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EHERAL 


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BUSINESS I 


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Nkomo claims 
(responsibility 
for air crash 


BY RICHARD EVANS and CHRISTIAN TYLER 


BY OUR FOREIGN STAFF 


but V 


• equities s 

technics) recovt 


*ic officUt .-repot on motorway 
-rvice ardtf says that. the Gov encaura * in « 


‘ and Plessey and 


; r ' THE Prime Minister went as 

V.;.’ . . far as be could yesterday in bis 
address to the Trade Union Con- 
gress at Brighton to confirm that 
-.A*. -- . ... there will be an autumn General 
1 Election, the dale of which will 
sharp bo announced in the next Tew 

in an outspoken speech that 
, stressed the need to contain 
sMhAUgust wage demand* m the' coniine 


»u W*Mwe»t than the opera- taoMl * : Ft .war to the Government’s 5 per 

three Z ***** ******* Profits. 10.1 up cent guidelines and to resist cuts 


— 1,6 a/Hl iJ vrviiMrv iuuca cairovM. »v-A -r ~ ~ . ; — , . — ■ 

any eightia.rTbc committee of inquiry a t 303J5, its bigg est oardayrise ,n the workinu wrtlf that were 
w is ba,^ veals that last year, thi; Guvena- Vovcmber £197?.- In not self-financing. Mr. Cal la? bun 

lydro , y tent's rate- of return, war, more ^ ^ “ * C3,led 03 tl *e trade onion and 

jar's three times that ; of the 


I not self-financing. Mr; Callaghan 
called on the trade anion and 


ure on ‘ eralors ’ : ‘ " - • • | ■ vw-g. — 

LTee S^Apart from .calling for a cut ' 
d in 'be Government share of the ' 520#-% CT | 

° lo NK 7^l;e— a move, welcomed “.in' .■ . V « 

C e (sjtociple " by Williaia Rodgers, A fl 

funds, j^ansport Secivtars?— the..:««u- % a- 

with jjUee wants- catering standards ' ... 

; aver 7n J*»proved and petrol ortees eut 5i« W \ 
employ^ Sp a fiallon * Bwk ' 3 W; _ *• ./ • | 

v22s_ w , ummit: Sadat’s 

«• S h, Spurning point sao — 

j?* 12 and ^■esideni. Sadaf.flf" Egypt ^tri" as. ■ . 

nt - * left Paris tor OmpUaYLd that 

e Kuitimil would-marjs a-torning . ^qo i i i i i 
U tl dot in the history of -the Middle 2a aTis i 

dst. He said his'' talks with . AUGUST- 

Xpected Fa^esidcht Gtscard bad 7 been aimed ~ _ ” 1 

E have ab% strengthening European sup- Tokyo, the Nikfc 
J ted fnrmni 2 j ,ft - average touched a 

the pnee att Ar 'the same time, Moscow peak of 5$5£18. 





about half the unions in the TUC 

are not affiliated to the Labour] MR. Joshua Nkomo, Rhodesian 
party. Many of them, including ! na V ona ** sl leader, yesterday' . 

the civil servants, bad said in* claimed his guerrillas had . . *v.V- *i-- * 

advance tbey would have to (brought down an Air Rhodesia o J - ' 
abstain. (Viscount aircraft which crashed ^ \-V-» . 

The Prime Minister is still J D * a * the Zambian border at the .. •> . 

keeping his cards well shielded (weekend. He added that the . ■■"'iWifiT® 

but the expectation is that he ' guerrilla war would become , /?;. '**■;■. . •- fy# ■ 

will announce his plans shortly much more hitter unless Mr. Ian j /. - •*- -**L 

after the Cabinet meets on Smith. Rhodesian Prime Mini- 

Thursday. This could mean a s!er * surrended. | W | " 

brief statement on the dissolu- But in Salisbury, Capt. Pat jaB^sT ^ ****’ ' 1 

tion of Parliament either later Travers, general manager of Air -v : % o/ .. 

this week or early nevt. Rhodesia, said there was no ■ / A ' • ■ 

Mr. Callaghan is due to visit immediate evidence the aircraft • ■ 

the Queen at Balmoral over the bud been shot down by a 

weekend .which makes an gnerrilia missile. ■ 

announcement early next week The pilot’s final message, he •- \ 

more probable. But he might sa*d, had been explicit in that it ^ ' - 

prefer an element of surprise by referred to both starboard JmXSL ’ ^T- ' 

... calling the election at the end engines being out of action. "In . t 

Mr r,uoah,n. «i*rHftnPprin» mil of this week ^ consensus our opinion, had the aircraft XjOSH ? .. 1 

Mr. CaHaghan. dear eletnonee int call. reached at the Cabinet could been hit by a missile, or any air vn» mo: “Much more 

quickly become public know- other weapon, the crew’s first ' " bitter . ' - 
however, went not to Mr. ships of a lifetime facing up to ledge. reaction would have been to say 

Callaghan but to Mr. Hugh the pressures arising out of The campaign itself would so. 

Scanlon, who followed him with policies of this Congress or of start not from the announcement “We have to accept that something beyond further 

a liearHelt appeal to unions to their unions.'’ of a general election but from mechanical things can go wrong, divisions in black Africa, 

rally behind Labour. It was he. The - TUC would apuose any the dissolution of Parliament But there is just no evidence at ju r \k quid's statement about 
nut Air. Callaghan, who struck a Government that tried to solve and this would allow the Liberals the moment to say it was caused lbe \?j srounr wav thus have been 

real chord with the 1.170 problems by confrontation as it to bold a curtailed assembly at by hostile action” intended, publicly at least, to 

delegates. had opposed the Conservatives in Southport early next week. , issert his commitment to the v.ar 


Labour movement <o«ipj>ori the 
Government's policies in the 
forthcoming election campaign;- - 
At no time did the Premier 
spelt out his election timetable 
but the assumption made after- 
wards by both trade union t a 

leaders and Labour parly lacti- Mr. Callaghan: dear electioneering call, 

cians was that ' October : 5 

remained the favourite date, with . . . 

October 12 as an alternative however, went not to Mr. ships « a lifetime facit 
possibility. ••••. . .Callaghan but lo Mr. Hugh the pressures arising 

Significantly Mrr Callaghan Scanlon, who followed him with policies of this Congrei 
made no attempt to reign back a heart-felt appeal to unions to their 
the bandwagon running for an rally behind Labour. It was he* The TUC would opp 
autumn null or to -deploy 'the nut Air. Callaghan, who struck a Government that ir.ed 




Air. Nkomo: “Much more 
bitter war.” 


arguments in favour of delay real chord with the 1.170 problems by confrontation as it to bold a curtailed assembly at by hostile action; 1 
..... to next spring delegates. had opposed the Conservatives in Southport early next week. 

it J i ’ l l He ended his speech, which Mr. Scanlon, president of the 197V-74. He i ailed on the unions Air Callaghan remains keen to 

• S EP. 1 received a mixed response from engineers, was making his last to jSvej unul it hurts’ to re- gi\e Mr. David Steel, ttie Liberal JViISSIIGS 

i* JT J h/s . audience „/th a clear etoc- W« speech lo Congress — he elect Labour. leader, all the support he can 

mr Jones lioncering cal! for supporl for retires next mnnth-and it was A motion to that effect which in the belief that disaffected 

vhMtrwar a Government which woild one of his finest. . he w Introducing was acclaimed Liberals r be .”^ n ^ k D el f, L 10 

r_ 3>usi w *r h 10leran „ -2^^ P rtou- The last four years of TUC- with a shout of "Aye" rather than drift to the Conservatives than 


’match tolerance against p 


Tl*-- for the benefit of both white 

lVllSSlleS Rhodesians and his nominal 

black African allies. 

Capt. Travers rejected as a „ ln , , s ? ile of fresh J* 

“downright, deliberate lie” Mr. 

Nkoiuo’s assertion tltat Air S™.» JK, *** ”' J r t 


t L „ “i*. vflr-»_u_n. match tolerance against preau- me last xour years or xuu- wiuniiuim w c kih« uwi t — — vi-nmn’c iccortinn mere is uiue uuum uiat-t. 

the pnee att Ar the •Mi* ’ *tme f Moscow peak of 5,45938. %A*brib, d j ce po i ic ios aca ] rot glocansSid Government relations had not carried by a show of hands. This to Labour. afcSft D wj£.‘ »African division is now pro- 

V 1 se]! the Sydney All OrdteHy Index ctw ,p e P ra ti0 ? agulna ranflicL”' been easy or cosy, he said. “Some was a neat device for avoiding In bis teasing references to tanrats^Scause^s were" found ‘ Accordin ^ to nationalists. 

{ ° other <^ to a Wgh {tr ibe year The real ovation of the py, of us have jeopardised friend- any appearance of division since Continued on Back Page ™ fw m?Utery rarDoses Mr ‘ NTj i on, ° is Prepared to say 

' • ' ' • '-7. ', T Cflnrercncc report Page 10 • Editorial comment Page IS 

?* ent *he ‘Solan Heights. . ai . or.tc w »n> ir«w. »*i«h . f" 1 ■' — — Wittes. Mr. Nkomo, co-leader of nationalists movement since 


Fall in money supply indicated 


* ™.TS »rrr J"” • JhV paWciHe Front sllSn«, 

roll ini mmiav cnniilv imlipatpil 2K«2»«3SJ *iss? 4 rs, ta ^ 

ran m money supply inuicaieu “ in “ m 

'hrr,r?, P ^ ,S l enTO Of a ^cret Govem- ♦ STjERUNG tost 4p ppinfs lo - . . * MT MT */ 3 S people died. Sr Stoino delivered vesterdav 

'Utl’ the »s ind^rmined -g . , - ■. -m v # Jr* The alleged downing of the what in black African 'terms, is 

ai. me png.vcaied to two journalists -»y -a mt fig_a l- wT 1 % am lri»% Viscount was the bigEest military a substantial insult by saying 

between S^^nnerAnny mtel licence ofllwr, Hpp r ^ gM nT , TlV Hilll iflUy TIPlllGS strike Mr. Nkomo^s claimed in Tanzania no longer qualified as 

^ TT5’ 'R# T M m i B a ** *fe ihe four y*ars wluch have seen a from Iine state because it did 

ieducun; [i,;OOa raCitei ^ - # G(HU) cJo^ed «/- • his anny grow from less than not share a border with Rhodesia, 

ht to recehfrublic health officialswhifemned London. t . 1 : 1.000 to an estimated 10.000 

35p sajmn-exiBtent $upennj[.rket;ioddsb H': j/' • 1 BY MICHAEL BLANDEN .' t* “SS.’.h# ii»t w r 1 II 4 - m 

Qlem fo tl^at thc ^ap iqamtgers could • 'WALL STREET was SJo ap ' 7 » ■ . . . , ®Sf 4 ASf n4 5!? OollCCtlVC 

ice - whd.hdm rebat^-frotothe^ makers, atjsaLSIjirat before {he close. A, FALL in the money supply hanking statistics. Nevertheless, the banks were only 1 per cent back closer io their normal to faSn e do wnM 52 

inicntiwi .- -Lr -ll' during the month to mid-August the signs are that sterling money above the corset base ^penod.weH .trend after the earlier distor- Potential tobnng down an air Za fa . Mr Nkomo - s raain 

is other ^Teturn.tbenffirialBtoofc tjfir# LAND PRICES -for betijhous- ^rasSlieated yesterday by bank- stockon the wider definition within the permitted growth of turns. iSSteenw Scials ^usri^M? sponsor, went out of its wav to 

.'.j, of {ood H tbcstnres.- Two ing and agriculture rwe sharply ing ^gurcs which showed a sharp {M3) could show a modest fall J per cent In Suly. jhey were While welcoming the relief, Nkomo’s mai^ms'sUDoUer has SSSnise the damage caused by 

- L1 - — »LTJTS SSSS£nS^£ '^£rzjz 

^«nlvU»%Heked>' ; 7 £523B£3p &SS *S'Uw .he tam-round, D “ ri "S «» eW the have SS S? ^V&Tnir g“ ’’feSSI^lSSS 

^ — — ter Ht" «CJe h" ssrgs,.“ - a 

inti icemiWri the^ Page . retiS^Sre^cpntroft over their Sales booin «S-ou E d “™“ !3 u ;H 'SSfff* 1 ’S™EL B, i!?it 


BY MICHAEL BLANDEN 


^■r^nSBgyrii.ili ^harpSem Nyerere 

® ur ?l ITe ?R? ndeni *“ Lusaka has persistently divided the 
writes: Mr. Nkomo, co-leader of nationalists movement since 
. Ft0 ™ alliance, jggg and that the Tanzanian 
dented Rhodesian Government leader ^ interested only in im- 
ciauns that nationalist guerrillas posing a leader of his own 
had shot dead 10 of the 18 choice on an independent 
survivors of the crash, in which Zimbabwe. 

3 S people died. Mr. Nkouio delivered yesterday 

The alleged downing of the what in black African terms, is 
Viscount was the biggest military a substantial insult by saying 
strike Mr. Nkomo has claimed in Tanzania no longer qualified as 
the four years which have seen a from line State because it did 
hJsanny grow from less than not share a border with Rhodesia. 

1.000 to an estimated 10.000 

Soviet-equipped men. __ 

There is little doubt that his PnllpftlVP 
force* do havi* fhe technic.il V 


* nri seem; wii the wake uf W recent fitfec-; iJ,i!S l, ^ 7 5 
•V.V-- to thc_UB. ofia fp.rmer usp-. b^fptjSTy, 

™ ™ enroin* official About 3- in*' . ^I. rr. 


ial. About a (jy *jffEJEL producers have TroT 
aiked .other EEC steelmakers to 
following the cncb ^2z e j r exports to the U.S. ^bHii 
fear- of. retaliatory measures funds. 


tier me l.i per cent- rise ui uw. ^ ‘ u b' , w ‘ th« mw Tt» a «tatenu>nt the 

uly. above the limit. The big clearing yesterday that there could be President disicSfed SLnbto 

Durine the fur-weeh period the' reiSTlajCly'.'^Sve SS? S^JSit'u^K" w iles an " 122 g?” “^Sh^'Kui'idu P 7uii 

; j^oow moved bactr.within u>e «tend& for , further ,^,t SSSJt WeU “ S3k£*»H«fc“ lSf{ 

Sales boom , i®? -as- v»aa ns SsfSrtSfe ^ Z 


controls will be applied ’to banks special deposits— some £430m- 


lt is onua -.etecuon. . . . . .;. f<rf f Bar pf . retaliatory measures, funds. These showed their iban a year earlier and the It is particularly important that 

Sh- jiao J - BEG share of steel imported Into biggest fall on record, ofCASbn momentum ^ expected to the banks pulled back into line £ New York 

isuecnve eU^flinCruUto . ■ the US. rose to 42 iper cent in inECAbn. after rising by over last month, because it was the 


.specriveea»"axn«r..C»ie9; the U& ipse to 42:per cent in jip.s4S.4bn, after rising by oyer ^ ^ maintained daring 1881 month, because it was the 

nultipie ^-^red Witcom, father OF Binititif- July.' Back Page ; £660m In tho July banking mamtatnett onnng w ht C h wDl cannt in calculat- _ ^ ^ 

dSt^ater^SSr^l 1 ' ktt^E ^ \ ™^s* decline of 3.6 per cent Ba^J»agc;^Bditori4L : Com- in fh e IT es:cepti!mal' movements in 1 

.htn ^ cairi ht.~h.iri nnrsbown ^pgaJeri to the Commission in the unwinding of dis- ment. Page 16 '.the banking figures have Spot . h 1 5i£St^ > 

being .&*** ■•^ t a SSS, C, 2g2 tbrtions evident in the figures • ' . ■ reflected shortages in the money ; }£$$& 

jiimirted ^^to hospitij « * -'-“SS, nwSfJ? * or 0,6 preceding couple of ' markets and the problems ot the 12 in , m ,hF 4.*6-425 uis 

Cautionary measure. ' farmers canno t • produce. g|Qnt h Si arising mamly out of to August 16 the interest-bearing banks in mainttftnng the re- — 

' ••"V--’- '• • pressure ^on the reserve assets of clement of eligible liabilities — qulred level of reserve assets. 

Plant diSCO^Cry .' - ' a fesRANTI has aerccd on a tte banks. the'-, figure on which the corset These problems have been eased 

b io new^^Srf™XsiemLs It te liiely to bo reflected only restrictions operate-showed on by oflicial action, hooever. 

Fenpgrerit.i; a <- ^] y t r ; : tl5g ~ niI l!?' 4fi to set .iffa foint company partially -in the money, supply even sharper decline of £L9bn or through releases of special 
; Wr iiti dS? figuresdue next week, which are 6^ per cent^ deposits lo the banks and assist- 

become 1 new ; source, of projetn, mp1pl J a ^^_ k . d p^ e 7 y not' directly influenced by much As a result, at mid-August the a nee to the money markets. It is 
pil and .a range of -meaianes. muiera. « ** - of the recent movement in the interest bearing eligible funds of now argued that the figures are 

.neludlng' the TOntraceptive. imU. # car UNION leaders are to . vt • * 

N® w - ^2Jj“hiS?*t?S'iffi- a uMver* ® Be * tomorrow to discuss wbat 

>emg produced a3T.?a?n Umver- ^ ey consider to be- an unsam- - . u • ' -m A * 

Kii*^v!vS23eS2 "Dutch in aircraft plan protest 

British Nuclear vftiels has of Cbrysler Earnpean operationSi . . . '■ 
reveal^ .^a ca^?fe»^ve Back Page - - • . BY MICHAEL DONNE . 

SS^reprixSsHlg^ • WBSK HYDRO, Norway's - 

hiinuqt T 3Q' and 3L Tests are largest industrial company, is t^e DUTCH Government has stopped in 1975 when the pro- existed between the company 

E -.d, on seven, worfceis expected to be the most likely complained to the European jeet was shelved by Hawker and the British aerospace 

Kivnivpd in one incident and one grotfl* to takeover- Continenril Commission that British plans Siddeley. the designers. industry.” . 

Ean vras tSntatninated in the Oil's _UK chemical interests. fp r the oew 146 short-haul air- ^ project was given thc so . Commission officials refused 

other ««,«***— Page 7 . - . ltoer breach mlmsteral agree- a ij ad by Mr# Gerald Kaufman. t0 comment officially about the 


followed the unwinding of dis- merit. Page 16 


I SLdb63-95uO 


aubonary 




d 

tit 

1 ilBril 

Wk 

s H 


SLMSq.9440 
0A14X3& Jib 
1.1M.10 dis 
435-«J& Jls 


line African States into two In spile of the statement, 
camps. One of these, led by Zambian officials indicated that 
President Julifis Nyerere of front line division was far from 
Tanzania and including Mr. resolved. 

Mugabe, the other leader of the They described as madness 
Patriotic Front argues that Mr. President Nyerere’s assertion 
Nkomo was duped by Mr. Smith that future peace dealings be 
into believing the white Rhodes- conducted not with Air. Smith 
ian leader wanted to achieve directly but through Britain. 



of the recent movement in the interest bearing eligible funds of now argued that the figures are 


Dutch in aircraft plan protest 


BY MICHAEL DONNE 


If you judge a hank 

by results, take a look 
at Sanwa Bank. 


-i’vlr 1 A'fort) UK is raisin-* thc urices 7 er ^ reached ? n if 7 * °otth industry Minister, in July when Dutch move, but privately they 

•o mw duplicate new aircraft projects. he authorised British Aerospace fi^ve toe request for action little 

^Briefly - * ■-, v; • of akou t hal f Its r ans^ The Dutch also said that the t0 proceed with the £260md(s chance of success. The officials 

as? ^cMaarss „ ld iB 

*#£&**■■**■ in^ht SlSSK ^fh el L^,Sd Se e m ° re POht,Cal 

eptember. jfliWiOOO Premium C8MPAK1ES •- V**™ cSSnlsston tovestigale »,«*• Kaufman said that 7 000 

rood - winner fives in Cleveland. - ■ ; ^ . a direct compeutpr to the Dutch- . matter under article 9*^ of workers would be involved 

lumbers 12WP367340. • • • RIESSEY Company pre-tax Gonnan VFW-Fokker groups “j® “ er communltiea directly with the 146 programme. 

profits for the three months 1 ta 7-28 which had a similar num- “e ^ropean immunities ^ ^ 4jm mvo]}!ed in 

'be Qnegblsfcfidlhg'paitpfher June 30 were i!2.4Un against ter- of seals and air perfrom- .™ “J component companies, and it 

oUectioa/drXiebaardio da Vljici £i2.39m in the same period last ance. eomnctition^ Sn thp “Sm- ma - v be bard for the Ccmmission 

rewtogS'^to tiambtttginu^unj, - year; - in spite of adverse ■ Fokker^ has ilso lodged a ??®?“* uon wlUlin J" 5 . '^ on> to rule against State aid for a 




vanW:Vi}W:3 jwHCOpwr.yiuppMig .electronic- ftjc 2fi int! Wc .*•* uv. uuimhimm « 7 -- — — — ^ -j iu*+ «l. <f ociu.** 1 * uutcuwicul uhu 

pD 3 g:B 9 W 5 h^acjrtees. crashed - . *-.— - [European Commission to re-open parts. Fokker said that the 146 apprMC hed it ter EEC authorisa* 

V J- ’ DECCA pre-tax profits for tbejphe , investigation ,mto the Jttrti; project :jw a Continued on Back Page 


- Tear-toliSS* 31^ W ■£&& fixation fo^rthe Uunch of the Fokkcr aircraft which could have B ^TSreirion on Ai 

Dispersant'was-ijeiag sprayed op .W, :™ clrrnlntf 146. a negative influence on the good Brmsn oec^ion on ai 

an oil Shc^^ff^orihmubria.- . '^^m'dowd^it £l4^3ni. after. ' The commission’s investigatioa spirit of cooperation which had orsent Back Paj 


Airbus 

Page 


C 0 S ^-. JS 


Shah of- Iran-will-gd-“a'head: with : losses. in. television activities and 
visits to Romania^ad. Ea^t Gef- lower performance f rom it* 
many next week - • in spite . pi- record - interests. Page 27 and 
u arest af'hame.r^ :• T - ;. - Lnr •’. ; ’ 


u Ze. CHIEF PB1CE: CDAMfiES -YESTERDAY 

•mbbP’^ ---’ ■•'■’■--i? '^'oftes 105 + iff 7 : 

SSroWW. + VsaU Elect. 330 + » j 

StiSt^^Treas: ISjpc Jflffi .iiJclITl -h i;;.- Beed rntnt- ^...^— lfo + < - - 
uu n.LjAf -+ - 9 JL 1 4 * Q - . SnnV» IRV. 276 + lo. ! 


CONTENTS OF TODAY'S ISSUE 



European news 2-3 

Ame rican news -4 — sa 5 
Overseas news 4 

World trade news ...u~~gK 6 
Home news— genera® — 7-»¥^ 
-:V'- — tobonr ...; 10 


A mixed performance from 

• British exporters 16 

Italy’s economy at the cross- 

/ roads 25 

Bringing electronics lo the 


uninitiated 


Technical page 12 

Management page wjs*.— 13 

Arts, page 15 

Leader page — 16 

UK Companies ............ 26-20 

. Mining 28 


- FEATURES 

Pektug-Hanol tension reflect 

South East Asia 30 

Proven measures turn the 

key for Pemex 32 

Thc Spanish' Autumn; A 
self-imposed austerity' ... 3 


lull. Companies 

Euromarkets 

Money and Exchanges . 

World markets 

Farming, raw materials 
UK stock market 


Saruva Bank has- utfed its ^d| 

considerable retail banking 5 *' 0- 

experience for the expansion Wr 

nl its domestic network— 220 K 

branches in ]apan— os the basis 
uF its corporate philosophy since "• r,v> 'fflfe-' 
*1933. We have been steadily 
expanding Ihe range of our 
international client services ever 
since we opened our first o-.-erscas 
office iu San Francisco in 1953. 

Saima Bank now hoK nine branrilius. ■ 
nine representative offices and cighlecn 
subsidiaries and affiliales overseas offering 
a range ol seroices from foreign exchange 
and the guarauleeing id merseas bunds tu 
the provision of loans iu corpm-aliuns and 
foreign governments. 

If you're looking for a way into faprin, 
keep Samva Bank in mind. Wo offer an 
exceptionally sleady yrowtli record, all (he 
strength and experience at u long-established 
home base, plus a freshness of approach 
lo international banking that is reflected 
throughout our overseas network. We look 
ibnvani to dealing with von. 





FINANCIAL HIGHLIGHTS (March 31.1978) 


. — ill Million' 

AT THE YEAR END >en o* USS 

Total Aswh V1 1 .1 48,683 S50. 1 4C 

Di-puwii 7.8S4J6I 35.5W 

Loan*, anri Bills 

Discrtunii'd ......... .6.466,083 20,031 

Paid-up Capiial .,..88,100 401 

FOR THE YEAR ENDED 

Opera! mg Income ....... ,624.530 2. EOS 

Opeminq Expenses .......572.739 2.576 

Opsraljrt 9 Prahis .....51,851 333 

Net Prolns 

(Bcloie Tasl 55,880 251 

(Yon jmitinison.' unvened imo US. doi'ais allht rala 
ul I "22.35 it. of ratafeh 31, 19231 


Bmicne Homh^woab^7i+_ 14 ^Valker^jJ.) * J®. 

Brown (J.) - -a;.,^-.. W0 +.14 - WhitttaghaDi fW.) ... ■* + * 

ciprfe iM.y ’ /SheUTrangiort ...... u.J + | ' 

Flndiay fA, 36). - 5 ::\1ki.BBas Dfd. *2 T ABSBrQtBwUs » um - g wnn r 

GEC 1 .. ^w.^310 .•K.ii'iJM itetes; — 3»] + " .. '■ *«' rm* ... .... . 34 2 • interin .statememi 

gre -■& -4 JdWWjrtjnifl ... g* i B s » SfS.'iKtai’"* 5 «* 

Goldrei-FQXlJKp'd . Tnist -...,..456 + ■- gaiortalamant GbWh M Ruins — - X4 SfCC . ........ ....... 

fiUS A t- 10, : Union Cnrpri- . 810 -+ 15 ' ■" EurSKaa Qsts, '34 Shan lnfirniMln., .X® • Hlrlw* MMIaMt .. 

fer- ' v ' .FwSSttetafcSr » TMura.Mi * r*M 

jmperi'a ~v •"•.■■■ , FALLS •. ..... m w*rt«wu ........ « ««* 

Iioy£"BSSc m .+ 7.’- ,GKS:. yJJ 5 ; -4 . . V. For totetrt Share Index ’phone 01-246 8026 

lSs Inds. : .....v-o.. SSI +: 11 - ->Pgamn Longman ... 242 - 5. _ __i- 


Srl Lanka:' Free of the 
“whims Of parliament” ... 
Third World requests self- 

help in technology 

FT SURVEV 

Leisure industry 17 


Leuen - ' s 

last O . 

Lombard.--.: M 

Hn and NiUtn lb 

Ruins 14 

ShvalnfamiMlon — . 3f* 

Tartar's Evens 25 

TV and Radio. ■« 


Unit rnuif - — 37 

INTERIM STATEMENTS 

BRA - 28 

WCC . ........ ........ » 

HtrfrM MMlita** . . 33 

Hanfin »d PeKoefc 28 

Ofrtx ' 2b 


PfesKy Company ... 28 

ANNUAL STATEMENTS 

C oafrc w iy 27 

Nakasl 2* 

Midland Educational 2ft 

F. H. Tom* Ins Z? 

WhoeleCa Resxrnn. 27 


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.•to*! ^ W«-»r ««S’ 


EUROPEAN NEWS 




French credit threat angers union 


BY DAVtD CURRY 

THE FRENCH Government's 
blunt warning that it will punish 
companies that concede excessive 
wage increases by cutting off 
State credit and encouraging 
competitive imports has in- 
furiated trade union leaders. 

They have singled out unem- 
ployment as the main theme ut 
their post-holiday return to 
business and have seized upon 
the threat, in a letter from the 
Prime Minister. M. Raymond 
Barre, to M. Rent Monory. the 
Economics Minister, to accuse 
the Government of being pre- 
pared to subordinate all social 
consideration to the restoration 
of corporate profitability. 

M. Barre has been alarmed by 
figures that showed a 5 per cent 
rise in hourly earnings in the 
second quarter. He insists that 
the policy of improving the pur- 
chasing power of manual workers 


Paris death 
of leading 
Communist 

By Our Own Correspondent 
PARIS. Sept. 5. 

M. JEAN KANAPA, the French 
Communist Party's foreign affairs 
and defence expert, died today 
in Paris, aged 58. His death 
removes from the central com- 
mittee, which he joined in 1975, 
a man who had become closely 
identified with the “ de-Stalin isa- 
tion " pf the party undertaken by 
its leader, M. Georges Marcbais. 

He was olso an exponent of 
“ socialism in French colours " 
by which he meant putting 
French worekers' interests before 
those of international proletarian i 
revolution. “ It is by struggling to, 
put the French working class in 
power as soon as possible that we 1 
fulfil our priniepai international 
duty," he wrote. 

Like most present-day Com- 
munist leaders, M- Kanapa, who 
joined the party during the war, 
began bis political life as a 
Stalinist, but over the past few 
years he has expressed the 
party's increasing disenchant- 
ment with repression in Eastern 
Europe. Although a former 
philosophy professor, he had no 
real affinities with the more 
liberal, intellectual wing or the 
party, calling for a more open 
structure and a clearer 
repudiation of the Soviet brand 
of communism. 

Although the Communist 
leadership has apparently ridden 
the wave of rebellion imme- 
diately after the recent elections 
from liberals and traditionalists, 
M. March a is will undoubtedly 
miss the loyal support his party 
line generally received from Mr. 
Kanapa. 


and those at the bottom end nf 
the wages scale can only be pur- 
sued if people ehove those levels 
accept an approximate standstill 
in fheir purchasing power. 

Traditional sanctions against 
unruly companies have involved 
refusal of permission to raise 
prices. But as the ending of price 
controls is ■‘irreversible." the 
Government has fallen back on 
credit. Since semi-official loans 
through agencies such as the 
Credit National and specialised 
sectorial money-raising bodies 
form an important element in 
Industrial financing and two 
thirds of the banking sector is 
under State control, the Govern- 
ment has the means to make its 
threats convincing. 

The while-collar union, the 
CGC, has immediately declared 
that it will not accept a further 
decline in its members’ purchas- 


ing power. M. Georges Seguy, the 
Communist central committee 
member who leads Lhe _ CGT 
union, declared: " There is no 
base far economic recovery, no 
retreat of unemployment, no 
price stability, no reduction in 
inflation, no rolling back of the 
crisis, no serious negotiations or 
real collective bargaining.” 

The latest warning on wages, 
he added, was “ an intolerable 
attack on the freedom of negotia- 
tions ” and would provoke 
workers into vigorous action. 

Even M. Andre Bergeron, the 
moderate leader of Force 
Ouvrifere. who has shown the 
most understanding for the 
Government's economic policy, 
emphasised the need not to 
obstruct collective bargaining. 

Union discontent is certain to 
increase if, as expected, to- 


PARIS, Sept. 5- | 

morrow’s Budget foreshadows ! 
increases in the prices of petrol, [ 
tobacco, road tax and alcohol- j 

Industry is in a difficult pp s *-j 
lion. The employers’ organisa- 
tion, the Patronat, is atlochins 
great importance to negotiations 
with the unions on altering un- 
employment benefits, providing 
for more flexibile operation o[ 
rules on the length of work, and 
establishing a sectorial basis for 
wage settlements. 

Although it shares the Govern- 
ment's desire to hold down the 
rise in the wages bill, it would 
no doubt prefer to have its hands 
less securely tied as it sits down 
with unions who will feel honour- 
bound to probe. the strength of 
the Government's resolution 
after a spring and summer of 
unpopular price rises and con- 
tinued rises in unemployment- 


‘Not guilty’ plea at Moscow trial 


BY DAVID SATTER 

MR. -TAY CRAWFORD, the rep- 
resentative in Moscow of the U.S. 
company International Harvester, 
today pleaded not guilty in a 
Moscow city court to charges 
that he bought Roubles 20,000 
and other goods on Moscow's 
black market. 

Mr. Vladimir Kiselyov, a 
checker in a factory, who i6 
accused with Mr. Crawford of 
currency violations, testified 
that over a period of several 
weeks earlier this year Mr. Craw- 
ford brought dollars to his apart- 
ment and that he delivered the 
roubles to Mr. Crawford's hotel 
room or the Moscow offices of 
International Harvester. 

If convicted of the currency 
charges. Mr. Crawford, who was 
dragged from his car on June 12 
and arrested at a busy Moscow 
intersection, faces a maximum 
sentence of 8 years' imprison- 
ment and 5 years' exile. U.S. 


officials have said they believe 
Mr. Crawford was arrested in 
retaliation for the arrest the 
previous month of two Soviet 
employees at the United Nations 
on espionage charges. 

Mr. Crawford and Mr. 
Kiselyov were two of the four 
defendants who went on trial 
today on curency charges. The 
others arc Mr. Kiselyov’s wife, 
Lyudmilla, and ADa Solovyov, a 
cashier at one of Moscow’s hard 
currency stores. 

Air of the Soviet defendants 
pleaded guilty and the Kiselyovs, 
whom Mr. Crawford said did 
minor tailoring work him, 
answered “completely" when 
charges. They are, in fact, 
asked if they were guilty of the 
charged — under a different sec- 
tion of the same article — with 
large scale and repeated cur- 
rency violations and could 
receive the deaith penalty. 


MOSCOW, Sept- 5.- 

The Kiselyovs were accused 
of accumulating a cache or up to 
5100,000 in hard currency and 
the indictment in the case men- 
tioned. a West German, an 
Ecuadorean, a Japanese and two 
Afghans as also having violated 
currency laws. 

Mr. Crawford has been accused 
of having bought the roubles for 
$8,300 paying about a fourth of 
the official rate as well as having 
bought six samovars. 

Access to the courtroom was 
limited to a few correspondents 
but when Mr. Crawford appeared 
during a break in the hearing, 
he said the case against him was 
“full of holes.” 


Swedish credit 


for Algeria 


Greek minister in talks 


BY OUR OWN CORRESPONDENT 


MOSCOW, Sept. 5 


MR. GEORGE RALLIS, the 
Greek Foreign Minister, began 
talks today with Mr. Andrei 
Gromyko, the Soviet Foreign 
Minister, which were apparently 
aimed at laying a basis for 
broader relations between 
Greece and the Soviet Union. 

There has been little coverage 
in the Soviet press of Mr. Rallis's 
visit but the newspaper Socialist 
Industry, in a dispatch from 
Athens, said that Soviet-Greek 
trade for the years 1973-77 
increased from a value of 79.2m 
Roubles (Y60-5m) to 316m 
Roubles (£241m) and emphasized 


that the Soviet side is ready to 
improve relations. 

Mr. Rallis's visit was not seen 
here as an attempt by the 
Russians to court the Greeks now 
that U.S.-Turkish relations are 
improved. Rather, it is seen as 
an attempt to balance the recent 
visit to Moscow of Mr. Bulent 
Ecevit, the Turkish Prime 
Minister. 

There are several bilateral 
agreements tp discuss and the 
Cyprus question is expected to 
be taken up. Mr. Rallls arrived 
in Moscow yesterday and is 
expected to leave on Saturday. 


STOCKHOLM, Sept. 5- 
POST OCH KREDITSB AN KE X 
(PK Banken) has arranged a 
Kr 410m export credit for Credit 
Populaire d'Algerie, according 
to banking sources. 

The credit, refinanced through 
the semi-governmental export 
credit institution Svensk Export- 
kredit. relates to a Kr 750m dam 
and irrigation project in the 
Cheliff Valley,, southwest of 
Algiers, on which the Swedish 
trade union-backed construction 
company BPA Byggproduktion is 
working. 

The sources said the draw- 
down period is 44 years, the ex- 
pected length of the project’s 
construction work, but they 
declined to give farther details 
on terms. 

Reuter - - . , 


' "f 


■ v.\ • 


f00l «» iv ****ir-i , 

1 1 ■ 



Bomb attack 
on Italian 
express 

- By Paul Betts 

ROHE, Sept. 5. 
POLITICAL TERRORISM has 
returned to Italy after a 
brief summer lulL Terrorists 
bombed the mala Borae-MIlan 
railway line between Florence 
and Bologna last night In what 
could have been a repeat per- 
formance of the explosion on 
the ftalicus express in which 
12 people died four years ago. 

At the time of Last night's 
explosion the Conca d’Oro 
express was travelling on the 
stretch of line which has been 
the target of. five terrorist 
attacks in the past four years. 

It bad been diverted to a 
parallel track because of repair 
work on the main line. The 
explosion damaged the engine 
and smashed carriage windows. 
The train was carrying about 
400 passengers. 

No one has claimed responsi- 
bility for lhe bomb so far. But 
there was speculation today 
that the attack may mark the 
beginning of a new wave of 
terrorist violence. 

The Government has re- 
formed. its anti-terrorist squad 
in. line with commitments to 
the parties supporting It in 
Parliament. The derision was 
taken after the murder of 
Sig. Aldo More, the former 
Christian Democrat Prime 
Minister, earlier this year. 
Economy at the crossroads. 
Page 25 

Bonn MPs told 
of police slip 

BONN, Sept. 5. 

A PARLIAMENTARY Com- 
mittee in Bonn heard today 
bow West German police 
allowed urban guerrillas wan- 
ted in connection with the 
killing of Herr Hanns-Hartin 
Schleyer, to slip through their 
hands. 

Herr Gerhart Baum, the 
Interior Minister, was giving 
evidence to the Bundestag’s 
Interior Affairs Committee 
after police admitted having 
shadowed three guerrillas who 
were believed io have been 
involved in the kidnap and 
murder of the employers' 
leader a year ago. 

The three, Christian Klar, 
26, Willy Peter Stoll. 28, and 
Adelheid Schulz, 23, were 
photographed by police as they 
set o ffon a helicopter flight 
on August 6. They bad made 
two similar flights, posing as 
a film crew, over a prison 
where other alleged guerrillas 
were held. 

Tipped off by a helicopter 
pilot, the police believed the 
three were only on the fringe 
of the guerrilla movement- 
Only when photographs were j 
developed did they realise 
they had been watching three 
of the country's most wanted , 
guerrillas. 

Reuter I 


German banks warn on 

European monetary plan 


BY JONATHAN CARR 

AS DETAILED talks on the pro- 
pped new European monetary 
system (EMS) get underway in 
Brussels, the Federation of West 
Gernjfen Banks has launched a 
strong warning' of the dangers if. 
the scheme is llt-pTepared. 

The critique is similar to that 
emeiging from many German 
sources — not only in the private 
sector— since the European Coun- 
cil at its July meeting in Bremen 
laid down guidelines and a time- 
table -for the system. 

It appears to have been re- 
leased now for maximum impact,' 
with the European monetary 
committee holding talks on the 
proposed system in Brussels to- 
morrow and Thursday in readi- 
ness for a Community finance 
ministers’ meeting on September 
18. Under tbe Bremen time- 
table, .the new system is to come 
into effect at the turn of the 
year. - 

The banking federation begins 
by stressing that more currency 
stability in Europe is a desir- 
able aim. But it goes on to list 
! strict conditions which must be 
fulfilled if Increased inflation, 
with -the attendant risks for 


growth and employment, is to be 

"Ttailrt. that th ie ! scope tor 
currency support operations «md 
the time-scale for settling obug a 

tions most not bc , t0 ® *S?S 
comes out strongly .Wjg* fje 
-use of a flexible unit (like tne 
European unit of account) as i a 
yardstick for interirention and 

opposes the creation of added 

international liquidity through 
operation of the planned Euro- 
pean monetary fund. 

The consequence of non- 
observance, the federation sug- 
gests. could simply betbeinaa- 
tionary financing of erring 
nations’ economic policy f allures 
and one-sided intervention by 
the Bundesbank which, whatever 
happens, must not lose control 
of national money supply. 

Those favouring the new 
European system, including the 
Bundesbank leadership. are 
known to he aware of M ae 
dangers and determined to avoid 
them. The same goes for those 
in government charged with 
negotiating the details in the 

"B&BS behind the tech- 
nical problems raised over the 


BONN. Sept. S _ 

last month or two there am* 
a deeper concern about The J? 
term aim of the proposed 
and its possible consequent ^ 
It is recognised that th** 
European monetary unit wwf 
bound to play a wider refe * D! ' 
the present unit of account’ 
example as a reserve medium, 
settlement between central ban 
and for provision of credit. ; 

But there is strong oppoatj, 
to the idea that the new monel., 
unit could develop into - 
parallel currency — involve*: 
among other things. 1 restrietfo2 
on the free convertibility of £ 

Deutsche Mark. ’ 

Suggestions that such a ni- 
ls under consideration in 
Brussels commission were T„ e 
vestigated by the Bonn EemL 
niics Ministry during the .J? 
mer. It came to the condiy,^ 
that if such ideas were k, 
entertained there, it was nouJ 
yet— at a high level. * 

There are also fears resartta, 
U.S. reaction to the svsteiw I 
despite assurances l»y 1 
authors of the plan that it , s ^ 1 
directed against the dollar, 
will, indeed, actually help uj : 
U.S. currency. 


New Iceland krona rate today 


BY JON H. MAGNUSSON 

ONE OF the first official acts of 
the new left-wing Government in 
Iceland has been to agree after 
bickering among the coalition's 
partners, to a 19 per cent 
devaluation of the krona. The 
official exchange rate will be 
announced tomorrow by the Cen- 
tral Bank of Iceland 

The Marxist People’s Alliance 
campaigned in the parliamentary 
elections last June against the 
foresees devaluation. It sadd it 
would not take part in any gov- 
ernment that began 4ts term by 
devaluing tbe inflation-prone 
krona. ; 

In the end the Marxists con- 
sented to a devaluation of 15 per 
cent al though, according to 
Government economists, the 
| krona should have been devalued 
by 20 to 25 per cent : 

The foreign exchange sections 
of Icelandic banks will open 
again for business 'tomorrow. 
They have been closed. for 10 
days. 

Their ' closure has . harmed 
importers but the fishing indus- 
try has welcomed the devalua- 
tion. Fish exports are expected 
to bring in badly needed foreign 
currency to meet ever-increasing 
wages. ■!. - 

The' fishing industry " had 
threatened to close all freezing 
plants on September 1 unless 
the Government devalued the 
krona. The new Government, 
which consists of middle-of-the- 
road and left-wing' parties, has 
promised the island's workers 
that it will maintain the 
present purchasing value of the 


krona. Meanwhile it is prepar- 
ing strict curbs on private 

spending. x , .. 

Action will be takeo in the 
next few days to check infla- 
tion, now about 45 per cent. 
The Marxists in the Govern- 
ment however, are very 
reluctant to take any such 
steps, as they might reduce its 


REYKJAVIK, Sept. 5. ! 

following among Icdaaeit 
voters. Mr. Ludvik Josefs:-^ i 
leader of the People's Alliamv ! 
told journalists this week that ^ ; 
thinks this Government will Usi i 
only for a few months or umj- 
it has acted to correct the coni, 
tions that have brought tfe 
Icelandic economy almost to j. 
standstill in tbe past few mentis. 


Norway well promisin; 


BY FAY GJESTER 

TESTS OF the first well in a 
promising new Norwegian block 
have given results comparable 
with the best attained on the 
nearby Anglo-Norwegian Slat- 
fjord Field, the licensees 
announced today. 

Statoil. Norsk Hydro and Saga, 
licensees on block 34/10. said 
test production had reached 
almost 1,000 tons of oil a day. 
The structure also contains gas. 

Work on the block’s second 


OSLO, Sept. 5. 

well will start shortly and i 
third will be drilled within ti K 
next year. By mid-1979 it should 
be possible to determine whether 
the find can be commercial^ 
.exploitable. 

Meanwhile, the first four pm- 
d action wells on the Tor Field 
near Ekoftsk, are producing j 
total of between 8,000 and 10,000 
tons daily, twice as much a? fore-]., 
seen by Philips Petroleum, thej- 
operator. 


Danish VAT rise vote 


BY HILARY BARNES ' 

PRIME MINISTER Anker Joer^ 
gensen’s Social Democratic- 
Liberal coalition Government 
seemed certain today of having 
a majority for a proposed 
increase in value added tax from 
18 per cent to 20 per cent. Until 
tomorrow's second-reading vote, 
however, it is not certain how 
the Government will finance 


COPENHAGEN. SepL 5. 

compensation for socially dis- 
advantaged groups. 

Originally the Government dirt 
not intend to pay compensation, 
but a revolt in the . Social Don* 
cratic parliamentary group 
forced the change of mind. 

Fir-jNciiL Tim. puMisheU do>h earn w- 
and holktivv VJi. suWTlrt^n 
lair frefsfiti JJii.iin uir main pr- ur* 
Second class posuicc paM at New Turk, n V ' 




Were old hands at new ventures. 


Co-crcaiors or first Eurobond. 

In J!l37 Pctrolina had briefed us on n special 
problem. One with no standard solution. 

S> iintsei her with n wtkiJI group oj j iticm.it tonal 
1 Kinks . we created a new solution: The world's f i rst 
Eurobond Issue. 

Niiilc then "we’ve managed and co-muiia^ed 
hundreds of Eurobond issues. Making us one of the 
world s leading sp« insm> or Ibis type nt financial 
project. And die one with the longest experience. 

Why new ventures appeal to as. 

Because all too often the old answers aren't 
the most precise solution to new financial problems. 

Or maybe it's because were siinlrs and we 
prefer to custom-lui lor solutions to each customer. 
Rather than lorce him into off-the-rack answers. 

■ But we don't innovate just for innuval ion's 
sakc.W hen die standard sol uiioij still fils, we offer it. 


All tbe expected services. 

Me have the same nmiie ol financial scivm rs 
us other international banks. And we buck tlu-m up 
with an international nrluoi k of .subsidiaries, 
representatives, aililiutcs. .i-.snciatrs. c niTesp,^ mi lent- 
and bunk inj»- communities like M'KanH A^c« iai.-«l 
Banks' of Europe ( AREGOKJ. And with JUOu retail 
brandies in Belgium. 

Biit what makes' us different from other inter 
national banks is our individual attention to each 
client's individual problems; our reluctance to Mick • 
to the traditional answers; and our wj limpness to 
stick our neck out in new ventures. 

Like tlu* day we stuck our name on the world": 
fij-st Eiu'obond. 

(J) Banque Bruxelles Lambert 

banking, a mattey of people 


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U ROPE AN NEWS 


ister sacked o rders for j Andreotti 

■ Lrerman i by dayw gwoner 


to see Juan Carlos in Madrid 


inrlirctrv fall ghuo wokeotti. 

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,--ay : PAUi.L£HDVAl 

■ROMANIA'S' Minister'- of the 
Interior* s .Hfc Teadoricomunr tins 
sacked' today, tiv President 
■NiarfiW r. -^Ceaose&cue vamid 
rumours of a major - panic in 
the- country^ security police. His 
-successor is Mr; George -Know. 
stean v ' formerly Parry Secretary 
oF the Alha region and a imajiber 
of: the Central Committee. .The 
curt' . .anaoungemeor pave no 
reasons for tho dismissal of Mr. 
Comeri, ' wJhk was in' charge of 
this key Ministry since March, 
1575, and who - is a non-voting 
member -of the ruling Political 
Executive Committee. 

• The, more wiis clearly- tije con- 
sequenco of the recent defection 
of LL Gen. loo Paccpa, a former 
Deputy: Minister of the Interior, 
and- dose adviser to the Presi- 

dent. Tt is now evident- that the 
dismissal or the Minister of 
Totiriihi. • Col. . Gen.’ Gfujorgne 
Xicalac Dpi cam. three weeks ago 
was also connected. with the 
much -discussed . Pacepa- affair. 
Mr. Doi raru was. until Decent 3t?r~ 
19i i. a First' Deputy Minister of 
the fntenor,- 

MeanwhiU?, the replacement of 
Mr Goman appears Vi- confirm 
agency reports about a drastic 
shake-up in the security- military 
apparatus. . Rumours circulating 
in : diplomatic", circles. . ih 
Bucharest' sug gov't that -about a' 
dozen- high-ranking officers, in- 


cluctihc Ora generals of the state 
security Service. wereiakcn into 
custody liter .the furious party 
chief ,ai» TJt»d'- of- state. Mr. 
NitoUe Seausescu, had ordered 
an inveatfeatian. 

But the changes indicate that 
the airrtat purge may involve 
ficn Jiaiss* top- officials, than the 
sprtng-cfwirinig' opera Lion 
ordered after- U» --strikes of 
miners itft the - Jiu Valley in 


even .rnori 

SpSlQ^cIO 
ordered * 
miners -M 
August," la 

World-wfSe publicity concern- 
ing the defeelicwi.of Gen. Pacvpa 
at the,end|o£: JulyAn Cologne 
:«nd his suWMuenfarevelations in 
WashinKtcnf to-' tite.-'ClA- about 
alleged hi®- ranking West Ger- 
man spies Botin working for 
the East.Bw, have embarrass. ed 
Mr. Ceause& and also weakened 
hii pos « tjorn-via-a-vi s lhe Soviet 
Union, Mr. Eaecpa' is the hiahest- 
raokjng secajafy police official to 
defeet fromrihe Soviet Bloc to 
tin' We<t siiwc the •war- Only a 
few da vs ngofr toVrtapssusc mark- 
fun the 30th [’.anniversary of lhe 
founding ' oft the -state-security 
service.. President;: Ceauvescu re- 
ferred to people " willing tu 
hciray their Chantry for a hand- 
ful nf si JverT. and ' demanded 
“ increased \-iglance." 

Mr. . Hnmtftfeaijk the new 
serarily scmcfcchief is the fifth 
Minister of th£Sriferlor : Romania 
has. had in ja#t' over six years. 


IIIUMijU J M . MAR j xtalian prime Minister, arrived 
By Jonathan Carr . i **re lwia - v 0,1 a two-day oflicial 

V1BNW Sunt . _ ( Visit. He. Will haie talks with 

VIENNA. Sept. 5. BONN. Sept. 5 1 Sr , Adoifo guarez, the Spanish 

As his predecessor, he, loo, has for 'IS Premier, and be received by 

spent his entire career the 'JSJJS ^i-Sfv Julv Wl,s Juan Carlos, 

party apparatus. fto Swluu? month - buf 5J£ Thc v,Nil « 'carded here as 

The state security service was [n ar kodlv stran"cr than in Juiv ■ T ? w contiouaiion of the high- 
merged with the Ministry of the JS year * few* rainacis between the 

Interior in April. 1872. The last I „ .* A • wunlries begun l»y Sr, Suarez's 

radical . re-organLsaHon of the! £««»»»** ^ hsure* rtlcarfj 

» « t ■■« & s-wstfv, hpams 

Europe, second only to tlio Soviet pe L* ent dSd,n 1 J ■*■ 

Union. The cause was a nulieuanle - 

M n -.nu-hii n *u.. A,.f fait in fu reign demand, with . 

n thL h-!l tf Ct h^ n orders from abroad down by 2.5 
RoiSnian P er ccn t while those at nuuie SPANIARDS traditionally over- 

Ronmnian-A^jenran "hmumtn * osc by 0 .5 pvr ml spend or. their holidays then 

Ceausescu visfted‘Waslim«on frt A two-monUi cuinparison cov- resign themsehes to three 
Anrn this Sr S S i n eriag Junc-July against April- months austerity to cope with 
7 £.i. _ jear, unmanian chnttFc .; n1l i., r jHa aeeumu utf-d hiii« viw. 


visit to Kume last September 
on u tour of EEC capitals, and 
aimed at huilding support for 
Spanish entry Into the Com- 
munity. 

Italy is regarded as a firm 
supporter of Spain’s candida- 
ture. although Italy’s blocking 
of new concessions to Spain on 
agricultural produce. • under 
the tonus of the 1970 preferen- 


tial trading agreement with 
the Community, is treated with 
reticence. 

That opposition, or Lhe 
Italian explanation of it as 
part of a design to reform the 
Common Agricultural Policy, 
contrasts favourably with the 
outright hostility of AL Chirac’s 
neo-Gaallists or of the French 
Communist Party. 

Little is expected from the 


31 ADR ID, Sept. 5. 

visit except a reaffirmation of 
Italian support Tor the Spanish 
candidature and perhaps a 
commitment to increase com- 
mercial links between the 
nations, although that would 
take the form of a statement of 
Intent, since Sig. AadreotU is 
travelling practically alone. 
Last year Italy exported goods 
worth $845m to Spain and 
imported goods worth $523m- 


Spaniards face austere autumn 


BY ROBERT GRAHAM IN MADRID 


^, ^ r e ?h luI w«i-l2i t ? B It is too sorm to tell wheilier. in which mil-41 ion was kept under 

denVs 3u%£t iS roS this pattern will hold good for control, alt the indicators point 

coSL^nine 1 1 the whole year. But il is worth to .a sharp upward* movement in 

n Thi P ; t noting that the latest survey of prices. 

Prime Minisier^r Ilh- Vefrief business opinion published by In July, the last month for 
ar haSi ™ - uSnlc the IKO econum.e institute, which figures are available, the 

apparcntlj untrue. pn „„ Mn - . lllv f fl „ ni i manv i Consumer Price index rose 2 Per 


food prices may have to be 
frozen for The rest of the year. 
Mr ire Important, officials have 
let it be known that a range of 
energy price increases previously 
planned' far the autumn will 
almost certainly be postponed. 
Increased enerpy prices are an 
integral pzr: of the ten year 
energy ;ilan for 1977-S7. which 
was drawn up earlier this year, 
hut which ha* still not been 
approved by Parliament. 

Industrialists, already having 


gel but ii is not something to 
be ashamed of.” 

Such a cut in inflation is an 
achievement but the way in 
which it has been achieved sug- 
gests a certain fragility. The two 
main instruments have been 
wage restraint and a tight con- 
trol of the money supply. Despite 
one or two hiccups the guide- 
lines of monetary policy. Untiling 
the increase in money supply 
to an average 17 per cent, have 
been, and are still being. 


Dutch spending cuts 


iiiunin. cut me iimnanian above tlie ur«nniic trend 

leadership has clearly embarked In a year-an-year comparison “J m faras 

on a major purge which" may —to be made with caution sine* lo °* ,ilou “ n not as rar '‘ i 

lead in further lop-levc-l changes the 1077 figures were partial- tM* ' nilhn . |- hf .. n „ 

and wide rcpcmisions. larly low- the July ordor fisoros ^.nl'Xlh S“ SjdT- 

' £?S,d.S,S rc 0t re ' aUVDUr l2K Sp^or"V“cti« of 

buojrant demand. ... autumn price readjustments 

/ . Total industrial orders m July gfter the summer break, but also 

^ ivma 1|7 were up by 9J2 per cent against with a series of significant 
111(1 S|f|2f || July 1077. with orders for con- incrcas L *s. For instance, milk 

v ctimpr durnhli>s hichcr hv 11.4 nriraa nmH In iirnfiiiNT will 


P2.VHACE.U- 

tiur. fur sca£ 
d gr."<u?i 
■ O' the Go^i 
3 t.-< pay me 
rilt \r\ >he Sew. 
Pirlisneiun 
? £-hia:^ pf ar 


BY CHARLES BATCHELOR 

0 • ' 

THE DUTCH Government** . piar. 
to uit public spending -by 
FMOlin rS.-ibnl over- the, neat 
three years do" nor ko far 
enough, the- major .. .employers' 
organisation^ said. Public seciur 
spending must bp ciit .’by aii 
extra FI 2-5ba ! -. (£4S0m-ll 2 bn) 
over the three-year period, while 
an extra FI lbn (£ 2 40m) v year 
should be set aside as. a reserve, 
they said. 

These are the major elements 
in a 48-point .plan. Count*, for 
Recovers^' put. forward.- by ; ifie 
seven largest .-.employers and 
small business . groups in’; 
Holland, The employers' claim 
that the Government's propo^ite 
do not go- far enough follows the 
unions* reaction thdt -the outs 
are. too far-reaching. 

If companies ore to be given 
the necessary room to increase 
profitability, while at the same 
time the '.purchasing' ^ power ^ ‘"off- 
the worker on Fl 30000 ^tT.OOO) 
a year. isvtd lie niaihtalned, the" 
growth ~of- ptlblie spcndlng must 


be curbed even more severely 
than is now.* planned, tin- 
r ruiployers suidT‘ ^= .* \ 

' - By huur much would' depend 
or. the-^ent lit which lhe Gov- 
ernment was "prepared to in- 
crease -its borifowipg; require- 
ment? This will become clear 
•only when the i!878 budget is 
presented to £aziiament later 
this month. 

. The GovenaimntV plans 
depend on a number of uncer- 
tainties, .the greatest of which 
is srowfh-of wotfif trade. If trade 
grows by only 1" 'per cent less 
than is. now forecast the; Govern- 
ment's calculations .- -will be 
invalid, the employstB said. 

For this reason- an “emer- 
gency- brake" ot-Fribn- should 
be set aside eadfr year. Only if 
spending' ‘and gxmifc targets in 
the year are nottartsflned could 
il he drawn dovfai .tu allow a 
lowering . of . tans >or social 
security premium* ' 

• The employers me opposed to 
the view that wirke* or the 
State should . have , a greater «y 


•4-/v/v dimaII/ were up oy uj per ccui agaim wiU» a ssrler, of significant 
1(1(1 %k(f(2f || July 1977. with orders for con- increases. For instance, milk 

■ ■ sumer durables higher by 11.4 prices paid so the producer will 
per cent and those for capital be goina up 7 per cent. and. those 
AMSTERDAM. Sept. 5. goods by 7.9 per cent. paid by the ci>nsu;?i»r will pr»b- 

Mean while, lalesi unemploy- ably nse by more; new ears v;ill 
in the management of companies nient figures released tuday cost hetwe»*n S and 10 per cent 


The Spanish Government’s carefully laid 
objective of cutting the annual inflation rate from 
1977’s 27 per cent to 16 per cent this year is being 
eroded and this in turn is likely to complicate the 
delicate process of negotiation both between the 
Government and the opposition and also between 
the trades unions and the employers 4 association. 


_______ The Federal Labour Office ol ‘ tbe ,norc Publicised 

-r* • . i* expects the jobless total this xa %* Xi> ' .. . 

ParK talk<s ? month lo be lower than in ■ The Governments (awfully 
A Ak August — and believes the objective of culling the 

MR. WILLIAM RODGERS* Seere- average for 197S could be *2*^ inflation rate from 197Ts 
tary of State for Transport, will slightly under lm. 27 P e ^ c " lt t0 16 [J 01 ! c S* l l th . te 

2? ect u^- J ? eI H m Th ®? e - t ^° •Count Otto LambsdorlT. the .' S thS 

French Minister of Transport, m Economics Minister, said toodv ! , s l *> complicate the 

Paris today _ for an informal that 1978 economic growth should rolnromPM 

discussion about inland trans- be between 2 and 3 per cent, botii between the Government 

port issues of interest to .tho two compared with the S5 per cent L he raam ^PP 0S1 ^ 00 P a rties 

countries. er0 ^hf 0rerast ; n the Govenv- ^ ntl between the trades unions 

nrnf»nn<;L<; rennrtc 4p.nj Tor a renewal of the Mnncloa 

R iO yjcjt Tirizfi Count 'Lambsdorff said the P**? 5 r [ 1 f Package of economic 
l & VIM l piUC 2 to 3 per cent growth pre- Political measures agreed 

BP IS OFFERING motorists at supposes. a continued rise in the ££ October and winch expire in 
most BP petrol stations the economy for the rest of the year. '■I u ®J 0Ver one mon, n. 
chance of winning a trip to a ' Speaking to customers of ; The main cause for the 
North Sea oil rig. The trip, plus Suedwestbank, he said the per- increase of the Consumer Price 
£1.000, is the first prize in a com- spective for the remainder of this ftidex in July was a 3J3 per cent 
petition to mark the flow of year calls for expectation of a jump in foodstuffs. The Govern- 
500,000 barrels of oil a day from slightly improving economic ment has been sufficiently cotf- 

the company’s Forties Ffeld.' -picture. cemed by this rise to, hint, that 


lo absorb hicher overheads, have 
been fighting a rearguard action 
to prevent fuel oil price in- 
creases. The Cement Producers' 
Association has been trying to 
show in press advertisements 
that Spanish fuel prices ore 
within the European norm. Con- 
scious of the extra burden on 
industrial overheads, and realis- 
ing that increased energy costs 
will he quickly passed on to the 
consumer. Government officials 
aopear willing to put off an 
increase at least until the end 
of the year. 

Yet even with such measures 
there appears to be a general 
admission that inflation this year 
cannot be kept below 18 per 
cent, and officials are saying 
somewhat philosophically that 
Spain will have to set itself 
more realistic targets for 
reducing inflation. They envisage 
a timescale of nearer to four 
years (since October, 1977) 
instead of two years as oriEinally 
hoped. The feeling was summed 
up by one senior official who 
said “to reduce inflation from 
*27 per cent to 18 per cent in one 
year may not have been our tar- 


observed. Equally the wage 
Ceiling of 22 per cent has been 
observed, largely because the 
infant trades union movement at 
a time of recession has pre- 
ferred to preserve jobs than 
argue about wages. 

With the tax system in lhe 
process of being overhauled, lhe 
authorities have been obliged to 
lean heavily on monetary 
measures. This reliance on the 
monetary weapon, coupled with 
a .continued lack of confidence 
by the private sector, has resulted 
not only in a continuation of 
the recession but also in it biting 
deeper than expected. By now 
the authorities bad hoped to see 
positive signs of recovery bur. 
such as there are seem merely 
technical (for instance stocks are 
being built up, merely to retain 
minimum strategic levels). No 
one believes that the upward 
trend in unemployment can be 
checked and even official esti- 
mates now put it at the lm mark. 

On the one hand therefore the 
Government has to consider some 
form of reflation, albeit mild. On 
the other hand, it has to cany 
ont such .stimulation without 


squandering the benefits 
achieved. The mam examples 
of these benefits are the strong 
external position, symbolised by 
the $9bn record level of reserves, 
and reduced inflation. 

In this respect, wages policy 
is going to be crucial. The 
Government would like to con- 
tain wage increases to between 
10 and 12 per cent next year. 
Economically this may be easy 
to accept, but it will be hard 
to sell in political and social 
terms. Last October, the econo-, 
mists in the Government argued i 
that 17 per cent should be thei 
maximum permitted ceiling fori 
wage increases (this would have 
kept wages more or less in line 
with inflation). They were over- 
ruled in what was an essentially 
political decision so that wages 
this year — even on projections 
of an 2S-19 per cent inflation 
rate — will have outpaced prices. 
Now the authorities want to 
limit wage increases to below 
the annual rate of inflation. 

With discussions nn this 
issue just getting under way 
one can offer only pointers on 
the outcome. This time 
employers and the unions will 
be directly involved (they were 
excluded from the Moncloa Pact 
discussions last year). This 
should help to create a better 
mutual understanding and the 
employers are expected to press 
the point that high wage 
demands will be counter^ 
productive, stretching the poor 
existing cash flow positions of 
the majority of industry. 
Secondly, the Government is 
likely to offer a sweetener in the 
form of a major new programme 
of public sector investment lo 
ease unemployment. But the 
imponderable question is how 
long the political consensus 
among the main political parlies 
can last. Last year it berame 
the basis for the Moncloa Pacts. 
Since then both the political and 
the economic issues have 
become more complex. With a 
general election possible early 
next year, considerations or 
party politics may well override 
the consensus. 



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■ - -.-V t - x 


OVERSEAS NEWS 



INDIA’S FLOODS MOSCOW 

Two million homeless in W. Bengal 


Lesson for ,NDIA ' 8 FLOOD8 ■■ 

China in TWO milli on hoWM 

a vacuum 

INDIA'S WORST monsoon flood- rafts made of banana trees and 
Tioci/' -big in years created chaos today others wading through sboulder- 

JLlaolV as It drove 2m people from their deep water carrying belongings 

homes in the state of West above their heads. 

By John Hoffmann Bengal and forced the evacuation Although the West Bengal 

of hundreds of thousands in the Government said large quantities 
* PEKING. Sept- 5. New Delhi area. of w r S* er .*?lP , iSfiL JS* 

ONE OF th. «rODS«t first WaS *“ S E 

impressions China makes on the aiIway station in Eaid the food had ™ n 0l,t - 

visitors concerns the ubiquity At Haur ra 1 way station m LQca| fichools converte d into 

of the vacuum flask. It stands. JJSed tte temporary shelters overflowed 

filled with hot water, in every Se Ispat EaflSsV from JScufla St T t slept 

hotel room, in every family’s deman ding food and boats to 2 f te 2 ad ,“ t ,y JS? Sll rising 
kitchen. on every office rescue their families from tree towards panskura 8 

worker's desk. It is presumably tops. Lack of drinking water posed 


CALCUTTA, Sept. 5. 


3D0MDw 


arms to 
Hanoi’ 


S. Africa’s mm 
Cabinet debates 
UN Namibia pi; 



PAKISTAN 


N/ 


deuii: 


j?A-> 



Flooded 

f 


i J BANGKOK, Sept 5. BY oueNT IN PEEL JOHANNESBURG. Sppl 5 

SOU^H AFRICA'S Cabin.. .c, 

jand Avilian technicians to help today lo complete its respoi^ to 2® t ^ N b 5°sWAPO 1 - h e l5 
|Vieti$m in the border war *JS vs proposals for a ceapehre JgytJd o> t « S, 

i*twK tte two sooti-east Asia “VolKtlo^ Id the £££ E d X ?Sdi, A S 

| nei “^ ours - . . ritory of Namibia <S th 1 therefore go to the national? 

A ^atement hya senior -official Africa), but declined to ots-toae ujj timetable k 31 * 


The UN timetable « 

- a.L. llf.r. ** if 


; Calcutta 


of tire Infomwtion and Props- its decision. nh _ e ._ variance with the Western J 

ganda Department said the Meetino after strong iW n QS als if only becaw? ^ 
Russiajs had also supplied. Hanoi ^ bai ? been made » the LN £ h programme 
with weapons and ammunition. DlanS in N ew York by Mr. K. *■ delaved by negotiations T* 
The statement, quoted by Radio ffi • Both*. South A'rca*» ^dheiiu is pra»3E i ha *£ 
Phom j Penh and . monitored in “Sfelrter. the Cabmet ^SSSSStxS 


worker's desk. It is presumably top. “SdT offing water posed ^ \ ' T I SOif^S^STSS^ ffiSS TafTt seven-month jrocess.e^ 

concealed somewhere in every They told a reporter aboard a ^^3 problein ln tbe refugee ' J | \ Vietnam to- threaten Cambodia SLyS^tr. a final decision in A5f fortrooo SSuS?** 

truck or bus drivers cab and tbe camps and marooned villages to ^ D\ I >A so as. to expand its influence S'liohtof further develop- ““JP^ur more°for JMl?** 1 *. 

is likelv to be the only without food for the past -three vbich supplies were being- -T > 'l f in the'area and in the whole of the *^ bt £ Si SSSwd E« t 6 "®' 

luggage carried by the mynad aD 110 U6 M ' WCr ^A^nvemmen? doctor said he Asia. ; m .J? ' rte 0 f the hostile rone of J,e ans failing to 'mejlj ^ 

cyclists who pedal to and from „e Ince ^ Government is not Mtfrf ll S!LjS C ^!L!£ d fnr HR^HB “vT '“‘H The Cambodia-Vietnam border Routh Africa's initial response, original South African draHiJ* 

work each day. mkSr'nJ actiJnT^ppfy Ss an ! 'SSfifTSSte m ™ war Ms been going on since ^ es ?e^ dfpolniars are hoping for 8 independence by De£& 

The average Chinese does not foo d, we have been forced to the poraibUity Sit chtflera would y ?!Snmf “to? “phSm Preto " 81 wiM K ^lonT 1 ,5 3l ' Mr ‘ n’ k 5 °? 3 1S appar ®^ 

like to be too far away from adopt ^ measure for drawing develop ' ^,W d . suPPOri for Phnom compromise in the hope •»/ now prepared to accept ^ 

his cup of tea. or. for the many 4ls attention,” one said. In New Delhi, SOO miles to the Morarfl Desal on an aerial sur- houses, uprooted tree* and a JjgJ ^9 achieving a peaceful settlement slippage, but is stiU arguing 

who cannot afford tea, hot i n three districts southwest of north-west more than 1,000 'vey of New Delhi. marooned people waving for by ^ N r“mb<Sian The South African tv*vern- elections before December 3 l 

water and the vacuum flask is cajeu^, air for ce helicopters so i d iers bunted a huge rescue Officials said more than 200.000 MlP from rooftops. /LseShlv Cambodiaa PeopIes me nt is known to be deeply On the issue or the ^ 

c\ erynian s assurance that the aad arm y boats continued to operation to move about 400.000 people in the old city of Delhi With the Jamuna river trans- . • . _ divided on the issue, wu.h a force, the South Africans argn? 






The Cambodia-Vietnam border Africa's initial response, original South African deadW 

war Ms been going on sinee western dipoles are hoping fpr ^dependence by De«X 
Aprti last year. China yesterday ^Pretoria will be prepared to 31 _ Mr . pik Botha is appaiSS 
mffiiM, support fw Phnom S£ D «m| S e- in lhe hc I pe ’’/now prepared to accept^ 


that no such thing was 


c« erynian s assurance that^ the and army boats continued to operation to move about *100.000 people in the old city of Delhi With the Jamuna river trans- M . . divided on the issue, a [o rce * tbe ^° b th th , f £n ‘ ::uu ar 3te 

cup will brim all day lon^. pluck .people from trees and people marooned in outlying had been moved to safer ground formed into a vast lake ra 9 re [ rearguard arguing that the that no such thing was m Pfl . 

hinese vacuum flasks are rooftops. villages and suburbs. and 44 refugee camps bad been than two miles wide, some re- . “>^ u te^be^een Hanoi and China ^- 1 - western initiative on tioned m negotiations 1 with the 

inexpensive, work well, and Officials said it was impossible The raging waters of the set up. fugees panicked and ^ertumed ■ ° sr ^thnm Cmnese leainng ^ ja wb j c h has won broad Western powers. The main, 

all look as though they were to g j ve 3 . definite death toll or Hamuoa river reached their One tragedy occurred when a rescue boats as they jumped Vietnam, Cl him * gurcauijd the approval both from South Africa tenancc of law and order was la 

made 40 years ago. Their damage estimate, but newspapers highest point ever and hundreds rescue boat capsized in a village “tto them. One soldier was was-^Mer cr ossina betw een?he a “ d the nationalist Sou tn-wc*.. be left in the hands of the Sontjj 


exteriors are functional. and news agencies have placed oE houses were submerged in one in northeast Delhi, killing 20 drowned 
uniform cylinders or lbe number of dead at several middle-class suburb. people. At thi 

aluminium surmounted by hundred. “The city faces a night of A reporter who flew over the old pa 

screw*on metal cups. Handles Refugees poured into the small crisis." said the capital's Lieu- city and sarrotmdiqg country- feverishl 

are riveted to the sides. Lurid town 0 f p a nskura, about 50 miles tenant-Governor. D. R. KohLL side described a pathetic scene keep the 

flowers, fish Dr fowl embellish south-west of Calcutta, some on who later joined Prime Minister of collapsed and .submerged area, 

the result. 


way herder crossing between the an AJ ne Janie's Orgamsjtinn African -police, 
two enrintrios- The New- P.hin* Africa people s b _ J". . 


Sheng Chi-You, a Peking citizen 
who is as fond of bis hot 
water as the next fellow, is 
fed up w’ith the unimaginative 
sameness of vacuum flasks. 
This week he wrote to the 
Communist Party newspaper. 
People's Daily, to complain 
about China's failure to 
improve the design of that 
simple commodity. 

“At a commodity exhibition 1 


I U> mac waenn anti harhptl wiro took the cha r at todav s meeung. wai 

Reuter ^tbe "absence of Mr Vorsler. ™ *%?**,£££* •jj. 1 - 

countries on who_ is to blame the. Prime Mincer .who w re- foul of pobb^ 


Force sent to 
Saudi Arabia 


Somalia expands forces 


BY JAMES BUXTON 


Shah to visit 
East Europe 


countries on who is to blame the . Prime Mmister wno « «c- Af mm 

ssrjn* pf-M 

j No SBoSSS and developments. 

in the four -rounds held since South African objections »o the i^nce. Tb« 0 ™^?^ 
the talks: began on August 8 . UN proposals centre , T , r^ thr ? for S? “ 11 

. Fifty-four Vietnamese Catholic areas: The *i« of the UN mill- V • Alr Js ***»*> 


People's Daily, to complain B ]hsan HrazJ SOMALIA DRAMATICALLY in- from 300 a year ago to 70. and TEHRAN. Sept. 5. re fus:eesresciied bva shto in Lr^'nrace keen ins force to be because it is already committed 

about China's failure to Y 1 creased its armed forces to fight the number of- its -combat aii> THE SHAH of Iran will make f b e Somh China^SeM wpS Ert.iiS^n the *ieirltonr- the to ao extensive electoral cam. 

improve the design of that BEIRUT. Sept. 5. the nine^nonth war with craft from 55 to 25. Spares are official visits to Romania and £ p ded iASingaSSre S W timetab?e Sr elections and sub- paign. and is unlikely to be able 

simple commodity. PAKISTAN HAS sent troops to Ethiopia, which ended last March, few and not all the equipment East Germany next week. The „ere tob we^T from See?^o Sduent independence: and the to maintain its momentum 

At a commodity exhibition 1 Saudi Arabia to help it in a but the war cost it most of its Is serviceable. trtps were confirmed as political wa jj t down the gangway establishment of a separate UN Western officials still Iwlieve 

saw a vacuum flask made in a possible confrontation with the tank force and more than half Ethiopia, however, has 654 violence in Iran 1 eased. ■ . Tbe 5 ^ including 19 children.^ police force to supprvise the that South Africa is too f-« 

foreign country." he wrote. Mandst reG ime in Southern lts combat aircrafL tanks, compared with 140 a year Iranian politicians and news- survivors of a group which activities of the South African involved in the process to bart 

“When a tap on top was “ amst re e^. »n southern tt,- Military Balance 1978-79. ago. and 95 combat aircraft, com- papers hailed a big^ ■- peace viSSm in a hirer nr iS? ■ out. Moreover, tbe likely threat of 

pressed, hot water would flow ^ em sn. according to Press proc iuced by the International pared with 35. That Is mainly march" in Tehran yesterday as August £ Twentv of their hum- ^ rh tin nrouosal is for some ^ UN sanctions in the event 

automatically without tbe ™P°rts » Beirut today. fnStute of Strategic Studies, because of last winter’s Soviet a hopeful sign for an end to belted J hS^r ? delJdrS 75 ^ Sons to be sen Ho Of South Afmas pursuit of l 

need to pick up and 4Ut the The Left-wing daily As Safir says that Somalia has 50.000 resupply operation.- clashes between security forces and disease be tore the rest were Namibia No number was men- unilateral solution, t 3 one which 

flask. quoted Arab diplomatic sources troops, compared with 30.000 in . « year it has | and demonstrators. picked up by a merchant vessel, ttonpd in the carefully drafted the Pretoria Government is not 

[ could not help recalling my cl0se t0 . th e Government in Aden the middle of last year and 22,500 a ^ y fr t °' T1 l demonstralore T he UiS. embassy in Singapore wS^m proposals which Prc- ready to face. . 

11-year-old child Every time be'?* saying that tlie Pakistanis 1976 . 50,000 to 90.000, while the garlanded troops and police with has said^that if no other coun- toria accented hut it is under- If South Africa can win some 

picks up a vacuum flask It have already taken up positions! Somalia has also increased its £f®Pje* Militia increased from flowers in the capital, 10 people try .accepts the refugees within stood that a figure of some 3,000 pm quo which would help 
warn him to be careful not Another newspaper here, lhe I People’s Militia from 2,500 to ,5 000 10 100,000, with another wera reported killed in clashes 90 days, the U.S. will admit them used in discussions. South to guarantee the effectiveness of 


to scald himself with hot independent daily An Nahar. 20,000 since last year. ,. 71*5 mumib • Mmrr <; 9 ». 79 ’. nub- between security forces , 1 and on special humanitarian grounds. Africans say that the presence any ceasefire on the border, u 

water. And 1 remembered that said the situation in Southern According to the institute, crowds in tihree other towns. ; .. -.Reuter of -so many more troops would would certainly help to win 

when f was hii age my parents, i Arabia was highly explosive Somalia's tank force has fallen veto! .* ' ‘Reuter ‘ Chin a -Vietnam rift, PageiSO •' have a orie-sided psychological greater support here for the UN/ 

too. always gave me the same! Western proposals. 

Mr. Sheng reminded readers that I ONLY SEVEN months after Sri 3 RJ LANKA’S NEW CONSTITUTION chapter on fundamental rights. W wm | 

it was permissible these days I Lanka broke with her British It is certainly wider in scope ■ _ 

to admit that foreigners did parliamentary traditions, the tb an before and has been made ■ • 

some things better than the island emerges on Thursday in a ■ '1 J* jW / It g* T| • a % justiciable. There are serious | 

Chinese. Chairman Mao Tse- new titular splendour us the U 1* AA AT THA "iX/hlftlC AT MOFllTim Aflf^ restricitions nevertheless in the H 

SPSS'S “ Rtp " bli ‘ rice Ul lllc . VrlUIUs Ul ranidlllGilL | cbifsAIHI 1 

serve China, he said. The The new constitution reprs- • ; p. R. could make future par- I - I 

exclusion of foreign science sents a consolidation and cn- BY MERYYN DE SILVA IN COLOMBO . \ 1 laments reflect electoral opinion ■ EA||UI||Cv I 

and technology was not good hancement of the powers which ■ • ... . * -, better, : Yet this might he ■ ' bflVMfllltlO -| 

Marxism any more than blind Prime Minister Junius Richard court judges last week found same case ten years earlier as spicuous consumption. London s Jayawardene asked students to achieved at the expense of 'small- ■ 

imitation was. Jayawardene acquired on their occupations gone. Since Mr. deputy premier. He was clever department stores and Slnga- live by the motto of his alma er radical -parties which cannot ■ - 

Mr Shen^'s letter went on- " Our February 4th as the . country's Jayawardene can hold office until enough to see the sighs of future.; pore's change alley, tbe dream mater, Royal College: “ Learn or . win 12 per ‘cent of the nOll. 8 

minds "should bp broad and first Executive President- 1984 (a date which some of his economic troubles. .In the mid- world of Sri Lankan upper class, depart" A lecturer and several According to Dr. Colvin de Silva, m n— i«^ Q i «!,**»!«, h* I 

bold We should learn Under the new measures tbe opponents find quite ’ ominous) sixties the question was being have been recreated in Colombo student activists have.-' been former • 'Constitutional Affairs | ^ * 

advanced techniques from switch to proportional represen- all this makes hts position as asked hi#w long Ceylon could like some lavish stage set. The forced to depart for .hoisting Minister, Parliament has been * I 

foreiSS ' countries^ Tnd Imwrt ra tion guarantees that no party party boss. President and head preserve her unique welfare vast majority can only afford to black flags. The army,* as been “devalued? I S?, n ^ r SS^^ dB ■ 

theni courageously." H ] will win a two-thirds majority, of cabinet impregnable. system and pluralist democracy, gaze enviously at shop windows on alert since Jast Monday in Protests from ail quarters ZdnSST I 


BY MERYYN DE SILVA IN COLOMBO. 


[have a orie-sided psychological greater support here for the UK/ 

Western proposals. 


chapter on fundamental rights, f 
It is certainly wider in scope ■ 
than before and has been made ■ 
justiciable. There are serious | 
restricitions nevertheless in the . 
interests of security and national I 
unity. _ 

P. R. could make future par- I 
liainents reflect electoral opinion ■ 


SALES AND 
EARNISS 1 
II s AGAIN I 


them’ coura° ecus ly” win win a iwo-uuras majority, mi ramuei iiupresnamv. .%y»ieui ana piunuiai ucuiucraoy. gaze enviously at snop winaows on aien since 4 ast saonaay in Protests from ail quarters 

„ ’ . If P.R. had been in operation at Mr. Jayawardene has been His consistent, answer was a and full page advertisements. case of any disturbances. prompted the government to ■ 

He cniaed ms fellow LQinesc for the general election last year tV» given the rare satisfaction of a centralised executive which free Opposition propaganda parades The trade unions could be withdraw a -section ihat virtual! v 8 - * 

tbe conceit that prevented ru ling United National Party personal vision fulfilled. With a of the “whims and fancies of new foreign devils and the IMF the only unmanageable factor, outlawed alt criticism of the coo- . **{?• ?}* 

many ot them, iroin acknow- w hich polled a record 51 per consistencj’ amazing in a 72-year Parliament " could take “ correct and IBRD are also familiar In the face of a united protest, stitution. Since then, opposition 8 
icdging the superiority of many cent wou i d have won oniy 93 old parliamentarian he has but unpopular decisions." . demons.' The opposition how- tbe government beat a tactical attacks have centred on the - addition, 

loreign products. scats j ns tead of tbe 139 n«- five- argued always for a strong execu- Now he has had his way. The ever is incapable of concerted retreat on a White paper on extraordinary safeguards for 8 

His letter illustrates China's sixths majority it commands live. Five years ago he actually subsidies are being removed, action. This is the -governments unionism and fears that there foreign investment and for e*o- " q wolS 

11 TTiJr if Fnnrti ♦ ,, t ; .in - 1 n Ffo-oH DpimA i vs in, n . TVto rimpp TlQC hpprt flpvaTllpH Oro.toFt qrlunnf.AA MrF rtsl k. m .. lihiMnn.l . • _ : - • , ' ■ OfilO HOD 


... , > If P.R. bad been in operation at Mr. Jayawardene has been His consistent, answer was a and full page advertisements. case of any disturbances. prompted the government to ■ 

e chided his fellow Lhinese for the general election last year tV given the rare satisfaction of a centralised executive which free Opposition propaganda parades The trade unions could be withdraw a -section ibat virtuallv 8 ‘ 

the conceit that prevented ruling: United National Parly personal vision fulfilled. With a of the “whims and fancies- of new foreign devils and the IMF the only unmanageable factor, outlawed alt criticism of the cno- . !!!!? wr 
many of them Tram acknow- nn n a ,i a r^r.r-H ni n^r PAYicietonm' am r%rt in' a 7*1 jmo f Parliament PArllrl tuL'P “ Pfll'rPf't onrf IPT?n o ro 4 len familial* T n tKa Finn af q unitofl ornfnrl : - * _ aV l I OVfif llT0 S8I11G RflTlod if! 197/. 


Despite iHegal picketing by 
nan-MAPCO employeas 
during tire recent natbnwide 
coal strike, MAPCO. safes 
increased once again. 


newly formulated 
lion to avail itself 
that the rest of th 
to offer. 

China's plan to cat 


ovier toe same period In 1 977. 
In addition, earnings per 
share continued to climb, as 
did net income. . 

Said Robert E Thomas, 


all constitutional change. 


Premier R. Premadasa recently forces given free rein and .the and CP allies keep snarling at proved groundless. Bandaranaike drafted a foreign ■ 

reminded her that If she had had island opened to foreign invest- each other. Though her Freedom Next month the government investment: guarantee law, too, 8 ° ^IwrwUar 

'hina's nlan to catch ud with' By-elections- have been the sagacity to accept the ment The November budget Party retains considerable rural returns to the attack with she said that these concessions . in. 

developed nations bv the e ndi ab °Mhed- an MP dies hls mutation she would have been will probably bring wage in- support the silence of this silent another Bill on a contract of amount to an erosion of 8 18thsurf1 ^ Brln 

of this century means EivinnfP arty chief W *B name his sue- the first President. creases but not before new majority is assured until 1983- employment. sovereignty and a sellout to J »„ t„ art , »hnut 

- ------ - lur ‘ - e - 51 fe l.'»»esnr. Anv defei-inr sutn- Mr. Jayawardens’ offer came austerity measures. State yen- Sensing this inherent weakness, .Meanwhile new left groups transnationals. ' 8 

soon after the island's entire tures are beinH restructured nnd she recentlv addressed a Colnmhn have seized m:tnv trade lininn DracMinir nvnr t FAminna I I MAPCO S continuing 


defector auto- Mr. Jayawardens' offer came austerity measures. State yen- Sensing this inherent weakness, . Meanwhile new left groups transnationals. 


- growth? Write forour current I 
8 report • j 

\*l*magco\ 


toe quality of consumer goods. | Parliament at will. With the leftward drift of a centre-left no quick or dramatic resUts, commission will keep her and Buddhist prelates, Christian, controlled media may be guilty 8 

That means that, in time. Mr. reconstitution of the Supreme coalition by replacing it with rank and file disappointment many jafty stalwarts busy over Hindu and Moslem dignitaries nf propagandist overkill toe ■ 

Sheing will probably get his Court and the creation of a new a centre-right coalition. spreads. Popular resen tin entihas a few more monsoons. to expatriate academics on opposition seems to have re- 

push-button vacuum flask. appeal court, seven supreme Mr. Jayawardenes argued the beeflrsharaened by new style yon- Opening a new campus Mr. holiday have praised the new sponded with exaggerated dread 


Dtpl P, TBOQ 8 . Aw. 

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MWSE-PSE 





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e ^ Banks must #sclose u.s. rules i Nicaraguan businessmen released i Air Canada 

l r - in: nocari tai* w • rocuniDc 


Plai 


more Information 


Vim -y- i 

>*,! onprofitsand 

oqpr'^orj •' ' "■ 

S > v A?N } • BY STEWART TUMING NE 

i'n e ^ ■ 1 _ 

n tS iTHB SECURITIES asd Erchaage where the 1 
■ t0 Ui e ^ Crafanssicm has adopted new and not; fa 
’rniei-pyales - requiring bank - bolding the loan fa 
, I 11 ® W? companies to give- shareholders Ranke in 


YORK. Sept 5. 

. f * \ m% i m ' 

tower, ts domiciled 

jxample. by where | 


companies to give- shareholders Banks ^ .fc tf.s.already have 
I>m 9 re<le«i.l» nhmt tte profit t0 p^iHeTaveholders with 
n>' r ablllt ?, : 0 * :■*&.. Jot«t*n moth morf tEati*l isfonnaiion 

i ^ operations. . and about certain lha „ -noAally required in 

i P*P<*i£ »o*k “ade to dlrignr*. officers ^ olhtr iflfawtes. Typically 
? Aod larger shareholders. . a major hanT wlftfor example 
- t " rt> di 5 Tte tatter., provisions stem sive avefaxef batea«% interest 
mr. r °°P ^direcily fromth^coniroyeray last ^les- r»K ^ interest yields! 
for War -which ernpteU <ivct loans it s - fort® : aM domestic! 
in ’ and werdraTts'drawn by Mr. Bert nneratioD*: - Threatens the 
utk 3 to «.a-ance. toe farmer Budget. Diwc- domestic ope&tions down by. 
i - ^frjgAtor m the Carter; Adnuntoration. different werSs ’ such « com- ! 
. a | n e? W fl " d bis family from, ir bank in rnercisl loans, weal estate Joans 
r ,"°Uia r s >which Mr. Lance , was fat officer aIl d consumer loau*. •/ 

,* Ul Sr^ and ■ where, his., family bad. cir/' annlv to 

as SMTJFSS 

«ch th.i^bor 25 per cent of holding com- rcgulafed by otter W&u* ^?_ h 


U.S. officials to discuss 
arms limits in Moscow 

BY DAVID BUCHAN WASHIN'CTON, Sept 


south harrowing in excess of S500,000 ^^ulatirais. W 

,ch th2S«r •■5 per cent of holding com- 2^ f ^52i3E®8* 

^Sofiaiv 'spany and fiubtffUxnyV capita), 35 * ^ ■ i 

jiju-a r, twhichpver is the lovc^r rcncy. Federal Deposit Idsuwiico 

S2H5SS* banking 

ie han!?, ^.disclosure of. foreign operations, regutatoEs. . .. 
ice thank holding companies coming The SEC hat -estimated that 
! is unit, under the SECs -accounting more feoa 400 bMkbolaing com- 
tlosupL ,^ rc « u,ati ®ns wtU be required fa panics could be covered by the 
>o cimT of br break out revenue and. net new rules,, although -many ol 
u ,.- income, from foreign lending, as these will not: teve : enough 

hnuii, h( »’cll as any. . allowance far - foreign business to come within 
or..*,. M! -.foreign loan losses if foreign the disclosure rates., The major | 
i ‘e' , \ l|We {.business accounts far 10 per cent U.S. banks, however, many of 
-m- ,h -^vor more of. assets, revenue .or. which earn as much as 50 per 
i l he toT income, ' - rceht of net incwe.'attd more 

losest S a Iqan w01.be classified as from foreign operations, would 
' ejf " iv; roreign or domestic depending on be covered. 

hul — — — erro-- 

n U.S. officials to discuss 
S?S arms limits in Moscow 

1 H,; r,,a e i BY DAVID BUCHAN - ‘ WASHLVCTON. Sept S. 

w-* PriKca. • v. - 

2 r. th*f likehil HIGH - LEVEL meetings In distance as the trow mes or 
n*,- 1 j on a iq V Moscow and Washington wfn be according to the i^*ag route ol 
‘ ‘ rs ' b,Jl punt hel dthis month to -try fa. resolve the Cruise.. . g f '■ , 

&1 utwn. i s outsUmdiag differences on. the jfasaians wa^the protocol 

1 ^ouvamte. proposed SALT Uteratjrto curb t0 ^ { or a fuj]vttune years, 
-<?■ U.S. and Soviet nndear. arms- wljile ^ u.S. waati It to end in 

Africa can levels. The bulk otlh treaty has ^aSO- . The. UA also wants to 
which ^already been drafted and amed, gjj^ that the Backfire cannot 


-c on ,b, ^ led by Mr Paul Warnke, r dir^far lwnber of r^ebing the 

uinly help b of A 1 ™ 5 Control and Disarms- because the- Russian 

•'•ri nereiort E 1 ,® 111 Agenw. jn Moscow^ _on boniber is not fa te counted 
:po S2 J 5 . Thursday and Foday are fa fae- overall-.- ceiling of 

— — ^ lhe So«et atrategic weapons in the 

s '■»!■ sis ,,, 

Gromyko, and the Secretory of The Admimslnaion Jhas still 
. ■ State. Mr. . Cyrus Vance, fa not decided how il.«dl4ppnuh 

1 APfifl Washington. CM* for appeal of any 

■Hi till If all fee !oose:ends. could be SALT If agreemeiA -Rf-olassi- 
PH aib, tied up. this -month". President fied as a; treaty; U vsfuM require 
fr\ AH Carter and' Mr. LeohiC3rezhney ratification by two-tfilrds -ot the 
could prob'itey meet to: sign the Senate.- • . ■ f ] ■ 
BBI1UC0 agreement by the end of the A harti core groujfof Senators 
HElImly veer. Bfit gfficiflla describe the (ted by Senator Semy Jidcson> 
A A1IU remaining - Janies .►- as T difficult; opposed . fa another SALT aeree- 
AhflH in®M3fe, . .! pa^nclpaRy. . .the merits can prob ably support 

nurun permitted ' --cdT -Cruise ®rotn -other SmiaWrSjt disturbed 
. . . . , . missiles deployed and tested by. by what they see a# Pnesfaent 

iff 3 * the TJJS. during the Ufe -of the. Garters bunding jftf defence 
*"r!2L prbtbcot acMtiipanymg fee agrees issues m. other a^as— such as 
* 'ulorr** mcn L the -daratfim : of the fee cancellation^ of the B-l 
e ‘ protocol itse!f,~and ; 3imits on fee bomber, postpa&ment of the 

once again. snrietBackfirehomber,- . - neutron boanbjRnd last month’s! 

i- 9 •* ,nc ' e ® B " The Cruise renges have been- veto of the jE#79 Weapons Pro- 
loaitoofwjv agreed: no ■'•.Gruise' missiles: of. euremebt Rjn. - 
a?ne penoon 1 * more than 600 kilometres range,-- Soane --Aboinistration officials 
n. ea^-TgEp can be deploy^ except bn air- have /suafested that Mr. Carter 
r.ir.ueti cra ft, and. no !GniIse raissile.bf a should ,6ke the easier path of 
range more than 2£60 kilometres trefttaag SALT II as an executive 
inert E. Ttsws, can be tested. .The remaining agreement, which needs only a 
Chairman tile argument fair nk on whether the ^Bspte; . majority of both Houses 
r;s 5Mt'oo» agreed ranges. - should measur^/of Cragress. 
eed.anO**** :. - •• ...... ’ 

•conJ-sreSafl? " ' '• , i.y • r t —— " 

r. s--chy*e"i -'j* V / .- ' . f i»r: a~ 


learn rtnJid 


Peruvian miners stay out 


LIMA, Septj 5. - 


cant^ium? BY OUR OWN . CORRESPONDENT . . LIMA, Sept, 5. 
Vr»te forourt® : ", 

MINING OFFICIALS In Bern Dr. Marroel Moreyra, said the' 
confirmed today that miners ant effects of the strike will not 

defying, a government ultimatum begin to he felt till October, 

rTOi y/ffjto return .to work or be fired, when payments on August sales 
#JUgv< This- W as’ tha -Govemroenfs abroad of metals would normtdly. 

= ;SK i Sfrr 1 fourth uiUraafam_ since fee strike 


met' 



. «.femSe^lo^mtafaJ pro- S 10 *%Ej£2i 

—-’vinces and authorised mining ^mifa set bythe InternatiOMl 
corapanies- to- hire now- person- *gpet»w .etino. - • 

ncl, as ; of - today; fa.place . of . ^\b^r^v tn 

miners who h?d . not returned to te 1 ! 01- of .2? l £2 t K t °/.l5dif R I*iS 
work. ...secure- a stand-by credit which 

„ . . . ._ > ^ ™ t to formally approved 

A first: break, bqwever. lias b y tbe iwanl of fee fund, 
been made in fee strike. Miners military government here 

at tbe privately ownM-Southero ^ restrict fee budget 

Peru Copper ’V CorpmatHfas deficit further, achieve a small 
Toqiiepala mine returned -to work ♦rade" balance by fee end of the 
yesterday. *Hte - smelter- , at fee »*' . --nd-keep the annual infla- 
part of Iia. Mdilch processes .the /fjon rate this year to 70 per cent 
copper- ..firotn 'ToflUepala, b° w “. a t most. 

ever, decided ^!fa- «K}tinue-’ fee p r MorejTa says Peru will 
strike’ I ! • ■. still have- to nay its debts -in 

‘ One ■ 1 »ding';' banker '..In- Lima spite of ; exchange losses-— there 
said feat, if xnfaera do hot jretuni ^urlll iust. be less money Tor tbe 
to work now^rthieTsolke . will he! a private sefrtor. 
clear afiiemptjttr'bringidown- fee. —Meanwhile^ the number of 
Government. "-‘'Leaders of • the miners who - have returned fa 
miners* federation say. that fee work, all. at Tqquepala. is 
rank-amtffie refaaes -to return to Some 300 miners are aiso^saia 
work untri- +tibe - Government fa have returned to work at fee 
agrees fe' relBstate:fi2ff miners Jfarcona iron ore mines run by 

fired aftcrrprevjous itrifees. thestatMiwnedcompanyHierro- 

The : Ceflli*^Ttenfc pre8itieht, penLr: . - 


U.S; ’^tV td if Bank workers’ 
blow tip; Japan, go-slow called 
USSR whalers t off in Brazil 

A U.S. grabd-Jury I& ihvesdfe^' Union leaders ih Sao Paulo have 
ing an afleged {put by : an un- eriled off a gu-s/ow by. bank 
identified enyirOrtmcntofla grbup workers. arid prepared for a 
to blow up -iaparwse and' 'Soviet round of talks between employees 
whaling ships fa-tire South Pacific, and management. Reuter reports, 
the Washingtwi Post reported A union spokesman said that pou- 
today. Renter w&es. The plot in- tical police; had arrested five 
volved the nae of so^i te tte aed workers on charges of fomeming 
diving eqt^wdeut * t*o*nm fee strike, ' which fee Labour 
yellow submarine, it said- The Minister* .Sr. • Araaldo Prieto; 
newspaper said the- FBI had declared illegal. The union official 
arrested' a -former ;naval -diver, said security guards at one bank: 
who ted them to two huge caches had beaten up two workers there, 
of plastic explosives. ' In the In alt, 8S employees had been d& 
diver’s Miami home .were 30 missed and at least 44 others.: 

S holographs of ' ■ Soviet and suspended, be . added- Union 
apanese vfealing . shifa^ amSwred leaders said' tbe workers were not 
at Talcahuano- in !Cb8e;- and' the dropping their demands for higher 
| yeltew submarine w» fa - h& pay. •• 
i garage, It said. . ■ ' • 

_ . , T ; : , Air traffic boost 

Ei Salvador (pan . >•; - Nafemi-Airlmes said revenue 

EL Salvador, win. larawi iit the waseagiaf. mfles last month- rose 
nest three 'days 'av S25m ^ ffwyear ^ per cent over the same month 
floating rate ..loan at. Ii". per cent fiat'year fa 7-em, Reuter reports 
over London Interbank offered from MaimL-.Last monfewas urn 
rates and minimum rate at 6 pet second best month in fee com- 
cent, Basque National de- Paris pany's history, exceeded only by 
said asUead. nuutogmv .^tiier the" ..record. -77faa revenue 
xcporis-firdm ^arls. . : . - • passenger, mites fa July. - 


eased for 
Pan Am 

By Our Own Correspondent 

NEW YORK, Sept. S. 
the CIVIL Aeronautics Board 
has given Pan American 
World Airways temporary 
authority fa carry domestic 
passengers on three U.S. 
sections of its International 
flights. 

The move comes In the wake 
of Pan Am’s announcement 
that It Is reconsidering a 
5300m bid for a major U-S. 
domestic carrier. National Air- 
lines. The Boards of both 
Pan Am and National Airlines, 
are meeting today to examine 
fee proposal formally- 

The CAB decision is being 
seen as a further indication 
that the CAB would PrtTer to 
see Pan Am strengthen its 
VJi. domestic route structure 
by expanding its own opera- 
tions 

Historically Pan Am has. 
been primarily an inter- 
national air carrier and has 
been' blocked in Its attempts to 
expand its domestic rentes. Its 
entry into the battle far con- 
trol of National .AlrUnrs, in 
the face of a bid. for National 
from Texas International Air- 
lines, Is aimed at giving Pan 
Am a large ready-made net- 
work of domestic routes. 

The CAB'S decision gives 
Pan Am permission to carry 
domestic passengers between 
Houston and Sad Francisco, 
Miami and Los Angeles on 
flights coming from, or going 
to, Tokyo, Hawaii, the South 
Pacific and Rio de Janeiro. 


BY JOSEPH MANN 

THE GOVERNMENT of Presi- 
dent Anaitobio Sumoza in 
Nicaragua today announced that 
it had fclcased 70 persons out of 
several hundred picked up in 
police raids over the last three 
days. ■ Beginning on Saturday, 
police and National Guard units 
initiated, a wave of arrests in 
attempt to intimidate supporters 
of a - national, anti-government 
strike now in its second week. 

Informed sources said that the 
persons released from jail yester- 
day included businessmen and 
political leaders. The Govern- 
ment maintains that those still 
under arrest are criminals who 
were throwing bombs and setting 
up barricades in poor sectors of 
fee capital and other dues, 
tails in a Managua slum. 

- Alfa, the Government has 
reinforced anti-terrorist patrols 
in the capital. Strike nrganisers 
assert feat this is directed at 


harassing businessmen and 
workers now on strike, and at 
blocking further support for the 
actiod- 

Banks. petrol stations and 
public transport continued to 
function al near-normal levels 
today, and are the only Impedi- 
ments to a total cessation of 
commercial activity. 

Employees at one of fee largest 
commercial banks, Banco Xicara- 
guexusc, yesterday shut down the 
male office in Managua. But 
most foreign and domestic banks 
here have remained open. 

Meanwhile, leaders of the 
Nicaraguan Conservative Party 
have said that a moderate 
“national government** must be 
formed by the non-belligerent 
opposition here in urder to avoid 
plunging fee nation into a civil 
war. 

The party said that constitu- 
tional mechanism already existed 


by which Congress could choose 
a temporary president, who 
would remain in office until 19SI. 
and allow fee country to make 
a transition from fee presidency 
of Gen. Somoza to a popularly 
elected regime. 

The government has been 
battered recently fay a big guer- 
rilla operation in the capital, a 
rebellion in fee provincial city 
of Motogalpa, and the strike. 

In another news conference, 
the Nicaraguan Development 
Institute iINDE), an association 
of some 700 businessmen, said 

that a political solution must be 
found somewhere between the 
“ oppression of fee Somoza 
family " (which has been in 
power for 45 years) and a 
Communist dictatorship. . The 
living conditions of a majority 
of the population, INDE 
directors said, “are socially and 
politically explosive ” and 


MANAGUA, Sept. 5, 

demand a change in Government 
so as to offer a democratic 
alternative. 

The Human Rights Commis-i 
sion here said that fee weekend! 
raids made by the Guard 1 
included the capture of an un-i 
determined number of women.; 
Sr. Jose Esteban Gonzalez, direc- 1 
tor of the Commission office; 
here, explained feat fee National 
Guard, fee police-cum-ormy, 
frequently arrests women, or 
other members of families, when 
the individuals they are seeking 
cannot be found. 

• The Central Bank of 
Nicaragua revealed feat it had 
pumped 100m Cordobas (about 
$15m) into local commercial 
banks. It is estimated that fee 
equivalent or some $20m were 
withdrawn from fee Nicaraguan 
banking system during fee last 
two weeks. 


Mexico announces discovery of further oil fields 


BY WILLIAM CHISLETT 

PEMEX, the Mexican State- 
owned oil enmpany, has dis- 
covered what it believes to be 
potentially rich ml fields in tbe 
south-east of fee country, near 
. the frontier with Guatemala. 

The oil is said to be under an 
area of 3,000 square kilometres, 
and with reserves which could 
be similar to those in the Re- 
forma field in the State of 
■Chiapas, presently the richest in 
the country. In Reforma, more 
than SOO.OUO barrels of crude a 


day are being produced, out of 
tbe . 1.4m b/d which are being 
produced in Mexico as a whole.' 

Pemex is working in the new 
area, which is in the southern 
extremities of fee States of 
Chiapas and Tabasco, with the 
U.S. company Gensource, which 
is 'supplying electronic equip- 
ment, and the Mexican com- 
panies Casa and Conesa. About 
1,200 people are working there 
under difficult climatic arid topo- 
graphical conditions, further 


hampered by sporadic attacks 
from guerrillas " said to come 
from Guatemala. The workers 
have been guarded by Mexican 
troops. 

The teams have come under 
attack since last October. Some 
of the deepest fields are said to 
be m Guatemala. 

La*t week, the Mexican Presi- 
dent. Sr. Jose Lopez Portillo, said 
that the potential reserves- of 
crude oil and natural gas in the 
country had gone up from I20bn 


MEXICO CITY. Sept. 5. 

barrels to 200bo, making Mexico 
a potential world giant in oil. 

The Pemex director. Sr. Jorge 
Diaz Serrano, said yesterday that 
Mexico would probably increase 
the price of its exported crude 
oil for 1979. At the moment, it 
seifs each barrel for SIS. Sr. 
Diaz Serna do said feat a 
“ moderate " increase was desir- 1 
able, in order to off-set the 
decline in value or fee dollar. 
Mexico is not a member of 
OPEC. 


resumes 

operations 

By Robert Gib bens 

MONTREAL, Sept. 5 

AIR CANADA has resumed full 
operations after reaching a 
tentative labour agreement 
with 7,000 ground workers, 
with fee help of Mr. John 
Munro, Federal Labour 
Minister. 

The airline had been grounded 
since August 25 and fee com- 
pany claims that the costs have 
been between C$25m and 
C$30 ra (between £llm and 
£13m). Passengers stranded in 
Europe are being given 
priority. 

Ratification is due to be com- 
pleted this week at locals 
(branches) across the country 
of the International Machinists. 
Details of the settlement were 
not officially disclosed. The 
machinists had already turned 
down a 25-month contract 
endorsed by most of their 
leaders. There is no certainty 
of ratification of the new 
agreement because fee 
militant Montreal local may 
recommend rejection. 

The new contract, it is believed, 
runs for 24 months and refers 
a contentious job-classifica- 
tion issue concerning cargo 
handlers to a union-manage- 
ment com mix lee. 

Earlier. Air Canada settled with 
its pilots, but will face more 
trouble with its flight atten- 
dants, who are seeking a 10 
per cent increase, plus cost-of- 
living bonus over one year. 
Mediation efforts have been 
broken off. 



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WORLD TRADE NEWS 


Brunei to purchase Rapier 
air defence missile system 



BY MICHAEL. DONNE 

THE GOVERNMENT of Brunei 
is to buy tbe British Aerospace 
Rapier low-level air defence 
missile system. 

A contract which is expected 
to be worth more than £30m to 
the Dynamics Group of British 
Aerospace is now under negotia- 
tion and is expected to be signed 
within the first half of next year. 

Brunei will become the sixth 
overseas country to choose the 
Rapier missile system. The 
weapon is already fully opera- 
tional with the British Army in 
NATO, as well as in Iran. Oman. 
Abu Dhabi and Africa, while it 
is also entering service with the 
Australian Army. 

To date, export contracts for 
the Rapier are worth more than 
£d00in. Over S.500 missiles have 
been produced, with more than 
2.000 missiles fired during opera- 
tional practice firings. 

The British Aerospace 


Dynamics Group is in discussion 
with several other overseas 
customers for the Rapier system 
and it is hoped that further 
export deals will be announced 
in tbe next few months. 

It also became known at the 
Farnborough air show yesterday 
that Rolls-Royce is negotiating a 
follow-on contract to that worth 
about £lO0m signed two years 
ago for tbe supply of Spey mili- 
tary aircraft engines and 
technological know-how for the 
establishment of a military aero- 
engine production capability in 
China. 

Tbe negotiations are still in 
the preliminary phases, and a 
final contract could be several 
months away. Thus there is no 
means of knowing precisely what 
value it will be or even what it 
will involve. All that Rolls- 
Royce is able to say at this stage 
is that it has been asked by the 
Chinese to provide farther help 
in the development of an aero- 
engine manufacturing industry 


Agusta joins Westland 


AGUSTA. the Italian helicopter 
manufacturer, yesterday formally 
joined with Westland Helicopters 
of the UJ\. for the development 
of the projected new WG34 heli- 
copter .replacement for the exist- 
ing Sea King Helicopter. 

The two companies announced 
at the Farnborough Air Show 
that they had signed a protocol 
agreement for collaboration on 
the new’ venture, under -the terms 
of a memorandum of under- 
standing covering collaboration 
originally signed in 1975 between 
Westland. AgusLa, Aerospatiale 
of France, and M esse rsch mitt of 
Western Germany. 

The plan to develop the revolu- 
tionary WG34 was announced at 


the Farnborough Air Show on 
Monday, when it was said that 
it was expected to cost up to 
£l,000ni in its entire research 
development and initial pro- 
duction phases, and that an 
eventual market of as many as 
750 helicopters was envisaged. It 
was also announced that it was 
the British intention to seek 
international collaboration on 
the programme and the Agusta 
decision announced yesterday is 
the first concrete result of that 
determination. . 

Westland and Agusta together 
are now initiating discussions 
with Aerospatiale and Messer- 
schmitt and it is hoped that 
eventually those two companies 
will also join tbe programme. 


and that it has responded on the 
basis of tbe fact that it has a 
number of advanced military 
engines in production in the UK 
in adition to the Spey and can 
therefore see the possibilities of 
substantial further business in 
the years ahead. 

Rolls-Royce officials are reluc- 
tant to comment further on tbe 
matter, which is regarded as 
sensitive politically and mili- 
tarily, but it is understood that 
a Chinese defence mission will 
visit the UK soon and that dis- 
cussions on the engine with 
Rolls-Royce will be on the mis- 
sion's programme. 

Renter adds from Seattle; 
Boeing announced that it had 
sold two 727-300 jetliners to 
Avlanca of Colombia and two to 
Transportes Aereos Portuguese*, 
for a total of $55m. In addition. 
Seaboard World Airlines has 
bought three new 747 cargo air- 
craft for about 8180m and in 
Hamburg Hapag-Uoyd announced 
that its subsidiary Hapag-Lloyd 
Flog of Bremen had ordered 
three Boeing 727-200 s. Delivery 
of the first two is due at the 
end of next year, with the third 
due in autumn 1980, the Ham- 
burg announcement added. 

• The AD 620 computerised 
navigation system, launched into 
production last year by Marconi 
Avionics has been selected by the 
Italian Air Force as the primary 
means of navigation in its new 
fleet of MB339 jet trainers. The 
aircraft's manufacturer. Aero- 
nautica Macchi, is to supply the 
Air Force with 100 MB339s over 
the nest two years. The system 
is also offered by Aeronaulica 
Macchi as a standard option on 
all export MB339 aircraft 

Meanwhile the Danish Air 
Force has ordered the latest type 
of automatic direction finders 
(ADF) for its new fleet of West- 
1 and/ Aero spa dale Lynx heli- 
copters, from Marconi Avionics. 


Wartburgs to 


BY LESLIE COUTT 

EAST GERMANY’S Wartburg 
car is to be exported to tbe UK 
with a Renault engine replacing 
the two-stroke domestic one 
which has been virtually ex_ 
eluded from Western markets 
because of heavy exhaust emis- 
sions. 

Test models of the Renault- 
powered East German car are 
currently undergoing trials here 
according to industry sources. 
The decision to equip East Ger- 
many's Wartburg with tbe Ren- 
ault engine for export Is felt to be 
a stop-gap measure until the car 
is eventually re-equipped with a 
four-cylinder engine produced in 
Czechoslovakia. 

An agreement on joint car pro- 
duction between Prague and East 
Berlin collapsed a few years ago, 
but now the two sides are said 
to have agreed to pool their re- 
sources. Czechoslovakia is going 
to develop new engines both for 
its own Skoda model and tbe 
East German Trabant and Wart- 


bnrg ears, while both countries 
will design wholly new cars. 

In order to pay for the Czecho- 
slovak engines, which will pro- 
bably be in the range of IlOOcc 
to 1500cc, East Germany is going 
to export front-wheel transmis- 
sions to Skoda from a new plant 
to be erected at Zwickau by 
Citroen. Guest, Keen and Nettle- 
folds ( GKN) almost clinched this 
deal earlier this year but lost 
out when it was unable to buy 
back enough transmissions. 

East German sources note that 
this country will probably de- 
sign its own new Trabanr and 
Wartburg models, the first in 
over 15 years by the time they 
reach the production stage, but 
that the production technology is 
likely to be bought from a Wes- 
tern company. This Is where the 
decision to instal Renault en- 
gines in Wartburgs exported to 
the West could prove to be deci- 
sive in choosing a Western part- 
ner. 

Anything related to car manu- 


facturing in Comecon countries 
takes on political .overtones and 
nowhere is this more so than in 
East f: Germany. One of the 
problems facing car makers here 
is tint the new Trabant and 
WartIJirg models which are not 
expected, to roll from the 
assembly lines until the mid- 
1980s, must not be more expen- 
sive the ones they replace. 
This 'Jmeans DM - 8,000 and 
DM 17,000 respectively for the 
tiny Trabant and the Wartburg. 
This is the guideline set down 
by the' country’s leaders, hut is 
said to. be entirely unrealistic if 
the East German Government 
continues to siphon off nearly 
one-half of the retail price of a 
car in purchase tax. 

In another deal reported at the 
current autumn Leipzig trade 
fair. East Germany’s Industriean- 
lagen-lmport has signed, a 
DM 40m contract with Berlin 
Consult of West Berlin for a 
bone extraction plant to produce 
gelatine and bonemeal at Tanger- 


LEEPZIG. Sept. 5. 


amende. The * iU So 

£i d s DSa “^' 

engineering 

has concluded deais 
2d S ciW h D a eeS 

construction of f urine 

processing plants. Germany 

Later this week East uernwuy 

is expected to^ . a n £ M J± 

-rss 

of T«^ e d —r w t b° e f 

the UK was also bidding for the 

0r l er East Germany's chemicals 
industry reports 

exports this year “'TO !? 
DM 5bn. UP 14 per cent from 
last year The percentage of 
trade with Comecon countries is 

not given, but is ^ought to be 
over 60 per cent, with 41 per 
cent of this conducted with the 
Soviet Union. 


Malaysia cuts red tape 


BY WONG SULONG 

THE MALAYSIAN Government 
has set up a special investment 
office to cut red tape for busi- 
nessmen who want to set up 
factories in Malaysia. 

The office will act as' a “ one- 
stop ’’ centre for businessmen 
who currently have to waste time 
running round half a dozen 
government departments to ?et 
approvals for land, water, elec- 
tricity. work and import permits 
for their factories. 

The establishment of the “ one- 
stop" centre, managed by the 
Federal Industrial Development 
Authority, was ordered by Dr. 
Mahathir Mobamed. the Deputy 
Prime Minister, after business- 
men — both local and foreign — 


KUALA LUMPUR, Sept. 5. 

had complained to him that red 
tape in getting factory approvals 
was one of the main problems 
they were facing in Malaysia. 

Dr. Mahathir, who is also 
Trade and Industry Minister, 
and given special charge oE 
attracting investments, w-U be 
leading three investment 
missions to the U.S„ Ja pan and 
eastern Europe later this year. 
He has already led a mission to 
Western Europe in May. 

The Malaysian Government is 
worried that targets m. the 
third Five Year Plan may not 
be fulfilled because of the short- 
fall in private investments, and 
it is mounting a strong campaign 
to -attract local and foreign 
capital 


TECHNOLOGY TRANSFER 


Third World calls for greater 



BY K. K. SHARMA IN BUENOS AIRES 


ARGENTINA bid hard to host 
the United Nations Conference 
on Technical Development 
among Developing Countries 
(TCDC.1 now in progress here 
and it easy to see why. 
Indigenous technology has 
developed slowly and much of 
tbe surprising variety of 
sophisticated equipment and 
machinery made in the country 
is manufactured under licence 
arrangements with U.S. multi- 
nationals. although Argentina 
has made important strides in 
sucii areas as nuclear energy. 

But the potential of Latin 
America is so great that there is 
now an overriding conviction 
that local arrangements should 
be made for future growth of the 
region. 

Railways, for example, are an 
important area of infrastructure 
that will see heavy investments 


in Latin America in the coming 
years. Under discussion at the 
Buenos Aires conference is the 
possibility of establishing a 
“technological enterprise" cap- 
able of providing the knowhow 
needed for railway and under- 
ground systems. At present, 
there are 41 such systems In the 
world and all the technology is 
produced in industrialised 
countries. 

Four metropolitan rail systems 
exist in Latin America — in 
Buenos Aires, Sao Paulo, Mexico 
and Rio de Janeiro— while future 
systems are planned for Caracas 
and Quito. By 1985. 15 cities in 
Latin America will have popula- 
tions of over 2m each, sufficient 
to support a rail system. 

The market is great, but the 
technology is extremely expen- 
sive. To build a 40 km railway or 
subway costs about S800m, ex- 


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eluding costs of construction of 
maintenance shops, substations, 
command centres and the re- 
modelling of streets and water 
lines. 

The argument for not handing 
over the job to foreign com- 
panies and for setting up a 

multinational Latin American 
enterprise " is being pressed 
hard. It is pointed out that 
technology for rail systems in 
the industrialised countries is 
highly automated and requires 
large amounts of energy. In 
addition, the systems are capital 
rather than labour intensive. 

Moreover, says a TCDC back- 
ground paper, “a multinational 
Latin American enterprise that 
would produce appropriate rail 
and subway technology would 
ease the region's balance of pay- 
ments deficit and be more likely 
to take into account social costs 
of developing and maintaining 
such a system.” 

Whether or not such enter- 
prise is initiated, the pressure is 
mounting for increasing techno- 
logical cooperation within tbe 
Third World and for an end to 
the reliance on tbe consultancy 
and engineering multinationals 
of the OECD countries. Nine 
sectors that have been Identified 
for building up local 41 technical 
enterprises" are electricity, 
nuclear energy, metropolitan 
railways, forestry, machine tools, 
bread making, petroleum, plas- 
tics and steeL 

In Latin America, the objects 
to be achieved are: the promo- 
tion and sterngtbening of local 
consultancy organisations: the 
spread and application of techno- 
logy to development problems 
through multinational techno- 
logical enterprises: and the 
strengthening or the skills of 
Government officials for negotia- 
tions with multinationals in the 
industrialised countries. The 
reasons for doing this concern 
the entire Third World. 

UN studies have shown that 
direct foreign exchange costs of 
the transfer of technology to 


developing countries reached 
81.5bn by the end of the 1960s 
and, if the growth of the coun- 
tries continues as planned, will 
reach a massive $9bn by 19S0. 
The studies have shown that 
contracts to supply technology 
usually are tied to purchases of 
imports -'of raw materials and 
intermediate inputs, .plant and 
equipment and spares from tbe. 
supplying country. ■* 

Severe restrictions are im- 
posed on export 1 : of the products 
manufactured while there is 
“ excessive reliance on expatriate 
skilled personnel, thus dis- 
couraging the formation of local 
skills and research and develop- 
ment capabilities, thereby under- 
mining the possibilities of 
self-reliance in development" 

Moreover, technology acquired 
through foreign investment, 
import of capital goods and long- 
term loans of aid programmes 
have had serious effects on’-tbe 
balance of payments and external 
debt of Latin American 
countries. 

Figures given to the TCDC in- 
ference say the total debt in 1974 
was a collossai S35.4bn. more 
than twice the 815bn owed in 
1967. Says a UN. study: 
"Attempts to produce a sustained 
and accelerated type of develop- 
ment through an integral, indis- 
criminate and ever-growing par- 
ticipation in the international 
economic system have strangled 
social development in many 
areas, have created very rigid 
conditions of economic and^cul- 
tural dependence, have raised 
external indebtedness to Jejrets 
which are difficult to service and 
have impeded or delayed growth 
of national technology." 

Technology provided by OECD 
countries is thought by the T^DC 
conference to be too automated 
and capital intensive for needs 
of countries attempting to tackle 
heavy and growing uneragloy- 
raent. It mostly requires highly 
skilled labour not available 
locally and uses synthetics wfpile 
developing countries abound in 


raw materials. It is usually 
expensive — partly because multi- 
nationals operating in Latin 
America have more resources to 
back up negotiating efforts than 
the governments concerned— and 
creates continued dependence on 
imported parts. 

In fact, the TCDC conference 
has been told there has been a 
serious reverse transfer of tech- 
nology because of the “brain 
.drain " from developi ng 
countries. 

In the past decade, estimates 
are tiffit developing countries 
provided no less than 230.000 
stalled personnel to three indus- 
trialised countries — the U.S. 
<90.000). UK (84,000) and 
Canada (56.000). Asia accounted 
for more than 50 per cent of 
the flow of skilled emigration 
from develooing countries, par- 
ticularly India and the Philip- 
pines. More than 35,000 skilled 
professionals have migrated 
from Centra] America. South 
America and the West Indies to 
thp*?e three developed countries. 

The cost of the brain drain 
measured in terms of aid flows 
is staggering. In the 1960s. for 
instance, the U.S. gave S39.6hn 
as net development aid while the 
value of imported skilled immi- 
gration was S33.9hn. Canada gave 
82J2bn as aid and imported skills 
valued at $11.5bn. thereby actu- 
ally gaining S9.3bn. Britain gave 
as aid 946.3bn and took in skilled 
personnel from developing coun- 
tries whose training cost them 
SHO.flbn. thereby also gaining a 
net S4.6bn. 

These are only some , of the 
reasons that are making the 120 
developing countries participat- 
ing in the TCDC conference call- 
for greater exchanges of tech- 
noloev among themselves. More 
specifically, they hope that the 
proposed regional technological 
enterprises will unite in common 
undertakings the three main 
agents in technological change: 
the government, the productive 
sector and the - scientific and 
technological infrastructure. 


French join Canadians in 
word processing venture 


BY DAVID CURRY 

THE OFFICE equipment sub- 
sidiary. of the French telecom- 
munications group CTT-Alcatel 
has signed an agreement to mar- 
ket and .eventually manufacture 
Canadian word processing' equip- 
ment in .France and other Euro- 
pean countries. Tbe Canadian 
company is AES Data. 

The agreement calls for La 
Societe des Machines Havas to 
adapt and market the .equipment 
in France. -If the market -turns 
.out to be .as big as expected, 
the French company will' begin 
to manufacture tbe existing line 
of machines in around ' 18 
months. .The accord also calls 
for the -two companies to co- 
operate bn the development of 
a new generation of machine. 

There v are reckoned to be 
about 16,000 installations .in 
France at the moment but by 
the mid-1980s this Is expected 
to have grown to 70,000. Havas 
thinks it .could. account fqr some 
30 per cent of the market It 


PARIS, Sept 5. 

would rent the equipment for 

around Fts 2,500 

market them at around Fra i 50,000 

per unit, though these figures 

are highly tentative at the 

moment. 

The move represents a <ti ve r- 
sification for CIT-AJcatel, though 
it is already in the related field 
of automatic mail sortin,, equip- 
ment. The French company is 
Itself part of the giant electrical 
and engineering group Lht,. 

This accord follows the recent 
agreement between STC of the 
UK and Exxon of the U.S. to 
develop word processing equip- 
ment 

• The Krupp group of West 
Germanv and the French steel 
concern' Forges de Strasbourg 
have decided to set up -a joint 
venture called STR-Strasbourg 
Entreprise to market water- 
retention systems for dams, 
bridges and metal frames, 
notably in the French-speaking 
countries of Africa. 


Annual growth of 5% 
forecast ia agrochemicals 


BY KEVIN DONE 

THE ■■ • VALUE : - of- the world 
market lor agrochemicals: is 
forecast to grow from S7fibn 
(£3.9bn) in 1977 to $l4.6bn 
(£7.5bn) in 1982. according to 
a study by Wood Mackenzie, 
stockbrokers. 

It forecasts that, there will be 
a growth in the volume of sales 
of agrocheraicalsr*the sector 
takes In insecticides, herbicides 
and fungicides— over the next 
five years of about 5 per cent 
a year. This growth combined 
with small real increases in 
prices should lead to improved 
profitability for agrochemicals 
producers. 

- The largest company in the 
field is Bayer of West Germany 
with agrochemicals sales last 
year valued at $1.3bn, an 
increase of 13 per cent over 
1976. Its major competitors are 
Ciba-Gelgy of Switzerland (with 
1977 agrochemicals sales of 
8675m), Shell (S60Om). Monsanto 
of - the U.S. (8525m). Rhone 
Poulenc of France (8400m) and 
ICl (8390m). 

There is a noticeable absence 
of new investment in manufac- 


turing plant in stark contrast 
iWith the years from 1974 to 1976, 
■says Wood Mackenzie. Some 
companies are suffering the 
effects of overcapacity for some 
commodity products. 

Increasing investment, how- 
ever, is being channelled into 
researc hand development facili- 
ties. U.S. companies are now 
spending on average 8 per cent 
of turnover on research and de- 
velopment as against 6j per cent 
for European and Japanese agro- 
chemical companies. 

Little threat to the established 
producers is expected from 
Comecon countries and the de- 
veloping nations with the pos- 
sible exception of Israel and at 
a later date South Korea. 

Demand for agrochemicals is 
expected to grow most quickly 
from soyabean producers among 
the different crop sectors. 

The Wood Mackenzie report 
forms part of a new research 
and monitoring service it is set- 
ting tip to cover tbe agro- 
chemicals sector. The service 
will cost £450 (8950 overseas), 
available from Wood Mackenzie, 
Threadneedle Street, London. 


Volvo boosts car sales to U.S. 


BY JOHN WALKER 

VOLVO CAR exports to the U.S. 
during August were up 32.8 per 
cent at 5,780 units compared with 
4,354 in the same month last 
year, almost breaking -the August 
1974 record figure of 5.810 units. 
Volvo sales to the U.S. for rhe 
first eight months of this year 
were up 9.2 per cent at 33.928 
compared with 31.073 units in 


STOCKHOLM, Sept 5. 

the corresponding period last 
year.. 

Meanwhile Volvo sales in 
Sweden in August this year 
amounted to 2,591 units com- 
pared with 2,440 -in the same 
month .in 1977. ' Sales in Sweden 
for the first eight months of 1978 
dropped to 27,983 units com- 
pared with 38,297 in tbe same 
period of 1977. 


Increase g) 
Japanese 
ship prices 

By Charles Smith • ’ 

TOKYO. Sept s 
JAPANESE SHIPBUILDERS ! 
day confirmed reports of" 1, 
recent, rapid increase i n 
ship export prices foiled 
sharp appreciation of the 
The switch since April' 
the yen to the dollar as the 
ship export currency ig 
one of the reasons for inena*! 
which some London brokeraX* 
have amounted to as much 1 
40 per cent in the past six weefa 
During the year -to T: 
March, yen - based contra*! = 
accounted (on a tonnage taski 
for 82 per cent of all exZ 
deals. But since then, foUowfa 
pressure from customers 
bad seen the contract price ^ 
vessels under construction 

crease sharply as the yen ap PR . 
dated, the Japanese have 
forced to concede the majontv 
of contracts in dollars or wm 
pounds. 

In the four months from Anri} 
to July, only 26 per cent : 
contracts were in yen. 

Japanese companies negotut. 
ing dollar based contracts norm! 
ally start by working 0U t , 
notional yen price for the shin 
and then convert this to dolian 
at the current rate .of ezchanw 
The dollar price thus arrived \i 
would normally hold good fa 
two months after which the shin, 
builder would quote a iu-y 
price reflecting the latest dollar- 
yen exchange rate. 

Since the yen has been gaiofa 
value very rapidly against the 
dollar during the past stx 
months, dollar denominated ship 
export prices bave been risin° 
as well. 

During the first four months 
of the current fiscal year (from 
April to June inclusive) Japanese 
Ship exporters booked orders for 
46 ships weighing 526,000 gross 
tons as against 72 ships and 
91S.000 gross tons in tfa e same 
period of 1977. Most of the top 
shipbuilders now appear to be 
operating at about 50 per cent of 
capacity and industry leaden 
have begun to - announce the 
suspension of interim dividend 
payments which would normally 
be due this aufumn. 

The First company to break 
the news that it would pay no 
interim dividend (for the first 
time in its history) was Mi iso. 
bishi Heavy Industries, the 
industry leader. Similar an- 
nouncements were -made today 
by Kawasaki Heavy Industries 
and Ishikawajima-Harima Heavy 
Industries. 

Fukuda starts 
Mideast visit 

TOKYO. Sept 5. 

JAPANESE Prime Minister, Mr. 
Takeo Fukuda, left today for! 
official visits to Iran, Qatar, the 
United Arab Emirates and Saudi 
Arabia aimed primarily at 
ensuring stable oil sources for 
Japan. 

Mr. Fukuda, the first Japanese 
Premier to visit the region, told 
a Cabinet meeting yesterday that 
he would try to promote friendly 
bilateral relations with each 
country to secure long-term 
energy supplies. Japan meets 
99 per cent of its oil needs from 
imports, of which more than 80 
-per cent coznes from the Middle 
East — ■ 

Mr. Fukuda is also expected to 
offer technical co-operation to 
help the four countries develop 
alternative energy, resources In 
.preparation for any future drop 
in oil supplies. 

