'■ Philip siurrie 

35:* 

871, 

-Pinllire l*etr»»'m. 

47 k 

33k 

Pil.-lmrr 

281; 

18is 

Pltiiev Ifc.we?,. .. 

25!, 

20k 

•Pil**t.'d., 

IB.* 

161* 

Pleuer Ud ADK 

55k 

23'; 

pula nil. 1 

15k 

145, 

P.tfi.niM- hie" 

50k 

25k 

PI'li liriii"! ries.. 

9lk 

73k 

Frotur Unmlilr... 

24!; 

2lfe 

Puli Her Elect— 

46k 

04 

Pnlnmn 

20 k 

15k 

I’lin-i 

27 

ZO'r 

■U'Mker ttais 

16k 

5 T *: 

N-ivW Aiueriuan.i 

56k 

29' t, 

Knvtheon 

33 k 

32 

KCA 

28 k 

22 

KcpiMlic Sleet...! 

117 

15k 

KeMirts lull, .—i 


Bet*. 


323, 

8a 

271, 

343, 

273* 

35 

21* 

29k 

iz 

243* 

463. 

3tok 

471* 

227* 

465* 

345* 

3bS* 

34k 

263* 

35 
SO 
26a* 
a2k 

243* 

19k 

zai* 

4b», 

17k 

lut* 

ll>* 

423* 

3B3* 

333* 

47k 

13S* 

2238 

26k 

687* 

2alj 

37S* 

25k 

551* 

6X1, 

21k 

337* 

473* 

02i* 

66 

567* 

Sui* 

481; 

477* 

26 

29 

201 * 

217* 

17U 

325* 

48 

643* 

26k 

237* 

33/* 

141* 

Ilk 

237* 

26 

36 
263* 
321; 
267* 
197* 
21k 
26k 
17 k 
16k 

28 
343* 
22 k 

241; 

19 

217* 

ai* 

30k 

273* 

213a 

381* 

29 k 

131* 

36 

313* 

271* 

5+k 

35 1 * 
22 . 
177 5 
71k 
32s* 
48 
26 
221 - 
191- 

533* 
I4. a 
29 
87 
Z33* 
441* 
19k 
27 
147* 
53 
32! t 
243* 
110k 


1912 

High | Low 


Stock 


58i s i 38 
343* • 251* 
62 521* 

293, | 20 
363* . 887* 

36k I 28k 


Kevloo 

Keynolds Metal* 
HevncUii* R. J._ 
IticbViD Merrell 
K.-Smeit Inter... 
Kofan, t Haas — ..j 


r- 


63 
17k 
13k 
283* 
451* 
313* 
34k 
39k 
7k 
.. 71* 

163, 

93 

217* 

187* 

243* 

87* 

36k | 

2b I 
163* 
373* 1 
42k I 
36 | 

453, : 
581* ; 
86k | 
145* 1 

99 ! 
41* ; 

44k . 
26J* : 
173* ; 
38 

341* • 
55k i 
34k I 

281* I 

223* . 
49 J 
387* 
287* 

46 ! 
521* I 
387* 
467* 
19 
70 
45 k 
55k 
344, 
14k 
463* 

117 

. 

331* , 

12 

27 k 
22 

47 
92i« 
331* 
30i* 
501* 
341, 
537* 
+4»* 
19 . 
22 
371* 
29 k 

28 k 
40 
20k 


541* I Koval Dutch...... 

lBi* irru 

Ill* IkuuTiv 

131* IKyrler System ...J 
35k date-way '•turea... 
22k sL Juc Minerals^ 
863* -t. Kerf* Paper.. 
324* aanu Fe luds..... 

34, daui I nveM 

4k isay.m 1ml* 

Brewing- 
McliliiinierrKtr — 

sCM “ 

so.ti Psi*r_ 

scueil Mr,; 

'-cu-liJer DnoAJtp 


10 

643* 

151* 

12k 

191* 

61* 

197* 

201 * 

116* 

221 * 

29k 

28U 

37 

28 

307* 

104, 

18 

464, 

Ik 

18 

235* 

15k 

285* 

304, 

444, 


IScb i- oiiimner. 

Swuirnm 

i'eaile (lj J.1.) 

l(i-ebuv-k>..| 

aEDCU 

>hcii Mil I 

.-beM Transjaet...) 

surnai j 

-icoi-leL+jru. 

Sinipl irilj Pat....- 

■sinner > 

Mnith Kline ' 

rolilron. 
9l<Ull|ii.iWD ........i 

isyullicrn Cal. Kr1.| 

{.•southern Co. J 

j-sUiii. No*. Be. 

isnutlieni Pai-ifu'. 
!>iHHhtmKailway 


221* itouiahlaod 

234, IsVi B« unbares. j 
151* [ai«rv Hutch .. ...1 

327* |'j|«rTv Hand 1 

213* p<|uil. j 

22k 'baodand BraurLi 
243* isWAHICalUornhi 
44 |6tn. Oil Indiana. 

29k ptd. Oil Ohio I 

341* SUuft Cbemliml..[ 
127* !.Sieriinj; Dra«. — | 
437* iSluiletosker.— ..... 
334* ‘5un CiLm.weeme.m 

313* {bunstnind. I 

184, 'Jsyntei I 

8f!{ (Te.. luiici.lijr. 

32S* |Telf1n.nla.._ j 

67i* iTelcdrnc..— I 

23, ]T*le* ... j 

287* iTentvo 1 


6k ; 
411; • 
403, . 
403* : 
271, 1 
253* 
447* ; 
59 k 
267* 
42 j, * 
11 

S21; I 

52', 1 

81, 
131, : 
35 

33 1 a : 

293* ■ 
32n* ' 
si^i : 
223, , 
183* I 
287* | 
34i* : 
31!* . 
31 
321* 
431; i 
37.'* ' 
211; 
241- 

30 

31*4 ; 
241, 
247- 
21k 

31 


71, 
23 k 

173, 
363, 
611; 
243, 
193* 
543* 
221 , 
41k 
313* 
151* 
173, 
321* 
211 , 
9k 
26 k 
1B1* 

4k 

27i, 

20V, 

193* 

184, 

19 
353, 
501; 
12k 
36k 

6k 

45k 

41 

71; 

6i* 

25k 

21k 

316* 

25i a 

321; 

18k 

13s* 

16k 

291; 

25k 

i 7 ' 3 

241, 

293* 

204, 
153, 
1U, 

227* 

205, 

20 lg 
201, 
163, 
21* 


-Te»-ni Petroleum) 

'.Teiao. 

TesMgulf I 

-Tens Kanern...; 

Tesa» loat'm ! 

.Texas 011 4 tisa.-.) 
Texas Ctilitles ...'. 


.Traus L ntoo.— ■ 


557 a 

317* 

59 

291* 

341* 

35- 

637* 

151* 

117* 

281* 

43 k 
28 
32k 
35 

71* 
6k 
13 k 
891* 

ZO>, 

16J, 

23 
63* 

283* 
24k 
141* 
831* 
43>, 
343* 
4+1- 
55 k 
377* 
12 
191* 
96k 
4 
45 
26 
1=4* 
351* 

317, 

54*, 

314, 

27 

81 

46k 

33 

284* 

447* 

49s* 

364* 

467* 

17k 

647a 

443* 

631* 

521* 

13 

44 
105 

8k 

3Uk 

101 * 

24 S* 
80S, 
384* 
85k 
27k 
8 H, 
48J* 


l 

34 

;j 

521* 


443, 


18k 

-j 

203* 


35 

l; 

25k 

%i 

28 


37te 


In <.i'>aLunenu»l.-| 19k 


lTrit.-n Oil S. Gas.' 

TKW J 

: 2 uib CVniury Fo*' 

!i : Aitco"“!^r — i 

•Cfi I 

ICmleter 

Unilever XV J 

Union Baucnrp-.-' 
Uni* m Carbide. 
iUniou f iimirten.-c 
C nlun Oil Calif.. -- 

|LdI>jq niclDc.....; 

Ilnir'.val-. ! 

.Uuiie-l Brands...- 

'Uji hanrufi 1 - 

;L'4 by-mum. 

lC5 SIK*;..- I 

■ I * .-lerl 1 

•Us TeiJiia>hTRle»-i 
iCV Imiustrin..- 1 
Virginia Elect. -. [ 
I'Valsnrea.-..— — -i 
Wanier-CoiDiun . t 
"‘anier. fambert 
iWasie- Maa'mcni; 

AV,.|is- Re r*n 

Wiaien, Baninrpl 
"’csivni S. Ahici’ 
.'VesiiTu Una^i,..: 
I'Tesluj^h'td Sk>^ 

iMV-vacn..- 
I'Vverbnauser . ... • 
;W|birI|jnpi... aH ....| 
W hil» Cop. itti..- 
: Willlam Co., . 

D taconalhRlecl..! 


63* 

41 
373* 

42 
291; 

2UI* 

40 

693* 

27 

40s* 

10k 

493, 

53k 

71; 

13k 

55 k 
30 1* 
28k 
26k 
487* 
22 
141* 
281* 

56 k 
28k 
31 
321* 
423* 
35T* 
207* 
227* 

29 

3D 

223* 

221; 

Sim 

23i| 


Idle 


Sew. 

mail 

b.w 

htuuk • 

L 

215, 

176, 

Wool worth 

2H2 

66, 

*» 

W»K 

6U 

63k 

41 

S-ww 

58k 

191, 

143, 

3a|Kla - 

155b 

187, 

115, 

Zruilli Kadi.. 

177* 

95 

Oiti 

L^.Trw.4J 1 l»»G 

795 

825s 

797, 

ojonti 

L>.T,wie4ii7c,"fb 

7811, 

7.53J 

U. 5. 90- lay hilU- 

7.59* 


CANADA 


164, 

55* 

37k 

23 k 
46 

24 
23 

74* 

60k 

40 

183* 
16 >* 
8.0 
4U 
17 k 
Ilk 
14+, 
291; 
223* 

23 k 

24 
661; 
5.12 
114* 

29 -k 
30 k 
33k 
193* 
8k 
133, 
Ilk 
803, 
B6k 
83 
ZB 
217* 
16 
293, 
82 

325* 
15 k 
32 
9 
46 
473* 
203* 

24 
477* 
20 k 
377* 
22 
207* 

167* 

12 

17 

16U 

9k 

4.56 

227* 

164* 

284* 

381* 

4 

34 

187* 

37 k 
421, ] 
637 
2.30 I 

44 

371; 

17 

6.00 

2.01 

25 
193* 
IB 

2.40 I 
IBs* 
ilk I 
361, | 
34S, 
19k I 

10k I 
29 | 

17», i 
6i, ; 
36k 
7 k 
267* I 
3.80 I 
I 

224* I 
185* ' 
101 , ' 
t!6k | 
154* 
8k 
36k | 
12k 1 
201 - ] 


10 k 
4.30 
2+U 

14 k 
341; 
17k 
18k 
3.75 
52 

20 k 

13k 

14 k 
2.06 
34 
Ilk 

8k 

22i, 

18 

15 k 
151, 

51 

3.05 
81* 

174* 
23k 
211 * 
16k 
5 k 
7k 

67* 

52 
70k 
55 k 
21*8 
143* 
12 
16<* 
69 k 

255* 

103* 

26 

5 

29 

37 

153* 

161* 

40k 

17 

273, 

183* 

151, 

at, 

9*8 

if 

67* 

3.25 

154, 

97* 

20k 

284, 

1.90 

21 
144, 
15*a 

14 

3.55 

1.56 

831; 
311, 
64, 
3.80 
0.80 
19 k 
97* 
10k 

1.05 

12 S* 

8 

245, 

25k 

15 

22k 

13J* 

4.30 

224* 

4.30 
223* 

2.30 
34 
165* 

13 k 
84, 

10 

10 

7 

28** 

10k 

131, 


lAhillM Paper | 

•Apniw Lai; It- 

-Ali-aiiAluiniuiuni 
.VbpMiMbUc!.. .. ' 

; A'Ixj-Ii«- 1 

Uaukoi M- hi l real 
Ur 11 k > 01 a rv-H ia 
Hn-ii- lh.-Hjuri+»..' 
;beli Tcieiibime. .. 
Bn« Valley Inil-j 

UP Canada , 

Ura-uiu ' 

liHUix ] 

jCa»«ary hi»«. .. 
kiHiuBiiw Mines 
'L.t 1 in. Li Ci'inenl..; 
’LJuii da MV Ijiu.i 
^L'rtil.lmu UL L'iiii/ 
;Camnta ludnxt....; 
Lau. IkellM 
Lan. Pa.-ilie fnv 
Lau. sii|r-i Mil 
JUariiu- Li'Kerfr^j 
ICaeMar Aslerali"*, 


3 


.L-tllefralii 4 

JUuiiiim..,,..... 
,CiHls. UntllillM... 
|L>Hi.umer I ‘.a-..., 
jOfseka l!e-nnn-r- 

iCVf-liiiii 

D*i<ti lievel , 

DeiiL-mi Muirs.. 

Duin Ulne> 1 

Dome Petntleuitil 
DuatiiiMNi Bn-kq 

lX-mlar 

jUupuot— 

I Pakuu'xe \ lekei.l 
iFonl MiAur Uan_| 

UeuMai 

Giant Yui'wlcnifa. 
Hi all Mil CatuuJi.. 
Haw kerttd.Can.1 

'Hul linger. 

Hume MU 'K ' ..... 
Huilaon Hay Mod 

Hudson Hay 

Hudbun Oil it Uaa| 

I.A.l" 

Dimaeu 

Imperial 0(1...... 

luuo J 

Indal 

Inland XauOi*. 
Iut'(>. v Pijic Unrj 
Kaiser Kesmireeal 
IUruti Fui. Curp., 
iLoblaw Cum. •&', 
I.Ucntli'u UliHxtl... 

iMaaney Penuroul 

I McIntyre. ... 

Huun Curpn,.... 
lltHmcaiuStMtehsj 
iXitramla Mlnm.. 
Xtnven Bnenty.. 
Ntbu. Tr(flcuni...i 
XumarOU A OaH 
OakiTuud Pctii'ni! 
Pacific Clipper M. [ 

1 Pacific Petrulenmi 
Pan. Lau. Pel'liuj 

Pa tint) f 

People- Dept. S..I 
Place Can. k Uit.l 
Placer I K‘i‘eli>l >n 1 ti 
Pow er Corfant' nj 
Price 

^ 1131—-- Stlll^MII 

1 urns- an 

If ceil Cifen house..] 

KluAIgmn 

! Ku.v«l 8 U. id Can. 
i Kuy-a I Trual ) 

Jfreptnr ITanureraj 

.nmxra mil f 

Shell Curtail* I 

.SberrittG. Mlnesj 
iblebeus O. 0 .,.„. 

l 5tni|n..io 

ibtcd er Cnuado..] 
,Stec{. ICock I nm.. | 
.Tcxiicu Caua>la....l 
jl'onwp.Doin. 8 k.] 
TrauaUan Pi|« Ln; 
Trans Miami Onri 

[Tri.-« ' 

{Unluu (ibb 

, Ctd. Sucoe It inns) 
Walter Hiram... 


West CiwatTmntl 
Weston 


17 
63* 
56 >, 
23', 
t+9 
277, 
216* 
+.L"0 

69k 

42 

18k 
171* 
7.50u 
397* 
I9i, 
11 
lli* 
287* 
223*.. 
23k 
23k 
62 k 
4.70 
lu 

26», 
29 k 
34t* 
19 
bt* 
134* 
Ilk 
80 

1041* 
95 k 
)26k 
22 
144* 
27k' 
79k 

32k 

114 

363* 

87* 

433, 

44 

19k 

227* 

44k 

187* 

367* 

22k 

163, 

16 
116* 
lb7* 
16 
63* 
4Jb 
23 
13 
25 k 

563* 

5.45 

327* 

37k 

5t>!« 

233* 

4.6a 

UO 

7k 

36 

17 
5.62 
2.05 
26 k 
19k 

18 
2.20 
17 k 
111- 
554* 
533, 

719 

B>* 

ZB 

15 

bi, 

557* 

7 

257* 

5.50 

47 

2uk 

171* 

9k 

114a* 

12 

81* 

ia- 

19 Tg 


31 


t SUL j Antal, i Traded. | New Sna. 




JOHANNESBURG 

MINES 

.Anglo American Corpa. ... «.13 

Charier Consol Id ated .3.70 

East Drfefomcln 13.10 

Elsbnm - 3LSB 

Harmony ..... 7.35 

Kinross "AS 

Kloof .11.13 

Rusicnburg Platinum I.n 

St Helena - X17A» 

SMlhvaal 10.30 

Gold Fields SA ' ZaSS 

Union Carso ration -5£0 

Dc Beers Deferred .’ ?J3 

BlyvoomiBicbi - LU 

Free Slate Ceduld - SUfi 

Pres idem Brawl 1850 

President Stem 17.00 

Sulfontein - _..'.5£D 

WcUtom .... — 580 

West DrlefontciR . 44 Jj 

Western Holdings 38.00 * 

Western Deep tl5.75 

INDUSTRIALS 

A ECU 3.» 

Anglo- Amer. Industrial ... •' IB-10 

Bartow Band +30 

CNA Inrestroems .’ 13 00 

Cnrrte Finance ..' 0-99 

Edgars CtntsoUdared tar. tj.*0 

Edgars Stores t31.». 

Federate VoDobeiegBiDgs .; 1.87 
Greaiennan* Stores 73 10 

Guardian Assurance (SA) 1.25 

HHletXS UO 

LTA ' 2J3 

McCarthy Bodway LOO 

NedBank i 2.63 

OR Bazaars 790 

Premier MUtaut »,10 

Pretoria Cement SAB- 

Protea Holdings LAS 

Rand Mines Properties -i- 2-35 

Rembrandt Groan .... ' 336 

Retco — 9.45 

SAPPI IS 

C G. Smith. Sugar M-* 

SA Breweries ... L47 - 

Tiger Oats and Natl MTg. 11.35 
Untsec .1 19 

Seen ri ties Rand SD.S. 0.7GJ 
(Discount of 33.7%) . 


-0JI5 
-0 03 
— Olla 
-0 07 
-0.05 
-0^0 
-0.18 
-0.01 


-0.73 

+0.02 

,+0.23 

—0.15 


-8.40 

-0.13 

- 8.10 

+HJ5 

—0.50 


-0.8! 


-0.18 


-8.05 


-8 8! 

+085 


—9.02 


+8.85 

-E10 


-0.82 


+0 83 
“8-01 


AMSTERDAM 

• Sepl. 1 


I. Priue + or iDIv. «TM. 
: fi». - ' S % 


UmHfFI. 20l..».; 
AL»o f Ft. S0| ‘ 

Ake"iUnun-ioo; 

AMEV 1 FI. J01....I 
Amiv>:«uL »T1.39|i 

Hijenknn — 

RokaWent nuF.K)>| 
Hulirm Trttcrrate. 
Khwvter V i FI .20l! 
EdiimX.V. Hearerj 
Ei . rilVun T»l'Fl . 10), 
fiL-lal bn/iulp. Fli 
He’nekcn IFT. 2Pi ! 
liuuguiclb (Fl^Ol 
Huultrr U.lFl.Mlli 
K.UJU. 1 Pi. IUU 1..1 
lut. Muiier (IkUiJ 
Mwnieu 1 PI. Uii-l 
Vat.NeilluMFI.lUij 
AetlUtvIUkiPLar 
Neil MldHki,t'LoO)| 

Dew 

Ogviu j 

Van L>in»iercu. . . 

I’ubihto 

inuiiiam. Wt. ... 
Ilja>di1 cnFl.lU) 
KiAiwu ,8 1 bill I 

Cfiineii (FI. ! 

Ilvivulw il'IJl )....' 
Ki’.ial L>iib-li| PI20I 

r>lavtrumui; i 

atrt'm lir,i (Fl.ilXi| 
r«.fc.V«. lkc.Hlda.bl 
CnuevcT fFUSA.. 
V'lliiii^Nn. i'll an 
Uc-*i,LtT.n v(U'L 


COPENHAGEN * 


114.8+0.6 ,28 4.9 
35.1+0.3 : — ! — 
375.5 + 1.0 )A2S5< 7.5 

92.0- +2.5 I 50 ! 5.4 
BL2-0.1 A2S5- 5.5 

101.2 — 0.8 26 ! 5.3 

130.9 +0.1 ; BZi 8.4 
76 l+l 26 1 6.8 

•311.5'.... * 27. 1.8 

149.0+3.5 37.5 5.0 

68.8 94.5 5.0 

43.8.— 0.5 j 20 . 4.6 
111.01+ 1.5 I 14 13.0 

40.1- 0.1 1 - ■ — 

26.5. 

154.8— 1.6 i 
• 50.0 1 

32.1- 2.9 
111.71 + 1.7; .. 

b2.K 1 21 ! 6.9 

2 iu.&;— 0 . 5 ! 22 1 5.2 

178.0; +2.5 I 
54.4l+0.3l 

160.0 — 3.S I 
44.2,— 1.B 1 

88.8' ! _. 

86.0' — 0.5 , — . 

177^ A255J 7.2 

145 : - - 

123.9 ,9.3i 3.8 

135.9 +0.3 |5S.76i 7.9 
26U.O!— 0.5 1 20 I 7.7 

129.8' ' 27* 4.2 

149.7 +0.6 ISO.jdl 0.5 

138.0 +0.5 . 42. Bi 6.7 
42.0 +0.5 50.20 1.1 

395.0 +2.5 33 1 4.1 


12 I 4.5 

a 1 e.2 

19 ! 7.6 
12.51 3.9 
48 I 4.3 


36 

23 


17 


5.9 


Held. I 


I Price 1 + »r . Div 

j Kfi.her j — ■ ' 0 


•YM. 
% : % 


Au>te1-banken..._) 

itnnxke Bank ; 

bast A-lime Co...’ 

PtiiauelMtikeli 1 

Ibygai.i-lci 

Fur. Pkplr. j 

Houilelslmik 

G.. N't lik H.iKiOOj 

Nonl Kahel I 

UlWahrlv 

PrivaUnuk J 

PrurlnsIwnL 
>c»Iib. Uervuscn.J 
Muperfra 


142k. U 

1281, 1 12 

162 k 12 

134 I- ' 13 


7.8 

9.3 

7.4 
9.7 


377k' 

12 

3.2 

903, + i. 

— 

— - 

129 k' 

12 

8.5 

277 | 

12 

3.9 

1931* 

12 

6 J6 

117 i+2 

— 


134k; 

— 

9 S3 

408V +W* 

12 

2.9 

182 1 — 2 k 

• 1 

12 

6.6 


STOCKHOLM 


Auc. 51 


Hi A A- ihi-JUi- 
V'l* UvmtHKi»J)| 
\:bA (Ki.dOi«... 

\ t ia— Uopoofl K rK 

■ill renal 

■» Hut-. 

Can k> ........ 

e Ur'rHI_ — , 

tv-ect' ‘US’Lt'i KrrL 
Krai. 

a -cite "H'\ 

• 

• iHiuit+ 'lire 

. Jrul.l >e*.*tll 

iliira 1 hi.. 

>ll> Olll l>rtn ll»„ 

■vn-ivik .Lll_J 
.K.e. 'H 1 Kr-.._ 

Mlll’l tui-kiula 

i-iai-na 'll* KroL' 
C iitelHiini. — 
vi 1 Kr. a)|.... 


Price 1 ♦ cm I Du. 
Krone I — ki. I i. 


213 

145 

92 

126 

65.: 

115 

194 

231 

1+6 


141 Ul 


+3 

+2 

+2 

1-1 

-2.0 

+4". 
+4 
+ 1 


305 
103 , 
61.01 
388 
Ua 
B7 
260 


75.51 +0JI 
177 
72.51 -OJ 


65 


+3 
+ 3 
—0.5 


+3 


+4 


83J*—1.0 


0.0 

b 

5 

b 

4 
r+ 

5-/5 

10 

6.5 

5 

.9.6 

4 

lb 

8 

3.7a 

+.5 


2.6 

3.4 
5^ 

4.7 

5.9 

3.5 

3.0 

4.4 
4.3 

4.6 
3 C 

3.9 

4.1 
7.0 

2.2 
b.U 

4.5 

6.8 

7.2 


BRUSSELS/LUXB4BOURG 


tfepul 


Prhra 

Fra. 


+ ar Fra 
- — ! Am 


Die. I ' 
..Tld. 


Arhed '2,495 l 

Uerfcnit ~B*- '2,180 I— 5 

CJJ.H. Ccmart ...11.211 +16 ' 

Cockertll | 466 1—3 

BHPJ 2^90 [is 

Hlntnileil 6.800 

Fnl'rique Net 2.770 1 — 30 

G.a. ImaonBm 2,285 —10 

Uevaert >...<1.514 ! + 2 

HULISnixM 1.650 +10 

Hiilniken 12.460 [—40 

Intercom .....11.746 <—10 

Kredietbank 7,000 + 10 

i* Kindle Beige.. 6,250 +60 

iMn Holding. 2,930 

Pi+rofira 3.815 +18 

3uc. Gen. Bosque 3,043 +5 
Bin- Gen Belgk,uev2,035 

Wi»... -3.230 -30 

Sulnyy 2.455 

Traction Bled..... 2,570 -20 

rCB -HOG 

lin M1 q. (1/10) .... 774 
VteUle Montagna 1,883 


1II6 

1100 

;I77 

430 

;170 

150 

86 


+4 

+83 


164di0J 


170 

142 

290 

223 | 

S2JM! 

180 

205 

140 

225 

A21B] 

170 

50 


5J 

8^3 

7.7- 

65 

6.1 

6.6 

6.5 


6^ 

8.2 

4.1 

5^ 

2.7 

4.6 

6.7 

6.8 

6.7 
8^ 

6.8 

eis 


AUSTRALIA 


Sept. I 

Ausr 5 

+ ■“ 

ADHD:: ..■ran*.! 

tcn/n \il«lnili« 

tl). 71 
JO.86 
v<J. 12 

1 1.50 

+0.01 

\MAI1LM 

An-HOl 1- ,\( Jural i.'n 


Anifa-il Petroleum 

A+eic. .Mineral* — - 

Iwc Puli Paner 51 

A»c. C-t-d. Imliirines 

A ual . Fnitfiilal 1, -n 1 ureal.— 
A..X.1 

Atxi Oil k ti'Hs 

11.30 

71.42 

U-bB 

,1.10 

71.C9 

70.60 

70.72 

-i.b'i 
+«.• 4 
+0.01 
-j.ua 

+0.10 

+J...B 

-O.P) 

BmnSn Creek l.ivdil - — 

11.26 

U’Xll'Hlll\t|IP I'llllW 

♦ 1.07 
11.98 

+-j.'it 

+0.02 

Bn -Wen HiU Pn.,.ne«sn .... 

