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

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BiSMSNQHWJi* CAR£j| . f GirJELiREiH ^ J 2 / ,6o4 

CLASC^Vj-LOVDON - Sropr.XONWTEfiS • .‘-. 1-"V- ‘ - v - ! . - 
- 7... j; SWAt}tSgA.. WiCLAW . - . V • . ... ■ -2L 


Tuesday September 5 1978 


** 15i 


%®r 

& 


King & Co. 

Industrial and 
Commercial Property 
Telr 01-236 3000 Telex: 885485 


gn j j^ j^aiWC MHOS.- ft W«UH F f 25; DQ4MAAK Kr J.S; FRANCE Fr 3.0; GERMANY DM 2JJ: ITALY L S»l NETHERLANDS R XC; NORWAY Hr Ms PORTUGAL Ew 20; SPAIN Pta *)0; SWEDB4 Kr 3-25; SWITZERLAND Fr. 2.0: EIRE 15p 


NEWS SUMMARY 


as?; 

*8 


TUC chairman in 
‘vote Labour’ call 
Cgj as 5% is opposed 


I mujiw 


European 

shipyards 

undercut 

Japanese 

Bp bn Hargreaves, Shipping 
Correspondent 


Public sector 
borrowing 
below target 

BY PETER RIDDELL, ECONOMICS CORRESPONDENT 


falls 


O EQUITIES were ." oniet. 

«ntShT£ -• affected by election nBcertain^ v<t “ ¥C auavna uu-uauc uwuu puwer were sui atteiujiL uy ' umce- 1 the first time in vcars. i announced yesterday that the 

mNmie vhn «n*v*** ^ ties. w wshare into closed members of the Tory front bench” to drive a wedge between nnion! Estimates m London of the ; pubiic-seeior bonwins require- 

S «* «• ■ : I»te» their members, Mr. David Basnett, chairman If the TUC, said £5 •‘dlTSSSSS? SSJ%££V. Miy 


... . . I BORROWING by the public 

CONTRACT PRICES quoted hyi sector so far in the current 

BY CHRISTIAN TYLER, LABOUR EDITOR Japanese shipyards have risen | financial year is well within the 

so sharply that West European I level forecast in the spring 
yards arc finding themselves ; BudgeL 

2£ Conservative Party attacks on trade onion power were an attempt by “office- SVrat "iff X 1 s Sk priecs f ° r | anI5JnS^teSS tl uLt 0l tE 


2?! ! 5 unbUB • 6ltTS * the long cad vrere yesterday, 

s nti* ®^ >r “^‘‘ bave beexr shot dead by at a low ebb with sddlercd He opened ihu 

ion ? * -“--I® the H ' or St mas- losses - rangin' tram fto *; Union Congress 

lie t ^^13 of Enropeans since 13. shorts were little altered, with a direit ap 


yesterday. 


I month range from 10 to 40 per j adjusted basis. 

a low ebb with altered He opened the annual Trades have learned noLhing and for- Basnett "said Hie power of ! 36 t! chinhuiidii" oflidals - ra^^ iE&^^eo'mpared wuS»°tl?c 
ses- ranging from *; Union Com-russ in Brighten gotten nothing." organisedJabour was here to stay. 53 v I Budget prSjec?“n,b tShar- 

Mts were little altered. '■' Kh a direi-t appeal to nearly Mr. Basnett, who is mobilising It had made a “unique and sis- to i hi«h but that the West can dened into a firm ceiling, of 
iveramenl seturKtes index i , " t l0n ro 1 ? e ? 1 ^r t ° unions nificant contribution to the expect to sec Japanese yards I £S.5bn for the whole or 197&-79. 

s 76.18,. down 0.16. , - i™! v ° tu . r °r . m the for a joint campaign in the eon- solution of society's economic steadilv uwards for the i The Central Statistical Office 

^ • :■ general election that is widely stituencies and a £lm contri- problems." The trade union S* «Sr P I warns that rhe seasonallv- 

STERLING dosed at SL94GS, exp f e !£ l J 0 bfc dec5ared in 1he kj*! 10 ?*. was hlghlightins the all- movement Iiad the ability and re * 1 the y f. ‘ Trusted borrowtnE figures have 

ATX 30 Minted Us! “S. a S..£2S«^ ,r„ MM 2P k° 1 ?“ u _! n “ : exiiblud some frratic move- 


loss re^oard Uic plane but.it Is not • STERLING dosed at SL94G5, 
y chaise if they survived tl» crash down 30 points. Its. trade* 
sd the massarrc. EIght people weighted index fcH- t» 62j{ 
*i known to be safe. (02J»). 

rves Rhodesian militaiy head-' - * 
b«,n ,aj ters said, that after the • GOLD rose 52 i to EillL--. 
, D bftane crashed ofl Sunday night, , • ' “ 

ian loss rejffierriJJas approached- the wreck • COCOA prices rose. Novem* 


Y®* ftfcierajins approached- .the wreck General Council sborrly before 

of loans, s ‘d ordered sumvors to their her dellveTy was np £18 a tonne spt . ec h with only four uf the 

Un»L . At 'TKmi «Lf.4 « 1 __ HH -V - 9 _ ■ •_ _ * A««h^ I j. . ^ I Ilf* fl 


next JO daj’v. absorbing topic of the week on the right to influence the wider London shipbrokers, a ecus-: 

Mr. Basnett made no reference the cve of the Prime Minister's social and economic develop-' to med to keen prices from their 1 
to the TUC's refusal to accept the address to the 1,170 delegates, ments. It was this influence that (Japanese contacts, have been; 
Government's 5 per- cent pay The General Council nress- S av e organised labour substantial taken aback by the size and t 

guidelines, which wiD ho a key j n „ ^ bteiMat union still refu& Power la a modem economy. i speed of the change in fancy, i 

issue of the election. That oppo- JJg VJJ 7 ™5“£ Trade . unionists wanted a j which they believe represent an [ 

siuon was endorsed fay the dE £ w lx& mottan froin Ae strong Labour GovemmenLi industry-wide decision td e end] 


PUBLIC SECTOR BORROWING 
REQUIREMENT 

(seasonally adjusted) 

£bn 

1976-77 

858 

1977-78 

552 

First quarter 

157 

Second quarter 

0.92 

Third quarter 

1.1 1 

Fourth quarter 

1.92 

1978-79 

First quarter 

1.73 

Source: Central Statistical Office 


Reserves fall 

The UK's official reserves fell 


Banket- They thqa shot .ten ^pie. oh Friday's dK^JUVJI « "" a ^ffSsSZS SS EEIA meet Se^ve teS? ^ ‘ 

'OuJd hav*^ of wil0m were wumea. ■■ ■■■ . . Clearly conscious of Con serya-. SSSJlalSo ^SESSTuittfflSre nologlcar Uireat to jobs. They “The Japanese hare simph 

i extra aiiTlie Viscount,- carrying 52 ^ Dyc. strategy, which -is to dis- did no? want a Government "pre- put themselves out of. ibt 


APR HASr-JW JUL 


tonne. Traders, attributed 


1 wtra a^Tlie Viscount,- carrying - 32 ySSr S f L ' ~ ~ ^ TC strale «y. which . is to dis 

ve cut jtTw lSS ® n -crs and : lour crew: g * Bao T»lf v credit the social contract betweei 

lore Wflshwl shortly after leaving {|M| . “. the TUC and the Government I r 

» m ® * n riba en route -for -Salisbury. . ._ all I 7V|/ f AA . - the eyes of ordinary, workers, Mr 

Amenia feie pilot repotted his .-two' star- • :■? f Basnett said allegations abou' 

with aasgard engines had failed, Back VKWl — "L J a" the misuse of union power won It 

l° a E realise . fail lo hit the mark. . 

shedinjo* ' : II . - f ‘ * J About 3m TUC members votec 

risk Are lrirli-iw | -V-l- . v.-- I. . Conservative at the last election 

rnU ,5 m nee ,na,ar * : a figure which Central Offieo ii 

riionctpy •' ‘ ’ 7r "jf JVilIv to improve on this time. 

proviHBa|00*«S «.T” T ll Ur I ^ In 1 reference to the fall ol 

bough life iund reels dfiACl - I 111*1 the Heath Government over the 

diate thefc ■ ® - .1 . 1 tf .{ •» miners* strike in • 1974. Mr, 

its flj-fcundreds of people have died um -I :|* . LimA - — Bassnett said: “All they succeed 

files Dn^ d at ! east two million have . r . I'-l. IHBH in doing is demonstrating that 

- rcni«Z? en driven from., their homes . ' T||. 9||NS08Pf even with their experience in 

» represEBM- one of the . worst : flood' ' office the Opposition front bench 

the hne teaslere to hit -Indiai . « cn o IB» ■ I . Hfflffil ; 

making them About 200JD0O people -were apr huv-jim jiil Aus. r sa» . 

U bad hearjiing evacuated from villages >- ^ — " .• *w^ 

cling forns' oua ^ as the Jamima a tonne. Traders attributed ■ M ■ ig~1 ■ M . 

k Shares, rV r rese .dangerously/ South increases to reddeed. hai^st ' |\(|| 

J,ld west Of Calcutta, the Wes t imitioevts fn ' wsi AfHra' and -R-m\/AJ.L/ 

sx* A ^*“ a - 

; s ™ eet w “ ^ nnwpr r 

The and .pfl^_repOTted;"hiin- ... WV ff ' ^Vl J- 

•comparist^ of .bodies ’T . fioafing , on ■ : . . . . 

! pn>via6 yollen Newgate in BY LYNTON McLAlN 

?f v barter loav^s^ N.. .^.1^ versions or: the Tton&Koyce 

n t} : ^ s ^ WPElSfr lH^rKetS S&2IL engine may be fitted to 

A -hile Resident Carter caUed fOr,Cojar - the»%eW A310 European Airbus 

irn reserre i'omise by both sides when he * OOJKMEMBANK Index, —and gristing models of the 
0105. Bfll" -‘Wi ’Weist". Gesinahy;.- dosed ai an aircraft-^^sa result of an agzee- 
er lie JUgh. ,0f; 882.8;.Hong ment fae&veen the company and 

Vzn ce« dnnsl h T Kong’s - Hang - Seng . -IndS Airbus lndustrie. 

^.S dat ^5 OT w^'® 9l ^iS^ r^ed anSrbeakfbElhevear “f* Ralph Robms, the eom- 
b \ jjg “rsalyagtoghiapwh^te. JJ™®* **££*** ™ *£***£ menial dAector of Rolls-Royce, 
r.t banks. widat was in -Earls yesterday ^ T0TJ» J: 5^lney AH ; ord_nar> uU ^ nl ^ )t that ^ 
er fiiffere* Iking to. President GiscflnLajKT- Index^ closed at a new years “established in principle 
it the anusraeli Prune Minister ' Begin is peak of .' 549BS; Tokyo . Stock and defined the terms -with Air- 
iow BCQii New York. Pagefi;-E^t^zial Exchai^e lndex improved 1".0» bus Industrie knder which the 
-nun frofflf ,nuneilt . to. a *ewl high, -for the year of RB-2H family of engines would 

. r , t - mw . j ..• • 42756:' - be made available for the entire 

,0aDr> n hP^OiSOri StlCfcrt -■ 'r : ^ ' •• ' AW Airbus family of aircraft." 

rs. can he ra EABC&CK AND 1 WILCOX The talks had included the 


enda, which, with the advantage of j resistance . to the eiTect o* the! ^ mnnth by 5330m t0 

The motion, from the National North Sea oil revenue, would appreciating yen on i*poii S16 41) mainIy M a ol 

usvanas SSESfes- r- j-ss sasiss 


auaiini', which _ ia m s hnuM he a new mnroaeh to nav “1“ not want a uovcrnmeni "pre- pux inembc-ives, mui j; 

credit the social contract between Lit hin °tiie "framework of P an Pared ‘to abandon its responsi- market," said one broker. "The action, 
the TUC and the Government Jn t K bility to the effects of blind [ commercial aggression of a Page 7 


the eyes of ordinary, workers. Mr. Go^rnmen L cl market forces and the unforeseen 

Basnett said allegations about “'"r „ a _ ori results of monetarism.” 

the misuse oF union power -would Mr. Geoffrey Dram, NALGO The tuc spent much of the 

Tail to hit the mark.. .-general secretary and one.pf the j-y considering domestic con- 

. About 3m TUC members voted TUC’s lop six spokesmen, said troversi&s. An attempt by the 
Conservative at the last election, yesterday the motion was closely Qenomj and Municipal Workers 
a figure which Central Office is in time with the Government's t0 change the composition of the 
to improve on this time. own thinking on collective bar- n Pn pr2rhoitncil bv shrins auto- 


market forces and the unforeseen month ago has disappeared and 


a j Page 7 


appear 


just fur central Government, 
support this view, since public 
spending on the main pro- 
grammes is broadly in line with 
the forecast increase over 1U7T- 
197S levels, with revenue com- 
parisons still affected by timing 
of tax cuts. 

Over the full financial year, the 
Treasury projected in April 
public-sector borrowing would 
rise by about £3bn from the 
1977-7S outturn of £3.52bn. Thi= 


jments in recent quaners which latest figures suggest tnat the 


Sd^nnrSrSe ThB ^ much of the accepted that for to uuderamn^s of tsT s o^iv gradSaT‘ " 

Sts^eh Pf ^d day £S tMnd T n3 C ?u' th s y '» 1 n0t hti " inmDS nett I changes difficult. Borrowing in Aprii-toJunc nF 

Sn^rdoSlv J™ ven 1 M * A n , attempt by the orders. Although the seasonal adjust* n.73bn was about £200in Inv.-cr 

GoSiSSs Genera] and Municipal Workers Japanese h J ^ rn ,}^ ; ment takes into account tax than in the previous quarter, -a 

coUMtS? tai to cha«« the composition of the developments noted by brok !E| ; changes announced at the time - d seasonally-adjusted basis, bm 
couecuve iwi' noni>r*l nonneil hv mnit" auto- do not involve any central | nee-. .i 


W uiiiHove oil 1016 unit-. own muumub w Bnmuw General Council by giving auto- do not involve any central of Bud „ et i* obviously does n*«m hivhPr'iirm'J vpw earlier 

* n a reference to the fal1 o f gaming reform. He exported to matic and proportional represen- decisions- imposed either by the t reflect the later tax cuts On an unadjusted basis bir-ow 

8 £j Sr C SS^VSSon^uSSS tation. tedium and" large Shipbuilders’ Assocmtion of ?lid through tiff cZmona ftnffTS qu^was 

Burnett said* -\ir the^SiccSd or^lhSmen the Post ^ce unions with election for others. Japan or the Government committee Stage of the Finance caTlBbn, the highest since the 

£ as S?" s ?I d i SSKS was defeated on _a card vote of The shipyards are. however. BiU b th ODDOsition . These end of 197 r 


in doing is demonstrating that workers, and the clerical onion kmqmi * n *oiRnnn 

even with their experience in APEX to 

office the Opposition - front bench In his address to Congress Mr. Conference report 1 


me smpyarob are, aovvev«,| B in by the opposition. These end of 197a 
engaged in detailed negotiation i c h a nnes have vet to work >». u,. 


C**— "»«* ** » K e to'cut'capaclw’b'y A “ 0 2* A up 


The problems of interpretation 


Rolls-Royce engines may 
power European Airbus 


per cent. Ana wun Uie nnauviai Moreover nffieiaTc were ^ ^ “* 

position of most companies sufiges tinr; v-esterdav that borrow- ^'^P 3n ' ® otl ^- fl5[>n - 

'deteriorating rapidly, yards may \^%y Vral anthoritieV and • These f e ^ ect chanp fl not °? U ' 
well have decided that the best ho in central Government borrwnnq 

mv to precipitate the required g^ c s^n™ Slf of » but . a,Bn l n -^ e borr ? win; \ l ,v 

cut-hack is simply to increase £97^9. seconti nau of local authorities and public 

PI There have been over 30 tha^thJ^Anrti tojnm P !S!S C ^ cal °°^ oriti es repaid £25m 
applications for bankruptcy re- jjj overstate Ihe degreed? in ^ * April-toJune period, 
oraanisation bv shipyards this ul®%« , ,“ e iire-n compared with borrowings of 

year*aod yesterday lshikawajima hSh^ b ^ £B ^ m in •*» P^vious quarter 


rove to cui capacuy oy o- borrowing later in the year 
cent And with the financial u„„ n ^ r n inH»t« 


companies 


in the last three half-years uf 
£3.57bn. £2.03 bn and £3.65 on. 
These reflect changes not onlv 


Hariraa Heavy Industries 


iS )n tS Ue Snrti tiiinna C ^ cal authorities repaid £25m 

lat the Apnl-toJune figures j n ^ April-to-June period. 

Mrir»^w rrt fJfnttI lie ihA eg i^s."B «®miiawd with borrowings of 
eadroora below the 197b-f9 £6S2m in the previous quarter. 

^iTth-ro «« fa- However, from the second half 

50 there are no.grouyls so far of 1B77 m the first half of this 


• BY LYNTON MCLAIN ^e^ntS au^fio/iiy bSivowicg 

, sjsn«f t ^ssa ^ ********* "smasv 


Other Farnborongh news, 
Page 7 


He gave the 'godhead for tfw creases, in the only- instances ini™ ^rmedim termrouldbe [!KiT u.nrrT 
airline to order 19 Boeing 7S7 which prices can be accurately 100 esnansionist rather than too t0 ^3ni. reflecting the improvc- 
rnr Mnftrr. rnmnarod involve unward revi-l 100 ment in their profits and internal 


aircraft for its immediate £40Om compared, involve upward revi 
re-equipment programme — - but sions of 40 per cent. 


mpareo. involve upwara revi- restrictive. 

per cent. la gpjtg 0 f these qualifications 

Well-advanced contracts are the trend oF borrowing is clearly 


:rn :BABG&€K ANXY WILCOX 


id debt ®frlicc are searehii^ fdr the plans /a lnOm modernisation of I terras under which the most to order Rolls-Royce RB-31X Dash 


RB-2EL family of engines would not encouraged British Airways he also welcomed British Air- Well-advanced contracts are the trend of borrowing is clearly 
be made available for the entire to order it ways' plan to study the jipplica- said to have been lost to Japan consistent with the Budget pro- 

Airbios family of aircraft." Now airline customers, includ- tion of a RoUs-powered version as a result jections. Forecasters outside 

The talks had included the ing British Airways, may be able of the A310 Airbus to its fleet The Japanese also found them* Whitehall have suggested that 


financial position. 

Lex Back Page 


jections. Forecasters outside £ in New York 
Whitehall have suggested that T 


• cent oi fcraer of a^ comer bas./ftin .of its power station boiler factory powerful version of the RB-21I. 22B powered versions of the Aerospace was given the go- 
iank in ik^on m und^ banging from a 'trefr at Renfrew, near Glasgow, to the Dash ,524, could .be used to A310. The engine has been in ahead to join the European Air- 


British selves well down the list of bid- the outcome Is likely to be within 


Continued on Back Page 
IHI passes dividend Page 25 


the range of £7.5 bn to £8.5bn for 
197S-79, though there is a margin 
of error of more than £lbn on 


a West London car T>arfc T The handle .expected . new orders-, replace the existing power units service on the Lockheed TrtStar bus consortium in a 20 per cent _ passe ? ui™ena-rage -o 0 { error 0 f more than £lbi 

*g contains, potaa ium ■ cyanide Back Page , ; . of the large, original A300 with TWA, Delta and Eastern risk-sharing partnership — a plan Government urged to stop snip either side at this stage. 

both liquid andncnvhd forms' : 'ZJ'l 0 v- '.j- •• . .. Airbus. Airlines' for six years. which was thrown into doubt by sales abroad Page 7 Figures since the end of J 


s-^ii 1 si.aaeo-fl&eo si.n.wwu 

1 i.innth 0.46-0.41 ilK WUi.'j .Its 
3 lu>uthn J 1.20-1.14 «1is J 1.16-I.I0 il« 
ISlUDnMnl 4.4&4^S rli-> i 4^5-4.25 Ui> 


aetj. 


d two phials of typhoid, and # ■ IS . to h|vrat .a further The agreement was reached It would cost £25m to modify M. Joel Lo Theule, the French 

ol era vaccine. . / ^Xm.at- its Nxm ash plants in when 1 .the company met Airbus the engine, wing pylons, and Transport Minister. 

, , — .vaeshire. Page ji ■ ... • IndostiSe lost month and other equipment to make them He said he did not see how 

a.ff DOX nrobe a rise in consumer suendine s > lcceeded in securing the same suitable for the Airbus. this could be allowed while 

^ . terms as offered to other engine Under the agreement, which British Aerospace persisted with 

germ warfare team flrom. ^LitL wakere involved with the project will not come into force until its plan to buy the Boeing air- 

- rton Down research establish* • rorecasung s o. Under the original plans for an airline orders a Rolls-Royce liner. 

|mt has been called in .to find Pa *® . 7 - . 

f Hixmingham # ..raovmciAL office rents * ^ ' 

tr= -SfrCT NEB to sell Ferranti shares 

is ana tram pa ssen gers- in not merit jts.iame dudt image. 

rftwerp staged a “fare strike” a report ed Sge 8 BY ANDREW TAYLOR 

Jsteadff^sas^jt « UVEBPO^L POBT nie-tax DETAILS WERE announced holders. This will reduce (he pared with - the £8.7m the De- 

Ny hatS^^-bver sealS pro^fo^the^rrt^sS - months . y S tBr fH'o£ ^ National Enter- NEB’s holdings to a straight 50 partment of Industry paid for its 

velopes .containing:: the old ' ' m?£i,78U: (£&28m). Page 8 S? rantsteke in pGr entire holdin S- 5 

. ice. > • Tbe new shares will qualify- Shares of Ferranti which had 

, . . - r - '■ •: for dividend payments nest year been dealt in under Stock Ex- 

r entice out - ' ■ X ^I 2 ^- 3 4 er w en f Gm!eniment C ln- which thB group ^ total change Rule 163(3) were sus- 

\ ^ stake -in, an- office -block in -West : sy mo t * overnnienl “ 5.75p net. pended at 470p last month. 

V. Keg Prentice,.' former Geramy-. which cost £22m. ; ... ■ It is understood that : the. Allowing for the "Impact of the 

hour Minister who joined the «Se 26 .... . Femnh - , which is expected lo Ferranti family interests— the current proposals, this indicates 

k nserva lives, was tuned down m in regain a full Hsting of its shares ; — . that the group magJjaye a market 

a prospective Tory candidate EnrofS^e^brea^es of outnut at of ^ 2150 _ . . - _ - „ capitalisation «»rmfe:than £40m 

S* East . Benfrtwshire. Mr. proposals to renew Editorial comment Page 18 when full dealings resume at the 

ften Stewa^^ffiPBecre-^ 35025^ JSVE!* „t_ osbare v Lex, Back Page - end of this ancSS. 


velopes containing; the old was_£L78m (£A 2 Bm). Page 8 82 

1C0. . ■ _. t ?• ' . . :■ . ‘ . . ’ • - i SjT' 

• FRASER ANSBACHER wrote 

vAntirn n«>f - . . down : to- £UL000 its 28 per cent wj 
feiHlwv- OlBy. .. -- stake Jn an office hlock in West 

V. Reg Prentice* .' former Germany which cost £22m. 1!ri 
hour Minister who joined the JPose 26 . ] 


renticeojut 


■»7» stewsrt. <j#*n M4ah . . *1^ Bias apd ininimT in i price levels dividend payments to share- 

j"£s? .^s&sssstss hou “ 3ir “ « ^ r nn - M 

r ^ . . VOLUME „ iaternatiofial Family interests ^ ^ore 

riefly . . . .. - ^'fre^5ET , * at The NEE holds half the the offer. .The Fereantl family h ave^ pS7aS55-Srt ffiJmfor 

' pa Stronsay, an ' umBhabited S ES anH i,-' v6 ? ng “ d h e01h S? aSS^ 0115 C0ntt01 a half share interest in major 

tnpv island of ifiifr lacres: has 20 ctose.to B-per trolg all - the non-voting shares, a is per cent stake. company which last -year earned 

iS 06111 Pw4 ' reiwia«rung -a further !2i per A .home price oE , » Jff S^rofite of Oto a 

®er.TshotlA ; fairaer^ f. Se - dSS t Sel?is d, S ff ^diScffbeS^the 18 ^ 

on ora Cdhen,.Brflaizrs oldest- J® 13 up^because of tiie mduslTy s flne . ^ o£ j, olh share but tho final figure wfU be deter- -rowwai-! and the orieinal airree- 

irwvmg; saflragetfe. las. tfed" P^ 1, S 1 e! c 5 ea£ed 1351 classes with the non-voting shares mined by_ movements in the TOen^mder vriiich theNEB was 

fed 105. . Sluj^jvas. once jailed in 1 ?ionth. Pago 7 . to be reclassified as voting pnancial Tim« AU Share fcdex dispose of its non-voting share. 

h . Tower Of Londoa , ■ . shares. . betwwn August 31 and Septem- These have arisen because of 

tea l&ltoiprinite . ; HaRv^e new voting shares ber 26 - certain legal compUcations. 

** -prwwh^wiiit Aimieriw (2.6m) -are to be offered for sale At the basic price the oral will _ .. 


irviving s 
j-fifeuiiB.:? 
UTll RA-Tower ;i 
5? , Jbya is. fo 


Of Londoa ; v. . 

• : Provide: ICalta with <JOHPAHIES 


v TjT , Aya is to provide- wta with'lfflllf ABIES , ' Hffli. the now voting snares uerio. - 

» AkSSte. CLOSURES GROUP (2-6m> are to be offered for sale Attteb^c pi^tbedral wm 

ipnUrters. wWcfi cancairym^Des. °JSs £*47m t0 remaining Ferranti share* realise £2,6m- for the. NER com* 

ig licence fees -‘should 1 .be (f252m). '£sm 20 1 

p» ■ CONTENTS OF TODAY’S ISSUE 

itish " Veterinary 'AssOdation tax profit for the. first half was T«-hni«ii naee ' 11 



Continued on Back Page 




HIEF PRieE OHMIfiES YESTEBBAY 

ticcs in ^peaee ta^^Mbewitee' ■ Preswirtit Bkb id: 


*5^ •• RISES ' • 

^cd.. .TOrtSOff 1 -.--4S + $f 
• »nrf^tedoniaii jUnunM.^CTL 
=fllS ctora A ■ 

Lineiti'iloaastone -MW >4. 

nont ; >T ~ . - 2L + 4 


astfl 13 . F -■ ■r-r- : - TXL 7 . Hestair 93- 5 

55 l w i + ■■ -IOHM m - 14 

irty ^.mita.185 MSl.? < ur0lttt» ....... 126. - 5 

JS t (W.) -„Sl^Doc^^aM».:. SO — 3 i 

lalU Stores 3 -g jP^ ng txm ..^*-..-3®^ “ 7 

J* 9 ' ^ FashSon R Kttenr- i— K - 5 

stindnstw Brop/iL ; 28 : H-:l|-' -=Soo>piwtex^i^H«^.. “ j 
.•SU rvjinc Rlotinl»'- ..a- 322 6 : Trtist HousOs Fortes. 215 - 7 

i p effaeto ■BfiruBS' Union Discoirat- .w>. S08 r* 17 

^ Vosper - 210 — fi 


■Presidrtit Biand' .JE10J- -5* J 

Tanks 174 + 6 

West Driefontem ...£25? + 3r 
“-FAILS 

Ditegan 100 5 

Dafly Mail .A_ 330 - 14 

Davy.JntnL-' 288 — S 

DtLa Rne >^0 — 17 

Esperama •. 136 9 

Bestair • 93 — 5 

iCHJatiB ...-— 14 
jmMPwcmrnt 126. - 5 

Mfifisey Docka Hratfl.:. 30—3$ 
P?kingt»n :..^w w .. i 305xe - 7 
Httard -i 53 -5 


European news j- 

Amtfft&ji news 

Overseas news .. — .... 
Worjd trade news. .... 
Home news—fieneral 
labour , 


Gas>ahd oil prospects of 

ttie. United Slates .1 IS 

PWduet design: British 
• industry’s AehlUes heel 19 
Zefi,-Cdnfadanism and the ; 
Japanese worker 15 


Technical page ...» 11 

Management page .....*.—.. 15 

Arts page 17 

Leader page 18 

UK Companies 2621 

Mining 21 


FEATURES 

Film and Video: Pictures 

at an exhibition ^ 18 

Setback for punters Iu U3. 

gaming stocks 24 

The diamond hunt in 
Western Australia 28 


Inti. Companies 23-25 

Euromarkets 23 

Money and Exchanges ...... 26 

World markets 27 

Faming, raw- materials ... 29 
UK stock market « 30 


Turkey's re-appraisal -of iis 

military relationship 3 

Kenyan economy- after 

Kenyatta 6 

FT REPORT 

Irvine 12-13 


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s 


I ! KOI’I \\ NEWS 


Financial Times Tuesday September 5 1978 


r 


Dutch call 
for cut in 
work hours 

Holland's -largest trade union 
federation, the FNV, will main a 
shorter working week, longer 
holidays 'and early retirement the 
main themes of its 1979 wage 
campaign, writes Charles Batchelor 
In Amsterdam. The federation 
hopes to achieve a fairer distribu- 
tion of the available work to 
combat high unemployment. The 
FNVs executive will start dis- 
cussions of its plans for 1979 later 
this month and policy will be 
decided in mid-October after the 
membership has been polled for 
its views. 

Menten trial 

The Special Chamber of the 
Hague District Court yesterday 
referred the war crimes case 
against the Dutch millionaire Mr. 
Jteter Menten to an examining 
judge. The judge will investigate 
Mr. Memen's claim that a former 
justice Minister told Mr. Menten 
in 1952 that no further charges 
-would be pressed against him. 
writes our Amsterdam corres- 
pondent. Mr. Menten was found 
guilty last December of taking 
part in the mass execution of 
Jews in Poland in the summer of 
1941 and sentenced to 15 yeans 
imprisonment. But the Supreme 
Court quashed the sentence on 
the grounds the lower court had 
made a procedural error. 

Russian air crash 

Russia □ personnel were yesLerday 
clearing the wreckage of a Soviet 
photographic reconnaissance air- 
craft which crashed on the Nor- 
wegian Arctic island of Hopen. in 
the Svalbard archipelago last 
Monday, writes Fay -Gjester in 
Oslo. The crash was discovered 
on Thursday by Norwegian per- 
sonnel from the island's weather 
station. The Norwegians have 
secured some pieces of the wreck 
and the aircraft's flight recorder, 
which will be sent to Britain for 
interpretation. 


French budget plans due tomorrow 


BY DAVID CURRY 


PARIS, Sept 4i 

than 


THE END of the holidays having cigarettes and tobacco and motor since even the Government is extra hours rather 

been formally “ celebrated " with vehicle permits. But it Is also reconciled to the total of jobless recruiting new personnel 

a weekend seminar at Ram- thought that the Government reaching at least i gm while the also thought that the 

boulllet under the chairmanship has decided to prune the flourish- unions fear a substantially maximum working week could 

of President G is card d’Estaing, ing fiscal undergrowth of special higher total. b e re duced (it stands at 52 

the French Government is this concessions accorded to around ™ „ . . hours but the average actually 

week putting the finishing 90 categories of trades. These H ' rh ®/“ eas, dff s *““55 worked is some 41.6) while 
touches to the 1979 budget range from handweavers in the ~J fl . e gtI11 ~ 0v °j r ° men l t , ■ _ fiscal concessions may be given 
proposals and a special series Lyons silk industry, spectacle nf employers who Increase man- 
or measures to absorb, if lens polishers from the Jura. - for continuous process 

only marginally, unemployment. Paris models, musical artists, j£. e operations. 


caslnos ’ sLe 


public sector recruitment 
M. Barre believes this 


The Government has already 

jewellery workers and the staff If " hitroduced the measure 

of station book stores. ™ u , ld scried in July 1977 to exoner- 

ate employers from social 
security charges if they recruit 
young people. 


Details of both will be announced certain workers in 
on Wednesday. 

The President promised his ot STai,on tM0K stores. trial costs" ^without securing 

Western partners at the Bonn These trades all benefit from permanent employment 
summit that he would permit a basic 10 per cent deduction tj,- fawnwrtt* ran Hi date is a 
the 1979 budget which will total for — v -* — * v ~ ,ne favonnte candj0ace w a 


ine rsne »«w. wmen win wiai ior iax purposes before the measare t0 compel employers to 

some F r 460bn t° remain n special scale of further deduc- increase the rate they pay for on the negotlations'diie"*® be 
deficit, the problem is to hold tlons, going up to 40 per cent. over t] me but to claw more of resumed soon between the 
shortfall to the Fr 15bn applies. The Government is th at overtime back from the employers association, the 
(£1.9bc) Felt fo he the maximum thinking of clipping tins 10 per wor jj er ^ a contribution to the Patronat, and the unions over 
compatible with M. Raymond cent deduction for higher national unemployment fund changing the scale of unemploy- 
Barre s programme on restoring incomes. which is La urgent need ■ of ment benefit, establishing 

economic equilibrium. The issue of employment Is replenishment This would sectorial wage guidelines, and 

The bettiag is once again on likely to become one of the pre- make it more costly for both introducing the concept of a 
higher taxes oo petrol, alcohol, occupations of the autumn, employer and worker to take on flexible working year. 

U.S. business executive goes on trial in Moscow 


. The Government has one eye 


BY DAVID SATTER 


MOSCOW. Sept. 4. 


IN A case that illustrates the the arrests of the two Soviet between S50.000 and 3100,000 in bauer, Moscow correspondent for 

relative vulnerability of citizens, Mr. Valdik Eager ami foreign currency. tbe American Broadcasting Corn- 

Westerners in Moscow. Mr. Jay Mr. Rudulf Cberr.yayev, and The Kiselyovs do not contest paoy, was bent over a wall and 

Crawford, the U.S. represents- when they were released into the the serious charges against them bit repeatedly in the back today 

live of International Harvester custody of the Soviet Ambas- and their testimony appears to by Soviet security police as he 

goes on trial tomorrow charged sador, he was released as well, he the basis of the case against covered an anti-war demoostra- 

with buying 20,000 roubles and Mr. Crawford's situation, how- Mr. Crawford who has insisted tion in Red Square by a U.S. 

six samovars on the city’s black ever, is a disquieting reminder adamantly that he only made group. % Three correspondents, 

market to every Western resident with- small gifts of Western goods to including Mr. Bierhauer, and 

Mr. Crawford was dragged out diplomatic immunity, that the Kiselyovs in return for four demonstrators were de- 

from his car on June 12 and he could become liable for sewing work. tBjnejl by police who acted 

arrested at a busy Moscow inter- prosecution under tough Soviet If found guilty, Mr. Crawford swiftly to break up the demon- 
section. The arrest came during laws. faces a maximum sentence of 8 stratum and tear up the de mon- 
period of heightened U.S.- Mr. Crawford has been acrused years imprisonment and 5 years which said. 

Soviet tension following the of using- 38,500 to liiiv the internal exile but the Kisflyovs and USSR disarm, 

arrest the previous month of two roubles and samovars from Mr. could he sentenced to death, a The demonstrators were 

Soviet United Nations employees and Mrs. Volodya Kiselyov fact which the KGB may have members of the New York based 

on espionage charges. who did minor tailoring work for used to persuade them to co-oper- War Registers’ League and came 

His arrest was viewed by U.S. hun and were said to heve ate in implicating Mr. Crawford, to the Soviet Union on tourist 

officials as direct retaliation for accumulated an illegal cjtf’.c of Meanwhile. Mr. Charles Bier- visas. 




CONTINENTAL ILLINOIS 


Board of Directors 

Continental Illinois Corporation 
Continental Illinois National Bank and 
Trust Company of Chicago 


ROGER E. ANDERSON 

Cham nan at the Board of Directors 

JOHN H. PERKINS 
Present 

DONALD C. MILLER 

Vii.e Chairman and Treasurer . 


RAYMOND C. BAUMHART, S.J. 

President 

Loyola University of Chicago 
JAMES E BERE 

Chairman and Chief Eyecuive Officer 
Borg-Warner Corporation 

GORDON R. COREY 
Vice Chairman 

Comm on wealth Edison Company 

WILLIAM A HEWITT 

Cnairman and Chiel Executive Officer 

Deere & Company 

WILLIAM B. JOHNSON 
Chairman and Chiet Executive Officer 
1C Industries. Inc. 

JEWEL S. LAFONTANT 
Senior Partner in the lavj firm of 
Lalontanl, Wilkins & fisher 

VERNON RLOUCKS. JR. 

President and Chief Operating Officer 
Baxter Traversal Laboratories, Inc. 

ROBERT H.MALOTT 

Chairman and Chief Executive Officer 

FMC Corporation 

MARVIN G. MITCHELL 
Chairman of the Board and President 
Chicago Bridge & Iron Company 

KEITH R. POTTER 

Executive Vtce President— Finance 

International Harvester Company 

WILLIAM J.OU1NN 
Chairman and Chief Executive Officer 
Chicago. Mdwaukee. St Paul <9 Pacific 
Ftailroad Company 

ROBERT W. RENEKER 
Retired: formerly Chairman ana 
Chief Executive Officer 
Esmark.lnc. 

PAUL J. RIZZO _ 

Senior Wee President and Group Executive 
Data Processing Product Group 
International Business Machines Corporation 

THOMAS H. ROBERTS, JR. . _ 

Chairman ot me Board and Chief Executive Officer 
DE KALB AgResearch. Inc. 

MICHAEL TENEN BAUM 
Retired: formerly President 
Inland Steal Company 

ARTHUR M. WOOD _ . . 

Retired: formerly Chairman of the Board and 
Chief Executive Officer 
Sears. Roebuck and Co. 

BLAINE J.YAHR1NGTON 

Executive vice Preodenr 

Standard Otf Company (Indiana) 


AND SUBSIDIARIES 

CO^TOEMTAL bank 

231 SOUTH LA SALLE STREET, CHICAGO, ILLINOIS 60693 U.S. A. 

Second quarter 1978 was another record earnings period for Continental 
Illinois Corporation. 

Income before security transactions was $40, 101, OCX), a 14.2% increase 
over second quarter 1977. Income before security transactions for the first 
half of this year totaled $80,297,000, a 14.6% gain over the first half of 1977. 
This represents an annualized rate of return on average stockholders' equity 
of 15.4% in the first half of the year, compared with 15% in the similar 1977 
period. 

Since 1962, when we opened ourfirst European office, we have increased- 
our assets almost sevenfold from S4 billion to more than $26 billion. Today 
we are the seventh largest bank in the United States with 126 offices in 39 
countries. In Europe alone we have 20 locations with specialists who are 
committed to serving the financial needs of the business community. 





Reger E. Anderson 

Chairman o: ihe- Board c: E;rs.clors 



John H. Perkins 
President 


Consolidated Statement of Condition/Ji/ne 30 

(in millions ) 

1978 

1977 

Assets 



Cash and due from banks 

£ 2,727.5 

$ 2,120.3 

Total funds sold 

4,057.3 

3,866.0 

Investment securities: 



U.S.Treasury and Federal agency securities 

525.1 

723.1 

Si ate. county anti municipal securities 

1,406.1 

1,628.4 

Other securities 

283.2 

249.4 

Trading account securivss 

282.8 

210.9 

Total loans 

15,765.3 

13,040.9 

Less: Valuation resar-e on icens 

172.3 

165.4 

Net loans 

15,593.0 

12,875.5 

Lease financing receivables 

349.1 

295.2 

Properties and equipment 

177.8 

145.5 

Customers' liability on acceptances 

463.1 

279.7 

Other re ai estate 

28.0 

30.8 

Other assets 

710.2 

445.1 

Total assets 

$26,603.2 

S22.869.9 

Liabilities 

Deposits: 

Domestic— Demand 

$ 4,041.2 

$ 3,600.7 

Savings 

1,397.8 

1,544.6 

Other time 

5,293.6 

3,843.9 

• Overseas branches and subsidiaries 

7,871.2 

7,419.6 

Total deposits 

18 603.8 

16,408.8 

Federal funds purchased and securities sold under 



agreements to repurchase 

4,8112 

3,918.0 

Long-term debt 

417.5 

321.1 

Other funds borrowed 

597.2 

408.1 

Acceptances outstanding 

467.1 

280.3 

Other liabilities 

637.2 

571.5 

Total liabilities 

25,534.0 

21,907.8 

Stockholders' Equity 

Preferred stock— without par value: 

Authorized: 10,000.000 shares, none issued 

Common stock— S5 par value: 



Authorized: 30,000,000 shares both years 

issued and outstanding: 1978—35,623,545 shares 



1977-35,549,450 shares 

178.1 

177.7 

Capital surplus 

428.8 

428.0 

Retained earnings 

462.3 

356.4 

Total s tockholders ’ equity 

1,069.2 

962.1 

Total liabilities and stockholders ' equity 

$26,603 J2 

$22,869.9 


OFFICES IN UK: London Branch, Continental Bank House, 162 Queen Victoria Street, London 
Representative Office, 9 St Coime Street, Edinburgh. 

MERCHANT BANKING: Continental Illinois Ltd.. Continental Bank House, 

1 62 Queen Victoria Street, London 

INVESTMENT SERVICES: Continental Illinois International Investment Corporation. 

Continental Bank House, 1 62 Queen Victoria Street, London 

Other European Offices: Antwerp! Brussels, Liege, Dusseldorf. Munich, Frankfurt, Piraeus, Athens. 
Thessaloniki, Madrid, Rotterdam, Amsterdam, Milan, Rome, Paris, Vienna, Geneva and Zurich. 


Kreisky’s 
Crown 
Prince 
in trouble 

By Paul Lcndval Id Vtwum 


DR. HANNES ANDROSCH, 
Austrian Vice-Chancellor and 
Finance Minister, has become 
the target of an unprecedented 
Press campaign -which may 
well have destroyed his 

chances of ever becoming Dr. 
Bruno Kreiaky*s successor as 
leader of the ruling Socialist 
Party and subsequently as 
Chancellor. It is not his con- 
troversial fiscal and monetary 
policy but primarily his 

private business as a chartered 
accountant and his personal life 
style, which have dominated 
the headlines and provided 
seemingly inexhaustible 
material for commentaries and 
even for a television documen- 
tary. 

Until recenUy the tall, good- 
looking and very able finance 
expert was regarded as the 
golden boy of an almost 
American -style success story. 
He was only 32 when Chan- 
cellor Kreisky in April 1970 
chose blm as his Finance 
Minister, the youngest in Aus- 
trian history. In less than two 
weeks. Dr. Androsch will go 
into history once again as the 
longest serving Finance 
Minister in this century, sur- 
passing even the record of the 
legendary Herr Rein hard 
Kamitz, tbe post-Wotfd War 2. 
architect of the strong Aus- 
trian economy. 

Still only 40 yearc old. Dr. 
Androsch has long been 
regarded as the frontrunner 
to succeed Dr. Kreisky. Des- 
pite strong resistance in the 
Socialist Party, the Chancellor 
promoted his favourite ' over 
the heads of more senior 
cabinet ministers to the post 
of Vice-Chancellor in Septem- 
ber 1976 and also to one of tile 
deputy chairmen of the ruling 
party. 

What then prompted the Vice- 
Chancellor to offer to resign if 
he were to become a burden 
for the Government and the 
Party? This summer an illus- 
trated monthly of the opposi- 
tion People's Party. Plus, 
accused the Finance Minister 
of indirectly profiting from 
his political position because 
his chartered accountants firm, 
called Consultatio. bad multi- 
plied its turnover and profit 
during the past few years. Its 
clients included a growing 
number of companies belong- 
ing directly or indirectly to the 
public sector. 

The article was a mixture of 
fact and • rumour. its 
politically explosive implica- 
tions. however, alarmed the 
Socialists just over one year 
before the next general 1 elec- 
tions: the Number TWo' man 
in a socialist government 

- pledged- “to fight * a£thi$r 

. . poverty” . was depicted -urn . , k 

millionaire with an annual” net 
income of ASch 3.5m (about 
£120,000. living in a luxurious 
house worth ASch 20m and 
throwing money about.. 

The Finance Minister called a 
news conference and pro- 
duced bis tax declaration . for 
1976. Far from being a 
millionaire, he declared debts 
of ASch 700,000 in his wealth 
tax return. As to his business 
income it was “only” 

. ASch 457,000 in addition to 
his gross salary of ASch 1.1m. 
His house was apparently 
bought by his father-in-law for 
ASch 10m and he himself, had 
invested ASch 3m to furnish 
and to complete it. But he 
repeatedly stressed that every- 
thing was perfectly legal, and 
that he and his wife retained 
their 75 per cent bolding in the 
“Consultatio," which has been 
run since 1970 by the minority 
partner. 

But the Ministers’ counter- 
attack backfired and attracted 
even further publicity.- A 
widely discussed television 
.documentary revealed that 
Coosultatio achieved an eight- 
fold rise of . turnover . to 
ASch 17m between 1970-77, its 
staff jumped from. 10 to 45 and 
recently gained the holding 
company of the Vienna 
Municipality with, seme three 
dozen firms as a new client. 

Dr. Androsch sees tbe affnii as' 
a politically-motivated cam- 
paign, skilfully orchestnr.rd'by 
the People's Party and timed 
to coincide with the forth- 
coming important municipal 
elections in Vienna. “ Kviry 
body since 1970 has known ail 
the facts. The campaign raises 
the question of principle 
whether self-employed nr- pro- 
fessional people should be 
allowed to go Into politics or 

- whether politicians here 
should be only civil servanT&l 
quietly pocketing severs » 
salaries at the same tima and 
enjoying large pensions after 
retirement,” he stressed. 

Commentators point out that the 
Issue is the moral dilemma of 
being both the supreme .tax 
collector — as Finance Minister 
— and retaining a relatively 
large firm of tax advisers. Dr. 
Androsch has acted exact'v as 
clever' entrepreneurs do. find- 
ing his way through the jungle 
of taxation legislation u pay 
the permissible minimum. 

Why - then is Dr. Androsch in 
political -trouble ? Because he 
has -in.- a sense, as the weekly 
magazine Profit put It, pe -waf- 
fled a contradiction in the 
Socialist policy, which still 
aims to create a tiassless 
society, yet at the same time 

S reduces a “new class ” of 
istinctly bourgeois life-style 
and ethics. Dr. Kreisky him- 
self is also evidently unhappy 
and made his view fairly clear 
in a series of interviews which 
further undermined the 
position of Dr. Androsch. 

Dr. Kreisky said he coaU not 
conceive of a Socialist Party 
leader who at the same time 
owns a company. 


Mondale lauds Italian 

jn. 

efforts to sort out ? 
economic problems 1 


BY PAUL BETTS 

ON THE eve of his departure 
for an official visit to Spain, Sig. 
Giulia Andreotti, the prime 
minister, held talks in Borne 
today with Mr. Walter Mandate, 
the U.S. Vice President, who 
renewed the Carter Administra- 
tion's support for the minority 
Christian Democrat Government. 

Ur. Mondale said he was 
impressed with the Italian 
Government's current efforts to 
tackle the underlying structural 
problems of the economy. 

This was seen here as a 
gesture by Mr. -Mondale, who 
attended the Pope’s inauguration 
ceremony in St Peter’s yesterday, 
to back Sig. Andreotti’s current 
attempt to win ail party con: 
sensus on his three-year econo- 
mic recovery programme. 

Sig. Andreotti held Initial talks 
on bis Government's programme 
during the day with representa- 
tives of the political parties, in- 
cluding the Co mmunis ts, now 
supporting bis minority Govern- 
ment. 

The Government's economic 
proposals, which include 
measures to reduce Italy’s public 


ROME, Sept, 4. . i 

sector borrowing requirement <. 
curb inflation and labour costs, 1 
while generating some 500,000' 
new jobs over the next three 
years, have so far had a mixed - 
reception from the political 
forces and the labour movement 
For fts part, tbe national ■ 
employers' confederation. Con- 
fin du stria. has criticised the out-, 
tine programme because it feels' 
the emphasis weighs too heavily - 
on the public sector at the 
expense of the private sector. 

Meanwhile Sig. Andreotti in 
expected to reiterate his govern-: 
meat’s support for Spain's appli- 
cation to join the European 
Economic Community during the 
course of his official visit — the 
first by an Italian . Prime Minister! 
since the unification of Italy. j 
Although Italy is clearly con-) 
cemed over the growing competl* 
tion resulting from community? 
enlargement on major agricul- 
tural products tike olive oil and 
wine, it nonetheless sees enlarge-} 
ment -as eventually enhancing 
the weight of Mediterranean 
countries inside the community, f 


West German electrical 
goods meet heavy demand 


BY JONATHAN CARR 

BUOYANT home demand was 
responsible for a rise in orders 
to tbe West German electricals 
Industry in the first half of this 
year. Foreign orders fell against 
the same period of 1977 and 
foreign sales showed relatively 
modest growth. 

The pattern is similar to that 
established last year for tbe 
industry — tbe second, biggest 
industrial sector in turnover and 
employment terms after 
mechanical engineering. It is 
very far from the results of 1976 
when .foreign orders surged by 
45 per cent 

The Central Association of tbe 
West German Electricals Indus- 
try (ZVEI) which released the 
first half figures today gives the 
added competitive pressure 
caused by the constant rise In 
the D-mark as a key reason for 
the poor state of - foreign 
business. 

The total order intake from 
January to June rose by 4.6 per 
cent to DM48.5bn — -with domestic 
orders up by 7£ per cent to 
DMS2J2bn and those from abroad 


BONN, Sept. 4. 

down by 2.1 per cent to 
DMl&Sbn. 

Domestic demand for' electrical 
consumer durables rose parti- 
cularly strongly— by 12 per cent 
to DMTLSSbn. 

Total sales rose by 5.7 per 
cent to DM44.2bn — with domestic' 
turnover up by 6.3 per cent.lo 
DM30.7bn and foreign sales by 
4.3 per cent to DM13fibn. Pro- - 
duction increased by only 2 JJ 
per cent in real terms — a result, 
tbe association- explains, caused 1 
partly by tbe strike action in- 
volving the industry early in the: 
year. 


Jenkins in Dublin - 

• •?. 

The chance of an end to tfter 
traditional link between the Irish 
pound and sterling were high- 
lighted' by the visit to. DuMife'. 
yesterday by Mr. Roy Jenkins;' 
president of the Common Market 
Commission. Mr. Jenkins 'had ' 
talks with Miv Jack Lynch, thv 
Irish Premier and his Ministers,' 
agencies . report . ■ - 


giXAxctu. ttm 3. twWisaed dally except- sca- 
tters and holuterv U.S. snincrtatkuis KttUo , 
lair ftottU SMS-00, tier isalQ.pef Umna. J 
Scum class powrr puA « Mar SoMl. N.y. 





'-I 1 ' 1 ' 1 ;i"j "! " jy 




f.-- .. --i 


Rivergate House 

37,500 sq.ft. 


t* 

i * 
*■ u 

:-4 

: 4i 

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S3 * 


wS 


TO LET 

In suites from 
approx. 500 sq.ft. 


. :-"3 : 


J' * 
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.a-, at 

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A DEVELOPMENT BY RAVENS EFT & ] 

SCOTTISH DEVELOPMENTS 

A PrirwpaJSubiidiwy Company ofTbe Lanil Securities la^ontteot Trust Lid ^ 
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Telephone IRVINE (02941 74JJ1C 





CENTRO Dl FIRENZE 
PER LA MOQAflALlANA 



. . FtORBMCE' . - ; j 

: ' 23-26 September 1978 “i 

■FORIEZZACA BASSO ‘ ~J 

; wmpjfTO smqzzi ■ ,-~ 

COLLHDTDNS OF THE MOST r: M 
-IMFOmANT RaSHION RRMS1NTHES 
SEGTFDR NOTHING -G^UAL^ WEAFpi 
: : ' *:■' JEA^SPOHfS^ : . -S? 



For Wo m e to i.ptoqranvnes and Istof extabtos; 

*•' Oetrtro <S Fkjnzeber h htoda ltafanb . - -- 

■BEWftVia fawra -£0B£ 3rav» (ttilyj*- Tbl05^Q33V&/3 ; J 3 


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4 pAW^&RDm :; 7v^v : -V- • ■■»■■< vi“ s r /; 

J.*®* J’GOTIATDJG team headed,- -The latest ' chapter in_/the 
•a« a ^ i^. Vic»E4(pH>, the Sj^oalsb dispute between Spanish trawler- 
8 «EVSecretBy. for -Fistorievinen. .and the*' Coratniinity— 
* T }£*.«•. Brussels today fc'jow prtodpjtifr Fraaee, Britain *nd 


r !? ^ illations wiftEEC officiate, Iteland-Hame IbSfe eMraason 
ha 7 a?' & roopen tomorrow* Thoogh- August 22, when IreJsod deeided 
« 1*. taws on the problems to- apply . sanctions on Spanish 

J5*t. TiAiy, the. 500-ves*cI -irotttoef&vessels fishinsdhs^e-the.oewly- 
= 1 ffiiw fctiins in community waters established ; 200 -mite territorial 
doe to start uutii'fiie ead limits. Sinc^ e^abstetial ^kart 
c V ! month, these are exported' of the northern fleer- iradtoon- 
K.'^ikh^ce up a major part, of the ally fishes in the area known as 
S 1,e ifiM*. -'- - v- -: ■&■ - ^hc ^Grtm SotVdho western 

gyisbon’s man for Europe 

1 2»u!?* r jwwr burns. •• : •• ■•"■; • LfcsoSi Sept 4;: • > 

s officSH :■ •; . ■ •':• --- ... 

-a!i ao S, VITOR CGNStANCJCr, For-' Membership jwgolfationff - are 
fficau, 1 ®f-s former finance: minister expected -to begin • this- aiiluom 
Itai n ■*? -the Sooiallst-Consemtive and wilt -last for at least- three 
thJ- r *s cu.tt, has been -appealed years. Sr. Coostaaclo's appoiut- 


.me TSomausi-^onserTOnve ana will last tor at tcasrinree 
nj,- is &'ee, has been -appointed years. Sr. ComImcIoV appoint- 
„ „ e £ t W‘ den to f the Porta gue sc Com- men t- will please business and 
* ni > fr on for: Boropeair Integra- ban king circles here who feared 

. un in^L wbMi ' tgiN inrl Pnrfnnal'c hie iamnnnn< n>>lin» from ftllb- 


... ? , "lajto which, will lead Portugal's bis' temporary eclipse from pub- 
i ? oJ(,hl negotiations on member- lie office following his refusal to 
J.rL el *S5 sJOf the EEC. .. ' . . . . continue as finance minister 


continue 


finance mintoter 


— along with other- members refusal on the grounds that the 
*. Alfredo da Costa's non- new Govetnment had: no politi- 
i. • administration-. cal base and was therefore 

t riPopugars application to join unconstitutional. Sr. Constancio 
submitted -over _a_yev. gained a reputation as iiwffto- 
J >y the then Prime Minister tor foJhwihg - his -eareftfUy 
fj Abi, ! * f '> So a res, was given ah managed agreement in May With 
blessing -last May by Sig. the International ' . Morality 
_ 3zo Natali, the -commissi oner Fund. He recently returned to 
--risible for EEC- enlarge- hs old post of vice-governtar of 
■>i ". . . .. .. . the Bank of Portugal*-. 


MADRID, Sept. 4. 

approaches to the English" 
Channel and what are Irish 
territorial waters— this made 
what was already a difficult 
situation intolerable. 

The Government was caugbl 
off balance by the forceful 
response of the fishermen and 
" vessel owners, when it responded 
-to the new enforcement of 
restrictions by recalling the fleet 
from the “ Gran Sol” Basque 
fishermen in particular, staled 
their intention of ignoring the 
limits, and of establishing 
pickets against EEC goods at the 
frontier, as well as blocking the 
Straits of Gibraltar. When they 
were joined by Galician fisher- 
men. the Government stressed 
. that its instructions had been 
“ indicative.'*’ and tacitly agreed 
to pay the legal liabilities of 
vessels seized Inside the limits, 
as well as pay Ptu 1,000 to mem- 
bers of crews held izr community 
.ports. 

The government has come in 
for criticism from all sides 
. here, particularly since it has 
had IS months in which to come 
in terms with the new situation. 
The Spanish team in Brussels 
hopes for at least a return to 
.4he old status quo until a new 
framework of agreement can be 
worked out, and will argue that 
Spain represents a special case, 
.since it has opened negotiations 
towards becoming a member 
of the community. 





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TLjRKEY 


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Brananfe 


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Mr.BulentEcevit 


I UtlirerMEtm Su 


SS5iarcelona petrol strike grows 

V** OUR OWN CORRESPONDENT V MADRID-, Sept. 4- 

■a.Jbn ■ ■ . j _ m , 2 mm ■ ■■ ■ • 

> bv fir Z: anarcho-syndicalist National in some service- stations, - ■■leafier as well as sole participant 
n d foivWederaliDD of. Labour (CNT) police ^ themselves : are- serving: in a strike, ir the action fizzles 
to riffi -,i -,iminp on w petrol: ::Out before the end of the week, 

reasii C n D ^ °J Ker \ The success of the strike" is '■** most observers expect, par- 

^ of tho strike call ft i«oed - ^ empioyew^min- Ucnlarly following the show of 

S ^ alurday 10 Barcelona's 2,ffiW no^ore thaq lBO force by the Barcelona authorl- 

be «56*a attendants, against strong ^orkers afe Involved. The GNTs Ues, the experience could provide 

’aclusLr- ffbnt the more main- main demands are for an -extra the CNT. a °d other unions 

^ * trade unions,- the Socialist *to 250 C£L73V a day, u&il4B -.MJM to go *t ajoro ^terthe 
„■ nr f ,«ki 1K .i TTnion ft - 4 : <u*~)ifnir vMpif rathpf t han tbc 48 cwwlusion. of scctorai- or twi- 

W °- 1 * 8 " :y°^ n ^ -ESr, mSh53W . 'SSiSLR . ^mria agreements, with a 

imimst-led JtYorkefi' Comr measure, cautionary tale for tbefatore. 

in n«li® ns ' and "* e anthon- mey neeessairy .'io * 

1,1 ““Oo who. have - outlawed- the alleviate unemploymept iu tbe _ . . ....... 

:e of 3B .n. sector. The adaiicho^ndicalifit KlZZOlC COflD'Or- •. 

Jik beiv.-BB^e- two latter imibns oppose unions " Spain’s largest •• prior to. The Italian publishing " house, 
sterling strike since they were sigea- the^ oivil war,holdsthe allegbmce WBOle Edllore, pUns to merge 
the run iS to a state-wide cojleftnve, of^ -over : threenjuarters of pump ... r . _ , . 

y Mr. Rorement iu July, ..in which attendant!; and is- believed to be Corriere Della Sera, Italy s 
the Conns clajm the CNT.. was invited. 'using, the strike tu establish * largest newspaper, of which 
Mr. Jafcke part. The; Barcelona pro- clear line between-ifsdf add tbe llizzole . already owns the 
Mr. Jart Irifti government has declared larger -Socialist and-'. Communist majority of stock. AP-DJ reports 
■r and bs strike illegal on : the gcoands led unions,- which' it- frequently- from Milan. The plan was 
Jtct - IheiJuly agreement is bind-*^ denounces as^* traitors” wealed in Rizzole’s 1077 annual 

*~h n ail sp armith petrol station -In prerious - strikes: invtfiving report, which showed, that 
cers accept- those in- the. the 7CHF,' the successes- and -3tiz20le lost L7.7bn :(^_hn) in 
■w aric Islands.- • faiiares hnvolwen equally shared 3977, apart from Cornere s 

I my have inohiliseil ,«tra:‘with.other ttoIohs, bM this is tho operations. comDared to a deficit 

■4 *e units, against pickets, and first.occasion .on -which it iy-:the of Lgjlbn in 1976 . - . ; 


David Tonge Teports on TuJ&ey’s gradual re-appraisal of its military relationship with the West 

1 "" f BULGARIA _ ^ , '-. Sv 81 SCk S E J 

1 ^1 r\ M V 9 ~ c 

l »j 1 ^ 0 ._.o/^^ : ^S^-~ £s ■ 1 3 

audits 
troubled 
southern 

flank I iagr j yg w, .» 1 1 

partner" J 

FOR FOUR years speculation dm-elopment was an apparent experts have just met and in a the embargo on terms it finds ^ 
over thp future of the UB Con- offer by the Turkish Cypriots to fortnight’s time the Secretaries- insulting, Ankara has refused tu 
gresstonal arms embargo on allow some 35,000 Greek Cypriot General of the Greek and Turkish allow the re-opening of the 
Turkey has dominated discus- refugees the chance of returning foreign ministries are to meet in various major U.S. bases on cri 
sions on how to iron out the 10 Varosha (New Famagusta). Athens. The dialogue initiated Turkish soil. It argues that the fre 
problems in NATO's troubled However, when the small print by the Turkish Prime Minister, embargo is one matter and the 
south-eastern flank. Now three became dear, it emerged that Mr. Butent Ecevit, is thus con- conclusion of a revised defence .r 
hvwkft have nassed sines the Rifle new was being offered. tinuine and the two sides are co-operation agreement is _ „ 
embarco was. Tor all Practical 10 Gre® 66 and Tuikey’s avoiding what the other mignt another. The previous agree- a s 
purposes, terminated. But the bHatend dteawtes progress is consider provocation— which is men t, a four-year $1 ,360m C01 

riiffirulties for NATO remain also hard <o detect The issues in itself something of a step agreement initialled in March, an 

The U-S bases in Turkey 1,ero P9*®ob a fly tu* more forward. 1976, is now a dead letter. But Ec 

valuable- for monitoring Soviet dangerous, with the Aegean In Brussels, however, some the Turks insist that a new agree- s ig 

I mi launches, remain closed. of a tinderbox than progress has been made at a ment is necessary to regulate the ( 

Further the resentment in Cyprus. The air-space between military level in defining the status of the bases, h _ 

I Turkey created by the UJ5. arms the two countries remains closed special status for which Greece In 1975, the Turks closed 26 E 7. 

embargo, coupled with the feel- and arguments rage over tem- is calling if it is formally to of these. Some, such as the ? n . 
inn that It is now being subjected tonal waters and, w particular, return to NATO's military naval monitoring station hidden 
to an economic embargo, arc allocation of Uie continental structure. Four years ago it behind the grand old Genoese T *' 
leading to an increasingly critical shelf. But :at stake is not oil— announced a partial withdrawal, castle at the head of the Bos- 
TMooraisal of its whole relation- which in «oy case has yet to thus stopping all feed-in to the phorns, have long been of little zr. 
ship with the West he shown to exist do commercial NATO early-warning system, value. But others were crucial, zz, 

In the two capitals most quantities. ; Instead the under- NADGE, and obliging the A Congressional report has £ 
opposed to the lifting of the problems are on the one alliance to replace the land com- repeated an estimate that J h ! 
embargo Athens and Nicosia toad Turkey's interest in an munications link through Greece M approximately 25 per cent of lu ‘ 
there was less public oireery at equitable apportionment of re- with Turkey by satellite and the hard information that the J 
the renewed flow of arms to "sponsib&ttiy in the Aegean and other links. This month the United States obtained in the 
Ankara than might hava - been on the other, Greece's fears that matter is to be taken up at a past regarding Soviet missile 
expected • The Greek and Turkey's long-term aim is to cut political level by NATO ambas- launches has come from intelli- 
CSroriot Governments have been o® its islands so that these sadors. gence facilities in Turkey.” Now sw 

able to extract some crumbs of witter and drop into Turkey's But NATO’s relations with satellites have replaced some of * a 

comfort from Congress’s insis- hands. - ■ ■ Turkey are less satisfactory, the functions of communication js 

tence firstly that the present The two countries’ air-space Since the conditional lifting of bases such as Sin op and Kara- 

military balance between Greece j s 

'SSHSSS Britain to exhibit weapons in Greece | 

gress- towards resolving the . . cri 

Cyprus dispute*. BY O^lt OWN CORRESPONDENT ATHENS, Sept 4. cr J 

anSS th? Turks? Iiranv^case THE BRITISH Ministry of exhibit materials and equip- ment or a tank assembly and ba 

thev tend to view the lifting of Defence will be exhibiting ment In countries which do not repair plant ad 

ae emtereS S tiie riahti^f of Brltish mUitaiy hardware to have their own defence Vickers has in the. past shown ne 
?iul&^ri£am£ 6 Greek military chiefs at the industry. interest in selling Greece their pn 

As for the comnlenties of end of tMs month in an effort For political reasons, Britain main tank, the MK14, and their ha: 
Cvnrus and the Greek-Turkish to regain ground lost to did not sell military hardware Chieftain. The former has ait 

d?fX Ser Sl Aeeean ttese FrenchTWert German and to Greece during the seven several of the Chieftain’s all 

too have so far had little time Italian manufacturers. years of military dictatorship features but Is lighter and more ou 

to be affected bv the changes A Designs and models of mill* which ended in July, 1974, hut suited to Greek conditions. eci 

senior US. State Deuartment tary eqtopment will be brought is now anxious to catch up tinder a Vickers offer made shi 

XS, Mr. Jfttttew^lSSTil tofeS37do««ttP When me Cm has i«n looktag in 1376, the tnnk’s engjne, de 

now visitSg Cyprus to listen to British fleet auxiliary ship around for tanks lately, but armour, gun and electronic eci 

the loaders of the two com- Tarbat Ness visits Piraeus the Government has hot equipment would have to be tol 

muniOTs, an initiative apparently from September 28 to October decided whether to buy them imported from Britain, while fee; 

desSned to hBp the resumption 4. The Slip’s itinerary, which off the shelf or to sign an the value of the equipment NI 

of 'the intercommunal talks, also includes Nigeria, Tunisia agreement for purchase in added in Greece would be in he 

Otherwise the main recent and Colombia, was arranged to conjunction with the establish- the range of 50 per cent. ail 


development was an apparent 

offer by the Turkish Cypriots to 
allow some 35,000 Greek Cypriot 
refugees the chance of returning 
to Varosha (New Famagusta). 
However, when the small print 
became dear, it emerged that 
little new was being offered. 

In Greece and Turkeys 
trilateral disputes progress is 
also hard •’ to detect. The Issues 
hero are potentially far more 
dangerous, with the Aegean 
more of a tinderbox than 
Cyprus. The air-space between 
the two countries remains closed 
and arguments rage over terri- 
torial waters and, in particular, 
allocation of tlie continental 
shelf. Butrat stake is not oil— 
which in any case has yet to 
be shown in exist do commercial 
quantities. Instead the under- 
lying problems are on the one 
hand Turkey’s interest in an 
equitable apportionment of re- 
sponsibility in the Aegean and 
on the other, Greece’s fears that 
Turkey's long-term aim is to cut 
off its islands so that these 
wither and drop into Turkey’s 
hands. ' - 

The two countries’ air-space 


experts have just met and in a 
fortnight’s time the Secretaries- 
General of the Greek and Turkish 
foreign ministries are to meet in 
Athens. The dialogue initiated 
by the Turkish Prime Minister. 
Mr. Bulent Ecevit, is thus con- 
tinuing and the two sides are 
avoiding wbat the other migot 
consider provocation — which is 
in itself something of a step 
forward. 

In Brussels, however, some 
progress has been made at a 
military level in defining the 
special status for which Greece 
is calling if it is formally to 
return to NATO's military 
structure. Four years ago it 
announced a partial withdrawal, 
thus stopping all feed-in to the 
NATO early-warning system. 
NADGE, and obliging the 
alliance to replace the land com- 
munications link through Greece 
with Turkey by satellite and 
other links. This month the 
matter is to be taken up at a 
political level by NATO ambas- 
sadors. 

But NATO’s relations with 
Turkey are less satisfactory. 
Since the conditional lifting of 


the embargo on terms it finds 
insulting, .Ankara has refused tu 
allow the re-opening of the 
various major U.S. bases on 
Turkish soiL It argues that the 
embargo is one matter and the 
conclusion of a revised defence 
co-operation agreement is 
another. The previous agree- 
ment, a four-year $l,360m 
agreement initialled in March. 
1976, is now a dead letter. But 
the Turks insist that a new agree- 
ment is necessary to regulate the 
status of the bases. 

In 1975, the Turks closed 26 
of these. Some, such as the 
naval monitoring station hidden 
behind the grand old Genoese 
castle at the head of the Bos- 
phorus, bave long been of little 
value. But others were crucial 
A Congressional report has 
repeated an estimate that 
M approximately 25 per cent of 
the hard information that the 
United States obtained in the 
past regarding Soviet missile 
launches has come from intelli- 
gence facilities in Turkey.” Now 
satellites have replaced some of 
the functions of communication 
bases such as Sinop and Kara- 


Britain to exhibit weapons in Greece 


BY OpROWN CORRESPONDENT 


THE ..BRITISH Ministry of 
Defence will be exhibiting 
British military hardware to 
Greek military chiefs at the 
end of .tMs month in an effort 
to regain ground lost to 
French, - West German and 
Italian manufacturers. 

Designs and models of mili- 
tary eqtflpment will be brought 
to Greece’s doorstep when die 
British ‘fleet auxiliary ship 
Tarbat Ness visits Piraeus 
from September 38 to October 
4. The ftep’s itinerary, which 
- also inelodes Nigeria, Tunisia 
and ColopaMa. was arranged to 


exhibit materials and equip- 
ment in countries which do not 
have their own defence 
Industry. 

For political reasons, Britain 
did not sell military hardware 
to Greece during the seven 
years of military dictatorship 
whldi ended in July, 1974, hut 
is now anxious to catch up 

Greece has been looking 
around for tanks lately, but 
the Government has not 
decided whether to buy them 
off the sheir or to sign an 
agreement for purchase in 
conjunction with the establtsh- 


ATHENS, Sept. 4. 

ment of a tank assembly and 
repair plant 

Vickers has in the. past shown 
interest in selling Greece their 
main tank, the MK14, and their 
Chieftain. The former has 
several of the Chieftain's 
features but Is lighter and more 
suited to Greek conditions. 

Under a Vickers offer made 
In 1976, the- tank's engine, 
armour, gun and electronic 
equipment would have to be 
Imported from Britain, while 
the value of the equipment 
added in Greece would be in 
the range of 50 per cent. 


Mr. Matthew Nimetz, 
UJ3. State Department 
Counsellor, has begun 
“ friendly ” exploratory 
discussions to try to break 
the Cyprus deadlock and 
help revive the stalled 
peace talks between the 
Greek and Turkish com- 
munities, our Nicosia 
correspondent writes. The 
U.S. envoy held a two- 
hour meeting with Presi- 
dent Spyros Kyprianou 
at which they discussed, 
the Cyprus problem. Mr. 
Nimetz was to have more 
talks later with the 
Foreign Minister, Mr. 
Nicos Rolandis, and on 
Wednesday will cross into 
the Turkish sector of 
Nicosia to sec Mr. Rauf 
Denktash, head of the 
Turkish-Cypriot adminis- 
tration. 

murse, but still the bases are 
crucial to confirm data obtained 
from other sources. 

The debate over the future 
of the bases is taking place after 
a summer which has seen Turkey 
consistently advocating detente 
and has included a visit by Mr* 
Ecevit to Moscow when be 
signed a political document. 

One result of this visit has 
been a declaration by Mr. 
Ecevit that he will only sanction 
the operation of those bases 
which contribute to world peace. 
In this context he sees Turkey 
as an integral factor in the 
balance on which detente is 
based and rejects any major 
changes which might threaten 
this balance. 

But while apparently resolute 
in his determination that Turkey 
should stay a member of NATO, 
he is equally keen that Turkey 
should build its bridges with the 
Third World. Next year Turkey 
is to seek “guest" status at the 
meeting of the foreign ministers 
of the non-aligned countries. It 
is also wooing the Group of 77, 
with Mr. Ecevit last month firmly 
expressing his reservations about 
the way the IMF works and 
criticising the multinationals. 

With the IMF and Western 
hanks still proving hesitant in 
advancing Turkey the huge sums 
necessary to see it through its 
present crisis, the Government 
has been stressing its heed for 
aid. “I have explained to our 
allies that, we could not separate 
our defence strength from our 
economic steugth and that they 
should contribute to basing our 
defence structure on a sound 
economic foundation," Mr. Ecevit 
told the August meeting of Tur- 
key’s Supreme Military Council, 
NATO is now examining how to 
help Turkey, as well as fellow 
alliance member. Portugal. 


ouse 


To run the finances of a multi-market business like 
The Thomson Organisation, a man must be as multi- 
faceted as his company. 


His banker must be the same. 





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n?on Cr^ni option: 


David A. Wtoringi Vice-President, Chemical Bank. 



As Finance Director ofTheThomson 
Organisation, Michael Brown must 
manage thefinandal resources and 
help assure the profitability of a large 
and rapfcflygrowirtggroup with 
interests in publishing, travel and 
petrol&riL 

ThomsonpubRsbesTbeTimes, 

The Sunday Times, regional news- 
papers, "books, Family Circle in the 
UK. Living, numerous trade, technical 
and educational publications in some 
ten countries around the world, owns 
ThomsonTravel and Its subsidiary 
Britannia Airways. Through an asso- 
ciation withthe. Occidental Consor- 
tium. it is involved in the development 
erf oil fiekls.m the North-Sea. 

So Michael Brown must have 


in-depth financial knowledge not only 
about Thomson’s products, but about 
the countries in which Thomson 
operates. His Chemical Banker, David 
Moring, must have the same. 

‘David's understanding of our 
business is important? says Brown. 
“But scare thefJexibility and fast, 
response he and hisChemical Bankers 
come up with'/ 

Vtorking closely with Michael Brown, 
David Moringandhisteam have 
provided TTO's publishing interests 
with multi-purpose, multi-duration 
credit facilities in six local currencies 
exactly when required, in a half-hour 
"meeting, they thrashed out an agree- 
ment in principle on a medium-term 
loan for North Sea oil development 


Through Chemco International 
Leasing, a Chemical Bank subsidiary 
they helped Thomson's Britannia 
Airways lease a Boeing 737-200 in 
minimum time. 

Says Brown,“ChemicaI Bankers get ■ 
things done because they dont have 
to go back to the head office for 
.approval on every decision? 

- Obviously, Michael-Brown works 
with other international banks. But 
David Moring’s personal understand- 
. ingot The Thomson Organisation and 
the bank’sf lexibitity are two impor- 
tant reasons their relationship 
continues to grow. That 5 swhat usually 
happens when financial executives 
get together with Chemical Bankers. 


The difference in money is people. CkmicaiEanc 

180 Str and. London WC2R 1ETW: 379 J474 Representative Offices: Scottish Provident K0U3C, 
J-2 .y“* t *^ % ^. RnT **^' Ctl «?^ H “^^Ch«1oneS«i^E<finixir£fiJ»lanioKice:Newybfk.N.Y. 

Abwlian^tetoain. Banit Bnnmgftam. Sogtxa. Brus sels . Bue n os Ai nes. Caim. Caracas. Channel Islands, Chicago. Dubai. 

Edirtaureb, Frankfurt Hone Kong. Houston (Jffibaiel. Jakarta. London. Madrid. Manila. Mexico City. MiteaMonrovia. Nassau. Paris. 
Rio fteJareinj, tons. 5an Franossa, Sac Paukj, Singapore. ^dney.T^pei.lEjyjn.Ii^'O.Tcaximo.VknTrfeZartdi; 











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^ T5ffles tuesSay Septmba $ t8?1 

— ■ ‘ • 


WORLD TRADE NEWS 


Electric and Lotte plan 
don facilities in U.S. 


« j | twa w r .-. ggjB Sanyo Electric will also be Lotte’s first overseas 

major^manufacturer plant 

u • fa Japan dis- Sanyo Electric said its decision 
^o^eciiooaT? taApn. dl * t0 manufacture in the .U.S. was 
to estahlim new OQ tLie increased difficul- 

fjSodBC&qji facilities m the u.5. fjgs of exporting from Japan as 
L - * ' rim ' fKaka-based Sanyo Elec- the yen appreciated sharply 
^Ae, along with two of its against the U.S. dollar. The 
dilates,” is to start production plant will be Sanyo’s third pro- 
, y» ftTnt.n n riu Tvfricrmters and duction facility in the U.S. 
m- s* 9 * 1 ?T”C! following acquisition of the 

sets in San Diego. st p-^ 0 speaker manufacturer, 
l&tifteBia. Sanyo will invest yj s her Corp., and the establish- 
wram.. -in the subsidiary, ten- raent 0 f a 50,000 unit capacity 
named. Sanyo Industries month colour television pro- 
‘Corporation. The facility Cueing plant in Arkansas early 
biw.be capable of manufacturing Jast year by Sanya Manufacturing 
.Sg&jOOO refrigerators and an Corp- ( gMCJ. 

At Present Sanyo exports 
^BS^taSSJSd’l?!; con.- ™P™“- ^“S- r a “ s d le pl SrThe 

4S*iSS , 'S 1, sa»;'aS3f s*s brfnd for ^£;%So 

S!&ig& U *11 ^ducS^on Plato's production ^ttese com- 

European and U.S. markets, with “♦‘“H.jtfi SSS£ t/SnX 

the aim of eventuaUy export- exports te the U.S ^uch failed 
big back to Japan itself Tbe about 240 000 «utt in toe 1- 
nfrv wholly owned Lotte su b- months ended last November, the 

sidiary will be capitalised at co ^LP ajI 2 s ^hini, 

$3m according to Mr. Yoshitane ® an plant, which 

Taka has hi. general manager of will occupy 37.000 square metres, 
the company's administration will include the refrigerator 
department. Final plans for the producing facibhes. Sanyo 
•Mewing gum plant are expected exports about 180.000 small -size 
to be completed by mid-October, refrigerators a year to the U.S. 
he said. The company spokesman claimed 

Lotte, which ranks first among that the production slack created 
20 Japanese chewing gum domestically by start-np of the 
makers, will be the first Japanese U.S. plant will be made up 
confectioner to invest in a pro- through increased sales in 
duction faeiiitv in the U.S. It Japan. 


TOKYO, Sept. 4- 

Sales of the new U.S. sub- 
sidiary. owned 40 per cent by 
Sanyo Electric Co.. 40 per cent by 
Tokyo Sanyo Electric and 20 per 
cent by Sanyo Electric Trading, 
is projected at S48m annually for 
the first year, expanding to $58m 
in three years' time. 

Lotte, an unlisted company 
capitalised at Y217m, will be 
marketing in the U.S. and else- 
where specialised chewing gum 
products and later other confec- 
tionery items, which have proved 
successful in Japan and nearby 
countries like South Korea. The 
costs of raw materials for chew- 
ing gum in the U.S. are esti- 
mated at about one-third those 
in Japan. 

The company's annual sales 
of confectionery products total 
about Yen llObn. with exports 
running at a small Yl.5-l.6bn. 
Annual sales from the U.S. 
facility could total about Y2bn, 
a year. I 

Lotte, facing increased costs 
domestically and the loss of! 
export competitiveness as the 
yen rises in value, is also con- 
cerned over the probability of 
lower import tariffs on chewing 
gum resulting from the current 
round of GATT tariffs talks in 
Geneva. Lower import duties 
could mean more competition 
from foreign makers on the 
home market. 


Ammonia 
surplus ‘will 
get worse’ 

By Kevin Don* 

OVERCAPACITY in wor j d 
ammonia markets will worsen in 
tbe early 1980s and export 
opportunities fnr traditional 
suppliers in Western ana 
Eastern Europe will be 
seriously reduced. 

According to a study pub- 
lished by Chem Systems, engi- 
neering consultants, the growth 
in world demand for ammonia 
is expected to fall from 6.5 per 
cent a year to 4.5 per cent a year 
over the period to 1990-91 . This 
compares with the average 
growth of T per cent 3 year in 
the decade up to 1976-77. "Demand 
is forecast to rise from 5*'m 
tonnes a year In 1976-77 to U9m 
tonnes in 1990-91. ! 

Chem Systems suggests that , 
the demand in the developing : 
regions of the world could grow | 
by as much as 10 per cent a 
year, while the developed re- 
gions of North America. Wes- 
tern Europe and Japan are ex- 
pected to show a growth of only 
2.8 per cent a year. 

There will be a considerable 
surplus of capacity worldwide, 
and present overcapacity could 
more than double by the early 
1960s. The most pronounced 
overcapacity' will he in tradi- 
tional ammonia manufacturing 
countries, East and West 
Europe, North America and 
Japan. 

The Future Ammonia Business, 
Chem Systems, 28 Si. James 
Square, London. 


Sharp GATT warning on 


BY OAYID EGU 

IN DOLLAR terms world trade 
in 1977 increased 13 per cent 
over the previous year, to a 
total of 5l,l20bn. But ia volume 
terms, trade growth slowed 
from 11 per cent in 1976 to a 
mere 4 per cent last year, 
according to the latest figures 
issued by the Secretariat nf the 
General .Agreement on Tariffs 
and Trade (GATT). 

Easing itself on the trade 
returns of the large industrial 
countries, a forthcoming GATT 
study on world trade prospects, 
the main conclusions of which 
were released today, finds that 
the volume of international 
trade has grown somewhat 
faster in the first half of this 
year with an annual rate of 
close to 6 per cent. 

Barring a sharp reversal of 
this trend in the second half of 


the year. GATT believes that 
the increase for 1978 will be 
somewhat larger than for last 
yea r. 

The study says that increased 
growth and employment, as well 
as more stable exchange rates 
and sustainable payments 
positions, can be achieved by the 
industrial countries only if they 
manage to reduce inflation rates 
to the levels prevailing until the 
mid-1960s. 

It is considered particularly 
important for the U.S. to take the 
lead in efforts to combat 
inflation: “Once tbe dollar's pur- 
chasing power begins to stabilise, 
stabilisation of tbe whole system 
should be that much easier,” the 
study comments. 

With the current general 
recognition that one only loses 
from inflation, at least in the 
long run the authors see the 
apparent unwillingness to come 


t» sap* 

reflection of fear particularly 
term ^“^^g ^neS^yment. 
that o f r f£rf ntv the* say. 
This uncertainty. “ ^ more 

acceleration of » nflall J"™' f ^ 

MMim 

•The weakness of business in- 
teSs of d thc !rP un«rtafnties y aod 

distortions created hy 

a credible commitment by the 
maior governments to restore 

price stability at a steady P«- 
announced pace over the next 


few. years could 'haitit*-- 
reduce economicnm^aj 
in terms strenfetW^S? 
investment the expetfr| 
The study conejp^^ 
risks of making pd&gj 
unquestionably 
policy goal are Small J 
to those created by ^ 
inflation, the spread^ 
tionist policies 
deterioration in 
economic relations/ 
According to Ga 
to be drawn from theeS 
of the past 10 yeais w?S 
international moneta&J 
whether based on 
rates, clean floating 
flexibility, can function^ 
torily when the tas?- 
countries are nnde^^J 
tion at rates vaiyingfrS 
per cerrt annually,-. ag,'£ 
case last year. 


Israel sets terms for BL deal I Soviets^ 


By Maurice Samuel! on 

THE BUS which BL would Mke 
to sell -to Egged. Israel's inter- 
unhan nation al bus service, is 
the new single decker city 
model still known only by its 
code-name, the B21. 

Only 25 production vehicles 
have been sold so far — to Bel- 
gium. Prototypes are being 
studied in otber European coun- 
tries. Australia and New Zea- 


land. If orders axe placed, it 
would be built at the Bristol 
commercial vehicles factory, BL 
said yesterday. 

One of its attractions for the 
Israelis is tba-t it Is rear-engined, 
with a low front eutraoce. 
enabling; the driver to act as 
ticket collector. 

More details of the Israeli 
Government's attitude towards a 


• Its;' '" : n" K Wr 

: 'I'tt-:--' V - V, M ;.V ■ ->■ M ; ' 

"... 1 .'■V a;-.'.' 1 , ■ :"X;, V •^ v ;‘ ' .V. -.J ‘ '■ . . " ‘ieric.5 

■- V . L- t; '‘r ■ >,..■■■ ■■ - v 4. 

■■■'■ -> . - 


deal between Egged and BL 
became Juiowb yesterday. Mr. 
Daniel HalponLn. a deputy 
director-sen erad of tiie Finance 
Ministry and bead of its counter- 
boycott unit, told the Financial 
Times of three alternative con- 
ditions which had been put to. 
BL. 

BL should invest in Israel; buy 
back Israeli-made parts (thus 
helping Israel's exports); or have 
the buses assembled in Israel. 
Mr. Halperin claimed that the 
Arab boycott regulations were 
very flexible and said that any 
agreement should be public. 

BL had initiated the talks with 
Egged, which is said to favour 
both the bus and the financial 
terms offered by BL. Egged, a 
driver owned co-operative, has 
also considered a bus built by 
MAN. the West German com- 
pany. Mercedes and Scania are 
also' reported to be interested. 

Technical details of BL's B21 
bus are being checked by experts i 
of the Israeli Transport Ministry. , 
• Kenneth Gooding adds: 
Aveling Marshall, BL's construc- 
tion equipment offshoot, has won 
an order worth more than flm 
from South Korea for the supply 
oF 90 crawler-dozers to the Yimbo 
Industrial Company of Seoul. 

And Kenya’s Ministry of Agri- 
culture has ordered a further J6 
crawler-dozers from the compaey 
which is part of SP Industries, 
BL's specialist engineering 
division. 

The machines for Kenya are 
worth over £500,000 and will join 
a fleet of 27 supplied last year 
to the Ministry. 

These are the latest in a series 
of major export deals involving 
Aveling Marshall equipment. 
Earlier this year the company 
completed Its biggest-ever order 
on schedule— -the supply of 160 
bulldozers, worth ' £3,25rn. for 
land development projects in 
Pakistan. 


projects^ 

By Christopher ft«bin$j> ,j 

WARSAW;: Sm? 
THE SOVIET ' UPnOR^fs 
clpating in the c*m5tr&»4 
94 projects in Vietna&r* 
in mining, machine 
chemical and energy 
industries. / 

This- Soviet involves^ 
Vietnam is reported?v * 
Polish foreign trade'-?; ' 

“Ryu kl Zagraniczne 1 ’ - ft. 
article on. Comecon invjfth 
in the . reeonatructiea^ 
development of the Via® 
economy. The paper • 
the last Comecon sessne.:' ' 
in -Bucharest . in Juae ittijb ' 
the subject -of widet2 
support for the retail ■« 
Vietnam. 

East Germany, -which to 
1956-77 helped to build s 
dustrial plants in : Vietiunii 

present involved In a 

seven projects .and tnflei 
held in July -promise tag 
able growth In mutual tag 
Poland meanwhile ft ;gij 
pating in ' eight in^' 
projects mainly in coal^ 
and in the shipbuilding inti 
A Polish-Vietnamese trade’ 
tocol signed last March fat 
a 30 pe rcent growth , 
tumover this year ever the! 
figure of lOlBm foreign eat ■ 
Zloty (830.6m). ' : . ' 

Czechoslovakia and 
are co-operating in eqtdp 
two power stations andflanj 
is also building an alraiM- 
works and helping to tot- 
Vietnam's bauxite extraflhjj 
dustry. Bulgaria is parocftL 
in the exploration and jatA 
of copper .deposits and 10 a*; 
struction - of . two hydffefa 
power stations. - ‘-f.f. 

All the Comecon ceantda 
helping to huiid the KeflM 
railway linking' Hanoi- ait 
Chi Mint city. " 




Martinair withdraws fii 
North Atlantic routes # 


BY CHARLES BATCHELOR 

PRICE competition has forced 
Martinair. the third largest 
charter airline in the world, to 
withdraw from the North 
Atlantic routes. The company 
will not fly the North Atlantic 
in the 197S/79 winter season or 
in 1979 and will then see how 
the market is developing, a 
spokesman said. 

“Competition has become so 
tough, what with standby flights 
and other cut price offers, that 
the North Atlantic charter busi- 
ness is no longer profitable," be 
said. Martinair win divert its 
fleet to freight, its European 
routes and sub-chartering to 
other airlines. Its fleet consists 
mainly of one DG-8, three DC-9s 
and three DC-lOs. 

After the signing of the air 
traffic protocol between Holland 
and the U.S. last March, 
Martinair expected an upturn 
in business. But the increase in 
competition meant the company 
made a. loss on these routes for 
the first time and traffic volumes 
wore lower than expected. 

The Dutch Transport Ministry 
allowed airlines to quote very 
low rates on scheduled flights as 
an experiment this summer. It 
also removed ail controls on 
charter prices to allow the 
charter companies to compete. 

Martinair is the largest 
charter airline after Condor and 
Trans-International. It has been 


AMSTERDAM, &£? - 


flying the North Atlafifev 

1065. It made a record, prfr 

FI 11.5m (3 Sj3|b>.- in 'JB? 

turnover 13 per ceht.:tf|fc‘. i.;. ' > , n » , 

FI 239m (yuimf and. w^v • V.M • { 1 

nearly 77(T,000 pasaengen- 

year compared with ,M3$S 

year before.' ' 

Martinair .Is 49 “jhy 
owned by tha largest^ 
shipping group, NedGo^ . 

25 per cept by. ' KpN? 

Dutch Airlines. , KLK;pS*|. 
start a . direct servngj 
Amsterdam - to : Los . 
from April 28, 1979.. KBL 
make Four flights' a' 

DC-KKJOs seating 2fiS-pan^ 

The new "services -folio**: 
acquisition' of laud&gvjf' 
earlier this ' -year .and;#J - 
KLM’s U^. destinations'^ 

It already flies lo_N»^ 

Chicago,’ Anchorage aodfl^ 

(via Montreal). . r.'. 

• AP-DJ reports fre^.wf 
Short. Brothers, and 
German domestic air 
announced that DLT-.-1S w 
up its purchase oplira : % . 
more of the Northt®"^j. 
company’s model . 3w*Vl* 
bodied aircraft ■■ 

This makes seven-aW 
craft winch DLT,.26w!: 
owned by Lufthansa. 
from Shorts, the amnw®2 
said. The two addlttonw^ 
muter" airliners -arej^ 
delivery in October-^ 

December. - 


Fiat urges co-operatio| 


UMBERTO AGNELLI. vice- 
president of Fiat called for 
closer industrial co-ooeration 
between European car makers. 
“ Europe's car industry can do 
many things together, notably 
the production of engines and 
gear boxes in order to achieve 
greater cost effectiveness,'* he 
8 news conference in Paris 
Slg. Agnelli, who was in Paris 

5«!f U 2?-t Fl1 * 8 ne J w med »um- 

slzed Ritmo imodel, termed 
the Peugeot - Cit roen - Chrysler 
deal as very important” both 
because It will strengthen the 
French f car industry and form 
Europe s first multinational com- 


pany in face ofAmwW-g 
nationals. ; ■ ; 

As a result of tile 
deal. Fiat has 5caEKTt®3 
previous ambition 6P.f 
Europe's largest htota^' 
turer. “ Our. objective 
be the largest.icw 
southern Europe," 

Sig. Agnelli -exp 
■at the faltorerof 
■efforts to merge 
the early 197%^.- 
Us- stake fiorifc-lEt 
iii Citroeh's iio. 
was- forced to 1 
June. 1973, 
absorbed .W 
AP-DJ 


■^1 Hi 


Mexico starts exporting 

BY WIUJAM CHISUTT MEXICO CIT3r. 

S ^ CI h?n ^5 e f xported ' i[s first 36.367 tons of ri 
ever shipment of methanol after S3J2m but this >' 
quickly reaching seif sufficiency increased domestic 
in the product Last week 2,500 on, y 15.651 tons, Wta®. 
tons were shipped from the Pnrt have imported- 

°L c £« d oZt™, cn y Pemei - -*S?iSSK 

Ta°uber 0il7a ?h° O C s mPan3 '' 10 
test year Mexico has t0 ^ 
















• r . 







v^arm.-as 
"M shores; 


masagua; $ept 4. 


uc i*8 a ■ . -;v - .-.■■■■. — • » 

ion yEBEJ^>^GATlAGUArr-Btu4ei3^“4iy3 in' -city of; 

^ vc started co ll vct i ag - anas and Malaga! pa, leaving a tell of some | 
n 3 to r 5l laidng bombs after ^he.arrefitff =30 civilians fcsd'oae Midler dead, i 


na] JV a growing national strike, in several prwipcial . cities, j 
■ased r ^ De Uf isilprs to the provineiaLtown. of veuUts and . ether and-govern- . 
in float ^-edn said, - meal groups hare . mounted j 

• c 4b Tbe young retell were said to- attacks on.: the. NaSktoal Gnard, | 
3e n 3 m> trying la marshal support the only- jqUnart /and, gnux* 
are „ . iO r a rebellion., among - alum* organisation in -ton >oantYjv.aT | 
tes v a “^“.vollers . in ' the: town. ' the', various times since the beglnnms j 
ann-^'^tetondilariaiSt in Nicaragua. . . .of the year. Some i of the cities 
rear i They- s-'d- that they had dog have assumed =' states of open 
unnefc -A.*- atarins,-, first- aid rebellion against' the - Sompra 
_ uppliea. * rerai streets in the Tegime for days, at «'ihnft - 
^ it>' were ... Aid to ; have. /beta '. The strike, called by * brtrad- 

* (locked o. • with heavy barri- based opposition group*' has- 

V IPre Lades aod aefcp jits. • pained- ground, shutting: down j 

H The . % -eeirtrai • ■ - Bank '. -- of most « f tfae . «hpps in tbd emintry. 

./ ilcaracifa revealed Thatit had .jJl 1 w *J? rB 

tlOwumpcd lOdnr Cordobas -t about All the arrested, leaders of jbej 
'^-nlSljhSra) into local commercial *^he are prommM^^awyers.j 

• Tinks.’ HI* estimated that the businessmen or poHHcgas. 
llPofe ijulvalent of ‘ some $20m were .Sr.ydJUam Baez— swreto-y of j 

"Jv^R tthdrawn from; the Nicaraguan Ibe Ntcaraguan DB ^fj0P^ eo * ] 

-tt,* t„i*- stitute. which represents -tome 


" I ET J? ■ i 1 The n alfori a] I strike: ai med at. if. the strike leade«^jbw« ? | 

•» a^Siwito? .«* •«*»>■ °S£' >“V °^fh* ,o! 


'll Ihn . "'lilJIHUa I 1 IU AUlHIHUUiIUWn Wl * „ * . . ■_■_ . I 

ts i n vf^en. -Anastasio ■' Somoia.- was ernraeot. -They < 

, machil ^^anised -after - a> successful chop the head off -S^i-JlSSS] 
and last veek on the Con aress Those whonvthev 

a eaer 5 » Managua - ■ by ... :Jcft-wina. are reraeeted. people, he said. 1 
-ft.* nerrillas of the 5andlvl«r The National Guard announced 
T? et r liberation Front. After hobiinc last night .that the ^ovcxjmcntj 
w repo ^undreds . %-of 'hostages.: the had expelled n- Spas fdt: priest . 
tJJ®. guerrillas flew to -Panama with Fattier - Pedro Bel ■nniguj.^or 
prisoners released by meddling id pohtirs.. it.cliargeoj 
CftDlecn a me coveranSS. \n response to that bombs and Molotov cocktails _ 
ftconstrsrte front’s detnands. . • ■ - had been found in his church m. 

*>f Ibef. Last- week.-- rebellious . -youths Granada, 'southeast of Managua.: 
,.7 he Pipynd army units; fought for four Agencies -. . .-• 

'-■>!71M0n jj, • • • , - - 

i^U.S. and Japan divided 
KVS on joint energy projects 

Se'J ^ ' *y CHAJUJES SMITH ^ j. „ . ’l' r0KY ?' 5 CPL - 

ejects an?cAPAN . AND THE - DA heart of hoA President Carter 
•My Pronas (verged sharply over the choice and Prime Minister Fuluida* - 
Id la muttif neur energy tectraoiogics.tu be-: Mr. Fukuda has indicated that 
. meau^lrit avestigated under : a joint- Japan will fliake a- substantial 
in eight Research programme.-' at the first financial eontribution .to nip new 

■ ‘ . . r 11 — il— — * nwurenmniA Ttllf •• 4)lA ••♦CmsTIIH* 


Meany calls 
for rich 
to sacrifice 

WASHINGTON. Sept. 4 

MR. GEORGE MEANY. the 
veteran leader or the AFL-f-10, 
the main labour orRuninalion 
In the U.S„ has called on Ute 
rich and power! ul among his 
fellow Americaus to make the 
first sacrifice in the strugjilt* 
against InUallon. promising 
also that organised labour 
would support thrm in such an 
abnegation. 

Mr. Meauy. aged 84, mid, “in 
the past, workers havr been 
called upon to sacrifice first In 
the fight against inflation. And 
they have. But Ihc corporations 
and the bankers never did 
their share, and there is no 
evidence that they will do so 
now. 

“I don’t think U is too much 
to ask of those . who have 
reaped Itar most from the I’.S. 
economic system .— the 
wealthiest Individuals, corpora- 
tions and hanks — to take the 
first step in combating the 
economic evils of fntiliHon.'' 

By way of reHpraifrnc lb** 
renuonKC or the AFI^CIO to the 
insistence by Resident Carter 
on restraint of wages and 
prices, so as |n reduce the rate 
or Inflation, Mr. M*-any said 
that workers would accent 
son Her wage Increases, hut 
only If there was previous evi- 
dence of a deceleration in (ho 
rate or price increases. 

Mr. Carter, In an interview 
with editors, of publications in 
the labour field. Mild (hat hr 
may take stronger act inn 
against the rise in. nriei s if 
Inflation worsens. Agencies 


ONE OF Vice-President Walter 
Mondalc's most, important can- 
tnbutidus tu tlie Curler Admin isr 
r ration is bis wit, which was used 
to good effect at ,i party cele- 
brating George Meany’s S4ih 
birthday three woc»k* Mr. 
Mondiile reported that at a rerent 
meeting between Mr. Carter and 
Ihc veteran iabuur leader, di<- 
cussfon had conceutralcd on 
reducing the risks of waru.e 
curbing, arais proliferation and 
furthering the cause of peace. 
" And when they meet again ne>:i 
week- they will move bn from 
While Hnnse-AFL-CIO relatmns 
to talk about foreign pniicy." 
quipped the Vice-President tu 
roars of laughter. 

But neither Jimmy n.ir'^r nn** 
Hours o Meany find much to lauch 
at in ibeir rtHationship ai the 
moment. On a personal level, 
contacts between the President 
of the United Slates and the 
president of the ~ American 
Federation of L.ibour-Hungrcs* 
of industrial Organisations have 
not - strayed much beyond Uu* 
polite and formal. 

Gtiurge Mean), however, has 

woo and lost the respect and 
iikinu of many Presidents during 
the *23 years he has bnen at the 
head oT American labour ami he 
has no compulsion to be loved. 
Primarily he wants results and 
because labour traditionally is 
mure sympathetic to the Demo- 
crats. he looks for better results 
on policies dear to labour when 
a Democrat is in the While 
House. 

if Alcany did any stocktaking 
yesterday. America'* S4lh Labour 
Day. it would have mnflrmcd his 
ilisappnimtucni with President 
Carter. Lalxuir (the word is still 
pretty much interchangeable 
with Meany i is less than 
enchanted with the Carter 
Administration on both a 
political and a policy level. 

As an organised lobby with n 


PRESIDENT^CARTER AND ORGANISED LABOUR 

Mutual disappointment 


wealth of institutional experi- 
ence of' wheeling and dealing, 
ihe -AFL-CIO leadership is 
privately' appalled by the level 
of competence in ihc White 
House when it comes to securing 
Congressional legislation or in 
just .- •’massaging" the labour 
movement to provide support for 
particular policies. 

'On May 10, for example, 39 
union leaders were called tu the 
Indian - Treaty ritxjm of the 
Executive: Office building to dis- 
cuss the Garter Administration’s 
anti-inflation policy. Meany had- 
bluntly warned Carter aides that 
a direct appeal to union leaders 
tu curfr. their pay settlements to 
Mow the average of the Iasi 
two' years would meet with flat 
rejection. ' But there was nn sign 
that the President's advisers had 
prepared him in any way and 
when he made his direct appeal, 
which was stonily spurned by 
Meany, the President was visibly 
taken aback. 

According lo AFL-CIO staff, a 
different approach which com- 
mitted everyone to battling infla- 
tion but which did not Lie the 
unions down on a formula was 
there for the asking — “but they 
(the White House l were not 
smart enough lit ask *' 

Labour's scorn would not 
matter so much if the Admin- 
istration did not need an anti- 
inflation policy so badly. The 
White ..House is rejecting the 
advice of right-wing economists 
tq rely on monetary and fiscal 
measures to slow down the pace 
of price increases and it is still 
apparently determined to reject 


BY JOHN WYLES IN NEW YORK 

rigid pay and price controls. 

Like many British Govern- 
ments in the last -0 years, it 
thus believes that the coopera- 
tion of organised labour m a 
voluntary approach is vital, hut 
it is finding it much more diffi- 
cult than many a British Govern- 
ment to win rhiji support. 

The reason is not jus; that 
Meany . rale? the President 
C-iniaus, as he did earlier this 
year, but ! hat American unionism 
has been founded on ihc premise 
or delivering a rising standard 
of living to ns members. Tins 
dues not rule our co-operating on 
the wages Iron! — indeed the 
AFL-CIO sal cm President 
Nixon's pay board for S months 
in 1972, administering a very 
rigid pay and prices policy — 
but it does demand dearer 
evidence of price restraint than 
has been offered by The Admini- 
stration or business. 

The wrecking potential of the 
current AFL-CIO position was 
never more evident than in t'nc 
result of Ihe recent postal 
workers ballots. Turning down a 
moderate 19.5 per cent, three- 
year wage and benefits settle- 
ment. 

Just as bailu'ing was getting 
under way. Meany predicted 
that The pay rises were too 
ungenerous to win a majority 
vuie and criticised postal union 
leaders for endorsing them. He 
has never commented in these 
terms on an individual pay settle- 
ment before and although some 
people are disposed lo think that 
age at last is weakening his 


judgment, the impact of his 
remarks on the postal workers 
•and the White- House was 
manifest 

President Carter may be right 
iu accusing Meany of “ a serious 
breach of propriety” but the 





SE&FA 


Mr. George Meany 

effect was to help rub the Admini- 
stration of its only major collec- 
tive bargaining success. 

Dislike of the Administration's 
anti-inflation policy, disappoint- 
ment with its national health 
care proposals and an inability 
in understand its reluctance to 
raise Trade barriers make the 
President's task uf forming a 
genuine partnership with labour 
in the second half nf his term 


very difficulL Indeed, some 
leaders, like the maverick 
William Wmpi singer uT the 
machinists' union, have already 
announced their intention of 
launching a drive to dump Mr. 
Carter us the Democratic candi- 
date In 19S0. 

His load is nut being followed 
by tbc AFL-CIO mainstream for 
the moment, but a measure of 
labour's strength .is that few 
independent cumntomuturs would 
rate the President's chances of 
re-elertion highly without .in 
endorsement from labour. Some 
elections in the U.S. are von by 
ilit* size uf the volunteer army 
working for a candidate, and 
labour’s ability tn produce Ihe 
iruops is legendary. 

Significantly, this nostrum will 
be put lo the U*>! in this Novem- 
ber's Congressional elections 
when labour is withdrawing its 
support from a number or candi- 
date 1 ; who refused to back its 
mast prized legislative proposal, 
the Labour Law Reform Bill, 

H the election results indi- 
cated any -serious diminution in 
labour's political virility, then 
ihe President's hand might be 

strengthened vorre.ipondmg]y. 
For in the short term there may- 
be some political capital lo he 
had out of confronting the 
unions, which were shown in a 
poll lasl January to have a pule 
lie confidence rating lower than 
any other group except advertis- 
ing men. 

Though the tensions between 
Mr. Carter and labour are 
significant, they art- not yet 
severe. The AFL-CIO Council 
decided early in August that 
it would bile its lip and con- 
tinue trying lo work with Mr. 
Carter because, sard Meany. ** Ik* 
is the only President we have 

A recent pull indicated, how- 
ever. that if labour thought it 
could have Edward Kennedy in 
the While House then all bets, 
would be off. 


ed Iasi Harecretary for . Energy, is said lo . Japan has Jwr 
rcent grni^avc pressed' :stnmRly\ ' ?QT . k . of •' n* and^atcordiafyy has 

this “ear tp-apancse financial cohtribdtion little ..direct, interest in. coal 
IOI.Sti foraao a coal liquefaction process liquefaction techniques. ; it juans. 
tfl.Sin). icing' .developed: byGulf OiL however. To at^P .up jtsr coal 
•lovakia ntiapan, nn the other hand, .wants Imports substantially OY* 1 “? e 
leratin; up put the -empTiasis 1 on nuclear next, f ew yeaw.and apparently 


: haii vite w, laiKS wmCUIIUUUC. Luuiunw J, 

u ; 4ria o a Wednesday^ in an attempt .fUndamenta] qu^tJQn whk* 
^Lio work out an agreed division -types of enwgy. to dev^pp.^Uus 
- iijrd.i'ru K5,_ ■ • m i.j-.aut ■ nmiiA umelr’c wiPuhTis iK pxnected -To 


resources: . Agreement could week’s meeting « f 
r!f i^iequire top. level .- .political agree op. the. structure of a .per-. 
t ,ft f nt ^ffloria tm the J0ancse-side. manept .pi^anisatiot j Jgj 

lis inturn; could; hfr hip* ; re«t-o ver f ee *? fc i :lai> _ ;, erK f^ 


.tions. 

Comeem 


Cl1 -- ottr of' the Middle East: -’. . Japan’s governmental research 

The launching of a -joint L’JS.- into, new 'sources, -of enerp- 

Japan research and development (other: than nudear) w at the 
m nrc programme ; for. pcw / enc^y : moment ^beinfi conduced .within 
Jjiourcea was firsts mooted early a budget oF Yen 5fibn^( about 
^ his summer when Mr- Fukuda fil-fin) a year. *«».» 

_ -i- nn Fisited Washington for .talks with to be rte PFed jip by 50 per t ent 
UltPC President -' - Carter. ' _ .Plans next-year. Additional funds will 

rg**aasg& 

SS Cuba concession tq exiles 

7>ma' s RY CANUTE.! AMES '! • . ; ' L ' .KINGSTON, Sept 4. 

■■i'rS 'iSVlXE- CUBAN Governnient is to iw ateeady. K^to Wa^ington 
: r 4 release hundreds .of J poUtical the names of prisoners who 

:‘,r' u fl a r iso hers over t the -next ■ few wmild like to p to tbe UB. 
the Months, areordihg "To : ‘informed- oolUlcS 

Sources. here. At the same time, of; the , number of po^ucoi. 
ijje' Government ' is, irialdns it prisoners in Coba. hut Anmestv 
\ KUMsafble for many of --the . Ira IntcHiationaj' has said thsff there 
Cubans living overseas to return are' botwoepL MM 'and 4000. .All 

u *-.. ijiAmp. pithhr oerinancntly or' but" four are Cubans. The four 


if » *; The political prisoner. to be “ t w releasrf. 
st’auacSffclcaMdwUg^^m^ha, prisoners’ are mostly 

tjrtirtffjr wfll bo allpwo^o, Icave/the of the armed forces 

cf h^rountry for any dwtinatiop, ihey _ d supporters who 

,ris- :« r {said- . sej-ved former dictator, the late 


‘inc'ro^The release - of ;- prisoners . on 
..Wednesday; tvliea he is to -giye 
■"—nnrts news -conference .to- exiled 


insurrection- m -1959. • 

It is understood -that the 


j* | vat Dl T iXpense. : 'The ,Jo«tnaIists : jpm ^positive changes -w mtcr- 
.iiiKiW through Jamaica tomorrow, ■ |1 5S 0 n»l relations.", and the 
u {£ Ni3?ut they have -Jg belief in Havana. that the Cuban 

. model only that, -the . coobiM Ww Tev£1 brtion -is; now so eon sol i- 

flSiWefuH slme C S it^enSSS 

Hve*to 


■ C corW G to>e:S?r^jS;^ 

ir!-- '^Ajioinol taken the decision tg^retoase "Strait from Havana. 

. 15 .Cm cig 

„, a ii( Canada gas prices move 

^ «rd«-'-6wWip^FQNWTr, :• M0NTRBAL,.Sept.4. 

? Aii- ^ergy ^ini- ' federal government has 

see of Mr;.“AiataSr- Gillespie, has issued ' a. senes of eco DO ™'<- 

. lll? fmoved .te : .poun oil; on; troubled policy, proppaals — Including one 
L«;t 01 waters- -by • saying;^ ^ that ffie -new _^ y Giliesple in effect to de- 
V limits be proposes far natoral gas „, Iaf - p lhe pneg 0 f western 

teai1 h natural gas. whkh-.have brought 
; ^ ; ' .-^eonsterpatioD m the Finance 

n,,r l1 ^ • Department;; the Energj' X>epari' 

mert : and other', areas of the 
senior* ci vU service. 

The- proposals, some calling for 
ntdlcaj changes in policy direo 
' tions, have been issued directly 
by the. Bridie Minister’s Office, 
usually through hastily-organised 
news -conferences, by-passing the 

civiUervice. The moves have aiso 

^ lffirea.MiUjan_ ; { E& 

^ ; year Old satesman.} there was no prior consultation - 

\ PWtocial Budgets may be 


WML LAM > vw II Ul 

•* ,f ctf 1 . Vtndlehtcd-A week ago* '- 

o**t- ■■ • '■■■■■ '■ 

EuffP 

rne'!‘ 

'iiure 

lit 13 4 

xl "J-MfoS'I 

I pVlHtreaMtfficE 




trsMtao w ; 'lo fari ifia' 


Of < fc t % a s wr-" '• '] 

fi ‘«n*gA ; . .j. : — I 

jc 3 * ‘ ‘ j- - 


j luia pcoruiuuii W “ M 6 V « -. 

. I adversely affected. There aje - 
« my » pap^nyghir~\mltWi , U)ns>C[ty i tfoppjT v iarther-moves to come, including . ■ 

ns ^-aaaaasssattiil ■.*#****■* *• - ■ 

^ .! t emidoyiueut insurance rules- 

'tee.toost observers regard 
I Sie .PoBcy changes’ as directly : . 
*• connected with the possibility o* 

™I ’ «o election early in November 
— | or eext spriaa. Mr. Gillespies . 
^ri plrtr td^de^egulite the price of ' 
ll j gis Jdj caused an inunediate ' 
r ■ ; ^nfrontaiion *with Alberta and . •_> 
,J ^UnR.'gf oi& and' gaa stocks; 


If you’ve ever tried to refer to a file 
while talking on the phone, you’ll find any of 
our loudspeaking telephones a hoon. 

They leave both hands free . to sort 
'through your papers during a conversation. - 
- Dig out a document. . 

Take notes of what’s said. . v . . 

They maJse it easier to think out' 

[ problems, too. 


Should you wish, it’s perfectly possible 
to have two or three other people in-your 
room, with, everyone joining in the call. 

Andy oif course, every loudspea kin g phone 
ha et a normal handset for confidential calls. 

If you^d like to know more,contact your 
local Telephone Sales Office -the number is in 
the front of yourphone book! Or send off the 
coupon (ho stamp required) . 


Hro: 


To; Mike Cottrell, Marketing Dept., 

Post Office Telecoimnunications, 
FREEPOST, London EC2B 2TS. 

I wouJdJike more informauan about your 
loudspeaking telephones. 

Name 

Company ■; 

Address : 


PostOfficeTelecommunications 


Postcode. 


Tel no;. 


Ff/A 24.'73 



Financial Times Tuesday . 


m 


Carter tactics for summit 


UbkJ Damascus 


Jordan 


Jerusalem tfeaSB. S I * 
said to earry| W ^ _ 




EM OCCUPIED TERRITORIES 


remain a close secret 


• MEDITERRANEAN sea. 


Ik Sjria 


watching 
U.S. role 


BY JUREK MARTIN. U.S. EDITOR 


WASHINGTON. Sept. 4. 


TeiAviv®^ 


In talks 


new 


MOST HEADS UF STATE. 
Ji.ninv Carter nut excepted. like 
to think that nothing Is in- 
*.ol ihle vi hen reasonable men in 
charge uf governments sit dunn 
together av.-ay from ibe public 
e\e iu thrash out differences 
This it the underline rationale 
of ail sumniils’and it is the cause 
of whaiwer opuniism exists on 
the eve of the Camp David 
meet i ns heiueen Presidents 
t'aricr and Sadat and Mr. Begin, 
the Israeli Pnmc Mmi. i tcr. 

.Mr. Carter observed last month 
that the Camp David session was 
"a high risk thing for me politic- 
ally "’“Given 111?, rurrem standing 
in "public upimon polls, he may 
have been exaggerating. But the 
fact remains that the test of hi» 
personal diplomacy will be to 
convince the Egyptian and 

Israeli leaders that the con- 
sequences nf failure at Camp 
David arc simoly too humble, for 
either of them to con lent plate. 

Exactly how Mr. Carter pro- 
pose-; to square the circle of 
intractability remains a closely 
guarded -ecrci and may well re- 
main 10 for must of the talks. In 
*pitc of Israeli and. to a lesser 
extent. Egyptian objections, the 
Administration appears to have 
been su*-ce^sfui so far in its 
ricternunation to avoid the talks 
bein’ mined min a public rela- 
tions circus. Briefings for the 
Tress mill be perfunctory in the 
extreme. Ti is -said, and will he 
conducted nnl.v by Mr. -Indy 
Powell, the presidential Press 
aecetar? 

Both Mr Begin and Mr. Sadal 
arc aware that the "soiling oT 
the summit " :n the U.S. will he 
a critical factor iu determining 


its success or otherwise- But both 
so far have refrained, by* and 
large, from seeking to influence 
Li.S. opinion in advance, although 
Air. Begin is in New York today 
and tomorrow to talk to L'.S. 
Jewish leaders and journalists in 
an effort lu ensure that his nego- 
tiating position is understood. 
Mr. Sadat has already made the 
necessary arrangements to give 
his side after Camp David to the 
medium he works so well, the 
three commercial television net- 
works. 

The Carter Administration has 
been even mare reticent. With 
the President, many of his 
advisers and efen ihe indefatig- 
able Mr. Vance. -the Secretary of 
Stale, taking holidays last month, 
the impression might have been 
obtained that the U.S.. was. if 
anything, under-preparing. 

In fact. Mr. Carter's negotiat- 
ing position is designed to be 
both firm and flexible, a- per- 
force il in u a i be in dealing with 
two such different personalities 
as Mr. Begin aud Mr. Sadat. U 
is piuhably fair to say that the 
U.S. President does not know 
precisely what offers, arguments 
and pressures, and In what com- 
bination. will be needed to 
persuade Israel and Egypt to 
negotiate directly again. Eut he 
does know that anything less 
than a resumption of -,uch talks 
will he properly construed as 
failure. 

The assumption here is still 
that ihe U.S. sees Mr. Begin as 
the larger obstacle. U.S. officials 
generally perceive Mr. Begin as 
an historical figure steeped in 
tradition and difficult to move, 


while President Sadat, partly out 
of inclination and dramatic flair 
and partly because of his 
increasingly parlous position In 
the Arab world, is . considered 
more forward-looking and 
accommodating. 

But the positions of both men 
on the future of the Gaza Strip 
and the West Bank, not to 
mention the future status of 
Jerusalem and the Palestinians, 
still seem so far apart. that a casl 
iron agreement at Camp David 
remains a remote possibility. The 
U.S. insists that it has no com- 
prehensive peace plan of its own 
which Mr. Carter will try and 
impose on the two sides but that 
it may have ideas which could 
facilitate compromise. 

Mr. Begin appeared to shoot 
one of these out of the water 
lasj week when he said he would 
nor countenance the stationing 
of U.S. troops, in whatever guise, 
in the occupied territories. 
However, this mav never have 
heen a serious U.S. proposal, 
given the undoubted difficulty 
that Mr. Carter would have in 
securing congressional approval 
for such an initiative. The Israeli 
Prime Minister appeared more 
interested in :i mutual defence 
agreement with the L’.S.. though, 
that is a proposition that Mr. 
Carter might have difficult*- in 
persuading President Sadat to' 
accept. 

The situation in Lebanon. -if is 
admitted here, is hangine over- 
Camp David. It may prove a 
major distraction from negotia- 
tions on thp majur issues of fho 
occupied territories, the future 
status- of Palestinian Arabs and 
Jerusalem. 


Jerusalem fife-- 


Amman 


By Rami G. Khouri 




-K Tv : 


Jordan 




■r i.;!'..' 


• - - *» 


Saudi Arabia 


Egypt 


■^sStiarni els 


THE ISSUES 


WEST BANK AND THE GAZA STRIP 


ISRAEL- has .offered limited self rule to the million plus 
Palestinians but insists on retaining military control. It 
objects to (he areas becoming a Palestinian state. 

EGYPT wants the areas handed over to Arab or inter- 
national control while the residents determine their own 
future. • 


Sadat warning on cost of failure 


U.S. believes that Israel should evacuate the area and rely 
on international guarantees to ensure the area is not used 
lo launch a new war. 


SINAI 


BY OUR OWN CORRESPONDENT 


CAIRO. Sept. 4 


PRESIDENT SADAT or Egypt 
left for Paris and the L’.S. this 
i Horning with a warning that 
failure at the summit could 
plunge the Middle East back into 
interminable strife. He said the 
•"amp David talks marked :i 
historic turning point for lhc 
whole area 

Cairo newspapers have treated 
the .summit and its build-up 
quietly The authorities have 
been at pains not lo raise the 
public hopes loo high and despite 
hectic preparations. Egypt will 
ha'-p little nov. to offer 

Mr. Sadai admitted as much in 
•Suez vesterday when he repeated 
(hat Egypt would nui accept a 
hi talc nil sett lenient and would 
not renege on what it saw as the 
nphi> of tin* Palestinians. 

Foreign Ministry officials make 
it dear that they are depending 
nn this U S iu produce j suitable 
plan. •* Wc are relying on 
President Carter/' is a constant 
llienir. 

Officials aiso *ay there can be 
•no fudgine of the outcome of 
the summit. Nothing sliuft of a 


declaration of principle* and the 
beginning of Ihe application 
within a framework of Israeli 
withdrawal from occupied terri- 
tory will he considered adequate. 
Egypt is prepared to concede 
any security guarantee Israel 
may want, short of land. 

Thp stark opportunity pre- 
sented by Camp David and the 
consequences of failure were 
•mnimctl uo by Ani« Mansnur. a 
confidant of Mr. Sadat'-, in hi* 
weekly article in the magazine 
October *■ Not only does Presi- 
dent Carter's future hinae on the 
success id the Camp David 
summit, bul the future of the 
United State- in ihe Middle East, 
in Africa and in the Atlantic 
Alliance. 


of direct negotiation* and allow 
him to return to the maw stream 
of Arab opinion, il. will not re-, 
solve hk domestic problems. 


ISRAEL originally offered to return the whole* peninsula 
to Egypt if demilitarised but then backtracked to demand 
that the Jewish settlements remain under Israeli control. 
EGYPT wants ail the Sinai back but is ambivalent about the 
settlements. 


AMMAN. Sept.. 4. 
KING HUSSEIN of Jordan and 
his close advisers are nut expect- 
ing the Camp David talks to 
produce concrete or substantial 
advances towards a workable 
Arab-lsraeli peace agreement, 
bul they, are watching keenly to 
see whether the U.S- has decided 
to play a . more decisive media- 
lorv role. 

There- is deep concern in 
Amman that the U.S. may be so 
anxious to produce a' solution 
that it will push through' com- 
promises so watered down as to 
be totally unacceptable to 
moderate- Arab regimes. . 

The Jordanians have been 
disappointed, with the . weak 
American - posture during the 
past two years, and they are. in 
a sense, viewing the Camp David 
talks as the last chance for the 
U:S. to save its credibility as 
mediator. 

According to senior Jordanian 
policy-makers, the U.S. would do 
’•veil to come out with “a bold, 
clear and unequivocally • 'con- 
sistent policy on the Middle 
East.*’ Jordan believes that only 
this sort of U.S. boldness wilt 
convince Israel of the need to 
implement the dictates of 
Security Council /resolution 242 
For Israeli withdrawal and 
Palestinian self-determination. 