Another topic is expected lo 
be aid for national projects, 
including. Saudi Arabia's pro- 
posed large petrochemical planii. 
Agencies 

Japan seeks 
oil costs cut 

TOKYO, September 5. 
INTERNATIONAL Trade and 
Industry Ministry officials said 
Japan hopes to negotiate lower 
prices for its crude oil imports 
from China. But they denied a 
newspaper report that the 
Ministry would ask China to 
lower prices of crude oil for 
Japan by two or three dollars a 
barrel from the present 513.20- 
The present price for Chinese 
crude compares with SI- 70 a 
barrel for standard Middle East 
crude, the officials noted. 
Reuter 



At the intersection of Europe's highways, at the msgor 
junction of Europe' s rail network, with direct waterway 
connection to the United Kingdom, Belgium, France, 

The Netherlands and Switzerland, and with an international 
■ Drive -in Airport" only a fifteen-minute run from the town. 

This geographical key position in Europe is offered 

by Cologne. 

Industrial, banking and insurance centre. 

Europe's venue for international trade fairs and exhibitions. 

A market of four million people. 

With a trained manpower for trade and industry. 

Cologne offers developed industrial sites with 
immediate access to transport facilities 
and in sizes to suit everybody. 

Cologne 

Centre of Trade for 2000 years -make it youra! 


* o : start Korn 

Ami fur WirtschatlsfdrderuTO - 
D 5 Koln ), Am Haf 52 t 
Western Germany * AdtJress 
Mr. J. A Naylor 

International Trade Fair, Agencies Ltd / t SmZZ: 

10 Old Bond Street London W 1 X 3 DB / Cteph0ne 
Phone 01 4090950 M i 


.. t. ) 









• ‘ 3 * * 



At . 


y ■> - * ftoiiclal Tines 


;emb€»r6 1978 




* Pri^for dangerou 

In 


"S-HU, 

E SB&.V 

s-fiM 



BY 'JAM HARGREA VES.SHiPPING CORl&sIjNDENT 


Norsk Hydro tipped 
for chemical deal 


BY KEVIN DONE, 


Finance 

house 

lending 


m. - Moih w voluntary shipping observe 'the 

ft c aiW «dB jntt been agreed by Britain ties also W 

! i,; and Frauee,' It will mean itat develops a tSrigatiMial iir steer- il ? K0 ov ? r Continental Oils OK 

le Lonrif fcf 'ships wrying dangerous cargoes Jag difficult^ 1?U coastguards. . ™einicai interests. A fln.il 

will report ureir ' ^ j, J , sked t0 ( **“">" <« «l»i«l U™ 

^ speed, course sod position to ri-rwTrf 
'coastguards. o. pun. as 


The’rode'. one of many pro- ; "*™ 'haT weak3 afte.-Xi’r |T ^ r ^K r "' ? I*." 1 * 

ton ^ POfflls advanced -by. r France after hrS^cfiG' ’thwSSmnpr failure t0 P e «uadc British Stale ? , ‘ CPr ? r J PV, ' n *"«">'■ :s ■' ,l ^ 

*r “ * to^'the wreck ' of the Amoco Cadiz KvfhiSl’ffi.SSE? Shlmof r interests. such us the N.,ti «ul mterwled in Vinaiox a*, an «mi- 
* .^nt M^sunert anker off »<n sWppt^S SCpaplUU scsemca. |Vni« Prir i KM R n n/i nr tv*« i.-ii.s let for its \T.M uroducriun. It 


* • > NORSK HYDRO. Norway’* well advanced was stopped last Us main competitor in the hid : mAVAnCAC 

je: The author h ■ * arsest Industrial cempuiy is month. 1CI is rhe main '•uglier (or the Conouj inter*.*-, is DSM; 1 1 II, I rT/J 

t any 'ship which; cmer P n S as the front runner to of VCM to Vinatux. However, of Holland. -met** 

iwtihnal or Bliipr- ' over Continental Oils UK doubts a hunt the comm.*.-. i-i! Mr. Duvsrl W 'arburti.n. national » 

viability of its VCM expansion ai industrial officer of \he general 
Willon bad began to surCiee and Miiah.ipjl '.’.'lirkers Union, 
before Conoco decided to sell its has . written u- Mr. Eric VarScy. 


y approach the i , .to the deal from 

dangerous ear"^ UK chemical industry trade;! 


SEW INSTALMENT credit 
advanced by finance houses and 


Vinalt'S interests. 

Norsk Hydro, already 


t T , S.«ipertw*ee ;olf Brittany. will 


from ^ come.intovdpowtioa oa. Jotwaty 

r5? raSEjb DetaiTs.or the scheme - we re radical revis 
rni consbi^^ced; yesterday by the shippmg sep, 
tij.^iovenuTCma! Anglo-French In parUcu 


The -Ati, 
yesterday al 
scheme - were radical revisions of the -Channel 

"*■'■■■■• ~*'~n schemes. 


.... i Enterprise Board or the bnlish 
• ^ Sroupj National oil Corpora ti-m to 

.comaoered more intervene. 



prod: 

has recently brought nn sla-jiu 
a 300.000-1 onnesa-y car VCM 
plant at Rufous in southern Nor- 
way. but it has yet to find cnsio- 
mers for much of this capacity. 


r,„ jtnalpenotL ■’ authority. 

, ^nth*^ All ships over 1.600 gross tons effectively 
only -jg carrying dangerous goods. ‘ - - 

^rejo jef- eluding " 


oil. arp expected 


in* existing, 
to zones. 






en Pr *«fe : 

^V.. .... ......... 

SSjon post-war credits 

rate ^ fs ’ 

V 'rapidly ARP 


BY IVOR OWEN. PARLIAMENTARY STAFF 


Conoco or Uur US. is Ksilin-.i 
, its half shure in VuiaL-x, tlu* 
it. looked at a i third largest British producer nf 
jy.V ; ‘project j polyvinyl chloride (PV*.:) in. 
ity.:House, the I gcUior with its 10 per -vent stake 
And . pilotasic i in Stavuluy Chemicals. 

Tb|s fidbeme would j SUtveley holds the other half 
jdiftte tojunbor the ; of Vinatcx. 
pieccaheal. separation ‘ The possible sale of a hig 
. [share in Vinatex to a itonlu THE ACCOUNTING Standards 

• ^ • " nental chemica! company has Committee today published a 

1 provoked considerable npposi- new accounting standard on 
d.tion in thu UK industry, pur- group accounts, Staiement of 
y 1 tit-ubrly from Imperial Chumicui Standard Aceouuiins Practice 
j Industries. No. 14. 

) IC1 has used the sale as one of The standard insists that 
; the reasons for postponing work uniform ucrauntinp policies 
Jan an £Sflm petrochemicals plant should bo followed by holding 
i at Wilton on Tecsside. The plant companies and their subsidiaries, 
[was being built ,to prndtic-* unless there are except ionai 
150.000 tonnes a. year of vinyl circumstances. In such « , a*os, 
. chloride monomer (VCM), the full details and explanations v ill 
[raw material for -the manures be reriuircd, 
ture of PVC, one. of the most- It also wants directors tn 


the Industry S ■creiurj - . demand- ■ retailers has increased sharply 
inf? that nsKtiraiK-es on job.-, and since the l«ginnins of the year, 
future inve<tinvni amsi l>e aiveri- ™ ‘ , ... oe . 

by any foiviga cmnpani' Induing ** advances or £1.3Sbn 

fnr the Conoco intcri'si* between May and July were 7 

Norsk Hydro w«iijrj expect to per cum higher than in the 
make substantial veil deliveries previous three months, according 

to Vmatev. nut tn--: should rot .to seasonally adjusted figures 
rule nui 1C1 a:..u cont ini eg ;is a .announced by the Department of 
supplier. Trade yesterday. 

! Although the total is in 
[current prices, there has been a 
j substantia! gain in volume. 

1 ■ Finance house lending in* 


HIRE PURCHASE CREDIT AND RETAIL SALES 



(Seasonally adjusted) 







Retail volume 


New credit extended by 


(revised) 




Total debt 


Durable 


Finance 


outstanding 


goods 


Houses 

Retailers 

(unadjusted) 

Total 

shops 


£m 

£m 

£m 

(1970= 

100) 

1976 1st 

340 

493 

L349 

105.9 

117 

2nd 

382 

490 

2,424 

104.9 

122 

3rd 

392 

521 

2JT6 

107J 

125 

4th 

421 

547 

2,714 

105.9 

124 

1977 lit 

457 

550 

2,792 

103.3 

116 

2nd 

485 

541 

2,930 

1015 

1T8 

3rd 

544 

605 

3,108 

UMJ 

121 

4th 

585 

404 

3,341 

104.4 

121 

1978 1st 

06 

434 

3,507 

104J 

125 

2nd 

714 

477 

3,797 

108.0 

129 

january 

213 

214 

3.378 

104.9 

129 

February 

201 

217 

3,429 

106.8 

130 

March 

212 

201 

3.507 

107 JO 

117 

m£‘ 

nay 

231 

232 

3J594 

104.7 

132 

243 

228 

3,689 

108.4 

126 

June 

242 

217 

3,797 

108.7 

130 

July 

213 

245 

3,831 

Source.- 

111.4 138 

OeBsrtntenc at Trade 


New accounting standard 


BY JAMES BARTHOLOMEW 


< month comparison, boosted hy 
tivo ioriij in Lun^uiidated . thv hiyh level of car sales, wiiile 
accnunis other than these *a-l nut i retailer.^" lending was 6 per cent 
in the Mandat d. lu;,. There was a particularly 

The treatment t.f acquisitions /harp rise lit rales hy deparlmenl 
and disposal* is prescribed m [ 


»«w »>■ s “«■ « » ^ A sr vsr.n nS[ 


vious month. Finance houses' 111.4 1197(*=1QQ), compared with 
lending was lower than in the the provisional estimate of 110 1. 
previous three months, but about On u non-seasonally adjusted 
the same as in March. It is basis, the value of total retail 
certain to have been boosted in sales in July was 15 per cent 

higher than a year earlier. In the 
first seven months nf this year, 
announced a revision of the the average value of sales was 
seasonally adjusted index of the J4 per cent higher than in the 
volume of retail sales far July to same period last year. 


sume detail, as in the use of 
“ fide value accounting.’* , 

The “ effective date " is defined 
as the day cnn.->i(ieration passes 
or else the day on which the 
offer becomes or is declared 
unconditional, v.hichever is the 
earlier: 

The latest standard will become 


Matsushita audio plan 


IC *S have 
the Srs t 


, . jft- -- CRITICISM of the written and oral' ovidenee from [widely used '‘commodity plastics, explain and justify Treatment uf effective ior accounts starting on 

J n in * the^T» r 5? ur i ^ s ji - y? e and She Jnland , Work on the plant, which was grou paceounls in any ulterna* nr after January 1. 

i,lyr deunLi ^ J*ariument in ^xlng December Revenue mdicaiidir Hit the Corn- 
ices hu.Tr^ 3 !- 1978, as the final .date for missioiiers of IMaod Revenue 
e ^ submitting uncertified claims for had some dtscxwdon in the 
post-war credits was voiced \ev application of the^lbsing date, 
rent fit ; ‘-“.-terday by tbe juint Lords and Neither foe onfer Jtse/r. nor 
in** m!>i ■ ^ ^ omraDnj! Omnmittee. art Statii* the explanatory rott printed with 
•ters^ k ,* e, fc lorv Instrumcms, " • it. ineminned the CommiSMoners’ 

veiohi 00 *^®' Ti,e rt, n , ntHtee - urged - both discretionary pswers. 

.. "» *» *- -- **■ " **" . The com therefore 

consider them to he niisleading. 

1Q __ — . « It would hav c been possible to 

iy ''- Mostif; people not in possession of post- insert a phrase 4&at .-Indicated 
rs nDv app®'war credit certificates to claim that some discretion.- was exer- 
about 50 », for lhe repayment of ppst-war.cisable in exeeptiopjil , cases, thus 
3r *d iodnciL 1 -’ credits after the end of tnls-yeftr. reflecting more ' rt%«ntely the 
While; the order, which took true, state- of afia&f 


stores. 

At the end of July, the total 
amount outstanding (o finance 
houses and retailers was £3.S3bn. MATSUSHITA ELECTRIC, one Iricals and electronics under the 
a level 29 per cent higher than a qj |^q Japanese concerns making names Nation, Panasonic and 

colour television sets in South Quasar and employs 250 people 

Tbe proposal will 
increase in labour 


year ago. Retail prices rose by 


. _ r, - _ , * _ luiuul Lcicuaiuu avio in wwum 

less th.n S per cent in the wtne Wa , M _ p|a „ s l0 s(an production ^Cardiff- 


period. 

New instalment credit company said yesterday^m Japan, 
advanced in July was £45&m, on 


uf music centres next spring, the „ J 1 i'nnB 

mninint* cniri rnctorHnv in tnnnn InErO 2Ild DdultlOnal DUlIuingS. 


a seasonally adjusted basis. 


Matsushita began producing 
Matsushita is Japan’s biggest sets at Cardiff in January last 


almost the same as in the pre- manufacturer of consumer elec- year and turns out 3.500 a month. 



or? 


industry C 1 
f o amir^ . 


London and County, 
-nine remanded 


■'■i- . 


'■ - ,f inter^T^ cfToct on July 1. appears to set According to . 'the: Inland 
which uonLi a fir ™ closing date for unccrti- Revenue, over 93 pju.eentaf the 
is autumn c fied claljns » : . the f cpmminee .original • 765m credits . have 
•st ^ pointed oot , that it ^received already been clairaed andiepald. 

^ ll VODkt 
;‘’ ! d*nd ( f 0l £ 

• < bisioni 
ladustDfc 
! «cer. Sat 
■”‘ s . nu*. 
i*"i .Heavy fr' 

BY MARGARET REID 

Hfjn BUSINESSMEN.- vi*p-fk« totalling, merer thaniiESJitt were 

Hud Mdlfitheft and fraud charges imralvr hrmighL ai Bow Strap, oti ^ August 
, .ring £10m ia coccectipn wil* the 24''. against - Mr. I Fdpperell, 
eaSl VI® collapse in 1973 of - London and formerly .a property consultant 
County • Securities,' . 'were with an associate ^bmpUy. of 
Scj-emauded -yesterday at 8bw the London, and County, groups 
■c. Prisce Mm Street until January 17, 1978. . - : He had . been - in custody at 
ikuca. left tA They aret: Mr. r John Araufr : OJdenbuxg, West Gemkmy. since 
Iran, QsKillman, Mr. EmnvanueV Wolfe April but fast mooth wadved 
ab Emiraies &Davidsoo. . Mr. Robert Stephen extradition" fdmalitUK before his 
aimed pim'Rubin, Mr.. Woolf "Perry* . Mr. .'returii to Britain. jjnth Scotland 
itcible oil sw Brian McMeneray/ . Mr... Brian Yard officers on d^ugust 23. 

Kenudaj, Mr. :Peler Greeii fc 'Mr. Mr' .. Gerald jEtplan. former 
iuda. toe firikCharles Norman; Npye ’aiid Mi^ chairman, of L«don and County, 
c v:;it the reg: Trevor PoppereH../ - k . - was- arreatedit Los Angeles in 

’-eeting resat The first eight, remanded on April on wyrants alleging that 
try to prorniw s bail, were arrested and- charged be stole . Xpnth from the group, 
relation; 'rf. im Britain in IdayJ Theft charges He faces ^tradition to Britain, 
to secaif b . ' ■ • Tf . -/•••?• 

p.niie?. J 33 
of i:; o’! m 
•f waicb CKjit 
•ernes from fe! 

;s aii5 or- 
t:::val «w?®f 
four conacre r 
a ‘iz-srzy rss 

•:i for .£> to 

- :...pic if \ • 

f,r ncL’Pii^j[ FERRANTI'S 


company will 
seek new markets 


BY ANDREW TAYLOR 


to 


c vrr: PROPOSAL. .. 

5u'.ici ^ form a joint .electricity supply 

mntAr mamifaotii ririn- ' rnn»n*.Tiv 


U.K. industry could quite easily 

. .. rr ., be ; cut to : three or even two 

.e pe'.rcca^ 1 meter, manufacturing/ company 'principle manufacturers. 

with the - Munich 1 -based dec* The deal will put Ferranti’s 

m . ironies giant Siemens AG conies meter business and some of Its 
eppitf at a Ume when UK meter juaiiu- allied ; products 
f act urers.. faced with stiff rain- umbfi 


under the 
new company 10 


fact urers, faced with stiff coin- umbrella, of a . 

Airf petition -at homeware finding it be owned Jointly by the British 
'OSlS ku* increasingly difficult to break- and German partners. 

vvo 5 estf^Snto ' major overseas: '..rtixikets l^erranti will p^ ut up the assets 
-rival Tiisnch as Continental, Europe and. ?*> be. matched by an.®dmvalent 

iWNAl; jj s. '. .. . , cash injection. from Siemens; it 


gejjnH Because “ of ’ problems' : i of 
, nide different specifications in vhr 
. "‘c.j, ibej^UK and Common wealtn 

-Ann ^ countries conipared with the rest 
.;.T^ »of the world, three /UstihcL - ' ■ • ' 

crtf f markets have been crftffgjfc M Pt . P n cimni v 
•jf*. nr North America, Japan- and METER SUPPLY 
'Europe and the UK orientawo ■ ■ • 

: fff’ court tries. All :have proved dlffi- 
^ 3l - p -Tidi icnlt to break into. 


NEWS ANALYSIS 


BY. ANDREW TAYLOR 




But .overseas . man ufacturer*. . * .. ... . 

perhaps because., of . superior >5 envisaged ithat the total in- 
technotbgi’, have met with more v ®fp“ e ®J from the two ^oups 

S c=rpa^r their 


*” 4 meleK - “• 


jene rated about 


RUDSioiary . 01 ocniuraoenicr ui half tb»-'rtm nrpJmerest orofits 


lei ns by operating 
in the UK which now control 
around half the home market 
There" are .fouF major manu- 


00^ 



division in the year to last 
March 31. 

This compares with total group 

SS^rg: 

domestic meters-tu" sophisticated ^aSl^ thS^err^rfSareoM'S 

trial plants^-wiui. ..Ferran < U , . : and _ i,u rtlfn i 1 t L D arri .. n cove it 11 sill! 
GEC providing the dpuie‘.iom ff e--=“‘mBh ihagfoupsai s .t is sun 

tion against ‘ Sangamo ' apd facine the 

SnStniwS? UK based mmiufacturers is that 

fhTs bac&T’that S ^SSLSAwSS^ ESS 

has been searching 

P, 0le ^Sr i!!Sn^ partn ^ ^. hoSfc ESZnl for almost all the 
Its meter busmen . .. , , uk sales estimated at 

■»r .* " "Z :•. about '-£20m. a'.year. It can Be 

N^ofiations N-v ' «rga?d.that the existence of such] 

Agreement" Jri" principle- lua a larite"' single customer re- 
been reached with Simen& and di^d the 
if negotiations "are successfuHhe different spedficattmts for ov^ 
deal could be signed by. the end. ^. customers. . ChIih have 
of NovemBer. C. ; "... “ applied a similar argument to the 

FerrahtT . will have iawess to telephone switch gear industry 
Siemens’ technology ^ and greater which bite relied heavily on tne 
financial musde whtie Siwnmis, Post Offiee for ns sales.^ • - 
which already has a similar ' Nt f- such pfoblenis exist for 
agreement with. FUji of . Japan, gjmiiKjsuch "as Landis and 
will have access tn anbtber taaVr Schlumbej^er which have such 
ket without , the problems ahd a ^lde international buse,_and. 
cost of eithet ruaking an acqidsl- ?? c * ss , to L other mar«ts ; 
tion or developing :a gt^en fidfl ;thnrugir their other subsioianesg 
site ‘ - L '.V- ■ Ferranti, rescued from nnan- 

The project is not. likely to M difficulty by. the Govenimem 
so well received by. the hiditstry thr?e yean' .ago, clearly feels 
which is already- suffering from :fhat thls ih fl.good deal. -For the 
over capacity, and- sona. analysts-' industry, it-does nothing to -solve 
were saying yesterday that -the - the;': problems . -of over-capacity. 



Ordinary family cars no longer come at ordinary 
prices. 

So it s good to know there’s still a range ofveiy 
special saloon cars at prices that compare most 
favourably with their not-so-special competitors. 

For between £3,457 and £4,680? you can have a 
l3Q0cc, 1600cc (as shown) or 2‘000cc twin overhead 

(jam engine, 5^-speed gearbox, front-wheel drive and sect ions deigned to absorb accident impact, 
a'iot of excit ement. You can hav^an IS cu. ft. boot for yorn* luggage ^th 

You can have indej)endent suspenaon ail round and low-level sill far easy loading. 
sei\o-assisted disc braking on all four wheels. Afull • You can have i^terl)od\ r cavity injection and 

uiiderbody sealeqg to fight conxision and a ft 


low brake fluid level and disc pad wear. 

You can seat five adults in luxury, ^ with fitted 
carpets, thick padding and sound insulation and 
separate heating and ventilating controls for rear 
passengers. 

Yoii'can surround yourself with safety features? 

• like a rigid steel safety cage and front , rear and side 


arrajj of instruments, including electronic rev 
counter, oil pressure and early warning systems for month warranty 


full 12 


Andyou canhave anamethat stands for the very 
best in Italian automotive design and engineering. 
By now, you’re probably quite anxious to know 
where you can find such a car. 

Go alongto your Lancia dealer and askhim to show 
you a Lancia Beta. 

The last thingit is, is an ordinary family saloon. 

LANCIA 

The most kalian can 

Lancia (England) Ltd* Alpcrtan, Middlesex. TeU 01-99$ 5355 
(24-hour sales enquiry service). 



The Beta Saloon Range: Beta 1300-^3,457.35* Bda 1600 (as illustrated) -S4, 015.44* Bela 2000-24 2S4.5& Bela 2000ES-ZI. 680.00? 

•Prices include VAT at 8% and car tax, inertia ml seat belts and delivery charges (UK mainland). Inti rxdudr number plates. Personal Export Tf you arr eligible, tn purchase a Lancia free of I oav. contact our Export Department. 


Whereto see theLanciaBeta range: 


ENGLAND 

■ Alnwick: William Sampln !fiif>>rs. 

! Aakfbrd Otulilv): IjI-'JiamliaiOEB. 
.m-tiS-IKi!)! 

AiMwrj: BNknrN»>inrB. 

TW'.ilM -14 .wi.'i 
Hubnrr: Whiii* II«m liuracn, 

Trf: itSo 5073:1 

Bnfcuc: LA.ijriW'iWad & &HL. 
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Tii 030227837 
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ISLE OF MAN 

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cttiNNEL islands 

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Zaricta Cantor OKlvarmlal^ [iron oar 
oufAnrisrsi tale* nelrork as listed, 
list efl'Ctth 1 * from September 1*1 1078. 
STD Coda arc given as ji um London. 


\ 




8 


Mai Times Wednesday 


Banking figures 

(as table 9 in Bank of England Quarterly Bnlldlii) 

eligible liabilities, reserve assets, reserve RATIOS; 


AND SPECIAL DEPOSITS 
1— Banks 


1978 
£m . 

Eligible liabilities 

U.K- banks . 9 . oa . 

London clearing; banks “HS; 


August IS, Change on 


month 
£m 


-1,010 


Scottish clearing banks 

848 

- 18 


1.852 ‘ 

-142 


6441 

—215 

Overseas banks 

.... ..... 3.75L 

-202 


276 

- 28 


2,716 

— 73 

Consortium banks 

200 

- 12 


Total eligible liabilities* 


Reserve assets 
UJL banks 

London clearing banks .. 
Scottish clearing banks .. 
Northern Ireland banks 

Accepting houses 

Other 


43.404 —1,623 


HOME NEWS 



Ford cars to cost 
more for extra 
standard equip] 


ent 


BY TERRY DODSWORTH 


Overseas banks 

American banks 

Japanese banks 

Other overseas banks 
Consortium banks 


3£S4 

351 

124 

266 

830 


505 

39 

429 

42 


Total reserve assets 5 ’ 870 


Constitution of total reserve assets 

Balances with Bank of England ......... 

Money at call: 

Discount market 

Other 

Tax reserve certificates 

U.lt, Northern Ireland Treasury Bills ... 
Other bills: 

Local authority 

Commercial 

British Government stocks with one year 

or less to final maturity 

Other 


Total reserve assets 


Ratios % 

U.K. banks 

London clearing banks ... 
Scottish clearing banks ... 
Northern Ireland banks 

Accepting houses 

Other 


Overseas banks 

American banks 

Japanese banks 

Other overseas banks 
Consortium banks 


Combined ratio 


N.B.— Government stock holdings with more 
than one year but less than 18 months to 
final maturity amounted to 

2 — Finance houses 

Eligible liabilities ..... 

Reserve assets 

Ratio <%> 


390 

8.248 

234 

630 

96 

774 

499 


5,870 


13.1 

13.3 

14.6 
14 A 

13.6 


1&5 

14.3 

15.8 

20.8 

13.5 


£m 

456 

345 

35.1 

10.2 


- 63 

- 26 
- 1 
+ 28 
— 15 


- 52 

- 6 

- 3 

- 1 

-139 


-217 

+266 
- 6 

-170 

- 33 

- 23 

+ 45 


— 139 


+ 0.2 
+ 0.1 
+ 0.1 
+ 0.5 
+ 0.3 


- 0.6 
- 0.5 
+ 0.3 
+ 05 

+ 0.2 


£m 


+ 86 


-0.4 


Special deposits at August 16 were £231 m (down £634m) for 


ABOUT HALF of Ford UK's cars specification level on its cars to 
are going to cost a little more to improve profit margins, 
take ■ account of specification A high level of specification « 
changes being implemented' on a standard feature of the U.s. 
present models. Industry, where add-on acces- 

The limited increases, which 
have been announced on ail of * reveiine 

the range except the Escort, are ^ 

JJ* w^t? 

The price of the 1300 two-door significantly higher than those of 
Cortina, for example, is going up ^ Fiesta to achieve a more 
from. £2,750 to £2,766 to include progressive pattern in its pricing 
Inertia reel seat belts, . and of arrangements, 
the 1600S Capri from £4,069 to When the new Escort is intro- 
£4.088 for rear fog lamps. . duced in about two years with 
One of the larger increases Is a much-improved design and 
from £5,733 to £5,845 on the specification, such a pricing 
Granada 2300 GL for central pattern will be desirable, 
locking. Ford's nest altrOund price 

These rises, while not signifi- rise is expected at the end of 
cant enough to figure as a major the year, after- the last Increases 
round of increases, indicate that at the beginning of June of an 
Ford Is gradually increasing the average 3.S pear cent 


Granadas recalled 


FORD DEALERS have been They include fitting a cap 
asked to carry out free modifica- buxettor shield to prevent pos- 
tions on some Granadas fitted sible feed back -of fuel into tbe 
with 2.0, 2.3 and 2.8 litre V6 air cleaner, and the replacement 
engines manufactured before of clamps on the brake servo 
July this year. This is because vacuum to prevent loss of 
of faults in the carburettor, brake vacuum in tbe system, 
servo vacuum hose clamp and New fans are also being fitted 
the engine cooling fan. ' because of the discovery of hair- 

Ford says that the modifica- line cracks an -the hubs of a 
tions can be completed in 40 small number of viscous drive 
minutes. engine cooling fans. 

Hatchback for Cavalier 

THE VAUXHALL Cavalier range, supported tailgate. Is completely 
one of the main models behind daimg ttat 

the improvement in the motpr gportI Hatch -will have a top 
company’s performance in the speed of slightly, over lOOmph 
last two years, is being expanded j n the 1600cc version. The larger, 
with the launch of a hatchback 2000 cc engine is also claimed to 
called the Sports Hatch. have good economy, delivering 

Based on the present Cavalier, 38.7mpg at a steady 56mph, and 
the new car will use the standard 31.4mpg at 7fimph- - 
sheet metal of the coupe model Prices will be £4474 for tbe 
at the front end. The rear half 1600, including car tax and VAT, 
of the body, with a gas strut- and £4,373 for the '2000. 


Support for Bilston 

SUPPORT FOR the action com- It adds: “There is no prima 
mittee trying to prevent the facie evidence that early closure 
closure by British Steel Corpora- is in the medium- or. long-term 
tion of the Bilston plant in the interests of BSC." 

Black Country came yesterday In The report, compiled by Aston 
a report commissioned by West University researchers recom- 
Midlands Council and Wolver- mends rationalisation by tbe 
harapton Borough Council. Corporation on a step -by step 
Tbe report says it would not basis. 


banks' and £3m (down £4m) for finance houses. * Interest-bearing benefit British Steel and would Bilston supplies 16.2 per cent 
eligible liabilities were 2S,2S3m (down £l,SS6m). mean a net loss of £25m to the of liquid steel used, in BSC’s 

Midlands economy. production of special billets. 


London Clearing Banks’ balances 



plan for 


BY RUPERT CORNWELL • V-.J- ^ 

LIBERAL PARTY experts have Parliament It wants -an ramie- However, the y ester- 

come up with a blueprint for a dlate&nd to hereditary member- emphatic, as Steed, of 

reformed House of Lords, that ship, -and calls- for the coopting, day by BIr. Micnaei sec . 

would be mainly regionally of elected representatives i.firpm Mancherter Umv^y that 
based, and tbe constitutional tbe flfcst devolved Assemblies in ret ary of the w° rK *“f B don £ too 
lynch pin of a decentralised and Edinburgh and Cardiff. nothing should ne prejudice 

effectively federal Britain. . Tbe v second . stage, however, quickly w £it. 

Tbe plan, contained in an in- would come about only as .part the end package tney 
terim report of a working group of anjoverall reform of the con-: members of the ideal 

made up of Liberal peers and stitut&a, andonly after the re- ■ ™ ld be elected .to 
academics, would be In two modeling of the Commons “It the regions and nations 

staees— Its more ambitious would be unworkable if the fact0 federal system to 

second part being a key com- second chamber was more denuK ““J Britain, as a result of 

ponent > of the new "constitu- cratic, but wuhhss ? oy, fKj h ^ 1 devolution, is moving. It would 
tional settlement,’* including a the Commons itself,” Lord Wade, ’ a nnk between 

reformed Commons, pressed by a former Liberal Chief Whip a™*; Westminster and the Scottish 
the party. one of the report’s authors, said vvelsb land conceivably 

Tbe more modest first phase is yesterday. . • - . Relish regional! Assemblies 

likely to be referred to in tbe Underlying the document is - t operating. 

Liberal Manifesto for the forth- the belief that-Bntain needs a-™“ * wOUld be joined 

coming election, and will be a two-chamber system of govern-. .These Pf«* "J 1 ^^embers to 

negotiating issue should the ment, It therefore rejects; by the EunvMPs. mem 
party again hold the balance of Labour's proposals fpr the ample man .a ‘ select 

power in the new Partiament. abolition of , the Lords, and also joint Lords and ^ 

In the short term, the docu- the suggestion of Labour peers committees that i d 

meat suggests improving the for a fully noramated upper foresee, and a other 

upper House by adding the 81 house,- as an unwarranted exten- numter of ex-wrs anu 

British Euro-MPs chosen for the sion of prime .ministerial dignitaries named oy me r 

first directly elected European patronage. Minister. 


as at August 16, 1978 


THE TABLES below provide the first 
monthly indication of the trends of bank 
lending and deposits, ahead of the more 
comprehensive banking and money 
supply figures published later by the 
Bank of England. Tables 1, 2 and 3 
are prepared by the London clearing 
banks. Tables 1 and 2 cover the business 


of their offices and their subsidiaries 
(excluding Scottish and Northern Ireland 
banks) in England and Wales, tbe 
Channel Islands and the Isle of Man 
which are listed by the Bank of England 
as falling within tbe banking sector. 
Table 3 covers the parent banks only. 
In this, it is comparable with the figures 


produced by the Bank of England, which 
show the. reserve positions of ail the 
banking sectors subject to credit control. 
Minor differences here arise frorathe 
exclusion from the clearing bank figures 
of Gratis, a subsidiary of National 
Westminster but a clearing bank in its 
own right •<' 


TABLE I. 





AGGREGATE BALANCES 

ratal 

outstanding 

Change on 
month 

LIABILITIES 

£m. 

£m. 

£m. 

£m. 

Sterling deposits: 

U.K. banking sector 

5414 

274H5 

483 

2470 

2494 


+280 
+ 4 


U.K. pnbile sector 

Overseas residents 

Certificates of deposit 


—210 
- 4 
-119 


of which: Sight 

Time (inc. CD's) ... 


33,841 

21,466 


-m 

+ f 

Foreign currency deposits: 

UJC. banking sector 

Other UJL residents 

Overseas residents 

Certificates of deposit 

4.005 

14)36 

10^16 

L077 


1 + 1 + 
siss 


Total deposits 

Other Ifabilities* 


54440 

9456 


+ 19 
- 73 

TOTAL LLABHJITES ... 


63493 


- 54 


ASSETS 

Sterling 

Cash and balances with Bank 

of England 

Market loans: 

Discount market 

U.K. banks 

Certificates of deposit 

Local authorities 

Other 


1485 


-288 



+534 


+ 878 
+ 71 
—107 
+ 6 


Teul 


Change <« 


Bills: 

Treasury bills 
Other bills 


Special deposits with Bank of 

England 

Investments: 

British Government stocks ... 
Other 


Advances: 

U.K. private sector 
UJL public sector .. 
Overseas residents .. 


Other sterling assets* 

Foreign currencies 
Market loans: 

UJK. banks and discount 

market 

Certificates of deposit 

Other 


Bills 

Advances: 

UJ£. private sector 
UJ\. public sector . 
Overseas residents . 


-Other foreign currency assets* 
TOTAL ASSETS ... 

+ e I 

11,039 - +1483 I Acceptances 

* Includes items in suspense and in transit. 


•vtrt 

£m. 

289 

875 

andtog 

£m. 

moatln 

£m. £m. 

3 

-120 ? 

- 26 ] 

1,430 

106 

i + 

1 . 

j474 

i 

i 

19,416 

171 

3448 


+ i i 

oim-i 

-» 

i 

f 


5^77 


+283 
* ■ 

3,637 

248 

7,148 


+162 
- 18 
+ 24 

.t 

•6 

2,134 

996 

3.144 

50 

- 32 

- 85 
+ 10 

+ 7 

t ■ 

■i. 


863 




63,595 


+J54 


317 


4? 34 

f 


Labour has 
changed 
says Marsh 

By Maurice Samuelson 

SIR RICHARD MARSH, chair- 
man of the Newspaper Pub- 
lishers Association, who was for 
several years a Labour Cabinet 
Minister, said yesterday that a 
continuation of Labour policies, 
would make Britain a “banana, 
republic without any bananas" 
and continue her “decline into 
a national slum." . 

But Sir Richard, speaking at 
a meeting of London Conserva- 
tive prospective Parliamentary 
candidates, made it dear that he 
does not want to get back into 
Parliament: 

He believed that most people 
lacked enthusiasm for either of 
the main political parties, and 
he himself shared this feeling. 
He had allowed his Labour Party 
membership to lapse and was 
not thinking of becoming a Tory. 

However, he was calling for a 
Tory victory because of his 
anxiety about the changes which 
had taken place in the nature of 
the Labour Party. It was mili- 
tant and Marxist and quite 
different from the party as he 
had first known it. 

The leadership no longer con- 
trolled the party ma chin e and an 
extremist minority was forcing 
through policies which would 
lead to more unemployment. 

Sir Richard added: “Mr. Andy 
Sevan, the Left-wing national 
youth officer would not have 
been allowed to join the Labour 
Party that I joined.” In two or 
three years. Mr. Jimmy Reid, the 
former Glasgow Communisi 
leader, would be elected to 
Labour's national executive com- 
mittee, he predicted. 

Expressing surprise at the 
“hysterical reaction" of some 
Labour leaders to his support for 
the Tories, Sir Richard said that 
about half of the electorate bad 
been voting. Conservative for 
years and be had simply caught 
up with them. 

"Since the Gaitskeliite con- 
troversy in the 19Q0s, a new end 
militant Labour Party has 
emerged, which is openly 
Marxist and contemptuous of the 
existing Labour establishment," 
he added. 


Powell dismisses 




on free economy 


BY OUR LOBBY STAFF 


A 


on the 


_•» TORY victory at the forth-, licensed theoretician 
coming General Election would Opposition front bench — aid mr, 
not harfi any real effect on. the Powell have much praise. - 
direction of U4t economic jj e - applauded- - Sir. Keith's 
policy for all the ritual emphasis.. recent indication that a Govern- 
by party spokesmen on ; the need ment should no longer use its 
for a “ feturn to freedom ” and money to preserve jobs in 
a “ free' economy." .' : sectors of the economy that were 

This -Was- argued powerful!. last no longer viable, 
night by Mr. Enoch Powell, Mr Powell claimed that a 

former - Tory Cabinet Minister change in policy and not just of 
and now Unionist MP for South Ministerial faces would materi 
Down, in a speech extolling- the a u y and psychologically trans- 
benefits that would flow from a~ f or m the country, especially if 
switch ..to full-blooded -mono-' a party entered office believing 
tarism ; and . laissez-faire and declaring that inflation was 
liberalism. r due solely to the financial opera- 

Although his address to the tions. ... 

Westminster Chamber of. Com- The consequences would be 
merce was dismissive^ of the extraordinary. There would be 
Tories .in . general,: and . Sir an j„stant end to all price and 
Geoffrey. Howe, shadow Chancel, controls, voluntary or other- 
lor, in particular, Britfcufs. best- w tse and industrial conflict 
known floating voter would, give would lose its two worst. features 
no due^.-in a separate TV inter- 0 f « a quarrel between state and 
view on whether he would repeat citizen and a quarrel over in- 
his 1974 recommendatiomto vote hereof futilities." 

La J^ 0U 5: • . on A government would not inter- 

Tikto Spfif vene in Industry, and would act 

in the knowledge that there was 
JLjU n'P'auch thing as a payments de- 

forced to look to minor party nrsuroiu; 
support to construct a 'Parlbi- p ' .... 

mentary majority after ■ the’- Exchange controls would dis- 
electioh ' appear, sterling would float in 

• complete freedom, and Britain 
Tfiraimr nnint ' “ t0 the u comprehending envy 

i urmng point of Swiss .. would becorae 

Mr* Powell told bfs West- financial centre of the world and 
minster- audience, that unlike' the Common Market t>f the world. 

1970 * add 1974, . the election ' •• " 

woultf not offer ; a cjear-cut choice 
between -different- alternatives. 

The ohservatives.: he said, had 
drawn the lesson of Mr. Heath’s 
so-called “U-turn.” and had en- 
sured that 1978 would not be 
“a national turning point." 


Aerial starts 

• * . r 

a new era 

A NEW era in space-age com- 


The Opposition were using the muni cation was launched yester- 
tennlpology of freedom ora free day at the Post Office satellite 
economy to describe the alte^na- communications radio station at 
tive supposedly being offered t« Goonhilly Downs, Cornwall, 
the Government of the last four A £3}m all-British radio aerial 
years. But. in reality. " all neces- to be used with the next genera- 
sary provision has been made to tion of. communication satellites, 
avoid ^disturbing present was banded over to the Post 
patterns.” Office by Marconi .Comiriunica- 

Only for Sir Keith Joseph — a tion Systems. 





before 

commerce’ 

BY CHRISTINE MOIR 

there IS. nothing like meson, 
about in boats except^T* 
it sinks a public company 
A Department of Trade rerL 
published, yesterday, uniJi 
the pathetic' saga or ^ 
Birmingham and Mldb^ 
Canal Carrying Cp ra p~7 
wHose founders “allowed thpl' 
enthusiasm for canals ^ 
canal boats to override eo^ 
mercial considerations." 

The .two men involved. u r 
Charles Waller, a ionJ« 
audit clerk, and Mr. Gra£ 

. Wigtey, a qualified s2 
teacher, failed to produet 
audited accounts or can an 
annual meeting K over a neiC 
of nine years.” 

They also failed to pay Ctrnnh 
Court judgments, honour tL 
demption dates on debentoi^ 
or register charges, bills of 
sale and loans, in coDtraven. 
tion of the Companies Act 

In short, they “exhibited an 
extreme degree of irrespcn s . 
bility towards their position a 
directors of a public tinuted 
liability company," according in 
the Department'^ inspectors. 

Petitions 

The inspectors, Mr. Anthony 
Be [chambers and Mr. 
Mann, are recommending that 
the Secretary of State for Trade 
use his powers to wind up tbe 
company, which specialised u 
carrying, goods and pleasure 
passengers by canal boat 
They believe that the company 
“has been Insolvent since 19ft. 1 
As evidence, they show ihai 
there have been 72 summonsei 
and three winding up petitions 
against it . Throughout Uk 
period, there was a substantial 
shortfall between current 
assets and current liabilities. 
The company's balance sheet, 
say the inspectors, was sus- 
. tained solely by .a revaluation 
of the seven canal boats which 
remained in the fleet, a valua 
tion due “ almost entirely to 
inflation.” 

The directors offered no hope 
for the future which could be 
' regarded as realistic tbe report 
added. 

Accounts ' prepared for 1976 
showed accumulated losses of 
£1S,600 after the . revaluation, 
which threw up a surplus of 
£22,000. . Current assets 
amounted to £818, while cur- 
rent Liabilities were £24,800. 


Slow growth 
is making 
poor poorer 


Overcrowding of radio 
spectrum now ‘crisis’ 


By David Freud 
THE MAIN impact 


BY DAVID FISH LOCK, SCIENCE EDITOR 


too, 


TABLE 2. INDIVIDUAL GROUPS 
OF BANKS’ BALANCES 


TOTAL BARCLAYS LLOYDS MIDLAND 

Chan sc -Change Change Change 

Outstanding on Outstanding en ' Outstanding on Outstanding on 

month month month month 


NATION AL 

WESTMINSTER 

Change 

Outstanding an 
menu 


WILLIA 

GL 


Outstanding 


LIABILITIES 
Total deposits 54440 

ASSETS 

Cash and balances with Bank of 

England 

Market loans: 

UJC banks and discount market 

Other 

Bais 

Special deposits with Bank of 

England 

British Government stocks 

Advances 


£m. 

£m. 

£m. 

£rru 

£ni. 

54J40 

+ 

19 

14,888 

+ 4 

10,073 

1,185 

- 

288 

336 

-109 

198 

14370 

+ L574 

2£72 

+291 

. 2,693 

9.702 

— 

24 

2^10 

+138 

2^66 

1,214 

— 

153 

355 

- 10 

U3 

• 106 

— 

474 

39 

-139 

*i 

2&tl 

— 

24 

525 

+ 24 

436 

28J.09 

‘ — 

374 

8.453 

-119 

4,294 


£m. 
+ ■66 


-112 

+413 
+ 8 

- 4 

3 — 79 

- 81 


£m. 

1L306 


£m. 
+ 14 


£m. 

16421 


£m. 

- SI- 



274 - 21 


335 - 51 


2.094 

1*431 

431 


418 

6323 


+275 
- 4 
-104 

-105 
+ 21 


4484 

2409 

363 

34 

747 

8431 


+610 

-174 

- 35 

—137 

- S3 
-123 


327 


TABLE 3. CREDIT CONTROL 
INFORMATION 
(Parent banks only) 

Eligible liabilities 

Reserve assets 

Reserve ratio (%> 


24,828 —1.011 
3265 - 64 

13J + 0-2 


7.625 

977 

1Z& 


-330 
- 52 
-0J. 


3,737 

514 

13.7 


-146 
+ 12 
+ 0.8 


6.088 

825 

13.6 


-123 
+ 10 
+ 0.6 


6^09 -389 

833 - 37 
12JS + 0J 


ac- eimu ^ WARNING that the first solutions — although -there, 

.. natural resource to be ex- there was beginning to be. an 

economic growth was_ to make hausted would he the radio appreciation of the magnitude 
tiie poor poorer, .Prof. Wilfred sp ec trum — airwaves — was given of the problem. 

Beckexman, of Univer- yesterday by Professor William Rnt . . 

stiy, told the British Association Gosling, head of the School of d ? serv ' 

yesterday. ElectTical Engineering at Bath j°J 5 SSfi- e E glI L ee r 

The likely continuance of slow University - were n't to insfst 

growth in the UJL, os weU as Giving his Brunei Lecture at J hi s £r 
most of tiie rest of the developed the annual meeting of the SdarS n the d£ien o??ir 
world, implied the persistence of British Association. Professor 

high rates of unemployment and Gosling said that over-conges- S/ESnp l0ns sys * 
increasing poverty. tion of the radio spectrum was a iems wmc “ ““ radI0 ‘ 

This meant that for most ol crisis “ already with us In acute Professor Gosling later said 

the population slow growth mat- form.” For .good scientific the latest abuse of the radio 

tered very little, “but for the reasons, no still-untapped re- spectrum^ was the experimental 
pooT, or near-poor, it is of the sources of radio spectrum could introduction of over-the-horizon 
utmost importance!" ever become available. radars, first by the Russians and 

Over the long run novery in Europe was particularly vul- then by ihe U.S.. in the last year 
the U.K. had not fallen at all, perable to “spectrum pollu- or so. 
and in the iast few years it had tl on because of its high When transmitting, these ex- 
increased. This suggested that population density extending tremely highly powered radars 
relief or prevention of poverty over veT y. la ^se areas, in con- were proving very destructive to 
was not given its due place in tr ?? 1 t0 . T® u,s * communications. Large parts of 

the priority of objectives. , For that reason we could not the short wave were rendered 

Between 1973 and 1975, the Iook t0 ^ U - s - for technical unusable. 

□umber of families that would 

have fallen below the poverty A a- a w • j 

!SaEf!K“Mtf “■ Atom waste objectors 

a Post-benefit basis ; the OBJECTORS TO British Nuclear rebuffed because those whose 
number of families in poverty Fuels' plans for re-processing participation was sought thought 
was smaller, out lt^etlll rose nuclear waste provded the .over- they had nothing to contribute 
slightly, from L04m m 1973 to. whelming majority of material —and were even hostile to the 
In 1975. submitted to the Windscale idea of participation. 

These figures, however, con- inquiry last year. xi M . f 

otjectine totaUed 

• The Increase in poverty was totaUeG partjn. runping. their university, 

caused less by an increase in the The objectors submitted 1,100 
numbers of poor than by an reference documents, compared 
increase in the poverty of those with 575 from all other sources; 
already poor, and 92 proofs of evidence com- 

• The. small increase in total pared with 44 from all other 
poverty was made up of a rather sources. 

sharp- fall in poverty among These figures: were given by 
those over pension age, which Mr- Peter Mummery, a British 
was more than offset by an even Nuclear Fuels executive, during 
sharper rise in poverty among a discussion oh public participa- 
the rest of the population’.-. tion io the decision-making, 

• The estimates have been which focused mainly on the 
brought up to only the end of Windscale inquiry. 

1973 and the prolonged, reces- . The outcome of the inquiry 
sion later, has undoubtedly was rejection by -tbe Inspector, 
worsened the living conditions of Mr- Justice Parker, of all 17 
the poor and near-poor. ‘ • - issues raised "by the objectors. 

• The poor have probably been Marie Jahoda, of Sussex 

hit harder by price increases University, who chaired the 
over the last few years because discussion, provided several 
of the large relative weight in examples where . efforts to en- 
their expenditure of basic Hems, courage . pairicipation had been 


confirm 
wine trade 
success 

BY KENNETH GOODING 

FURTHER CONFIRMATION of 
the wine trade’s continued good 
fortunes comes today with statis- 
tics which show that clearaorw 
from bond in tbe year to the end 
of June rose more than 7 per 
cent compared with the previ- 
ous 12 months. * _ . 

. Clearances for the year rose 
more than 5m gallons (equiva- 
lent to roughly 42m bottles} to 
nearly 73m gallons (438m 
bottles). . , 

Dr. Peter Hallgarten, chairman 
of. the l.ine and Spirit Associa- 
tion, described the figures as 
satisfactory. ** While theadvaoce 
in trade volume could have breo 
greater, there is no doubt that 
merchants ha^e worked hard to 
keep the tread moving upwards. 

The wet summer weather 
might have dampened trade ffl 
July and August, but “trader 5 
are gearing up for an extremely 
busy final quarter." 

The clearance figures for 1D ® 
industry would have looked even 
better except for a technics 
distortion in June which resulteo 
in a drop of almost 50 per ceni 
in clearances of light wines hop 
non-EEC countries. 

The fall was more than 
gallons (6m bottles) to 
gallons. Figures in June ,"5 
year were inflated by a 
Cyprus sherry on to the man*, 
at the beginning of a new penijo 
of the quota system agreed wim 
the Common Market. , - 
This distortion has now b« 
reduced by the revised terw ; 
governing trade between Cyp‘ us 
and the EEC. 

Sales of “ made " wine, usually 

described on the label 
" British," rose by 5 pw ce . 
in the year to June comP 3 ^ 
with the previous 12 
The increase was of 
gallons (3.6u bottles) to 
gallons (70.8m bottles). 


£23&SS§§3S£33Sl9| 

Central location, excellent communications, Inexpensive 
a^omnodatlon, a skilled workforce-all these in a mature, 
..BtabUsbed city set in the middle of. one of Britain’s most 
. beautiful counties. 



Leicester 

R^t^lteceiW 


Enquiries to : Gordon K Smith FRIGS 

Indusirial Development Officer 
Telephone 0533 S49922 €xlB70O 

or John Brovyn FRICS 

Industrial PromotTori Officer 

■ Telephone 0533 549932 Ext.6750 

• Leicester City. Ertates Dept., 

: C Naw. Walk Cent*?, , - 

■ Leicester 'LE1.6ZG, 


c/yoif ^ 


I 


‘ -i 
it. 



sab* 


x r-r >! . 



| ; V ^Finariciat Times W ectoesda^-Septexnber 6 1978 

- ; v 

.b -— rflltn ■ W 


rt * Bottle 
«sut ( saving 
tore scheme 
11% extendt 


*£ 






arpet trade seeks 
lovernment help 


Peachey 
£10m 
flats sale 
fails 




HR ‘ST| Ne 

IS 1 ins»^iiln^ wnrih rno^ fi£ Correspondent 

' a boau^ K THE ■ bfcHte tank ■' Wheme r rtr Mtehav! A»K»yd. president of £50,000 was wlfl for £700. Imports, too. continued a! aJ „ ff . r up V pimhm.— tv I’nmr.ri 

' 3 a uuh? **£ ru^. lino nf-.f 3 onni^n? 06 1° ,hc Brititff Carper Manufac- The call for r.ovemnifni help mU ch lower level than in other V* 11 tll J' l D‘!! ur ^ 
J JS ___ !L"& "MB. textile sectors, reaching ' 1 &*££ 


By Kenneth Gooding, 
fntfuctrul Cormpoptfait 


i- BY RHYSOAVTO, NORTHERN CORRESPONDENT [O *1 

A CALL ’fff a Government aid carpels, won li £350.000 n-w. was increased over the same period |. iuiitj ' 
:sehemo to felp.carpt’t manufac- sold for £5,000, though it is from 150m tn 162 m si|. metres.:'--. 

; lurers scran unwonted . capacity expected to cust its new owners Much of the job loss. Uierefvn.'. i ._ h _ 

was wade >5fet»rd»y at Harrogate ffl0,00ft-£70.0t)0 in move, and luff- had iinu the result of improve- 5:JL. rfu r _ „ ’ 

: International Carpet.l*a»r by Mr. ing machinery worth more than ments in efficiency. property Lor.cs P ( 


boa, ? ilk tup - Uftujj, ^v-u^ Michael Aykroyd, president of £30.000 was sold for £700. 
p5? «£ l l Thc British!; carper . Manufac. The call for flovemni.-ot help 


£l*nt of * nsot with utiUMiaUy wide accept- ' jj” JjJJJJj; m ' nasij „, direc . after 

Xfr - * Js “ te Cipiin,i * d ; IM or Wih^tjKB. Ml York- owl 
Uh& to? a a y ‘ . shire, said tljt measures similar m*n| 

6 r m -im Thu scheme, launched a year' to ihe Wool Textile Industry Act proble 
fmi 1 aiiu hi ' hl ‘ Gias s Manufacturers’ K heme ware needed, provid- Ihese 

;iY= 0r S “an ■ Federation. in con junction with nianufactSfcrswilh grants of The 

t ' n for various- local authorities, is being more than scrap value in return P°' nl 





| Auctions 
season 
opens 
with rare 
! wines 

i BY EDMUND PENNING-ROWSEIL 


The unions have made the : WeSl End 

’£*"? for ** various local authorities, is bcmg C ii>re'than sciap value in return po'nt that allhuiigh the industry ‘ EEC li,e deiJiunScI Mr - AHIassawai pa:d the 

,? 0at - s U» extended today to Edinburgh : f or \} K breaks of equipment. ** relatively healthy, dominating ™ L fnd tlie LT c d p S : deposit on Park West two month* 
d c «nsiflp^ L.wds will join in next week. 1 H.* oraposaffcanie afler grow- |hc home market an«l selling “JJ nlp,M “ ,e UA * . u t ago when he agreed m hay the 

men ^ v,lth Glasgow. Stirling. Falkirk. : m q concern ja_the industry over Ittw quantities ■ overseas. Recommends l in ns on how thei^k. However, the sale «f. 

■s u’aii ®*SIl Kirkcaldy and Alloa following on . excess capacity, particularly in .problems could unsc within the industry shuuld meet the , p^chey’s llT-ycar lease on ihc . 

clerk U * r - i ! ’°°n after. Thin will take" the : inmnc. and the effect it is next few years. challenge of imports i wore heing ’ ;bu fldim; was t.t.jcUed in Jub 

y, a 1 fW s, u umber of fuiiile liao»k to 30 by having on price*. Imnrr.noniflnft' drawn up by UTTA. the Euro-, j ts frei’fcolder. the Church 

r * CR d oC the year. i. Though price competition has improvements pean federation of carpet manu- ; Commissioners, v.un a High: 

d jw' 1 * 1 1 4 Brilile lianks arc large cun- ■ dm<en a number »T companies At the instigation i uf t lie fact u re rs for presentation lo lCou rt action prevemm^ coin pie- 

lme^I .umerV^tcdmostlvinhusv »hou- out. of buslnass, Equipment is carpet unions, the TUO w,Il UiniMexlil. the overall ur^nisa- lU)n . . 

* »«« ns IWM JTlfr S SrtJ CS " Europe ’ i ‘ . The Comm.^nner. did no. 

so 1 ' ^ . and jars are. »o small operas «!.« are able “i, 1 “L*™ 'SffJSX \r Avkmwi m ..iirm M i ih,, ini want the building administered 


- •• «.iiai,iiuer.> i» -(,niuuct:ii I.VICII >e>u ..,.., 1 - .ut« WIM> b I. the recent safe ,,,,:s iniuaim-. , lUJill. compared wan Jtiani Ifl "” ".7 j 

• decree 3 »» Eritaur. equivalent to abour _ nj j. . cquipmem. M r. Aykroyd cUimed ihat the ihe same period Iasi year. ; company tn«* lx- ichtccaleM-hawd 

towards ibeirf B5lm butilcs and jars: About “ s ii 1RJ ied to l»e worth more than gloomy picture of the industry The decline m the value uf : l nt * r] le V ince-ilaient Corporation. 

if s °f a ^ Miu tonnes unda tn the dustbin, eaioodfl front i ftetnrv in Scot- being presented -was being over- ihe dollar, tariff and other i ^ ■!' li,v ll,ne 

• v co hipa n v-!“ This waste could be worth about i, nd ' f o r uhaatT £30.000, at done Employment fallen restrlelinns in some markets. j*‘ l hc h -.jiacilon '.taried. ^ 

-Part nteai'-^ -Um *« local auihurUU-s. leis Jtl ,-no n A hacking plant for fn«n 46 .inn> in 1fl74 to :kSJMD b.sl well as intense pritf cnmpeiHjun. 1 . I ojl? “ e J * riMsnnan. 

‘ their m cin-u. .. addLngfoant rubber to tufted year. but product had are blamed for the fall. i Srmon ihan ^ 

>nS A survey hy England, Crosse- i ; sale negmiaihms. * 

specter- v A«uuiaiei, commissioned , ... r . .. prachev u now convinced. 

,iSbi* ^ ^ toleration and publiiher ' - ; L ’ , , - -m g* v however.' lhai Mr. Al-Hassawai 

~st srs&raairM Welsh development defended 

s Power? la raised tn a new scheme ur for - .. . . • >. . oreacil Ol COniraLl 

Vv bieh aft ,-uch a rihene to he so widely . • ■ -A. # I 'in a staiciuvnr issued in the 

n ? goods accepted by all classes- and age . 04T01T1CT I AIY1TY1AY1C -f*l*lT!f v I€Tl'l i Stock Exchange yesterday it said 

■££rs b.v ca W : groups. (flfc A \-/U1I11M1 UIIj VI JL LiVllSIXl • Ihat Mr. Al-llx-<sawji had "failed 

•lieve that ik. ■» , - . ” ■'=. :j- . ■ [to give suffieieni information in 

^insolveniJ UnammOUS - - > BY ROBIN REEVES - -Peachey to enable it to obtain 

wW— .. ea '^ * bi Bwwn n«iw. lii licence in assien from the free- 


Mr. Aykruyd claimed ihat the ihe same period Iasi year. 


■ company, lh«- I.eichtecalei:i-liased 


Welsh development defended 
against Commons criticism 


l Lord M Pejeht*;. 's cliainnan. 
; described the legal delay then aa 
jno.iiuin* than "hiccup” in the 
sale !U*enii:iiinn>. , 

I .Peachey u now convinced. 
; however, trial Mr. Al-Hassawai 
'has ahandoueii Hit- deal. 

Breach of contract 


n.- n „|, tiaiT and the £50::i it is expected 

i Breach oi contract lfi ^ ;K . nd Jf] ^ ^i urc 0 r «h e new 

I III a stall-limit li-ued in the A-3I0 u-r>iiin of ihe European 
(Stock Exchange uslerdav it ^aid Airbus if it rejoins the European 
■ that Mr. Al-Ilx-sawai had "failed Airbu- lndu-lru* aroup. 

[to give suffielynl information in' Among the new ventures the 
.-Peachey lu enable it to obtain . group is planning are: 


* * »- ■' ; ; boilic of* Lame n i^ : ^yw 

Mr. John Rogers, marketing director, Weybridgc/Brirtnl a j° a JVicc 

Division (left) and Mr. J. Thorne, at Farnborougb yesterday. fur j "single ' 'imltle uf wine. 

I described as probably the 
■w^ • . • I a | oldest aulheniieaied claret in 

British Aerospace i 

1 I urns of Lafite down to 1906. 

■w A-wi /\ a -They are accompanied by a line 

etlOflnC A I I II IfV) j of Lai mi r.v from JSS1 lo 3947, 

^UvIlUS dUXUUIlt ! J ra . n se of old sauiernes. 

J L ginning with \quc-m 1S71. and 

# j many bullies of 19!h-century 

to update aircraft 

V ^ ^ Roger -Jl. recently disgorged 

in Epernay. a selection of old 

BY MICHAEL DONNE. AEROSPACE CORRESPONDENT ! champagnes of leading inter- 

BRITISH AEROSPACE. the for l’5(WUl>-*e.,t airt-rafr. about' JS' 'madeh-L ‘aSd^ 

nationalised aircraft group, plans £20bn would lie for the- dtKi-USo- . t-J-Q ^ e ?!“ r h n n j d ..h ‘5 ' 00 a 
io spend up tn £100m of Its seal range, a.'iuu! i'MHn Tor Urn*.- . Th L' r^ul^’sotliebv’* 
own money over the next few m the 14h-19n-se:it bracket, and : „ , |CJ ., „ n , ! L lc 0 , h ri i ! 1 

years in iaiioruving existing types thr resi for Ihe 70-1 311-sea I ers. ■ .nHmannnmc 

if civ, I 3 ,r!n.ri. Britlih AerMpaw lo^ 5 ftS 1 dl I? 5SS 

This wil! o<i in addition to the Ik- in must of these markets so; j- nl hur-undies Trom 1945 to 
£250u, it plans to spend on that it can win a large share of Ji?. 1 bdr " UIUl,0S from 1W5 t0 
■ie tc fnp: ng ihe Type 146 feeder the sales. . L- r ' . ' .. vr» n <-h Ki Bn »n-« 


Mr. John Rogers, marketing director, \Ve> bridge/ Bristol 
Division (left) and Mr. J. Thorne, at Farnborougb yesterday. 

British Aerospace 
spends £100m 
to update aircraft 

BY MICHAEL DONNE, AEROSPACE CORRESPONDENT 


Offshore wind 
power studies 

STUDIES OF the cost a 


, . ; sale on ihe 291 h is more than 

. . ■ : 30 dozen bottle* and magnums 

. nf Domainc dc la RomanOe- 
Is M II Cunii burgundies Trom 1945 to 
re ° r 1961. 

> From a French nobleman’s 
; cellar comes a collection of 
rl j rare first-growth clarets. Thi.> 
u i includes no fewer than 10 

„ ; dozen Chcval Blanc ’47, per 

y haps the most esteemed clarel 
and • °f lho post-war era. 
wind An unusual item is the first 


wh insolvenitt t-'nauimuub - .I BY ROBIN REEYES - WY ,u ™ U ‘V‘ Li* r r ;».L T««. 1 -ms fcosibilitv of Sitin' wind An unusual item is 

hav^n^S^ ' '■.Itist-tuaUyiinusuai t° findy^g^ys ROBERTS, chair- Office, the Welsh Development To this end. the board had; l ° *** ^ ^ ° bu^inessjet aircraft, namedthe S^*t”coIsf h oF ^SnT are | SVSdaff! 

ree ivindmi‘3 «r l iKr i S5iJlI^f5 T !!f 5 i.Sh : “an of the Development Board Authority, the Development Cor- embarked on the biggest advance; “Peachey regard the failure SOkwlucn may cost £50m n Central Elec-' chateaux still sold 


a licence to assign from the Irec ; •*»* ^ JSSuS. in shallow walerJoffi w*th M bottled in Bel 

tw .! d ® r - . . . ”f e J 1-2 ^ I.:., rcnl ihe east coast of England are! Bium in the days when these 


Jn cask. 


and SS.' “ We -gave peopfle every*. ojjpor-J bodies promoting development in 18 “ cw JU ” S w 

cumin) tumty to criudse. -its -workings^ viralcs.' . • • •■•- ■ ' p „ p " L* . 

bbiiny's halaa i,s locations and motives. The; H e told a consultative meeting air.- Roberts underlined 
-n<pector v main objection raised' in con-'wifh jocal authority representa-. board is considerable success 
vilely bv j’jg sequence was that sometimes tlie r fives at the board’s -Newtown tar--facior.v , lettings in 


the deposit 


chairman j 
if large 


FT journalist 
wins award 


is in no doubt: day that Park West was back on Miner- 
of manufacture ; the market. More than 100 of- The 
mid-Wales wa tithe S40 Hals were vacant, giving in ihe 


LORENZ, man 
if the Financial 


.* aim is to ensure a share j he . 1-031 cosls U l"“u,[. ue s v ere Times, yesterday received the 
e big markets for airliners 10 increase considerably. I lfJ7S SIAD Burton Group prize 

i is expected io emerge in • fnr ^ is art icles this year on 


**’:*« hnitic banks. Of those questioned, i'empiy-; ’ ■ " ?h^Sui ^W^EurnS"^ ir - om 

0 jymre -.vhua: 91 per cent said that the tieheme- -Last week's Commons select u !^.^ er " f f ‘ u ' rkcst - mos! tmn }^ 

« J»reali5k5 eased their “guilt" Teclidgs at coirnmnee report in uncmploy- inland vill2«Jf r 0n .'K, a ^ n \ u lhl ? 

throwing away bottles, knowing - moot suggested tnt too many 10 nK and tes -. . enough. Pesicle the in 

, ^ raMrtd u the glass could he peeyrfed. • 'todies were . cofernM ' with “ It is vn use being noslalgic. of new industry, there 

1 , Users or the banks are of all ; economic developnWJ |h Wales. If w c . want villages lo survive growth from within t 

; . age and social groups, with,. a- causing confusion., particularly, we must think of new ways uf and the board was 

strong bias towards women andi among businessmen..:,- ■ *• r making them viable and thriving .substantial resources 

nro -v »P ss the over-355. ' ’ .. . :i - Besides the* boprd.Tlhe Welsh places.” wor «» 

»• tarrai ' ■ ■■ " \ ' — . 

uvJ -.1 SIS. c . - v‘.’- 7 \ J ■ ..... V . ; 


jointly sponsored 
ty of Industrial 
igners and Burton 
menswear retail 


Besides the bojfnLTthe Welsh 


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10 


Elnanddl Tiiftfis 


Wednesday September-^BTs-^ 


Special 

Branch 

dossier 

fears 


SPECIAL Branch dossiers have 
been compiled on most, if not 
all, of the 1.127 TUC delegates, 
a union leader said yesterday. 

Congress decided to urge the 
Government to initiate an inde- 
pendent inquiry into the func- 
tions and activities of the 
Special Branch and the Special 
Patrol Group. 

This was enshrined in a motion 
submitted by Mr. Doug Grieve, 
General Secretary of the 
Tobacco Workers' Union and 
amended by the Association of 
Cinematograph, Television and 
Allied Technicians. It was 
supported by tbe General 
Council. 

Mr. Len Murray, the TUC Gen- 
eral Secretary, said the motion 
should not he interpreted as 
an attack on the police force as 
a whole, nor on tbe men and 
women who worked for it. 

It simply underlined that tbe 
activities of certain police 
groups hare caused widespread 
concern to trade unionists and 
others. 

Mr. Grieve said the operations 
of the Special Branch and 
Special Patrol Group reflected 
an attitude among part of 
“The Establishment" that 
trade unions were a potential 
threat to society. 

The Special Branch was in- 
structed to spy on trade 
unionists, even when they 
were engaged in proper union 
activities. 

Undemocratic activity was being 
carried out in the name of 
protecting democracy, he said. 
Files had been compiled on 
perhaps most of the delegates 
at Congress, solely because 
ther were trade unionists. Tho 
Special Branch also divulged 
information— often inaccurate 
— tn employers. 

Telephones were tapped and 
mail intercepted, as part of a 
eeneral surveillance of trade 
unions’ normal leeal activities. 
Dnrin? the last major seamen's 
dispute. officials of the 
National Union of Seamen 
were followed by the Special 
Branch and there had been 
cases of the Special Branch 
•trying to lure students into 
working as agents. 

Mr. Grieve said that statements 
by Government officials, cover- 
ing the definition of subver- 
sion, had been alarming. 

The activities of trade unionists 
did not present a threat to 
society. The biggest .threat lay 
in the mismanagement of -in- 
dustry and international 
finance. 

Mr. Alan Sapper, General Secre- 
tary Tof the Television and 
Allied Technicians, said the 
Special Patrol Group was 
designed as a dvH control 
force for use in demonstra- 
tions where militants were 
thought to be ready to cause 
disturbance. 

“We want an inquiry,” said Mr. 
Sapper. “ and we want protect- 
ing.' not brutalising." 

At Grunwick. lawful calm pickets 
had been attacked by a * rush- 
ing mob" of Special Patrol 
Group officers “ using fist, boot, 
elbow, and crash helmet.” 

An inquiry bad to ascertain who 
controlled the Special Patrol 
Group and who decided on its 
deployment and training. 

All arms of the police force had 
to be under acceptable forms 
of democratic control, added 
Mr. Sapper. “It must protect 
us, not beat us up." 


Unions pledge election support for Labour 

PM warns on inflation 

THE PRIME Minister, Mr. James 
Callaghan, told Congress yester- 
day that the lack of a. national 
consensus on pay. policy in- 
creased the Government's res- 
ponsibility to ensure that wage 
settlements were at levels the 
country could afford. 

Without a consensus, Britain 
was more likely to “ indulge tn a 
scramble in which the devH 
takes the hindmost and the 
weakest goes to the wall,'' 

In a long speech, interrupted 
occasionally by heckling, Mr. 

Callaghan warned of the conse- 
quences of pushing for settle- 
ments above 5 per cent There 
was no reason why present work- 
ing hours should be “immutable*' 
hut reductions should be self- 
financing or offset against the 

pav guideline. 

He also chided the unions 
doing too little ro keep down the 

average rate of settlements dur- . nroductlvitv deals, so problem of world recession, 
c the last pay round, ml for financing proaucuyuj ura.: s ; u ..„ i rr^ a llflirtria f 




stance 


Mr. Alan Fisher, NUPE General Secretary; on the platform with Mr. Scanlon. 


ness and national co-operation 
from those who currently -com- 

: n rinnncitinn' 1 "' 


mg the last paj ‘ ™ ^ rt .;, nn was a little higher than Trade unions must “give from MaieKtv ’ s Onposition"" 


they could 
anomalies within 


the Id 


npr The Prime Minister toia me nuns Mun™ « uewue>«-= ti nic comes to close our ranks 
r ' union, that if ties' pressed for to .secure toe re turn of a labour ™ ,c kn c ™ e wh0 our triends arc." 

„n the bast* _of The unions would bare^give 

— M juft going to 

th* Meaiator coins up once again." Union of Engineering Workers. !hp‘comervativePmiy but trade 
reduci^iaflation the asked Gloria- Mr Scanlon, who fetires next ^° nSe s Se^ h?d never 

“ Thi? hLbeeiT? ?onrce of tors to make full use of kitty monih, received a prolonged depended upon targe deposits in 

Th strength to Sie Govern- principle, as well as the spemal standing ovation when be foL ^ banks . 

sr.reru.ui to u»-_ wa>_. the i ow paid in lowed the _Pnme Minister to Mrs _ Margaret Thatcher 


that th«*re was no dif- settlements on the basis of Government nrtiiene^t General ^. he un j on j would bav* 
He said that ‘ . matching the level of inflation, Election, sa-id Mr. Hugh Scanlon, ^nerouslv to counter 

ference between Govcrnmen W0 ® w bc * stepping on the President oF the Amalgamated oney v , b ich°woiild be 

the trade union movement, and - , . m p once again." Union of Engineering Workers. • bo rnneapvMiV(> Part? 1 


great 



factor. He understood why the That was the importance oF 
unions had said that they could study begun by the Government 
not accept a 5 per cent centrally on the consequences 
fixed figure. during micro-electroi 

He said that tree collective much wider scale. 


A*®-" .. . J , Healey, the Chancellor, said 

Some writers had implied, be vesterdav. 
intro- said, that the trade union move- ’ jf e told a Fabian Society meet- 
on a mentis relationship with the j ng £h at sbe wa s committed to 
present Government had always breaking off Government co- 


BY PHILIP RAW5TORNE 

WITH the TUG already offer- 
ing its hand, Mr. James 
Callaghan wasted few words at 
Brighton yesterday on wooing 
the unions afresh. 

He promised a. fruitful rela- 
tionship*— but warned that he 
would hot be a submissive 
partner. {“You know our views 
and we shall not depart from 

them.” ‘ 

* 

The. Prime Minister's speech 
had bent preceded by a debate 
on occupational hazards. Mr. 
Callaghan seemed to have 
calculated that there was more 
political '• risk in an over- 
familiar embrace of the unions 
than in keeping them at an 
amicable 'arm’s length. 

Pointing firmly at delegates, 
he stressed that the Govern- 
ment would adhere to its 
5 per cent policy. Together- 
ness in the 1980s depended on 
iL Th fact that there were 
differences over the Issue 
merely Increased the Govern- 
ment’s v. responsibility, ■. Mr. . 
Callaghan said. 

If the' unions used -their 
muscle to seenre higher wage 
settlements, the result' would 
be increased In flation. “I do 
not wish to stand here on. a. 
False prospectus,” he declared. 

Restraint, he said, brought 
real Increases in living 
standards. “ Rubbish," some 


Congress reports by Christian 
Tvler, Labour Editor, Alan Pike, 
Pauline Clark and Nick Garnett. 
Pho tographs by Terry Kirk. 

{jnions accused 
of breaking law 


bargaining served the interests The Prime Minister empha- been easy. operation wilh business as well 

ofunlonraemhere only if ir pro- sised that the Government _ln fact, some people had as trade unions. 

duced rea^Ucreases in -their pay attached great importance to the “ jeopardised friendships of a Those of her supporters who re P|L c ^r 

narkmtff industrial strategy and its wide- lifetime facing up to the prob- knew sonithing of the real world 

tS economy was beginning to ranging involvement in the Iems . and responsibilities of were “quite appalled " by the 

ernwTtX rate of 1 per cent a development of semiconductors, carrying out policies of Congress policies being proposed. 

he micronrocessors reflected and individual unions. The move- The problems of a modem 

ment had faced the worst rcces- industrial society, said Mr. 


quarter. When he said inflation and 

a year a^o^between 7 and 8 C per th But no one should expect the sion since the 1930s and had Hea ley.' woul d not y ield to “ haJf- 
cent, and that living standards industrial strategy to produce been forced to look again and baked extremism based on the 
were continuing to improve, a miracles overnight, and it would again at long-sUnding trade dogmas . of the early 10th- 

few delegates shouted “Rubbish." take time to reverse “the deep union policies. century. . 

However earnings increases trends of the past" Beyond that " Can anyone senoudy pretend They required *nCTM*myly 
for th/vear look like being about there had to be international that, given pur difficult and close co-operation between the 
14 nor rent withpossiblv 1 to 2 agreement that no single country exacting problems, we will gel Government and both sides of 
per cent resulting from self- could provide a solution to the the inspiration and sense of fair- industry. 


Safety 
at work 
advice 




deal wanted 


Equality 

campaign 

planned 


There . were in credo Ions 
gasps as Mr. Callaghan added 
that any reduction in working 
hours would have to be 
financed by higher productivity 
or set against the 5 per cent - 
limit 'When some delegates, 
protested, he said: “ It is up to 
you whether you take good 
advice or not.” 

Mr. Callaghan reasserted tbe 
Government's ilelermination to 
achieve economic. Industrial 
and social. progress. “We will 
fight for what we believe to be 
in the best interests of the 
country and our people even 
If it is not instantly popular” 

If the unions had any 
doubts about their prospective 
partner, Mr. Callaghan offered 
them tbe alternative hard-faced 
image of Sir Keith Joseph. 

. It was moire than enough-^- 
Mr. - Hugh- Scanlon and Mr. 
David Basnett rushed the- con- 
ference willingly to the 
General Election nuptials,.. 

As for the date, Mr. 
Callaghan teased: “I shall be 
Indicating my intentions very 
shortly.” The general view 
was that be was unlikely to risk! 
a long engagement - 


THE Conservative Party y«ter' 
day struck back at a Spring 
trade union campaign for a 
Labour victory with a claim that 
some unions might be breaking 
the law on general election cam- 
paign spending. 

It produced evidence to show 
that the Midland region of the 
building union. UCATT. was 
releasing full-time officials for 
the duration of the campaign to 
work full time for Labour in 
vulnerable constituencies. It 
quoted extracts from a bulletin 
sent out by the regions on 
August 28. . _ 

Mr. John Bowis. of the Con- 
servative Trades Union Depart- 
ment at Central Office, made this 
claim yesterday in ' Brighton, 
where he is visiting the TUC 
Congress. , . 

“ We believe that a number or 
unions are in danger of finding 
themselves outside the law. They 
.should be very wary of doing 
this, for the sake of their 
members. . . 

“We also believe it is quite 
wrong of any union to withdraw 
the services that members have 
paid for with their subscriptions 
for the sake of a political party 
which vast numbers of f their 
members do not support" 

UCATT executive members 
replied yesterday that they were 
well aware of the law governing 
the use of funds. Mr. Danny 
Crawford, an executive member, 
said that his union had not made 
specific instructions. 


“ It could be that some region- 
have misinterpreted our circular 
Of course, as an affiliate of the 
Labour Party, we are making* 
special effort for this campaign." 

Mr. Bowis said that the salary 
of any full-time union official 
seconded to the campaign should 
he set against allowable election 
expenses — about £1,500 to £1,700 
for most candidates. 

He said that the whit^coilar 
union, A STMS, had singled out 
103 constituencies for support, 
That meant fighting for specific 
candidates with the result that 
all money should properly be 
accounted for by their election 
agents. 

He pointed out also that unions 
were bound by law not to use 
their general funds for political 
purposes, but only their political 
funds. The Conservative Trade 
Unionist organisation was still 
awaiting a reply to its complaint 
to the Home Secretary. 

Union leaders . how - working 
towards a target of £lm for the 
campaign — the .. - miners have 
decided to empty their political 
funds to give £100,000— are 
conscious of the problem and 
some have taken legal advice, 

Mr. Bowis said that his organi- 
sation itself was mobilising 
support from its members for 
Conservative candidates: “We 
have some fnll-time union 
officials, but they are not being 
given time off to work full-time 
for the Conservative Party." 


ig. execu-. ^ , 

yZsn Guy keeps 


THE Transport and General sent levels, retirement could be 
Workers' Union committed itself a nightmare, instead of a time 
yesterday to a tougher campaign In life to enjoy. , . 

EMPLOYERS WERE warned for better pensions. Mr. Ray Buckton, Genera! CONGRESS backed a motion, 

yesterday that, unless they . Mr. Moss Evans, the new Secretary of ASLEF— -the train instructing the General Co imcil 
geared themselves up to occupa- t and G general secretary, dnvera umon—said that trade to .SmJ®*! r° 

to owl health and safety stan- emphasised that he would con- 15 rej ? ct f,5 ^ suggesU °° l\] *° r omen m 

darts, they would find them- tinue the work of Mr. Jack Jones, that there should be a co j a P™' 111 aspects of life, 
selves “very hard-pressed his predecessor, who has been a nuse in the reduction of uie Ail affiliated unions would be 
andeed ” by the introduction next leading campaigner for trade retirement age to p years for asked to support the campaign, 
month of safety representatives union action to improve pen- n, ®“ ‘ ■“J *. 1 ,. V r, *- Mr * Grenville Young, execu : . 
mft statutory backing in work- •!>« and »cut, early ' retire 

" Mr'' Teiry Party. General Mr. Eren, gld .hj. it™ 5 iS alld COUnCil S6St 

Secretary or the Fire Brigades unemployment had Increased the ma iu ng pensions a top priority, was needed, and the trade union 
Union and chairman of the TUC J^encjfor action to i reduce ^ the Mr Ab stair Graham. Deputy movement was the best vehicle 
Social Insurance and Industrial {J22S2. n General Secretary of the Civil to carry it through. 

Welfare Committee, said that Recasts already tha J- ' and Public Services Association. M Par Turner of the General 
the role of the trade union safety h?the fiaid there WjS a fundamental d WunicToa^ Workers’ G Union 

sraw ^ lo ;; «££ aa- , aSa £S 

Pensions to be not less than half * M .. Len Murray. TUC General in three of the nearly I2m trade 

nn SS.T SSfriJv' Mr Parrv average . 5 r05S ™ ale Secretaiy. yesterday linked the unionists in the UK, but despite 

un social secunry. -ir. ran? f or a ma med couple, and a third trade union campaign for a this numerical strength, they 

o£ avera ® e gross male earnings shorter working week to .pen-' were under-represented at all 

system was valued there was for a singIe person . sifjns H levels of the trade union leader- 

St «L- n n ed The motion also called for He told the tire-retirement ship, 

especially for the long-term eligibility for state pension to masazine Choice that a reduced 

unemployed. begin at 60, and a fulb-paid working week would help cut un- 


Tory race statement 
‘fostered hostility 5 


A BID to unseat Mr. George 
Gay, Communist General Sec- 
retary of the Sheet Metal 
Workers’ Union, front the TUC 
General Council faded yester- 
day. 

The Amalgamated Union of 


favour of Mr. Bob Garland, 
General Secretary - of Its 
foundry section. Final voting, 
however, was 6-902.00(1 for Mr. 
Guy and 4,811,000 for Mr. 
Garland. 


Tbe image of the trade union 
remained 


supplementary benefit ror tms He emohasised the need to tin- part of the way of' life, its'rtkl ' debates on economic policy. 

prnve the quaIitT of ,i5e for benefit was that when workers eauS tomi^ ^ith men 1 ° D and by tte expected introdno 

^ sought an those who retired after a 0 years reached the age of 65 it was not eq T ual f00ting men ' tion of an emergency motion 

reduction in xne W nrk. and sueeecied rhar a start a sudden chanee of attitude, ip- If attention was not given to 
,rT ” raivht be marie in 1979 in coni" and satisfaction. ways of involving women in the 

=pTPi’tfid areas, such as ha«Mnu- Workers would be actively mainstream of trade union 

industries and among disabled nrenared for th» change on the affairs, there was a threat of 
workers. basis of a different attitude “potential disaffection” from 

But with pensions at their pre- towards work. female unionists. 


this 


Today’s apenda 

CONGRESS business today Is 


Secrets 

veto 


Mr. David Basnett. TliC 
president, yesterday refused to 
allow a debate on the “Colonel 
B" secrets case. 

The National Union of Journa- 
lists wanted delegates to criti- 
cise the prosecution of two 
journalists and a former army 
corporal under the Official 
Secrets AcL The case against 
John Aubrey. Duncan Camp- 
bell and -John Berry' opened 
at the Old Bailey yesterday. 

An NUJ motion called for the 
Attorney-General, Mr. Sam 
Siikin, to drop the prosecution. 

Mr. Basnett refused to allow the 
debate. An NUJ spokesman 
said later: “He said he had 
received a fetter from the 
NUJ which he wanted time to 
consider. We are confused by 
his remarks. 

“All we said lo Mr. Basnett was 
that the NUJ speaker, in mov- 
ing the motion, would keep to 
sub judice rules which con- 
strain comments on cases in 
front cf the courts. 


companies 


claimants, 
immediate 

qualifying period for long-term 
supplementary benefit for all 
claimants from two years on 
benefit to one year. 

Mr. Jim Murphy, senior Vice- 
President of the National Union 
of Teachers, said the union was 

-deepiy con'erned- ahout safely OTHER LABOUR NEWS 

standards in schools. 


on multinational 
and Chrysler UK. 

AIso on the agenda are 
motions on the North Sea oil 
Industry, transport, Industrial 
democracy and broadcasting. 


THE TUC Congress heard yester- 
day that the Tory statement on 
immigration earlier this year 
was deliberately designed to 
make the electorate hostile to 
the country's black population. 

In. a very strong speech. Mr. 
Bill Keys, chairman _of the TUC 
Equal Rights Committee, said 
that those politicians, including 
Mrs. Margaret Thatcher, the 
Conservative leader, who spoke 
about immigration controls, 
wanted, the electorate to think 
about race “with hostility" and 
that meant hostility towards 
coloured men and women. '' 

It was -“dishonest and 
cowardly" for political parties 
to drop hints about new immi- 
gration control and then give 
"only coy and feeble answers" 
as to what sort of controls they 
wanted. The Tory statement was 
one -of “political expediency." 

Mr. Keys, speaking on the 
work of the Equal Rights Com- 
mittee. said the General Coun- 
cil' was already discussing with 
the Labour Party ways to 
strengthen the law to combat 
the development . of racial ten- 
sions. 

"The General Council is con- 
cerned that the legal provisions 
currently governing racist acti- 
vities and incitement to racial 
hatred are inadequate." 

It »-?lieved that tans under 
the Public Order Act must be 
applied much more selectively to 
restore the right of trade unions 
to march, hut to restrict those 
seeking to instigate disorder. 

If the law as expressed through 


the Race Relations Act was un- 
able to check those people— Mr. 
Keys mentioned Mr. Martin 
Webster of the National Front 
in that contest— then it had to 
be strengthened. 

“It is 20 years since Mr. 
Justice Salmon, in sentencing 
thugs from Netting Hill, said 
that ‘everyone, irrespective of 
the colour of their skins, is 
entitled to walk the streets in 
peace, with their heads high; and 
free from fear.' 

"Twenty years have passed, 
the thugs are still on the streets 
and we have yet to sweep fear 
' from the streets:” . ** 

Mr. Keys also said that Britain 
had a long way to gb belore its 
people could say that women 
stood as “ full equals"' within 
society. 

Trade unionists were aware 
that the Introduction of tbe 
Equpl Pay Act would net elimin- 
ate . pay discrimination , over- 
night • * . - 

He agreed that one (if the 
“ fundamental weaknesses " of 
tbe Equal Pay Act is that its 
first section gives the impression 
that only women doing the same 
work as men, or those whose jobs 
had been evaluated and given an 
equal rating, were entitled to 
■equal pay. 

All 'too often the' Equal Pay 
Act helped to create “ pay 
ghettos.” Proposed amendments 
to the Act by the TUC sought 
to correct anomalies. 

The General Council would 
also be examining the Sex Dis- 
crimination AcL 


SU toolmakers win support 
from AUEW moderate 


BY OUR LABOUR STAFF 


Although the Health and 
Safety at Work Act was designed 
with employees in mind, when 
the work-place was a school then 
the interests of children 
transcended all other considera- 
tions. 

Children were curious, active, 
and adventurous. If there was an 
element of danger in their 
environment, they would seek It 

out. Yet, schools had been SURPRISE SUPPORT for the sidiary by giving production committee are supporting Mr. 
deprived of protective legislation, striking SU Fuel Systems tool- workers were claiming Len Chonlerton, the official left 

while education expenditure cuts makers came yesterday from parity with skilled workers a £208 candidate in the figbt to succeed 

had added new dangers. Mr. George Butler, Coventry lump su meach— equal to two Mr. Ren Birch as the executive 

“Cheeseparing" on new build- divisional organiser of the years of the difference. ■■ member for the South Eastern 

ings and equipment, leading to Amalgamated Union of Engineer- Mr. Clive Jenkins, general division, which includes Oxford- 

bad lighting and the use or cheap in# Workers. secretary of the Association of shire. 

floor-polish, meant that children He said the executive must Scientific Technical and Mana- AUEW politics divide on a seven-in 
were being put at risk to save drop the move to expel the men l staffs i, said yesterday that organised left-right lines, and it yesterday, 
money. —“and the sooner they do it, X ° A JHP er y' sors is notoriously difiScult for a non- ln it 

~ ict n,t» Thu he.tter" the SU factory advising them not ..i* In it he 


“The Government must put the better.” 



WASHINGTON, D.C 

A Renaissance of 
Cjraciousness 

A luxury hotel in the great 
European tradition. Hcjant, quiet, 
unruffled — never a convention. 


THE MADISON 

VarmiNTi'! Ccrrecf JJJrtu 
iSA&M Streets, N.VKj'W'asAinswnr D.C 20005 
Telex 6424 5 

or see your travel agent 
aiurstJfl B. C vync, Proprietor 



. to , , SSTMES? «*“J5 adigneid candidateto wn the votes 

money where its mouth is on Mr. Butler, a staunch moderate, j toolmakers 0 f tJbe respective groups, 

health and safety matters," he was a contender for the position him or the ASTMS cSS Mr - Fra3ee gained 18.000 votes 
“id- of Midlands executive member J'S!rJS! ! “ t i ve -£. in the union's election to find a 

to Mr. Hugh Scanlon 
president. 

Shop stewards representing 



» S So ~ — « 

■workers union, said that _ the Coventry engineering works. 


chances of workers being killed 
in the industry was still 25 times nicnnlinc 
higher than in manufacturing. Ulavipiiue 
Mr. Jack Boddy, General Secre- He said that the Birmingham 
tary of tbe National Union of executive had got itself into a 
Agricultural and Allied Workers, “ rare old jam " from which it 


believes the 
supervisors have sympathy wtth 
tbe toolmakers. ; 

Mr. Jenkins said that the tool 


BL Vehicles’ Bathgate plant, will 
meet the AUEW district com- 
mittee for the second time to- 
morrow night to discuss the 


underlined the problems of was going to be practically irnpos- Jefferson 


makers' dispute was an unoffic&l unofficial dispute, 
one, and ASTMS would not wftb _ . 

to become involved. He had 5 - Precarious 
formed AUEW leaders that Sr. 


The meeting will follow talks 


workers whose unions were not sible to extricate itself. tute 'an official r AS*TO?S Sastrw- wbic & have been going on over 

,11 v inn Jte ■ -v lact turn Have hAiwoan fha 


The union should be thinking tinn to its membcrsT and” he JJie. last two days betweep the 


Getting in 
an election 
groove 

8/ Our Labour Staff-: 

A TRADE union leader has 
gone on record In bis fight to 
keep Labour In power. 

A speech by Mr. Alan Fisher, 
General Secretary of the 
National Union of Public 
Employees, fs on the B-side of 
seven-inch record, released 

says that the union 
will be fighting for the return 
of a Labour Government. 

The record, part of the 
union's campaign against low 
pay, has been distributed to 
radio stations and features on 
(he other side a group called 
Counteract singing a song 
originally used to link a NUPE 
film on low pay. 

The song. We’re Underpaid, 
calls for* a national minimum 
wage of £60 a week and a re- 
duction in the working week. 
About 15,000 copies of the disc 
have been pressed, and the 
union is prepared to produce 
more if demand warrants IL 


Teachers offered 13.5% 
weighting increase 


BY PHILIP BASSETT 

MR. FRED Jarvis, general secre- 
tary of the National Union of 
Teachers^ said yesterday that he 
hoped the Government would 
accept speedily the recommenda- 
tions of an independent panel 
which has proposed increases of 
13.5 per cent in teachers' London 
weighting allowance. 

An arbitration panel has 
recommended that teachers and 
management should decide them- 
selves on how to divide up the 
13.5 per cent among inner, outer 
and fringe areas of London, but 
it proposes that teachers in the 
fringe areas should receive some 
part of the award. 

Current allowance rates, which 
have remained unchanged since 
April. 1975. are £402 for inner 
Lnadon. £297 for outer London 
and £150 for fringe areas. 


"Hie teachers claimed an 
increase of 18.9 per cent, ana 
the management replied with an 
offer of just under 10 pet cent 

Allowances for civil servants 
and local government workers 
are expected to be affected by the 
recommendation for the teacher^ 
which' will have to be approved 
by Mrs. Shirley Williams. Educa- 
tion Secretary. 

The civil servants' claim is far 
increases of up to 53 per cent* 

and the local government 
workers' claim ranges between 
21.05 and 44.13 per cent- 
® The NUT. is to increase tbe 
number of areas where teachers 
will not cover for colleague 
absent for more than one day. A 
total of 397 schools are no* 
involved in the action, which ^ 
aimed at reversing staffing level 
cuts. 


NHS grading formula 


able to negotiate individual uijh t ul% . u , k . ..... w _ „ 

^eements with ail employers, of how it could win some money deeply 'regretted any embarr^^ Bathgate management and all 
His own union was among those for toolroom men. and not of ment. * stewards at the plant 

■ i!?. e f clu “ e “ from Gie expelling them. Mr. George Regan, leader "of insisted yesterday that the qp- ^-v , 

right to bring in safety represen- The way in which the SU mep the striking toolmakers. ga«d that dispute — over increased pay- ! 11116 vlllt D 62 LC 6 
la 5j?® s ’ inn ,, , had b “P dealt with harked back he was willing to attend" a meet- ments for operating new “ 

\et some _100 - to pre-War discipline in tne trade ing of the East Bit-mi nsrham machines — was not directly dis- 


workers w-ere killed cvery year, unions. district committee of thn AU 

while official figures shem-ed that “-As a result, the engineering if hc allowed to nut 

between 5,000 and 6,000 were union is in a. state of almost com- toolmakers* case ir the nrrep 
injured each year. pJete isolation from other of rhe 31 other strikers 

A coll for civil servants to be unions," be said. “No other union Meanwhile, Mr. Rn- Fraser 
given the same legal protection would have acted In the same- im official toolmakers’* commit 
in .their work as other private way, and it is understandable chairman and AUEW 


Cussed, although there were 
references to the need to follow 
negotiated procedures. There 
was no question of negotiation 
a with the strikers, the company 
said. 

Production of trucks and trac- 


— i ^ .. ‘ u “ »«■ cnsirman ana muew convertor rToaucuon Ol trucks and trac- 

S?„ pl 3' ^of e iion a ?-rf h M s P“L a « P 5SKS B l yi ?' 3t 8L ’ S Cow,ey P'ant. has failed tors at Bathgate has stopped, bSt 
Institution Of Professional Civil pathy to the 32 at SL. The whole to win the support of tie BL has averted a stoppage at the 

. ■ i _ • position is untenable* RlQjnnty of the ATTEWq Oxford Albion pl&nt. Glasgow which 

,ere 1S inw n n,r^u“ fa his bidlo depends on Bathgate tor lorry 


Servants. 

Id recent 


SS b7tt e 0n Heaflh rti and 1116 ^iodal «b £ ._by bringing forwsrd a 


Safety at Work Act. 


as when it solved the exeentive. ' _ - ' £500.000' bus chassis orri^r for 

recent strike at Us Llanelli sub- Ten of the 18 members of the fESSEk er ° 


TIME OUT, the London weekly 
magazine,- is expected to be on 
sale -again tomorrow. A dispute 
involving journalists and 
printers which stopped publi- 
cation or two. consecutive 
Issues, was resolved yesterday. 

The dispute, which involved 
members of the National Union 
of Journalists, the National 
Graphical Association and the 
Society of Graphical and 
Allied Trades, was about the 
employment of an art editor 
above the £5,000 norm for stair. 


BY OUR LABOUR STAFF 

UNION OFFICIALS representing 
3,000 National Health Service 
technical staff axe 'expected to 
lecomm end .today that their pro- 
posed industrial action is 
suspended, pending negotiations 
on their claim for outstanding 
pay and grading problems. .. 

A spokesman for the National 
and Local Government Officers’ 
Association, which represents 78 
per cent of The workers involved, 
said yesterday {Tuesday) that at 
a meeting tear-week Mr. Roland 
Moyle, Minister of' State ror 
Health, had, told-.. union officials 
that Mr. David En'nals. Social 
Services Secretary, hod-asked the 
Cabinet to consider whether the 
technical staff oould be made a 
special ease under Stage Four's 
flexibility provisions. 


Stage Four allows for a “ small 
number of • groups " to bav e 
“exceptional” increases on d" 5 
lines oF those already agreed f°r. 
among others, the firemen 
police. Some- public sector 
unions have seen this provlsio° 
as the only, possible loophole w 
the .5 per- cent policy. - 

NALGO said that union-leaders 
had been told that the - Cabin* 1 
would discuss the special 
provision when- urgent negotw 
tions had drawn up pay £ 

commendations-, to- - meet 0)6 
technical staff’s, cl aim. _ , 

A spokesman for the DepariJ 
mem of Health and Socia* 
Security said that the questiW 
making the technical staff * 
special case bad not ariseh n 
the meeting. 


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the * 


Jumbo 


iro -Kuwait-Bombay. 


B uilt with the latest technical features, our Jumbos have been designed 
to make your business trip even more comfortable and pleasant. 


i;--S£ 


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KUWAIT AIRWAYS 






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THE OASIS: We're opening our unique tourist lounge 
refresiiment bar where you will be able to stretch your 


you arrive in Kuwait at your destination. 


THE BUSINESSMAN'S STUDY: In the Economy Section, 
our new Jumbo jets provide a quiet study area, so you don't 
have to lose time while in transit, but rather sink into a 
comfortable seat, have refreshme m and do your work. 

Re member, there will not be any telephone interruptions. 


THE PENTHOUSE SUITE: First Class passengers will enter 
a world flavoured with the East.The richly<arpeted and 
cushioned observation lounge in the penthouse will make 
the hours pass unnoticed. 


S \\ I J Ri-n 
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THE BUSINESSMAN'S ENTERTAINMENT: We know you 
won't want tolhink business all through your flight.That’s 
why we're the-only airline with entertainment on every 
flight. We show films or you can tune into the latest in 
stereo sound 


TIME-HONOURED HOSHTAIHY: As our planes get 
bigger so does our service, for us hospitality is a serious 
matter, and something we're proud of.That's why we offer 
you a choice of three menus in First Class and two in 
Economy Class. 



THE BUSINESSMAN'S CLUB OASIS: We will be 
inaugurating our exclusive Club for those who like extra 
information and enjoyment on their business trip. First 
Class passengers become members automatically And this 
service will be indispensable when you arrive in Kuwait, to 
help arid inform you of existing services. • 


THE BUSINESSMAN'S SCHEDULE: Join us on our Jumbos 
from London Heathrow direct to Cairo-Kuwait and Bombay 
three times a week, or from London to Rome-Ku wait once 
a week. Our inauguration Jumbo service starts this autumn. 
Don't forget our 707 flights leave London for Kutvait 
every day with direct flights from Monday to Friday. 


KUWAIT AIRWAYS 


pISSSMi - Does more to make your business trip a Jumbo success 

K u wait Airways. 52-53 PiccadiByC oadon "Wl .TH- 01-491 42S0 ■ Birmingham: 5 th Fkwr, The Rotunda, New Street, Birmingham 112 4r*A.Tet 021-643 58U * Glasgow: 124 Vincent Street, Glasgow Tefc 041-248 3aSS ■ Manchester: 218 Royal fcxcliangc Building, Manche$ter27PD.TeI: 061-834 416L 


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• SERVICES • ELECTRONICS - 

keeps pipes Export markets may go 

in order TWO MOVES fit the production 30m transistors and 15 to 20m staffing^, is ' 230 .intlu 


EDfTED BY ARTHUR BENNETT AND TED SCHOETERS 


• PROCESSING . 

Heavy industrial 
job for a laser 


r * J .- -■ ; raiccbrircuits,^ 

’ r?w ' ■'-*--/■ ' ''‘- elti'ding 'Specialised tnicroproces; 

■* j - - ’sbrs r for use in Gold Star’s con 

pkets may go 

• i • ' - -vAli -fee steps are. backed by 

j nr qn» vi. ’oon ■ .aOTv.eniPiits ana “** 



For 

eit# 
carbon 

dioxide 



A SERVICE for cleaning exist- « eiecaoniu B^uwnup«or cm Most of toe production will go This £ a crash ; programme m «£.££ lch ] “K 

tog pipework, removing ■ dirt ^ {L &r JS-chSg to the county's military and with tts own builtan^mtet out- cpntabntion to *®_5 )1 SSri- 

debris and scale by manual and ^SliidS^for U.S. consumer markets, but an idea lets fuelled by oil revenues and “ J ■ ■■ — 

mechanical winching, is offered wpmKmamm in * b mg Qf how quickly ECI ^ have t0 by the' knowledge that such ^mwer this 1 " - 1 ■■ ■ : — — 

by Dyno-Rod, ZockolJ House, Jeekto emulate them in Europe, absorb advanced technology can revenues are finite. In other -JJJSJ* S3( 55 us EI which is farther OTizriaturiration jn'tSe 

4BJ°^ * nt£SS%SSmS% £ £*“&* per cent aS^where component p^, 

Surrey KT6 4BJ. tends to other countries who are ^°?5 S . busmens ctm- -5 years to turn itself mto a electronics i nE :' densities op 'integrated 

V*. ‘echni^^B amied »t at customers for U.S. «£**£*• S2LWSSS! JSSS?'# S§l??ow sScoSts fur M per ■“* “ m remltine taw! 


J USE OF a powerEul laser in what Beam width is i rnch and 


Surrey KT6 4BJ. Xte 'SS'SESR who S ^ * &Z£* an? ifi electronic ■&?%&?. 'ZFSgSZ 

The technique is aimed at at nresent customer"! in, tt s neeted with the Bell Telephone technically developed - country . 3X10 r __ fij 4 ner tog ae . -^^*r xea 

restoring maxSnum flow capacity Sd^ropesAprodMU toe rosy P”>jert— worth several _ billion living cs products other than S^o^the ^SBSxrr ClS P - clrcpit* are resulting in image 
id to old pipes and is said to elimin- Stares painted by electrode dollars T to provide Iran with a crude oC . .. W « *** ^ntry s w detailing down te -the u ne 

is ate the need for costly excava- comoonent market forerasters electronic telephone net- ..In K$rea, American Micro- . There, is food for thought JQ ^^0 level. . . 


, s, » nower is 5 kW. The beam is ate the need for costly excava- comD onent market forerasters 1U1 *? eieraunic wiepuune «pi- m t^rea. Amencan Micro- There is f lar - micron 

is thought to be the first heat 3 j? d via mirrors on toe *ioo for repair or for the laying maywell take on another ?ue Since ECI W akey pro- systems * AMI has reached ah tifese ■ developments. But- iow • 

■industrial operation has been djs- {£ e u “° wal | fr0 m within toe of new pipes. It Is suitable for i^n. duxteg toe nert te w J«t in Iran's long-term plans, agreement with -the Gold Star 
Cosed by toe EMD f electro- ^der" weeks, the. Shahid -SS J The SSSSS5 "EfL SlSt 


0i“ f rom ' "irithio iSe of“ew p'fiST ft iT^tobteiS? “g *«•» W&r Biropen fWM ™" 

aU standard pipes with interior ^ks the Shto will onS the 3t V° u J d su^ns'^ ,nd * ed Company of SfeoWfbr the estah- say: “1C you can’t beat 'em, join than 50,000 lines per inpb. MfUi- 
cvliuder is rotated the diameters ranging from 4 inches p£ n t of ’ Bte^oSTcom- ^ ^ business were not forth- wtpUtit a Jomt company to and coimnce partoem in mask HD offers greater definition 

cylinder IS rotated, :_-Um anH nhnve. thnueh T_J. _ • , coming. make •'lartTA-coale: .■ develonrnp countries.- ..-than anw nther known 'brODiirln 


motive 

Motors, 


division) of 
toe world's 


General 




large-scale: • integrated developing countries 


than any other known 'bromide 
emulsion. This significant im- 
provement is due to a - smaller 
mean grain size— 0.035 microns 
compared to -0.050 in previous 
MBlimask products, and a thinner 
spread of the emulsion on the 


tss-jus?'*™”*™ SSL&.^ -“** “ a ssi-r^vr” ” Finer lines 

jsswvsasa jsfiastfsssa: -itss-TfcS » ssSS*®^? 5 --- ■■ , ^ss^ s ^P s r 

line for heat treatment of the division of GTE Sylvania and the afu 7l wH? start Sh ^sSmbly S Teradyne UK at Weybridge. ' This venture has a capital of 'Oil UlHlvS J? 4 S^iierons iL l a 

liners to promote hardening and operational roechamcs of the and these are followed oy a tuu ^ mm _ assema^ Four automated test units have S10m and- is expected ta be *** R 4^ w «lprT research img.ptate^bout « mi i crons instead 

reduce scutrms. The latter is a system were designed by F- J- di® eter o® toe p°pe£™k circuits and ^nsistoS will already been installed and in- operatiomil by the middle of awSnS edge of about 6 imerpns. 

phenomenon which occurs when Lamb of Warren. Michigan. d f" ^ 4 . “ P P . come into produSw la?er this elude two for linear, circuits and 1979. wife* total employment of i ine s down to one Exposure latitude is good 

Vision rings *!jlun the liners i(je firs{ . fnstaUation . . The eSe eti' reness o^ f i «« clean- year By f he me two for digital circuits. A fur- 500 at fall output -AMTs- sub- SS on Dh u lo^raphi^?muIsion enough to allow a 3 micron line- 

penetrate the od film and run The company is P i atmin g to set »ng °Pf “ Uo “'. ^ rt Uie h company will take its -first steps ther six machines ^are on order, mdiary. :■ Korean. Microsystems, S^ us ? d P f or t be production of to be reproduced with an 
up against the naked metal. up and usc three further laser has been ehiAed into diffusion technology and four for. linears and two for digi- will provide systems assembly SSSnlffkV ^Lded ta the manu- accuracy of approximately 0.2 

Liners, made of east iron hardeners on its liner production the three years tals. • . , . , support.., • - . - for micro- microns, within a relative **■ 

Mov are used in turbocharged iin CS . winched through test pipes after p i aDS t 0 bave the ability to make Great efforts are -being made to To ensure the outlets, a t ? c 7^ rjD ? nosure time varying between 10i) 


Drying with 
no loss 


• COMMUNICATIONS 

Link is approved 


ailuv are used in turbocharged lines- winched tnrougn test pipes alter piaos to have the ability to make 

diesel engines for rail loco- neneral Motors La cleamns * . its . own silicon crystals aDd a 

motives, as well as raarrne, oil c The service is now avaUable senes of epoxy resins, 

ri" power plant and highway orange, Illinois, u.s». throughout the UK through 60 Some 52.000 square feet of 

vehicle prime movers. The new strategically located service production area is available and 

treatment should reduce the -p-\ • * il _ centres of the company. initial production targets are 

frequency of preventive main- I WItH ' . — lj 1 

teoance. repair work and the A - ,A J U1 6 TT 11,11 

heavy cost of manual inlerven- • COMMUNICATIONS 

The company’s choice feJl on OO J.OSS tt ' l_ nfinrnTTPfj 

surface'hardenhng^problem afteJ MODIFIED CerdhSemip ovens LAUK IS apprOVCa 

hot salt bath and induction heat- for the continuous drying of A NARROW-BAND ultra high The equipment is designed an 
Ing processes had been granulated plastics can provide a frequency communications link, a modular basis for ease of 
considered. 25kg/h throughput of material developed by Pye Telecom- future expansion and rear panel 

Tn the case of the hot salt without manual handling when munications. toe Ti434. has been termination9 facilitate toe inte- 
hath. company trials showed that US ed with the appropriate hopper type approved by toe «aflio tioD j ^ equipment into 
the omening did not penetrate loader . g£ Ml011 Braneh of Home complex overall systems, 

suit °crHci ria'^.'iid down for the The ovens enable almost any Suitablc for bolh sing i e Suppled for stendard .lAinch 

'selection of the process. Al the. material and, in particular, ail channel and “ 1+1 ” applications, T a*m m.i 

same time, electromagnetic in- kinds of granulated plastics, to toe system operates at 1.5 GHz ^dfwilf operate 

Viuction was shown tu have a he heated and dried with mini- and is we il equipped to meet the gj oE nnn^lmain^nr P frem 
distorting effect on the liner mum loss and degradation. The narrow -band UHF link require- . "°™ al mams or fro,n 
surface material is fed from a hopper m ents of a wide range of users - 1 * vo,ls u 

Thn Y lt .^\ nc „ 1P t all mounted on top of the oven into including fuel, power and water The company is at St. Andrews 

' - in t hit it a conica f basket inside toe oven authorities, oil and natural gas Road, Cambridge CB41DW (0223 

^ fn^ lo harden the l ner « isdrl e d tor a preset time e onsorti a and the sccunty forces. 61222). 

was found to harden ine liner at a thermostatically controUed 

to sufficient depth pu bs tbe temperature • between 50 ° and 

company s ^^nolWts at J5Q o C Tbe graau j e s are 

between 10 and -5 ihousdnilths transferred to the produc- • SAFETY 

of an inch; it allowed the tton machine by the hopper/ 

«p.TThii^ volume ■«*?« ■ . . , Tyre nressure guide 

manufacturing approach: and The vent circuit necessary for IJlv piVSDUlV b U1UV 

lie mnve°d 0 U r tif e the e iabora°“J? ?a7« paSarthrouKh^n aiffiltw A SAFETY device that jives air crews and staB 

nn to the shop floor with no and a hot air exbaust located visual indication when aircraft during pre-flight inspection. 

problems. The laser process opposite the control panel. Wet tyres are under-inflated has Dunlopressors are calibrated 

also caused no distortion. at 80°C is autoniaticaJly been introduced by toe Dunlop and clearly marked to suit each 

released by a thermostatic valve Av j at i on Division of Coventry, particular aircraft operational 

• Bn aureement between the tur e ^rring^^venUng^is "canted The device known as Dun- requirement and need no further 
•. Bj o^vement befa ttu me ^ manually using a different lopressor has been designed to adjustment, says the companj. 
hmncial Times nin me . va j TC . A safely interlock prevents replace the standard inflation The device is extrealy sensitive 
information from The lecn meat ih e oven from working when the vadve cap ori tires and gives to pressure drop and after 
Page is nrui table for use b ;/ the ij d i s open. immediate warning through its tripping, the red pop-up indi- 

Corporation’s External Services Colc Equipment. 7 Airfield visual red “pop-up” indicator, _of cator cannot be reset until the 

as .source umterial Jar ii.s oecr- Way, Christchurch. Dorset unsafe tyre press ore. This in- tyre pressure is correctly 


winched through test pipes after p i a ns to have the ability to make Great efforts are -being made to To ensure the outlets, a posure time varying between 100 

cleaning. its own silicon crystals aDd a attract electronics engineers further arrangement has been^ eieciromc praams- and 300 -per cent. 

The service is now available series of epoxy resins. from leading world companies entered into under which AMI Millimask HD (High Doom- r*.vaprt Convline •»? 

throughout the UK through 60 Some 52.000 square feet of and at toe same time get pro- undertakes lo develop, over a lion), with its own process Agid-uev^c.i. 
strategically located service production area is available and mising Iranian students trained period erf five years and With chemistry, is designed to keep ure« whi uwra > 

centres of the company. initial production ‘ targets are in U.S. universities. Initial complete funding by. Gold -Star, pace with- toe- trend towards Miaax. ui-oqj 


Initial complete funding by Gold -Star, pace with- toe- trend towards Middx^01-56Q^-13L^^ 


Getting the 
price right 




m 


Tyre pressure guide 


r * * ■ % ..." 


•visa 


■.■*•••» . -V. ‘ 


.. -.Jr- . .■ -ti.- • £ 


The Royal Aircraft Establishment's new £5m 
low speed wind tunnel at Famborough, Hants, 
Is now in nse. The first model to be tested is 
that of an AJIQOB European airbus for which 
modifications arc being studied in readiness for 


seas broadcasts. 


BH233TB. 02015 6711. 


COMPANY NOTICES 


DIVIDEND NOTICE ' 

TO THE HOLDERS OF 
EUROPEAN DEPOSITARY RECEIPTS FOR.. 

COMMON 5TOCK OF 

TRIO KENWOOD CORPORATION . 
(Formerly Trio Electronics Inc.) 

DESIGNATED COUPON NO. X4 
(Action required on or prior to 29th December 1978J* 

Chemical Bank, as Depositary 'the " Depositary "J under the Deposit 
Agreement dated as o! May 1st. 1970. amono Trio Kenwood Coro, itm 
■■ Company "I, the Depositary and the holders ol European Depositary Receipts 
ithc ■' Receipts "l issued thereunder In respect of shares of Common Stock, par 
value 50 Von per share. Of the company fthe “ Corrynon Stock ">- HEREBY GIVES 
NOTICE that at the oencntl mooting of stockholders of the Company held In 
Tokyo. Japan, on 18th August 1978. such stockholders approved the payment 
of a dividend of 4.5 Yen per share of Common Stock. 

The Dividend on the shares of Common Stock of record on Deposit with 
the Custodian under such Deposit Agreement, less a portion thereof withheld 
by the Company on account o< Japanese Taxes, has been received bv the 
Custodian, as agent for the Depositary, ana. pursuant to the provisions of such 
Deposit Agreement, has been converted into United States Dollars at the rate o< 
191 .80 Yen per United Sta'es Dollar. 

The Depositary has been afivised bv the Company tnat Japan Is pjrtv lo 
international agreements w..*h Austral/ j. Belgium. Canada. Denmark. France, the 
Federal Republic of Germany. Malaya. Netherlands. New Zealand. Norway. 
Singapore Sweden SwiL-criand. Hie Republic ol Korea, the United Arab 
Republic, the Un.icd Kingdom and the United States at America under which 
certain persons are entitled to a IS”, tajr withholding rate on diilacnds such 
as the dividend in Question. The persons so entitled include residents Ol such 
countries and companies organised thereunder meeting certain conditions relating 
ta the carrying on of trade or business in Japan. Persons not so entitled to a 
1 S" 0 tax withholding will be paid a dividend on which a 20"i tax withholding 
rate has been applied.** 

To determine entitlement to the lesser tax withholding rate ol 1S°«. It K 
necessary that the surrender cl Coupon No. 34 bo accompanied by a Draper ) v 
completed and signed certificate iconics ot the lorm of which are obtainable 
at the Office of the Depositary in London or any Subdcposrtar, » as to the 
residency and trade or business activities in Japan >il applicable) ol the holder 
ol Coupon No. 34. Such certificates may be forwarded by the Depositary to 
the Company upon its reauev. 

Payment in United Stales Dollars ol the amount ot the dividend payable 
will be made at the ellice ol the Depositary in London or at the office ol any 
Subdcnositary Istcd below, upon the surrender ol Coupon No. 34. 

SUB-DEPOSITARIES 

NAME ADDRESS 

Chemical Bank Ffanfclurt-'ivfaln. Germany 

Banaue Internationale a Lu»embourg Luxembourg Cttv. Luxembourg 

Pierson. Hcldnng & Pierson Amsterdam. The Netherlands 

The following table sets larch Ihe amounts parable upon presentation ol 
Coupon Ng. 34 from the various denominations ot Receipts. 


dication is easily discernible to adjusted. 


GOLD FIELDS GROUP 

GOLD HELDS OF SOUTH AFRICA LIMITED 

t Incorporated In the Republic of South Africa) 

DECLARATION OF DIVIDEND NO. S9— UNITED KINGDOM 

CURRENCY EQUIVALENT _ . . 

In accordance with the Standard Conditions renti ng to Wrmwl Of; 
Dividend No. 59 declared on IB August. 197B. wvpwnts from the MM? - 
ol the United Kingdom Registrar will be made lit UnitadRingdorp currency 
at the rate of exchange of jn .692790 South African currrncy ta £ U n IW . 
Kingdom currency, this being] the first available, rate of- «wy re 
between the Republic of South Africa and the United Kingdom on 5 September,. 
1978. as advised by the Company's South African .JankOT* . 

The United Kingdom currency equivalent of Dividend No. 59 ol 85 cents - 
per share Is therefore 50 J129 od ocr share- 

Bv Order of the Boxrd. 


# COMPONENTS 

Parts for 
infra-red 
systems 


wWd flie customer reaches toe 
check-out, items placed before 

-;K which are illegible or have been 

JP ‘ lost .in transit. This causes delays 

■yjjt Clear labelling is. of course. 

wjH one of the basics of -profitable 

^9 ' retailing, too. Smeared prices. 

\ and filled-on or omitted digits. 
;9M may mean that goods stay on the 

w “'sK;.- s shelves. There is also the risk of 

; under-ringing and — where labels 

Hi ’'(i&Vi * have peeled off— the danger of 

T ' **■! Promising to obviate these 
HJJK '■ problems is a range of price 

1 guns, said to be the most expen- 
*ive on the mariset-^from^Dymo. 

•* Y '- : . . *<. Toi-sSTb^?.* 1 ^ 

f V- ’’ ..ils ' S*"' The precision made Mete, New 

; . \ Generation price guns are also 

; ; ■ ft ■‘WSl&y: 'X ..i said to be designed for years of 

, , trouhle-free service and cx- 

ent’s new £5m the next senes. This tunnel enables large peeled to pay for themselves 

orough, Hants niodels to jje tested at pressures up to three many times over during their 

atmospheres to give results which can be lives, 
ta be tested is applied to fidl-scale Sight. Outside users are The guns are robust yet, 
tons for which able to make, use of this facility on a repay- weighing, about 1 U are very 

o readiness for ment basis. .. \ lgh L io h , and ^ ^ prm i? f ® al ^° 

- - is the long-lasting disposable 

ink unit which' will prim about 

m GRAPHICS 60-000 labels hefbre ncedioc 

V wnnrnita^ replacing. Easily msertahle reels 

rv ■ pp* rn ■ 1 produce about 1,500 labels which 

Drawing office aid sl &r™ ve and made n 

. „ , . . , _ ■ ^ , The company offers different 

AN EXTRA large, variable- The abihly to alter the light types of labels for frozen foods, 
intensity light box with a work- intensity, says the company, preprinted for retail groups, 
ing surface of 32 in by 60 in, mea / ls toat the light box can be with coloured backgrounds for 
to accommodate AO size drawine Used witb Ule , IT, . immum of ^ e_ identification or to aid slock 
w while displaying the maxi- control; and fluorescent labels 


jligi 


S5\!-F v ‘ 1 


the next series. This tunnel enables large 
models to .fee tested at pressures up to three 
atmospheres to give results which can be 
applied to foil-scale Bight. Outside users are 
able to make.nse.of this facility on a repay- 
ment basis. - 


# GRAPHICS 

Drawing office aid 


London Oftcc: 

A9. Mooroare, 

London EC2R 6BQ. 

United Kingdom Registrar: 
Close Registrars Limited. 
803. High Road. 

Leyton, 

London E10 7AA. 

5 September. ig78. 


C E. WENNER. London Secretary. 


7 l„„_ s_*__ 1 ‘J -.-t, mt t'JUUUI, OUU uuuiestvut idlJCIt' 

DRAWN FROM the staff of three ZS ‘’ by^Ha^al. &nsuRa “7 amoant of information. for tator M»ub ta sonar- 
British companies known for House, 143 High Street, Brent- opaltsed glass screen. 6 mm rke i . nd p 1 

their electro-opUcal expertise, a wood, Essex -CMI4 4SA (0277 thick, is supplied as the standard "JSJJSiOD or reduced items * 
team is working on a Ministry 3166^). viewing surface and a chrome recognmon or reaucea items. 

of Defence contract for the . . plated tube fitted to prevent Dymo Industries was taken- 


team is working on a Ministry 3166%). 
of Defence contract for the A «,n 


Dymo Industries was taken- 


Ccuoan No. J4 Dividend pivgble Dividend payable 

detached Irom iless I S - CT Japanese iless 20-, Japanese 

Receipts m tire Withholding tax) Withholding tax) 

denomination ol: 

1 Depositary Share S 0.19 * 0.18 

10 Depositary Shares « V.99 J 1.37 

50 Depositary Shares S 9.97 ^ 9.38 

100 Depositary Shares 51 9.94 SI 8.77 

Payment in United Stales Dollars ,n respect ol Coupon No. 34 will be 
made bv United States Dollar check drawn on or transfer to a United States 
Dollar account maintained bv the payee with, a bank in New York City. 

Dated: 6tn September 1978. 

CHEMICAL BANK, as Deoositarv 
180 Strand 
London WC2. 

-20rh May 1978 has been established as the record date la r the determination 
ot the stockholders ol the Company entitled to such dividend. All receipts Issued 
in respect of Common Stock not entitled to share in nidi dividend will be 
without Coupon No. 34 attached. 

--Certain holders ol Receipts may be entitled upon the fulfilment ot certain 
conditions to reductions in the withholding tax rata applicable to them. The 
Depositary will. II in its discretion not unduly burdensome and upon payment 
pi all c, ponses incurred in connection therewith, take Such action as it deems 
appropriate in the circumstances lo assist such holders in availing themselves 
ol such reductions. 

Because ol Japanese tax requirements applicable to the Company the 
Custodian has been asked to remit to the Company, shortly alter '29th December 
1978 the excess received bv the Custodian over SO»i of the dividend payable 
and allocable to unsurrendered Coupons No. 34. 

As a result persons surrendering Coupon No 34 alter such date will be 
entitled to receive from the Depositary or any Subdepositary a dividend on 
which a 20 o o tax withholding rate has been applied and. if entitled to a 15“„ 
tax withholding, will be required iln order ta realise such entitlement) to make 
application to the Company for an additional S v a- Such application may. 
consistently with the foregoing paragraph, be nude through the Depositary. 


Dividend payable 
iless 20 Japanese 
Withholding tax) 



The war that never ends 

i \Vc British areapeaeeful people. When a war is 
; over uc like lo consign it to the history books - and 
forget it 

b But for some ihe wars live an. The disabled from 

A ' both World Wars 3nd from lesser campaigns, now all 
H too easily forgotten: the widow's, toe orphans and ihe 

H children- for Lkcm their war lives on, cvciy day and 

« . ail day. 

n In many coses, of course, Ihere is help from a 

w 1 pension. But there is a limit lo what any Government 
: Department can do. 

h . This is « here A rmy Benevolence slops in. With 

understanding. With a seDsc or urgency ... and with 
tragi practical, financial help. 

;IBBa| To ns it is a privilege to help these brave men - and 
JgP M women, too. Please will you help us to do more? Wc 
iHM must not let our soldier*' dow ri. 

The Army Benevolent Fund 

for soldiers, cx-soldicrs and their farititics in distress 
Dept. FT. Duke of York’s HO. London SW3 4SP 


KON1SHIROKU PHOTO 1ND. CO. LTD, 

NOTICE TO HOLDERS OF EUROPEAN 
DEPOSITAR Y RECEIPT S l"EOR5 i 

Further to Notice _ of April I 12tb. j 
1978. tae ycar-«nd dividend . ol 
3.7S paid to shareholder* 45 «* rc< -°^? 
April 20th 1978 has been converted 
to U.S. dollars and amounts id | 
U.S. .v.b5 g p«i tOR ; 

EOR holder-, should now pres ent , 
ccucon No- 1 in order lo claim the . 
above dividend at either the office Ot , 

* e The ChEo Manhattan Bank. N.A. 
Wool sale House , 

Coleman Street _ 

London EC2P 2HD _ , . 

or at the office or the Depositary’s | 

^'"ciiase Manhattan Bank Liwcro- 
bonrg. SA, 

47 Boulevard Royal 

In^resoce? 1 ©? presentations at hath 

VS '^^ta J ^. nC ?a^win W bc 

dcauctcd from the grass anKwnt ol 
■the dividend unless a form Ol affidavit, 
satisfactory to the Depositary. Is re- 
ceived evidencing residence In a 
country with which Japan has con- 
cluded a ta* treaty or agreement pro- 
vldlm lor a lower rate of tax. in 
such eases the lower rate ol Tax would 
then be aoolccd. 

In retoec: Of presentations at the 
office ol the Depositary they should 
be accompanied by the usual affidavit 
ol non -residence In the United King- 
dom to enable distributions to be 
made free of Dolled Kingdom tax. 

EDR holders are alio hereby in- 
formed that copies ol an English 
translation ol the 1978 Business 
Report of the Company, funrrsned to 
Japanese shareholders, covering the 
period 21st April 1977 to 20th April 
1978 are available at the above offices 
ol me Depositary, and ol the Agent. 
THE CHASE MANHATTAN BANK. NA 
London, as Depositary 
September 6. 1978. 


AMERICAN EXPRESS 
COMPANY 
(CDRsj 

The undersigned announces that as 
from September II. 1978. at Kas- 
Associabe N.V. Spulstraat 172. 
Amsterdam, tfiv. cp. no. I of the 
CDft's American Express Company, 
each repr. 5 shares, will be payable 
with Dfls.3.68 net fdiv. per record- 
date 7.7.78: gross 50.40 pjh.) after 
deduction of 15?« USA-tax — S0.30 
= Dffa.0.65 per CDR. Div. cpi. be- 
longing to non-residents of The 
Netherlands will be paid after de- 
duction of an additional )S% USA- 
tax { =50.30 -DfU.O.SS) with Dfls. 
3.03 net. AMSTERDAM DEPOSITARY 
COMPANY N.V. 
Amsterdam. 28th August. 1970. 


NIPPON MEAT PACKERS INC. 

ICORU 

Referring lo Its advertisement ol 
November 18. 1977 me undersigned 
announces that the deposited property 
ol the still outstanding «v.cps, no 1 
and 2 ol the CDRs Nippon Meat 
Packers Inc. has been sold. The ora- 
coeds hereof will be payable in cash 
as from September 11. 1978 at Kas- 
Assodattc N.V. , Saulstraat 172 In 
Amoterdam and Kredietbank S.A. 
Luxembourgeotse. 37 Rue Notre Dame 
In Luxembourg, being: 

526-54 per dlv.cp.no. 1 per CDR repr. 
too shs and SZSS.M per CDR. rear. 
1,1100 sbs. dlv-CP-no. 2 vritb II 3.27 
per CDR. repr. 1QO shs and 5132.70 
per CDR, repr. i.ooo shs. 

AMSTERDAM DEPOSITARY 
' ' COMPANY ft.1t. 

Amsterdam. 

August 31. 1978. 


THE TOR INVESTMENT TRUST 
LIMITED 


NOTICE IS HEREBY GIVEN that the 

Registers of the Preference Shares will 
be closed from 16th to 29th September, 
1978. Inclusive. 

Bv Order of the Board. 

J. TODD. Secretary. 


development of a series of com- un ft dr ™ings ^m being trapped and over in May this year by Essellc 

ponents from which various « 1 en i. f “ e c ? 1 ? venbon j crushed between the operator and (the largest manufacturer of 

types of infra-red thermal imag- t0 pr0Vlde front of the box. A parking area business equipment in Scandin- 

ingsystems can be built. S for tfae draughting machine is avia,. Although toe tools are 

Marconi Avionics (a GEC- ness" to “ virtually off” to fSit Provided on toe left of the box 

S^ PnSlS^ tSusteS^Jid t? e cereal ambient light condi- and this is inlaid with cork lo which supplies markets ia the 

Si EtedroSic?- companies 3ad 0,6 drawins n,edmm - acl ^ a pin board. UK, France and Austria, 

which ail have experience in 

thermal imagining and night J . . . — — 

vision systems, have been 
selected to develop and produce 

a suite of sub-assemblies, from « . . ■ m ■ ■ - ■ 

Ssr.-jSSa An illustration of our achievements in energy 
m“ A engineering and project management 

fic requirements of the three UK 1 , 90 

armed services, precisely and _ cL 

cost-effectively. ' £, • 

The Electro-Optical Sur- ]B - 

veillance Division. Basildon, in , j 

Essex, of Marconi Avionics, on 1 j/JiLm 


TOK mmpJS? ltq C7B,c Marconi Electronics company), 
Rfferring to “S^d.anhenicpt of Jm* Precision Industries and 
i3th September. 1977. the undefl EMI Electronics, companies 
ili ° rw a« cos!wtf C rty**? i rJ which ail have experience in 
cSnt^o Sanyo 0 * iu?ctric !omp.‘n? thermal imagining and night 
Lie. The proeoods hereof win o< vision systems, have been 
rembSr! {si78* S beinB V14JM ow di«| selected to develop and produce 
siJSao °U r C °c d R r . w ^tK T0 ° ,ooo‘ s a iS a suite of sub-assemblies, from 
at Kat-Associaie n v . sauistratt 172 which aired view aod indirect 
dli ^3rembourg. a "i4. Rua IC AfdrtiTB«2 systems can he assembled 

Luxcl ^Srdam depositary j TheimaJ Imaging Common 

company n.v. Modules are to meel the speci- 

^^!7: 1978. & c requirements of the three UK 

— , armed services, precisely aod 

final diyttcnd i97B cost-effectivelv. 

THE COMMERCIAL BANKING COMPANY Jx. I .x - . 

of sydney limited The Electro-Optical Sur- 

ciHcorfioratffd m New south wai«) . veillance Division. Basildon. 
notice is hereby given that tM Essex, of Marconi Avionics, on 
wiM^bc 1 " closed irom 2 gui ^s^ptem ?78 whom the contract has been 
a^^?ss fi 1 ?rv.fe2nt d ^ ag-fe P ,a « d - is acting as coordinating 
dividend- . . design authority as well as being 

dosing** must be'lodgcd be lore® j ^m.-on responsible for the advanced 
Monday lit^^otmtari^TB. _ signal processing electronics for 
. . j- e. searlt.- the indirect view comoonents. 


wwe Chili Board. “ Processing electron ics for 

_ J- e SEARLE- the indirect view components. 

Chta. M, nM «r. London. EMI Electronics is the design 

— authority for the direct view 

PERSONAL modules, and Rank Optics of 

" — 1 Rank Precision Industries is the 

■ '. - j design authority for indirect 

a . — gw view scanners and toe associated 

HAIVIrtRS electronic control modules. 

Tlierraal imaging systems make 
OF GOOD FOOD & WINES use of infra-red radiation to 

enable otherwise invisible scenes 

Britain's leading packers supply-- 1° he observed. Both direct view 

inn rim .mr.' „i indirect view systems can be 

E e 8 5 s of the world produced. In the case of indirect 

and leaders of industry. view systems, such as those 

— - based on television techniques, 

R PEOPLE LTD, . the picture can also be trans- 

»w. Norwich. mitted lo r-iniote locations. 