Lari ion Untied Brewcrc.... 

78.18 

1 1.27 
,1.79 
15.39 

+U.U2 

+0.01 

+ii:« 

llvkUirn L'emeni 

(1.35 

Lute- ll.i. J.T 

tii.18 

-ILU1 

Crei,. Oni.lhcldh AiHt- 

73.70 

+4.05 

vniilHiurr '51* 

i^.oS 

+O.OS 


73.62 


C"*tain AiislrMlia 

r 1.80 

+U.04 

Dulling, KuNan 'Sit—... 

ri.ao 

+0.U( 

EtoCOK 

t0-e2 

+0-01 

Khler- -nu'h — 

72.43 

-U.02 

Kndearour SessircM... — 

70.31 

+0L02 

U. L 1 rural ne» — — 

13.10 


Ocn. Pir,wi.r Tnul 

Tl.t8 

+.J.U2 

Ha mer* ley 

<2.32 

-0.05 

Huukei — — .... 

70.60 

-0.01 

ID Australia 

12.30 


lDter-Dip|« ...... 

tO-lfl 


lenninga Indnidriea 

71.19 

+0.01 

iuun- UMw Id 

71-08 


Lenoanl Oil 

tO. 36 


Uetaia Explmlrm—. 

U1M Hra.line* 

70-36 

+O.IIS 

72.35 

+0.K 

Hym Kmprium - 

tl.o5 

-0.0! 

-Sew*.. — 

12.53 


Nicholas Inlemnl 1 . him 1 ..... 

TO.bB 

+0.01 

..Non h Broken H'.linc* 'MA- J 

tl-38 


OWklirtilee 

71.85 



to. 15 


OlieL hk, i.iranm..— 

Pumew Curler ele 

tasi 

+o.m 

t l.c9 

+0.01 

U** hill A Liilman 

72.k4 

+U.D4 

tL L. Meicli 

<0.78 

10.53 


wulliland AI 111111; 


’•piuui.v hxi.liiratiiai 

t0.48 

+0.03 

lujlii »5i— 

tl.93 


B allonv 

70.H7 


"hlmr .Minins i!>'..viu*'. 

11.69 

+0.04 

tV'npl'n.i | ft* 

71.67 

+0.02 

TOKYO 1 

f # l*rle*»i + lir Div 

:YW. 

Sej't- 2 1 Veil ; 

- . % 

; t 



2.1 

1.7 

Uanuo 1 444 i 

+ 9 . 12 


802 

415 

580 

525 

229 

525 


Casiu 

Cbluuu 

Dai Ni|i|*'U Pniilj 

Fuji ! 

Hilm+i 1 

Huiida M'.ilcf-. . 

HousUf Fi««l 1.270 

C. lull - 242 

Ito-YnUJu 1.790 

-Iao+ 1 758 

J.A.U 2.900 

Kouvai Klivl.l'u. 1.200 

Kurtraiaii 325 

Kuhrt*. 281 

Kyotu-Cerami..' ... 3,510 
MalMJ-.ii tin I ml... 710 
Mitaul'ihbi UunL. 280 
Un.Mil.i-4u Htsivy 124 
XICmiI-'-Iii C»r|... 442 

Mitsui A Co ' 507 

Ult4ufci».lu 595 

Ai| 4 >.n 3D 

Miqs.u bliiuiMii.. 775 
\isun ll.iiiuw . . 754 

Pfmecr 1.570 

bau>“ KUj. tru: . . 24 2 

avLiMn 1’n.iai, ....■ 970 

rililseiiUi 1.170 

Sony 1.500 

ralsliii .Mnritu,... .. 236 
Loknia Clii-nursl. 422 

TDK 2.080 

Td.ilo 1 16 

ToLy. ■ Mamiu.. . 487 

Tukyv UUi-tl'fiu V 1. 1 10 

luLyi'Kaiii L > 324 

•l'oray— 145 

IVliila lint. 134 

Toy uUMolur 551 


1 25 
20 

; 18 
15 


-8 

;-5 

+20 
+ 12 
-2 
;+s 

i + 2 | 12 
—50 | 30 
' + 43 ! 13 
'—20 : — 
10 
18 
15 
3a 
20 
10 
12 

13 

14 
20 

15 
12 

16 
48 
12 
30 
20 
40 

11 
15 
30 
10 
11 

8 

12 
Iti 
10 
2U 


1.6 

1.9 

1.6 

1.4 


12 1 2.6 

18 ; 1.7 


, + 6 
,-l 


:-4 

+ 1 


-2 
+ 9 
+ 50 

|T 10 

+ io 

+4" 
+ 20 

" 1 " 

-r 1 
• t 20 

-I 

-2 

^3“' 

-T 
+ 2 


1.4 

1.7 
0.8 
0.9 
1.4 

4.2 

2.8 

2.7 
0.7 

1.4 

1.8 

4.8 
1.6 

2.3 
1.7 
0.6 
0.8 

1.4 

1.5 

2.9 

1.5 


PARIS 


tfept. I 


Price 

ti+. 


♦•“ItatJli 


l£-ute4,- 73RO, r +2.lj I 

Afnquc OccuJ FeJ.. 424 [-1 
Lir Liqunlp.-— .— [ 3Z3.il 

Aqiutfline i 520' 

lilC 470.1[ 

ifc.myi.aie* — .855- 

li.'-.N. Gerrnri...- -52U 

LHrt+iour— : 1,730- 

c.D.E. ‘ 475 

1.1'. Alcatel i 1.046 

Cie liHTwaiiv 1 4UO.ll 


UHiMleiiitet 

Credit Com. Fr'ue; 
C-ivum. 4. Loire......'; 

Dunier— ■ 


[41-0!®* 
♦ao j 4«'i.3 '• 

[-■.v' Wy •• 
+'! s ;.*»« ". 

-1^1 idu . 


12u 

98.2! 

645 


406.81 + Loll 


+--.J Hrl 
-3 ' 


r'r. Pet tali*. lSn.r-r&S 

(ien.Occi<lentale.[ 205.5) -n.llaid ■- 

imelM. I.., fiBJj+O'.a-i.'a;,^ 


■I m+jijcs Borel : 160 . . 

Laliuate ! 204. d 

k'Urrai f .729 1 

LacKianii '1.830 

llHions niwnx.J 5a4. 

Ul.jlieilil -H".... 

Jluel Hunneaset 

M-mmura mm.J 

Kuril 

1 *ei-h Iney ... .1 
Pernod.kliauil. .J 
I'nurna -Cu n «u. 

Puuiaiu. 

Jiniliu ledunque^ 

Uwioute 

UiHOie Poaiem- _ 

l. i>ui«ui 

m« KuHteiui.. 

>ura ..... 

1 cmnetMuque— ! 

1 iHtroxm Bmxll 
L'slll.j, 


1,295 
a31 
142.501+1.5 
183.1 +3.8 
- 89.8 +02 
2732+72 


'4b7 


430 

5o2 

lOb.Oj 

149.3] 

L.C65 

292 

807 


227JH— 2.4 

283+0-1 


- iLflju ' 
- — ULi-q' 
+20 , 
-1 •'sOiS''- 
+ 14 .A.JSTII 

*:\v. 


(—2 


204.51+12 


+12 

:i 


7211*. 
UIh'U 
1 UU-. 

« u 

WeJ 

B:- 

1CJKA 
II.: 

'6. 

BUI1. 

ilk a 


VIENNA 



■;-7 



Price 

+ «* 

TJfF 

nr 

SepL. 1 

% 


Jt.H 

4 

Creditanstalt 

242' 


fw 

IL 

Pernwoser — 

276 

_a 

h 

L 

Select*... 

630 

+» . 

an 

V 

hrmperit... — - — 

87 




SteyT Daimler — 

224 

+b 

* 

V 

Veil .V«sumii —J 

220 

I--I - 

•Iff 

_L 


BRAZIL 



\.+~it* i/P 

iiuj..+ivlo Urasu.. . 
dimoi li*U PA..'. 
•ieiKU MiihriraUP 
L-'jn* I mer. Ul'.. 

r'ell'Hira. PP 

Pire.il....: ; 

Mura L'rus OP...| 

uiup Pb..._ 

1 +1** III.. Iln-c PI ! 



+0JZ -M . 

+CLW02&M!. 
-OJt 



2.7*i/-. ' .&* 

to.OO 

1.21 1-0+40.181*1 - 


Turnover: CcJ42ra. Volnfoe (UK . 
Source: RIO de Janeiro SE. 

OSLO ; ' 

1 • Pta +» ) + in ' 
bepk l ..jtowKlj.— | 

t 


oer^vn Bank' J 

Jon euaar. 1 J 

t-re-iir/uiu, j 

ro.- mi>» • 

ivreiiitka-i-en | 

v.«^«Hy ; In.Ki-L 

-luim-niii.l 


99.75i+0«7S'_.*' 
77 1-1"' I 

113 J... j U 

270 j—5 W..- 

lis.oi-asi 11 !«fc 
2242H-2-5T **1^ 
93.75]+ 


SPAIN V 

September 1 

a stand 

Banco Bilbao 
Banco AUam 1 co < 1.(1001 

Banco Central — 

Banco Exterior 

Banco General 

Banco Granada M.O09) 
Banco Hlspuau .. . 
f •? j B. hid. .Uwliierraneo . 
“ Banco IntL Cal. 1 LMIO 1 

.J-J Banco Popular 

, Banco Santander <2 501 
1-8 i Banco UrcjuOo il.OBfii .. 

Banco Vizcaya 

Banco Zaragozano 

BanSumon . 

Uanus Andalucla 
C1C — 


0.7 

3.4 

1.1 

4.5 
1.9 

3.1 
3.7 

1.1 


Source Xibko Seturliies, Tokyo 

SWITZERLAND * 


uepi. 1 


Pro 

Pi-. 


e + .-r’Dii-.YId. 


8 1 5.4 
10 3.0 


22 

22 

16 

10 

5 


Aluminium 1.185 

BilU W 1.025 

CiteOeigy 1 1 -.I 1 .V 1.025 
Do. I'hrtL'ert.' 760 

Do. ltis; : 570 

Credit tMilviL- 2,290 

Btei+ron*Ii 1.950 

Plveher it.evr^ei . 630 . _ w 

HoffinauPlLenK.-6B.12S I— 1375 111 a, 1.7 

lb'. (MnalJi 6,525 —75 :110 1 17 

Interim* l B 3.900 — ' - - 

Jenu-II (Kr. IGJi .. 1.560 
.H'cstte tFr. 100< ... 3,430 

Do. Meg 2.200 

UertlL.jii B 1 F.StO, 2,865 
Pirelllal I’ll’.i'jJi 390 
■tendMa Fr. 250» .. 3.575 
!)■». fart Li-rt«.. 423 
S^-JUndter Vi PUW 285 
300 
812 
389 


•Skin* Ul (Fr. 100 ,- 
awtuair fFr. 3 Kb' 

Riifc 'Fr.lOC 1 
Siriwilfe. lFr.2oO/ 4.83S 

L'nfcitr Haul, -3.250 

Zitrlcii Ins. — ..... 11.900 


-5 

-io 

,-15 

-3 

1+10 

:+20 

5 


-35 

-io 

•+'ss' 
+ 1 
-45 
-2 

-3" 


Percent 

125 

381 

ar • 

A3 
23* . 
283 . 
UO 

.29 - - 

199 
UL 
JO 
3ZL 
294 
250 
2 ga 
152 

200 
00 


lnmoband ..... 

E. !. Araannesa, — .. 

n 

51 

MM . 

EapL Rio Tlmo 

sfc.a 

46-75 

Kcntm 1 l.oooi 

Urupu Velazquez t-WOi 

M.- 

liS 

USB 


M , 

Olarra 

Panelcras Rcunidas ... 

112 

» 

12B . 


50 


. 


127 

Tu-ltfunlca 

82 

Tu bates 

Union Elec ' 

7US 


-r • 
-2- 
-1 1 


^2 


.--I . 

-1 

-7 


+»* 


.'t?; 

■ri 

+ tS 

-J. 


20 I 2.6 

21 1.4 
+85.51 2.5 
"(83. 7. 3.9 


t3 


+ 35 
+ 50 


IS ! 1.3 
15 : 5.1 
26 1 1.9 
26 > 3.1 
iz ; 4.2 
14 : 4.7 

10 : 4.3 
10 1 2.6 
14 I 2.1 
20 3.1 

44 I l.g 


MILAN 


S0|4. I 


I Prii-O 
i Lira 


+ ..r: 


A.N'IC I 108 _ 1 

Butogi j 667 — IO — _ 

Fist;..-. 2.040 + 16 i 150 7 4 

Do.Priv..— 1.640 T lo i 150 9 ; 

Pbrddsr : 179.0 ; _ _ 

Itateomeat — ! 14.350 +260 600 4 •» 

iratsMer ... ...! 331 -4 1 

M«diofaanca 1 35300 -95 • l^OOl 3.3 

Manudbus j 185.5, + 2.01 _ I ll ' 

OBv«Ul Fife J 1.156 '—34 I _ -j __ 


HONG KONG 


llr,iu> Kuni; S 1 1 ^ 



Pirelli A Co , 

PlmMIBpn 

Bala VIbcos* 


1,759 

946 

945 


:+ 1 
‘+16 
,+ 16 


130! 7.7 
80; 8.4 


*i'/n. Ia*n 194U t 

Xiimifraimteil llubher !- 

ifc >w«u>i> 

L'lnm r.ijriit x Poiw 33 JW> 

L itv HotelK I tfJ} ■ 

Lnwnoiminiiu PM+rtwv.. 1 4 Tn ; 

If*' lleiluiur Tunuet ! && 

K. Aki* XavinaLinD ; . -6-4» ov .i 

■Hhh K.iiis- Aftiirmft ^.| &?-?? 

Kun« t'ln'tmr*. 

UN+nWlimrt 44-*® ■ 

[‘"nji K»uu« IaziiI Ja\ W A " 
Hi+iirK-tUH^liHn^haiBanb 8J.*? anM 
Li,aj^KimM.SIian^liBiHoUvl ISA* 1 1 - 

Huif-hiM>n IVitnmiiiw i 7.W ■' 

liner. Pneltl- r>e--uriliet>.. 

.1 online Matbeson ' 17.S®. 

-Iiirillnr sen S-;?. 

Kilt+.ier I 3^-' 

?lme Durt/e I 7.40' 

buiithu. Pair. Pro^. — I 0.7° ' 

^■utiiwn Textile. I 

“Wire Pa, -ill.- A ; 11*0° 

le-nileAihacn?. • — - - 

IIimus -KoMi . Soft: :4 

11nc«i*.-k .UanKnr. ?-d 

Wheeinek Mari time. — 1 '.a 

" Luxor loU ii ttrlal 

WviR-m 1 .... 


««l Es-aisMeM* HafrW. 

Stun. Susmrxted. 


^htoraii^Owra** one** «««> , premium. - Belgian dWdwflX *• ■ 

gaiS. !M *lSf B: tteSS S ^S ria SthS!bS; > ***#*> tew*-. 

■wpenshm. a Fiorina to Schi JUr^SdSsf^d 
and/or sc f» isatte. cPcr aw 

after scrip aoo/or rights issue, ft flnTrfr l i ° ~ ro<te tUv ^ 
tadodttft ututac dis. pjw Js££ IS 28 

saarsS:- ■•supjim 








** 197 a 

* 


jf4jS@g> < -V--%-vl. , 1 - 5 '•'.' • , ..••■ ..; V-; ■“■ • •■ •• 5 *.. • •■;'.■ r •■;■.-■■ ■ ■ ■ * 

AUTHORISED 


UNIT TRUSTS 


OFFSHORE AND 
OVERSEAS FUNDS M 


Xti& Vsii Tat, Hgtft, Xtdfc) Fromllnghm Unit 

. iTAtiGaMbtmM HA. Ajteabm* OHSHt 3-“ 1«1 mm 1 Vib* 1.BC4( 

E^rg-fl is 35Sife±id§i 
fil 53 S£^*e±fej 

Sm 


Abbeyiax-mwO 
EquiUs Pre*.T*tH 


A;ne4,|i^H^ <»ro?p¥ ta) igl 

HanbroHrii. IMffon. Hrrirttamf.Rnei. 
01.588 38W \vr;lM#md lQ277i21143B 
K«rfeiicMi rvM'. '•" ■ 

« 


muster Fuad Manigers Ltd. 


Provincial Life lav. Co. Ltd¥ 


nt M MT i ... — ** u™. riaiiuvui mo,, wu. UO.T 

! 11* Jnrterlfoo, Arthur*.. Ei.4. .01«3UBn SH.ftrtop4gita.E.C.R 01-247830® 

E is sss&q&Brv ja r j » BaKsstrSK: .siaa « s 


Save A Prosper con tinned 

Scotfaitc Seen ri ties Ltd.* 


}** lnL Growth rd. — W» M*g — [ *« „ 

Sn *“* ‘ •“■•■*• *” 1,1 Prndl. Portfolio Mngrs. Ltd¥ laWrtic) 

Friends’ PWdtLnii Tr.Mgn.* ‘Sfri ■“ * Holtem M* snii ... . «-««*» 


nabomEntDarUnc. 

fiKSE2JH. 


Target Tst. Mgre. (Scotland) (»Kb) . _ . 

19. Athol Brewers, ErfiR. 3. CBl.ZSaBJt’C AUETanoer fund 

Tmrirt AnerAclpCB V 3111 HI Z] 2 £8 37. rue Net™ Dame, Luxembourg. 

TaisatTUMIe WS «s4-ft g 55* Alexander Fund— | SUS7.M I .| — 

Extra income Fd ;59 1 UJ£ -M] UM Net asset raids Aug. 30 


j . . . . Keyseiex Mngt, Jersey Ltd. 

Alexander Fuad roBox98,siH8Uw.Jer*ej...Ena.oi«6wroi 

37, rue Not™ Dame, Luxembourg. F ousel ex Fwl«0 1.534) .... 

Alexander Fund... | JUS7.M i ,| — Bondoelex „„ Fn llS55 WJfl - 

. Net asset ralue Aur. 30 tie* Seles InfL OCB 7 97, — 

Keraeler Europe. . £3 Si 42W — 

Allen Harvey & Ross lav. Mgt. iC.l.) JEW .SSL,, “ 


■ AlHed l«* y 

Brit fed*. Fund 
uttfc.Aipe.- 
Eim « tad. 
Allied C 
Hanjbfu 

llaartro ak 
I dcbcst roads- •-' 
HIAYfoJdW.;..-^i 

Mkti I nr*, me , 

S H F*t Iik— ^ 
iBimudail'rBBds 
International....,,. L‘ 
Ttaeitta fund ..ti— . 
Sees. of AKjertca.-. 

r.s A: Fiempta *. 
•^perUJUl F«M» 
^mkHftaCfcls.Pd . 
Ind Smlr Co'eFd 
Hewers Wl*. :.j 
M rt Vtq.fcrrtor. 

■hersOaa Eilwa 
Eul hmt r. Com 


iJlil 
isft-'fflsi 


oT?!? *” Srttetaurr Trosl Mngr,. M. 

3W Monwi Uolt Trust Mantftnv taMffi _ ^ 1tam j«.s..Bth«wwt 1 Dcrt,,, l .. , m 

, l.vcopthali Aie-SsuBtuu. oi4W4uu QdiHfr Management Co. Ud.¥ vn. Exempt ... C37 No -o' 

L¥ • Mutual Krr.PKti 1519 5571 -041 t a Tb« Stk.Eirliawsc. F.QN HIP Ol-fiOMlTT \* v ,., JlS'S! 

' M«aaisi ^wwllw Tmi .... 72.1 77.1 -Ot! 7oa Qu«lrimti:t».m..UUt 117.H I 412 Kxeaipt HichVId 27; aei -0 , 

ajel .Ml J4« Muuiol nluri-hlp. M6S MJeij-ilSf £28 yuailrant Inc onir 1K5 IStifc}.... 7 73 tjS n Pi^TU -dr m* 

ioS;j 3 IM M-w^Htahv ^-D 4| 6.20 .. ££5 s,J^;_ «S 


Trades Union 'Unit Ttl. MuufersV i,cbarlj«Cnus.StHelier,J5r.t:.I. 0334-73741 cSlAMna^ap - I tUfcU 

m jnentt ■ us mu ni. ej nenn Whi i „,e ,nu.nMcnim|i..| IUBK 


Reliance Unit Mrts. Ltd-¥ 


ErtT« Ire Trt . 
Ipmut^ Disi . — 


im umi.'Wdrvil .. [3D 6 
lnul.droBtli. — [519 


tv M.tj -a 
FJ--- MIS-O.. 


... «.T. UnitJfiM«genr tUJf ■ Mutual Krr.PKi* |519 '5571-041 aza TbCSIk.Eirliaiusc.F.C3NliiP 01-fi0f)41T7 xw i.ruBin 292 

■ « ttf, FV n mhury Clrria KC2N TDD ' OUCSAfai TlWwt ««* Tmt ..72.1 n.ll-Ofcl 708 QuednuiiCttl.Kil. .11120 117.H I 412 J'iSlS 8ui TH >• l 

u wapfltte -sir u u “ 8 -- 1 ,n » 

orllS.' ncSuiZi SjTj ' ^ -1.1 "ia National nod (.'oomerelal Reliance I'nit M^rs- Ud.? lL^J'iirotv™ 1 --- 5il 

« SAssatttrjB ± s&5Wis^;:.Si 

|- In 7 20 Sod ' 315 55u«dBT.'lnc r :._i«7 loll 550 i Trust" p 9 

»•*«■ *.* A.Trt*ui w: ■ Lwtiv::..|iJ8o 2ui :■• [ 3W Hjilawnilin . ... SSS^fST p 

i ?2 MTTSS^Sa ***** Vrwiieni Inv, Mnitni. Ijtd.¥ 38 44. Kennedy Jii.. Mane litfrUT WHMH3I1 l : K.<irtU PM — I204 

i ih ' ” r -"" - ■ •- ^ 4H.liiKHliurrhu. Ki'^Fiiliil uiAHN'Jii) RlilaellrlH Ini VT 1104 0 I110J .. . .1 3S5 . 

f iS Gan more Iftand MiunfM* ¥ 4«Kg> .ipicuiUtm wr sztt .1 a 09 iKdoeiieUiHuumtlno mj. s{ ....4 9 jj J. Henry. Schroder \ 

2 fit Bin ... viBim.* ni. x3 w 1 1 A e eUIW I’lutsi* ]4fl? M ll . 1 405 i_*n i 'bpflinlJr. FI r . 

{ iK " JJ3H2 SSI ©2 ib| ' ! 2W Asset. Manajtemeztt <s» iWS*'** ““ 

{ *50 ?lrl JiiSSi" (S , , JZ •*Mcr»> on auku <4 31 »u ilMlmc -Sppt a 72^0 natPhim^e fid . lylcshurv " fOU VH! ith-omeAucuslZ) 2015 

1 Sei eS? 2^5 ^t« " MS ' »2 Zi 7 aao ■*»'»!> “" A«Stot 23. Nm itCBllns hcirt S N c Kfluiij Fund 11381 1894-0 81 122 ,.urux L'nu*. 299 4 

J' 2& S^FtarRSfrSa'an-'. Si ^02 857 «Sf- LBB-llMTohM* 1210 -U4 248 itanenl \up.».-i« I 

1 IS Hiahfi*£ww*£i Sa- 1(1. _r5 Sm National Westminster*! at m r Income Fond 195 1 1M0 -D4 tis . tnum Lnui ,uao 


243 -o’.J 270 
11 3 -0 L 1 70 
28W-01 7*3 

28*1 -0 2< 197 
32fa<-oa *.M 
«S4-‘-0_V 9 29 


100 v-'ood Svrent, ECZ 
TVCTaus- 1 !5L7 


0T«an» AMHGiltEdB Fd...I10 00 30.02) .....4 1235 

S5.UJ HI.9J 132 

Arbuthnot Securities IC.l.) Limited 


17.05-0.?! ~ 
2 * 00 M'- 


King & Shatxson Mgrs. 
t Chan m; Crons. Sl Uclicr. Jersey. .053rli 73741 


‘ Rldsefield ManaRcment Ltd. 

3871 -031 *12 National Provident Inv, Mngn. I,td.¥ 38 44. Kennedy Si.. Mane imaer 0S1M8521 VK-GrtUPM - 120 4 

E" -. .■ •- ^ an.liiKerburrhbt. uia;m'JUO RlilaellrlH Ini VT 1104 0 11L01 .. . .1 3£5 . . 


32 91 -C ?[ „ , 

UK -0 2 2« Uuvkffl.AUS.31 __ 835 

SSJ-O-f JO® iXicum L'r.tis: 1034 

330! -02 *22 f.JomoSro, , . . [135* 
'**aat«tai.;. |1£S1 
122) V, *32 •‘unhid Aueud 30.155 5 

13 a '2 ; 32 •aicuib.iuhv So* 

Hj'01 2H titan XuKual29 W.7 

3? ? '2 1 <2 1 * w, «|n. L’nltij ... l7* 1 
2191-0 3- 480 MarlhoroAuc 28. If 3 

Uccrnn rm , j' r _ fc .»37 


.922 -0J! *58 ti)AfflrficauTit_>QU . 33X^1?) DO 

-51-7a -Oj 4 to BnilshTsttAce.i^ |01 :MM-9l 36 
1044 -o5 514 Cemnuriiryhaare- 14*2 ■ IgSf-H J* 
4£3 -Ell. 4 9S E«r* Income T«r_. SJ W-W-OZ 8* 

40 -DJI 448 •'* Far Kami TlraiL. Of- 445 HI J 05 

29*5-151 4M Hints Intern* Tat- . Mt* 55*3-02 a* 

- T " Ineamr l-UMl 744 . : *2.43-0 4 59. 

\ndor««n Unil Trust Mnm^ero Lid. iSd < S5Vd~ H? IS 

iraFnurhorchStEfWdAA eaK3t «ilml T*\*rci- Mi V J9$ '-9A 091 

"""5T / ■:*» .mn-lMM Wbbls {AnM ^ Valt ^ ^ ^ 
^ .\nsbaeher Unit Stgni. Co. lid. a.Fredenrh^n.tddJnny.Ert. of-wmi 


9JJ j. Henry. Schroder Wags & to, Lid.¥ var.uwtb.AuB-ii- 


Acrum. Unuai t 


. .. - "vviTiii.i M— . abb in vra Dim 

|DJ C>pnnliAtrura . 147 8 77 91-0? 

S25 Kiirnlur U 7 738 -0? 