There is some expectation'. that 
the involvement of President 
Carter's personal prestige in the 
talks heralds such an American 
move. But there are also doubts 
whether the U.S. wllj act firmly 
enough to indicate to tbe public 
in the U.S. and Israel that Israel 
must withdraw' fully from the 
occupied territories in return for 
a full peace accord with the .Arab 
states -and the Palestinians. 

- Jordan believes that Israeli 
intransigence is built -oh' con- 
tinuing U.S. acquiescence . . In 
Israel’s .actions.- - Thus king 
Hussein is watching Camp David 
more to see what the U.S. does 
than wbat the Israelis do. ; 


BY OUR OWN CORRESPONDENT * ,TEL 

„ ' .urn into the brief-cases examination, prahifeSL: 
C ?tol5S D teSn°for Camp David reaults -as old. ohea/jS 
of ^onn iiifsof mostly familiar idea to argue. that; tbefe 
SmnsVh? Israelis believe they clause in Unttcj'lSunv 
regions. W 'J> w , g ani4 a nd non 242 was-adeqiat^ 
cannot quit W« weal Dd removing militariS^! 

live m peace. nffices . From -tf»W 


Jive m peace. offices f rora 

The maps favoured by Prime whi|e keeping 
Minister Menahem Bejn. snow t]jerP . undisturbed. 
inn how pre-lWi b ®£ e lJS? t t „« More recently, 


im- how pre-jWj barncpspui More recently, 'ifcsj 

Aviv squarely in the ' ‘ * came., up with .- a -'b&d 

Arab gunners, are .n ihe de e^ Israel would, be iSSS 
tion kit. should anyone *ant to discusi « TOw 


see them. 


i.*--*— . sovepeignty In 

In case discussion, should ruro and Gaza after 


in case aiscu»<u»- o--* ----- au U 
to the status in international law autonomy. Thls_ 


tn the srarus »>• iuiuuuu.j. was w 

or the West Rank : and .Gan. legal 3S a major concwsfop*? 
experts Aharon Barak and Mci r Begin himself rather 
Rossenne arc on hand to impact by 'saying 


Rossenne arc u" r: f' : u > wtfinj 

their well-rehearsed case for 0 f sovereignfvhe.vmiflflS 
justifying a conunued Israeli w ould be Israeli sovra.^ 


presence. hftu . pver The Israelis are fuifyV. 

Such arguments. for a strong AmcricaiM 


Such arsunJKiuo. ror a strong Amcripasaa 

polished, would presumably re- prove that.Tsrael^-safiW 
vcive short shrift f r om p resideDt f acti he made..east-i ro t/i 
Sadat «nd MrtJe more than nored oecupv ing Arab-lani.. 3 
apkniiwledgement from President yjg security areametfl 
Carter. . - be domnlished. then iheaS 

More mrcrestin, t Hi» be tne i srae || reasons ftfr reiriaf!?. jit! 
“new formulalions Mr. tro] 0 f these territffl^a^ifjll j| 

Begin ba» promised ^ h 1 ^ plan be uncomfortably esnfflaw' IU* 

to give restricted autonomy t0 cj0 ^tq Mr. ; Begli^Sfi 4 
tbe West Bank nod -.aza. -made anv secret of 

These formulations may be . th c West' '-BmK &.1 i *-* 


fvinq the nnvtnai yea*.* - ; . - ... — vr-.y ? * 

S3 ifL u,e West Ban 

a "one"lcii ^ modification is be- be ^ nd * 

lieved to bp a af-beme for ftr public priuuiaihtrj 
iSUnlne Israels responsibility since warn* to ofiSje W«.- 
for public order in these apo. Mr. Begin has retH 5 
territories and bringing .Jordan on the.defepqe araurn^i, 
into a treater security role there., .on 1 d enlocica I reasqnsr 
It can s.wfelv be said that tbe mg the West Bank,; . 
npw formulations do not include his previous political; csri-r 
,mv iHn^ n f Israel giving op been dedicated . to; the tw$ 
conlrnl of overall security in the ef greater isrupi. . 
ureas. It is hard to * marine that At Camp David Mr^.b 
Israel would relinquish its would dearly like to'a^. 
powers to resist external checks main issue and ephrentryjk 
and to suppress internal guerrilla side matters, like partiila 
activity. ments and the setting 

Mr. Dayan is highly skil'ed a! utittees lo haggle lrr : 6«siH 
devising formulas which look at leisure over the shaptofje - 
braDd new but which, upon treaties. "• .'•-•V-/ 


’The President has recently 
damped down on even thc 
mildest criticism of his proposal 
to form Ills own political party. 
Mustafa Amin, doyen of the 
.kiurnalKfic corps and 3 staunch 
champion of Mr. Sadat's libera- 
tion p ru? ram me. has been 
banned from writing political 
articles after suggesting that 
parliamentarians had been over- 
hauls: in joining Mr. Sadat’s new 
party before they bad seen its 
pruyramnic. 


U.S. alw believes that Isar'cl should withdraw to the inter- 
national border and has hinted that U.S.- bases might be 
lucked at Ihe points Israel seeks to retain. 


" PALESTINIANS ?. 

ISRAEL has finally recognised that the Palestinians axe at 


Beirut Christians suspicious 


BY 2H5AN HfJAZl 


BEIRUT, 5e?tl 


(he core of the Middle East dlspute. buL will not countenance 
Uic creation of a Palestinian state. 


EGYPT says that peace can only come if ; the Palestinian 
issue is resolved and belie vest that some form of Palestinian 
entity is necessary. 

U.S. wants the Palestinians to play a role in determining their 
ouu future, but does nut want a Palestinian state. 


"The whole world is Matching 
lu sec what Mr. Carter is able 
to do and how the polls tn 
America' will judge his nerfor- 
mancer. to see Mho governs the 
American people. Carter or 
Begin." 

Although failure ai the summit 
will offer Mr. Satlal a way uui 


Mr. Sadat does not face im- 
mediate •'ucial unrest, however. 
The economy continues lo make 
slow- but sure progress. But 
failure at Camp David will pul 
the Presideni in an even more 
abrasive mood towards his 
domestic critics. Such an out- 
come would not help him sorting 
out ihe constitutional tangle his 
latest reforms have created. 


SECURITY ARRANGEMENTS 

ISRAEL believes lhat tts security needs arc best served by 
retaining ail the West Rank, the Golan Heights, the Gaza 
Strip' and giving hack the Sinai to Egypt if demilitarised. - 
EGYPT argues that the best possible security for Israel is. 
peace with her neighbours. 

US. is urging Israel lo accept that there arc guarantees 
which can be relied on. ' 


AS FEARS increase, about a 
possible military • couf rotation 
between Syria, and. isr-jcr in 
Lebanon, many.' Lebanese Chris- 
tians are expressing seepHt-^Q. 
about the-.voiue of co-operating 
with the Jewish state. 

According to Western: diplo- 
mats not many- Christiana are 
convinced that Israel has 
"Christian, interests Jit heart. 
Despite ahnost daily fighting 
between Syrian Jroops nf the 
Arab peace-keeping forae and 
'Christian militias, the Christians 
generally do not take *erin'.:>.ly 
Israel's claims that- the Syrians 
are waging a war of annihi'Mii.u 
against Lebanon's Christian 
population. 

A truce which was 10 have 


been observed while. President 
Elias Sarkis was in the ’’V een 
for the inauguration of Pope 
John Paul, was shattered Ih-h 
night when fighting again b»*rike 
out between the ' militias ar.d 
Syrian troops in the Burul 
suhurbs. Some of the clashes 
were at Al Hadass in the general 
area of Baabda. where the presl- 
duniinl palace is located. 

One presidential guard whs 
killed and nine ornery were 
wounded when « shell fell near 
the palace, the militias said. A 
communique by the command of 
the peace-keeping force blamed 
the militias 

In artillery exchanges in the 
southern suburb of Ain cl- 
Rumman eh late last oighL eight 


people were reported; tqi 
been wounded. - 
The new tension csxnetv 
command of_ -Ihe T Ch'al 
militias repo rtctf that Byrfcft' 
inforcements had heep "pi#, 
into Lebanon; VThe 'cObt 
said more ground-to-air' SL- 
missile sites had been- srt q 
Reuter adds;: Cbload.-Ate 
Khalil, police persouiwIaSd: 
Syria's Interior ..Wa/sto * -n 
shot dead by rhurei! qf a^QK 
fire outside his hoqig jr«s 
Damascus .last -jauptlL 
iris was disclosed by.oPK 
in Beirut : today., Cdfria 
belonged to the mbidril&Sfci 
Ala wile sect. ' whose intei < 
minent member isr^sd 
Hafez al-Assad. - 

• tVP.- 


OTHER OVERSEAS HEWS 


Thousands 
may have 
died in 
India flood 


Nkomo holds out possibility 
of more talks with Smith 


Sudan in 
debt move 


- / j; 

Moi favourite for new Presided 


BY JOHN WORRALL 


NAIROBI, Sept! 


DANIEL 


BY OUR OWN CORRESPONDENT 


LUSAKA,; SepL- 4. 


with Kuwait 


AJIAP MOI, on October 8. called to select a During this period KANiV®.. 
ader. has wun successor lo President Keuyatla. elect a new leader, wbpjfc£' 


•WITH AN uncharactciiatic dis- 10 do." Mr. Nkomo said angrily that any future peace diplomacy; 


• 'a remarkably wide measure of died on August 22. forward as the party’s .*q|^ 

} public support for his election KANL party branches all over date in a nation-wide 
next month as President ol the country big- labour unions, poll. 


5y Our Own Correspondent 


NEW DELHI. Sv; 
ABULl 15.000 pcuplc are 
10 have been washed a-.\ 


By Alan Darby -. nest month as President ol cmimry big- labour unions, poll. ^ . •■ - * . . 

KHARTOUM Seot 4. Kaou. the country's sole political 'Bdustrial. commercial, profes- On Friday the. «nfcr.e-W 

JD\N a coStrv vTth an P arJ - v - > n succession lo ihe late sional and fyniers organlsarions pledged loyal support , 

icmii borrowhie believed to President Jonio Kenya tla. are ar ?°" ? ^ose that have ex- Mol, who comes frer ' 

; c Jh2..» Rt^hli n f. eiliktno to Leadership of Kami would assure P rc t sed the belief that Mr. Mol miuoTlly KalenjiTtttibe. Q'tJ 
about Sl.5bn. is seeking to. ^ ^ Presidencv of the the man best able to conUnue day the huge Nafrobf br»Mi ■ 

»* d * b « w ! country residency m the tfae slabllising policics of the KANU. in a resolution- ■ 

lyraents on .winch are at j 0 y. late President Kenya tta. by Dr Nip rose MuSgaU.P* 

esent iobra m arrears. The major grass roots support Most of tbe resolutions were dent KeuyWs nephew-^: 

The Sudanese Minister of ] for Mr. Moi. which has mani- passed at meetings held all over nominated MP. pledged 1 . - ^ 

nance, Mr. Osman Haahini 1 Tested itself in the past few days, the country during the weekend, plele loyaltv” »o Mr. Wo* 4 ".? 

3del Salam, is to discuss the I suggests that be will be un- Mr. Moi has take'n over as care- to ibe Cabinet declarntioik ‘ 
rius- or a * draft agreement 1 opposed for tbe party presidency taker President for 90 days fol- Muneai had alwa^x boejj* 
licli lias already, been drawn | at the special KANU conference lowing Mr. Kenyatta's death, side red an opponentbfHi^ 

1 wuh hlfs Kuwaiti munteruart. : rr 


rners. Thc entire sub-tliviMon al Tanzania’^ role 


rc;-^h 15.UQ0 
T roons h;i 


r- . - rr------ . -ULUV...,. wu iu r Itliutui .IVCH-Ie . UlC'w- » u,i..| Catlm li’l 

al Tanzania- role in leaking happens in Zimbabwe. Wc will secret talks with 3Ir. SiuiLb did nr ' KENYA’S ECONOMY 

information about his secret mid- discuss what next step we can have a chance uf success. Atiqui durin 0 the meettnt,s of fVClW T #% O CUUiMwm 1 

August lJdk* wuh Mr. Smith and take and that step we think Is Mr. Nkomo said al the weekend’ In lalv- 'a • < 

ai President N>.. -re rc s stale ments appropriate v.e shall take." In that Mr. Smith had told him her;V*" «pn£m ' ■ M «« i-A 

yesterday that it had now been the meantime, however, tbe war was read;, for a handover to the P dL „ 11 from Seplem-gP ■ £ T 9 O E 9 ||l/ QT 

agreed amung the "fronlime" uould continue. Patriotic' Front guerrillas— a; be I.® JJ, r !i' a . nnw rf--*,-,! I V^VlI I'-UJMLi Air J HI ICt 

giuup. nf wTiich the Tanzanian The Tanzania n leader said in statement that promptly brought; Q o w drafted . 



BY MICHAEL HOLMAN 


non* ru*n <ly.'n Mie upper, 
rc;*;'hes uf Lhc Janiuna River. 

Following he.c,y rams, the’ 
Janiuna R.’.cr. nearly - J00 miles, 
unit ream of Delhi. 1 * already, 
four metres jhoic thc 1924 : 
record level of :iS5.S5 metres. _j 
In Delhi il-,clf. the level at thc 


S. African check on work code 


BY QUENTIN PEEL 


2 OS ' ' n ic t res— nu? 3 "i 1 1 r e e " 11 ic* t r e * Ph3,?o^m h 'f^Pnncipal and call on its 61-member unions racial discrimination in 
over the danger level. S 1 ^ JSf. Jft’ 2., IE altho, 


Vs'JlpadV ^r 1 and interest would then hevomer'™^ E A wmHiUment _io concern that ip spite of the third of Kenya’s 14-I5mP«g 
the Pa^riotir Front^ with ■ dUL ‘ 10 inslalm ents during ■ I SSwin .n^nr,? 6 ur jB e Jl cy °/ lhe6e 1 ^ uea - several to introduce more labour^JJ 

Robert Mu-abe 1 1 ' period extending to June 8®. ! C’SSS??? »JS3f nt "t? 11 * °^i #con ff? ,c drift may si '' e methods in 

Robert Mu„abe. 198S. - l!- e ’ 0 * 0 * whJle President oriemated industrial seett^ 

— The first Three payments, in 1 r5 5 ]?®2f*L!! . C iui M l*I Van l ^ en >?tlas successor seta about to increase agricultural 

- _ Mareh 1979, September 1979 and | ^ U r of SBCOTJTl8 *** political base. tlon. 

Kir/kivlr a Aa| a . March 1980. would each be $6ni | H 1 ® L._.t5 ny ? 11 eConom l' after But most doubt this. Firstly, In a country of acute 
WOlK Lllflr 'and would all be payments or e' Q1 nment is r mu .„ M ; they Point out that President on land there is ■'dDrtBjg* : 

T 7 ■“•*■ W%IV .interest. The first payment of f 0 ™™®"!. K« n vl» - Ue , 1 y Kenya! ta played a negligible speculation - about wbe*®y 

, principal would not fiat r « lc - “!»« “rem new president .will Jig® 

JOHANNESBURG. .Sept. .4 f until 1981. Suun^commliminii in nrilllit * p ^ ovln S basic principles — such measures as UUH&-* 

, , ! . Kuwait would allow Sudan no ^. a f p°nrt <I 5 Q u .siy L^ c " , ! _f! 1 P” l , i! e S nl1 ^ ft'esitfeni Kaunda of land, plaeing ceilings: 

racial discrimination, in employ- grace un the interest accruing which ^allows >y for exam P Je - or Presi- ownership and divirtidf^-- 

ment practices, although the l.uiruughout the whale period: “...N® dent Nyerere of Tanzania. Hence remaining large farms. , ^-.- 

South .African cot j P is u.e most full interest a l the rate agreed , JJcnwelSsi KuSue busfnS! his death has tju'e or no impact Officials acknowledge 

vague, and the European the al the tinit each -loan was signed J interests ° usmeanun the handling of problema such measures could be 

n h ' r>r> *,ll r,.i!c!'nn.<lnn -jm.txrtlu . . WHICH nBVe Ik'pn nmilH'l nr, 4 Ka.iv . nSW 


iii ouisiaoaing amounts 01 j n,.. mosf h -..» an hnnnn-.r.t hav 5, b ^ en occupying the ant more for their -sr™ 

capital and interest would | nuallficaiion lo add ‘ 1 Mention of planners and econ- than tbeir practical 

■harged during Lhe agreed ; SS5K2SS5S nui .1 - U -fK many months.. latter, they. say.. !»-« 

ridcd repayment period. !uolliiei?nit cr:«hhprf ihoo e '’ cn 'J_~ 5,8 being _Esriiiiates of the- 


mission* said Miai Hinusand* of : 2 Lf 
people uv-re perched in trees or. T h - 
on rooftops. , 


be Charged during the agreed ; SSSSiw put ° F?rther 

extended repayment penod. . ! uolltiewM crahhed when .h„ 


TUCSA also pl^ns to police sinmar piun announced 
member the adherence of South African Inkatha movemenL h.*d I 


e fol h*ws exicnaca repay inem penoa. 'politicians grabbed when the mtofd - .to "! 

need b«- the' 5> udan has Tor a number ofjn n in n w-as easy csDcci-ilK 1-mH m: I he e ^P2" oncp d families who could hp-A* 

led bv CJhie' i > car * finked towards friendly ’ g u! ° now noihine more 10 Kih r V. stcr °f Finance, motfaled on sub-divitfed^ 

uhr, . 0ll . rlt . h Arab ^usuries as a ! Sr .iu * 1 - m P. n ** r Mwai Ktbaki. were to become varv rahtv; from . ® 


become vary considerably, from'. 


UN appeal for 
Thai refugees 


China accuses Vietnam as talks resume 


the unma accuses Vietna 

ttigu Cimmiiiiiunev (01 

Refugees. .Mr. Puu! Marilmg. 1 BY JOHN HOFFMANN 
loiiaj talJed on lhe international p 

euniiiiunirj to do •■.•hat it could >HE UlHNEijE r.uvcrnmcni iia? Today’s complaint, 
to heip ca*e Thailand’* refugee intensified its verbal a 1 lack un language llun usual, 
burden Vietnam with the public release ofiiciaj govern nieni 


mJ- expected to remain as governor 


melon ™.«»ee V ^ " mTc ’X ase ^ least e.gh, Ch. nesc Were killed. iU T hc Minister or F.nancc « : mpnt and lh c private sector, is the un^ - 0m * ti3afl n ,^P 

Isrs'sas Kss»ts= ~ ac«s^J SaMS 

gasttsass dD5sffias~s»f«" £ ^.®sgyg 

.im, SlliliS: SU’WSS JSSSSs- l "»r .“•“iSSJ- S?s . , . >ia '. ii " crg31 * ! p**™- . and cn-mimmm „ 


of a South east Asian lour. -. reported killed. 


» c .ssrsssa.'T,"- ^^***jm 

t9T7, Sudanis fwhieh may mean cuts in social 


i Vrip-riKhi-.i L p n n n ^ ' U ' 1 11: ’ v {,J Hanoi agaitt today and iota I indebtedness to Kuwait services. ‘ arid semt-arii! lands reS ra .* r £ ,Ba !' in 1975-77/ 

l “ - ^ ncjr plD » n ’ the Li Ilea *re especial to resume. J was KD 72.3m tS2tS0ml. . I Aiming some Kenyans there 1 $ of the couotry, houses qboSt^ 




Oh 


nun 


C i i f j 


1^1 








7 


Tlr , ^ *Y DAVID FSIUQ : :. 

1 e L % :-■ ^V. 4 -■- 

in. ... THE UK’s official -reserves Cell , 
old ft ’'if- sl . month by.$ 330 mto.$ 18 . 4 bti.,- - 1 
:u e »k.?ej jnainly as a resalt of early repay' i 

11^.. 3I^JHCnt ftf- .AV0IKI»D* iUVi^ •*vn3 J 


U1 oversea?- debt and 
■ as ^ ^i^ e P a,, tmeBlid‘-tranBact£ons. ; . - 
1 ®® e *4 iPterreaiiflSR la -foreign. 
,? ^exchange naarkels : appears fo 
epin« , t havc J? 0 " niiijllesf -lo. jay-to-day. '. 
isruM. .I ^smoothmg operatiunv leaving 
’ecenn lhp exchange rate ta take the ' 
^strain of fluctuations Jn the 
'Uld^k® t. su PP l y and demand for slerltag... 
ihn • £> Treasury ' figures' 'released ' 
v , qjj.' esterday show, that net Joan ' 
* -J? the prepayments amounted inS17Bm,' 
^leaving an nnderfriny fsrii in the 
lh 's * reserves last month of$T51m. a 
r n ^n^siBnlficam : ‘ proponibh ; of this ■ 

' r au7*“ r °P is attributed to undisclosed 
/Official transactions. - 

u. I* Th>a - — ..:j 


Gold and 

Currency 


S,i3in, .The National Water- 
fjouncil borrowed SCiOJm and; 
ine Civil Aviation Authority 
KI 2 .ani. ; 

Mr, Denis Healey, Lhc. Clian-. 
cellar, said last month that ,S4.5L>n; 
of foreign offieUj debt would he: 
repaid Ihis year, of which S3.5l>n 
would lie repaid ahead of time. 

Sterling fluctuated sharply : 
over the month, mainly reflect* i 
ing chansing market hontraym • 


ICI will 
spend £21 m 
more on 
soda ash 
plants 


Boeing jets could bring in New R-R 
millions for UK companies titanium 


JY MICHAEL DONNE, AEROSPACE CORRESPONDENT 

BRITISH COMPANIES could Boeing made it clear that Aeritalia of Italy. 

! win " orders worth several although British Aerospace is at The U.S. mani foeturor expects 
1 hundred million pounds over the present more interested in re- a market of more than 3.000 


KiSF® HS? “?5i jBU^ a, S? p S!Sii ll S 
isisftjB a?s ; te& tr w,DDh '^ t, and 

lime in the middle* of the month ; "Wierxcuir. 

the rate was briefly just over tS2 ! K-1 Is a near monopoly 

for the first time since March,; -*PPUw «r soda ash to UK 

197?. - industry and uos a total pro* 

The changes against Ute dollar: ductlon capacity of about IJlm 
accounted for most- of the! 1®W* Slack demand Hus 


SOU 3 ash fnn hlojijp 

BY MICHAEL DONNE, AEROSPACE CORRESPONDENT | JLllll UlilUv 

mdlllb BRITISH COMPANIES could Boeing made it clear that Aeritalia of Italy. 

! Win " orders worth several although British Aerospace is at The U.S. inaoi focturcr expects nnT7Al 8 A/l 

By Kevin Done 1 hundred million pounds over the present more interested in re- a market of more than 3.000 M J 1 1 W r~ i I j~ g 1 

iMPi'iti ai riipmiral Indus. 1 next w , lu l . 5 - Vuar s on the new joining Airbus Industrie to help aircraft for its new family of 

}2lr li Invest 1 further ; BoeuiR family .if jet airliners. build the A- 130 version of the jets ove- the next 10 years. 

Sim at lu soda ash DlanK In • This is in spit,., of the fact that European Airbus, U.S. manufac- II is also considering a new 

rhefchlii* ■ lhc Rationalised British Aero- turers fell oilier equipment, com- version of the 707 jet airliner. g y David Flshlock, Science Editor 

- S p ace (..roup dovs, nut at present poneni anil aviation electronics fitted with the French-U.S. 

The mvesloieut forms an J intend to take up the original companies in the UK had much (Snectna - General Electric) 

important part of IK puns to -'offer, from Boeing of eoliabora- jo offer Boeing for its new air- CFM-56 engine which would THE HOLLOW titanium fan 

spend more than tfiOro in the •; Hon on the 757 airliner develop- ii ner prunrammes give the aircraft a new lease of blade developed bv Rolls- 

next three years to Modernise ; nwnt programme. Bocinq also made it clear that life through the lfnjs. Royce as an alternative to the 

and repbee ageing plant at the ■ Mr. Mai cot m Stamper, presi- it expects tu be able to As part of its own contrihu- j I'rmmfibre fan blade which 
^ nnri dont of Bwfmg said at the Faro- announce further orders for the Lion to the development of the; _ . . , 

Luslpek Winohigton and borough Air Show yesterday that new 767 and 757 airliners before new generation of airliners. I fj 'l e d to meet the tompanj s 
nanerscutr. . Boebw would need partners and the end of this year. General Electric uf the U.S. ! own specifications for the 

ICI Is a near monopoly suppliers fur all three of its new announced at Famborough j RB 21 1 aero-engine in the late 

supplier or soda ash to UK ; family of jet airliners. These Agreement yesterday a new version of its 1960s— and helped to brine 

Industry and bus a total pro- * are the /5i twin-engined narrow* , U „ . existing CF -6 engine, called the about Jht , (V , !! . (nS p of !h{ , 

duet Ion capacity of about IJtm i bodied and «tf7 twin-engined Worldwide sales talks had Dash-SO model, that will have Jbout iht collapse of the com- 

tonnet Slack demand fills i wide-bodied short - tu • medium intensified in the last week or a thrust output of 54,000 lbs. j pany — makes- its public debut 

vmi- i-KiiM-lalli- from lhp ulawi \ riHtdC airliners. ,-inH fh« 7T7 cn. and airlinn*; <;ueh as Ampri- ■ at the Famhnmuah airsbnw 


Tbc 'investment forms an 
important part of Its plans to 
spend more than £fi 0 ra in the 
next three years to modernise 


=!*y ht J; Two o£Bciai ^ loans were- repaid — 1 ■* ' '"i"! * * accounted for most - of the 1 tone's. Slack demand this iwide-bodied short - ty • medium intensified in the last week or a thrust output 

. 7^11 .’-early, in line vritli Government variation in the trade-weighted ! year, especially from the gbw range airliners, and the 777 so. and airlines such as Ameri- Tnis decisioi 

-e ’• stiff, T Policy to smooth bill 'the' hump Council repaid the outstanding index. This fluctuated from ! industry, has mcaut that | tbreMngined aircraft. can and Delta were believed to intensify comp? 

n ? Am^r oE - borrowings ^ctue for repay- S44m nf 3 D-inark-lnan. JLoan fi *2 l« 62.7 and ended the month* P lanU ha ' c been working at J “We regard these ventures as be close tu decisions. “big three" ei _ 

' Sr ao!". . 7 roent -in- - the early IBSOs. repayments' totalling. $16m were at 62.4 compared with B'-’S at 1 on, y about 8 j per cent or an open door, lie said. “We Boeing also expects to reach Rolls-Royce. Pratt and Whitney 

s "df- to ■ '*» A tranche of$150m was repaid made un the due date. the heginnin" • capacity. :»*« market our requirements agreement soon with Japan on and General Electric— to push 

!an ^hy the - National Water Council At the same Ume’. thcrc was The authnriita appear hi have i However. ICI K rtipaged mi emhusiasticalty and agryessively at least a 15 |»er cent parHclpa- undine tlirust, higher as air- 
; c"ntv following repayment oF the first new burrowing abroad;! by the confined intervention to smooth-' a major programme of Invest- - .T. as w 'cll as elsewhere, lion in the devel op ment and craft manufacturers develop 

-be»j.' |v ^tranche in July. The Electricity public sector, antouating to ing operations in botli directions. ‘ men! In I his sector to revitalise ! , interested companies production of the *87 airliner, new airliners 


s< j Royte us an alternative to the 

* \ m oTZ * l-ar,,,m fibre f jn blade which 
'"airliners] I falleJ Meet the company’s 
the U.si ! own speiifii-atiuns for the 
mborough j RB 211 aero-engine in the late 
-ion of its; 1960s— and helped to bring 
^tbo J about iht* collapse of the com- 
J00* lbs'* ' P aD . v — makes* its public debut 
;ertain to ' al fte Farnborough airshow 
nniong the ■■ this week. 
f >LI «Jr C L t -F s — I The new fan blade, if it replaced 


SOns W*,' 
nrlrtf? 

Ij'iTLSt vjC 

isl stc 

* YUN ^ 

^ n 3ia k„ 

•Kocft' ,1*A FLEA for 

3P ^Vl a rr. lIH. 


Government is urged to 
Stop ship sales abroad 

BY IAN HARGREAVES, SHIPPING CORRESPONDENT - 


FLEA for the .Government M security support mg. foans.- !l per cent or 562m deadweight soda as lip rices 

ical rraJ^i slenT the tide of _saics ut'maiJerd . Reardon Smith recently agreed tons of the world fleet was laid tonne, follow In; 
>M g, .* 1 British ships to foreign owners; with Its bankers, without the aid uj» at the end of July, a reduction Investigation ir 
ug r/niit^, burins the shipping slump 'came '-of the Government shipping debt of 0.5m dwt on the previous appllcallou. - 
i-.-.pA .^yesterday from. Reardon Smith, moratorium plan, a rescheduling month. . . . 

11 ^Linc. one of the hardest-pressed of- loans; . . . ~ The UK fleet continues tashow VHP, k 

id Ij -,«h .British shipowners. " . V Mr. Chatlcflon wiitat thal in above-average lay-up figures. At ‘ , 

,p\. , v Reardon Smith, which reported .view- of tin* twportancc. of the end of July. 11 per cent were JFj”? 
ft ''! * pre-tax loss .of £12.4m .on a shipping to invisible earnings the idle, an improvement on the " 

r .. ewtgroup turnover of £2$,6m P was Government should enwre that. record 13 per cent- at the end? iVT 


Its manufacturing base. The j 
average age of its plants is 
between 25 and 30 years old, 
but some parts of them are 
more than 50 years old. 

The company K spending j 
£25 tu. a year for the next three | 
to four years and expects to ; 
continue with a high level or j 
Investment lu suda ash alter ! 
1581, provided that there is an j 
adequate return. t 

In April this year ICI was 
given permission by (he Price 
Commission to luercasc Its 
soda ash prices by £320 per 
tonne, following a six-month 
Investigation into Us price 1 


• to tell us what they have to This would he along similar lines- passenger payloads and looser 
i offer." to tiie recent asreement with ranges. 


Research aims to phase out 
divers from offshore rigs 


BY 1 DAVID RSHLOCK. SCIENCE EDITOR 


appllcallou. ; i a NEW energy research pro- 

An attempt by the C.ommls- I gramme aimed at eliminating the 
lion to hold back soda ash j deep-sea diver from offshore 
prices -temporarily was over- j operations by the . end of the 
ruled by Mr. Roy Hatlerslcy, j 1980s will be announced by the 


the solid titanium forgings at 
present used in the RB 211 
engines, would be cheaper to 
iiu nu fact ure and would reduce 
fuel consumption by at least 
1 per cent. 

This atone is a powerful incen- 
tive to airlines faced with the 
likelihood of rapidly rising 
fuel costs. 

Rolls-Royce is not committing 
the resources— estimated at 
several million pounds — 
needed to manufacture the 
hnltmv fan blade until there is 
specific airline demand, but 
it has undertaken to make 
blades for demonstration 
engines. 

The now blade, which spins at 
6.000 revolutions ner minute, 
and each of wbich dissipates 
over 1.000 hp. is bigger than 
its forged counterpart. Tt is 
made from chemicallv milled 
titanium sheet, brazed with a 
titanium honeycomb filling. 


VT^'old hu tk. carrier Orient Cl ty-jjnd' prices to foreign owners does not tanker market account for must 
shortly, be fonttd to dteposc continue. • of the piek-up. '. 

*- r rtejlfcof sister ship, .Welsh, City. -This year the British fieri i* ' Sweden cuntinucs to be the 

The company’s annual report, thought to have suffered -a net worst affected of the major marir 

published yesterday/, discloses reduction of about 60 ships. time nations, with 35 per cent of 
p T that the book- value -of Reardon -- . her fleet laid up hy weight 

F iCTflgwith’g. fleet baa "freon 1 reduced Tftfrpf rpcnropnep - r ■ followed by Norway (29 per 

1 -Wltlby £9.9m in.the .wpectation' of ^ ‘ - ^ > cent) and Denmark (24 per 

_ more forced sales at depressed The amount of world shipping cent l. 

BE/RIT. (prices: i - ' Jaitf up because. of thc/chronle The improving trend in the 


Department of Energy towards 

r; i.i iMiuvrui vi *i?.wiiii w*w. uuvvriiiuciii wvuiv tiwuc uiai.iranu u jn:r ixm (time unu : »«,. ilia Anr i t ,r <hn 

HjJ ^^fecenUy forced id sell' the ycar^ -disposal of - ebips. at -depressed or June. Agoin. chaoses in the} SSSSJrv vSS* J V niil , iBn 

- .niaj-Qm bu Ik. ca rrier Orient . City jjnd prices to foreign owners does not tanker market account for must wTISitoilSfSrJE h,vn “ 

I." Jrn . a -V shortly., be forced to dispose continue., "J" V*T. . of the piek-up. - ?S22L b , a ,' c 


allocated 


programme 


Mr. C. Tt. Chatiertod, the- com- depression ' . jn 


tr,»; assets. restricHon/OF.capKal.eoratiratei. -• in London, reactivation or 

:’.s bud esmitmehts, payme”nt of only token Tfgiires from v nhb : General Tonnage in response to these 
•K*n. T 1 -; dividends and adjustment ' to Council of British Shipping say better rates has virtually censed. 

• • \l_S: ~^» ,*;.■•■ *■' '■ ■ -..L , 

•.*9 bjd bw-' ' (• . - - .* . '' 

li Humber Olympic TV bill ; 

S toUsW may be £500.000 

•n-. Vnctf: # -jV ... '• J - \ 

high BY ARTHUR SANDLES • \ ... 




tolls Hoo may be £500,000 


appucauou. : i A NEW energy research pro- " robot. His faith lay in the idea ««r ljjnu hp. is higaer than 

An attempt hy the C.ominls- I gramme aimed at eliminating the • of having a maa “in the loop" I lts forged counterpart. It is 

llun to hold back soda' ash (deep-sea diver from offshore •• , — on the surface but provided made from chemicallv milled 

prices -temporarily was over- j operations by the . end of the mifBEf ' through electronic systems with titanium sheet, brazed with a 

ruled by Mr. Roy Batlcrslcy, 1980s .wilt be announced by the &g Hr WSR all the feelings of being on the titanium honeycomb filling. 

Prices Secretary. Department of Energy towards gffir spot.' , , 

The company said then that Lhe end of the year. -j JK A tread v the engineer had '^OStaCle 

any temporary J^trirtiou Funds of "a few nullion «. f demonstrated, with hts develop- The savins in weight from using 
would have east doubts on the pounds have already been Mk... ment of logic,- data processing the blade in the RR 211-‘ V> R 

justification for the subsianlfal allocated to a programme and presentation systems, that engine would bp 134 lb tier 

: Investment (ilanned for this initiated by Sir Hermann Bondi. there were no engineering engine P 

product.” chief scientist at the Department Vr.‘ ■# ' ** ' ’ • limitations to a solution to such _ # “. ' , , . . . . 

• uf Energy. ' A'-* ■i ; '^Ta3L''; 5- ' yf - problems as the remotely ® ut the obstacle to introducing 

Reliable StrHcruiann, who joined foe controUed. deep-sea diver. The a novel form of such a critical 

department after six years as; basic problem lay in understand- a . c °moonent. esoecially in 

However, the capital erpen- c liiet scientist at the Ministry of infi man himself better, in order view °[ , the company’s expen- 
diture programme is going Defence, brought with him ideas • . . ^> 3aar ‘ ' . to get the best performance out ? nc ® w,th t-arhon fibre blades, 

" ■ ‘ 15 ' MmtU ~ of the man. And here, said Sir « the risk of an unforeseen 

Ik • Hermann, “we have not quite problem with a relatively un- 

scratched the surface yet” trie “ niatenal. 

' But a better understanding of Confidence in the forged tita- 

man was not without its own mum blade is now high— 
• ' . dangers, be warned. Today we particularly since an incident 

v • - ina couid shrug off the efforts of the ast month when a 6 lb vulture 

tv.- .* advertising industry to influence was mgested by an RB 211 

lion oi.sooa axil at rawer cost, to laeitung a otowour — coutu hwrmamm ronai us because its effMtiveness was engine over California with- 

and more .efficient uxe -of fmeiniportant applications else- bIR HERMANN BONDI • ™ out damage to the engine. 

to held /£ to tackle an ^ situation which because it did not understand The carbon fibre blades had 

m it irVin "(ho i! 5™ p w hfiilJfc be foreseen. the human mind at all well. Once failed to meet the Rolls-Royce 

' tt, KM lif t Ko But bis scepticism about it did, its ability to manipulate specification that the engine 

8h0U JAjfft? f ,Krn' V0r h ed ^ m (Sf human foresight made him doubt the human mind could be very should be able to ingest a 4 lb 

port markets.. Fifteen per wot sea rather, than coal seams, since jj OW far one might develop the dangerous. bird without damage. 

of sales go overseas, where in- the mortality rate among divers* Z — 

creasing competition is being is about H) times as great as that . ' ^ ■; t.e ...... ^ 

met from soda ash produced among UK coalminers. . .. ■ ~ T*’’.* ^ I-T'""- 


Sweden cuntinucs to he the justification for the substantia! (allocated to a programme 
worst affected or !i!e major :ln ''csfmenl iilanned for this initiated by Sir Hermann Bondi. 

SSrntta ASStSSTtS^i pivduct ” - c f»£ S? Ust ** Department .MvV 

^No^cWr .Reliable- • 

rent! and Donmark <24 per However, the capital erpen- c Wet scientist at the Ministry of t " • ; 


Industry latest statistics U unlikely to be gm b to be Vpcm •* irZdv too H^errTs a/d 

p repons p aa y chairman. ; says fhfe-gropp decreased slightly last month i as maintained, as oil-tanker freights Se SyaHerawHe worlb, *for bound fo y worsen as offshore 
Led has agreed' with Tits' L bankers^a some owners deactivated wsiels have slipped hack from the badfoT-modcrnlLiUon SSSlnic mmTfota h-SS“ and 

gradual reduction. Tin gearings to take advantage oi , a brief higher levels In early August X repIireS^ of SSS J move into deeper and 

V; which will involve selling more .resurgence in oiManker freight According to shipbroking sources obsolete equipment. (tore perfected, the ideas for 




new building, -modernisation 


obsolete equipment. Onre perfected, the ideas for 

. • The construction work should remote, control of offshore opera- 
lead to more reliable produc- liona — from routine inspections 
lion of. soda ash at lower cost, to lackliny a blowout — could 
and more efficient use -of haveimportant applications else- 
. energy, ICI said. . where in the energy sector, for 

It was also expected fo help example in coal mining. But the 
maintain the company’s com- ideas, Sir Hermann believes. 




SIR HERMANN BONDI 


Obstacle 


engine would be 134 lb per 
engine. 


a novel form of such a critical 
a component, esoecially in 
view of the company's experi- 
ence with carbon fibre blades, 
is the risk of an unforeseen 
problem wi*h a relatively un- 
tried material. 


should be able to ingest a 4 lb 
bird without damage. 


in the UiL from 
alkali deposits. 


natural 


Sir Hermann, in his opening 
address to the . International 


BY ARTHUR SANDLES 


About £3m is being spent. on [Congress of Aerospace Medicine favV'"" i 
the Lostock factory and a' fur* in London yesterday, said there 
Iber £3m is expected to be were two possible ways of replac- «..y y‘.\ 

Iklv r.. ihn rfiuM Ann In W 1 • . 


,‘i- it •• • ;• X ...... .n v 

■ .. .; •'■■■ ; ’ ■ ■■ • \-’\ ' v - *•'•*•*-1-., 

' Vr/V'T.. . 


sanctioned later this year for 
the Wlnnington works. 


ing the diver. One was to 
devise a robot, adaptable enough 


Euro Exhaust receives 
£500,000 from ICFC 


— — By MauriceSamuetion/' ~T •BftiTlSH'"- TELE VISION may The . time ^ difference' in 19S0 UU* Wlnnington ' woriw. I devise a robot, adaptable enougn 

„ . . . . . 1 have to. pay £500J)fl(J to the means, that taany of the events 

THE TOLlJ? proposed fonjeom- ] European Broadcasting Union For will lake' place in the British 

raercial vemetes ou;ui^-£6«n : rights fo. cover the J980 Olympic rooming and -there might there- . 

— ■ -• Humber Bridge, oue ; ^w; -oe i Games in Moscow.. 4 The EBU is fore be a greater amount of |j m*/\ Ij vhtillCT I’Of'OlUOC 

opened next year, are so high reportedly paying I3m to the recorded coverage. JCjIIJL 1/ JL Cv VI V W 

• 1 lha i they _wlll -Mr- for. overall. rights and , Thc.Rusauin deal with the n t rtnn 

/xplAj compames. from, using -it aim r basic service* for an area cover- \j.S. was completed more than a X. Cl II 1 1 1( If | tlYUTl If Ml 

t^lUl Jcfcal L he ^ eaban fo f , : Ins- •most of Western Europe and year ago. Since then relations awjUU«l/l/l/ 11 %J lit lVxl 

construction. It w-as dairaed ;^ orth Africa. ? between East and West have 7 . ■ - 

n . . The UK figure, which -wit! be chilled. and a question mark now B y no DS WORTH 

X.M.i'.'El.- The charges are^made -to a .-pyjj mainly ,nv iJmt BBC. is hangs , over the Games taking 

nfi I? port 1>y Uhamner ®»'-« a bo'ut the sanie'us'for the 1976 .place .at --all.- It may be that in EURO Exhaust Centre Holdings, already has eight depots in 

... Commerce wuicn wants .cuts iin fQlympta in Jfiontmd and might tins, atmosphere the Europeans one uf the fastest-growing Holland and Belgium, and plans 

u’idej - . the tolls^ proposTPtl ljy seen as Remarkably low. were able to drive a harder exhaust fitting chains in the UK, are well advanced for its first 

! NBC. one .of the American bargain than the Americans. . i» to receive a £500.000 medium- German outlet 
■* s-* X he P a “ ,b " f 4 *?? bj three Networks. ha<; never There was little disguising terra loan from the Industrial . The company was launched in 

mils should^ be- 'ronflrmed thafit iTpaying HOm BBC delight at the figures last and Commercial Finance its present form in 1973 by Mr. 

, :;iej enough In Irov* commercial {•SJ™fStT s rf ch fa i, lh'ou»h the night. At a cost of around £5.000 Corporation to help with its Alec Merritt and Mr. Bob Morton. 

M m no i doubt «Jwj>K-(lie ?^ D anv haf insured against an hour the Olympics will be expansion programme. Mr. Arthur George, purchasing 

-advaniage^ of using tbt- brWge. > ,l. m cheap television — and the fact The loan murks a change from director, is another significant 






BY TERRY DODSWORTH 






. tf report by Hull, tiumw r f r iabbut the satfie'as’for the 1976 place at all. It may be that tn EURO Exhaust Centre 
f ? c ' r i Ll , ..- Comnieree whic h wan h^cais in ; Olympics fo Montreal- and might tins, atmosphere the Europeans one uf the faste 
■' ' the tolls proposetl^ ijy -the ^ Remarkably low. were able to drive a harder exhaust fitting chains i 

®3™ se ! NBC, anc .of' the Amerk-an bargain than the Americans.; . is to receive a £500,0(H 

The Chamber says that ttra ^networks, has never There was little disguising ienn loan from the 

,n,,s ^ hD . n,d . 5T' confirmed tlafit is] paying £40ra BBC= delight at the figures last and Commercial 

.!:■ - : *■ enough to . commeretal j-. ., rights although the night. At a cost of around £5.000 Corporation to help 

»ar-rf u«erx in doubt about the tr-- US an hour the Olympics will be expansion programme. 


i- . a 
iTrif ...J 


argued, should he charged 12 i 




Of CASA-- dtreSude •' fh 1976 the BBC broadcast IRQ full attention to the Games the Euro is in 
tirifoad -o?5Sf"jra*nr of OljTnpic . television, costs would be w’lil three ways— further deve 

)2?&j?rS8Si ™ <° «“* “• S5SS? »r i 


or more axles, £4- Instead: of 
IS.50. . ■ : -. 

Last month, -. the- alt-party 
Parliamentary Public. Accounts 
Committee- ■ reported" serious 
miscalculations in the cost of 
the bridge, the whole of which 


Consumer spending rise 


Euro is in lhe process of a to Standard Tyre in 1971 for £lm. 
further development of its UK All the present company's 
network wbich will take the developments are on freehold 
number uf outlets from about or leasehold sites, unlike some or 
60 to SO. II Is alsu expanding its competitors*, which are based 
on the Continent, where it on franchise operations. 


What’s in 


llie onuge, me wnore or which ; y . . • _ - • .J 

r 7S ]; : to continue next year 


estimated . at il9m. J ';Hal.' rs J 
■ e jj-l? (Mdinrates have -'risMl* ha ve - J 
::*■ the proposed toUs,.. .' f/ ■, 


Villiers denies rumours 
of more redundancies 



r 





FINANCIAL TIMES REPORTER 


■j mi* - ., 

13 ' 

.11 if 4 - 

sW 85 -.,;- 

d' n: *V 


FINANCIAL TIMES REPORTER 


Kakuzi sees 
big cr op j 
increases 


THE KfSE in consumer spending increase ip children's allowances su? CHARLES VILLIERS. chair* Labour MP for Stoke Central. 

■ will continue through 1979. next April. man of the British Steel Corpora- Sir fJiaries gives a “fi^ 1 

- arrnrdin'’ to the Hcolcy Centre , The centre forecasts that the: ,ip n »r>H mnnirc ihit ihp assurance that the men em- 

i r5_ Forecasting the independent rate of hitlutipn will «top falling M ,on » has de "j^ d l T p0 , he pluyetl in the rolling mill are 
'^onmfoc foresting SrimP talrf this year and that April’s j rema.mns 600 Jobs at Shelton ^ Q{ BSC *ft long-term strategy. 

W ln° iis Quarter! v' pubilcation. Budget will include more tax, Iron and Sleel Works, Stoke-on- The report, he said, contained 

*Plhnnirio Consumer Markets, trie cuts^ However, savings are likely | Trent, will be lost. . “imccurate comments.” 

■ cavs that cunsunters arc to.remain high. . , The rumours began when a Iron and steel making at the 


ien: t lneroocnc - -centre says that consumers arc w.remam m S n. me rumours uygan «nen a iron j..u mwi n.dMuy a. i nr 

■.•re# '.>• Illtrcast:^ '.trartinc un and becoming mure Companies making childrens confidential British Steel report, plant ended in June, when l.60«i 

r; r . ha' »Kiirrri«t'inctin«i to buv inessentials. goods are advised to take notice Which has sinre been withdrawn jubs were lost Full-scale sever- 

,?i ^iworns retailors to ensure of the decline in the birth rate and amended, fell Into lhe bauds ance pa> negotiations between 

to for and to seek opportunities for of union leaders. the Corporation and the TUC 

' in November and tbc trading up and for export. . In a letter to Mr. Robert Cant, steel comnuttte begin next week. 

'■r.,- ;are beinc cofeulefed on schedule -- ■■■' — ^ — - — : — _ — — ■ — — — — 


p ica ana wm anuw rf. a . 

Tennis sponsors vie for control 

tory % ! Direcfora'dn': net .contem- ’ RABftrrr ~ 

B^- . plate; any large «ale investinebt j. *9"!” pARRctt 

‘"Dnrin^he^^ofUhe summer" jenni.-* tradtiuonally been a touraarjent of Courtaitids Knitwear, es- * We merely wish to_ have a 

rf '.-iZu ..» #«• -94: .Hi* j u.. nntii- VAk whpn. 'as nit oiatiTed that he had had -'ere- i»av tn .the Piavinc conditions. TnC 


ms. the 
mt and 
it these 
ut wnh 
re shall 
nues in 
already 


unnamed. wiUi another event during that lo0 !? ^ ou . ! ! , contract 

lie. pBvioos alternative week so that if agreement with with BBC TV which still has two 


are not about to dis- company employs most of its 
rV 15,000 workforce., > 


A name that’s recognised can inspire awe, 
envy or, in this case, confidence. . 

It’s a name with a reputation for accepting 
only the best, and maintaining the highest 
standards. An assurance for the wine-buyer 
that his choice has been expertly selected and 
carefully shipped. 

A very good wine reasonably priced. 
Distinguishing it from the ranks of all the rest. 

In other words, a name such as ours can 
sometimes be all the guarantee you need. 

Because when it says Bouchard Arne on 
the label, it says a lot for the wine. 

read the small print first 

Bouchard Aiue 

Burgundy specialists and shippers of fine mine 
13 ECCLESTON STREET* LONDON SW1 
*Aine denoting the eldest son of the family 




s 


Financial Times Tuesday September 5 1978 


HOME 


Restrictive practice 

agreements 

rise to almost 300 ‘ 



Britain ‘needs more 

research scientists’ 


BY DAVID FI5HLOCK. SCIENCE EDITOR 


BY OUR CONSUMER AFFAIRS CORRESPONDENT ■ L L _ _ „ 

.STRONG PLEAS for an increase 
in scientific inquiry and For more 

A FURTHER 13 restrictive them until the Restrictive e ™ hers were made bv Pro- 
practicc agreements in the con- Practices Court rules otherwise. - norothv Hodakin in hi»r 
struct ion and road building Bui if such agreements have ' Dorothv H^Kinjn ner 

materials industry were y ester- been operated before they were.gr Association for the 

Jay pu. an the OiTica of . Fair rejlaered - ■* h» «*umd u. ; tJSL ra tm o Sd" oj m Bath 
Trading register ul restrictive the construction industries — aT ?~T ™ UT ° 
prices. then the companies concerned! tesi nl f Dt - 

This brings the total number maj not continue to -operate! Prof. Hodgkin, speaking in 
of restrictive practice agree- them until after a hearing | Bath Abbey at the start of the 
ments in ihc construction indus- beForc the restrictive practices . annual meeting, said Britain 
tries to almost 300. It is believed court. Such a court hearing often [compared poorly with its main 
■ that over a 1.000 unlawful agree- takes several months to arrange. . trading rivals for numbers of 
inents may exist and will The existence of restrictive j research scientists, 
eventually be put on to the practices on price and supply inj Th e UJS had 25 research 
register. the construction industries first . scir-nHsts per 10.000 population. 

The agreements registered yes- came to light last year after j ]lD . n ‘*3 West Germany 19, 
terday were nine for the pricing secret evidence had been given ; F „ D _ e “jj ^ USSR 38. 

and supply of dry and coated to the Office of Fair Trading by/ 
stone materials and four in the a „ executive in the road- 
•mpply of “blacktop" road sur- surfacing mduslrv. 
facing. - 

The 


nine 


But Britain had only 10 per 
10.000 people. 

This followed the exnosure of! Wartime experience, she said, 

- asreemcitis unregistered price-BxS? ! shn * , , ed *5 T ma ">‘ 

covert new parties and broadly me , lbc concrete industry. 1 People could do skilled scientific 

involve companies colluding on Thppf . irp ihout 3<tnn mhi»r|work if suitably trained and 
prices and specifications as well restrictive trade ISimSS selected.” Britain needed to 

seo- registered with the Office of Fail i draw more young people into 

Trading. ! research — and more women. 



Prof. Hodgkin quoted a recrent 
statistical evaluation of the scien- 
tific papers which had contri- 
buted to a. series of advances in 
clinical medicine. Of the 529 
papers. 62 per cent were report- 
ing “ basic research.'* • 

One conclusion was that ' a ; 


Tobacco 
survives 
price war 

By Our Consumer Affairs 
Correspondent - - 


IMPERIAL TOBACCO, which 
the John Player and 


profits fall 




generous proportion of a nation's,' owns in® jom ^laycr^nu , c “ ared with £ 3 . 2 Sm 

Avnanrlitura nn hinmpHira re ' “■ "■ V- •»»**» ; r lacf ve.-l r 


to 

BY RHYS DAVID, NORTHERN CORRESPONDENT 

thf rONTfNUED world reccs- the specialised [grain i and timi* 
caused a sharp fall in terminals m the new Royal S? 
Seaport of Liverpool— forth dock complex, and <* 
diwn iS ie firsr six months of tain er traffic is also contia,* 

this year ° Throughput is currehUy e« 


as allocating specific 
graphical arcus of business. 

The fonr new blacktop agree- 
ments. bringing the total lo 122, 


Professor Dorothy Hodgkin 


expenditure on biomedical re 
search should be devoted to long- j 
term research on how living , 
organisms functioned. fn I 
general, basic .research paid off I 
twice as handsomely as all other 
kinds of research and develop- 
ment combined. 

Prof. Hodgkin continued: “ If 
wp think of the lines of research 
l have outlined in terms of! 
particular needs for the future 
■ we come to. much the same con- 
clusion. Take the case of insulin 
in treating diabetes. It is effec-} 
live, it keeps patients alive. There 
arc ways in which its day-to-day 
operation could be improved. 
But its use is at best very 


ho\ 3 ro! led ~Jg | . l,in « to “ and i«Kd Svtoi toT the Swbl! Nob^ Prize for Chemist ta 


supply, and repairs of motor! 1954 for her 


Although the agreements were vehicle radiators. Inrad Services ! cryst allograph v in 
jrnuiliy put on the restrictive has six in ember-corn panics and; the structure or ct 
radices register yesterday they 7Q associated members. Under i miM 


belie vo. it has weathered the 
worst of the price cutting Avar 
-launched by BAT Industries 
and its Slate ■ Express brand 
earlier tills year. 

Imperial's market share 
through its two subsidiaries 
bad slumped curlier this 
summer to about 54 per cent, 
down from 62. per cent a year 
ago according to trade sources. 

But since- then, Imperial 
estimates Its market share has 
increased by several per- 
centage points to re-establish 
its place as market leader. 

The price-sensitive - market 
for cigarettes bas been upset 
since- BAT earlier this year 
launched its Slate Express. 555 
brand at a heavily discounted 

. x J ™ r *aihy C °and the" Babba-e ealeu- 0ULr metabolism we might be able! Saddle or?his month the price 
unravSSe taffiS eiSi 10 «*** f« better methods for. wilt g0 up to 55p for, a packet . 

n.mw» treating the different disorders l o f-20. bringing;.: it more In 

competition with the 'Other 


same period last year. 


mated at about 130.000 boxes 


:aaing. nmuoer or. seminal scien unc o ls - - lf 

An unrelated agreement also! Prof. Hodgkin, a fellow of eoveries — penicillin, the *tnie .i” 1 ?*”*” TiinlSInental! 

registered yesterday was for I Wolfson College. Oxford, won the ture of Insulin, the electron 


□umber of. seminal scientific dis- 

"• udiukui, uiipuuKVi a. 

- knew in all fundamental 
crvs taii 0 . detail how insulin ovts fo control 


raole - ,™ s MS?!S JSS-SK — u'«i «w> ni,*. 1 


She 


_ u often unexocctedlv*' ste* said! n ®ss f° r example, which insulin king size brands. .. 

W? 1 ?* ®“ £ “Often vwjirn porta nt dis- injections only very imperfectly Meanwhile, the Action 


"flpvifin . j , i ijuuicu wut u-i uiv. _ 

Restrictive Trade Practices Act. ^ negotiated-bv Inrad ; J? unde ^ -of the British AasocU- haVe been made by the «ntroL i Smoking and Health , pressure 

••an register agree- J' ‘ - ih<™ *< fnwu«»nni the weed for fc 1 v .“ - 


formal! 

practices register vesicroay tney 70 associated member,. Under! culN 
hate alread*. been ended bj the agreement they must supply 1 
rompames involved. Under the n 0ods an d sc ’ 

., . . . As the agreement "has beeIl! 1:ioT, as fore ’ eei ‘ ns young as almost their first piece ... 

Chen continue wrth , re „ islerpd i 0 % CC0rdjini?ri ttith »he f 3 aew - mor ? broadi - lHl>ased of rosea rch." ■ knowledge we seem to, have come 

Act it cun be operated until the 1 . 10 3 1VC a blrort ?® r But some critical advances a. very long way. For a moment | 

tw fff 1 • Office of Fair Trading seeks a i im P ulse s® 11 a more systematic were ma de by the old — and we srand amazed' and delighted I 

VaJfiCllSUP court ruling on whether ft|direction to scientific inquiry. she cited as an example J. J. Until we start to think of how) 

a auvuuiv operates against the public in-! In her address on Discoveries Abel, who first crystallised ia- much ^more we should '.like to 1 

lerest and restricts competition. 1 and their uses, she reviewed a sulin at the age of 67. -know.” 


on 


companies 

nienfs and 


tool industry 
‘not a 
lame duck’ 


By Our Industrial Staff 

THE MACHINE tool industry' 
does not deserve us "lame duck") 
image says a report, published I 
yesterday which analyses the; 
performance or 60 of Ihc leading 
cumpanics over three years. 

If the Staic-o-.vned. trouble-bit 
Alfred Herbert i» excluded, profit 
margins were 3.S per cent. 5.6) 
per cent and C.9 per cent m the 
three years ending October J977. 

The industry's real weakness, 
stales the report Trom ICC 
Business Ratios. ** is its erratic 
yearly performance at the 
individual company level.** Only 
five companies achieved a rale, 
of return on capital consistently 
above 15 per cent. i 

During ihc 1 975-77 period, the' 
value of the 60 companies' sales i 
rose 42.9 per cent. The total is; 
depressed In the inclusion of i 
Alfred Herbert which accounts 
for about 16 per cent of it and 
which achieved an average sales! ... nPK 
growth rale of only 12 per cent.) "ORK IS neann a completion 
Tbe sue of Herbert -also affects ! on the first Senes oOQ long- 
the return on capital statistics.) ransc version of the Lock- 
With Herbert included the 60 j heed TriStar airliner at the 
companies made an average; U.5. company's Palmdale, 
return of 2.1 per cent. 1.3 per; California, assembly plant, 
cent and 10.o per teni over lhc| 
three years. > 

When Herbert is excluded, the i . , , 

figures arc 7.2 per cent. 11.7 per! ways- and is expected to he 



With ilie growth of scientific r group- f.VSITV yesterday 

- reminded smokers .that those 

smqklng hlgber-tar cigarettes 
will have to pay up to an extra 
7p ' In tax. This bad been 
announced by the Chancellor In 
his April Budget Ash believes 
that the higher prices will force 
smokers to adopt lower-tar 
cigarettes. 


EEC ‘needs 
community 
spirit’ 

Financial Times Reporter; 

THE EUROPEAN : .'Economic 
Community will survive only if 
rt ‘ steers tihrou#i 'economic 


i„.c - vear. compared with a brea 

A further marked dovrnturn in tafgel of igo.000. 

the second half as 0 result o Tfae ^ Jg hopiD g a furlh 

various trad facto re a ° d ^g boost to its container trade co B 
cost of voluntag se « ra “® come through the building of 

Deiug pui lu . lu ,, , ho npsrwf 


schemes now oemg pm un* t 0 the nearest contain 

effect is also forecast xor^ne head at Garston in the sou 

JS ^ of Liverpool. 

*S7 ““ ,Iarb0ur C0m '. Request 

The main problem continues to A request for government a 
be a shortage of general cargo. towanJS ^jg prospect is bei 
with ports throughout Britain esam j 0e d, by the Department 
fighting for a share of dimmish- T ranS p or r, and it is hoped 
ing trade. decision will be made within t 

next two months. 

Manning The first half was also help 

. u.. riv»p bv higher than expected oil sh 

General cargo los.sesb>Uver ^uzh - SheU’s 

P? 01 /^orSithe^ame as m the terminal at Tran me re as a resi 
about .-ESm-^the same as 1 f d i fficu u[ e s the oil com pa 

fir ^ fffortTare beinl madf to is shU experiencing m its * 
a™ 1 f£ ^ ta a i labour 8 force bv Anglesey terminal. This tra 
Som Slo Sfn to bSSg. manning is not expected to mtlne 
into lines, with requirements. A .the same ; l« el * in Lh ^ seco 
new volunlarv severance schetnc half, noAevtr. 
is /also bciis introduced- tor p “ p h "‘ flftt W cm' 




for oil innovators 

BY OUR SHIPPING CORRESPONDENT ; \ 

AT LEAST half tbe undtko vered whfle. expects 4o anpouniM 
oil in the world is underwater ttns.niouth ^ong-awaJted 
offering big rewards to manu- contract for two container : 

iiwss- -sSr s 

2SSSSST “““"■* -BS3S 

Mr. Joiyon Sloggett, . -.vlnj- is Teessj_d^/ v hmi 1 

responsible for British Ship- Tyneside. -■ 


crises as a .community ; rather} b „,Y derS ' marketins in. the off- - 


than on a national : basis. Sir Con 
O'Neiil. who was -Britain's top 
negotiator for EEC -entry, said 
yesterday. . 

Sir Coai who as well as lead- 
ing negotiations for 1 : EEC entry 
trOftn I96& . to 1973 VWajf. also 
director of the Britain "in Europe 
campaign from 1974 to .'-'1975. 
said that the EEC Avas- 'too 
Important to all its members for 


rAvv,.*2 

Aahica a ainiMil 


Minister backs co-operative 


The Scries 500. (pictured) 
is intended, for British Air- 


rolled out of the plant in mid 
October. 

It will be capable 
ins more than 


cent and 13.7 per cent respec 

lively . 

Thp report also illustrates the 
reduction uf cap3Cit\ in the 
indusuy. This is partly shown 
by the drop tn the number uf! over distances 
employees — by 2.000 to 12.000! U.000 miles, makin 
over the three years — among the j 
60 companies. For the industry 
as a whole the reduction was) 
from a peak of SI .000 in 1971 iq[ 
just over 30.000 today. 

The total fixed assets uf thr»| 

•■mu panic?. reviewed showed 1 Roycc RB--H engine, the 

17.5 per cent increase over tbe j 
period, a rare .substantia lb below ) 

Urn rate uf in Hat ion. ! 

tfru-Ii Int* T 'I'iji 1 in. 'in fur Hirers, ! 
f-l-i fm*u ICC B n.'-i nrr- ffuinx. 

$] Clin /for iu*. I-undou EC'/V / BD. 


trade protection took precedence 1 
over community action. 

Speaking at Hie 31st annual 
congress of etui European 
Society fur Upto wn and -Markel- 1 
ing Research.. Sir Con said three ' 
major factors would condition 
the deveiopanent of the com- 
munity: ..the ' directly-elected 

!THE CONCEPT of a fishing cu- as the only one that met the Authority will start turn piling a I European Parliament beginning 
i operative being set up at Milford Milford industry’s needs. report tor the Welsh Office on the j Be xt 7une;. extending the EEC 

'Haven to save the trawling in- The constituency Labour viability of the Milford industry, ; Greece; Portugal and Spain 


FINANCIAL TINES REPORTER 


tiny Pf - theta to leave ordestnoy 

Lt:--; y ■;* '..j. ••• *■!. ^ 


Institute joins 


shore world, said - that the 
rewards would go to the Innqva . 

tors and those who ioolt they n n r t v 

opportunities now appearing WUlKIlIU j/41 IJ 
would benefit in the Future. THE INSTITUTE of .Chut' 
Mi*. Sloggett, who was opening . Secretaries., nnd Admimstra 
the third intemaional onshore has accepted a'n^ invilation fi 
craft conference in London said the Departmenr of Trade.10' j 
that as offshore exploration the -Ad^faory-, Working Party 
moved into' deeper :and morff Europe. Which -will consider 
difficult waters, new. .types of main issues -.likely to - 
hardware would be nieeded. during negotiations on the . 

/ -Fixed -platforms. 1 fdr-.ex'ample, -draft-?:' Sevgj).^ Direct tve- 

He said -worsening * econortiitivfbuid: be . replaced by ftoating 'Group^Aceotmts. 
crises- might threaten the EEC. I structures, supply- craft, designs. Among '- tWV: v other organi 
but only if national pressure for ; would change dramatical iy and tinnsr Invited *(i contribute 


Uy non-stop between London ! Al thc end of 90-minuh! talks Control 'of the item would bo operative scheme. 


and such eitics as Johannes- jwith the Pembrokeshire Labour transferred from 'he trawler 
hurg. Rio do Janeiro and Los > Party's industrial sub-committee, owners to a fishermen's co-aper:r 


Angclcs. Thc aircraft uses thc 
latest version of the Roils- 


; which has put forward thc live, with the Government pro- 
i scheme. Mr. Jones expressed cn- viding financial backing. 

I thusiasui for a plan he described Today. the White Fish 


Courtaulds to 
hold £50,000 
tennis contest 


Dash 524B, with over 50,000 
lbs thrust. 

Car auctions 
to be held at 
motor show 


Tories hope for Brecon 
win after Liberal row 


Island in 
Orkney 
for sale 



more non -economic policies in 
IntemationaL affairs to the Com- 
munity — European defence 

being one of the more important 
facets, according to Sir Con. 

“The Community moves 
slowly.” he said. “And maybe it 
will move more slowly stall when 
there are instead of Nine. 
But it Is right that it should 
move slowly ... and move it 
will continue to do in the L9S0s.” 


BY ROBIN REEVES. WELSH CORRESPONDENT 


PAPA STJIONSAY. a small 
island -In Orkney, is up for sale. 
U is situated in the North- Sea 
20 miles from the county town- 

CONSERVATIVE hopes of In the Uctober. 1074. election, of Kirkwall, -and lies alongside 
winn'm- 1 the Welsh marginal Mr. Caerwyn Roderick, held the the larger island of Stronsay 
TWO TOP auction companies ’ f} “ llf Brecon and s * ea! for wuh a majority whose population is 400. 

win hold used car sates at next ,i...- uf little- more than 3.000 over _ihe pm> a Stronsay Usclf, which is 


Home schemes 
started .. 

AN IMPORTANT landmark was 
reached in Northampton's ex 


"III HV’IU mtu ^ei nmc? ui , n , . . , , .1 . h . of little- more than 3.000 over the „ . . . , , 

'month's motor show at Birming- Radnor from Labour at the next consen alive candidate- 'The uninhabited, is less than a niite ! P an£lQI1 yesterday when work uc- 
hanfs National Exhibition Genera! Elec! ion have been Libcrais polled over 7.500. or across Un u 'stimchi just one! 5an H n thp “ rst bousing in the 

boosted by a major row in the 17.5 , K . r cent of the vole, in a stone-built house and there is ] low _ n 5 southern development 
. -locii! Li lie rpi Party. four-cornered fight. . a pier and also a freshwater « r S?- , 

The Welsh Liberal Party's Even before the Liberal n»w. loch. 

rt auctioneers who regularly ; executive committee has decided Brecun and Radnor was regarded The 156-acre island is owned I , nSlv'utn?! 

hold specialised collectors’ car to cxpel^ ilie local Liberal Assih hy the Conserve lives as offering by a Shetland farmer, Mr. Brian 

Inii-rnalinna! and rJaycd ai ihe!? 111 ® 5 '- wil1 h, ‘ exhibiting in two 
Nm tine h:i!n dure Lawn Tennis [ huge marquees 

Assoc 1 alien's headquarters. ; Auctions will he held ai >««.«. ■ — -■ **■**«= “—j !,„„{„„!«« n r the area's hiiitriin,. 

'Birmingham on October 25 Brecon and Radmirsmre Liberal Houmhi, cuusia of Ur. Emlyn ring season but now huts of the | „mr£ami»n inB uunaini, 


rornTUti.DS Knitw-ear an- 
nr-iinct-d ycslci-day plans for a, r . 

''30.000 micmaiional men's ten- 1 ' ' v. ... ti _ 

nis tournament tn he held in Br ! ,sh AS T* ” . 
XoMleehmn hetveen June 11 junciion with f-hnstie s. the fine ; 

am? 17 nri? year. II is to be 
called ihc Court. mlds Knitwear 


, '-r- _ — - . . — int. V.WUJSMJUU) uiiv* w; u juviimiu uu. TJil, . !.L 1. . . 

<3 elation because of its decision ih c best hope for' increasing Anderson, uf Lerwick, and is i . J 5 ,, *£, n . 1 ,f„ r< L d ^ s ' 

: noi to fight the seal. Itieir representation in Wales, used for grazing sheep. At WW| 

\ Instead, it is t>acking the The T«»rj eandidato id. Mr. Tom time it was busy during the her- “ e ^Jl ”* ,d * vf w :^ c 


The ihrec-«i.u- Grand Pr;\ 


cvem wit! coi-nt .im pair of' the :, dd 27. General Election Committee, a Hooson. Liberal MP for 

fol-aie Gram! Prtx tournament j Christie', wiif hold a vinta-.-c brejk.iv/ay gruuo formed by Iouj! noiaMiouring ,Mont;onic-ry 
and" is pvp.ee- ,*,j ■„ attract the I car auction on Octohcr 23. .members wanting a contest. stituency. 
world's le.iJ,na siars. including 


Bjorn Bore and Jimmy Connors. J 
Courlauids. wlucb eniplo.’-si 
I3.0U0 people in ihc Midlands, 
plans lo a-k iu companies in 
design a direction of tennis [ 
sportswear for ihc tournament. : 


More lorry load danger tests 


the former fish-curing station are 
cun- derelict. 

tine of tiie Earls of Orkney 
in the Norse period. Rognvald 
Brusason, met his death on Papa 
Stronsay one night in December 
1046 — betrayed by the barking 
of his pel dog. 


BY LYNTON McLAlN 


Candidate for 
Cardiff West 


| REnULATIUXS to road-test range of 
I vehicles carrying dangerous aimed at 
i loads mure often arc expected to hazardou-. 


proposed measure; scheme for mandatory labelling 
making transport of of alt hazardous cargo-carriers, 
goods safer. This would b.? based on thc 


' if , u?p? d . UC, p f i rom . January t. Regulations covering structure voluntary Hazi-hciir. labelling 
DR ALUN OV.HN has been 1 .*LT rans and maintenance of nil and code, prepared largely hy the 


Train to seek 
new industry 
for Irvine 


if.-a suitable passenger earryina the Slock Exchange,, the 
vessel would be- developed, it the • -Institute;- of Charte 
would find- a. ready market. r Accountants, - and the Bank 
British Shipbuilders, mean- England. ■ . . : . .. 

Ebbw Vale factories 
offer 250 new job^ 

BY OUR WELSH CORRESPONDENT 

EFFORTS TO attract new jobs and exports them all over 1 
to Ebbw Vale, the south Wales world, has been allocated j'M 
valleys’ town lilt by British sq ft advance factory. 
Steel's closure programme, are Tafarnaubach. in order 
paying off. In the past few days expand. . . 

three manufacturing companies About 2,000 steelworkers ve 
have decided to take up Govern- made redundant at Ebbw 
ment advance factories in the earlier this year under Bnli 
area, which should eventually Steel's programme of accelerate 
provide a total of 250 new jobs, steel closures in ao area alreiu 
LCR Component* of Tredegar, suffering above-average « 
which, supplies the electronics employment. 

Industry, has bought front the 

Welsh Development Agency a fOm cphAlRP 
40,000 sq ft factory at Williams- evOlIl* jLUCUIL 
town where the company expects _a. AAlIinrv 
to employ about 200 people as, al LUilftcl j 

P?' 1 ■ of j- lh - c - ttpe “ ,on of ,ls THE National Coal Board's 
plastics dtvjsi on. yesterday tiiat approval has te 

A 10.000 sq ft advance factory ni V{ , n f 0r e second stage of 
(at Bryomawr has been let to -development project, cosllne 
' Delmar Tuboform — a newly- lola | or £Slu, to mine 3f 
created subsidiary of Delmar tonnes or coal at Tliorcs 
Rubber and Plastics of Crawley — r-otlirrv. Edwinstowe. Nod 
which will make flexible which 'has reserves to last abo 
expanded polyethylene extra- 50 vpgrs. 
sions for insulating. Employment The first phase or the 3W* 
at the factory is due to build up programme was completed.^ 
to 3S people after three years, year and now a £3.7m scheme 
Hugh Phillips Engineering ot drive a third tunnel into » 
Abergavenny. which manu- Parkgate seam has b® 

faciures parts for steam engines approved by thc board. 

Opencast mining protest 

PROTEST GROUPS in Cumbria in Cumbria. 


programme. 

Briar Hill, which will have 31)^ 
homes, will be on a sue cJom? 

to existing .borough council . . . 

housing, and will be built by i want an all-party committee of existing coat 
Holland, Hannon '& Cubitts ' '***" * 

(Midlands). Camp Hill, with 264 
homes, lyill' be built by Robert 
Marriott. ■ the Rushden-based 
member of the French Kier 
Group. Thc two schemes to- 
gether represent. contracts 
worth about fTjm 


They argue tit 

output a It*®* 

HPs to examine opencast mining exceeds demand. \ 

legislation. The groups want MPs w [W? 

After their first -joint meeting lack uf i.-ornpensatiou for 
the groups have called un the tiun in quality of life and vaa 
county councils planoing com- o£ property, and the ovemw 
mittw to question the National of the findings of P 1 ^ 
Coal Board's “ arbitrary/ target inquiries by- the Energy ,'S*^ 
fof 1m tonnes a year production tarj - . 



Provincial office rents steady 


BY JOHN BRENNAN. PROPERTY CORRESPONDENT 


Lbe next general election. ! [ions are introduced under the 

Dr. O vi?:i is head uf the Health anil Safety at Work Act. 
science department al Rhyd- The road-testing regulation* 
feien School. Poniypnd. .Mid would cover lurries and tankers 
Glamorgan. His candidature ' over 10 tonne; cross weight 
represents a break in pariiainen- ' which carr;. cargoes in a pre- 
i ary Lradsn-m m ihe Speaker scribed lisi of inHamnvalile 
j., noi Uiiu.ii oppo-i'.-d. ; liquids and gases ur toxic eases. 


Cheaper night electricity 


FINANCIAL TIMES REPORTER 

A NIGHT-TIME electricity tariff 
uced on Uct r 
nov.n as Ecueisir 


" Si u rage heaters Dei.-aai* less 


These materials are ihWc con- *!}} be mirudaced on I popular, hut ibis should redress campaisoing. 

.l t ,_ lt t ... a ... . nnej. wiij ou s 


C • J '* ldered ,h6 m ®9 Sere n. The ffieinrfiv “ 

Science awards & "r 


the balance." 

The Electricitv 


Council >ay ^ 


_ __ PROVINCIAL OFFICE rents 

exhibits by 35 of the 170 Irvine j have Khrdfy changed in the 
companies, will visit -Manchester. 1 , pa't two years, .according _ to 
NoUinsham. Birmingham. Coven- ! 
try. Slough Reading. . Becken- 
ham. East Croydon and South- 
ampton over the next ten days. I 
Before the train sets off on its I 
journey. Irvine: 

Development Corporation’s chair-! 
man Mr. Forties Macpherson < 


act as 


a survey by leading London 
investment surveyors* Jones 
Lang Woo lion. 

The survey says that if is 
now impossible La build a 
provincial office block In elites 
where rents are . less than 
£4.50 to V> a square Toot. 

Published yesterday, the 


FIVE ROYAL S'icicly Lever- . bodies before finalising the pru- 
hulmc Sludemshipc have been posed regulation a. 
awarded (or 1S7S. The awards. The mwe n. sirenqrlien con- 


ihai ii is not jft.Mnpting Jo get announced ihi-l lbe survey sho-vs 'that of a’tl the 


problems in countries outside ' outside ban Carlas. Spain; In dramatic rise in 
Europe and .North America. Tbe July. years aco was 

studentships are financed by a Tbe Transport Department Govcmmon; insistm 


20 per cent rhea per than ihi- new customers ~hv "n?ice a ”itttP" to build three factories costing 

present White Meier night units. h, lU tbat modem ' BMerawA and total of 

The main beneficiaries w,'!. h c the reduelinn of the high! .'.‘•nod 


Her 



i prices four electricity board ir &ey W3nt to Majesty's Stationery Office, under 

,h y resu ; nf change in the new tariff, its eonlroller, Mr. B. M. Thimont, 

lhai Economy Seven wrif be dva'teble fs to move from London to 


major provincial office centres 
only Leeds and- Beading now 
meet this building cost 
criteria, - 

Tbe suney suggests that 
tire active provincial office 
market can be sub-divided 
Into two areas: the major 


South East which 
London satellites. 

’. In areas away from these 
fairly strong letting markets. 
. cost-conscious tenants arc now 
rejecting air - conditioned 
offices. 

JL.W estimates that air con- 
ditioning can add between 50 
and 75. per eenr lo the rental 
cost of a provincial office block 
and reports that in cities 
where rental tc\cls are low, 

this 'additional cost becomes 
unacceptable. 

Some occupiers also believe 
air conditioning . Js inefficient 


and this has brought m®*®- 
against its installation. • 
Surveying office rente in 5 
major provincial clfiies. 

Lang Wool! on shows—' 
Nottingham, at between » 
£2.75 a sq ft, remains 
Cheapest city for aecom; 
Mon.- "• • J 

Birmingham. Bristol. 
Manchester have rents 
to £3.50 a sq rt and 
to £3.75 a sq ft in Sonflg?S 
ton, £4 in Cardiff. £^,3 
Leeds, and £6 In Reading.^ 
favourite London retool 
centre.-' * 


Concorde passes landing test 

I cities, such as - Manchester. THE Civil Aviation Authorits- biiitv down to 250 nwtres-i 

(»<t mimth rtn-thnV. T j . «v. txvuvmy seven wtjf be dv«"aon? is to move irom Lanaon w! Leeds and Newcastle, which ’has cleared British Airways’ with" thp nmVfnmpnt 

Fund f hC L h TfUS i be ^consul la tioos on l furthe? “V llaed 1Dduilr:Ci W m England and Wales, but not Sovereign House, Bololpti Strcetij have established financial Concordes to land with auto Xcraftto tKnwjfw^' 
r ond. joe uius uu a luruxi ,wi, m Scotland. Norwich, next Monday. [ centres, and towns In the malic equipment in pour visi- pi eted attheend.Qfjas^-: 

... 


h 


Wj 
?• / 


k 








X 





\ FinmiriM ; Times Tuesday September 15 . 1978 



•:i wm» $ '. ' 
■•>r jili*-' 

• - . . f-.' 

..ii ■*-•■■■ 

:3 f- 

• “’-.J 

i T ,-rr o:& 
r * -r. ^ i f - 
i*" 


. sche# 
>iliep t 

. • .vj ?■ 
•••— ; . rj-.ni 

wcr-s* 3 " 
.r * 

•. 1 i* - 

‘ V^Tc-' 

. rn- rl 


.. .. •*.*. 
... 


r . . * * 


r 


' ' ; . ’ 

' t i 


in Fremantle 


- Freshness in Australia-and many other 
countries - owes a lot to Albright & Wilson 
products. 

Fresh, shining hair under any conditions, 
can owe its lustre to shampoos made in 
5 countries by Albright & V^jlson. Personal 
freshness, too. may depend on their products, 
like chlorophyll and materials for deodorants 
and toothpastes. Clothes, too, are made fresh, 
all over the world, with Albright & Wilson 
detergent materials. 

Albright & Wilson have manufacturing 
plants in 1 5 countries. In 1 977 alone, overseas 
production resources were increased 
in Australia Canada France, Malaysia, 
Singapore, Sweden and the USA 

Worldwide, sales last year were £333m, 
of which £1 94m were earned overseas, 
including £92m exports from the UK. 


• ? . .■la’. r 

-«• li; •*' 

nE.'^VsS 
\:i r - ^ 









Financial Times Tuesday Sertoli. 


10 



unions 




to revise 


Labour in a 


BY PAULINE CLARK. LABOUR STAFF 




to review 


defeated 


THE ANNUAL Congress of the 
TUC opened with a rallying 
call from its president For 
solid trade union ■ allegiance to 
the Labour Government in any 
coming election. 

While making clear bis con- 
cern that Labour should be the 
caretaker of future North Sea 
oil revenues, Mr. David Barnett, 
the president and also general 
secretary of the Genera! and 
Municipal Workers’ Union, hoped 
that the party's leaders would 
prove to be guardians of his own 
social and economic strategy 
proposals. 

Mr. Basnett. who this year led 
a public sector campaign for a 
Government commitment to an 
expansion of public sendees, 
launched into a scathing attack 
on the Tory Party, for what ho 
described as Its plans to use oil 
revenues to extend “private 
privilege s."' 

Discrimination 

“Trade unionists want policies 
which will further the fight 
against discrimination, inequality 
and poverty^-policies which can- 
not come from a party pledged 
Lo slash public expenditure, sup- 
port public schools and expand 
private medicine. 

— “They also need lo see that 
North Sea oil is used to 
regenerate British industry- a 
need that cannot be entrusted to 
a party where responsibility for 
the historical degeneration of 
British industry is now allied 
to their desire to use the oil for 
tax relief, mainly for the better- 
off." 

On the urgent problems posed 
by unemployment. Mr. Basnet t 
underlined the noed for the 
Government and trade unionists 
to get to grips with the advance 
of technology. 

He warned that new technology 
would mean a loss of jobs at 
least as massive, he believed, as 
the first technological revolu- 
tion meant. 




By Nick Garnett, Labour Staff 


BY ALAN PIKE, 


labour correspondent. 



ties against the development d£ should be made at all 
public services the workers through the deveipp- 

He also criticised trade ment of industrial democracy. 

unionists for being too often by Slate intervention through the ■ ■ ' ATrEMpT to force the *'***• council was ciples and statutory, 

prepared to trade off the social National Enterprise Board, by AlTKMPT to force tne TUC General Couucu me nts^the rules should 

w^^TSSt'" “ T r 

by^ North Sg^Tfi? £3 f S ^ InSfSS? 

said thatthe country could either faking ^“tig ^peration^wiitli LBoth lhc Transport ahd with recommendations of these dec u tons i Q ^ 


two years. 


Court. 


Bui there should he coni-en- 
tration on the opportunities pre- 
sented by the change, os much 
as on the problems. 

Many of the jobs which trade 
union members were doing at 
present were unpleasant and 
unfulfilling. 

A technology which liberated 
people from ibis needed a posi- 
tive approach and it offered an 
opportunity for increased 
leisure, which should be recog- 
nised straight away. 

"The test of our desire lo 
find a solution to the unemploy- 
ment problem must he Uie 
degree to which we give 
priority to tbe shorter working 
week and the shorter working 
year in our negotiations." 

Mr. Basnett said that there was 
a need for society to consider 
fundamental changes, which 
would take account of the fact 
that there would nol be the 
demand for ax many working 
hours as there bad been in the 
past 

•* We need to ensure re- 
organisation of society so that 
wp give precedents to positive 
leisure rather than to destructive 
idleness." 

He argued that education 
should he as much concerned 
with promoting collective soeial 
needs and cultural values as 
with a preparation for the dis- 
ciplines of work. 

In sharing work we also needed 
to structure ottr society and our 
time so that leisure and educa- 


tion. health and recreation com- 
plemented. but were no longer 


SMK- SOTS SS“^ g£iB£BS2 m D0 * JLrtci.*™. 

indulgence or concentrate on the go^uncriticlsed however. Amalgamated ; Union of Eugi- During the h3VH . 

long-term means of creating Mr. John Miller, national secre- jje er j n g Workers voted against a the Bridlington prj \> P JVfotlOn 

wealth by regenerating British tary of the Transport and General rooHon whose. effecL if imple- come under Increasina ... 

.- industry. , Workers* Union, told delegates meme d. would have eroded some particularly m J* £ The union yesterday 

He referred to the past failure be, was surprised at Mr. Basnett s of the p0W er nf the largest and related iDdu»me*. wnerr an aniendineni to the * 

subservient to, tne ncea 10 of British Industry to invest concern at unemployment ami m^ng on the General Council the Engineers which would have requi»« 

create wealth. enough and to invest tn the right the 'need to capitalise on Nortn j n TC iation to middle-sized Association is Bgntin*. ® General Council to insure* 

Preparation for such a society places. Industry had invested Sea oil when he Jhad said nothing unions. the opposition or otner * *-_ w hiie the forthcoming. iirm 

needed mure emphasis on collec- in the destruction of jobs rather on pay policy; . ...’.The motion, put hy the unions to represent senior -ui- • tjnn j nto disputes' proceim 

live needs, more public expend i- than in Increases in output, but Mr. Miller said he was relieved General and Municipal Workers* Mr John Lvons. EMA general cnrr j ed out. there shouunhj 
lure, and more employment in there was now a unique oppor- tp pee that .a motion from the i uhion. called unon the General speretarv complained during tne use 0 f the existing aWaneem 

social services and education. ■ tunity “to take a giant step General. and Municipal Workers Council to reconsider its decision debate t'bat since 19T6 ' t * iere had tQ impose Industrial 

Mr. Basnett urged trade forward." Union favoured rejection or any; not t o alter Its structure sisni- hf>»n no means of appealing unionism 

unionists to resist and “tackle Pressure on the captains of. Further Government interference gcantly. ' -rt-r' 

head on" the backlash that was British industry and the plan-. into union negotiations or 
occurring in ail Western socie- ning Boards of multi-nationals, use of indirect sane lions. 


fj 



groups life 4 . 

.l .Hcauuj. . aBa inst decisions hiuuc --- managers. <vno did not.wam 

““ It pinpointed the system of disputes' committees- The motion calling fo* 

trade groups as cumbersome. It Decisions from the committees inquiry was moved tiy Mr*- 

supported a new council striic- “e not random, but were Dubbins, assistant general * 

lure based on automatic repre- deV pioDin" 3 spheres-of-influence tary 0 f the National -Grasi 
sentalion for unions with more no ticv ° Association. " 

than 100.000 niembers, two v be that Congress He said that the eristtas 

repress la ~ for l ^ ose with wi JhMl to sc« such a policy, cedures were" clearly 
500,000 to 750.000 membeFs. righj IS&V-h it \rouW be likely to a nd did not. take a «oS 
up to five members for those with f avour “ tar^e unions and those changes in technology or.'j- 
more than ljm members . SSIted * on the General organisation. ’ 

..It would have also given repre- but. if so. this should The effects of new pre fe 

.“*«*•_ '.Wrier 0 Vat Congress. techniques in the printi*,, 

100 . 000 . an tbe basis. of election. •. ** trv had been dramatic "aiuf ■ 

among thetnaejyea _ 0 n ’ au .eleg- _ was now being product 

^to the size Ul^CFCFICCS people who had no tradj; 

• . Thrrp was. Mr. Lyons added, print background. ?t 

._ . . ® ut cnnflici between the TUC*s Brid- Work was moving away 

op a card vote by fr.5m to 5.2m. f infftn n rules and provisions of traditional, printing 


of raeqibersbip. .. 
The motion was. 


Mr. David Basnett, president of the TUC delivers the opening address. 


Co-operatives cMef 
calls for more unity 


BY NICK GARNETT 

TRADE UNION’S were .haavily 
criticised by Mr. Harry Bailey, 
an executive member of the 
Co-nperative Union, for shunning 
effort*: by co-ope retires lo 
strengthen the Labour move- 
ment. 

There was great merit in 
bringing the three sections of 
the movement — trade unions, 
co-operatives and the Labour 
Party — into a fully unified. body 
to decide nollcv issues for work- 
ing men and women. 

That happened during rhe war 
with the formation of the 
National Council of Labour. Rut 
the idea bad not been fostered, 
and trafip unions had. in general, 
shown the least interest iri pro- 
moting it. 

Workers Co-operatives, said 
Mr. Bailey, the full-time director 
of the Co-operative Wholesale 
Society, could be the answer to 
the many unacceptable faces of 
the capitalist system. The Co- 
operative movement was the 
nearest thing to socialism. 

Although the Labour move- 
ment showed 'signs of not being 
as united as it should be, it was 
one ajid indivisible. 

Another fraternal delegate. 
Mr. Dennis McDermott, repre- 


senting the Canadian Labour 
Congress, said that Canadian 
trade unions were in a serious 
mood to reduce the working 
week. 

The purpose was not selfish 
but simply to create extra 
employment. There would be 
massive co-ordinated employer 
reaction to this issue, about 
which there must be inter- 
national union dialogue. 

The last three years of wage- 
price controls in Canada had 
produced such a stem reaction 
from workers that the Labour 
movement there had been 
pushed into the forefront of the 
national scene. 

The Goternmenfs latest 
attempt to tightly rontrol public 
services had also “radicalised 11 
service works. 

Mr. Glen Watts, representing 
the American Federation of 
Labour and Congress or Indus- 
trial Organisations, told dele- 
gates that economic strain in the 
U.S. was being felt by everyone. 

The immediate outlook for 
American workers was dis- 
couraging. while the greatest 
danger to the economy was 
b!»ing done by the Federal 
Reserve Board's policy of tight 
moneysupply and high interest 
rates. 



s“L»- 

aJEJKSS.'S SFSSLiw p “ l * ,m,t 

Sr 8e tTt -™‘ quences for trade unions 

Its decision to retain the' pre- between the Bridlington P ^ 

sent system was Vreflection of 
the “conservatism ah d. paralysis” 
that sometimes affected . the 
LihouT movement 
1. The present structure, of .the 
General Council was indefen- 
sible. "Referring to the ttotind 
"of. Council members hy Congress 
brock -votes, hatf ;4;he General 
Council are wholly 1 elected auto* 
mat! call v by nomination from 
their unions. - . 

Tt was an ir rations} system 
whlrit hit medi umpired- unions. 


EfiFect of 
on jobs 

BY PAUUNE CLARK 
“ URGENT " need 




for actively 


deve’opmem 



smaller’ and. larger front-line issue 


on'empioyment'probVenTs S ita 5, “^ d hIr » ,?OOBhoin - ». 
da, of 0.e TUC pop- =™f* 0ti0B welran a. 


".ft 

Mr. Jack Jones, former general secretary of .'the TGWU (right ) with his successor, Mr. Moss 
Evans (left) and Mr. Ron Todd, the navi national organiser of the union at the conference. 

Conference photographs by ferry kirk 


between 
unions." 

Mr. Roy Grantham, apneral opening 

secretary nf thr. ^saftciation of ference ‘ . _ __ creation, of a new-' 4 

Profeiainnal. Executive. Clerical But trade union leaders were e | ectr 0 nif.- company 
and Comoiiter Staffs said that, a also urged to play an important. National Enterprise Bo^fd, 
new structure would 'improve role in combating social pron- M j d jj- ^ tonerative tfifl 
democracy. . • Jews created by rapid techno- ^^pany had "tbe resoutts 

At the mnmenL be said, about logical advance and in ensuring enable it tp exploit fulls 
eight oeonle on the. General that society shares Fully In the opportunities fori Ihe'henri 
Council, principallv thow* in the benefits of the chance. society.- . . %- 

largest jan tnn » established hrnad Mr. Bryan Stanley, general An eight point prqgrafitfDj 
policy. • Other unions related secretary of the Post Office to the Government^ .Ifyel- 
thrlr interests. lo it. - EngHieerlng Union, warned dele- demands forir - .. • 1 

The system was undemocratic, gates that the results of techno- • Urgent steps^ tri esti 
•On the General Council, those, logical change in the Post Office and develop a yiahle 
who had to refy on others had should serve as a lesson to all financed . British 
to trim their sails." “ It's bad for those industries where such develooment- in nucrt^wW 

to make an • Sufficient specialised.!. 



for* 

For many elderly people, going into a “Home** 
seems like the end of the world. 

Nevertheless, our headline is a typical quotation 
from one of our residents* letters. 

The Distressed Gendcfolk’s Aid Association runs 
9 particular type of Home for a particular type of person. 
Not just .what is implied by the ‘Gentlefolk' in our title 
but anyone, man or woman, who will ‘lit-in’ with our 
■ other residents. t 

\\ c have 13 Homes in all. Some Residential, some " 
full Nursing Homes. Anyone who need'- a Home but who 
lacks the necessary financial resources can apply to the 
DGAA for help.' 

Places arc short, because more*- is short. Your 
donation is urgently required. And please, do remember 
the DGAA when making out your Will. 

DISTRESSED GENTLEFOLK’S 
AID ASSOCIATION 

VICARAGE GATE HOUSE. VICARAGE G.MC, 

KENSINGTON LONDON WK 4A0 

"Help them grow old with dignity” 


OTHER LABOUR NEWS 


Civil servants union merger 


is 



BY PHILIP BASSETT, LABOUR STAFF 

DETAILED PROPOSALS which be formulated For a final merger, administration grades pay. on 
are expected to lead to a mcraer if bmh unions agree. . which tbe pay oF 3 large num 

between two unions representing Under the toiernn merger, a her of Institution member? is 
nm.M higher-crade civil servants higher grades committee will he bared. 

have been prepared to allow an formed to reprerent the com- For the FDA. tbe merger will 
inierira merger to take place bination's 'Ju.ono niembers in provide greater resources than 
arfer the unions' conferences grades of Principal and above, its gwn organisation can give 
□ext spring. . consisting -of six representatives and it believes that a merger 

A merger between the lnstiru- from each unon. would strengthen the lobbying 

tion af Professional Civil impact af senior grade civil 

Servants and the Firs! Division 5)tstUS servants, particularly on pay. 

Association would nuke the In- Members of tb* FDA will be A documenr currently circu- 
solution ihe second-largest civil c |j.,j] ( | p f 0r c |,» e iion to ;he laT,n ' among both unions which 

national executive committee nf sots nut the merger proporels 

toe Institution, which will, as at jrf unions 


service trade union, with soni? 

113.000 members. 

It would al.o create a new 
group strengthen inn the repre- 
sentation of more than 20 , 000 representative rights 
senior grade civil servants. ’ 


present dec id,- 'on matters of pa v ^presenting hicher grade 

SsSuiL JT25. -tfi js? c r K 


r^ants 



been muvtng towards an alliance annuatinn and other matters. Servants with which, the dneu 
since January last year, will fink The Institution U“ h passed no meraer ,s fore " 

loosel.v together If. as is ex- a motion approvin'* the mereer ■ d^V 1.1 1 . „ 

pected. the conferences of both moves at its conference earlier union ^ the rS| and Puhtic 

proposals ^oT^me circulatod ^ 3 ™, e r er 

proposals now oeing ctrcutaiea. to strensthen rhe representation wa med that “ a crisis r»f mnnn. 

»» r 5 er i’ Wh,Ch ’T'J ?f Sem ° r , Prarte rl ^' se J vsnrs ’ mental Proportions" will occur 
l! »J JL a i .ir P ! Cd ! ncrea , se S* wn ‘'touts and. most in lhe nublic service unless the 
to be rev •'•wed after three yeaw importantly tn create a firm link Rnvernmenr takes a new attitude 
in operation, when proposals will with the union whifh negotiates „ n D av and civil service relations 


Lucas electricians black 
production equipment 

WIDESPREAD disruption among The dispute has" progressed • A toolmakers disnute at Lucas 
IS Lucas eroup factories in the through all stages nf procedure. Girling’s Cwmbran factory South 
Midlands supplying the auto- including a meeting nf national Wales came to a head over the 
motive and aerospace industries officers of the elertricians’ and weekend when tbe company de- 
ls threatened bv a refusal by plumbers’ union and the en- tided lo lock-out the toolmakers 
electricians to ooeratn hieh pro- pineering emplnvers’ federation, from their workshop 
duetton electronic equipment. Mr. Bob Wright EEPTU Prior to the weekend, lfi touJ- 
Tne electricians have turned divisional secretory said that makers ar the factory had been 
d 0 t , S« a ? nffer - Lucas’ offer of C2 recognised a workine to rule in nur«uit of th** 

About 1^0 electricians who .-iv-montb further training course demand for separate wage 

bv nther skilled wnfkers. negotiating rights. 

,« C r b . ^ ,0 . ac ‘? 1 ^ “ Wc are looking for about As in. the t.ey land carburettor 

f^f,r h io^r^nn^’nt C t a ^hin d i« r ^ E rtf E1 ° for °“ r f P u r years' training dispute, their claim has been 
l ^ 1 ’ and ,he striet criteria our mein- refused both by their engineer- 

yesterday 'reverted 3 to norm aV ** berS have t0 rneet " 5814 in ? union aaA the cement 

work on electro-mechanical V 


uquipracnt 

F.lectronre ptom needin? ma»n. 
tcnance and repair will go un- 
ser viced. Effects and individual 
factories will larcelv depend on 
the degree of eiectrrc equipment 
installed. 


Increased output urged 


all of us.” he said. 

Coterie : 

Over -the years enria In unions 
have heen discriminated against, 
and Mr. Clive Jenkins, general 
secrctnrv of the Association nf 
Scientific Technical and Mans* 
gpna! Staffs among others, have 
hen kept off lhe Connell in the 
past. 

The Council did not tmlv 


advances had still to make ao 
impact. 

The - 


ing facilities to meet its c«i 

W' has only recently 
rwrtM . settlement in a pn> 

tnct<id <liRnn«-» nv«»r a fnv Ward plans On 


tractert aispn«i over a claim' for ’SSHHL 

S sprier working week which. JSKJS} U “ /ta 

iMss ,rz: o? o r & " 

rsr ,s or 'Sffi' •vsssjlss‘9, 

industry. 

Mr. Stanley said tl.:re was 
p'enty of detail on the science 


-■ -t . . 

:V» 


Consideration of 
tunities offered Id. "terqe 
leisure time. '-/■ 

• Training and ediicat 


rcflcd congress It was part of r li O Training ana eancu. . 

a svetem of voting bv a small n f *he chances ton, had taken job creation to allow thetfc 
rotorie ' 1 ,ft not on the social t0 3 high technology sodti 


a 

coterie. 

Mr. Jenkins said th-»t a 
nrooorlv functirininr General 
fonncil was the hod rock of a 
unified union approach. 

The Council had tn shnw that 
toe responsibility placed upon 
»♦ was related to a fair and 
logical sfractore. The Council 
should bp so organised as to 
look after toe interests of all 
industrial and 
groups, and also 
weight of numbers. 

Mr Bryan Stanley, general 
secretary of the Post nnflcc En- 
gineering union, said lhat. if the 
proposal was adopted, a Few 
unions would riot be in a posi- 
tion to dominate affairs The 
principal reason 
was against change was that it 
could not believe that there was 
a. better system. 


TODAYS BUSINESS 
MR. JAMES CALLAGHAN, the 
Prime Minister, will address, the 
TUC conference this afternoon. - 
Other business today is ex- 
pected to include debates on race 
and sex discrimination under the 
heading Trade Union Organisa- 
tion and Industrial Relations. 

Under a section on social 
insurance and industrial welfare. 
Congress is expected to debate 
such issues as pensions and re- 
tirement age, health and safety 
at work, industrial health hazards 
and the National Health Service. 


ennwqiiences. proceed smoothly. . 

• The tip- -rtanre of new' tech- • Publicly stated 
nol ngv was arreDtert by trade concern at the prospected 
unionists. “But we cannot resulting unempIpyrDiRiJ 
accept it on any terms put support the move 
forward by management or shorter working week. ■« 
scientists” •Co-operation with 

Faced with the prospect of trade unions apd goverrimfl 
many L ousandj of jobs being 3«t an international agreBs. 
wiped oul a balance had to be on the nrohlem. ,'- 

struck where “ hard hearted The General Council tns .*■ 
white-collar realism was needed to ensure to prepare a draft policy 
reflect the that Th^re was control on the ment for a conference'-i®. 

pare of chanee and that the problem which would be'rep*-" 
benefits were shared by all.” to., the 7970 congrest" 

- Mr. Stanley was moving a On the special . proWES-j; 
motion c Tried unanimously by youth unemployment ..tjjk 
Congress which ca' 1 '-'* o" the ference called for " legjuw**... 

TUC General Counci 1 to compel employers to 17 *®" • 
anairs tup fo rTn u ,aTp Po'toy d the social proportion .of their, 
whv the Tnr 3rtl * inrt,,<!, rial consequences of offices and factories frpnwN^ 
y 1 u the growl h of automation and people.-mtoesamew^^^s^r - 
compuie- '"ation. are now .compelled- j 

It was also asked to support Register of Disabled, 

kV !• V ' 

‘ “ ' " 

OBITUARY •::: 

‘ f9** 1* 


1 

L 


SHOP STEWARDS’. at Chrysleris an hour is met “every hour on 

While other companies than Linwood car plant yesterday criti- the hour, day after day." 

Lucas have been investing in cised both work errand manage- The Scottish plant is now only 
similar solid statu equipment ihe ment for the consistent failure to producing about 33 Avengers 
dispute is likely to set a precc- achieve production', targets .and Sunbcoin-i an hour, and su 
deni Thai could have far-reaching In a bulletin distribut'd to Uie Tar this year has achieved- a| 
rcpcrcu.s«fi«n*. in toe context or Factory’.* .4.500 workforce, lhc maximum 9fl per cent vjf targel'jnd 
the «»n'-'*rnnn*nt s biltic *■ - 
contin.uanw Of. a *Ught 

policy production mOiiiHuIs 11 * 42 rars r«nt iweek- 

■ 


Report critical 
of provisions 
for low paid 

By Our Labour Staff 
THE GOVERNMENT provisions 
Tor the low paid in Stage Four 
are unsatisfactory, the pressure 
group toe Low Pay Unit says 
today. 

A report from the unit says 
that the White Paper’s allowance 
nf rises beyond the 5 per cent 
limil up to £44.50 shonld be 
Increased to £55. 

Ip the report. “ The Rising] 
Tide of Poverty." Mr. F.rank" 
Field, the unit's director, admits 
lhat the TUC's 1974 minimum 
wape target of £40 has been 
increased by the maximum' 
amount allowable under incomes 
policy to £44.50. 

But many low-paid workers dirt 
not receive the maximum awards 
possible under tamme* imiicv.* 
ihe minimum .pay • target 


f»r a joint rtev.nrti* rmhmiller said on jusi one day. Thr overall! shmilrt be set agatn.ai. Iwo-thirdi: 
wajes ) hoi it w.m cs'catial U),n thp atora^c ia between 70 10 SO per, of. average ca minis, or. £55. 3 
production sebeduie uf 42 cars ccni. 


Forrester 





MR. JOHN FORRESTER, deputy He was born" in Glasgow r^. 
general secretary of TASS, the served for 20 years in I- 

white-collar staff section of "toe ehesier area a«-a fid JgJg 

no* 'SL.iAfe 


ing Workers, died yesterday in ri« 

astti.'ir «*• -p k r 

* U. B „ Mr K ®n Gill, 'TASKJji'Vn;!^ 

A member Of the National .i itr- rom. i t _■> " 

fo] 


A member of the National secretary, described 
Executive Committee of the ;i« “ an extremelv popid® 
Labour Party. Mr. Forrester cheerful character wb 41 
occopied a political position on absoluie)} 1 riediratpd M, 
the left of the party. people he rcpresented-v-’: 


i i 





Distributable Profits £564,000— up 28% 
Dividends 12.4%-up 10% 

Earnings per share— 6.43p from 5.35p 

Shareholders funds-£17.9 million 

from £15.9 mt 

: Investments in excess of £50 million 

Maurice Lambert r ;Gfiai 

Cop f es of the full 1 977/78 Report and Accduflt^ 

• ?r?? 8b !S fr6m 1/2 Mason's Arms Mews/ 

Maddox .Street, London Wi-R 0JY ’ ' v ^ 


"<h°M 











iTHJBMBIHUR SSNHBTAW) TO) SCHOHBB 


cw 





• ELECTRONICS 


TIMetsec 


for buildi 


COMPONENTS 


.i -i™ 


... .. 


^OVe lQf P: 

dtcis ians i iKED WISH . a number of 
*ortaat moves la tte world 
lector market, ‘KesseyVs 
u aunccmeat of Mark 25 

is of lightweight, high fen* 
ld i* »sw cottoecww could hfc 
ni.iui 1,1 ^signal /or a major increase 
r d WJales from the scaup's. North- 
^•O’lOcil ^fctoa factory. 

rti5? c,i tti> 0w bfe ti»e- increase wtil be 
,„t ,K lr *‘ jjifficirirtq predict hot interesr 
l0 ‘ u,i many quarters in Europe 
oka elsewhere, sparked. bj; t ;in« 
mriu «tiioos ttot' ’Ptessey was about 

• J! Sroup, .oake this -move, shows- that 
” . n ° »Ji(j J-ral uuUrons-of jpouads worth 
'.; ll0a cjHt’ lhese iwecision components 
' dS niov^^dniUuxy,. aerospace and pro- 
.‘J ss «tani a itmaJ applications will . be 
tne Nort h a m p ton for export 

on. ^keut In foe = among sear. 
n thai | fe i is in the context ora UJv. 
A< * rp “{ji^teclor market worth fl»m 

Do1 Uiki uaUy aad . a European tmai 
l 'Jn 5 ^ hr,01 »? rad 'tte £300m "iiiarlL.. ' 

s o r D*, ie Northampton company is 
■ Ps ,n ft* dJ uk «nd is neck and 

ne cn q,- with a French rival for the- 
,v br- ( „.. ■"-cmacy in Europe, where its 
'hf had n, R° expertise is well 
*k around -etnised. H is developing the 
was n,„»j n rconnections for ihu System 
ai P h ■ ectronic telephone' exchange. 

1 printm, r hich connectors -represent as 
I arivp n l l , -h as 10 per cent, of total 

•.'.•• 

p a.ly - ark 25 -conforms to the latest 
1 '■*» hav.n-. -j-C- 38990 specification. - now 
for trad,, ^ited in the UK and Europe 
^he main specification of its 
It embodies a series, of 
IweiqhL high density, minis- 
! ■» circular eorineefnni with 

rear .release removable 
LufIJIlmctR. .Nine- shell sizes- arc 
"Viable.-, with - it ■ maximum , 
sity of 128 contacts am] there 




Packing many more 
devices on a chip 




< KT • ^ 


axe five ktsyway pOJamalionsL 
Orientation is. hy movcmehl of 
the master key to any- JBf those 
positions. . / '' 

. Tttain advantage* Etolmed are 
reduction . in designed weight, 
volume and power consumption 
of the equipment and ; if one 
lakes into account ffte Tact that 
a Boeinv’ T47 con tains -a bout 0,000 
connectors, linking some . 15.0.000 
signal paths and requiring about 
20tr km of wire. any reduction in 
weight and volume- iB : cft*toUHly 
of major importance to designers 
and operatnrh. 

Mari: 23 can operate over tem- 
perature ranges from minus 55 
degrees C to better Hum" 150/200 
degrees - C. The luritf; have 
improved BF1' characteristics 
because solder is eliminated in 
fastening the grounding ..spring 
to the connector. Moulding of 
p.'n face* and wire " seating 
srom'tnets in u silicone Com- 
pounded ' specially for .the. pur- 
pose gives improved temperature 
and moisture resistBnce. j ; - 

The maw has been planned 
bj Pleaicy to meet European and 
NATO requirements - ’ for 
advanced connect orsJ- IbTtiaay, 
the units VNill ' be avaiUblc in 
low •• silhouette- form. Among, 
planned additions are a .. scoop* 
proof version, embodying- an 
extended shell -for contact pro- 
tection. 

;NortUsiiupton has a : «search 
and ; development capability 
which also covers fibre optics 
aud it can call on the Caswell 
research centre for aW where 
necessary. . 

Further details or the 'Mark 2n 
senes from Flessey Connectors 
at Kihgsthnrpe, Norttampton 
XN2 SNA 10BU'4 712000); 1 


-. .V. 

•• V.,:^ ; j 








mm 


t y. 


mmm 








ijlflp ‘ v v v 




■*- ”• • - V :! : - ■- ' : •> ; 


l- ■ »*-v. 




m - .•«■• 

W, ’ •: 


$%* 

£ " 
i^ii j'^8 Jr- 


Assembly at CiravtneHs Colnbrook. Bucks, reducing the risk of fake alarms. Response 
: works of a Ught-weighl ultraviolet flame detec- time, in the event of fire, and operation of 
tioq head which Is capable of detecting all associated automatic extinguishing equipment 
types of fires and Is an essential component of is immediate. Gravlner is showing its latest 
Gravlncr's lire detection system for aircraft, fire detection equipment this week at the SBAC 
The unit is able to differentiate from other Exhibition and Flying Display at Furnborongh. 
sources of ultraviolet radiation, considerably Hants. 

Warns when bearings^™ 10 " 
are starting to go for grease 


MANY OF the companies in- 
volved in the manufacture of 
stiiie-of-the-art electronic devices 
are spending a very large amount 
of money on methods of packing 
"structures" more closely 
together on the surfaces of the 
silicon chips on which ■ the 
currpnt electronics revolution is 
based. This closer packing goes 
hand-in-hand with reduction of 
connector width and length, the 
whole purpose being to speed the 
signal and reduce power con- 
sumption/heat dissipation. 

Success in further miniaturisa- 
tion leads to belter performance 
and greater reliability which arc 
important assets in the unrelent- 
ing com petition between the 
major manufacturers. 

Philips, which is unquesuon- 
ai»ly one o? the largest, if not the 
largest, user of electronic 
devices, has made a major 
investigative effort on the 
physical processes underlying 
llie way in which semiconductors 
work— an area which had not 
been adequately studied in the 
mad rush for product in the 10 
.tears to 1975. It has also 
actively developed new- methods 
of making microscopic com- 
ponents on silicon, involving 
extensive automation. 

Philips research s:a S at 
Eindhoven, seeking to get around 
the barrier of light wavelength 
which sets a lower limit tu 
present photolithographic tech- 
niques of about 4 microns on the 
side for structures and an align- 
ment accurate to one micron, 
have built w’hai has been called 
a silicon repealer, shown below. 

In actual testing, tills has been 
demonstrated to produce struc- 
tures of 1* to 2 microns with an 


alignment 10 times better ar 0.1 
micron. 

In contrast with standard , 
Optical methods, in wbieh a work- 
ing photographic mask is brought 
into direct contact with a slice 
oF silicon covered .with light- 
sensitive lacquer, with the con- 
.sequent threat of damage to 
either or both, the Philips 
development provides for the 
projection of a single, enlarged 
pattern through reduction lenses 
on to the surface of the slice. 
This slice of silicon is then 
moved bv what must be among 
ihe most precise machinery ever 
developed, and all under auto- 
matic controls, to repeat the 
circuit pattern. 

Unevennesses in the slice 
surface are detected, focusing is 
automatic and ihe developers 
claim that the fact the mask has 
only one pattern and the 
extreme delicacy of control 
passible means *liat line defini- 
tion and accuracy of alignment 
are much belter than anything 
hitherto. 

Meanwhile, recognising the 
fact that there will always bv a 
measurable barrier in any 
system relying on light, the 
Philips Research Laboratory at 
Salfords in the UK has been 
concentrating on the use of 
electron beam techniques for 
tiic production of devices. 

S3 < ford s sc.entisTs art- looking 
at three areas: mask fabrication 
using electron beams: develop- 
ment of an electron image pro- 
jector, which put patterns on 
silcon slices: and a possible 
alternative in which an electron 
beam can be moved around to 
" write ” a pattern on a wafer, 
-without a mask. 

One advantage in mask fabri- 




cation using electron beams is- 
that there are no intermediate 
stages — there are many in the 
current processes — so fabrication 
time is short, a high yield is 
achieved and line definition is 
good. 

Using such masks, to which an 
appropriate coating is applied, . 
the projector causes the coating 
to emit electrons in a pattern 
corresponding to the mask lay- ' 
out. An electron optical system 
projects the pattern on to Ihc- 
silicon wafer and. again, there 
is no mask wear. 

If the desired pattern, -pre-, 
sumably stored on a . computer 
disc, can be inscribed directly 
on to a slice and at high speed 
under computer -control, both 
the**- stages would be super- 
seded. 

Aim lo get line definitions . 
of ; t«i I iniiTop ’-.nil alignments 
at least as gaud as -* itii the 
silicun repeater. " 

Philips say*, hn vyvnr. that • 
there is still a long v.iy to yr> 
before the foregoing is turned 
into a mass-production technique. 

The attraction of the electron ; 
beam approach is. however, con-: 
siderable because there are < 
virtually no diffraction pheno- 
mena. Thus definition is much 1 
heller, and the beam width being • 
>o small component conceatra- ■ 
tion on the chip can be much ■ 
higher. 

Further information on the 
silicon repeater from Philips' 
Research Laboratories, Eind- 
hoven.. Holland. • 


SSe ^[igh-quality tube 

OBTAIN the accuracy and hydraulic components can be cut 
ihe di-qvace . .finish., .required .for by up to -20. -per cent while 
n}rt n Inmawaulie . ram' ''cylinders: steel savings .* in production- -‘can 
•■sc ^EC I* has to be machined and amount to 60 per cent 
!he tl 'M! Pied on the inside and This J..has . . encouraged 1 ’ the 
'p taat tnr'hined oh the outside— work Thomas Try Group to farm a new 
gtw> admiring expensrve: .^penalised company, Dbm Tubes- This w»U 
tnrough-ni bine tools and considerable, market and ^distribute Jn the UK 
Y- i for machinipg. It.is claimed tube hianufariuted to 1 tidy by. 

r>:ot.nn «w?DOM /drarni over mandrel) TUBITEK. part of the ' Fiat 
of a »hod eliminates, these 'sleps.’-; organisation. ; r • 

lt V,.S^ cause of j tha - savings • Threi gnwlci vriti be ayidlable. 
.■tE^' cved ' hydraulic cylinder Top of the range is TO which -is 
* i^r^ufacture' In •♦the. U,S. »s now ready, for use as., hydraulic 

UdU Itl? X^, r hvcoiT nH Mtft melhnrf. ' flr.do TP .c infpnrlpd 


■ res <u c icrawu.-, »ui. jigns .. jo ju 

. , _.ustry in this -.-country '/is. .“ready to hone'’ condition,, 
j interest in obtain tnsr D03l ..jViimm* h.r nmo'ri- 


1 K Grt-sh ^* efland and tte U-S- 1 ment manufacturers.' It is located 
•ien» 'naiinss is claimed that by ttsfag at Hawkswqrth Lone. Swindon. 
'■■nix ,:-*■/&. mbe» purchase price Tor .WUts: (Swindon 69"ii(i2). , 

it:-?? to owe 1 - ' . : . -;v' . ’•••. ; 

• dc; t iopac, • A - •: ... ' A- > • . - • - ; j-. . 

>.r.s on ^ . • ' * 

«!«» » » instruments ; : 

HiiSreveiits^pstly Mure - 

Isid^atiradwjmME in offshore drilUng replacement at a convenient time 
'-.(Tetv'i a -eiry expensive. Earls : pcedic- rather, than under emergency 
:;,k. i of incipient;’, component conditioiw. : One - .area where 
•pine :nJ fure cian save thousands of component iollurc fan parti- 
-ipn ; f < a!^ r n ds by allowing Equipment cularly frustrating, is vrire-rspe 

.w, .p P »n,.l£?i— i - . replacement on nsfer systems. 

■" ..n'hh " . ■■■■■■■■— i Stra install, of Denmark Road, 

. : J. •• • Cowes, Isle of . Wight, Jras eome 

,* T lhe prMBjl up' with a ^Ton -Cycle Conpter, 

• unNMk42l iCCaioXIK allowing much better prediction 

WIBr J „ , of impending .ralure. «■••• : . . 

Maidenheadr Berks. Since the drillship or.semi- 
V 'JZ . Voa *c . ^ submersible ‘ 'floats, nmvement 

,,a raff Fluid Transler. Control between It and the marine riser 

--r;> 3 >iDi 6 ' . r-.*— • ' aved tw tte-. seabed cannot be 

and Filtration avoided. This movement is 


4 < ‘^ ? ? , *= #r Lubrication Systems : 

“ 3 J ■■ . 

■ f hieh Garage Equipment / 

r .79 con.t®'',. 

v- ustfon Eiigine&nng 

Vi'H **£ ' 

electricah 

\rs>*»jgs* 


replacement on riser systems. 

Strainstall, of Denmark Road, 
Cowes, Isle-.of Wghti has eome 
up' with Ton, Cycle Counter, ” 
allowing nnjch better prediction 
of impending fjilurt. A 

■Since-' tfie-' anllKhlp- or. serai- 
subincreible * -floats, nmvement 
between It nod the marine riser 
fixed to tte-. 'seabed cannot be 
avoided. This movement is 
counteracted' by a T heave ■ com- 
pensator, : which makes use or 
wire ropes fitted, to the top of 
the oser.'>; Each rope runs round 
a -system of pulleys and sheaves 
with the! Inboard fend connected 
to a hydraulic or pneumatie 
cylinder .which damps down 


NO MINIMUM 
LENGTH 


ster 


Thotisandsof fypesand sizgsinstbriefor BTmecfetedeiivery ' 

ONDON 01-5618118 AB3iD£ENm4)32355/2 
. ; .'MANCHESTER 061-872 4915; 


TRANSFER CALL ' CHARGES OA Ot? £5 $^ ^ n 

14 HR. EMERGENCY NUMBER 01-637 3567. E3tt. 


ENGINE health monitoring, 
particularly m aircraft, is of 
prime imporiance in preventive 
maintenance. A project under- 
taken jointly between -Muirhead 
Vactric and the Technical 
Development Company of the 
U.S. will gu a long -way. towards 
providing an effective monitor 
for bearings in any type of aero- 
engine. pure jet, prop-jet or 
piston. 

The device contains two 
magnetic ' units. set /.close 
together in ihe lubricant 
system. Particulate material 
from bearings which are start- 
ing to break up would be 
entrained with the lubricant and 
bridge tin* ' sap. providing a 
signal to. the pilot. . 

Provided the particle is below 
a certain site, the equipment 
can channel a pulwe of power 
from,:* capacitor .to the point 
where the particle is lodged and 
disperse it so that it. no longer 
provides, .a potential threat lo 
the woridng bearings. 

Also aVounced by Muirhead 
is a.remi»e oil level indication 


movements a^d eases strains on 
the drilling equipment. 

The- ropes must be kept in 
tension.' and, every time'., the 
drilling' vessel moves up and 
down, movement in the system 
induces .fatigue into the ropes, 
leading, eventually to failure. 
The- new counter can assist at 
this point by continually monitor- 
ing the load on the rope so that 
failure time- can be predicted in 
advance and changeover made 
safely. 

Tbe equipment has a display 
of. individual rope tension, total 
riser load and cumulative ton- 
cycle count- It relies on a tranrs- 
ddeer — in this case a shear-force 
load-measuring pin — fitted to the 
spelter sdfeket at the point where 
the wire rope is linked to the 
riser. It is normally necessary to 
monitor only one rope since- 
equal loads are applied to all. 
However, Strainstall recom- 
mends fitment to two or three 
lines so that transducer failure 
will not negate the system's 
usefulness should replacement 
not- be readily available or con- 
veniently fitted. 

The transducer signal is car- 
ried in. tough -armoured cable 
to a .point where it can saFely 
be connected to a standard multi- 
core' cable. for onward transuiis-. 
sion tb the control room. The 
complete: transducer/umplifler 
system is electrically protected 
by zener barriers allowing opera- 
tion in gas hazard areas to Divi- 
sion . 1 , Class 2C. with the equip- 
ment arranged to monitor one 


system using fibre optics for use 
in aviation. - 

The company has brought out 
shaft encoders of advanced 
specification using an optoelec- 
tronic integrated amplifier 
designed by the company's 
Integrated Photomatrix subsi- 
diary in Dorchester. 

Muirhead already supplies. tbe 
servo- components used In the 
electric fuel control system of 
the engines which drive tbe 
Tornado and TriStar aircraft and 
many or the essential elements 
of ariooics units for current 
aircraft and aerospace projects. 

In the marine technology area. 
Muirhead Vactric is collaborat- 
ing with Brown Brothers of 
Edinburgh under a U.S. Navy 
contract on the design and 
manufacture of a ship's stabiliser 
control unit in which a raicro- 
processb»v working with standard 
electronic, modules, -will operate 
the stabiliser fins -to counteract 
shin-rolling movements. . • 

More on these developments 
from Muirhead, Beckenham, 
Kent. .01-650 48SS. 


or several ropes. The signal out-, 
put allows checks to be made: on 
the correct operation of the 
riser-tensioner system, while load 
variations due to the vessel’s 
dynamic movement can also be 
recorded; 

Strainstall is on 09S-3S2 5111. 


• PACKAGING 

A speedy 
strapper 

WHERE HAND strapping is 
found to be too slow, yet output 
does not justify a more expect 
sive, fully automated flow-line, 
a semi-automatic polypropylene 
strapping machine is said to be 
the answer. This comes from 
Lawco, 60 Vauxhall Road, Liver- 
pool L69 3AU (051 227 1212). 

Because of its yokeless fiat-bed 
design, the ESM-l can offer flexi- 
bility to cope with random sizes 
and shapes of packs, boxes, 
cartons, bales and bundles. It is 
also suited to strapping coiled 
products such as hose, wire, rope 
and cable, as well as hord-to- 
b an die items such as garden 
implements, books. . office files, 
newspapers, mouldings and odd- 
sbaped packages. . . 