THE HAMPER PEOPLE LTD., . 
Strum pshaw, Norwich. 

Tel: 713937 

Telex: 975353 Hampers " 
Colour brochure on request. ", 


FOSTER WHEELER 
POWER PRODUCTS 



CLASSIFIED 

ADVERTISEMENT 

RATES 


Commercial & Industrial 
Froperi? 

KcsdDDUai Property 
Appointments 
Business * investment 
Opportunities, Corporal ion 
. Loins, Production 
Cawoir. Businesses 
For Sale /Wanted 
Education, Motors. 

Com racis & Tendon, 

[ f'ersonaL Carden Ing 
! Hoi eh & Travel 
Book Publishers 


(Mini mum size 40 column cm. ' 
DJQ per single column on ertraj f 
For InrDi i>r rli'biilv unit- m f 

Classified Advertisement ? ■ 
Manager. <: 

Financial Times, . ^ 
10. tlaunon Street, EC4P 4RJ 



MUfflC 

Pit 

ct-iiuna 

Uhc 

4-ntt 

1 

£• 

4. r .n 

H.DO 

-.DO 

s M 

1.50 

14 .08 

5 25 

16.00 ' 


J 

4.S3 

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2.75 

ID.If 

— 

. T * 


& 


■ 


MJ' 


blMilfis! 


We play a major role in energy engineering 
from a commanding position achieved by 
providing a wide range of services and high quality 
products. Our ability to meet production, 
commissioning and cost targets is acknowledged 
by major companies and governments, and our 
world- wide operation is backed by t he 
international resources of the Foster Wheeler 
Croup. 

Within a modem management structure we 
have established extensive capabilities in overall 
project management, research and development, 
design, engineering, procurement, site 
construction, repair and maintenance, and an 
effective after-sales service. We have nrv^ to . 

considerable research and development data V 

within the Foster Wheeler organisation to support 
. our own R and D carried out in Britain. 

These functions serve our own extensive' ' 
manufacturing facilities, and are also available for 
direct use by customers. 

The specialised products which we design and 
manufacture for the requirements of tbc energy 


industry range from power generation to 
environmental control and include steam raising 
equipment for power, process and marine 
applications, nuclear components, heat 
exchangers, pressure vessels: cooling towers tuid 
- incinerators and pyrolisers for municipal and 
industrial waste disposal, and also fluidised bed 
equipment 

The world’s largest works-assembled 
waste-beat boiler was produced by us and shipped 
ahead of time: the world's highest design pressure 
for any bi-dnim 'natural circulation 
works-assembled boiler fora chemical plant in 
Bangladesh is ours. Six out of seven LNG (Liquid 
Natural Gas) carriers have boilers of Foster 
Wheeler design. Tlie QE2 has three of our 
massive ESD units. 

We have a world- wide sales team directed 
from London. Contact qur Sales Director if you 
have a project involving energy engineering: we 
can probably help, even to the extent of taking it 
over completely. Ask anyway, as" there's a lot 
. tnore wc can tell you about ourselves. 


-rtiH vj_,tuj?. idrg*«.t nuiDductuiur 
■••I linlu'-liijl -SU'.tipii CJi-jiu.iv 
fjiiry lull mu uJ •>, Suffolk OiSJ-J L-JItri 


FOSTER WHEELER POWER PRODUCTS LIMITED 

Greater London House, Hampstead Road. London NWi 7QN, Endtad. - 
Telephone 01-388 .121-21 1 Telex 263984. 

Wotiu, al Hartlepool and Dumbarton. Associated companies throughout ihe world; \ ^ n 










c 9%i The Management Page 

dfov' 


EDITED BY CHRISTOPHER LORENZ 





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.... \ AafllH 




How a university is helping small companies to introduce the latest technology 

Bringing electronics to the uninitiated 


BY PROFESSOR G. B. B. CHAPLIN 



Orjk iltnlli'ilw 

Hick Cowftn .end his son Simon, with their tUcttvtde potato grader. 
Ait electronics educational kit started them ~oa*pm rood » > Qm 


Making the 
in the not 


BY DAVID RSHLOCK 


MICK COWLtlf .• is spending 
£30,000 a year with the Essex 
Electronics Centre— a' lot; he 
admits, tin a tunraver of £2m a 
year. “But they are very; gaod.’’ 
he says- Cowlin. once, a Tanner, 
is now principal shareknUfor of 
Lockwood Graders, of Danbury. 
Essex, .which employs a tvan of 
25 .craftsmen who. nuke :he cwsi. 
advanced kind of potato hsrvesi- 
ing machinery, 3iid sell it world- 
wide. The company even has 
its own computer. 

It is Cmviia-s ambition to take 
the drudgeni out of farmwork. 
as he puts it;:tu hiiike the life, 
nf the farmworkers mure like 
that or tile radar operator.. . 

Six year* ago- he fcnught his 
son Simon an electronics k.: as 
an educational toy.-- Eathet and 
son soon immersed themselves 
in the possibilities, that electro- 
nic controls opened up for the 
machine, which formed the 
backbone of Cowlin's machinery 
business— a potato grader which 
sorts, out impeitect . potatoes, 
stones, clods, eta 

In May;- 1973, Cowiin iu«t en- 
countered the Essex Electronics 
Centre at . a cbeese-and-wine 
party arranged^ for. local indus- 
trialists by its.. director Profes- 
sor Barrie Chaplin. He.. told 
the centre of hi* progress in 
replacing the potato grader’s 
electromechanical controls with 
solid-state; electronics, in the 
search for greater reliability and ' 
more sophisticated .control 
schemes. ‘ 

This was the start uf 
partnership whidt- quietly, pro- 
duced a . series -ur electronic 
developments for' the grader It 
begam with three sensors: -first 
a proxim ity . sensor which 
indicated : when 3 hopper was 
full of potatoes; second a potato 
counter to: control throughput; 
and third a bag counter to . 
check the grader^ output. 

The . next ; . step was an 
electronic motor starter and its 


enmru! prbgx&l&r* continuous 
line of eitnvqyws for potatoes. 
Cun'rol progranhi -lor automati- 
cally fillinr .^storage boxes, 
’aether witi?- * Jnotnr speed 
f^n trulhr. 'ittttf tbrhMuw. A 
n«v»*l sen-or j&iwlvcd the use nf 
ullraiotiics '• • “in-flight" 

potato countSt^ 

Five v^ars Titer Hie partner- 
ship - between the farm 
machinery craftsmen and their 
electronics consultants has pro- 

oressed to a 'point where the 

lalc«t .niicropn^t^sot and op!o- 
cl?ctronic Jedtnigaes are being, 
hmli i,un the: potato irader. The 
w uun” tha: Gowlin 'K holding in 
the picture fan . sort about six 
times a e fast, as in the days 
before Qiwlinr-: -learned of 
elci-tronics, 

The operator of the giui 
simply sitootv a pencil of light 
ar a defective potato, stone, or 
whatever " A . microprocessor 
memorises pro^sel j where the 
relect is lying §n the conveyor, 
and arranges iSr if to be re- 
routed on to a reject conveyor 
further along the line. 

It’s not just a matter or tying 
“black- boxes” jbn to blaekV 
smith’s ma^rinery.-. msists 
Cowiin. Thiywns the mistake 
made in po early days or 
putting electronics into farm 
machinerr He has concen- 
trated specially on the inter- 
..face . tftvvcun machines — the 
eon^yore tliat feed the harvest 
from one to .mother, the light 
panels which- show at a glance 
where the farmer has trouble,. 

■ Cowlin’s contracts today can 
be worth anything from £1.000 
for a single machine to £50,000 
for an all-purpose potato har- 
vesting system. Even U-S. 
machinery in this field Ms 
“nowhere near as advanced," 
he cla ims confidently. Ajter 
milk, potatoes are Britain's 
bigeest agricultural harvest But 
50 per cent of the output of 
Lockwood Graders this yeitt will 
he sold overseas. 


THE SMALL manufacturing- 
company provides a substantial 
contribution to our national 
income, and its continued 
success is essential to our 
national prosperity. Unfortu- 
nately, it has taken some Influ- 
ential people in Whitehall and 
Westminster a long time to 
wake up to these farts. 

Almost all small UK manufac- 
turing firms have products and 
production processes which are 
predominantly mechanical and 
they arc able to keep abreast of 
developments in. mechanical 
technology. But, owing to their 
small size, tew have . the 
resources to keep abreast of all 
the electrical, electronic and 
other non-mechanical tech- 
nologies. 

Moreover, because of their 
large numbers, the Government 
cannot help them individually. 
Often, therefore, their product 
design - becomes out-of-date and 
production costs grow too high, 
especially with respect *o com- 
petition from overseas. 

Relevance 

Fortunately, at any given 
time, there, is usually a single 
technology which, because of its 
rapid emergence, is having a 
considerable ' influence on 
indusrry. Over the past few 
decades this has probably been 
in plastics. The relevant tech- 
niques — such as vacuum fotm- 
: ins — have now been, mastered 
' and absorbed by the small firm. 

| But today and for the forecre- 
; able future,' the dominant tech- 
! oology is electronics 

The problem is therefore to 
i introduce electronics into the 
jrelecanr parts of the products 
;and proeesses of small firms, 
i most of which are unaware that 
'they have a problem, much less 


have the means and knowledge 
to solve it. There is no way in 
which government can change, 
this situation, say by bombard- 
ing the .firms with technical 
literature, or by creating 
regional offices. Literature will 
either be ignored or misunder- 
stood. and regional offices will 
merely increase the number of 
civil servants. Furthermore* 


my own Department at Essex 
University received a grant of 
£11,000 a year for three years 
from the Wolf son Foundation to 
underwrite an experiment in in- 
troducing electronic technology 
into small local firms. 

The method adopted was to 
arrange for an inventive elec- 
tronic engineer to investigate 
each firm individually. His job 


.elude for example the sorting 
and grading of potatoes, the 
manufacture of garments, the 
testing of timber and the 
manufacture of plastics. How 
a partnership has developed 
between the centre and one 
small business. Lockwood 
Graders, is told in the accom- 
panying article. 

Our best estimate is that the 


THE WOLFSON INDUSTRIAL UNITS 


WOLFSON Industrial Units began as the 
brainchild of Lord Zuckerman when he 
was chief scientific adviser to the l : K 
British Government, writes David Fish- 
lock. They are small contract research 
centres, usually based on a university 
department of engineering or applied 
science. 

Lord Zuckerman. concerned that so 
much British university research was at 
best only slowly finding its way into 
industry, proposed that « the Wolfson 
Foundation — financed by Lord Wolfson’s 
industrial erapire-^-shou‘ld make “ pump- 
priming” grants to entreprencurially 
minded department heads with good 


ideas for research units that might work 
closely with local industries. 

Since I96S, when the scheme began, 
the Wolfson Foundation has donated 
about £10m and helped to set up a score 
of industrial units. Some universities 
have more than one: Southampton has 
five. The latest approved only in July, 
goes to the University' of Manchester 
Institute of Science and Technology’: 
£183,000 to set up a motorcycle research 
and development unit. 

Any reservations dons may have 
once had about accepting donations from 
industry to work on industry’s problems 
appear to be allayed by the strict terms 
of the scheme. 


any artificial financial induce- 
ments should be srrictiy- 
avaided, since firms would then 
be induced to adopt electronics' 
for the wrong reasons, and be 
acting against the very precepti, 
which originally brought them 
into being and enabled rhom to 
survive. 

A - way out of this dilemmi 
has been demonstrated by the 
Wolfson Foundation *n its 
pioneering of industrial units 
within our universities. Each 
Wolfson unit is autonomous 
and there is a great variety of 
technologies and organisations. 

For example, six years ago 


was (a) to identify those areas 
where the introduction of elec- 
tronics would produce a better 
or cheaper product; ( b) to work 
out a detailed solution using 
electronics: (cl to persuade the 
owner that the proposed solu- 
tion was both desirable and cost- 
effective; and (d; to cany out 
the project successfully. 

- The Wolfson Industrial Unit, 
now known as the Essex Elec- 
tronics Centre, consists of three 
engineers and three technicians. 
It is now sell- financing and is 
completing projects at the rate 
of about 50 por year. These pro- 
jects arc very diverse and in- 


rcsulting average increase in 
profits for our collaborators is 
50 per cent, and that much of 
this derives from increased 
exports. Furthermore, in spite 
of the evangelistic nature of 
this activity, the unit has been 
able to break even financially, 
and pays nominal overheads to 
Essex university. 

The intriguing significance' 
of these results becomes 
apparent when they are 
extrapolated nationally. 

Although 1 regard our unit as 
of about optimum size, I 
believe expansion by a factor 
of three could be achieved 


without undue loss of 
efficiency. 

If about 50 of these 
"expanded” units were to be 
created at appropriate in- 
stitutions throughout the 
country. I think that they 
would be able to complete 
about 7.500 projects per year. 
Initially, 7.500 firms per year 
would be helped, but this num- 
ber would gradually decrease 
as the earlier firms requested 
more projects and the num- 
ber of potential new firms 
decreased. After a few years 
a stable situation would be 
reached in which a substantial 
fraction of the small firms in 
th*} UK would be continuously 
benefiting from the latest elec- 
tronic technology, with a con- 
sequent increase In perform- 
ance. 

There may well already be 
other Wolfson units with an 
identical or similar philosophy 
to the Essex Electronics Centre 
but, in any event, almost all 
units would be capable of 
establishing a similar operation 
if they wished to. The annual 
running cost of this unit is 
about £40,000. Multiplied by 
the factor of 150 for national 
coverage the maximum annual 
cost becomes £6m. But there 
is no reason why the scheme 
should not break even, or even 
make a small profit, bearing in 
mind the low overheads 
charged to the host institutions. 


Initiative 


One difficulty is the problem 
of attracting the right calibre 
of staff to the units. It could 
be argued that the qualities 
required are the same as those 
required in an entrepreneur, 
and such a person would not 


normally be content to work on 
another’s behalf. However, it 
is possible to reverse this 
argument, and to suggest that 
the units might have the addi- 
tional function of providing a 
useful training base for poten- 
tial entrepreneurs. 

At first sight this proposal: 
might appear to be anti-; 
government. Yet this is not so. 
It should be fundamental to' 
the scheme, as 1 see it. that! 
local "electronics units" be; 
free to make their own decisions 
and to act very much like 
entrepreneurs. This is not. of 
course, compatible with normal 
methods of government funding 
where there is a natural ten- 
dency to create uniformity. 

But the Wolfson initiative 
has tapped and cultivated a 
latent energy and talent which 
no amount of traditional cen- 
tral or local government action 
could have produced. Is there 
any fundamental reason why a 
government funding agency 
should not. in this instance, 
abandon the normal controls 
and cither emulate, or make 
funds available to, the Wolfson 
Foundation to underwrite such 
an autonomous network of elec- 
tronics units as 1 am proposing? 

By introducing modem elec 
tronics in this way into the 
small manufacturing firm z 
significant Improvement in out 
national fortunes could be 
brought about in the next five 
to ten years, at minimal cost t< 
the taxpayer. 

* Professor G. B. B. Chapin 
is professor of electrica 
engineering science at ih< 
University of Essex, and dt'rec 
tor of the Essex Electronic 
Centre, incorporating the Wolf 
son Industrial Unit. 


THE TENNECO RECORD: 


JENNEC0 


First half shows record earnings 
as 2-quarter net income rises Tl% 


First Half Summary (millions except per share amounts) 


Six Months Ended June 30 
1978 1977 


BUSINESS PROBLEMS by our legal staff 


Right to use 
a road 

A friend who is. a- builder has 
been granted permission lo .build 
on a plot which fronts on to a 
privately maintained access way 
to other houses in a cnl de sac. 



europcar 


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

01-848 3031 

Or your travel agent 


Can the residents in the cnl de 
sac deny my friend the right to 
open a frontage on to this access 
way? - Can they appeal against 
the planning permission? 

The -owner of the access, road 
may be able to deny the builder 
.the right to use the road for the 
purpose of a new house built on 
'an existing plot: but *.! the 
frontagers who have rights over 
the access road cannot do so 
unless they, or some of them, 
own the. road ii self. Wo assume 
that there - are no restrictive 
covenants which would enable 
the new building to be -re- 
strained.. The resident who are 
not owners of an interest in. the 
development site cannot appeal 
trom a decision to grant planning 
permission. ' However, the grant 
i will not abrogate or modify any 
' common - ■ law rights e-g~ to 
enforce - . any restrictive 

covenants. 

. ... * *i 

Nib /egoT responsibility «rn be 
accepted . by - the Financial Times 
for the answers given in these 
/columns. All Inquiries Mill be 
answered by post os toon os 
possible.. 


OPERATING REVENUES: 

Integrated oi) 

Natural gas pipelines 

Construction and farm equipment 

Automotive 

Chemicals : 

Shipbuilding 

Packaging 

Agriculture, land management . . . 

Investments 

Intergroup sales 

Total 


$ 984.1 
1,003.0 
919.6 

379.5 

266.6 

387.6 

265.6 
109.2 

(123.5) 


$ 858.1 

905.8 
749.1 

341.9 

244.7 

398.8 
237.4 

95.6 

3.8 

(105.3) 


NET INCOME 

PREFERRED AND PREFERENCE STOCK DIVIDENDS 
NET INCOME TO COMMON STOCK 

EARNINGS PER SHARE OF COMMON STOCK: 

Average shares outstanding 


PEACE OR CONFLICT 
IN INDUSTRY AND COMMERCE 
A (mw ; ter Chief Eje«nd m mf 
Saaior Muugart who «« concwntd 

about tb* poor spirit In jMi Birr. aj. 
who im w anmtr to iw pwpwnf 

° Wfl 2M, and »th SEFTEMW.;. 
GRAND hotel. BIRMINGHAM" 

Ttt* seminar t% *• result of a brink; 
ebroueh. in ondcitandinf and • uriit 
Hidaoe -*iKh orijnwl miwrial *ijd 
use hinermt from spaaMif With 
waf- experience. . 

DrttL's from: —:! 

ROBERT SPILMAN A ASSOOATC, / 
. Bsttrac, Toft Ro*l, Kootrfbni; . 

' Cheshire. Tel: 95CT WT 


Fully diluted 


Tenneco recorded the best first half year in its 
history as the Company’s growth continued during the 
second quarter of 197B. 

Net income for the quarter was up 11% and 
operating revenues 13%, compared with the same 
period in 1977 Net income totaled $11d3 million on 
operating revenues of $22 billion, compared with 
$1065 million and $15 billion a year earlier Fully diluted 
earnings per share climbed to $1.09 in the 1978 quarter 
versus $1.03 in 1977 

For. the first half the Company showed an in- 


$ 

228.4 


14.4 

$_ 

214.0 

$ 

2.24 

$_ 

2.13 


$ 

211.7 


10.2 

$ 

201.5 

$ 

2.19 

$ 

2.05 


crease of 8% in net income on a gain of 12% in oper- 
ating revenues, as summarized in the table above. 

This growth is the result of an aggressive pro- 
gram of capital expenditures which reached a record 
$714 million in 1977 Of the $900 million budgeted in 
1978, more than half is for the development of oil and 
gas reserves and new energy facilities 

Commenting on the results, J. L Ketelsen, 
Chairman and CEO, said, “We believe second half 
performance will be well ahead of the 1977 period and 
that 1978 will be another excellent year for Tenneco.” 


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T4 

LOMBARD 


Jumbo jets and 
the election 


BY PETER RIDDELL 


Mondtiy. June 15. 

“ TO-DAY’S TRADE figures show 
us £31m in the reel and this 
evening, watching a dusky tele- 
vision set while I waited for my 
own show. X saw lain Macleod 
spiriting disaster our of .Aladdin's 
cave. Then I watched Harold 
(Wilson) addressing a huge 
meeting in Hammersmith and 
making jokes about half -the 
deficit being due to the purchase 
of jumbo jets. That sums up 
the campaign, but still Harold 
was more effective than spooky 
Macleod.” 

Fridau. June IP. 

“ Yet. despite the unanimous 
prognostications of the press, in 
the last three days of the cam- 
paign Heath's warnings had be- 
gun to enunt. particularly his 
final warning on the trade figures 
and on the' threat of further 
devaluation.* 1 

The origins 

These two extracts from the 
Grossman diaries For election 
week in June 1970 show the 
origins of the now strongly en- 
trenched tenet of Labour mytho- 
logy that Ihe announcement of 
the trade deficit had an import- 
ant influence on voting three 
days later. The alleged signifi- 
cance of this deficit has been 
such that the timetable for the 
publication of the economic 
statistics has itself become an 
important factor in the current 
debate about the choice of 
election day. 

Assuming that the political 
soothsayers are right in predict- 
ing an autumn election on 
October 5 or- 12. these days make 
the most sense from the point of 
view of minimal statistical 
embarrassment for the Govern- 
ment — principally because rela- 
tively few major economic indi- 
. cators are due to be published 
during the main period of 
campaigning. The accompanying 
table lists <g|? main statistics 
expected between the possible 
start of campaigning at the end 
uf next week and mid-October. 

The monthly indicators can be 
predieted with widely varying 
degrees of accuracy; the most 
.difficult to estimate are those, 
such as the trade figures, which 
represent a net balance between 
large Hows. The current account 
has lluctuuted sharply between 
surplus and deficit this year 
Ihuugh the underlying trend, 
insofar 3s there is one. is proh- 
ahlv towards surplus. On the 
other hand, it looks fairly cer- 
tain that the rise in the retail 
price index in the 12 months to 
mid-August will not he signifi- 
cantly different from ihe 7.8 per 
cent increase reported for file 
previous month. 

In any event, the main cam- 
paigning is likely to start after 
the publication of these figures. 


This leaves the average earnings 
index and the unemployment 
total as the main indicators 
before an October 5 election. 

The earnings figures will show 
the rise over the full 12 months 
of the phase three pay policy 

around M to 15 per cent for 

the whole economy. The outcome 
has already been largely fore- 
shadowed though this will no- 
doubt not stifle interpreters on 
either side. 

Embarrassing 

Unemployment could be 
potentially the most embarrass- 
ing statistic, coming right in the 
middle of the campaign. 
Although the overall unadjusted 
total should decline, merely 
because of the usual late summer 
.fall in the number of jobless 
school leavers, the outlook for 
ihe seasonally adjusted figure is 
less clear. There was a sharp 
rise in the two months to mid- 
August after the steady decline 
since last autumn. While the 
seasonal adjustment process 
appears to be defective, it is 
almost anyone’s guess what the 
published figures will show. 

ECONOMIC INDICATORS 
September 

Thursday IS— Money supp'Jr For mid- 
aubikc- Currant accent Mr Augo**- 
Friday IS— Retail price Index far mid- 
August. Cyclical Indicators for Aasnt. 
Wednesday 2D— Average earnings Index 
ter July. Second quarter Cross Domestic 
Product. 

Tuesday 26 — Unemployment for mid- 
September. 

October* 

Monday 2 — industrial Investment Intention! 
survey. 

Tuesday 3— UK official reserves for 
September. 

Friday 6— Personal Income, living stan- 
dards nd savings estimate for second 
quarter. 

Monday *— Wholesale price indices for 
September. 

Tuesday 10— Central Government borrow- 
ing in September. Banking Hgeres and 
eligible liabilities lor mid-September. 

* Estimate an basis of 1977 timetable. 

From the Government’s point 
of view, there are no major 
(statistical) disadvantages and 
some attractions in October 12, 
rather than the 5th. In the 
interim, second quarter personal 
income figures should show a 
sharp rise in living standards 
this year. 

This discussion is, of course, 
solely in terms of the obvious 
for headline) appearance of 
statistics which are open to 
widely varying interpretations. 
For example, emphasis can be 
placed either on the stability of 
the 12-month rate of retail price 
inflation or on the probable slight 
acceleration in the underlying 
trend. Moreover, psephologists 
would query how much notice 
the electorate pays to these 
esoteric statistics. But the 
politicians evidently believe that 
any factor which might make a 
difference in a tightly fought 
election should be taken into 
account, and there are nn obvious 
jumbo chickens on the horizon. 


" ’ : " ■ ntemefe, Times Wedbesday September 6 asre 

Roses to see the summer 



WHY is September an easier 
month for gardens than August? 
The light is not so strong; the 
great bulk of yellow in the 

border-plants is now corrected 
by tbe blues and reds of 
Michaelmas daisies; I happen to 
like all dahlias, even the tall 
mauve pom-poms, that are not 
so vulgar if you pick and group 
them’ in a vase of their single 
colour. There are autumn 
crocuses, still such a cheap . and 
colourful bargain for gardens on 
light soil, not just the lovely 
blue Speciosus but the good 
white Odiroleucus too, which I 
am glad to see so well repre- 
sented in London’s parks. There 
is also the second flush on the 
roses. It is feeble, I know, but 
I never believe that these second 
seasons will really come to much. 
But the National Rose Society 
has a superb September Sbow. 
It is well worth weighing up the 
season of the various sorts if 
you want to choose the best roses 
to thicken the garden next year. 

Growers of those two fine 
floribundas, Iceberg and Queen 
Elizabeth, will not be too con- 
cerned by my suggestions. These 
roses flower continuously. Tbe 
distinction in the catalogues, of 
course, is between a “contin- 
uous ” season (July to Septem- 
ber and later) and a 
“recurrent" one (July and 
September only). Most of -the 


floribunda will flower all sum- 
mer. so long as you like them- 
Of course Iceberg is a wonderful 
rose, but it is not classically, 
sbaped and its -white Is particu- 
larly strong. Massed with a dark 
blue lavender,' n is a bold 
answer to the challenge of any 
new flowerbed. Yet I prefer the 
newer hybrid tea Pascal! among 
the whites, better-shaped and less 
flatly coloured. Once you leave 
the floribunda’s corner, the ques- 
tion of the second season is 
important. 

Among roses for walls and 
pergolas, on which I will con- 
centrate this week, the distinc- 
tions should he .quite clear. 
Ramblers are more vigorous, 
Albertine, Paul's Lemon, Wed- 
ding Day and so- forth, but they 
will flower only once. Fieri* 
bunda and perpetual climbers 
will flower noticeably once aod 
steadily over tbe remaining sum- 
mer months. The hybrid teas' 
climbing forms should flower 
twice. Yet the classes are oddly 
composed in most lists. 

Opening a good rose catalogue 
I find Aurora (largely a June 
rose). New Dawn (mostly a mid- 
July/August one) and Pink 
Perpetue (most definitely con- 
tinuous) in the. same “ Per- 
petual" section. My choice 
here, among modern “ per- 
petuals ” would now fall on tbe 


BY ROBIN LANE FOX 


newish yellow Casino. It Is a fine, but X cm i onlrsay-th*t .spent a-hot aftern{W£ d ead-tida^wWch^ene of tbtf ^^T’3n l9w 
better shape and a softer yellow one flower I. have-seen to date ihe Test Match w ^,f ous Mer- or grow are tafong-to-heart.;, 
than the persistent Golden was a rteddeiUy stnag ptafc ; « ; lag, to ‘“o.^SlliOBgM-; Fori long jlaa 

Showers and has as long a If you want a -long * ; n btbiDg 

season. Watch out. too, for a urhit^do hunt Qut-the.oid Sal-^What 

scented and flat-flowered double flowered Sombreuil. Us shape is ****x*^™^*&?l^-&*\ subt^colourcd, a /panSSeTS 
pink called Dream Girl, soli by charming- Aftcrvl25. ye won If a rose dopa r *S 'SiSsSoL ■’.it" atilT &*;*.-*? 
John Scott. Merriott, Somerset the market it is still .better than removal of dead flower, a*. .ought sbineh^u, 

This flowers for so many any other double climbing white irrelevant to it - SfSS IntojqtheS is-Jnl 

months that it never grows too for- a long season. .1 suppose it the climbtogj ^«j* Kordes, o£ fXnS 

- 1- ; so forth, "“w flower-.-hybrldistofan^^has^wcome 

' r Seme have a up 'with truly recutrCnt _alt^ 

PADItmiC T fin AY tag-others are most inativeL But theti-coloursa^ 

uARutNd I wvM I big fat pink like dreadfully harsh .when; 4fceir 

SwiRunf Thereafter, they. For the rest, wears bagf jvhl, 
Sk sShtiv Tn'evidence, So, too , :xile i«ermittent'f wpa of c&nb- 

— 5S-?«5e b ush-white to white m teas, Ena Bbatoras, 

. , - ■ wJL p -A! fred Carriere stitt Butterfly or the paler -Ophelia 

high. I am very pleased with a belongs, i strictly. In the -t^:7“ e , “ n str oBgly; even and the low white. V&go. SlTny 

four-year-old one, now covered section. Here, the roses shoeld ^erves to s ( 5 rowds ta ke its experience, these few are-i^e 
In scented flowers. Among the mostly flOwertwice.theso-called^ra n ?5? 1 _ v ^: ora a famous one most generous second -croppers, 
taller pink perpetuals. a long “ recurrentiy." But brfpre con- J™ away SwJtSS at the buTthe choice may . va^SS 
season and a civilised colour are sidering them, I must slip in sffJJL Sifsinghiirst site to site. ~ •> V.' .. 

best combined in the clear-leaved good old Mermaid. Neither one N^onal TYu^s j“ r0B e 5 “ i<5 onlv one ' \ v 

Aloha. Perhaps we will soon sort or the other, she begins a jxent. Yet uns s There is oniy^one sure bet 

have something even better, little later than some In cold will- seldom flower tw . - beyond Gioire de Dijon, the pink 

There has been much excitement gardens but will keep right on .The iittle pink climmngi Lecue rose, a century old and 

in the past two seasons over a to the late autumn, showing Brunner is another V* -tm as long in flower as any. la 

newly-marketed Sophies Per- those big single pale yellow which -you should be w^y-it is called Kathleen 

petual sold from a great East flowers wrth a centre of golden a China rose, the most . perwrtent a re cotour is morfe 

Wian private rose garden. The stamens. I have seen her. hoy^ group among bush-roses, u is , ac ^ ^ n0t a ™ 

name has been pressed on me ever diyen a keen gardener to often listed as fn d ^l by vSSy But scent, season 2d 

time and again by enthusiastic a wholly warted job. so be to over for good «datioy ™ K e lJ, make ^ old 

lady-rosarians after dinner, warned of it Mermaid s flowers mid-July. • It S r 9 ws £F?*L?pT :a readily grown, the equal of most 
Though Notcutts of Woodbridge. are sterile and set no seed. north wall and ^ del^itfuL ^amiy bred in our l52 

Suffolk, had a small stock of it Arnvtoginagood garden for only once. But *° 3 * n "*° f 0 T a duSoii ahtornS 
for 1978 they soon sold out tea last year. I was greeted by that it goes on throughout the time i i r umn 

Sophies Perpetual must be very a hard.-pressed host who had summer must be giving it treat- flowering 


Crimson Beau should pick up 
£10,000 prize at York 


LESS THAN a fortnight after 
the end of the Ebor meeting, 
racing returns to York, where 
the most valuable event on this 
this afternoon's programme is 
the Garrowby Stakes, a handicap 
for three-year-olds over 10$ 
furlongs sod carrying £10,000 
added money. 

Not surprisingly, this generous 
prize money has attracted a 
strong field and the winner 


RACING 

BY DARE WIGAN 


should be Crimson Beau, assum- 
ing that be is none the worse 
for his grand performance when 
winning the Group Three Prix 
de ia Cote Normande at Deau- 
ville last month. 

He is penalised only 4 lbs for 
that success. Before his excur- 
sion to France, Paul Cole’s colt 
had just got the better of 
Hatched in the valuable Exdale 
Handicap at Goodwood. That, 
too. represents excellent form, 
for Hatched is a high -class horse 
in the making. 

Luca Cumani, whose New- 
market stable is in great form, 
sets backers a problem by 
saddling Spring in Deepsea and 
Plektrudis for (he Strenshall 
Stakes. - 


Plektrudis. who will be ridden 
by Lester Piggott, was an un- 
lucky loser of a handicap at New- 
market 11 days ago and before 
that bad seored • easily at 
Yarmouth. 

More to my liking is Spring 
in Deepsea, who has run con- 
sistently well since finishing 
fourth behind Remainder Man 
in the Tote Free Handicap in 
April. 

Starkey, who rode her into 
second place behind Clear 
Picture in the Prix d'Astarte at 
Deauville on August 6 and again 
when she was runner-up to Swiss 
Maid in the Twickenham Stakes 
at Kempton a fortnight later, has 
the mount 


YORK 

2.00 — Kimbolton* 

3.00— Crimson Bean** 

4.00— Latimer 

2.30— Jimmy the Singer 

3.30 — Spring In Deepsea*** 
L30— Take Your Time 


Tbe Sancton Stakes brings 
out some useful staying two- Latir 
year-olds. It was won last year ably *i 
by Tannenburg, ridden by J. the Ou 
Mercer, and I .expect. Mercer to and Ta 
go close to winning it again on winner 
Kimbolton, a grey colt by Stakes. 


Blakeney, whom William Hast- 
ings-Bass trains for his brother, 
Simon. 

Kimbolton ran with promise 
when third behind Lyphard's 
Wish at the Newmarket July 
meeting. 


go well in the Playboy Book 
makers Handicap. 


New lead 
office 


Tunnel 

complete 


THE NEW head office of the 
Trustee Savings Bank of Lanca- 
shire and Cambria in the Guild 
Centre, Preston was . opened 
yesterday by Councillor A. C. 
Taylor, the Mayor of Preston. 


eoIHery and Donisthorpe Col- 
liery, North Leicestershire, have 
met underground after tunnel! 
ing 11 miles towards each other 
The work— part of a £12m piai 
— took one year. 



t Indicates programme in 
black and white 

BBC 1 

fi.40-7.53 am Open University 
(ultra high frequency only). 
ti’2.45 pm News. 1.00 Pebble Mill. 
a.43 Fingerbobs. 4.18 Regional 
News for England (except 
London). 4.20 Play School (as 
(BBC 2 31.00 ami. 4.45 Charlie 
prow n. 5.10 The Winged ColL 
pJIS I\nr the Engine. 

5.40 News. 

5.55 Nationwide i London and 
South-East only). 


6.20 Nationwide. 

6.40 On Broadway with Lena 
Za varan i. 

7.15 The Superteams. 

8.15 Z Cars. . . 

9.00 Party Political Broadcast 
by The Conservative Party. 
9.10 News. 

9.35 Holocaust 
11.25 Tonight. 

31.55 Weather/Regional News. 
All Regions as BBC 1 except at 
the following times: — 

Wales— 5.10-5.35 pm Biiidowcar. 
5.55-6.20 AVales Today. 6.40 Heddiw. 
7J20 Pawb Yn Ei Fro. 7.45-8 J.5 


F.T. CROSSWORD PUZZLE No. 3J63 



ACROSS 

3 Uneluous sergeant-major 
joins force 1 6 » 

4 Business centre providing 
farm of service 16 ) 

5 Deny profit to slate 17) 

9 Possibly be darts expert (7) 

B t Twelve a day for fitness (5-5) 
2 Singer taking part in local 
town concert (4) 

13 Creature scoundrel beheaded 
(5) 

14 Everybody understood end of 
danger signal (3. 5) 

16 Friend with boy takes one 
round to influential architect 
(8) 

18 Power nn board can be quite 
a card i5i 

20 Eager as a turnkey 1 4 1 
21 Musicians expecting 

abstainers in union (4. 2, 4) 

23 Can a party supporter within 
become a icmpesluous 
monster’.’ * T * 

24 F!et married in Herts town (7) 
25 Cockney female spirits 
Egyptian leader into motor 
( 6 ) 

26 Use some French gambit (6) 
DOWN 

1 State in Souih_Africa has an 
opera house (5l 

2 Cancel note turning up in 
small ring (7) 

3 Wandered about with deer 
and me somehow (9) 


5 French beginner on the grass 
with custard (5) 

6 This month with 100 per cent 
put in 4 (7) 

7 Looks at express complaint 
with spectacular remedy 

(3. 6) 

10 Poet who wrote part of Bible 
with pen (4, 5) 

13 Drink to assistance to Ulster 
they say (9) 

15 Sweet to drink hard water (9) 
17 Protection from frost in 
prison? 47 1 

19 Change the one state in 
America that’s moral (7 1 

21 Mind band leader taking 
shower <5> 

22 Be inquisitive about 4 in 
secret (5) 

Solution to Puzzle No. 3.762 


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On Broadway with Lena ZavaronL 
11.55 News and Weather for 
Wales. 

Scotland — 5.55-6-20 pm Report- 
ing Scotland. 11.55. News and 
Weather Tor Scotland. 

Northern Ireland — 4.18-420 pm 
Northern Ireland News. 5.55-020 
Scene Around Six. 11.55 News 
and Weather for Northern 
Ireland. 

England — 5.55-620 pm Ixiok 
East (Norwich); Look North 
(Leeds. Manchester, Newcastle); 
Midlands Today (Birmingham;; 
Points West (Bristol); South 
Today' (Southampton); Spotlight 
South West (Plymouth). 

BBC 2 

Trades Union Congress — “ Live " 
coverage at 9-30 and U2S am. 
and 2.15 pm. 

6.40-7.55 am Open University. 

9.05 Gharbar. 

1JU00 Play School. 

4.55-7.00 Open University. 

7 DO News on 2 headlines. 

7.05 Erica on Embroidery. 

7.15 An ABC of Music. 

7.39 News on 2. 

7.45 Gardeners’ World. 

8.10 Brass Tacks. 

9.00 Party Political Broadcast 
by the Conservative Party. 

9.10 The Much Loved Music 
Show with Owain Arwel 
Hughes. 

10.15 Eustace and Hilda. 

1L25 Late News on 2. 

1L35 Closedown (reading). 

LONDON 

9.00 am California Today. 10.20 
Boney. T1.I0 No Fence for 
Baronne. 1L35 The Practice. 12JW 
Cloppa Castle. 12.10 pm Rainbow. 
12410 Sounds of Britain. LOO 
News plus FT index. 120 Plat- 
form. USD Crown Court 2.00 
Racing from York. 3.15 Trades 
Union Congress. 4J0 Michael 
Bentine’s Potty Time. 4.45 Search 
and Rescue. 5.15 Batman. 

5.45 News. 

6.00 The Best of Kenny’s Bits. 

6.35 Crossroads. 


7.00 . 4ngalongamax. 

7 JO Coronation Street. 

8.00 rm Bob, He’s Dickie. 

9.00 Party Political Broadcast 
by the Conservative Party. 

9.10 Best Sellers, “ The Bastard.” 

10.10 News. 

10.40 Best Sellers, "The Bastard" 
(continued). 

11 *5 The New Avengers. 
it . 25 am Close: Dorothy Tutin 
reads from “The History 
of England " by Jane 
Austen. 

All 1BA Regions as London 
except at the following times: — 

ANGLIA 

9 JO am Child Ufe In Other Lands. IJS 
Talking Bikes. X&20 The Ljltlc House OH 
The Pnuno. UD5 Canada— Fire Ponralfi. 
US pm Anslia News. SOS Mr. and Mrs. 

1.00 About An g lia. 11. 7S Chopper Squad. 
12J2D am The Ble Question. 

ATV 

MB am Something Different. 935 
Talking Bike*. 1MB Angling Today. 
U35 ATV Snort. 11.10 The Ji-isotw. UJS 
Magic Circle. UQ pro ATV Nen-sdedc. 
5.15 You’re Only Young Twice, fc.eo ATV 
Today. 1L2S Whicker'* World : Charlostah. 
South Carolina. 

BORDER 

935 am Film: The Tam I ns or UK 
Shrew.” UJS The- Beachcombers, tl.20 got 
Border News. 5J5 Gambit. 6.60 lode- 
around Wednesday. 1L2S Power Without 
Glory. 1230 am Border News Summary. 

CHANNEL 

Ul pm Channel Lunchtime News aod 
What’e On Where. 5J5 Emnterdale Farm. 

6.00 Channel News. 610 The Coastguards. 

9.00 Vision USA ILg Channel Late 
News. 1U5 George Bam ill op TV. 2136 
News and Weather in French fallowed by 
Epilogue. 

GRAMPLAN 

925 am First Thins. 930 Canada AX 
War. 935 Talking Bikes. tlOJS Feature 
Film: Lucky JUn.” starring im 

Carmichael. Tcnr-TTipmas aod Hugh 
Griffith. -I JO pm Grampian News Head- 
lines. 545 Emmerdale Farm. M» 
Grampian Today. 64B Police Newsroom. 
645 Cartoon Time. UJS Barra hy Jones- 
1240 am BeOcctiong. 12.3 am Grampian 
Late Night Headlines. 

GRANADA 

930 am Sesame Street. 1045 Wednesday 
Matinee: Michael Rennie in *• Cybanr 
2»7:" 10.® A Handful or Songs. 120 

pm This Is Your Right. 540 Whai's N«$. 
545 Crossroads. (JO Granada News. fcJO 
Tbe Cuckoo Waltz. 1L2S Survival SpcdlL 


HTV 


Worth Keeping. US pm Report West Head' 


EnnnerdaJc Farm. 
HTV Cymru /Wi 


*JK45 Vo T n. 6JM45 Y Dr dd. 

HTV Wait — As HTV General Service 
except: uo-uo pm Report West Head- 
lines. 645630 Report West. 

SCOTTISH 

955 am Talking Bikes. 104® A Matter 
of Fai. 1-25 pm Newt and Road Report. 
545 Cartoon. 540 Crossroads. fc4» Scot- 
land Today. 630 Sounds of Britain. U-« 
Laic Call. U35 Police Surgeon. 

SOUTHERN 

9.J6 am Adventures in Rainbow country. 
945 Talking Bikes. 1640 Invaders. IL05 
Return to ihe Planet of the Apes. 1139 
Nature of Things. 140 pm Southern News. 
545 The Undemea Adventures of Captain 
Nemo. 540 Crossroads. 630 Day By Pay. 
6J5 Scene Mid-Week 'South East area 
oolyi. 1145 Southern News Extra. 1L2S 
Shannon's Mob. 

TYNE TEES 

945 am The Good Word followed by 
North East News Headlines. 930 Who's 
Afraid Of Opera. 935 Talking Bikes. 1040 
Animated Classics. 2135 Inner Space. 
140 pm North East News and Lookarotmd. 
545 Happy Days. 639 Northern Life. 
1145 The Practice. 1135 Ep Rogue . 

ULSTER 

1145 am International Mixed Foursomes. 
14S pm Lunch ime. 449 Ulster Nows 
Headlines. 545 Cartoon. 549 Crossroads. 
640 Reports. 635 The Bob Newhart Show. 
1145 Look and See. 11 - <0 Bedtime. 

WESTWARD 

1945 am Ont of Town. 1935 Meet Marie 
Gordon Price. 11.00 History of ‘Europe. 
U30 Saodofcan. .1. 1247 pm Gas Hoaeybun's 
Birthdays. 14D Westward News Head- 
lines. 545 Emmerdale Farm. 640 West- 
ward Diary. 635 Time Out. 740 The 
Krypton Factor. U49 Westward Late 
News. 1145 George Hamilton IV. 

Faith for Life. 

YORKSHIRE 

■99 30 am "Heavens Above!" starring 
Peter Sellers. 1145 Cartoon Time. «-« 
The Lost Islands. 140 pm Cal radar News. 
545 Gambit. 640 Calendar lEmlcy Moor 
and Belmot editions]. JIB Elaine, the 
Singer of the Song, featuring Elaine 
Simmons. 


RADIO 1 

(i) Stereophonic broadcast, 
t Median) wave. 

5.0a ant As Radio — 742 Dave lx-v 

Travis. 940 Simon Bales. 1131 Pt-lisr 
POweD. including 1230 pm Newsbeat. 240 
Tony Blackburn. 031 Kid Jensen. Indud- 
uu; 530 Ncwsbcat. 730 Sports Desk t joins 
Radio 10.02 Paul Gambaccira CS >. 
12. DO-242 am As Radio 1 

RADIO 2 l-SOOm and VHP 

540 am News Summary. 542 Tony 
Brandon < S ■. including 645 Pause (or 
Thought. 732 Ray Moore iSi. including 
947 Racing Bulletin and -945 Pause toe 
Thought. 10.02 Jimmy Young (Si. 
1245 pm Waggoners' Walk. 1230 Pete 
Murray's Open Haase 'S', including 1-<S 
Sports Desk. 23fl David Hamilton <S>. 
including 245 and 345 Sports Desk. 830 
Waggoners’ Walk. 4.9S Sports Desk. 030 
John Dunn iS 1 . inclodins 545 Sports Desk. 
6-40 Parts’ Political Broadcast by Ihe 
Canservaiive Party. *45 Sports Desk. 
7.02 Sing SometbiiiS Sunph.- (S'. 730 

Snorts Desk. 733 Listen to the Band with 
Charlie Chester iSi. 145. Scmprinl 
Serenade ‘S>. 942 The Fred Astaire 

Story. 935 Sports Desk. 1042 offbeat 
with Braden. 1B.30 Hubert Gregg says 
Thank* ter the Hi-mary 114? Teams: 
The U.S. Open i report 1146 Brian 
MairiK-w imrodDccs Round Midnight, 
Including 1240 News. 2 .00-2. 02 am News 
Summary. 

RADIO 3 464m, Stereo &VBF 

*655 am Weather. 740 News. 745 
Your Midweek Choice. Pan 1 iSi. 940 
Nows. 945 Your 'Midweek Choice. Pan 5 
S». 940 Nrws. 9.05 Tins Week's Composer: 
Messiaen IS). 930 Music for Organ (Si. 


2035 Geech Chamber Music. Part I rffl. 
11.10 Interval Reading. U45 Chamber 
Music. Part 2. 1135 Bruckner: Symphony 
No. 9 >S>. 140 pm News. 145 Bristol 

Lunchtime Concert. 240 Composers at 
the Schola Caniorum >S>. Music ffr 
Two Harpvicdiords iSi. 345 The Sypi- 
phonles of William Ahryu «si. *95 
Northern University Concert. Part 1 «S). 
445 Words . . . Talk. 43o Northsni 
University Concert. Pan •> <s, js4S 
Homeward Round. 36.06 News. Su 
Homeward Bound iconnnutd'. 3600 
Lifelines: Languag e and Comanuilcatinn- 
730 Proms 7S tsi. Part 1: Berg tSi. 
949 The Arts Worldwide. 949 Proms ff*. 
Pan 2: stabler rsi. 935 scJcmlflcrfly 
Speaking. 1040 What'S New. Ms sole 
■S>. 114B Bach on record, mt Mcetltfs 
with Thomas Uann Halk by Ida Hcrt). 
1145 News. 113*1135 Tonight's ScbubBt 
Song. 1 

‘-»-740 am and 545- 
73# pm Open University. 

RADIO 4 

' 434m. 330m, 285m and VEtF 

64g am News BrleQng, 630 FarmBW 
Today. 630 Today, including 645 Prayer 
TodWs NefS. 
730 nnd 930 News Headlines. 73B 
Thought for tbr Day. &« A ig, w ” 

J2„5Si a, *‘i= Nt ; vrs - , - 0s t^o lh 

World. Sweet Sougs o( Zion. ' 

Ncw«. 1045 In Britain Now. U30 DaBF 
Service. 10.45 Mondgs SlOry. 1149 Ne*. 
U45 The Imago Maker, uSTlJt'S 
From Everywhere. .124# News. 124? pm 

^ Shw Share 
Alike fSi. _OJS Weather: program nM 
news. 145 Ttie World al One. 13U The 

*V l 2 a S'* Ho * ,r - uududMB 
2. 00-192 News. 16 Listen vrlih Mother. 


J40 News. 3,95 Afternoon Theatre rSi. 
339 Chora) Evensong. 435 Slory Time. 
546 PM Reports. 546 Serendipity. 535 
Weather: programme nows. 640 News. 
636 My Music iSi. 7.60 News. 745 The 
Archers. 730 Something to Declare. 940 
A Musical Evening with Sir Geralnr Evans 
iS>. 940 Science Now. 930 Kalcodoscopc. 

939 Weather. 1940 Tho World Totdebl. 
1930 Round Britain Quiz. 1140 A Book at 
Bedtime. 1135 The Financial World 
Tonight. 1130 -News. 

BBC Radio London 

286m and 94.9 VHF 

540 are As Radio 630 Rush Hour, 

940 London Live. 1249 pm CaD in. 243 
99 Showcase. 443 Homo Run. T.0S 
Sounding Brass Strikes Again. 730 Black 
Londoners. OJOln Concert: Liszt Festival 
of London 1977. UJS Late Night London. 
ll.OtLclocc: As Radio - 

London Broadcasting 

261m and 97. J VHF 
540 am Morning Music. 640 AM:. Non- 
stop news. Information, travel, snort. 
1040 Brian (layrs Show. 140 om LBC 
Reports. 340 George Gale's 3 O'clock 
Call, 440 LBC Reports < emu i nut-si. 940 
After Eight. 9.00 Nlghtilnc. L06 mn Night 
ExJra. 

Capital Radio 

194m and 9U VHF 
640 am Graham Dene’s Breakfast Show 
(Si. 940 Michanl Aspel (Si. 1246 -Dave 
Cash (Si. .349 pm Roger Scott (S).. 7.90 
London Today ISi, 730 Adrian Love's 
'•Music Line" iSi; George Molly and 
John Chilton on lie. 940 Jonathan Kuut 
tSTi. 1140 Mike Alton's Late Show <S>. 
24o am Mike Smith's Night Flight iSL 


ENTERTAINMENT 


CC— These theatres accept certain credit 
cards by tetuphone or at the Box Office. 

OPERA & BALLET 

COUSEUM. Credit Caeds -01-240 5258. 

Reservations 01-036 3161. 

ENGLISH NATIONAL ■ OPERA 
Tonight at 7.30 new prodoctloo of. The 
Consul (this replaces scheduled perl, of 
Cameo). For further details ring 01-2AQ 
5250. Tom or. at 7.30; Seven DcadW 
Sins “ . . - A brilliant END production." 
Sim. Times, with Gianni Schicchl; Frl. at 
7.30: La Bohemp. Sat. S> Tue. next at 
7.30: Cavalteria RusucanATagHacd. 104 
balcony sects avail, lor aH peris, from 
10.00 on day of pert. 


•THEATRES. . 

KAVMARKCT. • 930 S83Z. ffvps. 1.00. 

* nd8WL 

&EW 5hd in £At ’ OCK 
A *Dlr«5ed K SSftfJMRL 
uttlngly written, richly satisfying. P»w 


ROYAL FESTIVAL HALL. 928 1191. 

Evas. 7.30 Until Friday 

LONDON FESTIVAL BALLET 
GREENING. FLOWER FESTIVAL. THREE 
PT5LUDES. - BOURRET FANTASQUE. 
Tonight LE COR5AJRE •Thur. A Fri. DON 
QUIXOTE pas de deux). 

SADLER’S VELLS THEATRE, Rosebery 
Avenue, E.C1.. 837 1672. ThlF Week 
only. Eros. 7.50. Mata. Wed. 2.30 
PACO PENA'S 

FLEMENCO COMPANY . 

YOUNG VIC— See under Theatres. 

THEATRES 

AOELPHI -THEATRE. CC. 71-BS6 7611. 
LAST 6 WEEKS MUST END OCT. 14. 
Ergs. 7 30. Mats. Thurs. 3.0. Sat. 4.0. 
IRENE IRENE IRENE 

THE BEST MUSICAL 
of 1 976, 1 977 ’ and 1978 . 
IRENE IRENE IRENE 

"LONDON'S BEST NIGHT OUT." 
Sunday People. 

CREDIT CARD BOOKINGS 836 7611. 

ALBERT. 836 3078. Credit can) bkga. 
836 1071-3 from 8-30 am. Party rates 
Mon. Tues.. Wed. and Frl. 7.45 put 
Thurs. and SaL 4.30 and 8.00. 

A THOUSAND TIMES -WELCOME IS 
LIONEL BARTS 
■ OLIVER 

MIRACULOUS MUSICAL." Fm: Times, 
with ROY HUDO and JOAN TURNER. 
'•CONSIDER YOURSELF LUCKY TO BE 
ABLE TO SEE IT AGAIN." Dolly Mirror. 

ALDWYCH. 636 6404. Info 636 5332. 
Fully air-conditioned 

ROYAL SHAKESPEARE COMPANY 

In repertoire 

Tonight Tom or. 7 JO AS YOU LIKE IT. 

" A cornucopia of riches ” S. Telegraph. 
Student standby £T. Wltb: CORlOLANUS 
inert perf. Frl.'. Premiere David Mercer’i 
COUSIN VLADIMIR ,iow price prey, from 
Seat. 201. RSC also at THE WAREHOUSE 
isee undre W) 

ARTS THEATRE. _ 01-636 2132. 

TOM STOPPARD'S 

DIRTY LINEN 

■• Hilarious ... see it. Sunday Times. 
Monday to Thursday 8-30. Friday and 
Saturday at 7.00 end 9.1 5. 

AMBASSADORS. CC. 01-836 1171 

Nightly at 8.00. Matinees. Tues. 2.45. 

Saturdays at 5 and 8. 

PATRICK CARGILL and TONY ANHALT 
in SLEUTH 

The World-Famous Thriller 
by ANTHONY SHAFFER 
"Spring the play again Is in fact »n 
utter and total ioy." Punch. Seat price. 
£2.00 and £4.40. Dinner and top-orte* 
seat £7.SQ. 

APOLLO. 01-437 2663. Eranlngs 8.00. 
M«D. Thurs. 3 00. Sat. S.OO and 8.00. 
DONALD SINDEN 

. “Actor Df the year.' 1 Evening Standard. 

•• 15 SUPERB ." NA-W. 

SHUT YOUR EYES AND 

THINK OF ENGLAND 
" Wickedly funny." Times. 

ASTORIA THEATRE. CC. Charing Cross 
Road. 01-734 4291. Mon.-Thurj- 8 pm. 
Fri. and SaL 6 and 8.45 < Bullet food 
available.) 

ELVIS 

-'Infectious, appealing. 

EK'St SSSTSsW&ijijS: 

a&lo seats £3.00. Mon. -Thurs. and rn. 

6 pm ttcrl . onlv. 

BEST MUSICAL OF THE YEAR 
EVENING STANOARD AWARD 

CAMBRIDGE. CC. 836 60S6. Mon. to 
Thurs. 8.00. Frl andSK. 5^S ond 8.30. 

Exciting Black Alrtran Musical 

"Packed With variety." Daily Mirror. 
Seat price* £2.00-£5.00. 

THIRD GREAT YEAR 

Dinner and top-price seats £8.75 inci. 

CHICHESTER. W43 8.1312 

Tonight. Sept. 8 and 9 at 7.00. Scot. 7 
at 2.00 . . 

LOOK AFTER LULU 

SepL 7 at 7 00. Sect 9 M 2.00 

THE ASPERN PAPERS 

COMEDY. 01-930 2578. 

Eros. Mob. Frl, 8.00. Sat. 5.00 and 8.30. 
Mat. Thurs. 3-0O. 

EDWARD WOODWARD 

BARBARA JEFFORD tti 

THE DARK HORSE 
by Rosemary Arme Sisson 
" Excellent tamty entertanroent anyone 
of any age Is irfcoly to enloylt/* S. Tel. 

*' Damned good theatre." ^Sun. Times. 

“ Americans w«ll lour It." Gdn. * A laugh 
a minute." D. Tel. •• Oooorturtitics brll- 
llantiy seteed Or ftrst-rote cast. A most 
attractive and entertaining evening- E.N. 

CRITERION. 930 2216. CC. 836 1071-3. 
Eros. 8.0. Sat. 5.30. B.30. Thurs. 3.0. 
NOW IN ITS SECOND YEAR 
LESLIE PHILLIPS 

In SIX OF ONE 

. . and ■ HALF-A-DOZEN LAUGHS 

A MINUTE 

SECOND -HILARIOUS* YEAR! 

•’ Very .funny." Sun. Tel. 

DRURY LANE. 01-836 BIOS. Mon. to 
SaL 8.00. Matinees wed. and Sat. 3.00. 

A CHORUS LINE 

"A rare, devastating. IdVous astonishing 
stunner.” Sun. Times. 3rd GREAT YEAR. 

DUCHESS. 836 8243. Mon. to Thurs. 
Evenings 8.00. Frl.. sat. 6.1 S and 9.00. 
OH! CALCUTTA! 

" The nudity Is stunning." Dally Mall. 
9th Sensational Tear. 

DUKE OF YORK'S. CC. 01-836 5122. 

" FANTASTIC" 

_ GODS PELL 

"BURSTING WITH ENJOYMENT." D. Tel 
Prices £2 to £5. Best seats £3 i-.hour 
before show at Boa Office Moo.. Thurs. 
Fri. Mat. all seats £2 JO. Bros- 8.15. 
Frl. and Sot. 5.30 and 6.30. 

FORTUNE. 836 2236. Eros. 8. Thurs. 3. 
Saturday 5.00 and 8.00. 

Muriel Pavlov* as MISS MARPLE In 
MURDER AT THE VICARAGE 
FOURTH GREAT YEAR 


GARRICK THEATRE. CC. 01-836 4B01. 
Evs. 8. 15. Wee. 3.0. Sat. 5.30. 8.30. 
TIMOTHY WEST. GEMMA JONES. 
MICHAEL KITCHEN 
In HAROLD PINTER'S 
THE HOMECOMING 

“BRILLIANT. A TAUT AND EXCEL- 
LENTLY ACTED PRODUCTION." D. Tel. 
"AN INEXHAUSTIBLY RICH WORK." 
Guardian. NOT TO BE MISSED." Times. 


GLOBE THEATRE. 01-437 1592. 

Em. 8.1 S. Wed. 3.0. Sat. 6 00. 8.40. 
PAUL EDDINGTON. JULIA McKENZIE. 
BENJAMIN WHITROW 
ALAN AYCKBOURN’S New Comedy 
TEN TIMES TABLE 

"This mint be ttic hmoHttt laughter, 
maker nt London." D. Tel. " An irresis- 
tibly enjoyable evening." Sunday Timas. 


"TnsTAN^N^MENT^ Observer 

A Comedy of Thornton Wilder. It bom 

down with a deserved roar Of tiellpht. 
D. Tri. (or a limited season until Oct. 14j 
-Hello Dally so nice to have vou back, 
n. Mall - A Masterpiece, Times. 

" Tbe man who wanted a glass of bubbly 
and a towin' show must have had lust 
this in mind." D-T. 

KING'S ROAD THEATRE. 01-B52 7488. 
Mod to Thurs. 9.0, Frl.. SaL 7 JO. 930. 

’iSe WD&CT ■ horror straw 

DON'T DREAM IT. SEE IT. 

LONDON PALLADIUM. 01-437 7373. 

Tonight & Sat. 6.15 4 8 45. Tomorrow 
4 Fri. at B.O. 

■ THE MAX BYGRAVES SHOW 

LONDON PALLADIUM. 01-437 7373. 
Sept. 25. For One Week Only. 
LENA MARTELL 

MICHAEL 9ENTINE. WAYNE KING 

LYRIC THEATRE. 01-437 3686. Evgt. 8-0 
Mat. Thurs. 34). SaL 5.0 and 830. 
JOAN FRANK 

PLOWRIGHT FINLAY 

FILUMENA 

bv Eduardo de Ftltlppo 

Directed br FRANCO ZEFFIRELLI 
"TOTAL TRIUMPH." Ev. News. “AN 
■■ EVENT TO TREASUBft." D. Mir. “ MAY 
IT FILL THE LYRICFOR A HUNDRED 
YEARS." Sunday . Times. 

MAY FAIR. 629 3036. Air cond. Em. 8.0. 
Sat. 5 JO and B.30. Wed. Mat. 3. DO. 
WELSH NATIONAL THEATRE CO. 
DYLAN THOMAS'S 

UNDER MILK WOOD 

MERMAID. 248 7656. Restaurant 248 
2835. Even bigs 730 and S.1S. . 

EVERY GOOD BOY 

DESERVES FAVOUR 

A Play lor actors and orchestra by TOM 
STOPPARD 4 ANDRE PREVIN. Seats £4. 
£3 and £2. V NO ONE WHO LOVES 
THE ENGLISH LANGUAGE AND THE 
HIGHEST COMIC- ART CAN POSSIBLY 
MISS THIS PLAY." S- Times. “At last 
a meaningful and brilliant and serious 
political play." CU»e Barnes. NY Post. 
MUST END SEPTEMBER 30 

NATIONAL THEATRE. 926 2252 

OLIVIER fopen stage): Today 2.45 ilow 
price mat.i. Tonight 7.30 THE WOMAN. 
New play hy Edward Bond. Tomorrow 
7.30 Macbeth. 

LYTTELTON rproscenlum stage): Tonight 
7.45 (low price prev.J. Tomorrow at 7 
Uow price opening) THE PHILANDERER 
bv Bernard Shaw. 

COTTESLOE (small auditorium): Prom 
Sewm. Eyes 8 (Sept. 12 at 7) LARK 
RISE written by Keith Dewhurst from 
Flora Thompson's book. 

Many excellent cheap seats all 3 theatres 
day of pert. Car park. Restaurant »2B 
2033. Credit card bookings 928 3052. 

OLD VIC 928 7616 

PROSPECT AT THE OLD VIC 
Anthony Quavle In 

THE RIVALS 

Sheridan's comedy, with James Aubrey. 
Isfa Blair. Kenneth Gilbert. Carol Guiles 
Matthew Guinness. Mel Martin. Trevor 
Martin. Cbrluodhrr Neame. Tonight at 
7.30. First Right Frl. 7.30. 

PICCADILLY. From 8.30 a.m. 437 4506. 
Credit card* 836 1071. Mon.-Tfti/re. 

Fri. & Sat. 5 4 8.15. Air cond. " Domi- 
nating with unlettered gusto and humour 
the BROADWAY STAR." D. Exp. 

„ SYLVIA MILES 

' Towering Dally MalL 

.. ... a V TENNESSEE WILLIAMS 
"Works like magic." Financial Times. 
There has hardly been a more satigfvlnc 
evening In the Welt End ... the BEST 
COMIC WRITING IN LONDON.” ObS. 
" Scat running like an electric current." 
Fin Times. ■• DIVINE INSPIRATION — 
AUDACITY OF HIS HUMOUR — 
HYPNOTIC EFFECT." D. Mall. 

PALACE. _ CC. 01-437 6834. 

Mon. -Thurs. 8-0. Frl. 6 Sal. 6 4 8.40 
_ „ JESUS CHRIST SUPERSTAR 

»y T,m Rice and Andrew Lloyd-Webber. 

PHOENIX. 01-836 2294. Evenings at 8.15. 
■Hats. Wed 3JJ Saturdays 6.00 & 8 40 
3*8* ■"OOKE TAYLOR. GRAEME 
garden make us laugh." Daily Mail. 

_ THE UNVARNISHED TRUTH 
_ .The Hit Comedy bv Kovce Hr ton 
"iSUGH WHY | THOUGHT 1 WOULD 
nf.'I DIED." Sunday T-mes. “ SHEER 
OELlCHT.” Erg, Standard, "GLORIOUS 
CONTINUOUS LAUGHTER." Times. 

PJJ'NCE EDWARD. CC. (rormertv Casino). 
Ot-437 6877. Performances This week. 
Eros. B.O. Mat. Tfmr^3.0. sat 3.o"a7o; 

bv Tim Rice and Andrew Llrrd-Webtvr 
Directed bv Harold Prince 

PRINCE OF WALES. CC. 01.930 8681. 
5 weeks, must end oct: 7 
Bras. B.O. Saturdays 5.30 and 8.45. 
THE HILARIOUS 

BROADWAY COMEDY MUSICAL 

I LOVE MY WIFE 
starring ROBIN ASK WITH 

CREDIT CARD BOOKINGS 930 0846. 

QUEEN'S. .Credit Cards. 01-734 1166 
Era!. 8 . 00 . Wed- 3.00 Sat. 3.00 V 30 . 
ROY DOfRICE. GEORGE CHAKIRIS. 
RICHARD 'VERNON. JAMES VlLLIERS 
.. THE PASSION OF DRACULA 

r DAZZLING.". £. Sian. " THRILLINGl Y 
EROTIC." OIK. " HIDEOUSLY ENJOY- 

able and genuine terror!-- s. 

Time* "GOOD CLEAN GORY FUN." 

s Mir. " MOST SCENICALLY SPECTA- 
CULAR SHOW IN TOWN." Punch. 

RAYMOND REVUE 8 AR. CC. 01-734 1593. 
At 7 pm. 9 »m, 1 1 pm. Opens Suns. 
PAUL RAYMOND presents 

THE FESTIVAL OF EROTICA 

Fully alr-condltionrd 

21 st SENSATIONAL YEAR! 

REGENT -Oxford Circus). 01-S37 9862-3. 
Ere. 8.30. Mats. Frt. and Sat, G.OO, 
TAKE THE FAMILY TO 

THE. GREAT AMERICAN 
BACKSTAGE MUSICAL 

A little Jewel." Financial Times. 
Smart swell show." Dally Express. 

"So enjoyable." Sunday Tlrnov 
"Lyrics hare more elegance • 
then those for .EVITA 
mode more bite 

Jhan that lor ANNIE.” Sunday Teiatjrapti. 
Credit Out] Bookings — Scots Irani £2. 


THEATRES 

ROYALTY. Credit Cards. 01-40S >604. 
Monday-Thursday evenings 840. Friday 
5.3Q and >45. Saturday 3.00 and B.OD. 
London critics vote BILLY DANIELS la 
BUBSLlNGJSROWIt SUGAR 
Best Musical of 1977 • n 
Tel. bootdnos accepted. Malar credit 
cards. Restaurant re&errattons 01-405 


SAVOY .THEATRE- 01-836 SWa. 

-Credit cards 734 4772. Tom Crati is 
WHOSE LIFE IS fT ANYWAY? 
with JANE ASHER 

*'A MOMSMTOUS PLAY. I URGE YOU 
TO "SEE IT." Guardian. 

Ergs, at 8.0. Fri. and SOL 5.45 and Us. 


SHAFTESBURY. CC. 01-S36 6598-7. 
01-836 4255. Naif-price Prrvtewi - tram 
Tomorrow. Eras. 6.15. SaL S [4 end 930. 
Opens SeoL 13. 7.00 
TERENCE STAMP In 
DRACULA 

with DEREK GODFREY 


STRAND. 01-836 2660. Evenings 8.00. 
Mat. Thurs. 3.a. Saturdays S.30 and 830 
- NO SEX PLEASE — 

WE'RE BRITISH 

LONDON’S LONGEST LAUGH — 
OVER 3.000 PERFORMANCES 
GOOD SEATS £440-51.50-. - 


ST. MARTIN’S. CC 01-836 1443. Evu. 
a .DO, Matinee Tue. 2.4S. SaU. S and a. 
AGATHA CHRISTIES 
THE MOUSETRAP 
WORLO'S LONGEST-EVER RUN 
26th YEAR. 


TALK OF THE TOWN. CC 01-734 5051. 
Air Conditioned from 8. Dtning-Dindng. 
9.30 SUPER REVIEW 
RA2ZLE DAZZLE 
At 11 PETER GOROENO 


RIVERSIDE STUDIOS. 


01-748 3354 


ROUNDHOUSE DOWNSTAIRS. 01-267 
256a. National Youth Theatre in 
PETTICOAT REBELLION. Ern. 7 . 30 " 


ROYAL COURT. '730 1745. A| r -Cond. 
Previews Eras at B. Opens Tu». ne*t 
at 7. sign, eves, B. Sat. 5 and 6.30. 
Ntcoi Williamson 111 John Osbornn’i 
INADMISSULC EVIDENCE 


THEATRE UP5TAIRS. 730 2554. Ers. 7-30 
PRAYER FOR MY DAUGHTER 
by Thomas Babe " extraordinary .richnasi 
.and comptodtr." Guardian. 


VAUDEVILLE. 836 9988. CC. Evgc 9.0. 
Mat. Tues. 2.45. Sat. 5.0- ami ,84. 
Dinah SHERIDAN. Dulcle GRAY 
A MURDER (3 ANNOUNCED.- 
The newest whodunnit BY Agatha Chrutw. 
" Re-enter Agatha Christie with another 
whodunnit hit. ASMha Christie Is stalk- 
ing the West End yet again with another 
of her fiendishly ingenious - murder 
mysteries." Felix Barker. ' Evening Newt. 

Year's run must end Scot. 30- 
Limlted season: October 2 - December 2. 

AN EVENING WITH DAVE ALLEN 


VICTORIA PALACE. 
01 - 


i~473S-6 01-834 1 317. 

1TRATFORD JOHNS . 

Evenings 7.30. Mats. Wed. and SaL 235. 


WAREHOUSE. Donmar Theatre. Corent 
Garden. 836 6808. Royal Shakespeare 
Comoany. Tort 8.0. Pete Atkin's AIL 
"Pete Atkin's, playing Is as enjoyable al 
Ms dialogue." Times- All seats £140. 
Adv. bfcgs- Aldwych. student standby £1. 


WHITEHALL. _ CC. 01-930 6692-776S. 
Evas. 8.30. Fri. and sat. 64S and 9.00. 
Pawl Raymond presents the Sensational 
Sex Revue of the Centur* 

DEEP THROAT 
7 lb GREAT MONTH 


WINDMILL THEATRE. CC Ot-437 63T2. 
Twice Nightly 8.0 and 10.0. 
Sunday 6.0 and 8.0; 

PAUL RAYMOND presents 
RIP OFF 

THE EROTIC EXPERIENCE OF THE 
MODERN ERA 

■Takes to unprecedented limits what la 
permissible on our stage." ' Evg. Naws, 
THIRD GREAT YEAR 


WYNDHAM'S. 01-836 3028. Credit Cord 
Bkgs. 836 1071 trom B.30 am, M«- 
Thur. 8.0. Fri. and Sat. 5^19 and B-W- 
"ENORMOUSLY RICH 
VERY FUNNY." Evening Nows. 
Mary O' Mai ley 'f mnWW cotneOr 
ONCE A CATHOLIC 
"Supreme comedy on »** and religion. 
Daily Telegraph. 

"MAKES YOU SHAKE WITH 
LAUGHTER." Guardian. 


YOUNG VIC. 


7 'jTRAN5FCW4A , nOhU' <5 
on Opera by Connad 5u»a. 


928 6363. 


YOUNG VIC 928 6363. Opens 17 SroL 
for 2 weeks only. PETER BROOK'S 
famous Paris production .Of ABred 
Jarey's farce URO tin French), fn. 745 
ill S«t 7.151. All seats £2.50 (17 
Sept. £1-50) 


CINEMAS 

ARC 1 J, 2 SHAFTESBURY AVE, , 8“ 
8861, Sep. Peris. All Seats Bookable. 

1: 2001 : A SPACE ODYSSEY lU). 70mm 
him. Wk. 3 Sun. 1.30. 4.3S. 74S. 

2s CONVOY. lAj. Wk. A Sun. 2.00. 320, 

8 . 20 . 


fA> ; 


CLASSIC 1. 2. 3, 4. Oxford Street Jopb- 
Tottenham Court Rd. Tube)- 636. 0310- 
U and A progs. Children half-price. 

1: THE TURNING POINT (Al. 
stereophonic sound. Progs. 1.05, 3-30. 
6.00. 8.30. . 

7: Kris Kristopher son. CONVOY l4a 

Proas. 1^0. 4.00. 6.20. 8.40. ... 

Ss Final Day. FM (A). THE WAITERS 'Ui. 
Progs. 1.00. 3.30. 6.00. 8.30.' 

4: final Day. Waif Disney 1 * HERB' 1 

GOES TO MONTE- CARLO lUl. Pros*- 
1.30. 3.40, 535. 8 05. 


:unON. Curaon Street. W.l. 499 37J 
Ifijr-Condittoned JLAST WEEKS DUKZ 

News. Film 2.0. 5.4S. B20. Sun. 4 and 


LEICESTER SQUARE THEATRE t930 sjsj' 
“ F-I3.T. 1 (Al. SH. Peri*. Sun. 3.M- 
Yj45. Weeks 1.00. 4.30. 8.10. 4.10 
bkble. Mon^Fri. All perfs. bkhie 5*f* 
and Sun. 


Q ffW; Hwn grta t <930 2738-2771^ 
MIDNIGHT EXPRESS (X». Sep. W«?j 
Dally, doors open 2.00. 5-00. 840- l“" 
seats bookable. * 


QPBON. Ukttter Square. (930 . JJJjjJ 
REVENGE OF THE PINK PANTHK 
Wj Srn>. progs. Dally, door* 0 «n I;* 5 . 1 
A30. 7:45. Late shows Thurs.. Fri-.^' 
ffponi oppn *1.15 pm. A(i seaa . bkW^ 

KJFiSS! t»«« or by P0«. except 


OPWW. Marble Arch. W4. (723 
ttOOT ENCOUNTERS OF THE THW» 
B*" 1 *- ,A| ^ • Sep. progs. dO«* 
Mon-Fri. 2.00. 7 , 30 . sat. 1.05. 8 . 1 s. 
7.4S. Sun. 3.00. 7 . 30 . All seats bkbl*« 


PRINCE CHARLES, tele. 5q. AST^I® 1 ’ 
Mel Brooks* 

1 1 

STUDIO 4 . Oxford Orcus. «37 320° 
Jill Clayburgn. Alan Baras 

Saturday 10.50. - - 


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ENC£ STAMP* 
DRACULA " 

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«TziiD. 

■ftsaS* 

i‘RE BRITISH 
LONGEST LAUft. 
DO PERFORMS? 
EATS £A50-su 

cc. oi. ess m 
Tub. 2.45. ittLi, 
THA CHRIsm 
mousetrap 
LONGEST-EVn M 
!Stti YEAR. 

TOWN. CC. OVU, 
C fcai 8. Di*jj 

SUPER REVIEW*” 
ZZLE DAZZLE 
PETER GORDtH 

MRS. 720 ISSti 
OR MY DAUOi 
M " tfttrAMtnmr 

Guinfe 

SEE 99BS. U to 
:.AS. Sk. io * 
a:3AN. SutHBt 
•R 15 AN HOHB 
MUnnrt St Ajaektr 
»:na tnnd* «fcr 
Aaltn CVS* t. 
£na :« a«aHi «sj 

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Saw. ud 1 
rua! *nd Sol! 
i- Cl»6*- --OW 
3 WI TH n»1U 

ACE. 

?*£•€ 01-SJi O' 
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^ 'rr^l 


Television 


Pathetic, patronising and paternalistic 


by CHRIS DUNKLEY 


Birhan iei‘iihHn4;iw| Patrick Drury 


Theatre Royal, Bristol 



by B. A, YOUNG 

The pattern of relationships on supports her own.towestimate of or less equally from the other 
the Soria estate is scrupulously ter talent. •"•••' • - characters. even the S ham ray e vs, 

«stahii*h«! in Rfefaaril Cottrell's &> such surroundings, it is a the general balance of relauon- 

flud Ihaf^Konstantin ships remains intact, and the 
handsome production almost been able to ferow up so diagrammatic character of the 
diagrammaticaUy. at.. seems atebullient. -Deprivednf appreda- start gives way to a more 
first when against. ^.background .tion, clothes and pocket-money, emotional blend. As it does, John 
of vertical strips lightly dappled Patrick Drury’s r presentation McMurray’s diagrammatic sets 
with ticht that itwT?eR the- ««»»«>■ stays fundamentally .optimistic, are replaced by realistic interiors, 

to in spite of his fSfiionable ten- charming but chilly, culminating 
over the meto ^intetfnaaon. ^^jy te-suidde.j.: AmL he is in a lamplit family circle round 
Masha amt Medvedenko <Anna <*ap a ble of real love, not only for the card-table as Dr. Dorn (John 
Nygh and -John Telfer) identify Nina, - but for hi?., mother and Bailey) confides to Trigorin what 
their -positions j-in a: iwsitivety his bid uncle Piotr IS movjng everyone knows but no one wants 
downright. way. - This downright* performance by Joseph O’Conor). io believe, that Konstantin has 
□ess, '.Vrbifti -persists throughout But with love -withdrawn more, shot himself. 


Festival Hajtf 



It was not a taxi driver, the they think all that complaining 
reporter’s traditional choice as Will do any cood?" the asked: 
representative for the general isaid that many of those at the 
public, who put the Edinburgh festival were programme makers 
International Television Festival Md that if anybudy could cause 
into perspective for me. hut the changes perhaps they could, 
lady behind the counter of a •‘Well it’s time somebodv did 
stationer’s shop in Princes Street, something about all these 
1 . rushed in on Friday morning coloured people on the screen, 
to buy a pen before repairing You see enough of theta all day 
for the firth and last day. to without having to go homo and 
Broadcasting House, . for the watch them on the television.” 
second session on censorship. she said. -Do you think your 
The lady looked at me with, people are going' to change what 
what seemed to be a mixture of- we get to watch?” Wondering 
suspicion and disbelief and exactly how manv non-whites 
announced, in a tone suggesting there are in Edinburgh, I made 
1 had been caught in n mis- niy excuses and left, 
-demeanour, -You wok on tele-.. now. M rely back south of 

rS , ^LJJl£f l s* ll P* Watford, and with the passion Gf 
I had appeared in a la-minute ^e festival-w hat there was of 

fSS n .“ b “f «miedy and^ut further into perspective 

a!athnw P Snippi'i th RR#^) d n £i by the distiincir> 3 of several days, 
alathew Spicer 3 BBC, pro- j j 0 not helieve that anything 

whf rf r * >P< o!«' Silid ■ at Edinb urgh is going to 

a fmm KC ?h Jp tv tew any dramatic effect upon 
corned l strand from the T\ we S[ . c fl „ t jj e 5crecns j n 

festival and shown a number of i lP homo? 
clips from British and American °V. r r " 

television scries and some ex- ^ eT \ feu l °P broadcasting 
tracts from the- festival dfs--“ ecu,,ves .^>' ed at the fesnval 
cushions. for more than one session, and 

One of the more popular ideas the few who did none 

In these discussions was that the 1 ££, r \*t f lD ^ 3 

time bad come to stop the tvpe sbirt though LW^T director 

of comedy represented by TiU programmes Michael Grade, a 
Death Vs Da Part. Curry And. wnstaot attender. may have been 
Chips. Loi'e Thy Neighbour. and-Wding something under his 
more recently Mind Your Lan- ? or c l i * ni '°S have seen 

fluane— oropr.-munes which por- |“ e llR bt or promising to mend 
tray racial prejudice and. accord---' MJ* ways- 
in e. to the makers, ridicule it. ,be . Dtb cr hand, even if 

Many delegates were coh- *te effect 15 immeasurable, the 
vinced that such material was ^ general tone of the festival, at 
accepted by a lot of viewers lwst on the subjects of race 
as reinforcing their own atti- **»d stereotyping. was in 
tudos rather than ridiculing sympai! hy with small changes 
them, and there was more than which are already occurring in 
one call to counter this by .start* television. For instance LWTs 
ing “ positive discrimination. 1 * most recent racial sit. com.. 
Television, it was said, should- Mired Blest-inai*. has introduced 
lake the lead by appointing as * mixed marriage and made 
reporters, presenters and so on. clear efforts to extend the jokes 
a good many more than the 2 beyond the level of ** Get back 
per cent of non-white* which to the trees” which characterised 
would accurately represent the ». much previous material in 
I proportion in the country at (bis area. Whatever influence 
large, and in drama should cast the festival may have, it will no 
black people not just as the doubt help these changes along, 
occasional nurse or bus con- One piece of bard evidence for 
ductor but as bank managers the. changes was the festival's 
and so on, even if there were, preview of the forthcoming 
not yet, in reality, many in such serial Empire Road. Written by 
jobs. - Michael Abbensetts and produced 

In other words the call was . by the BBC's Birmingham drama 
for a benevolently intended mis- unit it is a virtually all-black 
representation aimed at changing comedy/ dram a with both good 
attitudes and preconceptions and guys and had guys played by non- 
ihus becoming self-fulfilling by whites, and the jokes and drama 
increasing the chances of black proceeding from character and 
people getting jobs as bank sot from racial clichOs. The 
managers and so forth; an idea single episode shown was admir- 
whtch would, if used for able and left me wanting to see 
different ends, be denounced /a lot more, 
vehemently by the very same . The festival’s " provision of 
speakers as being -totally facilities for viewing and con- 
undemocratic and unprincipled sidering programmes of one 
manipulation of the media" (or particular sort in this way is one 
some such thing). • of Its most valuable functions. 

Referring to the televised Sitting at home we normally see 
excerpts of debates such as television flowing past in hetero- 
these, the lady in the stationer's .geneous vertical strips, news on 
shop asked - What was all that top of drama on top of current 
moaning about? ” I explained affairs on top of children’s pro- 
that not everyone working in gjjynmes. Yet the makers tend, 
television was satisfied with the tq work in homogeneous horizon- 
comedy programmes. “And do ta! groups — documentary makers 


in documentary departments, 
meeting other documentary 
makers, reading books about 
documentaries; or newsmen with 
other newsmen, making only news 
programmes, and so on. Until 
their productions are abstracted 
from the vertical mixtures and 
sorted back into horizontal 
groups it is bard to see who is 
influencing whom and with what 
results. 

That said I must add (despite 
being a member of the festival’s 
advisorv- committee) that an 
awful lot of the rest of the 
festival’s activities seemed to 
consist of like minded media 
intellectuals exchanging exhorta- 
tions about what the rest of us 
“ should " or “ ought " and often 
“ have got * to do. 

Xo matter what the subject of 

discussion, from television’s 
labour relations (nearly as bad 
as Fleet Street’s and worsening, 
though tbe two main unions bave 
just amalgamated > to censorship 
(generally agreed to be steadily 
widening over both broadcast 
journalism and drama) or even 

documentary film making, tbe 
same set of attitudes and 
responses regularly cropped up. 

Among the Mafxisis. sociolo- 
gists. feminists, semiologiits, and 
professional trades unionists (all 


the stereotypes: Ruskin-and- 
proud-of-ii, public-school-and- 
ashamed-of-it, etc.) tbe objections 
to detailing of individual abili- 
ties, achievements, or genius 
were endless. This applied as 
much to any attempt to deal with 
censorship or labour relations 
problems by reference to particu- 
lar cases as it did to discussion 
of programme achievements in 
terms of individuals.. 

Their creed appears to be a 
mad egalitarianism which could 
only be satisfied by tbe creation 
of a world peopled entirely by 
identical sexless colourless 
characterless thin-skinned clones. 
Jokes about Baddies, Poms and 
Pakis have one thing in common 
with the innate talent of a great 
artist or entertainer: to the ultra 
egalitarian their very existence 
seems unfair. 

Since television as much or 
more than any of the other 
mass media promotes and feeds 
on the cult of the individual — 
the Simon Dec/Magnus Pyke 
syndrome — such widespread 
hostility during the festival 
discussions seems in retrospect 
almost pathetic, though it hardly 
seemed so at the time. 

Tbe irony is that the attitude 
held by these pursuers of 
equality is more condescendingly 


patronising than any of those 
characterising the despised 
“ Reithian ” broadcasters of the 
old school. Widespread public 
attitudes towards non-whites, 
say, or capital punishment, are 
considered by the egalitarians to 
be "wrong" as a result of 
"ignorance". The duty of the 
egalitarian is dear: to manipu- 
late the attitudes conveyed by 
television until all right-rhinking 
viewers can be brought to their 
way of thinking. 

It is paternalism writ large 
but hiding under a didactic 
sociological tract covered la 
demands for " broader contex- ■ 
Utilisation ” (i.e, more working, 
class backgrounds) and -al'croa- : 
live cultural determinants” (i.e. 1 
more working class back- 
grounds) and lots of other \ 
phrases muscle-bound with \ 
jarcon. all in the end meaning 
"We don’t like middle class \ 
assumptions.” 

Most- ironic of all, periup-t. is 
the simple and trusting faith 
which this approach displays in 
the supposed power of televisian 
The lady in the stationer’s had 
no such confidence. “In tbe end 
no one really seems to take any 
notice, do they?” she asked 
rhetorically. 



Ballet 


by CLEMENT CRISP 


Authefiticity of utterance, with Evdokimova was joined by Peter a spin-dryer in step' and perform- nasty orchestral contusions, and 
oreograptay looking' right Schaufuss for a beguiling ance. Bart is too god an artist that Balanchine’s choreography 


LeigWIunl's -and "the dancers looking at their, account of the Flower Festival te wasted on this trumpery Prwent- ft 

• “ . • m nnncnncA nriom or njtnonrc pioorar 


Imperial Tobacco season 

Imperial Tobacco Is promoting musicians at the start of their 


the. play,' does not alter the 
relationships; //Blit * . there ' Js 
something missing. I seemed to 
be looking at; the .play through -■ 
smoky glass.- •.Where; as Oliver ' 
sings nightly at the Aibery, is 
love? 

Masha, a -girl wfio-Jias given 
up life, at 22, may well, be as dry - 
as Miss Nygh. makes her; -But 
Arkadina and Nina /are surely 
entitled to more outward . atfec- u>e 
tion. ' - Barbara _• Leigb-H urn's and 

£*K5t *' 'W-' te - G f B !S5? duet ‘ » anlsh s 5 ho f AboStte revival of Bourse more iSrftaSSS if it 

iXSu^tlSS vtSu? 7« Stortw* quality in Festival Ballet- wg is still essential in order to Fantosque I must report that is to look the wonderful closing 

performances. -On Monday, at the taake sense of Bournonville: tbe Chabrier's score suffered several ballet that it is. 

ZS ! of the final week of its feet must be educated from 

tokiSS i T?teoSSs^t d ntSSty Baok s**™- a mixed bm c 5 i S boo i, the musc h ula , r thyMims 

telleis found tbe company in of his style must be inculcated 

uncertain mood, and were it not throughout the years of framing. 

**>e presence of Eva Evdoki-.TW? is. of course Schaufuss’ m- 

controi of her emoaon&«ne may mQVa Peter Schaufuss. the heritance, and it has been a , 

say occasionally /tbat'sbe laves whole enterprise would have Valuable part of Evdokimova’s a fourth season of celebrity careers. 
her son Kpttttantro,- but .she been' sadly wanting in any sort training, loo. Hence this pretty concerts and events in Bristol. 

seldom shows -it; even when she of -..finesse. . p as de deux had a happy air of *_ m Drc . v i DUS pears, the -aim is D V ona = 1 ?r <1U T, ,0 i , l j ‘^ ard j 

is changing his' bandage she is in^Greeimui which ooened the rightness about it. The piece . " . /T 1 , ... unique in die United Kingdom 

more nurse than mother, per- e V Sin&>E?dokimova^ ^?e?dne was clearly characterised as a t0 present events that satisfy a in that it presents the oppor- 
haps- more actxess-than either. nf^^m(£bpow“rful and com- flirtation, and the dances range of tastes but which to- tunny for the winner to work in 
Mary Rutberford -may be right pentug- performances of h4r bounded, flashed and smiled at gather sustain the reputation of the environment of profes- 
in keeping Nxba& first love to:Le n do D career- The gazelie-like Schaufuss was a marvel of Bristol as a centre for the arts, sionat orchestras— the Bourne^ 
the level of a teenager's- passion lightness -of physique, her subtle eas e and brilliance— -pirouettes Th - hiehlinhts are- r “ l>ut g Symphony Orchestra and 

for a pop star, .But. though she ~ mastery, and- the finishing sweetly with the music; Q ™ Tconcert^n ^ Boa ^ emouth Sinfometta- 

displays much anxiety tp he ; in character’ she can often present .* broad stretch in those lateral S* c Y m w e ^ ’stSart^Bmrtows ove !i * two-year period. Ten 
Trigoritfs company* $hfi -doesn't of a wSian of delicate and gffbts that are so much part of November 7 Stuart Burrows candidates have been chosen 
show much sexual ^involvement- served iensibDities, come sharply -Bournonville s manner --.and from five countries. • 

when“ she l«.:;7Mgrin,.' the Stof^SjhtSWriting fortite/ Evdokimova floated bud curved K -WSnV!" *1 % 

sophisticated, man o£ the world, central -figure of the ballet — a over the choreography.. Beauh- Jer is. Msosiav Kc«tropovi^ gall will be given by the Bristol 

is calm enough: as. he 'tears a creature unhappy, dreaming, who. Ju I. heart-warimng dancing from ? ac c h J*?? ° TC ^ 2 — 

sheet from Ws- notebook .and -Aaalty-aehteves the spiritual and them both. Giiiian W? JorfomfS? a i S ’ Bach ^ Chnsunas Qratono 

writes his address eayifc he has physical satisfaction she hAs . Thereafter the evening went J* 311 f ’ P, t s .f,_ January ® . vle 2 n 5^* 

no doubt done .the. same thing sought .- into a decline. Bon Stevensohs gSMi S 0 n & w Even mg with Sem prim and the 

several times before; -and. in any . In its sensitive domination of. Three Preludes looks as if it niwav an mSwA English Smforna on April IS. 

case Richard Pasco plays him as the ' ballet— everything under- might at any moment turn into i?™ «Jr » rSnitir, Sr * 

a very reserved .man. stated; ; everything speaking -of one of those outbreaks of Bolshoy * reciML ot pre- , 

Nina, ttw mg b , Pd expect -to-be feelings kept, under check— it is yearning in which Ralssa Strucb- f Jom J Group will 

trembling with, excitement. Yet a pifrrfOrmance rewarding in eihfr. kova and partner used to be ?|^ n ^ niea by phxIi P MoU * on present ^ The Rapped Trousered 

Miss Rutherford.' keeps her quite tion el-development as in phyrieal maddened by the beauty of it all * ,u "p ^ . ' Philanthropists by Stephen Lowe, 

self-contained: and later, in the - outline. "Wiffi some f-f the other before our very eyes. But it The first event in the senes based on the book by Robert 

desperately difficult scene In the performers., the ■ nuances of doesn’t; and nothing Patricia will be the Imperial Tobacco Tressell, at Riverside Studios 

last act, when she gives outward Tetley’s $tyte are being lost, but Ruanne or Jonathan Kelly can International Conductors Award, from October 10 to November 15. 

expression to her crush on -Tri-' Evdokimova bolds the ballet ’do will make it so. Next. Liliana presented at the Colston Hall The play tells the story of a 
Borin she jives no more than a magnificently together, and justi-- Belflore and Patrice Bart in- between October 15 and 18. con- group of painters/decorators in 
theatrical performance,- and a fles it. • velved themselves in a version of solidating Imperial Tobacco's a *tnall seaside town iu the early 

performance; what’s more, that ' In - a’ central divertissement, he Corsaive which was very like policy of wishing to help young 1900s. 


Norman Beaton and Rosa Roberts in a scene from "Empire Road." 


Albert Hall/Radio 3 


Chicago Symphony Orchestra 

by RONALD CRICHTON 


Sir Georg Solti and the 
Chicago Symphony Orchestra 
came to the Proms on Monday 
with a lovely big present for 
Londoners — the first public per- 
formance in this country of Tip- 
pett's Fourth Symphony. .They 
commissioned the work and gave 
the premiere in Chicago last 
autumn. There has been a broad- 
cast, but tbzs live encounter was 
worth wailing for. Perhaps the 
friendly welcome given to 
orchestra, conductor and com- 
poser will encourage Solti to be 
a little bolder in his choice of 
works for winter concerts with 
the LPO. 

It isn't often that we in Lon- 
don are given the chance of 
hearing a major new work so 
well played at a first hearing. 

We have, all the same, been 
lucky with Tippett's music. The 
days when his string parts 
appeared unplayable having 
been mostly relegated to the 
past (Colin Davis was the hero 
of this battle) we bave heard 
thoroughly well prepared pre- 
mieres of his last two operas 
for example. Yet the degree of 
ease and understanding shown 
by tbe Chicago players last 
night is uncommon and likely 
to remain so. 

The strings, in fact, did not 
make so much impact in tbe 
early part . of the symphony. 

Much of the score, at a first 
hearing at least, is predomi- 
nantly wind and percussion 


music; full of the old “magic” 
sounds but less inclined to 
explore them dreamily. The 
many-sided formal aspect — four- 
movements-in-one. Lisztian sym- 
phonic poem with a cradle-to- 
tbe-grave programme tucked 
away not entirely out of sigbt, 
thoughts about English fantasias 
—limits though does not exclude 
dreaming. The string* come 
into their own later with some, 
by this composer's standards, 
not particularly hair-raising 
writing. The effect of melan- 
choly, resigned yet inevitable 
greying and coming full circle 
enriched by spiritual experience, 
was movingly conveyed. 

There was superb playing from 
other departments, like the wood- 
wind and the various tinklers, in 
the slow movement and scherzo 
sections. Tbe already notorious 
wind-machine, now replaced by 
some, kind of heavy-breathing 
apparatus, 'may upset some 
people at first but will no doubt 
with the familiarity the 
sym phony richly deserves, soon 
sound right. Schott. Tippett's 
publishers, . produced a study 
score' with their customary 
promptitude. That you can't read 
the stage -directions while follow- 
ing a performance probably 
doesn't matter, but for their 
more decrepit customers it is 
disconcerting that you can’t tell 
the difference between PP andj? 
signs without a spy-glass. 

The com paninn-work was 


Chaikovsky’s Pathetic Symphony. 
The first movement wrung 
admiration for the careful way 
Solti suggested the emotional 
turmoil (expressed in terms of 
almost Mozartian clarity) with- 
out pinning the composer's heart 
on the orchestra's sleeve. A few 
more tatters of passion would 
conceivably have been justified; 
the always shattering climax be- 
fore tbe return of the cantabile 
tune was a little muted. Tbe 
trio of the five-four movement 
was notable for the dry, even 
but relentless sound of the drum: 
the outer parts puzzled me until 
I tried to visualise them in terras 
of dance and saw, not grand 
Petipa classicism but heavy. 
Central European solemnities. 
The real, Chaikovskyan whip- 
lash came, in no uncertain way, 
with tbe march and remained 
until tbe bitter end. 


New Simon Gray 
for West End 


play 


Billie Whitelaw and T. P. 
McKenna bave begun rehearsals 
for Molly, a new play by Simon. 
Gray, which will open in the 
West End towards the end ' of 
October after a four-week provin- 
cial tour. The tour starts at the 
Arts Theatre, Cambridge, on 
October 25. followed by Tbeatre 
Royal. Norwich. Theatre Royal, 
Brighton and Richmond Theatre. 



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cheers for 


jpmancial Times 


Wednesday September 6' 1978; 



Wednesday September 6 1978 



An election 
address . . . 

MR. JAMES CALLAGHAN may nudped along. The 


BY PETER RIDDELL AND LORNE BARLING 


i HE sharp fluctuations of 
Britain's trade figures over 
the last couple of years 
have masked widely contrasting 
performances in exports and im- 
ports. The growing penetration 
of imports, notably consumer 
goods and machinery, into the 
Prime home market has been well 
^ himself The documented hut what has been 

since 

1974-75 compared with the pre- 
vious two decades. 

Even though the import 
growth has accelerated in the 


sssfis® S"33S« 

vesterday, but he certainly de- far the advice is needed, 
iivcred an election address. As it would be Quite wrong to 
such it was perhaps the clearest see anything m this of kow- 

statement of the Callaghan towing to the trades unions. Krowui «»»•«« “ .-7 
philosophy -so far. both in his Indeed, last year as well as this. !ast year 'n ^ e o “ 
approach to politics and to the Mr. Callaghan sought an in- consumer boom «n the UK the 
British economy, and it would comes policy to which the great volume of Phases from 
be hard to argue persuasively bulk of the trades union move- abroad in the first half .f tn s 
that it is not all of a piece. meat was opposed outright In year was only about 13* per 

his speech yesterday he was cent higher than three years ago 
Courageous equally blunt in resisting union compared with a 22$ per cent 

The Prime Minister's econ- demands for a reduction in the rise of the volume of exports, 
omic reasoning falls into two working week without compen- In part, of course, the figures 
parts On the one hand it will sating productivity agreements merely show the increasing 
continue to be necessary for or lower than normal wage dependence of the. UK on ex- 
government to intervene, settlements. Anything that adds temal trade, while also reflect- 
directlv and indirectly, in in- unnecessarily to industrial costs, ing the initial favourable impact 
dustiy in order to create, or at he said, must be out That was of rising North Sea oil produc- 
least protect, jobs. It should best a courageous performance, tion. 

do this by working with rather especially before that audience. The improvement of the rela- 
than against the private sector. Choice tive P 0 ^ 011 i? mos t c ' ear *y 

The sector working parties and shown by estimates of the 

the National Enterprise Board All told it amounts to a British share of the exports of 
were given as successful ex- coherent and even seductive manufactured goods by the lea d- 
ampJes of this cooperation in approach. Two questions, how- jng industrialised countries, 
practice with special emphasis ever, remain. The first is: does After declining from 11.6 per 
on the recent attempts to estab- it work? And th^. second is: is ^nt to 8.8 per cent between 
lish a new British semi-con- it really what the country J968 an d 1974 the British share 


[ nl. Share ia ezports 

\ otmatm 
goods 4 
\ indus 
\coni 

KWWrw - 
rfmajor 
trialisea _ 
■tries M 

■V'- 

— 1 — 1 — : 

Hjbgnl tBHAM 



1970 1571 

SurarlhxAMtfM. 


alterations of exchange 
the relative growth of export 
is undoubtedly influenced sg. 
nificantly . in the short to 
medium term by changes of 
relative costs and prices. A 
Treasury working paper by Mr 
John Odling-Smee end jj r 
Nicholas Hartley concluded 
earlier this year that a devalue 
tion ’ produces a significant 
impact on the current account 
for as much as five or six years. 
Exchange rates changes feed 
through to domestic costs and 
prices, eventually offsetting u e 
initial change in competitive- 
ness, though the speed with 
which the offset occurs depends 
on the mix of incomes, fiscal and 
monetary policies. Devaluation 
can do no more than provide 
industry with time , to take 
advantage of any competitive, 
ness gains to secure increased 
market penetration and to 
improve its non-price position. 

The erosion of the initial 
price and ■ cost advantages 
appears to be becoming more 
rapid because of shorter time 
lags in the inflationary chain. 
Thus the relative export price 
advantages gained by the 
devaluation of 1976 were more 
than reversed- in the following 
year. These changes of price 
competitiveness may go some 
way towards explaining both 
the near eight per cent rise in 


ductor industry. wants? Certainly the kind of has since improved to 9.4 per the British export and indus- 1970 and then declining to 78 could be raised above the pre- Analysis by the National roughly twice the increa&> in 

At the same time, however. Britain outlined by Mr. cent last year. trial records have, been worse per cent again last year, partly sent 53 per cent partly as a re- Economic Development Office .. trade and the mnrb 

there are limits 10 what govern- Callaghan yesterday leaves little One possible explanation is than those of Britain's competi- perhaps because of the rising suit of acquisitions and suggests that in spite of growth of sales overseas 

ment can do. All its efforts roam for individual skills and that British exports hold up tors but adds, with a suitably share of crude oil exports. increased capital investment on improved price competitiveness Exnort volume in 

towards— to use the pretentious even less for individual rewards, relatively better when world muted fanfare, that the decline There have also been sharp the Continent by leading British non-price characteristics such as 1 » .. 

phrase-*the regeneration of It is firmly based on the assump- trade is depressed or growing 0 f our share of export trade fluctuations in the net trading companies. low quality, late deliveries, and "ir J£' a h j S J e : tha „ 

British industry will come to tion that British industry can- slowly, as it has been since j n manufactures has been slow- balance in manufactured goods The hope. in Whitehall is that poor design have been such that ■ . . . , g77 

nothing if excessive wage settle- °ot stand on its own feet and ig74 with an annual increase of jng, and j n recent years we between Britain and the rest of this expansion is increasingly demand for British manufac- nrnhahiv hnm . 

meats lead to a renewed onset does not wish to try, -and one less than half .the earlier rate, have been holding our own." Europe. In 1965. Britain sold likely to be followed by smaller tured products has remained p * 

of inflation. As Mr. Callaghan cannot escape the impression This may reflect a heavy ^ report claims that 50 per cent more manufactured companies, either through their low over the longer term. It is f" JJJ 

said: “ There is no way in which that however lucid the policy dependence upon captive export although there has been “ a goods to Europe than it bought, own capital investment or by arguable that the regular depre- 01 worm export nane. - out the 

low productivity and high real may sound in a single speech markets. As soon as world trade massive geographical shift” in but by 1974 a deficit of nearly mergers, and acquisitions. This ciation of the pound in the last omciai nope, supported o> 

export pattern, 10 per cent bad developed. will involve marketing and decade has delayed much JJJfY®** Sinnii? ni£k !m 

m n U manufacturing through sub- needed changes to the pattern hat exports should pick-up in 

1 he Barber sidiaries in the target country. of manufacturing and improve- the current half. 

- At the same time, U.S. and “ents in non-price competitive- Looking ahead, most indepen- 

bOOlU Japanese companies are. invest- ness - This ties, in' with the dent forecasters are relatively 

.a*™ fnr ing in Britain with the object familiar supply side problems as optimistic about a steady rise of 

uf exploiting the EEC market reflected in the slow growth of export volume next year, both 

--S!! from within, as the recent productivity in British industry, because of a slight pick-up in 


wages can go hand in hand for it has been made up higgledy- expands rapidly. British com- ,_ r „. r 

any length of time." Not only piggledy as the Government has panies on this reading are not analysis suggests" that it has not 

will there be no increase in gone along. able to adapt quickly enough been a ma j or f ac t or in the 

British exports; there will be no The NEB, for example, may to share fully in the increase, poor performance up 

real benefit for British workers, be presented as an attractive possibly because of constraints t0 ^ ^(5.19703. 

Incomes policy is therefore the half-way house between private on the expansion of domestic Although British sales to the 

counterpart of the govern- ownership and nationalisation, capacity. . Commonwealth markets have 

ment's intervention in industry, but in practice it is a hit of a It has certainly Jieen uue^m f a u eQ f rom 

joint venture with Rank The results are shown by the the expansion of world trade 
changing export-import ratios of generally and because Britain, 
from straightforward, the last two decades. For still retains some competitive 

that waie settlements above .n in Mr. Catlaghao’s phitaaophy M worth no,— tn, = — - -oesUb.Uh the reasons eaamp.a. between 1960 and 1976 edee from 197*-in relat™ 

I affordable level will prove than he would wish to admit. dUferenee 1 “ ££ favour of British produced ViVtmT'' " — ‘ forinance of British exports' up. aircraft grew much more rapidly, even if no longer in relatim 

eeunter.product,ve Yet as a draft for an election ““**■“ P 1 *™' “ dl SSS" goods aod often relatively it „ dMr to the mid-1970s or for the reeeuV.Jhati exports of these items, export prices. Although sterjhK 

'' £ oll V ca . p , art tV °t f 1 m IS ma, l lfe ® tri | s clem-ly a highly imnrovement of Britain’s minor competition from third j ur ; ne t h e iggns more effort stabilisation. Changes in the though these remain among the has been relatively firm for 

philosophy is nnpfar that while ^^onaMob.^ This time at me improvement of Britain s countries ^ owever> „ con- Sf h ™ e 22! exchange «te do not of them- most successful exporting sec- much of this year against. the 

you can take a horse to water, least the electorate it. »,oin. to P ' . scen both in the solidation is indicated by the a f 00 thold in Europe when the selves explain any of these tors m absolute terms. The .dollar, it. has .fallen, compared 

r- 0 n C ^. n0 * J na ^ e 1 dr P k ' ?? r " a clear choice between ■ • end -, n< , | 0na fact that British sales to these S harp of Commonwealth markets longer-term shifts. A recent textiles, leather and clothing with the stronger Continents 

SS V fnrt 5K of Sin’! fhL of markets have only dropped by YaSfnT Sly! paper by two National InsSiute f Ctor has declined overall ami currencies and the trade 

the country can be forcibly led. and the Tory promise of an _ . .. , , . . , , „ «wn noMontoira nninte dnm> . ..«- * ., » _r amimmicte tn enn- become a net inmnrter weighted index of the external 

alue of sterling is now more 
than 6 per cent lower than at 

of sales to Western Europe, is that slightly more than 50 per than^-manv of its main com- to support the view that the engines “and agricultural the beginning of the year. 

The importance of the trend cent of British manufactured petitors. the main problem is British manufacturing sector machinery have seen a marked Overall, while the recent ex- 
is stressed by the Department exports are now sold in Europe seeQ as boosting exports of has priced itself out of world deterioration of the relative port performance and .prospects 

of Trade in a recent report compared with 30 per cent in manufactured goods to the rest markets — if anything, costs and balance between exports and may be regarded as reasonably 

which says that ail technological. I960. - Moreover, just .over, a of Europe. Mr. Edmund Dell, price competitiveness have im- imports. But. construction encouraging— at least by com - 

■ - •» ' e “ r ' y J " ’ with- the 1960s and 

0s — -this .growth Yin 


^heritcan be pointed in tiie enterprise society. It simuld not exports to its traditional Com- two percentage points since alth 0 gh J e overau'rate oi ^Zhin , v 

right direction and then gentiy be long delayed. p^tTcudar, in^he strong "growth The other side of Sr tiF-and'at liS°better showed that there is rro evidence engineering sector, industrial JJ 

. . . and a brief 
election boom 


Moreover, just over, a 0 f Europe. Mr. Edmund Dell, price competitiveness have im- Imports. 

economic," and social trends are third of total exports now go to the Trade Secretary, has often proved since the 1967 devalua- equipment has improved its parison wTt 

reinforcing the dependence of EEC countries following a pointed out that if Britain is tion. On a shorter-term, com- position. Perhaps most signifi- early 1970s 

!tbe British economy suyld those steady increase in the past 25 to remain competitive in world parison, the stabilisation of the cantly. growing exports of the been needed solely-to offset the 

i of other countries on foreign years. But the proportion of markets, it must manufacture British share of manufactured computer and electronic indus- unfavourable priee movements 

trade in goods and services, manufactured -goods in total products that sell in sophisti- export markets occureed before tries have partially compensated s j n ee 1973-74 and the steady 

WHILE THE Prime Minister The latest . figures from the Britain is more dependent than exports to Europe has declined eated markets such as Western the sharp fall of sterling in 1976 for lessened sales of electrical expansion of imports. The 

was candid enough to warn the clearing banks, so far as can most. recently. In 1965, the manufac- Europe. and the major improvement of consumer goods. Department of Trade rightly 

TUC that high real wages must be detected through a thick fog The report. Export Per- tured share was 78 per . cent The share of Britain's ex- cost and price competitiveness Although these longer-term subtitles its report No Room for 
be earned if they are to last of t erf,n,ca I distortion, suggest formance since 1960, notes that before rising fo 81 per cent in ports going to Western Europe which then occurred. shifts cannot be explained by Complacency.- 

the latest revision to tlie retail the ,as * ! w111 not 110 at a11 
spending figures leave* no doubt ea:? '' 

at all that they are being spent.- What matters here is not the 
Consumption at the retail level sharp fall in eligible liabilities, 
is now running (If per cent up down by 3i per cent in a month, 

on a year ago, fully in jjne nor the still sharper fall in 

with the recovery of real in- interest-bearing liabilities, but 
comes. The rise in sales of the growth in sterling lending. .... . . . 

durables, at over 10 per cent, to the private sector. The first I pOlltICdl pi Fit 


MEN AND MAHERS 

Quaffing a 


and on top of that a rise of two series are enormously dis- ^ r » R i.nt . ' “ wa ? v 1 * 

about a fifth in car sales is in a torted bv banking transactions ? ^ * a '* reerae i nt Just £1,900 lo the Tones last 

sense a better measure of the between'the banks and the dis- t0 addre f assembled connois- year and was taking noUre^f 
— * - the banks have 861115 oE beer & *6 Campaign CAMRAs less stndent enti- MOVIKIg Oil 


body always has a go. It's as expire on their four-legged written to in that way," he says 
predictable as night following lawnmowers, tncy often buy Subscribers whose phones arc 
day." With respect to Labour them. out of action for at least 

allegations, 2 was told, AB paid working days can normally 

recover part of their rentaL The 
legal position is. however, 
simple. Under the Post Office 


improvement in material well- count market, as 

reconstituted the uiuucii *—•«*- «*- — “ — — fosnnfl wblnh thf» urnun naiil Liesraoi 

Tnn txnnA reserves which are deliberately Alexandra Palace yesterday of the crop ™ 4 

Too good to last peraitted to allow some flexi- gi ves the impression of salt “hoso monejToS^ ^ BL to aid that h “ 10 ahyone “y- 

H spending opportunities are bifity in the system. ParadoxI- rubbed in freshly-inflicted the Tories the grass is still green else- uung ' 

rewarded with votes. Mr. cally. a squeeze on reserve wounds. „ _ ., where. From October 1 he will Businesses hit by broken 


hidden for Real Ale festival at 3™* He . . d L d ,° ot Wen tion the D d Pitcher is latest Acttif 1969 the GPO is exempt 
I nnn «y»»,d.h th* om.m t* uesraona I'ltcner ^ the latest from lhfl gale Qf G6ods Act and 

OI 1*1 wuHfl C lu 

^ H , val U1 mnnnn non. in resign from BL 

in .freshly-inflicted ^0 Tories.. 


Callaghan can hardly hope for assets tends for a time to inflate _ . Prip*«: T5 „^ ean '^!f , at Alexandra ^ managing director of down telephones might be con- 

a better time to go to the bank liabilities and the money H atte%lev° needled H wifhS Plessey Telecommunications soled by the fact that POUNC 

country; but he cannot rebut the supply, and the rerurn of easier J* * hv hotlv J *S? a v?». • rnto^ational. The five com- is now working out a code of 

Opposition comment that the conditions removes this dis- r®» !in h * °Lt ~ rd,ff panies previously reporting to conduct with the Post Office 

present improvement in well- tortion and may even enable fST ^ , " forma f Dr. Bill Willetts, chairman ol which should at least enable 

being is far too good to last, banks to understate monetary hJTliSL! ** now do so 10 them to recover part of the 

Two measures of the pressures growth. Portfolio shifts between V™** instead. rental. But it .is l small e 

which are being generated are the clearing banks and the rest t0 describe what they hope to if WTien I asked a spokesman elation. Rebates work out 

the trade figures and the mone- of the banking system further “th^m^of SvidSe safd an official ^ H^has a^ l° r S!f,? ey ^ hat Z** about 10 P a ^ lin e. 

tary statistics. Both of them conceal any real meaning the i c ^ ls . ed . “ em ? £ . , t “ n f , a n n £ cl l 51L, .“J 6 * for Willetts I was first told that K . • 

sound a warning thn»oh fimires mav have. Britain into areas of exclusive ^ n his wn local club at 3 n that had happened was that 

yet an alarm and ^creaangly incompetent gpajbook,. Davenports, a well- a hole had- been filled and then 

■ Crowding out control. Yesterday he praised J"™ Birmingham brew, and that “ obviously something else m 

Until d few years ago the * , . , CAMRA for its success in widen- he always remembers Sam i S ga i n g on.” That sounded FiShtin&C fit 

enormous rise - in imports which . The figures for sterling lend- i ng choice of beers through S m >th’s. . . I drink a hell of a intriguing but the truth proved ® . . 

has been caused' by consumer , ma ? ais0 , ® ,s t°rted, but battle with the big brewers. * ot ff beer." he added, as if this relatively mundane. that ^ r ' ^o* 111 Silkin, our pugnacious 
demand would itself have been "SdS* . v,oIent - “ d A, lied Breweries was one of ma ?V* p . fo S *^T passibIe non- Willetts, one of the four mem- Minister of Agriculture has 

enough to provoke an emer- tiie picture which Is emerging d,,. tendencies on the part bers of the chief executive fP eat m «ch of the summer 


genev; but thanks to the under- is * e more convincin 8 because ]■** L Blg s “ which felt stung by of master 
lying improvement i n UD the jt is P art of the P^re of « l Hatteisley’s remarks last month. 



Some- “ re is proving tough — 

Swedish pastures. Difficulties in going is good, 
raising bank loans have led ^o 
many farmers to hang up their 
churns that a number of dairies 


fm-nion hvim,, ,u„ u fc , pnns iim pr boom. Sterling lend- But no one seemed concerned 

£a °il ^d inTiTnaw some £i7bn hi^,r .bout his talking to CAMRA: 

i nffprflS lq hJ ^2 H* e fle:ab, Iily than a year ago, and more San “He can talk to whom he tikes.’ 

' rmes there fs^now far™® £2bn of this growth has bee? in «“■ spokesman, adding that Self-milk hire 

■ ine ^! 15 now far wore the i as t four months. On nre- Die breweries seemed to be fair . 

Utue for adjustment. ™ t ‘^ nds , lending duri^ U.e 8™® « oleetion time: •• s™e- Life is 

For British industry, despite present financial year is likely 

a creditable export performance, to be up by £BJbn or more. Con- 
an increase in domestic demand sumption, output and credit all 

is almost unambiguously wel- seem to be growing faster than 

come. Apart from some diffi- was envisaged by official policy 

cuities over skilled labour — in April. 

the y es ^ !t of the wage This means in effect that the 
rigidities which Mr. Callaghan private sector is willing to take 
. is willing to suffer in the anti- up the whole of the expansion 
inflationary cause — the capacity of domestic credit allowed for 
should be there, the demand in April, which leaves no room 
is beginning to work through, for unfunded public borrowing; 
and further expansion should and if it is all to be funded, a 
mean belter productivity and borrowing requirement of £8i bn 
belter profits. is clearly excessive. The mess- 

The problem is to sustain this a 3c 15 not ti 131 *b e welcome 
welcome improvement within Private sector recovery cannot 
the sensible limits on the total l 38 ** tiiat if it is to last, 
expansion of domestic credit ra ther than so ffer the crowding 
which the Government has laid out already visible m the mort- 
down— for if these were ex- gage market the next Govern- 
eoeded. the inflationary con- ment faces some harsh decisions 
sequences would follow quickly, on public spending. 


office of Plessey, would now break polishing up his image 
Concentrate on what had been tiic better to match his bright 
— intended to be his original job. ncw ambitions. 

that is dealing with group-wide His Parliamentary and 
interests. Gabinet colleagues may be hard 

Not so intriguing after all. put to recognise the Jissori figure 
ji>n but for Pitcher at least the of the self-styled “thug of 

Europe” when Parliament re- 
assembles later this month. 

A Self-imposed diet has 

in the south h^vT backed a'rmS RevefSe Charges than a\ stone from that' bnrly 
j° r a wecWy t™ 1 'Many a private concern must fra ? ie - He ’ s d °wn to 12 st 2 lb 
Ste EkSSiSrV T a ** .W&f position of th£ P«t n-*.7 lb. 

Ilookforw a d »-i h tn v herds ’ ^ Office, which, it seems, has no Colleagues say -the man him- 
mam ^ eann ff bow obligation to return money to ls In fine form, honing his 

rem?nt1nn!f 0 I? m,ttees aild nfw telephone subscribers deprived figure to perfection with 
re spawned when ot the service they pay for. Plenty of rounds of golf. His 
£ ,n the EBC - Geoffrey Waggett, head of tele- Wends say his tailor is "going 
EST5S2 on . the agricultural communications with the Post berserk.” 

I™ ^ e . n0t yet Pronnnnwfi Office Users’ National Council, has also had extensive 
e precedent J bat m tells me there has been “quite d en*al work done, presumably 
reacned my ears-— a West G^r- a number” of complaints about *° help him live up to the fear- 
, sludent , wflQ last yaw the Post Office refusing to pay some vision painted of him by 
. tarred a rcat-a-sheep business rebates for lack of service a n Italian financial paper 
tn keep parks and lawns in triin. during the engineers' dispute, recently. "A political bulldog,** 
She is now claiming to have an He is advising subscribers to 24 Ore said of the Minister, 
income of £20.000 a year and mention in letters that they are “who bites to leave a mark.” 
happily boasts that the lessens acting on the advice of 
become so attached to their POUNC: “We have never Bad a 
animals that, when the leases general manager refuse, once 


Observer 



NORTHAMPTON 

'The handsomest and 
best built town in all 
this part of England ' 

Danid Defoe 

. .. Over 250 years ago the _audjor of “Robinson Crusoe” 
■mated Northaxnpion. The town he saw had completed 

devastating and tragic fire had destroyed 

. Today bis description is as true as ever. Many ofthe 
importan t and historical Features of old Nortfaampion siiU 
remain, though the dirt-tracks the mail coach used ro travel 
have been replaced by more modern transport systems. London 
and Birmingham are now-only about an hour away by 
motorway or rail. . . 

w*** 60 'ospireil Defoe contihucs to develop. 

It offers the ideal commercial and industrial location and an 
tSg fcatl ^g ur Nations record. Since expansion started In 
1970 over 200 successful firms, including 20 Irom overseas, 
have chosen to share in its growth and history. Northampton 
Development Corporation provides also for the housing and 
social requirements or our newcomers, improving and 
supplementing the town's many facilities. 


For further derails phone 0604 34734 or write to: 
« Chitf Estutg Surwyvr, 

Northampton Development Corporation. 

2-3 Mattel Square, Northampton NNJ 2EN 


t 




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e " e ^on 

n °n'price p 5' 

, sion of the , 


Growth 



e Leisure Industry 

Longer holidays, a shorter working week and increasing prosperity have led to 
growing and more varied demands for leisure. Already there is a massive network 
- "of companies catering for this demand which is likely to continue to rise. 


it -Is above thifieptf that leisure not own L-ars — hardly the best 
'°^ Cl£s - ( TrniX/rtll spMdlrifi reaHf-ibegifis. Around basis for a thriving business. 

it has. grown jt^aassive network The leisure industries were 
v ” a time".* . . ... <jf Tetsure industrial answering, reminded sharply of the time- 

° f any gj? and creating.-liimindenJami. money ratio when the oil crisis 

tD fVj Q 7 r ~~ • "4 s the 'availability of provoked global economic reces- 

en etratjon iilCtX M.vL ' discretionary -fsjne'-- and money sion. Most then found them* 

^on-priee - .r. •' has changed . nature selves with a market which was 

sion of - . «f- »Ki.: important rich in time bnt was carefully 

1 C0 J "Sj i-iiie to the asseflsnovit 0t recent preserving its cash. The work- 

be III' TTlOKl adjustownis in-dasuLnd and to mgs of the ratio *avc to bo 

use ■*" ’-likely firtUredetfe^tfnenti. As examined with. > caution. In 

e inflafi^ ■;•:.• 'i recently' as 20 rjfWKs ago the recent, years, for example, one 

re! at- aDfl0ai1 i •.> : .- 'J- V-_ , S ? bulk ; market ~*?f40is ' - leisure, of . the difference* .between the 

a „ . «»JH| Q r* assumed m<tde^.$uppjies of American leisure market and 

i «f,P V both .cash, and' time/ at least in the European has been that 

o* 1876 ^rtp. '■ .. .‘ .the UK'andmttAm'-Europe. Americans have tended to. have 

sea ia t|j e .. Thus.’investinent.^dn ''meeting higher incomes, hut shorter. 

Se changes- Rv Arilmr San dleg potential demand- ;tahded to holidays (a situation which is 
? bess may _ r :• ■* -. /"'-.-v oohcentrate on ijl&Mties which rapidly chancing) giving : the 

explain^ '.'i •” ■ : co%«ed a irfatisfebr.'-awrl time U-S. a rather more cash- 

tgbt perfiM. " ■ 10 anlr amld^ht-Stftictively orientated leistin. market than 

i of expanse •■'ensible .dwcujfcionpf leisttre or 'prited-Abe hall^ Europe. Any future investor in 

twice them*. ? he . teisuxe industries ; k the a iid that time.haMmMd. British leisure must consider not only 
de— and »7 basic question, of ; definition. .In- ^tqirfirm. ih^ pph - :>' . what the cash-time position 


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de— and bas c ^ u P?>t»on. of :Bcnriilttm. .In tt ^.t tpriinn Lh e what the cash-time position 

wth of sal* : i's broadwt sense leisure. is that The r lenWht-ntSg^ trf holidays might be in -the future, hul 
Expon ^ ln - ^ ; and ihn ;>bun«lag-'-ctf the ako what it might be. in any 

alf of iliiS ^ lduoi !? 0 ?' working week bOBUt'^o open particular geographical or 

onaiiv hV-ii! Thus Myttrag which: might be ^ 6lter ^portSBSfe 4 - In the social area, r; 

I hair write** dlscreti o n ary immediate post-vwrCyears these In Britain maior changes in 

nmhiM r ‘ s P^ nd olE *ny resources verc . spotted^ 'hyi such Insure have been produced by 

in S JL* .« «>e- Spren^r- iiS’Kllin lini » overall ItomliaUon of 

. “i 11811 ope«.: * day at the. races, wrae. feter -bv those .tiifcdeveloDed social attitudes; Changed views 
-Port trade, i with a meal, the -enjoyment of,^ market fo^aa.r nackaee “ fields oi sex, drink, and 

0»-P. rllDniMi. a linnri hnnk’ nr : ft .ufalt nn thn.. ^ T__T • . • ak. . J 1 ?— '*™ . . . oamKIinn hona ■wiutii/.arl UinifH 




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The London? Zoo has maintained its popularity. 


whatever happens to the world 
economy the question nf leisure 
is bound to be a growing prob- 
lem for society anil probably, a 
permanent field of investment 
opportunity. Social pressures, 
allied to developments in manu- 
facturing processes are likely to 
accelerate the amount or leisure 
time available to the average 
person. 

There is, of course, the 
question of how much leisure 
a person can absorb. I have a 
theory that there is a limit to 
the amount of leisure in its 
purest sense — The relaxation of 
the senses — that the human 
mind can take before it slips 
into boredom. When most of us 
reach our boredom threshold 
we turn to a form of leisure 
which others might consider 
work. We ->arden, we build 
boats, we decorate rooms which 
do not need decorating, we take 
up creative hubbies. 

Many a rich man tin this 
male chuuvenisUc world the 
men still tend to be the holders 
of wealth) will start another 
business "to keep my mind 
occupied/' which is as much 
leisure as the poor man's allot- 


^uppnfca gqod book; or- a -walk on tb»- tourism: the mot/pSrenabled gaml ? lin S have produced leisure require attendance at a dog or not Participatory sports, even Thus a variety of factors have me ni. Many a well-fed wife will 

'nqw. areas of lie .country to feriviries (no .double meanings horse racing track. It has also strdi- basic ones as soccer and combined to make leisure not herself do good works which 
. W° u “ ^ Tbe^ difficulty such; * become., more, acft&ble.. and i", t n ende “J.. would have created vast commercial enter- rugby, are demanding on *pace simply the crumbs remaining might be better done by others 

‘ simplistic definition, is. fin dmgioddJy. enough hdp^Btircontri- P rises whose gambling richessc Jn ^ land hunsrv ace anrl the from an industrial nation’s who were paid by her. 

other activities, but 


‘ " 8 “- simplistic definition- is findmgioddly.enoiigh help^Btcrcontri- ® een untninkaWe-wen 30 years prises whose gambling richesse , £ , d h „ nt1 th _ from an industrial nation’s who were paid by her. 

ahead, mo-tithe poiht^at w^bidt spending bote td^ "ihis flowrst||Sation of Ul jniarried 18-year-olds of j 5 now finding its way into . tfam the d other activities * but a major There is an in-between stage 
■aster* are rtt becomes discretionary. Thus, many ; seaside resorts ,_-The car Vj“ ere " r scxcs ,^°^ u 1 t , for eve "' various other fields of leisure “J~r , ays sector of commercial activity in in this rush for additional em- 

ab'jtit a steidr’ to many, a car is 'an.essentMl made demands on re^Hirccs in |"??. or “ w ®y for holidays with activity. Television money and 5W.? . i{ own right. When foreign ployment, and that is the stage 

:*.!n? nert t* for normal /daily life.- But 7 r the foriu of road4Mi^atag and farewells from parent^ gambling money are the two than was dreamt tourism to Britain alone that seems to have caught up 

: a iliaht u«- car that does S00 mph -.iir a car parking f aeflhiee - vApch few • *" ey , .Tr* an< *' new forces in leisure investment 1 rr. g ran aiatners. * lsnin^. accounts for national receipts much of the middle-income 

•i.rm rii ^ country where the. speed limit resorti: Rave been ■'Wfllraa *u “ uc h . af the ntghte away while inriJIV u. fhpi IIK .hp nld walking, sea swimming and i n eseesj! n e rohn the overall West ai the mnmeni_activi»v 


‘■aw nert m normal dailr Ufe.- But r the forni or roa<Hmfldtng and gambling money are the two "f*™ 1 Z tourlan to Britain alone that seems to have caught up 

: a sliaht pitr car . that does 100 mph-.iir a car parking f aenhtee-wftfcch few • *" ey .n*™® 1 an “' new forces in leisure investment ?W 7y grancnatners. risning, accounts for national receipts much of the middle-income 

*:on of vwH' country whert* the speed limit resorts have been AitfUihg to today iii the UK. joining the old JSd'SSS®* 1 * n , d in escess of £2bn the overall West at the moment— activity 

and hecau>e^ s ^ t^kes .up lfi ft ; of road meet/ - lacking the ^iiancial the older generation is enjoying established source; liquor hftq-watchin 0 all now seem to S j Ze 0 f a sector which includes leisure. Sports such as yacht- 

nj some room when four seated people courage oL Virioriac, forebears «iT lc ,T in J 0 ha ] 1, . money. Io the U.S. you can add r 2 1B . 1 .J c fi . na . n r clal *“PP° r * lf l “e everjthing from the building of ing, golf, tennis and skiing have 

r> 1&T6— in .might need JQ'.'at most— that who .built promenades and Tbe liberalisation of garnbling monU y to this list. . ltseIf , 1S not . t0 be se,f ' holiday homes to the printing become mass market activities 

«* and Dnlt clearly Is a discretional^ spend, public j«rfa for their-^iailbrs. "as produced not only a change • ■ deatructive. A strain is thus of i J00 ks, from the provision of and the industries which supply 

u : e , n a Pr iii p But ’ s l eisure ? Probably not Iii tutDingxuch idkito^away. In leisure- itself, in that All this would seem, on the placed on the resources of sewage plant for Luton airport them have succeeded in making 


u lender in » , , ^nuuinig nuvu xBivur.nuj, - . : — , — ■ — — Jr - — — atwasc h*“ u l t.uiuii an jwi i. uicui imvv ui uiaiviiig 

' ■.f./.^There is "therefore an - area b£ Steering -them ins^d. jto* 1 th$ emphasis has swung away from surface, to stress those fields of naljtapal and local authorities to the supplv of light bulbs for the participants fashion con- 

aiwi parks^ "and statebr-lidmp*, tbe: JootbaU .pools -wblch were . leisure which require invest- and».?a market given to the Blackpool's illuminations, can seious to an extraordinary 


— , T- 


'..“simply 'makes/ the.' -basics -.of the., resorts were left -with that' once.the poor’s only legal means ment, but in fact there are very supply and 

rr^ Xif^'inow plwa^i^ and sector^ at ^the market jrhicb^ -.did o\ gambling wlticb did not few activities today which do, industries. 

S’.rvP-iCr C«t -. \-y._ ;■ . v \ ' 

index of ites /> • v.^'yy.jjj^ . ■ • •’ 

vug of they® : .• *-V'f •• • .-Jv • - ' i ' .. 

riiiar.ee and f- ' . 

^ardtiiasi® 'V.-'- 
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iTlh the 1® 
us— ibis ftut . -■ 

t-d .-i>:e!yio£ 
hi^ -rrief 

3-74 'and ; . - 

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t-reporiSo^ 
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ven to the Blackpool's Illuminations, can seious to an extraordinary 
maintenance be judged. degree. Companies like AMF. 