DH rinam-iul.. 35 4 38 Ze 

- ••rrulh Inv 88 5 . 95.1 -Obi 

UL income ..... .581 '40 9. 


Nil Lkrv III". T 4 11138 
N r Income Fand 155 1 
N 1'. Inti. K>l. ilni- 1 92 9 
\r Inf I Krt A.t s 941 
4 35 si.. Unlit I'.fl. Id 1587 


189 4 - 0 8 3 23 ..v.TUS L IUIS. iff! « 

1210 -u* 2*8 ilenrral Aup. 3H-. >91 1 

1650 -D4 685 . (rcun tilbn jUXQ 

984e -0 .* 140 Europr SJflW 24 . 33 4 
1001 -0/ 148 iA>'V«>T.. L‘n:lti . 364 

148 9fl) -1 n «fc7 -fn&rhuFd liiEiW |?/7 7 


»* **•*•** % an'H> AUB- '21 174 9 

■ S' 3 m Vang- Tee Aut 30. Mi 3 

■ J 77? • \rcinp UOiLm] HL2 

5 " xJt tttak'rxus 31. . 444 

til " T 55 ■ Acrum DniU> 77 J 

ij - Wirk tri KepL 1 .. 701 

111 ■ 32 [in Acrum ... . BOX 


18 lj . ... 449 

109 Oj ... j OI 
102 -Jj 541 
172.71 -4.8 5.41 

58 BJ b(S 

49« . . 685 

41 4 «W 

7»S 4.13 

S8M .. . UU 
46.91 243 

54 M — 3.14 

647 3.26 

78.9) 7.76 

49 U ..— 3.98 

50« 5-98 

68 ll . 4.67 


.Vest deal Inc due Snx 


541 Australian Selection Farid VV 
ij. Market Opportunities. <yo Irish You DR &. 

IlS Outhmilc. 127. Kent Sfi-J&pper. Xleinwort Benson Limited 

a 13 USSl Sh&r e&n ^ I SLSUS | I « m u* cv** 

IS MWHDMia ?dmt; F 1.123 , 

s£ Bank of America International S.A. gg «g5S5a^— £2 Sj 

5-J4 35 Boulevard Royal. Luxembourg G D. KB Far East FcL V.'Sli.BU 

3-3? wtalnv«M Income - |ttSUU? 11375) ^0J5) 7.47 ' KBtaiL Fund __ .. tt'S12 J9 

1*5 prices at Augost 31. Next sub. date Scseniber KB Japan Fund. ~... Sub3A59 
5« aia uate aeptemurr jJJ Gl#th FtL JUS1238 • 

fJ5 Si Uriel Bermuda. . SFSS29 

?r u teS 1 , “ Sy 1 ta n s»»b S fi , 5 w « 

JS S. Hue De la Resenetr B 1000 Eruwtt 

7m UenlM Fuad LF — .[1.917 19711.-81 »•» t nb 


luiL Gan. Sen. Tsl. 

1'int Starlinc— IC1&94 18.20 1 — 

Kiwi JuiL 1 1186 93 187.8lj ._„4 - 


35^ . 2 JB> 

367: . 228 

16) ldj ....| X2S 


8171 .. . .1 4 
7»i-l¥ 7 
8* 7) -7 -1 7. 


SO. FesicburehSt . ECS DI-flB3WW 

Enriovest. Lux. F 1.123 1 |U 

Guernsey Inc 47.9 71.9 — .. 3 93 

Do. Acrum 838 8&a 393 

KBFBrEasl Fd. SLS13.06 IS* 

KBIniL Fund il'J512J9 . — 1»- 

KB Japan Fund.— . SLS3A59 aiA- 

K.B. Guth. Fd.. JLS1L38 • JS 

Si (jnei Bermuda.. . Sl ; 5S29 178 

-I'ntfondsiDMl 19.65 20.7W A21. 

*KB act as London payins aceala aal). 


5 01 Rothschild A Lowndes Mgmt. (at 


•.■■pn ts w;iwi 1X6“ b 2727: 
■ifih-otufv Auc 1 1198 0 2341^ 

■For Lix e„ iipi lurul. oiily 


3 7i Tyndall Managers Ltd.¥ 
*47 10. Cunj use Road. Eritro!. 

Income Auc 30 !135£ 111 

__ rA,Tum.l'nitM .. .11930 281 


^ ■' Lloyds Bk. (C.I.) L7T Mgrs. 

Barclays Unicorn Ini, (Ch. I f ) i-(A. r o BexiS5.si Hciicr.Jcro-'. fflMrPft' 


Frier* on .\ua !A Neu dcalin* Sept U 


Managen LuLV WHgi 


MiJion L'mirt.iioriunc. Surrry. >*m Rowan Unit Trust Mugt- Ltd-¥ia! 

Fivl-ur 164 S' . 67.61-0 SI 425 •'Ic-i.aiellu' Fin-iMiry Sq, El'S ni-Wf. iiiSfi 


ii7 Scottish Equitable Fnd. Mgrs. Ltd.¥ Capital .Vu^M.E/fus 4 

1!» 2HSI AIHlreiXkiwi iHinil.ursh iaj .vdSOmi J!f lt L "• ffSl 

- !I£d 2151 i JS 

Acuwl thuja... .-.JMD , 495 l n ( Earn a UE . 30 ...)J43 8 

p ^ ,,ns ‘ “* *"0»w'day. ivckum.l nn?. ... ’195.0 

„ . a, ITef AOif 3d >1008 


***/ High I ur. Fund — 1 iQ-D 

•■Arrum l.'iulsi. .'SB? 

■ * •«!*» UrunvLIHUItU 

a Pn'lvn-nn Futui, . 242 

’O, S. G ^ ■ 4 re urn Uniw. 87 S 

- • spitpl-FUnd... ... 212 

. <:crmEr«lHV Fund ~ 613 

— -~^| lAi^twi.niiitai HI 

^ not* WdrwLU | 53 7 

LDr Fin *PropJ>a — — It* 

1 numlnFSind ....341 

1 W lAuim L'niUl *6.7 

'ImnshrYimJ- 151 

"vnlhla. _ i.Yrrora (‘nan).— .. *30 

** rnan|ler>.o «Fd_ _ Us 

Ytavb rn&lntl Fd.. 796 
,.'fr«wdn»i.i?tai ..*25 
' ’orr nm ta 979 
— *■ ^mcr, 6 Im. Fdluo 


08-MJ. Bj ? im FSW%lS.’:®S 8|:S5 3S “TS? SMtlsf. Equitable Fnd. Mgrs. Ltd.¥ 

1 NnTita ^ -Era 7JA. • . 01483(378 '?! * f;- r- HJf j ?S2 -n 1 Frier* on .\ut !'. Neu dealing Sept lu a Si AiMtre«n.N»i Knni.ur S h u31-.V«9iai | Hxchm. L mffl. ... 1W1 

Ice. Monibly Fund .|17DD mffld -5 0| 9 02 ffiitfSSSS?-”® *?& » t S“ N EL Tni St Manager. Ltd.¥ UHg) ~~ 255i i i!2 SSi . *«! 

Alteflmm Securities Ud. (aMe) u-iag.-ltaa flWotf. M.ir^L'mn.lKirbiic. Surrey. :an Rowan Unit Trust Mb*L Ltd.¥w Aekuml^. ^.iM O.^^ ! 495 | p , E ,rn Au & : »0...)»5C 

37 Ouren'iLUinrf.ii.EriRinV ni me frfKrU 11 IaIibMI K e !' Ur . M S . 67.6j -0 51 425 « lF «.alellv Fllj-JHIH Sq,B'S «» fW- I1O8 ? V ";5K 

r 0 0 m«4 of SYS 5n?S?!ca -ovsaassai l“‘ suS-o:! . n no n* d« Sebag Unit Tst. Managers Ud.¥ la, 

jap&aac-ffi •« iti tsss%SiS% isa ■ i ^ * NVrw id* i««r.«e cr,« P <b> 1SS.W&" ^ mm S 

i ,;s - 7u8F.*wnu A MB S »i _ oeroaaou lassu 1 #®:. "BS 9o“i T 1 7 5S SSSSSSSw.isi SS-8S 38 sctti«A«6a.-.ljn4 

" '-re acg fw* -gj Z4.1 .... 11.99 Group Til Fd h662 J85Jl-lbl 4 97 l Ur mu Unit 1. 1062 UlB . .... 356 LwIh Wdl Gnn 

— ill 7 «9 HU IZ99 Gripyeton Managemsf Co. Lid. Seeority Selection Ltd. --IK? 

comEr^riiiidlKj 467 V.; 4.97 »Gw*b«mSuEnP2DS. 0HXM4433 Pearl Trust Managers Ltd. (aKgilz) Royal TsL Can. Fd. Hgn. Ltd. is-i9.UaroinvinnF:e[d N wa. ni«3!OB3c-ft StmineVaiw^Bt 

«»S*iaKi=B? •« :■... » asS 7 B 8 S?HBB- JB :nr « SSSaS^y?”' ». “raf »S 3 ! 5 "^‘i;i ,, n Tl5 ®!Re«S^R! SI =J l.» ftUSBtesrSt 

1 = : a Hw-' ll 18 ■ ■ is CTiiiSL^US -»* . Ui. u, iSfiSfcggjt 

W, Tffirttiu'BS SIS::- SB 031 ^ 3=71 F^3s^ a _!»i 

-f 122 Save & Prosper Groan tsiewrt American Fnnd 

' 3 §J 3B6 Pfllean Units Admin. Ltd. IgHr) 4 . Great Si. Helens, lamdon EC1P .YEP 3£SB!'i:Si"'^' ' “? 78.S TSB Unit Tmstj ty 

. 794 ...-4- 5J6 81 FauiUlnSt.MatH'heitor 98l-a6M8S W.T1 Qwen SI.. Kdinburch FH2 4NX Wiitalnwal irnlf. Iw 6 58 d — si'cbumfbvAHhw 

ra r ffn, ri-ffij - n i! * ..-I. TJd IWlMHl'n.18 . -(90 4 9711-0 4) *76 **.»•«»«•• ««» or 0314=6 7351 a S(nan BriUvh Capiul Fond 21.Chautsy9tay.AmIw® 


{mw, I. Charing Cross. St Heitcr.Jrsy. 05M7TM1 UortsT* : Oi «s K6 6S* 

(nersea* Income. 1*6.6 44JJI-0JJ 1210 - Nc * 1 deailnE ***■ ls - 

• 22 ruidoiiarTnut..^ plsfllR lz3-a.lo( 3.78- 

"-i “siajRfcsHWUBii" h** 


■I OK. 


S fiT h, ^'SL c r, , ' , t"' 0 -“SL. , S, MEffiSS S SHI :::::! IS 

M lThnnuASt.DouEiaE.loM. 00244855 


7H Barclays Unicorn 1: 
4.40 IThnnuASt.DouElaE.il 
460 i'aicom Ausi fclxi..lM4 

£J0 Do. A imlMid 17 8 

*5-X Do. Grtr Pacific . 649 
Do-UiU. iueome .-. 404 
5 J? Do 1 of Man Tit .. 46* 
■ ,u Do. Mauxlluliial.. 27J 


® M Lloyds International Mgmnt. S_4. 

7 Rub da Rhone. F<? Bo* 179. 121, Gencm 11 


612 . . 
391 .... 

752 

43.5 .... 
*9.9 —2' 
29.4a 


1 130 

150 M & G Group 


4.47 fAmim tintfai. 
276 RCPK-R-VdAuuSt 
2.60 lAeeom. Until 
260 -Mn*.An: 
.253 'Arcnm. L’nlmi 


-463 -0 1 2.53 Gruetndr. Sept.] 

30.7-03 405 lAerum CnUxi. 

3L9a *0S 1.14 LaJtRral*. Ab *.1 

Mb -05 . 139 iAavn-Cuni- 
105 3 . 156 _ 


OMO0IM41 M.Jennyn street, sWi. 0l*BSft252 l< 

■ I 5K rtlUtXlKd .. . : ITS 3 763] . . | 341 L 

" ?5? InmmeFd. ... 719 769) .. .1 741 * 

" iS FnersxtAU8.Hl. Next dcolius September Ji. B 


Bishopsgate Commodity Scr. Ltd. 
p.o. Box 42. Douglu. l.o3L oast-smil 


Three Quaff. To»er Hill E^R 5S0 01-SSS 43R8 

AtIanUcAuc.29.. Ilf>315 J«l f — 

?S Aout. Ex. Ana 30- . SI'S? 35 287] I — 

GWExAccAug30 VCR1S U« ... . - 

Island.,- — 1369 145 7|-Lj| 93.29. 

lAenim FniW 19? 6 2060 -1.^13^9 


L14 LaABraU.AB8.30. 

US lAecuto-Ccuixi — .- 

am Gnardlan Royal Eg- Unit Men. Ltd. 


Archway Uni* TM. 9fgs. Ud.¥ (aKc) 97 9U| !+ s^Saa PerprtlJi ^ l ' B,t TpBSl Md B“ 1 -¥ ,fl > i>ien a ihmai Fund* 

a,7.iii C fcn 0 ib ll „.wnv7Nr otVrai ^ ^ W “ m «¥f-05) 438 Hcolry annuaM vwaimm •amut... --IMS 

Afchinnr Fkmd— , . MB 0 . MJIV. .I S» HendefSOll Admlnitr»ii08¥ <*<eX*> Pwmull.p.wl* ...1*45 1771 i 306 |Tt. - M - ^7 2 

rrorc-.tt .vugun 31 .Next rak 7 xdndtf.aiUeWBhlh-* * " 


Save & Prosper Group 

Ltd. IgHx) *. Great St. Helens, txmdon ECTF .YEP 
401-^36 M85 aft-Tl Queen SI.. Ed inbu rgh EH2 4N.\ 
9711 - 0 4) 476 ItalilUfif In Ol-ftM 8899 or 03l€=fi 7351 
Save & Prosper Securities Ltd-V 
iDgmt.p (Hi lairniki torni Fund* 

04Pignae8 1 aihIhI ... 138 5 413].. I 1 


tsinurl American Fnnd 
SiandaMl'nitx 16a a 
Arcmn.L'iill' .. ,73 T ", 

Wiitalrawxl Unit. |M 6 ■ 

•Stmnrt BliUxh Capiul Fond 

Siinduil 1144 2 1> 

4- 1 um. L'nitr- . .1165 2 li 

Dcallo.' if n. *Vi 


- 122 2 23 7, | 2.17 Financial FTny— J43 . 17*1 -a 

P"), A-.rum _T2a« sun — 0. 

Stewart Unit Tst. Managers Ltd. la) ttf 12 

45. Charlotte Sq . Edmbursli. 031^=03271 SSHBaS r l&v SS™ 

1 fund 

168 4 73 81 ...,! 135 

j/3 r 78.? [ - TSB Unit Trusts (y| 

.'***._ ***i — ; t “ 21, Chantry Way. Andover. Hint!- M 

Dealinas «o caa* 8343M 

• 15651 1 4 00 1 biTSB Genera! K73 5DM -0 

■1*85 2 1794} ....J 408 . bi Do. Acrum. U0< bifl -0. 

Udifn. riled ib- TSB Income ttl.9 65.91-0. 


-O.l «S5 
-oil 7J7 
-0.4 2X3 


926 .ARMAC *Au £. 7 BlSniS SUU — 

US CANKHO •■Auc. 7. a«7 1.UB-J - 
X8S cbl'Vr-Au8.7._|£S<12 26M .. . -| L» 
7J7 Oricinmlly issued at -S1Q and ^£1 00. 


Samuel Montagu Ldn. Agts. 

1 14. Old Broad Sr.. ECi 01-5886484 

Apollo Fd. Aug. 30. [SF46 05 aJNM *1.201 3 75 

Japiext Aug. 1 51 HMD 31 1IW I 089 

tliGrp.AuG 23- ... SY511SZ UM J 188 

HTJeraeyAufi.23.. £564 tlW ... .1 0 68 

117Je»yO'6.Yu« 19 £12.18 12j8fl“02a — 


is*')* 

llo 1 ^ 


Barclays Unicorn LldL iaKgWcl ’ I Jt . 

I. nirom 110.295 HoudordRUin 01 -634 3M4 tap Grout hi nr : . 
UntfurD.VBrtnci. 05.4 Jill -DJI L» ‘'xp Growth Art__ ! 
. ta.A49.Air .. -iPM-. U7| -orj IM hwWhJBdf-. 


WDfDg. p,„. dilly llni , T.^ „ m 
I'JL Smb Aniw Gibbx 1'nli TruxL MJfflaaeni Ltd. 


I-D? 208 Sun Alliance Fund Mngt. Ltd. 


Inrrrulnc ItnHB 1 Fund 
limb Icld )55 9 


1 Si Do Ac cum. .Mb 

TSB Scottish. 193 

ibiDo Acrum [953 


34.4] 4.90. Bridge Management Ltd. iriomAui m pvaxa u« J ij» 

Hants- 086402188 213H ,| 0.77 Murraj - , Johnstone linv. Adviser) 

M B343S-3 ISLHaoeSt Cl*«w C2 0(1.2215521 

™ Britannia Tut Mngmt. (Cl) Ltd. -Hopei!! Fd „ “!rT juS405l |-ojsS| - 

6691 -d 3 TU » Bath St. St Helier. Jersey. OSS* 73114 •MutrayFund. . . I ll'Sll 87 1-031) — 
H*i -Of! £h suruair ItaaeBdoaiad rm. ’• NA ' Ausu5: 3 ‘- 


I Growth Invest,.. .[ 


”o.i- -br 
J ? 6 ; -ao \ 

72 J u^- 
l/S 

So.i:} a ^v 


r-j .vuM Ine 

Ttr.i'amui 
I'ot*raBpiTSl,..,_ 
lM.KxTraincoQiq ^ 

TV) Fnixnriii] 

rffl.M0_..-. 

l*o General 

1*0. UTawtli Ace. - 

Iw InriimeTW. 

*r».Fif. A'rrs T»l_: 


Prices ui An(nd 3L Nasi oub. day 


14.7 -02 160 tawneniad*- IMS 

•6.7 -07 169 Utah locinc WuA 

7*7, _ B .i *77 Hub Income. -IT-164.0 
me -Ol .598 t'abM Extra Inc. H *4 
'.111 -02 7 Mm - taM PitadB . 

JJJ -«1 J M Finxnci*t*rrU._ »* 
«*’■ -0 ; s» Oil ll NnL 8u ._,P* - 
».l -O? 5.80 Tglrmhtlmiil 

-Oi %m SSSr*" MJ 


’ SOS -D 3J 

n«-o 3 n 

3674-931 

U 3 d -D M 

BAS - 03 ) 

Mm 


s^ir Alliance ,!«• Ilnr Sju frpxi 5*141 101 A«um ..ps 

AO XI -0 « 687 F.vnEqTsI All.- 0 [6233 7 2461). 386 

6BU D.xi 687 „ bM 1,055 11201 -07| 3 29 Ulster Baaky (a) 


IS oi-swinr 1 '’* ,1U Jwy - “ BHn - {""hRrturn “g. 77 a -fl 4| 821 TarS et Tst. Magis. Ltd.¥ (aHgl 

SH Exirnlnromr .. 129 4 32 6x8 | 9 88 I?! .? ' 8 '* ,9|. r;re“hxm.si . Fi.7 rta.*l:n» *C 


I -a sl 300 

101 4] -05] 232 ri»L Fd"™— 99 J -fllH 150 Negit S.A. 

JtwesEn«yT ? L .h3M 1*9*1 -I d] 130 im Boulewri 

L nivxl. 5 Tni Sfi . .. £2 JB 2511 — 83[ 130 ^ ... ■ — 

High lnLSUB.TH |96 0 £99.0d|-0.12| 1200 RAV August 18. 

023235231 I'-ti. DoQv DeeandaUed Fd*. .. ,. ... 

Xi 7gi _n si ju fmvsLSTs*. IvrsSU S411*9M — ■ Negit Ltd. 

* * 9 IntifiEb Jot Td 197.8 JL'5LW|-002) 9.00 Bank of Bcrmu 


■ „ Small *.•»'% fcM 

■ t'apiial Fund 
*39 Ini Eras 6 A.'.-cf-. 

Private Fund 
305 ATtimlir fund 
264 Tech rutlosv Fond.. 
FxrExMFd 


44! -II 
*93 -01 
5)2 -II 
392al 


6 00 UK. fund* 
SID I K F^ullk 
3 50 ihrrmi 1 1 
Kurnpe . . 


?1'3 -02 2 70 jLtkun 


*8 >r" in 

’ Do-Tnixteetiind, 


177 5 

l* Amencxn fuwl^S W\ i' l Uo ... u 10 

,J1 Practical Invest. Co. Ltd.¥ (yMc) imMcnuheciC”' Ira 2 

2 xr 44. Muomabury Sq. WCIA'IRA ■ 01-0238883 met. Mia Imam Fund* 

307 Practical .Vup 30 .[167J! 17711 1 3 97 Selxrl Imrrnul ., |247.S 

377 Aceum.Cait* (236.4 -2503) { 3.97 brtcu Inonne . ._ 

2.72 ( | 

lu U - ■ — — — 

1B9 — 


.548 

:jt - t*o. Trustee 6 uRd, I11.9.1 12U| -O.H 4M __ 

Jo - -3 L T7o.Vnd«W B TBL,.taJ fe9-oi! V98 

vi'2 -** K..* S^'*toFAIoc-..;.BI 4*3-03 488 iM* 

- Bo-AMuia —.,-i. ; i762 79^ ^r0^ 4.W CbhBlAiaBrgpLCa {*¥*' : xvxj -ox) 1791 

204.0 '" ^ R 8 LenAmltallSt.tCl " OI-^^OO J ■ INS 1 

si! gaai JS SGR^I: 

3:4 “t .Next ruh, oxy Sepieraber li (uDbltarthm. 

, " B >• ' Bishopsgam Progx^ive MgStL Co,¥ ibimmrtanSiisEgi IhS'^STI 3.61 l-3Sl j-atil srhurrhyerd, EC4. 

:■* I - II t. S Buiuipictlr.Lri . 01-9088280 ''KJ . **] -« 1| J JJ EquityFund . 1393 ■ 41* 

^:Sd;.SS«^aspS • fffiRrtttBdp*' * ®M?kvr. ».. $\ 

27A§*7*' :% ' »3 — 1 latetf (aKg) sSSlveFund .■ »!*■ 1D02 

4o7Ti*i 4 •■Nerii^4m5»Js5fciL^B»5m« : B sSffltaWarturSiMet.E.CA .m-zktzx £S!l^. l ^S unri SSi 

M&u 1 ’ BridVF Fond -Haun««*rm#c.' 99J(.-«9i 430 4^ ; 1^3 

430 ‘Iz t BruJK ' f v 1D * Managenmnitcl K „ -..o-, »w*n Fd her 4 mr 

N;p rf •;# Kin* WiflianiSI. J3C4B9AB - - •, 01-0334081 My ICIinO HanageK IdO.. IRKg* PEqUUy Fd Scr 4 375 

lSSn r?,- U American 6 Gen4,»6 Tlfll 131 M, MUk SL. EC2V63E. 01400 WJ0 JConv Fd. Star 1 112 8 

ide.O + U ! , Oncome* »3 ' . 60J 5.9T Key Energy IiLFd- MB „ B U -£f« 3J8 BJonej; Fd Scr 4 1108 

149j;-2j A o raptta)Im.T-.;»^ *0.3 . . 42.1 2Sh Kxy^nlty*tUn.,pi« 75* -ox 4J» Pri«-x ai Aiig. 3ft 

C65 -5 Sta.Acc.t-! M3V: -42A ; .3.86 *Kif22efflia Fd. „h«.9 wit ...:. 5.43 Tuiadi 

2h2 Ll >' Esenqat- 1*6.0 356.0a Ml K*efJneon»Faad..M« 87.d-U.i3 849 . 

r* -Intoratl Ine.f — 183 . 193 330 Key Fixed lM.nL Mi . 65M 11.91 Alhanv I ife Amnn 

eu7 +5 e-p -n« f ®x - ' zm JZ. ua KMgaudico'xFdZUofcO . Mju -0.7 .• 55a AtPany Lite Assure 

227.5-llt -s. -UeriWlMM- *Bm Hffl'm 1 ~Z7 . 3LOTdBurll nE ,w,Si ! W.l 

22.81+0.1'. - 3W3Laept-ii- _ nelnwwt Benson Unft IShnagersf *Egui^.Kd.Aee. 


0143880111 
-OOf 530 


, . , „ TarsetCnnuiinfiiV 19 7 
*8 3«i1-01) *97 Tuiwi Financial - 6S 8 

Tunjrt EquiD 138 5 

96 41 *02] 321 Target Es Ins TO. W* 
114 4) -0 1 030 ODa Act. Lfflb ... 3040 

83 3j —0.7, 1 58 Turin uili fund. i, b 2 
TarjjeifircMb ... . 28 3 

"■Mm Ul 5aBfflp-i:S5 




Tfl.lne 312 

209 Tct Prrf 13 4 

7.08 Tat Special Sits. - 20 9 


,¥ UHg) Wanas Siren. Belfu! 0232352 

Mlin^s H296 594I : »:LliiierGr«n*ib-.l38 8 4174-02] 5 J 

42 n -0.1 3 57 

*:« -oj 541 Unit Trust Account & MgmL Ltd. 

!31t . . . 6 1 * Kjdj; William Sl EC4H9AR 014S4S 

'^8 SZi Frum H ut. Fund. . 1168 8 177 « . I 4J 

228 WwtarGrtb.FSi ..ms 34 of | a. 1 

I 0 * 5-H Do.Aerom. B73 MJU I 1' 


\4S 10a Boulevard Rural. Luxembourg 
12.00 KAV August 18 1 51/61190 ] [ 


38 5 XI 41 -0 2 5 91 

233 9 Z32.0) ... 61* 

304 0 3150] . 614 

1,6 2 121. « +0.1 300 

28 3 31 Old -0 1 4.53 

38 3 30 43 *02 239 

11 S J3 91 ,02 239 

34 1 36.7] -0 4 3 42 

165 4 274 Inf .. 39* 

31 2 . 33 61 -*.: 7.69 


Value Sept 1 Nnt dealins September 4. 


Bank of Bermuda Ride*. Ha mi lion.' Brmda." 
NAV Aug. 11 ... I£6 88 | 4 - 


Wider Growth Fund 
.. .... 7.69 Kiag William SLEC4R SAIL 

14BJ — I llW Income L'nlta.. ■_ .B2J 
Q5af 4J8 Acc^im. Unit* |57J 



01«S4»! 