The machine is electric and 
can. be used wherever it can be 
plugged Into standard 220/240 
single phase voltage. 


ONE OF two new products 
launched by Bostwick Doors, is 
a folding shutter dour specially 
designed for sandy conditions tn 
the Middle East. All the work- 
ing parts are coated with a 
plastics '-material to avoid tbe 
necessity for greasing, which in 
turn wonld reduce the door’s 
efficiency due to the adherence 
or sand to- the grease. This tvpe 
is available with electrical or 
manual, ppe ration. 

The other product is a steel 
security .door and frame made to 
mtlutagd attack from burglars. 
This b*s been inspected and 
approved - for two to four hours 
fire protection by me Fire 
Research, Station in Hertford- 
shire.. .•} ■ 

More -irora tbe company at 
Mersey Industrial Estate. Heaton 
Mersej , Stockport. Cheshire 
SK4 3ED t061 442 7337 j. 


d HAND TOOLS 

Riveters to 
suit most 
operations 

STANLEY HAS built and is 
marketing three riveting tools 
lb suit everyone from the D1Y 
enthusiast id tbe industrial user. 

They have a pressure die-cast 
aluminium body, integral steel 
crew and pivot bearing surfaces, 
heat treated steel parts, inter- 
changeable nose pieces to fit 
most sizes of rivets and hardened 
alloy steel jaws. 

The Professional Unit provides 
a slim nose far access to 
awkward situations. Its High 
Technology companion for com- 
mercial and industrial markets 
has a double lever for a smooth, 
progressive power stroke 
enabling continuous use. 

Lazy Ton^s. describes a heavy 
duty tool capable of repeated, 
fatigue-free setting or rivets up 
to 6mm Min) diameter in all 
metal grouos. The design in- 
cludes a double pivot handle 
drive, normally only found on 
idoIs costing much more. 

■ Stanley Tools, Woodside, 
Sheffield S3 9PD. 0742 7S67S. 



Wp’vpfiaH if ' /-'Successful companies havebeen 

1* wJw fflewi. At- setdMgandgravvinginTa3'Sidefdr 

: ,?.i$oining for years, ovoasyean. ■ 

■ ' ' - ■ - • ; Companies from all over tlie world. 

f ^;jvol^ broad thatit embracesevery±Ling from Oiland 

;; :£^&nnacetiiicals to Food Processing Engineering Clothing and Electronics. 

I A i if* " -^dhlfoough ■ 

Cl** leenvlronments as 


Du’llfindinfiie- - 


Si icbsandV- ' -’-t--: 


70 







1952 1971 I 


•• •' ' r"i 111 


plcaseconlact G.G, YahtSf 1 


^ *+&Y?rpi'frr yf - fT Tr * *o f m 

; \.5‘*' V . tC ' / • / .- v- -r'. . - 



• POWER 

Generators 
for all 
conditions 

PROMISING TO avoid the prob- 
lems created in Irish tempera- 
ture climates where larger 
generator sets need -to be derated 
to suit load requirements is a 
range of IS muKl-environmental 
diesel powered generators from 
Trident Equipment, The Airport, 
Southampton. 

For use a; home and overseas 
and covering an output of 
between 26 kW and 5S9 kW the 
Qnan geoeraiors, says the sole 
UK distributor, will operate at 
50 hz at an ambient temperature 
of op 4a 50 degrees C, an altitude 
o£ up to 1,000- metres and at 50 
per cent rekfire Suiaidity. 

They have been designed a.id 
tested under environmentally 
controlled -conditions for specific 
use in tlie Jri.ch -ambient tempera- 
tures of overseas countries and 
are rated at 50. degrees C for 
continuous operation as defined 
by BS.84& 3MJ-.DIN.6270A. and 
tetw the normal ten per cent 
overload capacity for one hour 
in every twelve,. . 


• Bjf agreement between the 
Financial Times- .and the BBC. 
information from The Technical 
Page is available for use by file 
Corporation's External Services 
as source material for fts deer- 
sau broadcasts. 1 ". . 


m METALWORKING 

Machine for 
cutting off 
at fast rate 

SAID TO be a major step 
forward in the field of both 
mechanical and abrasive cuUing- 
off in terms af floor ta floor 
speed, accuracy and safety, is a 
range of high production rate, 
purpose-built abrasive cutting 
off machines from Universal 
Grinding Wheel Company, 
Doxey Road. Stafford ST16 1EA. 

Manufactured by Snow and 
Company of Sheffield, the range 
consists of the Cl, a semi-auto-, 
matic abrasive cutting off 
machine for foundry and general 
engineering work; C2. a fully 
automatic machine provided with 
integral racking and bar fecu 
mechanism and suitable for a 
wide variety of general engineer- 
ing applications where high feed 
rate is of importance: and the 
C3, a heavy duty, high power, 

hot or cold cutting off machine 
primarily for in line rolling mill 
applications. 

A design theme common to all 
machines Is a superstructure 
which forms the fully protective 
guard enclosing the cutting area 
and the wheelhead, access to the 
cutting area and wheel being 
through a safety interlocked 
impact-resisting door. This is set 
on the heavily constructed fabri- 
cated base which incorporates 
the coolant tank. 

Power is transmitted by a 
multi-vee belt to a precision- 
ground spindle carrying the 
cutting wheel. A self-contained 
hydraulic pack supplies The 
power for the feed motions, the 
variable cutting rate movement 
of The head, the clamps and other 
optional functions. 

The machines differ in their 
methods of cutting, and in the 
abrasive wheels which they use. 
The Cl and C2 have a head that 
is lowered on twin vertical 
pillars; the C3 utilises a 
reciprocating • pivoted . head 
action* • 


GSM m 



- 




INTERNATIONAL MARKET OF 
SUBCONTRACTING, WORLD MEETING FOR 
TECHNOLOGY, NEW PROCESSES AND 
INDUSTRIAL COOPERATION 

I l 9 G00 sq. m. surface area 
1,200 French and Foreign Exhibitors 
20,000 Trade Visitors expected 

Some features of MIDE^T 78 

— Technical -days: 

3rd October 1778 — European colloquium of industrial purchasers: 
“Subcontracting and International competition.” organised with 
- the help of the Institute of Purchasing and Supply. 

4th October. 1978:' round . tabre “-Promotion of Industrial 
Quality." 

— Know-how exchange. • _ - 

— Information by computer on exhibitors and exhibits. 

Further Information on MIDE5T 78 from: 

. FRENCH TRADE -EXHIBITIONS, 

54 Conduit 5treet, London W1 
Tel: (01) 439 3944 


Position 


Company 


Address 











FINANCIAL TIMES 

Tuesday September 5 1978 


Financial Times Tuesday September 5 1973 ■ 






Irvine New Town 


W 


The old 

and 

the 


new 


By Ray Perman 


Scottish Correspondent 


MOST NEW town- are built on 
“ greenfield “ sites. The term 
evokes an image nf open 
countryside, a virtual blank nn 
which planners can give full 
rein to their imaginations, con- 
strained only by the need to 
conserve a clump of trees here, 
or an historic church there. The 
birth of Irvine 12 years 350 could 
hardly have been more 
different. 

The designated area does 
include former farmland and a 
ruined castle, but the character 
of the area beFnre the Develop- 
ment Corporation was estab- 
lished had been formed by the 
rise and decline oF heavy 
industry rather than by 
centuries of rural use. By the 
mid-1960s Irvine and the 
immediate surrounding area of 
North Ayrshire had seen more 
industries come and go than 
most other parts of Britain: 
shipping, shipbuilding, textiles, 
mining, iron ore smelting, heavy 
engineering and chemical 
manufacture — all had left their 
marks. 

The town of Irvine — actually 
a Royal Burgh granted Us 
charter in the early 13th 


century — was already well- 
established and. with Kilwin- 
ning. which is also within the 
designated new town' area, had 
a population of 33.000. 

The challenge set to Irvine 
Development Corporation was 
nor to create something from 
nothing. It was to build a new 
and dynamic community from 
one which was old and decaying. 
It is fair to say that the raw 
material was very unpromising 
indeed: a tract of coastal land 
scarred by economic and .social 
dereliction almost comparable 
to that in the inner cities. In 
some cases slag heaps had been 
overlayed with sterile chemical 
waste and in others what looked 
like good green land was found 
to be so undermined by shafts 
and galleries that it was useless 
fur intensive building. 

But if the beginning was so 
daunting, then the achievement 
is that much more impressive. 
Irvine is still a young town and 
there is obviously a long way to 
go. The immediate impression 
given by the town centre is of 
old buildings rather than new. 
But a great deal has already 
been done. 

The old town centre has been 
transformed by a by-pass which 
has taken out through traffic 
and by a new covered shopping 
arcade which spans the river 
Irvine. The spoil heaps have 
been removed, or covered with 
topsoil and planted. One of 
the worst areas of dereliction is 
now a green park leading to a 
sandy beach several miles long 
which was previously Inacces- 
sible and so unused. The 
harbour — owned by ICZ, which 
has a manufacturing complex 
nearby — shelters small pleasure 
craft and the town boasts one 
of the largest leisure and sports 
centres in Britain. 

New' housing has brought the 
population up to 58.000 and 
unemployment is now consis- 
tently lower than in the sur- 


rounding towns of North Ayr- the unemployment rate was between, the new town and 
shire. The old industrial estate, estimated at 12.8 per cent for Strathclyde region. The cause 
abandoned by the Royal Ord- the new town, compared with is a number of statements made 
nance, has new and successful 9.9 for the Strathclyde Region by politicians aboutthero^of 
occupants and there is a wide and S.9 for Scotland as a whole, new towns m the development 
ran"e of industry on estates The town is moving; of the west of Scotland. me 
built bv the Development Cor- hesitantly towards its goals, but cancellation of the Stonehouse 
novation 3,1 ^ not * 3een sailing in new town project and the tram- 

w its history. Grafting a new town fer of resources u> reftabilitar- 

Eveu the undenmued area on to mature communities meant fag the East End of Glasgow 
has been put tu good use. a jj ial there were strains between h^ been seen by some as a 
may be unsuitable for building new an d . 0 | d populations precedent for future action 
on any scale, but it is Hne for that 100 j; t0 OV ercome. Now against other new towns, 
golf courses and low density' g ae b is conscious of the advau- This seems to be an over- 
housing. tages brought by the other, reaction, both by the critics 

_ . Aod. there was an early setback the defenders of the new 

HOUSIII& 1,1 the housing programme when towns, and the damage done by 

® a large building firm went into ^ bantering appears 

Target populations are liquidation as a result oF its - , a 

64.300 by 1981. and 80.700 by over seas losses and left 450 h? lUu *°J7\. M 

1988 and so far the progress houses uncompleted. October 19(5 Mr. Gregor aiac- 

rowards these figures has been in the town’s short life it Kenzie, Minister of State at tbe 
good. The Development Cor- has experienced only a brief Scottish Office, reaffirmed the 
potation has provided some period when the UK and the Government's commitment to 
3.700 new homes, with another wor j d economies were boom- th pristine Scottish new 

1.500 provided by the local ing but had to endure several. “ e &ve 8 

authority and 1.300 by private y PBr - when investment has lowns and more recently this 
builders. Altogether 350 more be€Q scarce ^ constraints was repeated, in the comments 
should be completed this year. 0Q pu bii c spending severe, of the Secretary of State for 
two-thirds of them by contrac- Between 1970, when promoting Scotland. Mr. Bruce Millan, in 
tors for the Development Cor- the town as a location for his comments on the Slratb- 








: GLASGOW 






Largs 




a;w , / ■; 


island 




\ :/ 

.‘Ardrossan 




Kilmarnock 










poratlon. industry really got under way, clyde reg i 0 nai report 

The town s raison d clre is and 1973, things were booming. 




to improve the quality of life Some 200.000 sq ft of advance 
and environment for the people factory sp ace was built a nd let 
of North Ayrshire. Certainly before completion without 
those living and working in the fa 1873 . 


benefited 


Since then times have been 


The weak links 


John Drum# 


Scotland’s 
building materials. 


Scottish .money and’ScottiSh know-how . - " 

Those a-e the fc-..v-.s ir.i ^cr\v Cvdesdale Scnk supers for Scotland to bui’dor 


• . h-oo-jh to 36£c ranches, ’-‘-a Ciydesdefe Bankcan efr-t virtually every hank.ng and 

d 3 


. *rS'c ; 3:sc"vi:s'0' , 'S tvlcvc • ma t: p-cbicrrj: cei 1 be C v."th lopa'ly - the benefit cf 
cs- • : 3 s t -j -'<•/. hese head c “ :a' 0 in Scotl&f>d.'No!;r,at theBsr f:*s parochial mootfoo*: 

t-.o cperidrr.s-. t-r'd-wicJc !r s thatvwser. it com.** to banking in Scotland, the 

Clydesdale Fi" 1 *: aj; ensure you don't cl'co a brick. 


p-eaUy from its growth Housing a little more difficult. “We can THE face of it, communica- developnient as a major steel- 30 minutes away, with access from the regular ICT 7 
iLtilfi.J chnw thar families no longer rake in 0 uine » as tions'to Irvine New Town. could maktng centre has been post- to services to most of the North serving the company's die 
« n l ov a hich standard of living: lhey ,n '" comments Mr. : be seen as a weak link for poned indefinitely, it is- still a American ports. and earpJosives coinpte 

a" ner rpni nf those in Irvine Th° m *°n. Irvine Develop- growth with the nearest motor- major power generation centre Rail links are good despite Ardeer, but both Ardrossa 
own a refrigerator compared meilt Corporation's commercial way 20 miles away, no port and will have the largest ore the loss of much of the freight Troon have port facility 

with 80 ner cent in Scotland as director. “Since 1973 the pi<> facilities to speak of despite its terminal in- the -UK when- it is handling facilities during the coastal and European trafi 

a whole and onlv 71 percent in lure has completely changed coastaL position and a rail complete at the end of this year. cu is of the 1960s with services there is scope for expanshr 

the UK. Some 15 per cent own a a ? d most °* °. ur efforts are system which has been stripped Although Irvine is more to Glasgow. Largs via Hunters- With an improving n*i 

deep freeze, more than twice the directed to getting out to see of much of its goods potential, isolated from motorways than ton aod south to Stranraer and work promised over the 

UK average. 95 per cent own a industry and to chasing every Th e town’s industrial struc- many other new towns, con- the ferry to Ireland. * ew . ye * r ®’ , r 

washing machine, and 51 per possible lead- n mr e belies that impression with versely, it has the .advantage of p or t facilities at Irvine itself Z™", .<■ 

cent have a telephone. But there are signs that pros- a major vehicle manufacturer's proximity to two of Scotland’s belie its position as the main ,C 1 ■ 3- 1 

There has been less success ? rc I _ 1 ® ok ^P* up again, ^gres depot offering 24-hour major international airports, port for Glas°ow two centuries m a better ^posi Uon than . 

however, in maintaining the deUvery anywhere in , the UK or Prestwick is probably Irvine's ago with only an occasional ship new - ^ ow ? s *9 5 yl* \ 

level of employment and this .. 1 ‘? omso ^f ae P aruue i 1 ' nas Eire, an internationally ' re- greatest communications asset, earning timber or sand apart JOBH JL/rum# 

must partly be due to the fact noticed a renewed confidence spewed research laboratory not just because^ ft -is -only a r 1 ■ - 1 1 

that there is a lot of travel in * n>m industry -. Companies are catering for customers in 50 ten minute drive - away, but 1 

and out of Irvine to work. In actua,Iy amv '7 a ” unannounced countries with a 48-hour maxi- because it caters for inter- 

Februarj' this year, for example. and to have a look round mum transit time, a number of national traffic, it has bo d i l I l LT I J 1 1 WBflD 

and ' ve have noticed some firms industrial suppliers to the oil restrictions on night flying and '-Hi , im 

who were here a couple of industry and even a local news- its' .benign weather record -is m 1 T ' ■ ■ > J.T m | |TiTv ||^H 

years ago but then shelved paper group covering towns unmatched. With the growth of I dii niik'JB 

their plans for coming back to throughout the West of Scotland passenger traffic - sluggish. 

■see us.” which is setting up its central British Airports Authority has 9HH dlini II 

In the first six mouths of this printing centre in the new town, nude tremendous efforts to 
year around 100.000 square feet Irvine’s road system has been develop Prestwick’s role as a M f 1 *J *7l ] I fir 

of advance factory space was the major bugbear of Irvine's cargo centre. 
let to companies which will pro- planners sinee the establishment Last y ea r. Prestwick bandied 
vide about 400 jobs. That figure of the new town and if industry 19,000 tonnes of air cargo. 

is almost twice the area let in has remained relatively unr ahead of -. Glasgow and the - 

the same period last year and concerned and very Little figu^s far this vear show M III I ■ -- 

is only slighUy. below that let inhibited by it, the state of the farther improvement HR 1 I f w I ■ 

in 1973. Most of tlie new space road-building programme has Glasgow Airport i.s only 20 9S I f flB 1 B 

is being taken by companies been a constant preoccupation minutes from Irvine sivir?" HH I f B HBmTTTIiTI.' I . 

already established in Irvine for every other development fa nhe r access to air-freialitmg ^8 I | i 1 I I 


m « ^ 

1 1 t S 

* / ! 






who are now ready to expand. Originally, Irvine New Town and with .the growth of Euro^ 
jut mere are also companies was Hesiened nomoletelv round nean services- from Glasenw. thp 



n e aiS0 companies was designed completely round pean services from Glasgow, the 

D * S .T' Tu , a centTal spine and planning choice of services for Irvine 

1 h Ut th ' . omson ack now- was well advanced before the customers is increasing. A 

a ^ / 1° r0Oni i or Corporation’s geologists-, dis- further asset is the Greenock 

?h C ^ C 4.' n Al \ V aeDipl covered that the town was container .terminal, again only 

I?rr IO ? li ?“ nd2 ' 8,, !-»d with old mines. This i — ; 

Irvine may also hav ® a 30b meant a virtual re-design of the 
to do outside its own borders, by-pass road to accommodate 

Unlike many other new towns d iff ere nt access points for the & 

-^ ave new development plan. yvfi Cj_ (1 r 7 W 

clearly defined limits, Irvine is . . . . _ . . Lfafr w. ‘5 ■ 

surrounded by other, older . At ^ southern end of the \ 

towns. In this context the new u W ?f re „ ; . 3 ” e ? en f!fi! 1^. farf _ I ^ 


town designation area 


mere official convenience. The 1 a o e way 1 from north of 

Development Corporation has t l^ reS I v ^ r c S i A c ^ p0rt \ 
never regarded itself as any- J° the main Ayr-Glasgownud, 
thing but a part o£ the wider funds f . or .? e .tfaree^ae Imk 


North Ayrsliire community. 

The area has undergone some 
savage turns in its fortunes in 
recent years. The massive steel 
complex planned for Hunters- 
ton. a few miles up the coast, 
which has been the Holy Grail 
of the Scottish trade union 


were set aside six years ago, but 
the scheme ran into local diffi- 
culties in deciding the line of 
the road and because the 
scheme was not completed 
before regionalisation of 
Scottish local authorities. 

The key links for Irvine arc. 




f CUNMNGHAME 
’ DISTRICT * 

9 COUNCIL 


movement for years now. seems however, east through Kilmar- 
to be a non-starter, and uncer- noc ^ t0 tbe main motorway 


tainty hangs over the fate of and no ^ *9 Glasgow 

the GJengamoek steelworks. afld both these links have been 
The loss of around 750 jobs affect . ed , by the complete re- 
seems cerUin. but the future of !PP r ? ,sa i of structure plan 
the remaining 350 in the plant for the Strathclyde Region, 
is far from secure. Under the ptan, Irvine and 

Both district and Strathclyde North Ayrshire is accepted as a 
Regional authorities have been growth area, partly because of 
busy trying to find replacement Irvine New Town, partly be- 
industries to bring new life to cause of the industrial Impor- 
this depressed area and their tance of its neighbouring towns 
efforts may be bearing fruit, of Kilmarnock. Ardrossan, Salt- 
Relations between the town coats and Stevcnston and finally 
and neighbouring district auth- because of the potential impor- 
urilies are good, as evidenced tance of the Hunterston Penin- 
by the co-nperation over the sula as a major industrial 
building of the Magnum generator for the West of Scot- 
Leisure Centre. But the aimo- land. Hunterston is 12 miles 
sphere has recently soured north of Irvine and while its 


in partnership with IRVINE DEVELOPMENT 
CORPORATION to promote a healthy 
environment for investment in 
North Ayrshire . - 


for further information about development 
opportunities, land and premises contact 
THE DIRECTOR OF PLANNING 
CUNNINGHAME DISTRICT COUNCIL 
CUNNINGHAME HOUSE, IRVINE 
TEL.(0294) 74166 






Contractors to 






since the inaugural 



Contractors to the world 





19 7 7 


-' Vxi 


Jvel/ !-LL^ 




jCf'AUl ii 






of i 


of nudfi nationals 
a=^ rT i ^ re p reseated- m Irvine, but 

of them' is.; quite Lite- 
Aio Paints. Whereas most 
Am s employing 14 people would. 

4'ribe themselves as 'snfall 
I ' .^-nesses, this one' does aot. 

■ .«* /a set. up jhts cummin? to-be 

s$&/ ’ says Trevor RoboLtom, 

Jj\SQfv ..Itnlcal' Director ahjT'drivl'ris 
fe. “ and that is how we have 
p>'s thought of ourselves." '■- 
: ■ : '^$mTi cw turns' like to: _Bav* pro-' 

f -|%V>us . internal tonal-' Damir's 
“ ^ 'ling the- lists of local indus- 
ind Iryhk* 1st stil|;njji»n; tu. an 
^ ’uach from anybgi.* with a 
A . ti-miilibn pound jitvestmerji 
'• ing for a - home^ Texas 
rumenis recently -made an 
iiry. But one of the lunc- 
5 they fulfil best is prrivid- 
the soil in which a good 
yi ■" can- pp'nninnto from seed. 
^* 5=== -' /dking 10 Mr. Robottorn in- 
:ilily gives the imptessinn 
... Irvine Paints is a plant that 
^ ning to bloom. Wh'en the 
pany moved into its 4.20U sq 
jelory on one of the new 
... ' t’s estates two years ago. 

e were' two full-time cm- 
-- '.0 ecs and. two part. tune dJrec- 
^ ’ =sas »e5 Sf Now 1* occupies 50.000 sq 
*— i^nl sees itself as continuing. 
^^*\pand. “ We will be employ-. 
L’j people by the end of the 
■ amt between 50 arid 60. in 
her lfi months.” 
ith a Dntrh director bn the 
rd, expansion into' Europe 
the reg^ u .ted logical, so the company. 

ihe wratianr atly hlii a wa rehouse in 
‘splosh- ami 10 facilitate distribu- 

. but both w ln ^ EEC aod ‘ b( ?yomi 
have a.nt nlans to manufacture there 
and Eim-L^ 000 - “ that “ becomes an 
^oopeff,,^ 40raic proposition. 

an imn'J its name implf*?.- Irvine 
promised ^ lts niakeS a ” d sells paint,' tn 
Pars, earlief 

had v dl fei • 

and it ct*K T } ■ . 

?tt *r positioj- H 

loser*, ■§:. ^ | Iv | 

John tiri • 


particular -Its ;wn . formula 
-vandal-proof itemed paint of the 
.type used yt.-pubHc .-huil dings 

such - as schools, hospitals, 
swimming pools, .town centre 
complexes andT blocks of hats. 
Like its competitors Tt : .has an 
extremely hard'- surface, which 
makes it difficult, to scratch but 
unlike' them.' St'fs 1 water. "based 
'-‘-and so nothtosic— arid can be 
applied by. brush. Other flecked 
paints have .to be^sprayed- on,, 
which ’ hmith. their range of 
applicai ion*. : In .' the first 1 5 
months of operation Lhe turn- 
over was £30.000. - But in .the 
current - financial' .year Mr. 
RoboLtom estimates that it . will 
be iu the region. of £189,000- 
£20fl.(J00. ' . .- 

The company decided on 
Irvine because .there were .no 
other painr manufacture!? in 
the area, so although its marker 
is national and inlcroBtionai. 
there could be a local boost 
Irvine Development Corpora- 
tion provided the factory, with 
rent relief .. assistance, and 
helped with initial publicity. 
Tile- Corporation has also 
allowed Irvine Pa inis to. store' 
'Mv new' mixing equipment in 
an unused .factory . free : of 
charge so that it can be moved 
into the new large r premises 
without delay.-.. . . 

The company' has; no regrets 
about its choice of location. 1 
Distribution and communica- 
tions, arc generally guml from 
Irvine, Mr. Robotinm has found, 
although the fact that direct 
dialling is not yet available to 
the new. town oh international 
calls can 'if gad.’ to" frustrating 
delays.;;. ...... 

Trnne- Paints begarr in ooe of 
the Development Corporation's 


smaller advance factories, but 
they range in size up to 
50, DUO sq ft with room for an 
expansion of as much ugain. 
Incoming companies building 
tlicir own plants are eligible for 
23 per cent Regional Develop- 
ment Grants on buildings and 
machinery and llicrc are sub- 
stantial other incentives includ- 
ing tax allowances, assistance 
with training and. in . certain 
cases, «?perial preference in the 
award of government contracts. 

The town has 170 firms. 
mo>lly medium , or small com- 
panies. Only a handful employ 
mure than 500 people, bu> must 
of those have gr jwi« • to that 
swe within the new town. 
Jlvster. the U.S. fork lift truck 
manufacturer, fur example, 
started in Irvine in 1360 with 
a workforce of 24. Now it is 
the -town's biggest employer 
with around 1,000 on the pay- 
roll. From a 25,000 sq ft 
advance factory, the cum pany 
has ex panel or! to an area nearly 
ten times that site. 

Irvine is tin* largest nf the 
company's European manufac- 
turing centres, and besides pro- 
ducing a range i»r electric and 
diesel trucks, also houses the 
company's European tool- 
making centre. 

Beech am Pharmaceuticals has 
also expanded its penicillin and 


chemical manufacturing plant in £4.4m list year, 
the town. Since 1970 mere than Other engineering linns in- 
l'25in has been spent and earlier dude.. Bentley Forge, part of 
this year the company the U.S. 'Gulf and Western 
announced that it was consider- Group. NEC Gas, which 
ing a further £14m expansion, a^mbles and equips modules 
Rockware Gloss, anorher of the for The oU industry, and Irrent 
town’s major employers, also Melal Products, suppliers of air 
recently- opened a mulri-miHiim conditioning and ventilation 
pound expansion to increase its equipment. Wilson Sporting 
output of bottles, mainly for the Goods, ' a successful manufae- 
whisky industry. turer whose range includes golf 

Scandinavian induGtrj' is dubs and teani & racquets, has 
heavily represented witli two trebled its factory space in the 
major companies. SKF (UKi. town since it armed in 1862. 
actually pre-dales Uic new lov.n. anti Flow Laburaiones. a major 
and has, over recent years, pntducer oF ammal tissue cul- 
stilTered from the worldwide Hires and oilier products for 
.slump m demand fur ball bear- medical and biuiogical research, 
inqs and its other products for has established itself as the 
the motor and locomotive indus* largest fi 1 ™ of its type in 
tries. Us labour force is down Europe from its Irvine base, 
from a peak of around 1.000 10 Strictly outside the new town 
about 850. Volvo's Ailsa trucks jimits are Id's complex at 
came tu Lbe town in 1974. taking Ardecr, which grew around the 
over the old Royal Orflnance 0 ]d Nobel Expu.-uves factory, 
factory, o 75-acre site which has an d Monsanto, ihv American 
plenty of roam for expansion, textiles company which maim- 
The company was in fact a faemres acnlan. 
victim of its own conservatism ln . inp has a i ar3e dlVersity 
in the first lew years, but has ol industry which has helped to 
since shown remarkable growth. protecr it from the worst uf 
Strom* demand for its bus ,} JC cq j,j eC nnomie winds. There 






and lony chassis pushed 


failures 


Made in Irvine 


A2sa Tracks Limited, ESwinrung Road, Irvine, Ayrshire. 


by iwo-ihirds- From dundanc i es . ia -;r a , there have 
19/o to 19<b and by another 4o ever ywhcre else, bur the town 
per cent tn Iflu. bringing it to has , nanag ed to keep its wide 
I6am. A pre-tax loss of £13o.0W base j ntacL 
in 1975 was turned to a profit r> 

of £1.8m The following year and Kay rcraian 


TUI 


WFRE SENDING THIS LOT TO COVeffSfYL 

This is the team from Irvine Development Corporation. 
Who are on a whistle-stop tour which takes in ten 
destinations en route. 


RSTO 




i eaim 


INE IS /the. only new : town - In the midst of the sometime 
;the UK/ wfiose' designated frenetic rush of new towijlmild- 
i Deludes/', tfcvstretob- .offing .it .is sometimes .to 

ine ai«L4m» in itself has. remember that iTvirie . Ts an 

arjcient town, but one of the 

I Ser.'-tjrxJeiWHt; ^bi^KIlgKls^this immtti at the 

'the Fireworks 
-toid-Gal^ Night for the ^annual 
^.^p - ej^stios towns Marymas.t-_t^lebratiQns : where 
a >ir«tdi- of thq- Ayr- • tbousands .Of people fiRirfi the 
iasf, \whicir Jtar for ^ar park to overflowing.- The 
2o' gp« cpuTsesiwl'thlh celebrations jgo back to medieval 
lie; radius and ' a ’ltmg times .when Irvine w ®s of j 
as an outdoor lung Scotland’s niost iinportant-towns 
stnal - Clasgow, .'it: is 'and the ihain pon for Glasgow.' 
ee why so touch; atten- .;. Murh W what remains of the 
b®en paid .to) the- ?re*t town, centre' of * Irvine >ns ' good 
-.and-^io /thftr-great ^juality doracstic Scottish archi- 
ts weFL - • ; ■ r • ;■ tecture ■ of. the lflih/and. Iflth 

The great outdoors as tjie sea century while there ire strong 
1 the sand; the gblf-(xrorse connections. with Robert BumS| 
_ J the river banK'lrvine^also ^rogghriuf the' Irvine area; 
Jk the largest area -.of- natural ii-vineDevelbproeiii Corporation 
fl of , any n .?y t P' vn . a ? has done -as mu<* a». possible 

»lSL hub of th * a d «ignat(^- area ^ ^isdn the be^fof .the srehr-, 
®Hi**The new town s pride and tecture an d.th e results are now 
* is nevertheless the great-wj nning t<r show to the extent 
Iot>rs — the M a gnum Leisure t ^ e concept of Irvine New 

ntre adjacent. to a 15tf acre as a tourist centre in its 

aeh Park minutes, from the own l ieht;is im longer looked 
■"n centre — an appropriate 00 as kance. Obviously, with 
ue for the largest indoor; tbe sea coast V figuring pro- 
sure centre in Europe. .'minenUy in thoplanners’ think- 
spite its cost . or . £3.4 m, the ^ surprisingly little, use is 
ure.. . which ' was planned made of the rea despite the 
ginally by a so-ahead . town e x ploMon in ^chting the Clyde 
inci! and completed by. the has 5^10 {he past few years. 

/aof^S^ 

ream n° 

celled . « . .w # a . wl l lt€ CouhdL ' the District Council 
: phant. ..It was opgie^ ‘^-.haTattemMed.-to. concentrate 
ars ago and injtsfirst . VadtOug Soptoenl around 
operation alttacted nearly targs to spread the 

m visitors. _^st L year Jhe ^reationallwid. while another 
a I was over 3m and . .the raa j or map ina ,is being built ai 
ure is stiR ming. Troon soutbof the New Town. 

i«rtitl^ be 1H an Jmpresstve Development. .Corporation 

lyglOpo yards lang, buUr ^ much^of the 

I f toBSSLye ^ution work in the harbour 

*S area- hasr only ' recently been 

Pi AN^IS^SE 6 completed and' So far 00 com- 

^ y mereial- developer has come for- 
- pniji^Hng ani,a;^«). v seat cmema/; d wlth proposa i. 

vV^ftaire/confeteiice-hall: facility, j"“- ■: \ T' aln „^ n , 

IC C RVms rapidly ^'cquiahe- an inteiS - Further marina development 

is almost cerlarn 

fcOQ4)^en the venue ' tiiis'year for ; bi the nestt few years and 
remational volleyball, basket- Irvine has a very 
11 and^ ^ skating championships, available .and water depth f 
_^Dne the •' eheouraging' seagoing-vessels rt could yet add 

~ ccesses of the centre has been' yachting as a major sport. 

e use made of 'the, conference ’Not ceutent with 20 golf 
jilities, mafnly- by local -com- courses within 10 miles — two 
nies although this . is on winch the British Open has 
anging— for major ^sales con- been played— there ^re plans 
rences arid seminar^.' Adjacent for between two anct three more. 

the . cenire ^ the, i7$acre .TteL. District Council is deve- 
ach park where a massive, and: ioping a nine hole course for 
mprehensive ; '-development the Bartonholme" area of the 
an is -underway.. -Apart . -from town with, facilities for exten- 
hletic fields " to complement sion to an^I 8 hole -course while 
e Magnum indoor fadllties, a Irvine Development Corpora- 
:ge pitchrand- pQttvCqanje.iis tipn.is plamiing a major course 
f ing builr. an .artcSclal 'boating: ad jacent to 'Eeiiijton Park, 

f ite has heeti "creBl^j.'and "the .Overall,' ; "Irvine's planners 

lire arca.has been.l«ids«ped. .have accepted the leisure con-. 
■ It is maybe not tbq.iwnnrt^ng cept 1 with enthusiasm, but they 

B a l the . vjsioic of/ tb'e .’early haye a great deal to thank the 
ML anners qf both/.fheiMaguiHru town’s; history -and geography 
jp*W rntre and the BeaSh'Eark.iWas for-Hhe sea and the rivers 
I 9 lied into questiou/Thlsendte flowing across the' North 
ea bordering. ihe harbour and -Ayrshire plain on the one hand, 
-etching to /theTSouth: wiK an-aijdr.a vast area of land made 
I Austria} wasteiaoiL The fact jndporahie for anything else but 

I at it waa ykrtorian. indu 5 

f rttuag. made the. ctespoilatiijri- triallBts j . whose . factories . lined 

,‘rse. The main todus^wbich^ '^ ; ^nnos- preventing their 
cc occupied^ the lareac^was aii. usa .for ;; the Wnd . of “ 0US Z. 
dnance'worteiand^ raLns^f.ii^V thit r mare so- -much, .or 
;Iuded '-everythin , f ram^ r ViC;.;Britain’s -coastline. 

Drummond 






/A 


% 



5 :f:V 


Expressly to show you all that’s best about Irvine, 
the new town that’s already attracted more than 
admiring glances from such manufacturing giants as Beecham 
and Volvo. 

Firms who set up business in Irvine not only because of 




them, but because our attractions extend much further than 
the off ice and factory floor. 

To include all the delights of the only new town in Britain 
that’s slap up against 

thg onen S69« BIRMINGHAM: moor street station . zth September ioam-spm 

"J • COVENTRY; WARWICK ROAD FREIGHT YARD 8TH SEPTEMBER 10AM-5PM 

If YOU U IlkG to SLOOGH: : FREIGHT YARD, STOKE POGES LANE 11 TH SEPTEMBER 10 AM-5PM 

r -.. ; READING: MOTORAIL TERMINAL 12TH SEPTEMBER 10AM-5PM 

look US Over VOU Can BECKENHAM: BECKENHAM JUNCTION STATION . 13TH SEPTEMBER 1L30AM-4.30PM 

CROYDON: 

SOUTHAMPTON: 


MANCHESTER; 

NOTTINGHAM: 



PICCADILLY STATION; PLATFORM 12 
WJIFORD ROAD FREIGHT YARDS 


MOOR STREET STATION 
WARWICK ROAD FREIGHT YARD 
FREIGHT YARD, STOKEPOGES LANE 
MOTDRAIL TERMINAL 
BECKENHAM JUNCTION STATION . 
FREIGHT YARD, EAST CROYDON STATION 
CENTRAL STATION, PLATFORM 5 


5TH SEPTEMBER 10AM-5PM 
6TH SEPTEMBER loiMrSPM 


7TH SEPTEMBER 10AM-5PM 
8TH SEPTEMBER 10AM-5PM 
1XTHSEPTEMBER 10AM-5PM 
12TH SEPTEMBER 10AM-5PM 
13TH SEPTEMBER 1L30AM4.30PM 
14TH SEPTEMBER 10AM-5PM . 
15TH SEPTEMBER 10.30AM430PM 



IRVINE NEW TOWN. 
THE PERFECT ANSWER. 


right lines. IRVINE NEWTOWN O 


CUR8ENTDE3A0LS OF FACTORfES.SITES, OFFICES «4D SHQ PS AVAj^ABlJ^TOMTTrlffi WTHJH^ K O BT^ Iffi 












BUSINESS AND IRVESTMENT OPPORTUNITIES 

READERS ARE RECOMMENDED TO. TAKE APPROPRIATE PROFESSIONAL ADVICE BEFORE ENTERING. INTO COMMITMENTS 



Finance 



If you are a shareholder In an established and 
“*■ ■ growing company and you, or your company, 
require between f 50,000 and fl, 000,000 for any 
purpose, ring David Wills, Charterhouse Development. 

. Investing in medium size companies as 
. . ■ mino rity shareholders has been our exclusive 

business for over forty years. VCe are prepared to 
' invest in both quoted and unquoted companies 
currently making over £50,000 per annum , 
pre tax profits. 

CHARTERHOUSE 

Charterhouse Development, 1 Paternoster Row, Sl Pauls, 
London EC4M 7L)H. Telephone 01-248 3999. 



Export 
to Denmark? 

Five minion consnmas' withpttrcBa^ngpowtt are £ 

Waiting ler your prod nets; 


Concern prim arily sd ling durable goods. 

Through diversification' wc wish to develop car 
position in the Danish market and are looking far new 
prod acts to market which should give sales possibilities 
jo fat least .£ 100,000 pjL line ofbuaness no object. 
■Marketing is also possible throughoiher subsiriiaty 
companies or die concern. 

Our company's expertise in nsmagonen^ 

licmmirlmhlp. lUinm 


administration and safes is considerable. Moreover ire 


are. 

Serious and detailed . _ 

Eos No. 593 Harlai^lbksvjg 

^Mamnsvcj&x 


to: 

& Mather^ 


ASSET FOR SALE 

Chief joinery man, 49. at present with large group 
and salary. City & Guilds. Machine setter, estimator, 
setter out, foreman, manager, director. Industrialised 
building, special and mass-produced joinery, U.K. and 
elsewhere. Has wife, capital, house and boat. Seeks 
smaller salary in 50-to-500-man unit with share of 
increased assets. 

Write Box G.2499, Financial Times. 

10, Cannon Street, EC4P4BY. • 


WeVefQmitmore 
companies than 
any other company 


So next time 
■you need one, 
phone Patricia Parry 
on.01-253 3030 


(l&q&iLS 

fhotatofarapaiilfls 

JOKOKnKJOfflUWEEETOXMjat 

LOMDOSOTflEE 

TOMIMilllffliMliuaMIB 


New Packaging Technology 

Major International Company with particular 
interests in fulfilling the future packaging needs 
of the pharmaceutical, toiletry and cosmetic 
industries is seeking to establish contact with 
inventors and/or independent Research and 
Development establishments. These must have 
developed or semi-developed ideas for new 
technologies and suitable product designs which 
could be brought to test-market status in the 
foreseeable future through advertiser’s existing 
contacts with major multinational customers. 
Please write in the first instance to Box G-2463, 
Financial Times, 10. Cannon Street, EC4P 4BY. 


A PROFITABLE INVESTMENT ASSOCIATION 

If you have experience and interest in stocks and shares, and good 
connections, and wish to take advantage of this, working from home 
on a part-time basis, wc would be interested in hearing from you. 
We are an old established and reputable Arm. Remuneration and 
hours negotiable. Please reply giving a background resume to Box 
G.2474. Financial Times, 10. Cannon Street, .EC4P 4BY. All replies 
will be treated in the strictest confidence. 


Wc.arc a 

LEADING BRITISH COMPANY 

Opt non j nationally wishing to expand 
further in the sphere oF 

RECONSTITUTED STONE 

and iimiiar allied concrete products. 
Our main, sales outlets are primarily 
in the Midlands. No- t h em England and 
Wain and. vre wish to make contact 
with any company with expansion plans 
in the Reconstituted Stone business but 
lacking the necessary finance or com- 
panies wishing' to dispose of their 
assets. 

Write Box G.2495. nnono'of Tinsel, 
10. .Cannon. Street. EC4P <8 Y. 


National retail 
. DISTRIBUTION 

We have superb prod acts, proven 
industrially for o»er 10 year*, avail- 
able 'In well designed, carefully con- 
ceived retail packs for sale sJirwich 
established and reputable retail 
marketing companies. Export enquiries 
iIm welcomed. This advertiiunont 
v* 1 '-eppeal to _ *■ - com pany al ready 
cnfdfins 1 'good relations with the 
■Nq*" 1 !. Multiple* . Department Stores 
and Mail Oder Houses. Our products 
have high sales repeatability In the 
d.t.f.t chemist and ear care marlcets. 

Telephone (04555 J S6BI3 or Write 
G-2502. Financial Times, 

-fO. Cannon Street. EC4P 4B T. 


BRITISH GROUP PLANNING 
ACQUISITION OF MEDIUM 
SIZED COMPANIES 

would be' pleased to hear from pro- 
prietors planning lor retirement, or 
from companies inhibited by lack of 
funds. Mirruticrunnfi or service 
sectors are- of interne. Well estab- 
lished produces 'zrtd/or market position 
are necessary requirements. 

Replies will be kept confidential. 
Writo'.flo* G.25CI. Financial limes, 
UL^Cdrjion Street. ECfP fBf. 


SHORT-TERM 
BANK FINANCE 
AVAILABLE 

for business and residential 
propositions including bridging 
loans. 

Contact PETER JAMES LTD. 
5EVENOAKS 57303 


UP TO £4.000 AVAILABLE lor Business 
a- Business Partnership. 3 sears balance 
-nents . rcatrired to satisfy advertisers 
reiiCt’crs and 5ar* mznaser. 

G2J37. -Financial Times, 
etrto:, £C-P -SV- 


“ NATIONAL COMPANY 

With full UK sales and marketing 
coverage seek manufacturers of bouse* 
*' oW .^ ai, * r PFtid"®** anxious to 
eypand . We must have sole selling 
and d«rtburton rights to the whole 
sale and retail trades. Products could 
be incorporated .into our nationally 
known branded range. This is ■ unique 
Opportunity for a company with good 
products, requiring volume sates. . 

All replies wUI be tree ted In the - 
... ^ . ******** confidence.-. 

Write Box G.2S0J. HnurjdaJ Times. 

10. Cadnetr ■Stnec. BC4P 4BT. 


: OVERSEAS BUSINESSMAN 
Is interested in acquiring - con- 
trolling interest in trading com- 
pany with ' minimum, profits, ef 
£50.000 pa. Existing management 
to remain with service contracts. 

AW refdlain ttrfet confidence to' 
*°* G - 2491 z n*** Id Times, 

10. Cannon Street. £C4P 4BY. 


by Acummirt 

, ESBW3**rw 

C50.000 per month, TaL 0222 344 61 I 


L 









Cash Much ? 

This cash voucher ' 
entitles your company 
loan immediate 

75% CASH 
AGAINST 
INVOICES 

Sntiivct tonrpm -3i 

(MflowproblemsPTliencashOiis! 

Need Cash Now? You've got it right there on your 
books! Confidential Invoice Discounting Ltd gives you 
75% cash against invoices — money you can put to work 
today. Our invoice discounting system is entirely 
confidential Your clients remain totally unaware of its 
, existence. For the full tacts post this voucher now or 
phone us direct 

Confidential Invoice Discounting Ltd. 

Circus House, New England Road. Brighton. Sub wx R |NI1 4CX 
Telephone: Brighton (0273j 506700. Telex: 87382. 

Abo Birmingham, Cardiff. Leeds. London. /Monrfienler. 

A subsidiary of International Facias Limited- 


Manufacturers Agent 

Lighting products 

The Lighting Fixtures Division — a major manufacturing division 
of the ITT Corporation in the USA — produces a complete range 
of indoor commercial and industrial lighting fittings and equip- 
ment for outdoor-area and street lighting. 

A Manufacturers Agent with wide experience .in this field and 
the right contacts is now required in Europe to expand sales, 
to international contractors in the Middle East and Africa, and 
to electrical wholesalers in the United Kingdom. 

Applications are invited from principals only, who should send 
brief details in writing about their present activities, capabilities 
and existing product lines, it is essential that no undue conflict 
exists with competitive products. 

All letters will be acknowledged and treated 'In the strictest 
confidence. Communications should be addressed, for onward 
transmission to our clients in the USA. to: 

Roy Shi peon. Room 605. 
c/o Charles Barker. 

ABH International Ltd- 
30 Farringdon Street, 

London EC4A 4EA. 




Consult the Company 
Brokers with 20 years 
experience in arranging 
the safe and mergers of 
companies. We have organisations 
seeking to acquire companies with 
nett profits of £50,000 plusp.a. 

No fees to sellers. ‘ . 


Please write or phone S. Bunker F.C.f.S., 

J.MBsely & Partners Ltd. 

The Company Brokers— Licensed Dealers in Securities 
4 Marylebone High St, London W1M 3PA Tel: 01 486 5161 


75 HEW PRODUCT IDEAS FREE 

Each issue of Newsweek's “ New Products and Processes ” 
Newsletter reports on 75 to 100 of the -most exciting new 
products from around the world: includes complete information 
on availability for manufacturing, sales, licensing. .Special 
trial subscription offer for 7 months (& Issues)- is jUst U.SJS60. 
And if the first issue doen’t deliver the kind of ideas wbicb 
can mean substantial new business opportunities for your 
company, simply write cancel on your bill and keep the issue 
with our compliments. To subscribe or get more information, 
write today on your company letterhead to: 

NEW PRODUCTS AND PROCESSES 
Newsweek House, Dept. MC26-5. 

Wellington Street, Slough SL1 1UG, England: 1 


An office in Switzerland ? 

We are a small and highly specialised company offering 
following techno-commercial services:— 

• Multilingual secretarial services 

(correspondence, telex, telephone! 

• Product promotion arid marketing management 

0 Licensing and patent agreements 

01 Confidential general management and financial services 

• Development of international business opportunities 

Plane contact in the firrt I nuance: — 

Mr. John T. 5cerger. Partner. STEIGER ASSOCIATE*, 
Mainaustrassc B, CH-6008 Zuri. 


the 


PRESS WORK, SPOT WELDING & PAINTING 


POWER PRESSES — 
ROLL FEED PRESSES — 
PRESS BRAKES — 
SPOTW ELDERS — 


IS (o 25(1 tons' 

55 to 120 tons . 

tv 150 tons. 

25 lo 300 KVA 

PRETREATMENT & PAINTING - POWDER OR WET 

Plant wiD be available lor snort or lone ninubis; omiraiis. enrir September 
otnvard.v Fartury situated N.W. England. Write Bo* liJ.T'l, nnmfrial-' Times. 
Jf>. Cannon Strwf. F.C-IP -IB V. 


THE SMALLER 


For furiner inlormalion contact: 
K. Dean, 

ARBUTHNOT FACTORS LTD., 
Breeds Place, Hastings, 

E. Sussex. 

Tel: 0424-430824 


LIMITED COMPANIES 
Formed in UK & Worldwide 

including 

ISLE OF I1AN £tJ3 

DELAWARE £400 

. PANAMA 5870 

Contact: CCK Ltd.. 3 Prospect "FMI. 
Douglas. l.o.M. Tel: Dcugiat (0624) 
23733. Telex: 627900 BALIOM G 


The best 
franchise 
opportunities 
are irr 


SoKcription lorm l/om 
37 Nottingham Road 
London SW17 7EA Td 01-767 1371 


LIMITED COMPANIES 

FORMED BY EXPERTS 
FOR £78 INCLUSfVE 
READY MADE £83 

...... - COMPANY searches 

EXPAte-t®... REGISTRATIONS LTD.,' 

30O.ty Road.- ea . 

0l-d2fl £434/5/7361. 9036 


FOR SALE 

COMPUTER EQUIPMENT 
on lease to blue Chip clients. 
Items from £78,000 to 
£225 million. 

Write Bov G2490, 
Financial Times. 

10. Cannon Street* EC4P 4BY 


IBM ELECTRIC 
TYPEWRITERS 

Factory reconditioned and gusnmreed 
by IBM. Bur. up .to 40 p.e. 

Lcuc 3- year* Iran £3.70 wcrtly. 
Rent from £27 per month. 

Phone: 01-MI 2363 


ISLE OF MAN OFFSHORE 
TAX SAFEGUARD 

Gitcp tli» OC'DoriuniticS <" * law. tax 
a'ca. We srikUIi&c n tormatlon. 
c comajnici. ,viadln9 nominee 

acDoirvnrien:. wxrpiartal services, 
ccnerar aacncv wort, tele* am* oeneral 
eonculuiKy ■nciudlne. eotnmtsrclar 

lr&m a p m lL ,, Brown. BROWN 
BROTHERS LIMITED. :~Vfctorv Home. 
F T »2 ee L m »«n. Donw late of Ma». 
Tel. 0624 23661. Xotex 82841. 


Electronic Assembly 

Extra Capacity 

A small Electronics Company h the London area has spare 
assembly and test capacity. Specialising' In the amali bateh 
production of low density printed circuit, board assemblies. 
We have skilled assembly, test and inspection personnel 
capable of high flexibility and can, therefore, provide extra 
production capacity within the electronics/ telecommunications 
field. " • ' - " 

Please write to Box G .2480, Financial Times, 19, Cannon Street; 
EC4P4BY. 


Clearly a time to buy- But how? 

f, .hires? All the answers are 
Private Investor’s Letter, the comp* 
succinct, reliable guide for the serious . ^ 
investor. For details of a FREE trial oS gs 
write or telephone now to:— 

The Private Investor’s Letter. Dept IPS, . 

13 Golden Square, London W-L : V*- 
Or phone 01-597 7337 (24-hr. answering r 



K 


ESTABLISH 
IN THE I.S.A. 

To assist . U.K./European 
Manufacturers, etc., to estab- 
lish in America, a complete 
service is offered. 

* Market Evaluation. 

* Location &. Evaluation of: 
Company ‘ Acquisitions, 
Distribution & Manufac- 
turing facilities, etc. 

For brochure . etc., contact : 

INDUSTKON consulting 
270 Madison Avenue 
' New York, N.Y. 10016 
Telex: ITT 423067 


CHINA 

A subsidiary of an International 
Corporation based in the U.K. 
and specialising in chemicals, 
raw materials and related plant 
and equipment, is expanding its 
business with mainland China, 
and can now offer a service to 
other Companies wishing to 
effect both sales and purchases 
In that market. 

Write to Box No. ARI70, 
RETNELL & SON LTD, 
30/32 Fleet Street, 

London EC4Y I A A. . 


BUSINESSES FOR SALE 


’ CONSTRUCTION 
INDUSTRY 

Do you wish to increase your 
sales to this market or get 
better sales coverage at less 
cost ? 

We ' are a successful sales oriented 
company with adequate financial 
bacKIns and • storage space -sailing 
nationally . to bail den. architects, 
councils etc. . and seek marketing 
franchises for additional products. 

If you ore Interested in d/setrssing' 
co-operation please write to: — 

Bo* €.2461. Financial Times. 
fO. Caamn Street. EC4P 4BT. 


CONFIDENTIAL 

INTRODUCTIONS 

negotiated For Sale/Purchase of 
ail types of Businesses in ail 
areas. Expert and Discreet 
Service. Sfu . commission on 
completion. Please forward par- 
ticulars of proposals or require- 
ments to: — 

BEAUMONT MANAGEMENT 
SERVICES LTD., 

3S/37 Clarence Street, 
-Staines. Middx. 


DOMESTIC 

ELECTBICA1 

APPLIANCES 

MANUFACTURERS 

For Sale 
in one or more 
units 

AET LIMITED 
(IN RECEIVERSHIP) 


Offers are invited for the assets bf-AET LIMITED/ 
the largest manufacturer of Domesnc Hectricii" 
Appliances in the Republic of 
of products include , f rfr?. - -A fc 

FRfGERATORS. ELECTRIC KETTLES. ELECFRj£j 
COOKERS. WATER HEATERS, *ONVECT0*: 
and RADIANT HEATERS and QJL flUtf 
RADIATORS. , , ■ 

The Receiver is offering for saie, m one- dr 
more units, the assets of the Com pany, froeF&!. 
-all encumbrances. . - 

The Factory Premises is situated approximate^. 
<40 miles north of Dublin, alid covers an areg.^; 
2S0.000 sq. ft. . . .'.vr 

The plant is fully eqaipped with machini^ 
appropriate to its trade. ,-V. 

Skilled labour force of approximately 
available. ' ' • ■ -Ti 

The Receiver also invites offers for the substfe. 
rial Stocks of Appliances and* Materials. ftQ 
details of which are available. - . 

INTERESTED PARTIES SHOULD APPLY F0L 
FURTHER DETAILS TO: . - 

LAURENCE G. CROWLEY, F.CJW *: 

. RECEIVER, 

AET Limited, • _v 

Stokes, Kennedy Crawley Sc Assot, 
Harcourt House, Har court St, f" 
DUBLIN 2 
Tel.: (01) 757971 
Telex: 4494 SKCDEI 


H.:i vi 


FOR- SALE 

INSURANCE BROKING COMPANY 
AUSTRALIAN OWNED 

Operating Melbourne and Sydney. 

. 3 Years Audited Accounts Available. 

1 977/78 brokerage Income A.S 360,000. 

inquiries to: - 

"BROKER” C/ — BOX 42 
COLUN$ STREET POST OFFICE 
. < MELBOURNE 3000. AUSTRALIA 


Jl 


THE COMPLETE FINANCIAL 
AND MARKETING PACKAGE 

We are an international Marketing 
ConMiltancy bawd in London which 
offers financial and marketing advice, 
cither In this country or ' world-wide. 
Capital would be available to suitable 
enterprises where expansion or 
development: of new projects h beyond 
the limits of existing cash flow or 
financial resources. Wc also give 
experienced .adwee on both merger* 
and takeovers. 

Principals, or their Agents, t boaU 
in the first instance write to: 

Box C.2J78. Financial Timet. 

10. Cannon Street, £C4P 4BY.' 


Business 

Opportunity in 

Heilmuf 

British owned well established Dutch 
subsidiary in. Netherlands with exten- 
sive warehousing and aggressive 
enthusiastic national sales force seeks 
additional Automotive Accessory /Spa res 
Lines on exclusive basis. Tremendous 
opportunity for go-ahead UK auto- 
motive exporters. 

Write Bax G.149B. Financial Timet. 

10. Con non Street, EC4P 4BY 


FASHION SHOE 
RETAILERS 


Successfully trading from - S \ locations. Well- 
. managed established group in quality Shoes and 
. .. Accessories. T/O approx. £Jm p.a. 
Principals only apply in confidence to 
Box G.2504, Financial Times, 

10, Cannon Street, EC4P 4BY. 


PRESTIGE CARS WANTED 
TO ALL COMPANY DIRECTORS 
TRANSPORT MANAGERS AND 
PRIVATE CAR OWNERS 
Are you obtaining the base' prtc* for 
your law-mileage prestige motor -art 
We urgently require Rolis-Royce, 
Mercedei. Daimler, jaguar. Yindsfl 
Plas. BMW. Porsche. Ferrari, Mater&ti, 
Lambourghim, Jensen Convertible. 
Rover. Triumph and Volvo cars. ■ 
Open 7 days k week 
Collection -anywhere in UK. Cash or 
Banker*’ draft available. Telephone us 
for a firm price or our buyer will caH 

ROMANS OF. WOKING LTD. 
Brookwood (04367) 4547 


BE YOUR 
OWN BOSS 

If you are feeling frustrated and 
thinking of setting up your own 
retail business irv either the 
igrieulcural machinery or con- 
•trucrion equipment field and 
have access to around £20,000 
or more. 

Then write to Box G.2435, 
Financial Times, 

10. Cannon Street. EC4P 4BY 


YORKSHIRE 

CIVIL ENGINEERING 
CONTRACTORS 

Old established family company specialising in general 
groundwork and sewers. Generally local authority and direct 
contracts. Turnover restricted to approximately m. on 
profitable contracts. Prime freehold central yard and 
maintenance depot Sale due to retirement. Principals only 
reply to Box G.2335, Financial Times, 10, Cannon Street, 
EC4P 4BY. 


FOUNDRY BUSINESS 
SCOTLAND 

FOR SALE old established grey - iron jobbing foundry business, 
situated in Scotland, manufacturing castings up to 10/12 tonnes, 
at present producing machine tool, general engineering, marine 
engine castings, etc. Up-to-date plant and equipment. Craneage 
capacity up to 20 tonnes. 

Enquiries to:—- 

Box F7233. Hunter Advertising Ltd.. 1(1 W «K Geauga Struct. Glasgow, G2 3JJ. 


YORKSHIRE COAST 

CARAVAN CAtl 

Covering about 39 Aor 
ENTERTAINMENT CE^X 
LICENSED BARS, SHOP 
FORSALEAS-: 
GOING CONCtRKf 

Principal* oMf can (act—' 

J. LUCAS GOODALL &'Si 
FA.VJL. • 

«. ALBEMARLE CRESCBtt 
SCARBOROUGH. .Jl. 
TELEPHONE 73454 ~ 


THE WPP0PHC B 
GREAT YARMOtr 


A unique. AnpUtbaatrai ■■ 
- -lasting 1400,- in i ' 
prime sex -freftt .pssttimtv ^ 

. with Amusement. Area*'; - 
*rc» ol 6.000 sq.'fMtr;" 
and.TlKep Steps " 
Ail wkb Vicaht PoueSMtr- 
u end of wasp* ., ; r„ 

FOR SALE by AUCT1W 

. .• fit fin.czriy 
/unless previously. aold.firlv«aL _ 

JOHN HOWARD ft FARTh 

33, Regent Street. Gc. Tvws 
Tel: (fl4P31 S*S«if 


Parai 


TELEVISION & RADIO!' ' 
IMPORTING ANDti* 
DISTRIBUTING COWito ' 
FOR SALE . J?. 
Principals only will fee -ie. . 
with, ■■■ 

Please Apply floe <L24Yf;. 
FinoiKlof Timas, ’ 

10. Cadnoh Street! fiCdP.-IIT., 


• FOR SALE " . . ' 
Highly prof) tafile' London.^ 
MOTOR COACH COMP* 
AND TOUR ORBWfpf 

Specialising fn the incmillng.-.k 
factor with turnover in usn 
£180.000: 

Write Sox G.2431. fTonntlfl/ T 
10, Cannon Street, EGff.Ae- 


OFFSET S 
PRINTERS- 

With leasehold jremiiO.' 
10 . 060 . square, f eet anJ^fl 

of £200,000 foe sale, .M'S* 
wishes to retire. Home Cow? 

Write Sax G.246T. ;Flnaneia-Ri 
10. Caimon. Street, EC4P w 


ROAD FREIGHT 
ORGANISATION 

The owners of a well established G.3- N. .Ireland and Continental 
Foil Load Traffic Organisation wish to dispose of their business as 
a going concern. Turnover approx. £2 million with profits, to match. 
Write Box G.2494. Financial Times, 10. Cannon Street, EC4P 4BY 


LIGHT ENGINBERINGr 
WEST MIDLANDS^ 
Profitable business » 
concern. . . 
Turnover over £2X)W 
Ranted single ’ sway. hcw fijUj 
hig .range of butMera’ 
specialist (wesswork. 

Write Box GJ4BI, Ft 
ID. Caanon Street.-' 




HOTELS AHD LICEffi® 
PREMISES 


BUSINESSES WANTED 


PARTNERSHIP 

WITH HOLIDAY HOME 
MANUFACTURER OR LARGE 
BUILDING ORGANISATION 

sr other suggestion .-considered eo 
reviultic and expand with self Mn- 
tainod existing coastal holiday village 
in low cm area. 

Apply floir G.2492, Flnoncisl Times, 
>0. Cannon Street, EC4P 4SY. 


ESTABLISHED BUSINES$~rcaulrM £50.000 
available. 3 vuar i cutanea meets needed 
1 Write Set G.M8B. Kendal Times. 10. 
| Caimon Street. EC 4 ^lBV. . 

r SCHOOLS AND CDUCA- 

K°if.u S IW S, *'wS SVL r«*eh*d 
iT-.U* 11, Eoucir.exaJ Addressino ana 
Mai line Service oc-tw Mouse. RedhiU. 
Surrcr KHI 3DM Mprrt.im 2221. 

START AN IMPORT. ntfiORT AGENCY. 

No raniral rcainred " EstJbllched over 
1 Chenis m 44 countries. Seed 

larpc S.a.E.. — Wide, TXWt. F- P.O. Box 
V. Marlaorougft, Writs. 


ESTATE AGENTS AND 
IMPORT/EXPORT HOUSE 
HAVE A SPARE OFFICE TO . LET. 

at Kings cross, w.c.i ■ 

A folly Indlusivc rent- of £25 per week 
n required and early occupation is 
offered. It is anvisaged that the pros-, 
pective tenant will benefir from the 
ensuing assaeiation wkh at least one 
or both Firms. -P/nw telephone 
0f-278 0791 In the first Instance. 


£1 A WEEK FOR tC2 address- *r phooa 
nw.sams. - Combi nod rara idles 

under &3 a- week. P-esnoc- oHtoes near 
Stock Exchange. Message Minders inter, 
natioiui. 01 .628 0A9B. Telex 8812726. 


FASTENER DISTRIBUTOR 

Industrial threaded fastener distributor located in 
South of England required by private group. 
Write Box G.2493, Financial Times, 10, Cannon 
Street, EC4P 4BY. 


WELL ESTABLISHED GROUP 
OF PRIVATE COMPANIES 
Seeks co acquire family engineer- 
ing business occupying modern 
premises in Home Counties. 
Ideally, company active in fabri- 
cation with turnover £2.000.GGO 
pa. and . proven continuing 
management team. 

Dam III. Plane, In Confidence to; 

• ' flux G.2496. Financial Tlme%, 

10, Con non Street, EC4P 4BY. 


ELECTRONICS 

Electronic* Dtrisfon of substsntiil 
Public Cempeoy seek* to expend its 
activities Ur acquiring Bnc class com-' 
.piniet with good- track records. Ample: 
funds available lor outright purchase; 
Write flex G.2489. financial Time* 
19, Cannon Street. £C4P 4BY 


TRAVEL ABENCY 

North Ease company in leisure 
and entertainment industry 
wishes to acquire, for cash., an 
established travel agency, with 
LA.T-A. licence. In Tyne/ Tees 
area. 

Principals only p lean: to: 

ROftOn 1 MILLER TATe & CO.. 
Cfnterad Aceauntaats. IS SndhUI, 
NtWMdempon-Tyne, WEI 1LD. 


FOR SALE 

HOTEL IN 
ALGARVE 

Situated in front ol 
beach, with all oiodeto •* 
veniences. Please i erite.t# 

' ADObLP.O.Boi2® 

PORTO. PORTUGAL ■ 

Telex: 2272S and 223fl[ 



PLANT AND 
MACHINERY 




. EMPLOYMENT 
AGENCY/BUSINESS 

Urgemfjr .sought anywhere in 
the U.K. A single Branch 
or Multiple will be considered 
promptly. 

"Write flu* G.24S5, Flaaoclal TlBicC 
10. Quinea Szrtm, EC4P 4BY.. 


i 


GENERATO. 

'Over 409 sets in sto4fi 
1kYA-706kYA 
Buy wisely from the 11 
w'rtb fiifl after-trie* 

• r CLARKE; GROUP 
Dl-Wti 8231 1 
. . .. Tttau WJW4A 



CCNBINE SALE -OT PORK 

. wav., hire -wbea'. 
rhfifirtoiisW ICDe.nritM. 
of over. IPO -dlewrj, 
operated. Lemiing mri 
. meiwtactuTOre etHoora- 

. .trjt|i6..au«HB wltn. ncvc~ 
and seorts. List cool 1W!. 
and «porf ean ulriw.^. . 
petiverifts arraogedjVW^WBi 
-fjam Fene-Lilt 
Sa^Iev. Binn'natem 

-eOMU- 


























EDITED BY CHRISTOPHER LORENZ 



% Miwulfl; 

Site*. ae taking ■ a bath wiih. 
, r ^ W boss; >a» this sociable 

51 ^ j'ce may.be ope of aw keys 
couj ft H,V extraordinary schteve- 
_ at Japanese industry. 


M . --vs •• - 


con,, “flic extraorfljnary .achicve- 

Sf> . of Jiu»nese industry. 

fK J lQu S pv»IJy. important, if rather 
^ tlrial - way . be "the 

^ lion for senior manaMM to 
a few-workers for drinks 
r * Dent crr Wfcoine. in «i£ of 
ion tewny tole-m-thfrwal! bars 
q W,^ abound-. in every Japanese 
Averin, As ff*c snacks, beer and 
® So^iow,- they earn spend hours 
ank, oif-the*re(»rd .^criti- 
management policies or 
ngtertmiques. .. 

i activities may; seetn 
>us, and — 1 ih. European 
— ; redolent ._bf l. feudal 
y. But they srerneveaiingc 

'alions or the -unusual a£ti> 

work, bp.th.3n ‘toe office 
u — the .shop flqqr T which 
ts of ... -ates japa n.; >— and lies 

Do mter . its high productivity and' 

> - T FR EE^S Ja P an teamwork. 1 or .the 
*p J LEs - ELfrJj-- 553 ^ corporate wilt to 
• RS - CONvJ^c* is an important part of 
d Oil. ^'urk-foHure, . at. all levels; 
^ have become known as 
c sale - ‘n ■any communities”- provide 
! separate . but highly. sensi- 
atwi “organisms" capable, of 

d ,p ta% n S t0 - «ew -opportunities 
vers »*^ problems. Management 
d v,rfL ioa tD 0*e- well-being of 

*"■ mj^’-ams— - and the willing .co- 
prerim. jon frf toe workers — have 

^ roots in ihe. widespread 
er 5 for rt, 3ce of Zert Philosophy an 

and M^^ay behaviour. . . 
e - o delicately balanced 

1ULD APsiy ,nciety CDuld be easily dis- 

ir 5 by strikes, but so long 
3 Wl£y pr. f workers -are- able freely 
Heniify with "their com- 
they are very rare. When 
rowiey & v^dn nccur, it portends a 
ircourt s^'failurc iri management, 
dance to 7 management 
I >eoiur workers is likely. to . 

jfHrieni • to - avert suc.h 
1 ly undesirable events is ; 
— Jl^stoppases. so high is: the 

RK^Uior nn f r ’ b stake in toe success of 
•itiunint (Ipierprise. Primary loyalty 
Ifilfiy ni fbe president of the firm. 
VAlf (f under a Confucian moral 
nf great force to do what- 
!rn * ^ow-Sts necessary to secure the 
RTA| NfoENt &ood of his workers and 
NSED bars, f amilies. It is a job which 
FOR sale's ‘ top companies requires 
OING Coio raor dhiary comhioafion of 
onif 0^ I dexterity, mitral strength 
AS COODAiijhysical stamina. ; . 

ii&JiuHfi* company-union Is con- 
s^RBORouai by .the .workers and. 
ELiPHatg A* all of T them, including 
cement and every typd of' 
nr unskilled worker. But 




the art of 


success 


i *> j; 







workers are not tightlyelassi- 
flccL so that houBdarics do' not 
develop and become . harriers to 
interchangeability/ 

The coramuahy nature of the 
social organisatiQii wHhin The 
company- is echoed in its 
tlonshtp- Vo lor iidiebmraralors 
and suppliers. 1^y.«e ieTated 
in » “parent" ahd ” daughter ^ 
jnramer. so that If they jbould 
gerin to difficulties a«y>iU b© 
helped to’ weath er the shurm^ _ 
■- So the sense of a national 
coomiiTuty is deeply : embedded 
in the Japanese subconscious. 

Throughout his . working , life 

and on inlo rctirerneWrthe wor- 
ker in the average manufactur- 
ing plant or office^ receives a 
high level of emotional support, 
a wide spread of fringe! benefits, 
a sharu in the profits by means 
of two yearly bonuses and* in 
return. ■ gives his or her ; emo- 
tional, intellectual and ofeourse 
Irtiysical support.'. v 

Hard effort : 

f 

The worker, ff content, will 
look for ways of Jmprovtrig bis 
company. The . very. limited 
pattern of job change means 
that a worker expects to stay 
with one firm- throughout his 
eareer. : so he tends to regard 
hard, effort or the sharing of 
new ideas for increasing T>«K 
ductivity and profits, as normal 
behaviour. •• : .. 

There are two maitr ways of 
catering The company. " • The 
aeadeHUcally-miiided can enter 
front university pie most pres- 
tigious^finns take top graduates 
from a particular universKly in 
one of the- major; dries with- the 
right '! name value "•). Or' one 
can- go- diremly into too com- 
pany from a- specific high school 
which Is ' only , entered after 
passing very selective examina- 
tions on . finishing middle 
school. ^ Large -companies .like 
Toyota or Matsushita have their 
own escellem high schools. ’ 

Once accepted in . the job the 
worker rapidly becomes a mem- 
ber—>41beit junior— of the corn-. 


BY JEREMY DODD 

paoy-community, and is assigned 
a section where he or she will 
work alongside one or two 
“ seniors. " who will make the 
necessary introductions all 
round. 

Throughout their careers,' 
they will retain the same senior- 
junior relationship within the 
hierarchy of their section in the 
plant or office — after all. the 
efficiency of toe working com- 
munity depends on team-work. 
Parties anti other celebrations 
held in works or nearby res- 
taurants by the work-leant, sec- 
tion. division or. on a special 
occasion, the whole faelory, 
create friendships -between likc- 
minded people. ' 

The company president and 
.his managers find toe time to 
seek out new workers at lheir 
work station or when they arc 
in the unsegregated canteen or 
washroom, and ask them about 
their families, housing situation 
and so on. 

I have uften seen this on a 
• busy construction site. By wear- 
ing the same type of overall 
jacket and trousers, marked 
.with the same embroidered 
company insignia, the grading 
structure is . ptven minimal 
Visible importance. 

It i-> tradition which also 
prompts senior managers to find 
time to invite a few workers 
for that drink on their way 
home. By the time everyone 
-has bought a round , of. drinks 
it is usually eight or nine 
o'clock, and lime to go home. 

The manager collects opinion 
at all levels in such ways, and 
skilfully puts together a few 
alternative concensus .opinions 
which arc debated at meetings 
between management and fore- 
man. As the general’ line of 
action is already understood, 
time can be devoted to making 
refinements. When the senior 
manager is ready to -announce 
the final plan, he knows it has 
- community-wide genera! support 
and will be given emotional and 
physical backing to the hilt — it 


has become Ihe plan of the 
community. 

The best way to lest the 
reality of shared and equal 
esteem that the managers and 
workers have for each other is 
tu jom them on a company trip. 

This is where that cnnimunai 
balh comes in. If they stay tn 
a Japanese inn. communion in 
the scaldingiy hoi steam and 
water of the swimming- pool 
sized bathroom will form an 
important pari of the proceed- 
ings (toe sexes are segregated). 
It must be particularly difficult 
in keep up a faeade nf supc-ri- 
orily when naked. 

Company-sponsored trips, 
often in the firm's own coaches, 
lake a whole section or number 
of work teams to seaside or 
mountain resorts. Everyone 
goes along on these outings, 
which hist a few davs nr even 
a week, where virtually every- 
thing is paid for by toe com- 
pany. Plenty uf activities and 
entertainments arc laid nn. 

The sense uf community is 
strengthened, since the workers 
and management get to - know 
each' other in a relaxed 
atmosphere, where everyone 
goes at ihnr .iwn . individual 
pace instead nf at the externa! 
pace set by the production line. 
There are company trips for 
families as well, and every 
autumn there is a factory-wide 
athletics day when all .the 
children and parents join tu 
form teams for sports and festi- 
vities. 

Negotiations 

Tlic financial aspect of this 
relationship is carefully, 
balanced. Twice a year, ai mid- 
summer and just before New 
Year bonuses based on the suc- 
cess of the company are given 
to ali the workers. They form 
a partial redistribution or 
wealth, treating the working 
community as a whole. 

The summer bonus may range 
from one to as much as three 
months’ normal monthly salary 






./i t- 


A union view of 
the debate 
on industrial 
democracy 


r » 


A 


•Why; can't you simply ask them home for a drink, like other 
manager’s ’ 


or wages* toe end-of-year bonus 
from one to six months' normal 
pay (the year's basic pay pro- 
vides a subsistence wagci. Ihe 
amount ts often the result of 
protracted negotiations between 
the management and the com- 
pany workers’ union. 

Wives'- very often get their 
husband's pay packet m Tull on 
payday when he comes home, or 
it may be paid tn them directly. 
They are then expected to look 
after the home finance-, includ- 
ing taxation and the payment of 
hills, leaving their menfolk to 
concent rate on their work life. 
Most men only get. ur keep back, 
a limited amount uf pocket 
money from their nicnnie. 

If the husband fails ill he will 
he covered by Hu- company 
health insurance and m some 
firms can; be treated m the. com- 
pany hospital. If the wife-falls 
ill, the company will often pay 
for a hpuusekccpcr to be brought 
in to keep the home running, so 
that the husband can continue 
at work. 

If the husband works tn an 
efficient ‘.company, there are 
many special occasions when his 
family can be sure of financial 
help. Weddings are paid for 
(introductions will be arranged 
ir the man or woman is too shy 
to find a mate). The birth of 
children brings further help, 
and sn does moving tu set up 
house. After a death in the 
family there is a gift of money 
to cover : all the funeral costs. 

To belong to a good, efficient 
firm with a dynamic companv- 
conimunity : * managing • and 
powering it, is an early ambition 
for the:, average buy or girl in 
high school. Having joined, it 


is usually for a working lifetime, 
because the benefits arc com- 
pounded a* time passes, 
although there i* freedom to 
leave at any tune. 

■Bb rush from job tu job to 
get promotion at each turn of 
the spiral — or fall back tu the 
starting point — is seen as a 
strange western abberation. 
which ir it does lead to more 
money ts offset by the failure 
of the individual iu become a 
voluntary {and therefore free) 
member uf a mostly content 
and stable community of 
people. 

This is not to say that some 
.Japanese do nm try to take the 
“law of the jungle'’ route to 
riches. 

Travelling with colleagues at 
the Japanese Ministry nf 
Construction to visit a number 
or potential " counter-magnet '* 
vities (to reduce the overstrung 
pul! of Tokyo and Osaka on 
jobs and firms), we spent most 
of the time either listening to 
officials or travelling hard. It 
was only after the customary 
hot balh and evening meal had 
brought us relaxation that we 
could discuss the wider implica- 
tions in a broad way. Work 
and leisure are often mixed but 
no one bothers to clock up the 
hours as they arc all in the 
same boat together. If work on 
a construction site has to go on 
through the night to 'meet 
deadtines-'-it's all part of the 
job. 

The author, an architect . , 
landscape designer and writer, 
has spent a total ui ten 
years in Japan, working with, 
Japanese cimstruction com- 
panies and building products 
manufacturers. \ 


The Industrial Democrats: 
Trade Unions in an Uncer- 
tain World by Giles Radicc. 
George Allen and Unwin. 
£6.95. 


WHATEVER THE outcome of 
the expected general election, 
one major i.->suc which has 
grown in significance during 
the lifetime of the present 
Labour administration Mill re- 
main -in the forefront of poli- 
tical and industrial debate. This 
is the development of industrial 
democracy, as seen in its 
brondesi context ranging from 
trade union influence on 
Govern m cm policies lu em- 
ployee influence un company 
decision-making. 

Consultation 

IT Labour Mins the election, 
(he manning Government will 
have to decide, along with the 
unions- how to develop ihe 
social contract style of relation- 
ship of the past four years. At 
the same time Ministers Mill 
have in consider hnw to handle 
a Bill that is now being drafted 
in Whitehall to give employees 
statutory rights to consultation 
and. later, to boardroom seats. 

If the Conservative* Min. they 
will have to face up to how to 
live M-ith the unions in the 
national political and economic 
arena. They Mill also have to 
decide \yhat son of legislation 
— if any — they should start to 
prepare to expand employee 
participation in industry. - 

So it is timely that Mr. 
Radice. who is now a Labour 
MP and used to be the General 
and Municipal. Workers' Union 
research officer, should choose 
this moment to*prbduce a book 
on this broad subject. 

He advocates toe extension of 
trade union influence at all 
levels of the country's political, 
economic and industrial life. 


including legislation on worker 
directors. lie wauls unions to 
become mure democratic (with 
union leaders retiring at 60) 
and lie stresses Ihe central role 
of shop stewards m industrial 
relations in general and in em- . 
ployee participation in partial--, 
lar. 

Too fcM- managers recognise 
that the heart of trade ; 
unionism is on the shop floor; 
reflected through shop stewards, 
and no! in the regional or head . 
offices of too unions themselves. 

Mr. Radice explains this and ■ 
also deals with the internal 
structures and M'caknesses of 
unions and of their interna- 
tional and pulilical relarion- 
-hip->. Bin he skips rapidly 
thnui'.'h the '■ Du Hock debate ” 
of tor pa-i iliicc years. This 
i- Mnriicularty disappointing 
since he plojcd a key role as 
an MP in causing the Govern- 
ment to set up the Bullock In- 
quiry. More recently be has 
been parliamentary private 
secretary to Mrs. Shirley 
Williams, who led the Cabinet 
team that produced the recent- 
industrial democracy While 
Paper. 


Skeletons 


The skeleton* that he could 
have released, remain locked 
up, however, and one is told 
little or noshing about toe poli- 
tical infighting over the issue — 
neither Lord Bullock nor Mrs. 
Williams even rates an entry 
in the book's index ! 

There have been some other 
books on the same broad sub- 
ject recently (I have to declare 
an interest as the author of . 
one of them). But Mr. Radice's • 
work is specially valuable be- 
cause it is written from toe 
point of view of the unions, by 
an author committed to seeing 
their role extended. 

John £lliott 


*T YA H ■ r -; 

,1- -; .* 

-sill.*- u;c. the industrial suburb 
"V:\?£fQEd. has just earned the 
- t’r o Ufct 1 ® distinction of becoming 
tv« teumdredth place' in -Britain . 
7r*i l 7iS ve a Shoppers Paradise 
: SALE bjr «0»t food store. . ^ ' . 7 

- -;-s rj< first store m theTaradise 
■*.*. * r was opened -way' two jeers. 
■iOWARD tttiy Fine Fare, the parent 
i;? : ’j'Sr.&uiy, itself part of' Asso- 
' J->1 ^ British Foods. _.It is 

.EVisiON t • to be the an# J»ti«n- 
ilLrJtead discount store of its 
M PO RUNG ^-stocking only .509 basic 
liBUTiNG c® instead of the usual 2,000 

FOR SALE " • , T " 

?s is c pi/ was for Fine Fare - the 
wrt. lance of * Shoppers Para* 
a® that it has -helped the 

survive the - - offensive' 
' ■!■ " -to ed last year byTescp and 
___ csi . nsbury to capture a larger 
of toe grocery food 
Uif, y 

ir COACH dippers now - account for 
1 TOUR 0?5 a fifth of Fine Fare’s 
.. _ ~. t , ar.es s and it is plausible to 
"y. -ie that, without the higher 
_ f >-er generated by Shoppers’ 
a- « f'^ rinted prices. Fine ^Fare’s 
share would have slipped 

^I^ntiaUy: ' ' .EveiTw,- latest 

OFFSti-s from the Audits of Great 
0 ra|Bs|?ffin show that Fine Fare has 
* SEF " «.*d' to sixth place inytoe 
i-is-ehc- d . ^.Street league- table iWith i: 
sr -■?« '?t share of just underfoiir 
:.0;j f3r ( ^,'ent — although its; average 
wtewf* year puts it ;in fourth 


Paradise comes to Cowley 


K'»*- 


even before Tescd sparked 
_ _ — latest phase of the price 
HT ENGl^when it decided ' to drop 
tfSST stumps -iff' the summer 

..u;, 'ztv& 'it' Fine. Fare was under 
pressure to maintain its 


position / in 'toe market. : Its 
problem— in common with the 
other supermarket multiples— 
was thar many of its stores' were 
too smaJl.td cope .wiflUchanging 
market cohdilions. " 

- As. toaring inflation and rising 
costs put pressure on mar^ns, 
so supermarkets were forced to 
boost ■ turnover; and diversify 
into higher-margin non-food 
items -to survive. The traditional 
High . Street supermarket of 
between- 4,900-5.000 ; sq ft -was 
too small to change to meet this 
new trend— so group^TStich' as 
Tosco 'Closed down t$eir. small 
-stores and aggressively sought 
to ■ open ; much 7 larger stores in 
all areas-. 

. Fine Fare, .however, decided 
on a different policy. It was 
loathe to jpye up its prime High 
Street sites— sdbeit in too small 
/trading locations— without first 
attempting an -alternative strat- 
egy-. ft- deddai, -therefore, to 
convert i ^ _ Small stores to 
limited ran^ discount shops 
rather . than just shut them 
down. The move also had the 
advantage of .boosting tuniover 
while the group/stepped up its 
search for the' . iouch larger 
. superstore', deralopmeiit sites. 

-The concept of .limited range 
-^kwimiag' originated with toe 
German , group Albrecht, which 
FineTFkre : rioseIy' studied. • 
Fine ‘ Tare opened its first 


Shoppers Paradise in Leicester 
in September 1975. 

'Although'., run as discount 
operation^ Fine Fare believed 
that stores’jshould not have toe 
run-down, ’seedy appearance 
that so oftert characterises cut- 
price stores. \ Thus, while the 
frills were ^pft .out, stores 
were’ completely refurbished. ; 


Pressure 


The biggest hurdle Fine Fare 
faced was its, lack of • price 
marking on goods. Consumers 
had to be-persuaded— by exten- 
sive pre-publicity— that staff 
really could remember all prices 
at the checkout. Since even 
checkout -suff in normal super- 
markets where prices are clearly 
shown .often make mistakes in 
adding up the bill. Shoppers 
Paradise was perhaps asking, 
people to accept too much. But 
Shoppers only took on full time 
staff instead of the usual part- 
time and - casual workers, paid 
v/ell above the going rate for 
good people* and then subjected 
them to several weeks intensive 
training'll! ^order to achieve the 
high-level of consistency at the 
checkout. • 

Fine Fare has been able to 
keep Shoppers Paradise’s prices 
down by putting pressure on 
manufacturers to offer . dis- 
counts Irbbth 'for bulk orders 
and deliveries and in' exchange 


for not having tn- finance local 
advertising .' and promotions. 
This is a technique which 
other discounters — notably. 
ASDA — also use. While' main 
brand manufacturers were at 
first reluctant to accept these 
terms for Shoppers stores, the! 
chain's growth has encouraged 
more manufacturers to sell to 
Shoppers. 

Shoppers’ costs arc also 
reduced by keeping Tew stocks 
on toe premises bat relying 
instead on Fibe Fare's depot 
and distribution system. 

The -success of Shoppers haa 
taken most, of the High Street 
operators by surprise, even 
though many feel it is primarily 
a defensive move by Fine Fare. 

Brian Baylis. formerly in 
personnel with W. H. -Smith but 
who now runs Sboppers; ; 1s con- 


fident that whatever Fine Fare’s 
original reason for setting up 
Shoppers, it has dearly estab- 
lished o long-term role in toe 
new pattern of grocery trading 

Bay] is is no lunger just taking 
over Fine Fare’s uneconomic 
stores, he is nnw actively seek- 
ing to acquire similar sites from 
other retailers for conversiim to 
Shoppers Paradis** stores. 
-Although the rate of growth of 
the past two years is. unlikely 
to be matched, Baylis still plans 
to open a bout : 50 neM* stores in 
the coming 12 months. 

Fine Fare is also using the 
experience gained from Shop- 
pers to experiment with convert- 
ing medium sized Fine . Fare 
stores — around 8.000 sq ft in 
size — into larger discount opera- 
tions which carry a bigger range 
of items. But this new stores 
grouping — called Elmo — has yet 
in' emulate the impact made by 
Shoppers. 

David Church ill 


Ever heard a 
planner talk 
businesasense? 




E 

B 




mm 

i 

i 



They do in Cleveland. @00 
They'll give you the answers 
to questions you may not even 
know you should ask. You'll be fp&j! 
surprised how they can _ 
smooth out the red tape and 
get down to action. Fast CgaT 
These could be some of 
reasons why over £2.000m is being 
invested and 40 companies have set up 
in the county in the past year. * 

Lf you are thinking uf JB. 

relocating or expanding, 
stan by talking to John \ 

Gillis or one of his r 1 1 0/ 

industrial development 

specialists. /^OtjiAT 


Messages can be delivered taster 
and cheaper with CASE . 
communications systems. To find 
out how the CASE ‘Electronic 
Mailbox’ can help your company, 
contact CASE today. 


Send me the basic 
facts about Cleveland 


□ 


■ ccmpi jT£n «\c s?»5te;,b 
J EfC*ME£Frjr-.LTC' . 

■ viuuf-r^’ nut l j*ic r&ii 

A HKMO n vumnn ^ r ngo'-c 

■ Tc«Wtfvi 

e Teie, s enn 


m 


Thej’have the experience 
and they understand your needs 
and your language. 
J tieyll tell j'ou all about 
Government grams, available 
land and factories, the county’s 
pool of labuur and its good 

? record of industrial relations. 
All you need to know, in 
fact. Not forgetting 
Cleveland’s beautiful 
. cnuntrj’side and coastline. 

\ Telephone, telex, or fill in 

* 1 ■ the coupon lor a businesslike 
/ response. 


Post to John Gillis, Gurney House. Gurney Street, 
Middlesbrough, Cleveland TS1 1QT 
Telephone 0642 248155. Telex 58439 (Ref. Plan) 
. POSITION 


County of Cleveland 


.v rs? 


iye 

e 


Materialfiantfling 
Equipment 


it must be kept in a suitable environment. Linde plants cool 
and freeze, for every use anywhere. In cold stores or 
during transport in refrigerated containers. In the fruit store 
or on factory ships irr breweries or in the dairy, 
in the supermarket or at home Linde arrange the cold chain. 

But Linde does not onF/ supply cold. The Linde group 
arfe in the forefront of the capital goods and services ijr 
sectors, with a comprehensive and forward looking 
range of services for meeting high quality require- ffl Jm 
ments. Leading the way in development and. techno 1 
logy Unde have a turnover of DM. 2,100 million, Ik" 
wth a workforce of 19,000. '1 


■Linde! AG, .Wiesbaden • . 
Represented by: . V 
BOC-Linde Refrigeration Limited v 
Victoria Road, Ruisfip, . 

Middlesex HM ONT V, 

Telephone 01-841 5281^0, Telex 237^ 


Industrial Gases 


flefrigeration 
and Air 
Conditioning 
Systems 


Cryogenic 
and Process 
Engineering 


■: i l>te - 

1 1 "■ • 






ShopfMng 

Systems 


Hydraulics 


, -. - : - - 


•. 6 vi' 


Machine Tools 
Hand anti 
Po wer Tools 


>•>>-» 






Cold acres 


Reciprocating 
and Turbo 
Machinery 



T 


F:' 
La 
Lii 
Ms 
Mi 
N'ic 
Ca 
Co 
Ve 
So i 


Tn 


IS 

Lombard 


TTmancial Times Tuesday September 5 197S 


Campaigning on 
the dole queue 


BY PETER RIDDELL 


THE LEVEL of unemployment 1976- These figures indicate why 
is at the ton of voters' Lists of reflation on its own is -no snlu- 
e.ec«„„ iHura ■CMrtlne » U. X^TSTtSS^t^t 
opinion pollsters. This has 9ca i e stimulus may be mainly to 
already been picked up by the boost inflation after a short-lived 
sensitive political antennae of impact on activity. 

Saatchi and Saatehi whose activi- This analysis does not, how- 
ties have become an election ever, mean that the Government 
issue on their own. The lengthen- can somehow be absolved from 
ing dole queue under Labour has responsibUity for what has 
Ho*™ th. *1,.-. nt th. happened; its own intervention 

been the theme of the Saatchi ^ , abour market has prob- 

brothers' first attempt to trans- ab i y increased the rate both of 
late the Soviet realist school of frictional and capital shortage 
poster design of the inter-war unemployment. This would con- 
period to the late 1970s. This is fir® the conclusion That the pul> 

all slightly puzzling since there lished +5 ®j?°r 

, , . guide to the underlying trend as 

are few other signs of much an evident breakdown as 

public concern over unemploy- we u in the previous relation- 
al ent. apart from largely ritual ships between output, employ- 
trade union protests and the ment and unemployment, 
annual demonstrations of the In addition, the seasonal 
Right to Work campaigners. adjustment process seems to have 

Ye. if unemployment is to be g- 
an election issue— as It should be jn j ast two summers followed 
— then it would be desirable to by a later decline, which' may 
be clear about what is happen- be happening again this year. '' 
ina. There is now widespread 


is now 

agreement that the rise in the 
published total of UK. adult un- jHliFIlOYCF 
employment from around 5SO.OOO 
When Labour won the February x partial jrlaliflcs 
1974 election to just under 1.4m o] ‘ aced from w...- w 
now does, not provide an accurate j£” n ation tSepartment of 
guide either to the underlyinR Employment Gazette. This pub- 
trends i m the labour or to a little .'noticed series Qf 

any cbaOee in the welfare ami .j abbur turnover in manufactor- 
living standards of those . " ine which shows that chaoses in 
volved. Increased social security S£^S !! SSt\S^SS£. 


benefits and many more women 
workers have reduced the loss in 
household' income from un- 
employment. 


Cyclical 


tion of small differences between 
engagements and discharges. In 
a recession both fall with engage- 
ments declining first, while in a 
recovery there is a sharp upturn 
in engagements followed after 
an interval of six months to a 
year by a rise In. discharges. 

In late .1975 engagements— as 


A recent study from the 

Organisation /orEconomic Co- otaf , e of ^ total labour 

operation and Development has fo £r e __ star b d to rise and this 
£*3* Showed during 1976 by a 

sS'^’tssstsi- s'S." g o? Ho r ^vi° 

SEptete, from SmV^SS ? how the lev el .t eng f gemen fa 
between jobs or capital shortage f t Van 
unemployment due to insufficient JJJi iSS 

capital to employ the available* 
labour force. This may mean ™ 

that raDacitv is of the wronc Discharpcs have^ also 

kind in relation to the current stopped rising since the winter, 
pattern of demand. These figures are hardly con- 

On this- basis. OECD estimates clusi ^- espectdly wnce -the two 
that less than- a quarter of way flow on and off tte vjuanci« 
French unemployment in 1976 *®Sj*J* r 
was cyclical and less than a third X e L-^ e »- eviden «f eas * 

of that in the UJ5. In the UK stabilisation, rather than ajMcfc- 
unemployraent at full capacity of «P. m labour market activity 
the existing capital stock would suggests that it may be difficUlH 
have been 3.3 per cent in 1976 to sustain a significant decline* 
compared with the actual figure m unemployment over the next 
of 5.0 per cent on OECD deflni- 18 months— unless the current 
tions. Moreover, frictional aDd boomlet becomes ^a fully- 
capital shortage unemployment fledged booui or the UK economy 
has been rising — from 2.1 to is even more inefficient than is 
3.3 per cent between 1974 and so far apparent 



FEW people in the photo- Mr. Evans; I can report that possibilities registers. It to of editor- re^ppoi^ -t»-lda: qoe*y ^raphttf ^dercti^j^er^lrilL ^adilfqrent photographers u-c 
aphic business are worried there -was no great feeling of fundamental i mpo rtance to “such -as?** y&artho -name Df/The story ’with- J it'was: : 'adiouj a be^sqneezed oat of the indus 


receiving end of the pictures category- 
have less cause for complacency What is wrong? Some obser- 
and are faced. If anything, with vers blame the photographers 
declining standards. — others the PRO’s for failing 

The- current issue of Kodak’s to issue clear briefings on 
magazine Professional Nears adequate budgets and for mis- 
takes up the cudgels, where the handling the subsequent distri- 
quoted views of Mr. Glyn Genin, bution of pictures. There is no 


A 

about the continuing failure of excitement a few weeks ago choose a photographer with the one of a^cHtispal ptwe^a* ,!To o .-many industrial pfr 

industry to make extensive and. when we ploughed through the same. care. as. the selection of . shocked : rea^aiqir wasr' “ Jaut: .lie- tions that 1 th e manufacturers grabbers fail to recognise?, 

imaginative' use of the medium- stereotypes of industrial a new advertising agency. Not costs £2(k) pot- cktyf*" ^et -tiiis 'wore bolding tfl , *JirflHnote -their viewpoints when faced. wi£p 
The worry la at least 10 years machinery, back-lit for dramatic only do photographers vary fee wes^3^ss.timn."thei«te fora-power drills. But which edilpr interesting subject; they* 

old, the subject is becoming effect, rand the product shots widely in their ability-— to * a wbote pagofadverttoesnenClu'^ftte of an audio-visual- magaz ine i s . from ..the shaulder, wherd 

something of an old chestnut intended for editorial use but depressing degree — fant the hast . asms .-going to publish a photograph camera usually hangs; and* 

— good for a seminar topic— patently quite unacceptable to of them' have' very individual w^-Xn,- AirrjJient rihhtiw * power driH? . Thousands result is frequently pedest. 
and sporadic efforts are occa- an average editor. Indeed, the styles, suited' to some situations ha™ of ^photographic, prints like this The failure to arrange an; 

s ion ally made to Improve judges reluctantly agreed not but not others. are pouring: -lata waateipaper door session at the time of; 

— ha, on the .» a cup U, ft. IndaaMal p<!ri _ _ „ g K 

■ ■ ■ ■ ■ "> ■ » - ■■■ . . . it must be tniethat-they make the unwfEUngness. to- wail" 

^ most of thetr money like the the sun at all. Even war' 

FiLai AND VIDEO - mmnrfacfurers of'lhe mustard the indiscriminate use of -f 3 

... . left on the. plate/ . lighting to fill, in the shsk' 
BY JOHN CHTTTQCK ’ The most heinous criine of '» daylight pictafe;. P 

• • - ■ ■ ■ some so-called press- officers, overdwie— -as it aften - is^ 

.... _ - however,, is the uxteaptioned natural effect of daylig^ 

picture editor of the Financial single answer; all of these fac- causes of . poor industrial investment, many PRO’S a«d photograph. Although a picture smothered. - . v t. 
Times, underline the point — tors, and others, contribute to photography arises from sim- even press -officers still manage may be worth a thousand words,- Perhap^-the greatest wa«i 

“half the pictures submitted the problem. plistic attitudes: most people to lessen-- their., chances '- of -its relefvancemay be- totally lost alL oprats ylth photopi- 

by PR agencies and companies For the client, the malaise can handle a camera and pro- success by- mishandling' their without a dozen on tha.hadk, ** cqnferenera, a®* 1 - 1 

are technically so sub-standard begins with, a failure in the first duce credible oictnres, and the distribution. The. format of -the Many photographs also finish jqrrand Sitnilar/fimctiohs. Orif; 

- * j — — * — * — *-■- — 8 — ■— — •- -occasions it to -seWom reg-: 

-- h 16 


that you could not reproduce instance to recognise that some professional photographer is. picture— ^horizontal!- or ., vertical to. a' picture editor’s. ___ 

them if you wanted to do so." aspect of his business is sud- thus -too readily regarded as a r-is 1 sometimes - of critical -ixattsdile at the pri^etf * Cine; ■ Jdstlflflhle to. use 

A reader’s - letter published in denly very topical — and photo- superior kind of mechanic. Jn importance; . magazine; jcgygrs hot. in tBT Bfi ti n g 'gppugh:: to.keqp ^^f toy : toa -local 
the Financial Times last week graphable. AGssed opportunities consequence, clients are some- usually (but not iBLV^rittbtyji4 : <H»^pb ! ssIhIe _i pfi&ljcathjn; liter. ph8togftf?her. Yet pictm n . 
highlighted another aspect of abound, such as the countless times reluctant to pay high fees- require ^.wrtica] - pisJstoe^SS. Bixt when that! day - arrives, as peiqjte standing-, ground li- 
the problem — photographs occasions when really news- for the work of tirase very few of ten^-an^fex^Jleiitr picture : haq !^5requeutixj itr . doc^' the un- glasses or microphones iran' 
submitted for transmission »on worthy people visit the works, maestros in the profession. One- -been rejeCted!^becanse it! . was-^ paptioiu^ jjEotdgrttph may be hands: are- possibly thebe! 

television are often useless a rare example ' ' ' - - - ' “ “ - .« ». . — < 

because they are too small or of from a sponsored 

the wrong aspect ratio (for demonstrated the bonuses when national company was offered a for the publtoati4ir-to J >-— .. _ ... - . _ 

example, vertical or letter box Bing Crosby made a recording chanee to have one of his pro- has beeu.subddttedr'^eaia^be^The. photographers <aumot ■ togarifetl ^exChiStTCly?!”.. 
shape).- at their studios some time ducts appear on the colour tgkpn far, grari tS^. jhnt^»reiy' is^^a pg ^frfwn >n r^ reproductlv^medhug. Buj^i 

lu London this evening, at before .his death; first-rate cover of the first issue of a new that possible.. Lost week, during because _£raqkiy. most of them Joshuift. Reynolds said qif u jr 

Reed House in Piccadilly, the colour photographs of Bing,, magazine. It was stipulated a meeting ’ of the Filin' arfd are indifferent iathe praettoeof htg' is equally true of ^ 

editor of The Sunday Times. Mr. looking at the studios, how. that to reduce the risk - of Vhietf Press Group, a number their art, and nyuiy are just graph?, “A mere coplg&j 

Harold Evans, opens the annual adorn that film company’s pub- embarrassment in rejecting pic- of editors were complaining not very good at alL Perhaps if Nature can never produena 

exhibition of the London Region licity material and reception- tures specially taken for the about the poor standard of press and -public : relations thfeg great; can never raiorf 

of the Institute of Incorporated offices and were also published purpose, it was vital that the hand-out pictures when.- one people were more dfeciriminat- enlarge the conception- , 

Photographers, As one of the by the- audio-visual press,. PRO should use a really top-., mentioned a picture that we aQ ing, and encouraged higher warm the heart of \ 

jiidges of this competition (with Even when recognition of the dass photogiapber. When the received last week — a " photo- budgets from their dfiearts, ‘the spectator.*’ 


Carson’s treble chance 
is Beverley hi: 



WILLIE CARSON, who heads cap at Wolverhampton eight^ 'days- ' 
the jockeys' championship table, ago. 

to Bwerley todoy He is certa in to go well ia‘ 

EoS ,r « 

stable and Leopard’s Sock and Albeni tackles two miles for 
Albeni for John Dunlop— and ail the Erst time in the Bridlington 
three have a chance of winning. Bay Handicap, and though there 
k- w is no reason to doubt her ability 

b o y to stay this distance. I prefer 

a mare oy yj e credentials of Amerian, who, 

■ before failing to concede the use- 

ful Mill Street 10 lbs ai Lingfleld - 


3.0ft— Flash O'Green 
UQ— Twice Rich 

4.00 — Leopard's Rock* 
4 JO — American** 


Twice Rich, a 
Targowice,. out of 


FOLKESTONE 
L45 — Lone de Kiel 
3J5— Oisln 
3.45— Balante 
4JLS— Par Cl Par La*** 


RACING 


bad won three consecutive races 


BY DARE WIGAN 


was bred in - France, may be 


•». , v , , r cut auuv? ncr n ? ih l 

at the principal Goodwood “eet- , Warrsn Maiden Stakes (415). 
mg. 

If the weather is good, there 


Charlottesville, has always looked _ 
as-. Though he required at least will be few pleasanter places to 
seven furlongs and that is the spend the afternoon than Folke- 
distance of the Filey Brig Stakes, stone. 

OF the pair -that Carson part- Unfortunately, it does not look 


Novelist leaves 
£177,165 

Lady Carola Mary Anima 


is admirably consistent 
Moreover, his fitness 


w . - - lA-uauium vs w 

winners there. Herts.— Miss Carola 

is Oisin, who is in great form at historical novelist, 


up to Coquito’s Prince in the 7 lb penalty in 
Midland Cambridgeshire Handi- Handicap (3.15): 


the 


and Par Ci (£175,958 nefc). 



t Indicates programme in 
black and white. 


BBC 1 


6.40 am Open University (Ultra 
High Frequency only). 12.45 pm 
News. 1.00 Pebble Mill. 1.45 
Bod. 3.45 Tybed. 4.18 Regional 
News for England (except 
London). 4J0 Play School. 4.45 
Ask Aspel. 5 JO The Story Behind 
the Storj 1 . 

5.40 News. 

5^5 Nationwide (London and 
South East onivi. 


ing Scotland. 1L35 News and 1235 am Close: Dorothy Tutin Rescue- 7J0 Definition. 
Weather for Scotland. reads from “ The History of Sl(tert - 

Northern Ireland— 1.18-120 pm England/’ by Jane Austen, ^mtv 

Northern Ireland News. 555-6.20 ah iba regions as London 
Scene Around Six. 11.35 News except at the following times: 
and Weather for Northern 
Ireland. _ _ ANGLIA 

England— 5.554*20 pm Look East us am An .tsion Noiefiook.- s.ss 
(Norwich): Look North (Leeds, Feature FUm: ” Prince of Foxes." star- 


6.20 Nationwide. 

6JO Star Trek. 

7 AO Happy Ever After. 

8.10 Dallas. 

9.00 News. 

925 Holocaust. 

10^5 Tonight 

11J5 Weather /Regional News. 

All regions as BBC 1 except at 
the following times: 

Wales— 5-55-620 pm Wales ,; rarfVv ( Ri I^nin r him j - Po i n rc pm Anclia Xewt. ZJ» Honsepanx. 

Today. €-50 Heddiw. 7.10-7.40 >■» Afiom Ar.?lla. 7J» Survival. UJ0 


1X30 The Out- 


HTV 


Ncu-yd-llon -V DvdtL 4-20 "Mir 
4JSMA5 Swren Wlb. taWOS 1 
II J8 MaRBK- am. Her. 1240-1 
L*-s Svlphides. 

MTV West— As HTV Genentl 


Wale*! M arTC hesier, Newcastle): Mid- nns Tyrone Pnwyr. mo Cartoon Time. 


Uses. 6JL5-6JD Hen on West. 


Gla* V Dorian. IL35 News and 
Weather for Wales 


West (Bristol); South Today 
(Southampton): Spotlight South 


Raflany. 12JS am Amlralaey. 


Scotland- — 5.55^.20 pm Report- (Plymouth). 

BBC 2 


ATV 


SCOTTISH 

10JS am ” Last RJies," starrl 
Cralc. 


F.T. CROSSWORD PUZZLE No. 3,762 




10 


11 


12 

il 

13 

.\ 

d 

15 

C 


K 

in 

n 

20 

Si 


c) 

21 

w 

24 

* 


c 

26 

(I 

2S 

29 


30 

Co 


Eli 

31 


ACROSS 

Soldiers taking thick string 
or tape (6) 

Work forwards and back- 
wards in front of site across 
the street (8) 

Scoundrel to hire for the 
present (7) 

Just one type of shirt or 
vest (7» 


it 

hit? (10) 


provide a metric 


5 Certain it could be the ter- 
minal (S> 

6 Name on book in examina- 
tion could he decorative (101 

7 Piece inserted in chain-letter 
(5) 

8 Lure or net broken on the 
rocks (6) 

9 Begin with sweet-course from 
the south (5) 

14 Angry 1 race — Eurasian? (10) 
17 Add ornament to fabric or 
fictitious detail to speech (9) 


13 Make a mistake and be chary ™ Brave nobleman in iron ship 


about it Could 
drink? (6) 


it be the 


Praised but is not so much 
in the plot 17> 

Bet doctor will be sees at 
heart of storm (6) 

Room to preserve famous 
wine (10) 

Search for company doctor 
(*) 


19 Very divided about dance, or 
so it’s said (S) 

22 This clue isn't a burden (6) 

23 Foremost tree on the way (5) 
25 A chief in advance (5 1 

2? Commanded poor English 
initially (4) 

Solution to Puzzle No. 3.761 


a disgrace (7) 

Team to ruin or just 
accompaniment (4-4) 


an 


( 6 ) 


DOWN 

1 X7n concerned about rash (8) 

2 N.C.O. accepts oriental mat- 
eria! (9) 

3 Reduce sail in a chain of 

rocks (4) 



Trades Union Congress—" Live " 
coverage from Brighton at 9.30 am 
and 2.15 pm. 

6.40 am Open University. 

11.00 Play School. 

4.55 pm Open University. 

7.00 News on 2 Headlines. 

7.05 Dilemmas. 

7.30 News on 2. 

7Z5 Best of Brass. 

SJ0 Gordon Price and bis 
herited Horse. 

9.00 The Goodies. 

W0 The H illsiders Sing 
Country. 

9J55 Nicholas Xickleiy. 

10-59 Beneath the Pennine;'. 

U.20 Late News on 2. 

11.30 Closedown i reading). 


1010 am Half Half TtoWinarteis Fail. 
10-20 Momms Cinema: •• The Man In The 
Moon." furrais K«ukU> More. 1155 
Tim Advenmres of Parsley. 1201pm -I TV 
Noirafesk. 5-15 C ambit. 6JG ATV Today. 
7 Do Emmerdalc Farm. UJ0 Jazz Cm- 
W. Saleaa Jones Quarter. 12. GO Some- 
thin? DiDemnt- 


5J5 Cart poo. 520 Crussroads. 
Scotland Tfvlar. 6.33 What’s 
Problem? 7JJ0 Emmcrdale Farm. 
Late Call. 1235 The Bis Break. 


BORDER 


9.05 nra Wildlife Clrcaa. 10-15 Bush. 
U-10 The Lost Islands. U35 la A Balloon 
Over the Alps. ;l-20 pm Border News. 
230 Housepjny. 535 The FUnraones. 
t n . U8 Loot? round Tu:slar. 72X3 Enuner- 
dale- Farm. 1130 The Andy Williams 
Slnrx. J2M 3*jrd-,T Nc-.vs Summary. 


SOUTHERN 

9-55 un David Hand Cartoon. 

" Kmcbts of the Bound Tabic." U 
Sooibern News. 2.09 Ho use parts'. 
The Undersea Adventures of . C 
'Nemo. 5.20 Crossroads. - - 6210 Da 
□ay including Souths port. 7-00 Ei 
dale Farm. 2130 Southern News 1 
IZjCA Pro-Celebrity Snooker. 


1030 


CHANNEL 

US pm Channel LunduJme News and 
WHal'5 On Wfckf". 5-15 The Pmrtiee. 
62)0 Report a: Sbr. 72» WaUdus West- 
ward. 1023 Chanr.;-! Lale News. U30 
Pro Cclebr.rr Suoo'-.vr. 1230 am Com- 
mec Hires ct Pr: niion-j Meteorotodoucs. 


TYNE TEES 

9JS sm The Good Wort followed 
North East News Headlines. 930 A 
Coumr?. U2J5 Monting Marie: “ Box 
Pnne- caurUe.” stammt David Niven 
Margjn.-l LcisblOfl. L2J pm North E 


6X9 Northern Life. 728 
Parra. 12.30 The Bob Nev 
I22XJ EpITo.vir. 


LONDON 


9^0 an Who Needs 
10.15 M Boy on a Dolphin.” 


Wash? 

starring 


GRAMPIAN 

9 35 am First Thin*;. 933 Star Maidens. 
*10X0 Harold Lloyd’s V.'orld of Comedy. 
1130 Secret Lives of Waldo Kitty. 120 pm 


Alan Ladd and Sophia Loren. 12.00 Grampian :.v*-s Headlines. SJ5 The 
Chorlton and the Wheclies. 12.10 E 11 ;!"™- „ E -“ ™ 

r?-. irUm.i io na rj._„ Partners. 1130 LithsviBe. 12-25 am 

pm Rainbow. 12JM Home-made Ructions. 1230 Graxaniaa Laic Xishx 
for the Home. 1.00 News plus Headlines. 

FT index. 1J20 Platform. 1-Tft 


ULSTER 

11933 am Moraine Morle: ■ 
lloacy,” ptarrim: Greta Gym. Dc-anis 
Prlci'. Jack Warner and Ferula dark. 
UD pm Lor. chum e. CJ2 Ulster News 
HMdJInes. 5 35 Cartoon. 539 Crossroads. 
6X0 Repnris. 635 ft ary Tyler-Moore 
Show. 7.09 Emmerdalc Farm. 1130 
Bedtime. 


Crown Court 2.00 Summer After 
Noon. 2^5 Trades Union Con- 
crc.is. 4JS0 Under the Same Sun. 
4.45 You Can't Be Serious! 5.15 
Emmerdale Farm. 

5.45 Nvms. 

6.00 Take Six. 

6JL5 Crossroads. 

7.00 Father Dear Father. 

7J30 Star Games. 

8.15 Selwyn. 

845 Disraeli. 

10.00 News. 

10310 Man nf his Time. 

1 130 Lou Grant. 


GRANADA 

939 am SVsatn-.- Street 1930 The 
.T*rson::. I0-50 C-irtoon. U2KI Tartan. 
1125 A Handful of Sontn. 130 pm This 
lb Your Rislir. 539 Vrhal's New. 
Crossroads. 6.00 Granada Reports. 


WESTWARD 

tllLW am Feature Film: “ Cottage To 
L-.-T." sitrriJK AlaflaJr Slat and John 
Mills, 3130 Sacdokan. 12.27 pia Gus 
l'oneytmn's 8irth-ii!s. 139 V/estwanl 
News H r -ad!ln:s. 535 The Practice. 630 
535 Westward Dlarr. 7 2)0 Wanting: WcswjnL 
6-30 19 . 23 Wosn.-ard Late Nows. 1130 Pro- 


Emracrdal? Farm. 7.N Sacks to the Celebrity Snooker. 
La.Tl. 1130 Dan Atur.ra. LII.-. 


1239 am Fatih For 


HTV YORKSHIRE 

103S am Chdd Life B Other Lands. 933 am Wildlife Cinema. 19-00 The 
10.40 W|!S. Wild V.'arid of Animals. 1135 florfe.. 1035 Th? ouisldere. 1LUT To 
Draomuu— The Do,- iv under. 1145 Flower The Top. 1133 North West Passage. 
Stones. 130 pm Report West Headlines. 130 pm Calendar Nj-aH. 535 You're Only 
135 Report Wa>e HuadUnc*. 22N House. Your.; Twice. 63* Calendar fEtnlcy 
party. 530 Cro.'.-.road- fc MO Report VM. 3Io<jr and Belmont editions'. 730 Emmcr- 
635 Report Wales. 630 Search and dale Farm. 1130 ,U the Embankment. 


RADIO 1 

(5) Stereophonic broadcast 
f Medium Wave 


52)0 am As Radio 2. 7.02 Dave Lee 

Tram. 9J!0 Simon Bif.-e. 1231 PlPt 
P nwe)!. 2X0 pm Tony Blackburn. 4J1 
Kid Ji-nseo. 730 Sports 7W,: linins R.id'o 
IBM Pad Carehacctd <S . 12.00- 

2212 am As Radio 


RADIO 2 

5X0 am News Summer.- 
Brandon ts- i.n.ind:mc 635 PjU--? :or 
Thousht. 732 Ray iloore 'S> :=-.!'d.ns 
$.27 RueiUs EuiIIl-Lio atld j.41 Pan., tor 
Tiioosht. 102)2 Ji.-r.m:- Yotm-s -S.. 

1235 pm Wiiaanni i-!' Walk. 1239 F-se 
Murray's Open l'ec*-: *S. incltKhiu: 1.45 
Sports Desk. 230 navii Humeian 
indwlltui 2.45 ami J. Sr-jris DlsS. <330 
'.Vaa^oiu-rs* Walt. 3.25 Spirts Desk. C50 
John Dunn ' S > lr.cl-jrL.nj: j.4j Sports Desk . 
6X5 Sport i D-.-vk. 7X2 FokS T> iS-. 730 
Sports Desk, 7.33 On The Third Beat 'S-. 
8J& Nortrlna Festival 77 IS>. 830 Amnqg 
Your Souvenir iS<. 935 5p«rts Desk. 
10.02 Tbre#* In A Ro-.r. 1D30 The St-.ptoe 
nuica. 11X2 Tennis: Th-.' V 9 Open 
rropart). 11-06 Brian atstth-w iotrodn?-- 1 ! 
R.vimi Midnight, including IC.Co Xc*!. 
2 .DM 2 B am .V.'ws Suntmary- 


BEC Welsh s^mpboiy Orchestra, part 1: Gardeners' Question Time. 4JS Story 
Rossini. Mesdui :=rhn cS). 1.00 Keiw. Tune. S2S) PL! Reports. 5X0 Serendipity 
1225 Th-.- Arts Worldwide. 130 BBC <Si. 535 Weather; programmo news. 

■AVIsh jin par: j; -tQjelins 'S>. 2.B5 6X9 News In dud lit Financial Report. 

Shostakovich „nd ^.-humann. piano recital 630 T'rs Sorry I Haven’t A Oue-IFi. 
»S-. 3.90 Editihursh iruijrnattonal Festival 7.03 ne--3. 7X5 Th*- Arc&crr. 720 Time 

I97B: 5ul>- jD'J iuiiar recital Fpajush For Versa. 730 Proms TS IS* fAs' Radio 

music, p.ir* 1 <5.. 3X0 Peter Diamond 3-. 9.00 Kaleidoscope. 939 Wepther. 

inurvti’H- J. 335 p-riiai. part -■ 5.15 U2n The world ToiUsht. 1030 The flews 

Jazz Tfiaj <S . is.as Homeward Bound Qpu <S:. JLBU a P-oolc a* Bedtime- 1235 
. «inf only. 26.35 *6.19 Honvu-srd Th-.- l-'ir.ancul UVrhl Tor.irar. 1130 Xws. 

I.atH'iTi and YHr Bound 

5X2 Tu-r , s . s^s mils’ B« Brother's 

Shadow. 830 Pri.nts w, part 2: Bruckner 
‘S«. 935 Jam.-, .-.-ate 1S7T-UMT: Th..- 

vi'-u,-s nf Jut fri.,c.!s zi:d coileosuca. 1035 
Sdmh-.rt. ••nr.c r- i’.-J «S>. 11X5 .News. 

1130-1135 Tiin.;ii-v. sdm&Jrt Sonc. 

Radio 3 VHF onl--. 6X0-7.00 tun. 5X5-730 

pm yp*ri I'lhvcrsiR-. 


BBC Sa«® 

*■“-*> — -<=• w-. «— ■ — -- 20am und 94-9 VHF 

5X0 am .V Radio 7 630 Rush Hour. 


9.00 LORdns Li- - '. . 12X3 pm Call in. 2.03 
Sis. ShowtMix. 0.03 Home Run. 7-K5 But 
Scnnryjly. Thna'.h ... 730 Biart 

Lon done re. 539 AH Tha: Jam. UX3 
Lot.- Jliplit Larioa. 12.00- Close: As Radio 


RADIO 3 464m, Stereo & VHF 

n Weather. _ 7.M Setifi. 72SS 
nvormre *S«. 6.60 K.-its. 8.05 %Tcn:r:; 
Concert <Sj. 92W News. 9.95 Ths Vfei?«-s 
Compos??: Moss la sn fS*. 10.00 Pla^aor.j 
and the Rise nf Euroreoa ?lusit ■*'. 


lUIO VaJda Aveb-’v! piano 
^ 'P..frtrf<iT JReCrtai->£> 


:-.s:ta! •>.. 

1235 pm 


RADIO 4 

4u4m.UuOm, Z83m and- VHF 
6-0 am r.Vnn En.-nas. 630 Farming 
Todar. 630 T.vj.-.y: Mazarine. lneluilin.r 
»..45 Prayer Tor the Dai'. 7.U>) and S.OO 
Today's N'cw;. 7.r,»i and d30 Kl-vs Heud- 
linos 7 4 j ■nui'iLthi for the Day. 3X5 
A iLiii wind !n Jataalca. 9.00 Nous. 
9.K TurMSny cm. 10.00 New*. 10.65 
New Britons, lojo Daily Service, ls.45 
Krrainj Srory ium Hews. UL05 Thlrry- 
isLlKi- Th'-atr.- n «c rirt>7lns. 12X9 
f-ews. 12.02 pm Vuu and Yours. 1223 
D'.-sj.-i" Til and Di*.;s. 12-55 Weather; prft- 
u—.cs. ua Ttre World At Une. 
L30 The Ardf.-ri. 1X5 Woman's Hour 
•iuiirw "IW-2 1*2 >evs. 2-95 Listen 


Lor. den Broadcasting; 

2fllm and 97JS-VHF 
5.CT .am Mcrstai* 7-luaic 6.00 Af.I: 
coo-siup -n-.-ww Inrormaciou. travpl. sport. 

10.00 Brian Hay*:: 3io&. ua pm LBC 
Reports. 3X9- G corse Gale's 3 n 'Clock 
Call. OXB LBC Reports ' continues). 6X0 
After Lircttc. 9. 2D SM uiine . 1X0 am 
2s’lBln Extra. 

Capital Radio 

1 34m and 95-R VHF 
6.50 am Crahaat DetteM Breakfast Show 
(51. 9X0 Mi-rlKtcl -Vip-I i Si. 12.00 Dove 
Ca5h .'Si. 3-CO ptb Roitsr S-Mtt tS ■. 7410 
London Today ts*. 730 Adrian Lon’S 
np»n Line is>. 9.00 Jnnaihan Kiae iSj. 

12.00 .’.trite A tie o'? Laie Show *5T. 


Witli Ilerbi.T. 3.C0 Ni;ks. 3.05 The L4dr 2.C3 am Duocin Jotbioo a KiKht Fll ri it 
of tee Cam-.-lilar -s-. 4X0 4.05 ■$.. 


ENTERTAINMENT (.1 IDI 


to 


“Cal 


CO— Dm ttwatre* dca w omtafu mdR, 
canto hr Meobam or to tint Bex OBn. I 


THEATRES 


OPERA te BALLET 


COLISEUM. Credit autbi 01-240 5338 
Reserrations 01-836 3161 
ENGLISH NATIONAL OPERA 
Tonight & sot. to 730: GwailexU RUSH 
canM’agHacei. Tomor^ MW prodo. ol The 
con Mil (this repUces scheduled pert, of 
Carmen). For further details ring 01-340 
5250. Thor, at 7-30: Sown Deadly Sns 
■' . . . a brilliant ENO prodecdoo - Sun. 
Tunes, trim Glaonl SchtccM. Fri. to 7.M: 
La Boheme- 104 balcomr. meats anIL from 


1QXO on day Of pert. 



SADLER'S WELLS THEATRE. • Rosebery 
Ayenoe. E.C.1. 837 1672. TRIs WMfc 
only. Eess. 7-30. . Mats. Wed. 200 
PACO PENA'S 

FUM8NCQL COMPANY 

THEATRES 

A DELPHI THEATRE. .CC 01-838 7811. 
LAST 6 WEEKS. MUST ENO OCT 14. 
EriJS. '7.30. Mats. ThUrs. 3.0 Sri 4.0. 
IRENE IRENE IRENE 

THC BEST MUSICAL 

Of 1976. 1977 and 1978 

IRENE IRENE - .IRENE 

“ LONDON’S BEST NIGHT OUT.** 
Sunday People. 

CREDIT CARD BOOKINGS 836 7611, 

'ALBERT. 838 3878. Credit OUti bfcgs. 
838 1071-3 from a JPO am. Party rates 
Mon. Toes- Wed. and Frf. 7X5 pip. 

Thurs. and Sat. 430 and 8X0. _ 

A- THOUSAND TIMES WELCOME .45 
LlOWL^BARTS ■■ 

“ MIRACULOUS MUSICAL.*’ Tin- ' times, 
with ROY HU DO and JOAN TURNER. 
“CONSIDER YOURSELF LUCKY TO BR 
ABLE TO 5*5 IT AGAIN." Dtoty Mirror. 