It is also clear that almost Dunlop and Slazenger may have 


seen slight hiccoughs in the ex- 
plosive growth of the active 
leisure market but still that 
growth continues. The demand 
fur healthy leisure may have 
heen making minor inroads into 
our open rural areas and inland 
water but the real development 
has been in the sort of activity 
that requires fairly 

sophisticated equipment, build- 
ings or landscaping, such as can 
be seen on any modern golf 
course, squash centre or ski 
resort. 

Another area of remarkable 
growth, probably stimulated by 
technological development, has 
been at the opposite end of the 
activity scale — in home enter- 
tainment. 

The development of colour 
television, high fidelity multi- 
channel sound reproduction, 
and audio and video recording 
systems are probably only the 
thin end of what is likely to 
prove a very thick wedge. That 
all these were only pipe dreams 
as far as the genera] consumer 
was concerned only 30 years ago 
gives some indication of what 
the next 30 years are likely to 
bring. The technological 
invasion of our living rooms has 
only just begun. The children 
of today will doubtless' have 
domestic computer terminals 
with direct access to entertain- 
ment banks offering a range and 
quality (in technical terms) of 
audio video diet we find difficult 
to conceive. 

Perhaps all that will be the 
final blow, and the rush to 
escape from machine-aided 
leisure will begin in earnest. 
When the leisured classes arise 
to throw off their yoke of 
purposeless pursuit of pastimes, 
then indeed will the wheel have 
turned full circle. 



in A 

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W “We have established our place as one of the top 
f 100 UK public companies. Today all our divisions are 
substantial, the quality of our earnings good, our 
people first class and our balance sheet strong. We continue 
to plan for growth and work hard to achieve it. We will 

• continue to expand into additional areas of the leisure 
and service industries” Cyril Stein1978. 




t Ladbrokes 






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KDiT BETTING -CASINOS ■ SPORTSWOHLD SHOPS ■ RACE COURSES AND STADIA - CHALWEST AMUSEMENT MACHINES* SOCIAL r.niH« 
CASICWE LOTTERY MANAGEMBNT-HOUDAYiniiAGES.HARDMAN HI-R-LONDON AND LEEDS PBOPEHTY DEVELOPMENT. 





18 


Financial Times 


ffie<inesd%y September .$JSZ8 ' 


COKAL LEISURE. 


THE LEISURE INDUSTRY 




(J-A major overseas hotel and holiday centre 
enterprise, owning and operating 7,621 beds 
and catering for over 100,000 holidaymakers. 


§pjSPKig| 





•-'"‘"s. il' ¥••.•• fcs: :>s . ;s 

: >5 k -Si:- >.':*■■: 

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SHOW ME someone trying to 
And a firm trend in package 
tour operating performance, 
and I will show yon someone 
who is going grey. The one 
consistent factor In the package 
tour and travel agency business 
is that returns vary sharply 
from year to year and from com- 
pany to company. Whatever else 
it is, the package tour business 
Is volatile. 

A recent review of the in- 
dustry by Jordans Dataquest 
showed that according to the 
last figures available Thomson 
was Britain's biggest travel 
company in terms of turnover; 
Thomas Cook tops the league 
in terms of profits/ sales ratios; 
Hunting Lambert in terms of 
profits compared with tangible 
capital employed; and Wings in 
terms of sales and net capital 
employed. 

The profits/sales ratios make 
.interesting reading, for it is 
these which indicate the narrow 
margins upon which the in- 
dustry as a whole operates, and 
help to explain why the industry 
is so sensitive to relatively small 
swings in market performance. 

The bulk of the best per- 
formers in the profits/sales 
ratios fall in the four to seven 
per cent range. These include, 
(in ascending order) Pontinen- 
tal. Hotel pi an, Ingrams, Wings, 
Supertravel. Callers Pegasus, 
Horizon Midlands, Thomson 
Travel and the Travel Club. 
The majority of operators do 
considerably worse than these. 


attempt to keep their costs 
down to meet the terms of their 
contracts with foreign tour 
Operators there is'- probably 
some justification for a sub- 
stantial rise in the prices paid 
if custom is not to be driven 
away. Nonetheless, the tour 
operators also have .a measure 
of justification In thinking that 
a sharp price rise would be 
unfortunate in its market 
impact. 

These problems ; come at a 
time when the travel industry 
is coming to the end of its 
second highly satisfactory year 
(excluding the costs and incon- 
venience of the French air 
traffic controllers’ dispute )- 
This is partly due. to the opera- 


tors’ own commercial wisdom 
but also, to some extent, thanks 
to a shortage of charter jet 
aircraft. which artificially 
limited the number of holidays 
on offer. 

Some tour operators were 
keen substantially to enlarge 
their programmes for 197S but 
found. In the end, that there 
were simply not enough aircraft 
available to meet what they saw 
to be the likely demand. The 
result was that in high summer 
this year late-bookers found it 
virtually impossible to. take a 
foreign holiday in many of the 
more popular sunshine destina- 
tions. This, of course, means 
high load factors and potentially 
high profits. 


With.- the summer of 1978 
having-been sueh a bad one in 
Northern Europe generally 
there is good reason to think 
that demand for foreign holidays 
in the summer of 1979 will also 
be strong with people being 
determined to get their share of 
sunshine. Already bookings for 
winter holidays in the coming 
season are showing remarkable 
strength,- -with some operators 
already having sold nearly half 
their programmes.. Confidence 
that this trend will continue has 
led several operators into the 
decision to start their own' air- 
line. or at least to contemplate 
the prospect. Intasun, Global, 
Horizon Midlands and a group 
of small. -operators acting as a 


co-operative under th d 
of, the Association of Jf de ^ e . 
deat Tour Operators are aUf 
the- queue for jets or are 

izig about the idea. 

^There is little doubt that 
overall confidence in 
is to some extent based on the 
belief that future Governments, 
whatever their politics I CPj ♦ 
are swinging towards, a ren f£f d 
encouragement of the nndd 1 e 
classes. Differentials means 
spending power. 

History would seem to be on 
their side. Foreign holiday- 
making by the British has risen 
from some 5m holidays ten 
years ago to nearer 8m this year, 
although that blanket state’ 
meni avoids the fact that the 


peak year was in pre-oil crisis 
1972, . and there . seems litu e 
reason to doubt that it will con. 
tinue upwards. That the basic 
market is likely to increase 
might therefore not be in doubt, 
but the form that increase ^ 
likely to take lies very much in 
the hands of Governments. Low 
scheduled air fares could be tfe 
rock upon which some 
enterprises founder over 
next couple of years althouch 
protectionist European govern- 
ments are likely to prove a 
tougher obstacle for the free, 
wheeling "regulation abolitionists 
than was the American CAB or 
indeed is the British CAA. 

Arthur Sandies 





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This lack of a healthy margin 
on sales bedevils the package 
tour business, making it parti- 
cularly sensitive to con- 
sumerism and very badly placed 
to deal with the vagaries of 
the market in which it operates. 
However, since its fixed costs 
vary only marginally in relation 
to sales (a tour 66 per cent 
sold costs nearly as much to 
run as one 99 per cent sold) 
the potential for bonanza years 
is considerable. It is the temp- 
tation of these rich years which 
lures companies into the 
market, often with pleasantly 
impressive results. 

The dangers of the game 
have been spelt out vividly in- 
the U.S. this year. When air- 
lines involved themselves in a 
direct sell price war. supposed 

■ 1 savings by taking package tours 

^9Soes39ees9SSsoess3eooe39SC9SsooecGSSsoes90o were wiped out. The American 
« © market turned solidly scheduled 

© A i . I. •(.. 


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Blenheim Palace in Oxfordshire , one of Britum’s popular stately homes. 


more 


• .MM i"* - *— hftrnm.fi triors ni scpth i n 

l GROWTH - GROWTH — GROWTH § S or /T«t “ 15 ? r: Uk/tUlllt V U-lOV^Vl lllllg, 

© S Qla j or!, ■ THE MAJOR change in the years the tidying up process in market is not a simple one. cent), take the car (71 per cent), in self-catering units with rcia- 

8 ll r-rr rvn -r yirnT r-n T-i S ■ prospect °f de-regulation structure of the British holiday the UJK. has been rapid. From Labour costs, the short British and rent a caravan in the West lively modern equipment in the 

© I I— | |-< | f-4 I W I I |h o °i scheduled airlines spreading | n recent years has been the a market which was highly season, unreliable weather, un- Country (20 per cent). The 1960s was an ambitious and, a* 

g 1 1 AX_j X-jl—i AkJ avIj © from North America to Europe conso i Nation of post-war enter- fragmented and by most yard- certain economic circumstances average family group of 2.6 it proved, wise decision. As all' 

© g is one which must give night- which — largely thanks sticks badly marketed — certainly —all these make a Board bite its people will spend £49 a head the major groups followed suit 

g TTVTT\T TC ,r TT> 8 P ares t0 ^5 .P acka 8® t0 “ r to individjual entrepreneurial in comparison with foreign corporate nails a little before (1977 figures). so the financial strain on man? 

a I IN S Jl JlN I SV Y ® industr >'* J ut l } is not the only e £f or t__ca me ^ '-within the fold of package holidays— the domestic signing substantial investment Those averages of course, of ^e smaller centres became 

8 o concern that ; it has. Bntaun s ma j or diversified groups. Thus holiday industry shows consider- contracts. dis**uise a consider’ablp ran^e of l0f > great. Dozens of those one- 

« © ^ lg ^ e6t . package destination, Butlins. became part of the Rank able signs of reorganisation and When the final figures for this holTdaymaking- Those °who catnps which dotted the 

© HOW TD PARTTPIPATF 7 © Spain, has been snowmg signs organisation, Pontins has renewed vitality. year are counted some 43m be i ieve that P British domestic British seaside 30 years ago have 

g rltJ J.Ur K. Iv* - © of commercial instability eray recently entered the Coral stable The question is, of course, are holidays will probably have been , 10 j id av . inar fc e t is th e doo rend disappeared, often to re-emerge 

g © bit as worrying as the Potitwa 1 ^ Ladbroke has gathered into the returns going to be there ? taken by the British, around af the business might care to as the ubiquitous caravan siif- 

8 8 unrest of two yeaw ago. There its net num erous holiday camp Clearly the three majors in the 35m of them in the UK. This note last ear n , ore ttian All the companies now realise 

u Free adl-isory booklet from 8 talk of Spanish hoteliers seex- and oCher operations, including holiday camp business must marginal fall, for the fifth year B holiday* wero taken continuous up-dating is the 

8 MPVnn7t P ACCnPI , T1? , S ing t0 i ouble largest fleet of private hire think so. Coral bought Pontins in succession, is due to the domestic market in name of the game. Butlins 

8 LIOiVEL MEISiDOZA & ASSOCIATES © money they are pmd by the in Britain. At the same less than a year ago; Ladbroke miserable summer weather con- tj* naad hotels and motels— a reckoned to spend some £3in un 

§ (Properly Consultants to the Leisure Industry) g rh V h at ?Ss establ5sh ed hotel com- is still hungrily looking for ditions which almost certainly vastfy bisger share of totaJ improvements prior to the 1978 

® i nn ‘„i u nvq ivr © of the Britisn replying tnat tms pan i eSi such as Trust Houses further camp purchases; and led to a drop m impulse holiday- Pa kp to foreien Dack- season, covering not only the 

o 100 Blatchmgton Road. Hove BNa o\F o would destroy the market. Forte ^ c rand Metropolitan, even the Rank investment in making. The most likely L, tourism At the same time improvements to accommodation 

© (0273) 722795 o Since there is widespread have made a much greater effbrt Butlins is only a few years old. holidaymaker will come from u® ver the number of people a “d eating facilities, but sfco 

o ‘ ® evidence of declining standards at presenting a group image gad However, a decision to put the south east (20 per cent). h holiday with friends or the-prnvision of further ameni- 

g9©9e«9so9fiS30933ss93©330c990CS30395330oe33Cd> w Spanish hotels as they co-ordinating marketing. In .five money into the domestic holiday travet in July or August (60 per rpIafiws a ri«.HninsF habit *h?i ties which can provide additional 

^—1 —HiniBim—Mi accounts for a fifth of all British The camps now offer 


Free advisory booklet from 
LIONEL MENDOZA & ASSOCIATES 
(Property Cousuitants to the Leisure Industry) 
100 Blatchington Road. Hove BN3 3YF 
(0273) 722795 




Shirt Print- A Profit Makerfrom.... 


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'§2 


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• The tee shirt is the most popular lorn of leisure wear. Now the appeal is stronger than ever with the advent 
of printed tee shirts. 

• Imagine Transfers, Europe's No. 1 transfer manufacturer, offer Imagine Iron -on motifs.-tlie quickest 
economical way to prini lee shirts. : 

• Our success is based on a highly commercial range of design with consumer appeal and consistent qualify. 

• The profits from an Imagine lee shirt print unit are easily calculated. An Imagine Iron-on motif at ISp 
converts a plain tee shirt, costing 70p; into a garment retailing for about £2.95. Allowing for overheads, this ■ 
yields £2 profit per sale. One unit producing; 1000 shirts per week clears £2.000. These figures although 
approximate illustrate the exciting pioIUs. They become even more attractive when installing a string of units. 

• Tee shirt print "while you wait" ensures that a garment is not committed to a design before its sale, it 
overcomes the problems involved widtpre-printed tee shirts:-stocking alternates in design, sjze and colour. 

• Imagined heat application press r“ the Charge Tcxi press Ace £349 + VAT. Robust —easy to operate 
— offering high output and lightweight for economical air freight world wide. 

• Imagine offer all the merchandise" fora tee shirt print including a range of alphabet-letter systems and 

composing names and slogans. i; ' _ 

• An eye catching display attracts the crowd — creates the impulse purchase. Idea] locations abound 

leisure centres, holiday resorts. peJrolStatfons and amusement parks... the list is endless. ' 

• Imagine Iron-on motifs for cost affect garment trimming. They can be applied to cottons, man-mades or . 
mixtures and are completely wash abl$ and colour fasL 

• For tee shirt promotions Imagine produce to a customer specification — -ve call these ‘specials''. They 
strengthen an advertising campaign , advance a brand label or popularise a logo. 

• All Imagine products are immediately available from stock. We trade with" over seventy countries and 

have distributors in ten. 'J v 

• Imagine tee shirt print products q£fer a flexible money maker within the leisure industry. If you would like 

■ to know more... write, phone or telexdbr our full colour brochure. — 

We’re looking forward to hearing from you soon. OBD|^v 

Department F.T. fflr\ 

Imagine Transfers Limited 

Broomhills Industrial Estate^Hayne Road, Braintree, Essex. 

Telephone: Braintre* (0376) 20354 Telex: 987879 

Imagtoe Transfers — A Member of the Imagine Group 


Trap 




holidaymaking. things which those 

- .u t 'i- pioneers woald never have ton- 

Oddly enough, it-w the holt- sidered ssible for their “Is 

day camps, a relattvely smalt everybod ^ ha dicnlric- 

h^e-ridirig. beer "tellers, par 
he industry, wWch has atjraqted ment b cards! Ladbroke 

the most investment attention ^ rarre ntiy spending consider; 
m rerent years. ab j e sums t0 g et colour lH*?- 

The real reason for this is vision into as many units as 
that beneath the apparent sur- possible.' 

face stagnation of the holiday -So up-market has Butlins sow 
eamp market the past 1 decade i n so me 0 f its operations Uiat 
has seen the swirling cross it has dropped the Butlins name, 
currents of change. Although choosing Freshfields to cover 
the total market has moved such operations as the 
only marginally an increasing Beach Holiday Village (even 
share of that market has gone camp has disappeared) which 
to the major operators. charges £121 a week in peak 

rp season . for a prime chalet f |,r 

1 raO four - self-catering, and for con- 

■*T ... tinental camping and caravan- 

After their first jnynus years ning holidays: 
of the 1950s the camps generally Improvement and investment 
began to slip ; into an investment would seem to he the name ot 
trap. A Basic rule of all holiday- the game throughout the British 
making is that the customers, holiday marker in the forest 

hv and large: demand arenm- able future as consumer erpecra- 

modation ' and services when tions rise. This is likely to p!* Cfr 
they are on holiday at least further pressure nn small- 
equal to those They get at home. under-capitalised operations but 
There are, of course, exceptions also severely expose those major 
to this.- The rich will suffer groups which are unwilliu? or. 
cramped conditions on thejr unable themselves to keep pa^ 
yachts and..- the environmentally with change, 
conscious . middle class will The oil . crisis had no sigw 8 ' 
camp beside chilly Swedish cant impact on the amount « 
lakes, but "the " principal is holiday-taking by car. Ht'iv- 
. basically .valid. By the raid- ever, the - remaining market 
1960s it was clear that many shared between coach .and train 
camps no longer came up ■ to travel , is currently the suhj^ 1 
standard. A pnst-war blue of a major battle. Some of ^ 
collar market that once had -coach operators are complaud?j 
outside iavaiories and tin baths a bout the 'dumping of seats *>> 
at home, now boasted central British- Rati' on the. doniert"' 
heating and deep pile carpet. Package market at prices w* 1 
Better works canteens, home which road transport ' 

Fridges and a wide range of .compete.. - Whether thjs.iS'P* 
take-away food outlets changed ra ason for rail's recent rw^ 

attitudes towards • eating, mak- ,n the holiday .transport busing 

ing the old camp-style meat and an d coach travel's continued « ■» 
two veg. served at twn rushed c,ine ‘s aq interesting quest*© ■ 
sittings; an unacceptable offer- Meanwhile, expect growing • 
ing. <■ rest from the busmen as 

Probably quickest , off the ? aU be3iTls 10 flex & 
maxk taspot this; itio vement was ^ muscle, .y . . 

Fred Poqtin, whese^investment : ■&!&*:?* 


K 












19 



m;: -.. : r .. 


B 1978 






THE LEISURE INDUSTRY III 


bursting at the seams 


'ire 0 P, H| 1 
rds - Tl'S 

“hi? 4 ? 5 
0re »0tN' 
I 1 " thalK 

• ' Jl3v eiw * 

,rfar ^ 

founSi th ‘ 

• or 


IN MAY this year- the London pension traits and- other finan- In l^ndon, small town hotels London figures occupancy rates 
Tourist Authority sent out aeial institute os. * end at the seaside bed occu- for large town hotels (outside 

red alen—Lflttdoir was bursting Jr i mov^tt h«Ip the indus- pannes haw declined this year the capital) in April remained 
at tha ^ains aiui there^'ere m try the <3rai^eRor is h» Spnn,e — only the large town hutiHs out* constant at 30 per cent and in 
.® u 3.Mahlc _hptA^, J&tt&S : .foL ..be Budgef side.uf the capital appear jlu he real .terms .are probably up ua 

twna;.;^ttslr»m(nen van tftew-sion*. vThese -in- holding' their : .own. This, the same period g year ago. 

\urk enjoying a Jalef breahfaiit. eluded ai aoiiw cent write-down however, was only io. 1» Mr. Cyril Siein, chairman of 
"’ere wanted’: over 'the radios dfr allow*nwin^»ff£rst'year on all expected art it the (A'ucptiiitinr Ladbrokes, said revcnily that, 
not wme to the: British capital n <»w Muiiyiinfc^.and. an annual conditions of last-^year when oecupancy nnes for lane town 
unless hotel aceooigiodahon had write-dowo «^ny»nc«» of 4 per Jubilee, celebrations coincided lioiel* were currently runnum at 
- Sk *k* : bt*en."-.j rtajrtsvd. ■ ■ cent oa -a sijftehi tine’ basis. with a still relatively low world are cord 70 per com. This com- 
»iivfv i ThiT-Imhjapyj welcomed the va * Ue tor sterling which brought ; n : ‘ny, recognising the difficulty 
thf> rt^ft>f-Cjip_Fin^;-uarek. iPB Vr> h»oiv® bemuse the Cov- rhous ands of tour is Is inlo and the cost of breaking into 
Jnd r cplUdiii& wilb Ascehsidn ernineTrt hsd^t lastreroEnisert Britain on ghoppinfi expeditions, file major Loudon market, is 
°f*X. holidays in .Eurajs?:-snd a t^.- jj Qll j s tnre lan industry The bed occupancy looking fur -expansion in the 

hish. demand Iflir hotel accom-. H ,.i. Tj^uiiarS^Weais rather flsures produced by the English' large town areas and also been 
ni^atipi^r.fpr busiae^ xOTler-'.j^^ ^ lax Tourist Board show that the a big future for motels where 

ences. rr iyhUc tb« ..cml* was MfiwsMioo TiiiSd hefakl a wave averase bwl occupancies for building and service costs— 
shorr-livtttiv ditL highlight, the „r niiw i. n ,„i Wmstroction. London hotels in April had including motel labour — is 
problem* fartng.-^ihe birteT ' fal,en 1o 81 P*r «nt compared much cheaper, 

industry in-London— that of * r wilh 73 ^ 4:001 for the same C nrtr ;j / , 

irwtcbin j ; fixtur^tiotet develop- ? LP * monlh m ,hc P rev,0 « s >«»r. • o 63 Siu 6 

ment wuh'loarist demand into ?» r . Those figures. may be slightly . It is the seaside hotels which 



*tacj e r n ’ ft- 

su,a,i “»i£ 

ie BriuS. * 


the- resui tofC_upKir«l;weck- 


itmirs-tnonri 


X? t u£i- h cur- T ! w *? "ziuvs. may bo slightly It is the seaside hotels which 
the IB80.S . ^ a : . re«ev - «timrtusfc =«ports and nusloadin S as taster foil in have really felt ihe pinch while 

London s expenenee i S not s new A » ni m 1977 Which dearly elsewhere butchers hsivt- been 


unique. As ;" air; travel has h^^rl^irr^ ^^ l^richt 1 tlul helped boost ocioipancy levels, having bootn times The growing 
become easier and- -ehcajwr so ^ d Kcrimirtabon L »«ai nst the , i 1,w ‘‘ v, ' r - ”' osf ntai^t* hotels in incidence of caravan and other 
draiajd U» ..ty :ir , ayinc iha. ocri.- «ir«n.nn s siylo hulUby. 
boomed ■■'among /biisiliessmen, ^>„..r^<-‘t TH^t rTmi «irv ' hnw. fancy levels are- down on the have hit the low tariff hotels 

and inline.' iTKbn * tunm-u. lhc i. <u. . . 


.and tourists aliheV Despite the Sid JST s* !^ W*u t 

hotel builtflng boam : which UMik Ln ' of^nii^ *Swan^s on mr P^btahihly as 
Plaefrin the late ifl60s nnd early S X^S^Stre -^ a*’ 1 ’ now reaping tl: 

liliOs. many . of fhe' ' iwj* ' 'SSimi'. higher room rates, 

capitals and business By vou.paris.pi 

the world, ate once again talk, : J : Mr - ; K,n i JjBti’ “ 

inis' of - riirmor-,D^ Kaokr.TJolels, said 

.£ -r v *niT the-Budgdt^rdMft see 

, .. why there siiouM^h® *ay differ- 
V^v3l3 , ... ences • ' -hctwec m^ 'die hotel 

As buHdnjgrcosts-have.iioared industry and o^s* fadustries 
so the incidence of ma jor hotel which get - a. 3Q0fr ceot initial 
projects ; has-; dwindled and w * *B«wam^- pn.>iikHngs n IT JMS BEE>r a 
despite ’:the.' recent tuiimm- The view pf : consul Ian is * f . * 


to .see tin: l >rpr,ll,,N .'ear— but thi.i has- not in particular, 
dances on Pf^btahihly as the butrliers Last year M occupancy 
: arc avail- arp nnv ' reaping the bciietil nf rates in low tariff seaside hotels 
^ concerns.- ^ cr ™ ,m ratrs. —where there is a large inej- 

markPtin'T ®y comparison with the deuce uf buarding house style 


residences with less than It) 
bedrooms— full front Xi per 
rent to 3ti per cent. The average 
rate ur occupancy for all sea- 
side hotels was down from 43 
per «ent to 41 per cent. 

: .The mal pu«.h last year came 
front the Lundun hotels where 
the average occupancy for the 
: 12 7tioDths was, at 65 per cent, 
haying tun died S.1 per cent 
during the peak month of 
August. 

The capital i> dominated by 
the very large hotels— in London 
20 per cent of all hotels account 
for nearly 8U per cent of al! 
bedrooms. By comparison only 
2 per cent of seaside hoteLs have 
more than 50 bedrooms. 

■London will clearly continue 
to .- attract large numbers of 
overseas tourists— maybe not as 
ifeany or as rich as those last 
year— while the incidence of 
business conferences is con- 
tiwimg in grow. The result, 
unless new ■■xienirion and build* 
in*, projects uet quickiy under- 
way, will be an increasing inci- 
deaci; of bed shortage m future 
years* 

Andrew Tavlor 







#s \. 







7K% fr 


m 



r > s 


fcli 




The Lodb?ofrc Belgravia "Hotel in London . 


Catering for fast food 




IT IIAS BEEX a fascinating Another area of expansion 

^ . /iT 7 " -■ - -.-.r . -*a» . v -year in the catering business where Individuals have been 

sioni given - liy the -spring oreene Bcliield-4fr that the tax . . . . vtrnnn u in iIivmiIimimik m 

budget the is nnhkelf wncvwtons Budget ate «««■ -««*»>• enough. ^ SS i a « 

to be reversed in large centres more JAely fo jtfwaioie'vtork un dominated ftj' - the entre* • *? . , nrofita 

like ^London: wheire: biulding extending Wm,e «»©*. major g “J"' 1 “S-kirnd lltea fannd 
costs are so much ; higher. - , ; than building 'j^eaes. In a British Uomcsup^nmtis swm to ^Vare ^dhiunam^tron^n 
Mr. David Troy, view-presi- booklet “ ltives^'in New l»» decided to keep a low S of 

dcnt bf marketing of t&c Stu-ra- Hotels: l and E^tsfon Post profile until the market scales 

toa-:Cw|mtu^Hid- :eiriier Sprh« BtHfeot Ibe con* into some son or dependable T^exoan 

tills year at the Fourth Euro- snltani* say that^&se of the pattern., there, have been Ju ® nT 

pean Hotels ' Sales Mamccisebt difficulty in - suitable fascinating developments else* sion of the diseothcqui into a 

Association ' ^GonferemS - tti sites and obt^^, planning where— notably . Uio continued ^decide 

Dublin that building. rosts were permission iuany.?oniismies are m re rest uf America fast food ^ ^niPn^fnhnFthP 
such. thaf‘ ir wis nrdikelj- Ibatrhtbro likely **:&$&.****' opinion in the British market “SL fl ° „,w 

private finance would be suffi- sions which usuSy have a high and the remarkable recovery in T lu.f 


forms of clubs and even the 


- '# 


xient to build thehot els needed potential profitabflii!^- . the luxurx end of the market in cjuds um ev en ine 

for the 198ds. Be i said that, ii secs DevelnpujedOiand Tax London in particular. Tins ““ 

regardless -oLthe country where -as Animus InMbpBg factor It. expansion in -high-cost eating « in ™ e8r unties aivocguimn, 

new .hotels were being - buih r .'completely , new. ^feMToputcnl has led to the opening nf “JJ;. ” 1<s 11 mpaM ot ,nu * 
construction ' in , • excess of and Vkays that ' imwis it is several new Testaurants in the cumpcnuon. 

£4ft000 ii rddm wcrcfhe^ “npiriiti:'. reduced: -Dr : scrifpjjfld : then centre of lhc capital usually There are- around. 30.000 
rather Tb an the cxt^piiom . ow*hts ' of . potent$i: J - hotel involving individuals in heavy restaurants and cafes in 
Mr. Troy said that there development b^td ^Bhjust “sit. investment. The only major Britain but the dividing line 
would still* be .. .room .■ . for on At.’ ‘ .*. • group purchase of note has been between' what is an eating. place 

the private entrepreneur- and -V MeanwbUe :des^Ete\jlhi. bed Grand Metropolitim's acuuisi* and what is not is increasingly 
for the modern chains , but" inK shortage crisis that emerged in tion of the Bnulestin in the now blurred. The UK's 61.000 pubs 
creaslngly these groups of in- “London In May tl|rre: dre: cun* trendy - Covent Garden area, are a growing source of food 
dividuals would' fmff theihselvee tinuing signs thatlhe pressure Whether j: Mr. Maxwell Joseph.. as well as drink, and the res- 
managirts,rea) estate -4W?. ~for ,this jreajt— has jarill -move this property up- ;taurant figure does not include 

the banks,. insurance rompanjes,', eased -slights?. ^a^et remains lo be seen. '.. ; our . 14JXK1 fish and chip shopp 


or SJKKJ-phis lake away and fast 
’food outlets. The industry over- 
ail^h as been *n decliiie for lhc 
past four years in financ'd l 
terms, its apparent growth 
being outpaced by intlatum in 
that period Much of this real 
loss has been due to a trading 
down, on the part nf consumers 
as '. 'discretionary spending 
diminished. 

JNow, however, there is a 
growing feeling of cunfidenre 
in-" the industry, nne that sug- 
gests that 197S might even see 
a'return to growth in real terms, 
as well as in financial levels. 

Struggling 

' i fru> fact that many operations 
hire? been si niggling to survive 
over the part couple of years 
explains the present mood of 
retrenchment in the industry 
aikf possibly the fact that much 
of'ihe newer development has 
bee$ the result of intervention 
Frertjkcmtsiders rather than from 
esttf&ished domestic operators. 

A 'recent Jordans look at the 


indurtry said that ** in terms of 
ovcrali performance it is dis- 
turbing tu note that as many 
as 31 companies out uf 132 
i some 15 9 per centt in uur 
survey were loss-making accord- 
ing to Their latest filed accounts. 
The period corresponds roughly 
with the 1976 recession, and all 
the signs point to a revival in 
1978. This percentage, more- 
over. represents an improve- 
ment over our previous survey 
in February 1977. when 27 firms 
were losing money." (Jordans 
Dataquesl. Catering 397S 
Edition. Jordan House. 47. 
Brunswick Place. London Nl.) 

London’s West End has m 
particular been a target for 
newcomers. The reasons for 
this are f3irlv obvious. The 
tourist market, which soared in 
Jubilee year, continues to be 
healthy and the business lunch 
sector of the industry fiourishes 
as companies offer perks tn 
hard-pressed middle manage- 
ment. 

Over the past two years 


several new' restaurants have 
opened in the Co vent harden 
area and at Icy si three do luxe 
properties started up in Mayfair. 
All over central London (he 
wine bar boom continues apace. 
In almost every case, however, 
the larger groups are scarcely 
tu be seen. 

With the overall market show- 
ing signs nf revival, however, 
this is unlikely tu remain (he 
case. This is probably jiartiru- 
larly true in the field uf fast 
fond where Wimpy, under ils 
new ownership, shows signs of 
noi Icttinc incomers MacDonalds 
have the headlines all to itself. 
Perhaps Tmst Houses Forte, 
which has been tasting the 
franchise waters with its Little 
Chef operation for some time, 
will enter the fray. Certainly 
Rank has been looking at the 
prospects. 

There is little doubt that fast 
food is likely to be one uE the 
major growth areas of -the 1980s 
if discretionary spending shows 
any Increase at all. The British 


have already shown signs of 
hr-ing willing to adopt Ike 
American habit, although per- 
ha**» with le- 4 -. enihuMasm titan 
some thought in the I96Us 
Americans spend approaching a 
third of their net income on 
eating out, much of it going into 
the swelling coffers of Big Mac 
and Colonel Banders, so (he 
potential for expansion in this 
field, planning permissions 
allowing, is considerable. 

The chief hindrances in the 
form of competition to the 
growth of fast food in the t-K 
has been the fish and chip shop, 
which has shown itself to be 
remarkably resilient when 
faced with new rivals, and the 
pub. With fish and chip ships 
still outnumbering fast food 
nutlets by seven to orie. and 
even having fought off attacks 
from sweet and sour pork and 
tandnori chicken, the fast food 
operators have a major task 
before them in order to break 
such an established tradition. 

a. s; 



ISURE 


EE 


0 DO YOU 



r.n; trap* 
.Tit eT-uP®** 
earner: 

WJR- 
n;U! sitae 
•licr centra ' 
Diver, s cf * 

v. 

■lie 30*3®* 

•it-'snies 

uJas ’.iH 3 "; 

i r.-_- ; 

, spend 

n s prior 

u"‘ £ 

0 e fitrtff 

.;.M, ia di^ - 


■ - • ... . . ^ -?ji . . r ? -' Nf . ^ -*y» - \ 






^ • < 


To a lot of people. Coral just means betting shops. 

But thafe only a small pail of the Coral story. 

Over the past two years the Coral Leisure Group has 
extended its interests to cover almost every aspect 

of the leisure industry. Today, Coral is rL .X 

one of the largest leisure companies ( V \ 

in the country, empIo>ing over 16,000 people 1 JL^. / 

You may not know a lot about us yet, but you will, 










20 


CORAL LEISURE 
WE ARE... 


; A Centre Hotels, the fourth largest hotel 
group in the U.K. with over 6,500 beds. 



the leisure 


Financial Times Wednesday September^l^v 

IV 








THE ARTS represent one of the 
fastest growing leisure pursuits 
in the country. Encouraged by 
increasing Government cash — 
£49 m to finance Arts Council 
support this year — money from 
local authorities (the GLC alone 
gives £2m); and now well over 
£lm in aid from industry and 
commerce the arts are approach- 
ing sport as a big business. 
Admittedly the audience is 
smaller and certainly more 
select — though with around 2m 
people attending concerts during 
the year perhaps the numbers 
are not all that small. 

The demand for the arts is 
shown in the very high attend- 
ance figures, well over 90 per 
cent, for the National Theatre 
and the Royal Shakespeare Com- 
pany. In its last season attend- 
ances at Covent Garden averaged 
a record 93 per cent for opera 
and S9 per cent for ballet. The 
Coliseum, which houses the 
English National Opera, can 
claim similar success, while at 
the close of its first full month's 
booking for its English National 
Opera North* in Leeds hundreds 
of applications for seats have 
had to be returned. 


Tradition 


And yet the arts plead 
impoverishment. This is mainly 
because in recent years the 
rules of the market place, which 
used to apply when art was 
dependent on private patronage, 
no longer exist. Under Baroness 
Lee. in particular, the Arts 
Council was able to command 
much more Government money 
— and a tradition of art for art’s 
sake, but funded by the public 
purse, arose. The recession, 
especially as it hit local 
authority spending, has blighted 
what was approaching an 
artistic free-for-all. 

Some worthy operations, like 
the New London Ballet, dis- 
appeared in the freeze, and the 
money available to maintain 
buildings all but dried up. But 
in the main a more critical 
assessment of artistic ventures, 
at least at national level, may 
have provided benefits in the 
long term. At the regional level, 
where the arts has beco&e sub- 
ject to the political whims of its 
new paymasters, the depen* 
dence on public money for 
survival has been more 


detrimeataL 

' Undoubtedly the activities of 
the Arts Council in the last 
decade bave transformed the 
arts in Britain. The main plank 
of the council’s policy has been 
to encourage the arts in the 
regions. For example, in 1956- 
1957 the proportion of the Arts 
Council’s aid which went to the 
big London-based national com- 
panies — Covent Garden, etc. — 
was 46.9 per cent. By 1976-77 
it was down to 26.8 per cent. 
Scotland and Wales received 
significantly more, and arts 
associations centres, festivals 
and literature, all mainly out-of- 
London activities, saw a rise 
from 1.2 per cent to 12.6 per 
cent. 

This is bringing art to the 
people, and at popular prices. 
Indeed in the last year or so 
the Arts Council- has gone 
further, pushing more money 
into community arts, which 
involves artists moving into a 
community and trying to 
express the life of that com- 
munity in artistic terms rather 
than just making sure that a 
national theatre or opera com- 
pany tours the provinces. The 
whole idea of community arts 
is an affront to many people 
who are concerned to protect 
the “ excellence,"- - the tradi- 
tional standards, of the arts. 
Community arts could mean 
Arts Council aid going towards 
pop groups, old-time music hall 
evenings, bizarre plays with a 
biased political- or structural 
form — in fact anything which 
could be loosely labelled 
artistic. 

The Arts Council attempts to 
support community arts partly 
because it believes in them and 
partly because it wants to 
defiect criticism that it is an 
elitist middle-class body, tunnel- 
ing funds towards artistic enter- 
prises that are only enjoyed by 
elitisf middle-class audiences 
who ought to be able to afford 
the market price anyway. 
Obviously the Arts Council 
makes mistakes when It hands 
out -(usually small) sums to 
artists, with strange notions like 
balancing poles on the nose or 
brushing up leaves in neat 
piles. But its position in the 
middle, both culturally and 
politically, gives it no choice 
but to try to please everyone. 


The basic fact is that it is 
.still -the major -national organi- 
sations, the National Theatre 
and the Royal Opera House, 
that receive tbe millions of 
pounds in subsidy. A few 
thousand pushed -the way of an 
avowedly Left-wing political 
drama group might, be con- 
sidered money well spent if. it 
draws the fire from the oppo- 
nents of . the expensive and 
traditional and the ' up-market 
institutions, especially when 
these opponents might also be 
Cabinet Ministers. 

An unfortunate consequence 
of an Arts Council is that it 
separates the arts -which need 
public subsidy from tbe popular 
arts which can survive in the 
market place. Tbe Arts Council 
is now doing something about 
this, putting £45,000 into a tour- 
ing version of My Fair Lady. 
This is (at least in part) to 
keep open some of the large 
but unprofitable theatres in our 
industrial cities, but it is also 
an indication of the commercial 
and corporate sides of the arts 
getting together. 

There is another, and new, 
supporter of the arts — busi- 
ness, which has realised that 
arts sponsorship can, at rela- 
tively little cost, achieve in 
many cases more than the indis- 
criminate sponsorship of sport 
With tiie arts you are getting 
at opinion formers as well as 
all the ancillary benefits of a 
platform to entertain staff and 
clients, and helping the com- 
munity. Not surprisingly it is 
the tobacco companies, especi ; 
ally Imps and Benson and 
Hedges (which cannot adver- 
tise on television), that help 
the arts the most 



k.“'_ 


Janet Baker starring in Idoineneo at Covent Garden in a performance sponsored to, 
■■ the Commercial Union earlier year. 


Next month, for -example, at 
Aldeburgh tbe Benson and 
Hedges Gold Awards take place, 
a competition for solo singers, 
during the company’s own fesr 
tivaL Many -of the events will 
be broadcast and these days the 
BBC will give the name of the 
sponsor a mention, even fin 
> Radio 3. -Much of industrial 
help is at the local level- 
paying for one of the leading 
orchestras to visit the town 
where the company has its fac- 
tory — but some companies 


prefer to concentrate at the top, 
helping opera at Covent Garden, 
which has had recent produc- 
tions supported by Commercial 
Union, Imperial Tobacco and 
the National Westminster Bank. 
' Although many leading 
. politici ans are apathetic about 
the arts there is an awareness 
that they are a great attraction 
for tourists — the . Edinburgh 
Festival brings in much more 
cash than the rather meagre 
subsidy from the town council 
costs. In the summer the 
London theatres are kept open 


by overseas visitors, and a trip 
to Covent Garden is likely to be 
on the schedule of a top 
businessman (many of the best 
seats are held by industrial com- 
panies). The arts have been 
slow to adapt to a democratic 
age, but now there is less cant 
and hyprocrisy. In virtually 
every' field the arts in Britain 
are flourishing; it is a pity 
that most of the headlines they 
make are of a sensationalist 
and alarmist nature. 

Antony Thomcroft 


Better films 





LEISUK 


are you part of the leisure boom ? 


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A scene from Saturday Night Fever , a major success for Paramount Pictures. 


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(BLOCK CAPITALS PLEASE) 

Mr/Mrs/Mi ss . . 

Company. „ — , 


THERE AlfiE always people 
eager to write the obituary- 
notice for the cinema industry. 

This must be a bad year for 
such pessimists. 

The cinema in Britain, indeed 
in much of the world, is enjoy- 
ing an impressive boom. 

Attendances and ^revenues are 
well up and the smiles are 
beginning to return to the faces 
of Rank and EMI. 

There are a series of factors 
behind the current revival of 
the cinema in the UK In 
order of importance these are 
probably a crop of good films; 
much improved cinema facili- 
ties; youthful rebellion against 
televirion; and a vast improve- 
ment in film marketing (not 
least thanks to commercial 
radio which provides the 
cinemas with its ideal target 
audience). 

The significance of the new 
crop of films is clearly the 
dominant reason for the return 
of audiences to the ciuema. 

Over the past two years there 
have been numerous pictures of 
broadly based appeal and on 
varied topics. The wave of 
disaster movies which gave way 
to morbid studies of the super- 

natural has now been replaced offices of those countries in more moderate, but the accom- more than 55 per cent of world- 
by a kaleidoscope scene, which it has been shown. modation standards acceptable, .wide cinem a takings, and a con- 
Although Star Wars and Close The process is clearly self- 0° ce the distributors felt its siderably higher proportion of 
Encounters of the Third Kind generating. As customers flow capacity to attract to be limited English-speaking takings, when 
have started a minor rush to back to the cinemas so they ** was 111611 offered to the film makers talk about making 
make science fiction films, a encourage film makers to make tin - v back-street operations we an “international film” it is a 
quick look at the top ranking better films, and as they dD that lQV »ngly called the flea-pit. euphemism for making a film 
pictures in both Europe and the so more people goto the cinema, The difference between the suitable for America. It is foi 

UJS. shows a range - from Needless to say, this has first two has narrowed consider- that reason that although there 

Revenge of the Pink Panther brought a measure of prosperity abl y» and the role of the third is quite a lot of UK film money 
(knockabout comedy) through back to the film studios as manu- has t0 a lar £ e extent gone, about at the moment, notably 
Saturday Night Fever (dised- facturing operations as well as Bett er management of the basic from ATV and EMI, the bulk of 
theque musical romp) to Bilitia j n their role of film financers. Product, and the eventual sale it is being spent abroad on pro- 
(sex and the female young). This has happened on both sides of 11131 product to the televirion ducts intended for American 

of the Atlantic. The filming of companies has forced many audiences. Britain, thanks to 
F Iff filing Star Wors 2, for example has ^dependents to turn to im- an enormous store of artistic 

® ® led to the building of a new Ported or other specialised and technical talent and some 

Two years ago one of the large silent stage at Elstree for w °rks — often Sex films — to sur- superb production facilities, 
major problems for cinema EMI, a project unlikely to cost vive - This: in turn has created still attracts a large share of 
owners around the world was less than £600,000 and partly 3 whole new market for foreign production investment— making 
the shortage of material. Such funded by the Star Wars budget. 15101 “akers, 113 both Britain and, us net exporters of film in fact 
bas the investment in films been Elstree and Pinewood have more important the U.S., giving — but the nation Jong since 
over the past 12 months, how- rarely been as busy as they have audiences a taste for such ceased to be able to talk of a 

ever, that the last quarter of been over the past year. material. • home-based film industry 

this year will see more than 20 mu. imnrovMnent in Th * au, 3 Dr ehaD fie that has making British material tor 

pictures released with budgets facilities been takine come over ■ the British film- British audiences, 
in excess of £2.5m — so many S-aduaSv overtbe SsTderade making industl T ovcr the past With America, revision ham- 

?^J ad r^ t ? e ,w indUSt !r fiianr 1930s halls were far l!p“ d j has S e d * velo P’ n 2 strung by an over-abundance of 
ttat there are t00 large for raodern demand dependence on the American advertisements, a need to hit 

fhlm If thirJ 1 r? i rS°fn 311(1 3150 locked the circuits into constantly the middle ground 

Sld u t0 a distribution system which 10 the 1960s there was a reliance and a seeming inability, for the 
this. It is simply that the makers meant that pvpn j* _ '* on American money,, but even at moment at !ea«!t ♦ n he iavEn- 

of low-budget films, experimen- to na^ed Llselit hS that time British exhibition C ^eri^ audience 

« “SE*", SES l^KSKJaSS “ 7, ™ ke a SLiy the 

less of a chance of Q etting a ^ one w jjich would draw rela- U10(le - S j ^P 1 on beme cinema for entertainment with 

tively small 3£nc5 The P at Ss rarel ? ae rase any depth - to iTlhu* filf 

for screen productions fighting lwlnnteg and trfpUng of cine- today ' : ■ making reliance on the 

The reasons whv the hie com. mas iias produced a situation in _ J American market is likely J® 

v&TS'Z&WE * Grossed ■- sr'on ra £r t* 1 * 

money at the moment is simple local SemaJd raulf If The Association of Indepen- Ifreld wS* * ^ 

enough. One after another, each "S” £ dent Producers pointed 


Harold Wilson's Interim Action 


Posciiorv. 


. Nauireof Businass. 






r 



0ate 



Country 
Signod _ 

Tho Firuncial Times Limited. Registered In England No. 227590, Registered Office; Bracken House 
10 Cannon Street. London EC4. 

Ban*. Account. Midland Bat*. 5 Threadnoedle StrceL London EC3. A/C No.1 0997275. 


this is that films that used to he dam P 0101 ®* out Committee on the film industry 

film ttSS&ZmS by rigid system recently: -“Whereas A Taste of to come up with ideas to 

UnfverSl bad Jo^ P^OMt £ distribution now quickly die. counter this trend and help the 

S^S^uNiahtF^J^e^n are hits and flops, g™? sed A ^50,000 in the ; UK British film industry to stand 

Sd Lriti the mth not maij y ^tweens. produ^in^st - H ItS f ^ iee \^ d SiS 

Orient Express. The money pro- The one-time three stage sys- average UK -distributors’ gross «L a Jit Cet p ^£ th - ^J^how- 
dured by a film which hits the tem ior release of films is on an EngUsh-speaking film On- wS^lt nrebablv meaSs a eon- 

jackpot today is by any stan- gradually disappearing. This eludin'* blockbusters) i« nhmif f; r ’ J z P r0Da01 / , an l. a „ rt f 

dards remarkable. Star Were system placed a film for a fixed £70*00. Sffiei 22? , flow * * e 

ud Fever both topped the nip in prime site locations, cial frntnre fita “Sndt “e“S S’°? U , C J have been seem. 
£l00m mark in gross receipts in Cinemas with modern facilities for much less than £200000 — with thf Pa?t y ** T l‘ ttfsee 

less than a year. In only a.few and .chargine a premium price. indeS!™ e “ Sy » “"S ?“ en< ? fon " , "Lnlsfo 

months Paramount's Grease has It then moved to provincial loea- be in excess of £500 000 " ? SUCh inov,es ' ^ c£nn P 1? 
taken more than £50m at the tions where the prices were With.the U.S. accounting for . ' A. & 


-> 

■ i -, 1 








•~"7/ -ifryfr-f *x\r '"'*-^" y ' *' 1 ?- c ^y t '^'''' •?— • •. ’ ' 

; - ' :'!;-^V^v;:^!? 1 v{'' '; u V . ;*'•• V ‘ ^pfe : :;-- '•»'••' ' - ’ -.' • 



Finw^ai Times Wednesday. Sct^ber 6 1978 

SS^iffiElP LEISURE INDUSTRY f 


'.S/O.-iS*- 


/■••' 



hi 


.b -'S; -j'-.-h 


HE - , HOME cute rtidiune nt 
«rk«t continues to be-rela- 

healthy, tiouajS one must 

y this by saylflg that'i tin! 

^..that iwcrfefit; shows 
ifce'jnos^^ 

lTfic ; ,f^njiwr. fbr^t&js^i'arc 

Averse, and. ‘ : 

T(tfev!^R r fUsp^ 
be 

“-ae «itep£*8*n^ 

recent ; ^a»:. (tiiSigh. ,11 
froulrt bt. iWmew bg nH^gt tte 
pdih; eaaritHtk no^r.jclojse" to 
. Most 
or 

Be: ; 4W \rfwIIo: 

- e )f •'’ : •• v TV 1 -' • • 

. The iot»9<ittcti«v of.. Colour 
Ilcvlstoir-baS' CrwitBd ■'& new 
l “ r*^tirftWir : the ~:TV r .r*}«bri 
J -ifivSttU fer^fla^complete, 
ren ia Western.&aTjpe. July, 
\r exam^i Very low 



at home 


proportion bf ejptoanTV owner- 
shijv-arooml .B.. pec cent — 
largely • beanwt of- confusion 
and diilay .oyejsthe system to 


,be adopted - 
stderabte.- ‘ 

market....,;^,. 

• Moiwdifflipe 
surprisihjftr te 
■thfe ■ 

>.$ ; wane;. 

'the exbterfje* 

L of se * 

*“ltSK' eo 

.fiuriily." 1 rtfe 
. sets being , acted 
itwir own view: 

• Video 
novE coming on 
somevolnme, 
system, and 
Stimulate g 
TV oiarket. 

-•;■ TV •: gimes, 
extensively . 


thus eon 

•hy^Ke 


<m-; 


i proving 
.In nee of 
'$pd fbere 
shew that 
■fwq types 
.andeolour 
'two-set 
fnrartochrome 
’[*&$& tin tor 


m 


.'/recorders, 
market in 
f-ljqtii v new 

?$i$ected to 
colour 


’ 2 rJV 


jelll -be 
: this 




a?2ee 


; V -':3’>’^ 5 fe-' v : • HV ' r ' : 


* vii «tor5. J0i| 
Jar ^n isi^. 
*hedule of'. 

>n ( ntanv of iiL' 
by indusW - 

; he ^ hJI 

ifcpt to a 
aw there h | 
3crii >- In t| 

tne 3is ink 
it is Ct 
of the head 
°f a sen 
st nature. 





Christmas, will iucrca.se the use 
of the television, and may 
Increase its sales (hy. encourag- 
ing multi-ownership). 

• Finally, the Post Office's 
Prestel system — previously 
called Viewdata— transforms the 
TV yet again, from being simply 
an entertainment- medium to 
being an. information, medium 
with a wide variety of func-' 
lions. Prestel is aimed specific- 
ally at business users, .ami will 
— if successful— naturally in- 
crease greatly the . number of 
i>ets Installed in offices. 

Mackintosh Consultants, m an 
exteusive survey last year, esti- 
mated the colour TV market in 
Western Europe to be 7.5m 
units,- of which West Germany 
accounted for almost a third. 
The European marker was loro 
cast to grow to about 10m units 
by 1980. wiili additional or re- 
placement acquisitions forming 


an increasingly .significant pro- 
portion. Mackintosh noted that 
already in Sweden," one quarter 
of colour TV receivers sold were 
for “ second . sets,” though in 
Germany the" proportion was 
still around 10 per cent, and 
was much lbwcr elsewhere in 
Europe. The survey concluded, 
however, that the. second set 
element in the colour TV 
market could be expected to rise 
quite fast from now on. 

Irr monochrome receivers, the 
tread overall in Europe is down, 
though small screen portables 
appear to be enjoying a inim- 
boouj, especially in the UK and 
Scandinavia. The increasing 
penetration of imports from 
Singapore, Taiwan and Japan is 
causing concern to European 
governments, since several 
European set makers have 
stopped making monochrome 
sets entirely, and are relying 




IS jnot-alw ays instructive to. strife. Cricket is kept in busi-.' , some~af the more illuminating 
nparr.tlm/tLS.^itfa by sponsors’ gene-, responses: 

is a' vastly big^ 'mai^et a rosity. V And, most of the : Compared with five ycarsayo, 

jarkaWy^ ' diffe^aat world. minority sports are hopelessly detypu: Have more or ' less 

it in ;ihe.case of/theJelHire la-funded. - ^ v - ; /interest - in apectalor sporte? 

_ industries — partietllarly the Yet they sannve. And ifceir-lipia, 3S per cent, less, 14 per 
1 1 ectator sports :-rr.therd' : . ^ tebacity appears to confirm the cent .Gef wore or- less jun out 
. we to be learaedr ts^studjting:^ Impe thai: if professional sport witching sports? More, 45 per 
Dr r cate's, experience ‘ than, . most in Britain^ ever organised itself rant, less, 4 per cent; Have more 
--' ^iaS^tish Team : owners pr pro- properjy ir would rank as one or tins loyalty for your Javouritc 

V '.-i.cr Procters ever dreamed; - : s \- of the more dynamic sectors of ; teomaf. More, 30 per cent, less, 

r^'r-’ ; 2 ^ They organise themselves that .amorphous market known .-*5 per -cent Have more or less 
l"/ 2 ^. r Terently- in .the"U^.; so mucft W lei&Ure; * ■ . ’ ’ - " '. -!SSP^Sf m ^ <w ’ s *'? r P^ ers ’ 

jn;l cl® "that the majority; of -ptofes- The signs "are hopeful, even-® 0 ^ 29 per cent, less, 19 per 
' *; c t maWhnally rim 'ppdirts enterprises, if. . one . has .to- resort to U3.; ; 

. "iffler.f 0 - " North Axnerwa appear able research-, [-momentarily, io sup- t'lfcis only a hunch that makes 
; ,' 0 ; ^, operate at- some. leSiel .di- port thaf ; view. Recently, the- nu^iftpectthat these figures are 
7 i'K ^ ofit, • so - well -- are ; .they American : sports magazine, relevant to Britain, but -if they 
‘X.\ irj 2 -“-!s a ni s ed, packa&ed aad : iS 0 ld. ; Sportz IUxtstroted, conducted a -ato k -Britaiii’B spectator sports 
5,\iL^J3y comparison, ;the finencial definitive ^ investigation of -ipne. probably on we eve of very 
' atiro^^nditions ; and ■ - . self Jf rrili cted : money in sport. Part of that , real expansion. Here are some 
: j ior ^rdships imderwbich.much of investigation wa&. based on a.MW, some of which are not 
^ r , a; u>:itisb sport: operates would survey^ of^ fans ' carried out by so encouraging: 

.-“'Vtfit- ^ 'ive . a : U^. team - owner to Vankeloyich,.SkeUy and 

‘.jenl ^irs- ■ Soccer; overwhelmingly which sought to. monitor ihe K fiSParCu 
.IT ‘i-s-v-ov ^itain’s favourite. yorganiscs.pulse of the consumer. Ihe ...* . 

affairs . in'L .a - manner results of ibis - survey, with - via there too much emphasis 
' "..^.^^^proaching the surreaL^Horse minor amendments, arc prob- 'on money in sports today ? Yes, 
»r; i)i ^ though : - . ‘marginally ably a® relevant', to Britain as>.-87 per cent, No, 13 per cent. 

' , ^ ri Wealthier, is . besetr'by. 'Mtty to aoywbere else. Here are &ifis ihts ouer-emphosis tend to 
- ^-.i =g ijmlt enjoyment of 

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the game begins? Reduce, 27 
per. -cent. Forge V 73 per cent. 
Oompored to prices at. restaur- 
out*,, theatres and -moriw, <io 
ihfizh concession prices of 
sporti events are too . high, 
reasonable, or a bargain? High, 
55 pdr'uent Reasonable, 88 per 
CMS- Bargain, .1 pet. cent, if 
fpTkes- for tickets to your 
fatotiutite sports cveitis increased 
by^S per centi would you still 
po? Yes; 58 per cent, No, 44 per 
eenV Jffhe increase' was' 10 per 
tent, would you stiU. go? Yes, 
78 per rant. No, 24 per cent 
As- 1 w, it Is not easy to 
| adkPt the fruits of U.S. research 
to the UK. but it can be done, 
arid th^ easiest-gained . lesson 
fram Yankelbvich is that despite 
giant steps-in rival leisure sec- 
;'pro. sport remains an 
enorihhusiy attractive target for 
tpe leisure pound.. . 

As- it -happens, professional 
Sport ^Jn Britain — or at least 
those parts of it most -easily 
assrclatcd.wHh gambling-— have 


recently undergone a thorough 
investigation by Lord Roths- 
child's Royal Commission on 
Gambling, which amongst other 
things recommended a Football 
Board to administer £7m worth 
of aid to UK pro soccer (at 1977 
prices). 

Professional soccer in this 
country is an enigma. It sur^ 
vives, and it is true that the 
financial track record of even 
Its humblest constituent has not 
actually resulted in bankruptcy 
for a good many years. But how 
any professional sport can seek 
. to maintain so many clubs in 
existence is a mystery which 
even Lord Rothschild failed to 
explain. 

On the other hand, it is clear 
from a close reading of the 
report that the Commission is 
unsympathetic to the view that 
the apparent financial troubles 

of the Football .. League are 

entirely its own fault. 

Lord RothscbDd’s Commission 
was more generous, recognising 
that in many- cases, Football 
League clubs are saddled with 
out-of-date stadia that need help 
if ' costs of meeting statutory 
crowd control regulations (to 
say nothing of hooliganism) are 
to-be met . 

Last year, the turnover of the 
pools promoters reached £258m, 
of which £i03m went straight to 
the Treasury in pool betting 
duty; £8m was acknowledged as 
profits According to the Com- 
mission, ' a' £7ni levy for soccer 
could have been collected via a 
3 per cent surcharge on pools 
turnover-offset by a 3 per cent 
reduction in the pool betting 
duty and in any case handsomely 
outweighed, according to the 
further reaches, of the report, 
by a significant- increase In 
casino betting tax; ' 

..In truth, there are numerous 
ways in which soccer can be 
helped, just as there are 
numerous ways in which, it. can 
help iiself.. , ,, 

For soccer, read sport. 

Michael 

Thoippson^Noel 


on imports of portables to hold 
a market share. 

*fiW Japanese are undeniably 
the piftjor force in ihe market, 
especially }n the colour TV 
marfet. With the recently- 
amteiinced link up between 
TosMbS and Rank, three Japan- 
ese Section ics vumpanius now 
hivftjTV plant!) in the UK— 
Nattenal Panasonic (Mat- 
sushita) <* n d Sony arc already 
suco^jffully producing up- 
market colour sets in South 
Wales. Hitachi, which had plans 
to set UP a manufacturing plant 
in' - Wssbinston New Town,. 

Tyne, wd Wear, was kept out 
by an. alliance nf domestic pro- 
ducers and trade unions on the 
grounds that it would cut 
deeply into UK production; but 
Hitachi have set up a colour 
tube -manufacturing plant in 
Finland, which ail the Euro- 
pean producers arc keeping a 
fearfltf eye on. 

The .reason fur the Japanese 
success is nut difficult tu 
discover — reliability. In mus.t 
uf the consumer electronics 
sector, Japanese goods have 
now established a reputation 
quit?' opposite to that with 
which they came to the market 
‘20 years ago. a recent 
Cunkufcers' Association survey 
shaWcti that Japanese sets were 
up "to twice as reliable as 
European sets, though UK 
brands Pye and Ferguson also 
did’ better than average. 

Tps UK’s hi-li industry has 
been i similarly hard hit by 
foreign — often Japanese — 
competition. though even 
powerful Japanese companies 
have, been feeling the pinch. 
White - world sales probably 
continue to rise slightly, 
production capacity has risen 
much more quickly and there 
is now substantial over-capacity. 

The UK remains strong in 
the-, turntable market, partly 
through Garrard (which is now 
suffering) and more recently 
thrbt^h BSR, which exports 70 
per ‘cent of its considerable 
production, much of ft to the 
VS. It is a rare bright spot. 

Radio, for example, is no 
lonra a UK industry. Those 
whSpi are sold under UK 
companies brand names are 
mancShctured elsewhere, usually 
in tfie.Far East. 

To %y to prevent a similar 
fate. Sefalling the UK TV 
indust©i (which is still far from 
extinct). the - electronic 
qonsumer goods sector working 


party of the National Economic 
Development Council proposed 
an industrial strategy which 
depended on a rationalisation 
of capacity by as much as 30 
per cent, but at the same time 
the retention nf as broad a 
product range as possible, both 
to develop export performance 
and to combat import 
penetration. 

The SWF's interim report, 
published in May this year, 
optimistically forecast that if 
the trade could overcome the 
twin problem of import pentra- 
tion and everrapacity, then 
“the S\VP believes that lhu 
industry can increase its share 
of Western European markets 
where it has a significant cost 
advantage, and attain its 
objective uf eliminating the 
present deficit on the sector's 
balance of trade." 


Capacity 


To this end, the SWP 
recommended that capacity be 
cut back. that alternative 
employment be created for the 
workers displaced from the 
industry, that a standard rate of 
VAT be applied to ail gouds in 
the sector and that "the 
stronses: possible diplomatic 
•vupport bo given to the indus- 
try's demands for restraint nut 
only from Japan but also other 
Far Eastern bloc sources." 

There are signs that 3n 
improvement — ai least in the 
colour TV market— ts under 
way. Mullard. the oniy surviv- 
ing TV tube manufacturer, 
recently announced a major 
investment programme aimed at 
recovering part of the domestic 
market and capturing European 
markets. The Rank-Toshiba 
venture has been hailed as 
welcome because it will increase 
the UK capacity for good 
quality TV sets, and it has 
avoided a number of redundan- 
cies. Home production of colour 
TV sets is up in the first six 
months of thisr year, (though 
exports are too). 

There is no pre-ordained 
reason why the UK TV and 
audio makers should continue 
to weaken. As the SWP report 
noted, there is often a marked 
price advantage in selling to 
Europe (because of lower labour 
costs). Creative use of new 
technology, together with much 
closer attention to quality con- 
trol, could win back markets, 
foreign and domestic. 

John Lloyd 


WE ARE 




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WALKER 

We’re films. We’re cinemas. LIMITED 
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million wagers accepted every week. 






ington 


Camping, Outdoor 
Equipment and 
Leisurewear 
Caravans 
Retail Branches 
Travel Agencies 
Blinds and Awnings 


Protective Clothing 
and Workwear 
Flags 

Marquees and 
Exhibition Hire 
Tarpaulins and 
Canvas Products 


Turnover— £m 

Pre-Tax Trading 
Profits— EDOG's 


1977 1976 
37.9 26.3 


1975 

18.8 


1974 

16.9 


1973 

10.7 


2.666 1.756 1.350 1 . 082 * 943 


At the AGM on 14th June 78 Ihe Chairman 
Mr. R. G. Duthre C.B.E. reported. 

■Record figures: Turnover up 44%: Profils up 50% 
•Continued e> pansion in 1 978 with 

agreement to acquire Ga/ley Group— 

UK's largesl caravan distributor Httl? 

■Queen's Award 1978 

■for Export Achievement won by the 
Group s camping division 
B I ac ks of G reenocK Ltd. 1 9? a 


Black & Edgington Limited 

Port Glasgow, Scotland. 

Cooies of iht 1977 Annual Report rna </ be obtained Iron* Itw Sw'eUrv 


THE LEISURE 


Financial Times 

Y1 


Wednesday September -'6^^ 


Vi 

;:i 


•w. 




rise 


POSSIBILITY of a Tote ful racecourse. Ladbrokes have number of shops but. since these 
betting looks to had a resounding success ip better sited. 


THE. 

have° P been Anally quashed by management of. the Grand larger than the average 
the findings of the Royal Com- National meeting and to a lesser they attracted 33 . per cent of me 
mission on Gambling. For extent from the. ownership of total betting turnover, 
some time now there has been . Lingfield. Racing needs higher Further rationalisation is in- 
a growing feeling in certain attendances and as such Satur- evitable with rising costs making 
fringe quarters, the racing pub- day racing is the lifeblood of a many of the smaller units un- 
lic and racing organisations that number of courses. To attract economical — there could be a 
not enough funds were coming bigger crowds the courses need reduction of between 500 and 
from belting to finance horse- to offer a higher standard of 600 a year. It is estimated that 
racing. The Tote's argument racing, which in effect means fo r a shop to be viable for a 
was that “sn Jong as book- better prize money and more one-man. operator (without the 
makers are allowed to extract sponsorships! head office overheads of the 

huge sums of money every year Having said this it is notice- majors) the weekly turnover 
from the horse racing industry, able tha i prize money par ticu- figure should, now -to m the 
the industry will never be ™, e y S rhrsiSSw races. is order of £2,500. to £3.<p For 
healthy." The Commission did rising ^ ^ nn mber of horse the majors of course -the figure 
not hold this view since it was owners rQse last year from needs to be higher. Because of 
felt that racing and betting were 13 ' 702 t0 la 393 despite the this cost factor the big four are 
separate economic activities. jump in ^ nmniDg now actively increasing the size 

While both activities were costs what £ more atten - of their shops, 

dependent on the existence of dances were higher last year Ladbrokes are rapidly expand- 

the other the Commission aDd if ^ oirrent level of on Ing into the u super shops ” 
agreed lhal bookmakers were courSe betting turnover— up 19 class which have a floor space of 

under no obligation to finance eenl ^ far eaj . ^ any over 2,500 sq ft. These shops 

horse racing. guide the trend is continuing, offer more comfortable sur- 

Proposal .*? t ?- a '£L STJS S£ 

Horse racing has been suffer- of the betting shop industry, ^ result of merging two 
ing financially for some time since the betting levy is “ e “ ore ^° p * 
now and most of the courses assessed on the turnover of the “ ca - succeK ot tnese 

are only marginally profitable, business. Some £10m would 5 b "®n 

The main problem is that race have gone to- racing in the year ?P® rates ^ 
courses are sizeable complexes to March 1978, against a figure J? SLiH-tS! 

covering a vast area of land of under £3m 10. years ago. King s Cross region accounting 

which can only be made viable Betting shops were legalised ISfr-iTiSS Choosing a potential winner. A horse comes 

propositions by a much greater following the I960 Betting and “ which it ^s the Newmarket Sales. 



under 


hammer 


one «/ 


super shop 

cinn's nrcmnsal for the formation Par lv veara was dramatic hirtin" claimed now accounts for 70 per some 110 shops over the next indication of turnover levels) needs to be spent on the trada 
sums proposal for the Ration «dm«bc hijttj, cent of tte busines& 18 months. Both William Hill rose from £26.37m to £31.76 in to make them not only 

Authority to run racing and i! Ra^onalisatidiTsifce then has The extra business generated (about 960 shops) and Mecca the first five months of this 

particular to acquire race been fairly extensive as the big ** the mo Y e these larger and (650) have recently earned out year. t . r ^he indu^l ha, no? S' 

courses offers some solution to four. Ladbrokes, Wm. Hill (part better equipped shops has been substantial renovations on The threat of further “o* 

Ihe problem but it is difficult of the Sears Group). Corals and considerably in excess of the their shops. • increases m betting duty is be™ helptd by the fmutaii 

10 see just where the finance Mecca (Grand Met) built up rise m overheads so margins are The majors therefore look always there. But while up to P“» ht °p p „ n e pp ^® 3 t r 

would come from to acquire their chains, closing the less getting a definite boost Corals set to capture an even greater now there, has not been any £-«■£ “ sl «« 

these courses. viable units or merging two or ( which - operates 600 shops) is slice of - the betting turnover, major resistance from the PuWii VJ°“P* n > * ° pen,e > 

Clearly marketing and an more shops as they went along, also looking for bigger shops which is currently rising at over punter— the bookmakers pass 1- ; neuriy went mu 

aggressive management are iin- The big four, now account for in the region of 2.000 sq ft. 20 per cent: betting duty on on the duty to the punter— the _ _. ltal 

portant ingredients in a success- about 24 per cent of the total At the same time it is upgrading off-course, bookmakers (an Government must surely 

aware that any further 


Gaming machines 
turn to video 


be of its debts on the property 
that any further sub- interests but following the io- 
stantial rises would undoubtedly iection of some new maoap.- 
take its toll on turnover levels ment and a scheme of arrange- 

and possibly encourage more went with its creditors the com- 

illegal betting. Paoy is now pulling oui of the 

Turnover is also vulnerable wood. However, while the g/vy- 
to bad weather — lost horse ^. und 416 reawft ' 

race meetings naturally reduces a ^ y . Profitable the company as 
turnover — but greyhound racing V** * s nt,t really in the portion 
does provide a useful cushion, to carry out any major exjien- 
• The level of turnover on diture programme, 

greyhound racing is much -w-, *»• . « , 

higher in London and the I*rOlll51Dle 
South East but overall it , lU 

probably accounts for between * n * . circumstances the 

15 and 20 per cent of total recen t involvement of other 

THE LAST couple of years has in mind the level of wear and The big craze at the moment . Monitoring ■ or metering turnover. By far the biggest Insure companies in greyhound 
been extremely favourable for tear. The Royal Commission on is undoubtedly the video machines- should riot create tdo slice of this business comes in facing must be benehcial for [« 

the UK amusement machine Gambling felt at first sigl.t that game. These games have. many problems since the opera^ 1 * 16 afternoon. . industry in the long term Brent 

industry. UK manufacturers these charges were excessive in developed rapidly over the past tors already carry out a similar An afternoon and morning operates the Hattat? 

continue to take a larger ^slice that they provided for the full few years, but manufacturers check on their machines. The service is provided at three stadium (which receives about 

of the home market: the Royal cost of the machine to be re- have to be extremely , careful recommendation that levels of tracks. But since the tracks p80 1 °°0 from BAGS), and 

Commission on Gambling esti- covered in a period as short as or they are likely to get their payout and stakes should be re- suffer from lower attendances by bolstered by other supple 

mated that some 95 per cent of six months. fingers burnt The video game viewed tri-annually is -bound to offering this service to-the book- ^entary activities the track b 

machines were imported in 1961 The amusement machine i s highly fashionable, tending assist manufacturers on produc- makers they receive some form reasonably profitable, 

but now 95 per cent are home trade as*ocialion (BACTA), in have an instant success rat- tj 0n schedules, although formu- of subsidy by way of an annual The bookmakers have also 

manufactured. Moreover, new however, pointed out that the ing but then peaking out very i at ion on the design of machines froi BAGS (Bookmakers moved into the field. Lad bnik* 

export markets are becoming machines in places such as pubs quickly. Manufacturers could W0U ld make them less flexible Afternoon Greyhounds Service), purchased • seven greybonad 

increasingly available as more and dubs are liable to break easily be left with a number t0 changes of fashion. In the current year the three stadiums for a tutal cunsideifr 

Jesalise down in the evenings and over of obsolete machines, and it ^ny easing of the regulations tracks * II receive £440.000 be- tion of £l,8m while Coral paid 

currently governing the number tween them. £Llni for two large tracks. MS 

of machines permitted in certain Conditions for operators of these companies are i-arrying 
areas would clearlv raise de- greyhound tracks have been out extensive renovations ana 

... . , . ... „ ^ „ dominate the field, no longer mand in ^ * But ror the tough for some time now, atten- last year the return on the 

possible for many pubs and the total wage cost Moreover build on spec, but instead pro- momen t t the strength of the UK danc “ have been falling, costs original investment was about 

clubs throughout the country the machines are replaced regu- duce to firm orders. industry gives it an ideal oppor- have be€n rising and a mun- 15 to 18 per cent. Both com- 

ganung niachmes larly as they become outdated The industry, however, tunityto 8 capture a slice of a ber have had t0 be sold t0 ^ panies would no doubt he lonk- 
While there was some initial or just fall out of fashion. Dis- renia i ns intenselv comoetitive 1. tapiur 7 * 5,,ce 01 a nronprtv dpvplnnpr hpnansp th^v IvT™ rhp 

resistance the lesislation eave Dosable values of outdated ^ ^ intensely competitive, potentially explosive export Property developer because they mg for a better return in the 

resistance tne legislation gave posaoie values 01 outaaieu t b e coming of the micro- mar k e t m America the states were no longer a viable propost- 

the industry respectability, and machines will naturally be low, inarser. in America, ine states 

once it gained a strong foothold although it is possible to inter- 
it has gone from strength to change some of the parts with 


and more countries 
these machines. the weekend. This means that 

The big boost to tbe industry maintenance staff have to be 
came from the 1968 Gaming employed over this period, 
Act. This legislation made it which inevitably is reflected in 


obsolete 
has become noticeable 
many now, including 
American companies 


strength. 


new machines. 


development costs. 


maintenance basis. 

The charges for hire and 
maintenance vary from about 
£6 to £25 per week, although 
in some cases they can be 
higher. Much depends on the 
type of n achine and the likely 
use it is to encounter, bearing 


A QUALITY MODEL RAILWAY 

IS MONEY WELL SPENT ! 


HO’ 


‘N’ 

gauges 



FLOscmunr ho 4247 


FLEISCHMANN 


Sole l T .K. Importer: — M &* R (Model Railways) Ltd., 27, Richmond Place, Grand 
Parade, Brighton, Sussex. Tel: (0273) 6041)50. 

Technical Centre: — Suite IS, Recent Palace Hotel, Piccadilly Circus, London 
W.l.Tel: 01-734 S693. 


The current cost of a jack- IVpfwnrlrC 
pot or amusement-with-prizes 1 ” v L YT U 1 A3 

machine ranges from about £600 Two companies that have 
to £1,000, which means that very built up strung opcraUng~net- 
few of them are bought outright. works are Associated Leisure operators 
Moreover, these machines are and Be |j Fruit (part of - the operators 
very fashionable and fashions c ope Allman Group). Asso- tunily of moving the game from 
often change. This is particu- C iated Leisure claims to be’the onc sit0 10 another as it falls 
larly so in the case of the new i arges t operator of amusement out of fashion, thereby saie- 
video games. Couple those fac- machines in Europe. At- the guarding, to a certain extent, 
tors with the cost of service and moment the company has about th e return on the capital in- 
it is easy to see why some 90 25,000 machines out on hire, vestment. Associated Leisure 
per cent of jackpot machines in The success of the industry is m akes extensive tests to see just 
clubs and amusement-with- clearly mirrored in the results h° w acceptable each machine is, 
prizes machines in the pubs and 0 f Associated Leisure. Profits and only then will it make 
cafes are supplied on a hire and ^ 1976-77 rose 25 per cent to som ® move to market the 
1 £2.2in and for the year to March machine. 

1978 profits jumped 57 per cent The growth of the TV viden 
to £3!m. AL ill be looking to games has naturally kept tbe 
new products like the jvideo video machine industry on its 
games and pool to keep on a toes. The cost of these TV 
growth yath; new machines sit- games has fallen dramatically 
ings in 1977-78 rose by 6 per since the early days and now 
cent. * comes within most household 

Bell Fruit is the largest budgets. Lcboff has made big 
manufacturer of amusement inroads in this market thruugh 
machines in the UK, accounting its production facilities in Hong 
for about 50 per cent of the Kong. Leboff points out that tbe 
UK market, while worldwide high degree of technology is 
it is second only to the U.S. such that these games can now 
giant Bally. Aside from its be changed just by inserting a 
manufacturing interests ,BelI now cartridge in the pro- 
Fruit is a sizeable operator with grammer. 
about 13,000 machncs under While this rapid flow of new 
its wing. The company iff cur- products is keeping the industry 
renlly manufacturing about on a growth tack for the 
25.000 machines a year,- of moment, the recommendation of 
which around one-fifth goes, to the Royal Cnmniission musl 
its own operations, but capacity surely boost confidence for the 
has just been increased by future. The industry was always 
nearly 20 per cent. Exports fairly confident that the recom- 
rumain an important market mendations would not be 
for Bell Fruit and last year too harsh since amusement 
accounted for 15 per cent of machines are the life blood for 
sales, and it is in this 1 area a number of organisations siich 
that the company hopes to as sports clubs and working 
utilise the bulk of the extra men's clubs. But outcome is 
capacity. probably a lot more favourable 

Growth in the industry de- than most could have hoped for. 
pends heavily Dn a regular flow Some people felt that slot 
of new products, not only to machines in public houses were 
maintain the public’s interest not an acceptable feature, given 
but to keep it ahead of the that the houses were designed 
standards of home entertain- for meeting, drinking and'talk- 
ment equipment. The Intro- ing. But the Commission came 
ducti on of electronic equip- to the conclusion that, while one 
>*nent, which is phasing- out commissioner objected to their 
mechanical operations. - has presence io pubs, the machines 
helped lo maintain the impetus “ had become an almost univers- 
in Ihe industry. These, new ally acceptable feature of the 
machines arc far quicker to public house scene and that it 
service, thereby improving the would be impractical, even if it 
margins of the operators, while was desirable, to put the clock 
at the same time they offer back.” The major operators 
more flexibility to the manu- must have taken heart from 
faclurers. this decision. 


market. In America, the states ^' ere m wager a name proposi- future, 
processor has meant that _ the pf j ersey and Maine have Between 1951 .and I; j s difficult to determine just 

machines being produced in recpnt iy relaxed their gaming JJ* 1 of fel J what effect these groups are 

h n, rtI IC ikv of* law s. and it seems only a matter fro l n "SrJS 8 ! ir ^ ie *J™ a 5^S having on the industry wiw 

dueed by the smaller manufac- of before other states fol- un der_NGRC rules) tu 155 (48 tJie j r ex t ra financial musdeaod 


turers net of research and lowsU jt_ Meanwhile, in Europe. under'NGRC) while the total 


Holland. Austria and Spain have annu *l attendance 


The risks of these t>'P* of recently legalised the use of 
machines is just as high for the 


from 21.2m to 6.5m. 


. aggressive marketing but last 

dropped year attendances were 1.03 per 


, , , cent higher with a growth of 

... . .. . ^araing machines, as have eer- , ide ma 3*i r problem for grey- 40 per cent in the first six 

although the larger ^ ^ Australia. hound tracks is more or less nionl hs 

do have the oppor- « v -.. the same as race courses in that . . . ,. 

David Wright they are under utilised. Money David Wngilt 


«*£ Catalogues 

& 


Post: — 
£ 1.00 


t 


J, 


Burger King, have over 
2*000 successful restaurants 
in America, andysoiai; 
onlyone in Britain* 
Tiiey*re looking Soraiotmore* 

Burger King are the second largest 
chain of Hamburger restaurants in America 

They are a household name, famous 
not only for quality but also for bringing per- 
sonal choice back into the automated world 
of fast food. 

They are looking for shop properties in 
London and the Home Counties in prime shop- 
ping locations. The minimum area required 
should be 2,500 sq. ft, preferably on the 
ground floor to accommodate restaurant 

and take-away facilities. 

If you are interested or have properties . 

that you think would suit Burger King, 

please call James 1 Andrew and Partners, 
their retained agents, on 01-839 4436 nmm* 

Or you can write to 62 Pall Mall, BURGER 
London SW1Y5HZ KING 

James Andrew 

& Partners 

Consnlirtiit.Sutvcynr^'& Hsiarc Agents 
02 Hi II MalL L mctalt b\V i Y ni lg 
TrivT'lumc Ul-StfJ 4430 




’••’£■ & j} ■ VT’rC’^i'o ^ -f^%f V*^i' £ . ' !"-' ' ' 


■ en *feN 


’K”i" . 




,:•■ ii '• , !r 6 lg7g 


EmaHclaT Times 6 ' 

LEISURE INDUSTRY VII 

s' t ’• ■ ■ f x • .’If " ... • S . .. : % ’a*. > j # -—•■_• ■ •;,■■• ■ 

':.r^.tf. i f r . :•>:’ "■i ; :.' : " V;? •*: '”. '• 1 



23 





•v-- 




IM5L 


44 Wc. are eonrineetf. ifett a number of a tetocs Jws shrank 
eU-manapcd, suitably located tram over 2 ^ 0 #^ 145 over the 


SOper 

now con- 
SSUmtton 
iMHftted 

tbe r influx of 

parti- 
•■Ktaf 
are esti 



con- 
? cosines 
to .the 
are ■. much 
iOTSiom. 
companies 
have been 


^tsiso i$ on ezeeetUafllv jw^lf- pa« dee*4«, 
hwinca ~!aa projiartfe cent of tbe. 
r obabfy. ta a nyotherbtxtnm centnted to 
t i the cQUfitiyS JSoitai Citnuttia* dnhs. rlftase 
or GoinMtoei': Jiiilt; 2878, ...; iremendfflMlr 
, . M GAMBUKG .may bp "?***:** 

it in ccrUunljtiOTiy proSt- "jffK ' a sear 
= one. '.lt .i.'rtKkotMd that ^ 

.-sweated *V ww j-iwTT ^ 
..ferlWiflPOg^nlwtt.) ,« g" “S 
t ^ «a espial an- ..Jl 

t “* ing * Sn *^ ,J lxm *’» a - 
so ^ es - Ladbroke’s e»sie».‘ jwoftia are 
-•• e f , *';- l . Jr- :. estimated to b av«gu*4ro pled to 

Of ajkjaw .rfbajoT' &nns; of flSm ■ ovei;: tW^hstfV' Coral 
tt - iiw ^ been \ the Leisure ^Irtualijr^’^iniiWeci its 
in’ -'-parttcbliV .. tbe'easmo profits to ££yba year 
op have seen and toePiayboy'bful*feas seen 

l^c*t-£reJWth. ^diost 8 <t Ixs profits iumn ftm .'g^m to 
inflation, theiurnover of £l 2 Am between 1 W. 

-w_ v-eours», abetting,. bingo : ; and The latter, in particular, has 
g tbal} pools ft a v pa U been de- probably benefited^ mafit from 
iniag;...bdt r . not -jhe 7 cashma. the~ casino hooitf faiBce .the 
■'- iroughout; the 1870a the drop profits of its UK op fg rl M Oft cover 
Joney changed for gambling the Josses -hi other j<& 8 ' pt the 
ips) has . ^consistently out- Playboy Empire.-;^«£ its. last 
pped the 'increase ’in into*' financial ' year' PtejSfsf' Hntcr- 
30. Lasr year, for. instance, prises Intr./iad a.^K income 
e total drop, rose by .43 .per at $4^m while ha UKoperation 
hnm>«p r nt - of which :S»jser cent repre- earned SlQ-fm netj^ ' -. 

oi nted increased, business and It. is against thit -.hK^KMiind 

< per cent Inflation.,- All this that the casino Industry is 
" iP»ot „ the more surprising since the understandably womed by the 
•u 1 

\* Jw id oft,* 

d nl Rivigg . 

indiuiry hi;, 
lt? *ped h v to 
ui 0 major, 

Fropenv T r J 
wmpan,** ta - 

J-UTRS nAi*i. *972*1* 


j P?m (Bi the more surprising since the understandably 

,h «n> not, ‘ ■ -• " . ‘ ' ‘ v* 


CASINOS 


: — Drop* • i ' • 

No. at ■ London Province* Total' ' . % In- 
i dubs • £m Cm £m • crease 


nearly , 


T2fi 


xl a. 


dji. 


225 


'it rough 4 1973-74 




125 


n-a. 


287 


32 


on the 


fi: hat folla ^' 3 ^ 74 ’ 75 

•>f some oft, 1975-75 

^ stheot j 

»*!■' :L> credjfe 


126 


253 


98 


351 


18 


121 


350. 


118 


47 T 


1976-77 


125 


538 


142 


680 


43 


j now p!xii,5jg 

rlnwciw. wbik - . 

"^•-■ratiooi K . 
-uii:a»jjc lit lTE _ 
i<:-i really 
y >»t:; any 
prMiruTnra? 

fitable 


’* Money exchanged for-gambling' chips, t 
V 'Source: Gaming Board. v •••'••- - ' 


.*- -• 


THE GAMES 

Pei cent Frequency 

' •■'' Edgef* '-■ofNny^ 
r. Vtatel drop .-... ... mtontes 

54 k . L4-2.7. -"■■■ ' 

*7’.’ -. At least 0.5- ' ' j 

r . ‘ L2S '. - “>'*-*■;,■ * 
- :- 8f l 1. 4-2.7 - .; r^S-5; v: 

■.,.2; (L9-L5 - : - .' . 

t Margin by Strhich odds are set in favour of the hojse. 

V Source: Royal Comn^isslon on. Gambling. 


ihu cirtunas American Roulette ... 

:nvi>lie9KV .Blackjack 
t-'-;r.pan!i- 15 ?Punto Banco 
suns; he wsffcFrench Reoiette w* 
•v :;i :he Jjn: aCraps .1. 

Mptf r..i if Baeearat ■ ■ ^ .nv. 

Y! * v.’n^n rets.~ 

«> frasn Bit 
•-• ;J hy o’jc 
y a-’isv:ues i- 
ib;y profitable 

b-'s'limakfis i 
:i:-. :.ne ilt'ct 
-cJ sfl‘«a i 
•’.? f-r a 
ii.S’.P. tfiuttC 
•r t-.vj i3r«- 

:«!Df:ve .'flW 1 - 

■\ir i"- rfrr - 

, :n’.t'S-ne?>- 

jS per i vin ’ 

\u:ilid no* 1 !* 

• :. hsierwf 


recommendations of the recent 
Royal Commission on Gambling. 

The Commission has- gone 
through the books of the leading 
casino operators and come up 
with the not very, surprising 
conclusion that casinos are a 
very profitable business u> be 
to ' It ' did its sum s "and" 
estimated that the return on 
capital employed for all casinos 
was 172 per cent and for London . 
casinos the figure- is 432 per 
cent. The British Casino Asso- 
ciation does not agree with 
these figures and reckons thai 
the return on' capital of the 
London casinos is not 432 per. 
cent but 81 per cent Even so 
this la still very high. 

The Commission also eotl- 
mated that the average punter 
in a casino payed virtually no . 
tax on his stakes whereas the 
tax on off-course betting is 7j 
per cent So one -of the main 
aims of the recommendations 
is to put the casino gambler 
on a par, in terms of- taxation; A 

with the average punier. The 

Commission's proposal* are two- respectively. In addition Simon 
pronged. First, it recommends and Coates suggests that some 
that the existing licence duty pf London casinos might even 
f5Jm (normally £22.500 per dose. By contrast. Vickers da 
table) should . be increased Costa reckons that while the 
eightfold. This should, increase proposals could lead to a 50 per 
the Government’s tax-iake hy cent reduction in Lad broke's 
£50m or so and. the casioos 1979 casino profits, for instance, 
could recoup the bulk of this by the provincial casinos should 
levying a maximum 74 per cent benefit 
“general belting duly’’ on 
money exchanged ,. for chips. . . . 

Second. the Commission Tavgc 
recommended that big casinos, 

with a drop of over £10m. Aside from the problem of 
should pay an additional casino estimating what happens to the 
levy of 3 per cent to cream-off “drop" (some estimates suggest 
some of their excess profits, that the proposed new betting 
What happens to casino pro- d u *y could lead to a 50-60 per 
fits if these proposals arc im- c* 01 faJl > ^ ^ Question is 
plemented is anybody's whether the main recommenda- 

For what it is worth the Royal t* 009 will be implemented- This 
Commission assumed a 25 per 1® tar from certain hut the 
cent decline in the “drop" if authorities will not have over- 
the 7J per cent "general betting looked the proposed revenue 
duty" was introduced and esti- raising possibilities, 
mated that the profits of the While the industry concedes 
London casinos would be cut that there is obviously a case 
from £42. lm to flO.lm. A few for paying higher taxes to the 
stockbrokers have been doing a Revenue -they point out that the 
few sums and their conclusions Commission has focussed on a 
reflect the very great uncer- period nf exceptionally high 
tainty engendered hy the Com- profitability. Civil war in the 
mission’s recommendations. Lebanon has driven many 
Simon and Coates, for example. Middle Eastern punters to 
estimates 00 the assumption Europe and the Mayfair casinos 
that the proposals are fully were their first port of call but 
implemented and "drop” de- the business tends to be volatile, 
dines by 25 per cent that the If a few high rollers switch 
casino- profits of Ladbroke and their favours from the West 
Coral could be reduced, by ,be- End clubs to Monte Carlo, for 
twe.Cn £9m and £10m. To put instance, the impact on profits 
these\figurea in perspective, in can be quite material. For what 
their last financial years Lad- it is worth the industry reckons 
broke mid Coral’s total pre-tax that the boom in the West end 
profits were £24.Sm and £18.5m casinos has reached a plateau 



gambling table at Crock jord’s. 


and profits growth from here on 
will.:, ..be nowhere near as 
draflJ&tic. 

The industry fears that the 
imposition of a 7! per cent 
casino general betting industry 
could drive punters overseas 
where they do not have to pay 
for the privilege of losing their 
money. Ladbruke's Cyril Stein 
reckbaf that a lair compromise 
would be to double the existing 
annual casino lax from £5.5m 
to £Ilm, say. 

Apart from the tax increase 
that the industry feels is grossly 
unfair the main comment is that 
the -recommendations will not 
be enforceable. In their evi- 
dence to the Royal Commission 
HU - Customs and Excise ex- 
plained that they would have 
liked to have a duty on stakes 
in line with general - betting 
duty, but felt that the con- 
tinuous rapid transfer and rein- 
vestment of stakes in casino 
games, made such a duty unpos- 
siblerto control in an adequate 
and! economic manner. In short 
it was Impracticable. 

The ^ Royal Commission has 
tried. to -get round this problem 
by pitting the responsibility for 
collecting the extra tax on the 
casinbs themselves. The Govern- 
ment Increases its tax take by 
increasing the table tax eight- 
fold and the casinos. can either 

- *y - ^ - - 

Jep’o 


seek 'fif recoup it by levying a 


7$ pep' cent general betting duty 
or pay part or all of it them- 


selves. It is up (o them. As it 
is the system proposed appears 
to penalise those clubs with a 
lot of tables and a relatively 
!uw turnover. The casino opera- 
tors believe that if implemented 
*t could iead to an upsurge in 
illegal gambling and could lead 
to thriving black markets in 
gambling chips inside the 
casinos which it would be hard 
to police. 

Not all the Royal Commis- 
sion's proposals are detrimental 
to the casinos although one 
might be forgiven for thinking 
so given the industry outcry 
which greeted the report. It 
recommends that the number of 
fruit machines per club should 
be increased and the rules for 
roulette changed which should 
improve the financial returns to 
the casinos. All this is good 
news especially for the smaller 
provincial casinos which Lord 
Rothschild believes will benefit 
financially from implementa- 
tion of the proposals. More 
important, however, the Royal 
Comissinn came down firmly in 
favour of letting UK companies 
operate • overseas. It recom- 
mended that the British Gaming 
Board "should not continue to 
operate the present blanket pro- 
hibition.” In the long run this 
may well be remembered as the 
most significant recommenda- 
tion since it opens up huge new 
areas of business. 

William Hall 


CORAL LEISURE 
VEARL 


,f ~X Pontins Holiday Centres, now a part of 
the Coral Leisure Group, catering for well over 
three quarters of a million holidaymakers a year 
in theUX alone. 




Da'il'v, 


c , :-:>;ni:: tofc^IE POOLS is far and away the *■■■■■ 
ihw ?)st popular form oi gambling 
ill? m Britain, even though it w the. 

■ z rj n : ;jii::i^st lucrative pnly gU per cent . 

;; w wssW* the money slaked <m the pools ••• 
>-'pi:a3<-cr returned as winnings, .com- 
. .^. r vviir. 1 ?red with percentages of 70 

i3 *r cent for slot; machines, 81 -a>o~, 
r cent for betting rtiops and 
,5 tier ' v cent for mmw, 1970**1.; 
vertheless, despite the odds- 
eked ag^nst.-teeuV. wftU 
:hird of the adult-population 
in the pools every, week 
ring the football seasoiL _ 
erhaps -tije-blggert attraction : *970-77 
the pools is Hie prospect Of- 
'ie big_win.*-L«ittIewc«)ds, fo r 
imple. had paid out 24" prises c - . _ . 
£500,000 'or more up; -'to 1 the 
i of February, 1978, But to.-'": : 

( this proSpeet in jierspec-' 
e ft poster whofr stakBs 50p 
Littlewood’s trehte : chance 
ibably has ft onrjn 2,79^300 
of winning a £250^100 
djridMcL/Wjth.'Vernbns’ 
i fetters' teehle chance, podls- 
chances of a large win are 
ibably even smaller -than- oh 
Uewoods’y. white : the 


THE POOLS 




% increase 


Dividends 

Total 

on previous 

Total . 

for each 

stakes 

season 

tax 

£1 staked 

<£m> 


(£m) 

<P> 

:L- 97.6 

+ SA 

32.5 

35.0 

' 127.8 

+ 39 J) 

4L9 

35.3 

1SA9 

+ 34J . 

. 56.3 

382 • 

......... - 187.2 

+ 31 U 

62.4 

383 

-.194^ 

+ la': 

683 

35.5 

.i....... 1 - 209.4 

+ 7.8... : 

83.7 

29J. . 


+. A9 

91J2 

28.6 

247.4 


98J . 

288 ' . 

- Source: Pools Promoters Association. 


. . 

-. •' -Sa -.: i ■ . . 




i. . 




WEEKLY FREQUENCY OF bu/lDENDS 1976/77 







e'- 

orid 


1,000 is greater.-' ^ However, 
9n* tiuiugh ' there are very . 


ximum . of VC$D6jOpO r . . at . .. 
•sent), ft is relatively cheap 


Kxstdlridepd:' 

Littlewoods 

Vernons 

. Zetters 

. ■ - Leti tlon £L000. ...... 

.9 ■' ■ * 

14 

22 . 

£1,060^060. 


12 

14 

- £5,0(«W2(WW0- 

8 

8 - 

12 

£2M00-£10fl,906 

13 " T 

. 15 

4. 

i Over £180.000 

14'.. 

-- 3 

: 0 

SecoBd divldendr 

- - -V../Vv ■ 

r m 


Less, than £100 

16 •' 

' 19 - 

34 

£100 to £I,00(L 


19 

13 

Over £1,000 

24 

7 

4. 


Source: Royal Commission on Gambling. 


,?v 


5s f| * 

shop 

wU 




hQ, 


participate;'— the cominocest . • . 

ke being 22fp.: LUtiewoods relaxed view and concluded that of these, two companies has 
»r two “goes" > peony ,' tbey-' were “not only popular meant teat smaller firms have 
noons 'eight and. Zettez825. : :*biEt:wi{iely accepted as a harm- beenjsqueered out of business 
rhe pools business-'greWfrtrty lcs^ activity." In addition the because they could not afford 
t to the early. lfiTO& Be tween tee CoBunteston - found * no ss.big.prizes and were, unable to 
19 and 1974 -thQ total value evideiice of inefficiency to the achiev e .the same economies of 
money stoked : on. te& poola rnnning of the business nor scale. With the Jiig rlre in postal 
ighly doui^!^althOi^:-ia-^ aiggestioas that profits were chmrge^- for instmee, 
lion rose by only 50 pec.cent ma^rtioaialiy high.” ' • • WMd6-.'ancl Vernons switched 

so, imjfiytog v^real rate of V;.. Smce the iast. Royal Commis- over using individual collec- 
rease of-SU- perrttnL^'Hflw^sion' : reportedthe number of tersf or /.almost 90 per cent of 
:r, in' 1974 : the' : : ~Rbveir ni!n^at ;.comp aotos .tnycte^' to running thexrjttmposs. The small com- 
r eased the' jmol'Twtttog dtoy: tee todustty hais contacted sub- panics have not been as success- 
m 33i to 40 .per cent^md this stantially. In .eariy 1948. 231 ful -. _ to: • recruiting collectors 
to a sharp- slowdbwiL. Since rompante^ were involved: this (because they can earn more 
<4 the value uf sUkejL has^had contracted to A2 by 1950, f«im tee big pool companies) 
in by 27 per' cent, Wh4e with Utfiewoods controlling 50 and rely much more heavily on 
ces have risen hy areuAjtiw^ per eent-of the marketr Vernons the Wtal, system. . 
rds, vriu{*-means lh4tiureal v 25 : per cent and Sbermans 12 As-;. a result: there has been 

ms the volume of ^uStoWS percenL §iace then LittlewoodS ah inevitable rationalisation of 
fallen by around . 4B per to taken over Shennans. taking tbe-Smaller companies and over 
* ■ - : up Jh 66.9 per the Wat emiple-of years Betters 

|T artier Royal C^ mu n i ^ons on . cent- Vernons has stayed’ has taken . over Copes and 
nbitog have |ooked.vrWi'di>. independent- although It was Empire Pools. - 
our on the pools stoee they - very ' nearly takejh hver-by , If Anything betters seems to 

ieved that they iuti^u^ bro^ittJ^fxff £l7m, andits beaefit mjst .among the pools 
masters - tothe evil betting share. ,4>f:'. the market, ltes companies from ;tte 4 recent 
»iL However, the latest Royal remained virtually unchanged Royal Commission 3 recoup 
.ite&U-wijA. iaore -at a^nerraeaL Tlre^domtoagce meadations, Snoe tee suggested 






limit of £500.0flk) on prize 
money .is. way above the maxi- 
mum £70,000 Zetters has paid 
out so far and the 2± per. cent 
limit on profits for companies 
with turnover of more than 
£35ra will only affect little- 
woods and Vernons, since 
Zetters* . annual turnover is 
nearer £l5m. 

Although the Royal Commis- 
sion generally looked with 
favour on the pools, it did con 
dude that the "football industry 
involves tittle risk. Competi- 
tion from outside has been 
excluded and the Industry is 
cossetted by a fortuitous mix- 
ture of legislation and historical 
accident." Although It accepted 
that <he industry was efficient 
and had cut its- workforce from 
23,000 to 11,000 over the last 
two decades, it still reckoned 
that the profits of 'the big two 
were on the high side. It. cal 
culated, with the -help of the 
companies, that, their return on 
net capital employed was 62 and 
77 per cent respectively on a 
historic Cost basis to 1976-77. 
However.it argued that because 
the first company held a lot of 
surplus cash (for reasons of 
“political uncertainty”) its true 
rate of return 'was not 62 per 
cent but 132 per cent 

As a percentage of stakes the 
profits are around 3 per cent, 
which does not look particularly 
excessive compared with the 
•returns, on capital. The Royal 
Commission, however, felt that 
because the pool companies 
have an effective national fran- 
chise. since- it is virtually 
impossible for newcomers to 
enter the business, their profits 
should be limited to ZJ per 
cent of stakes. 

The other worry for the pools 
companies is the impact tee 
proposed national - lottery will 
have on their business. This 
will.be able to offer a proposed 
maximum prize of . up to 
£500,000 which could well 
siphon off some .of the money 
now- going into , the pools. The 
Royal Commission reckons teat 
it will only lead . to a reduction 
of around 13 per cent in pools 
turnover and Littlewoods and 
Vernons will still be able to earn 
returns on capital of over.. 40. 
percent. : : 

William; Hall 




Making people 

happy is a 

responsible 

business 


Associated Leisure is Europe’s largest supplier and 
operator of amusement machines. 

We are a public company long established in the 
amusement industry, whose main divisions covers good 
many of the needs of the ever-growing leisure market 
We run a country-wide network of hiring and sales 
companies which provide a comprehensive range of 
services offering an unrivalled choice of machines, 
specialised marketing advice and seven-day-a- 
week back-up service. Behind these services 
stand the management, expertise.and technolog- 
ical skills acquired through years of experience. 

Among our clients we number leading 


breweries, clubs and hotels as well as commercial 
and industrial organisations and local authorities. 

We also own and manage a number of leisure 
complexes such as Margate’s Dreamland 
Amusement Park, a holiday centre at Sandown, Isle 
of Wight and other amusement centres and arcades 
up and down-the country. 

And with an eye to diversification, 
Associated Leisure has moved into the hotel 
industry. 

Our aim is to keep everybody happy- 
especialiy our customers, our employees and 

our shareholders. 




ASSOCIATED 
LEISURE 
LIMITED 

Associated Leisure Limited, 
Phonographic House, 

The Vale, London NWfl 8Stt 
Telephone: 01-450 5251/5221 
Cables: Phonograph London. 

Telex: 27436. 


■- v 





. Financial Times 


Wednesday. Septemfite? i 


THE LEISURE 


L-«r TTTTT 



Theme parks gather 


FTrw PF ., PLE emer „ e from accommodation for the day, and has been challenged Earlier siderable •attraeticm once j*ey 

^<^£p>ss - e i“f r t slss « 

SSvsSS tS£3 ASS r^SS^j 

leisure 1 animal, the theme park, and perhaps a small souvenir. A little slow in this field- Clrcus - 

Most people contemplating an whole day destination would be the seminar of ^ the Marriott Again the investment can be 
investment in any similar field looking for several times this Conporatioii s relatively high-one of the old 

at some time make their pil- figure but must still, leave the sect .developed from basic tenets of, the game is 

"Tiraase to ihese Meccas of visitors feeling they have had a site with one ot tne cornest yj at your investment must 
mass 'entertainment, admiring gn nd value. Bad reputations in winters in the Li.Js. L.mca„o. tn crease j n indirect proportion 
the crowd control, enjoying the ihls field travel fast. Lord Marriott with lra as con- to the size of your site— with 
rides, and envying the resources Montasu at Beaulieu and the sultants. developed a panswiin ^ unwillingness t0 spend 
that can put STnom into Disney Bedfords at Woburn have ■ May^Jctoder season, wnen m0 ney a ma j or railSe of failure. 
World at Orlando alone. shown themselves to be parti- Mamotrs Great Arnica i'arK It takes a degree of courage to 

Theme parks are the things CU 1 arly skilled in continually opened in 19.6 m the Chicago do what Lord.Delfont did when 
which took over from Fairs, widening the range of a'trao ^ l jw a s asmashingsu^eM. saw a pre^ew of his London 
row and the seaside, although tions an d in managing the The »Mjon drew more Experience decide it was not 


together— and attendance and 
revenue, were increased at a 
stroke. 

Further development of 
sophisticated midways, and even 
of theme ; parks is likely to 
depend on the view taken by 
investors of future prosperity. 
Had the oil crisis and economic 
downturn not come then Britain 


would probably have at least two 
or three greenfield theme 
projects by how, not perhaps in 
the Disney league but certainly 
in the £ 10 m bracket. A couple 
of years of.- growth, and: a- 
measure of confidence in the 
future would'tip the scales again 
and bring the. plans back .down 
from the shelves. High on my 


list of likely ones wmiW be Uie 
film studios to the nor 
west of London iRank recently 
opened Finewood for a gMJJg 
day and was surprised by tne 
crowds it produced) and some 
renewed interest m th ^ thuse< j 
sea Park site which so enthused 
Sir Charles Forte a couple of 
years ago. 


Trident might yet ^ 
interested in theme parks, 
that company's involvemem £ 
animals has caused it some W 
tation over the past year orj 
it might appreciate someth 
inanimate. The day oftjz 
British DIstiey is, however ^ 
very long way off. ’ * 

A. s. 


Doing it yourself 


Bingo halls 


most of them have a theme^be napp -" draws of any park excluding season : 

Difficult to each of its two parks). . ® ut i n VeS ^resnlt& ^ M^cf me 

planned a Wonderful World of xhe second disadvantage for The success of the Chicago Tussauds (the FT declares a 
Television park), or fun fair any .)n<? considering theme park project must be acknowledged current interest but this story 
attractions. Stately homes are development in the UK is the and also such exercises as the concerns a period long before 
classic theme parks, as are the shortness of the season. Even Six Flags centre at St. Louis ^jj at association) was faced in 
nunierou> rural museums cur- Disney has conceded that it in Missouri. However, these ^ ear j y 2960s with an attack 
rently opening up and down wou j d he difficult to run any- inland American " states may ^ middle aged snread The 
Britain. There are some who thing lls world and Land have harsh winters but they h was ‘ clty 

would say that London has. operations in northern Europe also have pretty reliable warm so great that faintings 

become the biggest theme park because a four- or five-month and dry summers. were frequent but there 

in the world. Disney’s opera- summer season is simply too what has happened on this seemed little way of increasing 

tions not excluded. short. In the UK so much of gj de 0 f the Atlantic is that attendance or revenue. Quite 

However, theme park invest- the facility has to be indoors European investment has apart from the improvement in 

ment is no simple matter and or at least under cover, as. tended to gti into “midways," attractions and the up-dating of 

its complexities and size have indeed it is at many stately another American expression models, Tussands carried out 
been sufficient to deter more homes. Disney can get more W faj C h translates from the old two basic changes It installed 
companies than Trident over th an sso from each visitor but fairground days to more a lift system that took people 

recent years. l, T, and still needs a near year round modern circumstances in the to the top of the building and 

politan subsidiary Mecca backed sea son to make the handsome form of attractions which tend allowed them to filter down 
away from its £M0m Herne profit it does. Not many Euro- to lure the passing trade rather through it on the basis that 
England project and , rus * pean theme parks could aspire than form a prime trip reason people coming down stairs grow 
Houses Forte has not persisted t0 a fn). a -day spend and cer- j n themselves. Harrods, the less tired and bad tempered 
with its London plans. tainlv not the £10 a day which Tower of London and Madame than those who ciimb up them. 

It is perhaps the wealth of the might be needed to sustain a Tussauds are all London mid- It also installed air condirion- 
UK in such properties as Disneyland in the climate of ways, normally not sufficient to jug. In cooler, fresher condi- 
Woburn and Beaulieu that has Suffolk or Holland. draw visitors from long dis- tions, visitors to Tiissauds were 

made it difficult for many tn Tliis view of the short season tances in themselves but a con- more willing to stand closer 
consider theme park develop- 
ment from scratch. The compel!- ____ 9 

lion is so strong as to demand IV . _ __ | 11 _ 

a sizeable initial investment— Kit] *T^\ Q I I CJ 

the cost of creating a Longleat I J l I 1 fill M I I CjL 1 I ^ 

from a green field might be 

thought prohibitive. ™ o r rr IS RECKONED that some put the bingo business in steps to improve their profit- 
developments . • 35 per cent of the adult popula- perspective — it is not an indus* ability although for most of 

been the seasint arausem - ni lion enter the pools each week, try that attracts the high rollers, them bingo is hot very 

parks and the zoos. 9 per cent bet on either the As one Home Secretary once significant in terms of total 

To understand the difference horses or dogs at least once a put it: “It is a neighbourly profits. Ladbroke probably 
■between a theme park and other m0 nlh and 4 per cent play bingo game played for modest prizes." earns no more than 7 per cent 
form* oF attraction is to grasp regularly. An estimated 4m All along the authorities, and of its profits from bingo, while 
the reason lor the substantial people (85 per cent female) in particular the Gaming Board for Coral and Grand Met the 
investment involved — and -play bingo at least once a month which is responsible for super- contributions are probably of 
realise that considerable and spend an average 8Sp per vising the bingo halls, have the order of 6 per cent and 
returns are possible. A theme visit. Although there are been at pains to ensure that 4 per cent respectively, 
park must be considered to be slightly more bingo halls (1740) bingo is developed as an activity The Mecca division of Grand- 
the type of attraction which is than cinemas, there are nearly disassociated from hard gaming Met *,hirh ~nti v took over 
going to bring family groups out eight times as many betting and heavy gambling. Hull anemaf^ riu itT three 

,,r ttelr house, or holiday -shop.- These ft. agum help , Mth0UEh ttere have been £S““d wS|£S 

exceptions, bingo halls still give new halls this year is forecasting 
the appearance of being social a “significant increase” in its; 
dubs rather than gambling bingo profits in 1978. Similarly, 
joints. The recent Royal Cam- Coral which made £1.2m out 
mission on Gambling was fill- of bingo last year (it is one of 
some in its praise. "We think the few to reveal its bingo 
bingo clubs are popular and use- profits) is also talking of a 
ful social institutions. They •* significant increase ” in 1973 
provide an agreeable pastime profits from this area. EMI. 
in a companionable setting to which has the largest chain of 
large numbers of people. They bingo halls, reported lower 
make profits which are reason- bingo profits last year which it 
able and not excessive." put down to the general decline 

- Bingo is no longer a growth in consumer spending. How- 
industry: if anything it is ever, it is closing down several 
slowly declining. The rapid of its clubs and has made a 
growth in the number of com- "substantial investment” at 
mercial bingo clubs following seven of its clubs in London, 
the passage of the Betting and The key to higher profits seems 
Gaming Act, I960, was prompted to be in larger units with 
by the decline in cinema improved facilities — a point 
attendances and the hope of echoed by Ladbroke’s chairman, 
putting the premises to more Cyril Stein, in his last annual 


CORAL 
WE ARE 



THE DO-IT-YOURSELF home 
improvement market has been 
one of the major success stories 
in the leisure industry. Growth 
over the past 15 years or so has 
been dramatic, and spending in 
tbe current year should com- 
fortably exceed £lbn. while it is 
estimated that the total by i960 
would have topped £l}bn. 

Most analysts, however, 
anticipated the spending level 
to break the £lbn mark a 
couple of years ago, but the hot 
summer of 1976 followed by the 
severe erosion in spending 
powers upset these projections. 
B.ut. there was a noticeable 
improvement in the latter 
months of 1977. and trading 
conditions in 1978 are certainly 
more attractive. 

The year kicked off with 
lower mortgage rates. On top 
of this the building societies 
were flush with funds, while 
/here has been a steady revival 
in the level of consumer spend- 
ing. There are a number of 
reasons behind the rapid growth 
seen in the do-it-yourself home 
improvement market. Tbe 
steady rise in the level of home 
ownership has been a significant 
factor since it is estimated that 
owner occupiers spend up to 
six times more on home im- 
provements than those in 
rented accommodation. 

But probably the biggest 
boost to the DIY industry came 
via the abolition of resale price 
maintenance in 1965. This 
changed the consumers shop- 
ping patterns following the suc- 
cessful launch of the self 
service discount type of opera- 
tion. 

Retailing styles have changed 
appreciably, and while there are 
close on 30,000 retail outlets 
marketing some form of DIY 
products, it is the largp special- 
ist discount stores, that are 
making a real impact The 
range of products offered by 
these larger units — 15,000 sq ft 


and more , is the size of some 
new openings — is more compre- 
hensive and the pricing policy is 
certainly very competitive. It is 
estimated that there are around 
2,500 of. these supermarket type 
DIY stores, and. they are 
reckoned to account for about 
a third of the market By 1980 
their market share could well 
have_ risen to around a half- A 
number of the smaller units are 
already being forced out of the 
business— Crown (Reed Group) 
is closing its retail chain. 

Three companies that have 
become a force in this area are 
Homecharm (taking in the 
Texas Discount operation), A. G. 
Stanley (Fads Homecare) . and 
Status Discount All three have 
been steadily increasing the 
average ^selling area to meet the 
growing need for one stop 
home improvement centres. 

In two years Status has in- 
creased its average selling area 
from 4,000 to nearer 8,500 sq ft 
by opening larger units and 
closing down the smaller less 
viable stores. Homecharm has 
shown a similar growth and its 
average is now about- 7,000 sq 
ft and sites from abonf 20,000 
to 30,000 are being sought A. G. 
Stanley has also been actively 
upgrading with 15 stores being 
opened in 1977 (two of which 
were resites) while eight were 
closed. 

The growth of these larger 
supermarket type . operations 
has led to a fiercely competitive 
market. Own brands have 
become a significant factor in 
this type of trading concept. 
Margins in these products can 
be as much as twice the level 
obtained in brand names, while 
at the same time there are con- 
siderable savings for the ’'con- 
sumer. The trend towards own 
brands has been, particufifrly 
noticeable in paints and Vail- 
covering and recently (on the 
back of the large units) kitchen 
furniture. 


Status is almost 90 per cent of £342m in 1977. But the maj* 

, S 2SLJ „ n oW n brand pro- manufacturers still face a 
ducS d and the proportion is cult time. However some 

-rovrin« rapidly at Homecharm the smaller manufacture 

foKng a recent launch of a particularly those that have , 
STS own brand kitchen strong comtection in the ow, 
furniture label ° eld ’ 5Uch as D ®nald 

Faced ’with the threat of Macpher son and Leyland Paints 

these successful DIY super- appear' to have more going far 
markets, the huilders merchants them, 
and those in the timber trade But the fastest ■ growing area J 
like Magnet Southern were n f the DIY market is ^ 
forced to change their product general improvement side and 
mix to include more DIY tines. j n particular kitchen funuturs. 

Moreover the supermarkets, -This general improvement side 

especially Tesco and Asda, have represented about JE620m <jf 
moved into some of the faster total expenditure in the up- 
selling lines. L . market, and by 1980 the 

The growth of own brands - IS expected to reach £800m. 
and the effects of the price cut- Certainly the kitchen fumi. 
ting war has taken its toll on t ^ re si ^ e become the stron* 
the major paint and wallpaper po j nts 0 f status and Hom^ 
manufacturers. Margins have c harm. In the first half nf 
been eroded and few if any are t tiis year kitchen furniture 
making a profit. In an effort to accoun ted for about 65 per cent ! 
restore margins tbe many- of sa i PS at status, rompa^ 
facturers stopped bonus deals w itb 40 per cent last vear.wbfr ■ 
on paint last year, while credit at Homecharm, which has i { 

terms offered to retailers have Iarger pn)duct ^ ^ | 

become much tighter. Status, sales from this am 

The position for the pa n were 2 7 pcr cent of total agakm ! 

manufacturers has not been t = 1973 ; 

helped by the rather static Without doubt the retail ! 
market that has been apparent become the driving fnraj 
over the past four years; the jn the DIY raarket 
retail market is about 86m eJCtra buyins _ mascJe JJ. 

I rtres — agai nst about the growing policy of own brand! 

in 19-3. But the problem has products _ Already Homecham 
been more acute for the wail- ^ G stanl and Status 
covering industry. The total wel[ ^ the 

market last year was about First . haJf profits at ^ 

86m rolls compared with about were just under the tota] forEh , 
X12m rolls in 19i0. Much is who i e of 1977, while both Home- 
being done to check this dnu-. charm and Stanley were nmniM 
trous slide in sales. A about 40 per cent ahead in dx 

covering Marketing Board has earIy months. The early Easier 
been Formed with representa- had some effect here ^ 

lives from the manufacturers, though th e growth pattern has 
the DIV giants and the smaller slowed sUghtly since then, both 
retailers as well as the whole- are on ^ et for sizeaWe h 
salers. On the back of a sub- creases on the year. Elsewhere 
slant lal increase in advertising u hag been apparent m fc 
some recovery is anticipated retail operatio " of Magnet ^ 
snort tenu. Southern has cushioned iht 

Overall the decorative niarket Shortfall being seen on tie 
(mainly paints and walkover- timber merchanting side, 
ings) is expected to top £400m 6 n W 

by 1980 compared with a figure n.j 







32 Bingo Clubs across the country with 
over half a million tickets played each week 
and Coral Islands atTorquay and Blackpool, 
catering for three million visitors a year. 


LEADING BINGO CHAINS 


j * ■ ■ : : ; ' ■ .K. *.;• t+r- i.,.. ' i 




m jn 






EMI 

Mecca 

Ladbroke 

Rank 

Granada 
Coral ..... 


BINGO CLUB5 

Turnover 

No. 

£m 

1.510 

149.4 

1,672 

165.5 

1,782 

184.3 

- 1,813 

211.1 

1,820 

236.2 

1.780 

277.0 

1.775 

299.2 

1,740 

334.2 

irce: Vickers, da Cosla. 


No. of dnbs 
150 
132 
76 
68 
30 
30 


% change 
in real terms 






mm 


: jfm:. 


vM&0 




- ; 4m 




profitable use. According to 
the Royal Commission " a major 
element in the success of the 
clubs was that they catered for 
a genuine social need by pro- 
viding places where people — 
mostly women and often lonely 
or elderly — could meet in a 
neighbourly way to enjoy an 
agreeable flutter.” At the peak 
of the bingo boom in the late 
1960s there were around 3,001) 
clubs but in recent years the 
numbers have been declining 
but seem to have reached a 
plateau of just over 1.700. 
Similarly, average daily atten- 
dances have settled down at 
just under half a million 
although during periods such as 
the Jong hot summer of 1976 
the numbers temporarily fell 
off. It is estimated that over 
90 per cent of the players are 
over 30. 

Around a quarter of the clubs 
arc owned by four main groups, 
EMI. Mecca (part of Grand 
Mot). Ladbroke and Rank 
Organisation. Granada and 
Coral Leisure also have sizeable 
interests in the business which 
they have been expanding. 
While the industry has been 
regarded as something of a 
Cinderella because of its 
stagnant growth and un- 
glamorous image, most of tbe 
big groups have been taking 


report Ladbroke has - spent 
considerable amounts in recent 
years transforming its old 
bingo halls into self-contained 
leisure centres for adult 
members of the family offering 
a variety of games, bars, cater- 
ing and retail sales in convivial 
well-appointed clubs. 

Although the Royal Commis- 
sion on Gambling generally 
gave bingo operators a clean 
bill of health it did complain 
that punters got poo- value for 
money on prize bingo games 
which normally account for 
about 20 per cent of bingo hall 
revenues. Lord Rothschild and 
his team of non-gamblefs re- 
commended that this should be 
made more widely known. In 
addition, the Commission re- 
commended that in no single 
game rf cash bingo should the 
individual or aggregate, prize 
exceed £ 1,000 f something bingo 
operators had been lobbying 
for). Finally the Commission 
recommended that the rules on 
the number of jackpot oi' 
amusement with prizes 
machines should b; relaxed, and 
dubs should be allowed to 
play games such as dominoes 
and g|n rummy. But on balance 
the Commission did little to 
foster what is at best a stag- 
nant industry. 

W. H. 




mm. 


. .'iv v <| 


•' J nm 

■ XJi 


ife V J 


•’ ...... ■ 




fV; : 


> -yT;#. . .. j 


•• ^ . m-f 





WeVe told you something about Coral Leisure. 
Bui there's more. 

Greyhound Stadia. Squash and i 
Leisure Clubs. Fast Food res tau ran Is. Marina. 1 
Today Coral is the whole world of leisure. 
That’s who we are. 


For further informalioibwriie io:ThcSeaetai>-, Coral Wish re Croup, Berkeley Square House, Berkeley Square.Mayfair.Wni^ 













>ten ^ 




\ 6 1978 / — 

' Italy’s economy at the crossroads 


By PAUL BETTS In Rome 


BE NEXT few weeks are threatens, to. widfP **ea mort ; years ago, is stable and inflation creasing productivity and coo- 
ent kely .to be decisive for Italy- the rift- beiv»en 'tot depressed appears to have settled at latnmg wages to guarantee a 

-tedinfjsbt V the cad of September the -meejogumw «nd-t3w 'industrial around 12.0 per cent. sustained process of accumula- 

“^Pam? 1 - Christian Democwt ^orth...The ewnonuc ^ This sharp improvement is uon - Ultimately the Govern- 

5 * nJjpvermnent, whose- swvivil or/as the-.Balbuu gilt toe the result of many factors The mcnt 1,ope 10 se nera te sufiQcient 


on the- direct support boom ofthelS&K,; which- trans* mone tarv authorities have stable growth to create up to 
ht an I W if Communists and the formed Italy from an agrlciil- allowed ’the lira to slide but 600,000 new jobs, especially in 

:at P Jpuntry’s ‘ other mam parties. -ta»NmdustrWI':co«“try to an s j owJv lh th do , 1;iP the South. 

5- Linrt ftfle ha< -m..- _ \ . : . “vuar. 


’ 'dinary budget antt-the budget live base ot tlie>Juntry atagnai- effectively cheaper while help- for changing the currency de- 

irms part of a much broader ln g T b m - h aving _ to auppon a f n * to boost exports to the nomination as part of a wider 

■edimn term economic recovery comsarttly ■ growths- aess or European hard currency reform of the country's public 

f rogremme whidi,. according to consumpUon. b^h. Public and countries like West Germany, finances. A lira pe&ante or- 

Ig. Filippo Maria Fandolfl, the private. • "... . The marked reduction of the heavy lira would be introduced 

rcasury Minister/ will, deter- • . . ‘ crude trade deficit has been along French lines by a 

tine whether. Italy stays in /> j : : |/A44A r furtlier assisted by the reces- measure transforming the etist- 

ur op® or rinks even deeper UcUiug OCUCl sion which has lowered import iflff lire 1.000 note into one 
ito the Mediterranean. • ;- c ' - • - demand ami by record tourist new lira. 

-nUnm*, What will be at stake is the " Boriveeo ^ receipts, which have had a The central feature of the 

a tture! 77, of : Sig. Glulto -»te-of growth.flfi COP averaged dramatic effect on the invisibles Government's economic pro- 

im e . g still (. jidreotti's ' administration. 6*4 per cent. <;It . has since account. posals is to control the ever* 

smaller lhe <tovernment was fallen to tardy W per cent in But in submitting his outline expanding public sector borrow- 

iiari y W 70 ™ in six months ago, the 197R-78. ConsumW.pnres, whuh tiuwywr 1 197&-SI > eeunomic Ins requirement and to contain 

emi«- 1 n *e Trime Mi n ister undertook with rose by an annual. .average of recovery programme 10 the rising labour costs, which are 

A UI *-Ctir m Alliftfi vnrriae m ^ AAT> AAAV in in Ihp • ; fii- ItrttV. at tVia 



t “ a Qdi^ramme to faring the country our annua! rate of 16.9 par cent, warned hist week or the the last decade. The figures 

nave four/ its recession. 8°* then the Bciween the same' two periods instability of the present situa- speak eloquently enough. On 

iivage kidnapping and murder the annual increase of labour Uon. In present circumstances current policies the public 


i 

■n^ni 

OfllH»lBlli 


w uiuvoum tne nominal £rOwul oi l**™ ill* idun^ Jiiuiun |#ai> 1111:11 la wumu uc iu uac 

tieular kiw^«one. toe- President of the vestment-! has dreppetf.from 20.6 crisis and a sleep increase of this year and. L 33,530bn 

enera] imta/' c * >u ^ c * on 50 far upsubstan- percent to JG.9peiccnL the inflation raic which would subsequently grow to as much 

enied jiJJ^tated diarges of corruption, -i-'-C*"'' despite 1,iev itably be followed by a as L 43.720bn in 1979, or the 

^'PendiinV/ &d*n important series of to*** whole battery of new monetary equivalent of 1S.2 per cent of ,„ r v ni „„ „ 

t. and h»l?. ,cal elections have brought TePMI !?^ POl3t,Ml ' C ^ < ™u, restrictions. 11 is now neees- GDP. sectorborrowms requirement to 

?cted to wenunent activity almost to a ,°h« Sflr >- Minister said, to look The public sector borrowing H 37 ^? 0 mtroduc “jS a “"e® 

ainly , h ??^n6stilL - - bejween GoveraraMt,, the mut . h de cpe r and loUke advan- requirooient. which has grown of ^J ar UI «I»ec‘fied , fiscaJ 

de h a .. u ^ TTie underiyfpg social strains^ ^ -jlto toadu mge of ih<» favourable cconoihic over the years to meet the iBe * aore ^ , ^ reat f r controls on 



It ls now neees- GOP. 


sector borrowing requirement to 


do k,..T c ^ The underiyfog social fitrains. ^ 1 '^ 1 . rr tage of the favourable economic over the years to meet lhe “**"*“* *^ « 4ir “‘ C4 ““ 

n? e, -^fowever,- have continued to in- 1 “f Ions ' toit also among tabmet S jt ua tion by putting into effect expanding deficits of lncal and ?* ,,s ab0 . u ? 

_ status kivaui TlnpmntAimiMn i> nc!na minister!.; one of Europe K SICK mi.rliiim-ti.rin nrournmmp to aiithnritipQ nf eaAtni. L 2^0000 10 pension and S0C13I 


- a f “r about gjre unemployed, only tell part better. For the. first time in ing the foniing years. pension system, has been aptly the payment of pensions on top 

, " at S| ab, the stoTF : More than "O per almost a decade, toe balance of T . 0 f «i ic Govern- described as an enormous e#rnjn S s from employment. 

w Cem las, fc ent 07 toe" unemployed are pajments showed a sizeable sur- mtnl - s nrQ”ramtms is to reduce octopus with insatiable tentacles. measures, according to 

orT ^° Unfr ' • * UR -* ^ ? i00 ® bu th^inflauim^rate^lo about lthS The pension system is just one Jo. 

P_? duc J The state sector industries. tabuut.£ii!hn) iart- year and a pcr cenl next year and to single example. Italy, as a result, has jj* 

I-* 1 ** ftoio t ne of the main features of substantially large, surplus of fi 3U rcs during the following two become the only country >n 

; perc ?nt nf Italian economic structure, are lire 3.000bn k expected this years. Exports are to expand Europe with as many as 70 JJJ*®" 1 ‘f. 11 " 

, , ; Ent J ID J9 Tj rippled by mounting financial TIk* foreign ^resen-es. now by an annual rate of pensioners for every 100 wage pnavwe the recoiery of the con- 

1 lUt ™ubj Q^jsses and accumulated tfcfrb. more than U.S^9bn, 7 have risen 0.5 per cent during 19S0 ami earners. strucuon sector through an 

’ et ^ tbe d®.7 the Souto. the threat that sharply. The lira^ after the 19S1. and lhe rise of labour Next year, the Government ambitious public works pro- 

- DIY mmg'avpraKplanis will -have to close exchange raw ottris of two costs is to be limited by in- proposes to hold the public gramme, and help to support the 

--vtra haying - ■ . ' . ■ ■■ ■ ■■■■ ■— — — i— ■ ■ — — — — - — — — ■ 

JSS - ■ Letters to the Editor 

aesd in the b^ u „ n J . has risen at an ever increasing terms. Not so long ago there was unionists support the Labour themselves with local communi- 

‘•hali profils ^ JL siV <11111' ‘ pace.. This has given farmers a strike at the London Eastern Party. cations problems. The smaller 

ust under thete • j ■ ■ j* 1 • . more confidence in abe Juture of postal district - office expressly The TUC is not however the corporate units in Japan to 

b: 1977 vhikfc OrOullGtlVItV their industry. Acting upon this against the recruitment or addi- 1,170 delegates, but the 12m whom the Westerner wishes to, 

and Sianln J. ■ ‘ ' they Tiave been willing to pay tional labour; which made it members and for Trade Union sell, are the potential pur-j 

■in npr™^^ rom tc - - !! }?*' ■ "■ : oVcr increasing prices and. rents fairly dear that the work shar- leaders to cast their members chasers who are ingrained with 

T*Jyr C ™ J ® Sir.--J have read with. interest for farm, land; -Having: thus ing philosophy was not approved votes at a conference in Brighton their domestic traditions of mar- 

r.unjii Tiier^r. Hallams letter of- August 30 made a stick with which to beat of by the wider Union member- for one political party is patently ketfng and distribution — with 

«itne effect yidTyngta 1. could nlso pelieve their own. backs they look for a ship. The much larger industrial absurd. Those 12m voles will be such people the communications 

?h the -rovnljftt^toe honesty to® ao-caued whipping boy., lhe consumer is action now threatened on the cast individually and tn secret on barrier is difficult. More so for 

' sliahtJv 3i»r jlf ’ fina ®^S productivity, dea-a. chosen as. the victim. ^ London tube underlines this polling day and many millions the French. German and Dutch 

■ target ffir« n!y today- (August 81 1, -tor ex- -.Althou^i 1 live close 'to the forcefully. of them will go to Conservative than the Enylii,b, 

s f.n ,‘hp t-n® rlaast -quarter s ngnres grass rooTs as Mr. Rosen has The official campaign fora 35 candidates. As far as the American per- 

. " CJWt, r the coal industry navebeen indicated /(September 2) 1. still hour week as a means to combat Trade unionists will be voting forntahee is concerned surely the 

r-een appararubhshciL Teveahng. a 1 per «nt keep mv head high "%nough- to unemployment, at both notional for the party that in IB years situation is somewhat different, 

operations oftedtictk)h in twqduction over the see dcafty what JigoUf on about , and EEC level, must therefore increased their standard of living In th&first piace the U.S. was the 

•rn has cnte*tne ••.pejiqdi. : 1ast - ; .ypar,- jnck .i me ’ ,Nn one' .appreciatRi Tjnbre be seen ari the 'non-starter, that’, by 60‘ per cent which increased -domipant post war forre • in 

«Ii heins » «.ould. wager. £10 joa^enny.tnat dearly than I. do the dlstinttion perhaps unfortunately, it now jobs in its last period of goveni- Japan and superimposed upon ii 

■ mop/'tianHjw^e'cos.t of. total wages conswerr uetween landowners and -tenant . cledriy is. As it is, it suffers ment by 23,000 a month and a veneer of business practice 

,bly above- 'tne TO por eent norm iariners sna air my «ntpathies frofrf- the dilemma that if you cut which dramatically lowered per- and trading activity for which 

lespitc this, when will we stop he yn'to the latter." aUnder an hours' while raainlaining pay sonal tax. That party is the Tory the Japanese have cause to be 

c cmvins juursrives. by-.tgnonn&- ABrkultoral Act arjBree yearly Jevels. and without a correspond- party. The Labour Party that both thankful anti regretful. 


has risen at an ever increasing terms. Not so long ago there was unionists support the Labour themselves with local communi- 

pace. This has given farmers a strike at the London Eastern Party. cations problems. The smaller 

more confidence in abe inture of postal district . office expressly The TUC is not however the corporate units in Japan to 

their industry. Acting upon this against the recruitment or addi- 1,170 delegates, but the 12m whom the Westerner wishes to 

they Thiarve been willing, to pay tional labour; which made it members and for Trade Union sell, are the potential pur- 


financial reconstruction of large 
enterprises. 