277 et 

| 434 

34 0] 

196 

39*| 

-4 


01-823 4031 

34 D| 

. ...( 3.94 1 

M*| 

_...l 3.96; 


032474777. P° Box 77. Si Peter Port. Guernsey.' 
J 1170 later- Doll ar Fund .|S2 44 £64) . .. 


INSURANCE AND PROPERTY BONDS 


Butterfield Management Co. Ltd. 

i PO. Wo* 105. Hami U ftfi- TUrwmfla 

Buttress Equity pTS£*S 253] .! 168 

Buitresj Income ~J3l ; 5Lfi 2Jtl I 7J9 

Prices at August 7. Next nub. day SepL 1L 

Capital International SA_ 

37 rue Votre-Oame, Laiembourf. 

Capital taL Fnad_ ] 3US1924 ] | — 


Quest Fund Mngrant. (Jersey! Ltd. 

P.O Box IM. St Hdier. Jerse? 0S34S7441 

Quest StlcFaiUiU. W5 1017] ( — 

Quest IntL Secs ..... jsr5978 105 H { _ 

Quest lull. Bd IsifflU IBM . ...{ - 

Price a! Ancost 33. Next deofiuc September & 


aS I Abbey LUe Assurance Co. Ltd. Crown Life Assurance Co. Ltd.* Lloyds Life Assurance 


01-240 HI 1 1 Crown Life H sc . Wuking. GL'21 1X.W (Ua92 3033 30. Clifton Si . E'72\ 4MX 


Ut M,MUkSL.EC2V63£- 
5.9T XeyEaefaylnAL-WS . 
ZMk Kay Bgu hy 6 Dan., pi* 

is Bb» 

338 Key Fixed taL ra. JUl 
340 Xay Snail Co aFtLlUbO 



f iO'S 3J8 VMoney Fd. Ser 4 (1108 116 7).. | — ----- - - 

-04 4JM Price* ai Aitg. 2ft Vnluatum normally Fixed lot Fd :. Ace 

. 543 Tuesday. — 

-0.4 849 . 

~n i 4-5 Albany Life Assurance Co. Ltd. 

, :. 31. Old Burllncloo Sl: W.l. 01-437 3982 

* ‘1*94 20991 1 — 

1410 148 « _,.. — 


Britannia Trust Mapatfanent fa) (g). KB.CnUm.iw. 

3 l/wtlan Wat) BalMfcgW toodon Wall, V . OKKUntlUAc. 
• London EC2M 3QL 0X-O8M%>«79 

. jkjcw« _ L-g7^t ' ; CUL— 05] *m. K-BFkLln.TatAi* 

- rapitalAcr.-l^— .-y.O. . " 6L« _— 

HCommAlnd ...,. .. fefli .640-02 437 

- Commoduy WI 9M1+04 -464. 

1 Itamestic +_^J«6 *3.71 -0.2 398 

Exempt : tP93 -. 32561 -0.4 tU ixn Tlnlt Ti 


melnwwt Benson Unfit h&nageraf 

■ -■ a),Fe»cburcbSL.EX3. : ' • <n-fiSB80£ 


Mims’d Fund Are 11067 
Mane d F d Inriu . 11862 
Mane'd Fd Inlt 
Lquil*' Fd. Are 
Equity Fd. Inna 
LquityFri inn. 

Property Fd Acr 
Prnpanr Fd lnem, 
PropcrtvFd Trail 
Im.M.Fil Ace. 

Inv T*L Fd Inrm. 

Inv TaLFd. ImL 


ioo.« -0 1 
.or* -oil 


Lloyds Life Assurance Schroder Life Group? 

3033 30. Clifton 5:. EC2\ 4MX Kaierpn^Houxe, Pnrrimouth. 

T . Mltfltb Jul'31 136724 96H — r.qtnty Aug. 29 2457 

6U ilpl.S-A'Pr AufiSI 1397 1471 ... _ EqunyiAUB £9 ... 233.8 i 

— Opty.VP.Qi.AnR.31 1406 1*81 _ Equity 3 Ant 28.... 1272 23 

■npijt'A'IlY Aue 31 1569 165/2... — Fixed In, AuR.20 . 139 8 14 

S60 GptS 1 A 1 Man AugSI 156 4 1641 ... — Flxedlnt 2 Aug 29. 1494 U 

- OpULVDpl AujOl 122 4 1289).. - Int lt.Anig.29 - . 137 8 14 

a'07 Ixmdou Indemnity & GnI. Ins. Co. Ltd. k^sc'aub ^ ” iS* u 

- lB20.ThcForburr. Rending 583511. Mcgd.Rlx AugmT~ 137J 14 

S* 3 Money Manner. . 135 6 38J] -D3I - Managed 3 Aug. 38- J5LB 33 

— MM Flexible 31 7 33 51-0 21 - Money Aug. 2K. — 1K5* 31 

Kixnd Interest .. |3*6 365) -01] — MoneySAug-M. U6.6 U 


VEquity Fd. Ace 
VFixttf Ini.Acc 


Fsrilnl Fd lucm. 
Inier l FttAer,, 
imcFi.Fa.Incn. 
Money Fd.Acc— 
-MonpvFd lnem 
XUsLFd lucm.-.. 
Crown Brt.lnv.’A’ 


70J.7 +D.1 — 

1234 -0 8 3 91 
123.* -0.fi - 
sn-7 *50 

101,7 .. .. — 
1126 -01 827 


18-20. The Forbury. Rending 5835 1 L MogdRlx AugJ9 . 137J 

Money Manager. . 135 6 38J] -031 - Managed 3 Aug. 38. ULB 

M M flexible 31 7 33 51-0 2} - Money Aug. 28, — 10ft4 

FixixJ Interest .. !3*6 36 S -0.3] — Money 3 Aog M. U86 

The London & Manchester Ass. Gp.¥ USSSyaXStaft; ut“ 
WinsUde Park. Exeter. 0392-5215S BSPn.CpB.Aug.M- 122* 


133: 

14641 . .. 

157.3 

144 Jl 
1465] , , 
127.71 


Charterhouse Jajdiet 

1, Paierno6lerRow.EC*. 

Adlropa DlDiU 

Adi verba. DM49 48 

070537533 Fondak 0302.10 

I _ Fondix DU2L80 

_ Emperor Fund JL’S3 17 

_ Hixpano [SC54171 


jr-r — t-~e v 3 l/Midan VxD TftUhitnrt toodc 
?■* T* * - Jxxmfoa EC2M M5L 01- 

« " « ’• ' , OJ 

nxpttalAcc^- :5 7.4. . " 6X1 

242 I E-lronun it Ind — mOi ,646 b 

275 _5 i 7-. rmueiodiiy gi 981 

MO ? Itameslu: 43L5 

& 52 . T * r e - Exempt/ — m3 * 3251 

- — ' E«raioce«e-~— *0* «* 

224 +6 t* Varfcart — /. — . 7*7 - 266x 
228 -1 '«• -Financial Sera- — :6F3" HJ 

- — - Got : & General 1862 • 1MJ 

■;rmnh ; — _ 86 J. TgH 

Inc. 6 Growth™ 77 J '• '■ '*3> 

t - inti Growth iTno.. 735 

Imejt-TxLSharox- 893 • 53J 

‘ 1 Minerals 04.- 461 

— T “L". NaLUiciUnc .. 421 

1.00 Mew Issue. Hi 404 

1 sT ’.Qii - ■ North AJdrT-fein„. *9: . -. ' 333 

1 ,8 ' i PnrfesxloiutL.^— Ui 5*S». iSO-l 

1 Property Share* *4.4 - XSJh 

L=o .* ■ Shixld WJ . 5Lta 

s.eO -IW-. Slam^tTianee — ,32.4 - 3S*» 

2 je -J» - . ’ L’niyXnarB'-— — 45a . 36.4a 


VGnLManeyFiLAc- 
£„ Vlnll.Man.KdAcm 
um 8Prop.Fd.Aee_. 
f 'S VM'plilny.Acc. 

tz 

” Prop Pen Arc. 
id w MTnc InvTcnAcc 


121.4 — 

1194 ._... — 

1X5.1 — 

188.7 — 

2502 — 

188.4 — 

1371 — . 

X27/J — 

13fl.fi — 

2221 — 


J.9X WinsUde Park. Lvetrr. 
«*» Can. Growth Fund 
950 Onex. Exempt Fd. 

T„ tUcetnpt Prop Fd 
127 4Expi.1m.Tsi.Frt 
FlenbleFuiKi — 

Im Time Fund — 

• Property Fund ... . 


+n - 

+0 4 _ 

-37 — 

-26 ~ 
-03 - 
+ 0.1 - 


+8J 279 

-02 7 JO 

-® J - H! 

-43 

-02 265 

-8.1 ; 4J» 
-8.4 422 
401 2.43 


LAC UnU.Tnst .Hauagemeut Lid.¥ *We JmrPcnAcc 

2.72 ' The Slock Ectanpe. ECZN 1HP. 0VSB8 28oo , . . „ 

4.« L6CiM.nL: ..,045/2 i 49 JmTl,.J 7J3 AMEV Zdfe Assuraiice Ltd-¥ 

LACIodk Gen Fd .0046 3ML4( — J X5X Alma Hk*>, Alma Rd.,Reigaie. Rclg 

o« VL swbmi Sees. Ua. ¥M<o .* if?! " 

is MStefi/Sn li ; 

49.B -Ll "6J2 AMEV Fixed Int. .. BJ ■ 97.5 .. 
642 .... . ' 260 AMEVPTOpFd . 981 1834 .. 

7tJ ..... 260 AMEt'MirfPMl.Fd. 1032 1D8.7 . 

938 1.74 AMLV MUtlPen 'R' 103 6 1091 . 

. 270 .: 050 Flmiplnn. - lmi 106.5) 

SS : si Arrow Lifr Assurance 

1 Legai A General- Tyndall Fnnd¥ Fd ^Qi u i Em s uo.| . 

“^ XOCaayngeRomLBrtaioL ■ W7232241 S. -BS5 JSS 

IS DU-A0f.J8 toJ2 68« 463 -FWAFA— 1 ra„ 11117 122 4] 

lAccam. Cirit3l4 — P9A _ »4.« ....I 463 « _ 


Alma H*a , Alma Rd., Reigoie. ftclgrae 40iDl. PEffinteroat Fr.lfiiw l 114, 


2 7 r '. The British Ufe Office I4d.¥ U) Legul A General .Tyndall Pund¥ 

c 00 -utii*'. Reliance Rsc, Tunbridge Wen*.KL0BflI2H71 ^ xAGUonge RoMLBrtatoL • 02723224 

!.:i -uril? PLBn;isblJta tab S'S - ^ IS XWa'AagT* jbM 68«..-.| *63 

, W-BolBrard’— - Pin . .. — J ID fiAccum. LVfct^ S.4 84.M ... . L 463 

;.n '.VMi - BL Pividend*..- »,|0.X. . 48L4}..,^4 9JB . Next sun.. day Sept- bo. ' 

j. .LmJV I 'Prices Aug. 30. Next dealing Sept. A _ . , ™_T7 

u - ■ “ Leonine Admhdstratfon Ltd. 

Brown Shipley & Co, Ltd? 2. Duke Si^ Lowtaa VTM 8 JP. . oi-ussbs: 

V.- t - jdncr.i-RiniidenCL.EC2 . 01-0008320 Lealdst... [7J6 82.71-041 471 


Pro. Mx.iFd.Eq- .11356 139 

JbmSg«lF4--F/l„ 11187 122 


Crusader Insurance Co. Ltd. . “ 

cih.Prop^Aug.a.,.172; aa| | _ MAO GronpV 

Eagle Star InsurHUldland Assnr. - Thm- ww> .s Tmror um EC3H cbq oi-«as cee 
l,Threada«edle5t,EC2. 01-5BB121S Pet*. Pension”*-.. 249.9 -46j — 

Eagta/MId. Untn.,|54> 56.8) +0.1) 6» Conr.Dcpcwd-„ U9JJ 125J — 

Equity & Law life Ass. Soil Ltdf Famih-7»ao** 173® — - 

Ammhnm Road, High Wycombe 018433177 finfiLHST* •"* S? iTji "fix “ 

Equity Fd. hl9L6 125* -DM _ ' }?fra ~ BJ ~ 

Property Frt. ...Il075 au3 .. .J — 1474 lwn -i'fc Z 

Fixed Intenat F.. -J1D9 1 11*3 4D.d — S££S5?£?:- "”Gno 1S1 1,6 Z 

Gld Deposit Fd 100.0 1052 . ...J — - va M mi 

MiMriVd Iii3 0 11891 -0.9I - ^ g3'.; Si • 72 6 = 

General Portfolio Life Ins. C. XtdL¥ American Fd Bd*. as 3 581 ... . — 

07 Bartho lontaw CL Waltham Crm*. WX3I97! J«L“ ' ™ ^ , 

Portfolio Fund | 147.6 I .„ J - Fncevon Aug 30 Aug 31 September I. 

Portfolio Cepital -|42 3 «*f...j— Merchant Investors A&suyance¥ 

Grpsham Ufe Ass. Sac. Ltd. Lmnilm 2M High si. Croydon oi-OBSsm 

f-nS^w/^r® 5 KSSSipen* Si m - 

C..L. lawi Fund.. - WJ o 102.7}.. I — ramr\ Ai g i 

litSffKS" - - ft! -H 53 - • - rSven* .:. . 1 m -}• - 

! ; }* feLi vHS Hi.. x«?U • - I “ MonevMorkrt 1424 -01 — 


BSPnAccBAug.29. 
MnPnCpBAag.20. 
MnPnArcHA ug.2B _ 
Fxd.lnLPen.Cep B . 
Fxd.lnLPtLAcc.B_ 
Prop. Pen. Cap B— 
Prop. Pen. Arc. B_ 
Money Pen. CapiB. 
MoDQiPen.Aec.B- 
Orerseai 


nafi - 


Delta Group 

P.O. Box 3012. Nassau, Bahama*. 
Deitalnr. Aug.24.,JJES2J9 23B( ..,.J 


Price at Aug ust 33. Next dealing September & 

I- Richmond Life Ass. I.td. 

i I — 48 Athol Street. DeaglU.LOM 06B4 23914 

■ xfTbc Silrer Trust 11080 110.61 +D2 — 

Richmond Bond 97.11782 1573 -0 3 10 76 

01-2483890 Do. Platinum Ed. ..1126.5 133 2 -10 — 

| 40a» 474 Do. Gold Bd. ]U2B 1187] - 

rQ'm 446 Do.Em.97.TCBd. .[1652 173 Sf UJ5 

♦tug 4 91 

«ucj 5^04 Rothschild Asset Management IC.l.) 
.".'I zjh P.O. Box S8.SL Julian* Ct Guernsey 048128331 
O.C.Eq Fr. Aug. 31 . 157 4 60BI-0M 268 

^ I ^ e f^? tS r (JCTS * y) OcKff'.p W.*“ !S 

P.O. Box 320. St. Helier. Jersey. 098437381. OC SmCoFdAucSl 154 0 HIM ym 

Clive Gilt Fd. iCI.) .79.77 9.8Ld [ILK O.C. Commodity- _. 143 .8 ' 15211 424 

CliieGill Fd. Uq.i. |9.M 9.»4 1 ILK O.C. Dlr.Comdiy r._|S2892 29 80| 067 

■Prices on August 31. Next dealing SepL 35. 
Cornhill Inc. I Guernsey J Ltd. t Prices on August 21. Next dealing SepL 7. 

P a Box 157. St. Peter Port. Guernsey , „ 

lntnl. Men. Fd._.._]177.5 lW.Df+9.0j — Royal TrBSt (CD FA Mgt. Ltd 

P.O. Box 1B4. Royal Tst. Hue, Jersey. 053427441 

R.T Jcl'L FtL (SUSt 78 »41j I 3.M 

RT.IntLUsy.lFd.fe.O ...J.sa 

i i _ JYicea at Aug. 31 Next dealing September 5. 


Zt — jBeutacIior Investment-Trust 


Prices at Aug. 2ft Not dealing Septa 

Save ft Prosper International 


— .IPostfoeh 2885 Bteb ergaga eC-lO 8000 Frankfurt. Dealing to: 


Con centra,.,, [Dtctli tliu+iuh — 

] lnL Renlenfondx . (ClXUal 2820-040] — 


STBroad St. St Helier. Jersey 
UA Dollar dr ■oiulxfi) nil Funds 


Old Depos 
Mixed Fd 


119 

rt. . ... 107 
real F.. , 109 

IlFd lOfl 

113 


Scottish Widows' Group 

PO Box flat Edinburgh KH183BU.C014B5 8000 VAVAnroMSB 

Inr.Ply^eriesl 0181 UOOl-lU — ^ 

[nv.Ply Series: — UJ3 9 109.* -3.1 — r ..i ■■■■■ it fli 

lnv.CaahSept.J-_ 988 J84J +82 KmSOB & UI 

ExUtAceAug.80_ 145.8 152.0 -Ll — P.O. Box 73. St I 

Kxl/tlncAcic-30 — 1*2/1 1*87 -1.C — F P ICrT 

Mgd.Peu.Ang.30. 2789 2785 +5 5 — 


Dreyfns latercontiiimtal lav. Fd. 
P.O. Bon N371S, Nassau. B aha m as. 

NAV August SB — J5T5H51 US* 4 — 


Dlr.Fsd.lnt.*** , 

Internal- Gr.*t P9* . 8591 — . 

FXrEaBtern*J [51.40 5557] I — 

North American**. M.M 443 . — .1 — 

Sepro—t 1 15 57. ,17.02] ..-,4 — 

jjsdhrt—OUf FnSi-- -• 

CSiaoaS Cajntal*Z&5.9 2583 -L5 2.43 

C)UDWeIUmid&4>-Q5LB 159J -U 486 

Cotmnod.— * _ll27.fi L34.4 +05 

rSL Deposit 1080 .;.... 025 

StFlxed**** 1H4J 1289 1150 

•Prices on August 30. “Angus 30. '••August 

tlnitlal oHer. *WeeUy Dealings. 

Schlesinger Internationa) Mngt. LltL 
41, LaUone5L.su Helier, Jersey. 063473688.' 

SJULI 181 ... 843 

SA.O.L 092 097 4.6* 

GJItFd. 224 22.6s .... 12J7 

InU.Fd. Jersey U* , 12Q 306 

Intnl-Fd.LxmbrE-., 311.68 J2J0 -0.01 - 

•Far East Fund. .... 101 IDT] .. ..4 2-88 

•Next sub. day September 6 


L**» — 933 484 „... 788 

■-** 7.94 . 869 — . 

i*t 51.40 5557 — 

iron**. 4.08 4.42 — 

1557. ,17.02 ..... — 


Emstn ft Dudley TstHgUny Jid. cSH^t3*!_ 

P.O. Box 73, SL Hdler. Jersey. 0S34 KJSfll Chroel Woods*-; 
EJLLC.T. 11318 139.51 1 380 


— Solar Life Assurance Limited 


Eurobond Holdings N.V. 
Oandelxkade 24, WUIemstad. Curacao 


- . . RS Gluts ftug.39— /' 

— - Do. if C.l Au*. 29,',. 


Barchuk. LUe Assur. Co. Ltd.' 

*S2 Romford Rd,E7 01-XM5544 

Barctayhomta*. . [130 0 U6.M -1 S| - 

Sot L, |i230 uo.a -r.fl - _ 


TjoO -OS V Hirh Income 308' 33^ -01 931 second fCapj; bfij 60.9) -tt2l 2.03 5^1^55* ""'"'IwV iiS! 

S -H 1 ? ffltrrrsr »•/ M Si »4MSS&±: B- IS 

3i - ,s - is%£^s= si as ± is sassi&c: nv ^ si is mi; m. *»». c. u 

n?raTW,'..- 242 —02 UK PcxIAcc uffl l .... pli . 76.9| -0 3| 7J3 71. Lombard St. EC3. 

w . f=e ExnipiAiiguxUO-161.9 .■ ^ 64JI .-.-1 485. ^ ^ But TW. Magn. Ltd. BUt- Horae. SepL 1-1 13425 \ 

TS? canml. Lite Assurance Ca 

■■■■ 5Hda 1® «*<: «»«»» wteiw las&jyriT 

Do Jnc. DbkL_: 0*3 -. . 36j]^_/lj 752 Throe Qnvx. Towsr fflU. EC3R 8BQ. OHCO «W Hctnd.PM. Aug. «-i .1338 ) 

Do. Inc. Acrum (446 998] +0.1] 75Z - See also Stoch Exchange DeaUnga. __ '• ' . 

American — ^ — -gjA T b s -0.4] i7i Cannon Aamnnce LltLf 
Capel (Jamefil HngL LftLV , d * iOtnaplcWyH Wembley HA90NB 

monk [Broad SL.S»uq DI-M88B0 "filS +o| 166 IX14M _ J; 

capital NU - 969] | ut O umin o ilhy Hi - ikM.inl ana Property vi ana. — .p-lO-ZB — i 

Inrncic ... Jf7 2' 9X31 -782' MMamiVl 

Prices on August 18 Mxxt dealt ng Sept. 8 <CMnpouad 

. . Cnovcniea _ . , 

Carl kd Unit Fd. Mgrs. Ltd-¥ («Kc) cotto tou Inc, 

Milbcn Homo. NewnwUfrupon-Wne - *Jl « (aennn. VSSiZ?. 

i jrliol — 7*5 TIJA j 365 

Zta.ARum.Unita-.ll9 2 : . 912] 365 


01-8008920 LeoWxL— 1786 82.7] -041 4.79 Clll cdeed- .... 1I0J 

4.67 Lee Ac cum. — -_]M8 9flil-0j| 438 v - HM 

3 m 3 —4 8k- Unit Trt. Mugrs. Ltd.f (a) wfi 

Mm « sss«&-gf «4i 5| EgeSr ft 

“Si 2S «g-»| j® dSjSSS* ”;::g79 


129.3 -7 * 

116 3 -JI 

114.71 .. .. 
Ilia -d.4 
Mil . .. 
10&H-L2 


«;.L L asb Ftmd.. . Wfi^ 102.71 .. [ - Faltin 6LS 

m-T4Bfliu !; j: Sl# V£3TJS I * < *‘ I&SI lflil “ fifluitaPonx ... ins 

...I - r 1* fcJM 253 ?jxi iif 11 • " I - Monei - Market . 1424 

. 4 — r.iMuxwSi" lira ' iSfl ’ 1 ~ Money Mfcl Pros 184* 

GLPPO' Fund -197 5 102 6(.. J - Repoill . - . 1298 

. \ — Growth ft Sec, Lite Ass. Soc. UdL¥ Depoarijonj.. . .. |«2 

A • 0fl3 ! t:M2W 5fo2«SdPen^ W< 

A . . I — ■“ JnilEmilli. - 1086 

«■*?• ^ ufeHiSTAic ^ 1059 

J . c & s. Super Fd. . | f79lo 4 .. I - NEL Pensions Ltd. 

-si — Guardian Royal Excha n g e MnionCtwrt.Dorkrag. Surrey 

I-i Rwal Exchange. E C 3 01J8J710T ^? UT a ' Ua 5 1 

7.. T Property Booda... 1189.6 192-21. I - . KaSSSmyOp BT 

-14 — Hambro Life Assurance Limited ¥ ^ .-JUT 1 - . ii!'* Rl 1 

"31 — • am B.U. ■ ... I n. w m jAanrm Ncl^Llfc l^cl-ap- 133 4 


_ 1 0-12 Ely Place London E.CXK BIT. 018423008 i«nta » Agenla: Intel. U ChrtsMphtr SL, ECS. 

met! , Solar Managed S-.R 31 4 1384-0-21 - Tel. 81847 7Z«X Tdex: 88144M. 

Solar Properlv5.. 113.0 U»« .... — NAV per share September 1 SUS2080 

Solar Equity!) ,.., 171 4 . 180^-88 — 

loin soiw-F^riK.s. .. U6.6 lMd +0.2 - F. ft C. Mgmt. UtL Inv. Advisers 

- ISteSu^S „ : ■_ 1082 ioiy -OJ - l-i^urjncePOTntneyHUl.ECBROBA. 

= »Wi?P P “S? Mf. = SSS* B _| SDS829 |- 

~ solar Equity P . 1718 laoji -flj — 

_ Solar FxdJgL P.. . U63 IgS +83 - Fidelity Mgmt ft Res. iBda.) Ltd. 

. soJarCssh P ..... 1888 m7.ll *ffl — DO sn. mn t. _ _ r n . ..H n 

Solar Inti, p,..- 1DZ2 10861 -OB — PO. Box BTU. Hamiitoo. Bermuda. 

_ aotarinu- r FidellTy Am. Ast- SUS3817 | - 

F, delay lnL Fuad.. | 5US26.il -042 — 
Fidelity Pae.Fd— .] SUS558* 1 . . 4 — 
Fidelity WrJdFtf... | JUS17J0 J-00^ — 


1III M « n.«i V....I 1*4 Fidelity lnL Fund, sus26.il |-0«j — Schroder Life Group 
Sun AUiance Rouse. Horahnm. 0403H14I Fid?!!® B,“d WTJI IuMtU J-O'ri) — Portsmoulh. 

JnLBnAug. at?. ?"P*a443 U 1 '.".j - Fidelity Mgrnt. Research f Jersey) Ltd. 

Sun Alliance Linked Life Ino. Ltd. 

~ Run Alliance House. Horsham OtiHMUl l 1 — — 


675 -03 7B Beehive Life Anur. Co. Ltd.¥ 


7J3 71 . Lombard St . 1X3. 
td. Bhs.Hwae.Sept 1-1 


4^ M ft G GTOnp¥ (yKOtx) 

. 96_lJ J-4 752 Ohrae Quxn,T0Wr ffllL EC3R flBQ. 0WS0 4BW Hctlffl. Bltd/Aug. 7. 


28 High. SL. Pot I era Bar. Heita. P Bar OHS gP 

j, i su urn Pee. Man Arc 


T nid Park Lane, Umdon. W1 

Fixed lnL Dep f82ft3 

Equity 190 J 

Property- 1648 

Msnwcd Cap 1480 

Managed Age 183/? 

Overseas — 1287 

Cdt Edged 1254 ■ 


JLM.W . . — 

® e 


0I8G3 1288 Amvriran acc 


\ 4 - 


Pen F.I.nep.Cap- 
Pen FI. Hep Ace , 
Pen. Prop. Pap.. , 
Pro. Prop. Aec. . . , 


lr.1.1 = 


Ita. Aceum. Unita _. 189 2 ;. WJ| »~ 

r». High Yield 1455 

Da- Accinn. Unit* --. 1566 : 9901 — , 

Next dealing dale September « 
Charities official Invest. Fd*> 


Fund 
r Accmu. Unit*; 


77 London Wall, EC3N1DB. QI8081RS 

income Auggn.-BOg ]- -| r«« ,‘Sm.iinW 

A tosm . Angnat 15..|276fi* -1 j-J — .. HUhlimnB — 


Ausun. Angnat lP.-lZfa-M -1 — , HffihlD«mc_ 

eUcunub. Only ovailable to Reg. Cbarttiao. S&mir Unita) 

a • . Jtffmjy Incaipr-- 

Charterhouse Jmphct¥ lAeeum. u m u u . . 