ALDWYCH. .836 6404. Ma 836 5332 
Fplly ^fandltloaed 

ROYAL SHAKESPEARE COMPANY 
in repertoire _ 

Tonight,. Tam or. Thar. 7-30 AS YOU UKE 
IT “A com mople of riches " S. Tetegraph. 
With: COR1DLANUS Caret Perl. Pri.1. 
Premiere David Hwcert . .COUSIN 
VLADIMIR (low price prey, from Sept 2m 
RSC alia to THE WAREHOUSE free finder 

ARTS THEATRE. ' 01-636 2132. 

TOM STOPPARD'S 

HNfireos ■ Sondav Thnre. 

DIRTY LINEN 

Maatire te Ttmifiday 8.30. Friday and 
-Satarday « 7.00 and 9.15. 

AMBASSADORS. CC. 01^36 1171. 

MWitiy at 8.00. Matinees, TVS. 2X5. 

PATRICK CA«g3^W^TONY' ANHALT 

The World-Famoos IhrlHer 
„ , _ try ANTHONY SHAFFER 

Seetng the ptay *D3tn li in Art an 
utter and «*»_ ipy." Pooch. Seat Prfom 
£2.00 and 8ML Wooer and top-mice- 

APOLLO 01-W7 2663. Erentafla 8J0B. 

Thar ^S5jo^^ "■°°- 

*• WtelKdty funny," Tfamu. 

ASTORIA THEATRE. CC Clmrtpp Crete 
Road. 01-734 4291. Mon^Thera. 8 riph 
FH. and SaL 6 ana 8X5 (Sutfet food 

Tiswr 

" J nferttoOL appy*jh»a. foot mmph» and 
bMrt-dMmsing. Obtirwr. Seats £2X0- 
££ 00 . Halixom before show 
aMe seats «xo. Mon.-Thurs. and Frf. 

BEST MUsffiAL > *OF mrt -ftie' YEAR 
EVENING STANDARD AWARD 

CAMBRIDGE. CC. 836 6056. Mon. to 
Thlirs. 8.00. FflL and 51L 5X3 and 8X0. 
IPI TOMBI 

; Dinner and taprfxice seen £8.75 lad. 

CHICHESTER 0243 61312 

Tonight, September 6 8. ft 9 to 7X0. 

assift as? 

COMEDY. _ 01-930 2S78. 

Ergs. Meer«. BXO. S»5. S-OOn#d B-50. 

Mat. Thurs. 5.00. 

EDWARD WOODWARD 

BARBARA JtFFOHD in 

THE DARK HOUSE 

„ , ..fry Rosemary Anne Sfeson - 

" ExceHeot family entartafnment nay aPb 
of any rn Is Nkefv to entey If’ S. TeL 
~ Damned good .theatre.". Son. times: 

Americans wHjhare X." Gdn. “ A Uuoh 
a, minute." P. Tel' ~ Opportunities ttel- 
’ v ., by hrse-rate cast. A most 

attractive and entartetfriitg evening.’* LN- 

CRITERION. 930 221 B, CC. 036 1071-3. 
Era. B.O. Sat. SJO, a. 30. Thurs. 3X. 
NOW IN ITS S6COMO 

LESLIE PHILLIPS 
in SIX OF ONE 

A HALF ' DOZEN HILARIOUS YCAMT 
"Very funny.*- Sun. Tel. 

DRURY LANE. 01-SM BIOS. Mon,- -to 
Sat. 8.00. MtojmWrf tel SiTiXO. 

„ A CHORUS LINE - 

A rerjh dreamting, Jowmh aatemUMng 
•Winner.” Sun. timet. 3rd GREAT YEAR- 

DUCHESS. 036 8243. Mon. w tirer*. 
Ereulng, .— W 

-Th * n “SS' 5 ^S» fl y^“ tv 

DU “ or rP KS™gjcS ,_ " a * 122 - 

"BURSTING W jtifpUO YME NT.“ D.Trf 
Price* -62 to £5- BesTreata £3 Mtom 
before ihgw at Box Office Mon.-ttipr*. 
Frf. Mat. all Mats £2X0. Eres. a.lt 
Fri. and Set. 5X0 and 8.30. 

FORTUNE 836 2238. tre. 8. Thors. 3. 
Saturday 5X0 and sxo?^ 
Muriel Pa*tew as MBS MAAPLE to 
MURDER AT THE VICARAGE 
FOURTH GREAT YEAR 

«k 

TIMOTHY Mj Wgnr L KITCHElf ■«»*“• 
to HAROLD PI NTEH'5 

THE HOMECOMING . . . 

“BRILLIANT. A TAUT AND -EXCEL. 
LENTLY ACTED PRODUCTION.” D. TO. 

” AN INEXHAUSTIBLY RICH WORK,” 
Guardtou. *' NOT TO «E MISSED.- Twnre. 

GLOBE THEATRE. • ■ . 01-437 1SBZ. 

Erea. 8.15. Wed, 34L Sto. 6 . 00 . £SS . . 
PAUL eOtilNGTON,. JULIA MtetdCNZtE, 

“ibis mire be «» Mm« laufihter- 
ftuker In London- D. TeL “An Brafito- 
tftlv enjoyable .eveaiig.? Sunday Tunes. 


GREENWICH THEATRE. 01-458 7755. 

Enm^ I J»!%rimsnd a. — ' 


HAYMAMCET. 930 9832. boa. 8X0. 
Wednesday 2JO. Swurdav 4.30 and 8X0. 
^ PAUL SGHOFISJ) 

ELEANOR "brSn. PEACOCK 

«> H A'wu3n.T^ h ’ ' 

“Am admirable pluy. bomaL . waW _a pb; 








8900. 
L 3.0. 


A Comedy ot Thornton Wflder. 
m trim a d eserv ed roar 


D. TN. for a limited aaason until 
“Hello 




too bade." 


Dolly M Btoe » •- 

D. MaH. “A Maaterptere." . . JW&. 
"The man trim Haot ed m .v jaM of fwhMy 
and a topoln' shpw must bare taad.Mto 
this la bM," DX 


KING'S ftOAQ 746*. 

DON'T DREAM. IT.; SEE XT. .- 


- rn'ifiu^wvSfvo show 


LONDON . PALLADIUM, X1-4J7_ 7373. 

Sept. Z5. - For on e W eefc Only. 
LINA MARTELL 

MICHAEL BENTINE, WAYN1 KING 


rti- 

THEATRES int 

ROYALTY. Credit Cards. 01-405 
Monday-Thutaday . n renlnas axoane 
3-30 and 8X5. Saturday 3X0 ar’,_. 


UU nno RM MUURAT »AI *!.[■. 

London crftfcs woe BILLY OANUC 
RUBBLING BROWN SUGA <„ 
Best Musical Of 1977 ' ' LU 
Tel. bpoktaas accepted- Malorjiy 


Restaurant reservations rn 

- 24ia. ro* 

2,3 


SAVOY THEATRE. 01-83^1 

Ctotft .canto 734 4772. Tom tl«‘. 
WHOSE LfPE.'tS rr ANYWi.fi 
Nttb JANE ASHER >. 
m -A MOMKNTUOUS PLAY. I UHID- 


TO SEE IT,~_Gu»rd!an.^ B , 


K*9». to B.O, Frt. and SaL 5XS 


SHAFTESBURY. 
■ 01-438 4255. I 


CC 01-836 
Half-pr(ca Preriec. 


Tbanu. Em, 3.15. Sat. - S.o'an'* 
: Omnia 


Sect. 13 7X0. 

TERENCE STAMP In 
DRACULA 

rttb DEREK GODFREY 


Zbe- 


STRAND. 01436 2660. EyeniPB.'- u 
M*L Thura. 3X0. Satordayl 5JO fit 

- Mn CSV n tact . 1 


NO SEX PLEASE — i,'' 
WE'RE BRITISH P- 


U»1DOh| •SLON^SPuiuGHbl 


- — — — 1B5D P ER TOR 
GOOD 5EATS^H 


RFORMANCn-L 

£iJo-£1.5Q^ \ 


*7. MARTIN'S. CC. 01-836 1443>d ' 
8X0. Matinee Tue. 2X5. San. 3 

AGATHA CHRIS TIE'S »» 

. . THE MOUSETRAP £■■ 

WORLD'S LONGEST- EVER RC* - 
ZStil -YEAR. * 


LYRIC THEATRE,' 01 -437 MOM. JtoON 8.0 
Mat. Thud. 3.0. Sat. ax ami, R30. 

JOAN- FRANK- - 

PLOWbSIt FINLAY 

miwwA... 

DhncBH EffiEWBlIB*. 

IT FOL THfe LYRIC FOR A HUNDRED 
YEARS.” ; Sunday Tlmea. - 


TALK OP THE TOWN. CC. 01-734-'. 
1 Air CotuHtioned him a Dnring-C 
9-30 SUPER REVIEW t ; 
. RA ZZLE DAZZLE 
AC 11 PETER GORDENO - 


TH8A3WR U PS TAIRS. 730 2554. En-* 
PRAYER FOR MY DAUCHH 
Mr TTkkw. Rahe •Vtor a o r tHnary r. . 
LfjLY-f - ~ *** OMWPiBtity,” -GuahHao.. 


MAY FANL 829 3038. Air eunrf. EM: 8.0. 
. Sat. SJO and sjso. Wed. Mat. -.5 X0, 
WELSH NATIONAL THEATRE' OO. 


I NATIONAL THEATd 
■ DYLAN THOMAS’S ■ 
UNDER MILK WOOD 


MERMAID. 248 7656. Restaurant 248 
2835. Evaaloga 7.30 - and 9.15. 
EVERY .13000 BOY 


^ - . DC5TRVES- FAVOUR 

STOpKlR^ nOton 


VAUDEVILLE, 836-9388. CC. EfR 
Mat. Thm. 2X5. SaL 5.0 ana 
Umah SHERIDAN. Dalsle GRA 

a murder is announce 
TTm newest .Mhodunlt by A mom Cf 


i.™ am wnoduiut by Aa 
"Re-enter .Aotofu Christie trite a 
"lirbtie: | 


by TOM 


^^ANDR^REVIJL^etol^L 


S3 , end. £2. r NO. -ONE 
THE ENGLISH LANGUAGE 


_ LOVES 

AND THE 

HIGHEST COMIC-ART CAN POSSIBLY 
MISS THIS •PLAY/’ S. Times. •* AX last 
a mcarrinoful and brilBaut and aerlons 
poHttcal toay." Ul re Bai nes. NY Post 
• MUST END - SEPTEMBER 30 


NATIONAL THEATRE. * . 9 28 2282 

OLIVIER (open Mtli ToutehY 7 JO. To- 
morrow 2X5 Jk 73D. ni Woman. New 
nlayby Edward BorWU 
LYTTELTON ' 

Tomorrow .. . 

Bernard Straw. 


gs?1SrjS3*Vl3S a « 


■Season. Eves 8. . Fro m T om orrow Lark 


audHorloni): 

^toTonroncRB 

Mwhum tram 


Flora Thompmon^ book. 

Many «eei(ert cheap -seats «n 3 U i eatr wr 
day of perl. Car park- n s i ia u rai* 938 
2033. {Credit card booMnss 928- 3052. 


HMSWCT AT JTHEDLD VTC 78,8 

^WW 8 v • 

SkirldU'l comedy. Wltn James Aubrey, 
Ida Blair. Kenneth Gilbert. Caret Onues. 
Matthew Guinness. Me) Martin. Trevor 
Martin. Christopher Nesme 

Preview tnnhiht to 7 JO 


- 8-30 un. 437 4508. 

Credit tirtY 886 1071. Mon.-Thar. B. 
Frt. & Sto. S A 8.15. Air nmd. ■* Doml- 
toMO' with unfettered gostn end humour 

me SRGADWAY Mgr 0 , 8 x 0 . , 

“Towerlns performance.- Daily MalL 
_ . YIE UX C ARRE, 

tar TENNESSEE WILLI, 


„■ g? TENNESS8E WILLIAMS • 
worta ptm maple." Hnacdai notes. 
"There tea Irtrtfly been a- more aati torinp 


CC. ' . 01-437 8834. 
-MML-Thm. Prl. .8r Srt. 6 4 Sxo 

. _J«K CHRI ST SPP CTB6TAR 
by Tha Rlee and Andrew Uoyd-WdbMr. 




8 x 0 . 

1EME 

Moil 


3-0- 'Saturdays 
OKI - TAYLOR.' 

flit taVI& llul. 

continuous laughter,- tSSS 


WremertY Casino). 
01-437 S877. Performance* too Week. 
BfV*. AX. MM. Thur^ 3.0. 

EVTTA • 

*»» ^ Uovd -Webber. 
• Directed by Herald Prince. 


PRINCE OF WALES. CC. D1XI30 8881 
LAST '3 JWK K5. MU ST END. OCT 7. 

-.I. ^Twwt5J?y I wra US,CAL 

CneDIT*^A^ i BOOKINC3 W sm 0846. 


ROY, 


Credit Cards. 01-734 11 Be. 

8X0. wed. SXO-- Sat. itJin, n.xn‘ 

OOTtora. GRORGEuSklRni. 

Ifc’STO JflBBJSfw. 
^ MKama: 


S- Mir. „ 

CULAR SHOW IN TOWN. 1 


At 7 no. S pm.- ii-pa.' Open* 5ms. 
PAUL RAYMOND lSS5m 
THE JPESTIYAL OF EROTICA. 

Folly etr-condl ttcamd 
21It SENSATIONAL YEAR. 1 . 


■NT (Oxford drew). OT-S37 
CTOS. 8 JO. Mats. Frl. : and “ 
TAKE THe FAMILY ._ 
THE GREAT- AMERICAN 


_ "A nttfe Jewel," Flimdt 
. ®£»“J towWfl.Ptoly 


MUSICAL 
ripmidel Time*. 


‘" J * a ygxs. isr 


titan 

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titan teat ter ANNIE.** ' 
entot Cars ~ 


Ttoea wto i . 

titsn £ 2 .. 


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pteKMr- PETBt GILL. 


DOWNSTAIRS. 01-287 

judonmi Youtii .- Threb* rfK 
.GOOD LASS- AT 

To day; Tete e nvw a nd Thur. ay zjq. 


2SS4. 


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.mysteries. Fcfls Baiter, ErenlnB 
n Jy*. ren mim end' Sept. 3 
° CMb er 2-DeoenR 
AN EVENING WITH DAVE AU. 


YICTORIAPALACE. 
01-828 4735-6. 


01-854: 1ST 
EfLA HAlj^3CK ' 
ErenOma 7.30. Mats. Wed. and Sto.: 




Cgnmafw. TbotT 8x6 (Kiffi 
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»■ .-SSis. AUwytii. Student atmK 


WNTOUUUL CC 01-930 8692- 

s “^SS.lHSa»f“r* .. 

7th GREAT MONTH - • • 


WINDMILL THEATRE. CC 01X37 
TtriuNigbtiy a.o and fox. 
_..5' mdav 6.0 and ax. 

. PAUL RAYMOND proem* 

RIP OFF 

THE EROTIC EXPERIENCE OF Tl 
. MODERN ERA y • 
TS? Jp tetprecenented . Dates wi 
permissible On our stage." Erg. * 
THIRD GREAT YEAR 


WyN.PHAMti. 81-836 3028. Credit 
8j ®*- -VSB 1071 from 8.30 B.m. 
Thor. 8X. Fri. aod SaL 5.15 and 
“ENORMOUSLY RICH 


Erentag News* 
M*ry 0 MaHeyM smash-hit' come 


ONCE A CATHOLIC - - 

“Supreme comedy on sex and 

.-^K^WfSK'Ewmi 

LAUGHTER." GoardUn. 


YOUNG VIC. 928 

7. g, 9 Sept. Eves. 7X5 

Transformations ' 

on Opera by Conned Susa.- 


YOONG VIC. 928 8363. Opens iV 
ter2_wp«tt MdT. PETER SRC; 
1 ? ro O l “ .Fart* prod union or J. 
terae umi fin French). E*eK- 

eftnl''*- An ■« 


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1: 2001 

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AFTESBURY AYE- ' 
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Tavern Court Rd. Tube). 63fi 

1* THE 

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'gc^i^srpb. 

f^rel l*»4 CAJ. THE WA 


POINT .AI.. 
Press. 1.05,- 


3-30. j OO. 8-3C 


L-?- W alt Dtsnev*p -H 

1.307 3 t SL M 5^| n! 8.^f“ «*■ ■ 


[CUBZ CTe. Cu reon Street W.T. 499 > 

LAST_WEEK5 D 

UZALA (U) In 70 mm Enpllih sbb->' 
elm tar AKIRA KURDS 


"MASTERPIECE.- Times. -MA 
WORK.^ Otaerver. "MAST - 


New*. Film X-0.'5XS. l 8^^ E siH.^4 1 i 


“y®5J SQUARE THEATRE (9io ‘ 
Mm. Perfs. Son. 

7AS. '-oa 4-30. 8.10. sao 

bfcbteL. Mon.-Frl. An perfs. MdNO 


OPgSW. _Hay marfcet. (910 2T3S-r 

midnight exp R EW Yxi. sep-' 

Rrily- ,** °re o pen 2.00. 5.00. a.ao 

■wts bookable. .'»■ 


YSNGE _OF. THE FINK PAN 
L Wy. Doors bpeo 

L°_-_ T.-* 5 - ,Late shows Thin. Fri 
“J* °P” ’ll** Pm. All: seats 
tn? LN?! 0mc * *■ ^ ' Doat - ' 


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PMNCR CHARLES. Lute. Sd. 

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*37 


S 70 * 310 ' *. Oxford Orw*.- 

U AM - PNMMRIEDrraiuUE.'i 
fTPBS. 1 -M. 3.30. . 6.00. , 8.35. Le 


Sat 10. 




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17 





{The Hayward Gallery 


fT-T 


Ladies First 


bv william packer 


•a? 

Hss : 

: t J e .'Ssion 


Rosemary Harm and Frity- W«Wf-« * Woicnami* ’ 


CH jitS D UNKLEY 


.‘puiutioa of Bfofocuast subject matter vr'the mutiws’bf worat possible reasons, and many 
“11 brought to ■ us from the' artists. - will be held bv ibe story-line of 

Sfunerica lobe snuwn.iij. - Watching in Bn rain, thqthe two families: the Jewish 

S-f«? (D.rt ^ nria l 1 Inn io llm- find ihn Amm Rnda 


a rTOCwt^ 11 ™ 1 - 3 lo oe “nuwu.m naicain^ in ' oriiiun, u^ine iwo i amines : toe jowisu 
iEffiSllF* (Part 3 n>nf 2 hT>.' central question 1*. lUeobriottSWrisses and the Aryan Dorfs— 
gg g^Jfcgj yhesg shores before the' oner can there ever tie justifies - by the very same narrative 
3S3 a « ei E fop itself. The Americans iioft forusfitg sucha horrijymglorce which takes viewers -tack 
~~ i'ft irnin ' wr wrr trrl'rt - T—f* • tragic event, to. -provide continually to The Brothers or 

‘‘“'ragedy — this time ot a -‘entertainment Some would Erttnerdule Form. 

— magnitude— bad been it- that the Nazi “doal : .Vet none of this, alters the fad 
'nEAUSand devalued- : tn supply ablution * and cnterUlnmeoh^ot. jhrt-ltofoa/usf i*. giving a great 
‘wniunJK entertainment and itiufe QUly ^hooldL not but cannot go :many people, many born -since 
« •is. saJSther few million. -quick together,/ 1 believe they «n. the War. their first understaiid- 
suebur?*^ commercial triqvisian. Clcariy. it depends op yaw; d®Kfng of what it was that has caused 
6o J***s JuS? e it was nothing 7esi nilipn of entertaroment hoi a ]j the outrage. loathing, and 
"'wowm* 5 * Nasi genocide, of the long as it b -a e^p ted. • that fear or rcpclitiun. The important 

aii'ich. was 'being 'used to hrni) Lear is entertaitmig. so long - question Is whether the serial 

■^heatrT — be ratings “ Entertain- a* 1 the word means to bW 0 :Pie dodges the hard issues for the 
rh «h' a .. a w attention or thoughts, and is «r niir^ninn rho familv 


« s-v, FrLaaC^ luuuiuwafciu Ut . . .. ,i. " ■ senna i« i#c me j w* 

' .••• Should go togeUwr.. -- -• ; }he of conveying as wide a 
6 43sl’ &J5m emotionallv charged years . ago Michael Selection as possible of the true 

• a®. understood objection. Dariow. two documentanes horrors the Weisses experience 

¥ ,. rn a 5“p«,t they. are here, as Wqrtil. a L -^ r ° r sc^es, ' bid grandfather (ex- Germ an 

I canvit does not seem arctiVe his bookshop des- 

^arHvI .=« useful or a particularly accounts to detail The Fm/d^yed on Kristallnacht; is 
no C kx 1S criticism. For a shir? Solution: Auxkmtz. They weFe - marc hed around with a “ Jude " 
3 NoaiT?LS;< 3 rtiinate ehoughtehe scimpuious»detailed, harrowing, &gn around his neck, and 
7=R^.Ma^e serial transnfitted not and rightly highly-praised. commits suicide with his wife. 
__^_!!i]L*ercial .televlsiob biat by' They will have beea.watdied,. His grand-daughler is' raped, 
uittn's. cc. ■« thus, -no ads. • Tills does -however, by only a small: frac- driven out of her mind by the 
by-pass the' ihoral tmn -bE . the. audience which experience, and gassed at the 

L...A ZmI •" ... U.'.o ; TTfilnaftilif V»4T^ nVATt fx 1 hncnitfll A VI *1 rrt rift * 


— Tvou hold with profit- in- Britain, too. it is geting big the serial would have been far 

^.^™!!J?system8 : of rinmnumc^ audiences. Some viewers wHl more reprehensible than to have 
"s^bsuVas all, never aoJntf -the have started watching.- for. the made and shown It 
HAZzuiie '• 

A; ■ i pna e j • . ■- • -*• • 


« uesiAWtre: 
1AVEB Ft* «: 
was 6s»» “tar 

•s- 

viiit cs sa 

Tofls 2 4:. SE. 
nas SHESm 1 .: 
MU^DEB a S 


tore Hall 


' - The Hai'ward, that most per* 
'slstent If. not always most 
beautiful of Anouala. is again in 
flower at the wateris' edge, as 
variegated . and diverting a 
display as usual, and bolding as 
few surprises. To be so is indeed 
in tho very nature of the growth, 
and to say as much is not meant 
as serious complaint. And yet 
complaint is probably inevitable, 
for importance must attach to 
any large and'oflicial selection or 
I current work, no matter bow the 
choice was made. No one can 
please everyone, and a com- 
mittee will please no one: coni* 
promiv will always modify 
adventure, while artists see 
their careers sit stoke. With a 
year to wait and each a prime 

spot to fill, expectation runs very 

high. 

Last year's double-header was 
in many ways an admirable, 
‘though by no means definitive, 
survey of the work of the 
middle, established generation cf 
artists, and yet it was savaged 
viciously from ail sides. Dcjd ru 
and disappointment go naturally 
together, and to many of those 
professional}- Involved - in the 
art world so much of the work 
shown seemed depressingly pre- 
dictable, complacent and safe. 
To the public at large, on the 
other hand, longing for the true, 
the beautiful and the good, not 
at aii so sure about the new yet 
quite prepared to relish any 
frisson of honest outrage, much 
appeared to be Incomprehensible, 
if not actually fraudulent 
rubbish. 

This time the exhibition itself 
has excited far less controversy 
ihnn last, though the oppor- 
tunities' for it remain fairly 
plentiful, with some minimalism 
about, and conceptualism, body 
art, the odd installation, and 
even Mary Kelly's elegant nappy 
liners all at hand to infiame 
Presbyterian indignation ; whilst 
the few newer faces are 'no less 
conventional than their more 
familiar peers. Perhaps we really 
have learnt the lesson at last: 
keep an open mind, accept the 
limitations of Ibe exercise, and 
take the work on its merits. 

Much has been made, however, 
of the preponderance of women 
In the show, as though that 
should make It stand necessarily 
us a manifesto for the cause. It 
is in fact nothing of the sort, to 
the great credit of those involved. 
A delegation of women did 
approach the Arts Council to 
make the reasonable point that 
the number of women whose 
work: was shown in its group 
exhibitions, and acquired by pub- 
lic collections in general, bore 
no. relation to the number 
actually practising as artists. 
What to do about it is an 
awkward question, that of com- 
parative quality if anything 
more awkward stUU the idea of 
an imposed proportion of repre- 
sentation no solution at all; hut 
the point is well made that 
women should be given fairer 


Gospel Music Workshop 


consideration-. Certainly there 
arc enough". Rood female artists 
around to ;-, fill - the Hayward 
several times over with their 
work : and ibe Council's 
invitation to. this particular 
group of ' ladies ;o put this 
Annual together was a commend- 
able gesture- 

Perhaps H ** * P lt - V l hat they 
should have decided after jII not 
to make theirs an exclusive -show, 
for an alMeflwle cast would have 
had a great deal to recommend 
it. making for unfty and a certain 
political purposeful rie-s;-, not a 
little strength » ntI much interest: 
the room was available, and 
there arc - several nntahic 
absentees. And bc.-idcs. ihe 
inclusion of men could «pll have 
been sDmcirtist uncomfortable 
for all parties, too easily seen as 
supplying -:hierely a token 

presence. But against these rais- 
Stvings must’ be set the very real 
desire to qvoid making uut a 
special case for women, rather to 
put up their’ work to be accepted 
and judged ofl the same lerms as 
that of men. which is to say un- 
its own inherent qualities. 

This Annual is, therefore, a 


straight-forward, modest* and 
elective compilation, ‘jj shade 
over-consistent, perhaps, in the. 
general character of its judg- 
ments. which Is inclined to be 
discreet and tasteful, to The dis- 
advantage of the weaker artists, 
but well laid out and containing 
a number of treats. The best 
work is on the lower lloors. the 
usual outstanding single piece of 
ail a little way into the circuit. 
Michael Sandle's extraordinary 
Twentieth Century Memorial, on 
which he has been working these 
past seven years, a bronze 
tableau io which a skeletal, 
residua! image of Mickey Mouse 
sits behind his horrifically eifi- 
ciem machine gun. an overtly 
engage comment on -the obscene 
absurdity of war. A number of 
large and very fine working draw- 
ings for this monument are 
also shown. Sandle is one of the 
very best of our younsjer artists, 
but h<* lives in Cerraan}, and we 
see too little of his work. 

Other sculpture is worth 
noticing: Wendy Taylura oner- 
geiicaiy surreal constructions are 
usually witty and well made, and 
here her huge brick knot, the 


very first thing the visitor sees, 
is particularly successful, a real 
sculptural coup. And Stephen. 
Cox, whose, large, simple and 
elegantly ' engraved slabs of 
plaster a.qd marble play so gently 
with space and perspective, is 
evidently a man to v.-atch, his 
reputation having marched some- 
what ahead of the work itself, 
antf this showing both deserved 
and overdue. 

Of the printers, T.ess Jaray 
and Edwina Lea pm an look 
especially good. Miss Jaray's 
hard-edged configurations danc- 
ing as decorative!}' and allusively 
across the surface as ever, but 
in greater strength and with a 
confident symmetry: and Miss 
Leapman’s white bands of paint, 
given the time, reveal their 
secrets by degres. Impressive 
too. though, very different in 
kind, are Deanna Pethorbridge's 

strange, fantastical architectural 
inventions, large and ioBnitcly 
convoluted drawings uf castles, 
battlefields, artillery emplace- 
ments, all taking the greatest 
liberties with perspectives and 
graphic logic, yet entirely and 
oven charmingly convincing, a 
plausibility that Uncle Toby 


would have relished quite as 
much os the imagery. Alexis 
Hunter's photographic sequences, 
collectively entitled ‘Approach 
to Fear,’ are stylishly and effec- 
tively carried through, an 
intriguing kind of narrative art 
that is notable as much for its 
formal invention, and visual wit, 
as for the anthropological 
material with which it deals. 

Upstairs, unfortunately, the 
show is generally less successful, 
the constructivist section 
especially so. dreadfully over- 
designed. the work lost in the' 
installation to the point where 
criticism becomes unfair, though 
it must be said that the artists 
concerned did the burying them- 
selves. Rita Donagh too. whose 

work is always Interesting, 
though perhaps too inclined to 
celebrate the cleverness of her 
ideas than the virtues of paint 
and line, suffers, through no 
fault of her own. from a miser- 
able bang. And Mary Kelly's 
earnest and exhaustive documen- 
tation of her own self-regard 
soon drives us on to the terrace 
outside, where Steve Furlonger's 
refined water-garden comes as a 
great relief. 



Wendy Taylor’s 4 BHdc Knot* 


IMnesclvancl Krenn 

by: NICHOLAS KENYON - \ 


• by ." N I C H O LAS- KEN YON - \ 

Hall has. -started •• , Miss. . Deriiesch - has , . a rich near the back ofvthe throat His 
season promptly. at the- voice,- slroDgly -projected from Schubert songs were wooden in 
•r .i.'cowjcig „f September, , both .both headland chest, with some delivery- aqd vague in rbyhmici 
Z's, raVcSTrbe Promx have finished of -that alternately thrilling and definition. When he gained ip 
Vvfiiing jjr?jrp the South Bankhas , overpowering yesonance wbicbls confidence.' however, the voice! 

— r annual replay of Ja?t needed to overcome the operatic opened out; and in Brittens bare 

:f* palace .inerts. Whether such a orchestras -of Karajan and Solti Cartticle II. Abraham and, Isaac 
■ W! 57 Mnw;xt will be to the hall’s .(from whose recordings • of (where Miss Demesch was at her 
sheila*^ i rather doubt, after Wagner she is most- familiar V. most cautious) ; the resulting 
* 7 sc. inaugural , recital,. Here though, she had .to' compete drama was convincingly, if , 

— jresented -the Austrian- only with the sympathetic, piano operatirally. played out Just, 

0USI Vs (ftu'tHelga Demesch and her accompaniment of Erik Verba; when the balance seemed to have: 
n,. Vsr.t '*«*, Werner Krerin' -f or the the full . impact oT^bet ringing settled, ■ the duo launched m*.u a! 

■■ *ne fn - .this - omintiy. was most: excitingly evident -in group ..^of delicious folk-song! 
.VSI amw^s. voices of our time * 1 Woirs rWenn du, mein Leib- duets by Brahms: each yerie was 
— : ^Tproraotor'Mitle-fbr the ster. -steigst rumi” hut through- announced: lyrieslly by Mr. 
*.i p'-^faod for six which are ou t the evening she had difficulty 

seats empty and the’ Mr * Krenn,- by contrast tanf picture of- rillage love tu-ned 
j^FT^EAm^oenefits ’of the ' evening W* pinched tone,; not quMe Mo jM'Mmi a vocal, 
N J^oewhat mixed- - nasaLbut originating somewhere David and Goliath. 


A rich harvest 


by FRANK LIPSIUS 


1 " Y-rjj»*s J “ iewhat haixed. 

^Reviews.; 


8 = -r TT 'ppst-wariwork of international, edited hereelf.entirely out of the 

r B , £ su'N^'J at AxcMtectur£r T witii £i <al ifl cance ; . text. But the further one reads, 

^ by John Unrau. Thames; "sk James RkAaxds, critic and the more pronounced the indivi- 

-- Hudson. £7.50, 175 pafies. historian, covers SOQ years or Its duality or each maker becomes, 

, is an attempt, \and a interesting- -hirtory. while the missing questions take 

Architecture: by J.'M* Interesting parLly heraase he bas shape: were .you taught your 

David ‘riid ' Charles, io with a thorough and creTt -at an establlshed schoo!— 

y ,c : s si&es. Hlu5lratedk £0-50 '..penetrating analysis or: all fls Cremona, L Mitfenwald. Newark— 

‘ • ohascs • . - - or were you mainly self-taught7 

i one to ciiti from the Each -is dealt -with -chrono- Djd yon acquke your r Skill by 
critical writings of . logically, although the chapters working for W, E. Hill, J. d A. 
"^, jl cfa&skin the opinioha and are . devoted to V separate Beare or^y other of the British 
Dossessed in oppost. categories' of building and of viol in-making firms before 
,he movlmen to. Fortresses! ^churches, setting up pn your own? Do you 

' - ^^S°SnerStion, that ing^Ske^toeT pro^^pla^SIrith Stradivari or Guarneri^or do 

H ? 1 

,vo which is far from the- page; each is accompanied by a d pr JiSi5i^ p,ri •. 0 M - 

tempting, to/ia^ T^s quSn of varnish, which 

linst*- -Sf' ?.h! lakes up .« relatively large pro- 


seorri 


.quotations, with tb.b {mrspe^ive. . .... ... * The dedalW factor determin- 


instnimentMo suit him "and. so 

was icamrto. make -one for himself. 
«s«a uAP W‘% it and the pnass ft Finnish Parliarwit house , v . : was ... Lnff nhw ; n Kis 70s and 

%f - fr ' ,-.%tance, from y W prompts one to - ^ask for sc h«jlf sliced off -4. finger- 

;-U % wh»c^id to paying 


s : is -el 


o'. . — ^ DIDJVU . U1B f raiwi iivm <«. • 

S E rife ‘siSnpfl on .paP^ r v.^’. . ’ . RAF hand;: Ronald Prentice was 

'-l ^ ‘ ,n jesli«iio miles a^ the'VloBn aiaRehi Sy Macy Anne. bassist 'fw.'e- pop group; Colin 
5 |> ^•■ue.tfling it.was tnteriaed,-. iybu«ier- Gollancx. *.£9J0, 238 trying qualified ns ad engineer 


Tre PV'-i to iftjncludmH. WMa, -door- seeu« .« - • 

aiabr sS^Qf. • SB StS, especially AS thesrathor has ... 


In the catalogue of its eleventh ; 
convention, the Gospel Music : 
'Workshop of America considers ‘ 
itself perpetuating “America's 1 
only original art form.” It would 1 
be a hard claim to substantiate. ! 
and not really necessary because 1 
gospel music does have a long, 1 
.unique history and one that pro- 1 
vides a strong imprint on its : 
present activity. 1 

I ^ In its oten original form, gospel - 
j music provided the tubstancc of \ 
religious worship among the 1 
slaves. They would not have 
worn the beautiful white suits - , 
and dresses that now adorn . 
worshippers and choruses alike. , 
Slaves could not have fulfilled : 
the requests made at the work- ! 
shop services that each person ; 
give a substantial offering at each 
service in the ten-day event , 

In other respects, though, the ; 
services now must have a lot in 1 
common with their antecedents. ; 
There is much singing-— -rhyth- 
mic, sonorous hymns with- direct 
appeals to Christ for personal 1 
help. Services make tittle use 
of Bibles and prayer-books. The 
preacher may recite a Biblical 
passage, but usually in the per 1 
sonal style of. “ As Jesus said to 
the sinners of . . .. n as though 
the Lord had them in. mind for 
some particular advice or 
admonition. 

The Reverend James Cleve- - 
land, founder of the workshop 

Commercial 
Union backs 
‘Rigoletto’ 

Commercial Union is providing 
£35,000. sponsorship for Scottish 
Opera’s new production 1 or 
Rigoletto. It was announced in 
Glasgow yesterday. 

Sir Alexander Gibson, artistic 
director of Scottish Opera, said 
it was the first major sponsor^ 
ship from a non-Scottish-based 
company' and described it as 
" magnificent — hugely encourag- 
ing.” 

The new production, will open 
at the Theatre' Royal. Glasgow, 
on April 18. 1973, aiid will be 
conducted by Sir Alexander 
Gibsqii, - The director is - the 
young American David Alden 
and the cart will Include Norma 
Bupowes. Neil . Schlcoff. Brent 
Ellis, _ William McCue and 
Gerwyn Morgan. The opera wril 
have five public .^erforinances 
(and a private preview for Com* 
Dicrcia! Union staff) and there 
are - plans for it -to tour 
Edinburgh, Newcastle and 
Aberdeen. 

Nicol Williamson returns 
as Bill Maitland 

Nicol Wminuuri wijipiay Bill 
Maitland in John Osborne's 
Inadmissible Evidence fn a pro- 
duction -at the Royal Court 
Theatre to be directed by the 
author, ' ll wvU open to preview 
from September .8, and to the 
Press on September 12. . 

Nicol Williamson created the 
role of AU Maitland in .the 
original production in 1964. 


and best-known gospel choral 
leader, introduced an. offering 
on a note that combined the 
religious and commercial aspects 
of tbe contemporary movement. 
Ho said that the Lord had come 
to him the night before and 
mentioned the Trinity. He was 
therefore asking, despite the 
restraint it would impose on 
those who would have given more 
that each man in the hall queue 
up In the aisles to give three 
dollars to the offering. 

• At a rough count 2,000 were 
there. The meeting was held, 
with no apparent irony, in Con- 
stitution Hail, the assembly of 
the Daughters of the American 
Revolution, which at one time 
was considered among the must 
conservative, un ecumenical 
groups In America. It holds 
almost 4,000 and the gospel 
service filled the main audi- 
torium and hair the balcony. 
Once the men wilting to donate 
file requested amount bad 
assembled, Mr. Cleveland in- 
vited those willing to give- two 
dollars, followed by Ibe rest of 
the men (he hoped everyone 
would give aotMctfiinp, however 
tittle) and then the women, far 
whom no specific amount was 
requested. 

While to an observer this was 
a particularly noticeable and 
Offemave part of -the service, to 
the participant* it merely 
followed tbe pattern, of their 
local service and had much less 
importance than the music and 
service around it. Presiding over 


the service as a whole was the 
Reverend Rett) a Glover, a well- 
known minister from Detroit, 
whose matronly appearance was 
accompanied by a-n authoritative, 
efficient manner. She urged dele- 
gates to participate as fully us 
they could in the ten-day con- 
fvrence, while not missing the 
chance to see the glories of the 
American capital. 

There was no doubt that this 
convention in Washington, like 
last year's in Detroit and the 
year before's in Kansas City, was 
any delegate's major trip for thp 
year, and possibly his first visit 
to that city- So there were special 
lours and family activities, each 
of which had its own fee — to 
be paid promptly in advance. 

Invited choral groups, con- 
sisting of us many as a hundred 
singers under the direction of a 
single leader, moved quickly -to 
the stage and spread across it in 
two rows. Since more than three 
hundred such groups had come 
to participate, each could do only 
one hymn. The Baltimore Mass 
Choir had a blind woman soloist. 
They did “We Shall Walk 
Through the Valley." a hymn 
setting the 23rd Psalm lb music. 

First singly and then by the 
dozens the audience lifted their 
arms. Some stood up, hands 
waving, heads nodding to the 
rhythm of the hymn. The 
musical accompaniment con- 
sisted of an electric guitar, a 
piano, and a drum set, all 
the musicians incongruously 
dressed like all the rest in white 


suits. One man got up in the 
aisle and stamped both feet 
heavily on the floor in a 
rhythmic bounce. with his body 
bent over in rapturous self- 
abandon. 

The soloist in tbe choir used 
a microphone, but the choir did 
not need one to achieve the 
crescendo that excited Ibe 
crowd By the end of the hymn, 
there were even some in the 
choir . overcome with emotion. 
One woman was supported at 
both elbows as. 9he walked off 
the stage: another was stone 
rigid and had to be carried 
horizontal down the steps. 

The service lusted more than 
two hours. Singing, sermons and 
instructions alternated in what 
became a familiar pattern. Every 
speaker (“ reverends " all) spoke 
slowly and loudly. They had 
simple messages—" I want every 
head bowed and every eye 
closed." said one. "We admit we 
are weak. You- watched .over us 
last night" he then intoned. At 
this. loud but - indistinct 
mumbling permeated the hall. 
It was . a common reaction, nn 
tinuht indicating tike the hand 
waving affirmation and personal 
testimonial. When Mr. Glover 
demanded u a hand for Jesus," 
eypryooe clapped. 

Organisers of the workshop 
claimed they had 10,000 people 
at the Washington conference. 
Together they imitated the 
weekly service held ! *» thousands 
of churches throughout the 
country. It is the religi* or the 
poor and unsophisticated, a 


refuge from lives that probably 
have as much in common with 
their antecedents as their 
services do. Though, they call 
themselves by different 
denominations, ranging from 
Baptist to Pentecostal, . they 
share a belief in horn-aguin 
baptism through total immersion 
in baths or rivers consecrated 
for the purpose. The trappings 
of" conventional religion are 
confined lo candle-lighting by 
young boys dressed in long 
robes. 

When not gathered for a 
service, the convention consists 
of rehearsals for male, female 
and debutante choirs, as well as 
business and professional meet- 
ings and announcers’ guild meet- 
ings. The gospel music market 
had desks in the convention 
hotel lobby, giving evidence of 
the health .of the last area of the 
music business left almost 
exclusively to small entre- 
preneurs hawking records prac- 
tically door-to-door. 

Many aT the choral groups had 
records available for sale, as 
mentioned at the service. Sheet 
music, now a minor part of the 
music business, remains u strong 
seller in these conventions. The 
hawkers were at their desks 
throughout the day, . whatever 
activities were going on in the 
convention. The competition for 
people's souls, which at one time 
occupied the thoughts of each 
minister and each denomination, 
seems . to have given way to com- 
petition, of a more material sort. 


This announcement appears as a matter of record only 


CAISSE CENTRALE DE COOPERATION ECONOMIQUE 

C.C-C.E, Paris, France 

Df Is 100,000,000 

TERM LOAN 

guaranteed by 

The government of the Republic of France 

provided by 

Nederlandsche Middenstandsbank N.V. 

Codperatieve Centrale Raiffeisen-Boerenleenbank B.A; 

(Centrale RabobankJ -v. 

Agent Nederlandsche Middenstandsbank N.V. 

. In connection with this placement the borrower has been advised by; 

Credit Commercial de France 

July 1978 ;o 3 o-se 3 








HNANC1/ULUMES 

B&MKENT'HOOBE, CANNON STREET, LONDON E04P4BF 
Tnl m man niillnm Tnnr-^ Telex; iwMl/2, 88WW 
Telepheftft: OHMS 8080 \ 


Tuesday September 5 1978 


Carter’s role at 
Camp David 


mm 





BY RAY D AFTER 


WHILE IT would be premature 
to describe this week's summit 
at Camp David as a last-ditch 
attempt to restore life to the 
negotiating process started ten 
months ago by President Sadat, 
it is clear that it will be a major 
test of the good will of both 
Egypt and Israel in searching 
for a Middle East settlement. 
Unfortunately, these two coun- 
tries are approaching the meet- 
ing in such very different frames 
of mind. The Egyptians are 
putting it about that, without a 
major step forward at Camp 
David, the Sadat initiative will 
be as good as buried; the Israelis 
are taking an altogether cooler 
view, that this is just another 
meeting, in a series of meetings. 
Undoubtedly, both sides are 
adopting postures which they 
think will suit their cause. 

In the sands 

Success and failure are. nf 
course, relative terms, which 
must be seen in the context of 
the months which have elapsed 
since President Sadat astonished 
the world by visiting Jerusalem 
ten months ago. The psycho- 
logical effect of that historic 
gesture was remarkable. It 
transformed the balance of 
opinion in the western world, 
and especially in the U.S., on 
the relative merits of the rival 
positions of Israel and the 
Arabs. But in substantive 
terms, the negotiating process 
which was started by that ges- 
ture ran into the sands in Janu- 
ary o£ this year 

Camp David will be a success 
if it offers any serious indica- 
tion that the Israeli Government 
is prepared to make a signifi- 
cant move towards the Arab 
position. Without such a glim- 
mer of hope, there is a real 
danger that President Sadat, 
long reviled as a traitor by 
Syria and Iraq and other hard- 
line states, may decide that the 
time has come to mend his 
fences with the rest of the Arab 
world, and to withdraw his 
offers oF peace negotiations with 
Israel. 

Clearly, much will depend on 
the role which President Carter 
plays at Camp David: dearly, 
too, he cannot avoid the pros- , 
pect that his own credibility as 
a power broker in the Middle 
East wiii be affected if this 
meeting ds not a success. Given 
the yawning chasm between the 
Israeli and Egyptian positions. 


President Carter can scarcely 
count on forward - movement, 
unless he himself plays a much 
larger part than that simply 
of independent chairman or 
umpire of the discussions. 

Some reports have suggested 
that the American President 
may be considering the offer of 
a military presence da the 
Middle East, .as a partial 
guarantee for the security of 
the two sides in the context of 
moves towards a settlement: 
predictably, these reports have 
provoked Soviet reactions of 
unmitigated hostility, since 
Moscow, having been . ousted 
from Egypt, has no, desire to 
see itself excluded from any, 
determining role in the- settle- 
ment of the Middle East conflict. 

Yet even if President Carter 
were to propose anything as 
daring as an American presence 
on the ground in the Middle 
East, it is doubtful whether this 
would by itself be enough to 
get the negotiations moving 
again. Security will be a major 
consideration once the Israeli 
Government decides that it 
wishes to work towards the kind 
oF settlement which the. more 
moderate Arab countries and 
Palestinians are prepared to 
live with. 

Status quo 

But the problem at the 
moment is that the Israeli 
Government gives every indica- 
tion of being satisfied with .the 
status quo. For the time being, 
and for the foreseeable future.' 
the Arabs can offer no serious 
military threat; and with every 
month that passes the Israeli 
presence in the land seized 
after the .1967 war "becomes 
more deeply entrenched. . Last 
weekend's major demonstration 
by the Peace Now movement 
shows that a substantial num- 
ber of Israelis are tired of the 
conflict But they have not yet 
bad any impact on; the intran- 
sigence of Mr. Begin. 

If the Arahs cannot persuade 
the Israelis to compromise, there 
may only be two alternatives: 
either the Middle East will 
return to an acknowledged stale- 
mate. with all the risks of a 
flare-up, most obviously in the 
Lebanon; or else tbe U.S. must 
decide whether it will, for the 
first time, use its unquestionable 
leverage over the Israelis to 
force them to make concessions. 


Muddle-headed 
success story 


T HE URGENCY with Which 
the U.S. needs to find 
more oil and gas — not 
only for itself but for the sake 
of energy-importing countries 
worldwide — may have given 
undue publicity to the recent 
discovery off the Atlantic coast 
of New Jersey. A group of six 
companies, led by Texaco bas 
found both natural gas and con- 
densate — a light oil liquid — in 
the new exploration region 
known as the Baltimore Canyon. 
The discovery was significant in 
that for the first time it con- 
firmed the presence of hydro- 
carbons in that off-shore area. 
Any well which opens up a 
prospective production area 
must be regarded as important, 
all the more so seeing that oil 
companies had spent some 
£Llbn for the right to drill 
there. 

The oil or gas which, is 
eventually produced from that 
offshore region, will help to fill 
part of the serious, perhaps 
dangerous gap that has emerged 
between the country’s energy 
appetite on the -one hand and 
its indigenous production 
capability on the other. 

But Baltimore Canyon, even 
under the most optimistic 
assumptions, will fall a long way 
short of making up the defici- 
ency in domestic production. 
According to tbe U.S. Geological 
Survey, total resources in the 
L25m acres of Atlantic outer- 
continental shelf associated with 
the initial three leasing deals 
are estimated at. between 830m 
and 2.9bn barrels of oil and 
between 5.5 trillion and 19.7 
trillion (million, million) cubic 
feet of natural gas. 


Projected 

reserves 

To put this into perspective: 
if all those projected reserves 
were to be found and exploited 
they would yield enough oil to 
meet U.S. needs for between 
six and 22 weeks only, and 
enough natural gas to match 
present consumption for at 
most a year. Not -that it will 
really be taken out all at once: 
the oil and natural gaa will 
probably be produced over 
decades and. with luck, together 
with new reserves found m other 
offshore and onshore regions. 
Tbe stark fact is that the oil 
industry faces the chaUen^F of 
adding 4bn barrels a year of 
crude oil to U.S. reserves, at 
least for 1977-85. On top of that 
companies need to find 17 tril- 
lion cubic feet of gas a year for 
the next eight years. 

These targets were discussed 
earlier this year by Dr. Herman 
Franssen, of the Congressional 
Research Service, in a report 
prepared for the Energy and 
Power sub-committee of the 
House of Representatives Com- 
mittee on Inter-state and 


Foreign Commerce. The point 
be was making was that the 
industry needed to make these 
discoveries in order to maintain 
a 10:1 reserve to production 
ratio for oi'l and a 12:1 ratio 
for gas reserves and output 
In the past decade the in- 
dustry has consistently failed to 
come anywhere near these 
ratios with one notable excep- 
tion. In 1970 the discovery of 
the Prudhoe Field on the North 
slope of Alaska was the prime 
reason why 37 trillion cubic 
feet of gas and l2.7bn barrels 


Agency .in 1&74 that the U.S. 
could be energy self sufficient 
by the mid-1980s have been 
proved wildly, even cruelly over- 
optimistic. 

Nowadays the talk is more 
about the possibility of stabilis- 
ing import requirements. In its 
annual report to Congress ' in 
April die Department of Ene rgy 
Information Administration 
pointed ' out that imports 
accounted for about 22 per cerit 
of total energy supply in 1976 
and were likely to rise to 24 per 
cent of the total in 1979. 


oil on. to the market as pos- 
sible ” he said. 

The Petroleum 7 Industry 
Research Foundation sees no 
physical limit toUPECs ability 
to- meet the' demands of -im- 
porters arising before 1985, 
although it .does .expect crude 
oil prices ' to ' rise ■' by some 
2.5 per centage points above the 
world inflation rate armually in 
the early 1980s. - : -. - 

Other factors which trill affect 
the level at U.S. oil imports will 
be a ’slower general, growth of 
energy demand— the. foundation 


which could fan to 57 per cent 

SL-ssww 

duSioa Oil companies argue 
ftat instead, they have been 

discouraged- • 

Mr. Charles KSttrelLExecu- 
tive Vice-President for Phillips 
petroleum company’s Petroleum 
products group, «° w T ^f 
Rotary Club 

energy development m the U-S. 
was bans crippled by 
price controls on oil and natural 


prices — is stat^- 
uhcertain. ^ ; 

The . Wesfciariil 
persuade Congi^ J 
a crude bR.-wtoO 


Discoveries 

SJ 


1 4 


Discoveries’ 

l/" - 30 

| Production 


Production 


means of encati fS * 
conservation effonjS - 
higher prices-3%^ 
even mot a 

advisers, are not? 

for other way*"* ' 
domestic prices 
world level : . 

Thrist m g -le g u fc fe ' 

ating domestic-- c&^ 
controls, does 
President withpn^ 
or modify- the.-ft«y 
from May, ISTiMg; 
Carter has the pcflfo 
muscle -he rconlff^ - 
categories .of. - jb® 
which are currajtjv; 
pricing restrict^ 
quantities of . 
duced from old ;*® . 
freed for examjHfc^ 

34 per cent . ^ 

in tbe U-S. is-. pda 
a barrel, . 

production^-genfiniij^;- 
old p reducing 

world pxlcbMWFfi: 





K *a4adbg Whatorga d gad, m w M cJ rfi Herth Sty . 


*55 ’57 38^9'GO ’62 *66 §8 TO '72 *74 TfiT7 


tt)a'y*ctlAk 4 aflHrthS^f* 

1 » ' » f I 1 1 1 ' — j- - 

>*66 ' VBL-t&'W TO T1 '72 '73 T4 '75 '76 *77 


of oil were added to U.S. proven 
reserves. 

But even that outstanding 
find was not enough to redress 
the long term imbalance of 
reserves and production. For 
the past 10 years or so the U.S. 
has been producing oil and 
natural gas. at ’a faster- rate 
than it has been adding 
discoveries to reserves. As a 
result proven reserves of crude 
oil at the end of last year were 
some 29.5bn barrels, almost 
lObn barrels less than in 1970. 
Natural gas reserves fell by 
about 28 per cent during the 
period to a position where they 
stood at 20$ trillion cubic feet 
at the end of 1977. - ■ 

Hence the U.S. still finds 
itself a major importer of fuel. 
Recent studies have shown that 
there is little hope of reversing 
that position in the short and 
medium term. In simple terms 
the U.S. /s not discovering ci! 
and gas- fast enough, neither 
is it moving with sufficient 
urgency along a path of develop- 
ment of other energy sources— 
nuclear electricity and coal in 
particular — nor has k yet 
come to grips with a full 
scale conservation nrograrame. 

Consequently, the U.S. is 
importing well over 40 per cent 
of its oil at a cost, in 1977, of 
some $46bn. Projections by tbe 
National Petroleum Council in 
1972 and the Federal Energy 


The Petroleum Industry Re- 
search Foundation, in its report 
on U.S. oil supply and demand; 
said that by 1990 crude oil 
imports could have risen to 
over 10m barrels a day, some 3$ 
per cent above the 1976 leveL 
That does beg some questions. 
Will member states of - the 
Organisation of Petroleum Ex- 
porting Countries,, and in par- 
ticular Saudi Arabia, be . pre- 
pared to raise output in the 
1980s ? Or. following the present 
glut of oil supplies which has 
tended to depress prices in real 
terms, will OPEC hold back 
production in order to create a 
tightness of supply and a sig- 
nificant increase of the price of 
crude oil ? - ... 


No physical 
limit 

The signs of OPEC exaspera- 
tion are .there. On August & Mr. 
Ali Mohammed Jaidah,- Ithe 
Secretary General of OPEC said 
In New York, that the U.S. had 
demonstrated a’ “ psychological 
inability ” to confront its energy 
problems. The feverish develop- 
ment of the North Sea and 
Alaskan Oil was designed to 
“ off-load as much non-OPEC 


expects it to declihefrom 2-5 per 
cent in 1976-1980. to 24 per cent 
in 1985-1990 — and the pace with 
which other- energy forms are 
developed. Nuclear power could 
provide 11 per cent of U.S. 
energy supplies -by 1990 assum- 
ing there are /no more serious 
hold ups. If President Carter 
gets his way,- coal production 
and consumption will also be 
significantly increased' although 
there are environmental diffi- 
culties and difficulties of bulk 
transportation to contend with. 
The research- director of the 
foundation, Dr. v Gary Ross, says 
that in order to achieve even a 
5 per cent increase of coal 
consumption the U.S. will have 
to ease some of' its tougher 
environmental legislation. 

Dr. Franssen sums up the 
prospects in his Congressional 
Research Service report: “Under 
the worst conditions, failure to 
design and implement an energy 
policy in the U.S. which will 
bring energy demand and supply 
mare into balance than is sug- 
gested in this analysis could 
endanger the nation's national 
security,, the world's monetary 
system, world economic growth 
and. could eventually shake tbe 
very social and political found* 
tions pf the nations of the free 
world.” 

With oil and gas meeting well 
over 70 per cent of the U.S. 
energy needs (a proportion 


gas. These controls, introduced 
24 years ago, had discouraged 
gas production while encourag- 
ing consumption, he said. In 
the first 15 years after the start 
of controls demand had. nearly 
tripled, but She number of wells 
drilled had dropped by a half. 
Thanks to the free gas market 
that now existed within the 
boundaries of existing states 
the number of domestic oil and 
gas wells drilled last year 
(some 46,000) was 50 ‘per cent 
higher than in 1972. 

President Carter, still 
desperately trying to fashion ah 
energy policy from the 
remnants of frustrated efforts, 
returned from his holiday to 
Washington last Wednesday to 
fight for natural gas com- 
promise legislation. He feels 
the legislation, a keystone in his 
energy plans will provide the 
stimulus the industry needs. 

Earlier last month there was 
some White House rejoicing 
because tbe proposed com- 
promise deal, which would end 
price controls on newly dis- 
covered gas by 1985, had finally 
received approval from the 
majority of a joint House-Senate 
conference. But the outlook 
for the compromise Bill— a 
complex, sometimes ambiguous 
arrangement of at least 17 
different categories of gas 


■ w ■ ■ JWW 

True, such.'- gffiC 
provide - oR <jei fr 
extra revenue 1 Vaj ~ 
upset the sirenSe 
factions that 
industry . is already 
able and fat On the 
it should not be Beji 
of presidential v 'ti 
amend the tax systai 
that the additional - 
not immediately tin 
company profits; 

.Plenty of oil : at 
remains to be'fmiiu} 
ing to the Ameridte ' 
Institute, only-fi peh 
U.S. continental die 
been explored!. 
Geological Surrey - *! 
range, of undiscovm 
able resources atlOb 
barreJs of crude a 
322; trillhm ‘ andff 
cubic feet of natnril 

The pace whir l; 
potential but Jar 'fit.- 
resources ” are ,:e*pl 
exploited wfi£ signfl 
fluence the shape 
energy policies. /'.P 
boost to ' exploratfo 
through .-a relaxation 
controls might be an 
prospect to many Jr 
But they might list' 
some of the alternate 
for the U.S. fiaerprij . 
as even' higher 
enforced .easing T ol 
mental restraints 
energy forms— are < 
distasteful, , /- 


THE TERMS of the offer for 
sale by the National Enterprise 
Board of part of the Ferranti 
equity must be counted a con- 
siderable triumph for ‘ the 
NEB's management After 
intervening in a situation which 
the City has written off. it will 
now own a half share in a 
concern which that market 
values at around £40m at a net 
cost to itself of £6.1m, -which 
represents a good profit even in 
real terms. Unfortunately the 
course it has now adopted, of 
keeping halE the company as a 
portfolio holding, cannot be 
counted a similar triumph for 
Government thinking on the 
State's role in industry. It 
simply marks a new form of 
mud dieheaded ness. 

New departure 

The formation of the NEB 
was supposed by its sponsors 
to mark a new departure in 
Labour thinking.' The party 
would no longer pursue the 
formation of a series of State 
monopolies, which were sup- 
posed to represent the com- 
manding heights of the 
economy, but in fact were quite 
often industries which had 
sadly decayed. Instead, Labour 
would follow the Italian 
example of IRI (a rather unfor- 
tunate one, in the light of sub- 
sequent events). It would set 
up a State investment and man- 
agement concern which could 
rescue important enterprises, 
back the Government's regional 
and technological policies, and 
yet compete in the market place 
with private enterprise con- 
cerns. There would be no 
monopoly, and tbe customers 
would enforce efficiency. 

The record of some State- 
owned competitive enterprises 
such as Renault and indeed of 
?ome of IRI's offshoots, suggests 
that this approach has some 
potential, and a management 
concern such as the NEB can 
distance its subsidiaries from 
political interference. A co- 
herent policy based on this 
strategy would have been a very 
welcome change from Labour’s 
old approach. 

Unfortunately old habits are 
hard to shake off. and the for- 
mation of the NEB seems to 
have done nothing to check the 


demands for old-fashioned sec- 
toral nationalisation. Aircraft 
and shipbuilding have already 
been nationalised as if the NEB 
had never been created, and 
vocal lobbies demand that con- 
struction and insurance should 
be added to tbe list, with the 
clearing banks and the building 
societies as possibilities for 
future quany. 


MEN AND MATTER: 


Split approach 


This muddle does both short- 
term and long-term damage. 
The nationalised aircraft indus- 
try has spent a summer of 
agonised embarrassment be- 
tween its rival American and 
European suitors, where two 
independent concerns might 
have followed their natural bent 
The nationalised shipbuilding 
industry, despite a federal 
structure imposed precisely to 
avoid over-centralisation, is 
already the scene of rows over 
remote decision-making. 

Tbe split approach incident- 
ally damages the NEB, since its 
potential scope is erduced, and 
problems such as Ley I and bulk 
disproportionately large in its 
activities, a modest success 
-like Ferranti cannot exorcise the 
possibility of e normous failure, 
as the NEB’s management 
struggles with e brief which de- 
mands a mixture of rescue 
operations, interference, and 
straightforward enterprise. Even 
the portfolio holding in Fer- 
ranti is a half-way house. The 
NEB could either have sold the 
whole concern back <o the 
private sector, and so got the 
City's full-scale endorsement for 
a triumph of State intervention; 
or perhaps have moved in a 
more Liberal-Socialist direction 
with, for example, a proportion 
of worker shares. 

The real missed opportunity 
is the Government's. The NEB 
might have been the beginning 
of a coherent approach to State 
intervention in -industry— an 
approach which could have been 
developed into something bi- 
partisan, since even the Con-! 
servatives when in office have 
found it necessary to intervene, 

however unpalatable this may 
be- Instead, the old arguments 
grind on, and the NEB is 
reduced to a number of politi- 
cally determined and incom- 
patible roles. It is a sad story, • 


Putting the 
brake on the Mini 

The arrival of October 1 will 
be greeted with some relief by 
Austin Morris. It is the date 
when yet -another modification 
will be made to the braking 
system on the Mini — and BL, 
British Leyland as was, hopes 
that it will not lead to the same 
problems as tbe last one. 

A number of Minis built since 
October 3 last year have been 
playing up. The Metropolitan 
Police tell me they are “ aware 
of the problem ” although it 
only comes out when Minis are 
used for “ operational purposes ” 
—in other words for hue and 
cry- But earlier this summer the 
police forces of Cheshire and 
North Wales ran into some 
difficulties. And a spokesman 
for Greater Manchester police 
says tbat as a result of " sporadic 
faults in the braking systems’* 
103 Minis which they bad bought 
last December were taken off 
the road. 

BL tells me “Any odd-ball 
problem always comes out first 
with the police. We regard the 
police as the ultimate test of a 
can” But when I asked about 
the various private complaints 
which the company has been 
receiving, I was told tbat the 
dual braking system introduced 
last October as required under 
EEC directives, “ does seem to 
have increased the sensitivity 
to unevenness.” 

The company insists that it 
does not know of any accidents 
caused by this fault but says 
tbat it has issued instructions 
to dealers that when checking 
the braking system they should 
do so " from literally the 
ground upwards.” BL says “a 
lot of cars have responded to 
having their master cylinders 
changed”; when I asked what 
he meant by “a lot” the 
spokesman said he would be 
surprised jF it were in the 
hundreds. As for a general re- 



“No one is more worried about 
the prospect of unemployment 
titan myself! 

call oF the 70,000 Minis built 
since October, the spokesman 
tells me tliits would be hard 
“when it had not been defined 
which item should be changed.” 
It would also, I learn, cost 
around £16rh. 


Silent talkie 

The insurance world has long 
been swapping stories about 
litigious Americans growing 
rich by suing swimming-pool 
manufacturers for failing to 
point 0141 that diving in the 
shallow end can be hazardous. 
Now. it seems, the great reaction 
has set in. I hear that an Illinois 
security guard had little joy 
Trom the U.S. courts wrth a tale 
of woe about his walkie-talkie- . 

The guard was watching a 
restaurant when he saw burglars 
breaking in. A few hurried 
words into his radio and he 
accosted them, expecting rein- 
forcements at any moment. But 
help did not arrive: the walkie- 
talkie was not working, me 
guard found himself alone with 
the gang. They shot him. 

The courts were distinctly un- 
sympathetic. Such a criminal act 
could not have been foreseen. 


was the final decision of the Cursley, the CSD’s chief infor- 
Hlinois Appellate Court: “ The raation officer. However, he did 
walkie-talkie was designed for tell me that a book on perma- 
communication purposes, not for nent under-secretaries and 
the prevention of criminal Government departments^, had 
attack.” So the manufacturers, been considered. But when I 
RCA Corporation,, can breathe asked who would write this fine 
freely again. Which might be tome be said tbat the idea, for 
some consolation to the British tbe time being, was '* rather in 
Post Office, just in case anyone abeyance ” and “ not a very 
should try to collect for being high priority. 1 ' 
unable to dial S99 during the Still Cursley did inform me 
engineers* dispute. that he and his staff made it a 

normal part of their business to 
■ look at what was said of the 

r nn d for thought dvil service by the media ,and 

rood Tor UlUUgiit were whet her any 

Good news from Hofei city, issue deserved attention, a re- 
There in eastern China the all- buttal or an apology. Had they 
pervading shadow of the Gang not done this before ? I asked, 
of Four bas at last lifted — and to be told "not quite to the 
the ducks have returned to the same degree.” 
market place. Another startling innovation 

Before tire fall of the Four I s lhat the y *** drawing P^ 1, 
two, years ago life was tough fi e P a fto® n b> attention to what 
for any peasant wbo dared to 1S said of them. The CSD deals 
raise a duck and sell it That, wlUl . such ™ at tors as the cml 
it turned out, was a heinous ® erV3Ce conduct,* but 

capitalist practice. As a result Cursley did not want to dis- 
Hofei went without. But now 9 USS whether - OUgate,”" the 


Chinese gastronomes 


supplies 7 


breathe fredy and eat easily. meant the code; was 

Tbe policy has been reversed, not wortan g- 
the new one is being “correctly As tor the pew plans tp .im- 
Irnplemeoted ” and is leading to P™y e the public's picture of .the 
a glut of duck. In the past ten av “ ^rvice these, he told 
days alone 200,000 of them .bad important fm resource . im- 
came waddling out for sale in Plications" — in other words 
Hofei. And the blessings ^tey might necessitate larger 
spread as duck for Hofei is staff. But Cursley says he Is 
duck for Shanghai too. n °t plaming to increase, his 

own staff of five. Is it easy to 
raise their productivity ?' No, 
Hard job came the answer. Meetings and 

J holidays apparently make that 

Whitehall is not always asso- “very hard.” - /' 

dated in people’s minds ' with - - 

candour, hut the Civil Service ■ 

Department has no hesitation in Tl*lC Story 
admitting: "We have been . _ , , . 

under fire for some time." Now, £ courteous note from a pat 
worried at TnisunHera tanding a iisnmg house has come .into 
over the role of civil servants, my bands. It concerns a review 
moves are afoot. And in best 9? pir a b00 ^: \ a™ afEUd 

civil service style they, have ^ . wrong! y 

been discussed at an inter-de- 

partmental meeting chaired by *^, d 28 September, 

an undersecretary. 1978 - 1 be grateful If 

An unprecedented publicity * 7°U . Tbc 

campaign ? "Well, I would not book’ff title. Grave Mistake. 

use those words. .We are not flfionwioV 

image making," says Sydney ' L/Uesf// I/C» 


Surveyors to 

Industrial 

Companies 

Valuations and Rating 
Rent Review Negotiation 
Investment and Managed 
Sales and Lettings . 
Development 







Sr?:* T-.' 


c1c ®*Hb 

acetta^ 

^ L 

5rs aade» 


‘V-V^T ' : ■ :^ ^ BY ' CHRISTOPH E R LORENZ 

- .-j* JQ , . •..•••.. ’• ' ■’■ ." •' r.:" ■ , " •. , , . 

; o£- Peagwrt- Chijste'S European rump, motor industry. In Switzerland, both. Had Alfred Herbert in- 
&iiroet bi ^ fOT cbrysle^s Mtmjgerfel financial the watch industry is climbin'* vested more in new products. 

Eu ropes. ^v- ra iBtitndl>oliacaI backing out of the recent slump by dint und Reared them to carefully-.' .. 

Of fioij h OTe «n played their part, but of product and process innova, .researched market segments, its ' - 


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ldu ?tiy is ai* 
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should not he] j 

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uend the to^, 

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iznpany pn£t 

P-entr oi i 
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-£ to the Abe 
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?en reptati 
eologica] Sm? 
Jigs oi muter. 

»le resumi .' 
trrels of afe 
~ trillion a, 
»b:e fe^t * S! 
The paceifci • 
Kenrial tats - 
•sources w 
.•plcited «St 
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.ost to eq* 
trough a r* 
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-ospeci la ® 
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-narrow »»nsriv52J;£ 
‘.'design" i R .'blS!S 
hut ., in- 


■. Japanese TVs: worldwide success; quartz watches: the Swiss struck badkvE&tTs body- scanner 

- company's success nr failure, titors* ^rategies. led manage- lion that European industry tip by academic studies from 


s*a zssj&m »■!**. «*“.“»** sr *¥' h ** dcdtae »*»« “js-srs. iStSh? ns s * m « m? ■» «** ««* he™ «* 

S£& IS errors touffiden, updating of QoalitS' pioduasl In J. isur- Science Mtarltoid. Urtit 


Sblnation of 


they are made with the latest 


basically a bnMAwii*? 00 ^ --was dollar, hniUnff its cars -m ore-and .all is British Uvland. The find perhaps expensive en ^' h^Rnt kh iJ 

and^fanS^r?S^ :DBpil dy’ expensive, in the prime Fa 1 llirCS popular view of the steady rie- prise. This was the tempia«°“ , 

: 2S& &?&&&#■*»■ .5* Of fte - aMMmket car Seine . Peugeot in the #*. 

W i -iw-w':!* 1 ■‘P S°» n 5 The same argument applies operations is one of shoddy which its £ar-seeingraan.i?-® ent ™ pean ?°^ 

‘bother ^ to m??? 00110 ahead -WUb- its,. Pennsylvania to Japan. Its success not only manufacture, inadequate aUen- resisted. hmrrfinatotv « 

words ^ manufactTiriM ViPwSect if lhe with cars, but also with radios, tion to dealer networks and in- The complexity of a iSSowiblMo 

romrcrezEcutires factory had turned not the- ago- telerisi on seta, video cassette re- cessant labour troubles.. All situation and its pot^tial for 

k ■ •_ _ -w_* •« „" IT^aWHtM.'aho «kj% anr9 mnnKina tAftL f nn<4 .1 ..IJ « Lkm fma a<h.U» — wi IrintawfrttnT ■ nn Wi> JlDSfi VTilO ■* ” UinPi * 


liimfacturins processes by vive against growing interna- Sussex University, has sparked 
the Mini was made; and tional competition, and that off a chain of promising events 
j attention too late to the Britain was lagging behind its over the past year, 
to update or replace it. EEC neighbours in most fields, First ^ appointment 

: first mistake meant that which prompted the Callaghan of a NED0 committee to report 
product could not be Government’s recent espousal on the new mea sures neeessan- 
aiely cost-reduced, a key of product design. to rai se standard of British 

in the life of a deaga if - xhe problem is far from con- product design; drafting of the 
P^tenuai is to be fully fined l0 tradition-minded com- committee's report is now 
ted. _ TO? second meant panies in raeehanical engineer- under way. 


all is British Ley-land. The ftfld perhaps expensive en*r- « spio^va. in ^uaa .waxii p2nies in mechanical engineer- under way. 
popular view of the steady rie- prise. This was the temptaga t he firll few veS of the ^ ho * wer weighty the evi- severe! of this summers Dot 
.. Bhuc of its mass-market car *dns Peugeot m the ^ Euro^an boonTfor* ^ll hatch- denre that they are the worst schemes for injecting tens of 


: fanner e^tiresT ButSS factory had turneiMmt the age- telew«on sets, video cassette r^ cessa nt labour troubles. All situation and its pot-uu-u jor ^ Mjni lively adrenced sectors-^ueh should be seen a 3 ainst the same 

plumped fora cords and machine tools (and three would have been ^easier misinterprotauon by J,os ^ h ^ Id havo been made more 35 domestic electrical appli- background: the Covenunenis , 

tion: new produ«rLd jn^ ; entke venture.xHdindeed V\V s soon, perhaps, computers), has to overcome if its models had would argue th- pro fi tab t c u the right decisions mccs ' office ^ u »PMent and belated recognition that better 

•them. ••fhwaS.-.fas ; bccn the been . heavily dependent-at been better designed, both for innovation is “too * * ES Seen taten at the right electronic consumer goods - product design and innovation . 

i irto. new markptg , - - W d .”'P suctes5ful development of a least since the jnid-1970s--on manufacture and for the marker- to- well ^H-trate b > <*** um C . Th ey were not. and manv s* 1 ®* 8 bow British shares of in every industrial sector is 

• It Wa« that ifdffiec - , „ ' singe of new i>ro*icti. With high-quality product deasn place. As any manager knows, of British Leyla-d « only int^ outsiders drew the conclusion the world market have been crucial to Britain’s competitive- * 

by mSStVdl£S^S ' 1 unexpected-l^!^ VflUwyaE 0 ® « and ^ . automated pruductioo labour problems are much national mass success, innovation had been falling, especially in many of ness at home and abroad. 

— .ss«*i =sv^sr,s — “rrr.™™.. .^.wssstsss 

d SSSS“„ "Sff ^ SJ®*' ^ Fresh ways ™SL, “ c "‘ SSpKXSZ 

am V°cto2rSi i 2!r*; 2iff "&J5SS “I" 3 ”.' .»« •? «» -« «~«w «*** 


- pjl.,1 , - ■ ■ • 9 • - > . il>n . V* .w*— I.MVIIUU1JJ WlUlliVU 'V — - - “■ 

ui ^ufuen : «nd iiovr o£ Styiei is not confined io the product or process design, or mount 



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importance 

■■ 


» strong ‘most two decades after Many of the most successful non-price factors and export rather than directi n 5 niost of ils 
ft 'wapauncheU. Yet it has made products from the German and performance."* concluded that financial aid tn »' hig sdenre 
ot. od its predecessors British Japanese industry are innova- the British engineering indus- and technoinT chieflv aer-»- 
j^jusd and EMC. very littie live only in the sense that they try " Tends lo turn out producti; space and nu( .] ea r power— is m 


W M? has * bccn ta S°i ve * v^rJIf 3 ' In other words, British pro- importance of good product de- 
with Jt will point out. But at Vtt bojf. Vn,l s decision also to dupt £t inferior to those sign, and the realisation that 

?=«■-■: S? HSS £2=r s=s „■= 

sksse=SS =££r-- g 

priced. This nlus the lack of to such a small car. and con- disappointing export record, m P . 

Lmess v.-ith other mass market ^mer reaction »as also oncer- rt ' Of repeated sterlms J™Ki r S5 
models, together nerhans with a tain. ' oiuanoni. l t rKC £l _ wVK .vaiwnoi x.oikwhm- 


toggwg BL’s Mini: ^kh (Jiiy'tw late; motor-cycle. 

Letters to the Editor j ' ' / ^^«n? Tr,d ” Today’s Events ^Kjafte3JS 

. ~ .. t : '• .j'-'. rjL ■ '• ' / - M .i. li... rs B ht „r -ftiandent Carter, Mr. Men ah era Mr. Enoch Powell, MP, speaks International Air Show con- SULTS 

• Jobs which require- little or no mental changes uK.our society payers •bphld nat lose sight of Begin, Israeli Prune Minister, and a j Westminster Chamber of Com- tinues. Fa rn borough. Rants, (until . Final dividends: Apex Proper- 

; -extra, demand? TO* 'latter is that practical technology / has the f-* “at iyis quite passible President Sadat of Egypt open mcrce lunch. Royal Lancaster September 10). ties: Decca: Diploma Investments: 

: t - quite easily done, lor. example already established. Wheat arc und r Schedule D. to make a Middle East summit Camp Hotel. IV A British .Association for the SavUe (J.) Gordon Group, interim 

. by telling a U .members of the the chairs of Energy-Econ«nics? in^ and'stilhbay tax on the basis David, L'-S. Publication of report by Advancement of Science confer- dividends: BICC; Blackwood 

tj dole queue that' their linemploy- The Open University ha/ done^ an " estmiaie " from a pre- Mr. Taken Fukuda. Japanese Government committee of inquiry enee continues, Bath Unh-ersity r 6 ®’ J; 0112 ?, 11 ^diands: Le Bas 
' meat benefit Is . conditional on Eood work on the frinctf of t l < vious yeay Prime Minister, due to arrive in into- food and other facilities at (until September St. i, » „ '* J r, orr J"? and Blakey 

i tg^ending three days , a week energy field iri&out SSi’wtP A. .. I. Kennedy, Tehran at start of Middle East motorway service areas. International Congress of Aero- ^ f aII Papers: .Nurd in and Peacock, 

s picking up fitter or doing some enough into the oreseflti*™** of 36.. Hitft/Paoement. tour. Mr. Jay Crawford, Moscow space Medicine continues. Royal G ™ UI ? : Provident Financial 

it other useful Job. .Of eburse part- a corn or?henSbie nSroy^rwti •’''ottintAoni. Sig. Cullio Andreotti, Italian representative of Internationa] College of Surgeons, WC2 (until {?£?“£• Trade Indemnity, Interim 

4k(M n n ; !, ^°“/ r ™ e L ,i e i!: l . L (i, / Prime Min liter, bccins rwo-dav Harv ester, expected lo be tried on Seoiember SI. figures on ly: Plessey. 

(t-SSjfOwKnt fiSSL. 3SftoS «iJ%5sSlPd / Official visit to Spain. currency chafes. Showpex 78 Stamp Fair opens. COMPANY MEETINGS 

: .fqmlnerely dMMfflfevtme that XeD i} esUb- A liimminm Mr. Denis Healey. Chancellor of Mr. John Horam. Under-Secre- Cafe Royal, W1 (until September Celestion Industries. Brown’s 

d if aliSeSSoiStSaSmfn the «t cral ^ p3r &xS Tan AlUDlinillin the Exchequer, addresses Fabian tary. Traasport visits Hampshire P). Hotel. W. 12. Jones (Edward . 

t ^hments Whose / - ,, T , Society meeting. Queens Hotel, to discuss its transportation prob- <TA ™«rrrc (Contractors). PenmaenmawT, 12. 

5' 'fSP^Snw g SS&^^X‘ be taken ^ serio.^> "“V on the T.TVIK Brighton. iems with the County Council. OFFICIAL STATISTICS Montague L. Meyer. Charing Cross 

? w-ork deserves. /_ Ul1 ' ..Z., Mr. Peter Shore, Environment Ma Roy Hattersley. Prices UK banks* eligible liabilities, Hotel, WC, 12. Wheeler's Restau- 


models, together perhaps with a tarn. 


valuations. 


lack of awareness of compe- If was the growing apprecia- This line of thinking, backed ESLmwip ■ jw'rJi n,yi7h^*.' Ubml: ' 


T^f»|lCJpot / ' •" • whiefe require- ltitJe or no mental changes Ibutlur society payers ^Odld nJt 

AVUgCUl/ ■ : extra, demand? Tfce latter is that practical . technology /has the f-* ivisi 

r^Kri^Irir- ; ' '-quite'easily done. for example already established. Wbe# arc und-f Sdwdufc D 

VylilJMCi. . Of telling all members of the the chairs of Energy-BconAnics? ij,rf and stiil/ay u 

From air B "4 ’ ^ dole queue that their unemploy- The Open University ha/ d«me fj p: aD ‘' es F Tiale 

Cir -- benefit Is -conditional on good work on the fring/of t w v,ous yea f 

y ^ a ^repart -f AugustrJlJ 4q)endiiig three flaw a week energv field without %g'> ar A - J - Kennedy, 
on lae raegtiag of union leaders picking up filter or doing some ennu -h into the oreseAsSn of 5$. Hi{jh/Pavcmeni. 
in Geneva to discuss the Peugeot other useful Job. , Of .course part- l romnr^hSndhJp^^e^Kytr^l .’Vofrin^owi. 


Today’s Events 

.Mr. Enoch Powell, .MP, speaks International Air Show con- 
Westminster Chamber of Com- tinues. Fa m bo rough, Hants, (until 
crce lunch. Royal Lancaster September 10). 


(mid-August). Retail sales (July, 
final). Hire purchase and other 
instalment credit business (Julv), 
COMPANY RESULTS 
Final dividends: Apex Proper- 
ties: Decca; Diploma Investments: 


comments? 


it. to-.' be - - '-1 intolerable " that. effects ohr 
Chfysler jhquld be ^ allowed to (and eqttalb 


extended ten-fold .and ^ 
several tiroes in par?# 


• - ' - - . • -j r am merely demonstrating that several tiroes in par? e>*ib- AllIiYHYliHiTI 

(I) The aqUm leaders deciared if a Jmie thought as given to. the f£hmente??os? con5^ ons caD / UUmiU,Ul11 
in-, be- -v intolerable that. effects on . .aggregate ..demand be taken ^ serio^ ^ this >L fl T \1F 

nryster jshould be - “allowed - to (and equaHy.importanr^agsre- 2L„t2£J2i ?' / Olt-llie LIVIE 


evade its eemami^ *nd snt>lai eat^ MnnlvT n^WnWw^^t work deserves. / ' ~Z.7 — , ** r - raier «nore, Environment -wa Hoy nattersiey. mces uk oanKs eiigmie uaDiuues, notei, wc, iz. wneeiers Jtestau- 

v u i? Th»: t?n orffv- "'primology Sn£ From the Pmanaal Director oj Secretary, speaks at public meet- Secretary, opens Great British reserve assets, reserve ratios and rants, 17, High Street, Kensington, 

responsibilities to Workers oy Should -be possible - til abolish . P. r?® r «_fn Oi Uvuull rfio Cnmmirrrial Metal Co. in* nf PariHinntnn T.ihfliir Partt? Roup -PomK-al lionnifni Paiaro <awrial rionnstte anrl Txtnrinn tf lOSfi Wriohtnn iP\ Rillot 


Brighton. 

Mr. Peter Shore, Environment 


lems with the County Council. 
Ma Roy Hattersley. Prices 


® «Aet ti£S 7stO) at Harwell the Commercial Metaf Co. ing of Paddington Laboui 

- 1^11. project to estab- Sir~It was- indeed pleasing to Ptorchester Hall, WA 7.30 

. . . a _ Q > * .i nn . roari thi» toftor »n tndav'K ■ ■■ 1 


Labour Party, Beer -Festival. Alexandra Palace, special deposits: 


pany as financially, wak and ds 34 Gowden Avenue.-. .. . lreh 1M ^^for^elertricSy FlnancSl Tii^^froin the cb^r 

Wf#* 1 ;*. CHiyfitar.JW \to -Mprit Moor/ ... irreducible^^ raan of Garfield Lewis to counter 

discharee ^ re^maibilltles t- s S nothing the criticisms of the LME 

than uKparendrfe* strongor.^nd . , . • • — _ — . - 'hSt from CHP facilities for hedging and stock 

more MiccessfuJ - company . .. oj Sat aiS nowerlmk- holding of metal which followed 

assn me ‘them?. - .There seem^.DO. • SkfppI onri •*.... (eorob**ofl n«at ana po eri taa announcement of the intro- 

4Basoa;.-l».;beBeve: that .Pei^eot - ' *”*-£ 2 LZ 'SS'sSTtS^ Sf SclUm of an alnmiiSm cK 

-energy . ./ ■ . 


Wood Green, N^2. 


London W. 1050. Wrighton iF). 


clearing banks' monthly statement Road, E, 12. 






the ATJE4* president-elect the ^ ^ ' , "SJE! i? m, t a 11 demonstrated its ability to pri- 

unionsh^ tQ wam-tfiar^'nHoq-'-'ih^Sjfj 1 wI S p -»n in t faer vid ® the necessary stock finance 

al'i5atitm ndoubtcdly. wjir mean- ^ri, Ur iri^e electnotj’, ^ aa E ,-. n ; n I at highly competitive interest 

pnTntTtin." , ’Takpn this' f • iMUitncs ciprcsswi.^o®. ( reduce _our dffljflnflf • -Bslnuig __a_ thereby relicvinp pro- 

jneans tta tfae unrons ifiij m-aicc^hM duce ^ and stockholders of the 

any atteiat to, ihalce-. Chrysler. 1I *?| ^ S j?i£? , ffior!w strail1 0D their b ank borrowing 

plants moKefBcleoLro^There^SjU^^^^Li,- 1 ^ V^; M JS5S been, d ropped to resources. We. duuht if 

to- incteas«-ob securitv for-thefr.' - P® 5 ® 00 - A. fl , affl J*r Jossibly the boss of the Atoiuic a | un jbjionj stocks have been 

sfftn. tp jhcB.ihia.nt^llyi .go s sih ly ^ mj n st ifi od what it sees as its prospects for dur ing the past four years of 

When wi the union leaders j 1 ,?r eS i ° n 'Jbe. worldwide steel nuclear power stations. surplus stocks, 

realise thaljobs ca» be safe- ^?-^ u ^?' retp rn i What is known of actiye-work qj even moTe importance to 
guarded onlby maktijff'tiie^prd- S?? 13 , 1 pro ^ >Ttl< ” 1 .. ,f J 1 * fonn “<m the subject: who f else has manU f ac turers is .lhe facUily 
duct more dcientlv- than*' coni-' Sl ?mL’ ? ** j ~ • ;-.more than an uneasy feelin* of W bjch Ls available with ail LME 

Detitors? t ies * nn ineffic ie nt T . ^ e rl gb^ri- grodaeey. b>\ fast skating on thm and rapifUy njcta j s l0 enter, with . closely 
uroducer Iti'' Chrysler /nr ***. Pone < : September 1 J-y essing thq melting ice over very deep controlled risks, into the “fixed 

fo°- that marr) Sn tie^ration^ Ef t ^ ocbe ® l< ? ls 1??5" 0n r 1 ^ 3tes watef 7 price, contract " opportunities 

sllsed and '-rite more efficient " l: term * of- .mtiUons of ton^T^Monnan Jenkins. ■ often encountered in the Middle 

* So wwS'oShSm Sv^ihe for ^tual.use/ in injertion whitebill, Etcshot. Faniham, East and other .export areas. 

IMI vww« yi.mui (.Ml wire un jnOUtlffllB lil flVP f r?( » SS-rftin- tUtr ovnorionma. ic t»int manu 


8 tO 
1 


I Ratim 

[ego# 

l Manat 

:ngs 


Detitors? Uess uo ’ inefficient Jl ast skating on thm and ropifUy metals to enter. . with . closely 
oroducer li> Chrysler Rt. JJoue (September D-yessing thq melting ice over very deep controlled risks, into the “fixed 
for' that -marr) Sn tie^ration^ Pf^bemirels roi^tes. water 1 price, contract" opportunities 

sllsed and '-rite more efficient "V tern *f ^ 7 n * iH 9“ s Norman Jenkins. • often encountered in the Middle 

So wwer'oSrthSm for t «T-« ltu * 1 *njec«IOtt wiitehiil. Etcshot. Fartiham, East and other .export areas, 

workers’^ job* T fwuldmg- m GW* (glass-rein- Surrey. Our experience is that many 

r a Cole '- a forced: polyester V for both small - — - manufacturers of “ Semis " and 

rirnbfii’nod - •'••- . *pd large projects. The result-..: ^ . other products with a i'igh metel 

- 7 ing products -iot only replace CrtKoHllfp Iff cost content do not know how to 

«teek- and inf particular sheet .OCHeaUlC U use the LME hedging facilities 

.\mersnam,.tpu. mdthl,- but- provide lives far:; j't _x-l to control the risk of fixed future 

r-f-* 'i \ - grwter thanlibe goods they re- - -QCuHtC ' price comm itments. We are 

-j' . .plgce— unlea you put hot ashes.— .hopeful that additional discus- 


Sl^* r- and. large •'-.projefts. The ^ ^ - other products with a i'igh metel 

- 7 ' iing products- iot only replace CrtUoHllfp Tf cost content do not know how to 

“ESSSf. S.’- 7 - ntee^mjd inf particular sheet .OCHeaUlC U use the LME hedging facilities 

'...j".. mitel,- but. provide lives •' -far:;- to control the risk of fixed future 

r-f-* 'i \ - icrwter thanAbe goods they re- - -QC uHlC ' price comm itments. We are 

w-r -A 7 .-A 1 -, .plgce— unlea you put hot a^3eg .„ . . VtrnnjM i u .hopeful that additional discus- 

mffl-amea into, plaster buckets. When the Mr * ^ ' J * iptter " lDns <J, ncl n< 1 i n n criticisms) of 

, « . position is' reversed — and who ^Sir, - Mr. ^ S cotions_letter thc Lare.wUj increase awareness 

nnllaiS ' «lse hu£:«e.has hotashesnow.<August 31) of its faalities. 

uuw “f f -.*••••- • • allays? • ^ ■ cisel? the nusunders tan ding T n j Teague. 

PTurn-Jlre-G^'^MBstoper. .. ; -A- loot' at- the-averace. indeed atwut . Schedule IT taxpayers p,,,* House.. • 

Tronscriptiw Ptices; BBC . any. hardware store, motor acres-' which Mr. .Andrews (August 1S jpjnsbtny Circus, ECS. 

Stei—Sw, Fgs VAog«f 2f) swy ihbwrdora and even fund- was trying to deal with. — : 

paid^ store or toy shop, shows to Mr. Scott on does not appear to . 

praike to the of BBC rock what degree-plastic has replaced understand that a Schedule D Trayp] (q 
concerts . tin 'Plate, galvanised steel and taxpayer is liable to pay. income- * » “ T ” ~ 

(not. only _in fflq.s.). by BBC. sheet metal pressings, even rest tax in each fiscal S’ e ar m fiafiwiolf ‘ 

Transcription $ew. . .; • -iron,. An 'experienced eye -rei; his bUBi ness exists. TOius in bis iJdlWitJk 

gardingaimost, any plastic ritilitjf * example of-a financial year end from Mr.' A. H. Scott 
orthe BBCsdoiuievenue from gbject In the many.servicc fields ; .or April 30. .1981, • tncome-tex g] r> — it .did occur to me that 
sales jn tne.u^-.-, approach- where such mouldings are .pro- -would automatically be payame p eQ pi e m the South West would 
jos the OKuen ma^. . -. is alafii yidiog essential service, can -see -for. the year ended April 5. iw>i j, ot welcome movement of ser- 
sadly inaccurate. Tag depart- that these items could only havg and April 5, 1982, because the vires Jo Gatwick, but their' loss 
menf. “as ^ ve successful- been -woduced using these- business existed in those two j S a Ra In for' people living 

tflfn ■ /Tnn W ntin. • « - « ■ _ _i i « ’ic nnlii Tifivahle u A »«, n ,.. j _■ 


Schedule D 

debate 





?wmm 

\ v>sy.w.sx& 

I 







grammes, id. ue- , out ine _lighfc alloys. . ;on-January l ana juiy ^ » at uatwick. 

revenue accruing, iunfortabljr could-Lask your readers if aby lhe business Is still earned qn in As one who has connections in 
in five, not- eight, e orievea research i* being done on the that income-tax year. .the North, 1 would take issue 

more .figures. economic- efforts, of this substttti- ..The difficulty with Schedule D with Mr, Ripley (September 1). 

doUary.are unmedig’ ploughed -hojT rreeareh that -is. in depth? Ib that it is -the last significant They have fast trains both from 
back to assist in - f ounstent The r effeet on fundamental area of income-tax where tax is the Midlands and North which go 
effort^to olrtni^gB^eJqposure ^pergj- policy could be very pttf- leyied in accordance with the to. Euston- and St. Pancras «ik 1 
.-' ■ BritiStrltets m' f Qand and quite soon if not strict meaning of Section 52S High Speed Trains to Kings 

JO reflert Taxes Act ltffO on the total Gross. From Mugs Cross/St. 
. CbiTstppfier . . ^gto^veiy crarerrablc fa ret of .income "from all sources -Pan eras there is now direct 

'K^fHQfWt 1 . ...,4b* energy dilemma with which estimated In accordance with the access by Piccadilly Line to 

T.Ridunqndymr WW-- - tSSn? bTiS fared 'JSs of the Income Tax Heathrow. From nU. three there 








and-flteF»re believe ran be ovtf-.- Schedule D -are j 0 ™ ^ ( V^iWick Most areal’ Si 

.come by piecemeal even solely a continuing business on the to wiwm Most except 

^Utjear dfteisbns. Like the - Basis., of accounts ended in the lMto/toMw± are connected 

- bWi,d ^ B " * to Liverpool 

. : . wfne^ivfiry drop of oil firir undermore. complex ruIes.Mr. Sirm 

.on'cm-; transport— and for pctroehemirai Scotton s . mistake is to tdentfy ^ from : east and west 

- . - ■. feMstock. . We canpot afford the date London will be- avoided hv road 

and- ^<^MW«eponwuie: ay-n to throw' sway the two tons year in which the estimate ih Jos ri iS? 

daote; . opcoaj ror every one used. He overlwks the fact that when the M^is complete 

into . elw 5fi the year of ^account from * « . r «^® a SV 
^ “^ .‘tricily. nor: -the two tons of. rtj: which fte was fi ^S a i e a ]d -This' Plsrmouth to.' Gatuick. 

[I^^'lior every .. one usefully b J^ i™ 5 the Jear Perhaps SOraeone could do the 

at- - the Isle Of- Gram and lhe eveutitheyear , fnrCardiff and Bristol, 

several other roil-fired power, of ^account was tht ^st sear or Bai , could „„ a Umfte<i 

stations still being constructed, account of ta* ° a c l stop service, connecting with its 


demaadpnH 



.■'va.: atauuiu . , - • ne - ov* luimreuii^ wiui nj 

^ alternative of widespread used two or^tteree times as a H§TSi from ReadiD? t0 cat^fck 

combined beat and; power is basis /w -MnnfltuiB l«e and Brighton* . fFamboroogh 
s&mp reason . itinvoii down, income-tax liability, -MWrtv. Gniirirruvt ■ Voahiti 


-iJ' 


deliberately played down,' income-tax liability 


North, Guildford, Reflbill, G'at- 


■r, -■■■t.i.M ■.- :p *ii* < A'fn riag By committee as. In reality,; it nonsense to- wick. Brighton). Famborough 
“ uneconomic "—In spite of the talk of cash..ilow advantages North is In a large conurbation 

5rE?>w?v~tmalferftbte laws -of physics that dad disadvantages, pi ere is a and the other stations are iunc- 

ignored, must end in the tiow-once and for all benefit in -every tions. 
coroiS"WUj js already fadag year that the assessable profit is .1 do agree that provincial 

sleet, - ..- ^ • -.-• ; lower than the. profit earned, and airports should carry more of the 


^cSt£ tihuiagr-tp -ignore" the ’ftintos.. profit Envious Schedule E tax- 102, Beecfie* Road, X3ielms}ord. 


Why you should employ a security 
company with a 95% failure rate 

Wre proud of our failures. 

- They're one of the reasons why we’re so good at our job. 

Group 4 standards are the highest. Right from the start. 

. . The material that goes into, our uniforms is.only the very best. — as 
95 out of every 100 of the people we interview will testify. * 

And the 5% who do make the grads are subjected lo a total security 
‘ Training -Programme which is second to none. 

We're every bit as particular about the equipment we install. From 
buzzers and alarms right through to master control systems. 

. In fed, our Quality Control, tesling and checking procedures are so 
comprehensive that we could be criticised for being over-cautious. 

But in our business you can’t be. 

. • . Wb're. part of the largest security company in Europe and the world, IU| 

With over 70 years of experience behind us. .• %#• _ B 

.. . We've a reputation to protect . * 1 ■ 

And in a funny sort of way, it's our failures that keep us intact Giving the WCXidd sense OfseOffiiy 

Memocr af Securitas Intermujiwi Uontxr tf SSlA 

' •• 1 Group 4 Total Securi^UcT., 7 Cartos Race, tondoriW.l.Ter: 01 -629 8765 or your local office thfougft Yellow Pages. 






20 


COMPANY NEWS + COMM ENT 


■ . - ‘ . . 1 * i - 

Esperanza doing better after £2.3m fall 


DIVIDENDS ANNOUNCED 


£12.4m 


•„ Cuircnt 

payment 

Cantors.. 1-43 

Clavc'rhouse Inv. Trust int, 1 j 

Dares ^states Int. 0.23 

ElS int . 1.07 


Date'.-- Corre-' Total 
ofi’ Kpond'mg. • for 
paymept dlv. . year 

1.28 . 2M 

.15 


NffiHLEHTS 



WITH THE expected second half 
recovery fail ins' to materialise, 

. pretax profit of Esperanza Trade 
and Transport fell from £5.32rn to 
£3I03m" in the March 31, 107S 
yearr'''At half-time profit was Ilm 
lower at JEl.i.im. 

Turnover for the year was 
£38.3410 compared with JE3o.24m, 
and .after lax of £1.47in (12.23m). 
minorities of £133.000 (£191.000) 
and extraordinary debits of 
£318:000 [£307.000 credits) avail- 
able profit came out at £l.Q8m to 
£3.3m. .. 

or-., the profit, international 
services' contributed £3.3m 
(£3.01 m> while copper and 
pyrites suffered ,a £27.000 loss 
compared with a £470.000 profit 
Inst time. 

Directors say that following the 
fast growth of the company from 

1971 to 1977 international services March 1977 leapt more than four T) _ J 

expanded so quickly that consnli- fifths — appears to have been IycIaJ.LU 

dation of the management struc- rather loo rapid: this time profits w* 

ture appeared to be of primary have nosedived 43 per cent leaving . f > 

importance. This is taking longer the shares 9p lower at 136p, The 1 1 ^ /1T1 JJ F 
than expected. thev;say. company concedes that its faulty ***' 

The- results of international management structure is primarily 
serv ices reflect the lower level of to blame. A large number of offices f irj IlmWl 
world trade, the depression in the were opened overseas during the V/Ailll/lkt 
shipping industry and the cost of previous year and initially sup- ^ Drovia i on f or 

the consolidation of a greatly ported from London > c ? r ’ Profit wmSrS with 

expanded services operation. however, much of the work was £214000 ] as t lime taxable profit 

Copper activities will be of left to the local managers with ' “J 1 {iSr dJ, b ] e d 

little, significance in the future, the result that some hard earned from £223,000 to a peak £320,000 
but it is hoped that when the orders were lost. Many of these . .. >.^1 »q jotr vear 

management slructure nf the have apparently now been won Turnover was up from £14.52m 
group is completed profits «n back while the management team tQ - ^im. 

international services will again has been strengthened. But Tax lakes £31000 (£54.000) and 
resume an upward trend. renewed growth 15 Itkeiy to be less jj, ePe were extraordinary ' credits 

Trading in the current year is spectacular in the current year. Qf £40,000. 


has 


Esperanza Trade 
FJtzwiltOB 
Garnar Scotblalr . 


• 3.64 
2.3 


int. 2 


review is the full details of Ferranti's listing and Tjnancial 
reconstruction and the lull-year figures from Norsk UydVi show- 
ing a small drop in profits — but here it is a question of Waiting 
for the cash flow benefits from its North Sea involvemat to 
flow through in the 1080s. Reardon Smith's figures show Krge 
write downs of its shipping fleet and a subsequent loss for 
year, while Westland has arranged a new contract for 
helicopter study. 


l.fl 

1.22 

0.1 

•1.17 

1.3H 

0.SS 

0.377 


Sept 20- 
. Feb. V 
Decir 31 
Nqv.T-- 
No’v. 13' 
; -Oct. 27 
Nov. G 
Ja il. 2 


Reardon 




No'v. 13 

Nov. 10 
Nov. 10 


0418 

3.23 

0.3? 

1.75" 

1,7 

111 

0.81 

1.17* 

1.3S 

0.77 


5.W 

r-'4 '■ 


Total 
last 
year 

2.03 

?? - ■' a fniiirwin*' tained^he -says that 

• 2 99 WITH £9S7m " " l^^/Rearton ran.' occasionally be . 

the revaiuauou oM^'s £i237m xfiz t *•'- • 

Smith -Line 31,1078. favourably affected is 1 i*u 

taxable loss •" £0^m he .gays, that provided 


L ■■ ■■' ~-v 




3J26 

4.5 




• a <11 year . 

; zZli profit pre vWUS,y ' 


overton rragirtgof woritf 


04 

22a 

1213 


1.63 
3.44* 
2 . 


After tax 


«. maintain prams. Cantors ----- Mctal im 

turned in an impressive set oj ", 

results. Without the benefit of Crodp inL 

• any additional branches, sales are Reason Smith 

12 per cent higher — including a Rfyenex «nt. 

small volume gain — and operating wades Stores ......2nd int. 

profits jumped by 51 per cent- At Most of England Trust... 

the pre-tax level, the figure is 1=13 W. of England Tst. 1st int. ■« . *— ' " Vi^nsferred to reiain«ru™«- tankers, the tanl 

percent higher, thanks to a sharp Dividends shown pence per share net excepl where. otherwise stated. -m,.. [ OS s has cut snare- 1(jsses are expected 

increase in the volume of cash * Equivalent after allowing Tor scrip issue. tOn capital jJ|d ers . funds from £30.S7m to about £400.000 
sales winch has reduced the Icvoi increased by rights and/or acquisition issues. $For 1978-79. and , _ ' November 19S0. 

of deferred HP profits. Tbe . S e C0IK j interim of ,0.B5p forecast for April. 8 Includes additional Ruction in the value of arralise fnents »' 

-ships .followed the srale that tan, -in 

balance date of Orient JUB R a ™ im prove. resu#^ 



,usW ' M , rim'497f and new buildma aria ?/' . 

of £20,280 there must be hope . 

extraordinary losses of profltab!e j*v*elswiB: •>.;*. 

. (hill and a proposed share. n °t too distant futu re: ^ • 


results show that Cantors has o.0253Q25p to he paid with the interim, 
been having some success in cun- 
solidating past expansion but 
margins — although nearly two 
higher at 321 per cent — are still a 
long way short of the 11 per cent 
of a decade ago. However, volume 
sales are now picking up in line 
ith the increase in consumer 
iending. and margins should be 
more acceptable level once 
Industry’s surplus capacity has 
eliminated. At 3Sp. the "A” 
sh*V are on a p/e of nearly 5 



rates 


BY CHRISTINE MOW 

Fraser A ns barber, the .troubled special meeting Immediately after profit on the 4^ h'v V acoulred the f 

wh 1 it, he yield is a solid t) pm- merchant bank, has written down the -annual meeting on Sept- owned Jiy the A1 

com- k This compares with an to £10.000 its 28 per 


hlsloi 
res 


6.7 and o per 
>Iy for Courts. 



Fraser Ansbacher writes 
down Frankfurt interest 


nfinsy^ 
anhcMihred.-'l 


cent 


Firs 
rise 1 
R.& 


nuance oave r, l iV «=i<!t er shin ,n ^ rove - 1 
the possible sale of its sist snip b rea j c _ eV en 

t Educed Hiatus SirS&SBSZ^S^ 

regretting the restrfe V. 
sed, Mr. . Cfaiattsigdu-- . 

S£Sa’S£S i, “ ■- WS SMJSS 

s&fJirJs*- r ssfif 


wrinen oonn me -unnuai meeting on oepi- y,"* 1 ™ "f. . 7 r an onl invest- ami 

cent stake in ember 27. .Ussauer Group; Grand -North BriUsh and General in t j ons 

-7 . Im PSKJSiSff wi 


owns the majority 65 per cent 
holding in the building — a 250JHH) 
square foot .office block in Frank- 
furt— said yesterday that evert ’this 
nominal- valuation was' “an 
upgrade" on last year’s valuation 
by MEPC which threw up an 
equity' deficit. 

The problems surrounding , the 
building have been guessed, at for 
the full details 


running at a level significantly Sterling is 


Garnar 
Scotblair 
tip midway 


„ _ 'v some, time, but 

.... - . U1 1WlU1HI . vvTTH turnover of R. ^ Hall. were 0 hj y released yesterday .when - a ■ ' ' %/ ^. d year there 

iu.. ... o - st, H strong and the Earnings per 20P share are Cork based grain the bank announced that it was to PRErTAX profits of Garnar Scot- ajf^mnroveraerrt in freight 1« 

above that of the second half of Cyprus copper min«. hit by low a j 7A9p (2.64pi and the £42 Jam against £44J8nT* ore '. Csx sell for a token £L R. Fraser blair, tanner and leather manufac- ^ was not 

1 977-78. market prices for the metal is any- finaJ dlv idend of 1.43623p takes nrofi . ror ^ firsl half t,o-« SecuriUes the subsidiary which turer- rose, from £501,000, to 3110 01,6 w " w 

Earnings per 12.5p share are way almost exhausted. Meanwhile j£, e tota ] £j. om a.025p lo 256123p , . r ft 14m to owned the stake in the German £a73,000 jp the six montbsto.July - 

shown at 12p compared with 25.5p underlying trading conditions have net . Dividends lolalline £36,000 property. : ... 31. 197B. . • . ,Y -* • , 

and the final dividend nf 3.B42p improved slightly but prospects « nnn 1 have been waived. A Ami the directors say tnat^,]] The building is called Euro ha us net ^interim dividend is 

... . — . - — no* hr.-rht for tho oh ion mo. — = — .. » •» — >hn..M «>>a» - gg cent let' and lifted from 1. Tap- to 2p ataccrat 

around ilm in rent per of £558.000 . (£75,000). Last year’s 

, . . . - v ._.. MEPC raised the funding total dividend was 4.5p from.- 

currenliy not in vogue and though • _\>r it loceaJly from German' banks profits of £lJ24m. 

the group's cash position is good. ^ comment Flr f l ^5 p . er NI Fraser ? Ansba Cher’s invest- Aftcr tax for the half year of 


£24.58m compared with £27.4Sm, be well justified; ... -j . 

and on the trading ’ front a » balance date, . shipbtnldSigj ^ 
£3.54Ui (£7Jm) profit was j{,s frve shown^ -at' '£37.01ia.CBii£i'..i'Z 

achieved, split between trading ^th £49. 41m j«reviouasrj -- 

results, the sale of ships a 11 * 1 th e group had short ■ 
investment income. • deposits nf £L62m (£3.05ml 

Interest charges were £2.S4m£^ k ^ casb balances of £0.^6^^ 
(£2. 94m) and depreciaUon w y ( £03m). . .y-V 

Fixed assets- - were £4&fflia ' 
<£76^8m) and net current asaets-o 
were down ' from £3A2m ; uto < 
£l.7m. -'E/V 

See Lex 


£3-23 m (£3.48m). _ _ 

For the future, Mr. C. R. 
terton. the chairman, says " 


;-3 

r. 


and the final dividend of 3.R42p 1 m proven si ignuy dui prospects ( ££>.0fl0> have been waived. A Ann ine uireciors say The buiidii 

net takes the total from 5JKi2p to are not bright For the shipping- £ Cr j p issue of one “A" ordinary year results should. show a reasv a nd is now 
5.B42p Dividends will absorb orientated services as Gellatly *jhare for each 10 ordinary and/ able imp to ve ment. over those fV producing ar 
£660 000 i £583.000). Hankey. Overseas traders are 0 r “A" shares is proposed. 19 77 Vear. 1 MEIPC 

' eurrentiv not in vogue and though > — u 


Somport 
to 


errors lead 


0 comment 

Effperanzas dash for growth 
pre-tax profits in the year 


the shares are not-cheap on a p/e • wiihiicih are given at 4.02p {3.32p) and the 

— of just over 11 and a yield of 6.4 Over a . period when most retail net interim dividend is main- 
to per cenL furnishers had to struggle even to tained at 0.4S75p. 



Revertex up 15% to £1.8m at six months 


limited to only £460,00(1. - £230,000 compared with £220,000 Two errors have , cqfae p ^?tax profits shown bethe l*-.-. 

!er the partnership deal with fhf “e*y haJance emerges at h, the accounts o[ J^? p ^ l f e c. audit will be not less thaat 

tt* 8 sg8zz d x& "Jsa.'SK-iig- the s^^sast^ 

— « s i s h e fuU i^ sfcrsigthj-j-jg 

rat. Co and Thomas Dunlop and wiU he. re-audited, and ^e lffieiy item& .except consider*.-. 


sell 

after 


between 


un- 


investment. fc t ausiiSfs-. 


DESPITE LOSSES amounting lo profit growth centreing on £100 slock will be made on March Metal Closures were " not 

£380 000 (before interesL) from its subsidiaries with a minority 7, 1079. The next payment will be expected. Buoyant demand in the factors made 

acoustics operations, pre-tax interest, attributable profits are on September 7, 1079. comparable period gave way to able value 

profits ■ of Reveries Chemicals unlikely lo show an advance. tock is payable in full on destocking by the group's cusU>- difficult to 

improved 15 dct L'cnt from £1 .57m The interim dividend is effeo annlimiinn it will he redeemed ^ second half of Inst now ciftirn* and sou w a &s prudent * * "■ ■ — / - 

to P £lSlni for the first half of tively maintained at 1.17p net per aP par on September 7 1083 unless y * ar * ln ,,nc wlth ^ packasins to write do«rn the sL e t 0 £10,000. to b° exported 

to ii-bin, me n I ^ F(Jr ^ sector this depression spilled Fraser Securities W^itn hurf demand remains satisfactory. 

totalled 3.44p, adjusted for a •"**• # 

from 


(Mfivveen current value of tha rau ium iuuinas uuniwp ana vifll 'Oe.re-auaneu, wju »n»nt con«diteTa.- 

preperty\ n c ^e U iwiitira- x S<>^ (Jalmarnock) recently Jffbom. a profit . of not hw ttaj ӣ iffS&EEP Ute&t 

attacned to\ Announced, are in furtherance' Of-^j^ooo. against £237,000 uo “. UI .“ir _ r 


attached to' 
The un 


ties of ' these V> eir P° ,,C W to ensure adequ** previously publiahed. ^ n th 2m ft 

« Sthnate iSSE ?(PPhes of quality raw nmjtfflals f investigation is to take ^ be d ^ ribut “ i ^ 


te" the bank A high proportion of tlie Variety £1513,*,* 
l.ist now claim-: and sdu n ,nH<mt of leathers the company produces 


of £31.73m 


3D7S. on turnover 
against £23.84 m. 

Sir Campbell Adamson, the 
chairiqan. says no real improve- 
ment is expected from Lhe acous- 
tics division before 1979. however, 
he remains confident of the future 
success of this business. 


and 


, - . „f meeting will be adjourned fu4- 

place into the origin of the ^^deration 0 £ republish^.; 

Auditors, Rothenberg Noble accounts. . .. . 


one-for-two scrip issue, 

£2.S2m taxable profit 

• comment 

Revert ex's first-half results were 

The better overall performance 
arose' mainly in the UK and in 
Malaysia, where an improvement 
in margins resulted from a more 
sustained increase in demand and 
from reductions in costs. 

ributable profits for t 

year were down from £629.000 to 


in the open market or by agree- 
ment with the holders. mere 

Brokers to the - issue 
J. and A. Scrimgeour. 


are 


are now signs that consump- at home anq abroadX respite 
tion is picking up and full year £12^ro worth tf sales oK) roper- 
pro fits of £3.75m-£6m (£5.+m) ties in Paris, Airsterdam avd the 

look possible. IVTeanwhlie margins UK. Us accounts f*r the lastVan- 
are a shade down at just under cial year show a a*ficit on 
nine per cent . but a recent of some £3.1ni. - 

averagi price increase of 7-S per The bank is now selling the cum- 
in sales volume apparent at the A •''**■*■ cent should help’ restore 1977 pany back to three ol its former 

beginning of the year began to levels of 10.5 per cent. Since the directors for £1 but wHth condi- 

lade just as margins started to I InCllTAC reorganisation programme steps lions designed to enshre that 

improve. The sectors that did V/lUijlII have also been taken to weed out profits accruing from the -sale of 

show above average results con- - sales where profit margins have remaining properties (including -at t 

Attributable nrofiis for tbe half lain ““ahJe outside shareholders’ ■ ri|i«|ri been unrewarding. Overseas, the the Eurohaus stake and seven UK Wadet 

>ar were down from £B29 ooo to !nteres ts so the fuiJ benefit did SI 1 IIS South African subsidiary, whose buildings) will be paid to the hknk which 

tiitl Zr « or nrannn not flow lo Revertex shareholders. “ ■ profits fell some 33 per cent to t o offset unsecured loans from ciated 

tfsiinno) minnritv in lereWiK The »»'crea^e in demand for paint THE UPTURN In demand £LlSm last year, is pei-foraim- the bank of Ju4t over Hm. \ £0.S7m to 

lo "’Sfi finn iFKsnhm and ^niels that accompanied the indicated in May has materialised no bp tter this time but the lorrg The uncertainty of any such April 30, 19 

Ld an “ evure^rriinarv non UK' housebuilding recovery helped for Metal Closures Group, and term future of the South African profits Is- underlined by the fact The result 
credit a" ainst a ^£41^ MO debit; but Dnly 33 *** cent of sales corae P rofit for the ha,f of .lBTS economy 25 reasonably bright. In that the bank has decided to make of 


Wades 
Stores 
£lm 


Fitzwiltofl j 
reaches 
£l.lm 


.. •: PJ 


. ■■ r" 



sixmonJhi tineniai Europe started to look in the corresponding period of Provide a steady ‘income while the loans in its latest report 

m reio be her towards the end or the 1977. group is well placed to benefit accounts, which accompany the out. at £436,772 <£• 

Tnrnorer 31TS0 29.M1 period with the reconstruction of Mr. John Boden, the chairman, from the already; apparent upturn details of the sale of Fraser Earnings per sha 


Inifire«- pal«l 
Share of assoes. profit 
Profit before lax . .. 

Tax 

To mlhrirlues 

Rxtraord. credit 

Mtnbmable profit ... 

DindttiKi- 

t Debit. 


+w 

i.nz 

9S5 

2S9 

42 

«ir. 

167 


345 the Belgian factory destroyed by reminds shareholders that in the in demand. At 107p the shares are Securities. 


um ^re in 1977, The outlook for the toT few months' of* the year, the «* ■' P/* oi 7 - B and 

an rest of the yeap is bnghter but group, like most packaging * jeld 6 - 6 P* 5 ^ cent 

ms profits growth wil! again centre on companies, experienced depressed 

r4i lhe subsidiary and associate com- market conditions. But he now 
Pan«*w- Jt is unlikely that there f M is that the improved trading 
Iueuil 167 w»H. he mu«* improvement tn conditions should continue at an 

Sir Campbell explains that the s . ha ™' “acceptable level’' for The rest 

fall in attributable profits results •*/«?_ of Jf* 

from the profits being earned in unchanged yesterday at .ftp givmg The future, he says, is a “matter 
those companies where the group a Prospective fully taxed p/e of for conjecture. Bat the group Tbe recovery at Cornell Dresses 

has partners, as well as from its 6 -£ assuming a pre-tax [5 spinding considerable amounts has continued and for the first 

policy of bringing in minority P 1 ^ °* a on new products and. technology, half of 1978 a profit of £45 5<B has 

hopefully still Turtner to re- 
inforce our position in what we 


Because the subsidiary is to be interim of 1.56p net 


and Co., discovered the first one. 

A ; provision Tor deferred tax was 
not made which should have been 
under tbe conventions being used 
by Somportex. However, if 
Snmportex had been using . the 
guidelines or Exposure Draft 19 
then the presentation would have 
been correct, said the chairman, 

Mr. Stephen Fenelangh. yesterday. 

C0 Sw"t! > n P g ar0 the Bt accountf C of ?! : 

tuhoriiaries carried " out by the associates*- profit am ouuUug . y),.' 

G AN £81,000 increase auditors in their capacity as finan- £720978 ■»" 

:e, pre-tax profit of eia i a Ay\sers said Mr Fenelaugh. greatly reduced interest pajaWp.’ 

partmental Stores— mug sec0 nd error was the of £52,163 . compar«i^. 

offer .from Ass o- or Srion a big creditors bill «,522.ns r "* 

le&r-j uroped- - from ^ Fenelaugh said that this arose the 

£1.02m m the through an extraordinary chain of aod d i^b utor, repom-atiffni^^ 
year. • - circumstances: he -did not believe round 

91 « 

and £563.523 ( £469,463 Kpfprofi treiw' J^ireek^ ^ U,ter “ al l,uditor ^ profits^ £4ffi^0ff;(£lte.(«Kn, 

— , - lasr we . ■ ■ the directors. s^ '-tfiaS' reflecting 

shown company had made a mistake 81111 
second there kt ot eps « 




V i 


•-J 


£2644)67 (J 


at 7JiS2p (7.049p). 


.the? 


sold back to director,, share- which will hi paid t&gffi ESSSS^ta’li “.n’SS" Nbbfe the’ yod half 


- f 


Cornell first 
half profit 


overseas shareholders. 

He , says this policy must of 
necessity lead tn a short-term 
reduction in attributable profits, 
although the directors are 
convinced that it does have long- 
term advantages in freeing 
capital ~ for expansion in other 


Bournemouth 
£5m variable 


been achieved. 


holders’ approval must be given holders, takes the total 
and this will be sought at a year from 2.0025p to 2.26] 

Pittard down to £0.6m 
but now picking up 


>r the 


and Co. who win c^tinue to bA t than ^ose 
auditors and. financial advisers to- 


th Si?mnJSJW nor revealed fhe with , a £749,103-4055, ,i 

m s ? is £i8s -^® 

said this' was to stop people fBJSf S^SSST ' 
wing iaaccarate conclusions, 
particular, tiie pre-tax profit T*J e ^ 

. v not necessarily be reduced by 

thewxact amount of the over- a 'final of Stop, taim 
lookw bill. The re-audlt will be Share were f 4.09p {5. 
of affecfki , by. post balance sheet At the balance 


tax of 
and 
M. £254^61 


.... _ . ... . WITH SALES down from £9.39m and an interim dividend ui 

trust will be a more stable market This compares with a profit of to £7.P9m, pre-tax profit of Pittard iJ246975p net is to be paid com- eventsV And " provisions* made stood at £1.64m f 
.u . lf . M,me tei,000 in the second half Groap. leather tanner and dyer, pared with 1.1022025p last time. againstWk In the origfnal audit assets. £6.55iri 

For the 1978 naif year, earnings 0 f 1977 ant j W ith a loss of £33^93 f®H from £l.l4m to £0.o8m in the An additional 0.0253025p is also to may now, be found to have been rent liabilities. . £1.! 
are shown at a.46p (o.53p) per £or fhe first haJf first half of 1978. be paid for last year following the unnecessary high. . Full details Total net assets 


Borough of 


areas.- —creating goodwill, and placing £5m 


Bournemouth 
Variable 


25p share. The net interim divi- 
is dend is lifted from I.7p to l^p — 


Earnings for the 1978 half vear Mp - c J - P'«ard. the chairman. in the «>**• A 1.66983p will be sh^n in the reaudiL changed at O 

. w . ... M totii for 1977 was 4^136p paid arTZ'a a.O^p ™ 5p^ »"'? •™-|« ^ "“a pa,d laa, yaar. 

countries S concepned. S,neSS " ,,K SS.'^SS'" ^ C - Mm - * h "! “ "" ,h£ JSKS . commell t ^ 

The outlook for the remainder yearly, will be at a rale of 1 per A dend— the last payment was an decline in some overseas markets, J l „ 

of the year looks more promising, cent above LIBOR. . ^OGliilent interim of 0J3p net in respect- of particularly Lhe U.S. and Canada. Pittard s shares fefl back by 5p 

the chairman adds, although with A first payment of £3.4045 per Virtually unchanged profits at 1976. Overseas however, to 53p yesterday on the anntiunce- 

- accounted for 36 per cent of the ment of a drop in first half profits 
total- of 49 per cent. Trading was 

General trading conditions adversely affected by the con- 

remained difficult in the period tinned strength of -sterling which 
with subsidised competition con- had already depressed the group's 


.stepped 
Mi,/ with 
pec 25p 

1038).'-; . 

assets 
a>?Tftart®nl; 
E r and-‘cur- 
f£2.4Sm). 

little 
(£12.49m). 


Wdkms & MitcheH 

limited 

Manufacturers of Wilkins & Mitchell power presses and Servis washing machines 


The Thirty-fifth Annual General Meeting oE 
Wilkins & Mitchell Limited was held on 
September 4th at Wolverhampton.' Mr. H. R. 
Wilkins tthe Chairman) presiding. The follow- 
ing is his circulated statement: — 

The tt-ading resutls for the year to March 1978 show 
a marked improvement over those of the previous year. 
The salient figures arc: 

1978 1977 

rooo £000 

Turnover 49,212 45.265 

Trading profit (loss) 64 t521) 

The trading profit results from the greatly improved 
performance from our U.K operations in the second half 
nf the vp.-ir together with an exceptional profit arising 
from a change in terms of the maintenance contracts 
of the Domestic Appliance Division in the U.K. This 
profit, however, was reduced by the losses of our over- 
seas subsidiaries, particularly Australia. 

It is with regret that I report the death of Mr. Tom 
Attwnod who died on the I6lh May. 197S. He joined the 
group in 194S and was appointed a Director nf the 
parent Company in 1962 He had a vast knowledge and 
understanding of the Engineering and Power Press 
Industry and will he sadly missed hy alt his manj friends 
and colleagues. His contribution to the Wilkins & 
Mitchell Group over thirty years wal» immense. 