If the arithmetic of the pro- 
gramme seem; straightforward 
enough, the political obstacles 
remain considerable. While the 
main political parties are now 
generally united on the broad 
issues to a degree which seems 
unreal for Italy, there is no *uch 
consensus about the specific 
details necessary to give the 
recovery programme its con- 
crete shape. The problem with 
pensions is a case in point. 
Despite the acceptance in 
principle by all political forces 
that the system must be 
reformed, when the Government 

GENERAL 

UK balance of payments (2nd 
quarter}. 

EEC Monetary Committee meet- 
ing in UruifeeK 

TUC annual conference con- 
tinues. Brighton (until September 
S). 

Mrs. Margaret Thatcher, Con- 
scrvalue Party leader, starts lour 
of key seals in We.-i Midlands. 

Trade Union Committee for a 
Labour Victory meet Mr. Norman 
Atkinson. Labour Party treasurer, 
and Mr. Ron Hayward, general 
secretary, and is expected Jo de- 
clare its degree uf financial 
support. 

Mr. Taken Fukuda. Japanese 
Prime Minister, nov. in Tehran, 
holds talks with Shah of Iran. 

Mr. Noouhiko Ushiba Japanese 


tried last year to introduce some 
modification it immediately 
faced a barrage of protest. 

But the real test for Sig. 
Andreotti will come from the 
trade unions. The three-year 
recovery programme will 
depend in large measure on the 
ability of the Government to 
curb labour costs, which have 
risen on average three times 
as quickly as in other 
industrialised countries. 

Although union leaderships 
arc openly advocating a more 
realistic approach toward 
wages, there has so far been no 
such response from the shop 
floor. Over the next few weeks 
a whole series of negotiations 
for the renewal of major 
national labour contracts will 
begin. It wQI involve as many 
as 6m workers, including the 
members of the key engineer- 
ing and metalworkers’ union 
which has traditionally set the 
broad pattern of wages. 

Sig. Andreotti is well aware 
of the dangers of a confronta- 
tion with the unions. He may 
at present enjoy the wide 
support of the main political 
parties, but if he were to clash 
with the labour movement it 
would place the Communists in 
an intolerable position.. The 
Communist Party, which is 
effectively maintaining the 
minority Government in office, 
has increasingly come under 
pressure from its base, which is 
disillusioned by the alliance 
with the Christian Democrats. 
Sig. Enrico Berlin guer, the 
Communist Secretary-General, 
already appears to have 
sharpened his claws. Recently, 
he warned the Government that 
his party was. if necessary, pre- 
pared to return in opposition. 

The Government has decided 
not to raise, at this stage at 
least, the sacred cow of the 
xctzla mobile, the automatic 
index-linked mechanism of 
quarterly wage increases which 

Today’s Events 

External Affairs Minister, begins 
ihree-day talks in Washington on 
trade problems connected with 
multilateral trade negotiations. 

International Monetary Fund 
monthly gold auction, Washington. 

French Budget proposals for 
197H and announcement of 
measures to absorb unemploy- 
ment. 

Prince of Wales visits Inter- 
national Air Show, Farnborougb. 

Mr. David Ennals, Social 
Services Secretary, speaks at 
meeting of Peterborough Labour 
Party. 

BBC Television announces its 
plans for children's programmes. 


has in large part forced labour 
costs up by 300 per cent in the 
past six years. 2n its outline 
programme, purposely sparse 
in specific details and- abun- 
dant in broad guidelines, the 
Government says it intends to 
review the issue at the end of 
the first quarter of 1979. In so 
doing, Sig. Andreotti has left 
himself with considerable room 
to manoeuvre to win approval 
for the initial part of the three- 
year recovery plan before the 
deadline on September 30. 

There are more than purely 
domestic considerations making 
it important for Sig. Andreotti 
to meet the deadline. Italy has 

already opened negotiations 
with the International Monetary 
Fund for n new' standby facility 
of SUSlbn. Similar negotia- 
tions are also under way with 
the European Economic Com- 
munity for a new credit facility. 
Although Italy is in no im- 
mediate need of international 
support, it is anxious to secure 
the new facilities to protect 
itself from the possible infia- 
tionary repercussions of liigher 
growth. 

The IMF in particular is call- 
ing for a reduction of the rate 
of inflation, including changes 
to wage indexing, and better 
control over public expenditure. 
In July, an IMF review team led 
by Mr. Alan Whittome. the 
fund's European . director, 
visited Italy and is said to have 
been impressed by the Govern- 
ment's efforts to try at last to 
get to grips with the underlying 
structural weaknesses of the 
economy. An IMF team is 
scheduled to return nest month. 
This time round, the IMF, is 
understood to be reluctant to 
approve formally a new facility 
until Sig. Andreolti’s pro- 
gramme takes concrete shape 
and gains parliamentary 
approval. 

OFFICIAL STATISTICS 

Construction output (2nd 
quarter}. Housing starts and 
completions (Julyt. 

COMPANY RESULTS 

Final dividend: Guinness Peat 
Group. Interim dividends: 
Dew hirst ii. and J.t Holdings; 
Guardian Royal Exchange Assur- 
ance: Hepworth Ceramic Hold- 
ings: Li\. Industrial Investments: 
Nev/hold and Burton Holdings: 
Peninsular and Oriental Steam 
Navigation: Phoenix Assurance; 
Rotork; Rowton Hotels; Sun 
Alliance and London Insurance; 
Travis ■ r, nd Arnold: Wagon 
Finance Corporation. 

COMPANY MEETINGS 

Watson (R. IC), Alma Lodge 
Hotel, Stockport. 12. Wood 
(S. W.). Winchester House, E.C., 
12. 


939, by the widejipplaeation of are beinapsqueszsd between possible. ■ But if you increase increased the number or jobless itself in a gradual peh-enta.ee 
■me and motion study and unn paying higher rents or abandon- productivity so as to absorb the to list and average family iax decline in trading by Japan as 

lanagement. our UK industries i ng t he only industry in which higher costs, there will be no .from £389 a year to £960 * an importer of U.S. products, 

-ere up with the i world- leaders they arq*com|»etent to operate, creation of extra employment Fred Hardman Anvvray. I do not think that' even 

Dr efficiency, and our standard m ordav to escape this triennial ?. The ultimate solution to -these 30 Smith Square SW1. this is significant if onlv hecause 

f living was the tagheflt. in. dilemma -they cither join the contradictions can probably be -- Japan is spreading its' own ex- 

lurope. After the war. ana tne rat -race of farm prices or join found -only by extending the timo • t t ■ • 1 •. ports over a wider geographical 

attlewy **We are the masters general ciy for higher prices, of the national working week so UDDODUlSritV area and this will inevitably open 
dw.” successive - governments Usually both.' No other industry as to spread it, if not over seven F ^ up mor e opportunities for other 

avc given way to. industrial would tolerate three yearly rent days, at least over the six week- at | T atWirK nations to export back to Japan 

lackmail, we find ourselves the rises. days. . Once the idea of work on vturr iua in punillIl of ff0rrei . l | ng t/ieir 

oor relations in an association There is no.- doubt that the. any weekday being “rest . day Front the Managing Director. imbalances. This can onlv cause 


UTT, p- , -U9UUL u/ UUUI. JVW VUJW jiiuimuj <U> iv ay IPQU l| *IVI t y 

,avc given way to. Indusmai would tolerate three yearly rent days, at least over the six week- at ( xflTWlfK 
•lackmail, we find ourselves the rises. days. . Once the idea of work on ■ vjsaiTriaafc 

■oar relations in an association There is no doubt that the any weekday being “rest, day From the Managing Director. 


intion. This could he -so easily. ^ benefit of tenant farmer and retail trade over the last twenty Ripley’s letter (September Ij only of a finite size, whether or 
eversod by the restoration of consumer alike by taking steps years, and of the bakery industry and even though 1 personally, not ii is expanding or lonirart- 
iroper incentives for effort ana | U en d (his triennial turn of the during the last few months, will be- an environmental jng according to its' current 
flleiency. . . • screw. 11 would appear however .shows lhai it can be done. You sufferer as a result of the economic condition. 

There is : a*«onsideraWe num- that XFU -policy is dictated^ by combine a five day or four and a increase in Gatwick activity, Mr. Edwards's broad concern 


■er of private-sectqr : companies, t he - vers- prosperous members half day- week for the labour nevertheless 1 consider an for action is~accMted it is a 

nosily small and certainly not who frequent their headquarters f or c E with a six day operating attempt to control the chaos at pity however that Mr Mivnsh 8 "* 

laiionaltsed, -who operate effi- in. London. Most of these people week, and in doing so. both ^ Heathrow slum is worthy of letter did not'sii-muiate a creaicr 

ient payment.: by -resuits arR themselves very substantial. shorten hours, keep the place support . response to S auestion of 

chemes. Ho'w can these; workers landowners and have □ vested going so as to- satisfy -the { atu bowever at a lw to K D3 n> attimdrto thc cr Ticis-ns 

eneiit Are tha -So^eal led- self- interest in ...higher, rents or eustomer. and provide consider- undersland why Mr Rjpiey does le vel led teT un fllrly aeS 

.nanems deals only to apply further, appreciation in their able extra employment. Measures n0C: I r. 1 ti rAhf™ in' Sw 











C | T 




0 those workers now at 50 per capital. -. of (his kind for all industries 

ent. efficiency wbq are prepared • Mr. Rosen makes the extra-, -services should now be 
A S a to sjK) per- erar-ignpring ordinarv statement that the studied urgently, 
fcincse >ai re$dy'-af 1Q0 perwntT (eiiant seeks a fair return upon ^ „ Sle i nor . . 

l-lHf:. a Iso -touches upon his investment “which does not • ■ 

fee. - recent ; JSnsineermg • .Em- d f cemri'e include the value ot ^ejomi Uti o, • 


eycaTa.that-it- Is-lbe final .nail not represent' the valiir of the ..' j- 

|n lhe- coffin', of productive effi-i iand words have lost thc-ir mcan^ dU UaVCl 

[iency;. v. ,~inc_a nfl If an annual rent is nor jh e tjecutme Director. 

It' flpally erodes: the dlffcrenf part of lhe -tenant's investment fceanair Travel 
y*i« hAtweeiv>.iakilled •.-aad- un-- wh»t.i< 'ii?..- I mvself am so Old . 


'j- _ , . . . it. But to return to anorher, 

(a) Press for the rapid com- manor. . I »m intrigued to learn 
ffiK" °n a « K of toe existence of a large body 

S v ^ expatriate British business- 

working in Japan and 
Osaka. I assume that Mr. 
fhi %i^rlr^mtnin?'fipve Edwards is referring to a nuui- 
‘ lopment of Bri“o" c a rd,a "XT 

.Sofd^aVSSyVio ’ 11 '”^ a " 3 iSE.T'^ S.HocX 

Mr RTnlev to Sort his cor f )C,rate *»«*»■ u the former 
S«tSt£ ifTe? are toe case then I can see meri. 
to survive. in it in the same way that the! 






HRHDRi-v ♦ • . «*• 




1 ’■ 'd 




investment tivM . Can a comparison be 

0 . winch' they. have been ^edhusiness. it all comes from the from those respond mea- 

iy the. nw* by the unipri5,;the ,same. pocket hppefully so e 0 .. i.fotifv a 5 ner cent learned will strikes decrease, sures? Has the Japanese proven 



*». -r 


/. 1 . .. .... 


■ ■ imr- lines" ^nosslblv justify a 5 per cent learned will strikes decrease, sures? Has the Japanese proven 

^idSrea'^The pS SSrer” 4 - ^ S 55SSPl^ ftrir'nomaS ti-ans- R. V Nve. * *" 65 ^ more effective in his expatriate 

rS«?t^Sreemenf C mean J°? V pi‘cterinc. ' - atlantic fares when : they are 52. Lcadenhall Street, E.C3. rote 

S’lSSfuS oAJdPlK falling over themselves to sla^h _ ■■ ' ■■ 


^i^are-dejoroyeiL - .. The pro- forever. , 

^iqn«,nf .tht "agreemei»t mean j. P. Pickerinq. • ■ 
trnabte'Pr ‘.unwilling Orchard Place. ; 
j tiraSbnupbsT. efficiency . and Hexham, Northumberlavd. 
5s$x :pttam3jvlTy/u^er' normal 


promotional fares on the. same. 


' tfie iaiti e! Overtime and B the Japanese, 


role? 

Frankly, a call for co-operative 
action to achieve our objectives 
-as suggested by Mr. Edwards is 
more than justified but I feel 
that before that cal! is made to 
the Japanese it first ought to lie 
voiced amongst ourselves in the 


working time •'•W^JSA'Tn; 

of wonuiig uuic ^ tliey wtK , oise th u „ a UK - 11 u «»« n>»t 

g FmmVr .?. ». n-Staitfr utrueane lair to’ all ttar “gT* !g.J!E ‘IJ 1 S' cannot afford or juslifiy a base 

•Stis^S^^tilfcverSrard? Slr.-rReltef at the cancellation customers, instead nf subsidising. S525SSI - r £^Sv C ^n\ in which in Ja P a0 lbiLt requires to be 

PM section or the market at the Sade deS educated to what it has to do 

^v&^hieV*fiEti^ey;-pbjcctw^^ i?n^red :Jl !w ?r ih?nkin t ^ the ■ px P ens? of an0?be . r *. . .. . ■ * with Japan and the five iifdiS ? t nd ra " rroni 

J The bfiaelfr- S^S 0 &i 0 ns of ^thc settle- -As' an exclusively business trial countries; are correct. How- efforte to market m Japan, 
if the .enqr&w marktts have forced ^ -trawl- afiencywe^intend pres- cver . 1 cannot see that there is Unic^toJs happens there can 

Ripen to - us^^pstore-pro^r 1 . “V*-* ^.siudsingthte “Big Three "to this anything favourable in being be no basis for entertaining any 

liifferentialsijwtween skilJed and wo^ld . welcome ^ Xo ghow ftlt Britain's to™ of «H»peration with 

I mskilled nuinual- workers, and uUin „ Mr , support for our campaign. deficit in the imbalance of trade Japanese companies, we wtH 

0 promote. Jaeonlngful. and -not Jgwuon mans 10 be . ^ ollaP _ Boyce has been less seriously affected fiwnply be in no condition to com- 

jhoney parent by . : resnlts - a'^7 thin2 . - dr0 p plans for (fceannfr House. than that of the other four. The prebend or interpret toe signs 

maktruf wwforaiesMd above all 133-137 Wiitcchavel High Street, fact that either West Germany effectively enough to do business 

veU underiffootf ^prinelplE of 0VP r- El, or France -has worsened its' posi- with them. 

^ss^ssr.^ Jobs for the 

ngs. ■ - : ■ «^«»T^nfriieitmocent third P 110 ™ 'toe Chcrrmano/the disod vantage In dealing with AU1 lUC 

?. R. Williams. . ■ . the of the. innocent a .Conservative Trade Unionists j apafl s \ mXi] y because the nroHlIpflvo 

White Lames. . party. • ■ . e . hAnillina tnrtar .Tniinneui nro mnM fomlllon -urirli U1 vUllvU'VC 


WHERE IN THE 'WORLD 
WILL YOU FIND 
STANDARD CHARTERED? 


P.'S. Williams. . .Conservative Trade mionuus Japan slmplv" becauw the nrAfillPtivn 

FS iwer two vears now lhe. ^Sir.— Your headline today Japanese are more familiar with JHvUUUlVC 
v offlriat-tradc union - movement- u TUC (itays loyal to Callafijian” the Bnqiish lanmage than any From Mr. J. Spencer 

\ Wokmg* Surrey* . 'S!i & n chm ourinz for shorter nmrt'be om? of the most mislead- nfopr. The nresence of Japanese Sir.— Your editorial (Septem- 

\ . :■/ "^rrUinV Is^ceN as^ ing In the history of journalism, businessmen in Rotterdam, ber 1) is indeed muffling the 

\ ttpsil JVf meaVfftc^ reduce unemployment. What you were In fact sayimj pusseldorf and Paris,. all operat- jobs debate It simply proves 

J J'-Cal vv3t . . ‘ ' shorter hours, rather than fewer was that the delegates to the TUC ing from business ghettos, that a very ffiw large producing 
p , , - hrmra nn standard nay and more representing- under 50 per cent might suggest that all companies nations (like Japan) can produce 

I iarill . lolUI'. ■ V «.■ V -x afoyMSme rates, were called of the TUC membership (that is. in Tokyo and Osaka are equally enough to satisfy global demand. 

Tram Mr J F, Hdwriai.^ 'v -for mrertime ^ was to^ ^ be re- the :delegates of the minority, conversant with Webern com- This must leave a lot of un- 
*2** rHp HtS-S Sm^ed as the prime that are affiliated-to the Labour merclal practices. This is. not employment somewhere. 

/ 2SS?LwS*SSr!n£now Party), were likely to vote for a necessarily the case" because J. Spencer.. 

■ SEC wd JJib £fj£*V*~*$**L Bt'S? SSc to tnuSped-Bp motion intended, to- those operating In Europe are Foxbarro House. Langton, 


Tills picture helps to prove that if you haw business in the Philippines 
it will pay \ ou to deal with a British bank like Standard Chartered, for at least 
two reasons. 

kirst, we will handle your business directly between one of ourU.K. 
branches and one of our branches in the Republic; Straight away this will save 
you time. 

Secondly, by using a British bank that is really established in the 
Philippines we shall understand your business at both ends, and give you the 
benefit ot our experience all along the line. Ask Keith Skinner about your 
Philippines business today on 01-623 7500. 




Chartered i| 

j Bank Limited *81 

helps you throughout l^ewoiid 

-Head Office 1 0ClcmartsLane,LondaDEC4N7AB - Asaets acoed £8,400 DJUioa 






' Financial Times Thursday September 7 1978 


INI fCR NATIONAL. FINANCIAL AND COMPANY NFYVS 


Overseas banks in 
Tokyo share 
in yen foreign loan 


Financier 
for trial on 
bank fraud 
charges 


HONGKONG WHARF 


A closing of the ranks 


BY RON RICHARDSON IN HONG KONG 


TOKYO, Sept. 6- 


By James Bartholomew 


«tavi nfmwrrnn THE ANNOUNCEMENT vester- tioos are strongly with the is in partnership in a number 

1|| § II I fr*10fl fl Cll3T2vS i da v of the purchase by shipping British oriented sector. of aff-ehore companies. 

■*"*"*■ «/ X VA Vlbll ■*■'*•'*'**■ I O i magnate Sir Yue-Koog Pao and Hongkong and Kowloon Wharf One possible consideration in 

By James Bartholomew . his family of a major holding 1° 311(1 Godown is certainly a part the financing of the share pur* 

BY RICHARD HANSON TOKYO, Sept. 0. 1 ! the asset-rich Hongkong and of that British establishment, chase is that the Pao companies 

„ , ... J i Mr. Amos Dawe, a financier Kowloon Wharf and Godown Traditionally the chairman of will receive a huge infusion of 

FOREIGN BANKS In Tokyo will type of activity can be expanded, - most of whose business activity ! company for an estimated the Wharf company is the chair- liquidity If the Japanese govern- 

for the first tame be the major to make up to part for the! has been in the Far East, will . HKStoOm (some USS95m) is m 311 of Jardine. Mathesou aod ment goes ahead with its pro- 

partiupauts in a yen-denom- sluggishness of traditional areas I stand trial in San Francisco [being seen here as a closing of Co. Mr. David Newbigging is posal to finance the repurchase 

mated loan to an overseas bor- of busioess in Japan, such as on October 10 on charges of I ranks bv relatively conservative, the current encumbent of both by Japanese shipping companies 

rower from Japan. The loan at a making dollar loans . defrauding three California British business interests against positions. Other board members of some of their chartered flag- 


rower from Japan. The loan at a making dollar loans ! defrauding three California 

new floating interest rate, based There remains some doubt, hanks of $L3m- 
oo the Japanese long-term prime however, over how much lending Mr. Dawe surrendered blm- 
rate - of this kind will be generated, self to UjS. government offl- 

Tokai Bank is the lead manager because of competition from rials last week at San Francisco 
of the syndicate, including nine Japanese banks. It Is also International Airport on 
foreign banks, which will lend generally agreed that the Finance arrival from Taiwan. His 
Y5bn for eight years to the Ministry, which approved the extradition to the U.5. had 
Banque Populaire d’Algerle. The participation by foreigners in been sought since July 1977 
interest rate will float at a margin the comparatively small Algerian when a Grand Jury accused 
of 05 per cent above the long* loan, will not allow a foreign him of fraudulently using 
term prime rate, currently 7.1 per bank or banks to take the lead) funds from the three small 


been sought since July 1977 
when a Grand Jury accused 


a takeover attack by more Include Mr. P. G. Williams, of-eouvenlence vessels. Pao is 
aggressive Chinese entrepr e ’ - - the largest owner of these 

neurs. „ .. . .. _ __ Shikumisen ships with 79 vessels, 

News that Sir Yue-Koug Pao representing about 55 per cent 


; It also marked the end of an ^ Ws famiIy acqaired 
i unsuccessful but highly profit- . -- ■ n on 

■ able takeover exercise by the * “*°f « 2 ° 

’ rapid! v expanding Cheung Kong ** er 5 en ^ * n Hongkong Wharf 
1 (Holdings). Cheung Ko'ng today has been followed by the an- 


and his family have acquired of World-Wide Shipping's total 
a stake: of 15 per cent to 20 tonnage, on charter to ' either 
per cent in Hongkong Wharf Ja P an Llne or Sanko Steamship, 
has been followed by the an- has speculated Pao, 

nnnncpmont that who is a shipping investor rather 


KT A ;ek-K»S!L. 5 SZVJSSES'SSSS.’SS 


niw wi uauuiuenuj uaiuu • TTr.n^k-fin" 

funds from the three small 1 


Kowloon Kong (Holdings) sold its 11 tbis opport^ w mora 


, — ~ ... oanK or oamss io uuve me ieao juuut, irura me toree small e v an , e „„ j ~ T T. . V_ — iai\e luis uppui Luuiiy uiuic 

““F w«l* a four - vears s racc in a yen loan syndicated for an I California banks to support his P* stake in Wharf in some of his and his companies' 

period before reoavmenls Start. i,n D ,.ca,c Knmuar I nn,n;» l jtaren Wim tne mtention ot Title In Rnm Cnna 4l,« -saepre intn nmnartr i n pp'rtmpntc 


By mid-July it had built up a 


Jnly. In Hong Kong the 
moves are seen as a c! using - 
of British interests against a 


assets into property investments. 

His statement that he intends 
to bohid his stake in the Wharf 


holding of 10m shares, rep re- takM company as a long-term invest- 

senting about 11 per cent of the takeover attack by Chinese me nt would seem to confirm 


wharf equilv. However, because 
nf the rapid rise in the Hc>ng 
Kong stock market, which 


businessmen. 


ment would seem to confirm 
this. 

It also fined in well with the 
aversion the British-oriented 


Dawe's lawyer. 


inflated the price of Wh3rf Hongkong institutions here felt at the pros- 


period before repayments start, overseas borrower. j international business empire. J ^ nrrft1 6 to tontion *> July. In Hong Kong the assets into property investments, 

the rate will be reviewed every participating foreign Mr- Dawe Is currently In- * * . moves are seen as a closing' His statement that be intends 

? nd banks are the First National! volved in litigation against the ' mtdJuly it had built up a of British interests against a to boh,d sta , ke m thfi 

signing of the loan agreement is Bank of Boston Chemical Bank. Moscow Narodov Bank, the holding of 10m shares. Tepre- . company as a long-term mvest- 

espected by October. CoStinenuI lll^o^ B™ IrwS ! Beslan owned *hank! in the ' senring about 1! per cent or the takeover attack by Chinese ment would seem t0 conflrm 

^foreign banks here have to Tras! and “lanu£cSIS! BritUb Swuts. 5 os cow wharf equitv. However, because businessmen. this. 

date played only minor roles m H an0T er from the US along Narodny finKiced many of 3Ir. ' oF rapid rise in the Hc-ng It also fined in well with the 

yep lending overseas. With the , th en Commerciale* Dawe's deals Kong stock market, which . . jji t , , aversion the British-oriented 

rate based on the long-term .. .. nputsche Bank. UBAFl Mr Dawe's lawyer Mr ’inflated the price of Wh3rf c ^ aiI ? n B n Hongkong institutions here felt at the pros- 

gnrne rate, and being changed I n i o ^ Nftionale dP Parif James MmA aSed for a shares, Cheune Kong decided the Shanghai Banking Corpora- pect of ch euils Kong and other 
frequently, rather than at a fixed an | 0 k a ? Baii sa^ that ^he ' de£y before^ the SS5 in orfe? ; operation would be too costly. Chinese controlled development; 

ar Msawas ~ si^cSSrijs: ^ a. wsst-s 

Si 5 a “ d e^ a Sink Ck BriSsTem ! Sewtoper’ witK *** 2*, ffl ”oi« 0l wa°tLf rant SvSmenf 

?u P ^ e on a wt- ' ° ** *" “ ° f S^nt by Cheung 

The foreign banks will take previous business Involvemente. ju^e lnSmi Franrisco. Judge . . , _ They will now be joined by Kong chairman Mr. Li Ka-Shing 

Y3bn of the loan with Tokai Bank The Yobn loan will be used m Robert Schnacke, rejected the The identi^. of the buyers t.f gj r yue-Kong Pao and his son- that his company had been a 

and Cbiyoda Life Insurance, a an agricultural development wones*- « “ e fbar^ whicl hweresodl ^oth in-law Mr. Peter K. C Woo. Sir heavy buyer of the Wharf shares 

member of Tokai’s indus*jial project m Algeria. The project "* r % ,.° or * ^ ^ ^ r ; : 311 ^ off the market, has not Sue-Kongwill be no stranger to largely confirmed the speculation 

grouping, handling the rest. involves an irrigation dam Dawes life bad been threat- oeen revealed. However, the f e ' Newbigging, Williams and Mar- that bad been rife In the stock- 1 



The forei&n banks win take previous business Involvements, judge in San Franrisco. Judge 
Y3bn ofthe loan with Tokai fKnk The Y5bu loan will be used Jo[ Robert Schnacke, rejected the 
and Cbiyoda Life Insurance, a an agricultural development request 
member of Tokai’s industrial project in Algeria. The project Mr % Moore said that Mr. 

grouping, handling the rest involves an irrigation dam Dawes ufc had been threat- oeen rev eaicu. nowever, ioe re- Newbigging, Williams and Mar- thal had been rife in the stock- 

In previous cases of foreign estimated to cost about 8S5m ened and his client believed relation that private companies den as he is a co-director with market for ..the past few months, 

participation in yen loans, only (some Yl6bn). The remainder of Ws life to nc in danger. controlled by Sir Yue-Kong and t^em of Hongkong and Shang- that a syndicate of Chinese com- 1 

one foreign bank has been the funds, 880m, will be lent by n>s family had recently acquired ^ Banking Corporation panies, said to include Cheung^ 

invited among ten or more a 22-bank syndicate for eight! C^..***! between la and -0 per cent o. (HSBC). It is this connection Kong and Sun Hung Kai Proper- 1 

Japanese banks. years, led by Interunion Bank.; (5011110 SlOWlD !“ ie .^ l ' bar | eqm^y. le * Te s with the bank which has helped ties, had been building up a big; 

Foreign bankers participating based in Paris, and including . m _ » . ! doubt that they took the hulk of Sir Yue-Kong find the huge cash position in Hongkong and'Kow- 

Ln the yen loan hope that this Tokai Bank Nederland NV. ! af ^|2lI2lVSW3t2 the shares. outlay for the purchase of up to loon Wharf. 

J Although Sir Yue-Kong is ISm Wharf shares. - This market activity saw the 

— By Wong Sulong .ethnically Chinese and. as the The HSBC Is already heavily. Par HKS10 shares rise from 

„ . i largest independent oil tanker involved in Pao’s shipping opera- around HKS14 in March to 

T t)nf Awifiin cn-kd-o KUALA LUMPUR. Sept. a. owner in the world heavily in- tions. U bolds around 21 per HK$46 on Monday. It was also 

, I j n II SvlS lCCUrQ MALAYSWATA BERHAD, the; volved in an industry which in cent oF Eastern Asia Navigation, one of the factors which sparked 

biggest steel company in ( Hong Kong is Chinese- the main listed company in Pao's the current stockmarket boom 

BY JIM JONES JOHANNESBURG SepL 6. Malaysia, reported a satisfactory ; dominated, bis business connec- World-Wide Shipping Group, and here. 

1 ' year ending March, with net] 

SOUTH AFRICAN mechanical .earnings would peak in 1978 as profit rising from 8.1m ringgits j 

and electrical engineering group many of the group's contracts to SL9m ringgits (U.S53.9m). its m- j «i m ar a 1 f JP±j_ 1 A. 

E. 1*. Bateman, has. reported .written in more buoyant time* The company, which produced ! Vh Vll'l lA llTl C TIl^OTlT^h QYIIl Tit) Vfllll 

record operating profits for the .were completed. In the event, 150,000 tonnes of steel products VilllUIt IT luiUCU RU.lrO |Ji viliO (IUU pM J VIII 

year to June 30, last, fuelled by Bateman has increased emphasis during the year, pointed out that 

ihe boom in capital expenditure on the export markets with the its profit* would have been BY OUR OWN CORRESPONDENT • SYDNEY, Sept. 6. 

Mur^^^er! totai issLirzffi'jss: & 

bmTr^t ren“ S^e^d^to^rt U ^ f ° r!an « Company has repo^ a Directors “ tacribed the they had decided to adojtl con- 

:R1.9m. the year’s total has been centives. i The company's increase inir®. L ’® r ^- , proflt ,e of AS6B6m premium increase of 11.7 per sereative approach and to pt^ 

boosted from R4.Sm in f977 to Earnings per share- of 13S 1 profits resulted from improved | U P 15 P" cent from cent to AS7315m from general vMe for the full amount of 

B5-3m (Sfi.lm). cents, against 112 cents in 1977. l productivity, and took place in!^ e A$s -' m for lbe - vear to June insurance as “ satisfactory m the cover required before the 

. At the time of the last annual were in line with Johannesburg! spite of higher costs for raw! 30 - ....... of t “ e wtrenely com- changes. 

report, fears were expressed that expectations. materials and services. ■ The annua] dividend is to ri-c petitive state of the market The company s subsidiaries all 

— - ■ - — ■ ■■ ■ ■ ■ ■■ ■■ - from IB cents to lb cents a sb.i"c The company's underwriting produced good results, according 

i ■ af tor a final payment up 2 cents deficit of A55.16m was caused to the directors. New life sums 

1 A to 10 cents a share. This will be mainly by chances to the Wor- ni-ru nnrl Viif ilf Arrt*t Ai il A "\T lltll aT I 


invited among ten or more a 22-bank syndicate for eight! j 

Japanese banks. years, led by Intenmion Bank. ; oOUnO SlOWlQ 

Foreign bankers participating based in Paris, and including . _ ° . 

in the yen loan hope that this Tokai Bank Nederland NV. ! af \'1afaVSW3lJ 


£. L. Bateman sets record 


at Malayswata 

By Wong Sulong 

KUALA LUMPUR. Sept. 5. 


BY JM JONES 


JOHANNESBURG, SepL 6. 


A 


GRQUP LIMITED 

Interim Statement 

Unaudited profits amounted to £729,420 for 
the half year to 30th June, 1 978, compared 
wrth a loss of £431,908 for the first six months 
of the previous year. 

The Directors declare an Interim Dividend of 

12*%. 

Sales for the first half-year amounted to £23.85 
million showing an increase of 22% over the 
same period last year. The higher level of sales 
is continuing into the second. half and will be 
improved by the production now emanating 
from the new Cardiff radiator plant and by the 
improvements made to the French manu- 
facturing facility. 

Given continuance of the good industrial 
relations experienced in the first half, a further 
improvement in profitability should be seen in 
the second six months. 


TRADE INDEMNITY COMPANY LIMITED 

Interim Report by the Chairman, Mr. K. BL Bevins, CBE, TD, 
on the six months ended 30 June 1978 
.The Directors have declared an Interim Dividend of 3.46269 
pence per Ordioaiy Share in respect of the financial year which 
will end on 31 December 1978. This Dividend carries a Tax 
Credit of 1.70550 pence, malting a total of 5.16819 pence per 
share. The Interim Dividend for 1977 was 3.07155 pence per 
share. 

Following the reduction in the rate of Advance Corporation 
. Tax, the Directors have also declared an Additional Interim 
Dividend of 0.08072 pence per Ordinary. Share which, with the 
Tax Credit of 0.03978 pence, amounts to 0.12050 pence per 
share. This Dividend is in- place of the extra amount which 
. would hare been declared as part of the. 1977 Final Dividend 
bad the redaction in the rate of Advance Corporation Tax. been 
known at that time. The Additional Interim Dividend declared 
at this time last year was 0.07336 pence per share. 

Both Dividends will be paid on 2 November next to Share- 
holders in the Register at the close of business ou 23 October. 
PREMIUMS WRITTEN on the three open Underwriting 
Accounts in the first half of 1978 totalled £9139,000, an increase 
of 4.2 per cent on the comparable figure for the first half of 
1977. 

THE 1976 UNDERWRITING ACCOUNT at 30 June 1978, after 
making provision for all known claims, showed a credit balance 
of £2,049,000. This compares with a credit balance of £L236,000 
on the 1975 account at the same stage a year ago. 

IHE .1977 UNDERWRITING ACCOUNT showed at 30 June 
1978 a credit balance of £2.035.000 after making provision for 
all known claims. The credit balance on the 1976 Account a 
year ago was £2,109,000,. including at that time the sun of 
£500,000 transferred from Profit and Loss Account at the end 
of the first year of the Account This transfer was written 
back to the Profit and Loss Account at the end of the second 
year of the 1976 Account. 

All balances exclude the Underwriting Contingency Reserve 
of £500.000 created at the end of last year. 

As anticipated, the Company's premiums written on the three 
open Underwriting Accounts have /been, affected by lower 


ASA 


ATLANTIC 

INTERNATIONAL 

BANK 

LIMITED 


CparV nnK?,riteh? rJnten ?rv tn^n,£ri P u T,v, ^ c ,flr!u, 0 J Life rose b y 39 P er cent to by. policy-holders. The l976 and 1977 Underwriting Accounts 
scrio issue andTseffecS!te"irt 5 ASSSm'S** ThJ Jin? AS250m and Dew annual P re - have -progressed most satisfactorily. The 1978 Underwriting 

nr>r ^‘nt hkhJr . miunis increased 49 per cent to Account however, has so far borne the brunt of the fall in 
per cent higher than la>t years tors said that the deficit would 433 s m . . nNMN i„ ni . ,hii t* r,.„ 

ordinary payout. Last years have been decreased by A$4m. Overorovsion for tax last year 
ordinary distribution was aus- less an Indeterminate amount re sult3™n a net tax credit of 
mented. however, by a special for re-insurance and other ad- asi 16m compared with last 
centenary dividend of 4 cents a justmenis. had the company fol- year's bill of ASASin 


have -progressed most -satisfactorily. The 1978 Underwriting 
Account however, has so far borne the brunt of the fall in 
premiums written hut, with thirty months stiU to run before 
Its closure at the end of 1980, it is too early to form any 
definite-view as to its outcome. ■ 

5 September 1978. . 


SELECTED EURODOLLAR SOND PRICES 
MID-DAY INDICATIONS 


ANOTHER RECORD YEAR 

RESULTS 

Mr Hilton S Clarke, chairman, reports that pre-tax profits for the year 
ended June 30th 1 978 increased by 26 per cent to £886,000 (£701 ,000) 


FINANCIAL HIGHLIGHTS 

Totai Assets 
Loans & Advances 
Capital & Debenture Funds 
Pre-tax Profits 


June 30th 1978 
£135.059,965 
£82,797,911 
£7,485,879 
£885,984 


ACTIVITIES 

International banking with particular emphasis on medium term loans and 
Euro-currency finance, with loans extended to 37 countries. 

SHAREHOLDERS 

Manufacturers National Bank of Detroit 
Shawmut Bank of Boston 
Banco di Napoli 
F van Lanschot Bankiers 


COPIES OF THEREPORTAND ACCOUNTS MAY BE OBTAINED FROM: 
The Secretary, Atlantic International Bank Limited, 

65-66 Queen Street, London EC4R IE H. Tel: 01 -243 9001. 


STRAIGHTS 

il-ras Australia *;p: 1?S9 . or. 

-UIEV SV: :0?T Hi 

AuvraL-u Sir-c UlSi . 94 

AiUUmiAO M 4- 5. Sip,' a< gs; 
Esrdars SanJ* IMU. M> 

Bovaier ftipc 15W- ?.«} 

Can. X. Rillwar 8 !pr Sj; 

Credit Naiicaai Si pc IfSi . 97 

Denmark J9V4 97! 

ECS 9pc 19*3 BSi 

ECS Pipe 1M7 O.il 

EIB s-.pc I99-; 9;: 

SMI 9iDc 1099 

Ericsson SJpc 19?9 9.,; 

E'SO Spc I9JH Vnv 39 

Ct. Lakes Paper S.no I5J4 9-1 
Hamcrsley 9 «pc 139.’ . .. . 100 : 
Rrdxo qiu'hci: 6 pc ’.WrJ 

ICI jjpc 19S7 ?.•; 

ISE Canada PJp,’ J0W . 
Macmillan P-!om 1 pI pp .7 ion; 07 ; 
Miswv Fcrcu 9 nn 9- pc "SI 
MicbcUn 3: PC .. J91 

Midland Int. Fin. f fpc ®7i 

Vat 10 n. 1 I Coal Ed. -pc !!«7 
'■‘a:!. W>FTim.Hl* r 9p<- igin ?V. 
Na-1. u'mnntir 5p. '«■' :vi: 
\'i- louadand 9p._ 19S9 O'- - 

Varlic Lav. Bank- *.pw tos? 07! 
VorS'* Knm. pv - . -'pc 1^9.’ 

Xnrpipr sire . !<■.; 

Vout Hydr" S*pc !P 9 :' ... 

c j^in 9 pc ;«SS 33'. 

Ports Atirnnomes Ow. ’00i 
Prov. Qn«*b“C 9 pc jvsts ?•;; 

Prov. Sa#kasch'- n. s;pc 'J.i 9:1 
Reed International 9 pc 1057 9"5 

Rn!J 9 pc 1092 3i : 

Selection Trust S;pc !B»9 «ii 

Shell intL Fin. ?ii>r 1990 ... p; 

Skaui Easlnlda foe ;?9l .. 93 

SKF Spc 1367 0:i 

Sweden 'R'dreni :9j7 3»i 

fasted Biscuits Spc IPW ... 77 j 

Voko Spc :??7 March Kl 

NOTES 

Australia 7'jc I3r< n;« 

BcD Canada 7 :p? 1057 .. "j 

Sr. Colombia Hrd. 'ipc 
Ca- Pac SrPC T95i .... flr. 

j t\rv Ct casual Spc 13Sj ... 3j, 

I ECS 7|pc iS''; f.<; 

i ECS s;?.. 9..; 

! EEC 7-pc IBS: 

j EEC Tiro ;ki 3i : 

[ Enso Currcir 5;sc iiw 9j; 

J Ci:av?r''«» Tlpc its ... 


CROUSE-HINDS COMPANY 

Syracuse , New York, U.S A 


has acquired 


CABLE SUPPORTS LIMITED 


CROUSE-HINDS COMPANY 

SXBACG5E, NEW TOSS, VJSJL 


has ac a maim 


CABLE SUPPORTS LIMITED 


KtH'Inmis Spc 19.'' 9oi 

M! SllcheUn s:ne msa 9i 

Si* Mon oval Urban SJpc ISSl 98 
Wi New Bnirmwirk Ppc 1984 ... Wi 
W! Nuw Bruns. Prov. 8 5 pc ’S3 9S 
M Now Zealand Stpc IP5H .. w: 

» . Nordic Inv. E9. 7ip.r 19W .. W 
W Norsk Hydro 7ipc 19fi2 ...... 8.'*: 

9,i Norway 7!pc 1992 94! 

95} Ontario Hydro Spc 1957 ... 9".; 

1M Sinscr Si pc 19S2 .... . 6.4J 

9* S. of Scot. Eld:. 8! pc I9S1 9S 
9A| Striven iK'rionn 7 !dc 1992 93! 

39 Srvdtrh Stale i’o. Tin*: ’52 931 

97} TeUrr* B'PC I9S4 97! 

99! Tvnncco 7;pc 19S7 Mac ... Pi; 

99 VolPswasen 7:pc 1957 ... . 94! 

iOii 

9ii STERLING BONDS 

9« -HI I” 'I Brcwnncs I0‘pc 1999 537 

103* ‘'liicorp jnpe 1WW „.. 91 1 

9?! CoanauMs O.’pc 19S3 S9> 

85r ECR '»!pt; |<K# P5; 

100 EfB «.’p.; !P5« B7i 

99 E[8 IWJ .. K 

941 Final:* for Ir.d. O’pc 13=7 91 

UWr Finance Tor Ind lDpc 19S9 «*i: 

Ittf! Fimhs 10jn*~ 37; 

100 GeMorncr Urc I9S9 9a 

951 INA lOoc 13S3 «•!} 

5 H Rna.-ntrfi' lnipj; I99S 92* 

97 S:«rs= M'PC 19 13 K 

93i Total OI! 9 !pc 1SS4 59* 

Mfli 

9 3 DM BONDS 

97: Asian Dev Bank ijpc !£KS 94: 

93i RNDE d.pc 193ti 97 

9X Canada 4jpc 1S53 . 99 

91 Den Norekc Ind Bk. riocVu 99, 

021 Detltsvlhr Bank 4Jpc 1SS3 ... 9* 

95 2 EC.S 3: pc I BSD 93 

99} EIB 5ipc !990 93 

32a Elf Aquitaine Sine 19SS ... P2 

1W Eoraiora pjpc 19S7 »r f 

99 Finland 4ipc 13M Ps* 

84j Foreniart:* 3!pc i»0 .. . 9'i* 

■Slerrco 6pc 1953 

Aorc-n* 3:nc MSB n* 

90i Xonrai- 4ipc ;PRi p.4* 

931 Nnm.v itn: 1953 Wi 

94* PK Banknn 5ipc l«* ».i 

9Si Pros-. Ou. he,; n P c ]WH 97 

9tL Rauraniukki r.;pc VI 

33* Snjln Sn*- 

34j TmnrtWeim Sine WS . ... 03’ 

9j TVO Po-ver Co 4ac IP >5 . irij 
33 'Vn.-TU-'j ,ip,- 93 

m: World Eank 3!pc 1993 .. fles; 

04 

— FLOATING RATE NOTES 

Gar!: of Toltyo inf4 S4pc .. 93 

— EKCE 1954 9 ’tape 

BXP 19*7 wsb: fs; 

BOE Worms 1S»J Spc 93 

r CF 19<v3 -Ipc !«>.; 

Chase ManVm. '33 BSiepc 97* 
frcdtranstalt 1951 3} pc ... 99 

D'l Bank 1953 Ppc :. !■<*; 

<~,ZB IBS1 9Sp<: . . B9J 

MIL Wcatmliurer !9S4 Spc n F7 

Lkiyd5 13?3 a:J|spc 39; 

LTC3 19r ? 9Ir-pc Sfll 

Jlldland Inr. FS ’ST sn^pc 
Midland Inr. FS "93 9t|SPC 3Sr 
Xat. iF*srTnltrMT. "3v 3^, pc 39 

■IKE 1953 Sine MJ 

SXCF 1833 9awpc 99 

Sid and Chtrd. '34 grisne 39i 

Source: White Weld Securities. 


NOTICE OF REDEMPTION 

U.S. Rubber Uniroycrl Holdings Society Anonym© 

6 ! iSS GnaranfeedSmkmg Fond Debeniures fine 1882 


Debentures due 1982 (the “Debentures”), at the- 
amount thereof plus accrued interest to the Bedi 


km price of 100% of the principal 
Date. ■■■ ■ 


The se rial num bers of the Pe lwuti frti a wlflo h ha v e hegnteeleeteflfhgredeng tl op 
(each bearing the prefix letter i W7’) are: 

28 1523 E5C8 3189 
33 1553 2518 3193 
199 1601 2527 3265 
283 1669 2534 3359 
345 1703 £553 3389 
362 1851 2601 3409 
37? 1882 2635 3440 
465 1905 2632 3446 
518 1913 2643 3449 
523 1959 2852 3463 
547 1970 2710 34E1 
574 1977 2726 2-’95 
698 2029 2750 3515 
747 2040 2820 3516 
738 2182 2865 3534 

915 2202 2966 3563 

916 2256 2978 3582 
'976 2399 3020 3632 
1107 2417 3060 3639 
1182 2427 3063 3643 
1224 2434 3076 3644 
1325 2444 SOBS 3702 
1452 2476 3123 3775- 
1458 2501 3131 3787 

On and after the Redemption Date the Debentures designated above wm become doe and 
payable upon presentation and surrender thereof . with all coupons maturing subsequent to 
October 1, 1378, attached, either, at the option of the holder, at the office of Chemical Bank, 
by mail: F.O. Box 25983, Church “Street Station, New York, New York 10349 or by 
hand: Corporate Tellers, 55 Water Street— Room 234, 2nd Floor North Building. New 
York, New York 10041, or at the 'office of Mees and Hope in Amsterdam, the office of 
Soctete General e de Banque S JL in Brussels, the office of Deutsche Bank A.G. In Frankfurt, 
the office of Hambros Bank Limited, Samuel Montagu & Co., Ltd, and S. G. Warburg & Co. 
Limited in London, the office of Banque Gent-rale du Luxembourg. S_A. in Luxembourg, the 
office of Banco Nazionale del Lavoro in Milan and the office of Credit Lyonnais in Paris. 

Interest on the Debentures so designated for redemption shall cease to accrue on and 
after the Redemption Date. A11 coupons maturing after said date which appertain to such 
Debentures shall be void. Coupons maturing on October 1, 1978, should, be detached and 
surrendered far payment in the usual manner. 



DATED: August 31, 1978 


U.S. Rubber Uniroyal Holdings So Crete Anonyme 
By: Chemical Bank, Trmtce 


i as aznattor oixecazd aaly. 



LLOYDS BANK INTERNATIONAL 

A memberof Ihe Lloyds Bank Graup 

acted as Financial Adviser 
to Cable Supports Limited. 


CmCOBP TNTKBKATrONAL GBOUT? 


CONVERTIBLES 



American Erpri-si 4ipc ’87 

SI 


Kahcock f- Wilcox 7p-r '92 

mi 

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S'?atrlrp FooMa J-nc 1992 . 

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Beatr!'.-*? F 0065 4!pc 1992.. 

I?0 

121! 

Boi-rhain ij’jic 

1 : 1 * 

:i2- 

Sardes ope 199; 

or 


1n»ii«-ay Hal" 4ipc 1957 . 

715 


Camatlnn 4 pc I!«7 

74 

7 7\ 

Chevron jp- IPfS 

f+t 

ii.v 

Part «pc W«7 



Fat^inan Kridak lltv iw 

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no: 

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TCI •Upo 1!TC 

O.A“- 

Uhl 

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03 

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79 

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113 

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IO 

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:*<9 

I9!j 

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l.tli 

133! 

J. P. Morgan 4!pc IK7 

ion 

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Nabisco iipc 



Owens mmols 4loc T»“*7 

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J. C. Prniwy 1 ‘nc U57 

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133 

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34 

sar.tlvtk ti|pc i9<J 

1W5 

1171 

Stjcrrr Ranri me 195 ? ... 

!N 

not 

Sonihfj Jipe ;<»<7 


Mi 

Ti'xaim 4jpc 1 WS .. 

7r 

7S 

Source: K.d J-:r. PeoUody 

Mcorlau. 


U.S. $50,000,000 

Westbume Petroleum Services Ltd. 

a whoUy-owned subsidiary of 

Westburne Internatioiaal Industries Ltd. 

Senior Notes Due 1993 


Tha undersigned arranged iha priyafo 
pl tt a em e a ttoi tSasolVoteg w M t i n stxtatianal rterirdoia. 


Lehman Brothers Kuhn Loeb 

T i h yuy iMlwr. ~ 

NEW YORK • fiTT.flTJ TA • BOSTON » CHI C AGO • DALLAS 
HOUSTON • LQS ANGEL^ ’ SANTKANdSCO ■ LONDON - TOKYO 

September 7, 1978 


i f tn^wra u iviniLi 







pte aflXi t 


FinasdaLTiraesW^ 6 1978 


. after 

losses on TV and survey 


i 


Ofrex rises 46% to 
£2.5m at halfway 


££ i ~r 'rr*f. 


^tsntt.front the 


'ur e - V, WtoiiSns a of associates of Group export at of £«.79m <£l37te). 

- L “^ : St ?&m CI888W0) prosit at the a w . wi&n) rtM irfrT? 

l8Wl ,dl ^as^o to J^OUZlM tOflfMW^I-to) Of Trading *,*.»■ ^ £& 

atio^ ■ .‘‘ & Vi^h.r -Uhi ik-H-i-rf which -the -WOTeaa jftfttan t fcW snare of imctwf as? tss 

: 0 o, ■ ... Higher costs throughout ..the ■Xil2,3in‘££lOMs|i Cwhal goods immmi — 5,11a j.ijo 

C r h X 5*«m*P w?re wrt . fully TMovered in sales; split u tofteroeu and UK. »»«« »**« aw 1 *m 

: W yg L> » . 'Sti.tllmg prices and the increased gJSI? S£ LGMJbtf and m3m Ef _^r *■;» 

'*■ 5ari> WEJ? “£1^^ Amf^wS^Sinaet, goods fcMS *«£ 7 -“ 

- ^fwiuwuw w exporii.. Before jag am YMQjfan^ «*J £S8.7m skcui <m>u* «3 93 

^u'.is""- ijiterest the codtrihtjUon -from masm) • - Atinimuhto t,0K «,ia 

irja| - .»" ttinsumer goods was down: from tooir IflUWt- C£&7Sm) Tor ^ WrtC ^ 1 d, I Mf " ds » 

■ri-. 54# 1 05m to £301.000 and from eapt- . stated « 25p share of ^ |^2 =•« 

i-V, • S J E00ds f?8m £I5 - 9to M * W ' 4lM - 25 ffiS i S z£ap (J4^pjafter 75SS depreciation ■ft” 

•n^",. .'" 3 it was a successful year for tbo special M 1 ** '.: £a83 ' 0Ofl ‘-i” 5 

««£; - *&«■»* »«*«« «* rtfcf. <**»»' • .V.-V;- _ „ 

fc-JL ik ,v *»ioi« where combined profi.s A net final dwMend of K596l3p ranonr closure imoee <E3a,0M>; net 

ere at a peak. " ‘lift* the hail to v mmstotian -per- =“tpii» on sale at iradc inwmnmt »n 

S»« 1 3 ,„. rnTr nrnhirnii r.r«i h.frr- mlnnrf 1 ffflHTl H it ~ *** 1®»<W nallMHOn or 

^ Uj The survey problems SJlLwai. wiltteo 1 J-Srettp rawwOT?. wvalasilon of current u**u ana iuwu- 
. ealt with and the outlook for At year end (oiB.pnftiMons ior IIK , n forwien curreoetei hss.ooo rsis.wo 

§ PArt. unsumcr CTOds'is more enenurag- tax deferred by stock^ relief ex- bimi: ana Mpcwwnre on North sn try 

JU>^jJjyr lfje jifectonj yay. 1»xt . warp ceeded £I3m ^wMcj o® 1 * a Vkl ' Us 8,1 ““-“SV T 
IEF pi X ^4ut increased: operating taste mid small part, if av, 1 ? ecome See Lex 


l£p 'rilt mcTMsed operating taste mid small part, if aUV become See Lex 

5i^ Blackwood Hodge on target 

’ference dh^- •- • . 

pajd SJ ooEiSt.GAlNST DIFFICULT trading and a small decline' in XJK margins creased capital— a final of 1 .29234 p 
Editions and with interest compared .with an improvement (adjusted 1.0693p) was also pro- 
's barges cat nearly .-am to £4.Um, overseas. .- - L jected at the time of the rights 

rofi ts before tax of Blackwood . Operating costs and, overhead issue. 

I d 81 lbe Mftfimoving and con- expenses showed a amf^l «CTQase ^ chalrman repqr ts that the 

**a|cF rucUoB equipment group, rose due to inflation, fam, .interest ^ ^ 20 per cent ol 

OV 12.3 per cent from £7^5«n to charges were reduffi * \*m to emii^ in group's 

c&r » naioibu. , 8ra for the first half of '1978. reduced, borrowing *hd kwer Ni g e riS subsidiary, to give loni 

SSL ^ shareholders » wiJolLm 


1 V rirr C • ^ U •■•S'* ■ W* MW* 

st i-.c, Bt5 li ,*3s than mam made at the time 

J'fcirV h f thn Inin -"1078 fltfkta l«np 


j ^sr yes ,.- tots u™ Attributable P«^m advanced cent as required by legislation. 

’-<* srowih* 15 ^ thc - lMlue * from 1223m to £2.77», after tax has yet to be finalised but meet- 

■Tii haip™,**; Mr. W. A. ShapjaiUL the chair- of.'ELSlm f£4.I5mT.'«traord*nary Inga with the Nigerian authorities 
1 so f. fciau, says the group, has marRin-- debits of £213.000 <£495,000). are expected to be held within 
viW'jth 'JfWbr improved Ifte.wmiet peneiro- minorities! and peelmoe divl- the next few weeks. 

- 1 'll UvAn oiu? Ima liHn lahhi In mnfrnl ' 


' f i r np and has been able to. control deads.' 

hp itf. ®" «KWheads. This pattern should • - ' sunawitai 

p v 'Ja^sntinue in the second half and ’ • 22 22 

krentJU, he believes, give rise to ■ 

^h n n ' r ^V ,aI **“¥* f p r the full year c ^f mnr-SS 

, u^T not less than £lSra. Et»«e s»u aies 


pcefbwmce di\1- thc next few weeks. 


James Beattie 
nears lm. at 
six months 


i^wr-UK salesroSe 2 percent to ^k. tax : 7!T 
beniiSm, but overseas sales were ovcrimtax 
." d fhe o*6 per cent lower atfiflOm due g g _***: - - 

“i ’***“* swdi certain exceptional sales ut XSSTSi*?™^, 


aS5S'=^| 4 jrtrsjssAs-. «s 

aavtesyjKgg 

ere splits to; UK. £iSn (down shown as 4i»6p (4J4pV basic, and * { «incle 2-S3S2p net dividend 

m _ per cent), and overseas, £7 am 436p (4 JBp) fully dfloted. As pa,(L 

L A iiip 0.9 per cent). These results forecast in July; the Interim dhri- After half-yearly tax of £513JN)0 
|K"|ftflect changes in the nrix of sales dend. is effectively raised from (£199,000) net profits were ahead 
w the group's various' territories 0-8867P. - to Q.967T^> imt op . In- from £183.000 to £473,000. 

iOm? year. With.; ~ 

■c f^ncennsie 
i.^u-rtral cm? 
fc=«?:: aule to: 

■« c^nirscthna i 

«nif.v hyh c 

> Madras ! 

srei a little .. .......... 

SSSS J ANOTHERRECCWDYEAR 

i-0 noos-';-. •. .-I JL.':. ,•_ ■•. : — — • -- ... . .-•• •■ ' ' • : 

l-i 1 ’]? ilTSjs ‘ f ^pte^dfoi^jbrtBfMrtherlncreaM in^ ^^rnovijr^rfrecbrtiprofiisfortbe compare - 

7r.i*r.;ca i m riuringthepastyeatVyfemustthankin j^lheaw^butionmadtoy Jubilee^ Yearwhich 
The oprra i ■ . brought forBign vtsttors to London, manyof whom found their my to our restaurants. 

; R ? J" o? ^ During the year toe have acquired the freerflds of 19-21 Old Compton Street the 

s v. ol! ior i!fiS Breganza Restaurar4at5S“57 Frith Street areg7 MarkatStreet, Brighton. Itisth? Board's | 

»u fr. ci ra ai intmdontopursueti%f}ofrcyofacquirtr^th^Teeho!dsofourrestauraritsandproperties 
‘ T-Tv . asand when the^bei»n1eavail^.\^^rtryingvervhardtoacquirenew businesses 

) edi-sV httf ’ in the right locations, but noone appears $$ want to seK ata reasonable price. 

jwlwiej - The fact that wewere aWe tomcreaarfprofits during thepast year does not mean that 


xms jIdbt A jump in pre-tax profits from 
T?. tiaz i!*cr £382,000 to £988,000 Is reported by 
;2JB 2.8M James Beattie, the departmental 
;■**£ store operator, for the half year 
• r t 5 to July 3L 1978. Turnover was 
xjs « some £2m better at 112.53m. 

' — -J? However, the directors warn 

: 'ss . "ssi that the company feces a much 




t INCLUDLNG - RESULTS from 
Howard Wall, taken over at the 
: enfl of 1977. taxable proGl* of 
Ofrex Group rose 46 pvr cent 
. from £1.68m to £2.46m for the 
first six months of 1978. Safes 
’ were up 25 per cent at £20. 18m. 

Mr. George Drexlcr, the chair- 
man, comments [hat the group’s 
i forward march has continued 
despite increasingly difficult eon- 
1 ditions. In particular in thc export 
, markets. 

After tax of £L24m (£&92m) 
earnings expanded from £0.76m 
to £L21m, representing u 4S per 
cent growth from *Mp to 7^3p 
par 20p share. 

the Interim dividend is effec- 
tively raised from 1.067p to l.isp 
net. costing £193.000 <£i64,tx>Q) 
and the chairman says that when 
the . full-year results arc known, 
consideration will be given to an 
jncroaxed final— last year’s final 
was 3.01 67p, adjusted for a one- 
for- five scrip issue. 

The group manur»cturers and 
markets office supplies, stationery, 
educational supplies and equip- 
ment, etc. 

• comment 

With its very strong first half 
performance, Ofrex is well on the 
way towards achieving the fore- 
cast made in its annual report of 
another record year. But it is un- 
likely that the growth r.uo 
established in the first half will 
he sustained over thc full year. 
For a start, the first half includes 
. Howard Wall, a stapling manu- 
facturer acquired in 1977. While 
it is difficult to net its results out 
because of thc degree of inter- 
action between- Wall and Ofrex 
over a period of years, it is 
reasonable to suggest that the 
first half pre-tax profit improve- 
ment. Howard Hall excluded, is 
around 35 per cent. The board has 
indicated that consideration will 
be given to increasing the final 
dividend when the final results 
arc known. It is this, rather than 
the results that pushed the share 
price 10p higher to 10.1p. At this 
level, asuming a fully taxwl 
annual result of 14.8m, the p/e 
U 6^ 

West of 
England Tst. 

Net profit of West of England 
Trust expanded from £646,000 10 
£1293.000 for the year to June 30. 


1978.-- Owing lo an agency error 
the comparative figure was in- 
correctly stated j esterday as 
£946,060- 

The -directors, as reported, point 
out that simply adding back thc 
tax- charge of £532.000 (£590,000) 
does riot give a true appraisal of 
the pretax surplus in view of the 
current dividend restraint. 


Whittingham 
in profit 
mid-year 

FOR THE first time in five years 
William Wbilt Ingham (Holdings) 
has Shown a profit at the interim 
stage. The recovery for the half 
year to April 30, 197S, was from 
a pre-tax deficit of £129.000 to a 
surplus of £30,1)00. oa turnover of 
£6.4 7m against £5.u2m. 

“In view of heavy seasonable 
iosMfl of the photographic division 
even » modest profit represents 
a very real improvement,” Mr. 
Wardle. the chairman, comments'. 

Losses on the photographic 
•side -were down to £254.000 
(£320.000). Before interest pay- 
ments or £263.000 (£594,000). in- 
come from investment was lower 
at £91,000 (£104 000) and the 
surplus from developmen; and 
property was tlmvn at £402.000 
(IfiSLOOO). 

Mr. Wardle points out. how- 
ever, that certain non-recurring 
profits arose in development and 
property activity last time which 
distorted the figures and he is 
satisfied with ihe solid trading 
profit achieved rhis year. 

The photographic business is 
affected by the weather but 17? 
is hopeful of ;i lietter result nt 
year end Of grnup results he 
says he has every reason to 
believe thc second half will be 
at feast as ni'oiit;-bk- as in 1977- 
78 when £5i'j.uoo was attained, 
and accordingly 3 material im- 
provement will be seen for thc 
year. as a whole. Full time profit 
last year was n 80. 000. 

No Interim dividend is to be 
paid but the directors arc expec- 
ted to pay a higher final than 
the Q.B9p net per 12 |p share last 
year. The last interim was paid 
in 1972-73 when profit was a 
record £2.08 m. 



. ■ ' J\ 


rzf^ m t o CC3/VIPAI>JtlES 


'A further move forward 
in a more difficult year" 

"In the light of the recent market for 
the company's principal products It is 
gratifying to report profits at a new 
record level". Gerald Garman, Chairman. 


Summary of Results 

1377/78 

£ 

UX sales 14,259.098 


U.K. sales 
Export sales 
Total sales 
Profit before tax 
Profit after tax and 
minority interests 

Earnings per share 
Dividends per share 
(including tax 
credit) 

Net assets per 
5p share 


1.428,984 

15,688,082 

1,773.100 

836,613 
3.31 Op 

1.452p 


1376/77 

£ 

11.546,916 

1 ,1 48,277 

12,695,193 

1,468,925 

691,496 

2.736p 


+23£% 

+24i% 

+23£% 

+201-% 

+21% 

+ 21 % 


1.320p +10% 


18.480p 1 5.542p +19% 


Copies of the Report and A ccounts are available from the Secretary, 
P.O. Box 22, All Saints Road, V Vedneshupf. West Midlands WSIOSLN. 

F. H. TOMKINS LTD. 


BUCKLE MANUFACTURERS T 
STAINLESS STEEL FASTENERS ‘ 
HIGH TENSILE BOLTS & NUTS 
COLD DRAWN STEEL 
JL FASTENER DISTRIBUTION 


. \ ANOTHER RECORD YEAR 

f am" pleased to reporta furtherincrease in tumovepBnd recor 

~ \Afa ' i •£ ' Ilxl “ W 


brought foreign vtsttors to London, manyof whom found their wfy to our restaurants. 

During the year toe have acquired the free^lds of 19-21 Old Compton Street the 
Braganza Resta urar4 e t 5 6-5 7 Frith Street a nt^7 MarkatStreet,Brighton.ltisth?6oanfs 
intention topursuethepolicyof acquiring th^neehol ds of our restaurants and properties 
as and when they become availabfe. We aoTtrying veryhard toacquirenew businesses 
in the right locations, but nooneappearsgr wantto sell ata reasonable price. 

. Thefacttfwtwewereabtetpmcre^profltsdiJringthepastyeardoesnotmeanthat 
weshaflautomaticsily beabtetothisysar. But with careful inve s tm en t s in new restaurants 
and prudent management of our exiting business, we hopetoachteveafurtoer increase 
inwofits. . - BERNARD WALSH, Chafnrian 


isfitsforthe company 
iy Jubilee Year which 
y to our restaurants. 




i . j -. .'V - J, • 1 * .?•* * .- . . . 

1978 

1977 

Group turnover ' 

£5.2111 : 

" £4.3m 

Group profit . 

£653,000 

£528,000 

Group profit aftertax 

£303,000 ' 

£244,000 

DTvidendsper share ‘ 

4.90p 

4.39p 

Earnings per share 

23.04p“ 

18.49p 




WhwlBifa Restaurants; -. 

•Wheeler’s Old Compton Sheet. Wl. 


Whwlcr'^ 

Verou-na 

Cflr«le 

.Antoine. 

B'apdica 

iVtor<>e & Dragon 
The Alcove 
T fie Sovereign 
.VWeeler'sCiiy 
VVheeier's Fenchurdi 
V‘. , hcplc.' , u 
Snertdan 


Duke of York Street. SW1. ' 
.. Dover Street. Wl • • 
Lov.rtdes Sveer. SWL ' 

;• CharkmaSlreeLWI. 

: .ffth Street. Wl. 
ftofetuh Road. SW3. 

“High Street. Kensington. W8. 
Hertford Street Wl. 
GwatTowerStreet EC3. 
Feochurcb Street EC3. 

. Brighton 
Brr^aeo 


The Company also owns: ' 

Golden Galleon - Seaford. Sussex 

' Too Sbendan Hotel ‘ Bnghron 


in USA and Europe 


: major new steps 


GROWTH IN CAPITAL EMPLOYED 
(USA and continental Europe) 


£39m 

EUROPE 


£72m 

EUROPE 

£20m 


w-j i I i| 


i>l 


i[Kj 



"si 


Results in brief to the 31st March. 

197& 

1977 ' 


rooff.. 

rooo 

. Turnover . 

7,449 

5,756 

Profitheibrctaxarioa ■ , ,. r ' ’’ 

1,028 v 

63d 

Prbfitafter taxation • 

475- - 

312 

Basic earnings per sharer 

* 5t8jiv--- 

35.5p 

■ Dividendjrcc share tact) 

12J68p ' 

30.S96p. 


t * ] M k f t < i m-x v ^ 3f ® * » h I H • iTT 4 iJiiLt 7 ■ 


strong trading of the Gro up’s three principal subsidiaries. 
^Dividend inaMmumpeniiitftxL ■■ 

. Sale q f Group’s interest in. Biakey’s (Malleable Castin gs) produced 

* asurpliis of£9^569 overhookvalue. 

‘The prospects for the current year are reasonably encouraging ... the prime 


rn -) » r»^f »T?^r n < <. ■ i »> * v ^ ■- n -p i i>i' ’ j i m i i-t.^ \ fth m 


mvestmfent of thetjcbUp's substantial liquid resources . .yburdireciors are 
considering nn:estment qpportupilksfor extending the Group’s business boUi ■ 
In the Untted Kjnjgidpfa and fo North' America.’ ' J. Cross 

Principal acrivitiesarc the manufacture bf metai pressiags, ladies footwear 
and industrial rubber products. , 


5 £27m ■ • 

EUROPE 

£10m 4KA ' 

: . USA ; £23m 

n l’ ■ ’ ■ ••• •,•-. L 

: 1975 1976 1977 

Recent developments in USA and Eivope 

TAN’S largest investment ever —52% interest in Hunt 
Chemicals, important US manufacturers of specialty chemicals 
" for the photographic and electrostatic industries 

Purchase of a brake parts business in USA — Nutum 

# Curty, Froice’s leaefing aiAomotive gasket si^jpfer, 
became a T&N astodate 

^ Leafing ftabm automotive lifter producer became a 
T&N subsidiary - Coopers RAAM 

TBA Ibetka createct with 40% T &N interest to make 
gasket materials in Spain 

# New German mantiachfflig aibaciaiy set up to extend 
industrial gasket sales in Gemiany, Austria and Eastern Europe 


TURNER 

&NEWALL 

LIMITED 


In the USA we have a strong position in specially 
chemicals and industrial gaskets and we’ve just broken 
into automotive component manufacture. 

In Italy we are No 1 in disc brake pads. In France 
we supply 4096 of the automotive gasket market. 
We’ve interests in Austria, Belgium/ Germany/ 

Holland/ Scandinavia and Spain. 

And last year we expanded overseas at a 
greater rate than at any time in our history. 

We are growing rapidly in plastics, specialty 
chemicals/ automotive components/ man-made mineral 
fibres and construction materials. We are growing in 
the USA market as well as continental Europe. 

In 1977 we invested/ expanded and diversified at 
a more rapid rate than ever before. We are very 
much more than *the asbestos giant. 

Why not take a fresh look at Turner 8c Newall? 

Write for a copy of our new corporate 
brochure today. 


To: Public Relations DepbTumsr & Newall Ltd, 

20 St Maiys.PdrsorBge/ Manchester M3 2NL 

Please send me a copy of your corporate biocHiifc and/or 
Report and Accounts. 

Name 

Address - 



— ET—J 








23 



Increased half-year sales, 
exports and profits 

sjc Increased sales at home and overseas in 
the first half of 1 978 resulted in a 1 4.6% 
rise in Group turnover to £60.2m. 

jjc Largely due to an improvement in 

Germany, pre-tax profit increased 1 8.9% 
.to £3.7m. 

Automotive activities produced 73% of 
Group sales and 81% of Group profit. 

sjc Group profit for the whole of 1 978 is 
confidently expected to be substantially 
higher than for 1 977. 


Comparative Half-Yearly Results 


Sales 

U.K. companies 
Overseas companies 
Exports from U.K. 

Profit before Taxation 
U.K. 

Overseas 

Attributable to members 
of BBA Group Limited 


First Half 

1978 

1977 

£*000 

£*000 

G0.206 

52.534 

28,079 

23,459 

32.127 

29.075 

6,861 

6,337 

"3.711 

3,122 

2,154 

2,145 

1.557 

977 


2.342 


2,061 


Full Year 
1977 
£'000 
1 05.808 
48,529 
57,279 
12,708 
7,005 
4,957 
2,048 


4.31 B 


Ordinary Dividend (per share) Interim Interim Full 

Rate 0.8777p 0.7979p 2.4076p 

Cost £400.000 £360,000 £1,096,000 


Earnings per Ordinary 
Share of 25p 


5.1 5p 4.55p 


9.54p 


BBA 

GROUP 

LIMITED' 


Needed by every industry. 


BBA Group Com ponies include: BBA Automotive Lid ■ Mines Ltd • Scandurj Ltd 
CiCKwell's. Asl'Tiius Company Ltd • Marshall Ltd ■ ftejino- Fibfe. 3 l«s Lid 

Comprehensive Cnmpujei Sei vices Ltd ■ Radio Lid - BBA Properties Ltd 
Owrsons SubbSbthe s in West Geimany - United Stales ■ Spain • Canada - France 
Australia and South Afnca 



LIMITED 

Coffee, Tea and Sisal plantations and 
ranching in Kenya. 


Extracts from the audited results Tor year ended 23 February, 

28.3.78 

Profit before tax 2,31x^91 

Profit after tax *,293,463 

Profit attributable to Kakusi Limited x,* 96,554 

Dividend's lGn»*) ................ 522.667 

Earnings per K.Sh. K.Shs. 

5 1- Stock Units 3.66 

N.B. K£l - K.ShsJO, uK.SU. --6.Sop as at 29.S.73) 


1978 

i8 - 2 iS 

3446.764 

1,908,128 

■*>S73j374 

518,000 

K.Shs. 

4-82 


Production 1977(73 

Coffee 1,974 tonnes 

Sisal 1,690 tonnes 

Tea 1,789,525 kilos 

Cattle 6,069 head 


Extract from the Statement by the Chairman, Mr. P. C. B. Benson M.B.E. : 

"During the course of the year 1978/79, we shall have our assets valued 
professionally. Your Board has not thought it wise to do this previously 
since two of our main crops ix. tea and coffee were selling at such 
inflated values that the plantations concerned could also have been 
valued unrealistically even with the best intentions. Pending the results 
of this valuation and a careful study of the effect from the shareholders 
paint of view, wc shall not be considering any bon us share issues. 

We would hope, at this time next year, to be able to give you oar views on 
the long term relationship between assets values and profit under 
normal conditions. 

At the time of writing this report, it is not easy to make forecasts 
concerning results for « 9 t 8 ; 79 and thereafter. All our developments and 
improvements arc being completed on schedule and potential 
production or coffee, tea and sisal will show a significant increase from 
19X0 onwards. Our tobacco trials have revealed that oor soils ore too 
heavy for the production of high yields although the quality has been 
most satisfactory. Wc do not contemplate any large scale Investment in 
this crop at present. 

Whether the market prices for coffee and tea will remain at existing 
levels is anybody's guess but wc arc oot contemplating any changes in the 
finan cial policy outlined to you In our last report." 


The Company's slum are listed in the Financial Times under ‘Finance, Land etc.’ 
Copies of the Company’s Annual Report & Account? ore available from the 
Secretaries. Estates Sen-ices Ltd., PO Bos 30572, Nairobi, Kenya, or from 
Smith, Coney & Barrett ( Liverpool 1 Ltd., 206 High Street, Bromley, Kent 
BRr iPVT. 



Jabiluka road decision 
hits Ranger hopes 


BY KENNETH MARSTON, MINING EDITOR 


ABORIGINAL OBJECTIONS have 
produced ao unexpected dampener 
to hopes of a start within three 
weeks to development work on 
the Ranger uranium deposit in 
Australia's Northern Territory of 
Pcfco-Waiisend, EZ Industries and 
the Australian Government 

They follow yesterday’s report 
that the Australian Prime Minis- 
ter. Mr. Malcolm Fraser, 
anticipated, that final approval of 
Aboriginal royalty payments 
should clear the way for work to 
start soon at the potential mine. 

The Aboriginals do not object 
Nto Ranker as such, but they have 
threatened to refuse to sign the 
draft agreement because of the 
Government's decision regarding 
the Jabiluka uranium deposit of 
Pan continental and Getty OIL 
They take offence at the Govern- 
ment's agreement to allow work 
to proceed on the Arnhem high- 
way extension to the Jabiluka 
field. 

Laurie Oakes reports from 
Canberra that the chairman of 
the Aboriginals' Northern Lands 
Council Mr. Guiurrwuy Yunu- 
pingu. has issued the Ranger 
threat in Teiex messages to the 
Australian Prime Minister, the 
Aboriginal Affairs Minister and 
the Environment Minister. 

They state: “Your decision is 
not being accepted. We would 
like to make it clear that at the 
traditional land-owners meeting at 
Mudginberry on March 15 and 16, 
197$. they opposed the extension 
of the road very strongly and the 
Northern Land Council supports 
their stand. 

'* I would like to know the 
meaning of the road extension to 
the Pancontinental mine sire. Tt 
seems to be that dearly the 
Government has made up its mind 
that Pancontinental will go ahead 
in the very near future. Tf that 
is the case, then this Council 
should be notified and the 
Government should play their 
politics fairly and honestly before 
mining development should take 
place.** 

The Ranger partners had 
thought th.-it Northern Land 
Council approval for the Ranger 
project was a mere formality 
following the initialling of fhe 
“ agreement in principle" by Mr. 
Stephen Zorn, the American 
lawyer who had acted as chief 
neuoliamr for the Aboriginals. 

But 5fr. Yunupingu said in his 
Telex that it seemed the statutory 
obligations of the Northern Land 
Council were not being respected 
by the Government, and he added: 
“ If this is the case, I would like 
to warn you that .the Ranger 


agreement may not be signed by 
this Council and its people unless 
you as a Government stop playing 
your political games with the 
Aboriginal people.” 

In London yesterday. Peko- 
Wallsend shares rose L2p more to 
564 p while those of EZ were I0p 
up at 280p. Pancontinental eased 
to £14*. 


Tara’s' loss 
of C$6.5m 


A LOSS of CS&32m (£2.9im) for 
the six months to June 30 has 
been sustained by Canada's Tara 
Exploration which operates 
Europe's largest lead-zinc mine at 
Navan in Ireland's County Meiui. 
Production totalled 134,143 tonnes 
of zinc concentrates and 23,838 
tonnes of lead concentrates. 

Since the end of the half-year 
production has been hit by an 
unofficial strike of millworkers. 
Negotiations are continuing with 
the Torohto-Domfnion Bank loan 
consortium and the Export Deve- 
lopment Corporation of Canada on 
the re-ordering of Tara Mines 
debt schedule. The provisions of 
the loan, agreement which re- 
quired payment of principal instal- 
ments on the loans on July 20. 
last, have been waived to Sept- 
ember 20. 

Thiess profits 
advance: new 
win issue 

ATTKtRALI.Vs diversified coal 
mining and engineering group. 
Thiess Holdings, announces net 
profits for the year to June 30 of 
ASl 9.14m UllJml, equal to 38 
cents per share, comnared with 
AS!2.Gm a year ago. A final divi- 
dend of 7 cents f4p) brings the 
year’s total to 13 cents against 10 
cents last time. 

Thiess is also making one-for- 
five scrip issue folowing its Pre- 
vious one-for-five issue only last 
December, The latest issue will 
only rank for dividends on profits 
earned after July 1 this year. The 
directors forecast a further divi- 
dend rise for the current year and 
predict a minimum payout of 11 
cents on the increased capital. 

Again, the group coal mining 
operation has provided about two- 
thirds of the year’s profit. The 
Cal lido mine in central Queens- 
land has had considerable success 


In securing further orders to in- 
crease its capacity to 2J2m tonnes 
a year. 

The mine's capacity is expected 
to be fully utilised by 19 S 0 - 8 L 
In the past year it raised its sales 
from 1.2m tonnes to L6m tonnes. 
Coking coal deliveries from the 
group's South Blackwater mine 
aslo rose strongly from 669.000 
tonnes to 919,000 tonnes and 
brought a “ considerable " im- 
provement in its profit perfor- 
mance. 

The Thiess' construction divi- 
sion lifted Its turnover to A$103m 
from A379m. But the directors say 
that, although the profit was up. it 
did not reflect an adequate return 
on funds employed. The group's 
motor vehicle distributorship per- 
formed well, increasing turnover 
by So per cent A$179m and signi- 
ficantly lifting profit 

Geevor still 
going strong 

WHILE the young Wheal Jane and 
Mount Wellington tin mines in 
Cornwall remain in dire straits, 
the old Geevor mine near St Just 
is still going strong after the past 
60-odd years- And tbe chairman 
says in his annual statement that 
the continued prosperity of the 
company is assured. 

Furthermore, Geevor is looking 
for ' other mining situations in 
Com wail. A number of them have 
been already considered and 
rejected, but some are still under 
investigation. These are being 
approached with caution, it Is 
added. 

The current year to March 31 
should see tbe end of capital 
spending on the Geevor mine's 
sub-incline shaft project, but in 
December repayment of the 
Department of Industry loan com- 
mences and interest also becomes 
due. Further significant expendi- 
ture is necessary to ensure that 
the mine can continue to operate 
efficiently and profitably for the 
foreseeable future. 

A major extension of the mill, 
now in an advanced planning 
stage, will make it possible to 
treat material from the numerous 
old mine dumps in the area and, 
in due course, increased tonnages 
of ore from underground sources. 
It is. however, vital that the rise 
In working costs be contained and 
the payability disclosed by under 
ground development over the next 
few years will be important. 
Geevor were 140p yesterday. 



Plans to hand over the con- 
tract to Pertamina. the Indone- 
sian state oil company, has been 
dropped in view of Pertamina's 
shortage of funds, a spokesman 
said. 

Caltex production runs at about 
800,000 barrels a day and it is 


nurdiN,;, Peacock 

the Cash and Carry --a holesalers 


Colombia launches plan for 
self-sufficiency 

COLOMBIA PLANS a massive oil petroleum last year, an increase for guaranteed tax stability over 
search over the next five years in of 19.3 per cent over 1976. accord- a period of 25 years, 
order to recover self-sufficiency in ing to PetToperu, the state oil * * * 

petroleum, Mr. Alberto Vazquez, company. But this did not meet The production sharing agree- 
the Mines Minister, said in Bogota. Inte.rnal demand and imports ran ment signed by Caltex Oil and 
.oI- oCa ,«S f ^ lture iy ¥ f^out at about 52,500 barrels a day.. the Indonesian Government has 
Spam (£lb6.im» as EaiipetTol, the * * * - been expended for 30 years from 

state oil company drills some 140 The Fiji Government - has its expiry dare in 1983, the Min- 
expioratory wells. reached agreement on a five-year ins Ministry stated In Jakarta. 

Until three years ago, Colombia exploration programme and tax “ 
was an oil exporter, but imports re ^ ime with Pacific Energy and 
now run at about 30.000 barrels Minerals and MAPCO, two U.S. 
a day. The cost last year was companies. 

An official statement, released 
Production IS currently running In Suva, said the companies 
at less than 140.000 barrels a day. would spend FS7.6m (£4.78mT an 
_ , * * .. * ..the programme, which contains a — 

Crude oil production from the drilling commitment within three the biggest foreign company 
Bombay High offshore hem on tne years. If the companies should operating in . Indonesia, account- 
Indian west coast is to be stepped find oil in commercial quantities ing for a half of the national 
up by 25 per cent to a rate of then the tax agreement provides outpuL 
5m tonnes a year after the mon- 
soon season, announced Mr. P. T. 

Venugopal, the chairman of the 
Oil and Natural Gas Commission. 

This boost will make the field 
the most prolific source of Indian 
crude oil. 

Total Indian crude production in 
the year to next M/tch will be 
orer 12m tonnes, but a further 
15m tonnes will have to be 
imported to meet domestic 
demand. 

* * * , - , The coupon rate on this week's Shares was made on July 24, 1978, 

Peru produced 33.3m ba rrels o» batch of local authority yearling when 1,030,846 Participating 

'bonds has jumped from the 9} Shares were Issued at £1 per share, 
per cent of last week to IOi per On August 29, 1978, the prices at 
cent Again the issues are- at par which Participating Shares could 
and this time they are dated be issued and redeemed was £L02 
September 12, 1979. and £L00 per share respectively. 

Dlstrfct l *Comir?f e faiwi^ St , 1716 pollcy ° r lhe company is to 

Safforri 1 fSffiF 1 v£biL« Invest P^artiy in those British 

naiitarf Rnrmil’h VS. “5 SET Governmen l Stocks which are not 
Cirv^of Leed^ii'Si UabIe 10 any UK tax on income 

MoflLGoSirn’frL? wi,en beneficially owned by 

Chase IJtetrirt 11 rwlili persons or companies not ordi- 
fSKS' narUy resident in the UK Such 

cSTS §2; ?iK, fed! 

Cits GaSSwyim? company are Arbutimot Securities. 

SS cSSeif L fijnS "'^£55 Brokers to the company are 

SSvsh’o'f !uwi,£S’iai5rcS Ca “” ore and 



Yearlings jump to 10% 


TURNOVER AND TRADING PROFIT FOR HALF YEAR ENDED 

1st JULY, 1978 


Turnover 

Trading Profit before tax 
Taxation 


1st July, 
1978 

110,003,(100 

1.503.000 
312,000 

1.191.000 


2nd July, 
1977 

97,117,000 

1,516.000 

615,000* 

901,000 


52 weeks 
ended 
31st Dec.. 
1977 

214,085,000 


4.866.000 

2.243.000 

2.623.000 


“ Restated t*i reflect the change in accounting policy on deferred taxation. 
The figures shown for the two half years are unaudited. 


The Directors are paying an interim 
dividend on the Ordinary Share Capital 
of O.STp per share (1977 — 0.79p per share). 
This interim dividend will he payable on 
27th October. 1978. to members registered 
at close of business on 29th September, 
197S. 

Sales for tbe six months show an 
increase of 13‘fc over the same period last 
year whilst profits are almost unchanged. 
Since the 1st July, 1978, the sales increase 
has continued at the rate of 12*% and 
your Board are confident that sales for 
tbe year will again be a record. The 
continuing price war makes a forecast 
of profits for the year more difficult than 
usual, hut subject to this proviso, your 


Board are of the opinion that profits 
for the second half of this year will 
exceed those for the comparable period 
last year. 

The policy of opening pew Branches 
and enlarging, or replacing existing 
Branches continues. Tbe building at 
Plymouth is proceeding on schedule and 
it is anticipated that the Branch will be 
open for trading before Christmas. Con- 
tracts have been exchanged for a freehold 
site at Luton, Bedfordshire, and hopefully 
the lengthy negotiations for the replace- 
ment site mentioned in the Annual Report 
will shortly be satisfactorily concluded. 

J. A. PEACOCK, 
. Cftniman. 


Head Office: Busbey Road. Rayrtes Park ; SW20 OJJ. TeL: 01 -946 9111 - 


of Bristol f£ljm). London Borough 
of Hillingdon (£lm). 

The London Borough of Merton 
has raised £lm by the issue of 
111 per cent bonds at par dated 
September 3. I960. 


HOWARD AND 
WYNDHAM 


Offshore trust 
goes for 
London quote 


Howard and Wyndbam announ- 
ces that arrangements arc in 
hand for the placing of £Jra of 
IS per cent Unsecured Loan Stock 
1976-91 at par. 

The new stock will rank pari 
passu with the existing £346,844 of 
18 per cent loan stock at present 
in issue, except that It will rank 

comnnvk respect of the period September 
tion P o5 y, th P h P rI^!l ? fo L a JP , S B ’ 11 December 31, 1978, amount- 
ed ° W t ®* - big to £5.52 per cent w»U be paid 

wifi be -shares on fa January i 5 , 197 a. 

At AuwWiSS? Monday. The net proceeds of £484,000 
capital the 13 2?' ,he b® used initially to reduce 

no 1 /!' PJrt,,?,* "’"I? 8 "* waa existing bank overdrafts and to 
Pa*rticina tin" 11 h roio "Hli” Provide additional working capital 

enre shar« 5 ,!5 mab L e E e J, er ' for UK operations. 

Caoital e 2, ch j Tbe placing has been arranged 

Redeemable by Raphael. Zorn and Sheppards 
^..T , erencc snarec of lp each and and Chase 
bunders’ shares of £1 each. 

r- eomDan J was incorporated • 

in Jersey on June 20. 1978. It is 
investment com- 

i * PPerotes on similar 
principles to a unit trust in that 
it can by using redeemable prefer- 
ence shares issue and redeem ils 
awn shares. 


FINE ART 

DEVELOPMENTS 


i » 


Fine Art Developments state 
, . . the fire at CJayton-le-Moors, Lan 

U n&s been formed by Arbuth- cashlre, was at one of their 16 
not Securities CC.L1 to provide storage places and should not 
management of British Govern- present too many serious prob- 
ment Securities for both residents l«ns regarding current trading, 
and non-residents of the UK. No manufacturing or admintstra- 
The first issue of Participating live buildings were involved. 


A 


Financial Times Wednesday. September. 6 1978 

Saville Gordon back on course 
for growth after setback 


ALTHOUGH PRE-TAX profits fell 
from £924,018 to £752^)61 In the- 
year to April 30, 1978, the second 
half at J. Saville Gordon Groan, 
metal merchant etc, did show an 
upturn and a significant Improve- 
ment is foreseen for the current 

year. 

At the interim stage, when pre- 
tax profit was down from £45LS36 
to £202,035, Mr. J. D. Saville, chair- 
man, said the results in no way 
reflected the high level of 
activity. 

He now describes the 12-month 
results, as ‘‘commendable" In view 
of the difficult trading conditions 
experienced earlier in the year. 

Turnover for the year dropped, 
from £25270,109 to £17.606,793. 
Earnings per lOp share are shown 
to have slipped from 4p to 8Jji 
and a final dividend of 12255p net 
lifts the total from 1.4549n to 
1.6255n. at a cost of £129,926 
(£H7.919>. 

A property revaluation carried 
out during the year has revealed a 
surplus of £970,213. . 



197T-T8 

1978-77 


I 

£ 

Turnover 

— 1T.M6.TB3 25.270.1 IW 

Profit before tox .... 

... 752.661 

92UU 

Tax • 

... 418.021 

KU.5S3 


... 334.M0 

394.463 

Extraordinary debit 

— 11,334 


Minority loss 

* — 

9.651 

Available - 

. 32U08 

434,138 

mndends 

- 128.808 

117.M9 


The activities of the group's 
engineers merchants division. have 
continued to forge ahead, even 
though industry has been operat- 
ing at a much lower level. Turn- 
over in this division has increased 
month by month, and tbe direc- 
tors believe the company is taking 
a much larger share of the 
market than in previous years. 

The company has maintained 
substantial and comprehensive 
stocks, and has invested in modern 
buildings and handling equipment. 


F. H. Tomkins 
cautious on 
current year 

The business plan and budgets 
at F. H- Tomkins for the current 
year have been prepared with 
guarded optimism and unlimited 
determination. Mr. G. G.' Carman, 
the chairman, says in his annual 
report. 

Any. prediction would be specu- 
lative, he says, but the group is 
proceeding with its long-term 
development plan which is 
slightly ahead of schedule in the 
distributor division. 

For the year to April 3D, 1978. 
pre-tax profits were up from 
£ 1.47m to a record £L77m on 
turnover of £1 5.69m (£12.7m). 
The dividend is fl.96755p (0.8666p). 
Profit Is reduced to £1.4m after 
adjustments for cost . of sales. 
£425.392, depreciation, £195,455 and 
gearing, £250.155. 

In the present market, ability 
to supply the major part of the 
product range from stock is 
essentia] to maintenance of turn- 
over and this involved - all 
companies in managing the other 
elements of their working capital 
to provide for higher stock levels 
without recourse to additional 
borrowing: The cash flow has 

been assisted by a relatively stable 
price structure for tbe principal 
raw material — steeL 
Capital expenditure was again 
relatively modest although there 
was a significant increase in 
authorisations towards the end of 
the year in connection with the 
expansion of buckle production. 

Both divisions of the buckle 
company did well to improve their 
total performance in a year when 
there was a substantial downturn 
in demand for shoe and sandal 
buckles which are historically a 
significant part of the trade, the 
chairman says.’ 

• Exports to the traditional 
markets were also restricted and 
considerable effort hai gone into 
developing new markets with 
promising results. 

While demand for bolts and nuts 
was again subdued, that depart- 
ment was more affected by the 
developine shortage of skilled 
setters for modern bolt-making 
plant. 

The growth ' of service activity 
continues and a substantial invest- 
ment in acid re-cycling plant has 
been authorised for the steel pick- 
ling plant which should result in 
more economical operating. 

Distributors is now established 
as the major element in group 
earnings and it is the board's in 
tention to continue its develop- 
ment, .although it must be ex- 
pected that the growth rate of 
recent past will slow down in 
what is, at best a static market 


board meetings 

n. J.IU w 

dates of « •*!* 

Excfianzr. ■efrSSTft MnsWermfi 
held for l^rtnSmis arc not 
dtn deads. concerned arc 

available wbHaer drrt a ^ c sutwlMsions 

se *rt ita“‘“ bJC - T0DA r 
Heowonh Cer^mc. 

Inyramwptg. N w^ U ana NaT ig*tton. 

PoS. Rotor*. Row- 
' AlLanrc and London 

SSuiSSS^tSB.' ^ rXraold. wasoo 

Consolidated Rubber. 

Gnlanoss Feat. 

future dates 

interims— Nov. 7 

IKlLf'ffii? ISIS 

c™3» nSra.Mi>»> - M 

ssrsstii na**-.!*" 

HmttleiKb Snpt. 14 

Magnolia s^ot. ja 

Mend os ■ John) - . e^ 0 , 7 

Provincial Laundnos J 

Winch more Investment Trust .. Boot. 11 

Finals— Seirt- 7 

GT?*Japafl [nviarcme/M Trust — |W”* 20 

Londoo Merchant Secant** |ept- 8 

Moran fC3utetophcr> sepLia 

Steivart-PUstlcs Bept - 11 

t Amended. 

The metal trading companies 
have been under tremendous 
pressures. Not only has demand 
been at certain times, almost non- 
existent, forcing the company to 
take considerable tonnages of 
material into stock, but it has also 
been faced with a continual drop 
in values. However, it appears 
that this situation no longer 
exists. 

The directors have adopted a 

given at S^8-4 cents (22.76 cents) 
and the total dividend is held at 
10 cents with a final payment of 
5.25 cents. 

The pre-tax result was after 
parent company expenses and 
loan stock interest of J®®-000 
(£91.000). Tax took £2.43m 
( p 2l2m) and after minorities, 
attributable profits rose from 
£1.73 in to £1.92m. 

Stated earnings per 25p share 
are up From 16.6p to 18.5p and a 
final dividend of 2.6Q56p lifts the 
net total to 3RS08p (3.4485P) 
equivalent to 5.7475p (5225p J 

gross— but for the continuation 
of dividend restraint tbe directors 
say they would have recom- 
mended payments totalling 10p 
gross. . . , 

The directors consider there is 
Mtti'i likelihood of the company 
paying the deferred tax addition- 
ally provided ns at June 30. 1978, 
and bad they adopted the policy 
of not providing for this tax. earn- 
ings would have increased by a 
further S^p per share. 

The group's business Involves 
distributing electronic components 
and bathroom fittings, engineer- 
ing, and manufacturing partition- 
ing and office furniture, refractory 
materials end services. 

Improvement 
by Armitage 
& Rhodes 

For the year to March SL 1978, 
Armitage and Rhodes reports 
turnover ahead from £4.86ra to 
£5.71 m and pre-tax profits up from 
£125,971 to £310.978. 

Earnings per lOp share are 


policy of continuing to modemu. 
plant and over the last five 
have ploughed hack into tire 

trading companies virtually =n«r 

profit that those rompa^^,.?* 
made. On current margi na n 5's 
return on investment fa* 
companies is inadequate, they^ 

Zetters 
leaps 76% 
to top £lm. 

AS FORESHADOWED at half.iw 
when reporting a junm iw 
£177200 to £360.998. pre-tax nroeS 
of Zetters Group for the yeari 5 
March 31. 1978 were a 
with a 76 per cent lean 
£594.726 to £1.046.784, Both *2? 
and bingo divisions contrife«J2 
to the result Ief * 

Turnover rose 59 per cent . 
£S.B6m and comprised FootharS 
gross stakes received 1 150*2 
(£8. 78m) less payments to winner, 
and betting tax £10.4m (£571^1 
and bingo and cinemas; nv 
t£2.41m). _ ^ 

^Notwithstanding its Substantial 
investments over the last 
years, the company’s liquid 
position remains* strong, Thh 
together with a current tradW 
position which is well up tn 
expectations, gives the director 
great confidence for the futnre. 

After tax of £565.412 (£S2U80fi» 
net profits expanded from £272£2a 
to £431,372, representing earnin', 
of 7.34 p (4.1fip), per 5p share. Tfi 
dividend is lifted to tbe maximum 
permitted L298p fl.l62p) m 
costing £85.088 f £76,198). ^ 


shown to have risen from 245 D 
to 5.51 p and the dividend g 
stepped up from'2.15p to 2L3fBn 
net. 

Tax for the 12 months 
£173219 compared with £6730 
Lair time there was an extrai 
ordlnarv credit of £52291. 

Mr. Michael Burrows, chairman : 
says he Is not prepared to 
any forecast at this stage for tie : 
current year. However, fo; 
promises that the company wig! 
continue expertly and aggressively ; 
to face up to the challenge 0! - 
the present difficult trading condS- ; 
f ions and as the markets improve, : 
“as inevitablv thev must, we shall i 
be poised for further progress i 
and achievements.” [ 

The company is “close.” ; 

Earnings rise ; 
for Family j 
Investment 

After management expenses; 
and loan interest amounting t» 
£15.531 against £11,595 and tax of 
£56.667 compared with £402111,' 
net earnings of the Family Invest- 
ment Trust advanced from £77,MS 
to £105.070 for the six months u 
July 31, 1978. 

'Gross revenue was better tf i 
£177.268 (£128,842) and earaiip' 
per 25p share increased from Lop 
to 239p. The net interim drrt- 
dend is stepped up to l-.75p (13pp.. 
costing £77.000, and the direeton 
intend to recommend a final of, 
not less than 2.75p— last yea's 
final was 2.85p from £174,445 earn • 
ings. • 


Downturn 
for TDG 
Australia 


For the year to June 30, 1978, 
external sales of Transport 
Development Australia, 70 per 
cent held by Transport Develop- 
ment Group, fell from SA17.34m to 
$16.62m and pre-tax profits 
declined from $2. 15m to $L76m. 
At midway the profit reduction 
was from SI 28m to SLOam. 

Yearly earnings per share are 


MIDLAND EDUCATIONAL 


Retoi/ers of Books, Stationery. Toys, Arts and Crafts, China & Gob 

GROUP RESULTS 


Year to end March 

1978 

1977 



£000 

£000 


Turnover 

7^28 

6383 

up 14% 

Profit before taxation 

400 

326 

up 23% 

Earnings per 50p stock unit 

13Ji9p 

10.98p 

up 24% 

Net dividends per 5Qp «ock unit 

4Jlp 

422p 

up 12% 

Points from the statement 

by the Chairman 

■-v 

Mr F tz \A/!lrnv 




ir Ninth successive year of record turnover and profits. 
jc Cash sales 21.8% up in first 19 weeks of current year. 

iy Net tangible assets 115Jp per 50p stock unit at book value- 
revaluation of properties being undertaken. 

ic Restated 1977/8 earnings of 16.86p per 50p stock unit (adjusted 
for Accounting Standards Committee’s statement ED19 intended 
to be adopted in current year). 

Copies of the Report and Accounts ore available from the Secretary. 

THE MIDLAND EDUCATIONAL COMPANY LIMITED 
583 Moseley Road, Birmingham, B/2 9BW 


This advertisement is issued m a>mplkmec aith the requirements of the Council of The Stock Exchange 
it docs mi constitute on invitation to any person to subscribe for or purchase any shares. 

Arbuthnot Government 
SecuritiesTrust Limited 

(An investment trust company incorporated with limited liability in Jersey on 20ih June, 1978 under tbe 
provisions of tbe Companies (Jersey) Laws 1861 to 1968) 


Authorised 

£ 

100.00 

99,900.00 


£ 100 , 000.00 


SHARE CAPITAL 


in 100 Founders* Shares of £1 each 
in 9,990,000 Unclassified Shares of which: 
477,096 are in issue as Capital Participating 
Redeemable Preference Shares of lp each 
and 

727,582 are in issue as Income Participating 
. Redeemable Preference Shares of lp each 


Issued and 
fully paid 

100.00 


4,770.96 


7,275.83 

j£12,14flH 


has been made to the Council of The Stock Excfiange fbr admission to the 
Official List of all the Capital Participating Redeemable Preference Shares and Income 
Participating Redeemable Preference Shares of the Company issued and available to be 
issued. Particulars of the Company are available in the Extel Statistical Service and copies 
ot such ^particulars may be obtained during business hours on any weekday (Saturdays and 
public holidays excepted) up toand including 22nd September, 1 978 from:— 

Arbuthnot Latham & Co., limited Cazenove & Co. 

37 <£een Street • 12 Tokenhouse Yard 

London EC4R 1BY London EC2R 7AN . 

6th September, 1978 • 





Financial Times’ Wedhesday September 6 1978 


Plou 


as 

sees good 


stAss*?: -til* from £312.000 to 
: °0 hWMntfB reported hyEdward 




“ OurJ we reporirer 

:° n Bas for the half 


s« 


-ette^i 

:a Ps 7|S 


year ended 

.1, 3S7»i.-«jact ftiU-year profits 
» expected to show an improve- 
•nt over tire £200.060 achieved 
jeat ' 

Samincs per -share are shown 
,31p against I.41p and L9p 
2lp) fuliy diluted. The interim 
*' lifted -freto* Ososp to 
MM ift .19/# Was 


3R£ S 

wUSS. 


iHifiwaiion aiei enmity.-, 

slfU* -acd r«4fe*. vaiws, 

I. MriUtMl 



26 3 ln rfoffc }S!.trn 

io ju uiicruia 


Sdtaiar 

• ( a^ urr 

• _..awo iso) 

a ire sia: 

a.J» wo 

IWKr-. 1*’4 
»«• 1.132 
S.«A 
:.CT 
.WV 

U2 


1.X H 

Tda 

i* 

. =4 


."JSySSS? 

"Hover 


ulablti 

r< *4 3i trri-aci- 


2S3 

‘JiS 


an j " §i 'tcrwaci' JiviAeal 
- t^finZ^iUabki cniiur,' 


«5i 

■ a*: 

& • 


02 

'. S 
.' i* 






3 


29 


J 



again lifts offer 
and Tridant gives in 


h *’- , *>»lia2? wwt • •••• • 

tSSln 8 A R- Burrow* chairman. 

m>” a an d t * wt tn •be taumtarrion and 

' ,. ' ^.ji.-Jruriiun -equipment d.iLviuii 
f v ' !t Hstandin. fiv, iy in the home nrnfcei 
“tents C? 4 .named >ubducd and ibl*. 
the *o^>upM «'Hh a difficult i 


period-for 
uvcrscat orec 

ii h V ^llid in a fall iiWurnover and 


? n Pe ttaiS^ * amine. 
her trhh? taulU-d i 
«bicf, fplH* 

wnfirt’ SbescHicro are, however,. indication* 
er aen< * f*>t lhc export market j* Improv- 
-ofirc of Gteio Md ihp d.vewon expert-* la 
tii ■*4, ex PandM? v| ‘ a ‘.'aii'.fariory year overall. • 
Ad /j , i repl ^N^' ow ‘ ni; '‘Insure <rf the 
a nrt i*' v 1 companies- markotuu; 

| ed l i?iodry -■.uppJieh, -.• turnover 
,,iuwd but having eliminated tin* 
"■ ,i *'* -beins suffered bj- those 

the ihvi-,;an . i.< now 
1 to h aV pT N bxe\ ma moslo.Al pruGr-; df'-'pilt- 
51 n a„j n ,*a ' ^:il very »ubdued ’foundry 
ed np U thivtw .n the 

°® 1 he -asri':uilil ral" . e 

•on. enrwej* the 


for 


the 


U Buoyant rioik!. 


.emilnei-rifle 
jrear ir. 
irrre.T»ed side* 


year. ' , - 

of v’vpers 

;n the «> --tem baHd-ins 


lift ju-. — ifu.i am mum, u.ii Vii-wu ><•««."» 

time vd. profit- -anil : tv oali! appvor iw 

&rv ereit|r7f If hcaiii“ -,r 
ilflchaei iSS' afc ! n;: 
he is not ^ l r‘ rl *' • 

r *vV fi&K 

i se( . jff- BspxrtSJi.in^ly l.isv turnover when 
nuo is^par.'d with ihe suite period 

re la»t year. There are ‘hidwationd 

resor.. . f- an improwhent in the home 
and le 'T^MtirkcS and strict eonLrol ofovta'- 
ipvi-rfwf ♦t nB * ad ‘ 1 ’ ,5 tontainw los«i«; at a 
oised }cvc ^ the. chairman 

'cb'everpents’ 

cmo,n ^Tyndall ; ; 
arningsiScottish 
•r Fanifncome Eund 


* iTAniH. ru-ome distribution by -sail 

IV trSirafilldlfch Income Fund was :: - ier 

“it up in the year t.v '.fuly 3 ; i'jTO, 
c-r nanasensfinal payment of 4.074p net per 
loan interest irii lilts Hre lotal ’lo 9.dWp net. 

11 a^ainn fliarhe fund managers paint out 
corapared unitholders, have s.ccn- Oihjr 
arnin&s oi titeFt omr distribution advance 32 per 
Trust EdtaneeBt 11 in ^ past. two years com-J 
05.070 for ttai-'w* with a ST per cent rise Jn‘ 

V jars. ‘ * retuii price- jndesc. The fund 
,.s Avenue w.hus Achieving its main purpose 
U nStti^Producins rf hfah .*wl i*cn£s- 
ie-l iTi ia&" income, whiFe ‘iittintsyntea 

W? ?hfw> l!,ctfiry ^ {ai pcrloipaaitcc, 
L«- hepped upBl'^ ,say - ' 

£77.000. indtfhe offer price ' n£ : .;«n«ts 
d -o reconumProvcd by .-41 .per cent ih the 
ie-s than Ispo years to July I97S white the 
•• as 1 35p froatt Ordinary Share Index -• owe 
per cent. • . - 

“n the present . circumstance 
; managers believe the best 

ficy is to remain virtually fully 

•eslcd. predominantly m 


•tall 


Starw^ Xm«ktiMAt. HoWIhrs, 
Uifr private eempany owned by 
Mr. Kemo Uiprei tf» chairman of 
Tridant Group ' Printers, has 
increased ite'ofipr -far Tridanit yet 
again— to Sap— and won wcept- 
3iw.u from Iho. indepemlciu 
Uirectdn. •-'•* ' -■ 

The bid fad lra Ktterly eon- 
tesxnt by -tip? ihdegwiudeQi direc- 
tor* who Called '-SUi. Dipre’ 1 : first 
offer m 63p oppwiutsslic and 
no! m tho be*i usBweasnT-shan - 
beldcr.s or cmjA&s«^ Now, haw 
u\or. having wmne an extra £Im 
out of s*an«.*t ihw-Wtew they 
cun no longer lm>d. out.' 

The new offer : reprewpts an 
Increase of 60 per cenl over the 
, uuirktM price tif . Tridaht'.s shares 
immediately prior -to rim first bid 
and this cnmldcralibu now 
, appears, to have, uuiyteifihed the 
t-arlwr grounds fi»r rcjcctiwr— ihc 
recovery m iiroflK and ihe 
question as jo Ihe property 
potential «f the JUncslon site. 

Curiously, wluh? the director.; 
have announced that Jbcy intend 
to place their uwp S3 per cent 
of the shares behind the bid. nu 


menuon is made of the attitude amounting to a maximum of 
or the major family interests in- XL29m will be financed from 
eluding the 23 per cent owned by internal resources. 

Chirit investment Company which 


in managed by Mr. A. M. Carey, 
one of the independent directors. 

In his latest offer Mr. Diprc has 
recuminnerl the interest*; apd 

pension rights of Ihc employees. 

FCF £1M. LOAN 
TO WARRLN 
PLANTATION 

Finance Corporation for Indus- 
try has agreed tn lend £lm to 
Warren Plantation Holdings 
owners of tea. coffee and rubber 
plantations, towards the pre- 
viously announced acpulsftion by 
Warren of Joseph Mason and 
Company. 

Mason specialises in the manu- 
facture of industrial paints and 
■he acquisition will afford Warren 
» further source of UK income. 
Thu Ftn loan carries interest at 
the fixed rate of 13j per cent and 
is repayable aver 15 years. The 
balance of the consideration 


GOLDREI 
FOOCARD 
SHARES UP 22 P 
on bid Talks 

Gotdrci Foucard, producer of 
food materials for ihc bakery and 
catering trades, is in talks which 
may lead to an offer for ilm cum 
pany. Following the armnuncc 
ment yesterday, the shares 
jumped 22p to Sop, valuing the 
company at just under t2m. 

The Foucard directors promised 
.shareholders tbnt they mil he kept 
Informed of. any devoiupinvu'.s, 
Dot they warned rliai sonic lime 
may elapse before ihe next com- 
munication since the discussions 
arc in un early stage. 

Foueard's profits have risen 
steadily in recent years and 
reached £453.000 in the year ended 
March 25, 11)78. 


Opposition grows to Pearson bid 


SEVERAL MORE.'- institutional 
fund managers h«!r». -Joined ihe 
group nhicb believes , that The 
offer by S. Fearwa and Son for 
the ordinary miaorily shares or 
Primm Longman in Inadequate. 

-Their vievi . i- Umli.'Peanon 
ousht to ha*>e oCt-red * premium 
to entice sh. ire holders to lei 
thomselvfs bu taken oiu of;.a com- 
pany in which tliey had' long- term 
cvnddcrive- * 

' The cr;i;ril question Is whether 
Ihe dis^kiuuN will be able tu 
r.nt.-lc-r the .irsm shares needed 
to defem the bid. When the *Qte 
i? Uiht-n. 

MeanwhHc the offer /or the 
prefcreiWf shares Looks, rirtunlly 
rv-rtuiii To be def filled-. Yesterday 
the John James Group whieh owns 
33-» per rent of one eta ns of 
preference shares and 36.7. per 
rent of , the other, formally 
announced that it would be voting 
against the offer. : . • 

A ' spokesman for' • Larard 
Brothers, the menSairt ■ .bank 
advising S. Pearson, jaunted out 
yesterday, howT.VPT, that Bccepl- 
ance by the preference --sharc- 
boldvr.s wav not critical : to the 
bid. It the prcferenct- holders 
wished to remain independent the 
company would simply - retain u 
listing for that class of shares os 


it will haw- to do for the loan 
stock in any case. 

Pearson's shares closed 2p 
down at 22Sp in Hie market yes- 
terday and Pearson Longman fell 
by 5p to 242|i. 

LCP BUYING 
MORE LAND 

Comley and Pitt, a subsidiary 
n[ LCP Holdings, has acquired 57 
acres of land adjoining its 
Pensile! i Trading Estate fnr 
Xftin.iHjfl rash. Of this £423,000 
hnt been paid and the balance of 
£223.000 is payable in April, J079. 

The t-umpany bus obtained 
planning permission for the 
industrial development or 00 
acres of this land, which will 
increase the tola] developable 
area of the Ponsnctt Trading 
Estnic io 240 acres. 

SHARE STAKES 

Westwood Dawes and Company: 
Central Manufacturing and Trad- 
ing Group an August 30 bought 
3.700 sliares. 

Ray beck: Following directors 
sold ihoir entitlements to the new 
101 per cent preference shares' at 
OOp on August 2l;.7!Xr. B. Raven 
1 30.900 beneficial; Mr. A. Simons 


90,801 beneficial: Mr. H. Davies 
10 J ,342 beneficial: Mr. D. Levy 
26.45! beneficial and S.JliS uon- 
bcneficial; Mr. J. Perkins 23,!l2b 
beneficial and nou-beneficial, 
Air. J. Victor 13,134 beneficial. 

Shaw Carpets: Mr. K. G. Wolff, 
director, bought 1.500 shares at 
65p making holding 50400 shares. 

Assam Investments: M and G 
Endowment .and Pensions Assur- 
ance Company is interested in 
270.000 ( 5.01 per coqt) 

Cam rex (Holdings): Legal and 

General lias sold 25.000 shares 
reducing holding to 478.0U0 shares 
<4.00 per centi. 

Nottingham Briek Company: 
H. J. Heinz Trust holds 41^51) 
shares (323 pur cent). 

ASSOCIATES DEALS 

J. Henry Schroder Wugg ami 
Company bought tfi.000 Imperial 
Group or ft jp on behalf of 
associates. 

E. B. Savory, Milin and Co. 
bought 15.000 Weston Evans at 
136 jp on behalf of Johnson und 
Firth Brown. JFB has now bought 
some 4 per cent of WE. 

J. Henry Schroder Wang and 
Company bought 4,750 S. Pearson 
at 232p on Friday on behalf of 
associates. 


Cement price 
rise plea v/r 
in Ireland 

Cammunicatioif to i. taking' place 
at present between the. .'directors 
of- Cenient-Roadstonc' - Holdings 
and tfac'Jrish-aaUkiritjps as to jhe 
drcumstanccs In ' which. ■ - an 
immediate increase in ihemrice of 
cement might be approwd. 

. Last week, as Ichowiv'fne direc- 
tors warned when renfrtine firNt- 
baif taxable profit Jo July 12. 

ahead to SfiMm [16.62m). 
that dulay in grafting the price 
Increase ^lreadyjneanl that the 
results , or tHfeTBroup’s cement 
companies would be quite 
inadequate ur the second half. 
Soles of -cement in the home 


market during the period bad 
exceeded ail expectations with 
volume growing by 17.B per cenL 
The unexpected part of the in- 
crease wa\ met by imports which 
were necessary due to the tun- 
ing in of . the new Plalin 
extension. 

Despite the large volume rise, 
profils of Cement Limited de- 
clined. The application of price 
control, the rulev'of .which do not 
cater ror investments to improve 
efficiency, was the major contribu-. 
tory f&pior the directors say. 

The last increase in the base 
price ck cement was in January, 
1977, and an application for a 
price 1 ' increase in December was 
rejected.. The company reapplied 
jn June arid is stni awaiting 
clearance. 

• ' “This is unacceptable treatment 
for. an enterprise which last- year 
completed a £40m modernisation 


and expansion project and whose 
return on capital invested was 
less than the group return of 
11.6 per cent— -a return which is 
patently too low." the directors 
comment 

The non-cement manufacturing 
side which expanded hair-year 
profits by 34.9 per cent, are 
expected to record a good increase 
-in profits in the second six months 
[and the favourable trend in over- 
seas operations has been forecast 
to continue. - 


Tfttv gnncyrcenKlrt appears, ns a ni.iiler »•! rco »r«I only. 

OFFICE CHERIFIEN DES 
PHOSPHATES 

U.S. $100,000,000 

Medium Term Loan 

Guaranteed by 

THE KINGDOM OF MOROCCO 


Managed by 

Abu Dhabi Investment Company 

Amsterdani-Rotterdaui Bank N.Y. 

Banque Nationale de Paris 
Barclays Bank International Limited 
Bayorische Landesbank Girozentrale 
European Arab Bank 
Orion Bank Limited 
Societe Generale 
and 

Burgan Bank. S. A.K. 
FRAB-Bank (Middle East) E.C. 
Kuwait International Investment Co^s.aJk. 
The National Bank of Kuwait, S.A.K. 


Provided bv 


Abu Dhjbi Investment Company 
Asicn-Pj/i Ilk-Bunk AG. Si ni^ pore Branch 
Banoue Commerciale pourl'Etirope ciuNord 
(Eurobank) 

Jkinque Marocainc tlu Commerce Exterieur-Agence 

tie Paris 

Bayerisehe Landesbank Internationa! S. A. 

CrcdiiSiiis^e.Ziirich 

} 7 R AH-ILink ( Middle East! E.C. 

Internationa! Resources and Finance Bank S.A. 

The National Bank o! Ku\vaU,S. A.K. 

Societe Financiere Europeenne Finance Company N.V. 
Thclaiyo Kobe Bunk Limited 


Amstcrdam-Roticrdam Bank N V. 

Bank of Scoikuid 

Banque I memationale pour l’Alriquc 
Occidentale ( B. I. A.O. ) 

Banque Nationale de Baris 
Barclays Bank International Limited 
Burgan Bank.S.A.K. 

European Arab Bank 

Kuwait International Investment Co.,s.a.k. 

Mitsubishi Bank ( Europe) S.A. 

Orion Bank Limited 
Societe Ciener.de 

Union de Banque Arabcs ct Europeennes U.B.AE. 
Societe Anonvme 


Agent 

Abu Dhabi Investment Company 


June 1978 


CATIOI 


THE NEW THROGHOaTON 
. . TRUST LTD* :! , 

.3 cr.d Crcfa. ^p- |ta j Loui Stqcic Vriqatipn— : 

5th September, 1978: . 

’he Net Ass/ » Value' peril bf- 
^apitii. Loan Stock is 197.iSp 
Scsuritits valued a .:<#!« -irarkvC 
pr- ' • •- 


JLTS 


197E 

£600 

7^13 

m 

J3J9p 

4.71? 


liff 

&' 

iS. 

fl' 

13* 

sJS 


y.- (X1VE INVESTMENTS LUIITED 
1 EoytU Exchange Avc.. London EC3V 3LU. TeL: 01 -283 1X01. 
Index Gold? as at Aujensl 30, 1978 (Base 1D0 at 14.1.77) 

' Clfve Fixed Interest Capilal ^ 129.40 

. Clive Fixed Interest Income 114.12 


ALLEN HARVKY A ROSS INVESTMENT MANAGEMENT LTD. 
43 ComhJll. London EC3V 3PB. - - - Tel: 01-623 6314 

•: Index GuWe as at September 2, 1978 

Capital.Fixed Interest Portfolio 100.00 

Income Fixed Interest Portfolio:.:'. 100.00. 


j y ihe Cka'-tte 
I ccji 

..jrnonr ' 

edi of cur*** 

-reck 

,ierttLen- 

e's 5» temen ' 



.. -t.» frC p 

3V- >- - 


y- 

COMP#* 1 *' 



BARLOW RAN!) LIMITED 

[Incorporated ia the Republic of South Africa}. 

Directon: 

C.- S. Barlow 1 tChairman). A. M. Roihblt^ (Vice-Chairman and Chief Executive). 
K. C. Com ins'- i Deputy Chairman G.-W. Dannrngham'' ( Deputy Chairman ), O. Brown". 
G. H. Bolcerman f . W. A. M. Clewjpw’. Dr. F, J, C. Cronje, D. ; W. Oxer‘, M. E. Gamble" 
(British). R. ]. Goss. N; L. Hoiford* 1 , S. G. Keatley - (Bmbfa),.-R. S. Lawrence . 
|. G/ MacPhersOfl. J.- B. Maree*. M. y Noyce", A. C. Petersen*. Dr. P. E. Rousseau. 

S. Rudder”. G. H. Waddell. 

Alternate Directors : W. L Barnes 1 . D. E. Cooper’. J. C. Hafir (British), A. A. Sealey* 
“Executive Direnor. r - 

RIGHTS ISSUE OF PREFERRED ORDINARY SHARES 
I'D The -required special and ordinary resolution; wore passed iat the separate class 
meetings of ordinary, shareholders and of preferred ordinary shareholders and at the 
general meeting hei d. ori 5 September 1978; those special, resolutions have been 
registered by the Registrar of Companies in South Africa and ps a result the preferred 
ordinary shares of. 10 cents each which will be the subject of the proposed Rights Issue 
have been created: 

(2) In .terms 'of the announcement made on 11 August 1978 that Rights. Issue will be 
’ made To jhe holders of this, company's fully paid and partly' paid ordinary shares and 

preferred ordinary shares on the basis of 6 preferred ordinary- shares of 10 cents each 
at 390:ceats «in the currency oif the Republic of South Africa) per share for every 
100 ordinary shares (fully paid or partly paid) and for every 100 preferred ordinary 
shares registered in their respective names at the dose of business on 8 September 
1978. 

Detailed -information- m respect of the Rights issue will be given in the renounceable 
(nH paid) Let mi of Allocation — there will be separate Letters for ordinary and 
preferred ordinary shares.— and a circular letter which wifi be posted by 22 September 

_ 1978. . 

(3) ' Application, has been made , to the Council of the Stock 'Exchange, London, for the 
• • ' granrng of a Listing of- the prefeired ordinary shares as follows:— 

"(A) Commencement of Listing; for" nil paid pre- 
ferred ordinary shares . 

(B) Deferred settlement date for dealings in Rights 
. from H September 1978 to 21 September 1978 
. '(C) Last:dace for splitting renounceable {mi paid) 

Letters of Allocation . 

(D) Issue doses .. 


Monday 11 September 1973 


Tuesday. 26 September 1978 
Wednesday H October 1978 

(I 5 »h») 

Friday )3 October 1978 
(15.00 hrs) 

Friday 3 November 1978 


:h 


cS 

* 


.for: 


4 


>< 

9 

t 

3^1 


»Z 1 

J 


-(E). Share;Certificatcs pojtoff by 

Tfj'Tlic Johannesburg Stock . Fxcftange hw granted a Primary- Listing of the preferred 
ordinary shares, which wjlj be the subjectof the Rights Issue. - - 
i5> Appl/earion hai been, nadr to the Rhodesian Stock Exchange for a granting of a 
• Primary Listing "of the : prefer«»fl ordinary shares from Thursday 12 October I97B. 

(6) Application, has been made. tt> the Paris Stock Exchange fora granting of a Listing 
. -of -the preferred ordinary, shares. - 

W. C. WARfUNER 

Secretary V -j.-,. ■ ; - 

6 September 1978 - • 

Registered Office: .l 
. Sarfow Park, ' 

- Kathwiiie Street. 

Sandtorr. 2199i‘ 

South 'A/rpca. - - 
P p.^ok.78-2248. - f. . 

Sapdtotn: ; !ll44, 

Sou £6 Africa, ! - \ r : . 


’ TrwxsferSecrptarieii: 
Rand Registrars Limited. 
2nd Floor, 

: Devonshire ’ House, 

49. JorisseniStreer. 
Braamfbntein. ‘ 

2001 - South AFrica. 

" { P. O:\Box 31719. 

Bra am F on rein / 


United - Kingdom ' Registrar: 
Lloyd* Rank Limited, 
Rfcgutrar's Department, 
The Causeway, 
Gorifljfby r 5fa, - 
Worthing;. • •. <’ • • 

West Sussex BN12 6DA. 
England. 


' . • ' , 2017 Africa). 

**Csr2^r-;r^ V * • "-•v-r • • - 



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Madco.Notheri.inih. ^rtheikmds Anlillus, Norway. I'uUdtna, hiiiipjjiiw,, Puerto Rkr,. Kiiaibiicnf Kirfea, Singapore, StLucia.St. Vliiceiit,Trinidadand 
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.Financial Times. Wednesday September 6 asiF, 

i appointments 


Senior 
for De: 


SINO-VIETNAMESE TENSIONS . . ' 7 ^ ‘.WVl t _ 

A ripple of unease through S.-E. Asia |*^ s ^ 

THE L-VTFST round of As a result a number of cross- old struggle for. regional hege- and Vietnam, -and it becomes also severely affected agnail- -rij tbmuuid \ ' 

taiL-- hnun™ china border stampedes have been mony. In pre-eolonial days, less surprising that relations tural output, especially of \ „ Desmond H. Pitebcr, who 

d ^ V 1 ^ bcUv * cn reported in recent weeks, with Vietnamese ambitions led it between these .two former allies grains. * \\ j restane?a? managing director of 

and Vietnam has so far failed \-j etnara accusing China of into wars with all its neighbour- should have deteriorated to the The combined effects of Smo- - Lcyland Vehicles test Jwy.^_ 

to produce any agreement on a refusing to let them across and ing slates at one time or extent that sdme ; observers do Vietnamese tensiun and the ¥7 ; Join PLESSEYT^^g^j^ on 

solution to the problem of the the Chinese accusing Hanoi of another, and China, which not entirely rule out the pros- border war with Cambodia have south. CATIONS |>n. created 

mass exodus of ethnic Chinese driving them over. traditionally regarded most of pert of a full-scale war. only increased ttte need for out- AS. - c ” ,MA - iEA S 5f managing director. He 

nnr nf Vietnam The worst incident appears to the countries in the area as There has been intense side help, puttm e a serious Vi > wiU be responsible to Dr.- &F. 

es aen s ut o ’ have occurred on August 25, vassal states, occupied an un- military activity on the border strain on the \ letnamese l * \ i » t a i if WHIetts, chairman of Piessey Tele- 

which has brought the two when 2 .000 Vietnamese subservient Vietnam for nearly during the past few months and economy and threatening com- XVSonJ . - communications International acu 

countries close to a state of Chinese stampeded across the a thousand years. there have been reports that pletely to dismpt the five year Y {bobnko a deputy chief executive 

war on their mutual border. border resulting in several Vietnam's current border war both Vietnam and China have plan for 1976-80. ? ■ r °moving to Leyland 

The talks between Mr Hoang deaths and many injuries. W itli Cambodia and its recent recently reinforced their already New recruitment and in- - Vehicles Mr; Pitcher was with the 

Rirh Ih« Vir-P. Earlier. on August 1Z, bid to woo the Association of massive troop concentrations, it creased mobilisation of troops Sperry Rand Corporation, where 

Bicn son. me Vietnamese vice- VietnaniesM? and Chinese troops -South- East Asian Nations is estimated that Peking has lo have taken much needed labour ^ Vietnam was now ready to he held the positions of managing 

roreicn M inistcr and Mr. . nn nemarl . I < V . V**- DnVinn qc H iricinn q in i+e- Crtiithem lint nF tho nrnTmmv flnrf thp loss 1 . 1 .. — 1 : e HiFVPtnr. Uni vac UAr _ VJTC 


post 


SOUTH 
CH IMA. SEA 


KAIAT a I A 


I NOON ESI A 


Hr. Desmond H. ?d5Stor V o° 

Kfflrsgs-fi 

wmetts, chairman of Plessey 
comrnimicalions International and 
a deputy chief executive of the 

PJessey Group. , r-evtand 

Before moving to Leyiano 

Vehicles. Mr; Pitcher was with the 
Sperry Rand Corporation, where 


Foreign Minister and Mr. were j nV ulved in an armed < ASEAN) is seen bv Peking as divisions in its southern out of the economy, and the loss j oin ^ regional grouping if director. Univac UK; pian- 

Chung Hsi-tung. his Chinese confrontation, which Peking part of Hanoi's policy to oust provinces, while Vietnam has of many skilled Chinese workers invite(L in* Europe and -Africa), 

counterpart, which started on claims took place inside China from what it regards as five: divisions /on its northern has adversely affected certain while many South-East Asian sperrv Uni vac: and deputy chair- 

August S. have twice been Chinese territory. its traditional sphere of front and another 50.000 troops key sectors, the coal industry j ead?rs are extremely cautious man . Sperry Rand Limited, 

ndimirned in ihn face nf what Meanwhile the position of influence. while the Vietnamese on the border with Laos ondlo being a prime example, with j n face oF this nolle Jac<? - * 

. . over 1.4m Chinese left in see China's support for Cam- divisions in the Mekong delta, the withdrawal of Chinese aid j Singapore being the most cool) -Mr K. J. Johnson, who joined 

both sides have described as V|elnarn seems somew hat hodia and the cessation of all Western observers now i n July. man y of the 80 projects some Jeaders nota bi y Tunku Dunlop as a director of adminjs- 

conlinuing acts of provocation prei; arious. It is most unlikely - supported from Peking have* Rjthaudeen. Malaysia’s Foreign Ration in ID. 4 Jm ”*** 

and aggression over the past that China would either want ’ " ” " een halted. Minister, have for some time rrfp HOLDD^GS the parent com- 

Ihrec weeks. or be able to cope with such a gy RICHARD COWPEFt So far Coruccon has agreed to hoped eventually to enlarge Ipany of the group.. He has been 

With tension between the lar ? c influx. Their main hope take over at least ten of them. ASEAN to include the three a director of Dunlop Limited, the 

iwn rf>>in ,ri OB 1 B =_ ’ lies in the achievement of a . Russia is already participating Indo-China nations. Although European operating company, 

Poetical solution to the problem. _ . - .v, D ornnoo in the construction of 94 pro- Vietnam may see its member- -» n ..mh*r of senior 



« , . ’ « . lies in the achievement of a 

1*™ country swee March p(l]mca] sljhltion ^ pr0|)lem ! 

centering on a series of border E Ut many observers now fear economic aid t< 
incidents related to the exodus that no agreement will be of Peking's polit 
of over 150,000 ethnic Chinese reached on the issue and they the emergence 


Mr. Desmond Pitcher 

sons Technical and Eneinw, n _ 
Services. The comnanieT' 


nticai suiuuuii ii» uie prooiem. . ' Dart believe that most of ihp ''00.000 ,n the construction of iw pro- Vietnam may see its member- a number of senior Services. The eompmE”?* 

But many observers now fear Dolicv^ofTprevenFiriE Vie&ufme^ ^oldiers^ demobil- J ec ^> viitb Poland involved in ship as a counterweight to a JJSSSSb i ™ the Colonial members of the U&A 

at no agreement will be of Pekmg s p°lu.> of preventing ae n i 9TS a further eight and East Ger- becoming too reliant on the Adm nis&ative Service in Nigeria. GROUP. 

^nST**”* ° f * 81101,8 ISi’bSL'SSSd f Sp and*m 5** - And .U .be Sovjet^ Union^ few. _i£ ^ any, M^jobraon .retjimed^to^EiBland 


Exit visas 


fiction in fhe wSS a useful aUy in its bid to isolate Although as yet there is no Vietnam, in a flurry of diplo- to the overseas Chinese in Viet- ^i aries in the textile trade. In J e % t M ot Di “j 0 °hh Ta^or ffl 
fact froni fiamn 10 the flangin, China . vhi i e Vietnam, whatever evidence of a direct Russian malic activity, has set out to nam is just the thin edge of the 1973 he was appointed deputy * lA %] 

match between reklng and ,, .1 . uin wrin mumhpru nF rhp A«nr>iAlinn wedse linduubtedlv touches a chairman of the Pay board until 1 


match between Peking and . reservations about becoming military presence in Vieinwn. woo members 0 / the Association wedge undoubtedly touches a chairman of the Pay board “"td * ! 