1 Paternoster Bow. EC*. ' Ol-SSMOaQ-. 

rJ.taniUJgi - , ' Wfl . MB. lgSSd™5: 

Arcum- UnlH U W»a7 fg (Accwn/Untta) 

\ J Incrmw HI Sl. — .7 56 

<7J Eoro. F7n OB «_ - 3881 ..... ..JB 

Avcum. l'nitr - 322 ■ 34 *J 889 

■7J fd lnv.TW., — 30 Z .. .. 3271 3.W 

.Vrrom. Unifs- ^J34-6, W6 J.95 

1 Prices Augosi.38 Next dealing September 8 


(AecnuLTinltal 


__ li ' . Pen. B fi Cap.— 

171 Cannon Aamnnce LltLf Pen.8S.Acr 

iiS SSgS^SfclESS :gi3 = Heart* of Oal 

408 .Eioa a — tS-17. Tavirtork I 

?«: 5S^9»SS!ff..;e}22? “ Hronsofonk-.. 


ap... 1207 
ee , 151 1 

J... 2066 

... 267.8 
i . . 216 4 
.. .2807 
a P . 1238 
Aer 1298 


WKft Nelnxi.lh Inc %rc. 155 5 584] I — 

— NcIMxd Fd Cap..|481 - sail . — 

— Net Hxd Fd Aer |49! 5li| J - 

— Next Sub. day September 26 

Z NPf Pensions Management Ltd 

— 48vJroeechurrhSt .EC3P3IIH. 014SS4300 

~ Kanoced Fund... J1585 . 16511. I - 
_ Prices Scpi 1 Next dealing On. a 

— New Zealand lug. Co. fU.K.) Ltd.¥ 

— Maitland Hou'P Southend SSI £15 0702 82869 

— Kiwi Kry In. Plan |1S86 155.31. i — 


Equity Fund. ■..- — 1289 
FixedlmercBtFd..- 1068 
P rop e rty Fund 111.1 
International Fd. ._ 1073 
Deposit Fond. 97.7 

Managed Fund U23 


135-61 -B.M _ 

iwa . — 

U 3 .H — 0.7 — 
im.il ... . — 
UKM -82 — 


M- IJ - 

sas^Fd vfe z m mi = 

Con Deposit rd. ms lOzil +01) ~ pISp.FtiAM ” 14ftfii ZZ — Part Hae.. 16 T 

Norwich Union Insurance Group¥ Prop. Frt Inv.. mo — - ^<± Ql-«8 8131 

PO Dirt 4 Norwich NW WG. ‘ J^ 222 ® 0 DeS^LA^nr!!? 960 m3 ZZ = An^&lMu 
Manas rtt Fund- P183 K9.M -0 2 — Ref Plan Ac. Pen. .. 787 854-87 — Anefam-CdtEMg 

Rqunr .Hi.nd.. 3783-1* — ReLPlanCapJPen.., 652 70 j-o.fi — Anchor JnLFd.. 

Prnjwrty ttjnri W0.9 137.B . — HcLflanMnnAcc... 1316 1385 — Ancborln. Jra.l 

Fl*edlnt Fund . [U32 lfclJl ^83 - RcLPlanMon-Capk. 120.3 126 fi . — — Berry Pae Fd... 

JtaWbil Fund . 11066 1 112.2} . ... - GlHPea. Arc 131.1 1381 — BejiyPacftrtg. 

•Nor I’nitAug 15 f 223.0 | — CiliPen.Cap _ [1231 12V.fi] — G.T. Asia Fd 

Phoenix Assurance Co. Ltd. „ SfftSSS!£” 

4-S. Kmc William SL. EC4P4HR 014009878 Transit! teniatkmgi Life In& Co. Ltd. gsfc SSSrrd-. 
Wealth Am. . {1166 12291 . J — 2 Bream Bldgs.. EC4 INV. 01-4050487 G TJacttlcFd..,, 

* _ 1 16071. .. | — „ . 

127« -... — Gartmore In 

1320] .... - 1 C, Van. A , — 1 


3S ■SSMBBScBfi &94E = i™*"**- 

759 Peps? Bend 1122 1U.7 +0.1 - Hill Samuel 

PropSo-Accum,' ~ E12.99 Z +0 88 Z NLATwr..Addi! 

?« mSSXsS^Z: 1,653 -4 _ * Property Unita 

12 andEooltv - 99 2 105.0 _1 n _ Properly Spiel 

7 qg SdP^OTrty 1862 112.4 +0.4 - Npnaged t nlte 

?E 'Indfilii " " 9(f7 '■ S60 -0 2 — Money l- ni*. - . 

a£ *nd Ba. p5n*~Aer" 101 6 1075 -13 — Mon*} 1 Series A 

ifi SdSJ!ni/Mn .: uol 116.1 +04 - Fixed Iql Sct A 

?S SduSd^etwAcc WS S imJ -o.J — KquiiyStru^A. 

IU ^ 100 3 106.1 +fl.2 - S“S^d aS." - 

II ^ K c Ste‘ Ace SJ IB - 0 - 3 = ftsacyr 

5S 'l-fcBSJ'FJL ---So MO -oil - {SlL l ESS l t» J r?D 
163 ■;. c&rool value AwmIl p?S.S^a?? 

J.w Capital Ufe Assurance¥ pn^F*d.lnt A*e 

f2o CnelattmJtouae. (*bapel Ash W'ton 0803 285 11 Pent Prop. Cap 
So9 Keyliww.Fd.. .._| 10627 I. .]-- Pena Prop. Are. 

a.of . PycemBkerlnv.Fd .[ -laios | .... I — ■ Imperial Uf 
4-67 - . ■ Imperial HmiEe. 

9-67 Charterhouse Magna Gp.¥ .. ort Fd Sept i 


Pen. Man Arc .. ,280 7 295.5... - fSh'l.h^Fd 1U7 lfSal -1 J " 

Pen r. Ill Kdg .Cap . 1238 130.4 ... — l£*LTJ^.f d l R 7 — 

reu.rilltEdf! ACT 1298 136.7 - ^mraliitpl. 980 IM . - . 

Fcil.B S Fop. 125.4 132.1... — iWi iSS Ij'l ~ 

Pen. 88 Acc .. .. M3.B 151.4 ... . _ ??.rpS?ii d Frt ' - jgi v»3 In i — 

p M n ft i: r.tn lira n • ifUlLccrarn aim 4 +D I — 

Pen! DAF Acc" . 105 2 ZZ - Con Depwii rd |97S llttilrilll- 

H earts of Oak Benefit Society Norwich Union Insurance Group¥ 
1MT. Tarirtnck Place. WC1H0SM 01^875020 PO But 4. Norwich NEI3NG. 0603 22SOO 

HeartsofOnk P72 %SSffi!!SF“ mi SS|^Sz 

Hill Samuel Life Assur. LUL¥ Proiwnv Fund 138.9 1373 — 

NLA Twr.. Addisconihe Rd» Cru>‘. 01^854355 ml ^ 3 “ 

± SCTWw‘rfr li W fl 1:.::: = 


Sun Life of Canada (U.KJ Ltd. 

2.3.4. CWIWWSL.SWIVSBK 01838! 

Maple LfGrth. ( 2116 I j - 

Maple Lf. Mangd. > | 1382 f J - 

Maple LLEtdf. 137.0 I — I - 

PeiW-Pll Fd. 1 21U I 1 - 

Target Life Assurance Co. Ltd. 


Target House. Gatettbuae RtL, Ayta thmy . lBotterfleld Bldg- Hamilton. Bermuda. 
Bt*«» , Aytebmy 4lSBflaiaOfillNAVJuly3L 1 5US190.79 J 4 


-04 — 

1875 -8.3 - 
10 * z -0 « — 
1281 .. . — 
10*5 _ 

Vfl.O -6.4 - 


Series B I P»elflr.>_| E9JTO J — 

Series D lAmAas l) £20.73 | 4 — 

First VDring Commodity Trusts 
8 SL George's SL- Douriaa. LoX. 

082* 48B2. Ldn. AgtxChmbar & Co, Ltd.. 

S3, Pall Mall, London SOT7S7H. 0I-fl3078S7 
FsL V’U. Cm. T*L ....J34.7 36Jri _ .. J 2.60 
F4LVkJ)bLOp.Ttt,f7LO 780) .| 4.00 

Fleming Japan Fund 5 j\. 

37, rue Notn-Dame, Luxemboorg 
Fleming August SL | SUE6I.7S | [ — 

Free World Fund Ltd. 

Butterfield Bldg-, Hamilton. Bermuda. 


G.T. Management Ltd. 

Park Ha#.. 16 Finsbury Circus, London EC2. 
Teh 01-CBB 8131. TLXT 886100 


IntereatJ 

Mln tereag 
EMaoagedMp 
SMatteged|_H__ 


J. H«uy Schroder Wagg & Co. Ltd. 
120, Cbeapeide. ECi 01-5884000 

CbtmSAUR.3] XUS.X2.57 |+8111 2 31 

TraSlearJuly3X„ HrS133.01 I _ 

Asian ftL Augta _... 5T9U1 SSB 2*8 

Darling Fnd. 5AL98 2-W+Ofn 490 

JapanFd. Aug.24...[SL'S799 85*] 0.47 

Sentry Assurance International Ltd. 
PX). Box 328 Hamilton 8 Bermuda 
Managed Fund pram 2220| 4 — 

Singer ft Hricidlander Ldn. Agenla 
SO, cannon SL.EC4. 01-3«Sfl848 

Deknfondfi [Dlta.74 HiW+UJU 6.62 

Tokyo Tsl SepL 1... | Sl'.S. 40.00 +D*0^ 1*5 


London Aunts for 
Anchor 'B’Utnts™ ll 
Anchor Gilt Edge,. P 
Anchor lnLFd...~ 51 
Anchor In. Jay. Tst. 1 

Berry Pec Fd... 

Berry Pac Stria. £ 

G.T. Asia Fd, H 

G.T. Aria Sterilng.. E 


C: sseioo Stronghold 'Management Limited 

-P.O. Bex 315. SL Heller. Jersey 0534-71480 

iffT 9M -Dtrl 18« Commodity Tnnt... |90 13 9*87 ]. — | — 

06514 54! 1.93 

*2* +oj 2.c Surinvest fjereej-i Ltd. fx) 

890 Quum H ae. Don. Rd.SL Helier. Jsy. 053427348 

nous qj 1*2 American IikLTsl, (£ 7.92 BOfl-dJU — 

fun-u & s» sbfc=Kk mm - 

JW. 


994*0 3] - 
W11+0.3J - 


Wealth Am. . (1166 12291 . J — = Bream Bldgs.. EC4 INV. 01-4058 

Fb’r. Ph Ajb,. . - | 0-1 j +3 6| — Tulip Imesl.Fd.. 

Eh r Th Eq.E Wll SSq.. 1 — Tulip Sinned. FA 

Prop. Equity ft Life Ass. Co.¥ 5^ tip. 

tlB. Crawford Sired. W1H BAS. 01-WG085T Mun. Pen. Fd Acr 

R SUL Prop Bd . I 1846 I j — Maned Inv Fd Inti, ui»j avail .... 1 - 

Tta Fatuity Bd 794 i -1 *1 -- 31nc*llnt FdAcc |1039 109*t ... .) - 

Flex Mcmnr H.L I 151* 1 .. I — 

property Growth Assur. Co. Ltd-¥ Trident Life Assurance Co. Ltd.¥ 


Gartmore Invest Ltd. Ldn. Agts. 
2, SL Xaiy Axe. London, EC3. 01-283: 
Gartmore Fund [HncL l Far East! lid. 

1303 Hulcbleon Hue. 10 Harcourt Rd. HJi 

HK6 Pac. I’. TaL (5HK4S53 USI>AI7» : 

Japan Fd.. &.S15.5W llSid .] i 

N. American T«U „mSS2i5S U«7Sri J 

Inti Bond Fund. — pVSHD 1I7W I ! 


.1 Chieftqin. Tnirt . Managers Ltd.¥faXg) 


mcctaltocd Pods 


1 1 New'SL EC2M 4TP-- 
American,..^ — ...jrxVBA. • 

Hub Income, KX7 - 

international TsU,b«tk6 
.Bade tara. TstM4. _ 
-inem. Growth Ho.~L 258 


JAcmun. Uidui 

-8.1 ■ l® Chariboml AOC-28. 

-0/2 *84 tfflartfo. Aup.28^, 

z.?5 (Anum>Umts)_ 

-0* 4« PkM-Ex Ang.28 

Manulife MuofeneDt Ltd. 


» Bn,w! ^‘sassfi 

545 ® atEtebr"* “ s - - 1 “ 


iMamwed. 
Soci 


•1.3 ... , - 

3H ... . — 

42.1 - 

MI - 


Caafedecatten Fuads Wgt. U49 fa>. SLCeetv^s w*r. Stevenage. ■ mipwiol «»a«a*M h 
MC ltaOrery Laue.’B'CEAlBEr -- tnS420282- Growth Unttk^^P?.* * SBQ -l.4| 387 Wm|1 - _ 

is-mrthFtmtl . . ; .:, ^ * . t 48JJ —-I Mafflower Management Co. Ltd. 

CosBiowditan Fund M a na gers. Hia«*wJi8»dt,»rav7AU. Farmland Fi 

{^tOTopriiUlULW.MJ' »3 ...jrel IttlerBalLAufsO-IS.T 4«3 380 pulapu^j 


Cily ttf Westminster Assur. Co. Ltd. 

ggf«R^fiE: 8 W “ tehwsc "S^ oom. gS? HKA 

"* 1 WratProRPund 


k .ZaaSNEm' ™ 

U?,- - Mercury Fund Managers Ltd. 

5.^ Crescent: Unit TsL Mgrg. Ltd. <*Ng) 3o.G«xb*inSL.Bc2PSEB. onw«» 
4McWneCre*,Sdh2buiahl 031-2284831 Matr. Gao. Au e. 30.1^8 HU - - J 

A SE«Bsa=p--: ffijtaf M.«asft=ir' 1 « 

iB-fi&asJSHfc-air *S£ .-.r | 

+ : ' '^Sa'etili 1-96 Aa*a.Uta. JntrM.^DJ 296M u . . ^ 


nti JUfa-ACt. 
4551 Pena. Hope? Cap 
4U Fes*. Moitej,' *CC- 
4 is Feu* Equity Cop 
764 Fetu-EquldArr, 

4*2 Fwronn Lflita— . 


W - 0-8 

.ma I™ 

■657 -OJ 


Imperial Life Ass. CO. of Canada 

Imperial House. Guildford. 7J25S 

Git Fd Sept I . .[ga BZ.M-l.5l — 
Pen* Fd sem. l pa.i -76 3 -2S - 
. I'nllXinbed Pswiioljn 

Matiurd Fund .„ .197.9 103.M -13]- 

FUcrflm Fd .. -,N67 Mil -0 4 — 

Secure Cap. Fd. , 1959 lOZflj +0J} — 

EquilrFund . ......iflBOO 1052} -O.q — 

Irish Life Assurance Co. Ltd. . 

1 1, FI n&huty Square' ill 01-838833 

BiueChp tfopt.l (792 83 4] | 5.00 

Managed Fluid 1235* . 247.fl - 

FrompL Mau-Fd. .IllOO 115 H — 

x*rop Mod. Sept. 1.. Mil ivLfl _... — 
Prop. Mod. Uth- -.1199.9 21M] | - 

King ft Sbaxson Ltd. 

.92. rnrahlll. ECB. 01-8SJ H33 

Bond Fd Exempt JU197 103321*0.1111 -■ 
Vevl dealing dote Sept 6 

lamghMn Life Assurance Ca Ltd. 


Axrlc Fund'Ai 
AbbcyNuL Fun 


+o 3 __ Leon Htiiifie. Fro' don, CRB I LU 

...J Properly F'unrt 184 9 

. _J — Property Fund i .3 1 1832 

Asrkuli uni Fund 769.2 

aJh^- Fund (At 7625 

7J25S AobeyNBL Fund i55-! 

_15| - Abbo Nat Fd l.V, - 155 2 

-2,'ffl — -intcMmeniFund 698 
• . • Iqver Ipient Frt < M 69 5 . 

-IM — FkwilF Fund- INO 

— s 4 — FqnUr Fund- .v . 179.0 

tOJl Moni-j'l-tllirt 141.9 . 

-Bfii _ Monry FundiA'. . Ml.l 

, , ™ . Artuanal Furnt 1159 , 

tti Lilt ettaed Fund , 123.1 

mJtMUPM Glll-Ederd Fd I M.. 123.6 

| goo *nciHB Annuity,- U5.7 


J Oitmwd. Anal' 


■11511 | — Prop, firowtb Pena 

19lJ _... — All W l her ,1c I fn 

21M - 9 .Ml Weather Cap - 

Vim Fd Us. 
Prnston Fd Li' 

01-823 S433 Ton* Peu« Fd 
103 321-eO.UH - Cnv. Piu. Cap [ ' 
I Sept 6 Man. Pens Frt 

nc.Co.LW. SiK-rJ'" 


— UtnghnmHs HolmhronkDr..vW4 01-3335211 Prop Pcmcap i t'. 


Bdflfl JjOC. P* - n I 1 
Kirtii Sor t ap i t 


1.96 -AmoLUta. JntySfi — 
m Midland BnnlcGnmp 


Di6«TtWy^nit ntiMt SSSlW « 

22. BteniOeWStiKaMTAI; r OHK384485 

of ce Income #n*. -34} « .SE5SH!BR^. 

V, W unZiWtar flhnil nimie S.M COTUmxDCr ftSOO-W* . 2S.fi -0M 4.90 


in new mvetimrnf. 

218-4 | - -( - KlDfiswod H«i 

- • Rurrn KT206EL. 

City af Wtarftoi»i8ier A«ur. Soc. UtL ggft™ 
Totarfxw* 01-88* 888* EttuMy Initial 

S 5 »W:::SS’ ■#! d = . IM 


TJUiCtum A" Plan 1651 686) .. ,| _ “f f , 

vProp Rond . p43a 15l| .._.J - KJf5{ Sort ap 1 1 (- 3 

WispthPt Man Fd|76.7 M.g 1 — Provincial Life Ass 

Legal ft General I Unit Assur.) Ltd. aaiB^opsuuio.EC.i 
Klngstrood Hottse. Klngwoort. Tad worth. Trov llanaceti Fd -M2.9 
Burch HmthSatM Prov.Car.hTd. M5.6 


mi 

698 

695 

188 8 - 

179.0 
141.9 . 

Ml.l 
1159 . • 

123.1 
123.6 
1*5.7 
1473 

& Annuli 
4 142* 

9 .1335 
1422 
131 * 
1490 
133 7 
1487 
1362 

148.2 
1341 
1328 

121.2 


0140)0806 ReiwlxdeHouee. Gloucester 

: = snstt 

- Property. .... UEy 

— Cquljr. American.. JB7 - 

. . — fK. Equity Fund - 114 6 

— H tab Yield 1424 

-1.0 - RlEsdged. 1229 

-10 — Money... 1260 

-15 — International.-.,— 1075 

-IS — Fiscal. . . — 130 0 

*0.2 — Growth Cap 127 6 

+0.2 - Growth AM 132.2 

— Fens. Mnfid. Cap... 119 7 

— Penn MnsdAcc, . 1254 

— Ftma.Gtd.Rc-p.Cap, 103.4 

...... — Pcns-GldBepAce., 1M4 

. , — Pens. Ppiy. Cap. ..... 115 * 

m liiL Feuariy Acc.., UD* 


I*UL¥ Inti Bond Fund. _UrStt2J lUt 
M623G41 Gartmore Investmeal Hast Ltd. 

f — P.O. Bo x 31, Douglas, toM. 

.. . — Gartmore inti. Ine.. (23 4 24. 

,. . I — Gartmore Inti. GrtbS.7 64L 


Vii = 


aj 


Hambro Pacific Fond Hfmt. Ltd. - 
2110. Connangbt Centre, Hone Koue 


-• 1 "■« TSB Unit Trust Managers (C.I.) Ltd. 
Agt& Bagatelle RtL, Sl Saviour, Jersey-. 053473494 

01-2833631 cSm«ySfedZrp87 -»33| " ”1 «49 • 
S H-Kooc I * :ric * al 00 August 30- Nest sub. day September 

<n fiS a • 

1 IM Tokyo Pacific Holdings N.V. 

’ *■'" Intimta Management Co, N.V.. Curacao. 

.. NAV per ihare August 28 SUS7D.45. 


260 Tokyo Pacific HJdg& (Seahoardl N.V. 

• - lntimis Management Co. N.V, Curacao. * 

L * NAV per share Auguil 28 SUS51*3 


jSroFuad!:?!.~:lmiH 9^+DJSt - 
HkmiLvS Bank (Gnensey) Ltd./ qwvu au r 30 . 

tcj ‘» ™ 

isigp f| 

us : b : ss IS ifl ’ . 

Pncei OD August 3d. Next dealing Sepi ember TnS 3. Act 

"■ Gilt Fund Aug. 30 

Henderson Baring Fund Mgrs. Ltd. 


_ Trdf.BWid . . _.. . 

_ TidLGJ B«td — 199* — I....I 

•Cart yfllue for £100 premium. 

- Tyndall Assa ran cr/ Pen si on s¥ 


Wd = 


Tyndall Group 

P.O. Box 1258 Hxmiltsa 5. Bermuda. S-27IW 


Overseas Ang 30 _(Sl'St3 
1 Acrum Unltai , „ SUS3.97 
3-Wajfot Aug.1T. . IftsUT 
Ti, 2 NewSL.SL Keller, 

5ffi TOFSLAU&31 . 
tS lAcnio-Fbareai 
• u American Aug. 31. 

U-afl 1 twninkhspMl 


Me\z 

■87 ,r?rw 


„ | Prieei on August : 


J. Next dealing September 
8 


• Aec urn. Shares) 




Provincial Life Assarance Co. Ltd. 


BuKhHrathS&UB Piw.Ca.- 
190.8S — DJI - — illUFuni 


i¥ E. F. winchester And Bfngt Ltd. . gHSSS? 

old Jewry. EW . , toWSUn ~ ‘ 

^tsuBsmr. 

‘l- , Euson l£> jSuEr 

■P - at AxUnginrSti.S.WX' '• 

t? Equity £ I*w Vb. Tr: MLf iild»H«»f8) 

,.j * ; ,-unerth8a RtURlgk Wyenmbe. Mftnni Do. ^wstn.*. 


tBBm ,-til 

SJ:li 

5S2 -03 
'646 -0.1 
73J -02 


Totardxffl* 01-684 0684 Equity Initial 

^•WSSBaeJB* W'd =. HE- 

is Commercial Unten Groap !Sf:S 

178 K. RelOTta ] . Undersbaft. ECS. 01-3837500 UaoMfidlaitiel 

|g naansu :«f ua = 

8*9 _ .. . r , Legd a Geoml fLtft pot»Iot¥ 

8.19 Confederation Life ^nanrance Co. nxeraptCarttati [97 J 102.; 


U45 *0.1 
128.6 -0.9 
1319 -0 6 
105.1 — 0J 

1071 ..... 


8*9 Confederation Lite. Insurance Co* nxeraplCarii InH. 
2*7 BO, Chanawy lane. WC2A 1HF. 01-2420383 Do. Aceum . . 
2.17 1167.9 17t3| J — . Exempt Eqiy. Inlt 


I 1 Equity * Liff. 


»8(-0J} 3.95 


•Frlokx at Ju$*l. Nesct dexHog Antiut 31. ] m . . HU ] — 

oNqn .Z. i 


CORAL E0EX: ab$^ fflftiOl 


Exempt Eigy- InH, 0376 
lux Acrum.. .. (194 5 
KstWjK Fixed tnll. 114* 

no Acrum. ,|ll68 

ETcmpi Mngd Inlt Il27 9 

Do. AccuhX 

Exempt Prop lull 
DaAccnm 


GIU Fund 20 11/7 124.ffl - 

Properti Fund . 967. 1IU.4 ... — 

Equity Fund Wf 114 g -04 — 

? =d JnL Fund |967 101 9 |... — 

Prudential Pensions LLmltedt 
HribonjEart-EUNDra. 014058222 

EouiL Fd Anfi. 18 - tt27.1* 28.021 \ ~ 

Fsd. ;ui. -wg SSa ■••• — 

Vroti Fd-Aug 18 B26.36 27 IS ] — 

Reliance Mutual • 

Tunbndge Well?. Kent 08B223371 

ftcl.Frtip.Bda., . I 203 3 ! ( — 

Rothschild Asset Management 


_ a Way August 31 .... j 

_ Eqwty Aujnurt31 - 

^ Bond Auguxt 31 - [ 

_ Propert> AugSl l 

_ Deposit Aug. 31 — I 

r i P*" ■»w*y=0 

t/o. ua O sraslm Aug 31 
01-2476523 Mn Pu*-W Aujl .. 

■ Do Equlh'Aujf.1 , 

' _ Do Bond Aug. r 

_ Do Prop. Aug. 1 . . 


Japan Fti Aug. 30.. IR'SES 3 

— [ Baring Bend. Bond Fd. Sept 

— * Ex cluster of any prelim. 


5S| I - 
I $l : S 10 385. 
charges. 


Vlcteiy House, thmjdax. lair of Jtau. 0624:4111. 
Managed Aug. lTZiUSA 1A2.«| 


142.6) ,....| - 


Ltd. intnL Mngmnt (C.I.) Ltd. 

14. .Mule aster Strew. SL Ifeltcr Jersey. 

I' IB. Fund ISL'SltH 57 1MUI | 7.92 


- 0 * — Vanbrugh Life Assurance 

y- 1 “ 41-43 Maddox St, Iain. WIB8U. 014884 

W ManafertFd 1151 2. 159*] -0*1 _ 

014058222 Equity Fd. 2448 257.7 -0.5 . 

: „ tauJ^and 1063 - 111.9 -M - 

1 _ Fixed IntmtFd.,, 16U 177J -MI4 - 

■- I _ Property Fd. 144* 1513 +a* . 

1 CaanFund 1*98 1262 



mSKSTtm-. ® =. 