Servis Domestic Appliances limited 

This Division maintained its level of production 
durum lhe year and also held its share of the market.' 
Towards the end of the year The product range was 
enhanced which resulted in improved profit earnings 
which have continued into the current year. The sueceis 
oT the twin tub model, both m home and expert markets, 
coupled with the growing acceptance of our new 
au loma tic *nd other products in the range, have given 
lhi> division a sound basis for further improvement 
iu the year ahead. 

We cnntmue to believe that 'after sales service* 
is very important to our customers, as borne out hy 
the success of our maintenance Mntrart scheme, and 
hove accordingly continued lo expand this department. 
We now opera le from 29 depots with a field force of 
$50 and are planning two further depots during the 
coming year. 


Wilkins & Mitchell (Power Presses) Limited 

The year under review has seen a significant ' 
improvement in the fortunes uf this division. After many -j 
years of difficulties arising from lack of capital invest- 
ment in the U.K.. the efforts of all concerned have .. 
resulted in divisional turnover rising from £5.5m in / 
1976/7 to £7.1m this year. Likewise profits have also 
increased to £197.000 after taking into account trading 
’losses in Scottish Machine Tool Corporation Limited, and 
overseas interests, and exceptional adverse items uf 
£87,000. 

Our Darlaston and Oldbury factories are trading 
profitably and orders on hand will ensure that they willy 
be fully employed during the remainder of lhe current 
financial year and prospects thereafter are encouraging.:- 

Wilkins Servis Pty Limited 

Contrary' to our earlier expectations the loss made, 
in the year by our Australian subsidiary was substan- 
tially greater . than expected and amounted to £541. IKK). 
Despite a major reorganisation of our activities the : - 
continuing adverse trading conditions have not assisted 
the efforts of the newly appointed directors nf ibis 
company. 

Sew-Tric Holdings Limited 

An offer has been made on 27th July 1979 for the 
entire Issued share capital uf Sew-Tnc HoldSnos Limited 
for a total ca-ih consideration of £250.000. The net 
tangible assets of Sew-Trir Holdings Limited at 3nih 
April 197S amounted tn £402.000. The company manu- 
factures small electric motors and Servis fiomc-stre* 
Appliances Limited is a ids joe user of its products. 

Prospects 

. The improvement in U.K. trading, rxpeneneed in-- 
the second hair of the year, has continued, and the group 
results for lhe first six months of the current year arc 
expected to show a reasonable profit. d?:.pite lhe 
difficulties .in Australia. This being so. the directors 
would expect to pay an increased- interim dividend 
during the current year. 

In conclusion, these trading results could not have 
been achieved without the effort and co-operation of alt 
employees of the Group and I would like to thank them 
on behalf of the Board. • 

The report and accounts were adopted. 


tinning from Brazil', Argentina, North American activities in the 
India and others. There were second half of last year. Profits in 
also difficulties at R. and A. ( he current six months will still 
Knhnslamm owing to disruption be overshadowed by this factor, 
caused by its extensive modernisa- but the group is beginning to 
tion programme and the Integra- .draw some benefit from the ra- 
tion or the whole-hide production covery in consumer spending in 
formerly carried out by Wiggins the UK and the Increased level 
Thomas. of o»<ers from Germany, France 

.Although the first half profit — and Austria. Even if the forecast 
which is subject to tax of £299,133 that second half profits will 
(£586,70Ui — was down on the merely "exceed " those of the 
previous year it was an improve- first half, turns out to.be con- 
mem on the second half of last ser/ative. profits for the year as 
year, when the overall profit was a whole are likely to be weH down 
£I.6Um. _ Current indications are on 1977*8 figure of fl.BDra. Over- 
that U.K. sales in the second half seas sales- have fallen as 
will show an improvement and proportion of turnover from 4!) 
that exports should at least be per cent in 1976 to 36 per cent 
maintained. The final six months' and it will require an easier pound 
profit is therefore expected to lo reverse this trend. The com- 
exceed the first half result. pany expects to pay a dividend 

Earnings per 25p share are increase of 10 per cent for a 
shown down from 7.5p to 3.7p prospective yield of S.fl per cent. 

West of England Trust up 
£0.35m: liquidity strong 

AFTER A £180,000 advance in the with the O.hop paid In April this 
first half to £459,000 net profit of year is forecast. 

West of England Trust ended the' After minorities and extra- 
June oU, 1978. year ahead from ordinary items attributable nrofit 
£946 000 to £12^000 Directors came out £lS ("oSmPand 
say the levej of -profitability has earnings per share are shown at 
been maintained since the year 8.21 p (4j27pj. 
end - Directors say that share capital 

Before Interest and manage- and reserves at balance date 
ment charges totalling £149.000 amounted to £9.Im. 

(£148.000), the group's investment Group liquidity remains strong 
services earned income of £GS4.U0u with balances with bankers and at 
(£264.0001, while the contribution call totalling £4m. Following the 
from financial services rase reorganisation oT the past two 
£14.000 to £130,000 and com- years the group is nnw operating 
mercial and industrial activities *V S ^ree related divisions with the 
contributed £42,000 (nil 1. The financial resource* . necessary to 
associate companies’ profits came take advantage of any profitable 
lo £380,000 (£430.000).' opportunities. 

The lax charge for The year was 
£532.000 I £590.000), but directors g SI DDIETC 
say the simple addition of this Dnltr 

figure lo net profits doe* nor Clifford and smfll . 

result in n true appraisal or pro- 'sjSfcu 3 (- mJS 

litis before lax in view. 01 the anou ium 791 >£isn.a»j. m-i L-urrcm 
current dividend rcstrainL «“"?■» hsc^idi. Mcutlnu. Cray- 

Having regard lo. the year's d 'l?- ! 5?" , «Sr3 R “,;, r Sf. .. „ 
result.-, the board .would declare a jcnuiwii dud tR-atinx rUnn-muturi— R^uiu 
higher rale of dividend than the for March 3l. ISIS year abends r-porn-d. 
maximum permitted, they say. Fl*«1 js».-ls imi.cs 'UIT.kiti. net 
A final payment of 0.5817p net V urrvnl «**•«» *un.se «ia«0.?7Si. work 
nnr .him h-»< boon rppnm. in* CHmia) liu.wa-.-U hy 1131 #Sf nl'I.M»t»».. 

Mrialifc BirmniKham. Swlember a a , 
mended for a total of 1.S31 1 p *.3*1 .pm. 

compared with 1.37J8P last lime, grakd fier— nesmts for sr ar r 0 

A first interim dividend oT 0'.36S3p 'll- tKN. already Vuawn. Group 

net for the June 30. 1979. year is Kh 

also 10 be paid- and a second pr* nnsni ifii'.ii.. Mi-eiinc W’.wion 
Interim in April next 'comparable suiwi>Maiv, on Sepivmlhr 21, at noon. 



■i - -v . 

Avery 
f ineachievem 


In his statement to shareholders of Tex Abrasiv 
Mr. L Evelyn -Jones. the Cham 


xm 





tiled. 


Turnover for the year ended 31 at March 1 978 J^5^06,764, 
an increase of 1 6% on the previous year. Profit befordvation watf • 
considerably increased to £458,1 25, against £279.2fT»e ratio of 
profit tb turnover also improved to 8.8% from 6.2%. fng regard to I; 
the general state of the economy, this I think was a I An® 
achievement, mainly brought about by the consisted f<* work of all 
our employees, tbe fairly steady Sterling/ Deutsche t< exchange rate 
for the first nine months of the yeaT and a satisfactJontribution tb : ’• 
the turnover and profits from alt our subsidiary coiJ' es - ' 

The recommended total distribution of 3.02F net per share is 
equivalent to a gross dividend of 4.52792p per shfn increase of 
1 0% on the previous year. 

Although Group sales continue to expand, feteriing/Dautsche 
Mark exchange rate is liable to fluctuations and Jas this most of 
our suppliers continue to press for increased pncjving us little 
scope for increasing our profit ratios. 

-..Despite the difficulty of making an accura^diction,. whereas 
l feef that the turnover during the current year wtroase, I can only 
be hopeful that the profit will also increase. 







THli Advertisement Is issued in compliance 
. . of the Council of The Stock 



[the requirements 

ige. - - 


' Placing of £5,000,1 

BOROUGH OF BOURflDUTH 


iX. 




Variable Rate Redeemabl* 
Price of Issue £99’ 

Application has been made to the . 
ExchangcJor the above Stock to be admii 
Jn accordance wth the requirements , 
Seo* Exdttnge £500.000 of ihe fidk i s 
on the date of publication of 'this A, 
10 aan. on Wednesday, 6th September. l< 

Particulars of the Stock have been 
Scatisocal Services Ltd., and copies m 
usual business hours from 5th S-nrT. 
September 1978, inclusive from " P 

: J. & A. Scrimgeour 
The Stock Exchange, Londt 


:k 1983 


[dl The Stocky 
to the Official Lisf. 
SI or Tbe; 
dw maiiketi 
and' until 

jlatar ' fif efte Exttf . 
ouiined . during*. 

1^8 until' iBrJi 


Imied : : 

C2N rHd 




’>b 


L 


(MI/ 








.thattt, 

i§i& increased oiler 

S"iip ^ v • .. .... • .. . ; . . 

4£ «**’ 1 by James Bartholomew- 

■*'2^ %*** 2 nss ^'%.*3iL<* HeHeal Estate Duties 1 
‘anJceO^vWmfieW, directors > -off . -Orqm Ear imoSMiftQ'W’dJfiwy share*. 125.833 shares. 
*> r^Swrfopiaenfe ■ >4 h> hold ;5. per It has aufcsMfttentij ao& 260.000 Ofy Hotels 


for to 


;n 


THE OPERATING companies, of considerable increase in the total! 

Fitch LoveU have begun the BOARD MEETINGS market value by the early ISSOs, j 
current year committed to n, fnumrma cm&a^ txn nutiM 5Jr - Webster says. ( 

achieving results noticeably darM o r B«nl n^ce? to e« Stock »» its French suhsWiarv condi- ! 
ahead of those recorded in the ekMw- sud» n L -tiBss an: «saaar * ‘ * ; 

Anrii *11 1 fl 7 R vrar Mr Mirha*l Jell tV tlu- parpa * 1 0/ ctiasideriiu; OOHS remain BdtOrse BUt lmpTOW - 1 
wIiT-iiv.’ ci.min’h?! iUt»pw*«- OfflrtuiiWsnaw =w meats in efficiency continue to be ■ 

)ll^ , ^J !halP,nanSaySIIllUS made. A susiamed advance by l 

<mnuai raviCtt. inirristS w final! and the uib-riiviztan tl>n rA«.nii.. i 


likes copper 

BY KENNETH MAR5TON, MINING EDITOR 


oMSWii kw* 

iso )Vhe„ ^tem, intend, to recommend the.t»i» IodustrteSe* awi_25W»o to reducing holding to aSSoO (6.13 Sumption that conditions In the MiSXfc Ed* U- ek. Urns aud a c ?_ 2ft idlin'- s*de omeoitiviS. 6dn|! /*?** caution by and the environmentalists. . -> r 
• fsaflb offer by Combeo Grecra Queenbero^t-Seet Co at a con» per ceati. rnorf ‘ industry could remain p*?**. SjnAii aai Pjs- jne the producing industry. Many Southern Kinta Consolidated 

% SkffST? «*«><*■ -«a3S S& JMW . E1W iKHstria) -T^anylk, SaSmlL SJT'wKS;' « W«rv ere f W | -.tat the mownent ^TuSTowins lo ^reitxn - 

! din. 1,1 BoarfM a Whole might decide These l»kftc^ «w* E*prraont Concessions and its sub&ldbries ljwt ™- P w... “SS^apc*^ f*J3.« *f. r^m. SSS {? Tn ihc^eolm 18 P* rma l ure and ^ out * circumstances, the annual mebttagV - 

i- *Wree®tomeilff -**cn’ ft to SSI per op* of the capital as have recently increased beneficial f « 9 "Si 6 X c /u.I iwvTTw? 1 ^ J. tavuie wf /h« nSilnt ' J-pi- e -*rff?u£ others wonder if it may of the company which -was. 

•f^ouw, Tmrsdar. ‘ : ' -• - nureased “ Wflversion. interest From l340JWr&i 94° ,i 6 - 2 ° m £. Contoo, s^wn. naif of Hie rarrent year and sub* draw strength by encouraging scheduled for September 30' has' 

,2,^ S, ’ SutMr. Tanner stiHhohesThat Abingwirthret^ shares (39.49 pwcent) ’ ah S®J HZ™ SSSS^ euTm * DATES vS^fcw™ roine nsstoeking by consumers. now been postponed to OctoWYlR. 


Ofl.-I •-; Iirvirawu - ifj - cmc- «.vu*v« >h«m. JmereSL f rUHJ 1.S4U.YW 70 1.51412. 79z 

S£fH 2.^ Mr. Tanner stiHhopesThat Al^jwortftxetaiM-ttS^&hares shares (39.49 pwcent). ^ 
it £ l *ie C nothcr tnrfder nrfzkt emerge tW.W percent of the increased Bridgend Proccases — R. 

rL: 25 a^ rom to«l sidelines atuT.ha&some caipral),.. :T.\' *• Ha mil ton- Peters has sold 40.000 


For the future the Board is 


r, ■ Diuswara mua .a*& same 

S*'-™ 0 ** for Ihai l«W. . • 
^.ibsi, 5 Mr. Taimer yest©rd*y caBed tl» 
, ? J ^hnr’ ew t ^ ra * * dceenfpffer^ whtdi 
loken &e and Mr. Whitfleld troidd accept 
inJ^nlesa & hfpSicr-one came along. 
'hPoitin,^ Mr. Tanner revealed ftat- ho 
S *}i«ss lhV5 , ; aa ,^ ap S* ,a ^ ed , yesterday by 
Mr. rC^ftockhrokcr Jtandelson amt -Co.. 


CABLESS CABEL 

intebest in; v 

VS. GAS mia 


seeking increased mvoJvemer.t 
Hammon-PCtere has sold 40.000 ^ manufacturing sector wh 

p, r, . — . . hiKhor mandns arc available : 

FluMrlre tngincerin* — On where opportunities have tM 

. Sarou * 1 .. identified. The group is a 


open soon in Esses and Berkshire. 


^000 ordinal Shares MM per SSSin tta * fiES <M? --g;E opiretions^tok™ ^San&s rfland feu-of the eating operations -■ 

CuLJyL^JfSE JSES2 ."is* « «?. j**"!"* sSJftwterddL S 1 »Lmon , and ihtamdriM : ««sss ^ 3t ** present ■ RaDser work 


tti n 0->‘i r ' . i a *~ ■ - Carless XzDlWatioo ' (Amerlea) i 1 ! “5*5 • arf 2L a * v p,p r** 11 "' i£ h Wrticuiar. reference to the nrMptu Haiiinss V ■«.■ w last year and safes of >a!nion are i pri£? / erefc! - . . ... 

Mr** JP Inc a whonv owned aobsidisiy of t0 - offcr ' ss0 ' catering and institutional trade. n?ww ®oM Metre ?»pi.i« expected to build up from next: Taking the view that there wil! 

, r - nJ& t ?S >PD,ser . -/wnwl** 1 and tfr. a J77rr5 7 J:i elated Engineering which was Director also beliei-e that lon=- H **£! n j5"22 ra f Tm5f &.i»'~n autumn onwards I be a shortage of cooper M within 

lc .■ »- 2^4T«Sr«5ffl»5!l *« tmTamith (krowh Mmi S 5 »“ 15bT prefect cm be I just a. few y^Anmka', 

® r .lhe in the Ledcer elvfieldia Montana w'«m , t r , « In. new stores can be achieved in Th*n& Solpfinr aw: coa^r n considered to be on target [Ttocasgulf is one of the few com- 

Ufl , ul s yflS l nnwb«2P'n5*Sf ' thl *- dSlar interest ^ en IT Winuiw— MtDn\ Rayner t h P multiple retail sector. wUmo iCoaunUn sere 7 although revisions to the {Panics to be pressing ahead vith 

^ uTW«Wy?g*k MMUcatodyao and Hayron has bought 42 J53U s(ncp 1hc yearn-nd the group « . . programme are being made with! a . major capacity expansion. 


or iwTVV ls stake. He had not asked Who J 
until >' as -the buyer - behind : this' J 
back APProieb. The price indicated was * 


term growth through investment 


may start in 
three weeks 


v sector — %2?Ju5 rn^rt' *f , respect to the integrated 'oyster Canada’s Northern Miner reports WORK ON the development - of.. 

and feed— ft»rrfaoaa Maiaysraa Estjtm ‘ s.V:. ii operation, which last year that the completion of the com- the Ranger uranium deposit of 


re-equipment st. y^ku Uo!d uir^>s 

« a ready gone on record saj-kie - «*'«.?? tiie-.Ixdgw^Ccid Dy ^ Walter Duncan and Coodricke— proposals totalling.' net or wrikam c«w Minu-t _. 

_ lat the revtaed Contbcn offer is wstaUing new enm^reson wiu- Camellia Investments has bought disposals, some £2&.un. At least 

let rt, r? ^ 10 l° w - Saint 'PlnuiV wbleh has ***' hy_ja . plamw K dril ling 1.660 shares making holding ftnm will not be incurred in the iline: ’ "' 

22 per cent stake and three Programme. The output frem the 187,910. current year. T^sr year capital vAmend, ^l 

m ^13a%proseutatives on the Board of £? !d dedicated tp -Montana Jardine Jaoan Investment Trust spending totalled 110.9m. 

, T „ ine. came oat ffrmlv against if ’ P® Wcr ,Co- and anticipated — Merchant Navy Officers Pension One of ,the projects will be a market with its 

• Lie* n Friffav Ciinf'Di..'., h.., n h* «. that When 7-the- . preTimlnary Fund holds 74S.OOO shares new .ibh;irnir~hiiHt To FTFP. nrodnets after the 


“7.yi0. current year. last year capital 

Jardine Jaoan Investment Trust spending totalled 110.9m. 


ead 

nent 


Com ben’s initial offer rrreived r 7ra ^ r cootribatiorr from -1979 sold 25,000 shares and Mrs. A. P. B. factory, while plans have been of future growth in frozen ioods Meeting. Connauc 

scoptances from holders of only inwards. ; - -v Allen, wife of director, has sold made for an entry Into the French and current forecasts indicate a V,C, September 2S 

i per cent of the equity. . - -1 • ■ •• •'. '• ; • BM00. 


CELTIC HAVErt 
PLACING • • 


l *vm . .. ttUK HAVm 1 BANSOMES SIMS 

of th, . jgnw.g» TOR - placing purchase - 

shown CT'WM. MOW AT ** part of it!? P lan * t0 meTld 

not w , The Board ofWm. Mowat «nd l ts agricultural spraying interests 

■«d «AW the Srop?rty and TSSdtS “P- And 


7^ )& f i5»jua!ifste h ss^aajsaas 
tss Sfflj? w ,?r%»as»sr 5 : Wrtarw M 


have been placed- 


Jefferies has acquired . Dorman 


EIS achieves 32% profit 
advance in first half 

WITH TURNOVER up £4. 72m to Turnover for the half year was sion fund payment 
£10^im profits before tax of £USm against £l.lm and directors The dividend to 
Electrical and Industrial Secnrl* say progress continues to be made from 2.11 S5p to 2.3 
ties rose 32 per cent from £6G2,W) despite some difficult trading con- 23p share, while a 


g could well be ct breakthrough , copper smelter and refinery com- the Australian Prime Minister;! 

on. 19 point. Ute chairman says. jplex at Kidd Creek will be on said in a television interviewthat-- 

na gi With Hutton and Co. (Ships ; stream, being alerady some 30 per the remaining hurdles of final 

**• ' Chandlers i new contracts are j cent completed. The complex will Aboriginal approval of royalty - 

being obtained and the current i have an initial production payments and some technical tie- . 
year is e--pected to show an ! capacity of 65.000 tonnes of re- tails were like'y to be cleared -in ' 
i rozen pastry improvement. .fined copper. It is claimed Hint about tvo to three weeks. 

Ho Rand’ and ^JSroup* SiSd^it ‘iSsTm < cS^ratfon^re the^mrestln ^^^fore^OctoSr bewuse^the ' 

,i M atwasr" —“iat*" for “ undersrou5d sMffrjfTK 

frozen toods Meeting. Connauaht Rooms.! \is u looking hopefully to the 
“* “•“«* » WC ’ 25 « i future V ilrfW-bd™ 

n . ' ig£&J**£L£*#S« ^ ^SSS* wpr-.. 

J/ nM/knT |C$23.4m project to bring to pro- D e kt> ’ and EZ each nave a’ 25 ' 

/O ill OTI T I duction the Copper Mountain ore- M r cent stake !n the* renture ' 

/up* Vll «- | bodie;,. ite ™sUn E amilkam^n ffi, e“ Iho^Govaram^M. S J 


!«*"‘ lo .^.„ m n “ r m holds the remaining; 50 per Wn.r 

i B «,HI™ ^reiod out on the !? tO_ mi.tins Up .7IJ . 


— nr, dho ** tutujtij L icu iu nruLtuif: up '-3 

Studies carried .out °o ; the ^ er cenc of capital cost^v*. 
potential open-pit haje -dded on yj e starting line nVatp 

some 100m tonnes to existing ore agreement reached over 
resenes. In this c ase no I mme- AborUta> , royalties is the’ 


■nounced fc^eived an approach which might lahW Wfci&dRjmo - • Sh, ™-n^ rwl™ ^ k« Electrical and Industrial secorf- say progress continues to be made from 2.USap to 2.3S565p net per' 0Te from 

'JisiTibuted? ad to an offer. _ P ‘ *«”«« *&"■ ; ^ »» ros « 32 per cent from 1662,300 despite some difficult trading con- 23p share, while a scrip issueof j deposit^w 

ie ^djonrtipH : The Stock Market appeared '." ...'.:' .‘. it’i.MtfwUf Tin non t0 ^"4,900 for the lirst six months ditions in the house building one 10 per cent cumulative £1 }he ijf e 0I me MmuKameen o 0 L. rt 

f the wpSL^terday to be expecting: further SHAftE STAKES therompany at a alary of £10.000 of Mn> mdqstry. Improving profits are preference share for every cight^l^ne ©SnSK 

-evekipments. The shores rose 3p n v Bemi fHoldhml- J M. * R5iT i« nnvim? cvtfljoo in M <h Ur * Q- Whiten the chair- expected for the full year. ordinary shares is proposed. A different storj- comes from -n un J^-nn aj2p and^.. 

n the day to 32p. IV’ardte man - order books throughout The result is after interest Following its sale of The Press PeVu, howler where Japan’s EZ " frre * p up at “ l0p ' 

r*-*r** Dormw whH^S the Sr tZ the group arc good and. given chains of JM1JJ01 (£43.8801 and at Coomhelands for«00.000. the i™£ Jv Spi^ SrpiSffin . '.. : 

trt7T » V ■*■-■■. Forward Te&moi*KV Indartriv* Sentember 30 unewmaii ore-tax of production, second ertritordinary credits or £39^63 group has not withdrawn com- 1 . the Peruvian state mining Hi MPTOTV ARPA^' — 

HELICAL BAR SSlKS« rffiS 1 9 mUF SaTdJS should be OS good as (£S&4>. No tax liability is 1 ?MCen!? M™ Pero have AK “>’ 

Abingworth has exercised its aud Aogtwt -24 Industrial and the company showed net assets of th fi* LKrjffiffSf'iow „ antl£f P* led - dere^oDine a^Sll but orofiSle ' deckled to freeze a SSOOm (£S08m) SEEKING SMALL — 

inversion rights on the boldine Commercial FJnanae Coroocation £351.000 Wludine deferred tax of _?? r whole of 1B77 - ■ record developing a small but Profitable, ... project because of 1™- 


ii, 415^ share*. r . ‘ tj-. . Dorman, which in the year to 

L'lfifotl HPITfAI RAP -. Fororunl Tedmoibgy- tedttrtrfes September 30, 1977 earned pre-tax vl » 

f OIUI] HtLl< -AL BAR foUowing Mlebetween July 28 profits of £66,000. At that dale “* 

Abingworth has exercised Its and: August 24 Industrial and the company showed net assets of tb £* r ®P? rt 5?’ in _ 
* fiP inversion rights on the bolding Commercial Ffaiaoae Corporation £351,000 excluding deterred tax of n V?™ e JJ?® 1 * of 1 ®**5 


f £150.000 11 per cent convertibla Is interested hi 657,300 /diare*-and £184,000. 


“ H ,h- to H& R Johnson-Richards Dies Ltd. 

■as mmj. manufacturers of. 

Cristal Ceramic Wall & Floor Tiles 
« u Si*Sf' Summaiy of results . ~'P'. 

r jS"! ^ •^ THE>YE»R ENDED 37 St MARCH 1978 . ' 

of HE 

-• dA Totalsates >\ ••■'■ 

•:.io '.hat .. ■ r 'JgfT up. by 

i'nvfpSfc * v- ttissj5S2MQ . • 

^nfmmaka * | Profitsfeelora 

^ deb,Df ™ t®cupby 45% 

jdj I l £S,5UJiQQ 

:* il!fo (flfc' . -\ * . -1 ' r " ‘ ' - 

cu'i> '■* k 
f 12.44 t&Z 


I For the whole of 1877, a record 
£1.41 m pre-tax : profit was 

* *^fterhalf-yearty tax of £459.800 Pfu sets up 
f £348.400) and a £5.000 extra- t»e t * 

ordinary credit last time, available IjTC DIBIlCll 
.profits for the period advanced .* 

.from £318,900- to £415,300. in A TncfprnQTYl 

Stated earnings, before extra- 111. miiaiCIUdlll 


Profits before 
1978 tax up by 45% 

^T : ' W8 **,514,000 

f.; o1977 £5,788,000. ; 

Eamuigspef 


of the whde of 1077, a record developing a small but profitable ™ u i- 

^OOO ^Cu^^^^o, pr&az pront „ JS 251°^ u ^.fc uch MINE VENTURES- 

• r „ M a ,, too „ <2ssin&' t vn£ n u . setsu . p Co ^,°e\rT. •- 

Cope Allman ordinary cued it last time, available MebKUlCh Coombelands reduces the group’s “ d Si melUng smd that income source consists , 

r profits for the period advanced V . , . «»« represented by property, "{he projrot would be impMKlble royalties on part of Vekttorn 

MAr,4w.m4«a*ann from £318000- to f4 13 20ft vn A mrfnwlnm but the parent company is nego- unless the world price for refined Mmmgs nickel production at’the ' . 

restructures Stated earningb, before extra- IU. AlIISterClBITl tiating for a freehold site and copper r Me ^ do« on one doUar Kambalda mine in Western . 

_ . ordinary items, are 3.749p (2^19p) Prudential Asoranro intends to Pining permission tobufid new ^ ' *FJS?£i LJK P 1 Australia .continues to look’ for . 

hnrrnwina« per 25p share and the interim expand its business in the Nether- offices of -0.000 sq ftin Tonbridge, of just oe 6 ce ts. further investment possibrlitcs. , Ay. 

UUXIUniUp dividend !„ lifted from 0-975p to landTwhere at present it markets u F bere « rou P activities- are short recent major acquisition was that . 

Industrial vonslsmorate. Cn« } b ? ^jift iCTSSSi*!" cnnfldant that I ROUND-UP machl^r, "“up InV.fi;- 

i n m { 0 n r 2S1ST . W SsJrence^ ^branS^ ^n Amstlrdim Jevefepments in the group during | Exports overseas of Canada’s which his exceeded its 1977^8 - 

^ The chairman reports that FhSdStial CSmi asi ST mJf * e _^ r , - hav ®- 1 . undoubted ^y ! potash rose IS percent in July profits forecast. 
d S^^oanv 1 has^Munced Kontak ’ s Performance was en- opertSn win be raUedl should compared with the same month Small min in- operations , 

o7Sfadhtics™SS enraging. There has-been o sUrthwcticninz early n^xt year. mfomia - in 1977 Mr. Roger ilatrii prw- cens lde red attractive .mdyat.- 

fi 1 WTriireSac^nfirntn recovery in orders for jet engine Tt wifi offer whole-life and endow- n ° T n m .ore effectnwy. dent of Canpotex, whidi rep- yesterdays meeting the Hampton 

^ producS and demand for hydrau- Sit >^ai!ce «d a wide vSriew ^ L,qu i dit L^ t 0 l5 e year L nd resents some So per cent of .Areas chainnan. Mr. J. R. ’Wy.” * 

Sm^ ^ loM^from |£ ^ FhiSS ^mpononts forthe agricnltural rf^ fc^^sorance policies ^ V ? n J^S 22 nf 3 «5S , ^?fl^ Cmiada’s pot^i capacity said: id that the company would-like 

term loan irom tne rmance inriiietrv mmiin* kin S an increase, of £490^98 and the “fhir lar*rest four customers are to expand in the field- -of 


Corporation for Industry, was r^yr' 
concluded three weeks ago. Half 


equipment Industry 


remains tnUorwfl to match the com neti lion 5*-* «* ««u 1™ -Our largest four customers are to expand in the tieiu- -ot 

Sthe NetiSrtSuis compeuo directors say cash resources aval!- ^i, japan.' India, Brazil and licensed UK coal raining if another 

^ the t£? SSTSfer.ta. a life LjSK^ ***>: «S?. 


tiib amount has rireadybeen vSiJLu% Eroup’srequiremectsin^e cur- ^SS^ST MgSUToT 7SS ^ups Great “row “whi^rou- 

"ttJKJKSS ™5o*- Mansion programme SSiS^bStS S (otoJ? tiuS rerft as we enter ^the new fertiliser tin ues to maintain a satisfactory'- ' 


term loans on which the company “■«"/ J »^ >ans . ,on x J ro 8™“ m « Belgium, but the EEC (other than ‘ W “ L 

which will involve factory exten- ^ UK) accounted for only 0B -m j 

SfereSfStes CamDt markel sion s mid .installation of additional %£ cent of the group's ordinary MldWEV TlSC - 

■rSfrgtSning two. loans are ^^Sflh? pSducUon of ?&- assurance premium mcome ,n f C - w ’ 

S3BS ^loyis r S£k Ul mS VP* 10 h5d ? uI t i? Val 7 S f l T ft S Kn,t E" its 1977 annual report the fOL Scottish 

L SO oer cent by the end of 1079. prudential noted th&t the Dutch -p . • rji . 

(£^) P (or Mveil^ears ,J lMk JS r £S^ ^ ™S«t for general insurance had EaSteFIl TrUSt 

Interrupted production in the first been vgiy competitive and its 
Generate^ haiy of the year and achieved a ■SerwriS«oS!ffiw pom. 

(£L02m) for .five yeara. Cope use ful increase in turnover and ^ ^ ■ 

® M P'- haB aItead y “ ad « Partial p ro fi t compared with the same 
draw-downs -on the twa faohtiea period of 1977, although still below T rtnfI f arm 
as welt So far UE^2m has been the high levels achieved in 1976. . LOIlif . Icllll . 
ottd tn financing the recently The modernisation of its foundry 

ammunced Sunbeam Plastics has been completed and Improve- QrOWf R ^PPM 

Corpn.. acquisition in the tJ-S. ment to plant and factory layout & 1 u u 

Cope Allman can draw on the continues, says Mr. Walters. L tr D Ann T) rAC < 

ftcilltJea. In ' seven or ' eight Although turnover and profit or UY DcIlII DiUS 

different currencies and can elect Finch Watson were lower than m q^, e investment of resources for 


: 1377-1 



' . _ . yar. Offshore buyers are showing performance. •: ■ 

Ivlin W2V ritp increased interest In Canadian But he said that it was impor- ■ 

itjui u nj t. iJU ■ potash becausewe offer long-term tant to. concentrate upon. 

CArtff-irU supply and the ability 10 proride Australian activities and 7, he 

I Of uLUUlaQ . reliable delivery.” . disclosed, that two comparatively- 

w-i . • . . m . In many cases Australia is lead- modest operations there were-be- 

F OCtprn V HKl i°R the world in the way it 3ng considered that “ might. .Jfro- 
uujlviu A1 UJL . handled its environment along \ide a useful start to miiyng". 
From gross income' of £2-521,873 with its mining, according to Meanwhile, it has been decided 
compared with £2,195,472 last British environmental scientist, to dewater the White Hope jjhld 
.time, taxable profit of Scottish Professor Kenneth Mellanby. He mine near Kaigooriie in ordet.Jo . . 
Eastern Investment Trust said in Perth that he was explore it underground, 
advanced from £1,918,673 to impressed with the way mining Of the company's North Sea oil 
£2,239,161 in the July 31. 1978 half companies were employing interests, the joint well driffed. 
year. ecologists to handle environmental by the Sun and Total con^o^a 

After tax of XS76.5S9 (£758,4521 problems. The mining companies on block 21117 has been aban- 
net profit emerged at £1,362,572 ) seemed to be doing all they could doned as a dry well wKQe . 
against £1.160.221. jto re-vegetate ■ mixed areas and Department of Energy and qQl?r. 

Earnings per share are given return the • environment to a approval awaits the drilling of 


-oitheVEUro or domestic denomina- the first half of 1977, owing to long term benefit of Benn at I84p |l58p) and a net interim ! condition Close to Its native state, the other well on block 22/L A 
tions. Interest rates on drawings frustration of deliveries to Brothers' pub lishin g interests has of 2p (125p) per 25p share has! Professor Mellanby added that wildcat well is about to be started .. 
jmder - the arrangements vary customers tn certain countries nn^d over a wide area and the already been announced. | some conservation groups seemed on block 20 '7. 

d«rodia* -on the curtency suffering from poHtteal unrest, its dir ^, lora are confident that it will 1 — ' - ' •■'■»■■ ■ ■ - 


Additional comments by i the- Ghaiirhan 
at the Annual General Meeting held on 
Wednesday /30th August 1978; 

I Trading during year to dete satisfactory.^ . . . , 

jf"' Board continue&'tolo'ok forward. to ayearof . / : • . 

. Continuance of statutory dividend control prevents 
J; immediate payment of su6standaHy higher dividends, 

" but this remains- Board policy and position wfll be kept 
.:06.7" under continuing review. . T-;. 

on«* . . 

raiforf REGISTERED OFFICE’ * - 

regara® HIGHGATE TILE WORKS, TUNSTAli; STOKE5DN-TREMT ST84JX 
REGISTERED NO: 30899SENGLAND. 


■“ad- . results remained ratlsfa«Mory.- he act not only ^ a consolidation of 

. At the end of June, 3977,- total adds. existin'* interests but also as a 

group borrowings were £38.9m C. F. Taylor la trading profit- hoard for fliture profil- 

and it Is believed that borrowings ably, its order book is good and ‘SuSsS? Mr^Uchard^VooUey, 
for lfi77«78_ will fintah around ife. Integration into to. jrrwpl ta h?l3iual S 

£21nt As £2^m of the arrange- being accomplished steadily. The merit 

rnentt ^. has been «ed to repay jMn tnconfinwi m their At lhe ^ time> ^ gnmp is 


A0DA EXTENDS 
>ARK PLAZA 


Dares Estates 
pays interim 


- SSTpurelwreofoSerpuWtrotions. 

is^hnut During the year, the Retail 

addition to borrowings is. about « ti j i Chemist and its associated price 

*^ 5nL UBFGS HiStBlGS list, the Red Book, were brought 

ATkTk A tVTFVn g • , « from IPC Business Press for 

.ai/ua tAitnuj nave lnfpnm £240,000. 

JkA’bV’ T>f A7A JJO.J an x^aaaaa As reported on August 10. pre- 

T/iftA r LA/A With its net profit in the June tax profits dipped from £758.118 

.Adda I nternati onal has finalised 30, 197S half year ahead from to £714.667 lu the June 30, 1978 
details for the construction of an £98313 to £141,155 Dares Estates year, after exceptional losses of 
extension to the Park Plaza Hotel has declared a 035p net per lOp £225376 (£166.000) relating to 
til .London, consisting of 78 rooms, share interim dividend. . redundancy payments on the 

dU -with private facilities. The Last year a 03p single payment closure oF The Press at Coombe- 
extension is scheduled for opening was made on total net profits of lands printing operation. Last 
tu spring, 1980. £89,000. year's item was a lump-sum pen- 


SUMMARY Of RESULTS 
yet/endadSluM&ch ' . 
Sates 

«et profit before «Ji 


PlopoeecWMdond per $hare 




1578 

£4,868,810 


£228.773 


3.953p 


.t 1877 
CU 24 y 677 


qmm . 





m 

splj 









-*«« 1 Ll 


statement this year^wc 





CELESTION 


iTTCfiT- i 



Mr. D. D. Prsnn (Chairman) reports on the 
year ended Jst April, 1978. 

MAJOR ACQUISITION 

• Wood Bastow Group, garment suppliers to 
Maries & Spencer, and manufacturers of 
"SiiX”6wtmwear, acquired in November 1 977. 

TURNOVER INCREASE 

From £12,889,000 to £20,033^0a 

PRE-TAX PROFIT 

Upfrom£1,093,416to £1,17^527. 

HIGHER DIVIDEND 

Net dividend ,75p per share against .429p last year. 
(.65p forecast attimadf Wood Bastow acquisition). 

EXPORTS UP50% r 

From £3^48,000 to £5,060^00. 

PROSPECTS 

More encouraging prospects for ament year 
and further growth expected in fmur^ 

Copras of the Report amtAccoonts may ba 
obtained from the Secretary. . 

- Cdestnm Industries Limited, 

■- 130 Mount Street, London W1 Y5HA. 
Telephone: 01 -499 5641’- 


con 


( Wlieri a thing is done, advice comes too late) 

Nowhere is this ancient proverb truer than in the 
international banking and commercial world. Which 
is why you will always find an understanding listener 
in Credito Italiano’s London office at the “first thoughts” 
stage of any project you are planning. 

Credito Italiano is highly qualified ibr this role. It can 
bring to yourbusiness the special skills, the experience and 
the resources which make it one of Europe’s top banks, and 
place it high on the world ranking list. 

All Credito Italianos comprehensive sendees 
are readily available to you, simply by calling our 
London branch. 



Credito 
a 


1 7 Moorgare, London EC2R 6HK 
Telephone: 01-606 901 1 Telex: 883456 SSS075 Credit G’ 

Head Olfice: Milan 

Branches and representative offices: London , New York, Los Angeles, 
Buenos Aires, Caracas, Chicago, Bankt'urt, Moscow, Paris, 

S?o Paulo, Tokvo, and Zurich. 











Financial Times Tuesday 



International Treasurer 

young accountant 

for a iigUy respected American, company making sophisticated 
equipment based on ekcttonics tedmoJogy. Tins is a new appoint- 
ment to the European headquarters staffin London, on which 

manflwnipnt of Eastern Hcnnispbcce operations is based. 

• eeqn&eal responsibility to the fina nce director is for the manage- 
ment and control offends in fee region, fraction matters, and for 
a close involvement in fee rife m an a g ement of assets generally. 

• the need is for a qualified accountant wife well above average 
cap ac ity across a range of financial activity in an i n t e rna tio nal 
corporate environment, rather than for subst antial treasury 
experience as such. 

• age probably late so’s. Remuneration around £ 12,000 wife 
excellent additional benefits. 

"Write in complete confidence 
to A. Longland as adviser to fee company. 

TYZACK & PARTNERS LTD 

MANAGEMENT CONSULTANTS 

IO HAIXAM TOM LONDON WIN 6 DJ 

12 CHARLOTTE SQUARE - EDINBURGH EH2 40 N 


•r* - *. '' 

Jonathan Wren • Banking Appointments 


with the banking profession 


FOREIGN EXCHANGE ADVISOR c. £9,000 

We have been asked by a well-known international corporation to assist in 
the recruitment of a Foreign Exchange Advisor, to be based at European 
Headquarters in London. ' 

The person appointed will work as. a member of a team involved in 
management of the company's Foreign Exchange exposures; within- this 
team, he or she will play a central role- in developing and implementing 
Foreign Exchange hedging strategy, as well as advising operating departments 
on their Foreign Exchange problems. 

The position therefore requires an in-depth knowledge of Foreign Exchange 
markets, which will have been gained in an international banking environ- 
ment or in the Treasury Department of a multinational company. Candidates, 
ideally aged 25-35, should additionally hold a university degree or a 
professional qualification and possess good analytical and communicative 
skills. Contact: SOPHIE CLEGG or KEN ANDERSON 

EUROBOND DEALER £8,000/ £10,000 

An international investment company, currently expanding its activities, 
seeks an experienced Eurobond Dealer.' Candidates will ideally be aged 
between 23-30, with a minimum of two years* experience gained in both 
primary and secondary markets and accustomed to working in a busy 
dealing-room. Comprehensive knowledge of back-up work is essential. 

Contact: NORMA GIVEN or RICHARD MEREDITH 

280 YOUNG BANKERS £3.300/£1 0,000 

We can currently offer a wide selection of openings in most fields and* levels 
of banking. These include Loan Administration (£4, 500- £5,500), ‘Credit 
Analysis/Control (to £7,500), Export Finance (c. £7,500). Documentary 
Credits (c. £5,500), Bills (to £4,000), Foreign Exchange/Deposit Dealing 
(£7,000-£1 0.000), Eurobond Settlements (to £5,000), Audit (c. £4,700), 
Accounts to (£4,200), General Banking Operations (c. £3.300), and others. 

■ Contact KEN ANDERSON or RO Y WEBB 


Cl70 Bishopsgate London EC2M 4LX 01 '62 3 1266/7/8/9 


GENERAL MANAGER 


Large Trading Group in Middle East 

An opportunity exists in the Middle East for an outstanding 
senior executive of genuine provable ability with a track record 
of at least 15 years in management of trading or similar entre- 
preneurial concerns. 

Candidates must have a wide ranging knowledge of all 
aspects of international trading and particular skills in organis- 
ing and running a multi-divisional company with branches. 

The post will be that of General Manager anid the rewards 
will be extremely attractive to an appointee of the right calibre. 

Terms will include incentive in the form of profit sharing. 

Applications in writing with full curriculum vitae to Box 
AG455, Financial Times, 10, Cannon Street, EC4P 4BY. 



Director and Secretary 

Tlie Plant Royalty Bureau Ltd. 

The Plant Royalty Bureau is responsible for Si© Eeensmg of 
plant varieties, the collection of royalties and the general 
administration o£ plant breeder's rights. In addition the 
Bureau acta as Secretaries to the British Association of Rant 
Breeders. 

The present Director has been appointed to a position in 
the International Union for the Protection of Hew Varieties 
of Plants in Geneva. 

Applications axe invited from fnndiriflftr? who have all or 
some of the following — 

Experience of working in Industry, and with. Trade 
Associations and Government Departments 
An understanding of legal problems —if not legal 

training 

High level a dm i ni strative experience, and - 
International exper ience with a working tai o i d cdge of 
french and German 

A substantial and negotiable salary wBI be paid and a car 
provided. Other benefits are coxnxnensozate with the senior 
nature of die position. Write, in confideiSce, giving ten 
w^taiin o£ career and present salary to. 


THE CUSTOMS FUND 

SECRETARY - CHIEF EXECUTIVE 

The Directors of the Customs Fund are looking for a successor to pie present 
Secretary and Chief Executive who is due to retire in April 1979. 

The Customs Fund is an independent undertaking established by Act of Parliament 
and offering various forms of life insurance and savings schemes to Customs and E xc ise 
personnel and their families. The Fund maintains its own life fund and is advised 
by a consultant actuary- 

The successful applicant will assume day-to-day responsibility for an expanding and 
forward-looking insurance business, an appointment calling for dedication and all- 
round abilities with special emphasis on marketing, underwriting and investment 
The Secretary needs to have a working knowledge of law and accountancy, is in charge 
of a small but experienced staff and is responsible to a non-executive Board composed 

of officials and past officials of Customs and Excise. 

No age limits are stipulated for this unusual and challenging post but it is thought 
that a suitable blend of qualities and experience could be found in a candidate of 
approximately 40 years of age. The conditions of employment of the Fund staff closely 
follow those of the Civil Service and there is an approved pension scheme, for the 
administration of which the Secretary is responsible. 

The salary will depend on the calibre of the successful candidate hut it is not likely 
to be less than £8,000 a year. The appointee will he expected to take office as 
Secretary-designate early in February 1979. 

Applicants should apply in writing to th e President The Customs Fund. King’s Beam 
House, Mark Lane, London EC3R 7HE, marking the envelope SECRETARY in the 
top- left-hand corner and enclosing details of education and career and , of any 
professional qualifications. 




o 

to £10,000 


A major British engineering Group requires a qualified 
accountant at its headquarters located West of London. 

The position represents a rare -opportunity to demonstrate 
initiative and enterprise and to work with minimal super- 
vision on a wide range of activities including: 

• Financial planning and control . 

m ProjectworkintheUKandoverseas . 

• Consultation with external professional advisers 

The new appointment offers career advancement oppor- 
funfties intd the 1 930’s. Candidates, male or female, aged 
.30-35 must have at least two years' post-qualification 
professional experience. 

• Write or telephone for the client company’s application 
form quoting ref. 926. - 

Charles Barker-Coulthard 

30 Farringdon Street, London EC4A4EA 
■" . Telephone 01*236 0526 


SALES MANAGER 
POLYPROPYLENE 

A LEADING PRODUCER OF PETROCHEMICAL PRODUCTS IS 
EXPANDING US SALES ACTIVITY IN POLYPROPYLENE. 

This well known company is looking for area managers who will 
be responsible, for the sales activities in the United Kingdom 
and some European countries. This position requires a man/ 
woman capable of negotiating at a high level. Based in the U.K., 
he/she will be in direct contact with customers and distributors. 
Age is not a limiting factor, but somewhat extensive travelling 
is involved and a high level of experience is required. The right 
nun/woman will probably be a university or technical school 
graduate with a minimum of 4 years’ professional experience 
ia plastics, or have a . proven record in Polymer sales. Training 
at the company's headquarters abroad will give the successful 
candidate the special knowledge required for this field. A com- 
mand of one continental language is an asset. In addition to 
remuneration and expenses, the successful candidate will have 
an excellent opportunity of developing his/her skills in an 
international environment. Strict confidential treatment of - 
applications is guaranteed. 

Write Box F.l 048. Financial Times. 

10, Cannon Street. EC4P 4BY. ■ 


UNIVERSITY 

APPOINTMENTS 


1 



•• UNIVERSITY OR 
ASTON IN BIRMINGHAM 

• management centre 
L ecturers in Business Policy 
(Ref. No. 396/271 is posts) 
Candidates should have a degree or 
a professional qualification with re- 
search or teaching exnericite Jo the 
field uf significant relevant practical 
experience- 

Business Policy is a rapidly develop- 
subject area in the Uaiuccinent 
Centre and further devel opment s In 
raearcti as wed as teaching on Post- 
graduate, Undergraduate and Post- 
experience programmes would be 
encouraged. 

The following appointments are 
within the Economics. Ecomne fries. 
Statistics and MarKeUug S ubje ct 
Group: 

LECTURESHIP IN ECONOMICS 
'Ref. =93/17) 

* LECTURESHIP IN ECONOMICS 
AND STATISTICS f Ref, 295/27) 

The successful aDphcaur for the 
Economics Lectureship will be 
expected to conLnbuir ro the Under* 

. graduate and Postgraduate leaching 
programmes in Economics and to 
undertake Post-vxpe ricace teaching In 
his or her speciality. The sacerasfal 
applicant for the post tn Economics 
and Statistics will be expected to con- 
tribute mainly to the Undergraduate 
and Postgraduate teaching pro- 
wanics in Economics, but also be 
expected to undertake some leaching 
Of Statistics. i 

n would be an advantage If the 
applicant had an interest In. or 
practical experience of/ macro- 
economic forecasting. The successful 
candidates will also bare seme admmi- 
stralirc responsibilities. 

SENIOR LECTURESHIP IN 
MARKETING 'Ref. 2fi/27) 

The successful applicant " will be 
expected to romnhute to. the Under- 
g radna ty and Postgraduate teaching 
programmes In Martel tag and to 
undertake Posi-jxperlence teaching In 
ms or her speciality, as well as par- 
ticipatnig in the administrative respon- 
sibilities of Hu., centre. Candidates 
shuuid have relevant industrial expert- 
vnw. and are- itiiltod to contact Mr. 
S. R_ Hill at ihu Management Centro 
on an informal basis. 

SnecTSsful candidates for each post 
will be expected tn undertake research 
and publication, for uUcb there to 
considerable opportunity m well as the 
availability of limited funds to help 
with research expenses. Interviews 
arc_ expected to take plan in October 

SALARIES— Lj.-uiurerw. ComnuMiclos 
salatj win be within the range a&o- 
ia.st_ p.a. on a scale using by 
annual lncrcim-nis Jo E7.724 PJ. 

Senior Lvciurcr; I7.SMJ3.2S3 aa. 
Appointment:, arc normally made to 
Uk- first point of th* scale. 

'Salaries arc currently under 
revt-w. 

Application form: and furthjr par- 
bculars may he obtained from the 
SlaH Officer ‘oiMiuns ibe aporaprlmr 
Tift. No.*. I'mtrrMty of Asma in Bir- 
mingham. Gvsta Green. Birmlnghani 
B4 7ET iTcl. PM-.V* Mil., ell. Ml ». 
io w bom spoilt atfnns should he re- 
turned not later than -59th Septem- 
ber 1079. 


art galleries 

F'NE ART 500 err. 14*. Mew Band SC. 
TION 0, ‘ W9 S1 ls - SUMMER EXHIBI- 

ovtu catitmes. pin* aw tun im 

Frcncl. MODERN DRAWINGS and 
Modern British MARITIME PICTURES. 
42. Albemarle Street. Piccadilly. W-1. 


LEGAL NOTICES 


In Ihe HIGH COURT OF JUSTICE 
Chancery Division Companies Court la 
the Matters of: 

No. 98X50 Of 1979 

SHELL FIELD UPHOLSTERY LIMITED 
No. W2S1 Of 197B 
THE SMOOTH SET LIMITED 
NO. W28S2 of 19751 
WILU30N MOTORS LIMITED 
and lu the Matter of the Companies Act. 
1948. 

NOTICE IS HEREBY GIVEN that Peti- 
tions for (be Winding-Up of the above- 
named Companies by the High Court of 
Justice were, on the 2lst day of August, 
1978. presented to the aatd Court by the 
Comnusslonvrs of Customs and Excise of 
King's Beam House. 3SM1 Mart Lane. 
London EC3R THE. 

And that the xaJd Petitions are directed - 
to be heard before the Court .sitting af 
the Royal Courts of Justice, Strand, Lon- 
don WC2A 2LL on the 16th day of October 
I97S. and any creditor or contributory of 
any of the said Companies -desirous to 
support or oppose the making -.of an 
Order on ony of the said Petitions may 
appear at the time of bearing in person 
or by Ms Counsel for that purpose: and 
a copy of the Petition irtji be fnrntsbcd 
by the undersigned to any creditor or 
cootriburoi? of any of the said Companies 
requiring such copy on payment of the 
regulated charge For the same. 

C. F. CLOAK. 

King's Beam House. 

39-41 Mart Lane, 

London, EQR THE. 

SoJk'iior for tbn Petitioners. 

NOTE — Any person who intends to 
appear on the bearing of any of the said 
I Petitions must setre on. or send by pose 
to the above-flamed, notice In writing uf 
bis Intention so to do. The notice must 
state the name and address of the person, 
or. If a firm, the name and address uf lb* . 
firm, and must be signed by the person 
or firm, or his or their Solicitor fir any), 
i and must be served or. If posted, must he 
sent by post In sufficient time to reach the 
above-named not later, than 4 o'clock in 
J the afternoon of the 13th day. of October 
1978. 


In Ihc ITIGH COURT OF JUSTICE 
Chancery DirhJOh Companies Court. In 
the Matters Of: 

NO. 092655 of 1979 

MARTIN BARNETT i CONCESSIONS! 

LIMITED 
Nn. (HKS54 Of T97S 

6 Eli Cl NEE SECURITY CO. LIMITED | 
and in the Matter of the Companies AcL 
1 W. 

NOTICE IS HEREBY GIVEN that Poti- 
iioos for the Winding-Up or the above- 
named companies by the. High Coon Of 
Justice were, on the 2i«t day or August. 
197S. presented to the said Court by the 
Commissioners of Customs and Excise, of 
King's Beam House. 39-41 Mark Lane. 
London EC3R THE. 

And that the said Petitions are directed 
to be heard before Uic Conn - slums at 
the Royal Courts of Justice. Strand. Lun- 
don WC3A 2LL on the 16lh day of October 
1978, and any creditor or contributory of 
the said Companies desirous to support or 
oppose the malting of an Order on any of 
ihe said Perilled* may appear ar the wire 
of bearing In person or by hta counsel 
For that purpose: and a copy of the 
Petition will be furnished by the under- 
signed to any creditor or contributory of 
any of the said Companies requiring such 
copy tn wrmcar or the regulated charge 
.for the snmr 

G. -F. CLOAK. ! 

King's Beam Rouse. 

| a»-n Mart: Lane. 

London. EC3H 7 PE. ! 

Solirtidr for the Petitioners. ; 

NOTE— Any person who intends H* I 

appear on the hearing or any of the sola j 
Petitions most serve on. or send by post 
to the above- named. notice in writing or 
Us Intention so to do. The notice must 
state the name and address or the person, 
or. if a firm. Ihe name and address of the 
firm, and must he signed by the person 
or firm, -or his -or their Solicitor (if anyl. 
and must be xerrra or. If posted, must be 
scot by pour In sufficient time to reach the 
above-named sot. later than 1 o'clock tn 
1 the afterooou of the 13Ut day of October 
1 1978. 


CREDIT MAURER 

c. £5,000 pa. 

based Criddewood, N-W.2 

Applicants •houM -have' a good bask 
knowledge of accounting and credit 
rontrol. an understanding of Company 
Law and legislation governing bank- 
TjptCy and liquidation, -plus experience 
in determining credit limits and pro- 
gresxion of accounts. 

Salary according to qualifications and 
experience not less than £5000 per 
annum in progressive scale.- Life 
Assurance /Pens ion Scheme; Sick Pay 
uid good Holiday • Entitlement. 

Write brief details of work history to: 
Recruitment Manager, •- (tempter Ltd., 
4l5£dgware Road. Crkfctewood,- 
London NW2 SIX.. . 


START YOUR 

career WITH 

R 

business newspaper 

Sewho wish to start a career in Adverts 
ing and Marketing. . ■X . Xh 

Aeed 18-20. these sales trainees wih 
to be presentable, be able rapidly to act upo„: 
•heir own initiative, have a good command 
of English and be prepared to be migrated 
into the present sales team m order io become 
fully trained. v^:r 

If the idea appeals.to youand you matcjtiftsev 
“Ifvfv-orortntK contact: Tony KippenberHer-: 


Sdoi EC4P 4BY. 01-24S 8OO0- ’ . 

HNANCIALTIMES 

EUROPE’S BUSINESS NEWSPAPER" 


EDUCATIONAL 


SEPTEMBER 20-22 

ksr&rs: 'sssraa ‘fflra 

to cont.numa intent . from 
"'proiSSnnilos 

language. APL. 

SEPTEMBER 19 , __ 

A PL *PLUS Ltd. a also running a one- 
ri«?Adranced Course, orimorlly for the 
SScEinccrt APL programmer. 

Details from A PL* PLUS Ltd.. 50-52 

^ arsnaar.™ 









mm 





Justice was txt wa 31 

. presented to . thi 

H do) 
swrfrOhfr 





PLAYING CARDS .. 
▲fflf YOUR NAME/ 

7rZ- - MESSAGE 

▲ will be road 50.000 time* 
▼ l” during the life of ONE 
pack, (mightt the coverage 
on 1 .000 or more 1 
FLAYING CARD PUBLtOTY CO. 
01-402 2501 

10 Avon State, AVonraoro Rood, ' 
London VTJ4, .- 


I960 CENTENARY CELOftATtONS wilt 
be held , by an InteniattORai educational 
charity which Is tntareoteif.to hear from 
British companies and . organisations 
whose. Centenary tails In. the same year. 
Please reply to The Director. British 
CRT. Whitehall Court. - London SW1A 
2E 




MARBLE Carrlngs 

SSSSBfi."^ e a t$ SB S a a3S B 

models. 


n— HARROGATE— ^ 

©IdBroan Hotel 

BR flAUrS MOST BISTISaUlBSJED 
CONFERENCE HOTEL 

M Conference Secretory D »/* 
Tel: HARROGATE 504051 ,w - 
191 Bmu IZOpfa * 3 or hr Series 
Huny Cootovrec MB * 4 Print! Boons xTS 
Bsogsci Dintog 390 ie Budget OsantioDs. 
2 Bsstawaots^r II ».■.(■ 11 pn. 
TELEX 57922 OLDS WAN HARO GAT 
NOoe of Enuin-s PRESTIGE HOTELS i _ 


MENT or S . Marsham ate^l! 
S.W.I. and that thl-. said 
directed to be beard' felon*, fle' i 
ctmns at the Royal Courts- rf- in' 
SLraod, Londan WCA ' "T.r., « 
ltith day of Oclobvr 197s. and anrsK 
or conlriboleq'. .of the sosO .Cgti 
dextrous io- support or appev. tfem 
of an Order on (he said . Ptsttm- 
appear af the Ume or.heaanc. 
or by his counsel, lor thar purow 
a copy or Hid Petliien WfU u M 
by the - undprshmed to spr 'erdfii 
contnbitiory.of ihe raid Cohuhbuwj, 
such copy oo baytneor of Uu rh 
charge for the. .same. . . 

TREASURY SOUCiTOt ■' 

Matthew. Parker . Strea.. • ■■ 

’ ■ London SW1H 9?W. 

Solicitor (or the Petitioner: . ' 

NOTE.— Any person trim. : - 

appear on the hearing of Uk saUTta 
mth>T serve on. or send by mat a. ' 
above-named notice m wrfaag 
Intention so- to da. Tlie. noticr mu 
the name and address of the pang - 
if a firm, the* name- and addrerim 
firm and most be signed by the p 
or firm.' dr Ida or their, aatidtat flf- 
and most be served, or, ff pasted'"-' 
be sent by . post la KtfBdem -£n> 
reach the above-named nor later" 
four o’clod. In . the afternoon -4 
18th day of- October IKS.. 


BOND DRAWINGS 

























Norsk Hydro earnings improve 

[ fimfljflQ - ; . | ^ AN0 “VW OONE IN LONDON 

J 7 „ , ; * 0 . ’ /j’.’' . j.^PRSK Jtow^ sUn fertilisers, aluminium. max- areas said Mr- Nnrud. will hare tncflni* dunag thus period v^ill 1 

' By Mtiln Mmilr r : <n»f^-ijbej)jiia 1 « '^nq- enttgy ncsium and PVC cava broadly to concentrate on addition* to be boosted by rising revenue! 

.. • awasa group' reputed higher turnover unchanged rcaulis, Mr. Jvarud existing plant rather than the from its North Sea oil and gas; 

.and operaffilg profit® psterday said establishment of new fariam* activities. chiefly It 5 20 per cent, 

for. .the ys»c rwUng June 30 The company is cniennj a un greenfield sites. share in the Frigg gas field and- 

t? rfi-?i ^ mainly a#,?* result of its oil period of consolidation folUrv.ng The company is now engaged its 6.7 per cent interest in the' 

term ncoiS/to f oreig n jaants and i activities. : • very heavy investment coaimii- in bringing onstream a series of Efcofisk field. It will continue to’ 

t£!f ‘ir l S«te FrtI f i Srt 2 S^ 1 - l!W a ff P 10 "? ln reccm . - vcars - ^ ,he major-plants at Norway's ftrsx in- invest some NKIOOm a year in j 

loan of SaOOm iff to be launched • over at KKrtt 83 bn*:.or $ 1 J 5 bn. last four years Norsk Hydro has lecratcd nefrochemipals ramniof nil and cas exoloratinn work. 


Salen cuts 

half-year 

losses 


Credit Commercial f 

— 

... ■ 

profits setback II 


By William DulKorc. . J BY DAVID WHITE r.-utua. oej'u -T.j 

STOCKHOLM. Sept. 4 . LOWER first half profits and a between mid -1977 and mid- 19 & 
THE Salen shipping group - forecast of a decline for 197 S M, Leveque said, adding that tiQfo 
”“ de a pre-tax loss of , as a whole were, unveiled today growth would not have reacted 
SKr wm tMo. 4 m MB the first ; by the private sector bank"Credil even thar level were it not rjjr 
naif of this year.. This follows 1 commercial de France. Earlier CCF*s efforts, to increase rts 
Sy.k a- , 1 '^is > ear bank was budget- activity in' export credits, wfc»h 

half of is * * and hRr tor ; tins *° r a further improvement, escape the regime of credit 
the year as a whole. Tne . chairman M. Jean-Maxime expansion ceilings imposed fty 
company expects the loss : Leveque has returned to his the government. - *1 

before extraordinary items for crusa de against the French ^ 

1978 to be less than last year’s: Government's banking nalicv During the same period, 
the management is planning j SJySs credit controls and^axes chents' deposits had tspatinA 
to dispose of Us remaining - arc holding back ^ growth and by 11.3 per cent, ratner mote 

tankers. - ; profit performance of the group. J* 1 ?" ***e ,cv £ l ° f c /’ ns , u . m *v r P™* 

The half-year statement • * Tn ,/i Mr , P In fihwhnirtprc. th*. inflation, and the backs babrtfc 
coincides with Stockholm ; outspoken *111 ° Lewque rave a *«« total ■»’ li3 P« cenC 3 ° 
P«s. report, U.« h>» foreip. ! “S™ dlffo^nTverff of FFr »«b a The rev, uri nft- 
shipping companies hate made . h , c « n * h _ nnK . mgs outlook was affected above 

separate offers for tbe hart- ; SSmted aflSr all by provisions made to cotfr 

pressed Swedish shipper’s | H“£ MMlnn 1 wh 2 n certain bad risks, but also by 3 n 


P.\R 1 S. Sept 


LOWER first half profits and a between mid -1977 and mid-lflJS, 
forecast of a decline for 197 S M. Leveque said, adding tbat tHo 


. 11 , ir Rhiu. i.. i...ZcTi I *** -* me iiiujur piaui* ut iwrway •> nrsi m- invent- ™iut .iiuuuiii a year in, 

Ung V 5 41 yKr 6 ^ 3 b n«:or $ 1-35 bn. last four years Norsk Hydro has legrrilccl petrochemicals complex oil and sas exploration work.! 

?er'in w a XW 5 ?'-^ H , l 2 i f * r ^fffc C S cu ’ Invested NKrSbn- 9 bii chiefly in at Rafnes on tke south coast. Increased oil and gas investment! 

^ A|Jt t Hyfc Muenino. ; lated in rsMBpltenfie-with Nor* its North Sea and petrochemicals Norsk Hydro's share in the wooM depend on the success of ! 

Thm m.'niiai 'i.a'x-ii i. { way a ztew ' companies --An: the activities. Aci-ardlng to Mr. massive investment of XKr 5 bn this .activity, but Norsk Hvdro! 

tn - Sod » pwuPfrableteufa a.yW ^ arher Narud: "That :s far too much totals some NKr 3 hn (compared is prepared to take on addhicnal ! 

lees vnh !StatSiI 0 SSLii«H!SS«! 2 ??i' r “’ s, 9 r ’'SSS ri *fw 5 i*iSw ,n "‘ ,or a con, P an - v of our size to with tbc company's total asset development commitments, saidi 
rjty . V,! H sobeiting t^lr particl - 1 create for IS! 5 -re ot^Kr 1 , 501 m. continue for a long lime." base of NKr 12 bni end building Mr. Narud. 

„2£“r «»» SSSISELS SSra ^ w — P«s^i 

rj These banks -WilThe' given ^Grmfn . ba5 „ already l>een C oJa in aim, however, is 10 smooth out 1 The 

,,‘? e ^tegK^ieftdllne of aorae two weeks tO'operatioa orofh waff NKq 69 Sm P “Snificanjly, troiu a *«R 3 f nP c cou i d i» e t >, e i a -* ^ - rotnpail3 '' s searing, hr. coincide 

1 Ut jv^xamiue tlie proposal and report] compml wttfr NiS'-ttJm, . after -?.[ K 'l S i n ‘ lt grren del? development for some retuming to a "more normal"! Pr ? s > rc 

She* ^edsipnSr-Mr. USJj ySreTSid 5 ^^ debt 10 e *“* » its i 

iaid. i vw^mwni mm ured with -ina m ine current year fir.t Mminn ifiin unutiu-. fiuociDS- i separate 


half of this year.. This follows 
losses Of SKr TSni fdr the first 
half of 19 ** and SKr 25 om for 
the year as a whole. The 
company expects the loss 


coincides with Stockholm 
Press reports that two foreign 
shipping companies ha\e made 
separate offers for tbe hard* 
pressed Swedish shipper’s 


March general election, when 


. profitable refrigerated fleet. : h private banks eseaned the Increased tax burden under leg*- 
i Salen has not confirmed these ! ine pr u,c DjnKS — ' — •* -* —^’ c 


"Yv he co-ordinating group. Tbe^auuuan fn 
I [VI EC epreseotaiives of ibis bank are j Ekofisk field 
: c P° rt «d to have attended at* a partner. 
WSPADCh east ,wo meetings- of the eo-[ Hydro's t 
““tn irdinalors "because -of short t activities in 


fit* co-ordinating group. The; auuuan from the Frigg and postponed tne nuiiaine or an Narud. He did not expect the The company is also reschedui- 
■e presea tali ves of this bank are \ Ekofi&k fields, In whlflt" Hydro is aluminium smelter at Glomfjard petrochemicals division to be ing Its- loan repayments over n| 
c ported not to have attended at “ a partner. and a magnesium smelter at producing. a reasonable profir be- longer-term and is altering the 


iiiticc." The Ministry of Finance, i 
inwever. is referring to the! 
^■roup as " the seven * Instead } 
if. “the eight," ' ' ' ! 


traditional r industrial Mongstad. fore the mid- 1980 s. currency i 

a the fields of -energy, Future expansion in These However, the company's, borroirisgs. 


_ Construction 

^S^urobonps imei^erdetails 

Holiday lull ' * r 

>■' 1AUU ^ a J luu : DUTCH construcHoo companies. 

u --’■*•••« ft ; n mqrlrpfc - .Stevin arnT Adriaan Volker. wUl 

Tl III iltdlftClS - ' j bold a Press conference in 

r caM^rt '* - • ' ' ’ : jAmsterdanj - tbmcn 3 »w/ give 

JSvff&Jul , ! details oMheir proposed merser. 

^ f -" 'iw. MARKETS were quiet : The -Amsterdam Stock Exrfiange 


Holland Amerika losses increase 


salen has not confirmed these !lire ; of nationalisation. J^on introduced at the end jfif 

reports but the wrrsnnt > Gross operaUag profit in the ■*« > ear - l. 

jj ““ 21 ! six raonlhs dropped from On the' positive side. $ 1 . 

81 k^. ! FFr 129 m to FFr 124 . 5 m. and Leveque said that the res urgciieo 

S?*’* fJL ~??? -I consolidated net profits from of the stock market in the aft&- 

SSEr&taL/SSJK ; FFr " 34 . 4 m to FFr 32 . 75 m. Last moth of the centre-right gov-lji. 

Swedish sWpptng concern, to .year net profits of FFr 77 ra raent’s election victory ted 

avoid a *°reign 1 compared with FFr 68 m for 197 B. enabled the bank to expand 

Salens nau-year lurooveT . q- be bank envisages, -however, specialised financial services. 

52 s “ p , C hi i 1 ™ 1 -nl? : paying, the same FFr S net divl- while activity in lonq-le&i 

f*> r ce I - I ® h " I *nd. finance for both private afld 

on from Tbe bank ' s credit- activity public sector enterprises h?d 

JLTSf*- : expanded by u „,y S .7 per ceet jTeked up. T 


BY CHARLES BATCHELOR 


’ AMSTERDAM. Sept. A 


: BUTCH ron^rrapHna - eurotmiies. Amerika Li jn (HAL) accounts tn dollars, as well as considerable looses will continue \ building group Salen did. 

Sievin an*r Adrian VolkdT will o'ovcd deeper into the red during guilders. For the first time, foi- to bo “made by special transport.! however, manage to maintain 


marked by an increase of : . 

• SKr 37 m in financial costs to , 

I SKr 102 m as a result of s l)/^A|n]n 
! increased borrowings. i . XUvIttlll 

By selling ships, property - 

i and* over three-quarters or Us ! gy OUR OWN CORRESPONDENT 
shares fn the Kocknms sbip- 
' building group Salen did. -THE FINANCIALLY 


Poclain drops Derruppe 


PARIS, Sept. 


PvnertMf m r ", nanapur* nperauaus .acu-a as a p ro i 


m the red .he division SMS!?! 


made a sizeable loss. 


1 as considerable lo^es will continue \ building group Saleu did. -THE FINANCIALLY troubled be able ’.a coowntrate :nn;e 

foi- to be 'made by special transport.! however, manage to maintain i Poclain, a French ^manufacturer heavily on us own mam product 

lead- This lx despite tbe sale of the,' Its target of keeping liquidity of construction equipment, has lines, noubiv hydraulic excavh- 

iccti- Irish shipyard subsidiary, Ross; above the SKr 209 m mark, found a West German buyer for tors, of wbich it is the waaffs 

Company, w hich accounted far a i Liquid assets at the end of ! one of its loss-makiiis sidelines, leading manufacturer, 

rism large part of the 1977 losses. HAL ! June totalled Skr 229 m com- • Tj n( i or terins of an initial This specialisation, 

tile expects tbe current half loss.! Pared with SKr 306 m at the . a-rcement announced by Poclain which 2lst ' embraces mobile 

iscs, excluding book profits or losses, i beginning or the year. • German fBH group will take’ eranes antl hydraulic a*m- 

1976 . to be smaller than the first-half J The refrigerator fleet con- ; \ its sul; .5 *_ S9 ponents. conformed to its adv- 
ises. losff. j tinned to turn in good resalts i . j_ DcmiDne as from m ®bts with Case Tenneco of.^fte 

isi on „ AT ' v J . ! during the first hair and the ” n jr™^ Derro^M V S anJ Volvo of Sweden, wmn 

a- ccS^'SSr; rsassrSp^ u f, 

rton i! 01 ?”*. c rr anr in ,he Netie ‘ r :l tL? ,"oni SlnS , : 15 baseJ npar Bordeaux. „i,h a ,Sn- 

lands Antilles, a trust company > a pp re(r iahly a fleeting the half- • Final terms uf the takeover ov . er criuiv^lent to Fr-r 4 QuCa*f 

™ result. s */*'»**«£!%*** at a later ™ 3 H 5 ta" ‘belter'puSS^ 


HAL last year reorganised Its! 


Bermuda 


movmc its 1 


Swiss banks 
cut rates 


the German FBH group will take OTne » an “ «-'^uuc aup- 
lover its stake of over 99 per l ° 115 

'cent in Derruppe as from Case Tenneco of^e 

January next' year. Derreppe Volvo o. &weden.W’jjjri 

'makes roadwork machinery and “^j T ?J 1 < i!, ders asl i 2 S r ’ 

: is based near Bordeaux. ' l ^ e t-* 0,113211 ' tai “- 

v i r ,u It said that JBH. v.ith a lum- 

• Fi r al J ^ ^.L 5 e o, lake i^ Cr over equivalent tn Fr-HOaCv 
are to be delerntmed at a later w J.. d hl . heiipr 

!*«• «» at Berruppe's £ r 5 S?. PU, ffl?. 


BY jOHN WICKS 


ZURICH, Sept. 4 < 


of Its trading division. i ntif rjlfpe 

• Meanwhile an independent! ^ U1, 

Dutch pressure group is chatleng- By Our Own Correspondent 
ing HAL’s accounts for 1977 . two . ZURICH. Sept. 4. 

aspects of which the group is ; SWITZERLAND'S FOUR biggest 

• Am ltiip«nA». <1#,..^ Smm I iw i wim<vi*iii»i I KmnL'c h'it'O r*»n noori 


•performance this year, the com- £ e;ns morc £poc J isei j in Sr-’ 
panj saiu. ruppe's field of roadbtiil 3 Sig 

Lerrupi.i.-, which only joined implements and in a posit iofflSo 
the Poclain group three years add to the French operative's 
aao. showed a loss of Fr 5 m product ranse. ««• 


~**£7Snk*r* said yesterday. . A* gj ! = r fi *SS " \ I ^errup!,:. wbich only joined implements and m J posiilV^ 

EislBv^„ nfr ,,,rr ? m,y envlMgeAtbelemuof • £ J I I I 5 ° ^ Cllt THlCS the Pociain group three years add to the French operatieffl 

issue involve- S 25 m for. five to compete on » more equal ^.n 71 CC* TAAriC fII*A 11 tl onAOfi • : Meanwhile an independent! vw .,i 0 showed a low of Fr 5 m nrnduet ran"p Si 

MMS*S s J < «irs with the margin set at f °M 4 >g. with ' large . foreign ijWlSS IOOQS SrOUp 211630 Dutch pressure group is cbaUeng-j By Our OwnOir respondent I Tsi 14 mj last year on a. turn- P The agreement is subjecfiB 

i.'iorior:feh 1: J per - cent aver in ter- bank contractors. ^ A ing HAL’s accounts for 1977 . two . aLKIUHL kept. 4 . ! QVer 0 f Fr 60 in. . French Government appS 3 & 

^ tes - and ^ minimum rate at The two rompames miginally BY JOHN WICKS ZURICH, Sept. 4 « aspects of which the group is : SWITZERLAND S FOUR niggest; The parent company said that and to confirmation brffl 

o, o^t f Per cent. Banqoe aNtionale planned to make im ahnoimce- , r taking to the business court In I commercial banks have reduced! by Seddin- sSSudw it would boards of bo“ comDanic? ~ 

■< s«-::<''a ^e Paris is billed, as - I*st -month, biit the - talks SWISS FOODS company Hero Business continues satisfactory Amsterdam. So far HAL has (tbc interest rate for their over- * . ppC- p Jg 

■j :n Jrt. 7Lt^unnapr ' keva Koctswl Irnienn thsn ^*nar«fnfl COHECrVCIl LonzbllrH _ 0XDL , CtS In Rn.lin . . * rlonlVneH tn nr*n>mnrt» An fhn tkimoiintar 'narfin m.'omi lionrYv ! arifi 


; a?o, showed a loss of Fr 5 m product range. 35 

|.{S 1 . 14 m) last year on a turn- Tbe agreement is subjec*«to 
: over of Fr 60 in. . French Government apprS&l 

, Tbe parent company said that and to confirmation by £Qie 


j-ment- Igst month.. but the /talks SWISS FOODS company Hero Business 

•> :o i«y-i£ Manager. ” have Mated hmger than expected. Confferven Lenzburg . expats in Spain. 

*«mi « £■ The issue Is parlleuliriy The mofftiikely forms the merger Improved results this year.' The 
c^.t'ftfitteresUns because -EL -Salvtdor couid take are an offer byVblker. Parent company's profit targets 
- ;l-- or cue ^ also expected to raise a i flnandaliy the atroogest of the are Being met, despite growing 


declined to comment on- the ) the-counter medium -term bonds ! 
move:- I as from today, writes John Wicks! 


tv>- a Sfc_ wn 
,? 0 ’.-.- 9 UM| If " ,1 - 


restmg because -EL -Salvador ^eot*W take are an offer by-yolker, p^rem companys prow targets • The Geneva engineering The pressure ctoud which is! from Zuricli. Interest on these : 

also expected to raise a financially the strongest of the a ™ b ®*J 8 L m fV des ^ lt 5 . S rowi f« company Ateliers dcs Charmllles known as tbe FoundaHon for the TKassen obligati onen," which is; 

liuro-terin syndicated Join two companies, for Stevin or the export difficulties and the results has increased its dividend from investigation of Business Infor- among key indicator* for Swiss ' 

11 . Although a mandate to setting up of a new holding com- m the - Swiss subsitnanes liero 6 to S per. cent. Net profit rose matiofc or SOBI for short is ' capital-market rates, has been 


CLIVE INVESTMENTS LIMITED *- 

1 Royal Exchange Ave^ London EC 3 V 3 LU. Tel.: 01 - 2 S 3 lltfP 
Index Gtildc as at August 30 . 197 S (Base 100 ut 14 . 1 . 77 ) £2 


Index Gtildc as at Angust 30 . 197 S (Base 100 ut 

Clive Fixed Interest Capital 

Cltve Fixed Interest Income 


1*29.40 SS 
114.12 


(rms are expected td‘ inclnde t It has already been announced Abroad, the French subsidiary to company president P. Wald- depredation policy. This is the i bonds and the seven and eight - 1 
margin set lowerJten that.on [that Kr. J*h Van Den Driest, has recorded a further improve- vogel. Charmilles. which will second action brought by SOBI ■year maturities have been 
ic. FR.V issue, a rare example ciwimaa of Voll^, ^be-head went in earnings and the Lyons- contmue efforts to improve against HAL: the court ruling j reduced by a similar 025 per! 
f such a case. '- ' of the new company while Mr. based company will this year return on capital and achieve a 0 n the first action has not yet 'cent to 2.75 per cent and 3 per 


l-Thfi terms of Bartow Haadfe Haas Van Exter.. of Stevin, will move out of the red for the flTSt wide degree of self-finandng. b een -made 

.M* 2 Qm placement In the D-mark be deputy chairman. lime in several years. The Dutch says orders in. the first months r 

•ctor. • which w^.for-; general ^Tie-trade , union* have -been affiliate reports rising sales but of the current year allow a . - 

i vestment- purposed ipclyded -k criticaHof the_prQposed deal say-, .wil not show, a profit until next “ certain optimism " for tbe (/If 

•ur-year maturity and a coupon ing the merger might cost 400-500 year, Sales of the Italian sub- immediate future of the under- [ 

• S per cent. • - ■ ' 1 jobs.- - ■ . . sidiary are higher than expected, taking. j 


ALLEN HARVEY & ROSS INVESTMENT MANAGEMENT Lllffi: 
43 Cornhill, London EC 3 V 3 PB. Tc): 01 -U 23 ti^f. 

Index Guide as at September 2 , 1978 

. . Capital Fixed Interest Portfolio 100.00 52 

Income Fixed Interesi Portfolio 100.00 fzz 


.cent respectively. 


ThL announcement appears as a znuuer of iccard only. . 


; o- nf I:**?:, 
fi-jxi v 
— c S:'X w? 

n 3JV-4S1 «**! 
-- cj:i 


Au trust 1978 





! 1 

1 

i 



n 

h 

s 

1 

i 

A 

fe 


s 


Union Bank 
of Swftzeriand 
reports: ; ; , ; 


FavonraWe results m a donate 
[of strong competition _ 

Continued ^owth and stabilily are 
the prominent trend in the bax&S 
balance sheetfor theiirstbaIfon978. 

: Total assets roseby Sfh780mBIiontb 
; sfc. 56:9 billiOTL iii the period from 
«e December 31st, T577 to June. 30th, 
1978. Balances deposited by other 

:§ i banJcs declmed by Sfc 531 million to 
S :sfc 163 bMc^ whd& uu^tomer de- 





it I 


[ -‘Z 

n 



t.f . 





UlWdiOUW 




f Tf W'T*ri f 

[•uvmy:nrv»-.i,u»i, 


rSTU?J(i)4»MV| 


i fi \ (-4 « i p-mo i h i g Ij ” uTT 




mm mmmSwmmi 




ms&m 




Dec. 31, 1977 - Jane 30 , 197 ® 

Million Swiss Francs • 


BaiikDqtbsits 
Loans to Custoa 
Loans to Banks 


56,119 

32,014 

16,871 

23,496 

21,502 


56,899 

33^558 

16,340 

24,855 

20,787 



>Ji^ t) 




wigwam 






StXrJnmJiM 
i iiilKfmBC*] 


Hw« 5 ! 


IKTTTgW 











A 

nlf»T*l 

t (* J*; 




f A-VkiT^wt 

jSiI'I] 











SJjiSfil 


i n*)ii 


a- ■ • . , ■ * . . 



Province de Qjuebec 

U.S. $ 500 j 000 p 00 

Ten Year Credit Facility 


Managed by 


Orion Bank Limited 
Bank of Montreal 

Canadian Imperial Bank of Commerce 

Algemene Bank Nederland N.V. 

The Bank of Tokyo, Ltd. 

Banque Nationale de Paris 
Commerzbank AktiengeseUschaft 
Credit Lyonnais 
The Mitsubishi Bank, Limited 

Sodete Generate ■“ “ 

Toronto Dominion Bank 


The Royal Bank of Canada 
Banque Canadienne Nationale 
The Provincial Bank of Canada 

The Bank of Nova Scotia 
La Banque Mercantile du Canada 
Chemical Bank International Limited 
Credit Agricole (CNCA) 

Kredietbank S.A. Luxembouigeoise 
National Westmins ter Bank Limited 

Sodete Generale-de Banque S: A. 

Westdeutsche Land-bank- Girozentrale 


Co-Managed by 

Banque Europeenne de Credit (BEC) The Dai-Ichi Kangyo Bank, Limited 

IBJ International limited 


The Fuji Bank, limited 


The Mitsui Bank, Limited' 


Bank pf British Columbia DG BANK Deutsche Genossenschaftsbank 

The Long-Term Credit Bank of Japan, -limited- 


Agent Bank 


Orion Bank Limited 








Financial Times- Tuesday 







AIB 

record 


U.S. GAMING STOCKS, 


INTER NAT IONA L FINANCIAL AND COMPANY NEWS 


Canadian Government 
turns down Ex-Cell-O 



Setback for the 


-OTTAWA, Sept 4. * ° Ur *”***. 

the' Canadian Government has .because it did not provide *• stgoi- is boosting tin mill Prices with ££ LA EE C bank! WALL STREETS fever for 

rejected a proposal by Es-Cell-O ficant benefit to Canada" as effect from October 1. Tin plate of sibling stocks. wtticb took this 

Corporation, Detroit, to acquire defined under the . Foreign goea up 3.S per cent Dominion ; 5B3»7o?Se , vweiSSd June '*«*«■ of the market lo new 
control of Davidson Rubber Investment Review Agency. Foundries. Hamilton, is putting ; g® 5 :*** of % pec Msf*- last week, was suddenly 

r i ope lie Realty and the branch The Government accepted a up sheet prices 4.4 per cent onjJ®- compared witb^ last year's subjected to an iee-cold shower 
business of McCord Corporation, proposal by Pacific Inter- October 2. Stelco earlier raised , fi „_ e r £701055 profits" after by -the weekend. It was an un- 
alPofPorl Hope. Ontario, which mountain Express. Walnut Creek plate ! 6^.per centwndh^ _effect from f gj 1 ros ^ %y a!, pi? cent f to pleasant experience for investors 


i-pnorts tion .^ Ue start in; 

Gambling issues tumbled last week following " Playboy ®?“ ot, .?|L«Pp£fe 
...... T ■ - • .. m-nntpr care and licence since these jo* 

that brokers were recommending grcaw» granted to companies.*^ 

discri mination among- investors and action J start up within is mom^ : 

New York Stock Exchange invoking a 75 P®* lvtt) Nevada casino ovnter^x^j 

margin requirement on certain companies. ‘ “IJS/hSlV 



ere- uJtlniateiv controUed by California. controlled by HJ September 10 These pri«s are; ^ 

McCord Corporation of the U.S., International Corporation also of likely to stick, reports Robert , aswtssioodat £1»!^55 healthy one. J-ASCELLES in New York analyses the pi 

- the U.S.. to acquire’control of a Gihhens from Montreal. .assess smuu hoo.uos.sod. . F - - - « - 


reports AP-DJ. 


■■ ‘ , . ■ hauUng business at Burnaby. BC. In his siatement the chairman. u sianeu wra repons uum 

Do vrdson Rubber manufactures Qwne( j|>v Delta Lines of Oakland, iloaenco, the largest Canadian ; Mr. Hilton S. Clarke, says that a number of brokers reconi- 
auuuii otive instrument crash California. consulting engineering group. ; the growth of loan business has mending greater care and dis- 
parts and armrests. Riopelle .^ so accepted was a proposal had operating earnings of; continued at a satlsfaciov rate crimination among investors 

Really is a holding company and b * g yg resident to establisb CS3.Jra. or CS1.07 a share In although somewhat restrained in seeking a way to cash in on the 

ihe branch business of McCord * automotive air filter manufac- the first half against CS2.2m: or 1 sterling terms- by the strengthen- gambling stock boom. Then 


confronting gambling stocks 


start up within 18 months 
Golden Nuggetu^nuja-J' 
Nevada casino owner,; 
annou need. ' plans for- j*=s 
casino/hotel complex w 

yet to apply for licettp^-. 
from New Jersey ox A T e>sdi 
The two clear frbnL-riio^ 

the race- are Caesar's .WeS 

Bally Manufacairina-tjuj w 
open qu estion. how {hey i 
between now and their 


All these securities ha ring been sold, this announcement appears as a matter oi record only. 



Offshore Mining Company Limited 

U.S. $100,000,000 

Guaranteed Floating Rate Notes due 1986 

unconditionally and irrevocably guaranteed by 

New Zealand 


S. C. Warburg & Co. Ltd. 
Amsterdam-’Rotterdam Bank N.V. 

Banque de Pans et des Pays-Bas 


Citicorp International Group 

Samuel Montagu & Co. 

Limited 


Kidder, Peabody International 

Limited 


Lloyds Bank International 

Limited 


Commerzbank 

Aktiengesellschaft 

Orion Bank 

Limited : 


Bank of New Zealand 


Algemene Bank Nederland N.V. 


Development Finance Corporation of New Zealand 


i N.V. A. E. Ames & Go. Ainex Ban.com. 

itfsutoct Liovtod 

ier, Inc. Bache Halsey Stuart Shields 

bceipaxaiod 

Banca Nazionale del Lavoro Banco di Roma 


Amhold and S. Bleichxoeder, Inc 


Banca del Gottardo 


» Batik Julios Baer International 

i Limited. 

1. Bank Leuxni le-Israel Group 


The Bank of Bermuda, Ltd. 
Bank Mees & Hope NV 
Banque Bruxelles La m bert S.A. / 


Bankers Trust International Banque Bruxelles La m bert 

Icmited 

Banque Generate du Luxembourg SJL 

Banque Internationale pour I'Afrique Occidentale (BIAO) 

Banque Louis-Dreyfus Banque Nationale de Paris 


Andelsbanken A/S Danebank 
Banca. Commerdale Italiana 
Bank of America International 

Limited 

Bank Gutzwiller, Kurz, Btmgener 

(Ovciseas) Limited ■ 

The Bank of Tokyo (Holland) N.V. 


Banque Frangaise du Commerce Rzterieur 
Banque de l'lndochine et de Suez 
Banque Internationale a Luxembourg SJL 
Banque de Neuflize, Schlnmberger, Mallet 



Banque de Paris et des Pays-Bas (Suisse) S.A. Banque Populaire Suisse SA Banque de l’Union Europeenne 

Loxomboorg 

Banque Worms Barclays Bank International Baring Brothers & Co., Bayerische Hypotheken- und Wechsel-Bank 

Janpfaxl Lnm't pd 

Bayerische Landesbank Bergen Bank Berliner Bank Berliner Handels- und Frankfurter Bank 

GiTKentxala AkssngeaoQactuIt 

Blyth Eastman Dillon & Co. BNZ Finance Company Caisse Centrale des Banques Populaires 

Inte rn a ti onal Limited L i m i t ed 

Caisse des Depfits et Consignations Cazenove & Co. Centrale Rabobank Chase Manhattan 

lixmaod 

Chemical Bank International Christiania Bank og Kreditkasse Cl BC 

tanitod Lm\];cd 

Compagiue de Banque et dThvestissements Compagnie Monegasque de Banque Continental Illinois 

(UndenRitem) S-A. Limited _ 

Copenhagen Handelsbank County Bank Credit Commercial de France 

Limited 

Credit Industriel d’ Alsace et de Lorraine Credit Lyonnais Credit du Nord Creditanstalt-Bankverein 


Christiania Bank og Kreditkasse 


Credito Italiano Dai-Ichi Kangyo Paribas Daiwa Europe N.V^ Richard Daus & Co. 

LdrumI Ssnkicrs 

vomals Ham W. Pclcracsi 

Den Danske Bank Den Daztske Provinsbank A/S Den norske Creditbank Deutsche Girozentrale - 
ai 1371 Jus»Mbkai> — Deutsche Kommunalbank 

The Development Bank of Singapore DG BANK Dillon, Read Overseas Corporation 

Limited Deoischa Gonossensehaftsbank 

Dominion Securities Dresdner Bank ESectenbank-Warburg ' Euromobiliare S.p.A. 

Limited AktMUIsreseSscbalk AJaiea.ge3cliscfaaft C 

European Banking Company First Bavarian Capital Corporation First Boston (Europe) First Chicago 

Limited Limited Limited 

Robert Fleming & Co. Fuji International Finance GeSna International Ltd. Genossenschaffliche Zentralbank AG 

Ladled Limited Viax&u 

Girozentrale und Bank der osterreichischen Sparkassen Goldman Sachs International Corp. 

AktieageeelHrltift ■ ^ 

Gronpement des Banquiers Prives Gene vois Harabros Bank Hill Samuel & Co. E. F. Hutton fit Co. N.V. 

Lim i t ed L imit ed 

IBJ International Zstftuto Bancario San Paolo dz Torino Jar dine Fleming & Company 

Limited Limitocl 

Jordan, Sandman, Smythe & Co. Kleinwort, Benson Kredietbank N.V. Kredietbank SJL Luxembourg e case 

Idonted 

Kuhn Loeb Lehman Brothers International Lazard Brothers St Co., Lazard Freres et Cie Lazard Freres & Co. 

Limited 

London & Continental Bankers McLeod, Young, Weir International Manufacturers Hanover 

Li m i t ed Limited Limitod 

Merrill Lynch International & Co. B. Metzler seel. Sobn & Co. jVRtsubishi Bank (Europe) SJL 

Morgan Grenfell & Co. Morgan Guaranty and Partners Morgan Stanley International 

Li mite d Leaned Limi 


Dai-Ichi Kangyo Paribas 

lomied 


Daiwa Europe N.V* 


Den Danske Bank 

oi 1371 AlctnweWtata 


Den Danske Provinsbank A/S 


Goldman Sachs International Corp. 


Morgan Grenfell & Co. Morgan Guaranty and Partners Morgan Stanley International 

Limited. Lamed Limited 

The National Bank of New Zealand Nederlandsche Middenstandsbank N.V. New Japan Securities Europe 

Limited Limited r 


The Nikko (Luxembourg) SJL Nippon European Bank S. A-. The Nippon Kangyo Kakamaru Securities Co. Ltd. 
Nomura Europe N.V. Norddeutsche Landesbank NordicBank Sal. Oppenheim ir &Cie. 

GiroiencraJo Limited J 

Csterreichische Landerbank Pierson, Heldring & Pierson N.V. PKbanken International (Luxembourg) S.A. 

Postipanldd Privatbanken Renouf & Co. Rothschild Bank AG N. M. Rothschild & Sons 


Postipankki Privatbanken 

Xfctiembtab _ 

Salomon Brothers International 

Limited 

J. Henry Schroder Wagg & Co. 

Lanfaed 

Smith Barney, Harris Upltam & Co. 

IscaiponMd 

Society Gdnerale de Banque SJL 
Sumitomo Finance International 


Rothschild Bank AG 


SanwaBank (Underwriters) 

Limited 

J. & A. Scrimgeour 

Ziizazie^. 


L Bank AG N, M. Rothschild & Sons 

Limited 

Scandinavian Bank Schoeller & Co. 


J- « A. Scrim geour Skandinayjska Ensldlda Banken 

Sodete Bancaire Barclays (Suisse) S.A. Social© Generals 

Sparbankemas Bank Strauss, Turnbull & Co. 


Sun Hung Kai International 

Limited 


Strauss, Turnbull & Co. 
Svenska Handelsbanken 


Tradition International SA United Overseas Bank Limited, Vereins- und Westbank 7, Vontobel & Co 

Sugapon, AiSiocgcaidJashalt * 


M. M. Warburg-^rinckmann. Wirtz & Co. 

Wood Gundy 


Warburg Paribas Becker Westdeuteche Landesbank 

Incospeeued 

Y ama ic hi International (Nederland) N.V. 


inns, Caesars World and Bd)l> companies seeking to start in have some way to . p a ‘i nn “ s Bally onlhe -other- 
Manufacturing. Atlantic City had appUed for the Enterprises has had P** 5 f-J* J final 


AUanUc city had. applied tor the Enterprises n» ^ 0 7 el stLI1 to finalise the- fi^T* 

Final ty, as Wall Street vs* necesary permission from the. approved for Its tu in tuner ^ project viWdif 

preparing on Friday for the Nevada Gamin g Contxol Board, casino complex on JteJJgJ S 0 %^Som the on^iSaf: 

long Labor Day holiday week- This was Caesars World whose ff0 nt, but it is sull ne^otu « » v ture i0 order tor Sr 

end. a rumour swept the market Casino Caesar's Palace features ananc.ng Pinned opemng e JuJ 

that the New York Stock large in Las Vegas. . flat., is May. 19S»» v/lU ) e om,lt - — ■ ■■■- 

Exchange planned to invoke a At the end of last year, — 

75 per cent iomal mui-gm re- Nevada made into law a previous 

quirement on gambling stocks, regufcction forbidding State- BPaTHTl 23 1 1 « il •'V z 1 il 'A 1 1 T* 

l^he rumour was swiftly con- registered casinos from opening 
firmed with the announce- "foreign" operations' without its 

ment by Lhe NYSE ihai tt was consent Although it has been . - 1 • • • 

raUing margins from 50 per questioned whether this law Is - in , 

cent lo 75 per cent From today' constitutional, it .could .prove a ■ ■; L 

until Sepiemher 18 on some major hurdle. One of its main « 

gaming slocks. provisions is a catch-all clause B 

The NYSE has imposed, as ^cb says that permission ^can H S ffl B SSJOU 

from ne\t Tuesday, a 75 per cent be w,thheid in cases where BMW ^ , t f 

inaroin rt-nii>r(-mpn I im risitr “foreign Operations •• WOUld ... . . 


margin requirement on day ‘‘foreign* operations r - would 
trading in Caesar's World, damage the Nevada gaming in- 
Karra li *s. Playboy and Ramada . Pre , s “ T ? a + b h ly ^ a ^ a . 

Ions, la other words, specula- argue that the g^nwthi of 

tors must put up 75 per cent of Aga rt* City as a gaming_cenTre 
the cash to buv these shares P 05 ? 5 ^ ti * rea1, 10 ^ QVf ? in_ 
i “‘“ d 01 re,,,B * on tlrokers ' ^The” progress- of the Caesar’s 

Gambling shores tumhled in World U.fterj* »« 

the closing mtouLes or Fridays be '”« “-afehed w U. Jmerest. 
session The tuning of other companies 

Caesar's World headed the way plans for .Atlantic City is also 
with u loss of over 86 with uncertaio . tn ™ an - ‘^ ses - 
Harrah's close behind with over ^ ^ock? C RaS S??i 

' These moves seemed to point lister irtti^the^EC 

to growing doubts about the * ar 15 rcs'^ter wiuL_tne ohij 

gambling boom, based mainly on L^ ropos ^ 
the fact that, for all the excite- JJ 5 ™- 

menu Uttie is actually happen- figg,. & h^h m 

Although at least a dozen active List, is even less 

gambling-related, stocks are being PTJ*I2IS i “wi 
hectically traded, with five of Jgj- .™ e 
them appearing regularly in the - e ^- Were just looking At it 
most active list few of the com- Last week, the SEC. also took 
punles involved have much to (tie unusual step of suspending 
show for their announced intern trading in three companies who 
Cion to open casinos in Atlantic have expressed interest’ - in 
City, the resort whicb recently Atlantic City: Houston Complex, 
became the only place outside Network One (both of Los 
Nevada were public gaming is 'Vegas) and Ame/ican' Land~ of 
allowed. New York. The Agency ; acted 

As of the end of last week, “because of questions coilcern- 
only two companies. Bally and ing the recent unusual market 
Caesar's World had applied for activities in these securities" and 
gaming licences to t'ae New the lack of information about the 
Jersey authorities , excluding companies' . financial condition 


This announcement appears as a /natter of record only ■ 


Vfe are lhe wholly-owned subsidiary in Luxembourg of -si 
6aoische Kommunale Landesbank, a. leading Genrab '.^ 
bank headquartered in Mannheim. Our. EufotanJttng-^X 
services include— - • ... 

Syndicated Euroloans 

In line wilhpevalenl market as well as fixed-interest 

conditions and specific security trading. 

client needs, we manage To find otrt more about our 

or partiopate in selective Eurobanking services just ■ f .-/ 

rnfemafionai loans arrang- contact: . * . 

ed eilher on a fixetinnlerest nr v s 

basis or as a roll-over credit • DnK krappe-- Managing - - : =- 

faolity for borrowers requir- ^5“* ■ . 

ing a flexible choice oi cur- Syndicated Eurdoans, . 



mg afiexioie cnoicei 
rentes or matunties. 


LOtewanr- 


Complementing our diver- Money market and Foreign 
sified Eurocredilcapabililres exchange dealmg; 


rn Luxembourg, we are also 
active in rnoney market and 


, Dr. H. Braun - - 


loreign exchange dealing, Security trading 

BADISCHE 

KOMMUNALE LANDESBANK 
INTERNATIONAL S.A. 

25 c Bd. Royal-- RO.Ba-: 626 - Luxembomfl-Vilte -TeL: 475144 . 

Tetepbane: 475315 (Deatersi t .■ ... 
Telex: 1791, 1792 (Dealers). 1793 (Croats). I 


-icr-ifn 

LV^ t»li* 


\ 


t.m.' . '' U *.! : 



The Kingdom of Morocco 


US$300,000,000 

Medium Term Loan 

Managed by 

BankAmerica Interaational Group 
Amsterdam-Rotterdain Bank N.V. 

Bank of Montreal 
Chase Manhattan Limited 
- DG BANK. Deutsche Genossenschaftsbank 
Banque de la Societe Financiere Europeenne - SFE Group 
Standard Chartered Merchant Bank Limited 

. Co-Managed by’ .- • • • 

Bank fur Gemeinwjrtscbaft AkdcngeseDschaft 
The Bank of Tokyo, Ltd./ Banque Europeenne de Tokvo 
Banque Europeenne de Credit (BEC) 

Banque Marocaine du Commerce Exterieur/ Societe Generale 
Banque Nationale de Paris 

Barclays Bank International Limited 
European Arab Bank (Brussels) S.A. 


- -. “A 




Bank of America NT & SA 
Bank of Montreal Group 
DG BANK International ■ 

Societe Anonyms 

Standard Chartered Merchant Bank 
Limited. 

The Bank of Tokyo, Ltd. 

Banque -Europeenne de T okyo 
Banque Nationale de Paris ' 

Barclays Bank international Limited 
Societe Gdnerale 

Canadian Imperial Bank of Commerce 
(International) S.A. 

The Fuji Bank, Limited 


Provincial Bank of Canada (International) 
Limited, Nassau 

European American Bank and Trust Company 

The Bank of Yokohama Limited 

Credit Lyonnais 

The Mitsui Bank, Limited 

East-West United Bank 

(.Banque Unie Esi-OuesL S. A.) 

Allied Arab Bank Limited 
Bank of Scotland 
Gulf-Riyad Bank E.C. (Bahrain) 

Iran Overseas Investment Bank 
Limited 

Nippon European Bank S.A. 

Trade Development Bank, London Branch 


Provided by 4 -. 

Amsterdam-Rotterdam Bank N.V. 
. . T? e Chase Manhattan Bank, N-A, 
Societe Financiere Europeenne Finance 
• - Company N.V. -SFE Group - 

. Bank fur Gemeinwirtschaft AG 
■ London Branch 

Banque Europeenne de Credit <BEC) 
® anc l u e Marocaine du Commerce 
Exterieur (Paris Branch) 
European Arab Bank (Brussels) S.A. 
Standard Chartered Bank Limited 
_ ■ - , Citibank N-A. 

Compagme Financiere de la Deutsche Bank AG 
The Mitsubishi B ank-, Limited 


The San\va Bank Limited ‘ , . 

. , ^ Saudi International Bank . v.S':-. " •; 

AI-Bank Al-Saudi ALAlami l.imilal T _ 

Barclays Bank S.A., Paris - : - . ^ ' ' 

Midland Bank Limited. .. 

T k , Toronto Dominion Bank u-./ 

international Commercial Bank ‘Limited ' ■ fbj -.'.'- . 

Alahli Bank of Ku wart K.S.C. ■ . '■ 

Asien-Pazifik-Baiik.AG . . 

Banque Internationale i Luxembourg - ' -{f .' \- 

Socidte Anohyme / ' ; : v ' 

Landesbank Rhcifllaad-PWz imd' ; r : i >i-r •. ■ 
Saar. International S;A^ -: - 

N ordfinanz-Bank Zurich. * v- ; i : "t. • 

UBAF Arab AinfixjcanyBank’T:- t ^ v 


Agent 

Bank of America International Limited 


•Y;;v’mV> 


dugustJ978.J •T-yVa 











tot ■; -5 k 


u «art . 

'Qot v« * fc 
* 


passes 

interim 

dividend 


Record profits again 
from Petersville 


. TOKYO, Sept. 4 . 


} BY: OI^^OWK COWUSPONpENT SYDNEY, SepL 4. | 

} PRTERSVS j - E ~ , Australia, tbe by the directors to the successful imported fouds showed a healthy 1 
! diversified ;f<tod products ’group, munching of a number uf new inercusu on the previous year."; 
i has reported. Its third successive products, continued emphasis 0 n The result wan also affected 


The result was also affected ; 


Growth at 
Philippine 
commercial 
banks 

MANILA, Sept 4. 


Further improvement at 
Adelaide Steamship 


BY OUR OWN CORRESPONDENT 


SYDNEY, Sept. -4 


v ? r 0n, Pl 


paid a first-half I mSi lBSl ,WrS P roni *?mn»nce- ma j or 'viihinUui ors“ to "eai niii^s. (iidjusteT' 7 o/' ”‘th 7 “TncreaI«d ! SrtWtb rate for the total bankii 
no ^sinr,, “interim dividend of Y 3 last year i Z. . • .. . , . Although results were slightly capital). No l tangible asset back - 1 system* central bank said. 

n "w Last wfwtr Mitcihichi The latest .result Is attributed lower. sales of Soium in ine was steady, at Asl. 4 u. i It- said that demand for fun 


Vwith £? vtoiV SrdfitTndounctv an d Presto smaltgoods wore share, against 15.T cents a share : 5,6 per cent resulting in a lower; profit had doubled in the last two 
"i«5ii • Wr ■ major run inliu lore to earnings, (adjusted for the increased i growth rate for the total banking I 


ADELAIDE STEAMSHIP Com- years. "The board is budgeting eludes contributions from two 
i pany. the industrial group which for further overall improvement subsidiaries. Rayners Holdings, 
has been following an aggressive in the current year notwithstand- The engineer, and chemical 1u\d 
diversification programme, has Ins that tax expenses will food offshoot, Abel Ldrtl&fl; 
i raised its dividend after a 22 per increase." they said. Tax rose amounting to AS4SS.0Q0. ’The 
; cent profit rise in the year to from AS655,000 to AS937.000 after result excludes extra ordinary 
’June 30. allowance for trading stock items of AS4.G3m (A$3JS5nr pre* 

Group earnings increased from valuation relief of AS192.000. viously). interest of A$3m 

1 AS4.44m to ASdJffm lU.SS6.lra ). . (AS2.3m) and depreciatioh of 

- The dividend is up to 10 cents a The group, whicn operates in ^31.42. 

1 slum? after the interim payout real estate, towage, engineering, 

rise from 3.75 cents a share to building supplies, agriculture Directors said that .Jps 
; 4.5 cents and an increase in the {vineyards), spectacle manure- majority of extraordinary items 
; final dividend from 5 cents to luring and investment, reported represented profit on the sale 
. 5.5 cents. a 60.4 per cent sales increase, of Coal and Allied Industries 

Commenting on the results, the AS40.33m tu AS64.69m and capital sains arising from 

: directors said that the group's (CS.S74.4ni > the nierser of a section of “the 

; profit had doubled in the last two For the fir.'-t tune profit in- company's towing interests. 


v orii v - Last week. Milstbishi Heavy c auics m nucuuun ing was sicaay 

r -^hri J* ndusiriesjfMHI) said that it pro- ! __ ’ . • I ~~ ~ 

|[ is « lhj ? 5 n ^>epte , n2b« , 3<2 (Y3 in the previous 1 Sharp expansion at Bank Leumi 

H>’ ea r). because of a slump in its ftV , 

1 Jh<? Qr . -hipbulldlng division. -.4- BY L, DANIEL - TEL 

ord^f Other major Japanese ship-: BANK LEUMI LB-ISRAEL— the this year, as a result of the per cent bn mis 
EHnuilders arc .Thought likely to. country’s largest and coldest raising an the- M nek exchange The latter wil 
akc similar decisions. ! bank— has reported - d J 1G7 per of I£900in for the bank itself m the final divide: 


i It said that demand for funds; 
^tO service credit needs and; 

| investment expansion and to ! 
) settle maturing money market 
; obligations and other borrowings! 


Dead Sea Potash ahead 


BY OUR OWN CORRESPONDENT 


TEL AVIV. Sept. 4. 


Advance at 
Solel Boneh 


BY L. DANIEL 


PROFITS of the Dead Sea shares. Nearly all of this will; B V ° ur 0wn Correspondent ' 


.^vwiiu/a IIIRWI -t Uii UIP - Mill*. CALildimv IUC AU IK Cl Will UV CUUC.XCU lu l n pr pant i 

! bank— has reported - * J 10T per of l£900in for the bank itself in the final dividend and any otberl p Tvwnc and inv<M.ti»»n« e 

; M T.* TOa in Kr 'mnen Mar ,n>l /.r l(TU n . I.1.J7JL ilO»hS_ flnO iniOtiUentS Went 


Sales of potash increased by . . ., uvl „.„ ul 

45 per cent to 1.25m tonnes. In a “ d,tl0n - nf ar F t '- m w ?*!in 1B77 of JErJOrn compared 
Expons, which accounted For f56 P aid 10 ‘-he tjovernnient i£i59ni in 1976. This is not 


Government body for publicly , SOLEL EONEK — the largest 
held chemical concerns which j construction company owned! by 
also includes Negev Phosphates. ! the Histndrut. the Israel Labpur 

Federation— made a net profit 



ibout 40 per cent, it was'toral at the end of the financial annual balance sheet also shows 
pmnmced'. last month. This : 5"car. on December 3 L was a sharp growth in savings 
ollows the release in July of-.l£152brL The rise on the year deposits and in furcign currency 
apaoese Shipping and - SMp-i ls double that In the cost-of- dennsits of Israeli residents, 
milding Rationalisation Council Miring Index - Despite the dilution of the 

•Ians to cut the country 1 * ship-.'-. Deposits grew similarly— from etiulty, the bank expects, in the 
building capacity by 35 per cent , ti^bn ori June 30.1 1977. tn absence of unforeseen circtuu- 


"uiklers 
•or cen 


-u -sfr.bc^c- he Iar 8 e shipbuilders reflects 1£49bn to I£75hn.-'(o I£94bn. inter! mof 7.5 per. cent in cash tains and repairs some GO.Otr 
«Q:ng rJ" heir scope • to redeploy' Capital funds also. -dpanded sis- t payable also on the bonus shares panties— totalled $47m. and net 
:r Eupia.-, /0 * , ' k ^ ,ts - ■ - ' ‘ nificanlly in .the firsr “half «f issued in May 1978) and a 20 profit came to the equivalent of 


'■ 1 * -Wliiifjj 

- nc. 

"■0'S abac- 
's SiM-V;,.. 




5 -*" r -3 s 


-n 


N..A- 

>- • 

tr:«3fr‘ 

r 

V >1 

ir ' 8^ 

;t:n^ 

• ij&K 

«! «$ 
.:t i? 1 ** 
’ u ii-ri? 

i.^ 

■ ii' 

-- \V 

s -:Vj' 

c& Cr 


TsL iumamKa if warden!/. 


Nagrafin Bank Limited 

U.S. $30,000,000 

... Medium Term Loan 

■ • • . Guaranteed by 

• BaneaNaaokmale deirAgricoltara 


Arranged by 

London & Continental Bankers Lt^, 


-. -Provided by -j 

DG Bank International 

. StaitiJnDTjKt ■ ■ ■ 

• . C 2 nStKt Agricolc (GNCA) 
QHyerfiti.ve.Geia rale Raiffeisen Boer enleenbank B A. 

(Gatrok Rnbobrnt) 

■ Bank Europaischer Genosscnschaftsbaiiken 
G enoMepacjiaf iliche Zentridbank AG * 
London & Condncntal Bankers Ltd, 

. - Gaisse Centrale des Banques Populaires -' 


London & Continental Bankers Ltd. 


mmmREPOKr 



The Group proddbes the widest range of qualityleathers vritich itsells to 
leading footwear dothingi glove and acc ei sory joannfa c hirers in nearly , 
40 Countries.. Sixmoritfato Sixmonihslo ’ ^carlo 


Six months to Sixmonihslo 

30 June 1978 3Ujuuel977 


Sales . 

Pr^I^orelks 

Corpopationlkx 


£ r "£' 

7,922,984 93% r 426 

582,397 1,137,322 


■^carlo 

ia December 19V7 

£ 

17,159,720 

1,694223 


(529b; and tax oh ... 
fbragntshbsdiarits T 

Pixfitafterlkx 

hiteidmlMvideiid 


299,133 586,700 -872.710 

£ 2 8^64 £ 5 50,622 £ 82^,513 

- 91,594 82,434 198,694 

- 3.7p 75p ■ 11.2p 

• ihr oixK-t: jigarcxfiarfl npt brrn aiwilcd J 


Restffts-Sidesfortiie^ixmondis f o ' 
30junel578were£Z^2^4.TliereWa5 
only a mqdestr^uc&Mi fehome turnover 


jnsomemajket^in|HuticulartlieySAaiid 
Canada, duetqttoownj^xmoniic 
problems- Neverthitefc^ :. 

accounted for 36% of trie total General ... 
trading con^liotBren^^diffiqiit 1 J .. 
duringiheperiodvri&sutiadsed. : 

difficulties at ' • . 

due to die disruption caused bytfce extensive/. 
rn odemlsation progiamhieanu the ; 

mtegradonof - : v- 


formerly ca rri cd-outbyWiggins Tlwmas . 

.' Limited at Croydon. ‘ - 
Prospects. Pre-tax-profit, at £582.397. 
altlujugli substantially lower than last years 
record first-half figure was nevertheless an 
improvL*ment oo the second six months of . 
,1977. Current indications for the second halt 
ofl97S arc thatsalesin the home miuketwtl 
show an impruvemectand that exports 
should be at least mamtamed Accordingly, 

' - we expect tlieprofitfor thesix months to 
31 December 1978 to lacceed'that oX the first 
sixmontiTS- : 

Dividends. Interim of4^9379^adec]ared. 
with additionall977 dividend of 0,1012 Mw 
payaWq2Januar^l979l,- • 

■ ' " 1 '" ' • ‘ • . SC J.lSUanl. Chairman. 


EUBUDOLLiVK BOND PRICES 

STRAIGHTS M WBr 

■'Iran AUHlrdllx Pipe 19=« 971 

AMHV Rpr IW? Mi Sj| 

\UMrali.i Mpv lOVJ 94 91." 

Auiirallaii M. & S. DIPT ‘93 M! 

B«M»ys Ran* Dine 1MC .. 93i 9C> 

RDirau-r Tint I9B3 . OS* 89 

Can X. Railu-ay SJpt - iPSfl 9i i 98 

frixiit National 8)nc 1986 . I? t7l 

Denmark Sipc I9S4 971 9M 

Ett One \WS Mi 1001 

ECS Siix- 1107 95f 981 

EIB RJpc 1992 M W) 

, EMI 91k.- 1889 98! 99 

I U.irff»n S!dc 1989 981 974 

If -xu 8pc I9« Nov. ... 99 991 

l*r Lakra Paper Mpe 1984 - 98} 99 

•f.inn-rxley Bipe 1992 .. IDO] |01J 

Mvtjra Qncbee 9pc 1993 .- 9SS 874 

in 6!i>c I9S7 95i 96 

1SE Canada Wpc 19S8 1021 1031 

Macmillan Btowter »pc 1992 971 9Si 

Massey Knrgnson 94pc *91 97| 864 

VlrbL-Iln 91 pc 1988 ... . B9i ]M 

Midland Ini. Pin. Sine H2 971 98 

Nsiimul Coal Bd. Hoc 1987 93i 941 

Narioaxl Wstmiuir. 9p»- W 106} iai 
Nall. Wsimn-nr. «pc l-i -B’ lull insi 

NeufOundlarM 8 pc ISSV .. 994 190 

Xnr>lH- Inv. Hami Slpc IMS 974 98} 

Xnrqps Kom Hk. S.'pc 1 IW2 93} Mi 

Nomine Sill 1989 Mi 97 

Nor* Hydro 05pe 198-.' .. 93 93i 

K.i 9 jh- 1988 99} 100} 

fnrti. Amontunea 9nc 1991 98} 99 

Pro*. Quebec Bpc IB9S Ml B74 

Prne SaMutcJnrn 8|pc ‘Sa 974 98} 

Heed International 9nf 1987 93 93 

RHM 9pc mt ,944 83} 

Selection Trusr »;pc }S8> . 9i| 021 

Shell lml. Fin. Slpcr 1990... 95 95i 

Sknnd. Enskllda Doc 1891... 991 109 

SKK Bpc 1987 ... 91J 92} 

Sweden iK'rtnm'' Sipe-1987 95* W 

United Hlwultn Bpc 19S8 .. 97§ 9S} 

Volvo 8 pc 1387 Manrb 93i *4i 

MOTES _ 

Awaralla TJpc 1884 83 . 93} 

Bell Canada 7lpc TBS7 .... 95 931 

Br. Columbia Hrd. 7JPC , 83 93* Mi 

Can. Pac. 9 »dc 1981 . .. 97} 984 

Dow Chemical fine IBM _. Ml a«i 

UCS 7IW" MBS ..I: Ml. Ki 

ECS 8} Pc 1989 M " " Mi 

EEC Tiptr 1982 954 98 

EEC 7lpc 1PM * Mi 95} 

Enui (lUUri Pipe IBM Ml 981 

Couvcrtcp 7jpc 1982 ...... 95} . M 

Kodnuns Spc IBJtl - 96} 974 

Mlctwlin. Sine UW3 M 984 

Monin-al Urban 8}pc 1981 98 991 

New Bnunwlrk Bpc 1984 98} 97 

New Bruns Pro*: Slpc *83 98 981 

New Zealand 8}jn. - 1986 93} 98| 

\orrflr Inv Ek. 7(pe IBM M 941 

Norsk Hydro 7 Joe 1982 951 M} 

Norway 7*pc iwa 94} 95 

Ontario Hydro 8 pc 1AS7 - Ml Mi 

Staser Sloe 1982 ' ' Mi 99* 

S. P/ Scot. Elec. 81 DC 1B81 B8 881 


Sw.-rtu iK'donn 74 jh; 1952 

93} 

9rt 

Saiijlsh SiBtc Co. 7 Jj>p '82 

si: 

. 984 

Tl-Iimps Bipr 1B54 

98i 

Ml 

Tennew 7lpc mi M*y .. 

fill 

924 

Volkxwaievn 7I»c lfl«7 

944 

«M 

STERLING BONDS 



Allied Breweries MU pc T» 

89} 

904 

ritlmni iBpc TM3 

914 

924 

Courtaulds Mpc lBfiO 

89} 

*» 

ECS Slpc 1983 .- 

924 

934 

E1B BJpc ,|9W 


074 

BIB Bipr 1992 

«1 

031 

Plnann- 4ur lml. 91 pc 1987 

Ml 

91| 

h i nance for tad lflpc 1B39 

94 

93 

- Ftsous lIHpc iaS7 ... 

974 

m 

fipsicmcr llpt- tao8 

924 

m 

IKA lOpc 19PS 

911 

921 

Routllriv 18jfW 1988 

M 

93 

Sort. 19 1 pc 1098 ' 

■11 

923 

Total Oil 94pc 1BV4 

394 

Mi 

|dh bonds 

| Asian Dcr. Cant Slpc 1SSS 

921 

Ml 


B.VDE 6JPC IBM M| I 

Canada 4|pc 1983 98} ! 

Dt-n Norske Ind. Bk. Ope *90 98; i 

Deutsche Hank 4£pc 1983 .. 972 1 

ECS 51pc 1990 92} « 

RIB Slpc IBM 93} t 

Eli AqutlHine Slpc 1888 ... 93 { 

Enralom Slpc 1987-^;., •• 97} ! 

Finland SSpc 19!W J ... 944 1 

Forsniorta Sint- TWO W ! 

Untlia Bpc 1985 . 93}- | 

Norccm Slpc 19SB ; 98 . ! 

Norway 41uc 1083 - 98} I 

Norway «pc 1982 — SB l 

PK Baukvli SSpc 19S8 91} < 

Prov. Quebec flpc IBM. 9(1} I 

Rmnarunkld BSpc-lWN ' . ... S3 I 

Spain dpc 19S8 . ..... B3| I 

Trondheim ajpc 1833 4*4 . • I 

TVft Power Co. '6oc 1983... 9B I 

Vem-eucla flpc IBS8 M| , 1 

World Bank 5Jnc 1890 .... 99} . ! | 

l ■ - . 

PLOATIHC RATE NOTES 
Bank, of Tokyo 1084 84pc ... 89 ! 

BFCE lM4r97ie.9C B94 I 

RKP 1B33 95MK-- ' Ml II 

BQE Worms 1983 9pc 93 1 

CCK 1985 dine Mi . t 

Chase Manhlln . *93 90«pc B7i I 

rmltutanii I9M sjpc .... 93} . l 

DR Bank IBS? 9m 99; II 

R/.q 1W1 Mpp W] .11 

ind. Wesrmlnsier 1884 Sim SB} - i 

Llurds 1882 SIS16PC 9«; 11 

i.TQB IBM Micpe — .. «}- ■ 1 
Midland im. -fs S 7 e«wpc ■ Wi i 

Mifflaisl im. FS **! BilfiOC. 9S4 1 

Xar. WhtraiiBrtr. do 9 ^k mi ! 

UKH IIW3 Ww MI ]| 

sncf ibss BSmpv m i 

Std. and Chlrd. '54 99} j 

Source: Whim' Weld SecttritlOL - 


CONVERTIBLES 
.VimTlean Express 4 Jdc ’87 
Ralx-wk i Wtlct* rDC *92 
Hi’atrtee' foods 44 pc. 1993.. 
BesirtLi 1 Foods Hoc 13K.^ 
fleeebam fljpe I09£ ....U...... 

Barffen;5j»' 1993 

Bmadwsr Bab> irpc 1987 .. 

Carnal km 4pc 19S7 

Ctiovrqn Spc 1B58 

Dari 4} pc 1887 . 

Eastman Kodak 4tK 7)088 
EcflBomu; Labs- 4ipe 1W7 

PIKSMIM Jibe IlKS- 

Fo«l Spc -m» ...» 

Reftcral EJttVlrie 4apc 1037 
UiOeile 4ipc 1S87 
Could Sue 1987 
Gnlf and Western Sac IMS 

Hards Ape 1992 ...... 

Hih1oiwi:I] fine 1856 

ICr Oipc 1932 

IMA. dtoc 1897 

lochcABA Cipc 1BS2- 

rrr -iipc 19» - .... 

Juaca toe' 1982 
KbnioUfli. 71 oc IBM 

J, Bay JUpDernuu'iRpc ®7 
Source: -Jtidder, Peabody 


914 52 

Hoi U«i 

182 ■ ;wi 

1154 ISO 
1U9} 110}' 

w »4 

744 . ,M 
75 764 


1394 131 ' 

R74 69 


1134 - 1!3 

n 854’ 

143 144 

1454 146) 

‘ 148 ' U0 
Seciritfe. ■ 



itch 


Mainstream operations span the 
principal sectors of the Food 
industry-* Manufacturing, 
Wholesale, Retailing and Poultry. 