Hanoi over who is to blame politically tied to Moscow, reports that the Soviet are of South East Asian Nations (a raw nerve in some. S.E. Asian its abolition in June. I 9 i 4 . Jlrs . Daptoe Moody, n*-. 

C f for the Chinese exodus, it is . ! ncreaa ; na i v corae t0 see the hoping to use the Amercan- non-Coramunist alliance which capitais, particularly in Jakarta „ * . manager of H. Clarkson Insuraiml 

lie a Vietnamese cam- ^.^"X^treprlncipal ES fit naval base at Cam Rrnh includes Malaysia. Indonesia, and Kitaia Lumpur, both oF ArtS » 

pa.gn to bring socialism to the prnyider ^ economic aid. bay to link up with the fleet at Singapore, Thailand and the which have sizeable Chinese ^VJSrhood 80 ££re on The £ S tSS££ 


Hanoi over who is to blame ' p^^-ajly tied to reports' thaTihe Soviet are of South 

Peking accuses Hanoi of for the Chinese exodus, it is hag increasiT , ?ly corae l0 see the hoping to use the Amor-can- non-Corai 

forcibly removing ethnic c l e . ar tha J a v ^tnamese cam- Soviet }jj oc as t ^ e principal built naval base at Cain R?:ih includes 

Chinese from their homes P3I? I] !° ,rillC !° cl * Iw "» to . Ibe provider or economic aid. bay to link up with the flePt at Singapor 
inside the Vietnamese frontier b / J/ ]d wher^ overeels Fearful of what it believes to Vladivostock have added fuel to PMlippin 

and rpoiai-in.. ihnm with !5®. 3 wnere overseas J. Soviet-inspired threat to world suspicions of Rtf««aa Hanoi i 

v^t„ a „,?l , Ch,neSe , y 'V C P arUcularl >‘ its southern flank. China has tactics in the area. For many, has led i 

Vietnamese troops, while strong, played a part. Bone ^ far ag t0 des cribe Vietnam’s decision to join leaders 

carrying out a general policy The increasing tension be- Hanoi’s conflict with Cambodia Comecon in July this y ar. towards 1 

of discrimination against its tween China and Vietnam over as proof that Vietnam has coupled with Peking’s announce- origin is 


prnviaer or economic am. nay 10 unit up witn me nei-i ai oiugnjjuic, i.u<uiauu an u ujc uiutu vmn™ BROTHERHOOD 

Fearful of what it believes to Vladivostock have added fuel to Philippines). minorities. But there is no i 

1 npm i— * *- , , be a Soviet-inspired threat to world suspicions of Ru^ian Hanoi’s bid to’ discredit China evidence- to show that either M , f F Barnes has re- 

p ^ 1 c Chinese were particularly jjs flank China has tactics in the area. For many, has led it into telling regional country seriously considers that S j cncd from the Board of the Mr. Robert Lambert has bwa 

Vietnamese troops, while strong, played a part. fione ^ far ag t0 de scribe Vietnam’s decision to join leaders that Peking's policy China is about to embark on a ALEXANDER HOWDEN GROUP, appointed divisional ^ewrjt 

carrying out a general policy The increasing tension be- Hanoi’s conflict with Cambodia Comecon in July this y ar. towards Vietnamese of Chinese major change of policy fn this * , B tRO^XYs” AN K 3 1 d fvSS 

of discrimination against its tween China and Vietnam over as proof that Vietnam has coupled with Peking’s announce- origin is tantamount to using respect. Mr. N. n. Lasite h^ -rernrea NATIONAL. He was foiS 

Chinese population. Hanoi the latter's war with Cambodia, become the Cuba of Asia. There ment tiiat it had cut off all aid them as a “fifth column ” to rom ' ‘ * senior executive vice presW^ 

accuses China of ** entirin" and and the very real fears of have also been accusations— to Vietnam, put the final seal advance Chinese political ends I GStlllS 111116 Mr W Mackness has been ® arcla y s Bank of California. Su 

ftwin*” them ro leave - escalatin - hostilities on the most notably from Mr. Zbigniew on the ideological split between — thus attempting to revive o appointed’ financial controller and Francisco. - 

wh ; f . , ; ; th _. Sino-Vietnaraese border, also Brzezinski. the U.S. national the two governments. regional fears that China’s non- Peking, for its part, has been head of administration of LAB- „ w , .. 

!" J" b aL serv-ed to heighten ihe etlinic security adviser — that the Viet- One of the main reasons for interventionary policy towards content to deny the Vietnamese GEAR, a Pye Group compamy. LONDON BRIDGE ’ Evrr\w» 

thousands have gathered at the Chinese fears that Iheir position namese conflict with Cambodia Hanoi’s shift to the Soviet bloc South East Asia's 14m overseas allegations maintaining that it * ENG deputy managing airS 

Friendship Border Pass; 100 in Vietnam was becoming un- j S j n reality a “proxy war’' has been tbe desperate need to Chinese may be changed. And has acled in Vietnam only Mr. G. J. Woolger and Mr. N. W. earlier this year, has hm 

iniJes north-east of Hanoi, smee tenable. between China and the Soviet get the Vietnamese economy backed by the Soviet Union, because, of what it calls ‘‘out- have be^ en appointed managing director. 

July 12 when Peking closed the Conflict between the two Union. moving after the disruptions of Vietnam has reversesd its pre- right persecution.” China is also ('o^sUMERS’ COUNCIL until M H w R ,u , 

border except for holders of nations, however, is not new, Add to all these factors a the war. Over the past two years vious condemnation of ASEAN. -quick to point out that it had June 30, 19S1. anDointed 'a"n I ^s^!antdirS| l,< ^ 

entry certificates and und many regard the current number of unresolved terri- a combination of druught, A senior Hanoi official .is been pursuing a policy of ’ * i,.bs I.tb AND GODWIN t UK! ft 

Vietnamese exit visas. dispute as the revival of an age- torial disputes between China typhoons and hard winters has reported to have stated recently friendly relations with ASEAN Mr. T. M. Silvey has been w jii be ui charge of markebE 

— ' ' ~ 1 " ' — countries long before Vietnam's a PPoinied managing director of having previously been a markri 

turnaround, which it says is ™OMAS -‘•ilviiy. ing representative with IBM fOKj 

mere opportunism at Soviet H , ; s , Mrt MLU e r has Mr . Flem « Co*nw,i, is h* h™ 

Whatever the outcome of the ffiScRoff'^e^Ve- SSSSf^nnS^SimU £ 
present dispute over the- Viet- viously deputy managing director CONFEDERATION OF British- 
namese Chinese, and. it is ^P acc Decks. LNDUSTRY. He was pmiouA ' 


serve on the AIR TRA.\.SFurt : 
USERS. COMMITTEE. \ 


Chinese population. Hanoi the latter's war with Cambodia, become the Cuba of Asia. There ment tiiat it had cut off all aid them as a “fifth column” to 


■countries long before Vietnam's a PP° l "Jrtl "l a v£vl n 
turnaround, which it says is TH0MA! * silvey. 
mere opportunism at Soviet Hr Sluart MiU( 
behest.- • • • - - • .innninted manaein 



unlikely- that -SinoJSovlet or Hr . stcphcn ; oung has p« n M 

Smo-Vietnamese rivalry^ m the appointed managing director of pa ^ four years.. who remains S 


region will easily be resolved. Hayes Mill in succession -to. Mr. the council as " immediate pas' 
it is a testing time for the rest F. S. Brady, who continues as a chairman. Mr. ComwallLs runsi 
of South East Asia, which .flow director with . special response-, small consultancy, NorthinwH 

has to come to terms ™th the £H!!Lt 0 . r . SH.,>SS cI I' I S , J'1,'. , !!5S 


end of the Indo-China war. 


has become a director of Harri- Society. 


vrT, 








. V 




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^ ; ■ 

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\ V ■ 

v 

'* — . . V, ;• 






S: 


Sedgwick Forbes 

•Id's most international in 
and reinsurance brokers 


INTERNATIONAL 

TRANSPORT 

The Common Problems 

London, October 2,3,4 1978 


A team of the top speakers in the transport industry from various 
countries will guide discussion at the world symposium on International 
Transport The Common Problems, arranged by the Chartered Institute of 
Transport and the Financial Times. 

The problems grow more complicated daily. A multi-modal 
approach to solutions is demanded and at the same time the new 
problems that new solutions will bring must be anticipated. An 
introductory, speech by the Secretary of State for Transport, the Rt. Hen. ; 
William Rodgers, MP, will put the government view of the future of 
transport and will raise some of the questions, in general terms, that the 
experts will try to answer. 

■ OPERATIONAL QUESTIONS. What system of transportation 
will follow containerisation? What difficulties will arise with the increasing 
transference from one transportation medium to another? 

ENERGY QUESTIONS. Sources.of energy are changing. What 
will the effect be on transport? 

• LABOUR QUESTIONS. Human resources have to be 
calculated, productivity charted, possible pitfalls foreseen. 

FINANCIAL QUESTIONS. Future developments and the 
investment required now? What are the banking criteria for such 
developments? 

PRICING AND MARKETING QUESTIONS. Is there general 
agreement over the various-tariffs and is the need for flexibility in tariffs 
accepted? How is quality to be measured in each of the modes of 
transport? Where these are competitive, what are the criteria for 
assessment? 

Senior managers in transport and financial institutions concerned 
with transport, and consultants to the industry will especially welcome this 
chance to pause and view the ways ahead. 

For further information, complete and post the coupon below. 


MNANCIALTIMES CONFERENCES 


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31 




pte *&e r 


F&ancfal Times Wefiiesd^ September 6 1978 



'ey 

* 5«i( Dili# makes 


THE POUND SPOT 

.baidt- . “ 

>pt- 5 Daj'ft CW 

I Sr Sprwii 


FORWARD AGAINST £ 

’ I i i 

Goo montn j % i»ji. Throe 4 pju 


>..v 


•- •' *■ ■ "■* jr ,• ■ *;-*■} J 7YLMan.W9BI.MM-l.BaM li-SS-D-aSc-pm J.M l.4MJfr.|nir 2.M 

I j If 1 ■ d -m ' rn '-• - ••••••-: f * A*M*« feUfcSJKS e.SJ4.Ur.pn> 2.95 l.»1.4k.|au> 2.5* 

k-dltflf l l* A/ %/%T TAy rr *reM« «*1 0.1fi»2-4.ia 4.175,-4. >tyl.-te.|ui ■Ml.«i|-Ola<‘.iai; B.lfl 

v'^ 1 IxL'H - §■ - ■ I ■ fl l Y . y*l«i»u F, B I 80.BMQ4& -80. 70-60.16 Bt-lUi-.piu ; trB <j*^3»r.pni ; a.i 2 

*. A -y VA.-J I*«IH*I» K. B I lOAMO-M M.GS;- 10.60 liJ4nnii1» — 2.B8 ?.<«,- on- ilv -1.41 

■• " . ■- "W D-Mark g .5.Mla-SJB«i Lao-348 Ji a .Zt a pr pm' 1.17 1 M. pi pa-. ' 8.17 

' P«t- hie. IB . A7.264S.M M. 10-1140 7b.lfta.dt. 164*4 ItkolO v. dta - 164 1 

OcmairaBK in yesterdays foreign a {055 of. 40 Mfpt* from Mondays apu>.Pn>. j a :i«4o-i42.6& i«.m- i«2.so 1 20-220 I -iu 1:220-820 r. du -7.5a 

change marks weft somewhat close. *« _ »■ i.BiM.an ji.iis; i,gi«i i-gntem- -mi ahmii*- :— 1.73 

yeOer than o»' Ucadas with the Althriueb there was nonressure 2j n, gp- »• I I.i ]w.)«-ia. 16 ii«epm-i.ii« o.w Si-u ™* V m . o.n 


QBsdRhmiBywttrd&y^tBrBiBn a loss of-40 nolatt fwm Monday's j area. Pr». 




jkefler than o»' Monday with the Alihougk there was ne pressure £ ”&*■ L' ftb!*AS 

P.Mtor Mgdilt «1^ H«F.<rta 0B twrtg £:aS-JiMy ImUn SvAltfi*!: rSw a^ i 

wsCshtly. softerioofc^ Whether a Hale aoomriwnabffl ahead of y«, jj : ; 167*576 1 1 m7n lmj.w 

3 not there. ■**»:«» taSdsl inter* any postible amtoobeeaenl over Austria Seb 441 ar.n-2/^1 j 27.M 27.IB 1&-0 tru mu 

vofioh f»;SU0Mil-%j:3gDar was the dining of a wriwaleleeUDn. ><nnrt. \ \ s.iw.isi* amu.s.wu 84-24 c.pm 

ither difficult to .detect* but the Using Bank of fcigtend figures, I . „ 


O.M 'j±-K n» vm . 0.89 
nt 1 5.3) 6 6 «.*. (uu j 2,61 
pm 5,49 (9-7 ore pm 5.72 

vuai 1L22 5.75 Mb vpoi 3.50 
nu I 441 is W -,fn inn ■ 4,74 
■o 11,44 Nli-Algc. |-ml 10.88 


S switwnd-Afljpeafid l-to.b*^ ■ well the pound V trade vreighiM index .Beiaiao me is itr convertible francs, 
grained. After tM' oi»uhJg- c^ tinlsbed murlnOB^ at 62 . 3 having **aiKi*i tac «s-to4s m. 

arkeu in the UJS; some selling dim a sli*hUy aeftiap. tendency 

i develop. but thls was quickly at noon at Wi The moraine cal- 
ken out with. a. grteral demand cutafton stood at 813... THE DOLLAR 

veloping for ;-xur-*:V 5L. cur-. FRANKFLTtT . — Ihn doflar was 

ncy; However, market senttetent fixed at DM.LS790 compared with _. . . _ Di *'* 

31 views ihc dothdr iirflh a goad the p^viaus flxiptf'of -DM. 1.9721, SCT y wh *T.^.. .**??• 

al of uncertainty and currency Th« rhowed a slight improvement ixaup oxmmxw 


SQ-moDib forward dolUx iSii.Tic psl 
C-qkmtiIj LlB-LOOc Din. 


DOLLAR-SPOT FORWARD AGAINST $ 


■ al of unccrt 


■was down to SWPr 1.SW0 


and currency. Th« shoved asll 


signifies ace. 


e!l - The ^ I 

p" " r 


UUU4/S-CIVW ml awrr - wuu, . fc , 

l Morgan Guaranty figure* at |J* Atom#.* 


£ r s ftr L dt,— -■> i . . j ^ . weighted mark revaluation index | . 

P. Uie i— , f""» w^^BvWir. - war unchanKcd at H7-5- 

” l PARIS — The dollar was stronger 

Bii.r, * - A ‘ - against most major "eanencica in CURRENCY R/ 

main. fJX -VUr \ kiriy quiet trading. However, 

Pointed " i - 1 . — toero did not aenm-tO be any 

diri^ : . \ ■ apparent reason far the renewed SeFt * mb * r 4 ° g** 

* r- P dlvta* i f I- L dollar demand. The US. currency --- — ....?££■ 

' r meriy a 5 «j — . I JL - 4XAy p - was quoted at FrfW compared gg HSS... — 

^ and Co r /Hi 1 iHi with FrL3173 in the ntonalng and caVu*Mfloil,r"' ™ ” 

Sa 'ille (]Jv ' fimt i «a ii ■mi ~ Pr4Jl 60 late on Monday. Sterling ^owmn w-nnitna l — 

* based ji ij — • J was also firmer at Fr$.4tt0 aeainst franc — 

, of on and FA4180 = 

+ 4- ZURICH — Trading ctwditions )££ tranc 'ZJZ - 

^Pbn e \%rTrTiVf-?rc7^ .remained nervous atti wmh by ura - 

^ofMnJk l Yl ( ! { M - M 4RK- • Ddd-roornUur the dollar bad ri«n X” -■- ■ — — 

ha,' h^ r l!^l I I -Iro i ytwyftl shove its lowest point during the i^a ... . ^.. Z - 

■i u Aviaim 4 •» iiiiiiJ mmj j rT) early part with some «xum not *4wr4nh krona ... — 

on the J 1 niHns out the po<db«ty of slight franr _ 

: ‘-'OAl.MlTTft ^on in New York, the dollar’s «*ntra! bank intervention. The — 

ade weighted average deprocia- dollar was quoted Jt SkPf J,ffl92| 

Roheri u«|y. >n slood at 9J2 V** WB *. compared with SwF*-JU&JQ pre- OTHER MARKETS 

er d ''wAX-AJter m&UkrlgU rt. j : 

«,\L aad ^nntaT- to 9*** " ~ TTTTTt 



Day's 



*. 


% 

SOPlemhfr 5 

spread 

Ctase 

One mHtk 

PO. 

Three meaihs 

p-a. 

i- 


b.iw-ii.ttcj" 

0.M4.CC dis 

-1A 

B.nxffik di» -a jo 

•: wider 

30JW-2A525 

2J5U4JJ35 

4,741 Mi pm 

3-51 

L79-1.74C pm 

SJt 

l:<tlci-n Fr 

3L45-A27 

n&azr 

IMc pm 

H53 

47c pm 

1.03 

Darimli Hr 

5.44S0-S4B6 

54SM.545S8 





UM.nK 

vsnsi s*2» 

MUL1.WI 

e.9».w»rpm 

5.12 

IJlihkot pen 

5 J* 

mn. u» 

— 

7MT-73J2 



— 


Lira 

t»JS43L» 

tSUMtiJO 

3J4l4Sllredlj 

-LC7 

LflM.TSiredls -125 

M>«n. Kr 

sjm-yzai 

sjas-szus 



— 


French FY 


4J5704J410 

BJftipsr 

B^S 

BX2nllt4JCcpm 

par 

Swedish Kr 

4.41TS4.4ZW 

4.CW4.42U 





1 Y«i 

1SIJS.1MJ0 

auoB.iwjo 

UUUflypm 

ajg 

3J0.3.B0ypm 

642 

Auuria Sch 

— 

UWO-iemi 





Smss Fr 

uvs-i.au5 

141M.1.416& 

UP-LUcpm 

•XT 

3J1-JJ7C pm 

>21 

i “11-4 

cents i>>r Canadian 5. 






CURRENCY RATES CURRENCY MOVEMENTS 


Special Carspcap 

Drawlea Unit of 
Meta Actant 


Bank of M arson 
Sopionbcr 5 E ns land Coaraaty 

lado K c6a nyea*« 

Sit-rllng ttil -«U 

l«.S itoll.ir «L22 - M 

Canadian dollar IX.T7 -15.0 

AOOtrUu tctolUos - M045 +17.7 


-DEUTSCI 


Brldan franc 110.71 +122 

ranlsti krone U 4 .05 + 4X 

nontsrhc Mark U243 +364 

Swiss franc 2QJJ6 +4LS 

r.tuldor . .. 110JH +174 

French franc 07.73 — 42 

Urj 5K.fi -474 

Tun 15349 +51.6 

BiseJ on trade welsbied tbunni-i from 
Wushincwn JEft-rmrnt Dcmmbcr. 1771 
IBank nf Entiand Imtat=1Mi 


JN ERJLGp . 5«n«* traded on the - .nrTTr.i *««« WnanKIn 0.587-0.537 

; der;uiv felines and moved from an became matious to ascertain oi tMn iM ir ; Vmn*! eo.70.so.a3 

riw, r U0:: >ening level of £1.9458 to 8L9A90 where the selling .- wps comln? Uoi«t-%to ltoiur «.44-4.45 

ted man*. ?fore the improving dollar from. The apparent concern oxs Now Zroloip"«..!iai( 1.8384-1.847 
ana -' n ? lushed the rate back through enough to check the doSers slide. ,y. Ml i JSi5*S 

II H P,„L 9425 to touch a Tow of SJ^HW. Neverilje!e*v._the .US,- porrency ^Ain^n i:-«:.'il 1.8837 - i'.tob 
. / ■ . Kul «rtiry the close the pound had made do*ed at .Y 189 SO compared with - - — - 

r^vn^^^ht recovery to 51^420-1.9430. Y190.7O on Monday. Kara d«*r 

- '-'ty viObtm ' ‘ ■ -■■■; ‘ ■■ ■ . " : 

■ in ihar,f j. 

•rSStlJpCCHANGE CROSS-RATES 

ii-nnes Corn* Snpt. « . . t nwad ntmiiwi LV-. Dclhr ^ LhiitMaUarklJafuAM Yieii 1 Firm*b Kmu,-- mthT fniiH- Hiwivi C» ( 


~ C * I ; N.q/uat*. 

1,631-1.625 834.49 856.55 lu.trni I 27.20-2fl.S(T 

.6815-1.6885 0.8M6 0.te92il+l->ii,ui j 6240 63.30 

7.B0I--7.92 4X685 4.0708Himnwrfc 10.55 10.70 

36 08-37.06 18.164-19.074 ,1-n.urr 1 0.37 8A7 

'1.027-72.768 86.564 37.460 |i..-rn.nnr * 3.50 3.90 

9.80-9.221- 4.73 10-4.7 34rili.lv ■ 1585 1615 

134.140 68^4 71.924 I 370-380 

0.527-0.537 0.2707-0.2759 KrtJ*rUn.t* 4.12-4.22 

60.70-60.83 31^74 31.300 N -nrav.^.... 10.12 :0.22 

4.44-4.45 2.2860 2.286ril , ..n.i s al^ 1 83 92 

.8584-1.8474, 0.9464-0.96 10 S|«,,nT. I 141^-145 

6.41-6.51 5.2931 -3.3445 bivllwrlaii.l j 5.10^3.20 

4.35-4. S 6 2^410.2.2510h n,t»l Miw... ' 1.94.1.95U 
.8827.1.7087 0.86454)^778 Viusw la via. 38.00-41.00 


Kara 6 *m tar IraMifln m »m> rata 


H*nne» Com* * - 

H’ri chdirnui otmd Man log 
* Coca;-!'. Dollar 

.DEfUTlUX if ~z — 

rRV 11* », w«*eh6 Mark 

* r * - n- Vm 1 .000 

ch?irfjidn 

in Ljon chiuermeb Franc 10 - 

•ur years. tb»:Ww» Fume ■' 

Gtrtlder 

an. .il. UKiiaiup Lira 1X00 . 

cnn.>u>iani'\ ;• -■■ n -- r -- 

'peciili^w j l poadho ltallsr 
Ui.-al siiUMf a*Wm Kme MO «. 
■. He i> 
nn' Hnd Coib: - 


nwad MarUorj 


I v <1 1 lit, ■! | 


IL'aiuala DiHiai j Uv' 4 <tn . Kmn 



l'-S.S- 
fi09.1 > 


J ROhCURRENCY; INTEREST RATES 

.1 ‘.ettrliox jf\ irijwtor I . ■ 


abort V S-C - . 

|7 d»y’a Obticrf-. : K-V- 


naemntrtlifc..F-11^.12 -■ 

6 .?S5^ ; ?5tigf, 


. CA JMIar 

780,83*' 


The lohowtOB nominal rotes were oootca-for Loei 
r Cfou one year xsujbmer tent. rf’’ 

Lroa-ttrm Earodojiftr HcooUts:' two reus W-H-Pfr 
Sbon-cmn rsfrx jtni call for awhile. V.S. Ofiaa.i 


ktt6-for LMBa dollar ceruficates of denotlt: One month 8.45-835 per cent: three momb, 855-8.60 per ccui: out months 8.7L&P 

ir* cent:' three wars B5»-97u per cent;, four years 81-94 per cent: Htc y*ara +s: per rent nominal closinji rate. ' 

V.S. HpditfS . tBA Canadian donors; itro day* notice for soAJera and Sam francs. Asian rate, are closing rate. In Singapore | 


INTERNATIONA!. MONEY MARKET 


GOLD 


iBelg^M riartes left unchanged 


IHMiMThe rate on Belgian four-month 

■ — ' — >nd papers, was left unchanged 

>r _ 7.10 per cent following Tues- 
v ;rcns i'ahy's auction. The Belgian National: 
» .^—-i-f-sank aJso left, one, two and three-' 
.r.-THta'-^enth Treasury certificates 
-oj ^rj^Khanged at 8.73 per cent, 8.90 
sr cent and 7 per cent respec- 
vely. There is now a general 
-J -ding that at today’s meeting 

J the Central Bank Board; the 

_ . — scomrt and lombard Vates will 
=■ J -“ " s left at 6 per cent In recent 
.. -onths the B^gian authorities 
r.uve found it necessary to boost 
T, IJ.- i,, :“ iterest rates as a means.ofsup- 
?.-r:'"3C* irtlng the Belgian franc within 
.!:>« European currency float or 
r.T:3, U-^- ''snake.’* • 

Deposit rates for the Belgian 
..■anc (commercial) were quoted 
5HJi per cent for call money, 
per cent for one-month' and 
per cent for three-month. 
" eposits for ■ six-month were at 
..-1-7J per cent while the rate for 
.... pi-month stood at 7|-7| per cent. 
■"aVS'-’v all money was again slightly 
asier at 5.65 per cent compared 


with 3.70 per cent on Monday. 

NEW YORK— Treasury bills 
were slightly easier with 18-week 
bills at 7.69 per cent compared 
with . 7.639 per. cent averaged at 
Friday’s auction 'while 26-week 
bills were quoted at 7.72 per cent 
from 7.742 per cent at the auction. 
One year bills eased to 7.86 per 
cent against 7.89 per cent One- 
month certificates of deposit rose 
to 8.17 per cent from 8.15 per 
cent, two-month 8.32 per cent 
against 8-39 per cent and three- 
month 8.44 per cent compared 
with 8.43 per cent. Federal funds 
showed little change and were 
trading at around 8{t per cent 

High-grade commercial paper 
was quoted at 7.95 per cent for 
30 days.. 8 per cent for 60 days 
and 8.05 per cent for 90 days. 
Bankers acceptance offered rates 
stood at 8 per -cent for 30 days, 
8J)5 per cent for 60 days, S.15 per 
cent for 90 days, 8-25 per cent for 
120 days, 8.30 per cent for 150 
days and &35 per cent for 180 
days. 


FRANKFURT— Once again 

interbank money market rates 
ware unchanged from 35 per cent 
for caD money through to 4.05 
permit for six-month funds. In 
the filial week of August the net 
central currency reserves of the 
Bundesbank fell a slight 
DM 100m to DM 868bn while 
ether reserve assets remained at 
DM 65bn. 

PARIS— .Call money was slightly 
firmer at 7} per cent compared 
with 7k par cent on Monday. One 
month money was unchanged at 
7$-7| per cent as was tho three- 
mo nth r ate at 7J-7J per cent. 
AMSTERDAM— Rates were gener- 
ally mixed with call money easing 
to! 5-5J per cent from 5f*5i per 
cent and the one-month also down 
at Si-5| per cent against 5i-5} per 
cent previously. 

HONG KONG— Conditions in 
yesterday’s money market were 
tiaht, with call money at 53 Der 
cent, unchanged from Monday, 
and overnight business at 5/ per 
cent from 54 per cent previously. 


Weaker 

tendency 


Gold lost ground in the London 
bullion market yesterday to finish 
$1} an ounce down at 82093*2104. 
Apart from a basic lack of interest 
in the metal, its performance 
tended to mirror the performance 
of the U.S. dollar with the latter 
moving favourably during the 
latter part, of the day. Gold 
opened at $2U]-212£ and was 
fixed during the morning at 
£211.20. At the afternoon fixing 
however, the metal slipped to 
£209.45. 

In Paris the 12j kilo bar was 
fixed at Fr29.375.per kilo IS210.9& 
per ounce) compared with 
Fi-29.350 (£211.31) in the morn mg 
and Fr29,420 (£212.18) oh Monday 
afternoon. 

In Frankfurt the 12} kilo bar 
was fixed at-DM13,420 ($210.92 per 
ounce) compared with DM13,450 
($212.04) previously. 


: -. -0 
: *" 




IK MONEY MARKET 


j Set*. &* ! Sept. 4 


Moderate assistance 


- ,3,-5."?' Bank of England Minimum 
Lending Rate 10 per cent 
”!>*'• (dure June 8,1978) \ - 
~r Once again conditions in the 
ondon money market were gene-. 

;S *By subdued with -the authorities • 
jiking out aq .eventual stupltis- by 
_ r ^Hiog a moderate- amount of. 

ZZ ~ ' " t reasury bills aB direct front th6 
iscount houses. Indications were 
tal this may have -bees slightly . 

^ .ONDON MONEY BATES 


overdone- with .banks probably 
taking forward run down balances, 
as' In fact they had done to 
yesterday. 

Discount houses were paying 
8|-«l per cent for secured call 
loans- at. the start and closing 
balances were taken between 
8-.per. cent- and 9 per cent 
■ Factors , affectnig the market 
were aB comparatively insignifi- 
cant. There was a very small 
. increase in the note drculation 


and a very negligible net take up 
of Treasury bills. On the other 
hand there was a small excess of 
Government disbursements over 
revenue transfers to the 
Exchequer. 

Tn the interbank market over- 
Trfgfct loans opened at 84-8} per 
cent , and eased lo 8-84 per cent 
before climbing through 8\Si per 
cent to close at 994 per cent 

Rates in the tabic below are 
nominal in some eases. 


G «M Bullion (k Sue 

rruum 

Close 

Omjlojj — 

Homing fixing....... 

.VKernoca 6sln<f ™ 

Fold Coins — 

dMimllcilly ' 
fCrugwmud 

New Sorerrigiu...., 

Old Sorondgsa...... 

(MM 

ImcmatUmaUy 
KnixemuXl — 

Sew SovetMxtuL.,- 

Old Soraw-Bfc...^ 

B 0 lls^ln. ! 

flO -HBglau— 

$6 i 


mi-si 1* 
j«2nj4nz* I $3121-315 
I5S11J0 ;$ai2.5fl 

jteiOS-BBB) (£108.819) 
>5809.46 - !»1UI 
L&IB7-7S5) ,|£198^M) 


,>$816«.8li;- ,82181 
•igini-mnciWi-iMi 
,:smi-ni I5B9J-6U 

UC3I-62) i(£30^41ji 

,J5BU-6ii' 'SBJj-BS* 


.l$>161-317i ISIQJIBj 

il«lUi-m}i,(glllHIS4> 

8B&BB 

(£24-46*1 /£S9j-36;i 
;S8I4-B34 *61*43, 

[resi4-5xa> 

S50fl4-5n* SS 104 3131 
.B1K.1B6 8158-199 

1S112-I16 !ri6-l|9 


Sept- 5 

venuahi -....{ 
dura ooticr- 
d»yt nr 
dxy*- nottce.. 
,.*ne BjnnlD — 
tnimth".-. 
am RWoth», 
,n 

Vine months.. 
ntywr.Mwi 
^ yirn vesra— .... 


cwj«c*te 

of deposit 


tt»- : 


iWfthttk }.Authc*«y } neqniisPM 


Fine ric* 
Qtxw 

{jpjX»lt5 


i'nm|«ny 

OfT-oslts 


. B1 4: 9S » ' 

10-iOiir 

iwvim 


; «V9»* 

9H S«e 
«»J io • 


DboMiab 

npuLet 

tepoalt. 

.Ircmwiv 
Bills ih 

tllZlbJO 

Kaiik 

HIMnfi 

FlitMralB 

Blllblt 

Mij 

- 

- 

- 

• 'mm ' 







- 

— -• 

. . _ 

4^4 -OTg 

S7« 

9 

9s e 

9 • 

BKi 9 

• 91 S 




o-h 

ysa 



9r« V3a 

1(1 

■ - 

— 

— 


-re» . 

. v . 

— 


• *■ 



. 


MONEY RATES 


*--.i ftwf n riTT and finance- Mdaes sewn'dastf jwice, others sevra dart fixed “Locctr-teRS local auttwhy nortewe 
J cert; five pears I2M2i per ml 4>Bsak UU rates in 
Me arc busdflg rarf- for prblM WPYT- for mur-aMpth sank hUto w-95js pKr.ceta; feur-neoh trade bills 91 per 

A ran W OTe-tnoDilt TreasBrr wiisffl per ccnh v* iWewfcjf per ceatt load ihrcc-mo^Ji 

adnuto SSSk.btt Bite rewH^j^nis per ^itaad^ ^tbrec- 


wmaOL-mdr ^ » per -regt, wM « Mo ^«g-a>oo^ W Mr ««. 

BMMf <a<352£ei hx tbf. BHM-Ilww A»ortarion 1 _T 07 iCT _«3g 

jpaafi^want «t awwdsjir uetiw) M per can- Orartas W- Mflflingiii.per «ot 

onflut BSC . .:. ” 4~ 


NEW YORK 

friBiw ttalu 

Kcd ypnds 

Troasarx Bills riiwceki 

Treasury 'Buis dfrweckJ 

GERMANY 

Uissouui Rare 

Ovendsht 

One month .. 

Three months - 

Six months .. .... 

FRANCE 

Dlsatun -Rain 

Ovornifiht 

Ok snath 

Three nttalbc 

Slx.mooths 


Utseamt Rate ....... i..., 

on- rumaditMiub 
Bills PfeCWBl ftwa r-.-m,. 


: — u 
— - « 
.««. . 4WS 






2 Newbsuc 
. ■ ' September E- 1373 


Tpipadif*tiMflMMta|WMra 
k a matter of meend only 


O stotoil 


j Den norske stats oljeselskap a.s 

s Stavanger/Norway 

| DM 150,000,000 

j 6% Deutsche Mark Bearer Bonds of 1978/1988 

| unconditionally and irrevocably guaranteed by the 

I KINGDOM OF NORWAY 


Interest? 
Olfenng pr>:e: 
Redemption. 


6’i p o , pajable annually on Septeicherl 

99 A 

in 5 annua' instalments through a rece-^gtlpn fund and 'or through 
drawings by lot ot iexs catr.mencmg tn September 1, 1984 

Frankfurt am Main 


Swiss Fmi«^ 

German 

...JUrk 

Kivnoh Fmbc 

IUIUn Urn 

AilanS 

J*T«nnBa V*n 


»B-S« ’. 

..'i-ai • 

1.L-1A ■ 

• 6» a-Sii: 

8Jfc-Jis 

: i*i* 

*1* *l*i 
: 121:': 

Vai-Tsi 
,6« d -6et 
83,-9 
914-919 
lOta- 103t 

11-15 
1268-165, 
12-,. 15*, 
12.8 13: B 
15-14 

131?- 141, 

• aif-Bifl 

!*•» . 
S'a-9 

8A-9A 

.9M-948 

Sa-2»e 

£-288 

Slt-SI* 



2 Commerzbank 

2 ‘ - AkbangasaUichatt 

: Bergen Bank 

; AlahU Bank of Kuwait (1CS.C.) 

2 Andrasens Sank A/S 

S Bsdan-WQrttembenpscho Bonk 

2 Mawngesetnctun 

• Bank of America International 

p ■ ii/msd 

• Bank Leu Intemattonal Ltd. 

■ Banque Fnaieacm du Co turns rce Extdrieur 
Z Banque Internationale 8 Luxembourg SA. 
Z Banque de Paris etdesPays-Bas 

• Baring Brothers &Co« 

m . Unitea 

2 Bayerische Landes bank 

• Ghozemrale 

• Berliner Bank 
Z AktWigaseiJschatt 

2 Chase Manhattan 

» • Limited 

• 

• County Bank 

2 Lminea 

• Credit Suisse White Wbld 

2 btnitea 

• Den Da ns ice Provinsbank A/S 

• . Deutsche Girozentrale 

• - Deutsche (Communal bank — 

• 

{-. Dresdner Bank 

• AkboigeulUcnjf: 

3 European Banking Company 

2 bmicd 

■ . Girozentrale und Bank der 

• Asterreichischen Sparkassen 
2 Akbcnseadbclvatt 

» HambrosBank 

• ' Umtled 

■J . lstituto Bancario San Paolo efi Torino 
5 

2- KJabenhavns Haodelsbank 

• 

• KredtetbaikSA-Luxembourgeoisa 

S -- Landes bank Rheml8tuM*Mz 
Z •. Girozentrale — 

2 LazardFrtresetCie. 

t *~ 

S McLeod, Young, Wair International 

• Limn ad 

• B.MetzferseeLSohnACo. 

• Nofddeutsohe Landesbank 

• Girozentrale 

2 Orion Bank 

• LlOimd 

• Privatbanken 

• Atemmutt 

3 Salomon Brothers International 

2 LmuMd 

• Schrdder, MGnchmeyer, Hengst & Co. 

• 

■ SocMtfi Bancahe Barclays (Suisse] SA. 

• SoddtdPrivdedeGestionHnancMre 

• Triukaus & Burkhardt 

1 V6rbandSchwaizarischerKantonalbanken 

• 

Z NLM. Warburg-Brinckmartn, Wlrtz & Co. 

• 

• Wtetfalenbank 

• Akti«r 0 «NMCh*h 


Deutsche Bank 

ALoeRge&e-^Khalt 


Union Bank of Switzerland (Securities) 

Lrmitet! 

Den norske Creditbank 


Algamana Baltic Naderiand MV. 

AmboM and S.BIelchroeder, Inc. 

Banca Commerelale KaKana 

Bank Julius Baer international 

LiRliMd 

The Bank of Tokyo (Holland) N.V. 

Banque Gkrinb du Luxembourg SA 
Banque Rationale do Paris 
Banque Populaira Suisse SA Luxembourg 
R Albert do Bary & Co. N.V. 

Bayerische Vorsins bank 


Amsterdam -Rotterdam Bank N.VC 
Atlantic Capital 

Corporation 

Banca del Gottardo 
BanfcfQr Gemeinwirtschsft 

Aiiicftgeseisebai: 

Banque Bruxelles Lambert SA 
Banque de rindochine et de Suez 
Banque de Neuflize, Schlumberger, Mallet 
Banque Rothschild 

Bayerische Hypotheken- und Wechsel-Bank 
Joh. Berenberg. Gossler & Co. 


Berliner Handals- und Frankfurter Bank Caisse des D4p6ts et Consignations 


Christiania Bank og Kiedrtkasse 
Crtidit Commercial da France 
Craditanstatt-Bankvarein 


Delbruck&CoL 
DG Bank 

DcutSiK GcaotsmehstebMk 
Effect en bank-Warb u rg 

Ar:'eiseseiisdutt 

Robert Heming &Co. 

Umtad 

Goldman Sachs International Corp. 


Compagnie Fmancfere de la 
Deutsche Bank AG 
Credit Lyonnais 

Dan Danske Bank 
at 1871 AkTieMKkob 

Deutsch-Skandinavische Bank AG 
ftillon. Read Overseas Corporation 

Euromobiliard S.p A 

Gafina International 

limited 

Groupement des Banquters Privfe Ganeuols 


HiU Samuel & Co. Induatriebank von Japan (Deutschland) 

Utnitod MtHmgcsettech.il 

KansaNis-Osake-PBiikki Kidder, Peabody International 

Limited 

Klefnwort, Benson Kredietbank MV. 

Lnvtd 

Kuhn Loeb Lehman Brothers International Kuwait International Investment Co.SJtk. 

Landesbank Schleswig-Holstein Lazard Brothers & Co., 

Giroz+ntrele Lmuted 

Lioyds Bank International Manufacturers Hanover 

united Limilad 

Mi rck, Flnck A Co. Merrill Lynch International & Co. 


Morgan Grenfell & Co. . 

LimtUd 

Nordic Bank 

LnMOd 

PfJjanken 

Rothschild Bank AG 

Scandinavian Bank 

LuniMd 

Skandinaviska Enskikla Banken 

Sortititti Gtintirala 
Suenska Handalsbanken 

Union Bank of Fhtiand Ltd. 

Vbrahis- und Westbank 

AtaKflp w U n J et t 

S.G. Winburg &Co. Ltd. 


Lazard Brothers & Co., 

Limited 

Manufacturers Hanover 

Limilad 

Merrill Lynch International & Co. 
Morgan Stanley International 

Lmuted 

Sal. Oppanheim jr. & Cie. 

PostipankkI 

N.M. Rothschild &Sons 

Lmood 

J. Hen ry Schrader Wbgg ft Co. 

limited 

Smith Barney. Harris Upturn &Co. 

( uLu p um a U 

SocMM Gindtala da Banque S A 

Swiss Bank Corporation (Overseas) 
Luiuicd 

Union Bank of Norway 

Limned 

J. Vbntobol ft Co. 


Wfestdeutscho Landesbank 
Girozentrale 

Wood Gundy 
limned 


Unilever N.V. 


has acquired through merger 


National Starch and Chemical Corporation 


The md&mgned acted as financial advisor to 
National Starch and Chemical Corpomiionm this transaction. 


MORGAN STANLEY & CO. 

/ffcorporefetf 


August, 1973 






32 


Financial Times Wednesday Septe mber 6 j/78. J £+ 

'.jft if* 

.•£1 w* 


INTERNATIONAL FINANCIAL AND COMPANY' NEWS 


AMERICAN NEWS 

Ecopetrol 
drive to 
boost 
oil output 

By Hugh O'Shaughncssy 

ECOPETROL. the Colombian 
Slate oil company is to launch its 
biggest ever exploration effort 
and drill 140 new wells at the 
cost of 15bn pesos, nearly $400in. 

The aim is to reverse the de- 
cline in Colombian oil output 
which has turned the country 
from a net exporter to an oil 
importer over the past three 
years. 

Thirteen welts are to !•«? 
drilled this year at a cost of 
nearly S22m and activity will rise 
till in 1882 49 wells will be sunk 
at a cost of 8121m. 

Colombia's current production 
is less than 140.000 barrels a 
dav and imports amount to a 
further 30.000 barrels a day 
which cost last year some S230m. 

The mines and Energy 
Minister. Sr. Alberto Vazquez 
Restrepo. announcing the plan, 
said that the aim was to make 
Colombia self-sufficient in oil as 
soon as possible. In the past 
Ecopetrol has hcen unable !n 
finance any major exploration 
programmes as petrol prices have 
been pegged ton |nw 10 allow the 
company m achieve a surplus. 
Over the past year, however, the 
price of oil has been allowed to 
rise substantially. 

The number of wells that the 
tlovernmeaf announced would be 
drilled up to 19S2 does not in- 
clude those which could he sunk 
by private oil companies acting 
as contractors for ihe slate 
concern. 

Meanwhile. Inter Press 
Service reports that the lower 
house o-F congress in Bogota is 
invesriganng uhe trading activi- 
ties of Ecopetrol and the man- 
agership of its president Sr. Juan 
Francisco Villareal. 



Option trading in Bally 
sustained by Amex move 


BY DAVID LASCELLES 

THE OPTIONS trading indusfv. 
whose future is currently being 
studied by the SEC, has use! the 
opportunity of disarray in the 
gambling stocks marker to show 
that it can protect the market 
in emergencies. 

Following serious irariinq 
losses at the end of last week by 
a market maker in Baity Manu- 
facturing options, the Ame-'can 
Slock Exchange lAnaext. New 
York’s second slock exchange, 
got a group of other market 
makers to contribute capital and 
personnel to form a new " coali- 
tion " trading unit in order to 
keep trading In Baljy options 
going. 

Under the Amex options 
system, dealers are given exclu- 
sive franchises to make m irkets 
in certain options. But in return 
they bear responsibility for 
maintaining an orderly market 
in their options. 

The crisis was precipitated nv 
the sharp fluctuations in 
gambling stocks last week 


which left Bally's exclusive 
option maker. Weiskopf Silver 
and Company unable to sustain 
orderly trading. 

Weiskopf Silver sold shir* to 
meet booming demand, and then 
covered itself, only to see the 
market collapse as confidence in 
gambling stocks evaporated, 
following cautionary announce- 
ments from several brokers, and 
the imposition of 75 per cent 
margin requirements by 'io“i the 
New York and American Stock 
Exchanges. 

Trading was hectic. Last 
Friday nearly 26,000 contracts 
were made in Bally options, com- 
pared to a dairy average of less 
than 10,000 for the rest of 
August. 

But the rescue operation 
appears to have worked. Trading 
in Bally options was reported to 
he normal today, the first day of 
trading since the crisis, and 
Weiskopf Silver was said to be 
out of financial jeopardy. 

The incident — the most spec* 


NEW YORK, Sept. 5 

tacular in recent years — is bound 
to figure in the SEC's assessment 
of whether options trading 
should be allowed to expand. 
At the moment, neither of the 
biggest stock markets, the NYSE 
and the National Association of 
Securities Dealers (NASDAQ I 
has been allowed to deal in 
options, and only three others 
beside the Amex and Chicago 
have this ri&bt. 

The incident highlights in 
particular the relative merits of 
the Ainex exclusive system and 
the Chicago system where 
several members compete to 
make a market in a given option 
but bear no responsibility to 
maintain that market. The 
Chicago system is said to offer 
the advantage of numbers, 
which gives the market _ a 
broader base than the Amex. On 
the other hand, the Amex system 
guarantees the existence of a 
market, even in conditions where 
Chicago market makers might 
he tempted to “walk away." 


Equity Funding deals penalised 


BY STEWART FLEMING 

FOUR INVESTMENT companies 
and an investment analyst have 
been penalised tor dealing in the 
shares of Eqitiyt Funding just 
before the scandal surrounding 
its insurance policies broke in 
1973. 

The companies — Boston Co. In- 
stitutional Investors. John W. 
Bristol. Manning and Napier, 
and Tomlin. Zimmerman and 
Parmaiee — have been censured 
by a Securities and Exchange 
Commission administrative law 
judge, while Mr. Raymond Dirks, 
the analyst who uncovered the 


insure qcc fraud, has been 
ordered to be suspended From 
the brokerage business for 50 
days. 

Then penalties have been im- 
posed by Julge David -I. Markun 
who ruled that the defendants 
violated the provisions of 
Federal *' insider trading ” laws 
when they sold their sharehold- 
ings in Equity Funding Corpora- 
tion of America after bearing 
reports that a major fraud with- 
in the company was unfolding. 

The judge found that each of 
the securities firms sold shares 
in Equity Funding while aware 


NEW YORK, Sept. 5. 

that the information on which 
they based their decisions came 
from inside the company, and 
that they made the sales without 
disclosing the rumours to 
purchasers or to the public. 

Equity Funding, a large, 
quoted Los Angeles-based insur- 
ance company, fabricated 
insurance policies lo boost its 
sales and commissions. In the 
wake of the disclosure of the 
fraud, it was put into bankruptcy 
proceedings, was reorganised 
and emerged in 1973 as Orion 
Capital Corporation. 


THE OUTLOOK FOR PEMEX 


Proven reserves turn the key 


THE AGREEMENT reached at 
the end of last month between 
a group of Mexican bankers end 
Pelroleos Mexicanos < Pemex i. 
the stale-owned oil company. For 
two loans worth a total of $7S.2m 
ll.Sbn pesos), was proof — if 
further proor was really needed 
— or the growth potential of 
Pern ex. •’ 

The first loan of $56. 5m fl.3bn 
pesos > was put together by 45 
Mexican institutions and was ’he 
largest domestic consortium ever 
assembled for a local credit 
operation. Pemex director Mr. 
Jorge Diaz Serrano said at the 
s Liming ceremony: “This opera- 
lion confirms that Pemex is the 
best investment there is in this 
country." 

A dose look at Pemex which 
this year celebrated its 40th 
anniversary, suggests why this 
view is widely held. 

When Pemex first started its 
activities in 1938. arter the 
Government of General Lazaro 
Cardenas became the first in the 
world to nationalise its oil 
industry, "proven" hydrocarbon 
reserve* in Mexico amounted to 
1-bn barrels. Fourteen years 
later, the figure wjs put at 2bn. 
In 19fi2 it was 5bn. in 1976 6.3bn. 
in July this year. 16.Sbn. and 
(hen Iasi Friday. Sr. Jose Lopez 
Portillo. Ihe President announced 
in his annual State of the Nation 


The extent of recent fundraising, and the ease with 
which it has been arranged, underline the vast 
potential of Pemex, the Mexican State-owned oil 
company. WILLIAM CHISLETT in Mexico assesses 
the group’s prospects 


speech that proven reserves were 
now at 20hn barrels. “Probable" 
reserves, he said, had gone up 
from 31 bn barrels to 37bn and 
‘potential" reserves From 120bn 
barrels to 200bn. The potential 
figures include the probable and 
pmven amounts. 

Such impressive statistics are 
endless, and Pemex is having to 
continually update them as new 
oil and gas finds arc discovered. 
Production of crude oil and con- 
densates now stands at 1.4m 
barrels a day (b/d > compared to 
1.3m in July. This represents a 
more than 50 per cent increase 
from November 1976 when the 
figure was 907.00W barrels. 

Last year alone Pemex. with a 
staff of 53,000 and about an 
equal number at any one time, 
being employed on a temporary 
basis, and with total assets of 
8tf.2bn discovered 28 new fields. 

As a result uf these increasing 
finds, which have turned Mexico 
from an incipient importer of 
crude, to one of an exporting 


country with a vast potential. 
Pemex is in the throes of an 
ambitious $17bn to $20bn invest- 
ment programme for 1977>S2-- 
about tour times larger than the 
investment between 193S and 
1976. 

And so. Pemex is planning to 
drill 1.300 new wells (ten times 
as many as in the past six years! 
3nd to increase production of 
crude ail and gas liquids from 
the current 1.3bn b/d to 2J2bn 
b/d by 1980. This target, was 
originally planned for 1982, but 
discoveries are such that Pemex 
is now confident two years ahead 
of earlier estimates. 

It is thought that ahout half 
of this would be exported to 
brin.g in SBbn of foreign ex- 
change earnings. Mexico's cur- 
rent account payments deficit 
last year was Sl.Tbn. Last year, 
about 200.000 b/d of crude were 
exported compared to lm b/d 
nr envisaged for this year. 

Other objectives of the invest- 
ment programme are: to double 


the present refining capacity of 
865.000 barrels a day: increase 
the production of gas from 2.2bn 
cubic feet a day to 4bn a day — 
ihe gas comes out with the oil. 

Pemex plans to export ■-■as to 
the U.S.. but Washington scoffed 
at Pemex's price of 82.60 a 
thousand cubic feet and so 
negotiations were suspended at 
the end or last year to. remain so 
until President Carter settles bis 
energy policy. 

Pemex appears io be quite 
adamant about its price, which 
some American companies 
accepted, and now there is some 
suggestion that if the U.S. does 
not buy. then Pemex may use 
the gas for the domestic market 
hy converting industrial plants to 
use gas. 

Pemex director, Mr. Diaz 
Serrano is so confident of the 
future that he said last month 
that total export sales for the 
period 1977-82 at constant prices 
will amount to S32bn providing 
that an average of 11m b/d is 
maintained from 19S0 to 1982. 
This would enable Pemex — and 
of course Mexico as a whole — 
said Mr. Diaz Serrano — to sub- 
stantially reduce its foreign 
debt if so desired. 

Mexico's current foreign debt 
Ls put at over S20bn. second only 
to Brazil. 


All o: these securities having been sold, Ip:& announcement appear a-j 3 mallei o! record only. 

New Issue . August, tors 

U.S. $125,000,000 
(qj)) Export Development Corporation 

(An agent of Her Majesty in right of Canada) 

Societe pour I’expansion des exportations 

(Mandataire de Sa Majeste du chef du Canada) 

8.60% Notes Due August 15, 1983 

Interest payable February 15 and August 15 
Principal and interest payable in U.S. dollars 


Salomon Brothers 


Morgan Stanley & Co. 

iKDipniitd 

A. E. Ames & Co. Burns Fry and Timmins Inc. Dominion Securities Inic. 

Ineorvftf alitf 

Greenshields & Co Jnc McLeod Young Weir Incorporated 

Atlantic Capital Bache Halsey Stuart Shields Basie Securities Corporation Bell. Gouinlock & Company 

CDraafnion incorporated irtorpgiued ~ 1 

Blyth Eastman Dillon & Co. Credit Suisse White Weld Dillon, Read & Co, Inc. Drexe! Burnham Lambert 


The First Boston Corporation 

Burns Fry and Timmins Inc. 


Wood Gundy Incorporated 
Merrill Lynch White Weld Capital Markets Group 

UtitiH l>«». pirrtr Fenner t 3rrtJb Into f-jr, ira 


E. F. Hutton & Company Inc. 

Loeb Rhoades, Hornblower & Co. 
Paine, Webber. Jackson & Curtis 


Kidder, Peabody & Co. 

hccipai«ml 


Lazard Freres & Co. 


Midland Doherty Inc. 
Richardson Securities, Inc. 


Lehman Brothers Kuhn Loeb 

UKSipsnhMl 

Nesbitt Thomson Securities, Inc. 
Smith Barney, Harris Upham & Co. 

tod*rpor*W 


Union Bank of Switzerland (Securities) Warburg Paribas Becker Werlheim & Co.. Inc. Dean Witter Reynolds Inc. 

I. km fed liKOfporAd * 


The Bank of Tokyo (Holland) N.V. Banque Nationale de Paris Berliner Handels- und Frankfurter Bank 

CIBC Limited Caisse des Depots et Consignations Credit Commercial de France Dai-tchi Kangyo Paribas Limited 
Daiwa Securities America Inc. Robert Fleming Kle'tnwort. Benson Kredietbank N V. 

Kuwait Foreign Trading Contracting Investment Company Samuel Montagu & Co. Morgan Grenfell & Co. 

New Court Securities Corporation The Nikko Securities Co. Nomura Securities International. Inc. Orion Bank 

InimilWfiil. Hit. 

t LfruftnS 

Scandinavian Securities Corporation Wardfey Westdeutsche Landesbank Yamaichi International (America) Inc. 

Girozentrale *' 


Banque Nationale de Paris 


New stake 
taken in 
Abitibi 
Paper 

By Robert Gibbons 

MONTREAL SepL 5. 
MR. MAURICE STRONG, 
former senior United Nations 
official and a former bead of 
Power Corporation of Canada, 
has emerged in partnership 
with Toronto businessman Mr. 
Paul Nathaoson and BCI 
Holdings of Toronto, as the 
largest single shareholder in 
Abitibi Paper, the world’s 
largest newsprint producer. 

Jointly, the have bought 
through the market 1,8m 
Ahitihi shares at an average 
of about C$17 per share, say- 
ing that the acquisitions are 
for investment purposes. How- 
ever, they add that they may 
buy more Abitibi shares if 
market conditions are suitable. 

The Abiilbi holding repre- 
sents nearly 10 ner cent of 
Abitibi’* outstanding shares. 
Mr. Strong recently retired as 
cbalrmau of the national oil 
company, Petro-Canada. 

Dow Chemical 
expansion 

MIDLAND. Sept. 5. 
DOW CHEMICAL will experi- 
ence “a golden era’’ starting 
in 1981 when It completes a 
multi-year multi-billion dollar 
capital spending programme. 
Forecasts Mr. Paul Oreffice, 
president aud chief executive. 
Last vear Dow spent $l.\6bn, 
mostly to expand facilities 
worldwide. This year it 
expects to make slightly more 
than SI bn In capital outlays 
and plans to match that 
amount in 1979. 

Most or the company's spend- 
ing is for major plant con- 
st ruction projects, including a 
previously announced crude oil 
processing unit in Brazosport, 
Texas, a hydrocarbon project 
in Ptaquemine LA. and an 
integrated petrochemical . pipe- 
line and field project in 
Alberta, Canada. All of these 
projects are expected to begin 
operation sometime between 
late 1979 or mid-1980. 

As a consequence, Mr. 
Oreffice said the huge outlays 
the company is currently 
making to finance ami build 
those facilities are . together 
with pricing problems “ having 
a major impact on the com- 
pany's earnings.” 

Once most of that spending 
is complete, the president 
expects tbc company to experi- 
ence earnings growth at about 
tfl per ceni a year. 

*• Earnings growth in the 
1981-85 period ought to be at. 
least that good,*” he predicted. 
AP-DJ 

Medusa agrees 
revised offer - 

CLEVELAND, Sept. 5 
MEDUSA’S directors have 
agreed in principle to merge 
with Crane under an altered- 
' version of Crane's original j 
Offer. 

Crane’s tender offer of $50 
a share for as many as 760JKK) I 
.shares still stands. For {hose ! 
who want a tax-free trans- 
action. the securities package 
was altered to give Medusa 
shareholders more say in 
Crane operations but a lower 
dividend. 

Medusa holders will have ihe 
option to swap each share of 
Medusa common for (L25 share 
or $8-56 voting preferred, plus 
0.25 share of $6 convertible 
preferred slock. Crane pre- 
viously offered 9-35 share of 
$8 preferred stock and 0.15 
share of $6 convertible pre- 
ferred. 

The revised package will 
pay $3,625 In dividends 
annually, while the original 
package would have paid $3.70. 

; Medusa pays 50 cents 
quarterly. 

Analysts estimate that the 
j merger plan Is valued at 
between $!45m and §150m. 
Including shares already held 
by Crane. 

I AP-DJ 

Continental Illinois 

Continental Illinois Corpora- 
: lion's directors have raised the 
1 quarterly dividend from 33 
cents to 36 cunts a share, pay- 
j able November i, on record 
September 29, Reuter reports 
| from Chicago. 

EUROBONDS 

DM sector 
again firm 

By Mary Campbell 

DOLLAR BONDS continued to 
mark time yesterday but the D- 
Mark sector continued firm. 
Australia’s D-mark issue has 
hcen increased in size from the 
scheduled DM200m to DM250m 
and priced at par with the 
coupon scl at the indicated 6 
per cent. It was yesterday trad- 
ing at a discount of between jj 
and j of a poinL 
The Development Bank of the 
Philippines Is planning to launch 
a 7m Kuwaiti dinar issue next 
weekend. The issue is likely to 
offer an 8) per cent coupon on 
a 12-year final maturity with a 
bondholders’ ope lion to redeem 
after seven years. Lead managers 
would be Kuwait Internationa) 
Investment Company, Abu Dhabi 
Investment Company and Merrill 
Lynch International A purchase 
fund will operate in the first four 
years. 

Ramadan has kept the Middle 
East markets quiet for the la 1 ." 
few weeks. 

This would he ihe first-ever 
bond issue to be offered by the 
Development Bank of ihe Philip- 
pines. Jt is Stale guaranieed The 
Philippines has Itself issued two 
Kuwaiti dinar issues and one 
Bahraini dinar issue previously. 




Volker Stevin sees 
increase in profits 


BY CHARLES BATCHELOR * 

THE PLANS to merge the two 
Dutch construction groups. 
Stevin and Adriaan Volker. were 
unveiled today. A new joint 
holding company, to lie called 
Volker Stevin "is to be formed. 

The new company will be one 
of the top five contractors in 
Europe and it expects to make, 
net profit of FI S5-9Qra. (S3&- 
S42m) this year. This compares 
with combined net profits Inst 
year for the two groups of 
FI 71.3m. Stevin expects profits 
to be slightly higher than the 
FI 312m last time while Volker 
expects a considerable increase 
on its ^profit of Fl 40m in 1977 

The new company will have a 
turnover of Fl 2.9&0bn (SL38bn) 
in 1978, only slightly up on com- 
bined turnover of Fl 2.Sbn last 
year..- It will have assets of 
FI H50-700m and a workforce o£ 
22.000 

The merger, which is e.xoected 
to go through in the second half 
of October, will depend on 
acceptances from holders of at 
least SO per cent of the shares, 
of the two firms. However, the 
companies retain the right to. go 
ahead if this condition is not 
met ' 

Under the share exchange to 
establish the new. holding com- 
pany, 1) Ordinary shares/certi- 
fi cates "of FI 20 nominal Volker 
Stevin and one Fl 20 nominal 
subordinated convertible deben- 
ture nf Volker Stevin will be 
offered tor each Volker Fl 30 


AMSTERDAM, Sept o. 

nominal share. One Ordinary 
Volker Stevin will be offered tor 
each Stevin Fl 20 nominal share 
while Fl 1,000 cash will be 
offered tor each Fl l.ooo nominal 
Stevin preference share. 

The offer will only go through 
when a number of 
have been complied with, the 
companies said in a joint slate- 
inenL These conditions are 
largely of a formal nature in- 
volving changes in the statutes 
of the two companies. 

The new holding company 
aims to at least hold its share- 
of the Dutch construction mar- 
ket and to expand abroad. Mr. I 
Kiaas Van Ester, chairman of| 
Stevin. told a press conference. 
The two companies policies are I 
compatible and the manage-! 
ments have decided they can 
work together. 

Volker Stevin hopes to be 
operational by the end of this 
year hut it will be some time be- i 
fore the divisions are fully in- ! 
tegrated. Volker expects its in- 
vestigation of a planned link 
with the agro-industrial firm. 1 
HVA. to be completed within a 
month. 

Stevin's largest shareholder, 
the Dutch businessman Mr. 
Pieter Heerema is in favour of 
the deal. His stake in the new 
company will be about 25 per 
cent but he will limit his voting 
share to 10 per cent, with the 
rest being administered by a 
(rust office. 


First half growth at 
Nationale Nederlanden 


BY OUR FINANCIAL STAFF 
INCREASED NET profits for the 
first-half of 1978 together with a 
higher interim dividend were 
announced yesterday by. 
Nationale Nederlanden, Hol- 
land's largest insurance 
company. 

Profits after tax have risen 
from F] 86 -8m to Fl 99.7m 
(S46n>) and the company says It 
expects for 1978 as a whole to 
“ at least maintain " profits per 
share despite the recent rights 
issue. The interim dividend Is 
Fl 2.40. against Fl 2.04 a share. 

Turnover for the surmonths is 
12 per cent higher at Fl 3.01bn. 
insurance income rose by 16JS 
per cent and income from invest- 
ments and Dther activities was 
15.2 per cent ahead. 

The contribution from ..inter- 


national activities to turnover 
was depressed by the decline in 
foreign currencies, particularly 
the dollar, against the guilder. 
The share of foreign operations 
fell to around 36 per cent from 
37.5 per cent. The company 
points out that the profit rise 
ls due to higher results from 
life insurance, investments ' and 
particularly from miscellaneous 
activities and professional re- 
insurance Indemnity insurance 
results were little changed. First 
half costs rose 5.3 per cent. 

When reporting interim 
figures at the end of last week, 
another major Dutch insurer. 
Amev. repeated its forcecast that 
profits for 1978 would emerge 
some 15 per cent ahead. The re- 
sults will include a first time 
contribution from the recently 
acquired ,Tiem Holdings. 


French electronics move 


BY DAVID WHITE 

RHONE-POULENC, The French 
chemical is to go into a joint 
venture With the Government’s 
Atomic Energy Commission to 
make base matetrials for elec-, 
tronic components. 

The move is one of a series 
of Government-guided efforts to 
strengthen the French rale in 
the micro-electronics industry in 
the face of U.S. and Japanese 
domination of world markets. 

Details of the joint venture 
— the amount of investment 
involved, the scope of its activi- 
ties and even its name — have 
yet to be finalised. 

The company is expected lo 
he based in Grenoble, where the 
Atomic Energy Commission has 
a big research unit, the Centre 
itor Nuclear Studies, as well as 
semi-conductor venture formed 
recently on a 50-50 basis with 
the electronics group, Thomson- 
CSF. 


PARIS. Sept. 5. 

The Thomson joint venture, 
EFCIS, is expected to use tech- 
nology acquired under an agree- 
ment with Motorola of the U.S. 
in the development of raetal 
oxide semi-conductors. 

In a parallel move, the Govern- 
ment is also involved in promot- 
ing efforts aimed at setting up 
another transatlantic [ink in the 
field of integrated circuits 
through the participation of the 
giant Saint-Gobain-Pont-a-Mous- 
5on. Group and other French 
interests. 

THE FRENCH watch group 
Framelcc, formed recently under 
the aegis of the French Govern- 
ment to consolidate the French 
watch industry, said today that 
it had lifted to 75 per cent from 
12 per cent, its interest in Mon- 
irelec, a French company which 
makes electronic components for 
watches, reports AP-DJ from 
Paris. 


Maremont foresees peak 


BY JOHN WICKS 

RECORD SALES, net income 
and per-sharc earnings are 
expected by Maremont Corpora- 
tion of Chicago, the U.S. car 
parts specialist, for the third 
quarter and the first nine 
months of this year. This fore- 
cast was made in Zurich today 
by Mr. Richard B. Black, the 
company’s president. It points 
to best-ever figures for 1978 as 


ZURICH. Sept. 5. 

a whole. 

Both shock absorhers and 
exhaust systems, as Marcmont's 
major, product lines, are con- 
tributing to growth. In this 
connection. Mr. Black said that 
the group's “ Gabriel ’’ shock- 
absorber line is expanding 
rapidly in Europe, with Gabriel's 
European sales running 60 per, 
cent above last year’s levels. 1 


Old lady 
of Paris 
looks to - 
her future 

By David Curry 

. * PARIS, SepL 5 
THE OLD lady is 91, she shei 
the wrinkles or her age ax 
when the weather is damp 
makes her joints ache. B 
despite the novelties of new 
and les intimidating belle 
she still symbolises f 
millions the seductiveness 

Paris. 

in short, the Eiffel Tower last 
going strong. This year s 
will receive some 3.3m 'ft 
paying visitors, who will ta 
the lurching lift at least 
the first storey to escape t 
stench of the caravans selii.i 
cheap chips which litter r 
area around the tower. Or 
that most glamorous ni 
comer—- the Georges Pampid 
centre tor modern art — w 
its profitable aura of arc 
lectural controversy, will 
beLtcr. with some 6m visile 
The Louvre and Versailles v 
between them claim fev 
tourists than the Eiffel Towi 

The Tower is run by a stc 
exchange-quoted company 
which "Credit Commercial 
France is the leading sba 
holder with 23 per cent of i 
capital. Last year she brouj 
in - FFr700,000 profit (w 
down from the FFrl.95m 
1976), which yielded a d 
dead of FFrS.50 per share, ; 
to mention the FFri2m-p 
per year ground rent she p: 
(he City of Pans. 

But she also costs a lot to r 
Average annual bills for mi 
tenance and modemisai 
come to between FFrem « 
KFrSm. which is a large j. 
portion of sales of aroi 
FFr32m in 1977. The next 
job is the installation of a r 
lift between the second i 
third stage, costing so . 
FFr30m — or aroi 
FFr182,000 per meter. This 
.on top of the regular costs 
- paying more than 100 st 
maintaining four restaura; 
four lifts and no fewer ti 
170 spotlights, which eat 
FFrlra a year in electrii 
alone. 

This year is unlikely to b 
been a famous one — it's 
much fun standing at the 
of the Tower looking out 
a city obscured by mist ; 
it was only in tbc second t 
of August that the skies re; . 
cleared over Paris. In addtii 
the Societe- Tour Eiffel 
negotiating with the City 
Paris lo renew its concess 
to manage ihe Tower, if 
-mist around this transact 
clears, as the company expe 
it will probably launch 
issue on the money market 
meet investment costs. The 
lady still has faith in 
eternal charms. 

Incentive to 
hold profits 

By Our Own Correspondent 

STOCKHOLM, Sept f 
INCENTIVE, the Swedish dt 
lopment group with Interests 
several small engineering o 
panics, expects to make pre- 
earnings this year close to 
yera’s SKr 72m fS16.4m). 1 
forecast is based on an meres-, 
order intake, primarily ft 
export markets. 

The group's half-year rep., 
shows a SKr lm drop in pre- 
profit to SKr 25m on an aim. 
unchanged turnover of just a 
SKr Ibn. If the subsidiaries s 
over the past shmonths arc eli 
nated from ihe 1977 figures.' 
current half-year would sb 
a SKr 8ra increase. : 

Profits from component nw 
factoring, which made sales 
SKr 3fllm during the peri 
have fallen slightly but the or 
intake has picked up. Both e: 
ings and order Dow rose in 
instrument division, which 
creased hair-year sales "ft 
SKr 189m to SKr 225m. Pr 
performance by the transp 
units, which had reduced ss 
of SKr 220m, is still described 
satisfactory. 




This advertisement compiles with the requirements of the Connell or The Stock Exchange ls London. 
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A/S EKSPORTFINANS 

(Forretnlnssbankoaes Flnanslcrings- og EksportkrcdJttinstltim) 
(Incorporated in the Kingdom of Norway with limited liability} 


US$50,000,000 
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ISSUE PRICE 100 % 


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extent provided In the Subscription Agreement to subscribe for the Notes : — 

CITICORP INTERNATIONAL BANK LEMXTED DEN NORSKS CREDITS ANK 


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BERGEN BANK 


CREDIT SUISSE FIRST BOSTON LUVUTED 
H.ATVTBRQS BANK LIMITED 


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CHRISTIANIA BANK OG 
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The 50,000 Notes of USS1.000 each constituting the above issue have 
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the Company and the Notes are available In Excel Statistical Services and- 7 >k 
copies may be obtained during normal business hours up to and iaelhdi Pf.S 
20th September, 1978 from the broker to the issue:- • 




6th SEPTEMBER, 1978 


STRAUSS, TURNBULL CO-r H 
MOORGATE PLACE, - ' ^1 

LONDON, ZC2&8K8. m 




33 


1 {M 

% 

,v,d Cu„ ^ 


15 




to 


BY PAUL BETTS 


ROME, Sept. 5. 


. ^ p . pCAM, ttie company srenplae fie sector 2S At&TlittD the In- with Montedison were involved 
LD Udv • % he R ublje swroho ktingi^teresis ternatzonal auu^et. . in ihe operation. 

- U h !n tn* (riant- (urn**- .k.-:..!. ■*'. ji— . . . 


AND COMPANY NLWS 


Pao takes 
stake in 
Hongkong 
Wharf 


move to permit CDs 


BY RICHARD HANSON 


TOKYO. Sent. 5. 


HUNG KONG. Sept 5. 


[A PRIVATE athsury group to The council is also prepared to proposal comes from cenain If the Finance Ministry 
the Japanese Finance Ministry is recommend further study of major commercial banks com- .eventually decides tn allow 
expected thi> week to approve "ranting permission for hanks to peiing among themselves for top Japanese banks to issue bonds 
: a rcCWKmmantion that hanky be pay compound interest rates on ranking in terms of deposits, overseas, it is expected that surh 
ialloufed to raise funds through deposits to compete with the Those with strong retail business issues wili be limited at first to 
jnioaffled^ certificates of deposit postal saving system, and allow- oppose CDs. Those with deep bank subsidiaries incorporated 
j f CDa.K. Laniumvd strong epposi- mg Japanese commercial hanks corporate ties see the CD as a In other countries. 

| lion from i van,, us financial sec- la. issue d eh emu res overseas to way of raising deposits. Meanwhile, aonther adusory 


A SUBSTANTIAL minoni.vs-takel tors, #******• lc: » v « lhe r «™ raise funds (currently limited to The long-term credit banks fear group to the’ Finance Ministry. 


tfe the ,, 1[| tj en }. Msouations iwtween U»e European ehe micid woups as ua- tedison’s pu 
ley "Julian group and Arab financial fair competition. ' ' might seek ii 

sliii Uln >fa: T1, * ,rest ^ >rop«SuiK 'lb buy-a tt in'- a / h ^ v :i;j^ ent; “Soiiam t,on Jn vle " 


; which groups^ together the in- 

There, is. spcralathm here that *«*st*: of the Italian stale nil h , ™ 1 
ehind the ArahTnSreswtbere eoiicernENlatrtl'tiK s&tehold- n % d h 1 f lg 


. beur^ Tl* j ■ ■ to panys uusiuras cnangeu. Aor or more, ui 

yjas-j; Jtiat satisfied with finances saws : : saw 

ral ^nir^: ■ M AMiHUVViJ The pnvalc corapames L . dn .; IW oMess 

r - wuh -J«V. trolled by Sir Y. K. Pao are | the present 

Louvre and «_•'•-• TURIN, Sept. 5. separate from lhe quoted com- ■ term deposn 

een J iTA ¥ J V' 1 raotor group Fiat is early 1970s. TJ» : ;hu»e . has the big American and Japanese P«»ieii and shipping interests inj opposition 
,h an \iu. 2; Jt ,sfi< ed w ‘ih . rt ® Overall financial broush*' to light jri tnciwaae in car com panics," he said. the World-Wide group of which, daUon , 


which ortvaiied 1 oani^a »aica na»e muuvu inio i is spnere oj ausmess, 
i caoitai markets rauc h of Japanese economic Approval for hank sales of 
ade The Finance iDpm ent along with trust national bonds tn the public, it 
at lime imposed banks. is argued, would eventually lead 

Jananesc borrow- Some bankers question lhe to hank involvement in secomi- 
efTectiveness of CDs in lhe ary bond market trading in 
rce r.vi»r rns has Japanese financial structure as direct competition with the 


~ . * ~ — ' ■ — - - - i «... — * ms auuii « .|j.. overseas nirv-uveueas ai v.ws in luc a*» uunv. uiiiinri 

stake, or to make a takeover hid possible— ai an annua! interest j he C untr^versv over CDs has Japanese financial structure as direct competition 

The private companies con-; rate of less rnun 4.75 per rent, «, red ua neriodicallv over the fund raising instruments, and securities houses, 

trolled by Sir Y. K. Pao are | the present rale of two-year oasl few mon Ih B Foreign banks the necessity of such issues. If Securities houses in Japan also 

separate from the quoted coni- ; term deposit* entered the debate when Cili- the Finance Ministry docs allow remain oppnsed to 


ower , e .expects .turnover the book ralue : oT.asseta which Fiat itself has signed an usree- 

a °se^uL nui ' OT SJF l0 , r rc “ il ® ome ?° re lh , s,n <*oubh»'tbe break- meal wiLh Peugeot Citroen to 
b Cred^ A' lre 13,00(fen, o r Sf6bn. down vslue o! F-‘ *■■■'** 


he is chairman. 
Wharf shares 


Fiat shares. 


; Opposition to the recommen- bank in Tokyo began earlv this LUs. tbey will come in wovemoer mat sum instruments wouui cue 
ch ,daUons remains strong from the spring to ask consideration'for it or early next spring when easy into the less controlled Hensaki 
I long-term crodu banks, trust m raise ven funds through deben- money generally prevails in market where bonds are sold 
at ; hanks knd local nanks which feel tures in Japan, so giving com- Tokyo. Japanese banks in recent with two or three month repur- 


«■ at a A. «f the' cfaf^ffes a ^ SariSTdecllw. 

,u| h ii Shareholders meet me- called to the breakdown value, of the Fiat ,_.;. pr ' , J ect ! u«nnfcnn.. vu 


build a plant in southern Italy HKS3950 here today, falling ' qj) concept would imnair mercial banks" cause to” lobby months have been flush with chase agreements. The Gensaki 
to produce 30,000 small comrodr- HKJS3.50 in line with a general i their own ability i« raise funds further for CDs and debentures, funds, as it is. because of market ha^ attracted eonsider- 


■ “ ,J ui Uii. i T - vl >iu inaepenacnr car nuww j** *«■»= nin, B «.rv.«.ru. 

>■ whjch .Subsidiary under the control of ^ubstanuaUy higher .than the Ci lE“ rhTi™J! e ^i •. 
of FFrHsi^he Fiat parent company. Share- L6J100 per share paid Jty_ Libya n T™- ^ IJl chairman also 
lenuun *£^HIeA Jt%hscribefS^TlO. per *» £ZSE2 r L£» r 2 


er . i report. It gave nu financial! 

aim, Clin .! details of the shares acquisition. ; 
intercut in! Commenting on the acquisition, 
■ike in its.iMr, David Newbigging. the! 


! by ultimately raising interest There remains opposition to sluggish demand for corporate able amounts o: surplus ecir- 

i ousts ‘and squeezing out the CDs among commercial banks loans. Corporate capital spend- poratu funds away from bank 

i weakest of the financial insti'.u- themselves. Bankers say that the ing plans in Japan remain deposits. 

• tions. greatest support for the CD uncertain. Reuter 


Gulf Air spreads activities to maintain unity 


legislation 


by a special correspondent 


• betn^. The cpnstimrlbn of p separatc said be ' favoured A«' proposed favour of allowing foreign f ? ssu i pd us th: ?trtie shareholding ' _ ...» its ime would probably be born maintaining its TriStars at TriStars are nuw to be serviced 

>m. whitb u i ar completes., the merger between .Pengoot-CUroen control of major national i n .i has been acquired as a long term; -jaerrin" .-hvis'un frun* more o’it of national pride than Heathrow. "We have suffered in Hong Kong at a saving of 10 

^ ^ I,aiy ' S ° f F ” n ^i nd the.UA.Ojrysler dustnal cum-erns. I m STnL „ ein! 3 (W JbS tSAhuiSiSi^oJS Sme'cial adv^age P bSt Abu financial loss, also loss of to 15 per cent compared w,ih 

io l^°T. ,,r, i ale yiduvtrl.Tf group into a wraps; ; European : activities. He declined to give any fore-r .° ur . ‘^5^. a , dd ' i 0 Ur Yoitai-f Sherawi rhi* air Dhabi, as a major oil producer, name and prestige. We put this lhe previous conlravt," .Mr. 

°L. r &pcn,u , n,i ‘-wupamen "This is the kind «f jaftcpalisa- cast for dividend payment f*»r * n IIoo * ! t ^ ' 5?„-vVhainnan despite the fact -s considered to be rich enough at Urn in 1977." The .Airline's Sherawi said, 

between ,r* n . d ? r lhc control of . a. ecnlra! lion needed for the European car 1978, but said shareholders would! Whar f h^ve attraeUMi substantial ! 1^//., l ^ if, affurd n 

i state campaniv started m the; industry if ft is td-eddipBte .-with have no rea«un to he dissattafiud.t ipee0, i ,,lve f?*^S ,t * a,0, ^^ av,,,B .2roi»ned in Bahrim i.nlv last Mr. Sherawi did not deny 


is the insiaii'»h ,es oi opcnitinji companies This is lhe kind.«;ntiopit!isa- cast for divi 
between ,kr ln , d r r the control, of .a. central lion needed for the European car 1978, but said 
1 stage, ^ t,ldlCB started in the iadustry if It is lo-COnxpBte with have no reu»u 

30m -7 . - . ■V't: — : : 

!^B° n d' tender ! Acquisitioiis boost 


Acquisitioiis boost AGA 

1l ®jP in S fwrj ■frnill: - 

^Sgovernment profits Mliirst hall 

year fe unite By Jeffrey Brown : ’ 7‘ '• BY VfILLIAU DUUfOBCE STOCKHOLM. Sept. 3. 

h lun^amjb' HE RECENT surge . in new ' AGA, the Swedish industrial gas, against SKr 129m In the first 
he Toner acDvity on the Dutch wnd i heat -engineering and. 'welding half of 1977. and liquid assets 
v- oL^eureri w iarke l wa »;SJ v ? a a further boost . group, boosted its pre-tax., earn- dropped by SKr 183m to 
tbp aimouncement Unes by over 30 .per npnt to SKr 249m during. the first six 


Mr. Sherawi did not deny 
reports that a new airline was 


: BY WILUAM DUUfORCE 


n :un siandiu r . , nun, u« owcaismi 

he Toupt activity on the Dntch bond i heat -engineering •, 
j, oLHturei ? ,arket given a further boost i group, boosted its 

'^ ‘ “'eslerday by the. announcement! inos by over 30 

“* vnl - . ln U^Lu month earner Than dealers! cvv 


| recent days. 

! North Borneo 
Timbers 
in the red 

By Wong Sulong 
KUALA LUMPUR. Sept. 5. 


Workforces cut at major 
Japanese corporations 


TOKYO. Sept. 5. 


I j A A reciniday” KS46 ^ ° ne *" i "^iSt move »< part of a plan to Sms considered Abu Dhabi WorktOFCGS Cllt Vll^l OF 

Yinc hAncf Al\l-A al ■ ! distribute the atriine's functions and said that a split among lhe Tf UllVlUl LCa C-UL dl llUljUi 

WU»5 UUUktl | more evenly among the four States would be disastrous for # 

». , ,, North Borneo I Bahrain!** Abu Dha?i. Qatar and government is a problem," he J2.O2U1GS0 0 Ol*lJOr 3 tlOHS 

first hall Timbers I airline's hole! company head- met ts, five airports and five civil TOKYO. Sept. 5. 

... i quarters and helicopter division avuiion authorities. It is the EMPLOYMENT at 250 major and part-lime workers and 

»CE STOCKHOLM. Sept. 3. Ifl tlH? TGO lo Doha. Qatar, and the light political goodwill of lhe four corporations in Japan has fallen transferring some of their 

** aviation division io Muscat, States which is keeping it going, 172,900 workers, or 7.5 per employees lo related com- 

1ml gas. against SKr 129m In the first By Wong Sulong Oman. . And that is also difficult. There e ± nU since ^7^ shortly after the panies. 

welding half of 1977. and liquid assets KUALA LUMPUR. SepL 5. Bahrain has heen the is an internal struggle between 0 j| tT j s j S , a survey released As a result, the number of 
u earn- dropped by SKr 183m to AFTER seven years of con- administrative centre of the air- what lhe commercial people today shows. employees decreased from 2.3m 

cent to SKr 249m during, the first six tinuous high growth. North line wnic it was founded and th« Jidiolttl people ^ Tokyo . based industrial March, 1974 to 2.1m in March 

ring the . months. Borneo Timbers Berhad suffered the rrdistributiiin plan is the are offenn m . and also the finan- Research Institute said ^ is year, 

tar were The group operating result a loss Tor the year to May. result; of calls by other States era! iraplicaDons. {£3° 74 * of the companies An a '£ n ?n ^ ,s 5?" 

xr l.Tbn was up from SKr 101m to The group, whose fortunes are for more involvement in airline " If Gulf Air is to break up to- Z Sr measures to 


l point 1- 
f State} ^- r 


The group operating result a loss ror the year to may. ^ u i u 5‘ °‘f ua , that 74 oer cent of the companies --'ll "‘"■‘S'* 1 "" 1 *7" » v:*” 

was up from SKr 101m to The group, whose fortunes are for more involvement in airline -if Gulf .Air is to break up to- Sported taking measure to > ea « old L 103 ol ? ttr th;,n 

SKr 150m, with Frifiosrandia primarily based on its Umber activities. The shift of the day between the four States, it Egg? in the four i n , 1974 * His monthly salary rose 

eontributing SKr 28m of the concessions in the East Malay- engineering division to Abu will wither and die. Because we JJ™ we ‘ oDl 111 r cent m four y-ears lo 

increase. AGA's main gas opera- sian slate of Sabah, reported a Dhabi is described at the Bahrain in Bahrain are not a big town. * . . trtrf , lcfrla1 ® 9 ^ 5 -. 

lions, including Burdox, ' had not loss of 455.000 ringgits headquarters as a move to The Gulf area does not have a Matsushita Electric Industrial. ap-dJ 

sales of SKr PS4m in the six CU.SjS 198,0001 compared with an placate Sheikh Zaid ruler of Abu Singapore or Hong Kong with two Jhe maker of Panasonic tele- 

months and turned in an opferat- after-tax profil of 15.B5m ring- DhabLwbu is said to be unhappy or three or four million people “ rs ' 0 n 

ing profit of SKr ISIrii. ExcJud- Bits the previous year. * with fte present airline sharing that can sustain one airline that by 1 -- 9 ®p ^P}®**?* or Peruvian gam 

ing Burdox. the turnover growth As a result, lhe group is not scbup.> . is international. If you break f per cent, it swd. umtiKu^ ■ J Per u produced 33 3m barrels of 

inkfls was 19 per cent. ■ declaring a final dividend, which There arc fears of a possible it up into small states lhe only JJP *«™|® Six petroleum Lst year, an me ease 


f'DntivP t> an times subscribed; tailed .substantial increases' in aga is in' a new phase of Gross earnings per share fell to airline officials. SUch an air- of delays by British Airways in workers, disuhaiging seasonal Lima. 
L CllIJ >1 » The c 0¥eniroent Tender win be reflected development. Previously it bad from S9.2 cents to 2.1 cents. J 

u fite fifth State borrowing this I ^r c 3 !e ,» in nel sold its batten - company, Tudor, , gr ®S p 8ave ro 350 ” 5 - ■ - 

lid nrOft-ar. ''Last . .montb-’k . - offering 1 k\f*rest; charg^rro S hr 43m . and its interests in military for the sharp reversal m ■ ito 
^ ulled in FI 700m. taking total j.! Group bbri^ffings increased by electronics; S?H^^«^«t!frS n innn C n U ^ 

3 ... own CniBcOvernment .borrowing io the SKr 447m jg SKr I.2bn during . At the last annuaL meeting in °L ' i!? - 

D ublic bond . market this year to f the..' jix : r months, of which May the board also obtained JJ* SiJSJ.. tSSmi'rlSSi.IJSfj 

SUiCKHlMround T1 2hi>.- ' - j:SKr 29^ comprises the indebt- authority to make a one-for-10 d *P^f Sl / 

vt’VE tit ^Sweden is also^ floating an ooen- 1 1 edness of tiSe new acquisitions at isauo^ ^nf new B shares intended ■fT d i« p ® or P r,ces . ■ ilsher 


vt-VE tit St Sweden is also floating an open- 1 edness « the new acquisitions at isauo of .new B shares Intended * . "**’“** 

nt jroap »HS nded bond. Terms are 8 per the ^me- they were bought to omd . the door for_ a con- directors bad also made 

,, pKit»rit over 3* years at par, -So far. Investments in plant and verUhle loan issue on the inter- „ „? rs 

; y^rlwJ«ej\^^ ? o,er finery toUUed SKr 173m nstfeul surtML SS.° 0 po«,me J d?m,nm!Sf ‘in 

n< ibtf -»2>m via three issues. r ■ value of its investment m the 


SK: ■ 7 ." 

Hi 1 * Conti Gummi 
's “resales steady" ' 

• , SKr 25a * ' J 

- \ j Our Financial Staff . 




mKhinery toUUed SKr 172m Mtional ranrkeL SgS poffifole" dfmmmmf in 

- ■ value of its investment m the 

shipbuilding firm, German B. 

• U. . J, - Arnez, which had a poor year. 

Losses at Swedish co-op 4V as- c “ ceUmg 

*■ In June, North Borneo Timbers 

BY OUR OWN CORRESPONDENT STOCKHOLM. Sept. 5. 53 w“Sf. 

j.KF. the Swedish consumer co- SKr 33m. for instance, while the SSSrtte* SaSSl" ,0fi a id “the 



SK 


1 J VJ 


&’|B 

5 ? ZaJIKsit 


(1 Um.-mi Midl.ind> ljmiu.i I aiul Mihnnlum loirqumoi 


The successful holidaymakers. 

JiiiLtiiiiKeporc T-r.iif_v*».-irtr.nia.f\Tam- * 


:• - >iao» iaijer man am.wpairu -oiva tui row i«r we ww - year. tlle Swedish Match Company, and 

:rf fjTbe company reveals ibis la] -s«Slg£‘7S^ I ^JS f S vic«hairman of the Bombay 

latest edition of Us. wprks fhL , ^L I £ r 1 JJJLJ Sth ^thp 1 1 S? S? P i977 Burraah Trains Corporation, 

,& : &S“&2^ > £giJ££ &^t^S&inS!SS JU - ™ jg? is 1 *»»*** •« 

year. NBI a No „,d 

'ILarV-itt group . ' 

?**. ??•**? ^j»7&«r s ^ » a r»jssr E£S^?W£Hs 

vii ■ nco ^ . « T.,et .wap <TMin ctafTMl camml pn'r. mnninn in iqtr pi ink. lei-iVi.i ueveiopraeui ot .is giant SOIt- 


TuraovcL* 

J’roin (Loss) ixTorc 

TdJultiOIl 

Provisionior 

fixation 

TTofit (Loss) alter 
taxation 


Half-Year to 31st May 
(unaudited) 


liVK 

^1^357,587 

J345,-134 

£181 J U0U 


1977 

15,434,612 


Year to 

3tHh November 
1977 
i20 # 6i>2 f 274 


-mm 

t$r 

m 


(i34^452j 11,018,005 


taxation £164,434 (£348,452) £470,127 

Tkihissjor the hiilf-yctiriiiJci (?lst "Mtiyl977 luis 7tct*n tuljitsU’d for the i Juuii^v i/i //ii - yc i ir 

ended ?Oth Ai nvnilvr J 977 of lhe groups utr omit ing fuifuyfhr deferred expenditure, chi 

folk /litres, md , niraiising. 

The iirst lialt ofonr fmaneial year usually results in aloss or at best a small protit.This is 
because cerLu n < H’eri leatl cosls are i i larrred in ivinteraud spring in resjK-a of The promotion and 
organisation ot summer holidays from which a highproportion of revenue isonly received in the 
second hali'of the year. l ; orthefialI-yearended31st May, 197K we announce a pioht of £345,434 
■wliidi is easily a first hnl l-yea r record'i his improvement lias heen mainJ v due to hi/>l ter ivissenger 
iigures during last vrinter and record numbers travelling in April and May. 

Holidays sold for the current summer are at record levels. Alter market ing a substantial 
number ol extra seats, we expect to carry about 165,000 passengers ar an a verage load-factor i i i 
excess o! y0"*'. The success of this summer has been marred since mid-Julv hv indusirial action bv 
lrenchairtraf lie com roll ers,wliich lias resulted in long debt’s to manvlligh'ts.The staff ot Horizon 
ill id of other orgjjiiStUions involvetiiiarticularly Britannia Airways, have made enormous el foils to 
tn- to retluce the i ncouvenience lor our passengers. Horizon has so far expendedincxcessxif £40,tKi0 
ip tilis end 

Probably due in port to the extraordinarily bad weather in Britain, demand lorihci'cw 
seatslelr in our Slimmer programme and lor ihe record capacity we are of fering lor next winrerhas 
fitwn exceedingly heavy. Confirmed hookings lor next winter are currently showing an increase of 
over lCK^tiLomjitircd witli levelsa year ago. 

In the next weekorsoour 1 979 summerbrochure will be available which includes 35.1 H.H.) 
holidays Irom In ton airport. This excii ing development extends themarkciingaaivity ol Horizon to 
London and the South Tost oi lingl 4 ind 

Weare proceeding mih plans to extend our business to inrfudeourown airline bv 19.4i>, 
which will consist of t! tree or four mediunvhaul jer aircraft. A ciiiel execui i w with long cxjvVjci ice 
iu airline management lias Iven appointetiand Jus already stoned to esuiblish onraimnedivisioiL 

Subject to unlbrseen circumstances, coiisolidated profits for the current i io*m ialuar 
^houltlbe easily theliighest in theCompony'shisioiy 
Interim Dividend 


£547,S7S 

£470,127 


•ni^n« -L «: Last year group profits staged , secoDd year numing in 197 S. aged' over FI 10 bn lS 4 . 7 bn) at worwi nlamatiDn in Sahnh 

i KF ' S arise from the The.end of A^ust Robeto man- NBT P has tveen one of the 

Jn!*n ! WBa kuess of domeslic retailing 2 *^ over FI 4 . 5 bn, Rolmco f aB test growint Malay^daii com. 

n ® 1 quite j. (th e value of deliveries to the and Romito FI 3 bn. our panies. Iw paid-up capital 

■^^^i-^i'e jiionfts^fl^company.sug-. consumer cooperatives rose by Pfowcial Staff writes. This is increased irom 9 m rinccits in 

eslea that sharohoWers paly D .4 per cent) and the poor primarily due to the rise in stock 1971 to 52 55 ro ringgits last Year 

, receiTC a ywadend in results turned in by some of its prices, though the strong demand —mainly through scrip isCues, 

?es ’. 178 “ ter ^ years of non - 1 manufacturing subsidiaries. The for Rorento shares also contra- which were declared almost 

■* cr avmenL l Flskeby Paper Company lost bqted to the growth in assets, every year. 


TRAICKTS . 

•ran Australia 8-pc WW .. 971 

\!EV ripe 19S7 • 9«t 

wrjn sijk m: - »« 

ustraliao M. Jt S. 31 bc - 92 S3 

arrlajs Bank Sloe lSri 2 ... 954 

r* aicr Mac 19W .• . 9Si 

in. X. Railway S2pc USU> S3i • 
-edit National SJpc Iftse.- «7 - 
-nraarlc S*Dc I9S4 — 97J ; 

9pc mi 

re Sitw 1W7 .' »4' ■ 

IH Kipc I99S - 

mi flipe 1969 gat 

rickson Sipc lflak ......... 1W|'., 

3» Spc lflW NiJV. -- 

i. Lakts Paper «pc IBM -fM . 

amersln - 9iot J992 .e. ll»; 

ydro Qu e bec Sac i&92 . - M . 

■1 Sipc !9fl7 - ■ 

E Canada 9ipc VJffl . . IKK 


SELECTED EURODOLLAR BOND PRICES 
MID-DAY INDICATIONS 


M Sbel] IlHI. Fuh StaMSM .. 95 
Bn SJtaod. EnsKWa 9pc 1891... Mi 

Kl SKf Spc 1M7 912 

SM Siredon WdOtHf 8ipc 1887 851 

1081 Veiled Bftcmts 8pc- 1888 ... 971 

9St . Volso B » c 1887 Min* 931 

: v • 

-99 . NOTES 

Sji Australia 7;pc ism W 

Wl- BfQ Canada ifc* UH7 ..._. 9s 
gg Br: Cotumbia Bj^J. 7ipc *85 9Ji 

181 j Can. par. fiPc MW w; 

«4 flow Chemkfl Soc 10S6 .. 854 

«8 ECS 71m: 1983 ... Ml 

lteI.:ECST8lDC 19» « 


jcauuan : Eec ?ip«r !9K 




■c&d 


a'.M'S kKrirasow Ujpe. 'Bi.. BH. 
^irtwlin ftfpc 19SS --B#*- 

-V? Idiand im. Flu. Sfpc m m 
O atlonal CmJ Bd. ftpf J98? S3J 
cJ ' all. WmmMMW--9pc.lBW; IWt, 
nti Wsiam&tr. apc‘^0 
j 'WiDUiuIlaiul »Dc- 1BSS ... .SU 


• EEC 71PC 18W ... 

1B8-' Bum GtHieh Hi»c IBM 

. 98- - Gfliawa*en 71pc W8S 

■8« ' XW*WBe 9PC 1993 

HI ,MWWHB Hw 1883 
iOZi vumral Urban Sine HSi 
3H 'Ntw Bnm&vidt SK HM ... 


Offer 

Ml Tctuhjco. 7iK 1W7 May ... 
VoiSawaaen 7iBC 1987 

to stbkUnc bonds 

98 Allied Bmricrlc-s I0!pc ISM 

M4 Citicei* 10 pc 1893 

COBH* Bids Sloe 1B89 

■ gCk ftlK 1M8 

Ml EIB «pc 1M8 

951 BIS B)pl- 1995 

941 Finance, tar Ind. 9»pe 1997 
984 . -Finance for Ind. 10pc !»» 

Mi «san» IStsc 1087 

B54 Cemethvr 11 w; W 

841 1NA JOpc iBffi 

RflWMrrr 10}pc 19S8 

931 «sn Wnc 1968 

Mi Sotef Oil ill pc 1884 _ ...... .. 

|7t ph Ronds 

Wm Brv. Sank 5iK 1WR 
j; 1 aroe sipe ism 

” Caflaju 4 !pc 1M3 


'ardic Inr. Bank st^c 1888. . 474 ; .Wl- Xrw Brans. Pro*, Stoc 'M 8R Wl, -Dm iforske Ind. Bk. fiofW 
orfits Kom. Bk. Sine JS92v'_W SB* -Nrw Zf aland Slpc JB8 -. ■*— 1 — — 


,<15^ ' 


arpiw Si pc' 1259 Mi 

artk Hydro 8ipc 1992 •; 93 

.ID 9pc !8$* 


..87 . Nonfic Inr, Bk. 71pc Mst- 
. Ml Norsk Hydro Jlpc 1982 ..... 
' JWt. Norway 74K M82 


arts AiiianouKi - B k .' 1881.-. SBl- ?■- '.M—.*. Ontario-' 'Hydro -8K HS7 ... »I 

mv. OutOec fee. 1995. ' ' . 9!i Outer. 8 i»r HM 9S4 

IW. Sasbuchwn. Slpc *M -7 . «H S. Of ?CM. ElW. 84nc 19S1 W - 
Md lmernnrumidJKJ»7 *8. 93. smdnr-iK’doni) 7ipe WS2' 9H 

rm sk IW • » $«redtsb sim* co. 7!pc -a 

■kcuon Tru« 3 {nc 19B9 ... • .an 33 i . jfelmer .Wpc IW «4 


mv. Quebec' Bpc. 1996 . V.. JJM - ‘ 
rt/f rtw. SasMaichwn. 81 k 

i*cd Imcrrainiraal Jk JS*7. : ax. 
k bm SK IBM : ' . ' an; • 

j£ ik-COOP Trugt 3{PC 79B9 • .an . 

V00* 1 BUILDING shell 




BUILDING SOCIETY INTEREST RATES 


REERWCH 






{nun «2ii> 

SSI- GriRNKJCk RtEh^Road, \ - . 

fCrcemrkU SEUTLVL.- ' ••• ’ v>-.. ; 

f Depoitt Ratt* 3«K,,,£iu^ Aepm«t8 ! 

#£0-:., snb‘pfl.' Shares TJ4%. Terror 

^SharMi -9m. 1'i-aboyi ,sh*re rjue, 

8 yrs. 1% above siura- rate. Intrrwi: 
paid <?n*rter 5 ' :on stwres^ertn aUfir**, 

Monthly iwome ihares'SSfra.' 


10W0M G0LDHAWK 

. ism Chimvicti Kiih KraCL' 
- Lflodan ,W4 esc. 


SS ! gBdaoiw Bank 4iw ... wj- 

« ges «po 1900 MJ 

S* Ere 31 pc IBM ,311 

", ActUlitee 5*K 1983 ... 83- 

«» Surat ora Slue IBS7 — 971 

"i Ktotand sjpc u»c ML 

E'-fwch 5 ;k-hw m 

” H«k« fine 1885 

w* NKWMB SIbc 1989 « 

m Norway 4ipc 1983 - 8S1 

Norway «pe 1883 m - 

PK .Banked 52K IMS Ml 

“ . JmVi Quebec Bk 1990 B 6i 

8 — Bautsntpkkl 31 k H3S 93 

Spun fipc 1M3 W 

TrarfWaj Bine 18W 

. Tver Power Co. 6 k 1988 .. M 

. Vmuela Bpc IBM Mi 

world Bank 51 k 1M0 Ml 

FLOATING RATE NOTES. 

Bank «f. Tokyo lftH 81 k — Bfl 

. BFCE mt 87i6K 994 

BMP. nm BSiok 591 • 

BQE.: Worms 1885 Sue . 98 


sorpn. scirefi bjo. ' CCF IBM 81 k bhi 

Depostt' Rate- fl. 45. Share Acrotmt* W5. chase jf a iUiltn. *3 874 

V.. CKtUtMstalt 1884 84po ■■■« . » 

X . DO. Bank UB Bk .y.. 55* 

i ■ ’ **» Ml 


inN. WcHimlnsicT 1984 toe Ml gg; 

T-lojdS 1883 SU16K .. .. M* 1801 

LTCB I9S1 9Ikk •. 891 W! 

Midland Inr. hS -87 S'jgik- Ori; ygj 

Midland Ini. PS. TO 97n,pc 88 1 gg: 

Nat. Wesuuinstr. *90 Bib, pc M 991 

0KB IflRI Bine ...: .. . .. Ml . lOOi 

93 sNcP IMS 95ieoc » mi 

Sid. nnd Chtrd, '34 SSiepc 984 39! 

jU, Smircc: Whim Weld Svi-wjum London 

J2j CONVERTIBLES 

22* American Bsprt'ss 4)pc 'S7 81 82' 

2* Babeock ti Wilcox 7pc Yi H3i U8i 

Beatrice Foods 4!pc 1992... 103 103 J 

Bcntrire Foods 4 Jk 1892 . H8* j »n" 

■‘I Beccjwm 63 k W3 . .1104 111, 

“ Bordwi Spc 19K M 89! 

*[« ft road tear Dale 4 !k 1987. . 7*4 7ii 

"}• camauon «pr 1997 . zi 

*j-4 chevron 3pe RiSS ‘ .. 13) ipj: 

Dart 4IK 1987 .. S3 S3! 

» Eastman Kodak 44pc IKS 974 89 

59J Economii 1 I.alis *Ipe 1M7 77* 7D 

Klroritmo Spc IMS ..... Thi $8) 

Ford 5K IMS .... ... KH 84 

Mi General EleCTrie 4iPo‘ W87 S4± fit 

97: fiitlPlic *iK HOT .. . JiH - 73 

Mi Could 5 PC 1087 . .. .. IMi 131 

MI Cult and Wtalcm 5pt IMS 33 so, 

SSI Harris SK 1992 US j]7 

932 EonrywcB Ok 18M 88 S7 

911 in 61K 1B9S .... •• Ml 96 

W IMA «K 1897 ... . -c- . 974 " 99 

WJ InchcMJO fihic 1M3 _ ■ — ... ■ 1134 ns 
9Sj JTT-4Jpc 1M7 .. ‘ 79 8U4 

87 Jowo toe 1883 - .. 144 au 

9Ui . Kora atm 7ipe IBM ... 144 } . 1434 

» J. Nay McDermott 4£pc UT 148 138 

. Ml Mulfitsblta ejM IMS .. . IS9 J901 

87 Mitsui (IK 1990 1311 . 139 ; 

. Mi j. p. More an 4ipe 1BK7 . . iotr isn 

. 97} Nabisco .UK NWS ■ ■■ '■ 10!4 W* 

0* Owens Illinois 4*pC 1997 . . I 2 ii U 3 

Mi J. C.' Pi-BUi'l' 4»K 18S7 ... 75i 7? 

93J Hrvlon 44 k 1OT . IW jjffi 

87 Reynolds Metals aK.USS . sj ss 1 . 

mi sandrik sjpe 19* .ua m 

57 { SlH-rry Rand 4Jpc 1OT ; 87} . 99 

SilUlWl 44K 1087 ... M 884 M 

Texaco 4.'K 1«» -- - 784 79 

Mi Texas Jnt. Arfltn S up* 93 1911 IBS. 

891 Tosluha Uk IBM - .. 1»J U7 

ibw- W co,. apt 1984 ^ ; ; tsi jt 

984 Ty CO. 8*pe ' «5‘ JOJ 

884 UaMn Cartidr 41pe 1982 : US l 91 

98| Warm-r Lambert 4iK 1OT w sii 

894- Warner Lombt-n 41K 1 998 7*4 - 78 

•1084 XcroX'SK 1W8 - Wi * 77 

1W4 Source: -..Kidder, .Peabodp SocuriKea. 


slurHioklersart 1 eniiileii, is equivalent io a gross dmdend of2.4290 Ip (1977 1 .3rt6S5p). This repa-hWiLS 
anincreasL-ot TZWn over last year's Interim Dividend and is in accordance intiithc* lorecast of 
5.643p net (S.42p gress including die related tax credir of 33/67tIis) for the vear ending 30ih 
November ! 97N,as detailed in the Rights Issue document dated J 9th April J97S.The Interim Dividend 
will be tiaid on 26th October 1978 to. shareholders on die Register at the close oi business on 
29th September 1978. 

1 1 i thecontext ol the Rights Issue, HMTreasurvdiasconiirmedtlut consent will be forth- 
comi ng lor die payment oi di\i dends oi t his amounL 

Horizun.Mitilun'.l-ii uI,Scl restrain I I4t-p>TcrwlOHice r 2t4 BrcmdStretfr.Binnin^ianiBIS IBB. Incorporated in !:nj*lttkl No. ?55445.- 


m 

m 

m 

iml 





34 


WORLD STOCK MARKETS 


Early Wall St. rise pared at mid-session 

» _ d.i.. _r it. Amu inct rpnort lower, with I 


Fftancid 

IHy 



INVESTMENT DOLLAR 
PREMIUM 

' S2.G0 to £1— 91j"h <901%) 

KITcctiir SI.9425— 131% 112;%) 
AFTER THE holiday-lenyl honed 
weekend. WjII Street moved 
mvidestly ahead early yesterday 
but the gain was partially tost by 
mid-session. 

The Dow .Tones Industrial 
Average, afler improving 'J.81 to 
8RS.14 at ll.ntt am. was a net l.«S 
higher at SSl.ttB at 1 pm. 

NVSE AIL Common Index was only 
3 cents up on balance at S5S.f>7. 
after reaching S.VS7I. while ;:;nns 
held just a slight edge over losses 
of sevcn-io-six ai mid-session. 
Turnover came to 2ft. Alim shares, 
compared with last Friday's 1 pm 
figure of 23.04m. 

Analysts said mote.- by ine New 
York and American Stock 
Exchanges to increase margin 

Closing prices anil market 

reports were not available 
Tor this edition. 

requirements on selected Gamine 
shares dampened speculation in 
this sector ami was viewed as 
constructive for the whole market, 
helpin'* the early market tone. 

Additionally, they noted that 
concern about rising interest 
rates ebbed slightly. Money 
market analysts suggested that 


plelcd the rtirreni round of credit 
tightening. 

Atnong Gaming shares, Rotunda 
Inns led the actives list and 
retreated II to S10L Active Bally 
Manufacturing lost 4 to $53. JMajr- 
h«v 3! to S24 J, Harr ah’s 1 to $33 a 
and Lid E. Webb 2J to $28;. 

Active Exxon, which late cn 
Friday said that it has found 
hydrocarbons in its Baltimore 
Canyon well, rose J to *30 i. 
Texaco, which also bus found 
hydrocarbons in that area, added 
* at >24;. 

Airline issues continued to 
harden. UAL put on J to S42J, 
T\V’.\ l to S2$i, Branff J to $16j 
and Delta ; to $53*. Active Pan 
American, which is engaged in 
acquisition talks with National 
Mrlincs. lirmec] i to $8;. but 
National came back 12 to S33J. 

General Dynamics lost $1 to $841 
and Litton Industries { to S2«l. 
The Securities and Exchange 
Commission is reportedly investi- 
gating whether the two companies 
have tiled false shipbuilding claims 
against the Navy. 

...Garti nickel Brooks Brothers 
gained $1 to S23J — Gamble-Skogmn 
*aid it has purchased 560.00U 
Garti nick el shares or about 12 per 
cent of the Common stock. 

Standard Oil of California 
gained J? \o WGJ — it Chevron 
unit has made another gas find 
in Lhc Overthrust Belt area of 
Southwest Wyoming. 


- . . . . „„„ . r ^_ R-iease of the flow test report lower, with Deutsche Bank loans 

Index, after jumping 228 last expanded to^asOm shares from f J£ leas £ BoggoCrcek No. 2 20 pfennigs. 

Friday, reacted 0.35 to 170J5 at Mofcday s 260m; . HcU which ffied a flow of 1.000 Public Authority .Bonds con- 

l pm Volume 3.11m shares Issues related with Chinas in- * ( d ^ Bridge Oil tinned in firm vein, recording 
(321m). dustrial projects drew particular >dvane _ , « t0 A$i.fio. while- gains of up to S3 pfennigs. The 

Gaming shares were also weak buying attention, while Foods ana 0Qilh 0i , aao ther partner in Regulating Authorities sold a 

on the Amex. Resiorts Inter- Pharmaceuticals were also wen ,»,« w «i. -Ijned 3 cents to 36 nominal DM6.nm of paper 

national “V lost 3 to 81071. favoured, but small-sized Nteeis * * (DBLt.Bm). Mark. Foreign Loans 

Golden Nugget 4J to S30i. CDI and some Public Works storks re- Bup inoyed ahead 10 rents also hardened. 

Si; io $ii* and American Motor treated on late proGi-taking. more to ASS.34 on continued sup- D . 

Inns 21 to 817J. Export-oriented, issues also p 0rt following last week's Sea- JrSinS 

Canada h0 ™. e . wel1 f3?e°!*L =- Shares retained an easier ten- 

S locks tended to case back 
active trading yesterday morning 

The r Toromo k K Com^ 1 e S 1t? "iSd e* n.gtier at iw,. to Asa si-.inere were »»».* ■*£ k price-wage spiral following news 

i nj Tn i n-n e nnnn Elsewhere. Arabian Oil ^ e- an impending statement from the - - rent riv in hntiriv 

ss ti ffl. , £r , cSS«K K'i SMKm' 1 ™ tte scc ° nd quarter 



formation was not available. rnarmareuncai xuw ro - — — " Rhone Poulenc and UTA. 

Dome Petroleum fell 3 to C$92. Nippon Television Network ’i 110 steady. sumwrted Electricals and Stores were the 

Gulf Oil Canada Ii to C$34 j and to \ 6,100. Toya Jazu MOO to Uraniums were sectors losing most ground.* 


MS SaVfAS 

F °«« Product. YS0 to YM» 5 ‘» nts SjS. VSffi «S? S 

Australia IndostriesT2 cents to A $328, Pan- t0 " r 


Tokyo 

After an early fresh advance. 


iSK, gU? Market Value Tiding Vohime 533.07. 


NEW YORK 



■"•I'I. 

1 

AI/,'11 Xwili- 

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29 

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liner. Hrnri.l* . .. 

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27V 

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l.'nnnl Tiitiiil-ii|-ki.. 

I nriuilli.il 1 

« airier A tleui'inl 
«. Brier Flaw lev....; 
I hiwviIIbi Trait* 

I. HS 

I eUnt-xp l orjH* . 

« eiiintl \ S.W... 

I ortHinixi-l 

i'pmiiii Aln'lwll .. 
itiHM* .UniihHriHii 
i;iienii-nlUu.> V. 
*. I*. .Ill I . 

i'lhi»*irev«iifiii . 

l I Hi ii"" llrulgi- 

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I'Ihviwiiih.. . . 


17ti 

38 

17U 

19!j 

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43 

85 

37>g 

20i : 

lUi 

29 i, 
12ia 
191: 
601: 
58i, 
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21 U 
44.* 
33>j 
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25K 

30 
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11*4 

45, 


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31 

35V 

29 
42*4 
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45* 
19 

18* 

38 (i 

27i, 

36^4 

44* 

38'd 

171k 

50 

58* 

42* 

31* 

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23* 

36 
3053 
28-o 

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52 

37 

60>p. 

35i| 

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37 [4 
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3058 

26 ly 
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27 
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14 . h 

38 >4 
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31i ( 
135s 

33 

58'h 

37 t a 
27-iB 

37U 

271, 

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38lv 

22 r 8 
41 
4M 
235a 
205a 
70 ai 
52.* 
29ii 
321* 
ISifl 
1414 

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17 

3258 

16* 

18-.j 

83, 
42«s 
84 i 4 
571* 
19 'n 
11V 
30i* 

1 2 1 a 

19ia 
60 
ssi'e 
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16U 
2158 
44 1« 
33 >4 
40 U 
251; 
29 a 
575ft 
115ft 
45i 


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I 


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31 


1 -irnfiin .. 
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l IWHf 

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Inui I ml ii *1 iivii.. 

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l*^liiiim 

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[>ii'ift|fti"iii.' .... 

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k. 1 . • 

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I'O Ill'll I III (.'■IIK’IH' 
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l. A.I.A. 

lifll. I «llk' 

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• •i'ii, Ki-pI- ’ 

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li«TI. fill ■. I III... 

liifii. '-ijiluil 

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Cull, flip 



tivurjjii J'oi-ilii 

• icily Oil ' 


•.III''. M|U'-!mII. . 

56 

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26*j 

26', 

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f "llnl' A ii- 111a 11.. 

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t',i|llllll'IH l'l'l. 

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26 

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65 

50 
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39 5 S 
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27 jb 
18 '4 
52 
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271; 
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' 245 4 
i 29 'r 
1 23 

• 49*, 

36 
; 39 

1214 

3li 4 
2214 
35 5b 
. 31*« 

: 381; 

I 25.8 
, 44 
221ft 

: 3713 
inn 

• 37 .'a 
321; 

< 125« 

. 14 
: 48U 

! w»* 

! 30 1* 

' 201; 

. 851, 

1 541, 

! 331; 
j so* 

62 '4 
! 18 
3 1 '« 

1 3uia 
29i< 

6ia 

, 31*, 

[ 40 

'1311ft 

: 5?" 

335, 

27Jb 

■ 7lft 
26i s 

! 13j 4 

la 1 , 

: 24J S 
73 

' 3B.T, 

, 2Z'.a 

67V 
42 '4 
, 27 

88»a 

• 23. ft 

37 in 
67'; 
135, 

41 j. 
26'; 
141 ■ 

1 £11. 

1 311; 

• 44' 

' 58. r 

■ 37 *; 

! 15 1; 

. 291.87 
j 251, 

! 43., 

1 tiu 

20's 
: 160 
. 44'; 

' 365, 

! 14i« 

' 32*. 
581.. 
12 

32r, 


St.k'L 


Sv|jt. 


Ana. 

31 


"■■■■: 1 


J 11 I iii' .MhiiiiIIc.., 

J 1 ill 1 1-- hi -1 1 ilm*- Hi 1 
Ji>iiir..,iil • mil ml-) 

■I"\ MaiiiiiHi'lur'a, 
K.' Mhi I. 'nr 1 *. 

Knl-fti Mllirll III' 111. 

Kai-vi liiiliislriw; 

Kni'vr silm-1 

knt 

lii-nnevil I ] 

K.'Pl lli'li if ' 

Ki'I'li.' tVulivr... 1 
Iiiir. 'filt C li-rt..' 

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lirxii 

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la'tl *»Tiaii~- ; 

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la mu i-lmiri I A'J. 
Lauii-vMiw Lnlul... 

lairiiri-iit 

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Miti'Millmi 

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lit,'.. Bam iti-r.... 
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rum-y Him if .... 

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345ft I 
275, 
35 I 

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12 I 

245a 
495g 1 
361; | 
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50 
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191; 
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3758 
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47j, 
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66 
567b 
501ft 
481* 
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26 
29 
20 lg 

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l?ift 

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48 

64 3« 
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33 <i 
14,4 
111; 
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26 

36 

265a . 
321; 

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261; 
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28 

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241; ' 
19 

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si; : 
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27*, 
klw 
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295i ' 
13*p : 

65 

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551, ' 
22 
17. 'ft 
71!;- • 
325 k • 
45 
26 

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1912 : 

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14.*' 

29 
87 
23Ja 
44 U 
19i) 

27 

14.j 

52 

525, 

24ia 

1J0I" 


311* 
841; 
277y 
34 1 g 
28 
35 U 
2<a 
29 
12i, 
235, 
49ift 
36ia 
4733 
22 >, 
465, 

34 S 3 
385ft 
341; 
265a 

35 
49 U 

25 i a 
32U 

24 Ir 
191; 
231* 
44 Sg 
175* 

10 lft 

Hi, 
43 Ig 
391a 
341; 
47 m 
15ia 
225ft 

26 f.i 
58 >a 

25 
57J8 
25j* 
54S„ 
60 l, 
215ft 
335ft 
52 1 * 
62 
66 
56 
495, 
485ft 
47ia 
26*> 
291" 
20 

2 I'D 
171b 
321; 
461; 
63 1 a 
265e 
24 
345, 
1498 
llio 
221; 

26 
3S*a 
265« 
315* 
26>« 
195ft 
20*) 
261; 
17 H 
16 

281g 

34lft 
22 *| 
24 U 
I 82 a 

21 ig 
85a 

30i|i 

27 i B 
22U 
37ij 
29-i 
135b 
55 
3Ha 

26*j 

54il; 

55ift 

22 
17., 
711; 
3258 
44"fc 
26 
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191; 

52; 8 

I4. a 

2Si, 

871, 

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431; 

19 

27 

15 

5H; 

321; 

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Illli 


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L | SV 


ICei'li iii 

Ut-ynotri" Mi-tali'.. 
ta Bnl.lv ff. J . .. ■ 
Itii-li'-nii Mrrrell/ 
li'o-lni i'll L liter.. .j 
lii'lllll A Huvn 

I into I Hull'll | 

! UTK I 

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■Saif 11 ay .->t*iii“... I 

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St.M 

■Si" 4 1 I'aier 

Si"til Mrs 

ri'ilriilcr l liM'.I. P )l 

Sra l.'vinlainer..... 

Seegnm 

sunk 1 U.I 1.1 

SWU" ItiiHnli-k. .. 

SKI If O 

Sin'll Oil , 

Shell Transmit... 

Sip, ml ; 

Siumali'f'H^i. 

6nn|ilicltt 1*1 

suijivr 

Muitli Kltiir...^.. 

Sul 1 , n 111 . 

OHtllnlun n 

>«illiiini(.Ml. Kil.; 

SfiutlK-rn fu ’ 

"rilin. Xu,. Hi....... 

■uHitliarn l^rtlii'.; 
riiHilliemKHllway. 


55 fa ' 565a 
31i B ' 325s 
59 , 58 

29ia : 895a 
34 1 a * 345a 
35« i 35i a 


63 ig 
15 1« 

live 

28 1 a 
431; 
28 
321; 
35 
7U 
61" 
13U 
891a 

205ft 

165ft 

23 

8Ja 


: 627a 
: 151ft 

i 12 
• 2a 

, 435a 
. 27 T 8 
: 321; 
I 355b 

l'i 

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■ 88 I 4 

; 2 n* 

■ 16', 
2214 

I 85e 


Stock 


Sc|it. 


28!>b . 

28i" 

24t 2 

241« 

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14 

23 1 4 ' 

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343a 

34lj 

441; 

441; 

551; : 

551% 

37ia ; 

381, 

12 

123s 

19i g 

19b S 

961* . 

95; g 

4 

4 

45 

44 1 7 

26 1 

261, 

15ia , 

1563 

35la 

35 

3H% . 

3U» 

54 i 

53 i B 


Sitntlafaiiiii 

S'ti'l Unn<barc.| 

Spcnj Huii'li 

Slierry ICanri 

Si|i,ilt ; 

SIhIuIhihI Uralhl., 
nrri.OilflllifnlllUl 
Silt. Oil tnriuun.i 

Sill. Oil ! 

Mmilt '-.'lieiulral.-i 

sierlina Uni* 

MnriH*kcr 

Sun t •> 

S linn mini 

St nteic 

TciTiniinlnr • 

TekliunLv ; 

IVIeilyiie 

Irli'i 



l'i»,i," IVt lYilt'li 



IVihamuII.. 

T«*\m* KHuicm ... 
■Jcxa" Inu'iu . ...: 
Te-ot-Oil A 
fesa* l Millie*....; 

Time Iir> 

Tluiea Min nr 

Tim be, 1 

1 imp 

rntD"meri«a 

rnuiMj,. j 

Trans fninn 

Tran-tniy tntr’n.! 
Trans W'nrtd Air.' 

Travclera j 

Tri Contlneuui.., 

Tritrm 011 3. Ga».; 

20tliOcuiiiT> K*i* 

l „\.L 

LAISCO ' 

l til - 

t nlieter 

I nUrier NV . ...• 
L nil'll Hnni.">i,i... 

I 11 Mm I ariiirie. .. 

j I IIMifl Llllllllll'M'C 
Tiihiii Oil • mil.... 
I ni'H) Cni'iiii'....'.' 

I nlrutfll 

I «)i«l Hniiili>..| 

, I S H«ik"V|i • 

1 1 s •' Vi *ii ' 

' l > Miif • 

I S -"le,.! ...... 

I‘> Tri'lmuliftdes.' 

I V linliiMrie-.... 

I nuima lilml... 

W afgw.fll 

VV*l1iHr-t 'nntniri . 
Warner- l^iiiilfii, 
W'lttte- Mab'ineni: 

- IVeiC-. Kara" 1 

j Wi-Htii ilam"r]ii 
j lVifuni N. Amer 
"'w«rn I'nMin...' 
We-tingli'w; Kid-; 

W ■■•t«i"i 

Wc.ii'Huieu-i?r.-. 

\Vhirl|ml 

W hireC mi. liMl.. 
WTliiniii <;«. ' 

\1 iM'inslu Kiwi.. 


315ft 

37 

21 

461; 

33 
285g 
441s 
495e 
365ft 
46 / g 
175, 
641a 
445ft 
53'a 
32ift 
13 
44 

105 

8*4 

301* 

101ft 

245* 
205, 
385b 
85 .'ft 
271; 

21 ift 

48>b 

34 
521ft 
445ft 
I 8 I 4 
205; 

35 
25,3 
28 
378ft 
19 1 4 

65ft 

41 
375* 

42 
251; 
301* 
40 
595ft 

27 
4Qifl 
101 ; 
49 >i 
531; 

71; 
13U 
33 '« 
301a 
SSI,* 
261* 
48 ig 
22 
14l e 

28 la 
561? 
281; 
31 
J2*« 
425a 
35v* 
201 ® 
227g 

29 

30 
225, 
22 k 
215a 
28m 


I 31*i 
261 ; 

I 21 

461* 

1 ill 2 

. 285ft 

. 44 
49 

; 365, 
461® 
. 16lg 
, 64Vg 
445ft 
i 33*4 
! 33'4 
1254 
■ .431, 
1 102 
: 81; 
' 30*, 
• 10 1; 
241* 
3Qi* 
385a 
86*, 
27i g 

21. g 

485, 
54 
51,2 
44*, 
181 a 
20*8 
! 345, 
24 r B 
265; 
37ig 
i 191 b 

61 * 
401; 
: 38 1 8 
. 39 •; 

1 2S7 B 
: 19. b 
431* 
591, 
265, 
4U'i* 
10 1; 
495; 

. 525ft 

71- 

12 

33 i„ 
30i* 
281; 
26ia 

47. a 

21 ig 
. 145a 
28 

, 54b g 
28^3 
301g 
. 301; 
424, 
355 t 

211 j 

221, 

. 28i; 
; 29 .6 

! 225; 

: S 17* 
21 
28*> 


IVijnlwrjrtL-..- 

W'.t iy \ 

Xerox. 

/ft (Ml ft... 

Zenith Radiri : 

l.'.S.Tre8B.4f 1980 
l STreaa4I%75lESt 
L'.S.aWmy bill*-' 

CANADA 

Ahitihl Paper 

Agniiti Eaglt ' 

AlinnAluntinliiui 

A I "nmn Sfecl ' 

Atl<nli* 

Hank ni Mnulml 
I Hank Nova Scotia 
Un-ii' Hnuunn..' 
Hell TelepiKiap.>.| 
Huh Valley lod.J 


HP C nn»ri*w_. J 

Hmw.nn ! 

Uiiiu") , 

• 'nigaiy IWwer... 

• 'niiiitoH' Minee...' 
■ nitt.lii feiaeui..'. 
(ftitniiA N W Ian.! 
fan.lmn BkCunii 

Laiiiula 1 rwliist | 

fan. i’w.<Gc 

fan. IVu.Jfh’ Ini'.i 
I 'an. Super Oil...; 
C nrli nc t Kwfc. .; 
fftailar An>.«unii.i 

fine hain.. 
..iniliiii. - 

Cum. Batbunr...' 

O'Dm unci' Gi- 1 

f uieka KnouivC"! 

f-iHtaln I 

Oftun L)ev el. ....... i 

Deaiaon Mine.... 1 

Ouni UiiMB— [ 

Dome Petroleum! 
Ilnminlnu 

noiiitar 

[lupout— — 

Knlinn'ne Au-kel.i 
Kuril llirtur fan.; 


211; 

6U 
58>ft 
1S5? 

17 l S 
195 

7.59: 7.53S 


A up- 
51 

638 

5711 

16U 

171; 

{95 

18 Hh 


1 hp market reacted on profit- continental 40- cents to AS17.40 U nn n fvnntr 

takin" to leave shares easier for Spurred on by good Overseas and Q UWfns i and Mines S cents to HOIlg KOXlg 

choice on balance. However, the buyinc, markeLs made fu || l ^ r AS-lAi- . The recent strong advance was 

Nikfcei-Dow Jones Average, after headway yesterday in active trad Elsewhere in the Riming sector, reversed by widespread active 
touching a new post-war peak of me. The Sydney All Grdiiuiry western Mining climbed S cents pro flt-taking yesterday, bringing 
5 650.1S. Gnishcd still In the plus ' nd cx rose a further -L-9 t0 - to A8150, Consolidated Gold Hang Seng index ' back 

column with a modest net gain fresh high for the year 01 Fields another 10 cents to A833Q through the 700 mark, breached 

. =_»«. and Hamersley 8 to AS2.3S. on Monday . l0 c \ox 15.51 down 

Tfaiess. in CoaLs. added 5 cents at 0B2J2g Turonvar on ^ four 
at AS3.30 awaiting rMUlts. while exchanges was a sizeable 
CSR strengthened 11 cents to HKSSiiASm. bur well below the 

AS?-* 5 - , , previous day's • -level of 

In Banks, BNS Wales moved HKS4D9„67m. 
ahead 18 cents wh<|e Among Blue Chips, Hong Kong 

Industrials had Associated Pulp Eaok receded 20 cents to 
and Paper 4 cents finnor at HKS2I.40, Hong Kong Land 50 
ASLfiO for a two-day gam of 18 ^nt g. t0 HKSI4.40, Swire Pacific 
cents. "A” 30 cents to HK511.2Q, 

Hutchison Whampoa also 30 cents 

Germany t0 HKS7-3 o and Jardtnc Matheson 

Stock prices mainly turned 10 cents to HKS17.90. 
easier in a technical reaction to A. particularly weak spot was 
the markqet's recent upthrust.- Hongkong and Kowloim Wharf. 
The Commerzbank index came which came back HK3S.50 to 
back 2.7 to S30.1 from Monday's HKS39.50, with the Warrants 
eight-year high. marked down sharply to HKS129 

Volkswagen led Motors lower, from HKgl46. Cfaeong Kong lost 
giving up DM2.50 more of its 40 cents to HKS14.30. 
recent strong rise. Bayer, in * * j__ 

Chemicals, eased DM1.70. while Amsterdam 

among Electricals, AEG receded Mixed movements 

DM 1.00 but Siemens was a firm A feature was provided by HVA, 
spot with a gain of DM_ L10. which, closed FI B.30 up at FI H6 lS 0, 
Karstadt declined DM l.aO in after touching FI 69.00, on expec- 
Stores, but Steels gained ground, ta Lions of news shortly regarding 
Krnpp rising DM 4 and Klockner the inteaTation talks with Volker, 
DM 1 jO. Steven and Volker. which plan to 

Banks, sought early m the merge, remained suspended until 
session. Faded later and finished today. 


17 1 

1 161, 

fik 

6'a 

36U 

55 

23i, 

23'ft 

14a 

<45 

27>"5 

23 m 

21aa 

223a 

4.0b 

4.10 

59i, 

597, 

42 

381t 

1BU 

1 16ia 

17U 

16 

7.50" 

18.00 

39-4 

39*8 

1 Om | 

I5: e 

11 1 

1 105% 

115ft 1 

11*4 

28 Is 

281; 

22 St" 

223a 

231; 

22U 

25i* . 

221; 

62); 

58U 

4.70 1 

1 4.65 

IO 

1 10 


Demur I 

fl ianO el'« Lutifc.; 
(••ill Uil Canafla.i 
H»«t kerSiil.l'ftn.! 

Huillugvr. 

Hume Uil -A* 1 

KimImiii Hay .Mob 
H uiimifi U*v....... 

HiiiIwhi till A i.U* 

J.A.f i 

Ii,m»>k ' 

ImrvrMlOi I.. .. ; 
Inin— 

ltiiUtl 

Illlftlttl Nnl. 

1 Ill'll. V 1*1 (ft* trilll'i 

Kjilit ISi^ninf'; 
Iftun Km. If in';*; 
Lnlilatv t'nni. 'Ii'.' 
Mrinll'n Wie.il.- 
UnuH-j- Fergtiw^i! 