KquUyFeuNtio ..—] f 25fi ! .... J — Do. Acc am 

CroperfyFeaMOT,.! .. MO-5 I -■■-+ - Legal & General Prop. Fd. Mgrs. Ud 

Zj -A,. _ g, -i- . II. (fneen Virihria it . EC4N4TP Q1-34808TB 

twnmll Insursnce to* no. uigprnFd aus .4 wet un.7( i- — 

'3lCotnJdB,E.C*. 01-8265410 next sab. day. Sept. f. 

I • ' - Life Aasnr. Co. of PeBMyJvanU 

Am a “ !l n 0 iwja iZZ. - #42X*«BondSt-WJ?imO. 0(4818886 

| CaCOPL' 8 Hv c — .1990 . 104QJ ...;.. | - 

Credit ft- Commerce Ianunnce Lloyds BL Unit Tst. Mngra. Ltd 
: »feRstttttBUL0BftKi*VlB8F*, -Jn-aaeSMl T),LtanbarrtSt.EC3. . .0J-823JW8 

g2ci2^ftiZ T jl2Z.9 • law ; r J - ExriWf-~ : -»®W . 107-SI —4 7A2 


Legal a General (tub FartlOTeTuti ” TuntadgeWdl? Kent aaesssn yanbragh Pensions Limited 

- KMM s, 4iL wZlL-L-f " 4 r^t Maddn St . Ldn. W1S9L.A 0:-4894f 

10J-3 — Rothschild Asset Management Manuged -., 999 165.2j-0.1[ — 

«at iSa- ~ St SwtbinB Lane- LobAid, EP 4. 01-8M43M Equlfr- W73 lU.g-Oi^ — 

mj 3 gf-: Z -VC Proa -M7.5 121ft | - . FlxeJim ereti - 97 7 1^9+0^ _ 

u£g Jgfll Neil Suh day gepii-nber SB. • Ftopero — «• 105ft ... J — 

rnv Rpyal InsuraaceGronp Guartflleed ror ‘Im. Bee Hol«' table. 

• ; ~ Now Hall Place Liverpool. 031227442 

do. acc am ms 104 9).. ftnfaiphieMFii IM44 152?) . .. ] — Welfare Insurance Co. Lt<L¥ 

Legal & General Prop. Fd Mgrs. Ud . * . 1 7 LTtSSLt, vinatadcPark.EiMter 03KHBI 

1 Ql T ?KB nstsobuaSniiMA 

.tStl -E|Rfp™:z zBI- Z MaDchcsier Group 

Life Assur. Co. of Pennsylvania 5a®f&Sf ra v"” Mill ” Windsor Life Assnr. Cn. Ltd. 

A>42 New BwidSL. WITORQ. • 014818886 fequiDl^W'Fd.- ‘ Mtt ^38 -0 3 Reyal Albert Hae .Sheet St, U'indur 681 
LACOPL-Blta e — -1990 .. • 10401 . - propfNwrFd-*- • *»¥ 2«2 . Life Inv. Plam^.. - 69,1 72ft J — 

Wj'a .w ™. sum. uj- giSSSE£ a w. JK« >BS^ - iSSSafSEL SS | = 

TI,L»8nJ»arrtSL.EC3,. . 0)^2$13» ffrirn m Aucurt 15. Ret AmtiPeu. E2190 I ..-.J — 

iHfel . • .M7AI -Zi 7A2 ittreUr dSfuigiL _ , FJexlm'- Growths us “ nuj „ J - 


Hill-Sannel & Co. (Gnernscyi Lid. t i b. 6uod isisHtiR utui ... 

8 l^Febrre SL. Peter Port Guernsey. C I 

GuernwyTH (1639 1754] l 341 United States Tst. InU. Adv. Ce. 

Hill Samuel Overseas Fund SA. »«“ ;' ld ^ w - I Lu \ e ^ TS ', „„„ 

37 t)i-* v ni, ■ n u i „ L.S.TAInv. Fhd.— I ill 32 I-B.03] 0.S 

nt.e .> ouw- Dame. Lnxenibaun: Net assets August 31 

W»J! ZL55f-fl.MJ - K 

International Pacific. Inv. Mngt. Ltd S. G. Warburg ft Ca Ud 
KT Box H23T. 96. Pitt St. Sidney, Auti. 30, Gresham Street, EC2. 01-600 

Jandla Equity Ttt..]SA2*8 2.401.1061 — Cuv.BtLAug.3U..] 5l’S9 Mri j-091] 

i«l*iuw Eng.InLAuE.31 ...1 SUSU71 Ulffl 

'■jfflSS'jLiSSMLfc d»'£iffli w! Warburg Invest. Mngt Jroy. Lb 


30, Gresham Street. EC 2. 01-6004555 

Cur.Bd.Aufi.3U.il Sl’S964fll f-aftU - • 

Eng.IntAuE.31... SUSU71 Wfclffl - 

GrSLSFd. Jufp 31 ..] srs7*3 I I - 

MercEbdFd A u£30. |lT5 WJ8 1MB (02856 


Aa it July 31. Nest sub. dqy August 31. 

JartUne Fleming ft Co. Lid 
46th Floor, Connaught Centre, Hong Kong 
JardlueBdJi.Tta.- HKS31195 2J 

isasiaei- *£$?£ r fi 

JxnJjneFlemlnL... HKGLL40 - 

imI.PBC.SK.Mlac.1. HK3MJ6 — 

Do,(Accwa}.,,.,„ H 104.70 . . — 

NAV Aug. 15, -Equivalent SUSMJd 
Next sub. August 31. 


n. Warburg Invest. Mngt Jrsy. Ltd • 

1. Cbartufi Cttua. SL llrtier. jr>-. Cl 0534 7374 1 
CMFUd.Aug.31.. (ft SUB UW+C50 _ 
ng CMT Ltd. Aug. 3! . _ £13.82 HUUD 65 — 
2*a UrialsTeLAUE*?.. 02^2 32^ . .. -~ 

om TMTAuUBlf. ~~ SOSUS — * 

170 TMT LldAufi It — Ql 40 31 6 fl . . . — 


World Wide ^Growth Management# 

10a. Boulevard Royal. Luxembourg 
Worldwide Glh Fdj 5US1679 (-O’lf — 


T»jratwvr«6,wmia wihofowd 

*** Moneymaker Fd.— I 110* 1 -0,71 

— For ether funds, please refer to The Loadoq X 

— Manchester Group 

— Windsor Life Assnr. Cn. Ltd 

Z Reyal Albert Hm .Shoot SL,Wiudur 68244 

.- Life Inv. Plan*-. - M2 72ft .... J - 

— FutneeAsMUltbia') 2100 j . . ..1 — 

— FonireAii*d.Gttabi. 4400 [ J — 

Z W5.l a ‘ , iiij Z7J Z 


NOTES 


Ret Aad. Pena. ~ 
negLiar.Grmwh 






Financial Times Monday September 4 isjg- 


n INDUSTRIAL AND COMMERCIAL 
3 CONSTRUCTION 


j^GteatpeqpIe’tb build with' 



Henry Bool Construction Limited 
London 01-373 3494 Sheffield 0246 410111 


FT SI 

I ARE I 

NFC 

IRMATI 

[ON SERVICE 


E-.cliequer I&pc '96#. 
Kedes?U«i^ir 198M6 
Treanir* llUpcTHit 
wheqner 10*ipc 1397. 
unuyBijiK 19974 
iMiTreaurvULpc^SK} 

rrreas 

E\dU>:lS« 
iuy 9*;pc 19»4 
Tr?Ljiiiy K/jpc T989 
ijrh !:pc , SM2£55j>do 
nnln^Sijpc'SlUM 


J. ;TiJi'!LT 7*ipe '12-15#. 

Ill* j2E‘lt.-.ctL !14rc'!j-‘lT 

Undated - 

I \ ' owh-ipc 32^ 2MI22JS 

M ir-^LKHiffliprtt 313a 254 11.49 

i‘. !«■'».• ■oi. Stfc fflAit— 34i’«fl 22710.07, 

">■.1 Trciau^ 3pc 68 Aft 23\jd 13 12.50 

..CiAJu- :.WTOb2!ipc 20 *bzI 1312J4 

’A U.'|l«MUiy ?jpc 19**nf 2321234 




LEL List Premium 41V& i based on U.S.S134+1 per 
Conversian factor 0.7086 (0 7051 j 


Sr.ilTrf.-asU^' 3nf BB Aft 233«al 1313230 — MiSJ.D. BLMcotnral S2 

..Ca A.Ju ■ • lOwobS'-oc 20*831 13)12-34 — F-Mj-AilN'. Bit Nora Scot. 

l.V K*|l.-2asun £jpc 1 WUni 232(1254 | — AJy.OJa. Bell Canada S5_. 

May Nwr Bow Valley 

IIsTSENATIONAL BANK F *U 

Zs-LlSpc Stock 77-ffi I S3 | 7.7| 6.02 ( 1030 July Jan. GmJbofk-H 

I uly Jan. Da4pcDeb.£lffl3. 

COEPOKATION LOANS fi*jS sSSOss: 

IF. • V Bina-h«n¥iW"TMl_ W 4 4.71931 1157 FMyAuNL HbTIinserJS . 

?.•*■;• IN Dnf.'olTtipc iMI 89 24.4 171 1194 Apr. Oct Hudson's BayB— 

2£Nh1 Li’ CUpc & 101 25.4)1237 12.13 Ian. July HudBDUG-SSj^ 

ItoWsKlSte 100*2 ie.7[22.42 1235 MrJe.&D. Imperial Qilfl 

: -*?'y *l> i;Uro*^pe-&W2 — 91 >4 2fl.4l0.14 3194 Jan.AsJ.q. lnro 

t=:i\';*?rr«i>.»pc *&«> . 91*4 24.41 5.72 1031 F.MyAu.N. InLNatuasSt — 


> ■ - ■ • • wm *• ap- — 

? yy 1 N Sns.'ftl 7?4PC iMI 

ssNWLr ist^pc a 

1 .:•■ f«n 12‘rpc 1583 

■ rry n > >;uew» tetpeBMS — 
L'-.-l USfa dorft K«pc «M3~ — 
' \i» it | L.’terp' yA Sjpr 7 6-78.. 

IT. T I5N Do &NWN 

: i A.’ a r -> Sw Irre-L 

‘ >. •. Lrc i urp.Stoc ’8445 . 

■LXF Sg;.«i- -V .-«pe- 78^9 


204 10.14 1194 Jan.AKJ.0. Into 

24.4 5.72 1031 F.MyAu.N. InL Nat lias JL 
13 5.77 0.72 MrJeSD. Massey Fere I .. 


ISM 15^1 Do.*?* 77-81 

•i.-. ‘ :a; 7h«5^v«« 79»* 

!!.: -tin rm.y-jv-BS*? 70 

3.! :.v tfci&pc&W 68 

; ; > no.^-ai.vit 23> ? rf 

::-m jssriidUs ffl.pt- loo — 92»„ai 

•"Mr. b'3 :ieattoile!H.pcTB«. ’ 96* iaS| 933 | 3149 

HA iSN7,.irmcLl2»^ig0O.._. 10U. 14.4|1Z2& 1 1151 addends 

• OaHOMTEAHH & AFRICAN LOANS 

:: i.'ltuft Slav 7780 94\t| 3131 5.881 10.73 Apr. Juli 

fflsx-8182 82*2.11 20 6.62 1134 May An* 

•IT 1tPN2^-6-71L 99 ll| 4.07 9.% Oct Api 


no.^-Ts: 


1030 1146 lone Dec. Pacific MSI 241* ill 91.6c — 

13.60 - - Place Gas SI 114p - - - 

312? Jane Dec Rio.Ahjoin 2l\J 610 SL08 — 

1011 MJeS.D. Ro>alBfcCan.S2._ 2ll. 18.7 SL50 - 

1037 SeDeMrJu SeapramCaCSl— 17‘Jnl 341 92c - 

1028 FJ&AuN. Ttar.DaD.EbSt — l5, 296 80c - 

11.12 J-ApJy.O. (Trans Can. Pipe — KH, 2b 103c - 

H.99 S.E. List Premium 41**% (based on 82 .2 393 per £1 

BAN^S AND HIRE PURCHASE 


waiw Jan. July ANZSA1 290 I 126 

5.88 1 10.73 Apr. July Alexanders a £l 260 10.7 
6.62 1134 May An& Alpemene FUDO 026*2 284 
4.071 9.% Oct Apr. Allen BamyEl. 330 1 D3 


28AjDo 6pt 7980 93VC 7B.l\ 639 10.46 Dec. JundAllied Irish 216 

ir»rjl^ 7 LjweM 8 _ 82*21 155 ) 925 1118 Dec. JunelAibutanot L£l_ 156 


lNiSth ,A3Tca 0* jsc 7381. j 95 I 201032 1J 

it'ISth. HhiJ.2lipc"fi&-7D .1 52 I Tfitt — - 

IX lSL’! Da tape TUI | 78 IIZS! — j - 

LOANS 

Public Soard and incL 

iJ !:i\rfcsa.spc-f84»_ 6H 2 15| 822 11 

:*-7T z\v\ UoisiMjK-BMtt 54*2 153)1188 1 

; : v , ISljjA .«fr 5pc B; Ztbni 1810.78 U 

:-7.t ritljlJSlLi. 9pclSB2 147 158 6J23 - 

Lv-' SIMah wi’Jtou; Warrants _ 91 153(10.18 12 

Financial 

'•.•ViiFntartISS! 102 30812.75 13 

7.--,£-» (if-T? 106 34 13.84 1 

2V7:[M, Hcc‘53 108 2151325 11 

— 5l : pcDet».RM2. SOJrnl 7J 6.83 13 

.• .. !•-.■«■. 5c vl64._ 77*2 17.4 828 11 

'■•i ■: ;r» ^;i>. LcsLn.-*_ 9i* 2 30311.71 11 

I • : :lp. Cas Lr. 68_ 93*J 305 32.01 II 

: • ]:.-;[«u ilWl iELn.RO- 96 3051251 11 

. • **'.?' Lijl'n runcAPsh^SL. 64*i 126 1L52 13 
: .i'HI«7»*KADb. - 61S4... 61x3 73 1129 13 

..'. IrSVo* ;(\.stic-; !*W 73i ; «ri 7312.25 33 

- J -- .'_\!Di--£:tt.-Ln.aS7 71»J 10.7)1250 13 

FOTiZaGN BONDS & RAILS 

•kjtsa | J price iLa&tlDrr *«| Bed. 

*F-e I Suai | £ ( d \ Gnss j Yield 

— i vnl^jcasaRIy 24 8711 — _ 

:i| cv.f-^Prtf.^_ 41 30il - — 

IT l.'jciiilejji ’ li\ol 98 3.7| — Dlt 

1 1-jiJenrj:, Yni 4*jpc. 411 1M. 4*1 — 

i 'v Us — . 52 29 3*z f6.9t 

l.l(l*»4>55S«b.te_ 50 lffl 6 ft.04 

10;L»iptf Sliscd As*.. 42 3.41 4 I5.M 


95 201032 1255 Mar. SepL BaakAaer.SLSK. £20 35 Q94c 

52 I TfiS — j — July Jan. BLlrelandtl 405 305 15.23 

78 |l2'65f — — Mar. Sept Do. 10 pcCott._ £UI9b a8 QlfPt, 

May Aug. Bk Lenmi El — 18 85 Q169 b 

5 Aug. Feb.BbLeunriiUKXl 160 7J 7.47 

- Jan. July BbN.SLW.SA2_ 575 116 TQ30c 

Uld IndL Nov. May Bank ScffilandO 278 174 1L05 

ft ass JUS ^ f, $$ 

6 99 H js ajste ns nab 

91 lWinia 1290 5?=? J*® 1 - Cll«Dis , D20p.. 78 25 485 

91 lM)10.ia “20 Feb Sept OtflAiu.lUU. 213 B3 Q16«- 

11 May Corn’d* DMldf. 06*4 577 018% 

102 30512.75 11.97 March CTisnHUblirlOO 08*2 73 Q12"4i 

106 34 1384 13.10 Jufy Oct Ctannduan llhr. 28 25 0.71 

108 225 13.25 1250 May CredFTanreFra £20** 577 Q957ti 

S0*;al 78 6.83 3140 Jan. Apr. DatceiiG R.l_. 18 1810 - 

77*2 17.4 &28 12.00 — PciL>rVBiII»rafi8 £110*2 - Q18% 

91*2 30311.71 1250 — F.C. Finance..- .68 25 2.03 

93*2 30512.01 1240 — First NaLlft»__ 3 974 — 

96 3051251 1270 - Oo.Wnts.i&ffl. *4 - ~ 

64* ? 126 IL52 13.00 - Fraser Ans.lOn_ 10 U 876 — 

61x3 7811E9 13.10 June Dec. 'TwrardNatiiL- 188 25 8.29 

73*20* 73 12.25 33 00 May .Not. Gibbs lAl 53 25 223 

71x4 107(1250 13.00 Mar. Aug. GiHettBrw.il _ 225 73 15 41 

r. „ - »» . June , GoodeDlSbyip Z1 17.4 0.13 

S & RAILS No*'- April Grauflays 136xd 213 279 

1. i.V7,T. April Oct Guinness Pfeat— 253 3QJ tl035 

e Last Dir 1 * Bed. Dec. July fiamhros 188 24.7 9.76 

I d | Gross ( Yield Dec. JulyHiUSaaud % 266 4.97 

a q-iii _ — Do Warrants.— 387 — — 

, l{3 ~ — Sept- Mar-HengShneSlM. 328 33h059c 

9 ~ ^", n June Nov. Jew! Toynbee.. 58 25 h3JZ 

1 ill a T D ’ W Jan. June Ioseph(l«ot£l_ 200 10.7 8.74 

7 nd' w 2 «« Feb - Aug. KeyperLUmann. 47 3a5 0.67 

a a 2 S«2 Juce Dec. King&SlualDp. 62 155 3.44 

? aS S «« Ma y Nov. KleinwoftEL_ 106 34 4.18 

2 34) 4 B.05 Aug. Apr.LMs£i 260 247 1923 


S3hQ59c 
25 h3JZ 
10 7 8.74 
305 0.67 
155 3.44 . 
34 4.18 
247 1923 


FINANCIAL TIMES 

BRACKEN HOUSE, 10, CANNON STREET. LONDON EC4P 4BY 
:1j2: Editorial SS6341/2, 8S3897. Advertisements: 885033. Telegrams: flnautimo, London FS4. 

Telephone: 01-248 8000. 

For Share Index and Basiness News Summary in London, Birmingham, 

Liverpool and Manchester, Tel: 248 8828 
INTERNATIONAL AND BRITISH OFFICES 


EDITORIAL OFFICES 

..— .sN.-raani: p.O. Box 1296, Amsterdam-C. 

T..!n-{ :ciTI Tel: 240 SSS 
D-Tun;hasr- ''.'orxe House. George Road. 
T'»!v : K=66S0 Tci- 0=1-454 0322 
if. r'revihauv 1M04 HeussaUee 2-10. 
r-.->c^ asm 4= Teu 210039 

3j> K'lc Ducale. 

1 vie . 23235 Tel. 512.9037 
C.iifo- P.O Bos =040. 

ossa 10 

J. -umIsit fi Fitrwilliam Stjuare. 

T.le.. 5414 Tel: ’^5321 

L'.:inb:irsh. ” Ccwse Street 
T-.-Iva: 7=464 Tel 0)1-226 4120 
Fr.-nl-Juil I ?tt Sachsen lager IX 
T.I.-a. 41/5263 Tel. SSS730 
2/-!:=pnerbu.T.: PO. So* 2128 
7. ,e : 2-6257 Tel: B38-7545 
Li-f-on: Pmca J3 AJceriii 56- IP. Usboa X 
Tele* :=533 TtiL 362 SOS 

K. ’.-.-id- K- prenceda 32. Madrid 3. 

7 >. i: 441 6772 


ADVERTISEMENT OFFICES 

BirTp’Ttfhan: ilwce House. George Road. 

Tvk •• 53K«D Tel: 021-154 0922 
a-'-r.Vursh. 37 George Street 
Tun Tt«4 Tel: 031-2=6 4139 
rritiib'vn: lm Sactwnlacer 13. 
lhTta Tel: 5.54067 


Manchester Queen's House. Queen Street 
Telex 666813 Tel: 061-834 B381 
Moscow; Sadovo-Samotechnnya 12-24, Apt. IX 
Telex 7900 Tel. 200 3748 
New York- 75 Rockefeller Plaza, N.Y. 10019. 

Tele* 66390 Tel- .2121 S41 4C25 
Peris: 36 Rue du Sen tier. 75002. 

Tele* 220044 Tel: 236 57.43 
Rio de Janeiro: Avealda Pres. Vargas 418-10. 

Tel: 253 4848 

Rome: Via della Mercede 55. 

Telex 61032 Tel: 678 3314 
Stockholm: c/o Svenska Dajtbladel, RaalambsTagcn ' 
Telex 17603 Tel: 50 OD 88 
Tehran: P.O. Box 11-1879 
Telex 213930 Tel: 682898 
Tofcj-o: 8Lh Floor. Nihon Keirai Shimbun 
nuilding, 1-9-5 Otemachi, Chlyoda-ku. 

Telex J 27104 Tel: 241 2920 
■Washington: 2nd Floor. 1325 E. Street. 

X.W.. Wash in plan DC. 20004 
Telex 44(040 Tel: (2021 347 8676 


Manchester Queen's House. Queen SlreeL 
Telex 668813 Tel: 061-834 9081 


a-^-r.OTjreh. 37 Aieonw Street- New York- 75 Rockefeller Plaza. N.Y. 10019 

■li'-”* -«-i Tel: 031-226 4139 Tele* 238409 Tel: (2I& 480 8300 

rnoiklvn: lm Sachsenlacer 13. Paris: 36 Rue du Senlicr. 75002. 

l.: ox 15=63 Tel: 554667 Telex 220044 Tel: 23866.01 

t^WMijedl fcOTiM, Tbc Head row. Tokyo: Kasahara Building. 1*6 10 Uchikanda, 

*•■!' t®K 45^639 Chiy-oda-ku. Telex J 27104 Tel: 295 4050 

Overseas advertisement representatives In 
Central and South America, Africa, the Middle East, Asia and the Far East. 

For further details, please con lari- 
Overseas Advertisement Department, . 

Financial Times, Bracken House, 10, Cannon Street. London EC4P 4BY 

SU5SCR1 PTIONS 

C»Dic< obtainable from newsagents xml bookstalls worldwide or on regular subscription fnn 
Scbscnptnm Department. Financial Times, London 


JvzLl i-lifA 
























































































































































































* 


27 


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Jan. ■ Am. 




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i UK. Apt siewnrae..— 

. . 6 J* n.- JulylSiUtAfliMceCU 
9IW1 June DeeJ5aaLiIe5p_^_ 

' — - - Awil . - rwflwMar.EDft 
09 Nov. Buy Trade laterally 
ttUojtoDt rm^mStSL. 
Dee. June £illli Faber— 


3 48 Dee. June 

,09 

„ * May Nov 

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|t N«r._>ov. 

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,, |-7 Apt 

41 “tT.. _\ForGiKnwP 

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‘ .Apr, Oci*l.W ?&.---- --- 
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?5l - !\'«:racs&»Lfi|i 

Se^d *!*■*«*** JUp. . 

|«|jui Jnn®?MiK*LBaj — 


2 ? 


155! I’d 


SC Dec. loo. 


Cfll Jun* Nov 
. Apr. Dec 


:! LU» : iuhSatiWTVWU. 

;! r'UJfc- MSyfVtfaTV' A lO^ 

»«:*!*. - Awfrt'MTV-rssp. 

fl.'an . JulijvHirrTVW..... 
i{ A ml.-SeptH tCb-./o*.' 5p. - 
jlJJpr JuJtejSsssirJT'. ]<nr_. 

‘ ■«.(K*mbcrtWlc:i 5 p 7 — — 1 » | uuuas | « 8 | 3 3 ) 9 MAPT. 

. .. Apr. 

S‘ MOTORS, AIRCRAFT TRADES »m 

•J* - • ■ . Bor 

Tilt* - , ' Wbtors and Cycles Iaw. 


b 


s 


I 

1 


08 ;«.:i 

64 155 

«hal 21 £ 
256 
155 
15i 
2tb 


f*?l 


Hi- lnc.£l 


An* Mir. 
Star. Sept. 



3051355 
2EJ \2m 
35 3 65 
13 ?| 4.6 

“fi 12% 

78 3 SI 
155j 1254 
15.-3Q15.0 

2l tile 

2£3 LBS 


34 T4I3 
305 535 
13" 3 B6 
6-74 - 
133 11.73 


*tS 


Serving the world 
with 

• financial expertise. 

SANWJ4 

BANK 

Tokyo, Japan 


MINES— Continued 
CENTRAL AFRICAN 

Dlvtdeadi ‘ I List I Dir VJ4 

Paid ■ Seek Price d Net Cn- Crt 


Nor. MssylFakonRhiOc 

May }RWnforp. itPjj 
— (Roan Cons. K4 


Apr Auc; 


24.7ithS.44 
24.7l»13 63 


333B.2 


129 { 1-9| S 4] 20.7 


2.6(49.1 1 Dec. July 
2-335.3 


13 

Jim unmnerc 

3 || {-'eb.- A^t^ ifiWriV- 

Si i j Aaynia F«tani(50p> 

hi ’ Jan*- Feb Pr*klmMa.lOp 

Kir May -Jan Ptenow -i 

4 s s July OcLfYoctTtnikrlflp. 

SM Com 


SHIPBUILDERS, REPAIRERS 

r£^ 149 *123 6 % raj 

216 75 15.0 * | 

330 li^T4.6B 4.71 


PaabiWtaffi 




L -Ja^JlAu. 


n 

m| as *■*,?« 




•l bs July OctpotfTtaBerMp.l 

llS - , c «” 

{ _ Mar. Sei»t AbtiejPaarti— - 

JKVT Feb July AtfftowSwa.- 

5 Jfjy Nov. AjsuZVifEq. Mi? 

5} Oli July Jan. Asse.EntfB — 

■■ . September Aammofirr 

. Ang. Mar Biurmei 9n*~~ 
lc .6 *’;l Juoe HruwBiV.IOp- 
BliV-ar Sepr n*n»rnrp5J — 

' 5! Apr .Sept Do*w5te 

H&. 

9 Ian. Jutw*Hra»SaiMls1% 
IN’ Jr. r >«r j£«a Til ffiJp iBy- 
/ -7 1 Slur IVi - ■i.-if JaIfHJs..{l. .. 

9 jjs'M. JulyKawaCrwylRp 
‘ 'QU.in. JdyWitooiBiwdeo. 
|7Vh AuR.T¥««:br*d 

6 May (cnHb-4 ?0c ... 

I Garages an 

l Sept ApriTiAduHGtbtea^ 

9 . ' ~ ftteuatertSo 

Nov*. MayHpptettnlGnU- 
--7 Fob. AucAnirgtto Motor. 