* AGM -The Connaught Rooms, 
Great Queen Street, WC2. 

• 28th September 1978 at 12 noon. 


Highlights 1977/78 

From the Annual Report & Accounts 

for the year ended 29th April 1978. 

* Sales- £501 m, equivalent to an increase 
of 14%. 

■H* Profit Attributable -£3.051 m compared with 
£3.373m. 

* Overall result- a creditable performance in a 
difficult trading year for the Food Industry but 
a temporary check on the Group's growth. 

* 'Ordinary Dividend 

Recommended Final -2.81243p net 
Total for 1977/78 - 4.09019p net 

increased by 10% 

■K* Higher level of future capital expenditure 
supported by strengthened Balance Sheet. 

Copies of the Annual Report & Accounts may be obtained 
from The Secretary. Fitch Lovell Limited. 1 WesiSmithfield, 
London EC1A 9LA (01-248 6431) 


THIS ANNOUNCEMENT APPEARS AS A MATTER OF RECORD ONLY 



OFFSHORE MINING COMPANY LIMITED 

US$350,000,000 

MEDIUM TERM LOAN 

GUARANTEED BY 

NEW ZEALAND 


MANAGED BY 


CITICORP INTERNATIONAL GROUP 


CHASE MANHATTAN 

ASIA. LIMITED 

ALGEMENE BANK 
NEDERLAND N.V. 

CANADIAN IMPERIAL 
BANK OF COMMERCE 


COMMERZBANK 

AK.TIENGBSELLSCHAFT 

BANK OF NEW ZEALAND 


S.G. WARBURG & CO. LTD. : 


THE FUJI BANK, LIMITED 


CALIFORNIA FIRST BANK 


LLOYDS BANK INTERNATIONAL 

LIMITED 

IB USdCUIlOO with 

THE NATIONAL BANK OF NEW ZEALAND LIMITED 


MIDLAND BANK 

L IMI TED 


THE INDUSTRIAL BANK OF JAPAN, LIMITED 
NATIONAL WESTMINSTER BANK GROUP 


CHASE MANHATTAN BANE, N A. 


ALGEMENE BANK NEDERLAND N.V. 

CANADIAN IMPERIAL 
BANK OF COMMERCE 

THE INDUSTRIAL BANK OF JAPAN. 

t.TMT TKD 

TORONTO DOMINION BANK i 


AND PROVIDED BY 

COMMERZBANK INTERNATIONAL 

SOC1ETS ANONYMS 

BANK OF NEW ZEALAND 
LBI FINANCE (HONG KONG) LIMITED 


THETOKAI BANK, LIMITED 
TORONTO DOMINION BANK 


THE FUJI BANK. LIMITED 


CALIFORNIA FIRST BANK 

MIDLAND BANK 
LIMITED 


THETOKAI BANK, 

LIMITED 


NATIONAL WESTMINSTER (HONG KONG) 
LIMITED 


AMSTERDAM -ROTTERDAM BANK N.V. ' 


THE BANK OF NEW YORK BANK OF NEW SOUTH WALES 

THE COMMERCIAL BANK-OP AUSTRALIA LOOTED LTCB ASIA LIMITED 

THE NATIONAL BANK OF NEW ZEALAND THE SANWA BANK, LIMITED 

„ - LIMITED 


AUSTRALIA AND NEW ZEALAND 
BANKING GROUP LIMITED 

CITIBANK, NJV. 

THE MITSUI BANK. LIMITED 

THE SUMITOMO BANK LTD. 
HQNQ KONG BRANCH 


THE TAIYO KOBE BANK, LIMITED ASSOCIATED JAPANESE BANK (INTERNATIONAL) LIMITED ; 

, gANQUECANADIENNE NATIONALS (BAHAMAS) LTD. INTERNATIONAL ENERGY BANK LIMITED , 

THE NORTHERN TRUST COMPANY THE YASUD A TRUST & BANKING COMPANY LIMITED !. 

. ' AGENT . . . ' j | 

ASIA PACIFIC CAPITAL CORPORATION LIMITED 

A MEMBER OF CITICORP INTERNATIONAL GEO UP - '; 

AUGUST 4,1978 


.. 




HffPSSKHW =ni * M« n a> 


Trt 



fioancitf Tuesday ■Septemtier: 5 1978 


I CURRENCY, MONEY and < 

SO 

LI 

j MARKETS 


To: 

/ John ’Waring, 
Financial Times 
^ Surveys, 

Bracken House, 
.lOCannonStreet, 
LondonBC4P4BY. 
Tel: 01-248 8000. 

Please send me details of forthconring 
FT Surveyb.I am particularly interested 
in the following indus tries/ countries/ subj ects : 



Some people may 
'X/* regard mosr newspaper 

supplements as little more than a means of 
increasing revenue. 

We know diff erently Judging by the 
amount of requests we get to produce an 
FT Survey on various industries and 
countries, we know our surveys are taken 
seriously by readers -and advertisers - 
around the world. 

An FT Survey offers a once-a-year 
occasion when we can stand back from the 
pressures of day-to-day news, and present 


an in-depth analysis of all that is happening 
within a particular subject. 

Which explains why FT Surveys are 
highly regarded as an essential source of 
tacts, figures and authoritative opinion. 

Why they’re so widely read, and often 
keptlong after they’ve appeared in the paper 

And why an increasing number of 
advertisers find diem such good value tor 
monev. 

FINANCIAL TIMES 

EUROPE'S BUSINESS NEWSPAPER 


Sterling and 
dollar quiet 


THE POUND SPOT 


Conditions in . yesterday's 
foreign exchange markets were 
very subdued mainly as a result of 
a Labor Day holiday which closed 
alt U.S. centres. The dollar looked 
slightly softer in early trading 
although there was no real 
pressure on the UJS. currency and 

very little in the way of fresh 

factors to prompt much move- 
ment. During the latter part of 
the day, the dollar came hack to 

finish on or around its best leveL 

In terms of the Swiss franc, it 
closed at SwFr LB 120 compared 
with SwFr 1.6075 on Friday. The 
West German mark was. barely 



changed at DM. 1.9800 against 
DM 1.9805 previously. The 
Japanese yen showed a slight 
improvement at Y 190 .35 ' from 
Y 190.90 on Friday. 

Sterling traded quietly and 
opened around 81.9500 against the 
dollar before easing to SLMoO 
during the morning. At one point 
it touched $1.9525 but .concern 
over any possible TUC rejection 
of the Government's future pay 
guidelines saw sterling decline to 
$1.9445 before recovering slightly 
at the dose to SL946O-L0478, . a 
fall of 30 points. 

Using Bank of England figures, 
the pound's trade' weighted index 
fell to 62.3, a level held all day 
after Friday's close of 62.5. On a 
similar basis, the dollar’s index 
eased to R4.1 from S4.3. 

FRANKFURT — In extremely 
light trading the dollar showed 
little movement and was fixed at 
DM 1-9721 compared with the 
previous fixing or DM 1.9865. This 
«as above the worst level reached 
during the morning of DM 1.9655 
although market sentiment 


showed very little hope of any- 
thing but a resumption of the 
recent downward trend. The 
market still awaits some positive 
move from the US. authorities to 
support the dollar. The current 

weakness of the dollar pushed the 

Swiss franc to a record level 
np»ing» the D-mark at DM L2346 

In later trading the dollar stood 

at DM 1.9775. an improvement 
over its fixing level al t ho u gh 
movements tended to be exag- 

gerated by the very thin condi- 
tions. 

ZURICH— The dollar was above 

its worst levels around mid-day 

after falling sharply earlier on in 
very busy trading. Market sources 
suggested that the lack of any 
positive news after the weekend 
had tended to dampen the U-S. 
currency, and that the partial 
recovery later in the day was 
probably a result of the market, 
becoming- oversold. The dollar 
was quoted at SwFr 1.5910 com- 
pared with the morning’s low of 
SwFr 1.5800. The West German 
mark was also stronger In dollar 
terms and the latter may have 
received some support from the 
Bundesbank. The dollar stood at 
DM L96B21 after a low of 
DM 19640 during the morning. 
Sterling was steady at 8L9500 
while the Japanese yen was 
quoted at Y190j25 compared with 
Y1 90.45 earlier. 

PARIS— The dollar closed up 
from its lower levels against the 
French franc In very light, and 
featureless trading. Towards . the 
dose, the U.S. currency was 
quoted at Fr 4.3160 compared 
with Fr 4.3025 mid -morning and 
Fr 4.3400 on Friday. Storting 
finished, at BY 8-4160 against 
Fr S.4450 on Friday although 
there was little reaction to the 
fall in UK reserves. In August. 

MILAN — The dollar was sharply 
lower against the lira af the fix- 
ing despite supporting interven- 
tion by the Bank of Italy. The 
U.S. currency was fixed at 
L829.45. down from Friday's 
LS34.30. 

TOKYO— The US. dollar dosed 
slightly lower against the 
Japanese yen at Y190.70 com- 
pared with Y191.30 on Friday at 
the close, and after opening yes- 
terday at Y 191.30. 

AMSTERDAM — The dollar was 
fixed at FI 2.1420 compared with 
Friday’s fixing of FI 2.1550. 


UjS. 5 . , 

Canadian S) 
Guilder 
fietgtuF- 
DaS»h K. 
D-Mark 
Port. Sec. 
Scan. Pet. 

MnrauK. 
French Fr. 
SnedlahKr, 

Austria. Sohj 
Swire Fr. 


Day's 

■ 1 

September a spread 

dm g 


18 

8 

18ia 

7 

Bis 

8 . 

1* 


rijjft 


Itsssss 

4 . 161 * Zli 
80.2frSO.7S 
TOJfr-10.82 
5.85-5.8613 
, 87JM8JMJ 
MSLW-MSJO 
1. STS- 1.619 

10. 18-10. IB 

8 - 58 - 8.45 

8 ^ 7 - 8-6212 

568-576 

27.66-27-85 

WM.fl.14la 


■Clan f 


1_SM0-1JM78 

hJZS7S44UBG 

S7l7ia-4.T8ia 

fiflJB-80.70 

1B.Sft-1fl.BD 

WK-S.S6 

87.SS4UQ 
142.0O-H2.7O 
1. 917-1 jra 

10-15S-1D.143 

MUs-WSDs 
Bjee.ai 
57IW72 
27.7027 JO 
l5.1Bl4-e.14U 


■waipian tate is for convertible franca. 

Financial tram Q2.854S.75. 


FORWARD AGAINST £ 


One ramm" 


S PJ.J2UB0 


0.4£JL52c.ptn1 2.28 !i.87-lJ7c.i 

(L6M.«c.pin 2.41 t.«-L50n.pnd 
SU-Ua c-p«« - B-t; teBa«SBo.pm 
20-ID c.pm 1 2.57 .p[i-Mc::pni 
1-5 one die 
Bia-ITarf P« 

7fr.17Bc.dla 


cvila 
1A-5* liredh) 

1 iorepm.tdi»| 

2*-l4 c.pm 
2j-i ore pm 
5 JJ0-2.7D ypm) 
15-S XTU pm 
5Jr2s c-pm 


-2.27 fe-iioredii 

r7.csam5nji-.di* 
Ui4JHims20c. l u B 
-1.BB Pi- 71 lire tils 
B-1 rev pm 



% F-»- 


- £ 


2.71 

2.41 
4. B0 

, 5.W 
1 — 1^2 
1.9 1 
— 16.59 
I — 7_B7 
I — 1.56 
0.79 
2.58 

a.oi 

8.95 

4.80 

10.84 


. Six-month forward dollar — 6WL53c 
XS-monh 4J90-4.70c pm. 


THE DOLLAR-SPOT 


Canad’n I* 
CnUder 
Belgian Fr 
Danish Kr 
D-Mark 
Port. Es 
Lira 

Pl rwgn. Kr 
French Fr 
Swedish Kr 
Yen 

Austria Sch 
SwhB Fr 
- -OA 


cetxui per CsosdttB S. 


FORWARD AGAINST $ 


One mouth 


pa Three months 


1 

h$4 

H9 

§ 


-B.». S 
328- , 

^ J 


(4854535 

B.984L93pf pm 

539 

2.71rZ66pf pm 

536 

827^629.10 

SJM64JM5 

829.2M29.ra 

5aW543MS 

ZhO-AWniredle — 4SJ 

835-9 39 Iredls -4ft, ? 

43(70-43129 

4405-44164 


4A24J2cpm 

ms 

OJSc dls-par 

-9.0. 1- 

194200M3V 


135-LBSy pm 

6.78 

3.152.95c pm 


1 6WM.WPB 


L200U6C pnt 

U9 

3323328c pm 

us e 


CURRENCY RATES 



Special 

European 


September 4 

DrmdM 

Uniter 

September 4 

Rights 

Account. 



Sterling V- 

UJS. dollar — 

rjn»Hinn dollar ... 
Austrian schUilng 

Belgian* franc 

Danish krone — . 
Deutsche Mark ... 

Guilder 

French franc 

Lira 

Yea — — 

Norwegian krone 

Peseta 

Swedish krona 1 

Swiss franc 


— 0667650 

— unu 

— 149600 

— 1X62U 

— . - oiwm 6 

— 7.06X99 

— 25UM- 

— 2.78690 

— 5-61228 

— ' 1879 JL 

— 207.487 

— 4.7U6B 

— 95Jt» 

— 5.7405 

— 2J8VO0 


CURRENCY MOVEMENTS 


Bonk o t Morgan 
England Guaranty 
• Index Cha 


Sterling 6ZJ* (loavallaliio ' 

UJS. dollar M J7 

Canadian dollar 8LSB » . 

Austrian schWfns 140.97 a. 

Belgian franc HO-?® - 

Danish krone ......... 11425 - 

Deutsche Mark ifllil - 

Swiss franc ' WLft ., 

Guilder ilftOT - 

French franc ...... 188.23 .. . 

Lira 55.94 H. 

Yen 15303 

Based on trade weighted changes from 
Washington agreement December, 19T1 
(Bank Of Wn fltanrt Inder StlHli. , 


OTHER MARKETS ? 

Sept. 4 

‘ L 

1 

‘ £ T 

Note Haws I* 

Ainitmlbi Dollar-.. 
Finland Markka.... 

Brasil Cruxturo 

Greece Drachma.— 
Hong Ron; Dollar. 
Iran Rial — — .... 
hVmit OtaarTKDt 
LnxembourR Fra no 

Ualoyiia Dollar 

N ew Zealand Dollar 
Saadi A rah in Itlyal 
Singapore Dollar-. 
Soatli African Rand 

1.6886-1.6936 
7.9 3-7 ^9 41s 
36.16-37.16 
703643-78.681 
9J 1.931314 
134-140 
■ 0527-0.337 
60.6060.70 ' 
4.46-4.471* 
1^4301.8620 
'6.41-6.51 
4.3934-4.37X4 
1.6837-1-7087 

0.86700.87 llteetgluin 

4.0740-4.08 17D«im ark 

18.677-19.091 iFrara-e ...._ - 

36.446-37.539 ^ennanv 

4.73104.74441 mlr 

68.84-71.924 |4a[ma. 

0. 2707-0. fi75B >'cthcr*i mi* ....„ 

51.133-31.184 !Nww»j 

2.2913-2 J977 Portuftnl 

0.6468-0.95 15,'S^ain 

35931-3.M4S ISvrttzcrianil 

2-2386-2.2476 1'n lied States 

! 0.8646-0 .87?&Yug* la via 

-62ig-63M- ‘i 
10.60-10.75 * >r 
8.42-8.62 -tC 
■ 3.00-3.90 t*d 
■1600-1630 ‘Z 

3 70-3 BO 
4.IJ-4.23 O' 
10. 14 10-24 
85-92 ** 

148-145ia 'h. 

■ 3.15-3.3S W ' 
1.94-1.9514 

39. 00-42. CO ■■ te . 


Ram atm* na .lruntlm H> free ran. 


SepL 4 

Pmrad (Merlins! 

U.Su Pillar 

DeuuuheHark; 

Japanese Yen 1 

French Frara.-: 

| -Swisa Franc. 1 

Dntcfa Uaihlari 

Italian lira 

3 

i 

| Belgian Fran:*’ 

Fuuiul tiieruuj: 

1 . i 

1.947 

3.855 

371.0 

8.420 

3.158 - 

- 4.180 ! 

1618. 

8.838 

60.65 


l Jr. Dollar 

0.514 ! 

1. 

1.980 : 

190.6 

4.526 

1.612 ■ 

/ 9.147 ! 

831.0 

1.160 

51.16 



0.259 j 

0.605 

1. 

96^4 | 

tt.184 1 

[ 0.814 i 

- LOS4 

410.6 | 

•'.861 

15.73 

itr 1 

Yen 1.000 

2.695 1 

5.247 

10.39 

1000. 1 

22.70 1 

! 8.487 1 

11:87 

4360. | 

6.039 

16S.5 

-Id'' 


l.iea i 

• 2.318 

4.a78 

440.6 

> 10. ' 

1 5.786 

- 4.964 ' 

1921. 

S 2.658 

73.03 

i* 

>tu-» Franc 

0.319 j 

0.680 

1.829 

118.2 - 

8.684 

1. . 

.1.332' | 

516.5 

0.713 

19.83 

*; 


0.239 


0.922 

88.76 

2.014 

6.751 

1. ' | 

387.0 

i 0.535 j 

V 14.51 

' 

Imlian Lira I.COO 

0.618 ! 

1.203 

2.383 

229.4 

5.806 

1.940 

. 2.584 

1000. i 

! 1.384 

37.50 



0.447 

0.670 

1-723 ; 

1d5.B 

3.768 

1.409 

1J68 i 

! - 722.7 

1. 

37.10 


IteU'ion Freni.- ICO 

1.649 

3.209 

6.356 ! 

611.7 

13.88 

! fi.173 

! 6.892 

2667. 

5.690 

IOO. 

•*■1 







: 

- 

-ml . 



r 


World Value of the Pound 


-Thu table below gives the 
latest available rates of exchange 
fair- the pound against varmus 
currencies on Sepiemher 4. 197S. 
In some cases rates are nominal. 
Market rates are the average of 
baying and selling rates except 
where they are shown to he 
otherwise. In some cases market 
rates have been calculated from 


those of foreign currencies to 
which they are lied. 

Exchange in the UK and most 
ol the countries listed is officially 
controlled and the rates shown 
should not he taken as beu/js 
applicable to any particular 
iransariion without reference to 
an authorised dealer. 

Abbreviations f3i member of 


the sterling area other than 
Scheduled Territories; Ik) 
Scheduled Territory; (o) official 
rale: (F) free rate; tT» tourist 
rate: (n.c.) non-com mercia I rate: 
(n a. J not available (A) jppnm- 
inaie rate no direct quotation 
available: (s-«) selling rale: (hg) 
buying rate: fritmi.l nominal: 
(exC i exchange cernficate rate: 


f Pi based on L" S dollar parities 
and going sterling dollar rate; 
i BiO bankers' rale: iBad) basic 
rale; lent) commercial rate; 
fen) convertible rate; (fn) 
financial rule. 

Sharp Huctualiuns have been 
seen lately in the foreign 
exchange market. Rates lu llw 
lable below are not in all cases 
closing rates on she dates shown. 


. Place and Local Unit 


Value of 
£ Sterling 


iXghtnltfia Ais 5 im.n 1 

Albania .PA 

Algesia Dinar 

„ , . Fn.-n-.-b F»' 

\ii.1vitb - ; ^MiiichFt.'w.ui 

Aua^I* K«VUS 

Anituim *Si... L. i *1 iWsaiu s 
ImemiQB Ar. I'cx' Fret- 11*' 

Au»l»U»*S' . AusUilmii S 

A u.tria s^iiiUlnK 

A/iw- Portui*. Ewralo 

Bahamaa IS) Uo. Dollar 
Iaka 

. Hall ram rs'... Dinar 
Nalwrii- 1»li.-,r>5«. | 

Hartadcfl Itf'.. BarLa Jon St* l 


Bel^tum B. Fra in: 


TB.00 
IQ. 1423 

7.7227 

B.42 

142.85 

i:a 

5.C604 

1.82a 

1.6921 

27.75 

SB. 00 

1.5485 

28.44i-ui 

0.754 

142.65 

1-893 


Place and Local Unit 

: Value 0 ! 

; £ Sterling 

Place and Local Unit 

. Value of 
£ Sterling 

Ecuador ... 

.. oiierr 

1 <0)40.60 
- Ft 52.84 

l.iirlii'a>riii„. '•iv.innr: 
Lu3eml.H.4irp . Lux Fran-.- 

• 5.1Jit 
; 60.55 


Place and Local Unit 


: Value ol 
: £ Eterling 


j haJI'l 21 

I Elh|..|.l4 lllhl.-uian Bln 

j JiqVl OuiUM I'lM' 1 " 


■il.liQ.7525 
1 T 1 1.546 
. l*i 4.0559 
142-65 


Fa.'>. Uu-I U. £. 


! Falkland Is, 

! -S- 

■ ImiwI 1 Dali»b hr-.*ni! 

1 Fiji I- I'l’i s 

I Fintanil 

• Irexi'.-c Kruiii-K Finn- 

1 Frl"l>lli\l B I..F.A. Flaw: 
' I'r.G i nans . .. U.i-si ln>y.- 
j t’r. I'm-. — L.F.I*. Franc 

Gabon t.K.A F ran-: 

1 1 .Hull pin •?!(... Dai*-: 


IMi'C 

Benin 

Kerniu-la ■- 
HiiiiUfl 

Nina 


..US 

.. C-.F.A. Freni.- 
.. Hi la.. S 
.. Jndiiui Kurm 
.. B-ih'iau I6t.<i 


B-.iiMvana^j... Pula 

FSia.-il trujeirtp :: 

BrViKSinWSi l'.S. i> . 
UniUL-i rSi M ... Brunei S 
Bclgvu.. l*.-v 

bunui-.i,.. Kyat 

Burundi ....... Burunili F ibhu 

Comoro' nEp C.FA. Freni- 
lanoila „ r«oa'll*n S 

La miry ink.-... Spuiibb Peseta 


•■■ni 60.55 
Mini < 92.70 
5.695 
421 
1.9465 
15 . 6769 -t t i 
3B.S5 

7.6120 
55.66 
1.9465 
4.565 
1 . 7133 

I3J2I 


Uenuani' 

We:i 

lilinllH P>' tf 

f.iil-nillar ih 

{(.■■H«n f- 

i lilW-i- 

■ (ireuuUuH... 
i (pus in- I k 


Uvi.t»..i 'Lari 


liiH nllar C 

A W. Li rtar 
Dra>->:nui 
UnQi.:i K'^'nw 
K. L*» ill call S 


421 

2 .2360 
142.66 


I fr umbilixii.ts-.- I rlQv 

! i.i ui in Is # 

! i.iunlKiiiAIn. .. 

I i.iiiliii.-i Si!' 

| l!i linen Ui'xMiu • 

i iiuyaim .'Si ... liui«n« S 

Haiti liure'Jr- 

. HucihUK- ISrti Ijeiiif ire 
j Hp. iuiKp.-Uic 15‘ U.K. a 
i Hungary Fwi'ji 


1.0 

10.59;. 

1.6151 

7.9375 

9.42 
421 

8.42 
153.09 

421 

4.0163 

5.651k 


5.85-? 

5.50' 

I -DO 
f .692 1 
71.3120 
10.39 k* 

5.2604 
8.42 
1.9J63 
1.9465 
57.642 
67.464 
a-9646 
9.7523 
6.91 
9J323 
72.66 
- lVm.-fi6.53 


i Macao 

J Mnplp.-ini 

I .'b|l*t«sy 1 1 

f Mai’ani (S'... 
Mill**, jib >».. 

I MaMitu l-.p.r 

.»lan K|p. 

j liana is-.. .. 

] lbirt:ai> 4 ppp.- . 

I MKiirii:i:ii« . 

Mam ii ms >■ 



M|p-|ii?|,in 

lfp-u*p>.- 


f**M.ia 

H->r;p»a'«fE*ni.!p 

’10 Irene 
Kunc-I.a 
UlllLLil 
'[.11 liup.-U 
Mt 1 1 

Ual.psei! 

Lf.a; Freu-.’ 

i.li-jiiiit : 

M. K-p|a-«- 
)l*ii- a:. I'e*'-- 
*..F..\. Fthw 
I'tvcrh Vmnv 


Al.ju^oiui luicri* 

Mrei«p-nU.. -- B. i.amSran S 

>|< 


fiaoru Is..-.. - 

Nepal 

i AeUna-lHiiPla.. O-isI- f ; 
i Nelb. Aiu Vs. A pi" H.ia:i 

Nen Heipr.-ier li jl’ar 

A.jfaautiM *0' 

Ni WKiiii (.".jj-ii-Ja 

Nijce.' IJp.^ ' -F.A. FretSc 

Ni-l-hn •> .... Wire 
.NpirPTay _...... A r'i'4. Kivno 


I i.ifpiiiB S-jMnn- 
1 aic.u -»■ 


Ilia. 


;;uic: 


Cape V fcbi-uda 
Cay. 1. b 
i. i'A. Frenu 
L'.F.A. Fran-: 

i. ire 

Kaiiiamtii Vuau 
c. Pto-j 
•..F.A. Fuuip- 
C.K..V. Frenu 
Colon 

, (.'ubaii 
, Cyprus 41 


Cape Verfi I, 

Ca\irau I»'6. 

Cein. Af .l!|p., 

( iiaii ... 

Chile 

I bln* 

L-.p|ppiiilp<* 

t'OBHlI’l' IlS... 

Conso'B’llt::, 

p_ mi a Rlin... 

Cuba - 

{..< prua 191... 

Lfceeh-.nilciak Kuruua 

De nmar k Uauisj K:- an 

DjitxHiLi ..... . Fr. 

Itamioiku 'Si L. Cattl.ton . 
DorehL. Hep- DiPimnliren rr» 


; Iceland ... I K:v« 

} I tali* <■■?< I/in. I.'upce 

| I itlouesia l«ii[piuti 

i Ira -1 Jrn -1 Dinar 

I I risl, ib>(, ■ l, •„ f.-islr L 

I l-.rn-.-i l-iacl i; 

I lull - Lire 

j U.pi-i l.pjp|...( .1.'. FrnitW 
I Jamaica I* .. -Imnaip.-a Li-piiar- 

: .Ih|«u Vcu 

J.ppinip is-.... .l-puian D I'jtr 
j Kampuchea- H-* 1 ' 

1 Kl-u>h sh:I 

| K'-i'.-H Nilti .. " - 
i ’iyini. 10.20 i K*,rrn i-M If > ... "■•/> 
ill ■■ 20.50 1 Ku- r *H ir-tli-. Ku-.*ait Dinar 

7 (Til 7.40 Tjng Kli.IVlP.il 

10.59 : s : Ulau-<o L-rlsini— ■•. 1 : ; 

525.00 i Uc«.4lh> Xirnnn L'axH. 

5.2604 ‘ L:iicr«~ LU-ernui I 

1.94ft Lil.ca Libyan llirsac 


68.00 

1.6231 

421 

421 

• Dki 62.51 
4.5021 

<i. ra.ro 

421 

421. 

16.7593 

1.4405 

0.711 


1 Pakistan ..... P'-t. Kt-tec 
I Pa ua uia LlaPjC4 

njt. ! PapuaJN.G. S> K.ia 


SllHV 


15.6709 

907.80 

137.0 
0.57645 

1.00 
35.7290 
».8l7i= 

421 

5.106 

ill 

0.570' s2' 
£.55a_£ 

14 .623 
1.7216- •» 
947.18 
0.542 
778.60 
5.7348 
1.63566 
1.9485 
0.5762 


9.7326 
83.00 
421 
1.6 10 
4.4M25 
7.9437 
S42 
0.7390 
5.42 
£3.007 
1 [.2233 
44.55 
421 
£.42 

i '6.7353. » 

3.290J 
7.78 :'i- 
£4.9257 


1.6521 

25. !93 

4.16 

5 . 4=42 

lia.03 

1.9931 

1.3J73 

15.70 

421 

1.2289 19 
iO.KU 

0.672 

13.23 -w 
1.9493 

1.5487 


li-nuiiu 

If-* *n la 

| St. Ckruto- 

i Vhtrm 

; re. Hi.-lcua 

Ire' IV- it 

' ' tik.VM’** 

I - -... 

• =*n-« 'An*.. 

— i. 'I* 

• s«.. l.-n r,. . 
s a.|.i. t-n'-ia 

• rtiufsiii . . . 
j '•v'Oicik-.... 

I sh m-la-’iK-.* 
I •yiti-Mi*-*' 

! -O...IS l-? 

| 1 'll.sll ll. f.... 

i VII.. Ainin.v 
. .s. W. Ainunn 
[ J erriU'S id .s 


l«u 

ll'-.nnca Frecc 

F. i.'a-ii.i^nn s» 
re. Hocil* »T 
la. CinM-nn S 

*. .( Fr.-; - 

I.. CanMnao S 
». .1.--. 

I 9 
U"Uni' 1 . 1 -r- 
I' 1 .".'. b-*-.i.v. 
i;> *i 

Fannu 

i:.i.»w 

U*»v 

r:nj>u- •** 9 
r.il.-ri-u J.. S 
Suilliuc 

Ilaicl 

S. A. l.'an.i 


Paiair^y ..... Ciuj s';; 

FV i D. U[i 

■ -1 iciuyu =. r. I'.vfli D:ia- 

Peru. Sif 

, I’LL Unlink-... P'l. i'.-iv 
P;K«!iul». v.. i«U=-:s- 
P‘rfau .1 Z'.'lv 


, I'l'rti.^u- Pr--. t. 

] Pori Tut'." ... 1 in:-- ti.-u.is 
1*1 I sic. ly**--, t'-m-lv 

Pna.IT.j 1.10 '... l".S. S 

! ijalar -a- l^aiar P--*l 

. llCuninD 

l:«.lc 'a F-CU'.-I- I ren.: 

' l.'uMnla UnnSr»*i*i S 


2 44 .an 
C.9647 
l- • 500.55 
14.5292 

i.i4ra 

Cm 52.40 
• T -32.40 

99.00 
69.20 

5 3 .00 
1.3455 
7.54 

6.42 

;.i4?9 


i i|«iii 

; >ptu. I' Sr ill I 

; s .N'o-l li A l rn* IV- «n j 

i sr. Li'iWa -s. s. L. llurwe . 

a Su-tan III- suilai: £ 

! Su'iubii: =. • «r I 

; SVt-H-u -i. K:oli* ' 

s • itrerlnn.l ..si* i-> F.reij..- 1 

; S-.rui "-i ru £ " 

. • Taiwan 'p T*.n.in ; 

’ • lanrenta •S.-.Ti.n. SfcUiir.j ! 

: niH!'ju..i Uain : 

lie ....L.F. 1. Free.; ] 

. In is:. Hi'aift 

: ! “lnMwl -a.'.. Tr*n. v IV-i ; 

■ 1 uuisIm. T.ini!.*.!. innari 

1 1 urLey .lurtitu L.ra 

[ Tu^Lh A‘ C i... 1- .a. .» 

• I ninl'.t Xr.itrel-qn £ 

I Usnnda 1’^. sbiii-na 

I Cnllfl Slams L'.s. 

j L'rnyi jii l : rci".r.y 1‘e^n 

t'l.J. I '•'tiii’s. I'.A.K. D-rbaiB 

L'.S.S.IJ i:.-u- 

Ctin-r V.r-u. «. -F. 1. F re 

Vatican I'i'-w L-.rc 

. II' -lr 


\ itisam-Xib- Dt-n^ 

' Cic:ilaiil , ’*'li P^M-s 
Viisinl*. C.s. L'.s. L'o'lar 
) Western 

Samoa -i .- Tula 

• Yemen .... t:-- ■*! 

■ Vn_iirila.i4.... 't'i l Dibar 
, Zaire Ep- - **<:- 

iCm-.LiiH. . .. K.-ho:.* 


, loim 8 . 4 a 
in vi 722.79 
1 B 5 .B 4 

5 JIE 04 

1 6 J 2604 

421 

! 5 J 604 

4.87 
1 . 94 ft 
1 1.61712 

08.00 
; 6.46 

. 421 

1 13.53 

, 2.0 

; 4.565 

| 1.6921 

I (A 1 12.2552 
! 1.98566 

' 1.69368 

I 142.65 
142.63 

I 50 . 45 . -.. 

, . A < 0.7766 
i 5.4342 
! 1.69566 

i 8 . 591 = 

I S.I5re 
! i.\> 7.640 
I (PI 70.074 
! 14.35 

■ 59 . 02 .sb 

! 421 

! 1.5659 

4.6716 
0 . 765 -tf 

47.37 
1.9465 
1.6921 

K-SO 
1.3463 
•rcmi12.40 
•.«m. If .04 
7 J 4 
1.51 
421 

1 . 6171 = 

8.37 

U. 4.24557 
•T ‘ 4.2041 


1.1809 

8.73 v 
26.7525 
1.55051 
1^65 


-’That parr of the French tvtnmumr. to 
Allies formerly parr of French WfoI 
■ Africa or French Equawrial .Nfncu. 

■ KuoeeS per Doonit 


TUl’ AlbSU)* Dun rcoUi'.-L.-d th-.- CPAj 
Trane. The eschanA': smi male at a| 
ratu nl CiA Fr i io one uuit of :bc 
n--i rurri-nir. * 


Gt-i-rrai ra: 
k:.7Vj. 

F-ji'.-l on cros-i ra- 
muhlfp. 


o: O.i 3=2 :roa 'Sap-^, 


Kj’' :* ui= Tranifur marfet 'coif 
{ tralleii-. ^ ^ , __ 

: r- Rii._ |w j j,- on ■ 1 Banumca I m 

1 1 ■ li— dolbr. 

:: Now nr..: ollfcijs 


Thomas 

Cook 

Travellers Cheques 


EXCHANGE CROSS-RATES 


EURO-CURRENCY INTEREST RATES 


Sept. 4 ' S'twliusr 

Canadian 

Duikr 

U.S. CVjUar 

DntcbGidider 

Sorias Franc' 

JVest German 
Mark 

French Franc 

Italian lire 

Aslan 9~ 

* 

Japanese Yest 

tsjbori term 1 IOJ 9 -IO 6 B 

7 rtav't native IOI 4 .IOI 2 

Mnnib i Hri-llH 

Tlirev uiMDiha... llf^-llfj 

■six nivntha....... 117g-12la 

Dne year .1 Ll7a-12ls 

' 8i 4 -9l« 
8U-914 

' 994# 

g’Jrg'i 

*!«■»?» 

8S«-87» 

“git; 

Sits 

Sri-a* 

5 I 4 - 6 I 3 

4Ia-5la 

5ls-64* 

6i8-62e 

6 l* - 6 X 3 

ie-fle 
kr-4a 
is-aa • 

U, 

ltj.li* 

.1515 

ni . 

3kJ-5fi 

714 - 7 x 0 

7i4.7! a 

as* 

8- 19 
18-13 
1230-1398 
iaiE-i3i s 
• 193,-139* . 
1312-1410 

812-898 

8Ta-9 

91,-998 

9T«-47 B * 

siiS I 
ISfS .1 


The loiiovws nominal races "'ere aooicd for London dollar certiflcatos of deposit: One month 8.G-&55 per cent: three m o n t hs 8.7fr&90 per cents Mx months 
per cent: um? year 9.03-915 p*r cent. ... - 

Long-term Eurodollar deposits: two years BMW per cent: three yean 95n-97u per cent; four years 91-94 per cent: five yeas 97is-9*|g per cent nanhntl ckwlng rates* 
Sbon-ierm rates are call for strung. U.S. doUars and Canadian dollars; taro days' notice for. gnUders and Swiss francs.. Aslan rates are dosing rates to -a iw t mwie * 


INTERNATIONAL MONEY MARKET 


Italian rates may ease 


Following Friday's decision by 
the Italian authorities to cut the 
discount rale from 11J to.lOJ per 
cent, it now seems likely that the 
major banks may soon move to 
lower other interest rates. Infla- 
tion rales have been seen as more 
stable just recently and this latest 
move by the Treasury - Ministry 
could be taken as an indication of 
future trends in interest rates. 

At the August Treasury bill 
auction, the yield on three- and 
six -month certificates fell around 
Oil per cent and this was given 
as one reason for the cut in the 
discount rate. The 14 major 
banks may now contemplate a 
reduction in the prime rate when 


they meet in about two weeks’ 
lime. The prime rate stands at 
16 per cent at the moment and 
the banks have an understanding 
whereby interest -rates are 
changed simultaneously. 

PARIS — Money market rates 
were generally higher with day 
to day funds at 7} per cent from 
7 per cent and one-month money 
at 7$-7J per cent compared with 
Tft-7* per cent Six-month funds 
were unchanged a.t 7J-7i per cent, 
while one-year money .rose to 
SS-8i per cent from 8fr-S^ per 
cent. 

FRANKFUBT— German Inter- 
bank money market rates were 
generally unchanged with call 


money at 3.5 per cent and one- 
month at 355 per cent Three- 
month funds were quoted at 
3.7 per cent while' the six-month 
rate stood at 4.05 per cent 

BONG kONG— Conditions In 
yesterday's money' market ' were 
easy with caH' money at 5$ per 
cent compared with 5J per cent 
on Friday and- overnight funds at 
5i per cent from og per cent. 

BRUSSELS— Call money was 
slightly easier, at 5.70 per cent 
compared with 5.75 per cent Am 
Friday. 

NEW YORK— Markets in the 
U.S. were closed on Monday dne 
to the Labor Day holiday. 


UK MONEY MARKET 

Full credit supply 


Conditions in the London money 
market were extremely quiet 
yesterday and the authorities 
took out the surplus by 
selling a large 'amount of 
Treasury bills. The market was 
faced with a very substantial net 
take-up of Treasury bills to 
finance although this was more 
than outweighed by a substantial 
excess of Government disburse- 
ments over revenue transfers to 
the Exchequer as well as ban Fes 
bringing forward, balances over 
the weekend well above target. 
There was also a slight fall in the 
note circulation. 


Discount houses w ere paying up 
to S» per cent in places for 
secured call loans' early on but 
rates soon eased to around 84 per 
cent before dosing balances were 
taken at 7J-75 per cent. 

In the interbank market over- 
night loans opened at 8J-S3 per 
cent and eased to S-8J per cent 
before firming to Si-Si per cent. 
Rates then tended to fluctuate 
between 7 per cant and S per 
cent before late money came os 
offer at 74 per cent with some 
balances even cheaper. 

Fixed jberiod interest rates 


showed very little change with the 
possibility of a pending general 
election beginning to feature more 
In many people’s minds. . Dollar 
certificates of - deposit were also 
affected . hy. the dose of. U.S. 
centres- for ' Labour - Day. : Sterling 
certificates of deposit were quoted 
at 91-9 per cent compared with 
9ft-0ifc per cent on Friday for the 
one^nonth, while '- three-month 
certificates were slightly easier at 
91-9 i per cent. -from SfrSft per 
cent previously. . 

Rates hi . the table below are 
nominal In some cases. 


LONDON MONEY RATES 



dci 4. 2 

1 . 

l*t»-rl!»is 
Certiricste 
“f «ivls»il 

| lutertioak 

G*»i 

\ Aiitli-irit# 

itCl’.-ill 

L»ra> Auth. 
ue«otlmhle 
Kmd-i 

Finance 1 
House 
DepOalt'a | 


Dfssnunt 


| hllgihle 1 
l Bsnlr- J 
1 81lli« 1 

1 

BlneTrade; 
Bins* | 

Uofb|«iiyl 
Depnstta I 

t iloporit 

B1Qa4> 1 

1 IVMUyhl . . .. 


' 712-83, 

• — 

— 

— j 

8*8 1 

| 7 in -8/8 


! - ■ I 


i - Ut\ tt UatClCt*-. 

— 


■ a--, -87 3 

j 

j 

. ( 




— ' 1 




. • — 

— 

. — 1 

- 9 j 

L — 

-• — 

— ““ 1 

1 j 



; §3J2-B: b 

! 87 E -b 

— 

9 1 

| 

SJg-ais 

■ 

— * 

• • 1 


9l.,9 

! 9-9 lg 

; aifl 

9)2^93, ! 

91b ! 

938 j 

r 



'•.998 

I».‘ mnnlh«...: 

1 9', 9'a 

' Stg-9-. 


919 - 93 * 

«s 9 


' 9- 

s?>» 


Sac ' -1 

i'hroe rrenths.l 


1 9,.;9» z 

j 9U-9J0 

9t4-9to 

93* - 

93| 

9t 8 



■ase -. A 

1 I 1 mrtiih'....! 

! 93,-9,.,. 




10*, 


— ' - 

■ — 


■ 10 

Mao ni.'atbo..| 

b;* 9<: t 

! 93, -97a 

1 — 

968 07a . 

. lOsa 

— 

.. *r’- 

- , ■*— 

— 


Du* « rar 1 

9 .--9ra 

i 978-10 

| 9V 0 -10 1 0 

93* -10 

ima 

- 

■ ■ — : - 

“ 

- — • 


1 «t> \ Aft) 1 


1 - 

1 103,-1078 

— 


— 

. TT . 





GOLD 


Firmer 

trend 


Gold traded quietly for most at 
the -day in the London bullion 
market yesterday and dosed at! 
3211-2113, a rise of S2| an ouncej 
Conditions were subdued mainly 1 
as. a result oE the Closure of U^ 
centres: for Labor Day. The 
metal opened at 3212£-213 and 'was', 
fixed .during ’the morning at 
S212.90. At one point it touched- 
$2J2*-213J. However the afternoon 
fixing was easier at S21L50 with 
gold reflecting the slightly better 
afternoon performance by the* 
U-S. -dollar. 

In Paris -the 12*- kilo bar was 
fixed at Fr2tf,42& per kilo <$U3J» 
per ounce) compared with 
Fr2S,400 (?2 1234) in the morning 
and FI-29.2M. ($208.78) on Friday 
afternoon. - 

In Frankfurt the 12} kilo bar . 
.was fixed at D5H13.450 per kilo 
f $212.04 per ounce) compared 
With DM13250 ($207.50) pre- 

viously. . 


Sept. 4 SepL 1 


Gold Bunion fa fine 
ounert I 

Glow 1 82 14-21 1j 

Open tag ;S212£-210 

reVM^ilww QTinj p- ■ tfiOl p.M 

'rdOB-919) 

Afternoon fixing — > 211.60 15208.00 

„ !'■£ 108-454) V£ 106.91 

Potd Coina.,^.. .1 r 

domeaLically j * 

KrugernvaU - SSlB^ZOc 5214-21 

■ .. - illSi-lia; 051B9-;- 

Aaw bovereigua. — S5S3^U 868^61 

.CBM-313) r 

Old Sorerelgna. 661A-634 

- (£5l*-52y 

Gold CvQQB _| 

fntornrMotimUs- ! U — 

Krugerrand '62 187-2183 ttsm-i 

.. . . 

A evr OfrrertflgtB . — > £68-80 I S6S-B0 

{£28 Jj 

Old ^uverelgna S6U-6IW 881-63 

frlu be&ea^ (8166-199 . £165-11 

» EsRlem -3118-118 'sU&T 


S208*-20 

8207*20 

■£107.06 


IS61-63 7 

f£Z1i-H 


MOKEYRATES 

(NEW YORK’ 

- Prime Rate 

F«l Funds 

Tteasacr BkUa (13- reek) 
Troasurji Bins (28-nreeJt) , 

GERMANY 

Olaaouur. Bata 

Orernight .... 

One month 

Three, momto 

Six *wn*hfl 


Ltju.il aothont? ' and Bnatfec ho nses uewan days 1 notice, others seven ttos fixed. - ■ LoaseMenB local anboc^-maztease 
rale nomlruUy Uireo rears 1U-U) pur cart: four years UHU Bor cent: five jeara 1S-1SL rar cerm q> B ank M3 rates la 
table are twins rale tor onme paper. Buytna rattfl tor fguMnootii Wik bms Wtfn per cents fwr-nxmtb trade onto sj per 

Agprosusate selllos rales for one-inantli TreaBurr bltto St3»-®SJ8 P®r «*n*5 and wiWmo® stfa&y.per cenu.aM three-momh 
8S!3 m-WIj 2 Per ur-nL Apnmmate s eMhw rate for ofiwuoflflt l>ank tAHs 80 k- 8. per oeac iwwwnli petCofm *M Uu»e- 
moDtu Ww-9752 Per cent, onc-monih trade btlto p« cent; nrataHMth 8t-0i& per ceatroad *1» tteao^noqa SQKWsrpec 

Finance House Bose Bales f published by the* Mnsnce Hooses: tosoetattan 0. per - geptqnh ^- V . T7 7B. Oearitui 
Sank DopeaU Rale* 'for small sums at seven days’ notice) M per cent, ckarfcs ftaafc StJfr Rates mrJsnmfr in per cou. 
Treaaunr Bills: Avtrase tender rates of (Usuonu »4B6fi per cent. . - . - *:*' '*■ - • - - '* : .••••“ ■ . 


*K2S 


S' 

15 

XS5 

3.7- 

4JS 


-■ f 


FRANCE : 

msoomH. Rate- 

Oreralahr 

One smith 

Three tMuths 

StX BWOtfifr wIm.mm; 

ytfAN ^ : 

ufaeodut Rate . 

can . 

BflttDtotnjmtBate 


■ftS 

7ja • 
TJES: 

7JBB 

.WHS. 


33. 

43 

US 


«tij| A«tru m iruuv dOHT 

















l-a ?!JC ;B1MMSS. - ON . ilte -Tokyo 

J-SI dottd «a :« mixed 


WORLD 





economic package lifts Tokyo shares 


MKhrnM^^iiiiuU-.^iBd Steels and demand for selected ■ Uranium* lp*s active jesterdnj. AO€S earned Light 23 cents to whil" Rank Bale !« in.i f.-p.ti 11.5 per 

Cpnsump)ion*.t»lattdiSffu*s . a bo and contiouin^ Rood support for 2 cents to 74 cents. Yamgcs 5 cento Rtn*raJl> - linn Properties had rent snmulanns but, ms. 


34 *2°1 Cbtnwi Y34 lo 

-I'^SS^AA 

SS^SZ Germany 

>T- t '^-5f l, “««hre. Mirfoft*. Share^-wic** 


note Foil PfccteFIbB Y24 lo Y3S0. Minister 
eood CbbionYW to Y4» urf Jaa» work shi 


Malcolm 


YW J*cc» work should begin on the JlanRcr VSS.^. Milt .supported by favour 
uranium mine within two to three able reaction to tis Scabur-v weU 
.'■"•■*• weeks. Peko-\Valihi*nd sained in report. reteoctl last week 
. . “ rents- to A $6. 5ft and 127, Industrie* | n jhc Banks *cetor. Natfoiwt 


BHP dosed fi cent*, higher :it HBSSft.yi'. 

s*‘«a -rt.l! mi min rt or I In* favour btW Oimpanj pm on tn corns 


•JW'Dt 

Liquids, Giniirj and SAI rose 


BbWCWi*. Hone Korte Wharf. IteKider' 12 to LJ« 
afu»r .‘Ipcnm-J iirroer .,: 1!KM5. 


moss nyeraRe. wmeh tax risen 1G cents tn AttLSti while Oueenv Ri.nk. vff'Tj W7 A«la j utter apensne umier hkm. 

-Store- -one** wet Inclined to land Mines rose in' cents to ASy^d CBA \&Tw. improved H cents re»irt«l MKM.I for j bc: !o; 
Studied ll^S stronger at 5657.88. gam further sxmwd. id* foreign 3 „d Panron iterate! so rentsto aSe P ccms or HK«2* wh.u Shaw Broths 

■ imeator imerest. due*teW?!> ™ AM7.no. "mt.itg Industrial*. Assooaied rotresie.1 v « '■*•** t* d^fi.ito. 

an .*•« " the wsatoK^ oftheh dollar. mn- Frc.ih speculation n;&tu l dni2 Hie pmi« -,n*t Pan** henna Au»1 |nr, *» , ^ue< showed son: 


All V'S. «4 Canadian 

p.a. wrtdj'were dosed yrtttcrdav 

for the JUboar Bay taalidaj. 

as s..-, •...'. V • 


„ Amsterdam 

AtntuiR. Industrial*. Associated N "'Uu l " lS t'w-csJ ^snme Firmer-inclined ;n ?hin Trading 

lip and Paper <i roust honed D f m , jo nfenn--s but w, ndUtn»*s. with \Kf» unriianscd 

emu* lo AM.:* oriel N-«s }"** ., VM.^.vS hul « hw «*■**»* liter national* 

Sd-n, ,. * ptcnniijs "ft* ^ly h«=hcr, _ _ _ ^ ^ _ 


fred-nt »n 

.'lO'#! 


Aire. ■ A»5. -Ana. Aire- 
31 i 50 5* & 


873. iJ I76.M SM.T2. 8W.:0 M*M «3 &I 
83.09 19.39 89 JK; 89.1a OS-2 1 89.06 


lOi 51 ID&.S& I0E.4S ne.16. 106.38 I05..J 1I0.M 


is. MO 5S.BM £7.730' 15.730 5U6& it ISO — 



*00.12 

#42.13 

1051.70 

'li t; 


tl.1 iy- 

n.ot 

i*.!i 

— 

.4 i 

•1* i* 


5?3 41 

l?^il 

*7i.3S 

■24':- 

.a 

•j*2 

1 10.?i 

12C. e < 

IBa.W 


ln»*s jHurarri "nmi An^u*l 24 


3 ^ f°sl!W-pnDM' foilow^^fa^n's red 'oMh '-tnth to ASI.74. Etoos'aimhic also SJ.S'a ne\v ‘ penk'ror Vhe'ycaV Cl^n'Sin? ?^r : 

economic pacWagTunvei’ed .-ifl d>i»S? rnS: tor. YolWwanen - «*"Sh Jo ASl.Gk Au_dlm«. 10 Amais Blue Chips. llu.chiMin ^ . ^ l ^‘ 

** 1 *1*P«1 Saturcter. - • -.Tni- wpn: murked »-tnis Lo .0 emus. HIM « cenis to Whampoa advanced 4a cent*; to Wiwj, V - f e..d-d tv?.t-ecn 09: 


' f-henrieaJs. Stoefe jind Bunks *!! Carr Boyd put on ti <*enls mure 
eioMid hichfr-Arhita TUrctrienls. to fi6 coni-, while elsev.hrrc m 
Mv.or«. Machine 1 . V’n'ufarmrerN Minina*.. Iht* biwj-ani «jolri m.irkft 
and S'ores were jntxod- ' lifted Central Norseman Wi ccriL*. 

- mcc*rmde. '‘SEe>M^» Tiun w XiiZM anil CamoUdau-d Gol.t- 
I?M2.1fL while had IU ccntvto ,\SaA0. 


.WI-HIi. 


Inwfs or i 

w ere Rios 

p\irBd'n'; 

Rpgiilaln 1 . 


Amligdtics 


Elsewhere. 


FI 2.20 


nominal DlM.tiin ni s;iwr. after J,, d KN^M pi ! .till. b*i* Kninrkfn 
__ saiesof DM7 7m li,t; Fridav sained FI 1.20 and XwIUojd 

Hong Kong ‘ Th^- miiibn iw.Mr.iarhe ns». 

Stocks- con tinned in virer^hcn Federal l^an i.-uc on s-l«* sij-vl" amt V«tkcr remained -u«- 
in^ Si-ffHnrtr S <• from vte.tard..j v.rh thc.mRUKhn w'ndt-d aheid -f a PWht% *'ftn- 

Vndi? the wW* « P-r c’nr irmirfte «nd- ****** "? ihe.r po-sible mer>e, 


D:*n m: 


ids 10 ccntvto .\S3S0. Hang Senp index breaching the 

Western Mtnlns hardened S 700 level lo cl use II 3fi lusher m 


H i»,' TW rmwnin, un.ei.BU 

Saturday. - 

Eteetncilis. Foods. VeWctet and 
^aHUirasMwre nrununenuir ftnocr. 
H-ith Mxsushim Etectrie n-in^ Vx 
n Y7J8- Sony Y2tt lo 'AT 1.520, ■ 
MOVEWletor YfiO. to V 1^80. KuJi?^« Con- 
-~~^/^ectloocr> YUW to Y673. Canon 
^5V6 to Y450 and TDK Electronic 
to. Y2.J20. . 

~ — Public AVurlp issues were 
*” fci'Wher. although some -fiaina. were 
... >ar«d by late profiMakina 

:: «! NEW YORK - ' , 


in-j hetweon flfi; .md M!i-‘ per rent *0 h<» held rndav 
n?amsr Jh<* 09 |i-r rem kvir prim. s taiu l-o^ns were June ehan^cd. 
Tlijp ntladfini linear ti.t n^r per.* with The market e\ncn in; a fwr* 
purri«n wn tr.-.d*-d beuieen 99: ihcr Slate l^xin shortly. 


nif ni’ser 3*sn brin^ 
r -’ent 

n l.n.irjs -.sere we!5 


Brussels 



on the- Bond mart;el-. Public 

. * . | « - A--- ' Oil stocks, which were Wrongly 

ADSlTJuS. ' supported lust week on ww* of 

Markets madr’ further headway the Bojro Creek .*«! -.trike, 
and were highlighted .by. strong icmamcii numly hrm but weir 


Harden also 2D coins tn Ht\s5."Ti. 
Ill the L’ til it ms sveior Hons 


Rdun-c prnre •-i:^rainpd a ,-»•• 
action o-.er . hro^d frnnr :n 


' . supported lust week on m , w> of Konj: Kleetrfe gained .1(1 «*ms to 1 tRlrf ,_„ 

■ further headway the Bo-jro Creek *«i -.trike. IIKS7.7S, tfnna Kirnu THcphnne J ' 

I'.ghtiBd by. strong remained numly lirni but weir flu rents rn »K^1f..7:«. .ind (Diinj ^- jbe cn 


{g HEW YORK 

3gi « 

Ula — — 

HU, .Stra.1 Ub*.—...; .Xfl'-a . - A5ii 
i. rta i e— mr iaph ! M ; IB . 
«Ls*Lifj&CM: 4 5W* Wi- 
mm ir prodcer»:_ *®S| -'; M« 


Bmkers v.id rhe setting »a« 
frrncnkecl hr ihe i-nnimued nirmoi! 
n nthe fnr.-i-.il r\ch:in?e murkeK 


Stocks -ho- ed nn clear Trend 
fnllnu ing a slnw :rudir. 

Is* Ctirmii-a'.-. l.'CR rose 2S tn, 

RFr I.I2G. while Oils htri Petrofina 
un .1 „-i BFr ;.S2f). t'nerg rn«e fi tn 1 
P.Fr 1.17R in higher I’liiiiie-.-.! 
trbed shell "9 !n BFr 2.4fi.« inj 
steel® - . \*‘hr'e m \nn-ferron*i i 

Uoi.il--. Virtue Honlasne Inst nn I H Y 3-E- ALL COMMON 


1 ATc«n - niI At l^louLAtcttbtiiwai Il>« 
-.aa,j in*,,r=5rfa«.- •-;. 4a<> 


."CrlOMi.^ -.;. ...«_-.i 49%, 
■*■ dee- Uuiluxn... . M3(> 

'~-^ 1 !^Boco , r Power UMr-' 

iSivt ck«nuc*€.i J8la 
Ihadiatom SY8». 
the ChdAfn.. ; . 57% 
_ HAX-,.... .. . .- 46^- 
^-YOBipta Sow.... 1 *84| 
-.i'mt. AL*Ubm-. i 17\ 
PmiMM. ... wv 
tl raw Jnedwi J M ■ 

&) mer. CM-. .»-...] 4i5* 
in,jner.'CTMwniM: 31 Jj 
lcT»«r. Dart. Tel..: 14** 

0 n.nwJwrJ’owl ZSif, 

t&S&Xt It,, 

jSom-.AloiUe*! ...t SO 
«ftaar. MnUort.-l 
lSnt. Xu- Ow-j 44te 
u .'jner. Btasditnl.t 52 
;,nw. ptorttL... j 553* 


- ; v<bB*BgCHw.. . 55 

J;* 1 : V*m« — , >.. , U 

1 CMd.ML.AaL.. .. 28l( 

mJ .' Lots & i^rav)i iat* 
20j| ] VtucBJa-. Kss^i 3B*i 


45a* 1 Canba W-y|fcr ... 

aafr-S -• -1 


* Out - - ... ‘ 20-4 
-' Uut lrmunniM.4 45 3* 

fDun 53;. 

: ENk Vnne. . ' . ] W'< 

• uedsna ... 1 141# 


♦It. ' Aur. 

» •• SL . . : j 9 * 9 te 

{5 . ■ <M’^.' l 4Mm-8Uat> |, e r 3 2 -'•4 

50 3|if .J»tf.ia«nr-*-*>in«i-a H» 

5X 59^ ; Cenlr- .' 27 '« 

tail . SB'* jMjIanafftv'hiT *. 54- t 

4a r* K. Uu-Jkurv 2 ] i 

39*1 SB .4UUerAlfl<ruat r. 55 

17:i ' tflU. .' Kauar la.-turtr.«>- 2 -e 

- I-RUmt ntMU.. . BO-* 

«M* SRi* ,^«f. 12 

iktiwon - Wit 


L Uaaupir 21 

*84; U's::iiauaicBB«Ha..! lb 


« ; 9 .{lfair^lcOce. .. 

» < Mil' {KUA Walter. . 

14 | . M-: I Klm-VriV-L'.cri. 


iXrnft--.. 


Si* ; Daawyislaairtj 2 /» - 27*5 " j KtuCiirf.V T/ 

W^i. T Dxc&&bmr ... S !lt>i -* » — - ■* — - 


«• 6U 
44ia 43)| 
52 92 

3634 i 57 . 


BOrg t thetepbmr | ZB>i . S®>e 

55 f« • • 2 a=i.f*.. IS* :' B 03 « 

4*H -; Dln*r#'x:iL. -j 43 1| ; 43 
315a ,Boi«iv.> . ;-« 4B4 

S4s» . Poa-Cbea-.ica'.... i *7:* S7ii 

*3t$ OnM 27U . 27W 

56 ; Drf»*c=- 91 If 4t% 

Mb -Ptrxwi. .... 1*35* 1U9 

M>l - tBuuPucbae-- 13% ' SII| 
5W i Km Airknet..!. MS* A l4 
Mb , iHtaua Kodak . 6AW . 65 . 
33 - Xutm . ..' . SBj* 40 . 


iMUaylain-M 

I^Mi dnauM 

Port. 


I T4ntf Qrrap 55 

UDt |SH- 1 30 

UK*n laduu.. ..- 261s 
IpoUkwI A uvt't r 52:* 
(4MMU ItHluiL.. 394 jj 
JLcng Mai fj.i.. ID >i 
TjiU 1 231, 
babriaoi- : - 45ij 


2b 3« t at>i* 
55 35 

00 ' 49 ■« 

26is 25<t 
32-'* • 32 :« 


; Rm I.ti .. .. . 

’ I.VVKIilrf* 
B>->u-'l>i« II. J. 
I.'ifiti'v.n \|e*ri*l>. 
Rii-kW*!' l*Hw . 

' It.ibmA Hui 

1 -l:-i-a 1 Uiilt.li. . 

•HI 5 

If lift* log*. 

. I; vil*r .HyKtiii. 

. M. J.^llliusraJ-.. 
i'*I.ltM4l1l#r. . 
' .-&!* ui rrJiius. 
mu. 1 liurai- .. 

; **ft-r wi lortft.. 
sv-hnr; UrewUii;.. 
it-hiutulw;rgf t.. ... 


j *t.*i P*v-cr . . 

M^nll VJ r^. 

, ni-oUitfir lluo.Cap 


,Smer.TeL t Tfi.! 60 b* ; MU* 


'mttdc I MP4 

-2S;::.: J? a ‘ 

.] 17T* 

B«ior Hocking, j 50 if 
"Sbatifer SuMh.l *6 . 

naan Slaal.:.. . 1 5W* 
.S.A. . . -. | 27» 


; «W# jS. H.*R - 3B-* - ■ 29T| 

36!? > >1 Pun Act. Sm 17*1 ;. U>t 

1 IBt* 1 *il»* 54!« .-.'34!| 

57:* . EiurntmA-'fi Ui* XSr* ' 47:* 

» 17'i I £m«rt AlrYr'tgh*! I7Jj • 271*- 

t 30s* - Bon an .. 39Ak ■ J»-f 

t. 261?'- : 2JI.I..- . » -«• - 2i* 

i 501* -i So«elt«Yl ! 24* j >4 ‘4 

.'.*7 : Eciaark . . ‘™ ..; n;> • 2® *. 


tAnokyaium 

»1| \VtJf v'aa*i*'wn. 
17J« lllcetflika ... . 

54:* ilticyKH 

37li j Hum. Hanoi cr, .. 

271» j M»jw .. - 

3®.r ! MumbonOii. ... 


< MyshpaOll. .... 47.'i . 47 «■ i -nu^er 

■ Wwii.p.i. l 15 sb 1 15 J* ' !>nillj Kliix 

; Uawhall 'JPicja.--' 2t»s ! 2Z-*. iMminsi 


24** iMvUMftiur 38 ** 

19:* [ SfluraBi.. . 24-‘s 

25U . Semrle iU. I ].'■-. 14'* 

44>* : ■SMS tCwlsicL. . - 25>s 

X7«4 l aKDCO ; 433 4 

IOU i •'•■kml. »U 54%. 

11 j, 1 aiuiil TrajitfjcM . 44'? 

43 v >ljfna. .. 551-.- 

591* ! '■isnoitato'v- • 57 

541- 1 Mini'llen.v Pai. .. 12 

47 j* j -Muter 10 1* 

15 W ' s*raitli Kiiue .. 95^4 


Oil J J7^.| 173* ijW-..-/...!;* 


A lift- 4. D.fe; ft^nrt .. - .: 1ST* . 1*8* 

— -_^>W«a3 0ii: .....f Mli j'Sai* 


FaurioWAwwpmi . . 37 - . . F 36: 
iPad. Dc*(. ^t»ra^ WU-'- . 38 


f U*t Itopt. Slnre*; 26:- 

•«KS i 

■ HcUHrmnn.. . tOLg 
i WetKainwi Duz 37% 
' UoUnrw Rj::. ;. 29 < s 


:xjuifwown 45 

26*, J MsithfvnLal. &1.1 *2to 

58.-* 1 MHitliMltV 155fl. 

25 jdtJm. Not, Lie.. . . 35 <• 

374t I *MUlh»rii A%eifi.v 33 1* 


Su 1 MU SNfc'Pbyw. i‘i i>"!iiteW^ u;i 

-aSs52r :i-Ba 1 5?a •*%-••.. »I* jg ^- - g- 

Wy *& -"fflf-' Ififr''- sws-teSSIiT 8* 

^_SK-erOiu I U7*t f M7i§ ford ATotar:-.....- *41* ' 44 ' > u>jmi,i.. A6'.r 

fiSaST 1 - » ! fqnptaH Hut...; «5- ; - MS-p i Hn^?u J. P.'.. .' Sut 

£5£22i;: SK i -S.1 -V i?i? inw--, &» 


k.-. . .. 6H« | 60^; 

ibiecaji. .. 21 u : at > 

FHotinitn..- 537* 33>* 


I MiulheniUftiln iiT 
I MVJlIilcnfl 


56*t ! N\or.;a«rtli .. .. 21S» • 21-- 

31tW i Wi 1% 6'j bv, 

56 ' T . *•.•«.. . 58-4 67 ; 

29 Si I5>- 1*U 

A4J* /j-u;iIi lU-i.-. . • 17 1 17 . 

35ls 1 .e.TF*m*.J*.'9*i. ‘9J 

I - i J.: -7 r81'» 81:. 

62.* ,!-.S XU|4v . .ilv . 7.59*. 7. 551; 

IT* CANADA 

45-^ . 

27-/ ; fthinM Pafie... . 17 . I6‘* 

32'u ! .Vesn*> uiiit • -- bU fc' i 
35% 1 :<** n-\ in mi ii 1 11 1 11 36<4 35 

7 1« lipMMn-i . 23*4 23;* 

bJ» - l-iinlrB. . '4a :45 

12 3 1 ilank.iT Miinirrul i7»* 23 ? j 

83*4 - Han* At-.* v-U 21s r ZZk 

21 U ' lh<s Bn-miii-. ' 4. no 4 ID 
16>4 Kell 'I Klpf.lMiw . 5yj( 56'ft 

22-4 1 Hi.a Vatiei I mi.. 42 38-4 

B% • 

tHPlinia.i* IB 4 • 16% 

*8 1* ; brant-au . 17'j • lb 

2A-*4 ; Hrnuv . 7.5U. ;8.00 

1* i Vaitarr hw«. 39 4 39ta 

5* ’a , i^niH-.v* Mini- . I;:« 15.; 

41 -a *< WjioJa Cvuu-ui..- 11 • 105; 

BdHs | UIdkIh NW Ijui.- ll‘» 11*» 

441: [lan.lniii IIS. I'.'iii 26’.? 28'; 

^9 Vi lijunfU Inriii-i. 22%> 22-'-s 

I Uii. IVldv . - 25 1- : 22*4 

>3% -Can. PwitK tin.; k3-i 

1®** ! Lnn. iw|w>r (in..- 62>* . 58U 

SB'S ,l«r|iiii:U K«vle.. 4,70 1 4.66 

^4, * UiMtnr Isi-eftiis... lo ’• 10 

2h|J [cbieilmin-. 26% 26U 

I 3m MumlDW 29a, : 20%; 

jtj , JfArtni. Ustniir-l . 34:* 32!^- 

3li, I Cou*uin*y.(»a ■ .19 lD'e. 

S5T* I VunAa Ka».-un.v\ tar* BVj 

* l v*«iain.. - - 13% t!3 

31-.* Hun 114 U 


If IIUIV •l**i f-’l rwri-lllftl' IlieiKri'i E*r-_ a. - — * a- ■ . 

iindan mere;,-.- m ,; u - Cntl Money ?, lnjM 

rale to 7; from 7 pep rent ,rt 10 EFr •«• 

Tn. eontrist 10 the wnernliv 
'ieaic trend. hn-\eier OiU per- SwifT’erlarilY 

fameH well, notably CFP. Snjrcrap 

iimf RP. \armw irre.-nikir tinremenift ! 

Tsnloierl c.'iic-r m njiiep sectors recorded in fairly quiet }M01fTJEUlL 

mcihyb.'d Rail Uquipement. Coielle deatines 

and Europe 1. Mn«: price® n ’.he Insiiraui-c 

Araun at hi- e-.L-rs* i<®uec were ■'Pi'tnr men cif rv- rc^n-i'i* nfi'i-a^d®. 
la Hfnin. Mnel-Hcnness>. Uun»ey. hoveier wUh RctnKe sninms 9 in 
MfcVelin. Talcs de Lnzenoe. Sapem. SwFr 4RP and Sw-*w Pe-msnranre 
Of *A lea let. C rensol-I.ofj-e. CFR Bearer 2.7 tn SwFr *.SiO. 


Ris-’ \n.i Fall* 

I A 1 . 8- ■ 


«*i>*. l-ig, A it,-. 

t /! .--j 


al.SJ 1135 Sl.<4 53.3S S5.3b 


1 and AopliruMon- des Ga/. 


Cbemirals wer moslty 


TORONTO 


JOHANNESBURG 


in*.- 

♦-1.4/ (n.-n-iiiLf 1 ... 
•*»> n*» Hmi»... 

\»'H fjlllkb, . 


204. cO 13^.63 IS7.43 Isb.Tb 204.80 . « ^ 
211.69 107.2C 205.51 204.11 211.39-/ «• 


1256.0' 1262.2' IS 15.7 1.208,9 I2j=.a • 


Sellin_- was ie<» evident ?mnn.- CJbn-Gei^* Bearer c'-wi| i» 

Internal ionn! 'issue*. a!fhnu?h ''"■Fr J .:»/«. ^nv n s,nr? f he .non- 

\meric;iiu were mostly marked VOT 'n? 20 n!T rt SvFr 74!. 
lower. German, :.»id Gold Mint** Mn«n pnee rhnnqes pmonr In- 
mainly advanced. w.hL’c oil* were dusfna's were cenerB*!*-' mecier 

mixed. white Financiais were mixed and 

Slnres lower. 

Johannesburg s,, s K , 7.!i m XT r s'i7.; n ^iS r .]3 ««* 

Market va* .:toacd yesterday ro»-e fi." to Sv Fr 2.5T3. Bebnnm • • *~.m 

tor Settler* Duj. Domes ric and FVi'eijn l-os.ns _ . 

• . showed marked Knunes.* 'n actire Denmark'*" 

- Milan decline's, due tn the interest cm rraacp .„.. i-8 

■ nn medium Term notes bv the 

Snare price® picked up inactive leading Swi<K bank.*, inno’cc’d GBnaaiiT | i : ii— t 

trading with the lower' ns nf the last Fririr-v 

Holland -«e. 


258.2 255.5 264.9 244.s 

2M.7 2S2.il | ib: s 2S.-.4 


2/.-.0 ;ji- 
264.3 -- !* 


1.875 1 876 

65b BOX 
857 ' 672 

400 40? 

708 
- 582 


In, .a.- >ln^i 

lf,VJ -flU-l. 




54®.75‘ 


‘‘T.i-. l-l.lr 

<* s: 


iO.--‘S 44!.i* Spain 

.iPi -j;. 

-i.w *4 , .»3 Sweden 


1-M w; iiv.i! 


1 i'u 7* 


Swu -.arL'Q' 


!■» C- 

lx .0 »w- 


NOTES: Ov.-rv-.is pnevs 5Jioirti IwlOiV lud or va-.p uvSiu- 
■jdtatfc * pe-utium. f>URaE iln-ide.nds a Cros* div •. *, 

am- jlvr xlihheidnir n<x. *tn P and or r=hr 

i 6 DM SO rt-'iiom iir.lrj^, olli»n» i«r «9 UmI. rases m :»x rr. 


uu or s-jr.p L^iie. r Per srj.v. t Franc*. n nr ,n Emz l«.iA 
Uroa* dw -., .Vt.-uai-d dir mwid after 8 ,•< 

aip and or rshi» u*ui- * After local r..i_ iq 

ue* m \ tax free n Fran.-a iiutiHlfna y 


8ao*!-jirc*. 27 ' 86:3 . Uutiinm jlmc? . • 80 

, Bhtcfi... 21 ' Z1 | Hon. Wine. I04:a 


^BcKmgrtjfcewon -g‘*.l gja .{ FahiuIb Midi ‘3 : 

faSrijl-.fej Eg.: 

Mguet uoni'B' 4.*T - 4g - 1 ; ja*j 


racuetwenft-u ; ! ’2"* ■ t Foam. lna»...: las, 

ethubnm at«6.i 83 J,-M«» . T? ’-• ■ . W 

Vt i Dtekv.J 204c ]- r,lK.Y . V U\ 


»?* i JLiUtlCmp... 6b 

44 ’ I Ur«Ml>tti 06'& 

•Rfb 1 H*'PRU J. p. 5u!* 

37«j j Hojcurota 46:y 

*£-* -;SdntTAy*»i*^. 47-1 

27'* j Xabucu 86 

5?ia ',Nwr>*ft ttatiiKMi*., 29 
18% i >*nonaj i.aji . 2u'r 


75»4;t 7i 


~>4’a 1' 14 4 \«L DwiiitEri. .* 81 1* 

' *7»i -. 48l4_.|.\ia. K-u lnd. ' 17,1* 


- r,aJ _ ln >.-— rSl": i - 'iGft. Ml*, j ; 86y*. • f 0 !^ . -2S'.: \ 2? 19 

j.:* uiT I 


ia, •’Wwr.v Bi.tcli... 21 ' Z1 

S3 , « Starry Kun.i ‘ 46l s ; 4&i» 

**•* Miuil- . . I 35 521; 

?“ siandjuul Brand.,- 28s a » 88^* 

£r ■.*W.l»UV«U6*ni«! 4418 . 93 

X, i >in. Mil tiHliana.. 49]* 1 49 

?£?* ! Sfl. Oil l!hli> .... 36 m; • 36i* 

ZSf* ^uniirtlirmiml... 46vt ! 46l s 

V2 M«r'»ns Unift 17 * IB'b 

25:* Molelnier.; 64-'a. 64t* 

"** .Sul. tVk . , 443» • 441a 

“ u siumtnuHt Ml* . 60*4 

at;. ^VTitrt :■ 32U * 33U 

171* 1 6-biii*-*.i..r .14 ' I?'* 

3»., I leiitniui*.'. • 44 ! 43'* 

4k; t I'ii-ltiiinr . . 105 ICS 

«!_ Mem—- B>* 0U 

Ohi. ; Itnmi lU>< j 30% 


Heine Petr. -leu u.i BSl: • 77*1 
lh.iiiini<« Bn.lsc' tisfll* 2U>; 

Uimitur. ; 23 2ri* 

I>*||KXH -• 14»| : I4J* 

| t'aknn'KC.Mvlri.' 271; * 20 
Ki>p! \l»4«ir C*u.| 791j ! 80 

>»«i*tnp..'. 43 >« . 30.**. 

ij Unu V*V «i.'k riitr.-' *14 14 '* 

i.iuil Oil Vim* lIs.: 3blt . 50>z 


rt^a bwed on ne! drndavta ptns tax. UnUae dit. »N.c=. 7 Share »pbr .< Dtr. 

32'^- W RM»-wi kcqoiii. uu'.-.ss otturriae -uauil.. and ru-td exclude spcr-jii piaTncnr. 1 Indi- ja P aa 1 
If 1 a + , U»' IW uwinm. nnie'ts ol/Knnie sui«t eaied div. u L'noftcul tndlm: i* Mtnonry a - 
b<8 ■bSvffr -4*i 4 l'ikrii and Bt-ar*j -Jun-a huld.-rs onb v ilerwr nt>nd;nx. °WtwP or c 

tl3 anle« - atliurwU.. sraiwt - Y.V i'comii. rfiid. {Traded. s-sier. .oamn.-tl. — 

U ideas oitM.-r*-ise s{a:.-d. spnee ai time xrKx rwbti id E* dwidend TL\ 

80 J* »f M«peasin:i n Ktori/K bbdnainxK. scrip u»uc. xa Es att. .% Idenns race 
92’* r CeflU. 4 Divideud after Denduu; n^ms lnixva-«'d. 


ii-.i iil.J 

4 »i 

ft." -.i.-l 
i -r -i 

VAi.iJ r%.4.» 707.79 

an 

■r:.i? e..aa 

-426.4.7 4'fi.w 


IndlLH* and ba»..« da'—i .a/! ba-e rjiut* 
UHi e\cf p: NVRI-- All iTuninidn — 

Sundards and lluirs — I** and Toronto 
.'Jbi— 1 .Diiu, thr named eased nn M?3i. 
* Kxcliaiin^ t'»* Indnsmaii. 


.4 9.. .4 |v. 

JcV.J 


New se < 1 -as P 4fraiT> Time' ism. 

e Llnsert rt Madrid 5E * 1J TI. e Stnek- 
holm Inm’tnal I -1.3 s - f^u-iis Bank 
Cnnwranrin. -j Unavailable. 


GERMANY ♦ 


TOKYO « 


AUSTRALIA 


"Price l-f-op.' Dtv. -T!d. 
Dm. — • % ■ % 


. *Pri en -f. or D:vrTld. 
Ten - t i | 


bo ip. * 65'* How kersiii.i.an. 

HI. * HI.’ Uidllnu^r ' 


VWj i 7 34.1—0J) — -- ! Aanhi Gias* .. 

Uliuu Venieli ... 49S.D *Q.S .312 .-3.1 1 t,ani.u 

»M "V.- 327.5 * 0.5 28.B8i 6.2 1 Cauo 

8A«F. 141.5-0.7 18.76' 6.6 . i.Uiiimn 


35 <* 1 H-uiinutt.. 

1?.'» • H.imo UH *A*.... 

43'* Hu.iMnBsv.Wru, , 
102 • HinlMin lla>... : > 22-« 

01* Hu<l*vnUllAGfl,j 44': 


‘nwJrwmy Gin**.. - SB «4* . .bwwrsi ainton-r,. <1*4 ' . .ft wra : 

6. .5:.- eunewKk — 17^ V .16% ’ 'a*». Pub. U*U . 17< F .18 1 ..g 1 *'- ■ 

S "3-t Kicynn Erie .. I 1*U • 187* X.«. Mtal. 86 

= 5 litamVMBA — , 83*' aa* 6cB.aumM :*U% < am* . Swxn >«.WS».. I 36 - 

a. lArliaalooKthn;. 4*._ OduTyt^.-.-i: ‘.*0% 1“ *•»• i 

i. it ftatfSK...... . J- 85 I 8«U fifatey JSu - 6f* ? A*rlme#; 3*>i. - 

r LTu»^«.yL J 371* - 371 (j jKuuqtO lUeUte..; Al .. -St!* NiuwifM Bemr^p ;0b. a , 

. 80»a i tfU ***** Qil— ^ ^ ’ 40- ' i '40 ’ 

-r sc 5 ^=t^R aB »tolpb..i 11 % -; 11 % V - ]uc«.%rn.i Pexnd-. SUU 1 

•■ ■■- >^SrtarA G*o«sP 121*4 191* beodricb B.J: „ lfte* r 19V { «2» , 

a’sS-Mn^rgnstey....*- Mij-.l 19% Gnodr#nx-Yir»...i 171*. j 17 'JHn , 

f w * 2»*'-si r «-V '^T 5^' -r*r««.. 


B6...- '.58a* 

rfunesetorpn... 411* 


Oksoi 3V.R.„. ...; 
Grt Al%u PiirToni 


IJ0 


^BneseCorpn ...* 411* -* 41 J* “ [ Drt^U^su racTeni .7'*. 
wtmlA 6.W-.J . 16t| i 16U IflruSTonh U«a.a 9blf 

artiinxeud.-...-:, 91U ; 21% OwfW. - W;* -J |M } faCJ355SS | -ttS 

unnlBkjMC.;. 40% -jOjA-i gSaS^ ffisi.-; f- [Pnflrar B-nidfin.,. JtO%.i . 30% 

MMb Wb Pw 4..| 98% T I2S l £SSs<*^2F '' ! ■ u t P«U*Lv 1ml I 27% }: 27% 


7 |«Hn' , 16»s.l 16 

2T\I - S7to ! ft Hniin Sw(o..: 88 .1 28 's 
nf? - I u«car L'orutnjr- * *4% j 64!* 

! ■ B21« > 22te 


|U*tw l.tiuots...,- -»»** 

}rwi6 - G]i= 

ifij i PtaiSc Ufthunn.-.i . 19 

IPxnPnr. a Lta~ SUit 
ST • . * Pso-Vm Wi.rH Air* BU 


28% ' 28% 
Ml* !l 24 i* 
19 i.-Mi* 


male System... 

ataAoBri^e.. WVi W . “•••■ ; 2i u 1 |l%nsyJ ' •; 38% i 37% 

J xryftlw ..< 4V l ;l«8- SJJS?’ J r -r ••••S 14 . Penmoll . .. 1W% j -993* 

P1IU ML Hiemrt Psetird^^ 88% - 60% ‘PeopluUns :;.t- M- 1 M 

Va ' 6 . Aid V BO*--, soil Z*M*?I***. : «% ! 23% -i f.p.ioc ! 31% 1 31.* 


30 -T 29% tg»rwi^’ , ejer.w.; »>sg : M'l 


27% j 261* 
54]* If 84% 
351* I '35 1* 
Zt -r 22 
37:* f 17U 
71% 1 71U 


; 24 i rer.-iut'ei mien m< llM* 
■3*% [ fens-. ii4j$ 

T*% I teia-^nl!" „' 20 * 

II’? I ln\ST. Imstuii . 5BSb 
9*1* j (kvi> Imt'iu .. . . 85'irf 
96' Iciuim* Iwi.., 27 U 
33% ; le-j,- L Iiiinei- 21** 
96%. ,* rims* In* . ■ 48U 

31% Cituw Vlirnu ' 54 

26% lunben ' a2>? 

184* Traiir .- • 44% 

9v6s I mnsn-ere.-ji. >.. , ,1b'* 

26% Trauma. " 201* 

,17i| Iran- I ni'.n ' 55 

16 fran-reav init'a.- BSl; 
twin- tti-ri-i Air.; 28 

Jt, s ruvelro i7k 

Jn Lifflunenuil..; IS) i* 

24 ■* I'ruuii i'll A Hu.' 6ft 

18i« TRW 4X 

Sir's : JOlli Ci-iilurv F..S 374* 

B% 1 17. A. I. ; ' 48 

501* L'AltCO ■ 29i* 

27% l-UI 3. U 

22% L'lUleter - 40 

37% I'mlner SV * bys* 

-293* 1 nirm Baucui-i' •• *7 

15% l-gi.Ki Camule. ■ ' 40ta 
35 lasiuUinnifttiB 301; 
317* j I'oJiu im I alb . • 46% 
I Lmuii riudbc * U'; 


Sul* I 30% 1 1.A.i;. 

iiM* . iu% 1 i;r 


: llHM n ..L.< .' ltt! 1 * 


I lourl 6iu.*jori»..'r - o 
| lyiM*m"t>nin. -fa'.i- -. 4.S 
Weniil'B-Uliie.li.... 23 
Uuiei Fp%iis-nV' 13 


44 

39 1« 

19% 

•19 

2 Z-i 

.22** 

441? ; 

43>a 

IBTn '! 

i 1 19J« 

36iF. 

5b is 

221“ 

2053 

w>» ■ 

1BU 

,1b 1 

'15% 

H»a f 

••; 11 »s 

ie«i 

lb^e 

19. '• J 

14Jf 

o> 1 

8A1 

: 4.Z3. . 

4.20 


BAf-F. 141.5 »0, 

Bsver.. . .. 143.9-0 

HsJii-rHvix’ 289 ... 

Beyer '-re In 4%. 352 -2 

C'lbtl lit .Vwr.r.nr 168’;- 2i 
L.iminiirvJ-Hiik, . 230.5 *-0 

Conn Ciii'i.nii . ...' 78.5—0. 

Peti.iler Beu^ 321 - t 

neyuftfts ..-. 267 AV 2 

Llti.ini.' . ; 169 

llanl .. 302.7 +0 

Dmiliirr Hint.. . 244.9 -rl. 

Dyi-tmrli..0 Zem 1 . 19aOi -A, 

liir.c/ji.nriunK.. . 218 '+1 


143.9 —0.6 -18.(9 6.5' Uni Sipum Pnni 584 ' t4 

289 28 . ti 4.9 i Fuji fluflv 650 ' , 25 

352 -2 18 ; 2.7 j tihn.-hi ...-. .. ._. 230 ^1 

168 >26 - - I Honda Mdiui .... 5^3 -2 

230.5 *0.5 26-56 11.6 Huusv Fra«t — . 1^»% —50 

78.5-0.9 - 1 - 1C. ftoU 242 

321 - 2 2812' 4.4'|*.vYoL»l(. ... . I.SjO- w 10 

267 A> 2.5 17:3J!|J*.„ oOO -42 

1»- 17 1 41IJ.U. 2.830 -50 

302.7 +0.6 28.12 4-.fr- Ksnrar Elc-tJ 1 *. 1.200 

244.9 -r 1.1 28.12: 5.6 ' Ki.uatiii.. : . .. 334 -9 
l»aa-4.9 , 9.58 2.5 . 


1 |*t. | ."ft-'r-’-.' 

.Trt* Wclnua* i...., 


- W i«rte Ixirpn.. 95% 
f U-njfliiuniiaieB»- 3.4b 
Auruurtn Mine*...; 52 U 
I Aun<n fcl»eiT:» . [ '17'a 
| A i Jin. Ii-icuhii .' 3b U. 
1 Aiidmc mi 4 tr*»; 23% 
jtiskwnnU Perrf’rrc 4.b9 
j i'ai ill.- l7-f»|*!|-ll.| • 1310 

! I'ai-.lhL-PetJii'rMirn- . 7% 


23 . 82% 

13 • *2! A 

26% 8b% 

55% - 3b 
5.4S 3.50 

52 U - 52% 
X7'* 16% 

3bU. 3b'* 
23%.. 22% 

4.b9 4.50 

1310 [ 1.95 


T * . ** " J - KyutO-Lemmie 3,560 

“•{"ifS l.l-;4 ; H9.0 *-0,5 14,04 5.9- Uatexn-inta. lud... 718’ 

Hsrv+nc- . ..... 167 —1 *a»S.T* 9.7 . Wrtiuldsb* Bank. 2Bu 

Rw*P*i ..... ....' MBA * 1.8 18.75 6 7 I MiisulusM Hrany 123 

50.4+0.6* “ • ' .UltlutMhl 1'n.b. 442 

167.0 ^ 1.5 B.36.- 3.8 l Uilnm & l o. 507 

hell un-l 162 --1 14,04 4.6* UiKuLurhl I 596 

: 351.5— 1.5 23.44 3 b Nl^.n Heusv : 1.46J 


HiMni 

ICall lin-l -aij. 

Kama.it 

Kawrle.i . . . 

khu-kQi.-r 1|U,LW. 

KHD 

krupp. 

JLimki 

Ia.e vn'>ra .1 1W , 

lairrhnii’a 


18.;* 3.8 J >i W +.n >1.1 n^n.' 795 -20 


94A — — [lisdiii Mt*iir>. 

1B5.2—<18 18 . It 6.0 Pioneer 


-Ub.a+1.6 - - — 
2648 +0.5 -25 4. 
1.590 -8 , 25 7. 


— >auio klv-tn.-.., . £40 
4.7 i ^eLi-uii Ptl-Iiu. ... 976 

7.9 3h>^i.h l.lfrj 


, Lnm.it.'- 7% 

• l-niieii. BramJft...’ 13% 


M 5 Ba1u7.n1.. 

171 b •! !: s Gvpftom. 

71% ; H=; h 1 *^- 
ii * I.M Mnri . .. 


- *8^* i- 11^ ! >■* 

' M ? S'* ; I'l ItH.istru-"....- 


. ^araulFooCM 1 *4>'* , 24% > Inco. 76% • •'16% 

; ' If: Iran* li N-tfRa* !' 40% 40% ' Inru Paper. .... . •_ 48% 44Ij 

off l-naurfifc- fwnn 23%: *4 ! j* 1 * .: 1 •-.■■■. j?.- • *J»r« 

!"■ — "* Mjillle-Bmneoial. Grp- 3?% . 31% • . tnU KecUirtJv 14%.. 14% 

■!-:?* j- *aitinenrai «*t..' 28% ■ 284* ■■ : hii. Td. 3 Tel. +' 58% 1 -32% 

w-jlJ.o-i' “i- tuitinMU 1 Tel* 16ti - - 16%. 'UiBut 38% . 38% 

.rfit’* 1 -nuel ■ .-If'Al" -; -41V'. '-Jli Inernatlenai.... 1JU ' .12 

rSM^i-lhfni -■ 49% . 49%... Jtm.Wa’te!- . 32%.. 32% 


■ ■” rs^iei' latfnt 

■■■■ — " 

el 


76%: ■* '1E>% ’ Pi d id an •-..-■44% 

48% 44% J Fares M'p 

37. » 3fr!« IWirate- •%“• • •. ' *7 
14% , 14% mind AiupricM.1. 14'.«- 

32% t 32% ; Kaytheon 52 

38% : 38% RrA 3B% 

12% ‘ .12 -■ Kepuh'.t'r >uel -■ 94%. 


32 % iTICfunu ln*i. ■ -* 110*5 111.1 


' i tVpKlfl- ljbiuUt. Zbl2 
1 Waiit- Uin'meiii ' 31 •. 
■2a»! i Wella-naiKu. .- 5CU 
B7*o W+urem fiinw-n'I 4C.% 
oil, J IV totem A. Anne- 35-fl 
'-*7® 'Wtoltm I m...i | 20,\ 
ig * . | ”wiinxh'-+ Kin-. J2*« 

27 . \\ nni’. ’ 29 

16" ’-Woverlwtftjftrr. ..i 30 
51% 1 Whirl|«.r . 22% 

52% i U hitv I .*u. Inrt.. !?■; 
24o* ; William *..»•..' 21% 


”:= Pan. (.ail. PeCtu.! 36 < , 35 

f2 -i 1‘uiin.- -17 ; 16% 

{ Peti’in. 1%|4. S.,. 6.62 r 6.75 

1 ‘"Uu* Can. A till/ 2.06 I 183 ' 

3? 4 Placer linaMpiht 26% , 23«i 

rr'* INmiiL'M-iunat'n- 19% 19% 

rn - Price IB 17% 

in - 4W«3. Mi.ru. -n 2.20 \ 2.11 . 

& SiJ KadBn ,l " ' 1VU -. Ib'j 

31 I K.-+.I bU3ili»u*(...- • 111-, r ll*e 

7% 1 Km tiRim. * 55% ! 54% 

J2-S ; l.’>.,vul BL. Mi'l'aii.. 53U j '35% ' 

33% j Hmm-TruM *19 1 tlB 

5l*i ■ i 

BB'j j N+I-IH- U Miiirif-w, • Rt} • 7’s 

26% I frw»un«m-. 2d , 28% 

47.* 1 **liHi laoann . .. 15 , lb 

II;, ! -IlLlTIll »i. Mllll-, B%" 6- 1 *' 


b4a* | -t+ci ■« (.amnia..; 2o;.x 26 

j 50, i ’IPt-li H.-1 Ir.ui,.; i.bll -.■ 3.! 

jqj. T'-an'liin*. : 47 4b 

j.*], _ | l.ir |, "i" ll'rfii. HI. i- 2ti% 20 
’ isiiiA.mii l 1 '!— I.n’ 171., I 17 
35% - i »Mn-* ll’itiui Opr . 9% ! 9 

a i., . In*c- .-. ,114% . 14 

221a itawn'm 12 11 

; I tn.’.lx-.at- Mines; 6'* " U 

2e** ' Walker Hiram... ' 36% 36 

*»•! . Writ l'.*»l1rami : 12 12 

«*;* 1 Wtol'rf! •’!»■ ' 19% : 20 

21 " ! t Rut. j ftsfc+d. { Traded 

28v. 1 • i| N»u- »(np* 


*IA\ 

Msuucmianu i 177.B -U.4 17.18 4.8 '?5S“ 1 h ’' ,n,rfc: - * 7i* — • j 

Uetall^i-* ... 251 -1 10 2.0 1 rI>h 2.120 + 4 0 30 . t 

Miuk-lin.. i L'la L.* 596 +2 18 1.6 • lV«.:iu 117 -1 10 < 

AeekcfiMUii... . • 162-9—2.5 — — | ToLvn Marine... .. 491 -4 • IX • 3 

1%1-npma: I'M 133.0 — 1.2' — - I l'«kvnKiwi Pr>i»'r l.ll-j .... 8 i 

Kltelo IV, +i. Kiev.; 182.0-0.5 25 6.9 r.itv-i.-am ' 334 12 J 

Tchi-riiif- 279 6 -2.D 2B.T2 S.O - !"»( 145 -2 lii I i 

*.|(ii:«-n~ 296.1 +2.1 25 2.7 • »«-»•»»<» • .. 143 10 ■ : 

.111.1 />■. ke. .... 254.0— 0.5 Z9.M 6.2 ■ l.-c-iu M-*.- . 869 -8 20 I 

?l V we« • •• : 119,2 tO.2 17.18, 7.2.' \ ‘ ~~~ ~ 

Van* ; 195,5-0.5 17.16 3.6- Vwv AiSPn Securities. Tnkya 

VKB\ . 151.1-0.19.36 4.6, 


110 + 1 9-56 4.3 , -HPiiv . ... . 1.523 

206.0 + 1.5 1Z 2.9 j [■‘T*"' ;■ 


735 - 1 

1.6J0 +3J 
240 -3 
976 -6 

1.16ii -iO 


.Ncekcnnaiiii... . • 162-9—2.5 — 

lh’-i.sra*; HW ldO- 133.0-1.2' - 


;vti>-rij(ji 
i|(ii:.-n~ 
.111*1 An ke 
niyiueii : 

Varti.. . 
vi:u \ 


Vernn- A Ws.rbh! 293 


18 3.1 

35 . 5.5; 


BRUSSELS/LUXEMBOURG 


AMSTERDAM 


U»-|.| ,KI. - A-i. . 

AL/..- - Pi. 1'J . . 


rncS“"+ .'r Die. TM. : 

***■ - 

115.4 +0.6 *28 • 4.B 
35.1 - - 


Art*-; 

Barkers “K . , 
( .ll.lr. Lenient , 

I'.’SvnU 

t.BKr 

Kiw-t rritiril 


ALtHnlliU.iKI.W4 377.5 -2.0 .USb 7.5 ^V-iTu e Sa, 

VUKV.r-. <0*..., 89.7 b) 50 6.6 ,•*« Tu**Z\ 

\n.nJmii: FLA,. B 1.7 -0.5 A2J6 b.3.,.;ViJri 


-21 14 2.QI ACMIL !3a enitl-i ■ 

-6 12 1 1.3 1 Vcri’W Australia . .. ■ 

-14 S» 1.6! A MATH. 51 . 

-34 20 - 2.2 i Aiuf«M Kxi-luralh.il 

r* IB , 1J5 ‘ Ampni PeLruIr-iin.i 

-,35 15. 1.4 -Ase**. Millet* if 

+ 1 U li. A tfx. Palp hL. 

—2 18 i;7 ! ».*>n. iDdiiKne* .. 

—SO 36 ; i.4;% un . F<MiuW#ur»o loicsi 

12 2.5 a.n.i. 

*10 SO O.b ! Aoii1ii.ro 

-42 13 ’ 0.8 1 Amt. Oil & f»*a.- 

-SO - - rBaniUi.T iwt C*!d ! 

... 10 4.2 Bine Metal Ind 

-9 • 18 ' 2.7 "Hi iuu»-jn.il:r Clipper ....... 

el 15 - 2 7 ! Uranil.lis. ludin-xrtuh 

-50 35 ' O B Pi”t*i»l*rv. .. 

+ 8 20 1J41 BH • 

10 ' 1.81 1'nrllnr F niLKt-Br+aerr. .. 

-1 ' 12 4.9iV8K ȴ1j.. -. 

15 1 1 i.Vaifia 

14 . 2 .a I L'oler. (fr. J., 

+ 1 20 1 I.T.'tVmu. frdldfwMa Aiw 

+ 30 18 0.8 j'-'onuitmriSli 

-20 12 , O.U : 1 mutm- UfrtlnlA 

-1 16 1.1 I L-eJain Australia 

+ 8J ' 48 1.6 ; Dunlop KoMie!* <51'.... ".... 

-2 «■ 85 Ksi'uu 

-6 - 30 | l.tt j FJder-Mnirl. .. ' 

— tO. 20 : 0.9 ! bu.leau.ur Rwvnvi .. .. 

-20 40 1.5 . K7.. Imiuktrito 

—2 11 •' 8.4 fifln. Ppiuerty Trust . .. . 

—9 IS l.a I HamwVey 

+ 40 30 , 0.7 1 Hunker. _ 

- 1 10 4.5 I II I Aimralia 

-4 • IX ■ 1.1 . Imar-lVpper - 

. .. . 8 5.6 j JeUUid-u llhlir«ln(r. 

. . 12 . JL9 ) Ji.nBb illartdi 

-2 ID ; 3.S , iMiunni «*il 

10 ■ 3.7; Mrtil- L\pn:raxiL-R 

-8 20 l.Z WIM Hu!.ilnft+ ...... 

, . M.\pi- E'. iiee-moi - 

inties. Tokyo , . .. . 

j MKU'ift’ Inieniatioiiai .. 

. N..rl!i Kf.Lvn 8'.liiujp,.r J.- 

URG !-%ftbn<i«c . ........ 

- - > Oil lean-li 

. L- (utter Eiolwatiun . .. . 

+ • ■J*" ■ 1 PI, alter LeOl-H*.-. 

” " I l.'tckm A ( uluian 

|H.I.?W|J!. 

S 116 iT* : SinUldan-l 'Jilllltu 

-7 ioo l2\^TX^ i,lnniuM ‘ :::\ 

__lw,Uoiie 

iii , 7', i Hn*0iiu Mining 'ivt.+nin 
• ■ -tS rr.wH-iL-n-ji 


*0.72 +0.01 1 Eer^en Bank .... 

tO.Sc- ' ! B-.STcyaani . . 

»4.16 ,+il.lS | '.rtrJit**nk .... 

1140 -0.02 1 h.e.r.1. + 

riJ.cfi -0.01 1 hrmlUAft9**n 


Pn •+ -f o' Hi' . V In. 


99.75 9 - 

76-1 - • - 

11*5-05 11 88 

282.5 -1C 5 «iu 71 
101) 76 -U 73 11 10 0 


. ... :.\"i»iRt.ifvKiw age -2 iz -4.3 

a .. -■* » __-L. J fit WT X n- A 


rl.56 +0. 14 . B't.irvlirand 
1 1.89 +!.■»' 
rl.12 *0.02 J BRAZIL 

11.80 fd.01 • 

10.70 >4.10 - ~ 

10.74 ' -D.02 ’ >eni 


85.00V ua 


T'tu:r 


t0.34 ,0.01 ■ 

rl.26 .UVMU.OP ... 1.00 O.0!/.li.l2 

si. 60 -ui.M Bane* ••tnBra.-tl l.o7 +0.lia .ltd. 
rl.98 j Ranm Iran P.v 1.58 . J.4*» 

iB.24 '-rfl.Oi , Mvluu illiini™ ill* 1.26 +0.U2 . a. 

11.27 , %on* .Line. OP.. . 3.60 . - 0 J4 d.2Gx>: 

t 1.76 '-4.0J ; l*rtf*4n*" PI* . . 2.38 -U.U4 -iVa. 

i5.44 *0/6 j Pimll) l.o2 . .. ,(.lt 1C 

:L35 .... | Wusiaa Inu IIP . 2.7d • .cis 7 

-.2.20 +0.02 1 In Ip PK.. . . - o.OO — u.«2 l.ai*4. 
id.SO +S. ID | ValeJD.. Jtow £i*_ 1.21 -0+4 J 18 U 

T ^ - ^’ " „ Turiiuft+r: tri* ;m. Vnhime 

IS. 70 +0.H6i Simrra: Rm de Janeuo SE. 


1.00 -0.0 ! /.)j. 12.00 
l.o7 +O.Oa .It d.SS 
1.58 j»,Bl 

1.26 + 0.1)2 . d.34 

3.60 . - O J4 J.aOblaS 
2.38 -U.U4 ..iV-a.46 

l.o2 (.It 10. b2 

2 7ei . .alt 91 
o.OO -U.U2 1.61*4.16 
1.21 -0.1.4 0 18 W.J7 


n>: C 2 j JOHANNESBURG 

t2.44 +0.01 - 

tO.31 MINES 

tJ.26 ,+ i. 16, SctHrmter I 

ri.c5 -0.W ; Litgio Am.-rican rnrpn. . 

i2.30 - l.n ■ Lba tier rnmeilidai-d ... 

tae2 +iUC . Eafl Dncionic 1:1 

r2.32 Hi.- 2 ) El^hun: 

tO.ia .. . Harmony 

>1.82 %i.ui - kJnruwi 

ti.10 HU 2 E 10 ® 1 K • 

>j.53 -o.ut . HuHienhm« Platinum .... 


ine — or— 
.13 «~rPa 

7ft n.0,1 

in -B.US 

-.■rt --m or 

.LI 

.73 .—0.10 

,!j -0.10 

71 '-0.01 


tl '7 hi’c’i 0,n |,,eld * SA — 

;.,'cjs i', - . l nion tiiriinruiinn 

-j-5 ' - D* Bi+rj Deterred 

■1 an ' BlywwniiwHii 

'}■ b Iti-c Siai. Gvduid 

' I Pn-sideni Brand . 

■Ji'i , • HrvMfleiw Sics □ .. 

Il'7n JlJj'l ; S! 1 "*""*-*" 

1170 -UJ11 1 u. iUom . 

’■“.■If " f'i! Wi-v |iri“fnn:pm 


id.77 -.l.ill 

rd.ai 

rO.51 +J.-J9 

il.*5 

.J.dV 

;1.72 .-Vi 
f 1.68 +0.01 


; W'eul+ni Holdings 

• Wi-su-m Deep 


INDUSTRIALS 


EUROPEAN OPTIONS EXCHANGE 


mjcnl— n 101.0—0.2 26 

HnkaWVi n..F.W , ‘ 131.5. +0.6 8aj 
Huhrm Tr»* n+te. 76.4 -0.4 
Kltocier 1 .HA". 310.0- -1.5 
HniimA.X llearrr; 160 •+ 1 

Ku% -II, r- 1- 17.1... 68.8 

I ilrra' Hr. - ..«*«■ I"I. 44.2-0.4 
He’n.-1+.i -f'i. ■>.. 112.2 - 1.2 
«ii -1-l^i‘j. . 40.4 + 0.3 

Ii mil r: I' -fi.Wji, 24.7 — 1.8 
K.L.U. (Fi. 1 m.U .. . 

Ini. Aliilic: ; LL>J ■ . 50.0 . .. 

Xaameo 'K>. 51.3 — O.B 


101 n Ixi 3 y* ,:'W'bn .. . 1.510 

ilS ::i:22S 

31o!o- -lis 27^ 1 % ; ^ 

*68 s' " 1 943 If 1 1' Xwt'W^se.. b.'ibCt 

443 -M 20 Sia ^ - 2.930 


150 . b.5 ! pa nie 
. 86 1 6.9 j Fl AKIS 


1.655 -5 164*10.61 “ -- - - - 

2.445 -15 170 .6.91 +«u . * 

1 745 ...142 B.2 

7.010 -10 293 4.1 i Rente 4.'. . .. 

6.250 ,.*323 5.Z ; An-i(pwUm-i-IT>. 

2.930 h2.^: 2.7! 4;- lj. ( iii-le 

5.820 - 5 180 4,9 i A.fuitatui- 

5 .055 - a 205 6.7 . 1’-li. 


14 Mn- ■ n™ . • .. a.o<u -a iou 1,3 1 .iifunaiui- 

' -°,-i.. Iif ll . Bn, v : i*. 3.05 J -9 205 6.7. I’ll 

1 > jt~c. : ***- n Beljjuiue E.050 --6 140 ' o.fl ' .. 

r-f-ienua a.ZlU -20 215 b.7 j R.M.N. i«-h j» 

,*? . .5.450 -5 -A2ID| 8.6li ar*ei,.m. . . 


T-SiTiarli, 


-Oel-: 

T«l. laut 


5w>M >Ki. I'V. 51.5— O.B 12.5- 5.9 : 1 ,'■< 

%Nt. St-|| ..-• 1*1. k>, I 111.9+0.2; 48 -4.a: l - nM i u ."i_ l .; 


/ : 2>-8.20 ’ •-. 
L- A». -- BeBP"!-- » 4.80 .-• 

; , r i . - a.aa ,3S .. a.ffl 

■ 1; 73%-' : 2 " l4%' 

L •• .-- J ..--H » •- 7a* 

w s . •- 

•'. . , : Z‘ . ■ I - 

•• ■■ -> • , .lo . ' ’5 ' 


t . ' — F377J0 

» - I ~ :: 

.-— : ! - 

. t iifcaa .r» 10 


BASE LENDING RATES 


.’>*>»( h* 1 in- Ki_a.; 
Niv Mi.iPLit-i.aoi ; 


Ml . 

[iVJ0.ll TyMSM 


T.U8.90-!-- 
F .22.50 : 


8 ; 2.80 

J - 


1 , T t- 

•'88 'b 4.50 ’•' 


a 41% 

S ; 2730 . 

• w 


4.>'7.«r-. 

■ : * ■ 7+30 . 

-6 -, 

. TO- !- 3.4Q 1- 

- 5 tHO ' i 

ID . : W-^!- 


. 9 „ 

6-50 

»:ao ' 

- JB1.70 

- 863% 

5% !! 

1mA62% 
6.30 F40.4D 

3.70 

- 3 293% 
- ~ ! ri33.80 


— r. A11U0 


44 *-®.30. f - ‘ -- 

L> 

78 . &80 L : 


; S59 '• L 2JS0 J. -176 1 3.70' • .. .» > 4.70 • 
■■-150.^,1+80 [■-8t» U8JKr . 843. iltBO. ! - 

T, “ « ':IB30 t ■'-••• j • -a- ■ 7- 3U3HLM 

j w»i\ »-■ 7-ea .* -4.7. >+.• '. 

.T' .-r: -I ”-3 - 1 . _54. }j*JO !• 

• - -1 - - -A.- ":•• -r" V; l «•'-. 1 ;BW% 

A'-lMaOL.-f - -•••; . ~.'J — - 1 1.128.30 

f ; ' B -RTO -; •.•>» ■ 9jty • •,.- , - > .. 

If- f-' rr' I. •*-';• .+■ . 


10 ' 6.70 
83 4.70 


860% 

P.128.50 


I'ftW : • =5 : MP* i ■ 

. - v.S.80;?,,r-. »- Vr; 

! • * J ■, 

x -• 7 V f V Tt ' .ti. 1 •- ■ .V .". * 

. Ylni’*" .X Teb. ." • ' . ':•.. -May 

; ■■ in'. «% V' : v- 


- JS49 % 
105(868% 


A.BX. Rank 10 % ■ Ilambms Bank 10 % 

Allied Irish- Banks Lid. 10% ■Hill Samuel : .iW 2» 

Aqaerican Eoipresb Bk. 10 % ii- Hoare ‘fis'Co. ,.7lQ ‘’n 

'Amro Bank 10 ^ '• .lulinn S. Hodge 11 % 

”. A"P Bank Ud. 10 % Honvjkony & Shanghai JO 

. HenrV Ansbai-her 10 % Industrial Bfc. oF Scut. 10 % 

- Banco de Bilbao 10 % Kcyser Ulimann 10 °n 

Bank of Credit & Cnee. 10 % Knowsley & Co. Ltd.... i* % 

1 ‘Bank of Cyprus 10= % ■ Lloyds Bank 10 °n 

/ Bunk of N.S.W 10 % London Mercantile ... 10 % 

:=■ Bunque BeJse Ltd. ... TO % ■■ Edward Manson A: Co. 1114^ 

Barioue du Rhone ...... 101% .Midland Bank 10 % 

Barclays Bank 10 ■Samuel Montagu 10 % 

■ Barnett Christie Ltd.... II % ■ Morsan; Grenfell ...... 10 % 

Bremar Holdings Ltd. Tl »[■, Nutinnai Wesinunsrer .10 

Bril. Bank of Mid. East 10 % Norwich Oeneral' Trust 10 % 

■ Brown Shipley .'. ID % P- 5- Rff-on & Co. ... to % 

■ . Canada Perm'T Trust 10 % Rossmmsier , 10 

CipUol C & C Fin. Lid. 10 itoyal Bk. Cannda.Trusi 10 % 

> ‘ Cayzer Ltd. 10 % SchlesmHer Limited ... 10 % 

.-Cedar Holdings 101 C » . E - S Sdiwab .. vv.% 

■ Cliarterhouse Japhet.... 10 % Security Ttusi Co. Ltd. 11 % 

• CbonJartons 10 °S Shenjey Trust ....11' *5 

■ - :C- E. Coates 10 % Standard Chartered ...- 10 o- 

.' Consolidated Credits... 10 Trade Dev. Bank 10 % 

Cooperative Bank ;"10 ‘7. Trustee Savinas Bank 10 % 

Corinthian Securities 10. % Tweniioib Century Bk. U % , 

-ri'Credrt Lyonnais 10 % United Bank of Kuwait 10 % 

^ The Cyprus Popular Bk. 10 Whiteaway Laidlaw ... 1Q1“& | 

Duncan Lawrie to % Williams & Clyn's n. lO % j 

' Eftgil Trust - 10 Yorkshire Bank .10 % I 

' English Transcodl. L. 11 % B i of ,fc " n "*» I 

S 8 ** r in ' S 0 *?"” • '(■<%* rtfUOfillH T*..- l-mmiia dt-noxha. 


62.U . . ' ai 6.9 

2l3.L l + 2.5 . 22 5.2 
179 +1 36 4.0 

34.7 -0.3 23 ' 6.6 


f '® I ViftiLi! HmiU^TW. 1,855 


tire. Pi--.'. •: 179 +1 

UjSMii ' 34.7-0.3 

\hu i»iim i+kii. 150.0 .. .. 

PbM », mi 43.0 -1.2 

Philip ill. IU- — i 29.0 + 0.2 17 

ttjlim-taVrr-l'LlOb! 85 —1 

Uoti-.-.. i Pi rtf... ; 178.5 * 1.0 A266_ 
Uiiliuvn (Fi.'a’i ....■ 145 +2 - ! 


liiuvui" iM .. ; 123.9 


6 * ; SWITZERLAND ® 


7.2 | 

— 1 \ltuTimiun . 


<9.3 3.8, aw ' . 


-15 170 . 6.7 b. 

-2b ■ — - [ ( .I.T. Almlrl . ... 

--W 50 fa.B i i -le iLm-air* 

- so ; — , — j riHi. Ur.'si+i 

I I'rmUt Inin. Fr',-" 

1 >Vli+-f .. I 

; Lhimw 

i Fr. Pruvlto. _ 

■far D i* yi,j. ' den. * 'li-t-IrntsJr . 

— • \ ' % i 1n»i*S ...... .. 

■ — , Ju-qiue. B<>r«l 

, i . 

-is 8 5.5 ;t;u««j . .. ; ; 

10 3.n ’ Ls-jjrand . 


70 * : ' E,:l ■ ■ • - 

n'isi Ansl»Anwr Indiuirta! .. 

r*. j Bartow Rand" 

j ‘.XA Inirwiwnui 

I L'lirrir Kinj.no- 

IT,-.. i Edjsiire i'mi<nl;d4ird In*-. 

!-L ' ’ Krljiir*; Srorvi . ... 

^ - l-Viti rjl.- L'lKbn-'li Bfiiiius 

;,q o- . , o ... .a , I , .i"4t | -ni!Miis Ssnr-i ••■ 

aSrt" 8 j jti e'n ! 1 iuarrtian ASiutuiiir J S3 

325.0 -%.l 1«. z.* - L7A - j., 

J*6_ — * f r-2: i \l--< jrth> Pnduav . ! A) 

4.U.5 -tf.4 J, r 5.0 

“® f* * ** "K Hft&iarv 

, il5 .•* Pr. n...-t WiH;ns H 

1.712 8 .a 4.4 prrc.pa • ••n+ni . .... *<•* 

A(0 £ 5i.» 0.5 • PMW.-.1 I «: 

®92 /->.»( 7.7 Hand-Mi(.--s Pmornin J 

»B75 2.6 4.2 Ucirinr+nUt itrnuc .... t.-i 

4v9.0 - 2.2 l l.i» 2 . • r+hi> (i<i 

12 ■ .. it io.O'sappj .*?: 

94.5- -4.4 — ! C 1; Smith Sucjr ........ H.fia 

640 -5 Jmj- 52 SA Breweries 1.47 

13.-.7 . . 14 li'H.3 T«»t Oais and Natl. Mlft. 

Siil.O. 4.5 8.U 4.1 : bDR+H- *119 

bl 5.-07 O.l 9.8*. tniinrilinc flnnJ «1'<0 


I r*tkr«»i . . .. ■ 2 u-#.6 „. 

a 3.5 ; t;u«*u . ; 7is : n 

-.."'“••• ■ * : . • —» — - p 1- n .... i.dau 10 3.^» ’ Lfjjrand . . .1,1:2! |— 9 

Up.'«i UlHc.'i MSi 186.5 + 0.4 N.ft: 7,9 . riiaUe!-,i Tr.lM; t.uOO —2b : '£i . 2.0 1 ..l*is»>ri« Plienis.. j --3 

9la«(!ul<u.> .. .. 860.0 20 7.7 ! D,,. hmO-t. 740 -20 22 3.0 1 AUebeliD -IT* 1.268 -27 

6ie»'nfjr|.'Fi^).j 199.8 27,' 4.S D-u Key. - ■ ■ '6b6 — 4 ■ 22 , 5.9 : Ilo« HeuntoH-v. 514 '-17 

Turn. Pci. KliliJi. 149.0— 0.7 0^ >ihi*m .... 2.290 .. 16 3.5 ' U»illnex .. . • Kl.^d' . Q.£ 

LiiiieMJ-.l'i-C.. .1 198J +0.8 42.B! 6.7 , hied --rw« n .. . . 1.970 -20 10 2,6'hril.s 181.8-l.s 

Vlksaj! I.’ee. ■« Xl 42.0 SOJfl 1.1 1 Fi^hfr .R*.rcc. . 6 IS -5 5 4.1,Pm«JiU»? Uyj-O.d 

1 WmlJL ir.Hv|(5kJ_ 3BbXI_.. 5a 4.1 : tjafiuiwi PlLerti. 64.760 -375 lllfl' 1.7 j IVrti'jd.llUaLni .... 

“| Ihv uriftth. .. 6.500 -25 HO • 1.7 Uruwi..- 

1 !m**r**i 0 3.900 20 2.6 { J™* 1 "- •; 

eAfttMUArsu x Jraw-n <Tt. .. 1.9M -5 21 . 1.4 ! ' 

COPENHAGEN * .Wie Pr. Kv ... 3.450 . . .. ate.5 2.3 ■ ®f d " 0, r.' : 


147.8-2.2 - • I 

2U-..6-... . li./r an 

718 I 11 la. / 8.21 

b 2 1 :-9 ir.i 0 r.O; 

--3 58.-; 73,- 

268 • — 27 s 2.6- 


Seenrities Band Sl'S0.7ft4 - 
(Discount of 33.3%) ' 


.lr«l*li.%iiiM>'> ! . 148ij . ........ 

Daiirki- Bun* ..J " UBtf 

tad Ax ml ii- ' , 102^4 

Flidiii'lsnheii- ••■; 134 i 

hrijwcrh-r . —7 377% . . 
I'm. I’bjiii . 1 ft)';— 4 

rlutMIftiip — -li#*} 

•i. Vlli'n H..hrt>.( 277 
\uh.l Kalni ,.193 s*. 

uil.iHi.n. ... • : 117 

Friiart^nk . . • ] 134 • — % • 

I'li.iturtaflL • • • I4J % 1 

■Ni|di. UetriiM’ 11 ••: 406% — 3-* 

5ii['rrli+. . 182ls ' r Ij 


“a i_~ n, ■ vii i IK'. Kis * 25 

- + w i ••ariitw, B-’F.SrC- 2,875 ,10 

; c e Pin.H(>MM'.K-J> 290 

■unul.-y -P*. !£v. .. 3.625 —60 
ti ' m! Uu lilt Hit!.. 419 -4 

"•".... o'. ■ iciuuu'*- i.t PWJ. 2*aJ .; . 

■ ?a ' bui.a-r Cl "I'r.lvOI: 188. -12 

if a'v Sivinrair (Fr. 35tf. 813 +X 

'-' !? . > «i*i far link .ft-JR 389 


—4. . 22 , 5.9 : Morr 314 ;-17 12.P 2.5 

.. 16 3.5 ' .Witln+i .. -K1.6JI -0.9 a 2.1 SPAfN 

-20 10 2,6 '-PartlM 181.8-1.5 l:.:5U.O , 

-5 5 4.1;P««JiUw? Bb J -0.3 ' ?.& 8.4 Sl D, ‘ m “ er 4 

-375 lilfli 1.7 j I'erti'jd.llUsLrtl .... 265.0 -c. 5 10 2.b \slaiitf 
-25 UP • 1.7 Pwm^A-lttrwn..' 4c 8.5— 4.5 1/.25 3.8 : Bantu Bilbao 

ZQ 2.6 ™ - 8ui 2.3.0— 1.5 - - Raueo Atlaiin.-n il.WW 

—5 21 1,4! KHhu Tei-!m:i|iie.. 431 t! 27 b.5 O.in^n iT«in-r?t 

. . .. aBa.5' 2.3 i 363 -—29 30 =5-HaiilD [JCi.Tlor 

-35 .(Sd.) 3,81 W.™* P-ntfiH- .. It 6.5 5 a 8-e : Ean.-O ijcooral .. 

.10 15 , i"1wn 147:5!— 1.8 I4.n 9.9 Banco ura»:iJj ittiflu 

15 ; 5.1 itlPF lAh4lsA.il..., 1.600 ,-3a 36 2.2- Bam a (lup-jim 


a >i r-^.infur rrr. Jv'U' via ^ * 

Vi 1 S« hr Bin , Fr.!?.' 389 

_ £ ; Sw K- 1 Fr2H? ,«B - 50 
ai l •nun lha. .. .. 3.250 
3 ^1 Znrien Ink. 11.875 -26 

6/2' i_ : 


9.0, 

7-LMIUN 

3X1. 


10 ; it - 14 / 

. Z2 '. '-♦V.-.-- : : : =.' .'I - .'. 2/._ 8% 

*. !“• 10 ••■■Jli ; - -, -• 8211* 

' ' — .1 . -T . . * 8' . 1 -Iffc' -i -. — " • :U- ** . ’• 

IrtTAL A » ^ - v / :' ;. - . 4 * IT7 V 


.••'First Nat Fin. Corp.... 11'% 
. f '.First NaL Secs, Lid. ... 11 % 
H'Ahteny Gibbs -...’L.. 1ft % 
•*’ Greyhound Guaranty... 10 % 

(Lriridiitys Bank .'. Sift % 

• Guiiijne<fi. Mahon 10 % 


?-<tap u*ido*iHi nn oinn or no m 
a»d umW 14 .. dp m i2j.8«i “i*., 
4?hI iiii-r — ri.Ddf' 

I' fit drsm.'-jl'- «n>.r E!‘ lU *U T+. 
•l^-’ttirfiMf and d'.puiiti "!!«." 


VIENNA 


< ''• 1 i 1 it 111 .it »il ■ 

-rln-ti 

•enijri<ilt . 
?l«. I Mimic* 


j A MC . 

■ .. ., 

.,*:•' * Pint 

1'ii. : 

'I IIi-Met . 

i’tiyB +m U.I. YU1. * I lal. vim-lii 
i t, 1 — t- ■ % ttnuel+i . 


It, — 1. ■ % 343 - J2 

— • — - . - — - - \lf.|i..iatiiiK 4b.aUQ -joOO 

242 10 2 9 tl.-iimti— «... W5.7a.-0.25 

.... .878 + 3 9- 3.3 » »n wi. Pni.. . 1.176 .19 

_ G31 >1 .36 7.6 ! I**u-i:i A 1 •> 1,799..*40- 

. ..; .87 .... I. *- — ; I'ircli >|» •' 9C 4 -1(5 

• .251 .—2 1 '#.■ 3.'>,'iii*li4iJj....M 1 ’ P45 .t 


3.525 -60 ’ 26 1.8 'i'f' 

419 —4 . ab 3.J , reiMintam.ia**. ... 

I a*aJ ,12 4^z i Tlwmvd* Brandt. 

1! *^88 -12 14 4J[*- K:,,,r 

; SIS lo : Siei S tockholm 

4.875 1 50 14 2.1 , •— 

‘3.250 . 20,3.1) ^ #i4 

11.875 -26 44 1.9 ! r*_ 

jl : < -Is*. All iKrjjM*.. . 

; vtu LaxeU KA’.*. 

! ibr.fo,....- 

1 A I lu.'Citj +6. XiJS 

j ItlllenKi 

. Pnee +i-T Div. YW. j B-.-ftir* - "... 

* liu a — (Jrt- % jihntt*. 

,;CfdluktM 

110 ,--2 — ■ — i'lslM-4*ln>lt*tKii J 

- 700 +3- - • — . 

: 2.087 + 17 ISO 7.3 : Kpw-il+ ■■SI" 

; 1.690. + 10 150 9.1 ’ Fdp-ivbi .. 

186 -6 — — • . FntMUrr Him .. 

I4.8IQ ‘ 460, 600 4.1 Ibwl'i+Iiauliu . 
343 - J2 ' - - , JUii-Sti.ii • .. • .. 

36.500 -jbOO liOD 5.2 HvM- Iinci*... 