.Ui-lnryra! I 

Moure t'orjjii [ 

MpuutalnStareJv'D 
NummlA MLaeai... 
Nnrcen Energy.... 
Xthn. Telwvm.J 
XuaiacUil i «.5a*| 
Oikviol Petrl'in 
Pucllir topper M ., 

PnnificIVln'Ieuiii' 
Kftn. fail. Kei'oi.. 



People* lA'|«t. 
Itm Can. i nil.. 
l’lmi'rDet eli'l'im 
r«8erf,ir>iraiTi 

Priie 

IJinrift-e BLiilvv.i'll- 

Hanger nil . . .. 

lilvnlii Ilivi'.. 

Ul» A Igi mi 

Iturnt Uk.ol fail. 
li'i'Val I iri'-i 

St'|llfl' Il'tiilllP'v 

SeftnrHlll" 

Shell t aiiaila . 
aliemiLlr. vimir.; 

SiHtiw I*, ii 

aimi-w 'ii 

Jl'.rl i'f L'aluiili..' 
Sl eep Click I run. .! 
TcMcuCaiunVa. .. 
Tonail'i D1.n1. Ut. 
Viinist'an Pipeljh 
Tran-. AIihihi *’i-r 

Tn/ec 

l uiun n*-. .... 

I lil. »!»!."•»■ Mine* 
Walker Hiram. . 
VV'rft < '•Bi'-i Iran- 

Wefiiiin (■C'l.... 


263, 

29j, 

341? 

19 

6l S 

135b 

1H4 

80 

1041; 

951" 

fSfrift 

22 

146ft 

271; 

791; 

52 1« 
t»4 
365a 
87,, 
41'ft 
44 
191, 

22 is 
441" 

18-i'ft 

36i e 

22'; 

185, 

16 

11s* 

16. 'a 
16 
81* 
4.35 

23 
13 
251; 
355ft 
3.45' 
32/ B 
171 b 

set,; 

235fl 

4.65 

1.90 

7S* l 
36 

17 

5.62 ! 
2.05 ! 

Zbift 

19i» 

18 ! 
2.20 ]. 
17'S i 
111; j 
35*a j 

335ft. 

{19 J 

81 ; 1 
28 ■■ 

• 1S ! 
6)4 

35i B; f 
7 : 

251; 

3.50 

47 

2Ua, 

171ft 

9U 

1145b 

12 

81* 

363b 

12 

197}' 


26>« 
29*, 
321; 
19 1 a 
5i* 
,13 
11 

805ft 
92lft 
775, 
2612 
21 Lft 
143, 
28 
60 

303* 

141; 

301; 

85ft 

411, 

391; 

19 
22-S 
431; 
191ft 
36T U 
20*3 
181, 

'157b 

11»B 

163ft 

143ft 

81s 
. A.20 
227* 
12>a 
251s 
35 

. 3.50 
325a 
165s 
36U 
221b 

4.50 
1.95 

758 

35 

161; 

5.75 

1.83 

3378 

19*1 

173, 

2.11 

16'iu 

lUa 

34J* 

331; 

fl9 

7*s 

281, 

15 

65, 

35>a 

7 

26 

3.50 
465, 
20 /* 
17i, 

95a 
141; 
111; 
81* 
35i, 
12 i B 

20 


I 7 Bid. 1 A«k«i. t Traded, 
j l| N*iv ernrk 


EUROPEAN OPTIONS EXCHANGE 




■ 

eri*^ 

1 1 

V-L 

lft*>l 1 

. 

V..I. 

in. 

Ijim ; 

V..I. 

X|* r ' 

• Lm-I 


>l..'k 

I 


A UN 

+ 350 

_ 


2 

34.50 I 




+'376.50 



A II V 

K360 

1 

30 ' 

— 

. . 

— 

1 _ 


1 


Al\/. 

130 

24 

5.20 -. 

-- 

-- ' 

25 

9 

+34.80 



AK.' 

+ 32.50 

36 

3 

38 

4.70 

14 

6 20 




Ah/. 

+'35 

5 

2 

38 

3.50 

55 

5 




AI;M 

+■75 

4 

7 

.— 

— 

5 

10.50 

+82 

1 


A lit! 

+'80 

10 

3 

2 

5.20 

— 

. - 


tf 


Kh 

>ao 

5 

131; 

3 

IS 

— 





KK 

>60 

1 

5»i 

3 

81; 

— 

i +_ 




!• AI 

>60 

- 

— 

1 

41; 

- 

— 

>62 1; 

1 


t.M 

> 70 

— 


7 

1 

5 

1*S 




Hu 

K 32.50 

4 

8.30 



2 

10 

F40.20 



Id 

+ 37.50 

3 

4 

_ 



_ 




Id 

i 40 

— 

— 

— 


19 

6.90 


i 


id 

E45 


— 

— 

— 1 

11 

4 


l 


ii-.ai 

>200 

2 

56 


_ 

— 


52941; 

1 

DIAL 

>260 

5 

371; 

— 

— 

— 

1 



1 till 

>280 

5 

20 

— 

— 

— 

— 

„ 


111 At 

>300 

11 

8 

S 

IS 

— 

— 



KI.Al 

1'. 133.30 

— 

_ 

5 

33 

— 


F.I 58. 50 


h I.A| 

K. 152.40 

1 

9.70 

26 

17 

— 

— 



Kt.'l 

F. 160 

5 

6.30 

1 

12 

4 

18.50 



h I.M 

F 161.90 

6 

7 



-- 

— 

— 



KI.U 

F 170 

2 

3 

** 

9 

7 

14.40 



K LAI 

r.171.40 

13 

3 50 

— 

— 

— 

— 



h L.M 

) .181 

35 

1.30 

10 

5.50 

— 

— 



K I.A! 

+'. 190.50 

. - 

. 

19 

3.50 

— 

■ 



KI.U 

f .209.50 , 

— 

, 

82 

1.30 ; 

— 

— 



W 

F98.90 


1 * 

*1 

19 ! 


‘ _ 

+.111.20 


\ V 

F.IOO 


• — 

_ 


3 

32 



.\ V 

F. 108.90 

14 

5.80 : 

1 

10 

- 

— 



AN 

F.I 10 




— 

16 

12.50 



AN 

F. 118. 90 

7 

1 

40 

3.70 






I'll 1 

F.32.50 

— 

-- 

30 

6. BO 

S 

8 

F 28.80 

1 

I'M 1 

1 .25 

11 

4.10 

12 

5 

IO 

6.70 



I'll 1 

) . 27.60 

42 

2 


3.60 

S3 

4.40 


. 

PH! 

+ .30 

61 

O.BO 

201 

2.10 . 

330 

2.90 



1: 1 

+ .120 

4 

16.90 

2 

16.90 


— 

P.137.30 


l.'ll 

+ 150 

21 

7.50 

16 

7.50 





/.'/> 

+ 140 

40 

1.50 

22 

3.20 


— • 




>25 

_ 




2 

Z'2 

5231) 


I'M 

1120 

10 

9 

B 

9.60 

-- 

— 

+.128.20 


XIIX 

>60 

3 

21; 

— 

— 1 

— 

— 

>5Bi4 




N 

»v. 

Fi-li. 

Mr) 



HA 

560 • 

_ 

1 - i 

1 

184 1 

— 

, 

573l)> 


III 

570 ; 

— 

1 - 

3 

125b 1 

— 

* 



11 V 

>ao ; 

3 

i 44 


_ 

— 

— 



■ •XV 

525 ! 

• — 


10 

Ha 1 

— 

1 - 

SB l'i. 

'I 

TOTAL YQl.l'MK IX 

CONTRACTS 




1.621 


BASE LENDING RATES 


A.B.N. Bank 10 

Allied Irish Banks Ltd. 10 % 
American Express Bk. 10 

Amro Bank 10 % 

A P Bank Ltd 10 % 

Henry Ansnncher 10 % 

Bunco de Bilbao 10 % 

Bunk of Credit & Cmce. 10 *7. 

Bank of Cyprus 10 % 

Bank of N S W 10 % 

Banriue Beige Ltd. ... 10 ^ 

Banquc du Rhone 10JT» 

Barclays Bank 10 ^ 

Barnett Christie Ltd.... II 'Ti 
Brcraar Holdings Ltd. 11 % 
BnL Bank of Mid. East 10 % 

l Brown Shipley 10 ^ 

Canada Porm't Trust 10 % 
Capitol C & C Fin. Ltd. 10 ^ 

Cayzer Ltd 10 

Cedar Holdings 10}% 

I Charterhouse Japhet... 10 % 

Cboulartons 10 % 

C. E. Crates 10 % 

Consolidated Credits... 10 % 

Co-operative Bank *10 % 

Corinthian Securities 10 % 

Credit Lyonnais 10 % 

The Cyprus Popular Bk 10 % 

Duncan Lawrie 10 % 

Eagil Trust 10 % 

English Trunsconf. ... 12 % 
First Nat. Fin. Corp.... 11'% 
First Nat. Secs. Ltd. ... U % 

I Aiirnny Gibbs 10 % 

Greyhound Guaranty... 10 % 

Grindlay.s Rank J10 % 

l Guinness Mahon 10 % 


■ Hambros Bank 10 % 

■ Hill Samuel *10 % 

C. Hoare & Co flO % 

Julian S. Hndge 11 % 

Hongkong & Shanghai 10 % 
Industrial Bk. of Scot. 10 % 

Keyser Uil man n 10 % 

Knowsley & Co. Ltd. ... 12 % 

Lloyds Bank 10 % 

London Mercantile ... 10 % 
Edward Ala ns on & Co. 11 
Midland Bank 10 % 

■ Samuel Montagu 10 % 

■ Morgan GrenrelJ 10 % 

National Westminster 10 % 
Norwich General Trust 10 % 
P. S. ReTson & Co. ... 10 % 

Rossminstcr 10 % 

Royal Bk. Canada Trust 10 % 
Schlesinger Limited ... 10 % 

E. S. Schwab 111% 

Security Trust Co. Ltd. 11 '% 

Shenlcy Trust 11 % 

Standard Chartered ... 10 % 

Trade Dev. Bank 10 % 

Trustee Savings Bank .10 % 
Twentieth Century Bk. 11 % 
United Bank or Kuwait 10 % 
Whileway Laidlaw ... 101% 
Williams & Glyn's ... 10 % 
Yorkshire Bank 10 % 

■ -Members 111 Ih If Aic riving HOUR'S 
Cnmmini'c. 

* 7-day di'iwiiis 7*;. l-monih deposits. 

• r-viay di'iniMift on mi, of rio.ouii' 
uud untJ'.T fc' up in r-ii nan "i'i-. 
and ovr I31.00U Mi; 

Call donosils nrer 11 . non ;rj,, 

i Di-Riftnd and dopcKlu 


NOTES: Overseas prices shown below 
exduric s premium. Belalan djvtdends 
are alter withholdinc lax. 

4 DM 30 denom. unless otherwise staled, 
yields baaed on net dividends plus tax. 
■ Pu son den Dm. unless otherwise Stilted. 
4, DKrioo denom. unless otherwise slated. 
•pSwFr 500 denom. and Bearer shares 
unless otherwise stated. 1 YSO denom. 
unless otherwise stated. S Price at Ume 
of suspension, a Florins, b SchUthm. 
e Cents, rt Dividend after pending richts 


and/or scrip Issue, r Her -Shorn. J Francs, 
o Grass dtv. V-. J- Assumed dividend after 
scrip aod/or rights Issue, fe After local 
taxes, m % tax free n Komar Including 
Uni lac dlv. v Nom. q Share split, s Div. 
and Held exclude special payment, t Indi- 
cated div. k Unofficial trading, u Minority 
holders only, v Merger pending. * Asked, 
t Bid. S Traded, r Seller.' z Assumed. 
»t Ex rights, xd Ex dividend, xr Ea 
scrip Issue, xa Ex alL a Interim since 
Increased. 


Indices 

NEW YORK- d0WI0KM 



T'i A sl“'i 



lnduBtriaI«J 

BTmeB'nd*' 

Trans)«rt— 1 

f Llllties 

Trartln#; vnL 
000‘s) 

! 870.83' fl76.8a':0M'^ 
1 BO.Oaj 89.0^ 09-0® 

; 251.61! 247.35. 2«' CT ' 
| 1 07.21 j IO6.S61 1 06 - 4S 

i i ! 

[35.110! 35.8M 37.760 

! j 

aa0.20j 884.88 

89.15'i 80-21: 

' Z47.7S 248. 78| 

106.16; 106.03 
l 

. S3.78oi s,,760 

i ' 

1 gg.06 90-66 

I (4/1* 

252.SS S53-4J 
\ i24(6) 

I IOfi.39, 1 7 10-88 
| * . (.311) 

! ae.iBOj - 



742.12 

I2S/2J 
8BJ3 


<11371 

)3BJ1 

(2/1) 

mw 

122/2) 


riaw / 

tr7|Zl69) - 
1B5JS, 
cao/4|S9^{a 


-5^75 inucs chnng^-” Au « lJSl W ' . Vj 

: — r„..a | Aug.ltt i Aug.~It ; Oe«rMW^ 
i— r q — I 5.26 _j 4.25. ; 


Inri. *Ur. yielil % 


STAND AS D AND F00RS i \ 137B ^SiiMCnw 

| Sept, i An*, j A«ie- , ^ | ^ [ Low fHlgii V 

- ---^-.-^••■■,.,1 t'laTyl 11A27; 116 .3* I 85A2 j 184 JM “ 


- Induarriahj IH.B&' IH.iBj IM.fiS HS- 17 |. Ilfi - 2 V^'“ j “f 2 llK 

Z l^u-] .«j 


— 

Aug. 30 i AUK- £3 

Au». 16 } Year ago pg 

Ind iIIa*. vicW « 

4.76 • 4-68 

4.70 ) . 4.59 

Ind. 1VK Bflij'’ 

9^9 • 1002 

9.99 1 9.86. . 


7.55 1 7.56 


r.Y.S.E. ALL C0HM0R 


1978 


1 I -177 


M.M| 58.55) 58.48! 58.38j U 


48.57 

( 6 / 3 | 


Bison and Falls 

I Sept. 1 31 | ft. 

Issues traded. t 1,902 i 1,073 } 4 

Tliiftft 1 843 j 636 

Kail* ' 635 | 837. ■ 

Tm-hiuiged I 424 , 400 i 

>e« High* i — . — I .. 

>'CW IftlWfl — ■ — ( — l; . 


! N 

I * 


MONTREAL 


Inri'i-lrial 
t •mtliiitL'd 



1972 


High 


l/n* 


i 204.80' 198.6 ji 187.4B! 1B5.75! 294.80 /l/9i 
* 2I1.69-: 207.74[ 208.61' 204.44j 211.69 11/9) 


182.S tl 
I7DJB2 i3 


TORONTO 

JOHANNESBURG 
li'il'I 
1 0'lii-imil 


Oimpiinitei 125 fiToj 1252.2; 1215.71.208.9^ 1266-0 « 1/3/ | 938.2 >33 


259.2 j 2B9.9 ! 254.8 ] 246.8 f 
t 266.7 ! 2B2.9 | 262.5 I 262-4 ! 


272 A <14.9] 
264.5 1 25/8) 


194^11 


So, ft. I Pre- • 1973 ; 107S 
. vir*uH ' High ! L.w 


I Sept. I Pre- ' 1978 m 
[ 0 I viuus [ High ): 


AnBtraliat r i 
Belgium < •> 
Denmark i** 
France tr»> 
Germany tt> 
Hofiand tf?i 
Hung Eonp 
Italy >15). 
Japan *'»» 
Smgapore^, 


663.97 : 
98.05 ; 
96.83 I 
72.4 

830.1 
92.0 j 
69123' 
68.04 .j 
427.75 1 
40366 


549.68 
98.03 • 
97.41 ) 

72.6 I 

I 

852.8 

•. 

9C.0 

707.7B 

68.19 

! 

427.56! 
Iri I 


663.97 441.19 
(S/9 1 ' (1/3) 
101.161 90.43 
(3/51 ■ (23/6) 
98.96 ’ 94.00 
fl4.'8t ; l6/2) 
76.5 1 47.6 
(3(8) i 13/2) 
£32.8 I. 7W.4 
<4/9) I (17 (S) 
93J I 76.' 0 
(28/S) I W./4) 
707.70 383.44 
(4/9) i (13.)| 
. 68.19 ) 55.45 
(4^, ; 00/1) 
427.75 364.04 
,S/9i . (4/101 
406.69 1 282J0 
(29/6) ! ffi/1) 


Spain wl h®- 33 ! ,c > J i 20 J 38 i 
i ■ ' I (Bi9> t; 

Sweden «i' 3®A1 1 401.66 . ftOSXSir 
I tt,s * 1- 

SwitzerVdtf 287.8 f Z5J7.6 S6®{ : 

t I I 1.3/8) I 

" 'indlcvs^and base ‘dates :aU - haffl" 
100 except iWSE 'All Cotrraio 
Standards and Poors — ID and JT 
300 — 1 . 600 . the last named based m 
1 Excluding bonds. 1 408 Ms 
t 400 Industrials. 40 ill III tics, ftu F 
and 20 Transport. r , Sydney All Ore 
]] Belgian SE 31/12 '63. ** Cop cnlwj 
t/l/73. +1 Pans Bourse 1KI. tt Cot 
bank Dec.. 1SS3. ft Amsterdam lad 
1970. W Hang Sene Bank 31/T/84. -{if 
Commerdalc lUIlana 1972. a 
Hew SE 4/1/88. h Straits Thm 
r. Cloned, d Madrid SE 39/12/77. a 
holm Industrial i/j/58. I Swiss 
Corporation, u Unavailable. 


GERMANY ♦ 


sept. 5 


Pure -f-or | Oiv.|n<i, 
Duu — 


AK« : 

Alluuift Ven.il' 1 1 ...j 

BIDV..,.. ...... 

HAl>F ; 

Bayer. 

B«.ver-H.fi» j 

Hu.) it Vi-fi'inal>k.i 
Cilmliit.Niil. art>'i 
liiiniiirrftliftiik...... 

CoiiuKiiiniiii j 

Liainilia ik'ji/. I 

HegiHM i 

Ueinag | 

lien im-lie Bauk...| 

Diewliii'i' Usiuli ’ 

l>yvk* , rluiir Xeiut.j 

(■iiteluiPniinu ! 

Hapag IJni'il | 

Hftr)>.'nei'.' 

HuevM 

Hoeseh 

Uurtcn 

Kali Iimln'dlr I 

Kuraurit _.i 

KmiihnT 

Klockner DMKH.I 
KHD 

Sa g ; : 1 

Iftiwenbrau 100... 

IftlltllftUM 

J1A.N 

Mflunc'niamn 

lletiill(Se» 

Muiieliener KurL.j 
NerLenniinii 

I'rwui"»g DM 100] 

Ulii'ln M'nft. Elec 

.■"'■lierin" 

Siemens 

Suil /in irr 

Hiy-seti A.Ci 

Vatin 

VKBA ' 

V'ereiu A U'cLBk! 

VnlkMiftgvu^ 231.5xr- 2.5 i 25 


82.5-1.6: - 

496.5- 1 !3U2 

226,5! — I 28.08 
140.2-1.3 I18.7«i 
14B.Br— 1-7 ]18.7§j 
290 Ul ,28.121 
329 3 I 18 

163 :-s | - 

230.4 -O.X 36.56 
77 (-1.5 j - I 

320 —l 08.12' 
267 -0.5 17 | 

165 -4 : 17 I 

302.3 -0.2 28.12; 
244.5 , -0.4 '28.12 
187 ;-3 , 9.3£t| 
218 J ' 12 

119.8.4 0.8; 14.041 

166 i-l lilfi.72 
139 j— 0.3 ! 18.751 

49 1.4 : - 

166.5 -0.5 1 9.36 
.150.2 —1.8 ,14.04 

330.0— 1.5 183.44! 
242.6!— O.S 16.72| 

96.0 + 1.5! 

184.8 - O.04T8.7BI 

109 ' + 4 | - 

265.0 + 0.5 ' 25 

1.590; | 25 

110 | ; 9.36| 

205J3 -0.2 / 12 

175.8- 2.1 117.18 

251 ; | 10 

582 1-13 18 

160.6— 2.Q. — 

131 -2 - 

182.2 +0.2 1 25 , 

275.5 -4.0 28.12 
297.2+1.1 25 i 
262.5-2.0 29.94 1 

118.0- 1.2 .17.181 

194.0 +0.5 117.16; 

130.3.-0.8 1 9.56; 
893 ! 18 


3.1 

6.2 

6.7 

6.6 

4.9 

2.7 

1L6 

44 

5J 

4.2 

4.7 

5.7 

2.5 

2.7 

5.9 

9.7 

6.7 

SLB 

4.7 

3.6 
A9 

5.1 

4.7 

7.9 

4.3 

2.9 

4.9 
2.0 
2.6 


AMSTERDAM 


>>)!, . * 


Price 

FIs. 


+ .»r i Div. iVi.l. 


Ah.d«l i FI. 20) • 

M./ft.rVl.DJ I 

.MpeinUnklh'I.IOOi 

AMKV i FI. j 

Vninft'ank (KL3?) 

Uijeiricn 

UtikuWcs, imF.lOi 
Iliilirm Tederrslc.; 
Kl'Ci-ier V (KliWi 

Ktnr ia.N.V. Hearer' 

KiirViiniT«<KI.HJ)l 

OlKal Uincuilr. Klj 

IJe'nekfTi <F). SR/ 1 
HmiKiivuii" i F I.lAJi . 

Hunter U./K/.UXV 

K.I.M. iKl. 

Ini. M iiilrr ii2b,.: 

Naatueu » FI. lUi..; 

.\ftt..Nei(lua(FUuii 

An I fie. I Bki FI A) 

A* l MiriBMKI.DUil 



V'Kelli 

V nil O nuni'iv ii. 
I'nklnmi iFJa5i....i 
!Mnli|n i HI. 10,. [ 

K juadi V itiFI. lOlM 

Ituhev iFijsC'i j 

(liriimsi 1FIAO1....1 
ll'in-uli. (FI.V'.n... | 

i:*»> h 1 OniiUiKia<i 

MflilH).lll K 

.vifiiutirfuFI.SOiI 
I "fc.V " T*iiii.Hlila.>i 
L-iilli'ii'i'/FI^Oi.. ( 

V I Li hr Mr*. iilt.Ut! 
M nU.t lr.H.V|<i>l,( 


115.5, +0.1 

1x28 

4,8 

35.1 

h - 

— 

376.3-1 

'A 236 

7.6 

89.8m +0.1 

1 50 

6.6 

82 |h 0.3 

SE3 

5.5 

100.5' — 0.5 

1 26 

5.2 

132.7'+ 1.2 

[ 82} 

6.5 

76 .-0.4 

j 26 

6.9 

302.0 — 8 

27.5 

1-8 

14rf —1 

1 37-Si 5.0 

68.6! 

194.5 

1 S" 

43.e!-0.4 

20 

4.6 

110.5-1.7 

1 14 

'l2.7 

40.8i-0J , 

I 


24.7' 1 

1 12 1 

| 4.9 

156. i'— 2.7 

8 1 

6.1 

50.2; + 0.2 | 

! 19 

7.6 

3a 1-1.3' 

EE 

4.2 

111.2 1 — 0.7 1 

48 i 

1 4.3 

bl.3,-0.7! 

21 I 

i 6.8 

215.Ai| + 2 1 

22 | 

1 5.1 

179 : 

36 

4.0 

34.81 + 0.1 

23 

b.b 

146.5) — 3.5 

— 

1 — ' 

42.01— 0.2 

— 

I 

28.8i-0.2 

17 

5.9 1 

83.5-1.5 

— 

j 

179.3- + u.b: 

A256| 

7.2 1 

144.8—0.2 ! 

— 1 

j 

124.0 + 0.1 \ 

*9.3| 

3.8 

lSb.8, + 0.S 1 

53.75 

V.B 

26U.U ‘ 

30 I 

7.7 

129.8 ! 

27i, 

4.2 

151.0+2.0 

60.30; 

0.5 

128.2 -O.li 

42.8' 

o.V 

41-9 -0.1 1 

S0.20 

1.1 

394.5 -0.5 

33 . 

4.1 


COPENHAGEN * 


sept, b 


Kilmer 1 — 




Llftuaker Dank 

Hast Asiatic fi. ..| 

FIIBUJ Hhanhcn | 

Uttmtciler 

For. Papir 1 

Han-lri'Mnh . ...1 
l>. A'lli'n U.lKlSOJ 

iNorri Knhel I 

OHetfthri.,' | 

1'il.at Iftiiik ; 

I'ml mntnuk 

mph. Hwtnwn..J 
■S 1 1 ] n lit, 


VIENNA 


142 -'2 
128 1, i— ip 

16241' 

1331;'— l" 
369 |— 84* 
894, — ft, 
129 -»a 
279 1+2 | 
1921;'— 'a 
118 , + l 
1331*1-1* 
1404ft — 1; 
4041; —2 
1811,-4, 


bit. 

* 

Vtil. 

rv 

■o 

11 

7.8 

12 

9.4 

12 

7.+ 

15 

9.7 

12 

52 

12 

8.S 

12 

3.9 

12 

6.3 

m — 

— 



9.0 

11 

7.9 

12 

3j0 

12 

6.6 


b 


Friw . + ur • Div.iVld. 
A 1 — • t I 4 


CiulllRiirisIl 

.: 248 

■ ; 10 

: 2.9 


.' Z70 

'-8 | 9i . 

1 3.3 



38 ! 

1 7.6 

hern t?eni 

J 87 



>lei r lAnliulir ... 

> 218 

-4 8> > 3.6 

Wir llaatipidt .... 

. 233 

!i3 1 10 i 

J.3 


TOKYO f 


•i-r. • 



'Price* 

+ or 

Dit. 

Tld. 

Sept. 5 

! Yen 


L£- 

V 

A s* 111 Glass 

345 

-4 

14 

2.0 

Canun 

457 

+ 7 

12 

1.3 


810 

-6 

25 

.3-5 

dhliiLin—. 

443 

—6 

20 

18.3 

Dai Xiw»n Prim 

574 

-10 

18 

1.6 

Fuji Pli.Hu 


+ 10 

J5 

L3 


® ' ■■ 


r 12 

2.6 

Rtuula MiAlor* ... 

523 


18 

1.7 

FU*uie Furat 

1.26o 


35 

1.4 

C. Itotu.. 

242 


12 

2.5 

Jaws- 

798 J-2 

13 

m 

J.A.L 



— 



Kansai Klwt.l'w. 

XJ2 10 

+ 10 

10 

4.1 

Kl HUB 1911 

327 

-7 

18 

2.8 


280 

-2 

15 , 2.7 

Kfut»-f rrniinr ... 

3.58 J 

+20 

35 

0.5 


711 

-7 

20 

1.4 

IpTrWujpnWTTurll 

280 


10 

1.8 

l rt|TfW7*npfrnvrt 

123 


12 


JlitsiibWiI furfiL 

.443 i+1 

13 

1.5 

Mitsui Jfc L"« 


— 1 



lUtsuiivlii 

594 

-2 

20 

1.7 

Xlppau Pen no 

1.42U -40 

15 

0.5 

N'ippuu Sbiui«n— 

786 

-10 

12 

0.8 

Xtaten Motors.... 

735 


16 

ywi 

PUniecr 

1,580 

-30 

4B 

iii 

Sanyo BleelriC".. 

242 

+ 2 

12 

2.5 

Sekisul Pretab. 

966 

—10 

30 

1.6 


1.170 

+ 10 

20 

0.3 

■Suny 

1,510 

-10 

40 

■ r 1, 


233 

-1 

11 

2.4 


417 1+4 

15 

1.8 

Tills 

2.080 

—40 

30 

0.7 


116 —1 

10 l 4.5 

Token Marine 

488 

-3 

11 | LI 

Toh.tv liteiri Pmu "n 

1. 14 j i + 3J 

8 I 3.5 







143 


10 


1'iKliiba O.in. 

136 

1 

10 

3.7 

Tnjiria M'riiti . . 

SbO 

-9 

20 

1.2 

Source NLkhn Secunues 

Tokyo 

BRUSSELS/LUXEMBOURG 



“ 



l*iv. 


Si'pl. 6 

I'i ice 

+ «r 


Yl.l, 


Fra. 


Net 

O 







2.180 

+ S" :116 


f.B.lt. I'cinmi ... 

1.216 

—2 

100 

8.2 


460 

+2 




HUH’i. 

B.290 

-5 

177 

7.B 

blwiniliell 

6.830 

+ 30 

430 

6.3 

+'ahrij|iip flat 

2.805 i + 36 

170 

6.1 

ti.B. Iniui-H m... 

2.300 

+ 10 .150 

6.5 

tii-vacrt. 

1.308 

-2 

86 

6.5 


1.545 

— 10 164! 


HiiI.h4>pii 

2.405 -40 170 

7.1 

tnccniiin 

1.7b0 

+ 5 

142 

8.1 

Kn,ilK+lnnti 

7.000 

— 10 

290 

4.1 


5.240 

-10 


IVu Hnt'llii" 

2.930 


S2.36 

2.7 

l*cirolina 

3.825 

+ 5 18U 

4.5 

anc. tier). Biuli|iie 

5.060 


6.7 

S*»-t.icn lh:lini|iifs2.01Q 

-20 

140 

6.9 

*uf7iu 

3.250 

+ 20 !2 15 


nnlvav...... -I? -450 


vatu 

8.6 

fCB 

1.136 

+ 10 


6.6 

I'ii Min. ti/IQ) .... 

7b8 

-6 

50 

6.6 

\11une Mniiiaguc 1 1,86b 

+ 10 

_ 


SWITZERLAND * 





Prli-e 


IHi.Yld. 

Sr,ft. S 

Fra. 


CP 


Aluminium 

1.185 

-15 

8 


urn- w 

1.610 


10 


Vita Pel", Fr. llilj 1.000 


22 

2.0 

l*"- Fwtfcrl 

735 

-5 

22 

3.0 

Dn. Itf" 

5b5 




fra*Hl >ut'"e ... 

2.30U t + 10 

16 

3!b 






+|w|lOI lltl'.r;"! 

603 

— 10 

5 

4.1 

lluflumii I'liti-n* 

65.260 

+ 500.1110 

1.7 

L'i,. iSiimlli 

6.2oO 

-250.110 

1.8 

Intern ">l U 

3.900 


20 


•leninli |Fr. Iu0) . 

1.570 

+ 15 

21 

1.4 

.Np'lleiFr. 100, 

3,430 

-10 

+8&.G 

2.5 

U". IIi’K 

2.230 

+ 5 

*06.7 

3.8 

Oerlik.ui Bi +'.a>0i 12,880 

+ 5 

15 


Pirelli 61 Pi+.tOCn 

291 

+ 1 

15 

5.1 

samtiu: l+’r. 2501- 

5,52b 


26 

1.8 

1>i. Part Cert*.. 

415 

-4 

26 

3.1 

6i-b1iiilh.'r f| FKH' 28b 


12 

4.2 

Snl/er ft (Kr.lQCi! 

295 

+ 7 

14 

4.8 

rfwl*Mi> (Fr. 3601 

613 

.. ...... 

10 


swlas Una (Fr.lOP; 387 

-2 

10 


n'R-i-iR, Kei <Pr250)'4.900 

+ 25 

14 


l- Mil'll Bunk 

3.250 


20 

3.1 

Zurich Ins 

12,000 

+ 125 

44 

l.a 

MILAN 



I'riee 

+ «r 

i/iv. 

YliL 

*•■14, 6 

Lite 


Ura 

V 

AX If 

109 

—1 



Ha.iti igl 

670 

-30 



Flat 

2.050 

-7 

150 

7.3 

Ufa. I'rii 

1.650 


ISO 


Fiii'liler 

181.76 — 3.2S 



Italreniem .. 

15.640 

+ 830 

600 

3fl 

ItaUlili-r 

347.76 +4.76, 



Mpiliijwui'ii 

36.550 

+ 50 

1.2D0; 3.2 

AluiiietliNmi 

188.00, + 3.25 




Olivet 1 1 Priv 

1.198 

+ 23 



__ 

Piirii. a rv 

1.799 


130 

7.2 

PfreHf S/ej 

930.0 

—14-5 

SO/ 8.6 

rSnld Vivj'a 

932 

-13 


— 


AUSTRALIA 


Sejit.S 


Amt. 2 — 


AOl IIj <25 reuts) 

Aernti lust rail* 

AUATHj SI._ 

Am| »it Kxploratiiin — 

Ampil Pwraleiiin 

A«ani'. Minerals _ 

Aiw. I'idp Paper SI i 

Asms:. CoU. I nriurstries 1 

Auk. FoumiM'iuu luiecl... 

A.A.I.. ! 

Audi men ! 

Itiw. (hi * «»>• 

Itallilnn frock Until '• 

Blue Metnl Inri _...( 

Hnugainville Cupper . ... 

Btuinl'lc" Inriustries < 

Bnikim Bill Prapnfttiiri . 

BH SuuHi •' 

Carlton United Brewery.— I 

CdE (SI). j 

Cockbura Lemon I ! 

Cnlea (Q. J.l 

fnua. Goldfields Aunt \ 

Container (81) I 

Cnrwinc Kiutlfltn | 

LVnt/tln AuatraJi*. i 

Dunlop Kubber (51) 

EaCOk ! 

KMcr-Srnltb 

Bndeasonr Resources ... 

h'.Z. Indurtrin. 

Gen. Property Tru»l 

Hamersley 

Honker 

I Cl 

tiirer-fopper I 

■leunluics luriustrio t 

.Tunes (Dai irii 1 

r«nnanl «'»ll | 

M etuis Kvpl"rati"it • 

MIM Holdings ; 

.M.ver bmpi'riiini 1 

Aeu«i 

N li-bolHs Intcnifii iihiaI 

NoiTli Hniki'U H'iliugsibC* ,1 

Dftkliriilgp I 

Oil Seftri'li 

Oner Bxiilnratiun r 

t'iunw Cnni-reie | 

Ifwkltl A C<>liiii),i ; 

n.f. rttciiiii 

■S .ul lilan. 1 Miiiiii" [ 

bpaigua B:.plorai|-in I 

T.mtli i«i I 

Waltons .1 

Wwiemi Mining iW.-enl*)! 

IV. ».I ivnrlhs 

PARIS 


t0.73 
t0.86 
72.17 
il.40 
t0.85 
tl.30 
11.60 
Jl.90 
*1-13 
f 1.60 

10.69 
10.75 
tO. 34 
11.28 
11.61 
t2.00 

18.34 

11.38 
tl-75 
i3.65 

11.35 
12.22 
13.90 
fB.60 
13.81 
11.85 
tl.4B 

10.84 
12.44 
10.30 

13.38 

11.69 

12.38 
10.80 
J2.32 
10.15 
11.25 
11.08 
10.33 

10.42 
12.46 
1 1.68 
12.55 
10.88 

11.43 
;l.88 
10.15 
10.53 
11-70 

12.85 
10.77 
t0.34 
10.52 
tl.90 
10.87 
1 1.80 
11.68 


j+8Jll 

:+fl.iiz 

.+0.D1 

J+0.02 

■+D.10 

i+O.Dl 

1-0.01 

;+o.n 

1 

|+b!i« 

1 + 0.10 

1+0.06 

i+0.11 

+0.05 

-0.06 

1 + 0.02 

|-oioi 
+ 0.12 
'+0.04 
+0.09 
- 0.02 
— G-Q2 

l+o'.bs 
j— 0.02 

m-'o.M 

‘+0.04 

1-rO.Ol 

1 o.ra 
j+0.03 

t+0.02 

+0-01 

niitK 

i-oiVo 

!+oIo'i 
1+0.0 1 
J-tLoa 

Vitw 


Sept. 5 


I'riee 

Fra. 


+ nr: Dll.lVId". 
— 1 Fra.! 2 . 


I.'eule 4 1*. ' 740.0) +0.2 j 41;] 0.6 

AinnueUucld’lV.t 420 — ;2 l.l&t 5.0 

Air Lhiuuii- 322 -1 : lfi.5j SJ2 

Aquitaine 1 527 +12 :26-25i 5.0 

1HU ; 464.0 -6.5 jlJ.95| 3.0 

Uuuy^ues 861 +14 | 42 | 4.9 

Gvruae....' 521 +3 . 40.5! 7.8 

fiuretnur 1.689 1—23 I 75 : 4.6 

C.G.E I 367.8-2.2 31. Si 8.6 

f.I.T. Alcatel ! 980 -19 '76J0- 7.7 

fieUanraire | 399 +1.5] 12 ] 3.0 

LTiih Alediter ; 405 —4 ,11.28 2.8 

f mtit. Com. KrVej 120.1+0.1; 12 10.0 

Creiwt Loire ' 96.3] +1.8 1 — ] — 

lluniez I 640 135.75; 5.2 

Fr, Petrales .= 126.3 +0.6 (34. MU3.2 

<<en. On-tdeutsle., 201.0! ] 8.26i 4^1 

I metal 61 — 0.5 1 6.719.3 

Jac-iues llnipl.... 1 145.0—2.8; - — 

Ulange — ' 205.2 +0.6116.771 8.1 

L'Orca! - 707 —11 il&.9h 3J 

Ift-gmud .. .. ..-1,821 36.7a 2.0 

Mainrin I’lienii.. 551 : 39. a 7.3 

MiL-heliii "U-.. .. 1.264 '—4 ,32.55! 2.6 
M«ut HeniK+wy.' 526 +12 I 12.61 2.4 

ItniilinesL : 140.7*4 —0.9 3 i 2.1 

PltriLB". 178 —3.8 19.95 11.2 

JUi'lilnt-r r 89.75 +0.35" 7.6 B.3 

Pi-rmid-llicard ... , 267 , + 2 10 2.8 

Peiigera.Ciln+u..; 459 — 3.5 17.2S 3.7 

t ■’"c Lilii J 203.8 +0.5' — — 

Radln Teehuiipte.i 434.8 +3.8 ' 27 6.2 

lierlooU 1 1 551 1—2 I 30 5.4 

HlwuirPadeih)— HO +3.5 9 8.2 

si. Ontain I 145.6 

Nidi Ki’Mlpnul .... j ,l,675 

line* • 286 

TelemMaiil>|uc....| 783 . 

Thomson BraoUt.; 221.5 —1.5 16.16 
Uaiiiur 22.2 —0.3 ! — 

STOCKHOLM 


-1.9 1 14.55| 10.0 
2.2 

- , 8.9 

-13 I 25.6t 3^ 
6.8 


-16 | 39 
-2 ] 26.6 



Price 

+ ur 

4»tv.,YM. 

Sepc 6 j 

Kiwi* 

— 

Kr. : % 

.lui.lnik'rhli,..! 

215 

r 1 

6.6J 2.5 

A lia LaveBjKtiiOil 

144 

'-1 

5 j 3.4 

.la BA <Kr.fiG>_...| 

94 

+ 1 

E ■ 1 

.VibnC'/pal Kr2&) 

125 

!— 1 

6 I i.8 




117 

l 

p4 . 3.4 
5.75 3.0 
IO , 4.2 

fa Mu •• | 

fvljMl«at 

194 

240. 

i+3 . 

tiled ‘Iiir'B (KrbUi 

146 

-2 

6.3 | 4.5 

Hmwn'iA't KriOil 

159 

—3 

6 1 4.5 

K-<<Me ••u*' ! 

310 

• 5 

9-6 j 3.1 

Kinerau* 

107 

-3 

4 ; 3.7 

FraJigi.'i iftwj ....( 

65.6 + 1.6 


Ha in lie" ban ken..., 

394 

T 2 

16 { 5.4 

Mimlhm + ' 

120 



b ; 6.7 

Mu Oclr bnniMn..j 

70 

H 2 ' 


(w2iliilk 'B' Kra,[ 

259 

— 1 

3.75 2.3 

S.ILF.-H' Kra_„.! 

75 

-1 . 

4.45 1 6.0 

>Ukih) Kitokitila-.] 

T«n.hdk*fllKr»: 
irj'lebolut- 

181 

+ 1 


6B.C 


m i m t% 

67 


V.i1v.*(Kr,jBft....! 

88 

K0.5I 

6 | 6.6 


OSLO 


Sept. 5 

Pnue 

Kroner 

-perl Er 

- l--« 

Bergen Bank 

BorreKnarri 

Credlthank 

Kmunos. - 

Krcditka-xaeii 

\ur%k HvdroKrao 
Storebrand 

100.0, + 0.5B: 9 
75 f-r • i - 

lT3.fi! -I! U 

282.5/. OB 

109.00-o.rt. 11 

227 !+l 1-12 
97.5!+2.&i:4- 

BRAZIL :... ■? 

I Pra-o ' 4"'' 
Sqil.B ; true ; — 

Acwira OP..: ; 0.97 

Uuiu.« du Bra/.il... 1 1.88 

Uano> Ran PX...| 1.39 
Betel.' Mineim OP' 1.24 
Ixijaa A iner. OP..! 3.57 

Pelrol/rat. 1*P 1 2.38 

Pirelli — 1.55 

b'oii.ra Cruz tiP ... ; 2.81 

L'nlp PK.._ 5^0 

ValeRtolJocePP! 1.24 

-OAf^.11 
+ 0.060. It 
+ojro.3' 

+ O.DlO.Ctt 
-0JBO2I 
-ojiiau 

.’O.lf 

+0M8JH 

+OJI1OJR 

+o.m ! aii 


Turnover: Cr.i43.lm. Volume Si- 

Source: Rio de Janeiro SE. 

JOHANNESBURG . 

MINES -* 

September 5 Rind 

aukIo American Corpa. — MS 

Charter ConsoHdaicd HJJ 

East Driefantetu — , 15-W 

ElsbuTK J® • 1 

Kinross 7J? . “ 

KlOOt lUa 1 

Rusienbura platioum L73 

Sl Helena «■<£ . C 

South vaal — .... M-20 

Hold Fields SA ' 

Union Corporation S-** ; 

Dc fleers De/trred 6.08 

Blyvooruiizidit .... 

Free Stale Geduld .. 

President Brand .. 

Pres'd-m Stem . ... 

SUIfomeln 

Wdkoni 

West Dneronte/n .. 

Wi-slern Holdings .. 

Western Deep 

INDUSTRIALS 

AECI .. 

Anglo* Amer. industrial ... 

Barlow Rand 

CNA invesiments 

Currie Finance 

Dc Beers Indunrial 

Edgars Cortsolldaied' lnv. 

E dears Stores 

Ever Ready SA 

Federate VolksbeJiRgi DAS 

Creatermans Stores 

rioardun Assurance (SA> 

Hnlctts - 

LTA 

McCarthy Rodway ...... 

NedBank 

OK Bazaars 

Piviujur MHI inn 

Pretoria Cemeoi 

Proiea HoJdinss 

Rand Mines Properties ... 

Rembrandt Croup 

Relco .._ 

Sane Holdings ... . 

SAPPl 

C. C. Smith Sugar ■ - 

SA Breweries 

Tiger Oats and Natl. Mlc. 

Unlsec 

Securities Rand USSfl.Ttt 
{ Discount of 3&5%> \ 



SPAIN « 

Si'PlL'lUber 3 

.island 

Banco Bilbao ._ 

Banco Ailanun) O.OOOi 

Banco Central 

Banco Exterior 

Banco General 

Banco Granada U.OM) 

Banco » Ulspano 

Banco Ind. Cat il.OOBl 
B. ind. Medlierranto .. 

Banco Popular 

Banco Santander 1138) 
Banco Urauijo ij.o 901... 

Banco Vbcaya 

Banco Zaranounb — ... 

Banttumoa 

Bantu Andalucia 

Rahcock WDcox 

CIC 

Drasudos 

Iiunobonif 

E. L Aragonesas ..... 

Bspanola Zinc 

Expl. R)o Tinto 

Fi-csa il.DOO) 

Fenosa <1.000* 

Cal. Prevlados 

Orupo Vdaztrue; <4001 
llidrola . . 

ttxtrdoero 

Olarra — . 

Papelera; Reumdas ... 

Pot robber 

Potroleos 

Sarrio Papalera .. :. 

Sniace- - 

Sogcflsa 

Trlcfomra 

T arras Hostcnch' .....^. 
Tabaccx ... 

Lffioo Eke. 

























\KMING A.Nu RAW MATERIALS 





.i l *-»> . 

' , ■v.'.'S 


. < 

: is; |5, t j 

l ’0.4 i 

' ,i; >J sir'*' 
' ! 


Vt CHRISTOPHER PA {IKES 


- HE /EUROPEAN Cotnnmuity'a 
. »d ■ industry has. urged lb* 
— ommission in Brusstia to Uunch 
■\h export drive for procesed 

>ods aitd to cat import charges 

o those food raw material* the 
lii 1 .c EC “s own farmers : nmut 
produce. 

:Th« organisations repnaenUng 
*e food and drink industries of 
ic Nine have* temporarily at 
lyj. '-ast, set aside their differences 
i.nd approached'. the" Commission 
^.ith a unaninioqs appeal. 

57 ! »8.sa Based on a_ document -prepared 
so ^ v ,5! year by Britain's Food and 
'..s.-®® ut^'rinh Industries Council 'the 


— easiness to- influence the mac- 
AutTk^s.Scmcnt of Uw Common Azncu : - 
'■ - — 'suiral .Policy. 

-' — Loudest voice in the Brtwsew 
9.99 -».>bby has always been that of 

r — farmers and agricultural co« 
- 7 - 5 5 Operatives represented' in force 

CoPA aod -COGECA, 

Bi *esaait ‘ >Io ' r *he CIAA — La Cooj.nis- 
CT, , «on des Industries Agrleote* et 
— “-J'Uimenlaires — is striving to 

|;iaKe itself heard. 

v - i J t said: " Policies Tor, «thc 

h. j ' «a ! ‘ ■■ ■ ■ ' ~ - 


benefit sitter of ^onsnmers or of 
farmers cannot- - to effective 
unless the food-end drink indus- 
tries are inwffwd. in /their deve- 
lopment" 

“ it i«. difficult to undsrstard 
Jhow it has-been possible for 
prices to be propped to the 
conncil without .those who know 
the markets bear having been 
consulted." - :.v 
- The -EEC C ommiss ion should 
understand, the - CIAA added, 
that it wu$ £t teafctiff importani 
to further exports of prbewacJ 
agricultural products as trade in 
primary farm produce- Process- 
ing Draught ..both, employment 
and added value.- - 

Current export subsidy policy 
was designed to gel rid of un- 
marketable surpluses v rather 
than to .find true, export: outlet- , 
the organisation claimed- ' . 

■ -On price pa lies .the CIAA 
commented: M Agricultural prices 
must allow eB;ciently<uo. farms 
to cover their costt; Art invest- 
ments they need, and a reason- 
able profit. 

“ It should be noted: however, 
that ibe Comnusiiau shows no 
comparable concern for the pro- 


cessors of food products. This 
anomaly must be corrected.” 

The organisation claims it does 
not want export subsidies to 
help it sell u$ products outside 
the Community— -merely restitu- 
tions to cover the difference 
between their EEC raw material 
Costs and those of their com- 
petitors in the outside world. 

The CIAA appeal concludes 
that if the food industry’s case 
continues to go unheard 
“agricultural price policy will 
continue to bear no relationship 
to iho economic facts, and the 
food and drink industries will 
become increasingly less viable.” , 

The EEC Commission is 
expected to spend two days on 
September 16 and 17 discussing 
means of redressing the im- 
balances in the Common Agri- 
cultural Policy. 

It is hoped (hat proposals will 
be ready for debate by the EEC- 
heads of government at their 
nexr “ summit ” planned for 
Germany on December 4 and 5, 
and that some changes of policy 
may be incorporated in the 107$ 
farm prices package due to be 
settled next spring. 




>S- Africa plans | Danish warning about 

fluorspar j ... , 

output boost low-quality bacon 

"j .rOHA.VKESBUBG, Sept. S. T ' : J/ r 

'■^OITTH AFRICA plans to^ 


3 -SOUTH AFRICA plais toi w ***** ***** 1 , COPENHAGEN, Sept. 5. 

| 2S<S!'Sr“to fiuorSK*™ 6 SCPPtv of - low-qnalily appropriate t 0 take action to 

JS^^J.taeon » th e l:K mrniet could establish EEC rules for such 

« i £h»w 4m destroy consumers!, cnnMrnee.in mailers as the brine con lent, ia 

‘i-.'Pr, * S ° JW ****** -.°1 a. n-L the -product, Mrv-^S. -TJyrlow bacon. 

3 •;* -osshug. Minerals . Bureau : Madsen, managing: director of „ . ....... 

— — — -^alvst. sa!d here. ' i ESS-FS>d--the Sc£h bacon T However, he agreed that the 

’ cc - '■ Currently ranked firth amonx ! factory’s export association— said P\ aiark< * 1 f ?r this year 

i • - jjia roducer nations; South Afrura' here ’ bud recovered with an increase 

... _ ~ epects to become the world’s j u, saki the rime misht be > of about 3 per cent, 

rid/ - , n^.2u-, rg est supplier of fluorspar by \ coming wb^ lh?ttade 8 shouId wiudmg an increase Jn . the sup- 
- . _• ftSS mth ah output of arouml i conS^r ^establishing ««cdards of Damsh bacoa of about 9 

..Trl tonnes -a year. Virtually i for whatSSdSgJ^r. be called P er 


Tin prices 
jump to 
year’s high 

By John Edwards, 

. Cammed! tm Editor 
. TIN PRICES jumped on tto 
Loudon Metal Exchange yester- 
day to nach the highest level 
this year. 

Standard grade cash tin 
traded at £7,000 a tonne for.the 
flpjt Ihne since early December 
1977 before closing at £6,985 
a tonne, £1115 up on the 
previous day. Three months 
dosed £76 higher at £6387.5. 

. The market In fact opened 
slightly lower following some 
profit-taking sales. But one* 

, Ihb dried up, trade buying 
; against physical business met 
with an absence of sellers and 
the market moved up rapidly. 
The sodden surge took dealers 
by surprise since the Penang 
market Is closed at present for 
a religions holiday. 

This latest rise in prices, 
coming after the sharp Increase 
In recent weeks, has brought 
tin values in London dose to 
the alMItnc record levels 
reached in late 1977. It aopears 
to be trade buying that is 
mainly responsible since specu- 
lators are generally apprehen- 
sive about a heavy rail in 
prices If there is any new 
announcement from the U.S. 
about the proposed releases of 
surplus stockpile tin. 

For the moment, however, 
the legislation Is held np in 
Congress and any sales are 
unlikely to be authorised 
before next year. 

Copper, lead and zinc values 
lest ground yesterday following 
a report that miners at the 
Toquepala mine In Peru had 
returned to work. 

However, according to the 
miners* leader, the return to 
work was because troops had 
been preventing food from 
reaching the area for tbe past 
two weeks. It was reported 
later that workers at the Vo 
smelter were still on strike 
despite a Government decree 1 
ordering a return to work. 

Bor In Chile the situation 
aopears to have improved with 
the State Corporation, Codelco. i 
agreeing to reinstate sir dis- 
missed miners at the Chuqui- 
camata mine. 


i JAPANESE FISHING 


Man-made reefs the new hope 


BY ROBERT WOOD 


JAPAN IS spending 75bn Yen 

<£209m) on a seven-year pro- 
gramme to develop and inoti i 
artificial , fishing reefs in the 
waters within its 200-mile fishing 
zone. 

participating companies hope 
to export the technology and the 
pnxftcts “s«i to build the reefs 
eve nWhlly. But the main purpose 
of the project is to aid the 
Japanese, fishing industry by 

eoeouraging fish to gather 

around the reefs and otimately 
by increasing the total number 
of fish in Japanese waters. 

Tto reef construction pro- 
gramme is part of an overall 
fisheries development project 
that -trill cost Y200bn (over 
£500m). It .began in 1976 as 
other countries were still declar- 
ing their own 200-mile zones, and 
continues to 1982. 

Tto establishment of 200-mile 
flawing zones throughout the 
world was a bard blow to the 
Japanese fishing industry, which 
after World War Two learned to 
travel as far as the eastern coast 
of Canada in search of fish. How- 
ever, it gave Japan itself one of 
the largest exclusive fishing 
zones In the world. Unfortun- 
lately, the zone was producing 
1 almost all that it could with con- 
ventional fishing methods. 

The idea of building reefs to 
increase fish catches is not par- 
ticularly new nor original to the 
Japanese. It has been suggested 
that even scrap cars can increase 


the fish population when they 
are dumped in the sea. But 
officials of Sanmamo Cement, 
one of the companies that is pro- 
ducing special structures for the 
reefs, say that once cars are col- 
lected it is more economic to use 
them as scrap metal than to dump 
them in the oceans. Additionally, 
scrap cars would tend to decay 
Quickly, causing greater 
pollution. 

However, the Japanese believe 
they are the only country that is 
putting the idea of artificial fish 
reefs into practical use. So far, 
16 designs have been produced 
by IS private companies and re- 
search institutes. All are 
designed to last 20 to 30 years 
after being dumped in the oceans. 
They range from a 7-metre tall, 
S-metre wide triangular cement 
structure from the giant ship and 
heavy machinery builder. 
ishikawajima-Harima Heavy In- 
dustries. to an aggregation of 15 
used automobile tyres produced 
by Bridgestone tyre company. A 
smaller cement form shaped like 
a turtle with holes has been, 
designed by Turtle Marine 
Engineering Development. 

Design costs are included in 
the price the Government is pay- 
ing for the reef structures. 

Typically, the reef structures 
are made of cement or a com- 
bination of cement and plastic, 
with plenty of empty space inside 
them and holes for fisb and cur- 
rents to go in and out. Marine 
plants and animals grow much 
more prolifically on and around 


them than on a fiat sea bottom. 

Japanese scientists believe 
migrating fish win be attracted 
by the echo of the artificial reefs, 
by the movement of currents 
around them, and by the edible 
creatures near them. 

So far. artificial reef structures 
have been dropped in about 100 
locations off the coasts of Japan. 
Colour photographs taken by 
divers prove that they do in- 
crease the growth of marine 
erealures and the population of 
sedentary, non - migrant fish. 
Though tbe reef structures are 
eyesores on land, in the photo- 
graphs they often look like 
tropical underwater paradises 
because of the variety of marine 
growth on them. 

The sedentary fish that live all 
Iheir lives around ibe reef struc- 
tures have little economic value, 
however. Because they do not 
travel in schools, they can he 
caught only on a pole and line 
or with similar, equally time- 
consuming methods. 

Migrant fish, however, have 
the major economic role. The 
“ reefs ** consisting of one or 
several of the man-made struc- 
tures may be increasing the 
concentration of migrant fish, 
but it is hard to tell because 
they are so smalt. 

Major effects on fish hauls will 
not be discernible until the com- 
pletion of tlie current phase of 
the programme, which entails 
dropping enough reef structures 
in various offshore areas to pro- 


duce the equivalent of a large 
natural reef. Seventeen such 
new large-scale reefs are under 
way and work is expected to 
begin on 12 more soon. 

A scholar associated with the 
project said that the main pur- 
pose of the programme at this 
point was to encourage migratory 
fish to gather. He said that the 
reefs probably increased the 
ocean's total population of migra- 
tory fish, but that such an 
increase would have little 
economic meaning for Japan. 

.Most species of migratory 
fish, such as sardine, skipjack, 
and mackerel, travel so far 
that the fish which spawn near 
Japanese-built reefs arc more 
likely to be caught in U.S„ 
Soviet or Canadian waters, he 
said. 

But the project's organisers do 
hope for a significant increase 
in the populations of such fish 
as sea bass and yellowtail, which 
migrate along the coast. 

Tbe Sumitomo Cement official 
said studies of many aspects of 
the problem were just beginning. 
Tbe best shape for a fish reef 
structure remained undeter- 
mined. because tbe questions 
of whether it should be open 
or closed, made of thin pillars 
or flat slabs, depended on the 
tastes of different kinds of fisb- 

The Japanese are only now 
beginning to research the tastes 
of fisb as thoroughly as they 
have previously researched the 
tastes of foreign consumers. 


Sudan oil seed export hopes 


Trjns'ron at 358,000 Totrnes, rising TO I what is called “a concerted supplies this year of about 4 per 

■t. se tiuc 388.000 tonnes 4n 1979 and (attack by ESS-Food an : the UK cent. ■ In view of the fairly 
* ^nry K9 5 a oQo tonnes in 1980, with some freaea food market. . ' satisfactory demand for Danish 

‘ P"** 1 *! 0 90 bci . n * : .Mr. Dyrlow Madsen declined bacon he could not sec any need 

ii4j2u Verted each year, Mr. Gos&hng to say’ who was- responsible for for a price reduction. 
f di'SugSM: supplying low-quality but Efis-Food plans to launch six 

tt - TXSJ by 1 “*K££ on ll r w “ C ^?L5£ frozen convenience foods In the 
UK.a. a Pu^emand by _2B80 at about 4J»m was tbioktag ■ of some. Dutch QK in October sclline mainlv 

»“« <* finorepar concentres*, suppliers/ ... 1-. trough frecw’cStiS ^ 

■"““"•"•■wi lhat of western countries ua aaMto tint jo i insvent • 

t 3.2m. ' - '■ The products will be marketed 

Consumption Tiy the steel : in- £,u { ~r ^ under a new brand name. Banish 


- Jgdnium na^jsjoncast Juaa ^ t pany . hopes for sales of £Sm fn 

• imH^ 0 * 000 .afiainsf.mooo.toniies .- ■ Af? J **. . .Iff®, which would amount to 
rL aj .enter ~ V - Hc^ also said that it io jgfct be about 3 per cent of the market 

COMMODITY MARKET REPORTS AND PRICES 

ii-lRASF MFTAI.S - *«*0_y iw. jranyr^r jz.n» lows. st»«urt, jt.cw. man. mr*? 

1 iUEi/VLO .. . Amafruauted tfradjDE rmanud mouths £fl5KS. 80. hs an as. as. v»Wv.- 


THAILAND MAIZE 
CROP TO RISE 

BANGKOK. Sept 5. 
Thailand’s maize . production 
this year is estimated at 3.3m 
tonnes. This compares with a 
previous estimate of 2.75m and 
last year's crop of 2.7m, Com- 
merce Ministry officials said. j 
However, they said floods in 
the north and northeast of the 
country could damage produc- 
tion and a final survey would be 
conducted in November. 

. About 1.2m . tonnes are re 
quired for the domestic market, 
leaving the balance for export. 


: BY ALAN DARBY 

SUDAN HAS secured contracts 
for oU seed exports worth £125m 
so far during the 1977-78 market- 
ing season. The figure repre- 
sents 103.000 tons of groundnuts 
worth 870m; 74,000 tons of 
sesame, seed worth $55 tn and 
1,000 tons of castor seed worth 
S430JXJ0. 

Buyers of Sudan's oil seeds 
are - primarily from Western 
Europe. Arab countries and 
Japan, but tbe Eastern bloc 
countries are showing increasing 
interest 

Export marketing is handled 
by the Sudan Oil Seeds Com- 
pany. a concession company 
which Is 58 per cent Government 
and 42 per cent privately owned. 
It was set up in 1974 to take 
over from three nationalised 
corporations. 

Sales during 1976-77 were 
worth.{133m, an increase on pre- 
vious years. Helped by better 
world prices and improved mar- 


keting. the company hopes to 
do still better during this season. 

Contracts already accepted for 
the present season's crop are 
covered by produce which is 
ready for shipment Some 75,000 
tons of gronndnuts harvested 
earlier in the year in western 
Sudan, mainly in Darfur, are 
still held there m store because 
Sudan Railways has been unable 
to transport tbe produce to Port 
Sudan, some 1,200 miles to tbe 
East on the Bed Sea. 

Sales of these groundnuts when 
they are finally moved to the 
coast are expected to raise the 
value of this season's contracts. 
Earlier the Army was called in 
to move part of the Darfur crop 
by truck, 

Io recent years Sudan has 
increasingly seen oil seeds as a 
useful cash crop. During 1875- 
76 oil seeds made up 3L2 per 
cent of the country's total 
export earnings. 

Sudan produces IB to 20 per 


- !’£ BASE' METALS . v-.-'l S m»Uw »o. JO. ». ». asr K«at» Wi * * technics c^ctWfl tfter ftSd^Taasaa " 1 

11 ^ -l-COPfMER-Lw*. on me London W«uU i* 885 - “■ » ur dm of liXns The raSfceT oo«Sd . 

ip. -n&*ssvisg:ssi' + f« M 


k"S‘ “ ““. ctosp Md 5^™ *«*■ the <J«r« '•bipmeiH. WUto au«>r flailrp not was Hranruic Swlacns 131b 1.50. Bumu 

wSbar^nS^d . hi ^ rto: f 'o®* ** *'Z* n *? 1 cotrectloa after tod ai OOSAO t£WL3n. -Jaaulcwt; Per pound 005. Avocados— 

imhs ^ ^ months f^sss. SO. 75. lour <J«ji of rtstaw prices. ■ Tbe market ooened ammd vn^lotu Kenya: Fnerte J4-S4s 3.70-4.50: S. Afrdsn: 

Thg- witrbarz! " , n 7 — liT^ — -7V S3.- .^ T : dodne levels. Tradtac was confined io Fimne 3.SWJ0. Capstcmns— Dnich: Per 

..£f' ■ _ 1 . rr hr ao«enia>»| .1 . ■ lOO nomti r a ng e in nonliilon« S kilos Onionc — Snanish! “ (kUr *>!»: 


S37^ fii^-tnrtHiruwe nwntoir®. 4^ a^™6B4b-60 +57.56980-eo + fos I ^ 

*.!■.' lif -went Cra** moved ranvwfar and the- TIM-Very^TbT* wftb forward metal -J n-diihi 6856- RS +1D 6900-10 +75 aeptemiier ^ 1085-flO i + fl0jll62O-16Se Comm. 

... US Ice slbraed to MOJ. U rinsed on the asntor iqaSB.B3Q ftbc East was Smlwn'M 6990 +40 • Kowmtjtr._ tftSZJA i- 181 1676- ISM Conn. 

ur i8i — — - — ' ---r-i.--- and after slippins to ft!.rw. J*no«rv„ 146143 — li^J 1499-1456 — 

K. " ^.tiPPEB, .^OP-g^viHaw-^a^M rtewUWTO ■ bish fOrUw dajr-0,^.^.084^ +S0 69Sa»0 +112. lUreh^. 130M5 Kl«iofl444-lMB 

.j..vi»r iy ;• ; Qfltewt 1 — .Cp-vacw ^t?^^ a Lii l iii. i 5Sy * —«m«. B84a « +w «ms +73 May iaas-75 [-isjj noo-ism ^ 

SoidCt- ito ftjtflwtanl : . .fftotoo tn the law of covering icatot aeptomhor- 13204S0 IMS Marcb 

51 uh I 7S4-.6 r-8.5' 731.B2 —7 ~Darjfcar boshurfa and bear covering. Wew yorU . ~ -- ■ ! -A % 

month. 747^8-7 -3463-? i— 7 i t-«e pTohi-toXlng canted a alight reaettoa. , Sales 3Ji£ (SA«i lots of S tonaea. An? 

NNES5URG .■tUTn'nt 734.5 — • j io a dose on kerb of XC.S75. Tarn- lsao— twwr with forward moral ICO Indicator prices not avaAiMa. Oct., 

INr ^ c " ithorfmi ~ T * ' ^ . cm, rtomev. tt^aBy pwtwd down from JMUZSO- to aHAMCas were ananwriL 

Mto 728-5 -77S3 720-f ' '8.3 MaoUhgr "Standard, ''cadi • '15.330 33."^® by non-Itws srilirw. Ttwrerik-r the ' 

r • mMrthT 1 7 32 t,73-.'Mra ^ ,hree nwmlis XAS«». M.»a. £Woo. M.JA ••prtwoiowd between m* and _ s t ln: 

£«M9Cc9-"S9&'2£? u3rS.v • -- .15, 2*. 33. 45. High Grade, cash £6.930. d*sd oo^tbe kerb at the high. Turn- GRAINS T«” 

‘"r'l j.v. . s**™ 0 *! 723 - nflv.r r ■■•••• vJrti*: sjandarri eaifa three over. ASM tonnes. VlkVrailTO ■«12S.| 


Sales 3Ji« lots of 5 tonnes. 

ICO Indicator prices not ivaJUble. 


H rini S pantth: 


KHARTOUM, Sept. 4. 

cent of tbe world's total sesame 
seed crop, and between 40 and 45 
per cent of the world’s export- 
able surplus. 

Actual production of ground- 
nuts in recent years bas been 
about 600,000 tons. The company 
does not expect this figure to 
be much higber this season, 
although the target production 
figure in Sudan's six - year 
economic development plan is 
more than double at 1,218.000 
tonnes. The Ministry of Agricul- 
ture's official production figure 
for 1976-77 was 704.900 tons. 

Half of Sudan’s groundnuts are 
grown in Western Sudan which 
has not been affected by flooding. 
The other half is produced 
mainly in the central area, 
including the Gezira where part 
of the crop has been severely 
damaged by floods. Tbe final 
effect of the floods on the central 
area crop, which is harvested 
later than in the west, is not 
yet known. 


PRICE CHANGES 

Price per mme unless otherwise suted. 


ept. 5 i +■<•! | Month 
UHB J — | *ko 


Brazil sova 

mt 

products 


exports rise 

RIO DE JANEIRO. Sept. 5. 
BRAZIL shipped 3.33m tonnes of 
soyabean meal in the first seven 
months of this year a;ainst 
2.45m tonnes in the same 1977 
period, according to figures from 
the foreign trade department of 
the Bank of Brazil (Cacex). 

Crude soyabean oil shipments 
in the same period rose to 
3 IS, 000 tonnes from 216000 
tonnes. However, Soyabean ship- 
ments fell to 645,000 tonnes from 
L32m tonnes. 

Cacex is holding a meeting 
with soyabean producers* co- 
operatives for a general discus- 
sion about the 1979 crop. 

The meeting is expected to 
discuss planting intentions, 
marketing policy, and problems 
related to soyabean production 
in general. 

Preparations for planting the 
next crop are scheduled to start 
later this month. Brazil normally 
harvests its soyabeans between 
February and May. 

Reuter 


Israeli bid to 
maintain citrus 
sales 


_ . Guernsey: l.so-2.00. Metoas— Spanish: I ’ i 

le«l*aJ*y , » Prev i o us Beaineas Yellow |fil 2.60. I ■ ■' 

Clore Uoie Dana EosJIsh prodoce-Potatoes—Per 25 kilos I I 

LZMJiQ, Lottoce* POT J2 round AS). Metals | iwvvi i-,uvu aun ui ulius 

Cos l.M. Webbs J.00. Cucumbers— Per Aluminium...— i£680 |£68-J ptowps have h^en nnrnnleri hv 

£ per towns tray 12/24s new crop UJ0-L28. Mushrooms Free nwricetteW). 4L.07M0, 810^85 p° ve S °ave been uprooted Dy 

38.U40.40] * M^ oo H r- 0940.98.76 — t*er pound 048440. Apples— ppr pound Copper cash iOhHJc?3 1.751—7 'C7Z4 Israeli farmers over the past year 

ious4i48mn.a.-n».oiOiLio-iOB4 Grenadier jlm. Lo rd Pyrtr o-o ^ Brwn iey imeouu rtn. io.|C746.75-7 '|ti4S.» and the area put under crops 

riw fla mJ«aa ap laaHiuianM fl.ftT-fl.lfl_ Duftivm QJKJU4. TryfAtnATi'c p u k U L-.OA c O C P*JVJ 71; ■ r . . . r 


TEL AVIV, Sept. 5 
ABOUT 12,000 acres of citrus 


£ per toons 


•j,: ->«nCc5i -JnM - t- .15, 20. 35. 45. High Grade, cash £6450. ckued M^the kert» at the high. Tnrn- 

rV-*c!A.i« - s 5 I 2JT! 7B3 - r 7 ^. aik* r. "” JWte: Standard. ««b £6.950 ihrea ntf. WH tonnes. 

. aon Qa £84*3, 5a. bo, to. .tiicrmonr r- ~ — zl-h—jt - — 

. ::r — — — f «*»;| o£. Mnjastait* 


J7Z 


■ I.G. Index Limited 91-351 3466. Three Month Copper 745.0-752.0- 
9 Lamonl Road, hondon SWlO SBS. • , , • 

1. Tax-free trading an commodlty futores. 

2. The commodity futures market for the smaller Investor^ 


Cash, 340-.5 


a BKStun*_t 344.6-5 ! — 4.181 846^5 r+S4Z 
tWt'm’n*. 340.5 :— 3.6 - 

«4». bpw. . — | 33143 I 


M'nUi 

Yealanlay’i 

vldM 

Fept. 

85.40 


B7.56 

Jau. 

00.35 

liar. 

9840 

uv. 

95.40 


ariP 

sranulaird basis while sugar was S36ua CauWlowera— Per 12 Lincoln 2 .888.48. 

(samp* a toune for Hnwm trade jih Ruaner Bem— Pw pound Sadt 04641.18. 1 

BARL8Y A3B40 (s*me> for capon. Be etr oot— Per 28lb 0.48. Carrot*— Per Platinum ln*y«*.. £130 |£1Z8 

1 , , lawmatfaasl Sugar ajiinii m ru.S. » lb 040-040. Captle um* Pe r pound 040. Free Market. £136.65 +0.15,^106.86 


cases annually. 

This has been achieved by 
reducing significantly the 
amount of culls, which are sent 
to industry for processing. 


tH — 3 l -nuJ Y “!sl? y ’l*t or ^Kpi+r cJr^Snd 51 ^ jtzzzs c?£ *hSS w E er, hj l 15 cl ? me * M 

niaJ , 19 | [ bein pon>— Prices for St^exobcr 4: Daily LW.00. swvdec Per ssib Oic. 5jiw uw ^tt6.iOj !-ii5 there has been no lowering of 

idS *». ««•« as 7B.su ms »sj 2 -"«jsksshp *» sewa . • & absp sss, awa* w 


golo 

^ • AND THE WEAKNESS OF THE 

r : '• DOLLAR 

This transcript' from the Journal, Of Commerce 
inousT** written : by our Director of Research Is available 
. For your. copy, ring or write to:— 


_O50 ! 80.60 U04S EEC INPOHT LEVIES — The following 

-0 Mi 8345- I tatori ievtea for while and raw sugar 
— 0 Jsl B9 76 iZajS “» rtTecilTe for Spot 4 In unlis of 

n ifi flo p* 1 n n account per 180 kilos. Wbuo sugar t de- 

-..-JrZT'l oawred and nou4fruaiztred) 26J6 i274ij, 
Wl»a»~^f«. 8j4^BtS3. Rav su»ar 2U7 (sane). 


r areraae 745 f*.23>. ■■nnw-rw -ou> i. ao. r«mm»-n'r jiw xnm bssi- i-u.ojso.ip uae quamy oi esponeu trull 

LEVIES — Tbe following t* 1 *? Sprouts— f>rr pound 0.11- KnCasb l£6.986 ,+ 112.5 £6.880 ■i u A B i nB bv thp increased TpvpI 

r while and raw sugar 01 " ^Crtmrts-Prr pound Kent 0.40. dmoMte ,£6.887.5 I + 76 ,£6.870 Jevei 

r Spot 4ln unlSoS Cora Cohs-Eacb 04S-8.lt. TunjtsMm tri 3137.82 ' + 3.58-# 134.6 Of pnees Obtained abroad. 

kilos, white sugar fde- w«ifn» m 824* briijs 140*44 ' *1. 3.o7 Overseas sales during the past 

MUM, *» .»J», COTTON ,gg| ,jag.V »W «»» top I« WW-. 


Thrcu juuulhs OiSJi. GJX, 45, 45.3. S 

a “ Sfee SS?-»jE WOOL FUTURES 

Z , " t '*-* : *»!er as forward was fire 60.05: Jan. 83.858145: March 85408545: 
matted down from £327-003 to £E5-027. May 8a 40-8805. Sain: 147 Im*. IPenc* per kilo) 

i IS? HGCA— tiocadoo ex-farm soot prices. Awwalto on '5S5 

ffisr 3sai“s’"a > ss s? s rs*j ^ 


Tgnwwr, a.B oQ taants. 

also. I omew rt 


nc aero ai tisr. awl 0 X0Q 7T40. Other mttllus wbaa»- J 

■; ; ; N-E. KncUnd 8348. Berta and Oxns 8448. 

■ wi p.m- it+or Feed barley- N^. audand 7448, Berts Octotwr 

— I Uuoiikdal — and Oxon 7440. Other rajjlhra wheafr- 

— : ttmbrldBeWJO. Feed baMey-SooUana jSSTI". 

“ 1 1 “ 7540. Cambrldao 7Z.10. ^ ICD “ 


COTTON. Liverpool— Spot and shipment prvrtl **r*~.. ; 6to0/i 

sales amounted 10 57 0 tonnes, brtnzinz Oils i i 

ibe toiai for tbe week so fat to Z.162 Coconut i(Phil) S755* 1+5 |S630 

tonnes. W. F. TancruSs reported. Doal- Groundnut £688 10 .£6*wJ 

joss remained on a broader basis. Activity Unaert Crude (r) £350 I . £331 

■was mainly m American-type styles with Palm Malayan.. Sf>8Br 1+8 "lSb3b 

African and Turkish «n»wtlis predomJ- I • 

naiina. I 


i";‘.!“-6toO/BOO At tiio same time, proceeds from 

, exports of processed citrus 

1+5 |S630 (juice, concentrates, canned 

! +1 ° grapefruit) have risen to SSOm. 

The 1978-79 season is starting 
shortly with tbe picking of the 
first early grapefruit this week. 
It is expected that exports will 


• oi.UI* p 




mo' 


Worid Trade Centre London El 9AA 

Telephone: 0M88 323Z 

RESIDENTIAI.r PROPERTY 


>g^ SOUTH HDEKTS. 

' In iin3poilt r c^iinti^side, with far-reaching views, 
nv -.z’* 3 *. .. : yet yrith access to many centres. 

v A SMALL JACOBEAN MANOR HOUSE 

> 7 bedrooms, 4 bathrooms, . 3 reception, rooms. Oil- 


fired heating. Tine old ham and granary. Delightful 
grounds with;e3ftepsfye -lawns, orchard and paddocks. 

FREEadU) 1 ! .YOT YjfldaWC POSSESSION 


May 


4«S4 


cambruuse 85J0. Feed bariey— ScDUaDd mi ilu. __ ’jst T7«l C* 1 J _ ~ 

^ £ £ 7540. Cambridge 7Z.10. ~ 2444^4 PJ SaiVanOr 

c U.. 318.6-0 —1.87 318-0 -2.57 The UK monetary coedeu fw the “fc”! Z464404 ZZ - - OrtlYaUUA 

1 3 maulh*-. 327-. 5 -1.S7 526J6-7 -2.12 week b+BinaUw September 11 Is expected October 2484-824 — . „ g_„ Grains 

310 -1.76 - to reuuu undUUKd. - ' oSSber - 14-4*84 I-. - C0UC6 iOF hwiej-KBC. j t I J 

fPrim.woK — _ „ 29 .31_ IMPORTED— Wheat: CWBS No. 1 13f March...-— ^04-844 _ — Home Putamk-.|£80.60 -040 £81.1 

■jptr'rtiM# ^ sssss *isz Europe Kjsnnzam* — ^ 

^“SnSB S PEIGHT Ipace for 700,000 nmmta — P*-’ 

mt. unquoted. EEC wheat unquoted. 3BL0. 3B2.5, 88L30B34, 8: Uay 38541 3B3A bags of COffee has been booked HS’jfS'flw' • ' Loi 

•mk.trnm -m. J^ u V£^ w & n >£*£>si afiLSV? 1 *? &»« H. SU«dor u> aorttem 


f-npra Phillip 8494, S435 '. 3 

boyabeao sS63r !S258.7S again total about 48m cases. 


1.87 318-0 -2.57 The UK monetary coedeu . tar ‘ the July— ... 

1.57 3264-7 -2.12 week besloninx September 11 is espectod October — 
1.76 — — — u> remam imdunjsed. . Ueoember — 

_ 29 - 31 _ — ~ IMPORTED— Wheat: CWBS NO. 1 1S| March 


Grains 

Uaxiey SBC. 1 t ! T 

Home Putore# — (£80.60 — 040,£81.8 
Maize j 

French So. A Ami£UH).7&. ; £99.5 

nbffil j I 

So. 1 Ued SpnnaifSlq ......... US91.75 


U.S. heads 
grain yield 
table 


ton prrrioas unofficial close. 


SILVER 


Sliver was fixed 9 -33c an ounce lower 
tar kxh delivery to the London bullion 
market yesterday al iS8J». U4. cent 
eoutoaleats of the fixing levels wore: 
•pot 3364c, down 2.4c: three-mouh S654c, 


Kn'wSre'toi./to taJo^Gimnr Ss4. 3 WL»-^k’ ztsa. xno, Europe f or August and Septem- Futiwi)^..“^j£i,'9oa!b-iI Hi !m U.S. farmers maintain a lead in 
arums.. South African Yellow Scpt/Oct. uatraded. Total sales: ee. ber shipment, according to c*««* Fuuire._ | K terms of grain produced per unit 

■aanssr jwspjtrssrjs “ shipp “ E aa p - ? ** \ 

Dec. 190.5 -ub.c: March isi4-is3.0: May reports. Htinber inkw — a7.75p \ a3. figures compiled by the U.S. 

mronret 18L0-WS4. i«.6, 5: July 163.0-1^4; Oct. Report of this booking con* 2BS5f^2S2. , v.vv”" S 9 ' i«2? Agriculture Department, reports 

RUBBER MardI “ firms earlier coffee market re- ?222£Ei*± fcito - AP-DJ. P 

micRAMrwD ■ aMainv » v—, ports tiutup to WO.OOO bags of ',*£*!*- ^Onwotod. Using the international metric 


WASHINGTON, Sept. 5. 


tor August ana Neptem- Future Dee. ..—11:1,9034— is £i.7/8 
ipment, according to CotteeFuuire. — I 

shipping sources. Renter L 7 H% . n!™ 

Uu&ber mjp._ a7.75p ! 53. 


RUBBER 


1B44.1S6.0. 185.1, K Jnly 1B3.0-1SS4: Oc«. Report Of this booking con- sswriftey) £99 , £92 

MardI “■ firois earlier coffee market re- ^ SS SSSjUsm^S. 

191.0. saw*: a tuui jots. ports np ^ gogQQQ bagg of •Nominal, t New crop. ; Unnootcd. 


down 34e: ax-month 5774c. down 2.7Sc; UMCRANGKP o&njns oa d» L0M00 ur . rr/vrrrrrr A T>T rr El Salvador coffee is hetnw « 3nn *-A«W- n Jnly-Scpt. 4 s«pi. r Oct. f v,i,Tari«B »«!«' 

frawnrh BWJc. down 345c. The vhjrslcet martwt. UtCe Interest through- MEAT/VEGETABLES chinnort nncLw'rer bemg 1 i,Aug.-5cpL xPer ton. of evaluating grain pro- 

[ffieUi OCentKl at 287>3Sp t afP t- Ffk l kfid dUt the dlV, ddBffifi 4tt 1 (tttiet note. SOI 0 DM Unsold 10 Eumm> -nidl^iAr rtiintmn fhic vdsp m calantori 


dosed 89M88p tSS4i-5552c). 


» Wjir .. feiU* Tte taw soirees said 

Eire hjDdqnuvra ®S4 to SS.0. foreoiunere 200,000 bags of coffee were due 
874 to _ - for shipment in August and the 

■fir *■'' S 00 - 000 ba SS this 

Lamb: EnsHtii Bam 34 to G.0, month. 

reedhm 54.8 a M.D. beaw K.0 w 3B.0. coffee dealers said they be- 

Z to 38.0. imported tnxes: Nz pl 53.0 to Salvador was shipping 

63$5 034 , yls 50,9 to 5L9. the coffee to reduce stocks in 

biUmi 48 *2*f front of the forthcoming new 

83J64340 ^ to 4+8. laweo ibs erop t0 take advantage of 

Z Crsasc: Tonne best (each) 100.0 to possible quotas that might be in- 
_ 4004 . .. .... traduced by the International 


shipped unsold io Europe. 


8TLV&B JIuUIod 
per • ton*, 
-trey ns, piiriag 

Spot, L„... 2861 Dp 
3 montliB J 293p 
6 UMMAlia J 500.90}! 
KljmonihBj 51S.4p 


+ oij L.M.K. 

— . I elate 


+ or 

— So. 1 
KjSJL 


f«t«dayW Prerlooe / euriuen 


coat iota c 

9JL Throe 
□ 


4-0.1 I 

-04 Ort. &74048.4fir 

684049.48' 

Oct- Dec 6S.154a.50i 

Jbu-Mw 614841.481 

.IppJne 654045.35! 
Jy-4e« 944a, 66.00) 
Oct-Ucc GS RII-M +n) 



i 

, y 

^ -/s'”’, fv ■ f 


; . 7or.Sai&by Anctionintbe' Autumn 

-V -,-f unless preotousl^ sqkiptivafe^f}, 


Hampton & Sons 


-‘V^jiir-; 1 .i6 ARLINGTON STREET, LONDON SWL Tel: 01-493 8222. 
f'n \ ■ Joint Agentfc'CdxmeUs, 5 Upper George Street, Luton. _ 
• ' . S . ■ - : - -vTelV Luton 3I26V ; • 


j.- Kerb: Three — 

Price per woae antes aibcnrlse sated. 


COCOA Cbmn> were: (-^'MBtodLinper^w. i+sin! 

Ytadtag was "nervous thnosboat the SSi'JSSSP' 0CL 30 iSuat): Eastaud swf Woleo-Caxilc mmben dojni 
dtoSto w* rdkwu Mtootisln ***' Vamt3 ' 5.9 per wt, nrrese vrtce ffi.ttp r-ILSB.; 

niW.uA tberBafter prices wars Haarii . . _ • . — Sf*? f j w ?..P4 J p,f -. CTnt ' 


Skies: 87 71877 Ibb of 15 tnmas. 


MEAT COM MISSI OR -tew, fatstock haB<mitTlir - n - frj . tuiT . , 
prices ar w wsaa ave mjrtets on Beginning October 1. 
September S: CB Ck«e 88.76p per fcfiJ.w. 

(-0.491; UK ri»«p 135^> per kc.estd.ew. 


GIB tod Doffus reported, 

•••-' lYestertiy'ir+orj HSmm'’ 


YesewTN •+■ or 

[ COCOA I • Wore 1 - w „ 1 Tnr ^S rt Wto steep down 174 per , *™* , * w ’ “* 

. : • , — — ■ — — ««• «««» toee msp (-44): wss INTERNATIONAL Nickel of 

E^.„^!lji«i9.tMa.o -1*4 193B4. 1900 kppwal |o toprove nines, per packaea except where statedi— strike from September 8 after 


SOYABEAN MEAL 5 SL*».& 1 Sj?NBai 

_ ..... Cattle uumterx up 18,7 per cent, ncnu 

_Tbr market WJKdjfflrttiy In Hoc with n.9ta <-*441: steep down 174 per 


NICKEL WORKERS 
FREE TO STRIKE 

TORONTO, Sept 5. 


: Indicator price. 

INDICES 

FINftNCjALJIMES 

Sept. 4 1 Sept. I'lIontlT *£■• Vror a«o 

250-6 1 [2 60.67 j 235^ 9 j 2 40,50~ 
(Bare: July l. lasssTiab) 

REUTERS 


1 1602.3 
1931=100) 

I POW JONES 

I ItaW j Sept. I Aug. | Alan lb I Year 


|Sriirei^ 76 ! 6 e|l 74 ill{wi! 6 iiia 7 A 0 II AUSTRALIAN MEAT 
(Avorase m^iooi FREIGHT INCREASE 

MOOPY^S SYDNEY, Sept 5. 

- Mop'hjYree Freight rates for meat ship- 
r | i , ai kpt< | «g‘ ments from Australia to the UK 

Stfb Ctm mty [040.6938^9 14. 9 jjfij and Europe will rise by 3.5 per 

f DewmbeTsi. Tsaisiuoi cent frfom October 1 on a re- 
■ — ... P structured base, the Australian 

Meat and Livestock Corporation 
and the Australia to Europe 
* Shipping Conference said in a 

point statement. 

grim ray fish— S urety poor, demand The restructuring of the base 


duction this year in selected 
countries, the department's 
Foreign Agricultural Service said 
that on average 3.91 metric tons 
of grain is being produced in 
the U.S. on each hectare expected 
to be harvested. 

This compared with a a world " 
average production of 145 
tonnes. Last year the U.S. 
average was 3.66 tonnes and the 
i world average 1.S7 tonnes. 

Second highest was Western 
Europe with an estimated 3.42 
tonnes per hectare, followed by 
Eastern Europe’s 3.17 tonnes of 
grain — which includes wheat and 
so-called coarse grains such as 
maize and barley. 


*<!? trrnt l jPSi i* 1 * «.*» wsi INTERNATIONAL Nickel of 

prices oared la front or Chlcaao cut <to 84 rer eem. areraae uriwSLlo (4-fl.4». ^ ^ . 


(Average WfrS54flslN) 

MOODY’S 


QSSnSStSm «™?te *• * 2*°« ™£***T*m ^ strike, from September 8 after 


SSfiSSSSwpilSiSjlw sww CQtoffiodidei- rreortofl. 
Mav.-. tt ..JlBM.M8.8 t-11.0 1815.0-1885 ieAtnixf +o* 

Juir i187B.0-844 —8.0 ■< I88Q.9-B8.0 Clore — 

SepL ^ :1dttJL604 -8.6 1 1870.0-454 

Uni 11828.040.0 -3.0 <1045.0-40,8 .. Cpertijtuif .. . . 


mi il828.a48.0 1- 5.0 M84S.IM0.8 . .. CperUjiuif} .... I „ 

SSsiS'S aas= - :ss-BfcffibeM 


dioca; nsmngq. irew* i nte e uifoi new crop 64o- rejecting a final contract offer 

^T_“ “SST it W« con. 

— ---- 188. erreefruto-s. African: 57/75 348- finuto tore. The contract »n- 

Uperujiuip .... I 4-33: to Awn Ckiitaiauii: liorsn eluded no direct wage increase 


Moody’s 


Stof*-!AliK. M'Wib/Trer 
1 j 3L kpo |»4r* 


.vkvra ... . .-. j.v 

B 

§ 



*w£ulniM-nM *£ 2S «{5 year - a union s P° kes * 

tire«auer«..; 1)4.68 14l-«.7flil{li^1«4rf re re 

18.7.-046:11840-16.00 However. Dave Patterson. 

Apni, - .... — 118.70174,-1.05 - • Ppriqgpcsc. Gcatea txflctoga pjt p«md president of Local 6500 of the 


taL-ViS. teJ1day.ni Monday. 

COFFEE '• 

After n ktradr ooriormauco durtas tba 


telllW WWPPteJ tiered long noutdadon • ■ . • ’ . •£*: Pet 5 WJM KAEaa: Retina 248-548. 

tar tune wttfi A weak New York “C“ LONDON DAILY MIOS (raw anr] Cardinal 440A50. Hum- I talian : per at temp 
contract, valtes werg £10 to SO lower £9840 lufiac) a tonne df foe Sep&OcL sound Stanley 6J5, 43aat Prunes OAW J2; Reuter 


Stfe Cw awatv 1040.6 938 14.98364 
f December' Si. 1831=1001 


£2-60; ntthfi £24W3.00. 


Reuter 







Financial Times 


Wednesday September 6 1978 -r 



STOCK EXCHANGE REPORT 


Sharp technical rally but trade remains unimpressive 

30-share index through 500 again with rise of 10.1 


Account Dealing Dates with the previous day's modest ITSp and the Warrants 4 to 45p. 

s *mm lQla i of 329. Speculative buying, also on take- 

Option over hopes. helped Liberty 

■“First Declare- Last Account improve 5 more to I90p and Jas. 

Dealings tions Dealings Day USULKS Uclier Walker rise 10 to 123p, while 

Aug. 21 Aug. 31 Sep 1 Sep. 12 Already firmer in sympathy awaiting further developments in 

Sep. 4 Sep. 14 Sep. 15 Sep. 26 w ith the general trend, the major the btd discussions, Boorne and 
Sep. 18 Sep- 28 Sep. 29 Oct. 10 clearing banks improved a few Honingsworth gamed 14 to 287p. 

"■ Mew lime domras mar lake pface pence further following announce- J - Beattie A put ®P ® HI 

from sjo Lrn. nwha^s dav* o»rfier. ment of the banking statistics for response to tiieh^faer first-ha tf 
„ four weeks to An-yurt lfi. profits and Cantors A jumped a 

Despite continuing uncertainty ^ . linished 7 to the °"Ood at raore lo 43p following comment 

about the Governments general Uoyte^unisnea^to am Md at on th0 reco £ d figures. 

markets sTa^ed Tsha^tTchnS betier at 275p. Elsewhere, a firm Plessey returned to the limelight 
«cSvl?v yesterday Apart from market of late on hopes that the in Electricals, closing 5 better at 
h C S that the market had Sr° u P sa ? n be a Potion lfl 6p, after lOSp. following the 
tw^iin to look oversold following to resume interest payments on better-than-expected first quarter's 
U imi n terr u D?ed setback over the loan. FNC per cent Loan figures. B1CC reflected complete 
SSStoS P llre tradin- das" 19K-97 gained li points more to satisfaction with the half-yearly 
reasons for the lurnroind were « with the help of Press profits increase with a rise of 8 
5SSS5? to nnd comment. a to I30p. after I32p. but Decea A 

difficult to una. Technical influences left Insur- made 0Q iy a muted response to its 

Nevertheless. belter-than-ex- ances with gains ranging to 10. preliminary results at 455p, up 5. 
pec ted trading statements from In front of their respective Racal Electronics revived with a 
BTCC and Plessey helped under- interim statements today. Sun j um p of 12 to 330p, while sharp 
lying sentiment; the mid-August Alliance gained 10 to 35Sp, GRE r ises of 8 were seen in GEC, 310p, 
banking figures were also favour- 8 to 236p and Phoenix 4 to 2-nOp. an rf Thorn Electrical, 382 p, 
ably received and. w ith prevailing General Accident put on 6 at 22Sp 

condition, still fry thin and and Commercial Unton 4 at 152*. Sf^t. loft 

sensitive, leading Industrals were Trade Indemnity, on the other * l ?f r ‘ , £*.,f aJ ?_ V>,2ffirin2 

quick to respond lo a modest hand, dipped j to 175p following '•“L b d^rer a^ 

amount of buying interest The the interim statement. Jnr Vkkm isl and 

Prime Minister s speech to the a. Bell stood out again in u-JUkcr 242p closed only 3 and 
TUC had little impact on late Distilleries, rallying 10 lo 272p J* higher resf?ectiveJy. Following 
sentiment. Final quotations in the in active trading on hopes of a thc early-morning announcement 
leaders were a few pence below =ood set 0 f preliminary figures that CRN’s interim results will 
the best, but still estended m shortly. Gains of around 5 were ^ in nounced on September 13. 
around 14 and the FT 30-share ^-corded hy Highland. 149p. and tp e shares came under selling 
index up 10. 1 at on 3. a recorded its jjistiilers. 194p. while Invergordoa Bressljre some of it countiy- 
biegest one-day rise since Nov- movcd U( , 3 to i45p. Elsewhere, |n sn ired ’ and reacted to 273p 
ember S. The level or trade was Matthew Clark featured with an before settling 4 down on balance 
unimpressive, ^official markings, improvement of 12 to 168p; the al 2750 Elsewhere. Whessoe 
being only 4-,.0. This had been ann ual results are expected soon. „-| ned 3 to 66p in response to 
the case, however, m the recent Leading Buildings were marked p rP ^ Minment 
slide. ICI. up 7 at 407. traded higher on selective buying 

quietly awaiting Thursday's half- inquiries, but secondary issues . G®Mre» Foncard figured prom- 

yearly statement. remained subdued. Blue Circle mently in Foods with a rise of 22 

Thc majority of secondary firmed 6 to 2S8p and MIC 3 to /Sid V t5 e a ^ 1 offS 1 

issues followed Ln the wake of the 145 p, while Rugby Portland 7^\he“coimMLv' FitSi LoveU 
leaders. Among the sectors. Store Cement added 2 at SSp. ln Con- J"? f £"•{{ 

shares were particularly good strurtions. Taylor Woodrow stood J*“ , s 5 kj . y h _ d * and 
following the forecast Trom the out with a gain of 12 to 454p «■“» “1 

Henley Centre of an extended a no. aided by a bullish Brokers SrSideratton of the chairman? 

improvement in consumer spend- circular. John Laing A improved statement Associated 

inc during 1970. Above* veraw 5 to 2l3p. Awaiting tomorrow’s {«*"* J' S a io MsTwIule 
gains wore reucctcd in the FT- interim results. Richard Costam • Qf g or so were j- » 

Actuaries index for l he sub- findened 6 to 242p and in response S Jhhv M7 _ and Tate and Lyle 

section which recorded a rise of to the first-half return to profit- . 7fin Itnwntree rose 0 to 422o in 
2.5 per cent at 260.14 com oared ability. William Whitt ingbam put anticipation of the interim figures 
with an improvement of 1.6 per on 4 lo 38p. Elsewhere, Heywood . v v 1 j C } 1 P are due shortly and Carr's 
cent to 231.8 in the All-Share William, found renewed support atoS JMS 

index. and firmed 3! to loljp. while interest t0 4^ 4 higher at 62p. 

Encouraged hy the good bank- G._ H. Downing moved up 4 to somportex, at 70p, regained 2 of 

inc statistics which should augur 135p in a restricted market. yj C previous day’s fall of 6 which 

well for the next round of monev in thin trading conditions ahead followed news of errors in the 

supnly figures. British Funds loot of tomorrows interim results, ICI ^ 0 f accounts, but Nurdin 
a distinct turn for the better, advanced 7 to 400p, while Ftains and peacock eased a penny to S6p 
Earlier modest gains in the shorts added a like amount at 3»pp. on y, e first-half figures, 
were extended to 7-. following the Buyers came For Crystalate, which Hon*ies Forte returned to 

announcement, while initial gains put on 3 to 3« n. but small selling ^,°^ t J° snd ^Sererl 

of 1 in the longer maturities were clipped 7 from Blagden and nfkfftftefTKS 

increased to J a point by the Noakes, at 246p. day , g faJ j Qf - on ^ nervousness 

close. Activity ,n . * be . 'alter, re- about the imminence of a motor- 

mained at a low ebb. but a little §tT6SS advnDfP way catering report. Grand Metro- 

1 JlS politan were also supported at 


announcement, while initial gains put on 3 to 3?n. but small setting -.J™ nSJ^and 
of 1 in the longer maturities were clipped 7 rrom Blagden and -f" g Afoofo = 

increased to l a point by the Noakes, at 246p. SJ faU of 7 on n 


Stress advance 


close. Activity in the latter re- about the i 

mained at a low ebb. but a little Strode nrivanri* -wav cat«»rh 

more trade devcloned in the S1TeSS aQVaIlce nolitS uJ 

shorts where the firmer trend In contrast with several recent j^d ud 4. 

continued into the late dealings, forecasts, a prediction that the p ’ v 

. . „ ,, current boom in consumer spend- ... _ 

in - would continue throughout MlSC. I 
ifs> s .support f«?d e\pniuallv to a ne^t vear stimulated Stores 
more evenly balanced and^ dwersi- Gu n\eZ \\ clowd 10 I higher at Mlscellan 


Misc. leaders rally 

Miscellaneous Industrial leaders 


sion factor was 0,06 . 1 (0.7094). Burton issues were again well to Press comment, while Metal Box 
Activity In Traded Options the fore, a resurgence of specula- added S to 384p and Glaxo 7 to 
picked up considerably with S97 tive bid hopes lifting the 6l2p. Awaiting further news of 
contracts completed, compared ordinary 12 to lS6p, ahe A 9 to the talks currently taking place 


3VOTICE OF REDEMPTION 
To tlie Holders of 

CABOT INTERNATIONAL CAPITAL 
CORPORATION 

9]/z% Guaranteed Debentnres Due September 15, 1980 

NOTICE IS HEREBY GIVEN that, pursuant to the provisions of the Indenture dated as of Septem- 
ber IS, 1970 providing for the above Debentures, f 1.000.000 principal amount of raid Debentures bear- 
ing the following numbers have been se l ected for redemption on September 15. 1978, through operation 
of the Sinking Fund, at the redemption price of 100% of the principal amount thereof, together with 
accrued interest thereon to said dale: 

DEBENTDEES OF $1,000 EACH 


with several Canadian concerns 
regarding the passible sale of 
Reed Paper, Reed International 
advanced 7 . to 165pl Secondary 
issues also provided several fi*™ 
features racludmg A. and R- 
Findlay. which moved forward 5 
to 4Sp following revived specula- 
tive buying in .a thin market. 
Mirroring the return to profit- 
ability in the- first -half and the 
resumption of interim dividend 
payments, Myson gained 4 to 73p, 
while Of rex jumped 10 to 10op 
following the • sharply higher 
interim earnings. Diploma added 
4 at 205p also after trading news 
and Hunting Associated put on 
10 to 32 5 p following demand in a 
market none too well suppled 
with Stock- 

Motors and Distributors moved 
into higher ground under the lead 
of Lucas Industries, up II at 332p. 
ERF rose 5 lo i2Bp for a two-day 
gain of 12, while. Dunlop, at 7Gp, 
regained the previous clay’s fall of 
2 attributed to adverse Press com- 
ment. tics Service were active, the 
Ordinary hardening 14 to SSp and 
the new nil-paid shares improving 
a penny to 6£p premium. 

Further institutional opposition 
to S. Pearson’s offer for the out- 
standing minority in Pearson 
Longman left the latter 5 lower 
at 242p; the former eased 2 to 

228p. 

Tridant Printers returned from 
suspension at SSp before closing 
at 82Jp, compared with the sus- 
pension price of 80p, following 
the agreed revised offer of Sop 
cash per share from Starves t 
Investment. 

Properties encountered a rea- 
sonable demand and closed at 
best levels. Land Securities, 237p, 
put on 4. as did Stock Conver- 
sion, at 262 p, while English Pro- 
perty. 40ip, and British Land, 
452p, both improved lip. Mount- 
view Estates advanced’ 12 to 71p 
and Bernard Snnley 30 to 27Hp, 
both aided by speculative interest. 
Gains of 5 were established by 
Property and Reversionary A, 
320p, and Warhford Investments. 
335p. whDc in a thin market 
United Real. 300p, Improved 6. 
Buyers came in for Great Port- 
land. 6 to the good at 20Sp. and 
Cbaddesley Investments, 3 up at 
54p. Peachey Property, a penny 
better at S3p. withstood the an- 
nouncement that the oroginal pro- 
posed sale of the Park West com- 
plex bad fallen through but dis- 
cussions are to begin imme- 
diately with other interested 
parties. 

Dull of late on the Bingham 
report controversy, lending Oils 
made good headway on renewed 
investment demand. British 
Petroleum, ahead of tomorrow's 
interim results, advanced 20 to 
894p. while Shell improved 8 to 
572p. llltdamar put on fi to 238p, 
after 240p, and Tricentro! 5 to 
173p, while Barmah hardened 2 
to 83p. Oil Exploration, 202p, and 
Siebens UK, 376p, both gained 6. 

Investment Trusts took a turn 
for the better as recent small 
public selling ceased. New Throg- 
morton Capital advanced 7 to 137p 


on the publication of its net asset 
value, while Ambrose Capital, 7&P, 
and Triplevest Capital, 154 p. put 
on 4 ana 6 respectively. Atlantic 
Assets rose 3 to 104p, while 
Bishopsgaie Trust. I86p, and 
Broadstone, 264 p. both closed 4 
better. In Financials, London 
Merchant were noteworthy for an 
Improvement of 5 to 128p. Lamom 
held at 17p; the price and change 
in yesterday's issue was Incorrect. 

Awaiting today's interim state- 
ment P and O deferred fluctuated 
narrowly before closing a penny 
easier on the day at 84p- Other 
Shippings were also quiet and 
little, changed. 

Press comment directed attention 
to Harold Ingram which moved up 
■7 to 34 p. Elsewhere in Textiles, 
Caird (Don dee) hardened JLV more 
to 20p and Shaw Carpets im- 
proved 3 to 66p. In Tobaccos, 
Imps gained 3 to 84p following 
reports of improved trading. 

Robbers edged higher ln light 
trading with Highlands ending 3 
harder at 116p and Guthrie 10 to 
the good at 373 p. 

Strong De Beers 

Strong continental and U.S. 
buying in the wake of the recent 
hirfi dividend announcement, 
lifted the price of De Beers by 13 
to 45 Ip. The rise was accentuated 
by the firm investment dollar 

p remium 

De Beers were the main feature 
in a strong-premium Financials 
market Union Corporation, 13 
higher at 31Sp. Johannesburg Con- 
solidated Investment, i firmer at 
£16 and Anglo American, 12 
harder at 356p all responded to 
early Cape interest 

But this degree of interest did 
not extend to South African Golds. 
The market tended easier in front 
of today's International Monetary 
Fund bullion auction, following 
the slightly lower trend of the 


gold price which closed $1.30 down 
at $209,875 an ounce. 

The opening of the U.5. markets- 
induced a steadier tone m later 
trading, but business was at a 
low ebb, mainly, confined to pro- 
fessional dealings. However, the 
rise in the premium led to over- 
all steadiness in sterling terms' 
and the Gold Mines Index rose 
3.2 to 186.1. 

Among the heavily priced issues, 
FS GednJd were 4 higher at £10£, 
while Vaal Reefs at £16& and 
Western Holdings - at £213 both 
gained i- 

Business in London Financials, 
was also subdued and with the' 
exception of Selection Trust, 
which rose 6 to 456p, they did not 
exhibit the same strength as the 
domestic industrial 'market Bio 
Unto-Zlnc were 3 harder at 232p, 
while Consolidated Gold Fields 
and Charter were both steady at 
I90p and 146p respectively. 

But there was brisk trading in 
Australians during the morning. 
Later, nervousness crept over the 
market and prices. tended to close 
beneath their best Interest was 
again centred on uraniums and 
diamond stocks. 

Pancontinental were & easier at 
£14} .after the Northern Land 
Council statement about JahHuka, 
but the Ranger partners were 
very firm with PekorWnHsend 12 
better at 564p and EZ Industries 
10 higher at 2S0p. 

Conrinc Rio tin I o, the leader of 
the Ashton diamond venture, 
slipped to 31Sp for a net fall of 
4 after being 324p. while one of 
the smaller partners. Northern 
Mining, finished at 124p; for a net 
loss of 6, after Initially trading at 
130p. 

Diamond interest continued to 
boost Tanganyika Concessions, 
another Ashton partner, and the 
shares closed 3 better at 177p. 



OPTIONS 

DEALING DATES Of ICI. Land J. Hyman, Laid 

ptAuu Brick, Fitch Lovell, 

First Last Last For Electronics, ERF. BiSfi 

Deal- Deal- Declare- Settle- ^ Atlantic Assets, Bortaa 
ings uigs Don ™ ent _ j. Halstead. Property amt R™ 
Aug. 30 Sep. ll Nov. 23 Dec. 5 s | 0nary a. Stock. Cenvenft 
Sep- 12 Sep- 25 Dec. 7 Dec. 19 LonrBb and Mining Supnlf 
Sep. 26 Oct- 9 Dec. 7 Jan. 9 puts were done in BP, Bofe 
For rate indications see end of and Hollingsworth and Dank 
Share /« formation Service while a short-dated double.'^ 
Money was given for the call arranged in P and O Defected. 


LONDON TRADED OPTIONS 


NEW HIGHS AND LOWS FOR 1978 


The folio— le, eeeorltlw .ottore . In t he 

Sture inromaikan Ser*iec yestjj-aay 

attained new hi eta and lows for 1978. 


Am ax 
Bow Valiev 
Clark <M.> 


NEW HIGHS <89) 

AMERICANS <1> 
CANADIANS (1) 


BEERS (21 _ . . 

WDKhmptn. Duller 
BUILDINGS (72 
Certain tIO Mllbur v.. . 

Crouch <DJ Taylor WOOOTOW 

Downing iG. H.i Warrington 

HerwoodWlllurg^ 

Brent Chrms. Cauite A Cbem. 

STORES C7) 

Cantors A • Cone Sportswear 

Casket (S.) Walker (Jas.} 

Liberty Wcnrwall 

Do- N-V Ord. 

ELECTRICALS U) 

■ICC Plessoy 

ENGINEERING (7) 

Sevan (D. F.> Savllle Gordon 

Bra ham Millar Spear & Jattsoo 

Edbro Stothert A Pitt 

Mining Supplies ‘ 

FOODS <21 

Carr'S Milling _ CoWrcl Foncard 

INDUSTRIALS (101 
Biddle Pent a. 

Chamberlain Phipps Do- 'Spc Co nr Ln 
GramDian 19B5 

Hyman tl. & J.> Reed 1i*L 

Med minster Relyon PBWS 

SkKcWcy LEISURE m 

Nationwide Lei^^^ 

E.R.F. British Car Auctions 

NEWSPAPERS (1) 

BPM Kldgs. A 


PAPER (Al _ 

Bcmrose Oxley Printtno 

Clay (R.) Trldast Group 

PROPERTY IA) 

Mount* low Warn ford Inv. 

Utd. Real Prop; Westminster Prop. 

SHOES (2> 

Ncwbold A Burton Ward White 
TEXTILES (5) . 

Caird (Dundee) Small A-Tldmaa 

Haggas U-1 Ter n-Conso late 

Shaw Carpets 

TRUSTS (4) 


Crescent Japan 1 Jardlne Japan 
G.T. Japan' London Mgrtkani 

OILS (2) 

Burmah CCP North S*a 

MINES (51 ~ ' . 

Coniine Rkxinto Pefco-Waiisentf 

Endeavour 

NEW LOWS (l) • 

- INDUSTRIALS (1) 

Wilson Walton 


RISES AND FALLS : 
YESTERDAY 

British Ponds 73 " ~ 4 

Cm. Own. and Foreign 

Bonds 14 : 48 

Industrials - S» M m 

FiaamUl wf Prop. ... 2S2 33. 223 

Oils IS 3, 14 

PiaotetiM ... 4 4 -23 

Mines 78 A >52 

Recent Issues . 15 3 TtS 

TBtels ■ LOW 147 Z.B9 



ACTIVE STOCKS 


FT-ACTU ARIES SHARE INDICES 




lomina- 

tion 

fi 

25p 

■Inn 

No. 

of Closing Change 

marks price (p) ond3y 
14 400 +7 

12 310 + S 

19 572 + S 

1978 

high 

414 

317 

602 

1978 

low 

328 

233 

484 

25p 

30 

2S3 

+ 5 

304 

227 

£1 

10 

S3 

+ 2 

84 

42 

50p 

10 

112 

+ 4 

121 

87 

snp 

9 

130 

+ S 

132 

99 

£1 

9 

SD4 

+ 20 

926 

720 

R0.05 

9 

431 

+ 13 

464 

285 

2op 

S 

712 

+ 10 

.725 

583 

25p 

S 

227 

+ 7 

233 

184 

50p 

8 

194 

+ 5 

- 204 

3B3 

£1 

8 

275 

- 4 

296 

24S 

2np 

8 

330 

+ 12 

344 

196 

23p 

7 

312 

+ 10 

326 

256 


These indiees are the joint congelation of the Financial Times, the Institute of Aetnaric»: 

and the Faculty of Actuaries . 


654S 7610 
6551 7613 
6564 7636 
6606 7640 
6636 7653 
6645 7665 
6660 7700 
6666 7727 
6681 7734 
6715 7763 
6747 7773 
6756 7775 
6700 7770 
6765 7767 
6787 7831 
6796 7863 
6820 7873 
6833 7878 
6825 7890 
6837 7894 
6849 7905 
6881 7366 

6884 7979 

6885 7980 
6895 7936 
6917 7997 
6927 B039 
0950 8048 
6959 SOTO 
6969 3077 
6987 8084 
7001 8123 
7075 8141 
7087 8174 
7131 sm 

7134 8314 

7135 8235 
7173 8296 
7181 3310 
7184 8312 
7219 8314 
7233 8320 
7240 8321 
7270 8333 
7303 8349 
7314 8353 
7318 8354 
7329 8367 
7357 8305 
7381 8406 
7416 8411 
7419 8418 
7423 8427 
7440 8473 
7445 3484 
7491 8499 

7494 8505 

7495 8521 
7595 8508 


10110 10952 
10125 10953 
10161 10971 
10187 11010 
10189 11043 
10218 11044 
10223 11075 
10230 11083 
10244 11087 
10274 11100 
30263 11119 

10327 11143 

10328 11187 
30366 11171 
10373 11186 
10380 11190 
10387 11224 
laasa 11249 
10404 11255 
10410 11256 

10417 11279 

10418 11283 
10420 11288 
10423 U2B8 
10429 11295 
10446 11307 
10454 11326 
104© 11337 
1D473 11346 
20488 11356 
10513 11361 
10357 11385 
10563 11394 
10572 11407 
10574 11426 
10580 11468 
10643 11490 

10659 11494 

10660 11907 
30867 11528 
10685 11945 
10691 11551 
10639 11567 
10716 11575 
10720 11585 
10735 11602 
10743 11612 
10765 11628 
108 1Z 11661 
10834 11666 
10882 11673 
lOBBS 11679 
10885 11637 
10B86 11683 
30903 11701 
10810 11712 
10917 11713 
10939 11713 
10950 1173 L 


RECENT ISSUES 


EQUITIES 


lvsw .? %5\1~3' ■ • &,ock 1 R? j- = l2 >.£££* 

Price =- i.h-. " 

pj “ Ululi 1 Liny . i-* I "* > ; j 

90 t.F. I cl (1 iL'nrtiers 5npcrfcn>d'....i 76 ! 'At2.4ll d.l|4.8j 6.B 

«1 ; r.H.: — UU4 t ;i«Qtey...~ IOI2I { — [-I- - 

85 ; F.l*. 1 24 <8 1 94 ! 33 :HiintlwrPrtr. serviced 87 +2 A.66; 5^ 8.1] 6.1 

115 y.P.j 8/0: 154 1138 |Jones (8.) iJetrlrvi 10p|147 |~1 | 65 J 8.1< 5.&1L8 

i I 1 1 I 1 1 . I 1 1 


FIXED INTEREST STOCKS 




*C ; IS issj. ■ 

3tZ ~~ ~ j Hub j 1 


i. F.P. j - J 

»■* 

! F.l'. 8 <9 | 


. r.e. ! - 1 

10. 

C5D 1MJ£< 

rlj« 

• F.I*. 1 15,9 

'V. 

; F.P. 129/9 . 

?r 

: F.P. |29/9 j 

£rf,. 

• V.l*. , 7/9 . 


1 M*. ;29/9 | 

w 


[ L’S9 13 ’ FJ*. 


On Sepcmber 15, 197B, this Debentures designated above will become due and payable in such coin 
or currency of the United States of -America as at the lime of payment shall be legal tender for the 
payment of puLlic and private debt?. Said Debentures will he paid, upon presentation and ‘■nrrender 
thereof wilii all coupon* appertaining thereto maturing after the redemption dale, at the option of the 
holder either (a) at die corporate trust offiee of Morgan Guaranty Trust Company of New 
York, IS Broad Street, New York, N.1". 10015. or (b) subject to any laws or regulations appli- 
rahie thereto in the country of any of the following offices, at the main offices of Morgan Guaranty Trust 
Company of New York in Brussels, Frankfurt/Main, London or Paris, or the main office ot Al semen e 
Bonk Nederland N.V. in Amsterdam, or the main office of Banca Commercial e 1 tali ana in Milan, or the 
main office of Banqne Internationale a Lnsembourg in Luxembourg, Payments at the offices referred 
torn (b) above \rill be made by check drawn on a bank m New York Gty or by a transfer to 2 dollar 
account maintained by the payee with a bank in New York City. 

Coupons due September 15, 1978 shoud be detached and collected in the usual manner. 

On and after September 15, 1978 interest shall cease to accrue cm tbe Debentures heroin derignsted 
xqt redezmmaiu 

CABOT INTERNATIONAL CAPITAL CORPORATION 

Dated: August IQ, 1973 




■ — 

1 w 

■« 

F P 

' — 

: I" 

100p 

Nil 

: 7*9 

2t|. 

ft JO 

V.P 

— 

"1 • 

JJWf* 

F.P 

1,9 

toll-' 

* ■ 

I'.f 

=9/9 

10 1|. 

■ * 

r .1* 

-ia.9 

•V'L 

m 4 • 

F.l* 

159 

■Jl 

■.■49 J; 

r.l 



••A* 

11993; 

F.r. 

. 

1^1- 


F.P 

— 



1S| . AiuUotnroic 12*5 Prl 

98 U HinBlDghnni V«r Hale ^-80 

•*.- Il'affyns ti>5 Pni 

i*-J 4 lijundoa Var. II tit o Ht-1. 1883 

601, 1 Uix 12*? Ktd. 13So 

-n. [Central A Shrcrwryni lift Prrf ... 

'■I. [Cmty Spniu; Interlnr* |0J Prrf «... 

£T(p ;EJLF- KftCnm. ITel. 

02 Kaat Au«Ua Water 7% llct. J’rd. 1083 

n;!«:0. S. HfiMInga 10*^ Pret.... - 

•>91,! (venrinfffr.fi aikf ChelM far. Hmtc, ISK3.^ 

78 .I^tbam Janies &S Cum. Prol — - 

so iJlookiya UfJ Pauly Lonv. liihu Ijl 'ES-'S 

16p;X*)pwU awl Zambra 9J Cnv. Prrl 

vi* \rrtiwmpHKi V«r. Hate Iteri. 1983. 

flip i Pitman 0%L itm. Pn.1 

V..ihlEayt*vk lu;j fum. Prri 

94 HiiXorir Cum. Prrf 

j &'.5 'xiroeby Parke Bcrnet %% Cum. I'm 

ulilnyltuK V'nr. !{■«■• l!c«l. IKS .". 

9-1 1 a .■rfnMliolvrlf Var. Itaie 18E3 

nk WamlMTirill] VanaMe 1063 


RIGHTS” OFFERS 


.ilSispI 

.. 9878! 

. 98tgl ..... 

. 99S« 

.1 5t'i£ +** 

. 98 

. 98 

. B9p +Pa 

. 98 

. 100 . — 

. 99 U 

. 78 ...... 

bo ...... 

I7p;~l 

9»ft 

99(' 

lOOp 

95 +) u 

98 ! 

993*: 

' 984 4 , . . .. 
i yn;. 


EQUITF GROUPS Toes., Sept. 5, 1978 

(SOUPS & SUBJECTIONS T at I ara»t"&T 

Qrni Bfs Dir. PIE 

ysjmres in pi T w aiw M sbovr number ol Index Day's Vidd % Yield % Ratio 
in niuu^ ui ^ CtanfiB Wa x.) (ACT (Ntt) 

stoela per section % Corp. at 33%) Corp. 

1ta5E% ' - - TtaS% 


1 CAPITAL GOODS 070) 

2 Building Materials C77) 

3 Contracting-Construction (27)-. 

4 BectricaU04) .. — 

5 Engineering Contractors (14)_ 

6 Mechanical Engmeering(72) — 
• g Metals and Metal Forming(16) .. 

CONSUMER GOODS 

11 (DURABLE) (SB) 

12 LL Electronics, Radio TV (15) „ 

13 Household Goods (12) 

14 Motors and Distributors (25). — 
CONSUMER GOODS 

21 (NON-DUBABI® (175) 

22 Breweries (14) — 

23 Wines and Spirits (6) — 

24 Ente rtainm ent, Catering (17) _ 

25 Food Manufacturing (21) 

26 Food Retailing (15) — „ — 

32 Newspapers, Publishing (13>._ 

33 Packaging and Paper (15) 

34 Stores (40) ______ 

35 Textiles (25) 

36 Tobaccos (3) 

37 Toys and Games (6) 

41 OTHER GROUPS (98) 

42 Chemicals (19) 

43 Pharmaceutical Products (7) 

44 Office Equipment (6) 

45 Shipping (10).— 

46 Miscellaneous (56) 

49 INDUSTRIAL CROUP (495) 

51 Oils (5) 

50 569 SHARE INDEX 

61 FINANCIAL GROUPaM) 

62 Banks(6) 

63 Discount Houses fid ) 

64 Hire Purchase (5) 

65 Insurance (Life) (10) — 

66 Insurance (Composite) (7) . — _ 

67 Insurance Brokers (10) 

68 Merchant Banks (14)— 

88 Property (31) 

70 Miscellaneous (7) 

71 Investment Trusts (50) 

81 Muting Finance (4) 

91 Overseas Traders (19) — 

99 ALL-SHARE INDEX(673> 



FH_ Than., ] Wed; 
Sept Aug. 
l 3L 


FIXED INTEREST PRICE INDICES 


Ipmip; 

L'rkfi =2 


lai. -r. 

Klllllllr-. 

Llntn 


[ Hurh ; J«w 


Cknitiff + 
i'rlce — 


The following 
payment: 

11-257 3976 2203 
3S1 1979 2207 
703 2009 2503 
706 2014 2S14 
70S 2ltl 2535 
922 2114 2648 
971 2178 2834 
1466 2186 2647 


Debentures previously called for redemption have not as yet bean presented for 


2856 4B66 5317 5879 8947 10294 
2873 4868 5323 6468 9084 30744 
3085 4SG9 5557 S633 9304 1U743 
2161 <915 5564 5637 9308 11278 
3172 4916 5849 7628 9311 11282 
3184 439= 586= 7735 10051 11300 
3478 5073 5883 8935 10065 11605 
3473 5089 5869 8946 10066 11717 


31727 10418 13218 13333 13464 13791 14271 1496S 

12054 1254S 13220 13349 13485 13805 14315 14991 

12060 12916 13237 13358 13570 13803 14347 14992 

13176 12978 13251 13380 13G69 13924 14657 

12205 12994 13253 133S9 23750 13928 14670 

12222 1320= 23265 13397 23770 .14203 14720 

12385 13=05 13297 13422 13772 14204 14955 

12406 13211 13304 13444. 13778 14215 14968 


— I — J 7r.mi StmiAaraiaM Bn* 5[.»n|+ie 

— l — tfai.ra! ttpwJLT JL 46 mn 44 

— I — i <Ii [ 42 llwnk Ucmi-resl 64 __ 

71 I S7 Btackwno.1 Uaig.0 70 

~ ! — ! ifi.m' fSpBtChahh ....... 16ptn 4 2 

— I — i aipiu) 20im Cie. Kr. Petrolcs 80pm ...,_ 

— I — '9*1 inn epmiOwwta-— - • 9pm — 1 2 

— I — I llpm! J^miilaiLuu Scrvicca.. 10pm 

— ' — Ui.m'liarmltlKiiiiieL Dldin. ... 8pm 4Jg 

IU,-8' Zl/9. a A t ?d lUtttfa 95 +2 

1 1.9 27; 10! -ilniii'ilspm'Lrs optvIpck Big pm 4 I 

41.0 4,19 111 . iu» [Pn>perU Partner'll I s* ill j ...... 

— I — 1 r.1t.,nl ripui'Hicvirlfi Ln*; 84pm 

14 6 a.'B. u. • .'lecB'i-iiin _...i 153 

a&-B 122 113 JWiiilniu- J frt n.lWPI^ 122 +1 

18.0 15-9 I..4 ■ 92 iVi-L-lnn- Oivinn4l- 96 ,— 2 


British Government 

1 Under 5 years 

2 5- 15 years 

3 Over 15 years I 

4 Irredeemables—--.' 


To^ Days *d adi xd adj. 2 

SW- change Today 1978 _ 

5 % to date 

M475 4032 _ • 6.70 5 

11526 +051 — 7J9 _® 

12L51 +050 — «6 J 

127.00 +B 68 — • "922 

333X8 +9.44 — 780 10 


Tm-fcctav, 5Sf|A. 5 Mi.ndayi 

SejA.' | 

Ii»i« 1 VieW < 

.V,. ; “ 


Konunciain.fi aaic usually last. ilay lor Ocanuj; ftoc or sumo outy. BKinires 15 20-yr. Red. Deb t Loans (151 & 7 fu',in_aa -vita •> 

oast-fl on OTOSbecnif cStumIv. H A«mneO oreWend ana fu-ld. «. Korecasi dlndend: s «.a4. jlB-84 57.83 s 

raver IwSl 4 on prevwos u-.ir’s u arelBC&. r Dividend and yield based on prosyernu J 6 Investment Trust Prefs (ISt «i iim co 

«r odwr official estimates far 1979. o Cross. T Kbmns assumed. ! Cover allows ^ e M SL3Z 

lor conversion ol siures noi now ra*imi lor dividend or ranking only for restricted 17 CoiXll. and IadL Prefs (‘’Ot inu 1 ivqi infm 1 

dwtdemls I Placmt prtev r t public. « Pence unleu otfierwue indicated, t Issued J ‘ rreli - »-U) 70.66, 12.93 70.69 1 

tr * leader . *! Offered la holders ot ordinary shares n a “ rishte .” ** Lsood 1 

hy wav of capitalisation . <, HtnHnom lender price . 55 RctatrotfucetL S8 Issued m t RcdearpUn yield . Nighy and inn rrow . bax dun Bad 
connection wmt reotsanlsatwc aemcr or takevrer , lltf Introduction, Q Usaed tone s . A (fee or Uw ccnstitocats is avaflabh from 16fr PobUahtn, 
in ronner prefereace holders . HAnotmem lertem (or ItUlT - Mtoj . •ProvWoBaJ LsMtoa . EC4P 4BY , prior 13p. by wt aT 
or Daito-pald altonnem tetters . -^Wiih warrant *. -.. 


57.84 1 18 M 57.83 
51.38 j 23.64 62.52 a 
70.66 ! 12.93 70.69 


r Redemption yteW. High* ami lows reewn, base dates and 











































































.37 




-Ji o •' Ji At-y-v-W;. -v.. 


AUTHORISED UNIT . TRUSTS 



tfjj \*f ijfeK’m, kirk Ltd. iai 


:f 


Tjj,. n,n*i«WnwrTlrt /ijlmhmj 



Friwh - fravdL C*tt TT-^ttir^ Minster Fund MnuffH Ltd. ProrincinJ Ufe Inv, Co. 

iflp® ?“ “'««■»»». ArtlMK s f. 1 IX.4. OJAS 1050 23a.Wrtopawie.Ea2 

4S a SSESSrVb iKH:. 


^fedjfftmtss.&raBj* (a Igf " 

<( SsS? 1 H urna.B mtwead, qw; 

li. JB W1 cr BraWOttJ jBZTTr 21 l*JO 


Kanact fixbwewL »»«■#. >.• . 

►oil t» C.T.UhN mamgm^tMP 
S 2 i«n^»wK«w*«3it«a* ' 
** nrcuMBc - 

_.• Ufl At* .. .i: ... 

'ffiMiif 

rt.T.l'S ftOe . . 5*9 


545 
5 3? 


Prolific Units - , . . W 7 
HlIblltfMM: !»W 


U±f Site & PrtK*r raatinwd 
u-Sffiea ScoOMtt SeenHliM Lid o 


iwij :!3 


Target TsL Mgrs. (Scotland) <tf*b> 

1ft Albol Crescent Edin 3. ai-BPMZl* 


^'■Slf'sra j«kor 

9.. 4 lots, Dev&2 


stsssi— * 

U>ly MnM h .... 


am aw. rd~.. .pM 

*»rwrt« 
KVWdWU 
t Income ... - . !*7A 

Ea Inc. HO* 

-mCkuI Pndc 

» -g* 

fQM u^pU 
COf Aroenn...|S79 
; * K«« «n pt* Yai 

1 

4 UcrCa.'ard~,av .2 

Gnit.cmd. .|«i 
overysju 


st>iaagsfc- 

St 


5s?! 






"W-tarJl®^ Wait Trust MgemnL Ltd. 

-g-M 340 OWiSocen -Street. SW]|( ftjc. 01*073.13 


JW JiroiNw; 

7.21 Scotywid — r— 
Stowfiww • - 

Prudl. Portfolio Mngrs. Ltd.? fal(bHc) stole* YU *ft 


n V -I) 4 173 T>rS rt AroerEaglrW* 
563d »; 3 700 Target Thistle . -MU 

_. 6* T. -3 6t 445 Extra iaccmrFd .150.9 
285 1d . | 199 1 

1«W .. ! 67* 


«0| -02| | (7 


art mLaumu 1*66 

2.20 

mi Mataol Unit Trust Managers* (aXg) M-natf-MM,* Ca. Lid* 

tM 15, Copthall A*a, EC2R 7BU. 01008480 < * l, ' R * r VO. LW-* 


»J n 52 Slutnal*5ec.PJ«l . 
Mutual Inc. TK.- 


WO 3 
520 

... to: 

- 2752 
, m5 

Hcriborn Oars, KT1 N 8NH 01405 IC55 ■*'"**■ k AukuJ 23 N,xl ' ub Jll » ^ si Trades Union Unit Tst. Matutgers* 

Prudential.—. ... P»* .1*4 '»5| «•» scbterin** Tna Mngm. Ud. <4 »> S" L T^r!l. E »L7 HU “ffi 

- ifiOff- 08411 

2521-3! 


OFFSHORE AND 
OVERSEAS FUNDS 


.6 

Mutual &£» Chip "1*5.9 
. . , Mutual II l(hVUr. [41.4 
;0T7) 227300 

** National and Commercial " 


TbeSli Exchange. WSN I UP 
Quadrant Cen-Ffl. .11x2 a 
QuadnatlnctMiti-llUS 


010004177 Aiu.ti! 


l«.SoirthSowi.D*«:inff. 
Am — ■• W • 


11761,. I «B2 4;M “P , ll{SV&; 

m%„.V7n gsaS^- 


Reliance Unit Mgrs. Ltd,* 


CT.FoKtvSSd^Sl 
C. & A. Traat (ai{tf 
Bi ImletUt (WL 

s*s&??SPnf45f^ EftK. 
B-aSPS^'-asOT®®^# i3=: f mE&r 

flJa ita JSwwunDmwM-.-li7*# Sr 


Uiw 

Inr.yraWttrwl 

intol fircaro- - 


F.ur» Inccmr ftf 


5.15 


3" . .'S.aaOir a» RidgcOeW Management Ltd. u K im «- — * 

; . I» Nttkmal Provident Inv. Mngr*. Ltd.* 3»M(1. Kennedy ST. V*arttrslrr onSMSMt ['U'lttiW--®’ 


Starts widen 

SZXSSrg--- 

II K Gtl* -AfCBni 


ns 

275 
27 4 

306 
[40 4 
»6 
ilS 

310 
25 5 

22 9 
(29 4 

307 

23 1 



23 "1 

7SC ,, 
329KI . I 

41 4> *0 21 

32® *c: 
hj; *c 4! 
2«»4!-0.y 

33 V *0 7, 

3L7! mj 1 

24 H I 
U5j -0 1| 
31 C 1 *3if 
24 E -0 7' 

2IK -HJi! 


-311 Itb 
*0 A 170 
*0! 743 

*C V 194 


Transatlantic and Gen. Secs. Co.* 

(IWNm I am don Rd dwliarfottl 034555831 


002 HarHnm Auc 3! 

12* lAeeum I'niU. 

— fiarfa.EanL Aui» H« 
2 Siickm. Aug. 31. ... EJ 

larrum. Unioi ...... U14 

*18 CotewSe* l... . 135* 

— 1 Ar cun I'nltai .. . U33 
1213 comnid Anirotf SO.pSi. 