-’I23bpap. J a hr {KG let. 

-wlCj Aujl BarfBiauJGrotroi»p- 
--W1 4 Vj>- Nov Bnmall a.W - 
.7/.— n?ey- Nov. [finite. toLKp, 
■2 49 Mar. JnlyEB5AWp^. 

■41." fun. Juli-fCafifniSap 

v M l fan. S^w tCvlicoirlim. 

5 fin. ‘Jul;.-[COTrrt;T.lSp — 
-Jan— .-1 ii£jO&kn 

- JuM-jtJMada — 
'Uu. i u] vjDuttOB Fwrtflvi'.. 

I AUfiUat &£&*&•-.. 

^* | Minrh |ii]u5>e!<fLa«T.. 
Tr -*-5j- May iHOTwrlan^lOu. 

june-fjammo'Tri.-. 


SHIPPING 


i5dp.( 125 
176 


9.40 3.4 

5.90 - 

1.55 7.7 

8.29 4.0 

517 - 

dLSS 7.7 


272 * 

R37 2 6 11 4| .39 

6.64 19 11.6n5 6. 

*1 64 3 9 * 78 

11 64 3 9 t 
828 2.1 190 38 


Apr Xo-> 


23 IWc - JuneiHutsfiiiarrfSi.- 

73Uan. JulyLVssujKlOp- 

9iUpr. Octt&wiuHWr^. 


9iUpr. Oci Reaw^Wr — 


SHOES AND LEATHER 


m 


1 


‘ 43 |P«e. : JunypamnH.iJJt«._ 

53 (May Oct&iR t J.iWft- 


5F . — RrtfCrtrteriSp.-.. 

3/‘ May- TatcoSLeeds^-. 
juune N<r.’. W»fluonStr.lOp 
2 (Dec. JuliJutaJeta Mtr™_ 


February 


27>j{ 155(1.02 2JR 

58 12.6(446 3.4 

58 27ihd3.9S 24 

100 1 25I4J7 41 

a.73 74 

4.97 23 

12-30 50 

13.22 25 

234 35 

190 2.7 

42 
1.7 

t4.3D 2-4 

65m 21i|L75 32 

39 3.4 thl.lS 1.8 4.6J 88 ISepf. Mar 

99 34 M4.02 8.1 4b It 3.1 iScpt. Apr 

29 247 tlJl 16 fi.9| 3 5 June Nov. 

' May 


12.0 lOec. Jun 
8.8 ISepI. Mar 


SOUTH AFRICANS 

AhenmHDW- \ 108x11 218) 017c [ 4 ( 94f ♦ 


AapJoAifL In R1 550 
AneTr-slndflOc 135 
Edmorl'ilOr ... 78 

Gold Fid'- P :ij« 73m 
Grlmns A'.tOc— 170 
eb. AuglHnletfsCpaRl. 105 
WO. Mai’klKBaiBais.'iOc- 418 


Q63c 2 JW I 

O 20 c-I 0 I 


March Sept. Primrose lOets 
I — Bn Tmttom V, 
. Dec. July S.A:Brcws. 20c 


5.0 May Nov. Tl|f«0: 
19 8 May Nov.ll'aisec ._ 
2.9 



*. J3ec. July 
55 ", October 


TEXTILES 


S3 E3*F DSC; uiofs • ». _ no 
i?lFeb: 5ept. BeunErcthm .. 68 

Srfiuly Oct Ela'k^A fcCi... 115 
AcjFrii Sept Br.-lulPoM. . — Iffl, 
crIJci. '--.Bay CVUinsWilLan;. 138 

Bay Ha "A" 137 

iiaj (Feb. A ia IwMta! A Up- 344 
'jfjjiaa.. J.iS-LMid-Uliod A' 62 
ILrhpr. OcV UnnkmibSetch- 76 
iiSM. Ma.vulctnet'oucDes.. 88 
jjpet Feb Independent*-. 160 


ZjlOrt- Apr LpofllCPiBtMp- 149 
SeKov. July HarMuUCas lOp 51 

Jano .VMrtlni 275. 

t o Nov. July rforicnliHinuii. 246at 
cc Dan: , July Pyramid 10p — 4J 
a2?.l.ir: Sept. RwiUctlse t KP_ 182xd 
jj'ggday OcL Star?* * S -HWii 154 " 


« 5.3 41 Apr. Sept. Bond S( Fab. IQp 3H; 12c 2.64 3.6 L 

d4.97 31 6,5 7.6&ec. July Cnshi John 1 — 3012 126 246 181 

6.52 2.1 U 93' - Br«mGni5p-. 8> 4 JT74 . — — - 

4.75 - 2.9 5 1 75 May Bnibakafon. lfri> 3 75 — — - 

4.75 2.9 52 75 Apr. >cpl Erii.Mnhair. _ 49' 34 276 3.7 1 

128 1.4 5 b 19.2^6. Aim. BulKfTL'aib 39p. . 64 305 3.16 3.9 i 

h210 33 5.1 60Uan. July CaiidiDuadeei.. 17 615 — — - 

g2.66 4 5.3 * p w - May CarpeU IntSOru. 59ij RU 1.67 26 4-a'iiw 

?57 23 7 7 7.lMa;r Nov. rarfsin tiiena. 37 77 .1 t213 23 B7i5.9i 

1660 2.6 6.2 9.5 October dmdwlnd — .. 31 24.7 2.46 19 U B 66 

7J7 24 7.4 8.60ec. June fw^PBIunS—^ 70 MU 3 31 3 4 7.0 4 8 

4A3 1612 9 7.5 Oct M«- Corah.... ,... 40sd 2L6 tl.88 3.9 7.0 - 50 

19i03 50 5.0 61 Mar. Sept. Con rtaulds. — 114 30.5 7.67 1J10.0[UX 

6M 42 3.7 93 Mar '.Sept DoJiDebB? £721, 7B Q7%202dZ4 - 

49 23 66 7J July CnmthariJ.i— 36 125 <10.66 — 27 — 


, — — 1 25 & 


Feb. Aug. 


Feb. Aug. 

Dec. May 
Feb. Ang-IUniflealOp 


nn Sov. JunwUtd NevsHpen 380- 
Jet. Feb jWehstenFnb 5p 5» ? 
April SeptiFibcnB.-w.20p. 43 m 


a May Nov. 


JAVJlj Ocl - Apr 


t- May Notf 


4 11 0 3 4 A Feb Siept. Daw-on InlL — 148 247 3.78 10 1 3.8 3.9 

t&AO 58 33 S.Of'Ph. Sept. Do/.V.. .... 147 24.7 3 78 10.1 3.8 3.9 

200 26 3.2 492* r ^7- Oci Dixra'Davld)^. 86M 21*3.73 ♦ 65 * 

K19 33 5.6 July Early iC liU I0p 28 30 5201 2110.7 67 

136 34 3.5 10.2 Jan. July FoaeriJoba)^. 43l 2 155 254 23 87 63 

142 39 4 9 69 'Apr- Nov UaM»iJ.)lto— 119 27 Z h(L6B 20.0 0.9 89 

^ 71 Apr. Nor, HicklngFa. Bp lOftal 211 7.24 23 0.7 £2i 

? - ninm nnwirnTn . t July HlddBretSp-. 12i z 303 0.76 26 9 0 66 

ill PAPER, PRINTING - ?»«■ Auk. mamas 50 12.6 3.06 3.0 9J 55 

n M“r- Oct HoliwGrp5p„.. 62 74 456 2011.0 60 

kf | ADVERTISING ^ F D b. Homlray 43 IDS d3.17 0.9 11.0 1«, 

Vil • . . . r » ,4 £ Ocl Mar. Hls»nrU> M.lOp. • 33m 21! 150 * 68 $ 

gJjApr. -July Assor Paper — W, 74 6«0rt. Mar. Do 'A'XOp 32m 218 150 * 70 * 

',-fjJan. July DaPL-nCcnv £113 lit Q9ij% 145 (B4 — Jan. Auc [n&rdmill JOp. 31 3J 131 5 63 $ 

fjtoec. JuneAnUkV.'il»rg.._ 40tad a* 11.98 74 73 8 .§Nov. May JvnuM'WWpJ. 54 17.4 h2B2 36 7.8 54 

'55v-. : MayBewose. 74 174 3.89 2.0 7 8 94j an July Leeds D.reri — 66 305 h!53 5.8 35 74 

ffanc, Ji/it BaiPnatioc — 52 17.4 323 3.0 93 tVO \<n-embcr Leigh Hills 28 3M 129 * U3| ♦ 

Jan. ■ JutytBnmningGrp- - J5 126 d346 3J 7.7 61t — IwinSp... 13 174 — — - 

.jyan.-; July Ps-ReffTO \T£.. M Jtt d3.86 3.3 8.5 5.5 Apr. Dee. l ister — 49 12.12 0.1 — C 

85 Nov. June Burnt Palp 104 305 4.95 4.5 7.1 4.6 j m , July Ljles-S i20p — 63 305 4.57 15104196 

flNKl'JUMGaiceateSp..— «6; 4 1.4 #193 3.1 6 2 7.8 May D«. Marlas Hugh— 44 3.4 d3.35 0.911215.Z 

{. Causton (Sir J>-- 19ij 1274 — ,48 Apr. Ocd. MwilnoiKiScoli 49 i 3 361 167 54 55 65 Aur. .Mar. 

Uan. . AuR.C^smaBalJOp. .80 126 3.W 1.5 7.4 130 Jan. July Martin I.M20P-. 101 155 3.76 41 5.5 4.3 Apr. N« 

pvpt MayClajrRichardu. «. I thZ-57 3.5 4.2 10.4 Nov. June Miller .F.ilOp— 45 25 147 3.5 4.9 8.8 ' - 

Jun® Nw.fdleoD soolOp 96 25132 4.4 5 2 67 Sepu Apr. Momtort 67 34 354' 22 7.9 84 Sep. Doc 

1 — fuller C a ard — 24 - *6 102 3J 6.3 7.336^ DecNWUlUnfe — 125 155 f3.29 5.1 4.0 63 Dec. Junt 


47.0 |Ort. April 
, ... .... 31 July Mar 
fl.70 2.1) 7.4 4 7 IMar. Dec. 

0.70 Z.lJ 9.g 7.2 (Apr. Oct 


1 - • fuUerfioarf— 24- 264 102 3J 6.3 7.3^*^ Doc N«U SUnfe — 125 155 1129 5.1 4 

I - April. £*riro26p 16 775 — — — 59.0 Mar.- Sept. Nova Jersey 2Dp_ 39a) 211 1.5 0.6 5 

M'Ww. .JolyDRC. 134 153 7.11, .14 7.9 10.6 Jan . .JuneParUmd-A'-.._ 72 116 d3.23 6.6 t 

41 Swt. Apr. East UncaJ'lR 1 - « 7J t3.35 29 8.3 63 j an. July PickksiRMtCo. 14 25 fl.70 2.1 1 

Nov. EmlypAu; - - « R7 4.31 . *M-6 * Aufi, Dec. Do.A‘KV10p.. 10i 2 25 0.70 2.1 4 

7* Apr. Jfov. Fenywl JOp - « 17.4 tflZ.60 34 4.6 92 ^ ScpL BJtT.IOp 92 116 94.76 3.5 7 

— pvpr.- -Ort. FudasBoMmcs. 110 J12 b7.B2 1610.6 7.7 A J, r July Radley Fashions 55 272 rdfl.OO 3 J 10. 

.fS^cn. juncCefnCTOiiop 40 126 K3.05 21105 70 Mar. Oct RriHwefcmaip.. 49m 2LB 3.23 * 9.B( * June Dec. 

.5-9 Dec; May Harrison A Sens 70 25 4.26 21 91 (67i May Nov HicbaxdslOp .... 22 155 11.05 3 0 8 6 70 June Dec 

— ; Mar-. Sept. TClOCu £26^ 14.11 tQSl St 3.6 3.4 -82 Aug. Dev. RivmRioa Reed, BO 12.6 d4.49 25 84 55 May Dec 

' Apr. Sept fmcreskGn!.M?. M Z4 7 14-93 23 10 8 (491 Mar. OctS.ZET.20p...— 62<d 218 1.84 9.0 4.4 3.6 Uuly D«. 

flee. Janet 6 P. rosier 50p 196 25 9.85 28 7.5 7.4 July Dec. Scon Kotertsoa. 49 305 2.78 25 85 i55i Aur. Mar 

>JuIy Feb.ISt^ri|m»a]e£l. 2# 12.6 114 46 26 7.2 61 Sept Jan: 5eken.Inl.10p . 38. 768 153 22 -6 0 9.5 Apr. Aug. 

.,?». Sept. Melody Mi IK— ,97m 213 3.24 * 50 * Feb. Aug. Shaw CnyetsMip.. 62 10.7 2.55 23 81 18 7 1 — 

I’JS&May Nov Milt: 4 Allen 50p 175 . 3.4 5.0 -* 4.4 * June Dec. Shiloh Spinners. 27 25 266 23 9213.1 iApr. Ocl 

T ? July .. Dec. MareO Ferr lOp -77 155dh3B7 3.0 5 9 85 Mar. Sept. Si®iwlnds-50p.. 91 126 611 25 ID. 0 10.4 Jan. Sept. 

FJ5D 0fflhyfcN S2 09*4 95 tQTOc 41 1913.3 j™. May Sirdar 71 J 4 td2.86 4.8 60| 4 2 r 


S.^i'.5^-May Nov Nils S Allen 50p 175 |. j.4( 5.0 -6 4.41 * June 

Tf July .. Dec. MareOFerr 10P 1^77 ( 155jdh3D7| i?| 551.85 Mar. 
FJ55 D 0ph> 


... . Sept. ShUnrlndsJOp.. 91 

FJJI D i>nh> 6N S2 OVa 9.5 t«70c 4.1 19 13.3 Jon. May Sirdar 71 J.4M2.86 4.1 C 

■J Scot Apr ObiesP.Mill^P *3* a 8 t228 IB 7 9 10.5 July Dec. Soul 1 6 Trims 34 305 1203 26 9 

, 9-Jnn. June Oxter PriutGip- ‘84 • HJ 2-52 67 59 2.7. \pr, Aug. Sb-VimumLCOD.. 81 173 — — - 

£3 Apr. Sept SaJctiiSaurm . 166- 24.7 14.19 4.1 3.8 9 9 Apr. Aug DaPnv.LlJOO.. 50 177--- 

II Frt. . OcL SmtliilMd'IBp ,76a 101 2 70 44 5 3 65Feh. OcL Spencer 1 Gent.- 41 3.4 12.5 . 1.1 9 

§3 : Jart July SmurfltiJeffoi t 202 25 7 45 2.6 5.4 10.6 Apr. Not. Sioddard-A-. — 31 13.2 1.34 « 6 

'fl .Jaa. July Transparent Fpr 68 26* 5*11 1^110 t-fjan. July SuoadEllfJ'Drd- 3® 10.7 1J2 5.1 7 

5-1- F«6 Aur. Tndant Group . 86f 766 43 34 1.1 62 23.1jBn. May TcnvCowalale-. 72 25 L67 5J 3 

Ian.. Ju^i'dw (Fatter Win- 70 .15L5 3.K 3 3 7.1 66 M ar. Sept TwIrdJny.JOp. 28 78 202 -5 

I 'lah. July WMeGrtMpMp SM 305 213 ?-5 Sf ,3! February TnnkituMui 65 1212 3.81 13 8 

■J.Feb. Aug. ffaddingionJ - 2M .10.7 1131 26 7.6 12 areb. 1 July Tooud 49J, 25 2.76 23 8 

? Npv. May. Waimoitchs.. . 102 -165 3.91 3.4 5.7 7.9i — . ■ TonyV50™- ^ 561? 2012 Q10% .2® 2 

£ iau. SrpL W-jajfl'd.wSp - .15- 1275 — — — — April Oct TralfoidCarpeti 27m 3.8 1.69 0 8 9 

•*.; • . - . Jan. July TriconUelOp^. 70 15i 1LB6 62 4 

PRAPITPTV Mar. Sept Tito-Taaop — 53d 2L8 3.55 6 10 

II JrltUriJiIM X Mar . Oct Tata FmeW.ab). 37 26.6 1.85 02 7 

P-6'. t. — i.n-j. _ j.. nhi -iui 1 iserf.1 oar 9xl eyriteOeL SlaafVcocha! 38 2?.9|208 — 8 


TOBACCOS 

4. BAT lads 518 7 fi 113. 21 133 6 

Do Dcfd 278 71 - - - 

ieIHinhiU'.V»10p. 390 266 8 85 - 5.3 3 

in n Nov. Mar. Impcnal — -.62 13 2 5.75 1 8 10 

r - “ it RnthmaBSlFifU 62 7.! 107 8.8 5 

ij SiRftsmHn.WfM 64 2.5(283 2.9] 6 




July we. 


Get Apr. 




EV3 


BiteVickwIs 


OamEfWesldp 

DoniBgwnWp 

Enc.Prop.3Op.- 


Du JzpcCOT 




92 

2t 

uj 

1 2 

163 

2] 


3 1 


TnbweliiwH 


IPrrrjfr a 



l^pr ‘let.; l 


0 7, l.i e |Mn.-. >cpt ; »«• Ln \ 


H 


i 

4.32 

E 1 

15i 


26 
375 
55 
270 
230 
10: 
315 
210 
88 
9 
SI 
625 
450 
73 
78 
270 
57 

1 I 57 

60 232 


ri2|i3.t |312| E2.71 — I Nov. July 
i October 


RUBBERS AND SISALS 


(Last Dir [ (TU 
a! Net Crr Gr'c 


NOTES 


I 


■n.c^iar.Ji W.tiV 



1U62| 1 Q| ? 01 M 4 


3.11 2 

15.33 2i 
12 39 1. 
2M C* 
M.82 2 

191 


Ken. Aur 
F eb Aug. 


Vital otherwise Indicated, prices and set dMdends are In 
“ peace ud denidntaisas srr 2Sp ZatltaaJ*A price/eambigs 
JJ redes ai d ca m are bmedea iMestamml repair « end acccnnta 
26 aad. where ponlMe. are spdaied sb bsH-yeariy figeres. PtEa are 
4.4 calrulated an the baets oi net dUtrlbndanj hxacfccied flgarai 
U ladheats 18 per ceat or more dllfemce If calcnletcd on “nO" 
B3 dletrlhatlsa. Covers ere based on “awlnnm’' dhtriMta. 
61 TleMi are baaed eu middle prices, are gross, adjusted to ACT of 
34 per cot and allow for vatne of declared dlHIribatlecs and. 
rlghta. Securities with demataaaUeos other than sterling am 
quoted Inciiuive of the invetfment dollar pceudum. 

1, A Sterling denominated securities which Include Invatment: 
J-; dollar premium * 

5-? • “Thp" Strict 

-i- 4 * Highs and tom marked thus have been adjusted to allow' 
for rights Imues for cash. 

1 Interim since increased or resumed. 

* Interim since reduced, passed or deferred, 
tt Tax-free to non -real dent* on application. 

6 Figures or report awaited, 
tt Unlisted security 
a Price at time of suspension. 

9 Indicated dividend after pending scrip sudor rights issue: 

ccner relate?, la previous dividends or fonenu 
4 Merger bid or reorganisation in progress. 

41 Nc* com par able 

» Same interim: reduced final and or reduced earnings 
indicated. 

f Forecast dividend, cover on earnings updated by latest 
interim xuncment 

I (.'over allows tor conversion of shares not now ranking far 
dividend* ur ranking only f*ir red noted dividend. 

A rover dims not allow for •hare- which rosy also rank for 
dividend at a future date No P/R ratio usually provided. 

V Excluding a final dividend declaration. 

6 Regional price. 

H .Vo par value 

n Tax free, b Figures biccri nn pros peel us or other official 
cstimaie c fenu d Pit i-dcml rail- paid or payable on part 
of capital, cover based nn ait'dend on full enpiiaL 
e Dedemptron yield, f Ftal yield g .lausvd dividend and 
yield, b Assumed dividend and yield after -crip issue. 

| Payment from capital sources, t Kenya, e Ictenm hicher 
lhan previous iota!, c Rights issue pending q Earnings 
bused un prellrraaarj figureA s Dividend and yield exclude a 
special pa;.mcnl 1 !ndical->1 dividend, rover relates (o 
previous dhidend. P'E ratio based on lalert annuel 
earnings, n Forecast dividend, cover baaed on prenou i year's 
earnings v fax free up 10 30p ?n I ha £ n Yield allow? for 
Turrcncj- clause r Diildcndnridyiclii boscoun □i«:rri-r 1 erms. 
rliiiiilcnd andyicld mchuic a sf>ci'iil p.viik-ji >7ui mines nut 
apply lo special pajraenl \ Net dividend nnd yield R 
Preference dindrnd pasted or deferred r < .iniuiion. E Jmiip 
I prlce F Dividend an d y ield based on pronpv*crus or nher 
official evtlmalca for 197&-80 G .\.vuidcu diviC-.-nd end ucld 
after pending scrip and'ornghl- isxae B Dividend apd yield 
bo.'#d on prospectus or other c-ifl.-ial eslmuucs. far 
IU78-73 K Figures itased en prospecuir. m cxhei offivial 
estimates for 1B73 H Dividend and yield hu'-cd nn prosper tu.i 
or other official cHimoies for IWC N Dividend and yield 
based on prospectus nr other official csiiciaicj for 19TC9. P 
Figures honed on pmupeeuis or other official osc males for 
1978- 7B. Q Gross T Figures, arm rued z Dividend total io 
dale, if Yield based on ns. umpbon Tre&sur; Bill Rale slays 
unchanged until mammy of -aock. 

Abbreviations- me* divideml: k ex scrip issue. «r ex rights, u ex 
l; & cx capital distribution. 


Recent Issues ” and “ Rights " Page 21 ' 


Ills service is available tn tvny Compaay dealt in on 
act; Exchanges throughout the L'nited Kingdom for 3 
fee of £400 per annum for ecch security 


REGIONAL MARKETS 

The following is a selection of London quotation * of -hare? 
previously listed only in regional markets Prices of Irish 

— — ■ -• — ■ — .|» in. not nCflcicIti 


are as quoted on the Irish exchange 


JUSTS, FINANCE, LAND 

Investment Trusts 


OT, July 



#«bu July 


December 


Albany Inv. 20p 
Ash Spuming... 

Bortam. 

Bdgtrtr. EsU 50p 

Clover Croft 

Craig & Hoso£l 
Dyson (R A.1A. 
Ellis* McftdV- 
Evered 

Fife Forge— ... 
Finlay Pkg.5p. 
GmlgShip £1... 

Hlgsons Brew. 
I.O.M .Strati . . 
H Lilli Jos. >25p. 
N'tfcn Goldsmith 
Pearce 'C. H.i.... 

Pri.-1 Mills 

Sheffield brick 


25 

46 i-l 
20 .. . 

m -s 

26 

520 

38 . ... 

a 

24 +2 

49 .... 

21 

120 

77 

155 

260 

67 .. . 

155 .... 

20 

44 -1 


Shell RefrJimt.( 63 [..., 
SindaliiW[n.j._ 105 I — 


Coni . B°a 'ao.RS £.91 "j . 

Affiance Gas 62 

Amcitl 360 

Carroll 105 ..... 

rionrialfcin B7 -3 

Concretv Prods.. 135 ... 

Heiton (HIdgs 1 48 . 

Ins L’orp. 160 . 

!ri.,h Hopes 130 

Jar’ll 63 

SwnWsm 33 

TM«; 365a- 

Vmdare ... 110 . 


63 

33 ..... 
365 a -5 
110 


«.r* 


120.7 

28.4 

n - 7 (Apr. Ocl 

327 
35.9 
22.8 
79 l 9 


“JlFcb. Allg. 


























































































































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1 


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28 




+YSON 


HeatingVentilation, 
|.Refrigeration-and 
JAir Conditioning for 
M everyone and everything 



Monday September 4 1978 


CONTRACTORS 

WHO 


&T< 

ri lilrfars & Civil Engineer 


Rhodesia hopes hit 
by Nkomo statement 


BY OUR OWN CORRESPONDENT 


LUSAKA. Sept 3. 


THE SECRET Rhodesian peace However, disclosure of the Lusaka, could clearly hear the 
initiative, supported by Dr. secret talks — at which Mr. raised voices of Mr. Nkomo and 
David Owen, the Foreign Secre- Nkomo says he insisted that Mr. President Nyerere. 
tary. has ben thrown into dis- Mugabe be included in any set- On his return to Dar Es 
array by the week-end's tlement and that any deal pro- Salaam President Nyerere said 
disclosure that Mr. Joshua vide for the abolition of the pre- nothing was achieved at the 
Nkomo last month met Mr. Ian sent political system — brought Nkomo-Smith meeting. 

Smith, the Rhodesian Prime the process to a halt The "frontline” Presidents 

Minister, here. According to Mr Nkomo, the bad come “ to a clear and unani- 

W es tern diplomats indicated secret "talks were held with the mous conclusion that Mr. Smith 
today that the initiative, cloaked foreknowledge of Zambia and has no intention whatsoever to 
in secrecy, had been viewed as a Nigeria, but the “frontline hand over power. Mr. Smith’s 
chance for peace that could sue- States were informed only later, intention is clearly to try to 
ceed only in privacy without as was Mr. Mugabe. Mr. Nkomo divide the Patriotic Front and, 
public position-taking by the denied reports that Mr. Mugabe if possible, to divide the front- 
parties. attended the talks briefly. line states also." 

Mr. Nkomo said here yesterday The overriding impression to - President Nyerere claimed 
that he had met Mr. Smith in -emerge is that Dr. Owen has t 2 , at during the secret talk? Mr. 
mid-August in the presence of found it impossible to play a Smith offered to drop all three 
Brigadier Joseph Garba, latter-day Kissinger in southern black leaders who have joined 
Nigeria’s former Foreign Africa. Western sponsorship of the Rhodesian Executive Coun- 
Minister. Nigeria had been the clandestine meeting has C il if, in turn Mr. Nkomo would 
instrumental, too, in explaining only contributed to accentuating break with .Mr. Mugabe and 
the secret initiative to Mr. black African divisions. return to Rhodesia. 