288- — 4 2d.? B.9 Bjikd Inti. Oal ilWlfl 
01.Z !— 5 to.? 3 2 • B. Ind. MnHt'-tratK*o 
223.0—4.5 lr.l- 6.8 ! Bsnro FtopuJ^r 


Ti toe * <ii 

hiiMie I — 

216 7T~ 

145 ■■ 

93 * + l 
126 '... . 
87.* 1 8.0 

117 +2 

194 • 

235 .1 4 

118 ,3 


•— 1 ?fr2'I*iil> 'B’ K'r*. 260 


HO +7 
r4 -3 
392 - 4 

12D - .3 

ta 1 


<1 . 


jUfc ywT ■'* Mft' . -2 1U 4.3| ^ 

« - 

/■Irl 


- ■'.H'.y.-h' hr* ... 
130. 7.2 1 .*>l<!iml Eiwkil-la.. 
BO 8.5 r^ii-lii iL - Hi ku?ii 
“*-■ • — ' 1 >:ib*iuuin.. . 
_____ I ' ••!»-. 1 •■ kr. S.-I 


16.O -0.5 A.o 

iao ,3 . 6 

69 0 1.5 S 

n7 ;*2 . :*. 

89 51-5.0 6 


— . - ; Raiieu SaitiamtiT '!!•»- 
— --■ • . Hajuxi 1 rquijn * 1 nun 1 

Banco viaarn 

) Fi;i:nu Zinicozano 

Hit. -Yi -. . r.anhuiilon .. . 

Kr. j i- • B?mif. Asdnllirut 

! Ritbi-ocfc tt'ilMS 

b.b . 2.8 J ijm 

5 3.4 | Dra;:ad4i 

. a 3 .a j inoiubanl! 

d 4./‘!i i. ■*nu!*in* , «s ... 

4 . &.r K'paaoia Zttle - 

i -4 3.4 ! Hint. Kin Tlnin 

d.io 3-> ' I'liaa iT.iton' 

10 4.3 i Fenusa ilJMi 

6.3 4.3 1 'lal. Prv.tia.1us ...... 

•3 4.b ' litmw Velaauw iWl 

j ji , • TKdmla - . 

\ 1 > . lb* nhtcro . ’ 

^ 'Olarw . . . 

P*j|i;.|i*ri5 !:* nr.'Ha- 
r 1 i 1 ivtr..lih.r • .. .. 

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s.inm rv'Mlt-ra 

--.L 

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9 . Torres Un-*!en--h 

'• . ' ' ' Tnb.i.fi 

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Oi 243 - 2 

313 —a: 

... 273 — . 

203 - -n. 

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258 - J 

j. m ■ ^ 

w — 

• 25 ! - 0 

11. 3a — ' 

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■ 250 - h 

2 M _-. 
.152 -3 

.. 280 - 

29 

n 

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Financial Times Tuesday September^'. 


,jir f. 

J ; OVtf - Jar 


28 


WESTERN AUSTRALIA 




BY DON LIPSCOMBE LpPOINTMENTS 






PROSPECTORS BELIEVE UW 
have begun opening up a new 
diamond province in Western 
.Australia's tropical north. The 
present pha*c began on flimsy 
evidence: the rush of small 
companies and accompanying 
stockmarket Hurry followed 
rumours " that gem-grade 
diamonds had been found. This 
generated enough evidence and 
confidence io have added 
several hundred million dollars 
to the combined market 
-capitalisation nr companies in- 
volved. In the to-and-fro 
between scepticism and enthu- 
siasm, the bulls are clearly in 
front. 


Long odds 


The sceptics maintain that 
the newcomers have little 
chance. Big companies like Dc 
Beers and RHP ha*e Heen 
combing the Kimberley region 
river several years, they point 
niit. The only reported diamond 
finds — with no word so far of 
high-quality gems — starts in 
1976 and were made by the 
Ashton joint venture which has 
Conzinr Riotintn of Australia 
as operator. As CRA'* execu- 
tive chairman. Sir Roderick 
Carnegie, replies when niie-*- 
.tianed about how the diamond 
search is going; “Ask nip after 
another five years and S15n>." 
Mining's " establishment " of 
big companies and bureaucrats 
sees the wave of newcomers as 
under-capitalised opportunists, 
slaking speculators' money on 
rhe long odds of finding 
diamond-hpanng kimberlite 
structures — and hearing enough 
to make any finds commercial. 

. The enthusiastic view is 
siimme4 a Mp in a film taken from 
a helicopter ps it dings its way 
over the remote prospects, 
r-ln-- or to Singapore than to 



Perth. 1.790 miles to the south- 
west: Prospecting teams 

dropped in the outback attract 
helicopter? back to them with 
flashing mirrors. Tin* film 
shows several mirrors flashing 
up at the helicopter in desolate 
country that time seems to 
have forgotten. As the heli- 
copter a ad its cameraman move 
towards landing, the people on 
the ground recognise that this 
ir.n't their support aircraft and 
sciirrj hack under cover to 
ovoid being recognised. 
Hundreds of miles from 
now We. suddenly the bush is 
crowded. 

Diamonds have recently 
attracted more than the small 
fry. Amax and Selection Trusi 
have joined the pegging race 
only ibis year. As long ago as 
in.ifl Selection Trust find came 


to Australia to test its diamond 
potential, before concent rating 
successfully on base metals and 
iron. It is going into business 
with some of the small com- 
panies by negotiating pace- 
setting joint ventures: one with 
the Carr Boyd Minerals group 
w’iil capitalise an untested 
prospect at $100mif the next 
'option is exercised. 

Stockbrokers are reminded of 
the nasL li. seemed incon- 
ceivable that people who had 
been so shaken by the 
Poisednn booin-and-busl seven 
.veers ago would, so soon after- 
words. once again he swept, to 
a renewed enthusiasm. Only *be 

terminology, of course, has 
changed. The jargon now is or 
diamonirerotiS' ‘kimberlites, of 
indicator minerals — meaning 
prrope garnite and picro- 


flmenite— that turn an ordinary 
volcanic plug into a kimberlite 
with Ihp potential for carrying 
diamonds. 

After . rumours hecan 
circulating, that the Ashton 
group had- found gems, 'he 
shares' of its 5 per cent partner. 
Northern Mining, raced up 
from a year's low o£ 2Pc to 
touch SA1.90 nn its home ex- 
change. Other joint ventures 
moved in and .started 
with similar stockmarket fi rc " 
works: Alkane ran from 2c m 
31c, Bambno Creek from 5c to 
50c. Carr Boyd Minerals from 
3c to 44e, Hill Minerals from 
lr in 21c. North West Minins 
from 2c to 50c. ■' 

The basic pattern is nothin? 
new: a commodity is found in 
a remote area. The more exntir 
the commodity, thp more eso- 
teric its technology, and Ihp 
more remote from civil i-*atinn 
the pegging, the greaipr -the 
area of uncertainty, and the 
greater the element of specula- 
tion. 

Ixindnii has been deeply Jffc 
voiced: eorners of the f.ity are 
more responsive to speculative 
situations than the relatively 
conservative Australian mar- 
kets. Australia has become 
afraid of speculation since the 
Poseidon boom. Clearly the 
danger of setbacks exists. Un- 
less diamond discoverin'- axe 
reported. Christmas could he a 
dangerous moment because that 
is when geologists gn home, 
away from the heat, clop riving 
the market of its lifeblood of 
information and rumour. 

There is evidence from the 
little prospectors that there is 
a basis for the boom. The Ash- 
ton group for- instance has huilt 
a S6m treatment plant with a 
throughput that suggests it is 
more than a pilot -plant. More- 
over competition for snme 
claims has been sever*', with 


few holds barred. - 

Although it might be argued 
that several years' start hy'De, 
Beers, BHP and CRA would not 
leave worthwhile ground un- 
pegged. CRA was nut there peg- 
ging alongside the small com- 
panies a/tcr its (rumoured or 
real) discovery of gems. Per- 
haps moat importantly, CRA has 
taken up a group of 52 tem- 
porary reserves Tor diamonds 
1,000 miles away from the 
Kimberley, inland from Carnar- 
von axijpnd the Kennedy Range 
and Winning Pool. These com- 
mit the company to an annua! 
$J.3m for diamonds only — a 
scale of expenditure unlikely 
unless something . worthwhile 
has been turned up already. 
While stock exchange require- 
ments force the Ashton group 
reluctantly into periodical 
announcements. De Beers con- 
tinues Its Australia -wide 
diamond prospecting in silence 
under an effective ' security 
hl&nket. 

Peg and pray 

Despite the .specula tors' need 
fft'r snatches, of information at 
least, secrecy is one of the 
trumps. With little work done 
apart Trom pegging, two nr three 
companies a week are turning 
up in the diamond chase. 
Sceptics rightly point out that 
only one in several thousand 
'kimberlites y:elrl.« commercial 
diamonds. But the enthusiast?, 
can reply that while this is so, 
the odds shorten, dramatii’ally 
once diamonds have been dis- 
covered, -Hence the high level 
of expectation in the Kimberley 
bush as prospectors peg circular 
features -that suggesr volcanic 
plugs and pray that CRA or 
somebody comes up with a finrf 
that will prove that this, indeed, 
is diamond country, the start of 
a new province. 


Senior posts 

Brandts Insurance Group 



jf 

-:vvir 


* 


2 k Li beSi%p^ w- 


. n Vrcnt coiopitby 

Mr; David Fasptalgne has been P^RT. HERBERT, 
appointed managing director of AL,r + 

the GRTNDIAY BRANDTS IN- aPlJ Mr. C 

SURANCE and -Mr. Michael. Gauge 
has 

director 

*. • ot'thc rompan>' t 

. rrK and Middle L-i«- 

Mr. John C. CoHyenr, Mr. v " ' * 

Thomas F. Honess and Mr- Peter 
A. -Rippon -have been appointed Mr. 
nonexecutive directors of HER- appointed 


of 


D. 


HOLDINGS.. He , has: 
associated with- U» 
nearly 25 years and . 
director of BSC Footwear.: 
★ 



dUQ .nr. (uiuidri an . ■ - • vs 

W •nJLS'.'id 

£'p-w°n "SPySdSS 


In ins Hurrta* 

director of 


has been 
SEARS 


Thomas 

have been appointed ... 
directors ofUic LITTleES 
ORGANISATION, not rifeS* 
tive directors as re po^S 
S Saturday- .r .7 


CONTRACTS 


Simon-Carves wins 


IR1MON 
Simon 
been aw 

Chemicals iuiv» tor a majnr ex- non .n ■ ------ ,l ir furnace 

tension in its existing polypropy- planned "P« ™ r ^ pne ralcfl 


Shell plant woif 

role* ‘ indue <i.»inrts mwSj 


ling and siorage t acuities, inw ra panic 1 . „ f riim n charge n. ti. tfAii.ai ai\u tfl. 

latest project, worth' more than hour or b‘* ‘rP" f scra p. value over £200.080, 

£6m, rovers, extensive modernise- of foundry reiurm Phase 2 development "fsirl 

tion anti extensions to produrt * rt -- * i — 

liandlinc. including ' blending 
equipment, additional- .storaL-c -and .supplied £170.000 


KURNITGRK has British 
ti ,,>....»0 of desks, li 

improved pockiou and Sark hand- imits. vertical tiling SJ^tems^ trrfv f 


handling. including 1 blendinc muu{ h. while the other r*^ 


new factory.- at _ 

-r..:. - „ - - , hl . _ greens * Viid Ordnance complex at Briilg^S 

ling facilities. Overall, const rue- n i Ca i l.«yont ««bU-. 

Itai, vvill be carried out by Shell trolleys for the nr« Cf1 "^ esler , jEC RLKCTRICAL PflU 
Lhemicais (LK). G f Hcre^rd a received an order 

* County C.oiincil - - - — - - - * 

NOTSA ENGINEERING. Aslnn-on- 


British Steel Corporation 
nrmtnr thal advanced automation scheowt 
Trent (Derby), has won iLs big- A leading }’• rk t hc five-stand tandem cotF. 

gest single order, worth more 'specialises in liner ii.itiin , r . ^ EWlw VaJe, . VeJIndrtj* 
rhan- fJWl.000. from Harker Weber G° |n,, [: finn P or Hc7 «ith Trostrc, which roll cold -* 
Engineering. Stockton-on-Tees,- pl-.iccri a £I 3-°'2!LJJ IS50 com- steel for tinplate. ' 
for a romputcr-cont rolled co-ordi- -Dll. AC f° r a i.ompostr i. ri c + 


nalc measuring machine. 


putenswl J; jl j.' drive F( . (I . d Motor Company Tf 

■ivsirm. The cmniiPM-i ... mrrniDnc 


* ■' Input to awarded to jEICKFORDS aa 

BABCOCK CONTRACTORS INC, s Moiu»..-P«? k .asenm mi l- ^ nJlne HAULAGE a?I2t)0,(H)0 coribSp 

Pittsburgh, (a subsidiary of Bab- fiV^rSwer » nd ° ,1,! ’ ut d '«na nUln S ^Fd 'rc-afran^ 
— L ' — '-nal l uc. which eon- OCK . a , ,J «i|i he nn-line. of machine toola and ass^J 

sta or Babcock and ,0 . t ! hc ‘^r • ^facilities for. unices at the company’^ 

in rhe U.S.I. under » l , l* cr ***** • rear axle plant. FxpectwtTw, 


cock International Inc. which con- D^ R , ? n . < 
trots the imprests 

Wilcox Limited 

a ’ contract signed with Uhio backup 
Department of Administrative . 

Services, is starting procurement GFAVINER has w»n 


for si.v months,' the' enntratf .i 

two contracts part l or the. company^ .*».• ,V } l 
, iilira violet investment program me., i^i i-pti 

and construction ora fluidised bed for n» s " 1 ° r T^ Vlo vL 11 3n H also mtoJve -instattalion^® 1 
combustion cFBC) bpner plam at flame detprtnr for the Mnisn ana . ^ 

the Central Ohio Psychiatric' Mpcr platforms. . 

Hospital. Columbus. : The FBC rntlcrtively Following the reJigitfm'g 

boiler wifi burn high percentage Glaring Jh nnj-rhem sector of - flic - 


U 

t 



•l-if h? 1 - ?f P^.orj- :--:r -p ?jn it 



sulphur without the enst of expen- arc f^r glazing private duellings, * on _ . hfW snutheht -see 

Hive stack gas Hcriibbwc. FBC is Hals and bouses This brines the total *ali»3 

wn*. -I,/ ■w.h 3 H.> sK'figj’hSSffi, jta ; - 

r ™ sr-sjssa.s* s s,'.'su , -i sssss, &£sSSs2 

industry can continue. fd use Ohio winch «ill provide interlinked 01 
coal in compliance- with EP' ronirol anil data collection facill- ■ 

standerdH. The order . is wonh ties serving throe executive levels - nntra rt Fnr nd ronce 
about C5m. The plant: of fiO.IKW lb- •hrougboiit the Authority * »nM. C vvirr?n -*on 
hour of steam. Mill operate within The system is believed to be .the r ° r ^,‘nIL?r n „SS 

12 months. first of its kind to be ordered by po ration s rented housing^ 

a I K water outho-ity. The wood, ope offlie thre^™ 
|GBC. lirrbinp Genprators-- ig m £.'i00.«nn contract has T ^ R a SSf- 

I introduce elerlric mVlting in us wanlcd to wf^NCO fCONTRACTOT^ 

Foundry at rhe Wiliam "-orks in lions specrabM NERCK CON- W«L.NGO . 

nushy Where rurblne cnmDouetils, IROItf. I eamington Spa. The JJJSJ 

including giant casings, arc pro scsiem will monitor and control c ? nl r ^jJ e i ^ , r u n ^- t “® 4 C JSfi' 
diirod. An order valued a r do-e water -iiipply. wage frontmen of rnadsj drainage sjTrtem^- 

on 52Pn.onn h3s been priced with and river mao age mom equipment roolpains, and- wfll last for » 

BfRLEC for a 10 tonne capaniy m three of the Authority's eight months./ . 


Choosing 
a liuancial partaer need not be 

a shot in the chick. 


There ore many crilsrki for selecting 
one bank over another. The reason for 
choosing Bctycrischc Landcsbank is not 
only solid, but also quite simple: We ward 
to help other people prosper. 


«. ■. rd'Cate ■: • ■jnder.vntev* ar.d sel J, ng groups 
or-d pne? ijwjts wns'li'-'el.. prom pi I / o r 'd 
xi-J-f p-rndf-nll -. 

Our on-?ri*j! f: Iri-em^ni CO DOC it 1 *' i.' € r '- 
ha“-ccd b.- cosilior, as.-dea'ing bar.l for 
•J br-OO H I n^h vort of local t.tniv^rj.al 



Ov ! ,r -oi'": 

»:i : 

cur aui 

CL 

i i i-r-ri- 

POr.l i t 

jpor) ci l: 

m 

•;il irg - ->!=■. 

ore. ijnijri 

C.in'-b^r-i'j 

! hi r.- r * 

..,1 

‘J 

OCl^'C’r 

ob'C-J’ 'nn 

b- 

1 • ting or o 

CC-rr.oh- 

C-r-'jrcH £li 

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pr«*r:e 

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*>-e v 

-l-.iil'T rj! F'f 


• U-ra-tcri", f: <rd L'M Ic’O'S 

• 1 1 credi?; -ia O', r L'J e"<bo-.’ r q 

?i.b5’P'ar.’ 

• Pn.-Qte plo';«rr«-- 

9 tend issues -rr eo 1 .. 1 5 o vo^-atio* i 

■ »0 LtO«d r'oronge. .’■•boduobero 
9 Jhort-l'&rm vo J s lie or-dr-a' 

■ •‘SCCin r?ti“Cic;'r ' j-O-trrrr i , -.^j 

Cr*dt 1 3 rc 'JO t h a i c ? y * r r • v. • • n ./•- r\ 

b=arsr co r d:. H*r* o ■' vo'.f ? ■ pe'i- ■! 

- ev.ce : n -rvj ^ ' c ■ pa 1 b no ncs ; s c • g a * ■ i r'.\\ ■- ) 

value. And v/s ccn sta'Cturs c v. cridv-.-ias 


|:t-' 'r'd'.rl orgO".i.TOliOn, l*pcir- 

'■■3-.:-en net-- oil. 

Eoyi-ri^: 1 - 1 ‘ ai*di95bo r, l ij a combination 
-I ioi. !n cl Par * T<a nnd sol'd gro'-.-ih - pl"s 
I- ■■■fr : ;f(_irii ingred'Kni: - "(?a--’anc;n dn-.-s 
a-" J b' e- n c l !,r. That's -■ Hat nrjl.-.; m: qood 

oortn-iic for our ir.lernational financing need?. ' 


I'^r 


Bayerisehc landcsbank Giro xen Ira lo 
8000 Munchen 2 , Brienncr Strassc 20 
Tpl.: 21711 # Telex: Foreign Dept, 5 24324 
Cobles: Bayembank Munich 
S.W. |.RT. Address: BYLA DE MM 




Landesbank 

Girozentraie 

International Banking with Baiariaa Drrre 
and friendliness 


"v k :k?rh* i 


HAS YOUR OIL 








iU 


If your company lias developed Uif special technology the NtirtlSp 
Sea requires, prospective clicnls are wail ing io hear from youiThe^ i-^ 
arc osploring in various new nfl'shove areas in the world, ftom 
Iralia to Souili America and will look forward to your message in dHtU 
the pages of the Kmancial Times Survey on Off-shore Expertise to^je,. 
he published on October 19. 

Pemand for advertising space shows ibat this Survey is arousing ; ■■■ 
out-of-the-ord inary expectations. Finance directors responsible..- . ^ 

for purchasing and coulracUng decisions will study it closely, and 
il is therefore on exceptional chance to talk to them. ... 

Articles in the Survey will provide a comprehensive guide to 
established and new markets. Others will analyse in detail the , ; ‘ 
changing technology in production, dislribulion, gas recoyerXi., : . 
diving, telecommunications and other .sectors of the offshtire. 
industry, fi seems that the challenges and the opportunities axje.y ' 
in deep water loo. ~ 

Far furlhar ftelails. incliiding aflxertisins ratfs far this Survey..- 
plrasp contarl IVlrr MinrU (Kxl 7070) or Mark Skinner (Kxt 71S21 at Hie' 

Financial Timas. nrRA’ken flousr, in Cannon Street. Lomlnn EC4P 4BV . 

Tel: OI-24S 8*M«» 

A FINANCIAL-TIMES SURVEY 9fc 



OCTOBER 19 1978 

Thp runlrnl and puliJication ri«tes nf Survo.vs in t.hp Financial Tlroe* 
nrr smhject to change at the discretion nt fbe Editor- 


JysJLi 




!? 


.--•Cv Tr.T -. 






'fcber , 


.. ..- ' , 


0 ft,. . • -:• •■ *»< ' -■ . :•• 5* . =:• 'V '• ’ : 

r - ^nancial imes ’ Tu esda v ; 


^jftenifier.5 1975 





FARMING 




K i SHST | threats mount 

. * ■■■’■•*•• ‘ ' ■- Al.l’.KA, Sept. 4. j . . 

stress -! i ,Y J0HN ,DWARDS> COMMODmB 

or WicO. iii- the 197 & 79 . season. feag InESmt?* ® V?' ■ * ? -*• gj* *)£_“' S™ 11 ’* th !‘ I A SBIUSS of ‘•bullish*’ reports stocks of 123 tonnes cutting lbe 

NA TlO.\ U^fttrdlDg to the U.S. Agriculture. -ThninWdnn nraWfar raw ^ ” R BOard ‘ |WU«I to lift llio London Clipper total be Id tu 2.635 tonnes fas in 

cciors ■ *io: .partaetjC In: a summary of ^ 531 55 ? liSSi? I market yesterday. Instead prices Hue with expectations and been! 

* sugar and sweetener report 7 l ^ill cQiieentrale ; cased in quiet trad ia^ cnnrliliun^ discounted. 




j Ghana will 
(probe cocoa 
! marketing 

! Aim. Sept. 4. 

! TIIH Gluuia Government lias 


ALGERIAN LAND RECLAMATION 


Caterpillar threat 

■ ■ ’ ■ ' ■ i ■ 

to ‘green dam’ 


* sugar and sweetener renorL •* w-ma-v ? -tu to iw 

gar oulpat ai between STni and « el - .operand-- a. -■constnu- 
Nm tonnes in 187S-T9 qod pa t ] ,Ve . price paid at: a Jamaican 
isuinpMon. at SSm tonnes! J>in " lender. 


_ gi 1 » _ . ... W«»l U IU H u, Vh UWUIU^ 1 #"IIIIU ' UI 3 V<IVN»u, 

unt J seiliiip of veith cash wirebars closing 12.75 Indeed, cash un suffered ;>ici 


BY A CORRESPONDENT 


5?2“« •“*£»* , from -<ocna | lnwcr al £7*5.5 a tonne 


biggest decline, with standard 


jesting .a further small ris.r. I 

■*4. the -pruMint- large slocks. _—l- j 

II domestic S»l hrnduclian ' | 

*T ynforccait to rise by 5-10 ucr 

i, I(h l Hl above the' 1977-78 figure uf lonan ’ 

■ppm? r -^. 4n ‘ ^° n toai wMi-* cane out- JdpaD UUS .: ! 

h t . diiiN-t *S. put at 2.7tn tonnes. The. , ■ ; 

'■ •*< r vS%3£&r& %!S; at N« Zealand • i 

ntracu * ,close * or ?J? ni P sweetener* ' ' ' I 

ana i ,n ,r, ian t » J' e;ir to ,1.2m;. short tons edry liSl) QUO 1*3. 
on «J^ 0, ‘ini , ' KI apains! lm tonsio 1977. ^ *' i 

’ajnr ■ulJ.f-S. sugar , ini ports am c.\. TOKYO; .Sept. ; 4. i 

\ n *VSZg7*‘'&$- ™ E JAPAKBtt- fiMm 

' cr , ^iHito^ines rft 3Sih-f^3i hi 6, !u^ *bdaj criticised New Zealand for 

SSSSSS . 3S 


, 'Hu- market had already anlici ijrafle losing itia ffiST" 5 a 1 ALGERIA'S “ liREEN DAM." a to the Tunisian rront»r, follow- Oddly enough, the threat from 
i paled a full in copper slocks held tonne while th»‘ three snomas la,ld reciamatiu:: project which in r the escarpment of thp SaTiara the proresstonal caterpillar mVy 

jin LME wart-houses of 7,650 quotation closed Z\iS lower ^ includes one of toe biggest Atlas, looping round' Jhc Chott el be one of the first ecoUi?»tfiil 

tonnes reducing the total hold- £HJilI.5. fure*tr> siheuiea ever under- Hodna to the north and south, effects of the dam. According* to 


1 SS- acllyltics or roreim, ami , The marknt had already anlici grade losing i’i *3 £ 

local buying agents and ihe i pau-d a full in copper slocks held tonne while the three 

I cam uf iht* decline in cows* t n U 1 E warehouses of 7.650 nuoWiuo closed VM 

! proiiuclinn since 19 ifl. tonnes reducing the total hold- &H.S 1 I. 5 . 

Ghana s annual cocoa pro- jngs to 44.255 tonnes — the lowest Lead stm-k^ Ml bv 
' . wh rl ’ averaged jewel since October, 1975 . 46,925 lonnc? jnd /in 

• Gm.iKjft ions u year up to { Little impact was made cither were unchanged a i 72.37 

! *® ,9 ‘ w ®« 1 d0 ' v » *® 349 . 000 . ( by. a report from Lusaka that U 1 E silver holdings 

> Wns * n * H, h. I Die tmonieial strike by Zambian 590.000 tu 1 S. 530.000 oi 

i Another committee lias j rail workers should soon start «» LaletU figures froai t 

! been set u|> to investigate the I hit shipments, which so far have national Lead and Zii 


25Q j 0 taker., is threats !.y fmrdcs of and following the Auros to the a British pest expert, ibe cater- 

stocks proeessipjial caterpillars- Tunisian border snuth of Tebessa. pillars numbers prooaoly result 

tonnes • These half-inch :anae eat tin? It started around Djelfa, where from the absence o? bird and 
'use tv,' i leaves of the pine and cypres^ forestry and n-clamaliun' work insect predators in an areji which 

ices *' • apt-cies jiiae.ieii >.n ihi* “green begun in 1 VWS. uVner local was si-mi-rleaeri until a few 


’ajrtr 

Ml.cv .Ipl* *■'«“. M» M» 1 - >aarpiy ir&’u IRp Tllir mmTCC » , n«n.n,«on! ;>»miiiicr unm n |r wr *'*-‘ * 7 7.*^ : v " “ K «'*«*« “* same mourn la>! — 

record : level of 6.13m Fvw 1 f®r fiamplp. ww »P £18 j jnfi up atihe railheads. Supplies year. Tel a I storks held in pro- _w 

'lci-M?V. ine s to -3.Sm-l.2an tonnes this i^5 ■ a lonne on Friday’s Hosing from two other nmm exporters— ducers were 73.96S toniu-s. a lug ! UCS^rt 

ia> U-- But ^BTS imparts ,-.oi!d SS5S tS • ***** ** tUttSM a tonne. Oule and Peru-sure also drop from S2.S40 ton nt* at end L - rc: ’ cl 1 

''»hMh ^ ba osi e d^ by 'the Com modi tv ii«Sf Trader< a " a 'n nttr I bided Hie threatened by industrial action. June but slightly al«,ve the end The “green i 


TOKYU. ,Sept. : 4. 


Traders again ntlrlbiited the threatenod by industrial action. June but slightly aliove Lbe end The "green dam” is a complex Pls»"*» n C * bn you 
rniiitniieri inrrexse*; lo the I ^Traders are. however, availing July- figure of 7::„Sn$ tonnes last • urnjtrct designed to arrest the area °.‘ J,a 

reduced hsmesi nrosueets in toe re-opening or the New York year stead-.- northward encroachment 1 r<?su ! l > a 

W«-si Africa ami Brazil. P a £ , S er a i! c V./ he .. Lab u Ur ? uy Zinc « U, P U « ^ July wa- of the. Sahara desert and make 1 ,rt *« l ve. with u 


; cotniiin fc rc ownieMJcauv - predneed — — ; ' ‘ - r_ reduced harvest nrosueets in 

"Jlfiffjar under the supiiorT price The Jipancs*: fishery, agency ! West Africa ami Brazil, 
t Kent,, ,, 'gramme, which may lift U.S. sa:d the 1978-79 quota PT 98,000 ^ R i„ de Janeiro. The Sao 

•heif an ■ K c °s later this year. tonnes announved.iB wHIipEinn : paulo State aericullural serre- 

,p ci Unnw^-'^^ USDA prediction :< at '?’ a * most severe. If added that j i a riai a a non nerd the region 

: i. llTUia: in»k . tU^ ■ unul,l .IIU'MllUlt l/i . _ . . » .... • ■ . 


centres spaced along The pro- in time, when the 
posed site of sr.e dam. For the natural enemies establish ihera- 
last three years, thousands of selves the caierpiliar may 
young national servicemen have become les* of a threat, in .llie 
been working go the task uf meantime, however, large art'Jb 
pJaming 7bn young trees over a of vouns trees are at ri'k. Ttfe 
'.oral area of :tm hectares. best way to deal with the pett 


* mnee^unth the - forecast hv Jap»» would, seek -inereaws to m expected to produce only in “i™ 

Hi»n d i^don brokers E. D. and F. *“ t>f Jssl-year when; 6 . lSm «sn-kUo togs of roffee ‘ n n te ^^ 

' last week that production Jwanese fi^ernurn touted an. „„ t ar , DJrtMd oF 8.99m , n " f 

which ~1. 1 M eonsumniion - would be esti mated. 24U4I00 tonnes.' -- - estimated earlier, after the 


Janeiro The Sao h ® l,lla 5\ tTafli«onal]y the time estimated ; ,t I17.4HS 'tonu, 
aericStura! serr^ ^' hc-n '? Wtem of consumer against 120 Ao tonnes in Ju 
demano becomes clearer. W* a, ««H.K 


t'nplatc l1t igbl.v in hAlanee. in the forth- Qucras were fixed -bv ■ New i rrosis last month. 

. ini'* a>iesn a l ,ku..j aa... . _ r_ ■ . i . I ■ 


i tii.-ide 

p the 
pillat's 


r WKfiK _ . . .^., 

jt .i mother rise in world ■ .sugar to ooer.ire in -Ibe ■ zone - for the 

‘. n ? and nv* ac s on. tug London ter:tungi first time since it was proclaimed 
inv ‘ tools iiw ,fhe t Jfft*terday was attributed on April L..- 
5,1 ib^compB m'tly lo the Man forecast of Reuter . . 

‘ ll! * nl Etajj. ’'■—•* -• " --Mr,-.:. 

TZ^ ^ : ■' — — — 

nt 1 nro^ 0118 " 5 ' ' ■ 

AKArt 


luig season at around 90ru Zealand after the' two countries 
i Jbcrp might even be .signed an agreement on. Friday 


L^tnall deficit 


According to a surrey, 61m 
of the State's 236m new trees 


i^Tn'T^d £S f ‘"Sn. »ha, 

■ i he* food iSvmn WU >V SoirtSr. SSL •“* arlam " *»> *»«* teve been dotes. M, 


aiio’.vmg Japanese flstunjt vessels 1 were seriously affected by 


frost, amt 17m u-err destroyed. 

Of the State's 726m adult 
trees, «i.im suffered irreparable 
damage, the secretariat said. 


Call for tapioca controls 


IThe exjians;on of northern towns 


their other duties have so Jar 


Rubber output increase urged 


j PARIS, September 4 .involved the building of mads, seeing nothing hut a barracks . . ‘ 

I it'UG-vf.ii MATVEI . wells and reserve iri. and eslab- and some forestry activity. The danger is ir.at -.t muj .-.eun 

I, I, j A i„*j jjrtiwers have is«,9li toonev. with 347.U00 tfchwvni of pilot plunttitiuns of Aware of \he scepticism oi some b'-invh a hole u> the ihicitest aj^d 

called on the EEC- Com mission to tonnes, coining fruiu Tluiland. fruil trees and ic-getab.V- crops, foreign experts, senior oflicials in oldest pari of liie dam. whcj’e 
immediately lo control iq London ihe Minister of Hillsides nave been terraced Algiers take a low-key line on some uf lbe trees are 10 years 

imports of tapioca pellets, jlbo Agrtruiturc -.aid, drv, fairlv tea improve aoi: and water reten- the dam. emphasising that "Id. “ V.'l don’t want tu see uur 

knOU'll as cassava and luainoe «-irni mn iili... i.._, _u. j .' . I..., c... . : j... ^ ; ... if u-nrt nt,in>- in ilp " <:i id tine 


-■ Ihe -»‘"**** a eaoMyiiwvM, aoiu m a unu wa:.«i to continue, alinnugh 

. «e..tr., , ^ • statement maize producers were there have been dels vs in some 

ri j COrtMODITIH STAR 5 concerned at the rapid increase areas. 

RtiDBEK producers is forecast to grow to chemical ingredients and energy, M. Cazale said the substitution is complete 1 with good ^clds 

r-inh I- rnJSl ? 3 i „rf Cr f,^,,| 11Ve ^ raen l, ™y* ? on P« b * v 1BS0 antt .-.tonnes. both peirolcum-hased, are major °r cassava for maize in animal reported! Winter wheat* and 

m ;ht 7 f «*Weien«ly U* by 1990. •- . • cost cwnpuncoix. Natural rubber feeds reduced the protein comeni spring barley are being cui but 

v i. ;hp ^.-t expecled growth in demand. Natural r.ibber production is production gusts, with a large and necessitated increased use of a large area is still unripe 

-• I'tr ll'lfil Iflirnmn In n Tflinrcnmv hv I li» nmiupforl tn • nvnu* ' "fvniM ‘>9 t . . r ‘ I 


statement maize producers were there have been delays in some 'A 2flkin-w!de bi-!t uf forest will not even be noticeable for the caterpillar a;* a serious 
concerned at the rapid increase areas. ' 1.500 km long, from the Moroccan another 10-20 years. problem." 

in * u *P° rtl J- - . . Harvesting of winter hart«»v : ' . - 


Fish farm health service plan 


tz s> 7J - ,™pfteTs a r I ;y ,n a rVbete‘rii ssi h isn Tarm neaitn sen 

Hip in demand. Natural r.ibber production is production gusts, with a large and necessitated increased use of a large area is still unripe JL XCIIUI m. vJV/X f 

Vo *o a oonil-smdy _ h.v i,| e projected to grow from 3.2m.. labour component, increased only imported soyabean uieal. ■ in B?nek»k Kr.inn S ,i.- 1%..,,, 

-> ? thP Food - on ™ ln - 1976 t0 SAm ionnes 30 per cent in Malaysia in 1973- Tins was contrary to France's J a nd th^Thai^ Prhi£ BY OUR COMMODITIES STAFF 

■ o-M Thr- 1;-' Agneultwre Organisation. in 1990. O^jin tonnes less than 1975. Further oil price increases programme in cut protein hart* IJlJ v .. , . . 

n vanrjai rMw!- ■ predicts ' ihat ' preseat e *2 ccf ed demand by that.^uue. won hi strengthen- natural imports, he said.. ls,I i Q ™;- Fren S!l 1 A FISH health service, run by particular .sties for fish farming 

^med world, production or The study points out ttot--lhg. rubbers competitive position. M. Rajiuond .'Biirre, French n ?.® ; the Ministry 1 of Agriculture s- should also be estabrisbed, the. 

* .mi «.i.Ka« ..nil r-11 h.bi.j demand pan will * hp Micri hv ‘ I Primn Minister. ca>d rho nrnhim*i f'Uinnfaud. lo press Thailand s '*„,-,_i naPV service was proposed report says. ‘.‘The licences would 


Br OUR COMMODITIES STAFF 


•*:>r»<l wiBumjttuuu. ni i33u. u.iwi wnnvs less man luio. runner ml pri 

n vsnrjaj rm!- • predicts that ' present e **J£ ct ed demand by thatAime. would srrengther 
ined world, production of The study points out tbat-thq. rubber’s compel itivc 
* iral rubber will fail behind demand gap will be fiUed by Th _ r4>nnrl t 


Th» Prime Minister, said the problem • 

lbe report says that lo keep mi1 «i t-jekii-ui hv ih« xrttC' u -■ ttl 


in the event of disease." the 
report said. 

The Regional Water Author!- 


aiaiifti’ OAftUiOiVlj D 41 U LUC l/I LIU1LIU ’ , j.lj .1 a C TP X * • ^ - vctVMUus.* « * ■ 7 * fc . .. . ... . _ t X IIC lUr^^Hdl itdLri rtUUlUIJ- 

SdviSS «ryto. «3!«U -K <0 p™»te 


n.rluneMhtp 'V ' urj - 3luuJ , ^e rapio in- .decisions 10 increase mooer cereals Office^ umu said. 

; :ir:.n?;p •? L , “••pr- vehiefa [ crease" In oil- prices starting in. production in the late 1980s Barley exports totalled 3.63m counl ™ 

■i. and «i!i Is- "!**»*■ CO?: overturned »he long- would have . to be made, tonnes, up from 2.05m. -Maize Mr. » 

*\y,5\. 5 r ' Combined use of natural standing price advantage of immediately in key producing exports were' 2.22m tonnes asked 'i 

ber and synthetics rose from sj-nlhetics- over natural rubber., countries because of tire long against 0-51OT.-. help in 

— — — — 1 tons, in the -mi«H9S0si ; to In- 1973-75 the cost of producing gestation periodfornew planta- Cassava imports almost Thai tan 
m tonnes in 1976. -Demand symhetres doubled, because of nonf ■ irebled to 455,419 tonnes from currenc 


>MMODITY MARKET REPORTS AND PRICES 


policy for fish farming. lure enterprises would require a -the* production of fish for food 
report, by iheNTUs fish licence.” V. but they shuld not themselves 

ig committee, put's the case Import reguhirtons covering be involved in the production of 
otraliscd control of fish jjvj fish ‘ should ^^5 eD “^ e fl n ^ fish; pa ctieulariy where this may 
ig. particularly from • lbe d d fl h ’ affect the 'viqJntity or conmier- 

oini of disease control. -a* in other countries. .- "flat fish farms 

e present system is lead- ■ "Une of- the advantages of the “• r“ ,anns - 
to an uncoordinated licensing of fish farmers would The report says the main re- 


rts almost Thailand's major foreign the report said. slock movement -register, so- that sible for dealing with notifiable 

tonnes from currency earner, id Africa. . | , -A licensing system to authorise stock inovemegts cypid.be traced diseases of other farm animals. 


V '-’".in. rf- or* p.m. ' *4- «r rAPTFC ... »*Ilenr. S«uih -Alncan Yeilavr Sopi./Oe:. . Oer. 3n.0-.17 1 0. ml. uij; p«w. 313.0-373.5. 

VOfftcnl L — ; L'mifficMl. — VV/rrCIi ' 59.80 tihiiiiau- sea-rs. 1 75 . 5 - 1 75 . -i. &: Marvh J 7 i>.o-M>. 0 . nil. niL 


PRICE CHANGES 


Robastiik moved gmetlsr *l|p»d m lirft 
rolmnc DEI, ro ports. Conanhuion-bauw 


■HcSX&ww' ■ (UK pn.« T ' NBW^ZEALANB CROSSBREDS-^Iose tDnne 0tberw!s ' S,a,wL , 


■-KXSZ?- 


£ept. .4 +« Mnnlb . 
jSTB . — «di> 


ase-met^ ^ '• s,-'^ f-i-aLit-: coffee •• ... ' price changes " TamaiPa 

shins more 

« :/■;■ i» A-te gte •laaci-.aBt .-.'g'gta a - as^r®»Tr , E* , a. sa meat/vegetables — - — ^ — — alinnina 

^wnd'ki I nil u L* M- at ^ 1 * SWttieWtj 689S ZB ’ - \ CORFU I W* ■ ' d" w i V aiiOI-nJs 72.W. W mWljuds TV.TU. NK «IKA 1 /.-Y LU 1 1 ADLLo , , diUllllHu 

.'h^ '■ ’mL'Li K : 753 '££ : _,5 -klrtltuB.. :S 1814 !t« - . ' . v i — t • TS.M. NW ScoUand. 7 A. 56 . UK T1.1H. SHITUFIELD .piuo s in pooie per th. ' 

4ai' * '•TIU-*C«stor.’ta subdilod trading. A-n«v .>*■* Vori . ! ; - r . A. firrSunn* , .. Oianve -o«. Tomu*o ; 39,959. HubeM -Reef:. S.yr.-li I.HtO -U.S to »4»: •V“™ , . n ” , “;y-"Lr S^-»k Bv Canute tamn 

1", '"* . • * - Mu ihe Raa. on Saiurday ktl TorvarH ■ t- . ’ v — . . ; Win- paot lor malunc barley was UM,-r tiindunjni-rK tern :o hsjj. (orrqnar- '“"W *CW. siw-w T i* ” 

l ^ 0B . _r 7n ,. _ 7s inc:al U> iSn IS London « xtj&U bui ~!}- Afunioun: Standard «sh ... 1 SB&- 8 S •- 1592- 1570 nui .30 at Lincoln.- reri 350 lo 19 n: Kirr Itmdauarfm H8.8 viurcmv Cent a. 

Zl?.* 1 ; 7 ■- ' hvdev fiellms la the -face -ot scam ton- „! lre 5 l ~ *'••«•*«.... 1*2515 I XBB 0 - 1 B 5 J UK faru-urd.pru.-K lor drSvcry donriK id us n. rominaRcn- 17.6 io- 35.0. f. nmnCha itw. .l».^ R 753 . 75 ,— 1.5 L,AS.Z 5 . .KINGSTON. SepL 4 . 

ll ! ,B - 745 ‘® ~ 1 *un»r . IbtMAt caned the Irtliv to slip K"rt>: Standard Uiw monilu 28. .Innnai-i' f >*25 'ZS ' +B7.5 14HOJ4M nil. M ttHcar bread r S9.IW. il Wheat Lamb: KmUMi small Si> n lo 810. t**!' t^lhode-. ....... £730 — OJ3.L721 I pvpoP.TS OF alumina from 

r, ui 730.5 .+ 5 . 5 . - w ttJSXS Uelure n lifted to dosEou ibe r J - • ..-. March • Z 420 -Z 3 4 54 .lhl 4 Z 2 -UJD uitbor. sr..nn. Feed Wheat sn.00. iiallim; uirilinui U.» in j?«. heavy 53.0 io 5 B. 0 ; Jun-mh* .In. ,P». C 748 .sa— 1 . 0 . 1741 . 23 , aAPORlb . UP a Him Hid Irom 

>inl - ■„ " ’ll KtTft ar II p. W*. TimH^'T Od.-. innnp-. LEAD— Hnrrt aarmrly In aulel Uav »...! 1585-88 •-*■56.3- i 386-1 846" Rartej •Li.70. Fet-d - Burley ,,:hi. Km SctHcIi medium 540 io jxii. Imponed ( ,ul, l ...Tier oz. 521 1.B7B +2.5 5202. B2a . Jamaica. -HlCrCSSCd 4.1 per cent 

rn.-i.-i; itmdme uua id lim.- with eiMMS Standard lib I6V80, three Ua*W/ yorward metal held between - July.......—. 13JO-45 +39^.1340-1(36 U Wheal »hreoiIi *130. Peed Vrtieal Itimmi: XX PL i:.0 lo 5.1.3. YU 30.0 io Lnui >-»»h CM4J-3 +D.B35 l|32CLni , j n first half pf ||iiS year uVer 

CUT and £M &5 for Ibe whole day. The 1 S 80 -SO +40J, - AK,' |fik Barley «,W, >«d Barky il,H: Scoirb. tea vr fire ro K0 _ _ L«W 75 +U .125 LM6.KS , ... Mrr « nnnrtin „ ^ lait 


m ihe Rub 4. on Snorday led toruard ' 


1814 ! f 8 - ‘ V ; — " Done - . Ja.M. NW 7 : 1 . 90 , Scotland. 74 . 58 . UK 71 . 1 H. SMITUFIELD .prue s m pvtue wr Ibi ..lusan ,. KKn 

! ; — • ! prr*tfine ] ... CUanpe -ofl. Toruuse 30 ,i 3 B. Rutwai -Beef: S.-ufih tilled niU t . 14.9 to 5 BJI: ■ V[um i nm m . .. _ . .... . £980 _ . .. . — L6«Q 

“TT“ 3 — . . ; Kiev pai -1 Wr maliinc barley was U-u-r bindQnani-ra uiu :o tSjj. foreqnar- ‘ f"'* iEjS5n‘ f o'x 

Afuruoun: Standard _ cash 1585-88 .- 14 .fi, 1502- 1570 nui .30 ai Lincoln.- ten 350 io 19 1): Kirr hindquarfera U 8.0 ti'Wier uwb W. Bar £ 758 . 75 -, 2 . 76 X 725 


-2^2 Kerb ar Turnover 0 C 5 i nones. 


LEAD-Hnrrt aarrawly 


quiet j 1 58S 68 -'■+ Sfi.fi- 1886- 1046' Bar tej •i.i.70. Fevd ■ Burley 77:hi. Nns 


1. Tax-free trading on com modifjr futa res.- • 

2. The commodity -futures market for the smaller itncstoc. 


COMPANY NOTICES 


£i B 5Y ^THE LONG-TERM CREDIT BANK 
r U M,US>. ■ OF JAPAN, LTD. ; 

P EvuerU?- . .. 

■ TT (I f, 1 A AAA AAA- • 


. - .. i ■ • c in- e 

I a«h,- •! 345^-4 H 2 j 344-.a5:+.635 


- Arablcas 13S.M nSL39); " Robustaa ICA be.mnuw Seplember II will rerutin S*5.r- old ieacJi-w.0 lu S5.-J 


mi l£l* flO^VROtaBiTicA SS ; r “ K LA" e 7«™ doe m tick HEAT commission .\verapp fatMutk 


PV s ; 
r . 

n closed* 


• j.-p 

■ m ^ 


OF JAPAN, LTD. 

US.$ 40,000,000" 

Floating Rate Certificates! of Deposit 
Maturity Date 8th September 1981 

Managed by ' 

Manufacturers Hanover limited - 
■ Nippon European Bank SJl. . 


Tiu g. . ^171 J. _ ' following EKC levlM and prumfimis are Nheep numbers down 3.5 per Oils 

trtfh >he D^.r 2 i nhrri^!i A 2 !fJ 2 ?r °Mm?* ' cflt - , « UTt for S W- 3 In on its of account IWL aremce prire iWOp it||1<i pip i^vunutc. PbiU .S 750 u +30 *630 

ncr tonm-. In order current levy plus nuw ben. down Hi per mu, averaue Un^mlniit ;I »78 ■ L 648 

?° r - lh f J^_SiSS!£' “ 5 W * Oct.. A'ov and Dec. premiums <wllh pro- »w kI.Ph ' - II I Lnuced Crude in.. £330 -2 £334 

rSni^f r ^- ta T,.^' l0fC *** aat *** MaUMjan vlotts la bracfe.-is'i. CmoM wheat an.-.t: MEAT COMMISSION — Average tatuock iWIn Malayan. ;R 586 r +11 5532 

iSimbm# . ** £C8,25, TanH]rfr mart£t w “ « 0 *™- rvst nli <£ 0 . 29 : n« Bill. Durum wheat pm-es ai rejiie^enl alive luarreis on week , 

anaaiwwn. — 120 . Rt. 0 . 31 . 0 J 2 . nil 1122 . 44 . real nUl. endiuc Senieuiber m 2. G.B. (-aide 70 34 p 

— - . --- . , l VjLM • ...I I * 5 W-K. 71 . S.I 9 . 2 . 10 . 210 1 * 271 . l.C. »*t V».l n. i . 0 «!■: U.K. sdu»ep 140 Ip Seeds 

. '.I t |+ nr. . pJJ*-. It+«r "'!■> j ■ **“*■•“ l-«- l-«- ■arley-JMI.W. real D U .S 4 . 0 S. per ku.«M d .-.w. . - 1 . 1 .® G.B. pu» « 5 p l-njoa 1 ‘hilUp S 4 B 4 i +14 5430 

■«•»? }■ UlMlal — | Laafilculj — ■ K - s - a - . ‘..we } ; 4 <vne n-it nil. Oat»— 7 IJ 8 . rwt ml 471 . 5 #. row per Sal.u. i-^o.Ij. EngUnd and Wales— S. -cal wan (U.S +1 S 256 


■ip-l'". the «*n«Bpomiing period last 

Wee Markw.ci'niiiM s i.80“ si.70 J year, the Jamaica Bauxite Insli- 

.• *- 93 185 I tute reported. There w'as. how- 

j ever, a 3.7 per cent fall in ship- 

‘KTJ^^iS* •;o:i ul6.Mi™f nl ! “j baus,le ore - lhe insti ’ 

«Jul,-Uil\nr I 78 IK - . U 125 i 30 M 2 a 35 l lBl e Saia. 

;1:S “sJ 1 ,: i r -"KJ*“ t * bi IT e * t *, h . bMWC,B 

Tm ( -R^h C6.872JS0 -65 £6.5ez.b ! January to June this year 

5 in. mil,. c 6 .bii. 50 — 36 *6.415 i totalled 1.01m tonnes, and 

SilSSi Sl£r shipraenls were 309m 

So“ ,87B -i'l£r!:Sn r _ T°ral bauxite mined in the 

nwri .....M2B &S5Ob0Ol firsl sjs monlbs Qf ^ y ear „, as 

S^uuiPPhii. S730 tt +30 *620 i 5 - 57m *oiineA ayaiiisl 5.6m 


- , . vv, I I "JW-K. 71 . -.10. 2.10. 2- lu 1 * 271 . i.c. p*t *Ri». * - o U.K. slieep 140 ip Sends 

r 1 + nr ! 11 + fl r r *?™“ j l.H. 1 . 02 . Barley— *4. BX, rear oU .S 4 . 0 S. per ku.«*> d r.v. i-l.l-® G.B. pu.-s.KJ 5 p I'bllhp S 4 B 4 i + 

.K.ItU ;-UfHclal — I lipofilculj — JLS.S. . •.■WM' { «-'W« ; rton# rest nil. oat*— 71 J 8 . rest ml 471 . 5 #. ir« Per kal.u. i-^O.li. England and Wales— S..ralieaii (U.S + 

— ~ — 1 — — ’~~i 1 — ml. Maize <otlur Lhan hybrid for seedlru; ' Catile N«s down l ifl i«er i-eni. aiemae 

.. t ,-.L' * c I J £ ' C, 0E U « c : ca M U air — 77 . 23 . 0 . 42 . u. 42 , 0.42 iTT.El. rest ni!». nn« w-lsp • -Jieep Nos down 


“T ‘ wsh#m— 7 S. 7 I. rest nil iiS.n. rest mli. averase price C 4 p 


V |» M “ *- * •* *■ iigEuitumnw ».42 rest nll». pni-e tt-wp •-u.nn: in»p No's down 

U«b....-...(32D.6-. 75 '-.125132075-1 , S7.B5 M.M M.2WB.M, . - Bock wheal-. Ml oil fall mil. Millet- la a per .tin, average price m7p 

3 months. j-fiSfi ^-. 76 i+J 28 1 . 328 - 75 - B‘. H'fftt’!!? |S’IH 2 - 2 ?i ” 41 . 48 . rest . nil ' 4 SJO. resf mli. Drain i-ri.l.: pi^ Nn'< down 74 per <.-ent. * nu i-ao 

SSnenp.-J 380.75 —.251 -- • i>c*-l»ec 58 . 60 - 59 . 10 j BB.Bf-M.ffil ^ ■ sarghum— 7 S.TI. rest nU fTS.n. rest mli. average once «2 4 n i-oii. Scotland— Hmne * inure*..,. £ 80.80 + 0.20 L 82 

iVUn.Vflou — ! * 20.31 Jao-Msr - 0 &. Bl.lS- 61 ^ 6 l.flB- 6 B.M Floor Irvic--. Wheat er mixed when' CaiUe Sn'i. down 5.5 per reid. avrraw 31 mwr M 

jjsitwwftis*! seas asim ssKf as**' ssa* sss?*" n ~ r *13“^ A -"^ r “ 

^»“ a Si^ , BSKi!^gssaa8a^.»- c,ir A p '' k * <;Sii &«\ssss&“? i-“*, 

three. mmuu £328.5. Kerb: three mmihs se.»-B9.rt 8a.S8-Bfl.B0t 89J0 SUGAR cove'nt caroen—i P rices m ■aerlm* . Miil^RSS . a i .. . ^03 

■cents' per pound, j at par plml - ■ - — 1 ■_. LONDON daily price .raw su«ar, iw wrtas- i-*-.vpt uhwe oihcrwlse l 'r'^r.r i t , w ,,l *—ei S?'! 

On previous mramdal close. ' . Sales: Ul i 247 i lots of 15 1 Dimes. fUT.IM' a tonne elf for Svjw.-On. «rajed — JjiifMM Produce: Lemon*— . 1 l !f • '£• C 1 .S 27 .B 18 Ll .7 


Home *'ut lire*.., ■ £ 80.80 +0.20 £ 82. 15 


Ubnil , 

.Nil. I Hal >|u-uia£Ble £92 

If Hard Winter' ; z 

fcn E l:^, Mi])in l ffi£ 89.5 - ;£B 3 


tonnes last year. 

The Institute has also reported 
that Jamaica has overtaken 
Guinea as the world's second 
largest bauxite producer. Eased 

| All North American markets were 
closed yesterday for Labour Day. 

on 1977 figures Jamaica had a 
total production of 11.4m tonnes 
to Guinea's 10.8m tonnes. 
Guinea's output declined 4 per 


Sates: Ul 1 247 i lots of 15 tonnes. 


LONDON DAILY PRICE iraw si«ar 
£89 M f£fl 7 . 0 ii> a tomw elf for Svpi.-Oc-i 


• sn ‘ Jl, ‘ accordance with the provisions of the Gertifi-. 
l "? Jates of Deposit notice is hereby given that for the 
• iif v oitial six Jnonth interest period froni . 5th- Septem- 
19T8 to,5th Ma^ch . 1979. the Certificates wTil 
arry an Interest'Hate .of nine and .nine sixteenths 
. . per‘ceot..t9^%> peranmica. ; ; ' - 


SILVER 


Silver 'wu fixed !. 45 o jui ounce hither 
for. spnf .doHvtry in Hut LeudM tadiiun 
imAu. yeuerday at 3 g*. 45 p U.S. cent 
L-tjmvalemri or tbe flxlmt levels were: 
Evoi 59 aJbc,- up B. 7 m . three- jnonlb 568 . 5 c, 
BD - 6 . 4 c; uz-numib 379 . 73 c. np 4 . 43 c: 
and 12-moMh flm45f. up B^e. Tb* 

menu opened ai 2K8.4-287.4p < 338-350 Jcj 
I and ctosed- at 2Sfi^.2S7.2p t3Jr-wMc». 


Physical dosiflB Pttee fbuyers) were: *WwnriU. Wlmf OTBar daily once 
Spot 57 . 73 d f samei: Oct 5 »p Nor. “*C. d ,l ‘IlK.Oli. 

59 .Jp 150 . 751 . Buy al b*.-M orders ai the opeauw 

Initially lifted priL-ea some ISO o 

SOYABEAN MEAL SrK“VSS- r“<£J 

; 121* marker was mostly wcaLBr. - loiter, lumou-r more buy rap oniered 


uoar, P^iK^raS ‘^cre m! j cent while Jamaica’s rose 10.9 per 

5 ln. HTjir^i I — firm one# Produce: Leman*— ,- '“ r " .* 1 . 527 . 5-+ 18 .LI. 777 .6 i cent, lhe Institute S 3 ld. 

was llafcan: 1 W ISO's new i-rup o 0U. Orange* i J «»UHii«....-— „ w 


— S. African Vak-iuu Lat<* 4 2 B. .'■- 20 : 


• T^te-r. huuoiL-r more buy rap entered Uk- teas M n.6. ■’* ‘i.su: iMuuiiii-iaii: non. 
tuarkH and phlcs rose some ISO poinfs. Tangerines— Eirasiliau- Prr to* 23 - 2 . Ml. 


-'»'>» :iii ,545 + 18 . 5 £ 1.129 j Australia remained the world’s 

. + I largest producer \rtth a lm 
waTiten , ;::::”;::|»» "iibi.uafl tonne increase in 1977 tn produce 

I+.II.I]* t 4* tiin... 27Up sale [a total 26in lonnes which is 30.5 

-Nominal. "V New ” crop.' t Urwuored. 1 p er cem of ail bauxite mined 


" ' Veiiwitiv' r" uiikingw' - SSU p, ' r »• »< June-Aua. n JBlj'-SepL <j Sepi. r Oct.' (last year. 

L'i«e ' ( — Don* Q«*lg ptk\s were around ihe middle Agates— In-uch: New crop i.old-n Deli- *Scpi.-Orl. uAna-Sem i per ion.; — . 

: j I ***"* Of tHr day a rulae. , ,oin ».|h 72'a 2.33. j.Tfl: Pnmuues: - lodicamr prk+ j The V 


apertonoe' 




: ■ Reference Agent 
Manufacturers Hanover Limited 


j i>ctpber ....... 113 . 50 - 14 . 4 — 0 . 75 , 114 . 05 - 11.10 

mrviiir L . , „ «. 1 . . ■ilecemher....]llS .40 lfi, 0 ]-«. 90 ;ire.OIM 3 .M " 

SJI ^vrt ^ ; + i H- w PHmiary 110 .M-I 7 .fi - 1.06 1173 

tvi n- ^ ^ ■ 0U) “ j” An rllZ:. ' 1 17.(0* t»^j— 1.20' 

*»*»«. | pnedtag j j J* OuM. .TIB. 5 »- 19 . 5 i- 0 ^ 8 - - 

- l HS 3 ;j;i", 22 S'S? p ^l'SSS'? p !' i*f*"t*r ;it8.mc2ji!+ij0: • - H* - 


Sntv * 

PitT. il'e*Te.iil*r'a- Prerinui Beiineu 

Oitn/n. 1 Gloar Clm D.iba 


■ •oIiIl -11 Di-linuici pi-r lb 0 . 1 U-B 12 Pears— 
Vivnvh: *.nyM *IS-lb bus. 1 Williams 
4 . 30 ; Per lb Italian: Gnytit O.to. William* 
03 - 0 . 21 . Peaches — Italian. Ij trays r.60. 
■LStfc Kr«iib: 1 AO- 2.00 Gropes— Per lb 
i.'ipnts: ttariual. 0 . 2 *. Tbompson 0 .», 
Rosaki QM: hrciu-h: Alphonse Laraltee 
tt. 244 l. 23 : Pit 3 kilos Italian: TicSma 2 U 0 - 


'aROPEAN 1 WVB 5 TM EHT RAJNK 

[ Bf»f 3 , BONOS OF ^ 873 . . 

t DUE SfiPTEMBER 27 -JSM 
eURCO 30 ^ 100.000 


■HICSOBtS EBEWERV LTD. 


•5 month* .] 2 U 3 . 45 p ‘+ 2 . 80 293 . Ip , 1 +B. 7 S 

f. mumbs . 30 J.2 {j ,+Z 80 — . • ! 

12 input b«; 7114 p + 5 . 05 ' - *i 


Sales: 51 (301 tote of 160 lotntca. 


OTICE is HEBERT GIVEN, ta band- . 
tn stiai in uxordaiKC *»«i trw ; 
s and cendibona- of -tf* »•« r 
«. the Eurpoean |n«eatmn( Bank 
selected the Demscne MarX o the : 
inf* to ec utilised in respect of - I 
icnt t>r the Interact doc on SgpMm- 
27 . 1978 -- •■■■-- . 4 

it ttoUer ^jMYi however, end . 
»m 3 nraataurt. nwt f 

ten than 15 days ooar to Nm ■ 
e menttooed date. -another ssn*> 
i pt sanvtneta tram itnoftp- thA 

eTrofean^nySestmcmt BANK i 


3 US 20 . 000 J»M CPMRAGNU 4 . 
FRANCaBE «S PETROUS 
6 T. LOAM IKS-ISU. ; 


■ * NOTICE -IS 'HEREBT GIVEN that me 
Transfer ftefiiKtts in respect at the 6 ’:T« 

Untecuretf Loan stock ( 2000 : 2005 ) will 
be cfcoed rroai the ism Sepremuer to 
™» 30 th Scotembcr. - 1978 . both date* 
i (relative. ;■-.*. . * : 

By Ordor of me Board. 

. ' -■- .THOMAS. Secretary. 

-. 127 , DsU* st«eL- 
twerpow A8.2JJ. 

SUi Sepbrnaer. 1978 : 


& per Mono Rosaki QM; hrciu-h: .llphtmcc JjtcaUce 

Ort: ....' 80 . 9 fl- 8 S. 95 l SL I 6 J 0 . 2 O I 00 .M.S 7.70 * P-r 3 kilos Italian: Ilefiuia 2 . 1 ) 0 - 

n#,.. .. iOI. 9 S-lO 2 . 0 ;iM. 104 M 1 . 1 S 102 . 7 B-mO.O i 30 - clurd'Ha! _ 4 - 0 " . Plum*— Isaliau. r*r 
Vin-b .- 109 . 05 - 109 . 1 ' 107 . 15 D 7 .S 5 1 0 S JO - 107 n R». SlanV-v o.i,. iliaiu 6 . 11 - 012 : 

Mar.... 112 . 95 - 113.0 170 . 75 -H. 9 E 115 .U- 11!.2 finuarn* IM Banana* 

A he.... 1 17 . 20 - 1 1 7 . li 1 14 JO . t 5 .H 0 T 10 , 00 -1 14.0 “Jamaican. Per lb B. 13 . Avocadw— 

(Irt 190 . 80-121 0 118 ^ 0 - 18.75 12 IJM-llB.fi I-'-* 1 ’'"'* M 24 'k 4 W-I-S 0 : S. African: 

Pee..... 1 194 . 50 - 124.7 192 . 10 . 22.50 — Hnrrr 4 -W 3 n Capslranu— Daii.b: Per 

- - kilos l.wi. Qnlani— SpjTV.sJi: 


‘wmmsjijp .+S.ue — pn i |]\|C Aim.... m .20 ll 7 . 5 imja tfi, 0011 B. 001 J 4 .D “Jamaican, r i-r id b.u. aiotawv- 

BT GIVEN that me r ." , ■ UltAliYa th-t 120.00 121 01 1850 . 10 . 75 121 JM-llB.fi k .*' ,, 7 a : M ifi 4 .w 4 Jii>: .African: 

JPaRtob'Ui “*«■ wa^nroni «-....;a«.n4.JBUMU. - . 

1*™ **£*«»« to aa. ^MonRng: Vxett monilU WIJ, f ( 15 rl £iL.!® B, !r •fiS* - ■ Sates: 3 . 0 M m* 0 *) lote of 50 mnnei. Duicb- c.nl. Ihcfcten 10 kilos l 30 T«n^ 
•- <>oth oat** 3 ■■ 3 -B - Kerbs: Three DnwlU SW-i. * mw “J Wltear In tool . Talc and Lji> - os-reftpery oricr for uh — J t-rS-'r: l.H; Dutch' ‘JM: Guernsey 

i l Dir Board. - KtrlWi jTi!*? ‘fvniUjtPd baa* rtlb wuar wu ss&tsi l-«IW.W. Nclaiie-S'pjn:>b: VrllDit- 6 14 

TOMAS. Secretary. m MMB 3 N 3 . * 1 . 3 A NL a ^ ,or **** tnde iwi ***** 

. j** 1 ! ” i V™ 1 J™* | 1 5 ?LS*“S a*M 1037 #». for ctBOft . Enslixh produce: Pcd««,-Per =5 hlloa 

78 COCOA’ f ™ t 0 i!i*.?? t!^itr 0 ?w l mn g mnnii!^ < ^.^' lB tentailorial Sugar Afrccracnt ilI.S. 1 <W -1 no. Lettuce— Per 12 rmmd oso. Cos 

,Bi WL.Vrt senr lniw inae m ttn mommE. session m . r roh r,*,*. ■ u...hi.« in., a., 


SOUTHERN ktNTA -CONflOUDATED 
. <M> 8 SRHAO. 

. ttEcarnmed' in Mauvsal - 

. WTIC E^TQ .SHAfl&IQL'oERS w 
■Dae- to.. uBforeseeir cVcumsiaMei. the 


in -im £ 1hIr*Z r *SS n*M 1037 (W. fur on»rt . - EogliJ. produce: P«««*-Por =3 kilos 

COCOA’ flw t 0 tiM? luitniailofial Sugar Afrecnwau ilI.S. 1 0 M tu. Lettuce— Per 32 ruund o>ifl. Ow 

WLvrt icrr IJJtjo I ^*£*0 Bit pound fob and slowed Canb- l.ao. Webbs l.Ou. Cucumbers— Per wre 

ID «Ue 1 . Mflddtoa* taken traded J™ ^ ^ bean non)— Prici i for September l- Daily 12 -ars ui‘w crop l «. Mush reonu— Per 

gadfly, through (rtfl the day dmtti near 'j 5 SEPJ l 2 iJ|L JS cSd!UM?re 252**1 7 - as i7 ' 26 '- lh APCtes-P^r lb Grenadier 

Uw UcheKMOU GID and UnfWB. ■ EeC , ,MPORY * 5 »»-Tbe l 6 UnwU.fl BKW.IM. UrA p-Tby H.V-. t;«rae Caw 

vi.SxJi-j.Wr~ ^ f0r 00 iniDon te.ii* lur vrtole and nv socar fl 0 7 . UraiOM 0 . 67 - 0 . 10 . fliwntery d.PM M. 


Dot to. uutoreseen ctrt 
Annual' General . Meeting < 
*5» . Khctfatcd: Hte. 


- Yttunlac-'ii 4 >or , Buxlueu Acli reports. 
rtV ' : _ linmi - - 


Of the Company [ — 


€nC 0 X -! Qi*p i — 


j* 1 * .J® fchedalod: Mr .30*8 • S*b^- } WbtkntFt 
Bar.- .1978. Jus now been postponed to | j"* D vtunrs 


WHEAT 


... . an “ 'ffwilw f« r s 5 Wt 4 in units nf Tydeman's H.OMUfl. Whir*- Wmtt-r Pear- 

8 AIU.EV art ' 0,im ' P" r ,w '■■'dn*-' Wbfto sugar idr- mains n.SWUn Pears— pi-r lb Dr. -Inl-c 
naiuTivl and n«uR>naiiired» S 7-04 i»tue •. 110V012 w Ilium* oi 3 . piums-P-r lh 


e+. LOAN IKS-ISU . i! 0 » MflttlM OO 18 th OCttWr, 1978 - be : — ,■ — : — - — . __ , l*,»r« , VI.W |r».««| wan iTu.cn l Hence per aiia) 

6 ...••• I Paid "on ITttt Qcan>grT37a? July .^^BMJtSOJI i+fiS ; 90.60 1+0 JO 1 83.55 .... .r*ni.c_B«ituoi__ 

- . - - ■ z. “ y-* Aar^tetonrenlaitte caused, tstr refirhtted. ^oiiT. r :L nu ^-fSB 0 . 8 B &.0 |+- 2 S - 1039 . 0 - 413 ) . 93 U i+ 0 JS. 88.00 -* 0 JB AiMMliaq * 4 , or- Uiuuttu 

Ai£i mS_;+ojh ea.4o • n«na 

n 4 yc;.a«n rmao micire^ » .'^feSjgJBg’ - 19 yW Sala^MS r«.t64V tots of « Btainear done: W*wai-s*pL W.«i«.7D. i . j 

978 cte^SS. : r ^ ^sepwmoer. B7*. .. . IMwaitMl Ct«M Ors^aalRDrOA Nay. UHM Jtt Sfl.^SflVS. Utret, Otisb* 


jlecUrtUy * + nr •Y«ar«nliv , af + or Raw sugar ffl .17 >-’ 2 - 45 lr 
i] rlAW ! • — I - r1o*4 I — 

['aij;6«' .[+OA0i' 78.75 ; +0.« WOOL FUTURES 

t 3o:fo t+ojii SH 


tempi ISA* flu* -cm IS ' 
tor which- iUS*^ 9 fi- 00 ft 


[1978 SUS 9 . 7 Xa .000 at the wan. 

I remain »p issue. _. 

. FintKKiai- Apant 
Banoue de Part* « drt PnvlkT ■ 
ur Is Grand-Dache da Luxembourg. 


LlS * 5 W* AMALGAM ATEB - 
PROnStTU? UMITUJ 


: - fitSB^wer’ "1978 SalB8S;a» »*.«C4V Jots of IB MAMfc Boslneaj dene: Wrtwai-SopL -M.SWS.T0. | . j 

[ V '*<*■- Ipknatitual Cacu Organ Is aiku ITJS. No?. S7.138TJ15. Ju 5fl.63-5S.S5, Uareli UetoW 239.0 4f.O ! 

. ecus DC* pound)— Daily once tk-pukiber fli j3-93.^9. Uay flu.lMJJQ. Sales. 27a. Uauettiber . Q4B §-44 il : ... . 

- i ' ■ " ‘ v' . ■ > ■ " - — j; iftljB ... nsfl.86). Indicaior nnc« kartav— S cpl rS.a&Tfi.TS, ^o». S0.S3^S6, Alateb E4 1.0- 4B.0 i 

1-y . -**• >|M . - SuKcmhs^ 4- 15-day art-raw* 1B0.13 Jan. &.23-S3M. March 95.6O-M.00. Map JUv . . “!fl44.tM/M [• J 

[/(H-UBS •- flblfllL SMw average 1S8.O0 flS!.67j, is.2588.4fi. Hales 203. . .tuir!"'"”;|«!o1o!o ; !”“j 

'V"--v' •'.» ■ ’ rfYTTifVN IMPORTED— Wb«*U CWRS No. 1 11* SSSJi'’"6l!tS , l! ! J — ! 

EV*. 1 * 9 , Repent street 7 H 0557 . Ate wMW per C 8 ol SepL M-M. TUbory. U 8 . Dart itofc ™W*.MJ l “■ 

SS!f CorrtM, Lf*orp**i— Spot and ■wkmoi Nonhern Spent* No- 2 M per eo« sept - T- 

Floor -apm-.- lOAS. T2.4S- and 3M taA ■„ w . MM**. £i re. n*r. r> +» Knv. u.u. mimuw. cvmicv nnEisr. tim. 


■ Ki-IIpk 0 16. P*»«*liur«-s Iituj, Yk turn's- 6.10- 
il 15 . Da ml bm — H i+ m +. 16 . TbbibUh— 

Per 1 2-lb fc^sbsb I 6«*1 Cabbage*— Per 

crale l.M Celery— Per head m p. dull- i ■immuir •«. iwi=j«u> 11 DAi'V’A c.»> a 

newer*— per 12 Ijncoln J<i'-2.30, Runner 1 I . L/. 1 iL.L..‘i, Sepi. q. 

■eaw-per lh suck S 1 M.H. loeirtM- . ■ CHINA will purchase an addi. 

IS. , S£t+S!7«Sff S tionnl 5 000 tons of S M 

•eMo— p>>r ib o os. Oniwis-p^r ha* i^A- FUTURES FUND , Bangladesh this year under a 
iM. swciies-fvr ss-to «5D Tunrfpf- " | conuact signed between ihc two 

r^ 5b s^fvrrfe^ ss launched ! co ;‘ nirii?s ^ ° mc ^ un**** 

ant*— Per Db Kem^ar. A S10m. futOKS fund, formed i bi, The contract lhe serond in a 

crimsby fish— S upply madcraie an* 10 Mgage in speculative trading ( week', brings Bangladesh's raw 
rfemud gaud. Pricva iper stow at ship'* or commodity futures, is to be: jute exports to China thU vean- 

sajrsBsas s iaa*a a******, 


i lodicaror prk-e. 'j The world's fourth largest 

I bauxite producer in 1977 was the 
” IISSTI with 6.7m tonnes, followed 

FINANCIAL TIMES I by Surinam with 4.9m tonnes, 

s^iir rSKfr fii'Mcnur *Roj ye»r **u i Our Georgetown correspon dent 

230.67 'ERB.54 ! 285.66 !~240.06~ 1 Hlites: T he International Bauxite 
/Base: 1 Association said it will be closely 

t monitoring the new aluminium 
' REUTERS futures contract to be introduced 

Hist. ‘ I Sijumiootl. iS^OeK 0 ". M0,al EX ' ChaDSe 

w7L.3l»naj iamsJmsb* ' Mr . Pattmon ThompsoB. chair- 
i Base. September is. mi-iMi man of the Executive Board, said 

DOW JONES \ il was unlikely that Caribbean 

Jvhm f i sr ! age ! ago affected by the L5IE contract hut 
,rrr — ; ; the producers would have to keep 

Spn,...,a7B.ll-37a.38S53.« l 870.16 i a n e ve On the sirtiafinn 
Fum I w375 ; 8ft^74.1I L 343.62 , 3Z7.«3 | e> * D ° IDe SiniaUon - 

lAierafie 1fl24-95-v"s=100i — 

_ _ v _ ; China buys 

; btepi.j Aue. llIumlj.Trer i •< 

apfo Commtv.940.5,33d.9 l 914.9:s35 : 3 ; aOOI t j U 10 

iTJeoemberTl, 195l=1Mi i -. , 


FUTURES FUND 
LAUNCHED 


v P *» sretaisrsis*.' Lissjffas«ssEsr.)«*«. 


i-.V 


i. i- •. 4 m 




Financial 


, al runes Tuesday Septem^ef yfifeg 


SO 


STOCK EXCHANGE REPORT 


Markets remain in the grip of election 

Leaders drift lower and index closes 4.6 off at 493.4 



■ Account I lea ling Hales 
'* i Option 

;I TTirsI lie clara- Last Account 
Dealings lions Dealings Day 
Aug. 21 Aug.ol Sep. I Sep- 12 

Sep. 4 Sep. 14 Sep. IS Sep. 26 

Sf*p. 18 Sep. 28 Sep. 2J» Oct. Ill 

* " New nmc •* dealing! majr lahe place 

■ from *jo a.m. iws builneia da»s earlier. 

’ - Buyers again showed a marked 
^reluctance yesterday as llie new 
r(r«dins Account in slock markets 
,‘goi under «\ ay. Loruimiins un- 

* certain t> about Hip Government's 
general" oicclion intentions 
mu pled v. ilh ncrvouMie^ about 
the outcome i»r this wed*'- TUE 

• conference '•el ilic seal for 
'another quiet ami drab trading 

session 

Light offerings nr the Industrial 
leaders found’ the market un- 
-ivilling and the PI' .'JO-share index 
"recorded a lo<» of o.S at noon, but 
when selling dried up the under- 
lying trend became steadier and 
the index picked up to close 4.6 
off on balance at 493.4. The more 
optimistic view taken by industry 
Shout short-term demand pros- 
pects as shown in the fates! 
Financial Times Business >ur\ey 
failed In hpip spntime.nl. more 
Tiniicr being taken of several 
'gloomy loiig-icnn economic fore- 
.easls published over the week- 
end Activity wm also probably 
restrained awaiting Thursday’s 
half-yearly statement from ICI. 

Secondary issue' fared little 
hpiter than the leaders in thr way 
nf acti\ ily. but week-end Pre*> 
rips and bid situation?-, holh 
rumoured and actual, helped to 
enliven the day's proceedings. 
Overall dullne-s in equities was 
reflected in Lhr fall of 0.G |ier 
cent ;n 227.38 in the FT-Aeiuarie*. 
All-Share index. 

British Funds showed few signs 
nf life. Activity a; llic |nn?-end 
of the market was again as a low 
ebb. with prices eventually drift- 
ing lower in the virtual absence 
of support to rinse with scattered 
Insse-? ranging from 1 to '. Short- 
dated maturities fluctuated within 
.narrow limits before closing with 
In tic alteration on balance. Elec- 
rinn uncertainties were also a 
fa nor in this mark'd, while 
mierc'l wa-. al-n curbed by the 
-nearness of today's hanking 
figures. 

Lower initial rates fur lhvesi- 
ment currency eventually 
attracted a demand which, in a 
market bereft of sellers after the 
-recent cosiness, took the premium 
-lip From S7 per cent m a close 
:<vf 901 per cent for a net rise nr 
points*. The Iftc reaction in 
sterling gave the upturn impetus. 
•Yesterday'* S.E. conversion factor 
was 0.7094 f D 7056 1. 

r Banks drift lower 

The banking seemr had little 
m offer and prices generally 
drifted lower on 'mall selling in 
-the absence of support. Union 
Discount were especially notable 
■at .10Sp. down 17. while .Midland. 
“4Sp. and A at West. 279 u 
cheapened 4 and 3 respectively. 
Ahead of their respective interim 
wiaiemonts. due today and 


tomorrow . Prorideat Financial 
rased a penny to lltlp. while 
Guinness Peal slipped .3 to 230 p. 

A quietly dull trend in 
Insurances left Brentnall Beard 4 
caster at S2p among broker* 
where C. E- Heath gave up 2 at 
26Sp. Ahead of tomorrow's half- 
vcarly figures. Phoenix .softened 2 
to 246p and Sun Alliance a similar 
amount jo 34J*p. 

Arthur Bell. winch last year 
reported preliminary lieu res on 
September iM. eased 4 lo 262p in 
quietly dull DbMIIerv 

Building dcM-Ttpiionj. geberally 
rased in a slack trade. Comhcn 
>hcd a penny to 32p following the 
rejection by Ornic Developments 
nf its increased offer worth 37 ji 
ca>h per share: the laffer 
cheapened 1 J to ->4p. -Still 
ile-pressed bv lower annual pmti 
Parker Timber eased 2 more to 
I04p. Against the trend. Con- 
struction issue# , recorded the 
occasional improvement. Taylor 
Woodrow. 442 p, and Richard 
Coslain. 23 bp. both hardened 4 on 
hopes of omulaling John Latng 
in hiving off their property iit- 
ti-ru*b. while Robert M. Douglas. 
10 j p. added a penny helped by 
the announcement of several new 
■■ontraets. Elsewhere, dividend 
fonsiderations prompted Cement 
Roadslonc to gain 4! to lUOp xd. 

Awaiting Thursday's interim 
results, ICI cased marginally in 
::«i3p. Elsewhere, despite higher 
lirxt-half earning. Revert ex were 
ii n moved at TDp. The smnounce- 
ment that it acquired a 3S! per 
rent ' i >ake in the Ledger gas field 
in the U.S. failed in stimulate 
Carless Capel. which shed a penny 
to :tlp. 

Liberty better 

Secondary issues provided the 
focal point.' in Stores. -Still re- 
flecting bid hopes. Liberty im- 
proved s further to iS3p. while 
Press; comment drew buyer'* 
attention to S and U and the 
ordinary firmed 3 to 2 Ip. while 
the 23 per cent preferred gained 
4 to 22 [p. Court f Furnishers) 
put on 3* to lQStp xd for a similar 
reason and Cantors “A" moved up 
.1 to -Vtp in response to the higher 
annual pro Ills and proposed scrip- 
is.'Uiv .Mirroring the return to 
profitability in thy first-half year. 
Cornell Dresses hardened u penny, 
to 13 p. anti Bourne and noDings- 
wirffa advanced 3 to 27«p. after 
275p. on hopes of early develop- 
ments in live bid discussions. 
Wallis, quoted ex the fhree-for- 
one scrip Issue, dosed S higher 
at top and 31 id land Educational 
met with revived demand at ,II0p. 
up 3. By way of contrast. )IP 
Furniture were an unsettled 
market and closed 5 down at t2tip. 
aTler l20p: reports suggested that 
the c hares were marked down to 
the latter level lo an effort to 
generate investment interest. 

Having already risen further 
lo r,up on 'peculative buying 
ahead, or imminent developments 
in the bid approach. William 
Mown I remained ai that level 


despite after-hours’ details of a Man in Black were notable for a 
224p per i^iarc offer from Jenth rise of 4 to 65p. 

Ltd. fflsewhcre in Shoes. Ganwr . Caledonian Aasoeta led Cinemas 
Scotblair added 4 at I04p in advanced 30 to 47tm in a restricted 
response to the higher interim mnr k cl following an investment 
profits but Pi Hard fell a to -i3p rttommcndaUon. 
on the interim profits setback. .. . 

... . Motors and Distributors 

Significant movements were ,i ucluated narrowly am! closed 

f pw ? iSESZl " ixh UM c. alteration, .sentiment 

PJ e ^ r - cased - to lUlpui fronL being counter-balanced by con- 

rvr^aKn , -.nS r ^^rt U Fh^tri«r fTrn,aJion of record trading within 
t.LC ^-P. ^mdlTiorB ElMlncaL. the , n duslry in August and tht ‘ 

“'S’nS n VT «^»w B ISSilh!? h |o d P°® ible ini pi teat ions of the 

™So«: bm * oc «; ■sss .“.KSa 

nf the increased earnings caused a" '.h Iwiried 

,o hHr ' 1 ' !, ' ■ »isxs« 2 ®i ntw 

penny io -*M»- net 2 cheaper at 74p. Losses of 3 

Engineerinss plotted an Irregu- were recorded by Chas. Hurst. n2p. 
lar course Hi tbin U-uding. Asso- and Arlingtoiu trip, but small buy- 
elated Tooling moved 61 higher to j n g ahead of Thursday's interim 
43p in response to F*rcss comment report lifted button Forsbau* 2 to 
and J. Savfllc Gordon edged 49 '.p. U ora da were quoted ex the 
forward a penny to 27p in aut Icl- r j K hu issue at Top with the new 
pauon of todays preliminary nil-paid shares opening and 
figures. .News that the Uovern- cJosine at Hip premium.' Co/ v- 
nvent via the Defence Ministry has merciai Vehicles were noteworthy 
awarded ttcaUaml a tucrailve for ., rate Burry' In- ERF. which 
anti-submarine and helicopter 1in i s hed 7 to the good m l21p- 
on tract hclt>ed the latter improve . 1 

2t to 40p. while Raieliffe * Warty .Mail A became a partieu- 
Ijldnstries attracted revived Ifriy dull market on the appear- 
support at 7Sp, up 4. Laird gained ^ncc of a few se-Uer sect -*r an-1 
3 lo U2p but Rotork relinquished a fc'J 14 to 330p. Elsewhere. Oxley 
penny at o7j>: the latter's interim Pnnting mirrored Press comment 
results are due tomorrow. Davy with a rise of 2 to BBp. 

(nlcrnaltonaf remained on offer at Leading Properties drifte.-.l for 
26Sp. down S. and Bullough lost a much of the 5<x<on before 

at I62p. Tubes receded o to 394pxd steadying slightly in thr late \„tiralians were the bn"htesl 

tmong the leaders but Hawker de-ilin~-j p P i„n Australians w ere me ori^ruwi 

-hewed resilience ai 24i)p. up 2. result w ere -.^prtn v r.-.m-** ^ cllon lhc mining markels A 

r tUJ1, -" er ^ one rally narrx » lirn] pe r f 0 j-njaj>ce m Sydney uver- 


w»th the help of a weekend P. re sj 
mention. In Financials, revived 
speculative interest lifted Lament 
4 to a JOTS peak br 21 P- DjOgety. 
which is due to report preliminary 
figures shortly, improved S lo 

SOSpr ‘ 

Shippings were - slightly easier 
with P and O Deferred margin a l.y 
down at Sap and Furfiess Withy - 
cheaper at 233p. both following 
adverse Press comment. Else- 
where. Mersey Dock lulls lost 
3i lo nop on the first-half profits 
serback. 

Calrd f Dundee) were firm again 
in Textiles, rising 1! to 181 Tor a 
two-day improvement of 21 on 
the chairman's statement. Small 
and T’drnas hardened 3 to UtiP 
xd, * b.i, small selling clipped 21 
from Tony at 34p. In Tobaccos. 
Imps finished a penny easier at 
Sip following adverse Press 
mention. 

Plantations were* easier where 
changed: Guthrie, a firm market 
recently on bid and other hopes, 
eased 5 lo 3Udp. while Highlands. 
113p. and Malakoff. 77p. lost 2 
apiece. CnsDeficId, however, re- 
sponded lo .small buying in a 
restricted market with an im- 
provement or lit to 280p. 

Australians firmer 


Foods had a notable casualty Dacjan remained dull on advert 
m Somprurtex which fell C- to 68p Press nmnlion and sherl n further 
on news of two errors in the Hast 3 to limp, but still awaiting 
set of accounts. Still reflecting possible acquisition new West- 
Press comment on the company’s minster advanced 1J more to a 
prospects, Linfood cased 21 I M 7S peak _ of 28p. U'arnford 

further lo 13Sxd. Cadbury- Investments improved .» lo T30p 
Schweppes closed a shade easier Intg. while lhc pnipeny revalua- 
at 37p despite details of American tion di c closed in the annua) 

expansion moves, but Fitch Lovell report lieljied Property Security 
reflected the optimistic tenor of Invent mem improve a couple of 
the full report with an improve- flfnce to 162p. Gian field Securities 
ment of :s lo 6Up. Supeimarkets returned Trom suspension -ind 
were idle. • Touched SiPo before closing at 

__ . ,. ....... 363 p. compared with the 

Trnst Houms l-ortc featured in „ ls ' nen . ;fyn nrlce of 3C , 5|I ,r»llow- 

Holds and .^lerers with a fall of lhr ^v Cha „ aP offer worth 375 : i 
. to 21op on nervou-meas about ner . >irc rrom UzsiX :ind 

an imminent report on motorway , ;cP|CRll vliii-h .*a>ed 

catering. 2 tp j 6S?) 


mghi was followed through in 
London in brisk trading, with the 
attention mainly focussed on 
diamond and uranium issues. 

With the intense speculative 
activity surrounding diamond ex- 
ploration ventures in Western 
Australia showing no signs of 
abating. Coniine Kiollmo, the 
leader of the .tsfnon consortium 
gained 6 to 322p. while one or 
the junior partners. Northern 


Mining, firmed die same amount 
to. I30p- 

- Ollier diamond hopefuls were 
steady w ilh North West Alining 
2 . harder at 59p and Haoma 1. 
better at 67p. .' , 

• 'Among the uranium -issues. 
Peko-Wallsend - with a " rise of . 10 
to 552p and. 82 Industries. 3 
higher at 270p.‘ were heartened 
by the Australian Prime Minis- 
ter’s statement that construction- 
work at the Ranger project could 
start in about, three weeks time. 

The strength, among Aus- 
tralians spilled over- to - Tangan- 
yika Concessions, 1 which has .a 
stake in Ashton, aad Lhe shares 
moved 6 higher to I74p. - 

Other London Financials.- how- 
ever. moved sluggishly. .Although 
Charter . at I46p . and Selection 
Trust at 450 p were -steady.' Rfo 
Tihtb-Zinc slipped 3 to 229p in 
tine with the industrial market 
Consolidated Gold Fields were I 
harder at TS9p ta sympathy with 
Golds:* 

Soutli '-African Golds were 
generally higher, with the Gold 
Mines Index up 2.7. to 182.9, but 
volumes vvere. low 1 . Small London 
arid continental selling ‘whs well- 
absorbed . but with. Ufe' Cape and 
New- . York closed the market 
lacked impetus.' . ’ > . 

Prices drew their -strength from 
the- .higher bullion priee. winch, 
with' a rise of S2^0-to 8221.375 ah. 
ounces, climbed for- the fifth suc- 
cessive trading, day. •. 

Among the heavily priced 
issues^ President Brand rose l to 
£10! and West Dries were’ t 
firmer at £23J. 

Sooth African Financials Were 
quiet, allhough De Beers, heljied 
by a late rise on Friday evening 
finished at 43Sp for a gain of 6. 

Cbpjvers and. Rhodesians were 
untested, while business ' in Tins' 
was slack with the Singapore and 
Kuala Lumpur markets dosed for 
Hart -Raya. • ; . 


NEW HIGHS AND LOWS FOR 1978 


Esperanza dip late 

Political and labour uncertain- 
ties continued tv restrict imest- 
ment interest in the miscellaneous 
Industrial leaders. Turner and 
Newall declined 3 lo I72p and 
Metal Box lost >• to Soijp. while 
Pilkinglon were quoted ex the 101) 
per cent scrip-issue at 303p. down 
7. * Elsewhere,- Esperanza Trade 
and Transport fell 9 late to 13lip 
in reaction to the disappointing 
annual results, while Heslnir. S5p, 
a nd M a earthy*; PharmaroutieaK. 

102p, declined o and S respectively 
following adverse press comment. 
Persistent small offerings clipped 
14 from I CL. 3&4p and also 
prompted a 17 fall to 450p in 
Oc la Roe. I.C Gas lost 10 tn 
370p bat Fllzwiltou moved up 2 
to 4»p on ibe better-than-cspccted 
preliminary protiL-. iMcttoy 
hardened a penny in BSp on an 
investment recommendation and 


Oils quietly dull 


Oil* remained unsettled by the 
Bin "ham report controversy 
British Petroleum, which is due 
to report interim results on 
Thursday. and Shell . binli 
cheapened 4 ‘to S74p and olH^j 
respectively.' Ultramar shed a 
similar amount to 232 n. while 
Stcbcns UK lost 8 to 370?. KCA 
were raised If lo 30' n mirroring 
business late on Friday in con- 
tinued resnonse to the satisfactory 
first-half figures. 

Investment Trusts continued in 
drift lower on smaH public sell* 
in? in. an unwilling market. Arjjo 
Investments fell 3 to 14."r>. while 
Alliance !nve»l men i. lO.ip. ..and 
U.S. ami General .Trust. I Hip. losi 
4 apiece. English and International 
eased 3 to flip as did Temple Bar 
to mb. Against the trend- CanieHbi 
investments moved up -4 to 300? 


Ttic folio 1*1*9 ;oc wrrtfM * looted m th* 
SKjrc Inrorinanon Service »c«(rt«r 
attiinctl nc»< Mlghi Low* 'ftr 19«*. 

NEW HIGHS («) 

BEERS <11 

C(*r* M i 

■UILSINGS (31 
Downing 1C. H.* . Mlltairv 

Marshals iHatilas- 

CHEM1CALS it) 

British Bcnzot -7. 

STORES Id 

Liocrtv .. . Mitfiand Efcint. 

S. & U SlOrrs ' WjllK 
DO. Z3ot Prof. ' VT-aWrll 
ENGINEERING (2< 

Assoc, Tooling • -1— *lr Goroon 

FOODS (1) 

CarrS Milling • 

INDUSTRIALS (Til 


OOS til 

Magnet Metals 

MINES (Si. 

Conr oe Rfotinto KlIlinghaH- 
Nortb West Mining 

NEW LOWS; (8) 

BRITISH FUtfos Hi 
Trcos IK 1902-06 
COM-WBALTH h AFRICAN VO A NS (11 
Australia Si.-bc *81-62- -. 

AMERICANS .121 

Coll Inds. G ■*•*-*• Elect. 

ENGINEERING (1> 

V/heaooc 

• Fooostrr *- 

Glass Gl0»Cr • *. _ 

- INDUSTRIALS -(2) . 
ueboR rFobei' Wilson Walton 


Br^tr* tcyslip 

Canning rw i 
Hymar ri. a J.) 
Inter-Citv 
prntos* 1 Sue 
Comr. Ln. 1985 


Marlin- Slac* 

.Bclron PBVTS.- 
S»Hr? Paeihc. • 
Unino* 

Wats ham’s 
Wb>|mn Ree»e Ang 


RISES AIVO FALLS 
YESTERDAY 


INSURANCE 121 _ 

Enitia UK 9 at r *nr • -ilir- 4 God>*'a 
PROPERTY (S' 

Chown Secs- r WarnfOrfl . . 

Glanh-M Secs * WeStmlnste* rrop- 

HK L4M TEXTILES ,3, 

Caird rbanocci Sta»» Carpets 

Leeds Drcrs 

TRUSTS 151 

yard me japan +(»» par • - 

Kcllock • Lamont Hl«!g». 

Do. Con». in. 


BriUstt Funds 
C«?Nn Dam. 
'-Foreign Bonds .. 
igdoatrials 
Financial and Prop. 
Oils 

Plantations 

Mines - 

Recent .issues .. ■ .. 

Totals . ... . L' J 


Up Down Same 
— - 50 Z7 


amr 


11 . 10 dl 
2S6 <05 S28 

u . no. zn 

IT 13 
10 U 

n « 
i n 


0 

s 

05 
. S 


407 - TOO UH 





financial times stock 1*101 

FfNMPMP-- Sup * U-. 


ifficriii"*'" * 

1 ’ixC'l lnirY *— 1 ■ - 

ln-lu-i r'* 1 « 'r-l.Mitrx ■■ 
I,, .i.i Min— . 

l>Ml. U" • ' ■* 

Mn....sO-*‘ a r 
I' K liali- "l*•^■ , ‘ ,, ■ 

ihn'ins 

bnuxi i H ■«■•'’ '■' tl " 
IU|.|||| 


in .ini 4 'JjI 


... ... 

7C 19 70.4?. 

72. 14 72.*S - 72 AZ .'JliAZ '• 

498.5 505.0, 

185.3 13L5 173.6: -176*' 

5.36; 5.31 '-^2^ 

15.99 15;S& 16;76j ' 

0.29 B-dt 8.41;, 

3.065 4.756 4,546 

io-ou 82.96 64.09; ". 74,07-" ha 
1 19.069 15-784 15.0 IS; 14,737 ta'^^F 

an., m 2B?.S. 1 PfJI 4918, 1. 


70.18 
71.62 
495-4 
182 9 
S. 40 
16.3 
8.23 

4.804 


70.34 

73.05 

498-0 

180.2 

S.56 

16.00 

8.29. 

4.922 

76.50 




,inl 4K.Z. Sunn dp.5. 
j iim P 3 : :: P n ‘ 49 “ a 

Latest Index IU-286 8020- 

-^z. x ,r«'S'-fzrsrj£ 

mJTS-'u. “ew " **'■ mJ 


highs and lows 




0..-1. f* 1 

t*,vifi lih. 

■ 1 .. . 

.1 


in-L 


H >J' 


re. 3D 

■ a) 1' 

el -J' 

■ j.i 

52 5.3 


j06.d 


Ilisi. 



eB.79 

IS i 

/U.73 

-ijlii 
■- ii 

Ut.a 

• Ii 


157.4 

; (» I'jr*. 

15. .4 

*«.-!- . 1 1 *«' 
349. a 

, 1 J ■ 

44U.5 


ti* -• - 


1 1 it G -L- bi ig*-....: 1484’j^ 

■4 1 ,9 iuno.i»nui..M73* ; Si 

au.ae i -pe- inwrit-f.. gffK :s3»* . 

| 1"LB -. — J.j 10BJ> «S9,S ■' 

49 4 VMftnst r s-7ai . 

,t*. ,**u. . llll j o lrul . . 173 - S J» 


•45.3 
I.r tr 


liiUnirui ...« 17s5-i« 
S|«-Uativr,.v 353/^L., 
>"'• :- . v ' 108 . 7 > itS 


OPTIONS 

DATES 
l*asi Fur 

IK'dani* Sr*He- 
lion nicnl 

Not. 23 Dec. a 
Sep. 12 Sen- 23 Dec. J Dec. la 
Vcp- 28 Del. « Dec- * Jan- a 
For rutc iudtcnlioK s #t‘e ujicf o.f 
Share Information Service 

■ Stocks favoured for the e:ill 


• dealing 

First Last 
Deal- Dcnl- 
. lugs 

Aug. 30 Sep. II 


SpiDcrs, Thomson ' 
London Brick; Coltenk 

“ A.” Barmah Oil;, 

sou Zuchonls . 
Froperly, Reed lirh 

British Land, while 

arranged in Westland,:. 
Oil tUK). Audiofrouic, 
Boston . Warrants^ . 
Taverner. ..Rutledge.:. . 

Areas, Geo. Stdrla and 

included Uuiilt* Inicrna lional. A short-daled pat saS 
Hardy and Co. “ A." John Laing. P and O Deferred. 




LONDON TRAOED OPTIONS, p 


\i,tn 


i;»* 

- nr 
i>i* 

IM* 

m 

■ mi. I. 'id ■!' 

■ mi. 1 H" •' 

• ■in. t rii**" 

.41- Gi»- 
.HI ■ 


.. II *. 1 1''" 1 

, .111 1 — • I ■■» 

...||ll«ll“*' 

_,.iirl -II ■ I 

. ■■iirrimiil- 
«.b«. 
l. M 
UH 
*» i-l* 

'.if 
n kc 


i 

Mai. ’ 
,«i|l Mil. 
t.ihii-) .Mci . ‘ 

■ u : 

II. I 
*1.1 
iu 

IrtH- 1 *. ; 

Ijltl'l ie ►. 

r.«n **wi. 

I.ill • *. 

M«|V- .t **| 
llm-V-A **!• 
M«IU-A I- 
MnW A M-.* 

'IiOI 

hpl 1 I 

hr* ■ I 


73 

eOO 

53 

9 

950 
!-•> 
16 
18U 
It". 
18 
2-i 
t’O 
110 
12 
14 
ilA 
J4 
26 
28 
4 • 
440 
1.J 
II 
]2u 
44 
46U 
59. 
420 
l UO 
200 
220 
24 
6 

7 

8 
90 

tS0'-> 

55* 

oOO 


1 ■--•III 

, n.i 

. V..I, 

f IxTiflf. 

• ■ft Cl 

130 

_ • 

147 

BO 


108 

35 

35 

78 

18 

■ 35 

a 7 

Hi- 

3 

28 

ia 


M 


*v 


l ».*»IH, , ■ 

• •«!» i W. " 


54 
>8 
6 '-- 
15 
0i- 
51: 
. 1 
1 5 
• 5 

35 
26 . 
»5'c 

4 

» Hr 

5 

?'*j 

6fi- 

46 

IS 

4lj 

Z.4 

45 

17 

5 
25 
15 

7 

3 

67 

36 

6 Is 


10 

10 

10 


5 
55 
22 
•4 
17 
101 
6 1- 
51- 
SI 
72 
4 
59 


2 

25 


- f. 


28 
96 
71 
45 
XO 
It 
5 
40 
29 
• 8 

14 V. 

61- 


75 

59 

94 



1 -< 
r- - . ; .*>L 


-- 

. fcs , 


; 33 ’ V 

12 

16 

161- 

_ 


- 

«•; 

6 

— ■■* 


_ 

68 

- _ 

" S. 


j8 

10 

S 

34 

. 5-’-i - 

' |4- 

— 

JO ■' - 

i/i- r-,4-^ • 

5 

' £6 

’ . .. 

* til ■ • ■ j-'i “*22S6 


39 


i 43 J • .. - 


13 


10 

16 

221 


.2L • 

1 

. Zda 

i w 

1 

", IT-. 

25 . 

to 

* 16 

15 

_■ 

.: 1a 

8i- 


• 11. 

■*l :: 

12 

7 , 

67 

_ * 

■w 

37 

6 

■55 

18 t 

20. 

.- 30 :. 


91 






STOCK EXCHANGE BUSINESS IN AUGUST 

Equity turnover reaches high 
point for year at £2.2bn 


-BY GEOFFREY FOSTER 

BUSINESS improved noticeably 
in the equity sector of the Sloek 
Exchange riurinu mosl of August, 
when revived insiitutionaf 
•demand helped lurnorer rise 
'i'0.6bn. or over "fi per cool, on 
lhr month 10 fJ.*Jbn. lhc highosl 
•figure since Iasi September's 
record uf C!.75hn. 

The number of equity bargains 
fbsr by 77.7 Hi in -t-Jd-ola. again a 
peak since September. jfl77. and 
the average value per bargain 
was '.’544 higher :»r C3.U35. The 
FT turnover index for rirdinarj 
"share." rose in "fr’,.7, from the 
'CSS.S in July, -ind t*oinp.ircx 
favimr:ili|v wiih lhr 1977 average 
*of 29A.9. 

Leading equine^ as measured 
by Die FT Industrial t'ird inary 
..^harr index last month advanced 
to their highest levels for ten 
mnnlhs. Institutional support 
provided thr main hirer of thr 
. movement bn l a flock slmriaae 
•;gavr added impetus. The FT 
•tyi-sharc index from an cnd-lul} 
frgurc of 4S9.4 linnnded lo a ten- 
month high of oL'o.tl on August 
■J- then fell away to cln>c the 
mnnlh al 4PS.5. for a net rise of 
only 9 1. 

. The read 1 on a v inidvncv 
Inwards the end of ilm month 
“tcmm»*d from the return of 
poIitie.il and labour uncertainties 
with the institutions showing a 
marked reluctance to extend 
Hicir commitments in lhc 
absence yf am positive devclon- 
■.ments regarding the Govcrn- 
”p1f'nt’< I'li'ctiun intentions. 

•’ Trading in ijih-edsetl securi- 
ties evnanded al."i. but n»»f so 
dramatically. The business 
‘volume improved m £S.77bn. up 
„SO.S nhn. from the July figure of 
iT.flhn which wj> *h** lowest total 
tor 1- months. Trade in short- 
dated stock-- expanded by -T7 « 
per cent — rrmn E4.»6bn in -In Is. 
m £6.‘JSbn — -.••luie tnnger dates 


800 


MONTHLY AVERAGES 1967 rt 00 


HOW STOCK EXCHANGE TURNOVER iS MOVING 


MnasoyiiHwii 
1- BRIHJH W.TR'iUCtf SUiSUnHJ) 
60ff 



1975 


7976 


1977 


1978 


and irredeemables recorded « 
£0.8 bn cun tract ion iu i‘-.4Sbn. 

The number oF bargains done 
in British Funds rose in August 
by 1.149 to 50.007. large I v due to 
an increase of 3.006 to 27.666 m 
the shorts, for bargains in other 
stocks fell b.v -.455 tu SUMS. The 
average value per bargain in the 
shorL* improved from I1S9.797 in 
July to £227.1 6S last month. 

In direct contrast to equities. 
British Fund.-, moved narrowly 
tlirou ghoul August as interest 
centred elsewhere. Reaching the 
month'" high of 7J.3:i on August 
10. the FT Government Securities 
jndc.v drifted lower in thin trad- 
ing to ck»"p slightly lower over 
lhc period pi 70.19. 

Apart from lhe normal 
seasonal considerations, a return 
of political and economic uncer- 
tainties dampened sentiment. 
Confidence was also undermined 
by U S- influences, especially the 


fresh upward pressure on U.S- 
sJiorl-lerm fmereM rales, now at 
the highest levels since February 
1876. 

Overall business in All Securi- 
ties subsequently ruse by £1.36bn 
to iT2.2Sbn in August, with the 
tola 1 number uf bargains up 
S5.73*J to 55SJM4. The FT turn- 
over index tur All Securities 
improved 10 376.3. from July's 
334.5. bul was still below the 
1977 average of 442.6. 

Gold shares moved higher tu 
around 25-year peaks lust month 
in sympathy with the fresh up- 
surge in lhc price or gold 
bullion, which touched a record 
level of $216,375 an ounce on 
Auuust 15 before closing the 
month $7.50 hi idler at $208 125. 
The FT Gold Mines index, how- 
ever. closed the month unaltered 
at I53A after extremes of 206.6 
1 August 14 1 and 173.6 I August 
29 1. 


Category 

British Govt, and British 
Govt, guaranteed: 
■Short dated (having five 


Value of all 
purchases «f 
and sales total 
Im 


Number Average 

oT "fi of value 
bargains total per day 
Ini 


Average 

Average no. of 
value per bargains 
bargain per day 
£ 



jearv nr less la run) 

fi.26I.fl 

31.3 

2T.Bd6 

5.n 

253. " 

227.186 

1,238 

* 

others 

Irish Govt.: 

•Short rtafed (having five 

2.955-2 

20.2 

S2.343 

‘ 5.5 

113.0 

Tfi.51 1 

• 1.478 


years or less to run) ... 

5S4.3 

•1.7 

2.121 

n.i 

211.5 

273.481 

96 

; 

Others 

220.2 

1.9 

2.923 

0.5 

I U.S 


133 

, 

UK local authority 

Overseas Govl. provincial 

317.1 

2.6 

6.582 

1.3 

14.4 

37.U31 

389 

1 

.. and municipal 

Fixed interest slock, prefer- 
ence and preferred 

IS .3 

*U 

1,975 

M 

n.s 

UK 

SHI 

:| 

ordinary* share* 

154.4 

1.3 

43J39 

7.R 

7.n 

3,371 

1.965 

1 

Ordinary share.* 

2.296.0 

IS.o 

436.51 il 

7S.6 

100.3 

5.055 

19,841 


TOTAL 

12.SSJ.9 

100.9 

•755.344 

100.0 

'538.2 

*32.111 

*23.242 


Average of jli serimuc? 


ACTIVE STOCKS 


Sleek 

Press t'Vni.l 
BP 

ICI 

Chubb ' New ’ 


No. 

Dennmina- 

lien . marks 
. -ip a 

.*.. £1 ' $ 

. .. ii « 

Nil pd- 7 


Closing 

Chanse 

1978 

1A7S 

nric 1 ' tju 

on day 

htch 

low 

27 

+ 1 

301 

17 

S74 

- 4 

926 

Tin 

an 

- V 

414 

328 . 


Marks & Spencer 23p _ 7 


NnlM'esi- 

Plcvscy 

DATs Dcfd 

BJCC 

BL . . 
BTR 'New ’ 
Distillers 
Glaxo 

Grand .Mel. 


Shell Transport.. 23 p 


i’1 

-jtlp 7 

25p 6 

3«p R 

50p ' fi 

\i| *pd. - fi 
-iflp - fi 

•Hip . B 

-Kip 6 


fi 


13pm 
S4 
270 
101 ' 
27S 
122 
20 

J2pm 
1W» 
005' . 
IflSvd 
•>Ij4 


- 3 
__ 2 

- I 


.. 01 
•j 

- 4* 


tspm 

03 

2H8 

in:i 

304 

128 

30 

44 pm 
264 
03 o 
121 
002 


13pm 

m 

250 
■ S7 • 
227 
'~n** 

20 

42 pm 
I fid - 
51.5 
S7 
484 


RECENT ISSUES 


FT-ACTUARIES SHARE INDICES 

These indices arc the joint compilation of the Financial Times, the Instituted 

. and the Faculty of Actuaries 



EQUITY GROUPS 
GROUPS if SUB-SECTIONS 

Figures in parnitbcrcs show number of 
stocks per section 


EQUITIES 




It. lit 
t'HlV 
I*,* 


os 
1 15 


(ri 

” Ili”i. 1«>n 




Jit 


»*.»*. 


il_" CeHiol? • i ii|«-rliR*l-. . 76 

I • . «" bii.MV J0'-< 

•ai ftj'.* 1 1 linin': IM 1 . i«w 65* - 1 

8 9 I t loi J-jner "K.* 'Jcn'lr-. li)j 148 • I 


...... •' 8 u.e 

4.6. v. 8 3 6 Q 
- -.315 5.6 12.6 


FIXED INTEREST STOCKS 


/ 

] sM 

— 2tf 

|ii 

ffljl. 

i'. ••. ! 

; '-i.-i 

l*i* 1 

2 * 

= - +*■• 

tOji 

lo 11 

in. v 

’’IdlAudlv* r-.-.n- I'^t'wV I'll 

7x3i’i -f 

»•- ■ 

■ ■ f 

.1 

J*. e* 

44,^ 

aiq U!iniin^i-«iii '11 liau- to-tc 

, . L.nM'h lu-;, l'n-1 

. 0B/£ . .. 

. ao- 


.1 

| 

• 1 ,>ni ,«< V»r. Kill' lifl, 1st.* 

.. ■ 9a^ ..* 

[•-IU*. £30 (3 1. 

c l>^ 

£jl* Lt... t:- l.v . laii. 

3 1. .. 

“ * T 

.1 . i-.a 


IfiilH A 'l.m>i..l 1 \r‘ r l’n-1 . 

971; -1" 

* J I 

.1*. :** a 

.1 

-ill-in - llili;rp»i- Iv*; 

..IK 

' ■ f.i*. jo 9 

•Pll, 

■*i| 1 .U.t*. lV*- v l.iiiii. I'u^. . . 

-97(^1 - *s 

■ 

.i- 79 

•r ‘ 

tte tr'J Vii: in Vtale i*J, Ki.i, t’lvi. 1-.*..-.. 

. yb ... 

“ * 1 

.1*. :9 !» 

W-j 

i« U. 1!. IliH-iiii-* 10'. j I'.vi 

luU 


.P. 


h'^i m-r.-i- -ii Iwqi Ui. fiMii*. iJi'. 
il> LkLIiAi.i .laim-. (.urn. 1‘n.l. 

S9'i .... 
70 ..... 

• * 11 


'1 1.-. IVi..i i-.-ii' 1 11 -. I.ii Vs-' 

. 

lull). \.i 7 y 

-Il 

ti-l V-.i'Hli ■■■ ■ /j"ii.'ni im. Iv. .. 

1B| 

ill - r 

.I 1 


- . V.-i!li*lii|.-l'->< '*r. Hall l!o*. !*-> . 

.. 99 , 

*. IdOi- t 

•r 1 9 

l,| ii. a 

*1 IMnwii 

-■ 99, . ... 

- - r.e. jo 9 

hill* 

I'J. jCliin. I'jel 

.. 100-1 


V 

, 1. 

94 IL-ivl .vi turn. I*ii.-I 

. 941? ■ It 

1 

J*. iov» 

‘f 

..I*. '<lir l -l IWi-fn! >Sl-iiii-I - j i.ui.1 I’li-t. . 

9o 


■ 


1 *rtl'“i Vk-. UhI. IJl--. laxi 

.. »'4a 

C99j, 1*. 

i». 

4-1- 

-smll.i-n.il- Vri, l-a.lv* IiVj . .. . 

■ -e-i.-'s 

.dy ■- -t 

.1 


•a. -VIVimI. hikIIi V nrtal.-., MV 

■*j '<1 


“RIGHTS” OFFERS 


Is. .I.. 2- 

l»f. w * i 


I. -I. ■ 
IH"I- 


I?/: 


H .51. t*’« 


I.J .,!■ . t -I 

Pn.ro — 


bb 

28S 

<a . 

3U 

ue 

n tig 
65 
7a 
ID 
>u 
17 
94 
Mi 
MO 

lOO 

Hr4 


\l. 

r.t*. 

Nil 

Nil 


t .V. 

Vi 

f.P. 

K.r 

i.l*. 

t.i*. 

F.l*. 


I|,»' 'INI' VaiVMp-11 II- . — . . . . 41- l-H' - 1 • 

W|.m ii|S» ... 42pi.i -i 

u •-* -jji" -i h.-iuiuii.. . oo 

4 tA4ir it *.-l llsi-V«.»i tli.kw 7. 

lop>« I. lilt' 1 *. . ... ■ 13l<lr. -2 

2i)p»i ( it-. Ki. I'cib.le. .. 20|nn - I 

Jl:pn< S’l-IN"' ll"iS'b : . . . 9 i.ji’ii. 

. 1 If.... Iy»«" lullol aui-rn 

,l.-||.ll. t vl. - - . kullN'l It -Iu-* • • >. 

Iu & p *• * Iaw w ... . . 91 —5 

119^7 10 4)"iiie’.;>>in Ij’i >it-‘ S’-yin 

41 o <.19 'll tVinh P11 tin ■ -i-h i|- Ill 

MB 7 8,9 1.: r, liilciitti -mini*" 63 

14 b b & |ij U- lnST'ii'i ■, .. ... * 152 —I 

43 b 42-V 1^1 *1-4 IV. us V'(....l!..|*! 1C I 

IB U 1j 9- Iu* +• V.-rl,%li rr- 1 I..-.H 98 -2 



R?iM/vi.in.jfi d^:.. u3<ia{l« la*t <L.* f?r 'lojlitic tret <‘i suma <lui ** h twni’i 

h» r.*a ■>»' iTi'-p, ciuj i.-3'i*»4:l *i Asoanud Oil lUniut .mu yielu Pikvu-ji dmJfi.id 
whit 'us-.o on nn.-vious. vesr v Mrnoits. t* UHidind ant! ri'.hi l *u *: d on pniwdui 
■ir iKbur oOicidl i-MiinMre im iro u '.'rov? rl ijum hmuiuiU : Cover allow* 
for -ouvcniuii iu tuares not no v r .ink mu for dhUi-nd or rjnkins onlr U»r, rt^iriauil 
dividend-, s r*u..;n-. pruc u. ujuIk- u. P'.mc unti.-ss uditnvlso indMaund. * ' Iswd 
b> UuJvr uiiored -to twWcre «1 ordinary 'hart s a- a “.nshfa.’’ . “ Issued 
b*. i-viv erf LiruTaii^jimi Minmiuin imidvr prtc* ‘ »? Pruitredna'J ?*• Isato-d m 
rouncOtwi *.» nh n .iraanivaiwn mcr^i-r or !.U«-4>vcr ,' InmuJadjui 1 . i-hutd 

fnnn-r nr^tf-r'.iii-' holdi-r- ■ vttoinw-iu toilers tor fully pnirf.. # Pro’vndonal 
or -jarH: Mid^Vll-imm l.'Ucrs. *■ \V»h warrants. 'j 


CAPITAL GOODS 11791 

Building Materials (27 1 

Contracting. Construction (27 1... 

Electricals (14i 

Engineering Contractors « 14 1 .... 

Mechanical Engineering' 72 1 

Metals and Metal Formlngtl6t. 
CONSUMER GOODS 

(DURABLEM52) 

LL Electronics. Radio TV »i5i._ 

Household Goods » I2t 

Motors and Distributors i25i..._. 
CONSUMER GOODS 

1 NON- DURABLE) (I7.i » 

Brewerief < Hi 

Wines and Spirits 161 ^ 

Entertainment, Catering u" 1 

Food Manufacturing i2l) 

Food Retailing 1 15 1 

Newspapers. Publishing « 13 1. .. 

Packaging and Paper 1 13v 

Stores [40 1 

Textiles (25>....... 

Tobaccos i3> ........ — 

Toys and Games (6t 

OTHER GROUPS 1981 

Cheniic&lsf t9i 

Pharmaceutical Products (7i 

Office Equipment <61 

ShipplngOO) 

Miscellaneous (56) 


INDUSTRIAL GROUP >4931 . 


- Oils i5> 


S008HARK INDEX. 


FINANCIAL GROUPtlOOi . 

Banka(6i 

Discount Houses t lot 

Miref^rchasefSl™ 

I nsu ranee t Lifel < tut ...... .... 

Insurance (ComposltcuTi. 
insurance Brokers' 10 » ... 

Merchant Banks (141.. 

Property (3 tt 

Miscellaneous iTi 


Investment Trusts >50i 

Mining Finance t4i 

Overseas Traders 1 19« . 


A LUSH A RE IND EXISTS).. 


Mon., Sept. 4, 1978 


HU 

B 

n 


Index 

So. 

Day's 

Chance 

% 

Esi 

&*n.i»A 
Yield % 
•Male i 
Curp. 
Tun 

Gnw* 

Div 

Yield 

•AIT 
ai 33*»i 

F<sL 

PE 

fwllUi 

‘Nett 

I'arp 

TasS", 

Index 

No 

i 

led » 
No.j 

• * : ns* J 


- 0.8 

1627 

532 

8 43 

23936 

240.38 

EQ 

: 20Atfe 


-1.1 

1638 

5.92 

832 

214.62 

21527 

21873 

Z26.94-P 


+0.1 

17.61 

391 

8.24 

395 JB 

39587 

mi2 : 



-1.4 

13.94 

338 

9.96 



EZL2 

52UT« 


-1.4 

18.70 

6.02 

7.22 

34900 

350.11 

356.10 


-0.5 

17.23 

5.70 

7.75 

19L70 

19229 

19336 



-0 4 

16.26- 

8.16 

8.38 

173.91 

17435 

175.95- 

owiTf 

- 'f.r 

213J.7 

-0.6 

1645 

496 

846 

214.40 

21486 

216.78- 


250.73 

-0.7 

14.44 

3.91 

9.68 


26314 

26546. 

V*y. 

17854 

-02 

16.64 

6.35 

827 

178.58 

f*Z53 

EES 

SSrW^* 

327.10 

-0.5 

19.68 

6.34 

7.05 

129.79 

13080 

73183' 


212.44 

-0.5 

1539 

5.6B-* 

8.77 

21360 

214.94 

21733 

Pp|p 

226.49 

27028 

-0.5 

-1.5 

15.29 

15.77 

6.18 

531 

8.99 

946 

22323 

27438 

.23039 

275.03: 

'231.44 

Z7S36* 


25539 

-2.4 

15.89 

6.83 

9.19 

26155 

26335 

265.97 


209.69 

+02 

1812 

5.28 

728 

20933 

210.87 

21147 

2QJ9- R 

218.79 


13.89 

4.72 

10.01 

218.84 

22038 


,2M5|.i 

393.56 

-0.2 

1037 

322 

13.76 

392.53 

39276 

39817 


14633 

-03 

17.78 

7.26 

7.39 

14714 

146.97 

34787 

.MkS 

20L12 

Kl] 

10.74 

4.49 

13.67 

202.04 

20337 

28549 

si 

17625 

Ell 

18.64 

7.86 

6.99 

17734 

177.95 r 

17837 

249.13 

-0.4 

22.10 

733 

536 

Z5OJ0 

25239 

25611 

25 ia f 

116.74 

— 

19.42 

547 

6.02 

116.73 

116.42 

Fill 


208.35 

-03 

15.49 

5.65 

8.43 

20933 

209.56 

231® 

z«ii. J 

295.10 

EJI 

16.86 

6.14 

8.07 

29626 

29533 

299.22 

MA 1 

274.01 

eei 

10.46 

3.73 

11.81 

274.85 

04.94 

277.02 

140.66 

-I.l 

1703 

5.40 

6.95 

14217 

142.15. 

34232 


41035 

Ki 

17.62 

7.46 

6.99 

41271 

41272 

41434 

mm 

219.91 

EH 

16.62 

wn 

798 

221.11 

m 


224.85 

EH 

FJF1 

fcctl 


496.77 

EH 


mx; i 

Dl<l 


g >rii 



E2Z5J 


R»y,i 

530 

EPS 

Oil 

ES3 


gsm 

169.44 

|C£| 

— 

5.70 



RLV-I 



188.48 

EH 

24.80 

621 

60S 

189.73 

189.77 

193.13 


21028 

EO 

— 

822 


21433 

21438 

121782 

8<7, jL 1 

158.83 

EH 

1534 

5.19 

860 

159.10 

159.91 

-162:06 


141.77 

-0.8 

— 

642 

mm 

142.36 

14412 

,1«.77 

VTlii 1 

128.68 

-0.3 

— 

• 6.70 

wem 

129.12 

130.48 

132.15 


34721 

-03 

13.64 

438 


348.20 

35035 

354.48 

354% ^ 

8437 

-0.4 

— 

5.83 

KSfl 

8471 

8511 

8539. 

1 6®: 9 

253 39 

-0.4 

3.25 

3.02 

.53.95 

25438 


255.75 

J5WI f 

112.15 

mzsm 

22.53 

7.45 

5.75 

112.26 

11226 

*11331 


22324 

-1.0 

3.12 

4.62 

32.08 

225.47 

F77T -. 1 

23235 


104.68 

-0.6 

16.85 

6.80 

722 

10531 

10638* 

10786 


32732 

-0.1 

1524 

6.82 

822 

32738 

379 61 

232. B 


[227381 

-o.n 

— 

5.40 

- 

228.71 

229.66 

232or] 



IN- 


FIXED INTEREST PRICE INDICES 



•'Ion . 
Sens 

* 


■ 

Under fi years 

10442 

+0.02 


5- IS (-can . 

114.68 

-921 

s’ 

Over iSt*can 

120.40 

-024 

4 

rrredccraables.. 

126.15 

-043 

fi 

.Ml stocks..... 

31236 

-0.14 


id wtj. 
To-day 


Xd nil. 

1878 
lo dote 


6.70 
719 
9.36 
9 02 
780 




. M-iu.. Ti-l,! : i 

Iii.li-\ 1 Yli/1,1 

No. . > 

IS 

20-yr. Red. Deb & Luuu s 1 15) 

S9.85 >12.B a. 

te 

Investment Trust Prefy. n»> 

51.52 13.50 

:17 

Coin L and tndl. Prefs. (20) 

YO.bS 12.93 


FIXED INTEREST 
yields 

Br Govt. .V* Grass Red . 