* 5? lAmim-Uaitw 
Oln S«t 5 — 

*E r Arcura. I'niai — 

4JK Marlboro 5epLS... 
Accum Units) — . 


slSwSSlSaS^iHc 0 iw.S ii! j. HenarSc brorfer w^sk & c«. lul* v»Gw*:s*pt5 

■ Afniro. urntii — 


120.CbMPV<rt.>^i; 


RtitbaehiM Asset Management tg> 


Ji? Whb* (Antes?) Unit TM. Ml*. Xid. 
2 iS S.FnatentyiM.WJtmWJW;. 


Wot on Augtut'31 Nest «te*nai Sol 
Prices no Srpt 0 Next dealiniSqiL 2ft 


**1 ieroon Unit' Trnat Managers Ltd. 


u, FeOClBUCn SLEC&g BAA. 

‘9«ihv.T.J m WM ftM 


Aacfaer Volt MgUL Cd. Ltd. 


- so sent 
UlS.fi 



<bUst.acav7?A 
MtniUrFiMa.pTB.i 


n-aaarv. 

mx*i 943 


inK Inunr:.: 

*aiA K Cr o wt fc tt ... 

(WA.n.FaeEi*«^.iz7T . -301 
- ' Dealing TWt fW 

Gnvett.fjchni* 

W. Ltsuiio Wall. tJC 2. ’ h 
S-Mr AumSB . .UKU - 

Da Arcam. l-nfl .pi 
.Ven dcaUngl _ 

Grkvaoa M auag e n ** .Ck Xid. 


a" National West minster*! a) 

ajO ML Choapalda. B3V 9EU . QL 


Capital (Actum |. . . 

IjRTIlK. MS 

F man dat . ..HI 

4B-M85ffM prowtblny.- . . 89.9 

„ Income 384 

,S Portfolio 1 IK. Fd... 72 b 

SWjK* .: 


m~ni 



NC. FouUy Fund 
NC. En*j J«.T<a.l 

N.dnroavFond. f 

N £. Inti. F<L line Jw 2 
N C Inti Ftf.(Areim« 
Nr. Sallr Cora Fd}15!L4 


' m 2iAs 


3 20 1 act nm tlniU- 
2*4 General AUS-® 
lAccuill«■^•* , 

a*l 24 


Rothschild & Lowndes Mgznt. (a) 


1909 *22] 

1231 *li _ 

1*9.7 -0 4 *a* 

JK3a *L4 146 EoTao«AWR24 

101 * .13 146 iAcMimTua*4‘ „ 

Uabn —0.4 4*8 -fv&L-uNADS* 1 

•SpffbWMl 
Hero 


foments - 1 - 


lit] s 
US] 
196 B 
act 
>913 
114 8 
[32.9 
]64 
177 T 
264 6 
190 G 


Si 3ns WWSBr-: 
^ Is tfSBR 

|S iAttumUBlUJ 

?L •• I Wick D l S opt 1 

Do Amin 


2C3 
3Ci 

he 7! 
jsff . . 

M “ 

27T7 1 . 

204 li| 


lu L'accijc f-a<S 02I7 


an 

681 

22s 
in 
43 
371 
4 67 



5*« 

5J4 

4 00 

451 
4*9 
5*1 
541 
485 
6K 
4.23 
AS 
2.74 
274 
3 JO 
J2J 
7.94 
S.4S 
5.9B 
*67 
9*7 
.7.9* 
7.99 


0I4S043S8 


..'..irma 145 ,g| .... | 4^7 Seattisb Equitable Fad. Mgrs. Ltd.* Capita] Auk »! — •• 

ISTncxI dealing sepi 15. -a-st AndromiS9 . SWinbursh 831 550810! ,Accura l,n,lw 


NEL Trust Managers Lid.* (allg) 


iBtfmat Secturktai U& yiKcj 
pweaSL London EC4RI8V 01-3983281 


alEromn 
1 Lnc. Fond - 
.tluca!. 

1 Pond. 


and J. p. ^ 

i'lteh if*b,:cum. 

p ^iir<as , ,“- 

2,'d s S &SSJ41- 

ltag 5 w. e J" apSSP-'j:. 

ilSVfNtSsSSMfe- 


mer. h DU. Ftp s 



SaGmbwaSLECZPZDS. 
gamntfonA(ig30-{22ia 
lArrea l'ottu .. .. MU 
BtasH TdAoc 31-1X899 
( Accmn.Cniu-. 2U4 
EMaw.Sqtt - ■■ 0*3 
(Aenm L'Cital ...242* 
OrncMr SM 1- U3 1 
PnlC* ..1MB 


™ .a£ss6£^-m - 

497 vAccuta CmUi — J75 i 


m 


71 422 
■5j 7.9B 


HIlfaYK ‘ ‘ ‘ ‘ 


014*844X3 Milton Coon, Dorking. Surrey. gflH 

44B Nelsur [M.7 61 U -07| 

• 48. NdmorHIgb Inr . .p09 5)34+8 

15? Norwich Union lumraoea Group <b) 

2 31 P.O. B01 4. Norwich. NK19NG. 0003 KSSOO Marlin Aug 30 — S60 
290 GbhjpTk. FtL . . 1369 0 308* +A* 4 94 lAccna. Unltai- .. U042 

Pearl Trust Managers Ltd. <a)(gRr) 

232 Huh Hoi born. WCJV7EB 01405 044! 

t 6 . 263J +0.11 4 56 

7 33.41 J 456 

9 36M+0N 690 

3 404-04] 479 


Kt fiwtthina Lane, Ldn . BC4. 

NawlPt. Exempt 

■ Price* m Aug. _ __ _ 

Income UBttl - - ft .’2 S55[ -04{ 

Rowan Unit Trust Mngt- L!d.*<a) Accum Ui^ __ 1»*„. . UJ. -w« 
City Gate Rae.,Fin*litjiySq.,ECL 814081000 


Tindall Managers Ltd.* 

18 L'anynge Road. BrinoL 

Income Aug » (185* 111 

lAceun I'uui . —Q99 > 


US* 

>1906 

114 S 


Jink day 'Airineaday. 


187m| 

■Jh 


9 la! SZZ Sebag UaR Tst. Managers Ltd.* (a) (AccunvU 
a -5 0 3 99 poa^siiBcUb^ Hv.fi.'l OtCMNWO *“ c 5,f 

it 8sees».Es ga:n iu » 


Exempt Aut. 30. 

i Ac cum Uaiui. — ! 

lnt Earn Ao( 30 -t 

lAcrum L’nlun 1293 0 

Prat Aug M OM.t 

linitii — D250 


3S6 

356 


Repil Tst. Can. Fd. Mgrs. Lid. 


CnnOjui Serai Ex. Unit Mgrs. Lid. fmti G rowth Fd..‘_ 

Koal Rxrhanri*. EC3P3D.N.' g«! ' 

iBHiGutcribRlT^m* 99M -Ug *21 

Hendencn Admlnstnatf^f iaKcW) lArcwa imw"— NU SMI-esl *.m 

?§ 4 “Sn zS Pelican Units Admin. Ltd. (gXx) 

uo 


Canal Fd 
1 acoate Fd 
In cm at Aag 


.. . .mi 7631 I 3 
OB 31 Nrn deal lii c S eptember 


3*1 

7.41 

U. 


hebmtSSSJ^d 
SecnrUy Selection Ltd. 

15 Ifl.LtMSlB'OlonFleli^. WC2 

... 5 

! 2 


tMS4 

uu 


Brairtwwwt, E*W4- 
2‘ K. Find* 

can. Growth lac 

C*j» HHMtn. Aier- 


Jp Tl0Ns 


•imy L'ntt Tat ,Mgg. tld.¥ UOtci 

Hixh KoIboiSiWCIVTNU 
5W*y Food... ML9 
es al Annwt 3t Nest sub. 


01-8318333. 



SSS7S3 


8! Fountain Kt , Manehealcr 
2** Prliraa Unite . . 190.9 
«b9 

*** Perpetual Unit Trust M»(ai. S (a) 
7M 48Hart St. Kenier on Thamos OMI208SB 
*40 PpaUudCpCth. . [4*5 47.7] 1 3.90 


Alic 30 

UnUSI . „ 

Scehlac-Ani 30 1171-4 

Wall Gimp 

t'apnal Growth. 

DO ACCQQL 

01-831 8034-0 extra | ac Growth 

iu «*■, «,«.»« llBrt«li , n«Arc. .B5S 278 j 217 Do Actum 

M. Jermyn Stieat. S B 1. 01 Dux! Gib W Inc . . 122 2 23 7? .. 1 237 Financial IVrtjF- - 

Do Arcum. 

Steanartl CnU Tst. Managers Ltd. <a> 

43. rbarWOeSq.. t-ciriLu.-ili 031-3303271 Sr-CLal 3jta [B.9 

ttoawart AaarrlOBB fowl 
StaoWid Unite... (68.4 73 0! 

Accudl [73 7 7* 

n-iihdnsslL'nite 154 6 52 

■final MUah Capita; Fund 



Save tt Pro* per Group 
_ 4. Great St Helens. London *X3P 3EP 

M1 238S8B SMOQsms A. Edinburgh EH2 4NX 
9771 4121 4» D*mHn*» 16 0145* B8B0 or <01-238 9331 
Save St Prosper Securities Lid* 



5 j i. 35 TSB Unit Traits iy> 

< • ■! ~ 21. Chantry Wot. Awkwer. Haute. 


IS 

941 

9.41 

489 

4.89 

765 

247 

510 


028482180 


Oil A Sml Kt-l 


clay* Unicon* Ltd. toHg)*(c) ^ , 

.•oroUo.352Roaalordad.E7 018MS566 


- ;«9n America— 

T «.‘ Ann. Arc— . .. 

— ^ lntf.fi 

^ 'UttfOl 

SaenmiTrt. - TU*g 
~ extra Inf omn .[295 

- ilnmcu) 

- HU , 

» 3*mrrtU 

JrowihAee — 

. ^tromeTiL. . . 

0 . Plf A di Tat . 

- as at Aaguu 



WULVuteMpt*. 
Oinwa Fund* 

Aaatrohao.. 

EutoaeM 

FirEnt ....„ — 

•« us Exjd -. 

N AmEip jstpt . , 

CalwcAwT 5m.cn. (6S5 



JE Piccadilly Unit Trust (aM b) 
TTtT: . Ajumv Olbta La 11 Tnot MMOT Ud. 
II 


UBlv. Growth... . [73 0. 714] elJz] 


293 

392 


Standtftf.-i . ■ - 1139 7 1 52. Old -4.5] 

ACC1UB.IMK . 262 6 17691 -2 51 

• Dralllic 1J7. 'Wot 


4 !2 
412 


D«al)nM in 0384 63432-3 


460 

a 

260 

23 

us 


lamaaias Incstne fad 

Hifh-Yleld (541 

BUgk lame nmda 

U<Sb Return .Ml 

jBCoae 1«.7 

ux rue 

UK Equity H3Z 

O w n— FandaU) 


UJj-Cg 6t5 


205 Sun Alliance Fund Mngt. Ltd. 

SnaAllmwHsr ilonhnm |R1D 84141 

24611 . I SIS 

329 


BS5 gftHMSft’ 


rail * 


io! 


firnlfr. 

CMwideT«L._ 

JoJFdiae - 

AeeaBL 


. S-rtaob day 6ecntnhac rtwBrtetabTroA-.HAOl 

union Tran *90 

tfiDoUarTnnt O * 

IblCavUalTmt HJ 
<6 j Financial Tram 35.7 

rtllnrwTnK — 779 
ibiSacorttarTroit. 5X9 
(BiHifh YWdTaL MJ 


"'msa-Mr mm ss 





W5 3. Predrrlck'a Place. Uld MMiy. BC2R 6H0. 

X4S 01-500 4111 

432 Extra Income.. ._B02 332*4 *021 

Small Co-1 Fd . . 4L2 ■ *53 *16 

236 Capital rand .. «j «ki *0.7 

3.67 IbL Etna It Aaacta. *97 Ml +1 1 

xn Private Fund 371 . 56 9a *0J 

168 Accundlr Fund.... 66.B JJI -14 

261 Technology Fund _ 62 7 4*2 *0 7 

127 FarEMtFd. ... 310 533 -0 4 

A mer ic an Fund... pfcS 20/ 

RIU Sssmel Unit TsL Rnt Urt 

4ABwhSi_ EC2P2LX Pnctloi Invest, C«k LUL* (yXr) 

5H 44, Rloooubury Sq WC1A2RA 0I4B38SM Hlch-Mbriaaam Froda 
* 2 Practical An* 30... 1 167 2 177.1].. .1 3.97 &elert Internal. . .. .ttllO 

Accura Unite. ..B364 J5M ... 4 3 97 Seieci Incomo '*'• 


1U Target Tst. Morto. UtL* laRgl 

*-» “ 


459di-0.jj aim 31i r^«taM.St . EC2 
486* 486] 4 9) STBS 


ibiTSBGmaral. [475 

<b) Do 

ibl TSB bartuaa — 
rbi Do accbib... 

TSB Scott iah 

ibi Do Accum 


Ulster Bank* (a) 
W art ng Street. BoUaaL 


3 72 
372 
732 
7 12 
2J0 
230 


003233=31 
417* -0J[ 5.S4 



Europe . .. .1904 

toC=rz~jzjN 

Setter Folate 

Commodity Ml 

Kaaciy R2 

FuancialSeea ]%S 


97. 

115 


log Brothers & Co. Ltd.* -<aMx> 
^HKtnhaUSt.,fiCJl - ,ot-S«»H 

,SS52f.”JHS. iSa:::ii2 

Next Mb. day Sepima^er 11. 



19 

i 

SL7|-n{ 2 


! « swaK-^Ki 


Tartfal Etjuiry 
TargacAtfAif 
034 *Do Ace. Quite 
137 Tar*rt Gib Pood . 


60 

LH 

290 


laid.* (aXg) . 

nnzhiiatophrr Stent. E.ci 
Inset bn- FBwt ]9* J 


01X77343 

993] -Uf uo 


James Finlay UaB Trot BCngL Ud.* 
taww Hgm* Car: m^£5Sb m ~gf!!l‘ “ 


,ibop4atCiE.C3 
i <«Pr M A«c30. M4 
Pte.-AOtf.30. B33 
teInt_ScpL3*„ USO 
. um.) SapL 5* _ 2Dji 
1 1 «ub. day *Sept*Bfber 18. 


10 


01-568 (OHO Aeeum Unit* (2*7 

321 CJ-bmooia 35 a 

... _ 372 C.i BmilU. 27.S 

^3- IS ffllBJk-Bi | 

12. Aceum L’nK»,„ — M6 JJ 

Prtca* Ansurt M NntdeaUag 

dge Fund ManagersViaMc) 


_ i.’WIUJaiaSL. SC4R0AR 


_ ‘rtcan&Goi^- g6 

- ted Ine.r~~~l 40J 

- Icc.t 445 

- . nptt l*£l 

_ -SLlne-t UJ ' 

icc.t [20.1 


- ins "Tue*. tw«L fnrora. 

30AL 8*0*. L 



Key Fund Managers Ltd. (i 0 
Ol-O3««l 25, HUkSLECav am 
Hi Key Eneccy liLPd.. 

gS&E: 

Ifl; K^FlBOdlnLFd.. 
la Xer S/ma co'aPd- 

S'W Kkimod Benson Unit M a na ge rs * 



- tannia Trust Management , (a) (g) 

- Bdim WaD Bv 
SO lenECZHSQL 


ctdun Wall Buildtntfa, JUmdoh WmQ. 

047UH7V 


DICES^ 


Enstitufeofi 


Salt, 1 

ndaiScca,. 
^General-, 

r Growth. ... 

Jrowth., f 

■LTaLShans. 

JSSti^r 



4.77 
"361 


30. Fenchnrcb St, E C3. 
KB. VoitFd. IB&..M6 ' 

•XB UmtFdAc— 1»4 •• 
KJLFd. lav. Turn.. srS 
IZBMI&TtLAcc~ J3 . 

,'RLlim:! &0 

Fd. Aec^o 

L& C Unit Trust 


R«rtySbara 

Skt.-. 


=z$ i*. 
111.- 


S3* 
ai 

521 +0,3 330 

:g ^ -HE- 

. SL/af +<U 43* 

«« .. . 4J2 

JMW+OJ 1» 


Brltiab Life Office Ud.*.(aP •• 

I Wince Hae., TnBbrtdtfeWrtla.Kt 060222271 
.9 rlttahUta..... jgfl - - M»48 jh 546 

alancmP. GELO 543 -S % SM 

ividend* [499 S^.-OJV 969 

^Mcca Sept. 4 NextrtuU« Saip? IX 

jffiwn Shipley Mt Ca. lid.*’ -V ' 
8bw.FotudeniCL.EC2 .'r. V Ol -890 8530 


SS ^2^ ;*9|. ThoMaefc Bcban*r, EC3N 

2 W! LAChtC-Fd.. .11452 - 

.S] LteClad*G«aFd.imo 


nCbance — 
~ Energy- 


tmn Sen. Ltd. 

37; Queen *■ St. London BantlHY 
*R*w-. J€jd*ciai*._.|394* O.Or 

■^BSSSL' 

tAcciam Dattal— . 

. tiGlK and Warrant 
XAmertnBFd^ui 
HAoeanl*attti»— 

—Hlsh Ylda3:— 

— (Accum. UMtei — . 

ShmL jttean.-'Toev ttWed. tThnni -Frt. 

Legal gi -General Tyndall Fund* 
Ift'COibtitfhltood. BrutoL ... 0272 322 

Dta.Aag.IS.i- MJ .. 66* I 41 

tAccam. Uniter. .-.ti79A 84* J 4.1 

. Next anb. dtf Sept. 13. 



0.50 

.830 

11.40 

U« 


2, Duka gt. London lYl* UP. . 01-41 

mm 



Do. (AOTJUi.., 

-EcetHMllCap.).- 

DoiAccnmj — 

TbinHIiKOuw). 

Do.UccunJ 

rourthiExlncy 

Dc.iAccum.l_.. 


ej5 

57.S 

§7 

79a 

gj 

■ «a-2 

. 77.J 

fjj* 

* 


IZ8« 

u.e 

*7.0 

|7£J 

TIM 


01-82313801 
423 
-12 423 

+0.9 2D2 

+1.1 262 
*8£ 566 

-11 566 
-0J 751 

*0 « 751 


LtoytTs Life Unit Tst. Mngn. Ltd. 
7Z-80, Gtttekouae Hi. AylMbuxy . O2O06M1 

Equity Accnm. ! — fUA2 17R1] 4 1^ 


rtBR Qnftf Tower Hill. EC3R KBQ 016M 4588 


ada Life Unii Tsi Mogw. Ltd.* , u u , 

2f.igh St, Petttroiv. Bert* . • fl, Bar itus ” * 6 wyj* WOW 

uT«n. Ac cm 
g>c.BtM.-.._ 
got Arao-t- 

(James) Mngt IidT - 





Ol-Meooie lAixurnajSsirt- "vfen.9. 
338 Cteapoondtopwtb. U40 
. 737 Conv er sion Growth HI 

, so. .Cnpvjemkmlnt IW 

- Dividead 121* 

, Unite) 333 

n ■_ _ ■ _ - sag 

Jmi lUmse. Newvasde-upQB^Trne . HUB -tAoenUnltn — f. Rl 

:^ms ..... 77.91 ,_:.J 365 ^atmVWtt. SiS. 

jjCccmn Units 44*92 *L7[ —4 3jS. 

ia « i SUkTHN^wJU--' . *8* | 7.S7 jSSSEm&L: 

1 2? 7J? & 

Official InrasLFdg. / SS5Stffi5SI g* 

^jKlcn Wall. EC2N IDS, . .. M ^88 381 3 msbla coete- M7.4 

pHs: m 

' ’ “ * t „«rui Manxgera Ltd.f(a>(g> *5 

*5awSL«ail4ia*^ ’ “=" 01-2833882 Wxm«. U idte3- _ 1071 

IGDOM • -841 Lg '-W 


S5ld Broad St, BC3N lBQ 

lgS===dM- : W: 

JBee* on Seqx. (TfJott deal log : 

^lol.UnH FdL-Bfg ra. Ltd.* laMc) 




lg $25Stt 

#.:w 

tion Ptaads Mgt U4* (a) 


Uni la) 

gpoebawA Owi a 

. .ancaty Lane, WC2A LH*. ; - OldUgOSB (AiSm Unltel ^ 7Z ^2.0 
5«tbPmai— 41+4KW - : <r*-63J 3.W Fharlbond AngJW. ' 

Sf . r . ... • ; . OjartW-firotT--. 

r^iMlIte a One* nwi aa . . (Arcum UmlaJ 

^fSmlSmitoSWISilO. OI-Z3S8S2S. »»*S** 4 - •- 

; ISj.^28 

^ Iftfi towr MaMgemant Ck-UK 

r,.- — —*1 ^]3x«'HiiaGr*4b*iBa-I5C2V7AlI 01-8MBU0O 




ZN 

763 


IsSST-S! 4 

Do R*lm. Unite- .. 32 0 

TarrolDK, 33 7 

TiOSfieOL* 1619 

Tax. Int.— I* J 

Tend.-- u* 

Ttfl. Special Stw. ■ 29 9 


Dcai;Dtfx02M5BU IbK-'lBer Growth _.[3S*‘ 

*2* -9!! 3 56 

5% Unit Trust Account St MgnH. Ltd. 
62S Eintf WilliamSt. EC6RBAR 01 

H5 PnarxRae Fond... R45 0 174 

ftieierGrtfa.Fiid._U1 7 33 

*60 Do Accum — 1374 

234 

J it Wider Growth Fond 

King William St. EC4R OAR 018234891 

inconie Unite glj S3MJ . ....j ass 



.411 Arcum UbiU 


E] 


l 

r 


INSURANCE AND PROPERTY BONDS 


AMey Life Assurance Co. Lid. Crowu Life Assurance Co. LUL* Lloyds Life Assurance 

■ 3 Si. Paul’* Church yard, EC4 012488111 iSowbLUo H*o..WoWbI.G 021 IXW06BS28033 30. cUttetr St. EC2.V 4MX 


Equity Fond 07 9 

32.7 

150.7 
156.9 
Dl 
1323 
1256 
128.4 
1368 


EdoliyAcc. 

ffi>tierty Fd 

PtopertyAcc 

Selective Fuad — 
Convertible Fond .. 

YMoney Fund 

eProp pa Ser.4 ... 
fMaa.FH.Ser 4.... 
VKqulty Fd. Ser 4..I363 
fCmiv. Fd. Ser 4 . - 


WMoecyFd Ser. «. 
Prlcecat 


m 


U^| 

. 138.7 —061 
1653 -0.7] 
961 -21 
13VJ +0.2 
1293 +03 
1393 +o3 
.144.1 —2 01 
36] -1 3] 
1169 -s i] 
1169 -0* 


Sept 5. Valuation liumualji Tueaday, 

Albany Life Asanranee C«. Ud. 

31. Old Burll rictoii SL. W.L 
yEgoiryFd Ace-..- 
VM»dlBLAce. — ! 
fGtdJtemcyFiLAe.. 
fmuitoji FVLAcin. 

f Prop Fd Aec - . 

flTplelnv. Acc..._. 

Equity Ponjrd-Ace. 

Fixed I.PntAcc 


MaBtf'd Fund Ace - 1063 
U ant'd Fd. Incm .. 1063 
e~d ra init . . U)*9 

ly Fd. Acc lose 

Equity Fd. Incm — 1060 

"Equity Fd blit M3 

Property FtL Ace _ 953 
Property Kd Inca.. M3 
Property Ftt. IniL .. Hi 
lawTn. Fd. Arc.... 1062 
Inv. Tit Pd. Incm... 1063 
lav. Tat Fd. lnlL._. 1053 
FUed bit. Fd. acc.. 90S 
Fxd.InLPd.iiKa.. MS 
Inter* l* 7 d. Acc . — U7.1 
later! FtL incm. — U73 


TT7TM 

rTT 


rrnT® 

itr 

saws.* 

a a L t J 

123.4 


IrTtM 

119.4 




ust 



180.1 

...as. 




1309 

137J 


120.9 

1273 



1386 


taut 

2261 



ULM +0.6 
11LI *06 
110.4 *o3 
1053 *53 
1053 +03^ 
1B4J *u3 
1065 -fl 3 
uo.5 -o3 
993 -03 
1117 
1X13 

ziai _...., 
1069 +03 
103.9 . . 
1233 -03 

+0-3 


1233 
ltll 
Uli . - , 
11201 *<L4 


MU-Gth. Jnly3I . . 
6.45 Opt5'A'Pr. Au£3l 
— apiS'A'Edt Autf.n 
. . . OptTA'HV.AUCJl . 
5 79 Opts - A*Hn Aui^U 
Opt^AT • 


13*724 

9tft 


1397 

147ll 


140* 

1461 


15*9 

1*52 


1564 

164.71 

..... 

1224 

120.9 

1 


752 LondsnlBdeinnitydcGnl.lns.Co.LtiL Ki^AntfM 


589 

1239 

ill 

10.00 


1 8-20. The Forbury. Rending 583511. 

Mol 

MSLfDbdbte- .—131.6 33 

Fixed Interest. .. |34 6 36. 

The Loadondc Manchester As*. Gp.f 
Wlnatada Park. Exeter. 0302-31155 

Cap. Growth Pond 
evWEXBmpt Fd 


Schroder Life Group* 

EncerprtSB Hum, PortuoAuCh. 

Equity Ans- 20 1__ 3*5.7 

Equity 2 Ang. 29 ZS30 

Equity 3 An| 20 — 1272 
Flxedlnt. Aug. 20 _ 1390 
Flacdlotfa Aiu.SOl 149.4 

Ibl Ul Aug.a 137.0 

KhSGIIt Autf.29— 1436 
1214 


070527733; 


— Flexible Fund 


AMBV Life Asanranee Ud.* 

Aixaa,8ja_Alm«Rd^Reltfate. Rol fata 48101. Equity Fd_. 


Money Fd. Incm. 

Mu. Fd. Incm. p6* 

Crown Bit. lBv.'A'..pU6 

Crusader Inanrance Co- Ltd. brr Truat, 

r*® 3 -* « ssfsSo-sw. 

Gth.PropSept.fl_ (726 823] f — 

Eagle Star Insnr/Midland Assnr. 

l.ThmdneedleSt,R(n. “ 01-388 1212 
Eagle /MM- Unite — [553 57 .4j +i.D| 5 96 Cowv Deposit*. _..|1190 

Equity fc Law Ule As*. Ssc. Ltd.* Ewuty Bond** Imm 

AnenfaBm Road. High Wycombe 


242.9 

a. 

1434 


942 

mmmm . 

1*35 

mmmwm 

12L* 



1517 

...... 

84.4 ■ 

re*- 

1004 

— ... 


MAG Group* 

Throe Quay* Itemr HU! EC38 8BQ 0140# 408B 
Pnr»-Penaloo"* — | . *969 

1253) 

MAS 


Mntfd-RlxAug30 ... 1373 
Managed 3 Aug. 20 15L0 

Money Aug 30 1064 

Money 3 Aug 28 1166 

Property Aug 20— 1961 
Property 3 Autf.29- 156* 
BSPa.CpBAuc.29- 1224 
BSPtLAceBAutf.29- £33.9 
MaPnCpB Aug ■ 30- 2076 
MnPnAceBAug3B_ 2464 
FxxUntPeiLCapJS. 176 
FxdJnU'n.Acc-B— 962 

Prop. Pen. Cap B. ml 

nwp.fta.AKB-- 172 
Money Pen. Cap. B . 963 
Money Pan. Ace. B. 97.4 
Oversea* * — 1962 


2*54 .... 
133.9 .. 
1464 
1573 — 
144J 

3465 

127.7 .... 
1466 .... 
1569 ... 
11*3 .... 
32*3 — 
1673 ._. 

1666 

1265 - 

1406 

2169 .... 
2611 .... 
1824 
1069 .-. 
1013 .... 
1024 ..- 
1IU .... 
1026 ._ 
UL3 .... 


AUEV Manned _,.D*5J. 

AMEVMfdV. u3D6 I 

AMKV Monay F6_.Eo.9 


AMEVFlx 

AMSVft 


AMEV 

FlaM 


MS 

Fd.— Ml 
^ Fd. 1852 
Ptei/B 1 1834 


132.9 

127.1 _... 
1115 .... 
1224 ... 

97J .... 
1034 .... 
1067 .... 

109.1 

10U 


Proparty Fd.JHL 
FlxadlntarxutF.. 


n»5 

PS7.6 

IW9.4 




_ Mixed 


___ «->w_Jy IBBO*" — 
048433377 FUDilyaiAe- 
CiU Bo ad* 

Intern* ini Bond**. 
Kanaecd Ed.*—. 

Property Bd**- _. 
Ex. Yield 




Scottish Widows’ Group 
PO Box 902 Edlnbnrch EH1A 3BU.0S14B68OOO 

luv Ptv .Seri es 1 

In» PIT Scrio>2._.. 
lnr.CaahSepC.l-.... 

ExCtAcc Autf. 30 — 


[UU 

1101 



1439 

109.4 


9S9 

1041 

... 

MSf 

132.0 



1462 



278.9 



Arrow life Assurance 

39. Uxbridge Read. W.12. 
KelM6Pd.Co.UBt. .»7.t 921 

SdJftFUSf U hl... 0063 110.4 

i5i 


General Portfolio Ufc Ins. C. Ud.* fSSSE&nSfc 

dOBarthoIoaiowCX.WalOnmCro^s. WX31071 Japan Fd lid.* 

Portfolio Fund 1 . 1476 | _. ] — Zncea uo 'Aug 30. 

portfolio cagrtH. -Jej 44.*( ..-4 - Merchant Investors Assurance* 
Gresham Life ASS. Soc. Ud. . Laos Uk-.. 333 HicfaSL.CYoydon. 01-8859171 

S Prince of Wales TW„ Hmoath. 0002 *787855 properly 


Autf 31. -■'September L Solar UanaBcd S _|1319 
Solar Property S._ DUD 

Solar Equity 5 (1728 

Solar FxtLbiL.' 


ftn-Kfd.nL- 


RarcJays Life Amur. Co. Ltd. 


0I-74BBUZ GJx Cart Fund 

I — G L. Equity Fund— 

f — GJ-GiJtniBd... 

.. ra-ihtL Fund _ 

..— ( _ gjl. Ppty. Fund (973 

Growth A Sec. Ufc Ass. Soc. LML* 



— Properi 

— Equity. 


rty Pent. . 


39UtomferdRd,£7. 
Barelaybonda’— Q36B 


Weir Bank. Bray-o a- Thames. Berk*. 0S28-3O04 Managed 


Equity Pirns 

Money Market 

Money Mitt. Pen*. ... 

Deposit 

Deport t Pens 



o 7 us3-Hi.iL 

value September 6 




I — ■ Managed Pens 

1 _ IntLEqu;ty_. 

lalL Managed — 

NEL Pensions Ltd. 


1561 

-. .. 


1*37 



*15 

IHl . 

— 

1772 



1424 



1844 


_ 

1298 





1422 



IMS 

1419 


_ 

106* 

..... 


105.9 



— 


01-83*5544 F1 rod bio Finance. - 

13691 | — bandbnnhSeca.. 

130 0I-U8 — lAndbnnkSca. Ace 

-OjJ _ G. fa S. Super Fd. 

Gnardlxn Royal Exchange icttnn Court. Dorking. Surrey.- 

Royal Exchange. E.C2 01-383 7107 NelexEq Cap M9 935) 

Property Bond* — (18*6 1922) 4 — Nelex Eq. Accum. "" 

Hamhro Ufe Assurance limited* »iSS SSn 




-6fl - 


_ 7 CHd Parte Lane, London, W1 

- - - M63 


Beehive Ufe Assur. Co. Ltd.* 
71.LambanT5L.EC3. 

BUlHotm. Sept. l-| 


IMS 


Fixed lnt Dap...- 

Equity. -.„_1 1903. 

Propert y- turn 

Managed Cap- M82 

Managed AM..-, — 1833 

Ovaneas ..... ... 12*7 

01-023 1388 GUI Edged - 12S.4 

[ — American Arc 1062 

PWB.FJ.Dep. Cap-. 121.7 

Canada Ufe Assurance Co. ; Si 

28 High SL- Potter* Bar. Delta. P.Bar 51122 Pen. Prop. Acc. K7J 

KqtyGOiFdfiwL* 1 ISA J I - Pen.Man.Cap U4.7 

Betas. Fad.Asg-7 .( 1336 I ......I - Pau.Mau.Acc £763 

C a nno n Assurance Ltd.* 

2 Olympic Wy„ WecnMey HA90NB 


01 -M2 8878 PH.&S 



BttL . 

Depart tBond 

EqnUyAcrum.— .. 
Property Accum. _ 

2nd Property 



- |-884(^- 
12^-40*1 — 
143-46K — 
1,B| -« - 


ftnjGUtBdgCap — 1225 
Pan. Gilt Eclg- Acc.. 129.8 

®* M S£=W 


Poo- D.A.F. Cap..—, 
Pen. DA F. Arc.. — 


1B1 

2M.4 

1J3J ..... 

1551 

1921 .... 

1395 

132.1 .... 

109.7 ! 

1353 

1593 ...... 

. 2175 

2821 . _ 

2161 

2W.C 

129.C ...... 

£367 

13*3 

1524 .... 


01-4880091 NalexGUilncCap .mt 


1299 

■» 


‘SS^ 71 - 


as 


_ FT: 


1930 
1056 

Hearts of Oak Benefit Society 
15-17. TavialOCb Place, WCIHSSM 01-3875030 PO Bor 4, Norwich NR13KG. 


3VL American 965 100.0 
2nd Eq. Pena./ Ace.. XOLO 
2nOPl>PenVA«!. .. 1165 
Sad Mi& Pem/Acc 1629 
2nd DaoftBUAK. 1003 

MM rill r 1 imi 11 1 1 urn 
m^H/Ace 9*5 


L*K* JJT.2 060 



CUrrma value September 6 


ms 2 ^2^21 
ftxJ°* 3 UU -4H 

\ms 1953 -6M 
2468 1364 . 


Manulife management Lid. 

St Gwagrt W^vSterenaSe. 043856101 

OMadhUattL^-^5.4 514- -I 5® 


AjDer.PdJ. 
-..latera afl — 
riHlgh. DUL _ 
Reaerve* — 
Tokyo 



18) lncoaeAn.30. 

&86 fiensral Aug. 30 

678 latenatl. Auf.je_l*67 

^ Mercury Pond Mfanacen Ltd. 

^rctloMiT Unit Fmai Managers o:mo*m 

oofiield SLvEC3II7Ali • m jn 'ua MctJCj 086' Sept 8_ [1953 207. 


.(OTA. ..nut, 


01-8284485 
4J7 


". Winchester Fluid MagL Ltd. 

ewry.EC2 - - .01M83157 

iWbtdwttr-IUUh-; - 2M s _J 673 . 
.ncb , (r.O , asa«l»M ' X« 


Acc. -Ufa. Sept 0. 

Mac.lnt.Auc.3b-- 

AccCtx.SepTd.__ 



dc Dudley T. tL. Mu g ianL ltd. 

lihgWlSh,S,WX 


SadlcyTOUHA V>aai^4 3JB 


B ank Group 

livst Bfanagen Lid.* (a) 

a,W ^^70642 

WMB79K. XoranodayAGco-ITt.*- 
Do A— -me ™— . —■ EJ 
_ _ — . G»adA-..— nS. 

;,liy * l«w Utt. Tr.St* (40X064 :- r~ Si 

fc-iham Rd- High Wywtenbe ^ 0*9*33277 ^S 

jfe*ta*_.J70.9 , . . 7*M -rtflj u5«5lE 5*7 

■ ■ •- ■ . ■' Ux Acctnn. , ri b&J 

UxdtMgt LM, W gi 

'eland Yard, EC4B5DH. fll*8«7l gj 

lid Do-Acnnu. : „fW7 - 


*88 
688 
275 
2.75 

3 -2 
297 
618 
6U 
232 

i»9 

•Pitraa at July 31. Next dealing August 3L 



rr.d*i»- 


CORAL INDEX: dose 503-508 


«3 

*jS-. 

4)^ 

7>* 

.<&r. 


INSURANCE BASE RAXES 

fproperty Gro wt h. — . 


tVanbmghGniraDtwL 


EJ.37% 


tAddrotf iton radar lontranco'snd Froparty Bond Table 


Capital Life Assnrance* 
Otnlrtiui Hmne, Chapel Art WTuu 

SS&&&3H.:| a fcS ' 


HearteolOak 1373 393| I — 

Hill Samuel Life Assur. Ltd.* . . 

N LA Twr_ Addtecambe RA, Croy. 014 
♦Property Unite ._. [UBA 267.4' 
ProporoyScriesA .. 1063 
Managed Unit*—— 1745 
Manacsd Series A. 103.0 . 

Manwnd Series C- 1U 

Money Unite 1216 

Moose Serin A— 965 
Fixed InL Ser. A— «I 
Equity Serifs A — 94 7. 

Pua Managed csp.. 1*7.1 
Pn*. Managed Acr. 15*3 
Pus. CToed. Cap.—. 

Pus. Gtaed. Aec-„ 

Pens. Equity Cup. 

Pens. Equity ACC - 
IF. .; 1m Cap. 


Nalea Gib Iik Ace. »5J 5*4 

NcIMirf I'd Cap -Sal 5061 

Net Mxd Kd Acc. .Jai l 51 »| 

Ncri Sun. day September 25. 

NPI Pensions Management Ltd. 

46 GracrchurobSl, EC3P3HH 01-823 4200 
Managed Fj ad- -11565 165 K . . I - 

film Sept I Next dealing Del 3 

New Zealand Ins. Co. fU.K.) Ltd.* 
Maitland House. Southend 5S1 2JS 0782812855 
Kiwi Key loi Plan. 

Small Co's Fd 

American FU 
FarEsM Fd .. 

OUl Edged « _ 

Coe. Depoul IU — r 

Nonrich Union Insurance Group* 
068322200 
+ 1J( - 


Solar Life Assurance Limited 
10*12 Ely Race London E-CJNSTT, 0L2422305 
134 +071 _ 

£39.1 - 

m.) ,2i 

. . s — UJ69 mj *03 ~ 

Solar CartS iso 1074 -8.1 — 

Solar Inti S .... —.1020 1061 -03 — 

Solar Managed P_. 1313 1361 -67 — 

Solar Property P 1127 1167 — 

Solar Equity P. 1723 UL4 -10 — 

Solar Fxd-lni. P — 1166 1223 463 — 

Solar Cash P 394 9 1073 «6J _ 

Solar UMl. P —|UZ.O 10M| -0 31 — 

Sun Alliance Fund M a a g mt . Ltd. 

Sun Alliance Hcuac. Horsham. M03S4141 

Exp-Fd InL AOg. 8..|££5fi3 U2JI I - 

lnf.BB-Autf.2B 1 0.441 1 — J — 

Sun Alliance Linked Ufe Ina. Ltd. 

Sun Alliance House. Bonham 0403041*1 

D29lS X35JM -071 - 

s9-_ 

hot* 115 § 430) _ 
H7.7 IBM 
tiiif ii6* 


Properly Fund 

_ International Fd. . . 

Deposit Fund. 

Managed Fond 


-M - 


Son Life «f Canada (U.K.) Ltd. 

2.3,6CorkspurSl.SWlY5BH 01SSO54OO) 

Mania Lf Grth 1 

Maple U. Man ad... | 


lUpItU.Eotjr. —I 
PersaL PnTFa. ] 


21 1A 
134 9 
£343 
2U.S 


MO.*. 

1036 

nz* 

99.7 

USJ 

SSi 

104. ft 

♦38 
♦03 
♦ 1.7 

1169 

1252 

1064 

97J 

120. ft 

109.9 

U2.tj 

—16 


rgot House. Cite house Bd. Ayiesfauy, 
ickx. Aylesbury 10208) 5843 


Managed Fund — .1239-5 



EqaiO" Fund--.., 
Property Fund ._. 
Flxedlnt Fond -...(1534 
Deposit Fund. --__ 

♦Nor. Unit Aug. 15. 


P4U 


2B.0 

3S0J 

1390 


2230 




Target Life Assurance Co. Ltd. 

Tar 
Buel 

Man Fund Inc 

Man. Fund Ace 

Prop Fd, inc. — — 

Prop. Fd. Ace 

Prop F6 Inv 

Fixed lnt Fd. Inc. 

Dep. FtL aw. Inc 

Ret Plan Ac. Pen. - 
Ret. Pta nCap-Ps o_- 
BsinuUuAn - 
Hct.PTaaMan.Cap.. 

Gilt Pen. Are 1131.£ 

GUI Pen. Cap.— 


rrm 

1035 

-.. . 


127.1 

ammmm . 

109.7 



M60 


1010 


...... 

10U 

1064 

...... 


lOLl 


rw 

8U 

-0.7 


714 

+05 

Uli 




126* 


iHAM 

1361 


12X1 

1293 



Phoenix .Assunuee Co. Ltd. 

*-5, Ring william st, Ec*p 4HH. oi6»fler» Tnuulnlernatienal Ufe Ins. Co. Ltd. 




Property >und. - _. 
ProportJ' Fund (At. 
Agnmliural Fund 


Charferhonse Magas Gjl* 
«W5^ “ “*• «t«i 

O&XlESS. r;. 

'.Managed. 

fc 

UnnupaH 


BM 

40 

...... 

29.4 

S8 


460 

4X0 


*7.0 



1535 


Pi-<1 

1305 


— — 


Pna.FxdJnt.Acc _ 

ftBS.ftep.Crtr- — Iffrl 
■ 08BSS8511 Pena. Prop. Acc — (972 

I “ Imperial Ufe Ass. Co. ol Canada A grie : 

lmpa rial House, Guildtont. 71255 Abbey bar Fund.. 

_ . xv m I Abbey Mat HriJAi 

78 

„ . _ - 3 H — ftrUollq 

Maaspsd Fund— 197.9 103J 

FlKwfbit. Pd M.7 

Secure cap. F4 — (169 
EqniqrFUod 

Irish Ufe Assurance Co. LttL 

ll.Flwbttiy Square. Ret ' 016288253 


Wealth Ass. 

EhT. Ph. A_- 
Eb'r. Ph Eq E. 

Frop. Equity St Life Ass. Co.* 
lift Crawford Street, W1R2A5. 01X880657 

w | -- 1 - 

153.4 

Property Growth Assur. Co. Ltd.* 

Leon Houro. CrofOoa, CHO 1LU 016800008 
3*7 J 
I860 


— 2BreamBldia-EC4IMV. 


B. Silk Prop Bd— . 

Do Equity Bd. 

Flex Money Bd. ._ 


_ Fd.. 

Man. Bond Ft 323.7 

Man. Pen Fd. Cap. . 127.7 
Man Pen. Fd. Arr. . 1360 
~ Manfd lav FdlnU . 1020 

— Mngd Inv.Fd.Aee_ [lias 


1257 .... 

£387 

134 4 -.... 
£03 . — 

107J 

ina 


uwini.nuui^uu«<ini. 

GrL Fd. SnS. 1 J75.4 . 

Pens.t'd^.Jqi. , 



RiBgytart Home. 8 Whitehorse Road, 

Croydon CTW2JA . Ol-W 

. Weal ftqp. Fund— Ul-8 
Managed Fund 1*3-9 

sgasfc-si 5 

PULA FU)ld - 1713 

Pens. Hngd! Usp. . - 111.9 

Peiu.MlMd Aec 1241 

Pans. Monry Cap.... 47.4 
PetaMpatyAre.- 495 

MMURfcm- »? 

Pena. Equity. A k... Ufa, 

■ Pbqd enrrenthr c need 10 new iumtmwit 

Pertum unite. an- ! — I ■ — 


CHy of Westminster Assur. Co, Ltd. 

PropTfiod.Sepl.1.. 

““«• Prop.jiod.tah.—. 


HJneCfap. Septl-.. 
id FWid 

Prop. Mod. SepL 1. .{U2.1 


J793 



1199.9 

Slag & ShaxMu Lid. 

82. Ota’s hill, Ed. 


Investment Fund-- 
larastnirnr Fd 1A1. 

Equity FnnJ 

Equity FucdiAl 

Money Fund - 
Money Pund'Ai— 

Aeluanal Pant -. 

_ gfiflSRIii: 

>m ♦Heliro Annuity ., 

OlaBICd. AonXy.— 


7787 

7715 

Stt 

MB 

*95 

1886 

uu 

1419 

1419 

1*68 

1234 

123* 

1864 

1*73 


♦ OJ^ 


aa = 


Trident Ufa Aasunnee Co. Ltd.* 

Renslada House, Gloucester 04U30541) 

Managed Otti 

SKz=® 

EquitelAmerican... 894 
ILK Equity Food.. U63 

HI Eb Yield. 1424 

Gift Edged 122.9 

Money 124 0 

Intern allnnx! 1083 

FlsriL . . . Ua8 


Growth Cap. 

Growth Acc 


Pens. Mngd. Cap ... 
Pens. Mm 
Peas-Gtd. 


— . Prep. Greet b feutenjt AamiHIr* Lid. 
All WUicr Ac lils 


— 9 All Weather Lap. . 
♦Inv. Fd lit;.. - ■ 
Pension Fd Lis..... 
016235483 Cone Pent Ed... 
Bond Fd Exempt.. 1102.21 lKI57]«S2fl _ Cnv. Pn- ^w. W 
Next uealiBtf date SopL 20. Mao. fttm. rd . . 

Looglum Wt Asatmnce Co. Ltd. JftSRt wT. - 

LaB|ham Ha, Holmbnek Dr, NW6 01203 52 U PrppiT’W 

Laaghaai’A' PU b.-|* 5J hJ " ,lr 

♦Prop Bom) — -VtiS&g 


- Wtep (SP) Man Fdf 


__ B. 


_ Soc. P*n Ut 
g.Soc t'aj« Cl 


(M3 1*541 

mo 135.4 

1452 
1323 
1503 
1344 
15*2 
140 b 
1494 
1347 
133.9 
1218 


Pens. Mngd. Ace.. - 

GtdDepCap.. 103.4 

- . 1864 

. . - - . . • H39 

Pens Pty. Are 1209 

-- TrdL Bond 571 


- Trdt. Gi. Bond — Ml — 


Pe ns Gtd. Den Acc. 
Pens Ppty. Cap 


*Cash value 


127* 


11M.7 
1125.4 



lor £100 premium. 


- Provincial Life Asmrancc Co. Ltd. 


Tyndall Astunacc/Pmsioos* 

I A Uaayitc* Road. Bristol 0272328*1] 

3-Way August 31 — 

Equity August 31... 

Bond AuguaSl — 

Property Aug 7 1 . . 

Deposit Aug. 31..... 

3-Way Pen July 20. 


Legal A General (Unit Asrar.) Ltd. 222,Buajop- tu*ic ECi 

Klngawued House. Ktngswood. - Tadworth, Mauaf 'idFA |132.4 


Surrey KT2O0EU. 


Surrey 

CaablD 


Initial 


C^irf Westminster Assur. Soc. Ltd. 

TriepfaeiM 0I6B4 0884 * • SSAerom.-Zl. SI 

First UtU IS.. 11355 13L51 - Ttaadtattltt. U7J 

Property U nits |U6 Mjg _...( — Dp. Ama ..._j_.(|53 


Ca mi a erel tl Union Group 

.St Helen's, 1. Underafaafc. BCft 

ffistas, , 8&i:l as lrj = 


Tail. Initial 1088 

Do. Accum. lffS.5 

01-3837500 M0 | «8«dl0lU*L-..U37 


Do. ACCtUL _....J125.I 

Property Initial (99.9 

Ue. Accum. : (193.5 . 

.. . . - Inpl * Gotnl Hfah TtaafiM 

CoafederaHon Life InMtruee Co. Exempt cartiniL.. " 

».Cba*«vLteH,WC2AlIIE. : W 

Do. Accum .... — 

Exempt Fixed lull 


♦Equity Fdnd 

ssesaak 

gte: 

PrOparty Pension _ 


1*79 1763 


187.9 1973 

•■•til. 

409* 


T7J «li 

lM11 

rT/^HIBVv 


1962 


2066 

0I44W 

1 


1465 




M 

.. 131* 

D4JS 

Exempt Fixed Inll 1342 

IJa. XoCUtU..- .(1161 

Exempt Mngd. Inll 

Do. Accum. 

Exempt Prop.IiuL . 


127.4 

I? 

_ Do. Accum- ..^.—.(99* 


m 


Burch 

US'd *D9j 
U6S+0.W 

m3 +o.i 

1267 +0.1 
119*1+0.* 


102. Tj 
106* 

S3 

ho3 

mg 

U7.n 

U3.7I 

184.M 


Heath 53456 PW Cart Fd £05* 

a-mjiBjsoe G|ltWnda j {1162 

Property Fund ......(967 


132J +0U 

1I&2 +03 

U7.9 .— 0J| 


Fund ijfiftS 

id 1967 



O'seatlni Aug.3I., 

01 J*. 0533 


Do. Equity Aug I— 
Do. Bond Aug. I — 
Do Prop- Aug, l — 


1272 



47*3 

— ... 



167* 

.... 

— 

1058 



S 28.9 



— 

1410 




840 

plll 

— 

1742 


re 

2718 

™r. 



180.0 


— 

878 

— 

— 


Vanbrugh Life Assurance 

41-43 Maddox St. Ldn. WlRfiLrt. 01-49040231 
,1516 159.61 +0JU 

0460 23AM +2.H 

|l07J ilia -O.rt 


01^058222 ^S*f d ri ~:'- 


— Fixed Intent Fd- .IUU 


Property Fd. 

Cash Fund — 


Fid. Jut Fund 

Prudential Pensions Limited* 

Ho! burn Bar*. BTIN 2NH 
Equit Fd AtttJO.DMI M 
FmLInlAug 16 . J£1 t*0 19 

Prop Pd Aus. 10- .{£2636 27. 

Reliance Mntoal 

rnt I °* a ? 3 T l Vanbrugh Penaiona Limited 
Rothschild Asset Management' »* “' 48B 48231 

016284350 xa | 

Fixed luteresl [978 103 a +0. 

Property 196< 301.61 _,. 


144.* 

U9.9 


1772 +02( 
152-3 

126J ....J 


— SI Sirittinxlra. London, EC4. 


N.C. Prop. - . . 
Ncci hub. 


■4U7-5 LB.Oj 
J. day hepteDber 2ft. 


Royal insurance Group 

New Hall Place. Liwrpoti' 0512274422 

Royal Shield Ml - -044 9 ,l»9i+01J - 

***”■ j[f2 60tSi Helrn'b Urin. tt3P3EP 01-554 8BB0 Mmwimaieriu 

^ ^ c.-i 1 1, Qneui Victoria BL.BOWUTp OI-SWMIS Bal.Inv.Fd. .-.*11329 140 7I+0.1 1 ■ 

CornhlD- Insurance Co. Ltd. LicPrjLFiLAur.+.pb.? idlti -...[ ' - . p£Wn> Fd ■ — 

33,CMnhU!.RCA 01-8M8410 •• N«rt «Jft day. S*pi l. GiltFri... 

'BftMt/MJMaP- - I --! 1 Life Aarur. Co. or Pennsylvania “»«’,*» JLffii.i 

193J]| ::;'J _ »-«NewJ9«id3t,WI7««l. 01-4038305 EqullyPen^-Fil (1954 

LACOF Unite. PW U40I J - . JRrop_ftnsJ21 


G&hpae: An^ns.^.l 
MnOxhFd Autf20.-{ 


CVt^U.i Cp^nmerci* Insurance- Lloyds Bk. Unit Tst Mngrs. Ltd. Sep^Kus^ “wk 


UP, HecentSu London WUVSFE. 01-087081 71,te»fa«rtlSl.ECl 

C<cCtf&8d.n. M ^,fUB,0 - 1320| „: H .| — __ Siam— ^,1103.4 


014231288 
war+ui 727. . 


-»U9. 



Giraranieed km In. Bate Earn' table. 

Welfare Insurance Co. Ltd.* 

Wuulade Parle, Exeter 0382-521 55( 

[ 1 182 J . . | - , 

For other lundx. please trier to The London 4 
Manchester Group. 


* Windsor life Assur. Co. Ltd. 


•rnm onRaiorti is. 
T Weekly dwBntfv 


laic Inv Plug 

FnmreAKd.Gtfatai 
FWurrAs*d.Gthrbi. 

Rcl Aud. fta#. 

Flex. lav. Crmrih „pfli7 


692 72ft 

— I 

2200 

~.~J 

4*20 


05.90 

."”.j 

105.7 11.13 

1 


AlMHder Fund 

a?, rue Notre Dame, Luxrmhourc, 

Aleunder Fund SUE7U I J — 

Not a«»« value Aug. 30 

Allen Harvey & Sou Inv. HfL (CM 
1. Charing Cron. Hl Hrlier.Jsy CL OAM-7374! 
AHft Gilt Edg.Fd. ... p.600 lo ittj | 12.15 


Keysele x Mngt, Jersey Ltd. ‘ 

Po Box BB, St Heller. Jerxey. . *Eng 016M Ttrtoj 

Fonxelm .-IRtUM 

BendHlex [TrtUtJS 

Kcywlex laYl R7.I* 7.1 

Krycetet Europe-. E5 M 4J 

Ccni. AxiouCap £13625 

King & Shaxson Mgrs. 



Arbuihnol Securities (C.I.) Limited i ch»riM croj*.^ HeHer. >«ey. iMiWJl 
ph Un.nu u h.i... . twia—i— 'alley Hse. St Peter Port. Gnuy. |048i> 2470* 

PU Box 3M.8L Helier Jersey n5 “'r , ‘‘ lTtomax Street Donglax.lftM. . iptt4i4M« 

Cap Tvl i Jersey > IU90 _ 129 0i ^ 493 Gilt Fond Uencv). (913 


...J AH 
‘ ' 2.90 


alinx , 

GevISecvTat .- - 719T 1«| . 

Next deal Irr daw September ... 
Ear. AlnU.Tstn'Ti- |12Z B 129.01 . I 
Next dealing date September 14 

Aastralian Selection Fund NV 
Market Opportuniuea. c o Insh Young fa 
Utah mile. 127. Krnt St Sydney. 

US5I Slum ! Sl/SLU |-093] - 

Nat -v«L-t Ynine Angun 54. 


G lit Tnis II 0.111.. [1032 
GIU FtxL GucrnxcytiUl 
Inti Govt. Sm. Tit. 


-»33 fjiM-era 

.[11132 105M \| 

iyti.451 — 


1240 

12-04 

12.40 


First Sterling .... 151797 UlU+0n| — 
First JaU 1 117.99 1814^+107] — . 


Eurlnvext. Lux. F. 
Uuerniey Inc 

Ranh of America international S^. KBr*rE*uFiZZ 
35 Boulevard Rujal. Luxembourg C D. “ 

WldtmeMlncume (R^13H 123751 .. ( 747 
Pncex at August 31. Next sub date September SglhiLS SSi. 

ft ‘linJlondaiDMi 

■Kft -4Pf m l^mr 

Basque Bruxelles Lambert 
i. Rue De la Regenw B lOOO Broitela 
Renu Fund LF. — 1191« 1973| -Si 


Kleinwort Benson limited 

20.FenrtaurebSt.IX3 016238800 

S5 

395 
IB 


1128 

-01 

17.9 711 


BJ 861 


SirsUO* 

„ M1 

jusmi 


SUS3859 



SUS1Z38 


5US529 


19.70 2680 


Ion p ayinc afttuU o 


1% 

L78 

a.iT 


Barclays Unicorn lnt. (Ch. Is.) Ltd. 
1. Charing Cron. St Helier, Jrey. 0SH73741 

OrcTtcas income .-14*.* 49JB [ 12.10 

Uu dollar Trust n.<<qU2 tz<8 1 3 TO* 

Unlbond Truii .. jKSSliZ USO) .. t 100 


in Lloyds Bk. (C.I.) VIT Mgrs. 

P.fl. Box US. Si Heller, Jerecy. 053427341 

, .6 *5 9| ...J 068 

Next dentine date SapL 16 


•Subject to fee and withholding (axes 
Barclays Unicorn lnt. (L O. Man! Ltd. 

I Thomas St. Douglas, Lo M. 00244850 


Unicorn Ann. Ext . 


5*9 

*12 


170 

598 


*9.9 

752 


404 

*15 

re.a. 

464 

44.1 


27.3 

294a 



UO 

U0 

600 

880 

140 


Lloyds laternatlonal MgmnL ELA. 

7 Rue du Rhone. PO Box 170. 1311 Geneva 11 
Lloyds lnt Growth. ISF5498 3765M — J 130 
Uoyitelni Income. |sn9M SllJaj ![ 64* 

MAG Group 

Three Qwn Tower Kill BC3R 0BQ. 01-8XB 48H 
Atlantic ScpL 5... 

AnxL Ex. Aug 30... 

GldEx Arc Ang30 ... 

island.— 

(Accum Units i.._ .. 



Bishopbgate Commodity Ser. Ltd. 

p.o. Box 42. Douglas. Iojl WB4-238I i Samoel Montagu i-dw *|t« 


ARMAU * AUg. 7 I 


•■HIB 
^_047 ] 

COUNT -AutT.. .[£2.432 2 

Originally Issued at *S10 


CANHHO-An^.7 ^ 


**£1.00. 


LZ3 


Bridge Management Ltd. 

P.O. Box 306 Grand Cayman. Cayman Is. 

N’bashl Sept. I i Y27821 J -.-.I - 

GJ*0. Box 380. Hong Kong 
NipponFd-Auf-30 .[tES29C ZL B( -...4 0.77 

Britannia Tst. Mogmt. (Cl) Ltd. 

M Bat hSL. SI Heller. Jersey. 0334 73114 

8gft — *- ***• 


114. Old Broad SL.E.C2. 

.Apollo Fd. Aug U.ISF4U5 

Japfeu Aug 31 HKSU4Z 

117 Grp. Aug. 23 -.fsfOl 
] IT Jersey Aug. 23. [£5** 

1J7 Jerxyo-sAuc.10 IU2.U 

Murray, Johnstone (Iuv. Adviser) 



183, Hope Si. C lugow.CZ. 

■Hope St. Fd | SUS40J1 

•Murray Fund — J SUS1U7 
•NAV August 31. 


Mt-221 5S8L 

I .d = 


— —-avert-..— 

Xnml. Fd. 

Jersey Energy 7Xt. fl37 g 
L-nivsl 5 Tit Sitf— ^238 
HublnLStlg-TiL.- h*0 99. 

l -S. Dollar Denominated Fds. 

UnivnLSTst. tOlSSU 

lnt High InLTW— ...pLNU T7 1 



in Ncgit SJl 

Lm 10a Boulevard Royal, Luxembourg 
NAV Sejtf. 1 1 SUSU01 | .. 


9.00 


Value Sept 1. Next dealing September II 
Brown Shipley Tst. Co. (Jersey) Ltd. 

P.O Box 383, St Kelier. Jersey 033471777 
Sterling Bond F«L..|£4.97 ltt.OM 1 H7D 

Butterfield Management Co. Lid. 

PO. Boa 180, Hamilton. Bermuda. 

Buttress Equity — ttTSUS 2531 | L6S 

Buttress Income aUSIW Ug . -1 739 

Prices at August 7. Next tub. day Sept. 11. 

Capital International SJL 
37 rue Nuk-Duk, Luxembourg. 

Capital lM. Fund-. . [ SUS14 27 |+9.05| — 


Neglt Ltd. 

Bank of Bermuda Bldgn. Haimlloa. Brmd*. 
NAV Aug. as |£*J5 - [ 4 — 

Phoenix International 

P0 Box 77. St Peter Port, Gnarnaay. 

Inter- Dollar Fund.(S2.a* 2*41 4 — 

Quest Fund MngmnL (Jersey) Ltd. • 
P.O. Box IK ft- Halter, Jnner- 053427441 

Quert Stic J'xd lnt. m* 102.7 

OneK Inti. Sees. — .BUS471 

Quest Inti. Bd. &US47A ID 

Price at Auguu 3 L Next dealing 


Charterhouse Japhet 
I, Paiornorter Row, EC4. 

Aditnpa [DM341S 

Adlrerba UH4JI 

Fondak DM32J0 

Fondls W2U8 

Emperor Fund IUS34Z 

m«pano- (H<S4L24 



Richmond Life Asa. Ltd. 

46 Athol Street. Douglas. LOJ4. 
i xlTbe Silver Treat I1B64 XU 

Richmond Bond 87.(1762 187J 

01-2483888 g! fW9 l 8K* lBd — 'P 37 * 

a -jm UO. feOM PO. _ .. .... 

JS Do. Em. 87/02 Bd.—! 
jj-oioj 493 

li-ftiof 5.04 Rothschild And Management (CL) 
281 F O-Box 56 St Juliana CL Gnernaqy. 04812801 
O.CJEq-Ft. Aag.31..[57.4 

Clive Investments (Jersey) Ltd. ocjSa5ir* p *' K 
P.d Box 330. SL Ueiier. Jersey . 0334 37301. oC SraCoFdAng31~ [154 J) 

Clive Gilt Fd. IC.lJ.jj.77 9Md| .| U.» O C. Commoditr — U43.0 IS 


OlraGUl FiLlJw. 

Cornhill Ins. (Guernsey) Ltd. 
P.O. Bax 157, St Peter Port. Guernsey 
IntnL Mu. Fd. (177 J 1950] J 

Delta Group 

P.O. Box 3012, Nassau, w-h«m— . 

Delta lav. SepL4-...|SUSU9 UK 


O.C. Dir .ConxUy.T- 152602 29. . 
■Puces oa Aug. 31. Next dealing 
tPrlces on August zi. Hast darting 



■1 - 


Royal Trnat (CD Fd. Mgt Ltd. 

P.O. Box 186 BoyslTM.HM n Jersey. 033437441 

RT. loti Fd KUS9M X6OI+0JII 3 ' 

RT. Int'L Mxy.) Fd..fno 99tf .~J 2 

Prices at Sept 6 Next dealing September 


3*6. 

222 

12 . 


Deutacher Investment-Trust 


Poatfarh >083 Blehergaxse 8-100000 Frankfurt. Dealing to: 


Save St Prosper International 


Concentre PHOTO 

Xnt Rentcnfonds— .pmUUB 


— 37 Broad St. St Heiier. Jersey 

VA Palter dnmrtnired hail 
Dlr.Fxd.Iiit-t — »J3 9, 

Internal Gr.** — - 7.94 6 

Far Eastern -t S5J* 57, 

North Amertcant. *H 4 

Sepre-*.— [1357 17, 

•Start teg den—iteatr d.rnnda 


Chans 


Capital*... 1245J 

\uii 


tSl Deposit 
St Fixed —4 
•Prices on August So. 


Dreyfus Intercontinental lav. Fd. 

P.O. Box M3712, Nassau, Bahamas 
NAV August 28 IRH1554 1751) 1 — 

Emson & Dudley TsLMgtJray.Iid. „ _ 

P.O. Box 7s. St Heller. Jereey. 053420581 cbannS Islands*! 

E. DXC.T. [Z3L0 I39*| 4 3.M Cpaaod.*^ 

Eurobond Holdings N.V. 

Handelskade N. WUlomszad. Curacao 
Lsndao Agenlm Intel. IS Ckrtetepber SL. EC*. 

Trt. ei-**5 m Wee 0I44S6 

NAV per share September 1 JUS2O.0O 

F. & C. Mgntt. LC<L. Inv. Advisers 
l -2. Laurence Poiuuney Hi) L KC4R OBA. 

01-023 4080 

Com. FtL Aug. 30 „.J SL' 54.46 J-0I7] — 

Fidelity MgmL & Res. (Bda.) Ltd. 

P .O. Box 076 H amil to n . Bermuda. 

5US36J7 I — [ — 

SUS26U I — 


0534-30081- 

7 M 


LO 



reJll* 

'Angnrt 36 —August 


31. 

tlnitial otter. (Weekly Dealings 

Schlesisger International Mngt. Ltd.- 
4I.LaMott«SL I SL Halier, Jersey. 0*341 


S.A.OX, 
CiltFd. 
Inti. Fd 


lntnl-FdJ^mbrg. „ 


Fidelity Am. Ass.. 
Fidelity 1m Pud. 
Fidelity Pac. Fa..— 
Fidelity WrW Fd .... 


■ftr Bast Fund 

•Next sub. 


5a 5 


. jS 


lift 




day September 0 


8J3 

Mt 


+3( zn 


SUS55-84 

5US1720 


Schroder Life Group ■ 
Enterprise House. Portxmotub. 


07M arm 


Fidelity Mgmt.Ile*earch (Jersey) Ltd. Funds 

Waterloo Hae, Don SL; St Holier. Jersey. 

0534 27501 


.[ £651 


.] £9.80 

...... 

4 £2073 




Scries BiPaclii cl. 
Series D iadlAss. 


First VUdng Commodity Trust* 





SA2.01 

00.99 


8. SL George's SI. Douglas. 1 

XtPxll 5W17 5JH. fc -030 704 

Fsl VUt Cm. Tsl „D4.7 365rt I i* 

Frt.VJtDWOp.TM. f7L8 7*4 601 

Fleming Japan Fund &A. 

37. rue Notre- Dame, Luxembourg 
Fleming August 31. | SUS4275 J | — 

Free World Fund Ltd. 

Butterflek! Bldg.. Kamil tun, Bermuda. 

NAV Aug 31 ] $U 5194.91 |+4J2| — 

ftrt I? London EC2. TotroTK-Sept I._| SU.S.4600 

Tel. 01-028 SUL TLX: 880100 


SFlxed Interest, 
Ulanaged 
managed 


J. Henry Schroder Wagg St Co. Ltd. 
130.Cbeapside.RC2. 01-5884800 

CbepSSepL I 1 SUS1259 

Tre&igxrJulyai— I SP S13301 
AaUnFd- Sept 4 — BD9Z4I 

Darling Pnd. f 

Japan Fd.Autf.2i_. 

Sentxy Assurance International Ltd. 
P.O. Box 326 Hamilton 6 Bermuda . 

Managed Fund, ISUS1H1 2J8ft — I 

Singer & Friediander Ldn. Agents 
20, Cannon SL, EC4. 01-348884* 

pekafonds [010*71 . 2Ufl[-al0| 6« . 

US 



gentx lor. 

Anchor 'B' Units. . .[JUKI 05 ml ..[ L93 

Anchor GIU Edge -WJ0 9W+0M 1M9 

Anchor lnt Fd„_...to5U4 5451 . ... [ L93 

Anchor In. Jxy.Ttt.p62 32S& I 242 

BerryPacFd._ | 5USSX90TJ I DM 

Berry Pac Strlg. — KL0 0 335.92 

G.T AatePtL- bou nif 

G.T ,4xin Sterling. . 0* 53 ' 177* 

G.T. Bund Fund \ 5US13.77 

G.T. Dollar Fd SUS7.74 I 

G T.PxciCcFdU. .... ISUSUM -Ut| 


*6JS] 


Stronghold Management Limited 
P.O. Box 316 SL Heiier. Jersey. 0581.71460: 

Commodity Trust _ (9073 94tf7j j — 


m - j 


Sminvext (Jersey) Ltd. (x) 

Queenx Hxe. Don. Bd.SLHeUer.Jsy. 080427340- 

l.U American lud.Trt..l£7g3 7.4" 

5.46 CopperTnm. — JU 

BSS Jsp. index Tb |Qi«J XU 

695 

rt.vnn. r- - . , . _ . TSB Unit Trnst Managers (C-D Ltd.. 

Garnsure Invest. Ltd. Ldn. A gts. nacntelle Rd_ SL Saviour. Jersey. 030473404- 

6 St. Maf)- Axe, London. EC3. 01-383 3531 j^sey Fund 149.8 52AM -aft 47* ■ 

Cjajmprr Fnd HngL (Far East) Lid. Cuarexey Fund |*9J SZbrt -0-rt 65* 

ISO®. Hotehlxoa Hxe. 10 Hareourt Rd.- Prices on Sept 6 Next sub. day Sept 13. 

SJS Tokyo Pacific Holdings N.V. 

5-70 {ml mis Management Co N.V, Curacao. 

NAV per share August 3* JUS70.45. 


HR fa Pic. U. Tfet _ 

Japan Fd 

N American TU. .... 

Inti Bond Fund. _. 

Innstme 

P.O. Box 33, Douglas. loll 
Gnrtmore Inti . Inc ~ 125 4 
Gartmera Inti. QrthffcS 7 



082423811 


M-1M 


Hambro Pacific Fund MgmL. Ltd. 
2110, Connaught Centre. Hong Kong 
ftr Rate Aug. 31 .-.-liKUTZ UB. .1 - 


Tokyo Pacific fDdgi. CSeabeard) N.V.. 

Inti sail Manage mem Co. N.V, Curacao. 

NAV per share August 28 5USSL33 • * 


._g.3l 

Japan Fund [5US9J3 


Hambres Bank (Guernsey) Lid/ 
Hambros Fd. Mgrs. (CXj Ltd. 

P.O. Bex 86 Guernsey 

expand £52.0 XU. 

Intel. Bood . SUS 10641 m.7l 
lot. Equity SUS 12.45 12X. 

InL Svgs. 'A' JUS L05 JL« . , M 

tel Svgtf. V SUS 175 L29j+0 Ml 150 

Prices on Sept Next dealing Sept Ift 


Henderson. Baring Fund Mgrs. Ltd. 

005. Cammoa House, Hong Kong 

Japan Fd.Ang. 30 . IIOSBUO 3 Ml .1 - 
Sanm: Reno. Bend Fd. Sepc i jusioaos. 
•Eeeluiiw of any prelim, charges 


Tyndall Group 

P-O. Box OS HsmOten 5. Bermuda, MW 

Overseas Aug. 30- 

(Accum. Units) UQSL97 

3-Way lnt. Aug.17 __|*U»7T 2' 

0481-20521 2 New 5L.SL Belter. Jersey HMSIttVS 

3 7B TUFSL Aug 31 — . KS U 

650 (Accum. Shares) 
i 5Q American Aug 31... 

850 (Accum shares) — . 

Jersey Fd. Aug. 30- 
(Non-J Acc.Uta.1... 

GlltFund ABf.30.. 
lArena.SfaarM).— 


yletery Bouse. Dan ina, tele at 


Managed Aug. l 



Jfi .41 ....J - 


Uld. IntnL MngmnL (CL) Ltd. 

It Muicu ter Street, SL Haller. Jersey. 

UJ_B. Fund mattH HUf .....[ 7.91. 


Hill -Samuel dc Co. (GnernKf) Ltd. 

LeFnbvre St.. Peter Port Guernsey. C.I 
Guernsey Til.. _..ii*0.i 171 J| -2.4( 352 United States Tst, IntL Adv. Ce. 

Hill Samuel Overseas Fund SJL M - RuB Ajdrjn * er - Lnsemboorg. 

37. Rue Notre- Dame, Uixembourg 

WfSBH asi ] 

International Pacific Inv, MngL Ltd. S. G. Warburg ft Co. Ltd. 

PO Box R2S7, 56 Pitt Si Sydney. AusL 
Javelin Equity TsL.[$A2Jft 2.40| .... | — 


U S. Tst Inv. Fnd „ | SUS1L57 I 1 

Net assets SepL L 


JJE.T. Managers (Jersey) lad. 

PO Box 134, Royal Tst H*e, Jerwjtl334 27441 

Jersey fcttmL Tst .(11*0 197.0J [ — 

Ac at July 31. Next mb. day August 3L 

Jardine Fleming it Go. Ltd. 

40tfa Floor, Conning hi Centre. 'Hong Kong 
Jardine Esin. Tst ._[ HKS311.95 
JanUoe J pn Fd.*..[ HKs«75 
SUS1IJJ 
HKSU.40 
HKSMJ* 

HKX4.70 ^ 

'Equivalent S&S84.01. 


3Q, Oeshaa Sireel EC2 01400 45S3 

Cmv B<L SepL 4... I SUS9.4M ]+0 jM| - 

Eng. InL Soul 4 1 SUSM.93 • j — 

Gr. SL SHLSopl I..I SUS7JI J ... J - - 
HercEbdHAugao.fcSJUI Ufi ..Q63M0 


JM Fd.*. 
JaPdin* SE. 
Jardine Finn Jnt .. 

Inti PatSeesjlnei- 

Do. I Arcum, | 

NAV Aug. 13. 


Warburg Invest. MngL Jny. Ltd. 

1. during Cross. Sl Heiier, Jsy.CI 033473741 
CMF Ltd. Ang. 31... f 

CMTUd. Aug. 31 .~ 

250 MeillllT*. Ang-17.. 

OH TMT August 11 

170 TMTUd. Aug. U-„ 



west sub. August 31. 


X.70 tmtlw.au*. u _..|tLLsa 1U9| | — | 

World Wide Growth Manageueni* . 1 

10 b. Boulevard Royal Liumbeurg. 

Worldwide Gth Fd| SUS16S9 j-MUft — 


NOTES 


Price* do n« Include S premium, except where. Indlcaxodjft and ore In pence urtm otherwise 
.indlested. Yields 9* (shown In last column) f w ail bj^ag MpragM. n «Jered priem 

«8I44| include aU expense*, b To-day's priced c Yield toed on 0 Her p rice. 1 I Estimated, g ^gdrt^ 
ope hi ng price, h Diatrifaullon Ire* of UJK. tax*? 9 Pwwdlc premium umurmneeptans. a Stegle 
premium, tnsurance. x Uttered price JssclmlM iUmwum except Jgw t’i cewrt^M. 
- Offered price Includes a U expenert If HoogM thflan g s Preriou* day-j priOKf 


Net of taxon realised 


I capital reins untert indicated by * 4 Guernsey pm t Suspended! 
* Yield Wore Jersey la*, t Ex-aubdivUiw. \ 

• * • • * A 





Amsterdam: P.O Bov 1296. Anraterdam-C, Manchester? Queen's House. Queen Street. ■ 

Telex 1=171 Tel: 240 555 Telex 066813 Tel: 081-834 8081 

Birmingham George riotiTC. George Road. Mnwow: Sadovo-SaAiotechnaya 12-24. Apt. IS. 

Telex 338653 Tel; 021-454 0922 Telex 7S00 Tel: 200 2748 

Bonn: Presr-haur. 1 1 .184 Keuaaafice 2-10. New York 75 Rockefeller Plaza. N.Y. 10019. 

Telex 8869542 Tel: 210039 - Telex 66390 TeL C212J S41 4623 

Brussels- 39 Rue Ducale. Pans- 36 Rue du Sen tier. 75002. 

Telex 23283 Tel: M2-9037 Telex 320044 Tel. 23657.43 

Cairo: P.O. Box 21*40. Rio do Janeiro: Avon Ida Pres. Vargas 413-10. 

Tel- 938510 Tel: ZS3 4848 

Dublin. 8 Fitm-illiam Squani. Rome: Via della Mercede 55. 

Telex 5414 Tel. 735321 Telex 61032 Tel: 678 3314 

Edinburgh: 37 George Street- Stockholm: c.'o Svens ka Dagbladet, Kaalambsvagi 

Telex: 72484 Tel 031-226 4120 Tele* 17803 Tel: 30 60 88 

Frankfurt: 1m Sachsenlager 13. Tehran: P.O. Box 11-1819 

Telex: 416263 Tel: 555730 Telex 213930 Tel: 682898 

Johannesburg. P.O. Box 2128 Tokyo. 8th Floor. Nihon Kelzai Shim bun 

Telex 8-8257 Tel; 8B8-7545 . Building. 1-9-5 OtemachL Cblyoda-ku. 

Lisbon: Praca da Alegnn 58- ID. Lisbon 2. Telex J 27104 Tel: Z41 2320 

Telex 12533 Tel: 362 5M - Washington: 2nd Floor. 1325 E. Street. 

* =■ ““ 3 ’ • S&MTWW . 


■ADVERTISEMENT OFFICES 

Birmingham- George George Read. Manchester- Queen's House. Queen Street. 

Telex 338650 Tel: 021-4S4 0922 Telex 686813 Tel: 061-834 EC8L 

Edinburgh: 27 Gccr-c Street. New York: 75 Rockefeller Plaza. N.Y. 10019 

Telex 72484 Tek ld]-22b 4133 Telex 238409 TeL i212» 489 8300 

Frankfurt: lm Sach'-cnlaccr t3. Paris: 38 Rue du Sen tier. 75002. 

Telex ItESl Tel: 554687 Telex 120044 Tel: 236.8601 

Leeds: Permanent House. The Headrow. Tokyr-. Kasahara Building. 1-6-10 Uchikanda. 

Tel: (632 4549%) . Ctiiyoda-ku. Telex J 27104 TeL 2CT4C50 

■Overseas advertisement representatives In 
LenLml and South America. Africa, the Middle East. Asia and the Far East 
Fur further details, please contact: 

• iXerseas Advertisement Department. 

Financial Times, Bracken House. 10. Cannon Street. London EC4P 4BY 


SUBSCRIPTIONS . . 

Copies obtainable from newsagents and hiwlstalb worldwide or on regular subscription Iran* 
Subscription Department. Financial Times. London 





















































































































































































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■UT! 28 
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lNSURANCE---Continued 

**l ••"■■*’ ! Prire | + ~*| £? |c-it|& 


Ftltefllfp 


INv. TRUSTS-Contiimed 

ml ** Lr-iaua 


'39 o 


W'A'Hta. 


wniDftJflp- 


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tnurtt'i+r 


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■ur.t. | 126 


$? 1332 

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241 L5 4D8 
1 1 c =' 7-3 

16 llfl 73 


DAIWA 

SECURITIES 


T -V.-' 


Commercial Vehicles 

126 1*5 !?46 JI3.1! 2 91 2.7 


21 31 453 


.LJi ;iio :> E 1 ul-I £51 

I 6? j 51 IS-'nir. anih | 63 

1 12’c ' 7-« SSCn^ffiafef 111 
£54 i£Z7Ub.-sFkiLkrU0. fill 
£12 «a f^..Tr-uT4.:p.l nib 
a 1 24 S^cctan.! 

&2 jfi-eri.iE.’ilarJ.! 

" 7G7WS !?p 

leCsSa !dp 


36 4.5 7.5 
3.C 5 4i 93 
l.G 57.232 


1C 52-23 2 „ 

17 4 6-19.4 H«h Law I Stork 

T ,?!| “ 223 [155 '{RitanShJte.— 

* T ? a 24 15 JRhixTntisp. ItEjp i io 

- r. 53 SO j 52 [Ruaiu'wW^ | 65 

**12. .For Tanearoika see .Tanks—. 

L^TIT n 3 ^ I Jffaniac'.'fli Rh.1 . 

17*. in hr-nttrwtimn'M 


MINES— Continued 
CENTRAL AFRICAN 

! J 1+ «1 Dir. 


- <sj Die. Vld 

- Ntf Hr Gr 's 


tj i 1 ) * 

5 S| 2.91 95 


55 ' I Falcon RhSlc ( 174 -4 Q50c|L3|245 

15 JRhixTniiwp. KSjp I 18 -1 0.57 I Til 4.7 

52 [FSoanCoiB. K»._. | 65 — 1—1 — 

For Taneamika see Tanks— Mines Finance 
32 [Wanlac'ol Rh.1 .( 37 ->z *Q7>ae| L4D73 

ID tZam.Cw5SD02i_l 15 - j-j- 


12! 4 327 6 
iM 4.e 50 7 

foj JSifo 

4> 4 . 

nl sA s 2 

fi.?r 921190 


15 10 

140 64 

. , 125 63 

-I - - 329 ISO 
- J - - 324 14S 


210 - -I >329 

90 ... — — i — — ha 

164 *2 634 !S| &.2 IS 7 1 27 

SVt *20 22 n 42 37 9.71 72 

69 5*'J 5154 121 - J fcg 

83 +2 - — - *iao 


lffl 5.7 25.4 
121 51249 

1J( 4 7 274 

Ll! 3.1 44 1 
lB 5 1127 J 
Iil0jl4.6 

3Tl! 52-27 2 

141 1J817 

10 4 J] 33.4 

11 64 218 

12 2.W3.9 
1.1 63223 
3 0 58|23J 


83 +2 - — — jno 

a&S/irKSGJise* — >4 qs> 2 'J - as - j 49 

'uPMi 3 Ml1 .1 £11-4 +4* — j — — — 323 

49 ;Ce=L.Ty:0p 60l 2 £67 31 6.6 5.8 39 

1 J31, ..... - - - 604 Li, 


140 81 

40 10 

223 125 


( 10 AranS? 

: 64 Sc^ailibnjroea 
b3 ifl'SaotaSOi:.. 

ISO L'enWai ftcihc 
14S L'oimc EjjlaipEte 

9:j Ecdca\T-ur20e 

45 G.M.KalsnorfieS! 
18 HiWCJJjo-dNL 
81 lLia^ui Areas 5a 

I 10 MftalsEia* 


AUSTRALIAN 

13 | 

137 +2 


+2 KJ8c 

+2 - 


1335 2ffi 4.0 


Z>>2 - - - ofl4 y, 11, 

£21 3 « -U 4M.iL- IS 85 93 jaf 79 

400 — — — — m, 

222 *2 1»2 86 1Z.HA 50* ’2 

31>j +1 OJ 153 O.SlMJ 178 117 
JS- +z - 77- - 70 30 

t«-a ••••■• QM*-. - t-- — £15v 750 
3A5 *5 - - - — 40 32 

31-1 — I — — — 5b4 310 

202 *6 2.14 3.0 16 288 300 M ISc-aten Piribc 

17 - - - - 160 E4 *«tn Mining 50r 

— - - - 70 35 IBTubj creek ax- . 

£47 ^ +1 iff 75*J 2 4l 5.6 78 

425 — —1 — — lj 

*1? +B ,? r 5hor 5 9 30 | 23 |.\mai Siberia.— 

i*?£ H. 4 * flJS S 12C - 420 24D AterHi-jmSUl.- 

K?, ♦* “ -T„ ~ 60 45 Rerali Tin 


3^ 1J28L6 300 


Trailer :<to ! 52 


tiw; 


Ih':' 


64. 

. M. 
•78 I M, 
SMz[ 39 

w\& 

38 ! g: 

92' 
74Jj 

IIS! 
.88 
£235 C28 

46 S 
99 I 65 


158 4.ffl31 9 
1.0 8 B 17.0 
11 5 6}24 9 
11 6.^194 
l3 3.3W0.' 


51 

5 2 
7 2 

3.7] 8.11 4.4 
6.4 3.0 
15U0.6 6.7 
6i{ 6.8 33 
— ♦ 


& 


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77 IS 
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87.. 
48 
164 
76 j 65 
83 48 

S 30 
186 

9 


M 


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e 58 

1512 12 


Aft 53 25 

7-4 40 18 

M 66 20 

* 34 20 

f. 99 84 

83 75 50 

13.B 38 20 

27J Z 

a H 1W» 

48 40 

37 26 

34 23 

73 3 


1 


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83 62 

S 2 a- 

44 25 

99 78 

84 


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4.0 
4.0 

lag tr 

as 


Scot Cues ‘A 1 
Scot. East inv 


m 


18 165 
6.4 69 
56.4 122 
12.8 197 
62 110 
106 
105 
26 
108 


45 
184 

a 

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59 lAsawetT^? 
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TRUSTS, FINANCE, LAND 

Investment Trusts 

149 [Abenfeeniott J ,58 .f-2 J239 
Dlherdwn'IViBl- Itt +1 


USmaiFtadS 


CsLfcTrtaito 


30 ! 

52 jllnaac; 

{123 l-aTpcftivC- 144 

152 8 d B«bs SSL itets 165 

190 &» j!-»K+.. l rt.:ite_ 165 

82 J 37 ]Wao&:d&.iaJe.- 73 


376 *6 
£561: .. . 
173 +5 
238 +6 
144 *3 
165 +3 
165 +3 

73 +1 


- i-J- - 70 i 35 

24* 5.6 78 

5.94" Ol! 7j s"9 30 » 23 
49-.Udl2C - 4 M 24D 

¥»“=> =05 200 

* l B i 1 e rU « 

7®4j245: 7 3 j — 320 1 

— — 1 — ' — Tan un 


50 St-nOiens Pacific 
G4 ff«tn.Mitun"SV 
35 BTumCreekaX- 


110 +2 - - 
m £ 2 ] i 

27 +1 — - 

58 *2 — — 

66-2 

132 +2 1355 40 

36 +2 — — 

207 *1 Q9t 17 

31 - - 

5*« .... - - 

120 +1 QSc ♦ 

15 - - 

159 ■*" TQllc ll 

60 - - 

£14*2 - l e - — 

32>: +2 - - 

564 +12 Q15c 4- 

170 - - 

154b! *8 Q3c ♦ 

55 +5 - - 


+4 rQiic 1.9 


~ a . — — — 60 45 Biralt Tia 

f*‘ ?; 3 -n|i|7 m is sss“*-- 

7 ff oj245 - 2OT 2 ^5 felSaSrJfffj 

low. I " ^ IKuoskonc 

QIS4C - - S3 78 idnTlOp 

1 — I — — i — il 9 jarfiar JS;j> 

S4 63 liamnbnsSU-UO. 
640 450 EiUiasball 


.... QllOc * 
...0.04 * 


OVERSEAS TRADERS ^ £o 

73 4Q 

310 J |h3S7|15.C! 2 7[ 31 73 50 

107 +1 03 5c ! 111 20!4S^ 370 ’p5 

162 -1 3.9 61 « 49 

“ '+1 6^9 ' ' •' -- 


310 . ... 
107 +1 

162 -1 
57 +1 
58>: 

in +1 
151 +3 
£63 . 

512 .... 


I L52 «> | 

iso Iasi 
M43i 121 

■min 


CUd 470 2£0 ■lalayflredj^SK:. 

1 .. 73 40 iPahanc 

J ?5 ULll 73 50 PenskfenlOp ■ 

! 11 2? 455 270 155 PotahncSHl- I 

iff lift!* « -59 ‘siniRna 

111156-731 bi 47 South Cream*.- 
U?- i:- ?» - 4S -■ !0 SouLh-iintaSSiOiK' 
[lD^hJ4|343 230 fitnKalayanSMl. 
\hi 134 Sanaa Era 5MI _ 

1 2 4 o.Cjtl.7 83 53 Supreme Carp. 5Ht 

?■* ?-9 loo E5 iTaaiwseMp-, - 


,n d l 1^?, ?Tl 1M 74 

U ■■■■*? i 27 Mao |i48 


j^iicaSa^ar 

55 jl/yf! 

4(i>s ilMrnei: 'tii 

217 Va^nanEec 
68 ix "" 

165 R* 

160 hjaWXYlSpi 
Sac;H".JZ 1 iLv 
SeaaS-j-ariJp 
Darijj 
a!?e! Bra?. .. 
crerKwar^SOp 


395 .... 1523 

25a ZLG 

13 .. . - 

69 *1 &6S 

44 3.45 

217 1340 

103 +1 2.92 

155 }7.£2 

260 .. .. $7 32 


52! - j 40 

2^i«ll34i 

UlUitUi 

4 4j $0 
7i 71 28 
7 5j 73 28 

3?; ii 5A 


TINS 

27 +1 282 I 
375 — • SjCi.V 
55 381 

„ . 270 .... QU( 

. _ 140 ... 0.04 

^ . 10 -* a - 

315 .... 15.2 

— 220 - 

90 S12J 

SO 79d !.Z OP; 

. . . 640 Qli 

«:. 450 T$9f 

74 »3.7! 

76 6.60 

-270 TQB3 

- 57a .. . 203 
i._ 56 -1 4.19 

liO 22M Q70t 

c. 320 am: 

_ 220 Q65< 

an 7o zoic 

90 . ... 6i0 

Ml 90 5QSU2 

242 42 ZQ8S 


6.60 

ft? 

-1 4.19 
Q7flc 


COPPER 

1G4 1 70 [Mes5iaaR030 | 85 { J*Q30c| L9| $ 


MISCELLANEOUS 


4443 12 {j 55 61 35 

B— — — — 17 9 

*2 HL78 33, 2 2 29.0 300 215 
*2 fc.60 4^ 92 50 «5 245 
.. . 3_ia 2.1 7.S(54>2fl3 1M 
_... Q89iMCf6.4- 90 30 


a00£57 { D>j.PpcCc.-.Sl.| £99 _... Q8^18C.f6.4- 90 

73 41 f C.? Mere. S'*a. 68 1 th0.7o 1L0 17 83 £12 

72 41 Do. ICpe Lc. 13? | 67 | £3.4 312 0.7 - 73 


iBaifimn 

IBanm Mine; it>m>. 
UurcL 10c 


bica Jcds.dl. 
araEntaSl — 

chat- ifineniis lQp 


SSgii Low 


RUBBERS AND SISALS 

I . |t k| Dir. j I rid 
I Vm 1 — 1 Xs iCitIgi's 


105 1 120 (ViiLm Cons. C$1 


50 — 

13 - , 

235 . ... tQ30c 
355 +5 - 

232 +3 95 

52 - 

875 - 

69 4-1 4135 
153 Q7c 


95>2 -l* 

115 -1 
16 . ... 
5b -1 

2S5 45 

47 

49*2 

10 

375 +10 

122 -1 

116 *3 

81 

51 

100 

78 +1 


225 |123 ILarara 


TEAS 

India and Bangladesh 


224 —.113 70 2-3 9.1 

363 1531 4.g 63 

28 45175 3-2] Sis 

217 1489 4Sl02 

168 9J4 4.7} g.l 

Sri larta 

| 218 j-5 [538 [ 13{ 3.8 

Africa 


620 I f 50.761 « 112.2 

ISO I J 1320 j 24|l0.9 




MINES 
CENTRAL RAND 


_ 442 140 Ilfcnan DeepS!.-! 439 j+151 
202 420 244 EacRanaPtuRl .1 347 413 

£2.8 £42 £2S*«|Rdiyifa.'U'aEiLR2 I ■ £39 |+7j In 

15.7 178 73*: l’S«f?iEdiU. 

18.7 

- - EASTERN RAND 


439 j +15 — — - 

347 413 - - - 

£39 +7j tfHfe 23 5.4 

133 1 tQ13e 63 5.3 


101 tQ25c 2514.8: 

2W Z *3 tQ20c 12 - 
402 +14 FWCe - -7.4! 
113 +3 1«.9c 1810.1 
391 +10 mtc U 5.2! 

65 *2 tQ3e 12 IS 

74 +*: TQ46c 10 500 
61 +2 — — — - 

. 52 +1>i 025c 0.41287 
740 +11 1086c 17 6.9 

55+3 - - - 


NOTES 

Unless stteralar tmlleawd. print sad bM drUndi ore in 

pener and dtanhallaas atr Sp. EWnBtd 

ratits and cater* are based on latest mninl reports and Kcoimlt 

■ad. where possible, are npdntcri on half^Mrly flgnres. P/E» ai« 
ndcnlated on the basis «! net dtatrlbatfaa; bxachrtad Rjmre* 
Indinse 10 per mol a- man difference If calculated on “nfl- 
dlstrtlniiUn. Cetera are baaed an -maaimnm” fldrttHta.- 
YldUs are baaed on middle prices, are sms, adfosied le ACT af 
Zt per cent, and allot* for tahac el declared dhtrfbndnnm and- 
rishla. Sec cullies wlih denaadudoos other tkan afcrUng am 
qnoMd I nclinivo of the l ineam e n t dollar preminm. 

A Rterline dononicated securities which include investment- 
dollar proaunm. 

* "Tap" Stock. 

* Highs and Lows marked thus hate been adjusted to allow 

tor rights issues for cash. .* 

t Interim since increased or resumed. 
t Interim since reduced, passed or deferred, 
tf "K-lree lo non-residents on application. 

{• Figures or report awaited. 

rt Unlisted security. • 

S Price at lime nJ suspension. 

9 Indicated dividend after pending scrip and'or rights isauo: 
cover relates w previous dividends or forecasts: . 

* Mercer bid or reorganisation in progress, 
a Not comparable. 

9 Same interim: reduced final and.’or reduced earnings' 
indicated. 

f Forecast dividend; cover on earnings updated by latest' 
interim statement 

I Cover allows Tor conversion of shares not non ranking for' 
dividends or ranhing only for restricted dividend. 

A Cover does not allow lor shares which may also rank for 
dividend at a future dele No PE redo usually provided. 

V Excluding a final dividend declaration- ‘ 

Regional price. 

U No |utr value i 

a Tax free, b Figures based on prospectus or other official 
estimate, e .Cents, d Dividend rate paid or payable on part; 
or capital; cover bused on dividend m> full capital, 
e Redemption yield. I Fiat yield, g Assumed dividend and- 
yield, fa .Assumed dividend and yield alter scrip issue. 

1 Payment ten capital sources, k Kenya. ■ Interim higher - 
than previous total, n Rights issue pending q Earnings ' 
based oa preliminary figures. ■ Dividend and yield exclude a - 
special payment, t Indicated dividend.' cover relates to 
previous dividend. P/E ratio based on latest annual, 
earnings, u Forecast dividend: cover bared on previous year's 
larnmgs. v Tax tree up to 30p In the L * Yield allows for, 
currency clause, y Dividend ami yl eld baaed on merger terms. . 

: Dividend and yield include a special payment: Cover does not. 
apply (0 special payment A Net dividend and yield. B 
Prelcrcnce dividend passed or deferred. C Canadian. E laaue- 
price. F Dividend and yield based on prospectus or other 
diiml climates for 1V1S4Q. G Assumed dividend and yield, 
si ivr pending scrip and/or rights Issue. B Dividend and yield- 
hosed on prospectus or other official estimates for 
1973-79 K Figures based on prospectus or other official ‘ 
csun&tc-j for 1678 H Dividend and yield baaed on prospect u s 
or other official estimates for 1 97a N Dividend and yield' 
hosed on prospectus or other official estimates lor 1979. f 
Figures based on prospectus or other official estimates for' 
1KS-79. Q Cross. T Figures assumed. Z Dividend total to. 
date. ■# Yield based on assumption Treasury Bill Rate stays 
unchanged until maturity of stock. 

Abbreviations, ales dividend: sex scrip issue: r ex rights; a ex 
all, El ci capital distribution. 

M Recent Issues ” and “ Rights ” Page 36 ' 


FAR WEST RAND 


351 [+6 
578 1+16 
Wsl+1 
351 
849 
251 
125 
03% 

646 


+5 

905 +6 (tv825d 
236 |+6 |Q415c| 


This service is available to every Comp a ny dealt hi on 
. S^>c£ Escboc^es throaeboot the United Kingdom for a 

9 (10 2 fee of £488 per annum for each security 


REGIONAL MARKETS 1 

The Toliowi rig is a selection of London quotations of shares 
previously listed only in regional markets. Prices Of Irish 
issues, most of which are not officially listed, in London, 
ore os quoted on the Irish exchange. - - 

Albany Inv.20p| 25 I..—J Sheti. Refrshmi.J 63 I »• 

Ash Spinning. J 46 . — 1 SindaU 105 1 


0JJS. 


108 
£191 b 
90 
417 
111 

928 

941 +15 
230 +3 | - l 
332 +8 ItigScI 
sue ta^i *3i 


4| REGIONA 

The following is a Hlortio 
J! previously listed oniv in t 
Tq issues, most of which arc 
^ j ore os quoted on the lrii 

93 Albany Inv.SOp 23 — 
3.7 .-Vsh Spinning — 46 — 

5.4 Be rum 20 — 

10 5 Bdg'wtr E5i.50p 311ri 
Clover Croft 26 
Craig & Rose £1 520 — 

rivson/R- A.) A. 39 ...... 

ElliF&Melldy.. 63 

79 Eiered.- — . — 27 +1 

75 Fife Forge — 52*d ..... 

IT Fioluy ?kg 0p 21 

7 q GraigSbip il. 115 ... , 

in Ki'?4om ; bnw . 77 

a -£ I.tt M StRL&I- 152 .... 
.2 HofitJosiEip... 260 .... 

t-2 .N'lhn i^ldsnulh 66 


Ctmv.P% *80/82. 181\ 

Alliance Gas. _. 62 

ArnOtt 360 

CajToUlPJ.)„- M3 

Clondalldn— — 83d 

Concrete Prods- 132nl 


Pearce i (' H-f. - 135 
Feel Mtil- - .. 23 

Sneffield Briek 44 


77 Helton iHldRs-J 48 

152 Ins Com 1*0 .... 

260 Irish Ropes 130 

66 Jacob. 63 

235 Sunbeam 33d . . 

23 .... T.WLG 1 W -5 

44 Uni dare 137 +1 


FINANCE 


687 
698 
25.9 
411 

39/1159 
UT-J204 
».«454 
24.0) £2fli. 


242 
12 
51 
25 
150 
69 

zm, 

314 
46 
32 
2D 
62 
48 

1S>2 
28 
180 
19 

34 25 

U 7l a 


665 +10 
356 +12 
£104 +i 4 
850 .... 

146 

193 +1 

20f, 

£m +>< 

n4ul +3a 
£16 +i 2 
195 
« 

190 ...... 

129 

£12% +1* 
55 Z. 
■456 +5 
218 +2 

. tJ 

177 +3 

» 

.an ■ 

256 +2 

3 ll 


CjnOc 3A 5.2 
Oft2r 2 0 
WI65c LI 5.4 
Qll5c * 8.1 
M3 ql-4l 3.6 

t919 -26] 72 

107 Uj 7.9 


01 70c O 6.9 
025c A 7.7 


OPTIONS 

3-month Call Kates 


§ 12c 2.4 3.6 
16c » 7.4 
next 4 2.8 

at h ^ 
ar b b 

Q10.C 12 5.6 
09% 16.3 - 


1Q3Se id 7.3 
TQ712C LOl 6.9 


DIAMOND 


44 214 
7.9“ 464 
£U3t 
. 78 
J 1D7 1 


ID PLATINUM 

»sj».ai 

* m +33 ^ 


ladastrials 

A. Brew 

.\.P.Cemen:> 

EJS.R.- ... 

Rjbccnrfc....-- 
Earcby a 3aak. 
Beeciiam. — ». 
Boots Drug.— 
Bowatcrs 

la-AT- — J 

British Oxygen i 

Brown iJ. i 

jaurtrn'A 1 

Cadbury* — 
IConrtaulds — 

I Debcnlieats— 
iDisli ilers — - 

Dunlop "... 

Saule Star. 

E3U.. - - 
Gen. nccident 
Goo Electric . 

Glaxo | 

Grand MeL I 

CDS 'A' | 

Guardian — 1 
.. ' 
Hanker Stdd.J 
HoiMofflBECr.l 


I.C.I 20 

S -lmus - ' — — 6 

I.CL. 20 

9 Invervak. 8 

11 KCA-._- 3 

SS Ladbroke— .... 17 
S5 Leffol & Gen. - 14 
25 Lex Service— 7 
16 Lloyds Bank.. 22 
24 “L0fe"„ 4 
6- London Brick. 5 

23) Lonrho 5 

12 Lncas tods. 25 

5 Lyons (J.) 10 

10 “Moms'* 7 

8 Mrka. & Spncr 10 

15 Midland Bank 25 

7 N£.L 32 

11 NatWed-Baek- 22 
14 .Do. Warrants 10 

17 P&ODfd. 8 

IS Plessey 8 

40 R.HJ0 - 5 

9 Hank^» : g. , A , .. U 
20 Reed lntn]...._ 12 

IB SpiUers- 3 

22 Tosco 4 

20 Thorn - 22 

32 Trust ftoasas.. 15 


Tube Invest... 30 

Unilever - S5 

USd. Drapery.. Ti* 

Vickers- 1? 

Wool worths— 5 

Property 

Brit Land 3^ 

Clip. Counties. 4>j 

totrenropean 4 

Land Secs. 16 

SCEPC. 32 

Peach ev 8 

Samuel Props- 9 
TciwafcQty— 

Oils 

Bril. Petroleum- 45 
BimnahOIl— . 5 
Charter-hail _ 3 

Shell 28 

U lire roar - 20 


Charter C/ms . 12 
Cons. Gold— 2* 
Rio T. Zinc..-.. 16 


/. selection oi Options traded is given on the 
London Stock Exchange Report page 














































































































































40 




.Wednesday September 6 1978 


Companies Houso5ean^[ 

Extel! . 

EXTEL STATISTICAL SERVICES LRfcg 
37<45 PAULST.LONTON 
. Tel : 01 -253 3*00 Telex: 203437"-.^ 



July spending in 
shops up by 61 % 

BY PETER RIDDELL, ECONOMICS CORRESPONDENT 

SPENDING in shops in July was has been broadly In line with the but these levels were unlikely to 


recovery in average living be exceeded over 1978 as a 
standards — up by over 5 per cenl whole because of the flat first 
in the last 12 months—as a result quarter. 

of the increase in real wages and Nevertheless. Mr. Weir said 
tax cuts. that earlier projections of a 5 

There have been signs per cent increase in the volume 

recently that the upturn In con- of sales this year should be 
even the buoyant sumer spending is not only pro* easily achieved, 
estimate, at 111.4 i 


more tban 61 per cent higher in 
real terms than a year earlier 
and the momentum is expected 
tu have been maintained last 

month. 

The revised index of the 
volume of retail sales in July is 
well above 
provisional 


- — The expectation of most 

{19/1 — 100, seasons I! > adjusted) economists is fhat a sIowpt 

rn "SSSJaLJSSWl* SSSffffl-a-SgtaBiSJ 


The Trade Department said 
yesterday that retail sales in - 

July ma"v have been influenced ... 

by the payment of back-dated duerng a sharp nse m 
income tax reductions. but is also, at last. 


12 months will cut the expansion 
of retail sales In 1979. 

The Trade Department said 
boosting the recent rise in sales had been 
concentrated on non-food shops, 
particularly those selling durable 
goods. 

The volume of sales of durable 
goods shops in July was more 
than 6 per cent higher than in 


imports 

__ also, at 

The” volume - of spending was domestic output, 
nearly 2! per cent more than in The tax cuts sbould have sus- 
Junc. This represents a rise turned spending in August when 
of nearly £1.4bn in current sa i es of cars were also strong, 
prices. But the rate of increase could 

The underlying rate of rise in slacken until November when a _ 

spending is shown by a 2 A per further stage of tax cuts comes the previous month and 10t per 

cent volume gain in the May to into effect and pensions and cent higher than a year earlier. 

July period compared with the social security benefits are _ Between May and July, spend- 

previous three months. raised. ing in these shops was 5 per 

In the first seven months of Mr. Richard Weir, of the Re- cent higher than in the previous 
this year, the volume of sales tail Consortium, said yesterday three months and up to previous 
was about 4 per cent higher than that the latest figures showed peak levels during 1973. Sales of 
the annual overage for 1977. that spending was moving to- electrical and gas appliances 
The rise in spending this year wards the previous peak in 1973. have been particularly strong. 


State is making 
‘most profit* on 
M-way services 

BY IAN HARGREAVES, TRANSPORT CORRESPONDENT 


THE LEX COLUMN 

The great IBEL 
vanishing act 



THE GOVERNMENT rather than 
the operators, is making exces- 
sive profits out of motorway ser- 
vice areas, according to an 
official report published yester- 
day. 


of the service areas fell from 
10.6 to 2.5 per cent This puts 
them below the average for UK 
manufacturing, and service 
industries. 

Altmost a third of the service 


The report, which also wants areas actually lost money in 1977 


the price of motorway petrol cut 
by Sp a gallon and the standard 
of catering improved says that 
last year the Government's rate 
of return on service areas was 
over three times that of the 
operators. 

This is somewhat incon- 
guous. considering that the 
operators take substantial com- 
mercial risks while the Govern-' 
ment takes almost none,'* says 
the report. 

The committee of inquiry was 
appointed last November by the 
Secretaries for Transport and 
Consumer Affairs. It met under 
the chairmanship of Mr. Peter 
Prior, chairman .of H. P. BuLmer. 


and the report says that even 
the most profitable venture was 
only making healthy rather than 
exorbitant returns. 

The committee would like to 
see new Motorway Services 
Areas Board, outside the Depart- 
ment of Transport, with a chief 
executive responsible to the 
public for the quality of 
services. This would require 
legislation. 

Among the committee’s re corn- 
men da tionsare: 

BETTER TERMS far operators, 
including fewer laws on opening 
h ours a nd Sunday sales. 
SETTING UP an Italiao-style 
national motorway rescue organi- 


Union leaders to discuss 
lack of talks on Chrysler 


BY ALAN PIKE. LABOUR CORRESPONDENT 

UNION LEADERS arc to meet IMF staff to the British unions pany as essential in determining 

yesterday. their attitude towards the 

British union leaders will Chrysler offer, 
decide on their response at Union leaders have stressed 
tomorrow s meeting in Brighton ttat ^ British Government 
European opera- An early recall of the inter- ^uld st m block the deal and 
national conference, at which ^ anxlous to meet Peueeot- 
unions from France Citroent face to face before 

Spam, the United States and Ministers reach a final decision. 


tomorrow to consider an. “un- 
satisfactory response ” from 
Peugeol-Citroen to requests for 
talks on its proposed take-over 
of Chry sler's 
lions. 

At an International Meta! 

Workers Federation meeting in 

Geneva last week, the unions Australia were represented, is 
decided to seek urgent talks with likely. 

the company about the affect of This would have to decide 
the take-over on jobs and Cbrys- what pressure could be applied 
ler plants. -to bring the company to the 

Union leaders declared that negotiating table. The decision 
they would use pressure, includ- is complicated by the weak state SaeeSSS become 

mg industrial action, to protect of tndei union Mnn assembly centres for vehicles 
jobs. the French c*ir factories com* pncnnpprpri in France 

Mr. Gavin Laird, a member of pared with Britain. Tte unions’ attempt to obtain 

the Amalgamated Union of Peugeot-Citroen would prefer PeSt 

Engineering Workers' executive, to get approval for the takeover gtram i? aneari y tSt ofthSr 
yesterday said the unions had from the respective governments abSiiv tn annlv pressure at multi- 
found it impossible to arrange a before having detailed talks with ^tion a !leS?L P 31 U 

satisfactory meeting- This was the unions. The unions, however. uauuu “ 
confirmed in a telegram sent by regard discussions with the com- “L disputes Page 10 


Last week's announcement of 
Peugeot - Citroen’s plans for 
Chrysler did not give the strong 
reassurances the British unions 
are seeking on jobs and the role 
of Chrysler UK plants. Union 


Farm and home land 
prices rise sharply 

BY CHRISTOPHER PARKES AND JOHN BRENNAN 

BOTH HOUSING and agricul- the first six months this year 
tural land prices rose sharply in land prices rose by 11 per cent 
the first half of the year, accord- taking the plot index to 244 and 
ing to Government figures issued hack to levels last seen late in 
yesterday. 1972, before the last price 

Provisional land price esti- explosion, 
mates from the Department of FarTTlland vaIues have n^n 
the Environment show that the o 2 DeP t v,i s year so far and 
cost of an average housing plot ^ e P lat e?t prtce s are 70 pef’int 
is now £2.210. IS per cent higher S-her thaS at the sUrt of 1OT7 
than in the first half oF 1977. m ° QCr inan at iae slarc 01 
According to figures from the Most of the saies were in the 
Ministry of Agriculture the rich arable areas of East Anglia, 


steady increase in the price of 
farmland in England also 
accelerated sharply during the 
summer. 

Average price at "63 moni- 
tored sales of land with vacant 
possession in the three months 
to the end of July was £1.247 
an acre — £77 more than in the 
preceding three months. 

The figures on housing land 
confirm warnings from the house- 
building industry that residen- 
tial building land is beginning 
to have a marked scarcity value. 

The complexities of recent 
properly legislation, and the 
effect of planning controls have 
restricted the amount of land 
available to the builders. And 
the Department's survey shows 
the impact of these restrictions 
on prices. 

The index for housing plot 
prices soared to 302 (1970=100) 
at the peak of the building boom 
late in 1973, sliding to a low 
point of 192 in the winter of 
3975. 

Since then prices have been 
niovin: 
just S 


according to Savills. agents. Since 
estates within easy reach of 
London also attract a premium, 
there has been considerable 
interest lately in the areas 
bordering the M4. 

Nonetheless, Savills said, land 
in Britain was still cheaper than 
anywhere else in Europe. A 
possible influence on prices was 
the lack of legal “ fetters ” 
governing land ownership in this 
country. 

Elsewhere in Europe, for 
example, the law restricts the 
purchase of agricultural and to 
certain groups. This tends to 
reduce competition. 

However, as Mr. Peter Caroe, 
partner in charge of the farm 
sales department at Knight Frank 
and RuUey. pointed out that, 
farms in Holland cost about 
£5.500 an acre. And even In 
Ireland, good land sells for about 
£3.000 an acre. 

Mr. Caroe said the Ministry 
figures were diluted by farm 
sales in less profitable agricul- 
Good land 


tural areas. Good land in the 
only slowly, rising by eastern arable regions was now 
per cent jn 1976 and 7 costing between £1.400 and £1,800 


per cert during 19 < « . But in an acre. 


Continued from Page 

Callaghan 


an election, Mr. Callaghan said target in the forthcoming cam- 
he understood the reasons for paign. 

the current speculation although « There is work for a Labour 

»?„°r wSe SSJSK p f ° r tb. ne* fi ,e 

lators were correct was in saying f®*, M mister 

that he would not be giving an Jjn'iv 6 !? ^ception and 

indication to the TUC of his only a parbal standing ovatipn. 
future intentions. Thanking Mr. Callaghan, Mr. 

After reciting the old Marie David Basnett. TUC chairman, 
Lloyd music hall song of the said that the Prime Minister had 
girl who wailed in vain at the made b ? s intentions dear- 
church for her bridegroom, he ,,hut °u r intentions are very 
added: “ I have promised nobody clear. They arc to fight the next 
October . . - nobody at all.” election as we have never fought 

But he added that he would on,s b efore - 
be indicating his intentions Even as he spoke. Mr. 
“very shortly." Whenhedid.it Calaghan knew that his recipe 
would be in Ibe belief that people for curbing wages will be 
had come lo trust that the Gov- rejected by the TUC in its 
eminent did not. in its actions, economic debate today. He was 
flatter now to deceive later. really proclaiming to the 
More than once the Prime country that the Government 
Minister singled out Sir Keith was not wavering from its deter- 
Josepb. Mrs.' Thatcher’s policy mination to make a 5 per cent 
adviser, for special mention — ceiling on wage settlements a 
an indication that Sir Keith is main plank of its election 
JdkeJy to become a prime Labour campaign. 


British plea 
for cut 
in EEC 
steel sales 
to U.S. 


By Roy Hod son 

BRITISH STEEL producers are 
appealing to other EEC steel- 
makers to curb their exports to 
the U.S. 

Mr. Gordon Sarabrook, com- 
mercial director of the British 
Steel Corporation, said yester- 
day: “The corporation view is 
that if the present high level of 
EEC exports to the U.S. is 
sustained for the remainder of 
this year the Americans will he 
forced to respond with retaliatory 
measures.” 

He was speaking before 
leaving for Brussels to attend 
the meeting of Eurofer, the 
European steelmakers’ club. 

Some Continental steel com- 
panies have begun increasing 
U.S. sales to dispose of surplus 
production which cannot be sold 
in Europe. 

The EEC sales jumped to 42 
per cent of U.S. steel imports in 
July compared with an average 
of -around 35 per cent during the 
previous six months. 

Most of the extra steel came 
from France, West Germany and 
Belgium, with the UK share of 
imports to the U.S. actually 
falling from an average of 4 per 
cent to a new low of 2 per cent 
in July. Most of that steel was 
supplied by British Steel. 

The U.S. steel industry is 
already reacting to the rising 
European imports. 

Companies there are pointing 
out that the Japanese steel com- 
panies. which were causing so 
many problems in the U.S. mar- 
ket, have begun acting In a more 
restrained way. 

The Japanese share of the U.S. 
imports market has fallen back 
to 26 per cent in recent months 
leaving the EEC countries as 
by far the largest bloc importing 
steel into the U.S. 

The chairman of the American 
Iron and Steel Institute, Mr. 
Lewis Foy, warned last week 
that unless EEC steel sales in 
the U.S. are reduced, the 
indigenous companies will rein- 
stitute their anti -dumping suits 
against foreign producers. ■ 

In July, steel imports Into the 
U.S. rose to nearly ISm tonnes 
and most of the increase was 
attributed to the EEC producers. 

British Steel used to have a 
lm tonnes a year market in the 
U.S. Most of those sales were lost 
when the corporation went 
through a period of production: 
difficulties. This year British 
Steel is forecasting total sales of 
about 350,000 tonnes into tbe U.S. 
market* 


Mr. William Rodgers, the sation, in conjunction with the 
Transport Secretary, immediately Automobile Association, to carry 
welcomed the report and said out emergency repairs witn the 
that the Government was willing aid of concessionaires, 
in principle to reduce its income MAXIMUM PETROL prices to be 
from motorway sendee fran- fixed in line with non-motorway 
chises. The report estimates prices, now averaging 8p n 
that implementation of its find- gallon cheaper. Operators to be 
ings would cut Government free to sell, more than cue 
income by £4m a year. brand of petroL 

The report bluntly rejects the OPERATOR'S name and petrol 
commonly held view that service price to be posted on motorway 
area operators, of which Trust to encourage competition and 
Houses Forte, Ross and Granada permit customer choice, 
are the biggest, make excessive NEW SERVICES, such as over- 
profits from the semi-monopoly night accommodation for lorry 
status of their motorway drivers and banks to be provt led. 
businesses. Motorway Service Areas; SO : 

Between 1973 and 1977. the £135, Appendices £2. Delayed 
inflation-adjusted rate of return due to industrial problems. 


British decision on 
airbus ‘urgent 9 

BY MICHAEL DONNE, AEROSPACE CORRESPONDENT 

M. JACQUES MITTERAND, the A-310 by itself without 
president of Aerospatiale, the British help. 

French manufacturing group. Every day that went by wifh- 
made it clear at the Fam- out a satisfactory solution to the 
borough air show yesterday that problem was a day nearer to 
a political decision, on the the point of no return. Already, 
resumption by Britain of full he said, the Europeans had 
membership of the European organised the production pro- 
Airbus Industrie consortium was gramme for the A-310 without 
becoming increasingly urgent . allowing for British participa- 
He emphasised that he still tion. Under this scheme the 
strongly favoured Britain rejoin- wings for the new aircraft would 
ing the European grouping to be built by the European VFW- 
help develop the new A-310 Fokker concern in West Ger- 
version of the Airbus, but many. 

claimed to be “shocked" that “We can do it alone, but I 
there was " not strong support do not want to see that happen. 

Right now I am trying to keep 
the door open, but every day 
that passes is a day that 
threatens to delay the pro* 
gramme." 

M. Mitterand suggested that he 
was in the same difficult position 


The 3.6 per cent drop in the _ in t in ^ 19 per cent in the firsts* 

banking sector’s eligible liabiU- Index TOSe 10.1 to 5U3.p but f ound tbe goingl^ 

and tougher, finishing^ 


strongly, with pretax gt* 


ties was better than most 
people’s wildest dreams. Prices 
at both the long and short end 
of the gilt-edged market rose 
by up to half a point and 
though the authorities were 
counselling caution, it looks as 
if there will be a modest fall 
reported in sterling M3 next 
week. 

The first question is where 
have all these troublesome 
eligible liabilities disappeared 
to? Until the full money supply 
figures are published we remain 
largely in the dark. But it 
looks as if the 'discount market 
played a major role. In addi- 
tion, the authorities' decision 
to release special deposits was 
aisn very important since this 
relieved the pressure on the 
banks’ reserve assets 


33 


32 h 


fbn 


UK BANKING SECTOR 
Interest-bearing 
■MbfefiabiKties 




1978 


1979 


per cent ahead at ,£424ha 
year Flessey Is. protnfe& 
opposite pattern. Affe# 
-months profits are trac!uj| 
£ 12.4m, but the group/4 
tale of swemegorder hod 
a quarter on a year-agi' 
accelerating deliveries/, 
leaves the analysts wo® 
whether they- dare dtrit-e' 
reinstate those old' "fhfeeg 
£48 m or £56nr pte&uL- 
- - Only Garrard (loan^ 
the first quarter) /rtma 
serious problem ' area/rj 
solution still looks. scapf 
off. Elsewhere, i.wfffi-* 
quarter strikes m AustTsi 
Portugal out of the % 
telecommunications side £ 


Decca ; : v 

The stock market has bi 
so resigned to disappoin. 
from Decca over the pas 
years that the “A" shares* 
5p higher at 455p foil 
news of a 23 per cent di 


Rapier order Page 6 
British Aerospace spending 
plans Page 9 . 


for the Airbus programme by the 

British." 

He was referring to the state- as that confronting British Aero* 
ment by Mr. Eric Varley, the space. Both groups wanted to see 
Industry Secretary, last week British participation in the A-310 
that, while the Government had programme, but there was 
given permission for British difference of view as to who was 
Aerospace to rejoin the' Euro- causing tbe delay, 
pern grouping, it could not The UK feels that it is the 
bring with it a formal commit- French Government which is 
ment from British Airways to being intransigent by insisting 
buy the A-310 aircraft Further on a formal British Airways 
study could perhaps eventually commitment to the new aircraft 
result in some BritisIL purchases which the airline is not yet pre- 
of the aircraft, the Minister had pared to give and which the 
conceded. British Government is not in 

M. Mitterand made It dear position to enforce, 
that he, along with other sec- The French group believes 
tlons of the French aerospace strongly that it is the British 
establishment, considered this who are causing the delay by 
attitude unsatisfactory. He said failing to give what they regard 
that Airbus Industrie, which in- iu France as a simple commk- 
eluded Aerospatiale, could build ment. 


Ferranti joint venture 
with Siemens 


BY ANDREW TAYLOR 

FERRANTI. tbe electronics 
group rescued from financial 
diffcultiy by the Government in 
1975, confirmed yesterday that 
it has reached agreement in 
principle on a new joint venture 
to be set up with Siemens AG, 
the large West German elec- 
tronics concern. 

The two groups propose a 
joint company to manufacture 
domestic and industrial elec- 
tricity meters. 

The deal is likely to cost about 
£Gm. Ferranti providing its share 
by the injection of its Manches- 
ter-based meter business into the 
new company. Siemans will pro- 
vide the equivalent in cash. 

The two groups will jointly 
own the company, which will 
also include some of Ferranti's 


other instrument products allied 
to the meter business. 

It is hoped that the deal will 
be concluded by the end of 
November and that the new com 
pany will be in operation at 
Ferranti's Holtinwood meter 
plant in the New Year. It is 
planned that a new factory will 
be built either on the present 
site, or nearby, during the next 
two years. 

Mr. Derek Alun-Jones. chief 
executive of Ferranti, said that 
the deal would provide both 
groups with access to new 
markets and technology. 

In the current year. Ferranti's 
meter and allied products busi- 
ness is expected to generate sales 
of between £8m and £10m, about 
a third of which will be for 
export. 

News Analysis Page 7 


Continued from Page 1 

Dutch air protest 

tion for the granting of State aid collaboration with Saab-Scania 

J of Sweden are continuing and 

tlie U.S. Avco Corporation may 
calm ly to reports Of thG actioo inatp ths* wirm fnr thi» 14A 
by VFW-Fokker. The national- KSl,,? e t ^[ m £, 5 ‘® r JSLUSi 
ispH aernsnnrp mmnnKnn cairf Aentalia, the Italian aerospace 


ised aerospace corporation said 
the Dutch-German group’s com- 
plaint was little more than a 
Formal protest and that not only 
was there little justification for 
H but there was almost nothing 
tbe EEC could do about iL 
Before the re-launch of the 
aircraft, British Aerospace 
officials discussed it with 
European aircraft companies, 
including VFW-Fokker; Talks on 


corporation may also join British 
Aerospace as a risk sharing part- 
ner, but no final agreements have 
been reached. 

Participation by foreign com- 
panies in up to 40 per cent of 
the programme is possible, 
which is about the same, pro- 
portion of the VFW-Fokker pro-" 
gramme contributed by. British 
companies. 


stagnant, with profits (ignoring now respond to an irappw 
provisions) unchanged on last j n demand, while mbfik 
enabled them to rearrange thgr time. Elsewhere, the SSiJSm electronics systems^* 
balance sheets more comfort- increase to £4.3m in the pre-tax fifths on a year aso-^fi 
ably and wriggle back inside the pro fit from industrial products last year) reflecting- jamt 
“S*- , . , substahtiaJlIy reflects the Donnas ^liveries. Meantime:#* 

No doubt sradews of .the Smith and Cohen acquisitions- nooents sector cairfS: 
money markets will have greet At 230p the shares main attrac- inmriwprrumt 

fun unravelling the mystery of tion is the 9 per cent yield. . * 1Q7 ‘ H L.-, h J-jN 

the missing eligible liabilities „ . ^ 

but it is much more important IMI . on £^ m preWfte S/2) 

to establish what is happenmg ^ busiliess has slipped be around 11 after a w 

to bank lending. And here ti» b ^ ^ haJf of ffa ^ ^ ^ ^ « 

banking figures are less usefiiL T^ proWem one 0 f slack 
On tiie surface it seems es if ti>e demand ^ Europe , arising from 
underlying growth m clearing changing fashion and an id- 
bank lending slowed down creasing shift of textile manu- 
appredaWy but much of this facturing to the Far East as 
may have been due to borrowers we il as IMl’a inability to cut 
switching to the non-clearers labour costs quickly in Spain 
for funds, because of the and France- Losses - have been 
interest rate advantages during incurred in both countries as ■ - r 

the period. well as on zips overall. This is pre ^ ax 

• the main factor behind the 33 ”?* fc J** 0 ®? ® f 

BICC P«r cent decljne in interim pre- f°™5®' es a peak 6f.f 

A £4m increase in BICCTs tax promts to £15. 7m— repre- l ? 19<4. since when sale? 
interim pre-tax profits (to £2Sm) senting a fi’per cent margin on risen by just over a ; 
despite the impact of a £3Jm sales, against 7.6 per cent for the and retail prices have i 
provision for a Post Office re- corresponding period. doubled- ' ^ 

fund exceeded most exfrecta- Elsewhere, the picture is less . Over tbe past few yen 
tions. At the attributable -level depressing, with building pro- ■ rapidly declining profitably; 
— where BICC likes to be judged ducts. ' radiators, fluid power, the consumer goods ope: 
—the increase comes out at 27 and the finished product end of has been offset by a stro® 
per cent and the group helped refined and wrought metals all formance on the capital- 
analysts to guess at a ftxll year showing good results. There is side. But last year thl£ 
result of at least £ 5 5 m pre-tax little good news from copper reported 10 per cent 
(£47m) by predicting a main- semis or the general engineering profits and the group is c; 
tained level of performance for ^de, but the. good increase in ing little improvement ,! 
the rest of the year. the volume of titanium sales profit contribution this: 

In the divisions, the strongest may reflect the beginning of Meanwhile the consumes 
profit improvement has come substantial new demand from ducts side continues 
from Balfour Beatty, where pre- the aerospace industry. Expec- dogged by problems on 
tax profits are up from £4.2m to tations for full year profits seem record and TV operations 
£6.6m— with the Balfour Fitz- to vary between £33m and £37m, a t the moment it does not 

against £34J2m; at 62£p the 
shares offer a prospective yield 
of 8.7 per cent 


Patrick electrical and mechani- 
cal contracting business per- 
forming particularly well. The 
figures Include a first-time con- 
tribution from the Dubai 
harbour contract But demand 
on the cable side has remained 


as if overall profits will be-l 
different in the currents 
At the current price the si 
are selling on 18 times eup 
FleSSey a” yield of just under 4 i»r. 

Hope springs anew at Flessey. and the hope that some £ 
Last year the group started someone will make a but- ^ 


Weather 


UK TODAY 

CLOUDY with rain, becoming 
brighter. 

London, E. Anglia. E. W. Mid 
lands, N. Wales 
Cloudy, dry, few bright inter- 
vals. Max. I7C (63F). 

SJ5L. Cent England, Channel Is. 

Cloudy, some rain. Max. 18C 
(64F). 

S.W. England, S. Wales 
Sunny Intervals, some showers. 
Max. ISC (64F). 

E- Cent, NJE. England, 
Borders, Edinburgh, Dundee, 
N.W. England, Lakes, Isle of Han, 
S.W. Scotland, Glasgow, Argyll, 
N. Ireland 

Cloudy, some rain. Max. 16C 
(61F). 

Aberdeen, Highlands, Moray 
Firth, N. Scotland 
Dry, cloudy, some bright inter- 
vals. Max. 14C (57F). 

Orkney, Shetland 
Cloudy, dry, some bright inter- 
vals. Max. 12C (54F). 

Outlook: Some rain with sunny 
intervals. 


BUSINESS CENTRES 


T-day 

midday 


Vday 

midday 


Amatrdza.- 

F 

*C 

15 

"F 

50 

Luxffmbg. 

F 

•c 

17 

“F 

Atbens 

V 

•M 

82 





Bahrain 

S 

35 

95 

Manchstr. 




Barcelona 

Y 

M 

75 

Melbourne 

R 



Beirut 

S 

a* 

82 

Milan 

F 



Wi-ltasI 

V 

12 

55 


S 



FfelRradc 

s 

27 

81 

Moscow 

c 

12 

54 

Berlin 

c 

12 

54 

Munich 

F 



Rlrmtfim. 

c 

IG 

61 


C 



Brtarpi 

u 

13 

59 

New York 




Brass, is 

c 

IE 

El 

Os> 

r. 



nuflapom 

c 

23 

73 

Paris 

F 



B- Aires 

c 

111 

m 

Perth 

c 



Cairo 

s 

33 

91 

Ryytlavtk 

s 

12 


Camiff 

R 

U 


Rio de J'o 

C 

24 


ChiOaKo 

S 

£1 

70 

Rome 

c. 

24 


Cologne 

F 

IS 

as 

SHutapore 

r. 

20 


Copnhaen. 

F 

18 

81 

Stockholm 

F 




H 


w 


F 



Edinbuntb 

R 

12 

54 

Sydney 

S 

19 


Frankfort 

F 

18 

64 


s 

32 


Geneva 

K 

21 

TO 


s 

2S 


Glasnow 

C 

11 

52 

Tokyo 

R 

21 


Hetetnw 

C 

14 

57 





n. Kon® 

S 

SI 

39 



21 


Jail ora 

S 

17 

63 


c 



Lisbon 

R 


72 

Zurich 

F 

IS 

64 

London 

F 

w 

86 



HOLIDAY RESORTS 


Ajaccio 
Algiers 
Rlarritz 
Blq««kpool 
^dcan* 
Ronlocm' 
Casblnr.i. 
Caw Tn. 
Corfu 


C 24 75 
p .m sa 
P 51 70 
C M S7 
C 22 73 
r. 19 SR 
F 23 73 
S W 84 
C W 73 


nubrovjiik r ?i fo 


Faro 
Florence 

Funchal 

Gibraltar 

Guernsey 

Innsbruck 

Inverness 


F 24 75 
S 27 S| 
S 25 77 
V 2B 7* 

C 17 «l 
C 18 M 
S. 13 63 


Jersey .F 19 aa 
Las Finis. F S3 77 


Locarno 

Majorca 

Malasa 

Malta 

’Malrohl 

tuples 

Nice 

Nicosia 

Oporto 
*7h odes 

Salsbure 

fTaninrr 

Tcncrirc 

Tunis 

Valencia 

Venice 


C 22 72 
F 27 31 
F 29 94 
2B 94 
3.1 73 
21 TO 
20 89 
=7 81 
18 M 
27 51 
20 fiS 
24-73 
S3 73 
31 » 
SB M 


Is. or Mm H 14 57 1 Venice F 22 72 
Istanbul S 27 M . 

F— Fair, 6— Sunny. R— Rain* C— Oondy, 



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