Robert Mugabe, co-leader of the 0 The week-end meeting of the jj r . Smith then proposed a 
Patriotic Front guerrillas who, presidents of Angola, Botswana, second meeting at which Mr. 
Mr. Nkomo insists, was not Mozambique, Tanzania and Zam- Mugabe and Chief Jerimiah 

present at the talks. bia— the main African sponsors chirau. one of the executive 

Western diplomats today do- of lhe patriotic Front— brought council members, would be de- 
fended the secret initiative. It inl0 sbarp focus t& e differences seQ f 

was a chance for peace and between them * . . ’ . . , , 

could not he ignored ’’ a US .Between mem. President Nyerere said that 

diplomat said. He agreed that „ President Julius Nyerere of Mr. Smith proposed not in- 
he and his British colleagues Tanzania was believed to have eluding the other two executive 
were under strict orders to deny led the opposition to the council members — Bishop 

all knowledge of the talks. Zambian - backed initiative, Abel Muzorewa and the Rev. 

Western diplomats had been arguing that it had been a Ndabaninge Sithole. 
hoping that Mr. Smith would unilateral move that did not «gmitb has destroyed the 
agree to a handover of at least guarantee the dismantling of Bishop ^ sijiote. He’s ready 
titular power in the Salisbury the present regime in Rhodesia. tQ dump aQtJ now be - s look- 
Executive Council to Mr. Nkomo, The meeting seemed to have {ng f or others,” President 
accepting under duress that Mr. been stormy. Journalists is; ve rere said. 

Mugabe be brought in under Mr. gathered on the rear porch of ' . . . . 

Nkomo’s aegis in a unified Pat- President Kaunda’s lodge where Smith m search of best option, 
riotic Front the talks were held outside Page 2 

Wilson Ministers deny knowing 

oil sanctions were broken 

BY RICHARD EVANS, LOBBY EDITOR 

TWO MINISTERS in Sir Harold Commonwealth Secretary. I bat which followed a detailed inves- 
Wi Ison's Cabinet who were the Government received in for- tigation by Mr. Thomas Bingam. 
closely concerned with the opera- mation from the companies that QC — will be .studied by Minis- 
tion of sanctions against oil supplies were going into ters before a decision on further 
Rhodesia yesterday denied all Rhodesia. action is taken, 

knowledge of sanction-breaking The. conflicting evidence is Although the whole subject of 
bv major British oil companies, leading to mounting pressure sanction-breaking by major 

Mr. Arthur Bottom ley. Com- from MPs for a further inquiry British companies is acutely em- 
ra on wealth Secretary when sane- to be set up to investigate barrassing to Ministers, it is not 
lions were imposed, and Lord whether Ministers and senior expected to blow up into a party 
Lee. who as Mr. Fred Lee was civil servants knew of the political issue during an autumn 
Minister of Power, both said alleged sanction-breaking — and election campaign, 
they were told nothing of any if they did not, why not. Evidence given by BP to the 

sanction-breaking arrangements Ministers at the lime, includ- Bingham inquiry is claimed to 
by BP and Shell following the ins both Sir Harold and Sir Alec show that the company, with 
illegal declaration of indepen- Douglas-Home. Foreign Secre- Shell, was breaking sanctions 

dence in Rhodesia by Mr. Ian tary in Mr. Heath's administra- during Mr. Heath's administTa- 

Smith. tion, 3re insisting either that tion as well as Sir Harold’s, and 

Their statements, made in they did not know or were Tory Ministers presumably had 
interviews on BBC radio, sup- •• hoodwinked ” by the oil com- an equal opportunity to discover 
port Sir Harold Wilson's panics, but these explanations what was going on. 
declaration that he received no are unlikely to satisfy many Following earlier calls for an 
reports of British companies MPs. inquiry to be set up, Mr. Dennis 

continuing to send oil supplies Although it is accepted by Cana van. Labour MP for Stirling- 
in defiance of UJv. sanctions Ministers that a further inquiry shire West, yesterday wrote to 

legislation and the United might have to be set up. nothing Mr. Michael Fool. Leader of the 

Nations blockade. will be done before publication Commons, asking him to set up a 

But they conflict with an of the Bingham report in a few Parliamentary Select Comm i nee 
admission made recently by weeks time. which would meet in public to 

Lord Thomson of Monifietlu who Reaction to the report on the investigate the role of Ministers 
succeeded Mr. Bottomiey as supply of oil to Rhodeslai — and civil servants. 


Japan Budget 
aims at 1.3% 
rise in GNP 

BY CHARLES SMITH TOKYO, Sept. 3. 

A Y2,500bn <£6.7bn) package Addition of “multiplier 
of economic measures designed effects ’’—additional Government 
to raise the gross national pro- spending on the private sector — 
duct by L3 per cent and fulfil brings the value of the package 
promises at the Bono in GNP terms back to an esti- 

ecoaomic summit was approved . mated Y2,350bn or 1-2 per cent 
yesterday by a committee of of GNP 

economic Ministers of the An additional.0.1 per cent GNP 
Japanese Cabinet; growth is expected from 

The committee reaffirmed increased investments in electric 
Japan's overall growth target power. 

for this fiwa] year at 7 per cent The Government thus esti- 
and gave a revised and increased mates that the overall impact of 
estimate of the probable current the measures will be to produce 
account surplus for the year. IB per cent more GNP growth. 

This has been set at Y2.700bn, Apart from the Y2,500bu-pack- 
a decline of 24 per cent from the age and the planned increase in 
Y3,500bn suiplus actually electric power investment, the 
recorded in the 1977 fiscal year. Government has - announced 
but roughly the same us tbe 1977 plans to: 

surplus, if the figure is converted • Carry out S4bn worth -of 
into dollars at the current “ emergency imports ” ' in the 
exchange rate. rest of the 1978 fiscal year, the 

Mr. Isamu Miyazaki, an official imports will include advanced 
of the Economic Planning payments for nuclear fuel ship- 
Agency, said that the Govern- ments; buying back ships char- 
ment had decided to publish its tered under flags of convenience 
balance-of-payments projections buying aircraft to lease tc 
in yen instead of dollars because foreign airlines; and oil imports, 
most other countries publishing o Step up measures to assist 
similar forecasts, used their own depressed regions and industries, 
currencies, and because tbe diffi- including Government funds to 
culty of predicting the dollar ex- help scrapping or freezing capa- 
ebange rate made dollar- city jjj 12 designated industries, 
denominated forecasts almost q Increased foreign aid for the 
VV0 J^ le ?I rest of the fiscal year. No official 
The Y2,500bn package includes figure is available but reports 
Y300bn-worth of expenditure for suggest that Y26bn'more may be 
general public works. Y840bn for allocated 
housing, and Y320bn for local 

"overnment © Promote return to consumers 

* After subtracting cost of buv- of windfall foreign exchange 
ing land for new projects, and P rofit s from electricity general- 
allowing for delays, the Govern- ,n "- 

ment believes that the direct © Formulate a medium-term 
contribution of the package to economic development plan 
the GNP in the current fiscal covering the years up to 1985, 
year will be slightly less than with special emphasis on the 
Y1900bn. next three years. 


Britain may turn 
to U.S. if French 
block Airbus plans 

BY MICHAEL DONNE, AEROSPACE CORRESPONDENT 


European plastics producers 
likely to seek price rises 


BY KEVIN DONE 


WEST EUROPEAN plastics are losing about £175m a year year. 

producers, faced with mounting on low density polyethylene pro- Total Western European 
losses, are expected to launch a ductiou alone. y.iid fCI. capacity is about 5.2m tonnes, I in 

new initiative at the beginning Even with a 15 per cent while demand, including deep - 1 schedule airliner business. We 


LORD BESW'ICK. chairman of 
British Aerospace, made dear 
today that if French objections 
prevented the UK from rejoin- 
ing the Airbus Industrie con- 
sortium o na formal basis — to 
help develop the A-310 airliner, 
the UK group would he obliged 
to reconsider collaborating 
with the U.S. 

Speaking at the Farn borough 
Air Show, which opened yester- 
day, Lord Beswick made it 
clear that he wanted more than 
anything else to join Airbus 
Industrie to help develop the 
A-310. In addition to con- 
tinuing to make the wings of 
tbe B-2 and B-4 versions of the 
already highly successful A-300 
versions of the aeroplane. 

But, he said, with heavy 
military aircraft and missile 
business, and other major civil 
programmes on hand, such as 
the 146 feeder liner, the UK 
aerospace group had a heavy 
work load. 

It was far from being depen- 
dent on the A-310. as had been 
suggested in .some quarters. 

“ But we now want a share 
tomorrow's medium-range- 


of next month to push up prices increase to a level of DM 1.27 a sea exports, has reached only; considered \ery carefully the 


for low density polyethylene, kilo producers will still have a about 4.1m tonnes this year, 

one of the most widely used long way to go before they stoj> Demand growth rates of 10 to ! 

commodity plastics. incurring losses on Ibis product. 12 per cent in the early 1970s ’ 

Dow. one of the major U.S. ICI put the break-even point at have been more than halved 
chemical companies, and a lead- about DM 1.40 per kilo. since 1975. In the first half of 

ing producer of low density If this latest initiative holds this year demand was only 21 
polyethylene in Western Europe, prices in the UK will go up from per cent up on the first six 
is heading the latest price about £285-£S10 a tonne to £330 months of 1977. 
initiative with a 15 per cent price a tonne. To .make matters worse, CDF 

increase planned for all types of Plastics producers have already Chimic is bringing a 130,000- 
LDPE on October 1. tried twice to raise LDPE prices tonnes-a-year plant into produc-l 

Mr. Bernard Sutch, Dow this year, but both attempts have tion in France in the next few 1 

marketing manager for LDPE. failed to stick. months; Saga Petrokjemi is 

said be expected the move to be In March, prices moved up to starting up a 110,000 tonnes a 
supported by all the other big DM 1.38 per kilo following a y ear Plant in Norway; and the 
producers. move by CDF Chimie. They 110,000 tonnes a year Union 

Imperial Chemical Industries, held at this level for a few weeks Carbide plant in Belgium, 
the largest producer of this before the slide began, but by the which was destroyed by an 
plastic in the UK. welcomed end of August they had fallen explosion three years ago. is also 
Dow’s action, but said it would right back to as low as DM 1.00 expected back on stream this 
wait for a few days to sec if in some deals in West Germany. • month, 
the new price range’ would hold. Producers are plagued by 
If the prices did stick, it would overcapacity. Most are operating 
certainly follow suit. at only about 72-7S per cent of 

At today’s prices of about capacity and more plants are due 
DM 1.00 to DM 1.05 3 kilo. West to come on stream in "Western 
European chemicals producers Europe before the end of the 


I options that were open. 

“We decided that the best 
prospects were offered by 
becoming a fall partner in Air- 
bus Industrie. 

“ After much discussion and 
quite intensive negotiation, we 
reached an agreement which 
was initialled with Aero- 
spatiale and Deutsche Airbus 
Just over a fortnight ago. That 
agreement covered all aspects 
of collaboration 

"It is subsequent to that 
agreement that the French 
Government expressed their 
concern that the proposed 
entry Into Airbus Industrie of 
one British nationally-owned 
corporation (British Aero- 
space) should coincide with 


the announcement that 

another nationally-owned cor- 
poration (British Airways) 
would help lanneh a potential 
competitor aircraft (the 
Boeing 757). 

“ We understand the French 
concern. Nevertheless we hope 
that on the basis of assurances 
given about farther purchases 
the French Government, to- 
gether with the German 
Government, will do what the 
UK Government has already 
done, and approve the agree- 
ment 

" Should our expectations in 
that direction not be fulfilled, 
the financial strength and tech- 
nical resources of British Aero- 
space will be placed behind 
alternative possibilities. 

“ We have a total order book 
of £2 jbn and 69 per cent of It 
is for the export market, which 
is not a bad base for further 
progress.” 

It is understood that British 
Aerospace hopes that (his week 
Intensive diplomatic discussion 
between the British, French 
and West German Governments 
will end French opposition to a 
formal resumption by Britain 
of membership or Airbus 
Industrie. 

Lynton McLain writes : 
Rolls-Royce had no choice but 
to stay with U.S. aircraft 
makers if it was to survive as 
one of the big three aero- 
engine makers in the world. 
Mr. Ralph Robins, commercial 
director, said at Farn borough 
yesterday. 

He said 80 per cent of the 
world’s civil aircraft were made 
in tbe U-S. This clearly had to 
be Rolls-Royce’s main market 
for future engine develop- 
ments. 

The company’s link with 
Boeing on the new 757 airliner 
would help restore lost pros- 
perity. 

Editorial comment. Page 10 


Continued from Pace 1 


TUC stays loyal 


EEC currency talks resume 

BY PETER RIDDELL, ECONOMICS CORRESPONDENT 

AN ATTEMPT will be made this a two-level process uf listing central bank and what curren- 
week to produce detailed pro- various options in terms of fheir ties it should use. 
posals about how the suggested feasibility and also measuring Britain is likely to lie repre- 
EEC currency stabilisation them against the objectives set sented by Mr. Nick Jordan-Moss, 

scheme would work in practice, at Bremen. a Treasury deputy secretary. 

The EEC Monetary’ Committee There has been no marked although Mr. Ken Couzens, 

is due to meet in Paris on Wed- agreement so far In several Second Permanent Secretary in 


fWrnraent be in Paris for the other meetin S 
Government _ thc Group Df Ten Deputies> 


xnenl and help ensure its rc- favour delay acknowledge the. - — - --- ... - 

election. problem of securing a Parlia- i uesduy and Thursday to select a important areas. These are: charge of overseas finance, may 

Although the Prime Minister mentary majority for'the Queen's I generally acceptable plan For j — The exchan^t* rate media- 2 ,sr ? 'j? l^olved since he will 
has still to make up his mind Speech at the end of October' iJ ‘ ! * u “ ' ~ * '•* —■ 

on election timing, according to and in subsequent Parliamentary 
bis close colleagues, tbe speech divisions that would be . engin- 
should give an indication of eered by the Conservatives to 

whether he favours early October secure the support of minority, — uuwr wmen memoer m. r .. , 

or the gamble of trying to hold parties. This meeting is being held in countries’ excbancc rates Group of Ten meeting 

on until next spring. A final Following his TUC speech Mr.* ”-- s - - - * - ■ - s 

judgment will await the results Callaghan will canvass the views 
of various public and parly of Ministers at a Cabinet on 
opinion polls expected this week. Thursday, the first to be held 
If these show that Labour is since the Parliamentary recess 
pulling ahead of the Conserva- began. 

lives there is little doubt that He will then travel to Balmoral 
Mr. Caliashan will choose an at the wekend for a meeting with 

autumn election, probably the Queen and the assumption re-' meeting will be the third since nosed' w"*" “'wJEiJT U1 «■■■*»«* a,M, V. 1 

October s. mains that be will advise on the! the Bremen summit in July. f„ iJSSwr" 0f lho U S " s prob - 

•Most Ministers now believe it date of the election. 1 called for further siudv of the hot Sv 1 bali,nce 

would require startlingly bad An October 5 poll would mean ! currency stabilisation olan. If ditiona] drow.nrc 8 ™rf UnC ?h£ the . l " dl ? allQnsthat 

news to persuade Mr. Callaghan an announcement next week.! the original timetable is to be SffiL. fo* 

to try to retain power for a probably on September 13. cut-1 adhered to this weeks talks will ecnnnmiJV r l ™ various in* from ihe IMF makes the 

further six months in Ihe face tins' the Liberal Assembly to two 1 have to go hevond merely identi- 3-Thp nn..r ft n J etjtin 'i n™ r e significant since 

of possible economic and indus- days but allowing Mr. David Steel, Ifying z series of options and by u lc . e f ,B * e ft? nll0n ,T 1S Inrcndln s anyway to under- 

the Liberal Leader, time for 3 ; problems, as has occurred so far. question of ’ t;speciall> 

who campaigning speech. \ - 0 


| consideration by the Finance nism. The Bonn 

Ministers in a fortnight’s time favours what u tmim ■>« i ““*« «*«“h «» >cu wiiuucs, 
in mid-October, In preparation parity grid arrangement similar , un ^ er the auspices 

p ar , *. ssr-srfSr-c 

ffisMrsjs-jis 5? sr^srtja 4IS HFir 
s? JwsKrvarsrs b ^s 

m ™ ld ^ saaL- jaLTMiu 

The Vnnptarv rnmmitWs n initiatives are not expected 

Monetary Committee s 2— -The constitution of the pro- because of disagreements about 


trial difficulties 
Even those 


Ministers 


— ■ take preparatory talks before 

The discus tav, involved « ’SI 


THE LEX COLUMN 



for Ferranti 


Tins week’s prospectus from 
Ferranti prior to its stock 
exchange listing later, in the 
month will make interesting 
reading on a number of counts. 

Since the Government came to 
its rescue three years ago, 

Ferranti has made a dazzling 
recovery and has transformed 
itself from a lame-duck into a 
star performer in the defence 
electronics industry which is 
reckoned to be growing at a rate 
of over 30 per cent per annum 
in real terms. 

Compared with Josses of £0-5m 
in 1974-75, Ferranti .made pre-' 
tax profits of £9.1m in .the- year 
to March 1978 and should make 
between film and £12min the 
current year. Brokers .Kemp shares yield 1.4 


— 



10 


j 


FERRANTI 

i 


8 

'Pre-tax 

t 



Profits 

L 


6 

y 



4 


- 

— 


'2 

i. A J 

i- 

— 


+ 

n \/Kl 


_ 


O 

rv ^ 



**1969 71 ’73 '75 

’7778J 



of 818m as reflected 
balance sheet” 

It is certainly true to « 
BCCI substantially 1 
capital base . last. 

$50m to " almost : 

means of. a rights hastfe -aft 
a capital notes 
and profit retentions, 
is an important.' 
between general, 
loan loss reserves hr 
latter are- maintained/^ 
men ted out of chargbs.- 
profits. Hie former, in c 
are topped up by r inf 
appropriations out of- 
The distinction: is 'faf f.fga 
being academic, for 
that a rapidly expanding 


- t ■ 


per cent but will only be able to __ 

Gee are projecting. 30 per cent assu m i n g earnings in the cur- a high reserve- 

per annum earnings growth for rent year of around 50p and a malang heavy chatg®-.^ 
Ferranti, over the' next, few dividend cover of 34 times the profits. 

yeara - : Z$ni$ i ‘ S0rdt °™ Loan reserves: - 

Setting price This would mean that Fer- Had BCCI been trying j. . 

However. Ferranti’s -success ***& shares at 470p would yield maintain; a loan loss res&yeS 
has caused a few S^t under 5 per cent and be LSfiper cent of 

Se Sof whidt « toe selling on 11 times 

problem of fixing- a price- for earnings. To put this in vers- formula, it wo nM h aye mte- 
tiie 1.3m NEB noiwoting pective Decca and Ratal (which to provide an extra. 
shares which, under the suK operate in related areas) sell this would have cut Jts repo^ - 
scription agreement have to be on historic multiples of 14 and profits by more than..*#*, 
offered to existing shareholders 13 and yield 3.3 per cent and But Bank of Amen.ca .lasf .^ 
once the listinghasTeS com- ‘LB per cent respectively. Given day cameout with a stetenei 
pleted so -that the NEBS stake the enthusiasm for high growth that BCCTs loan rtterveiJijg^ 
can be reduced to 50 per cent electronics shares Ferranti and 41 been established in .acctmfejtfV 
Under the origlnaT arrange- its various advisers may be with prudent risk managefet.. 
ments Ferranti bad to wait 10 thinking more in terms of a practic^.” This appeared-^ 
dealing days after the fun list- share price of between £5 and mean that the provxspm&w**: 
ing. and provided the shares £6. However, if the NEB which adequate— although the.^ ^ 
traded above 150p the NEB has already trebled its money did not repudiate the fin 
would then sell the li3m shares on its Ferranti stake, pushes for drawn from its cbnftji 
to other Ferranti shareholders at too high a price, it could sour credit review files, pointing 
a price of £1 plus half the Ferranti’s stock market debut, only that this represented-^ 
excess of the average quotation judgment at 

(during the 10 days) oyer 200p. BCCI officer making . 

This complicated^ formula , . , . This judgment had . ■ 

looks pretty unworkable since . 11 15 unusual for two to a lawyer acting for Krafetf 

there is ho guarantee that the international banks to get in- General' Bank Shares, " 
shares, which are narrowly solved in a public argument bank holding company aprek§: 
held, will trade at a fair and about bad and doubtful debt re- resisting a takeover attempt^ 
reasonable price during the 10- serves, but that, is what hap- BCCL ^3 - 

day period. So it codld be that pened last week to the Bank of So it is all largdy ait^tf 
the NEB and Ferranti' have Credit and Commerce Inter- of opinion. The British 
agreed a price between them- national and ^Bank of America ing hanks, for comparison, na^ 
selves. But given the number (which is still a substantial, tain general previidb&Vht 
of interested - parties involved though declining, shareholder doubtful debts of soalwtet 
this will' Save proved tricky, in BCCI). According to BCCTs between 1 and li per.^aft.rf 
especially since the deal is also statement its loan loss reserves advances, while Bank^.d. 
supposed to take -into account —not disclosed in the published America's, own reserve' is+QM - 
any compensation' for the £10m balance sheet— amounted to per cent uf loans. BCCFs^ps : 

losses on the transformer side. S5.5m on December 31. 1977. reserve, after the fwpRjtr 1 
The NEB wiD .be pushing for BCCI accepted that according to growth in ad vances dffiin^wfr- - 
as high a price as possible, while Bank of America’s confidential appears to be _3ust - 

other Ferranti shareholders will bad debt formula a further sum cent Different banks^aLcoi^fc' v 
want the opposite. of SISm was indicated to be set may encounter different^ 

As tbe company will be free aside. But it argued that Bank of risk. But the 
from dividend restraint for two of America’s formula was question is how BCC!* a? 
years following the listing, one “ highly conservative and meant which has grown frbm iKi' 
to the key details in the pros- only for internal disciplines.” to one with loans ofhm^S 
pectus in relation to the future BCCI did not consider it neces- in seven years, cairbe exp^l 
Ferranti share price will be any sary to maintain such reserves, to have a bad debt exp&ien* 
statement on dividend policy At but went on to point out that it only 65 per cent of that* <f, 
the suspension price of 470p the had "created a general reserve the biggest bank in -the wodl- 


Vu 


r„<- 


•« M / 

• ' 


. - . S 1 

A 


. * »-I . , 


Weather 


UK TODAY 
MOSTLY DRY; sunny periods. 
London.' SE. and . Cent S. 
England, E. Anglia, Midlands E 
and W_, Channel Is. 
Mostly dry, sunny periods. 
Max. 39C (66F). 

EU N.W„ Cent. N. and N.E. Eng- 
land. Lake District, Isle of Man, 
Borders. S.W. Scotland, Glasgow, 
Argyll, N. Ireland 
Rather cloudy, some rain. Max. 
16C (61F). 

S.W. England, S. and N. Wales 
Mostly dry, cloudy at times- 
Max. 17C (63F). 

Edinburgh, Dundee, Aberdeen, 
Cent Highlands, Moray firth, 
NJ5. and N.W. Scotland, Orkney, 
Shetland 

Variable cloud, sunny intervals. 
Max. 36C (61F). 

Outlook: Mostly dry. Near 
normal temperatures. 


BUSINESS CENTRES 




Vday 





midday 


midday 



-c 

r 



■c 


Arasdm. 

S 

ie 

M 

Luxrnjb'n 

C 



Athens 

s 

2« 

78 

Madrid 

F 

27 


Baroetooa 

s 

so 

« 

Manchester C 



Bcl/aat 

K 

u 

59 

Melbourne 

F 



BcUradc 

V 

si 

70 

Mexico C. C 

» 


Bt-rfln 

R 

14 

or 

Montreal 

C 

Si 


Brroghm. 

0 

17 

S3 

Moscow 

t: 



Bristol 

K 

tr 

K! 

Munich 

h 



Bru-wPis 

V 

i? 

63 

Newcastle 

R 



B. Aires 

S 

0 

«|Xpw York 

S 



i.alro 

s 


*9:Oslo 

t: 



cirdifr 

y 

IB 

ei 

Parts 

!■' 

19 


Chlcaco 

s 

J.| 

'f 

Penli 

R 

13 


CotoKUr 

[■ 

It! 

si 

Rte «le J"o 

r: 

So 


Ci pnTiaun 

K 

16 

«i 

Rome 

s 


77 

Dublin 

C 

17 

63 

Sines pore 




K'dlnbursft 

K 

IS 

64 

StockltoUii 

it 



jenuva 

S 

IS 

841 Sydney 

r 



GluaXUK' 

K 

14 


Tcbruu 

s 



>1. Kulis 

S 

29 

M|Tokyo 

1, 



Jolinn; 

S 

IS 

M! Toronto 

c. 




i; 

■il 





London 

s 

IB 

06 






HOLIDAY RESORTS 


Blat-ricz 

Blackpool 

Bordeaux 

Cape Tom 

Horen co 

Gibraltar 

Cnunucy 

Innsbruck 

Inverness 


, Vdoy 
middar 
•C "F 
S 23 77 
C U 58 
p 23 73 
C W 57 
S SS 77' 
S 27 81 
C (7 S3 
S 17 S3 
SUM 


V’dajr 
relddar 
*C *p 
Isle of Mo C 14 07 
Jersey . P 17 ' 63 
Las PI mas S 25 77 
Majorca Fan 
Malaga S 30 Sti 


Malls S 28 M 

Nairobi C 24 73 
Naples FSn 

Nice S 23 73 

Venire P 21 70 

5— Sunny. F — Fair. C— Cloudy, n— Bam. 


Park ‘scandal’ 

DECISION to allow mining 
near the Peak National Park 
beauty spot of LatbRlll Dale is 
described as “a national scan- 
dal” by Mr. Philip Whitehead. 
MP for Derby North and presi- 
dent of the Ramblers Association. 
Dresser Minerals has undertaken 
Lo restore the land. 





The savers’ stronghold 
toprotect your clients' 
interests. 

The Skipton gi ves you a choice of eight ^ 'different;^ 
schemes for regular or occasional, long or short tr* - •“ 
savings or investments. Together with security of 
Trustee status and the strength of a society with 
Assets in excess of £150million. 



Skipton Building Society— (the savers’ strongholc^ .ffes 

has over a hundred branches and agencies . 

^ikha'd* ^ cour ^ to ^ e,p your clients’ money, ■% 





Ask about Skipton s competitive investment pferS 



* 


Head Office: 

Te?075|!!^ iplon ’ BD23ib^; 

London Office: 

wSfae l 8w‘ , f 9d * ^ V6MG -P 

Assets exceed £ 150 million Reserves exceed £6.4 




■ \ ■ 


Wgaerea at Uie rat Uffiro. Prir.rcd trv nt 

w Time ut, 

9 Tba Fi mm^a i Tima : 


C