B 

134 ■ 

.- ' 

1 

2 

3 

4 

5 

6 

1 /w fi years . ... 

Coupons 15 vean. 

£5 rears.. 

I ®” 1 

10.98. 

11M 

Bill 

.Medium -• 5 years • 

Coupons lfi years 

25 years . 

1177 

1117 

1117 

.tS, : : . 

1 

H«?h fi years 

Coupons . lfi years 

2 fi years . 

1172 
1269 . 
1288" 

Bl 

10 

irredeemable* ■ 1168 

- _!!■%. la / 


i' ; iu-jtj.. ; w.„i 

: A’lK 1 Alls. 

1 ; vM ■ 


T im, f rri.l«.v 
Ana; j AiIr. 
I’ll j .’/i) 

■ 1 ■’ - 


57.7U 1 57 BO : 57.81 f 57.33 ' 57.B3 1 67-031^®^ 
• 51 60! 51 14 ■ 51 27) 51.33 ' SI.iB j -fiiJ* 1 
70 64 1 70.67 ' 70-75 ) 70-82: 70188' 1 'iTO-$9.j"TP^fe; 


Imucv. A flat *f the ccmstUncm-; 1, a*aU*l»ta' rrem lh^Puhiinwi “J? ™«Uuwii elmngin' ■ 
Lwntv r. CC4P «r, Wtcp u* ^ thc F *"*»ctal Uma, 

~~ *" ' T -1, '• — ' * 1 






























































T 




"I, ■•=■ 


*mb er 



Financial Times- Tu^ay SeptfeinBef ;5 1973 


E -tgi -r'r^ 


SI 


AUTHORISED UNIT TRUSTS 



-•! LftL fa> Frandfegton Volt McL LUf- l»i Mit&ter Fund Managers Ltd. ProrI11cIalUfernv.ro. Ltd-V Sivt * Prwper com i nerd 

■tyj».G4»fciBttig Rft-Aykslwsy - 02M9MU y?.l^aadYart^«3»R^^.tJ>WW_l Ji!?"?® 5 ' L 50 *’ ■ vrt,,u .r.L a »'* UJ-M3 wfin 33? uishop^ipMc. 1 1 01 tMVpsv iHMjlbtto Securities Lid 1 # 


. «M7 lltcWM 

Sl-fe'llW.TitFd., 
‘^tntu ProgT 



AJacricui ... 

;a cjpHUTj*,..'..-..', 
XT! IrmsmTiI „ - 
•n.iotciBwib Pa.v 
J ll Im ACrqfQ - . ... 



; || e <l BUmbro Grant* (*» tg) 

;^fc'&5Sfe5!-g ! a 

,,'Wrinb 

» , ss3Evffi.~Ki- ■■'iaijj 

-^■■asjs^Sa 

mhroAK-Fd _ fi234 . 134 J -fl *} 
.,. . . it me Stud* 

!?*’ ..■'!■■> iJiYteWPa.... 

‘nn. ift Income 

J, 'l j ; LBq.Iat 

S wi i d oao t r*oAi 

r* <pn^V*F' .. 

'-. AfSycUfcftiBa. — 

'»I«ri.OtABWr*ca_ 

•ridlsi Itoodi 

v ADcrCo-'iIU— 

— 

i,_ , — - . corosyblt* — L.J9T.2 
*-• C. Min. 4c 






JM Uu^rrScpi 1 . {J73 105 

2Sa l** t ‘"»Pt'»SUat3l |U»7 1D4 7| H 533 

?D7 HlA Unit Trust Mgenwt. Ud. 

WjiQwcpWwrtSWmwa 01 9307733 
Frfendr . Fnrym. Lnu it. Mgn.r MMUmu . mi «» ... 5 *« 
PichnCnj. barkfac. - . • <W814W> 

frimbfiw. Urn. jg-J 
Do-Arcum ... .:• .(SL7 

«„ G.T. Unit MmAgtxxXtd.* 

ii I0.Fii4tKn>Ciim&SN'7UD 
!«4 'VT-CfelM...:.'' ' ' 

420 #• r Inc lAL'n . 

(U AT. I'Alnn ..: 

Ifl 

«ul rr .iBXiUd ... 

__ l.T Ir-n Fund; •.; 

722 GT.F3«rVd»Fd^. 


Tf>.)lft*-T;iiiw: .... |W 
Hied tai-Dinc .... 1*20.4 


mol -oil 


97 Ot -0. 


SM taxliil*- - • 
728 - 

Votsbarc-. 

.. .* s/-oi b Wh*4. 

Pnidl. Portfolio Mngrs. Ltd.f wuhHci ^ 

Iloibum Ran. W.TN 2-*tl 
Pnidenttal |U2 i 


Cfij -O.V 
55 £•$ -0.;: 
Kl; -0 5! 
HSltt] . \ 


m 

n> 

««* 

:w 

6.7S 


Target Tst. Mcr«. (Scotland] laKbl 
J3 MIiQlr rr .'.ru E-In I IU14300G21 2 

tvnL urrU:l<i<n2 aier+ojj im 

T,r ;«!!Tt,i.ti c ... 411 rtO.'-C.W 5.62 

Eitro Iibdbh [-if l« 7 M3it> -0:1 10.05 



IM? 

.4! H 
5? 7 
1272 3 
;jj»i c 

0T4ifii»rs "WMto ****“« J tiu. IS. Trades Union I’nitTse. Sfeatgersf 

M05, ’°* 4,9 ** ,eri ^ r 7 ^ nsrs - U H!'%£\ m?srr k s?t » Ja , ".rr^ 

:ai l 

a 3 -n:, 


OFFSHORE AND 
OVERSEAS FUNDS 


:.lf zjn National and Commercial 

JSJl —1 J2 M rtmliwAjuBi* Kniiilnirsb 03I-Ki69i3i SSrtomi? 

I fS W-WltttM. lUZ T74 41 .. I S » s2U£2Kt.' 

l *iSs ::d 7» y?? al . h» s»ri; 


in.-, Uf- W-'.fwl |30 5 
imol.dnwUi. -.|s?? 




1 I. .. k 


rog^KarnfoiajSj^ 


'• 1 1. .. 


Snlr. Com 



C. 4 7TS« <*1 fg> 

3 Rclclc.-! m.BfeJtttWMd 
0.4 A . . iJ4.S 


Reliance Unit Mgr*. UAV 

Rcllancr H^c . Tupbridur Well-, h’ DOC 32271 i^rT,. Urj!«. 

*d |»J 77 2J I « Vl-fL-rtU-Kier- 

Vn. '45.S 4S 7| -0 <1 iii -.itvirW'. 

Sf>ktiWil»>T lru ,44 4 47 5, -0 » 5 51 l-rrf a G»hTr>i« 

Prnprri» Shurw 
I' '- 


iZiq 1 
43J1-2.S m 
12 r- -j.iI _ 


Tl-au-sat Untie and Gen. Sets. Co.V 
31 .35 Now London Rd OwlBEford 0343 5103! 


Cartmore ftotd Minagem ¥ utKx) 


aw Ma^Ait;fc3»«p: 


tvtr* Ibn'air Tst.l. to 1 
^1 arjjst TnjrM m* 
M'di lsronr T1T..M* 
Hhome Fuml. . _ ]ft4 
Ini Aptacici 


eMenM Ihdt Tnm JK«ni«gvn Ltd. iSu.SmSW ;" 

^»TmcbBrTdi*K2W«AA " , 8239231 U Jnll TsLuto:.!..' 


^dsnonU.-C^SU 4AJ1 — i MS 

iTlftsbacfacr Unit Mjptnfc. Co. Ltd. 

.If.'foblc St.BCSVTJ/k. Ot-Attesra 

l;.1tatHrl\pd.P3td " - I ^82 

kathaot Securities Ltd' Jaiici 

Queen SL Lacxlaa EC4tt 1BV Ol^rseSKI Covetl (JobONP 



VP S.iiUi L'nTn 
„ „„ .Avium Unit. 1* • 
ni-2H3M31 vnowti TfuB 
4* 2l.0in llCriin I1qiNi>* . , 
' 28t ■•Pnrtif or Au^-iu 


UI-C234SDO RldscOoknu IT |104D 

m | 4K KW*dieldliWoBh\|fi.B 
* ' 4.M 

i J IS » 


« t£ 

2i 7} -0 2i 


4J4 

<« 


750 t'api \Uji.24 <145 4 UQIf . J 115 

-.Actum S'niti. . |l730 lUtj | i ij w ,,. 

K . . . RidgrtMd Wanacemout Ltd. Ta«* Ar.um.co 

ti Ai a ii"*a 44 NaUaRlM Pwldf fit Iftr. HngM. Ud.V 3M0 Rt-oneoj te-.li.in. heaer nm zmns:i r K fjth Dirt . to 2 
** r 04 m lirwMhuiniSi.fMI-aitil ui-raisn RldsdioWlni IV |104D 4!14| ' 215 • . . 

■ 103a! .. .| 9 u j. IhMtry Schroder Wag- & Co. Ud.» 

IW.Chtupu-ic.ti J 

Rothschild Asset .Hanagcincni igi ; 

240.Gi(eIi«ice fW . A L iMimry (1290 .'-Mi 1 mow 'A orJrt i» PCI 5 
>71 3 23 1 \KU0tUniU.- JWl 


2S7 

8 43 


P? 

155? MSI 

IMS! ia:, . ... 

3i Nrxt dealinc ft'pi 28 


2.4; 

171 
7 45 
J«5 

2 K R J.-blean Aug. 3! _ T9 b 
9Jt 1 Accu-u-UnitKi ..‘131S 

Sf-fi [s «5Ktof."-jBi 

55 5* — e. J, 405 i4m,K '.'ei'ji ..1154 

Jr’, * 23 ..W'wsejt ! 1135* 

‘•'"■'im L'niW ... 1633 
^Whiu 50gU«33 «51 
iS i'fiun.l'iiitM -JO* 
jAI, , 2.5 -ii.-a Ajn.c.29 . ,57 7 
- Acvuip. Un:L‘ ■ ;74 2 

Marlfcoru Aut SO 'S5J 

rAr.-u.Ti l.'ni'i. ■ ,63 7 

Vnc. n«!i-. Au - 29 53J 


ITfcca an Auiiuu a Nett dojlina Seju 4 

gtS National Wntmiusiervia) 

OieuDBldr. ti-ZV «Ef Ol-M 6W11 

437 
7 62 

557 


Thom 


tr« Iivraoie FdL, . tufa 

* M- 


Bnirk, (., -r.- wdrwLUuggu. 
•Unnah |, il ' 1| eiferaiiraPiiaO.-B*2 

PI 


U7* -lot ten 
43.0.4-ei} ih 
42.39 -oi| an 


-DM 
>0 1 
♦04I 

-oil SA6 
-a3 so Jti 

-era IE iVjilnlfAecUBi.i.. (47 7 
-ft 71 5.49 ~VMnc .. . U] 

*flj{ 0.94 Mr.ar.iial B5 5 

•*■ ! . • limct him. .. . ten 4 

Gibbs fAntonyl.Unlt fw. JRgft Ltd, Jw* 

3 Frederick * M- «04rmrr jci B1KB4IU G5sSSi paI31 
f»- A«1 - • . ®4j-lRI 000 

tn NEL Tru« managers Ltd.*# tajfgi 

' Dcalirs rTui* tfV!*u.. ; Mllmn CourL Utrkmi; Snirey -»tl 

^elncar . . ^ IM 1 - 47 4j rO.B 424 

NalBvHlanlnr Iso 4 S3 M -0 21 IM 


Ml 


m 

3«J 

a 


-0: 

-0 4 

-0.lt 

- 01 , 

-M 

-OK 

*D.3< 


N. t- Equity Kb nd 11774 
NT Enc Rr--TsqiJ4 3 
N.tl Income Fund. (!54 5 
N.rMurt Fd. ilne.<|92 4 
N l~ (nil l u i.\ri‘j(M.i 
SC tenlir Coyr FdllSftl 


188 71-0 71 
121.5 -0 -J 
144 sl -o.;l 
MStS 

:xv 

1602^ -0 7 


Ml Rothschild Si Lowndes Hgnu. (31 

623 
5 11 
327 


247 GcmiiI Apt. :n 
481 I v-cnOLtnib". .. 
1*0 LumpeAaffuiS-t 
:« lAminl-niu 
AM -MnittafdAu^i 
-SbmEi. Amjcn I 
RctWftff '*JJ. I 



sir 

13UH 

3IOi 

£l\ 

inr! 

50* 
64.2 
61.4, 
7IJ 
5ft 1> 
66 3| 

54C 

M 

h 

Sii 


■1 AT tav f.rrtirJ lje.lt onlv 


SL !»wlibiiiRlJine. Ldn ■ MI4 ai-iCGCir* _ ‘ _ .. . . „ . 

Non bmnpt 1037 0 1450! | *17 .Scottish Eqniuble End. iqgrs. Ltd.* 

Pried an AoC 14. Neat ddrihsiu Sept iff 3, Andrew, Su . IjiinlHi.-sn 

InrnnM, i)«Ki .157 5 53 3) 

Rowan Unit Trust Hngt- Lfd.Wi) 

Cliynue rise Hnthury nq . txz Ol-fMiOlK 


Tyndall Managers Ltd.* 
18. < jinynjje Road, Kmn,! 
IiKonc Aub.30 . ...'129 6 
1 A.-, nm t,'n:u- I1S3D 

... Capua: Aug :tq .. ji3S4 

(Ul.-UddiOi i.'.km. L’nlbi .135 6 

4 « Eiempi Jtm 30. {1148 

Ar.-uin Cant |M 0 t>3 j! <435 

DeuJtiu: >lu> Ur.ineviat 


1110! 

20ZJU 


-‘•‘ihcinis . 

ln t\ I'vial'N® Poad ;.... 39 J 

h \v-'"“^55HSr:r:» 
■ Vj f? 1 ;a i9B«W~ Si 


ur 

: ,n m a«pn;3^i 
1 i-d Utti nm rt » «■ * Ibl Fd.&a 

» L'cfi-rr J W ’ 



Lorvlcm W»D,E.CK ; -.9»W8M» 

Shir \uranK5-. :»] J t*Hf . 

Do A«uia.ciui_^i4* mil . 

Nm defiiBs dw Sept .8 


AtnerlriuiAtit 3L . 

Kli III KIM Ilia 'M 


\m -® r !" ic . h . l ' nion r,roi, p_ { bi .'sasjsKgc. 


P O. Cn* 4. \orwirh Mil 3Ni; WJ 22300 Mrrlla Aac'sp 
riraupTtS Fd |345 3 384 51-101 <39 lArrsn Uml«‘ 

Grimms Manacerocut Co. Ltd. « . * . 

BiUKtcg Pear! Trust Managers Ltd. inHKMzl 
444 ZiSlUah Koriiurn, Wi‘lV7£J3 UI-W5B441 


too 

»0 

uuo 

197 0ri| 

-A3 

591 

79 i 

as i 

8a o 

90 in 

l»2 

mil 


7 j2 roBe\3TJ,R--fclhrv Hu> 
S«!u|tlliiUI 
Sehig Inca 


■ Arvtun Un:L->'. 
tr.t Euro Aue 30 

■ Vt-iiri. Units] 
Prrl Aur 80 

-u m Lnib 1 


*m Sehag Unit Tst. Managers lad.* fat 

,R.-fclhrv l|«> |.i-{ D1.23B53M Votfap Aui SU 'l4d 

SIK Bi ISS.,,1 <8 S»S3S&.:!a 


7 14 
3 V. 
3 56 


114 

X6KB 

£45 0 
2350 
JIC58 
■1250 
“l4tf 4 
60 
14 


2002 
120 6 ] 
171 S 
778 4< 

389 JG 


1C6K 

Uli 

15*4, 

lS5.Ul 

18081 


514 
5 14 
408 
4 JO 
4j 53 
Ml 

5.41 
485 
6C5 
413 
413 
263 
2.63 
315 
3.1b 
7.7b 
590 
A 30 
467 
467 
704 
794 


{2753221! 
! 775 
7.75 
393 
399 
763 
753 
460 
460 
1030 
10 » 
512 
5.12 
ftU 


Undfln Hill btiap 

1'ipiul Gn»r6 


SIGrriAtalt.torgfii 
li»rrlp*ioa*n» 30. 021 « 
(ACTjm lltnt*. . . 744 8 
BtHg-H-Va Atj*,31. 113.9 

! ACTUAL L'niUJ : 21li 

rlad'av Au* 2U- _ Z213 
253 (Aeriun. Uaiui. . 014 
253 Gmrr.rtr Sep* 1 . 101 1 

482 lAccaai Vci&i . ,..«U 
Uf t460n!aAuB;l«I.r 
U3 'Aemm Unlto: ... [756 
155 



loo Guardian Royal Ex. UnHXgrs. Ltd. 


44* PnrlUrDHl6 rd . .<245 
734 vriw Uiiiis 
734 Pearl I hp 
2 6* Peflrt 1 nitTrt . 

26* (Areum L’nilal- 
290 

In Pelican Units Admin. Ltd. (gMxl 

18* l| rcuulBiRKi .NiiH-hr^cr 
micuD LiUU . -1CT0 1 


[243 

2ii 

-0.1 

292 

U( 

-01 

nr 

3*2 

-01 

370 

Ml 

-02 

478 

515 

-0 2 


Royal Tst. Can. Fd. Hgrs. Ltd. 

4*.itnn»i r iUT*r.FM‘t. 0]JC8(C.'d 

*58 v.-npata) Fd 17? 3 7631 . I 3.41 

4.58 |BMmFd fill . 75 9| 4 741 


Security -Selection Ud. 

!'p|9. 1.inea'n T Inn l*:t!ds 5H2 01431 383iK> FrliraTiir riwith. *Si 

EmltXtaTal ACT |26S 277, 1 717 llo Arrun (**) 

l.'nvl CIA Tat Ini- |22 2 237] 5 2 17 Firwnc.al Pr-rij- .. 'l*5 

□o .vecum . . ..|2Q4 


J'H MSr/biLiuWWS Sicwart unit Tst. Managers Lid. fa» ml 

JSJ toCMuUAleSq.Eiirta-ih. KH^aaxrri . . 134 3 

*a Pus 
-. 163 4 

L 7 ” 

4 bes 


Save. & Prosper Group 
4, Grnaf SL Hrleiu, lamduo COP SEP 
UU-S2SSB&5 8ft Kl Queen St. Mtnbtiroh ERJ CSX 
9131 -0 ftl 4 79 PC«i>n£3 <» Qi-TiM 08W or iai4Ct> TWi 


Cirwiy UBU .Tft. Hg3. LULf (aKc) 

HXth Kalborn. VfCi V7NL. ni-R.il itzxt 


OPTIONS '^%^2SLs3J8 

Unicom Ltd. (aKf RRcl 
4«3 1 hn.282 Romtard Hit EJ. ■■ - 0 1 -XH 85*1 


„ . . .. _ Snw & Prosper Securities Ltd..* 

p^yaitietauw.LUPawi. PcrpciaaJ Unit Tni«-Mngmt.* («i intcmiionrt tumo. 

i»et(«iMMlLT*L.tna 9J.n8-09| 48Hant-l.Hpnir*aiiTliJiu» (M6I2(ff«a CauuaJ- 08 5 

Ppduaii>p<ilt) ms 47.71 | JM ,T, - , • • ra* 



2H 

to 

<1 

^5 

-0 

n 

*0 

,3 

14- 

a, 

6 ). 

15 

:9 

Ti 


44 

.0 


?T- 
! : 
« 

!o 


?•? 

=•5 

iO 


com America. 
AntLAec 

.fflSCrr t 

Financial. 

MO „ 

General — — t 
Growth A«.^_.V 
InnorlU..... .1 

iPrf.'A'ns T6L-I 


JU »0.tt 
854 *0j) 
67 J ■*£» » 

BE-** 


-0# 

315 -O'. 

*94 -04 
139b -0-4 
33.9 -04 
4*5 -02 
9*5 -0J 

152.7) . 

H Aomat «'. Nf« tab. day s*plemt»cr- 

Rccoverv |4M' . *9.ll -oa Jjrt "usaMan.— — -. 

Tnmce5Vnd..(lM5 128.11 -041 4.W 

WlOAidoTat. B2 j 4 StJ}*4li- 198 

tXn.Fd.Iac ft62 m 3 i-ftfi 4.77 

AecnsL ...•_. 175 8 73 Oj -0.4) 4.77 


Snide mao Admlo8trtitai* 4aX eHXJ 

Piccadilly Unit Trud UMh) 

U K. Foudn ftaumy GDiba I'nlt Tn«i Hjontii Ltd 

•TtftGmwfhrrc.. . 1475 - •<■’•. SHT-ftll ns 3. Frrdcrtri'f place. uJd J«iaiy. EC2R Slip: 
r.» 9 finmfc Arc. St - SB -*8 a-- Zb5 or-sss <iu 
lncoKeft.Auctx -jM4 566^ -8.1) 568 Extra lommo (73( 3264! 

Usb tvreaer »un4s '■ ■' ■ “ Small Vos Fd . 57 b «7l 

433 lUcti lix-ame iUJ *ft2id -D.JJ 7 72 Capital Fend.. ,.k« . 48.W -0.N 

*32 Cabal Extra lac ZJgUl -TQ -A2| 8<2 fnf En,. ft /jam. k* 7 52.* -0.51 

7.80 Sfcur Fanta Pnrua Fund |3*4 992n| 

4.77 FmafWi'a-x rr|» pa? 2171 -021 2.33 Awumitr. t'jnd ..{*5 5 * 7L* 

3-n u8Tkm 1ta7ir£f*.' ■; sS^^I fn if Hi 

*8* IrinMthnl -• • r- • '• •= • I-4Tfc*al6d _ ... 1M6 . 3|.1| 


rzi 

LU 

LH 


III 

5.82 

in 


Cx?>ol .._ 1..-J9M 

lutcruat-.-Nial _. JIJ 
WW.Wide Sept 9 P91 


European. 

Far Cum _. „... 

IV .Am. Ejcpx ... 

KAHLGngeBLl 

CabacAjacrSmC 


lCo 



20.71 


+0.3 

-04 

+0.4 


388 

930 

4.38 

320 

4.38 

3.80 

S.9B 

880 

LH 


LeJv (jrimtn . |7l0 
I Bernal as Umnc I- and 
llish '.Iciil ISS 4 

Ulfb Idcmbp tnnda 
Hiftb Return . . ..1*78 

Inrviue . . 1*25 

V.K. Fund* 

UK Equity (44 7 

OlHMM FunU*1> 


41 J! 
2*5 
77 5 


28 3| -D jj 


2 97 
Ml 


tterwari Awfieaa Fust 
Maojlarf Umu -.163 4 71 01 

.v nun. If HIM 717 »e 7| 
wittumualUnu: fee & sail . 

-Stewart Bruah Capital Fund 
Suiklartf.. • - H444 156 5f .. 

.lenuu-IThi'A ■■ .<1654 173 4t 

rvalio: tl v i -Bun* 


Mi 1 . 1 

43.7) -a : 

4*7 -O’. 

m d 1 

TLli -C41 
J4i-0J 

3*3 -0 1 


5*7 

567 

933 

933 

489 

489 

764 

243 

509 


Alexander Fund 

37. rue Noire Dame LH+embnure 
Aievander Fund J £ LS7 60 | i — 

Net awi value Aug -iO 

Allen Uan'ey Sc, IUks Toy. Mgt 1C..I.1 
I.t'hari'taCxtBs.Sr Hel:w, Jsv Cl 0934-73741 
IHRGiU Edg Vd (1000 1002) I 121S 

Arbnthntt Securities fC.I.i Limited 
P.O. B« I5M. St HcJ-ct. Jpnic> . 0KM7?! 

Cap. Tst. i?crKr- . 11190 123.% 

vet: dealing Oale Sept ember 


Jft. 

KcysHex MnpL, Jersey- Ltd. *1 

PC Bu !W. SL Helier. Jar? c>.. 'Erf ?t-G*6 74701 

Fimsder. [Frrt«M 15J6I 

I'.iMnb-'lex ;i!B C»S 

KiTsriex lan r7 33 7 97 

K«?.icira Europe . £3 H 423] 

K'5«f!ex Japan .1^3 57 17 0S „ 

Cent Aju«* Cap j £136 21 1-9 

* 

a> 

King Si Sh arson Mgrs. - s - 

1 (.'haring Croii, aL lit livf . iersev '0534 > 7374] 
Valley JJ *. £1 p«« Port Gftlaj lirtfll- 347DS 
1 ThonjiSirwL C'L-ug!us.f O-M - - - - 


Gql'I Sect Tt.1 ...1W ' 1011 

Siaij deolias <i»c September 
EjatAiiiti-Tfi^Cli .|1220 123.01 ... 

\cm dcuH.TK date September 14 

Australian Selection Fund XV 
Market '.^ppertumtir- r o Iriih You dr & 
•luthn-aiie 127 Eofit SL Sj.ds»r 

VSS l Snare* . ; sUsilU ( ( - 

Net Asse; Value Augurt 34 


I 4 03 1 Tnoruv stm-L l'l-ubIus. / u-V 
, UJ C lit Fund tierari < (£912 9141 

-11 1200 , ;5HTrurttloM>. [103 2 135 .& 
trr !! U1,! fr -'- d Gu-aMsc.-lfnjl OSS 

“...| 2 90 Inti G8vL Secs. T*L 


lull GUM. Set* TV. 

Firs; Sicrli.tg IUS.9& 1520 
Kirs Inti . . 1156 93 1E7 fill 



Bank of .Vmerica International SA. 

7S Btutovrd Rojal. Ljxembeu^ cn. 

UldirvMtlneetw IV. >111X7 1157=] | 7.47 KB Jawir F ind .. 

Fn«-i >1 August 31 Nnt5Bb dare September h 5 1; p u».h id 
d 


Klein wort Bon son Limited 
3U. Fencheir h SL . L'JZl 

Kunwvrt. !.>« F | 112.9 

duemwyine A? 9 71 

Pn Aocu.-n . . Jaj s ve 

KB Far East Ftl *1913 63 
KBInif Fund ... SL-S12 39 
1>. S3354 
11 S12J8 


OlflBipOOO 

I "4| 


Banqnr Bruxelles Lambert 
2. Rue De la Itesenre B HWO PniKeh 
Rcmia FundlF. . |1919 13781 +2< 


Slcnct Lcmiyda .1 SU5529 

*t'Aiida-J» ( tiM<. ,. '19.80 28Mj-D.10| 

*KU jci as Loudnn payinp 


3*0 
393 
193 
1,53 

ig 
0/2 
170 

. *w 

eats 'oily. 


771 


Barclays Unicom InL tCh. is.) Ltd. 

:. man as Cross. SI Holier, Jrsy 0S34 73741 
Oimeas Income ...(4*6 4931 j 12.10 

trudoM*.- Trust. .. S : .SHC 1£QJ . .1 3 70- 
L'plboml Trust.- .{srsmiZ 1E«| ... 
•Subject to fee and withbeldinc lue 


Lloyd* Ek. tC.I.l UjT Slgrs. 

PC Bet IM. Sl H riier. Jeriej 0M4 IJSfit 
UojdaTsr Orcai |t26 *5 9i | 0*5 

Nnl dralinc dare j-cpl IS 


Lloyds International Mpnnt. S.A. 

, 7 Rue du Rhr+ie pij Rn< >s!| Gcuoa’ll 


Barclays Unicorn Int (1. 0. Man) Ltd. 
1 Thomas 5t- Dougia*. I o It 0(C44S&fi 

L'nlcnm AWL Bn.. IH, 9 &L21 130 

Do AusLMia. . <37 0 39 a 1.50 

In ilrtr Pariflr. 63 9 7521 .... — 

Ue liui Encoow. 40 4 43. Si 8 00 

Ua.itCMaaTil . 46 4 49 4 .. 8M 

110. MaukSlHtiwl ..U73 294d 140 


Llo* da Ini Grtrith I5FM98 3733« 
Llcrydalnt Incoroc ]S:TWi 31150] 


250 

640 


BishojMgale Commodity Scr. Ltd. 

P U. Bex 4Z Doufilas. ! o 11 OGK-SBW 

.UlMAC-AuC-7 . KlJftU ]1!1| 
CANUHO—Au*?. £l M7 1J1U 

Pivr-VT»<Ani* t 94am 


M & G Group 

Three Quu}». 7o«rr IM' Ll' 3R 63<i Cl AS 4508 
AUanur Auff 2P IS L S3 IS IMi I - 

AuiA Ex. 4ut .ID . .%.S755 2jn ■ 

GLdELAccAUB3u II W ' — , 

Island ton! !45 .Cn -0 7t <52* 

•Acvuni 1 'diU> 1926 234 9] -11 93 2* 


_ ' Samuel Montagu Ldn. Agtx. 


COUNT “Aug 7 to *32 

Oncuully u&uim xt *s:0 an 


•1L.00 


1U 


533 


4 GO 
4BS 


TSB Unit Trans fyl 

fhanar W+y. Aaduvcr . KjcIl 0204 C2188 

Dealing-, in 0364 63*32 2 


-.01131 

— I 931 PmcUral Invest. Co. Ltd.* (yNO 


Mil ..I * M *4. Biomniiiun-' Sq wciAUtA 

S'7f+O T i+u>— 1<- « IU» . 


2-urope. .,(896 StW-Cli 

J4WL-1.. -Sol 9 

ti.sT; . . ]772 8381 

‘3 


2 08 Alliance Fund Mngt. Ltd. 

Sun Alliance lie. Hv.ioai u*t3«i*l 

S911-06! 69J EjpBBT*t\UF0 W35 7 346 » .; 380 

“* M0 ' rrhc-FjjmilyF.1- (l«6 U12j -osf' SJl 

a£k£ "oil 25? Tar t' et TKt - Mnitre- Lid.* faKg) 

5J«1 061 191 iiT Uealiegi 02wr3<! 

... MnMHWlA |J*9 42^*3 21 355 

*804-33| SOD Tareef Rranrial—'M? »»«:*+* 

Target Equtly . .,^.1 


•bTSB General 

r b'Du Arcum.. _ i604 
■ b, TSB lam-re . . Ml 
■h' In Arena . 1*4 1 

7LR StrrUJ: .. .p83 

Hullo Ari'ufiY >352 


tester Bank* Id 
Wanes Street, BeUatt 
■ b:l' taler {around] |3I 7 


NJ4 -CJj 

*4.1? -afl 

65 41 -0 51 
6 ftZ -061 

»ol5:Sli 


376 
5 76 
717 
717 
232 
232 


O2323£=0I 
41*4-05) 585 


4081 


fa Partita r A u E 30. 11*77 
52 Acmm Unit- .. 1236 4 
i'OJl L71| 


tMsr l udi 

uosimodiu ..MU 

fnerur . ... |72.l 

FloMdilStn . .j?5 0 
■ 014238880 HlgMUaluiafli Fuwl+ 
177.1J . j 5.97 Sefrrt Iniemar . .1268.0 


0721 +021 
77 i! 1 
886] -0 


SSQJ 


9 97 SdNliiLimr 


m° “'S -oil 


>81 Target Kit Auf 
0.3.1 4lV> Act. Umu. . . 
L38 Target illP Fund . 
Ta-grtiitMth . . 

*14 Target lull 

n l*o Heirtv L'niu . 
2 34 Tarr« In. 

^ t s l v+ Ana » - 
T[i In* - .. 

209 Tjt Ptrf-. . 

71* Tfcl bp+elal S-lth 



Unit Trust Account Sl M(at. Ltd. 
KineV]l!:anSt EU4R0.AR 014334051 

nr.an: Use. Kan ± . 315.0 17*0] -YD] 4.44 

WielerGrth. end. |3X.7 
bo Accuia. — |372 


wa& -3.0-; 

■y^si 


435 

435 


261 

128 


rip* Brother* * Co. Ltd.* faXx) 
jaadeahiUSL&CJ. 01-580 SB30 a«yT i-«-. v w- ffnir 

-i f* ”.w5rt3s2r.io»9 
Accum-.-~~-.t2XU) 1*4 JM .- I *» IClmlTTWt 


Next wb. 


Sepuvber ts. 


HfU Santa el Unit TaL M*n.t (al 

01428801! 


„ _ SSSSSSUa 

1 hops gate Pregreailve BSgmL Co.* tliirtaaae MTh m.fe3 

!^«AtS“^i JM-j ^.tb)S5Srfc4T«...K5 
SSftSwJH • lig.towtf.w. : 

a mb. day •Snustber ft ■’■SepMmbar 12 15. Chrirtopber Street, EC2. . 01-0477243 

Intel Jtor.ramL.r_ (013 - 983) -Ml 630 

idge Food ManagentKaXcl 



S s WUUam Sl, EC4R 0iAR 

- ctleanliGonj-toA - 21. 

nad*_ S5J ** '. 

Kalluc.r. ^__. W3 42.1 

Are.t 143 ' 47.4 

- mpn 144-0 -«*; 


01^234011 PtMid Manager*, Ltd. (aX*> 

U4 »KHk«.ECSVBJE 
5.87 KOrKBargyla-Fd. (MS 
28* Key Sanity tObu.171.7 
2 Mr *fer6ccim*Fd ..to«* 

589 Kotibcojoc P uBd J82.5 — 

330 ‘ Soj Maedlnt. Fd .Tail . 

938 Key ScaaUCo’i Fd - SlU> 2 

Altt Kleinwort Beeson Unit Manager** 

m4B3B«io( 





_ . 30 Fcnchnrcb SL, Z.V3. ■ . 

" tannia Trust Manage m e nt fa) if) K.B.flalc.fd. Wr. -1836 


' onden Wall Building*, London WalL 
' donECSMSQL — — -- 

s' ^a^ZZTZ^j 


IBICES 



*ICB. UtalFM-Ae..; U34 

•«5PS- WwSSsM 


HBSmlrCo'sFdlnc- 1*8.4 
KBJm.C04.19tAr ciM6 
iflgji TldPd"IDn.mjj|| 
■ Ml*h Yld FtLAccJ 


Sl 


97.4J 
1232 

naa 

-5W ... . 

51! _.... 

''B.i 


532 

*22 

425 

425 

*39 

6.19 

•ft*a 

*.« 


IS L & C Unit Trail' Management Ltd.* 
‘1*7 1716 3U*6 Srhan«. BCa« lHP 1 0K85 2800 
4.41 LfcCfctt .Fd ..IM92'- M9 7rf I 733 
UB LftClBtf«<leBPtf4VW^ . 7Lll« . .} IM 

Mg Lawien Sec*. Ltd. ¥UKc) 

Tr.Qtt»ciaaSt.LM»dcaEC«ll«Y. OldOOSSSl 

'i+S •cnnrtoFiunl-.. 

JS -. ‘CArCML UafUi — J 
■Jaa trcmandWarntM., 

*| iS^i r " 

: -+i Ardup-Tlnltti - 

b British Lihr OWce L(Af (a) ' - - legal A .Genera) Tyndall Faad7 

lance Hae. l Tunbrk6t9Wtdto.1B.)MI 20291 1 ft Caoynie Road. Hrirtol- 027732241 

I BriilibUle g26 .. M^-OJj 531 Ma.AiU.10 jg.2 **.« . .[ <W 

.jc ■ t&^lf needy BlJ . ■ Sifl • -.1 S-to iA.-cuai.Uiilt91 to* - *M 

-ifedend-^. - fej JUU'W ' . Ned sub. day Sap* 13. 

j • Prices Ang. 30. Next dealing Sept, ft 


, . JTJ Wicler Growth Fuad 

riK-Oll 7.72 King William 5< EC4R8AJI 
rail iii*» lacung Units ... — BL7 
Arrow. Units .[M2 


014234BS1 
334UI-0*; 435 
39 2! -Oil <55 


INSURANCE AND PROPERTY BONDS 


Abbey Life Assurance Co. Ltd. 

1-3 S' . Paal'a Churr byard. EC1- 01-M88111 


id . . . .30.3 

3& 

K. 15*2 


Equity Fond ... 

Equity Acc . 

Property FH 
Property Ac. 

Sdccllvr Fu-d . .. 
UonwjrtiL-le Fund 

OT4onb+>'a=<l— 

*Prop.T^ Kcr. 4 . . 
OVjol Fd. Scr 4 _. 
VEkinlty Fd. Kcr 4. 
VUotnr.Fd S-r.4.. (lU2 
WftmcyFd.i-cr.4.. U10J 
iTtcea u Aug 29. 


Crown Life Assurance Co. Ltd.* Lioyda- Life Asmireerr 
Croun Lile Hse . Wcdring, CU2I IXWOUIKBKD SO. niftoo St . E02A 4J4X 


SJ 


iTS.l 

it? 

373 


it* , 

ue3d 

1393 
129 J 


33.51 

118.3 

lift 7] 
.. valuation 
Tuesday. 


normally 


Albany Life Anuruce Co. Ltd. 


, fcOrowib 

fustcnlc 

hJ&SSTT"-"- 

rJtoue 386 

^ ith ASKrican— [ 
fewioaal — — 3*51 
I .petty Sliaraa — JM ' 

•Iff J l ?W.- 473. 

\i: luachango-..'. .. 32.1 
■JI 1 NSoeigr— ..—1518 



* zr 

0 s*t. 

3. 489M-03i 

,, ,j5 7oia-o * 

DnaL SMon. Tmnu rtWW. tTturs. •• 


Leonine Admt nlrtnit ion Ltd- 

iwn Shipley Jk Co. Ud.fi- 2.Pa)nSL. London WlV&lF. " - 016003601 

jUi.ramiimd.Ea • > oiwaar lmDi** — W{ 40 

**•* i aSSrunsW. nw^i ts a«— + — •»=** 

-.5 “■ : ir.. f«nfc Tnau M ty) 

rt ! :5 zS'o:i 15 " Oi-CMISW 

51 Ireth Aecuau— .foo M.1 -Oi 5.03 FirstiBclaedi.__.to* 5*71-021 4 J1 

-r/> 1- , tailpSh»n>KMMi [wa , . 443 -0.4 5JB .BmlAcmufth— — m - 780 -&2( 

J “ L " > f* Irjunui » HaT 38AM — OJ tJB ScrondtOap.) — !** .408 -0.1 706- 

1,1S 1 il .TT_: _lZTTTTI E 9 TS3. -0^ 361 OOLtAroaULl 71-3 .'-766 1 2H 

'756 -w ps+ - 87 J -fti *» TWnlRncemet 166 '.- 9 M -0.4) 570 

SwTZZHTTEj -226 _T 366 Lft.'Accujn J.. US 3 127.4-0.3 573 

■fannanee — __Sl6 . ..451 yflJ «» rouittOiidaci-j. Ah SJ? “fi-i Z-f* 

■m.SN«rery; P25 - • Sl -02 *63 Do.iAccn»V.._„.4n3-- 766) -9fl 7J 

- s f*pt,AafMiw r M* \’^4rr* ** Lloyd’s Ufe Unit Tst. Mngw. Ltd. 

I 15111 Wa Life Unit TaL Mngrt- LMLf ’nW.GntolwiiroRd.a.'^abijry 0298 CM 1 
'■ LUlll^liabSt-PaamSiBanamtB,^ •• -JP.JtarBlia*' KonWAaewn. — W»> -I 


192 M i 
173.15 

..... I T1 

i *;: 


: |MtoU „ 1853 30 Of —03) 4.98 

Lhqrda Bk. UnitTbt. Mngn. Ltd.* (a) 

435 HttlnWrlHTt, Ounag^se*. 

505 
SM 


_s: i- 

•:s" 

I?C Si 


3 77 


I . Cm Dim. 

; . ' i£eii. Ac nun — 

,-’Sd . 2l£ 3 *w W»t— 

;tc 05 ; 77S.H |“ael (Jamas) MagL -Ltd.* 


i2-« HAG Grasp* (yMcKri . 

■ ‘1. 734 Hnt.«C6 Ttw Util. BCSP. fJSQ 01828 4503 
-0.3 T34 Sec also Stock Kcctonse Destines. ^ 
American ...;»2.* S*s«+?-a *-2' 

(Aicam. UnKj 
Antral Ulu, 



3«7b : ^Irtfal Unit Fd. Mgrt. Ltd.* (aSc) ComgWoa.loc.-_ ho 
T. i t ^ B5» 


T.?c 

z:*» | 

S535 ! 

nzis \ 


lAecna. VtubA— 
FfcndDflm.Taia— 
raccuw Uaiui «... 


Next dealing -date _ 

arltles OfQcfni Iqveet. Fd* 

amdon Way. BC2N ID8J " "fll-088 1«U 

Angwat H-Rffg- | - J. ■ XV (Aerow L'nttw, 
.1(00- Au*usJ13. -«76 6* ■. -— _• f uv-L,.— High Income 

— ztrv-i~ nyaUaMa u» R®£- Cfcarttj**. (AecemTUplUl 


; ! ^iSirtnfhQBse'Jartrai*.; 

. r-2.ib ' .^'Iktenmteraow.EO*. 

••|:€lgs4S0BB=#&i ■ 

>:i sr** 


;;4SS 1 “jd.^eftjliii Treat Managa»*L4d.f(aMgL w*"* 1 

, aO-.I MHLO.J 1 — ’ — — 

1 1^B. Qcoptb TOL^I 




-25 6- 


Jawfllarom. 

.7 Acfium. Unllau 

ffiSSiiasr.., 

3 SKSfoasr- 
«.SS»s®.= 

SertndGftn.™. 

„ (Aocam. Luttsi- 

evcclahaod Fund* 

i-IlMJ II 

.. ■■ ■.— Vatw- ... Ml • 32 

■K *23- Ifi 11 ObartboodAtmai. ■ W« . 

-£l) 86* Charlfd. Aug, 3® — 1370 

(Aceum.Uiutw 196.3 

Pen*. Ex Sc pc. 4 }14*3 154.9 




Mvg . 

ManaLife Management Ltd. - 

til) SLGftowaWayjSUrcaiug:*. M33W1D1 

OlJMSfltte . Srowtk Untta™l, EB.4 504) ... I XV 

^jj|:«hFuBd_o_f»E 4Hf } -^y w&grflinTcr. BlTUzaiCemciat Co. Ltd/ 

- -« I ifll I itmwMAVo' • Ma'^wori L , : 7 -'-UMtfiMKWW. 

l5 !? , StWL LOO^O SW1X BKT. «««»' '■■■■ il 5 ” 

SV^U^^’iwpolmOibjrttgJ - ^ fi5OTLSS*»TM7 ^ 

T, JSoeiii'y^ -Fhirf Miougen Ud- 

-(scent Unit Tbl Bfgrs. Ltd. («Kl> .w,Gmkanr§^EC2F?EB- oi^ooisa 


2?:’«federtt!«n Fbntb MfL Ltd.* 

U ' ':U^ l iiaanc«7 iJHje. W£2 a Ub* . . Didttt 
lit ?• ; ^i:«b FuiuJ____f«3 48.1) .. I 

I ^ « — ' ' : 


49^3 'i iM 


i ^>mo Crw, Kdlnbiagli 3- 
"'j i 'tAdlW. ‘ 

: ^Itascsa- 

>*Rswrvca 
*1 WW- 



031-338 «Ol Kw Gen AMj»:gM.a 
'* Acc.CU AUg30— Z71L2 
Merc. ltd. abb. 30_ nn 
Acc.uu.As9g.sa__ ms 
jaercAttAue3*_L 233.7 
Anew- UO. July 2* „ pSi 


■mA _ 

2173 . . 

ifi 

243.40 : — 

• 2956 -.. 


IS 

264 

*31 

02 


«j i icratianiyy Unto fphi litynageni 

..StoaflaldStrCSMTAL 


______ MUOand Buk Giwp , 

SStTSiSlM^l LtiLf (a) 


j&iimm* — m ^ 7*42 

35 1 ;f.’ W inchestar, Fund. Mngt. Ltd. _ gCBSSS®*® 
b * 1 'jmrJTH P1-SMH07 Gnn&__Z_: 



j;? ;i«s©a * DadtordW. Mnrw aL Ud. ■§*»{“ 

■ 1 $ J.'.'WlffipM St. SW.L 
1 •i0BZMtU*r‘Mt-|l9.9 


Carttal___ — 
Ou.Accaw 

iacomft ...■ „...JU 
tin ft wiw - al l 

A4M7K51 MmSSur: &3 

75JB «B_ tejApTOL.-.-^-.teO 

any It Law Un. Tr. SLf 
,rahamM,T0*bff7W*fcft ,'<HM3537t. 
tty lc La« — —too 



ft' ''WM^DftAecwn-^u-oSili UOJ .. loiwSuiarrai - 

JJWi M* r -rttv» M Mr « Kaat dnahn^ 31 - " 

^ ••''T-v ' '• ' | Equity PeiMlan*!^!. 

COKAL INDEX: Close 4$$48& W/T 495*500 


fRropaitr^Sw tfr ~ ■ 
,t\ r anbn^.ffl«rintfl«d 


SJh* 


T^dra«^!' ^ihwnmra Wto-|ypp^ Tahiti. 


31. Old Burlington Sl «1 
*Equ.i" Fd. A«.._ . 299.4 203 . . 

IttxecflDL .we. . S«.0 MM - 
VGtd.Mtme.-Pd.Ac US3 1214 

9lMl!laii.if<LAcm. 1X55 UU .. 

•PropFd AML 1093 1Kb . 

WrpTe lnv. ACC. ... 171 7 1B0.7 . 

Equity PtnJUACir 2373 250J . 

FSetfl Pen Ace .. .. V"S ' 138.4 
G Id. Moo. Pm. Ace . UU9 1371 

TMlitaPnFdAcc.- 120.9 127. J 

PiftpSoAce 1241 130.6 . 

M’pJelnyPoaAcf [2U.B 272 a ... 

AMEV-jyi®- KvsoxwBt Ltit 

Ait»iHaft,|6JmRd-Rt.-igUe dogate 40101. 

" 

AMg VM wHtyg d .. 

AMKVitldPwi.'B 
Flmrtjitac-.... 


Man^d Fund Ace .. 
ManfTd Fd. locm. _ 

ManinlFd. lalt. 

Equity Fd. .4cc-.._.. 
E»uH> Fd. Inan_.. 

Equity Fd lull. 

Property Fd. Act- . 
Property Fd. Inrrn.. 
Property- Fd. I idL _ 
lnv.TaLFd Ace ... 
in*. Tit. Fd. I new, 
lBV.TH-Fd.InlL ,.. 
Fixed 1 ni. Fd Arc. 
Fed. InL Fd loixn. . 
lnwFI Pd Aee_ 
iweFL Fd Inew 
Money Fd. Ace -.. 


105.7 
IK. 7 
M*5 
995 
99.5 

I 

“48 

ttH 

386 

n*a 

Ubl 

36.8 


01-4375042 Moaw Fd Incm ... {9ftB 


DIM. Pd Incnt 

rrown Rrt Inv.'A" 


1057 
IM 9 



5nLnaLJuty3i_ .n.16734 
OntS ATy . toft 7 

CptS'A'Bgt A-lg3'..iltri6 

OptOrAVT AngSt. 156 7 
■VS'A'MK AjjSJI .115*4 
MptS'A Dot AUEJI „|2;4 
London IndcmnUy &GnL Ins. Co. 
iS-Sfl.TbeFofiiu.-j'. Rending 5633’ I 
Money Vnrai-r .<75.6 38.3) 

M.M FlntblP - . 1-17 339 

FhedlqMiVH., in* 3M 


14tM 

14£j 

1M7] 

12*41 


Schroder Life Group* 

pjilerpruc HooaCa PortsDOtzUL 


:jd: i. 

n i = 

siii . . J - 


Equity Ang. 20 

— Equity 2 Aug. 29 

— Equity! Aug. 28. 

— Fiiod tot. Aug 3).. 

— FitcdlntSAut». 

— InL UL Aug. 28. 

tilt KfcS iiih Aug M_ . 
UUL KASc.Aue.29 

MngdRI*Aug28... 
Managed 3 Aug. 20. 

Money Aug. 28 

Money 3 Atuj. U>, 


- The London & rdsachnter Aw. Gp.f RSS2ty3Au^20' 


ft inrlad+Park Kic%?: 
Car Groatli Faml 
dd^-t. Exmeoi Pd 

*? ttt&k F- 


Fi-KlhloFunil. 
Ir.i Trig Fund 
Proju.^y Kcrx 


242 9 
1434 
W2 
1*35 

H. L S 


245.7 
233.0 
127.2 
1239.9 
143.6 
(137,8 

h«6 

[2214 
|1373 
1516 
108.4 
,11ft* 
1588 
15*4 
1224 


1517 

(4.4 

100.4 


0332-5=155 e5fto.rpB-Aug.20. 

BaltoACftB.\ug.2a..to5 4 
MnPDCpB Aut 29 - 207 8 
riaPn. 1 ceEAug-5). >2484 

C-rH T— • 1 I'ftC V IC7 1 


PxdJnLJ "cnCea-E . (37 J 
Fxd.Int.ra.Aec.B-. R0.2 
Prop. Pen. Gap B . 

Pnp. F+n..\ec.3- 
Muncy Pen. Cap “ 
iloaey Pen. 

Ov ericas 4. 



aaa 


Arrow Ltfe Assurance 

W. Uxbridge Road, w.lft 
Sd3tk.FdDpUnl.U7 6 «( 

KeLKaPd^Urt- D*»5 150.4 

'i* 127- r 


Barclays Life Asrar. Co. Ltd 

IM Homtofd BtL.E.7, 

Bare lay bondr- |U06 

^vpa&T: --111189 

XanaswL-.v £293 

Monty-.; — (97.6 


Cjrusadrr Insurance Ca Ltd 

VincnlaHouite.TlwerPl.EC3 014388031 >;id DvBdiiVrd ... . 

Gtb Prop Sepi 5 . |72 * 0 31+051 — M 4s G Granp* 

Eagle Star lasor /Midland Amur. TW Qim-.f. Toner HiU rr^t stiu oiaa 45t» 

l.ThrandneedleSl .EC2. 01-588I21C IteTwta-../ 2*99 [ 

Eagiemid uniia. .is** 5*4)-0 4i 6.W K22 H! 

Equity St Law Ufe Ass. Soc. Lt d* rSnfj. roh^-l . jus? 

' Amcnbam Road. High AVcombr OW33377 ... ,7^® 

59nltyT^. KMI -° M‘ - S£.^| Peidi.' 110 a 

~ Mancged 3--. 1475 

_ Frocerij 'rtu*-._;_ 160 0 

“ Es Vwfci^d 3d.'.. 672 

_ ... . _ _ . . „ Reetwny Fii wi." W8 

General Portfalie Life Im. C. Ltd.* America., i .l Bi-, s.4 

SaS^SCW^J.. TS" EE 5* tpaaft 

Pcrtfoho Capital. „J473 444) -4 - 3tercfcpJ3t investors AArunace* Solar Equity s. 

Gresham Life Art. Sec. 14d • Ucn_Hi e.aoUiyii.si Crwdoti oi-OHtnTi sr!arF*d rw-S... 

jut. B'mnrnb. KOS 787865 E™gT!i 


245 4 

133.3 . .. 
2464 

1572 , 

144J 

146.5 
127.7 
1446 

158.5 
1142 
1241 
1672 
1*4.6 
1285 
14013 
218! 

261.6 
1024 
MIS 
10L3 
102-4 

itn-5 
1026 
1013 


113 ,... 


300 
100 
130 
LOO 
12 00 


Bridge Management Lid. 

PC Box 508. Grtuid Cayman. Cayman Is 
?.' -basin Sept. I - . I YI7 S21 J . | - 
GJ>.n Box SOC Hens Kong 

MpponFdAugsci if^san r.is . .< orr 

Britannia Tst, Mngnd. (Cl) Ltd. 

30 Bath Sl, SL Heher. Jersty OSH 73114 

Sterling Ocwmtoaud Fda 
Cnxrtli Invert [34 S 

Intel. Fd Rl.J 

Jersey Energy Tst. 137.8 149 

L'nivsl STsC. Stff. (£238 2.1 

High Int5tls.TH. |9*0 996i 

UK. SaUar Denonlaaird Fda 

L'nrviJ. S TsL -EEhiU S411 ...1 - 

lnt.Hi|b Hit Tst . (97 0 ISM (900 

Value Sept L Sen dealing September 1! 

Brown Shipley Tst Co. (Jersey) Ltd 
PO Bos 533. Sl Hchcr, Jersey 053474TT7 

Sterling Bond Fd. -(£9.97 lOOOct-OOU II 70 

Butterfield Management Co. Ltd 
P.0 3nx US. Hamilton. Bcmuua. 

Buttrew Equity — Rl'SitS 1511. i 1 65 
nom«tt income. .Jsi-I3.fi 5S) J 739 
Prices at August • Next sub day Sept 11 

Capital International S.A- 

37 rue Votre-Dsuno. Luxembourg. 

Capital InL Fund...) SUS1434 ) 4 — 


114, Old If raj dSt F C.2 
Apollo Fd .\U3 30 'SXSiiK 
JapTcsJ Aug. '.I . l : .iS1Ul 
uftirp. Aug S3 - .srr.lLH 
llTJecfty- Avals “JK 
1 17 Jers3-O s.\ut:e £1£ 18 


Ol-50R(Mt5* 
SQM | 375 

3»S« | 084 

tob 188 

ftif) . BOB 

1181) . 


Murraj-, Johnstone (lnv. Adviser) 

103. Hope S:_ Glasgow. C2. 041-221 65BI- 

-Hope St Fd. . .1 SL'54051 I . . I — 

-Murraj- t-ued 1 SV51187 | 1 — 

*N.W August 31 

Xegit S..A. 

10a Boulevard Roial. Lu'ct.!im;; . 

N *V Sew I . i SL'bLZOl i>DJl{ - 

Negil Ud. 

Bank of Bermuda Bldgv Hamilton. Brmdal 
NAV Ang 3S - . 116.35 - 1-0534 — 

Phoenix International 

PO Box T7. S: Peter Port, tiucrtiie!- 
Inier Itoliar Fuad j!244 2.64) . .[ 

Quest Fund HngnmL (Jersey) Ltd, 

P O. Cox 194. Sl Helicr. Jereej- 0534 2X1 
Quest Stir FadlnL 1956 . . .I — 

Quost IrJJ. 5cc; _ hl’5978 155 J .1 
bkiistlmL BA ..BUSK* 133 f I . I — • 

Price at August 31 Nraf dealing September ft 


Charterhouse Japhet 
1. Paternoster Ran. EC4 

Adi mm. - 

Adi verba 

Pondak— ... — 

Fondlx 

Emperor fund...- .-— - 
Hhpano- ISUStUI 



Richmond Life Ass. Lid 

♦3. Athol Street. DongtoalOM. 
>xtrtaeSllverTnuL[&Sfl UL 
Richmond Bond 07.1178 6 
01-2483080 Do. Platinum Bd . 127.0 
4 74 Do. Cold Bd .- .-Ill* 5 


464 

4.91 

502 

181 



9ftlid| ....J U.B0 

im - ...1 a«o 


Clive Investments (Jersey) ltd 
PO. Bax 320. St. Heller. Jersey. 

CUve Gift Fd (CXI .19.77 
CBveGUt FcL (J«j-.j.fU74 

CorahiB Ins. (Guernsey) Ltd 

P.O. Bat 157. Sl Paler Port, GtamHr 
!nfnl Man Pd. . _ [1773 195.0) . ...J 

Delta Group 

J PO Box 3012. Nassau. Bahama! 

| Delta lnv Sept 4 , .JSL a S2L20 131|+9B1| 


Do Em 07/02 Bd .[1652 

Rothschild Asset Management (CXI 
P.O.Box 58. SL Julians CL Guernw- 0181 28331 

In 

1.15 

3M 

sS 


O.C -Eq Fr. Aug. 3 1 ..157.4 
O.C.toftFd Sept. J. .11615 

OCtoU.Fd.t_ 5143 

083437381. OC SmCoFdAugSl . 1543 

O.C. Commodity* ._ 1436 

O.C. Dtr.Candty-.t_ S28.82 


•Price* on Aug 21. Next dealing Sept 14. 
t Prices im August 21. Veal dealing Sept. <7. 

_ Roj-al Trust (Cl) Fd Mgt. Ltd. ’ 

PO Bo* 1W. Royal TsLH5e..Jcrse>. 053427441 

RT.Inn Fd.. . ...m,'5f.7S ,U* 1 *3 .M 

RT tnri.Jty iFd fee 998 J 321 
_ Prices al Aug 20 Next dealing September 5. 


Property Fd - . .![10f* 
. Fl-asd (RtoRst F - .to* 2 

Gtd Deposit Fd. (100.0 

MuuxJ rd — ..' _ 



Scottish Widows' Group 

PO Box 002. Edinburgh EHIS5BU. 031055 flOOOl 
1 cv.Phf Series 1 .._|1I0J. - Ufldl 
Im-. Plr. Scrie*2_. rlOie 1SW.4 .. . 

Icv.Crsk Sept. !_... H8.9 1W ... 

EsUtArcAug.3). 1145-8 1521 

ErULlcc Ang 30-. (142.1 X48J . -. 

Mgd. Pen Aug. 30—I27S.9 27ft* . 

Solar Life Assurance Limited 
10'12Ei> Place Loudon ECJN9TT 016422306 


2 Prince of Wain 

n 1. Cub Fluid 

01-7400111 gUgg'®!?™ 

CX. Inti. Fund . ...Jl248 
C.L. Ppty. Fund- 


mi 

ii33-l 


PruDerfy !Nn*.__ 


Equity Pen- . . . 

— Money M.frL« _ „ 
~ Honey Uki Pcnj. - 

— CVpojit- 



Do. I 

at&L _ ^ , 

Doktoia*...,, |9M 

Mum* Pena. Are. ...1816 


Mono* Pena. Am. ...1816 
197.9 


'•CttiTeiii.iuiii value September 4. 



Flxod Int Dep... . 

gqc«7 - 

Property. — :■ 
Managed Cap—.. . 
3timngr5 Ace . - 

Beehive Life Afsur. Co. Ltd* ciUKuIEd ! " ‘ ~r 

7I.-ioBibaH5L.EC3. 01-0231288 American Arc .. 

Ba-HerotSeptl | 134S - PcnF.J.Dep.te»._ 

Pcn.FJJJc^Acc..... 

Canada life Awonmce Ca pSR^a« ..31267.8 

Z6 High SL, PM tors Bar. Herts. F.Bar 31122 Fcn.Knn.Cap ®47 

EqtyGHiFdSt»»4J 634 I I - PeaManAct- 

fteUuL Fftd- Aug.7 -I U9J 


1202) 

}»Jj 

, iiiJj 

SIS . W2.il 

Growth Sl Sec. Life Acs. Soc. Ltd* Deixwitvcna 
WelrBMftBroj-on.Tliamcft Berks OeaSUOl S, W "” 

Flexible Finance- ] UJM I --*3 “ fatl.Equl-r . ... 

— 1r.ll Mnscged . . . 

+tsa% _• NEL Pen si ms ltd 

Guardi an Royal Exchange aiiion court. aorktoE'Surrey 

HiUm - 0, ' a f B 7X07 rll a ■ ?« 7p?ft 

Property Benda. -|U4 6 19221 ... .J — Nelex Mono itop - 16? 7 

Hsanbro Life Assurance Limited* 

7 Old Park lane. London. W! 01-4000031 


, £3.067 

01-5349544 famJDankSan .. .[ ■ ,,54 6* 

Ijmdbarjt Sen. Ace <117 5 130 

C. AS. Super Fd. .( £7.982 


15r. 1 
14J.7 
613 
177.2 

vn.4 

1S8.4 

1298 

1*22 

1685 

1*1.9 




I ", 


SdarCU-6 S - 

ftt>!arlnU. 5 

Solar Managed P_ 
Su'«rProt<-.-t>P — 
St 'sr Feuity P. 
JdjrFs'i InL P 
StunrCartP. . . 
So! nr I ad P .. 


1312 

:u.o 

1175.9 

Ua7 

(121-0 

|:72.3 

1».« 

112.7 

U70.4 

1S194 
IK I 
1026 


- 

179-3 -06 - 
i22.« +oa - 

J07_3j . _ 

iM-n +oa — 
m.g -4! — 
118.3 _.. — 

179.4} -0.7 - 

12i« +0.1 - 


1C7.1J 
A +0JJ 


108. 


Sun Alliance Fund MangmL Ltd. 
-Sun Alliance Hoaoe. Roraluun. 0403 64 Ml 

{to|LFd.lnt Aug.0. [056^. 162.8) 


Im BnAug 20. 


0443 J „ . | - 


9151 


Canno n Assnnmec Ud* 

I.CQymotoWy.. WemWcy HA30NB 




bqms&bis 

BaL Bd/ttK-/irniL 0344 
DcpoutBond 1125 3147 
Eq miy Am en. IX ~ 

q&Sfc-iro 


a£SS3&~ i?m 

-nd llitLPMWAcc 


^JCUl^l%WAro]W.» 


AccJlIHU 



.. ::i Pen.Gli; 

Pen. Gilt _ 

Pen. B3. t'gjj . . 

^ Pen/B.s.Acc 

01-508 8878 Fea.DAF.Ctp 



Pen. DA F. Act. 

Hearts of Oak Rcnefil Society 


Kclea loti ^•471 
Kelex i-th ire Cap- 539 
Vein C.ui lac Ace . 55 5 
Nd Mad. Fd. Cop-. 48 1 
Nil Mxd. Fd .6cc . 49.1 


lift? -09) - 
65.S 
705 
56.7 
58.4 
596 
51.fi 


Nevv Sub. day SeraHnbrr 23 
NPJ Penslcaa Managcaneut Ltd. 

48. Grcccrhui+liSL. ECTP3RH fll-623 4200 
HwuiEcd F*ind IUR5 165.11 . . | - 
tmrrj SopL 1 Next dealing OoL 2 

New Zealand Ins. Co. (U.K.) Ltd* 
UajlLuid House. bouibendSSISJS 078202063 
K:wiSrylm Plan toB* 15531 .1 - 

Small fVnrd ... .J99.9 ICS 2 -0.4 — 

Technology Fi 111 ? 1 1188 -0.6 — 

ESrtmlnc Fil •- .»• 10U . - 

American 1 ii -..014 9 1284 .. . — 

FnrKftrtFd .023.7 1302 +15 - 

'Gilt Edged i'-l .- [UK 4 1499 . - 

Ckl Ovpo>i: 6>1 .. ,|973 U2 — 

Norwich Union Insurance Group* 


Sun Alliance Linhrd Life Zns. Ltd 

Sun Alllcec Houk. Hgrilan 040364141 


IV-ootii Fund.. . 
Managed Fund . 


Sun Life of Canada (V.K. I Ltd. 

2.3.4, CockspurSL. SW1Y 3BH 014302-400 
Maple U.Grtfj.. .1 2116 

Maple Lf Mangd ,| 13*9 


[12 BJ 
•186.8 

135J 

112.5 

-05 

DEI 

lira 


13*5 

112.2 

-05 

977 

132.9 


ni9 

117j 

-0.5 


^ : 


Maple U Eq;r... .1 1342 
Pcrani ItTfd. I 2118 


Target Life Assurance Co. Lid 
Target liouie. Geleheuro. to. Arlcnbury^^ 


_ 15-17. Tamnoek Place. WC1HBSM OteWTatBO POBo« 4. Norwich SR] 3NG 


Hearts of Oak- 1372 *1 ( - r ' g«Jg^ nrf „ . 

Hill Sanmel Life Assur. Ltd* Property Fu-.d . _ 

NLA Ter., Addlseoabe RtL Cray 01-W6 4366 Plaint Fuad 

- m ...| -• S5g?» n W c ,i 


KSEWSa: 

Managed Unln 


■— . Managrri Scries A- nil < 
— Managed Seri caL'. (990 


Manny UnlU . — 
Mon egr Serial A. - 
Fixed InL Ber A... 


■J — Kqully Series A... 

M — Pne. Managed Cap.. 


Current value Soptember 1. 

Capital Life Assurance* 

CoBiMan House. LSiapeJ A?h WTon 090228311 

l!t% I :::..! - 


Charterhouse Magna Gp.* 
aegbmaao^Uae. Brunei Centra, Blgichlry. 

thee Energy GW 3 41.31 

Jbtitoe. .. 29.4 n.aj 

Magna HaMgad... 1586 


Pna. Managed Aee.. 
r PuL G'tood. Cap...... 

Pni. G'tocd Aee. 

Pena. Equity Cap. . 

Pen* Equity AiH- . 
i-HS FsillatCip . *. 

PnaFkd InL Ace - , 

Pena. Prop Cap. 

Pew. Prop Ace . - 
Imperial Life Aits. Co. of Canada 

Imperial House. GnOiUonl. 

fin FdScpti- . to?- 


Jtu — 0.4| 

'IBS +* 
128.1 

1033 . , 

98.1 +01] 
»B .. 
154.9 .. 
1646 . 
112.1 — 
11*3 .. 
1323 ._ 

- 133 J .. 

99.1 ... 
ULB . 
1813 
102.4 


I2U1 

Is 

1532 

106.6 


2230 



Bitch 

Mau.FUnd Ine.— - 
Kan. F>itid Aer .. 

Prop. Fd Inc _ . 

Prop F d. Ace. 

Prop Fd. Inv. 

Fixed InL FVL Foe 

Dep. Pd. Are. I nr . 

M. Plan Ac Pro. -(790 
itet.PlaaCap.Pen_ K 4 


- Rei PlanXim-Acc.-]13L6 


tylehuy 

^5 ^ 

139 7 115 

1403 
1098 

toll 10fe 4j 

H*j uifl . 

85.fi +0 _ 
T.« +03 


ReC.Ploallan.CapL . 
Gift Pen Acc. 


— Gift Pen. Cap 


12?S ..' 

1154) 

*- 1 
tnaal 


1233 

1511 


..1123.1 


135.5 
126.fi 
138 f 
129 fi 


Phoenix Aararotice Co. Ltd. 

43, King William St .EC4P4UA O14Z2O087S Tnmslntemalional Life Ins. Co. Ltd 
Wealth .Vi». - - (US & 1218) -Hi - 2BreauBldgft.EC41\V 01-4056407 

S£. r - £!?■£*■-- ■ L , “- 1 « . - TuHp Invent. Pd . ..[1503 1MLS -221 - 

Ebr Pb.Su c- - .1811 S «! . . I — Tulip Maned Fd_ U9J 125.7r -Lfl - 

Prop. Equity & Life Ass. Co* “j£ ^VdcS* |f^7 lSl ~ l * 

lift CrowCorri Slim. W1H2AS. 01-4S608S7 Man! Pen ?d.Xre ll3fi.a usifi 

R. Silk Prop P-1 I UW* I I — Manrd In+ Fd Ind .(lOZO I07Jfl 

- - ally L.H ( . | na^ I _ MngdJnv.FdAcc. 

Trident Life Assurance Co. Ud* 


Do Equity Ifd 
FltxUonr 


i 


— Property Growth Assur. Ca Ltd* 


Leon liouae L r« don, CR0 ILL' 
Property FUml 


.Proaerry Fund . Ai. 
Agricullu 


JH -:J = 


Pro* Fd hot*. I .,-l703 j 

Unit Linked PortFo 

• Iburil aSJSW : :fo 

Securer Cap. FkL . — NM* 

Equity Fund. |10O 0, 

Irish life- Aamuance Co. Ud 



Cltyi of Wegtmiaster Assur. Co. Ltd 
Riiieead Flousn. 0 Whitehorse Road 


BhieCBp SepLl— . 

MonaccdFund 

ExenpL Map. Fd ..., 


cntydbucitauA 
WrthwFtad-.jty, 
Fuisl.. —Bill 

Fen* Mugd-Cpp.., 1119 
Pena. 2Sagd. acc... 1241 
Proa.«SSff Cap .. 474 
PmlteyAev.- 
p«a Entity Cup. .. 598 
P«» &Julty.\ec;_ 614 


01-4940064. 
M2( 

W-4 
H.3 -02J - 

m 

mi 

$ 

139i 
491 
52.1 
(IS 
64 6 


792. 

J53 • 

Z35.J 

110.0 

a»7.7 . .. 
U5E 

182.1 

1916 


m* ... . 


p2sS?.' !wd “- ?,,w ,>MUi 


l 7. .| iiao . i 


King St Shoxioa Ud 

31 Corn lull. EC3 

PtmdFd Qcmpl. jlKlK 181371.0.051.- 
Next dealing dale filepi ft 

Langhom Life Assorajiee Co. Ud 


Agricultural :-uod 
Aerie. Fanri • 
712» Abbey Mat Fund- 
Abbey Nat M ■') 
ti n ram i c nt Fund- 
Investment hd iAj. 
Fquity rural 
KflultyFuadiA. • 
Monry Fund. - 
Money Fund - A ' 
Acluanal Kune 
Gift-edged Funu. 
014288253 CIU-Edced FiKAI 
era ftRcllre Annuity. 

Z_ alranuvl Air.”'". 

— . Prop Hrowth . 

- Ainrdm- Ac. (.'« 

- VAli WcotbceCnp 
Wnv FU. Uis. 

' Pension Fd. uii 

014235433 Cqnv Pwu. Fd. „ . 

Unv. Pm. Ca*- Ul| 
Man. Pena VA. 

Man Proa Can Ft 
Prop Pee* Fa 


U73 
1846 
7707 
771.8 
1568 

Si 

698 
693 
179.0 

1780 
UL* 

141.4 
16*1 
1231' 

123* 

UM 
M75 

Annalttei Lid. 
1*5.4) +2.9' 

p29A 135-9 *?4 


Dl-flaoooos RrrtJ ode House. 'JlouceBer 


Langbam Us, Holrnbrook Dr. N W4. 01.M3M11 Prop Pen* Cap I t' 
• - BdCft Pen U 

- — See Cnp l- 


— VProp. 


♦14 
*^.4 
*9 5) 

3J 




+0.9 


+o.n 


1423 

1505 

134.4 

1543 

1406 

M94 

134.7 

133.9 

1218 


Managed, 
ewitd „ . _ 

Property 

Equity 'Amen can - 
I'L. Equity Fund- 
Hwh Yield.... 

UlR E dged ... 
Money — _ — . 
InleroaUonal 

Flacel 

CrootbCap — .. 
Growth Act-..- „ 

Peas. Maud Cap _ 
Pros. Mnftd. Acc. ._ 
Pena Gtd Dep Cap. . 
Per s-C td. 5>sji.Acc. . 
Pro*. Ppty.Cap.. .. 

Pen*. Pty. Acc 

Tnfl. Bond . 

■Trdt.C.l Bond 


'128 6 

148.8 
1513 
.US 

114.0 

142.4 
1229 

124.0 
[U7.I 
(130.0 
1276 
1322 
,119.7 

125.4 
1034 
U&4 

115.4 

120.9 

Si 


04S23C&U 


|i42 - 
L7i -6 7 - 



+J.i 

+0.9 

♦I 

+0.7 

+5 

+4 

+ 1 -. 

+06i 

•a 


•Cub value for ClOO promiwe 


TvadaiJ Asaarance/Petuuoas* 
iftrutyngehoad-Bniao] 0272322(1 


mrnt 


Uanh«n:.VPl«i. -|8S 1 .. M.6I....J — . {“fS 

VFrnp. Bond ..0(1,1 lH3 - .. I — Bld S ... _ 

Wap (SP1 Man F4I76.7 »Jfl _| — Provincial Liie Assurance Co. Lid 

Lfgaj A General (Unit A swir.) Ud 2S2.Buh«*-C8'« EF3 
Klnaw ood Hou nc. Klnfiswood TmltrortJi. Prut : Man«ftlFd U?- 1 


City ef Westminster Assur. Soc. Ud 
Te&tficM 014*4 bum 
FlriB ^^_H25 

Property Ujlia. 

Commercial Union Group 

St prionTftj, Oadenbaft. EC3 l 


'tfeaifo 


i.-i 


59.96 

1950 


Surrttf ET20 8EU . . 
CMblalhal 95 7 

Do.AeeuiA.. — 130.7 

Fixed lutlaL. .. .117 2 

Do. Arcum 120.2 

InU. Initial lltt.0 

Do-Accum. -.1091 

«««■ SKBSH^::iii 


k3...:| - 


i ..■■■< : 


Bu^h Heath 63436 Pm . Cash Fd 
ic&U i — Gift [■uiwiaj 

ii33 *«.i 

134 lj -05 

m -fl.s 

125 41 +0 


k;oofedexarion Life Insurance Co. 
pft.Cbancct7Laae.WC2A IKS. 01-S4S0382 


— 3-w«y AU0W4 3I .,., 

_ Equity AUftiia 31 . 

_ Bond August 31 

_ Property AugJ] 

_ IJrpsxit Anfl.31. . . 

3-W8* Pw, JuiySO 
I'ssm lnv. Mis 31 

OUH7653S S-G l3 ;S-J , *f , l - 
Do Equity Aug. 1 .. 
Do. Bond Aufi i - 
Do Prop. Aug l . . 


«72 

1763 

U76 

1058 

1289 

1480 

M0 

174.2 

2718 

1800 

■78 


1266 +ft^ 
1U.7 +64 1 . 
1M.9 +44 
1286 

•131.4 .. J- 
105,1 ( 

W7J 


hraanlty stolid 

^« F “ od " 




«n 


pProPKtyFnatun. 


067.9 1?U 
(107.9 .1973 

1778 816 

77.8 

m 

■258 S 
MS 


DoAeeum.-. J ,199 6. 
EwmptEqty. IuJl^iU' 


116. 


SreaSSLrBB*, , . 

Legal A General (Lull PhnatouJ Ltd 
EcemptCaob Utit .|973 lg.71 

ISt 

JSJ 

1238 
1317 
1177 
182.7 
104.9 


Olri0D4aa 
-01 

^ : 


Do. Arcum..,.. 

Exempt naad iul n .. 

Do Acrom. 11*6- 

Liumipl Ungd IniL 177.4 
Do. Aceutt. 130 8 
Krctnpl Prop. lnJL . 973 
Do. Arcum |99* 


g m. 

1177 124 

hrapcity Fuad .- • 967 UJ. 

V^iully Purul.. . ■ J073 1136) -1.2) 

Fad, lat. rued. [96.7 109! 

Pradeatiz! Pdnsiops Lindtedti 

llolbom Bart. KCIN 2VH 01-409CC22 

I^uiLFd Alk 10-JOTJ* -M.. I - 
6 ad ir.i Aua I* - feifS 0 W6« I — 

Hr&p Fd AUK 16- -t£2*3* 27181 . .1 — 

Reliance Mutual 
Tunbridge Well* Krot. 0BM22S71 Vanbrugh Pensions t iT+iiiwi 

' “ ftl-OMaddoaSt .IdaWIROU 01-9804803 

Rothschild AM» management jiaaaged W.7 IB.ffl -<)« _ 

Si SudlbinaLiute Lmtlro.BC4. 0! OSS 435ft Eqinty _._.to*7 112.2-56! - 


Vanbrugh Life Asiuxance 

41 A3 Maddox Sl Ldn. wiR SLA. 

Managed Fd MLO 1591 

Eerily Fd 244.0 25*.' 

IninL Fund- - - 10*4 U2I 

Fixed Intent Fd 16U 1774 

Property Kfl 1*46 I52J, . . _ 

CtafaPuad- .119.4 12*j)+fti! - 


Den tocher Investment-Trust 
Poctiacb 2885 Bicbenmaw ft 10 8000 Frankfurt. 

int RrotealMid* . Ba3S ".I.lj ~ 

Dreyfus Intercont i nental Inv. Fd 
FO. Box N3713. Kao«n. Bahamas. 

NAV August 20 (H5HJ4 DM | f _ 


Save & Prosper International 
Denllug lo 

37 Broad Sl. Sl Holier. Jersey 
lUt. MtoCtMiduMl FuA 


DlrFxdlnt—S I4J3 98« 

lntetnaL Ur *t_ |794 859 

' ssM 

442 

17.82] 

Sctrilug- d e u i i l noted Fends 

1245 l 258 


lmerooLtirt- IT S' 
Far Eastern*! ... 151 < 

asAd'ryift 


0534-30001 
7.28 


Emson A Dudley TMJHgLJrsyJLtd f.haanacapttalft. 
P.O. Bor 73. SL HcHetT Jersey. KS3420M1 Chromd Iriandoft... 

E.DJ.CT. I13L8 139-5) 3.M 


Eurobwd Holdings N.V. 

Handrlokade 34. WlUanatad, Curacao 
London AkUc Intel, 15 C hilst a pfti ii- SL, ECZ. 
TM. BIJt? 7243. Telex: 8814488 

NAV pernharc September 1 JUSTOTO 

F. ftc C. MgJrt. Ud lnv. Advtsem 
1-1 Loureoee Pountney RUt, EC4R OBA. 

01-823 4000 

CenLFdAng 23_| SUS629 1 4 — 

Fidelity MgmL & Res. (Bda.) Ud 
P.O. Rax C7), H mail too. Bermuda 
Fidelity Am. Am — I SUS3017 | 

Fidelity toL Fuad SCS2&.11 
Fidelity Pne. Fd — SUSS5.84 
Fidelity Wrld Fd . ] SD517J20 | . 

Fidelity KgmL Research (Jersey) Ltd. 
Waterloo Hoe, Dm SL, SL Heller. Jersey. 

0534 37581 

Series A llatalj-.-l £431 
Series B (Pacific)-. J £980 
Series D iAmAn.il £20 73 

First Viking Commodity Traits 

8.SL GscmtoSL, DouftUs. IoJt 

0824 4062. Ldn. Aglxltanbar & Co.. Ltd. 

.13. Pall Matt, loctdro SW175JH. 01-0809657 


Connod.**^ 

ISLUcvorit 

St Fixed— S— 

'Prices oq Auftust 


1513 
- 1276 

iffiao 

1143 120 

So —August ; 

31. 

otter. (Weekly Dealings. 




r:J : 


Schleainger lutenutional Hngt. Ltd 
4LUtlatte&L.SL HcBer. Jersey. 05X 73538. 
SA.U— . - . 

SA O.L 

OUt Fd. 

IntLFd Jersey ... 
iDtnLFd-Lxnibrc- _ . 

'Far East Fund (181 

'Next sub. day September 8 

Schroder Life Group 
Enterprise House. Portsmouth. - rut 
lalcrnactooal Foods 
osqoity UU9 

S Equity 5*24 

Elrixad Interest- . 11397 
SFtxed Interest. 

Managed - toL6 

managed \l3Al 

J. Henry Schroder Wagg & Co. Ltd. 
120. Cbea pride. ECJ 01-5084000 



"W 


2 60 
400 


Ftf.Vik.Cm.TW. ..134.7 
Ftf.VkDbLOp.Tst- (7XJ 

Fleming Japan Fncd' S.A. 

37. rue Noire- Dame. Luxcmhoon 
Fleming August 31. | 5UR&2.7S I 1 — 

Free World Fond Ltd 
Huricrflfld Bldg.. Hamilton. Bermuda 
NAV July 31 1 JUS170.77 1 . J — 

G.T. Management Ud 

Park Hoe- 18 Finsbury Cirrus boadon ECZ. 
Tel- OieZB 8131. TLA- 888100 


life ep 5 Sep*. I 

Trafalgar July 31 . 
ArtanFd ScK. 4 . 
Darling Fed. . . . 
Japan Kd Ang M 


51151259 

+0 071 

iL'smm 



+025 

i.U.90 210 


[HJS7W IM 



23* 

4.90 

0-47 


Lwdca Aaenls for 
Ancbur -B'l- n 


Jolts 

Anchor Gift Edge - 

Anchor InL Fd 

Anchor In.-Jy.Tst. 
Berry PacFdT. 

8S5JWE?-- 

G.T. Atf aStcrlkna 
G.T Bond Fund .... 

G.T. Dollar Fd , .. 
GTFaclflcFd. 


pcsijs LU 
€9.77 4.0 

ttUfiSM 5« . 

|M2 322 

_WJS53 90 

121.6® 33S.92 
mma mi 

^son™ *0 03) 
h.^Su S7 ' 7 %k - aid 


L93 
12 92 
1.93 
242 
0.74 

a.w 

U2 

L13 

540 

8.65 

0.95 


Gartmore Invert. Ltd Ldn. Agto. 

2. SL Mary Axe. London, EC3 01-2833531 

Gartmore Ftood MaftL (Par Eaai lid. 

1503 HntcMoon Hoe. 10 Hareourt Bd. H.Knag 
HE&Pac.U TM.-„|IEE4» (W I L99 

Japan Fd. prsifcno ntud ..I dm 

N. American Tit .... &:s3Xf33 Br W-. ) 1-50 


UrtLEondFucd.. 


ISAS 1*jM 570 


P.O. Baa :e, Dotgiao. lost 0C!t2S9l! 

Gartmore Inri. Ine-ta.4 =4.91 . | 23 ■» 

Gartmore lea GrtbiE 7 <>96 I 2.60 

Hambro Pacific Fond MgmL Ltd 
2110, Connaught Centre, Hoag Kong 

Far East Auf. 31 ...JEOiB 1US I - 

Japan Fund -PUS9J3 5Sj J - 

Hambres Book iGoerasey) Ltd/ 

Handaros FcL Hgrs. (C.I.) Ltd. 

P.O Bos. 88. Guernsey 0481-28501 

,14kg.... 3 70 
11L47 . ... SJSft 

, 12.71 L50 

LOS LEE &» 

|LM iSfl .. .. 150 

Next dealing September 

& 


Sentry Assurance International LHL 
P.O. Bos 32ft Hamilton 5. Bermuda , 
Managed Fund. -|!L'5UU 2£S| . .] -L] 

Singer & FnedJandcr Ldn. Agent* 
20. Cannon SL. EC4 01-2480899 

Dekafonds .minus atSM+aiO) ftpo 

Tokyo T»l Sej+ 1 | SL' S 40 03 | ... T ^ 

StnmghoJd Management Limited 
P.O Box 315. Sl Heftcr. Jersey. 0534-71480 
Commodity Trust <*>.13 99.871 . | — 

Sarin vest (Jersey) Ltd Ixl 
Queens Don. -Rd. SL Heller. Jsy D334ZiB40 
Amenean IndTtf. .|£7.fl @.071— O.Olf -* j: 

CopporTnia _ . <0142 lLfiH+3.Nl — 
Jap lade* Tst „ .KLL38 U.6iJ-CJg UJ 

TSB Unit Trust Hanagers (C.Ij Ltd. 
BsftUelle Rd.Si Sai-iour. Jersey 053473404 
Jersey Fund- .150.7 53 4>d | 449 

Gnerafey 1-und IHL7 534«d . ,.| 4 99 

Prices cm August 33 Next sub. day September 
c 

Tokyo Pacific Holdings V.V. 
luuuns Management Co N V . Curacao 
NAV per share Aiimst 28 J'riSTO 45/-,. 

Tokyo Pacific EJdgs. (Seaboanl) N,.,V. 
Ictinus Monago+nent Co. N V . Curacao. 

NAV per share Augnsi 28 SUS5163'/" 

Tyndall Group 

P.O. Bee USC IlmnUtn 5. Bcnucrio. ftSTrt 


CL Fund 

IntaL Bond Sl 
tot Equity iVS 

tot Svfig <A' ivs. 

InL SvgL G- SL'£ 
Prices on Augutf r 


BeaftciMU Baring Fond Mgrs. Ltd 
605. Gammon House. Hong Kong. 

Japan Fd-Aui 30- tSTEOfl sasg .. ..! - 
BarJiip H rod Bond Fd. SepL 2 SUS 10.395. 
'Exclusive of nay prelim, charges. 


Oversea* Ann 3D.. .KTSL25 
fAccuiE. L’nltsi _ bi'SL'l 
3-Waytnt Auft.17 .... IR'SJ? 

E Nm* SL, SL BeUm. Jeracy 
TOFSL.Aud.ai. ... a hi 
(Accum. Sharcw ..... (TJ2.95 
Amerleac Aug. 31_[73 5 
( Accum share* ' _ ms 
Jersey Fd. Aug 30. 12174 

1N00J Acc. Ula.i p07.6 

Gilt Fund Au*. 30_ 2366 
i Accum. Shares i ... 12466 
VlcXary HotiFe, Drorior. I*k id ^5sa. 8324 
Managed Aug. 17..7.U35.4 UE.*j 


660 


oTs.^.rgs? 

u.n 

109.0 J ZOO 

X5P0JG . , 

2596 .. .( *03 

3 ZeS ... I 
JHf ... . 1U1 

143 

Mill. 


Utd. Intel. Mn grant (C.I.) Ltd - 
t4, Mulcaster Stmt. Si. Hetier. Jersey 
U.l.B. Fund > I1G5IE57 1M15| 1 Yv 


Hill-Samael & Co. (Guernsey) Ud 
ft LeFebvre St, Peter Part Guentsq'. C I 
Guernsey Tst ... -12*3.9 1754 1 3 « 

Hill Samuel Overseas Fond SJl. 

37, Bee Node- Dame, Luacmbourg 

ftesan- RS)+o.sa - 
InterTiational Pacific Inv, SXngt Ltd , S. G. Warburg & Co. Ltd 


United States Tst. IntL Adv. Co. - 
it Rue Aldnnger. Luseotmirg 
l : .S Ta Inv. Fnd. . | SVS1L37 |.p(B| 0.88 
Net assets Sept 1 


z N c Ptuj 


-B»* VS# I - 


Sect Hub. day September 20 

Royal Insurance Group 

Now HalJ Flare. L'termL 051 227 4422 

Royal Shield Kd IM4.4 15ZJ( . \ - 


Fixotl I merest. _|977 
Property. . . to 4 lfflj.fij ... .( _ 

Guaranteed aee ‘Ins. Base Rates' table 


un.iu™n — 1+** W ; JI.. \ — «_L- e. pmcwr r.Hnnl 

Legal & General Prop. Fd Mgts. Ltd 

H.Qticen victoria SI, EC4N 4TP 01-3488078 ’ H ■ n • 

'01-4303410 Ua * M t3»i U.«SlT" 1 “ 

Life Assur. Co. fit Ptruaylvauia 






ComMl Inaoxance Co. Ud 

32.coroiiik-E.ra. ‘ ‘ ‘ i_ 
cw Fnb. aai.4*..,|13*5' - \ 

- .'•mj d ; - 

Credit d-CratuMree insumMe 

Iteh^mSKbaikmWlRSFB: 01 -438 70(11 71. Lombard St. Ed 
%ftCJCogd.m_wJBLB. 132 0) -. j , MZi 


U26 

11587 


Sal Im Fd .. 

Property -to.*. 

GU-Fd. . - 
r»-i«*uFJT- 

3B42 ti*» Bood.St WT70RQ. •' '01*4888385 
LACOP Unit*. )9W - : -U40I ...| ~ Prop Peu-r d.* . 

Lfeyds Bk. VuW Tftr. Mugre. Ltd.- SSSStSni: 

■ 01433 1283 .pTI.-vs oa 

18761 —4 75* TVttookly 


Welfare Insurance Co. Ltd* 
Wiml4dePrtk.Exrter 0308-52155 

^ 01434 MM Monm-nnkcfFto.-f U12 [ | _ 

For other lunds. jdeasc refer toTno London & 
Manchester Group. 


nil 1 ! = 

... J ~ 

griiy-E 

4~J = 


AST* 


Windsor Life Atesur. Ca Ltd . 
Royal Alban Hoe.. Sheet St, Windsor ‘ 

I Jfe Inv. Plans. |H2 

FftturoAlKLlftbia). 

FutureA«e<LG<Wbi. 

Rfll -A£|r1. Pen*. 

Flex. lav. Growth.. U5.i 


MSL Windsor (»i«4 

*«o*ia = 

SS Jr z 

17 UU) _..J — 


PO Box R237, M Pitt St, Sydney. AuaL 
Javelin Equ ity Tat.. IU22S 2.48) ,| - 

JJS.T. Managers (Jersey) Ltd. 

PO Box 104. Royal Tel Hsc. JerseytBM 37441 
I Jtsraey RxtrnL Ta. JZS&ft 1976) .... J — 

As u July 31 Next mb. day August Si. 


50, Gresham Street, EC2. 

Conv Bd-Sept 1 . I SVS9Kxf 
Ent Ibl Sept. J. . . SUPJ8 93 
Grte. JF1 SepL I - 1 51576ft 

MeitEbdFd AoftSO. pUJUUI ' 


01-4004555 

. Zntt i? 
u<a 


[JirdineMmLliiL . 
InU^ar.SeciLCInc.). 

Do. (A<rmun.1-_-... 

NAV Ant is. 

Next mb. August 31. 


•T.l 


Jardine Fleming & Ca Ltd 
4fth Floor. Cotmauftfat Centre. Hons Eonc 
- _ “ ‘ HKSSU.* 

HH400.7J 
SUS1962 
HK5U.40 

wflfn 

•EnunSout sbsaiJl ~ , ®*- anttlevard Rtwtil. Luxetnbocrg 

V9tnM Wardhride Glh Fdl 5US1679 ) . | — 


Warburg Invest. Stag*. Jray. Ltd 
1, Chorine Cross. St Hdlcr. Jay. Cl 053473741 
CHF Ltd. Aug. 31.. scran DU 

- *T3« Mil 

12.22 ma 
'saa l 53 
ii+ft - litd 


C?ifT Ud Auft. 31 — . 
» jn Metals Tst Ang.:7.. 

H 


.- World Wide Growth Management* 


1 


NOTES 


Prices do n« Intake I praatnn. eswew when tndlauft *. rod u* It- pe»c* rofem Mhenruw 
IndKatetL.YIeldx.'N (sborn jo las eoSunuri allow for all buying export** a Offered mors 
— “ — — prices, c Yield baasd on oflrr price, d Estimajcri. s T>h^« 

itfOXtrtHT ransfflic prenluni Inumnee plans s ( 
price inrludu all npormes except Bftmtto cumot 
lenxci if toagln ihrougn manager*, z Previous day's ■ 


upealngprlca.fc Dtatributlaute 
prt3M«JB istsunnro. s Ottered 

r ttVfljod urice ineMes all experoex tr nougm uuougn am nag 

* Net ot tax on realised Capital gains unless Indicate by 4. 4 Gueraacy cross a figmudaL 
. 4 View before Jersey tax- f. BnuMvision. 


Single 
eumrasrww!, 
day's price. 






EDITORIAL OFFICES 

Amsterdam: P.O. Box 1296. Amstcrdom-C. 

Telex 12171 Ted: 240 555 
Birmingham: George Goose, George Road. 

Telex 338850 Tel: 021-454 0922 
■Bonn: Press bans 11/104 Hrassallec 2-10. 

. Telex 8869542 Tel: 210039 
Brussels: 39 Rue Ducal e 
■ Telex 23283 Tel: 512-9037 
Cairo: P.O. Box 2040. 

Tel: 933510 

Dublin: 8 FIMlIlan Square. 

Telex S4I4 Tel: 785321 
Edinburgh: 37 George Street. 

Telex: 72484 Td: 031-228 4120 
Frankfurt: Im Sachsen lager IX 
Telex: 416283 Tel: 555730 
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Telex 6-0237 Tel: 838-7545 
Lisbon: Praca da Alecria 58- ID. Lisbon X 
Telex 12533 Tel: 362 508 
Madrid: Es pron ceda 32, Madrid 3. 

TeL- 441 6772 


Ti-fcrna fO. Box Il-urrp 
Tele-. 213936 Tel: 632CP3 
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nuildinq. 1-9-0 Ulemachi. 'rtiyoda-fcu- 
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Wnshtnc-on End Floor. 1335 E Street. 

N W . Un-Juncion DC. 2P004 
Telex 440340 Tel. <2021 347 8676 



ADVERTISEMENT OFFICES 

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Telex 16263 Tel: SM6G7 Telex 220044 Tel: 33&E6.01 

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Tel: 0532 454969 Chiyoda-fcu Telex J 27104 Tel: 295 -WiO 

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SUBSCRIPTIONS 

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iBtaTAIN'S 

BESrSCUWG 

OVERHEAD: 

| GARAGE DOORS 

i' Wtrtlsnd EnginMrt Ltd 

1 PA Pi - v •’'*-> n : ' ' 

i r, J •; 



IBA20 2VA-V’' 

, T -. <0935" 5200 





Tuesday September 5 1978 



WESTLAND WINS STUDY CONTRACT 


UK plans new helicopter 


BY MICHAEL DONNE, AEROSPACE CORRESPONDENT 


A" BIG new helicopter, culled 
the WG-34, is planned by Britain 
to. replace the Sea King Jn anti- 
subjnurine warfare and other 
maritime roles such as search 
and rescue, for the mid to late 
1980s. 

Westland Helicopters of Yeo- 
vil. in Somerset, has been 
awarded a project definition 
study contract by the Ministry of 
Defence for the helicopter and 
so. far the Government has com- 
mitted about flOm to the ven- 
ture. 

■But the final development cost 
is expected to be about £lbn 
with an eventual market for up 
to-750 aircraft. 

The aim is to secure Inter- 
national collaboration an the 
venture and talks are in progress 


with the helicopter industries of 
France. West Germany and Italy. 

Up to three-quarters of the 
development cost will be 
accounted for by advanced 
electronics, including micro- 
miniaturisation, with the rest for 
the air frame and engines which 
initially will be Rolls-Royce 
Gnomes. 

Although military duties for 
the new aircraft are envisaged, 
it is hoped that the WG-34 could 
help meet tbe growing need for 
loaner-range helicopters for the 
offshore oil and gas production 
and exploration markets. 

The basic price of the WG-34 
is expected to be about £3m to 
£4m. It will have three engines 
and will be bigger and heavier 
than the existing Sea King. 


European helicopter collabora- 
tive production has already been 
highly successful, with nearly 
2,000 of three types of helicopter 
--the Lynx. Gazelle and Puma — 
already sold under tbe Anglo- 
French helicopter programme 
begun some years ago. 

• Tbe LT.S. Navy is considering 
the British Aerospace Hawk jot 
as a replacement trainer aircraft 

The contract would oe for 
more than 300 and could be fur 
as many as 1,000 trainers to re- 
place the Buckeye and TA4. A 
•link with an American company 
would be necessary if a dea> is 
clinched and the most favoured 
company is McDonnell Douglas 
of St Louis, Missouri. 

More than 70 Hawks have 


already been sold overseas since 
the beginning of the ye.ir — to 
Finland. Kenya and Indonesia. 
Tbe RAF, which has 175 on 
order, is understood to be study- 
ing the possibilities of fitting air- 
to-air missiles to the ground 
attack trainer for local air 
defence. 

Mr. John Fozard, marketing 
director of BA’s Kingston- 
B rough division, said yesterday: 
“With an estimated worldwide 
requirement for up to 6.000 
Hawk-type jets between now and 
the mid-1980s, international com- 
petition is very tough indeed. 

“Three times the Hawk has 
been evaluated against all its 
competitors. Each time it has 
come out on top in capability 
per unit cost." 


Steel quota 
dispute 
puts strain 
on Eurofer 


By Roy Hodson 

INCREASING strains within 
Eurofer. the club of European 
steel producers, are expected 
to surface at tomorrow’s meet- 
ing of the organisation In 
Brussels. There is dissatisfac- 
tion over breaches of output 
quotas and minimum price 
levels laid down by the EEC 
and over secret marketing 
deals between Enrofer mem- 
bers themselves. 

Some major producers hare 
been exceeding the quotas, laid 
down In the so-called Davtgnon 
plan for easing the current 
steel crisis, by up to 20 per 
cent, according to July produc- 
tion figures for individual 
countries now being published. 

The surplus steel, coming 
from West Germany, France 
and Belgium, is being sold at 
low prices wherever It can find 
customers. One result is that 
both Britain and the U.S. are 
under particularly heavy 
pressure from steel from the 
Continent 

The secret agreements were 
concluded among Eurofer mem- 
bers daring the worst days of 
the steel crisis last winter. 

■ They are an interlocking 
series of arrangements which 
arc supposed to protect steel- 
makers in each member nation 
of .-the EEC by limiting tbe 
amount of competition from 
other EEC steelmakers in that 
nation’s home market 

Their aim is to assist market 
stabilisation by operating 
alongside the Davlgnon pro- 
posals for minimum steel 
prices and for maximum pro- 
duction levels. In tbe case of 
Britain, the agreements allowed 
438,000 tonnes to be Imported 
from other EEC producers be- 
tween January and June. But 
that tonnage was exceeded by 
nearly 300,000 tonnes. 

Steel imports Into Britain 
from other EEC countries in- 
creased by 40 per cent between 
tbe first ball of 1977 and the 
first half of 1978. Continen- 
tal steelmakers have raised 
their share of the British mar- 
ket to 13 per cent (22m 
tonnes in a full year). 

At Brussels tomorrow’, 
(hose producers who have been 
sticking to the rules — the 
British Steel Corporation is 
one of them — intend to 
challenge the actions of other 
Eurofer members. 

British representatives at 
the meeting will I 2 Mr. Bob 
Scholey, deputy chairman and 
chief executive of British 
Steel. Mr. Gordon Sambrook, 
commercial director and a 
board member of British 
Steel, and Mr. Alec Mortimer, 
director genera] of the British 
Independent Steel Producers 

Association. 

Mr. Mortimer said last 
night: “ It is unbalanced situa- 
tion between the Continental 
producers and ourselves.” He 
believed that pressures from 
European steel were diminish- 
ing. However, other observers 
claim that shipments of Conti- 
nental steel into Britain are 
still on an accelerating 
upwards curve. 

Mr. Sambrook said: “I am 
not going to have the home 
market raped as a result of 
behaviour which is not in 
accord with that which pro- 
ducers have agreed with 
D align on.” Most of the compe- 
tition was from strip mill pro- 
ducts, he declared. 


Tories finish work on 
election manifesto 


BY RICHARD EVANS, LOBBY EDITOR 


WORK ON the Conservative 
manifesto was completed by the 
shadow cabinet yesterday in pre- 
paration for rapid publication if 
the Prime Minister calls on elec- 
tion. 

Mrs. Thatcher and her col- 
leagues met for over two hours 
at tbe Commons in the expecta- 
tion that Mr. Callaghan will an- 
nounce the election date within 
the next week. 

Tbe Tories’ package of policies 
— which has been in preparation 
for over a year — will then be 
quickly published. 

Some indication of the PM7s 
thinking on timing could be 
forthcoming from his speech to 
the TUC at Brighton today, 
although he is not expected to be 
specific. 

One possibility is that the date 
could be announced soon after 


the cabinet meets on .Thursday. 
October 5 remains the favourite. 

Alternatively, the PM could 
wait until early next week so 
that he can advise the Queen of 
tbe date on his visit to Balmoral 
at the weekend. 

Inevitable 

The shadow cabinet took the 
unanimous view that an election 
in tbe nest few weeks in in- 
evitable. partly for the psycho- 
logical reason that the October 
bandwagon has rolled too far 
and too fast— and partly because 
oE the belief that Mr. Callaghan 
would find it impossible to avoid 
defeat from all opposition 
parties at tbe start of another 
Parliamentary session. 

The Conservative party 
machine is ready to roll backed 
by a growing poster campaign 


and an increasing number of 
tours of marginals by party 
leaders. 

With fortuitous timing. Cen- 
tral Office has' already booked 
peak TV time tomorrow for the 
last party political broadcast 
allocated for the current politi- 
cal year. It will be the fourth 
in tbe series of controversial but 
highly, professional broadcasts 
done by Saatchi and Saatchi. 

Following her recent visit to 
Scottish and Border constituen- 
cies Mrs. Thatcher will tomorrow 
begin a tour of key seats in the 
West Midlands— an area where 
the Tories must score heavily if 
she is to reach 10 Downing Street, 

The marginals include Lich- 
field and Taznworth where 
Labour has a majority of 331 
and West Gloucestershire where 
Labour’s majority is 409. 


Guerrillas 
kill air 


Hattersley bid for Labour NEC 
means conflict with Owen 


BY IVOR OWEN, PARLIAMENTARY STAFF 


MR. ROY HATTERSLEY, the 
Prices Secretary, and one of the 
youngest and most ambitious 
members of the Cabinet, is 
malting his first bid to secure 
election to the Labour Party’s 
National Executive Committee. 

The agenda for the Labour 
Party conference discloses that 
■be is one of 34 candidates for 
the seven constituency party 
places on the NEC. 

The conference, is due to open 
at Blackpool on October 2, but 
with the growing probability of 
a General Election next month it 
is almost certain to be post- 
poned to later in the year. 

The entry of Mr. Hattersley, 


aged 45. into the constituency 
party lists brings him into an 
intriguing conflict with Dr. David 
Owen, 40, the Foreign Secre- 
tary, and the man most likely 
to be his rival for the Centrist- 
Right vote In a future Labour 
leadership election after the re- 
tirement of Mr. James Callaghan. 

Both ambitions 

Dr. Owen, just as ambitious 
and determined as Mr. Hattersl- 
ey, stood for the constituency 
section of the NEC for the first 
time at last year’s Labour Party 
Conference, and caused some 
surprise by securing a creditable 


176,000 votes which brought him 
to an unexpectedly high position 
among the unsuccessful - candi 
dates. 

Both are likely to hid for tbe 
same votes in this year's con- 
stituency section contest, which 
is usually dominated by tbe 
Left wing and is always regarded 
as a significant barometer of in- 
fluence and stature in the 
Labour movement. 

Three other Cabinet Minis- 
ters, Mr. Anthony Wedgwood 
Berm, seeking re-election; Mr. 
Peter Shore: and Mr. Stanley 
Orme, are among the other con- 
stituency section candidates. 


Babcock to spend £70m on 
modernising boiler factory 

BY ROY HODSON AND RAY PERMAN 

BABCOCK AND WILCOX plans Company will also be bidding far Wilcox and Clarke Chapman 
a JE70m modernisation of its boilers for the Heysbam and Later, merger plans were 
power station boiler factory at Torness nuclear stations and for scrapped. 

SSSK!* Upw nrSS *' t0 handie the planned Shannon stations in JEQ 5 is anxious to solve 

expected new orders. Elre _ its continuing problem of delays 

These will start with the Drax ..... . ** power station construction 

B power station, Yorkshire, J5Tuc e Millan, Secretary of caused by the low productivity of 
although the Central Electricity State for Scotland, said during a plant erection workers on large 
Generating Board is still visit to the Renfrew factory sites. 

reluctant to accept the company’s yesterday that the Government As part of the Drax and future 

tender for the project, wanted to sustain the heavy contracts the board is seeking to 

An early meeting i. likelv boIler ™ dnstr y m Britain, include sanctions. It has in mind 

between the Board and Babcock He said the Drax order would 2JX2JL p .t r _' 

management to discuss the safeguard Renfrew until 1980 and ^ 

tender price for the boilers he was confident that the electri- lat E,SSS u ?„fl m S?., of - 

which is thought to b e higher city industry's ordering pro- Renl^w 

than the £150m estimated by the gramme after that date would tba Li?- r P l ^T 

CEGB. justify increased capacity. JS,«S„?Ly?? s amo ? nted *® 

. „ __ _ . rebuilding and re-enuippmz most 

Neither the Board nor the com- The CEGB confirmed last night, of the plant, and was essential 
pany are keen to reopen the however, that the contract had if the industry were to survive, 

public debate on the building of not yet been placed. It expected its main competitor 

the second stage of the Drax Clarke Chapman of Gateshead to 

power station, but the costing of DclflVS announce similar proposals, 

the work is Complicated by the J The starting date and:speed of 

fact that the CEGB has not A long political dog-fight took the work would depend on the 
ordered a power station since place before the Govemmnt outcome of talks between the 

1973. decided last year to order the Government, the CEGB, and the 

A final tender for the work has coal-fired Drax power station, two Scottish generation boards 
been s ubmitted by Babcock. The Mr. Anthony Wedgwood Benn °P J* e ordering for new power 
; the Energy Secretary, then asked stotioos ™ the next 20 years. 

the CEGB to place the turbine « S oh n chairman of 

Continued from Page 1 genrator order, worth an esti- 2S™* 

VzS, w . u M 1 mated £12Sm, with Parsons. 

European shipbuilders tj'varesmss &£& sra- £ 

. ... . . . _ . widely assumed it -would go to a quickly to dev&lrm ♦»,«• faetnrw 

ders in a number of instances the relative values of the dollar uew company to be formed from We take the view? 5iat tber? 55S 

lately. a . s Japanese yards have a merger between the boiler- be no real problemiii raisinc 

Id a contract to build a series in the last year been forced to making interests of Babcock and capitaL” P m raisras 

of 15,000 cwt bulk carriers for conclude most of their ship ex- 

Pakislan, the Japanese yard port contracts in dollars. ' * — ■ — 

involved was sixth in the bid- This follows the chastening ex- 

ding— well behind British Ship- perience of many shipowners. ■» 

builders, for example. notably Greeks, in seeing the '-.OELlIIUeCL from r<Ig6 1 

The lowest bidder in this and yen construction costs of their 
a number of other current ten- ships increase substantially dur- ■_ * m 

ders has been Poland, with ins the building period. fi r|| 3flll C|lQl*£kC 

Korea usually running second. The revision of Japanese * •**-***•* V»ij 

There is no clear indication prices dearly ties in with the ..... 
for European shipyards of how hardening oF the yen in recent Additionally the Government fleeted in the offer nrice» 
long the respite from Japanese weeks, hut in the past shipyards has now derided not to make a He said that despite the 
competition will last — but have chosen to containthe effects compensation payment in lieu of differences between the current 
brokers believe that once the of j camney fluctuations in the group’s transformer losses 3X1 d earlier proposals the 
main lines of shipbuilding re- the quest for more exports. ■ scheme had been rfestaned to 

organisation In Japan become Last year, Japanese yards took * 1 ¥5 il _? !rre f 18 ® 0 t0 since meet “hi* rtthm-n-t 1 tli«9 


clear, the "yards will again start over half of the world’s" shl£ 1989 - Mr - Alun Jones, managing 
to assert themselves. buihfins business, according to director, said yesterday that the offered at significant 'discount to 

Much will also depend upon Lloyd s Register figures, lack of compensation was re- the Ferranti shareholders. 


crash 

survivors 

8y Our Own Correspondent 

SALISBURY. SepL 4. 
TEN OF the passengers who 
survived the crash of an Air 
Rhodesia Viscount near the 
Zambian border were killed by 
Black nationalist guerrillas, the 
military command announced 
here tonight. 

A communique said IS people 
survived tbe crash, and of these 
five wandered off into the bush 
in search of help. 

The guerrillas then arrived 
and opened fire on the rest with 
rifles, the communique said, 
killing 10 In a hail of bullets. 
Three survived to tell the story. 
Tbe rest of the 56 aboard are 
presumed to havxe died in -the 
crash. 

Tbe announcement further 
fuelled speculation that a guer- 
rilla-launched ground-to-air mis- 
sile may have brought down the 
four-engined Viscount after it 
took off from the resort of 
Kariba for Salisbury yesterday 
evening. 

Guerrillas of Mr. Joshua 
Nkomo’s Zambian-based Zim- 
babwe People’s Revolutionary 
Army are said to have handheld 
missiles of Soviet manufacture 
which, home in on the engine 
heat of aircraft 

“ Security force members 
arriving at the scene of tbe 
crash v this morning said a star- 
board engine appeared to have 
exploded and the starboard 
external side of the plane was 
scorched,” the communique said. 
. The pilot, CapL John Hood, 36, 
had radioed: “I have lost both 
starboard engines " before the 
plane disappeared. 

All the passengers were whites 
except for eight members of two 
Rhodesian Asian families. The 
only passengers not of Rhodesian 
or South African nationalities 
were two Britons, named as Mr. 
Walter Brown and his wife, 
Elizabeth, of Dunfermline, Fife, 
wbo were visiting relatives in 
Rhodesia. 

Tonight’s communique said 
that the guerrillas arrived at the 
crash scene shortly after the 
plane had crashed “ and ordered 
the shocked and numbed pas- 
sengers to their feet." 

“The terrorists then opened 
fire with Communist-made AK47 
assault rifles and 10 of the pasen- 
gers — as yet unnamed but six 
known to be women— died In a 
hail of fire." 

The communique also said that 
after killing the 10 passengers 
the guerrillas looted the aircraft 
and bodies of those passengers 
who died in the crash. 


Supervisors 
told not to 
do work of 
SU strikers 


By Alan Pike, 

Labour Correspondent 

SUPERVISORS at BL’s SU Fuel 
Systems factory In Birmingham 
were advised by their union 
yesterday not to do the work of 
32 toolmakers wbo face expul- 
sion from the Amalgamated 
Union of Engineering Workers. 

Mr. Stan Jefferson, a Midlands 
member of the Association of 
Scientific, Technical and Mans 
serial Staffs executive, wrote to 
his members at the SU plant 
reminding them of a onion rule. 

It stipulates that “in any 
industrial dispute in which mem- 
bers of the association . are not 
involved members shall not, un- 
less otherwise instructed, under- 
take any work normally outside 
the terms of their employment' 
The 32 toolmakers have been 
on unofficial strike for a month 
in support of a pay parity claim 
and on Sunday the AUEW 
executive confirmed their expul- 
sion from the union. 

Mr. Jefferson said yesterday 
that bis members had not yet 
been asked to take over the tool- 
makers' work, but were likely to 
be asked later this week. “I 
should not like to see our mem- 
bers involved in the internal 
dispute oE another union,” he 
said. 

During last year’s Leyland tool- 
room strike, said Mr. Jefferson, 
ASTMS supervisors were 
approached to take over tool- 
makers’ work, but refused. 

Many of the supervisors were 
themselves former AUEW tool- 
makers. They were concerned 
about pay differential problems 
and were sympathetic to the tool- 
makers' case. 

A copy of Mr. Jefferson’s letter 
has been sent to Mr. Hugh 
Scanlon, president of the AUEW. 

The executive has decided that 
the strikers’ expulsion will 
become effective If they refuse to 
attend an East Birmingham 
district committee meeting later 
this week where they will be 
instzncred to return to work. The 
men have repeatedly ignored 
previous instructions to call off 
their strike and have failed to 
attend other district committee 

meetings. 

Letters offering them a last 
chance to change their minds 
were written In the AUEW’s 
London headquarters yesterday 
and sent to Brighton, where the 
TUC Congress is in progress, to 
be signed by Mr. John Boyd, 
general secretary. They ..will go 
to tbe strikers by registered post 
today. 


the lex column 




and waiting 


The gilt-edged market is be- 
calmed: since May the FT 
Government Securities Index 
has been trapped in a narrow 
trading range stretching a 
point either side of 70. Elec- 
toral uncertainties are playing 
a part, and in any case the in- 
put' of financial statistics has 
been mostly inconclusive. 

Yesterday’s public sector bor- 
rowing requirement figures for 
the April-Juue quarter, for . ex- 
ample, provide no basis for sug- 
gesting that the out-turn for the 
current financial year is likely 
to be very different from the 
Budget forecast of £8»5m. It is 
true that a crude annualisation 
of the seasonally, adjusted 
PSBR for April-Jnne would in- 
dicate only £6.9bn for the full 
financial year. But the income 
tax cuts farced by the Opposi- 
tion become effective next quar- 
ter (partly offset by the 
employers' National Insurance 
surcharge), and there is. no 
assurance that the local authori- 
ties and tbe public corporations 
will stay in overall surplus. . 

Today’s banking . figures— 
which are expected fo show a 
drop in eligible liabilities of 1 
per cent or more — could also be 
inconclusive in their impact. A. 
fall In clearing bank : lending 
may not prove an accurate 
guide to the experience of the 
banking sector as a whole. 

Westland 

Westland shareholders could 
be excused for asking cynically 
how much money, the -company 
expects to lose on the latest job' 
offered it by Government— the 
study contract for a large 
helicopter to replace the Sea 
King. .Yet Westland’s unprofit- 
able image could be blacker than 
it need be. There is a suspicion 
that the Interim statement in 
June, when the interim dividend 
was passed and doubts. cast over 
a final, was designed to create 
the right mood for negotiations. 
First Westland wanted to get 
rid of a costly piecework system 
at its Yeovil helicopter factory. 
Second it wanted to re-negotiate 
the Government contract for the 
Lynx helicopter. The first was 
achieved shortly afterwards. 
There is no news yet on the 
second and it may be that 
yesterday’s ' announcement is 
part of some sort of trade-off. 

Westland’s financial controls 
do not match its ability to make 
helicopters, and recent losses on 
specific contracts seem to have 
Impressed this fact on the 
management. There is scope 
for improved stock control and 


Index fell 4.6 to 493.4 



for a clamp down on a working 
capital figure that rose from 
£47m to £73m in the two years 
to September 30, 1977. Given this 
latest fillip fK>“ the Govern- 
ment, it seems unlikely 
that shareholders will be 
deprived of all dividends for the 
year ending this month. 

Reardon Smith 

Back in January Reardon 
Smith appeared to have spirited 
away its financial problems 
through a series of unexplained 
capital transactions, which sub- 
stantially increased its liquidity 
and “ dramatically " reduced its 
tanker losses. But as the annual 
report indicates the price was 
high. In the year to end-March 
it made a loss after tax and 
extraordinary items of £19.3m. 
It lost just over £6.0m on the 
sale of its drilling rigs and 
thought it prudent to reduce 
the book values of two ships 
sold by £9.9m. As a result 
shareholders’ funds have plum- 
znetted from £30.9m to £13.3m, 
dwarfed by shipbuilding loans 
of £37.0m. The group is still 
afloat having secured a mora- 
torium on its loan repayments, 
but 1M “ A ” shares, at 32p, can 
be regarded as not much more 
than gambling chips. 

Norsk Hydro 

With stakes in both the 
Ekofisk and Frigg fields in the 
North Sea, both of which are 
now operational, Norsk Hydro 
looks well set to report bumper 
profits around 1980 and there- 
after. But yesterday’s prelimi- 
nary statement shows that the 
group’s pre-tax profit for the 
year to June 1978 has taken a 
slight dip to NK241m (£24in), 
after NK247ra last time. The 
reason is partly cosmetic. Norsk 


Hydro is obliged to 
stringent ' Norwegian -jj 
accounting rules on depreaJ3 
and Norths Sea amortigat^? 
despite a positive cash flow {j? 
Frigg there is no contribiy 
to profit this year, thonghJ 
income from Ekofisk * 4 
have been well up. 

Reported earnings amem*: 
about _NK-18i a share 
1977-78, but London brqfejl 

Grieveson Grant estimate t9 
this will > have 
between three: and four *3 
by the early eighties, 
cash. flow, is, badly needed 
Norsk Hydro. According 
last year’s annual 
expenditure on fixed assets qJ 
the three previous j-gJ 
amounted to NK 7^bn. Oafa 
per cent of this came faJ 
internal funds, leaving jg 
group with borrovy 
financing over 70 per cent j 
capital employed at tbe ra 
year-end. • 

At NK 226— NK 1 up oj ^ 
news — the shares trade at 
multiple of 3 2 and yield aba 
4 per cent 


Ferranti 

As expected Ferranti 
the NEB. hare abandoned \ 
complicated formula for cst 
lishing the price at which t 
latter will sell part of Its sh& 
holding to other Ferranti dm 
holders. Instead the Ferra 
prospectus reveals that a pi 
of £1 (subject to final adjc 
ment) has been agreed for 1 
2.66m NEB shares which v 
be sold to other shareboldt 
rather like a 1 for. 3 rid 
issue. The price has been to 
in line with the presuspe 
price of between 230p and 
(following the scrip 
After deducting the value 
the right to receive the XE 
offer (worth 35p say), the pn 
is equivalent to half the m 
ket price — which .was ti 
original intention. The calc 
lation - Is rather rough a 
ready but it seems to be fa 
enough and at 200p the sfaari 
are selling on a -histal 
multiple of just under 10 m 
yield prospectively 4i pi 
cent 

Ferranti seems to have bee 
a bit stingy with the ditiden 
and is not sticking its neck 
with a profit forecast Hoj 
ever, it is belter to ma 
cautiously initially and, ass®] 
lng prospective earnings of* 1 
and a multiple of 10, the J " 
could start trading at 
250p when dealings begin 
the end of the month. 


UK TODAY 

MAINLY DRY; sunny periods. 

London, SE, S and Cent N 
England, E An g ti^ j E Midlands 
Sunny periods developing. 
Max. 20C (68F). 

Cent. S England, W Midlands 
Dry. Cloudy later Max. 20C 
(68F). 

Channel Jte, SW England 
Cloudy. Rain later. Max. ISC 
(WF). 

Wales, N Ireland 
Dry at first Rain later. Max. 
ISC (64F). 

NW England, Lakes, Is. of Man, 
Glasgow, Argyll. SW, NW 
Scotland 
Thy, sunny periods. Max. ISC 
(64F). 

NE England, Borders, Edinburgh, 
Dundee, Aberdeen, Cent 
j- Highl a n ds, Moray Firth, NE 
Scotland, Orkney, Shetland 
Dry, sunny periods. Max 16C 
(B1F). 

Outlook: Mainly dry. Near 
normal temperatures. 


L 






f 


31 


i 


Weather 


BUSINESS CENTRES 






Vday 


znitUay 




-c 

■F 



•c 

•F 

Arastdm, 

F 16 

81 


c 

17 


Athens 

S 28 

78 

Madrid 

c 

za 

68 

F-sbnLn 

S 33 

H 

Melbourne 

c 

15 

59 

Barcelona 

T 24 

7S 

Milan 

s 

23 

73 

Beirut 

S 28 

82 

Montreal 

c 

17 

63 

Belfast 

V 17 

« 

Moscow 

c 

19 


Bctarade 

F 24 

73 

Munich 

F 

16 


Berlin 

r. ]4 

57 


c 



Brmchm, 

C 18 

64 





Bristol 

F 19 

68 

Oslo' 




Brussels 

S 19 

66 

Paris 

s 

20 


B. Aires 

5 18 

« 

Perttr 

S 



Cairo 

S 33 

91 

Prune . 

s 

17 

63 

Cardiff 

F 17 

(H 

Reykjavik 

R 

11 

92 

CUcaKD 

S 21 

70 

fUDdeJ-o 

s 

2K 


Colo laic 

C IS 

SO 


F 



C&Dnfu an. 

C 16 

61 


R 

27 


Dublin 

S 17 

63 

Stockholm 

C 




C 14 

B7 

Strasbrg. 

F 

21 

7n 

ItTi ^5M,1 

C IB 

SI 

Sydney 

C 



Genera 

S 19 

60 

Tehran 

S 



ClaERow 

C 15 

SB 





EfefcanM 

C 14 

37 





H. Konff 

5 38 

87 





JO’bUEK 

S IS 

64 

▼tenu 




Lisbon 

C 20 

88 


T 



London 

Y 20 

68 

Zurich 

F 

IS 

«4 

[ • HOLIDAY RESORTS 

Ajaccio 

C 23 

77 

Jersey 

F 



Algiers 

S 29 

84 


S 



Biarritz 

C 20 

68 

Locarno 

C 

21 


, Blackpool 

C 17 

83 

Lttxor 

C 



Bordeaux 

C 26 

79 

Majorca 

r. 

24 


Boulogne 

P 17 

03 

Malaga 

P 

28 

78 

Casablnea. 

a as 

77 

Malta 

s 

3Q 


Cape Town 

S 16 

at 

Nairobi 




Corfu 

S 27 

81 


F 



unbnivuQt 

S 23 

73 

MvH 

F 

23 


Fan 

C IB 

81 

Oporto 

G 

24 

75 

Florence 

S 38 

7» 

Kbcdag 

S 

27 

81 

Fnncbal 

S 25 

77 

Salzburg 

8 

U 


Gibraltar 

F 34 

71 

Tangier 

F 

25 

77 

Guernsey 

C 18 

64 

Tenerife 

P 

22 


lnafibrack 

S 20 

68 

Tonis 

F 

28 


TarenteSS 

C 13 

65 

Valencia 

C 

?<4 

75 

Istanbul 

951 

73 

Yemen 

F 

23 

73 


F— Fair. S— Sunny. T— ' manner. 

c— cundy. 


IF YOU CAM 

POUR IT. 




STORE IT 




'■•.IptSsfy, _ .... £. : 


■:si 





-^HOWARD 

Howard Harvesters Ltd. 

Teh Eye (037987) 723 
•TOtoXi 975228 HowHarG 


at dre Post. Office. - Printed b* -c, Tim-wii 

^ Tmics Ltd.. Bracken 

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